Federal Reserve Bulletin, 1973-02

Federal Reserve Bulletin BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 FEBRUARY 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 2 • VOLUME 59 • FEBRUARY 1973 51 Financial Developments in the Fourth Quarter of 1972 61 Revision of the Money Stock Measures and Member Bank Reserves and Deposits 81 Statement to Congress 87 Record of Policy Actions of the Federal Open Market Committee 99 Law Department 123 Announcements 126 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

Financial Developments in the Fourth Quarter of 1972 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the fall and early winter. Accelerating economic activity was accompanied by large demands for short-term credit during the fourth quarter and some firming in the stance of monetary policy. As a result, short-term interest rates increased approximately 30 to 45 basis points on balance, with the sharpest increases occurring in the Federal funds rate and in rates paid by banks on large negotiable certificates of deposit (CD's). Short-term rates increased further in early 1973 as credit demands remained strong, particularly at banks. In adjustment to the rising level of short-term rates, the Federal Reserve discount rate was raised from 4.5 to 5 per cent in mid-January. Although the rate at which reserves were supplied through open market operations was restrained, reserves available to support private deposits (RPD's) expanded at a somewhat faster rate in the fourth quarter than in the third, as there was a sharp rise in member bank borrowing from Federal Reserve Banks. The narrow money stock M (currency plus private nonbank demand deposits) 1 also increased at a slightly faster pace than in the third quarter because of an exceptional upward surge in December. A reduced rate of growth of consumer-type time deposits resulted in a little slower expansion in both M (Mj plus bank time deposits other 2 than large CD's) and M (M plus deposits at mutual savings banks 3 2 and savings capital at savings and loan associations) in the fourth quarter of 1972. During 1972, M rose at an 8.3 per cent annual rate measured l from December to December. But to compare the increase in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 with the rise in gross national product that the increase was accommodating, it is more appropriate to employ the quarterly average for M in the fourth quarters of 1971 and 1972. On this x basis, Mj increased 7.4 per cent over the year. This represents a slightly smaller rise than the 7.7 per cent increase in real GNP and is considerably smaller than the 10.9 per cent rise in nominal GNP. Money growth was thus consistent with the financing requirements generated by an unusually large rise in real output at a time when there was still undesirable slack in levels of resource utilization. Moreover, in January of this year, there was a substantial offset to the December upsurge, as M showed little change l on average. MONETARY AGGREGATES RPD's increased at a 10.6 per cent annual rate in the fourth quarter. However, with the Federal Reserve holding back on the supply of reserves through open market operations, all of the fourth-quarter growth in RPD's reflected an increase in member bank borrowing from Federal Reserve Banks. In December, such borrowing exceeded $1.2 billion, an amount substantially above the average levels recorded in the first three quarters. At the same time, the increasing pressure on the reserve positions of commercial banks was reflected in the Federal funds market, where the daily-average Federal funds rate rose more than 45 basis points from September to the end of December. Total reserves increased at an annual rate of 14.2 per cent during the last quarter of 1972, as the System accommodated banks' needs for reserves to support increases in the quite volatile U.S. Government and interbank deposits. Nonborrowed reserves of banks increased at only a 4.8 per cent annual rate over the quarter, however. In addition to its open market operations, the Federal Reserve instituted two major changes in its Regulations D and J on November 9 that affected the reserve positions of member banks. These changes were not designed to meet any general monetary policy objective, however; they were designed to restructure reserve requirements against Federal Reserve member bank deposits on a more uniform basis (Regulation D) and to speed up and modernize the Nation's check-clearing system (Regulation J). Their net effect was to provide about $1.1 billion of the seasonal reserve need. Monetary policy operations took these regulatory actions into account and helped smooth the adjustments of banks to the new regulations over the transition period. The rapid expansion in economic activity contributed to a rising demand for private cash balances for transactions purposes, in turn increasing bank demands for reserves to support them. The narrow money stock, M grew at an 8.6 per cent annual rate during the l5 fourth quarter, somewhat above the 8.0 per cent annual rate recorded in the first 9 months of the year. Much of the fourth-quarter Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1972 53 11 BANK RESERVES BILLIONS OF DOLLARS, SEASONALLY ADJUSTED Monthly averages of daily figures for member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve. growth in M was associated with an unusually sharp expansion x in December during which the increase in the money stock accelerated to a very rapid 13.3 per cent annual rate. Following the December surge, however, the money stock showed no further increase in January, and the 6.7 per cent average growth rate for the two months combined was approximately the same as that recorded during the October-November period. Contributing to the December acceleration—in addition to increasing transactions demands for money by consumers and businesses—was an apparent temporary increase in demand deposits held by State and local governments associated with the initial disbursement of Federal revenue-sharing funds early in the month. The fast fourth-quarter pace brought growth in M for the year to 8.3 per cent, a consid- 1 erably larger increase than in other recent years. In contrast to the more rapid growth in M , the broad measure x of the money stock, M , increased at about the same rate during 2 the fourth quarter as in the July-September period; in this case the acceleration in the demand deposit component was apparently offset by slower growth in consumer-type time and savings deposits. The moderation in inflows of consumer-type time deposits occurred as yields on competing money market instruments rose relative to interest rates offered on consumer-type deposits. Since July, offering rates on the latter accounts have been at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 TABLE 1 CHANGES IN SELECTED MONETARY AGGREGATES In per cent; quarterly figures are seasonally adjusted annual rates 1972 TTyyppee ooff aaggggrreeggaattee 11997711 11997722 I II III IV Member bank reserves: Total 7.2 10.6 10.4 12.6 3.6 14.2 Nonborrowed 8.1 7.1 10.7 13.1 -.8 4.8 Available to support private nonbank deposits1 7.2 9.7 10.4 6.6 9.9 10.6 Concepts of money:2 M1 6.6 8.3 9.2 6.1 8.2 8.6 M2 11.4 10.8 12.7 8.5 10.3 10.2 M3 13.5 12.9 14.9 10.7 12.3 11.4 Bank credit proxy, adjusted3 9.4 11.6 11.0 11.5 9.8 12.1 MEMO (change in billions of dollars, seasonally adjusted): Large CD's 7.7 10.1 .8 3.7 2.4 3.3 U.S. Govt, demand deposits at member banks -.3 .4 -.4 .5 -1.1 1.4 !Total reserves less required reserves for U.S. Government and interbank deposits. 2M, is currency plus private demand deposits adjusted. M2 is Mx plus bank time and savings deposits adjusted other than large CD's. M3 is M2 plus deposits at mutual savings banks and savings and loan associations. 3Total member bank deposits plus funds provided by Euro-dollar borrowings and bankrelated commercial paper. NOTE.—Data for the money stock and other monetary aggregates have recently been revised to reflect changes in seasonal adjustment factors, corrections to the latest benchmark levels available for nonmember banks, and adjustments for discontinuity associated with the November 9 implementation of changes in Regulation J. A complete description of these revisions appears on pp. 61-79. Changes are calculated from the average amounts outstanding in the last month of each quarter. or close to Regulation Q ceiling levels at most banks, whereas other short-term interest rates increased 60 to 100 basis points between July and December. Despite this widening yield spread, however, growth in consumer-type time deposits remained relatively strong throughout the second half of the year, although considerably below the very high rates recorded in the fourth quarter of 1971 and the first quarter of 1972. M grew at an annual rate 2 of 10.2 per cent for the last quarter as a whole, only slightly below its average rate for the year, while M increased at an 11.4 per 3 cent rate, reflecting sustained levels of deposit inflows at nonbank thrift institutions as well. Member bank credit, as measured by the adjusted credit proxy, increased at an annual rate of 12.1 per cent over the quarter, with growth in private consumer-type time and demand deposits accompanied by substantial increases in U.S. Government deposits and in large CD's. Net sales of CD's, which had been strong throughout the year, increased another $3.3 billion in the last quarter to bring Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1972 55 2 j CONCEPTS OF MONEY RATIO SCALE, BILLIONS OF DOLLARS 900 MMl 500 iPlfll i 400 — —' 260 240 _ _ 220 M < 1970 1971 1972 Seasonally adjusted monthly averages. M, is currency plus private demand deposits adjusted. M2 is Mj plus commercial bank time and savings deposits adjusted other than large CD's. M3 is M2 plus deposits at mutual savings banks and savings and loan associations. the level of outstanding CD's at the end of the year to just under $44 billion. As banks bid competitively for CD funds during the quarter, interest yields on these short-term instruments rose about 40 basis points; even with this rise, year-end rates remained below the levels recorded in the summer of 1971. BANK USES OF FUNDS With the economy growing rapidly, banks continued to experience heavy demands for credit in the fourth quarter. As a result, the bulk of their investible funds was channeled into loans and less into acquisitions of securities during the period. Consequently, total loans in the last quarter increased at an exceptionally rapid annual rate of 19.5 per cent, with almost all loan categories showing unusual strength during the period. Real estate loans, for example, increased at an annual rate in excess of 17 per cent for the fourth consecutive quarter, reflecting the continuing strength in residential construction and housing activity; consumer loans accelerated from their already high rate of increase as purchases of consumer durable goods maintained the momentum of earlier months. Increasing needs for working capital and inventory financing led to a sharp advance in business loans in the October-November period. Despite a subsequent slowing in December, the over-all fourth-quarter rise in business loans—at a 10.2 per cent annual rate—indicated continued strength. This growing corporate demand for bank credit was accompanied by expansion in commercial paper outstanding as well. Thus, with relatively moderate activity in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 BANK CREDIT-COMPONENTS CHANGE, BILLIONS OF DOLLARS U.S. GOVT. SECURITIES 4 n OTHER SECURITIES BANK LOANS-MAJOR COMPONENTS • nn CHANGE, BILLIONS OF DOLLARS • 4 TOTAL LOANS n REAL ESTATE 1 nnnnr CONSUMER j 1 SE n CURITY nn Ft r -r 02 03 04 01 Q2 03 04 JUL. 1972 Seasonally adjusted. Loans adjusted for Seasonally adjusted. Business adjusted for transfers between banks and their holding transfers between banks and their holding companies, affiliates, subsidiaries, or foreign companies, affiliates, subsidiaries, or foreign branches. branches. •Adjusted for $800 million matched sale- •Adjusted for $800 million matched salepurchase transactions at the end of Sep- purchase transactions at the end of September. tember. public market for corporate bonds, business preferences shifted toward shorter-term rather than longer-term financing. Following a substantial decline in the third quarter, bank holdings of U.S. Treasury securities showed essentially no change over the fourth quarter, despite a sizable amount of Treasury financing during the period. Instead, a large proportion of Treasury issues were absorbed by both foreign central banks and by State and local governments. In the latter case, revenue-sharing payments and large tax inflows were contributing to comfortable liquidity positions. Banks did increase their holdings of other security issues—including participation certificates, municipal bonds, and Federal agency issues—during November and December, but at a slower rate than in the third quarter. NONBANK Increases in deposits at nonbank depositary intermediaries, although INTERMEDIARIES AND still at very high levels, moderated appreciably during 1972. MORTGAGE MARKETS Growth in such inflows slowed from a seasonally adjusted annual rate of more than 16 per cent in the third quarter to 13.0 per cent in the fourth, with most of the slowdown occurring at savings and loan associations. The sharp rise in short-term interest rates over Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1972 57 the second half of 1972 narrowed the spread between yields on NONBANK SAVINGS ACCOUNTS ANNUAL RATE OF CHANGE, PER CENT thrift accounts and those on alternative market investments and probably contributed to the dampening of deposit growth. Mortgage debt outstanding expanded at a record seasonally adjusted quarterly rate of $16.6 billion in the final quarter of 1972. Whereas nonresidential mortgage debt accumulation continued to be relatively little changed from the substantially advanced rate reached early in the year, expansion in the residential category rose further. Altogether, for all of 1972 the net rise in total mortgage jig debt exceeded $64 billion. This compared with previous highs of $49 billion in 1971 and $28 billion in 1969. Savings and loan associations accounted for nearly half the 1 mQ4 Q1 Q2 117? Q3 Q4 increase in total mortgage holdings during the fourth quarter of 1972 as well as for the year as a whole. Participation by commercial Seasonally adjusted. banks and mutual savings banks also continued to be exceptionally strong. As a result, activity by the Federal National Mortgage Association and other agencies operating in the secondary market was limited. TABLE 2 NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted quarterly rates 1971 1972 TTyyppee ooff ddeebbtt IV I II IIP iye Total 111333...666 111555...666 111666...222 111666...111 111666...666 Residential 111000...222 111111...333 111111...888 111111...666 111222...333 Other1 333...444 444...333 444...444 444...555 444...333 'Includes commercial and other nonresidential as well as farm properties. e Partly estimated. FUNDS RAISED IN Total corporate security offerings rose to $9.7 billion in the fourth SECURITIES MARKETS $ .5 billion increase from the preceding quarter xhe bulk of the 0 quarter was attributable to the rise in private placements of bonds as corporations were able to take advantage of abundant fund flows at insurance companies. Gross issues of public bonds and stock were about unchanged from third-quarter levels. For 1972 as a whole, gross offerings of corporate securities were about $40 billion, 11 per cent below the record 1971 level. Gross stock issues were maintained at about the 1971 pace, in large part because public utilities continued to do an unusually high proportion of their external financing by means of equity capital. Private placements of bonds rose during the year, undoubtedly due both to the needs of smaller, lower-rated firms and to the interest of insurance companies and other institutional investors in acquiring the usually higher-yielding securities offered in this market. On Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 TABLE 3 OFFERINGS OF NEW SECURITY ISSUES Quarterly totals, in billions of dollars, not seasonally adjusted 1971 1972 TTyyppee ooff iissssuuee IV I II III IVe Corporate securities—Total 111000...888 999...888 111111...222 999...222 999...777 Bonds 777...666 777...000 777...444 666...111 666...555 Stocks 333...222 222...999 333...888 333...111 333...222 State and local government bonds 666...111 666...000 666...333 555...444 555...777 eEstimated. NOTE—Details may not add to totals because of rounding. the other hand, public offerings of bonds, especially those by large manufacturing firms, declined dramatically. Offerings by such firms accounted for only 16 per cent of total public bond issues in 1972, in contrast to 1971 when they had represented one-quarter of the total. Most large industrial firms had issued long-term debt and restructured their balance sheets in late 1970 and 1971, but in 1972 a large number of financial firms, especially banks and finance companies, were still active in the public bond market. Long-term bond offerings by State and local governments also rose somewhat in the fourth quarter, but total volume was measurably below the $6.0 billion quarterly average that had characterized the period from late 1970 through mid-1972. Like corporations, many State and local units had taken advantage of improved capital market conditions in 1971 and early 1972 to restore liquidity ratios to more normal levels and to catch up on borrowing postponed during the 1969-70 period. Furthermore, needs for borrowed TABLE 4 FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals, in billions of dollars, not seasonally adjusted 1971 1972 IItteemm III IV I II III IV Budget surplus or deficit -7.8 -10.6 -10.5 5.8 -2.1 -10.5 New cash borrowings, or repayments (-) 9.1 12.5 3.9 -6.0 5.0 12.3 Other means of financing1 -.1 -.6 3.0 2.6 -3.2 -.5 Change in cash balance 1.2 1.3 -3.6 2.4 -.3 1.3 MEMO: Net borrowings by Federally sponsored credit agencies2 1.7 1.4 .4 1.2 .7 .8 Checks issued less checks paid and other accrued items. includes debt of FHLB's, the Federal Home Loan Mortgage Corporation, Federal land banks, Federal intermediate credit banks, banks for cooperatives, and FNMA (including discount notes and bonds guaranteed by the Government National Mortgage Association). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1972 59 funds were reduced for many municipal units by two factors: the improvement in economic activity, which stimulated tax revenues and helped to generate surpluses, and the increase in Federal grants, much of which was received even before the first revenue-sharing payment in December. Net cash borrowing by the U.S. Treasury increased sharply in the fourth quarter, but both the deficit and the debt increase were less than had been anticipated. Net borrowing by Federally sponsored credit agencies was only a little higher than in the third quarter. Foreign central banks continued to acquire U.S. Treasury securities, but the bulk of their purchases were in intermediate- and longer-term issues. INTEREST RATES Short-term rates continued to increase, on balance, over the fourth quarter. The supply of Treasury bills was increased by additions to the weekly auctions, to the 52-week bill cycle, and to tax-anticipation bills. The monthly average for Treasury bill rates in December was about 40 basis points higher than in September. Private open market rates moved in a pattern much like that of Treasury bills. By the end of the quarter the Federal funds rate was up about 45 basis points and commercial paper rates were about 30 basis points higher, reflecting increased private and public needs 3 INTEREST RATES PER CENT PER ANNUM Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment of change in contractual interest rate); corporate bonds, averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 for short-term credit and the Federal Reserve System's reluctance to supply reserves through open market operations. Long-term rates were generally unaffected by increases in shortterm rates, and the December averages of yields on long-term securities were lower than in September. Yields on long-term Government securities were down about 10 basis points over this period, while municipal rates were about 15 basis points lower and corporate rates were down a quarter of a percentage point. Mortgage rates were unchanged. Over all of 1972, long-term interest rates fluctuated in a relatively narrow range. Demands on long-term credit markets were moderating, institutional investors had ample flows of funds, and expectations of future inflation appeared to have declined to some extent. By the end of the year, however, the obvious strength of the economy was raising expectations of increases in credit demands, in interest rates, and in prices. Investors showed growing resistance to underwriters' attempts to raise security prices further, and long-term rates were beginning to edge upward in December. The market for long-term Government bonds also adjusted upward late in the year, partly in anticipation of the long-term bond offering scheduled for early January 1973. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of the Money Stock Measures and Member Bank Reserves and Deposits At the beginning of February, the Board of 1961 when these obligations first were issued Governors released the annual revision of its in significant volume, and this permitted the regularly published money stock and related extension of M and M back to 1959. 2 3 measures. In addition, revised data on member Like the money stock revision, the revision bank reserves and deposits were published.1 of the member bank reserves and deposits data The revision of the money stock and related included the annual updating of seasonal admeasures included the regular updating of sea- justment factors. This revision also included, sonal adjustment factors, as well as the usual however—for private demand deposits and both benchmark level revision that incorporates the the adjusted and the unadjusted credit proxy latest data available from nonmember domestic series—a level adjustment occasioned by the banks. The benchmark revision this year also change in Regulation J. included, however, new figures from several The main effect of the annual revision was internationally-oriented banking institutions. In to raise the levels of the money stock and related addition, a special level revision was required measures, as well as member bank private dein the money stock series because of the change mand deposits and the credit proxy series. As in the Board's Regulation J governing check- shown in the chart, the upward revision in the collection procedures on November 9, 1972. money stock measures ranged from about $300 Finally, data on large negotiable time certifi- million in January 1959 to a maximum of about cates of deposit (CD's), heretofore available $8.6 billion in December 1972. Of the total only back to 1964, were estimated back to early revision for December 1972, the Regulation J component accounted for about $4.5 billion, NOTE. —This revision was carried through by Anton Nissen, while the benchmark revision for domestic non- Darwin Beck, Neva G. Van Peski, and Edward R. Fry, members of the Banking Section of the Board's Division of member banks and internationally-oriented in- Research and Statistics. Mr. Nissen had principal responsibil- stitutions accounted for about $4.1 billion.2 The ity for preparation of the article for publication. 1 The money stock and related measures include M revisions in private demand deposits and the l (private demand deposits adjusted plus currency), M credit proxy series extended back to December 2 (Mi plus commercial bank time and savings deposits 1959, but they were related wholly to the change other than large negotiable certificates of deposit), M 3 in Regulation J and were significantly smaller (M plus deposits at mutual savings banks and savings 2 capital at savings and loan associations), and their com- for the most part, ranging from about $300 ponents, as well as (1) large negotiable time CD's million at the outset to about $2.5 billion in outstanding at weekly reporting banks and (2) U.S. December 1972. Government deposits. Monthly and weekly data on these series are published in the BULLETIN and appear The effects of the revisions on annual rates in the Board's H.6 press release. of change, as illustrated in Table 1, generally Member bank reserves includes total, nonborrowed, were small for quarterly and longer periods. In and required reserves at member banks, as well as reserves available to support private nonbank deposits the case of M for instance, the yearly growth 1? (RPD's). Member bank deposits includes total deposits rate for 1972 was raised by only 0.1 per cent, subject to reserve requirements (the credit proxy), the components of that total consisting of time and savings deposits and private and U.S. Government demand 2 As was noted at the time of the change in Regulation deposits, and the adjusted credit proxy (total member J, the impact of this action on the money stock measures bank deposits subject to reserve requirements plus and member bank deposits first appeared in the data Euro-dollar borrowing, bank-related commercial paper, for the week ending November 15, 1972. In order to and other nondeposit items). Monthly data on the re- avoid discontinuities in the series between that time and serves and deposits series also are published in the the release of the revised data at the beginning of BULLETIN and monthly and weekly data appear in the February, the current data on the H.6 and H.3 releases Board's H.3 press release. were adjusted temporarily downward. 61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 MONEY STOCK AND THE ADJUSTED BANK CREDIT PROXY RATIO SCALE, BILLIONS OF DOLLARS 600 500 400 300 Seasonally adjusted monthly averages of daily figures. and the largest upward revision for other recent money stock series and discusses briefly the years was only 0.6 per cent. Some quarterly seasonal factor review. Additional detail on the growth rates were increased by up to 0.8 per procedures employed in making the Regulation cent at an annual rate, but these were partially J adjustment is presented in the Technical Apoffset by reductions in adjacent quarters. pendix. Monthly growth rates for the most part were Regulation J component. In computing the revised somewhat more, but again the changes demand deposits adjusted component of the generally were offsetting. money stock measures, cash items in the process Revised monthly data back to January 1959 of collection and Federal Reserve float are deon the money stock and related measures and ducted from gross demand deposits. The main for member bank reserves and deposits are reason for these deductions is to avoid the shown in the tables on pages 72-75 and 78-79.3 so-called "double-counting" of deposit bal- Revised weekly data on M and M for 1972 ances that otherwise would occur when checks x 2 are shown in the tables on pages 76 and 77. drawn on money stock deposit accounts at one Weekly data on M M , and member bank bank and deposited in money stock deposit u 2 reserves and deposits for earlier years are avail- accounts at other banks are in the process of able on request from the Banking Section in the collection. These deductions always have con- Board's Division of Research and Statistics. tained, however, certain elements that were not appropriate from the viewpoint of measuring the MONEY STOCK REVISION money stock.4 For the most part, the inappropriate elements This part of the article describes the reasons for in the cash items and float deductions exerted the Regulation J and benchmark revisions in the little effect on the measured rates of growth in the money stock series. The main influence was 3 Monthly data on Mj for 1947-58, which were not revised, were published in the BULLETIN for December 1970, pp. 895 and 896. 4 Federal Reserve BULLETIN, October 1960, p. 1110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF THE MONEY STOCK MEASURES 63 TABLE 1 CHANGES IN MONEY STOCK MEASURES AND THE ADJUSTED CREDIT PROXY Seasonally adjusted annual rates of change, in per cent M, M 2 Adjusted credit proxy Period Old Revised Old Revised Old Revised series series series series series series 1968 7.8 7.8 9.3 9.3 9.7 9.5 1969 3.2 3.6 2.3 2.6 .6 .4 1970 5.4 6.0 8.1 8.4 8.3 8.2 1971 6.2 6.6 11.1 11.4 9.5 9.4 1972 8.2 8.3 10.7 10.8 11.7 11.6 1970—HI 5.6 6.1 5.8 5.7 4.8 5.0 H2 5.2 5.7 10.1 10.8 11.4 11.1 1971—HI 10.0 10.1 15.5 14.9 9.7 10.1 H2 2.4 3.0 6.3 7.4 8.8 8.4 1972—HI 7.4 7.7 11.1 10.8 11.3 11.4 H2 8.6 8.5 9.8 10.3 11.4 11.1 1971—Q1 9.1 8.9 18.1 17.1 10.9 10.8 Q2 10.6 11.1 12.4 12.1 8.4 9.1 Q3 3.7 4.1 4.4 6.0 7.6 6.7 Q4 1.1 1.9 8.0 8.7 9.7 9.8 1972—Ql 9.3 9.2 13.3 12.7 11.3 11.0 Q2 5.3 6.1 8.6 8.5 11.1 11.5 Q3 8.5 8.2 9.3 10.3 10.7 9.8 Q4 8.6 8.6 10.0 10.2 11.8 12.1 NOTE.—Rates of change calculated as difference between the daily-average amounts outstanding in last month of each period. on the levels of the series and the amounts funds was not due at the Federal Reserve until involved were relatively minor in terms of the the following business day.6 Even though resize of the base. Moreover, even some of the mittance was not due until the day after checks level effects were known to be at least partially were presented, however, banks nonetheless offset by other influences.5 Thus, a more de- were able to reduce their customers' demand tailed breakdown of the relevant bank balance deposit accounts on the day of presentation and sheet items was not thought necessary, particu- to carry the liability for remittance to the Federal larly, in light of the costs and reporting burdens Reserve in a nondeposit account under 4'other involved in collecting the requisite data. The liabilities." Because the reductions in the dechange in Regulation J altered the situation, posit accounts generally occurred before the however, by eliminating once and for all some corresponding cash items or Federal Reserve of the inappropriate cash items and float. float disappeared and the liability for remittance The inappropriate cash items and float deduc- was not carried in a money stock deposit actions eliminated by the change in Regulation J count, the deduction of these items was too large stemmed from the fact that, prior to this for money stock purposes and the level of the amendment, many banks were on what was series was understated. termed a 4'deferred-payment" basis in remitting Under the change in Regulation J, former to the Federal Reserve for checks presented to deferred-payment banks were required to remit them for payment. That is, when the Federal for checks presented for payment by the Federal Reserve presented checks to a payee bank for 6 Other banks—generally those located within Fedpayment, remittance in immediately available eral Reserve Bank or branch cities—were, and continue to be, required to remit for checks presented by the Federal Reserve in immediately available funds on the 5 Ibid. day of presentation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 Reserve on the day of presentation rather than body of data collected specially for this purpose the following business day.7 This meant, of from the Federal Reserve Banks and branches course, that with payee banks in general remit- was employed. These data generally were ting to the Federal Reserve one day earlier, the available for the period from January 3, 1966, time required by the Federal Reserve to collect through November 8, 1972, and for this period interterritory checks (that is, checks presented they were used directly. In addition, the data by banks in one Federal Reserve territory that were used to estimate an econometric equation, are drawn on banks in other Federal Reserve which then was simulated to obtain the adjustterritories) was brought into closer accord with ments for the period from December 1, 1959, the schedule according to which it passes credit through January 2, 1966, when actual data were for those checks to presenting banks. One effect not available. The details of the adjustment of the change, therefore, was to eliminate Fed- procedure are described in the Technical Aperal Reserve float that formerly was inappro- pendix. priately deducted for money stock purposes. Benchmark component. In computing cur- The earlier remittance by banks to the Federal rent weekly and monthly data for the money Reserve under the change in Regulation J ap- stock, demand deposits at nonmember banks are plied not only to checks that originally were included in the deposit component, and vault presented to the Reserve Banks and branches cash at such institutions is excluded from total by banks in other Reserve territories, but also currency outside the Treasury and the Federal to checks that were presented by banks in the Reserve in arriving at the currency component. payee banks' own Reserve territories (intraterri- Because actual data for nonmember bank detory items). Even prior to the change in the posits and vault cash are not available on a regulation, however, the Federal Reserve gen- current basis, however, figures for these nonerally had been able to collect such intraterritory member components are estimated initially on checks by the time credit was passed to pre- the basis of data for country member banks. senting banks, and the speed-up in remittance Subsequently, when actual data for nonmember meant that it was able to pass even earlier credit banks become available from the call reports to presenting banks on such items. Since an that these institutions file for two dates each year important reason for the change was to speed (June 30 and December 31) with the Federal up the entire check-collection process, the Fed- Deposit Insurance Corporation, the call report eral Reserve immediately began to pass this data are used as benchmarks to revise the initial earlier credit. And since presenting banks re- interim estimates. duce their cash items when such reserve credit Since the annual revision of the money stock is received, this led to a once-and-for-all reduc- generally occurs near the end of the year, the tion in the amount of inappropriate cash items most recent call reports available at that time on the books of member banks. are for the preceding June. In this year's revi- With the once-and-for-all disappearance of sion, therefore, the benchmarks were based on inappropriate cash items and float and no corre- the call reports for June 1972 and December sponding reduction in gross deposit liabilities, 1971. Taking into account both vault cash and the change in Regulation J would have led, in demand deposits, this year's benchmark revithe absence of adjustments, to large discon- sion for nonmember banks raised the level of tinuities in the various money stock series. To the money stock series by about $1.6 billion preserve continuity, therefore, historical money in the months from June to December 1972, stock data back to December 1959, when banks and in earlier months by amounts declining to first were able to include liabilities for remit- about $1.0 billion in December 1971 and to tance to the Federal Reserve in other liabilities, roughly $150 million in July 1971. The upward were adjusted upward to be consistent with the revision in the deposit component alone new data. To make these adjustments, a large amounted to about $1.8 billion as of June 1972, the largest such revision on record. This was partially offset by a downward revision in the 7 The change in Regulation J is discussed in more currency component, however, as nonmember detail in the BULLETIN for July 1972 on pages 626-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF THE MONEY STOCK MEASURES 65 bank holdings of vault cash had been underesti- the year, with those for months in the third mated. quarter being increased somewhat and those for The benchmark revision for the internation- months in the fourth quarter being reduced. In ally-oriented banking institutions extended back the case of the weekly deposit component data, to the beginning of 1959, and was essentially the combination of the revisions in the not the same as a revision made for other compara- seasonally adjusted data and the accumulation ble institutions in December 1970. Briefly, the of an additional year's data led to larger revineed for the revision stemmed from an over- sions for weekly factors than for monthly facstatement in the amount of cash items on the tors. This is usual, however, given the wider books of domestic banks, arising from the week-to-week volatility in the underlying data. clearing activities of these internationally- Revisions in both weekly and monthly factors oriented institutions that formerly were not in- for the currency component of the money stock cluded in the banking system for purposes of were quite modest. money stock calculations.8 Seasonal factor review. With revisions this REVISION OF MEMBER BANK RESERVES year in the deposit component of the money AND DEPOSITS stock extending back to 1959, seasonal adjust- As was noted earlier, the revision of the member ment factors for this component were recombank reserves and deposits series included the puted and reviewed on the basis of the revised review of seasonal adjustment factors, and the data for the entire period. For all but the most levels of private demand deposits at member recent years, however, the monthly factors banks and the credit proxy series were revised based on the revised data were about the same upward because of the change in Regulation J. as the factors employed last year. The combi- The Regulation J revisions in private demand nation of revised data and the accumulation of deposits and the credit proxy series were considerably smaller, however, than the corre- TABLE 2 sponding revisions in the money stock meas- MONTHLY SEASONAL FACTORS FOR COMPONENTS OF M l (1972) ures. This section explains the reasons for these differences and summarizes the seasonal adjust- Demand deposit Currency component ment review. Details on the procedures emcomponent ployed in making the smaller revisions in levels MMoonntthh Old New Old New necessitated by the Regulation J change are factor factor factor factor presented in the Technical Appendix.9 Regulation J component. In computing January 103.8 103.8 99.7 99.4 February 99.1 99.0 98.9 98.7 private demand deposits at member banks and March 99.0 99.0 99.1 99.0 April 100.9 100.9 99.1 99.2 the member bank credit proxy series, cash items May 97.9 97.9 99.4 99.5 in the process of collection at such banks are June 99.0 99.0 99.9 100.1 July 99.0 99.2 100.6 100.8 deducted from gross deposits. In contrast to the August 98.1 98.3 100.4 100.5 September 99.2 99.3 99.9 99.9 procedure with the money stock measures, October 99.9 99.8 100.0 100.0 November 100.8 100.6 101.0 100.9 December 103.3 103.2 102.0 101.8 9 Private demand deposits as shown in the tables on pages 78 and 79 and reported each month in the an additional year's figures did lead to some BULLETIN is not broken down into its component parts, changes in the seasonal factors for 1972, as private nonbank and net interbank deposits. On the shown in Table 2, but even these changes were weekly H.3 release, however, this breakdown is presented. As shown there, the annual revision also innot major. cluded a switch amounting to about $300 million in In general, the modifications in the 1972 most recent months from the net interbank component to the private nonbank demand component, that resulted factors were concentrated in the second half of from the benchmark revision for the internationallyoriented institutions. Since the RPD series is tied in 8 For a more detailed explanation of this problem and part to the series on private nonbank demand deposits, its solution, see the BULLETIN for December 1970, pp. this switch also entailed some revision in the level of 887-909. that series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 however, Federal Reserve float is not deducted. in combination with the accumulation of an The reason for this disparate treatment is that additional year's data, led to somewhat larger the member bank deposit series are designed to changes in the monthly seasonal factors for measure not the money balances of the nonbank these series. sector, but rather the deposit resources of Seasonally adjusted required reserves are obmember banks. Because of this difference, the tained by multiplying seasonally adjusted total member bank deposits data were not affected deposits subject to reserve requirements by the historically by the overstatement of the Federal seasonally adjusted average required reserve Reserve float deduction. The member bank de- ratio for all member banks. Thus, since the posits series were affected, of course, by the seasonal adjustment factors for neither total deoverstatement of the cash items deduction, but posits nor the average required reserve ratio were this was considerably smaller than the over-all changed significantly in the annual review, the money stock understatement and the size of the relationship between seasonally adjusted and not Regulation J revision in the deposits data thus seasonally adjusted required reserves remained was correspondingly smaller. The procedures largely unchanged. Moreover, since the accuinvolved in making these smaller revisions are mulation of an additional year's data on excess described in the Technical Appendix. reserves led to no serious changes in the sea- Seasonal factor review. As was true with sonal factors for that series, the relationship the deposit component of the money stock, between seasonally adjusted total reserves seasonal adjustment factors for total member (which is obtained by adding seasonally adbank deposits (the credit proxy) and the private justed excess reserves to seasonally adjusted demand deposit component were recomputed required reserves) and not seasonally adjusted and reviewed this year on the basis of the data total reserves also was little affected by the revised back to 1959 because of the change in annual seasonal factor review. Finally, the pro- Regulation J. Again, however, the monthly cedure employed in seasonally adjusting factors based on the revised data tended to be member bank borrowing was modified somelittle different from those previously employed. what, and since such borrowing is subtracted With the estimation of large negotiable CD's from seasonally adjusted total reserves in arrivback to early 1961, seasonal factors for this ing at seasonally adjusted nonborrowed reseries and for time and savings deposits other serves, the relationship of the latter to the unadthan such CD's were based on a longer time justed nonborrowed reserve data was altered period than previously was available, and this, somewhat. TECHNICAL APPENDIX As the article indicates, the historical data on the the procedures used in making the estimates for money stock and member bank deposits were the 1959-65 period. The discussion begins with revised upward to avoid discontinuities in the the adjustment of the money stock series, focusing series subsequent to the change in Regulation J, first on several important details concerning Fedusing a large body of data collected from the eral Reserve accounting. Adjustment of the de- Federal Reserve Banks and branches. For the posits series is treated later. period from January 3, 1966, through November 8, 1972, these data were employed directly in the PROCEDURES FOR ADJUSTING THE adjustment, while estimates based on these data MONEY STOCK SERIES were employed in the adjustments from December Historically, when Federal Reserve Banks or 1, 1959, through January 2, 1966. This appendix branches received and dispatched checks drawn on describes in detail the specific data that were deferred-payment banks in their territories for colcollected, how and why they were employed, and lection, one of the accounting entries that arose Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF THE MONEY STOCK MEASURES 67 was an increase in (debit to) an asset account equation consisted primarily of several sets of entitled "transit items—member and nonmember "dummy" variables designed to reflect the particbanks."1 The balance in this account then stayed ular day of the week, the month, and the working up until such time as the payee bank remitted to day of the month represented by each of the the Federal Reserve. Upon receipt of remittance, observations. The day-of-week dummy variables the transit account was reduced with a credit entry. each assumed a value of 1 for all observations As noted in the article, for a number of years falling on a particular day of the week (Monday, deferred-payment banks generally did not remit to Tuesday, and so forth) and a value of 0 for all the Federal Reserve until one business day after TABLE A-1 checks were received for payment and their deposit liabilities were reduced. Moreover, because the REGRESSION RESULTS FOR DAILY MEMBER AND NONMEMBER BANK TRANSIT ACCOUNT CREDITS liability for remittance was not counted as a part (JANUARY 3,1966, TO JUNE 30,1972) of gross demand deposits and because the cash Summary statistics items or Federal Reserve float corresponding to R2 = .92 the checks received still were being deducted from SEE = $173 million DW = 1.97 gross deposits, an understatement of the level of the money stock series arose on the day the checks Coefficient were received by the bank. When remittance was IInnddeeppeennddeenntt vvaarriiaabbllee (in millions of f-value made on the following day, however, the receipt dollars) by the Reserve Bank or branch resulted in a credit Constant 448 (6.10) to the member and nonmember bank transit account, as noted earlier, in an amount equal to the Monday 561 (39.86) Tuesday -240 (16.79) amount of the understatement on the preceding Wednesday -329 (23.51) Thursday Included in business day. For the 1966-72 period for /hich constant data were available, therefore, the general proce- Friday -44 (3.12) dure for adjusting the money stock upward was January Included in to add back into the demand deposits adjusted constant February 39 (1.89) component for each day the amount of credits to March the member and nonmember bank transit items April 51 (2.54) May 42 (2.09) account on the following business day.2 June 57 (2.80) In estimating the upward money stock adjust- July 50 (2.36) August 23 (1.09) ments for the 1959-65 period, the basic procedure September 103 (4.85) October 97 (4.65) was to estimate and simulate an equation for November 119 (5.56) transit-account credits based on the data for the December 23 (1.10) 1966-72 period. The independent variables in this 7 working days before 10th Included in constant 6 " -5 ( -13) 1 This account does not appear separately on the Federal 5 " 9 ( .26) Reserve's consolidated statement of condition published at the 4 "„ 67 (1.92) 3 end of each statement week, but is included along with several 38 (1.08) others in the asset account entitled "cash items in process of 2 " 25 ( -70) collection." 1 working day before 10th 31 ( -87) 2There was one exception to the general procedure described 10th of the month 48 (1-38) above, and that occurred on Fridays, when only a portion of Monday's credits to the member and nonmember bank transit 1 working day after 10th 24 ( -67) account were added in. This exception stemmed from the fact 2 »" "" "" -32 ( 90) that some commercial banks were open on Saturday and thus 3 -23 ( -67) received checks from the Federal Reserve. In these circum- 4 " " " 87 (2.45) stances, the receiving bank wrote down (debited) its deposit 5 " " " 154 (4.37) 6 " " " 113 (3.20) liabilities on that day, thereby giving rise to an understatement 7 " " " 85 (2.43) in the money stock data for Saturday and Sunday that was 8 " " " 127 (3.61) not present in the data for Friday. Remittance for the checks 9 " " " 54 (1.54) received by commercial banks on Saturday was made on 10 " " " 71 (2.03) Monday, along with remittance for checks received on Friday, 11 " " " -43 (1.24) which generated Monday credits in an amount equal to the 12 " " " 55 (1.57) total of the checks received by the bank from the Reserve 13 " " " 25 ( -71) Bank on Friday and Saturday. Application of the entire amount 14 " " " 14 ( -39) of Monday's credits to Friday's data, therefore, would have 15 " " " -19 ( -44) resulted in too large an addition, since the understatement on Day after holiday 171 (4.64) Friday was equal only to the amount of checks received by the commercial banks from the Reserve Bank on Friday. The Transit account balance entire amount of Monday's credits was added, however, to on day t-1 .465 (92.41) the money stock data for Saturday and Sunday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 those falling on other days. The monthly dummies were compared with changes in the corresponding each took on a value of 1 for all observations months of several preceding and succeeding years. falling during a particular month (January, Febru- These comparisons revealed that while other liaary, and so forth) and a value of 0 for all those bilities did indeed show an unusually large infalling in other months. The working-day-of- crease in December 1959, the size of the contramonth dummies were centered around the 10th seasonal increase was far smaller than the $2.0 calendar day of the month, with each one taking billion that the estimate from the equation sugon a value of 1 for all observations that fell a gested should have occurred. Moreover, the comparticular number of working days (one, two, parisons indicated that other liabilities showed three, and so forth) before or after the 10th calen- large contraseasonal increases during most of the dar day of the month, and a value of 0 for all first 8 months of 1960. other days. In addition to these dummy variables, The thrust of these comparisons was to suggest the equation included a dummy variable that as- that the change in accounting procedures that led sumed a value of 1 for each observation falling to the understatement of the money stock did not on the first working day after a holiday and 0 for occur simultaneously at all banks. Rather there all other days, as well as a final variable defined appeared to have been a learning period covering as the balance in the member and nonmember 8 months or so during which increasingly large transit account on the business day preceding the numbers of banks began to adopt new accounting day of the credits in the dependent variable. procedures. The estimates of the understatement The use of the dummy variables was suggested obtained from the equation implicitly assumed, by the observation that transit account credits however, that all banks switched their liabilities should be determined by the combination of check for remittance into the other liabilities account flows and bank-collection procedures, both of simultaneously, since that equation essentially which are heavily influenced simply by the calen- provided estimates of the total remittances outdar. The transit-account-balance variable was in- standing each day. Thus, the gradual change in cluded primarily to pick up trend movements in accounting by banks after December 1959 appears the credits (since, roughly, it includes two business to account for the large discrepancy between the days' credits), although it probably picks up sea- understatement estimated for December 1959 with sonal movements to some degree as well. the equation and the $400 million to $600 million In estimating the credits equation, standard pro- estimate tendered at that time. As a result, it was cedure was followed and one of the dummy vari- decided to substitute an estimate of $460 million ables in each set (day of week, month, and work- for the estimate from the equation. ing day of month) was eliminated to avoid singu- Examination of the contraseasonal increases in larity in the data matrix. Thus, the constant in the other liabilities during the months immediately results shown in Table A-l reflects the joint influ- following December 1959 revealed that when such ence of the day of week, the month, and the increases were added cumulatively through August working day of month for which the dummy 1960 to the $460 million estimate for December, variables were eliminated. the estimate of the money stock understatement The initial simulation estimates of transit ac- obtained for September 1960 by this procedure count credits amounted to roughly $2.0 billion on was essentially equal to the estimate obtained by average in December 1959, when the understate- using the equation. In these intervening months, ment of the money stock first arose. At that time therefore, estimates of the money stock underhowever, it had been estimated that the under- statement were obtained by adding cumulatively statement amounted to only about $400 mil- to the $460 million estimated for December 1959, lion to $600 million, considerably less than sug- the average amount of contraseasonal increase in gested by the estimates from the equation. Thus, other liabilities. For weekly estimates, ratios of it was necessary to resolve the difference between the weekly-average to the monthly-average equathese two estimates. tion estimates were applied to the monthly-average When the understatement of the money stock estimates obtained by cumulating the monthly confirst arose, concommitant accounting changes at traseasonal increases in other liabilities. member banks also should have led to an increase in the "other liabilities" accounts on the books PROCEDURES FOR ADJUSTING THE of these banks. As a result, therefore, month-end MEMBER BANK DEPOSITS SERIES to month-end changes in this account for De- It will be recalled from the article that only the cember 1959 and a number of succeeding months cash items portion of the understatement of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF THE MONEY STOCK MEASURES 69 money stock series also affected the data on availability accounts for these institutions offered member bank deposits. In adjusting the latter a basis for breaking the understatement of the series upward, therefore, the total Regulation J money stock on the preceding day into the float revision of the money stock series had to be broken and cash items components. down into its cash items and Federal Reserve float In view of this situation, daily data on debits components. Unfortunately, the data used to adjust to the deferred availability accounts for other Fedthe money stock did not provide such a breakdown eral Reserve offices in the same district and Federal directly, and it was necessary to collect additional Reserve offices in other districts were collected data from the Federal Reserve Banks and branches from each of the Federal Reserve Banks and to permit this segregation. To understand the pro- branches for the 1966-72 period noted earlier. cedure, a few more Federal Reserve accounting These debits then were subtracted from the transit details are necessary. account credits on the same day, which measured The transit account credit noted earlier in con- the entire money stock understatement, and the nection with the money stock revision, that arose understatement in the member bank deposits data when a Federal Reserve Bank or branch received was removed by adding the residual difference and dispatched checks drawn on a deferred- between the credits and debits back into the private payment bank in its territory, was offset by an demand (and total) deposit figure for the preceding increase in (credit to) one of several Federal Re- business day. serve liability accounts included under the heading Similar to the case with the transit account "deferred availability cash items." The particular credits, data for debits to the deferred availability account that was credited depended on the source accounts were unavailable for 1959-65 and thus from which the checks were received—whether it was necessary to estimate figures for that period. from another Federal Reserve office in the same The procedure employed was essentially the same district, a Federal Reserve office in another district, as for credits in that an econometric equation was or a commercial bank. Regardless of the source, estimated for daily deferred availability debits to however, when the Reserve Bank or branch sub- the Federal Reserve accounts using data from sequently passed credit to the presenting institu- 1966-72, and this equation then was simulated tion, the increase in the deferred availability ac- over the 1959-65 period. Also like the credits count was reversed with a debit entry. equation, the independent variables in this equa- Most of the checks for which credit was passed tion consisted of sets of dummy variables for the on any given day also were collected by the day of week, the month of year, and the working Federal Reserve Bank or branch on the same day day of month before or after the 10th calendar and thus gave rise to an understatement in the day, and a dummy for business days immediately money stock data (and to credits to the transit items following holidays. In addition, the balance in the account) on the preceding business day.3 For the deferred availability account for Federal Reserve most part, however, the understatement was asso- offices in other districts on the preceding business ciated with Federal Reserve float only in the case day was included. Finally, an additional dummy of checks received either from other Federal Re- variable that assumed a value of 0 for all days serve offices in the same district or from Federal except Mondays beginning February 20, 1967, Reserve offices in other districts (interterritory was employed in the debits equation to capture items).4 Thus, a given day's debits to the deferred the effect of a change at that point in the manner in which some Reserve Banks counted business 3This statement holds only for an individual Reserve Bank days for purposes of passing deferred credit to or branch, of course, since the Federal Reserve System as a presenting banks. The results of this debits equawhole in many instances passed credit to presenting banks tion are shown in Table A-2, which appears on before the checks presented actually were collected. Moreover, even in the case of an individual Reserve Bank or branch, page 70. • there were exceptions to this rule. Perhaps the most important exception occurred when there were processing delays at the Reserve Bank or branch. In such case, credit was passed (and ness day in passing deferred credit. Thus checks presented to the deferred availability account was debited) before the check those Reserve Banks or branches on Friday by commercial was collected, and thus before the money stock understatement banks in their territories that were drawn on deferred-payment arose and the transit account was credited. Similarly, if trans- banks in the same territory not open for the receipt of checks portation delays were encountered in getting the checks to the from the Federal Reserve on Saturday, gave rise to float on payee banks or if the payee banks were late in remitting, the the following Monday. With Saturday counted as a business same situation arose. day for purposes of deferred credit, the Reserve Bank or branch 4There were, unfortunately, also exceptions to this rule. In passed credit on Monday, while the checks were not presented particular, prior to the week ended February 22, 1967, some to payee banks until Monday and remittance was not received Reserve Banks and branches still counted Saturday as a busi- until Tuesday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 TABLE A-2 REGRESSION RESULTS FOR DAILY DEBITS TO THE DEFERRED AVAILABILITY ACCOUNTS FOR OTHER FEDERAL RESERVE OFFICES IN THE SAME DISTRICT AND FEDERAL RESERVE OFFICES IN OTHER DISTRICTS (JANUARY 3,1966, TO JUNE 30, 1972) Summary statistics R2 = .87 SEE = $138 million DW = 2.57 Coefficient Independent variable (in millions of lvalue dollars) Constant 85 (2.70) Monday 57 (2.73) Tuesday 53 (4.66) Wednesday -166 (14.75) Thursday Included in constant Friday 11 (102) January Included in constant February 22 (1.37) March 20 (1.24) April 13 ( -78) May 14 ( -90) June 3 ( -19) July 1 ( -05) August -3 ( -21) September -23 (1.36) October -3 ( -19) November 2 ( -13) December -5 ( -29) 7 working days before 10th Included in constant 6 " " " " 45 (1.54) 5 " " " " 42 (1.50) 4 " " " " 67 (2.40) 3 " " " " 77 (2.76) 2 " " " » 29 (1.05) 1 " " " " 57 (2.02) 10th calendar day of month 87 (3.13) 1 working day after 10th 31 (1.12) 2 " 20 ( -73) 3 " •< 4 ( -14) 4 " 31 (1.10) 5 " 17 ( -62) 6 " 69 (2.48) 7 " 72 (2.58) 8 " 45 (1.60) 9 " 75 (2.69) 10 " 70 (2.51) 11 " 50 (1.81) 12 " 58 (2.07) 13 " 45 (1.60) 14 " 47 (1.60) 15 " 99 (2.83) Day after holiday -433 (14.7) Mondays beginning Feb. 13, 1967 -970 (44.1) Deferred availability account balance on day r-1 .556 (77.70) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

