Federal Reserve Bulletin, 1973-04
F e d e r a l R e s e r v e Bulletin BOARD OF GOVERNORS O F THE FEDERAL RESERVE SYSTEM W ASHINGTON, D.C. 20551 APRIL 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 4 □ VOLUME 59 □ APRIL 1973 243 Developments in U.S. Balance of Payments 257 State and Local Borrowing Anticipations and Realizations 261 Changes in Time and Savings Deposits, July 1972-January 1973 276 Statements to Congress 286 Record of Policy Actions of the Federal Open Market Committee 293 Law Department 313 Announcements 315 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 72 International Statistics A 98 Board of Governors and Staff A 100 Open Market Committee and Staff; Federal Advisory Council A 101 Federal Reserve Banks and Branches A 102 Federal Reserve Board Publications A 106 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMM ITTEE J. Charles Partee Robert C. Holland Joseph R. Coyne Robert Solomon Kenneth B. Williams Ralph C. Bryant Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi torial 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
D e v e l o p m e n t s in t h e U .S . B a l a n c e o f P a y m e n t s D uring the latter part of 1972 there was increasing doubt here and abroad that the changes in exchange rates effected at the end of 1971 could, even over a long period, restore reasonable balance in international trade and paym ents. Confidence was shaken by the w orsening of the U .S. trade balance and the persistence of trade surpluses in G erm any and Japan— even though it was gener ally accepted that the early effects of devaluation were likely to w orsen rather than im prove these im balances. Such doubts did not reach a flash point in 1972, although there were large speculative flows w hen sterling was floated in m idyear. To fend off unw anted CHANGES IN FOREIGN EXCHANGE RATES capital inflows, m any countries instituted controls and barriers of various kinds. I By early 1973 the need for further exchange-rate adjustm ent— JAPAN especially am ong the U nited States, G erm any, and Japan— was 2 IS 130 beginning to be clearly recognized, setting in m otion m assive flows of liquid funds. The changes that then occurred included the announcem ent on February 12 that the dollar w ould be devalued by 10 per cent, follow ed by further sm aller adjustm ents w hen renew ed outflows in late February and early M arch brought an upw ard float of m ost m ajor currencies against the dollar. As a result of the successive reductions in the exchange value of the dollar, the potential has been created for a m ajor shift in international trading relationships in the next few years. Since 1970 the dollar has depreciated by about 17 per cent on the average Foreign exchange rates in U.S. cents against the currencies of other G -10 countries (G erm any, France, per unit of foreign currency; quar the N etherlands, Belgium , Italy, Sw eden, Canada, Japan, and the terly averages of noon buying rates; monthly averages in 1973. U nited K ingdom ) and Sw itzerland, w eighted by the shares of these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
244 FEDERAL RESERVE BULLETIN □ APRIL 1973 countries in w orld trade. On the sam e basis of com putation the G erm an m ark and the Japanese yen have been revalued upw ard by 15 and 20 per cent, respectively. A gainst the dollar these revaluations have been 30 and 37 per cent, respectively. It has proved to be extraordinarily difficult and com plex to evaluate the near-term and longer-term effects on trade flows of these unprecedented changes in exchange rates. M uch of w hat follows is an attem pt to exam ine the relative im portance of the exchange-rate changes and other factors in the decline in the U .S. trade balance in 1972. BASIC BALANCE The deficit in the sum of current-account and long-term capital transactions— the “ basic balance” — rem ained unchanged in 1972 at a little over $9 billion, far above any experienced before 1971. W ithin this aggregate, the balance on goods and services w orsened by about $5 billion w hile flows of long-term capital shifted favora bly by the sam e am ount. The w orsening of the trade account by $4 billion to a deficit of $6.8 billion was the m ajor feature of the year and is discussed in detail later. Private long-term capital OVER ALL BALANCES m ovem ents registered a sm all net inflow, in contrast to the large outflow in 1971, reflecting both the strong perform ance of the U .S. CURRENT ACCOUNT AND LONG-TERM CAPITAL a '.BASIC BALANCE' econom y and a reaction to speculation the year before, som e of w hich appeared in the various categories of capital transactions classified as long term . In particular, direct investm ent flows by U .S. and foreign investors together shifted favorably by $1.8 billion, and net foreign purchases of U .S. securities (other than Treasury issues) rose by $2.2 billion. OFFICIAL SETTLEMENTS O ther changes affecting the basic balance w ere an increase in net m ilitary expenditures as sales under m ilitary contracts declined, large but offsetting increases in receipts and paym ents of incom e on investm ents, and a substantial, though tem porary, reduction in Quarterly data at seasonally adjusted U .S. G overnm ent capital outflows. annual rates. There were sizable fluctuations during 1972 in the basic balance, as com puted quarterly, reflecting m ainly oscillations in flows of private long-term capital. In the fourth quarter a large net inflow of capital reduced the basic deficit to an annual rate of about $6 billion. The deficit on goods and services im proved after a peak in the second quarter and by the fourth quarter registered a rate of about $2.6 billion. M ERCHANDISE TRADE The U .S. trade deficit was $6.8 billion in 1972, about $4 billion greater than the deficit in 1971. In the 1960’s there had been an average annual surplus of $4 billion in the trade balance. A m ajor question is the extent to w hich the deepening of the deficit last year reflected a further deterioration in our underlying trade posi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS 245 CHANGES IN U.S. EXPORTS (NON AGRICULTURAL) AND FOREIGN INDUSTRIAL PRODUCTION tion, transitory factors stem m ing from differences in business -----------m a m m m m m m m m conditions here and abroad, or the initial adverse effects resulting from the changes in exchange rates since 1970. The value of im ports increased by 22 per cent in 1972, including a rise of IV2 per cent in prices (as m easured by unit values) and about W /2 per cent in volum e. Exports rose by 14 per cent in value; prices accounted for V/2 per cent of that rise. The greater rise in prices of im ports than in prices of exports accounted for roughly one-half of the $4 billion deterioration in our trade balance from 1971 to 1972. Som e of the grow th in the value of both exports and im ports reflected deliveries in early 1972 delayed from the 1 Data have been adjusted to exclude automotive exports to Canada, ex preceding year by dock strikes, and in the case of im ports, by ports of aircraft, and effects of dock strikes. U.S. Dept, of Commerce the effect of lifting the im port surcharge that had been in effect data. in the latter half of 1971. These special factors helped to raise the trade deficit to an annual rate of m ore than $7 billion in each of the first two quarters of 1972. The deficit appeared to be slow ly subsiding in the third quarter w hen it fell to a $6 billion rate, as exports began to m ove up at a faster pace than im ports. But in the fourth quarter the deficit rose again to an annual rate of $6% billion. E xports. An outstanding feature of exports last year was the sharp increase in shipm ents of agricultural com m odities to $9V£ billion, nearly $2 billion m ore than in 1971. A bout one-fourth of the rise resulted from higher prices (unit values). These higher prices did not cause a reduction in the volum e of purchases; rather they reflected the force of world dem and in the presence of a w orldw ide shortage of supplies of grains outside the U nited States. Shipm ents of grain to the Soviet U nion accounted for only 25 per cent of the total rise in the value of agricultural exports; m ost of the increase was in shipm ents to traditional m arkets as a result of poor harvests in other countries. Exports of nonagricultural COUNTRY SHARES OF WORLD EXPORTS com m odities— particularly m achinery and industrial m aterials— OF MANUFACTURES m w trw m rm m also increased last year, particularly in the second half, as foreign econom ic activity expanded. Prices of nonagricultural exports rose GERMANY by a m odest 2V2 per cent; the increase in volum e was about 8 per cent. W hile it is obviously difficult to separate the effect of the Sm ithsonian realignm ent of exchange rates from the effects of other factors, it does appear that U .S. exports w ere favorably affected to som e degree by changes in exchange rates. One m ethod of m aking such an assessm ent is to exam ine the change in the relative position or “ share” of the United States in w orld exports of W P P I' m anufactured goods last year. Based on still very partial data, it appears that the U .S. share of such trade in 1972, m easured in Dollar values deflated by export unit values for 11 industrial countries. volum e term s, m ay have been about the sam e as in 1971. This Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
246 FEDERAL RESERVE BULLETIN □ APRIL 1973 departure from the steady decline in the U .S. share from 1964 through 1971 represents a difference in U .S. exports of som ething over $1 billion com pared with the earlier trend. Som e of this im provem ent m ay have resulted from the m oderate upturn in foreign econom ic activity. But there had been cyclical variations abroad since 1964 that had not had any appreciable effect on the decline in the U .S. share of exports, so it seem s reasonable to assign a substantial part of the im provem ent in 1972 to the effects of the Sm ithsonian realignm ents upon the com petitive position of U .S. exporters. TABLE 1 U.S. BALANCE OF PAYMENTS, 1960-72 In billions of dollars 1960-64 1965-69 Line Item average average 1970 1971 1972 1 Exports of goods and services1 .................................................. 31.3 47.0 62.9 66.2 73.5 Merchandise, excluding military ........................................... 21.7 31.3 42.0 42.8 48.8 Military sales ................................................................................. .6 1.1 1.5 1.9 1.2 Investment income2 ...................................................................... 5.1 8.6 11.4 12.9 13.8 Other services ................................................................................. 4.0 6.0 8.0 8.5 9.7 2 Imports of goods and services1 .................................................. -25.4 -42.6 -59.3 -65.4 -77.8 Merchandise, excluding military ........................................... -16.2 -28.5 -39.9 -45.5 -55.7 Military expenditures .................................................................. - 3.0 - 4.1 - 4.9 - 4.8 - 4.7 Investment income2 ...................................................................... - 1.2 - 2.8 - 5.2 - 4.9 - 5.9 Other services ................................................................................. - 5.0 - 7.2 - 9.4 -10.2 -11.5 3 Balance on goods and services1 .............................................. 5.9 4.4 3.6 .8 - 4.2 Merchandise, excluding military ........................................... 5.4 2.8 2.1 - 2.7 - 6.8 Military sales and expenditures ............................................. - 2.4 -2 .9 - 3.4 - 2.9 - 3.5 Investment income2 ...................................................................... 3.9 5.7 6.2 8.0 7.9 Other services ................................................................................. - 1.0 - 1.2 - 1.4 - 1.7 - 1.8 4 Remittances and pensions, net ................................................... - .7 - 1.1 - 1.5 - 1.5 - 1.6 5 U.S. Govt, grants and capital,3 net................................................ - 2.9 - 3.7 - 3.8 - 4.4 - 3.6 6 Long-term private capital, net ..................................................... - 2.9 - 1.8 - 1.5 - 4.1 .1 7 Balance on current account and long-term capital (lines 3 through 6) .................................................................. - .7 - 2.2 - 3.1 - 9.3 - 9.2 8 Nonliquid short-term private capital, net ............................... - 1.1 - .2 - .5 - 2.4 - 1.6 9 Errors and omissions ....................................................................... - 1.0 - 1.0 - 1.2 -11.1 - 3.8 10 Net liquidity balance (excluding SDR allocations) (lines 7 through 9) .................................................................. - 2.8 - 3.4 - 4.7 -22.7 -14.7 11 Liquid private capital, net................................................................. - .6 3.4 - 6.0 - 7.8 3.7 12 Official settlements balance (excluding SDR allocations) (lines 10 and 11) ...................................................................... - 2.2 - .0 -10.7 -30.5 -11.0 Financed by change in: U.S. official reserve assets (excluding SDR allocations), decrease ( +j................................................................................. 1.0 - .0 3.3 3.1 .7 U.S. liabilities to foreign official agencies, increase ( + ) .......................................................... 1.2 .1 7.4 27.4 10.3 MEMO: SDR allocations..................................................................................... .9 .7 .7 Balance including SDR allocations— Net liquidity balance..................................................................... - 3.9 -22.0 -14.0 Official settlements balance.......................................................... - 9.8 -29.8 -10.3 Excluding transfers under military grants. Note.—Details may not add to totals because of rounding. 2Excluding undistributed earnings of subsidiaries. Data are from U.S. Dept, of Commerce, Bureau of Economic 3Includes nonliquid liabilities to other than official reserve Analysis, holders. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS 247 U.S. EXPORT PRICES W hile the U .S. share stabilized, there was a pronounced decline m Value*. in the share of the U nited K ingdom . Japan, w hose share had increased steadily through the 1960’s, m erely m aintained its posi tion in 1972 as did G erm any, the forem ost exporter of m anufactured goods since 1965. The dollar devaluation had little visible effect on dollar prices of exports of m anufactured goods, w hich rose about in line with the rise in w holesale prices for dom estic m anufactured goods. W ith devaluation, U .S. exporters— especially those selling unique or U.S. Dept, of Commerce data. technologically superior products— could have raised their dollar prices to som e degree, not reducing their prices in term s of the revaluing currencies as m uch as they actually did. O f course, exporters choose betw een raising dollar prices and raising export volum e, depending on their judgm ents about the price elasticity of foreign dem and for their products. Either way the U .S. trade FOREIGN INDUSTRIAL PRODUCTION balance w ould benefit and additional producers would be induced to export to obtain the benefit of higher dollar prices and profits. H ow ever, only in the closing m onths of 1972 did dollar export prices of finished goods rise; this suggests that dom estic producers during m ost of the year were exporting goods contracted for earlier at a fixed-dollar price or felt that they could not raise their dollar prices to foreigners until business activity abroad had begun to accelerate. Though econom ic activity in foreign industrial countries expanded during 1972, it appears that industrial production for the year as a w hole rose som ew hat less than the long-term rate of grow th, and utilization of capacity was below par. That business investm ent abroad was reviving only slow ly was especially significant for U .S. Seasonally adjusted OECD quarterly data. EC(6) consists of Germany, exports, an im portant part of w hich is m achinery. The state of Italy, Netherlands, Belgium, Lux dem and abroad thus had a lim iting influence on U .S. exports of embourg, and France. nonagricultural goods. Im ports. The sharp rise in im ports in 1972 was led by heavy purchases of industrial m aterials, reflecting the rapid expansion in U .S. industrial production. Im ports of petroleum rose very steeply; total consum ption of energy surged w hile U .S. petroleum output fell for the second successive year. Im ports of petroleum can be expected to increase even m ore rapidly in com ing years as dom estic needs expand further. Im ports of other m ajor categories of goods— foods, other consum er goods, capital equipm ent— also rose sharply with the rapid increases in consum ption and investm ent. In 1972 the dollar prices (unit values) of im ports of finished m anufactures— the type of im port that is likely to be m ost affected by exchange-rate changes— rose, in the aggregate, only m arginally m ore than in the two preceding years. This m eans, in view of the exchange-rate changes, that their foreign-currency prices rose substantially less than in preceding years. Internal prices in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
248 FEDERAL RESERVE BULLETIN □ APRIL 1973 U.S. IMPORT PRICES countries from w hich we obtain these goods rose last year at only slightly less than the rate of increase in 1971; therefore it appears that m any foreign producers did not put into effect the advances in their dollar prices to U .S. custom ers that the exchange rate changes w ould have indicated, thereby selling at low er profit m argins than before. H ow ever, there were m arked differences in dollar price changes am ong the principal com m odity groups w ithin finished m anufac INDUSTRIAL SUPPLIES tures. Prices of autom obiles and other consum er durable goods increased sharply, w hereas the unit values of im ported nondurable consum er goods and capital equipm ent appear to have risen less in 1972 than in 1971. In the case of capital equipm ent, dollar u.s. Dept, of Commerce data. prices rose rapidly in the second half of 1972, suggesting the com pletion of deliveries under earlier contracts at fixed-dollar prices. The sm aller increase in 1972 in the dollar prices of im ported nondurable consum er goods than in other types of finished goods im ports reflects in part a grow ing im portance, as the source of such im ports, of those countries that did not change their exchange rates in 1971 against the dollar. In 1972, about one-half of our im ports of nondurable consum er goods cam e from the less-devel oped countries, particularly those in Southeastern A sia— Taiw an, Hong K ong, and K orea. As industrial capacities have increased, there has been a decided shift in recent years tow ard those countries and away from Japan in our im ports of durable finished goods (aside from autom obiles) as well as of nondurable goods. This shift, together with our increased requirem ent for oil, accounted for the very large increase in im ports from the developing countries of A sia and A frica, and resulted in a substantial trade deficit with them in 1972. This is a m arked and perhaps a longlasting reversal from the custom ary sizable trade surpluses that the United States had previously recorded with these countries. U nit-value indexes for im port categories other than finished m anufactures— that is, for foods and industrial m aterials— rose m ore strongly in 1972 than in the preceding year. Som e of the increase in dollar prices was probably related to the changes in exchange rates, even though the m ajor part of these im ports com es from countries whose currencies stayed in line with the dollar. The realignm ents led to a rise in dollar prices of w orld-traded com m odities in som e cases because countries raised their dollar export prices to m aintain the purchasing pow er of their earnings in term s of revaluing countries’ currencies, and in part sim ply because buyers in revaluing countries w ere w illing to m aintain their outlays in their ow n currencies. H ow ever, m uch of the price increase was related to supply lim itations in the U nited States or abroad and to the strengthening in w orld econom ic activity, espe cially strong dem and in the U nited States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS 249 It is not possible to identify with precision that part of the price changes that was directly connected with changes in exchange rates. Som e of the m ore rapid increase in the price of U .S. im ports of durable m anufactures— and in prices of foods and m aterials— was undoubtedly a reflection of these changed exchange rates. A rough approxim ation would be that higher prices resulting from changes in exchange rates added betw een $1 billion and $2 billion to the value of im ports in 1972. Som e of these adverse price effects will be offset through a decreased volum e of im ports over tim e. D uring 1972 such changes in volum e were probably just beginning. A necessary condition for a devaluation to be effective is the availability of a sufficient supply of a satisfactory dom estically produced substitute so that consum ers can, to som e extent, shift their purchases aw ay from the foreign product. The speed with w hich dom estic producers react to their new m arketing opportunities by producing such substitutes (as well as reactions by foreign suppliers) determ ines how long it will be before the effects of a devaluation are felt. As a consequence of the variation in responses by dom estic producers of various types of goods, the im pact of the Sm ithsonian A greem ent on the volum e of im ports seem s to have been m ixed. So far, the greatest effect on im port volum es of the devaluation appears to have been in dem and for autom obiles and som e other consum er durable goods. Last year sales of foreign cars in the U nited States rose only slightly and their share of the U .S. autom obile m arket declined for the first tim e since 1962. Sales of the new dom estic subcom pacts expanded by 20 per cent last year, w hile sales of the three leading foreign m odels declined by 5 per cent. From M arch 1971 to January 1973 the retail prices of dom estic subcom pacts rose only m argin ally— by about 2 per cent; retail prices of the leading foreign m akes increased betw een 8 and 13 per cent, m aking their prices equal to or slightly above those of dom estic cars. W ith the devaluation of February 12, the price disparity should w iden further this year in favor of the dom estic m odels if U .S. car producers can succeed in m aintaining their prices at or near present levels. Color television sets appear to furnish another exam ple of con sum ers responding to the grow ing price disparity betw een foreign and dom estic m akes by switching som e of their purchases to the dom estic product. In 1972 the im port share in total U .S. retail sales of color television sets fell for the first tim e since the m id-1960’s. It appears that the availability of cheaper dom estic sets— resulting, in part, from the beginning of production of tele visions in the U nited States by a subsidiary of a Japanese m anu facturer— was the predom inant reason for the drop in the im port share. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
250 FEDERAL RESERVE BULLETIN □ APRIL 1973 For a num ber of other item s, how ever, im ports continued in heavy volum e at higher prices follow ing the devaluation. These item s can be divided into two groups. The first includes products for w hich U .S. production has virtually disappeared; hence im ports provide alm ost the entire supply available on dom estic m arkets (including m otorcycles, tape recorders, radios, 35-m m . cam eras, sm all electronic desk calculators, and so forth). The second includes item s for w hich there is a dom estic production base but for w hich output either did not expand sufficiently to m eet rapidly grow ing dem and— such as bicycles— or did not shift in structure to m eet the changing requirem ents of custom ers. For exam ple, dom estic dem and for radial tires has been estim ated at about 14 m illion tires, but U .S. output of such tires is estim ated to have been less than half of that. Im ported tires— valued at nearly $400 m illion in 1972— not only m ade up the difference but also provided sm all sized replacem ent tires for m ore than 9 m illion foreign cars regis tered in the United States, a m arket that has been neglected by U .S. producers. A nother case is that of textile m achinery. Im ports of textile m achinery increased by m ore than 30 per cent in 1972 to nearly half a billion dollars as the need for the specialized m a chinery used in m aking the popular double-knit fabrics exceeded the ability of dom estic producers to provide such equipm ent. Over all it appears that, as a result of the devaluation, the volum e of im ports last year m ay have been about %l/i billion less than it w ould otherw ise have been. This positive effect is, of course, outw eighed by the estim ated negative price effect of $1 billion to $2 billion discussed earlier. Thus, on balance, it appears that the initial effect of the devaluation on im ports was adverse, as expected, and that it raised the value of im ports by approxim ately $1 billion in 1972. The dom inant factor in the steep expansion in im ports last year was the exceptionally vigorous grow th in dom estic econom ic ac tivity. Real G N P in the U nited States rose by 6.4 per cent— m ore CHANGES IN U.S. IMPORTS AND GNP than twice the 1971 rise and the largest rise since 1966. M ost other aggregate m easures of the econom y also showed the largest im provem ent since the m id-1960’s. It is characteristic that w hen dom estic production and consum ption advance this sharply, im ports rise by an even greater am ount (see accom panying chart). Placing an exact num erical value on this relationship, how ever, is very difficult. That was particularly true for 1972 w hen so m any other GROSS NATIONAL PRODUCT — 0 factors— such as the adjustm ent of exchange rates, supply shortages (oil, m eat, and so forth) and the recovery from the dock strikes I I I I I I I I I of 1971— were significant. The sharp upturn in the rate of growth 1964 1966 1968 1970 1972 of the econom y last year m ay have added about $\V2 billion to 1 Data have been adjusted to exclude our im port bill. Both the quantity and prices of m ost of the m ajor automotive imports from Canada and effects of dock strikes. im port com m odity categories appeared to have been affected by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS 251 the expansion in dom estic dem ands, with the greatest effect on im ports of industrial m aterials. To sum m arize, it appears that the principal factor in the $4 billion w orsening in the U .S. trade deficit last year was the resurgence in dom estic dem and, while dem and abroad expanded m ore m oder ately and output was still below the long-term trend. These cyclical m ovem ents were responsible for m ore than half of the total increase in the trade deficit in 1972. The net effect of the exchange-rate changes of 1971 appears to have been neutral or only m oderately adverse. W hile the value of im ports was boosted by higher dollar prices resulting from the devaluation, this increase was partly offset by volum e declines in som e im port categories. The effect of the exchange-rate changes on exports was favorable, perm itting som e dollar price advances and halting the dow nw ard drift in the U .S. share of world exports of m anufactured goods. The net effect of special factors in 1972— som e adverse and som e favorable— including dock strikes, im port surcharges in 1971, and a bulge in exports of agricultural com m odities, was probably not significant. Oil im ports were also beginning a sharp rise; in 1972 they were up $1 billion, com pared with a rise of half a billion dollars in 1971. A large part of the rest of the trade deterioration last year— about $1 billion— reflects the continuation of conditions that have been w orsening our trade balance for som e tim e, and that can be affected only with som e delay by changed cost-price rela tionships. These include the increased capability of som e of the less-developed countries to supply a wide range of m anufactures and the need for dom estic producers to adjust their product lines to m eet changing com petitive conditions. SERVICES AND Net receipts in 1972 from services, m ilitary transactions, and MILITARY TRANSACTIONS investm ent incom e were reduced by nearly $1 billion from their record level in 1971. The m ain negative factors were a drop in deliveries under m ilitary sales contracts and a rise of alm ost $1 billion in incom e paym ents to foreigners— principally interest paid on official foreign holdings of assets in the United States. M ilitary expenditures abroad were only slightly reduced in dollar term s as higher costs, including the effect of changes in exchange rates, offset savings from troop w ithdraw als. D espite— or because of— the rise in foreign currency values there was a strong increase in the dollar am ount of U .S. tourist expenditures, m ainly in Europe, probably reflecting rising U .S. incom es. Receipts of incom e and fees from U .S. direct investm ents abroad rose by nearly $1 billion last year, on top of a $1.5 billion rise in 1971. These receipts have alm ost doubled since 1966. The rapid gains in the past 2 years were m arked by a sharp step-up in earnings of the petroleum industry abroad, as well as by the recovery of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
252 FEDERAL RESERVE BULLETIN □ APRIL 1973 econom ic activity in m ajor countries and the grow ing total that is invested in facilities com ing into production. A nother factor has been the greater dollar equivalent of given foreign currency earn ings. CAPITAL FLOW S Recorded private capital flows in 1972 show a net inflow of $2.2 billion— a m arked contrast to the net outflow of $14.2 billion recorded in 1971, not including errors and om issions (Table 2). M ajor factors acting on all types of flows were the restoration of a degree of confidence in the stability of exchange rates and in the grow ing strength of the U .S. econom y, coupled, as the year progressed, with rising U .S. short-term interest rates. By far the largest recorded swing was in net flows of liquid private funds, from a net outflow of $6.7 billion in 1971 to a net inflow of nearly $5 billion last year. Fear of changes in exchange rates was not an im portant consideration during m ost of the year, and relative costs of very short-term funds in the United States and in the Euro-dollar m arket were such as to produce a sizable inflow, m ainly through the U .S. agencies and branches of foreign banks, w hich are not subject to reserve requirem ents on their borrow ings from banks abroad. In 1971, U .S. banks had been reducing their liabilities to their own branches abroad, but such liabilities changed little in 1972. A nother m ajor year-to-year gain was in foreign purchases of U .S. corporate securities. Such purchases reached $4.5 billion net in 1972, alm ost double the am ount in 1971. U .S. corporations were able to sell about $2 billion of debt issues offshore, including a large am ount of convertible debentures m ade attractive by a rising U .S. stock m arket. A lso, foreigners m ade large purchases of U .S. stocks early in the year and again in the fourth quarter. Som e of this activity m ade up for relatively low inflows in 1970 and 1971, when m arkets were weak and uncertain. D irect investors accounted for about $1.8 billion of the favorable shift. Foreign concerns, m ainly Japanese, had draw n large am ounts of funds from the United States in 1971, but last year they brought in a m oderate am ount of funds. U .S. com panies with direct invest m ents abroad reduced their net outflows to $3.3 billion, substan tially less than in 1970 and 1971. The slow dow n in 1972 probably reflected in part a reaction to excess outflows the year before generated by exchange m arket uncertainty. H ow ever, data for plant and equipm ent expenditures of the foreign affiliates suggest that the m ajor influence was the earlier slow ing in econom ic activity abroad— especially affecting over-all business investm ent. Capital expenditures abroad by affiliates of U .S. firms rose only 2 per cent in dollar term s in 1972; they are projected to increase at a som ew hat faster but still m odest 9 per cent rate in 1973. The upturn is centered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS 253 TABLE 2 PRIVATE CAPITAL FLOWS In millions of dollars; outflow from U.S. ( —) 1972 Line Item 1971 1972 I II III IV (Seasonally adjusted) 1 U.S. and foreign private capital ...................... -7,868 -14,228 2,150 -1,708 2,728 -934 2,062 2 U.S. private capital ................................................ -6,886 -9,781 -8,339 -3,192 -110 -2,344 -2,695 3 Long-term .................................................................... -5,753 -6,348 -5,427 - 1,915 -877 -1,270 -1,367 4 Direct investments abroad ............................ -4,400 -4,765 -3,339 - 1,266 - 100 - 1,116 -857 5 Net purchases of foreign securities .......... -942 -909 -619 -393 -354 211 -84 6 Claims reported by U.S. banks ................ 175 -565 -1,250 -178 -352 -335 -385 7 Claims reported by U.S. nonbanks .......... -586 - 109 -219 -78 -71 -30 -41 8 Short-term .................................................................... -1,132 -3,434 -2,912 -1,277 767 -1,074 -1,328 9 Claims reported by U.S. banks ................. -1,122 -2,373 -2,263 -1,120 779 -839 -1,083 10 Short-term assets related to direct invest ments1 ............................................................... -84 -225 -896 - 148 -384 -192 -172 1 1 Other ...................................................................... 74 -836 247 -9 372 -43 -73 12 Foreign nonliquid private assets in U.S. ... 5,257 2,245 5,672 930 1,649 969 2,124 13 Long-term .................................................................... 4,355 2,269 5,533 834 1,627 1,015 2,057 14 Related to U.S. direct investments abroad2 1,934 1,464 2,536 223 1,004 613 696 15 New issues of securities ........................... 822 1,161 1,974 296 766 372 540 16 Other ................................................................. 1,112 303 562 -73 238 241 156 17 U.S. corporate stocks'* ................................... 697 849 2,463 695 165 380 1,223 18 Other U.S. corporate securities4 ............... 671 272 64 76 25 -142 105 19 Foreign direct investments in U.S.............. 1,030 -67 322 -360 350 237 95 20 Other ...................................................................... 23 -249 148 200 83 -73 -62 21 Short-term, nonliquid.............................................. 902 -24 139 96 22 -46 67 22 Foreign liquid private assets in U.S................ -6,240 -6,691 4,816 554 1,189 440 2,633 23 Of foreign commercial banks .......................... -6,508 -6,908 3,905 476 980 316 2,133 24 Of international and regional organizations.. 181 682 102 25 -72 -31 180 25 Of other private foreigners ................................ 87 -465 809 53 281 155 320 MEMO: Capital transactions related to U.S. direct investments abroad (lines 4, 10, 15, and 16). -2,250 -3,526 - 1,699 -1,191 520 -695 -333 ’Unexpended proceeds of the new issues included in line ;,ExcIudes transactions included in line 14. 15, held abroad. 4Includes transactions of international and regional and in- 2Includes new security issues sold abroad for the purpose stitutions other than the IMF. Excludes U.S. Treasury issues, of financing direct investments plus borrowing abroad by U.S. Source.—U.S. Dept, of Commerce, Bureau of Economic corporations. Includes securities newly issued by finance sub- Analysis, sidiaries incorporated in the Netherlands Antilles to the extent that the proceeds are transferred to U.S. parent companies. prim arily in the petroleum industry, with m anufacturing invest m ents expected to continue rather flat. U .S. G overnm ent capital outflows (net) were sm aller in 1972 than in any other recent year, though the absolute drop was not great. The decline resulted from a tem porary slow dow n in lending under various program s. A considerable rise is anticipated for 1973, including credits covering U .S. agricultural exports and lending by the Export-Im port Bank. In addition to the recorded favorable shift in capital flows in 1972, unrecorded net paym ents— reflecting prim arily shifts in leads and lags or other volatile capital m ovem ents— subsided consid erably from a record $11 billion in 1971. H ow ever, these net unrecorded paym ents still totaled nearly $4 billion, indicating that even with som e restoration of confidence in the dollar there were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
254 FEDERAL RESERVE BULLETIN □ APRIL 1973 large net outflows of the types of capital that are difficult to record. OVER-ALL BALANCE As a consequence of the favorable turn in recorded and unrecorded capital flows, the deficit on the official settlem ents basis (apart from allocations of Special D raw ing Rights) dim inished from m ore than $30 billion in 1971 to $11 billion in 1972. Of this $19 billion im provem ent more than $11 billion resulted from the shift from outflows to inflows betw een years in the recorded flow of liquid private capital, and about $7 billion resulted from the reduction in negative errors and om issions. RECENT DEVELOPM ENTS Since the turn of the year, there has been som e im provem ent in AND OUTLOOK the trade balance. The trade deficit in January and February ran at a $5.3 billion annual rate (balance of paym ents basis), com pared with a $6.7 billion rate in the final quarter of 1972. In February and early M arch this im provem ent was overw helm ed by capital outflows responding to exchange m arket uncertainties and to the rise in Euro dollar interest.rates, w hich occurred as m arket partici pants switched from dollars into other currencies. Inflows of foreign funds to purchase U .S. corporate stocks and offshore bond offerings were at a very high level in January and February but then declined under the influence of m arket uncertainties. As uneasiness about exchange m arkets increased, the outflow of funds from the United States spurted to m assive am ounts. In the period from the last week of January through m id-M arch the deficit on the official settlem ents basis totaled well over $10 billion. As usual, it is not possible to identify the transactions initiating the outflow, nor are recipient countries able to contribute m uch inform ation. One link in the flow of funds at the tim e is shown in the available statistics for bank positions; banks in the United States, including agencies and branches of foreign banks, increased their foreign assets (m ainly denom inated in U .S. dollars) by about $31/2 billion in the period and reduced their liabilities to banks and others abroad by m ore than $1 billion. C om m only, increases in loans to foreign banks by U .S. com m ercial banks occur as foreign banks and others draw on their existing credit lines. There is no indication that foreign exchange m arket activity by the banks for their own account was a significant factor. It rem ains an open question w hether the unidentified portion of the outflow represented activity of large U .S. or foreign corporations or of other m arket participants. A fter the announcem ent of the new m onetary arrangem ents in Paris on M arch 16, foreign exchange m arkets were relatively stable. Exchange rates were fairly steady w ithout m ajor interventions by central banks. The prim e requisite for stim ulating the return of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS 255 a m ajor portion of the funds that left the country in 1971 and in early 1973 is a dem onstration of the com petitive pow er of the United States under the new exchange-rate relationships. This possibility has been brought into view by the cum ulative ex change-rate readjustm ents since 1970. To secure the benefits of the alignm ents will require, as alw ays in such cases, that the devaluing country— the United States— shows itself capable of holding dow n costs and prices and of m aintaining production at a high level of efficiency. It will also require that other countries accept and facilitate the necessary adjustm ents in trade flows. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S tate an d Local B orrow ing A nticipations an d R ealizations State and local governments issued more than TABLE 1 $24 billion of long-term bonds in fiscal year LONG-TERM DEBT OFFERINGS AND REVENUES OF STATE AND LOCAL GOVERNMENTS 1972. In view of the improving financial posi tion of these governm ents, the moderate growth Fiscal years 1965-72 in their capital outlays, and their heavy issuance In billions of dollars of long-term debt in the previous 12-month Long-term Total period, this volume was surprisingly large. On Fiscal year debt issues revenues the other hand, the fact that interest rate levels 1965 11.1 74.0 1966 1 1.7 83.0 were appreciably lower during most of fiscal 1967 13.2 91.2 year 1972 than they had been in fiscal 1971 1968 14.3 101.3 undoubtedly facilitated borrowing for many 1969 15.4 114.6 1970 13.3 130.8 units and may have spurred some others to 1971 23.2 144.9 accelerate their financing plans. 1972 24.3 163.0 The Federal Reserve-Bureau of the Census Source.—Debt issues: Securities Industry Association (SIA); Revenues: Department of Commerce, Bureau of Eco survey of borrowing anticipations and realiza nomic Analysis (BEA). tions by the State and local government sector1 makes possible an analysis of interrelationships Long-term bond offerings by survey respond among financing plans, actual borrowing, inter ents in fiscal year 1972 totaled $22.4 billion.2 est rate m ovem ents, and administrative deci These respondents indicated that they had ex sions on projects. Actual borrowing in any given pected to borrow $25.4 billion during the year, period is a combination of planned financing but only $17.4 billion of the planned issues were that takes place on schedule and of borrowing actually sold; in other words, almost one-third that was not anticipated at the time of the of the borrowing that State and local units reporting period. Tables 2 to 7, which sum m a reported in the survey as being planned for fiscal rize the results of the surveys for fiscal year 1972 was not realized. Table 3 shows the 1972, provide detailed information that is useful differences between anticipated borrowing and in evaluating not only failure to realize borrow actual debt issues by type of government. ing plans but also accelerations in borrowing. Not all units that experienced such shortfalls elaborated on the reasons, but Table 4 sum m a Note.—This article was prepared by Eleanor M. Pruitt of the Board’s Division of Research and Statistics. rizes the reasons that accounted for $6.0 billion of the gross difference between anticipations and *This summary is based on a quarterly survey of borrowing anticipations and realizations conducted by realizations. The major obstacle to financing the Board of Governors of the Federal Reserve System was legal or administrative delays; they ac and the Bureau of the Census. The Governments Divi counted for $3.2 billion, or 53 per cent of the sion of the Bureau of the Census is responsible for the polling of respondents. Data provided by the Securities reported shortfall. Failure to obtain authori Industry Association allow identification of those units zation accounted for 16 per cent. Practically all that borrowed without having indicated previous plans. For technical details concerning the questionnaires 2Total borrowing for fiscal 1972 as reported on the used and the survey procedures, as well as results of surveys accounts for 92 per cent of long-term debt issues previous surveys, see Paul Schneiderman, “Planned and as reported by the SIA. Although the response rate to Actual Long-Term Borrowing by State and Local Gov the survey is high, it is thought that the sample used ernments,” Federal Reserve B ulletin (Dec. 1971), in fiscal 1972 did not contain a representative listing and J.E. Petersen, “Response of State and Local Gov of units that offered industrial pollution control bonds. ernments to Varying Credit Conditions,” Federal Re Steps have been taken to remedy this deficiency in future serve B ulletin (Mar. 1971). surveys. 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
258 FEDERAL RESERVE BULLETIN □ APRIL 1973 TABLE 2 ANTICIPATIONS VERSUS REALIZATIONS Fiscal year 1972 In billions of dollars 1971 1972 Fiscal Line Borrowing 1972 Q3 Q4 Q1 Q2 1. Anticipatecf .................. 6.2 6.8 6.7 5.8 25.4 Authorized ............. 5.5 5.4 5.8 4.2 20.9 Not yet authorized .7 1.4 .9 1.6 4.5 2. Realized .. 4.5 4.6 4.9 3.4 17.4 3. Unplanned 1.3 1.2 .9 1.6 5.0 4. Total ........ 5.8 5.9 5.8 5.1 22.4 MEMO: Gross shortfalls (line 1 -2).. 1.7 2.2 1.7 2.4 8.0 Net shortfalls (line 1 - 4) .... .4 .9 .9 .7 3.0 Note.—Details may not add to totals because of rounding. of the dollar volume of postponem ents and legal or administrative problems were the major cancellations by school districts was attributable cause of delay in planned borrowing, it is rea to these three factors. Of the $6.0 billion total, sonable to assume that many of these debt issues only 5 per cent was due to interest rate factors, will eventually be floated and that there may that is, restraints imposed by interest rate ceil be little permanent reduction in planned capital ings or the judgm ent that interest rates were too spending. high at that time. In a number of instances the governments Even though the discrepancy between antici used other means of financing as a temporary pations and realizations was large, the impact substitute for bond funds in order to avoid on capital outlays appears to have been rela delays in construction plans. For exam ple, they tively small. According to Table 5, only about financed $2.5 billion of capital spending by use $530 million of capital spending had to be of interim short-term borrowing, by drawing canceled. down liquid assets, or by postponing other cash In the majority of the cases where borrowing outlays. The fact that units resorted to these did not take place as planned, there was no methods indicates that they had expectations of effect on capital spending because there had issuing the proposed long-term bonds in the near been no immediate need for the funds. Since future. Not all units reported on the ways in TABLE 3 ANTICIPATIONS AND REALIZATIONS BY TYPE OF UNIT Fiscal year 1972 In billions of dollars State Special School Line Borrowing States colleges Counties Cities Towns districts districts Total 1. Anticipations ................................... 8.0 .9 1.9 6.6 .6 3.8 3.6 25.4 Authorized ................................. 7.2 .6 1.4 5.6 .5 2.9 2.6 20.5 Not yet authorized .................. .9 .3 .5 1.0 .9 .9 4.5 2. Realized ........................................... 6.3 .7 1.0 4.6 .3 2.6 1.9 17.4 3. Unplanned ........................................ 1.7 .1 .7 1.1 .7 .7 5.0 4. Total .................................................. 8.0 .8 1.7 5.7 .3 3.3 2.6 22.4 MEMO: Gross shortfalls (line 1 - 2)............. 1.7 .2 .9 2.0 .3 1.2 1.7 8.0 Net shortfalls (line 1-4).................. .1 .2 .9 .3 .5 1.0 3.0 Note.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE AND LOCAL BORROWING 259 TABLE 4 DOLLAR VOLUME OF REPORTED SHORTFALLS BY REASON FOR SHORTFALL Fiscal year 1972 In millions of dollars 1971 1972 Fiscal Reason 1972 Q3 Q4 Ql Q2 Authorization not obtained ....... 91 227 160 473 950 Other administrative or legal delays ............................................. 852 680 663 983 3,178 Interest rate ceiling ..................... 94 9 12 9 125 Interest rates too high ................. 55 47 75 2 180 Interest rates expected to fall .. 32 213 45 9 300 Construction costs too high .... 3 1 4 Federal/State grant or loan not available ...................................... 6 18 67 30 120 Other .................................................. 217 363 282 325 1,188 Total .................-......................... 1,348 1,561 1,304 1,832 6,045 which they maintained their capital outlay pro long-term debt, they indicated that failure to gram, but Table 6 lists alternative financing for obtain authorizations, legal m atters, and adm in $5.0 billion of the $6.0 billion shortfall. istrative problems were responsible for most of It is noteworthy that the difference between the delays and cancellations. W hen interest rates anticipated and realized borrowing has ranged and market conditions are viewed as favorable, from $6 billion to $8 billion in each of the 3 failure of some units to realize borrowing plans years for which surveys have been made. There is offset to a large extent by acceleration of debt has been relatively little difference in the volume issues by other governments and thus the net of this gross shortfall throughout the interest rate shortfall is relatively small. In contrast, when cycle. Nevertheless, the reasons cited for failure credit conditions are tight, gross shortfalls and to execute planned borrowing did change. In net shortfalls are likely to be about the same. fiscal year 1970, when interest rates were rising Actual borrowing in fiscal year 1972 was only sharply and credit conditions generally were $3.0 billion short of the anticipated total, be stringent during much of the period, State and cause acceleration of borrowing by some units local governments designated interest-rate-in accounted for about $5.0 billion of unplanned duced problems as the main deterrent to bor borrowing. Interest rate trends were an im por rowing. But in later fiscal years, when market tant factor in these decisions; about one-quarter conditions were more favorable for flotation of of the volume of unplanned borrowing was TABLE 5 IMPACT OF BORROWING REDUCTIONS1 ON CAPITAL OUTLAYS Fiscal year 1972 In millions of dollars 1971 1972 Fiscal Type of unit 1972 Q3 Q4 Ql Q2 States .......................................................... 1.2 25.0 10.0 36.2 State colleges ......................................... 3.8 3.8 Counties ..................................................... 13.8 12.1 12.0 .4 38.3 Cities .......................................................... 8.9 71.2 31.2 11.9 123.2 Towns ........................................................ Special districts ...................................... 5.6 5.6 7.3 135.6 154.1 School districts ...................................... 25.8 86.3 56.9 7.7 176.7 Total ..................................................... 55.2 204.0 117.4 155.5 532.1 'Total of capital outlay reductions or postponements connected with borrowing shortfalls reported by those units for which the shortfall was greater than 10 per cent of anticipations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
260 FEDERAL RESERVE BULLETIN □ APRIL 1973 TABLE 6 FINANCE SUBSTITUTIONS BECAUSE OF SHORTFALLS Fiscal year 1972 In billions of dollars 1971 1972 Fiscal Financial alternative Q3 Q4 Z lZLZ Q2 1972 Short-term borrowing .................... .3 .2 .2 .3 1.0 Liquid assets ..................................... .1 .1 .1 .1 .5 Postponement of other cash outlays ................................. .1 .2 .2 .4 .9 Money not needed immediately .6 .7 .5 .5 2.4 Other methods ................................. .1 .1 .1 .2 Total 1.2 1.3 1.1 1.4 5.0 Note.—Details may not add to totals because of rounding undertaken in order to take advantage of declin year 1972, when interest rates declined on bal ing interest rates. M ost of this borrowing oc ance and supplies of funds available in the curred in the first two quarters of the fiscal year, municipal bond market were am ple, interest rate apparently in response to the sharp decline in considerations affected mainly the timing of interest rates after the announcement of the debt issues. But the planning and processing of Phase I w age-price freeze in August 1971. debt issues of State and local governments ob Another 40 per cent was the result of project viously are subject to many pitfalls of a legal plans being ready early or of authorizations and adm inistrative nature. The discrepancy be becoming available ahead of time. tween anticipated and realized borrowing, even As shown in Table 7, a fairly large proportion during the periods of favorable market condi of the latter occurred in the last quarter of the tions, as well as the tendency to revise borrow fiscal year, when $10 billion of Federal grants ing anticipations appreciably as the fiscal year were received, some of which had not been passes, suggests that the period over which anticipated by the local governments. Further many municipal governments can make definite more, a large number of urtits accelerated plans plans is quite short. in expectation of rising interest rates in the Gross shortfalls could probably be reduced January-M arch 1972 period, when yields on by im provem ent of administrative procedures, tax-exempt bonds began to advance. Rates did, lengthening of the planning horizon, and better in fact, rise to a peak in April of that year. coordination of intergovernmental plans with As had been expected, surveys made during respect to matching funds. However, financial the past three fiscal years indicate that borrowing plans of State and local governments will always by State and local governments is quite sensitive be subject, to some extent, to postponem ents to interest rates and credit conditions. In fiscal or cancellation. □ TABLE 7 DOLLAR VOLUME OF ACCELERATED BORROWING BY REASONS GIVEN Fiscal year 1972 In billions of dollars 1971 1972 Reasons Fiscal 1972 Q3 Q4 Q l Q2 Authorized sooner than expected ........................................ .2 .3 .1 .6 1.2 Project plans ready early .......... .2 .1 .1 .3 .8 Interest rates expected to rise .. .2 .2 .1 .5 Interest rates declined ................. .5 ’.’5 . 1 .2 1.3 More costly than expected .1 .1 . 1 .3 Other .................................................... . 1 .3 .4 .3 1.0 Total ........................................ 1.3 1.2 .9 1.6 5.0 Note.—Details may not add to total because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
C h a n g e s in Tim e a n d Savings D eposits at C om m ercial B anks July 1 9 7 2 -J a n u a ry 1973 Interest rates offered on large-denomination 3) offered by banks on large negotiable certifi time deposits moved steadily upward at most cates of deposit (CD ’s) increased from 4.89 per commercial banks during the 6 months ending cent in July 1972 to 5.15 per cent in October January, according to recent surveys of time and and to 5.81 per cent on January 31 of this year. savings deposits.1 Rates offered on smaller-de- These increases in CD rates reflect the advance nom ination, consumer-type deposits increased in market yields on com peting money market little further, however, as they were already at assets. W ith rates on consumer-type time and or close to the ceiling levels permitted under savings deposits at or close to ceiling levels, Regulation Q; in fact, a large proportion of and with interest rates on competing short-term banks had raised their rates on deposits of this money market instruments rising, banks sought size to the maximum by the early part of 1972. funds to meet new credit demands by offering During the latter half of 1972 most of the higher rates on time deposits still below their remaining banks raised their offering rates on Regulation Q ceilings. Consequently, whereas such deposits. As a result, by the January 31 in July and even in October banks were paying survey date more than 95 per cent of the dollar as much as 6 per cent on less than 10 per cent volume of outstanding time deposits in denom i of their outstanding C D ’s, by January more than nations of less than $100,000 was receiving a 75 per cent of such instruments were paying return equal to ceiling rates. at least a 6 per cent return; in fact, 20 per cent As of January 31, 1973, more than three- were paying interest rates of 6.5 per cent or fourths of all insured banks were paying the more. [At large weekly reporting banks— which maximum 4.5 per cent rate on savings deposits. are the major issuers of large negotiable However, some larger banks— holding nearly CD ’s— rates on these certificates have continued 30 per cent of the dollar volume of all out to rise substantially since the January survey; standing savings deposits— had lowered their in late M arch some large New York banks were offering rate on these accounts to 4.0 per cent reporting an offering rate above 7 per cent on early in 1972, and many of these banks were short-term issues that have no regulatory ceil still offering the lower rate in January 1973. ing.] Average interest rates paid on other large- Almost half of the deposits receiving the 4.0 denomination time deposits (nonnegotiable per cent rate were in W est Coast banks. [Sub CD ’s and open accounts of more than $100,000) sequent to the survey, most of these banks raised also increased by approxim ately 65 basis points their offering rate back to 4.5 per cent effective between July 1972 and January 1973. M arch 1, 1973.] As market interest rates on competing assets The average of the most common rates (Table rose during the October 1972— January 1973 survey period, aggregate inflows of time and Note.— Martha Strayhorn of the Board’s Division of Research and Statistics prepared this article. savings deposits held by individuals, partner 1 Previous surveys of time and savings deposits at all ships, and corporations (IPC) increased at a member banks were conducted by the Board of Gover slower pace than in the previous four quarters. nors in late 1965, in early 1966, and quarterly beginning Although the slowdown was reflected in almost in 1967. In 1968 the surveys were expanded to provide figures for all insured commercial banks and were con all deposit categories, savings deposits and ducted jointly by the Board of Governors and the consumer-type time deposits with m aturities of Federal Deposit Insurance Corporation. The results of less than 2 years experienced the smallest in earlier surveys have appeared in Bulletins for 1966-72, the most recent being October 1972, pp. creases— no doubt because the rates that most 867-77. banks were offering on these deposits, even 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
262 FEDERAL RESERVE BULLETIN □ APRIL 1973 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES, APRIL 1972—JANUARY 1973 Number of issuing banks. Amount (in millions of dollars) Percentage change in deposits Type of deposit 1972 1973 1972 1973 (quarterly rate) Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Oc J t u . l 3 y 1 , 3 1 1 9 - 7 2 O Ja c n t . . 3 3 1 1 , , 1 9 1 7 97 2 3 - Total time and savings deposits.......... 13,461 13,461 13,567 13,589 249,100 259,705 268,734 275,611 3.5 2.6 Sayings................................................. 13,045 13,127 13,175 13,252 114,768 116,644 119,686 121,453 2.6 1.5 Time deposits in denominations oi less than $100,000—Total---- 13,219 13,244 13,392 13,396 91,198 94,630 96,636 100,280 2.1 3.8 Accounts with original maturity of— Less than 1 year........................ 12,333 12,459 12,643 12,798 45,365 46,334 46,091 46,693 -.5 1.3 1 up to 2 years.......................... 12,367 12,433 12,559 12,647 20,514 21,539 22,137 22,791 2.8 3.0 2 years or more......................... 10,720 10,840 11,033 11,117 25,319 26,757 28,407 30,796 6.2 8.4 All maturities: Open accounts—Passbook or statement form1................. 3,544 3,514 3,384 3,518 27,206 28,457 27,410 28,637 -3.7 4.5 Time deposits in denominations of $100,000 or more—Total___ 5,952 5,916 6,255 6,131 37,021 42,028 46,009 48,206 9.5 4.8 Negotiable CD’s............................ 3,067 2,861 3,195 3,098 25,959 29,892 33,330 35,065 11.5 5.2 Nonnegotiable CD’s and open account.................................... 3,513 3,670 3,725 3,690 11,063 12,136 12,679 13,141 4.5 3.6 Christmas savings and other special funds............................................ 8,424 8,396 7,969 8,257 6,113 6,403 6,403 5,672 -11.4 i Includes time deposits, open account, issued in passbook, state information was reported by a probability sample of all insured com ment, or other forms that are direct alternatives for regular savings mercial banks; for October 31,1972, the data for member banks were accounts. Most of these are believed to be in accounts totaling less reported by virtually all such banks and for insured nonmember banks than $100,000. The figures shown on this line are included above in by the same sample of these banks reporting in earlier surveys. the appropriate maturity category. Some deposit categories include a small amount of deposits out Note.—Data were compiled jointly by the Board of Governors of standing in a relatively few banks that no longer issue these types of de the Federal Reserve System and the Federal Deposit Insurance posits and are not included in the number of issuing banks. Dollar Corporation. For April 30 and July 31,1972, and January 31,1973, the amounts may not add to totals because of rounding. though at the ceiling level, could not compete Following very rapid growth between April with the attractiveness of the higher-yielding and October, large-denomination time deposits market assets. On balance, small banks (with and negotiable C D ’s, IPC, increased at much total deposits of less than $100 million) suffered slower rates in late 1972. In general, total de a small absolute decline in savings deposits, but posit inflows were strong, and banks were still this was more than offset by inflows to some relatively liquid. Hence they did not increase of the larger banks that were paying the 4.5 CD rates sufficiently to keep pace with other per cent rate. In general, banks paying less than short-term rates. As a result, banks attracted the maximum rate had little or no success in fewer funds than they had earlier in the year attracting new deposits. As of January 31 sev when competing short-term rates had been rising eral banks in the survey indicated that they less rapidly. intended to raise their rate to the maximum in It should be noted, however, that after allow the near future and no banks anticipated a re ance for seasonal influences, sales of CD ’s in duction in rates. the 3 months ending January 31 remained quite Inflows of time deposits with maturities of strong— well above those of a year earlier. [Al 2 years or more increased by 8.4 per cent though only IPC figures are reported in the between October 1972 and January 1973. Al survey, sales of C D ’s to others than IPC, espe though this increase in long-term deposits was cially to State and local governments, were considerably below rates experienced by banks especially strong in the Decem ber-January in comparable periods of recent years, it was period. Since the January survey, sales of CD ’s much stronger than the rate of growth of the at large weekly reporting banks have increased shorter-term accounts, which were paying con even more rapidly than in preceding months, sumers interest rates 0.5 to 0.75 of a percentage as banks have tried to offset the reduced inflows point less than the 5.75 per cent rate on the of consumer-type time deposits and to meet loan 2-year-and-over accounts. demands by aggressively bidding for CD funds.] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 263 TABLE 2 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JANUARY 31, 1973, AND OCTOBER 31, 1972, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. 31 31 31 31 31 31 31 31 31 31 31 31 Amount of deposits (in millions of dollars), Number of banks, or percentage distribution or percentage distribution Savings deposits: Issuing banks............................................ 13,252 13 175 12,560 12,511 693 664121,453 119,686 47,090 47,212 74,363 72,474 Percentage distribution by most com mon rate paid on new deposits: Total....................................................... 100 100 100 100 100 100 100 100 100 100 100 100 3.50 or less........................................ 4.4 5.6 4.6 5.8 2.5 2.7 1.6 2.0 2.1 3.0 1.4 1.4 3.51-4.00........................................... 17.6 18.2 17.4 17.9 21.5 24.9 29.4 31.2 13.7 14.3 39.2 42.2 4.01-4.50............................................ 77.9 76.2 78.0 76.3 76.0 72.4 69.0 66.8 84.2 82.7 59.4 56.4 Time deposits in denominations of less than $100,000: Maturities less than 1 year: Issuing banks........................................ 12,798 12,643 12,105 11,980 693 663 46,693 46,091 22,008 21,311 24,685 24,779 Percentage distribution by most common rate paid on new de posits: Total................................................... 100 100 100 100 100 100 100 100 100 100 100 100 4.50 or less.................................... 3.2 4.2 3.2 4.1 3.2 5.0 2.7 3.4 1.0 1.4 4.3 5.1 4.51-5.00....................................... 96.8 95.8 96.8 95.9 96.8 95.0 97.2 96.6 99.0 98.6 95.7 94.9 Maturities of 1 up to 2 years: Issuing banks........................................ 12,647 12,559 11,973 11,920 674 639 22,791 22,132 16,564 16,125 6,227 6,006 Percentage distribution by most common rate paid on new de posits: Total................................................... 100 100 100 100 100 100 100 100 100 100 100 100 4.50 or less.............................. .6 .7 .6 .7 .4 1.1 .1 .2 .1 .1 .1 4.51-5.00........................................ 6.6 7.6 6.5 7.4 8.2 10.8 7.6 7.9 8.1 8.3 6.5 7.0 5.01-5.25........................................ 1.1 1.1 1.1 1.0 2.2 2.8 1.1 1.3 .7 1.0 2.3 2.1 5.26-5.50........................................ 91.8 90.6 91.9 90.9 89.0 85.3 91.2 90.5 91.2 90.6 91.2 90.2 Maturities of 2 years and over: Issuing banks........................................ 11,117 11,033 10,463 10,412 654 621 30,782 28,356 16,937 15,369 13,845 12,987 Percentage distribution by most common rate paid on new de posits : Total................................................... 100 100 100 100 100 100 100 100 100 100 100 100 4.50 or less.................................... .1 .2 .1 .2 .5 .6 .1 .1 .1 4.51-5.00........................................ 1.3 2.3 1.1 2.1 4.9 5.3 2.3 3.0 .2 .9 4.8 5.6 5.01-5.25........................................ .1 .3 .1 .3 .3 .1 .1 .1 .1 5.26-5.50........................................ 2.0 2.9 1.9 2.9 ” ” 3.’8 4.7 *” i.*8 2.3 .6 .7 ""3.4 4.2 5.51-5.75........................................ 96.4 94.2 96.8 94.5 90.8 89.0 95.9 94.5 99.1 98.2 91.8 90.1 Negotiable CD’s in denominations of $100,000 or more: Issuing banks............................................ 3,098 3,195 2,652 2,761 446 435 35,046 33,323 3,044 2,823 32,002 30,499 Percentage distribution by most common rate paid on new de posits : Total....................................................... 100 100 100 100 100 100 100 100 100 100 100 100 4.50 or less........................................ 1.9 4.2 1.9 4.3 1.6 3.7 .8 5.1 4.0 3.6 .4 5.2 4.51-5.00............................................ 14.0 35.6 14.3 34.0 12.6 45.7 4.0 39.6 7.3 28.1 3.7 40.7 5.01-5.50............................................ 29.8 23.1 29.0 20.7 34.8 38.6 19.2 46.1 25.8 26.8 18.5 47.9 5.51-6.00............................................ 39.2 25.6 38.7 28.1 42.6 9.2 56.6 6.0 54.1 32.8 56.8 3.5 6.01-6.50............................................ 9.2 6.1 9.6 6.7 7.2 2.1 17.2 2.9 6.5 5.8 18.2 2.6 6.51-7.00............................................ 5.0 4.0 5.7 4.6 .9 2.2 .1 1.8 1.7 2.1 7.01-7.50............................................ .8 1.4 .9 1.6 .4 (1>.5 .1 .1 .4 1.0 7.51 and over.................................... .1 .1 .1 i Less than 0.05 per cent. For Note, see p. 265. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 FEDERAL RESERVE BULLETIN □ APRIL 1973 TABLE 3 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS Per cent per annum Time deposits in denominations of— Less than $100,000 $100,000 or more All Savings Bank location and size of bank time and and (total deposits in millions savings small-de- Savings Maturing inof dollars) deposits nomination time Total Nego All deposits Less 1 up to 2 years tiable other than 2 years or more CD’s 1 year October 31, 1972 All banks: All size groups................................ 4.83 4.76 4.32 5.30 4.98 5.45 5.71 5.15 5.27 Less than 10................................. 5.03 5.02 4.32 5.39 5.00 5.47 5.74 5.65 5.41 10-50............................................. 4.93 4.90 4.39 5.35 4.99 5.44 5.74 5.55 5.50 50-100........................................... 4.85 4.80 4.40 5.31 4.99 5.46 5.74 5.41 5.48 100-500......................................... 4.79 4.71 4.34 5.26 4.98 5.43 5.73 5.22 5.26 500 and over................................ 4.76 4.60 4.24 5.23 4.95 5.46 5.66 5.10 5.19 Banks in— Selected large SMSA’s:1 All size groups............................ 4.77 4.65 4.30 5.26 4.96 5.45 5.69 5.12 5.22 Less than 10............................ 4.86 4.83 4.38 5.35 4.99 5.46 5.74 5.46 5.35 10-50......................................... 4.83 4.78 4.41 5.33 4.99 5.45 5.73 5.42 5.48 50-100....................................... 4.78 4.74 4.40 5.29 4.99 5.43 5.74 5.35 5.27 100-500..................................... 4.77 4.68 4.34 5.26 4.98 5.43 5.74 5.19 5.24 500 and over............................ 4.76 4.60 4.25 5.23 4.95 5.47 5.65 5.10 5.19 All other SMSA’s: All size groups............................ 4.82 4.76 4.32 5.29 4.98 5.45 5.73 5.29 5.37 Less than 10............................ 4.86 4.83 4.26 5.38 4.99 5.43 5.74 5.58 5.91 10-50......................................... 4.87 4.83 4.37 5.34 4.98 5.45 5.74 5.52 5.57 50-100....................................... 4.89 4.82 4.38 5.31 4.99 5.49 5.73 5.40 5.76 100-500..................................... 4.79 4.74 4.34 5.25 4.98 5.43 5.72 5.25 5.22 500 and over............................ 4.70 4.59 4.11 5.25 5.00 5.46 5.75 5.21 5.18 Banks outside SMSA’s: All size groups................................. 5.00 4.97 4.38 5.36 4.99 5.46 5.74 5.62 5.49 Less than 10................................. 5.08 5.07 4.33 5.39 5.00 5.48 5.74 5.78 5.35 10-50............................................. 5.00 4.97 4.39 5.36 4.99 5.44 5.74 5.70 5.50 50-100........................................... 4.91 4.87 4.41 5.32 4.99 5.46 5.74 5.58 5 48 100-500......................................... 4.87 4.79 4.37 5.31 5.00 5.44 5.75 5.43 5.56 500 and over................................ 4.96 4.91 4.50 5.31 5.00 5.50 5.75 5.32 5.25 January 31, 1973 All banks: 4.96 4.78 4.33 5.32 4.98 5.46 5.73 5.81 5.65 Less than 10................................ 5.04 5.03 4.34 5.39 4.99 5.46 5.74 5.84 5.76 10-50............................................. 4.97 4.93 4.42 5.36 5.00 5.45 5.75 5.70 5.60 50-100........................................... 4.87 4.79 4.39 5.32 4.99 5.47 5.75 5.67 5.61 100-500........................................ 4.86 4.73 4.36 5.28 4.98 5.45 5.74 5.64 5.61 4.99 4.62 4.25 5.26 4.97 5.47 5.69 5.85 5.69 Banks in— Selected large SMSA’s 1: All size groups............................ 4.95 4.67 4.31 5.28 4.97 5.46 5.71 5.83 5.67 4.91 4.88 4.38 5.38 5.00 5.47 5.72 5.75 5.58 10-50........................................ 4.86 4.80 4.42 5.34 4.98 5.45 5.74 5.65 5.66 50-100...................................... 4.81 4.73 4.39 5.30 4.99 5.44 5.74 5.59 5.57 100-500.................................... 4.86 4.70 4.35 5.28 4.98 5.45 5.74 5.65 5.62 5.00 4.62 4.26 5.26 4.97 5.47 5.68 5.85 5.69 All other SMSA’s: All size groups............................ 4.88 4.79 4.33 5.32 4.99 5.46 5.74 5.64 5.63 Less than 10............................ 4.86 4.83 4.32 5.36 4.98 5.42 5.73 5.40 5.90 10-50........................................ 4.96 4.90 4.40 5.37 5.00 5.47 5.75 5.81 5.86 50-100...................................... 4.92 4.85 4.37 5.33 4.99 5.49 5.75 5.64 5.67 100-500.................................... 4.85 4.75 4.36 5.27 4.98 5.45 5.73 5.60 5.55 4.78 4.61 4.13 5.27 5.00 5.49 5.74 5.59 5.62 Banks outside SMSA’s: 5.03 5.00 4.41 5.37 5.00 5.46 5.75 5.75 5.58 5.09 5.08 4.33 5.39 4.99 5.46 5.74 6.01 5.71 10-50............................................. 5.02 5.00 4.43 5.37 5.00 5.45 5.75 5.65 5.46 50-100.......................................... 4.94 4.86 4.42 5.32 4.99 5.49 5.75 5.78 5.63 100-500........................................ 4.92 4.82 4.40 5.34 5.00 5.45 5.74 5.62 5.78 5.12 4.93 4.50 5.30 5.00 5.50 5.75 6.37 6.81 For notes, see p. 265. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 265 TABLE 4 ESTIMATED PERCENTAGE OF TIME DEPOSITS, IPC, HELD BY BUSINESSES AT MEMBER BANKS ON OCTOBER 31, 1972 Denominations of less than $100,000 Denominations of $100,000 and over All time deposits Maturing in— Non Group (excluding negotiable passbook All All types Negotiable CD’s and savings) maturities Less 1 up to 2 years CD’s open than 2 years or more account 1 year All banks reporting information................... 38.5 11.3 13.2 9.9 8.2 75.8 82.3 56.0 Size of bank (total deposits in millions of dollars): Under 10....................................................... 9.8 7.2 9.6 5.9 6.0 71.3 74.4 67.3 10-50.............................................................. 12.0 7.5 9.3 6.8 5.2 55.2 54.1 56.4 50-100........................................................... 17.7 9.0 10.1 9.8 6.1 58.5 60.1 57.1 100-500........................................................ 29.6 11.9 14.7 9.0 6.6 66.5 72.6 57.4 500 and over................................................. 52.3 14.2 15.0 15.9 11.5 78.9 84.9 55.3 Federal Reserve district: Boston........................................................... 46.1 7.6 8.9 4.8 2.8 80.2 80.3 79.6 New York..................................................... 66.4 21.2 24.3 23.5 11.5 83.7 88.6 63.6 Philadelphia................................................. 23.5 14.9 19.2 8.2 13.7 63.9 69.4 56.2 Cleveland....................................................... 29.0 8.7 11.5 6.1 4.8 74.1 78.5 59.0 Richmond..................................................... 33.1 9.1 11.0 9.9 5.5 78.4 79.4 76.5 Atlanta........................................................... 31.0 12.6 14.2 11.3 10.0 66.0 74.9 53.1 Chicago......................................................... 30.0 7.3 8.1 7.5 4.8 70.1 81.9 33.6 St. Louis....................................................... 18.4 6.8 9.3 5.7 4.3 74.2 80.3 66.1 Minneapolis.................................................. 19.3 6.1 7.1 5.8 4.8 81.4 86.7 55.0 Kansas City.................................................. 26.8 10.0 14.1 6.4 5.1 66.1 67.1 63.0 Dallas............................................................. 37.2 13.0 15.7 10.6 9.7 61.6 65.2 41.6 San Francisco............................................... 37.7 13.5 12.9 18.4 12.2 74.3 84.8 54.0 Note.—Data are for member banks of the Federal Reserve System 80 per cent of the total deposits of these types in all member banks. only. No insured nonmember banks reported this information, Passbook savings and Christmas savings and other special funds are and there was some nonreporting among member banks. Never excluded. theless, the member banks that did report accounted for more than NOTE TO TABLE 2: Note.—The most common interest rate for each instrument refers While rate ranges of Va or Vi of a percentage point are shown in to the basic stated rate per annum (before compounding) in effect on this and other tables, the most common rate reported by most banks the survey date that was generating the largest dollar volume of de was the top rate in the range; for example, 4.00, 4.50, etc. On negotia posit inflows. If the posted rates were unchanged during the 30-day ble CD’s in denominations of $100,000 and over, however, some large period just preceding the survey date, the rate reported as the most banks have had rates at intervals of Vs of a percentage point. Some common rate was the rate in effect on the largest dollar volume of deposit categories exclude a small amount of deposits outstanding in deposit inflows during the 30-day period. If the rate changed during a relatively few banks that no longer issue these types of deposits and that period, the rate reported was the rate prevailing on the largest are not included in the number of issuing banks. dollar volume of inflows from the time of the last rate change to the Figures may not add to totals because of rounding. survey date. NOTES TO TABLE 3: 1 The selected large Standard Metropolitan Statistical Areas, as defined by the Office of Management and Budget and arranged by size of popula tion in the 1970 Census, are as follows: New York City Minneapolis-St. Paul San Jose Albany-Schenectady-Troy Richmond Los Angeles-Long Beach Seattle-Everett New Orleans Akron Jacksonville Chicago Milwaukee Tampa-St. Petersburg Hartford Flint Philadelphia Atlanta Portland Norfolk-Portsmouth Tulsa Detroit Cincinnati Phoenix Syracuse Orlando San Francisco-Oakland Paterson-Clifton-Passaic Columbus Gary-Hammond-E. Chicago Charlotte Washington, D. C. Dallas Rochester Oklahoma City Wichita Boston Buffalo San Antonio Honolulu West Palm Beach Pittsburgh San Diego Dayton Ft. Lauderdale-Hollywood Des Moines St. Louis Miami Louisville Jersey City Ft. Wayne Baltimore Kansas City Sacramento Salt Lake City Baton Rouge Cleveland Denver Memphis Omaha Rockford Houston San Bemadino-Riverside Ft. Worth Nashville-Davidson Jackson, Miss. Newark Indianapolis Birmingham Youngsto wn-Warren Note.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
266 FEDERAL RESERVE BULLETIN □ APRIL 1973 APPENDIX TABLE 1-SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 4.00 4.50 3.50 4.00 4.50 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS October 31, 1972 13,175 741 2,401 10,033 119,686 2,437 37,315 79,933 Size of bank (total deposits in millions of dollars): 6,060 474 1,302 4,284 5,933 309 1,086 4,539 10-50................................................................................... 5,691 222 837 4,632 28,157 758 3,820 23,580 50-100................................................................................. 760 27 97 636 13,122 345 1,835 10,941 100-500............................................................................... 499 13 106 379 23,808 334 6,671 16,803 165 5 59 101 48,667 691 23,904 24,071 Federal Reserve district: 318 7 58 254 4,966 62 1,410 3,494 New York.......................................................................... 451 6 88 357 19,054 422 4,321 14,310 430 64 100 266 7,561 686 2,944 3,931 754 61 142 552 10,654 126 3,343 7,184 740 14 98 629 8,774 106 1,637 7,030 1,692 59 419 1,214 9,002 239 2,166 6,597 2,592 197 474 1,921 21,870 452 4,217 17,201 1,237 62 233 942 4,391 118 801 3,472 1,374 187 464 723 2,907 166 514 2,228 1,905 77 232 1,595 4,658 47 207 4,403 1,284 6 37 1,241 4,247 13 65 4,169 San Francisco.................................................................... 396 56 340 21,604 15,690 5,914 January 31. 1973 All banks................................................................................. 13,252 589 2,340 10,324 121,453 2,042 35,647 83,765 Size of bank(total deposits in millions of dollars): Less than 10...................................................................... 5,911 421 1,266 4,224 6,251 273 1,202 4,776 10-50................................................................................... 5,943 127 811 5,005 29,040 408 3,500 25,132 50-100................................................................................. 705 24 114 567 11,799 320 1,758 9,722 100-500............................................................................... 526 12 95 419 24,768 327 6,202 18,239 500 and over...................................................................... 167 5 54 108 49,595 714 22,985 25,895 Federal Reserve district: Boston................................................................................. 338 5 52 281 4,917 56 1,250 3,611 New York.......................................................................... 448 5 68 376 19,047 420 4,014 14,613 430 44 151 234 8,023 569 3,069 4,386 Cleveland............................................................................ 755 60 148 547 11,287 102 3,532 7,653 Richmond.......................................................................... 740 11 87 642 9,018 100 1,392 7,526 Atlanta................................................................................ 1,717 58 330 1,330 9,162 173 1,692 7,297 Chicago............................................................................... 2,601 175 459 1,968 21,822 421 3,225 18,177 St. Louis............................................................................. 1,263 65 253 945 4,252 111 793 3,348 Minneapolis....................................................................... 1,375 117 501 758 3,164 46 753 2,365 Kansas City....................................................................... 1,880 46 158 1,676 4,846 29 120 4,697 Dallas.................................................................................. 1,305 4 78 1,224 4,255 15 197 4,043 San Francisco................................................................... 399 56 343 21,659 15,610 6,050 NOTES TO APPENDIX TABLES 1-6: 1 Less than $500,000. banks that had discontinued issuing these instruments but still had 2 Omitted to avoid individual bank disclosure. some deposits outstanding on the survey date. Time deposits, open Note.—In the October 31 survey, data were compiled from in account, exclude Christmas savings and other special accounts. Dollar formation reported by all member banks and by a probability sample amounts may not add to totals because of rounding. of all nonmember insured commercial banks. The latter were expanded In the headings of these tables under “Most common rate paid to provide universe estimates. For January 31, the information was (per cent)” the rates shown are those being paid by nearly all reporting reported by a probability sample of all insured commercial banks. banks. However, for the relatively few banks that reported a rate in Figures exclude banks that reported no interest rate paid and that between those shown, the bank was included in the next higher rate. held no deposits on the survey date, and they also exclude a few Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 267 APPENDIX TABLE 2—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN LESS THAN 1 YEAR Most common interest rates paid by insured commercial banks on new deposits Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.75 5.00 4.50 4.75 5.00 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS October 31, 1972 12,643 527 72 12,044 46,091 1,582 762 43,747 Size of bank (total deposits in millions of dollars): 5,785 195 5 5,585 3,562 23 1 3,539 10-50................................................................................... 5,441 270 38 5,133 12,544 230 32 12,283 50-100................................................................................. 754 29 7 718 5,205 53 15 5,137 100-500............................................................................... 498 21 14 462 9,033 238 221 8,574 165 11 8 146 15,747 1,039 494 14,215 Federal Reserve district: 341 7 16 318 1,523 2 12 1,509 432 58 13 360 4,452 272 120 4,060 346 33 4 309 2,231 34 142 2,056 670 43 2 625 3,183 (2) (2) 3,157 Richmond........................................................................... 672 57 6 609 2,892 131 66 2,695 Atlanta................................................................................ 1,642 129 9 1,504 4,713 63 13 4,637 Chicago............................................................................... 2,470 31 9 2,430 10,514 249 8 10,257 St. Louis............................................................................. 1,185 69 1,116 2,547 37 2,510 Minneapolis....................................................................... 1,231 11 1,220 2,460 3 2,457 1,967 37 1 1,929 2,692 (2) (2) 2,681 1,294 37 7 1,250 2,573 40 46 2,487 San Francisco.................................................................... 393 15 5 374 6,311 719 350 5,241 January 31, 1973 All banks................................................................................ 12,798 404 63 12,331 46,693 1,285 237 45,171 Size of bank (total deposits in millions of dollars): Less than 10...................................................................... 5,692 203 3 5,487 3,666 (2) (2) 3,618 10-50................................................................................... 5,709 164 50 5,496 13,786 117 34 13,634 50-100................................................................................. 703 16 4 683 4,557 57 14 4,486 100-500.............................................................................. 526 15 4 507 9,023 233 92 8,697 500 and over..................................................................... 167 7 2 157 15,662 (2) (2) 14,736 Federal Reserve district: Boston................................................................................ 325 9 1 315 1,565 (2) (2) 1,563 446 48 5 394 4,430 239 14 4,177 Philadelphia....................................................................... 344 44 25 276 2,093 17 80 1,977 Cleveland............................................................................ 719 70 649 3,113 44 3,069 Richmond.......................................................................... 651 54 6 591 2,959 78 102 2,779 1,678 92 12 1,575 4,849 28 13 4,808 Chicago.............................................................................. 2,463 14 7 2,442 10,691 98 6 10,587 St. Louis............................................................................ 1,263 44 1,219 2,771 23 2,747 Minneapolis ................................................................... 1,256 1,256 2,444 2,444 Kansas City........................................................................ 1,935 10 1,925 2,725 (!) 2,725 1,340 11 5 1,324 2,821 3 5 2,814 San Francisco.................................................................... 376 9 3 364 6,231 255 15 5,461 For notes to Appendix Tables 1-6, see p. 266. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
268 FEDERAL RESERVE BULLETIN □ APRIL 1973 APPENDIX TABLE 3— TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000— MATURING IN 1 UP TO 2 YEARS Most common interest rates paid by insured commercial banks on new deposits Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.00 5.25 5.50 or 5.00 5.25 5.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS October 31, 1972 All banks.............................................................................. 12,559 94 954 137 11,374 22,132 55 1,759 284 20,034 Size of bank (total deposits in millions of dollars): Less than 10.................................................................... 5,799 63 332 52 5,352 4,999 8 227 51 4,713 10-50................................................................................. 5,392 21 495 46 4,831 9,143 10 974 69 8,090 50-100............................................................................... 729 2 58 22 647 1,983 (2) 133 (2) 1,813 100-500............................................................................ 481 5 48 15 413 2,459 9 294 28 2,128 500 and over.................................................................... 158 2 21 3 132 3,547 (2) 129 (2) 3,291 Federal Reserve district: Boston.............................................................................. 223 2 43 6 172 151 (2) 7 (2) 136 New York........................................................................ 392 6 78 17 292 766 2 168 22 573 Philadelphia.................................................................... 367 2 61 4 300 1,297 (2) 167 (2) 1,088 Cleveland.......................................................................... 699 4 122 8 566 1,243 O) 203 14 1,026 666 9 62 13 581 933 6 75 6 846 1,488 9 124 24 1,331 2,004 3 265 36 1,700 < Chicago............................................................................ 2,475 6 97 33 2,339 4,774 2 167 124 4,481 St. Louis.......................................................................... 1,272 2 145 7 1,117 2,776 (2) 463 (2) 2,308 Minneapolis.................................................................... 1,312 44 3 1,264 1,947 (2) (2) 1,862 Kansas City..................................................................... 2,007 30 44 9 1,925 2,402 4 47 5 2,345 Dallas............................................................................... 1,268 1 111 9 1,148 1,861 (2) 87 (2) 1,757 San Francisco.................................................................. 390 23 24 4 339 1,979 29 27 11 1,912 January 31, 1973 All banks.............................................................................. 12,647 72 830 141 11,603 22,791 13 1,751 251 20,776 Size of bank (total deposits in millions of dollars): Less than 10.................................................................... 5,561 60 345 63 5,093 5,239 7 391 39 4,802 10-50................................................................................. 5,727 8 393 52 5,274 9,588 3 852 58 8,675 50-100............................................................................... 685 1 36 11 636 1,737 (2) 102 (2) 1,623 100-500............................................................................ 514 3 33 10 467 2,595 (2) 244 (2) 2,321 500 and over.................................................................... 160 22 4 134 3,631 162 115 3,355 Federal Reserve district: Boston.............................................................................. 217 16 2 199 144 (2) (2) 134 402 3 57 25 316 709 (!) 122 29 558 Philadelphia..................................................................... 377 68 309 1,503 190 1,313 Cleveland......................................................................... 693 22 89 2 580 1,275 (2) 177 (2) 1,095 Richmond....................................................................... 654 48 32 575 984 43 48 893 Atlanta....................................................,....................... 1,559 10 108 11 1,430 2,112 6 133 25 1,948 Chicago............................................................................ 2,447 104 28 2,315 4,925 263 114 4,548 St. Louis.......................................................................... 1,314 1 227 1,086 2,919 O) 685 2,234 Minneapolis................................................................... 1,351 25 1,326 2,035 37 1,999 Kansas City..................................................................... 1,973 25 12 7 1,930 2,461 O) 11 8 2,442 Dallas............................................................................... 1,288 53 31 1,204 1,631 42 10 1,579 San Francisco................................................................. 372 11 23 5 333 2,092 6 38 15 2,034 For notes to Appendix Tables 1-6, see page 266. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 269 APPENDIX TABLE 4— TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000— MATURING IN 2 YEARS OR MORE Most common interest rates paid by insured commercial banks on new deposits Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.00 5.25 5.50 5.75 or 5.00 5.25 5.50 5.75 less less NUMBER OF BANKS MILLIONS OF DOLLARS October 31, 1972 All banks........................................ 11,033 26 255 30 327 10,395 28,356 16 863 27 660 26,791 Size of bank (total deposits in millions of dollars): Less than 10.............................. 4,860 94 1 161 4,600 2,845 (2) 46 (2) 20 2,778 10-50.......................................... 4,846 108 22 123 4,579 9,430 5 74 11 59 9,281 50-100........................................ 706 20 5 14 664 3,094 (2) 16 (2) 35 3,031 100-500...................................... 463 14 2 19 425 4,510 (2) 53 (2) 97 4.350 500 and over.............................. 158 19 10 127 8,477 (2) 673 (2) 7.351 Federal Reserve district: Boston........................................ 216 13 5 196 283 (2) 6 (2) (2) 275 New York.................................. 338 28 26 276 1,714 (2) 123 (2) 120 1,467 Philadelphia............................... 317 9 6 300 2,303 (2) 240 (2) 1,841 Cleveland.................................... 628 27 48 549 2,360 (2) 48 (2) 19 2,289 Richmond.................................. 600 13 18 560 1,952 8 15 6 1,924 Atlanta........................................ 1,297 47 45 1,194 2,388 1 45 28 2,307 Chicago....................................... 2,265 17 52 2,192 6,197 (2) 108 (2) 106 5,978 St. Louis..................................... 979 6 40 931 1,835 (2) (2) (2) 1,822 Minneapolis............................... 1,135 7 2 1,126 2,152 (2) (2) 2,115 Kansas City................................ 1,775 16 18 1,735 1,932 9 9 1,912 Dallas.......................................... 1,105 40 56 1,000 1,508 O) 28 93 1,377 San Francisco............................. 378 34 9 335 3,732 227 19 3,485 January 31, 1973 All banks........................................ 11,117 17 146 12 224 10,717 30,782 1 700 567 29,504 Size of banks (total deposits in millions of dollars): Less than 10.............................. 4,531 74 84 4,373 3,077 (2) (2) 38 3,014 10-50.......................................... 5,278 30 100 5,127 11,064 O) 13 42 10,999 50-100........................................ 653 11 16 624 2,796 (2) 2 (2) 16 2,777 100-500...................................... 495 15 18 458 4,916 (!) 56 79 4,781 500 and over............................. 159 17 7 135 8,928 603 392 7,933 Federal Reserve district: Boston........................................ 219 4 205 376 5 (2) (2) 367 New York.................................. 356 12 16 326 1,814 (2) 128 (2) 1,688 Philadelphia.............................. 294 7 2 286 2,450 (2) (2) 2,000 Cleveland.................................... 650 2 37 610 2,366 (2) 2,316 Richmond.................................. 613 9 7 594 2,132 10 (2)! 2,115 Atlanta........................................ 1,351 24 63 1,258 2,744 O) 25 (2) 15 2,703 Chicago...................................... 2,249 5 7 2,230 6,911 O) 61 96 6,754 St. Louis.................................... 1,040 21 1 1,018 2,233 22 O) 2,210 Minneapolis.............................. 1,128 1 1,127 2,249 O) 2,222 Kansas City............................... 1,740 7 1,724 1,983 2 2 1,978 Dallas.......................................... 1,115 65 1,008 1,524 C1) 15 15 1,492 San Francisco............................ 361 15 331 4,000 13 309 3,678 For notes to Appendix Tables 1-6, see p. 266. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
270 FEDERAL RESERVE BULLETIN □ APRIL 1973 APPENDIX TABLE 5— NEGOTIABLE CD's, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.00 7.50 Total 4.00 7.50 or 4.50 5.00 5.50 6.00 6.50 7.00 and or 4.50 5.00 5.50 6.00 6.50 7.00 and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS October 31, 1972 All banks................................... 3,195 21 1131,137 739 816 195 127 4733,323 771,61413,21215,3681,994 973 48 37 Size of bank (total deposits in millions of dollars): Less than 10......................... 720 6 12 270 109 143 90 81 8 177 2 3 64 28 35 28 15 3 10-50...................................... 1,714 10 75 552 356 558 83 46 36 1,732 10 68 438 415 652 88 33 29 50-100.................................... 327 4 10 116 106 76 13 1 915 11 (2) 290 314 240 50 (2) 100-500.................................. 284 14 126 103 31 7 2 3,746 (2) 1,609 1,485 335 197 (2) 500 and over........................ 150 1 1 73 65 8 2 26,753 (2) (2) 10,81113,126 733 (2) Federal Reserve district: Boston................................... 177 1 10 90 42 21 11 1 1,414 (2) 43 1,063 158 139 8 (2) New York............................ 208 1 17 100 52 35 1 2 12,604 (2) 1,4976,1064,604 393 (2) (2) Philadelphia......................... 109 2 20 28 23 30 3 1 2 1,345 (2) 12 307 412 29 (2) (2) (2) Cleveland.............................. 177 4 77 28 55 10 2 1 1,538 31,202 259 69 4 (2) (2) Richmond............................. 132 1 6 40 45 28 6 2 4 990 (2) 6 393 507 60 16 (2) 4 Atlanta.................................. 573 2 12 139 107 214 56 37 6 1,717 (2) 9 572 801 280 36 (2) 10 Chicago................................. 552 6 17 229 156 87 24 31 3 4,114 63 13 4333,302 132 162 (2) (2) St. Louis............................... 124 3 8 64 27 17 1 2 1 534 (2) 9 237 148 138 (2) (2) (2) Minneapolis......................... 171 6 60 45 40 5 11 5 586 1 162 382 34 6 1 1 Kansas City.......................... 295 2 4 80 75 80 19 22 14 1,060 (2) (2) 383 407 152 89 11 11 Dallas.................................... 504 1 5 150 93 173 58 17 8 2,699 (2) (2) 643 1,528 434 68 14 9 San Francisco...................... 171 1 4 80 47 35 1 2 4,720 (2) 121,7102,861 135 (2) (2) January 31, 1973 All banks........................................... 3,098 8 49 433 9241,216 287 155 2635,046 74 1881,4216,72019,8286,032 764 19 Size of bank (total deposits in millions of dollars): Less than 10................................. 561 1 95 132 164 92 76 151 (2) 21 37 47 31 (2) 10-50............................................. 1,748 6 36 240 492 727 151 74 24 1,831 2 97 155 3761,037 122 31 12 50-100........................................... 343 7 43 145 135 12 1 1,062 (2) 47 372 564 45 (2) 100-500......................................... 295 1 4 44 106 117 18 2 2 4,065 (2) 60 419 1,458 1,600 432 (2) (2) 500 and over................................ 151 1 1 11 49 74 14 2 27,936 (2) (2) 7794,476 16,5805,403 (2) Federal Reserve district: Boston........................................... 181 5 32 71 70 3 1,493 22 50 416 989 16 New York.................................... 183 1 5 31 54 87 6 12,830 (2) (2) 192 7187,939 3,929 Philadelphia................................. 95 3 9 4 30 43 2 4 1 1,367 (2) 7 33 343 381 (2) 558 (2) Cleveland...................................... 101 1 29 22 35 9 3 1 1,586 (2) 35 454 1,071 23 (2) (2) Richmond.................................... 169 23 17 32 69 5 24 1,296 89 321 232 523 56 75 Atlanta......................................... 631 1 48 122 300 110 40 10 1,923 (2) 131 528 1,169 73 9 (2) Chicago....................................... 479 3 5 95 164 118 44 50 4,419 73 8 1531,911 1,813 409 52 St. Louis..................................... 145 33 44 46 1 21 482 31 104 254 (2) (2) Minneapolis............................... 121 22 37 45 15 3 572 141 26 48 356 1 Kansas City............................... 309 59 117 93 27 6 6 1,096 17 430 463 120 63 3 Dallas.......................................... 498 36 141 255 62 ... „ 4 3,005 39 999 1,647 319 1 San Francisco............................ 186 1 1 28 89 55 2 1 4,977 (2) (2) 277 5583,531 599 2 (2) For notes to Appendix Tables 1-6, see page 266. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 271 APPENDIX TABLE 6— NONNEGOTIABLE CD's AND OPEN ACCOUNT TIME DEPOSITS, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.00 7.50 4.00 7.50 or 4.50 5.00 5.50 6.00 6.50 7.00 and or 4.50 5.00 5.50 6.00 6.50 7.00 and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS October 31, 1972 All banks........................................... 3,725 83 1511,264 7851,145 109 98 8912,603 81 3844,5925,7071,509 144 141 46 Size of bank (total deposits in millions of dollars): Less than 10................................. 668 31 14 195 128 254 22 16 7 167 3 5 64 30 51 7 4 2 10-50.............................................. 2,077 38 85 647 376 703 79 68 80 1,480 26 55 471 323 477 52 37 38 50-100............................................ 485 5 23 190 136 113 3 12 3 1,175 4 35 378 343 306 (2) 96 (2) 100-500.......................................... 372 7 18 173 103 67 3 1 2,949 17 731,096 1,109 598 (2) (2) 121 2 11 59 41 7 1 6,833 (2) 2152,5843,902 76 (2) Federal Reserve district: 73 2 1 42 16 13 196 (2) (2) 108 24 36 221 4 23 114 55 23 1 2,992 (2) 1 551,482 1,375 74 (2) Philadelphia.................................. 145 4 19 54 24 41 2 1 538 2 22 250 157 79 (2) (2) Cleveland...................................... 190 3 12 76 43 44 7 5 1 519 (2) 53 270 121 57 2 4 (2) Richmond..................................... 353 11 16 92 112 111 5 2 4 835 14 16 244 379 120 52 (2) (2) Atlanta........................................... 611 6 18 192 114 216 35 21 8 1,226 3 22 455 380 330 13 20 2 Chicago......................................... 616 8 27 254 131 152 16 23 4 1,846 5 50 501 1,144 123 13 9 1 St. Louis........................................ 420 36 11 110 121 97 7 3 34 447 (2) 5 217 111 85 12 (2) 12 Minneapolis.................................. 131 2 5 38 29 53 3 1 141 (2) 7 41 31 60 (2) (2) Kansas City.................................. 406 4 12 131 55 157 12 26 8 531 4 11 232 136 126 8 4 10 Dallas............................................. 433 3 2 109 54 201 19 15 29 792 (2) (2) 143 197 325 10 97 16 San Francisco.............................. 126 4 54 29 36 2 1 2,540 142 649 1,652 94 (2) (2) January 31, 1973 All banks........................................... 3,690 27 104 865 9441,320 229 120 8212,983 34 1672,3442,7596,598 767 272 41 Size of bank (total deposits in millions of dollars): Less than 10................................ 653 1 2 128 159 270 63 29 193 (2) (2) 30 49 83 27 4 10-50............................................. 2,114 15 71 512 510 731 115 82 79 1,555 1 29 447 395 525 57 63 “ *37 50-100........................................... 396 1 8 92 132 129 27 3 3 1,028 (2) 7 215 324 321 149 (2) (2) 100-500......................................... 403 7 17 96 111 149 18 4 3,231 26 56 397 913 1,484 322 34 500 and over................................ 124 2 6 37 31 41 5 2 6,975 (2) 75 1,256 1,0784,184 211 (2) Federal Reserve district: Boston........................................... 113 1 20 15 53 24 272 (2) 41 (2) 121 79 New York.................................... 198 2 9 68 44 69 6 3,171 (2) (2) 593 561 1,831 142 Philadelphia.................................. 167 7 31 34 42 46 4 1 2 531 8 10 103 186 173 47 (2) (2) Cleveland...................................... 242 2 7 65 98 48 20 2 627 (2) 33 168 267 144 4 (2) Richmond..................................... 242 2 6 61 57 110 4 2 795 (2) (l) 143 211 348 79 (2) Atlanta.......................................... 618 15 204 104 194 61 17 22 1,309 18 372 355 443 85 30 6 Chicago......................................... 561 9 8 161 158 186 26 13 1,791 12 23 209 398 932 51 165 St. Louis........................................ 378 3 2 52 136 151 7 27 418 (2) (2) 133 130 139 11 5 Minneapolis.................................. 133 3 31 27 64 7 125 (l) 13 44 66 2 Kansas City.................................. 4191 4 82 112 122 50 46 4 527 1 88 134 213 44 33 13 Dallas............................................. 503 67 90 248 39 31 27 905 130 163 337 234 28 14 San Francisco.............................. 115 1 24 22 58 11 2,513 361 1891,894 69 For notes to Appendix Tables 1-6, see p. 266. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APPENDIX TABLE 7 INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN OCTOBER 31, 1972, AND JANUARY 31, 1973 Time deposits in denominations of— Less than $100,000 maturing in— $100,000 or more Savings Less than 1 year 1 up to 2 years 2 years and over Negotiable CD’s All other Group Size of bank Size of bank Size of bank Size of bank Size of bank Size of bank (total deposits (total deposits (total deposits (total deposits (total deposits (total deposits in millions in millions in millions in millions in millions in millions All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) size size size size size size groups groups groups groups groups groups 100 100 100 100 100 100 Under and Under and Under and Under and Under and Under and 100 over 100 over 100 over 100 over 100 over 100 over Number of issuing banks January 31, 1973............. 13,254 12,564 690 12,813 12,123 690 12,648 11,977 671 11,122 10,469 652 3,101 2,656 445 3,686 3,163 523 PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP* Total............................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 No change in rate, Oct. 31-Jan. 31............... 95.4 95.2 97.1 95.6 95.8 92.8 94.6 94.9 90.1 94.5 94.7 92.0 48.0 52.0 24.3 51.4 53.4 38.8 Banks raising rate............... 3.4 3.5 2.5 2.0 1.7 6.4 2.3 2.1 6.9 2.4 2.3 4.4 33.8 28.1 67.6 28.9 25.7 48.7 New most common rate1 (per cent): 7 5(1 nr .1 .1 . 1 3 51-4 00 7 7 4 4 .5 0 1 1 -4 5 .0 50 0 ....... . . . . . . . . . . . . . . . . . ...... 2.7 2.7 2.4 (2 1 ) .9 (7.7 6.4 (2).i .i . . 5 6 (2).i .1 . . 5 5 (2 1 ) .2 1. . 1 1 1.8 1 . . 1 8 1.7 2. . 2 6 5 01 5 25 ............... .4 .4 .1 2.3 2.0 4.5 3.0 2.9 4.2 5.26-5.50..................... i. 8 1.6 5.6 (2)., (2)., .2 9.9 8.4 18.6 8.0 7.4 11.7 5.51 5.75 ................... 2.2 2.1 3.2 6.9 5.0 18.3 5.8 4.8 12.0 5.76 6.00 ................... 9.0 7.6 17.0 6.3 5.2 13.1 6.01-6.25..................... 2.2 1.6 5.6 2.6 2.4 3.7 6.26 6.50..................... 1.1 1.2 .9 .3 .3 .2 6.51 6.75 ................... .9 .9 .7 .3 .3 .4 6.76-7.00..................... .1 .1 .2 .2 .2 .6 7 01—7 50 .2 .2 .6 .7 7 si a nn 8.01—R. 50..................... 272 FEDERAL RESERVE BULLETIN □ APRIL 1973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banks reducing rate........... 1.1 1.1 1.1 1.2 1.6 1.5 2.0 .8 1.7 5.9 6.0 5.8 6.7 6.6 7.9 New most common rate1 (per cent): 3.50 or less.................. .2 .2 .2 (2) (2) 3.51-4.0 0 (2) .3 .2 .6 4.01-4.5 0 (2) (2).7 (2) (2) (2).i .5 .3 .1 1.4 4.51-5.0 0 .3 1.0 1.0 .3 1.0 1.0 "i.’o 1.1 1.2 1.1 1.7 5.01-5.2 5 .3 .3 (2) (2) 1.1 1.2 .9 .2 .2 .6 5.26-5.5 0 (2) (2) .3 .3 ” .V 1.6 1.6 1.6 1.7 1.7 1.6 5.51-5.7 5 (2) (2) .4 .3 .7 1.0 .9 1.8 5.76-6.0 0 .9 .9 .9 .9 1.0 .2 6.01-6.2 5 .4 .5 .9 1.0 6.26-6.5 0 .1 .2 .3 .3 6.51-6.7 5 .1 .1 6.76-7.0 0 7.01-7.5 0 7.51-8.0 0 .2 .2 8.01-8.5 0 Banks introducing new in strument ........................ .2 .2 1.3 1.4 1.5 1.5 .9 2.3 2.3 1.9 12.3 14.0 2.3 13.0 14.3 4.7 Most common rate1 (per cent): 4.00 or less.................. (2) (2) (2) (2) .1 .1 .2 .2 4.01-4.5 0 .2 .2 (2) (2) .1 (2) 1.3 1.5 4.51-5.0 0 1.2 1.3 .2 .2 (2) (2) 1.8 2.1 2.0 2.2 5.01-5.2 5 1.9 2.2 2.1 2.4 5.26-5.5 0 (?.3 i.’3 .1 (2) .5 2.1 2.3 1.7 1.9 5.51-5.7 5 2.2 2.2 1.4 2.2 2.5 .5 .4 5.76-6.0 0 3.1 3.5 3.7 4.2 6.01-6.2 5 .7 .8 .1 .1 6.26-6.5 0 .1 .1 .7 .9 6.51-6.7 5 .1 .1 6.76-7.0 0 7.01-7.5 0 .2 .2 7.51-8.0 0 8.01-8.5 0 ♦ Shaded areas indicate that rates shown in the stub are higher 2 Less than 0.05 per cent. January 31, 1973. The table excludes banks that issued these types than the maximum permissible rate on the various instruments. Note.—This table was compiled by comparing rates as reported of deposits on October 31, but no longer issued them on January 1 For description of most common rate, see Note to Table 2, by the sample banks that had these types of deposits outstanding 31. Percentages may not add to totals because of rounding. p. 265. on October 31,1972, with the rates reported by the same banks on CHANGES IN TIME AND SAVINGS DEPOSITS 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
rv> APPENDIX TABLE 8 INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN JULY 31 AND OCTOBER 31, 1972 Time deposits in denominations of— Less than $100,000 maturing in— $100,000 or more Savings Less than 1 year 1 up to 2 years 2 years and over Negotiable CD’s All other Group Size of bank Size of bank Size of bank Size of bank Size of bank Size of bank (total deposits (total deposits (total deposits (total deposits (total deposits (total deposits in millions in millions in millions in millions in millions in millions All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) size size size size size size groups groups groups groups groups groups 100 100 100 100 100 100 Under and Under and Under and Under and Under and Under and 100 over 100 over 100 over 100 over 100 over 100 over Number of issuing banks, October 31, 1972............. 13,062 12,391 671 12,499 11,828 671 12,305 11,657 648 10,927 10,304 622 3,240 2,808 432 3,572 3,072 500 PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP* Total. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 No change in rate, July 31-Oct. 31, 1972. 97.9 97.9 98.0 95.3 96.1 82.3 94.6 95.2 84.0 91.4 91.7 86.4 46.9 50.4 24.5 48.3 50.2 37.0 Banks raising rate.......... 1.3 1.3 1.9 2.0 1.3 14.5 3.3 2.8 12.4 3.2 2.8 9.5 25.2 19.3 63.4 24.7 21.0 47.8 New most common rate1 (per cent): 3.50 or less.............. 3.51-4.0 0 (2) .1 (2) 4.01-4.5 0 1.3 1.3 1.8 .2 (2).> 1.0 .1 .7 .5 .4 1.2 4.51-5.0 0 1.8 1.2 13.5 (2>.3 1.8 .1 (2) 1.0 6.4 3.4 25.4 6.8 5.2 17.1 5 5 . . 0 2 1 6 - - 5 5 . . 2 5 5 0 2. . 7 3 10 . . 5 0 (2) .4 (2).3 1.1 4 5. . 7 6 3 3 . .6 6 1 1 9 0 . . 1 9 4 3 . .8 4 3 3 . . 2 0 1 8 1 . . 8 8 5.51-5.7 5 2.7 2.4 7.4 4.4 4.6 3.1 1.8 1.1 5.9 5.76-6.0 0 2.0 2.0 2.1 4.8 5.2 2.3 6.01-6.2 5 .7 .5 1.9 .4 .3 6.26-6.5 0 .1 .1 .2 (2) 6.51-6.7 5 .3 .4 .9 (?.o 6.76-7.0 0 .1 .1 .5 .6 7.01-7.5 0 .1 .1 .9 1.1 7.51-8.(X ) 8.01-8.5 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banks reducing rate........... .7 .7 .7 .6 3.0 1.5 1.4 2.5 1.6 1.5 2.0 10.1 10.3 8.5 12.9 13.2 10.9 New most common rate1 (per cent): 3.50 or less.................. .1 .1 (2) 3.51-4.00..................... .4 .4 (2) (2) .1 8 .5 .2 .2 (J).t .1 4.01-4.50..................... .2 .2 .6 (2) .3 (2) (2) .2 .2 .5 2.5 2.8 4.51-5.00. 2.2 (?.3 1.3 1.1 6.0 6.2 4.7 4.2 4.1 5.01-5.25., .1 .1 .5 1.2 1.1 1.5 .6 .3 5.26-5.50., 1.6 1.6 1.2 2.0 2.2 5.51-5.75., .4 .3 .7 .6 .7 5.76-6.00. .1 .1 2.6 2.9 6.01-6.25., .2 .2 6.26-6.50. .1 .1 (2) 6.51-6.75. .2 .2 6.76-7.00. .1 .1 7.01-7.50. 7.51-8.00. 8.01-8.50. Banks introducing new instrument................ 1.9 2.0 .6 3.8 3.9 2.1 17.8 20.0 3.7 14.0 15.6 4.3 Most common rate1 (per cent) : 4.00 or less.............. .1 .1 .2 .2 1.0 4.01-4.5 0 .4 .4 1.2 1.3 .2 4.51-5.0 0 1.4 1.5 9.0 10.3 4.9 5.01-5.2 5 (2) .7 .8 .5 5.26-5.5 0 .4 .5 .6 1.7 1.8 2.0 5.51-5.7 5 2.9 3.0 1.0 1.0 1.1 5.76-6.0 0 2.3 2.6 5.3 6.01-6.2 5 .3 .4 .6 6.26-6.5 0 .3 .4 6.51-6.7 5 .3 .3 .1 6.76-7.0 0 .9 7.01-7.5 0 7.51-8.0 0 8.01-8.5 0 * Shaded areas indicate that rates shown in the stub are higher 2 Less than 0.05 per cent. October 31, 1972. The table excludes banks that issued these than the maximum permissible rate on the various instruments. Note.—This table was compiled by comparing rates as reported types of deposits on July 31, but no longer issued them on October 1 For description of most common rate, see Note to Table 3, by the sample banks that had these types of deposits outstanding 31. Percentages may not add to totals because of rounding. p. 265. on July 31, 1972, with the rates reported by the same banks on CHANGES IN TIME AND SAVINGS DEPOSITS 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to Congress Statement by George W. Mitchell, Member, The Board shares the concern of those who feel Board of Governors of the Federal Reserve that the developments in New England have System, before the Subcommittee on Financial occurred without the needed guidance from the Institutions of the Committee on Banking, Congress to insure competitive equity. Housing and Urban Affairs, f7.S. Senate, If they are left to develop without proper Marc/z 2/, 7973. consideration of their competitive impact, the adverse effects of NOW accounts on other in I appreciate this opportunity to present the views stitutions could become extremely serious. of the Board of Governors on S. 1008. Should this subcommittee, and the Congress as The Board welcomes Chairman McIntyre’s a whole, find NOW accounts to be a worthwhile call for a constructive dialogue on the issues initiative, then ways must be found for an or addressed by this legislation: namely, extension derly phasing-in of similar powers for all finan of the authority to regulate interest rate ceilings cial institutions along with their assumption of on deposits and the development of negotiable comparable regulatory constraints. orders of withdrawal (NOW’s) for use by sav The Board believes the program I shall out ings account customers as currently offered by line below meets the need for competitive equity mutual savings banks in Massachusetts and New while still recognizing the desirability of im Hampshire. In particular, the appearance of provements in the banking and money services NOW accounts as a competitive mutation offered to the American family. Corporations, somewhere between traditional demand deposits governments, businesses, foreign institutions, and savings deposits compels a reconsideration and nonprofit entities find it more feasible than of the roles of thrift and banking institutions individuals to keep surplus funds continuously in the payments mechanism today and in the invested. By and large, most families are de future. pendent on the range of services and yields that First, let me comment on Section 1 of S. depositary institutions are willing and able to 1008, which would extend for 1 year, through offer them. The Board’s program would provide May 31, 1974, the authority granted in 1966 more leeway for competitive forces to enrich for flexible and coordinated regulation of rates and extend the services of depositary institu payable on time and savings deposits. The tions. Board continues to recommend that this author At the same time, however, the public interest ity be made permanent. This is not to say that and simple fairness suggest that any such interest rate ceilings on time and savings depos changes be accompanied by the imposition of its should be forever in place. In making the competitive equity in interest rate ceilings, re authority permanent, the Congress would, of serve requirements, and tax treatment. The course, enable the regulatory agencies to adjust adoption of the legislative proposals I shall or suspend ceilings when conditions warrant. outline could go a long way toward the estab lishment of a firm base for continued evolution “NOW” ACCOUNTS of a banking and financial system geared to the needs of the economy. With respect to NOW accounts, let me say at the outset that the present situation, from the LEGISLATIVE RECOMMENDATIONS standpoint of the financial institutions that com pete with mutual savings banks in New Hamp The Board suggests a three-part legislative pro shire and Massachusetts, is an intolerable one. gram: 276 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