71 NOTES TO TABLES 6At all commercial banks. 1 Includes (1) demand deposits at all commercial banks other 7Averages of daily figures. Member bank reserve series than those due to domestic commercial banks and the U.S. reflects actual reserve requirement percentages with no adjust- Govt., less cash items in the process of collection and Federal ment to eliminate the effect of changes in Regulations D and Reserve float; (2) foreign demand balances at Federal Reserve M. Banks; (3) currency outside Treasury, Federal Reserve Banks, 8Reserves available to support private nonbank deposits are and vaults of all commercial banks. defined as (1) required reserves for (a) private demand deposits, 2 Includes—in addition to currency and demand deposits— (b) total time and savings deposits, and (c) nondeposit sources savings deposits, time deposits open account, and time certifi- subject to reserve requirements, and (2) excess reserves. This cates of deposit (CD's) other than negotiable time CD's issued series excludes required reserves for net interbank and U.S. in denominations of $100,000 or more by large weekly report- Govt, demand deposits. ing commercial banks. Excludes time deposits of the U.S. 9Averages of daily figures. Deposits subject to reserve re- Govt, and of domestic commercial banks. quirements include total time and savings deposits and net •'Includes M.> plus the average of the beginning- and end-of- demand deposits as defined by Regulation D. Private demand month deposits of mutual savings banks and savings capital deposits include all demand deposits except those due to the at savings and loan associations. U.S. Govt., less cash items in process of collection and demand 4Negotiable time CD's issued in denominations of $100,000 balances due from domestic commercial banks. or more by large weekly reporting banks. 10Total member bank deposits subject to reserve require- 5 Average of beginning- and end-of-month deposits at mutual ments, plus Euro-dollar borrowings, bank-related commercial savings banks and savings capital at savings and loan associa- paper, and certain other nondeposit items. This series for tions. deposits is referred to as "the adjusted bank credit proxy." NOTES relating to changes in series over the 1959-72 period 11. Effective Mar. 2, 1967, erve requirement of all for the tables on pp. 72-79 are as follows; member banks against savings deports and the first $5 million of time deposits was reduced from 4 per cent to 31/2 per cent. 1. Effective Sept. 1, 1960, the reserve requirement of central This action reduced required reserves and RPD's approximately reserve city banks against their net demand deposits was $425 million. reduced from 18 per cent to 17'/2 per cent. This action reduced 12. Effective Mar. 16, 1967, reserve requirement of all required reserves approximately $120 million and reserves member banks against savings deposits and the first $5 million available to support private nonbank deposits (RPD's) $100 of time deposits was reduced from 3Vi per cent to 3 per cent. million. This action reduced required reserves and RPD's approximately 2. Effective Nov. 24, 1960, the reserve requirement of $425 million. country banks against their net demand deposits was increased 13. Effective Jan. 11, 1968, reserve requirement of reserve from 1 1 per cent to 12 per cent. This action increased required city banks against net demand deposits in excess of $5 million reserves approximately $380 million and RPD's $360 million. was increased from 16'/2 per cent to 17 per cent. This action 3. Effective Dec. 1, 1960, the reserve requirement of central increased required reserves approximately $360 million and reserve city banks against their net demand deposits was RPD's $310 million. reduced from 17V2 per cent to I6V2 per cent. This action 14. Effective Jan. 18, 1968, reserve requirement of country reduced required reserves approximately $250 million and banks against net demand deposits in excess of $5 million was RPD's $200 million. increased from 12 per cent to 12'/2 per cent. This action 4. Effective Oct. 25, 1962, the reserve requirement of increased required reserves approximately $190 million and reserve city banks against their time deposits was reduced from RPD's $170 million. 5 per cent to 4 per cent. This action reduced required reserves 15. Effective Apr. 17, 1969, reserve requirement of all and RPD's approximately $410 million. member banks against net demand deposits was increased '/-> 5. Effective Nov. 1, 1962, the reserve requirement of percentage point. This action increased required reserves apcountry banks against their time deposits was reduced from proximately $660 million and RPD's $590 million. 5 per cent to 4 per cent. This action reduced required reserves 16. Effective Oct. 16, 1969, a 10 per cent marginal reserve and RPD's approximately $360 million. requirement was established on certain foreign borrowings, 6. Effective June 9, 1966, balances accumulated for the primarily Euro-dollars, by member banks and on the sale of repayment of personal loans (hypothecated deposits) were assets to their foreign branches. This action increased required eliminated from time deposits due to a change in Regulation reserves and RPD's approximately $400 million. D. This change reduced other time deposits for all commercial 17. Effective Oct. 1970, reserve requirement of all member banks about $1.1 billion and member bank other time deposits banks against time deposits (other than savings deposits) in about $900 million. Broader measures of the money supply— excess of $5 million was reduced from 6 per cent to 5 per Mo and M;}—and total member bank deposit measures were cent. At the same time, a 5 per cent reserve requirement was also affected. imposed against funds obtained by member banks through the 7. Effective July 14, 1966, reserve requirement of reserve issuance of commercial paper by their affiliates. This action city banks against time deposits (other than savings deposits) reduced required reserves and RPD's approximately $500 milin excess of $5 million was increased from 4 per cent to 5 lion (net). per cent. This action increased required reserves and RPD's 18. Effective Jan. 7, 1971, the reserve percentage required approximately $350 million. to be maintained against certain foreign borrowings, primarily 8. Effective July 21, 1966, reserve requirement of country Euro-dollars, by member banks, and the sale of assets to their banks against time deposits (other than savings deposits) in foreign branches was raised from 10 per cent to 20 per cent. excess of $5 million was increased from 4 per cent to 5 per This action had little effect on required reserves and RPD. cent. This action increased required reserves and RPD's ap- 19. Effective Nov. 9, 1972, Regulation D and J were revised proximately $70 million. to (1) adopt a system of reserve requirements against demand 9. Effective Sept. 8, 1966, reserve requirement of reserve deposits of all member banks based on the amount of such city banks against time deposits (other than savings deposits) deposits held by a member bank, and (2) to require banks— in excess of $5 million was increased from 5 per cent to 6 member and nonmember—to pay cash items presented by a per cent. This action increased required reserves and RPD's Federal Reserve Bank on the day of presentation in funds approximately $370 million. available to the Reserve Bank on that day. These changes reduced required reserves approximately $2.5 billion, effective 10. Effective Sept. 15, 1966, reserve requirement of country banks against time deposits (other than savings deposits) in Nov. 9; and $1.0 billion, effective Nov. 16, and increased required reserves $300 million, effective Nov. 23. On the same excess of $5 million was increased from 5 per cent to 6 per dates RPD's were reduced $2.3 billion and $785 million and cent. This action increased required reserves and RPD's apincreased $235 million, respectively. proximately $75 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY STOCK—SEASONALLY ADJUSTED In billions of dollars (for footnotes see page 71) Over-all measures Components and related items MMM YYYYeeeeaaaarrrr aaaannnndddd MMM,,, (((MMM,,, ppp 222 llluuu sss MMM---,,, Deposits at commercial banks NNNNoooo tttthhhh nnnn rrrr bbbb iiii aaaa fffftttt nnnn kkkk mmmmoooonnnntttthhhh (((CCCuuu ppp rrr lll rrr uuu eee sss nnn cccyyy t p t p t p iii ooo mmm sss eee iii tttsss ddd eee aaa --- ttt ((( nnn MMM ooonnn 222 bbb ppp aaa lll nnn uuu kkk sss rrr CCC eee uuu nnn rrr ccc --- yyy Time and savings iiii tttt nnnn iiiioooo sssstttt nnnn iiii ssss tttt uuuu 5555 ---dddeeemmmaaannnddd cccooommmlll... bbbaaannnkkksss ttthhhrrriiifffttt iiinnn--- DDeemmaanndd dddeeepppooosssiiitttsss ***))) ooottthhheeerrr ttthhhaaannn ssstttiiitttuuutttiiiooonnnsss 333))) lllaaarrrgggeee CCCDDD'''sss 222))) CD s 4 Other Total 1959—January 142.2 208.5 290.0 28.7 113.5 66.3 66.3 81.6 February 142.5 208.6 290.7 28.7 113.8 66.1 66.1 82.1 March 143.1 209.2 292.0 28.8 114.3 66.1 66.1 82.8 April 143.3 209.9 293.4 28.7 114.6 66.5 66.5 83.5 May 143.9 210.6 294.8 29.0 115.0 66.7 66.7 84.2 June 144.2 211.1 296.0 29.0 115.1 67.0 67.0 84.9 July 144.9 212.0 297.5 29.0 116.0 67.0 67.0 85.6 August 144.5 211.5 297.8 29.1 115.4 67.0 67.0 86.3 September 144.2 211.4 298.3 29.0 115.2 67.2 67.2 86.9 October 143.8 211.0 298.5 29.0 114.9 67.2 67.2 87.4 November 143.7 211.2 299.1 28.9 114.7 67.5 67.5 87.9 December 143.4 210.9 299.4 28.9 114.5 67.4 67.4 88.5 1960—January 143.3 210.7 299.8 28,9 114.3 67.4 67.4 89.1 February 142.9 209.9 299.6 28.9 114.0 66.9 66.9 89.7 March 142.8 209.7 300.1 29.0 113.9 66.8 66.8 90.4 April 143.0 210.3 301.3 29.0 1 14.0 67.3 67.3 91.1 May 142.6 210.1 301.9 29.0 113.6 67.5 67.5 91.8 June 142.7 210.6 303.0 29.0 113.8 65.8 67.8 92.5 July 143.4 212.1 305.3 29.0 114.5 68.6 68.6 93.3 August 144.0 213.5 307.6 29.0 115.0 69.6 69.6 94.1 September 144.3 214.7 309.6 29.0 115.3 70.4 70.4 94.9 October 144.3 215.5 311.3 29.0 115.2 71.3 71.3 95.7 November 144.2 216.5 313.1 29.0 115.2 72.3 72.3 96.6 December 144.2 217.1 314.4 29.0 115.2 72.9 72.9 97.3 1961—January 144.4 218.0 316.3 28.9 1 15.5 0.1 73.7 73.8 98.2 February 144.9 219.5 318.6 28.9 115.9 0.3 74.6 74.9 99.1 March 145.2 220.0 319.9 28.9 116.3 0.4 74.8 75.2 99.9 April 145.6 221.2 321.9 28.9 116.7 0.6 75.6 76.2 100.7 May 146.1 222.5 324.1 28.9 117.1 0.8 76.5 77.3 101.6 June 146.4 223.4 325.9 28.9 1 17.4 1.0 77.1 78.1 102.5 July 146.5 224.3 327.7 29.0 117.5 1.3 77.8 79.1 103.4 August 146.8 225.2 329.4 29.1 1 17.7 1.5 78.4 79.9 104.3 September 147.3 226.1 331.2 29.2 118.1 1.8 78.8 80.6 105.1 October 147.8 227.1 333.1 29.4 118.4 2.1 79.3 81.4 106.0 November 148.4 228.3 335.2 29.4 1 19.0 2.4 79.9 82.3 106.9 December 148.7 228.6 336.5 29.6 1 19.1 2.8 79.9 82.7 107.9 1962—January 148.9 230.2 338.9 29.6 1 19.3 3.0 81.2 84.2 108.8 February 149.1 231.7 341.4 29.7 1 19.3 3.2 82.7 85.8 109.7 March 149.5 233.5 344.1 29.8 1 19.6 3.4 84.1 87.4 110.6 April 149.8 235.1 346.7 30.0 119.8 3.6 85.3 88.9 1 1 1.6 May 149.8 235.6 348.2 30.0 1 19.8 3.8 85.8 89.6 112.5 June 149.9 236.6 350.1 30.1 1 19.8 4.0 86.7 90.7 1 13.5 July 149.7 237.2 351.7 30.2 1 19.6 4.3 87.5 91.7 114.5 August 149.5 237.5 353.1 30.2 1 19.3 4.5 88.0 92.6 115.6 September 149.4 238.3 355.0 30.3 119.1 4.8 88.9 93.7 116.7 October 149.9 239.9 357.7 30.3 1 19.6 5.1 89.9 95.0 117.8 November 150.5 241.5 360.5 30.4 120.0 5,4 91.0 96.4 1 19.0 December 150.9 242.8 362.9 30.6 120.3 5.7 92.0 97.6 120.1 1963—January 151.5 244.7 366.2 30.6 120.9 6.0 93.2 99.2 121.4 February 151.8 245.8 368.6 30.8 121.0 6.2 94.0 100.2 122.8 March 152.2 247.1 371.1 31.0 121.2 6.5 94.9 101.4 124.0 April 152.7 248.6 373.9 31.2 121.6 6.8 95.9 102.7 125.3 May 153.3 250.0 376.5 31.3 122.1 7.1 96.7 103.7 126.5 June 154.0 251.4 379.1 31.5 122.5 7.4 97.4 104.8 127.7 July 154.6 252.7 381.5 31.6 123.0 1.1 98.0 105.8 128.8 August 154.7 253.8 383.7 31.8 122.9 8.1 99.0 107.1 129.9 September 155.1 255.0 385.9 31.9 123.1 8.4 99.9 108.3 131.0 October 155.8 256.7 388.8 32.0 123.8 8.8 100.9 109.7 132.1 November 156.9 259.0 392.3 32.3 124.7 9.2 102.1 111.3 133.3 December 156.5' 258.9 393.2 32.5 124.1 9.6 102.3 1 12.0 134.4 1964—January 156.9 260.0 395.5 32.5 124.4 10.6 103.0 113.6 135.6 February 157.3 261.1 397.8 32.7 124.6 10.8 103.8 114.6 136.7 March 157.8 262.1 399.9 32.9 124.9 11.0 104.3 115.3 137.8 April 158.0 262.9 401.9 33.0 125.0 1 1.3 104.9 116.2 139.0 May 159.0 264.6 404.9 33.3 125.7 11.8 105.7 117.4 140.3 June 159.5 266.2 407.7 33.5 126.0 12.0 106.7 118.7 141.5 July 160.6 268.1 410.9 33.6 127.0 12.1 107.5 1 19.6 142.9 August 161.4 269.9 414.2 33.8 127.6 12.1 108.5 120.7 144.3 September 162.3 272.0 417.6 33.9 128.4 12.4 109.7 122.0 145.6 October 162.9 273.5 420.4 34.0 128.9 12.9 1 10.7 123.6 146.8 November 163.6 275.7 423.7 34.2 129.4 13.2 112.0 125.2 148.0 December 163.7 277.1 426.3 34.3 129.5 12.8 1 13.4 126.2 149.2 1965—January 164.2 279.0 429.3 34.4 129.7 14.0 114.8 128.8 150.3 February 164.4 281.2 432.5 34.6 129.9 14.1 116.8 130.9 151.2 March 164.9 282.7 434.8 34.7 130.3 14.4 117.8 132.1 152.2 April 165.3 284.0 437.1 34.8 130.5 14.8 1 18.7 133.5 153.1 May 165.6 285.2 439.3 34.9 130.7 15.2 119.7 134.9 154.0 June 166.5 287.2 442.2 35.0 131.4 15.6 120.7 136.3 155.0 July 167.1 289.2 445.2 35.2 131.8 15.7 122.1 137.8 156.0 August 167.4 291.1 448.1 35.4 132.0 16.0 123.7 139.7 157.0 September 168.6 293.7 451.7 35.7 132.9 16.3 125.1 141.4 158.1 October 169.8 296.6 455.8 36.0 133.8 16.8 126.9 143.7 159.2 November 170.4 299.1 459.3 36.1 134.3 16.7 128.7 145.4 160.3 December 171.3 301.4 462.7 36.3 134.9 16.2 130.2 146.3 161.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY STOCK—SEASONALLY ADJUSTED: Continued 73 In billions of dollars (for footnotes see page 71) Over-all measures Components and related items MMM>>> Deposits at commercial banks Nonbank Year and MMMiii (((MMMlll pppllluuusss MMM:::iii thrift month (((CCCuuu ppp rrr lll rrr uuu eee sss nnn cccyyy t p t p t p iii ooo mmm sss eee iii tttsss ddd eee aaa --- ttt ((( nnn MMM ooo 222 nnn bbb ppp aaa lll nnn uuu kkk sss rrr CCC eeennn uuu ccc rrr--- yyy Time and savings i t n io st n i s t u 5 dddeeemmmaaannnddd cccooommmlll... bbbaaannnkkksss ttthhhrrriiifffttt iiinnn--- DDeemmaanndd dddeeepppooosssiiitttsss '''))) ooottthhheeerrr ttthhhaaannn ssstttiiitttuuutttiiiooonnnsss 333))) lllaaarrrgggeee CCCDDD'''sss 222))) CD s 4 Other Total 1966—January .. 172.6 303.8 466.0 36.6 136.0 16.6 131.3 147.9 February 173.2 305.4 468.3 36.8 136.5 16.6 132.2 148.8 March ... 173.9 306.8 470.3 36.9 137.1 16.9 132.9 149.8 April 175.3 309.6 473.4 37.1 138.2 17.6 134.3 151.9 May 175.2 311.1 475.0 37.3 137.9 17.8 135.9 153.7 June 175.4 311.6 475.9 37.4 138.0 18.0 136.3 154.3 July 174.8 312.4 476.8 37.6 137.1 18.2 137.6 155.8 August ... 174.6 313.6 478.3 37.8 136.9 17.9 139.0 156.8 September 175.6 315.5 480.7 37.9 137.7 17.5 139.9 157.4 October .. 175.0 315.8 481.5 38.0 137.0 16.4 140.8 157.2 November 175.1 316.5 482.9 38.1 136.9 15.5 141.4 156.9 December 175.4 317.8 485.2 38.3 137.0 15.4 142.4 157.9 1967—January .. 175.3 319.3 487.8 38.5 136.8 17.4 143.9 161.3 February 177.2 323.0 492.8 38.7 138.5 18.4 145.8 164.2 March ... 178.5 325.8 496.9 38.9 139.7 19.0 147.3 166.3 April 177.9 327.4 499.9 39.0 138.9 19.0 149.5 168.5 May 179.7 331.3 505.5 39.1 140.6 19.0 151.6 170.6 June 181.1 334.7 510.3 39.2 141.9 19.5 153.5 173.1 July 182.6 337.9 515.0 39.4 143.2 19.6 155.4 175.0 August ... 183.6 340.9 519.5 39.5 144.1 20.0 157.3 177.3 September 184.7 343.6 523.5 39.8 145.0 20.2 158.8 179.0 October .. 185.7 345.9 527.1 39.9 145.7 20.2 160.3 180.4 November 186.3 347.9 530.1 40.0 146.3 20.4 161.6 182.0 December 187.0 349.8 532.9 40.4 146.6 20.4 162.7 183.1 1968—January .. 187.8 351.4 535.5 40.6 147.2 20.7 163.7 184.4 February 188.8 354.2 539.1 40.7 148.1 20.8 165.3 186.1 March ... 189.5 356.2 542.0 41.1 148.5 20.6 166.7 187.3 April 190.5 358.1 544.6 41.4 149.2 20.1 167.6 187.7 May 192.4 360.9 548.2 41.5 150.9 20.0 168.5 188.4 June 194.1 363.2 551.4 41.8 152.3 19.9 169.1 189.0 July 195.3 365.3 554.4 42.0 153.2 21.0 170.1 191.1 August ... 196.2 368.9 559.0 42.3 153.9 21.7 172.6 194.3 September 197.4 371.9 563.1 42.6 154.7 22.1 174.5 196.6 October .. 198.6 375.2 567.7 42.8 155.8 22.8 176.7 199.4 November 200.4 379.2 572.9 43.2 157.2 23.0 178.9 201.9 December 201.6 382.5 577.2 43.4 158.2 23.3 180.9 204.2 1969—January .. 202.8 384.8 580.5 43.6 159.2 21.5 182.0 203.4 February 204.1 386.7 583.4 43.9 160.2 20.1 182.6 202.8 March ... 204.9 388.4 585.8 44.1 160.8 19.0 183.5 202.5 April 205.7 389.6 587.6 44.2 161.5 18.5 184.0 202.5 May 206.3 390.7 589.0 44.4 161.9 17.7 184.3 202.1 June 207.1 392.0 591.0 44.7 162.4 16.3 184.9 201.2 July 207.8 391.5 590.8 44.9 162.9 14.2 183.8 198.0 August ... 207.3 390.5 590.1 45.2 162.1 12.6 183.2 195.8 September 207.7 390.8 591.2 45.3 162.4 1 1.7 183.1 194.9 October .. 208.3 391.4 592.2 45.6 162.8 11.2 183.1 194.3 November 208.9 392.5 593.7 45.9 163.0 10.9 183.6 194.4 December 208.8 392.3 594.0 46.1 162.7 10.9 183.5 194.4 1970—January .. 210.6 393.4 594.9 46.3 164.4 10.4 182.7 193.1 February 210.3 392.6 594.0 46.5 163.8 10.6 182.4 193.0 March ... 212.0 395.5 597.4 46.8 165.3 1 1.6 183.5 195.1 April 213.6 399.1 601.7 47.0 166.6 13.2 185.4 198.6 May 214.6 401.5 605.2 47.6 167.1 13.5 186.9 200.4 June 215.2 403.5 608.2 47.6 167.6 13.7 188.2 201.9 July 216.0 407.2 613.5 47.9 168.1 17.0 191.2 208.2 August ... 217.3 41 1.8 619.9 48.1 169.3 19.1 194.4 213.6 September 219.0 415.7 625.6 48.2 170.8 21.1 196.7 217.8 October .. 219.8 419.0 631.0 48.5 171.3 22.3 199.2 221.5 November 220.6 421.8 635.7 48.7 171.9 23.5 201.2 224.6 December 221.3 425.2 641.3 49.1 172.2 25.3 203.9 229.2 1971—January .. 221.8 429.5 648.9 49.4 172.4 26.5 207.6 234.1 February 224.4 436.7 659.8 49.8 174.6 27.4 212.3 239.6 March ... 226.2 443.4 670.2 50.0 176.2 28.3 217.2 245.5 April 228.0 448.0 678.7 50.5 177.5 28.2 220.0 248.2 May 230.6 453.0 687.1 50.8 179.9 28.8 222.4 251.2 June 232.5 456.8 693.8 51.0 181.5 29.6 224.3 253.9 July 234.1 460.0 700.1 51.5 182.6 30.4 225.9 256.3 August ... 234.6 461.9 704.8 51.6 182.9 30.5 227.4 257.9 September 234.9 463.7 709.3 51.9 183.0 31.3 228.8 260.1 October .. 235.7 467.3 715.8 52.2 183.5 32.1 231.6 263.8 November 235.6 470.3 721.5 52.3 183.3 32.1 234.7 266.7 December 236.0 473.8 727.7 52.6 183.4 33.0 237.9 270.9 1972—January .. 236.2 477.9 735.7 52.9 183.3 33.2 241.7 274.9 February 239.1 483.9 746.0 53.2 185.8 33.7 244.8 278.6 March ... 241.4 488.9 754.8 53.6 187.7 33.8 247.5 281.3 April 243.0 492.1 761.5 53.9 189.1 35.2 249.1 284.3 May 243.8 495.5 767.9 54.2 189.6 36.8 251.8 288.6 June 245.1 499.3 775.0 54.4 190.7 37.5 254.2 291.7 July 247.7 504.5 783.9 54.6 193.1 38.3 256.8 295.0 August ... 248.6 508.4 791.5 54.8 193.8 39.1 259.8 298.9 September 250.1 512.1 798.9 55.3 194.8 39.8 262.0 301.9 October .. 251.6 516.4 806.9 55.7 195.9 40.0 264.8 304.8 November 252.7 519.8 813.5 56.2 196.5 41.2 267.1 308.4 December 255.5 525.1 821.6 56.8 198.7 43.2 269.6 312.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY STOCK—NOT SEASONALLY ADJUSTED In billions of dollars (for footnotes see page 71) Over-all measures Components and related items MMM...>>> Deposits at commercial banks NNNNoooonnnnbbbbaaaannnnkkkk UUUU....SSSS.... YYYYeeeeaaaarrrr aaaannnndddd MMM,,, (((JJJVVVfff,,, pppllluuusss MMM;;;jjj tttthhhhrrrriiiifffftttt GGGGoooovvvvtttt,,,, mmmmoooonnnntttthhhh (((CCCuuu ppp rrr lll rrr uuu eee sss nnn cccyyy ttt ppp iii ooo mmm sss eee iii tttsss ddd eee aaa --- ttt ((( nnn AAA ooo fff nnn 222 bbb ppp aaa lll nnn uuu kkk sss rrr CCC eee uuu nnn rrr ccc --- yyy Time and savings iiii tttt nnnn iiiioooo sssstttt nnnn iiii ssss tttt uuuu 5555 ---- ddddeeee iiiitttt pppp ssss oooo 6666 ssss ---dddeeemmmaaannnddd cccooommmlll... bbbaaannnkkksss ttthhhrrriiifffttt iiinnn--- DDeemmaanndd dddeeepppooosssiiitttsss 111))) ooottthhheeerrr ttthhhaaannn ssstttiiitttuuutttiiiooonnnsss 333))) lllaaarrrgggeee CCCDDD'''sss 222))) CD's 4 Other Total 1959—January 145.5 211.1 293.0 28.6 116.9 0.0 65.6 65.6 81.9 3.2 February 142.6 208.4 290.6 28.4 114.2 0.0 65.8 65.8 82.3 4.3 March 141.9 208.1 291.0 28.5 113.4 0.0 66.2 66.2 82.9 3.7 April 143.0 209.7 293.2 28.5 114.5 0.0 66.7 66.7 83.5 4.6 May 142.0 209.0 293.1 28.7 1 13.2 0.0 67.1 67.1 84.1 5.2 June 142.7 210.1 295.2 28.9 1 13.8 0.0 67.4 67.4 85.1 4.0 July 143.5 211.0 296.8 29.1 114.3 0.0 67.6 67.6 85.8 4.9 August 143.1 210.5 296.6 29.1 113.9 0.0 67.4 65.4 86.1 5.1 September 143.6 211.1 297.7 29.1 1 14.5 0.0 67.5 67.5 86.7 5.2 October 143.9 211.3 298.4 29.0 114.9 0.0 67.4 67.4 87.1 4.9 November 145.0 211.8 299.3 29.2 115.8 0.0 66.8 66.8 87.5 4.7 December 147.1 213.7 302.3 29.5 117.6 0.0 66.6 66.6 88.5 4.9 1960—January 146.6 213.4 302.9 28.9 117.7 0.0 66.8 66.8 89.5 4.1 February 142.9 209.6 299.5 28.6 114.3 0.0 66.6 66.6 89.9 4.1 March 141.6 208.6 299.2 28.7 113.0 0.0 67.0 67.0 90.6 4.3 April 142.9 210.3 301.5 28.8 114.1 0.0 67.5 67.5 91.2 3.6 May 140.7 208.5 300.2 28.8 111.9 0.0 67.8 67.8 91.6 6.4 June 141.1 209.3 302.0 28.9 112.2 0.0 68.3 68.3 92.7 6.3 July 142.0 211.1 304.6 29.1 112.9 0.0 69.1 69.1 93.5 6.7 August 142.5 212.5 306.4 29.1 113.5 0.0 69.9 69.9 93.9 6.1 September 143.7 214.4 309.0 29.1 114.6 0.0 70.7 70.7 94.6 5.4 October 144.5 215.9 311.3 29.1 115.4 0.0 71.4 71.4 95.4 5.7 November 145.6 217.1 313.2 29.3 116.3 0.0 71.5 71.5 96.1 5.8 December 148.0 220.0 317.3 29.6 118.4 0.0 72.0 72.0 97.3 4.7 1961—January 147.8 220.8 319.4 28.8 118.9 0.1 73.1 73.2 98.6 4.1 February 144.9 219.2 318.5 28.6 116.3 0.3 74.4 74.6 99.3 4.8 March 144.0 219.1 319.2 28.6 115.4 0.4 75.0 75.5 100.2 4.7 April 145.7 221.6 322.4 28.7 117.0 0.6 75.8 76.5 100.8 2.8 May 144.1 221.0 322.4 28.7 115.4 0.8 76.9 77.7 101.5 4.7 June 144.7 222.2 324.9 28.9 115.8 1.0 77.5 78.6 102.7 4.5 July 145.0 223.3 326.9 29.2 115.8 1.3 78.3 79.5 103.6 4.3 August 144.9 223.6 327.6 29.2 115.7 1.5 78.7 80.2 104.0 5.5 September 146.6 225.6 330.4 29.3 117.3 1.8 79.1 80.9 104.8 5.2 October 148.0 227.4 333.1 29.4 1 18.6 2.1 79.4 81.5 105.6 6.4 November 149.8 228.9 335.4 29.7 120.1 2.4 79.1 81.5 106.5 5.8 December 152.9 231.9 339.8 30.2 122.7 2.8 79.0 81.8 107.9 4.9 1962—January 152.5 233.2 342.4 29.5 123.0 2.9 80.7 83.6 109.2 3.8 February 149.1 231.5 341.4 29.4 119.7 3.2 82.5 85.6 109.9 4.7 March 148.2 232.6 343.6 29.5 118.7 3.3 84.4 87.7 110.9 5.0 April 150.3 235.9 347.6 29.7 120.5 3.6 85.6 89.2 1 1 1.8 3.8 May 147.7 233.9 346.3 29.7 117.9 3.8 86.2 90.0 112.4 7.0 June 148.0 235.1 348.9 30.0 118.0 4.0 87.1 91.1 113.8 7.2 July 148.2 236.1 350.8 30.3 117.9 4.3 87.9 92.2 114.8 7.0 August 147.4 235.7 350.9 30.3 117.1 4.7 88.2 92.9 1 15.3 6.8 September 148.5 237.5 353.8 30.3 118.2 4.8 89.0 93.8 1 16.3 7.2 October 150.1 240.1 357.6 30.4 119.7 5.0 90.0 95.0 117.5 7.3 November 151.9 242.0 360.5 30.8 121.1 5.3 90.1 95.5 118.5 6.1 December 155.1 246.1 366.3 31.2 123.9 5.7 91.0 96.7 120.2 5.6 1963—January 155.4 248.2 370.1 30.5 124.9 5.8 92.8 98.6 121.9 4.8 February 151.8 245.7 368.7 30.5 121.3 6.2 93.9 100.1 123.0 5.7 March 151.0 246.4 370.8 30.7 120.2 6.5 95.4 101.9 124.4 6.0 April 153.2 249.5 375.0 30.9 122.3 6.8 96.3 103.1 125.5 4.2 May 151.0 248.1 374.4 31.0 120.0 7.2 97.1 104.3 126.3 7.1 June 151.8 249.6 377.6 31.4 120.4 7.4 97.8 105.2 127.9 7.5 July 153.1 251.4 380.5 31.8 121.3 7.8 98.4 106.2 129.0 7.8 August 152.6 251.8 381.2 31.9 120.7 8.3 99.2 107.5 129.5 6.3 September 154.1 254.0 384.6 32.0 122.2 8.4 99.9 108.3 130.6 6.6 October 156.0 256.9 ' 388.7 32.1 123.9 8.6 100.9 109.5 131.8 5.3 November 158.4 259.6 392.4 32.6 125.8 9.1 101.1 110.2 132.8 4.3 December 160.9 262.2 396.7 33.1 127.8 9.7 101.3 11 1.0 134.5 5.1 1964—January 161.3 264.1 400.1 32.4 128.9 10.3 102.8 113.0 136.0 4.1 February 157.2 260.9 397.9 32.3 124.9 10.8 103.7 114.5 137.0 4.8 March 156.4 261.2 399.4 32.6 123.8 10.9 104.8 115.7 138.2 6.0 April 158.6 263.9 403.2 32.8 125.9 11.4 105.3 116.7 139.2 4.2 May 156.0 262.0 402.1 33.1 122.9 12.0 106.1 118.0 140.1 6.8 June 157.2 264.3 406.1 33.4 123.9 12.0 107.1 119.1 141.8 7.6 July 159.0 266.7 409.8 33.7 125.2 12.3 107.7 120.0 143.1 6.9 August 158.9 267.5 411.4 33.9 125.1 12.5 108.6 121.1 143.8 6.3 September 161.3 271.0 416.2 33.9 127.4 12.3 109.7 122.0 145.2 6.5 October 163.3 274.1 420.5 34.1 129.2 12.6 110.8 123.4 146.4 5.5 November 165.2 276.3 423.8 34.6 130.6 13.0 111.1 124.1 147.5 5.8 December 168.6 280.9 430.2 35.0 133.6 12.9 112.3 125.2 149.3 5.5 1965—January 169.0 283.7 434.4 34.4 134.7 13.7 114.7 128.3 150.7 4.2 February 163.9 280.7 432.1 34.2 129.7 14.1 116.7 130.8 151.4 5.7 March 163.4 281.8 434.4 34.3 129.1 14.3 118.3 132.7 152.6 6.6 April 166.1 285.3 438.7 34.5 131.7 14.8 119.2 134.0 153.4 5.5 May 162.2 282.2 436.0 34.6 127.5 15.4 120.0 135.4 153.8 9.5 June 164.2 285.2 440.5 34.9 129.2 15.6 121.0 136.6 155.3 9.1 July 165.4 287.8 444.0 35.4 130.0 15.9 122.4 138.3 156.3 9.0 August 164.7 288.5 445.0 35.5 129.2 16.5 123.8 140.2 156.5 7.3 September 167.6 292.8 450.5 35.7 132.0 16.2 125.2 141.4 157.7 5.5 October 170.2 297.2 456.0 36.0 134.2 16.5 127.0 143.5 158.8 5.0 November 172.0 299.7 459.5 36.5 135.5 16.6 127.7 144.3 159.7 4.1 December 176.5 305.5 466.9 37.1 139.4 16.2 129.0 145.2 161.4 4.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY STOCK—NOT SEASONALLY ADJUSTED: Continued 75 In billions of dollars (for footnotes see page 71) Over-all measures Components and related items M, Deposits at commercial banks Nonbank Year and M, (M, plus M;{ thrift month (Currency time de- (M-, plus Cur- instituplus posits at nonbank rency Time and savings tions 5 demand coml. banks thrift indeposits ') other than stitutions :{) large CD's 2) 1966—January .. 177.7 308.7 471.3 36.5 141.1 16.3 131.0 147.4 162.6 February 172.3 304.3 467.4 36.4 135.9 16.7 132.1 148.7 163.0 March ... 172.4 305.8 469.7 36.5 135.8 17.0 133.4 150.4 164.0 April 176.2 311.1 475.1 36.8 139.4 17.6 134.8 152.4 164.0 May 171.6 307.9 471.6 37.0 134.6 17.9 136.3 154.2 163.7 June 173.7 310.2 474.9 37.3 136.4 17.8 136.6 154.4 164.7 July 173.0 310.9 475.6 37.8 135.2 18.3 137.9 156.2 164.7 August ... 171.8 310.9 475.1 37.8 134.0 18.4 139.0 157.4 164.2 September 174.6 314.6 479.4 37.9 136.7 17.4 140.0 157.4 164.8 October .. 175.4 316.3 481.7 38.1 137.3 16.2 141.0 157.1 165.4 November 176.6 317.1 482.9 38.5 138.0 15.6 140.5 156.1 165.9 December 180.7 322.0 489.5 39.1 141.6 15.6 141.3 156.9 167.5 1967—January .. 180.5 324.1 493.0 38.5 142.0 17.2 143.6 160.8 168.9 February 175.6 321.2 491.0 38.3 137.2 18.5 145.6 164. t 169.8 March ... 176.8 324.6 496.0 38.5 138.3 19.1 147.8 166.9 171.4 April 178.8 328.8 501.7 38.6 140.1 18.8 150.1 168.9 172.9 May 176.2 328.3 502.3 38.8 137.3 18.8 152.1 170.9 174.0 June 179.5 333.4 509.5 39.2 140.4 19.2 153.9 173.1 176.1 July 181.2 336.9 514.4 39.6 141.6 19.5 155.7 175.3 177.5 August ... 181.0 338.4 516.6 39.6 141.4 20.5 157.4 177.9 178.2 September 183.7 342.6 522.2 39.7 143.9 20.2 158.9 179.1 179.6 October .. 186.0 346.5 527.2 40.0 146.0 20.1 160.5 180.5 180.8 November 187.9 348.5 530.1 40.5 147.4 20.8 160.6 181.4 181.6 December 192.7 354.2 537.3 41.2 151.4 20.6 161.5 182.1 183.1 1968—January .. 193.3 356.4 540.7 40.5 152.7 20.7 163.2 183.9 184.2 February 187.0 352.1 536.8 40.3 146.7 20.9 165.1 185.9 184.7 March ... 187.7 354.9 541.0 40.7 147.0 20.7 167.2 187.9 186.2 April 191.5 359.9 546.8 41.0 150.5 19.8 168.3 188.2 186.9 May 188.8 358.0 545.3 41.3 147.6 19.6 169.2 188.7 187.3 June 192.4 362.1 550.9 41.8 150.6 19.3 169.7 189.0 188.8 July 194.1 364.6 554.2 42.3 151.9 20.7 170.4 191.1 189.6 August ... 193.6 366.3 556.0 42.5 151.2 22.2 172.7 194.8 189.7 September 196.3 370.8 561.7 42.6 153.6 22.2 174.6 196.7 190.9 October .. 198.6 375.3 567.3 42.8 155.8 23.0 176.7 199.7 192.0 November 202.1 379.7 572.6 43.6 158.5 23.8 177.6 201.4 192.9 December 207.7 387.3 581.8 44.3 163.4 23.6 179.6 203.2 194.6 1969—January .. 208.7 390.1 585.9 43.5 165.3 21.6 181.3 202.9 195.8 February 202.1 384.5 580.9 43.4 158.7 20.2 182.4 202.6 196.3 March ... 202.9 387.0 584.8 43.7 159.2 19.0 184.1 203.2 197.8 April 206.7 391.7 590.1 43.8 162.9 18.1 184.9 203.0 198.5 May 202.5 387.8 586.2 44.2 158.3 17.2 185.3 202.4 198.5 June 205.4 391.1 590.9 44.7 160.7 15.7 185.6 201.3 199.8 July 206.6 390.7 590.7 45.2 161.4 13.9 184.1 198.0 200.0 August ... 204.5 387.7 587.0 45.4 159.2 12.9 183.1 196.0 199.4 September 206.5 389.5 589.5 45.3 161.2 11.9 183.0 194.9 200.0 October .. 208.4 391.2 591.6 45.6 162.8 11.5 182.8 194.4 200.4 November 210.5 392.5 592.9 46.4 164.1 11.4 182.0 193.4 200.3 December 214.9 397.0 598.4 46.9 167.9 11.1 182.1 193.2 201.4 1970—January .. 216.7 398.8 600.3 46.1 170.6 10.5 182.2 192.7 201.4 February 208.1 390.4 591.3 45.9 162.2 10.6 182.3 193.0 200.9 March ... 209.9 394.3 596.5 46.3 163.6 1 1.5 184.4 195.9 202.2 April 214.8 401.3 604.7 46.6 168.1 12.8 186.6 199.3 203.4 May 210.9 398.9 602.9 47.3 163.6 13.0 188.1 201.1 204.0 June 213.6 402.8 608.4 47.7 165.9 13.1 189.2 202.3 205.7 July 214.9 406.3 613.6 48.3 166.6 16.5 191.5 208.0 207.2 August ... 214.7 409.0 617.0 48.3 166.4 19.5 194.3 213.8 208.0 September 217.8 414.3 623.9 48.2 169.6 21.5 196.5 218.1 209.5 October .. 219.6 418.5 629.9 48.5 171.2 23.2 198.8 222.0 21 1.4 November 222.1 421.5 634.3 49.2 172.9 24.6 199.5 224.1 212.8 December 227.7 430.0 645.6 50.0 177.8 25.8 202.3 228.1 215.6 1971—January .. 228.1 435.0 654.3 49.1 179.0 26.9 206.9 233.8 219.3 February 222.0 434.2 656.9 49.1 172.9 27.3 212.2 239.6 222.6 March ... 224.0 442.2 669.4 49.5 174.5 28.0 218.3 246.2 227.2 April 229.2 450.6 682.1 50.1 179.1 27.1 221.4 248.5 231.5 May 226.6 450.5 685.0 50.5 176.1 27.5 223.9 251.4 234.5 June 230.7 456.2 694.2 51.0 179.7 28.3 225.4 253.8 238.0 July 233.1 459.2 700.3 51.9 181.2 29.5 226.2 255.6 241.1 August ... 231.7 458.9 701.7 51.9 179.8 31.2 227.2 258.3 242.8 September 233.6 462.1 707.3 51.9 181.7 32.1 228.6 260.6 245.2 October .. 235.3 466.4 714.3 52.2 183.1 33.5 231.1 264.6 247.9 November 237.2 469.7 719.7 52.7 184.4 33.6 232.5 266.1 250.0 December 242.8 478.7 731.9 53.5 189.2 33.8 236.0 269.8 253.2 1972—January .. 242.8 483.7 741.2 52.5 190.3 33.7 240.9 274.6 257.5 February 236.5 481.3 742.9 52.6 184.0 33.6 244.8 278.4 261.5 March ... 239.0 487.7 754.0 53.1 185.9 33.3 248.7 282.0 266.3 April 244.3 495.0 765.3 53.5 190.8 33.8 250.7 284.5 270.3 May 239.5 493.1 766.0 53.9 185.6 35.1 253.6 288.6 272.9 June 243.2 498.8 775.5 54.4 188.8 35.8 255.6 291.4 276.7 July 246.6 503.6 784.2 55.1 191.5 37.0 257.0 294.0 280.5 August ... 245.5 505.1 788.2 55.1 190.5 39.9 259.6 299.5 283.1 September 248.7 510.4 796.8 55.2 193.5 41.0 261.7 302.7 286.4 October .. 251.2 515.2 805.1 55.7 195.5 41.9 264.0 305.9 289.9 November 254.3 518.7 811.1 56.7 197.7 43.3 264.4 307.7 292.4 December 262.9 530.3 826.2 57.8 205.0 44.3 267.5 311.7 295.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 MONEY STOCK—SEASONALLY ADJUSTED In billions of dollars (for footnotes see page 71) Over-all measures Components and related items YYYY aaaa eeee nnnn aaaa dddd rrrr MMM,,, Deposits at commercial banks wwwweeeeeeeekkkk---- MMM,,, (((MMM,,, pppllluuusss eeeennnnddddiiiinnnngggg (((CCCuuurrrrrreeennncccyyy tttiiimmmeee dddeeeppp... CCCuuurrr--ddddaaaatttteeee pppllluuusss aaattt cccooommmlll... rrreeennn--- Time and savings dddeeemmmaaannnddd bbbaaannnkkksss ooottthhheeerrr cccyyy DDee-dddeeepppooosssiiitttsss ttthhhaaannn lllaaarrrgggeee mmaanndd tttiiimmmeee CCCDDD'''sss222))) CD's Other Total 1972 Jan.5 235.6 477.0 52.6 183.0 33.1 241.4 274.5 12 235.6 476.9 52.8 182.8 33.0 241.3 274.3 19 236.2 477.8 52.9 183.3 33.1 241.6 274.6 26 236.6 479.0 52.9 183.7 33.3 242.3 275.7 Feb. 2 237.3 480.8 52.9 184.4 33.4 243.4 276.8 9 238.3 481.8 53.3 185.0 33.5 243.6 277.1 16 239.0 484.2 53.1 185.8 33.6 245.2 278.9 23 240.0 485.7 53.4 186.6 34.0 245.7 279.7 Mar. 1 239.3 486.1 53.2 186.1 33.9 246.8 280.6 8 240.3 487.0 53.6 186.7 34.0 246.7 280.7 15 241.4 490.1 53.6 187.9 33.3 248.6 281.9 22 242.2 489.4 53.7 188.5 33.6 247.2 280.8 29 241.5 489.6 53.7 187.8 34.2 248.1 282.3 Apr. 5 242.7 491.6 53.9 188.9 34.2 248.9 283.1 12 242.7 490.9 53.9 188.9 34.8 248.1 282.9 19 243.2 492.1 53.9 189.3 35.5 248.9 284.4 26 242.9 492.8 54.0 188.9 35.8 250.0 285.8 May 3 243.4 494.4 54.0 189.4 36.0 251.0 287.0 10 242.8 494.2 54.2 188.6 36.5 251.4 287.9 17 244.6 496.2 54.2 190.4 36.7 251.6 288.3 24 243.5 495.9 54.2 189.3 37.0 252.3 289.3 31 243.9 497.2 54.1 189.8 37.2 253.2 290.5 June 7 245.0 498.3 54.3 190.7 37.1 253.3 290.4 14 244.6 498.9 54.4 190.2 37.4 254.3 291.7 21 245.9 500.2 54.5 191.3 37.5 254.4 291.8 28 244.9 499.8 54.4 190.5 37.8 254.9 292.7 July 5 247.1 503.4 54.5 192.6 37.8 256.3 294.1 12 247.7 503.0 54.5 193.2 38.1 255.3 293.4 19 248.0 504.4 54.6 193.4 38.4 256.4 294.8 26 247.5 504.6 54.6 192.8 38.4 257.2 295.6 Aug. 2 248.2 506.1 54.6 193.6 38.5 257.9 296.3 9 247.8 506.4 54.9 192.9 38.7 258.6 297.2 16 248.5 507.9 54.7 193.8 38.8 259.4 298.2 23 248.7 508.4 54.9 193.8 39.2 259.7 298.9 30 248.7 509.4 54.9 193.9 39.8 260.7 300.4 Sept. 6 250.7 512.0 55.2 195.5 39.7 261.3 301.0 13 249.8 51 1.3 55.1 194.6 40.2 261.6 301.8 20 250.3 512.3 55.3 195.1 39.7 262.0 301.7 27 249.5 512.0 55.3 194.2 39.8 262.5 302.3 Oct. 4 251.1 514.8 55.4 195.7 39.6 263.7 303.3 11 251.3 515.4 55.8 195.5 39.8 264.1 303.9 18 251.9 516.7 55.7 196.2 40.1 264.8 304.9 25 251.3 516.6 55.8 195.5 40.3 265.3 305.6 Nov. 1 252.1 518.0 55.4 196.7 40.1 265.9 306.0 8 252.4 518.7 56.2 196.2 41.0 266.3 307.4 15 253.2 520.3 56.1 197.1 40.8 267.1 307.9 253.0 520.4 56.5 196.6 41.4 267.4 308.8 29 251.5 519.2 56.1 195.4 41.8 267.8 309.6 Dec. 6 254.1 522.1 56.4 197.7 42.0 268.0 310.0 13 253.9 522.0 56.7 197.2 43.0 268.2 31 1.2 20 256.5 525.9 56.8 199.7 43.4 269.4 312.8 27 256.9 527.3 57.3 199.7 43.9 270.4 314.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF THE MONEY STOCK MEASURES 77 MONEY STOCK—NOT SEASONALLY ADJUSTED In billions of dollars (for footnotes see page 71) Over-all measures Components and related items ee ww nn YY dd aa ee dd aa nn ee ee ii tt dd aa ee kk nn rr -- gg (C de u p M m r l r u a , e s n n d c y b t a ( a i M n m t k e , M c s o p 2 d o m l e t u h l p s . . e r CC rr cc ee uu yy nn rr -- -- De- Deposits at co T m im m e e r a c n i d al s b a a v n in ks g s ddd GGG UUU eee iiittt ooo ppp sss ...SSS vvv ooo 666 ... ttt sss ,,, --deposits than large mand time CD's 2) CD s 4 Other Total 1972 JJaann.. 5 248.8 488.0 53.2 195.6 33.4 239.2 272.6 9.0 12 245.9 485.7 53.0 192.9 33.8 239.8 273.6 5.9 19 243.8 484.6 52.6 191.2 33.8 240.8 274.6 6.4 26 238.6 480.4 52.0 186.6 33.9 241.8 275.7 7.8 FFeebb.. 2 238.0 481.0 52.0 186.0 33.4 243.0 276.4 9.2 9 237.5 481.0 52.9 184.6 33.5 243.5 277.0 8.5 16 237.0 481.4 52.7 184.3 33.4 244.4 277.9 6.9 23 235.2 480.5 52.6 182.6 34.0 245.3 279.3 6.6 MMaarr.. 1 235.8 482.4 52.3 183.5 33.8 246.6 280.4 7.2 8 237.9 485.1 53.2 184.6 34.0 247.2 281.2 6.6 15 239.7 489.0 53.2 186.5 32.8 249.3 282.1 6.7 22 239.2 487.9 53.1 186.1 33.0 248.7 281.7 9.3 29 238.1 487.5 52.8 185.3 33.5 249.4 282.8 9.2 AApprr.. 5 243.8 494.2 53.6 190.2 32.8 250.5 283.3 7.5 12 245.7 495.8 53.8 191.9 33.4 250.2 283.5 5.9 19 246.5 496.9 53.5 193.0 34.0 250.4 284.3 6.9 26 242.4 493.5 53.1 189.3 34.3 251.1 285.5 8.5 MMaayy 3 241.2 493.4 53.4 187.8 34.3 252.2 286.5 11.9 10 239.3 492.3 54.2 185.1 34.6 253.0 287.6 11.2 17 241.0 494.3 54.0 187.0 34.9 253.3 288.2 10.8 24 237.3 491.2 53.8 183.6 35.5 253.8 289.3 10.4 31 239.4 494.2 53.8 185.6 35.6 254.7 290.3 9.0 JJuunnee 7 242.8 497.8 54.5 188.3 36.1 255.0 291.1 6.2 14 243.9 499.6 54.6 189.3 35.8 255.7 291.5 4.2 21 244.0 499.8 54.5 189.5 35.5 255.8 291.3 8.6 28 241.5 497.5 54.1 187.5 35.9 255.9 291.8 7.9 JJuullyy 5 247.6 504.6 55.2 192.3 35.7 257.0 292.7 8.4 12 248.3 504.6 55.4 192.9 36.4 256.3 292.7 6.0 19 247.3 504.0 55.1 192.2 37.0 256.7 293.8 6.2 26 244.3 501.7 54.7 189.6 37.7 257.4 295.1 8.5 AAuugg.. 2 245.8 503.9 54.7 191.2 38.2 258.0 296.3 7.9 9 245.8 504.7 55.6 190.3 38.9 258.8 297.8 6.5 16 246.6 506.1 55.3 191.2 39.4 259.5 298.9 5.3 23 244.5 504.2 55.1 189.4 40.3 259.7 300.0 4.7 30 244.4 504.7 54.6 189.8 41.2 260.4 301.6 4.4 SSeepptt.. 6 249.2 510.3 55.6 193.6 40.9 261.1 302.1 3.5 13 249.7 511.1 55.4 194.3 41.2 261.4 302.6 3.1 20 249.8 51 1.2 55.2 194.6 40.5 261.4 302.0 6.6 27 245.9 507.7 54.7 191.1 41.2 261.8 303.1 8.6 OOcctt.. 4 250.1 513.6 55.2 194.9 41.2 263.5 304.7 9.1 1 1 251.0 514.5 56.2 194.8 41.7 263.5 305.1 5.5 18 252.2 516.3 55.8 196.4 42.0 264.1 306.1 5.4 25 250.1 514.5 55.6 194.5 42.3 264.3 306.6 7.4 NNoovv.. 1 252.3 516.8 55.2 197.0 41.8 264.5 306.3 7.1 8 253.9 517.8 56.7 197.2 42.9 264.0 306.9 6.5 15 255.2 519.5 56.7 198.4 42.9 264.3 307.2 4.5 22 254.3 518.6 57.0 197.3 43.7 264.3 308.0 6.0 29 253.4 518.1 56.6 196.8 43.9 264.7 308.6 7.3 DDeecc.. 6 258.6 524.1 57.3 201.3 43.7 265.5 309.1 7.1 13 260.1 526.2 57.7 202.4 44.2 266.1 310.3 5.2 20 263.7 531.0 57.9 205.8 44.4 267.3 311.7 6.9 27 226644..33 532.8 58.3 206.0 44.9 268.5 313.4 8.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGGREGATE RESERVES AND MEMBER BANK DEPOSITS In billions of dollars (for footnotes see page 71) Member bank reserves S. A.7 Deposits subject to reserve requirements • TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S. A. N.S. A. iitteemmss 11 PPPPeeeerrrriiiioooodddd Demand Demand TTToootttaaalll rrr NNN ooo bbb www ooo ooo nnn rrr eee --- --- ddd qqquuu RRR iii eee rrreee --- ddd AAA aaabbb vvv lll aaa eee iii lll 888 --- TToottaall TT aa ii nn mm dd ee TToottaall TT aa ii nn mm dd ee SS.. AA.. NN..SS..AA.. ssaavviinnggss Private U.S. ssaavviinnggss Private U.S. Govt. Govt. 1959—Jan 18.61 18.03 18.12 16.73 157.2 54.1 99.5 3.6 159.1 53.5 102.7 2.8 157.2 159.1 Feb 18.71 18.17 18.23 16.73 158.0 53.9 99.7 4.5 157.3 53.6 99.8 3.8 158.0 157.3 Mar 18.68 18.09 18.17 16.81 157.6 53.9 100.0 3.7 156.3 53.9 99.1 3.3 157.6 156.3 Apr 18.83 18.1 1 18.36 16.82 158.9 54.2 100.3 4.4 158.6 54.3 100.2 4.2 158.9 158.6 May 18.77 17.95 18.29 16.88 158.7 54.3 100.7 3.7 158.1 54.6 98.8 4.7 158.7 158.1 June 18.56 17.70 18.13 16.82 157.8 54.4 100.5 2.9 157.7 54.8 99.3 3.6 157.8 157.7 July 18.73 17.79 18.29 16.89 159.1 54.4 101.0 3.7 159.1 54.8 99.9 4.4 159.1 159.1 Aug 18.71 17.80 18.27 16.81 158.9 54.3 100.5 4.1 158.3 54.6 99.1 4.5 158.9 158.3 Sept 18.64 17.65 18.24 16.68 158.9 54.3 100.1 4.6 158.6 54.5 99.5 4.6 158.9 158.6 Oct 18.56 17.64 18.11 16.67 158.1 54.2 99.7 4.2 158.5 54.4 99.8 4.3 158.1 158.5 Nov 18.51 17.71 18.10 16.62 158.1 54.4 99.5 4.2 158.3 53.8 100.3 4.2 158.1 158.3 Dec 18.52 17.64 18.07 16.57 158.2 54.3 99.0 4.8 160.1 53.7 102.0 4.4 158.2 160.1 1960—Jan 18.47 17.54 18.00 16.56 157.6 54.3 99.0 4.4 159.5 53.7 102.2 3.6 157.6 159.5 Feb 18.36 17.49 17.88 16.48 156.6 53.8 98.6 4.2 155.8 53.6 98.6 3.7 156.6 155.8 Mar 18.27 17.62 17.82 16.42 156.3 53.7 98.4 4.2 155.0 53.8 97.4 3.8 156.3 155.0 Apr 18.26 17.62 17.81 16.39 156.4 54.1 98.5 3.9 156.0 54.2 98.5 3.3 156.4 156.0 May 18.42 17.87 17.92 16.39 157.3 54.2 98.2 4.9 156.7 54.5 96.4 5.8 157.3 156.7 June 18.41 18.01 17.91 16.36 157.6 54.5 98.1 5.0 157.4 54.9 96.8 5.7 157.6 157.4 July 18.56 18.19 18.04 16.46 159.1 55.1 98.7 5.3 159.1 55.5 97.5 6.0 159.1 159.1 Aug 18.61 18.35 18.08 16.54 160.1 55.9 99.1 5.1 159.4 56.2 97.7 5.5 160.1 159.4 Sept 18.57 18.34 17.98 16.56 160.9 56.7 99.5 4.8 160.6 56.9 98.9 4.8 160.9 160.6 Oct 18.72 18.55 18.04 16.66 161.7 57.3 99.4 5.0 162.0 57.5 99.5 5.1 161.7 162.0 Nov 18.89 18.77 18.17 16.79 162.8 58.3 99.3 5.2 163.0 57.6 100.2 5.2 162.8 163.0 Dec 18.84 18.77 18.14 16.96 162.5 58.8 99.1 4.5 164.4 58.1 102.2 4.1 162.5 164.4 1961—Jan 18.93 18.86 18.23 17.02 163.5 59.5 99.5 4.5 165.4 59. CI 102.8 3.6 163.5 165.4 Feb 19.10 18.96 18.44 17.10 165.6 60.6 100.1 4.8 164.8 60.4 100.0 4.3 165.6 164.8 Mar 19.06 18.98 18.47 17.12 166.2 61.2 100.6 4.4 165.0 61.4 99.4 4.2 166.2 165.0 Apr 19.07 19.01 18.42 17.25 166.4 62.1 100.7 3.6 165.8 62.3 101.0 2.5 166.4 165.8 May 19.05 18.95 18.45 17.29 167.5 63.1 101.2 3.2 166.8 63.4 99.3 4.1 167.5 166.8 June 19.12 19.06 18.51 17.37 168.3 63.7 101.4 3.1 168.1 64.1 100.0 4.0 168.3 168.1 July 19.15 19.09 18.52 17.43 169.1 64.6 101.4 3.0 169.1 65.0 100.2 3.8 169.1 169.1 Aug 19.33 19.27 18.75 17.44 171.0 65.3 101.6 4.1 170.3 65.6 99.8 4.9 171.0 170.3 Sept 19.38 19.34 18.84 17.47 172.3 66.0 101.8 4.5 172.0 66.2 101.2 4.6 172.3 172.0 Oct 19.62 19.55 19.09 17.52 174.5 66.6 102.3 5.6 174.9 66.7 102.4 5.7 174.5 174.9 Nov 19.70 19.61 19.12 17.62 175.4 67.4 102.7 5.2 175.5 66.7 103.6 5.2 175.4 175.5 Dec 19.64 19.52 19.12 17.65 175.5 67.7 102.9 4.9 177.7 67.0 106.3 4.4 175.5 177.7 1962—Jan 19.65 19.56 19.10 17.71 176.1 68.9 102.8 4.4 178.2 68.4 106.5 3.4 176.1 178.2 Feb 19.72 19.65 19.21 17.72 177.5 70.1 102.7 4.7 176.6 69.9 102.5 4.1 177.5 176.6 Mar 19.78 19.69 19.27 17.80 178.6 71.3 102.6 4.7 177.6 71.6 101.4 4.5 178.6 177.6 Apr 19.89 19.81 19.37 17.87 180.1 72.6 102.8 4.7 179.3 72.8 103.2 3.3 180.1 179.3 May 20.03 19.96 19.47 17.97 181.4 73.3 102.6 5.6 180.7 73.7 100.7 6.4 181.4 180.7 June 20.02 19.93 19.53 17.95 182.5 74.3 102.6 5.5 182.3 74.7 101.1 6.5 182.5 182.3 July 20.07 19.97 19.53 18.03 183.2 75.2 102.7 5.3 183.3 75.6 101.4 6.3 183.2 183.3 Aug 20.06 19.94 19.53 18.03 183.6 75.8 102.5 5.3 182.6 76.1 100.4 6.1 183.6 182.6 Sept 20.09 20.01 19.63 17.97 185.2 76.7 102.4 6.0 184.8 76.8 101.6 6.4 185.2 184.8 Oct 20.15 20.09 19.67 17.96 186.7 77.8 102.7 6.2 187. 1 77.7 102.9 6.5 186.7 187.1 Nov 19.45 19.34 18.93 17.37 187.3 78.9 103.1 5.3 187.5 78. 1 104.1 5.3 187.3 187.5 Dec 19.55 19.30 19.07 17.49 189.0 79.9 103.3 5.7 191.1 79.2 106.9 5.0 189.0 191.1 1963—Jan 19.60 19.44 19.16 17.52 190.7 81.3 103.9 5.5 193.0 80.8 107.9 4.2 190.7 193.0 Feb 19.70 19.52 19.22 17.61 191.6 82. 1 103.9 5.6 190.8 82.1 103.7 5.1 191.6 190.8 Mar 19.74 19.59 19.26 17.69 192.4 83.2 103.9 5.3 191.6 83.6 102.7 5.3 192.4 191.6 Apr 19.79 19.64 19.30 17.76 193.6 84.2 104.1 5.2 192.8 84.6 104.5 3.7 193.6 192.8 May 19.84 19.61 19.36 17.79 194.7 85.1 104.3 5.3 194.1 85.6 102.2 6.4 194.7 194.1 June 19.84 19.60 19.41 17.78 195.9 85.9 104.4 5.5 195.7 86.3 102.7 6.6 195.9 195.7 July 19.97 19.67 19.49 17.90 197.3 86.7 104.9 5.6 197.7 87.1 103.7 6.9 197.3 197.7 Aug 19.95 19.66 19.51 17.93 198.0 87.9 104.8 5.3 196.5 88.2 102.7 5.5 198.0 196.5 Sept 19.98 19.66 19.58 17.93 199.4 89.0 105.1 5.4 199.0 89.0 104.2 5.8 199.4 199.0 Oct 19.99 19.67 19.58 18.01 200.2 90.1 105.4 4.7 200.2 89.9 105.6 4.7 200.2 200.2 Nov 20.04 19.72 19.65 18.16 201.7 91.5 106.2 3.9 201.7 90.6 107.3 3.8 201.7 201.7 Dec 20.16 19.84 19.77 18.15 203.2 92.1 105.9 5.2 205.5 91.3 109.6 4.5 203.4 205.6 1964—Jan 20.22 19.91 19.84 18.27 204.4 93.6 106.2 4.6 207.1 93.2 110.2 3.6 205.4 208.1 Feb 20.30 19.99 19.88 18.35 205.5 94.6 106.2 4.8 204.7 94.5 106.0 4.2 206.6 205.8 Mar 20.43 20.13 20.00 18.40 206.6 95.1 106.3 5.2 206.0 95.5 105.1 5.4 207.6 207.0 Apr 20.40 20.17 20.03 18.38 207.6 95.8 106.5 5.2 206.9 96.2 107.0 3.7 208.7 208.0 May 20.43 20.16 20.03 18.42 208.2 96.8 106.3 5.2 207.6 97.4 104.1 6.2 209.4 208.8 June 20.59 20.34 20.22 18.52 210.3 97.9 106.8 5.7 210.1 98.2 105.0 6.9 21 1.3 211.1 July 20.58 20.33 20.23 18.60 210.9 98.5 107.4 5.0 21 1.4 99.0 106.2 6.2 21 1.9 212.3 Aug 20.78 20.50 20.36 18.78 212.9 99.4 107.9 5.6 21 1.2 99.8 105.7 5.7 214.0 212.3 Sept 20.94 20.61 20.54 18.86 214.7 100.5 108.7 5.5 214.3 100.5 107.9 5.9 215.9 215.4 Oct 21.05 20.73 20.60 19.00 215.8 101.8 108.9 5.2 215.8 101.6 109.3 5.0 217.0 217.0 Nov 21.18 20.80 20.76 19.02 217.9 103.1 109.1 5.7 217.5 102.1 110.2 5.2 219.2 218.8 Dec 21.15 20.89 20.77 19.05 218.7 103.8 109.1 5.9 220.9 103.0 113.1 4.8 220.1 222.3 1965—Jan 21.16 20.82 20.77 19.17 220.2 106.1 109.0 5.1 223.0 105.7 113.6 3.8 221.4 224.3 Feb 21.32 20.90 20.91 19.27 222.4 107.9 109.2 5.3 221.7 107.8 108.7 5.2 223.9 223.2 Mar 21.42 20.98 21.04 19.33 224.1 108.9 109.3 5.9 223.4 109.3 108.2 5.9 225.5 224.9 Apr 21.57 21.06 21.19 19.37 225.9 1 10.0 109.5 6.3 225.9 1 10.4 110.4 5.0 227.3 227.3 May 21.66 21.17 21.29 19.40 227.6 111.2 109.6 6.8 226.9 1 1 1.7 106.5 8.7 229.0 228.3 June 21.79 21.29 21.42 19.49 229.5 112.5 110.1 6.9 229.3 112.7 108.2 8.3 230.9 230.6 July 21.81 21.31 21.47 19.53 230.8 1 13.7 1 10.3 6.8 231.3 114.1 109.0 8.2 232.4 232.8 Aug 21.86 21.35 21.48 19.66 232.1 115.2 110.4 6.5 230.3 1 15.7 108.0 6.6 233.8 232.0 Sept 21.84 21.31 21.45 19.81 233.0 1 16.7 1 1 1.5 4.8 232.3 116.7 110.7 4.9 234.8 234.1 Oct 21.97 21.49 21.59 19.96 235.3 1 18.6 1 12.0 4.7 235.3 1 18.4 1 12.4 4.5 237.0 237.0 Nov 21.99 21.56 21.63 20.00 236.8 120.0 112.5 4.3 236.1 119.1 113.5 3.5 238.5 237.8 Dec 22.25 21.80 21.82 20.21 238.5 120.6 1 12.8 5.1 240.8 1 19.8 117.1 4.0 240.0 242.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGGREGATE RESERVES AND MEMBER BANK DEPOSITS: Continued In billions of dollars (for footnotes see page 71) Member bank reserves S. A.7 Deposits subject to reserve requirements • TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S. A. N.S.A. iitteemmss PPPPeeeerrrriiiioooodddd Demand Demand NNNooonnn--- TTToootttaaalll rrrooo bbb www ooorrr eee --- ddd qqquuu RRR iii eee rrreee --- ddd AAA aaabbb vvv lll aaa eee iii lll 888 --- TToottaall TT aa ii nn mm dd ee TToottaall TT aa ii nn mm dd ee SS.. AA.. NN..SS..AA.. ssaavviinnggss Private U.S. ssaavviinnggss Private U.S. Govt. Govt. 1966—Jan 22.29 21.80 21.92 20.29 240.0 121.8 1 13.6 4.5 243.1 121.4 1 18.4 3.3 241.6 244.7 Feb 22.32 21.82 21.96 20.32 241.0 122.4 1 14.0 4.6 240.3 122.4 1 13.4 4.5 242.8 242.1 Mar 22.32 21.71 21.98 20.41 241.8 123.2 1 14.7 3.9 241.0 123.7 1 13.4 4.0 243.7 242.9 Apr 22.56 21.90 22.16 20.66 244.3 125.0 115.5 3.8 244.5 125.4 1 16.5 2.7 246.2 246.4 May 22.66 22.03 22.28 20.65 246.0 126.5 115.2 4.3 245.2 126.8 112.0 6.5 247.9 247.1 June 22.66 22.01 22.28 20.68 246.5 126.9 1 15.2 4.5 246.0 127.0 1 13.6 5.5 248.5 248.0 July 22.99 22.29 22.64 20.78 248.2 128.0 1 14.5 5.7 248.7 128.4 1 13.2 7.2 250.6 251.1 Aug 23.03 22.32 22.69 21.03 247.3 128.7 1 14.2 4.5 245.4 129.2 111.6 4.5 250.3 248.3 Sept 23.36 22.61 23.00 21.46 247.4 129.0 114.7 3.8 246.7 129.0 113.9 3.8 250.8 250.0 Oct 23.38 22.65 23.02 21.39 246.7 128.4 1 13.8 4.4 246.7 128.4 114.1 4.3 250.2 250.2 Nov 23.28 22.66 22.90 21.29 246.0 127.9 1 13.9 4.2 245.3 127.2 114.8 3.2 250.0 249.3 Dec 23.35 22.81 23.00 21.41 246.7 128.6 113.9 4.2 249.2 127.9 118.2 3.0 250.9 253.3 1967—Jan 23.58 23.10 23.19 21.54 249.9 131.5 113.6 4.8 253.2 131.1 118.4 3.7 253.6 256.8 Feb 23.79 23.42 23.43 21.82 252.9 134.1 114.8 4.0 252.4 134.0 113.9 4.5 256.3 255.8 Mar 23.49 23.27 23.06 21.55 255.8 135.9 116.0 4.0 255.3 136.3 114.7 4.3 259.2 258.7 Apr 23.47 23.32 23.04 21.30 258.2 137.6 115.3 5.3 258.5 137.9 116.4 4.3 261.3 261.6 May 23.46 23.39 23.07 21.53 259.7 139.2 116.8 3.7 258.7 139.4 113.4 5.8 262.7 261.6 June 23.67 23.58 23.28 21.77 262.5 141.3 1 18.0 3.2 261.2 141.3 116.5 3.4 265.6 264.3 July 23.91 23.80 23.53 21.94 265.1 142.8 118.9 3.4 265.6 143.1 1 17.5 5.1 268.5 269.0 Aug 24.17 24.09 23.82 22.12 268.2 144.7 1 19.7 3.8 266.0 145.2 117.1 3.7 272.0 269.9 Sept 24.39 24.30 24.03 22.21 270.6 146.0 120.2 4.4 269.8 146.0 1 19.4 4.4 274.5 273.7 Oct 24.70 24.57 24.33 22.30 273.7 146.9 120.8 6.0 273.7 146.9 121.1 5.7 277.9 277.9 Nov 24.78 24.64 24.42 22.40 275.3 148.1 121.3 5.9 274.4 147.6 122.3 4.6 279.8 279.0 Dec 24.77 24.54 24.44 22.46 275.5 148.8 121.2 5.5 278.5 148.1 125.9 4.5 279.9 282.9 1968—Jan 25.27 24.98 24.91 23.03 276.9 149.8 121.8 5.3 280.8 149.4 127.0 4.4 281.3 285.1 Feb 25.65 25.27 25.29 23.21 279.0 151.1 122.4 5.5 278.7 150.9 121.4 6.4 283.5 283.2 Mar 25.74 25.01 25.37 23.37 279.8 151.8 122.9 5.1 279.5 152.2 121.5 5.8 284.5 284.2 Apr 25.64 24.94 25.31 23.37 279.8 151.8 123.2 4.8 280.1 152.0 124.3 3.7 284.6 284.9 May 25.76 25.11 25.36 23.59 280.7 152.1 124.5 4.1 279.1 152.3 121.2 5.6 286.4 284.7 June 25.98 25.37 25.63 23.66 282.8 152.3 125.6 4.9 281.1 152.2 124.1 4.8 289.0 287.3 July 26.10 25.67 25.79 23.77 284.7 154.0 126.7 4.1 284.4 154.0 125.4 5.0 291.4 291.1 Aug 26.58 26.03 26.25 24.06 288.9 156.7 127.4 4.8 286.6 157.1 124.6 4.8 295.8 293.4 Sept 26.47 25.95 26.13 24.13 290.7 158.5 127.6 4.7 290.1 158.6 126.4 5.1 298.0 297.4 Oct 26.79 26.32 26.51 24.18 294.5 160.8 128.1 5.7 294.5 161.0 128.1 5.4 301.7 301.7 Nov 26.95 26.38 26.66 24.35 297.1 162.6 129.1 5.3 296.2 162.3 130.2 3.6 304.2 303.3 Dec 27.22 26.42 26.86 24.79 299.6 164.4 130.3 4.9 303.2 163.8 135.3 4.1 306.6 310.2 1969—Jan 27.29 26.45 27.05 24.75 298.6 163.0 130.7 4.9 303.1 162.7 136.2 4.2 306.5 311.0 Feb 27.22 26.35 26.97 24.74 298.2 161.9 131.4 5.0 297.9 161.8 130.3 5.9 306.9 306.6 Mar 27.07 26.03 26.82 24.78 295.8 161.2 131.4 3.2 295.5 161.6 129.9 3.9 305.1 304.8 Apr 27.31 26.22 27.10 25.07 297.7 160.7 131.5 5.5 298.3 160.9 132.8 4.5 307.3 307.9 May 28.04 26.76 27.80 25.21 298.3 159.9 131.9 6.5 296.6 160.1 128.6 7.9 309.0 307.2 June 27.94 26.73 27.63 25.13 296.2 158.6 132.4 5.3 294.4 158.6 130.9 5.0 311.1 309.4 July 27.48 26.54 27.27 24.85 292.0 155.3 132.2 4.4 291.1 155.3 131.1 4.7 309.7 308.8 Aug 27.31 26.16 27.10 25.22 287.9 153.1 132.0 2.8 285.9 153.1 129.2 3.5 306.4 304.4 Sept. :... 27.22' 26.14 27.00 25.07 287.6 151.8 132.0 3.8 287.0 151.8 130.8 4.4 306.1 305.5 Oct 27.42 26.22 27.22 25.16 286.2 151.0 131.8 3.4 286.2 151.1 131.7 3.5 304.9 304.9 Nov 27.82 26.59 27.59 25.40 288.3 150.9 132.1 5.3 287.4 150.0 133.1 4.3 307.9 307.1 Dec 27.96 26.70 27.73 25.34 287.7 150.4 131.9 5.3 291.2 149.7 136.9 4.6 307.7 311.1 1970—Jan 27.97 26.86 27.80 25.41 286.9 149.1 132.8 5.0 291.2 148.9 138.4 3.9 307.0 311.3 Feb 27.69 26.52 27.48 25.39 285.1 148.8 131.4 4.9 285.1 148.8 130.2 6.1 305.6 305.6 Mar 27.66 26.57 27.49 25.44 288.3 150.4 132.7 5.2 288.0 151.0 131.2 5.8 308.3 308.0 Apr 28.22 27.26 28.03 25.77 293.1 153.4 134.1 5.6 293.7 153.8 135.4 4.5 312.6 313.1 May 27.92 26.95 27.79 25.83 292.5 154.5 133.7 4.4 290.8 154.9 130.5 5.4 312.8 31 1.0 June 28.03 27.27 27.85 25.97 294.7 155.4 132.9 6.4 292.7 155.7 131.5 5.4 315.4 313.3 July 28.33 27.37 28.17 26.04 300.3 161.1 133.8 5.4 299.4 160.9 132.8 5.8 320.1 319.2 Aug 28.66 27.89 28.52 26.46 306.1 165.9 134.6 5.5 303.9 166.0 132.0 5.9 324.8 322.7 Sept 29.03 28.47 28.82 27.01 309.9 169.6 135.0 5.3 309.3 169.9 133.7 5.8 326.4 325.8 Oct 28.71 28.24 28.47 27.1 1 313.3 172.7 135.3 5.3 313.3 173.2 135.1 5.1 327.5 327.5 Nov 28.71 28.31 28.50 26.79 316.4 175.2 135.3 5.9 315.4 174.9 136.0 4.6 329.1 328.2 Dec 29.12 28.73 28.91 26.97 321.3 178.8 136.0 6.5 325.2 178.1 141.1 6.0 332.9 336.8 1971—Jan 29.39 28.96 29.15 27.15 325.8 182.8 136.8 6.2 330.7 182.8 142.2 5.6 335.9 340.8 Feb 29.62 29.25 29.37 27.38 330.9 187.1 138.2 5.6 330.9 187.1 136.8 7.0 339.5 339.5 Mar 29.78 29.37 29.58 27.65 334.9 191.8 139.3 3.8 334.6 192.3 137.8 4.5 341.9 341.6 Apr 29.94 29.76 29.74 27.93 339.1 193.8 140.1 5.3 339.8 193.6 141.5 4.7 344.2 344.9 May 30.33 30.02 30.13 28.19 343.0 195.9 141.5 5.6 340.9 195.8 138.4 6.7 347.1 345.0 June 30.54 30.11 30.34 28.42 345.3 197.9 142.4 5.1 342.9 197.6 140.9 4.4 349.7 347.3 July 30.65 30.10 30.48 28.54 347.8 199.6 143.1 5.1 346.7 198.9 142.1 5.7 352.1 351.0 Aug 30.71 29.99 30.54 28.75 349.6 200.5 143.4 5.7 347.1 200.8 140.6 5.8 353.5 351.1 Sept 31.03 30.60 30.87 28.65 351.6 202.1 143.3 6.2 350.9 202.7 141.9 6.3 355.6 354.9 Oct 30.89 30.54 30.70 28.79 353.0 205.0 143.0 5.0 353.0 205.9 142.7 4.3 357.8 357.8 Nov 30.99 30.62 30.77 28.91 355.4 207.1 143.6 4.8 354.4 206.8 144.3 3.2 360.8 359.7 Dec 31.21 31.06 31.06 28.91 360.3 210.4 143.8 6.1 364.6 209.7 149.2 5.7 364.3 368.7 1972—Jan 31.78 31.75 31.56 29.17 363.2 213.4 143.5 6.3 368.6 213.4 149.2 6.0 367.1 372.6 Feb 31.64 31.60 31.49 29.33 365.7 215.9 145.2 4.6 365.7 215.9 143.7 6.1 369.3 369.3 Mar 32.02 31.89 31.81 29.66 370.5 217.6 147.2 5.7 370.2 218.1 145.5 6.6 374.3 373.9 Apr 32.61 32.47 32.43 29.82 374.5 220.1 147.6 6.8 375.3 219.8 149.0 6.5 378.1 378.8 May 32.85 32.72 32.71 29.92 379.3 223.4 148.4 7.5 377.0 223.1 145.1 8.8 383.0 380.8 June 33.03 32.94 32.81 30.14 381.3 225.6 149.5 6.2 378.6 225.2 147.8 5.7 385.1 382.4 July 33.17 33.02 32.99 30.32 384.4 228.1 151.1 5.2 383.2 227.1 150.1 6.1 388.3 387.1 Aug 33.38 33.04 33.21 30.56 387.3 230.8 152.0 4.5 384.5 231.3 149.0 4.3 391.4 388.7 Sept 33.33 32.87 33.14 30.89 390.4 233.0 152.4 5.1 389.6 233.8 150.9 4.9 394.5 393.8 Oct 33.83 33.30 33.59 30.97 394.1 235.1 152.7 6.3 394.1 236.2 152.5 5.4 398.4 398.4 Nov 31.88 31.30 31.54 29.50 397.6 237.9 152.8 6.9 396.4 237.6 153.7 5.1 401.9 400.7 Dec 31.31 30.06 31.07 28.86 402.0 241.2 154.3 6.5 406.8 240.7 160.1 6.1 406.4 41 1.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress Statement by Arthur F. Burns, Chairman, in view of soaring food prices and the quicken- Board of Governors of the Federal Reserve ing tempo of economic activity. Over the past System, before the Committee on Banking, year and a half, economic recovery has been Housing and Urban Affairs, U.S. Senate, Feb- vigorous, and the prospects appear good for ruary 7, 1973. strong continuing expansion in the year ahead. In these circumstances, monetary and fiscal pol- I appreciate the opportunity to appear before this icies must necessarily play the basic role in committee. In my capacity as Chairman of the keeping economic exuberance within bounds. Committee on Interest and Dividends, I have But direct concern with the wage-price area certain responsibilities under the Economic Sta- cannot be neglected by the Government in the bilization Act. Let me therefore say at once that months immediately ahead if the economy is I endorse extension of the Act for another year. to be protected against the risk of renewed The performance of the American economy inflationary pressure. in recent years, as well as that of other indus- The precise form that a controls program trialized nations, has persuaded me that there should take is more a matter of judgment. As is a need for legislation permitting some direct I see the problem, good logic underlies the controls over wages and prices. I do not think phase-by-phase evolution of the program that that resort to such controls will be required all, the administration has followed. First came or even much, of the time. However, the struc- shock therapy through a freeze of prices and ture of our economy—in particular, the power wages. This was followed by a program that of many corporations and trade unions to exact subjected most of the nonfarm economy to rewards that exceed what could be achieved mandatory controls, implemented with extenunder conditions of active competition—does sive rules of prenotification, reporting, and poexpose us to upward pressure on costs and prices licing. Now we have moved to a phase in which that may be cumulative and self-reinforcing. In more reliance is placed on self-discipline in dealing with the immediate inflationary prob- abiding by rules of appropriate behavior. The lem, it would not be safe to rely exclusively Economic Stabilization Act has thus permitted on the Government's management of aggregate an orderly evolution of the controls program. demand policies. The move towards greater freedom was, I This Nation has already incurred heavy sacri- believe, both necessary and desirable. With the fices, besides investing a great deal of time and passage of time, any rigid program of controls energy, in the effort to bring inflation under leads to some economic inefficiency and distorcontrol. Of late, a substantial measure of suc- tion, to some misallocation of resources, to cess has actually been achieved. Judging by increasing administrative burdens, and to growcomprehensive measures, the rate of inflation ing inequities among various classes of emdeclined from about 5 per cent in the first half ployees, employers, and industries. In the end, of 1971 to about 3 per cent in the latter half incentives to constructive innovation and enterof 1972. As a result, private decisions concern- prise are damaged, and the basis for economic ing wages, prices, and investments are now prosperity may be seriously weakened. being made in a more tranquil atmosphere. It was virtually inevitable, therefore, that the Yet, a vestige of the old inflationary psychol- comprehensive controls of Phase II would in ogy remains, and public apprehension appears time give way to procedures that allow greater to be spreading that the inflation rate may once freedom in private decision-making. Some obagain accelerate. That concern is understandable servers believe that effective control over wages 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 and prices has been weakened materially by As of the end of 1972, only 43 of the covered Phase III. Such a judgment strikes me as pre- corporations had declared dividends in excess mature. In the first place, a major step forward of the Committee's prescription—some, aphas been taken by bringing trade union leaders parently, due to misunderstandings. Furtherback into the policy-making process. This was more, practically all of the corporations in vioprobably essential to continuation of an effective lation have now agreed to take the necessary control program. Furthermore, several of the steps to move into compliance. I might add that major areas of the economy that have been very few exceptions to the guideline and related especially troublesome remain under strict interpretations have been granted by the Commandatory control, and the rest of the economy mittee. As of the end of the year, only 67 previously covered by Phase II remains fully requests for exceptions had been received, and subject to established rules of restraint. I am 46 of these were denied. inclined to think that self-administration will be This record of voluntary compliance contribrespected by a large majority of economic par- uted very materially to holding the increase in ticipants. In any event, enforcement remedies total dividend payments by domestic corporaremain available to compel adherence to the tions to 3.6 per cent during 1972. This figure program in obdurate cases. The broad approach is far below the increase in most other categories of Phase III thus appears to me to be quite of income payments. reasonable, and it should be given a fair chance Without the Committee's program, a much to show what it can accomplish. larger rise in dividend payments would un- As I have already suggested, Phase III is doubtedly have taken place. Our best estimate hardly a voluntary program. A mandatory di- is that dividend payments in 1972 might well mension is, in fact, built into it. But I also want have been some $2 billion higher if it had not to remind the committee that even entirely vol- been for the Committee's program. One of the untary programs can at times prove as effective important results of this smaller dividend payout as their mandatory counterparts. This is most has been a reduction in business needs for likely to happen when the objectives sought are external financing. Thus the dividend program, widely accepted, the rules of the program are by moderating the demand for credit, has reclearly understood, and ongoing performance is duced upward pressure on interest rates. This, adequately monitored. The program of volun- of course, redounds to the benefit of all bortary foreign credit restraint by banks and other rowers—individuals and governments, as well financial institutions, which the Federal Reserve as business corporations. has administered during the past several years, In view of the fact that the intent of Phase is an example of excellent cooperation. III is to continue a strong incomes policy, the The experience of the Committee on Interest Committee reaffirmed its 4 per cent dividend and Dividends, which was established under the guideline on January 26. At the same time the aegis of the Economic Stabilization Act, is Committee indicated that it was continuing suranother example of a voluntary program that has veillance of interest rates and earnings of finanthus far achieved practical results. On No- cial institutions, and that it expected these instivember 2, 1971, the Committee issued a guide- tutions to continue cooperating with the proline that allowed for no more than a 4 per cent gram. increase in dividends per share in 1972. This Since its inception, the efforts of the Comguideline applied to approximately 7,000 of the mittee to hold down interest rates have focused larger business corporations, which were to be on institutional lending rates, often termed monitored by the Department of Commerce, and ''administered" rates. These interest rates are to 14,000 banks, to be monitored by Federal administered in the sense that they change on bank supervisory agencies. I can now report to the basis of institutional decisions. Traditionyou that adherence to the 4 per cent limitation ally, they have been less volatile than market by both financial and nonfinancial corporations interest rates. One reason for the smaller fluctuhas been nearly perfect. ation of institutional rates is that to some degree Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 83 they reflect relatively inflexible costs—items fere with market interest rates. Hence, the main such as overhead, advertising, and rates of re- concern of the Committee over these past 15 turn paid on some types of funds. Another months has been to see to it that the interest reason is that the policies of institutional lenders rates set administratively by our lending institucommonly reflect longer-run considerations, tions are kept at the lowest practicable levels. such as the maintenance of favorable relation- Our initial objective was to see institutional rates ships with their borrowing customers. reduced more promptly than in the past as the Institutional lending rates need to be distin- cost of funds to the lending institutions declined. guished sharply from the interest rates that are More recently, as short-term market rates set in the open and highly competitive market moved to a higher level, the situation of institufor securities of both short and long maturity. tional lenders has changed. The main principle In this market, interest rates change continu- that needs to be observed now by financial ously in response to the shifting needs, prefer- institutions is that increases in lending rates ences, and attitudes of large numbers of indi- should be made only when they can be fully vidual lenders and borrowers. In the upward justified on the basis of the cost of acquiring phase of the business cycle, market interest rates lendable funds. usually tend to rise as credit demands grow, The Committee has recently re-emphasized particularly when inflationary expectations are its concern about advances in interest rates being generated by advances in costs and prices. charged by financial institutions. In particular, In a weakening economy, on the other hand, we wish to see moderation in institutional polimarket interest rates tend to fall. That is the cies with respect to rates—such as those charged way in which market forces normally express on various types of consumer credit and on themselves, and it is important that they be home mortgage loans—that matter most directly permitted to do so. For any effort to keep market to American families. We have urged financial interest rates artificially low in a strong economy institutions to hold these rates down as far as could have disastrous inflationary consequences they reasonably can, and the record appears to and would, in the end, be self-defeating. And indicate that they have generally done so. We just as clearly, any effort to keep interest rates have also urged banks to exercise restraint in artificially high in a weak economy would run adjusting such key institutional rates as the the risk of depressing economic conditions fur- prime rate on business loans. In the Committher. tee's judgment, higher marginal costs of funds During the past year, with the economy ex- from sensitive market sources should not be panding vigorously and loan demands rising permitted to influence unduly the spectrum of steadily, short-term market interest rates in- rates charged, including the rates charged to creased 2 to 3 percentage points from their early- business borrowers. 1972 lows. But in large part because of the The Committee on Interest and Dividends progress recently made in curbing inflation, recognizes, of course, that underlying circumlonger-term market rates—those on corporate, stances in financial markets are always subject State, municipal, and Treasury securities— to change. Higher short-term market rates have remained rather steady, and on balance are only meant higher costs of funds for some institua little above their lows reached early last year. tional lenders. Commercial banks, for instance, Moreover, interest rates of all types—short as have had to pay successively higher interest well as long, market as well as institutional—are rates to obtain money through such money marsubstantially below the peaks reached in 1969 ket instruments as negotiable time certificates and early 1970. And I might note, in passing, of deposit. Even so, the banks have thus far that interest rates in our country remain a good generally practiced moderation in adjusting updeal lower than in most industrialized nations. ward their key lending rates. For instance, all The Committee on Interest and Dividends banks that permitted the prime loan rate to float recognized from the start that it would be un- by use of a formula tying it to market rates have wise as well as impractical to attempt to inter- either abandoned the formula or modified it so Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 as to ensure that any rise in the prime loan rate been collected monthly from auto finance comwill lag behind increases in comparable open panies and bimonthly from other finance commarket rates. panies. These figures, too, show either little It is the Committee's opinion that since the change or some net decline in rates, depending costs of most lending institutions have not been on the type of loan. Rates charged by dealers rising so rapidly as short-term market rates, any on used-car loans are, however, a clear excepupward adjustments in lending rates should be tion. They rose rather substantially during 1972, ordered so that profit margins do not rise appre- but are still close to their August 1971 level. ciably. It is for this reason that the Committee The mortgage data collected by other Govis now expanding its monitoring activity to ernment agencies have been expanded at the include full attention to the costs and profits of Committee's request to provide more accurate banks and other financial institutions. When four and timely information on interest rates than had banks announced on February 2 an increase in previously been available. Putting all the existtheir prime rate, the Committee responded at ing information together, it appears that home once by requesting each of the banks to furnish mortgage rates have edged up a little in recent complete information on costs and earnings, months, but remain about 10 to 15 basis points together with any calculations they may have below their August 1971 levels and well below made that justified the increase in their judg- their peaks in 1969 or 1970. ment. Every bank in the country was informed In view of the exuberant pace of economic by letter of the Committee's action. And as you expansion which we are now experiencing, I may have noticed, Mr. Chairman, three of the cannot assure you that interest rates will not four banks that raised the prime rate have now move upward in the months ahead. As I indirestored this rate to its previous level. cated earlier, it would be dangerous to try to The moderate success that the Committee has prevent increases in interest rates that are freely thus far had in its program of voluntary restraint determined in highly competitive markets. Any on institutional lending rates rests in good attempt to do so would, in present circummeasure on the comprehensive system of stances, run the serious risk of excessive monereporting that it has developed on interest rate tary expansion and an escalating pace of infladevelopments. Financial institutions have tion. cooperated fully in providing the necessary in- I can and do assure you that the Committee formation. will do everything in its power to prevent pre- We now have monthly reports from commer- mature increases in institutional lending rates or cial banks on interest rates charged small busi- increases that are inordinately large relative to nesses, interest rates on agricultural loans for changes in market rates. I must, however, draw feeder cattle operations and for other farm pro- your attention to the fact that institutional interduction purposes, and interest rates on various est rates are, by and large, also competitively types of consumer loans—for the purchase of determined, so that there is less to be accomnew autos, mobile homes, and other consumer plished by governmental intervention than in the goods, and also on personal loans and credit case of various product and labor markets. You cards. These monthly reports have been col- therefore should not expect more from the lected on a consistent basis since the beginning Committee on Interest and Dividends than it, of 1972. They indicate that consumer loan rates or any similar group, can usefully accomplish generally declined in the early months of the in practice. year and then edged upward. On balance, how- Past experience of our own country and of ever, interest rates charged for loans on new other countries—notably in Latin America— autos and mobile homes dropped by about lA shows clearly that interest rate levels are highest of a percentage point in the course of the year, when and where inflation or the fear of inflation while rates in other categories showed little net is most pronounced. There is no way to prevent change. this outcome, since investors generally become New data on consumer lending rates also have less and less willing to lend if it appears to them Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 85 that they are likely to suffer a loss in purchasing future of the American economy depends on power by the time the loan is repaid. But these getting better control of our stubborn inflationare precisely the circumstances when business- ary problem. Early extension of the Economic men are apt to be especially eager to borrow. Stabilization Act, and its effective implementa- It follows, as we move forward, that the behav- tion by the administration, are essential. But ior of interest rates, particularly in the long-term much more than this is required. Frugality in market, will depend very heavily on the success Government expenditures, prudence on the part that we can achieve in ridding our economy of of the private sector, and appropriate restraint inflation. in the conduct of monetary policy—all these are In closing, Mr. Chairman, I want to empha- indispensable ingredients of an effective stabilisize once again my conviction that the very zation policy in 1973. • 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 October 17 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; December, pages 1017-23; and January 1973, pages 13-18. The records for the meetings held on November 20-21 and December 19, 1972, follow: 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 MEETING HELD ON NOVEMBER 20-21, 19721 Current economic policy directive. The information reviewed at this meeting suggested that real output of goods and services, which had expanded at an annual rate of about 6 per cent in the third quarter, was growing more rapidly in the current quarter. Moreover, staff projections continued to suggest that growth would remain at a fast pace in the first half of 1973. In October expansion in industrial production remained rapid, reflecting widespread advances among consumer goods, business equipment, and materials. Employment in manufacturing again rose substantially, contributing to another large gain in total nonfarm payroll employment. As in the preceding 3 months, however, the labor force also increased appreciably, and the unemployment rate—at 5.5 per cent—was stable. Retail sales, according to the advance report, continued to expand in October about as fast as they had from the second to the third quarter. Housing starts remained near the high level of August and September. The rise in wholesale prices was exceptionally small in October as industrial commodities were virtually unchanged, on the average, and farm and food products rose little. Among industrial commodities, prices of a number of materials advanced but prices of automobiles and trucks declined. Average hourly earnings of production workers—which had risen sharply in September, according to revised data—continued to advance at a faster rate than earlier in the year. In September the consumer price index increased considerably, reflecting a sharp rise in foods and substantial increases among other commodities; services continued upward at a slow pace. Staff projections suggested that strong expansion in consumption expenditures would continue in the first half of 1973, in part because of Treasury refunds of the unusually large overwithholdings of personal income taxes in 1972. It was also anticipated that business ^his meeting was held over a 2-day period beginning on the afternoon of November 20, 1972, in order to provide more time for the staff presentation concerning the economic situation and outlook and the Committee's discussion thereof. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 89 fixed investment would rise at a fairly fast pace, as suggested by recent surveys of business spending plans; that State and local government purchases of goods and services would continue to grow rapidly; and that inventory investment would rise somewhat further in response to sustained expansion in final sales of goods. In foreign exchange markets the dollar had strengthened further against most European currencies in recent weeks, but the Japanese yen had remained at its ceiling rate against the dollar. The persistent deficit in the current account of the U.S. balance of payments had been offset in large part by continuing inflows of private capital to the United States. In September U.S. merchandise imports were stable while exports declined somewhat, and the trade deficit remained large. From the second to the third quarter, imports rose somewhat less than exports, and most of the rise in imports reflected increases in industrial materials in association with the strong growth in domestic business activity. On October 25 the Treasury announced that in its mid-November financing it would auction a 4-year, 6% per cent note to redeem $1.3 billion of maturing notes and to raise $1.7 billion of new cash; the notes were issued on November 15 at an average price to yield 6.20 per cent. The October announcement also indicated that the Treasury would meet the bulk of its large December-January cash requirements through a combination of bill and note issues. Later, the Treasury announced that on November 17 and 29 it would auction a total of $4.5 billion of tax-anticipation bills with April and June maturities. The more favorable climate in securities markets that had emerged in mid-October—in response to optimism about peace in Vietnam and prospects that Federal expenditures would be held down—had continued in recent weeks, and market rates of interest generally had declined. Decreases had been greater in long-term than in short-term markets, reflecting moderation in over-all demands for long-term funds. Although the volume of new publicly issued corporate bonds rebounded in October from a sharply reduced level in September, as had been expected, the volume of such issues appeared likely to fall again in November. In markets for short-term securities, declines in rates had been limited, although Treasury financing was not so large as had been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 anticipated. On the day before this meeting the market rate on 3-month Treasury bills was 4.76 per cent, compared with 4.80 per cent on the day before the October meeting. Contract interest rates on conventional mortgages and yields in the secondary market for Federally insured mortgages both were virtually unchanged in October. Although inflows of savings funds to nonbank thrift institutions slowed somewhat from September to October, they remained substantial. At commercial banks, expansion in outstanding business loans was again rapid in October, after having slowed sharply in September, and growth in most other categories of loans also was strong. However, bank holdings of securities declined, reflecting a sizable drop in portfolios of U.S. Government securities. Growth in both the narrowly defined (Mi)2 and the more broadly defined (M )3 money stock changed little in October from the 2 moderate rates in the preceding 2 months and remained well below the rates of about 8.5 per cent for M and 9.5 per cent for M x 2 recorded over the third quarter as a whole.4 Expansion in the bank credit proxy5 changed little from the rates in the preceding 2 months, although the increase in the outstanding volume of largedenomination CD's was the smallest since March. System open market operations in the recent period had been guided by the Committee's decision at its October meeting to seek bank reserve and money market conditions that would support more moderate rates of monetary growth than those recorded in the third quarter. System operations had been directed toward maintaining growth in reserves available to support private nonbank deposits (RPD's) at an annual rate in a range of 9 to 14 per cent in the October-November period, while continuing to avoid marked changes in money market conditions and taking account of Treasury 2Private demand deposits plus currency in circulation. 3Mj plus commercial bank time and savings deposits other than large-denomination CD's. 4Growth 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. 5Daily-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 91 financing operations and bank regulatory changes.6 Through most of the intermeeting period the rate of growth in RPD's had appeared to be within that range, although near the lower limit. Toward the end of the period, available data suggested that growth would fall below the range, and at the time of this meeting it appeared that RPD's would grow over the October-November period at a rate of only about 5.5 per cent. However, the monetary aggregates appeared to be expanding at acceptable rates. To a considerable extent, the shortfall in RPD's occurred because the relationship between reserves and monetary aggregates that evolved after the implementation of the amendment to the Board's Regulation D differed from the relationship that had been expected. The changes in Regulations D and J, which became effective on November 9, generated considerable uncertainty about the management of reserves, both for member banks and for the System, and the System made heavy use of repurchase agreements and matched sale-purchase transactions for temporary injections and withdrawals of reserves in order to smooth the over-all availability of reserves. Although day-to-day fluctuations in the Federal funds rate were larger than usual, the average rate during the intermeeting period—at a little more than 5 per cent—was about the same as the rate that had prevailed just before the October meeting. In the 5 weeks ending November 15, member bank borrowings averaged about $640 million, compared with about $560 million in the preceding 4 weeks. The Committee agreed that the economic situation continued to call 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 projected relationship between reserves and the monetary aggregates, the 6It was noted at the October 17 meeting that the amendments to Regulations D and J 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 from the original 6 to 11 per cent to 9 to 14 per cent in a technical adjustment to take account of the expected 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