(1) All financial institutions should be au facilities from other savings and time deposits thorized to offer money transfer services on for the purpose of establishing interest rate ceil savings accounts that bear interest and that are ings. Regular savings accounts, at higher inter used primarily for household purposes. These est ceilings but without checking or transfer accounts (“family accounts”) would be subject privileges, would continue to be available to to regulation by the appropriate Federal regula individuals and others who now may hold such tory authorities and to the conditions set forth accounts under existing regulations. in (2) and (3) below. The third recommendation, relating to reserve (2) Family accounts in all financial institu requirements, reflects a position the Board has tions should be subject to identical interest rate held for some time, namely that there be uni ceilings set by the appropriate Federal regula versal applicability of reserve requirements es tory authorities. This requirement applies to all tablished by the Federal Reserve to institutions financial institutions whether they operate under offering money transfer services. Federal or State charter. In part, this recommendation arises out of the (3) All institutions offering family accounts need for competitive equity—having all institu should be required to maintain identical reserves tions that share the same money transfer func against these accounts with the Federal Reserve tions also sharing the economic burden embod System, in accordance with regulations to be ied in the reserve requirements set forth by the established by the Board. Limited access to the Congress in the Federal Reserve Act. Federal Reserve’s discount window might be Beyond this, however, the monetary control provided institutions maintaining such reserves. exercised through reserve requirements should The first recommendation extends to com impinge on all institutions participating in the mercial banks, savings and loan associations, Nation’s monetary processes and mechanisms. savings banks, and certain other depositary in To require the maintenance of nonearning stitutions the right to offer their customers what reserve assets by only one class of institution— are in effect checking services on savings ac commercial banks that are members of the Fed counts, as this power may be circumscribed by eral Reserve System—is not only unfair com their respective regulatory authorities. Checking petitively, and, therefore, likely to be less ben or transfer privileges for interest-bearing ac eficial to the public, but it also makes reserve counts should be limited, in the first instance, requirements less useful as an instrument of to accounts owned by individuals. Savings and Federal Reserve policy. As the institutional loan associations at present have limited money source of the money stock broadens—and it will transfer powers, but have exercised them very if savings institutions continue to move in the little. Other institutions generally have not ac direction indicated by the NOW account—the quired this power, though there are some ex reserve base should also broaden, so that mone ceptions established by State law. tary policy actions can be smoothly transmitted Under the second recommendation, the Fed through the entire financial system. As it applies eral regulatory agencies would establish com to family accounts, this argument would require petitive equality among various types of institu that member and nonmember commercial tions with respect to the new category of family banks, as well as thrift institutions, have identi accounts. A permissible interest rate ceiling for cal reserve requirements. such accounts might lie somewhere between the rate currently allowed on passbook savings ac TRANSITION TO NEW STRUCTURE counts and the zero level accorded demand deposits. The flexibility with regard to interest If the Congress accepts this principle with re rate ceilings would allow for an orderly phas- spect to family accounts, the Board would want ing-in of family accounts in institutions choos somewhat greater flexibility in the range of ing to offer them. reserve requirements that can, by statute, be The regulatory agencies should be given suf imposed on various types of deposit liabilities. ficient latitude to distinguish accounts affording The statutory range on time deposits—now from instant liquidity in the form of money transfer 3 per cent to 10 per cent—might well be ex 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
278 FEDERAL RESERVE BULLETIN □ APRIL 1973 tended downward, for instance, so that consid Payments Mechanism issued a statement in De eration could be given to reducing to minimal cember elaborating on this and other points.1 levels reserve requirements on the smaller per Second, even allowing for the existence of sonal time and savings accounts of the types private clearing arrangements, the Board be now held by banks and thrift institutions. The lieves that the public system using check or new family accounts might bear a reserve re electronic transfers of funds from one institution quirement somewhere between the present stat to another should be such as to insure that the utory minimum requirement on savings ac conditions of entry into a general clearing ar counts—3 per cent—and that on demand ac rangement are fair and that equitable treatment counts—7 per cent. Commercial banks and is assured for institutions with similar powers thrift institutions would add to their reserve and responsibilities. accounts with the Federal Reserve at this rate Third, the costs of the transfer system and as their family-account business grew. the benefits of participating in it should be The transition to this new structure would equitably distributed among all of the institu require care and time to work out any monetary tions involved and among their depositors. policy effects and to prevent any unfavorable As implied in the foregoing, the Board be effects on particular institutions; but, with co lieves in comparable treatment for institutions operation on the part of the Federal regulatory having like powers, but the existing situation authorities, it could probably be accomplished fails to meet this standard. Some institutions, without great difficulty. namely banks that are not members of the Fed The Board looks forward to the extension of eral Reserve System, have a competitive ad transfer powers to thrift institutions, therefore, vantage. Although in most States the nominal only if there is a corresponding assumption of reserve percentage for banks is comparable to costs and public responsibilities by those insti that imposed on member banks, the reserves tutions. The development of the NOW account required by the States may be carried in the form and of similar instruments makes it clear that of what are effectively earning assets: Govern the need for the Congress to deal with this ment obligations and correspondent balances. question is urgent, even though implementation Reserves maintained with the Federal Reserve, of any changes the Congress authorizes will on the other hand, are generally nonearning necessarily be gradual. assets. Although nonmember banks do not keep reserves with the Federal Reserve, nevertheless they are accorded certain Federal Reserve THREE GENERAL PRINCIPLES check-clearing services deemed essential to the The Board’s legislative recommendations have public’s need for prompt money payment. If, been developed while keeping in mind the Fed in the future, extensive checking-account eral Reserve’s present responsibilities in operat powers are developed for savings institutions, ing a clearing system for the handling of checks. the extension of the benefits of the payments The Federal Reserve regards its role in expedit mechanism—whether conventional or elec ing and accommodating money transfers as tronic—to such institutions, without their as highly important. suming a fair share of the costs, would exacer The Board believes, first, that so far as public bate existing inequities. participation and support are concerned, there should be a single, integrated nationwide mech BACKGROUND FOR THE EVOLVING anism for efficient transfer of funds. The exist PAYMENTS SYSTEM ing system, using checks and drafts and func Describing some of the background behind the tioning through commercial banks and the Fed principles enumerated above can help indicate eral Reserve Banks, is substantially of that character. In this connection, the Federal Re ^ ‘Evolution of the Payments Mechanism,” Federal serve’s Steering Committee on Improving the Reserve B ulletin for December 1972, pp. 1009-12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 279 how NOW accounts are related to larger devel There appears to be no question that this opments in the payments system. For some attention to the future shape of the payments years concern has been growing that the volume system, shared by the Federal Reserve, is both of checks being handled is reaching the point necessary and timely. The more innovative where our present check-collection and clear thinking that is applied to the problems involv ance systems will soon be inadequate. Last year, ing the payments system, the better the ultimate for example, individuals and institutions in this solutions will be. country wrote somewhat over 25 billion checks. At present there are 183 million savings ac Those checks were drawn on 94 million ac counts at financial institutions, with balances counts, with balances aggregating $192 billion. totaling $396 billion. About 46 per cent of those Seventy-nine per cent of these accounts had accounts are at commercial banks, 28 per cent balances of less than $1,000—the average was at savings and loan associations, 12 per cent $253; nearly all of these accounts were family at mutual savings banks, and 14 per cent at or personal accounts. credit unions. About 67 per cent of these ac To process nearly 500 million items weekly, counts have balances of less than $1,000, and about 30 per cent of which flows directly they average about $205 per account. The bulk through Federal Reserve facilities, we have of the money in savings deposits, about 79 per stepped up check-processing activities, revised cent, is found in those accounts with balances procedures, and installed new electronic-pro- between $1,000 and $20,0002. cessing and wire-transfer equipment. Yet we The institutional shares in savings accounts, anticipate that in 5 years money transfers will measured by dollars rather than number of ac increase about Wi times from the levels in 1972. counts, are: commercial banks, 30 per cent; sav Obviously, we must move, and should move ings and loan associations, 47 per cent; mutual quickly, to a system placing much greater reli savings banks, 18 per cent; and credit unions, 5 ance on the electronic transfer of funds. per cent. Up to now the bulk of the expenditures for Today, large corporate customers monitor research and development in the payments area their demand balances with great skill, keeping has been borne either by the Federal Reserve them just at the levels required to cover credit or by commercial banks. This activity has had availability and the costs of money transfer tangible results. In the summer of 1970 the services they receive. Any additional funds they Federal Reserve System opened a new elec have are invested in such assets as Treasury tronic communications center that was equipped bills, commercial paper, and bank negotiable with special-purpose message-switching units certificates of deposit. Individuals, too, have capable of high-speed transmission in order to moved some of their funds from demand deposit provide for the anticipated increases in funds balances into interest-bearing accounts. They transfer and in other types of electronic messages. may want to reduce further the proportion of Individual banks are experimenting with their funds that were kept in demand bal electronic payments systems using terminals in ances. retail stores that can be activated by plastic Thus, by offering the convenience of NOW cards. On a more comprehensive basis the Fed accounts, some mutual savings bankers have eral Reserve has cooperated with banks in gained an early start in a possible evolution of Georgia and California in drawing up plans for the payments system that is logical and probably payments systems that will minimize paper and feasible. They have opened an avenue of explo emphasize electronics. More recently the thrift industry has begun to consider the implications 2 A tabulation of deposit accounts in financial institu of electronics payments. The mutual savings tions, June 30, 1972, which accompanied the original statement, is available upon request to Publications bank industry last July incorporated MINTS Services, Division of Administrative Services, Board (Mutual Institutions National Transfer System) of Governors of the Federal Reserve System, Washing as an affiliate of their association. ton, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
280 FEDERAL RESERVE BULLETIN □ APRIL 1973 ration as to what type of deposit account ought savings accounts greater flexibility through to be available to consumers in coming years, granting the regulatory agencies authority to regardless of present practices. approve money transfer arrangements as tech By building oft past experience, it would be nology evolves. The proposals set forth above both prudent and responsive to afford household are consistent with this view. □ Statement by Arthur F. Burns, Chairman, must be to slow down the growth of real output Board of Governors of the Federal Reserve to a pace that is sustainable over the longer run. System, before the Committee on Banking and If the rate of real expansion does not moderate Currency, House of Representatives, March 30, relatively soon, pressures on wage rates and 1973. prices will intensify, imbalances will develop, and conditions will be fostered that could lead I am pleased to appear before this committee in time to a downturn in economic activity. in my capacity as Chairman of the Committee I am convinced that our battle to curb infla on Interest and Dividends. In that capacity I tion and to establish the basis for a lasting have certain responsibilities under the Economic prosperity can be won. Prudent monetary and Stabilization Act. Let me therefore state at the fiscal policies are essential to achieving that outset that I strongly support extension of the objective, and signs are multiplying that such Act for another year. policies will in fact be followed. The pace of Our economy is experiencing at present a monetary expansion has moderated significantly robust upsurge in production and employment. in recent months, and the President has just Over the past year industrial output has risen reaffirmed his determination to keep Federal by 10 per cent, and 2Vi million additional per spending within targeted budget levels. In deal sons have found employment in our Nation’s ing with the current inflationary problem, it factories, shops, service enterprises, and gov would be inappropriate, however, to rely exclu ernmental offices. These gains in employment sively on governmental efforts to moderate the and production have reduced substantially the pace of aggregate demand. margins of unused labor and capital. Skilled A significant part of the rise in wage rates labor is already in relatively short supply in and prices over recent years has stemmed from some lines of activity, and many manufacturing sources other than the pressures of excess de plants are now operating at or near their practi mand. The structure of our modern economy— cal capacity. Increasing numbers of business in particular, the power of some large corpora firms are experiencing delays in the delivery of tions and trade unions to raise prices and wage raw materials or component parts; and in some rates above the levels that would prevail under industries, inventories of finished goods have conditions of active competition—exposes us to been reduced below desired levels by surging inflationary troubles that cannot readily be customer demands. solved with monetary and fiscal tools alone. We may reasonably expect the expansion of This problem is not confined to the United real output to continue over the months imme States. Other nations are experiencing similar diately ahead in response to the rapid pace of and, in many cases, more pronounced difficul consumer spending and to business demands for ties with cost-push inflation. additional inventory and for increased long-term The best way to combat inflationary forces capital investment. A continuing expansion in that are structural in origin is to improve the output and employment is needed if we are to functioning of labor and product markets so that make further progress, as I believe we will, in wage rates and prices of commodities and ser reducing unemployment. Nevertheless, a major vices behave more nearly as they would in a objective of monetary and fiscal policies in 1973 freely competitive system. Such improvements Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 281 in our economy are badly needed, but the path wide shortages of supply relative to burgeoning to meaningful reform is long and arduous. I world demand. The recent devaluation of the reluctantly conclude, therefore, that there is dollar will undoubtedly bring some further in need for continuing legislative authority to per creases in the prices of imported goods. mit some direct controls over wages and prices. The administration has already taken a Our efforts to curb upward wage and price number of steps to relieve upward price pres pressures through direct governmental interven sures on strategic commodities, and further tion have undergone a natural evolution since measures are being considered by the Cost of August 1971. First came the shock therapy of Living Council. Import restrictions have been a virtually complete wage-price freeze; next eased for meats and fuel, substantial sales from came a phase in which most sectors of the the Government’s stockpile of materials are nonfarm economy were subjected to mandatory being planned, and farmers have been en controls and explicit requirements with regard couraged to expand their plantings of crops and to prenotification, reporting, and policing; fi their grazing operations. The production of nally, the program was altered to allow greater wheat, soybeans, and feed grains should, there freedom in private decision-making and to place fore, be substantially larger this year, and once more reliance on self-discipline in abiding by prices of animal feeds ease, meat supplies will rules of appropriate behavior. also tend to expand. Meanwhile, the ceiling on A gradual move toward greater flexibility meat prices announced last evening by the was, I believe, a necessary and desirable char President will help tremendously in curbing the acteristic of the control program, and the rise in food prices. The index of food prices Congress acted wisely in providing the broad will therefore taper off although some increases legislative authority that would allow the pro in the prices of consumer foods may still occur gram to respond to changing economic condi over the next few months. tions. With the passage of time, any rigid sys In my judgment the doubts that are now being tem of controls leads to some economic ineffi expressed about Phase III cannot be resolved ciency and distortion, to some misallocation of by focusing attention on the behavior of prices resources, to increasing administrative burdens, during the past 2 or 3 months. Nor will the and to growing inequities. In the end incentives effectiveness of Phase III in moderating to constructive innovation and enterprise are cost-push pressures on prices be indicated con damaged, and the basis for economic prosperity clusively by the behavior of prices—either at may be seriously weakened. the consumer or wholesale level—over the next Recent sharp increases in major price indexes month or two. The critical questions about have given rise to concern that the move to Phase III are these: Will it succeed in holding Phase III in early January was inappropriately down wage gains in major bargaining contracts timed and perhaps unjustified. A careful reading to reasonable amounts this year? Will the pace of recent price movements, however, indicates of wage rate increases in nonunionized indus that much of the recent worsening in the rate tries conform to the guidelines? Will increases of inflation is not really connected with the in the prices charged by large firms be held transition from Phase II to Phase III. By far within limits that are clearly justified by rising the most disturbing development has been the costs? These questions cannot be answered skyrocketing cost of meats, grains, and other confidently at present. food products. These increases have reflected I would urge the Congress, therefore, not to special factors. The demand for foodstuffs has write into the Economic Stabilization Act a expanded sharply both here and abroad during specific form of control for this or that sector the past year, while supplies have been adverse of the economy in which price behavior is most ly influenced by weather conditions. Simi troublesome at the moment. It would be wiser larly, the sharp rise over recent months in prices to maintain flexibility in the legislative mandate of internationally traded commodities, espe so that new factors and conditions may be dealt cially industrial materials, stems from world with administratively as they emerge. I believe Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
282 FEDERAL RESERVE BULLETIN □ APRIL 1973 also that administrative flexibility is by far the as institutional—are still well below the peaks best course in the field of interest rates, which reached in 1969 and early 1970. up till now have been subjected to restraints The Committee on Interest and Dividends under the voluntary program supervised by the realized from the start that it would be both Committee on Interest and Dividends. fruitless and counterproductive to attempt to Since its inception, the efforts of the commit interfere with market interest rates. Any effort tee to hold down interest rates have focused on to keep such rates artificially low in a strong institutional lending rates, often termed “ad economy could have disastrous inflationary ministered” rates. These interest rates are ad consequences. For the only means of balancing ministered in the sense that they change on the supplies of lendable funds with the demands for basis of institutional decisions. Traditionally, them, in such an environment, would be to keep they have been less volatile than market interest creating additional supplies of credit through rates. One reason for the smaller fluctuation of monetary expansion. Hence, the committee has institutional rates is that to some degree they not sought to influence market interest rates in reflect relatively inflexible costs—items such as any way. The committee has, however, devoted overhead, advertising, and rates of return paid close attention to institutional interest rates, and on some types of funds. Another reason is that has worked energetically to see that rates set the policies of institutional lenders commonly administratively by our lending institutions are reflect longer-run considerations, such as the kept at the lowest practicable levels consistent with maintenance of favorable relationships with the movements in market rates generally. their borrowing customers. The committee’s initial objective was to en Institutional lending rates must be distin courage financial institutions to reduce lending guished sharply from the interest rates that are rates more promptly than in the past as the cost set in the open and highly competitive market of funds to the institutions declined. This was for securities. In this market interest rates consistent with the philosophy of the economic change continuously in response to the shifting stabilization program, which called on all seg needs, preferences, and attitudes of large ments of our society—business firms and wage numbers of individual lenders and borrowers. earners alike—to forego for the sake of the In the upward phase of the business cycle, general welfare some of the earnings that they market interest rates usually tend to rise as credit might otherwise have realized. More recently, demands grow, particularly when inflationary as short-term market rates have surged upward, expectations are being generated by advances some institutional lenders—particularly the in costs and prices. In a weakening economy, larger banks—have found the cost of the funds on the other hand, market interest rates tend to that they acquire, as well as the general cost fall. of their operations, going up sharply. But the Short-term market interest rates, after rising main principle that needs to be observed by the about 2 percentage points in the course of 1972 financial institutions in the new situation re from their lows early in the year, have increased mains unchanged: any increase in interest rates from 1 to 1 Vz percentage points further thus far on their loans should be fully justified by the in 1973. These increases reflect the vigor of the costs that the institutions incur in obtaining recent expansion of our economy and the greatly lendable funds. increased demand for money and credit accom The committee has stressed from the begin panying this expansion. Longer-term market ning the importance of holding down the interest interest rates—those on corporate, State, mu rates that matter most to American families— nicipal, and Treasury securities—have shown a that is, the rates paid for home mortgage loans much less marked upward movement; they were and consumer credit. The committee has also essentially stable during 1972, on balance, and urged banks to exercise restraint in adjusting the have risen by less than one-half percentage point interest rate charged on loans to prime business so far this year. Moreover, interest rates of all customers since this rate tends to influence— types—short as well as long, market as well especially in the larger banks—the entire lend Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 283 ing rate structure. On February 23 the commit rate led to a suggestion that would correct this tee specifically suggested that increases in inter inequitable situation—namely, the establish est rates on business loans should be decidedly ment of a dual prime rate. One rate would be less than for open market rates; that adjustments applicable to large, widely known corporations should be delayed until it became clear that the that have access to the national money and increase in open market rates was not merely capital market, and this rate could respond flex a temporary phenomenon; and that, if any rise ibly to changes in open market rates. Thus, large in the prime rate occurred, special moderation businesses would sustain interest costs on bank should be observed in any adjustments of inter loans commensurate with their costs on alterna est rates charged to small businesses and farmers tive sources of funds. The prime rate and the as well as to homebuyers and consumers. entire structure of rates charged to smaller The Committee on Interest and Dividends businesses, on the other hand, would not move recognizes, of course, the need to take account with the prime rate for large customers. Special of changes that occur in the underlying circum moderation could thus be observed with respect stances of financial markets. In the last week to loans to smaller businesses, which rely of 1972 and in February 1973 the prime loan principally on local banks and have only limited rate charged by many banks was lifted, first to access to other sources of credit. 6 and then to 6!4 per cent. But short-term As you may know, I have urged bankers to market interest rates were rising still more rap give prompt consideration to this suggestion as idly under the pressure of strong short-term a way of enabling the credit markets to function credit demands from business. With the prime efficiently while still maintaining effective re rate lagging behind, virtually all of the enlarged straint on the interest rates charged for small credit demand fell on banks. Business loans at business loans. I have also reaffirmed the great banks rose at an extraordinarily rapid rate during public importance of continuing to practice the first 2 months of this year. A sizable part moderation in interest charges to farmers, of this increase represented a diversion of bor homebuyers, and consumers. rowing from the commercial paper market. Still, Banks appear to be in the process of devel the basic strength of the demand for business oping policies in the spirit of the proposal for credit is indicated by an annual rate of expansion a split prime rate. Some banks are considering approximating 30 per cent in the combined total plans to offer different prime rates on loans of of business borrowing from banks and from the different sizes, with one rate for smaller commercial paper market. loans—$350,000 or less, for example—and an The fact that the prime rate has recently been other more flexible rate for loans above that below open market rates, therefore, has been amount. Other banks are considering the intro encouraging an excessive and potentially un duction of a graduated prime rate, under which healthy expansion of bank credit. The upsurge some stated amount of a business loan would in bank lending, moreover, has involved a sub be subject to a specified interest rate and the sidy to large business borrowers, who have been excess above this amount would be at the higher calling upon banks to honor previous loan com rate generally charged by money market banks. mitments tied to the prime rate. This has the And still other banks are proposing that one rate effect of funneling credit to the sector that is apply to their local customers and the other, especially able to afford higher interest rates in higher rate be charged to customers outside their a period of surging economic activity. And if community. the increase in bank lending to large corporate The Committee on Interest and Dividends is customers lasted many more months, it could looking into these various plans, and its staff lead to a diversion of bank credit from other is studying the criteria by which large and small groups—homebuyers, consumers, small busi business borrowers might be differentiated. It nesses, and State and local governments. is still too early to judge what can work well My discussions last week with the banks that in practice. In the meantime, the banks that had had just announced a 63A per cent prime loan announced a prime lending rate of 6% per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
284 FEDERAL RESERVE BULLETIN □ APRIL 1973 have, at our urging, rolled back their prime rate sures on interest rates over this period, to the to 6V2 per cent. benefit of business and other types of borrowers I am hopeful that a way can be found in the alike. near future that will permit more flexibility in In view of the exuberant pace of economic the rates charged to large borrowers while expansion that we are now experiencing, I can maintaining effective restraint on interest rates not assure you that interest rates will not move for smaller businesses. An additional principle, upward in the months ahead. As I indicated of course, must also be kept in mind. Regardless earlier, it would be very dangerous to try to of the rates that are charged on very large loans, prevent increases in those interest rates that are considerations of equity will require that the freely determined in highly competitive mar banks and other institutions continue to extend kets. Any attempt to do so would, in present adequate credit to homebuyers, smaller busi circumstances, simply result in excessive mon nesses, consumers, and farmers. etary expansion and an escalating pace of infla On balance, I can report to you that the tion. committee thus far has had a good deal of I can and do assure you that the committee success in restraining the upward movement of will continue to do everything in its power to institutional lending rates. New data, collected see to it that substantial restraint is practiced as a part of the committee’s surveillance pro by lending institutions with respect to the inter gram, show that the rates charged on consumer est rates that bear most directly on our families loans by banks and finance companies have and small businesses. I must, however, draw changed little or actually declined since January your attention to the fact that institutional inter 1972. Rates on bank loans to small businesses est rates are, by and large, also competitively and farmers have increased by less than one-half determined, so that there is less to be accom per cent over the same period. And rates on plished by governmental intervention than in the new-home mortgage loans, although they have case of various product and labor markets. You drifted gently upward in recent months, remain therefore should not expect more from the slightly below their pre-Phase I levels and sub Committee on Interest and Dividends than it, stantially below their highs reached in late 1969 or any similar group, can usefully accomplish and early 1970. in practice. I can report also that adherence to the divi In that context let me counsel strongly against dend part of the committee’s program of volun mandatory controls or ceilings on institutional tary restraint has been nearly perfect. In No lending rates. The inflexibility imposed by a vember 1971 we issued a guideline allowing no mandatory program could have the most serious more than a 4 per cent increase per annum in consequences for the American economy. First, dividends per share; this percentage limitation it could easily lead to a renewed large outflow has been extended to cover dividend payments of dollars to foreign money markets where in 1973. The guideline applies to approximately higher interest rates may be obtained. Second, 7,000 of the larger corporations. artificially low interest rates could lead to a The excellent—indeed, truly extraor drastic reduction in lending by our financial dinary—record of compliance with our volun institutions to the detriment of all businesses, tary program on dividends was a major factor homebuyers, and consumers needing credit. in limiting the increase of total dividend pay Third, a drying up in institutional sources of ments by domestic corporations to 3.6 per cent credit would lead to the development of black last year—a percentage substantially below the markets for credit, where the interest rates de increase in most other categories of income. manded may far exceed the highest we have One of the byproducts of this reduced dividend experienced at any time in the postwar period. payout has been a significant reduction in busi In short, the financial and economic distortions ness needs for external financing—by some $2 that could be caused by interest rate ceilings billion last year. As a result, the dividend pro far exceed any possible benefits that might be gram has reduced somewhat the upward pres gained. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 285 In conclusion, the Committee on Interest and in the moderation of income growth that is Dividends has played, and can continue to play, necessary to put our economy back on a nonina supportive role in our current effort to contain flationary footing. inflation. In waging war against inflation, sacri But the role of the committee and, for that fices must be spread as evenly as possible over matter the whole effort of the Cost of Living the whole of society—including financial insti Council, should not be exaggerated. Success in tutions. The committee can see to it that finan dealing with our Nation’s stubborn inflationary cial institutions understand the need to avoid problem depends fundamentally on frugality in disproportionate profits at a time when govern Government expenditures, on appropriate re mental policy is striving to restore general price straint in the conduct of monetary policy, and stability to our troubled economy. It can see on prudence in the spending behavior of the to it that American families, small businessmen, private sector. Early extension of the Economic and farmers do not pay excessive rates of inter Stabilization Act will help buttress these funda est relative to the costs of financial institutions. mental policies and seems to me an essential It can see to it that dividend recipients share need in the current environment. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Record of Policy Actions of the Federal O pen Market C om m ittee 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 B u lletin . 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 B u lletin beginning with the July 1967 issue, and such records have continued to be published in the Board’s Annual Reports. The record for the meeting held on January 16, 1973, follows: 286 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEETING HELD ON JANUARY 16, 1973 Current economic policy directive The information reviewed at this meeting suggested that growth in real output of goods and services (real gross national product) had accelerated appreciably in the fourth quarter of 1972 from an annual rate of nearly 6.5 per cent in the third quarter. Staff projections for the first half of 1973 continued to suggest that growth in real output—while slowing from the high rate that seemed indicated for the fourth quarter of 1972—would remain rapid. In December industrial production continued to expand at a fast pace, and growth from the third to the fourth quarter was substan tial. Total nonfarm payroll employment rose little in December, following sizable gains over the preceding 4 months. The unem ployment rate, at 5.2 per cent, was unchanged from November but was well below the level prevailing from June through October. According to the advance report, retail sales increased slightly in December after having declined somewhat in November; never theless, sales were considerably higher in the fourth quarter than in the third. Average hourly earnings of production workers advanced sharply in December. From August to December the average rate of gain was considerably higher than it had been earlier in 1972. Wholesale prices of industrial commodities increased little in December, but those of grains, livestock, meats, and other farm and food products rose very sharply, in part because of adverse weather during the autumn months. In November, when retail prices of foods had increased substantially, over-all consumer prices had continued to rise at about the same average rate as earlier in the year. The latest staff projections for the first half of 1973 were very similar to those of 4 weeks earlier although business fixed invest ment now was expected to expand at a somewhat faster pace, as suggested by the latest Department of Commerce survey of business spending plans. It was still anticipated that consumption expendi tures would remain strong, in part because of large refunds of personal income taxes withheld in 1972; that State and local government purchases of goods and services would continue to grow rapidly; and that business inventory investment would in- 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
288 FEDERAL RESERVE BULLETIN □ APRIL 1973 crease further. The projections also suggested that outlays for residential construction would turn down. On January 11 the President announced the third phase of the economic stabilization program—which had been inaugurated in August 1971—and requested legislation to authorize extension of the program for an additional year in order to reduce inflation, minimize unemployment, and improve the Nation’s competitive position in world trade. With respect to inflation, the President established a goal of a further reduction in the over-all rate of increase in prices to 2.5 per cent or less by the end of 1973. U.S. merchandise imports rose appreciably more than exports in November, and the trade deficit increased sharply after a gradual improvement that had begun at midyear. In the fourth quarter the over-all deficit in the U.S. balance of payments was still substantial, despite large foreign purchases of U.S. corporate stocks and some inflows of liquid funds such as usually occur near the end of the year. Exchange markets had been quiet in recent weeks, and rates for the dollar against most other major currencies had changed little on balance. At U.S. commercial banks expansion in loans outstanding to businesses slowed in December from an exceptionally high rate in November, while real estate and consumer loans continued to grow rapidly. Bank holdings of U.S. Government securities again increased by substantial amounts in association with two Treasury financings during the month. Growth in the narrowly defined money stock (Mx)x accelerated sharply in December, after having been moderate on average during the August-November period; over the second half of the year growth was at an annual rate of about 8.5 per cent.2 Although a part of the growth in Mx during December could be attributed to a large increase in demand deposits of State and local govern ments following initial distribution of funds under the Federal Currency held outside the Treasury, Federal Reserve Banks, and the vaults of all commercial banks, plus demand deposits other than interbank and U.S. Government. 2 Growth rates cited are calculated on the basis of the daily-average level in the last month of the period relative to that in the last month of the preceding period. Moreover, they are based on revised series for the monetary aggregates, which were released to the public in early February. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 289 revenue-sharing program, expanding transactions demands for money associated with the high and rising level of economic activity may have been a major factor. Inflows of consumer-type time and savings deposits to commer cial banks also accelerated in December, and the broadly defined money stock (M2)3 grew much more rapidly than in the immediately preceding months; growth of M2 over the second half of the year was at an annual rate of about 11 per cent. U.S. Government deposits declined in December, but the outstanding volume of large-denomination CD’s increased, and the bank credit proxy4 grew a little more rapidly than in November. Inflows of savings funds to nonbank thrift institutions were maintained from November to December, after having moderated earlier in the fourth quarter, and they remained large by historical standards. Contract interest rates on conventional mortgages and yields in the secondary market for Federally insured mortgages were again virtually stable in December. In capital markets the over-all volume of new public offerings of corporate and State and local government bonds was reduced substantially in December by the holidays. Although the volume was expected to rebound in January, it appeared likely to remain well below the monthly average for 1972. On December 27 the Treasury announced an auction of a long-term bond in which, for the first time, the lowest bid price accepted would be the price on all accepted tenders. In the auction, which was held on January 4, $625 million of a 20-year bond was sold at a price to yield 6.79 per cent. The Treasury was expected to announce on January 31 the terms on which it would refund securities maturing on February 15, including $4.8 billion held by the public. System open market operations since the December 19 meeting had been guided by the Committee’s decision to seek bank reserve and money market conditions that would support slower growth in monetary aggregates over the months ahead than appeared to be indicated for the second half of 1972. Operations had been :iMx plus time and savings deposits at commercial banks other than large-de nomination certificates of deposits CCD’s). 4Daily-average member bank deposits, adjusted to include funds from nondeposit sources. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
290 FEDERAL RESERVE BULLETIN □ APRIL 1973 directed toward fostering growth in reserves available to support private nonbank deposits (RPD’s) at an annual rate within a range of 4 to 11 per cent in the December-January period, while avoiding marked changes in money market conditions and taking account of Treasury financing operations and possible credit market devel opments. Early in the inter-meeting period data becoming available had suggested that the rate of growth in RPD’s would be substantially above the specified range. Consequently, the System had acted to restrain expansion in reserves provided through open market operations—to the extent feasible in light of the even-keel constraint associated with the Treasury’s auction of the long-term bond—and money market conditions had firmed over the period. The Federal funds rate had risen to about 5 3A per cent in the days before this meeting from around 5V2 per cent at the time of the preceding meeting, and member bank borrowings had increased to an average of about $1,200 million in the 4 weeks ending January 10 from an average of about $600 million in the preceding 4 weeks. At the time of this meeting it still appeared that in the December-Jan uary period RPD’s would grow at a rate well above the specified range. Short- and long-term market interest rates in general had risen moderately further since the Committee’s meeting on December 19. In short-term markets demands for Treasury bills and some other instruments were strengthened by State and local government investment of receipts from Federal revenue sharing. On the day before this meeting the market rate on 3-month Treasury bills was 5.27 per cent, compared with 5.17 per cent 4 weeks earlier. In recognition of the substantial rise in short-term market interest rates that had occurred over recent months and the sharply increased level of member bank borrowings, Federal Reserve discount rates were raised one-half of a percentage point to 5 per cent, effective January 15. The Committee agreed that the economic situation continued to call for growth in the monetary aggregates over the months ahead at slower rates than those recorded in the second half of 1972. The members took note of a staff analysis of prospective reserve-deposit relationships, which suggested that more moderate rates of monetary growth might be achieved in the January-Feb- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 291 ruary period by fostering growth in RPD’s in that period at an annual rate within a range of 9 to 11 per cent. In view of the very rapid monetary expansion in December, however, the members concluded that open market operations should be directed at achieving still greater restraint and that reserve-supplying opera tions 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 4.5 per cent. Specifically, they decided that operations should be directed at fostering RPD growth during the January-February period within a range of 4.5 to 10.5 per cent, while continuing to avoid marked changes in money market condi tions. They also agreed that in the conduct of operations account should be taken of the forthcoming Treasury financing 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 suggests that real output of goods and services expanded much more rapidly in the fourth quarter than in the third quarter, and the unemployment rate de clined. Wage rates have increased more rapidly in recent months than earlier in the year. Consumer prices rose considerably again in November. Wholesale prices of farm and food products advanced sharply in December but those of industrial commodities increased little. On January 11 the President announced Phase III of the economic stabilization program, which has among its major objec tives a further reduction in the rate of inflation. The over-all deficit in the U.S. balance of payments has remained substantial in recent months, and U.S. merchandise imports rose more than exports in November. Growth in the narrowly and broadly defined money stock was exceptionally rapid in December, after having been moderate on average during the preceding 4 months. In recent weeks interest rates on both short- and long-term securities have risen moderately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
292 FEDERAL RESERVE BULLETIN □ APRIL 1973 Effective January 15, Federal Reserve discount rates were raised one-half of a percentage point to 5 per cent. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions con sonant with the aims of the economic stabilization program, includ ing further abatement of inflationary pressures, sustainable growth in real output and employment, and progress toward equilibrium in the country’s balance of payments. To implement this policy, while taking account of the forthcoming Treasury financing and possible credit market developments, the Committee seeks to achieve bank reserve and money market condi tions that will support slower growth in monetary aggregates over the months ahead than occurred in the second half of last year. Votes for this action: Messrs. Burns, Brimmer, Bucher, Coldwell, Daane, Eastburn, MacLaury, Mitchell, Robertson, Sheehan, Winn, and Treiber. Votes against this action: None. Absent and not voting: Mr. Hayes. (Mr. Treiber voted as his alternate.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions RULES OF ORGANIZATION SECTION 3—CENTRAL ORGANIZATION The Board’s central organization consists of the Effective March 1, 1973, the Board has revised members of the Board and the following Offices, its Rules of Organization to read as follows: Divisions, and officials: (a) Office of the Executive Director is headed SECTION 1—BASIS AND SCOPE by an Executive Director whose functions include These Rules are issued by the Board of Gover the coordination and overall planning of the activ nors of the Federal Reserve System (the “Board”) ities of the staff in carrying out the Board’s pro pursuant to the requirement of section 552 of Title grams, and the handling of administrative affairs 5 of the United States Code that each agency shall under the direction of the Chairman of the Board publish in the Federal Register a description of and other Board members with delegated func its central and field organization. tions. The Executive Director is responsible to the Board for the direct supervision of the Office of SECTION 2—COMPOSITION AND the Secretary, Division of Personnel Administra LOCATION tion, Office of the Controller, Division of Admin (a) Governors, Chairman, Vice Chairman. istrative Services, Division of Data Processing, The Board consists of seven members appointed and for certain special programs. The Director has by the President, by and with the advice and administrative and coordination responsibilities for consent of the Senate, for fourteen-year terms. The the Legal Division, Division of Federal Bank members of the Board are required by law to Operations, Division of Research and Statistics, devote their entire time to the business of the Division of International Finance, Division of Board. One of them is designated by the President Supervision and Regulation, and for the Federal as Chairman and one as Vice Chairman, to serve Reserve Labor Relations Panel. In addition, the as such for terms of four years. At meetings, the Executive Director is concerned with coordination Chairman presides or, in his absence, the Vice of the functions of the Board and its Divisions Chairman presides. In the absence of the Chairman with the activities of the Federal Reserve Banks, and Vice Chairman, the member of the Board operating through the appropriate division of the present with the longest service acts as Chairman. Board’s staff, and with the Conference of Chair The Chairman of the Board, subject to its supervi men of the Federal Reserve Banks, the Conference sion, is its active executive officer. The Board *of Presidents of the Federal Reserve Banks, and meets regularly and frequently to consider matters other System organizations. relating to monetary and credit policies, regulatory (b) Office of the Secretary, headed by the and supervisory duties with which it has been Board’s Secretary, coordinates items regarding charged by the Congress, and administrative and Board actions, prepares agendas for Board meet other questions arising in the conduct of the work ings, and implements actions taken. This Office of the Board. clears and conducts official correspondence of the (b) Location and business hours. The Board, and is charged with responsibility for principal offices of the Board are in the Federal maintaining and providing reference service to the Reserve Building, 20th Street and Constitution official records of the Board and of the Federal Avenue, N.W., Washington, D. C. 20551. The Open Market Committee. Board’s regular business hours are from 8:45 a.m. (c) Legal Division, headed by the Board’s to 5:15 p.m. each weekday except Saturday; but General Counsel, advises and assists the Board such business hours may be changed from time with respect to legal aspects of its daily operations, to time. including applicable statutes, regulations, applica 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
294 FEDERAL RESERVE BULLETIN □ APRIL 1973 tions, interpretations, opinions, orders, hearings, and fiduciary activities of State member banks; litigation, and legislation. administers the supervisory features of laws and (d) Division of Research and Statistics, regulations relating to affiliates and bank holding headed by a Director, provides the Board and the companies; supervises various foreign banking Federal Open Market Committee with the eco activities of member banks and foreign banking nomic analysis and information needed for current and financing corporations; administers the public operations, for the formulation of monetary and disclosure provisions of the Securities Exchange credit policies, and for the exercise of respon Act of 1934, as amended, in their application to sibilities with regard to bank regulation; prepares, State member banks, and the provisions of the Act publishes, and interprets a variety of statistical giving responsibility to the Board for regulating series in the financial and nonfinancial fields; con security credit transactions; drafts regulations pur ducts basic research relating to the effects of mon suant to the Truth in Lending Act for financial etary policy on economic activity and prices, and institutions and other firms engaged in consumer to the effects of financial regulation on the structure lending and administers the regulations in their and functioning of financial markets. application to State member banks; administers the (e) Division of International Finance, headed provisions of the Fair Credit Reporting Act, the by a Director, advises and assists the Board on Currency and Foreign Transactions Reporting Act, international financial, banking, and economic and the Civil Rights Act of 1968 in their applica matters and conducts research in this field. It tion to State member banks; processes and presents carries on staff work in connection with the super to the Board applications filed pursuant to the Bank vision of foreign operations of the Federal Reserve Holding Company Act of 1956, as amended, and System, the membership of the Chairman of the the Bank Merger Act and various other applica Board on the National Advisory Council on Inter tions submitted under the provisions of the Federal national Monetary and Financial Policies, and the Reserve Act or related statutes; and advises the administration of the Voluntary Foreign Credit Board regarding developments in banking and Restraint Program. bank supervisory policies and procedures. (f) Division of Federal Reserve Bank Opera (h) Division of Personnel Administration, tions, headed by a Director, advises and assists headed by a Director, is responsible for the devel the Board with respect to matters concerning the opment and implementation of Board personnel planning and programs for operation of the Federal policies and programs, serves as the Board’s per Reserve Banks. The Division monitors the imple sonnel security office, and advises and assists the mentation and achievement of such programs and Board on personnel matters pertaining to the Fed informs the Board of the status of each program. eral Reserve Banks. It is responsible for the examination of the Federal (i) Division of Administrative Services, Reserve Banks and the System Open Market Ac headed by a Director, serves as the central pro count; reviews and appraises Reserve Bank audit curement, duplicating, communications, and serv activities; provides an appraisal of Reserve Bank ice unit of the Board and advises and assists the building programs; provides analysis and recom Board with respect to such matters. It also per mendations for Board policy in the payments forms various administrative functions, including mechanism area; administers an accounting system the distribution of Board publications and the for collection and analysis of budget and expense operation of the Board’s building and other facili data; reviews the lending and credit activities of ties. the Reserve Banks; and maintains liaison with the (j) Office of the Controller, headed by the Treasury and other Government agencies on fiscal Board’s Controller, is responsible for maintaining agency operations and with various interested par an effective internal financial management system, ties on payments mechanism matters. The Division including budgeting, accounting, reporting, inter also coordinates the printing, issuance, and re nal and contract auditing, and operational analy demption of Federal Reserve notes and is jointly ses; determining assessments on the Federal Re responsible with the Bureau of the Mint for the serve Banks for funds to cover expenses of the production and distribution of coin. Board; receiving and disbursing the Board’s funds; (g) Division of Supervision and Regulation, and handling reimbursement to the Treasury headed by a Director, coordinates the bank super Department for the printing, issuance, and re visory functions of the System and evaluates the demption of Federal Reserve notes. examination procedures of the Reserve Banks; (k) Division of Data Processing, headed by a exercises general supervision of the commercial Director, supports the Board organization through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 295 the development, operation, and maintenance of the appropriate district or a branch thereof, and information processing systems. Activities include the Board requests all persons to follow this pro systems and mathematical statistical analysis, cedure. computer programming, equipment operation, (b) Federal Reserve Agents. Each Federal data and production control, advanced planning Reserve Bank has nine directors, three of whom and implementation of computer systems and are appointed by the Board. One of the directors communication networks. The Division develops, appointed by the Board is designated by the Board collects, and processes statistical information on as Chairman of the Board of Directors of the Bank banking developments and on the condition of and as Federal Reserve Agent. He acts as the Federal Reserve Banks and member banks; and Board’s official representative and maintains a designs and produces graphics used in economic local office of the Board on the premises of the analysis and information presentation. Federal Reserve Bank. (1) Other personnel. In addition to the Divi SECTION 5—DELEGATIONS OF sions mentioned above, the staff of the Board AUTHORITY includes Advisers, Assistants, and Special Assis tants to the Board. The Federal Reserve Bulletin The Board does not delegate any of its functions is issued monthly under the direction of a Staff relating to rule-making or pertaining principally Editorial Committee. The Board does not employ to monetary or credit policies or involving any administrative law judges or hearing officers as questions of general policy. However, the Board regular members of its staff; but, in accordance delegates certain of its supervisory and other with applicable provisions of law and in individual functions prescribed by statute or regulations of cases as the need may arise, the Board obtains the Board to its members or employees or to the and utilizes administrative law judges and hearing Federal Reserve Banks as provided in its Rules officers, whose functions in such capacity are Regarding Delegation of Authority (12 CFR 265). appropriately separated, as required by law, from In addition, the Board delegates to the Federal investigative and prosecuting functions of the Reserve Banks certain functions not provided for staff. by statute or regulations of the Board, including authority to extend the time within which certain SECTION 4—FIELD ORGANIZATION transactions may be consummated. (a) Federal Reserve Banks. The United States is divided into twelve Federal Reserve districts. RULES OF PROCEDURE In one city in each Federal Reserve district there is located a Federal Reserve Bank; in ten of the Effective March 1, 1973, the Board has revised districts there are one or more branches of the its Rules of Procedure to read as follows: Federal Reserve Bank in other cities; and in some SECTION 262.1—BASIS AND SCOPE districts there are offices or facilities with special ized functions. Each Federal Reserve Bank is a This Part is issued pursuant to section 552 of separate legal entity, created pursuant to the Fed Title 5 of the United States Code, which requires eral Reserve Act and operating under the general that every agency shall publish in the Federal supervision of the Board. The locations of the Register statements of the general course and twelve Federal Reserve Banks and the twenty-four method by which its functions are channeled and branches and the boundaries of the Federal Re determined, rules of procedure, and descriptions serve district and branch territories are shown in of forms available or the places at which forms the Appendix. Each Federal Reserve Bank, in may be obtained. addition to its other duties, carries out local func SECTION 262.2—PROCEDURE FOR tions for the Board pursuant to instructions of the REGULATIONS Board, and in many matters acts as the Board’s field representative in the Bank’s district. Each (a) Notice. Notices of proposed regulations of Reserve Bank assists in the regional administration the Board of Governors of the Federal Reserve of the Board’s regulations and policies, keeps the System (the “Board”) or amendments thereto are Board informed of local conditions, and recom published in the Federal Register, except as speci mends such actions as it thinks appropriate in fied in paragraph (e) of this section or otherwise particular cases. In general, persons concerned excepted by law. Such notices include a statement with Federal Reserve matters should deal in the of the terms of the proposed regulations or first instance with the Federal Reserve Bank of amendments and a description of the subjects and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
296 FEDERAL RESERVE BULLETIN □ APRIL 1973 issues involved; but the giving of such notices does public interest, would unreasonably interfere with not necessarily indicate the Board’s final approval the Board’s necessary functions with respect to of any feature of any such proposal. The notices management or personnel, would not aid the per also include a reference to the authority for the sons affected, or would otherwise serve no useful proposed regulations or amendments and a state purpose. The following may be mentioned as some ment of the time, place, and nature of public examples of situations in which advance notice or participation. deferred effective date, or both, will ordinarily be (b) Public participation. The usual method of omitted in the public interest: The review and public submission of data, views, or arguments determination of discount rates established by is in writing. It is ordinarily preferable that they Federal Reserve Banks, and changes in general be sent to the Secretary of the Board, Washington, requirements regarding reserves of member banks, D. C. 20551, with copies to the appropriate Fed maximum interest rates on time and savings de eral Reserve Bank. The locations of the twelve posits, or credit for purchasing or carrying securi Federal Reserve Banks and the boundaries of the ties. Federal Reserve districts are shown in the Appen dix to the Board’s Rules of Organization. Such SECTION 262.3—APPLICATIONS material will be made available for inspection and copying upon request, except as provided in § (a) Forms. Any application, request, or peti 261.6(a) of this chapter regarding availability of tion (hereafter referred to as “application”) for information. the approval, authority, determination, or permis (c) Preparation of draft and action by Board. sion of the Board with respect to any action for In the light of consideration of all relevant matter which such approval, authority, determination, or presented or ascertained, the appropriate division permission is required by law or regulation of the of the Board’s staff, in collaboration with other Board (including actions authorized to be taken divisions, prepares drafts of proposed regulations by a Federal Reserve Bank or others on behalf or amendments, and the staff submits them to the of the Board pursuant to authority delegated under Board. The Board takes such action as it deems Part 265 of this chapter) shall be submitted in appropriate in the public interest. Any other docu accordance with the pertinent form, if any, pre ments that may be necessary to carry out any scribed by the Board. Copies of any such form decision by the Board in the matter are usually and details regarding information to be included prepared by the Legal Division, in collaboration therein may be obtained from any Federal Reserve with the other divisions of the staff. Bank. Any application for which no form is pre (d) Effective dates. Any substantive regulation scribed should be signed by the person making or amendment thereto issued by the Board is the application or by his duly authorized agent, published not less than 30 days prior to the effec should state the facts involved, the action re tive date thereof, except as specified in paragraph quested, and the applicant’s interest in the matter, (e) of this section or as otherwise excepted by law. and should indicate the reasons why the applica (e) Exceptions as to notice or effective date. tion should be granted. Applications for access to, In certain situations, notice and public partici or copying of, records of the Board should be pation with respect to proposed regulations may submitted as provided in § 261.4(d) of this be impracticable, unnecessary, contrary to the chapter. public interest, or otherwise not required in the (b) Filing of applications. Any application public interest, or there may be reason and good should be sent to the Federal Reserve Bank of the cause in the public interest why the effective date district in which the applicant is located, except should not be deferred for 30 days. The reason as otherwise specified on application forms, and or reasons in such cases usually are that such that Bank will forward it to the Board when notice, public participation, or deferment of effec appropriate. tive date would prevent the action from becoming (c) Analysis by staff. In every case, the Re effective as promptly as necessary in the public serve Bank makes such investigation as may be interest, would permit speculators or others to reap necessary, and, except when acting pursuant to unfair profits or to interfere with the Board’s delegated authority, reports the relevant facts, with actions taken with a view to accommodating com its recommendation, to the Board. In the light of merce and business and with regard to their bear consideration of all relevant matter presented or ing upon the general credit situation of the country, ascertained, the Board’s staff prepares and submits would provoke other consequences contrary to the to the Board comments on the subject. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 297 (d) Action on applications. The Board takes of this chapter) except that, unless otherwise or such action as it deems appropriate in the public dered by the Board, such a hearing is public. interest. Such documents as may be necessary to (3) In any case in which a formal hearing is carry out any decision by the Board are prepared not ordered by the Board, the Board may afford by the Board’s staff. With respect to actions taken the applicant and other properly interested persons by a Federal Reserve Bank on behalf of the Board (including Governmental agencies) an opportunity under delegated authority, statements and neces to present views orally before the Board or its sary documents are prepared by the staff of such designated representative. Unless otherwise or Federal Reserve Bank. dered by the Board, any such oral presentation (e) Notice of action. Prompt notice is given to is public and notice of such public proceeding is the applicant of the granting or denial in whole published in the Federal Register. or in part of any application. In the case of a (4) Each action taken by the Board on an ap denial, except in affirming a prior denial or where plication is embodied in an Order that indicates the denial is self-explanatory, such notice is ac the votes of members of the Board. The Order companied by a simple statement of the grounds either contains reasons for the Board’s action (i.e., for such action. an Expanded Order) or is accompanied by a State (f) Action at Board’s initiative. When the ment of the reasons for the Board’s action. Both Board, without receiving an application, takes the Order and any accompanying Statement are action with respect to any matter as to which released to the press. Each such Order is published opportunity for hearing is not required by statute in the Federal Register. Each Order accompanied or Board regulation, similar procedure is followed, by a Statement and any Order of general interest, including investigations, reports, and recom together with a list of other Orders, are published mendations by the Board’s staff and by the Reserve in the Federal Reserve Bulletin. Action by a Re Banks, where appropriate. serve Bank under delegated authority as provided (g) General procedures for bank holding for under Part 265 of this chapter is reflected in company and merger applications. In addition a letter of notification to the applicant. to procedures applicable under other provisions of (5) After action by the Board on an application, this Part, the following procedures are applicable the Board will not grant any request for recon in connection with the Board’s consideration of sideration of its action unless the request presents applications under sections 3 and 4 of the Bank relevant facts that, for good cause shown, were Holding Company Act of 1956 (12 U.S.C. § 1842 not previously presented to the Board, or unless and § 1843), hereafter referred to as “section 3 it otherwise appears to the Board that recon applications” or “section 4 applications”, and of sideration would be appropriate. applications under section 18(c) of the Federal (6) Unless the Board shall otherwise direct, Deposit Insurance Act (12 U.S.C. § 1823), each section 3 and section 4 and merger applica hereafter called “merger applications.” Except as tion is made available for inspection by the public otherwise indicated, the following procedures except for portions thereof as to which the Board apply to all such applications. determines that nondisclosure is warranted under (1) The Board issues each week a list that section 552(b) of Title 5 of the United Stated identifies section 3 and section 4 and merger ap Code. plications received and acted upon during the (h) Special procedures for certain applica preceding week by the Board or the Reserve Banks tions. The following types of applications require pursuant to delegated authority. Notice of receipt procedures exclusive of, or in addition to, those of all section 3 applications and of section 4(c)(8) described in (g)(l)-(6) above. applications acted on by the Board is published (1) Special rules pertaining to section 3 and in the Federal Register. merger applications follow.—(i) Each Order of the (2) If a hearing is required by law or if the Board and each letter of notification by a Reserve Board determines that a formal hearing for the Bank acting pursuant to delegated authority ap purpose of taking evidence is desirable, the Board proving a section 3 application includes, pursuant issues an order for such a hearing, and notice to the Act approved July 1, 1966 (12 U.S.C. § thereof is published in the Federal Register. Any 1849(b)), a requirement that the transaction ap such formal hearing is conducted by an adminis proved shall not be consummated before the thir trative law judge in accordance with the Board’s tieth calendar day following the date of such Rules of Practice for Formal Hearings (Part 263 Order, (ii) Each Order of the Board approving a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 FEDERAL RESERVE BULLETIN □ APRIL 1973 merger application includes, pursuant to the Act FEDERAL OPEN MARKET COMMITTEE approved February 21, 1966 (12 U.S.C. § RULES OF ORGANIZATION 1828(c)( 1)(6)), a requirement that the transaction approved shall not be consummated before the The Federal Open Market Committee has thirtieth calendar day following the date of such amended its Rules of Organization in order to Order, except as the Board may otherwise deter include references to the selection of a Deputy mine pursuant to emergency situations as to which Manager of the System Open Market Account and the Act permits consummation at earlier dates, (iii) a Deputy Special Manager for Foreign Currency Each Order or each letter of notification approving Operations. Effective March 20, 1973, section 5 an application also includes, as a condition of of the Rules of Organization is amended to read approval, a requirement that the transaction ap as follows: proved shall be consummated within three months SECTION 5—MANAGER, SPECIAL and, in the case of acquisition by a holding com MANAGER, AND DEPUTIES pany of stock of a newly organized bank, a re quirement that such bank shall be opened for The Committee selects a Manager of the System business within six months, but such periods may Open Market Account and a Special Manager for be extended for good cause by the Board (or by Foreign Currency Operations for such Account, the appropriate Federal Reserve Bank where au and it may also select a Deputy Manager and a thority to grant such extensions is delegated to the Deputy Special Manager for Foreign Currency Reserve Bank). Operations. All of the foregoing shall be satis (2) For special rules governing procedures for factory to the Federal Reserve Bank selected by section 4(c)(8) applications, refer to § 225.4(a)-(c) the Committee to execute open market transactions of this chapter. for such Account, and all shall serve at the pleas (3) For special rules governing procedures for ure of the Committee. The Manager and Special section 4(c)(9) applications, refer to § 225.4(g) Manager, or their Deputies, keep the Committee of this chapter. informed on market conditions and on transactions (4) For special rules governing procedures for they have made and render such reports as the section 4(c)(12) applications, refer to § 225.4(d) Committee may specify. of this chapter. (5) For special rules governing procedures for RULES REGARDING DELEGATION OF AUTHORITY section 4(c)(13) applications, refer to § 225.4(f) In order to grant the Federal Reserve Banks of this chapter. discretionary authority to deny applications by State banks for waiver of the requirement for six SECTION 262.4—ADJUDICATION WITH months’ notice of intention to withdraw from Fed FORMAL HEARING eral Reserve membership. Section 265.2(f)(3) is amended to read as follows, effective with respect In connection with adjudication with respect to to applications received by the Reserve Banks on which a formal hearing is required by law or is and after March 8, 1973: ordered by the Board, the procedure is set forth in Part 263 of this chapter, entitled “Rules of SECTION 265.2—SPECIFIC FUNCTIONS DELEGATED TO BOARD EMPLOYEES AND Practice for Formal Hearings.” FEDERAL RESERVE BANKS SECTION 262.5—APPEARANCE AND (f) Each Federal Reserve Bank is authorized, PRACTICE as to member banks or other indicated organi Appearance and practice before the Board in all zations headquartered in its district, or under submatters are governed by § 263.3 of this chapter. paragraph (25) of this paragraph, as to its officers: (3) Under the provisions of the tenth paragraph SECTION 262.6—FORMS of section 9 of the Federal Reserve Act (12 U.S.C. Necessary forms to be used in connection with 328), to approve or deny applications by State applications and other matters are available at the banks for waiver of the required six months’ notice Federal Reserve Banks. A list of all such forms, of intention to withdraw from Federal Reserve which is reviewed and revised periodically, may membership. be obtained from any Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 299 In order to delegate to the Federal Reserve points, and its rank among State banking organi Banks authority to grant bank holding companies zations would not change. extensions of time in which to file annual reports Peninsula Bank controls 3.4 per cent of the to the Board, § 265.2(f) is amended, effective commercial deposits in the Tampa banking market March 23, 1973, by adding subparagraph (27) to as the second largest of the 10 remaining inde read as follows: pendent banks. The acquisition of Peninsula Bank would represent Applicant’s third entry into this SECTION 265.2—SPECIFIC FUNCTIONS market. Applicant’s larger market subsidiary, DELEGATED TO BOARD EMPLOYEES AND Barnett Bank of Tampa, Tampa, Florida (“Tampa FEDERAL RESERVE BANKS Bank”), located four miles northeast of Peninsula Bank, controls deposits of $16.6 million, repre (f) Each Federal Reserve Bank is authorized, senting 1.5 per cent of total market deposits. as to member banks or other indicated organi Applicant’s other market bank, Barnett Bank of zations headquartered in its district, or under sub- Brandon, N.A., opened in October 1972 and is paragraph (25) of this paragraph, as to its officers: located 16 miles to the east in Brandon, Florida. Applicant also has two subsidiaries located ap (27) Under the provisions of section 5(c) of the proximately 20 miles from Tampa in Clearwater Bank Holding Company Act, as amended (12 and St. Petersburg. The record indicates that ap U.S.C. 1844(c)), to grant to a bank holding com proximately 75 per cent of the deposits and 22 pany a 90-day extension of time in which to file per cent of the loans of Peninsula Bank are derived an annual report; and for good cause shown an from the service area of Tampa Bank, and that additional extension of time, not to exceed 90 approximately 14 per cent of the deposits and 22 days, may be granted. per cent of the loans of Tampa Bank are derived from Peninsula Bank’s service area. The Board ORDERS UNDER SECTION 3(a) OF BANK HOLDING concludes that substantial existing competition COMPANY ACT would be eliminated by consummation of this proposal. BARNETT BANKS OF FLORIDA, INC., The Tampa banking market encompasses the JACKSONVILLE, FLORIDA City of Tampa and its suburbs in Hillsborough County where 25 banks presently compete and Order Denying Acquisition of Bank eight of the State’s 25 multi-bank holding compa Barnett Banks of Florida, Inc., Jacksonville, nies are represented. The market is highly con Florida, a bank holding company within the centrated; the three largest holding companies meaning of the Bank Holding Company Act, has control 69 per cent of market deposits. Applicant’s applied for the Board’s approval under § 3(a)(3) acquisition of subject bank would remove one of of the Act (12 U.S.C. 1842(a)(3)) to acquire 90 the remaining independent banks, located close to per cent or more of the voting shares of Peninsula the downtown Tampa area, which could serve as State Bank, Tampa, Florida (“Peninsula Bank”). a possible means of entry by a banking organi Notice of the application, affording opportunity zation not presently represented in the market. It for interested persons to submit comments and is the Board’s judgment, based on this record, that views, has been given in accordance with § 3(b) area competition would be adversely affected by of the Act. The time for filing comments and views consummation of the proposed acquisition. Not has expired and the Board has considered the only would substantial existing competition be application and all comments received in light of eliminated and potential competition foreclosed, the factors set forth in § 3(c) of the Act (12 U.S.C. but a medium for deconcentrating the Tampa mar 1842(c)). ket would also be eliminated. Pursuant to the Act, Applicant controls 37 banks with aggregate de the Board is required to deny this application based posits of $1.1 billion, representing 6.6 per cent on its adverse competitive findings unless there are of the deposits of commercial banks in Florida and benefits accruing to the public which would prevail is the second largest banking organization in the over and outweigh the adverse features cited State. (All banking data are as of June 30, 1972, above. and reflect bank holding company formations and The financial condition of Applicant and its acquisitions approved through January 31, 1973.) subsidiary banks appears to be generally satis The acquisition of Peninsula Bank, which has total factory, especially in view of Applicant’s com deposits of $38.2 million, would increase Appli mitment to improve the capital position of its cant’s control of State deposits by .2 percentage subsidiaries. Management for Applicant’s group Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
300 FEDERAL RESERVE BULLETIN □ APRIL 1973 is also generally satisfactory and prospects for of the total commercial bank deposits in Florida, Applicant and its system of banks appear favor and is the eighth largest banking organization in able. The financial condition and managerial re the State. Inasmuch as Bank is a proposed new sources of Peninsula Bank are considered to be bank, no existing competition would be eliminated generally satisfactory and its prospects also appear nor would the concentration level of banking re favorable. Banking factors are consistent with ap sources be immediately increased in any relevant proval of the application. area. The banking needs of the Tampa area are satis Bank would be competing in the New Port factorily served by existing financial institutions. Richey banking market of an estimated 65,000 Although Applicant proposes to assist Peninsula people located in the western portion of Pasco Bank in establishing trust services, in expanding County on Florida’s west coast. Applicant is the data processing services, and in modernizing the largest banking organization in the relevant market bank’s premises, it appears that none of these and controls, through two subsidiary banks (lo additions or improvements is of such import or cated 6V2 and 7 miles south, respectively, from benefit to the public that they would override the the proposed bank site), 80.9 per cent of total adverse effects this proposal would have on com deposits as of June 30, 1972. Several factors have petition in the Tampa area. It is the Board’s caused Applicant’s dominance in the market area judgment that consummation of the proposed ac to be reduced in recent years. The establishment quisition would not be in the public interest and of two new banks since 1970 reduced Applicant’s the application should be denied. share of total deposits from 100 per cent to 80.9 On the basis of the record, the application is per cent as of June 30, 1972. Even this percentage denied for the reasons summarized above. is somewhat overstated because, since that date, By order of the Board of Governors, effective two additional banks have been opened. Popula March 13, 1973. tion in the market area increased 266.4 per cent from 1960 to 1970, and total deposits expanded Voting for this action: Vice Chairman Robertson, and Gov 313.7 per cent from 1967 to 1971. Much of this ernors Mitchell, Brimmer, and Bucher. Absent and not voting: Chairman Burns, and Governors Daane, and Sheehan. growth in population and total deposits was due to the immigration of retirees into Pasco County (Signed) Tynan Smith, which has the highest per cent of persons over [seal] Secretary of the Board. 65 years old in Florida—3 1 per cent. In view of ELLIS BANKING CORPORATION, the expected large population increases and ac BRADENTON, FLORIDA companying growth in deposits, it appears that the market will continue to remain attractive for de Order Approving Acquisition of Bank novo entry as evidenced by the new banks which Ellis Banking Corporation, Bradenton, Florida, recently opened in the area. Accordingly, it ap a bank holding company within the meaning of pears that consummation of the proposal herein would not adversely alter the competitive situation the Bank Holding Company Act, has applied for nor the concentration of resources in the market, the Board’s approval under § 3(a)(3) of the Act (12 U.S.C. 1842(a(3)) to acquire all of the voting nor is there any evidence that Applicant is at tempting to pre-empt a site before there is a need shares (less directors’ qualifying shares) of First for a bank. National Bank of Hudson, Hudson, Florida, a proposed new bank (“Bank”). The unincorporated community of Hudson with Notice of the application, affording opportunity a currently estimated population of 2,800 has no for interested persons to submit comments and commercial banking facility at the present time. views, has been given in accordance with § 3(b) Approval of this application would provide a more of the Act. The time for filing comments and views convenient source of banking services to its resi has expired, and the Board has considered the dents. Therefore, considerations relating to the application and all comments received in light of convenience and needs of the area to be served the factors set forth in § 3(c) of the Act (12 U.S.C. lend support to approval of the application. 1842(c)). The financial and managerial resources of Ap Applicant controls 16 banks with aggregate de plicant and its subsidiary banks are generally sat posits of $447.3 million,1 representing 2.6 per cent isfactory; Bank, as a proposed new bank, has no 1 Bank deposit data are as of June 30, 1972 and reflect operating history but its projected earnings and holding company formations and acquisitions approved through December 31, 1972. growth under Applicant’s control appear favor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 301 able.2 Banking factors are consistent with approval It was not inevitable that it should always anticipate increases of this application. It is the Board’s judgment that in the demand for ingot and be prepared to supply them. Nothing compelled it to keep doubling and redoubling its the proposed acquisition would be in the public capacity before others entered the field. It insists that it never interest and that the application should be ap excluded competitors; but we can think of no more effective exclusion than progressively to embrace each new opportunity proved. as it opened, and to face every newcomer with new capacity On the basis of the record, the application is already geared into a great organization, having the advantage of experience, trade connections and the elite of personnel. approved for the reasons summarized above. The Only in case we interpret “exclusion” as limited to maneuvers transaction shall not be consummated (a) before not honestly industrial, but actuated solely by a desire to the thirtieth calendar day following the effective prevent competition, can such a course, indefatigably pursued, be deemed not “exclusionary.” So to limit it would in our date of this Order or (b) later than three months judgment emasculate the Act; would permit just such consoli after that date, and (c) First National Bank of dations as it was designed to prevent. 148 F. 2d at 431. Hudson, Hudson, Florida, shall be opened for This doctrine has also been recognized by the business not later than six months after the effec Board in decisions under the Bank Holding Com tive date of this Order. Each of the periods de pany Act. In its denial of an application of First scribed in (b) and (c) may be extended for good Wisconsin Bankshares Corporation, Milwaukee, cause by the Board, or by the Federal Reserve Wisconsin, to acquire a proposed new bank, the Bank of Atlanta pursuant to delegated authority. Board stated: By order of the Board of Governors, effective In the present case, consummation of the proposal would March 6, 1973. result in expansion of the dominant banking organization in Milwaukee County and would tend to preclude entry which Voting for this action: Chairman Burns and Governors could lessen the extent of Applicant’s dominance in the county, Mitchell, Sheehan, and Bucher. Dissenting from this action: and provide competition to offices of Applicant’s present sub Governors Robertson and Brimmer. Absent and not voting: Governor Daane. sidiaries which serve the immediate area. 1968 F.R. Bulletin at 1026. (Signed) Tynan Smith, [seal] Secretary of the Board. In addition, the three newly-formed banks in the market will be placed at a disadvantage in attempting Dissenting Statement of to compete with the established Applicant banks; Governors Robertson and Brimmer these new banks should be permitted an opportunity to commence business and become viable without We dissent from the majority’s action today in having the market’s dominant organization “embrace approving the acquisition of a de novo bank by each new [market] opportunity” as it arises. an Applicant having 80.9 per cent control of In our opinion, considerations relating to the con commercial deposits in the relevant market area. venience and needs of the community to be served— Prior to May, 1970, Applicant controlled 100 upon which the majority relies—are not being viewed per cent of total commercial bank deposits in the in the proper perspective. It is not disputed that the market; thereafter, its share dropped to 85.5 per west coast of Florida and particularly the New Port cent at year end 1971 and to 80.9 per cent by Richey banking market are experiencing a significant June 30, 1972. A rare competitive situation exists increase in population which will at some point in that all four of the banks that compete with necessitate additional banking facilities. In fact, the Applicant’s two subsidiaries in the market have population of this banking market is projected to been in existence less than two years and ten increase by 80 per cent from 1970-1975 and by 42 months. (Three of those four banks opened for per cent from 1975 to 1980.1 Yet, after the introduc business during 1972—one in March, another in tion of Bank, the population per banking office will July, and the third in October.) Approval of this be 9,286, and total deposits per office will be $15.6 application will reverse, or at least retard, the trend million, compared to State averages of 13,579 and of deconcentration which began in 1970. $27.9 million, respectively. Further, focusing upon The Courts have recognized that de novo activ the unincorporated community of Hudson, the site ity by the dominant organization in the market may of the proposed new bank, we find 2,800 residents be a device for “excluding” competitors from that adequately served by other banks in this area, the market. In United States v. Alcoa, 148 F. 2d 416 closest being three-fourths of a mile outside the town (2d Cir. 1945), Judge Learned Hand wrote: limits. Accordingly, convenience and needs consid erations, while entitled to some weight, do not out 2 Applicant has projected, and not unreasonably, that Bank will grow to $3.8 million in total deposits during the first three 1 Source The Pasco County Parks and Open Space Advisory years of operation. Committee, February 18, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
302 FEDERAL RESERVE BULLETIN □ APRIL 1973 weigh the significant anticompetitive effects result Bank is proposed to be located in the city of ing from this acquisition. Leesburg in northern Lake County in central On the basis of the record, it is our judgment Florida. The three banks presently located in the that the proposed acquisition would not be in the city of Leesburg (which includes one subsidiary public interest and therefore the application should bank of Applicant) appear to compete in the North be denied. Lake County banking market, which is approxi mated by the Golden Triangle area (which includes the towns of Tavares, Eustis, Mount Dora, and FIRST AT ORLANDO CORPORATION, Umatilla) and the area immediately surrounding ORLANDO, FLORIDA and including the city of Leesburg. First Bank (Applicant’s subsidiary) is located in the down Order Denying Acquisition of Bank town area of Leesburg 1.6 miles east of the First at Orlando Corporation, Orlando, Florida, proposed site of Bank. Citizens National Bank of a bank holding company within the meaning of Leesburg ($21 [27.1] million deposits), located 5 the Bank Holding Company Act, has applied for [0.5] miles northeast from the proposed location the Board’s approval under § 3(a)(3) of the Act of Bank, holds approximately 39 per cent of de (12 U.S.C. 1842(a)(3) to acquire all of the voting posits in the Leesburg area and is part of the largest shares (less directors’ qualifying shares) of Citrus banking organization in the market which holds First National Bank of Leesburg, Leesburg, approximately 35 per cent of deposits in North Florida, a proposed new bank. Lake County. Notice of the application, affording opportunity Lake Eustis separates the Leesburg area from for interested persons to submit comments and much of the Golden Triangle area, but two major views, has been given in accordance with § 3(b) roads, one passing Lake Eustis on the north and of the Act. The time for filing comments and views one on the south, connect the two areas, and all has expired, and the Board has considered the the major towns in the Golden Triangle area are application and all comments received in light of within a radius of twenty-two miles of Leesburg. the factors set forth in § 3(c) of the Act (12 U.S.C. Residential and commercial development has oc 1842(c)). curred recently just west of the Golden Triangle Applicant, the second largest banking organi area toward Leesburg, just east of Leesburg toward zation in Florida, controls 32 banks which holds the Golden Triangle area, and in the intervening aggregate deposits of $1.1 billion, representing 6.6 area between Leesburg and the Golden Triangle per cent of the total deposits in commercial banks area. Further development is expected in this in in the State. (Unless otherwise indicated, banking tervening area, spurred in part by the expected data are as of June 30, 1972, and reflect holding construction of a community college approxi company acquisitions and formations approved by mately midway along the major road joining the Board through December 31, 1972.) The First Leesburg and the Golden Triangle area. In view National Bank of Leesburg (“First Bank”), a of the foregoing, commuting patterns in Lake subsidiary of Applicant, holds approximately 24 County, and the responsiveness of Leesburg banks per cent of the total deposits held by commercial to changes in the banking charges and services banks located in the North Lake County banking at the other banks in North Lake County, the Board market; Applicant ranks thereby as the second regards the relevant banking market in the present largest banking group and the largest bank holding case as North Lake County. company in the market. First Bank ($34 [39.6] Since Applicant’s proposal involves the estab million deposits) is the largest of nine banks in lishment of a new bank which will be opened only the market, and the largest of three banks within in the event of approval of the application, no the immediate Leesburg area, with approximately existing competition nor potential competition be 61 per cent of deposits in that area. In addition, tween Applicant’s subsidiaries and Bank would be through other subsidiary banks, Applicant controls eliminated by the proposal, and there would be 43 per cent of deposits in the neighboring Orlando no immediate increase in banking concentration banking market (south of Lake County) and is the in any area. However, in addition, the Board is largest banking organization in that market; and concerned and has focused its attention particularly Applicant controls 35 per cent of the neighboring on the competitive effects of Applicant’s proposal Ocala banking market (north of Lake County) and on the Leesburg portion of the relevant market, is the largest banking organization in that market wherein Applicant already controls over 60 per as well. cent of the deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 303 The Leesburg area, as a result of its location of Lake County Bank to establish itself as a viable on Highway 27, one of the major highway ap competitor in the market. The Board has pre proaches to the newly-opened Disney World com viously denied applications where the establish plex, its proximity to Disney World, approxi ment of a de novo bank by a bank holding com mately 42 miles to the southeast, and increases pany with an already strong competitive position in the retirement population of the area, has expe would have such an effect by adversely affecting rienced increased economic activity over the past the competitive position of a smaller or recentlytwo years. This growth has occurred primarily in opened bank.1 While the Board will not act simply the portion of Leesburg west of the downtown to protect an ineffective competitor from its own area, and Bank would be located close to the inability to successfully compete, the Board will intersection of Highway 27 and Route 441, the not sanction the efforts of the area’s dominant major highway connecting Leesburg with the banking organization to solidify its position in the Golden Triangle area. A new bank, the third in area at the direct expense of a newly emerging the area, opened in August, 1972, and is located competitor. on Route 27 less than one mile to the north [south] Given the present state of banking concentration of the proposed location of Bank. Deposits in in the area, the Board is of the view that the Leesburg banks increased by approximately 30 per probable effect of the opening at this time of a cent during 1971, and total deposits of all banks new bank at the proposed location by Applicant, in the North Lake County market increased by which appears to be dominant in the Leesburg approximately 43 per cent during the period from area, as well as in neighboring banking markets, June, 1970 to June, 1972. and possesses considerable market power in the However, in spite of this activity, the population North Lake County banking market,2 would be to of Leesburg has remained somewhat stable, in reduce further the likelihood of a deconcentration creasing about 5 per cent (11,172 to 11,879) from of banking resources in the Leesburg area and the 1960 to 1970, and it appears that the Leesburg North Lake County banking market. The U.S. and the North Lake County banking market al Supreme Court, in another context, has noted that ready have an adequate number of banking offices “if concentration is already great, the importance in comparison to the rest of the State. Presently, of . . . preserving the possibility of eventual there are an average 13,579 persons per banking deconcentration is correspondingly great.”3 The office in the State of Florida. In Leesburg, the elimination of such a possibility, even as a result present ratio is 8,940 persons per banking office; of de novo entry, may be substantially to lessen should the proposed transaction be consummated, competition. The Board has acted against the es the ratio would drop to 6,930 persons per banking tablishment of a de novo bank by a holding com office, approximately half the State average. The pany in an area in which the bank holding com ratio of population to banking office in the North pany is considered dominant.4 This has been the Lake County banking market is approximately 6,317 to one and would become 5,685 to one if *See Statement accompanying Order of December 20, 1957, Bank were to open. Subsquent to the granting of denying Application of Wisconsin Bankshares Corporation to a charter to Bank, two groups withdrew charter Acquire Shares of Proposed Capital National Bank of Milwau applications for locations in the Leesburg area kee (44 Federal Reserve Bulletin 15 (1958); Statement accompanying Order of March 23, 1967, denying Application apparently in the belief that the Leesburg area of First National Corporation to Acquire Shares of Proposed could not support an additional bank. The facts First National Bank West (53 Federal Reserve B ulletin 582 tend to support this belief. Lake County Bank, (1967)). 2With approximately 24 per cent of market deposits, Appli which opened in August, 1972, has experienced cant is the second largest banking group controlling the largest heavy start-up operating losses, reducing its undi bank in the market. The largest banking group controls 35 vided profits account by half, and has encountered per cent of market deposits and the third largest group and bank in the market holds approximately 14 per cent of market difficulties in attracting local deposits. In com deposits. Therefore, of the seven banking organizations in the menting on the instant application, Lake County North Lake County banking market, the three largest control Bank has asserted that the opening of Bank at a approximately 73 per cent of market deposits, and the two largest control approximately 59 per cent of market deposits. location of approximately .7 miles distant from United States v. Philadelphia National Bank, 374 U.S. its own office could seriously jeopardize its viabil 321, 365 n. 42 (1963). ity. In view of the past experiences, the Board 4See Statement accompanying Order of January 4, 1966, finds that approval of this application is likely to denying Application of Central Wisconsin Bankshares, Inc. to Acquire Shares of Proposed Central National Bank of Stettin have the effect of hindering significantly the ability (52 Federal Reserve Bulletin 29 (1966)). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
304 FEDERAL RESERVE BULLETIN □ APRIL 1973 case even where a real need for a new hank has the development of competition in the Leesburg been clearly and convincingly established.5 area and the North Lake County banking market by jeopardizing the competitive ability of Lake Inasmuch as entry into a commercial banking market is re stricted, opportunities for deconcentration are limited. This is County Bank and by foreclosing entry by other particularly true in a State . . . where branching is highly banking organizations and thereby perpetuating a restricted. If every newly developing need for banking facilities high level of concentration of banking resources. which arises in a concentrated market were to be filled by the market’s dominant organization, any meaningful decon In view of such conclusions, the Board is pre centration of the market’s banking resources would be made cluded from approving the application unless the impossible, and further concentration might be encouraged. anti-competitive effects are outweighed by other Each application by such an organization to expand within its present trade area, even through acquisition of a new bank, factors in the record. must therefore be examined to determine its probable effect The financial and managerial resources and fu on existing concentration, whether it will foreclose an oppor tunity for new entry which could provide additional competi ture prospects of Applicant and its subsidiary tion and possibly promote a decrease in concentration, and banks appear generally satisfactory, as do financial its effect in limiting the development of existing competitors and managerial resources and future prospects of located in or near the area to be served by the new institution.6 Bank, which would be dependent upon assistance from Applicant. These factors are consistent with, In addition to the effect consummation of the but lend no weight toward, approval of the appli proposed transaction is expected to have on at least cation. one existing competitor in the Leesburg area and The banking needs of the Leesburg and North the perpetuation of a high degree of banking con Lake County areas are presently being adequately centration, the proposal would eliminate the pos met by the already existing banking institutions. sibilities for increased competition and a decon The recent opening of the Lake County Bank centration of banking resources by reducing the. suggests that those needs will continue to be met opportunity for new entry by a bank organization in the reasonably foreseeable future. Bank would not already represented in the market—an alterna serve as a more convenient source of banking tive that the Board considers to be clearly prefera services for a number of residents of west Lees ble to the proposal herein. The receipt of a charter burg who are presently customers of First Bank by the organizers of Bank was apparently one of in that Bank would be located approximately one the factors that resulted in the abandonment of and one-half miles closer to them. However, there charter application plans by two other banking is no evidence that this distance causes those groups. In view of Applicant’s already existing residents any great hardship; furthermore, the market position in Leesburg, Applicant’s entry via Board does not regard this slight (almost insig the proposal herein can be expected to have even nificant) increase in convenience as outweighing a more formidable effect on entry plans of the two the adverse competitve effects inherent in the groups mentioned above or on others. This factor proposed transaction. alone provides substantial weight for the denial On the basis of all relevant facts in the record, of this application in the absence of any counter and in the light of the factors set forth in section vailing considerations.7 3(c) of the Act, it is the Board’s judgment that On the basis of the foregoing and other facts the proposed acquisition would have adverse ef of record, the Board concludes that consummation fects on competition, without any significant off of the proposed transaction would adversely affect setting benefits under considerations relating to the banking factors or the convenience and needs of the communities to be served. Accordingly, the 5 See Statement accompanying Order of November 27, 1968, Board concludes that consummation of the pro denying Application of First Wisconsin Bankshares Corpora posal would not be in the public interest and that tion to Acquire Shares of Proposed First Wisconsin National the application should be, and the application is Bank of Greenfield. (54 Federal Reserve Bulletin 1024 (1968)). hereby, denied. 