92 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 Committee decided that its objectives regarding the aggregates would be served by open market operations directed at fostering growth in RPD's during the November-December period at an annual rate within a rangtf of 6 to 10 per cent, while continuing to avoid marked changes in money market conditions. The members also decided that allowance should be made in the conduct of operations if growth in the monetary aggregates appeared to be deviating from an acceptable range and that account should be taken of the continuing effects of the bank regulatory changes implemented in early November. 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, including recent data for industrial production, employment, and retail sales, suggests that real output of goods and services is growing more rapidly in the current quarter than in the third quarter. However, the unemployment rate has remained substantial. The increase in wages has been larger in recent months than earlier this year. Consumer prices rose considerably in September, but the October rise in wholesale prices was small. In recent weeks, the current account deficit of the U.S. balance of payments has been offset in large part by capital inflows; while the reserves of Japan have increased substantially further, those of other industrial countries have changed little. In September the excess of U.S. merchandise imports over exports remained large. In October rates of growth in the monetary aggregates changed relatively little from preceding months, with expansion in the narrowly defined money stock again quite moderate. Since mid-October interest rates generally have declined. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to sustainable real economic growth and increased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, while taking account of the effects Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 93 of recent bank regulatory changes, 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, Daane, Eastburn, MacLaury, Mitchell, Robertson, Sheehan, Winn, and Francis. Votes against this action: None. Absent and not voting: Mr. Coldwell. (Mr. Francis voted as Mr. Coldwell's alternate.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 MEETING HELD ON DECEMBER 19, 1972 Current economic policy directive. The information reviewed at this meeting suggested that real output of goods and services, which had expanded at an annual rate of 6.3 per cent in the third quarter, was growing at an appreciably faster pace in the current quarter. Staff projections for the first half of 1973 continued to suggest that growth in real output would remain strong, although not so rapid as now seemed indicated for the current quarter. Industrial production increased substantially further in November and output indexes for September and October were revised upward; expansion over the 3-month period was very rapid. Led by employment gains in manufacturing, total nonfarm payroll employment continued to rise at a fast pace in November. The unemployment rate, which had been virtually stable around 5.5 per cent from June through October, fell to 5.2 per cent in November. Retail sales in November, according to the advance report, remained near the level attained in October, which was sharply above the third-quarter average. The wholesale price index—which had risen little in October when prices of automobiles and trucks declined—advanced considerably in November, reflecting sizable increases in both industrial commodities and farm and food products. Average hourly earnings of production workers increased little, but their average rate of advance from August to November exceeded the rate earlier in the year. In October consumer prices again rose considerably, in large part because of the annual adjustment in the price measure for health insurance and increases in prices of other consumer services. Retail as well as wholesale prices of automobiles declined, and prices of foods increased little. Staff projections continued to suggest that expansion in consumption expenditures would remain strong in the first two quarters of 1973, in part because of large refunds of personal income taxes withheld in 1972. Recent surveys of business spending plans reinforced earlier expectations that fixed investment would rise at a fast pace throughout the first half of 1973. It was also anticipated that business inventory investment would rise somewhat further and that State and local government purchases of goods and services Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 95 would continue to grow rapidly but that residential construction outlays would level off and then turn down. The deficit in the over-all U.S. balance of payments had continued large in recent months. In October, however, merchandise exports had risen more than imports, and the average trade deficit in September and October—although still substantial—had been moderately below the high levels of last spring and summer. In foreign exchange markets over recent weeks, the dollar had remained firm against major currencies other than the Japanese yen. Interest rates on short-term securities had advanced since the Committee's meeting in late November, in response to seasonal expansion in private credit demands, a large increase in market supplies of Treasury bills, and some firming in money market conditions; on the day before this meeting the market rate on 3-month Treasury bills was 5.17 per cent, up from 4.76 per cent 4 weeks earlier. Rates on most types of longer-term securities also had advanced, although the volume of new public offerings of corporate and State and local government bonds had declined moderately from October to November and appeared likely to fall further in December, in part because of the holidays. In mid-December the Treasury announced that on December 20 it would auction $2 billion of 2-year, 5% per cent notes for payment on December 28. Moreover, the Treasury indicated that in early January it would offer $500 million to $750 million of 20- to 30-year bonds. Contract interest rates on conventional mortgages and yields in the secondary market for Federally insured mortgages remained stable in November. From October to November inflows of savings funds to nonbank thrift institutions continued to slow, although inflows were still large by historical standards. At commercial banks, loans outstanding to businesses and to most other types of borrowers continued to expand at rapid rates in November. Bank holdings of U.S. Government securities— which had declined in October—rose in association with a substantial increase in Treasury deposits that resulted in part from two Treasury financings during the month. Banks also added a substantial amount to their portfolios of other securities. Growth in the narrowly defined money stock (Mi)1—which had Private demand deposits plus currency in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 been slow in October—increased appreciably in November but nevertheless was still moderate, while growth in the more broadly defined money stock (M )2 remained at about the moderate rate 2 of October. The bank credit proxy3 grew at a relatively fast pace, reflecting the substantial increase in Treasury deposits and a rise in the outstanding volume of large-denomination CD's. In early December expansion in M quickened, and it now appeared that l the average rates of growth in the monetary aggregates over the second half of the year would be relatively rapid. System open market operations since the November meeting had been guided by the Committee's decision at that meeting to continue to seek bank reserve and money market conditions that would support more moderate monetary growth than the annual rates of about 8.5 per cent for M and 9.5 per cent for M recorded over 1 2 the third quarter.4 Accordingly, operations had been directed toward fostering growth in reserves available to support private nonbank deposits (RPD's) at an annual rate in a range of 6 to 10 per cent in the November-December period, while avoiding marked changes in money market conditions and taking account of the continuing effects of the bank regulatory changes implemented in early November. Through much of the intermeeting period the rate of growth in RPD's had appeared to be substantially above the specified range, and the System had acted to restrain expansion in nonborrowed reserves. As a result, money market conditions had firmed. The Federal funds rate had risen to about 5l/2 per cent in the days before this meeting from about 5 per cent at the time of the preceding meeting. Member bank borrowings had increased to an average of about $655 million in the 3 weeks ending December 13 from about $640 million in the preceding 5 weeks, and in the last few days before this meeting borrowings had risen substantially. At the time of this meeting it still appeared that RPD's would grow over the November-December period at a rate somewhat 2M plus commercial bank time and savings deposits other than large-denomi- 1 nation CD's. 3Daily-average member bank deposits, adjusted to include funds from nondeposit sources. 4Growth 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 97 above the specified range. However, the excess was not large, and in part it was attributable to a shift in the multiplier relationship between reserves and deposits that reflected greater-than-anticipated expansion in deposits at large member banks—which are subject to higher marginal reserve requirements—and lower-than-anticipated expansion at smaller banks. The Committee agreed that the economic situation called for growth in the monetary aggregates at slower rates than those that appeared likely to be recorded for the second half of 1972. At the same time, the members noted that financial markets were still adjusting to the firming in money market conditions that had occurred in recent weeks. They took account of a staff analysis of prospective reserve-deposit relationships which suggested that the Committee's objectives for the aggregates might be served by fostering growth in RPD's during the December-January period at an annual rate within a range of 7 to 11 per cent. However, in view of the rapid expansion in monetary aggregates since the preceding meeting, the members concluded that reserve-supplying operations that would result in an easing of money market conditions should be avoided unless the annual rate of RPD growth appeared to be dropping below 4 per cent. Accordingly, they decided that open market operations should be directed at fostering RPD growth during the 2-month period within a range of 4 to 11 per cent, while continuing to avoid marked changes in money market conditions. They also agreed that in the conduct of operations account should be taken of the forthcoming Treasury financings and possible credit market developments, and that allowance should be made in operations if growth in the monetary aggregates appeared to be deviating from an acceptable range. It was understood that the Chairman might consider calling upon the Committee to appraise 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, including strong recent gains in industrial production, employment, and retail sales, suggests that real output of goods and services is growing more rapidly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 in the current quarter than in the third quarter. The unemployment rate has declined. Wage rates increased little in November, following 2 months of large increases. Consumer prices rose considerably again in October, and wholesale prices rose sharply in November. The over-all deficit in the U.S. balance of payments has remained substantial in recent months, but there has been a moderate reduction in the excess of U.S. merchandise imports over exports since last spring and summer. In November rates of growth in the monetary aggregates generally remained moderate, but expansion in the narrowly defined money stock quickened in early December. In recent weeks most market interest rates have tended upward. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to sustainable real economic growth and increased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, while taking account of Treasury financing operations and possible credit market developments, the Committee seeks to achieve bank reserve and money market conditions that will support slower growth in monetary aggregates over the months ahead than appears indicated for the second half of this year. 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 FEDERAL OPEN MARKET COMMITTEE tee and held on behalf of all Federal Reserve Banks. The Federal Open Market Committee has amended its Regulation Relating to Open Market SECTION 270.3—GOVERNING PRINCIPLES Operations of Federal Reserve Banks, Rules of Organization, Rules of Procedure, and Rules Re- As required by section 12A of the Federal garding Availability of Information. The amend- Reserve Act, the time, character, and volume of ments are effective February 1, 1973. all purchases and sales of obligations in the open market by Federal Reserve Banks are governed REGULATION RELATING TO OPEN with a view to accommodating commerce and MARKET OPERATIONS OF FEDERAL business and with regard to their bearing upon the RESERVE BANKS* general credit situation of the country. Effective February 1, 1973, Part 270 is amended SECTION 270.4—TRANSACTIONS IN to read as follows: OBLIGATIONS SECTION 270.1—AUTHORITY (a) Each Federal Reserve Bank shall engage in This Part is issued by the Federal Open Market open market operations under section 14 of the Committee (the "Committee") pursuant to au- Federal Reserve Act only in accordance with this thority conferred upon it by sections 12A and 14 Part and with the authorizations and directives of the Federal Reserve Act (12 U.S.C. §§ 263, issued by the Committee from time to time, and 355). no Reserve Bank shall decline to engage in open market operations as directed by the Committee. SECTION 270.2—DEFINITIONS (b) Transactions for the System Open Market (a) The term "obligations" means Government Account shall be executed by a Federal Reserve securities, U.S. agency securities, bankers' ac- Bank selected by the Committee. The particiceptances, bills of exchange, cable transfers, pations of the several Federal Reserve Banks in bonds, notes, warrants, debentures, and other ob- such Account and in the profits and losses on ligations that Federal Reserve Banks are author- transactions for the Account shall be allocated in ized by law to purchase and sell. accordance with principles determined by the (b) The term "Government securities" means Committee from time to time. direct obligations of the United States (i.e., U.S. (c) In accordance with such limitations, terms, bonds, notes, certificates of indebtedness, and and conditions as are prescribed by law and in Treasury bills) and obligations fully guaranteed as authorizations and directives issued by the Comto principal and interest by the United States. mittee, the Reserve Bank selected by the Commit- (c) The term "U. S. agency securities" means tee is authorized and directed— obligations that are direct obligations of, or are (1) To buy and sell Government securities and fully guaranteed as to principal and interest by, U.S. agency securities in the open market for the any agency of the United States. System Open Market Account, and to exchange (d) The term "System Open Market Account" maturing securities with the issuer; means the obligations acquired pursuant to au- (2) To buy and sell bankers' acceptances of the thorizations and directives issued by the Commit- kinds made eligible for purchase under Part 202 of this chapter [Regulation B] in the open market for its own account; (3) To buy Government securities, U.S. agency *The text corresponds to the Code of Federal Regulations, Title 12, Chapter II, Part 271, cited as 12 CFR 271. securities, and bankers' acceptances of the kinds 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 described above, under agreements for repurchase alternate for each representative, are elected by of such obligations, in the open market for its own the boards of directors of the Reserve Banks in account; and accordance with section 12A of the Federal Re- (4) To buy and sell foreign currencies in the serve Act (12 U.S.C. § 263) for terms of one year form of cable transfers in the open market for the commencing on March 1 of each year. Prior to System Open Market Account and to maintain for the first meeting of the Committee on or after such Account reciprocal currency arrangements March 1 of each year, each member of the Comwith foreign banks among those designated by the mittee representing the Federal Reserve Banks Board of Governors of the Federal Reserve System shall cause a record of his election and of the under § 214.5 of this chapter [Regulation N]. election of his alternate to be forwarded to the (d) In accordance with such limitations, terms, Secretary of the Committee. If any question is and conditions as are prescribed by law and in raised as to the election or eligibility of a member authorizations and directives issued by the Com- or alternate, the Committee determines such quesmittee, the Reserve Bank selected by the Commit- tion before such member or alternate participates tee (or, if that Bank is closed, any other Federal in a meeting of the Committee. In the event a Reserve Bank) is authorized and directed, for its member is absent from a meeting of the Commitown account or the System Open Market Account, tee, his alternate, in attending the meeting, shall to purchase directly from the United States such have the same status as the member for whom amounts of Government securities as may be nec- he is serving. If a member or alternate ceases to essary from time to time for the temporary ac- be a President or First Vice President of a Reserve commodation of the Treasury Department. Bank, a successor may be chosen in a special (e) The Federal Reserve Banks are authorized election by the boards of directors of the approand directed to engage in such other operations priate Reserve Bank or Banks and such successor as the Committee may from time to time determine serves until the next annual election. to be reasonably necessary to the effective conduct (c) Oath of office. Each member of the Comof open market operations and the effectuation of mittee and each alternate take the same oath of open market policies. office as that prescribed by statute to be taken by officers of the United States. RULES OF ORGANIZATION* SECTION 3—CHAIRMAN AND Effective February 1, 1973, the Rules of Orga- VICE CHAIRMAN nization of the Federal Open Market Committee are amended to read as follows: At its first meeting on or after March 1 of each year, the Committee elects a Chairman and a Vice SECTION 1—AUTHORITY Chairman from among its membership. The These rules are issued by the Federal Open Chairman presides at all meetings of the Commit- Market Committee (the "Committee") pursuant tee and performs such other duties as the Committo the requirement of section 552 of Title 5 of tee may require. The Vice Chairman performs the the United States Code that every agency shall duties of the Chairman in the absence of the publish in the Federal Register a description of Chairman. In the absence of both the Chairman its central and field organization. and the Vice Chairman of the Committee, the Vice Chairman of the Board acts as Chairman of the SECTION 2—COMPOSITION OF Committee; and, in the absence of the Chairman COMMITTEE and the Vice Chairman of the Committee and the Vice Chairman of the Board, the member of the (a) Members. The Committee consists of the Board present with the longest service as a member seven members of the Board of Governors of the of the Board acts as Chairman of the Committee. Federal Reserve System (the "Board") and five representatives of the Federal Reserve Banks, each of whom is a President or a First Vice President SECTION 4—STAFF of a Reserve Bank. (b) Reserve Bank representatives. The repre- (a) Selection of staff officers. At its first meetsentatives of the Federal Reserve Banks, and an ing on or after March 1 of each year, the Committee selects, from among the officers and employees of the Board and the Federal Reserve Banks, the *The text is not included in the Code of Federal Regulations and therefore may not be cited with a code reference. following staff officers to serve until the first Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 101 meeting on or after March 1 of the next following RULES OF PROCEDURE* year: Secretary, Deputy Secretary, and one or more Assistant Secretaries; General Counsel and Effective February 1, 1973, Part 272 is amended one or more Assistant General Counsel; and to read as follows: Economists, one or more of whom may be desig- SECTION 272.1—AUTHORITY nated as Senior or Associate Economists or given titles reflecting their areas of particular special- This Part is issued by the Federal Open Market ization. Committee (the "Committee") pursuant to the (b) Secretary and Deputy and Assistant Se- requirement of section 552 of Title 5 of the United cretaries. The Secretary keeps minutes of actions States Code that every agency shall publish in the and records of discussions at all meetings of the Federal Register its rules of procedure. Committee; he maintains a complete record of the SECTION 272.2—FUNCTIONS OF THE actions taken by the Committee upon all questions COMMITTEE of policy relating to open market operations; and he records the votes taken in connection with the The procedures followed by the Committee are determination of open market policies and the designed to facilitate the effective performance of reasons underlying each such action. He has cus- the Committee's statutory functions with respect tody of such minutes and records, and he performs to the regulation and direction of open market such other duties as the Committee may require. operations conducted by the Federal Reserve In the absence of the Secretary of the Committee, Banks and with respect to certain direct transacthe Deputy Secretary or an Assistant Secretary acts tions between the Reserve Banks and the United as Secretary pro tem. States. In determining the policies to be followed (c) Economists. The Economists prepare for the in such operations, the Committee considers inuse of the Committee and present to it such infor- formation regarding business and credit conditions mation regarding business and credit conditions and domestic and international economic and fiand domestic and international economic and fi- nancial developments, and other pertinent infornancial developments as will assist the Committee mation gathered and submitted by its staff and the in the determination of open market policies, and staffs of the Board of Governors of the Federal they perform such other duties as the Committee Reserve System (the "Board") and the Federal may require. Reserve Banks. Against the background of such (d) General Counsel and Assistant General information, the Committee takes actions from Counsel. The General Counsel furnishes such time to time to regulate and direct the open market legal advice as the Committee may require. In the operations of the Reserve Banks. Such policy absence of the General Counsel, an Assistant actions ordinarily are taken through the adoption General Counsel acts as General Counsel pro tem. and transmission to the Federal Reserve Banks of (e) Filling of vacancies. At any meeting the regulations, authorizations, and directives. Committee may fill any vacancy in the offices SECTION 272.3—MEETINGS described in this section. (J) Other staff assistance. The services of any (a) Place and frequency. The Committee meets officers and employees of the Board and the Fed- in Washington, D.C., at least four times each year eral Reserve Banks are made available and are and oftener if deemed necessary. Meetings are utilized by the Committee as required. held upon the call of the Chairman of the Board SECTION 5—MANAGER AND or at the request of any three members of the SPECIAL MANAGER Committee. Notices of calls by the Chairman of the Board to other members are given by the The Committee selects a Manager of the System Secretary of the Committee in writing or by tele- Open Market Account and a Special Manager for gram. Requests of any three members for the Foreign Currency Operations for such Account, calling of a meeting shall state the time therefor both of whom shall be satisfactory to the Federal and shall be filed in writing or by telegram with Reserve Bank selected by the Committee to exe- the Secretary who shall forthwith notify all cute open market transactions for such Account, members of the Committee in writing or by teleand both of whom serve at the pleasure of the gram. When the Secretary has sent notices to all Committee. The Manager and Special Manager members of the Committee that a meeting has been keep the Committee informed on market conditions and on transactions they have made and *The text corresponds to the Code of Federal Regulations, render such reports as the Committee may specify. Title 12, Chapter II, Part 272; cited as 12 CFR 272. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 requested by three members and of the time there- authorization or directive at a time when it is not for, a meeting is deemed to have been called. If, feasible to call a meeting. Whenever, in the judgin the judgment of the Chairman, circumstances ment of the Chairman, such circumstances have require that a meeting be called at such short notice arisen, the relevant information and recomthat one or more members cannot be present in mendations for action are transmitted to the Washington, such members may participate in the members by the Secretary, and the members commeeting by telephone conference arrangements. municate their votes to the Secretary. If the action (b) Alternates. Whenever any member of the is approved by a majority of the members, advice Committee representing Federal Reserve Banks to that effect is promptly given by the Secretary shall find that he will be unable to attend a meeting to the members of the Committee and to the of the Committee, he shall promptly notify his Reserve Bank selected to execute transactions for alternate and the Secretary of the Committee in the System Open Market Account. All comwriting or by telegram, and upon receipt of such munications of recommended actions and votes notice the alternate shall advise the Secretary under this paragraph shall be in writing or by whether he will attend such meeting. telegram; provided that, in exceptional cases when (c) Quorum. Seven members (including alter- that is not feasible, such communications may be nates present and acting in the absence of made orally, either in person or by telephone, and members) constitute a quorum for the transaction the Secretary shall cause a written record to be of business; but less than a quorum may adjourn made without delay. An action taken between from time to time until a quorum is in attendance. meetings has the force and effect of an action at (d) Attendance at meetings. Attendance at a meeting; provided, however, that if a meeting Committee meetings is restricted to members and is held before the execution of any operations alternate members of the Committee, the Pres- pursuant to the action, the action is null and void idents of Federal Reserve Banks who are not at unless it is ratified and confirmed by the Committee the time members or alternates, staff officers of at such meeting. the Committee, the Manager and Special Manager, (c) Delegations of authority. In special cirand such other advisers as the Committee may cumstances, the Committee may delegate authority invite from time to time. to take an action, subject to such instructions or (e) Meeting agendas. The Secretary, in con- guidelines as the Committee deems proper. Such sultation with the Chairman, prepares an agenda delegations of authority may be made to the of matters to be discussed at each meeting and Chairman; to a subcommittee consisting of the the Secretary transmits the agenda to the members Chairman and the Vice Chairman of the Commitof the Committee within a reasonable time in tee and the Vice Chairman of the Board (or in advance of such meeting. In general, the agendas the absence of the Chairman or of the Vice Chairinclude approval of minutes of actions and accept- man of the Board the members of the Board ance of memoranda of discussion for previous designated by the Chairman as alternates, and in meetings; reports by the Manager and Special the absence of the Vice Chairman of the Commit- Manager on open market operations since the tee his alternate); or to any other member or previous meeting, and ratification by the Commit- members of the Committee. An action taken purtee of such operations; reports by Economists on, suant to such a delegation of authority has the force and Committee discussion of, the economic and and effect of an action taken by the Committee. financial situation and outlook; Committee discus- (d) Effective date. Committee action ordinarily sion of monetary policy and action with respect is made effective as of the time it is taken because thereto; and such other matters as may be consid- the nature of the subject matter and the action ered necessary. taken is such that the public interest and the proper discharge of the Committee's responsibilities so SECTION 272.4—COMMITTEE ACTIONS require. Occasionally, however, the Committee may specify that an action is to be effective at (a) Actions at meetings. Actions are taken at some different time. meetings of the Committee except as described below. SECTION 272.5—NOTICE AND PUBLIC (b) Actions between meetings. Special cir- PROCEDURE cumstances may make it desirable in the public interest for Committee members to consider an There ordinarily is no published notice of action to modify an outstanding Committee proposed action by the Committee or public pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 103 cedure thereon, as described in section 553 of Title cations received after January 15, 1973: 5 of the United States Code, because such notice and procedure are impracticable, unnecessary, or SECTION 265.2—SPECIFIC FUNCTIONS contrary to the public interest. DELEGATED TO BOARD EMPLOYEES AND FEDERAL RESERVE BANKS RULES REGARDING AVAILABILITY OF INFORMATION MISCELLANEOUS AMENDMENTS (f) Each Federal Reserve Bank is authorized, Effective February 1, 1973, Part 271 is amended as to member banks or other indicated organiin the following respects: zations headquartered in its district, or under sub- Section 271.1 is amended by changing the paragraph (25) of this paragraph, as to its officers: heading to read 44 AUTHORITY" instead of "BASIS AND SCOPE". Paragraph (a) of § 271.2 is amended by insert- (23) Under the provisions of section 3(a)(3) of ing after the words "the Board of Governors of the Bank Holding Company Act (12 U.S.C. the Federal Reserve System" the following: "(the 1842), to approve the acquisition by a bank hold- 'Board')". ing company of additional shares in a bank that Wherever the words "Board of Governors of are to be acquired through exercise of rights rethe Federal Reserve System" appear in Part 271 ceived, on a pro rata basis, by the bank's shareafter paragraph (a) of § 271.2, they are changed holders. to read "Board". Paragraph (a) of § 271.3 is amended by inserting the words "Title 5 of" immediately before Section 265.2(f) is amended by adding subthe words "the United States Code". paragraph (26), as set forth below, effective with The second sentence of paragraph (a) of § 271.5 respect to applications received after January 15, is amended by adding after the words "and no 1973: information in the records of the Committee relating to the adoption of any such directive is made SECTION 265.2—SPECIFIC FUNCTIONS available for public inspection or copying before DELEGATED TO BOARD EMPLOYEES AND it is published in the Federal Register" the words FEDERAL RESERVE BANKS "or is otherwise released to the public by the Committee." (f) Each Federal Reserve Bank is authorized, RULES REGARDING DELEGATION OF AUTHORITY as to member banks or other indicated organi- The Board of Governors has amended its Rules zations headquartered in its district, or under sub- Regarding Delegation of authority in two respects paragraph (25) of this paragraph, as to its officers: to delegate certain authority to the Federal Reserve Banks. Section 265.2(f)(23) is amended to delegate authority to approve the acquisition of addi- (26) Under the provisions of the first paragraph tional shares in a bank, whether or not the bank of Section 9 of the Federal Reserve Act (12 U.S.C. is a subsidiary, when the shares are acquired 325) to approve applications for membership in through the exercise of rights received as a share- the Federal Reserve System if the Reserve Bank holder. is satisfied with respect to each of the following Section 265.2(f) is amended by adding sub- criteria: paragraph (26) to delegate the authority to approve (i) The financial history and condition of the applications for membership in the Federal Re- applying bank and the general character of its serve System. Both amendments are effective with management; respect to applications received by Reserve Banks (ii) The adequacy of its capital structure in after January 15, 1973. relation to the character and condition of its assets and to its existing and prospective deposit liabili- AMENDMENTS TO RULES REGARDING ties and other corporate responsibilities; and its DELEGATION OF AUTHORITY future earnings prospects; Subparagraph (23) of § 265.2(f) is amended, (iii) The convenience and needs of the commuas set forth below effective with respect to appli- nity to be served by the bank; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 (iv) Whether its corporate powers are consistent The distinguishing feature of special purpose with the purposes of the Federal Reserve Act and corporations is that they are formed for the purpose the Federal Deposit Insurance Act. of engaging in a particular transaction involving the financing of one or more items of personal property or equipment and a single customer, INTERPRETATION OF REGULATION K rather than a general business. In the Board's SPECIAL PURPOSE LEASING judgment, no regulatory purpose associated with CORPORATIONS paragraph 8 of section 25(a) and section 211.8(b) of Regulation K would be served by having the A question has been raised with the Board as Board screen in advance each transaction entered to whether a corporation organized under section into in this manner. 25(a) of the Federal Reserve Act (an "Edge cor- The Board understands that, in most cases, these poration") that is directly or indirectly engaged special purpose corporations are established under in the general business of leasing personal property an arrangement whereby the creditors who have and equipment is required under paragraph 8 of made loans to such corporations do not have section 25(a) and section 211.8(b) of this part recourse to the parent Edge corporation, or its (Regulation K) to obtain the Board's prior ap- subsidiary engaged in the general business of proval for investments in special purpose leasing leasing or financing, for the repayment of such corporations that are formed as vehicles for spe- loans. In those instances where the financing arcific leasing transactions (or the functional equiva- rangement contemplates that creditors of the spelent thereof) with a single customer, rather than cial purpose corporation shall have recourse to the to engage in the general business of leasing. In parent Edge corporation or its leasing or financing the Board's opinion, such special purpose cor- subsidiary, borrowings by the special purpose porations represent credit facilities provided by the leasing corporation of the type described in section parent financial institution, either alone or in par- 211.4 of Regulation K shall be regarded as if the ticipation with others, and should be regarded as borrowings were those of the guarantor and shall activities of the parent financial institution and not not cause the borrowings of the latter to exceed as investments requiring Board approval. the amount previously approved by the Board. All It is common practice for certain types of lease assets and liabilities of special purpose corporafinancings to be structured in such a way that legal tions shall be fully reflected in consolidated finantitle to the personal property or equipment rests cial statements of their parent institution(s) filed in a separately incorporated entity, as, for ex- with federal bank regulatory authorities. ample, in the leasing of commercial aircraft or The parent Edge corporation shall furnish the vessels. Such a corporation, herein referred to as Board with such information regarding the activia "special purpose corporation," may be used to ties of each special purpose corporation as it may reduce the potential exposure of the parent finan- require from time to time and maintain full inforcial institution to tort liability arising in connection mation on such subsidiaries at its head office. By with the operation of an aircraft or vessel, to reference this interpretation also applies to investcomply with the laws of the various countries ments made directly or indirectly by bank holding relating to registration of aircraft or vessels or companies in special purpose corporations of the perfecting liens on equipment, or to minimize type described above which do no business in the taxes upon rental payments received under the United States except as may be incidental to their lease. international or foreign business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 105 BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS effect on competition in the Houston market. The ORDERS UNDER SECTION 3 OF BANK HOLDING Department takes the position that the Houston COMPANY ACT market is concentrated and that acquisition by FIRST CITY BANCORPORATION OF TEXAS, Applicant, which is the largest banking organi- INC., zation in the market (on the basis of deposits), HOUSTON, TEXAS of Highland Village, which ranks as the fortieth largest bank in the Houston market, would be ORDER GRANTING CONDITIONAL APPROVAL OF anticompetitive. The Department further states that ACQUISITION OF BANKS the present affiliation between Applicant and First City Bancorporation of Texas, Inc., Hous- Highland Village is tenuous and there is a reasonton, Texas, a bank holding company within the able probability that the affiliation would be meaning of the Bank Holding Company Act, has dissipated in the relatively near future. The Board applied for the Board's approval, under § 3(a)(3) has received no comment from the Department of of the Act (12 U.S.C. 1842(a)(3)), to acquire the Justice with respect to the application relative to successors by acquisition of assets and assumption Clear Lake. of liabilities to (1) Highland Village State Bank Applicant asserts that Highland Village is ("Highland Village"), Houston, and (2) First closely tied to Applicant and that essentially the State Bank of Clear Lake City ("Clear Lake"), proposed acquisition is merely a corporate reor- Clear Lake City, Texas. The successor banks to ganization. Applicant further states that its lead Highland Village and Clear Lake have no signifi- bank, the largest in the Houston market, is a cance except as a means to facilitate the acquisition wholesale institution and does not compete with of voting shares of Highland Village and Clear Highland Village which is a rather small retail Lake. Accordingly, the proposed acquisitions are bank located in one of the Houston suburbs. In treated herein as proposed acquisitions of the addition Applicant contends that the Houston shares of Highland Village and Clear Lake. market is not a concentrated one, that concentra- Notice of the applications affording opportunity tion of resources there has decreased over the past for interested persons to submit comments and 10 years, and is likely to continue in that direction. views has been given in accordance with § 3(b) Applicant presently controls approximately 19 of the Act. The time for filing comments and views per cent of deposits in the Houston market and has expired and the Board has considered the ranks as the largest banking organization there.2 applications and all comments received in light of Clear Lake is a small bank and is located almost the factors set forth in § 3(c) of the Act (12 U.S.C. 22 miles from the City of Houston. Highland 1842(c)). Village, although substantially larger than Clear Applicant controls 10 banks with total deposits Lake, is not a large bank by the standards of the of approximately $1.6 billion, representing about Houston market, and its location, almost six miles 5.2 per cent of deposits of commercial banks in from the downtown Houston area, is not particu- Texas and is the third largest banking organization larly attractive for purposes of entry. In fact, in the State.1 Applicant also has interests in 15 neither Highland Village nor Clear Lake is an other banks, ranging from .02 to 14.3 per cent attractive point of entry into the Houston market of voting shares. Acquisition of Highland Village for bank holding companies located outside of that (deposits of about $29 million) or Clear Lake market. (deposits of about $9 million), or both, would not On the basis of the aforestated facts, the Board result in a significant increase in the concentration regards competitive considerations as consistent of banking resources in Texas. with approval of the applications. However, Ap- The Department of Justice filed comments with plicant's present share ownership and influence regard to the proposed acquisition of Highland with respect to South Main and Heights Bank,3 Village and concluded that Applicant's acquisition of that bank would have a significantly adverse 2The Houston banking market is approximated by the Houston Standard Metropolitan Statistical Area ("SMSA"), which includes Clear Lake City. :!The record supporting the Board's Order (of January 4, 1 All banking data are as of December 31, 1971, and reflect 1973) denying approval with respect to applications for acquibank holding company formations and acquisitions approved sition of shares of these two banks is incorporated herein by by the Board through September 15, 1972. reference. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 both located in Houston, Texas, present some on condition that Applicant divest itself within six adverse competitive considerations with respect to months from the effective date of this Order, of the applications herein. In the Board's judgment, direct or indirect control, or control through one common control over (1) Highland Village and or more persons, of any and all voting shares in Clear Lake, and (2) South Main and Heights excess of 5 per cent of the (a) South Main Bank banks, four banks located in the Houston market, and (b) Heights State Bank. The acquisitions shall would be anticompetitive. Although Applicant's not be consummated (a) before the thirtieth calenownership of voting shares in South Main is only dar day following the effective date of this Order 8.9 per cent and, in Heights Bank only 0.5 per nor (b) later than three months after the effective cent, it is clear, from the record, that Applicant date of this Order, unless such period is extended has more than a little influence over those banks; for good cause by the Board, or by the Federal the existence of common stockholders and inter- Reserve Bank of Dallas pursuant to delegated locking directors (between (a) Applicant's system authority. The time allowed herein for divestiture and (b) South Main and Heights banks) add to may be extended for good cause by the Board or Applicant's influence with respect to those banks. by the Federal Reserve Bank of Dallas. The Board has denied approval for the acquisition By order of the Board of Governors, effective of additional shares in South Main and Heights January 4, 1973. State banks by Applicant (Order dated January 4, Voting for approval: Chairman Burns and Governors Rob- 1973) because the Board concluded that an extenertson, Mitchell, Daane, Brimmer, Sheehan, and Bucher. sion of Applicant's influence over those banks Voting for conditioning of approval: Chairman Burns and would be anticompetitive and not in the public Governors Robertson, Mitchell, Brimmer, and Bucher. Voting against imposition of a condition: Governors Daane and Sheeinterest. Consistent with those conclusions, the han. Board is of the view that Applicant's retention of (Signed) TYNAN SMITH, its present influence over the South Main and [SEAL] Secretary of the Board. Heights banks presents competitive considerations adverse to approval of Applicant's acquisition of STATEMENT OF GOVERNORS DAANE the two Houston market banks subject of the AND SHEEHAN, CONCURRING IN PART, applications herein. Accordingly, the Board AND DISSENTING IN PART proposes to approve the applications herein on condition that Applicant divest itself of direct or We concur in the majority's approval of the indirect control, or control through one or more applications by Applicant to acquire Highland other persons, of any and all voting shares, in Village and Clear Lake. However, we do not agree excess of 5 per cent of the voting shares, of (1) with the provision in that Order whereby Applicant South Main Bank and (2) of Heights State Bank, is required to divest certain interests in South Main such divestiture to be effected within six months and Heights banks as a condition to approval of after the effective date of this Order unless such the acquisition of Highland Village and Clear period is extended for good cause by the Board Lake. Consistent with our dissent from the Board's or by the Federal Reserve Bank of Dallas. denial of approval for the acquisition of additional The financial and managerial resources and voting shares of South Main and Heights banks, prospects of Applicant, its subsidiaries, and of we find in the record no obstacle, on competitive Clear Lake and of Highland Village are regarded or other grounds, to Applicant's acquisition of all as generally satisfactory, particularly in view of four banks. Applicant is closely affiliated with all the commitment of Applicant to provide additional four banks, an affiliation not likely to be terminated capital for its lead bank. These considerations are in the reasonably foreseeable future; all four banks consistent with approval of the applications. The are retail oriented banks that are not in competition convenience and needs of the community to be in the Houston market with Applicant's lead bank, served are also consistent with approval of the which is a wholesale oriented bank. In any event, applications. The Board finds that the two since there are close to 150 banks in the Houston proposed acquisitions are in the public interest, market, consummation of the proposed acquisiprovided the Applicant effects the aforementioned tions would not, in our judgment, raise any barrier divestitures, and should be approved on condition to entry nor lessen competition more than negligithat such divestitures are effected within a six bly. In our judgment, the conditions imposed in month period. the Order of approval will have no substantial On the basis of the record, and for the reasons beneficial effects for the public nor will it cure summarized above, the applications are approved, or preclude any adverse competitive situation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 107 ORDER DENYING APPROVAL FOR ACQUISITION OF would be anticompetitive. The Department further BANKS states that the affiliation between Applicant and each of the two banks sought to be acquired is First City Bancorporation of Texas, Inc., Houstenuous and that there is a reasonable probability ton, Texas, a bank holding company within the that it would be dissipated in the relatively near meaning of the Bank Holding Company Act, has future. applied for the Board's approval under § 3(a)(3) In reply to Justice's comments, Applicant asof the Act (12 U.S.C. 1842(a)(3)) to acquire the serts that the Houston market is not a concentrated successors by acquisition of assets and assumption one, particularly when compared to banking marof liabilities to (1) South Main Bank ("South kets of comparable size. Applicant also urges that Main") and (2) Heights State Bank ("Heights the level of concentration in Houston has de- Bank"), both located in Houston, Texas. The creased over the past 10 years and there is every successor banks to South Main and Heights Bank indication of such a trend continuing into the have no significance except as a means to facilitate future. Applicant further asserts that South Main the acquisition of voting shares of South Main and and Heights Bank are strongly tied to Applicant Heights Bank. Accordingly, the proposed acquisiand that the proposed acquisitions are a corporate tions are treated herein as proposed acquisitions reorganization rather than acquisitions of indeof the shares of South Main and of Heights Bank. pendent units. Applicant also states that its lead Notice of the applications, affording opportunity bank is a wholesale institution and does not comfor interested persons to submit comments and pete with either South Main or Heights Bank views, has been given in accordance with § 3(b) which are oriented towards a different type of of the Act. The time for filing comments and views customer and business than is the lead bank. has expired, and the board has considered the Applicant presently controls about 19 per cent applications and all comments received in light of of the deposits in the Houston market and ranks the factors set forth in § 3(c) of the Act (12 U.S.C. as the largest banking organization there.2 Both 1842(c)). South Main and Heights Bank are in or immedi- Applicant controls 10 banks with total deposits ately adjacent to the downtown Houston area; of approximately $1.6 billion, representing about South Main is only one mile south of Applicant's 5.2 per cent of deposits of commercial banks in lead bank and Heights Bank is approximately 2.5 Texas and is the third largest banking organization miles north and west of the lead bank of Applicant. in the State.1 Applicant also has interests in 15 On the basis of location and size, each of the two other banks ranging from .02 to 14.3 per cent of proposed acquisitions is an attractive entry vehicle voting shares. Acquisition of South Main (deposits for a holding company wishing to enter the Housof about $72 million) and acquisition of Heights ton market. Bank (deposits of about $60 million) would result The Board recognizes that the Houston banking in no significant increase in the concentration of market is an attractive one for entry, and deems banking resources in Texas. it important that banks of the size and location The Department of Justice filed comments on of South Main and Heights Bank be available as each of the proposed transactions and concluded entry points by outside banking organizations that that the acquisition by Applicant of either South would be able to provide meaningful competition Main or Heights Bank (or both) would have sigto large banking organizations, such as Applicant. nificantly adverse effects on competition in the The Board also concludes that the addition of Houston market. The Department takes the posi- South Main's or Heights Bank's market shares to tion that the Houston market is concentrated and Applicant's would strengthen the market position that an acquisition by Applicant, which is the of Applicant in Houston without providing any largest banking organization in the market on the offsetting public benefits. basis of deposits, of either (or both) of the two Applicant has strongly urged that the acquisiadditional banks, which rank respectively fourtions of South Main and Heights Bank are not teenth and seventeenth in the Houston market, acquisitions of independent banks, but constitute rather the restructuring of existing corporate rela- 1 All banking data are as of December 31, 1971, and represent bank holding company formations and acquisitions ap- tionships. Applicant acquired a stock interest in proved by the Board through September 15, 1972. Applicant's Heights Bank about 12 years after it was organized share of Texas and Houston area deposits does not include the deposits of Highland Village State Bank, Houston, Texas, and First State Bank of Clear Lake City, Clear Lake City, Texas, the acquisitions of which by Applicant have been 2The Houston banking market is approximated by the Housconditionally approved by the Board as of this date. ton Standard Metropolitan Statistical Area ("SMSA"). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 and owns approximately .5 per cent of the voting Main and Heights Bank are also regarded as genshares of Heights Bank. Applicant asserts that erally satisfactory whether as subsidiaries of Apitself, its lead bank, and Heights Bank have many plicant or as independent institutions. These conofficers and directors in common. However, this siderations are consistent with approval of the common sharing of officers and directors appears applications, but lend no weight for approval. The to rest on shares held by a large number of indi- convenience and needs of the community involved viduals (rather than corporate entities) who have are also consistent with approval of the applicainterests in both Applicant and Heights Bank. It tions, but do not present considerations to outappears that directors and officers of Applicant weigh adverse competitive effects which would own approximately 15.3 per cent of Heights Bank arise from acquisition of South Main or Heights stock, and 146 shareholders who own 50 per cent Bank by Applicant. The Board finds that neither of Applicant's stock own approximately 55 per of the proposed acquisitions is in the public interest cent of Heights Bank stock. Such individual hold- and each should be denied. ings lack the permanence of a corporate holding On the basis of the record, the applications are and on the facts herein, a termination or diffusion denied for the reasons summarized above. would tend to lead to the end of the sharing of By order of the Board of Governors, effective common officers and directors. This is particularly January 4, 1973. likely inasmuch as the number of individuals in the smallest "control group" postulated by Appli- Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Brimmer, and Bucher. Voting against this cant apparently exceeds 15. action: Governors Daane and Sheehan. The same analysis can be made with regard to (Signed) TYNAN SMITH, South Main. Applicant owns a larger share of the [SEAL] Secretary of the Board. voting stock of South Main than of Heights Bank, but the total still is only 8.9 per cent. Applicant did not acquire a stock interest in South Main until DISSENTING STATEMENT BY GOVERNORS DAANE some eight years after it was initially chartered. AND SHEEHAN Again the fact that there are common officers and directors existing among Applicant, its lead bank, We dissent from the majority's denial of the and South Main is not a compelling consideration acquisition by Applicant of South Main and in view of the fact that this control rests on shares Heights Bank. owned by a large number of individuals associated The record shows that there has been a long with Applicant. It appears that 137 shareholders existing and close relationship between these two who own over 50 per cent of Applicant's stock banks and Applicant, manifest currently in two own 44 per cent of South Main's stock. Many directors of Applicant serving as directors of South of these individuals have greatly disparate interests Main and one director of Applicant serving on the in Applicant and its lead bank on the one hand, board of Heights Bank. In addition to this sharing and South Main on the other; i.e., a shareholder of common directors, there is strong evidence that with a large equity interest in Applicant generally the overall operations of the two banks are coorseems to have a small equity in South Main. As dinated with that of Applicant's operations. Such in Heights Bank, the number of individuals in the joint operation has existed in the case of South smallest "control group" apparently exceeds 15. Main Bank since 1952, when Applicant first ob- It is not an unlikely prospect that common owner- tained a voting interest in that bank, and in the ship will be diminished or terminated in the fore- case of Heights Bank, there is evidence that there seeable future and that South Main may become has been a joint operation since the chartering of a viable competitor in the market, independent of Heights Bank in 1943, although it was not until the influence of Applicant. 1955, apparently, that Applicant actually acquired The Board concludes, therefore, that competi- an interest in the voting shares of Heights Bank. tive considerations weigh against approval of the The fact that these two banks have operated in acquisition of either South Main or Heights Bank cooperation with Applicant for such long periods by Applicant. of time indicates to us that there is little probability The financial and managerial resources and of disaffiliation of these banks from Applicant in prospects of Applicant and its subsidiaries are the reasonably foreseeable future. regarded as generally satisfactory, particularly in The majority relies on the fact that Applicant view of the commitment of Applicant to provide owns only .5 per cent of the voting shares of additional capital for its lead bank. The financial Heights Bank and 8.9 per cent with respect to and managerial resources and prospects of South South Main. However, officers of Applicant and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 109 members of the law firm of Vinson, Elkins, Searls, interest1 in expanding the competitive environment Connally, & Smith, a firm closely tied to Appli- in the southwest and national markets, as well as cant, own substantial additional amounts of voting in Houston and Texas, the proposed acquisitions shares of each of these banks. As Applicant indi- should be approved because they would enhance cated in its letter in response to Justice's comments Applicant's ability to compete with other banks on these applications, if these individual (but re- providing nationwide credit services, particularly lated) interests are grouped with Applicant's hold- for Texas corporations, and would encourage the ings, the total would be almost 35 per cent of the development of local institutions capable of servvoting shares of Heights Bank and about 26 per icing the growing domestic and international incent of South Main's shares. These are substantial terests of Texas corporations. interests, and inasmuch as it appears that no other For the several reasons stated above, we disperson holds a block of significant size in either agree with the majority's denial of these two bank, it is clear that Applicant has considerable applications. influence—if not actual control—over the two HAMILTON BANCSHARES, INC., banks. CHATTANOOGA, TENNESSEE Moreover, South Main and Heights Bank are ORDER APPROVING ACQUISITION OF BANK basically retail institutions, as distinguished from Applicant's lead bank, which is a large wholesale Hamilton Bancshares, Inc., Chattanooga, Teninstitution. South Main has approximately 1 per nessee, a bank holding company within the meancent of market deposits, while Heights Bank's ing of the Bank Holding Company Act, has apshare is a little smaller, apparently, in the range plied for the Board's approval under § 3(a)(3) of of .9 per cent of market deposits. In our judgment, the Act (12 U.S.C. 1842(a)(3)) to acquire 50.06 the addition of less than 2 per cent to Applicant's per cent or more of the voting shares of Hardeman market share, bringing it up to about 21 per cent, County Savings Bank, Bolivar, Tennessee would not result in such anticompetitive effects ("Bank"). as to warrant denial of these applications, particu- Notice of the application affording opportunity larly in the light of the structure of the Houston for interested persons to submit comments and banking market, which, as of 1970, contained views has been given in accordance with § 3(b) close to 150 banks. As of December 31, 1971, of the Act. The time for filing comments and views Houston appeared to be the least concentrated of has expired and none have been timely received. the large banking markets in Texas. Whether The Board has considered the application in the measured by concentration of the largest banking light of the factors set forth in § 3(c) of the Act organization, the four largest banking organi- (12 U.S.C. 1842(c)). zations, or the 10 largest, in each case, concentra- Applicant, the fifth largest banking organization tion is substantially lower than exists in the Dallas, and bank holding company in the State, controls San Antonio, or Fort Worth markets. Concentra- 11 banks with aggregate deposits of approximately tion in Houston appears to have decreased from $521 million representing about 6 per cent of total 1960 to 1970 and there is evidence that this trend deposits of commercial banks in Tennessee. (All may continue. On the facts of record, we are banking data are as of December 31, 1971, adunable to conclude that the acquisition of South justed to reflect holding company formations and Main or Heights Bank or both by Applicant would acquisitions approved by the Board through Oclead to anticompetitive effects of a substantial tober 31, 1972.) Acquisition of Bank (deposits of nature. about $14.5 million) would add only .2 of one We do not disagree with the view of the majority percentage point to Applicant's share of Statewide of the Board that Houston is an attractive market deposits and would not alter Applicant's ranking for entry. However, in our judgment, the subtrac- among the State's banking organizations and bank tion of either South Main or Heights Bank (or holding companies. both) as possible vehicles of entry for some other Bank is the largest of five banking organizations banking organization will raise no bar to entry nor competing in the Hardeman County market and have any deleterious effect in the Houston market. holds about 46 per cent of the total commercial There are many other banks apparently available bank deposits therein. The nearest banking subin the Houston area as vehicles for entry and of sidiary of Applicant to Bank is located approxicomparable size and location to both South Main and Heights Bank. 1 See the Board's Order and Statement approving the formation of First International Bancshares Inc., November 30, Furthermore, in the light of the Board's stated 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 mately 185 miles east of Bank, and neither it nor tiveness of one of the major tools of the Board any of Applicant's other subsidiary banks compete in administering monetary policy, i.e., the setting with Bank to any significant extent, primarily due of reserve requirements for member banks of the to the distances involved. Nor does it appear likely System. If large banks or the members of a large that significant competition would develop in the family of banks shirk this public responsibility, future in view of the distances separating Bank the task of implementing monetary policy becomes and Applicant's subsidiaries, the presence of nu- more difficult and one-sided in its impact on the merous banks in the intervening areas, and Ten- banking system as a whole. nessee's restrictive branching laws. Furthermore, Late last year the Board amended its Regulation it appears unlikely that Applicant would establish D governing reserve requirements in order to suba new bank in Hardeman County, since the area stantially remove discrimination in the application is unattractive for de novo entry with both the of such requirements among member banks that population to banking office ratio and the per capita were similarly situated as to size and access to income of the area being considerably lower than national money markets. Another type of discrimaverages for the State. Even though Bank is the ination has become of significant importance, largest bank in the market, its total deposits are namely, between branching systems of member less than $15 million, and it does not appear that banks and bank holding company families. The its acquisition by Applicant would place Bank in reserve requirements of the former are based on a dominant competitive position nor adversely the aggregate of the branching banks' deposits affect the other competing banks in the area. On wherever located. For holding companies, on the the basis of the facts of record, the Board con- other hand, deposits are fractioned according to cludes that competitive considerations are consist- the size of each separate unit or office. This results ent with approval of the application. in lower requirements for a banking entity, the Considerations relating to the financial and multiple bank holding company, which is essenmanagerial resources and future prospects of Ap- tially comparable and competitive with branching plicant, its subsidiary banks and Bank are gener- systems. ally satisfactory and consistent with approval of When the holding company amendments were the application. Considerations relating to the considered in 1970 the Board advised the Congress convenience and needs of the community to be it did not believe that, as a matter of law, memserved are also consistent with approval of the bership in the Federal Reserve System should be application. required for the subsidiary banks of a holding In connection with its review of the proposal company. In the light of developments in the past herein, the Board's attention has been called to two years and the rapid spread of holding company the fact that Applicant has followed a practice of form of banking organization in many States, the acquiring certain banks that are members of the merit of that recommendation should be re-exam- Federal Reserve System and thereafter system- ined and the Board is in the process of doing so. atically withdrawing those banks from member- Nonetheless, on the basis of the facts in this ship in the System. Six of Applicant's present 11 case, and in light of the factors set forth in the subsidiary banks are not now members of the Act, it is the Board's judgment that the proposed System, and three of those six were converted to acquisition should be approved. The transaction nonmember status after having been acquired by shall not be consummated (A) before the thirtieth Applicant. Applicant now proposes to convert calendar day following the effective date of this another of its subsidiaries to nonmember status Order or (b) later than three months after the within a month. Although the bank that is the effective date of this Order unless such period is subject of the present application is not now a extended for good cause by the Board or by the member of the System and thus a consideration Federal Reserve Bank of Atlanta pursuant to deleof the practice previously followed by Applicant gated authority. with respect to its other subsidiary banks is not By order of the Board of Governors, effective directly before the Board, the Board is concerned January 5, 1973. that large bank holding companies such as this one should shun the public responsibilities that large Voting for this action: Chairman Burns and Governors Robertson, Daane, Brimmer, Sheehan, and Bucher. Absent banks or large families of banks have to be a part and not voting: Governor Mitchell. of and support the policies of the nation's central bank. Such a practice (if permitted to go un- (Signed) TYNAN SMITH, checked) could significantly diminish the effec- [SEAL] Secretary of the Board. 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LAW DEPARTMENT 111 CBT CORPORATION market. Bank and Applicant's subsidiary bank are HARTFORD, CONNECTICUT the two smallest competitors in that market, measured in terms of market share of commercial ORDER APPROVING ACQUISITION OF BANK bank deposits in the market. Bank controls only CBT Corporation, Hartford, Connecticut, a 1.0 per cent of total commercial bank deposits in bank holding company within the meaning of the the market, and the share of Applicant's subsidiary Bank Holding Company Act, has applied for the bank is only a fractional percentage. Furthermore, Board's approval under § 3(a)(3) of the Act (12 the Stamford-Norwalk market is subject to signifi- U.S.C. 1842(a)(3)) to acquire not less than 80 per cant competition from the much larger New York cent of the voting shares of the successor by City banks due to their proximity to the market merger to Fairfield County National Bank, Nor- and the appreciable commuter flow from that area walk, Connecticut ("Bank"). The bank into which to New York City. The proposed acquisition Bank is to be merged has no significance except would therefore involve no significant increase in as a means to facilitate the acquisition of the voting concentration of banking resources in the local shares of Bank. Accordingly the proposed acqui- banking market. sition of shares of the successor organization is The record indicates that present competition treated as the proposed acquisition of shares of between Bank and Applicant's subsidiary bank is Bank. minimal. Bank is primarily a retail bank serving Notice of the application, affording opportunity the Norwalk SMSA from its main office and only for interested persons to submit comments and other branch, both located in the city of Norwalk. views, has been given in accordance with § 3(b) Applicant's subsidiary bank operates its only of the Act. The time for filing comments and views branches in the market in the towns of Darien and has expired, and the Board has considered the New Canaan, which are in the Stamford SMSA application and all comments received in light of and are each about five miles distant from Bank. the factors set forth in § 3(c) of the Act (12 U.S.C. There is little deposit or loan overlap of each 1842(c)). institution's business into the other's service area. Applicant is the second largest banking organi- The Board concludes that there is no meaningful zation in Connecticut. It controls one bank, The existing competition that would be eliminated by Connecticut Bank and Trust Company, having the proposed acquisition. aggregate deposits of approximately $1.0 billion. It is possible that future competition could de- (All banking data are as of December 31, 1971, velop between Applicant and Bank. Applicant's and reflect bank holding company formations and subsidiary bank is presently prohibited from esacquisitions approved by the Board through De- tablishing a branch in Norwalk because of the cember 31, 1972.) The ten largest banking orga- home office protection enjoyed by Bank and one nizations in Connecticut control about 80 per cent other local bank under Connecticut's branching of the commercial bank deposits in the State. statute.1 The possibility that Applicant's subsidiary Applicant and the largest banking organization in bank might establish branches in neighboring the State, Hartford National Bank, together control towns, such as Wilton, Redding, or Weston, 37.3 per cent of Statewide commercial bank de- promises only marginal competition with Bank posits. While there is therefore significant concen- because, with a total capital and surplus of $400,tration of banking resources in Connecticut, Ap- 000, Bank is not legally permitted to establish plicant's market share of total commercial bank branches outside the city of Norwalk. However, deposits (18.2 per cent) has not yet reached a level Applicant could possibly enter Norwalk through where, in the Board's judgment, the acquisition the formation of a new bank. It must be considered of an existing bank should be presumed substan- to be a likely potential de novo entrant in view tially to lessen competition without regard to the of the recent interest shown by Applicant in this degree of additional concentration or the signifi- area of the State through branching by Applicant's cance of the acquisition to the local market. The subsidiary bank into nearby Darien and Fairfield acquisition of Bank ($11.5 million of deposits) in 1971 and into New Canaan and Ridgefield in would increase Applicant's share of deposits in 1972. the State by only two-tenths of one per cent. This Nevertheless, it does not appear that the elimiwould represent an insignificant increase in the nation of possible future competition between Apconcentration of banking resources. 1 Under section 36-59 of Connecticut's General Statutes, a Bank is one of twelve banking organizations that commercial bank may establish and operate branches only in have offices in the Stamford-Norwalk banking towns in which no other commercial bank has its main office. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 plicant and Bank is likely to have significant ad- Norwalk SMSA. Considerations relating to converse effects in the market. Most of the State's venience and needs of the communities to be ten largest banking organizations already have served are consistent with approval. It is the offices in the market, and there appears to be a Board's judgment that the proposed transaction is large number of banking alternatives for retail consistent with the public interest and that the banking customers. Moreover, with its limited application should be approved. capital and surplus, Bank does not have the re- Applicant owns directly one nonbanking subsources required to offer specialized banking serv- sidiary that was acquired between June 30, 1968 ices of a kind that can be provided by a subsidiary and December 31, 1970, CBT Data Services, bank of a large holding company such as Applicant Hartford, Connecticut. Acquired in September and that are presently being offered by the 1970, this Company engages in the business of branches of the larger New Haven and Bridgeport providing data processing services to nonbanking banks with which Bank competes. businesses. Applicant is not dominant in the market, and In making its determination herein, the Board there remain a few independent banks that could has relied upon a finding that the combination of affiliate with other banking organizations not rep- an additional subsidiary bank with Applicant's resented in the market. Applicant's acquisition of existing nonbanking subsidiaries is unlikely to Bank will not raise barriers to entry into the market have an adverse effect upon the public interest at by other banking organizations or place Applicant the present time. However, the Applicant's bankin a dominant position in the market. ing and nonbanking activities remain subject to The Board is, however, concerned about the Board review and the Board retains the authority possibility that the proposed acquisition would, to require Applicant to modify or terminate its standing by itself, permanently close the city of nonbanking activities or holdings if the Board at Norwalk to de novo branching by out-of-town any time determines that the combination of Apbanks under Connecticut's Home Office Protection plicant's banking and nonbanking activities is Law, cited above. In response to the Board's likely to have adverse effects on the public interest. concern, Applicant has made a commitment to the On the basis of the record, the application is Board, if the proposed acquisition is approved by approved for the reasons summarized above. The the Board, to take such steps as may be necessary transaction shall not be consummated (a) before and legally permissible to open the city of Norwalk the thirtieth calendar day following the effective to branch banking by out-of-town banks at such date of this Order or (b) later than three months time as the existence in Norwalk of Bank's main after the effective date of this Order, unless such office may become the only legal impediment to period is extended for good cause by the Board such branching. This commitment leaves open the or by the Federal Reserve Bank of Boston pursuant possibility that Norwalk will become open to such to delegated authority. branching in the future, and the Board considers By order of the Board of Governors, effective this possibility to be meaningful in view of the January 19, 1973. fact that the only other bank presently enjoying Voting for this action: Chairman Burns and Governors home office protection in Norwalk is not affiliated Mitchell, Daane, Sheehan, and Bucher. Voting against this with a bank holding company.2 action: Governors Robertson and Brimmer. Taking into consideration Applicant's commit- (Signed) TYNAN SMITH, ment, the Board concludes that consummation of [SEAL] Secretary of the Board. the proposed acquisition is unlikely to result in significant adverse effects on either existing or potential competition in any relevant area. The financial and managerial resources and fu- DISSENTING STATEMENT OF GOVERNORS ture prospects of Applicant, its subsidiaries, and ROBERTSON AND BRIMMER Bank appear to be satisfactory. The banking needs We would deny the application. Consummation of the communities involved are being adequately of the proposed acquisition would contribute to met at present. However, Applicant proposes to the already high level of concentration of banking provide through Bank an alternative source of resources in Connecticut. In addition, it would specialized banking services to residents of the eliminate potential competition in the rapidly growing Norwalk SMSA through the affiliation 2Merchants Bank and Trust Company ($30.1 million of deposits). with Applicant—an organization capable of com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 113 peting effectively on its own in the market—of the market. Therefore, its acquisition of Bank is a small but aggressive retail bank that could oth- anticompetitive since that acquisition will elimierwise serve as a vehicle for entry into that market nate the potential competition which would result by a smaller bank holding company. In these if Applicant entered the market through de novo circumstances, the application should be approved establishment of a subsidiary bank. only upon a showing of significant public benefits Connecticut has a Home Office Protection Law expected to flow from the proposed acquisition (Conn. Gen. Stat. 36-59) which prohibits comwhich would outweigh the adverse effects on mercial banks from branching into towns where competition. However, the convenience and needs other commercial banks have their home office. of the communities involved are being adequately The effect of this law is to foreclose entry into served, and there are no significant public benefits many important markets in the State except alleged for the proposed acquisition that would through the acquisition of an existing or de novo justify approval of the application. bank. This law affords a competitive advantage Concentration of banking resources in Connec- to the largest banking organizations in the State which have the resources to pay a substantially ticut has already reached such a level as to conhigher premium to acquire existing banks than vince us that the acquisition of an additional existtheir smaller competitors can afford to pay. For ing bank by a banking organization that controls example, in the present application, Applicant is approximately 18.2 per cent of total commercial paying a very substantial premium for the shares bank deposits in the State should be presumed to of the bank being acquired—approximately 70 per be unlawful in the absence of significant public cent in excess of book value. This means, of benefits to the communities served by the bank course, that supervisory authorities must pay being acquired. The majority of the Board cites especially careful attention to the competitive facmost of the pertinent statistics but reaches an tor in such proposed acquisitions. Otherwise, opposite conclusion. We would only point out, in Connecticut will end up with its banking facilities addition, that since June 30, 1961, the two largest controlled by a handful of giant holding compabanking organizations in the State have increased nies. their combined market shares by 2Vi percentage points. Approval of this application and similar There are presently five banks that have offices applications by either of the two largest banking in the city of Norwalk. Three of these banks are organizations in the State will only tend to perpet- out-of-town banks that acquired branches in Noruate the high level of concentration of banking walk by means of merger with local banks and resources in Connecticut. This would be to the are among the ten largest banking organizations detriment of competition and the public welfare. in the State. Bank is one of two independent banks We are also less sanguine than the majority of having their main offices in Norwalk which might the Board about the significance of anticipated serve as a vehicle for entry into the market by adverse effects on banking competition at the local other Connecticut bank holding companies or level. The city of Norwalk is heavily industrialized which might affiliate or merge with other smaller and has experienced excellent growth in recent Connecticut banking organizations that are not years. Furthermore, growth is expected to continue presently represented in the market. In either case, at an above average pace as compared with other Statewide competition would be enhanced. Elimiareas of Connecticut. Applicant has displayed nation of Bank as an independent competitor will considerable interest in penetrating this section of make it more difficult for other bank holding the State—with recently established branches in companies or banking organizations that are con- Darien, Fairfield, New Canaan, and Ridgefield, siderably smaller than Applicant and less able than each of which neighbors on the Norwalk SMSA. Applicant to compete in this market through ac- Bank ($11.5 million of deposits) has compiled a quisition of a de novo bank to achieve a meaningsatisfactory competitive record since its founding ful competitive presence therein. in 1964. Despite controlling only about 4.1 per A majority of the Board apparently feels that cent of total commercial bank deposits in the this possible adverse effect on potential competi- Norwalk SMSA, it is an aggressive competitor tion is fully counterbalanced by a commitment of within the framework of retail banking competition Applicant which could lead to the opening of the in that market. Applicant has the financial and city of Norwalk to branching by out-of-town managerial resources to compete effectively in the banks, if Bank's home office therein should bemarket without acquiring a going concern such as come the only legal impediment to such branching. Bank. Applicant is a likely potential entrant into In our view, this possible procompetitive effect Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 is too conjectural to weigh significantly in the subsidiary bank is located about 120 miles from balance of any determination regarding the com- Bank and there is no significant existing or potenpetitive effects of the proposed acquisition. tial competition between Bank and that bank or any other of Applicant's subsidiaries. Applicant's FIRST NATIONAL CITY CORPORATION, acquisition of Bank could have a procompetitive NEW YORK, NEW YORK effect since Bank, with Applicant's support, should compete more aggresively with the two ORDER APPROVING ACQUISITION OF BANKS largest banks in the Utica-Rome market, which First National City Corporation, New York, control approximately 84 per cent of deposits in New York, a bank holding company within the that market. meaning of the Bank Holding Company Act, has Central Valley Bank, with deposits of $15.1 applied for the Board's approval under § 3(a)(3) million, is located in the Middletown banking of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 market where it is the twelfth largest of 15 banks, per cent of the voting shares (less directors' quali- controlling 3.5 per cent of deposits in commercial fying shares) of both the successor by merger to banks in that market. Applicant's closest operating The First Trust and Deposit Company of Oriskany subsidiary banking office is the Peekskill branch Falls, Oriskany Falls, New York ("Oriskany of First National City Bank, located about 16 miles Bank") and the successor by merger to the Central from Bank. Bank and the Peekskill branch are Valley National Bank, Central Valley, New York separated by a toll bridge over the Hudson River ("Central Valley Bank"). The respective banks and the West Point Military Reservation. There into which each Bank is to be merged have no is no significant competition between Bank and significance except as a means to acquire all the Citibank's Peekskill office and, due to the geoshares of the respective Banks. Accordingly, the graphical separation of Bank and that office, it is proposed acquisition of the shares of the successor unlikely that significant competition would deorganizations is treated herein as the proposed velop in the future. Applicant's acquisition of acquisition of shares of each Bank. Bank could have a procompetitive effect since Notice of the applications, affording opportunity Bank, with Applicant's support, should compete for interested persons to submit comments and more aggressively with the five largest banks which control approximately 57 per cent of the views, has been given in accordance with § 3(b) deposits in that market. Additionally, approval of of the Act. The time for filing comments and views this application would remove home office protechas expired, and the Board has considered the tion from the town of Woodbury. On the basis applications and all comments received in light of of the record, the Board concludes that consumthe factors set forth in § 3(c) of the Act (12 U.S.C. mation of the proposed transactions would not 1842(c)). eliminate any significant existing or potential Applicant, the largest banking organization in competition between either Oriskany Bank or New York in terms of domestic deposits, controls Central Valley Bank and any other existing or five subsidiary banks with aggregate deposits of proposed subsidiary of Applicant. Further, conapproximately $13.5 billion, representing 14.0 per summation of the proposals would not have any cent of the total deposits in commercial banks in the State.1 Consummation of the proposed trans- adverse effect on competing banks in any relevant area. action would neither significantly increase Applicant's share of deposits in the State nor result in The financial and managerial resources and fua significant increase in the concentration of bank- ture prospects of Applicant, its existing subsidairy ing resources in New York. banks, Oriskany and Central Valley Bank are Oriskany Bank, with deposits of $4.8 million, generally satisfactory and consistent with apis located in the Utica-Rome banking market proval. It appears that the banking needs of the where it is the third smallest of 11 banks, control- communities to be served are being adequately met ling less than 1 per cent of deposits in commercial at present. However, Applicant proposes to probanks in that market. Applicant's closest operating vide new services at each Bank, such as trust, factoring, and travelers check services. Convenience and needs considerations are, therefore, consistent with and lend some weight toward apdeposit and market data relating to Applicant and Central proval of the applications. It is the Board's judg- Valley Bank are as of June 30, 1972. Deposit and market data relating to Oriskany Bank are as of December 31, 1971, ment that the proposed acquisitions would be in and June 30, 1971, respectively. All data is adjusted to reflect the public interest and that the applications should holding company formations and acquisitions through Debe approved. cember 31, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 115 Applicant owns several nonbanking companies the Board's review should not be limited to the that were formed or acquired prior to December effect of the proposed acquisitions upon Regis- 31, 1970. These companies are engaged in activi- trant's activities. I believe that the Board has the ties such as mortgage banking, leasing, factoring, authority and the responsibility to review the entire management consulting, community development operations of an applicant and to determine projects, and computer processing of financial in- whether or not there is already an undue concenformation. In making its determination herein, the tration of resources, decreased or unfair competi- Board has relied upon a finding that the combina- tion, conflicts of interest, or unsound banking tion of two additional subsidiary banks with Ap- practices; and, in the event any of these unfavorplicant's existing nonbanking subsidiaries is un- able conditions is found by the Board to exist, likely to have an adverse effect upon the public the Board should deny approval of the proposed interest at the present time. However, Applicant's acquisition of the bank or condition approval upon banking and nonbanking activities remain subject a modification of activities directed towards elimto Board review and the Board retains the authority inating an undue concentration of resources (or to require Applicant to modify or terminate its other evil designated in the Act) within an apprononbanking activities or holdings if the Board at priate time schedule. any time determines that the combination of Applicant's banking and nonbanking activities is DISSENTING STATEMENT OF GOVERNOR BRIMMER likely to have adverse effects on the public interest. This application involves the proposed acquisi- On the basis of the record, the applications are tion of two additional banks by a bank holding approved for the reasons summarized above. The company having certain "grandfather" privileges. transactions shall not be consummated (a) before The 1970 Amendments to the Bank Holding the thirtieth calendar day following the effective Company Act, which subjected Applicant to Board date of this Order or (b) later than three months regulation, provided certain "grandfather" priviafter the effective date of this Order, unless such leges to one-bank holding companies that acquired period is extended for good cause by the Board nonbanking companies between June 30, 1968, or by the Federal Reserve Bank of New York and December 31, 1970. pursuant to delegated authority. I have previously stated my belief that, before By order of the Board of Governors, effective a one-bank holding company having "grandfa- January 26, 1973. thered" activities or interests is allowed by the Voting for this action: Chairman Burns and Governors Board to become a multi-bank holding company, Robertson, Mitchell, Daane, and Sheehan. Voting against this the Board should decide explicitly whether the action: Governor Brimmer. Absent and not voting: Governor continued combination of the one-bank holding Bucher. company's existing bank and any of its "grandfa- (Signed) TYNAN SMITH, thered" nonbanking activities or interests is con- [SEAL] Secretary of the Board. sistent with the purposes of the Act.1 These same fundamental considerations should be applied each CONCURRING STATEMENT OF GOVERNOR time a bank holding company having "grandfa- ROBERTSON thered" activities or interests applies for the The majority has approved the subject applica- Board's approval of a proposed acquisition. In the tions on the principle that the banks proposed to present applications, a majority of the Board conbe acquired do not "interface" with Applicant's sidered only whether the combination of two adnonbank activities so as to cause or aggravate an ditional subsidiary banks with Applicant's existing undue concentration of resources, decreased or nonbanking subsidiaries would have an adverse unfair competition, conflicts of interest, or un- effect upon the public interest at this time. I sound banking practices. I concur in the approval disagree with the policy applied by the majority. only because (1)1 feel bound by the Board's policy The serious limitations of such a policy are well with respect to the treatment to be accorded a illustrated by the present case. Prior to 1971, proposed acquisition by a holding company that Applicant made several nonbanking acquisitions. has certain "grandfather" benefits with respect to These included two companies nationally promithe continuation of nonbank activities, and (2) the subject applications fall within the standards for !Dissenting Statement of Governor Brimmer in the matter approval under said policy of the Board. However, of the application of First National City Corporation to acquire the successor by merger to The National Exchange Bank of I deem it appropriate to voice my concern and Castleton-on-Hudson (1972 Federal Reserve BULLETIN 724disagreement with this policy. In my judgment, 725). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 nent in their fields: (1) Advance Mortgage Cor- cifically, did Applicant's acquisition of Advance poration, Southfield, Michigan, the fourth largest Mortgage Corporation have an adverse effect upon mortgage banking company in the country (with existing or potential competition in mortgage a mortgage servicing portfolio of approximately banking in various sections of this country? (3) $1.5 billion), and (2) Cresap, McCormick & In the competition to service corporate borrowers, Paget, Inc., a leading international general man- does Applicant's ownership of Cresap, McCoragement consulting firm (with gross billing of mick & Paget provide it with a significant and approximately $10 million).2 (It should be noted unwarranted competitive advantage over other that the Board has determined that general man- multi-bank holding companies that are prohibited agement consulting is not a permissible activity from engaging in management consulting activifor bank holding companies (1972 Federal Reserve ties? If, upon investigation, the Board would con- BULLETIN 674-677)). clude that these questions should be answered in I agree that the combination of the activities of the affirmative, I believe it is not powerless to deal the small community-oriented banks being ac- with the situation in the context of the applications quired with the activities of nonbanking companies being approved today—as would seem to be imprimarily competing in national or international plied by the policy followed by the majority. markets is not likely to result in significant adverse Prior to the 1970 Amendments to the Act, a effects from the point of view of the public inter- one-bank holding company seeking to expand as est. However, Applicant and its lead subsidiary a multi-bank holding company was required to bank are major competitors in both national and conform its activities to those permissible for other international markets. Applicant controls five sub- multi-bank holding companies. The 1970 Amendsidiary banks with aggregate domestic deposits of ments provided 10-year "grandfather" privileges $13.5 billion; it is the largest banking organization to one-bank holding companies, thereby allowing in New York and the second largest banking such companies to continue their nonbanking organization in the nation. Consequently, serious businesses. However, I cannot believe Congress adverse competitive effects may well arise from intended such privileges to continue automatically the continued combination of Applicant's existing after a "grandfathered" one-bank holding combanking and nonbanking businesses. In light of pany becomes a multi-bank holding company. A this possibility, permitting Applicant to add even contrary conclusion would provide a multi-bank two small banks to its already far-flung financial holding company enjoying "grandfather" privinetwork—without assessing explicitly all of its leges with potentially significant competitive adnonbanking activities—may not be in the public vantages over other multi-bank holding compainterest. nies. Admittedly, the statute and its legislative By making its approval of the proposed acqui- history may not clearly specify what effect the sitions dependent upon the absence of an adverse acquisition of an additional bank by any such interface between the activities of the large non- one-bank holding company should have upon the banking companies owned by Applicant and the continuation of its 10-year "grandfather" priviactivities of the small banks being acquired, the leges. However, I believe that, in the light of its Board fails to consider the most fundamental authority to issue such orders as may be necessary questions posed by these applications: (1) Is early to enable it to administer and carry out the purtermination of Applicant's combined ownership of poses of the Act, the Board has the obligation to its existing banking and nonbanking interests nec- evaluate the possible adverse competitive effects essary to prevent an undue concentration of re- which might arise from the continued combination sources, decreased or unfair competition, conflicts of Applicant's existing banking and nonbanking of interest or unsound banking practices? (2) Spe- businesses before approving applications. which allow Applicant to expand as a multi-bank holding company. If, upon investigation, the Board should 2Prior to 1971, Applicant also acquired (1) Air Market conclude that the continued combination of such Express, Ltd., Los Angeles, California, a company engaged businesses is inconsistent with the purposes of the in freight deconsolidation and reforwarding; (2) 155 East 52nd Street, Inc., New York, New York, a company that owns a Act, the Board should condition its approval of residential apartment building; and (3) Ginelli Development such applications upon the modification or early Corporation, New York, New York, a company that owns termination of the nonbanking activities which led several tracts of real estate. The Board has not yet determined whether the specific activities engaged in by these companies the Board to reach such a conclusion. are permissible for bank holding companies. However, some Because of the concerns expressed above, I of these activities may be impermissible (see 1972 Federal Reserve Bulletin 428-429). would not approve these applications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 117 F & M OPERATING COMPANY by First National's employees profit sharing trust.1 ABILENE, TEXAS Upon consummation of the proposal, Applicant would control total deposits of $87.2 million, representing .3 of one per cent of the total com- ORDER APPROVING ACQUISITION OF BANKS mercial bank deposits in the State. First National, located in downtown Abilene, F & M Operating Company, Abilene, Texas, is the largest banking organization in the Abilene a registered bank holding company owning 28.6 banking market, approximated by the Abilene per cent of the voting shares of Bank of Com- SMSA, and holds 29.2 per cent of the total demerce, Abilene, Texas, has applied for the Board's posits in commercial banks there. BOC Bank, approval under § 3(a)(3) of the Act (12 U.S.C. located on the outskirts of the city seven miles 1842(a)(3)) to acquire directly 100 per cent of the from First National, is the fourth largest banking voting shares (less directors' qualifying shares) of organization in the market, and holds 4.2 per cent the successor by merger to First National Bank of the deposits in commercial banks in the market. of Abilene, Abilene, Texas ("First National"), Consummation of the proposal would result in and, as an incident thereto, to acquire indirectly Applicant controlling two banks in the same maran additional 3.9 per cent of the voting shares of ket and about 33 per cent of the deposits in that Bank of Commerce, Abilene, Texas ("BOC market. However, since the two banks in question Bank"), which shares are now held by First Naare already under common control, and since the tional's employees profit sharing trust; by virtue proposed transaction is essentially a reorganization of § 2(g)(2) of the Act, such shares would be of existing interests and reflects neither an expandeemed to be controlled by Applicant upon its sion of a banking group nor an increase in the acquisition of the successor by merger to First banking resources controlled by it, consummation National. The bank into which First National is of Applicant's proposal is not expected to affect to be merged has no significance except as a means existing or potential banking competition. On the to facilitate the acquisition of all the voting shares basis of the facts of record, the Board concludes of First National. Accordingly, the proposed acthat consummation of the proposal would not have quisition of the successor organization is treated an adverse effect on competition in any relevant herein as the proposed acquisition of First Naarea. tional. The financial condition of Applicant is consid- Notice of the applications, affording opportunity ered satisfactory, its management (which is drawn for interested persons to submit comments and principally from First National) is considered views, has been given in accordance with § 3(b) capable, and its prospects appear favorable. The of the Act. The time for filing comments and views same conclusions apply generally with respect to has expired, and the Board has considered the the financial condition, management, and prosapplications and all comments received in light of pects of First National and BOC Bank. These the factors set forth in § 3(c) of the Act (12 U.S.C. considerations relating to the banking factors are 1842 (c)). consistent with approval of the applications. Applicant, the trusteed affiliate of First National Inasmuch as the proposal involves essentially ($76.3 million deposits), was organized in 1956 a corporate reorganization, there would be no by the management of First National, and presimmediate effect on the convenience and needs of ently holds 28.6 per cent of the voting shares of BOC Bank ($10.9 million deposits). (All banking 1 While in this instance the investment by the profit sharing data are as of December 31, 1971, adjusted to trust is not regarded as significant, the Board is concerned that reflect holding company formations and acquisi- the profit sharing trust which was established for the exclusive tions approved by the Board through August 31, benefit of the employees of First National has invested in some of the voting shares of BOC Bank. While the stock of banks 1972.) As a result of a restructuring of existing and bank holding companies can be appropriate investments interests, Applicant's status as a trusteed affiliate for such a trust, the Board is of the view that such holdings would be terminated, and Applicant would acquire should be limited to investments in banking organizations in which the bank that established the trust has neither an actual all the voting shares (except for directors' qualifyor potential interest to influence or control. Moreover, the ing shares) of First National and, as a result Board regards it as inappropriate for a bank to use such a thereof, an additional 3.9 per cent of the voting trust to further its own interests by investing in the stock of banking organizations in direct competition with the investing shares of BOC Bank, which shares are now held bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 the communities involved. However, consid- Voting for this action: Chairman Burns and Governors erations relating to the convenience and needs of Robertson, Mitchell, Daane, Brimmer, Sheehan, and Bucher. the communities are regarded as consistent with (Signed) TYNAN SMITH, approval of the applications. [SEAL] Secretary of the Board. In considering this application, the Board noted that First National has made several personal loans at preferential rates to officials at other Abilene ORDER UNDER SECTION 4(c)(8) OF banks which maintain correspondent balances with BANK HOLDING COMPANY ACT First National. In most instances, the loan was collaterallized by stock of the borrowing official's FIRST COMMERCIAL BANKS INC., bank. The Board believes that, if such loans are ALBANY,NEW YORK to be made by banks at all, they should be made ORDER DENYING ACQUISITION OF SCHENECTADY on the same basis as stock collateral loans in DISCOUNT CORPORATION general. The Board is concerned that such preferential loans could result in a conflict of interest First Commercial Banks Inc., Albany, New or breach of fiduciary duty on the part of the York, a bank holding company within the meaning borrowing officer or director if the reduction in of the Bank Holding Company Act, has applied the interest rate is conditioned on the maintenance for the Board's approval, under section 4(c)(8) of of correspondent balances with the lending bank the Act and § 225.4(b)(2) of the Board's Regulaor if such loans are not available on an equivalent tion Y, to acquire 95 per cent or more of the voting basis to all shareholders of the borrowing official's shares of Schenectady Discount Corporation, Colbank.2 In addition, making bank stock loans at onie, New York, and thereby all of the shares of lower than the prevailing interest rate may indicate Markwood Agency, Inc., Albany, New York; that the lending bank is attempting to gain a Colonie Adjustment Service, Inc., Albany, New measure of indirect control of the bank shares York; Desert Insurance Agency, Apache Junction, pledged as collateral for the loan without the Arizona; and Sunland Adjustment Service Corp., approval of the Board as required by the Act, Apache Junction, Arizona, all of which are although no evidence has been presented in the wholly-owned subsidiaries of Schenectady Dispresent case that First National has made such an count Corporation ("Schenectady"). The attempt. As a matter of policy in its administration proposed subsidiary and its subsidiaries engage in of the Bank Holding Company Act, it is the the activities of purchasing, from mobile home Board's view that each bank should adopt promp- dealers and others, retail instalment sales contracts tly a policy in lending on bank stock that avoids deriving from the sale of mobile homes; making the potential that through such loans it has unlaw- direct loans to mobile home dealers to finance fully acquired a measure of control over the shares inventory; the collection of delinquent loans held involved. by Schenectady Discount Corporation; the sale of On the basis of the record, the applications are group credit life insurance to its debtors; the sale approved for the reasons summarized above. The of casualty insurance on the property serving as transactions shall not be consummated (a) before collateral for the above-described extensions of the thirtieth calendar day following the effective credit;1 and the sale of personal effects insurance date of this Order or (b) later than three months and rental value insurance to individual borrowers after the effective date of this Order, unless such in conjunction with the casualty insurance. Such period is extended for good cause by the Board, activities have been determined by the Board to or by the Federal Reserve Bank of Dallas pursuant be closely related to banking or managing or to delegated authority. controlling banks (12 CFR 225.4(a)(1), (3), and By order of the Board of Governors, effective (9)(ii)(a)). January 29, 1973. Notice of the application, affording opportunity for interested persons to submit comments and -'The Board's concern in this area is also reflected in the guidelines previously adopted by the Board for use by the Reserve Banks in approving, under delegated authority, the *This insurance is sold both to direct borrowers from Schenformation of one-bank holding companies. Those guidelines ectady and to debtors on the contracts it purchases from mobile provide, inter alia, that Reserve Banks may approve the home dealers. In that Schenectady purchases retail instalment formation of a bank holding company involving a bank stock sales contracts on a continuing basis from the same mobile loan where the loan for the purchase of the bank stock is at home dealers, and the interval between the creation of the an interest rate comparable with other stock collateral loans security interests and their subsequent purchase is minimal, by the lender to persons of comparable credit standing, and the contracts being delivered by hand or placed in the mail the loan is not conditioned upon maintenance of a corre- to Schenectady immediately after the signatures have been spondent bank balance with the lender that exceeds the usual executed, the Board regards such purchases as extensions of needs of the bank whose shares are being purchased. 12 CFR credit under 12 CFR 225.4(a)(9)(ii)(a) as provided in 12 CFR 265.2(f)(22). 225.128(c)(4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 119 views on the public interest factors, has been duly major mobile home trading centers. published (37 Federal Register 20200). The time Schenectady competes principally in the Albany for filing comments and views has expired, and regional market, which is centered around the none has been timely received. tri-city area of Schenectady, Albany, and Troy and Applicant, through its three subsidiary banks, is approximated by Columbia, Greene, Schoharie, controls approximately $1.1 billion of deposits. Albany, Rensselaer, Montgomery, Schenectady, (All data are as of December 31, 1971.) Its lead Saratoga, Washington, and Warren Counties. bank, National Commercial Bank and Trust Com- Schenectady derives approximately 45 per cent of pany, Albany, New York ("Bank"), is the largest its total business from the Albany regional market. bank in Albany County, its total deposits of $745 Bank also engages in mobile home sales finance million representing approximately 42 per cent of in the Albany regional market. That market apdeposits in commercial banks in that county. Bank pears to be the relevant geographical area in which is also the largest bank in New York's Fourth the competitive effects of the proposed transaction Banking District controlling approximately 27 per are to be judged. There is considerable overlap cent of the District's deposits. Schenectady, with between the service area of both institutions, aptotal assets of approximately $22 million, is a sales proximately one-third of the retail instalment sales finance company specializing in the purchase of contracts purchased by Schenectady from dealers instalment contracts originated by mobile home in the Albany regional market deriving from dealers. Schenectady maintains its head office in Bank's service area. Conversely, approximately Colonie, New York, located approximately two 80 per cent of the mobile home paper held by miles north of Albany and operates a branch office Bank has been purchased from dealers located in in Apache Junction, Arizona. Approximately 10 Schenectady's service areas. Schenectady appears per cent of Schenectady's business is transacted to be the second largest supplier (and the largest at its branch office. nonbank source) of the approximately eighteen The relevant product market in which the Board suppliers of mobile home financing in the Albany analyzes the competitive aspects of the proposed regional market, in terms of dollar amount of transaction is mobile home sales finance, that is, mobile home purchase contracts derived from the the purchase of instalment sales contracts from market (approximately $12 million). Schenecmobile home dealers accompanied by the provi- tady's approximated market share is substantially sion of floor plan loans to finance the inventory greater than that of each of its lesser competitors. of mobile home dealers. Since the high cost of Bank appears to be the fifth largest supplier, based floor plan financing is not usually compensable by on market share, of mobile home financing in the interest charges, lenders refrain from providing Albany regional market. Consummation of the floor plan credit to a dealer, unless the dealer sells proposed transaction would have a significant adportions of its retail paper to the lender. Due to verse effect on existing competition in the field the existence of a secondary market for mobile of mobile home sales finance in the Albany rehome paper and the high risk deriving from the gional market. Since Schenectady and Applicant's considerable turnover among mobile home manu- banking subsidiaries also compete to a lesser defacturers and dealers, a mobile home sales finance gree in mobile home sales finance markets in the company requires specialized personnel. It is ba- Buffalo, Syracuse, Poughkeepsie, and Plattsburgh sically this need, as well as the larger amounts regions of New York State, consummation of the and longer maturities of individual mobile home proposed transaction would also have adverse efinstalment sales contracts, that distinguishes mo- fects upon existing competition in those markets. bile home sales finance from other types of con- Applicant's three subsidiary banks are actively sumer instalment sales finance. engaged in mobile home sales finance and appear Lenders engaged in mobile home sales finance to possess both the specialized skills and contacts generally deal directly with mobile home dealers. necessary to compete in that business. In view of Since the nature of the risks such lenders assume Bank's established market position, and Applirequires frequent visits to the premises of their cant's financial resources and managerial experdealer-customers for inspection of collateral, as tise, the Board believes that, even absent approval well as requiring a knowledge of local credit of this application, Applicant is likely to expand conditions and frequent sales and inventory ad- its mobile home sales finance activities. Consumjustments, the relevant geographic markets are mation of the proposed transaction would, therelocal or regional in scope, approximating areas fore, adversely affect the further development of within fifty to seventy-five miles surrounding competition in the mobile home sales finance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 business in the Albany regional market and other mation of the proposed transaction outweighs the regional markets in the State. possible adverse effects of the proposal. Applicant has indicated, as a public benefit to Based upon the foregoing and other considbe derived from its affiliation with Schenectady, erations reflected in the record, the Board has that it would inject additional capital into Schen- concluded that the public interest factors the Board ectady and thereby enhance future loan expansion is required to consider under section 4(c)(8) do by Schenectady. The increased supply of such not outweigh the possible adverse effects of the lendable funds might eventually result in lower proposed affiliation. Accordingly, the application borrowing costs to purchasers of mobile homes. is hereby denied. However, the same public benefit could be By order of the Board of Governors, effective achieved by the investment by Applicant of capital November 24, 1972. funds into its own mobile home sales finance Voting for this action: Vice Chairman Robertson and Govoperations. The identical public benefit being ernors Brimmer, Sheehan, and Bucher. Absent and not voting: achievable without the anticompetitive effects of Chairman Burns and Governors Mitchell and Daane. the instant proposal, the Board cannot conclude (Signed) ELIZABETH L. CARMICHAEL, that the public benefit to be derived from consum- [SEAL] Assistant Secretary of the Board. ORDERS NOT PRINTED IN THIS ISSUE During January 1973, 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 Cambridge Agency, Inc., The Cambridge State Bank, 1/ 4/73 38 F.R. 1305 Cambridge, Nebraska Cambridge, Nebraska 1/11/73 Fidelity Financial Corporation of Fidelity Bank of Michigan, 1/26/73 38 F.R. 3119 Michigan, Birmingham, Michigan 2/1/73 Birmingham, Michigan ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT- APPLICATIONS FOR ACQUISITION OF BANK Board action Federal (effective Register Applicant Bank(s) date) citation Alabama Bancorporation, Bank of Sulligent, 1/26/73 38 F.R. 3626 Birmingham, Alabama Sulligent, Alabama 2/8/73 BancOhio Corporation, The Capital National Bank, 1/ 2/73 38 F.R. 1234 Columbus, Ohio Cleveland, Ohio 1/10/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 121 ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT- APPLICATIONS FOR ACQUISITION OF BANK —Cont. Board action Federal (effective Register Applicant Bank(s) date) citation The Peoples Savings Bank 1/ 2/73 38 F.R. 1235 Company, 1/10/73 Delta, Ohio Boone County Insurance Agency, The First National Bank of 1/ 8/73 38 F.R. 1617 Centralia, Missouri Centralia, Centralia, Missouri 1/16/73 Century Bancorp, Inc., North Shore Bank and Banking 1/ 4/73 38 F.R. 1306 1/11/73 Somerville, Massachusetts Company, Lynn, Massachusetts 38 F.R. 2237 Chemical New York Corporation, State Bank of Hilton, 1/15/73 1/23/73 New York, New York Hilton, New York 38 F.R. 1539 Equitable Bancorporation, University National Bank, 1/ 5/73 1/15/73 Baltimore, Maryland Rockville, Maryland 38 F.R. 1772 First Financial Corporation, The Lee County Bank, 1/11/73 1/18/73 Tampa, Florida Fort Myers, Florida 38 F.R. 3010 First Florida Bancorporation, Ormond Beach First National Bank, 1/23/73 1/31/73 Tampa, Florida Ormond Beach, Florida 38 F.R. 1307 First National Financial The Commercial Bank of 1/ 4/73 1/11/73 Corporation Stambaugh Kalamazoo, Michigan Stambaugh, Michigan First National Bank of Holland, 1/15/73 38 F.R. 2337 Holland, Michigan 1/24/73 First Steuben Bancorp, Inc., The First National Bank of 1/18/73 38 F.R. 2716 Steubenville, Ohio Hopedale, 1/29/73 Hopedale, Ohio Manufacturers Hanover Citizens Bank of Monroe, 1/ 8/73 38 F.R. 1618 Corporation, Monroe, New York 1/16/73 Dover, Delaware Southeast Banking Corporation, Bank of Florida at Fort Lauderdale, 1/16/73 38 F.R. 2339 Miami, Florida Fort Lauderdale, Florida 1/23/73 Bankers Bank of Florida, Fort Lauderdale, Florida, Southwest Bancshares, Inc., Houston Intercontinental National 1/ 4/73 38 F.R. 1309 Houston, Texas Bank, Houston, Texas 1/11/73 Third National Corporation, Bank of Knoxville, 1/24/73 38 F.R. 3120 Nashville, Tennessee Knoxville, Tennessee 2/1/73 First National Bank of 1/ 5/73 38 F.R. 1541 Lawrenceburg, 1/15/73 Lawrenceburg, Tennessee United Banks of Colorado, Inc., National Bank of Delta, 1/10/73 38 F.R. 2239 Denver, Colorado Delta, Colorado 1/23/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 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 Cambridge Agency, Inc., Cambridge Insurance Agency, Inc., 1/ 4/73 38 F.R. 1305 Cambridge, Nebraska Cambridge, Nebraska 1/11/73 First Amtenn Corporation, Atlantic Discount Company, Inc., 1/26/73 38 F.R. 3354 Nashville, Tennessee Jacksonville, Florida 2/5/73 Great American Corporation, Bell Finance Service, 1/15/73 38 F.R. 2338 Baton Rouge, Louisiana New Orleans, Louisiana 1.124113 Redwood Bancorp, National Mortgage Company, 1/18/73 38 F.R. 3014 San Rafael, California Salt Lake City, Utah 1/31/73 Security National Corporation, Central Leasing Corporation, 1/18/73 38 F.R. 2496 Sioux City, Iowa Sioux City, Iowa 1126113 Wells Fargo & Company, Grayco Land Escrow, Ltd., 1/ 2/73 38 F.R. 1236 San Francisco, California Pasadena, California 1/10/73 ORDERS UNDER BANK MERGER ACT— APPLICATIONS TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS Board action Federal (effective Register Applicant Bank date) citation The Delta Bank, The Peoples Savings Bank 1/ 2/73 38 F.R. 1235 Delta, Ohio Company, 1/10/73 Delta, Ohio ORDER UNDER SECTION 4(d) OF BANK HOLDING COMPANY ACT— EXEMPTION FROM PROHIBITIONS RELATING TO NONBANKING ACTIVITIES OF BANK HOLDING COMPANIES Board action Federal (effective Register Applicant Bank date) citation Heldenfels Brothers, First National Bank of Rockport, 1/ 5/73 38 F.R. 1540 Corpus Christi, Texas Rockport, Texas 1/15/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements FOREIGN BANKING STUDY The review will include consultations with other central banks and other officials on matters of The Board of Governors of the Federal Reserve common interest. Thereafter, to the extent required System announced on February 1, 1973, that it by consideration of effective and equitable regulahad been reviewing for some time its regulations tion of international banking, the Board expects applicable to foreign activities of U.S. banks and to consider the possible need for legislation and the regulatory issues posed by U.S. activity of to propose changes in its own governing regulaforeign banks. tions. Ample time will be afforded for public The need for a review of international banking comment on any proposed regulatory changes. regulation results from a substantial growth in recent years in the size and scope of activities of BALANCE OF PAYMENTS PROGRAM: foreign banks that have entered the United States REVISED GUIDELINES and the dramatic increase in foreign operations of U.S. banks. For example, in the period 1965 to The Voluntary Foreign Credit Restraint (VFCR) 1972, assets of agencies and branches of foreign Guidelines, as issued by the Board of Governors banks located in the United States increased three- on November 11, 1971, and as amended by the fold to about $13 billion, and the assets of foreign Board on March 9, November 7, and December branches of U.S. banks increased about eightfold 1, 1972, are now available in consolidated form. to about $75 billion. These guidelines are provided in connection with Because of its longstanding regulatory respon- the foreign credit and investment activities of U.S. sibilities over U.S. banks operating abroad, the banks and nonbank financial institutions. Copies Board has had policies in this field of activity under will be made available to financial institutions consideration for some time. The Board is also through the Federal Reserve Banks in their disgiving increased attention to the U.S. operations tricts. Additional copies may be obtained on reof foreign banks, as a result of both increased quest from the Reserve Banks or from Publications activity in this area and the responsibilities as- Services, Division of Administrative Services, signed to the Board under the 1970 amendments Board of Governors of the Federal Reserve Systo the Bank Holding Company Act. tem, Washington, D.C. 20551. Board Members George W. Mitchell and J. Dewey Daane recently visited several European VOLUNTARY FOREIGN CREDIT RESTRAINT central banks to discuss the international activities PROGRAM of multinational banks. The review announced by the Board is focused The following are summaries of the recent interon structural aspects of U.S. activities of foreign pretations of the Voluntary Foreign Credit Rebanks and foreign operations of U.S. banks; it straint (VFCR) Guidelines that have been issued, does not extend to the volume and types of inter- under authority delegated to Governor Andrew F. national flows of funds through such institutions. Brimmer, to the Federal Reserve Banks. (For text The Federal Reserve will be carrying forward of Guidelines, see the BULLETINS for November its review in these fields with the assistance of 1971, pp. 906-16; for March 1972, p. 321; for a Steering Committee made up of three members November 1972, p. 995-96; and for December of the Board of Governors and three Presidents 1972, p. 1037.) of the Federal Reserve Banks. They are Governor Mitchell, Chairman, and Governors Daane and Lease of U.S. Equipment for Use in the Jeffrey M. Bucher and Presidents Alfred Hayes United States of the Federal Reserve Bank of New York, Bruce Guideline provision K. MacLaury of the Federal Reserve Bank of Minneapolis, and John J. Balles of the Federal "Export credit" means any claim on a foreigner Reserve Bank of San Francisco. for the demonstrable financing (a) of the export 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 of U.S. goods or (b) of the performance abroad created debt instrument, provided that it meets the of U.S. services (IV-3-first paragraph). conditions set forth in the Guidelines (essentially, that it is related to "specific, individual, identifia- Interpretation ble exports for which . . . documents evidencing A credit extended to a company in a foreign the exports are obtainable"). country to finance the lease of U.S. equipment to be used in the United States by its U.S. subsidiary Export Credit Covering Goods with Foreign would not be an export credit. Components or Raw Materials Guideline provision Credit to Finance Freight of Foreign Products For purposes of the export credit definition, U.S. Carried in U.S.-Operated Vessels goods are goods grown, produced, or manufac- Guideline provision tured in the United States. A particular credit U.S. services performed abroad should be services should be regarded as an export credit only if 85 performed outside the United States by U.S. do- per cent or more of its total amount finances U.S. miciled or U.S. incorporated companies or by exports (IV-3-fourth and sixth paragraphs). U.S. nationals temporarily resident abroad (IV-3fifth paragraph). Interpretation (1) Components Interpretation When clearly identifiable foreign components are A credit to a foreigner to finance ocean freight incorporated into a product exported from the to be paid on petroleum produced in another United States, the export financing may be strucforeign country by a subsidiary of a U.S. oil tured so as to distinguish the foreign from the company would be an export credit (for services), domestic components. If this is to be done, there provided the vessel was operated by a company should be two (or more) notes representing the established in the United States. The credit would aggregate debt obligations of the foreign buyer or not qualify as an export credit if the company importer. The note (or notes) applying to the U.S. operating the vessel were a foreign-organized subcomponents would qualify as export credit. sidiary of a U.S. corporation; for the credit to For example, this technique could be used in qualify, the company operating the vessel would the financing of aircraft in which the airframe was have to be a U.S. domiciled or U.S. incorporated manufactured abroad and the engines manufaccompany, which could be a U.S. subsidiary of tured in the United States. The export credits a foreign company. Also, for the credit to qualify, would be represented by notes covering only the it would not be sufficient for the vessel to be owned U.S.-made engines. by a U.S. company (including a U.S. subsidiary Once the value of the domestic components has of a foreign company); the vessel would have to been ascertained, the 85 per cent formula should be operated by a U.S. company (which might be not be used to expand that value for purposes of a U.S. subsidiary of a foreign company). determining the amount eligible to be treated as export credit. That formula was included in the Purchase of Export Credits from Foreign Financial Guidelines to minimize the administrative burden Institutions of calculating or verifying export content of a credit; when fractional export content can be Guideline provision ascertained for the interpretation concerning Export credits are exempted from restraint (II-Bforeign content, the 85 per cent formula is not 1-a and III-E-1). Being claims on foreigners held applicable. for an institution's own account, export credits are (2) Raw materials specifically defined in the Guidelines. Export credit When an article exported is manufactured in the may be indirect, that is, extended through a foreign United States in whole or in part from foreign raw financial institution, and may be extended through materials or with foreign components that are not purchase of documented loan paper (IV-3). substantial or clearly identifiable, a determination Interpretation must be made as to whether the resulting product A debt obligation that represents a credit granted has been "substantially transformed" in the initially by a foreign financial institution to another United States. foreigner to finance the purchase of U.S. exports To illustrate the question: a generator manufacis an export credit of a U.S. bank, or U.S. nonbank tured in the United States utilizes substantial financial institution, that purchases the foreign- amounts of Chilean copper and is manufactured Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 125 according to engineering designs produced in the ADMISSION OF STATE BANKS TO MEMBERSHIP IN United Kingdom. A determination would have to THE FEDERAL RESERVE SYSTEM be made as to whether the resulting generator The following banks were admitted to membership should be considered a U.S. article. In a case such in the Federal Reserve System during the period as this, it would not be feasible or perhaps useful January 16, 1973, through February 15, 1973. to ascertain the portion of final value attributable to the foreign raw materials or to the foreign Georgia engineering services. However, it might be feasi- Stone Mountain The Citizens Bank of ble to determine whether the U.S. manufacture Georgia resulted in a "substantial transformation'1 in the Louisiana United States of the foreign materials. New Orleans Colonial Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 16 Industrial production, nonfarm employment, and EMPLOYMENT retail sales advanced in January, and the unem- Nonfarm payroll employment rose substantially in ployment rate edged down. The wholesale price January with gains widespread. Manufacturing index rose further. Commercial bank credit and employment increased moderately but the factory time and savings deposits increased, and the workweek fell by half an hour to 40.2 hours. The money stock was about unchanged. Between midunemployment rate edged down 0.1 percentage January and mid-February, yields in money and point to 5.0 per cent. security markets rose. RETAIL SALES INDUSTRIAL PRODUCTION The value of retail sales rose 3 per cent in January Industrial production rose an estimated 0.5 per and was 16 per cent above a year earlier, according cent further in January and at 119.8 per cent to the advance report. Sales at both durable and (1967=100) was 10.2 per cent above a year earnondurable goods stores were strong. lier. The gains in output were mainly among consumer goods and business equipment. Strong increases in output were widespread AGRICULTURE among both durable and nondurable consumer January red meat and poultry supplies dropped to goods in January. Auto assemblies, however, de- the lowest level in three years. A turnaround in clined 6 per cent from a very high December level pork production, however, is underway; also beef and were at an annual rate of 9.7 million units. cow and calf inventories expanded substantially Auto production schedules for February indicate during the past year. a rise of about 4 per cent. Production of business The 1973 feed grain and wheat programs have equipment advanced strongly in January and was been revised to encourage larger plantings of at a new high nearly 14 per cent above a year grains and soybeans, commodities for which there ago. Output of construction products also ad- are strong domestic and foreign demands. vanced further, and production of steel and of most other industrial materials was maintained at record WHOLESALE PRICES levels. The wholesale price index, after seasonal adjust- INDUSTRIAL PRODUCTION ment, increased 1.1 per cent between December RATIO SCALE, 1967=100 and January. Prices of farm and food products rose 2.9 per cent as large increases were posted for livestock and meat, dairy products and eggs, fresh vegetables, manufactured animal feeds, and raw cotton and wool. The index of industrial commodities rose 0.3 per cent with higher prices for metals and metal products, fuels, textile products, and machinery. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit, after adjustment for transfers of loans between banks and their affiliates, increased during January at a somewhat faster pace than in the fourth quarter. A sharp increase in loans reflected unusually strong expansion in F.R. indexes, seasonally adjusted. Latest figures: January. business loans and continued substantial growth 126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

in real estate and consumer loans. Holdings of SECURITY MARKETS U.S. Treasury securities declined slightly follow- Treasury bill rates ranged from 5 to 20 basis points ing little change in the fourth quarter while hold- higher between mid-January and mid-February. ings of other securities rose further at about the The 3-month bill was bid at about 5.37 per cent moderate pace of other recent months. in mid-February, up from 5.27 a month earlier. The narrowly defined money stock showed little During the same period, yields on intermefurther change in January after an unusually rapid diate-term U.S. Government notes and bonds adadvance in December. Growth in time and savings vanced some 20 to 25 basis points, while longdeposits other than large negotiable CD's was term bonds rose about 15 basis points. slightly faster than that of other recent months Interest rates on new corporate security rates while acquisitions of large CD's continued heavy, rose on balance during the period from early Janincreasing at about the average monthly rate of uary to mid-February, and seasoned corporate sethe fourth quarter. curity rates continued to rise steadily. Although Net borrowed reserves averaged about $940 yields on municipal securities fluctuated modermillion over the 5 weeks ending January 31 com- ately during this period, rates were up slightly at pared with $690 million in December. Member mid-February. bank borrowings increased further but excess re- Common stock prices and volume declined durserves also rose somewhat. ing the same interval. PRICES INTEREST RATES Wholesale Consumer - - 130 - ALL ITEMS^/ — 120 ALL COMMODITIES^ 110 y - 110000 " I i Bureau of Labor Statistics. "Farm products and foods" is BLS Discount rate, range or level for all F.R. Banks. Weekly "Farm products, and processed foods and feeds." Latest average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, December; Wholesale, January. years or more and for 90-day Treasury bills. Latest figures: week ending Feb. 10. 127 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

2 FEDERAL RESERVE BULLETIN • FEBRUARY 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 Earnings and expenses of Federal Reserve Banks, 1972 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 Page Flow of funds Nov. 1972 A-73.1—A-73.9 Banks and branches, number, by class and State Apr. 1972 A-98—A-99 Semiannually Flow of funds: Banking offices: Assets and liabilities: 1960-71 June 1972 A-73.10—A.73.21 Analysis of changes in number ... Aug. 1972 A-98 On, and not on, Federal Reserve Par List, number Aug. 1972 A-99 Flows: 1965-71 data Nov. 1972 A-72—A-73.9 Annually Bank holding companies: Income and expenses: List, Dec. 31, 1971 June 1972 A-98 Federal Reserve Banks Feb. 1973 A-98—A-99 Banking offices and deposits of Insured commercial banks May 1972 A-98—A-99 Member banks: group banks, Dec. 31, 1971 Aug. 1972 A-101 Calendar year May 1972 A-98—A-107 Banking and monetary statistics: Income ratios May 1972 A-108—A-113 Operating ratios July 1972 A-102—A-107 1971 Mar. 1972 A-98—A-110 July 1972 A-98—A-101 Stock market credit 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 • FEBRUARY 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 Held Other s G to o c ld k ce R rt i i g fi h c t a s te Bought u re n p d u e r r - Loans Float 2 as F se .R ts . 3 Total 4 account Total out- chase right agreement Averages of daily figures 1939—Dec 2,510 2,510 8 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 9 142 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 1,049 3,479 1,138 76,851 10,410 400 1973—Jan. * 72,194 71,711 483 1,166 3,223 1,329 78,019 10,410 400 Week ending— 1972—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 1,221 3,217 1,144 77,088 10,410 400 27 70,646 70,646 1,118 4,636 1,186 77,656 10,410 400 1973—Jan. 3 71,737 71,150 587 1,751 4,046 1,255 78,912 10,410 400 10 71,629 71,573 56 688 4,557 1,276 78,233 10,410 400 17 71,949 71,555 394 1,298 3,773 1,311 78,434 10,410 400 24* 72,092 71,555 537 1,095 2,866 1,383 77,537 10,410 400 31* 72,957 72,343 614 1,311 1,638 1,373 77,398 10,410 400 End of month 1972—No v 70,678 6 70,678 501 2,350 1,041 74,633 10,410 400 71,230 6 71,119 111 1,981 3,974 1,260 78,551 10,410 400 Dec 73,394 6 72,444 950 1,310 2,176 1,339 78,360 10,410 1973—Jan. * Wednesday 71,352 6 71,105 247 567 3,960 1,373 77,397 10,410 400 1972—Nov. 1 72,400 6 71,105 1,295 1,468 3,522 1,404 78,971 10,410 400 8 69,127 6,7 69,127 130 3,464 1.058 73,841 10,410 400 2125 71,084 6 70,784 300 252 3,466 978 75,896 10,410 400 29 70,338 6,7 70,338 677 2,642 1.059 74,778 10,410 400 Dec. 6 70,741 6,7 70,231 510 274 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 6,7 70,741 633 1,442 4,063 1,175 78,212 10,410 400 27 69,545 6,7 69,545 1,435 4,103 1,219 76,371 10,410 400 1973—Jan. 3 73,615 6 71,361 2,254 891 4,146 1,274 80,119 10,410 400 10 71,509 6 71,509 830 4,627 1,302 78,344 10,410 400 17 72,275 6 71,616 659 1,072 4,399 1,380 79,274 10,410 400 24 * 73,298 6 71,768 1,530 2,008 2,618 1,522 79,587 10,410 400 31* 73,394 6 72,444 950 1,310 2,176 1,339 78,360 10,410 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 reserves, Other reserves Period or date Treas- with F.R. Banks Other F.R. ury F.R. liacash ac- bilities h i o n l g d s - Tr u e r a y s- F ei o g r n - Other 2 counts 3 ca a p n i d t al B W F a . n i R t k h . s c r C e a o n u n in d c r - y 5 Total 8 Averages oi 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 24,830 6,095 31,353 Dec. 364 2,033 294 644 2,365 26,176 6,462 32,917 1973—Jan.? Week ending— 368 1,576 184 608 2,414 27,857 5,847 33,704 1972—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 5 32,132 158 374 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 25,069 5,889 31,408 20 346 1,689 280 591 2,385 24,899 6,092 31,441 27 346 1,715 322 767 2,213 26,109 6,216 32,604 1973—Jan. 3 350 1,707 287 673 2,254 26,064 6,163 32,506 10 366 1,664 291 606 2,326 26,817 6,913 34,009 17 372 2,303 306 614 2,411 25,857 6,413 32,549 24 p 377 2,671 278 636 2,535 25,812 6,457 32,548 31 p End of month 333 1,182 188 629 2,477 23,783 5,868 5 30,101 1972—Nov. 8 345 1,855 325 840 2,143 25,647 6,216 32,142 Dec. 373 2,747 310 674 2,576 26,520 6,457 33,256 1973—Jan. Wednesday 379 1,597 160 654 2,467 27,571 5,847 33,418 394 1,044 256 668 2,385 28,964 5,916 34,880 1972—Nov. 1 382 1,523 214 620 2,291 23,113 6,174 5 29,737 8 377 989 205 565 2.363 25,381 5,342 31,173 158 360 1,074 200 603 2,418 23,920 5,802 30,172 22 29 361 1,188 284 547 2,590 24,390 5,868 30,708 Dec. 6 359 1,525 259 612 2,318 27,157 6,427 34,034 13 359 1,145 271 546 2.364 26,087 5,889 32,426 20 361 2,264 296 657 2,399 22,516 6,092 29,058 27 343 1,048 320 713 2,252 28,033 6,216 34,528 1973—Jan. 3 363 1,961 305 845 2,270 25,793 6,163 32,235 10 376 1,842 288 633 2,367 27,586 6,920 34,785 17 386 2,207 264 593 2,459 28,213 6,413 34,905 24* 373 2,747 310 674 2,576 26,520 6,457 33,256 31p 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. a 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 Digitized foro Fn RWAedS. EaRnd 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 http://fraser.stlso Puairst feadllo.owregd / as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed million. Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • FEBRUARY 1973 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks 3 All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves BBoorr-- T he o l t d a 1 l qu R ir e e - d; Excess1 B r F i o a n a . w n R g t k s - . s h T e o ld ta 1 l qu R ir e e - d: Excess1 B r F i o a n a . n w g R t k s - . s s F er r r v e e e - e s T h o el ta d l 1 qu R ir e e - d2 Excess1 BB r F r F ii aa oo nn .. aa nn RR ww gg tt kk ss .. -- ss 1939—Dec.. 11,473 6,462 5,011 3 5,008 5,623 3,012 ,61 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 8 5 1960—Dec.. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 1965—Dec.. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 1967—Dec.. 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 1968—Dec.. 27,221 26,766 455 765 -310 5,157 5.057 100 230 -130 1,199 1,184 15 85 1969—Dec.. 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 18 27 1970—Dec.. 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 7 4 1971—Dec.. 31,329 31,164 165 107 58 5.774 5,749 25 35 -10 1,426 1,425 1 8 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 4 Apr.. . 32,565 32,429 136 109 27 5,938 5,940 -2 48 -50 1,482 1,476 6 5 May.. 32,812 32,708 104 119 -15 6,045 6,031 14 50 -36 1,514 1,505 9 12 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 6 Aug... 33,148 32,893 255 438 -183 6,000 5,994 6 116 -110 1,510 1,500 10 11 Sept.. . 33,003 32,841 162 514 -352 5,981 5,952 29 136 -107 1,512 1,513 — 1 12 Oct.. . , 33,803 33,556 247 574 -327 6,148 6,087 61 59 2 1,564 1,542 22 45 Nov.1. 31,774 31,460 314 606 -292 5,927 5.923 4 64 -60 1,438 1,452 -14 19 Dec.. . 31,353 31,134 219 1,049 -830 6,005 6,025 -20 301 -321 1,492 1,479 13 55 1973—Jan.27 32,917 32,620 297 1,166 -869 6,530 6,440 90 193 -103 1,555 1,561 -6 108 Week ending— 1972—Jan. 5.. 32,814 32,502 312 57 255 6,200 6,120 80 80 1,520 1,526 -6 12.. 32,793 32,688 105 17 88 6,055 6,141 -86 -86 1,569 1,549 20 19.. 33,665 33,447 218 14 204 6,369 6,267 102 102 1,526 1,563 -37 26.. 32,592 32,400 192 12 180 5,766 5,848 -82 -82 1,475 1,459 16 1972—July 5.. 33,143 32,815 328 312 16 6,171 6,097 74 42 32 1,532 1,507 25 12.. 32,747 32,524 223 227 -4 6,014 5,991 23 23 1,484 1,485 -1 19.. 33,295 33,148 147 173 -26 6,184 6,209 -25 -25 1,519 1,530 -11 26.. 33,040 32,961 79 172 -93 6,123 6,124 26 -27 1,501 1,489 12 26 Aug. 2.. 33,139 32,897 242 363 -121 6,052 6,051 144 -143 1,485 1,498 -13 11 9.. 33,133 33,003 130 287 -157 6,037 6,038 39 -40 1,533 1,518 15 35 16.. 33,326 33,072 254 382 -128 6,138 6,102 36 76 -40 1,503 1,516 -13 23.. 32,822 32,782 40 348 -308 5,860 5,935 -75 79 -154 1,497 1,485 12 30.. 32,978 32,751 227 477 -250 5,986 5,901 85 86 -1 1,472 1,482 -10 Sept. 6.. 33,362 32,566 796 837 -41 6,213 5,885 328 260 68 1,568 1,488 80 4 13.. 32,520 32,635 -115 149 -264 5,866 5,949 -83 -83 1,483 1,516 -33 4 20.. 33,017 32,81 206 717 -511 6,032 5,981 51 345 -294 1,557 1,528 29 28 27.. 33,053 33,016 37 550 -513 5,870 5,919 -49 59 -108 1,465 1,497 -32 17 Oct. 4.. 33,731 33,501 230 436 -206 6,154 6,107 47 1,589 1,563 26 39 33,710 33,352 358 535 -177 6,100 6,088 12 -24 1,570 1,547 23 77 is!! 34,098 33,977 121 434 -313 6,312 6,295 17 17 1,560 1,591 -31 17 25.. 33,555 33,405 150 765 -615 5,937 5,976 -39 185 -224 1,526 1,501 25 62 Nov. 1.. 33,704 33,499 205 555 -350 6,002 5,964 38 2 36 1,499 1,514 -15 7 8.. 33,694 33,570 124 959 -835 6,037 6,069 -32 192 -224 1,546 1,526 20 31 151. 32,132 31,346 786 494 292 6,267 6,071 196 196 1,465 1,476 -11 11 22.. 30,539 30,350 189 419 -230 5,845 5,863 -18 -19 1,421 1,395 26 15 29.. 30,728 30,388 340 572 -232 5,709 5,683 26 80 -54 1,374 1,404 -30 23 Dec. 6.. 31,009 30,673 336 589 -253 5,930 5,909 21 43 -22 1,487 1,454 33 75 13.. 31,068 30,824 244 805 -561 5,933 5,909 24 206 -182 1,438 1,462 -24 13 20.. 31,408 31,202 206 1,221 -1,015 6,111 6,094 17 422 -405 1,511 1,477 34 21 27.. 31,441 31,252 189 1,118 -929 5,929 5,966 -37 278 -315 1,475 1,474 1 1973—Jan. 3.. 32,604 32,044 560 1,751 -1,191 6,535 6,386 149 713 -564 1,570 1,560 10 279 10.. 32,506 32,380 126 688 -562 6,431 6,452 -21 66 -87 1,555 1,565 -10 19 17.. 34,009 33,668 341 1,298 -957 6,829 6,783 46 201 -155 1,670 1,653 17 189 24 p. 32,549 32,534 15 1,095 -1,080 6,240 6,337 -97 260 -357 1,495 1,528 -33 19 31». 32,548 32,114 434 1,311 -877 6,422 6,209 213 213 1,504 1,496 8 110 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks3 Country banks 3 Reserves Borrow- Reserves Borrow- Period ings at Free ings at Free F.R. reserves F.R. reserves h T e o l t d a 1 l Required: Excess1 Banks h T e o l t d a 1 l Required: Excess1 Banks 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ...1939—Dec. 4,317 3,014 1,303 1,302 2,210 1,406 804 4 800 ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 ,011 46 965 ...1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ...1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ...1960—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ...1965—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 .. .1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 . ..1968—Dec. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 . ..1969—Dec. 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 .. .1970—Dec. 12,198 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 Mar. 12,820 12,804 16 22 -6 12,325 12,209 116 34 82 Apr. 12,874 12,898 -24 31 -55 12,379 12,274 105 26 79 May 12,746 12,739 7 40 -33 12,349 12,185 164 48 116 June 12,849 12,890 -41 64 -105 12,533 12,385 148 117 31 July 12,980 12,908 72 134 -62 12,658 12,491 167 177 -10 Aug. 12,805 12,807 -2 195 -197 12,705 12,569 136 171 -35 Sept. 13,131 13,107 24 240 -216 12,960 12,820 140 230 -90 Oct. 12,057 12,058 -1 248 -249 12,022 12,027 -5 275 -280 Nov. i 11,729 11,771 -42 429 -471 11,699 11,859 -160 264 -424 Dec. 12,231 12,270 -39 578 -617 12,322 12,349 -27 287 -314 . . .1973—Jan." Week ending— 12,871 12,819 52 52 12,223 12,037 186 57 129 1972—Jan. 5 12,898 12,927 -29 -29 12,271 12,071 200 17 183 12 13,309 13,327 -18 -18 12,461 12,290 171 14 157 19 12,932 12,837 95 95 12,419 12,256 163 12 151 26 12,924 12,846 78 126 -48 12,516 12.365 151 144 7 July 5 12,827 12,814 13 78 -65 12,422 12,234 188 149 39 12 13,046 13,057 -11 64 -75 12,546 12,352 194 109 85 19 12,783 12,849 -66 33 -99 12,633 12,499 134 87 47 26 12,942 12,870 72 96 -24 12,660 12,478 182 112 70 Aug. 2 12,982 13,005 -23 95 -118 12,581 12,442 139 118 21 9 13,039 12,990 49 170 -121 12,646 12,464 182 136 46 16 12,837 12,844 -7 95 -102 12,628 12,518 110 174 -64 23 12,810 12,829 -19 120 -139 12,710 12,539 171 271 -100 30 12,914 12,720 194 329 -135 12,667 12,473 194 244 -50 Sept. 6 12,614 12,744 -130 13 -143 12,557 12,426 131 132 -1 13 12,766 12,775 -9 241 -250 12,662 12,527 135 103 32 20 12,885 12,867 18 260 -242 12,833 12,733 100 214 -114 27 I 13,058 13,057 125 12,930 12,774 156 225 -69 Oct. 4 13,174 13,033 141 229 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 Nov. 1 13,009 13,049 -40 447 -487 13,102 12,926 176 289 -113 8 12,281 12,190 91 192 -101 11,669 11,609 60 291 -231 151 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 Dec. 6 11,632 11,666 -34 300 -334 11,615 11,787 -172 286 -458 13 11,728 11,808 -80 514 -594 11,608 11,823 -215 264 -479 20 11,793 11,874 -81 654 -735 11,794 11,938 -144 186 -330 27 12,135 12,052 83 525 -442 12,085 12,046 39 234 -195 1973—Jan. 3 12,075 12,182 -107 420 -527 12,166 12,181 -15 183 -198 10 12,718 12,742 -24 635 -659 12,513 12,490 23 273 -250 17 12,122 12,197 -75 508 -583 12,413 12,472 -59 308 -367 24P 12,034 12.043 -9 806 -815 12,309 12.366 -57 395 -452 31 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 • FEBRUARY 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 Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a B o t B w a F o n in r . k - R g s s . F t f i b e r n u N d a a t n n e n e e d t k r r s s - a . l S d u e r o f p i r c lu it s r P r e e e q a s r u e o v c r f i g r v e . e n e d s t c P ha u s r e - s Sales t a w c t T r o t o a i - o n t w a n s l - a s y 2 b c b o u P h f a y a u n n s i r k n e - e s g s t s o b S e f a l a n l l n i e k n e s s g t d L ea o t l o a e n r s s 3 de f r B i a r o n l o o w g e m r s r - - s 4 lo N a e n t s Total—46 banks 1972—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 1973—Jan. 3 -18 1,280 8,775 -10,073 70.5 14,258 5,483 4,302 9,956 1,181 2,307 199 2,108 10 42 266 10,887 -11,111 77.7 15,949 5,062 4,181 11,768 881 2,221 93 2,128 17 30 765 10,551 -11,287 75.0 14,972 4,421 3,486 11,487 935 1,851 248 1,603 24 -98 439 9,542 -10,079 71.5 14,217 4,675 3,644 10,573 1,031 1,724 455 1,268 31 195 479 7,879 -8,163 58.9 13,035 5,156 4,167 989 1,629 388 1 ,241 8 in New York City 1972—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 1973—Jan. 3 136 626 4,467 -4,957 86.1 5,072 605 605 4,467 1,650 57 1,594 10 61 66 5,184 -5,189 89.2 5,768 584 584 5,184 1,521 52 1,469 17 59 173 5,129 -5,243 85.8 5,646 517 517 5,129 1,207 84 1,123 24 -29 252 4,199 -4,480 78.7 5,053 854 854 4,199 1,184 149 1 ,035 31 161 3,485 -3,324 59.7 4,572 1,086 1 ,068 3,504 1,112 145 967 38 outside New York City 1972—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 1973—Jan. 3 -154 655 4,307 -5,116 60.0 9,186 4,879 3,697 5,489 1,181 656 142 515 10 -20 200 5,703 -5,923 69.8 10,181 4,478 3,597 6,584 881 700 41 659 17 -30 593 5,422 -6,044 67.7 9,326 3,904 2,969 6,357 935 644 164 480 24 -69 187 5,343 -5,599 66.6 9,164 3,821 2,790 6,374 1,031 540 306 234 31 34 479 4,394 -4,839 58.4 8,464 4,070 3,100 5,364 970 517 243 274 5 in City of Chicago 1972—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 2,240 837 808 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 1973—Jan. 3. 17 279 1,544 -1,805 124.2 2,067 523 460 1,607 63 164 164 10. 4 18 1,997 -2,012 138.1 2,837 840 801 2,035 38 174 174 17. 12 189 2,023 -2,200 142.9 2,690 667 627 2,063 40 175 175 24. -7 18 2,176 -2,202 155.3 2,692 515 489 2,203 27 165 165 31 . 4 99 1,558 -1,652 119.1 2,322 765 739 1,583 26 123 123 33 others 1972—Dec. 6 31 32 2,722 -2,723 40.9 737 4,015 3,411 3,326 604 416 120 296 13 22 106 3,138 -3,223 47.7 183 4,045 3,453 3,730 592 518 228 290 20 -105 259 3,718 -4,081 59.8 241 3,523 3,326 3,915 198 475 85 390 27 -31 355 3,497 -3,883 56.6 040 3,544 3,207 3,834 337 670 35 635 1973—Jan. 3 -171 376 2,764 -3,311 46.8 7,119 4,355 3,237 3,882 1,118 492 142 350 10 -23 182 3,706 -3,911 55.7 7,345 3,639 2,796 4,549 843 526 41 485 17 -42 403 3,399 -3,844 52,0 6,637 3,238 2,342 4,295 895 468 164 364 24 -62 169 3,167 -3,398 48.6 6,473 3,306 2,301 4,171 1,004 375 306 69 31 30 380 2,837 -3,186 46.2 6,142 3,305 2,360 3,781 945 393 243 151 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

FEBRUARY 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 R Ja a 1 n t 9 e . 7 3 3 o 1 n , Ef d fe a c te ti ve Pre r v at i e o us R Ja a 1 n t 9 . e 7 3 3 o 1 n , Ef d fe a c te ti ve Pre ra v t i e o us R Ja a 1 n t 9 e . 7 3 3 o 1 n , Ef d fe a c te ti ve Pre r v at i e o us 5 Jan. 15, 1973 41/2 51/2 Jan. 15, 1973 5 4 7 Jan. 15, 1973 61/2 New York 5 Jan. 15, 1973 41/2 5% Jan. 15, 1973 5 7 Jan. 15, 1973 61/2 Philadelphia 5 Jan. 15, 1973 4% 51/2 Jan. 15, 1973 5 7 Jan. 15, 1973 61/2 Cleveland 5 Jan. 15, 1973 4% 5i/i Jan. 15, 1973 5 7 Jan. 15, 1973 61/2 Richmond 5 Jan. 15, 1973 41/2 5% Jan. 15, 1973 5 4 7 Jan. 15, 1973 61/2 Atlanta 5 Jan. 15, 1973 41/2 51/2 Jan. 15, 1973 5 4 7 Jan. 15, 1973 61/2 Chicago 5 Jan. 15, 1973 41/2 51/2 Jan. 15, 1973 5 4 7 Jan. 15, 1973 61/2 St. Louis 5 Jan. 15, 1973 41/2 5Vi Jan. 15, 1973 5 4 7 Jan. 15, 1973 61/2 K M a in n n sa e s a p C o i l t i y s 5 5 J J a a n n . . 1 1 5 5 , , 1 1 9 9 7 7 3 3 4 4 1 i/ / 2 2 5 5 1 1 / / 2 2 J J a a n n . . 1 1 5 5 , , 1 1 9 9 7 7 3 3 5 5 4 4 7 7 J Ja a n n . . 1 15 5 , , 1 1 9 9 7 7 3 3 6 6 1 * / 4 2 Dallas 5 Jan. 15, 1973 41/2 51/2 Jan. 15, 1973 5 4 7 Jan. 15, 1973 6% San Francisco 5 Jan. 15, 1973 41/2 51/2 Jan. 15, 1973 5 7 Jan. 15, 1973 6% 1 Discounts of eligible paper and advances secured by such paper or by guaranteed as to principal and interest by, the U.S. Govt, or any U.S. Govt, obligations or any other obligations eligible for F.R. Bank agency thereof. Maximum maturity: 90 days. purchase. Maximum maturity: 90 days except that discounts of certain 4 Also effective Jan. 15, 1973, for the eight Reserve Banks so desigbankers' acceptances and of agricultural paper may have maturities not nated, a rate of 5 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 changes in Regulation J, which became effective on Nov. 9, maturity: 4 months. 1972. See "Announcements" on p. 942 of the Oct. 1972 BULLETIN and p. 3 Advances to individuals, partnerships, or corporations other than 994 of the Nov. 1972 BULLETIN. member banks secured by direct obligations of, or obligations fully 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 1% 11/2 1959—Mar. 6 21/2-3 3 1969—Apr. 4 51/2-6 16 3 3 8. .... . 6 1955—Apr. 1 1 4 5 l 1 l /2-13/4 1 1 1 % /2 J M u a n y e 2 1 9 2 3 31 -3 /2 1/ 2 3 3 1 1 / / 2 2 A M S N e u o a p g v y t . . . 1 1 1 2 4 9 8 5 2 3 2 2 2 1 l3 1 3 / / - / 2 4 4 4 - 2 - - 2 Y - 2 2 2 V 1 1 4 1 1 / / / 4 2 4 4 4 2 2 2 2 2 i iy 1 y 1 Y 4 / / 4 4 2 a 1960— S A Ju e u n p g e t . . 1 1 1 1 1 2 1 0 3 4 8 , , , , 3 3 3 3 1 1 1 4 / 3 / / 2 2 2 1 - - - - 3 / 4 4 4 2 1/ 2 4 4 4 3 3 3 1 1 / / 2 2 1970— D N e o c v . . 1 1 1 1 1 4 1 3 6 1 5 5 5 5 1 1 3 3 / / 5 5 4 4 2 2 1 3 - - - - / 5 / 5 6 6 2 4 3 3 / 4 4 5 6 5 5 5 5 3 1 1 3 3 / / / / 4 4 2 2 4 23 21/2 21/2 Sept. 9, 3 3 1956— A A u p g r. . 2 2 1 4 0 3 2 2 2 3 1 3 / / , 2 4 4 - - - 3 3 3 2 2 3 3 3 / 4 4 1963—July 2 1 6 7 , , 3 31 -3 /2 1/ 2 3 3 1 1 / / 2 2 1971—Jan. 1 1 5 9 8 5 5 14 51 - - 5 4 5 1 1 / 4 2 5 5 5 1 1 1 / / 4 4 4 31 3 3 1964—Nov. 2 3 4 0 , , 3 4 1 /2-4 4 4 2 2 2 9 5 5 -514 5 5 1957— N D A e o u c g v . . . 2 1 2 9 5 3 3 3 3 3 i - - / 3 3 2 i i / / 2 2 3 3 3 3 1 /2 1 1 9 9 6 6 5 7 — — D A e p c r . . 1 7 6 3 , , , 4 4 41 - - 4 4 /2 1 1 / / 2 2 4 4 4 1 1 / / 2 2 J F u e l b y . 1 2 1 1 6 3 9 3 4 4 4 5 3 3 3 4 4 4 - - 5 5 5 5 5 4 34 1958—Jan. 22 23^-3 3 14, 4 4 Nov. 11 434-5 5 Mar. 2 2 1 7 1 3 4 2 2 21 1 3 / / 2 4 4 4 1 - - - 2 3 3 4 3 /4 2 2 2 2 1 1 % Y / / 4 4 a 1968— N M o a v r . . 2 2 1 0 7 5 , , , 4 4 1/ 4 2 1 - - / 4 5 2 i / 2 4 4 4 1 1 1 / / / 2 2 2 Dec. 1 1 1 3 7 9 4 4 4 1 1 3 / / 4 2 2 - - 4 4 3 3 4 4 4 4 4 1 3 3 / 4 4 2 A A M u p a g r y . . 1 1 9 8 5 1 1 3 3 / m 4 4 - -2 2 1 4 m m m Apr. 1 2 2 9 6 2 , , , 5 5 51 - / 5 2 i/ 2 5 5 5 1 1 / / 2 2 1973—Jan. 2 1 4 5 41/2 41/2 Sept. 2 1 3 2 l% 2 - 2 2 2 Aug. 1 3 6 0 , , 51/ 5 4 1 -5 /4 1/ 2 5 51 1 / / 4 2 In effect Jan. 31, 1973 Oct. 24 2 -21/2 2 Dec. 18 51/4-51/2 51/2 Nov. 7 21/2 21/2 20, 51/2 51/2 NOTE.—Rates under Sees. 13 and 13a (as described in table and notes above). For data before 1955, see Banking and Monetary Statistics, 1943, pp. 439-42, and Supplement to Section 12, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS • FEBRUARY 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) Effective Effective date i Reserve city Other Other time date Other time Sav- 0-2 2-10 10-100 100-400 Over Sav- Over Over ings Over 400 5 ings Over 5 0-5 5 5 0-5 5 In effect 1972—Nov. 9. .. 10 12 6 16i/ 2 171/2 73 73 75 Jan. 1,1963. 16Vi Nov. 16. 13 1966—July 14, 21 ... In effect Sept. 8, 15... Jan. 31,1973. 10 12 13 171/2 1967—Mar. 2 31/2 31/2 Mar. 16 3 3 1968—Jan. 11, 18... 161/2 17 12 121/2 1969—Apr. 17 17 171/2 121/2 13 Present legal requirement: 1970—Oct. 1 Net demand deposits, reserve city banks. 10 22 Net demand deposits, other banks 7 14 Time deposits 3 10 1 When two dates are shown, the first applies to the change at reserve member bank will maintain reserves related to the size of its net demand city banks and the second to the change at country banks. For changes deposits. The new reserve city designations are as follows: A bank having prior to 1963 see Board's Annual Reports. net demand deposits of more than $400 million is considered to have the 2 (a) Demand deposits subject to reserve requirements are gross de- character of business of a reserve city bank, and the presence of the head mand deposits minus cash items in process of collection and demand office of such a bank constitutes designation of that place as a reserve balances due from domestic banks. city. Cities in which there are F. R. 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., p. 994. applicable reserve percentage was increased from the original 10 per cent 5 Reserve city banks. to 20 per cent. Regulation D imposes a similar reserve requirement on bor- 6 The 16 Y2 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 (T) 1937—Nov. 1 1945—Feb. 4. 40 50 1945—Feb. 5 July 4. 50 50 July 5 1946—Jan. 20. 75 75 1946—Jan. 21 1947—Jan. 31 . 100 100 1947—Feb. 1 1949—Mar. 29. 75 75 1949—Mar. 30 1951—Jan. 16. 50 50 1951—Jan. 17 1953—Feb. 19. 75 75 1953—Feb. 20 1955—Jan. 3. 50 50 1955—Jan. 4 Apr. 22. 60 60 Apr. 23 1958—Jan. 15. 70 70 1958—Jan. 16 Aug. 4, 50 50 Aug. 5 Oct. 15. 70 70 Oct. 16 1960—July 27, 90 90 1960—July 28 1962—July 9. 70 70 1962—July 10 1963—Nov. 5. 50 50 1963—Nov. 6 1968—Mar. 10. 70 70 1968—Mar. 11 June 7. 70 50 70 June 8 1970—May 5, 80 60 80 1970—May 6 1971—Dec. 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