6 Statement accompanying Order of July 2, 1968, approving Application of First Wisconsin Bankshares Corporation to By order of the Board of Governors, effective Acquire Shares of Proposed First Northwestern National Bank March 6, 1973. of Milwaukee (54 Federal Reserve Bulletin 645, 647-48 (1968)). Voting for this action: Chairman Burns and Governors 7See Statement accompanying Order of October 19, 1970, Robertson, Mitchell, Daane, Brimmer, Sheehan, and Bucher. denying Application of Security Financial Services, Inc. to (Signed) Tynan Smith, Acquire Shares of Proposed Security West Side Bank (56 Federal Reserve Bulletin 834 (1970)). [seal] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 305 ORDERS UNDER SECTION 4(c)(8) dures relating to nonbank acquisitions by bank OF BANK HOLDING COMPANY ACT holding companies. This determination is also NCNB CORPORATION, CHARLOTTE, subject to the conditions set forth in § 225.4(c) NORTH CAROLINA of Regulation Y and to the Board’s authority to require such modification or termination of the Order Conditionally Approving Proposal activites of a holding company or any of its sub to Operate a Trust Company in sidiaries as the Board may find necessary to ensure South Carolina compliance with the provisions and purposes of NCNB Corporation, Charlotte, North Carolina, the Act, and the Board’s regulations and orders a bank holding company within the meaning of issued thereunder, or to prevent evasion thereof. the Bank Holding Company Act, has proposed By order of the Board of Governors, effective under § 4(c)(8) of the Act and § 225.4(b)(1) of March 9, 1973. the Board’s Regulation Y, to engage indirectly de Voting for this action: Vice Chairman Robertson and Gov novo in the performance of certain activities that ernors Mitchell, Brimmer, and Sheehan. Absent and not vot ing: Chairman Burns and Governors Daane and Bucher. may be performed by a trust company, including acting as executor, administrator, receiver, assig (Signed) Tynan Smith, nee, trustee and in any other fiduciary capacity [seal] Secretary of the Board. acting as an investment and financial adviser, manager, and counselor, investing, re investing and generally managing the funds entrusted to it Statement in its fiduciary or advisory capacity, and other NCNB Corporation, Charlotte, North Carolina incidental activities necessary to conduct a general (“NCNB”), a bank holding company within the trust company business. These activities would be meaning of the Bank Holding Company Act, has performed by the American Trust Company, Inc., proposed under § 4(c)(8) of the Act and § Camden, South Carolina, a wholly-owned subsid 225.4(b)(1) of the Board’s Regulation Y, to en iary of NCNB Corporation. gage indirectly de novo in the performance of Notice of the proposal, affording opportunity for certain activities that may be performed by a trust interested persons to express or submit comments company, including acting as executor, adminis and views on the proposal, has been published trator, receiver, assignee, trustee and in any other (October 8, 1971, The Camden Chronicle) in fiduciary capacity, acting as an investment and accordance with § 225.4(b)(1) of the Board’s financial adviser, manager, and counselor, invest Regulation Y. The time for filing comments and ing, re investing and generally managing the funds views has expired, and those received, including entrusted to it in its fiduciary or advisory capacity, testimony and exhibits received in an oral presen and other incidental activities necessary to conduct tation conducted on February 17, 1972, at the a general trust company business. These activities Charlotte Branch of the Federal Reserve Bank of would be performed by the American Trust Com Richmond, have been considered in light of the pany, Inc., Camden, South Carolina (“ATC”), factors set forth in § 4(c)(8) of the Act (12 U.S.C. a wholly-owned subsidiary of NCNB. The activi 1843(c)(8)). ties as herein described have been determined by Based upon the record and for the reasons set the Board to be closely related to banking or forth in the Board’s Statement of this date, the managing or controlling banks (12 CFR proposal of NCNB Corporation to operate a trust 225.4(a)(4) and (5)). company in South Carolina is hereby approved to Statutory considerations. NCNB controls North the extent permitted by South Carolina law, pro Carolina National Bank, Charlotte, North Carolina vided that the transaction shall not be consum (“Bank”), the second largest bank in North Caro mated later than one year after the effective date lina. Bank engages in a fiduciary business, but of this Order, unless such period is extended for does not and may not solicit trust business in South good cause by the Board. In the event South Carolina due to the enactment in 1970 of a statute Carolina law is hereafter modified by statute or in South Carolina which, in effect, prohibits court decision in such a manner as to remove the foreign corporations domiciled or licensed in a presently existing prohibitions against the per State contiguous to South Carolina from serving formance of certain activities by out-of-State bank as testamentary trustee of an estate of a South holding companies, Applicant may not commence Carolina domiciliary (§ 67-53 Code of Laws of the performance of such activities in that State South Carolina 1962 (1971 Cum. Supp.)). NCNB without compliance with the appropriate proce also controls Trust Company of Florida, Orlando, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 FEDERAL RESERVE BULLETIN □ APRIL 1973 Florida, which does not compete significantly in from the entry of another qualified competitor. South Carolina. C. Douglas Wilson & Co., Inc., This greater service derives from more than just the largest mortgage banking firm in South Caro the greater convenience to Camden residents of lina, and Stephenson Finance Company, Inc., a the location of a full-time trust office in their South Carolina corporation engaged in lending and community. It derives primarily from the fact that leasing activities, are also subsidiaries of NCNB. NCNB’s entry will increase competition by the Neither engages in trust company activities. reasonably anticipated increase in services and a ATC, a newly-formed corporation, would heightened quality of existing services rather than operate from a single office in Camden. There is in rate competition. The likelihood that present presently no trust company or trust department South Carolina corporate trustees may be required office in Camden. However, there are presently to increase the number of services offered and the six bank trust offices in Columbia, located thirty quality of those services in order to remain com miles from Camden, and trust officers from these petitive constitutes a recognizable public benefit offices make regularly-scheduled trips to Camden directly flowing from the proposed transaction. and apparently are on call at less than an hour’s The public benefits enumerated above which are notice to meet in Camden with trust customers expected to be produced by the performance of residing there. Represented among these six of trust services by ATC in South Carolina outweigh, fices are the three largest banks in South Carolina in the Board’s judgment, any possible adverse which together account for approximately 78 per effects of the proposal. The Board considers as cent of the personal trust assets held by the at least wholly speculative allegations contained in the 22 corporations that are trustees in South Carolina. record that the proposal will lead to undue con Several South Carolina government officials, centration of economic resources or will result in banks, and bankers’ associations have objected to decreased or unfair competition. It is obvious that the proposal of NCNB on several grounds, one de novo entry will not have an immediate effect of which is that presently the trust needs of Cam of unduly concentrating resources, for Applicant’s den and South Carolina residents are being ade proposal does not contemplate an acquisition of quately met. Further, the objectors have contended an existing company nor is there any evidence that that entry into South Carolina by NCNB through either the purpose or effect of the proposal is or the instrumentality of ATC will set what they will be to preempt entry into any area. To the consider an undesirable precedent for entry into contrary, it has been contended that the proposal, South Carolina trust markets by out-of-State bank if consummated, will encourage further entry by holding companies. Apart from the question of the other bank holding companies. Apparently, it is desirability of such a precedent, such objections this further entry in combination with NCNB’s ignore the role of this Board and that of the South proposed entry that is at the heart of the contention Carolina Board of Bank Control, both of which that the proposal will result in an undue concen may withhold necessary prior approvals where the tration of economic resources. Although § 4(c)(8) effect of bank holding company entry would be of the Act directs this Board to consider “possi adverse to the public interest. Further, the Board ble” adverse effects of bank holding company questions the characterization of the entry of addi actions, the amount of weight accorded to “possi tional competitors into South Carolina trust mar ble” adverse effects depends directly upon the kets as undesirable. The record in this matter likelihood of the occurrence of such effects. The discloses sufficient evidence for the Board to con record neither identifies likely additional entrants clude reasonably that corporate-held personal trust nor rebuts the previously-stated position that the assets are highly concentrated in the hands of the Board itself stands as a barrier to entry where entry three largest South Carolina banks. The entry of would be adverse to the public interest. The con NCNB into South Carolina may serve to reduce tention that the proposal will lead to undue con this concentration by the introduction of an addi centration of resources further underestimates the tional alternative source for personal trust services; competitive and staying abilities of South Carolina this would constitute, in the Board’s view, a banks that presently offer trust services. Endowed substantial public benefit. with reputations already familiar to their potential In addition, although present trust needs of the trust customers and with the ability to offer one- Camden and South Carolina communities are stop full service banking, these banks will possess presently being adequately served, the Board may a considerable competitive advantage over ATC not ignore the fact that greater service may result and any newly-formed foreign-controlled trust Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 307 company which would necessarily lack such ad 67-53(a)(3) of the Code of Laws of South Caro vantages. lina, 1962) appear, among other effects, to prohibit The contention is also made that the smaller any corporation controlled by a foreign corporation South Carolina banks which presently offer trust from serving as an executor, administrator, or services, allegedly as a loss leader to draw deposit testamentary trustee in South Carolina. business, will be unable to successfully compete In Whitney National Bank in Jefferson Parish with ATC and will, as a result of the proposed v. Bank of New Orleans & Trust C o 379 U.S. transaction, be forced out of the trust business. 411 (1965) the United States Supreme Court However, the objectors have presented little more stated: than bare allegations to this effect. The Board does . .the Board could not approve a holding company not believe this contention to have reasonable arrangement involving the organization and opening of a new bank if the opening of the bank, by reason of its ownership probability in the light of the continued presence by bank holding company, would be prohibited by a valid of these small banks in the trust business despite State law.” (p.419) the presence of the larger South Carolina banks The Board believes that if an application under in that business; the expressed intention of ATC section 4(c)(8) of the Act contemplated action that to compete primarily for the larger accounts that would clearly and totally be prohibited by State are presently being won by the larger South Caro law, the language of Whitney would require the lina banks, but to a more substantial degree that Board to deny that application. However, in the are being entrusted to individual trustees; and the instant case, only certain of the activities contem inability of ATC to accept deposits. In any case, plated by NCNB appear to be clearly prohibited the Bank Holding Company Act does not authorize by South Carolina law. Under that law, ATC the Board, nor is the Board inclined, to shield could, assuming that it is able to secure the ap competitors from the impact of fair competition. proval of the South Carolina Board of Bank Con In brief, since the Board believes that the likeli trol, still serve as an inter vivos or corporate trustee hood that the instant proposal will lead to an undue and act as an investment and financial adviser. concentration of resources is considerably less than Accordingly, and since the Board would approve probable, the Board deems the possible adverse the entire proposal but for the above-cited South effects to be of little weight. Carolina statutes, the Board believes that it may Contentions have also been made that the pro approve the proposal to the extent permitted by posal will result in decreased competition. NCNB South Carolina law. presently does not compete for trust business in Counsel for NCNB, citing the Whitney case as South Carolina. Its entry into that business in authority, has urged that, in the event the Board South Carolina will not, in the foreseeable future, finds the pertinent South Carolina statutes applica result in a decrease in existing competition in the ble to this proposal, the Board must proceed to South Carolina markets for trust services, and, as consider the constitutional validity of the statutes. noted above, the Board does not believe that the Despite language to the contrary in the dissenting proposal will result in a decrease in existing com opinion of Mr. Justice Douglas in Whitney, which petition even as a long-term effect. Absent evi was joined by Mr. Justice Black, the Board does dence indicating that de novo entry in a particular not believe that it is bound to read the majority case will either have the purpose or effect of opinion in Whitney so broadly. In the Board’s foreclosing future competition, such entry is gen judgment, it possesses neither the authority nor erally considered a healthy competitive develop the expertise to pass on the constitutional validity ment. The record shows that the instant proposal of State statutes. Accordingly, the Board declines may encourage future entry rather than foreclose to trespass into what has traditionally been the such entry. It has also been contended that the exclusive province of the judiciary by considering proposal will result in unfair competition. The the constitutional issue raised. Board finds no evidence in the record which would In the light of the above, it is the Board’s support such a conclusion. Nor does the Board judgment that the proposal is in the public interest find any evidence of conflicts of interests or un and should be approved to the extent presently sound banking practices in the record. permitted by State law. During the making of the record in this case, certain bills were pending in the South Carolina legislature which were enacted, signed, and be BOARD REVIEW UNDER THE GRANDFATHER came effective subsuquent to the oral presentation PROVISO IN SECTION 4(a)(2) OF THE BANK in this matter. Theses statutes (§§ 19-592 and HOLDING COMPANY ACT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
308 FEDERAL RESERVE BULLETIN □ APRIL 1973 CHICAGO CITY BANCORPORATION, INC., cago, Illinois (assets of approximately $128 mil CHICAGO, ILLINOIS lion, as of December 31, 1970). Bank, control of which was acquired by Registrant in January, 1968, had total deposits of $ 117 million as of June Determination Regarding “Grandfather” 30, 1972, representing less than one-half of one Privileges Under Bank Holding Company per cent of the aggregate deposits held by the 263 Act banking organizations located in the Chicago Section 4 of the Bank Holding Company Act banking market (approximated by Cook and (12 U.S.C. 1843) provides certain privileges DuPage Counties). On the basis of deposits, Bank (“grandfather” privileges) with respect to non ranks 27th among the banking organizations lo banking activities of a company that, by virtue cated in the Chicago market. of the 1970 Amendments to the Bank Holding While the present financial condition and pros Company Act, became subject to the Bank Hold pects of Bank appear satisfactory, the Board is ing Company Act. Pursuant to § 4(a)(2) of the concerned about Registrant’s financial condition Act, a “company covered in 1970” may continue and certain actions taken by Registrant’s manage to engage, either directly or through a subsidiary, ment that have the potential for impairing Bank’s in nonbanking activities that such company was financial condition. Of particular concern is Reg lawfully engaged in on June 30, 1968 (or on a istrant’s relationship with Mayflower Investors, date subsequent to June 30, 1968, in the case of Inc. (“Mayflower”), Chicago, Illinois. May activities carried on as a result of the acquisition flower bacame a bank holding company on De by such company or subsidiary, pursuant to a cember 31, 1970, by virtue of its 100 per cent binding written contract entered into on or before ownership of Registrant. Mayflower, whose pri June 30, 1968, of another company engaged in mary activity is the development and sale of land such activities at the time of the acquisition), and in Florida, has indicated its intent to cease to be has been continuously engaged in since June 30, a bank holding company prior to December 31, 1968 (or such subsequent date). 1980, and states that it does not now own directly Section 4(a)(2) of the Act provides, inter alia, any shares of Registrant. Before said divestiture that the Board of Governors of the Federal Reserve by Mayflower of ownership of shares in Regis System may terminate such grandfather privileges trant, Mayflower caused Registrant to declare (1) if, having due regard to the purposes of the Act, a cash dividend that appears to have been financed the Board determines that such action is necessary by Registrant borrowing the necessary funds and to prevent an undue concentration of resources, (2) a noncash dividend consisting of a 10-year decreased or unfair competition, conflicts of inter interest bearing note. These dividends increased est, or unsound banking practices. With respect considerably the indebtedness of Registrant. Since to a company that controls a bank with assets in Registrant’s principal source of income is Bank, excess of $60 million on or after December 31, the debt servicing requirements of Registrant could 1970, the Board is required to make such a deter result in an undesirably high level of payout of mination within a two year period. Bank’s earnings. The Board views with concern Notice of the Board’s proposed review of the any continued relationship between Registrant and grandfather privileges of Chicago City Bancor Mayflower and urges the elimination of any exist poration, Inc., Chicago, Illinois, and an opportu ing tie between said two organizations; and the nity for interested persons to submit comments and Board intends to explore further Mayflower’s views or request a hearing, has been given (37 dealings in stock of Registrant and whether May F.R. 22414). The time for filing comments, views, flower has effectively terminated its control of and requests has expired, and all those received Registrant. have been considered by the Board in light of the Registrant, which was organized in 1967 (assets factors set forth in § 4(a)(2) of the Act. of approximately $133 million, as of December On the evidence before it, the Board makes the 31, 1971), does not engage directly in any activity following findings. Chicago City Bancorporation, other than holding the stock of Bank and 100 per Inc. (“Registrant”), Chicago, Illinois, became a cent of the shares of Chicago City Investment bank holding company on December 31, 1970, Co. (“Chicago City”), Chicago, Illinois. Chicago as a result of the 1970 Amendments to the Act, City (assets of $364,000 as of December 31, by virtue of Registrant’s ownership of approxi 1971), which became a subsidiary of Registrant mately 80 per cent of the voting shares of Chicago in January, 1968, engages in insurance agency City Bank and Trust Company (“Bank”), Chi activities and also owns less than 5 per cent of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 309 the outstanding voting shares of each of a number nation; nor is this determination authority for of companies; and apparently has engaged in such Registrant to engage in any additional type of activities continuously since before June 30, 1968. insurance agency activity or to acquire additional Ownership of less than 5 per cent of the out shares in any company if the Registrant’s holdings standing voting shares of a company is exempt, in such company will exceed 5 per cent of the under § 4(c)(6)1 of the Act, from the general outstanding shares of such company. prohibition in § 4 of the Act relating to the non A significant alteration in the nature or extension banking activities of a bank holding company; of Registrant’s activities or a change in location and, on that basis, no grandfather privileges are thereof (significantly different from any described needed to enable Registrant to continue such in this determination) will be cause for a re-evalu holdings and investments. Chicago City received ation by the Board of Registrant’s activities under insurance commissions of approximately $141,000 the provisions of § 4(a)(2) of the Act, that is, during 1971 as a result of its insurance activities, whenever the alteration or change is such that the which appear to be limited to the type of insurance Board finds that a termination of the grandfather activities on the Board’s list of acitvities closely privileges is necessary to prevent an undue con related to banking (12 CFR 225.4(a)(9)). Regis centration of resources or any of the other evils trant states that almost all of the insurance sold at which the Act is directed. No merger, consoli is related to Bank’s transactions. The facts before dation, acquisition of assets other than in the the Board show that the bulk of insurance com ordinary course of business, nor acquisition of any mission income is attributable to physical damage interest in a going concern, to which the Registrant insurance on automobiles—36 per cent of com or any nonbank subsidiary thereof is a party, may missions; home owner and fire insurance—20 per be consummated without prior approval of the cent of commissions; mortgage life and accident Board. Further, the provision of any credit, prop and health insurance—23 per cent of commissions; erty, or service by the Registrant or any subsidiary and credit life insurance— 13 per cent of commis thereof shall not be subject to any condition which, sions. if imposed by a bank, would constitute an unlawful On the basis of the foregoing and all the facts tie-in arrangement under § 106 of the Bank Hold before the Board, it appears that the volume, scope ing Company Act Amendments of 1970. and nature of activities of Registrant and its The determination herein does not preclude a grandfathered subsidiary (Chicago City) do not later review by the Board of Registrant’s nonbank demonstrate an undue concentration of resources, activities and a future determination by the Board decreased or unfair competition, conflicts of inter in favor of termination of grandfather benefits of est, nor unsound banking practices. Registrant. The determination herein is subject to There appears to be no reason to require Regis the Board’s authority to require modification or trant to terminate its grandfather interests. It is the termination of the activities of Registrant or of its Board’s judgment that, at this time, termination nonbanking subsidiary as the Board finds neces of the grandfather privileges of Registrant is not sary to assure compliance with the provisions and necessary in order to prevent an undue concentra purposes of the Act and the Board’s regulations tion of resources, decreased or unfair competition, and orders issued thereunder, or to prevent eva conflicts of interest, or unsound banking practices. sions thereof. However, this determination is not authority to By determination of the Board of Governors, enter into any activity that was not engaged in effective March 13, 1973. on June 30, 1968 and continuously thereafter, nor any activity that is not the subject of this determi Voting for this action: Vice Chairman Robertson, Mitchell, Daane, Brimmer, and Sheehan. Absent and not voting: Chair 1 Section 4(c)(6) of the Act permits a bank holding company man Burns and Governor Bucher. (without the prior approval of the Board) to acquire and hold “shares of any company which do not include more than 5 (Signed) Tynan Smith, per centum of the outstanding voting shares of such com pany;”. [seal] Secretary of the Board, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
310 FEDERAL RESERVE BULLETIN □ APRIL 1973 ORDERS NOT PRINTED IN THIS ISSUE During March 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 The Citizens Agency, Inc., The Citizens National Bank of Min 3/19/73 38 F.R. 8019 Minneapolis, Kansas neapolis, Minneapolis, Kansas 3/27/73 Federated Texas Bancorporation, Corpus Christi State National Bank, 3/13/73 38 F.R. 7421 Inc., San Antonio, Texas Corpus Christi; 3/21/73 The American National Bank of Austin, Austin; The Alamo National Bank of San Antonio, San Antonio, all in Texas. Northwest Iowa Bancorporation, The Lakes National Bank, 3/6/73 38 F.R. 6930 Le Mars, Iowa Arnolds Park, Iowa 3/14/73 Rock County BanCorp and The Rock County National Bank of 3/13/73 38 F.R. 7364 Jackman Management, both of Janesville; 3/20/73 Janesville, Wisconsin Rock County Savings and Trust Company, both located in Janes ville, Wisconsin Southwest Florida Banks, Inc., First National Bank in Fort Myers, 3/6/73 38 F.R. 6931 Fort Myers, Florida Fort Myers; Beach First National Bank, Fort Myers Beach; East First National Bank, Fort Myers; National Bank of Sarasota, Sarasota; National Bank Gulf Gate, Sarasota, all in Florida. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 311 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 The Alabama Financial Group, Marion County Banking Company, 3/13/73 38 F.R. 7492 Inc., Birmingham, Alabama Guin, Alabama 3/22/73 American Bancorporation, The Continental Bank, 3/6/73 38 F.R. 6926 Columbus, Ohio Continental, Ohio 3/14/73 Barnett Banks of Florida, Inc., Southern Bank of West Palm Beach, 3/23/73 38 F.R. 8314 Jacksonville, Florida West Palm Beach, Florida 3/30/73 Florida Southern Bank, Palm Beach County, Florida Charter New York Corporation, Nanuet National Bank, 3/8/73 38 F.R. 7027 New York, New York Nanuet, New York 3/15/73 Commerce Bancshares, Inc., The Citizens National Bank of 3/29/73 38 F.R. 8692 Kansas City, Missouri Harrisonville, Harrisonville, 4/5/73 Missouri Doraco, Inc., The Northeast Commercial Bank, 3/1/73 38 F.R. 6317 Doraville, Georgia Doraville, Georgia 3/8/73 Ellis Banking Corporation, First Park Bank, 3/6/73 38 F.R. 6926 Bradenton, Florida Pinellas Park, Florida 3/14/73 First Security Bank, 3/6/73 38 F.R. 6927 Bradenton, Florida 3/14/73 First at Orlando Corporation, Guaranty Bank of Miami, 3/1/73 38 F.R. 6317 Orlando, Florida West Dade Bank, both of Miami, 3/8/73 Florida First Bancorp, Inc., Citizens National Bank in Ennis, 3/13/73 38 F.R. 7422 Corsicana, Texas Ennis, Texas Citizens State Bank, 3/30/73 38 F.R. 8693 Malakoff, Texas 4/5/73 First National Charter Corpora American Bank of De Soto, 3/30/73 38 F.R. 8744 tion, Kansas City, Missouri De Soto, Missouri 4/6/73 The Fort Worth National Corpora Exchange Bank & Trust Company, 3/30/73 38 F.R. 8694 tion, Fort Worth, Texas Dallas, Texas 4/5/73 Frost Realty Company, The Frost National Bank of San 3/21/73 38 F.R. 8099 San Antonio, Texas Antonio, Citizens National Bank 3/28/73 of San Antonio, both of San Antonio, Texas Jackman Management, The Rock County National Bank of 3/13/73 38 F.R. 7364 Janesville, Wisconsin Janesville, Janesville, Wisconsin 3/20/73 Rock County Savings and Trust Company, Janesville, Wisconsin Manufacturers Hanover Corpora State Bank of Ontario, 3/19/73 38 F.R. 8020 tion, Dover, Delaware Ontario, New York 3/27/73 Southwest Bancshares, Inc., Arlington Bank of Commerce, 3/23/73 38 F.R. 8487 Houston, Texas Arlington, Texas 4/2/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
312 FEDERAL RESERVE BULLETIN □ APRIL 1973 ORDER UNDER SECTION 3(a)(5) OF BANK HOLDING COMPANY ACT— APPLICATION FOR MERGER OF BANK HOLDING COMPANIES Board action Federal (effective Register Applicant Bank date) citation Mountain Banks, Ltd., Boulder National Bank, 3/23/73 38 F.R. 8315 Colorado Springs, Colorado Boulder, Colorado 3/30/73 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT— APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES Board action Federal (effective Register Applicant Bank(s) date) citation Bank of Virginia Company, General Finance Service Corpora 3/29/73 38 F.R. 8773 Richmond, Virginia tion, Huntingdon, Pennsylvania 4/5/73 The Citizens Agency, Inc., Continuation of Insurance Agency 3/19/73 38 F.R. 8019 Minneapolis, Kansas Activities 3/27/73 County National Bancorporation, General Mortgage Company of St. 3/13/73 38 F.R. 7420 Clayton, Missouri Louis, St. Ann, Missouri 3/21/73 Merchants National Corporation, Circle Leasing Corp., 3/30/73 38 F.R. 8774 Indianapolis, Indiana Indianapolis, Indiana 4/6/73 New Jersey National Corporation, Underwood Mortgage & Title Co., 3/23/73 38 F.R. 8486 Trenton, New Jersey Irvington, New Jersey 4/2/73 Zions Utah Bancorporation, Financial Credit Corporation, 3/30/73 38 F.R. 8775 Salt Lake City, Utah Idaho Falls, Idaho 4/6/73 ORDER UNDER BANK MERGER ACT APPLICATIONS TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS Board action Federal (effective Register Applicant Bank(s) date) citation Alabama Bank of Guin, Marion County Banking Company, 3/13/73 38 F.R. 7492 Guin, Alabama Guin, Alabama 3/22/73 North Moore Street Bank, The Bank of Arlington, 3/13/73 38 F.R. 7422 Arlington, Virginia Arlington, Virginia 3/21/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements LETTER ON LOAN COMMITMENTS eration as to how it would obtain the funds to meet such takedowns in sound and timely fashion, giv The Board of Governors of the Federal Reserve ing due allowance to the possibilities for changing System announced on April 6, 1973, that a letter conditions in the local and national economy and on loan commitments had been sent by Chairman in the central money markets. Burns to all State member banks with deposits “Federal bank examiners will henceforth ask exceeding $100 million. the management of each bank they examine to Similar letters were sent to large national banks demonstrate that it is giving adequate attention to by the Comptroller of the Currency and to large the above principles. Steps are also being taken State nonmember banks by the Federal Deposit by the bank supervisory authorites to obtain cur Insurance Corporation. The text of the letter fol rent information periodically as to ongoing devel lows: opments with respect to bank loan commitments. “I am writing to you about a matter of concern “We confidently expect that banks will cooper to all members of the Board—the heavy volume ate in this program to help insure that bank loan of bank loan commitments to commercial and commitments play a sound and useful role in the industrial companies and financial institutions. financing of business activity.” Banks supervised by other Federal banking agen cies are receiving similar letters, so that the atten tion of all banks likely to have substantial loan CHANGE IN BOARD STAFF commitments will be drawn to the need for appro The Board of Governors of the Federal Reserve priate loan commitment policies. System appointed John M. Denkler of the Division “By loan commitments we refer to all of your of Federal Reserve Bank Operations as Assistant bank’s official promises to lend which have been Controller, effective April 15, 1973, to succeed expressly conveyed to your customers, typically Harry J. Hailey, who resigned. by means of either a formally executed commit Prior to joining the Board’s staff in January ment agreement or a letter signed by one of your 1973, Mr. Denkler was a naval officer. He holds officers confirming the availability of a line of a B.S. degree from the University of Maryland credit of specified size. and an M.S. degree from the Navy Postgraduate “There is no question as to the legitimacy School. of—and the need for—bank loan commitments. They serve the purposes of sound business plan CHANGES IN REGULATION A ning, both for banks and for their customers. It is the intention of the Federal bank supervisors The Board of Governors has announced revisions that this practice continue, but that it be based in its “discount window” regulations designed on careful judgment, in the interests of a sound primarily to assist smaller banks to meet the sea banking system and healthy economic expansion. sonal borrowing needs of their communities. The The apparent large volume of bank commitments changes were effective April 19, 1973. currently outstanding and sharply increased take The revisions, which are substantially the same downs thereunder are indicative of the need for as those proposed for comment by the Board last special attention to this subject at this time. November 21, will also: “Each bank should maintain a record of the 1. Make a number of technical and clarifying aggregate volume of its commitments to lend. changes in the Board’s Regulation A, which gov Furthermore, it should periodically make a careful erns lending by Federal Reserve Banks, regarding judgment as to the potential volume of takedowns the eligibility of paper that can be accepted by of these commitments under reasonably foreseea Reserve Banks as collateral for advances at the ble circumstances, including periods of strong as discount rate. well as weak loan demand, and the appropriateness 2. Continue to provide, as in the past, for credit of the credit risks involved to its over-ail capital to assist a member bank in adjusting to temporary position. Finally, it should give adequate consid requirements for funds or to cushion more persist 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
314 FEDERAL RESERVE BULLETIN □ APRIL 1973 ent outflows, pending an orderly adjustment of a needs—up to 5 per cent of its average total depos member bank’s assets and liabilities. its in the preceding calendar year. It may obtain 3. Reaffirm the System’s readiness to extend its additional seasonal needs by borrowing from credit to member banks in emergency or unusual the Federal Reserve. circumstances, and also to make credit available The bank will be required to arrange in advance in emergency situations to other financial institu with its Reserve Bank for seasonal borrowing. tions, corporations, partnerships, and individuals Credit under this arrangement will be extended to on the security of Government obligations. member banks for periods of up to 90 days at a The Board said that about 2,000 member banks, time. Under ordinary circumstances, a Federal based on historical lending and deposit patterns, Reserve Bank will be prepared to grant renewals have substantial seasonal calls for credit in their extending the borrowing for the duration of the communities. The vast majority of these banks demonstrated seasonal need. have no more than $50 million in total deposits. No change in the stance of monetary policy, Today’s action is a further step in a program in either the short or the long run, is intended or by the Board to implement recommendations made expected to result from the revision of Regulation in a System report entitled “Reappraisal of the A. Federal Reserve Discount Mechanism” and pub lished in July 1968 by a Federal Reserve System ADMISSION OF STATE BANKS TO task force. Since that time, the System has incor MEMBERSHIP IN THE porated into its procedures the substance of task FEDERAL RESERVE SYSTEM force recommendations relating to emergency credit to member and nonmember depositary in The following banks were admitted to membership stitutions. The seasonal borrowing privilege an in the Federal Reserve System during the period nounced today is consistent with task force rec March 16, 1973, through April 15, 1973: ommendations. This new seasonal lending arrangement will be Connecticut available to member banks that lack reasonably Manchester .....................Manchester State Bank reliable access to national money markets. It is Florida intended to assist them in meeting seasonal needs Tampa...........North American Bank of Tampa for funds, arising from a recurring pattern of Montana movements in deposits and loans that persists for Havre................... First Security Bank of Havre at least 8 weeks. Missoula ........First Security Bank of Missoula An eligible bank will be required under this Tennessee arrangement to provide part of its own seasonal Nashville................Hamilton Bank of Nashville Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication April 16 Industrial production, nonfarm employment, and EMPLOYMENT retail sales advanced in March, and the unem ployment rate was down slightly. The wholesale Nonfarm payroll employment rose substantially in price index continued to rise rapidly. Commercial March with gains concentrated in retail trade and in durable goods manufacturing industries. The bank credit and time and savings deposits in creased, and the money stock was about un factory workweek was unchanged from February changed. Between mid-March and mid-April, at 40.9 hours. The unemployment rate was down yields on Treasury bill rates were mixed and yields slightly to 5.0 per cent. on U.S. Government notes and bonds and munici pal securities declined. RETAIL SALES INDUSTRIAL PRODUCTION The value of retail sales rose almost 2.5 per cent in March, to a level 16 per cent above a year Industrial production increased 0.7 per cent further earlier. Sales at both durable and nondurable goods in March, to 121.7 per cent of the 1967 average. stores increased during the month. This brought the index to 9.4 per cent above a year earlier. The gains in output were widespread among consumer goods, business equipment, and WHOLESALE AND CONSUMER PRICES materials. The wholesale price index, seasonally adjusted, Auto assemblies were unchanged from the Feb increased 2.2 per cent from February to March. ruary annual rate of 10.1 million units, and April Large and widespread increases were posted for production schedules are at about the same level. farm and food products, which increased 4.7 per Output of furniture, some other household goods, cent, and for industrial commodities, which rose and nondurable consumer goods rose further in 1.2 per cent. March, and production of household appliances The consumer price index rose 0.8 per cent, was maintained at record levels. Gains in produc seasonally adjusted, in February. Food prices tion of business equipment were widespread. Out climbed about 2 per cent for the second month. put of most durable and nondurable industrial Substantial advances for other commodities and materials increased further; steel production was services—of 0.5 and 0.4 per cent, respec about unchanged from the advanced February level. tively—also contributed to the total rise, bringing INDUSTRIAL PRODUCTION the index to a level 3.9 per cent higher than in RATIO SCALE, 1967=100 February 1972. AGRICULTURE During the month ending March 15, prices re ceived by farmers increased 7 per cent. Together with increases in the three previous months this pushed farm prices 22 per cent above the mid- November 1972 level. Prices paid by farmers increased 6 per cent during the 4-month period. Rains have delayed field preparation and spring planting. However, the high soil moisture levels have contributed to the excellent condition of F.R. indexes, seasonally adjusted. Latest figures: March. winter wheat. 315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
316 FEDERAL RESERVE BULLETIN □ APRIL 1973 BANK CREDIT, DEPOSITS, AND RESERVES ary, rose even more sharply in March, by about $6 billion. Commercial bank credit, after adjustment for Net borrowed reserves averaged about $ 1,660 transfers of loans between banks and their affili million over the 4 weeks ending March 28 com ates, rose at an annual rate of about 20 per cent pared with $1,390 million in February. Member in March, almost as rapidly as in February. Busi bank borrowings continued to increase substan ness loan growth continued very strong, although tially and excess reserves declined further. somewhat more moderate than in February. Con sumer and real estate loans maintained their rapid rates of growth as did loans to nonbank financial SECURITY MARKETS institutions. Banks acquired a modest amount of U.S. Treasury securities following a substantial Rates on shorter-term Treasury bills edged some reduction in February. Bank holdings of other what higher on balance between mid-March and securities were unchanged. mid-April, with the 3-month bill rate increasing The narrowly defined money stock was about to 6.22 per cent. In contrast, rates on longer-term unchanged in March after increasing at an annual bills declined by about 8 to 10 basis points over rate of 6.1 per cent in February. Time and savings the period, and yields on U.S. Government notes deposits other than large negotiable CD’s—at an and bonds fell by some 5 to 20 basis points. annual rate of 9.6 per cent—grew faster in March From mid-March through mid-April, yields on than in February when the rate had slowed. How seasoned and new-issue corporate bonds remained ever, the March rate was slightly below the pace essentially stable. Yields on long-term tax-exempt of late 1972 and early 1973. Sales of large CD’s, securities declined by about one-eighth of a per which had increased by record volume in Febru- centage point over the period. PRICES INTEREST RATES Wholesale i967=ioo Consumer PER CENT 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, February; Wholesale, March. years or more and for 90-day Treasury bills. Latest figures: week ending Apr. 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 1 Financial and Business Statistics CONTENTS A 3 GUIDE TO TABULAR PRESENTATION A 3 STATISTICAL RELEASES: REFERENCE U.S. STATISTICS: A 4 Member bank reserves, Federal Reserve Bank credit, and related items A 7 Federal funds—Major reserve city banks A 8 Reserve Bank interest rates A 9 Reserve requirements A 10 Maximum interest rates; margin requirements A 11 Open market account A 12 Federal Reserve Banks A 14 Bank debits A 15 U.S. currency A 16 Money stock A 17 Bank reserves; bank credit A 18 Commercial banks, by classes A 24 Weekly reporting banks A 29 Business loans of banks A 30 Demand deposit ownership A 31 Loan sales by banks A 31 Open market paper A 32 Interest rates A 35 Security markets A 36 Stock market credit A 37 Savings institutions A 39 Federally sponsored credit agencies A 40 Federal finance A 42 U.S. Government securities A 45 Security issues A 48 Business finance A 49 Real estate credit A 54 Consumer credit Continued on next page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 2 FEDERAL RESERVE BULLETIN □ APRIL 1973 U.S. STATISTICS—Continued A 58 Industrial production A 62 Business activity A 62 Construction A 64 Labor force, employment, and earnings A 66 Consumer prices A 66 Wholesale prices A 68 National product and income A 70 Flow of funds INTERNATIONAL STATISTICS: A 72 U.S. balance of payments A 73 Foreign trade A 74 U.S. gold transactions A 75 U.S. reserve assets; position in the IMF A 76 International capital transactions of the United States A 91 Foreign exchange rates A 92 Central bank rates A 93 Open market rates; arbitrage on Treasury bills A 94 Gold reserves of central banks and governments A 95 Gold production TABLES PUBLISHED PERIODICALLY: A 96 Number of banks and branches in operation on December 31, 1972 A 106 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 3 G uide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted for seasonal variation c Corrected IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds I, II, III, IV Quarters U Uses of funds * Amounts insignificant in terms of the par n.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 A.R. Annual rate when the unit is millions) S.A.M onthly (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) also include not fully guaranteed issues) as well as direct a negative figure, or (3) an outflow. obligations of the Treasury. “State and local govt.” A heavy vertical rule is used in the following in also includes municipalities, special districts, and other stances: (1) to the right (to the left) of a total when political subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals that total (totals separated by ordinary rules include because of rounding. more components than those shown), (2) to the right The footnotes labeled Note (which always appear (to the left) of items that are not part of a balance sheet, last) provide (1) the source or sources of data that do (3) to the left of memorandum items. not originate in the System; (2) notice when figures “U.S. Govt, securities” may include guaranteed are estimates; and (3) information on other charac issues of U.S. Govt, agencies (the flow of funds figures teristics of the data. TABLES PUBLISHED SEMIANNUALLY OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Semiannually Issue Page Annually—Continued Issue Banks and branches, number, Banking offices: by class and State ...................... Apr. 1973 A-96—A-97 Analysis of changes in number Mar. 1973 A-98 On, and not on, Federal Reserve Flow of funds: Par List, number ................... Mar. 1973 A-99 Assets and liabilities: 1960-71 ................................... June 1972 A-73.10—A-73.21 Flows: Annually 1965-71 data .......................... Nov. 1972 A-72—A-73.9 Bank holding companies: List, Dec. 31, 1971 ................. June 1972 A-98 Income and expenses: Banking offices and deposits of Federal Reserve Banks ..................Feb. 1973 A-98—A-99 group banks, Dec. 31, 1971 .. Aug. 1972 A-101 Insured commercial banks ............May 1972 A-98—A-99 Member banks: Calendar year ..............................May 1972 A-98—A-107 Banking and monetary statistics: Income ratios ..............................May 1972 A-108—A-l 13 1971 Mar. 1972 A-98—A-110 Operating ratios .........................July 1972 A-102—A-107 July 1972 A-98—A-101 1972 Mar. 1973 A-100—A-114 Stock market credit ....................... Jan. 1973 A-98—A-99 Statistical R eleases 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 □ APRIL 1973 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Treas Period or date U.S.Govt, securities 1 Special ury u H n e d l e d r Loans Float 2 O F t . h R e . r Total 4 s G to o c ld k c D e R r r t a i i g f w i h c i t a n s t g e r o e c n u u c r t y Bought repur assets 3 account stand Total out chase ing right agree ment Averages of daily figures 1939—Dec.................................. 2,510 2,510 8 83 2,612 17,518 2,956 1941 _Dec.................................. 2,219 2,219 5 170 2,404 22|759 31239 1945—Dec.................................. 23,708 23,708 381 652 24,744 20|047 4! 322 1950—Dec.................................. 20,345 20,336 9 142 1,117 21,606 22*879 4,629 1960—Dec.................................. 27,248 27,170 78 94 1,665 29,060 17)954 5,396 1968—Dec.................................. 52,529 52,454 75 765 3,251 56,610 10,367 6,810 1969—Dec.................................. 57,500 57,295 205 1,086 3,235 2,204 64,100 10 367 6 841 1970—Dec.................................. 61,688 61,310 378 321 3,570 1,032 66,708 ll| 105 400 71145 1971—Dec.................................. 69,158 68,868 290 107 3,905 982 74,255 10,132 400 7,611 1972—Mar................................. 69,273 69,133 140 99 2,948 780 73,181 9,588 400 7,859 Apr.................................. 70,939 70,770 169 109 3,031 990 75,171 9,588 400 7,922 May................................ 71,428 71,391 37 119 3,140 934 75,705 10,224 400 7,991 June................................ 71,632 71,624 8 94 3,370 933 76,108 10,410 400 8,043 July.................................. 72,089 71,972 117 202 3,548 1,111 77,035 10,410 400 8,080 Aug................................. 71,858 71,732 126 438 3,345 957 76,676 10,410 400 8,137 Sept................................. 70,252 70,135 117 514 3,723 894 75,451 10,410 400 8,183 Oct................................... 71,359 71,194 165 574 4,112 1,202 77,331 10,410 400 8,230 Nov................................. 71,112 70,815 297 606 2,966 1,170 75,959 10,410 400 8,278 Dec.................................. 71,094 70,790 304 1,049 3,479 1,138 76,851 10,410 400 8,293 1973—Jan................................... 72,194 71,711 483 1,165 3,267 1,329 78,063 10,410 400 8,321 Feb.................................. 72,307 72,082 225 1,593 2,556 1.004 77,600 10,410 400 8,353 Mar.^.............................. 74,019 73,624 395 1,859 2,395 839 79,228 10,410 400 8,406 Week ending— 1973—Jan. 3.......................... 71,737 71,150 587 1,751 4,046 1,255 78,912 10,410 400 8,303 10.......................... 71,629 71,573 56 688 4,557 1,276 78,233 10,410 400 8,314 17.......................... 71,949 71,555 394 1,298 3,773 1,311 78,434 10,410 400 8,319 24.......................... 72,092 71,555 537 1,097 2,830 1,383 77,503 10,410 400 8,326 31.......................... 72,957 72,343 614 1,309 1,653 1,373 77,411 10,410 400 8,331 Feb. 7.......................... 71,973 71,905 68 1,232 2,596 1,322 77,207 10,410 400 8,343 14.......................... 72,058 71,884 174 1,991 2,170 1,337 77,664 10,410 400 8,347 21......................... 72,569 72,083 486 1,672 2,783 662 77,931 10,410 400 8,352 28.......................... 72,629 72,457 172 1,482 2,683 694 77,611 10,410 400 8,371 Mar. 7.......................... 73,415 73,183 232 1,688 2,595 749 78,565 10,410 400 8,387 14.......................... 73,710 73,339 371 1,491 2.809 790 78,916 10,410 400 8,402 21^ 74,083 73,783 300 2,141 2,623 876 79,843 10,410 400 8,408 28 v....................... 74,258 73,889 369 2,013 1,775 908 79,052 10,410 400 8,420 End of month 1973—Jan................................... 73,394 6 72,444 950 1,310 2.383 | 1,339 78,567 10,410 400 8,343 Feb.................................. 73,947 6 73,286 661 1,564 2,795 735 79,274 10,410 400 8,378 Mar.?'.............................. 75,650 6 74,381 1,269 2,049 1.759 | 915 80,538 10,410 400 8,422 Wednesday 1973—Jan. 3.......................... 73,615 6 71,361 2,254 891 4,146 1.274 80,119 10,410 400 8,305 10......................... 71,509 6 71,509 830 4,627 1,302 78,344 10 410 400 8,316 17......................... 72,275 6 71,616 659 1,072 4,399 1,380 79,274 10|410 400 81320 24......................... 73,298 6 71,768 1,530 2,008 2,899 1,522 79,868 10,410 400 8,328 31.......................... 73,394 6 72,444 950 1,310 2,383 1,339 78,567 10,410 400 8,343 Feb. 7......................... 70,399 6,7 70,399 967 3,265 < 1.304 76,016 10 410 400 8,347 14......................... 72,519 6 71,884 635 2,766 2,423 ; 1.397 79,335 10|410 400 81347 21......................... 72,116 6,7 71,928 188 391 2,882 I 671 76,239 10,410 400 8,355 28......................... 73,947 6 73,286 661 1,564 2,795 | 735 79,274 10,410 400 8,378 Mar. lp....................... 72,086 6,7 72,086 1,132 3,542 ' 794 77,632 10 410 400 8 390 14*>....................... 74,257 6 73,559 698 1,823 3,282 ; 878 80,406 10|410 400 8,’407 2\p . 73,103 6,7 73,103 2,983 2,978 f 901 80,040 10 410 400 8 412 28^....................... 75,193 6 74,050 1,143 2,028 1,895 949 80,209 10|410 400 8|422 For notes see opposite page. 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APRIL 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 Cur reserves, Other reserves Period or date r c e i i n n r c y T c u r a e r s a y h s with F.R. Banks O F a t . h c R e . r b F i l l i . i a R ti e . s c t u io la n h in o g ld s Tr u e r a y s F ei o g r n Other2 counts 3 ca a p n it d al 3 B F W a . n R it k h . s c r C a e o n n u in d c r y 5 Total® Averages of daily figures 7,609 2,402 616 739 248 11,473 11,473 . 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 .1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 .1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 . 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 . 1960—Dec. 50,609 756 360 225 458 -1,105 22,484 4,737 27,221 .1968—Dec. 53,591 656 1,194 146 458 2,192 23,071 4,960 28,031 .1969—Dec. 57,013 427 849 145 735 2,265 23,925 5,340 29,265 .1970—Dec. 61,060 453 1,926 290 728 2,287 25,653 5,676 31,329 .1971—Dec. 60,137 388 933 170 597 2,247 26,555 5,366 31,921 .1972—Mar. 60,717 405 1,688 200 615 2,313 27,144 5,421 32,565 ..............Apr. 61,182 573 2,170 185 574 2,289 27,347 5,465 32,812 .............May 61,874 356 2,673 153 598 2,304 27,002 5,537 32,539 .............June 62,669 342 2,398 209 617 2,329 27,361 5,660 33,021 .............July 62,726 319 2,025 171 604 2,324 27,454 5,694 33,148 .............Aug. 62,913 320 938 190 619 2,240 27,224 5,779 33,003 .............Sept. 63,385 362 1,369 200 631 2,336 28,088 5,715 33,803 .............Oct. 64,543 375 1,321 195 604 2,378 25,631 5,813 8 31,774 .............Nov.* 66,060 350 1,449 272 631 2,362 24,830 6,095 31,353 .............Dec. 65,274 364 2,033 294 644 2,365 26,220 6,463 32,962 .1973—Jan. 64,564 382 2,956 302 645 2,482 25,432 6,031 31,742 .............Feb. 65,072 384 3,598 338 666 2,530 25.857 5,853 31,979 .............Mar.* Week ending— 66,553 346 1,715 322 767 2,213 26,109 6,216 132,604 1973—Jan. 3 66,023 350 1,707 287 673 2,254 26,064 6,163 32,506 .........................10 65,493 366 1,664 291 606 2,326 26,817 6,913 34,009 .........................17 64,809 372 2,303 306 614 2,411 25,823 6,409 32,511 .........................24 64,229 377 2,671 278 636 2,535 25,825 6,452 32,556 .........................31 64,277 378 3,018 277 639 2,598 25,175 6,380 31,834 . Feb. 7 64,673 378 3,233 290 614 2,396 25,238 6,296 31,813 ...........14 64,743 385 2,501 270 657 2,430 26,107 5,656 32,042 ...........21 64,565 389 3,071 372 671 2,506 25,219 5,788 31,286 ...........28 64,683 385 3,177 343 692 2,609 25,873 5,906 32,058 .Mar. 7 65,157 376 4,129 335 670 2,405 25,057 6,219 31,555 ...........14 65,250 380 3,731 365 650 2,499 26,185 5,538 32,002 ...........21* 65,130 388 3,625 304 642 2,559 25,633 5,747 31,659 ...........28* End of month 64,312 372 2,747 310 674 2,576 26,727 6,452 * 33,458 .1973—Jan. 64,696 379 2,073 455 633 2,574 27,653 5,788 33,720 .............Feb. 65,182 409 2,881 327 696 2,648 27.628 5,862 33,662 .............Mar.* Wednesday 66,526 343 1,048 320 713 2,252 28,033 6,216 >34,528 .1973—Jan. 3 65,933 363 1,961 305 845 2,270 25,793 6,163 32,235 .......................10 65,313 376 1,842 288 633 2,367 27,586 6,913 34,778 .......................17 64,603 386 2,207 264 593 2,459 28,494 6,409 35,182 .......................24 64,312 372 2,747 310 674 2,576 26,727 6,452 33,458 .......................31 64,612 385 3,253 245 651 2,612 23,415 6,380 30,074 .Feb. 7 64,923 388 2,809 332 615 2,468 26.958 6,296 33,533 ...........14 64,868 396 3,358 275 681 2,461 23,365 5,656 29,300 ...........21 64,696 379 2,073 455 633 2,574 27,653 5,788 33,720 ...........28 65,093 381 3,799 296 635 2.615 24.013 5,906 30,198 . Mar. 7* 65,409 378 4,321 311 665 2,442 26.098 6,219 32,596 ...........14* 65,318 394 4,424 287 633 2,493 25,714 5,538 31,531 ...........21* 65,354 396 3,382 359 709 2,596 26.646 5,747 32,672 ...........28* 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. 2 Beginning with 1960 reflects a minor change in concept; see of-business figures for reserve period 2 weeks previous to report date. Feb. 1961 Bulletin, p. 164. 6 Includes securities loaned—fully secured by U.S. Govt, securities 3 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R. pledged with F.R. Banks. 7 Reflects securities sold, and scheduled to liabilities and capital” are shown separately; formerly, they were be bought back, under matched sale/purchase transactions. netted together and reported as “Other F.R. accounts.” 8 Beginning with week ending Nov. 15, 1972, includes $450 million of 4 Includes industrial loans and acceptances until Aug. 21, 1959, when reserve deficiencies on which F.R. Banks are allowed to waive penalties industrial loan program was discontinued. For holdings of acceptances for a transition period in connection with bank adaptation to Regulation J on Wed. and end-of-month dates, see tables on F.R. Banks on following as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies pages. See also note 2. included are (beginning with first statement week of quarter): Ql, $279 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 6 BANK RESERVES AND RELATED ITEMS □ APRIL 1973 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Large banks 2 All member banks All other banks Period New York City City of Chicago Other Excess Borrow Free Excess Borrow Excess Borrow Excess Borrow Excess Borrow reserves1 ings reserves1 ings ings ings ings 1939—Dec.................................................... 5 011 3 5 008 2,611 540 1,188 671 3 1941—Dec...................................................... 3,390 5 3,385 ’989 295 1 ’303 1 804 4 1945—Dec...................................................... 1 491 334 1,157 48 192 14 418 96 1,011 46 1950—Dec...................................................... 1 *027 142 885 125 58 8 5 232 50 663 29 1960—Dec...................................................... 756 87 669 29 19 4 8 100 20 623 40 1965—Dec...................................................... 452 454 -2 41 111 15 23 67 228 330 92 1967—Dec...................................................... 345 238 107 18 40 8 13 50 105 267 80 1968—Dec...................................................... 455 765 -310 100 230 15 85 90 270 250 180 1969—Dec...................................................... 257 1,086 -829 56 259 18 27 6 479 177 321 1970—Dec...................................................... 272 321 -49 34 25 7 4 42 264 189 28 1971—Dec...................................................... 165 107 58 25 35 1 8 -35 22 174 42 1972—Mar..................................................... 233 99 134 57 71 -9 4 26 9 159 15 Apr...................................................... 136 109 27 -2 48 6 5 16 22 116 34 May..................................................... 104 119 -15 14 50 9 12 -24 31 105 26 204 94 110 34 6 -1 7 40 164 48 July..................................................... 147 202 -55 32 15 8 6 -41 64 148 117 Aug...................................................... 255 438 -183 6 116 10 11 72 134 167 177 Sept..................................................... 162 514 -352 29 136 -1 12 -2 195 136 171 Oct....................................................... 247 574 -327 61 59 22 45 24 240 140 230 Nov..................................................... 314 606 -292 4 64 -14 19 -1 248 -5 275 Dec...................................................... 219 1,049 -830 -20 301 13 55 -42 429 -160 264 1973—Jan....................................................... 342 1,165 -823 95 193 2 108 -33 578 -1 286 Feb..................................................... 205 1 593 — 1,388 — 13 324 105 — 33 693 —28 471 Mar^................................................. 294 1,859 -1,565 63 176 -6 102 26 856 -58 725 Week ending— 1972—Mar. 1............................................. 82 67 15 -36 -14 — 28 57 160 10 8............................................. 176 103 73 -9 99 16 12 157 4 15............................................. 393 13 380 186 -6 51 2 162 11 22............................................. -133 115 -248 -120 95 -12 4 -74 8 73 8 29............................................. 285 153 132 91 94 6 14 42 21 146 24 Oct. 4............................................. 230 436 -206 47 47 26 39 1 125 156 225 11............................................. 358 535 -177 12 36 23 77 141 229 182 193 18........................................... 121 434 -313 17 -31 17 — 36 233 171 184 25............................................. 150 765 -615 -39 185 25 62 68 272 96 246 Nov. 1............................................. 205 555 -350 38 2 -15 7 19 261 163 285 8............................................. 124 959 -835 -32 192 20 31 -40 447 176 289 15............................................. 786 494 292 196 -11 11 91 192 60 291 22............................................. 189 419 -230 -18 1 26 15 -87 136 -182 267 29............................................. 340 572 -232 26 80 -30 23 -6 226 -100 243 Dec. 6............................................. 336 589 -253 21 43 33 75 -42 118 -126 353 13............................................. 244 805 -561 24 206 -24 13 -34 300 -172 286 20............................................. 206 1,221 -1,015 17 422 34 21 -80 514 -215 264 27............................................. 189 1,118 -929 -37 278 1 -81 654 -144 186 1973—Jan. 3............................................. 560 1,751 -1,191 149 713 10 279 83 525 39 234 10............................................. 126 688 -562 -21 66 -10 19 -107 420 -15 183 17............................................. 341 1,298 -957 46 201 17 189 -24 635 23 273 24............................................. -34 1,097 -1,131 -82 260 -26 19 -165 511 -40 307 31............................................. 453 1,309 -856 204 15 110 —10 806 — 35 393 Feb. 7............................................. 147 1,232 -1,085 -78 221 -7 16 -23 584 -24 411 14............................................. 188 1,991 -1,803 -1 709 17 178 -75 664 -32 440 21............................................. 505 1,672 -1,167 156 155 11 104 47 928 12 485 28............................................. -14 1,482 -1,496 -128 211 -21 121 -74 599 -70 551 Mar. 7............................................. 341 1,688 -1,347 92 242 43 99 -58 695 -15 652 14............................................. 23 1,491 -1,468 -48 178 -25 113 -112 623 -71 577 21*........................................... 274 2,141 -1,867 47 225 4 103 24 1,076 -80 737 28*.......................................... 70 2,013 -1,943 -56 28 -4 130 -63 949 -86 906 1 Beginning with week ending Nov. 15, 1972, includes $450 million of for July 1972, p. 626. Categories shown here as “large” and “all other” reserve deficiencies on which F.R. Banks are allowed to waive penalties parallel the previous “reserve city” and “country” categories, respectively for a transition period in connection with bank adaptation to Regulation J (hence the series are continuous over time). as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies included are (beginning with first statement week of quarter): Ql, $279 Note.—Averages of daily figures. Monthly data are averages of daily million. figures within the calendar month; they are not averages of the 4 or 5 2 Beginning Nov. 9, 1972, designation of banks as reserve city banks weeks ending on Wed. that fall within the month. Beginning with Jan. for reserve-requirement purposes has been based on size of bank (net 1964 reserves are estimated except for weekly averages. demand deposits of more than $400 million), as described in the Bulletin Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ MAJOR RESERVE CITY BANKS A 7 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net- Gross transactions Net transactions Reporting banks week a e n n d ding— s E e x r r v c e e e s ss 1 r a o B t B w a F o n i . n r k R g s . s F t f i b e r n u N a d a n t n n e e e d s r r t k s a . l S d u e r o f p i r c lu it s r P r e e e q s a r e u v o c r i g f v r e . e e n d s t c P ha u s r e s Sales t a w c t T r o t a o i - o n w ta n s a l s y 2 b c b o u P h a f y a u n n s i r k n e e s g s t s b o S e a f l a l n l n i e k n e s s g t d L ea o t l a o e n r s s3 de f r B i r a o n o l o w g e m r s r s4 lo N a e n t s Total—46 banks 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 8,868 989 1,629 388 1,241 Feb. 7......... 73 424 8,743 -9,093 66.5 13,854 5,111 4,161 9,693 950 2,010 307 1,703 14......... 31 1,239 8,963 -10,171 73.3 15,062 6,099 4,390 10,672 1,709 1,628 362 1,266 21......... 257 710 8,957 -9,410 68.1 15,767 6,809 4,670 11,097 2,140 1,492 445 1,048 28......... 31 591 8,897 -9,457 69.7 14,394 5,497 4,131 10,263 1,366 2,069 373 1,696 8 in New York City 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 19 1,112 145 967 Feb. 7 8 172 3,523 -3,686 66.9 4,452 929 929 3,523 1,287 169 1 118 14......... -5 677 4,906 -4,906 87.4 5,211 988 987 4,224 1 157 220 937 21........ 155 100 4,582 -4,527 80.5 5,621 1,039 915 4,706 124 1 *021 253 768 28......... -20 138 3,470 -3,628 67.0 4,478 1,008 908 3,570 99 1,391 247 1,144 38 outside New York City 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 Feb. 7........ 65 252 5,220 -5,407 66.1 9,402 4,182 3,232 6,170 950 724 139 585 14 36 562 4,740 -5,265 63.8 9,851 5,111 3,403 6,448 1,709 471 143 329 21 102 610 4,376 -4,883 59.5 10,146 5,770 3,755 6,391 2,016 472 192 280 28........ 50 453 5,427 -5,829 71.5 9,916 4,489 3,223 6,693 1,266 678 126 552 5 in City of Chicago 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 Feb. 7 4 7 2,112 -2,115 152.1 2,746 635 635 2 112 128 128 14 21 163 2,314 -2,456 174.0 2,874 561 556 2,318 4 157 157 21 22 93 2,019 -2,089 149.4 2,798 780 767 2 032 13 227 227 28 -11 107 2,140 — 2,258 165.2 2,819 679 679 2,140 320 320 33 others 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 Feb. 7......... 61 245 3,109 -3,292 48.5 6,656 3,547 2,598 4,058 950 596 139 457 14 . . 16 399 2,426 -2,809 41.0 6,977 4,551 2,846 4,130 1,704 314 143 172 21 .... 80 517 2,357 -2,793 41.1 7,347 4,990 2,988 4,359 2,003 245 192 53 28........ 62 346 3,287 -3,571 52.6 7,097 3,810 2,544 4,553 1,266 358 126 231 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
A 8 F.R. BANK INTEREST RATES □ APRIL 1973 CURRENT RATES (Per cent per annum) Loans to member banks— Loans to all others under Under Secs. 13 and 13a 1 Under Sec. 10(b) 2 last par. Sec. 133 Federal Reserve Bank M Ra 1 a t 9 r e 7 . 3 o 31 n , Ef d fe a c t t e ive Pre ra v t i e ous R M a 1 a t 9 r e 7 . 3 o 3 1 n - , Ef d fe a c t t e ive Pre ra v t i e ous R M a 1 a t 9 r e 7 . 3 o 3 n 1, Ef d fe a c t t e ive Pre r v at io e us Boston............ 5% Feb. 28, 1973 Feb. 28, 1973 5 Vi 47Vi Feb. 28, 1973 New York... 5 % Feb. 26, 1973 Feb. 26, 1973 5 Vi 7 Vi Feb. 26, 1973 Philadelphia.. 5Vi Feb. 26, 1973 Feb. 26, 1973 51/z 7*4 Feb. 26, 1973 Cleveland.... 5Vi Feb. 27, 1973 Feb. 27, 1973 5Vi 7»/2 Feb. 27, 1973 Richmond.... 5*4 Feb. 27, 1973 Feb. 27, 1973 5Vi 4 7Vi Feb. 27, 1973 Atlanta........... 5% Feb. 27, 1973 Feb. 27, 1973 51/2 47i/2 Feb. 27, 1973 Chicago.......... 5% Feb. 27, 1973 Feb. 27, 1973 5Vi 47Vi Feb. 27, 1973 St. Louis......... 5 Vi Feb. 26, 1973 Feb. 26, 1973 5Vi 4 7V4 Feb. 26, 1973 Minneapolis.. 5% Feb. 27, 1973 Feb. 27, 1973 5Vi 471/2 Feb. 27, 1973 Kansas City.. 5% Feb. 26, 1973 Feb. 26, 1973 51/2 4 7Vi Feb. 26, 1973 Dallas............. 5 Vi Feb. 27, 1973 Feb. 27, 1973 51/2 4 7% Feb. 27, 1973 San Francisco 5Vi Mar. 2, 1973 Mar. 2, 1973 5 V4 7Vi Mar. 2, 1973 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 on the same dates as the other rates shown above for the bankers’ acceptances and of agricultural paper may have maturities not eight Reserve Banks so designated, a rate of 5 Vi per cent was approved on over 6 months and 9 months, respectively. advances to nonmember banks, to be applicable in special circumstances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum resulting from implementation of changes in Regulation J, which became maturity: 4 months. effective on Nov. 9,1972. See “Announcements” on p. 942 of the Oct. 1972 3 Advances to individuals, partnerships, or corporations other than Bulletin and p. 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 lVi 1*4 1959—Mar. 6 2 Vi-3 3 1969—Apr. 4...................... 5Vi-6 6 16 3 3 8...................... 6 6 1955—Apr. 14............. W2-W4 1*4 May 29 3 -3i/i 31/2 15............. 1 Vi-l 34 l3/4 June 12 3*4 31/2 May 2............. m 1% Sept. 11 31/2-4 4 1970—Nov. 11...................... 534-6 6 Aug. 4............. 1 *4-214 1% 18 4 4 13...................... 534-6 534 5............. 1*4-214 2 16...................... 534 534 S N e o p v t . . 1 1 1 9 8 3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 14 2 - - - % 2 2 2 1 y % / 4 2 2 2 2 2 1 1 V 4 4 i 1960— A Ju u n g e . 1 1 1 2 0 4 3 , , , , 3 3 1 1/ / 3 2 2 1 - - /2 4 4 4 3 3 3 1 1 / /2 2 Dec. 1 4 1 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 1 * / 5 4 2 1 - - / 5 5 2 3 % 4 5 5 5 1 1 3 / / 4 2 2 23............. 21/2 21/2 Sept. 9. 3 3~3Vl 3 1956— A A u p g r. . 2 2 3 1 4 0 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 3 % 3 4 4 - - - 3 3 3 2 2 3 3 3 3 4 4 1 1 9 9 6 6 4 3 — — N Ju o ly v . 2 2 3 1 4 6 0 7 . . . . 3 3 4 3 V 1 -3 i /2 - 1 4 /2 4 4 3 3 1 V /2 i 1971—Jan. 2 1 1 8 2 5 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 14 5 5 - - - 1 5 5 4 5 1 1 1 / / 4 2 4 5 5 5 5 5 1 1 1 / 4 4 4 1957—Aug. 9............. 3 -31/2 3 Feb. 13..................... 434-5 5 2 3 3Vi 31/2 1965—Dec. 6. 4 -41/2 41/2 19..................... 434 434 N D o ec v . . 1 2 5. . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 -3Vi 3 3 13. 4Vi 4Vi July 434-5 5 1967—Apr. 7. 4 -41/2 4 5 5 1958—Jan. 22............. 234-3 3 14. 4 4 Nov. 11..................... 434-5 5 2 4 234-3 234 Nov. 20. 4 -4Vi 4Vi 19..................... 434 434 M Ap a r r . . 2 1 1 7 1 8 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 1 % 2 4 4 1 - - - 2 2 3 4 1 34 4 2 2 2 l 1 1 1 3/ / 4 4 4 4 1968—Mar. 2 2 1 2 7 5 . . . 41/ 4 5 2 1 - / 5 2 4 4 5 1 V /2 i Dec. 24..................... 4 4 1 1 / / 4 2 2 1 - - / 4 4 2 3 3 4 4 4 4 4 1 3 V / 4 2 i A S M e u a p g y t . . 2 1 1 9 3 5 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 3 * / 2 4 4 - - 2 2 2 2 1 1 V % 4 A Au p g r. . 2 3 1 1 6 0 9 6 . . . . 5 5 1 5 5 4 1 - 1 - 5 / 5 4 2 1 V /2 i 5 5 5 5 1 1 1 V / / / 4 2 2 i 1973—J M F a e n a b . r . . 1 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 - V 5 i Vi 5 5 5 V Vi i N O o c v t. . 2 7 4. . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 - V 2 i Vi 2 21/2 Dec. 2 1 0 8 . . 51/ 5 4 1 -5 /2 1/2 5 51 V /2 i In effect Mar. 31,1973........ 5Vi 5% Note.—Rates under Secs. 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
APRIL 1973 □ RESERVE AND MARGIN REQUIREMENTS A 9 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 1 Reserve city Other Other time date Other time Sav 0-2 2-10 10-100100-400 Over Sav Over Over ings Over 400 5 ings Over 0-5 5 0-5 5 0-5 5 0-5 5 In effect 1972—Nov. 9........ 8 10 12 «16% 17Vi 73 73 75 Jan 1 1963 ... 16% 12 4 Nov. 16 13 1966 July 14,21... 4 4 5 In effect 6 Mar. 31, 1973... 8 10 12 13 17% 3 3 5 1967—Mar. 2.......... 3% m Mar. 16.......... 3 3 1968—Jan. 11, 18... 16y2 17 12 ,2* 1969—Apr. 17........... 17 17% WA Present legal requirement: Minimum Maximum 1970—Oct. 1............. 5 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!/i 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 10 MAXIMUM INTEREST RATES; BANK DEPOSITS □ APRIL 1973 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits............... 4% 12 months or more.. Other time deposits:2 Less than 12 months. Multiple maturity:3 30-89 days............ 4 90 days-1 year... rA 1 year to 2 years.. 5 5% 2 years and over.. 5y4 Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more..., 4 1 year to 2 years.. 5% 5V2 6 months to 12 months 3% 4% 2 years and over.. 53/4 90 days to 6 months... 2% $100,000 and over: Less than 90 days......... 1 4 30-59 days........... 5% (4) (30-89 days) 60-89 days........... 5V4 (4) 90-179 days......... 5 Vi 6 6V4 180 days to 1 year. 7 1 year or more... >61/4 m 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see Note.—Maximum rates that may be paid by member banks are estab Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 167. however, a member bank may not pay a rate in excess of the maximum 3 Multiple-maturity time deposits include deposits that are automati rate payable by State banks or trust companies on like deposits under cally renewable at maturity without action by the depositor and deposits the laws of the State in which the member bank is located. Beginning that are payable after written notice of withdrawal. Feb. 1, 1936, maximum rates that may be paid by nonmember insured * The rates in effect beginning Jan. 21 through June 23, 1970, were 6*4 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6lA per cent on maturities of those in effect for member banks. 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. 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
APRIL 1973 □ OPEN MARKET ACCOUNT A 11 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 h p r u a o s r s e s s G sa r l o e s s s Re t d io e n m s p c G p h r u a o s r s e s s G sa r l o e s s s Re t d io e n m s p c G h p r u a o s r s e s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p , ty c G h p r a u o s r s e s s G sa r l o e s s s m E s a h t x o u i c r f r h ts i . ty tions 1972—Feb. 2,036 3,481 410 1,894 3,481 410 10 1,301 73 959 Mar. 2,009 298 155 1,829 298 155 11 92 Apr. 2,666 1,478 135 2,254 1,478 133 7 -2 255 May 475 291 475 291 2,626 -2,626 June 1,294 335 96 1,094 335 -90 69 July. 2,753 3,286 2,753 3,286 Aug. 1,390 1,752 432 1,274 1,752 432 -1,089 '79* 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 -411 Dec. 5,083 4,640 135 5,083 4,640 -135 1973—Jan.. 3,060 1,735 3,060 1,735 Feb. 6,275 5,216 200 6,079 5,216 200 25 -1,408 61 3,476 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal agency acceptances (U.S. Govt, Net obligations (net) 5-10 years Over 10 years securities) change Month in U.S. Under Net Govt, repur change1 c G h p r a u o s r s e s s G sa r l o e s s s o E t s r u h x r i m c f i h t t a y s . c G h p r a u o s r s e s s G sa r l o e s s s o E t s r u h x r i m c f it h t a y s . c G h p r a u o s r s e s s G sa r l o e s s s se it c i u es r r O ig u h t t R a m c g e h e r p a n e u s t e e r s r O i n g u e h t t t , m a c g h n e r a e n e t s t e s e , 1972—Feb.. 52 -2,260 8 1.694 1,694 -1,854 77 -12 -1,789 Mar.. 31 47 2.695 2,022 2,229 83 16 19 61 2,408 Apr.. 126 23. 2,625 3,298 380 169 -16 1 -61 472 May. 1,115 1,299 25 -4 65 1,386 June. 109 20 211 i, 326 -251 ”127* -25 -6 -65 -221 July. 1,736 1,736 -533 -26 -10 -570 Aug.. ”23* 166 'is' 3,171 2,459 -82 -3 74 4 30 22 Sept.. 1,132 1,844 -866 -35 -74 -4 -30 -1,009 Oct.. "'j' 32* 3,594 3,594 220 -22 7 206 Nov.. 3,547 3,547 -593 157 -6 -442 Dec.. 4,863 4,765 405 134 13 7 596 1973—Jan.. 9,719 8,928 2,116 48 11 23 2,197 Feb.. 79 -2,068 32 2,774 3,034 599 -28 -3 95 644 I 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold bankers’ acceptances. ings ; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o e u rl n in d g s s A c u h s il t l r in ia g n s B fr e a lg n i c a s n C d a o n l a la d r i s an 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 an Jap y a e n n ese g N u l e a i t l n d h d e e s r r s f S r w an is c s s 1968—Dec.............. 2,061 1,444 8 3 433 165 1 1 4 3 1969—Dec............... 1,967 1,575 1 * 199 60 125 1 3 4 1970—Dec............... 257 154 * * 98 1 * 4 1971—Dec............... 18 3 3 * 2 1 8 1972—Jan................ 17 3 3 * 2 1 8 Feb............... 17 3 3 * 2 1 8 Mar.............. 17 3 3 * 2 1 8 Apr............... 17 3 3 * 2 1 8 May............. 57 3 * * 2 1 50 June............. 18 2 * * 9 1 5 July.............. 7 1 * * 1 1 7 Aug.............. 34 * 1 • 24 1 3 Sept.............. 122 * * • 85 1 35 Oct............... 211 * 8 * 164 1 16 21 Nov............. 200 * 8 * 164 1 20 7 Dec............... 192 * * * 164 1 20 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 12 FEDERAL RESERVE BANKS □ APRIL 1973 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1973 1973 1972 Mar. 28 Mar. 21 Mar. 14 Mar. 7 Feb. 28 Mar. 31 Feb. 28 Mar. 31 Assets 10,303 10,303 10,303 10,303 10,303 10,303 10,303 9,475 400 400 400 400 400 400 400 400 352 361 364 365 366 358 366 327 Loans: 2,028 2,983 1,823 1,132 1,564 2,049 1,564 255 Acceptances: 75 75 78 78 79 77 79 82 69 88 154 88 154 61 Federal agency obligations: 1,280 1,280 1,280 1,294 1 .294 1,280 1,294 810 59 59 33 94 33 16 U.S. Govt, securities: Bought outright: Bills................................................................................. 32,430 31,483 31,939 30,452 31,652 32,761 31,652 29,676 36,839 36,839 36,839 36,839 36,839 36,839 36,839 36,147 3,501 3,501 3,501 3,501 3,501 3,501 3,501 3,432 Total bought outright..................................................... i 72,770 1,2 71,823 i 72,279 1,2 70,792 i 71,992 1 73,101 i 71,992 i 69,255 Held under repurchase agreements............................. 1,084 639 628 1,175 628 673 Total U.S. Govt, securities................................................ 73,854 71,823 72,918 70,792 72,620 74,276 72,620 69,928 Total loans and securities.................................................. 77,365 76,161 76,246 73,296 75,744 77,864 75,744 71,152 Cash items in process of collection................................. *>7,477 *8,851 9,485 9,600 8,584 *6,551 8,584 10,028 Bank premises...................................................................... 197 197 197 196 194 197 194 159 Other assets: Denominated in foreign currencies............................. 4 4 4 4 4 4 4 17 All other............................................................................ 748 700 677 594 537 714 537 702 Total assets............................................................................ *96,846 *96,977 97,676 94,758 96,132 *96,391 96,132 92,260 Liabilities F.R. notes.............................................................................. 57,572 57,553 57,636 57,342 56,955 57,419 56,955 53,110 Deposits: Member bank reserves................................................... *26,646 *25,714 26,098 24,013 27,653 *27,628 27,653 27,869 U.S Treasurer—General account............................... 3,382 4,424 4,321 3,799 2,073 2,881 2,073 1,293 Foreign............................................................................... 359 287 311 296 455 327 455 191 Other: All other........................................................................ 709 633 665 635 633 696 633 715 *31,096 *31,058 31,395 28,743 30,814 *31,532 30,814 30,068 5,582 5,873 6,203 6,058 5,789 4,792 5,789 6,743 685 664 685 656 695 709 695 555 *94,935 *95,148 95,919 92,799 94,253 *94,452 94,253 90,476 Capital accounts 807 806 804 802 801 807 801 761 793 793 793 793 793 793 793 742 311 230 160 364 285 339 285 281 *96,846 *96,977 97,676 94,758 96,132 *96,391 96,132 92,260 Contingent liability on acceptances purchased for 282 279 267 260 239 282 239 263 Marketable U.S. Govt, securities held in custody for 32,120 32,096 32,675 32,860 32,067 31,529 32,067 30,758 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 61,591 61,552 61,577 61,440 61.476 61,615 61,476 57,027 Collateral held against notes outstanding: 2,191 2,191 2,191 2,191 2,191 2,291 2,191 2,445 U.S. Govt, securities....................................................... 61,380 61,370 61,370 61,370 61,370 61,331 61,370 56,075 63,571 63,561 63,561 63,561 63,561 63,622 63,561 58,520 i See note 6 on p. A-5. 2 See note 7 on p. A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 o FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1973 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a C l l a e n v d e m Ri o c n h d At t l a an c C a h g i o L S ou t. is M ap i o n l n is e K C s a i a t n s y Dallas F c S i r s a a c n n o Assets Gold certificate account...................... 10,303 380 1,744 938 1,157 956 530 1,476 510 116 401 514 1,581 Special Drawing Rights certif. acct... 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks................... 1,257 165 214 39 66 99 275 67 22 19 30 61 200 Other cash............................................... 358 20 28 10 43 38 43 44 24 44 14 44 Loans: Secured by U.S. Govt, and agency obligations.................................... 2,017 246 584 131 58 156 178 246 30 62 105 85 Other................................................. 32 23 Acceptances: Bought outright.............................. 77 Held under repurchase agreements Federal agency obligations: Bought outright............................... 1,280 59 337 94 94 205 47 27 52 58 175 Held under repurchase agreements 94 94 U.S. Govt, securities: Bought outright.......................... 173,101 3,377 19,220 3,722 5,357 5,390 3,825 11,703 2,685 1,560 2,965 3,289 10,008 Held under repurchase agreements 1,175 1,175 Total loans and securities............. 77,864 3,682 21,575 3,926 5,509 4,071 12,177 2,762 1,649 3,153 3,452 10,268 Cash items in process of collection. 8,143 299 1,494 622 452 732 890 1,090 330 312 524 465 933 Bank premises...................................... 197 31 7 5 27 13 15 16 14 32 17 12 Other assets: Denominated in foreign currencies 4 2 2 1 1 All other....................................... 714 33 180 37 53 54 37 117 25 17 27 31 103 Total assets. 99,240 4,633 25,337 5,600 7,340 7,568 5,883 15,058 3,702 2,158 4,211 4,563 13,187 Liabilities F.R. notes................................................. 58,676 3,031 14,591 3,609 4,634 5,231 3,019 9,804 2,301 1,058 2,312 2,223 6,863 Deposits: Member bank reserves....................... 27,628 969 7,788 1,295 1,823 1,304 1,730 3,526 602 1.157 1,644 4,982 U.S. Treasurer—General account., 2,881 233 488 259 234 283 240 226 209 124 164 193 228 Foreign.................................................. 327 13 3 97 15 28 16 22 49 11 7 13 17 39 Other: All other.......................................... 705 583 22 19 17 32 21 Total deposits. 31,541 1,217 ,956 1,591 2,085 1,622 2,009 3,833 1,028 1,336 1,859 5,270 Deferred availability cash items.......... 6,375 273 1,083 271 401 555 687 1,005 282 305 453 350 710 Other liabilities and accrued dividends 709 32 201 35 50 49 37 107 24 17 30 30 97 Total liabilities...................... 97,301 4,553 24,831 5,506 7,170 7,457 5,752 14,749 3,635 2,115 4,131 4,462 12,940 Capital accounts Capital paid in........................................ 807 208 127 102 Surplus...................................................... 793 207 124 99 Other capital accounts........................... 339 91 58 46 Total liabilities and capital accounts.. 99,240 4,633 25,337 5,600 7,340 7,568 5,883 15,058 3,702 2,158 4,211 4,563 13,187 Contingent liability on acceptances purchased for foreign correspond ents......................................................... 12 474 14 26 35 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)................................................. 61,615 3,233 15,562 3,669 4,837 5,398 3,289 10,087 2,402 1,094 2,398 2,353 7,293 Collateral held against notes out standing : Gold certificate account.................... 2,291 280 300 350 501 700 155 5 U.S. Govt, securities.......................... 61,331 3,010 15,801 3,500 4,700 4,950 3,500 9,900 2,330 1,110 2,450 2,480 7,600 Total collateral. 63,622 3,290 15,801 3,800 5,050 5,451 3,500 10,600 2,485 1,110 2,450 2,485 7,600 1 See note 6 to table at bottom of p. A-5. 4 After deducting $208 million participations of other Federal Reserve 2 After deducting $2 million participations of other Federal Reserve Banks. Banks. 3 After deducting $230 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 FEDERAL RESERVE BANKS; BANK DEBITS □ APRIL 1973 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1973 1973 1972 Mar. 28 Mar. 21 Mar. 14 Mar. 7 Feb. 28 Mar. 31 Feb. 28 Mar. 31 Loans—Total........................................................................ 2,028 2,983 1,822 1,133 1,565 2,049 1,565 255 Within 15 days.................................................................. 2,011 2,962 1.811 1,129 1,559 2,018 1,559 254 16 days to 90 days........................................................... 17 21 11 4 6 31 6 1 91 days to 1 year.............................................................. Acceptances—Total............................................................. 144 75 166 78 233 165 233 143 84 21 111 23 175 102 175 70 16 days to 90 days............................................................ 60 54 55 55 58 63 58 73 91 days to 1 year.............................................................. U.S. Government securities—Total................................. 73,854 71,823 72,918 70,792 72,620 74,276 72,620 69,928 Within 15 days1............................................................... 6,199 4,125 4,782 3,098 4,609 5,013 4,609 3,296 16 days to 90 days........................................................... 20,890 20,834 21,537 21,433 20,753 22,524 20,753 18,119 91 days to 1 year............................................................. 13,047 13,146 12,881 12,543 13,540 13,021 13,540 15,218 Over 1 year to 5 years..................................................... 28,021 28,021 28,021 28,021 28,021 28,021 28,021 26,410 Over 5 years to 10 years................................................. 4,119 4,119 4,119 4,119 4,119 4,119 4,119 5,678 Over 10 years.................................................................... 1,578 1,578 1,578 1,578 1,578 1,578 1,578 1,207 Federal agency obligations—Total.................................. 1,339 1,280 1,339 1,294 1,327 1,374 1,327 826 Within 15 days*............................................................... 68 59 14 47 102 47 16 16 days to 90 days........................................................... 51 60 60 40 40 52 40 55 91 days to 1 year.............................................................. 214 214 214 191 191 214 191 158 Over 1 year to 5 years..................................................... 568 568 568 611 611 568 611 397 Over 5 years to 10 years................................................. 247 247 247 247 247 247 247 116 Over 10 years.................................................................... 191 191 191 191 191 191 191 84 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 A al ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l . 2 . ) 3 ’s 2 SM o 2 th 2 S 6 e A r ’s SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l 2 . . ) 3 ’s 2 SM o 2 th 2 S 6 e A r ’s 1972—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 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.................................. 14,783.6 6,604.8 3,495.4 8,178.7 4,683.4 90.7 215.7 95.5 61.8 48.9 1973—Jan................................... '15,495.2 6,855.4 '3,663.3 '8,639.9 '4,976.5 '94.2 224.0 '98.8 '64.5 '51.4 Feb.................................. 16,024.1 7,227.0 3,775.8 8,797.1 5,021.3 97.7 238.0 102.6 65.8 51.8 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
APRIL 1973 o U.S. CURRENCY A 15 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir tion 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 1959........................ 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 1960........................ 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961........................ 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 1962........................ 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 1963........................ 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 1964..;................. 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 1965........................ 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 1966........................ 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 1967........................ 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 1968........................ 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 1969........................ 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 1970........................ 57,093 39,639 6,281 2,310 136 3,16l 9,170 18,581 17,454 4,896 12,084 215 252 3 4 1971........................ 61,068 41,831 6,775 2,408 135 3,273 9,348 19,893 19,237 5,377 13,414 203 237 2 4 1972—Feb............. 59,795 40,725 6,812 2,275 135 3,087 9,010 19,405 19,070 5,257 13,371 201 234 2 4 Mar............ 60,388 41,182 6,860 2,279 135 3,106 9,110 19,692 19,205 5,275 13,490 200 233 2 4 Apr............. 60,535 41,140 6,902 2,276 135 3,094 9,028 19,705 19,395 5,351 13,606 199 232 2 4 May........... 61,702 42,056 6,969 2,334 135 3,170 9,243 20,204 19,647 5,425 13,785 198 232 2 4 June........... 62,201 42,399 7,016 2,328 135 3,178 9,295 20,446 19,803 5,446 13,923 197 230 2 4 July............. 62,435 42,449 7,052 2,326 135 3,155 9,231 20,550 19,986 5,502 14,052 196 229 2 4 Aug............ 62,744 42,520 7,095 2,333 135 3,152 9,211 20,594 20,224 5,565 14,228 196 229 2 4 Sept............ 62,599 42,341 7,116 2,329 135 3,139 9,146 20,477 20,258 5,492 14,336 195 228 2 4 Oct.............. 63,586 43,085 7,172 2,378 135 3,209 9,334 20,857 20,500 5,570 14,503 194 226 2 4 Nov............ 65,137 44,208 7,237 2,437 135 3,305 9,602 21,491 20,928 5,714 14,789 194 225 2 4 Dec............. 66,516 45,105 7,287 2,523 135 3,449 9,827 21,883 21,411 5,868 15,118 193 225 2 4 1973—Jan.............. 64,312 43,133 7,274 2,380 135 3,218 9,243 20,883 21,179 5,742 15,013 192 224 2 4 Feb............. 64,696 43,431 7,290 2,370 135 3,213 9,330 21,091 21,266 5,755 15,089 192 224 2 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION (Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars) Held in the Treasury Currency in circulation 1 Total, out Held by standing, As security For F.R. 1973 1972 Kind of currency Feb. 28, against Treasury F.R. Banks 1973 gold and cash Banks and silver and Agents Feb. Jan. Feb. certificates Agents 28 31 29 Gold......................................................................................... 10,410 (10,303) 107 Gold certificates.................................................................... (10,303) 2 10,302 1 Federal Reserve notes......................................................... 61,476 161 4,519 56,796 56,428 52,369 Treasury currency—Total................................................... 8,379 111 367 7,901 7,884 7,426 Dollars................................................................................ 765 43 41 681 675 598 Fractional coin................................................................. 7,000 65 325 6,610 6,599 6,214 United States notes.......................................................... 323 2 320 320 321 In process of retirement 3............................................... 291 290 290 293 Total—Feb. 28, 1973........................................................... 480,264 (10.303) 379 10.302 4,887 64,696 Jan. 31, 1973............................................................ 4 80,683 (10.303) 372 10.302 5,697 64,312 Feb. 29, 1972........................................................... 4 74,171 (9,475) 370 9,474 4,533 59,795 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
A 16 MONEY STOCK □ APRIL 1973 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week Mi M% Mz Mz Mx (Mi plus time (Mz 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—De c 208.8 392.3 594.0 214.9 397.0 598.4 1970—De c 221.3 425.2 641.3 227.7 430.0 645.6 1971—De c 236.0 473.8 727.7 242.8 478.7 731.9 1972—Fe............b 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 '775.1 243.2 498.8 '775.6 July......... 247.7 504.5 '784.0 246.6 503.6 '784.3 Aug......... 248.6 508.4 '791.6 245.5 505.1 '788.3 Sept......... 250.1 512.1 '799.1 248.7 510.4 '796.9 Oct.......... 251.6 516.4 '807.0 251.2 515.2 '805.2 Nov......... 252.7 519.8 '813.7 254.3 518.7 '811.2 Dec.......... 255.5 525.1 '822.0 262.9 530.3 '826.4 1973—Ja n 255.4 527.9 '828.8 262.6 534.1 '834.5 Feb.......... 256.7 530.5 '834.8 254.0 527.8 '831.5 Mar.*. .. 256.8 532.9 839.4 254.3 531.6 838.5 Week ending— 1973—Feb. 28. 255.9 530.3 251.5 526.3 Mar. 7. 257.6 533.0 254.9 530.8 14. 256.1 531.7 254.0 530.8 21 . 257.5 533.7 254.8 523.3 28* 256.1 532.9 252.3 530.7 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Month Non Non Govt, or bank bank depos week Cur De Time and savings thrift Cur De Time and savings thrift its 5 rency mand deposits institu rency mand deposits i nstitudepos tions 4 depos tions 4 its its 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—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 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 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 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 '276.8 6.9 July..................... 54.6 193.1 38.3 256.8 295.0 '279.6 55.1 191.5 37.0 257.0 294.0 '280.7 7.3 Aug..................... 54.8 193.8 39.1 259.8 298.9 '283.3 55.1 190.5 39.9 259.6 299.5 '283.2 5.3 Sept..................... 55.3 194.8 39.8 262.0 301.9 '286.9 55.2 193.5 41.0 261.7 302.7 '286.5 5.9 Oct...................... 55.7 195.9 40.0 264.8 304.8 '290.6 55.7 195.5 41.9 264.0 305.9 '290.0 6.6 Nov..................... 56.2 196.5 41.2 267.1 308.4 '293.9 56.7 197.7 43.3 264.4 307.7 '292.5 6.2 Dec...................... 56.8 198.7 43.2 269.6 312.8 '296.9 57.8 205.0 44.3 267.5 311.7 '296.1 7.3 1973—Jan....................... 57.0 198.4 44.4 272.5 316.9 '300.8 56.7 205.9 45.1 271.5 316.6 '300.5 8.0 Feb...................... 57.5 199.3 48.8 '273.8 322.6 '304.3 56.7 197.3 48.6 273.8 '322.5 '303.7 9.6 Mar.*................. 57.9 198.9 54.9 276.0 330.9 306.5 57.3 196.9 54.0 277.3 331.4 306.9 10.1 Week ending— I973—peb. 28............. 57.3 198.6 50.7 274.4 325.0 56.3 195.2 50.5 274.9 325.4 10.1 Mar. 7............. 57.9 199.8 52.2 275.3 327.5 57.3 197.6 52. 1 275.9 328.0 9.4 14............. 57.8 198. 3 54.5 275.6 330.1 57.5 196.5 53.9 276.8 330.7 8.3 21............. 58.0 199.5 55.2 276.2 331.4 57.4 197. 3 54.2 277.5 331.8 11.3 28*........... 57.9 198.2 56.3 276.9 333.2 57.0 195.2 55.2 278.5 333.6 11.4 1 Includes, in addition to currency and demand deposits, savings de Note.—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” on pp. 61-79 of the Feb. 1973 Bulletin. $100,000 or more by large weekly reporting commercial banks. Average of daily figures. Money stock consists of (1) demand deposits 2 Includes M2, plus the average of the beginning and end of month at all commercial banks other than those due to domestic commer deposits 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
APRIL 1973 □ BANK RESERVES; BANK CREDIT A 17 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S. A.1 Deposits subject to reserve requirements3 Total in ember bank deposits plus no: ndeposit S.A. N.S.A. iteiUS4 Period Non Total bor Re Avail Demand Demand rowed quired able2 Time Time 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 4.6 307.7 311.1 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—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 .... 32.24 30.85 31.98 29.41 404.7 243.7 153.9 7.1 410.4 243.8 160.0 6.6 409.2 414.9 Feb....... r31.65 >■29.79 31.44 r29.30 410.2 248.5 154.5 7.2 r409.0 248.5 152.4 8.1 r414.8 413.5 Mar.*.. 32.00 29.52 31.78 29.61 416.9 256.0 153.4 7.5 416.4 256.2 151.8 8.5 421.8 421.4 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. 2 Reserves available to support private nonbank deposits are defined Note.—For description of revised series and for back data, see article as (1) required reserves for (a) private demand deposits, (b) total time “Revision of the Money Stock Measures and Member Bank Reserves and and savings deposits, and (c) nondeposit sources subject to reserve re Deposits” on pp. 61-79 of the Feb. 1973 Bulletin. quirements, and (2) excess reserves. This series excludes required reserves Due to changes in Regulations M and D, member bank reserves include for net interbank and U.S. Govt, demand deposits. reserves held against nondeposit funds beginning Oct. 16, 1969. Back data 3 Averages of daily figures. Deposits subject to reserve requirements may be obtained from the Banking Section, Division of Research and include total time and savings deposits and net demand deposits as defined Statistics, Board of Governors of the Federal Reserve System, Washington, by Regulation D. Private demand deposits include all demand deposits 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 m in e a v n n e t d s s 1 t ,2 Total i,2 l 1 P o s > o l a 2 u l n , d s 3 s T an o d ta l indu l s P o t l r a u i n a s s l T U r u e . r S a y s . Other2 m in e a v n n e t d s s 1 t ,2 Total1,2 l 1 P o s > o l a 2 u l n , d s 3 s T a o nd ta l indu l s P o tr a lu i n a s s l T U r u e . r S a y s . Other2 sold3 sold3 1968—Dec. 31___ 390.6 258.2 95.9 61.0 71.4 400.4 264.4 98.4 64.5 71.5 1969—Dec. 314... 402.1 279.4 283.3 105.7 "m'S 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—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. 27*.... 535.3 360.0 362.3 124.6 126.0 62.0 113.3 534.6 360.6 362.9 124.2 125.7 60.3 113.7 Oct. 25*.... 540.4 367.2 369.4 126.7 128.2 59.9 113.3 540.2 365.5 367.7 125.8 127.3 60.9 113.8 Nov. 29*... 549.4 373.6 376.1 128.2 129.9 60.6 115.1 549.4 371.8 374.3 127.6 129.2 63.2 114.4 Dec. 31*.... 554.2 376.6 379.2 129.1 130.8 62.0 115.6 568.1 385.6 388.2 132.5 134.2 66.6 115.9 1973—Jan. 31*... 562.8 384.3 386.9 133.0 134.7 62.0 116.5 563.1 382.0 384.6 131.8 133.5 65.4 115.6 Feb. 28*... 572.6 395.7 398.8 137.9 140.0 60.2 116.6 568.7 391.6 394.7 136.4 138.5 61.3 115.8 Mar. 28*.... 581.9 404.7 407.8 141.6 143.6 60.6 116.6 577.5 400.4 403.6 141.5 143.5 60.7 116.4 1 Adjusted to exclude domestic commercial interbank loans. 5 Beginning June 30, 1972, commercial and industrial loans were re 2 Beginning June 30, 1971, Farmers Home Administration insured notes duced by about $400 million as a result of loan reclassifications at one totaling approximately $700 million are included in “Other securities” large bank. rather than in “Loans.” Note.—For monthly data on total loans and investments 1959-70, see 3 Loans sold outright by commercial banks to own subsidiaries, Dec. 1971 Bulletin, pp. 974-75. For monthly data, 1948-58, see Aug. foreign branches, holding companies, and other affiliates. 1968 Bulletin, pp. A-94—A-97. For a description of the seasonally ad 4 Beginning June 30, 1969, data revised to include all bank-premises justed series see the following Bulletins: July 1962, pp. 797-802; July 1966, subsidiaries and other significant majority-owned domestic subsidiaries; pp. 950-55; Sept. 1967, pp. 1511-17; and Dec. 1971, pp. 971-73. For earlier data include commercial banks only. Also, loans and investments monthly data on commercial and industrial loans, 1959—71, see July 1972 are now reported gross, without valuation reserves deducted, rather than Bulletin, p. A-109. For description of series, see July 1972 Bulletin, net of valuation reserves as was done previously. For a description of the p. 683. Data are for last Wednesday of month except for June 30 and revision, see Aug. 1969 Bulletin, pp. 642-46. Data shown in this table Dec. 31; data are partly or wholly estimated except when June 30 and Dec. beginning January 1959 have been revised to include valuation reserves. 31 are call dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 18 COMMERCIAL BANKS □ APRIL 1973 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Num Cash lia Bor capital ber Class of bank assets 3 bilities row ac of and date Total Loans and Total 3 Demand ings counts banks l U.S. capital De Treas Other ac mand Time Time 5 ury 2 counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,!?82 44,349 15,952 23 7,173 14,278 1945—Dec. 31... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,1065 10!>,921 30,241 219 8,950 14,011 1947—Dec. 31 6. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966--Dec. 31... 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967--Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968-—Dec. 31... 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 13,679 1969-—Dec. 31 7. 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 39,978 13,661 1970--Dec. 31... 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 42,958 13,686 1971--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 47,211 13,783 1972--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 47,450 13,806 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 47,780 13,823 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 48,310 13,838 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 50,117 13,875 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 48,970 13,877 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 49,400 13,898 Sept. Up.. 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 49,720 13.910 Oct. 25p.. 560,440 385,700 60,930113,810101,790 689,800 566,280 29,040 3,760 7,470 220,980 305,030 39.540 50,270 13.911 Nov. 29*.. 573,170 395,540 63,210114,420 90.270 691,600 570.560 27,060 3,920 7,700 224,480 307,400 38,350 50,730 13,924 Dec. Up.. 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 51,150 13,927 1973-—Jan. 31*.. 588,880 407,830 65,410115,640 94,750 712,580 586,540 29,180 3,660 10,230 226,890 316,580 43,130 52,230 13,939 Feb. 28*.. 596,530 419,440 61,330115,760 97,720 724,340 594,070 29,450 3,930 11.190 225,560 323,940 45,950 52,620 13.952 Mar. 28*.. 603,670 426,540 60,730116,400 89,340 722,840 591,220 25,840 4,290 11.190 218,260 331,640 45,960 53,110 13.952 Members of F.R. System: 1941—Dec. 31 ... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31... 107,183 22,775 78,338 6,070 29.845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31... 97,846 32,628 57,914 7,304 32.845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966--Dec. 31... 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26.278 6,150 1967--Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 6,071 1968-—Dec. 31... 325.086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060 5,978 1969-—Dec. 31 7. 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 32,047 5,869 1970--Dec. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 34,100 5,766 1971--Dec. 31... 405.087 277,717 47,633 79,738 86,189 511,353 425,380 30,612 2,549 8,427 174,385 209,406 25,046 37.279 5,727 1972--Mar. 29... 409,024 281,182 45,486 82,356 78,710 508,747 413,132 25,154 2,590 7,216 161,976 216,196 31,792 37,683 5.713 Apr. 26... 409,925 282,298 44,643 82,984 82,345 513,123 418,730 24,893 2,510 8,939 164,071 218,317 30,406 37,928 5.713 May 31... 414,469 286,310 44,403 83,756 87,524 523,538 427,426 26,913 2,663 6,825 169,496 221,529 31,907 38,356 5.713 June 30... 422,356 294,730 43,708 83,918 86,430 529,645 433,574 27,311 2,717 7,630 172,419 223,498 31,752 39,358 5.714 July 26... 422,102 295,275 42,932 83,895 79,164 522,562 426,242 25,923 2,867 6,953 165,393 225,106 32,725 38,649 5,705 Aug. 30... 425,392 297,851 42,727 84,814 79,057 525,983 426,716 25,742 2,954 2,966 164,851 230,203 34,315 38,979 5.702 Sept. 27... 432,150 303,049 43,506 85,595 78,503 532,624 434,554 25,502 3,495 8,033 166,353 231,171 31,860 39,190 5.703 Oct. 25... 435,460 305,996 43,691 85,773 88,219 546,521 442,792 27,528 3,360 6,172 172,615 233,117 37,745 39,567 5,699 Nov. 29... 446,621 314,463 45,799 86,359 78,553 548,210 446,441 25,759 3,520 6,463 175,739 234,960 36,480 39,966 5,701 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 40,250 5.704 1973--Jan. 31... 458,764 324,637 47,334 86,793 82,499 565,071 458,942 27,757 3,260 8,461 177,677 241,787 40,255 40,994 r5,690 Feb. 28... 465,065 334,609 43,698 86,758 85,264 575,222 465,395 28,037 3,537 9,364 176,525 247,932 42,912 41,309 5.688 Mar. 28*.. 471,067 340,667 43,259 87,141 77,728 573,531 463,004 24,488 3,895 9,407 170,560 254,654 42,649 41,578 5.688 Large member banks: New York City:*,», 10 u 1941—Dec. 31... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945--Dec. 31... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947--Dec. 31... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1966—Dec. 31... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Dec. 31... 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—Dec. 31 7. 60,333 48,305 5,048 6,980 22,349 87,753 62,381 10,349 268 694 36,126 14,944 4,405 6,301 12 1970—Dec. 31... 62,347 47,161 6,009 9,177 21,715 89,384 67,186 12,508 956 1,039 32,235 20,448 4,500 6,486 12 1971 _ Dec.31... 63,342 48,714 5,597 9,031 22,663 91,461 71,723 13,825 1,186 1,513 30,943 24,256 5,195 7,285 12 1972--Mar. 29... 64,450 50,063 5,567 8,820 21,400 91,687 68,029 11,674 1,231 1,360 28,793 24,971 8,428 7,342 12 Apr. 26... 63,467 49,539 4,825 9,103 21,014 90,364 68,798 11,451 1.162 2,013 28,842 25,330 6,650 7,372 12 May 31... 65,719 50,799 5,257 9,663 22.516 93,765 70,852 12,303 1,198 1.038 29,918 26,395 8,103 7,618 13 June 30... 66,597 51,637 5,338 9,623 22,535 94,377 72,432 12,933 1,175 1.038 30,637 26,649 7,314 7,650 13 July 26... 66,331 51,408 4,954 9,969 19.517 91,247 69,508 11,580 1,312 1,170 28,396 27,050 7,431 7,612 13 Aug. 30... 67,353 52,031 5,158 10,164 19,152 92,066 69,330 11,679 1,345 288 27,497 28,521 8,188 7,736 13 Sept. 27... 68,924 53,166 5,368 10,390 17,864 92,484 70,323 11,414 1,591 1,454 27,718 28,146 6,861 7,714 13 Oct. 25... 69,136 53,835 5,045 10,256 21,261 96,657 72,568 12,386 1,530 1,097 29,046 28,509 9,170 7,756 13 Nov. 29... 71,707 55,533 5,712 10,462 21,556 98,990 74,550 12,639 1,752 1,032 30,710 28,417 9,335 7,944 13 Dec. 27... 74,894 59,090 5,321 10,483 21,169 102,172 78,742 13,712 1,831 1,093 33,731 28,375 8,241 7,972 13 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 8,074 13 Feb. 28... 75,727 61,629 4,463 9,635 23,059 105,571 79,567 14,040 1,708 1,506 30,533 31,780 10,321 8,142 13 Mar. 28... 76,368 62,584 4,498 9,286 20,133 103,402 77,435 11,744 1,951 1,789 29,032 32,919 9,938 8,047 13 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ COMMERCIAL BANKS A 19 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 Total Num Class of bank lia Bor capital ber and date Cash bilities row ac of Loans assets3 and Total Deimand ings counts banks l U.S. capital Total 3 Treas Other ac De Time Time 5 ury 2 counts4 mand U.S. Govt. Other Large member banks (cont.): City of Chicago: 8.9 1941- Dec 31 2,76C 95 4 1,43C 376 1,566 4,363 4,057 1,035 127’ 2,419 476 288 13 1945- Dec 31 ... 5,931 1,333 4,213 385 1,489 7,459' 7,046 1,312 1,552: 3,462: 719 377 12 1947- Dec 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72: 4,201 913 426 14 1966--Dec. 31............. 11,802 8,756 1,545 1,502 2,638 14,935i 12,673 1,433 25; 310i 6,008 4,898 484 1,199 11 1967-—Dec. 30............. 12,744 9,222 1,574 1,947 2,947 16,296i 13,985 1,434 21 267 6,250' 6,013 383 1,346 10 1968--Dec. 31............. 14,274 10,286 1,863 2,125 3,008 18,099' 14,526 1 ,535; 21 257 6,542: 6,171 682 1,433 9 1969--Dec. 31 7......... 14,365 10,771 1,564 2,030 2,802 17,927' 13,264 1,677 15i 175i 6,770> 4,626 1,290 1,517 9 1970-—Dec. 31............. 15,745 11,214 2,105 2,427 3,074 19,892: 15,041 1,930i 49' 282 6,663 6,117 1,851 1,586 9 1971-—Dec. 31............. 17,133 12,285 1,782 3,067 3,011 21,214■ 16,651 1,693 168 364 6,896 7,530 1,935 1,682 9 1972--Mar. 29............. 17,668 12,898 1,582 3,188 3,204 21,806i 15,912 1,398 191 341 6,462 7,520 3,180 1,820 9 17,761 12,99i 1,51( 3,253 3,207 21,8581 16,017 1,344 191 465 6,381 7,636 2,972 1,829 9 May 31............. 18,147 13,28- 1,665 3,199 3,538 22,697r 16,509 1,412 182 282 6,631 8,002 3,280 1,836 9 18,541 13,782 1,662 3,096 2,946, 22,562: 16,912 1,331 139 261 6,603 8,579 2,639 1,857 9 July 26............. 18,582 14,130 1,39$ 3,054 3,070i 22,727 16,695 1,447 194 310 6,157 8,587 3,187 1,850 9 Aug. 30............. 19,20C 14,701 1,455 3,044 2,880i 23,1281 17,147 1,487 196; 68 6,226 9,170 2,985 1,850 9 Sept. 27............. 19,270 14,582 1,545 3,143 3,135 23,479' 17,812 1,406 224 374 6,435 9,373 2,768 1,859 9 Oct. 25............. 19,53C 15,021 1,435 3,074 3,119 23,714■ 17,738 1,455 196 192 6,264 9,631 2,945 1,875 9 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 1,855 9 Dec. 27............. 21,208 16,325 1,643 3,240 3,640i 25,776i 19,417 1,433 231 301 7,332 10,120 3,426 1,876 9 7Q 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 1,895 Feb. 28............. 21,98; 17,54^ 1,384 3,055 3,513 26,575 19,429 1,433 224 442 6,778 10,552 4,075 1,891 9 Mar. 28............. 22,660 17,980 1,470 3,210 3,092 26,821 19,854 1,326 266 461 6,439 11,362 3,910 1,878 9 Other large member: 8.9 1941- Dec 31............. 15,347 7,105 6,467 1,776 8,518 24,430i 22,313 4,356 104 491 12,557 4,806 1,967 351 1945- Dec. 31............. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947--Dec. 31............. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1966--Dec. 31............. 95,831 69,464 13,040i 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 9,471 169 1967- 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 163 1968--Dec. 31............. 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 10,684 161 1969--Dec. 31 7......... 121,324 90,896 11,944 18,484 29,954 157,512 126,232 10,663 242 1,575 58,923 54,829 9,881 11,464 157 1970--Dec. 31............. 133,718 96,158 14,700 22,860 31,263 171,733 140,518 11,317 592 2,547 59,328 66,734 10,391 12,221 156 1971--Dec. 31............. 149,401 106,361 15,912 27,129 33,732 190,880 155,226 11,241 933 3,557 62,474 77,020 14,799 13,197 156 1972--Mar. 29............. 149,384 106,665 14,583 28,136 29,082 186,613 147,937 9,004 944 2,889 57,001 78,099 16,508 13,657 156 Apr. 26............. 149,586 107,362 14,434 27,790 32,579 190,334 151,394 9,079 894 3,839 58,129 79,453 16,766 13,725 157 May 31............. 151,153 108,846 14,362 27,945 34,413 193,947 155,174 9,985 1,020 2,763 60,716 80,690 16,435 13,890 157 155,085 113,213 14,141 27,731 33,806 197,155 156,850 9,645 1,008 3,527 61,701 80,970 17,592 14,020 157 July 26............. 154,528 113,172 13,873 27,483 30,832 193,689 153,772 9,688 1,098 2,867 58,980 81,139 17,595 14,011 157 Aug. 30............. 153,956 112,637 13,501 27,818 31,452 193,592 152,570 9,458 1,150 1,015 58,564 82,383 18,421 14,062 156 Sept. 27............. 156,822 115,352 13,692 27,778 31,640 196,672 156,023 9,509 1,285 3,512 58,956 82,761 17,788 14,132 157 Oct. 25............. 157,630 115,642 13,699 28,289 35,635 201,551 158,214 10,202 1,239 2,374 61,147 83,252 20,469 14,193 156 Nov. 29............. 163,011 119,961 14,734 28,316 29,350 200,829 159,305 8,844 1,156 2,828 62,229 84,248 18,629 14,331 156 Dec. 27............. 168,655 124,195 15,615 28,845 33,052 210,331 167,413 10,064 1,180 2,776 67,422 85,971 19,890 14,491 156 1973--Jan. 31............. 168,522 123,907 15,844 28,771 30,426 207,904 163,418 9,239 1,044 3,470 63,011 86,654 21,086 14,619 156 Feb. 28............. 169,752 126,901 13,957 28,894r32,397 211,296 165,050 9,365 1,210 3,942 62,627 87,906 22,434 14,760 156 Mar. 28............. 172,681 129,991 13,615 29,075 29,634 211,358 165,250 8,355 1,283 3,761 60,676 91,175 22,182 14,819 156 All other member: 8,9,1 °,11 1941--Dec. 31............. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945--Dec. 31............. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947--Dec. 31............. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966--Dec. 31............. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 10,309 5,958 1967- 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 5,886 1968--Dec. 31............. 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 11,807 5,796 1969--Dec. 317........... 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1,820 12,766 5,691 1970—Dec. 31............. 154,130 99,404 22,586 32,140 25,448 184,635 161,850 3,387 135 2,592 69,806 85,930 1,836 13,807 5,589 1971--Dec. 31............. 175,211 110,357 24,343 40,511 26,783 207,798 181,780 3,853 263 2,993 74,072100,600 3,118 15,114 5,550 1972- Mar. 29............. 177,522 111,556 23,754 42,212 25,024 208,641 181,254 3,078 224 2,626 69,720105,606 3,676 14,864 5,536 Apr. 26............. 179,111 112,399 23,874 42,838 25,545 210,567 182,521 3,019 263 2,622 70,719105,898 4,018 15,002 5,535 May 31............. 179,450 113,382 23,119 42,949 27,057 213,129 184,891 3,213 263 2,742 72,231106,442 4,089 15,012 5,534 June 30............. 182,133 116,098 22,568 43,467 27,142 215,551 187,380 3,401 395 2,804 73,479107,300 4,208 15,831 5,535 182,661 116,565 22,707 43,389 25,745 214,899 186,267 3,208 263 2,606 71,860108,330 4,512 15,176 5,526 Aug. 30............. 184,883 118,482 22,613 43,788 25,573 217,197 187,669 3,118 263 1,595 72,564110,129 4,721 15,331 5,524 Sept. 27............. 187,134 119,949 22,901 44,284 25,864 219,989 190,396 3,173 395 2,693 73,244110,891 4,443 15,485 5,524 Oct. 25............. 189,164 121,498 23,512 44,154 28,204 224,599 194,272 3,485 395 2,509 76,158111,725 5,161 15,743 5,521 Nov. 29............. 191,533 123,590 23,756 44,187 24,988 224,349 194,565 3,014 395 2,390 76,235112,531 5,379 15,836 5,523 Dec. 27............. 195,266 126,614 24,215 44,437 27,195 230,624 201,352 3,488 395 2,287 81,223113,959 5,098 15,911 5,526 1973- 195,472 126,055 24,489 44,928 25,931 229,209 199,602 3,235 395 3,376 76,769115,827 5,751 16,406*■5,512 Feb. 28............. 197,603 128,535 23,894 45,174 26,295 231,780 201,349 3,199 395 3,474 76,587117,694 6,082 16,516 5,510 Mar. 28*........... 199,358 130,112 23,676 45,570 24,869 231,950 200,465 3,063 395 3,396 74,413119,198 6,619 16,834 5,510 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 20 COMMERCIAL BANKS □ APRIL 1973 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CUSS OF BANK— Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS membershio Cash lia Bor Total Num and FDIC assets3 bilities row capital ber insurance Total Loans and Total3 Demand ings ac of l U.S. Other capital De Time counts banks Treas 2 ac mand Time 5 ury counts4 U.S. Other Govt. Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 25,277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—June 307. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 13.464 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13.464 1970—Dec. 31.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 13,502 1971—Dec. 31.. 514,097 345,386 64,691 104,020 98,281 635,805 535,703 31,824 2,792 10,150 219,102 271,835 25,629 46,731 13,602 1972—June 30.. 539,093 368,275 59,984110,833 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 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,-4 11 8,166 24,168 7,986 130 2,945 1,867 1947_Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1,313 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 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: 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 1 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 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— F C R la S a s i n n s m i d s f u e ic r F m a a D t b n i I e o c C r e n s h b i y p Total Loa l ns T U re . S S a e s . c urit O ie t s h 2 er a C ss a e s t h s3 c b T a i a l a l p o i n i c a t i t d i t a e a l s l Total3 m D I a n e n t d erba T n i k m 3 e Dema O nd ther Tim 5 e r B in o o w g r s c c T a o a p o u c t i n t a t a l s l b N a b u o n e m f r ks ury counts 4 G U o .S vt . . Other Noninsured nonmember: 1941—Dec. 31........... 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31........... 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 316......... 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20........... 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31........... 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31........... 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967—Dec. 30........... 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31........... 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 30 7........ 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dcc. 31........... 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—Dec. 31........... 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—Dec. 31......... 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—June 30......... 4,192 3,230 274 688 1,220 5,884 3,153 384 81 21 1,409 1,258 386 494 206 Total nonmember: 1941—Dec. 31........... 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,i04 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 the previous “reserve city” and “country” categories, respectively (hence CCC were reclassified as securities, and Export-Import Bank portfolio the series are continuous over time). fund participations were reclassified from loans to securities. This reduced 9 Regarding reclassification as a reserve city, see Aug. 1962 Bulletin, Total loans and increased “Other securities” by about $1 billion. Total p. 993. For various changes between reserve city and country status in loans include Federal funds sold, and beginning with June 1967 securities 1960-63, see note 6, p. 587, May 1964 Bulletin. purchased under resale agreements, figures for which are included in 10 Beginning May 6, 1972, two New York City country banks, with “Federal funds sold, etc.,” on p. A-22. deposits of $1,412 million, merged and were reclassified as a reserve city Beginning June 30, 1971, Farmers Home Administration notes are bank. classified as “Other securities” rather than “Loans.” As a result of this change, approximately $300 million was transferred to “Other securities” Note.—Data are for all commercial banks in the United States (includ for the period ending June 30, 1971, for all commercial banks. ing Alaska and Hawaii, beginning with 1959). Commercial banks represent See also table (and notes) at the bottom of p. A-30. all commercial banks, both member and nonmember; stock savings 2 See first two paragraphs of note 1. banks; and nondeposit trust companies. , 3 Reciprocal balances excluded beginning with 1942. For the period June 1941—June 1962 member banks include mutual 4 Includes items not shown separately. See also note 1. savings banks as follows: three before Jan. 1960, two through Dec. 1960, 5 See third paragraph of note 1 above. and one through June 1962. Those banks are not included in insured 6 Beginning with Dec. 31, 1947, the series was revised; for description, commercial banks. see note 4, p. 587, May 1964 Bulletin. Beginning June 30, 1969, commercial banks and member banks exclude 7 Figure takes into account the following changes beginning June 30, a small national bank in the Virgin Islands; also, member banks exclude, 1969: (1) inclusion of consolidated reports (including figures for all bank- and noninsured commercial banks include, through June 30, 1970, a small premises subsidiaries and other significant majority-owned domestic member bank engaged exclusively in trust business. subsidiaries) and (2) reporting of figures for total loans and for individual Comparability of figures for classes of banks is affected somewhat by categories of securities on a gross basis—that is, before deduction of changes in F.R. membership, deposit insurance status, and the reserve valuation reserves—rather than net as previously reported. classifications of cities and individual banks, and by mergers, etc. 8 Beginning Nov. 9,1972, designation of banks as reserve city banks for Data for national banks for Dec. 31, 1965, have been adjusted to make reserve-requirement purposes has been based on size of bank (net demand them comparable with State bank data. deposits of more than $400 million), as described in the Bulletin for Figures are partly estimated except on call dates. July 1972, p. 626. Categories shown here as “large” and “all other” parallel For revisions in series before June 30, 1947, see July 1947 Bulletin, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 22 COMMERCIAL BANKS □ APRIL 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 r e n a d d l s C m o e m r Agri- o p s r u e r c c c F a u h r r o a r i r y t s i i i e n n s g g in f s in ti a T tu n o c ti i o a n l s Real Ot t h o er, U s .S ec . u T ri r t e i a e s s u 6 ry S a t n a d te call date invest sold, Total cial cul es in- Other local Other ments etc. 2 3,4 a i n n d t a u l r 5 b T ro o tate v d i i d - - Bills g se o c v u t . r s it e i c es u * d tr u ia s l k a e n r d s ot T h o ers Banks Others uals3 Total ce a r n t d ifi Notes Bonds rities deal cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,276 3,729 1969—Dec. 31 io422,728 9,928286,750 108,44310,3295,7394,027 2,488 15,06270,02063,2567,388 54,709 59,183 12,158 1971—Dec. 31.517,244 19,954 127,656118,52612,4977,2923,659 4,591 16,92681,601 74,5148,04964,930 82,42022,284 1972—June 30. 543,28520,598350,910 123,16213,610 ,6084,012 5,041 18,35389,22780,2438,651 60,258 86,59824,923 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1.314 3,1643,606 49 4,677 2,361 1,132 88,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,129 3,621 1969—Dec. 31 io419,746 9,693284,945 107,68510.314 5,6443,991 2,425 14,89069,669 63,008 7,319 54,399 58,840 11,869 1971—Dec. 31.514,097 19,623325,764 117,60312,482 7,201 3,644 4,405 16,79281,43474,263 7,939 64,691 82,09921,921 1972—June 30.539,093 19,568348,707 122,06413,5938,491 3,998 4,761 18,26689,048 79,9338,553 59,984 86,28624,547 Member—Total: 1941—Dec. 31.. 43,321 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,27144,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1969—Dec. 31 io337,613 7,356235,63996,0956,187 5,408 3,286 2,258 14,035 53,20748,388 6,77639,833 47,2277,558 1971—Dec. 31.405,570 15,373262,826 101,4797,311 6,895 3,167 4,123 15,71361,091 55,839 7,20747,633 65,244 14,494 1972—June 30.422,775 15,561279,588 104,4197,924“,2603,477 4,520 17,10466,518 59,603 7,76543,708 67,777 16,141 New York City:11 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 50,98725,972 5,665 768 1,834 4,936 5,288 4,561 1,930 5,338 8,491 1,132 City of Chicago:11 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 large banks:11 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. 311<>121,628 3,021 88,18037,701 1,386 878 1,300 876 6,006 19,706 17,5692,757 11,944 16,625 1,859 1971—Dec. 31. 149,484 7,771 98,67340,397 1,630 1,193 1,407 1,671 7,49722,300 19,405 3,173 15,912 23,459 3,670 1972—June 30. 155,158 8,272105,01441,770 1,803 1,563 1,566 2,136 7,771 24,35820,772 3,275 14,141 23,5104,222 All other menber:11 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 22422,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 31 io141,286 3,318 89,401 23,7624,739 498 947 148 2,263 28,82426,362 1,85821,278 22,5724,718 1971—Dec. 31. 175,582 6,208104,52028,201 5,599 474 821 348 2,651 33,347 31,117 1,96224,343 31,3679,144 1972—June 30. 182,479 5,857110,58729,498 6,023 366 917 308 2,381 35,859 33,2152,019 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 12,3484,141 329 741 231 1,028 16,813 14,868 61214,875 11,9564,600 1971—Dec. 31. 111,674 4,581 64,830 17,046 5,187 398 492 468 1,21320,509 18,675 842 17,297 17,176 7,790 1972—June 30. 120,510 5,037 71,319 18,743 5,686 348 535 521 1,249 22,711 20,640 886 16,550 18,8208,782 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-30. 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