FEBRUARY 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 Sav 12 in m gs o d n e t p h o s s o it r s : m 1 ore.. 4 4 O Sa t v h i e n r g t s i m de e po d s e i p ts o sits:2 4!/ 2 Less than 12 months. 3% 3V4 Multiple maturity:3 30-89 days 4 4Vz 90 days-1 year... 5 1 year to 2 years.. 5Vi 2 years and over.. 5V4 Single-maturity: 5 Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more 4 1 year to 2 years.. 5Vi 9 6 0 m d o a n ys th t s o to 6 m 12 o n m t o h n s t . h . s . 2 3 i y /2 41/2 5Vz $1 2 0 0 y , e 0 a 0 r 0 s a a n n d d o o v v e e r r . : . 5!/2 5y 4 Less than 90 days. 1 2 4 30-59 days SVi (4) (30-89 days) 60-89 days 53/4 (4) 90-179 days 51/2 6 63/4 1 1 8 y 0 e d a a r y o s r to m 1 o r y e e . ar .. . 5% Wa 7 7 V 2 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max- 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see NOTE.—Maximum rates that may be paid by member banks are estab- BULLETINS for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 167. however, a member bank may not pay a rate in excess of the maximum 3 Multiple-maturity time deposits include deposits that are automati- rate payable by State banks or trust companies on like deposits under cally renewable at maturity without action by the depositor and deposits the laws of the State in which the member bank is located. Beginning that are payable after written notice of withdrawal. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 4 The rates in effect beginning Jan. 21 through June 23, 1970, were 614 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6Y2 per cent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item mm bb ee aa AA mm nn ll kk ll bb ss ee rr Y N o e r w k C o i f t y Other C b o a u n n k t s ry Item m b e a A m n l k l b s e r Y N o e r w k C o i f ty Other3 C ba o n u k n s tr 3 y City Chicago City Chicago Four weeks ending Nov. 1, 1972 Four weeks ending Nov. 29, 1972 Gross demand—Total... 205,755 42,672 7,892 73,207 81,984 Gross demand—Total. .. 205,771 41,844 7,948 73,357 82,622 Interbank 27,823 12,869 1,398 10,052 3,504 Interbank 26,068 12,045 1,356 9,378 3,289 U.S. Govt 5,136 727 163 1,906 2,341 U.S. Govt 5,026 779 210 1,974 2,064 Other 172,797 29,076 6,332 61,249 76,140 174,677 29,020 6,383 62,006 77,270 Net demand 1 155,386 26,664 6,175 54,557 67,991 Net demand 1 157,805 26,748 6,321 55,726 69,010 Time. 236,301 29,947 9,719 84,468 112,168 Time 237,666 30,139 9,842 85,006 112,679 Demand balances due Demand balances due from domestic banks. 14,367 4,019 130 2,845 7,374 from domestic banks. . 14,284 3,825 134 2,885 7,441 Currency and coin 5,696 476 111 1,780 3,329 Currency and coin 5,809 483 119 1,822 3,385 Balances with F.R. Balances with F.R. Banks 28,071 5,612 1,428 11,379 9,653 25,627 5,482 1,333 10,208 8,605 Total reserves held 33,767 6,088 1,539 13,159 12,982 Total reserves held2 31,774 5,965 1,452 12,030 11,990 Required 33,558 6,080 1,538 13,111 12,829 Required 31,414 5,922 1,450 12,041 12,001 Excess 209 8 1 48 153 360 43 2 -11 -11 1 Demand deposits subject to reserve requirements are gross demand included are (beginning with first statement week of quarter): Ql, $279 deposits minus cash items in process of collection and demand balances million. due from domestic banks. 3 As of Nov. 9, 1972, the definition of reserve city and country banks was 2 Beginning with week ending Nov. 15, 1972, includes $450 million of changed (see July 1972 BULLETIN, p. 626). The classifications employed reserve deficiencies on which F.R. Banks are allowed to waive penalties here are the same as prior to the change in definition, so these series are for a transition period in connection with bank adaptation to Regulation J continuous over time. as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies NOTE.—Averages of daily figures, close of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS • FEBRUARY 1973 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1973 1973 1972 Jan. 31 Jan. 24 Jan.17 Jan.10 Jan. 3 Jan. 31 Dec. 31 Jan. 31 Assets Gold certificate account 10,303 10,303 10,303 10,303 10,303 10,303 10,303 9,875 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 353 348 332 317 303 353 313 313 Loans: 1,310 2,008 1,072 830 891 1,310 1,981 15 Other . Acceptances: Bought outright 888222 888222 777888 76 777222 888222 777000 75 555999 555999 777000 111222111 555999 333666 Federal agency obligations: 111,,,333111111 111,,,333111111 111,,,333111111 1,311 111,,,333111111 111,,,333111111 111,,,333111111 650 666111 222777 555333 111555111 666111 111333 U.S. Govt, securities: Bought outright: Bills 333000,,,999888999 333000,,,333111333 333000,,,111666111 30,054 222999,,,999000666 333000,,,999888999 222999,,,666666444 30,296 Other 36,681 36,681 36,681 36,681 36,681 36,681 36,681 35,905 3,463 3,463 3,463 3,463 3,463 3,463 3,463 3,351 TToottaall bboouugghhtt oouuttrriigghhtt ii 7711,,113333 ii 7700,,445577 ii 7700,,330055 i 70,198 ii 7700,,005500 ii 7711,,113333 ii 6699,,880088 i 69,552 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 888899 11,,550033 660066 22,,110033 888899 9988 72,022 71,960 70,911 70,198 72,153 72,022 69,906 6699,,555522 74,845 75,447 73,495 72,415 74,699 74,845 73,317 7700,,229922 2*8,057 2*8,881 11,514 10,700 11,641 2*8,057 9,172 99,,222211 194 194 194 194 194 194 194 115522 OOtthheerr aasssseettss:: 92 190 190 202 196 92 192 1177 114444 1,053 1,138 996 906 884 1,053 874 996677 P95,297 2*96,901 97,424 95,437 98,620 2*95,297 94,765 91,381 LLLiiiaaabbbiiillliiitttiiieeesss 56,589 56,902 57,593 58,190 58,759 56,589 58,757 5522,,222299 DDDeeepppooosssiiitttsss::: P26,520 2*28,213 27,586 25,793 28,033 2*26,520 25,647 2255,,665500 2,747 2,207 1,842 1,961 1,048 2,747 1,855 22,,886600 310 264 288 305 320 310 325 114477 OOOttthhheeerrr::: 114444 674 593 633 845 713 674 840 667700 2*30,251 2*31,277 30,349 28,904 30,114 2*30,251 28,667 29,471 5,881 6,263 7,115 6,073 7,495 5,881 5,198 7,337 675 630 612 584 636 675 557 565 P93,396 2*95,072 95,669 93,751 97,004 2*93,396 93,179 89,602 CCCCaaaappppiiiittttaaaallll aaaaccccccccoooouuuunnnnttttssss 779977 779977 779966 779944 779922 779977 793 775522 779933 779933 779933 779933 779933 779933 793 774422 331111 223399 116666 9999 3311 331111 228855 P95,297 2*96,901 97,424 95,437 98,620 2*95,297 94,765 91,381 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr fffooorrreeeiiigggnnn cccooorrrrrreeessspppooonnndddeeennntttsss 198 199 199 189 184 198 179 253 MMMaaarrrkkkeeetttaaabbbllleee UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss hhheeelllddd iiinnn cccuuussstttooodddyyy fffooorrr 30,155 30,545 30,568 30,613 30,829 30,155 30,858 28,420 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 61,931 62,172 62,367 62,461 62,543 61,931 62,492 56,963 Collateral held against notes outstanding: Gold certificate account 2,021 2,011 2,261 2,261 2,561 2,021 2,561 2,445 U.S. Govt, securities 61,625 61,745 61,625 61,425 61,105 61,625 61,015 56,075 Total collateral 63,646 63,756 63,886 63,686 63,666 63,646 63,576 58,520 1 See note 6 on p. A-5. 2 See note 1(b) on table at top of p. A-77. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1973 (In millions of dollars) Item Total Boston Y N o ew rk P p d h h e i i l l a - a - C l l a e n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - Lo S u t. i s M ap i o n l n is e - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 111111000000,,,,,,333333000000333333 690 3,124 161 864 1,021 9955 1,932 489 344 439 243 901 Special Drawing Rights certif. acct.. .. 444444000000000000 23 93 23 33 36 2222 70 15 7 15 14 49 111111,,,,,,888888111111333333 228 310 96 114 171 227744 153 47 36 29 75 280 333333555555333333 18 21 13 41 41 4466 43 24 5 43 16 42 Loans: Secured by U.S. Govt, and agency obligations 111111,,,,,,222222999999888888 64 287 27 28 45 8833 200 62 20 15 172 295 111111222222 1122 Acceptances: 888888222222 8888822222 HHHHHHeeeeeelllllldddddd uuuuuunnnnnnddddddeeeeeerrrrrr rrrrrreeeeeeppppppuuuuuurrrrrrcccccchhhhhhaaaaaasssssseeeeee aaaaaaggggggrrrrrreeeeeeeeeeeemmmmmmeeeeeennnnnnttttttssssss............ 555555999999 5555599999 FFFFFFeeeeeeddddddeeeeeerrrrrraaaaaallllll aaaaaaggggggeeeeeennnnnnccccccyyyyyy oooooobbbbbblllllliiiiiiggggggaaaaaattttttiiiiiioooooonnnnnnssssss:::::: BBBBBBoooooouuuuuugggggghhhhhhtttttt oooooouuuuuuttttttrrrrrriiiiiigggggghhhhhhtttttt 111111,,,,,,333333111111111111 58 333334444411111 67 97 96 76 206 48 26 54 61 181 HHHHHHeeeeeelllllldddddd uuuuuunnnnnnddddddeeeeeerrrrrr rrrrrreeeeeeppppppuuuuuurrrrrrcccccchhhhhhaaaaaasssssseeeeee aaaaaaggggggrrrrrreeeeeeeeeeeemmmmmmeeeeeennnnnnttttttssssss............ 666666111111 6666611111 UUUUUU......SSSSSS...... GGGGGGoooooovvvvvvtttttt,,,,,, sssssseeeeeeccccccuuuuuurrrrrriiiiiittttttiiiiiieeeeeessssss:::::: BBBBBBoooooouuuuuugggggghhhhhhtttttt oooooouuuuuuttttttrrrrrriiiiiigggggghhhhhhtttttt 111111777777111111,,,,,,111111333333333333 3,165 1111188888,,,,,444449999988888 3,630 5,294 5,201 4,104 11,165 2,596 1,430 2,946 3,291 9,813 HHHHHHeeeeeelllllldddddd uuuuuunnnnnnddddddeeeeeerrrrrr rrrrrreeeeeeppppppuuuuuurrrrrrcccccchhhhhhaaaaaasssssseeeeee aaaaaaggggggrrrrrreeeeeeeeeeeemmmmmmeeeeeennnnnnttttttssssss............ 888888888888999999 888888888899999 TTTTTToooooottttttaaaaaallllll llllllooooooaaaaaannnnnnssssss aaaaaannnnnndddddd sssssseeeeeeccccccuuuuuurrrrrriiiiiittttttiiiiiieeeeeessssss 74,845 3,287 20,217 3,724 5,419 5,342 4,275 11,571 2,706 1,476 3,015 3,524 10,289 CCCCCCaaaaaasssssshhhhhh iiiiiitttttteeeeeemmmmmmssssss iiiiiinnnnnn pppppprrrrrroooooocccccceeeeeessssssssssss ooooooffffff ccccccoooooolllllllllllleeeeeeccccccttttttiiiiiioooooonnnnnn.................. 9,801 321 1,482 1,157 564 823 1,119 1,324 417 382 627 529 1,056 194 29 7 5 27 13 15 16 15 30 17 12 8 OOOOOOtttttthhhhhheeeeeerrrrrr aaaaaasssssssssssseeeeeettttttssssss:::::: DDDDDDeeeeeennnnnnoooooommmmmmiiiiiinnnnnnaaaaaatttttteeeeeedddddd iiiiiinnnnnn ffffffoooooorrrrrreeeeeeiiiiiiggggggnnnnnn ccccccuuuuuurrrrrrrrrrrreeeeeennnnnncccccciiiiiieeeeeessssss............ 92 4 224 5 8 5 6 14 3 2 4 5 12 AAAAAAllllllllllll ooooootttttthhhhhheeeeeerrrrrr 1,053 45 261 57 88 76 64 158 35 25 40 47 157 98,854 4,645 25,539 5,241 7,158 7,528 5,916 15,281 3,751 2,307 4,229 4,465 12,794 Liabilities 5588,,440022 33,,004488 1144,,557733 33,,556677 4,643 55,,119977 33,,003344 99,,775511 22,,227733 11,,002288 22,,226600 22,,222222 66,,880066 Deposits: 2266,,552200 999911 77,,773333 887755 1,503 11,,224488 11,,666688 33,,778844 881133 668822 11,,007711 11,,448844 44,,666688 U.S. Treasurer—General account.. 22,,774477 117733 668844 117799 241 220088 115599 115577 220066 116677 222255 117766 117722 331100 1111 33111100 1133 25 1144 1199 4433 99 66 1155 3344 Other: All other . 667744 11 660033 1111 66 88 1100 55 11 33 55 2211 30,251 1,176 9,130 1,078 1,769 1,476 1,854 3,994 1,033 856 1,310 1,680 4,895 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 7,625 312 1,161 469 533 704 859 1,136 358 364 554 435 740 675 28 179 33 46 44 42 99 22 18 27 29 108 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 96,953 4,564 25,043 5,147 6,991 7,421 5,789 14,980 3,686 2,266 4,151 4,366 12,549 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 797 33 207 38 72 42 56 127 27 18 34 43 100 793 34 207 39 72 42 55 124 27 18 33 43 99 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 311 14 82 17 23 23 16 50 11 5 11 13 46 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... 98,854 4,645 25,539 5,241 7,158 7,528 5,916 15,281 3,751 2,307 4,229 4,465 12,794 CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----- 198 8 451 10 18 10 14 31 7 5 8 11 25 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 6611,,993311 33,,228811 15,503 33,,667766 44,,888888 55,,443377 3,328 1100,,222255 22,,440000 1,070 2,380 22,,338844 7,359 Collateral held against notes outstanding: 22,,002211 221100 110000 335500 550011 770000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 6611,,662255 33,,009900 15,850 33,,660000 44,,770000 55,,002255 3,500 99,,990000 22,,333300 1,100 2,450 22,,448800 7,600 TToottaall ccoollllaatteerraall 63,646 3,300 15,850 3,700 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 $147 million participations of other Federal Reserve 2 After deducting $68 million participations of other Federal Reserve Banks. 3 After deducting $200 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 • FEBRUARY 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 Month 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 p h r a u o s r s - e s s G sa r l o e s s s Re t d io e n m s p- c G p h r a u o s r s - e s s G sa r l o e s s s m re s a d h t o e i u f r m r ts i p t , y - c G p h r a u o s r s - e s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1971—De c 3,160 1,981 3,055 1,981 130 21 -130 1972—Ja n 915 248 110 499 248 110 16 187 Feb 2,036 3,481 410 1,894 3,481 410 10 ,301 73 959 Mar 2,009 298 155 1,829 298 155 11 92 Apr 2,666 1,478 135 2,254 1,478 133 7 -2 255 May.... 475 291 475 291 2,626 -2,626 June.... 1,294 335 96 1,094 335 -90 69 July 2,753 3,286 2,753 3,286 Aug 1,390 1,752 432 1,274 1,752 432 -1,089 673 Sept 9,369 8,673 850 9,369 8,673 850 Oct 2,795 2,425 150 2,678 2,425 150 42 '35' Nov 2,638 2,880 351 2,638 2,880 300 360 -4ii' Dec 5,083 4,640 135 5,083 4,640 -135 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFeeedddeeerrraaalll aaagggeeennncccyyy aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt ooobbbllliiigggaaatttiiiooonnnsss (((nnneeettt))) 55--1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... UUnnddeerr NNNNeeeetttt c G h p r a u o s r s - e s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . - c G p h r a u o s r s - e s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . - c G p h r a u o s r s - e s s G sa r l o e s s s ssss GGGG eeee iiiitttt oooo cccc iiiieeee uuuu vvvv ssss rrrr tttt ---- ,,,, 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 s r - - rr OO ii nn gg uu ee hh tt tt tt -- ,, mm rr aa cc ee gg hh nn ee pp rr aa ee nn ee uu tt ss tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeee1111 111111999999777777111111——————DDDDDDeeeeeecccccc............ 666666777777 66666 4444444444444,,,,,,,,,,,,,888888888888833333333333330000000000000 3333333333333,,,,,,,,,,,,,666666666666600000000000007777777777777 22222222222222,,,,,,,,,,,,,,444444444444440000000000000011111111111111 111111111111114444444444444455555555555555 111000111 2222222222222222222222222222 111888111 22222222222222,,,,,,,,,,,,,,888888888888885555555555555500000000000000 111111999999777777222222——————JJJJJJaaaaaannnnnn............ 111111999999111111 2222233333 4444444444444,,,,,,,,,,,,,777777777777722222222222222222222222222 5555555555555,,,,,,,,,,,,,999999999999944444444444445555555555555 --------------666666666666666666666666666666666666666666 111111111111116666666666666655555555555555 ---111000111 --------------44444444444444 ---111888111 --------------777777777777778888888888888877777777777777 FFFFFFeeeeeebbbbbb............ 555555222222 --22,,226600 88888 1111111111111.............666666666666699999999999994444444444444 1111111111111,,,,,,,,,,,,,666666666666699999999999994444444444444 --------------11111111111111,,,,,,,,,,,,,,888888888888885555555555555544444444444444 7777777777777777777777777777 --------------1111111111111122222222222222 --------------11111111111111,,,,,,,,,,,,,,777777777777778888888888888899999999999999 MMMMMMaaaaaarrrrrr............ 333333111111 4444477777 2222222222222.............666666666666699999999999995555555555555 2222222222222,,,,,,,,,,,,,000000000000022222222222222222222222222 22222222222222,,,,,,,,,,,,,,222222222222222222222222222299999999999999 8888888888888833333333333333 1111166666 1111111111111199999999999999 6666611111 22222222222222,,,,,,,,,,,,,,444444444444440000000000000088888888888888 AAAAAApppppprrrrrr............ 111111222222666666 2222233333 2222222222222,,,,,,,,,,,,,666666666666622222222222225555555555555 3333333333333,,,,,,,,,,,,,222222222222299999999999998888888888888 333333333333338888888888888800000000000000 111111111111116666666666666699999999999999 -----1111166666 -----6666611111 444444444444447777777777777722222222222222 MMMMMMaaaaaayyyyyy 1111111111111,,,,,,,,,,,,,111111111111111111111111115555555555555 11111111111111,,,,,,,,,,,,,,222222222222229999999999999999999999999999 2222255555 --------------44444444444444 6666655555 11111111111111,,,,,,,,,,,,,,333333333333338888888888888866666666666666 JJuunnee.. 110099 2200 222222222222211111111111111111111111111 iiiiiiiiiiiii ************* 333333333333322222222222226666666666666 --------------222222222222225555555555555511111111111111 iiiiiiiiiiiiii 2222222222222277777777777777 -----2222255555 --------------66666666666666 -----6666655555 --------------222222222222222222222222222211111111111111 JJuullyy 1111111111111,,,,,,,,,,,,,777777777777733333333333336666666666666 1111111111111,,,,,,,,,,,,,777777777777733333333333336666666666666 --------------555555555555553333333333333333333333333333 —————————————— 2222222222222266666666666666 --------------1111111111111100000000000000 --------------555555555555557777777777777700000000000000 AAuugg.... 2233 116666 1155 225500 3333333333333,,,,,,,,,,,,,111111111111177777777777771111111111111 2222222222222,,,,,,,,,,,,,444444444444455555555555559999999999999 --------------8888888888888822222222222222 —————————————— 33333333333333 777444 44444444444444 333000 2222222222222222222222222222 SSeepptt 1111111111111,,,,,,,,,,,,,111111111111133333333333332222222222222 1111111111111,,,,,,,,,,,,,888888888888844444444444444444444444444 --------------888888888888886666666666666666666666666666 --------------3333333333333355555555555555 ---777444 --------------44444444444444 ---333000 --------------11111111111111,,,,,,,,,,,,,,000000000000000000000000000099999999999999 OOcctt.... 77 3322 3333333333333,,,,,,,,,,,,,555555555555599999999999994444444444444 3333333333333,,,,,,,,,,,,,555555555555599999999999994444444444444 222222222222222222222222222200000000000000 --------------2222222222222222222222222222 77777777777777 222222222222220000000000000066666666666666 NNoovv 3333333333333,,,,,,,,,,,,,555555555555544444444444447777777777777 3333333333333,,,,,,,,,,,,,555555555555544444444444447777777777777 --------------555555555555559999999999999933333333333333 111111111111115555555555555577777777777777 --------------66666666666666 --------------444444444444444444444444444422222222222222 Dec 4444444444444.............888888888888866666666666663333333333333 4444444444444.............777777777777766666666666665555555555555 444444444444440000000000000055555555555555 111111111111113333333333333344444444444444 1133 77777777777777 3366 555555555555559999999999999966666666666666 1 ' 1 Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o e u rl n in d g s s A c u h s il t l r i i n a g n s B f e ra lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1968—Dec 2,061 1,444 433 165 1 1969—Dec 1,967 1,575 199 60 125 1970—Dec 257 154 98 1971—Oct 30 * 12 Nov 15 2 Dec 18 3 2 1972—Jan 17 3 2 Feb 17 3 2 Mar 17 3 2 Apr 17 3 2 May 57 3 2 50 June 18 2 9 5 July 7 1 7 Aug 34 * 24 3 Sept 122 * 85 35 Oct 211 * 164 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 1973 1973 1972 Jan. 31 Jan. 24 Jan. 17 Jan. 10 Jan. 3 Jan. 31 Dec. 31 Jan. 31 1,310 2,008 1,073 831 889 1,310 1,982 15 Within 15 days 1,307 1,977 1,073 830 887 1,307 1,980 14 16 days to 90 days 33 3311 1 2 3 2 1 91 days to 1 year Acceptances—Total 141 141 148 76 193 141 106 75 Within 15 days 80 81 90 20 136 80 53 19 16 days to 90 days 61 60 58 56 57 61 53 56 91 days to 1 year U.S. Government securities—Total 72,022 71,960 70,911 70,198 72,153 72,022 69,906 69,552 Within 15 days* 7,277 6,724 5,728 4,598 6,600 7,277 3,838 3,103 16 days to 90 days 15,674 16,585 16,634 17,190 17,284 15,674 17,833 16,049 91 days to 1 year 16,933 16,513 16,411 16,272 16,131 16,933 16,097 16,107 Over 1 year to 5 years 24,484 24,484 24,484 24,484 24,484 24,484 24,484 25,286 Over 5 years to 10 years 6,108 6,108 6,108 6,108 6,108 6,108 6,108 7,855 Over 10 years 1,546 1,546 1,546 1,546 1,546 1,546 1,546 1,152 Federal agency obligations—Total 1,372 1,338 1,364 1,311 1,462 1,372 1,324 650 Within 15 days1 61 27 53 151 61 13 7 16 days to 90 days 55 40 40 40 32 55 32 25 91 days to 1 year 199 209 199 199 207 199 207 181 Over 1 year to 5 years 597 602 612 612 612 597 612 288 Over 5 years to 10 years 269 269 269 269 269 269 269 91 Over 10 years 191 191 191 191 191 191 191 58 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) PPPeeerrriiioooddd SS TT MM 22 oo SS 33 tt 33 AA aa ll ''ss N Le .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 .. 22 ll )) .. '' 33 ss 22 SSMM oo 22 tthh SS 2266 ee AA rr ''ss SSMM TT 22 oo SS 33 tt 33 AA aa ll ''ss N Le .Y ad . ing S 6 M o S t A 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 tt SS hh 2266 ee AA rr ''ss 1971—Dec 12,382.5 5,523.3 2,859.8 6,859.1 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 13,027.1 6,013.9 2,913.1 7,013.2 4,100.2 84.5 205.1 82.6 56.2 45.7 Mar 12,784.6 5,631.4 2,932.9 7,153.2 4,220.3 83.0 195.2 83.3 57.2 46.9 Apr 13,168.5 5,801.4 3,053.1 7,367.0 4,313.9 85.6 202.1 87.3 58.9 47.8 May 13,399.4 5,939.2 3,148.8 7,460.1 4,311.3 85.5 200.8 89.8 58.7 46.9 June 13,280.3 5,780.8 3,096.4 7,499.5 4,403.1 84.7 199.9 88.1 58.6 47.5 July 12,994.2 5,633.0 2,996.3 7,361.2 4,364.9 82.3 194.4 84.2 57.1 46.7 Aug 13,969.2 6,151.8 3,233.0 7,817.4 4,584.5 87.5 206.9 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 4,522.3 86.7 208.3 89.2 59.2 47.8 Nov 15,154.7 6,979.3 3,411.9 8,175.4 4,763.5 93.5 229.2 93.9 62.1 50.0 Dec 14,778.3 6,604.8 3,491.3 8,173.5 4,682.2 90.6 215.7 95.4 61.7 48.8 1 Excludes interbank and U.S. Govt, demand deposit accounts. NOTE.—Total SMSA's includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA's. Los Angeles-Long Beach. For back data see pp. 634-35 of July 1972 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY • FEBRUARY 1973 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28.515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 195 9 32,591 23,264 2,304 1,511 85 2,216 6,672 10.476 9,326 2,803 5,913 261 341 3 5 196 0 32,869 23,521 2,427 1,533 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 196 1 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 196 2 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 196 3 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 196 4 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 196 5 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 196 6 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 196 7 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 196 8 50,961 36,163 5,691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 196 9 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 5 197 0 57,093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 3 4 1971—Dec.. 61,068 41,831 6,775 2,408 3,273 9,348 19,893 19,237 5,377 13,414 203 237 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 Feb.. 59,795 40,725 6,812 2.275 135 3,087 9,010 19,405 19,070 5,257 13,371 201 234 Mar. 60,388 41,182 6,860 2,279 135 3,106 9,110 19,692 19,205 5,275 13,490 200 233 Apr. 60,535 41,140 6,902 2.276 135 3,094 9,028 19,705 19,395 5,351 13,606 199 232 May 61,702 42,056 6,969 2,334 135 170 9,243 20,204 19,647 5,425 13,785 198 232 June 62,201 42,399 7,016 2.328 135 178 9,295 20,446 19,803 5,446 13,923 197 230 July. 62,435 42,449 7,052 2,326 135 155 9,231 20,550 19,986 5,502 14,052 196 229 Aug. 62,744 42,520 7,095 2,333 135 152 9,211 20,594 20,224 5,565 14,228 196 229 Sept. 62,599 42,341 7,116 2.329 135 139 9,146 20.477 20,258 5,492 14,336 195 228 Oct.. 63,586 43,085 7,172 2,378 135 209 9,334 20,857 20,500 5,570 14,503 194 226 Nov. 65,137 44,208 7,237 2,437 135 305 9,602 21,491 20,928 5,714 14,789 194 225 Dec., 66.516 45,105 7,287 2,523 135 3,449 9,827 21,883 21,411 5,868 15,118 193 225 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION (Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars) Held in the Treasury Currency in circulation 1 Total, out- Held by standing, As security For F.R. 1972 1971 Kind of currency Dec. 31, against Treasury F.R. Banks 1972 gold and cash Banks and silver and Agents Dec. Nov. Dec. certificates Agents 31 30 31 Gold 10,410 (10,303) Gold certificates (10,303) 2 10,302 1 Federal Reserve notes 62,490 136 3,736 58,619 57,289 53,678 Treasury currency—Total. . 8,313 103 313 7,897 7,848 7,390 Standard silver dollars.. . 763 47 45 671 665 566 Fractional coin 6,936 53 268 6,615 6,573 6,209 United States notes 323 3 320 320 321 In process of retirement 3 291 291 291 294 Total—Dec. 31, 1972 481,214 (10,303) 345 10,302 4,050 66,516 Nov. 30, 1972 4 79,579 (10,303) 333 10,302 3,807 65,137 Dec. 31, 1971 4 75,332 (9,875) 460 9,874 3,929 61,068 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

FEBRUARY 1973 • MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted ^ Not seasonally adjusted ^ Month or week Mi M3 M2 Mz Mi {Mi plus time (M2 plus deposits Mi (Mi plus time (M2 plus deposits (Currency plus deposits at coml. at nonbank thrift (Currency plus deposits at coml. at nonbank thrift demand deposits) banks other than institutions)2 demand deposits) banks other than institutions)2 large time CD's) 1 large time CD's) 1 1969—Dec 208.8 392.3 594.0 214.9 397.0 598.4 1970—Dec 221.3 425.2 641.3 227.7 430.0 645.6 1971—Dec 236.0 473.8 727.7 242.8 478.7 731.9 1972—Jan 236.2 477.9 735.7 242.8 483.7 741.2 Feb 239.1 483.9 746.0 236.5 481.3 742.9 Mar 241.4 488.9 754.8 239.0 487.7 754.0 Apr 243.0 492.1 761.5 244.3 495.0 765.3 May 243.8 495.5 767.9 239.5 493.1 766.0 June 245.1 499.3 775.0 243.2 498.8 775.5 July 247.7 504.5 783.9 246.6 503.6 784.2 Aug 248.6 508.4 791.5 245.5 505.1 788.2 Sept 250.1 512.1 798.9 248.7 510.4 796.8 Oct 251.6 516.4 806.9 251.2 515.2 805.1 Nov 252.7 519.8 813.5 254.3 518.7 811.1 Dec 255.5 525.1 821.6 262.9 530.3 826.2 1973—Jan.f 255.5 528.0 828.3 262.7 534.2 834.1 Weed ending— I973—jan 3 258.2 530.2 270.6 541.3 10 254.6 526.2 266.8 537.2 17 255.7 528.5 265.0 536.6 24P 255.2 528.1 259.4 531.4 31^ 225544..44 552277..99 225555..66 552288..44 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted p- Not seasonally adjusted Commercial banks Commercial banks UUUU....SSSS.... MMMMoooonnnntttthhhh NNNooonnn--- NNNooonnn--- GGGGoooovvvvtttt,,,, oooorrrr bbbaaannnkkk bbbaaannnkkk ddddeeeeppppoooossss---wwwweeeeeeeekkkk CCCuuurrr--- DDee-- Time and savings ttthhhrrriiifffttt CCCuuurrr--- DDee-- Time and savings ttthhhrrriiifffttt iiiittttssss 5555 rrreeennncccyyy mmaanndd deposits iiinnnssstttiiitttuuu--- rrreeennncccyyy mmaanndd deposits iiinnnssstttiiitttuuu--ddeeppooss-- tttiiiooonnnsss 444 ddeeppooss-- tttiiiooonnnsss 444 iittss iittss CD's 3 Other Total CD's 3 Other Total 1969 Dec 46.1 162.7 10.9 183.5 194.4 201.7 46.9 167.9 11.1 182.1 193.2 201.4 5.6 1970 Dec 49.1 172.2 25.3 203.9 229.2 216.1 50.0 177.8 25.8 202.3 228.1 215.6 7.3 1971 Dec 52.6 183.4 33.0 237.9 270.9 253.8 53.5 189.2 33.8 236.0 269.8 253.2 6.9 1972—Jan 52.9 183.3 33.2 241.7 274.9 257.8 52.5 190.3 33.7 240.9 274.6 257.5 7.4 Feb 53.2 185.8 33.7 244.8 278.6 262.1 52.6 184.0 33.6 244.8 278.4 261.6 7.4 Mar 53.6 187.7 33.8 247.5 281.3 265.9 53.1 185.9 33.3 248.7 282.0 266.3 7.9 Apr 53.9 189.1 35.2 249.1 284.3 269.4 53.5 190.8 33.8 250.7 284.5 270.3 7.7 May 54.2 189.6 36.8 251.8 288.6 272.4 53.9 185.6 35.1 253.6 288.6 272.9 10.5 54.4 190.7 37.5 254.2 291.7 275.7 54.4 188.8 35.8 255.6 291.4 276.7 6.9 July 54.6 193.1 38.3 256.8 295.0 279.5 55.1 191.6 37.0 257.0 294.0 280.5 7.3 Aug 54.8 193.8 39.1 259.8 298.9 283.1 55.1 190.5 39.9 259.6 299.5 283.1 5.3 Sept 55.3 194.8 39.8 262.0 301.9 286.8 55.2 193.5 41.0 261.7 302.7 286.4 5.9 Oct 55.7 195.9 40.0 264.8 304.8 290.5 55.7 195.5 41.9 264.0 305.9 289.9 6.6 Nov 56.2 196.5 41.2 267.1 308.4 293.7 56.7 197.7 43.3 264.4 307.7 292.4 6.2 Dec 56.8 198.7 43.2 269.6 312.8 296.5 57.8 205.0 44.3 267.5 311.7 295.8 7.3 1973—Jan.f 57.0 198.4 44.4 272.6 317.0 300.2 56.7 206.0 45.1 271.5 316.6 300.0 8.0 Weed ending— 1973 jan 3 . . .. 57.3 200 8 43 5 272 0 315 5 57.3 213.3 43.9 270.7 314.7 10.3 10 5555511111.....22222 111119999977777.....44444 4444444444.....00000 222227777711111!!!!! 66666 333331111155555.....66666 5555511111.....55555 222220000099999.....44444 4444444444.....88888 222227777700000.....44444 333331111155555.....22222 77777.....44444 17 5555577777.....00000 111119999988888.....88888 4444433333.....99999 222227777722222.....88888 333331111166666.....66666 5555566666.....99999 222220000088888.....11111 4444444444.....99999 222227777711111.....55555 333331111166666.....44444 55555.....88888 24p 5555577777.....00000 111119999988888.....22222 4444444444.....55555 222227777722222.....99999 333331111177777.....55555 5555566666.....33333 222220000033333.....11111 4444455555.....44444 222227777722222.....00000 333331111177777.....44444 77777.....88888 31P 5555566666.....88888 111119999977777.....77777 4444455555.....55555 222227777733333.....44444 333331111199999.....00000 5555555555.....88888 111119999999999.....88888 4444455555.....88888 222227777722222.....88888 333331111188888.....66666 99999.....99999 1 Includes, in addition to currency and demand deposits, savings de- ^ For description of revised series and for back data, see article posits, time deposits open account, and time certificates of deposits other "Revision of the Money Stock Measures and Member Bank Reserves and than negotiable time certificates of deposit issued in denominations of Deposits" in this BULLETIN. $100,000 or more by large weekly reporting commercial banks. NOTE.—Average of daily figures. Money stock consists of (1) demand de- 2 Includes M2, plus the average of the beginning and end of month posits at all commercial banks other than those due to domestic commerdeposits of mutual savings banks and savings and loan shares. cial banks and the U.S. Govt., less cash items in process of collection and 3 Negotiable time certificates of deposit issued in denominations of F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency $100,000 or more by large weekly reporting commercial banks. outside the Treasury, F.R. Banks, and vaults of all commercial banks. Time 4 Average of the beginning and end-of-month figures for deposits of deposits adjusted are time deposits at all commercial banks other than mutual savings banks and savings capital at savings and loan associations. those due to domestic commercial banks and the U.S. Govt. 5 At all commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANK RESERVES; BANK CREDIT • FEBRUARY 1973 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1, ^ Deposits subject to reserve requirements 3, Total member bank deposits plus nondeposit S.A. N.S.A. items4, Period Non- Total ro b w or e - d qu R i e r - ed A ab va le i 2 l- Time Demand Time Demand Total and U.S. Total and U.S. S.A. N.S.A. savings Private Govt. savings Private Govt. 1969—Dec.. 27.96 26.70 27.73 25.34 287.7 150.4 131.9 5.3 291.2 149.7 136.9 4.8 307.7 311.1 1970—Dec.. 29.12 28.73 28.91 26.98 321.3 178.8 136.0 6.5 325.2 178.1 141.1 6.0 332.9 336.8 1971—Dec.. 31.21 31.06 31.06 28.91 360.3 210.4 143.8 6.1 364.6 209.7 149.2 5.7 364.3 368.7 1972—Jan... 31.78 31.75 31.56 29.17 363.2 213.4 143.5 6.3 368.6 213.4 149.2 6.0 367.1 372.6 Feb... 31.64 31.60 31.49 29.33 365.7 215.9 145.2 4.6 365.7 215.9 143.7 6.1 369.3 369.3 Mar.. 32.02 31.89 31.81 29.66 370.5 217.6 147.2 5.7 370.2 218.1 145.5 6.6 374.3 373.9 Apr... 32.61 32.47 32.43 29.82 374.5 220.1 147.6 6.8 375.3 219.8 149.0 6.5 378.1 378.8 May.. 32.85 32.72 32.71 29.92 379.3 223.4 148.4 7.5 377.0 223.1 145.1 8.8 383.0 380.8 June. 33.03 32.94 32.81 30.14 381.3 225.6 149.5 6.2 378.6 225.2 147.8 5.7 385.1 382.4 July.. 33.17 33.02 32.99 30.32 384.4 228.1 151.1 5.2 383.2 227.1 150.1 6.1 388.3 387.1 Aug.. 33.38 33.04 33.21 30.56 387.3 230.8 152.0 4.5 384.5 231.3 149.0 4.3 391.4 388.7 Sept.. 33.33 32.87 33.14 30.89 390.4 233.0 152.4 5.1 389.6 233.8 150.9 4.9 394.5 393.8 Oct... 33.83 33.30 33.60 30.97 394.1 235.1 152.7 6.3 394.1 236.2 152.5 5.4 398.4 398.4 Nov.. 31.88 31.30 31.54 29.50 397.6 237.9 152.8 6.9 396.4 237.6 153.7 5.1 401.9 400.7 Dec.. 31.31 30.06 31.07 28.86 402.0 241.2 154.3 6.5 406.8 240.7 160.1 6.1 406.4 411.2 1973—Jan.25. 32.25 30.86 31.98 29.42 404.8 243.8 154.0 7.1 410.4 243.9 160.0 6.6 409.3 414.9 1 Averages of daily figures. Member bank reserve series reflects actual and demand balances due from domestic commercial banks. Data for reserve requirement percentages with no adjustment to eliminate the 1968 are not comparable with later data due to the withdrawal from the effect of changes in Regulations D and M. Required reserves were in- System on Jan. 2, 1969, of a large member bank. creased by $660 million effective Apr. 16, 1969, and $400 million, effective ( 4 Total member bank deposits subject to reserve requirements, plus Oct. 16, 1969. Required reserves were reduced by $500 million (net) Euro-dollar borrowings, bank-related commercial paper, and certain effective Oct. 1, 1970. Required reserves were reduced by approximately other nondeposit items. This series for deposits is referred to as "the ad- $2.5 billion, effective Nov. 9, 1972; by $1.0 billion, effective Nov. 15, and justed bank credit proxy." increased by $300 million, effective Nov. 22. ^ For description of revised series and for back data, see article "Re- 2 Reserves available to support private nonbank deposits are defined vision of the Money Stock Measures and Member Bank Reserves and as (1) required reserves for (a) private demand deposits, (b) total time Deposits" in this BULLETIN. and savings deposits, and (c) nondeposit sources subject to reserve requirements, and (2) excess reserves. This series excludes required reserves NOTE.—Due to changes in Regulations M and D, member bank refor net interbank and U.S. Govt, demand deposits. serves include reserves held against nondeposit funds beginning Oct. 16, 3 Averages of daily figures. Deposits subject to reserve requirements 1969. Back data may be obtained from the Banking Section, Division of include total time and savings deposits and net demand deposits as defined Research and Statistics, Board of Governors of the Federal Reserve by Regulation D. Private demand deposits include all demand deposits System, Washington, D.C. 20551. except those due to the U.S. Govt., less cash items in process of collection LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans Securities Loans Securities Total Total Date loans Commercial loans Commercial in a v n e d s t- Plus and industrial U.S. in a v n e d s t- Plus and industrial U.S. ments1,2 Total i,2 loans Plus Treas- Other2 ments1,2 Total1,2 loans Plus Treas- Other2 M,3 TToottaall s lo o a ld n 3 s ury 1>2,3 TToottaall l s o o a l n d s 3 ury 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. 30*.... 529.8 356.2 358.6 123.9 125.4 61.4 112.3 526.5 354.5 356.9 122.2 123.8 59.3 112.6 Sept. 27P.... 535.3 360.0 362.3 124.6 126.0 62.0 113.3 534.6 360.6 362.9 124.2 125.7 60.3 113.7 Oct. 25p.... 540.4 367.2 369.4 126.7 128.2 59.9 113.3 540.2 365.5 367.7 125.8 127.3 60.9 113.8 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. 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 1973—Jan. 31» 563.6 385.0 387.6 133.0 134.7 61.9 116.6 563.8 382.7 385.2 131.8 133.5 65.4 115.7 1 Adjusted to exclude domestic commercial interbank loans. 5 Beginning June 30, 1972, commercial and industrial loans were re- 2 Beginning June 30, 1971, Farmers Home Administration insured notes duced by about $400 million as a result of loan reclassifications at one totaling approximately $700 million are included in "Other securities" large bank. rather than in "Loans." NOTE.—For monthly data on total loans and investments 1959-70, see 3 Loans sold outright by commercial banks to own subsidiaries, Dec. 1971 BULLETIN, pp. 974-75. For monthly data, 1948-58, see Aug. foreign branches, holding companies, and other affiliates. 1968 BULLETIN, pp. A-94-A-97. For a description of the seasonally ad- 4 Beginning June 30, 1969, data revised to include all bank-premises justed series see the following Bulletins: July 1962, pp. 797-802; July 1966, subsidiaries and other significant majority-owned domestic subsidiaries; pp. 950-55; Sept. 1967, pp. 1511-17; and Dec. 1971, pp. 971-73. For earlier data include commercial banks only. Also, loans and investments monthly data on commercial and industrial loans, 1959-71, see July 1972 are now reported gross, without valuation reserves deducted, rather than BULLETIN, p. A-109. For description of series, see July 1972 BULLETIN, net of valuation reserves as was done previously. For a description of the p. 683. Data are for last Wednesday of month except for June 30 and revision, see Aug. 1969 BULLETIN, pp. 642-46. Data shown in this table Dec. 31; data are partly or wholly estimated except when June 30 and Dec. beginning January 1959 have been revised to include valuation reserves. 31 are call dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date c c s G S e a a to r D t o n e t c d l i R s d k f i i - T r s o c e r u i t u n n e u a r g a y c r n t- - y s d - - Total Lo n a e n t s Total U.S. s C a T a v o r n i m e n d a g l s . s u ry R F s e e e c s d e u e r r r v i a t e l i es Other 3 O r s i e t t c i h e u e s - r c T l n a i i a n e p a t o n i t b e i t e — d t t a i s a l l - l , c d u e T r a p o r n o e t d a s n i l c t y s C co m a a n a u p n i c e n s d i - t c t t a s . l , banks Banks 1947—Dec. 31... 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30... 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec 31... 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315.. 10,367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—Dec. 31... 11,132 7,149 580.899 354,447 127,207 64,814 62,142 251 99,245 599,180 535,157 64,020 1971—Dec. 31s... 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—Feb. 23... 10,000 7,800 643,300 381,000 136,600 65.200 68,900 2,500 125,700 661,100 592,900 68,200 Mar. 29... 10,000 7,900 654,600 387,600 138,400 65,900 69,900 2,600 128,700 672,500 607,300 65,200 Apr. 26... 10,000 7,900 661,800 392,200 139,100 65,300 71,300 2,600 130,400 679,700 613,800 65,900 May 31... 10,800 8,000 667.900 396,800 138,900 64,700 71,600 2,600 132,100 686,700 621,200 65,500 June 30... 10,810 8,066 677,406 406,823 137,579 63,655 71,334 2,590 133,004 696,282 630,098 66,184 July 26... 10,800 8,100 677,400 407,600 136,400 63,000 70,900 2,600 133,300 696,300 629,800 66,500 Aug. 30f.. 10,800 8,200 682,000 411,100 136,100 62,700 70,800 2,600 134,800 701,000 631,700 69,200 S O e c p t. t . 2 H 5 pv. . . . 1 1 0 0 , , 8 8 0 0 0 0 8 8 , , 2 2 0 0 0 0 6 6 9 9 0 5 , , 9 1 0 0 0 0 4 4 1 2 9 0 , , 5 3 0 0 0 0 1 1 3 3 5 8 , , 2 6 0 0 0 0 6 6 4 3 , , 4 7 0 0 0 0 6 7 9 1 , , 0 4 0 0 0 0 2 2 , , 8 6 0 0 0 0 1 1 3 3 6 6 , , 1 2 0 0 0 0 7 7 0 1 9 4 , , 9 1 0 0 0 0 6 6 4 4 1 7 , , 7 2 0 0 0 0 6 66 8 , , 9 2 0 0 0 0 Nov. 29^.. 10,800 8,300 705,000 429,400 138,600 66,600 69,200 2,800 137,000 724,100 657,100 67,000 Dec. 21p.. 10,800 8,300 722,500 444,600 139,200 68,200 68,200 2,800 138,700 741,600 677,500 64,100 1973—Jan. 31 f.. 10,800 8,300 721,800 439,600 143,700 68,900 72,000 2,800 138,400 740,900 672,900 68,000 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted * Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n n u s c i k r d - y s e d ju e m D p s a a t o d e e n s - - d d i t 7 s Total o b r u C e a t n u n s c i r k d - y s e d ju e m D p s a a t o d e e n - s - d d i t 7 s Total b m C a e n o r k c m s i a - 8 l b M sa a v u n i t k n u s g a s l 9 S P t a S e o v m y s i s t n a - 3 g l s n e F e i o g t r n - i , o T h c i u r o n a e r g l s a y d h s s - - s b c a a a o A v n n m i d t n k l s g . s B F a A . n R t k . s 1947—Dec. 31... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1967—Dec. 30... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 31.. . 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—Dec. 315.. 206,800 45,400 161,400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970—Dec. 31... 209,400 47,800 161,600 219,422 49,779 169,643 302,591 230,622 71,969 3,148 431 8,409 1,156 1971—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—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 3,01 351 9,575 2,344 July 26... 233,400 53,500 179,900 233,100 53,600 179,500 382,000 294,200 87,800 3,000 300 8,900 2,500 Aug. 30*>.. 236,200 53,400 182,800 234,100 53,700 180,400 388,600 300,400 88,200 2,900 300 4,400 1,400 Sept. 27p.. 236,600 53,600 183,000 235,100 53,700 181,400 391,200 301,900 89,200 3,200 300 10,000 1,900 Oct. 25p.. 239,100 54,600 184,500 240,100 54,500 185,600 394,100 304,400 89,600 3,300 400 8,100 1,400 Nov. 29p. 244,100 54,400 189,700 247,400 55,400 192,000 396,900 306,700 90,200 3,000 400 8,400 1,100 Dec. Hp. 252,400 55,400 197,000 260,100 56,600 203,500 402,800 311,300 91,400 3,700 400 8,300 2,300 1973—Jan. 31*. 244,100 56,000 188,100 247,300 55,200 192,100 408,200 315,900 92,300 3,400 400 10,900 2,700 1 Includes Special Drawing Rights certificates beginning Jan. 1970. 8 See first paragraph of note 2. 2 Beginning with data for June 30, 1966, about $1.1 billion in "Deposits 9 Includes relatively small amounts of demand deposits. Beginning with accumulated for payment of personal loans" were excluded from "Time June 1961, also includes certain accounts previously classified as other liadeposits" and deducted from "Loans" at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. See table 10 Reclassification of deposits of foreign central banks in May 1961 re- (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-32. duced this item by $1,900 million ($1,500 million to time deposits and $400 See footnote 1 on p. A-23. million to demand deposits). 3 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 4 See second paragraph of note 2. NOTE.—For back figures and descriptions of the consolidated condition 5 Figures for this and later dates take into account the following changes statement and the seasonally adjusted series on currency outside banks and (beginning June 30, 1969) for commercial banks: (1) inclusion of con- demand deposits adjusted, see "Banks and the Monetary System," Section solidated reports (including figures for all bank-premises subsidiaries and 1 of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS other significant majority-owned domestic subsidiaries) and (2) reporting for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly estiof figures for total loans and for individual categories of securities on a mated and are rounded to the nearest $100 million. gross basis—that is, before deduction of valuation reserves. See also note 1. For description of substantive changes in official call reports of 6 Series began in 1946; data are available only for last Wed. of month. condition beginning June 1969, see BULLETIN for Aug. 1969, pp. 642-46. 7 Other than interbank and U.S. Govt., less cash items in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS • FEBRUARY 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 Cash lia- Bor- Class of bank assets 3 bilities rowand date Total and Total3 Demand ings U.S. capital De- Treas- Other ac- mand Time Time 5 ury counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 1945—Dec. 31 ... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 1947—Dec. 31 6. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 1966--Dec. 31.. 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 1967--Dec. 30.. 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 1968--Dec. 31.. 401,262 265,259 64,466 71,537 83,752 500,657 434.023 24,747 1,211 5,010 199,901 203,154 8,899 1969--Dec. 31 7, 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 1970--Dec. 31.. 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 1971--Dec. 31.. 516,564 346,930 64,930104,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 1972—Feb. 23... 511,360 343,300 61,860106,200 96,130 631,330 524,280 31,050 2,990 7,270 204,080 278,890 29,190 Mar. 29. . 522,790 351,800 62,500108,490 91,220 639,000 526,150 26,430 2,950 8,740 205,420 282,610 32,850 Apr. 26.. 525,660 354,120 61,860109,680 95,040 645,410 533,270 26,140 2,870 10,470 208,490 285,300 31,630 May 31... 532,260 360,120 61,240110,900100,910 659,070 544,720 28,240 3,020 8,430 215,360 289,670 33,270 June 30... 542,689 370,910 60,258111,521 99,472 667,126 552,543 28,782 3,114 9,083 219,050 292,513 33,214 July 26.. 542,770 371,740 59,580111,450 91,380 659,690 544,560 27,310 3,260 8,300 210,930 294,760 34,290 Aug. 30.. 547,500 375,580 59,300112,620 91,270 664,710 546,050 27,090 3,350 3,790 210,810 301,010 35,950 Sept. 27*., 555,750 381,740 60,290113,720 90,810 673,100 555,480 26,880 3,890 9,430 212,730 302,550 33,400 Oct. 25*.. 560,440 385,700 60,930113,810101,790 689,800 566,280 29,040 3,760 7,470 220,980 305,030 39,540 Nov. 29*., 573,170 395,540 63,210114,420 90,270 691,600 570,560 27,060 3,920 7,700 224,480 307,400 38,350 Dec. 27*.. 589,990 409,790 64,670115,530 97,730 716,920 595,730 30,230 4,030 7,660 241,790 312,020 38,540 1973—Jan. 31*., 588,940 407,830 65,410115,700 94,690 712,580 586,540 29,180 3,660 10,230 226,890 316,580 43,130 Member of F.R. System: 1941—Dec. 31.. 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 1945—Dec. 31 .. 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 1966—Dec. 31.. 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 1967—Dec. 30.. 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 1968—Dec. 31... 325.086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 1969—Dec. 31 7, 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6.460 168,032 179,229 18,578 1971—Dec. 31... 405.087 277,717 47,633 79,738 86,189 511,353 425,380 30,612 2,549 8,427 174,385 209,406 25,046 1972—Feb. 23... 400,338 274,508 45,102 80,728 83,258 503,720 413,339 29,738 2,627 5,931 161,031 214,012 28,227 Mar. 29... 409,024 281,182 45,486 82,356 78,710 508,747 413,132 25,154 2,590 7,216 161,976 216,196 31,792 Apr. 26... 409,925 282,298 44,643 82,984 82,345 513,123 418,730 24,893 2,510 8,939 164,071 218,317 30,406 May 31.. 414,469 286,310 44,403 83,756 87,524 523,538 427,426 26,913 2,663 6,825 169,496 221,529 31,907 June 30.. 422,356 294,730 43,708 83,918 86,430 529,645 433,574 27,311 2,717 7,630 172,419 223,498 31,752 July 26.. 422,102 295,275 42,932 83,895 79,164 522,562 426,242 25,923 2,867 6,953 165,393 225,106 32,725 Aug. 30... 425,392 297,851 42,727 84,814 79,057 525,983 426,716 25,742 2,954 2,966 164,851 230,203 34,315 Sept. 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 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 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 Dec. 27 460,023 326,224 46,794 87,005 85,056 568,903 466,924 28,697 3,637 6,457 189,708 238,425 36,655 1973—Jan. 31*.. 458,829 324,637 47,333 86,859 82,434 565,071 458,942 27,757 3,260 8.461 177,677 241,787 40,255 Reserve city member: New York City:8,yo 1941—Dec. 31... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1945—Dec. 31... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 1947—Dec. 31... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 1966—Dec. 31... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 1967—Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 1968—Dec. 31... 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 1969—Dec. 31 7. 60,333 48,305 5,048 6,980 22,349 87,753 62,381 10,349 268 694 36,126 14,944 4,405 1970—Dec. 31... 62,347 47,161 6,009 9,177 21,715 89,384 67,186 12,508 956 1,039 32,235 20,448 4,500 1971—Dec. 31. .. 63,342 48,714 5,597 9,031 22,663 91,461 71,723 13,825 1,1.86 1,513 30,943 24,256 5,195 1972—Feb. 23... 61,856 48,221 5,190 8,445 23,615 91,094 69,674 15,152 1,258 878 28,084 24,302 6,906 Mar. 29... 64,450 50,063 5,567 8,820 21,400 91,687 68,029 11,674 1,231 1,360 28,793 24,971 8,428 Apr. 26... 63,467 49,539 4,825 9,103 21,014 90,364 68,798 11,451 1,162 2,013 28,842 25,330 6,650 May 31... 65,719 50,799 5,257 9,663 22,516 93,765 70,852 12,303 1,198 1,038 29,918 26,395 8,103 June 30... 66,597 51,637 5,338 9,623 22,535 94,377 72,432 12,933 1,175 1,038 30,637 26,649 7,314 July 26... 66,331 51,408 4,954 9,969 19,517 91,247 69,508 11,580 1,312 1,170 28,396 27,050 7,431 Aug. 30... 67,353 52,031 5,158 10,164 19,152 92,066 69,330 11,679 1,345 288 27,497 28,521 8,188 Sept. 21... 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 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 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 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 1973—Jan. 31... 73,744 58,304 5,439 10,001 23,203 102,923 77,213 13,919 1,574 1,257 31,292 29,171 10,142 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Total Loans a C ss a e s t h s 3 bi a li n t d ie s Demand r i o n w gs l U.S. capital Total3 Treas- Other ac- De- Time Time 5 ury counts4 mand U.S. Govt. Other Reserve city member (cont.) Cit 1 1 1 y 9 9 9 4 4 4 o 1 5 7 f — — — Ch D D D i e e e c c c c a . . . g o 3 3 3 : 1 1 1 *,9 2 5 5 , , , 7 9 r 6 3 ~ 0 1 1 1 , , 3 8 9 3 0 5 3 4 1 4 2 1 , , , 2 8 4 1 3 9 3 0 0 3 3 3 8 7 9 5 6 7 1 1 1 , , , 4 7 5 8 3 6 9 9 6 4 7 6 , , , 3 4 8 5 6 6 9 3 6 4 7 6 , , , 0 0 4 5 4 0 7 6 2 1 1 1 , , , 3 0 2 1 3 1 2 5 7 ,5 1 5 7 2 2 2 7 4 2 3 , , , 2 4 4 0 1 6 1 9 2 4 9 7 1 7 1 3 6 9 1966—Dec. 31... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 25 310 6,008 4,* 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 1 1 1 9 9 9 7 7 6 1 0 9 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . 7 . . . . . 1 1 1 5 7 4 . , , 7 1 3 4 3 6 5 3 5 1 1 1 2 0 1 , , , 2 7 2 8 7 1 5 1 4 2 1 1 , , , 1 7 5 0 8 6 5 2 4 2 2 3 , , , 4 0 0 2 6 3 7 7 0 2 3 3, , , 0 0 8 1 7 0 1 4 2 2 1 1 1 9 7 , , , 2 8 9 1 9 2 4 2 7 1 1 16 5 3 , , , 6 0 2 5 4 6 1 1 4 1 1 1 , , , 6 6 9 9 7 3 3 7 0 1 4 6 1 9 8 5 2 3 1 8 6 7 2 4 5 6 6 6 , , , 8 6 7 9 6 7 6 3 0 7 4 6 , , , 5 1 6 1 3 2 7 0 6 1 1 1 , , , 9 8 2 3 5 9 5 1 0 1972—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 12,1 1,582 3,188 3,204 21,806 15,912 1,398 191 341 6,462 7,520 3,180 Apr. 26. 17,761 12,998 1,510 3,253 3,207 21,858 16,017 1,344 191 465 6,381 7,636 2,972 May 31. 18,147 13,283 1,665 3,199 3,538 22,697 16,509 1,412 182 282 6,631 8,002 3,280 June 30. 18,541 13,782 1,662 3,096 2,946 22,562 16,912 1,331 139 261 6,603 8,579 2,639 July 26. 18,582 14,130 1 ,398 3,054 3,070 22,727 16,695 1,447 194 310 6,157 8,587 3,187 Aug. 30. 19,200 14,701 1,455 3,044 2,1 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 1973—Jan. 31. 21,026 16,371 1,562 3,093 2,939 25,035 18,709 1,364 247 358 6,605 10,135 3,276 Ot 1 1 1 h 9 9 9 er 4 4 4 1 5 7 re — — — se D D D rv e e e e c c c . . . ci 3 3 3 t 1 1 1 y : 9 4 3 1 0 6 5 , , , 1 0 3 0 4 4 8 0 7 1 8 7 3 , , , 5 1 4 1 0 4 4 5 9 2 2 6 0 9 , , , 4 1 5 9 6 5 6 7 2 2 2 1 , , , 0 3 7 9 4 7 6 2 6 1 1 8 3 1 , , , 5 2 0 1 8 6 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 4 3 8 6 1 5 7 3 4 6 5 , , , 3 4 6 1 5 2 8 6 7 1 2 3 0 2 0 4 8,2 4 4 2 0 9 1 5 1 2 2 1 8 4 2 , , , 9 6 5 9 5 5 0 5 7 1 4 9 1 , , , 8 7 4 0 6 2 6 0 3 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 1 1 1 1 9 9 9 9 7 6 6 7 1 9 8 0 — — — — D D D D e e e e c c c c . . . . 3 3 3 3 1 1 1 1 . . . 7 . . . . . . . 1 1 1 1 4 3 2 1 9 3 1 9 , , , , 4 7 3 0 0 1 2 0 1 8 4 6 1 9 9 8 0 0 6 3 6 , , , . 8 1 6 3 9 5 6 3 6 8 1 4 1 1 1 1 5 4 1 5 , , , , 9 9 7 0 1 4 3 0 2 4 6 0 2 2 2 1 7 2 0 8 , , , , 1 8 3 4 2 3 6 8 9 7 0 4 2 2 3 3 9 8 1 3 , , , , 9 1 2 7 3 5 6 3 6 4 3 2 1 1 1 1 7 9 5 5 1 1 0 7 , , , ,8 7 9 5 3 5 8 1 3 7 2 0 1 1 1 1 4 5 2 3 0 5 6 2 , , , , 5 2 2 3 1 2 3 0 8 6 2 5 1 1 1 1 1 1 0 0 , , , , 2 3 1 6 4 1 8 6 1 7 1 3 5 2 9 3 9 4 3 0 2 2 3 7 2 3 1 1 , , , , 5 5 5 8 4 5 7 8 7 7 5 4 5 6 5 5 9 2 7 8 , , , , 3 4 4 9 2 4 7 2 8 9 4 3 6 7 6 5 6 7 4 2 , , , , 7 8 4 0 2 3 8 2 9 4 4 0 1 1 4 9 0 4 , , , , 8 2 3 7 8 3 9 9 1 9 1 9 1972— J J D M A M A S O N F u u e e e u p c o l n a a p b y c t g r v y e r . t . . . . . . . 3 2 2 3 2 2 2 2 2 3 2 1 6 0 9 7 6 9 5 3 0 7 . . . . . . . . . . r 1 1 1 1 1 1 1 1 1 1 1 5 4 5 5 4 5 4 5 6 6 5 5 9 4 6 6 1 9 3 8 3 7 , , , , , , , , , , , 0 6 5 5 8 1 3 9 0 6 6 8 0 8 2 2 8 5 5 1 3 5 5 9 6 8 2 4 3 6 1 0 5 1 1 1 1 1 1 1 1 1 1 1 0 1 1 0 1 0 1 0 1 2 1 7 3 3 4 5 8 2 6 5 4 9 . , , , , , , , , , , 3 0 2 1 3 8 6 6 6 1 9 6 6 1 7 5 4 3 6 4 9 6 2 7 3 2 2 6 7 5 2 5 1 1 1 1 1 1 1 1 1 1 1 1 4 4 3 4 4 3 4 3 3 5 4 , , , , , , , , , , , 1 7 4 6 3 5 6 8 5 6 7 4 6 3 9 8 9 6 7 0 1 3 1 8 4 2 3 9 2 3 1 5 4 2 2 2 2 2 2 2 2 2 2 2 7 7 7 8 7 7 8 7 8 7 8 , , , , , , , , , , , 7 7 7 1 2 4 9 7 8 8 3 3 7 9 3 8 8 4 7 1 1 4 1 4 0 6 9 3 5 8 8 6 5 2 3 3 3 3 3 3 3 3 2 3 9 2 4 0 3 0 3 5 1 1 9 , , , , , , , , , , , 5 0 4 9 8 8 0 6 6 4 3 7 8 4 0 1 3 5 3 4 5 5 9 2 5 6 3 2 2 5 0 2 0 2 2 2 1 1 1 1 1 1 1 1 1 0 0 9 9 9 9 9 8 9 8 0 1 0 0 3 7 6 3 5 3 6 , , , , , , , , , , , 3 1 3 5 6 8 4 6 9 6 5 5 3 3 8 2 5 2 7 4 1 9 5 4 1 9 0 1 9 2 7 3 2 1 1 1 1 1 1 1 1 1 1 1 5 5 5 4 5 5 4 5 6 5 5 1 6 6 8 5 3 7 8 7 2 9 , , , , , , , , , , , 3 8 0 8 1 9 7 2 4 5 3 2 9 2 5 3 7 7 1 1 7 0 4 4 3 0 7 4 2 4 3 0 5 1 1 9 9 9 9 9 9 9 9 8 0 0 , , , , , , , , , , , 9 0 6 9 0 5 6 4 8 0 2 0 7 4 0 8 0 8 5 4 6 0 1 9 5 4 5 9 8 8 4 4 2 1 1 1 1 1 1 1 1 , , , , , , , , 0 2 0 0 1 2 1 1 9 9 8 8 0 2 9 3 5 3 5 8 4 9 5 8 8 9 0 8 6 0 4 4 0 2 2 2 2 3 3 2 2 3 2 1 , , , , , , , , , , 4 7 8 8 5 5 3 7 0 i , 9 3 2 6 1 6 r 7 7 1 ~ 2 9 7 2 3 7 4 6 5 5 6 5 6 5 5 5 6 6 6 5 8 1 0 8 7 7 8 1 7 2 8 , , , , , , , , , , , 7 1 1 7 9 0 9 2 1 4 5 0 2 2 1 5 0 2 8 4 2 6 1 9 1 6 6 1 9 0 7 2 4 7 8 7 7 8 8 8 8 8 8 8 9 0 8 8 1 2 5 0 4 3 2 , , , , , , . . , , , 4 7 3 6 0 1 9 9 2 2 3 6 7 5 9 3 9 4 7 7 5 8 1 2 3 9 9 0 8 1 0 2 3 2 1 1 1 1 1 1 1 1 1 1 0 6 7 7 4 6 7 8 9 6 8 , , , , , , , , , , , 4 7 9 7 5 4 5 5 4 6 8 6 2 6 8 9 0 3 9 2 2 9 9 7 6 8 2 8 5 5 9 1 0 1973—Jan. 31. 168,588 123,907 15,844 28,837 30,361 207,904 163,418 9,239 1,044 3,470 63,01 86,654 21,086 Coun 1 1 1 tr 9 9 9 y 4 4 4 5 7 1 m — — — em D D D b e e e c c c e . . . r : 3 3 3 8 1 1 1 ,9 ,10 3 3 1 5 6 2 , , ,5 0 3 1 0 2 8 2 4 1 5 5 0 , , , 5 8 1 9 9 9 6 9 0 2 2 4 6 2 , , , 3 9 8 7 9 5 7 9 7 2 2 3 , , ,2 4 2 6 0 5 8 8 0 1 1 6 0 0 , , , 4 7 6 0 7 3 2 8 2 4 4 1 6 7 9 , , , 0 5 4 5 5 6 9 3 6 4 4 1 3 4 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 0 3 8 9 5 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 6 6 7 6 7 8 9 7 1 6 0 — — — — — — 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 1 0 1 1 7 . . . . . . . . . . . 1 1 1 1 1 1 0 7 3 2 4 5 9 5 4 2 0 4 , , , , , , 2 7 5 5 7 1 1 5 1 1 1 3 1 9 8 1 5 0 1 8 9 9 6 7 1 3 2 9 8 4 0 , , , , , , 3 1 6 4 9 3 4 9 4 0 5 9 1 7 7 4 7 5 2 2 2 2 2 2 4 4 2 4 1 2 , , , , , , 6 9 4 2 3 5 8 9 1 7 4 8 9 8 9 8 3 6 2 4 2 2 3 1 0 6 7 2 2 8 , , , , , , 5 2 3 8 4 1 1 9 6 5 2 4 * 1 4 8 6 0 2 2 2 2 2 1 6 0 5 3 2 9 , , , , , , 9 7 3 6 4 0 2 6 8 3 4 0 8 4 3 4 8 4 2 1 1 1 1 1 0 3 8 4 6 6 7 1 4 6 1 9 , , , , , , 7 3 6 0 1 0 3 9 3 5 2 7 8 8 5 2 2 8 1 1 1 1 1 1 8 6 3 4 1 4 1 1 1 4 7 8 , , , , , , 7 7 1 6 8 0 8 4 5 8 0 5 0 9 6 2 7 0 2 2 2 3 3 3 , , , , , , 8 3 3 7 8 1 3 8 9 5 6 5 9 7 2 2 6 3 2 1 1 9 6 6 3 8 1 6 3 9 5 4 1 2 2 1 1 1 1 , , , , , , 5 9 4 6 2 5 9 9 7 7 6 8 2 1 3 4 4 1 7 6 6 6 6 5 4 9 6 1 7 6 , , , , , , 5 0 1 8 9 6 7 6 7 0 3 7 8 1 2 6 0 2 1 6 7 7 8 5 0 5 3 5 5 7 0 , , , , , , 5 8 1 1 9 6 6 7 7 4 3 0 9 3 0 4 0 0 3 1 1 , , 1 8 8 , 3 5 8 1 3 0 0 5 2 8 6 4 8 2 0 1972— M A Fe p a b r r . . . 2 2 23 9 6 . . . 1 1 1 7 7 7 9 4 7 , , , 1 6 5 1 3 2 1 9 2 1 1 1 1 0 1 2 9 1 , , , 3 7 5 9 1 5 9 5 6 2 2 2 3 3 3 , , , 5 8 7 6 7 5 8 4 4 4 4 4 1 2 2 , , , 3 8 2 5 3 1 6 8 2 2 2 2 5 5 5 , , , 5 3 0 4 2 8 5 4 7 2 2 2 1 0 0 0 5 8 , , , 5 7 6 6 4 1 7 1 7 1 1 1 8 8 7 2 1 9 , , , 5 2 0 2 5 5 1 4 0 3 3 3 , , , 1 0 0 7 1 7 6 9 8 2 2 2 6 2 2 3 4 4 2 2 2 , , , 2 6 6 9 2 2 4 6 2 7 6 6 0 9 9 , , , 7 5 7 1 2 2 9 1 0 1 1 1 0 0 0 5 3 5 , , , 6 8 8 0 9 3 6 8 5 4 3 3 , , , 0 4 6 1 5 7 8 9 6 May 31. 179,450 113,382 23,119 42,949 27,057 213,129 184,891 3,213 263 2,742 72,231 106,442 4,089 June 30. 182.133 116,098 22,568 43,467 27,142 215,551 187,380 3,401 395 2,804 73,479 107,300 4,208 July 26. 182,661 116,565 22,707 43,389 25,745 214,: 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. 195,266 126,614 24,215 44,437 27,195 230,624 201,352 3,< 395 2,287 81,223 113,959 5,098 1973—Jan. 31*>. 195,471 126,055 24,488 44,928 25,931 229,209 199,602 3,235 395 3,376 76,769 115,827 5,751 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • FEBRUARY 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 Interbank3 Other FRS memhershin Cash lia- Bor- Total Numand FDIC assets3 bbiilliittiieess row- ccaappiittaall bbeerr insurance Total Loans aanndd Total3 Demand ings aacc-- ooff U.S. Other ccaappiittaall De- Time ccoouunnttss bbaannkkss Treas- 2 aacc-- mand Time 5 ury ccoouunnttss44 G U o .S v . t . Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,i6 54 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,:8 83 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 25.277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1 1 9 9 6 6 7 8 — — D D e e c c . . 3 3 0 1 . . . . 3 3 5 9 8 9 , , 5 5 3 6 6 6 2 2 3 6 5 4 , , 5 6 0 0 2 0 6 64 2 , , 0 0 2 9 8 4 6 70 0 , , 9 9 3 4 8 1 8 7 3 7 , ,3 0 4 6 8 1 4 4 4 9 8 8 , , 8 0 7 7 8 1 4 3 3 9 2 4 , , 7 1 1 1 9 8 2 2 1 4 , , 5 4 9 2 8 7 J , , 2 1 5 5 8 5 5 5 , , 2 0 1 0 9 0 1 1 8 9 2 8 , , 9 5 8 3 4 5 2 1 0 8 3 3 , , 6 0 0 6 2 0 8 5 , , 6 53 7 1 5 3 36 3 , , 5 9 3 1 0 6 1 13 3 , , 4 5 8 1 1 0 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,' 411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1,313 1968—Dec, 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 307. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Dec. 31.. 90,088 65,560 10,257 14,271 24,313 119,219 94,445 9,541 248 1,065 48,030 35,560 5,116 8,800 1,201 1970—Dec. 31.. 94,760 66,963 11,196 16,600 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: 1 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

FEBRUARY 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 aaa iii nnn nnn mmm ddd sss uuu eee rrr FFF mmm aaa DDD nnn bbb ccc eee IIICCC eee rrr sss hhhiiippp TToottaall LLooaa ll nnss T U r u e . r S a y s . - Oth 2 er aaa CCC ssssss aaa eee sss ttt hhh sss 333 ccc ccc bbb ooo aaa iii aaa uuu lll aaa lll ppp iii iii nnn nnn ccc aaa ttt iii ddd --- iii ttt --- ttt eee sss aaa sss lll 444 TToottaall33 m D a e n - d Time U. D S. e n la O nd t her Tim 5 e rrr BBB iii ooo nnn ooo www ggg rrr sss --- --- c c c c c c TTT aaa ooo aaa ooo ppp uuu ccc ttt iii nnn --- aaa ttt ttt aaa lll sss lll NNN bbbaaa bbb uuu ooo nnn eee fff mmm rrr kkk sss --- Govt. Noninsured nonmember: 1941 Dec. 31 1,457 455 761 241 763 2,283 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 ? 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dec. 31 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—Dec. 31 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—Dec. 31 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—June 30 4,192 3,230 274 688 1,220 5,884 3,153 384 81 21 1,409 1,258 386 494 206 Total nonmember: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7 .... 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 1970—Dec. 31 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1971—Dec. 31 111,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 1972—June 30 120,510 76,357 16,550 27,603 13,042 137,658 119,145 1,472 397 1,453 46,631 69,192 1,462 10,759 8,161 1 Beginning June 30, 1966, loans to farmers directly guaranteed by 9 Regarding reclassification as a reserve city, see Aug. 1962 BULLETIN, CCC were reclassified as securities, and Export-Import Bank portfolio p. 993. For various changes between reserve city and country status in fund participations were reclassified from loans to securities. This reduced 1960-63, see note 6, p. 587, May 1964 BULLETIN. Total loans and increased "Other securities" by about $1 billion. Total 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 • FEBRUARY 1973 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b C a l n a k s s a o n f d lo T a a o n n t d s a l i f F e u e r n a d d l - s C m o e m r- - Agri- o p s r u e r c c c F a u h r r o a r i r t y s i i i e n n s g g in f s in ti a T t n u o c t i i a o l ns Real Ot t h o e r, U s .S ec . u T ri r t e i a es s u 6 r y S a t n a d te call date i m nv e e n s t t s - s e o tc l . d 2 , T 3 o , t 4 al a c n ia d l c tu u r l - - To t e a s t - e i d n i - - Other g lo o c v a t l , O se th c e u r in- al 5 bro- vid- Bills secu- rities 5 d tr u ia s- l k a e nd rs ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947--Dec. 31.. 116.284 38,057 18,167 ,660 830 ,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 3110 422,728 9,928 286,750 108,443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1971—Dec. 31. 517,244 19,954 327,656 118,526 12,497 7,292 3,659 4,591 16,926 81,601 74,514 ",049 64,930 82,420 22,284 1972—June 30. 543.285 20,598 350,910 123,162 13,610 8,608 4,012 5,041 18,353 89,227 80,243 ,651 60,258 86,598 24,923 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 ,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 ,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 14,274 37,583 18,012 1,610 823 1,190 114 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 1,046 811 ' ,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1969—Dec. 31 io 337,613 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6,776 39,833 47,227 7,558 1971—Dec. 31. 405,570 15,373 262,826 101,479 7,31' 6,895 3,167 4,123 15,713 61,091 55,839 7,207 47,633 65,244 14,494 1972—June 30. 422,775 15,561 279,588 104,419 7,924 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 io 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 1971—Dec. 31. 17,162 621 11,693 6,355 527 263 382 1,568 949 1,167 431 1,782 2,688 379 1972—June 30. 18,541 783 12,999 7,179 666 225 242 2,015 1,011 1,054 542 1,662 2,771 325 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1969—Dec. 31 io 121,628 3,021 88,180 37,701 1,386 878 1,300 876 6,006 19,706 17,569 2,757 11,944 16,625 1,859 1971—Dec. 31. 149,484 7,771 98,673 40,397 1,630 ,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 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 31 io 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1971—Dec. 31. 175,582 6,208 104,520 28,201 5,599 474 821 348 2,651 33,347 31,117 1,962 24,343 31,367 9,144 1972—June 30. 182,479 5,857 110,587 29,498 6,023 366 917 308 2,381 35,859 33,215 2,019 22,568 33,005 10,463 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1969—Dec. 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 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

FEBRUARY 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 l n l a l k s d s a a o n te f d s B w F e R a r . i n v e R t - h k e . s s r C c a e o n n u i d c r n - y b m a a w B d n e n o i a c s k t - l t e h - i s s c 7 ju p m D s o a d a t d s e e e n i - - - d t d s 8 m D e I s o n t - t i e c7 r b e a F i n g o k n r - 9 G U o . v S. t . S g S g ll aa oo oo tt nn cc aa vv dd aa tt tt ee ll .. c C c h o e f a e e i e f t n e r r c f c d d t s i . k i - ' - s, IPC I b n a t n e k r- GG PP SS UU ii aa oo nn oo aa nn .. ss gg vv vv SS dd tt ss -- tt .. aa ,, ll S g S g ll aa oo oo tt nn cc aa vv dd aa tt tt ee ll .. IPC3 r B i o n o w g r s - - c C o a t a u a c p l n - i- ts Total: 3 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1969—Dec. 3110. 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... 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 3110. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,395 32,047 1971—Dec. 31.. 27,478 5,778 14,893 140,446 28,056 2,556 8,427 12,955 8.587 152,843 2,549 445 23,890 185,553 25,046 37,279 1972—June 30.. 27,119 5,093 15,822 138,566 24,363 2,947 7,630 13,177 8; 859 150,382 2,717 387 25,668 197,861 31,752 39,358 New York City: 1941—Dec. 31... 5,105 93 141 1100,,776611 33,,559955 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 1155,,006655 33,,553355 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 1166,,665533 33,,223366 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 1,168 6,605 28,354 268 45 207 14,692 4,405 6,301 1971—Dec. 31.. 5,362 459 1,806 18,315 12,047 1,779 1,513 909 3,841 26,193 1,186 51 2,060 22,145 5,195 7,285 1972—June 30.. 5,375 383 3,601 20,312 10,768 2,165 1,038 816 3,801 26,020 1,175 24 2,331 24,294 7,314 7,650 City of Chicago: 1941—Dec. 31... 1,021 43 298 22,,221155 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31... 942 36 200 33,,115533 1,292 20 1,552 237 66 33,,116600 719 377 1947—Dec. 31... 1,070 30 175 33,,773377 11,,119966 21 72 285 63 33,,885533 2 9 902 426 1969—Dec. 3110. 869 123 150 55,,222211 11,,558811 96 175 268 229 6,273 15 216 4,409 1,290 1,517 1971—Dec. 31.. 956 133 202 55,,333355 11,,559922 101 363 333 240 6,323 168 1 809 6,749 1,935 1,682 1972—June 30.. 1,142 94 199 55,,222244 11,,223399 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 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 31 io. 7,179 3,302 7,870 62,729 3,080 72 1,671 7,905 1,721 58,304 84 54 4,920 70,768 1,820 12,766 1971—Dec. 31.. 8,896 3,367 8,663 68,733 3,779 73 2,993 8,113 1,973 63,986 263 167 10,505 90,298 3,118 15,114 1972—June 30.. 9,084 3,042 8,176 67,101 3,329 72 2,804 8,144 2,255 63,070 395 182 11,480 95,983 4,208 15,831 Nonmember:3 1947—Dec. 31... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1969—Dec. 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 • FEBRUARY 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 banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large banks— Total 1972 Jan. 5 285,934 12,941 11,695 881 170 195 191,436 82,989 2,322 916 5,067 157 2,470 12 282,712 11,152 9,912 730 254 256 190,566 82,529 2,315 914 4,829 152 2,489 1 9 280,615 10,335 9,152 764 248 171 190,070 82,306 2,305 866 4,933 156 2,463 26 279,671 10,513 9,263 841 246 163 189,027 81,487 2,315 880 5,021 161 2,479 Dec. 6 316,924 12,817 11,571 791 295 160 220,016 88,796 2,748 1,649 7,790 205 2,853 13 318,400 13,212 12.054 658 348 152 220,696 89,364 2,799 887 7,715 207 2,870 2 0 322,246 12,778 11,230 827 464 257 225,181 90,786 2,816 1,154 8,767 220 2,905 27 325,468 13,395 11.055 1,517 541 282 227,380 91,095 2,882 1,624 8,615 264 2,930 1973 Jan. 3 * 327,735 15,183 14,069 501 376 237 227,318 91,428 2,982 939 8,346 273 2,952 10* 323,225 12,988 11,628 646 435 279 225,355 91,028 2.998 1,163 7,922 303 2,922 17* 321,759 12,011 10,684 682 466 179 225,405 91,375 2.999 991 7,800 274 2,933 24P 319,455 11,309 10,255 615 323 116 224,394 91,436 3,009 722 7,454 248 2,942 31* 323,425 12,132 11,086 617 237 192 226,966 92,217 3,031 1,063 7,724 291 2,914 New York City 1972 Jan. 5 59,128 1,158 1,120 44,442 25,350 694 3,384 609 12 58,868 1,384 1,280 44,191 25,236 745 3,227 604 1 9 58,486 1,115 1,043 44,011 25,196 672 3,276 595 26 58,802 1,663 1,604 43,706 24,882 677 3,426 602 Dec. 6 66,212 439 432 3 51,010 25,011 1,494 4,1 684 13 66,740 923 914 5 50,430 25,122 761 4,746 709 2 0 68,218 914 879 31 52,491 25,780 992 5,564 726 27 69,270 1,354 1,317 33 53,204 25,739 1,443 5,355 732 1973 Jan. 3 p 68,644 1,593 1,501 52,618 26,053 813 5,021 735 10* 67,305 873 830 51,951 26,078 1,016 4,836 705 17* 67,266 934 893 52,017 26,142 835 4,703 702 24P 66,654 1,174 1,161 51,291 26,247 600 4,434 692 31* 68,430 1,012 972 52,995 26,743 913 4,687 683 Outside New York City 1972 Jan. 5 226,806 11,783 10,575 881 141 186 146,994 57,639 2,294 222 1,683 109 1,861 12 223,844 9,768 8,632 720 230 186 146,375 57,293 2.287 169 1,602 110 1,885 1 9 222,129 9,220 8,109 749 224 138 146,059 57,110 2,278 194 1,657 111 26 220,869 8,850 7,659 841 225 125 145,321 56,605 2.288 203 1,595 113 1,877 Dec. 6 250,712 12,378 11.139 787 295 157 169,006 63,785 2,704 155 2,902 167 2,169 13 251,660 12,289 11.140 654 348 147 170,266 64,242 2,752 126 2,969 170 2,161 2 0 254,028 11,864 10,351 823 464 226 172,690 65,006 2,771 162 3,203 184 2,179 27 256,198 12,041 9,738 1,513 541 249 174,176 65,356 2,836 181 3,260 228 2,198 1973 Jan. 3* 259,091 13,590 12,568 482 376 164 174,700 65,375 2,934 126 3,325 239 2,217 10* 255,920 12,115 10,798 642 402 273 173,404 64,950 2,949 147 3,086 258 2,217 17* 254,493 11,077 9,791 676 437 173 173,388 65,233 2,948 156 3,097 245 2,231 24* 252,801 10,135 9,094 606 323 112 173,103 65,189 2,954 122 3,020 215 2,250 31* 254,995 11,120 10,114 583 237 186 173,971 65,474 2,975 150 3,037 238 2,231 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 1972 907 2,942 24,252 894 15,547 28,968 4,368 3,909 16,564 4,127 Jan. 5 863 2,863 24,217 924 15,419 28,148 3,675 3,968 16,432 4,073 12 744 2,873 24,179 887 15,274 27,843 3,873 3,913 16,215 3,842 19 802 2,683 24,209 912 15,129 27,821 3,877 3,899 16,210 3,835 26 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 28,185 5,957 4,514 15,005 2,709 13 2,264 3,158 27,879 1,158 18,229 28,201 6,343 4,335 14,958 2,565 20 2,321 3,213 28,038 1,161 18,830 28,645 6,808 4,413 14,874 2,550 27 1973 2,326 3,251 28,054 1,155 19,091 29,133 6,581 4,462 15,550 2,540 Jan. 3 2,321 3,182 28,040 1,148 18,430 28,939 6,384 4,556 15,456 2,543 10* 2,246 3,037 28,028 1,150 18,424 28,912 6,429 4,583 15,339 2,561 17* 2,229 3,032 28,084 1,179 18,370 28,469 6,173 4,540 15,169 2,587 24* 2,564 3,133 28,193 1,172 18,366 28,872 6,455 4,677 15,139 2,601 31* New York City 1972 390 1,227 1,951 567 2,771 5,231 712 702 3,130 687 Jan. 5 341 1,155 1,951 557 2,741 4,956 586 701 3,071 598 12 253 1,210 1,932 566 2,693 5,069 901 670 3.014 484 19 274 1,095 1,943 543 2,631 5,193 1,011 684 3.015 483 26 528 1,569 2,063 736 3,918 5,228 1,437 754 2,756 281 Dec. 6 516 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 1973 582 1,576 2,133 722 4,086 4,701 1,260 704 2,560 177 Jan. 3 * 539 1,561 2,127 729 3,689 4,915 1,473 724 2,589 129 10* 513 1,513 2,130 735 3,796 4,960 1 ,592 729 2,480 159 17* 484 1,515 2,140 749 3,771 4,940 1,545 780 2,389 226 24* 788 1,561 2,151 733 3,656 5,137 1,669 789 2,442 237 31* Outside New York City 1972 517 1,715 22,301 327 12,776 23,737 3,656 3,207 13,434 3,440 Jan. 5 522 1,708 22,266 367 12,678 23,192 3,089 3,267 13,361 3,475 12 491 1,663 22,247 321 12,581 22,774 2,972 3,243 13,201 3,358 19 528 1,588 22,266 369 12,498 22,628 2,866 3,215 13,195 3,352 26 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 23,085 4,692 3,770 12,241 2,382 13 1,721 1.649 25,762 426 14,610 23,398 5,084 3,615 12,328 2,371 20 1,686 1.650 25,907 427 14,871 23,616 5,322 3,693 12,254 2,347 27 1973 1.744 1,675 25,921 433 15,005 24,432 5,321 3,758 12,990 2.363 Jan. 3* 1,782 1,621 25,913 419 14,741 24,024 4,911 3,832 12,867 2,414 10* 1,733 1,524 25,898 415 14,628 23,952 4,837 3,854 12,859 2,402 17* 1.745 1,517 25,944 430 14,599 23,529 4,628 3,760 12,780 2,361 24* 1,776 1,572 26,042 439 14,710 23,735 4,786 3,888 12,697 2.364 31* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • FEBRUARY 1973 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash IInnvveesstt-- Obligations Other bonds, items Re- Bal- mmeennttss of State corp. stock, in serves Cur- ances iinn ssuubb-- Wednesday and and process with rency with ssiiddiiaarr-- Other political securities of F.R. and do- iieess nnoott assets Total subdivisions collec- Banks coin mestic ccoonnssooll-tion banks iiddaatteedd Tax Certif. war- All of All rants3 other partici- other5 pation4 Large banks— Total 1972 Jan. 5 52,589 8,483 36,604 1,608 5,894 33,802 19,747 3,744 7,578 826 16,191 12 52,846 8,489 37,024 1,574 5,759 32,925 20,438 3,959 7,345 885 15,986 1 9 52,367 8,201 36,813 1,560 5,793 34,370 21,173 3.795 7,333 890 15,762 26 52,310 8,242 36,664 1,548 5,856 33,094 19,897 3.796 6,902 923 15,723 Dec. 6 55,734 8,898 37,907 1,771 7,158 28,841 18,423 3,837 10,231 1,113 17,266 13 56,307 8,969 38,382 1,800 7,156 28,178 21,174 4,275 9,684 1,113 17,207 2 0 56,086 9,039 38,099 1,766 7,182 31,299 19,927 4,184 10,451 1,127 17,341 27 56,048 8,971 38,142 1,760 7,175 34,192 16,452 4,689 11,205 1,129 17,453 1973 Jan. 3* 56,101 9,242 37,924 1,742 7,193 34,668 21,587 4,377 10,373 1,141 17,622 10* 55,943 9,073 38,067 1,738 7,065 28,481 19,574 4,280 9,725 1,139 17,319 17* 55,431 8,960 37,744 1,745 6,982 30,353 21,415 4,144 9,017 1,167 17,141 24 * 55,283 8,847 37,650 1,763 7,023 29,021 21,565 4,144 9,104 1,172 17,219 31* 55,455 8,900 37,822 1,770 6,963 30,880 19,994 3,990 . 9,586 1,176 17,770 New York City 1972 Jan. 5 8,297 1,529 5,448 307 1,013 13,314 5,881 470 1,494 329 5,372 12 8,337 1,593 5,547 274 923 13,971 5,682 474 1,663 387 5,298 1 9 8,291 1,552 5,519 292 928 15,807 5,988 452 1,611 389 5,174 26 8,240 1,623 5,376 293 948 16,514 4,635 442 1,380 424 4,979 Dec. 6 9,535 2,485 5,451 545 1,054 10,236 4,751 492 4,262 544 5,282 13 10,287 2,710 5,896 578 1,103 9,314 5,603 501 3,690 544 5,201 2 0 10,010 2,829 5,582 543 1,056 11,064 4,847 480 4,219 542 5,441 27 9,683 2,672 5,462 540 1,009 11,986 3,260 512 4,431 544 5,463 1973 Jan. 3p 9,732 2,867 5,289 547 1,029 10,071 5,966 502 3,526 545 5,369 10* 9,566 2,763 5,246 538 1,019 9,441 5,106 490 3,935 548 5,137 17* 9,355 2,749 5,062 539 1,005 10,323 5,606 484 3,218 583 5,136 24* 9,249 2,660 5,053 542 994 11,447 5,417 472 3,977 582 5,154 31* 9,286 2,653 5,040 538 1,055 11,929 5,640 475 4,012 584 5,281 Outside New York City 1972 Jan. 5 44,292 6,954 31,156 1,301 4,881 20,488 13,866 3,274 6,084 497 10,819 12 44,509 6,896 31,477 1,300 4,836 18,954 14,756 3,485 5,682 498 10,688 1 9 44,076 6,649 31,294 1,268 4,865 18,563 15,185 3,343 5,722 501 10,588 26 44,070 6,619 31,288 1,255 4,908 16,580 15,262 3,354 5,522 499 10,744 Dec. 6 46,199 6,413 32,456 1,226 6,104 18,605 13,672 3,345 5,969 569 11,984 13 46,020 6,259 32,486 1,222 6,053 18,864 15,571 3,774 5,994 569 12,006 2 0 46,076 6,210 32,517 1,223 6,126 20,235 15,080 3,704 6,232 585 11,900 27 46,365 6,299 32,680 1,220 6,166 22,206 13,192 4,177 6,774 585 11,990 1973 Jan. 3* 46,369 6,375 32,635 1,195 6,164 24,597 15,621 3,875 6,847 596 12,253 10* 46,377 6,310 32,821 1,200 6,046 19,040 14,468 3,790 5,790 591 12,182 17* 46,076 6,211 32,682 1,206 5,977 20,030 15,809 3,660 5,799 584 12,005 24* 46,034 6,187 32,597 1,221 6,029 17,574 16,148 3,672 5,127 590 12,065 31* 46,169 6,247 32,782 1,232 5,908 18,951 14,354 3,515 5,574 592 12,489 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 States States Wednesday and Certi- and Dopolit- fied polit- mes- For- Total IPC s i u ca b l - G U o . v S. t . Com- Mutual Com- o a f n f d i- Total6 s i u ca b l - in t t i e c r- go ei v g t n s .2 divi- mer- sav- Govts, mer- cers' Sav- Other divi- bank sions cial ings etc. 2 cial checks ings sions banks Large banks— Total 1972 152,453 106,524 7,083 4,120 22,819 834 764 2,549 7,760 141,316 55,190 61,054 17,484 2,140 4,980 Jan. 5 148,690 104,767 6,761 3,443 22,270 798 750 2,495 7.406 142,098 55,388 61,440 17,567 2,282 4,988 12 149,096 103,490 6,500 4,584 21,816 663 756 2,454 8,833 142,432 55,605 61,571 17,551 2,287 4,930 18 146,780 99,505 6,492 5,854 22,417 701 2,411 8,712 142,834 55,719 61,716 17,636 2,286 4,987 26 154,028 109,290 6,505 4,384 22,542 724 ,018 3,205 6,360 158,633 58,259 72,878 17,875 2,985 6,017 Dec. 6 152,099 111,905 6,751 1,615 20,698 662 983 3,078 6.407 159,867 58,162 73,162 18,767 2,997 6,161 13 160,530 114,452 6,718 5,980 21,062 695 932 3,284 7,407 160,440 58,091 73,199 19,253 3,050 6,226 20 166,145 119,052 7,043 5,073 22,652 744 ,005 3,486 7,090 161,395 58,284 73,567 19,512 3,067 6,329 27 1973 1 1 1 6 5 5 9 4 6 , , , 7 9 7 6 6 4 8 3 7 1 1 1 2 1 1 1 2 4 , , , 3 9 4 0 5 3 8 1 3 6 6 7 , , , 8 2 7 2 3 8 1 3 4 6 3 3 , , , 5 4 3 0 6 8 1 9 8 2 2 2 0 2 0 , , , 2 4 4 8 1 1 6 2 2 ,0 9 8 0 8 9 9 4 4 9 8 7 6 2 8 3 4 2 3 3 3 , , , 2 2 4 8 5 5 9 1 6 6 6 6, , , 8 2 9 0 7 5 3 0 5 1 1 1 6 6 6 1 1 0 , , , 6 6 6 5 0 6 8 3 1 5 5 5 8 8 8 , , , 3 5 5 7 1 7 3 5 2 7 7 7 2 2 2 , , , 6 9 3 0 1 3 1 5 4 2 2 1 0 0 9 , , , 4 5 7 7 1 5 8 6 6 2 2 2 , , , 8 7 9 2 7 5 9 0 3 6 6 6 , , , 4 5 3 0 7 8 8 4 6 Jan. H 1 3 0 p P f 151,953 108,351 6,366 5,611 19,007 768 936 3,154 7,760 162,536 58,311 73,680 20,606 2,809 6,498 24 p 156,757 110,182 7,158 6,270 22,006 837 877 3,139 6,288 162,937 58,196 74,309 20,331 2,787 6,685 31^ New York City 1972 41,398 23,648 637 872 9,308 485 617 1,721 4,110 23,301 5,367 12,385 1,583 1,073 2,774 Jan. 5 41,344 22,927 697 789 10,050 461 587 1,730 4,103 23,588 5,429 12,550 1,587 1,174 2,758 12 4 43 3 , , 8 2 1 1 1 4 2 2 3 2 , , 5 2 9 1 7 7 6 5 5 8 9 5 1,3 9 4 7 5 8 1 9 1 , , 8 2 7 4 7 5 3 3 4 8 9 8 6 5 0 4 7 5 1 1, , 6 7 8 0 9 2 5 5 , , 4 79 4 7 5 2 2 3 3 , , 6 6 0 2 9 0 5 5 , ,4 4 8 6 1 4 1 1 2 2 , , 5 55 2 2 6 1 1, , 6 5 3 9 1 3 1 1, ,1 2 9 0 6 0 2 2, , < 71 6 2 1 6 9 41,466 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 20 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 1973 4 40 3 , , 1 8 3 1 7 4 2 2 6 4 , , 7 1 9 3 5 8 4 3 2 7 8 0 1,1 6 9 0 3 7 8 8 , , 9 6 2 8 3 5 5 5 6 7 9 6 6 7 6 8 8 8 2 2, , 3 2 3 4 4 0 2 2 , , 8 7 7 5 8 9 2 2 7 7 , ,6 2 9 1 9 0 5 5, , 6 6 1 2 8 7 1 1 4 4 , , 8 6 1 4 9 8 2 2, , 3 0 9 2 9 5 1 1 , , 5 6 4 5 9 3 3 3 , ,1 1 1 8 8 4 Jan. io 3 * p 41,574 24,983 539 544 8,834 498 648 2,354 3,174 27,667 5,594 14,982 2,302 1,473 3,188 11p 41,878 24,185 350 1,085 8,294 409 797 2,290 4,468 27,798 5,572 15,108 2,301 1,499 3,220 24 p 43,907 24,973 574 1,187 11,030 463 732 2,285 2,663 28,112 5,549 15,508 2,085 1,488 3,388 31* Outside New York City 1972 111,055 82,876 6,446 3,248 13,511 349 147 828 3,650 118,015 49,823 48,669 15,901 1,067 2,206 Jan. 5 107,346 81,840 6,064 2,654 12,220 337 163 765 3,303 118,510 49,959 48,890 15,980 1,108 2,230 12 105,882 79,893 5,841 3,606 11,939 314 149 752 3,388 118,823 50,141 49,019 15,958 1,087 2,214 19 102,969 77,288 5,907 4,509 11,172 300 156 722 2,915 119,214 50,238 49,190 16,005 1,090 2,289 26 112,562 86,175 3,575 11,861 364 155 842 3,458 131,611 52,631 57,915 16,180 1,278 3,086 Dec. 6 112,678 88,326 1,382 11,669 322 160 856 3,573 132,631 52,541 58,096 17,055 1,303 3,114 13 116,614 89,380 4,453 11,600 357 170 908 3,589 133,253 52,495 58,302 17,503 1,324 3,098 20 120,253 92,586 4,025 12,151 359 174 918 3,551 133,969 52,681 58,521 17,679 1,345 3,227 27 1973 125,954 94,513 6,793 5,276 13,489 415 175 1,216 4,077 133,451 52,945 57,686 17,731 1,300 3,268 Jan. 3* 114,826 88,813 6,463 2,894 11,601 433 156 955 3,511 133,904 52,897 57,782 18,117 1,280 3,324 10^ 115,173 89,450 6,245 2,844 11,578 396 134 897 3,629 133,991 52,779 57,933 18,176 1,297 3,286 11p 1 1 1 1 2 0 , , 8 07 5 5 0 8 85 4 , , 2 1 0 6 9 6 6 6, ,0 5 1 84 6 4 5 , , 5 0 2 8 6 3 1 10 0 , , 9 7 7 1 6 3 3 3 7 5 4 9 1 1 3 4 9 5 8 8 5 6 4 4 3 3 , , 2 6 9 2 2 5 1 1 3 3 4 4 , , 7 8 3 2 8 5 5 5 2 2 , , 7 6 3 4 9 7 5 5 8 8 , ,8 5 0 7 1 2 1 1 8 8 , , 3 2 0 4 5 6 1 1, , 2 3 9 1 9 0 3 3 , , 2 2 7 9 8 7 2 3 4 1 p 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 • FEBRUARY 1973 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits 11 pur- F.R. ties, Secur- ac- loans invest- mand chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits etc. 7 ad- (gross) ad- Issued Issued justed 9 ad- justed io Total to to justed 9 IPC's others Large banks— Total 1972 Jan. 5 27,085 1,050 14,859 4,072 26,895 191,775 273,332 91,712 33,316 20,637 12,679 12 26,208 1,069 15,007 4.097 27,002 190,943 271,937 90,052 33,715 20,947 12,768 1 9 24,752 1,044 15,290 4.098 27,150 190,509 270,719 88,326 33,744 21,027 12,717 26 22,795 1,032 15,165 4,103 27,221 189,475 269,606 85,415 33,850 21,031 12,819 Dec. 6 32,768 150 2,237 15,201 4,207 29,339 219,268 303,359 98,261 43,665 28,300 15,365 13 36,026 2,128 15,372 4,202 29,367 219,777 304,269 101,608 44,173 28,554 15,619 2 0 32,866 1,238 2,023 15,922 4,170 29,315 224,465 308,752 102,189 44,355 28,520 15,835 27 31,085 1,293 1,878 15,151 4,139 29,431 227,399 312,092 104,228 44,911 28,822 16,089 1973 Jan. 3 * 35,849 767 2,262 14,481 4,278 29,367 226,106 311,340 106,219 43,930 27,710 16,220 10* 35,226 734 2,359 14,723 4,323 29,742 224,394 309,276 102,695 44,845 28,026 16,819 17* 34,664 932 2,516 14,560 4.337 29,509 224,486 308,829 102,594 44,856 28,118 16,738 24* 33,661 1,789 2,696 15,082 4.338 29,555 223,219 306,971 98,314 45,384 28,552 16,832 31* 33,940 1,017 2,676 15,347 4,366 29,711 225,448 309,775 97,601 45,758 29,012 16,746 New York City 1972 Jan. 5 7,009 210 5,990 1,171 6.909 44,090 57,618 17,904 10,929 7,165 3,764 12 6.877 1931 6,247 1.189 6,905 43,954 57,247 16,534 11,220 7,351 3,869 1 9 6,651 178 6,190 1.190 6,875 43,830 57,190 16,552 11,306 7,441 3,865 26 5,347 177 6,121 1,190 6.910 43,491 56,924 14,707 11,294 7,410 3,884 Dec. 6 8,268 610 5,659 1,238 7,516 50,489 65,252 19,740 14,364 9,810 4,554 13 9,560 250 574 5,791 1,237 7,524 49,923 65,310 20,845 14,495 9,927 4,568 2 0 7,948 487 510 6,038 1,222 7,503 51,983 66,796 21,863 14,447 9,748 4,699 27 6.878 430 422 5,711 1,214 7,493 52,606 67,318 22,357 14,704 9,913 4,791 1973 Jan. 3* 8,748 180 508 5,388 1 ,224 7,551 52,128 66,561 23,627 14,496 9,512 4,984 10* 9,119 588 5,634 1,236 7,549 51,455 65,936 21,404 15,068 9,729 5,339 17* 8,346 777 5,487 1 ,239 7,526 51,545 65,860 21,873 15,043 9,831 5,212 24* 8,035 475 912 5,846 1 ,238 7,521 50,820 65,009 21,052 15,127 9,898 5,229 31* 8,439 1,107 5,950 1,250 7,586 52,247 66,670 19,761 15,314 10,175 5,139 Outside New York City 1972 Jan. 5 20,076 840 8,869 2,901 19,986 147,685 215,714 73,808 22,387 13,472 8,915 12 19,331 876 8,760 2,908 20,097 146,989 214,690 73,518 22,495 13,596 8,899 1 9 18,101 866 9,100 2,908 20,275 146,679 213,529 71,774 22,438 13,586 8,852 26 17,448 855 9,044 2,913 20,31 145,984 212,682 70,708 22,556 13,621 8,935 Dec. 6 24,500 150 1,627 9,542 2,969 21,823 168,779 238,107 78,521 29,301 18,490 10,811 13 26,466 648 1,554 9,581 2,965 21,843 169,854 238,959 80,763 29,678 18,627 11,051 2 0 24,91 751 1,513 9 2,948 21,812 172,482 241,956 80,326 29,908 18,772 11,136 27 24,207 863 1,456 9,440 2,925 21,938 174,793 244,774 81,871 30,207 18,909 11,298 1973 Jan. 3* 27,101 587 1,754 9,093 3,054 21,816 173,978 244,779 82,592 29,434 18,198 11,236 10* 26,107 734 1,771 9,089 3,087 22,193 172,939 243,340 81,291 29,777 18,297 11,480 17* 26,318 932 1,739 9,073 3,098 21,983 172,941 242,969 80,721 29,813 18,287 11,526 24* 25,626 1,314 1,784 9,236 3,100 22,034 172,399 241,962 77,262 30,257 18,654 11,603 31* 25,501 1,017 1,569 9,397 3,116 22,125 173,201 243,105 77,840 30,444 18,837 11,607 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. 7 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1973 1973 1972 1972 1972 Industry Jan. Jan. Jan. Jan. Jan. 2nd 1st 31 24 17 10 3 Jan. Dec. Nov. IV III half half Durable goods manufacturing: Primary metals 2,052 2,055 2,053 2,040 2,032 34 -14 5 22 -97 30 -75 84 Machinery 4,692 4,603 4,657 4,619 4,605 89 318 318] 504] -116 -74] 388 -165 Transportation equipment 2,193 2,184 2,198 2,149 2,150 99 -41 33 -172 -93 -317 -265 -303 Other fabricated metal products. . . 1,763 1,760| 1,769 1,761 1,736 4 29 -41 — 34| 82 -22] 48 -5 Other durable goods 2,881 2,857 2,887 2,901 2,892] 74| -63 -11 89 185 78 331 Nondurable goods manufacturing: -23 Food, liquor, and tobacco 3,366 3,3581 3,322| 3,295 3,343 269 180 640] 182 -41 822 -268 Textiles; apparel, and leather 2,683 2,657 2,678 2,666 2,695 -81 -94) -157 -349 188 281 -161 562 Petroleum refining 1,088 1,081 1,025 971 974 49 441 10 -22 -88 -12 -185 Chemicals and rubber 2,123 2,055 2,040 2,035 2,005 111 85 -73 -10 -261 -23 -2711 -126 Other nondurable goods 1,731 1,680| 1,703 1,708 1,750| 266 4] -49 -68 108 -93 40 -168 Mining, including crude petroleum 37 and natural gas 3,864[ 3,872 3,822 3,692 3,699 235 -3 -76 -33 58 -66 25 -203 Trade: Commodity dealers 1,934| 1,893 1,873 1,837 1,769 140| 173 174] 475 141 -304| 616 -498 Other wholesale 4,647 4,611 4,576 4,588 4,6001 -7 73 -54] 58 104] 111 162 59 Retail 4,910 4,835 4,788 4,759 4,680 — 90| -359 98 157 324] 138 481 397 Transportation 5,549 5,482 5,512 5,5021 5,560 -41 167 35 235 -291 33 -56 Communication 1,966 1,924 1,895 1,923' 1,935 107 j 123 6 153 271 195 424 121 Other public utilities 3,638 3,644 3,696 3,715 3,761 52 260 178 530 357 247 887 -27 Construction 4,755 4,735 4,748 4,719 4,726 91 63 5 45 321 325 366 481 Services 9,046] 9,028 9,016 9,026 9,038] -86 233 133 5541 -26 363 528 730 All other domestic loans 5,970 5,878 5,902 5,903 5,999 135 306| -77 177 7 -1341 184 -3 Bankers' acceptances 1,271 1,295 1,350 1,439 1,523 -280 207 34 302 -192 — 3001 110 -853 Foreign commercial and industrial loans 3,960 3,917 3,878 3,812 3,825 80| 165 182 414| 69 83 483 172 Total classified loans 76,082 75,4041 75,388 75,0601 75,297 861 2,087 835 3,599 1,203 529 4,802 133 Total commercial and industrial loans. *92,217 91,436 91,375 91,028 91,428 ,122 2,447 1,137 4,466 1,333 5,998 1 ,327 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1973 1972 1972 1972 Industry Jan. Dec. Nov. Oct. Sept. Aug. July June May 2nd 31 27 29 25 27 30 26 28 31 half Durable goods manufacturing: Primary metals 1,306 1,268 1,278 1,282 1,302 1,313 1,354| 1,369 1,381 -34 27 -20 -101 Machinery 2,242 2,154 2,034 1,905 1,904 1,968 1,935 1,958 1,986] 250| -114] -213 196 Transportation equipment. 1,222 1,205 1,256 1,2001 1,306 1,266 1,244| 1,360 -101 -133 -127 -155 Other fabricated metal products 748 720 707 683 682 713 711 677 685 38 -11 -25 43 Other durable goods 1,288 1,239 1,196 1,1941 1,189 1,147 1,1301 1,183 1,144 50 38 10 56 Nondurable goods manufacturing : Food, liquor, and tobacco. 1,298 1,234| 1,191] 1,183 1,080 1,084 1,034| 931 947 154 149 19 -109 303 Textiles, apparel, and leather 764 723 6991 730 710 689 701 666 646 13 44 15 75 57 Petroleum refining 767 698 6811 658 679 652 685 694 726 19 -15 -63 -135 4 Chemicals and rubber 1,358 1,153 1,143 1,190 1,158 1,188 1,2001 1,234 1,245 -5 -76] 8 -215 -81 Other nondurable goods. . 996 894| 913 944 923 882 860| 875 930] -29 48 -105 -44 19 Mining, including crude petroleum and natural gas. 2,877 2,685 2,726 2,748 2,679 2,724 2,723 2,667 2,785 6 12| -205 -167 18 Trade: Commodity dealers.. 133 121 121 123 106 107 110] 109| 128 15 -3 -16 10 12 Other wholesale 906 894 880 876 864 866 905 9021 912 30 -38 -25 34 -8 Retail 1,670) 1,592 1,588 1,496 1,444 1,375 1,345 1,297 1,332 148 147 -43 -43 295 Transportation 4,282 4,180 4,0701 4,082 4,090 4,197 4,243 4,314] 4,285 90 -224] -69 -57 -134 Communication 740 682 549 536 561 516 517 502 427] 121 59 62 13 180 Other public utilities 2,077 1,975 1,825 1,759 1,688 1,643 1,471 1,423 1,218 287 265 263 -156 552 Construction 1,602 1,558 1,528 1,514 1,544] 1,453 1,392] 1,404] 1 ,371 14] 140 -13 173 154 Services 4,115 4,026 3,999 3,950 3,861 3,811 3,747 3,706 3,555 165 155 49 169 320 All other domestic loans .... 1,720 1,597 1,532 1,458 1,553 1,491 1,549 1,465 1,787 44 -238 272 132 Foreign commercial and industrial loans 2,357 2,366 2,264| 2,177 2,143 2,0641 2,0281 2,033 1,995 223 94 -137 333 Total loans *34,468 32,964 32,180 31,688 31,466 31,149 30,884 30,769 30,855 1,498 697 -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 • FEBRUARY 1973 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) rype of holder Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s i i n n a e n s c s ial Consumer Foreign o A th l e l r IPC All commercial banks: 1970—June 17.1 85.3 49.0 1.6 9.6 162.5 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 r86.3 r54.4 *1.4 M0.5 '170.9 June 18.1 89.6 56.2 1.3 10.5 175.8 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 92.6 54.7 1.4 12.3 181.2 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 Dec.* 18.8 109.4 64.9 1.5 12.1 206.7 Weekly reporting banks: 1971 Dec 14.4 58.6 24.6 1.2 5.9 104.8 1972 Jan 14.4 56.8 25.4 1 i 5.9 103.7 Feb 13.7 55.4 24.4 l!l 5.9 100.5 Mar 14.0 55.9 25.0 1.2 6.0 102.1 14.3 56.9 27.0 1.2 5.9 105.4 May 13.7 56.2 25.4 1.2 5.7 102.1 June 14.1 57.3 25.7 1.3 6.0 104.3 July 14.3 58.5 26.1 1.3 6.0 106.3 13.6 57.4 26.0 1.3 5.7 104.0 Sept 13.7 59.0 26.2 1.3 6.2 106.4 Oct 14.1 60.0 26.2 1.3 6.1 107.8 Nov.* 14.5 60.5 26.7 1.3 6.2 109.2 Dec.* 14.7 64.5 27.2 1.4 6.5 114.2 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 Insured 222225555533333 222222222233333 111119999955555 111117777733333 Noninsured 22222 11111 22222 33333 NOTE.—These hypothecated deposits are excluded from Time deposits resulted from a change in Federal Reserve regulations. See June 1966 and Loans at 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

FEBRUARY 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—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 2,247 1,448 799 1,743 304 1,439 Nov. I 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' 2,563 1,639 924 1,787 309 1,478 20r .... 2,653 1,726 927 1,787 309 1,478 27r .... 2,598 1,674 924 1,783 306 1,477 1973—Jan. 3 2,737 1,775 962 1,858 365 1,493 10 2,750 1,819 931 1,790 307 1,483 17 2,691 1,804 887 1,775 296 1,479 24 2,691 1,775 916 1,820 299 1,521 31 2,609 1,734 875 1,822 296 1,526 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 dealers directly Accepting banks F.R. Banks Total Total Im- Others ports Bank Bank For- into related Other i related Other 2 Total Own Bills Own eign United bills bought acct. corr. States 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 31,709 ,216 10,601 078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 31,765 409 12,262 940 17,154 7,058 2,694 1,960 735 57 250 4,057 2,601 31,103 495 10,923 478 18,207 7,889 3,480 2,689 791 261 254 3,894 2,834 32,167 505 11,922 582 18,158 7.601 2,917 2,157 761 75 253 4,356 2,558 32,579 525 12,262 624 18,168 7,935 3,123 2,408 715 63 267 4,482 2,589 32,681 545 12,233 627 18,276 7,985 3,083 2,246 837 143 263 4,496 2,597 32,814 532 12,394 644 18,244 7,734 2,840 2,009 830 83 265 4,547 2,597 33,055 517 12,043 482 19,013 7,443 2,874 2,117 757 143 261 4,165 2,683 33,482 542 12,325 429 19,186 7,069 2,817 2,082 735 73 251 3,927 2,657 33,891 604 12,319 652 19,316 6,643 2,430 1,873 557 63 263 3,887 2,492 32,998 705 12,239 716 18,338 6,639 2,298 1,829 469 96 287 3,958 2,532 32,645 775 12,313 593 17,964 6.602 2,403 1,833 569 62 261 3,876 2,538 34,073 821 12,737 708 18,807 6,748 2,394 1,881 514 70 219 4,065 2,585 34,067 876 12,345 709 19,137 6,864 2,529 1,995 535 63 199 4,073 2,621 32,952 930 11,242 707 19,073 6,f" 2,706 2,006 700 106 179 3,907 2,531 »> 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 • FEBRUARY 1973 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Effective date 1956—i• Apr. 13.... 3V4 1970—Mar. 25 1972—Feb. 28. 43/8-41/2- 1972--Oct. 2 51/2--534 Aug. 21.... 4 N Se o p v t . . 12 7 m 1/ 4 Mar. 13. 41 4 /2 3 - 4 4 - 34- 1 4 1 5 5 1 3 / 4 2 - -534- 1957- -Aug. 6 41/2 23 7 23. 434- 16 534--5% Dec. 6y 4 27. 434--4 7/8-5 1958- -Jan. 22 4 Nov. 6 534- Apr. 21.... m 1971—Jan. 6 Apr. 3. 434--5 20 534--57/8 Sept. 11.... 4 15 5. 5- 18 6 17. 5--514 Dec. 26 534--6 1959-i May 18.... 4 % Feb. 16 5% 27 534-6. Sept. 1.... 5 Mar. 11 51/4-51/2 May 1. 5--5 I/G-514 19 51/4 30. 5- 1973-—Jan. 4 6a 1960- -Aug. 23.... 41/2 Apr. 23 514-51/2 June 12. 5--5I/S 1965- -Dec. 6.... 5 May 11 51/2 26. 5-51/4- 1966- - J M un a e r . 2 1 9 0 .... 5y 2 J O u c ly t. 20 6 7 6 5 5 * % 4- 6 July 1 3 0 . . 5 51 i4 4 - - - - 5 5 3 3 / /88 - Aug. 16.... 6 Nov. 1 17. 51 5 4 1 - / - 2 5 1/2 1967- -Jan. 26-27, 51/2-53/4 4 51/2--55/8 31, 514--53/8- Mar. 27.... 5% 51/2- 51/2 Nov. 20.... 6 22 5y8-5i/2" Aug. 11, 514--53/8 1968- - S A e p p r t . . 2 1 5 9 . . . . . . . . 6 6- 1 6 / V 2 4 Dec. 29 6 5 51 ^ / - 4 5 -5 1 3 /2 /8 - - 2 2 1 5 1 4 , , , 5 5 5 1 V 1 / 4 4 4 - - - - -5 5 3 3 / / 8 8 - Nov. 13.... 6V4 51/2- 51/2 Dec. 1 2 8 .... 6 e 1 y /2 4 2 3 7 1 5 51 i4 /4 - " 5 i/ 2 - 29, 51/ 5 4 1 - / 5 2 3 " / 8- 7 1969-:• J M J u a a n n e r . . 1 9 7 7 . . . . . . . . . . . . 7 m 1/ 2 1972—Jan. 2 3 1 4 1 3 7 4 4 4 5 3 5 I - / 5 4 / 2 8 I - - / - 5 4 8 4 - 3 - 3 5 5 4 4 1 I « - / /44 5 - « 5 - - Sept. 2 1 4 5 5 1 , , , 51 5 5 5 / 1 1 1 4 / / / - 2 2 2 5 - - - 1 - - 5 / 5 2 5 5 - /8 /8 - 534 NOTE.—Beginning Nov. 1971, several banks adopted a floating prime rate keyed to money market variables. - denotes prime rate charged by the majority of commercial banks. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over CCeenntteerr Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. 1972 1972 1972 1972 1972 1972 1972 1972 1972 1972 1972 1972 Short-term 35 centers 6.33 5.84 7.52 7.27 7.10 6.72 6.60 6.20 6.24 5.91 6.14 5.59 New York City 6.09 5.55 7.34 6.82 6.79 6.37 6.27 5.95 6.01 5.55 6.05 5.47 7 Other Northeast 6.61 6.14 7.78 7.39 7.35 6.89 6.78 6.44 6.41 6.12 6.39 5.81 8 North Central 6.27 5.79 7.22 7.02 6.96 6.47 6.57 6.04 6.17 5.77 6.11 5.63 7 Southeast 6.56 6.06 7.64 7.55 7.15 6.96 6.74 6.30 6.38 6.09 6.21 5.41 8 Southwest 6.36 6.07 7.38 7.14 6.97 6.64 6.52 6.17 6.27 6.17 6.04 5.72 4 West Coast 66..4411 55..8822 7.79 7.61 7.31 6.95 6.71 6.39 6.30 5.96 6.24 5.53 Revolving credit 35 centers 6.11 5.83 6.87 6.78 6.81 6.51 6.47 5.93 6.27 5.83 6.05 5.81 New York City 6.01 5.82 7.51 7.06 6.35 6.21 6.27 5.73 6.19 5.61 5.99 5.83 7 Other Northeast 6.22 5.69 6.26 7.68 6.92 6.38 6.23 6.09 6.09 5.75 6.21 5.62 8 North Central 6.12 6.12 8.14 7.02 6.86 6.35 6.42 5.79 6.35 6.11 6.03 6.15 7 Southeast 6.20 5.66 5.97 6.07 6.55 6.30 7.93 6.13 5.84 5.62 5.75 5.44 8 Southwest 6.50 6.42 6.98 6.93 6.76 6.63 6.75 6.28 6.55 6.37 6.36 6.47 4 West Coast 66..1144 55..7722 7.14 6.98 6.90 6.68 6.42 5.97 6.29 5.75 6.08 5.67 Long-term 35 centers 6.67 6.31 7.43 7.47 7.15 6.80 6.82 6.51 6.76 6.27 6.61 6.28 New York City 6.26 5.87 7.14 5.87 7.03 6.29 6.08 6.18 5.78 5.74 6.29 5.85 7 Other Northeast 6.74 6.59 7.37 7.64 7.10 6.94 6.70 6.73 6.66 6.42 6.73 6.54 8 North Central 7.35 6.59 6.94 6.79 7.09 6.82 7.29 6.67 7.90 6.52 7.30 6.58 7 Southeast . .... 77..7799 77..3377 9.67 66..6677 7.15 6.17 7.51 7.07 7.88 8.25 8.23 8 Southwest 66..7722 66..3366 6.81 88..6600 7.14 7.57 7.20 6.69 6.17 5.54 6.76 6.45 4 West Coast 66..3388 66..4499 77..4422 77..6622 7.44 6.66 6.67 6.07 6.77 6.82 6.27 6.46 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

FEBRUARY 1973 • INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 PPrriimmee FFFiiinnnaaannnccceee ccoommmmeerrcciiaall CCCOOO... PPPrrriiimmmeee FFFeeeddd--ppaappeerr11 pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' eeerrraaalll 3-month bills5 6-month bills5 9-to 12-month issues 5 PPPeeerrriiioooddd ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee333 yyeeaarr 90-119 4- to 6- 333--- tttooo 666--- 999000 dddaaayyysss 111 Rate Market Rate on Market 1-year iissssuueess77 days months mmmooonnnttthhhsss222 on new yield new issue yield bill (mar- Other 6 issue ket yield) 1966 555555......555555555555 555555......444444222222 555555......333333666666 555555......111111111111 444444......888888888888111111 444444......888888666666 555555......000000888888222222 555555......000000666666 555555......000000777777 555555......111111777777 555555......111111666666 1967 555555......111111000000 444444......888888999999 444444......777777555555 444444......222222222222 444444......333333222222111111 444444......222222999999 444444......666666333333000000 444444......666666111111 444444......777777111111 444444......888888444444 555555......000000777777 1968 555555......999999000000 555555......666666999999 555555......777777555555 555555......666666666666 555555......333333333333999999 555555......333333444444 555555......444444777777000000 555555......444444777777 555555......444444666666 555555......666666222222 555555......555555999999 1969 777777......888888333333 777777......111111666666 777777......666666111111 888888......222222222222 666666......666666777777777777 666666......666666777777 666666......888888555555333333 666666......888888666666 666666......777777999999 777777......000000666666 666666......888888555555 1970 777777......777777222222 777777......222222333333 777777......333333111111 777777......111111777777 666666......444444555555888888 666666......333333999999 666666......555555666666222222 666666......555555111111 666666......444444999999 666666......999999000000 777777......333333777777 1971 555555......111111111111 444444......999999111111 444444......888888555555 444444......666666666666 444444......333333444444888888 444444......333333333333 444444......555555111111111111 444444......555555222222 444444......666666777777 444444......777777555555 555555......777777777777 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 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 1973—Jan 5.76 5.78 5.56 5.60 5.94 5.307 5.41 5.527 5.62 5.58 5.78 6.29 Week ending— 1972—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 1973—Jan. 6 ,,., 5.63 5.63 5.38 5.38 5.61 5.163 5.16 5.396 5.42 5.44 5.61 6.16 13 5.63 5.63 5.40 5.43 5.66 5.155 5.19 5.412 5.47 5.45 5.70 6.22 20 , . , 5.78 5.78 5.53 5.58 5.86 5.277 5.40 5.540 5.63 5.52 5.80 6.27 27 5.88 5.90 5.75 5.80 6.03 5.633 5.67 5.760 5.81 5.66 5.91 6.38 Feb. 3 6.03 6.10 5.83 5.98 6.35 5.689 5.70 5.871 5.88 5.99 5.96 6.50 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 • FEBRUARY 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 l t n o a i n t t e g e s - d N i A s e s a w u a e - By ra se ti l n e g c ted gr B o y u p term) Total1 Aaa Baa utility Total i Pre- Com- Com- Aaa Baa 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 ferred mon mon 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 1 19 9 6 6 9 8 5 6 . . 2 1 5 0 4 5 . . 4 7 8 3 5 4 . . 4 2 5 0 4 6 . .0 8 7 8 7 6 . . 7 5 1 0 7 6. . 5 3 1 6 6 7. .1 03 8 6 7. . 8 9 1 4 6 7 . . 4 2 1 2 7 6 . . 4 7 6 7 6 7 . . 4 4 9 9 5 6. . 4 7 1 8 3 3 . . 0 2 7 4 'r" 6 5 . . 0 6 8 4 197 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 r6.51 197 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 r5.40 197 2 5.63 5.30 5.04 5.60 7.31 7.63 7.21 8.16 7.35 7.99 7.74 7.27 2.84 1972—Ja n 5.62 5.13 4.84 5.49 7.21 7.66 7.19 8.23 7.34 7.98 7.85 6.57 2.96 Feb 5.67 5.29 5.01 5.63 7.34 7.68 7.27 8.23 7.39 8.00 7.84 6.67 2.92 Mar 5.66 5.31 4.99 5.61 7.24 7.66 7.24 8.24 7.35 8.03 7.81 6.76 2.86 5.42 Apr 5.74 5.45 5.16 5.79 7.45 7.71 7.30 8.24 7.42 8.04 7.87 6.91 2.83 May 5.64 5.33 5.09 5.65 7.38 7.71 7.30 8.23 7.43 8.01 7.88 6.90 2.88 June 5.59 5.35 5.07 5.72 7.32 7.66 7.23 8.20 7.36 7.98 7.83 6.93 2.87 5.57 July 5.57 5.50 5.23 5.78 7.38 7.66 7.21 8.23 7.39 8.00 7.80 6.99 2.90 Aug 5.54 5.36 5.10 5.66 7.37 7.61 7.19 8.19 7.35 7.99 7.69 6.90 2.80 Sept 5.70 5.38 5.12 5.69 7.40 7.59 7.22 8.09 7.36 7.97 7.63 7.00 2.83 *5.56 Oct 5.69 5.24 5.03 5.45 7.38 7.59 7.21 8.06 7.36 7.97 7.63 7.03 2.82 Nov 5.50 5.11 4.91 5.37 7.09 7.52 7.12 7.99 7.28 7.95 7.55 6.93 2.73 Dec 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 1973—Ja n 5.94 5.13 4.90 5.39 7.38 7.49 7.15 7.90 7.27 7.87 7.51 6.85 2.69 Week ending— 1972—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 1973—Jan. 6... 5.72 5.19 4.95 5.45 7.47 7.11 7.90 7.23 7.90 7.49 7.22 2.65 13... 5.83 5.11 4.90 5.40 7.29 7.47 7.12 7.89 7.24 7.88 7.50 7.22 2.65 20. . . 5.98 5.08 4.85 5.30 7.45 7.48 7.15 7.90 7.27 7.85 7.50 7.23 2.67 27. . . 6.08 5.14 4.90 5.40 7.40 7.50 7.18 7.91 7.30 7.85 7.52 7.28 2.72 Feb. 3 . . . 6.13 5.21 5.00 5.45 7.36 7.53 7.20 7.95 7.33 7.87 7.55 6.87 2.74 Number of issues2 10 20 121 20 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Thurs. figures. (3) Corporate: New-issue Aaa utility rates are weekly averarately. Because of a limited number of suitable issues, the number ages compiled by the Board of Governors of the Federal Reserve System. of corporate bonds in some groups has varied somewhat. As of Dec. Rates for seasoned issues are averages of daily figures from Moody's In- 23, 1967, there is no longer an Aaa-rated railroad bond series. vestors Service. 2 Number of issues varies over time; figures shown reflect most recent Stocks: Standard and Poor's corporate series. Dividend/price ratios count. are based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on eight median yields for a sample of non- NOTE.—Annual yields are averages of monthly or quarterly data. callable issues—12 industrial and two public utility; common stock ratios Bonds: Monthly and weekly yields are computed as follows: (1) U.S. on the 500 stocks in the price index. Quarterly earnings are seasonally Govt.: Averages of daily figures for bonds maturing or callable in 10 years adjusted at annual rates. or more. (2) State and local govt.: General obligations only, based on Notes to tables on opposite page: Security Prices: Terms on Mortgages: i Begins June 30, 1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude NOTE.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market NOTE.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com- companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5Vi hours per day, or 21 Vi hours per week. homebuilders; and permanent loans that are coupled with construction In recent years shorter days and/or weeks have cut total weekly trading loans to owner-builders. Series beginning 1965, not strictly comparable to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22- with earlier data. See also the table on Home-Mortgage Yields, p. A-55. Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31- 22.5; 1970—Jan. 2-May 1, 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Period 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 - te Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o n t n a s - - Utility na F n i- ce in to d t e al x 1 NYSE AMEX 196 3 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 1,269 196 4 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 1,570 196 5 83.76 110.6 93.9 88.17 93.48 46.78 76.08 12.05 6,174 2,120 1966.... 78.63 102.6 86.1 85.26 91.09 46.34 68.21 44.16 43.79 48.23 44.77 44.43 14.67 7,538 2,752 196 7 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 196 8 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 196 9 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 197 0 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 197 1 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 4,234 1972* 68.71 84.4 65.9 109.20 121.79 44.11 56.90 60.29 65.73 50.17 38.48 78.35 27.00 16,487 4,447 1971—De c 68.80 . 83.5 66.5 99.17 109.67 43.17 57.07 54.76 58.85 48.34 37.52 72.28 25.04 17,171 4,777 1972—Ja n 68.79 84.6 67.1 103.30 114.12 45.16 60.19 57.19 61.33 50.56 40.02 74.24 26.46 18,072 5,516 Feb 68.32 83.8 66.7 105.24 116.86 45.66 57.41 58.45 63.36 52.80 38.56 73.74 27.52 18,817 6,328 Mar 68.43 84.1 66.2 107.69 119.73 46.48 57.73 59.96 65.18 53.71 38.56 77.15 28.03 18,351 5,680 Apr. 67.66 82.5 65.1 108.81 121.34 47.38 55.70 60.65 66.10 55.50 37.48 80.36 28.24 18,402 5,584 May 68.59 84.6 65.3 107.65 120.16 45.06 54.94 59.82 65.30 53.43 37.04 78.32 27.63 15,270 4,184 June 69.05 83.4 65.6 108.01 120.84 43.66 53.73 59.87 65.76 51.26 36.32 76.59 27.47 14,298 3,872 July 69.23 83.1 65.6 107.21 119.98 42.00 53.47 59.21 65.13 48.45 36.02 75.41 26.97 14,450 3,546 Aug 69.55 84.2 65.8 111.01 124.35 43.28 54.66 61.07 67.25 48.97 36.87 78.27 26.85 15,522 3,807 Sept 68.06 83.4 65.6 109.39 122.33 42.37 55.36 60.05 65.72 46.49 37.82 78.41 25.23 12,314 2.774 Oct 68.09 85.3 65.5 109.56 122.39 41.20 56.66 59.99 65.35 44.95 38.93 79.64 25.87 14,427 3,014 Nov.... 69.87 87.1 65.9 115.05 128.29 42.41 61.16 62.99 68.29 47.50 41.81 84.57 26.18 20,282 4,286 Dec 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 4.775 1973—Ja n 65.89 86.9 66.0 118.42 132.55 42.87 60.01 64.38 70.55 45.14 41.72 81.62 26.04 18,752 4,046 Week ending— 1973—Jan. 6, 67.84 86.7 66.2 119.49 133.55 44.57 61.41 65.22 71.25 47.35 42.42 84.18 26.63 19,320 3,957 13. 66.84 87.2 66.2 119.71 133.92 43.99 61.00 65.23 71.35 45.94 42.41 83.85 26.65 20,368 4,829 20. 65.54 87.7 66.1 118.58 132.72 42.50 60.25 64.45 70.65 44.86 41.75 81.44 26.35 18,641 3,776 27. 64.67 87.0 65.7 117.40 131.60 41.29 58.65 63.65 69.94 43.74 40.97 79.47 26.09 19,159 3,921 Feb. 3. 64.24 86.1 65.7 115.40 129.27 41.35 57.93 62.04 68.54 42.96 40.48 77.17 26.75 16,596 3,706 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r r e p a o a n e t n c e t r t - ) c F c h e ( e a p e n r s e g t r ) e & i s M (y a e tu ar r s i ) ty L r c p ( a o e p r t i n a e i c n r o t e ) / (t d h c o p o P h l r u u l a i a s c r s . - r e e s o ) f (t a d h m L o o l o u o la a s u n . r n s o t ) f C c t ( r r e p a o a n e t n c e r t t - ) c F c h e ( e a p e n r s e t g r ) e & 1 s M (y a e tu ar r s i ) ty L r c p ( a o e r p t i n a e i c n t o r e ) / (t d h c o p o P h l r u u l a i a s c r s . - r e e s o ) f (t a d h L m o o l o u o l a a s u . n r n s o ) t f 1965. 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966. 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967. 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968. 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969. 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1970. 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 1971. 7.60 .87 26.2 74.3 36.3 26.5 7.54 .77 24.2 73.9 31.7 23.1 1971--Dec 7.62 .93 26.6 74.5 36.4 26.5 7.51 .80 24.6 74.6 32.5 23.9 1972--Jan 7.62 .95 26.5 75.0 37.3 27.6 7.45 .82 24.9 74.7 32.5 24.1 Feb 7.45 1.02 27.0 76.5 37.2 27.8 7.35 .79 25.4 75.8 33.1 24.8 Mar 7.38 .84 27.2 76.2 37.7 28.2 7.31 .77 25.1 75.6 32.7 24.4 Apr 7.38 .83 27.2 76.0 38.3 28.5 7.30 .78 25.2 75.3 33.6 24.9 May 7.40 .84 27.2 76.2 38.2 28.5 7.33 .77 25.2 75.4 33.3 24.6 June 7.41 .85 27.2 76.5 37.2 27.8 7.36 .78 25.5 76.1 33.8 25.2 July 7.43 .83 27.2 77.0 37.3 28.2 7.37 .83 25.6 76.2 33.8 25.2 Aug 7.45 .86 27.5 77.5 36.8 27.9 7.39 .81 26.3 76.5 33.7 25.4 Sept 7.43 .86 27.3 77.5 36.6 27.9 7.42 .83 26.2 76.5 32.9 24.8 Oct 7.48 .88 27.2 77.3 36.0 27.4 7.43 .84 26.1 76.3 33.3 25.0 Nov.r 7.50 .90 27.5 77.4 37.1 28.1 7.44 .83 26.2 76.7 33.7 25.3 Dec 7.51 .93 27.5 77.9 38.0 29.1 7.45 .83 26.1 76.6 33.7 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 • FEBRUARY 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 accts. 5,995 5,198 797 4,910 731 242 51 46 1,193 1,209 412 6,835 5,700 835 5,400 764 258 57 42 1,197 1,298 387 6,850 5,989 861 5,700 789 252 56 37 1,182 1,313 448 7,427 6.477 950 6,180 877 256 56 41 1,170 1,327 434 7,847 6,896 951 6,620 883 240 53 36 1,158 1,294 442 8,250 7,283 967 7,010 898 240 57 33 1,150 1,278 433 ' ' 8 8 8 , , , 7 9 4 4 2 7 7 4 2 7 7 7 . , , 4 9 7 7 4 9 8 5 2 ' ' 9 9 9 5 7 9 5 9 4 7 7 7 , , , 2 6 5 0 6 1 0 0 0 r r 8 9 9 8 1 2 9 0 4 2 2 2 4 4 4 1 8 4 r r 5 5 58 1 3 3 3 3 7 7 8 r '1 l 1 , , , 1 7 6 4 7 4 1 2 4 ' '1 1 1 , , , 2 2 2 8 7 9 5 4 6 4 4 3 0 0 8 3 3 6 9,092 8,060 1,032 7,780 961 246 54 34 '1,800 1,298 384 9,091 8,083 1,008 7,800 937 248 54 35 '1,871 1,255 380 9,024 8,081 943 7,800 872 250 53 31 '1,875 1,351 389 9,068 8,166 902 7,890 831 249 52 27 1,871 1,396 390 865 798 50 1,896 1,528 1 Margin credit includes all credit extended to purchase or carry stocks 3 Nonmargin stocks are those not listed on a national securities exchange or related equity instruments and secured at least in part by stock (see and not included on the Board of Governors of the Federal Reserve Dec. 1970 BULLETIN). Credit extended by brokers is end-of-month data System's list of OTC margin stocks. At banks, loans to purchase or carry for member firms of the NYSE. June data for banks are universe totals; nonmargin stocks are unregulated; at brokers, such stocks have no loan all other data for banks represent estimates for all commercial banks value. based on reports by a reporting sample, which accounted for 60 per cent 4 Includes loans to purchase or carry margin stock if these are unsecured of security credit outstanding at banks on June 30, 1971. or secured entirely by unrestricted collateral (see Dec. 1970 BULLETIN). 2 In addition to assigning a current loan value to margin stock generally, 5 Free credit balances are in accounts with no unfulfilled commitments Regulations T and U permit special loan values for convertible bonds and to the brokers and are subject to withdrawal by customers on demand. stock acquired through exercise of subscription rights. EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, except as noted) (Per cent of total, except as noted) TToottaall Equity class (per cent) Equity class of accounts ddeebbtt Net in debit status ((mmiill-- End of period credit EE ppee nn rr dd ii oo oo dd ff ll dd ii oo oo oo ff nn ll -- ss 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er status 60 o r p e m r o c r e e n t 6 L 0 e p ss e r th c a e n n t llaarrss)) ii 1971—Nov. 44.6 45.1 10.2 1971—Nov.. 4,910 7.3 10.7 25.9 26.2 13.1 16.8 Dec. 35.0 55.7 9.4 Dec.. 5,400 8.6 12.7 27.1 29.9 10.2 11.5 1972—Jan., 36.8 55.9 7.3 1972—Jan... 5,700 8.7 13.5 27.1 32.6 8.5 9.6 Feb. 35.1 57.0 7.9 Feb.. 6,180 8.4 12.4 25.9 35.1 8.5 9.7 Mar. 35.8 56.0 8.1 Mar.. 6,620 7.6 11.2 22.3 38.5 10.6 9.7 Apr. 35.5 56.5 8.0 Apr.. 7,010 7.1 10.2 19.5 40.0 12.8 10.5 May 34.7 57.1 8.0 May. 7,200 6.9 9.9 19.3 38.6 15.0 10.4 June 34.3 56.3 9.4 June. 7,510 6.0 9.1 15.9 33.9 22.0 13.2 July. 34.4 55.2 11.4 July.. 7,660 5.5 8.3 14.6 30.8 24.9 15.7 Aug. 33.4 55.2 11.4 Aug.. 7,780 5.9 8.6 15.0 33.6 22.4 14.6 Sept. 33.7 53.8 12.5 Sept.. 7,800 5.5 8.0 13.8 31.4 24.9 16.4 Oct.. 33.3 53.4 13.3 Oct... 7,800 5.5 8.1 13.6 30.8 25.0 17.0 Nov. 33.6 54.5 11.8 Nov.. 7,890 6.0 9.4 16.6 35.1 20.5 12.4 Dec. 34.4 52.9 12.7 Dec.. 7,900 6.5 8.6 17.6 31.9 20.3 15.0 NOTE.—Special miscellaneous accounts contain credit balances that 1 See note 1 to table above. may be used by customers as the margin deposit required for additional purchases. Balances may arise as transfers based on loan values of other NOTE.—Each customer's equity in his collateral (market value of col- collateral in the customer's margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col- sales proceeds) occur. lateral values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • SAVINGS INSTITUTIONS A 39 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments 3 EEnndd ooff ppeerriioodd M ga o g r e t- Other G U o . v S t . . g S l a o o t n c a v d a t t e l . o C t r a o h a n r e t d p e r 1 o - Cash O as t s h e e t r s g l r i e T e a a t s n o b i n e e e t i d r s l a r v i l a - e l De it p s o 2 s- l O ia t t i b h e i s e l i r - G r c e o e s a n u e c e n r - r v ts a e l classi ( f i i n e d m b o y n t m h a s) t urity accts. 3 or 3-6 6-9 less 1963 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 1964, 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 1965 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 1966. 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 1967 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 1968. 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1969 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5,530 584 485 452 1970 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 1971--Nov.. . 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 Dec.... 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 1972--Jan.4.. 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 Feb.... 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 Mar... 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 Apr 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 May... 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 June... 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 July. .. 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 Aug.. . 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 Sept.. . 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 Oct.. .. 66,298 3,481 3,451 866 21,497 1,303 1,986 98,882 89,558 2,518 6,806 1,667 718 617 Nov.. . 66,815 3,503 3,419 894 21,648 1,321 1,996 99,595 90,112 2,610 6,873 1,624 753 631 1 Also includes securities of foreign governments and international data previously reported by NAMSB which were net of valuation reserves organizations and nonguaranteed issues of U.S. Govt, agencies. For most items, however, the differences are relatively small. 2 See note 8, p. A-19. 3 Commitments outstanding of banks in New York State as reported to NOTE.—National Assn. of Mutual Savings Banks data; figures are the Savings Banks Assn. of the State of New York. Data include building estimates for all savings banks in the United States and differ somewhat loans beginning with Aug. 1967. from those shown elsewhere in the BULLETIN; the latter are for call dates 4 Balance sheet data beginning Jan. 1972 are reported on a gross of and are based on reports filed with U.S. Govt, and State bank supervisory valuation reserves basis. The data differ somewhat from balance sheet agencies. LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort- Real Policy End of period assets Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign : Total Bonds Stocks gages estate loans Statement value: 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 196 4 149,470 12,322 5,594 3,774 2,954 63,379 55,641 7,938 55,152 4,528 7,140 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 196 7 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 1968' 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— Nov. 219,723 10,989 4,469 3,351 3,169 98,715 79,726 18,989 74,845 6,808 16,986 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 Nov 237,971 11,193 4,459 3,356 3,378 113,066 87,425 25,641 76,207 7,272 17,922 1 Issues of foreign governments and their subdivisions and bonds of Figures are annual statement asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. Adjustments for interest due and accrued and for differences between market and book NOTE.—Institute of Life Insurance estimates for all life insurance values are not made on each item separately but are included in total, in companies in the United States. "Other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 SAVINGS INSTITUTIONS • FEBRUARY 1973 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Liabilities commitments4 Total assets— M ga o g r e t s - I s n i m e t v i c e e e u s n s r t 1 t - - Cash Other2 lia T b o il t i a t l i es S c a a v p i i n ta g l s R a d p n e i r v d s o e i f d r u i v e t n s d e - s m ro B o w n o e r e - y d 3 Loans Other d p M u er r a i i d o n e d g 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1.499 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 114,427 7,762 3.366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 130,802 i 11,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 140,232 10,873 2,438 8,606 162,149 135,538 11,228 9,728 2,455 3,200 807 150,331 13,020 3,506 9,326 176,183 146,404 11,991 10,911 3,078 3,799 1,602 174,385 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 3,731 203,266 22,505 2,245 12,689 240,705 203,889 13,592 8,503 6,067 8,654 3,777 206,367 21,839 2,673 12,691 243,570 207,290 14,749 9,847 6,215 5,459 3,169 1 U.S. Govt, securities only through 1967. Beginning 1968 the total ments are comparable with those shown for mutual savings banks (on reflects liquid assets and other investment securities. Included are U.S. preceding page) except that figures for loans in process are not included Govt, obligations, Federal agency securities, State and local govt, securi- above but are included in the figures for mutual savings banks. ties, time deposits at banks, and miscellaneous securities, except FHLBB 5 Balance sheet data for all operating savings and loan associations stock. Compensating changes have been made in "Other assets." were revised by the Federal Home Loan Bank Board for 1969 and 1970. 2 Includes other loans, stock in the Federal home loan banks, other investments, real estate owned and sold on contract, and office buildings NOTE.—Federal Home Loan Bank Board data; figures are estimates for and fixtures. See also note 1. all savings and loan assns. in the United States. Data are based on 3 Consists of advances from FHLBB and other borrowing. monthly reports of insured assns. and annual reports of noninsured assns. 4 Insured savings and loan assns. only. Data on outstanding commit- Data for current and preceding year are preliminary even when revised. MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks v m a b A n t e e o d c m r - s e - s I m nv e e n s ts t- p C a o d a n s e s d i - h t s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a t p o i c t k a l M l g o ( a o A a g n r ) e t s - D n t e a u ( o L b n r t d e e e ) s s n - c L a o t ( o o i t A o v a p ) n e e s s r - D t e u ( b L re e ) s n - c L o a d ( o u A n i a s n d ) n - t s s D t e u ( b L re e ) s n - M l g o ( a o A a g r n ) e t s - 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,238 3,412 156 7,139 1,949 1,647 17,977 17,442 2,098 1,867 5,785 5,537 7,970 6,515 3,805 115 6,731 2,014 1,696 18,220 17,814 2,149 1,840 5,720 5,591 8,039 5,992 4,342 113 6,730 2,008 1,708 18,342 17,992 2,267 1,840 5,967 5,689 8,139 5,913 4,233 81 6,729 1,762 1.717 18,403 18,131 2,260 1,833 6,105 5,879 8,238 5,853 4,067 108 6,528 1,789 1.718 18,598 17,959 2,181 1,852 6,229 6,018 8,343 6,075 3,850 118 6,527 1,746 1.721 18,628 18,560 2,145 1,786 6,378 6,118 8,430 6,138 3,579 118 6,526 1,497 1.722 18,740 18,194 2,137 1,731 6,330 6,174 8,517 6,294 3,319 118 6,531 1,442 1,724 19,021 18,194 2,156 1,710 6,255 6,148 8,631 6,736 2,184 106 6,531 1,444 1,729 19,295 18,939 2,233 1,710 6,201 6,063 8,749 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 7,979 2,225 129 6,971 1,548 1,756 19,791 19,238 2,298 1,944 6,094 5,804 9,107 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

FEBRUARY 1973 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1972 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity of dollars) and maturity 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: 7/3/72 - 1/3/73 4.55 5/23/71 -2/26/73 5.70 400 11/10/70 - 3/12/73. . . 7.30 450 8/1/72 -2/1/73 4.90 3 1 / 0 2 / 5 2 / 7 7 / 1 7 0 - -- 5 / 8 2 / 5 2 / 7 7 / 3 7 . 3 .. .. . . 4 7 . . 2 2 0 0 4 4 0 5 0 0 6 1 / 2 1 / 2 1 / 2 6 / 1 6 9 - - 6/ 3 1 / 2 1 / 2 7 / 3 7 3. . . 4 8 1 .3 4 0 2 1 5 4 0 6 1 1 1 0 / / 1 2 / / 7 7 2 2 - - 5 4 / / 1 2 / / 7 7 3 3 5 5 . . 4 4 5 0 11/27/72 -- 11/27/73. . 5.55 600 7/10/70 - 6/12/73.... 8.35 350 12/4/72- 6/4/73 5.30 1/26/70 -• 1/25/74. . . 8.40 300 7/12/71 - 6/12/73 6.75 550 10/1/70 - 10/1/73. . . 7.30 6/26/70 -• 2/25/74 . . . 8.40 250 3/10/70 - 9/10/73. . .. 8.10 300 8/27/71 - 2/25/74.... 7.10 300 6/10/71 -9/10/73 6.13 350 Federal intermediate 8 6 8 / / / 2 2 2 5 5 5 / / / 7 6 7 1 9 2 - - -- 5 8 8 / / / 2 2 2 5 6 5 / / / 7 7 7 4 4 4. . . . . . . . . . . 6 7 5 . .3 3 6 / 5 5 s 4 3 1 0 0 8 0 0 0 8 1 1 / 2 2 1 / / 0 1 1 / 0 1 7 / / 1 7 7 0 2 - - - 12 1 1 / 2 2 1 / /1 1 0 0 0 / / 7 / 7 7 3 3 3 . . . . . . . . 7 5 6 . . . 7 1 0 5 5 0 5 2 5 0 0 0 0 0 0 De c 4 b r / e e 3 n d / t i 7 t u 2 r b - e a s 1 n : / k 2 s / 73 4.80 11/25/69 - 11/25/74. 8.00 225 12/1/71 - 3/11/74 5.45 400 5/1/72 -2/1/73 4.95 1/26/71 -2/25/75. ... 6.10 250 4/10/70 - 3/11/74 7.75 350 3/2/70 - 3/1/73 7.75 8/25/70 -- 5/26/75 . . . 8.05 265 8/5/70 - 6/10/74 7.90 400 6/1/72 - 3/1/73 4.80 7/27/70 -- 8/25/75. . . 7.95 300 11/10/71 -6/10/74.... 5.70 350 7/3/72 - 4/2/73 4.80 1 1 1 2 / / 2 1 7 8 / / 7 7 2 0 - -- - 2 1 / 1 2 / 5 2 / 5 7 / 5 7 . 5 . . . . 5 6. % 50 4 3 0 5 0 0 9 2 / / 1 1 0 0/ / 7 6 1 9 - - 9 9 / / 1 1 0 0 /7 /7 4 4. . .. 7 5 . . 8 6 5 5 2 3 5 0 0 0 9 8 / / 5 1 / / 7 7 2 2 - - 6 5 / / 4 1 / /7 7 3 3 5 5 . . 0 0 5 0 8/27/71 -2/25/76.... iy% 300 5/10/71 - 12/10/74.... 6.10 250 12/4/72-9/4/73 5.45 6 3 1 1 / / 0 0 2 2 / / 5 2 5 1 / 7 / 5 7 7 / / 1 7 0 7 1 0 - - - - 5 2 / 1 / 2 1 2 0 5 1 5 / / / 1 / 7 2 8 5 7 7 0 / / . . 8 8 .. 0 . 1 . . . . . 6 6 7 7 . . . . 6 9 8 7 5 0 5 0 2 2 2 3 0 0 0 5 0 0 0 0 9 4 1 1 / / 0 1 1 1 / / 2 0 1 1 / / 2 0 7 7 / / 1 1 7 7 1 0 - - 6 - - / 1 1 2 3 3 0 / / / / 1 1 1 7 0 0 0 5 / / / 7 7 7 5 5 4 . . .. . . .. . . 5 6 7 6 . . . . 2 5 4 3 5 5 5 5 4 5 6 3 5 0 0 0 0 0 0 0 9 7 1 1 / / 1 0 1 1 / / / 2 1 / 7 7 / / 1 7 7 0 2 2 - - - 7 - 1 / 7 8 / 2 2 / / / 2 1 / 7 7 / / 3 4 7 7 3 3 5 6 5 5 . . . . 8 6 5 6 5 5 5 0 10/13/70 - 9/10/75. . . 7.50 350 1/4/71 _ 7/1/74 5.95 3/10/72 - 12/10/75. . . 5.70 500 5/1/72 - 1/2/75 6.05 3/11/71 - 3/10/76 5.65 500 1/3/72 -7/1/75 5.70 Federal Home Loan 6/10/71 -6/10/76 6.70 250 Mortgage Corporation 2/10/72 -6/10/76 5.85 450 Federal land banks Bonds: 11/10/71 -9/10/76.... 6.13 300 Bonds: 7 2 / / 1 1 5 0 / / 7 7 1 2 - - 8 1 /2 1 6 /2 /7 6 4 / 73.... 7 5 . . 7 3 5 0 2 1 0 50 0 6 7/ / 1 1 2 2 / / 7 7 1 2 - - 9 1 / 2 1 / 0 1 / 0 7 / 6 7 6 5 7 . . 8 4 5 5 5 3 0 0 0 0 7 2 / / 2 20 0 / / 6 7 3 0 - - 1 2 / / 2 2 2 0 / / 7 7 3 3 . -7 . 8 . 4 7 3 .9 ^ 5 5 1 / 1 1 / 1 1 / 9 72 / 7 - 0 - 2/ 1 2 1 5 / / 2 77 7 /95... 6 8 . . 1 6 5 0 3 1 5 4 0 0 2 1 / 2 1 / 3 1 / 1 6 / 2 7 2 - - 2 1 / 2 1 / 0 1 / 0 77 /7 6. . . 4 6 1 . / 2 2 5 5 1 0 9 0 8 4 1 / / 2 2 0 0 / / 7 7 2 0 - - 4 7 / / 2 2 3 0 / / 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 1 / 0 1 /1 0 2 / / 7 7 1 1 -9 - /1 1 2 2 / / 7 1 7 1 /78. . 6 6 . . 8 75 8 3 3 0 0 0 0 7 2 / / 2 2 0 0 / / 7 7 2 2 - - 2 1 / / 2 2 0 1 / / 7 7 4 4 . . . . . . 4 5 V .55 i Fe D C de a i 9 9 A 4 S r s 1 p a / / c / e 0 i s 3 3 l 1 o t o c / s 0 0 a / 2 u o o N p 7 / l / / c n 7 e n 0 6 7 a 1 i 8 r t d d 2 t a a i a - e n t o t - - r i - b i o y n o o 4 e t 1 a 1 n n / e n 1 l 0 — 0 s 1 m s t 0 / / / u M 1 1 / 7 a 1 r / / 5 r e 9 9 / o k 7 7 6 s r 3 e : t t g age 4 7 6 8 . . . . 3 0 4 0 8 0 0 0 1 2 2 2 2 ,0 4 5 5 0 9 0 0 8 0 2 9 9 2 6 6 2 6 3 1 1 1 / / / / / / / / 2 / 2 1 1 1 1 1 2 2 1 2 / / 0 1 0 1 1 0 8 1 1 2 9 / / / / / 0 / / 1 / 7 / 7 7 7 7 7 7 / / 7 7 1 1 1 1 2 2 2 7 7 2 1 2 2 - - - - - - - - - 9 9 6 5 - 9 - 6 1 3 / / / / / 1 / / 1 1 / 1 6 1 2 1 1 1 1 0 0 0 / / 0 9 0 2 0 2 8 1 / / / / / / / / 2 / 8 8 8 8 7 0 8 8 1 1 1 3 2 1 9 2 0 / 0 0 8 / /7 8 1 9 0 . . . . . . . . . 7 5 6 7 6 6 6 6 6 6 6 . . . . . . . . . . . 2 5 7 8 1 8 2 6 6 8 4 5 5 5 5 5 5 4 0 8 0 0 2 2 2 2 2 2 3 3 3 1 5 0 0 5 5 5 5 5 0 5 0 0 0 0 8 0 0 0 0 6 0 0 4 4 9 4 2 7 2 2 7 1 1 / / / / / / / / / 0 0 2 2 2 2 1 2 2 2 1 / / 0 0 1 0 0 5 0 2 2 0 5 / / / / / / 1 / 0 / 7 / 7 6 6 6 7 7 / / 7 1 7 1 6 6 5 2 0 7 7 2 1 2 0 - - - - - - - - - 4 - - 1 7 1 1 4 2 7 / 1 / 2 / 0 0 / 4 / / 7 2 / 2 2 2 2 2 2 / / / / 0 1 4 2 2 0 2 1 2 0 / / / / / 2 0 7 1 / / 7 7 7 7 7 7 7 / / / / 4 6 6 6 5 7 7 5 7 7 5 . . . . . . 4 4 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 7 5 8 5 7 5 5 5 6 5 . . . . . . . M ^ M % 8 2 8 3 7 3 0 5 0 5 0 0 0 0 Mo 9 6 r / / t 1 2 g / 9 a 70 / g 7 e 0 - - - b a 6 1 c / 0 2 k / / e 1 7 d / 5 9 0 b onds: 8 8 . . 3 6 8 3 2 2 5 0 0 0 6 4 3 1 1 / / 2 / 1 1 1 1 / / 2 1 0 1 2 / 0 / 0 / 7 7 / / 7 1 2 7 7 1 2 1 - - - - - 6 6 3 9 / / 1 1 / 1 / 1 0 1 1 2 0 / / / 2 9 8 / 1 2 9 4 / 0 8 2 / . 8 3 4 . . . . . . . . . 7 7 6 6 6 . . . . . 0 7 0 2 9 5 5 0 5 0 2 2 2 2 2 5 0 5 0 0 0 0 0 0 0 9 2 7 5 1 1 / / / / 0 0 2 2 2 1 / / 0 / 2 2 0 5 6 / 7 3 / 6 / 7 / / 6 7 2 7 7 7 1 2 2 - - - - - 4 4 - 1 / / 7 / 1 2 2 2 / 0 1 0 2 2 3 / 0 / 0 / / 2 7 7 / / 7 8 3 2 7 9 9 8 / 0 . 7 . / . . 9 7 . . . . . 7 . . . . . 5 6 6 6 6 5 . . . . . K 8 8 0 4 3 5 0 0 5 0 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 • FEBRUARY 1973 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public • Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest- of Net lend- out- or Public Plus: ments by Govt, Equals: Trea- financ- Budget ex- ing lays i deficit debt Agency accounts Less: Total sury ing, receipts pendi- (-) securi- securi- Special borrow- operat- Other net4 tures ties ties notes 3 ing ing Special Other balance issues Fiscal year: 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 -1,295 596 1,616 269 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 -982 197 1 188,392 210,318 1,107 211,425 -23,033 27,211 -347 6,616 800 19,448 710 -979 3,586 197 2 208,649 231,876 -23,227 29,131 -1,269 6,813 1,607 19,442 1,362 1,108 6,255 Half year: 1971—Jan.-June... 100,809 106,201 1,008 107,209 -6,400 8,971 -326 4,809 647 3,189 656 303 4,039 July-Dec 93,180 110,608 948 111,554 -18,374 26,001 -1,117 2,803 523 21,561 973 80 -2,122 1972—Jan.-June.... 115,549 120,319 -4,850 3,130 -150 4,010 1,089 -2,114 389 1,028 8,377 July-Dec 106,061 118,586 -12,525 22,037 876 6,388 -861 17,386 -956 386 -5,430 Month: 1971—Dec. r 17,216 17,490 -275 9,511' 284 1,291 19 8,485 1,328 5,500 -1,383 1972—Ja n 17,596 19,226 243 19,469 -1,873 -1,269 -474 -1,508 -369 134 -191 1,026 2,573 Feb 15,239 18,589 175 18,764 -3,525 1,169 568 1,450 286 -4,018 -208 -702 Mar 15,237 20,000 327 20,327 -5,090 3,312 -103 -683 97 3,795 591 -16 1,869 Apr 24,534 19,113 -515 18,598 5,935 -2,039 -44 -1,770 1,746 -2,059 4,047 1,338 1,508 May 17,275 19,723 237 19,960 -2,685 2,607 272 3,527 -29 -618 -2,030 -1,617 -346 June r 25,589 23,202 2,387 -651 -370 2,975 -628 -3,368 417 2,080 478 July 15,207 18,591 -3,384 5,123 9 1,409 -6 3,730 -1,129 -1,810 3,284 Aug 18,213 20,581 -2,369 3,056 534 2,639 16 934 -4,012 222 2,355 Sept 22,183 18,471 3,712 -1,493 22 -1,339 -508 376 4,783 -92 604 Oct 14,738 20,055 -5,317 6,000 24 3,085 88 2,851 -1,786 37 717 Nov 16,748 21,165 -4,418 4,301 380 -659 42 5,298 305 7 -569 Dec 18,972 19,721 -750 5,051 -93 1,104 -343 4,197 2,795 57 -595 Selected balances Treasury operating balance Federal securities End Memo : pe o ri f o d B F a . n R k . s ac l c T a o o n a a u d x n n ts d t O a e r p t i h o e e s s r i 5 - Total se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y es Sp G I e n c o v i v a e t l s L , tm e a s c e s c n : o ts u n o t f s S n L p o e e t c s e s i s a : 3 l E p T h q u o b e u b y t l a l d a i l l c s : s c p p D o G r o N r e i n o p v b o s v s a t w o . t t — . r o e - e 6 f d issues Other Fiscal year: 196 9 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,991 197 0 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 197 1 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 36,886 197 2 2,344 7,934 5 139 10,117 427,260 10,894 89,539 24,023 825 323,770 41,044 Calendar year: 197 1 2,020 9,173 113 11,306 424,131 11,044 85,544 22,922 825 325,884 39,860 197 2 1,856 8,907 310 11,073 449,298 11,770 95,924 23,164 825 341,155 Month: 1971—De c 2,020 9,173 113 11,306 424,131 11,044 85,544 22,922 825 325,884 39,860 1972—Ja n 2,860 8,118 5 134 11,112 422,862 10,570 84,037 22,522 825 326,017 39,701 Feb 884 6,075 134 7,094 424,032 11,137 85,486 22,839 825 326,019 39,883 Mar.... 1,293 6,391 2 7,685 427,343 11,034 84,804 22,935 825 329,814 40,109 Apr 1,871 9,724 136 11,732 425,304 10,991 83,034 24.681 825 327,755 40,632 May.... 2,144 7,420 136 9,700 427,912 11,263 86,561 24,652 825 327,137 40,426 June.... 2,344 7,934 139 10,117 427,260 10,894 89,539 24,023 825 323,770 41,044 July.... 2,298 6,547 144 8,988 432,383 10,903 90,944 24,018 825 327,499 40,981 Aug.... 1,730 3,025 222 4,976 435,439 11,437 93,616 24,002 825 328,433 41,037 Sept 1,395 8,105 259 9,759 433.946 11,459 92,281 23,490 825 328,809 41,724 Oct 1,613 6,051 309 7,973 439.947 11,483 95,365 23,579 825 331,660 41,760 Nov 1,182 6,786 310 8,278 444,247 11,863 94,821 23,506 825 336,958 Dec 1,856 8,907 310 11,073 449,298 11,770 95,924 23,164 825 341,155 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

FEBRUARY 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 Estate Misc. Total W he it ld h - N w he i o t l n h d - - fu R n e d - s t N ot e a t l c G e r r i e o p - s ts s fu R n e d - s co P n t a a t y x r - i e b s u a t S i n o e d l n f s - 1 i e n U m s n u p - r l. . c O e n r i t e p h e - t t e s r 2 t N ot e a t l E ta x x c e is s e t C o u m s s - a g n if d t ce r ip e- ts i roll empl. taxes Fiscal year: 196 9 187,784 70,182 27,258 10,191 87,249 38,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,908 197 0 193,743 77,416 26,236 13,240 90,412 35,037 2,208 37,190 1,942 3,465 2,700 45,298 15,705 2,430 3,644 3,424 197 1 188,392 76,490 24,262 14,522 86,230 30,320 3,535 39,751 1,948 3,673 3,206 48,578 16,614 2,591 3,735 3,858 197 2 208,649 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 5,436 3,633 Half year: 1971—Jan.-June 100,808 39,025 18,693 13,957 43,761 17,576 2,069 21,983 1,815 2,325 1,630 27,753 8,462 1,274 2,198 1,853 July-Dec. 93,180 38,449 5,589 574 43,465 13,262 *1 ,448 19,643 155 1,518 1,673 22,989 8,961 1,838 2,395 1,718 1972—Jan.-June 115,469 44,751 20,090 13,569 51,272 21,664 1,312 24,445 1,877 4,736 1,764 30,925 6,516 1,449 3,041 1,915 July-Dec. 106,061 46,058 5,784 688 51,154 15,315 1,459 22,493 165 2,437 1,773 26,867 8,244 1,551 2,333 2,056 Month: 1972—Dec '17,21I6 '6,826 379 106 '7,099 5,064 138 2,308 52 278 2,642 1,389 329 545 286 1972—Jan 17,596 6,627 4,318 10,944 1,228 158 044 124 153 295 3,615 743 259 621 344 Feb 15,239 7,581 682 1,416 6,846 878 212 774 147 545 274 5,740 819 224 596 347 Mar 15,237 7,782 1,323 5,200 3,905 4,995 273 787 167 71 325 4,350 1,130 264 602 263 Apr 24,534 6,599 8,650 3,284 11,985 5,145 250 877 1,153 343 283 5,655 1,091 215 372 342 May.... 17,275 8,141 1,413 2,997 6,557 967 234 281 223 1,636 303 7,443 1,371 235 461 475 June 25,589 8,020 3,704 670 11,054 8,452 185 682 64 92 285 4,122 1,363 252 388 144 July 15,207 7,052 548 245 7,355 1,258 187 727 260 289 4,277 1,442 237 334 492 Aug 18,213 8,175 362 157 8,380 855 190 367 1,175 307 6,849 1,351 278 423 266 Sept 22,183 7,305 3,794 95 11,005 5,289 324 529 145 63 302 4,038 1,327 237 316 295 Oct 14,738 7,187 469 61 7,595 1,287 323 225 15 210 311 3,759 1,387 281 409 343 N D o ec v 1 1 8 6 , , 9 7 7 4 2 8 7 8 , , 9 4 1 2 5 5 2 3 5 5 7 3 6 69 1 8 8, , 2 6 0 1 6 3 5,7 8 7 5 2 3 2 1 9 4 4 0 ,6 0 0 44 1 6 9 3 2 7 2 2 7 8 7 7 4 2 , , 9 9 6 7 9 5 1 1 , , 2 4 8 52 6 2 2 3 8 4 4 4 3 8 6 7 4 2 3 7 8 6 3 Budget outlays ' Com. Gen- Na- Nat- Com- mun. Educa- eral Intra- Period tional Intl. Space Agri- ural merce deve- tion Health Vet- Inter- Gen- reve- govt. de- affairs re- cul- re- and lop, and and erans est eral nue transfense search ture sources transp. and man- wel- govt. shar- achous- power fare ing tions 5 ing Fiscal year: 197 0 196,588 80,295 3,570 3,749 6,201 2,568 9,310 2,965 7,289 56,697 8,677 18,312 3,336 -6,380 197 1 211,425 77,661 3,095 3,381 5,096 2,716 11,310 3,357 8,226 70,607 9,776 19,608 3,970 -7,376 197 2 231,876 78,336 3,726 3,422 7.063 3,761 11,201 4,282 9,751 81,988 10.731 20,582 4,890 -7,858 1973'6 249,796 76,435 3,341 3,061 6.064 876 12,543 3,957 10,500 93,880 11,795 22,808 5,631 6,786 -8,381 19746 268,665 81,074 3,811 3,135 5,572 3,663 11,580 4,931 10,110 103,709 11.732 24,672 6,025 6,035 -9,131 Half year: 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 July-Dec. 118,586 35,350 1,640 1,676 4,616 329 6,200 2,637 5,133 43,212 5,740 10,604 2,870 7 2,617 -4,039 Month: 1971—De c '17,490 6,713 180 285 853 271 875 403 ' 727 6,445 896 1,702 473 -2,332 1972—Ja n 19,469 6,161 347 259 699 264 813 434 813 6,807 1,023 1,737 390 -277 Feb 18,764 6,333 307 276 298 237 619 254 908 6,938 864 1,714 400 -385 Mar 20,327 7,158 361 310 16 265 876 342 932 7,111 1,045 1,801 401 -293 Apr 18,598 6,738 265 238 -196 255 793 9 728 6,936 929 1,792 419 -308 May 19,960 7,107 268 207 126 265 713 490 1,033 6,914 973 1,784 389 -371 June 23,202 9,087 487 292 120 520 1,350 505 1,429 8,703 911 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 N Oc o t v 2 21 0 , , 1 0 6 5 5 5 6 6, , 5 3 0 0 1 5 2 3 5 5 9 0 2 2 7 7 1 2 8 3 0 2 6 9 - 3 1 5 6 3 1,0 9 5 8 6 2 2 3 4 8 4 4 8 8 5 0 1 0 7 7 , , 8 6 5 8 1 8 1,2 8 7 9 9 6 1 1 , , 5 9 5 1 9 9 4 44 6 8 3 - - 2 3 7 5 6 3 Dec 19,721 6,135 221 284 -146 -40 829 414 960 7,710 989 1,809 415 7 2,617 -2,474 1 Old-age, disability, and hospital insurance, and Railroad Retirement 6 Estimates presented in the Jan. 1974 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), totaling $500 million for retirement contributions. fiscal 1973, and $1,750 million for fiscal 1974, are not included. 3 Deposits of earnings by Federal Reserve Banks and other miscellane- 7 Outlays of $6,786 million in fiscal 1973 contain retroactive payments ous receipts. of $2,600 million for fiscal 1972. 4 Outlays by functional categories are published in the Monthly Treasury Statement (beginning April 1969). Monthly back data (beginning NOTE.—Half years may not add to fiscal year totals due to revisions in July 1968) are published in the Treasury Bulletin of June 1969. series which are not yet available on a monthly basis. 5 Consists of government contributions for employee retirement and interest received by trust funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES • FEBRUARY 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 e b n r le d t- s Total 3 F is o s r u e e i s g n 4 bo S 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 6.1 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 2.4 50.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 1.5 50.8 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 3.1 51.7 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 4.3 52.3 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 3.8 52.2 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 5.7 52.5 1971—Dec. 424.1 336.7 262.0 97.5 114.0 50.6 2.3 72.3 16.8 54.9 1972—Jan.. 422.9 336.9 261.9 97.5 114.0 50.4 2.3 72.7 16.9 55.1 Feb., 424.0 336.5 261.2 98.1 112.9 50.2 2.3 73.0 16.9 55.3 Mar. 427.3 340.6 265.4 102.4 112.9 50.1 2.3 72.9 16.5 55.6 Apr. 425.3 340.4 263.0 98.3 114.7 50.0 2.3 75.1 18.4 55.9 May 427.9 339.5 261.9 98.1 113.4 50.4 2.3 75.2 18.2 56.2 June 427.3 335.8 257.2 94.6 113.4 49.1 2.3 76.3 19.0 56.5 July. 432.4 339.6 257.7 95.2 113.4 49.1 2.3 79.5 22.0 56.7 Aug. 435.4 339.9 258.1 96.2 115.7 46.2 2.3 79.5 21.7 57.0 Sept. 433.9 339.8 257.7 96.4 115.7 45.7 2.3 79.8 21.7 57.2 Oct.. 439.9 342.7 260.9 97.5 117.7 45.6 2.3 79.6 21.2 57.5 Nov. 444.2 347.6 265.6 100.7 119.4 45.5 2.3 79.6 21.0 57.8 Dec. 449.3 351.4 269.5 103.9 121.5 44.1 2.3 79.5 20.6 58.1 1973—Jan.. 450.1 353.2 271.1 104.9 121.5 44.7 2.3 79.7 20.5 58.4 1 Includes non-interest-bearing debt (of which $621 million on Jan. 31, 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 1973, was not subject to statutory debt limitation). Treasury foreign series and foreign currency series issues. 2 Includes Treasury bonds and minor amounts of Panama Canal and 5 Held only by U.S. Govt, agencies and trust funds and the Federal postal savings bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. 1956, tax and savings notes; and before Oct. 1965, Series A investment bonds. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors E pe n r d i o o d f p T g d u r o e b o t b l s a t i s l c ag G t U e a r o n n u . v S c d s t i . t , e s B F a . n R k . s Total m C b e a o r n c m k i - a s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u i e e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n c v a d a t t e s l . Savi I n n g d s i v idu O al t s h er n F a i o t n a i r t o n e e d n i r g a - n l 1 t i O m o n t r v i s h s e c e s 2 . r funds bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1965—Dec 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.3 50.3 24.3 14.5 19.4 1967—Dec 344.7 73.1 49.1 222.4 63.8 4.1 8.6 12.2 24.1 51.2 22.8 15.8 19.9 1968—Dec 358.0 76.6 52.9 228.5 66.0 3.6 8.0 14.2 24.4 51.9 23.9 14.3 22.4 1969—Dec 368.2 89.0 57.2 222.0 56.8 2.9 7.1 11.7 25.9 51.8 29.6 11.2 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—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 Dec 449.3 116.9 69.9 262.5 67.0 2.6 6.0 11.7 28.3 57.1 17.0 55.3 17.0 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately owned agencies and certain Govt, deposit NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and accounts. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total y 1 ea -5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs Total Bills Other All holders: 1969—Dec. 31 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 1970—Dec. 31 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 1971—Dec. 31 262,038 119,141 97,505 21,636 93,648 29,321 9,530 10,397 1972—Nov. 30 265,621 128,569 100,666 27,903 86,464 29,146 15,330 6,112 Dec. 31 269,509 130,422 103,870 26,552 88,564 29,143 15,301 6,079 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—Nov. 30 19,518 1,610 671 939 6,531 5,477 4,360 1,540 Dec. 31 19,360 1,609 674 935 6,418 5,487 4,317 1,530 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—Nov. 30 69,501 37,362 29,222 8,140 24,484 6,108 1.413 134 Dec. 31 69,906 37,750 29,745 8,005 24,497 6,109 1.414 136 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—Nov. 30 176,602 89,597 70,773 18,824 55,449 17,561 9,557 4,438 Dec. 31 180,243 91,063 73,451 17,612 57,649 17,547 9,570 4,413 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—Nov. 30 46,417 14,395 6,880 7,515 25,577 5,555 814 76 Dec. 31 52,440 18,077 10,289 7,788 27,765 5,654 864 80 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—Nov. 30 2,655 511 238 273 1,155 472 343 174 Dec. 31 2,609 590 309 281 1,152 469 274 124 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—Nov. 30 5,238 761 348 413 1,162 1,002 1,632 680 Dec. 31 5,220 799 448 351 1,190 976 1,593 661 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—Nov. 30 5,444 3,772 2,308 1,464 1,490 151 32 Dec. 31 4,948 3,604 1,198 2,406 1,198 121 25 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—Nov. 30 2.872 834 482 352 1,113 612 227 85 Dec. 31 2.873 820 498 322 1,140 605 226 81 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—Nov. 30 10,738 5,934 4,891 1,043 2,041 816 1,306 641 Dec. 31 10,904 6,159 5,203 956 2,033 816 1,298 598 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—Nov. 30 103,238 63,390 55,626 7,764 22,911 8,953 5,203 2,781 Dec. 31 101,249 61,014 55,506 5,508 23,171 8,906 5,290 2,868 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 5,628 commercial banks, 482 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 463 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 • FEBRUARY 1973 DAILY-AVERAGE DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Total Dealers and brokers Within 1-5 5-10 Over Com- All 1 year years years 10 years mercial other U.S. Govt, Other banks securities 1971—De c 3,139 2,317 497 266 58 1,006 214 1,190 730 1972—Ja n 3,191 2,268 571 309 44 i 879 2 391 1,120 3 801 Feb 3,260 2,339 652 242 27 913 363 1,170 815 Mar 3,177 2,443 464 241 29 800 437 1,060 881 Apr 2,990 2,300 460 203 28 704 450 1,002 835 May 2,542 1,939 348 221 35 589 364 821 767 June 2,452 2,001 257 161 34 545 355 759 793 July 2,571 2,124 283 131 33 633 382 851 704 Aug 2,658 1,953 377 191 137 587 411 911 749 Sept 2,695 2,225 231 143 97 635 504 845 710 Oct 3,047 2,473 350 126 99 837 420 988 802 Nov 3,397 2,397 709 168 123 835 498 1,228 837 Dec 3,184 2,640 361 118 65 757 352 1,215 860 Week ending— 1972—Dec. 6., 3,462 3,004 290 82 87 833 329 1,325 975 13. 2,936 2,519 252 114 50 707 308 1,082 838 20., 3,360 2,746 359 175 81 843 435 1,254 828 27.. 3,096 2,408 554 73 61 620 328 1,276 872 1973—Jan. 3., 3,397 2,817 424 121 35 862 311 1,301 923 10., 3,213 2,443 423 151 197 726 432 1,173 882 17., 2,871 2,122 486 173 89 702 423 1,060 686 24., 3,176 2,492 410 156 117 835 511 1,051 780 31*. 3,180 2,498 439 127 115 1 Beginning Jan. 5, 1972, represents transactions of U.S. Govt, securities NOTE.—The transactions data combine market purchases and sales of dealers. U.S. Govt, securities dealers reporting to the F.R. Bank of New York. 2 Beginning Jan. 5, 1972, represents transactions of U.S. Govt, securities They do not include allotments of, and exchanges for, new U.S. Govt, brokers. securities, redemptions of called or matured securities, or purchases or 3 Beginning Jan. 5, 1972, includes transactions of dealers and brokers sales of securities under repurchase agreement, reverse repurchase (resale), in securities other than U.S. Govt., previously shown under "other" or similar contracts. Averages of daily figures based on the number of dealers and brokers. trading days in the period. DAILY-AVERAGE DEALER POSITIONS DAILY-AVERAGE DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks UU..SS.. PPeerriioodd m t a A i t e l u s l r i- W y i e t 1 a h r i n y 1 ea -5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s aa ss GG ee gg tt cc ee oo iiee uu nn vv ss rr cc tt ii ,, yy -- 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 - 1971—Dec 5,335 3,877 626 600 232 1,101 1971—De c 5,517 1,375 912 1,659 1972—Jan 5,561 4,665 437 365 94 847 1972—Ja n 5,714 1,296 904 1,750 Feb 4,960 4,094 479 304 83 554 Feb 5,205 1,456 719 1,344 Mar 4,933 4,710 228 -32 27 489 Mar 4,662 1,347 907 949 Apr 3,573 3,713 20 -131 -29 422 Apr 3,400 1,044 746 657 May 4,257 4,089 84 102 -18 551 May 4,073 1,107 931 755 June 3,733 3,903 -55 -99 -16 532 June 3,804 1,056 838 804 July 3,253 3,626 -146 -216 — 11 356 July 3,055 753 496 820 Aug 3,905 3,370 41 130 363 404 Aug 4,021 1,356 580 927 Sept 4,386 4,374 -83 - -58 153 408 Sept 4,379 1,633 599 705 Oct 3,333 3,452 -29 -132 41 543 Oct 3,055 1,227 406 490 Nov 4,522 4,113 335 8 66 834 Nov 4,198 1,538 617 709 Dec 4,973 4,903 73 -41 37 555 Dec 4,852 1,705 808 935 Week ending— Week ending— 1972—Nov. 1 3,727 3,831 -46 -123 66 766 1972—Nov. 1. 3,104 1,355 440 447 8 4,037 3,419 603 -44 59 777 8. 3,625 1,284 447 596 15 4,092 3,538 465 24 65 819 15. 3,674 1,156 528 657 22 4,583 4,218 257 35 73 896 22. 4,443 1,625 641 725 29 5,475 5,234 154 27 59 827 29. 4,990 1,995 822 Dec. 6 5,182 5,051 85 4 42 784 Dec. 6. 5,346 1,847 925 13 5,059 4,970 63 -13 40 578 13. 5,305 2,026 742 1,100 20 4,621 4,671 -14 -68 32 566 20. 4,575 1,460 756 1,028 27 5,173 4,990 194 -56 44 397 27. 4,382 1,617 763 819 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

FEBRUARY 1973 • U.S. GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JANUARY 31, 1973 (In millions of dollars) Issue and coupon rate Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds Feb. 1, 1973. 4.201 June 30, 1973.... 1,701 Sept. 30, 1974.... .6 2,060 Aug. 15, 1973.... .4 3,894 Feb. 8, 1973. 4.202 July 5, 1973.... 1,901 Oct. 1 1974.... •1% 42 Nov. 15, 1973.... .41/8 4,338 Feb. 15, 1973. 4.203 July 12, 1973.... 1,902 Nov. 15, 1974.... .53/4 5,442 Feb. 15, 1974.... .41/8 2,467 Feb. 22, 1973. 4,202 July 19, 1973.... 1,902 Dec. 31, 1974.... •57/s 2,102 May 15, 1974.... .414 2,851 Feb. 28, 1973. 1.701 July 26, 1973.... 1,901 Feb. 15, 1975.... .53/4 4,015 Nov. 15, 1974,.., .37/8 1,215 Mar. 1, 1973. 4.202 July 31, 1973.... 1,702 Feb. 15, 1975.... •57/8 1,222 May 15, 1975-85. AVA 1,206 Mar. 8, 1973. 4.206 Aug. 28, 1973.... 1,803 Apr. 1 1975..,. • H/i 8 June 15, 1978-83. .31/4 1,502 Mar. 15, 1973. 4.203 Sept. 25, 1973 1,801 May 15, 1975.... •57/8 11,,777766 Feb. 15, 1980 ,, 4 2,580 Mar. 22, 1973. 4.207 Oct. 23, 1973.... 1,802 May 15, 1975.... .6 66,,776600 Nov. 15, 1980.... .31/2 1,899 Mar. 29, 1973. 4,205 Nov. 20, 1973.... 1,802 Aug. 15, 1975.... .57/8 7,679 Aug. 15, 1981 , .7 807 Mar. 31, 1973. 1.702 Dec. 18, 1973.... 1,800 Oct. 1, 1975.... • W2 30 Feb. 15, 1982,... .63/8 2,702 Apr. 5, 1973. 4,203 Jan. 15, 1974.... 11,,880044 Nov. 15, 1975.... .7 3,115 Aug. 15, •63/s 2,353 Apr. 12, 1973. 4,205 Feb. 15, 1976.. . • 6V4 3,739 May 15, 1985.... .31/4 993 Apr. 19, 1973. 4,201 Feb. 15, 1976 . . •57/8 4,945 Nov. 15, 1986.... •61/8 1,216 Apr. 20, 19731 2,012 Apr. 1, 1976.... 27 Aug. 15, 1987-92. .414 3,759 Apr. 26, 1973. 4,201 Treasury notes May 15, 1976.. . .534 2,802 Feb. 15, 1988-93. .4 239 A M p a r y . 3 3 0 , , 1 1 9 97 7 3 3 . . 1 1 , , 7 9 0 0 0 1 F F e e b b . . 1 1 5 5 , , 1 1 9 9 7 7 3 3 6 4 V % 2 4 2 , , 2 5 6 1 8 4 A M u a g y . 1 1 5 5 , , 1 1 9 9 7 7 6 6 . . . . . . . . 7 6 1 1 / / 2 2 4 2 , , 1 6 9 9 4 7 M Au a g y . 1 1 5 5 , , 1 1 9 9 8 9 9 3 - . 9 . 4 .. . . . 4 6 1 3 / 4 8 1,5 6 1 2 1 7 M M Ma a a y y y 2 1 1 4 0 7 , , , 1 1 1 9 9 9 7 7 7 3 3 3 . . . 1 1 1 . , , 9 9 9 0 0 0 1 1 1 A M M p a a r y y . 1 1 5 1 5 , , , 1 1 1 9 9 9 7 7 7 3 3 3 7 4 li % y / 4 2 5 3 , , 8 7 4 9 3 4 2 4 N F O e c o b t v . . . 1 1 5 5 1 , , 1 1 19 9 9 7 7 7 7 6 6 . . . . . . . . . . . . .. . .. 66 88 1 11 % // 44 4 5 , , 3 1 2 6 1 5 3 1 F N F e e o b b v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 9 8 0 5 . . . . . . . . .. . . 33 3 3 11 1/ // 2 22 4 3 , , 2 3 9 4 5 5 2 2 3 May 31, 1973. 3,604 Aug. 15, 1973 8Vs 1,839 Apr. 1, 1977 • W2 5 J J J J u u u u n n n n e e e e 2 2 1 1 2 7 4 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 3 3 f . . . 2 1 1 1 , . , , 5 9 9 8 1 0 0 9 0 2 6 7 O A F M e c p a b t r y . . . 1 15 5 1 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 4 4 4 3 7 7 i i * y % y 4 2 2 4 2 , , 3 9 3 6 3 3 4 0 4 0 N A F O e o u c b t g v . . . . 1 1 1 5 5 5 1, , , , 1 1 1 1 9 9 9 9 7 7 7 7 8 8 7 7 . . . . . . . . . . . . . • . . 6 6 i m 1 y /4 2 8 2 8 , , , 3 2 2 8 0 6 9 7 4 6 Co I A n n v p v e r e . r s t t i m bl 1 e e , n t b 1 o S 9 n e 7 d r 5 s ie -8 s 0 B . .23/4 2,301 June 28, 1973. 1.903 Aug. 15, 1974 5 5/8 10,284 Aug. 15, 1979.... • 6V4 4,559 t Tax-anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total G o e b a n l l e i- r- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t n t a r d t i . c t Other 2 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 H in o g u ^ s - V a a e n i t s d e * r- O p p o t u h s r e e - s r gations auth. 196 4 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 i,r~ 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 196 8 16,596 9,269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,838 3,252 1,432 1,734 543 4,884 197 0 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 197 1 24,962 15,220 8,681 1,000 62 5,999 8,714 10,246 24,495 5,278 2,642 5,214 1,068 9,293 1971—Oct... 1,728 836 890 3 341 840 548 1,626 291 210 353 96 678 Nov.. 2,264 1,394 869 1 629 874 761 2,134 418 338 500 246 631 Dec.., 2,068 1,367 440 253 441 568 1,058 2,042 353 137 239 298 1,016 1972—Jan.. . 1,776 1,120 654 639 545 591 1,696 377 147 440 56 676 Feb... 2,002 1,049 948 354 977 670 1,930 531 78 433 29 858 Mar.. 2,237 1,289 718 225 434 954 849 2,111 463 134 348 329 837 Apr... 1,988 1,382 599 471 548 969 1,949 490 229 434 10 786 May.. 2,002 990 1,009 374 838 785 1,932 657 214 295 67 701 June., 2,260 989 1,053 '209 246 1,215 778 1,990 346 150 531 393 568 July. . 1,800 1,322 477 647 465 680 1,791 327 121 222 152 966 Aug.. 1,951 820 1,123 468 886 586 1,916 444 110 424 160 776 Sept.. 1,693 653 780 257 298 992 403 1,577 238 106 580 270 381 Oct.. . 2,155 1,633 518 487 689 979 2,102 437 154 390 52 1,070 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 • FEBRUARY 1973 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate PPPeeerrriiioooddd Bonds Stock TTToootttaaalll GG UU oo .. vv SS tt .. .. 22 aa GG gg UU ee oo nn .. vv SS cc tt .. yy .. 33 aa (( nn UU SS dd tt .. aa SS lloo tt .. ee cc )) 44 aa ll OOtthheerrss TToottaall Total P o u f b fe li r c e l d y P p ri l v a a c t e e d l y Preferred Common 1964 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 1965, 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 1966, 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 1967, 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 1968 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1969, 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1970. 88,666 14,831 16,181 17,762 949 38,945 30,315 25,384 4,931 1,390 7,240 1971, 105,233 17,325 16,283 24,370 2,165 45,090 32,123 24,775 7,354 3,670 9,291 1971-—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 7,136 606 1,685 1,898 54 2,893 1,945 1,523 421 206 743 Sept.r 5,635 474 650 1,701 90 2,720 1,651 862 789 305 765 Oct.r 9,522 2,530 1,141 1,970 73 3,809 2,356 1,763 593 422 1,031 Nov 10,835 3,590 2,134 1,789 70 3,255 2,226 1,361 865 155 874 Gross proceeds, major groups of corporate issuers PPeerriioodd Manufacturing C m om is m ce e l r l c a i n a e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 4 222,,,888111999 222222888 999000222 222222000 999444444 3388 222,,,111333999 666222000 666666999 1,520 333,,,333999111 444666666 196 5 444,,,777111222 777000444 111,,,111555333 222555111 999555333 6600 222,,,333333222 666000444 888000888 139 333,,,777666222 555111444 196 6 555,,,888666111 111,,,222000888 111,,,111666666 222555777 111,,,888555666 111166 333,,,111111777 555444999 111,,,888111444 189 111,,,777444777 111999333 196 7 999,,,888999444 111,,,111666444 111,,,999555000 111111777 111,,,888555999 446666 444,,,222111777 777111888 111,,,777888666 193 222,,,222444777 111888666 196 8 555,,,666666888 111,,,333111111 111,,,777555999 111111666 111,,,666666555 11,,557799 444,,,444000777 888777333 111,,,777222444 43 222,,,111555999 666666222 196 9 444,,,444444888 111,,,999000444 111,,,888888888 333,,,000222222 111,,,888999999 224477 555,,,444000999 111,,,333222666 111,,,999666333 225 222,,,777333999 111,,,666777111 197 0 999,,,111999222 111,,,333222000 111,,,999666333 222,,,555444000 222,,,222111333 4477 888,,,000111666 333,,,000000111 555,,,000555333 83 333,,,888777888 111,,,666333888 197 1 999,,,444222666 222,,,111555222 222,,,222777222 222,,,333999000 111,,,999999888 442200 777,,,666000555 444,,,111999555 444,,,222222777 1,592 666,,,666000111 222,,,222111222 1971—No v 666333777 111777444 666111 222333222 111444555 66 666777222 555444555 222666111 9 666666000 333000333 Dec 666888777 222999333 222444666 111222777 111999999 3333 555222000 333777111 333111111 42 555111000 333333555 1972—Ja n 333222111 777111 111666333 111333888 222666888 1144 444111888 111111555 444555888 294 777444222 222000222 Feb 444222888 111000111 666777 111000444 111444222 44 333888888 666000000 444333888 60 888666555 111777111 Mar 444444888 111555555 111777888 222666444 111000222 33 333888666 333555444 111999777 30 999444222 111777000 Apr 333888333 111999777 222333555 111777888 111222999 33 999222444 222999555 111777777 555666222 111999000 May 666000777 111555444 111999333 222888111 111444222 7711 333888111 333555777 333777666 16 777555111 222777000 June 444666888 222999999 111888111 333444111 111777111 1155 111,,,000111888 555222000 333666888 431 333444999 111777999 July 444666444 111111000 777777 222333999 111333000 3300 444555555 333444333 333999000 196 999444999 222000000 Aug 111999222 222666111 333000888 333444222 999444 22 444555222 111888444 222333777 666666222 111666111 Sept.r 444444111 111666222 333000222 222444222 666111 666444999 555999888 333222 111666666 666666 Oct.r 222444333 111111222 222111333 333222666 111444333 12 555777444 777555888 333111333 5588 888777000 111888777 Nov 333111000 777999 444111000 222777111 444777 5 333222000 444777333 666555000 11 444888999 111999999 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

FEBRUARY 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 facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s 7,237 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 4,418 -1,842 2,242 821 987 -149 3,669 892 1 ,579 120 1,069 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 6,641 870 853 1,778 1,104 36 6,861 2,917 4,806 94 2,564 6,585 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 852 676 -10 678 195 230 1,493 814 832 1,442 1,148 1,361 453 190 445 -27 163 1,749 1,183 980 54 1,683 696 423 31 545 267 15 827 872 1,020 402 1,856 704 851 344 774 127 164 1,844 1,176 806 464 1,233 479 530 459 673 138 28 1,410 1,061 573 305 1,456 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) Sales 1 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—Dec.. 453 411 42 55,045 3,038 52,007 2,951 1,160 1,791 22,789 980 21,809 1972—Jan... 521 475 46 56,694 3,163 53,531 2,699 1,123 1,576 21,271 1,315 19,956 Feb. . 404 514 -110 58,536 3,478 55,058 2,460 1,504 952 25,214 1,341 23,873 Mar.. 472 667 -195 58,740 3,251 55,489 Apr.. 405 655 -250 58,870 2,827 56,043 3,404 1,875 1,528 29,116 1,329 27,787 May. 378 585 -207 59,736 2,763 56,973 4,359 1,962 2,395 35,220 1,803 33,417 June. 393 544 -151 57,708 3,015 54,693 4,671 2,005 2,665 34,829 2,971 31,858 July . 398 424 -26 56,932 3,219 53,713 Aug.. 391 582 -191 58,186 3,375 54,811 4,670 2,745 1,927 44,701 2,566 42,135 Sept.. 310 442 -132 57,193 3,395 53,798 6,820 3,841 2,979 52,677 3,187 49,490 Oct.. 384 411 -27 57,525 3,719 53,806 6,717 3,661 3,056 48,291 3,846 44,445 Nov.. 387 645 -258 59,854 3,549 56,305 Dec.. 449 619 -170 59,831 3,035 56,796 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 • FEBRUARY 1973 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e s ts - d co c a n a l t s l i p o o u i n w t m a - l p - Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r n b o d u f t i i e s ts - d co c a t n a l i s l p o o u n i w t m a - l p 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 1968. 87.6 39.9 47.8 23.6 24.2 46.8 IV.. 83.2 35.3 48.0 25.2 22.7 63.0 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 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . . 1 Other G U o . v S t . . 1 Other taxes 1968 ' 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' 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'.. 210.8 579.2 55.6 13.5 4.7 271.8 190.1 43.5 368.3 7.2 195.0 14.3 92.6 II'. 270.0 584.6 55.2 11.5 4.4 276.0 192.3 45.2 374.7 7.0 197.3 11.6 95.6 Ill' 210.1 585.7 56.4 10.1 4.2 277.4 194.0 43.6 375.7 6.8 196.4 12.3 97.2 IV' 213.3 590.5 59.7 10.6 4.2 275.7 196.6 43.7 377.2 6.6 199.2 12.7 97.0 1971—I'.. 217.7 595.4 58.6 11.0 4.2 277.6 199.1 45.1 377.7 6.1 196.1 14.7 100.6 II'. 223.3 601.4 61.4 11.2 3.9 280.7 199.9 44.3 378.1 5.3 197.0 13.3 102.2 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'.. 238.9 631.8 65.7 13.5 3.4 290.6 207.9 50.7 392.9 4.9 206.2 16.9 107.3 II'. 244.9 642.6 66.4 12.2 2.8 297.6 211.5 51.9 397.5 4.9 208.1 14.5 111.4 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 PPeerriioodd TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and Ga o s t her nn CC ii oo cc mm aatt mm iioo uu nn -- ss OOtthheerr ii T A T A ((SS oo .. .. RR tt AA aa .. ll .. )) 1969 77775555....55556666 11115555....99996666 11115555....77772222 1111....88886666 1111....88886666 2222....55551111 1111....66668888 8888....99994444 2222....66667777 8888....33330000 11116666....00005555 1970 77779999....77771111 11115555....88880000 11116666....11115555 1111....88889999 1111....77778888 3333....00003333 1111....22223333 11110000....66665555 2222....44449999 11110000....11110000 11116666....55559999 1971 88881111....22221111 11114444....11115555 11115555....88884444 2222....11116666 1111....66667777 1111....88888888 1111....33338888 11112222....88886666 2222....44444444 11110000....77777777 11118888....00005555 1972 2 88884444....55554444 11115555....55552222 11115555....66665555 2222....44445555 1111....99990000 2222....55552222 1111....44441111 11114444....55554444 2222....55557777 11111111....99990000 22220000....11118888 1970—IV 21.66 4.26 4.40 .50 .43 .76 .33 3.12 .63 2.81 4.42 78.63 1971—1 17.68 3.11 3.58 .49 .34 .34 .28 2.70 .41 2.50 3.94 79.32 II 20.60 3.52 4.03 .54 .47 .60 .36 3.20 .63 2.81 4.44 81.61 Ill 20.14 3.40 3.91 .55 .42 .39 .37 3.35 .71 2.62 4.42 80.75 IV 22.79 4.12 4.32 .59 .45 .56 .37 3.60 .69 2.84 5.26 83.18 1972—1 19.38 3.29 3.32 .58 .48 .50 .32 3.19 .44 2.72 4.55 86.79 II 22.01 3.71 3.92 .61 .48 .73 .39 3.61 .62 2.95 4.98 87.12 Ill 21.86 3.86 3.87 .59 .38 .61 .35 3.67 .72 2.84 4.97 87.67 IV 2 25.30 4.65 4.54 .67 .47 .69 .35 4.07 .78 9. 08 92.36 1973—1 2 21.55 3.94 3.79 .64 .43 .54 .32 3.63 .53 7.73 96.66 1 Includes trade, service, construction, finance, and insurance. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business; excludes agriculture, real estate operators, medical, legal, educational, and cultural service, and nonprofit organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Mo ty rt p g e a 6 ge EEE pppeee nnn rrr ddd iii ooo ooo ddd fff hh AA oo eerr ll ll ss dd ll -- ttuu FF ii tt ii nn cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i a t d n h n u d e d a i r - l s s hh AA ee oo rr ll ll ss dd ll -- ttuu FF ii tt ii cc nn ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh AA oo eerr ll ll ss dd ll -- Total tu F i t i n i n s o a t n i n - s . 1 O h e o th r l s d e - r Total tu F i t i n i n s o a t n i n - s . 1 O h e o t r h l s d e r - w u F V n r H i d A t A e t - e r - n - t C v io e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966 : 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 93.4 276.6 1969 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 451.2 355.9 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 1970—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—IP. .. 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 IIP.. 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 IIIP. 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 IVP . 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—IP. .. 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 IIIIIIIIPPPP........ 555522229999....1111 444111888...999 444222...777 666777...555 333444...444 111000...222 222444...222 444999444...888 333222444...666 222666888...888 555555...888 111777000...222 111444000...000 333000...333 IIIIIIIIIIIIPPPP.... 555544446666....9999 444333444...222 444444...333 666888...444 333555...111 111000...444 222444...777 555111111...999 333333555...111 222777888...444 555666...777 111777666...888 111444555...444 333111...444 IIIIVVVVPPPP.... 555566664444....5555 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 er r s Total F i i c n n i s a a t l i n - - h O ol t d h e er r s EEnndd ooff ppeerriioodd Total Total F su H in r A e - d - an g V t u e A a e - r d - i ti v o e n n a - l tutions tutions 1941 24.2 14.9 9.4 5.9 3.6 2.2 1945 18.6 4.3 4.1 .2 14.3 1 1 9 9 6 4 3 5 2 2 11 4 . . 2 3 1 1 76 5 . . 8 7 3 8 4 . . 6 5 2 5 9 . . 7 0 2 3 0 . . 5 7 2 8 . .3 2 1 1 9 9 6 6 3 4 1 1 9 8 7 2 . . 6 2 6 6 5 9 . . 9 2 3 3 8 5 . . 3 0 3 3 0 0 . . 9 9 1 1 2 1 8 6 . . 3 3 196 4 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 196 5 250.1 213.2 36.9 37.2 29.0 8.2 1966 223.6 76.1 44.8 31.3 147.6 196 6 264.0 223.7 40.3 40.3 31.5 8.8 236.1 79.9 47.4 32.5 156.1 196 7 280.0 236.6 43.4 43.9 34.7 9.2 1968 251.2 84.4 50.6 33.8 166.8 196 8 298.6 250.8 47.8 47.3 37.7 9.7 266.8 90.2 54.5 35.7 176.6 196 9 319.0 265.0 54.0 52.2 41.3 10.8 1970 280.2 97.2 59.9 37.3 182.9 197 0 338.2 277.1 61.1 58.0 45.8 12.2 1970—IV 280.2 97.2 59.9 37.3 182.9 1970—I V 338.2 277.1 61.1 58.0 45.8 12.2 1971—IP 283.6 98.3 61.0 37.3 185.3 1971—I P 343.3 281.4 61.8 59.7 47.1 12.6 IIP 290.9 100.4 62.8 37.6 190.5 I U II P P . . . . . . . 3 3 5 6 3 4 . . 1 0 2 2 9 8 8 9 . . 4 9 6 65 3 . . 6 2 6 6 4 2. . 1 3 4 5 9 0 . . 2 4 1 1 3 2 . . 9 9 I I I V I P P 3 2 0 9 7 9 . . 8 7 1 1 0 02 5 . . 9 2 6 6 5 4 . . 7 4 3 39 8 . . 5 5 2 1 0 9 2 6 . . 6 8 IVP. ... 374.7 306.1 68.6 66.8 52.0 14.9 1972—IP 314.1 1972—I I P I P.... 3 39 8 5 2 . . 8 9 3 3 1 2 2 4 . . 9 1 7 7 1 0 . . 7 0 6 7 8 1 . . 8 3 5 5 5 3 . . 3 3 1 1 6 5 . .4 0 I I I IP IP 33 3 33 2 55 4 .. . 11 6 IIIP . .. 408.9 335.6 73.3 73.8 57.3 16.5 i Includes outstanding amount of VA vendee accounts held by private i Structures of five or more units. investors under repurchase agreement. NOTE.—Based on data from same source as for "Mortgage Debt Out- NOTE.—For total debt outstanding, figures are FHLBB and F.R. standing" table. estimates. For conventional, figures are derived. 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 • FEBRUARY 1973 MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings : 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 Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Farm Total in F s H u A re - d a g n V u t A e a e r - - d 1945 976 6,637 5,860 1,394 4,466 196 4 10,433 9,386 1,812 674 6,900 ,047 55,152 50,848 11,484 6,403 32,961 196 5 11,137 9,988 1,738 553 7,697 ,149 60,013 55,190 12,068 6,286 36,836 196 6 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 196 7 8,470 7,633 757 444 6,432 837 67.516 61,947 12,161 6,122 43,664 196 8 7,925 7,153 733 346 6,074 772 69,973 64,172 11,961 5,954 46,257 196 9 7,531 6,991 594 220 6,177 540 72,027 66,254 11,715 5,701 48,838 197 0 7,181 6,867 386 88 6,393 314 74,375 68,726 11,419 5,394 51,913 197 1 7,515 7,018 320 98 6,600 497 75,596 69,995 10,760 5,007 54,228 1971—Nov. 568 527 20 10 497 41 74,845 69,247 10,835 5,043 53,369 Dec., 1,346 1,285 18 10 1,257 61 75,596 69,995 10,760 5,007 54,228 1972—Jan.. 475 447 37 16 394 28 75.517 69,978 10,722 4,986 54,270 Feb.. 436 392 26 12 354 44 75,456 69.940 10,674 4,952 54,314 Mar. 569 484 24 18 442 85 75,424 69,897 10,599 4,932 54,366 Apr., 560 506 30 15 461 54 75,469 69,926 10,535 4,903 54,488 May, 602 542 15 13 514 60 75,493 69.941 10,467 4,873 54,601 June, 708 643 31 21 591 65 75,547 69,969 10,391 4,838 54,740 July. 655 605 19 25 561 50 75,626 70,031 10,314 4,811 54,906 Aug., 743 682 19 21 642 61 75,723 70,105 10,224 4,776 55,105 Sept. 708 663 22 14 627 45 75,813 70,195 10,139 4,734 55,322 Oct.. 718 673 10 16 647 45 75,952 70,323 10,053 4,700 55,570 Nov. 803 746 28 13 705 57 76,207 70,567 10,000 4,668 55,899 1 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