APRIL 1973 □ COMMERCIAL BANKS A 23 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n R v e t k h e . s s r C c a e o n n u i d c r n y b m a a w B d n e n i a o c s k t t l e h s i s c 7 ju p m D a s o d a t d s e e e n i d t d s » m D e I s o n t t i e c r 7 b e a F ig n o n k r ® G U o .S vt . . g S l a o o t n c a v a d t t e l . c C c h o a f e e i e f n e r r f c d d i s t k i ’ s, IPC I b n a t n er k G P S U a o o a n . s v v S d ta t . . l1 g l S a o o t n c a v a d t t e l . IPC 3 r B in o o w g r s c C o a t a u a c p n l i t s etc. ings 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 240i 111 866i 34,3831 65I 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 13,221 181,443i 18,360 1 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 52930,384 242,055! 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•259,506i 33,21450,117 A11 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 1,24823,740 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 18,02439,450 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 52930,303241,003 25,62846,731 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 49133,027258,33232,82849,623 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 3110.. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,39532,047 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 44523,890 185,55325,04637,279 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 38725,668 197,86131,75239,358 New York City:11 1941—Dec. 31___ 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1969—Dec. 31 io.. 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 45 207 14,6924,405 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 24,2947,314 7,650 City of Chicago:11 1941—Dec. 31___ 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31___ 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31___ 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1969—Dec. 3110.. 869 123 150 5,221 1,581 96 175 268 229 6,273 15 1 216 4,409 1,290 1,517 1971—Dec. 31... 956 133 202 5,335 1,592 101 363 333 240 6,323 168 1 809 6,749 1,935 1,682 1972—June 30... 1,142 94 199 5,224 1,239 92 261 295 217 6,091 139 2 1,047 7,5292,639 1,857 Other large banks:11 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 50,4399,881 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 66,36214,79913,197 1972—June 30... 11,516 1,574 3,845 45,929 9,026 618 3,527 3,923 2,586 55,192 1,008 18010,809 70,05417,59214,020 All other member:11 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. 3110.. 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 16710,505 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 18211,480 95,983 -4,208 15,831 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1969—Dec. 31 io 1,644 8,383 38,644 1,112 222 940 4,284 1 416 33,420 126 25 3,269 41 135 965 7.931 1971—Dec. 31 1,763 10,655 45,462 1,293 299 1,742 4,710 1,543 39,737 359 85 6,494 56,502 866 9.932 1972—June 30 1,706 9,942 45,901 1,159 313 1,453 4,510 1,793 40,328 397 104 7,442 61,645 1,462 :10,759 7 Beginning with 1942, excludes reciprocal bank balances. parallel the previous “reserve city” and “country” categories, respectively 8 Through 1960 demand deposits other than interbank and U.S. (hence the series are continuous over time). Govt., less cash items in process of collection; beginning with 1961, demand deposits other than domestic commercial interbank and U.S. Note.—Data are for all commercial banks in the United States; member Govt., less cash items in process of collection. banks in U.S. possessions were included through 1968 and then excluded. 9 For reclassification of certain deposits in 1961, see note 6, p. 589, For the period June 1941—June 1962 member banks include mutual May 1964 Bulletin. savings banks as follows: three before Jan. 1960, two through Dec. 1960, 10 Beginning June 30,1969, reflects (1) inclusion of consolidated reports and one through June 1962. Those banks are not included in all insured or (including figures for all bank-premises subsidiaries and other significant total banks. majority-owned domestic subsidiaries) and (2) reporting of figures for A small noninsured member bank engaged exclusively in trust business total loans and for individual categories of securities on a gross basis—that is treated as a noninsured bank and not as a member bank for the period is, before deduction of valuation reserves. See also notes 1 and 6. June 30, 1969—June 30, 1970. 11 Beginning Nov. 9,1972, designation of banks as reserve city banks for Comparability of figures for classes of banks is affected somewhat by reserve-requirement purposes has been based on size of bank (net demand changes in F.R. membership, deposit insurance status, and the reserve deposits of more than $400 million), as described in the Bulletin for classifications of cities and individual banks, and by mergers, etc. July 1972, p. 626. Categories shown here as “large” and “all other” For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 24 WEEKLY REPORTING BANKS □ APRIL 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 cul cial Treas Other indus tural Pers. banks ury se trial U.S. U.S. and se curi Treas Other Treas Other sales curi ties ury secs. ury secs. finan. Other ties secs. secs. COS., etc. Large banks— Total 1972 Mar. 8............... 283,777 9,919 8,932 734 172 81 191,742 82,484 2,364 900 5,802 175 2.537 6,094 8,007 15............... 288,182 11,531 10,445 725 272 89 194,387 83,309 2,372 1,118 6,270 186 2,550 6,531 8,173 22............... 287,254 11,475 10,350 670 228 227 193,952 83,261 2,393 869 6,183 174 2.538 6,343 8,203 29............... 288,161 11,892 10,988 490 240 174 194,777 83,627 2,396 683 6,152 169 2,516 6,399 8,307 1973 Feb. 7............... 324,773 13,169 11,412 1,366 214 177 228,830 93,320 3,007 1,455 7,340 277 2.906 7,049 12,770 1 4 327,745 14,143 13,086 598 245 214 231,598 94,681 3,021 942 7,262 248 2.906 7,391 12,976 21............... 328,161 14,417 13,116 662 285 354 232,911 95,252 3,015 1,070 7,190 248 2,947 7,450 13,095 28............... 328,586 13,302 12,139 719 240 204 234,416 96,250 3,017 898 7,338 272 2,949 7,554 13,384 Mar. 7*............. 333,110 15,117 13,177 1,180 528 232 237,107 97,531 3,046 1,083 7,220 265 2,935 7,780 13,448 14*............. 332,122 12,848 11,495 933 322 98 238,627 98,547 3,056 641 7,254 239 2,937 7,863 13,776 21*............. 333,801 12,983 10,681 1,412 796 94 240,053 99,768 3,058 880 6,942 243 2.926 7,714 14,052 28*............. 333,714 12,563 11,438 837 171 117 240,511 99,986 3,066 712 6,774 242 2.927 7,941 14,267 New York City 1972 Mar. 8............... 59,406 615 567 19 44,856 25,076 736 3,846 616 1,809 1,941 1 5 61,465 1,396 1,339 32 46,320 25,458 930 4,094 628 2,176 2,007 22............... 60,959 1,456 1,326 130 45,578 25,337 709 4,005 629 2,012 1,979 29............... 60,867 1,173 995 55 119 46,002 25,460 570 4,152 621 2,075 2,045 1973 Feb. 7............... 68,740 1,419 1,360 29 53,701 27,077 1,324 4,501 676 2,022 3,726 1 4 69,150 1,528 1,452 25 54,147 27,491 813 4,432 664 2,178 3,826 21............... 69,244 1,521 1,398 27 54,558 27,565 905 4,337 684 2,216 3,912 28............... 70,171 1,935 1,885 31 55,149 27,787 776 4,434 673 2,271 4,004 Mar. 7*............. 70,302 1,164 1,090 43 56,098 28,183 950 4,395 658 2,359 4,041 14*............. 70,230 1,029 905 103 56,428 28,556 498 4,555 658 2,371 4,196 21*............. 71,266 1,535 1,459 50 56,508 28,850 714 4,235 649 2,196 4,236 28*............. 70,687 1,509 1,433 60 56,378 28,688 589 4,124 649 2,397 4,363 Outside New York City 1972 Mar. 8............... 224,371 9,304 8,365 705 172 146,886 57,408 2,337 164 1,956 127 1.921 4,285 6,066 1 5 226,717 10,135 9,106 700 272 148,067 57,851 2,345 188 2,176 135 1.922 4,355 6,166 22............... 226,295 10,019 9,024 670 228 148,374 57,924 2,365 160 2,178 125 1,909 4,331 6,224 29............... 227,294 10,719 9,993 435 236 148,775 58,167 2,368 113 2,000 121 1,895 4,324 6,262 1973 Feb. 7............... 256,033 11,750 10,052 1,337 214 147 175,129 66,243 2,950 131 2,839 224 2,230 5,027 9,044 14............... 258,595 12,615 11,634 573 245 163 177,451 67,190 2,965 129 2,830 205 2,242 5,213 9,150 21............... 258,917 12,896 11,718 635 285 258 178,353 67,687 165 2,853 214 2,263 5,234 9,183 28............... 258,415 11,367 10,254 688 240 185 179,267 68,463 122 2,904 239 2.276 5,283 9,380 Mar. 7*............. 262,808 13,953 12,087 1,137 528 201 181,009 69,348 2,991 133 2,825 222 2.277 5,421 9,407 14*............. 261,892 11,819 10,590 830 322 77 182,199 69,991 2,999 143 2,699 197 2,279 5,492 9,580 21*............. 262,535 11,448 9,222 1,362 796 68 183,545 70,918 3,002 166 2,707 200 2.277 5,518 9,816 28*............. 263,027 11,054 10,005 777 171 101 184,133 71,298 3,010 123 2,650 197 2.278 5,544 9,904 For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ WEEKLY REPORTING BANKS A 25 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing- Wednesday Con Real sumer For All Certif estate instal eign other Total Bills icates Do For ment govts. 2 Within 1 to After mes eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1972 39,507 972 2,505 24,162 889 15,344 28,862 5,188 4,824 15,375 3,475 ............................Mar. 8 39,658 1,027 2,567 24,182 908 15,536 28,431 4,858 4,836 15,232 3,505 ......................................15 39,771 1,065 2,546 24,190 912 15,504 27,989 4,582 4,824 15,209 3,374 ......................................22 39,901 1,136 2,683 24,306 943 15,559 27,749 4,483 4,801 15,190 3,275 ......................................29 1973 46,559 2,806 3,440 28,299 1,203 18,399 27,633 5,336 4,789 14,987 2,521 ............................Feb. 7 46,733 3,113 4,192 28,352 1,223 18,558 27,002 4,814 4,783 14,924 2,481 .......................................14 46,889 3,015 4,358 28,404 1,235 18,743 25,813 4,449 3,485 15,231 2,648 ......................................21 46,955 2,848 4,403 28,508 1,222 18,818 25,663 4,597 3,621 15,047 2,398 ......................................28 47,052 3,208 4,928 28,484 1,238 18,889 25,348 4,454 3,622 15,071 2,201 ............................Mar. 7* 47,230 3,350 5,067 28,548 1,235 18,884 25,180 4,431 3,607 14,968 2,174 ......................................14* 47,380 3,379 5,260 28,581 1,253 18,617 25,267 4,608 3,778 14,768 2,113 ......................................21* 47,500 3,358 5,138 28,709 1,252 18,639 25,368 4,894 3,816 14,608 2,050 ......................................28* New York City 1972 4,195 307 1,101 1,918 548 2,688 5,850 1,806 1,039 2,615 390 ............................Mar. 8 4,196 299 1,163 1,916 560 2,815 5,679 1,646 1,057 2,545 431 ..................................15 4,213 312 1,124 1,911 563 2,707 5,521 1,582 1,029 2,559 351 ......................................22 4,229 341 1,201 1,913 571 2,748 5,376 1,543 1,031 2,493 309 ......................................29 1973 5,115 811 1,632 2,149 742 3,816 4,545 1,112 943 2,330 160 ...........................Feb. 7 5,141 892 1,924 2,148 730 3,809 4,477 1,023 918 2,370 166 ......................................14 5,156 935 2,006 2,149 725 3,878 4,248 922 468 2,325 533 ......................................21 5,191 1,053 2,047 2,153 740 3,932 4,182 1,010 574 2,210 388 ......................................28 5,221 1,195 2,211 2,150 738 3,899 4,032 959 508 2,280 285 ............................Mar. 7* 5,169 1,311 2,268 2,155 739 3,853 4,078 1,125 479 2,214 260 ......................................14* 5,217 1,282 2,398 2,159 739 3,734 4,237 1,275 525 2,242 195 ......................................21* 5,239 1,299 2,287 2,164 741 3,737 4,204 1,410 560 2,087 147 ......................................28* Outside New York City 1972 35,312 665 1,404 22,244 341 12,656 23,012 3,382 3,785 12,760 3,085 ............................Mar. 8 35,462 728 1,404 22,266 348 12,721 22,752 3,212 3,779 12,687 3,074 ......................................15 35,558 753 1,422 22,279 349 12,797 22,468 3,000 3,795 12,650 3,023 ......................................22 35,672 795 1,482 22,393 372 12,811 22,373 2,940 3,770 12,697 2,966 ......................................29 1973 41,444 1,995 1,808 26,150 461 14,583 23,088 4,224 3,846 12,657 2,361 ...........................Feb. 7 41,592 2,221 2,268 26,204 493 14,749 22,525 3,791 3,865 12,554 2,315 ......................................14 41,733 2,080 2,352 26,255 510 14,865 21,565 3,527 3,017 12,906 2,115 ......................................21 41,764 1,795 2,356 26,355 482 14,886 21,481 3,587 3,047 12,837 2,010 ......................................28 41,831 2,013 2,717 26,334 500 14,990 21,316 3,495 3,114 12,791 1,916 ...........................Mar. 7* 42,061 2,039 2,799 26,393 496 15,031 21,102 3,306 3,128 12,754 1,914 ......................................14* 42 163 2,097 2,862 26,422 514 14,883 21,030 3,333 3,253 12 526 1 918 ......................................21* 42,261 2,059 2,851 26,545 511 14,902 21,164 3,484 3,256 12,521 1,903 ......................................28* For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 26 WEEKLY REPORTING BANKS □ APRIL 1973 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest Obligations Other bonds, items Re Bal ments Total of State corp. stock, in serves Cur ances in sub assets/ Wednesday and and process with rency with sidiar Other total political securities of F.R. and do ies not assets liabil Total subdivisions collec Banks coin mestic consol ities tion banks idated Tax Certif. war All of All rants 3 other partici others pation4 Large banks— Total 1972 Mar. 8........................... 53,254 8,648 36,927 1,552 6,127 31,469 19,727 3,377 9,351 919 16,225 364,845 15........................... 53,833 9,031 37,051 1,549 6,202 33,101 19,781 3,475 9,521 920 16,724 371,704 22............................. 53,838 9,251 36,902 1,521 6,164 28,400 20,044 3,612 8,597 920 16,493 365,320 29........................... 53,743 9,144 36,946 1,567 6,086 27,114 21,726 3,667 8,790 922 16,632 367,012 1973 Feb. 7............................. 55,141 8,711 37,706 1,772 6,952 26,613 17,356 3,678 9,499 1.145 17,952 401,016 1 4 55,002 8,643 37,602 1,766 6,991 30,274 20,862 3,994 9,101 1.145 18,354 411,475 21............................. 55,020 8,599 37,740 1,763 6,918 32,735 17,190 4,081 10,119 1,148 18,247 411,681 28............................. 55,205 8,578 37,819 1,748 7,060 31,885 21,057 3,924 10,555 1,158 18,641 415,806 Mar. 7*........................... 55,538 8,622 38,204 1,730 6,982 28,431 17,895 3,649 9,287 1.170 18,846 412,388 14*........................... 55,467 8,632 38,133 1,765 6,937 29,482 20,192 3,920 9,050 1,172 18,941 414,879 21*........................... 55,498 8,516 38,303 1,744 6,935 26,882 19,178 3,926 8,571 1.170 18,516 412,044 28*........................... 55,272 8,348 38,328 1,738 6,858 26,855 20,321 4,036 9,280 1,193 18,975 414,374 New York City 1972 Mar. 8............................. 8,085 1,739 5,175 272 899 14,361 5,259 415 4,101 426 5,059 89,027 1 5 8,070 1,744 5,167 265 894 13,295 4,779 429 3,642 426 5,332 89,368 22............................. 8,404 2,047 5,231 250 876 10,949 4,550 426 3,475 425 5,217 86,001 29............................. 8,316 1,985 5,230 261 840 10,527 6,111 435 3,662 426 5,289 87,317 1973 Feb. 7............................. 9,075 2,530 5,038 517 990 9,059 4,324 459 4,001 586 5,498 92,667 1 4 8,998 2,476 5,020 522 980 10,975 5,598 495 3,527 586 5,593 95,924 21............................. 8,917 2,349 5,066 529 973 10,782 4,879 476 3,899 588 5,827 95,695 28............................. 8,905 2,224 5,120 508 1,053 11,924 5,383 455 4,239 596 6,056 98,824 Mar. 7*........................... 9,008 2,166 5,331 510 1,001 9,367 4,966 451 3,858 609 6,030 95,583 14*........................... 8,695 2,052 5,136 525 982 10,341 4,955 483 3,670 611 6,073 96,363 21*........................... 8,986 2,060 5,446 510 970 8,810 4,334 466 3,213 609 5,972 94,670 28*........................... 8,596 1,927 5,248 510 911 9,824 4,958 478 3,869 611 6,165 96,592 Outside New York City 1972 Mar. 8............................. 45,169 6,909 31,752 1,280 5,228 17,108 14,468 2,962 5,250 493 11,166 275,818 1 5 45,763 7,287 31,884 1,284 5,308 19,806 15,002 3,046 5,879 494 11,392 282,336 22............................. 45,434 7,204 31,671 1,271 5,288 17,451 15,494 3,186 5,122 495 11,276 279,319 29............................. 45,427 7,159 31,716 1,306 5,246 16,587 15,615 3,232 5,128 496 11,343 279,695 1973 Feb. 7............................. 46,066 6,181 32,668 1,255 5,962 17,554 13,032 3,219 5,498 559 12,454 308,349 14............................. 46,004 6,167 32,582 1,244 6,011 19,299 15,264 3,499 5,574 559 12,761 315,551 21............................. 46,103 6,250 32,674 1,234 5,945 21,953 12,311 3,605 6,220 560 12,420 315,986 28............................. 46,300 6,354 32,699 1,240 6,007 19,961 15,674 3,469 6,316 562 12,585 316,982 Mar. 7*........................... 46,530 6.456 32,873 1,220 5,981 19,064 12,929 3,198 5,429 561 12,816 316,805 14*........................... 46,772 6,580 32,997 1,240 5,955 19,141 15,237 3,437 5,380 561 12,868 318,516 21*........................... 46,512 6.456 32,857 1,234 5,965 18,072 14,844 3,460 5,358 561 12,544 317,374 28*.......................... 46,676 6,421 33,080 1,228 5,947 17,031 15,363 3,558 5,411 582 12,810 317,782 For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 o WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings Domestic interbank Foreign IPC States States Wednesday and ■ Certi and Do polit fied polit mes For Total IPC ical U.S. and Total6 ical tic eign sub Govt. Com Mutual Com offi sub inter govts. 2 divi mer sav Govts., mer cers* Sav Other divi bank sions cial ings etc. 2 cial checks ings sions banks Large banks— Total 1972 144,988 99,463 6,209 3,899 24,357 665 654 2,504 7,237 144,740 56,879 62,261 17,644 2,291 5,194 152,257 105,652 6,205 6,127 22,597 669 778 2,618 7,611 143,659 57,104 61,209 17,482 2,253 5,151 ..........................15 144,487 100,849 6,593 6,296 20,953 625 667 2,555 5,949 144,026 57,382 61,527 17,291 2,251 5,151 ..........................22 143,920100,608 6,575 5,599 20,190 653 822 2,627 6,846 144,863 57,616 61,916 17,488 2,270 5,133 ..........................29 1973 148,485105,669 6,919 4,700 20,168 781 889 2,999 6,360 164,388 58,175 75,143 20,785 2,909 6,745 154,547 108,612 6,851 9,388 18,355 749 758 3,163 6,671 165,250 58,088 75,966 20,731 2,918 6,890 ...................... 14 156,859 110,309 6,708 7,064 21,426 772 991 3,077 6,512 166,422 58,110 76,877 20,948 2,920 6,913 ..........................21 157,135 109,337 6,968 7,230 22,531 656 895 3,160 6,358 168,212 58,091 78,195 21,386 2,963 6,916 ..........................28 150,278 106,553 6,420 6,287 20,240 698 864 3,084 6,132 170,276 58,213 79,895 21,436 2,990 7,075 150,969 109,812 5,880 4,991 19,733 674 909 2,711 6,259 172,379 58,299 81,633 21,735 2,954 7,109 147,836 105,659 6,393 6,961 18,777 679 799 3,061 5,507 173,107 58,426 81,708 21,825 3,175 7,324 149,397 105,775 6,588 7,258 19,058 653 858 3,123 6,084 174,299 58,582 82,567 21,837 3,336 7,306 New York City 1972 42,637 21,969 398 925 12,676 329 491 1,722 4,127 24,219 5,649 12,714 1,713 1,191 2,851 44,041 23,890 347 1,815 10,786 346 628 1,844 4,385 23,559 5,685 12,079 1,696 1,168 2,830 .........................15 40,232 22,416 511 1,780 9,831 313 515 1,795 3,071 23,892 5,723 12,344 1,717 1,162 2,846 40,212 22,302 478 1,326 9,354 347 659 1,851 3,895 24,537 5,753 12,756 1,936 1,163 2,827 1973 39,685 23,117 464 917 8,736 420 739 2,151 3,141 29,043 5,543 16,088 2,336 1,596 3,390 40,300 23,799 398 1,888 7,460 399 615 2,200 3,541 29,274 5,531 16,280 2,232 1,600 3,529 .........................14 42,204 24,422 436 1,351 9,216 403 848 2,202 3,326 29,742 5,533 16,764 2,190 1,605 3,546 .........................21 43,650 24,381 372 1,428 11,031 341 748 2,339 3,010 30,616 5,515 17,451 2,423 1,616 3,509 .........................28 39,378 23,000 463 1,203 8,619 360 726 2,139 2,868 30,957 5,497 18,000 2,190 1,622 3,541 40,104 24,059 338 888 8,814 341 774 1,873 3,017 31,654 5,499 18,637 2,249 1,620 3,543 38,291 22,461 468 1,725 8,143 356 656 2,160 2,322 31,551 5,482 18,344 2,298 1,727 3,609 40,227 22,941 516 1,726 8,849 346 709 2,245 2,895 31,850 5,494 18,581 2,213 1,869 3,597 .........................28* Outside New York City 1972 102,351 77,494 5,811 2,974 11,681 336 163 782 3,110 120,521 51,230 49,547 15,931 1,100 2,343 108,216 81,762 5,858 4,312 11,811 323 150 774 3,226 120,100 51,419 49,130 15,786 1,085 2,321 ..........................15 104,255 78,433 6,082 4,516 11,122 312 152 760 2,878 120,134 51,659 49,183 15,574 1,089 2,305 103,708 78,306 6,097 4,273 10,836 306 163 776 2,951 120,326 51,863 49,160 15,552 1,107 2,306 1973 108,800 82,552 6,455 3,783 11,432 361 150 848 3,219 135,345 52,632 59,055 18,449 1,313 3,355 ...............Feb. 7 114,247 84,813 6,453 7,500 10,895 350 143 963 3,130 135,976 52,557 59,686 18,499 1,318 3,361 ..........................14 114,655 85,887 6,272 5,713 12,210 369 143 875 3,186 136,680 52,577 60,113 18,758 1,315 3,367 113,485 84,956 6,596 5,802 11,500 315 147 821 3,348 137,596 52,576 60,744 18,963 1,347 3,407 110,900 83,553 5,957 5,084 11,621 338 138 945 3,264 139,319 52,716 61,895 19,246 1,368 3,534 110,865 85,753 5,542 4,103 10,919 333 135 838 3,242 140,725 52,800 62,996 19,486 1,334 3,566 ..........................14* 109,545 83,198 5,925 5,236 10,634 323 143 901 3,185 141,556 52,944 63,364 19,527 1,448 3,715 109,170 82,834 6,072 5,532 10,209 307 149 878 3,189 142,449 53,088 63,986 19,624 1,467 3,709 .. ......................28* For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS □ APRIL 1973 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Lar:ge negoti iable Fed Total time CD’: s Gross eral Other Total loans incl uded in 1 time liabili Wednesday funds liabili capital Total and De and savings de*>osits i1 ties of pur F.R. ties, Secur ac loans invest mand banks chased, Banks Others etc.» Loans ities counts (gross) ments deposits to etc. 7 ad (gross) ad Issued Issued their justed9 ad justed i o Total to to foreign justed 9 IPC’s others bran ches Large banks— Total 1972 Mar. 8........................ 25,710 695 1,319 15,557 4,139 77 27,620 191,757 273,873 85,263 33,989 20,678 13,311 1,164 15........................ 26,609 15 1,365 16,041 4,135 77 27,546 194,446 276,710 90,432 32,810 19,651 13,159 1,263 22........................ 26,699 721 1,415 16,199 4,134 77 27,562 194,012 275,839 88,838 32,996 19,896 13,100 1,346 29........................ 28,232 991 1,119 16,012 4,148 71 27,656 194,545 276,037 91,017 33,456 20,132 13,324 1,532 1973 Feb. 7........................ 35,111 752 2,772 15,222 4,373 70 29,843 227,781 310,555 97,004 47,113 29,692 17,421 1,391 1 4 37,632 2,532 2,452 14,869 4,372 70 29,751 229,542 311,546 96,530 47,963 30,549 17,414 694 21........................ 36,123 183 2,459 15,424 4,373 69 29,769 231,197 312,030 95,634 48,985 31,373 17,612 1,157 28........................ 36,538 1,247 2,326 15,928 4,397 63 29,960 232,731 313,599 95,489 50,506 32,321 18,185 784 Mar. 7*...................... 37,772 884 2,217 16,495 4,397 63 30,006 235,839 316,725 95,320 52,052 33,827 18,225 1,465 14*...................... 36,816 1,588 2,383 16,335 4,400 63 29,946 236,630 317,277 96,763 53,864 35,468 18,396 1,419 21*...................... 34,674 2,639 2,418 17,006 4,409 63 29,892 238,976 319,741 95,216 54,244 35,467 18,777 1,290 28*...................... 35,739 1,598 2,334 16,611 4,391 117 29,888 238,278 318,918 96,226 55,137 36,242 18,895 1,121 New York City 1972 Mar. 8........................ 6,811 662 382 6,071 1,210 7,035 44,597 58,532 14,675 11,575 7,460 4,115 884 1 5 6,929 463 6,137 1,209 7,030 46,078 59,827 18,145 10,965 6,901 4,064 946 22........................ 6,364 640 474 6,185 1,210 7,004 45,396 59,321 17,672 11,252 7,161 4,091 968 29........................ 7,103 655 184 6,414 1,218 6,994 45,839 59,531 19,005 11,812 7,506 4,306 1,191 1973 Feb. 7........................ 8,294 1,162 5,638 1,251 7,594 52,949 66,569 20,973 16,394 10,813 5,581 1,095 1 4 10,143 1,309 1,005 5,053 1 ,251 7,589 53,331 66,806 19,977 16,603 11,064 5,539 503 21........................ 8,383 950 5,585 1,256 7,575 53,746 66,911 20,855 16,980 11,541 5,439 834 28........................ 8,446 ” 269 972 5,955 1,265 7,651 54,146 67,233 19,267 17,798 12,050 5,748 559 Mar. 7*...................... 9,002 148 845 6,372 1 ,264 7,617 54,977 68,017 20,189 18,195 12,663 5,532 915 14*...................... 7,820 490 1,003 6,429 1 ,264 7,599 55,241 68,014 20,061 18,880 13,301 5,579 828 21*...................... 7,271 1,080 976 6,651 1 ,272 7,578 55,302 68,525 19,613 18,716 12,997 5,719 996 28*...................... 8,359 906 6,433 1,251 7,566 55,155 67,955 19,828 19,045 13,210 5,835 728 Outside New York City 1972 Mar. 8........................ 18,899 33 937 9,486 2,929 77 20,585 147,160 215,341 70,588 22,414 13,218 9,196 280 1 5 19,680 15 902 9,904 2,926 77 20,516 148,368 216,883 72,287 21,845 12,750 9,095 317 22........................ 20,335 81 941 10,014 2,924 77 20,558 148,616 216,518 71,166 21,744 12,735 9,009 378 29........................ 21,129 336 935 9,598 2,930 71 20,662 148,706 216,506 72,012 21,644 12,626 9,018 341 1973 Feb. 7........................ 26,817 752 1,610 9,584 3,122 70 22,249 174,832 243,986 76,031 30,719 18,879 11,840 296 14........................ 27,489 1,223 1,447 9,816 3,121 70 22,162 176,211 244,740 76,553 31,360 19,485 11,875 191 21........................ 27,740 183 1,509 9,839 3,117 69 22,194 177,451 245,119 74,779 32,005 19,832 12,173 323 28........................ 28,092 978 1,354 9,973 3,132 63 22,309 178,585 246,366 76,222 32,708 20,271 12,437 225 Mar. 7*...................... 28,770 736 1,372 10,123 3,133 63 22,389 180,862 248,708 75,131 33,857 21,164 12,693 550 14*...................... 28,996 1,098 1,380 9,906 3,136 63 22,347 181,389 249,263 76,702 34,984 22,167 12,817 591 21*...................... 27,403 1,559 1,442 10,355 3,137 63 22,314 183,674 251,216 75,603 35,528 22,470 13,058 294 28*...................... 27,380 1,598 1,428 10,178 3,140 117 22,322 183,123 250,963 76,398 36,092 23,032 13,060 393 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
APRIL 1973 o BUSINESS LOANS OF BANKS A 29 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1973 1973 1973 1972 1972 Mar. Mar. Mar. Mar. Feb. 2nd 1st 28 21 14 7 28 Mar. Feb. Jan. I IV III half half Durable goods manufacturing: Primary metals................................. 2,143 2,133 2,121 2,118 2,119 24 67 34 125 20 -99 -79 88 Machinery......................................... 5,423 5,439 5,263 5,138 5,033 390 321 109 820 496 -101 395 -172 Transportation equipment.............. 2,094 2,141 2,140 2,138 2,170 — 76 — 35 111 — 173 -85 —258 -310 Other fabricated metal products... 1,992 1,994 1,931 1,878 1,834 158 68 7 233 -24 81 57 -14 Other durable goods........................ 3,447 3,417 3,358 3,283 3,195 252 304 -13 543 -13 82 69 340 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 3,637 3,726 3,573 3,551 3,489 148 130 -88 190 640 187 827 -273 Textiles, apparel, and leather.......... 3,137 3,124 3,029 2,987 2,943 194 263 -14 443 -351 185 -166 567 Petroleum refining........................... 1,201 1,195 1,122 1,078 1,078 123 -14 115 224 10 -24 -14 -183 Chemicals and rubber..................... 2,604 2,583 2,417 2,344 2,322 282 190 275 747 -9 -253 -262 -135 Other nondurable goods................. 1,898 1,882 1,869 1,826 1,814 84 75 45 204 -65 95 30 -158 Mining, including crude petroleum and natural gas........................... 3,956 3,967 3,853 3,816 3,839 117 -26 236 327 -33 58 25 -203 Trade: Commodity dealers................. 1,845 1,967 2,007 1,997 2,035 -190 100 141 51 481 141 622 -504 Other wholesale....................... 5,043 5,024 4,997 4,978 4,916 127 266 -4 389 61 155 216 5 Retail........................................ 5,625 5,539 5,548 5,494 5,290 335 378 -88 625 166 307 473 405 Transportation..................................... 5,571 5,623 5,621 5,626 5,625 -54 66 -31 -19 235 -277 -42 -14 Communication................................... 2,060 2,047 2,035 2,088 2,111 -51 132 120 201 147 277 424 121 Other public utilities........................... 3,894 3,990 3,989 3,973 3,908 -14 257 65 308 531 408 939 -79 Construction........................................ 4,957 4,944 4,956 4,888 4,855 102 93 98 293 38 326 364 483 Services................................................. 9,687 9,616 9,592 9,479 9,333 354 263 -62 555 558 -64 494 764 All other domestic loans..................... 6,809 6,765 6,609 6,550 6,477 332 498 144 974 168 71 239 -58 Bankers’ acceptances........................... 1,350 1,310 1,303 1,289 1,255 95 -15 -281 -201 302 -202 100 -843 Foreign commercial and industrial loans.............................................. 4,453 4,403 4,387 4,294 4,012 441 74 58 573 414 77 491 164 Total classified loans........................... 82,826 82,829 81,720 80,813 79,653 3,173 3,455 977 7,605 3,599 1,345 4,944 -9 Total commercial and industrial loans* loans of large commercial banks.*99,986*99,768 98,547 97,531 96,250 3,736 3,936 1,211 8,883 4,472 1,677 6,149 1,184 See Note to table below. "TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1973 1972 1973 1972 1972 Industry Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. July 2nd 28 28 31 27 29 25 27 30 26 I IV III II half Durable goods manufactur- Primary metals................... 1,335 1,305 1,331 1,268 1,278 1,282 1,303 1,314 1,355 67 -35 -67 27 -102 Machinery.......................... 2,313 2,300 2,264 2,154 2,034 1,907 1,905 1,963 1,931 159 249 -49 -113 200 Transportation equipment. 1,174 1,218 1,247 1,205 1,256 1,201 1,307 1,265 1,243 -31 -102 -52 -133 -154 Other fabricated metal products.......................... 785 765 749 720 707 680 679 713 710 65 41 4 -11 45 Other durable goods.......... 1,520 1,462 1,346 1,239 1,196 1,193 1,188 1,147 1,130 281 51 6 37 57 Nondurable goods manufac turing : Food, liquor, and tobacco. 1,350 1,322 1,300 1,234 1,191 1,182 1,079 1 ,079 1,029 116 155 153 19 308 Textiles, apparel, and leather............................. 892 840 766 723 699 731 711 677 690 169 12 57 15 69 Petroleum refining............. 842 778 781 698 681 658 679 653 685 144 19 -15 -63 4 Chemicals and rubber....... 1,479 1,438 1,357 1,153 1,143 1,190 1,159 1,178 1,190 326 -6 -65 10 -71 Other nondurable goods.. 1,100 1,062 1,004 894 913 939 918 879 856 206 -24 46 -106 22 Mining, including crude pe troleum and natural gas. 2,872 2,821 2,895 2,685 2,726 2,748 2,679 2,724 2,723 187 6 12 -205 18 Trade: Commodity dealers.. 150 125 125 121 121 123 107 107 110 29 14 -2 -17 12 Other wholesale........ 1,055 1,004 979 894 880 876 864 845 886 161 26 -23 -26 7 Retail......................... 1,823 1,733 1,663 1,592 1,588 1,497 1,444 1,376 1,346 231 152 150 -40 298 Transportation....................... 4,234 4,281 4,252 4,180 4,070 4,078 4,086 4,188 4,234 54 94 -219 -69 -125 Communication..................... 746 771 748 682 549 537 561 510 511 64 121 64 63 185 Other public utilities.............. 2,234 2,244 2,060 1,975 1,825 1,759 1,688 1,623 1,455 259 287 282 269 569 Construction.......................... 1,709 1,626 1,622 1,558 1,528 1,520 1,550 1,456 1,397 151 8 142 -13 150 Services................................... 4,339 4,173 4,106 4,026 3,999 3,951 3,862 3,826 3,760 313 164 143 45 307 All other domestic loans .... 1,871 1,779 1,698 1,597 1,532 1,459 1,554 1,471 1,532 970 43 131 -260 174 Foreign commercial and in dustrial loans.................. 2,567 2,327 2,356 2,366 2,264 2,177 2,143 2,069 2,033 -495 223 105 94 328 Total loans............................. *36,390*35,373 34,649 32,964 32,180 31,688 31,466 31,063 30,806 3,426 1,498 803 -477 2,301 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 30 DEMAND DEPOSIT OWNERSHIP a APRIL 1973 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type 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 U er IPC All commercial banks: 17.1 85.3 49.0 1.6 9.6 162.5 17.0 88.0 51.4 1.4 10.0 167.9 17.3 92.7 53.6 1.3 10.3 175.1 1971—Mar................................................................................. 18.3 86.3 54.4 1.4 10.5 170.9 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 12.2 206.8 Weekly reporting banks: 1971—Dec.................................................................................. 14.4 58.6 24.6 1.2 5.9 104.8 1972—Feb................................................................................. 13.7 55.4 24.4 1.1 5.9 100.5 Mar................................................................................. 14.0 55.9 25.0 1.2 6.0 102.1 Apr.................................................................................. 14.3 56.9 27.0 1.2 5.9 105.4 May................................................................................ 13.7 56.2 25.4 1.2 5.7 102.1 June................................................................................ 14.1 57.3 25.7 1.3 6.0 104.3 July................................................................................. 14.3 58.5 26.1 1.3 6.0 106.3 Aug................................................................................. 13.6 57.4 26.0 1.3 5.7 104.0 Sept................................................................................. 13.7 59.0 26.2 1.3 6.2 106.4 Oct.................................................................................. 14.1 60.0 26.2 1.3 6.1 107.8 Nov................................................................................. 14.5 60.5 26.7 1.3 6.2 109.2 Dec................................................................................. 14.7 64.4 27.2 1.4 6.6 114.3 1973—Jan.................................................................................. 15.0 63.1 27.8 1.4 6.8 114.1 Feb.*.............................................................................. 14.3 60.3 26.3 1.6 6.5 109.0 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 Note.—Daily-average balances maintained during month as estimated Bulletin, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, Dec. 31, June 30, Class of Dec. 31, Dec. 31, Dec. 31, June 30, bank 1969 1970 1971 1972 bank 1969 1970 1971 1972 All commercial......................... 1,131 804 680 595 All member—Cont. Insured................................... 1,129 803 677 592 Other reserve city............... 304 143 112 73 National member.................. 688 433 387 340 571 437 371 346 State member......................... 188 147 95 79 All nonmember...................... 255 224 197 177 All member............................... 876 580 482 419 253 223 195 173 Noninsured......................... 2 1 2 3 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-18, A-19, and A-24-A-28 (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-17. These changes for commercial banks as shown on pp. A-20 and A-21 and on pp. A-22 and A-23 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ LOAN SALES BY BANKS; OPEN MARKET PAPER A 31 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1972—Dec. 6.......... 2,567 1,670 897 1,774 309 1,465 13.......... 2,563 1,639 924 1,787 309 1,478 20r,, . 2,652 1,725 927 1,787 309 1,478 21r , . 2,598 1,674 924 1,782 306 1,476 1973—Jan. 3r . 2,736 1,774 962 1,858 365 1,493 10'........ 2,750 1,818 932 1,790 307 1,483 17 r 2,690 1,803 887 1,775 296 1,479 24 r 2,690 1,774 916 1,819 299 1,520 31 r 2,608 1,733 875 1,824 298 1,526 Feb. 7r........ 2,640 1,710 930 1,841 308 1,533 14r....... 2,695 1,753 942 1,839 308 1,531 21r .... 2,946 2,050 896 1,841 304 1,537 28 *• 3,116 2,072 1,044 1,848 296 1,552 Mar. 7 , . . . 3,013 1,985 1,028 1,879 310 1,569 14 3,136 1,958 1,178 1,869 288 1,581 21 .... 3,000 1,882 1,118 1,863 290 1,573 28.......... 3,152 1,988 1,164 1,871 294 1,577 Note.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS* ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by— Based on— Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Total Im Ex Others ports ports All Bank Bank For into from other related Other1 related Other2 Total Own Bills Own eign United United bills bought acct. corr. States States 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 197 0 31,765 409 12,262 1,940 17,154 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 197 1 31,103 495 10,923 1,478 18,207 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 1972—Mar. 32,681 545 12,233 1,627 18,276 7,985 3,083 2,246 837 143 263 4,496 2.597 1,774 3,613 Apr. 32,814 532 12,394 1,644 18,244 7.734 2,840 2,009 830 83 265 4,547 2.597 1,707 3,431 May 33,055 517 12,043 1,482 19,013 7,443 2,874 2,117 757 143 261 4,165 2,683 1,596 3,164 June 33,482 542 12,325 1,429 19,186 7,069 2,817 2,082 735 73 251 3,927 2,657 1,569 2,843 July. 33,891 604 12,319 1,652 19,316 6,643 2,430 1,873 557 63 263 3,887 2,492 1,606 2,545 Aug. 32,998 705 12,239 1,716 18,338 6,639 2,298 1,829 469 96 287 3,958 2,532 1,631 2,476 Sept. 32,645 775 12,313 1,593 17,964 6,602 2,403 1,833 569 62 261 3,876 2,538 1,646 2,418 Oct.. 34,073 821 12,737 1.708 18,807 6,748 2,394 1,881 514 70 219 4,065 2,585 1,786 2,377 Nov. 34,067 876 12,345 1.709 19,137 6,864 2,529 1,995 535 63 199 4,073 2,621 1,844 2,400 Dec. 34,721 930 11,242 1,707 20,842 6,898 2,706 2,006 700 106 179 3,907 2,531 1,909 2,458 1973—Jan.. 35,727 911 11,641 1,795 C21,380 6,564 2,384 1,825 560 141 198 3,841 2,337 1,948 2,279 Feb. 35,196 956 9,968 2,160 22,112 6.734 2,328 1,765 563 233 239 3,934 2,311 2,113 2,310 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 32 INTEREST RATES □ APRIL 1973 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Rate Effective date Rate 1956—Apr. 13........... 3% 1970—Mar. 25 1972—Feb. 28, 43/8-41/2- 1972—Oct. 2 51/4--534 Aug. 21........... 4 Sept. 21 7% 4%- 4 5V4-534- Nov. 12 7% Mar. 13, 41/4-434. 11 534- 1957—Aug. 6........... 4 % 23 7 23, 434- 16 534--5% Dec. 22 6% 27. 434-^7/8-5 1958—Jan. 22........... 4 Nov. 6 534- Apr. 21........... 3 % 1971—Jan. 6 6% Apr. 3. 434--5 20. 534--57/8 Sept. 11........... 4 15 6% 5. 5- 18 6 17. 5--5% Dec. 26. 534.-6 1959—May 18........... 4% Feb. 16 5% 27 534-6. Sept. 1........... 5 Mar. 11 5%-5% May 1. 5.-5i/8-5i4 19 5% 30. 5- 1973—Jan. 4 1960—Aug. 23........... 4% Apr. 23, 5%-5% June 12. 5--51/8 Feb. 2 6.-6% 1965—Dec. 6........... 5 May 11 5% 26. 5-514" 14. 6. July 6, 5%-6 26. 6.-6% 1966—Mar. 10............ 5% 7, 6 July 3. 514--53/* 27. 6%- June 29........... 5V4 Oct. 20, 5% 10. 51/4--53/8- Aug. 16........... 6 5 i/i Mar. 19 614--634 Nov. 1, 5%--5s/g 17. 5%«-5% 26 61/2- 1967—Jan. 26-27.... 5*4-5% 4, 5%«-5% 31. 5%--5%- Mar. 27........... 5% 8, 5%- 51/4 Nov. 20........... 6 22, 5%-5%« Aug. 11. 5%«-5% 29, 5%-5Vi- 14, 5i4« 1968—Apr. 19........... 6% 21, 514--53/8 Sept. 25........... 6-6% Dec. 6, 5%-53/8- 25. 514.-53/8- Nov. 13........... 6% 5%« 5i/4 Dec. 2........... 6% 27, 5%-5%- 29, 514-53/8- 18........... 6% 31 5%« 51/4" 1969—Jan. 7........... 7 1972—Jan. 3 5-5i/8-5i4- Sept. 4, 5i4-5i/4- Mar. 17........... m 17, 434-5-51/4- 5, 5i/4- June 9........... 8% 24 45/8_43/4_5- 11 5%--5% 31 4%-4%--5 25, 51/2--55/8- 5% Note.—Beginning Nov. 1971, several banks adopted a floating prime rate keyed to money market variables. - denotes prime rate charged by the majority of commercial banks. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Center Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. 1973 1972 1973 1972 1973 1972 1973 1972 1973 1972 1973 1972 Short-term 35 centers..................................... 6.52 6.33 7.63 7.52 7.29 7.10 6.83 6.60 6.52 6.24 6.30 6.14 New York City........................ 6.22 6.09 7.39 7.34 7.08 6.79 6.59 6.27 6.33 6.01 6.13 6.05 7 Other Northeast.................... 6.89 6.61 8.00 7.78 7.53 7.35 7.04 6.78 6.93 6.41 6.65 6.39 8 North Central....................... 6.45 6.27 7.26 7.22 7.16 6.96 6.83 6.57 6.35 6.17 6.27 6.11 7 Southeast............................... 6.76 6.56 7.73 7.64 7.33 7.15 6.89 6.74 6.65 6.38 6.41 6.21 8 Southwest.............................. 6.63 6.36 7.48 7.38 7.16 6.97 6.72 6.52 6.53 6.27 6.38 6.04 4 West Coast............................ 6.56 6.41 7.88 7.79 7.42 7.31 6.82 6.71 6.38 6.30 6.32 6.24 Revolving credit 35 centers................ 6.40 6.11 7.24 6.87 c7.03 6.81 6.58 6.47 6.41 6.27 6.40 6.05 New York City.., 6.53 6.01 7.07 7.51 6.87 6.35 6.56 6.27 6.40 6.19 6.53 5.99 7 Other Northeast 6.38 6.22 7.51 6.26 7.09 6.92 6.69 6.23 6.47 6.09 6.32 6.21 8 North Central.. 6.25 6.12 8.50 8.14 7.14 6.86 6.54 6.42 6.29 6.35 6.18 6.03 7 Southeast.......... 7.24 6.20 6.00 5.97 5.95 6.55 6.41 7.93 5.84 7.67 5.75 8 Southwest......... 6.83 6.50 7.65 6.98 7.17 6.76 6.74 6.75 6.86 6.55 6.82 6.36 4 West Coast.... 6.37 6.14 7.25 7.14 7.13 6.90 6.57 6.42 6.36 6.29 6.32 6.08 Long-term 15 centers..................................... 7.11 6.67 7.50 7.43 7.49 7.15 7.31 6.82 7.13 6.76 7.06 6.61 New York City........................ 6.90 6.26 6.64 7.14 c7.00 7.03 7.09 6.08 6.47 5.78 6.91 6.29 7 Other Northeast................... 7.08 6.74 7.28 7.37 7.66 7.10 7.49 6.70 6.89 6.66 6.94 6.73 8 North Central....................... 7.04 7.35 7.34 6.94 7.60 7.09 7.24 7.29 7.02 7.90 6.98 7.30 7 Southeast............................... 8.29 7.79 7.38 9.67 7.05 7.15 8.67 7.51 7.76 7.88 8.71 8.25 8 Southwest.............................. 7.88 6.72 8.20 6.81 7.97 7.14 7.37 7.20 6.62 6.17 8.45 6.76 4 West Coast............................ 7.17 6.38 7.73 7.42 7.22 7.44 6.98 6.67 8.24 6.77 7.06 6.27 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
APRIL 1973 □ INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 Prime Finance commercial CO. Prime Fed paper1 paper bankers’ eral 3-month bills5 6-month bills5 9-to 12-month issues 5 Period placed accept funds 3- to 5directly, ances, rate3 year 90-119 4- to 6- 3- to 6- 90 days 1 Rate Market Rate Market 1-year issues7 days months months2 on new yield on new yield bill (mar Other 6 issue issue ket yield) 1966. 5.55 5.42 5.36 5.11 4.881 4.86 5.082 5.06 5.07 5.17 5.16 1967. 5.10 4.89 4.75 4.22 4.321 4.29 4.630 4.61 4.71 4.84 5.07 1968. 5.90 5.69 5.75 5.66 5.339 5.34 5.470 5.47 5.46 5.62 5.59 1969. 7.83 7.16 7.61 8.22 6.677 6.67 6.853 6.86 6.79 7.06 6.85 1970. 7.72 7.23 7.31 7.17 6.458 6.39 6.562 6.51 6.49 6.90 7.37 1971. 5.11 4.91 4.85 4.66 4.348 4.33 4.511 4.52 4.67 4.75 5.77 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—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 Feb.. 6.17 6.22 5.97 6.14 6.58 5.558 5.60 5.749 5.83 5.93 6.07 6.61 Mar.. 6.76 6.85 6.45 6.82 7.09 6.054 6.09 6.430 6.51 6.53 6.81 6.85 Week ending— 1972—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 10., 6.13 6.20 5.95 6.13 6.21 5.665 5.56 5.849 5.76 5.86 5.97 6.55 17., 6.13 6.22 6.00 6.13 6.58 5.424 5.43 5.624 5.60 5.74 5.92 6.53 24., 6.22 6.25 6.00 6.13 6.79 5.455 5.58 5.653 5.84 5.95 6.16 6.67 Mar. 3. 6.28 6.30 6.05 6.30 6.75 5.811 5.81 6.045 6.11 6.18 6.39 6.76 10., 6.50 6.53 6.23 6.65 7.02 5.879 5.85 6.272 6.29 6.35 6.56 6.84 17. 6.75 6.85 6.38 6.83 7.13 5.997 6.05 6.440 6.56 6.56 6.84 6.90 24. 6.95 7.08 6.60 7.00 6.96 6.334 6.31 6.759 6.70 6.69 7.02 6.91 31., 7.00 7.13 6.75 7.00 7.11 6.251 6.29 6.632 6.67 6.66 6.99 6.79 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 34 INTEREST RATES □ APRIL 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 St n a i t t e e s d N is e su w e - By r s a e ti l n ec g ted gr B o y up (long Aaa term) Total i 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 5.71 196 8 5.25 4.48 4.20 4.88 6.50 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.64 196 9 6.10 5.73 5.45 6.07 7.71 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.08 197 0 6.59 6.42 6.12 6.75 8.68 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.51 197 1 5.74 5.62 5.22 5.89 7.62 7.94 7.39 8.56 7.57 8.38 8.13 6.75 3.14 5.40 197 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—Ma r 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 Feb.............. 6.14 5.17 4.95 5.44 7.40 7.57 7.22 7.97 7.34 7.92 7.61 6.91 2.80 Mar............. 6.20 5.30 5.07 5.58 7.49 7.62 7.29 8.03 7.43 7.94 7.64 7.03 2.83 Week ending— 1973—Feb. 3... 6.13 5.21 5.00 5.45 7.36 7.54 7.20 7.95 7.33 7.87 7.55 6.87 2.74 10. . . 6.16 5.25 5.05 5.50 7.46 7.56 7.22 7.97 7.34 7.91 7.62 6.82 2.80 17. . . 6.10 5.10 4.85 5.40 7.34 7.57 7.23 7.97 7.35 7.92 7.61 6.96 2.77 24. . . 6.15 5.13 4.90 5.40 7.57 7.22 7.97 7.35 7.92 7.60 6.93 2.78 Mar. 3... 6.16 5.23 5.00 5.45 7.57 7.25 7.97 7.35 7.92 7.60 6.92 2.86 10. . . 6.18 5.29 5.05 5.55 7.59 7.27 7.99 7.38 7.94 7.63 6.97 2.79 17. . . 6.22 5.34 5.10 5.65 7.52 7.61 7.29 8.01 7.41 7.95 7.64 7.04 2.78 24. . . 6.24 5.35 5.10 5.65 7.45 7.63 7.31 8.05 7.46 7.96 7.64 7.06 2.89 31 . . . 6.18 5.30 5.10 5.60 7.65 7.31 8.08 7.48 7.94 7.66 7.06 2.87 Number of issues2 10 20 5 5 121 20 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep only, based on Thurs. figures; from Moody’s Investors Service. (3) Cor arately. Because of a limited number of suitable issues, the number porate: New-issue Aaa utility rates are weekly averages compiled by the of corporate bonds in some groups has varied somewhat. As of Dec. Board of Governors of the Federal Reserve System. Rates for seasoned 23, 1967, there is no longer an Aaa-rated railroad bond series. issues are averages of daily figures from Moody’s Investors 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; eamings/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; from Treasury Dept. (2) State and local govt.: General obligations Notes to tables on opposite page: Security Prices: Terms on Mortgages: i Begins June 30, 1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude Note.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market Note.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5 l/i hours per day, or 27l/i hours per week. homebuilders; and permanent loans that are coupled with construction In recent years shorter days and/or weeks have cut total weekly trading loans to owner-builders. Series beginning 1965, not strictly comparable to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22- with earlier data. See also the table on Home-Mortgage Yields, p. A-53. 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