FEBRUARY 1973 • REAL ESTATE CREDIT A 53 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages TToottaall aammoouunntt PPeerriioodd N o N off uu ll mm oo bb aann ee ss rr (( cc mm oo (( ii mm dd ll oo ll mm ii ll oo ll ii aa nn tt rr ss tt ss ee )) dd oo ff ( o t f a h m o L d u o o o s a l u a l n n a n t r d s s ) ( C p i o n e r r n t a e t r t c r e e e a s n c t t t ) (y M rs a . t / u m r o it s y . ) (p t L o e r r - a o v t a c i a n o e l - n u t e ) C ( a p t p e i r i o t n a c l e i r n z a a t t ) e - co D r v a e e t r i b o a t ge P co er n s c t e a n n t t 1968 2,569 3,244.3 1,263 7.66 22/11 73.6 9.0 1.30 9.5 1969 1,788 2,920.7 1,633 8.69 21/8 73.3 9.6 1.29 10.2 1970 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 11.1 1971 1,664 3,982.5 2,393 9.07 22/10 74.9 10.0 1.29 10.4 1971—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 Apr 200 381.1 1,906 8.44 24/6 76.3 9.5 1.29 9.6 May 246 399.6 1,624 8.48 23/4 76.0 9.5 1.26 9.8 June 268 683.2 2,549 8.55 23/0 75.4 9.5 1.29 9.8 NOTE.—Life Insurance Association of America data for new commit- limited to cases where information was available or estimates could be ments of $100,000 and over each on mortgages for multifamily and non- made: capitalization rate (net stabilized property earnings divided by residential nonfarm properties located largely in the United States. The 15 property value); debt coverage ratio (net stabilized earnings divided by companies account for a little more than one-half of both the total assets debt service); and per cent constant (annual level payment, including and the nonfarm mortgages held by all U.S. life insurance companies. principal and interest, per $100 of debt). All statistics exclude construction Averages, which are based on number of loans, vary in part with loan loans, increases in existing loans in a company's portfolio, reapprovals, composition by type and location of property, type and purpose of loan, and loans secured by land only. and loan amortization and prepayment terms. Data for the following are MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Members' PPeerriioodd va A n d c - es R m e e p n a ts y - d ( e en p d o si o ts f Period h N o e m w e Home FHA- VA- Con- Total t S e h rm or t 1 - t L e o rm n g- 2 period) Total i con- pur- Total 2 in- guar- venstruc- chase sured anteed tional tion 278 213 195 176 19 46 1965, 5,007 4,335 5,997 3,074 2,923 1,043 1945 1,913 181 1,358 5,376 1966. 3,804 2,866 6,935 5,006 1,929 1,036 196 4 24,913 6,638 10,538 101,333 4,894 6,683 89,756 1967. 1,527 4,076 4,386 3,985 401 1,432 196 5 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1968 2,734 1,861 5,259 4,867 392 1,382 196 6 16,924 3,653 7,828 114,427 5,269 6,157 103,001 1969 5,531 1,500 9,289 8,434 855 1,041 1970, 3,256 1,929 10,615 3,081 7,534 2,331 196 7 20,122 4,243 9,604 121,805 5,791 6,351 109,663 1971 2,714 5,392 7,936 3,002 4,934 1,789 196 8 21,983 4,916 11,215 130,802 6,658 7,012 117,132 1972 4,790 4,749 7,979 2,961 5,018 2,104 196 9 21,847 4,757 11,254 140,347 7,917 7,658 124,772 197 0 21,383 4,150 10,237 150,331 10,178 8,494 131,659 1971--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- 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 Feb 148 871 6,515 2,342 4,173 2,014 165 689 5,992 2,125 3,867 2,008 1972—Jan.... 2,632 481 1,253 175,838 13,976 11,013 150,849 318 396 5,913 2,049 3,864 1,762 Feb.. . 2,849 518 1,400 177,614 14,167 11,264 152,183 260 320 5,853 2,019 3,835 1,789 Mar... 3,910 712 1,861 180,145 14,450 11,546 154,149 420 198 6,074 1,944 4,130 1,746 Apr... 3,819 707 1,819 182,711 14,697 11,789 156,225 July 285 222 6,138 1,990 4,148 1,497 May. . 4,603 836 2,276 185,431 14,878 12,010 158,543 406 249 6,295 2,083 4,212 1,442 June.. 5,449 872 2,920 188,884 15,019 12,293 161,572 631 189 6,736 2,307 4,429 1,443 July... 4,572 743 2,515 191,642 15,153 12,606 163.883 Oct 542 233 7,045 2,440 4,605 1,334 Aug.. . 5,379 803 3,087 194,955 15,263 12,892 166,800 445 246 7,245 2,520 4,725 1,371 Sept... 4,689 739 2,587 197,881 15,342 13,098 169,441 Dec 984 251 7,979 2,961 5,018 2,104 Oct.... 4,522 761 2,423 200,554 15,378 13,334 171,842 N De o c v . . . r . . 4 4 , , 3 5 9 5 3 0 7 67 1 8 4 2 2 , , 3 1 0 2 7 2 2 2 0 0 6 3 , , 3 2 6 6 7 6 1 15 5 , , 6 4 3 9 9 0 1 1 3 3 , , 5 7 4 6 4 4 1 1 7 7 4 6 , , 2 9 3 6 2 4 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 t iz lo ed a ns q u m ar a t t e u r r l i y n , g h i a n v i 1 n g y e m ar a o tu r ri le ti s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. not shown separately. NOTE.—Federal Home Loan Bank Board data. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 REAL ESTATE CREDIT • FEBRUARY 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 (during DDDaaattteee ooofff aaauuuccctttiiiooonnn Mortgage AAvveerraaggee Mortgage AAvveerraaggee End of period) amounts yyiieelldd amounts yyiieelldd period Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g t d - Offered ce A p c te - d cc (( mm oo ss ttee hh ee mm rr nn oo mm mm tt rr ss tt ii -- )) tt -- Offered ce A p c te - d cc ( m ( m oo ss ttee ee hh mm rr nn oo mm mm tt rr ss tt ii -- )) tt -- 1967. 5,522 4,048 1,474 1,400 12 1.732 501 In millions of In In millions of In 1968. 7,167 5,121 2,046 1,944 2,696 1,287 dollars per cent dollars per cent 1969. 10,950 7,680 3,270 4,121 6,630 3,539 1970. 15,502 11,071 4,431 5,078 8,047 5,203 1971. 17,791 3,574 336 4,986 5,694 111999777222———AAAuuuggg... 777............ 110066..22 8811..77 77..6633 111444 2244..77 2244..22 77..8800 1971-Dec.. 17,791 350 1,014 5,694 222111............ 111111444...666 888777...222 777...666222 1972-Jan... 17,977 281 574 5,558 SSSeeepppttt... 555 222222000...666 111555111...222 777...666444 Feb.. 18,220 324 598 5,696 111111 2288..77 2266..55 77..8844 Mar.. 18,342 13,654 4,687 316 469 5,635 111888............ 222999555...999 111444888...111 777...666666 Apr.. 18,403 13,744 4,659 246 5,853 May. 18,599 13,923 4,674 321 6,186 OOOcccttt... 222............ 333555222...888 222111111...555 777...777000 June. 18,628 13,952 4,670 223 5,957 111000 4422..22 3377..22 77..9900 July.. 18,740 14,013 4,714 258 111666............ 222777111...222 222222444...999 777...777333 Aug.. 19,023 14,188 4,816 427 333000............ 111888666...444 111666222...777 777...777444 Sept.. 19,295 14,380 4,888 401 7,387 Oct. . 19,438 14,462 4,939 265 NNNooovvv... 666 7755..00 6688..00 77..9900 Nov.. 19,619 14,558 5,016 315 111333... ... ... 777888...777 444999...222 777...777222 Dec.. 19,791 14,624 5,112 307 222777... ... ... 666000...888 333666...222 777...777000 DDDeeeccc... 444 3366..44 3300..99 77..8877 NOTE.—Federal National Mortgage Assn. data. Total holdings include 1111 888222...222 444222...444 777...666888 conventional loans. Data prior to Sept. 1968 relate to secondary market 2266 111000888...777 666666...333 777...666999 portfolio of former FNMA. Mortgage holdings include loans used to back bond issues guaranteed by GNMA. Mortgage commitments made during 1973—Jan. 2 3399..33 2255..55 77..8844 the period include some multifamily and nonprofit hospital loan commit- 77774444....2222 66661111....3333 7777....66669999 ments in addition to 1- to 4-family loan commitments accepted in FNMA's 22222222................ 111100007777....0000 99992222....1111 7777....77770000 free market auction system, and through the FNMA-GNMA Tandem Plan (Program 18). FFFFeeeebbbb.... 5555................ 111122228888....7777 66665555....4444 7777....77771111 NOTE.—Average secondary market yields are gross—before deduction of 38 basis-point fee paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for FNMA commitment fees and FNMA stock purchase and holding requirements. Beginning Oct. 18, 1971, the maturity on new short-term commitments was extended from 3 to 4 months. Mortgage amounts offered by bidders are total eligible bids received. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION ACTIVITY GNMA MORTGAGE-BACKED SECURITY PROGRAM (In millions of dollars) (In millions of dollars) Mortgage MMoorrttggaaggee Mortgage holdings ttrraannssaaccttiioonnss commitments Pass-through securities ((dduurriinngg Bonds EEEnnnddd ooofff ppeerriioodd)) Period sold pppeeerrriiioooddd Applications Securities FFHHAA-- VVAA-- MMaaddee OOuutt received issued TToottaall ssuu iinn rree -- dd aa gg nn uu ttee aa ee rr-- 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 -- 197 0 1,126.2 452.4 1,315.0 197 1 4,373.6 2,701.9 300.0 1967 33333333333333333333,,,,,,,,,,,,,,,,,,,,333333333333333333334444444444444444444488888888888888888888 22222,,,,,777775555566666 555559999922222 888888666666000000 11111,,,,,000004444455555 11111,,,,,111117777711111 197 2 3,854.5 2,661.7 1968 44444444444444444444,,,,,,,,,,,,,,,,,,,,222222222222222222222222222222222222222200000000000000000000 33333,,,,,555556666699999 666665555511111 111111,,,,,,000000888888999999 11 888886666677777 11111,,,,,222226666666666 1969 44444444444444444444,,,,,,,,,,,,,,,,,,,,888888888888888888882222222222222222222200000000000000000000 44444,,,,,222222222200000 666660000000000 888888222222777777 666661111155555 11111,,,,,111113333311111 1971—Dec. 318.3 212.8 1970 55555555555555555555,,,,,,,,,,,,,,,,,,,,111111111111111111118888888888888888888844444444444444444444 44444,,,,,666663333344444 555555555500000 666666222222111111 888889999977777 777773333388888 1971 55555555555555555555,,,,,,,,,,,,,,,,,,,,222222222222222222229999999999999999999944444444444444444444 333333999999333333 1972—Jan.. 384.1 247.7 1972 55555555555555555555,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111122222222222222222222 Feb.. 511.2 391.2 200.0 Mar. 528.3 322.5 11111111111111999999999999997777777777777711111111111111--------------DDDDDDDDDDDDDDeeeeeeeeeeeeeecccccccccccccc.......................................... 55555555555555555555,,,,,,,,,,,,,,,,,,,,222222222222222222229999999999999999999944444444444444444444 3322 Apr. 187.8 275.1 May, 216.4 212.9 '500.0 11111111111111999999999999997777777777777722222222222222--------------JJJJJJJJJJJJJJaaaaaaaaaaaaaannnnnnnnnnnnnn........................................................ 55555555555555555555,,,,,,,,,,,,,,,,,,,,333333333333333333331111111111111111111166666666666666666666 .Tune, 245.8 193.2 FFFFFFFFFFFFFFeeeeeeeeeeeeeebbbbbbbbbbbbbb............................ .............. 55555555555555555555,,,,,,,,,,,,,,,,,,,,333333333333333333331111111111111111111100000000000000000000 July. 135.5 145.8 MMMMMMMMMMMMMMaaaaaaaaaaaaaarrrrrrrrrrrrrr.......................................... 55555555555555555555,,,,,,,,,,,,,,,,,,,,222222222222222222227777777777777777777711111111111111111111 Aug. 548.3 140.3 AAAAAAAAAAAAAApppppppppppppprrrrrrrrrrrrrr............................ .............. 55555555555555555555,,,,,,,,,,,,,,,,,,,,111111111111111111115555555555555555555533333333333333333333 Sept. 192.0 130.9 MMMMMMMMMMMMMMaaaaaaaaaaaaaayyyyyyyyyyyyyy.............. .............. 55555555555555555555,,,,,,,,,,,,,,,,,,,,222222222222222222224444444444444444444411111111111111111111 Oct.. 237.8 164.1 JJJJJJJJJJJJJJuuuuuuuuuuuuuunnnnnnnnnnnnnneeeeeeeeeeeeee............................ 55555555555555555555,,,,,,,,,,,,,,,,,,,,222222222222222222224444444444444444444499999999999999999999 Nov. 226.4 138.2 JJJJJJJJJJJJJJuuuuuuuuuuuuuullllllllllllllyyyyyyyyyyyyyy.......................................... 55555555555555555555,,,,,,,,,,,,,,,,,,,,333333333333333333330000000000000000000011111111111111111111 Dec. 440.9 299.8 AAAAAAAAAAAAAAuuuuuuuuuuuuuugggggggggggggg............................ .............. 55555555555555555555,,,,,,,,,,,,,,,,,,,,444444444444444444440000000000000000000055555555555555555555 SSSSSSSSSSSSSSeeeeeeeeeeeeeepppppppppppppptttttttttttttt.......................................... 55555555555555555555,,,,,,,,,,,,,,,,,,,,222222222222222222227777777777777777777788888888888888888888 OOOOOOOOOOOOOOcccccccccccccctttttttttttttt........................................................ 55555555555555555555,,,,,,,,,,,,,,,,,,,,222222222222222222220000000000000000000033333333333333333333 NOTE.—Government National Mortgage Assn. data. Under the Mort- NNNNNNNNNNNNNNoooooooooooooovvvvvvvvvvvvvv.......................................... 55555555555555555555,,,,,,,,,,,,,,,,,,,,111111111111111111115555555555555555555522222222222222222222 gage-Backed Security Program, GNMA guarantees the timely payment DDDDDDDDDDDDDDeeeeeeeeeeeeeecccccccccccccc............................ .............. 55555555555555555555,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111122222222222222222222 of principal and interest on both pass-through and bond-type securities, which are backed by a pool of mortgages insured by FHA or Farmers Home Admin, or guaranteed by VA and issued by an approved mortgagee. NOTE.—Governmental National Mortgage Assn. data. Total holdings To date, bond-type securities have been issued only by FNMA and include a small amount of conventional loans. Data prior to Sept. 1968 FHLMC. 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

FEBRUARY 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 ff L ec B ti B v e s e ra ri t e e s ) ( H s F e H U ri D A es ) oonn iinn YY ss FF ii uu ee rr HH ll ee dd dd AA -- PPPeeerrriiioooddd Mortgages PPrroo-- PP ee rr rr oo ttyy pp -- Mortgages New Existing New h l h l nn oo oo ee aa mm ww nnss ee TToottaall h N o e m w e s h is o E t m i x n - e g s jjeeccttss ii mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall33 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--Dec 7.77 7.64 7.70 7.59 1971. 14,689 3,900 6,475 3,641 674 5,910 1,676 4,234 1972--Jan 7.78 7.58 7.60 7.49 1971--Nov.. 1,220 358 511 273 77 752 226 526 Feb 7.60 7.48 7.60 7.46 Dec.. 1,598 358 502 691 47 685 220 465 Mar 7.52 7.44 7.55 7.45 Apr 7.51 7.42 7.60 7.50 1972--Jan.r. 1,288 420 516 291 62 629 204 425 May 7.53 7.46 7.60 7.53 Feb. ' 1,108 366 448 251 44 460 199 361 June 7.55 7.49 7.60 7.54 Mar.r 1,293 349 449 441 54 658 231 427 July 7.58 7.50 7.65 7.54 Apr. r 947 272 381 242 51 509 170 339 Aug 7.59 7.52 7.65 7.55 May r 912 259 369 229 56 603 185 418 Sept 7.57 7.55 7.70 7.56 June r 1,025 271 372 311 71 848 239 609 Oct 7.62 7.57 7.70 7.57 July.. 865 261 374 183 47 662 179 483 Nov r7.64 r7. 57 7.70 7.57 Aug. r 1,045 310 440 227 67 764 220 544 Dec 7.66 7.59 7.70 7.56 Sept.. 957 245 340 295 77 749 209 540 Oct... 847 255 343 155 94 711 200 511 Nov.. 985 261 331 296 97 777 241 536 NOTE.—Annual data are averages of monthly figures. The HUD(FHA) data are based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding 1 Monthly figures do not reflect mortgage amendments included in annual month. Yields on FHA-insured mortgages are derived from totals. weighted averages of private secondary market prices for Sec. 2 Not ordinarily secured by mortgages. 203, 30-year mortgages with minimum downpayment and an 3 Includes a small amount of alteration and repair loans, not shown separassumed prepayment at the end of 15 years. Gaps in data are ately; only such loans in amounts of more than $1,000 need be secured. due to periods of adjustment to changes in maximum permissible contract interest rates. The HUD(FHA) interest rates NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured on conventional first mortgages in primary markets are un- loans represent gross amount of insurance written; VA-guaranteed loans, weighted and are rounded to the nearest 5 basis points. The gross amounts of loans closed. Figures do not take into account principal FHLBB effective rate series reflects fees and charges as well repayments on previously insured or guaranteed loans. For VA-guaranteed as contract rates (as shown in the table on conventional first- loans, amounts by type are derived from data on number and average mortgage terms, p. A-37) and an assumed prepayment at end amount of loans closed. of 10 years. DELINQUENCY RATES ON HOME MORTGAGES FEDERAL HOME LOAN MORTGAGE CORPORATION ACTIVITY (Per 100 mortgages held or serviced) (In millions of dollars) Loans not in foreclosure but delinquent for— Loans in Mortgage Mortgage Mortgage fore- holdings transactions commitments closure (during period) Total 30 days 60 days o 9 r 0 m da o y r s e End of period Total FHA- C v o en n - - Pur- Sales d M ur a i d n e g s O ta u n t d - - 3.29 2.40 .55 .34 .40 VA tional chases period ing 3.40 2.54 .54 .32 .36 3.47 2.66 .54 .27 .32 3.17 2.43 .51 .23 .26 197 0 325 325 325 3.22 2.43 .52 .27 .27 197 1 968 821 147 778 64 182 3.64 2.67 .61 .36 .33 3.93 2.82 .65 .46 .46 1971—Nov. 976 800 176 91 15 23 227 Dec. 968 821 147 45 49 7 182 2.91 2.18 .47 .26 .25 3.22 2.43 .52 .27 .27 1972—Jan.. 979 828 151 17 2 17 182 Feb., 893 844 49 23 104 126 290 2.96 2.14 .52 .30 .31 Mar. 988 928 60 98 258 373 2.83 2.10 .45 .28 .31 Apr., 1,110 1,040 70 126 232 455 3 3. . 6 1 4 0 2 2 . . 2 6 6 7 . .6 53 1 . . 3 3 1 6 c. . 3 3 1 3 J M un ay e , 1 1 , , 4 3 1 2 5 4 1 1 , , 3 23 4 9 4 7 8 1 6 2 1 2 9 0 4 97 1 1 1 6 7 5 3 3 1 9 3 8 July. 1,475 1,374 100 74 11 75 298 3.21 2.26 .56 .39 .40 Aug. 1,498 1,394 104 107 75 109 263 3.27 2.36 .53 .38 .38 Sept. 1,545 1,408 137 66 13 136 318 3.59 2.54 .62 .43 .41 Oct.. 1,631 1,439 192 102 9 189 371 3.93 2.82 .65 .46 .46 Nov. 1,744 1,491 253 128 10 89 293 3.16 2.21 .58 .37 .50 3.27 2.38 .53 .36 .48 NOTE.—Federal Home Loan Mortgage Corp. data. Data for 1970 include 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 • FEBRUARY 1973 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment EEnndd ooff ppeerriioodd TToottaall Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1940. 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950. 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955. 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960. 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1965. 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 6,430 4,889 1966. 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 6,686 5,336 1967 r . 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 7,070 5,727 1968. 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 1,193 6,300 19691. . 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 1970>. 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 1971. 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 1972. 157,564 127,332 44,129 40,080 6,201 36,922 30,232 12,256 9,002 8,974 —Dec 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 :—Jan 137,426 110,757 38,450 34,046 5,399 32,862 26,669 10,649 7,630 8,390 Feb 136,941 110,510 38,516 33,'579 5,403 33,012 26,431 10,752 6,987 8,692 Mar 137,879 111,257 38,853 33,695 5,437 33,272 26,622 10,843 6,963 8,816 139,410 112,439 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 Dec 157,564 127,332 44,129 40,080 6,201 36,922 30,232 12,256 9,002 8,974 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage cluded in "other consumer goods paper." loans. For back figures and description of the data, see "Consumer Credit," Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965 NOTE.—Consumer credit estimates cover loans to individuals for house- and BULLETINS for Dec. 1968 and Oct. 1972. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets EEnndd ooff ppeerriioodd TToottaall Com- Finance Mis- Auto- Other Total mercial compa- Credit cellaneous Total mobile retail banks nies 1 unions lenders 1 dealers 2 outlets ) 5,514 3,918 1,452 2,278 171 17 1,596 167 1,429 2,462 1,776 745 910 102 19 686 28 658 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 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 1965. 70,893 61,102 28,962 23,851 7,324 965 9,791 315 9,476 1966. 76,245 65,430 31,319 24,796 8,255 1,060 10,815 277 10,538 1967j. 79,428 67,944 33,152 24,576 9,003 1,213 11,484 287 11,197 1968. 87,745 75,727 37,936 26,074 10,300 1,417 12,018 281 11,737 1969). 97,105 83,989 42,421 27,846 12,028 1,694 13,116 250 12,866 ) 102,064 88,164 45,398 27,678 12,986 2,102 13,900 218 13,682 1971. 111,295 97,144 51,240 28,883 14,770 2,251 14,151 226 13,925 > 127,332 111,382 59,783 32,088 16,913 2,598 15,950 261 15,689 1971-—Dec 111,295 97,144 51,240 28,883 14,770 2,251 14,151 226 13,925 >—Jan 110,757 96,894 51,157 28,723 14,636 2,378 13,863 225 13,638 Feb 110,510 97,135 51,264 28,695 14,702 2,474 13,375 226 13,149 Mar 111,257 97,934 51,782 28,716 14,910 2,526 13,323 228 13,095 Apr 112,439 99,139 52,629 28,955 15,083 2,472 13,300 232 13,068 May 114,183 100,840 53,624 29,310 15,395 2,511 13,343 237 13,106 June 116,365 102,909 54,883 29,722 15,786 2,518 13,456 243 13,213 July 117,702 104,132 55,688 30,065 15,910 2,469 13,570 248 13,322 Aug 119,911 106,146 56,846 30,464 16,278 2,558 13,765 251 13,514 Sept 121,193 107,278 57,566 30,650 16,439 2,623 13,915 253 13,662 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 Dec 127,332 111,382 59,783 32,088 16,913 2,598 15,950 261 15,689 1 Finance companies consist of those institutions formerly classified 2 Automobile paper only; other instalment credit held by automobile as sales finance, consumer finance, and other finance companies. Mis- dealers is included with "other retail outlets." cellaneous lenders include savings and loan associations and mutual savings banks. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • CONSUMER CREDIT A 57 MAJOR HOLDERS OF INSTALMENT CREDIT (In millions of dollars) Commercial banks Finance companies 1 Automobile Other consumer Repair Other consumer Repair paper goods paper and Per- Auto- goods paper and Total modern- sonal mobile modernization loans paper ization Pur- Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes 1,452 339 276 232 165 440 2,278 1,253 159 745 66 143 114 110 312 910 202 40 5,798 1,177 1,294 1,456 834 1,037 5,315 3,157 692 10,601 3,243 2,062 2,042 1,338 1,916 11,838 7,108 1,448 16,672 5,316 2,820 2,759 2,200 3,577 15,435 7,703 2,553 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 33,152 10,972 6,232 5,469 2,731 7,748 24,576 8,627 5,069 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 59,783 16,320 10,776 5,786 5,288 5,122 3,544 12,947 32,088 10,174 2,916 3,589 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 51,157 13,790 9,260 4,467 4,362 4,510 3,203 11,565 28,723 9,459 2,561 3,042 51,264 13,844 9,292 4,519 4,291 4,530 3,190 11,598 28,695 9,399 2,571 3,042 51.782 14,017 9,442 4,602 4,264 4,585 3,201 11,671 28,716 9,324 2,587 3,063 52,629 14;232 9,613 4,703 4,325 4,683 3,244 11,829 28,955 9,373 2,614 3,076 53,624 14,530 9,824 4,842 4,374 4,772 3,303 11,979 29,310 9,453 2,649 3,153 54,883 14,938 10,060 5,023 4,463 4,859 3,372 12,168 29,722 9,612 2,687 3,216 55,688 15,244 10,193 5,144 4,517 4,903 3,410 12,277 30,065 9,714 2,725 3,270 56,846 15,566 10,331 5,321 4,631 5,003 3,479 12,515 30,464 9,822 2,773 3,318 57,566 15,754 10,381 5,471 4,750 5,030 3,522 12,658 30,650 9,835 2,820 3,367 58,266 15,996 10,534 5,590 4,782 5,053 3,555 12,756 30,970 9,914 862 3,430 58,878 16,180 10,674 5,690 4,868 5,063 3,557 12,846 31,427 10,026 899 3,476 59.783 16,320 10,776 5,786 5,288 5,122 3,544 12,947 32,088 10,174 2,916 3,589 i Finance companies consist of those institutions formerly classified as See also NOTE to first table on preceding page. sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans EEnndd ooff ppeerriioodd Total mobile sumer modern- sonal ppaappeerr goods ization loans Total paper loans End of period Com- Other mer- finan- Retail Credit cial cial outlets cards 1 1 1 9 9 4 40 5 , , 1 1 2 8 1 8 3 1 6 6 4 7 1 1 0 3 1 9 3 1 2 banks tu in ti s o ti n - s 1950, 692 159 40 102 391 1 1 9 9 5 60 5 , 4 1 , , 5 95 6 9 6 1,4 5 6 6 0 0 2 1 9 3 7 0 7 3 7 1 5 3 2,0 9 3 5 4 6 1 1 9 9 4 4 5 0 2 3 , , 8 2 2 0 4 3 6 6 3 7 6 4 1 7 6 2 4 1 1 , , 4 6 7 1 1 2 1 1 1 9 9 9 6 6 6 6 5 7 . . . 1 9 8 0 , , , 3 2 2 1 8 1 5 9 6 3 3 3 , , , 4 0 6 1 3 7 1 6 8 4 6 5 9 5 8 8 4 8 1,0 9 9 8 8 3 5 0 3 4 4 3 , , , 7 3 8 9 2 3 9 2 6 1 1 I9 9 9 6 5 5 0 5 0 1 6 9 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 , , , 5 2 8 9 7 9 1 9 3 2 4 7 3 1 6 6 6 1 1 9 9 6 6 8 9 . . 1 1 3 1 , , 7 71 2 7 2 4 4, , 9 2 4 3 1 8 9 7 5 7 1 1 1 1 , , 2 4 1 4 5 3 5 6 , ,3 4 8 9 7 3 1 1 9 9 6 6 6 5 1 19 8 , , 9 9 9 9 4 0 6 6 , , 6 9 9 4 0 6 1,0 9 2 8 6 1 5 5 , , 8 7 1 2 2 4 7 8 0 7 6 4 1970, 15,088 5,116 1,177 1,800 6,995 196 7 21,355 7,478 1,080 6,041 1,029 1 1 9 97 7 2 1 , . 1 1 7 9 , , 0 5 2 1 1 1 5 6 , , 7 5 4 9 7 8 1 1 , , 4 6 7 9 2 0 2 1 , , 1 9 6 3 0 0 7 9 , , 8 06 7 3 2 1 1 9 9 6 6 9 8 2 24 3 , , 0 0 4 2 1 5 8 8, , 5 3 5 7 3 4 1 1 , , 1 1 5 9 8 4 5 5 , , 9 9 6 3 6 6 1 1 , , 2 4 2 3 7 7 1971--Dec 17,021 5,747 1,472 1,930 7,872 197 0 25,099 8,469 1,206 6,163 1,805 197 1 27,099 9,316 1,269 6,397 1,953 1972-—Jan 17,014 5,716 1,466 1,939 7,893 197 2 30,232 10,857 1,399 7,055 1,947 Feb 17,176 5,755 1,477 1,955 7,989 Mar 17,436 5,842 1,499 1,975 8,120 1971—Dec.. 27,099 9,316 1,269 6,397 1,953 Apr 17,555 5,898 1,512 1,984 8,161 May 17,906 6,019 1,543 2,020 8,324 1972—Jan.. 26,669 9,342 1,307 5.688 1,942 June 18,304 6,166 1,580 2,055 8,503 Feb.. 26,431 9,415 1,337 5,111 1.876 July 18,379 6,204 1,589 2,062 8,524 Mar. 26,622 9,491 1,352 5,102 1,861 Aug 18,836 6,353 1,628 2,113 8,742 Apr.. 26,971 9,594 1,339 5,296 1,883 Sept 19,062 6,421 1,645 2,144 8,852 May. 27,267 9,717 1.349 5,587 1.877 Oct 19,169 6,461 1,656 2,157 8,895 June. 27,447 9,831 1.350 5.689 1,921 Nov 19,368 6,535 1,675 2,165 8,993 July. 27,512 9,900 1,335 5,664 1,980 Dec 19,511 6,598 1,690 2,160 9,063 Aug.. 27,720 10,053 1,358 5,676 2,041 Sept. 27,783 10,165 1,376 5,613 2,080 Oct.. 28,071 10,339 1,378 5,794 1,986 NOTE.—Other financial lenders consist of credit unions and miscel- Nov.. 28,643 10,527 1,390 6,081 1,929 laneous lenders. Miscellaneous lenders include savings and loan associa- Dec.. 30,232 10,857 1,399 7,055 1,947 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 etimates 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 • FEBRUARY 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 PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996655 777777777888888888,,,,,,,,,666666666666666666111111111 222222222777777777,,,,,,,,,222222222000000000888888888 222222222222222222,,,,,,,,,888888888555555555777777777 222222222,,,,,,,,,222222222777777777000000000 222222222666666666,,,,,,,,,333333333222222222666666666 1966 888888888222222222.........888888888333333333222222222 222222222777777777,,,,,,,,,111111111999999999222222222 222222222666666666,,,,,,,,,333333333222222222999999999 222222222,,,,,,,,,222222222222222222333333333 222222222777777777,,,,,,,,,000000000888888888888888888 1967 888888888777777777,,,,,,,,,111111111777777777111111111 222222222666666666,,,,,,,,,333333333222222222000000000 222222222999999999,,,,,,,,,555555555000000000444444444 222222222,,,,,,,,,333333333666666666999999999 222222222888888888,,,,,,,,,999999999777777777888888888 1968 999999999999999999,,,,,,,,,999999999888888888444444444 333333333111111111,,,,,,,,,000000000888888888333333333 333333333333333333,,,,,,,,,555555555000000000777777777 222222222,,,,,,,,,555555555333333333444444444 333333333222222222,,,,,,,,,888888888666666666000000000 1969 111111111000000000999999999,,,,,,,,,111111111444444444666666666 333333333222222222,,,,,,,,,555555555555555555333333333 333333333888888888,,,,,,,,,333333333333333333222222222 222222222,,,,,,,,,888888888333333333111111111 333333333555555555,,,,,,,,,444444444333333333000000000 1970 111111111111111111222222222,,,,,,,,,111111111555555555888888888 222222222999999999,,,,,,,,,777777777999999999444444444 444444444333333333,,,,,,,,,888888888777777777333333333 222222222,,,,,,,,,999999999666666666333333333 333333333555555555,,,,,,,,,555555555222222222888888888 1971 111111111222222222444444444,,,,,,,,,222222222888888888111111111 333333333444444444,,,,,,,,,888888888777777777333333333 444444444777777777,,,,,,,,,888888888222222222111111111 333333333,,,,,,,,,222222222444444444444444444 333333333888888888,,,,,,,,,333333333444444444333333333 1972 111111111444444444222222222,,,,,,,,,999999999555555555111111111 444444444000000000,,,,,,,,,111111111999999999444444444 555555555555555555,,,,,,,,,555555555999999999999999999 444444444,,,,,,,,,000000000000000000666666666 444444444333333333,,,,,,,,,111111111555555555222222222 111999777111———DDDeee ccc 10,866 111111111222222222,,,,,,,,,444444444444444444555555555 3,051 222222222,,,,,,,,,777777777444444444333333333 4,153 555555555,,,,,,,,,555555555222222222888888888 294 222222222444444444222222222 3,368 333333333,,,,,,,,,999999999333333333222222222 111999777222———JJJaaa n n n 11,116 999999999,,,,,,,,,444444444666666666999999999 3,089 222222222,,,,,,,,,444444444999999999999999999 4,258 333333333,,,,,,,,,777777777777777777333333333 309 222222222333333333111111111 3,460 222222222,,,,,,,,,999999999666666666666666666 FFFeeebbb 10.952 999999999,,,,,,,,,555555555444444444000000000 3,100 222222222,,,,,,,,,777777777777777777777777777 4,052 333333333,,,,,,,,,444444444222222222222222222 296 222222222444444444777777777 3,504 333333333,,,,,,,,,000000000999999999444444444 MMMaaarrr 11,741 111111111111111111,,,,,,,,,777777777444444444666666666 3,176 333333333,,,,,,,,,333333333666666666333333333 4,453 444444444,,,,,,,,,333333333333333333777777777 323 333333333000000000333333333 3,789 333333333,,,,,,,,,777777777444444444333333333 AAAppprrr 11,374 111111111111111111,,,,,,,,,222222222222222222444444444 3,162 333333333,,,,,,,,,222222222666666666999999999 4,370 444444444,,,,,,,,,111111111555555555888888888 331 333333333222222222666666666 3,511 333333333,,,,,,,,,444444444777777777111111111 MMMaaayyy 11,687 111111111222222222,,,,,,,,,555555555555555555666666666 3,274 333333333,,,,,,,,,666666666999999999999999999 4,393 444444444,,,,,,,,,555555555999999999333333333 334 333333333999999999999999999 3,686 333333333,,,,,,,,,888888888666666666555555555 JJJuuunnneee 12,057 111111111333333333,,,,,,,,,000000000999999999666666666 3,412 333333333,,,,,,,,,999999999333333333888888888 4,577 444444444,,,,,,,,,777777777777777777999999999 351 444444444000000000333333333 3,717 333333333,,,,,,,,,999999999777777777666666666 JJJuuulllyyy 11,687 111111111111111111.........888888888333333333333333333 3,298 333333333,,,,,,,,,444444444888888888000000000 4,684 444444444,,,,,,,,,555555555444444444444444444 328 333333333555555555888888888 3,377 333333333,,,,,,,,,444444444555555555111111111 AAAuuuggg 12,484 111111111333333333,,,,,,,,,111111111666666666666666666 3,491 333333333,,,,,,,,,666666666999999999666666666 4,990 555555555,,,,,,,,,000000000999999999444444444 371 444444444333333333111111111 3,632 333333333,,,,,,,,,999999999444444444555555555 SSSeeepppttt 11.953 111111111111111111,,,,,,,,,555555555333333333555555555 3,368 333333333,,,,,,,,,111111111111111111000000000 4,772 444444444,,,,,,,,,666666666999999999555555555 340 333333333666666666000000000 3,473 333333333,,,,,,,,,333333333777777777000000000 OOOcccttt 12,404 111111111222222222,,,,,,,,,333333333333333333777777777 3,504 333333333,,,,,,,,,666666666666666666333333333 4,971 444444444,,,,,,,,,888888888333333333111111111 335 333333333444444444777777777 3,594 333333333,,,,,,,,,444444444999999999666666666 NNNooovvv 12,846 111111111222222222,,,,,,,,,888888888000000000666666666 3,620 333333333,,,,,,,,,555555555000000000555555555 5,118 555555555,,,,,,,,,222222222000000000222222222 327 333333333222222222111111111 3,781 333333333,,,,,,,,,777777777777777777888888888 DDDeeeccc 12,627 111111111333333333,,,,,,,,,666666666444444444333333333 3,763 333333333,,,,,,,,,111111111999999999555555555 4,876 666666666,,,,,,,,,111111111777777777111111111 351 222222222888888888000000000 3,637 333333333,,,,,,,,,999999999999999999777777777 Repayments 111999666555 777777777000000000,,,,,,,,,444444444666666666333333333 222222222333333333,,,,,,,,,777777777000000000666666666 222222222000000000,,,,,,,,,777777777000000000777777777 222222222,,,,,,,,,111111111111111111222222222 222222222333333333,,,,,,,,,999999999333333333888888888 1966 777777777777777777,,,,,,,,,444444444888888888000000000 222222222555555555,,,,,,,,,666666666111111111999999999 222222222444444444,,,,,,,,,000000000888888888000000000 222222222,,,,,,,,,111111111111111111888888888 222222222555555555,,,,,,,,,666666666666666666333333333 1967 888888888333333333,,,,,,,,,999999999888888888888888888 222222222666666666,,,,,,,,,555555555333333333444444444 222222222777777777,,,,,,,,,888888888444444444777777777 222222222,,,,,,,,,222222222000000000222222222 222222222777777777,,,,,,,,,444444444000000000555555555 1968 999999999111111111,,,,,,,,,666666666666666666777777777 222222222777777777,,,,,,,,,999999999333333333111111111 333333333111111111,,,,,,,,,222222222777777777000000000 222222222,,,,,,,,,333333333000000000333333333 333333333000000000,,,,,,,,,111111111666666666333333333 1969 999999999999999999,,,,,,,,,777777777888888888666666666 222222222999999999,,,,,,,,,999999999777777777444444444 333333333444444444,,,,,,,,,666666666444444444555555555 222222222,,,,,,,,,444444444555555555777777777 333333333222222222,,,,,,,,,777777777111111111000000000 1970 111111111000000000777777777,,,,,,,,,111111111999999999999999999 333333333000000000,,,,,,,,,111111111333333333777777777 444444444000000000,,,,,,,,,777777777222222222111111111 222222222,,,,,,,,,555555555000000000666666666 333333333333333333,,,,,,,,,888888888333333333555555555 1971 111111111111111111555555555,,,,,,,,,000000000555555555000000000 333333333111111111,,,,,,,,,333333333999999999333333333 444444444444444444,,,,,,,,,999999999333333333333333333 222222222,,,,,,,,,999999999000000000111111111 333333333555555555,,,,,,,,,888888888222222222333333333 1972 111111111222222222666666666,,,,,,,,,999999999111111111444444444 333333333444444444,,,,,,,,,777777777222222222999999999 444444444999999999,,,,,,,,,888888888777777777222222222 333333333,,,,,,,,,222222222111111111888888888 333333333999999999,,,,,,,,,000000000999999999555555555 111999777111———DDDeee ccc 9,976 111111111000000000,,,,,,,,,222222222333333333888888888 2,715 222222222,,,,,,,,,666666666555555555555555555 3,891 333333333,,,,,,,,,999999999111111111555555555 244 222222222444444444666666666 3,126 333333333,,,,,,,,,444444444222222222222222222 111999777222———JJJaaa nnn 10,015 111111111000000000,,,,,,,,,000000000000000000777777777 2,795 222222222,,,,,,,,,777777777111111111333333333 3,905 444444444,,,,,,,,,000000000888888888000000000 256 222222222444444444555555555 3,059 222222222,,,,,,,,,999999999666666666999999999 FFFeeebbb 10,069 999999999,,,,,,,,,777777777888888888777777777 2,776 222222222,,,,,,,,,777777777111111111111111111 3,878 333333333,,,,,,,,,888888888888888888999999999 253 222222222444444444333333333 3,162 222222222,,,,,,,,,999999999444444444444444444 10,427 111111111000000000,,,,,,,,,999999999999999999999999999 2,831 333333333,,,,,,,,,000000000222222222666666666 3,944 444444444,,,,,,,,,222222222222222222111111111 262 222222222666666666999999999 3,390 333333333,,,,,,,,,444444444888888888333333333 AAAppprrr 10,384 111111111000000000,,,,,,,,,000000000444444444222222222 2,867 222222222,,,,,,,,,777777777777777777444444444 3,986 333333333,,,,,,,,,888888888777777777222222222 268 222222222555555555999999999 3,263 333333333,,,,,,,,,111111111333333333777777777 MMMaaayyy 10,355 111111111000000000,,,,,,,,,888888888111111111222222222 2,819 222222222,,,,,,,,,999999999888888888444444444 3,981 444444444,,,,,,,,,111111111333333333555555555 287 222222222999999999999999999 3,268 333333333,,,,,,,,,333333333999999999444444444 JJJuuunnneee 10,671 111111111000000000,,,,,,,,,999999999111111111444444444 2,922 222222222,,,,,,,,,999999999888888888222222222 4,164 444444444,,,,,,,,,111111111777777777777777777 283 222222222999999999000000000 3,302 333333333,,,,,,,,,444444444666666666555555555 JJJuuulllyyy 10,593 111111111000000000,,,,,,,,,444444444999999999666666666 2,917 222222222,,,,,,,,,888888888999999999666666666 4,249 444444444,,,,,,,,,111111111111111111555555555 279 222222222777777777888888888 3,148 333333333,,,,,,,,,222222222000000000777777777 AAAuuuggg 10,841 111111111000000000,,,,,,,,,999999999555555555777777777 2,896 222222222,,,,,,,,,999999999777777777666666666 4,395 444444444,,,,,,,,,333333333777777777666666666 270 222222222777777777888888888 3,280 333333333,,,,,,,,,333333333222222222777777777 SSSeeepppttt 10,667 111111111000000000,,,,,,,,,222222222555555555333333333 2,873 222222222,,,,,,,,,777777777888888888999999999 4,303 444444444,,,,,,,,,111111111333333333888888888 263 222222222666666666111111111 3,228 333333333,,,,,,,,,000000000666666666555555555 OOOcccttt 10,908 111111111111111111,,,,,,,,,000000000222222222555555555 3,041 333333333,,,,,,,,,111111111444444444555555555 4,354 444444444,,,,,,,,,333333333666666666000000000 263 222222222777777777222222222 3,250 333333333,,,,,,,,,222222222444444444888888888 NNNooovvv 11,128 111111111000000000,,,,,,,,,999999999888888888666666666 3,023 222222222,,,,,,,,,999999999999999999333333333 4,444 444444444,,,,,,,,,333333333555555555444444444 271 222222222777777777111111111 3,390 333333333,,,,,,,,,333333333666666666888888888 DDDeeeccc 10,964 111111111000000000,,,,,,,,,666666666333333333666666666 2,977 222222222,,,,,,,,,777777777444444444000000000 4,341 444444444,,,,,,,,,111111111555555555555555555 263 222222222555555555333333333 3,383 333333333,,,,,,,,,444444444888888888888888888 Net change in credit outstanding 2 111999666555 888888888,,,,,,,,,111111111999999999888888888 333333333,,,,,,,,,555555555000000000222222222 222222222,,,,,,,,,111111111555555555000000000 111111111555555555888888888 222222222,,,,,,,,,333333333888888888888888888 1966 555555555,,,,,,,,,333333333555555555222222222 111111111,,,,,,,,,555555555777777777333333333 222222222,,,,,,,,,222222222444444444999999999 111111111000000000555555555 111111111,,,,,,,,,444444444222222222555555555 1967 333333333,,,,,,,,,111111111888888888333333333 ---------222222222111111111444444444 111111111,,,,,,,,,666666666555555555777777777 111111111666666666777777777 111111111,,,,,,,,,555555555777777777333333333 1968 888888888,,,,,,,,,333333333111111111777777777 333333333,,,,,,,,,111111111555555555222222222 222222222,,,,,,,,,222222222333333333777777777 222222222333333333111111111 222222222,,,,,,,,,666666666999999999777777777 1969 999999999,,,,,,,,,333333333666666666000000000 222222222,,,,,,,,,555555555777777777999999999 333333333,,,,,,,,,666666666888888888777777777 333333333777777777444444444 222222222,,,,,,,,,777777777222222222000000000 1970 444444444,,,,,,,,,999999999555555555999999999 ---------333333333444444444333333333 333333333,,,,,,,,,111111111555555555222222222 444444444555555555777777777 111111111,,,,,,,,,666666666999999999333333333 1971 999999999,,,,,,,,,222222222333333333111111111 333333333,,,,,,,,,444444444888888888000000000 222222222,,,,,,,,,888888888888888888888888888 333333333444444444333333333 222222222,,,,,,,,,555555555222222222000000000 1972 111111111666666666,,,,,,,,,000000000333333333777777777 555555555,,,,,,,,,444444444666666666555555555 555555555,,,,,,,,,777777777222222222777777777 777777777888888888888888888 444444444,,,,,,,,,000000000555555555777777777 1971—De c 890 222222222,,,,,,,,,222222222000000000777777777 336 888888888888888888 262 111111111,,,,,,,,,666666666111111111333333333 50 ---------444444444 242 555555555111111111000000000 1972—Ja n 1,101 ---------555555555333333333888888888 294 ---------222222222111111111444444444 353 ---------333333333000000000777777777 53 ---------111111111444444444 401 ---------333333333 Feb 883 ---------222222222444444444777777777 324 666666666666666666 174 ---------444444444666666666777777777 43 444444444 342 111111111555555555000000000 1,314 777777777444444444777777777 345 333333333333333333777777777 509 111111111111111111666666666 61 333333333444444444 399 222222222666666666000000000 Apr 990 111111111,,,,,,,,,111111111888888888222222222 295 444444444999999999555555555 384 222222222888888888666666666 63 666666666777777777 248 333333333333333333444444444 May 1,332 111111111,,,,,,,,,777777777444444444444444444 455 777777777111111111555555555 412 444444444555555555888888888 47 111111111000000000000000000 418 444444444777777777111111111 June 1,386 222222222,,,,,,,,,111111111888888888222222222 490 999999999555555555666666666 413 666666666000000000222222222 68 111111111111111111333333333 415 555555555111111111111111111 July 1,094 111111111,,,,,,,,,333333333333333333777777777 381 555555555888888888444444444 435 444444444222222222999999999 49 888888888000000000 229 222222222444444444444444444 Aug 1,643 222222222,,,,,,,,,222222222000000000999999999 595 777777777222222222000000000 595 777777777111111111888888888 101 111111111555555555333333333 352 666666666111111111888888888 Sept 1,286 111111111,,,,,,,,,222222222888888888222222222 495 333333333222222222111111111 469 555555555555555555777777777 77 999999999999999999 245 333333333000000000555555555 Oct 1,496 111111111,,,,,,,,,333333333111111111222222222 463 555555555111111111888888888 617 444444444777777777111111111 72 777777777555555555 344 222222222444444444888888888 Nov 1,718 111111111,,,,,,,,,888888888222222222000000000 597 555555555111111111222222222 674 888888888444444444888888888 56 555555555000000000 391 444444444111111111000000000 Dec 1,663 333333333,,,,,,,,,000000000000000000777777777 786 444444444555555555555555555 535 222222222,,,,,,,,,000000000111111111666666666 88 222222222777777777 254 555555555000000000999999999 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

FEBRUARY 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.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 11996655 777777777888888888,,,,,,,,,666666666666666666111111111 222222222999999999,,,,,,,,,555555555222222222888888888 222222222555555555,,,,,,,,,222222222666666666555555555 999999999,,,,,,,,,444444444333333333888888888 111111111444444444,,,,,,,,,444444444333333333000000000 1966 888888888222222222.........888888888333333333222222222 333333333000000000,,,,,,,,,000000000777777777333333333 222222222555555555,,,,,,,,,888888888999999999777777777 111111111000000000,,,,,,,,,333333333666666666888888888 111111111666666666,,,,,,,,,444444444999999999444444444 1967 888888888777777777,,,,,,,,,111111111777777777111111111 333333333111111111,,,,,,,,,333333333888888888222222222 222222222666666666,,,,,,,,,444444444666666666111111111 111111111111111111,,,,,,,,,222222222333333333888888888 111111111888888888,,,,,,,,,000000000999999999000000000 1968 999999999999999999,,,,,,,,,999999999888888888444444444 333333333777777777,,,,,,,,,333333333999999999555555555 333333333000000000,,,,,,,,,222222222666666666111111111 111111111333333333,,,,,,,,,222222222000000000666666666 111111111999999999,,,,,,,,,111111111222222222222222222 1969 111111111000000000999999999,,,,,,,,,111111111444444444666666666 444444444000000000,,,,,,,,,999999999555555555555555555 333333333222222222,,,,,,,,,777777777555555555333333333 111111111555555555,,,,,,,,,111111111999999999888888888 222222222000000000,,,,,,,,,222222222444444444000000000 1970 111111111111111111222222222,,,,,,,,,111111111555555555888888888 444444444222222222,,,,,,,,,999999999666666666000000000 333333333111111111,,,,,,,,,999999999555555555222222222 111111111555555555,,,,,,,,,777777777222222222000000000 222222222111111111,,,,,,,,,555555555222222222666666666 1971 111111111222222222444444444,,,,,,,,,222222222888888888111111111 555555555111111111,,,,,,,,,222222222333333333777777777 333333333222222222,,,,,,,,,999999999333333333555555555 111111111777777777,,,,,,,,,999999999666666666666666666 222222222222222222,,,,,,,,,111111111444444444333333333 1972 111111111444444444222222222,,,,,,,,,999999999555555555111111111 555555555999999999,,,,,,,,,333333333333333333999999999 333333333888888888,,,,,,,,,444444444666666666444444444 222222222000000000,,,,,,,,,666666666000000000777777777 222222222444444444,,,,,,,,,555555555444444444111111111 111999777111———DDDeee ccc 10,866 111111111222222222,,,,,,,,,444444444444444444555555555 4,514 444444444,,,,,,,,,555555555888888888666666666 2.940 333333333,,,,,,,,,555555555222222222000000000 1,583 111111111,,,,,,,,,555555555555555555333333333 1,829 222222222,,,,,,,,,777777777888888888666666666 111999777222———JJJaaa nnn 11,116 999999999,,,,,,,,,444444444666666666999999999 4,417 333333333,,,,,,,,,888888888444444444333333333 2,953 222222222,,,,,,,,,444444444333333333444444444 1,687 111111111,,,,,,,,,444444444222222222555555555 2,059 111111111,,,,,,,,,777777777666666666777777777 FFFeeebbb 10.952 999999999,,,,,,,,,555555555444444444000000000 4,518 444444444,,,,,,,,,000000000000000000999999999 2.941 222222222,,,,,,,,,666666666111111111444444444 1,700 111111111,,,,,,,,,555555555222222222777777777 1,793 111111111,,,,,,,,,333333333999999999000000000 MMMaaarrr 11,741 111111111111111111,,,,,,,,,777777777444444444666666666 4,622 444444444,,,,,,,,,777777777777777777777777777 3,197 333333333,,,,,,,,,111111111777777777333333333 1,887 111111111,,,,,,,,,888888888777777777444444444 2,035 111111111,,,,,,,,,999999999222222222222222222 AAAppprrr 11,374 111111111111111111,,,,,,,,,222222222222222222444444444 4,644 444444444,,,,,,,,,777777777888888888000000000 3,196 333333333,,,,,,,,,000000000777777777111111111 1,582 111111111,,,,,,,,,555555555666666666444444444 1,952 111111111,,,,,,,,,888888888000000000999999999 MMMaaayyy 11,687 111111111222222222,,,,,,,,,555555555555555555666666666 4,817 555555555,,,,,,,,,333333333333333333555555555 3,244 333333333,,,,,,,,,444444444111111111000000000 1,674 111111111,,,,,,,,,888888888777777777999999999 1,952 111111111,,,,,,,,,999999999333333333222222222 JJJuuunnneee 12,057 111111111333333333,,,,,,,,,000000000999999999666666666 5,098 555555555,,,,,,,,,666666666111111111777777777 3,196 333333333,,,,,,,,,444444444777777777999999999 1,792 222222222,,,,,,,,,000000000333333333666666666 1,971 111111111,,,,,,,,,999999999666666666444444444 JJJuuulllyyy 11,687 111111111111111111.........888888888333333333333333333 4,926 555555555,,,,,,,,,111111111000000000333333333 3,107 333333333,,,,,,,,,111111111888888888444444444 1,506 111111111,,,,,,,,,555555555888888888000000000 2,148 111111111,,,,,,,,,999999999666666666666666666 AAAuuuggg 12,484 111111111333333333,,,,,,,,,111111111666666666666666666 5,349 555555555,,,,,,,,,666666666444444444444444444 3,285 333333333,,,,,,,,,444444444333333333333333333 1,788 222222222,,,,,,,,,000000000111111111444444444 2,062 222222222,,,,,,,,,000000000777777777555555555 SSSeeepppttt 11.953 111111111111111111,,,,,,,,,555555555333333333555555555 4,972 444444444,,,,,,,,,888888888555555555222222222 3,181 222222222,,,,,,,,,999999999777777777111111111 1,731 111111111,,,,,,,,,666666666888888888333333333 2,069 222222222,,,,,,,,,000000000222222222999999999 OOOcccttt 12,404 111111111222222222,,,,,,,,,333333333333333333777777777 5,227 555555555,,,,,,,,,222222222222222222444444444 3,334 333333333,,,,,,,,,333333333444444444888888888 1,705 111111111,,,,,,,,,666666666777777777999999999 2,138 222222222,,,,,,,,,000000000888888888666666666 NNNooovvv 12,846 111111111222222222,,,,,,,,,888888888000000000666666666 5,413 555555555,,,,,,,,,000000000555555555999999999 3,434 333333333,,,,,,,,,555555555888888888111111111 1,792 111111111,,,,,,,,,777777777000000000444444444 2,207 222222222,,,,,,,,,444444444666666666222222222 DDDeeeccc 12,627 111111111333333333,,,,,,,,,666666666444444444333333333 5,313 555555555,,,,,,,,,000000000999999999666666666 3,355 333333333,,,,,,,,,777777777666666666666666666 1,791 111111111,,,,,,,,,666666666444444444222222222 2,168 333333333,,,,,,,,,111111111333333333999999999 Repayments 111999666555 777777777000000000,,,,,,,,,444444444666666666333333333 222222222555555555,,,,,,,,,666666666666666666333333333 222222222333333333,,,,,,,,,000000000555555555666666666 888888888,,,,,,,,,333333333111111111111111111 111111111333333333,,,,,,,,,444444444333333333333333333 1966 777777777777777777,,,,,,,,,444444444888888888000000000 222222222777777777,,,,,,,,,777777777111111111666666666 222222222444444444,,,,,,,,,999999999555555555222222222 999999999,,,,,,,,,333333333444444444222222222 111111111555555555,,,,,,,,,444444444777777777000000000 1967 888888888333333333,,,,,,,,,999999999888888888888888888 222222222999999999,,,,,,,,,555555555444444444999999999 222222222666666666,,,,,,,,,666666666888888888111111111 111111111000000000,,,,,,,,,333333333333333333777777777 111111111777777777,,,,,,,,,444444444222222222111111111 1968 999999999111111111,,,,,,,,,666666666666666666777777777 333333333222222222,,,,,,,,,666666666111111111111111111 222222222888888888,,,,,,,,,777777777666666666333333333 111111111111111111,,,,,,,,,777777777000000000555555555 111111111888888888,,,,,,,,,555555555888888888888888888 1969 999999999999999999,,,,,,,,,777777777888888888666666666 333333333666666666,,,,,,,,,444444444777777777000000000 333333333000000000,,,,,,,,,999999999888888888111111111 111111111333333333,,,,,,,,,111111111999999999333333333 111111111999999999,,,,,,,,,111111111444444444222222222 1970 111111111000000000777777777,,,,,,,,,111111111999999999999999999 444444444000000000,,,,,,,,,333333333999999999888888888 333333333111111111,,,,,,,,,777777777000000000555555555 111111111444444444,,,,,,,,,333333333555555555444444444 222222222000000000,,,,,,,,,777777777444444444222222222 1971 111111111111111111555555555,,,,,,,,,000000000555555555000000000 444444444555555555,,,,,,,,,333333333999999999555555555 333333333111111111,,,,,,,,,777777777333333333000000000 111111111666666666,,,,,,,,,000000000333333333333333333 222222222111111111,,,,,,,,,888888888999999999222222222 1972 111111111222222222666666666,,,,,,,,,999999999111111111444444444 555555555000000000,,,,,,,,,777777777999999999666666666 333333333555555555,,,,,,,,,222222222555555555999999999 111111111888888888,,,,,,,,,111111111111111111777777777 222222222222222222,,,,,,,,,777777777444444444222222222 111999777111———DDDeee ccc 9,976 111111111000000000,,,,,,,,,222222222333333333888888888 3,932 333333333,,,,,,,,,999999999000000000333333333 2,802 333333333,,,,,,,,,111111111111111111111111111 1,396 111111111,,,,,,,,,444444444222222222666666666 1,846 111111111,,,,,,,,,777777777999999999888888888 111999777222———JJJaaa nnn 10,015 111111111000000000,,,,,,,,,000000000000000000777777777 4,008 333333333,,,,,,,,,999999999222222222666666666 2,777 222222222,,,,,,,,,555555555999999999444444444 1,401 111111111,,,,,,,,,444444444333333333222222222 1,829 222222222,,,,,,,,,000000000555555555555555555 FFFeeebbb 10,069 999999999,,,,,,,,,777777777888888888777777777 3,980 333333333,,,,,,,,,999999999000000000222222222 2,787 222222222,,,,,,,,,666666666444444444222222222 1,461 111111111,,,,,,,,,333333333666666666555555555 1,841 111111111.........888888888777777777888888888 MMMaaarrr 10,427 111111111000000000,,,,,,,,,999999999999999999999999999 3,983 444444444,,,,,,,,,222222222555555555999999999 2,971 333333333,,,,,,,,,111111111555555555222222222 1,605 111111111,,,,,,,,,666666666111111111444444444 1,868 111111111,,,,,,,,,999999999777777777444444444 AAAppprrr 10,384 111111111000000000,,,,,,,,,000000000444444444222222222 4,073 333333333,,,,,,,,,999999999333333333333333333 2,948 222222222,,,,,,,,,888888888333333333222222222 1,507 111111111,,,,,,,,,444444444444444444555555555 1.856 111111111,,,,,,,,,888888888333333333222222222 MMMaaayyy 10,355 111111111000000000,,,,,,,,,888888888111111111222222222 4,121 444444444,,,,,,,,,333333333444444444000000000 2,918 333333333,,,,,,,,,000000000555555555555555555 1,459 111111111,,,,,,,,,555555555222222222888888888 1.857 111111111,,,,,,,,,888888888888888888999999999 JJJuuunnneee 10,671 111111111000000000,,,,,,,,,999999999111111111444444444 4,250 444444444,,,,,,,,,333333333555555555888888888 2,971 333333333,,,,,,,,,000000000666666666777777777 1,566 111111111,,,,,,,,,666666666333333333888888888 1,884 111111111.........888888888555555555111111111 JJJuuulllyyy 10,593 111111111000000000,,,,,,,,,444444444999999999666666666 4,366 444444444,,,,,,,,,222222222999999999888888888 2,883 222222222,,,,,,,,,888888888444444444111111111 1,419 111111111,,,,,,,,,555555555000000000555555555 1,925 111111111.........888888888555555555222222222 AAAuuuggg 10,841 111111111000000000,,,,,,,,,999999999555555555777777777 4,414 444444444,,,,,,,,,444444444888888888666666666 3,021 333333333,,,,,,,,,000000000333333333444444444 1,510 111111111,,,,,,,,,555555555555555555777777777 1,896 111111111,,,,,,,,,888888888888888888000000000 SSSeeepppttt 10,667 111111111000000000,,,,,,,,,222222222555555555333333333 4,221 444444444,,,,,,,,,111111111333333333222222222 2,938 222222222,,,,,,,,,777777777888888888555555555 1,533 111111111,,,,,,,,,444444444555555555777777777 1,975 111111111.........888888888777777777999999999 OOOcccttt 10,908 111111111111111111,,,,,,,,,000000000222222222555555555 4,408 444444444,,,,,,,,,555555555222222222444444444 3,023 333333333,,,,,,,,,000000000222222222888888888 1,550 111111111,,,,,,,,,555555555777777777222222222 1,927 111111111,,,,,,,,,999999999000000000111111111 NNNooovvv 11,128 111111111000000000,,,,,,,,,999999999888888888666666666 4,531 444444444,,,,,,,,,444444444444444444777777777 3,061 333333333,,,,,,,,,111111111222222222444444444 1,578 111111111,,,,,,,,,555555555000000000555555555 1,958 111111111,,,,,,,,,999999999111111111000000000 DDDeeeccc 10,964 111111111000000000,,,,,,,,,666666666333333333666666666 4,485 444444444,,,,,,,,,111111111999999999111111111 2,952 333333333,,,,,,,,,111111111000000000555555555 1,561 111111111,,,,,,,,,444444444999999999999999999 1,966 111111111,,,,,,,,,888888888444444444111111111 Net change in credit outstanding 2 111999666555 888888888,,,,,,,,,111111111999999999888888888 333333333,,,,,,,,,888888888666666666555555555 222222222,,,,,,,,,222222222000000000999999999 111111111,,,,,,,,,111111111222222222777777777 999999999999999999777777777 1966 555555555,,,,,,,,,333333333555555555222222222 222222222,,,,,,,,,333333333555555555777777777 999999999444444444555555555 111111111,,,,,,,,,000000000222222222666666666 111111111,,,,,,,,,000000000222222222444444444 1967 333333333,,,,,,,,,111111111888888888333333333 111111111,,,,,,,,,888888888333333333333333333 ---------222222222222222222000000000 999999999000000000111111111 666666666666666666999999999 1968 888888888,,,,,,,,,333333333111111111777777777 444444444,,,,,,,,,777777777888888888444444444 111111111,,,,,,,,,444444444999999999888888888 111111111,,,,,,,,,555555555000000000111111111 555555555333333333444444444 1969 999999999,,,,,,,,,333333333666666666000000000 444444444,,,,,,,,,444444444888888888555555555 111111111,,,,,,,,,777777777777777777222222222 222222222,,,,,,,,,000000000000000000555555555 111111111,,,,,,,,,000000000999999999888888888 1970 444444444,,,,,,,,,999999999555555555999999999 222222222,,,,,,,,,999999999777777777777777777 ---------111111111666666666888888888 111111111,,,,,,,,,333333333666666666666666666 777777777888888888444444444 1971 999999999,,,,,,,,,222222222333333333111111111 555555555,,,,,,,,,888888888444444444222222222 111111111,,,,,,,,,222222222000000000555555555 111111111,,,,,,,,,999999999333333333333333333 222222222555555555111111111 1972 111111111666666666,,,,,,,,,000000000333333333777777777 888888888,,,,,,,,,555555555444444444333333333 333333333,,,,,,,,,222222222000000000555555555 222222222,,,,,,,,,444444444999999999000000000 111111111,,,,,,,,,777777777999999999999999999 1971—De c 890 222222222,,,,,,,,,222222222000000000777777777 582 666666666888888888333333333 138 444444444000000000999999999 187 111111111222222222777777777 -17 999999999888888888888888888 1972—Ja n 1,101 ---------555555555333333333888888888 409 ---------888888888333333333 176 ---------111111111666666666000000000 286 ---------777777777 230 ---------222222222888888888888888888 Feb 883 ---------222222222444444444777777777 538 111111111000000000777777777 154 ---------222222222888888888 239 111111111666666666222222222 -48 ---------444444444888888888888888888 Mar 1,314 777777777444444444777777777 639 555555555111111111888888888 226 222222222111111111 282 222222222666666666000000000 167 ---------555555555222222222 Apr 990 111111111,,,,,,,,,111111111888888888222222222 571 888888888444444444777777777 248 222222222333333333999999999 75 111111111111111111999999999 96 ---------222222222333333333 May 1,332 111111111,,,,,,,,,777777777444444444444444444 696 999999999999999999555555555 326 333333333555555555555555555 215 333333333555555555111111111 95 444444444333333333 June 1,386 222222222,,,,,,,,,111111111888888888222222222 848 111111111,,,,,,,,,222222222555555555999999999 225 444444444111111111222222222 226 333333333999999999888888888 87 111111111111111111333333333 July 1,094 111111111,,,,,,,,,333333333333333333777777777 560 888888888000000000555555555 224 333333333444444444333333333 87 777777777555555555 223 111111111111111111444444444 Aug 1,643 222222222,,,,,,,,,222222222000000000999999999 935 111111111,,,,,,,,,111111111555555555888888888 264 333333333999999999999999999 278 444444444555555555777777777 166 111111111999999999555555555 Sept 1,286 111111111,,,,,,,,,222222222888888888222222222 751 777777777222222222000000000 243 111111111888888888666666666 198 222222222222222222666666666 94 111111111555555555000000000 Oct 1,496 111111111,,,,,,,,,333333333111111111222222222 819 777777777000000000000000000 311 333333333222222222000000000 155 111111111000000000777777777 211 111111111888888888555555555 Nov 1,718 111111111,,,,,,,,,888888888222222222000000000 882 666666666111111111222222222 373 444444444555555555777777777 214 111111111999999999999999999 249 555555555555555555222222222 Dec 1,663 333333333,,,,,,,,,000000000000000000777777777 828 999999999000000000555555555 403 666666666666666666111111111 230 111111111444444444333333333 202 111111111,,,,,,,,,222222222999999999888888888 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. • FEBRUARY 1973 MARKET GROUPINGS (1967 = 100) 1967 11997722 1971 1972 pro- aavveerr-- Grouping p ti o o r n - aaggee?? Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.f 100.00 114.4 108.1 108.7 110.0 111.2 112.8 113.2 113.4 113.9 115.0 116.1 117.5 118.5 119.2 62.21 113.1 108.0 108.4 109.5 110.1 111.4 112.1 112.0 112.2 113.3 114.4 115.9 117.2 117.8 48.95 111.2 106.2 106.4 107.6 108.2 109.8 110.2 110.1 110.1 111.3 112.4 113.9 114.9 115.6 28.53 123.1 118.0 118.5 119.6 119.6 122.0 122.2 122.1 122.0 123.1 124.4 125.6 126.5 127.4 20.42 94.5 89.6 89.5 90.9 92.4 92.7 93.4 93.3 93.4 94.8 95.8 97.3 98.5 99.2 13.26 120.5 114.9 115.9 117.0 117.3 117.3 119.3 119.1 120.5 121.2 121.7 123.4 125.9 126.1 3377..7799 111166..44 108.4 109.2 110.8 113.1 115.0 115.6 116.1 116.8 117.4 119.1 120.3 120.7 121.5 Consumer goods 7.86 125.4 117.4 117.5 120.3 118.9 125.9 125.3 126.0 123.9 125.8 125.4 128.3 130.0 134.3 2.84 127.1 119.9 116.6 119.5 119.3 128.9 127.4 125.7 124.7 127.1 124.8 130.3 136.0 143.2 1.87 112.7 109.4 102.8 106.4 104.6 114.3 111.3 108.2 108.2 109.5 109.6 116.9 124.2 133.9 Auto parts and allied goods .97 154.7 140.0 143.4 144.5 147.5 157.0 158.3 159.3 156.9 160.9 153.9 156.1 158.6 161.5 5.02 124.5 116.0 118.1 120.7 118.7 124.2 124.3 126.1 123.5 125.1 125.7 127.2 126.6 129.1 1.41 124 7 116.9 173.8 123.1 115.1 132.2 129.3 125.9 121.6, 119.7 123.1 124.0 121.7 132.5 .92 144 5 135.8 143.4 146.9 131.9 149.3 148.2 141.2 138.5 141.8 142.8 147.8 141 .8 149.9 .49 87.5 81.3 87.1 78.3 84.0 100.1 93.7 97.2 89.9 78.6 86.1 79.4 83.9 99.9 1.08 132 6 120.4 121.7 126.1 127.1 131.3 132.0 134.0 132.6 138.4 134.5 137.6 137.6 138.0 2.53 111122221111....0000 113.7 113.5 117.2 117.2 116.9 118.2 122.9 120.6 122.4 123.4 124.5 124.9 123.5 20.67 111122222222....2222 118.4 119.0 119.3 119.9 120.5 121.0 120.6 121.3 122.1 123.9 124.5 125.1 124.8 Clothing 4.32 111100007777....8888 105.0 105.8 102.7 105.0 105.0 106.2 106.8 108.0 109.1 110.0 110.3 110.4 16.34 111122226666 0000 121.9 122.5 123.7 123.9 124.6 124.9 124.3 124.8 125.5 127.6 128.2 128.8 128.3 Consumer foods and tobacco.... 8.37 117.4 115.5 115.4 115.5 116.3 116.8 117.2 116.8 116.4 117.6 118.5 118.5 119.4 119.4 7.98 135.0 128.7 129.8 132.4 132.0 132.8 133.1 132.2 133.6 133.8 137.2 138.3 138.6 137.6 Consumer chemical products.. 22..6644 114444..33 134.3 137.6 144.3 141.4 145.4 144.8 140.2 141.3 141.7 146.4 145.0 143.9 144.0 Consumer paper products 11..9911 111144..77 114.8 111.4 112.1 113.9 111.4 111.1 112.5 112.5 112.2 115.6 118.6 119.3 121 .0 Consumer fuel and lighting... 33..4433 113399..22 132.1 134.2 134.5 134.9 134.8 136.3 136.8 139.4 139.8 141.9 144.0 145.1 141.6 Residential utilities......... 22..2255 114477..55 139.0 141.8 142.5 142.3 142.1 143.2 145.0 147.0 147.5 150.3 152.1 154.5 151.2 Equipment Business equipment 12.74 111111111111000000000000444444444444............333333333333 98.0 98.4 99.9 101.3 101.3 102.5 102.4 102.1 105.0 106.7 108.5 109.6 110.0 Industrial equipment 6.77 999999999999999999999999............333333333333 94.2 94.1 95.4 96.3 95.7 96.3 97.2 96.7 99.9 102.8 103.7 105.0 105.7 Building and mining equip 1.45 111111111111000000000000111111111111............999999999999 94.0 98.0 99.6 101.2 98.4 97.0 98.3 98.0 104.8 105.7 105.4 104.2 106.9 Manufacturing equipment...... 3.85 888888888888888888888888............666666666666 83.8 82.4 83.4 84.5 84.9 85.9 86.7 87.1 89.4 92.6 94.0 95.4 96.0 Power equipment 1.47 111111111111222222222222444444444444............666666666666 121.6 121.0 122.7 122.0 121.4 122.8 123.5 120.5 122.4 126.3 127.2 130.8 129.5 Commercial transit, farm eq 5.97 111111111111111111111111000000000000............000000000000 102.4 103.3 105.1 107.0 107.6 109.6 108.4 108.3 110.7 111.2 113.8 115.0 115.0 Commercial equipment 3.30 111111111111111111111111777777777777............888888888888 109.4 109.1 111.9 114.7 114.1 116.4 116.7 117.3 120.0 121.5 122.7 122.7 122.1 Transit equipment 2.00 999999999999666666666666............777777777777 93.1 95.1 94.7 95.4 97.0 98.9 94.4 92.5 93.0 93.1 96.8 101.9 101.5 Farm equipment .67 111111111111111111111111000000000000............666666666666 96.1 98.6 102.4 103.5 106.8 108.2 109.7 111.2 117.7 114.7 120.3 116.3 120.5 Defense and space equipment........ 7.68 777777777777888888888888............222222222222 75.6 74.8 76.0 77.6 78.5 78.2 78.3 78.9 77.9 77.7 78.6 80.1 81.2 Military products 55..1155 888888888888000000000000............666666666666 7788..33 77.6 78.5 80.7 81.3 81.1 80.4 81.6 79.9 79.3 80.3 8822..44 8822..77 Intermediate products Construction products 5.93 111111999...777 115.2 115.7 115.8 115.9 116.5 118.0 117.8 119.8 119.3 120.6 123.1 126.1 126.3 Misc intermediate products 77..3344 111222111...111 111144..55 116.1 118.0 118.5 118.0 120.4 120.2 121.1 122.8 122.6 112233..66 112255..66 112266..00 Materials Durable goods materials 20.91 111111111111111122222222........11111111 101.6 103.5 105.8 107.8 110.4 111.1 111.1 111.5 112.6 116.0 111177..44 117.5 119.5 Consumer durable parts 4.75 111111111111111133333333........11111111 104.0 105.1 107.1 110.2 113.8 112.0 112.0 111.4 114.0 116.3 111166..66 115.8 117.8 Equipment parts 5.41 9999999977777777........11111111 87.9 88.8 90.7 91.0 95.4 95.3 95.3 98.2 97.8 100.7 102.6 103.5 105.3 Durable materials nec 10.75 111111111111111199999999........33333333 107.4 110.2 112.8 115.2 116.5 118.6 118.6 118.2 119.5 123.6 111112222255555.....22222 125. 3 127.4 Nondurable goods materials 13.99 111111112222222211111111........77777777 116.7 116.0 117.0 119.8 120.6 121.3 122.5 123.3 123.7 122.7 111112222233333.....99999 112244..66 124.6 Textile, paper, and chem. mat 8.58 111111112222222288888888........00000000 123.0 120.8 121.5 125.0 125.9 127.1 128.5 130.1 131.1 129.2 111113333300000.....77777 113333..11 133.2 Nondurable materials n.e.c 5.41 111111111111111111111111........66666666 106.8 108.3 109.9 111.4 112.3 112.3 113.1 112.3 111.9 112.4 111111111133333.....00000 111111 22 110.9 Fuel and power industrial 22..8899 111111112222222211111111........22222222 111177..66 117.4 117.7 111188..99 121.6 120.7 121.7 123.5 121.5 125.0 111112222244444.....33333 112233..55 112211..44 Supplementary groups Home goods and clothing. 9.34 111111666...888 110.9 112.4 112.4 112.3 115.3 115.9 117.2 116.3 117.7 118.5 119.4 119.1 121.3 Containers 11..8822 111222666...888 112211..00 120.6 123.7 120.3 127.5 127.0 130.2 128.8 125.7 122.6 112277..22 134.2 134.9 Gross value of products in market structure (In billions of 1963 dollars) Products total 413.1 396.5 398.7 402.0 405.6 409.7 413.0 412.0 410.1 414.7 417.5 425.0 431.1 433.7 Final products 317.7 305.8 306.7 309.2 312.3 317.1 318.5 317.5 314.3 319.0 321.7 327.6 331.8 334.0 Consumer goods 223.7 217.4 217.4 218.8 220.4 224.8 225.1 224.6 222.5 225.5 226.9 231.0 233.3 235.2 Equipment 94.0 88.9 89.2 90.4 91.9 92.4 93.3 93.1 91.8 93.7 94.9 96.8 98.5 98.6 Intermediate products. 9955..55 9900..66 9922..55 9922..99 9933..22 9922..88 9944..55 94.3 95.8 96.0 95.9 97.4 99.2 99.9 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 11996677 11997722 11997711 1972 pprroo-- aavveerr-- GGrroouuppiinngg pp ttii oo oo rr nn -- aaggee**"" DDeecc.. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.35 88.55 113.1 106.2 107.1 108.5 109.7 111.8 112.3 112.6 113.2 114.1 115.2 116.6 117.4 118.2 52.33 107.4 99.5 100.4 102.1 103.4 105.8 106.3 106.8 107.7 108.4 109.7 111.4 112.3 113.8 36.22 121.5 116.0 116.8 117.8 118.8 120.3 120.8 121.3 121.0 122.6 123.3 124.3 124.6 124.6 11.45 123.8 120.1 120.6 121.6 122.3 122.9 122.6 122.7 123.2 123.8 125.9 126.2 127.4 126.2 6.37 108.3 107.8 107.3 107.2 108.5 109.0 107.9 108.2 107.9 107.7 110.2 110.0 110.5 109.2 Utilities 5.08 143.2 135.8 137.4 139.7 139.7 140.2 141.1 140.9 142.5 144.1 145.6 146.6 148.7 147.8 Durable manufactures Primary and fabricated metals 12.55 113.0 100.6 104.0 105.4 107.4 110.4 112.7 112.1 114.5 114.0 116.4 118.4 119.4 122.2 6.61 112.8 94.3 102.4 102.6 105.1 110.2 113.5 111.9 114.9 113.6 117.4 119.3 120.1 125.3 Iron and steel, subtotal 4.23 106.9 85.5 95.2 95.9 98.8 105.5 108.3 104.9 107.7 107.3 113.4 114.1 114.3 120.1 Fabricated metal products 5.94 113.3 107.6 106.0 108.6 110.1 110.8 111.9 112.3 114.1 114.4 115.2 117.5 118.6 118.6 32.44 102.1 95.6 95.7 97.3 98.4 101.1 101.0 101.6 102.0 103.1 104.1 105.7 106.8 108.0 17.39 105.2 97.9 98.5 99.5 100.3 102.6 103.0 104.8 104.8 107.1 108.3 109.6 110.0 111.4 Nonelectrical machinery 9.17 103.1 94.8 95.1 96.2 97.6 98.6 100.4 101.8 102.9 106.1 107.0 108.8 109.8 110.5 Electrical machinery 8.22 107.5 101.3 102.2 103.2 103.3 107.1 105.9 108.0 107.1 108.1 109.7 110.4 110.2 112.6 9.29 98.9 92.7 92.0 94.7 95.9 100.4 98.9 97.4 98.2 98.4 99.8 102.1 104.5 106.0 Motor vehicles and parts 4.56 122.8 116.1 114.0 117.7 118.8 125.6 122.6 119.3 121.4 121.6 123.0 127.6 131.0 135.4 Aerospace and misc. trans, eq... 4.73 75.8 70.1 70.8 72.7 73.9 76.1 76.1 76.4 75.9 76.0 77.3 77.5 79.0 77.8 Instruments 2.07 118.7 109.3 111.3 114.5 114.2 116.1 117.3 119.3 119.9 120.9 122.4 122.9 123.3 121.9 Ordnance, private and Govt 3.69 86.6 84.4 83.2 83.7 86.4 87.3 87.6 87.8 88.0 86.2 84.8 86.3 88.5 89.3 Lumber, clay, and glass 4.44 119.7 114.8 115.5 118.0 118.1 118.1 118.2 119.0 119.1 119.6 120.5 123.0 122.8 124.5 Lumber and products 1.65 122.7 121.7 122.0 119.7 119.6 119.9 119.1 121.8 121.5 121.1 122.8 128.1 128.2 130.3 Clay, glass, and stone products 2.79 117.9 110.7 111.6 117.0 117.2 117.1 117.5 117.4 117.7 118.7 119.1 120.0 119.7 121.1 2.90 122.6 114.3 115.0 117.3 118.4 119.9 120.6 122.1 123.7 126.7 126.6 126.2 126.2 127.0 Furniture and fixtures 1.38 113.1 103.8 104.0 108.4 108.7 111.7 110.7 112.8 115.5 117.6 116.7 116.1 117.4 117.4 Miscellaneous manufactures 1.52 131.2 123.9 125.1 125.4 127.2 127.4 129.6 130.6 131.0 135.1 135.6 135.4 134.0 135.6 Nondurable manufactures Textiles, apparel, and leather 6.90 106.2 103.1 102.0 101.1 103.7 106.1 104.9 105.9 104.8 106.8 108.0 109.1 108.6 110.2 Textile mill products 2.69 114.5 112.6 108.9 107.0 110.9 113.5 112.8 113.9 112.7 116.5 116.6 118.5 119.3 120.9 Apparel products • .... 33..3333 110044..22 99.7 99.8 100.1 102.7 103.3 102.8 103.0 102.2 104.3 105.5 106.8 107.4 Leather and products ..8888 8888..11 87.1 89.6 86.9 85.4 94.4 89.2 92.2 90.2 86.5 91.6 88.6 80.1 83.0 7.92 115.4 110.7 111.3 112.6 112.6 112.3 114.1 115.1 115.2 116.4 115.3 118.6 120.9 120.5 Paper and products 3.18 126.7 119.8 122.2 122.8 122.5 124.4 127.2 126.7 126.9 127.8 124.1 127.9 133.3 134.3 Printing and publishing 4.74 108.0 104.7 103.9 105.8 105.9 104.2 105.3 107.3 107.2 108.7 109.4 112.4 112.6 111.2 Chemicals, petroleum, and rubber.... 11.92 137.5 127.9 129.8 132.6 133.4 136.1 137.5 137.1 137.4 139.9 141.1 141.6 140.6 139.9 Chemicals and products 7.86 139.3 130.4 131.2 135.1 135.7 137.9 138.9 139.5 139.5 141.3 143.4 143.8 142.0 140.7 Petroleum products 1.80 120.1 118.3 119.3 118.7 117.9 117.0 119.5 117.3 119.5 120.4 120.7 124.1 123.4 123.1 Rubber and plastics products 2.26 145.0 126.6 133.3 135.0 138.1 144.7 146.5 145.0 144.1 150.4 149.6 148.2 149.5 150.6 9.48 117.4 115.0 115.7 115.9 116.3 117.6 117.1 117.6 116.8 117.6 118.8 117.8 118.9 119.3 Foods 8.81 118.4 116.6 116.5 116.9 117.5 118.6 118.5 119.3 118.3 118.3 120.0 118.2 119.4 119.8 Tobacco products ..6677 110044..44 93.8 103.8 102.5 110011..99 110033..99 99.1 96.4 96.7 108.5 110033..00 111.8 112.5 Mining Metal, stone, and earth minerals 1.26 104.8 111.1 108.0 109.8 108.3 104.6 99.4 99.6 95.8 101.0 106.5 106.2 113.2 113.7 Metal mining .51 120.8 137.7 128.9 133.7 131.0 122.2 110.7 102.9 102.2 115.2 123.4 122.3 136.9 140.6 Stone and earth minerals .75 93.9 92.7 93.8 93.5 92.7 92.6 91.7 97.4 91.6 91.4 94.9 95.2 97.0 95.4 Coal, oil, and gas. 5.11 109.2 107.1 107.1 106.5 108.6 110.0 109.9 110.5 111.0 109.3 111.1 110.9 109.8 108.0 Coal .69 103.2 112.4 106.3 99.6 104.1 112.9 105.0 109.1 114.4 97.2 104.2 99.3 101.0 91A Oil and gas ex-raction 4.42 110.2 106.3 107.2 107.6 109.3 109.6 110.7 110.7 110.5 111.2 112.1 112.7 111.2 109.7 Utilities 3.91 149.1 141.9 141.2 144.4 144.8 145.6 147.1 146.8 148.6 150.2 152.0 152.8 155.2 154.0 11..1177 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. • FEBRUARY 1973 MARKET GROUPINGS (1967 = 100) 1967 1972 1971 1972 pro- Grouping p ti o o r n - agef Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.2' 100.00 114.4 104.5 106.6 110.3 111.6 113.6 113.4 116.5 109.2 115.4 120.3 121.3 118.7 115.2 62.21 113.1 103.0 105.5 109.0 110.0 111.7 110.8 115.2 109.1 115.2 120.7 120.8 117.0 112.5 48.95 111. 2 101.2 104.4 107.7 108.3 110.2 108.5 113.3 106.3 112.7 118.7 118.6 114.7 110.2 28.53 123.1 109.9 115.7 119.4 119.2 122.4 119.6 126.0 117.0 126.5 133.5 132.7 126.0 118.7 20.42 94.5 89.0 88.6 91.4 93.1 93.2 93.1 95.6 91.4 93.4 98.0 99.0 99.0 98.5 13.26 120.5 109.8 109.4 113.8 116.5 117.4 119.5 122.2 119.2 124.4 128.0 128.7 125.6 120.7 3377..7799 111166..44 110066..99 108.3 112.4 114.5 116.6 117.7 118.7 109.4 115.8 119.6 122.1 121.5 119.7 Consumer goods 7.86 125.4 107.7 117.1 122.9 121.8 128.8 126.0 129.3 107.4 119.3 133.6 139.8 134.5 123.0 2.84 127.1 102.5 120.7 126.5 126.3 138.2 132.6 133.5 92.8 107.5 136.5 146.3 141.2 122.6 Autos 1.87 112.7 87.5 112.0 117.0 115.1 128.0 121.3 120.1 61.0 78.4 120.6 135.6 132.9 109.8 Auto parts and allied goods .97 154.7 131.3 137.5 144.8 147.8 157.8 154.3 159.3 153.9 163.3 167.1 166.9 157.0 147.1 Home goods 5.02 124.5 110.7 115.1 120.8 119.3 123.5 122.3 126.9 115.6 126.0 131.9 136.2 130.7 123.2 Ap A p p li p a l n i c a e n s c , e s T V an , d a n A d / h C o me audio. 1. . . 4 9 4 1 2 9 1 1 8 4 2 7 4 4 . . . 5 5 7 1 9 8 0 8 0 8 . . . 4 1 2 1 1 8 2 4 4 3 3 . . . 3 1 8 1 1 8 5 2 3 0 7 . . . 9 3 2 1 1 8 2 3 4 0 9 . . . 1 1 3 1 1 8 5 3 5 6 1 . . . 6 6 9 1 1 8 4 2 3 6 4 . . . 7 9 9 1 1 8 4 2 4 7 5 . . . 8 4 6 1 1 6 3 0 2 4 9 . . . 2 9 6 1 1 8 2 1 0 8 2 . . . 9 9 2 1 1 9 4 2 8 3 7 . . . 2 5 7 1 1 10 6 4 1 5 2 . . . 0 8 2 1 1 1 4 2 0 9 2 3 . . . 1 2 4 1 1 9 1 1 8 9 2 . . . 4 6 2 1.08 132.6 123.0 123.5 131.4 130.8 131.8 128.3 132.8 114.4 138.7 139.6 139.7 140.8 139.0 2.53 121.0 112.3 107.1 112.7 113.9 115.3 118.2 125.2 119.5 128.3 130.9 131.1 127.3 122.6 20.67 122.2 110.8 115.1 118.1 118.2 119.9 117.1 124.7 120.6 129.2 133.4 130.0 122.7 117.1 4.32 107.8 90.6 100.8 106.6 108.1 113.2 102.7 113.2 97.2 113.5 116.9 114.7 108.2 Consumer staples 16.34 126.0 116.2 118.9 121.2 120.9 121.7 120.9 127.8 126.8 133.4 137.8 134.0 126.5 122.1 Consumer foods and tobacco.... 8.37 117.4 109.0 109.2 111.2 113.0 114.8 114.7 120.8 115.8 123.9 128.7 125.4 118.8 112.5 No C n o f n o s o u d m s e ta r p c l h es e mical products.. 22 7 .. . 66 9 44 8 1 11 3 44 5 44 . .. 0 33 1 12 2 4 3 . . 9 7 1 12 2 9 9 . . 3 0 1 1 3 3 1 7 . . 7 7 1 1 3 2 5 9 . . 0 2 1 1 4 2 2 8 . . 3 9 1 1 4 2 3 7 . . 9 4 1 1 5 3 2 5 . . 3 1 1 14 3 6 8 . . 9 3 1 14 4 8 3 . . 4 4 1 15 4 9 7 . . 3 3 1 15 4 8 3 . . 3 0 1 1 3 4 4 3 . . 6 8 1 1 3 3 2 3 . . 2 9 Consumer paper products 11..9911 111144..77 108.9 106.3 109.1 110.8 110.3 107.9 116.2 114.2 120.4 122.8 124.9 118.5 114.8 Co R n e s s u i m de e n r ti f a u l e l u t a i n li d t ie li s g hting. .. 22 33 .. .. 22 44 55 33 11 11 44 33 77 99 .. .. 55 22 1 13 3 5 1 . . 5 0 1 15 4 2 1 . . 3 4 1 1 5 3 0 9 . . 1 6 1 14 3 4 5 . . 2 0 1 13 2 6 9 . . 3 0 1 1 2 2 8 5. . 5 7 1 1 3 3 7 2 . . 5 4 1 1 4 5 5 4 . . 1 6 1 1 6 5 5 2 . . 3 4 1 1 6 5 3 1. . 6 8 1 14 4 8 1 . . 1 3 1 1 3 4 6 1 . . 4 4 1 1 4 4 0 7 . . 5 6 Equipment Bu I s n in d B e u u s s s i t l r d e i i q a n l u g i e p q a m n u e d i n p t m m i e n n i t n g equip 12 6 1 . . . 7 7 4 4 7 5 1 1 9 0 0 4 9 1 . . . 3 3 9 9 9 96 5 3 . . . 4 7 4 9 9 96 7 3 . . . 6 1 0 1 9 9 00 9 6 . . . 7 5 2 1 9 9 02 7 6 . . . 2 9 4 1 9 9 02 9 5 . . . 3 7 0 1 9 9 02 5 6 . . . 2 7 3 1 1 9 0 0 5 9 1 . . . 6 0 4 9 9 99 8 6 . . . 5 0 0 1 1 9 0 0 3 9 2 . . . 2 5 3 1 1 11 0 0 0 7 5 . . . 2 5 2 1 1 11 0 0 1 7 5 . . . 2 1 5 1 1 1 1 0 0 0 8 5 . . . 0 4 4 1 1 1 0 0 0 8 8 4 . . . 2 8 8 Manufacturing equipment 3.85 88.6 83.1 81.4 85.6 86.2 84.8 85.5 88.2 85.2 89.2 93.6 94.9 95.1 95.2 Power equipment 1.47 124.6 118.1 119.3 120.6 121.4 121.2 121.8 124.9 122.3 123.7 133.2 131.8 129.4 125.7 Commercial transit farm eq 5.97 110.0 99.9 100.7 105.8 108.7 109.8 109.6 113.0 103.4 107.4 115.8 117.7 115.3 112.2 Commercial equipment 3.30 117.8 107.4 105.3 110.1 112.6 112.2 114.7 121.9 120.2 122.0 127.2 124.8 123.1 119.9 Transit equipment 2.00 96.7 90.8 93.5 97.3 99.5 104.8 100.9 97.9 78.2 85.2 95.2 104.0 104.6 99.0 Farm equipment .67 110.6 90.6 99.1 109.9 117.2 113.2 110.0 114.4 95.2 101.0 120.8 123.2 109.0 113.6 Defense and space equipment 7.68 78.2 76.6 75.3 75.9 77.9 78.0 78.1 78.9 77.9 77.1 77.7 78.7 80.8 82.3 Military products 55..1155 8800..66 78.8 77.8 78.4 81.0 81.1 81.3 81.7 81.0 79.3 79.2 80.0 82.6 83.3 Intermediate products C M o i n sc s tr i u n c te ti r o m n e p di r a o t d e u p c r ts o ducts 77 5. .. 9 33 3 44 11 1 22 1 11 9 .. . 11 7 1 10 1 9 0 . . 1 4 1 10 1 7 0 . . 6 9 1 11 1 3 3 . . 7 9 1 1 1 1 6 6. . 1 9 1 1 1 1 6 8. . 9 2 1 12 1 0 8 . . 6 7 1 12 2 1 2 . . 9 4 1 11 2 7 0 . . 9 3 1 1 2 2 7 0 . . 5 5 1 1 3 25 0 . . 5 0 1 12 2 8 9 . . 4 0 1 1 2 2 6 4. . 5 5 1 1 2 1 1 9 . . 5 6 Materials Du C D E ra q o u b u n r l a i s e p b u m g m le o e e o m n r d t s a d p t u m e a r r r a a i t a b t s e l l s r e i a n p l . s a e r .c ts 2 1 0 4 5 0 . . . , 9 7 4 7 1 5 1 5 1 1 1 9 1 1 1 2 7 3 9 . . . . 1 1 1 3 1 1 1 0 8 0 0 0 7 9 2 . . . . 1 1 0 7 1 1 1 0 8 0 0 2 9 8 5 . . . . 2 1 8 8 1 1 1 9 0 1 1 7 2 0 4 . . . . 5 1 5 0 1 1 1 9 1 1 1 0 3 1 7 . . . . 2 7 6 8 1 1 1 9 1 1 2 2 6 0 2 . . . . 4 5 1 9 1 1 1 9 1 2 1 3 5 3 3 . . . . 8 9 1 3 1 1 1 9 1 2 1 4 8 3 2 . . . . 8 9 9 5 1 1 9 9 0 1 3 8 2 1 . . . . 8 5 2 9 1 1 1 9 0 0 1 9 5 7 8 . . . . 9 5 8 1 1 1 1 1 1 0 1 2 6 1 7 4 . . . . 8 7 2 3 1 1 1 1 1 2 1 0 8 6 9 2 . . . . 7 6 4 3 1 1 1 1 1 0 2 2 7 2 0 4 . . . . 9 6 9 2 1 1 1 1 1 0 2 2 7 3 1 4 . . . . 6 5 7 4 Nondurable goods materials 13.99 121.7 114.4 115.1 118.3 119.8 121.8 123.0 124.2 116.6 123.3 122.8 126.7 126.3 122.1 Textile paper and chem. mat 8.58 128.0 119.2 120.0 124.3 126.0 128.5 129.6 130.9 120.9 130.1 129.1 133.4 134.6 129.1 Nondurable materials n.e.c 5.41 111.6 106.8 107.4 108.8 110.0 111.2 112.6 113.6 109.9 112.6 112.8 116.0 113.1 110.9 Fuel and power industrial 22..8899 121.2 119.2 119.4 119.6 119.6 121.8 120.7 120.8 115.2 121.7 124.0 124.4 124.4 123.1 Supplementary groups Home goods and clothing. 9 1 . . 3 8 4 2 1 1 2 1 6 6 . . 8 8 1 1 1 0 1 1 . . 9 4 1 10 1 8 4 . . 5 0 1 1 2 1 3 4 . . 3 2 1 1 2 14 0 . . 1 3 1 1 2 1 7 8 . . 9 7 1 1 2 1 8 3 . . 9 2 1 1 3 2 4 0 . . 2 6 1 1 2 0 3 7 . . 1 1 1 1 3 2 0 0 . . 0 2 1 1 2 2 8 5 . . 0 0 1 1 3 2 4 6 . . 4 3 1 1 3 2 3 0 . . 0 3 1 1 2 1 4 1. . 6 8 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967 = 100) 1967 11997722 1971 1972 pro- aavveerr-- Grouping p ti o o r n - aaggeepp Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.f 88.55 113.1 102.7 104.7 109.0 110.5 112.7 112.7 115.7 107.0 113.5 118.9 120.6 118.1 114.3 52.33 107.4 91A 99.2 103.8 105.5 107.5 107.6 109.4 100.2 105.1 111.9 114.4 113.0 110.9 36.22 121.5 110.9 112.6 116.4 117.8 120.2 120.0 124.9 116.9 125.7 128.9 129.6 125.4 119.0 Mining and utilities 1111 66 .. .. 44 33 55 77 11 11 22 00 33 88 ..88 ..33 11 11 11 00 88 77 .. .. 11 55 11 11 22 00 11 44 .. .. 00 77 11 11 22 00 11 55 ..11 ..44 11 11 22 00 00 66 ..77 ..44 11 11 22 00 00 88 .. .. 44 88 11 11 22 00 00 99 .. .. 00 99 11 11 22 00 22 99 .. .. 99 77 1 1 1 1 22 00 44 55 .. .. 66 55 11 11 33 00 00 99 ..00 ..22 11 11 33 11 00 00 ..88 ..88 11 11 22 11 66 00 .. .. 33 77 11 11 22 00 33 99 ..77 ..88 11 11 22 00 44 88 ..11 ..99 55..0088 114433..22 113311..55 114411..55 114400..88 113388..77 113344..99 113322..66 113399..44 114488..66 115566..22 115555..99 114466..00 114411..11 114433..11 Durable manufactures 12.55 113.0 98.0 102.8 109.4 112.6 114.3 115.7 115.0 105.1 109.1 116.0 119.7 118.8 118.0 Primary metals 6 4 . . 6 2 1 3 1 10 1 6 2 . . 9 8 8 8 9 1 . . 4 3 1 9 0 3 1 . . 7 0 1 1 0 0 8 1 . . 6 3 1 1 1 0 3 7 . . 5 4 1 1 1 1 7 3 . . 2 2 1 1 1 1 8 4 . . 9 3 1 1 1 0 6 8 . . 5 6 1 9 0 8 1 . . 3 6 1 1 0 0 6 1 . . 9 2 1 10 1 8 4 . . 1 8 1 1 1 1 9 3 . . 4 4 1 1 1 1 7 0 . . 5 9 1 1 1 1 7 2 . . 5 3 5.94 113.3 107.6 104.8 110.2 111.5 111.1 112.2 113.3 109.0 111.5 117.4 120.1 120.3 118.6 32.44 102.1 93.7 95.8 99.1 100.2 102.3 101.7 104.0 94.4 98.7 106.7 108.9 107.9 105.9 17.39 105.2 95.6 97.8 101.7 102.2 103.4 102.9 107.0 100.0 104.1 111.4 112.7 110.1 109.0 9.17 103.1 93.7 93.9 99.4 100.2 99.8 100.9 104.7 100.5 103.3 109.4 109.6 108.3 109.2 8.22 107.5 97.7 102.1 104.3 104.5 107.4 105.1 109.5 99.5 105.0 113.6 116.1 112.1 108.7 9.29 98.9 90.3 94.0 97.5 99.0 103.8 101.7 100.8 81.0 88.3 102.0 107.0 107.9 103.2 4.56 122.8 110.8 119.1 123.3 123.8 131.8 128.1 126.0 87.8 102.3 127.1 137.2 137.9 129.0 Aerospace and misc. trans, eq. .. 4.73 75.8 70.6 69.8 72.6 75.0 76.8 76.3 76.6 74.5 74.9 77.8 77.9 78.9 78.3 Instruments. 2.07 118.7 109.2 108.1 111.2 112.3 112.5 116.1 121.8 119.9 123.4 127.3 126.5 123.9 121.8 3.69 86.6 84.8 83.7 84.0 87.1 87.3 87.8 88.2 87.3 85.2 84.5 85.7 88.6 89.7 Lu L C m u l b a m e y r , b e g c r l l a a a s y n s , d a a p n n r d d o d st u o c n t e s pro gl d a u s c s. t . s .. ......... 4 2 1 . . . 4 7 6 4 9 5 1 1 1 1 2 1 9 2 7 . . 7 . 7 9 1 1 1 0 0 0 7 5 9 .1 . . 8 3 1 1 1 0 0 1 5 1 2 . . 9 . 1 8 1 1 1 1 0 1 2 8 9 . . . 3 1 5 1 1 1 1 1 2 5 2 1 . . . 9 5 5 1 1 1 1 2 1 8 2 6 .5 . . 1 3 1 1 1 2 2 1 0 1 9 .4 . . 8 6 1 1 1 2 2 2 4 6 2 . . 1 . 5 7 1 1 1 1 2 1 9 0 8 . . 2 . 5 4 1 1 1 2 2 2 5 5 5 .7 . . 9 6 1 1 1 2 2 2 6 4 8 .3 . . 8 8 1 1 1 2 2 3 9 6 2 . . 0 . 7 8 1 1 1 2 2 2 2 4 1 . . 6 . 7 4 1 1 1 1 1 1 6 5 7 .3 . . 8 0 Furniture and miscellaneous 2.90 122.6 115.2 111.3 118.4 118.8 119.1 118.1 123.7 114.5 127.5 131.0 131.1 130.7 126.7 Furniture and fixtures 1.38 113.1 106.9 106.2 113.7 112.7 111.6 108.7 112.1 100.4 115.7 117.9 118.8 120.9 118.6 Miscellaneous manufactures 11..5522 113311..22 122.7 116.0 122.8 124.4 125.9 126.6 134.3 127.3 138.2 142.9 142.2 139.6 134.2 Nondurable manufactures Te T xt e i x le t s i le a m pp il a l r p el r od a u nd c ts l eather 6 2 . . 9 6 0 9 1 1 0 1 6 4 . . 2 5 1 9 0 2 1 .6 .9 1 1 0 0 0 6 .4 .6 1 1 0 1 5 0 .4 .3 1 1 0 1 6 4 .7 .0 1 1 0 1 9 5 . . 9 9 1 1 0 1 3 5 .9 .8 1 1 1 1 0 9 .9 .0 1 9 0 4 2 .4 .0 1 1 1 2 1 0 .4 .7 1 11 2 2 0 . . 8 4 1 1 1 2 2 0 .2 .9 1 1 0 1 7 8 .3 .1 1 9 1 8 0 .9 .6 Annar^l nrnfliipfQ . 33..3333 110044..22 87.7 98.4 105.3 105.0 109.5 98.7 109.1 92.5 109.2 112.1 110.2 105.6 Leather and products. ..8888 8888..11 83.0 88.9 90.6 90.4 93.3 87.3 92.8 78.2 91.3 92.0 92.8 80.7 79.1 7.92 115.4 104.9 105.2 109.9 111.2 112.9 114.1 117.9 111.5 120.0 120.7 124.9 122.6 114.0 Paper and products 3.18 126.7 110.8 120.7 125.9 125.3 128.1 128.5 130.2 116.1 127.5 123.7 134.5 134.4 124.2 Printing and publishing 4.74 108.0 100.9 94.8 99.2 101.7 102.7 104.4 109.6 108.4 114.9 118.6 118.5 114.7 107.2 Ch C em he ic m a i ls c , a l p s e a tr n o d le u p m ro , du a c n t d s rubber 1 7 1. . 9 8 2 6 1 1 3 3 7 9 . . 5 3 1 1 2 2 5 7 . . 9 7 1 1 2 2 6 6 . . 0 6 1 1 3 3 1 2 . . 1 0 1 1 3 3 2 4 . . 5 1 1 1 3 3 5 8 . . 8 9 1 1 3 4 8 0 . . 0 7 1 1 4 4 1 4 . . 4 2 1 1 3 3 4 8 . . 7 7 1 1 4 4 0 2 . . 3 4 1 1 4 4 4 7 . . 9 1 1 1 4 4 5 6 . . 6 7 1 1 4 4 1 2 . . 9 6 1 1 3 3 7 7 . . 7 7 Petroleum products 1.80 120.1 116.5 114.4 115.0 113.5 112.1 118.4 121.5 123.8 125.7 126.3 126.3 122.5 121.3 Rubber and plastics products 2.26 145.0 126.9 133.0 140.8 142.2 144.1 144.0 147.6 129.3 144.4 152.3 156.9 154.9 150.9 Fo T F od o o s b o a d a c s n c d o t p ob ro ac d c u o c . ts 9 8 . . . 4 8 6 8 1 7 1 1 1 1 1 0 7 8 4 .4 . . 4 4 1 1 1 7 1 0 8 2 . . 4 . 7 8 1 1 1 1 0 1 0 3 1 .8 . . 6 3 1 1 1 1 0 1 1 5 1 . . 4 . 5 8 1 1 1 1 1 0 2 2 3 . . . 9 1 7 1 1 1 9 1 4 9 5 . . 2 . 4 3 1 1 1 9 1 4 8 5 . . 1 . 1 3 1 1 1 2 2 0 0 1 3 .1 . . 4 0 1 1 1 8 1 5 6 7 . . 2 . 3 4 1 1 1 2 1 2 2 6 3 .7 . . 7 2 1 1 1 2 0 2 7 8 9 . . . 5 9 4 1 1 1 2 2 2 6 6 0 .0 . . 4 4 1 1 12 2 1 0 0 3 . . . 1 6 4 11 11 99 11 11 44 55 55 .. .. 33 .. 22 88 Mining Me S M ta to e l t n a e s l t a o m n n i d e n i e n a a g n r t d h e m ar i t n h e rals minerals...... 1. . . 2 7 5 6 5 1 1 1 9 0 2 4 3 0 . . . 8 9 8 1 1 0 9 1 0 3 1 . . 5 . 1 3 1 9 8 0 3 4 5 . . 1 . 4 8 1 9 8 1 5 2 3 . . 4 . 8 8 1 9 8 1 8 6 4 . . 0 . 8 4 1 1 0 9 2 5 2 3 . . . 3 8 5 1 1 1 9 3 0 6 1 . . . 8 7 5 1 1 1 9 2 1 9 9 . . . 6 3 6 1 1 9 0 1 2 2 6 . . . 2 3 7 1 1 9 0 2 8 5 8 . . . 7 4 4 1 1 9 1 3 3 9 3 . . . 1 2 5 1 1 1 1 1 1 111 111 000 222 000 111 333 ... ... ... 222 222 333 1 1 1 1 1 1 111 000 000 111 666 000 555 ... ... 222 ... 000 333 1 1 1 1 1 1 999 000 111 333 555 333 ... ... ... 000 888 666 O Co il a a l nd gas extraction 44 5. .. . 1 44 6 1 22 9 1 1 1 0 0 1 9 3 0 .2 . . 2 2 1 1 1 0 0 1 9 8 1 .2 . . 8 7 1 1 1 0 0 0 7 5 8 . . 6 . 1 0 1 1 9 0 0 9 7 9 . . 9 . 9 2 1 1 1 0 0 0 8 2 9 . . 5 . 7 4 1 1 1 0 0 1 9 8 4 .7 . . 9 9 1 1 1 0 0 1 9 7 0 . . . 7 1 1 1 1 1 0 0 0 9 4 9 . . . 2 8 9 1 1 0 8 0 6 7 9 . . 3 . 6 2 1 1 1 0 0 1 9 3 0 . . . 3 5 2 1 1 11 0 1 0 6 0 . . . 3 9 8 1 1 1 1 1 1 1 1 1 111 000 111 000 666 111 ... ... ... 888 111 666 111 111 111 111 000 111 000 333 111 ... ... ... 777 222 999 1 1 1 1 1 1 999 111 111 000 666 222 ... ... ... 444 555 666 Utilities 3.91 149.1 136.2 146.6 145.8 143.5 138.5 136.4 144.9 156.5 166.0 165.4 152.0 145.3 147.8 11 .11/1 NOTE—Published groupings include series and subtotals not shown date. Figures for individual series and subtotals are published in the separately. A description and historical data will be available at a later monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 BUSINESS ACTIVITY; CONSTRUCTION • FEBRUARY 1973 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production fac M tu a r n in u g - 2 Prices 4 In- Ca- Market dustry pacity NNoonnaagg-utiliza- Con- rriiccuull-- Products tion struc- ttuurraall TToottaall PPeerriioodd TToottaall Total Final C p o r n o - ducts m I e n d te ia r- te M ri a a t l e s - f M a i c a n t n g u u r - - o i = n ( u 1 m t 9 1 p 6 0 f u 7 0 g t ) . tr c t a i o o c n n t - s TT mm pp ee oo ee ll mm tt oo nn aa yy -- tt ll —— -- ii p m E l e o m n y - t - P ro a l y ls - ss rr aa ee ll tt ee aa ss ii ll 33 s C u o m n e - r m W c s o o h a d m l o e i l - t e y - Total sumer Equip- prodgoods ment ucts 1952 92. 74.1 93.4 54.5 52 79.5 88.6 1953 95.5 76.3 98.2 60.3 54 80.1 87.4 1954 51.9 51.8 50.8 53.3 47.9 55.1 52.0 51.5 84.1 74.4 89.6 55.1 54 80.5 87.6 1955. 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956. 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 1957. 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 1958. 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75. 78.0 83.9 60.3 64 86.6 94.6 1959, 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 1960. 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 1961, 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 '82.1 84.5 68.0 70 89.6 94.5 1962 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 87.3 73.3 75 90.6 94.8 1963. 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 87.8 76.0 79 91.7 94.5 1964, 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 89.3 80.1 83 92.9 94.7 1965 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 93.9 88.1 91 94.5 96.6 1966, 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 99.9 97.8 97 97.2 99.8 1967 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 1968 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.1 101.4 108.3 109 104.2 102.5 1969 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.7 103.2 116.6 114 109.8 106.5 1970, 106.7 106.0 104.5 110.3 96.3 111.7 107.7 105.2 r78.3 107.3 98.1 114.2 120 116.3 110.4 1971 106.8 106.4 104.7 115.7 89.4 112.6 107.4 105.2 r75.0 132.0 107.4 94.3 116.9 122 121.2 113.9 1971-—Dec 108.1 108.0 106.2 118.0 89.6 114.9 108.4 106.2 5'74.6 160.0 108.1 94.2 121.1 133 123.1 115.4 1972-—Jan 108.7 108.4 106.4 118.5 89.5 115.9 109.2 107.1 165.0 108.7 94.5 122.2 133 123.2 116.3 Feb 110.0 109.5 107.6 119.6 90.9 117.0 110.8 108.5 r75.3 155.0 108.9 95.0 124.9 135 123.8 117.3 Mar 111.2 110.1 108.2 119.6 92.4 117.3 113.1 109.7 159.0 109.4 95.6 125.8 139 124.0 117.4 Apr 112.8 111.4 109.8 122.0 92.7 117.3 115.0 111.8 167.0 109.7 96.2 128.7 139 124.3 117.5 May 113.2 112.1 110.2 122.2 93.4 119.3 115.6 112.3 '77.4 165.0 110.2 96.8 129.4 142 124.7 118.2 June 113.4 112.0 110.1 122.1 93.3 119.1 116.1 112.6 154.0 110.3 97.1 130.7 141 125.0 118.8 July 113.9 112.2 110.1 122.0 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 116.1 114.4 112.4 124.4 95.8 121.7 119.1 115.2 187.0 111.1 97.3 133.4 144 126.2 120.2 Oct '117.5 '115.9 '113.9 '125.6 '97.3 '123.4 '120.3 116.6 171.0 111.7 98.4 134.8 149 126.6 120.0 Nov '118.5 '117.2 '114.9 '126.5 '98.5 '125.9 '120.7 '117.4 79.6 177.0 112.2 '99.2 '137.1 148 126.9 120.7 Dec '119.2 '117.8 115.6 127.4 '99.2 '126.1 '121.5 '118.2 163.0 '112.4 '99.7 '138.9 150 127.3 122.9 1973-—Jan.p 119.8 118.7 116.7 128.5 100.3 126.2 121.5 119.0 111122..77 9999..99 113388..99 * 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 AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1971 1972 Type of ownership and 1970 1971 type of construction Dec.r Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Total construction 1 67,097 78,878 6,252 6,234 5,607 7,284 8,100 '9,098 8,478 8,067 8,875 8,197 8,225 7,248 By type of ownership: Public 23,362 24,183 1,681 2,137 1,634 1,686 1,741 2,574 2,517 2,528 2,466 2,017 1,668 1,785 Private i 45,058 56,408 4,571 4,097 3,973 5,598 6,359 6,524 5,960 5,538 6,409 6,181 6,557 5,462 By type of construction: Residential building 1 24,910 35,226 2,990 2,667 2,664 3,617 3,971 4,428 4,375 3,864 4,671 4,135 4,298 3,663 Nonresidential building 24,180 26,577 2,212 1,728 1,799 2,187 2,182 2,908 2,447 2,461 2,458 2,378 3,549 2,184 Nonbuilding 18,489 20,509 1,329 1,840 1,144 1,480 1,947 1,762 1,655 1,741 1,746 1,684 1,544 1,402 Private housing units authorized. 1,352 1,907 n, 191 2,204 2,056 2,007 1,991 rl ,955 2,121 2,108 2,237 2,265 '2,216 '2,139 (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

FEBRUARY 1973 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser- Period Total Total d R en es ti i a - l Total Indus- Bu C il o d m in - gs b O u t i h l e d r - Other Total M ta i r l y i- H w ig ay h - d v e m a v t & e e i l n o o t n p - Other 2 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—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 129,096 96,270 56,353 39,917 4,301 13,770 6,256 15,590 32,826 1,045 1,767 Nov. 126,668 97,404 57,107 40,297 4,556 13,377 6,230 16,134 29,264 1,205 1,719 Dec.. 129,562 98,653 57,188 41,473 4,741 14,074 6,571 16,087 30,909 1,099 1,666 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). 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 il 4 y - f m 5 a - m o r o i e l r y - Total Public Total FHA VA 196 3 1,610 261 328 591 430 1,021 589 1,642 1,610 292 221 151 196 4 1,529 254 340 578 357 970 108 450 1,561 1,529 264 205 191 196 5 1,473 270 362 575 266 964 87 422 1,510 1,473 246 197 216 196 6 1,165 206 288 472 198 778 61 325 1,196 1,165 195 158 217 196 7 1,292 215 337 520 220 844 72 376 1,322 1,292 232 180 240 196 8 1,508 227 369 618 294 900 81 527 1,546 1,508 283 227 318 196 9 1,467 206 349 588 324 814 85 571 1,500 1,467 284 233 413 197 0 1,434 218 294 612 310 813 85 536 1,469 1,434 482 421 401 197 1 2,052 264 434 869 486 1,151 120 781 2,084 2,052 621 528 497 1971—Dec.. 2,457 437 508 995 518 1,347 121 989 155 152 93 85 34 1972—Jan.. 2,487 438 436 983 629 1,415 175 896 151 149 45 36 33 Feb.. 2,682 271 566 1,223 622 1,325 215 1,142 154 152 36 28 40 Mar. 2,369 360 363 1,049 597 1,302 139 928 206 204 48 38 49 Apr.. 2,109 244 335 1,086 444 1,167 146 796 213 212 38 29 53 May. 2,350 273 570 1,020 487 1,344 127 879 228 226 42 32 52 June. 2,330 337 458 985 550 1,296 140 894 226 223 42 32 55 July. 2,218 301 446 980 491 1,289 111 818 208 206 36 26 48 Aug., 2,484 341 511 1,030 602 1,410 143 931 231 229 40 30 52 Sept. 2,397 342 488 1,079 490 1,383 121 895 204 203 37 28 49 Oct.r 2,462 383 484 1,134 461 1,308 155 999 218 217 54 Nov. 2,388 370 390 1,109 519 1,307 130 951 186 185 50 Dec., 2,392 513 340 1,067 472 1,240 125 1,027 153 150 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 • FEBRUARY 1973 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Unemploy- Period i p T n o ( s o N t p t i a u . t S l u l a t . n A i t o o i . o n ) n n a - l la ( b N N o . r o S t . f A i o n r . ) c e T ( T ( ll ff SS aa oo oo bb .. rr tt AA oo cc aa ee rr ll .. )) Total E In m n p o l n o a y g e r d i 1 - In U pl n o e y m ed - (pe m r S r a . e A t c e n e . 2 t ) n t; Total cultural industries agriculture 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 5.9 197 2 145,775 56,785 88,991 86,542 81,702 78,230 3,472 4,840 5.6 1972—Jan.. 144,697 57,550 88,238 85,644 80,579 77,182 3,397 5,065 5.9 Feb., 144,895 57,577 88,058 85,518 80,594 77,225 3,369 4,924 5.8 Mar. 145,077 57,163 -88,768 86,264 81,216 77,756 3,460 5,048 5.9 Apr. 145,227 57.440 88,647 86,184 81,209 77,895 3,313 4,975 5.8 May 145,427 57.441 88,850 86,431 81,458 78,120 3,338 4,973 5.8 June 145,639 55,191 88,947 86,554 81,752 78,421 3,331 4,802 5.5 July. 145,854 54,850 88,985 86,597 81,782 78,339 3,443 4,815 5.6 Aug. 146,069 55,311 89,337 86,941 82,061 78,451 3,610 4,880 5.6 Sept. 146,289 57,191 89,471 87,066 82,256 78,677 3,579 4,810 5.5 Oct., 146,498 56,907 89,651 87,236 82,397 78,739 3,658 4,839 5.5 Nov. 146,709 57,309 89,454 87,023 82,525 78,969 3,556 4,498 5.2 Dec. 146,923 57,486 89,707 87,267 82,780 79,130 3,650 4,487 5.1 1973—Jan.. 147,129 59,008 89,325 86,921 82,555 79,054 3,501 4,366 5.0 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g a c- Mining c C o o n t n i s o t t r n r a u c c t - t T l i i o r c a n n u & s ti p l o i p t r i u t e b a s - - Trade Finance Service G m ov e e n r t n- 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 196 9 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 197 0 70,593 19,349 623 3,381 4,493 14,914 3,688 11,612 12,535 197 1 70,645 18,529 602 3,411 4,442 15,142 3,796 11,669 12,858 SEASONALLY ADJUSTED 1972—Ja n 71,552 18,551 615 3.523 4,455 15,379 3,867 12,069 13,093 Feb 71,744 18,612 613 3.494 4,438 15,456 3,874 12,112 13,145 Mar 72,011 18,685 614 3,512 4,487 15,508 3,885 12,139 13,181 Apr 72,246 18,790 605 3,493 4,481 15,561 3,892 12,206 13,218 May 72,592 18,892 604 3,535 4.490 15,632 913 12,252 13,274 June 72,699 18,931 600 3.550 4.491 15,682 3,931 12,290 13,224 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 73,899 19,324 609 3.524 4,549 15,954 3,981 12,497 13,461 Dec.f 74,024 19,421 608 3,468 4,559 15,924 3,989 12,562 13,493 1973—Jan. * 74,221 19,440 615 3.495 4,590 15,943 3,995 12,619 13,524 NOT SEASONALLY ADJUSTED 1972—Ja n 70,642 18,365 603 3,174 4,393 15,237 3,828 11,864 13,178 Feb 70,775 18,457 598 3,096 4,367 15,120 3,839 11,967 13,331 Mar 71,393 18,573 601 3,210 4,442 15,248 3,862 12,066 13,391 Apr 71,979 18,639 600 3,374 4,445 15,436 3,880 12,218 13,387 May 72,612 18,751 605 3,528 4,481 15,570 3,909 12,338 13,430 June 73,463 19,070 614 3,717 4,549 15,749 3,966 12,487 13,311 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 74,449 19,414 607 3,630 4,554 16,162 3,965 12,472 13,645 Dec.* 74,775 19,427 604 3,388 4,559 16,645 3,969 12,487 13,696 1973—Jan. * 73,322 19,252 603 3,149 4,526 15,819 3,955 12,404 13,614 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

FEBRUARY 1973 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted * Industry group 1972 1973 1972 1973 Jan. Nov. Dec.f Jan.*3 Jan. Nov. Dec.*> Jan.* 13,492 14,191 14,272 14,296 13,325 14,281 14,290 14,127 Durable goods 7,637 8,212 8,276 8,330 7,573 8,248 8,292 8,262 Ordnance and accessories 90 102 102 102 90 103 103 103 Lumber and wood products 519 537 538 532 501 535 529 514 Furniture and fixtures 394 419 420 422 394 425 425 422 Stone, clay, and glass products 514 540 538 544 495 542 533 523 Primary metal industries 939 1,029 1,034 1,025 932 1,010 1,021 1,017 Fabricated metal products 1,016 1,074 1,081 1,089 1,010 1,087 1,092 1,082 Machinery 1,178 1,302 1,319 1,331 1,177 1,289 1,316 1,330 Electrical equipment and supplies 1,189 1,290 1,309 1,317 1,186 1,304 1,318 1,315 Transportation equipment 1,210 1,294 1,308 1,335 1,218 1,311 1,328 1,344 Instruments and related products 265 288 288 290 264 289 291 289 Miscellaneous manufacturing industries 323 337 339 343 305 353 337 326 5,855 5,979 5,996 5,966 5,752 6,033 5,998 5,865 Food and kindred products 1,187 1,171 1,176 1,177 1,126 1,195 1,163 1,117 60 57 61 60 60 62 64 60 855 887 896 881 851 891 900 877 Apparel and related products 1,158 1,178 1,174 1,153 1,140 1,189 1,172 1,136 Paper and allied products 526 546 547 551 522 550 552 547 Printing, publishing, and allied industries 655 659 660 660 652 663 666 658 Chemicals and allied products 577 590 590 590 572 587 588 585 Petroleum refining and related industries 115 119 119 119 111 118 117 114 Rubber and misc. plastic products 465 514 517 519 462 518 519 516 Leather and leather products 257 258 256 256 257 260 257 256 I Data adjusted to 1971 benchmark. NOTE.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked1 Average weekly earnings1 Average hourly earnings i (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1972 1973 1972 1973 1972 1973 Jan. Nov. Dec.*3 Jan.*5 Jan. Nov. Dec.23 Jan. f Jan. Nov. Dec.*> Total 40.1 40.9 40.7 40.2 147.26 159.49 163.15 159.20 3.70 3.89 Durable goods 40.6 41.7 41.6 41.1 158.78 173.05 177.66 172.99 3.94 4.14 Ordnance and accessories 41.7 42.3 42.7 43.4 165.97 175.11 180.58 181.41 3.98 4.13 Lumber and wood products 40.9 41.0 39.8 39.2 128.40 139.06 134.46 129.07 3.21 3.40 Furniture and fixtures 40.3 40.3 39.8 38.7 118.31 127.39 128.21 120.02 2.98 3.13 Stone, clay, and glass products 41.9 41.8 41.5 41.1 153.78 167.60 166.83 161.60 3.76 4.00 Primary metal industries 40.6 42.8 42.3 41.3 183.92 203.04 204.79 200.31 4.53 4.80 Fabricated metal products 40.6 41.6 41.6 41.1 155.98 169.72 173.46 167.68 3.88 4.07 Machinery 41.0 42.7 42.8 42.3 170.56 187.03 193.14 188.24 4.16 4.38 Electrical equipment and supplies 40.0 40.8 40.6 40.4 143.24 153.71 156.56 154.35 3.59 3.74 Transportation equipment 40.9 42.0 42.8 42.5 185.09 206.98 219.44 213.03 4.57 4.87 Instruments and related products 40.3 40.5 40.5 40.1 146.77 152.97 156.65 151.62 3.66 3.74 Miscellaneous manufacturing industries.. 39.1 39.3 39.1 38.7 119.20 125.06 125.69 124.42 3.08 3.15 Nondurable goods 39.4 39.9 39.6 38.8 132.55 141.20 142.44 138.99 3.39 3.53 Food and kindred products 40.0 40.3 40.4 39.9 140.14 147.86 151.40 148.50 3.53 3.66 Tobacco manufactures 34.6 35.5 36.6 35.8 13.21 123.90 129.06 128.49 3.32 3.49 Textile-mill products 41.2 41.4 41.3 39.4 109.75 115.93 118.29 111.54 2.69 2.78 Apparel and related products 35.9 36.2 35.8 34.3 90.27 97.55 96.30 92.21 2.55 2.68 Paper and allied products 42.2 43.2 42.9 42.6 159.64 174.50 175.37 171.32 3.81 4.03 Printing, publishing, and allied industries 37.4 38.3 37.9 38.0 161.32 174.65 175.87 171.38 4.36 4.56 Chemicals and allied products 41.7 41.9 41.9 41.4 170.56 180.18 182.73 180.89 4.10 4.29 Petroleum refining and related industries 42.4 42.4 42.4 41.1 201.41 213.35 212.18 199.58 4.83 5.02 Rubber and misc. plastic products 40.8 41.6 41.1 41.0 142.91 153.46 154.80 152.59 3.52 3.68 Leather and leather products 38.1 37.7 36.5 36.3 102.38 103.09 102.20 101.19 2.68 2.72 1 Data adjusted to 1971 benchmark. NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 PRICES • FEBRUARY 1973 CONSUMER PRICES (1967 = 100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m ip e e r - - F c a o o u n i a d e l l l t e r G a i l c n e a i d c s t - y o n F i p a n i e u n s g r d h r s a - - - AA uupp pp aa kk pp nn ee aa dd ee rr ee pp ll TT pp tt oo rr ii aa rr oo nn tt nn aa ss -- -- Total M c ic a e a r d e l - s P c o a e n r r a e - l r R e t a i e c i n n o r a g d e n d a - - g O s a i o e t c n o h r e d v d e s - r s tion 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 iiiiii...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...999 197 2 111112222255555.....33333 111112222233333.....55555 111222999...222 111111111199999.....22222 140.1 111111888...555 111222000...555 121.0 111112222222222.....33333 111111999...999 126.1 111333222...555 111111999...888 111222222...888 111222555...555 1971—De c 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 fffffllllllllll77777.....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 fffffllllllllll77777.....88888 138.0 111111888...777 111111999...444 119.6 111112222200000.....77777 111111888...333 124.7 111333111...000 111111888...444 111222111...555 111222444...333 Mar 111112222244444.....00000 111112222222222.....44444 111222777...999 JJJJJ 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 tttttrrrrr111111111188888.....66666 138.9 111111888...777 111222000...555 120.8 111112222222222.....55555 111111999...555 125.8 111333222...000 111111999...777 111222222...555 111222555...444 June 111112222255555.....00000 111112222233333.....00000 111222999...000 tttttrrrrr111111111199999.....00000 139.6 111111777...888 111222000...333 121.0 111112222222222.....11111 111111999...888 126.1 111333222...444 111222000...000 111222222...999 111222555...666 July 111112222255555.....55555 111112222244444.....22222 111222999...555 tttttrrrrr111111111199999.....22222 140.7 111111777...777 111222000...333 121.1 111112222211111.....11111 111222000...333 126.3 111333222...777 111222000...000 111222333...000 111222555...888 Aug 111112222255555.....77777 111112222244444.....66666 111222999...999 JJJJJ rrrrrlllll 1111199999.....66666 141.3 111111777...999 111222000...555 121.2 111112222200000.....88888 111222000...555 126.5 111333222...999 111222000...222 111222333...000 111222666...000 Sept 111112222266666.....22222 111112222244444.....88888 111333000...111 111111111199999.....99999 141.5 111111888...000 111222000...555 121.6 111112222233333.....11111 111222111...000 126.8 111333333...111 111222000...555 111222333...777 111222666...222 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 Dec 111112222277777.....33333 111112222266666.....00000 111333111...222 111112222211111.....00000 142.6 111111999...444 111222222...555 122.3 111112222255555.....00000 111222111...333 127.5 111333444...444 111222111...555 111222444...000 111222666...555 t Reflects effect of refund of Federal excise tax on new cars. NOTE.—Bureau of Labor Statistics index for city wage-earners and X Indexes affected by refunds of residential telephone series changes in clerical workers. California and retroactive rent increases in New York City. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities PPrroo-- PPeerriioodd mm cc tt AA oo oo iiee mm ll dd ss ll ii -- -- pp FF uu rr aa cc oo rr tt dd mm ss -- cc ff ff ee aa oo 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 e tc r b . , - L b e u e t m c r . , - P e a t p c e . r, M e a t l e c s t , . - e c M a q e h n u r i a y d n 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 a e u o r n n n i t p a s t1 - - - n c M e e o l 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 1Q6S 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 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 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 1972, 119.1 125.0 120.8 117.9 113.6 131.3 118.6 104.2 109.3 144.3 113.4 123.5 117.9 111.4 126.1 113.8 114.6 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 11997722---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 i For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1971 1972 1971 Group Group 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 se^ds 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 E G l a e s c t f r u ic e ls p ower 1 1 0 1 7 6 . . 9 3 1 12 1 3 7 . . 1 5 1 1 1 2 9 3 . . 0 0 1 1 1 2 9 2. . 9 2 H Ot o h m er e h e o le u c s t e r h o o ni l c d e d q u u r i a p b m le e n g t oods. 1 9 2 3 2 . . 4 1 1 9 2 2 6 . . 9 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 98.3 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 106.5 107.0 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 • FEBRUARY 1973 GROSS NATIONAL PRODUCT (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1968 1969 1970 1971 1972* IV III IV* Gross national product. 103.1 55.6 124.5 284.8 864.2 930.3 976.41,050.4 1152.1 1,078.1 1,109.1 1,139.4 1,164.0 1.195.8 Final purchases 101.4 57.2 120.1 278.0 857.1 922.5 971.51,046.7 1146.2 1,076.4 1,108.6 1,134.4 1,156.0 1.185.9 Personal consumption expenditures. 77.2 45.8 80.6 191.0 536.2 579.5 616.8 664.9 721.1 680.5 696.1 713.4 728.6 746.2 Durable goods 9.2 3.5 9.6 30.5 84.0 90.8 90.5 103.5 116.3 106.1 111.0 113.9 118.6 121.5 Nondurable goods 37.7 22.3 42.9 98. 230.8 245.9 264.4 278. 299.5 283.4 288.3 297.2 302.0 310.4 Services 30.3 20.1 28. 62.4 221.3 242.7 261.8 283.3 305.4 290.9 296.7 302.4 308.0 314.3 Gross private domestic investment 16.2 1.4 17.9 54.1 126.0 139.0 137.1 152.0 180.2 158.8 168.1 177.0 183.2 129.4 Fixed investment 14.5 3.0 13.4 47.3 118.9 131.1 132.2 148.3 174.3 157.2 167.7 172.0 175.2 182.4 Nonresidential 10.6 2.4 9.5 27.9 88.8 98.5 100.9 105.8 120.4 109.8 116.1 119.2 120.7 125.6 Structures 5.0 .9 2.9 9.2 30.3 34.2 36.0 38.4 42.2 38.8 41.3 42.0 41. 43.8 Producers' durable equipment. 5.6 1.5 6.6 18.7 58.5 64.3 64.9 67.4 78.2 71.0 74. 77.2 79.0 81.8 Residential structures 4.0 .6 3.9 19.4 30.1 32.6 31.2 42.6 53.9 47.3 51.6 52.8 54.4 56.8 Nonfarm 3.8 .5 3.7 18.6 29.5 32.0 30.7 42.0 53.2 46.7 51.0 52.1 53.7 55.9 Change in business inventories 1.7 -1.6 4.5 6. 7.1 7. 4.9 3.6 5.8 1.7 .4 5.0 8.0 10.0 Nonfarm 1.8 -1.4 4.0 6.0 6.9 7.7 4. 2.4 5.5 .1 4.3 7.9 9.7 Net exports of goods and services. 1.1 .4 1.3 1.8 2.5 1.9 3.6 .7 -4.1 -2.1 -4.6 -5.2 -3.4 -3.0 Exports 7.0 2.4 5.9 13.8 50.6 55.5 62.9 66.1 73.7 63.0 70.7 70.0 74.4 79.7 Imports 5.9 2.0 4.6 12.0 48.1 53.6 59.3 65.4 77.8 65.1 75.3 75.2 77.8 82.7 Government purchases of goods and services. 8.5 8.0 24.8 37.9 199.6 210.0 219.0 232.8 254.9 240.9 249.4 254.1 255.6 260.3 Federal 1.3 2.0 16.9 18.4 98.8 98.8 96.5 97.8 105.9 100.7 105.7 108.1 105. 104.5 National defense 13.8 14. 78.3 78.4 75.1 71.4 76.2 71.9 76.7 78.6 75. 74.4 Other 3. 4.3 20.5 20.4 21.5 26.3 29.7 28.7 28.9 29.6 30.2 30.1 State and local 7.2 6.0 7.9 19.5 100.8 111.2 122.5 135.0 148.9 140.2 143.7 146.0 150.2 155.8 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 706.6 725.6 722.1 741.7 789.7 754.5 766.5 783.9 796.1 812.4 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 1929 1933 1941 1950 1968 1969 1970 1971 1972* Item IV II III IV* National income 86.8 40.3 104.2 241.1 711.1 766.0 798. 855.7 934.9 876.2 903.1 922.1 Compensation of employees 51.1 29.5 64.8 154.6 514.6 566.0 603. 644.1 705.2 660.4 682.7 697.8 Wages and salaries 50.4 29.0 62.1 146. 464.9 509.7 541. 573.5 626.4 587.3 606.6 620.0 Private 45.5 23.9 51.9 124.4 369.2 405.6 426. 449.7 491.9 460.9 475.8 487.1 Military .3 .3 1.9 5.0 17.9 19.0 19. 19.4 20.6 19.4 20.8 20.5 Government civilian 4.6 4.9 8.3 17.4 77. 85.1 95. 104.4 114.0 107.0 110.0 112.4 Supplements to wages and salaries .7 .5 2.7 7.8 49.7 56.3 61.9 70.7 78.7 73.0 76.1 77.1 Employer contributions for social insurance .1 2.0 4.0 24.3 27.8 34.1 38.4 35.0 37.3 38.0 Other labor income .6 .4 .7 3. 25.4 28.4 36.5 40.3 38.0 38.8 39.8 Proprietors' income 15.1 5.9 17.5 37.5 64.2 67.2 70.0 75.2 71.8 73.3 73.2 Business and professional 9.0 3.3 11. 24.0 49.5 50.5 52.6 55.6 53.8 54.3 54.4 Farm 6.2 2.6 6.4 13.5 14.7 16.7 17.3 19.6 18.1 19.1 18.7 Rental income of persons 5.4 2.0 3.5 9.4 21.2 22.6 24.5 25.6 25.0 25.2 24.2 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 84.3 79.8 69.9 78.6 87.7 79.4 81.8 86.1 Profits before tax 10.0 1.0 17.7 42.6 87.6 84.9 74.3 83.3 93.7 83.2 88.2 91.6 Profits tax liability 1.4 .5 7.6 17. 39.9 40.1 34.1 37.3 41.0 35.3 38.8 40. Profits after tax 8.6 .4 10.1 24.9 47 44. 40.2 45.9 52.6 48.0 49.5 51.5 Dividends 5. 2.0 4.4 8.8 23.6 24.3 24.8 25.4 26.4 25.2 26.0 26.2 Undistributed profits 2. -1.6 5.7 16.0 24.2 20.5 15.4 20.5 26.3 22.7 23.5 25.3 Inventory valuation adjustment .5 -2. -2.5 -5.0 — 3.3 -5.1 -4.4 -4.7 -6.0 -3.9 -6.5 -5.5 Net interest 4.7 4.1 3.2 2.0 26.9 30.5 34.8 38.5 41.3 39.7 40.1 40.9 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 11992299 11993333 11994411 11995500 11996688 11996699 11997700 11997711 11997722®® IItteemm IV I II III I vp Gross national product 103.1 55.6 124.5 284.8 864.2 930.3 976.4 1,050.4 1,152.1 1,078.1 1,109.1 1,139.4 1,164.0 1,195.8 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 74.5 81.6 86.3 93.8 103.7 97.4 99.7 105.3 104.1 105.6 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 78.6 85.9 93.4 101.9 111100..11 105.6 106.7 108.7 111111..44 111133..55 Business transfer payments .6 .7 .5 .8 3.4 3.8 4.2 4.6 4.9 4.7 4.8 4.9 5.0 5.0 ..77 .6 .4 1.5 --22..77 -6.1 --44..77 --44..88 00..11 --55..22 -4.1 22..33 Plus: Subsidies less current surplus of gov- -.1 f 1 .2 .7 11..00 11..55 .9 1.7 .7 1.2 11..66 1.8 22..11 86 8 40 3 104 2 224411..11 771111..11 776666..00 779988..66 885555..77 993344..99 887766..22 990033..11 992222..11 994433..00 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 84.3 79.8 69.9 78.6 87.7 79.4 81.8 86.1 89.6 Contributions for social insurance .2 .3 2.8 6.9 47.1 54.2 57.7 65.3 73.9 66.9 71.9 73.1 74.6 7766..22 Excess of wage accruals over disburse- .6 --00..55 11..44 --11..44 -.5 — .2 Plus: Government transfer payments .9 1.5 2.6 14.3 56.1 61.9 75.2 89.0 99.1 92.1 94.4 95.7 97.7 108.4 Net interest paid by government and consumers 2.5 1.6 2.2 7.2 26.1 28.7 3311..00 3311..11 3311..66 3300..99 3300..99 3311..88 3311..77 3322..00 Dividends 5.8 2.0 4.4 8.8 23.6 24.3 24.8 25.4 26.4 25.2 26.0 26.2 26.5 26.7 Business transfer payments .6 .7 .5 .8 3.4 3.8 4.2 4.6 4.9 4.7 4.8 4.9 5.0 5.0 85.9 47.0 96.0 227.6 688.9 750.9 806.3 861.4 935.8 881.5 907.0 922.1 939.9 974.3 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 97.9 116.5 116.7 117.0 140.7 123.0 136.5 139.5 141.1 145.9 Equals: Disposable personal income 83.3 45.5 92.7 206.9 591.0 634.4 689.5 744.4 795.1 758.5 770.5 782.6 798.8 828.4 Less: Personal outlays 79.1 46.5 81.7 193.9 551.2 596.2 634.7 683.4 740.4 699.2 714.9 732.5 748.0 766.0 Personal consumption expenditures. 77.2 45.8 80.6 191.0 536.2 579.5 616.8 664.9 721.1 680.5 696.1 713.4 728.6 746.2 Consumer interest payments 1.5 .5 .9 2.4 14.3 15.8 16.9 17.6 18.2 17.7 17.8 18.0 18.2 18.6 Personal transfer payments to foreigners .3 .2 .2 .5 .8 .9 1.0 1.0 1.1 1.1 1.0 1.1 1.2 1.2 Equals: Personal saving 4.2 -.9 11.0 13.1 39.8 38.2 54.9 60.9 54.8 59.3 55.7 50.1 50.8 62.4 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 499.0 513.6 533.2 554.7 573.9 560.9 565.7 557711..44 557799..66 559977..77 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 11997711 11997722** Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.v 861.4 935.8 890.4 898.9 908.5 913.6 919.4 924.0 922.9 932.9 940.0 946.8 963.8 975.7 983.4 Wage and salary disbursements 572.9 627.0 594.3 602.6 609.0 612.4 617.6 619.9 624.0 625.7 630.6 636.0 643.0 648.5 654.1 Commodity-producing industries. . 206.1 224.6 213.1 214.8 217.7 220.1 221.7 222.5 223.5 222.4 225.2 227.8 231.0 233.3 235.6 Manufacturing only 160.3 175.9 165.1 165.8 169.3 171.3 173.3 173.8 175.0 174.5 176.6 178.8 181.5 183.9 186.4 Distributive industries 138.2 151.5 143.8 145.5 148.1 148.0 149.4 149.4 151.4 151.9 152.3 153.0 155.0 156.3 157.7 Service industries 105.0 116.1 109.4 111.2 111.6 112.8 113.9 114.7 115.5 116.9 117.3 118.2 119.3 119.9 121.2 Government 123.5 134.8 128.0 131.2 131.7 131.5 132.5 133.2 133.6 134.5 135.8 137.0 137.7 139.0 139.6 Other labor income 36.5 40.3 38.3 38.5 38.8 39.1 39.5 39.8 40.1 40.5 40.8 41.1 41.4 41.8 42.1 Proprietors' income 69.9 75.2 72.0 72.6 73.2 74.2 74.0 74.0 71.6 74.3 75.4 76.2 76.7 79.0 81.3 Business and professional 52.6 55.6 53.9 54.0 54.1 54.7 54.9 55.3 53.2 55.7 56.3 56.7 57.0 57.4 57.8 Farm 17.3 19.6 18.1 18.6 19.1 19.5 19.1 18.7 18.4 18.6 19.1 19.5 19.7 21.6 23.5 Rental income 24.5 25.6 25.1 25.1 25.2 25.3 25.5 25.6 21.5 25.8 26.3 26.5 27.0 26.7 26.9 Dividends 25.4 26.4 24.6 26.0 26.1 26.0 26.1 26.3 26.3 26.4 26.6 26.5 26.7 26.6 26.8 Personal interest income 69.6 72.9 70.7 70.8 71.0 71.3 72.0 72.7 73.4 73.5 73.4 73.3 73.7 74.5 75.3 Transfer payments 93.6 104.0 97.6 97.6 100.0 100.1 99.7 100.9 101.3 102.2 102.8 103.2 111.6 115.2 113.6 Less: Personal contributions for social insurance 31.2 35.5 32.3 34.3 34.7 34.8 35.0 35.1 35.3 35.5 35.8 36.0 36.4 36.5 36.6 Nonagricultural income 837.2 909.2 865.0 873.4 882.4 887.1 893.4 898.3 897.5 907.3 914.0 920.3 937.1 947.2 953.0 24.2 26.6 25.4 25.6 26.0 26.5 26.0 25.8 25.4 25.5 25.9 26.5 26.7 28.5 30.5 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 • FEBRUARY 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 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 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 21A 15.5 23.4 35.6 42.7 16 17 Bank loans n.e.c 14.1 10.4 9.9 13.8 16.8 5.0 13.0 19.4 14.2 9.0 1.1 7.9 18.0 18.9 17 18 Consumer credit 10.0 7.2 4.6 11.1 9.3 4.3 10.4 10.0 7.9 5.5 3.4 6.5 13.5 15.7 18 19 Open market paper -.3 1.0 2.1 1.6 3.3 3.8 -.4 4.6 2.1 3.7 3.8 -.4 -.4 1.6 19 20 Other 5.7 6.4 5.2 7.3 12.2 8.0 6.9 10.8 13.6 8.8 7.3 9.4 4.5 6.4 20 21 By borrowing sector 68.6 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 145.2 21 22 Foreign 2.5 1.3 4.0 3.1 3.3 3.0 5.6 4.7 2.0 2.3 3.8 5.5 5.8 2.9 22 23 State and local governments 7.6 6.4 8.5 10.4 8.7 13.9 20.6 8.9 8.5 11.4 16.4 22.1 19.1 16.2 23 24 Households 28.8 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 55.8 24 25 Nonfinancial business 29.6 34.1 38.1 39.1 50.8 49.5 63.0 50.8 50.7 49.9 49.2 61.6 64.4 70.3 25 26 Corporate 20.6 25.2 29.7 30.7 40.2 39.8 48.6 39.8 40.6 41.1 38.5 47.0 50.1 54.5 26 27 Nonfarm noncorporate 5.7 5.5 5.0 5.7 7.4 6.4 10.3 7.6 7.2 5.6 7.4 11.0 9.7 11.3 27 28 3.3 3.5 3.5 2.7 3.2 3.2 4.1 3.4 3.0 3.2 3.3 3.6 4.6 4.4 28 Private net investment and borrowing in credit markets Total, households and business 1 Total capital outlays1 173.6 191.2 188.7 208.7 227.1 225.5 252.9 224.2 229.9 224.3 226.7 247.0 258.8 282.9 1 2 Capital consumption2 110.3 118.5 128.4 140.4 154.4 164.9 178.5 151.0 157.7 162.5 167.3 174.5 182.6 192.4 2 3 Net physical investment 63.3 72.7 60.3 68.3 72.7 60.6 74.3 73.2 72.2 61.8 59.4 72.5 76.1 90.5 3 4 Net funds raised 58.5 57.3 57.9 71.0 83.3 71.8 104.6 84.9 81.1 71.9 72.1 93.1 115.4 126.1 4 5 Excess net investment3 4.9 15.4 2.4 -2.7 -10.6 -11.2 -30.3 -11.7 -8.9 -10.1 -12.7 -20.5 -39.2 -35.6 5 Total business 6 Total capital outlays 84.1 97.0 94.0 99.0 109.3 110.1 118.0 106.1 112.4 108.4 111.9 116.9 119.0 133.4 6 7 50.5 54.2 58.5 63.2 69.5 73.6 80.0 67.9 71.1 72.9 74.2 77.8 82.3 87.7 7 8 Net physical investment 33.6 42.8 35.6 35.8 39.7 36.6 37.9 38.1 41.3 35.5 37.6 39.2 36.7 45.8 8 9 Net debt funds raised 29.6 33.0 35.8 40.0 46.5 42.7 49.6 49.5 43.4 43.7 41.9 49.2 49.9 56.9 9 10 Corporate equity issues * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 13.4 10 11 Excess net investment3 4.0 8.7 -2.5 -3.3 -11.1 -12.9 -25.1 -12.6 -9.5 -14.4 -11.6 -22.4 -27.7 -24.5 11 Corporate business 12 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 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 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 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 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 .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 consumer 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

FEBRUARY 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 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HHII HH22 HHII 1 Total funds advanced in credit markets to nonfinancial sectors 70.1 67.7 81.0 98.5 86.9 94.7 142.9 90.2 83.3 87.8 102.1 130.2 154.7 143.5 1 By public agencies and foreign 2 Total net advances 8.9 11.9 11.3 12.2 15.8 28.0 41.2 9.9 22.3 25.3 30.6 37.7 44.8 19.5 2 3 U.S. Government securities 3.7 3.4 6.8 3.4 .9 15.7 33.4 -2.7 4.5 10.5 21.0 32.4 34.4 12.5 3 4 Residential mortgages .4 2.8 2.1 2.8 4.6 5.7 5.7 3.0 6.3 6.3 5.2 4.2 7.1 6.2 4 5 FHLB advances to S&L's .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 -2.7 5 6 Other loans and securities 4.1 4.8 4.9 5.1 6.3 5.2 4.8 6.6 6.6 5.7 4.6 6.9 2.8 3.6 6 By agency— 7 U.S. Government 2.8 4.9 4.6 4.9 2.9 2.8 3.2 2.7 3.7 3.1 2.6 4.4 1.9 2.3 7 8 Sponsored credit agencies 2.2 5.1 -.1 3.2 9.0 9.9 2.8 6.2 11.8 11.1 8.7 -1.8 7.4 7.1 8 9 Federal Reserve 33..88 3.5 4.8 3.7 4.2 5.0 8.8 3.7 4.8 2.8 7.2 8.4 9.3 4.8 9 10 Foreign ..11 -1.6 2.0 .3 -.3 10.3 26.4 -2.6 2.0 8.3 12.2 26.7 26.1 5.5 10 11 Agency borrowing not in line 1. . . 2.1 4.8 -.6 3.5 8.8 8.7 3.9 7.1 11.0 10.8 6.6 .3 7.4 7.6 11 Private domestic funds advanced 12 Total net advances 63.3 60.6 69.1 89.8 79.9 75.5 105.5 87.3 72.0 73.3 78.0 92.8 117.3 131.5 12 13 U.S. Government securities * 5.4 5.7 13.3 4.6 5.8 -4.0 3.5 6.1 8.6 3.1 -9.9 1.8 6.6 13 14 Municipal securities 7.3 5.7 8.3 10.1 7.9 13.8 20.2 8.5 7.4 11.8 15.9 22.0 18.4 15.5 14 15 Corporate and foreign bonds.... 6.0 10.3 16.0 13.8 12.6 20.5 20.0 13.4 11.8 17.1 23.8 23.0 17.1 13.6 15 16 Residential mortgages 18.6 11.6 13.1 15.8 15.8 12.9 29.2 18.3 13.3 10.0 15.7 24.7 33.6 37.2 16 17 Other mortgages and loans 32.1 28.5 23.5 37.8 43.0 23.8 37.4 46.8 38.5 28.6 19.4 27.2 46.8 55.9 17 18 Less: FHLB advances .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 -2.7 18 Private financial intermediation 19 Credit market funds advanced by private financial institutions 62.5 44.7 62.8 75.0 54.0 70.2 105.8 64.3 43.6 54.3 86.1 105.9 105.3 126.1 19 20 Commercial banking 29.1 17.0 35.9 39.0 18.9 31.6 49.8 23.2 14.6 21.6 41.5 49.4 50.0 55.7 20 21 Savings institutions 14.3 7.9 15.0 15.6 14.2 16.6 41.6 17.8 10.6 11.7 21.5 45.4 37.8 49.1 21 22 Insurance and pension funds 13.6 15.0 12.4 13.9 12.2 17.6 12.0 12.4 12.1 17.7 17.5 11.6 i 12.4 13.6 22 23 Other finance 5.5 4.7 -.5 6.6 8.6 4.5 2.3 10.9 6.2 3.4 5.5 -.6 5.2 7.8 23 24 Sources of funds 62.5 44.7 62.8 75.0 54.0 70.2 105.8 64.3 43.6 54.3 86.1 105.9 1 105.3 126.1 24 25 Domestic private deposits 38.5 21.2 49.4 46.1 2.5 60.4 92.3 5.0 -.1 32.0 88.8 105.8 \ 78.6 99.7 25 26 Credit market borrowing 6.8 3.0 -.6 6.9 16.8 1.8 4.5 13.4 20.1 10.7 -7.0 i -.2 9.2 7.1 26 27 Other sources 1177..22 20.5 14.0 22.0 34.7 8.0 9.0 45.9 23.5 11.7 4.3 .3 17.6 19.2 27 28 Foreign funds ..88 3.7 2.3 2.6 9.3 -8.4 -3.3 14.4 4.2 -3.4 -13.5 -7.6 1.0 4.3 28 29 Treasury balances -1.0 -.5 .2 -.2 * 2.9 2.2 -2.1 2.1 3.4 2.4 -1.6 6.1 -3.9 29 30 Insurance and pension reserves 11.4 13.2 11.8 11.2 10.3 13.5 8.2 9.7 10.9 13.0 14.1 7.6 8.8 7.7 30 31 Other, net 5.9 4.2 -.3 8.4 15.1 * 1.8 23.9 6.2 -1.3 1.2 2.0 > 1.6 11.2 31 Private domestic nonfinancial investors 32 Direct lending in credit mkts 7.6 1188..99 5.8 21.7 42.7 7.0 4.2 36.4 48.7 29.5 -15.0 -13.3 21.2 12.5 32 33 U.S. Government securities 2.3 88..88 -1.3 7.7 16.0 -7.6 -13.1 14.6 17.4 1.8 -17.0 ' -24.7 -1.6 -4.1 33 34 Municipal securities 2.6 2.7 -2.0 .3 6.7 1.4 5.7 6.2 7.2 3.8 -1.1 5.3 6.1 6.3 34 35 Corporate and foreign bonds 1.4 2.5 5.3 5.1 7.6 10.4 8.6 6.0 9.1 8.6 12.1 10.3 6.8 4.1 35 3 3 6 7 O Co th m e m r ercial paper . . 8 5 2 3 . . 0 0 2 1 . . 4 5 4 4 . . 2 4 3 8. . 7 7 -1 4 . . 2 1 -2 5 . . 1 0 6 3 . . 1 5 1 3 1 . . 8 2 1 4 0 . . 3 9 -13 4 . . 3 3 -7 3 . . 8 5 6 3 . . 2 7 4 1 . . 8 5 3 3 7 6 38 Deposits and currency 40.7 23.1 51.5 48.6 5.3 63.9 95.7 6.5 4.1 35.0 92.8 110.3 80.9 104.9 38 39 Time and savings accounts 32.7 20.3 39.3 34.0 -2.2 56.2 81.3 5.2 -9.7 31.1 81.4 92.4 70.1 90.4 39 4 4 1 0 Mo D n e e m y and deposits 7 5 . . 9 8 2. . 8 8 1 1 2 0. . 1 2 1 1 2 4 . . 2 6 4 7. . 6 7 4 7. . 7 2 1 11 4 . . 0 4 - 1 .2 .3 1 9 3 . . 6 8 3. . 9 9 1 7 1 . . 4 4 1 1 7 3 . . 9 4 1 8 0 . . 4 7 1 9 4 . . 3 5 4 4 1 0 42 Currency 2.1 2.0 2.1 2.4 2.8 3.5 3.4 1.5 4.2 3.0 4.0 4.5 2.3 5.1 42 43 Total of credit market instr., deposits, and currency 48.2 42.1 57.3 70.3 48.0 70.9 99.9 43.0 52.8 64.5 77.8 96.9 102.0 117.3 43 Memoranda: Public support rate (in per cent) 12.7 17.6 13.9 12.3 18.2 29.5 28.9 11.0 26.8 28.8 30.0 28.9 29.0 13.6 44 Pvt. fin. intermediation (in per cent) 9988..88 73.7 90.8 83.5 67.6 93.1 100.2 73.6 60.4 74.2 110.3 114.0 89.8 95.8 45 46 Total foreign funds ..88 2.1 4.3 2.9 9.0 1.8 23.1 11.8 6.2 4.9 -1.3 19.1 27.1 9.7 46 Corporate equities not included above 1 Total net issues 3.4 4.6 4.9 4.0 10.3 9.5 14.8 8.2 12.4 9.3 9.7 13.1 16.5 12.9 I 2 3 M Ot u h t e u r a e l q f u u i n ti d e s s hares 3. . 1 3 3. . 7 9 2 2. . 6 3 - 4 .7 .7 4 5 . . 7 5 2 6. . 9 6 1 1 3. . 5 3 6 1 . . 3 9 4 7. . 6 8 6 3 . . 1 1 7 2 . . 6 0 12. . 7 3 1 2 4 . . 3 2 1 - 3 .3 .2 3 2 4 5 A O c th q e . r b n y e t f i p n u an 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 - 1 1 3 .1 .5 - 1 3 2 . . 3 5 1 - 0 .5 .2 - 2 7 0 . . 7 7 - 1 1 7 .1 .5 - 1 2 5 .3 .2 5 4 Notes 29. Demand deposits at commercial banks. Line 30. Excludes net investment of these reserves in corporate equities. 1. Total funds raised (line 1 of p. A-72) excluding corporate equities. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 12 less line 19 plus line 26. 6. Includes farm and commercial mortgages. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 11. Credit market funds raised by Federally sponsored credit agencies. includes mortgages. Included below in lines 13 and 33. Includes all GNMA-guaranteed 39+41. See line 25. security issues backed by mortgage pools. 42. Mainly an offset to line 9. 43. Lines 32 plus 38 or line 12 less line 27 plus line 42. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum of lines 27 through 41 excluding subtotals. 44. Line 2/line 1. 45. Line 19/line 12. 17. Includes farm and commercial mortgages. 46. Lines 10 plus 28. 25. Lines 39 + 41. 26. Excludes equity issues and investment company shares. Includes Corporate equities line 18. Line 28. Foreign deposits at commercial banks, bank borrowings from foreign 1 and 3 Includes issues by financial institutions. Digitized for FRASER branches, and liabilities of foreign banking agencies to foreign afhttp://fraser.stloufiislifaeteds.. org/ Federal Reserve Bank of St. Louis

A 74 U.S. BALANCE OF PAYMENTS • FEBRUARY 1973 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1971 1972 LLiinnee CCrreeddiittss--ff,, ddeebbiittss —— 11997700 11997711 II III IV I II III* Summary—Seasonally adjusted 1 Merchandise trade balance 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 -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 Investment income, net 2 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 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 -2,117 -681 -442 --338855 -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 official reserve agencies -433 -486 -5 -188 --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 Foreign securities -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 Other, reported by U.S. banks 198 -814 -214 -308 -165 22 -269 -409 25 526 194 61 -148 108 -151 167 235 26 Balance on current account and long-term capital 4 -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 Claims reported by U.S. banks -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 Allocations of Special Drawing Rights (SDR's) 867 717 179 179 179 178 178 177 32 Errors and omissions, net -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 Liquid private capital flows, net -5,988 -7,763 -745 -2,551 -1,619 -119 1 ,386 -171 35 Liquid claims 252 -1,072 95 -555 -340 -673 197 -567 36 Reported by U.S. banks -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 43 Liq F u in id a n l c ia e b d i l b i y ti e c s h t a o n g f e o s r e i i n g : n official agencies 7,637 27,615 5,975 1100,,991199 5,774 ) 44 Ot c h i e e r s readily marketable liabilities to foreign official agen- --881100 -539 -160 --117733 -5 ] 2,542 1,082 4,601 45 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Govt 553355 334411 -8 -9 336666 280 -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: 5511 Transfers under military grant programs (excluded from 22,,558866 3,153 778 701 993399 11,,220055 797 11 ,,332233 52 Re U in . v S e . s f t i e r d m s e ( a e r x n c in lu g d s e d o f f ro fo m r e l i i g n n e s i 7 n c a o n r d p o 2 r 0 a ) t ed affiliates of 22,,888855 33,,111166 ((55)) ((55)) ((55)) ((55)) ((55)) ((55)) 53 Re f i o n r v e e i s g t n e d f irm ea s r n (e in xc g l s u d o ed f f U ro . m S. lin in e c s o 9 r p a o n r d a t 2 e 1 d ) 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

FEBRUARY 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 IV I II lllp Balances excluding allocations of SDR's—Seasonally adjusted -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 Balances not seasonally adjusted 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 -2,595 356 -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 -9,839 -29,765 -6,462 -12,703 -5,882 -2,506 -741 -5,544 Balances excluding allocations of SDR's: -4,718 -22,719 -6,612 -10,066 -3,466 -3,079 -3,043 -5,274 -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 i Imports 1 Trade balance Period 1969 1970 1971 1972 1969 1970 1971 1972 1969 1970 1971 1972R Month: Jan.., 32,161 3,406 3,733 4,212 3 2,002 3,223 3,685 4,538 159 183 48 -326 Feb.. 3 2,266 3,547 3,691 3,803 3 2,672 3,278 3,546 4,406 -406 269 145 -602 Mar.. 33,188 3,376 3,815 3,888 3 2,982 3,218 3,568 4,475 206 158 247 -587 Apr.. 33,318 3,409 3,528 3,759 33,183 3,263 3,748 4,460 135 146 -220 -701 May. 3 3,268 3,661 3,776 3,911 3 3,257 3,338 3,988 4,466 11 323 -212 -554 June. 33,179 3,730 3,662 3,905 33,152 3,266 4,019 4,495 27 465 -350 -590 July., 3,182 3,699 3,493 4,016 3,074 3,255 3,793 4,561 108 444 -300 -546 Aug.. 3,366 3,592 3,678 4,192 3,163 3,346 3,928 4,664 203 246 -251 -472 Sept.. 3.341 3,553 4,505 4,157 3,078 3,428 4,237 4,671 263 125 268 -514 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 4,466 3,078 3,404 4,128 5.029 202 166 -270 -563 Quarter I 7,615 10,328 11,239 11,903 7,655 9,719 10,799 13,418 -40 609 440 -1,515 II... 9,765 10,800 10,965 11,575 9,591 9,867 11,747 13,420 174 933 -782 -1,845 III... 9,889 10,845 11,675 12,364 9,315 10,029 11,958 13,896 574 816 -283 -1,532 IV... 10,020 10,758 9,726 13,300 9,450 10,333 11,030 14,837 570 425 -1,304 -1,537 Year4.. 37,332 42,662 43,549 49,116 36,043 39,963 45,563 55,555 1,289 2,699 -2,014 -6,439 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 • FEBRUARY 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 Bank for Intl Settlements . 222000000 Other 11 --66 --3355 --4499 1166 --4477 111111 --2299 --1133 --2222 TToottaall --339999 --8888 --11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 --220044 --779966 --226633 222222000000000000 111115555500000 5555500000 Latin American republics: Argentina .. ---333000 ------333333999999 -----2222255555***** --2255 ----22228888 Brazil 777222 555444 2222255555 ------333333 -----11111 ----22223333 Colombia 111000 2222299999 777777 ** ----1111 Venezuela -----2222255555 Other --1111 --99 -----1111133333 --66 1111 --4400 --2299 --8800 --55 ** TToottaall 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --55 •• Asia: ---111000 -----44444 ---222111 ---444222 Jap'an -----5555566666 --111199 Lebanon . ... --1111 -----1111111111 --11 ------- ------- 9999999 3333333 5555555 4444444 ---- ---- 3333 1111 5555 0000 Philippines 2255 2200 ** --11 -------55555550000000 9999999 4400 --44 ----2222 --11 Singapore . -------88888881111111 111111 ---333000 ---333000 Other --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 333999 ---111 --33 TToottaall 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---333888 ---333222 ---111 --33 ••• *** All other ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---111 ---888111 ---666 TToottaall ffoorreeiiggnn ccoouunnttrriieess --339922 --3366 ----1111,,,,333322222222 ----666600008888 ----1111,,,,000033331111 ----1111,,,,111111118888 999955557777 4444 ———— 666633331111 ----888844445555 ----222299996666 --11 --33 Intl Monetary Fund ^ 6666----222222225555 111177777777 22222222 ----3333 11110000 ————111155556666 ----22222222 ----4444 ---555444444 Grand total --339922 --3366 ----1111,,,,555544447777 ----444433331111 ----1111,,,,000000009999 ----1111,,,,111122221111 999966667777 ----777788887777 ----888866667777 ----333300000000 ---555444444 --33 --11 1 Includes purchase from Denmark of $25 million. U.S. payment of increases in its gold subscription to IMF, gold deposits 2 Includes purchase from Kuwait of $25 million. by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The 3 Includes sales to Algeria of $150 million in 1967 and $50 million in first withdrawal ($17 million) was made in June 1968 and the last with- 1968. drawal ($144 million) was made in Feb. 1972. 4 Data for IMF include the U.S. payment of $385 million increase in IMF sold to the United States a total of $800 million of gold ($200 its gold subscription to the IMF and gold sold by the IMF to the United million in 1956, and $300 million in 1959 and in 1960) with the right of States in mitigation of U.S. sales to other countries making gold payments repurchase; proceeds from these sales invested by IMF in U.S. Govt, to the IMF. The country data include U.S. gold sales to various countries securities. IMF repurchased $400 million in Sept. 1970 and the remaining in connection with the IMF quota payments. Such U.S. sales to countries $400 million in Feb. 1972. and resales to the United States by the IMF total $548 million each. 6 Payment to the IMF of $259 million increase in U.S. gold subscription 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

FEBRUARY 1973 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 77 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r o f Total To G ta o l2 l d st T o r c e k a i s ury v c fo e C u c r r r o i t e r e i n e i b s g - n l n e - p R I o e M s s i i n e t F r i o v 3 n e SDR's 4 E m n o d n t o h f Total Gold st T o r c e k a 1 s ury v c fo C e u c r r i r o t e e r i n e i s b g 5 - n l n e - p R o e s s i e ti r o v n e SDR's4 1959. 21,504 19,507 19,456 1,997 1972 1960. 19,359 17,804 17,767 1,555 Jan.. . 12,879 10,206 10,132 276 587 1,810 1961. 18,753 16,947 16,889 116 1,690 Feb... 12,330 9,662 9,588 276 582 1,810 1962. 17,220 16,057 15,978 99 1,064 Mar... 12,270 9,662 9,588 212 586 1,810 1963. 16,843 15,596 15,513 212 1,035 Apr... 12,285 9,662 9,588 429 391 1,803 1964. 16,672 15,471 15,388 432 769 May.. 913,345 910,490 910,410 469 9428 91,958 June.. 13,339 10,490 10,410 457 434 1,958 1965. 15,450 613,806 613,733 781 6 863 July. . 13,090 10,490 10,410 203 439 1,958 1966. 14,882 13,235 13,159 1 ,321 326 Aug... 13,124 10,488 10,410 234 444 1,958 1967. 14,830 12,065 11,982 2,345 420 Sept... 13,217 10,487 10,410 323 449 1,958 1968. 15,710 10,892 10,367 3,528 1,290 Oct.. . 13,313 10,487 10,410 414 454 1,958 1969. 7 16,964 11,859 10,367 72,781 2,324 Nov... 13,307 10,487 10,410 403 459 1,958 Dec... '"13,151 10,487 10,410 241 '465 1,958 1970. 14,487 11,072 10,732 629 1,935 1,100 1971. 812,167 10,206 10,132 8 276 585 851 1973 1972. '"13,151 10,487 10,410 241 r465 1,958 Jan.. . 13,054 10,487 10,410 140 469 1,958 1 Includes (a) gold sold to the United States by the IMF with the right became effective on Feb. 23, 1966. In figures published by the IMF from of repurchase, and (b) gold deposited by the IMF to mitigate the impact June 1965 through Jan. 1966, this gold subscription was included in the on the U.S. gold stock of foreign purchases for the purpose of making U.S. gold stock and excluded from the reserve position. gold subscriptions to the IMF under quota increases. For corresponding 7 Includes gain of $67 million resulting from revaluation of the German liabilities, see Table 6. mark in Oct. 1969, of which $13 million represents gain on mark holdings 2 Includes gold in Exchange Stabilization Fund. at time of revaluation. 3 The United States has the right to purchase foreign currencies equiva- 8 Includes $28 million increase in dollar value of foreign currencies lent to its reserve position in the IMF automatically if needed. Under ap- revalued to reflect market exchange rates as of Dec. 31, 1971. propriate conditions the United States could purchase additional amounts 9 Total reserve assets include an increase of $1,016 million resulting equal to the U.S. quota. See Table 5. from change in par value of the U.S. dollar on May 8, 1972; of which, 4 Includes allocations by the IMF of Special Drawing Rights as follows: total gold stock is $828 million (Treasury gold stock $822 million), reserve $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710 position in IMF $33 million, and SDR's $155 million. million on Jan. 1, 1972; plus net transactions in SDRs. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. NOTE.—See Table 24 for gold held under earmark at F.R. Banks for 6 Reserve position includes, and gold stock excludes, $259 million gold foreign and international accounts. Gold under earmark is not included subscription to the IMF in June 1965 for a U.S. quota increase which in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IIMMFF hhoollddiinnggss (during period) ooff ddoollllaarrss ((eenndd ooff ppeerriioodd)) UUUUU.....SSSSS..... UU..SS.. ttrraannssaaccttiioonnss wwiitthh IIMMFF TTTrrraaannnsssaaaccctttiiiooonnnsss bbbyyy rrrrreeeeessssseeeeerrrrrvvvvveeeee ooottthhheeerrr cccooouuunnntttrrriiieeesss pppppooooosssssiiiiitttttiiiiiooooonnnnn PPPPPeeeeerrrrriiiiioooooddddd PP ss tt uu aa dd iioo bb yy oo nn ss mm oo llll cc ss ff aa ee rr rr ii ii nn ss nn pp tt -- ss bbyy ss gg NN II aa oo MM ll ee ll ee dd tt FF ss ii TT tt cc ff ii rr cc oo uu oo aa ii rr rr nn ee nn ee rr ss ss ss ee ii gg aa nn 22 ii nn cc nn -- -- II ii dd MM nn oo cc FF ii ll oo nn ll aa mm nn rr ee ss ee tt P d u o r l c o l h a f a r www s s iii e 3 ttt s hhh III p MMM u d FFF r o R c l i h n l e a a - r s s e s cccc TTTT hhhhaaaa oooo nnnn ttttaaaa gggg llll eeee AAAmmmooouuunnnttt PPP qqq eee UUU rrr uuu ooo ... ooo ccc fff SSS ttt eee ... aaa nnn ttt ppppp ((((( iiiii eeeee nnnnn eeeee rrrrr nnnnn iiiii IIIII ddddd ooooo MMMMM ddddd ooooo ))))) FFFFF fffff 44444 1946—1957 2222,,,,000066663333 666000000 -----------------------4444444444444444444444455555555555555555555555 ---------222222222,,,,,,,,,666666666777777777000000000 888822227777 777777777777777777777777777777777777777777777755555555555555555555555 777777777777777777777777777777777777777777777755555555555555555555555 2222222222222222222222288888888888888888888888 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,999999999999999999999997777777777777777777777755555555555555555555555 1958—1963 1111,,,,000033331111 111555000 6666666666666666666666600000000000000000000000 ---------111111111,,,,,,,,,666666666666666666666666666 2222,,,,777744440000 22222222222222222222222,,,,,,,,,,,,,,,,,,,,,,,333333333333333333333331111111111111111111111155555555555555555555555 33333333333333333333333,,,,,,,,,,,,,,,,,,,,,,,000000000000000000000009999999999999999999999900000000000000000000000 7777777777777777777777755555555555555555555555 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,000000000000000000000003333333333333333333333355555555555555555555555 1964—1966 777777776666 11,,664400 4444444444444444444444455555555555555555555555 ---------777777777222222222333333333 6666 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,777777777777777777777774444444444444444444444444444444444444444444444 44444444444444444444444.......................888888888888888888888883333333333333333333333344444444444444444444444 9999999999999999999999944444444444444444444444 55555555555555555555555333333333333333333333332222222222222222222222266666666666666666666666 1967 2222222222222222222222200000000000000000000000 ---------111111111111111111444444444 -----------------------9999999999999999999999944444444444444444444444 44444444444444444444444,,,,,,,,,,,,,,,,,,,,,,,777777777777777777777774444444444444444444444400000000000000000000000 9999999999999999999999922222222222222222222222 444444444444444444444442222222222222222222222200000000000000000000000 1968 --8844 2222222222222222222222200000000000000000000000 ---------888888888000000000666666666 -----------------------888888888888888888888887777777777777777777777700000000000000000000000 33333333333333333333333,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888887777777777777777777777700000000000000000000000 7777777777777777777777755555555555555555555555 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,222222222222222222222229999999999999999999999900000000000000000000000 1969 22222222 1111111111111111111111199999999999999999999999 ---------111111111,,,,,,,,,333333333444444444333333333 222266668888 -----------------------11111111111111111111111 ,,,,,,,,,,,,,,,,,,,,,,,000000000000000000000003333333333333333333333344444444444444444444444 22222222222222222222222,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888883333333333333333333333366666666666666666666666 5555555555555555555555555555555555555555555555 22222222222222222222222,,,,,,,,,,,,,,,,,,,,,,,333333333333333333333332222222222222222222222244444444444444444444444 1970 11,,115555 6666777711112222**** 111155550000 2222222222222222222222255555555555555555555555 ---------888888888555555555444444444 777744441111 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,999999999999999999999992222222222222222222222299999999999999999999999 44444444444444444444444,,,,,,,,,,,,,,,,,,,,,,,777777777777777777777776666666666666666666666655555555555555555555555 7777777777777777777777711111111111111111111111 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,999999999999999999999993333333333333333333333355555555555555555555555 1971 1111,,,,333366662222 -----------------------2222222222222222222222288888888888888888888888 ---------222222222444444444 44440000 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,333333333333333333333335555555555555555555555500000000000000000000000 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111111155555555555555555555555 9999999999999999999999911111111111111111111111 555555555555555555555558888888888888888888888855555555555555555555555 1972 77 554411 222200000000 -----------------------4444444444444444444444477777777777777777777777 666666666666666666666669999999999999999999999944444444444444444444444 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888881111111111111111111111100000000000000000000000 9999999999999999999999944444444444444444444444 '''''''''''''''''''''''444444444444444444444446666666666666666666666655555555555555555555555 1972 Jan -----------------------22222222222222222222222 -----------------------22222222222222222222222 66666666666666666666666.......................111111111111111111111111111111111111111111111133333333333333333333333 9999999999999999999999911111111111111111111111 555555555555555555555558888888888888888888888877777777777777777777777 Feb 55555555555555555555555 55555555555555555555555 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111111188888888888888888888888 9999999999999999999999911111111111111111111111 555555555555555555555558888888888888888888888822222222222222222222222 Mar -----------------------44444444444444444444444 -----------------------44444444444444444444444 66666666666666666666666.......................111111111111111111111111111111111111111111111144444444444444444444444 9999999999999999999999911111111111111111111111 555555555555555555555558888888888888888888888866666666666666666666666 Apr 220000 -----------------------55555555555555555555555 111111111111111111111119999999999999999999999955555555555555555555555 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,333333333333333333333330000000000000000000000099999999999999999999999 9999999999999999999999944444444444444444444444 333333333333333333333339999999999999999999999911111111111111111111111 May 77554411 -----------------------44444444444444444444444 555555555555555555555553333333333333333333333377777777777777777777777 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888884444444444444444444444466666666666666666666666 9999999999999999999999944444444444444444444444 444444444444444444444442222222222222222222222288888888888888888888888 June -----------------------66666666666666666666666 -----------------------66666666666666666666666 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888884444444444444444444444400000000000000000000000 9999999999999999999999944444444444444444444444 444444444444444444444443333333333333333333333344444444444444444444444 July -----------------------55555555555555555555555 -----------------------55555555555555555555555 66666666666666666666666.......................888888888888888888888883333333333333333333333355555555555555555555555 9999999999999999999999944444444444444444444444 444444444444444444444443333333333333333333333399999999999999999999999 Aug. -----------------------55555555555555555555555 -----------------------55555555555555555555555 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888883333333333333333333333311111111111111111111111 9999999999999999999999944444444444444444444444 444444444444444444444444444444444444444444444444444444444444444444444 Sept -----------------------66666666666666666666666 -----------------------66666666666666666666666 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888882222222222222222222222255555555555555555555555 9999999999999999999999944444444444444444444444 444444444444444444444444444444444444444444444499999999999999999999999 Oct -----------------------55555555555555555555555 -----------------------55555555555555555555555 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888882222222222222222222222200000000000000000000000 9999999999999999999999944444444444444444444444 444444444444444444444445555555555555555555555544444444444444444444444 Nov rrrrrrrrrrrrrrrrrrrrrrr_______________________44444444444444444444444 rrrrrrrrrrrrrrrrrrrrrrr_______________________44444444444444444444444 '''''''''''''''''''''''66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888881111111111111111111111166666666666666666666666 9999999999999999999999944444444444444444444444 444444444444444444444445555555555555555555555599999999999999999999999 Dec rrrrrrrrrrrrrrrrrrrrrrr ———————————————————————66666666666666666666666 rrrrrrrrrrrrrrrrrrrrrrr ———————————————————————66666666666666666666666 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888881111111111111111111111100000000000000000000000 9999999999999999999999944444444444444444444444 '''''''''''''''''''''''444444444444444444444446666666666666666666666655555555555555555555555 1973 Jan -----------------------44444444444444444444444 -----------------------44444444444444444444444 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888880000000000000000000000066666666666666666666666 9999999999999999999999944444444444444444444444 444444444444444444444446666666666666666666666699999999999999999999999 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. • FEBRUARY 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 IMF Liquid Total a a c t f r g r t r i a i o s o o n l i m n d n s s - g 1 Total t p l S b i i t o e a h a e b s i r b o n r n y t m i r k e r l t e d i s - - - n M b o G U a a o a t o b r e n . n k v S l s d d e 3 . e t s , , 4 t - N v k T b o e e U c o a r n r t o e n t n . a m i S n a d b d b - . s a s l l . e e r - N n v k T b o o n e e U o a r n o n r t e n t n a . t c m i S a e d b d b o s . s a s l l n . e 5 e r - - t p l L b i i t U o e a a e o b s i r b n . r n n y t S m i k e r g l . e d s i - - - a t m o l b b i e a r a t c i r o b n e c o a i k s i l m d s a i- l - 6 Total p t l S b i i t o e a h a e b i s r b o n n r y t m i r k e r l t e d s i - - - n M b o G U a a o a t o e b r n n . v k s S 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 (10) » 16,845 200 8,665 (10) 3,520 2,430 (10) 19,428 500 10,120 9,154 966 4,678 2,940 2,399 541 (20,994 800 11,078 10,212 866 4,818 2,773 2,230 543 \21,027 800 11,088 10,212 876 4,818 2,780 2,230 550 (22,853 800 11,830 10,940 890 5,404 2,871 2,355 516 \22,936 800 11,830 10,940 890 5,484 2,873 2,357 516 /24,268 800 12,948 11,997 751 200 5,346 3,013 2,565 448 \24,268 800 12,914 11,963 751 200 5,346 3,013 2,565 448 [26,433 800 14,459 12,467 1,217 703 63 9 5,817 3,397 3,046 351 \26,394 800 14.425 12,467 1,183 703 63 9 5,817 3,387 3,046 341 J29,313 800 15,790 13,224 1,125 1,079 204 158 7,271 3,730 3,354 376 129,364 800 15,786 13,220 1,125 1,079 204 158 7,303 3,753 3,377 376 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 472 (31,145 1,011 14,841 12,484 860 256 328 913 10,116 4.271 3.743 528 \31,020 1,011 14,896 12,539 860 256 328 913 9,936 4.272 3.744 528 (35,819 1,033 18,201 14.034 908 711 741 1,807 11,209 4,685 4,127 558 135,667 1,033 18,194 14,027 908 711 741 1,807 11,085 4,678 4,120 558 (38,687 1,030 17,407 11,318 529 701 2,518 2,341 14,472 5,053 4,444 609 \38,473 1,030 17,340 11,318 462 701 2,518 2,341 14,472 4,909 4,444 465 (45,755 1,019 15,975 11,054 346 i2 555 122,515 1,505 23,638 4,464 3,939 525 \45,914 1,019 15,998 11,077 346 555 2,515 1,505 23,645 4,589 4,064 525 (47,009 566 23,786 19,333 306 429 3,023 695 17,137 4,676 4,029 647 \46,960 566 23,775 19,333 295 429 3,023 695 17,169 4,604 4.039 565 (67,681 544 51,209 39,679 1,955 6,060 3,371 144 10,262 4,138 3,691 447 \67,810 544 50,651 39,018 1,955 6.093 3,441 144 10,950 4,141 3,694 447 69,066 544 51,514 39,581 2,260 6.094 3,441 138 11,171 4,153 3,763 390 69,998 52,799 40,679 2,448 6,094 3,441 137 11,373 4,204 3,812 392 71,013 53,806 40,980 2,882 6,094 3,723 127 11,464 4,194 3,818 376 72,215 54,093 38,723 2,933 8,594 3,723 120 12,433 4,242 3,853 389 72,113 53,579 37,850 3,283 8,594 3,723 129 12,821 4,284 3,889 395 74,000 54,604 38,603 3,557 8,594 3,723 127 13,444 4,475 4,103 372 77,473 59.426 39,787 3,781 12,094 3,647 117 12,127 4,492 4,122 370 79,439 60,586 40,611 4,146 12.094 3,647 88 12,912 4,418 4.040 378 79,669 60,008 39,628 4,382 12.095 3,804 99 13,585 4,630 4,241 389 81,324 60,828 40,261 4,722 12.097 3,651 97 14,180 4,823 4,417 406 82,269 60,977 40.035 5,099 12.098 3,651 94 14,819 4,747 4,324 423 82,715 61,284 39,942 5,501 12,108 3,639 94 14,855 4,950 4,525 425 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

FEBRUARY 1973 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 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 i l n e s E W u e ro st p e e r n 1 Canada A re m L pu e a b r ti i l n c i c a s n Asia Africa cou O n t t h ri e e r s 2 1967.. 18,194 10,321 1,310 1,582 4,428 250 303 /17,407 8,070 1,867 1,865 5,043 259 303 1968 3 117,340 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 f23,786 13,620 2,951 1,681 4,713 407 414 1970 3 123,775 13,615 2,951 1,681 4,708 407 413 1971—Dec. 5 /51,209 30,010 3,980 1.414 14,519 415 871 \50,651 30,134 3.980 1,429 13,823 415 870 1972—Jan.. 51,514 30,266 3,974 1,402 14,430 426 1,016 Feb. 52,799 31,190 3.981 1,330 14,792 449 1,057 Mar. 53,806 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... 60,828 34,980 4,468 1,468 16,805 616 2,491 Nov.* 60,977 34,463 4,289 1,439 17,372 694 2,720 Dec.*. 61,284 34,007 4,279 1,721 17,542 771 2,964 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 organizations 6 Payable in dollars IMF Deposits Payable gold U.S. End of period in invest- Treasury Total i Total Dem D an e d p os T it i s m e 2 b T i c r l c U e l e a s r a t . t e S s i a f s u . i n r 3 - y d s O l t i h e a t o r h b m r e . t 4 r - r f e o c n r u e c r i i - g e n s ments Total Demand Time2 bi c l c e ls a r t t i e f a s i n - d 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 f41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 [41,761 41,393 15,795 5,961 14,123 5,514 368 400 820 69 159 211 55,404 55,018 10,399 5,209 33,025 6,385 386 400 1,372 73 192 210 55,430 55,038 6,460 4,217 33,025 11,336 392 400 1,368 73 192 210 56,442 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 60,138 59,600 7,075 5,146 33,071 14,309 538 1,281 62 210 204 60,690 60,132 7,036 5,386 32,769 14,941 558 1,512 95 247 380 60,734 60,238 8,297 5,630 31,845 14,467 496 1,412 86 201 326 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 158 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 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 institutions9 Payable in dollars Payable in dollars Payable End of period Total Dema D nd e posi T ts i me2 T b c i r c l e e U l a s r a t . t e s S i a s f u . i n 3 r - d y s O l t i h e a t o r h b m r e . t 4 r - f r o e c n r i u e n c r i i - g e n s Total Dema D nd e posi T ts i me2 T bi r c c l U e e l a s a r t . t e s S i a s u . f n i 3 r - d y s O t l h i e t a o r h b m r e t .4 - r I | c P u f r o a r y r e i e n a n i b c g 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 1 2 6 6 5 5 , , 7 8 6 0 5 2 1 1 3 3 , , 5 5 1 1 1 1 5 5 , , 1 1 3 3 8 3 3 3 6 6 8 8 1 1 9 9 , , 3 3 3 3 3 3 1 1 , , 6 6 5 5 2 2 2 2 , , 5 5 5 5 4 4 1 1 3 3 , , 3 3 6 6 7 7 1 1 , , 6 6 1 1 2 2 1 14 4 8 8 1971—Dec. 8 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 9 8 2 6 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 Sept... 57,454 6,851 4,716 32,569 12,840 478 39,628 1,239 2,454 32,497 3,268 Oct... 58,858 7,012 4,935 32,867 13,505 538 40,261 1,335 2,564 32,794 3,398 Nov.*, 59,178 6,940 5,139 32,389 14,152 558 40,035 1,271 2,638 32,310 3,645 Dec.*. 59,322 8,211 5,429 31,518 13,667 496 39,942 1,583 2,858 31,448 3,881 n! To banks io To other foreigners To banks Payable in dollars and other foreigners: End of period Total Payable in Total Dema D nd e posi T ts i me2 T b c i r l c e e U l a s r a . t t s S e i a u f s . n i r - d y s O l t i h e a t o r h b m r e . t 4 r - Total Dema D nd e posi T ts i me2 T b c i r l c e U e l a s r a . t t s S i e a u f s . n i r - d y s O l t i h e a t o h r b m r e . t 4 r - 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 /21,166 16,917 12,376 1,326 3,202 4,029 1,688 1,886 131 325 220 \21,208 16,949 12,385 1,354 3,197 4,039 1,688 1,895 131 325 220 1971—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 , , 1 99 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... 18,597 13,813 3,802 439 9,569 4,417 1,875 1,933 70 538 368 Nov.* 19,143 14,433 3,963 488 9,977 4,324 1,706 2,014 75 530 387 Dec.* 19,380 14,529 4,673 546 9,305 4,525 1,954 2,025 65 481 325 1 Data exclude "holdings of dollars" of the IMF. 8 Data on second line differ from those on first line because (a) those 2 Excludes negotiable time certificates of deposit, which are included liabilities of U.S. banks to their foreign branches and those liabilities of in "Other." U.S. agencies and branches of foreign banks to their head offices and 3 Includes nonmarketable certificates of indebtedness issued to official foreign branches, which were previously reported as deposits, are included institutions of foreign countries. in "Other short-term liabilities''; (b) certain accounts previously classified 4 Principally bankers' acceptances, commercial paper, and negotiable as "Official institutions" are included in "Banks"; and (c) a number of time certificates of deposit. See also note 8(a). reporting banks are included in the series for the first time. 5 U.S. Treasury bills and certificates obtained from proceeds of sales of 9Foreign central banks and foreign central govts, and their agencies, gold by the IMF to the United States to acquire income-earning assets. and Bank for International Settlements and European Fund. Upon termination of investment, the same quantity of gold was reac- io Excludes central banks, which are included in "Official institutions." quired by the IMF. 6 Principally the International Bank for Reconstruction and Develop- NOTE.—"Short term" refers to obligations payable on demand or having ment and the Inter-American Development Bank. an original maturity of 1 year or less. For data on long-term liabilities Includes difference between cost value and face value of securities in reported by banks, see Table 10. Data exclude the "holdings of dollars" IMF gold investment account. of the International Monetary Fund; these obligations to the IMF consti- 7 Data on the two lines shown for this date differ because of changes in tute contingent liabilities, since they represent essentially the amount of reporting coverage. Figures on the first line are comparable in coverage dollars available for drawings from the IMF by other member countries. with those shown for the preceding date; figures on the second line are Data exclude also U.S. Treasury letters of credit and non-negotiable, noncomparable with those shown for the following date. interest-bearing special U.S. notes held by the Inter-American Development Bank and the International Development Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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. Apr. May June July Aug. Sept. Oct, Nov.* Europe: Austria 254 276 283 254 261 272 310 279 245 Belgium-Luxembourg 701 866 864 962 1,159 1,188 1,175 1,159 1,070 Denmark 168 218 203 215 216 209 194 217 254 Finland 160 151 131 148 176 165 163 161 152 France 3,150 3,043 3,027 3,514 4,324 4,317 4,422 4,501 4,630 Germany 6,596 5,482 5,500 6,483 6,601 6,459 5,819 5,809 5,515 Greece 170 163 159 179 168 165 177 195 190 Italy 1,888 1,627 1,572 1,375 1,424 1,615 1,429 1,346 1,377 Netherlands 270 878 861 847 1,488 1,514 1,490 1,460 1,443 Norway 685 655 669 654 769 892 873 895 965 Portugal 303 279 284 269 290 334 356 379 413 Spain 203 219 206 231 222 192 246 230 223 Sweden 792 981 1,010 1,044 1,036 1,033 1,068 1,059 1,082 Switzerland 3,249 2,942 2,709 2,626 3,623 3,493 3,538 3,073 2,863 Turkey 68 36 40 44 55 59 72 71 101 United Kingdom 7,379 7,954 7,954 7,914 4,945 5,893 5,692 5,683 5,434 Yugoslavia 34 94 88 90 87 102 65 56 98 Other Western Europe* 1,391 1,386 1,388 1,367 1,389 1,391 1,446 1,428 1,454 U.S.S.R 14 9 13 10 18 10 14 16 10 Other Eastern Europe 53 56 58 68 58 57 71 63 58 Total 27,530 27,316 27,021 28,293 28,310 29,360 28,618 28,080 27,576 Canada 3,441 3,722 4,146 3,966 3,727 3,660 3,730 3,969 3,799 Latin America: Argentina 441 507 465 459 457 500 523 532 547 Brazil 342 543 576 628 620 550 591 601 564 Chile 191 132 134 136 136 136 134 135 135 Colombia 188 184 190 190 196 212 199 192 185 Cuba 6 7 6 7 6 6 6 6 6 Mexico 715 668 761 733 788 695 690 671 659 Panama 154 155 185 154 165 154 156 151 150 Peru 164 174 167 179 178 178 164 180 183 Uruguay 108 118 122 117 121 136 137 125 133 Venezuela 963 851 873 919 831 865 855 924 926 Other Latin American republics.. 655 695 661 669 673 701 662 747 751 Bahamas and Bermuda 656 444 440 486 384 416 461 576 575 Netherlands Antilles and Surinam 87 87 91 94 88 83 88 82 89 Other Latin America 37 29 43 40 46 45 54 55 57 Total 4,708 4,593 4,714 4,809 4,688 4,675 4,721 4,979 4,961 Asia: China Mainland 39 39 38 39 39 39 39 39 39 Hong Kong 312 299 328 311 341 325 315 313 310 India 89 102 104 105 122 105 91 103 107 Indonesia 63 89 87 113 98 117 115 114 107 Israel 150 145 148 140 128 119 134 127 141 Japan 14,295 14,902 14,017 14,096 13,963 14,156 14,412 15,485 16,152 Korea 196 178 196 198 206 235 208 218 201 Philippines 306 294 337 346 345 364 379 382 394 Taiwan 258 338 365 383 426 502 541 590 639 Thailand 126 170 174 177 120 141 145 143 128 Other 595 714 729 706 733 802 797 1,016 965 Total 16,429 17,267 16,525 16,613 16,521 16,904 17,175 18,529 19,182 Africa: Congo (Kinshasa) 12 14 16 18 27 15 18 14 17 Morocco 9 11 8 11 11 9 9 10 11 South Africa 78 79 70 76 92 65 71 57 83 U.A.R. (Egypt) 24 15 18 19 17 19 23 23 24 Other 474 542 522 608 620 622 649 595 678 Total 597 661 635 731 768 729 770 700 814 Other countries: Australia 916 1,405 1,482 1,692 ,977 2,187 2,372 2,553 2,801 All other 42 43 39 45 45 47 69 47 46 Total 957 1,448 1,520 1,737 2,022 2,234 2,441 2,600 2,846 Total foreign countries 53,662 55,009 54,560 56,150 56,036 57,563 57,454 58,858 59,178 International and regional: International 1,327 802 819 793 831 746 794 1,025 Latin American regional 298 333 329 347 300 335 329 320 316 Other regional 3 143 138 137 149 173 155 158 167 171 Total 1,768 1,278 1,268 1,316 1,266 1,322 1,233 1,281 1,512 Grand total 55,430 56,287 55,828 57,466 57,302 58,884 58,687 60,138 60,690 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. • FEBRUARY 1973 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 4 1970 1971 1972 1970 1971 1972 Area and country Area and country Apr. Dec. Apr. Dec. Apr. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus 15 10 7 2 2 Jordan 30 14 3 2 2 Iceland 10 10 10 11 9 Kuwait 66 54 36 20 16 Ireland, Rep. of 32 41 29 16 15 Laos 4 5 2 3 3 Lebanon 82 54 60 46 60 Other Latin American republics: Malaysia 48 22 29 23 25 C B o ol s i t v a i a R ica 7 4 6 3 6 4 9 1 4 5 3 9 6 5 2 5 5 7 3 0 P R a y k u i k st y a u n Islands (incl. Okinawa) 2 3 6 4 3 1 8 8 2 3 7 9 2 3 9 3 ( 558 ) Dominican Republic 96 99 90 123 91 Saudi Arabia 166 106 41 79 80 Ecuador 72 79 72 57 62 Singapore 25 57 43 35 45 El Salvador 79 75 80 78 83 Syria 6 7 3 4 6 Guatemala 110 100 97 117 123 Vietnam 91 179 161 159 185 Haiti 19 16 19 18 23 Honduras 29 34 44 42 50 Other Africa: Jamaica 17 19 19 19 32 Algeria 13 17 13 23 31 Nicaragua 76 59 47 50 66 Ethiopia (incl. Eritrea) 33 19 12 11 29 Paraguay 17 16 15 17 17 Ghana 7 8 6 8 11 Trinidad & Tobago 11 10 14 10 15 Kenya 47 38 13 9 14 Liberia 41 22 21 23 25 Ot B he r r it i L sh a t W in e A st m In e d ri i c e a s : 38 33 38 32 23 L N So i i b g u y e t a h r i e a r n Rhodesia 43 1 0 2 1 19 1 5 7 1 9 2 1 5 2 2 4 7 6 4 2 ( ( 5 5 2 ) ) Sudan 1 1 1 1 (5) Other Asia: Tanzania 18 9 10 6 6 A Bu fg rm ha a n istan 1 5 5 2 4 6 1 3 5 1 1 0 9 1 5 7 T U u g n a i n s d ia a 7 7 7 8 6 5 9 3 (5 7 ) C Ce a y m lo b n o dia 4 1 2 4 4 2 4 5 s 6 2 Zambia 38 10 14 13 (5) Iran 41 32 50 59 88 All other: Iraq 6 11 7 10 (5) New Zealand 18 25 22 23 27 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 To intl. End of period Total and Official Other Ger- United Other Total Other All regional Total institu- Banks i foreign- many King- EEuurrooppee Latin JJaappaann 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—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 j 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 1,068 615 453 97 269 87 165 68 37 135 * 32 16 Nov.* 1,050 599 451 94 269 88 165 68 37 134 1 33 14 Dec.? 1,000 560 439 94 259 87 165 63 32 136 1 33 10 i Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.f Dec.f Europe: Belgium-Luxembourg 6 6 6 6 6 6 6 6 6 6 6 6 6 Switzerland 60 53 53 53 52 52 52 49 45 45 45 45 45 United Kingdom 323 279 283 268 280 288 264 265 280 293 308 326 327 Other Western Europe 85 95 95 95 95 95 96 98 96 94 114 164 164 Eastern Europe 5 5 5 5 5 5 5 5 5 5 5 5 5 Total 480 438 441 426 438 445 424 422 432 443 478 545 547 Cana da 181 179 179 178 179 166 313 313 372 432 479 559 558 Latin America: Latin American republics 1 1 1 1 1 1 1 1 1 1 1 1 1 Other Latin America 6 6 6 6 6 6 6 6 6 6 6 6 6 Total 7 7 7 7 7 7 7 7 7 7 7 7 7 Asia: India Japan 1,717 2,007 2,146 2,391 2,415 2,777 2,901 3,125 3,310 3,481 3,756 4,003 4,380 Other Asia 10 10 10 10 10 10 10 10 10 10 10 10 10 Total 1,727 2,017 2,156 2,401 2,425 2,787 2,912 3,136 3,321 3,492 3,766 4,013 4,391 8 8 8 8 8 8 8 8 127 133 133 133 133 All other • * * * * * * * * * • * 25 Total foreign countries 2,402 2,650 2,791 3,020 3,057 3,413 3,664 3,886 4,259 4,506 4,863 5,257 5,661 International and regional: International 126 126 126 126 136 136 136 136 176 186 186 186 186 Latin American regional 30 31 31 32 33 25 26 27 27 27 27 28 28 Total 156 157 157 158 168 161 161 162 203 213 213 214 214 Grand total 2,558 2,807 2,948 3,177 3,226 3,574 3,825 4,048 4,461 4,719 5,076 5,741 5,875 NOTE.—Data represent estimated official and private holdings of mar- year, and are based on benchmark surveys of holdings and regular monthly ketable U.S. Govt, securities with an original maturity of more than 1 reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total g B iu e m l- a C d a a n - 1 m G a e n r y - Italy 2 Korea T w a a i n - T la h n a d i- Total m G an e y r- 3 Italy e S r w la it n z d - 1969. 43,181 1,431 32 1,129 135 20 100 4 1,750 4 1,084 541 1970. 3,563 2,480 32 2,289 25 20 100 1,083 542 541 1971.. 5 9,657 7,829 32 2,640 5,000 22 20 100 5 1,827 612 1.215 1972—Jan... 9,658 7,829 32 2,640 5,000 22 20 100 1,828 612 1.216 Feb... 9,658 7,829 32 2,640 5,000 22 20 100 1,828 612 1,216 Mar.. 9,940 8,188 32 2,840 5,158 22 20 100 1,752 536 1,216 Apr. . 12.440 10,688 32 2,840 7,658 22 20 100 1.752 536 1,216 May. 12.441 10,688 32 2,840 7,658 22 20 100 1.753 536 1,217 June. 12,441 10,688 32 2,840 7,658 22 20 100 1,753 536 1,217 July.. 15,864 14,188 32 2,840 11,158 22 20 100 1,676 459 1,217 Aug.. 15,864 14,188 32 2,840 11,158 22 20 100 1.676 459 1.217 Sept.. 16,022 14,345 32 2,840 11,315 22 20 100 1.677 459 1.218 Oct... 15.871 14,345 32 2,840 11,315 22 20 100 1,526 306 1,220 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 1973—Jan 16,016 14,474 20 2,840 11,471 22 20 100 1,542 306 1,236 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. • FEBRUARY 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 AArreeaa aanndd ccoouunnttrryy Dec. Apr. May June July Aug. Sept. Oct.* Nov.* Dec.* Europe: 11 12 13 1155 16 33 8 15 10 8 57 66 72 73 73 66 70 87 84 120 Denmark 49 52 54 52 50 63 60 52 57 60 Finland 135 137 132 126 124 128 120 119 123 118 France 263 265 290 316 306 349 317 274 275 332 Germany 235 239 231 315 286 229 268 287 296 321 Greece 30 28 30 24 25 27 28 27 27 29 Italy 160 209 230 200 196 190 173 177 170 255 Netherlands 105 100 100 117 97 102 116 104 101 109 Norway 67 72 65 64 71 56 52 62 62 69 Portugal 12 13 24 21 25 21 27 22 21 19 Spain 70 135 149 141 156 160 194 229 216 207 Sweden 118 128 132 95 114 120 131 128 123 156 Switzerland 145 138 194 148 134 137 180 186 151 125 Turkey 3 3 3 3 3 4 7 4 4 6 United Kingdom 559 516 518 550 736 666 643 657 729 856 Yugoslavia 19 24 27 22 23 21 22 18 16 22 Other Western Europe 12 17 19 24 23 25 24 23 19 20 28 70 65 57 62 64 55 30 32 41 Other Eastern Europe 37 42 43 43 44 40 38 40 38 49 Total 2,114 2,266 2,390 2,406 2,563 2,503 2,531 2,543 2,555 2,921 1,627 1,961 1,824 1,856 2,299 2,484 2,025 1,681 1,722 1,927 Latin America: Argentina 305 304 316 325 323 339 352 363 357 379 Brazil 435 511 543 551 568 602 641 661 636 652 Chile 139 108 94 78 77 71 79 58 53 52 380 379 394 404 395 384 378 384 396 419 Cuba 13 13 13 13 13 13 13 13 15 13 Mexico 934 1,093 1,035 1,151 1,177 1,160 1,123 1,127 1,169 1,204 Panama 125 110 121 130 132 137 150 145 179 246 Peru 176 163 177 160 157 158 137 138 148 146 Uruguay 41 38 38 35 38 40 43 36 38 40 Venezuela 268 311 299 314 333 343 335 361 386 384 Other Latin American republics 374 376 359 366 357 355 345 353 368 389 Bahamas and Bermuda 262 278 265 317 375 420 422 369 401 474 Netherlands Antilles and Surinam 18 15 16 16 16 16 15 15 13 14 Other Latin America 26 27 24 25 22 29 28 32 33 36 Total 3,494 3,725 3,695 3,883 3,982 4,066 4,061 4,055 4,195 4,445 Asia: China Mainland 1 2 2 2 2 2 2 2 1 1 Hong Kong 70 99 107 111 100 85 85 76 76 94 India 21 18 16 16 14 17 18 15 17 14 Indonesia 41 39 49 45 44 60 66 74 74 87 Israel 129 84 81 78 101 87 78 87 105 105 Japan 4,280 3,980 3,685 3,573 3,532 3,474 3,462 3,727 4,011 4,172 Korea 348 399 377 346 344 342 321 302 317 297 Philippines 138 137 138 138 143 144 144 151 160 149 Taiwan 109 172 180 182 178 173 180 187 201 194 Thailand 172 187 181 183 174 187 187 177 183 191 Other 252 210 199 221 245 230 229 244 262 302 Total 5,560 5,327 5,016 4,894 4,876 4,801 4,774 5,042 5,408 5,606 Africa: Congo (Kinshasa) 21 15 18 14 12 12 12 14 10 13 Morocco 4 4 4 4 4 4 5 5 4 4 South Africa 158 152 161 160 149 142 139 134 145 143 U.A.R. (Egypt) 10 10 11 16 14 12 15 17 16 21 Other 99 120 129 124 121 114 124 113 116 127 Total 292 301 324 318 300 283 294 283 290 308 Other countries: Australia 158 169 175 176 210 184 210 229 271 291 All other 28 34 31 34 38 41 39 36 36 40 Total 186 203 206 211 248 225 249 265 308 331 13,273 13,784 13,455 13,568 14,267 14,362 13,934 13,869 14,478 15,537 3 3 7 4 3 3 4 6 6 3 13,277 13,787 13,462 13,572 14,270 14,365 13,938 13,875 14,484 15,540 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