APRIL 1973 □ SECURITY MARKETS A 35 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 Ex change ( G t l e U o o r . n m v S g t . ) . l S a o t n c a d a te l p A C o A r o a r A t e Total In tr d ia u l 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 o r n t n a s Utility na F n i c e in to d t e a x l i NYSE AMEX 1963. 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 1,269 1964. 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 1,570 1965. 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 1967. 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968. 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969. 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1970. 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 1971. 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 1972—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—Jan... 65.89 86.9 66.0 118.42 132.55 42.87 60.01 64.38 70.55 45.14 41.72 81.62 25.35 18.752 4,046 Feb.. 64.09 86.1 65.5 114.16 128.50 40.80 57.52 61.52 67.67 42.34 39.95 74.47 25.34 16.753 3,690 Mar.. 63.59 84.1 65.2 112.42 126.05 39.29 55.94 60.15 66.20 40.92 39.13 72.32 24.59 15,564 2,966 Week ending— 1973—Mar. 3. 63.91 85.3 65.3 111.62 125.01 39.04 56.50 59.94 65.89 40.53 39.21 72.49 24.75 17,175 3,968 10. 63.78 84.4 65.5 113.85 127.70 39.31 56.58 61.04 67.28 41.26 39.28 73.62 24.82 15,982 2,938 17. 63.44 83.9 65.3 114.20 128.14 39.43 56.43 61.13 67.37 41.09 39.48 73.60 24.80 14,211 2,699 24. 63.27 83.7 65.0 110.47 123.80 38.81 55.31 59.03 64.87 40.24 38.86 70.71 24.38 15,482 3,058 31. 63.76 84.5 65.0 111.45 124.96 39.78 55.29 59.49 65.41 41.40 38.88 71.33 24.35 15,621 2,786 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 c n e t r t ) c F c h e ( e a p e n r e s t g ) r e & 1 s M (y a e t a u r r s i ) ty L c r p ( a o e p r t i n a e c i 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 m L o o l o u o la a s u r . n n s o ) t f C c t ( r r e p a o a n e t c n e t r t ) c F c h e ( e a p e n r e s g t r ) e & 1 s M (y a e t a u r r s i ) ty L c p r ( a o e p r t i n a e c i t n o r e ) / (t d h c o o p P h l r u u l a i a s c r s . r e e s o ) f (t d h a L m o o l u o l o a s a u . r n n s o ) t f 1965.......................... 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966.......................... 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967.......................... 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968.......................... 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969.......................... 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1970.......................... 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 1971.......................... 7.60 .87 26.2 74.3 36.3 26.5 7.54 .77 24.2 73.9 31.7 23.1 1972......................... 7.45 .88 27.2 76.8 37.3 28.1 7.38 .81 25.7 76.0 33.4 25.0 1972—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.............. 7.50 .90 27.5 77.4 37.1 28.1 7.44 .83 26.2 76.7 33.7 25.3 7.51 .92 27.5 78.0 37.9 29.0 7.45 .86 26.4 76.8 34.0 25.7 1973—Jan.r............ 7.52 .92 27.5 78.5 37.8 29.0 7.46 .83 26.1 77.0 33.9 25.6 Feb............... 7.53 .96 28.0 79.0 38.9 29.9 7.47 .82 26.4 77.4 33.5 25.4 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 36 STOCK MARKET CREDIT □ APRIL 1973 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated 2 Unregu lated 3 Other Free credit balances security at brokers 5 End of period By source By type credit at banks 4 Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. 1972—Feb................ 7,427 6,477 950 6,180 877 256 56 41 17 1,170 1,327 434 2,108 Mar............... 7,847 6,896 951 6,620 883 240 53 36 15 1,158 1,294 442 2,070 Apr............... 8,250 7,283 967 7,010 898 240 57 33 12 1,150 1,278 433 2,030 May.............. 8,472 7,478 994 7,200 924 241 58 37 12 1,141 1,296 403 1,930 June.............. 8,747 7,792 955 7,510 889 244 51 38 15 1,644 1,274 386 1,845 July............... 8,924 7,945 979 7,660 910 248 53 37 16 1,772 1,285 403 1,842 Aug............... 9,092 8,060 1,032 7,780 961 246 54 34 17 1,800 1,298 384 1,733 Sept............... 9,091 8,083 1,008 7,800 937 248 54 35 17 1,871 1,255 380 1,677 Oct................ 9,024 8,081 943 7,800 872 250 53 31 18 1,875 1,351 389 1,708 Nov.............. 9,068 8,166 902 7,890 831 249 52 27 19 1,871 1,396 390 1,828 Dec............... 9,045 8,180 865 7,900 798 254 50 26 17 1,896 1,528 414 1 ,957 1973—Jan................ 8,840 7,975 865 7,700 796 249 48 26 21 1,940 1,484 413 1,883 Feb............... 8,628 7,753 875 7,480 807 248 48 25 20 1,978 1,508 431 1,770 1 Margin credit includes all credit extended to purchase or carry stocks 3 Nonmargin stocks are those not listed on a national securities exchange or related equity instruments and secured at least in part by stock (see and not included on the Board of Governors of the Federal Reserve Dec. 1970 Bulletin). Credit extended by brokers is end-of-month data System’s list of OTC margin stocks. At banks, loans to purchase or carry for member firms of the NYSE. June data for banks are universe totals; nonmargin stocks are unregulated; at brokers, such stocks have no loan all other data for banks represent estimates for all commercial banks value. based on reports by a reporting sample, which accounted for 60 per cent 4 Includes loans to purchase or carry margin stock if these are unsecured of security credit outstanding at banks on June 30, 1971. or secured entirely by unrestricted collateral (see Dec. 1970 Bulletin). 2 In addition to assigning a current loan value to margin stock generally, 5 Free credit balances are in accounts with no unfulfilled commitments Regulations T and U permit special loan values for convertible bonds and to the brokers and are subject to withdrawal by customers on demand. stock acquired through exercise of subscription rights. EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, except as noted) (Per cent of total, except as noted) Total Equity class (per cent) Equity class of accounts debt Net in debit status Total E pe n r d i o o d f l ( d i m o o o n i f l l s 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 40 der End of period s c t r a e t d u i s t 60 o r p e m r o c r e e nt 6 L 0 e p ss e r t h c a e n n t o ( b f m a d i l o l a l l n i l o a c n r e s s ] lars) l 35.1 57.0 7.9 5,910 1972—Feb.. 6,180 8.4 12.4 25.9 35.1 8.5 9.7 35.8 56.0 8.1 5,990 Mar.. 6,620 7.6 11.2 22.3 38.5 10.6 9.7 35.5 56.5 8.0 5,920 Apr.. 7,010 7.1 10.2 19.5 40.0 12.8 10.5 34.7 57.1 8.0 5,860 May. 7,200 6.9 9.9 19.3 38.6 15.0 10.4 34.3 56.3 9.4 5,770 June. 7,510 6.0 9.1 15.9 33.9 22.0 13.2 34.4 55.2 11.4 5,930 July.. 7,660 5.5 8.3 14.6 30.8 24.9 15.7 33.4 55.2 11.4 5,990 Aug.. 7,780 5.9 8.6 15.0 33.6 22.4 14.6 33.7 53.8 12.5 6,000 Sept.. 7,800 5.5 8.0 13.8 31.4 24.9 16.4 33.3 53.4 13.3 5,950 Oct... 7,800 5.5 8.1 13.6 30.8 25.0 17.0 33.6 54.5 11.8 6,140 Nov.. 7,890 6.0 9.4 16.6 35.1 20.5 12.4 34.4 52.9 12.7 6,100 Dec.. 7,900 6.5 8.6 17.6 31.9 20.3 15.0 1973—Jan........................ 35.1 51.7 13.1 5,850 1973—Jan.. 7,700 5.8 8.2 16.8 27.8 21.2 20.0 Feb......................... 35.8 49.8 14.4 5,770 Feb.. 7,480 5.3 7.8 14.7 23.9 22.5 25.6 Note.—Special miscellaneous accounts contain credit balances that 1 See note 1 to table above. may be used by customers as the margin deposit required for additional purchases. Balances may arise as transfers based on loan values of other Note.—Each customer’s equity in his collateral (market value of col collateral in the customer’s margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col sales proceeds) occur. lateral values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ SAVINGS INSTITUTIONS A 37 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments 3 End of period M ga o g r e t Other G U o .S vt . . S l a o t n c a d a te l C r a o a n r t d p e o • Cash O as t s h e e ts r li T a a t b o i n e i t d s l a i l D i e t p s o 2 s l O ia ti t b e h i s e li r G r c e o e s a n u e c e n r v r t a s e l classi ( f i i n e d m b o y n t m hs a ) turity govt. other1 general reserve accts. 3 or 3-6 6-9 Over Total less 9 1963................. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2,549 1964................. 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 2,820 1965................. 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 1966................. 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 1967................. 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 799 2,523 1968................. 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1,166 3,011 1969................. 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5,530 584 485 452 946 2,467 1970................. 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 688 1,931 1971................. 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 1,310 3,447 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 1,442 3,572 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 1,414 3,983 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 1,429 4,327 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 1,437 4,646 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 1,591 4,760 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 1,603 4,679 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 1,629 4,721 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 1,647 4,593 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 1,637 4,675 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 1,660 4,662 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 1,658 4,666 Dec.r.. 67,563 2,979 3,510 873 21,906 1,644 2,117 100,593 91,613 2,024 6,956 1,593 713 609 1,624 4,539 1973—Jan.... 68,021 3,624 3,489 935 22,190 1,319 2,055 101,632 92,398 2,221 7,014 1,569 915 688 1,541 4,712 1 Also includes securities of foreign governments and international 4 Balance sheet data beginning Jan. 1972 are reported on a gross of organizations and nonguaranteed issues of U.S. Govt, agencies. valuation reserves basis. The data differ somewhat from balance sheet 2 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits data previously reported by NAMSB which were net of valuation reserves. accumulated for payment of personal loans” were excluded from “Time For most items, however, the differences are relatively small. deposits” and deducted from “Loans” at all commercial banks. These changes resulted from a change in Federal Reserve regulations. See table Note.—National Assn. of Mutual Savings Banks data; figures are (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-30. estimates for all savings banks in the United States and differ somewhat 3 Commitments outstanding of banks in New York State as reported to from those shown elsewhere in the Bulletin; the latter are for call dates the Savings Banks Assn. of the State of New York. Data include building and are based on reports filed with U.S. Govt, and State bank supervisory loans beginning with Aug. 1967. agencies. LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort Real Policy Other assets Total United State and Foreign * Total Bonds Stocks gages estate loans assets States local Statement value: 1963. 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964, 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965. 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966., 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967. 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 1968. 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 1966., 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 1967. 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 1968 , 188,636 10,760 4,456 3,206 3,098 79,653 68,731 10,922 70,044 5,575 11,305 11,299 1969. 197,208 10,914 4,514 3,221 3,179 84,566 70,859 13,707 72,027 5,912 13,825 9,964 1970. 207,254 11,068 4,574 3,306 3,188 88,518 73,098 15,420 74,375 6,320 16,064 10,909 1971 r 222,102 11,000 4,455 3,363 3,182 99,805 79,198 20,607 75,496 6,904 17,065 11,832 1972- 223,312 11,325 4,594 3,535 3,196 101,350 80,087 21,263 75,517 7,097 17,074 10,949 Feb.................................. 224,736 11,341 4,609 3,535 3,197 102,821 80,795 22,026 75,456 6,999 17,132 10,987 Mar................................. 226,024 11,517 4,744 3,532 3.241 103,798 81,099 22,699 75,424 7,048 17,212 11,025 Apr.......................1____ 227,893 11,083 4,476 3,373 3,234 105,249 82,293 22,956 75,469 7,034 17,360 11,698 May................................ 229,336 11,128 4,516 3,366 3,246 106,434 83,060 23,374 75,493 7,094 17,441 11,746 June................................ 230,182 11,105 4,394 3,355 3,356 107,074 83,382 23,692 75,547 7,149 17,528 11,779 July................................. 231,586 11,075 4,372 3,356 3,347 108,236 84,539 23,697 75,626 7,185 17,605 11,859 Aug................................. 233,337 11,086 4,389 3,351 3,346 109,728 85,187 24,541 75,723 7,235 17,689 11,876 Sept................................. 234,455 11,125 4,385 3,350 3,390 110,300 85,912 24,388 75,813 7,245 17,773 12,199 235,972 11,132 4,396 3,347 3,389 111,616 86,874 24,742 75,952 7,229 17,854 12,189 Nov................................. 237,971 11,193 4,459 3,356 3,378 113,066 87,425 25,641 76,207 7,272 17,922 12,311 Dec.................................. 239,407 11,080 4,333 3,522 3,406 112,980 86,605 26,375 77,319 7,310 17,998 12,720 * 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 38 SAVINGS INSTITUTIONS □ APRIL 1973 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments4 Total assets— End of period M ga o ge rt s I s n i m e t v i c e e e u s n s r t i t Cash Other2 lia T b o il t i a ti l e s S c a a v p i i n ta g l s R a d p n e i r v s d o e i f d r u i v e t n s e d s m ro B o w n o e e r y d 3 p L ro o i c n a e n s s s Other d p M u er r a i i d o n e d g O e p u in n e t g s d ri t o a a o n d t f d 196 1 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,872 196 2 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,193 196 3 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,572 196 4 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,549 196 5 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,707 196 6 114,427 7,762 3.366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 1,482 196 7 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 3,004 196 8 130,802 1 11,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 3,584 1969 5____ 140,232 10,873 2,438 8,606 162,149 135,538 11,228 9,728 2,455 3,200 807 2,812 1970 5......... 150,331 13,020 3,506 9,326 176,183 146,404 11,991 10,911 3,078 3,799 1,602 4,393 1971—Dec. 174,385 18,293 2,783 10,842 206,303 174,472 13,187 9,048 5,072 4,524 2,345 7,237 1972—Jan.. 175,838 19,691 2,785 10,926 209,240 177,738 13,250 8,053 4,874 5,325 2,508 7,510 Feb.. 177,614 20,682 2,829 11,144 212,269 180,556 13,248 7,275 4,853 6,337 3,354 8,659 Mar. 180,145 21,427 2,521 11,291 215,384 184,843 13,261 6,759 5,077 5,444 4,110 9,864 Apr. 182,711 21,449 2,551 11,440 218,151 186,617 13,262 6,847 5,283 6,142 4,047 10,837 May 185,431 22,070 2,456 11,691 221,648 188,826 13,257 6,802 5,608 7,155 4,545 11,793 June 188,884 21,644 2,414 11,865 224,807 192,564 13,583 7,273 5,887 5,500 4,198 11,663 July. 191,642 22,130 2.367 11,942 228,081 194,770 13,577 7,216 5,997 6,521 c4,205 11,878 Aug. 194,955 22,113 2,208 12,125 231,401 196,571 13,569 7,512 6,100 7,649 4,106 11,876 Sept. 197,881 22,018 2,084 12,277 234,260 199,966 13,586 8,080 6,119 6,509 3,767 11,908 Oct.. 200,554 22,390 2,258 12,457 237,659 202,012 13,587 8,327 6,086 7,647 3,731 11,959 Nov. 203,266 22,505 2,245 12,689 240,705 203,889 13,592 8,503 6,067 8,654 3,777 12,007 Dec. 206,387 *>21,821 *>2,670 12,693 243,571 207,305 p14,740 9,847 6,225 p5,454 3,169 11,333 1 U.S. Govt, securities only through 1967. Beginning 1968 the total ments are comparable with those shown for mutual savings banks (on reflects liquid assets and other investment securities. Included are U.S. preceding page) except that figures for loans in process are not included Govt, obligations, Federal agency securities, State and local govt, securi above but are included in the figures for mutual savings banks. ties, time deposits at banks, and miscellaneous securities, except FHLBB 5 Balance sheet data for all operating savings and loan associations stock. Compensating changes have been made in “Other assets.” were revised by the Federal Home Loan Bank Board for 1969 and 1970. 2 Includes other loans, stock in the Federal home loan banks, other investments, real estate owned and sold on contract, and office buildings Note.—Federal Home Loan Bank Board data; figures are estimates for and fixtures. See also note 1. all savings and loan assns. in the United States. Data are based on 3 Consists of advances from FHLBB and other borrowing. monthly reports of insured assns. and annual reports of noninsured assns. 4 Insured savings and loan assns. only. Data on outstanding commit Data for current and preceding year are preliminary even when revised. MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c m rs e s I m nv e e n s ts t p C a o d a n s e s i d t h s B n a o o n n te d d s s M po b d e s e e m i r ts C s a to p c it k al M l g o ( a A a o g n r ) e s t D n t a e u ( o L n b r t e e d ) e s s n c L a o ( t o o i t A v a o p ) e n e s s r D t e u (L b 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 (L b re e ) s n M l g o ( a A a o g n r ) e s t B ( o L n ) ds 1967. 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 1968. 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 5,399 1969. 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1970. 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 6,395 1971. 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,063 1972--Feb... 6,515 3,805 115 6,731 2,014 1,696 18,220 17,814 2,149 1,840 5,720 5,591 8,039 7,186 Mar.. 5,992 4,342 113 6,730 2,008 1,708 18,342 17,992 2,267 1,840 5,967 5,689 8,139 7,186 Apr... 5,913 4,233 81 6,729 1,762 1,717 18,403 18,131 2,260 1,833 6,105 5,879 8,238 7,382 May.. 5,853 4,067 108 6,528 1,789 1,718 18,598 17,959 2,181 1,852 6,229 6,018 8,343 7,382 June.. 6,075 3,850 118 6,527 1,746 1,721 18,628 18,560 2,145 1,786 6,378 6,118 8,430 7,382 July.. 6,138 3,579 118 6,526 1,497 1,722 18,740 18,194 2,137 1,731 6,330 6,174 8,517 7,659 Aug... 6,294 3,319 118 6,531 1,442 1,724 19,021 18,194 2,156 1,710 6,255 6,148 8,631 7,659 Sept... 6,736 2,184 106 6,531 1,444 1,729 19,295 18,939 2,233 1,710 6,201 6,063 8,749 7,798 Oct... 7,045 2,591 83 6,531 1,334 1,735 19,438 18,724 2,355 1,837 6,110 5,952 8,857 8,012 Nov.. 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 8,012 Dec... 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 8,012 1973-—Jan.. . 7,831 2,264 91 6,971 1,306 1,821 19,980 19,252 2,876 1,950 6,087 5,891 9,251 8,280 Feb... 7,944 2,421 106 7,220 1,323 1,891 20,181 19,402 2,936 2,188 6,179 5,969 9,387 8,280 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
APRIL 1973 o FEDERALLY SPONSORED CREDIT AGEN( A ISSUES OF FEDERALLY SPONSORED AGENCIES, FEBRUARY 28, Amount Cou Amount moui (millions Agency, and date of issue pon (millions Agency, and date of issue lillioi of dollars) and maturity rate of dollars) and maturity dollai Federal National Mortgage Banks for cooperatives Association—Cont. Debentures: 400 Debentures: 10/2/72 - 4/2/73......... 5.40 380 450 11/10/70 - 3/12/73... 7.30 450 11/1/72-5/1/73......... 5.45 336 600 12/12/69 - 3/12/73... 8.30 250 12/4/72- 6/4/73......... 5.30 360 300 6/12/61 - 6/12/73.... 4% 146 1/2/73 - 7/2/73........... 5.60 443 250 7/10/70 - 6/12/73.... 8.35 350 2/1/73 - 8/1/73........... 5.95 569 300 7/12/71 - 6/12/73......... 6.75 550 10/1/70 - 10/1/73.. . 7.30 100 300 3/10/70 - 9/10/73.... 8.10 300 700 6/10/71 -9/10/73......... 6.13 350 Federal intermediate 180 12/10/70 - 12/10/73. . 5.75 500 credit banks 400 8/10/71 - 12/10/73.... 7.15 500 Debentures: 225 12/11/72 - 12/10/73 .. 6.00 200 3/2/70 - 3/1/73......... 7.75 203 250 12/1/71 - 3/11/74. . .. 5.45 400 6/1/72- 3/1/73........... 4.80 489 265 4/10/70 - 3/11/74. ... 7.75 350 7/3/72 - 4/2/73......... 4.80 489 300 8/5/70 - 6/10/74........ 7.90 400 8/1/72- 5/1/73........... 5.05 563 350 11/10/71 -6/10/74.... 5.70 350 9/5/72 -6/4/73........... 5.00 508 400 9/10/69 - 9/10/74. 7.85 250 10/2/72- 7/2/73......... 5.60 373 300 2/10/71 - 9/10/74......... 5.65 300 9/1/70-7/2/73........... 5.55 200 200 5/10/71 - 12/10/74.... 6.10 250 11/1/72 - 8/1/73......... 5.65 540 300 9/10/71 - 12/10/74.... 6.45 450 12/4/72-9/4/73......... 5.45 491 350 11/10/70 - 3/10/75. . . 7.55 300 1/2/73 - 10/1/73......... 5.70 591 200 10/12/71 - 3/10/75... 6.35 600 2/1/73 - 11/1/73......... 6.00 544 200 4/12/71 -6/10/75......... 5.25 500 7/1/71 - 1/2/74........... 6.85 212 10/13/70 - 9/10/75. . . 7.50 350 1/4/71 - 7/1/74......... 5.95 224 3/10/72 - 12/10/75... 5.70 500 5/1/72 - 1/2/75........... 6.05 240 3/11/71 - 3/10/76......... 5.65 500 1/3/72-7/1/75........... 5.70 302 6/10/71 -6/10/76......... 6.70 250 2/10/72-6/10/76......... 5.85 450 Federal land banks 11/10/71 -9/10/76.... 6.13 300 Bonds: 200 6/12/72-9/10/76......... 5.85 500 2/20/63 - 2/20/73-78 4^ 148 350 7/12/71 - 12/10/76.... 7.45 300 4/20/72-4/23/73.... 5.20 433 140 12/11/72- 12/10/76... 6.25 500 1/20/70 - 7/20/73... 8.45 198 150 2/13/62 - 2/10/77.... 41/2 198 8/20/73 - 7/20/73.... 7.95 350 150 9/11/72 - 3/10/77......... 6.30 500 4/20/70 - 10/22/73. . 7.80 300 12/10/70 - 6/10/77. . . 6.38 250 10/23/72- 10/23/73.. 5.80 462 5/10/71 -6/10/77......... 6.50 150 7/20/72 - 1/21/74... 5.55 450 9/10/71 -9/12/77......... 6.88 300 2/20/72 - 2/20/74... ai/2 155 10/12/71 - 12/11/78.. 6.75 300 10/20/70 - 4/22/74. . 7.30 354 6/12/72-9/10/79......... 6.40 300 9/15/72-4/22/74.... 5.85 350 12/10/71 - 12/10/79. . 6.55 350 10/21/71 - 7/27/74. . 5.85 326 2/10/72 - 3/10/80......... 6.88 250 4/20/71 - 10/21/74... 5.30 300 1,231 2/16/73 - 7/31/80......... 5.19 1 2/20/70 - 1/20/75... 220 2/16/73 - 7/31/80........ 3.18 9 4/20/65 - 4/21/75... 200 250 1/16/73 - 10/30/80.. .. 5.47 5 2/15/72 -7/21/75.... 5.70 425 200 12/11/72 - 12/10/80... 6.60 300 7/20/71 - 10/20/75... 7.20 300 249 6/29/72- 1/29/81 ........ 6.15 156 4/20/72 - 1/20/76.... 6% 300 250 1/21/71 - 6/10/81.... 7.25 250 2/21/66 - 2/24/76... 5.00 123 9/10/71 -9/10/81......... 7.25 250 1/22/73 - 4/20/76... . 6% 373 6/28/72-5/1/82........... 5.84 58 7/20/66 - 7/20/76. . . 5% 150 2/10/71 - 6/10/82......... 6.65 250 10/27/71 - 10/20/77. 6.35 300 9/11/72-9/10/82......... 6.80 200 5/2/66 - 4/20/78.... 5^ 150 3/11/71 -6/10/83......... 6.75 200 7/20/72 - 7/20/78. .. 6.40 269 250 11/10/71 -9/12/83.... 6.75 250 2/20/67- 1/22/79.. .. 5.00 285 200 4/12/71 -6/11/84......... 6.25 200 9/15/72-4/23/79.... 6.85 235 12/10/71 - 12/10/84. . , 6.90 250 10/23/72- 10/23/79.. 6.80 400 3/10/72 - 3/10/92.... 7.00 200 1/22/73 - 1/21/80... . 6.70 300 6/12/72-6/10/92......... 7.05 200 2/23/71 -4/20/81.... 6.70 4/20/72-4/20/82___ 6.90 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 40 FEDERAL FINANCE □ APRIL 1973 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public 2 Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest- of Net lend out or Public Plus: ments b> y Govt, Equals: Trea financ Budget ex ing lays^ deficit debt Agency acccrnnts Less: Total sury ing, receipts pendi (-) securi securi Special borrow operat Other net4 tures ties ties notes3 ing ing S is p s e u c e ia s l Other balance Fiscal year: 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 2-1,295 596 1,616 269 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 -982 197 1 188,392 210,318 1,107 211,425 -23,033 27,211 -347 6,616 800 19,448 710 -979 3,586 197 2 208,649 231,876 -23,227 29,131 -1,269 6,813 1,607 19,442 1,362 1,108 6,255 Half year: 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-Dee. 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-Dee. 106,061 118,586 -12,525 22,037 876 6,388 -861 17,386 -956 386 -5,430 Month: 1972—Fe b r15,241 18,764 -3,523 1,169 r567 1,450 '297 >•-11 -4,018 r—184 r—667 Mar......... 15,237 20,000 327 20,327 -5,090 3,312 -103 -683 97 3,795 591 -16 1,869 Apr.......... 24,534 19,113 -515 18,598 5,935 -2,039 -44 -1,770 1,746 -2,059 4,047 1,338 1,508 May......... 17,275 19,723 237 19,960 -2,685 2,607 272 3,527 -29 -618 -2,030 -1,617 -346 June......... 25,589 23,202 2,387 -651 -370 2,975 -628 -3,368 417 2,080 3,478 July......... 15,207 18,591 -3,384 5,123 9 1,409 -6 3,730 -1,129 -1,810 -3,284 Aug.......... 18,213 20,581 -2,369 3,056 534 2,639 16 934 -4,012 222 -2,355 Sept......... 22,183 18,471 3,712 -1,493 22 -1,339 -508 376 4,783 -92 604 Oct........... 14,738 20,055 -5,317 6,000 24 3,085 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 1973—Ja.............n 21,130 23,631 -2,501 770 18 -900 168 1,519 302 99 1,383 Feb.......... 18,067 20,227 -2,160 4,770 -9 780 119 3,863 408 -212 -1,507 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n nts 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 i t i c es s A ec g u e r n it c ie y s S i p s G I s e n u c o v e i v a s e t l s , t m ac e c n o t O u s n t o h ts f e r S n L p o e e te c ss s ia : 3 l E p T h q u b o e b u y l t l d a a i l l c s: s c p p o G r o N r i n o p v o s v s a w o . t t — . r e - e 6 d Fiscal year: 1969........................ 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,991 1970......................... 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 1971......................... 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 36,886 1972......................... 2,344 7,934 5 139 10,117 427,260 10,894 89,539 24,023 825 323,770 41,044 Calendar year: 1971......................... 2,020 9,173 113 11,306 424,131 11,044 85,544 22,922 825 325,884 39,860 1972......................... 1,856 8,907 310 11,073 449,298 11,770 95,924 23,164 825 341,155 42,640 Month: 1972—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 42,496 Dec.............. 1,856 8,907 310 11,073 449,298 11,770 95,924 23,164 825 341,155 42,640 1973—Jan............... 2,749 8,317 310 11,376 450,068 11,787 95,024 23,332 825 342,674 43,057 Feb.............. 2,073 9,401 310 11,784 454,838 11,779 95,804 23,451 825 346,537 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 deposi crease the outstanding amounts of Federal securities held by the public taries” (deposits in certain commercial depositaries that have been con mainly 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
APRIL 1973 □ FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes Corporation Social insurance taxes income taxes and contributions Period Total W he i l t d 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 c E o P r m t n o a a y l t x p l r i e l b o s u y a t m S i n e o e d l n f n - s t 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 E a g s n i t f a d t te c M e r i i e p s t c s . 3 taxes empl. Fiscal year: 1969........................................ 187,78470,18227,258 10,191 87,249 38,338 1,66032,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,908 1970........................................ 193,74377,41626,236 13,24090,41235,037 2,208 37,190 1,942 3,465 2,70045,298 15,705 2,430 3,644 3,424 1971........................................ 188,39276,49024,262 14,52286,23030,320 3,53539,751 1,948 3,673 3,20648,578 16,614 2,591 3,735 3,858 1972........................................ 208,649 83,20025,679 14,14394,73734,926 2,76044,088 2,032 4,357 3,437 53,914 15,477 3,287 5,436 3,633 Half year: 1971—Jan.-June................. 100,80839,025 18,693 13,95743,761 17,576 2,06921,983 1,815 2,325 1,63027,753 8,462 1,274 2,198 1,853 July-Dee................... 93,18038,449 5,589 57443,465 13,262 1,448 19,643 155 1,518 1,673 22,989 8,961 1,838 2,395 1,718 1972—Jan.-June................. 115,46944,751 20,090 13,56951,27221,664 1,31224,445 1,877 4,736 1,76430,925 6,516 1,449 3,041 1,915 July-Dee................... 106,061 46,058 5,784 68851,154 15,315 1,45922,493 165 2,437 1,77326,867 8,244 1,551 2,333 2,056 Month: 1972—Feb............................. *•15,241 *■7,576 682 1,416 *•6,841 878 212 4,774 147 545 274 5,740 819 224 596 *■353 Mar........................... 15,237 7,782 1,323 5,200 3,905 4,995 273 3,787 167 71 325 4,350 1,130 264 602 263 Apr............................ 24,534 6,599 8,650 3,284 11,985 5,145 250 3,877 1,153 343 283 5,655 1,091 215 372 342 17,275 8,141 1,413 2,997 6,557 967 234 5,281 223 1,636 303 7,443 1,371 235 461 475 June........................... 25,589 8,020 3,704 670 11,054 8,452 185 3,682 64 92 285 4,122 1,363 252 388 144 July............................ 15,207 7,052 548 245 7,355 1,258 187 3,727 260 289 4,277 1,442 237 334 492 Aug............................. 18,213 8,175 362 157 8,380 855 190 5,367 1,175 307 6,849 1,351 278 423 266 Sept............................ 22,183 7,305 3,794 95 11,005 5,289 324 3,529 145 63 302 4,038 1,327 237 316 295 Oct.............................. 14,738 7,187 469 61 7,595 1,287 323 3,225 15 210 311 3,759 1,387 281 409 343 Nov............................ 16,748 8,425 257 69 8,613 853 294 4,044 637 287 4,969 1,452 284 487 383 Dec............................. 18,972 7,915 353 61 8,206 5,772 140 2,601 5 92 277 2,975 1,286 234 364 276 1973—Jan............................. 21,130 8,254 4,671 2712,897 1,539 158 3,833 139 174 340 4,486 1,437 289 396 244 Feb............................. 18,067 8,404 768 1,104 8,067 865 193 5,900 167 684 278 7,029 1,186 255 568 289 Budget outlays 4 Com. Gen Na Nat Com mun. Educa eral Intra- Period tional Intl. Space Agri ural merce deve tion Health Vet Inter Gen reve govt. Total de affairs re cul re and lop. and and erans est eral nue trans fense search ture sources transp. and man wel govt. shar ac hous 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 1974«................... 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-Dee. 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-Dee. 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: 1972—Fe b 18,764 *•6,328 r306 276 r299 237 619 254 r907 6,938 864 '1,715 r402 -384 Mar.......... 20,327 7,158 361 310 16 265 876 342 932 7,111 1.045 1,801 401 -293 Apr.......... 18,598 6,738 265 238 -196 255 793 9 728 6,936 929 1,792 419 -308 May......... 19,960 7,107 268 207 126 265 713 490 1,033 6,914 973 1,784 389 -371 June......... 23,202 9,087 487 292 120 520 1,350 505 1,429 8,703 911 1,709 497 -2,402 July.......... 18,591 5,139 313 289 2,397 -821 827 529 764 6,214 884 1,695 612 -252 Aug.......... 20,581 5,873 300 289 1,127 554 1,333 658 905 6,779 858 1,723 610 -409 Sept.......... 18,471 5,397 198 273 102 321 1,173 408 852 6,970 832 1,899 322 -276 Oct........... 20,055 6,305 259 271 806 -16 1,056 244 800 7,688 896 1 ,559 463 -276 Nov.......... 21,165 6,501 350 272 329 353 982 384 851 7,851 1,279 1,919 448 -353 Dec.......... 19,721 6,135 221 284 -146 -40 829 414 960 7,710 989 1,809 415 7 2,617 -2,474 1973—Ja..............n 23,630 6,633 82 271 994 -1,053 1,546 483 8,130 1,157 1,777 586 2,514 -297 Feb........... 20,227 6,265 280 241 431 230 567 368 904 7,907 1.046 2,002 374 9 -397 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 Treas ury 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. 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A 42 U.S. GOVERNMENT SECURITIES □ APRIL 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 i S ss p u e e c s i a 5 l debt 1 Total Total Bills C c e a r t t e if s i Notes Bonds 2 b v i o b e n l r e d t s Total 3 Foreign b S o in a n g v d s s & notes 1941 _Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 2.4 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 1.5 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 3.1 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 4.3 52.3 59.1 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 3.8 52.2 71.0 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 5.7 52.5 78.1 1971—Dec.. 424.1 336.7 262.0 97.5 114.0 50.6 2.3 72.3 16.8 54.9 85.7 1972—Mar. 427.3 340.6 265.4 102.4 112.9 50.1 2.3 72.9 16.5 55.6 84.9 Apr.. 425.3 340.4 263.0 98.3 114.7 50.0 2.3 75.1 18.4 55.9 83.1 May 427.9 339.5 261.9 98.1 113.4 50.4 2.3 75.2 18.2 56.2 86.6 June. 427.3 335.8 257.2 94.6 113.4 49.1 2.3 76.3 19.0 56.5 89.6 July. 432.4 339.6 257.7 95.2 113.4 49.1 2.3 79.5 22.0 56.7 91.0 Aug. 435.4 339.9 258.1 96.2 115.7 46.2 2.3 79.5 21.7 57.0 93.6 Sept. 433.9 339.8 257.7 96.4 115.7 45.7 2.3 79.8 21.7 57.2 92.3 Oct.. 439.9 342.7 260.9 97.5 117.7 45.6 2.3 79.6 21.2 57.5 95.4 Nov. 444.2 347.6 265.6 100.7 119.4 45.5 2.3 79.6 21.0 57.8 94.9 Dec. 449.3 351.4 269.5 103.9 121.5 44.1 2.3 79.5 20.6 58.1 95.9 1973—Jan.. 450.1 353.2 271.1 104.9 121.5 44.7 2.3 79.7 20.5 58.4 95.0 Feb., 454.8 357.1 269.9 105.0 120.2 44.6 2.3 84.9 25.4 58.7 95.8 Mar. 458.6 360.4 269.8 105.0 120.2 44.6 2.3 88.3 28.3 59.0 96.4 1 Includes non-interest-bearing debt (of which $621 million on Mar. 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 io o d f p T g d u r o e b o t b l s a i t s l c ag G t U e a r o n n u .S v c d s i t . t e . s B F a . n R k . s Total m C b e a o r n c m k ia s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r s r c O a o t t r i h o p e n o 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 ividu O al t s her n F a i o t n a i r o n t e e n d i r g a n l 1 t i O m o n r v t 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-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 61.0 2.8 6.3 11.3 25.5 55.8 18.6 49.4 16.6 June................ 427.3 111.5 71.4 244.4 60.5 2.7 6.2 10.3 25.9 56.0 18.0 50.0 14.9 July................. 432.4 112.8 70.8 248.8 60.2 2.7 6.1 10.0 26.5 56.3 18.0 54.6 14.5 Aug................. 435.4 115.4 70.7 249.3 60.0 2.6 6.0 9.5 26.5 56.6 17.6 55.9 14.6 Sept................ 433.9 113.5 69.7 250.7 60.8 2.8 6.1 8.9 27.2 56.8 17.2 55.3 15.7 Oct.................. 439.9 116.7 70.1 253.1 61.0 2.7 5.9 10.4 28.0 57.1 17.0 55.8 15.2 Nov................. 444.2 116.1 69.5 258.6 63.5 2.7 6.1 12.0 27.9 57.4 17.1 56.0 16.1 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 1973—Jan.................. 450.1 116.2 72.0 261.8 66.0 2.6 6.1 12.3 29.5 58.0 16.8 54.3 16.3 Feb.................. 454.8 117.1 72.6 265.1 62.4 2.6 5.8 12.7 29.0 58.3 16.6 61.1 16.7 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
APRIL 1973 □ U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other All holders: 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 Dec. 31............................................................. 269,509 130,422 103,870 26,552 88,564 29,143 15,301 6,079 1973 Jan. 31............................................................. 271,121 131,454 104,901 26,553 88,572 29,142 15,271 6,682 Feb. 28............................................................. 269,881 130,205 105,008 25,197 95,423 22,357 16,114 5,783 U.S. Govt, agencies and trust funds: 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 Dec. 31..................................................... 19,360 1,609 674 935 6,418 5,487 4,317 1,530 1973 Jan. 31..................................................... 19,573 1,649 699 950 6,472 5,506 4,318 1,628 Feb. 28..................................................... 19,779 1,756 552 1,204 7,096 4,956 4,487 1,484 Federal Reserve Banks: 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 Dec. 31..................................................... 69,906 37,750 29,745 8,005 24,497 6,109 1,414 136 1973—Jan. 31..................................................... 72,022 39,732 31,528 8,204 24,574 6,140 1,440 136 Feb. 28..................................................... 72,620 38,668 31,901 6,767 28,209 4,143 1,490 109 Held by private investors: 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 Dec. 31..................................................... 180,243 91,063 73,451 17,612 57,649 17,547 9,570 4,413 1973 Jan. 31..................................................... 179,526 90,073 72,674 17,399 57,526 17,496 9,513 4,918 Feb. 28..................................................... 177,482 89,781 72,555 17,226 60,118 13,258 10,137 4,190 Commercial banks: 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 Dec. 31............................................ 52,440 18,077 10,289 7,788 27,765 5,654 864 80 1973 Jan. 31............................................ 51,667 17,345 9,447 7,898 27,600 5,621 833 269 Feb. 28............................................ 48,691 15,023 7,570 7,453 28,559 3,996 1,045 69 Mutual savings banks: 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 Dec. 31............................................ 2,609 590 309 281 1,152 469 274 124 1973 Jan. 31............................................ 2,612 494 257 237 1,163 462 316 177 Feb. 28............................................. 2,556 518 225 293 1,232 308 350 148 Insurance companies: 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—Dec. 31............................................ 5,220 799 448 351 1,190 976 1,593 661 1973—Jan. 31............................................ 5,255 763 375 388 1,213 996 1,610 672 Feb. 28............................................ 5,037 746 287 459 1,188 849 1,648 607 Nonfinancial corporations: 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 Dec. 31............................................ 4,948 3,604 1,198 2,406 1,198 121 25 1 1973—Jan. 31............................................ 5,493 3,908 3,018 890 1,403 122 51 10 Feb. 28............................................ 5,644 4,282 3,154 1,128 1,210 95 54 3 Savings and loan associations: 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 Dec. 31............................................ 2,873 820 498 322 1,140 605 226 81 1973 Jan. 31............................................ 3,019 922 578 344 1,180 606 228 83 Feb. 28............................................ 2,925 912 548 364 1,314 387 238 74 State and local governments: 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—Dec. 31............................................ 10,904 6,159 5,203 956 2,033 816 1,298 598 1973 Jan. 31............................................ 11,920 7,129 6,122 1,007 2,083 833 1,286 590 Feb. 28............................................ 11,234 6,562 5,596 966 2,157 729 1,236 551 All others: 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—Dec. 31............................................ 101,249 61,014 55,506 5,508 23,171 8,906 5,290 2,868 1973—Jan. 31............................................ 99,560 59,512 52,877 6,635 22,884 8,856 5,189 3,117 Feb. 28............................................ 101,395 61,738 55,175 6,563 24,458 6,894 5,566 2,738 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 5,625 commercial banks, 480 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 737 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to “All others.” Comparable data the 466 nonfinancial corporations and 487 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 505 State and local govts. Data complete for U.S. Govt, agencies and trust funds and F.R. Banks “All others,” a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar in the Treasury Survey, including investor groups not listed separately. 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A 44 U.S. GOVERNMENT SECURITIES □ APRIL 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 agency Total Dealers and brokers securities Within 1-5 5-10 Over Com AU 1 year years years 10 years mercial other U.S. Govt, Other banks securities 1972—Feb............................... 3,260 2,339 652 242 27 913 363 1,170 815 611 Mar.............................. 3,177 2,443 464 241 29 800 437 1,060 881 459 Apr............................... 2,990 2,300 460 203 28 704 450 1,002 835 609 May............................. 2,542 1,939 348 221 35 589 364 821 767 485 June............................. 2,452 2,001 257 161 34 545 355 759 793 411 July............................... 2,571 2,124 283 131 33 633 382 851 704 439 Aug.............................. 2,658 1,953 377 191 137 587 411 911 749 443 Sept.............................. 2,695 2,225 231 143 97 635 504 845 710 482 Oct............................... 3,047 2,473 350 126 99 837 420 988 802 561 Nov.............................. 3,397 2,397 709 168 123 835 498 1,228 837 731 Dec............................... 3,184 2,640 361 118 65 757 352 1,215 860 472 1973—Jan................................ 3,158 2,445 443 148 122 793 470 1,113 781 463 Feb............................... 4,155 2,975 721 370 89 889 809 1,360 1,098 646 Week ending— 1973—Feb. 7....................... 4,348 3,197 778 270 104 1,044 799 1,494 1,010 448 14....................... 4,890 3,320 832 634 104 1,014 1,076 1,698 1,102 711 21....................... 4,094 2,890 690 436 78 709 801 1,243 1,342 768 28....................... 3,422 2,543 600 207 72 777 611 1,048 987 693 Mar. 7....................... 3,133 2,436 410 221 66 736 565 995 837 527 14....................... 3,084 2,234 538 248 64 693 637 995 759 497 21....................... 3,061 2,198 604 213 47 734 650 970 708 725 28....................... 2,804 2,193 437 122 53 709 432 914 749 841 Note.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt. trading days in the period, securities, redemptions of called or matured securities, or purchases or 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 U.S. Period m t A a i t e l u s l ri W y i e 1 t a h r in y 1 e - a 5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e rs r a s G e g t c e i o e u n v s r c t i y . Period so A ur 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 1 a o A th U er 1972—Feb................. 4,960 4,094 479 304 83 554 1972—Feb............. 5,205 1,456 719 1,344 1,686 Mar................ 4,933 4,710 228 -32 27 489 Mar............ 4,662 1,347 907 949 1,458 Apr................. 3,573 3,713 20 -131 -29 422 3,400 1,044 746 657 953 May............... 4,257 4,089 84 102 -18 551 4,073 1,107 931 755 1,280 June............... 3,733 3,903 -55 -99 -16 532 June........... 3,804 1,056 838 804 1,108 July................ 3,253 3,626 -146 -216 -11 356 July............ 3,055 753 496 820 986 Aug................ 3,905 3,370 41 130 363 404 4,021 1,356 580 927 1,158 Sept................ 4,386 4,374 -83 -58 153 408 Sept............ 4,379 1,633 599 705 1,442 Oct................. 3,333 3,452 -29 -132 41 543 3,055 1,227 406 490 932 Nov................ 4,522 4,113 335 8 66 834 Nov............ 4,198 1,538 617 709 1,334 Dec................. 4,973 4,903 73 -41 37 556 4,848 1,695 808 944 1,399 1973—Jan................. 4,744 4,959 -53 -259 97 281 1973—Jan............. 4,520 1,346 794 932 1,449 Feb................. 3,394 3,365 -9 -1 39 207 3,415 1,063 455 . 490 1,408 Week ending— Week ending— 1973—Jan. 3........ 5,021 5,052 58 -120 31 398 1973—Jan. 3... 4,530 1,362 830 860 1,479 10 4,878 4,942 26 -207 116 343 10... 4,543 1,338 749 1,094 1,363 17.,, , 4,826 5,064 -69 -290 119 254 17... 4,718 1,468 932 988 1,330 24........ 4,705 5,008 -112 -287 96 228 24... 4,671 1,378 917 953 1,424 31........ 4,408 4,710 -93 -294 85 254 31... 4,205 1,320 636 723 1,526 Feb. 7 3,729 4,051 -81 -318 77 139 Feb. 7... 3,792 1,336 462 534 1,461 14........ 4,238 3,615 256 304 64 221 14... 3,663 1,025 739 531 1,368 21 , 2,735 2,650 -33 113 5 266 21... 2,899 868 216 400 1,416 28........ 2,910 3,051 -130 -20 9 199 28... 3,307 1,025 401 495 1,387 Note.—The figures include all securities sold by dealers under repur i 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
APRIL 1973 o U.S. GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, MARCH 31, 1973 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Mar. 31, 1973. 1,702 Aug. 28, 1973.... 1.803 Nov. 15, 1974.....5% 5,442 Aug. 15, 3,894 Apr. 5, 1973. 4,203 Aug. 30, 1973.... 1,800 Dec. 31, 1974.....57/g 2,102 Nov. 15, 1973....•41/s 4,337 Apr. 12, 1973. 4,205 Sept. 6, 1973.... 1,800 Feb. 15, 1975.....5% 4,015 Feb. 15, 1974.....41/8 2,467 Apr. 19, 1973. 4.201 Sept. 13, 1973.... 1,801 Feb. 15, 1975.....57/8 1,222 May 15, .4% 2,850 Apr. 20, 19 731 2,012 Sept. 20, 1973 1,801 Apr. 1, 1975..•. • 1 Vi 8 Nov. 15, .37/8 1,214 Apr. 26, 1973. 4.201 Sept. 25, 1973 1,801 May 15, 1975.....57/8 1,776 May 15, 1975-85..4% 1,205 Apr. 30, 1973. 1.700 Sept. 27, 1973 1,807 May 15, 1975.., , ,6 6,760 June 15, 1978-83..3% 1,498 May 3, 1973. 4.303 Oct. 23, 1973.... 1,802 Aug. 15, ...57/s 7,679 Feb. 15, 1980.....4 2,579 May 10, 1973. 4.303 Nov. 20, 1973.... 1,802 Oct. 1, 1975.. . • -1 Vi 30 Nov. 15, .3 Vi 1,898 May 17, 1973. 4.304 Dec. 18, 1973.... 1,800 Nov. 15, 1975..,,. .7 3,115 Aug. 15, 1981.....7 807 May 24, 1973. 4.301 Jan. 15, 1974.... 1.804 Feb. 15, 1976..,...6V4 3,739 Feb. 15, 1982.,..• 63/s 2,702 May 31, 1973.. 6,005 Feb. 12, 1974.... 1,801 Feb. 15, 1976.. ...57/g 4,945 Aug. 15, .63/8 2,353 June 7, 1973.. 4,287 Apr. 1, 1976......1 % 27 May 15, 1985.....314 984 June 14, 1973. 4.302 May 15, 1976..,...5% 2,802 Nov. 15, 1986.....61/8 1,216 June 21, 1973. 4,306 May 15, 1976......6% 2,697 Aug. 15, 1987-92..41/4 3,750 June 22, 1973f, 2,510 Treasury notes Aug. 15, 1976.., ..7Vi 4,194 Feb. 15, 1988-93..4 238 June 28, 1973. 4.305 Apr. 1, ...1% 34 Aug. 15, 1976 ...61/2 3,883 May 15, 1989-94..41/s 1,501 June 30, 1973., 1.701 May 15, 1973..,...7% 5,844 Oct. 1, 1976.....iVi 11 Feb. 15, 1990....• 3Vi 4,188 July 5, 1973., 1.901 May 15, 1973..,. • -4% 3,792 Nov. 15, 1976 ......614 4,325 Feb. 15, 1993... ..63y4 627 July 12, 1973., 1.902 Aug. 15, 1973......8H 1,839 Feb. 15, 1977... . .8 5,163 Feb. 15, 1995.... .3 937 July 19, 1973., 1.902 Oct. 1, ...1% 30 Apr. 1,1977. . ....IVi 5 Nov. 15, 1998....• 3Vi 3,310 July 26, 1973.. 1,901 Feb. 15, ...7% 2,960 Aug. 15, 1977......7% 2,264 July 31, 1973.. 1.702 Apr. 1, 1974..,...1% 34 Oct. 1, 1977. .. • •IVi 16 Aug. 2, 1973., 1,801 May 15, ...7% 4,334 Feb. 15, 1978 .,...6% 8,389 Convertiblebonds Aug. 9, 1973., 1,801 Aug. 15, ...55/8 10,284 Nov. 15, 1978... 8,207 Investment Series B Aug. 16, 1973., 1,803 Sept. 30, 1974..,.. .6 2,060 Aug. 15, 1979, .....6% 4,559 Apr. 1, 1975-80..234 2,291 Aug. 23, 1973., 1,801 Oct. 1, 1974......1 Vi 42 Nov. 15, 1979 . ..65/8 1,604 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 HAAl G l U o o a .S v n t . s . State d s i a s t n t a r d t i . ct Other2 Total c E at d i u o n b R r a i o d n a g d d e s s i U tie ti s l 4 H in o g u s s V a a e n i t d e s r ’ O p p o t u h s r e e s r gations auth. 196 4 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 7,177 3.517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 . 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 196 8 16,596 9,269 6.517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,838 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 2,068 9,293 1972—Feb.r.. 2,005 1,049 951 5 354 977 673 1,933 531 78 433 29 861 Mar.r. 2,239 1,289 720 225 5 434 954 851 2,110 463 134 348 329 838 Apr.r.. 1,989 1,382 601 6 472 549 969 1,950 490 229 434 10 788 May r.. 2,017 990 1,023 3 374 850 792 1,950 657 214 306 67 705 Juner., 2,270 989 1,064 209 246 1,226 799 2,000 347 150 533 393 576 July r.. 1,805 1,322 481 647 467 690 1,796 327 121 223 154 971 Aug.r . 1,966 820 1,138 468 897 600 1,931 444 111 429 162 784 Sept.r. 1,726 663 803 257 298 1,016 414 1,609 238 107 590 270 404 Oct.r.. 2,200 1,662 533 487 689 1,025 2,147 444 162 409 52 1,082 Nov.r. 1,862 1,147 711 425 572 866 1,762 312 215 365 56 814 Dec.r., 1,797 872 653 268 147 754 895 1,507 351 21 204 332 599 1973—Jan..., 1,902 1,138 763 602 439 863 1,784 363 214 365 117 726 Feb..., 1,449 758 690 47 531 871 1,365 360 63 397 10 537 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 46 SECURITY ISSUES □ APRIL 1973 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . . 2 G U o .S vt . . an S d t a lo te c al Other* Total agency3 (U.S.)4 Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d ly 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 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 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........... 5,635 474 650 1,701 90 2,720 1,651 862 789 305 765 Oct............ 9,505 2,530 1,141 1,970 74 3,791 2,336 1,772 565 421 1,033 Nov........... 10,987 3,590 2,134 1,816 70 3,377 2,343 1,361 982 154 880 Dec........... 8,210 2,553 200 1,760 302 3,396 2,625 1,024 1,601 272 498 1973—Jan............ 6,314 1,199 973 1,809 99 2,235 1,184 989 195 133 917 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 1964................................................... 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 1965................................................... 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 1966................................................... 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 1968................................................... 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 1969................................................... 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 1,671 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 1971................................................... 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 2,212 1972—Jan......................................... 321 71 163 138 268 14 418 115 458 294 742 202 Feb........................................ 428 101 67 104 142 4 388 600 438 60 865 171 Mar....................................... 448 155 178 264 102 3 386 354 197 30 942 170 Apr........................................ 383 197 235 178 129 3 924 295 177 1 562 190 607 154 193 281 142 71 381 357 376 16 751 270 468 299 181 341 171 15 1,018 520 368 431 349 179 July........................................ 464 110 77 239 130 30 455 343 390 196 949 200 Aug....................................... 192 261 308 342 94 2 452 184 237 662 161 Sept....................................... 441 162 302 242 61 649 598 32 1 166 66 Oct.r..................................... 269 114 192 326 152 12 522 758 313 58 887 187 Nov.r.................................... 346 79 429 271 61 8 322 472 657 1 528 202 Dec........................................ 486 103 343 149 214 25 491 370 34 17 1,057 107 1973—Jan......................................... 75 62 64 105 115 1 525 371 29 3 376 509 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
APRIL 1973 □ SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers 1 Period All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 1967. 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 2,267 1968. 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 1969. 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 4,272 1970 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 1971 46,687 9,507 37,180 31,917 8,190 23,728 14,769 1,318 13,452 1971--III................ 10,746 1,992 8,754 6,159 1,649 4,510 4,586 343 4,244 IV................ 11,488 2,521 8,967 8,019 2,084 5,935 3,469 437 3,032 1972--I................... 10,072 2,691 7,381 6,699 2,002 4,698 3,373 690 2,683 II................. 11,514 2,389 9,123 7,250 2,191 5,050 4,264 198 4,066 Ill......... 9,776 2,212 7,564 6,118 1,603 4,515 3,659 609 3,049 IV................ 10,944 2,932 8,012 6,998 2,207 4,790 3,946 725 3,220 Type of issuer Manu Commercial Transpor Public Communi Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1968......................... 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 -741 1969......................... 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 1970......................... 6,641 870 853 1,778 1,104 36 6,861 2,917 4,806 94 2,564 1,107 1971......................... 6,585 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 2,017 1971—III................ 852 676 -10 678 195 230 1,493 814 832 1,442 1,148 404 IV................. 1,361 453 190 445 -27 163 1,749 1,183 980 54 1,683 734 1972—1................... 696 423 31 545 267 15 827 872 1,020 402 1,856 425 II................. 704 851 344 774 127 164 1,844 1,176 806 464 1,233 638 Ill................ 479 530 459 673 138 28 1,410 1,061 573 305 1,456 453 IV................. 116 290 575 479 179 47 1,056 1,735 944 89 1,920 580 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) Year Month Sales 1 Redemp Net Total 2 Cash Other Sales 1 Redemp Net Total 2 Cash Other tions sales position 3 tions sales position 3 1960............... 2,097 842 1,255 17,026 973 16,053 1972—Feb. .. 404 514 -110 58,536 3,478 55,058 Mar... 472 667 -195 58,740 3,251 55,489 1961............... 2,951 1,160 1,791 22,789 980 21,809 Apr.. . 405 655 -250 58,870 2,827 56,043 1962............... 2,699 1,123 1,576 21,271 1,315 19,956 May. . 378 585 -207 59,736 2,763 56,973 1963............... 2,460 1,504 952 25,214 1,341 23,873 June.. 393 544 -151 57,708 3,015 54,693 July . . 398 424 -26 56,932 3,219 53,713 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 Aug... 391 582 -191 58,186 3,375 54,811 1965............... 4,359 1,962 2,395 35,220 1.803 33,417 Sept... 310 442 -132 57,193 3,395 53,798 1966............... 4,671 2,005 2,665 34,829 2,971 31,858 Oct... 384 411 -27 57,525 3,719 53,806 Nov... 387 645 -258 59,854 3,549 56,305 1967............... 4,670 2,745 1,927 44,701 2,566 42,135 Dec.. . 449 619 -170 59,831 3,035 56,796 1968............... 6,820 3,841 2,979 52,677 3,187 49,490 1969............... 6,717 3,661 3,056 48,291 3,846 44,445 1973—Jan. .. 535 666 -131 56,946 3,015 53,931 Feb... 327 530 -203 54,083 3,375 50,708 1970................ 4,624 2,987 1,637 47,618 3,649 43,969 1971............... 5,145 4,751 774 56,694 3,163 53,531 1 Includes contractual and regular single purchase sales, voluntary and 3 Cash and deposits, receivables, all U.S. Govt, securities, and other contractual accumulation plan sales, and reinvestment of investment in- short-term debt securities, less current liabilities. come dividends; excludes reinvestment of realized capital gains dividends. 2 Market value at end of period less current liabilities. Note.—Investment Company Institute data based on reports of mem bers, 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 48 BUSINESS FINANCE □ APRIL 1973 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro 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 ts 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 t e s s d co c a n a t ll i s p o o u i w n 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 ts 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 t e s s d co c a t n a l i l s o p 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 IV... 101.9 44.5 57.3 26.7 30.7 69.5 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 NONFINANCIAL CORPORATIONS1 (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 . .2 Other G U o . v S t . . 2 Other taxes 196 8 182.3 426.5 48.2 11.5 5.1 168.8 166.0 26.9 244.2 6.4 127.8 14.3 61.0 196 9 185.7 473.6 47.9 10.6 4.8 192.2 186.4 31.6 287.9 7.3 148.0 12.6 76.0 1970—1.. 187.0 477.8 46.1 10.4 4.7 195.0 189.6 32.1 290.8 7.2 144.7 13.3 79.3 II. 185.6 481.8 45.6 8.7 4.4 197.9 191.8 33.4 296.2 7.0 146.9 10.8 82.4 III 185.3 484.6 46.5 7.1 4.2 201.0 193.5 32.3 299.3 6.8 147.9 11.5 84.3 IV 187.8 490.4 49.7 7.6 4.2 200.6 196.0 32.4 302.6 6.6 152.4 11.8 83.7 1971—1.. 192.0 494.1 48.5 7.8 4.2 201.3 198.5 33.8 302.1 6.1 148.5 13.7 86.6 II. 196.5 498.2 51.1 7.7 3.9 203.3 199.2 33.1 301.7 5.3 149.1 12.4 88.3 III 200.9 507.2 52.4 7.8 3.9 206.5 201.6 34.9 306.3 5.0 150.6 13.8 90.1 IV 204.9 516.7 55.3 10.4 3.5 207.5 203.1 36.8 311.8 4.9 158.0 14.5 89.7 1972—1.. 209.6 526.0 55.3 9.9 3.4 211.4 207.2 38.9 316.4 4.9 156.6 15.7 93.3 II. 215.2 534.3 55.7 8.7 2.8 216.3 210.7 40.1 319.1 4.9 158.0 13.4 96.8 Ill 219.1 545.3 57.3 7.6 2.9 222.5 215.2 39.8 326.2 4.7 161.7 15.0 98.9 1 Figures revised to exclude all financial institutions. 2 Receivables from, and payables to, the U.S. Govt, exclude amounts offset against each other on corporations’ books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Period Total Durable d N ur o a n b le Mining R ro a a i d l Air Other Electric and G a o s t her n C i o ca m ti m on u s Other1 T A (S o . . R t A a . . l ) 1969.......................... 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 1970......................... 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 1971......................... 81.21 14.15 15.84 2.16 1.67 1.88 1.38 12.86 2.44 10.77 18.05 1972......................... 88.44 15.64 15.72 2.45 1.80 2.46 1.46 14.48 2.52 11.89 20.07 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................. 25.20 4.77 4.61 .63 .47 .63 .40 4.01 .73 3.39 5.57 91.94 1973—12................. 21.56 3.91 3.99 .61 .45 .54 .35 3.45 .48 7.77 96.97 II2................ 25.27 4.69 4.64 .67 .45 .74 .44 4.02 .72 8.89 100.13 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
APRIL 1973 □ REAL ESTATE CREDIT A 49 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm ho O l t d h e e r r s2 1- to 4-family houses4 com M m u e l r t c if ia a l m p il r y o p a e n r d ti es5 M t o y r p tg e a 6 ge E pe n r d i o o d f h A e o r l l s d l tu F i t n i c i n i o s a a t n l i n s 1 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 h A e o r l l s d l tu F i t n i c i n i o s a a t n l i n s 1 O h e o t r h l s d e 3 r h A e o r l l s d l Total tu F i t i n i n o s a t n i n s . 1 O h e o t r h l s d e r Total tu F i t i n i n o s a t n i n s . 1 O h e o t r h l s d er w u F V n r H i d A t A t e e - r n - - t C i v o e o n n n a l 1941........... 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945........... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 196 4 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 196 5 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 196 6 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 196 7 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 196 8 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 93.4 276.6 196...............9 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.7 43.2 129.0 105.5 23.5 100.2 295.7 197 0 451.2 355.9 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—I®... 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 29.4 123.7 259.2 IIP.. 529.1 418.9 42.7 67.5 34.4 10.2 24.2 494.8 324.6 268.8 55.8 170.2 140.0 30.3 126.6 269.2 IIIp. 546.9 434.2 44.3 68.4 35.1 10.4 24.7 511.9 335.1 278.4 56.7 176.8 145.4 31.4 129.0 279.9 IVp. 564.5 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, PH A, 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 io o d f Total F in i c n i s a a t l i n h O ol t d h e e r r s Total F i i n c n i s a a t l i n h O ol t d h e e r r s End of period Total Total F su H in re A - d - an g V t u e A a e r - d i ti v o e n n a l tutions tutions 1945.................................. 18.6 4.3 4.1 .2 14.3 1941................. 24.2 14.9 9.4 5.9 3.6 2.2 1963.................................. 182.2 65.9 35.0 30.9 116.3 1945................. 24.3 15.7 8.6 5.7 3.5 2.2 197.6 69.2 38.3 30.9 128.3 1963................ 211.2 176.8 34.5 29.0 20.7 8.3 1964................ 231.1 195.4 35.7 33.6 25.1 8.5 1965.................................. 212.9 73.1 42.0 31.1 139.8 1966.................................. 223.6 76.1 44.8 31.3 147.6 1965................. 250.1 213.2 36.9 37.2 29.0 8.2 1967.................................. 236.1 79.9 47.4 32.5 156.1 1 1 1 9 9 9 6 6 6 8 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 9 6 8 8 4 0. . . 0 6 0 2 2 2 5 3 2 0 3 6 . . . 8 7 6 4 4 4 7 0 3 . . . 3 8 4 4 4 4 0 7 3 . . . 3 3 9 3 3 31 4 7 . . . 5 7 7 9 9 8 . . . 2 8 7 1 1 1 9 9 9 6 7 6 9 0 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 5 6 8 1 6 0 . . . 8 2 2 9 9 8 0 7 4 . . . 2 2 4 5 5 5 4 0 9 . . . 5 9 6 3 3 3 5 7 3 . . . 3 7 8 1 1 1 7 6 8 6 6 2 . . . 9 6 8 1969................. 319.0 265.0 54.0 52.2 41.3 10.8 1970................. 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—IV........ 338.2 277.1 61.1 58.0 45.8 12.2 283.6 98.3 61.0 37.3 185.3 IIP......................... 290.9 100.4 62.8 37.6 190.5 1971— I I I I p I I P . P ... . . . . . . . . . . . . 3 3 3 5 4 6 3 3 4 . . . 1 3 0 2 2 2 9 8 8 9 8 1 . . . 9 4 4 6 6 6 1 5 3 . . . 8 6 2 6 6 5 4 2 9 . . . 1 3 7 4 4 5 7 9 0 . . . 1 2 4 1 1 a 3 2 . . 9 9 6 I IV II p p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 30 9 7 9 . . 8 7 1 10 0 2 5 . . 9 2 6 65 4 . . 7 4 3 3 9 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—1p........................... 314.1 66.8 40.7 206.6 1972— I I I p P .. _ .. _ .. _ ... 3 3 8 9 2 5 . .8 9 3 31 24 2 . . 1 9 7 7 1 0 . . 7 0 6 71 8 . . 3 8 5 5 3 5 . . 3 3 1 1 5 6 . . 4 0 II p..................................... 3 33 2 5 4 . . 1 6 6 6 7 8 . . 6 4 4 43 2 . . 1 0 2 2 2 1 3 5 . . 6 0 IIIP... 408.9 335.6 73.3 73.8 57.3 16.5 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. l Structures of five or more units. Note.—Based on data from same source as for “Mortgage Debt Out est N im o a t t e e . s — . F F o o r r c t o o n ta v l e n d ti e o b n t a l, o u fi t g s u ta r n es d i a n r g e , de fi r g iv u e re d s . are FHLBB and F.R. standing*' table. Based on data from FHLBB, Federal Housing Admin., and Veterans Admin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 50 REAL ESTATE CREDIT □ APRIL 1973 MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings * Mutual savings bank holdings 2 Residential Residential End of period Other Other Total non Farm Total non- Farm FHA- VA- Con farm FHA- VA- Con farm Total in- guar ven Total in- guar- ven sured anteed tional sured anteed tional 1941.................................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.................................. 4,772 3,395 856 521 4,208 3,387 797 24 1964.................................. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965.................................. 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966.................................. 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967.................................. 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968.................................. 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969.................................. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—11.......................... 71,291 44,845 7,800 2,575 34,469 22,392 4,054 56,880 49,260 15,931 12,092 21,237 7,519 101 Ill........................ 72,393 45,318 7,885 2,583 34,850 22,825 4,250 57,402 49,628 16,017 12,127 21,654 7,671 103 IV......................... 73,275 45,640 7,919 2,589 35,131 23,284 4,351 57,948 49,937 16,087 12,008 21,842 7,893 119 1971—1............................ 74,424 46,343 7,971 2,595 35,777 23,595 4,486 58,680 50,553 16,157 12,010 22,386 8,014 113 II.......................... 76,639 48,163 8,146 2,636 37,381 24,477 3,999 59,643 51,362 16,281 12,011 23,069 8,174 107 Ill........................ 79,936 50,280 8,246 2,806 39,228 25,500 4,156 60,625 51,989 16,216 12,033 23,740 8,561 75 IV......................... 82,515 52,004 8,310 2,980 40,714 26,306 4,205 61,978 53,027 16,141 12,074 24,812 8,901 50 1972—1........................... 85,614 53,937 8,360 2,999 42,578 27,353 4,324 62,978 53,733 16,184 12,144 25,405 9,195 50 II.......................... 90,114 56,782 8,477 3,141 45,163 28,785 4,547 64,404 54,758 16,256