FEBRUARY 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 o t s i u a a - n l s t B anks1 Others C s t t o o i i a o n u l n l n g t e d - s c - - f A e o o a m i c f r g n c a a n f c e d o c e e p e c r r s t - s t - . Other Total w D e i i e t g h p n o e f s r o i s t r s - g c F a o n u p c o n v o r a a r d i n e t p m t , i i c e f e g l s e r i . s e 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—Dec.2 J \1 1 3 3 , , 2 1 7 7 7 0 1 1 2 2 , , 3 3 8 2 1 8 4 3 , , 5 9 0 6 3 6 2 2 2 2 4 3 2 2 , , 0 6 8 1 0 3 1 1 , , 6 6 6 6 7 2 2 2 . , 4 4 7 7 5 5 4 4 , , 2 2 4 5 3 4 1 1 , , 6 1 8 0 6 7 8 89 4 5 2 5 5 4 4 8 9 1 1 7 1 3 9 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 1,000 579 283 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 2,201 887 431 329 Oct... 13,875 13,100 5,163 146 2,666 2,350 2,994 2,961 1,982 775 408 209 Nov.2' 14,484 13,715 5,359 159 2,700 2,501 3,140 3,139 2,076 769 412 219 Dec.?. 15,540 14,695 5,730 166 2,976 2,589 3,273 3,215 2,478 845 441 223 1 Excludes central banks, which are included with "Official institutions." branches, which were previously reported as "Loans", are included in 2 Data on second line differ from those on first line because (a) those "Other short-term claims"; and (b) a number of reporting banks are included claims of U.S. banks on their foreign branches and those claims of U.S. in the series for the first time. agencies and branches of foreign banks on their head offices and foreign 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars Payable Total Loans to— O lo t n h g e - r c fo u r r i e r n e i g n n - U K d n i o n i m t g e - d E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r co o u A t n h l t e l r r i es Official Other term cies Total institu- Banks1 foreign- claims tions ers 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 568 378 3,075 2,698 504 236 1,958 352 25 71 411 312 1,325 115 548 292 3,664 3.342 575 315 2,452 300 22 130 593 228 1.458 246 583 426 3,692 3,373 575 311 2,487 295 24 132 582 256 1.459 241 595 427 3,743 3,426 595 324 2,507 292 24 124 593 254 1,477 241 624 430 3,842 3,531 644 329 2,559 284 26 131 606 233 1,498 278 651 444 3,944 3,622 654 335 2,633 295 27 143 626 230 1,542 290 673 440 4,049 3,728 674 335 2,719 291 30 140 638 251 1,584 281 712 444 4,194 3,871 719 363 2,788 293 31 139 631 284 1,644 309 740 446 4,308 3,995 757 356 2,882 281 32 146 674 283 1,719 294 759 432 4,389 4,069 771 398 2,899 287 34 141 671 277 1,788 288 778 446 4,529 4,214 796 402 3,017 282 33 128 687 288 1,859 289 802 476 4,627 4,300 798 412 3,090 292 35 136 658 335 1,891 302 828 477 4,668 4.343 822 433 3,088 292 33 137 663 341 1,875 301 863 490 4,914 4,503 832 431 3,240 375 37 138 707 382 1,992 315 881 500 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 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 * securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N h s a e a s t l e e p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e l p e s s u o r- r ch P a u s r e - s Sales c N h e s a t a s l e e p s s u o r r regional Total Official Other 197 0 56 -25 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 998 35 197 1 1,672 130 1,542 1,661 -119 14,573 13,158 1,415 1,687 2,575 -888 1,385 1,434 -49 1972* 3,316 57 3,259 3,281 -22 18,873 14,808 4,065 1,866 2,906 -1,040 2,532 2,099 433 1971—Dec... 175 175 209 -34 1,673 1,207 465 185 175 10 195 154 41 1972—Jan.. . 248 247 305 -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 Mar.. 230 1 229 245 -16 2,030 1,527 503 188 250 -62 290 269 20 Apr... 48 11 38 25 13 1,678 1,420 258 162 152 9 197 181 16 May.. 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... 356 356 340 17 1,317 903 414 153 204 -51 188 115 74 Nov.* 395 395 377 18 1,910 1,289 621 136 171 -35 192 110 82 Dec.*. 404 404 403 1 1,970 1,367 604 211 460 -249 233 162 71 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 i n tz d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e ri r e s r I e n g t i l o . n & al 1970 626 58 195 128 110 -33 24 482 -9 47 85 1 22 1971 731 87 131 219 168 -49 71 627 -93 37 108 « -2 54 1972* 2,277 373 -51 297 642 694 93 2,047 -78 -32 256 -1 -1 86 1971—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 6 149 -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 20 244 8 2 29 * -1 12 Nov.*.... 489 85 44 55 61 150 52 447 14 25 -8 * -1 12 Dec.* 351 49 -3 42 59 132 19 298 -1 8 42 * * 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total m G a e n r y - N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e r r i es I r n e t g l. i o a n n a d l 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* 1,788 293 77 65 134. 320 355 1,243 82 22 293 145 1971—De c -18 -1 -1 -2 -12 18 -6 -3 -13 1972—Ja n 32 3 2 1 -14 20 38 49 10 -2 3 -28 F M e a b r 3 1 2 4 6 4 -1 5 -1 3 -1 * -2 2 0 9 1 6 0 4 2 -1 1 1 5 1 6 1 7 6 -3 11 -13 3* 1 5 9 1 2 2 1 7 8 A M p a r y 1 1 8 8 0 0 4 3 0 8 -3 3 2*0 -3 -8 7 1 -1 1 3 5 12 3 1 8 -1 1 1 26* 2 1 7 1 11 1 4 0 June 210 95 1 8 21 4 17 148 23 8 31 July 36 9 -4 8 41 -34 12 33 4 2 -4 Aug 27 6 4 6 17 -16 45 62 9 -1 * -44 Sept 149 7 4 3 15 18 80 127 10 12 Oct 120 36 7 1 35 4 54 138 5 3 -28 * Nov.* 132 2 30 18 -1 46 42 138 -6 1 Dec.* 253 53 30 14 49 60 207 8 3 35 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 2®. FOREIGN CREDIT*AN© KBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES FN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Intl. Total Latin Other Credit Debit Period Total and foreign Eu- Canada Amer- Asia Af- coun- End of balances balances re- coun- rope ica rica tries 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* -608 -90 -518 460 -661 -67 -269 -10 29 368 220 334 182 1971— Dec.... 51 2 49 23 53 -10 -15 -4 2 291 203 349 281 1972—Jan -261 -241 -20 11 -24 -16 5 * 3 Feb -79 -11 -68 32 -73 1 -26 -2 * 511 314 Mar.... -42 18 -60 58 -74 -2 -47 -5 10 419 300 Apr.. .. 25 7 18 65 13 -31 -36 3 5 333 320 May. . . -87 7 -94 75 -143 -1 -21 -9 2 311 314 June... -273 10 -283 26 -201 -15 -94 * * July.... 81 78 2 36 23 3 -62 * 2 325 379 Aug 93 -1 94 50 49 -1 -5 * 2 312 339 Sept.... 44 6 38 47 3 10 -24 * 1 286 336 Oct 23 16 7 53 -73 2 23 * 2 Nov.*.. 47 11 36 39 -4 8 -8 * * Dec.*. . -178 9 -187 — 32 -158 -29 27 2 1 NOTE.—Data represent the money credit balances and money debit balances appearing on the books of reporting brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. 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 $11,005 million and $11,264 million, respectively, on Oct. 31, 1972. some branches do not adjust the parent's equity in the branch to reflect unrealized paper profits and paper losses caused by changes in exchange NOTE.—Components may not add to totals due to rounding. rates, which are used to convert foreign currency values into equivalent dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 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—Dec.. 47,363 9,740 7,248 2,491 36,221 6,887 16,997 695 1971—Oct.. 57,496 5.844 3,649 2,195 49,716 10,154 21,923 1,198 Nov.. 58,630 5,650 3,341 2,308 51,066 10,416 22,661 1,195 Dec.. 61,334 4,798 2.311 2,486 54,752 11,211 24,550 1,167 1972—Jan.., 59,926 4,331 1,986 2,345 53,701 10,445 24,464 1,211 Feb.. 61,816 4,116 1,742 2,374 55,839 11,013 25,615 1,118 Mar.. 65,033 4,565 2,085 2,480 58,653 10,633 28,066 1,173 Apr.. 63,755 4,846 2,426 2,421 57,091 10,542 26,354 1,179 May. 64,375 4,619 2,080 2,539 57,946 10,463 27,061 1,276 June. 69,623 4,854 2,279 2,576 62,901 11,459 30,586 1,342 July. 72,434 4,186 1,524 2,662 66,241 11,848 31,183 1,439 Aug.1 72,856 4,504 1,759 2,745 66,268 11,655 31,821 1,566 Sept. 73,414 4,927 2,242 2,685 66,140 11,335 32,153 1,538 Oct.. 74,805 4,967 2,239 2,728 67,608 11,343 33,104 1,550 Payable in U.S. dollars. 1970—Dec.. 34,619 9,452 7,233 2,219 24,642 4,213 13,265 362 1971—Oct.. 38,570 5,600 3,633 1,968 32,617 6,094 16,302 907 Nov. 39,130 5,368 3,319 2,049 33.118 6,436 16,690 910 Dec.. 40,182 4,541 2,305 2,236 35.064 6,659 18,006 864 1972—Jan.. 38,867 4,070 1,973 2,097 34,169 6,427 17,710 822 Feb.. 39,915 3,864 1,732 2,132 35,369 6,637 18,510 821 Mar. 42,993 4,300 2,062 2,238 38.065 6,725 20,604 843 Apr.. 41,353 4,562 2,387 2,176 36,123 6,358 19,015 881 May. 41,935 4,393 2,063 2,330 36,889 6,475 19,575 936 June. 44,905 4,585 2,260 2,325 39,669 6,598 22,049 914 July. 46,574 3,923 1,498 2,424 41,929 7,469 22,121 1,015 Aug. 47,175 4,263 1,741 2,523 42,184 7,320 22,717 1,063 Sept. 47,749 4,667 2,221 2,445 42,204 7,048 23,040 1,104 Oct.. 48,995 4,669 2,216 2,453 43,565 7,391 23,560 1,085 IN UNITED KINGDOM Total, all currencies 1970—Dec., 28.451 6,729 5,214 1,515 21,121 3,475 11.095 316 1971—Oct.. 33,408 4.116 2,772 1,344 28,458 5,189 14,536 524 Nov. 33,945 3.845 2,529 1,316 29,203 5,483 15,040 527 Dec.. 34,552 2,694 1,230 1,464 30,996 5,690 16,211 476 1972—Jan.. 33,877 2,514 1,228 1,287 30,447 5,243 16,411 469 Feb.. 34,712 2,247 1,044 1,204 31,617 5,584 17,097 454 Mar. 37,104 2,503 1.312 1,190 33,810 5,380 19,177 491 Apr.. 36,126 2,738 1,574 1,163 32,585 5,269 17,945 507 May. 36,311 2,441 1,282 1,160 33.119 5,209 18,304 585 June. 39.452 2,298 1,199 1,099 36,307 5,604 21.096 568 July. 41,934 1,969 821 1,148 39,077 5,968 21,745 578 Aug., 40,596 2.117 1,078 1,039 37,538 21,411 595 Sept. 40,565 2,325 1,252 1,073 37.144 5,651 21,319 650 Oct.. 41,649 2,409 1,386 1,023 38,201 5,751 22,157 630 Payable in U.S. dollars. 1970—Dec.. 22,574 6,596 15,655 2,223 9,420 1971—Oct.. 24,481 4,012 20,069 3,440 11,859 Nov. 24,561 3,717 20,445 3,918 12,090 Dec.. 24,428 2,585 21,493 4,135 12,762 1972—Feb.. 23,816 2,153 21,254 3,960 13,058 Mar., 26,097 2,401 23,324 3,926 14,865 Apr.. 24,967 2,620 21,943 3,708 13,754 May. 24,928 2,356 22,195 3,577 14,101 June. 27,114 2,210 24,535 3,931 15,983 July. 28,220 1,866 25,936 4,306 16,110 Aug.. 27,185 2,036 24,734 4,013 15,768 Sept. 27,253 2,246 24,532 4,004 15,811 Oct.. 27,978 2,307 25,244 4,169 16,249 IN THE BAHAMAS Total, all currencies. 1970—Dec.. 4,815 1,173 455 717 3,583 2,119 1971—Oct.. 6,586 887 246 641 5,605 3,019 Nov. 7,264 1,025 r227 798 6,139 3,203 Dec.. 8,493 1,282 505 778 7,119 3,798 1972—Jan.. 7,912 953 157 796 6,866 3,630 Feb.. 8,375 994 107 888 7,271 3,816 Mar., 8,828 1,178 126 1,052 7,542 4,030 Apr.. 8,621 1,244 204 1,040 7,269 3,780 May. 9,097 1,361 195 1,166 7,618 4,183 June. 10,075 1,552 295 1,257 8,396 4,825 July. 10,329 1,409 110 1,298 8,786 4,924 Aug. 11,516 1,530 118 1,413 9,846 5,682 Sept. 11,909 1,612 221 1,391 10.145 5,926 Oct.. 112,026 1,739 251 1,489 10,129 5,843 For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 2,915 474 2,441 52,540 9,802 28.532 5,581 8,626 2,041 1971—Oct. 2,870 475 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. 2,934 654 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 10,097 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 3,263 680 2,583 67,392 11,510 37,327 7,841 10,714 2,200 rAug. 3,262 727 2,535 67,892 11,123 38,331 8,039 10,400 2,258 rSept. 3,256 716 2,539 69.206 11,204 38,477 8,236 11,289 2,342 Oct. 2,334 657 1,677 32,509 4,079 19,816 3,737 4,877 1,243 1970—Dec. .Payable in U.S. dollars 2,549 352 2,198 36,331 6,154 20,808 4,503 4,866 1,161 1971—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 2,800 549 2,252 45,464 7,660 25,862 6,252 5,690 1,173 rAug. 2,793 605 2,188 46,088 7,401 26,545 6,331 5,811 1,204 rSept. 2,789 582 2,207 47,313 7,706 26,776 6,567 6,264 1,233 Oct. IN UNITED KINGDOM 1,339 116 1,222 26,520 2,320 16.533 3,119 4.548 592 1970—Dec. .. .Total, all currencies 1,628 104 1,523 31,009 3,250 18,535 4,447 4,777 772 1971—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. 1,457 136 1,321 38,074 3.139 22,746 6,102 6,087 1,034 rSept. 1,465 136 1,329 39,225 3,060 23,001 6,309 6,854 959 Oct. 1,208 98 1,110 21,495 1,548 13,684 2.859 3,404 302 1970—Dec. .Payable in U.S. dollars 1,435 49 1,387 22,875 2,095 14,079 3,660 3,041 417 1971—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. 1,230 86 1,144 25,825 1,926 15,376 4,957 3,567 531 rSept. 1,245 80 1,165 26,759 1,942 15,597 5,216 4,004 473 Oct. IN THE BAHAMAS 542 4,183 488 2,872 823 90 1970—Dec. . Total, all currencies 628 5,805 1,083 3,551 1,170 155 1971—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 1,121 10,238 1,885 6,898 1,455 156 rAug. 1,137 10,616 1,935 7,188 1,493 156 rSept. 1,053 10,801 1,928 7,422 1,452 171 Oct. 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. • FEBRUARY 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 ! l i- Wednesday L t i i a e b s i 1 l i- L s p e i l a c u . b s 2 . Wednesday L t i i a e b s i 1 l i- M l a i t a u b r i i l t i y ty of 1972 Sept. Oct. Nov. 1967 1971 1972—Cont. 2.45 1.98 1.83 J D S M u e e a n p c e r t . . . 2 2 2 2 9 8 7 7 , , , 4 4 3 3 , , , , 2 0 1 4 4 5 6 1 1 9 6 2 J S D M u e e a n p c e r t . . . 2 3 3 2 9 1 0 9 . . . . . . . . 2 2 1 , , , 4 8 4 9 7 5 9 0 5 8 2 9 4 4 3 , , , 3 5 5 5 7 0 8 8 0 Sept. 2 2 1 6 7 0 3 . . . . . . . . . . . . 2 1 1 1 , , , , 0 5 1 4 2 0 8 9 3 8 7 7 C O a t dd i mm h l n l aa e oo r tt nn ee f l :: o tt i a hh l b l ss o il w it aa i i n e ff g tt s ee , rr m ca a l rr t e ee u n pp r d i oo n a rr g tt r 1.97 2.39 2.34 Mar. 27 1968 4,920 J M F a e n a b 1 . r . . 9 7 2 2 2 2 9 6 3 . . . . . . 1 1 1 , , , 5 4 0 3 1 6 2 9 8 Oct. 2 1 1 4 5 8 1 . . . . . . . . . . . . 1 1 1 1 , , , , 6 8 4 5 1 1 9 4 9 5 0 4 5 2 4 3 11 n t ss r t h h d tt d 1 2 3 5 5 1 . . . . . 4 4 5 8 6 3 8 2 3 6 1 2 2 7 6 0 . . . . . 0 9 7 3 0 6 2 2 1 8 1 2 4 8 3 1 . . . . . 7 9 0 0 0 9 6 2 1 1 J J S D M u u e e a n n p c e e r t . . . 2 2 2 2 3 5 6 6 5 1 (1/ 1 1 9 /6 69 9 ) 1 9 6 7 6 3 , , , , , 6 0 1 2 2 2 3 0 0 6 1 9 4 2 9 J A M u p a n r y e . 2 1 2 3 2 1 7 8 4 1 6 . . . . . . . . . . . . 1 1 1 1 1 1 , , , , , , 3 4 4 5 7 1 6 7 2 4 2 9 5 4 5 3 4 2 D N e o c v . . 2 2 2 1 1 s 6 2 9 0 1 3 5 i . . . . . . . * . . . . . . . . . . . . ; 1 1 1 1 1 1 1 1 , , , , , , , , 7 3 6 7 8 4 8 3 4 3 1 0 4 8 6 0 5 8 8 5 1 7 4 7 Mat 1 1 1 u 7 9 6 0 1 2 r t t t t t t i h h h h h h t ies of more than 1 2 1 . . . . . . . . 3 3 5 4 5 6 3 3 9 9 6 8 1 1 1 2 2 1 . . . . . . . . 5 6 5 3 2 4 5 3 9 6 7 3 1 0 0 5 2 1 . . . . . . . . 4 4 3 6 4 2 5 4 3 9 5 7 4 3 7 3 S D e e p c t . . 2 3 4 1 1 1 2 4 , , 8 3 0 4 5 9 July 12 5 . . . . . . 1,3 8 7 2 7 7 27... '1,406 39.91 40.07 40.56 19... 974 1973 26... 1,345 1970 NOTE.—Includes interest-bearing U.S. dollar J S D M u e e a n p c e r t . . . 2 2 3 3 5 4 0 0 1 1 9 7 1 2 , , , , 6 6 8 1 8 6 7 7 5 3 6 2 Aug. 2 3 1 9 3 0 6 2 . . . . . . . . . . 1 1 1 1 1 , , , , , 8 8 2 7 2 2 4 5 8 7 9 6 0 5 0 Jan. 2 1 1 1 3 4 0 3 7 . . . . . . . . . . . . . . . 1 1 1 1 1 , , , , , 4 7 6 1 4 2 1 8 2 9 9 6 5 4 1 d t f a h o m e e r p D o o w e B u s t n h i a a t t i h i s c l a s t h a o m n m d s $ a a u s 5 y d c 0 h a i n r m n e o d d c i t l e t l a o p i b o d f o o n d s r a i r l o t t l s o o r w o t a m o i t n n h t o d a g e r l r s e s d . o f d i o r f u e r e a c e l t i l t g o b n b r r o a o b r n u r r c o a n h w n d e c i i s n h n g e g in . s s 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Eurodollar Series and special Export-Import Bank securities held by foreign branches. Beginning July 28, 1971, all of the securities held were U.S. Treasury Certificates Eurodollar Series. 24. DEPOSITS, U.S. GOVT. SECURITIES, 25. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Payable in dollars foreign currencies Assets in custody EEnndd ooff EEnndd ooff UUnniitteedd ppeerriioodd DDeeppoossiittss U se . c S u . r G iti o e v s t 1 , Ear g m o a ld rk ed ppeerriioodd TToottaall Deposits i S n t h e v o r e m r s t t - - Deposits i S n t h e v o r e m r s t t - - KK dd ii oo nn mm gg -- CCaannaaddaa ments 1 ments 1 1970 148 16,226 12,926 1971 294 43,195 13,815 1,638 1,219 87 272 60 979 280 1972—Jan.... 147 44,359 13,815 1969 2 / \ 1 1 , , 3 4 1 9 9 1 1,0 9 6 5 2 2 1 1 1 6 6 1 1 1 7 8 4 3 7 8 6 6 6 66 1 3 0 4 5 6 3 9 4 Feb.. . 137 45,699 14,359 1,141 697 150 173 121 372 436 Mar... 191 46,837 14,321 Apr.. . 228 46,836 14,315 1971—Nov 1,622 1,029 205 246 143 612 517 J M u a n y e . .. . 2 1 5 5 7 7 4 47 6 , , 1 4 7 5 6 3 1 1 5 5 , , 5 5 4 4 2 2 fuiepcf,. 2 / \ 1 1 , , 6 5 4 0 8 4 1 1 , , 0 0 7 9 5 2 2 1 0 2 3 7 2 2 3 3 4 4 1 6 2 8 0 5 5 7 7 7 7 4 5 4 8 3 7 July... 160 51,522 15,542 Aug.. . 192 51,676 15,530 1972—Jan 1,623 1,132 148 244 100 605 557 Sept... 193 50,997 15,531 Feb 1,627 1,075 213 238 101 550 650 Oct.... 192 51,821 15,531 Mar 1,804 1,234 177 271 122 655 667 Nov... 188 51,874 15,530 Apr 1,899 1,315 200 273 112 667 707 Dec.. . 325 50,934 15,530 May 1,935 1,347 206 299 84 713 608 June 1,984 1,382 199 312 92 710 572 1973—Jan.... 310 50,118 15,526 July 2,082 1,514 194 318 55 751 565 Aug.r 2,270 1,599 217 392 61 752 709 Sept.r 2,098 1,524 170 359 45 681 604 1 Marketable U.S. Treasury bills, certificates of in- Oct.r 2,024 1,469 166 332 57 677 546 debtedness, notes, and bonds and nonmarketable U.S. Nov 2,041 1,486 156 343 55 634 571 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

FEBRUARY 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 Dec. Mar. June Sept.® Dec. Mar. June Sept.2' Europe: 5 5 6 2 14 17 16 15 Belgium-Luxembourg 65 104 108 82 60 45 64 63 2 3 5 5 15 18 20 19 2 2 2 3 18 19 19 16 136 123 139 145 202 196 207 187 Germany, Fed, Rep. of. 117 . 88 104 130 192 197 191 200 4 5 5 14 34 36 36 30 Italy 103 107 99 108 186 181 184 174 69 79 65 79 68 66 66 71 5 6 5 5 13 16 17 19 16 9 2 3 16 23 21 20 65 65 70 63 124 102 117 130 17 16 13 14 40 35 37 45 104 73 97 118 63 60 59 57 Turkey 2 2 3 3 9 9 11 8 United Kingdom 869 927 981 943 940 954 985 968 Yugoslavia 3 4 6 5 13 10 10 11 Other Western Europe 2 1 2 2 13 13 10 11 4 5 3 9 28 25 22 47 Total 1,590 1,625 1,714 1,733 2,046 2,023 2,093 2,091 181 189 185 178 781 1,045 936 996 Latin America: 18 18 18 16 54 48 50 52 Brazil 19 18 19 24 147 138 152 162 Chile 14 21 16 17 46 39 41 32 Cuba 7* 7* 6* 6 1 45 1 40 1 38 1 39 1 22 17 18 21 151 134 144 155 5 8 6 5 21 19 22 20 Peru 7 8 6 5 34 31 32 36 2 3 3 2 5 6 5 7 16 18 17 17 81 77 75 74 Other L.A. republics 32 27 32 30 99 94 106 96 Bahamas and Bermuda 284 351 352 287 366 313 442 510 Neth. Antilles and Surinam. 3 5 6 9 9 8 10 8 Other Latin America 5 12 6 6 24 22 18 23 Total 434 513 506 447 1,083 969 1,134 1,215 Asia: 11 11 11 10 23 21 23 22 26 13 7 7 35 28 32 36 10 6 5 6 28 29 25 32 10 9 9 11 22 21 17 18 Japan 173 189 188 223 405 442 451 452 13 12 16 16 68 56 61 57 5 8 6 7 48 62 67 63 18 23 25 26 41 45 45 51 Thailand 3 4 4 5 15 18 15 14 142 109 104 140 144 171 174 172 Total 412 383 374 451 830 894 911 918 Africa: Congo (Kinshasa) 1 1 1 2 6 5 7 7 31 26 37 17 41 42 46 45 U.A.R. (Egypt) 1 1 1 1 9 9 6 7 Other Africa 35 30 31 37 99 76 74 64 Total 67 59 71 57 155 129 133 122 Other countries: 42 50 54 46 80 83 97 92 All other 8 9 11 11 17 26 18 18 Total 50 58 66 57 98 109 116 110 International and regional * * * * 4 2 5 8 Grand total 2,735 2,828 2,917 2,924 4,997 5,171 5,328 5,460 NOTE.—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts merciafconcerns and other nonbanking institutions in the United States. between U.S. companies and their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 92 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 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 PPaayyaabbllee PPaayyaabbllee iinn PPaayyaabbllee Total ddoo ii ll nn llaa rrss ccuu ff rr oo rr rr ee ee nn iigg cc nn iiee ss Total ddoo ii ll nn llaa rrss D ba e n p k o s s i a ts b r w o i a t d h in reporter's Other name 1968—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 / I 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. J \ 2 2 , , 7 7 3 0 5 4 2 2 , , 2 2 2 7 9 6 4 4 5 7 9 5 4 5 , , 9 1 9 8 7 5 4 4 , , 5 4 3 5 5 9 2 3 9 1 0 8 2 3 4 3 7 3 1972—Mar.., 2,828 2,399 429 5,171 4,551 318 302 June.. 2,917 2,444 472 5,328 4,682 376 270 Sept.*, 2,924 2,425 498 5,460 4,799 432 229 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 Total Country or area liabilities Total 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 747 1,568 32 288 345 205 67 251 129 134 767 1,625 43 313 376 198 62 251 126 142 1,129 1,790 147 306 419 194 73 230 128 171 1,285 1,872 175 342 432 194 75 222 126 191 1,325 1,952 168 368 447 195 76 216 142 229 1,418 1,965 167 369 465 179 70 213 143 246 1,725 2,215 152 433 496 172 73 388 141 249 2,304 2,363 152 442 562 177 77 420 142 271 2,358 2,744 159 735 573 181 74 458 158 288 2,587 2,757 161 712 580 177 65 477 166 288 2,785 2,885 157 720 620 180 63 586 144 284 3,102 2,950 146 708 669 183 60 618 140 292 3,177 2,983 154 688 670 182 63 615 161 302 3,172 2,982 151 687 677 180 63 625 138 312 2,939 3,022 135 672 763 178 60 597 133 319 3,149 3,137 128 715 756 174 60 656 141 327 3,110 3,139 128 715 763 174 60 657 136 327 3,055 3,224 129 723 781 175 59 669 137 360 3,283 3,194 108 707 791 180 57 668 136 361 3,453 3,224 128 690 809 179 61 656 132 382 i Data on the two lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • EXCHANGE RATES A 93 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) n a A (d u o st l r l a ar l ) ia (s A ch u i s l t l r in ia g ) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k a k nd a ) F (f r r a a n n c c e ) 1968. .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 1972—Jan.. 19.960 119.10 4.2516 2.2514 99.411 16.653 14.219 24.077 19.329 Feb.. 219.960 119.10 4.3108 2.2810 99.528 16.650 14.306 24.099 19.650 Mar.. 119.10 4.3342 2.2757 100.152 16.650 14.361 24.121 19.835 Apr.. 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 Aug.. 119.11 4.3470 2.2795 101.789 15.611 14.438 24.020 19.986 Sept.. 119.10 4.3354 2.2742 101.730 15.600 5 14.388 24.015 19.977 Oct.. 119.07 4.3102 2.2640 101.756 15.605 14.453 23.562 19.906 Nov.. 119.09 4.3064 2.2685 101.279 15.026 14.510 24.022 19.839 Dec.. , 12120.74 4.3172 2.2670 100.326 14.936 14.601 24.000 19.657 1973—Jan.. 127.16 4.3203 2.2665 100.071 14.904 14.536 23.986 19.671 Period ( G D m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r ) 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 6 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1970 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 7 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 7 28.650 31.364 13.246 250.08 .17132 .32995 35.610 8.0000 31.153 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 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 1973—Jan 31.288 12.494 235.62 .17079 .33156 35.523 8.0000 31.084 Period Z (d e N o a e l l l w a a n r d ) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t d c h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r w r l a a i n t n z c d - ) ( U p K d o n i o u n i m t n g e d - d ) 1968 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 1969 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 1970 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 239.59 1971 113.71 14.205 3.5456 140.29 1.4383 19.592 8 24.325 244.42 119.35 15.180 3.7023 129.43 1.5559 21.022 26.193 250.08 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 H124.47 1.5750 21.078 26.332 239.48 Nov 119.45 15.144 3.7140 127.52 1.5753 21.076 26.346 235.05 Dec 119.53 15.187 3.7248 127.57 1.5753 21.080 26.526 234.48 1973—Jan 119.52 15.128 3.7280 127.55 1.5755 21.092 1326.820 235.62 1 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to 9 Effective Oct. 20, 1971, the Spanish peseta was revalued to 68.455 5.55 francs per U.S. dollar. per U.S. dollar. 2 A new Argentine peso, equal to 100 old pesos, was introduced on i o Effective June 23, 1972, the U.K. pound was floated. Jan. 1, 1970. Since Apr. 6, 1971, the official exchange rate is set daily by ii South Africa repegged the rand at 127.32 cents Oct. 25, 1972. the Government of Argentina. Average for Feb. 1-27,1972. 12 Effective Dec. 23, 1972, the Australian dollar was revalued to 127.50 3 On June 1, 1970, the Canadian Government announced that, for the cents. time being, Canada will not maintain the exchange rate of the Canadian 13 Effective Jan. 23, 1973, the Swiss franc was floated. dollar within the margins required by IMF rules. 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 i 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. 8 Effective May 10, 1971, the Swiss franc was revalued to 4.08 per For description of rates and back data, see "International Finance," U.S. dollar. 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 • FEBRUARY 1973 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Jan. 31, 1972 Rate Country 1972 1973 as of Jan. 31, Per Month 1973 cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Argentina 6.0 Dec. 1957 1188..00 18.0 Austria 5.0 Jan. 1970 555...555 5.5 Belgium 5.0 Jan. 1972 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 7.0 Jan. 1972 7.0 Colombia 8.0 May 1963 8.0 Costa Rica 5.0 June 1966 5.0 Denmark 7.0 Jan. 1972 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 7.75 Jan. 1972 7.75 France 6.0 Jan. 1972 55..7755 777...555 7.5 Germany, Fed. Rep. of..... 4.0 Dec. 1971 33..00 33..55 444...555 55..00 5.0 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 77..00 7.0 Japan 4.75 Dec. 1971 444...222555 4.25 Korea 13.0 Jan. 1972 13.0 Mexico 4.5 June 1942 4.5 Morocco 3.50 Nov. 1951 3.50 Netherlands 4.5 Jan. 1972 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 44..5500 4.50 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 88..7755 t8.75 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 t United Kingdom—On Oct. 9, 1972, the Bank of England announced: paper; "With effect from Friday October 13th the Bank's minimum lending rate Chile—Various rates ranging from 1 per cent to 17 per cent; 20 per cent will until further notice be the average rate of discount for Treasury bills for loans to make up reserve deficiencies. established at the most recent tender plus one half percent rounded to the Colombia—5 per cent for warehouse receipts covering approved lists of nearest one quarter percent above. Although the rate will therefore be products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent automatically determined by this formula it will for convenience be made for rediscounts in excess of an individual bank's quota; known each Friday afternoon concurrently with and in the same manner Costa Rica—5 per cent for paper related to commercial transactions as the results of the Treasury bill tender. The regular weekly bank rate (rate shown is for agricultural and industrial paper); announcement will be discontinued from now on." Therefore, the mini- Ecuador—5 per cent for special advances and for bank acceptances for mum lending rate as of last Friday of the month will be carried in place of agricultural purposes, 7 per cent for bank acceptances for industrial Bank rate. purposes, and 10 per cent for advances to cover shortages in legal reserves; Venezuela—2 per cent for rediscounts of certain agriculture paper, 4V4 Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills. per cent for advances against government bonds, and 5Vi 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

FEBRUARY 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- MMoonntthh 3 T m r b e o i a l n s ls t u , h r s y l D m a o d y n a - e y t y o 2 - 3 m P b b r o i a i l n m n ls k t e , h s3 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - C d b r l e a e a p a t n o e r k s i s n s 4 it ' g m Da o d y n a - e y t y o s - Tr 6 d b e 0 a i a y l - s l 9 s s u 0 , 6 r y D m a o d y n a - y e t y o 7 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - d P is r r i c a v o t a e u t n e t 197 1 33333.....6666622222 33333.....7777766666 66666.....4444411111 55555.....5555577777 44444.....9999933333 33333.....8888844444 5.84 4444....55554444 6666....11110000 4444....33334444 3333....77776666 5555....22224444 197 2 33333.....5555555555 33333.....6666655555 66666.....0000066666 55555.....0000022222 44444.....8888833333 33333.....8888844444 3333....00004444 4444....33330000 2222....11115555 1111....99997777 4444....88881111 1972—Jan 33333.....2222299999 33333.....7777711111 44444.....4444488888 44444.....3333366666 33333.....9999944444 22222.....5555500000 5.31 3333....22225555 4444....22220000 3333....66661111 4444....44444444 5555....00000000 Feb 33333.....4444488888 33333.....7777799999 44444.....8888855555 44444.....3333377777 44444.....4444433333 22222.....5555500000 5.20 2222....77775555 4444....11115555 3333....11119999 3333....33338888 5555....00000000 Mar 33333.....5555511111 33333.....7777700000 44444.....7777777777 44444.....3333344444 44444.....5555588888 22222.....5555500000 4.76 2222....77775555 3333....88888888 2222....22226666 ....99998888 5555....00000000 Apr 33333.....6666655555 33333.....6666688888 44444.....6666622222 44444.....3333300000 33333.....8888822222 22222.....5555500000 4.81 2222....77775555 3333....77777777 1111....88884444 ....77770000 4444....77775555 May 33333.....6666677777 33333.....7777733333 44444.....8888833333 44444.....2222277777 44444.....5555566666 22222.....5555500000 5.32 2222....77775555 2222....99995555 1111....99998888 3333....00003333 4444....77775555 June 33333.....6666611111 33333.....6666644444 55555.....8888866666 55555.....2222211111 33333.....9999922222 22222.....9999933333 3.81 2222....77775555 2222....66665555 1111....99990000 1111....55553333 4444....77775555 July 33333.....4444488888 33333.....4444455555 66666.....8888822222 55555.....6666600000 44444.....9999999999 44444.....1111188888 3.78 2222....77775555 2222....22224444 1111....00009999 ....88886666 4444....77775555 Aug 33333.....4444477777 33333.....5555544444 66666.....7777711111 55555.....7777799999 55555.....1111133333 55555.....2222255555 3.76 2222....77775555 4444....44448888 ....77770000 ....66660000 4444....77775555 Sept 33333.....5555577777 33333.....5555522222 77777.....1111188888 66666.....4444444444 55555.....2222277777 55555.....2222255555 3.89 2222....77775555 4444....88883333 1111....11111111 ....55554444 4444....77775555 Oct 33333.....5555577777 33333.....6666644444 77777.....3333344444 66666.....7777744444 55555.....4444477777 55555.....2222255555 5.16 3333....22225555 6666....00007777 1111....99995555 2222....66661111 4444....77775555 33333.....6666611111 33333.....7777711111 77777.....2222288888 66666.....8888888888 55555.....7777700000 55555.....2222255555 3333....77775555 5555....77771111 3333....11113333 3333....33331111 4444....77775555 Dec 33333.....6666666666 33333.....7777711111 88888.....0000088888 77777.....7777766666 66666.....2222233333 55555.....5555577777 4444....22225555 6666....66669999 3333....11112222 3333....22220000 4444....77775555 1973 jan 33333.....7777766666 33333.....7777722222 88888.....7777766666 88888.....4444499999 77777.....6666666666 66666.....5555555555 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 q K ( u U i a o n 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 i t t e e s d L S ( o f p n a o r d v e f o a o d r n ) PP dd ff (( (( rr pp oo ii —— ee ++ ss oo rr cc mm )) ww uu )) oo ii nn aa uu oo oo uu dd rr rr nn nn mm dd tt ii LL nn (( oo cc ff NN nn ee aa oo nn dd vv ee ff tt tt oo oo ii rr vv nn ee )) qu A o s te d C an lad A a U dj . . S . t o U S n ta i t t e e s d C S ( a f p n a o r a v e f d o ad r a ) CC dd ff (( (( dd aa oo ii ++ ss -- oo nn rr )) cc )) ll ww aa ll oo dd aa aa oo oo uu ii rr nn rr rr nn ss aa dd nn tt ii CC nn (( cc aa ff NN ee nn aa oo nn aa vv ee ff tt tt dd oo ii vv rr aa ee )) basis) in quotation Canada basis 1972 AAuugg.. 4 5.71 3.74 1.97 -3.59 -1.62 3.48 3.40 3.74 -.34 -.16 -.50 11 5.69 3.77 1.92 -2.91 -.99 3.41 3.34 3.77 -.43 .00 -.43 18 5.69 3.80 1.89 -2.08 -.19 3.44 3.36 3.80 -.44 .00 -.44 25 5.75 4.07 1.68 -2.40 -.72 3.46 3.38 4.07 -.69 .00 -.69 SSeepptt.. ! 5.81 4.48 1.33 -2.70 -1.37 3.49 3.41 4.48 -1.07 -.04 -1.11 8 6.26 4.65 1.61 -2.61 -1.00 3.54 3.46 4.65 -1.19 .06 -1.13 15 6.55 4.61 1.94 -2.79 -.85 3.54 3.46 4.61 -1.15 .00 -1.15 22 6.61 4.60 2.01 -3.20 -1.19 3.57 3.49 4.60 -1.11 .04 -1.07 29 6.53 4.48 2.05 -2.72 -.67 3.62 3.54 4.48 -.94 .20 -.74 Oct. 6 6.53 4.62 1.91 -2.30 -.39 3.57 3.49 4.62 -1.13 .16 -.97 13 6.60 4.78 1.82 -2.47 -.65 3.53 3.45 4.78 -1.33 .28 -1.05 20 6.62 4.68 1.94 -2.62 -.68 3.56 3.48 4.68 -1.20 .08 -1.12 27 6.80 4.65 2.15 -2.82 -.67 3.56 3.48 4.65 -1.17 .04 -1.13 Nov. 3 6.74 4.63 2.16 -2.72 -.56 3.57 3.47 4.63 -1.14 -.08 -1.22 10 6.77 4.64 2.13 -3.07 -.94 3.58 3.50 4.64 -1.14 .10 -1.04 17 6.76 4.69 2.07 -2.59 -.52 3.61 3.53 4.69 -1.16 .12 -1.04 24 6.84 4.77 2.07 -3.02 -.95 3.61 3.53 4.77 -1.24 .16 -1.08 Dec. 1 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 -1.13 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 1973 Jan. 5 8.17 5.05 3.12 -3.29 -.17 3.72 3.64 5.05 -1.41 .52 -.89 12 8.15 5.19 2.96 -3.50 -.54 3.75 3.66 5.19 -1.53 .68 -.85 19 8.08 5.42 2.66 -3.66 -1.00 3.78 3.69 5.42 -1.73 .96 -.77 26 8.01 5.67 2.34 -3.65 -1.31 3.89 3.80 5.67 -1.87 1.08 -.79 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 • FEBRUARY 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 S n ta i t t e e s d r m es a t t e o d f Algeria A t r i g n e a n - t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada world 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 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 'M-M90' 5,777 10,487 *28,625 208 152 283 792 1,648 50 16 834 5.777 10,487 208 152 282 792 1,636 16 834 5.778 10,487 208 282 792 1,642 16 834 5,830 10,487 208 281 792 1,638 834 Ger- E pe nd ri o o d f lo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel Italy Rep. of 196 5 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 196 6 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 196 7 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 196 8 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 196 9 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 197 0 17 64 29 3,532 3,980 117 243 131 144 16 43 2,887 1971—Dec.. 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 1972—Jan... 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 Feb... 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 Mar.. 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 Apr.. 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 May.. 15 69 53 3,826 4,437 132 264 142 156 17 47 3,131 June.. 16 69 53 3,826 4,437 132 264 142 156 17 47 3,131 July.. 16 69 53 3,826 4,437 132 264 142 156 17 47 3,131 Aug.. 16 69 53 3,826 4,437 132 264 142 156 17 47 3,131 Sept.. 16 69 53 3,826 4,436 132 264 142 156 17 43 3,130 Oct... 16 69 53 3,826 4,436 132 142 156 17 42 3,130 Nov.. 16 69 53 3,826 4,436 132 142 156 17 3,130 Dec.* 16 69 53 3,826 4,459 142 17 3,130 E pe n r d i o o d f Kuwait a L n e o b n - Libya Ma si l a a y- Mexi- Moroc- N l e a t n h d e s r - N w o ay r- P s a ta k n i - Peru P p h i i n l e ip s - Po g r a t l u - 196 5 52 182 68 158 21 1,756 31 53 67 38 576 196 6 67 193 68 109 21 1,730 18 53 65 44 643 196 7 136 193 68 166 21 1,711 18 53 20 60 699 196 8 122 288 85 165 21 1,697 24 54 20 62 856 196 9 86 288 85 169 21 1,720 25 54 25 45 876 197 0 86 288 85 176 21 1,787 23 54 40 56 902 1971—Dec.. 87 322 85 184 21 1,909 33 55 40 67 921 1972—Jan... 87 322 85 181 21 1,908 33 55 40 68 921 Feb... 87 322 85 179 21 1,908 33 55 40 68 921 Mar.. 87 322 85 177 21 1,908 33 55 40 68 925 Apr... 89 322 85 174 21 1,908 33 55 40 68 925 May.. 104 350 93 188 23 2,079 36 60 43 73 1,004 June. 98 350 93 188 23 2,079 36 60 41 72 1,004 July.. 94 350 93 188 23 2,079 36 60 41 72 1,004 Aug.. 94 350 93 188 23 2,079 36 60 41 72 rl,021 Sept.. 94 350 93 188 23 2,078 36 60 41 72 »*1,021 Oct... 94 350 93 23 2,078 36 60 72 r1,021 Nov.. 94 350 93 23 2,059 36 60 71 1,021 Dec.* 94 350 93 2,059 37 60 71 1,021 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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) A So fr u i t c h a Spain Sweden Sw la it n z d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o i n m t g e - d U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - 425 810 202 3,042 55 96 116 139 2,265 155 401 637 785 203 2,842 62 92 102 93 1,940 146 401 583 785 203 3,089 81 92 97 93 1,291 140 401 1,243 785 225 2,624 81 92 97 93 1,474 133 403 1,115 784 226 2,642 82 92 117 93 1,471 165 403 666 498 200 2,732 82 92 126 85 1,349 162 384 410 498 200 2,909 80 82 130 85 775 148 391 403 498 200 2,909 80 82 130 85 778 146 391 405 498 200 2,909 80 82 130 85 751 146 391 405 498 200 2,909 80 82 129 85 751 156 391 412 498 200 2,909 80 82 127 85 751 156 391 471 541 217 3,158 87 89 127 92 816 169 425 507 541 217 3,158 87 89 122 92 816 169 425 543 541 217 3,158 87 89 122 92 816 169 425 580 541 217 3,158 87 89 122 92 800 169 425 601 541 217 3,158 87 89 122 92 800 169 425 636 541 217 3,158 87 89 122 92 169 425 662 541 217 3,158 87 89 122 92 169 425 681 541 217 3,158 87 89 136 425 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; adjustments $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 World Period p t r i o o d n uc i - A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m - India Japan P p h i i n l e ip s - 1966.., 1,445.0 1,080.8 24.0 5.6 63.1 114.6 7.5 5.2 9.8 4.2 19.4 15.8 1967... 1,410.0 1,068.7 26.7 5.4 53.4 103.7 5.8 5.2 9.0 3.4 23.7 17.2 1968... 1,420.0 1,088.0 25.4 5.9 53.9 94.1 6.2 4.9 8.4 4.0 21.5 18.5 1969.., 1,420.0 1,090.7 24.8 6.0 60.1 89.1 6.3 3.7 7.7 3.4 23.7 20.0 1 19 9 7 7 1 0 * .. . , , 1,450.0 1 1 , , 1 0 2 9 8 8 . .7 0 2 2 4 4 . . 8 4 6 6 . . 2 0 63.5 7 8 7 4 . . 3 3 6 5 . . 9 3 3.8 7 6 . . 1 6 4 3 . . 1 7 2 2 7 4 . . 0 8 2 2 1 2 . . 1 2 1971—Nov., 91.7 6.6 .3 .6 .3 2.4 Dec.. 85.7 5.9 .5 .5 .3 2.2 1972—Jan.. 95.3 6.5 .5 .7 .4 2.6 Feb.. 88.2 6.4 .4 .6 .3 2.5 Mar.. 91.8 6.6 .5 .5 .3 2.6 Apr.. 93.2 7.5 .6 .3 2.4 May. 94.4 6.8 .6 .4 2.4 June. 94.3 6.2 .7 .3 2.5 July., 94.4 6.4 .5 2.8 Aug.. 94.1 5.9 .6 2.8 Sept.. 93.9 6.3 .6 Oct.. 94.2 6.3 Nov.. 91.5 6.0 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 FEDERAL RESERVE BANKS, 1972 • FEBRUARY 1973 EARNINGS AND EXPENSES (In Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current earnings Discounts and advances 1144,,337766,,331155 1,264,110 55,,889944,,002255 509,129 648,885 538,548 1,099,813 44,,009955,,880099 44,,009955,,880099 UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvvttttttttttttt,,,,,,,,,,,,, ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 33,,777711,,220099,,660077 174,721,108 996600,,226644,,008855 199,459,565 289,932,494 279,471,258 201,495,170 11,,111177,,224444 49,930 228888,,337755 57,654 100,905 57,655 75,398 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 11,,553355,,554488 19,044 775533,,558866 20,536 68,068 33,324 86,393 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 3,792,334,523 176,054,192 971,295,880 200,046,884 290,750,352 280,100,785 202,756,774 CCCCCCCCCCCCCuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss SSSSSSSSSSSSSaaaaaaaaaaaaalllllllllllllaaaaaaaaaaaaarrrrrrrrrrrrriiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss::::::::::::: OOOOOOOOOOOOOffffffffffffffffffffffffffiiiiiiiiiiiiiccccccccccccceeeeeeeeeeeeerrrrrrrrrrrrrsssssssssssss 15,596,648 978,622 3,265,214 1,073,640 979,183 1,387,653 1,224,608 186,278,708 11,852,095 46,858,145 8,690,898 11,705,149 14,470,549 14,989,181 RRRRRRRRRRRRReeeeeeeeeeeeetttttttttttttiiiiiiiiiiiiirrrrrrrrrrrrreeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr bbbbbbbbbbbbbeeeeeeeeeeeeennnnnnnnnnnnneeeeeeeeeeeeefffffffffffffiiiiiiiiiiiiitttttttttttttsssssssssssss 33,728,896 2,328,685 7,929,114 1,563,087 2,140,240 2,626,637 2,662,741 FFFFFFFFFFFFFeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssss—————————————DDDDDDDDDDDDDiiiiiiiiiiiiirrrrrrrrrrrrreeeeeeeeeeeeeccccccccccccctttttttttttttooooooooooooorrrrrrrrrrrrrsssssssssssss aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrrsssssssssssss 3,291,136 149,745 1,030,298 507,915 133,435 145,735 327,401 4,873,832 311,055 662,562 203,295 363,691 394,882 709,644 PPPPPPPPPPPPPooooooooooooossssssssssssstttttttttttttaaaaaaaaaaaaagggggggggggggeeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd eeeeeeeeeeeeexxxxxxxxxxxxxppppppppppppprrrrrrrrrrrrreeeeeeeeeeeeessssssssssssssssssssssssssaaaaaaaaaaaaagggggggggggggeeeeeeeeeeeee 46,048,583 2,855,282 5,775,079 1,695,052 3,759,710 5,329,081 5,106,516 TTTTTTTTTTTTTeeeeeeeeeeeeellllllllllllleeeeeeeeeeeeeppppppppppppphhhhhhhhhhhhhooooooooooooonnnnnnnnnnnnneeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ttttttttttttteeeeeeeeeeeeellllllllllllleeeeeeeeeeeeegggggggggggggrrrrrrrrrrrrraaaaaaaaaaaaappppppppppppphhhhhhhhhhhhh 5,049,075 287,139 1,023,584 192,399 221,099 430,935 634,293 PPPPPPPPPPPPPrrrrrrrrrrrrriiiiiiiiiiiiinnnnnnnnnnnnntttttttttttttiiiiiiiiiiiiinnnnnnnnnnnnnggggggggggggg aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd sssssssssssssuuuuuuuuuuuuuppppppppppppppppppppppppppllllllllllllliiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 15,397,840 879,818 2,837,919 783,267 873,014 1,513,381 1,616,496 702,230 44,566 137,192 26,908 55,128 61,682 71,505 TTTTTTTTTTTTTaaaaaaaaaaaaaxxxxxxxxxxxxxeeeeeeeeeeeeesssssssssssss ooooooooooooonnnnnnnnnnnnn rrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaalllllllllllll eeeeeeeeeeeeessssssssssssstttttttttttttaaaaaaaaaaaaattttttttttttteeeeeeeeeeeee 8,705,367 1,059,609 1,449,480 202,714 676,328 344,978 483,067 DDDDDDDDDDDDDeeeeeeeeeeeeeppppppppppppprrrrrrrrrrrrreeeeeeeeeeeeeccccccccccccciiiiiiiiiiiiiaaaaaaaaaaaaatttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnn (((((((((((((bbbbbbbbbbbbbuuuuuuuuuuuuuiiiiiiiiiiiiillllllllllllldddddddddddddiiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss))))))))))))) 5,091,938 161,370 853,550 76,596 228,847 519,759 780,812 LLLLLLLLLLLLLiiiiiiiiiiiiiggggggggggggghhhhhhhhhhhhhttttttttttttt,,,,,,,,,,,,, hhhhhhhhhhhhheeeeeeeeeeeeeaaaaaaaaaaaaattttttttttttt,,,,,,,,,,,,, pppppppppppppooooooooooooowwwwwwwwwwwwweeeeeeeeeeeeerrrrrrrrrrrrr,,,,,,,,,,,,, aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd wwwwwwwwwwwwwaaaaaaaaaaaaattttttttttttteeeeeeeeeeeeerrrrrrrrrrrrr 3,879,733 229,897 702,051 166,463 426,586 333,623 319,049 RRRRRRRRRRRRReeeeeeeeeeeeepppppppppppppaaaaaaaaaaaaaiiiiiiiiiiiiirrrrrrrrrrrrrsssssssssssss aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd aaaaaaaaaaaaalllllllllllllttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrraaaaaaaaaaaaatttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 2,761,013 74,483 335,622 499,468 135.027 302,770 119,327 3,254,400 531,073 1,848,801 118,370 72,602 146,070 355,915 FFFFFFFFFFFFFuuuuuuuuuuuuurrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiitttttttttttttuuuuuuuuuuuuurrrrrrrrrrrrreeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd eeeeeeeeeeeeeqqqqqqqqqqqqquuuuuuuuuuuuuiiiiiiiiiiiiipppppppppppppmmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt::::::::::::: PPPPPPPPPPPPPuuuuuuuuuuuuurrrrrrrrrrrrrccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaassssssssssssseeeeeeeeeeeeesssssssssssss 11,414,870 363,214 1,653,004 537,308 1,676,909 537,499 627,052 22,480,935 1,386,202 3,617,006 1,220,282 1,335,563 2,034,590 2,103,613 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 7,175,789 577,564 1,970,859 419,663 570.028 301,075 379,321 IIIIIIIIIIIIInnnnnnnnnnnnnttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrr-------------OOOOOOOOOOOOOffffffffffffffffffffffffffiiiiiiiiiiiiiccccccccccccceeeeeeeeeeeee eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss -2,451 109,984 -1,504,676 121,940 215,961 -211,607 188,187 SSSSSSSSSSSSSuuuuuuuuuuuuubbbbbbbbbbbbbtttttttttttttoooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 375,728,542 24,180,403 80,444,804 18,099,265 25,568,500 30,689,292 32,698,728 FFFFFFFFFFFFF.............RRRRRRRRRRRRR............. cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy 31,454,740 1,609,898 6,042,779 1,984,684 1,843,399 3,015,015 2,754,940 AAAAAAAAAAAAAsssssssssssssssssssssssssseeeeeeeeeeeeessssssssssssssssssssssssssmmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt fffffffffffffooooooooooooorrrrrrrrrrrrr eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss ooooooooooooofffffffffffff BBBBBBBBBBBBBoooooooooooooaaaaaaaaaaaaarrrrrrrrrrrrrddddddddddddd ooooooooooooofffffffffffff GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvveeeeeeeeeeeeerrrrrrrrrrrrrnnnnnnnnnnnnnooooooooooooorrrrrrrrrrrrrsssssssssssss............. 35,234,499 1,583,800 9,148,300 1,816,200 3,221,900 1,821,100 2,397,000 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 442,417,781 27,374,101 95,635,883 21,900,149 30,633,799 35,525,407 37,850,668 LLLLLLLLLLLLLeeeeeeeeeeeeessssssssssssssssssssssssss rrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiimmmmmmmmmmmmmbbbbbbbbbbbbbuuuuuuuuuuuuurrrrrrrrrrrrrssssssssssssseeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt fffffffffffffooooooooooooorrrrrrrrrrrrr ccccccccccccceeeeeeeeeeeeerrrrrrrrrrrrrtttttttttttttaaaaaaaaaaaaaiiiiiiiiiiiiinnnnnnnnnnnnn fffffffffffffiiiiiiiiiiiiissssssssssssscccccccccccccaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaagggggggggggggeeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss 27,811,430 1,473,551 5,561,418 1,211,666 2,539,401 1,689,468 2,368,240 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss 414,606,351 25,900,550 90,074,465 20,688,483 28,094,398 33,835,939 35,482,428 PPPPPPPPPPPPPrrrrrrrrrrrrrooooooooooooofffffffffffffiiiiiiiiiiiiittttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd lllllllllllllooooooooooooossssssssssssssssssssssssss CCCCCCCCCCCCCuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss 3,377,728,169 150,153,642 881,221,415 179,358,401 262,655,954 246,264,846 167,274,347 AAAAAAAAAAAAAddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss tttttttttttttooooooooooooo cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: PPPPPPPPPPPPPrrrrrrrrrrrrrooooooooooooofffffffffffffiiiiiiiiiiiiitttttttttttttsssssssssssss ooooooooooooonnnnnnnnnnnnn sssssssssssssaaaaaaaaaaaaallllllllllllleeeeeeeeeeeeesssssssssssss ooooooooooooofffffffffffff UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvvttttttttttttt,,,,,,,,,,,,, ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss............. 3,009,111 412,702 769,744 181,411 229,761 213,656 153,507 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 2,002,096 87,064 515,813 62,994 97,522 128,737 113,898 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaaddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 5,011,207 229,766 1,285,557 244,405 327,283 342,393 267,405 DDDDDDDDDDDDDeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss fffffffffffffrrrrrrrrrrrrrooooooooooooommmmmmmmmmmmm cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: LLLLLLLLLLLLLooooooooooooosssssssssssssssssssssssssseeeeeeeeeeeeesssssssssssss ooooooooooooonnnnnnnnnnnnn fffffffffffffooooooooooooorrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiigggggggggggggnnnnnnnnnnnnn eeeeeeeeeeeeexxxxxxxxxxxxxccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaannnnnnnnnnnnngggggggggggggeeeeeeeeeeeee tttttttttttttrrrrrrrrrrrrraaaaaaaaaaaaannnnnnnnnnnnnsssssssssssssaaaaaaaaaaaaaccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 51,897,303 2,332,558 13,477,005 2,695,401 4,716,952 2,695,401 3,524,755 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 2,729,691 2,387,289 106,638 2,575 2,917 11,765 2,354 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll dddddddddddddeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 54,626,994 4,719,847 13,583,643 2,697,976 4,719,869 2,707,166 3,527,109 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt dddddddddddddeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnn fffffffffffffrrrrrrrrrrrrrooooooooooooommmmmmmmmmmmm (((((((((((((—————————————))))))))))))) cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss.......................... -49,615,787 -4,490,081 -12,298,086 -2,453,571 -4,392,586 -2,364,773 -3,259,704 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss bbbbbbbbbbbbbeeeeeeeeeeeeefffffffffffffooooooooooooorrrrrrrrrrrrreeeeeeeeeeeee pppppppppppppaaaaaaaaaaaaayyyyyyyyyyyyymmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss tttttttttttttooooooooooooo UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrryyyyyyyyyyyyy............. 3,328,112,382 145,663,561 868,923,329 176,904,830 258,263,368 243,900,073 164,014,643 DDDDDDDDDDDDDiiiiiiiiiiiiivvvvvvvvvvvvviiiiiiiiiiiiidddddddddddddeeeeeeeeeeeeennnnnnnnnnnnndddddddddddddsssssssssssss pppppppppppppaaaaaaaaaaaaaiiiiiiiiiiiiiddddddddddddd 46,183,719 2,006,870 11,928,649 2,344,496 4,205,725 2,419,254 3,174,260 PPPPPPPPPPPPPaaaaaaaaaaaaayyyyyyyyyyyyymmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss tttttttttttttooooooooooooo UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrryyyyyyyyyyyyy (((((((((((((iiiiiiiiiiiiinnnnnnnnnnnnnttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrreeeeeeeeeeeeesssssssssssssttttttttttttt ooooooooooooonnnnnnnnnnnnn FFFFFFFFFFFFF.............RRRRRRRRRRRRR............. 3,231,267,663 143,785,791 843,245,180 174,072,684 250,144,793 238,204,519 155,898,833 TTTTTTTTTTTTTrrrrrrrrrrrrraaaaaaaaaaaaannnnnnnnnnnnnsssssssssssssfffffffffffffeeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeddddddddddddd tttttttttttttooooooooooooo ooooooooooooorrrrrrrrrrrrr fffffffffffffrrrrrrrrrrrrrooooooooooooommmmmmmmmmmmm (((((((((((((—————————————))))))))))))) sssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss 50,661,000 -129,100 13,749,500 487,650 3,912,850 3,276,300 4,941,550 SSSSSSSSSSSSSuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss,,,,,,,,,,,,, JJJJJJJJJJJJJaaaaaaaaaaaaannnnnnnnnnnnnuuuuuuuuuuuuuaaaaaaaaaaaaarrrrrrrrrrrrryyyyyyyyyyyyy 1111111111111 742,184,050 33,636,750 192,854,450 38,408,900 67,881,900 38,288,650 50,378,000 SSSSSSSSSSSSSuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss,,,,,,,,,,,,, DDDDDDDDDDDDDeeeeeeeeeeeeeccccccccccccceeeeeeeeeeeeemmmmmmmmmmmmmbbbbbbbbbbbbbeeeeeeeeeeeeerrrrrrrrrrrrr 33333333333331111111111111 792,845,050 33,507,650 206,603,950 38,896,550 71,794,750 41,564,950 55,319,550 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1973 • FEDERAL RESERVE BANKS, 1972 A 99 OF FEDERAL RESERVE BANKS dollars) Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Item Current earnings 1,927,020 282,098 168,386 526,694 629,906 ! 887,701 609,927,134 141,189,525 73,638,392 153,516,165 171,213,105 516,381,606 UU..SS.. GGoovvtt,, sseeccuurriittiieess 173,510 37,705 25,507 46,577 61,007 143,021 126,696 34,204 216,217 49,132 48,698 79,650 612,154,360 141,543,532 74,048,502 154,138,568 171,952,716 517,491,978 CCCCCCCCCCuuuuuuuuuurrrrrrrrrrrrrrrrrrrreeeeeeeeeennnnnnnnnntttttttttt eeeeeeeeeexxxxxxxxxxppppppppppeeeeeeeeeennnnnnnnnnsssssssssseeeeeeeeeessssssssss SSSSSSSSSSaaaaaaaaaallllllllllaaaaaaaaaarrrrrrrrrriiiiiiiiiieeeeeeeeeessssssssss:::::::::: 1,389,221 1,167,821 840,074 1,048,084 903,427 1,339,101 24,879,063 10,634,589 7,041,604 10,836,861 8,819,050 15,501,524 4,332,488 1,996,171 1,263,156 1,974,380 1,616,005 3,296,192 175,661 132,964 362,250 98,996 78,847 147,889 572,900 270,900 318,714 315,850 285,141 464,098 5,912,173 3,198,913 2,014,005 3,001,292 2,502,565 4,898,915 719,768 273,387 200,324 399,100 320,008 347,039 2,108,556 1,106,346 643,584 1,070,432 736,570 1,228,457 PPPPPPPPPPrrrrrrrrrriiiiiiiiiinnnnnnnnnnttttttttttiiiiiiiiiinnnnnnnnnngggggggggg aaaaaaaaaannnnnnnnnndddddddddd ssssssssssuuuuuuuuuupppppppppppppppppppplllllllllliiiiiiiiiieeeeeeeeeessssssssss 70,310 47,254 26,812 59,922 31,145 69,806 1,531,680 430,446 835,002 564,522 398,889 728,652 402,879 446,243 2,020 866,300 377,974 375,588 515,076 291,693 153,376 343,015 178,598 220,306 321,270 527,604 50,391 133,169 74,825 187,057 RRRRRRRRRReeeeeeeeeeppppppppppaaaaaaaaaaiiiiiiiiiirrrrrrrrrrssssssssss aaaaaaaaaannnnnnnnnndddddddddd aaaaaaaaaalllllllllltttttttttteeeeeeeeeerrrrrrrrrraaaaaaaaaattttttttttiiiiiiiiiioooooooooonnnnnnnnnnssssssssss 153,517 18,943 483 4,269 2,570 1,787 RRRRRRRRRReeeeeeeeeennnnnnnnnntttttttttt FFFFFFFFFFuuuuuuuuuurrrrrrrrrrnnnnnnnnnniiiiiiiiiittttttttttuuuuuuuuuurrrrrrrrrreeeeeeeeee aaaaaaaaaannnnnnnnnndddddddddd eeeeeeeeeeqqqqqqqqqquuuuuuuuuuiiiiiiiiiippppppppppmmmmmmmmmmeeeeeeeeeennnnnnnnnntttttttttt:::::::::: 1,083,504 700,681 1,559,077 489,797 1,659,066 507,759 3,222,015 1,433,856 1,036,397 2,035,368 1,162,516 1,893,527 1,205,741 181,359 327,001 362,213 586,646 297,419 AAAAAAAAAAllllllllllllllllllll ooooooooootttttttttthhhhhhhhhheeeeeeeeeerrrrrrrrrr 365,296 90,469 63,376 111,521 140,888 306,210 48,959,118 22,949,639 16,737,646 23,715,091 19,874,730 31,811,326 4,946,457 1,306,336 555,884 1,528,108 1,644,267 4,222,973 5,295,000 1,187,600 801,600 1,496,500 1,939,699 4,525,800 59,200,575 25,443,575 18,095,130 26,739,699 23,458,696 40,560,099 LLLLLLLLLLeeeeeeeeeessssssssssssssssssss rrrrrrrrrreeeeeeeeeeiiiiiiiiiimmmmmmmmmmbbbbbbbbbbuuuuuuuuuurrrrrrrrrrsssssssssseeeeeeeeeemmmmmmmmmmeeeeeeeeeennnnnnnnnntttttttttt ffffffffffoooooooooorrrrrrrrrr cccccccccceeeeeeeeeerrrrrrrrrrttttttttttaaaaaaaaaaiiiiiiiiiinnnnnnnnnn ffffffffffiiiiiiiiiissssssssssccccccccccaaaaaaaaaallllllllll aaaaaaaaaaggggggggggeeeeeeeeeennnnnnnnnnccccccccccyyyyyyyyyy 4,877,671 1,686,350 832,820 1,913,808 933,336 2,723,701 54,322,904 23,757,225 17,262,310 24,825,891 22,525,360 37,836,398 PPPPPPPPPPrrrrrrrrrrooooooooooffffffffffiiiiiiiiiitttttttttt aaaaaaaaaannnnnnnnnndddddddddd lllllllllloooooooooossssssssssssssssssss 557,831,455 117,786,305 56,786,191 129,312,677 149,427,356 479,655,580 AAAAAAAAAAddddddddddddddddddddiiiiiiiiiittttttttttiiiiiiiiiioooooooooonnnnnnnnnnssssssssss ttttttttttoooooooooo ccccccccccuuuuuuuuuurrrrrrrrrrrrrrrrrrrreeeeeeeeeennnnnnnnnntttttttttt nnnnnnnnnneeeeeeeeeetttttttttt eeeeeeeeeeaaaaaaaaaarrrrrrrrrrnnnnnnnnnniiiiiiiiiinnnnnnnnnnggggggggggssssssssss:::::::::: 485,247 113,958 57,268 123,703 137,148 401,006 459,774 177,009 126,643 107,650 1,271 123,721 945,021 290,967 183,911 231,353 138,419 524,727 7,723,360 1,825,046 1,192,197 2,177,055 2,850,905 6,686,668 53,127 55,771 88,127 3,326 5,743 10,059 7,776,487 1,880,817 1,280,324 2,180,381 2,856,648 6,696,727 DDDDDDDDDDeeeeeeeeeedddddddddduuuuuuuuuuccccccccccttttttttttiiiiiiiiiioooooooooonnnnnnnnnnssssssssss ffffffffffrrrrrrrrrroooooooooommmmmmmmmm ccccccccccuuuuuuuuuurrrrrrrrrrrrrrrrrrrreeeeeeeeeennnnnnnnnntttttttttt nnnnnnnnnneeeeeeeeeetttttttttt eeeeeeeeeeaaaaaaaaaarrrrrrrrrrnnnnnnnnnniiiiiiiiiinnnnnnnnnnggggggggggssssssssss:::::::::: -6,831,466 -1,589,850 -1,096,413 -1,949,028 -2,718,229 -6,172,000 550,999,989 116,196,455 55,689,778 127,363,649 146,709,127 473,483,580 7,126,101 1,544,018 1,051,262 1,964,630 2,519,556 5,898,898 530,384,188 112,873,437 53,401,066 123,529,669 142,050,921 463,676,582 13,489,700 1,779,000 1,237,450 1,869,350 2,138,650 3,908,100 110,660,450 25,176,100 16,895,150 31,527,450 41,014,700 95,461,550 PPPPPPPPPPaaaaaaaaaayyyyyyyyyymmmmmmmmmmeeeeeeeeeennnnnnnnnnttttttttttssssssssss ttttttttttoooooooooo UUUUUUUUUU..........SSSSSSSSSS.......... TTTTTTTTTTrrrrrrrrrreeeeeeeeeeaaaaaaaaaassssssssssuuuuuuuuuurrrrrrrrrryyyyyyyyyy ((((((((((iiiiiiiiiinnnnnnnnnntttttttttteeeeeeeeeerrrrrrrrrreeeeeeeeeesssssssssstttttttttt oooooooooonnnnnnnnnn FFFFFFFFFF..........RRRRRRRRRR.......... 124,150,150 26,955,100 18,132,600 33,396,800 43,153,350 99,369,650 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 SAMUEL I. KATZ, Adviser THOMAS J. O'CONNELL, General Counsel PAUL GARDNER, JR. , Assistant General Counsel BERNARD NORWOOD, Adviser PAULINE B. HELLER, Assistant General Counsel SAMUEL PIZER, Adviser RALPH C. WOOD, Adviser ROBERT S. PLOTKIN, Adviser GEORGE B. HENRY, Assistant Adviser HELEN B. JUNZ, Assistant Adviser DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF SUPERVISION AND REGULATION JAMES A. MCINTOSH, Director FREDERIC SOLOMON, Director JOHN N. KILEY, JR. , Associate Director BRENTON C. LEAVITT, Deputy Director WALTER A. ALTHAUSEN, Assistant Director FREDERICK R. DAHL, Assistant Director DONALD G. BARNES, Assistant Director JACK M. EGERTSON, Assistant Director HARRY A. GUINTER, Assistant Director JOHN P. FLAHERTY, Assistant Director P. D. RING, Assistant Director JANET O. HART, Assistant Director JAMES L. VINING, Assistant Director JOHN N. LYON, Assistant Director CHARLES C. WALCUTT, Assistant Director JOHN T. MCCLINTOCK, Assistant Director E. MAURICE MCWHIRTER, Chief Federal THOMAS A. SIDMAN, Assistant Director Reserve Examiner CHARLES L. MARINACCIO, Adviser *On leave of absence. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 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 EDWARD K. O'CONNOR, Assistant Director JOHN D. SMITH, Assistant Director RICHARD S. WATT, 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 „ ^ ^ „ RALPH C. BRYANT, Associate Economist NORMAND R. V. BERNARD, Assistant Secretary RAMLEY, Associate Economist LYLE E G HOWARD H. HACKLEY, General Counsel RALPH T. GREEN, Associate Economist THOMAS J. O'CONNELL, Assistant General Counsel A- B- HERSEY, Associate Economist J. CHARLES PARTEE, Senior Economist WILLIAM J. HOCTER, Associate Economist ^ TT A R-< • JOHN H. KAREKEN, Associate Economist 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 G. MORRIS DORRANCE, JR., THIRD FEDERAL RESERVE DISTRICT, President HARRY HOOD BASSETT, SIXTH FEDERAL RESERVE DISTRICT, Vice President JAMES F. ENGLISH, JR., FIRST FEDERAL DAVID H. MOREY, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT GABRIEL HAUGE, SECOND CHESTER C. LIND, NINTH FEDERAL 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 ALLEN P. STULTS, SEVENTH 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. Stuart Shumate Robert P. Black Baltimore 21203 John H. Fetting, Jr. H. Lee Boatwright, III Charlotte 28201 Charles W. DeBell Jimmie R. Monhollon Culpeper Communications J. Gordon Dickerson, Jr. Center 22701 Atlanta 30303 John C. Wilson Monroe Kimbrel H. G. Pattillo Kyle K. Fossum Birmingham 35202 David Mathews Dan L. Hendley Jacksonville 32203 Henry Cragg Edward C. Rainey Nashville 37203 James W. Long Jeffrey J. Wells New Orleans 70160 Fred Adams, Jr. 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 W.M. Defoe Daniel M. Doyle St. Louis 63166 Frederic M. Peirce Darryl R. Francis Sam Cooper Eugene A. Leonard Little Rock 72203 Roland R. Remmel John F. Breen Louisville 40201 William H. Stroube Donald L. Henry Memphis 38101 Alvin Huffman, Jr. 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 Maurice B. Mitchell George C. Rankin Oklahoma City , 73125 Joseph H. Williams William G. Evans Omaha 68102 A. James Ebel Robert D. Hamilton Dallas 75222 Chas. F. Jones Philip E. Coldwell John Lawrence T. W. Plant El Paso 79999 Herbert M. Schwartz Frederic W. Reed Houston 77001 M. Steele Wright, Jr. James L. Cauthen San Antonio 78295 Irving A. Mathews Carl H. Moore San Francisco 94120 O. 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 address. $.85 each. (Limited supply of mimeographed copies of full text available upon request for single copies) REPORT OF THE JOINT TREASURY-FEDERAL RE- SERVE STUDY OF THE U.S. GOVERNMENT SE- OPERATING POLICIES OF BANK HOLDING COMPA- CURITIES MARKET. 1969. 48 pp. $.25 a copy; NIES—PART 1, by Robert J. Lawrence. Apr. 10 or more sent to one address, $.20. 1971, 82 pp. (Limited supplies, in mimeographed or simi- PRIVATE HOUSING COMPLETIONS—A NEW DIMENlar form, of staff papers listed on p. 48 of SION IN CONSTRUCTION STATISTICS, by Bernard report above (other than those contained in N. Freedman. Jan. 1972. 20 pp. Parts 1 and 2) are available upon request POLICY VARIABLES, UNEMPLOYMENT AND PRICE for single copies.) LEVEL CHANGES, by Peter S. Rose and Lacy H. JOINT TREASURY-FEDERAL RESERVE STUDY OF Hunt II. Jan. 1972. 11 pp. THE GOVERNMENT SECURITIES MARKET: STAFF OPTIMAL DISTRIBUTED LAG RESPONSES AND EX- STUDIES—PART 1 (papers by Cooper, Bernard, PECTATIONS, by Roger Craine. Feb. 1972. 9 pp. and Scherer). 1970. 86 pp. $.50 a copy; 10 or more sent to one address, $.40 each. PART 2 THE EFFECT OF HOLDING COMPANY ACQUISITIONS (papers by Ettin, Peskin, and Ahearn and Pes- ON BANK PERFORMANCE, by Samuel H. Talley. kin). 1971. 153 pp. $1.00 a copy; 10 or more Feb. 1972. 25 pp. sent to one address, $.85 each. INTERNATIONAL MONEY MARKETS AND FLEXIBLE OPEN MARKET POLICIES AND OPERATING PROCE- EXCHANGE RATES, by Stanley W. Black. Mar. DURES—STAFF STUDIES (papers by Axilrod, 1972. 74 pp. Davis, Andersen, Kareken et al., Pierce, Friedman, and Poole). 1971. 218 pp. $2.00 a copy; EXPLAINING CHANGES IN EURO-DOLLAR POSI- 10 or more sent to one address, $1.75 each. TIONS: A STUDY OF BANKS IN FOUR EUROPEAN COUNTRIES, by Rodney H. Mills, Jr. May 1972. REAPPRAISAL OF THE FEDERAL RESERVE DIS- 34 pp. COUNT MECHANISM, Vol. 1 (papers by Steering Committee, Shull, Anderson, and Garvy). 1971. CREDIT RATIONING: A REVIEW, by Benjamin M. 276 pp. Vol. 2 (papers by Boulding, Chandler, Friedman. June 1972. 26 pp. Jones, Ormsby, Modigliani, Alperstein, Melichar, and Melichar and Doll). 1971. 173 pp. REGULATION Q AND THE COMMERCIAL LOAN MAR- Vol. 3 (papers by Staats, Willis, Minsky, KET IN THE 1960's, by Benjamin M. Friedman. Stackhouse, Meek, Holland and Garvy, and June 1972. 38 pp. Lynn). 1972. 220 pp. Each volume $3.00 a copy; 10 or more sent to one address, $2.50 THE REGULATION OF SHORT-TERM CAPITAL each. MOVEMENTS IN MAJOR COUNTRIES, by Rodney H. Mills, Jr. Nov. 1972. 53 pp. THE ECONOMETRICS OF PRICE DETERMINATION CONFERENCE, October 30-31, 1970, Washing- FEDERAL RESERVE DEFENSIVE BEHAVIOR AND THE ton, D.C. Oct. 1972, 397 pp. Cloth ed. $5.00 REVERSE CAUSATION ARGUMENT, by Raymond a copy; 10 or more sent to one address, $4.50 Lombra and Raymond Torto. Nov. 1972. 15 pp. each. Paper ed. $4.00 a copy; 10 or more sent to one address, $3.60 each. Printed in full in the BULLETIN. FEDERAL RESERVE STAFF STUDY: WAYS TO MOD- (Staff Economic Studies are included in list of ERATE FLUCTUATIONS IN HOUSING CON- reprints below.) STRUCTION, Dec. 1972, 487 pp. $4.00 a copy; REPRINTS 10 or more sent to one address, $3.60 each. ADJUSTMENT FOR SEASONAL VARIATION. June 1941. 11 pp. STAFF ECONOMIC STUDIES SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp. Studies and papers on economic and financial subjects that are of general interest in the field LIQUIDITY AND PUBLIC POLICY, Staff Paper by of economic research. Stephen H. Axilrod. Oct. 1961. 17 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN • FEBRUARY 1973 SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. HOUSING PRODUCTION AND FINANCE. Mar. 1969. July 1962. 6 pp. 7 pp. INTEREST RATES AND MONETARY POLICY, Staff THE CHANNELS OF MONETARY POLICY, Staff Eco- Paper by Stephen Axilrod. Sept. 1962. 28 pp. nomic Study by Frank de Leeuw and Edward Gramlich. June 1969. 20 pp. MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL BANKS. Aug. 1969. 5 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. 20 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN- OVER SERIES. Mar. 1965. 4 pp. RECENT CHANGES IN STRUCTURE OF COMMER- CIAL BANKING. Mar. 1970. 16 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff Economic Study by Lyle E. Gramley and Sa- SDR's IN FEDERAL RESERVE OPERATIONS AND muel B. Chase, Jr. Oct. 1965. 25 pp. STATISTICS. May 1970. 4 pp. RESEARCH ON BANKING STRUCTURE AND PER- MEASURES OF SECURITY CREDIT. Dec. 1970. 11 FORMANCE, Staff Economic Study by Tynan pp. Smith. Apr. 1966. 11 pp. MONETARY AGGREGATES AND MONEY MARKET A REVISED INDEX OF MANUFACTURING CAPACITY, CONDITIONS IN OPEN MARKET POLICY. Feb. Staff Economic Study by Frank de Leeuw with 1971. 26 pp. Frank E. Hopkins and Michael D. Sherman. Nov. 1966. 11 pp. BANK FINANCING OF MOBILE HOMES. Mar. 1971. 4 pp. REVISED SERIES ON COMMERCIAL AND INDUS- TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. RESPONSE OF STATE AND LOCAL GOVERNMENTS TO VARYING CREDIT CONDITIONS. Mar. 1971. 24 EVIDENCE ON CONCENTRATION IN BANKING MAR- pp. KETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967. 11 pp. INTEREST RATES, CREDIT FLOWS, AND MONETARY AGGREGATES SINCE 1964. June 1971. 16 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. TWO KEY ISSUES OF MONETARY POLICY. June 1971. 4 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK UNDERWRITING OF MUNICIPAL REVENUE BONDS. SURVEY OF DEMAND DEPOSIT OWNERSHIP. June Aug. 1967. 16 pp. 1971. 12 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN BANK RATES ON BUSINESS LOANS—REVISED 1960-67. Apr. 1968. 23 pp. SERIES. June 1971. 10 pp. MONETARY RESTRAINT AND BORROWING AND INDUSTRIAL PRODUCTION—REVISED AND NEW CAPITAL SPENDING BY LARGE STATE AND LOCAL MEASURES. July 1971. 26 pp. GOVERNMENTS IN 1966. July 1968. 30 pp. REVISED MEASURES OF MANUFACTURING CAPAC- FEDERAL FISCAL POLICY IN THE 1960's. Sept. 1968. ITY UTILIZATION. Oct. 1971. 3 pp. 18 pp. REVISION OF BANK CREDIT SERIES. Dec. 1971. 5 BUSINESS FINANCING BY BUSINESS FINANCE COM- pp. PANIES. Oct. 1968. 13 pp. PLANNED AND ACTUAL LONG-TERM BORROWING MANUFACTURING CAPACITY: A COMPARISON OF BY STATE & LOCAL GOVERNMENTS. Dec. 1971. TWO SOURCES OF INFORMATION, Staff Eco- 11 pp. nomic Study by Jared J. Enzler. Nov. 1968. 5 pp. ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS. Feb. 1972. 16 pp. MONETARY RESTRAINT, BORROWING, AND CAPITAL SPENDING BY SMALL LOCAL GOVERNMENTS AND WAYS TO MODERATE FLUCTUATIONS IN THE CON- STATE COLLEGES IN 1966. Dec. 1968. 30 pp. STRUCTION OF HOUSING. Mar. 1972. 11 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 107 U.S. BALANCE OF PAYMENTS AND INVESTMENT PO- TREASURY AND FEDERAL RESERVE FOREIGN EX- SITION. Apr. 1972. 15 pp. CHANGE OPERATIONS. Sept. 1972. 26 pp. OPEN MARKET OPERATIONS AND THE MONETARY YIELDS ON NEWLY ISSUED CORPORATE BONDS. AND CREDIT AGGREGATES—1971. Apr. 1972. 23 Sept. 1972. 2 pp. pp. CHANGES IN TIME AND SAVINGS DEPOSITS AT CHANGES IN BANK LENDING PRACTICES, 1971. Apr. COMMERCIAL BANKS, APRIL-JULY 1972. Oct. 1972. 5 pp. 1972. 11 pp. CONSTRUCTION LOANS AT COMMERCIAL BANKS. RECENT ACTIVITIES OF FOREIGN BRANCHES OF June 1972. 12 pp. U.S. BANKS. Oct. 1972. 11 pp. SOME ESSENTIALS OF INTERNATIONAL MONETARY REVISION OF CONSUMER CREDIT STATISTICS. Oct. REFORM. June 1972. 5 pp. 1972. 21 pp. CHARACTERISTICS OF FEDERAL RESERVE BANK SURVEY OF FINANCE COMPANIES, 1970. Nov. DIRECTORS. June 1972. 10 pp. 1972. 15 pp. ONE-BANK HOLDING COMPANIES BEFORE THE 1970 BANK DEBITS, DEPOSITS, AND DEPOSIT TURN- AMENDMENTS. Dec. 1972. 13 pp. OVER—REVISED SERIES. July 1972. 5 pp. EVOLUTION OF THE PAYMENTS MECHANISM. Dec. RECENT REGULATORY CHANGES IN RESERVE RE- 1972. 4pp. QUIREMENTS AND CHECK COLLECTION. July 1972. 5 pp. FINANCIAL DEVELOPMENTS IN THE FOURTH QUARTER OF 1972. Feb. 1973. 10 pp. BANKING AND MONETARY STATISTICS, 1971. Selected series of banking and monetary statistics REVISION OF THE MONEY STOCK MEASURES AND for 1971 only. Feb., Mar., and July 1972. MEMBER BANK RESERVES AND DEPOSITS. Feb. 20 pp. 1973. 19 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 108 FEDERAL RESERVE BULLETIN • FEBRUARY 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) i 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): 1 New issues, 47, 48, 49 Earnings and expenses, Federal Reserve Banks, 98 .23 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 13 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 00 Coins, circulation, 16 Federal Housing Administration, 51, 52, 53, 54, 55 I 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 Earnings, expenses, and dividends, 98 Deposits at, for payment of personal loans, 32 U.S. Govt, securities held, 4, 12, 15, 44, 45 Loans sold outright, 33 Federal Reserve credit, 4, 6, 12, 15 Number, by classes, 20 Federal Reserve notes, 12, 16, 98 Real estate mortgages held, by type, 52 Federally sponsored credit agencies, 40, 41 Commercial paper, 33, 35 Finance companies: Condition statements (See Assets and liabilities) Loans, 26, 56, 57, 59 Construction, 64, 65 Paper, 33, 35 a> Consumer credit: Financial institutions, loans to, 24, 26 as Instalment credit, 56, 57, 58, 59 Float, 4 Noninstalment credit, by holder, 57 Flow of funds, 72 Consumer price indexes, 64, 68 Foreign: Consumption expenditures, 70, 71 Currency operations, 12, 14, 77, 83 Corporations: Deposits in U.S. banks, 5, 12, 19, 25, 29, 90 Profits, taxes, and dividends, 50 Exchange rates, 93 Security issues, 48, 49 Trade, 75 Security yields and prices, 36, 37 Foreigners: Cost of living (See Consumer price indexes) Claims on, 84, 85, 90, 91, 92 Currency and coin, 5, 10, 25 Liabilities to, 3CI, 78, 79, 81, 82, 83, 90, 91, 92 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: Income, national and personal, 70, 71 Banks, by classes, 24, 27, 39, 52 Industrial production index, 60-63, 64 Delinquency rates on home mortgages, 55 Instalment loans, 56, 57, 58, 59 Mortgage yields, 37, 53, 54, 55 Insurance companies, 39, 44, 45, 52, 53 Type of holder and property mortgaged, 51-55 Insured commercial banks, 22, 24, 32 Reserve position, basic, member banks, 8 Interbank deposits, 11, 20, 25 Reserve requirements, member banks, 10 Interest rates: Reserves: Business loans by banks, 34 Central banks and govts., 96 Federal Reserve Banks, 9 Commercial banks, 25, 28, 30 Foreign countries, 94, 95 Federal Reserve Banks, 12 Money market rates, 35 Member banks, 5, 6, 11, 18, 25 Mortgage yields, 53, 54, 55 U.S. reserve assets, 77 Prime rate, commercial banks, 34 Residential mortgage loans, 37, 51, 52, 53, 54, 55 Time and savings deposits, maximum rates, 11 Retail credit, 56 Yields, bond and stock, 36 Retail sales, 64 International capital transactions of U.S., 78-92 International institutions, 76, 77, 94, 96 Saving: Inventories, 70 Flow of funds series, 72 Investment companies, issues and assets, 49 National income series, 71 Investments (See also specific types of investments): Savings and loan assns., 40, 45, 53 Banks, by classes, 20, 24, 27, 28, 39 Savings deposits (See Time deposits) Commercial banks, 18 Savings institutions, principal assets, 39, 40 Federal Reserve Banks, 12, 15 Securities (See also U.S. Govt, securities): Life insurance companies, 39 Federally sponsored agencies, 40, 41 Savings and loan assns., 40 International transactions, 86, 87 New issues, 47, 48, 49 Labor force, 66 Silver coin, 16 Life insurance companies (See Insurance companies) 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 Member banks: Tax receipts, Federal, 43 Assets and liabilities, by classes, 20, 24 Time deposits, 11, 18, 19, 20, 25, 29 Borrowings at Federal Reserve Banks, 6, 12 Treasury cash, Treasury currency, 4, 5, 16, 19 Deposits, by classes, 11 Treasury deposits, 5, 12, 42 Number, by classes, 20 Treasury operating balance, 42 Reserve position, basic, 8 Reserve requirements, 10 Unemployment, 66 Reserves and related items, 4, 18 U.S. balance of payments, 74 Mining, production index, 61, 63 U.S. Govt, balances: Mobile home shipments, 65 Commercial bank holdings, 25, 29 Money rates (See Interest rates) Consolidated condition statement, 19 Money stock and related data, 17, 19 Member bank holdings, 18 Mortgages (See Real estate loans and Residential mortgage Treasury deposits at Reserve Banks, 5, 12, 42 loans) U.S. Govt, securities: Mutual funds (See Investment companies) Bank holdings, 19, 20, 24, 27, 39, 44, 45 Mutual savings banks, 19, 29, 39, 44, 45, 52 Dealer transactions, positions, and financing, 46 Federal Reserve Bank holdings, 4, 12, 15, 44, 45 National banks, 22, 32 Foreign and international holdings, 12, 83, 86, 90 National defense expenditures, 43, 70 International transactions, 83, 86 National income, 70, 71 New issues, gross proceeds, 48 Nonmember banks, 22, 24, 25, 32 Open market transactions, 14 Outstanding, by type of security, 44, 45, 47 Open market transactions, 14 Ownership, 44, 45 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^ 0mafia* 'enver Kansas City*! Oklahoma. Citjf Dallas Jiouston >an Antonio* Miami January 1972 'Drawn btf'RW. gdvin,Cart * (o 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 • Federal Reserve Bank Facilities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis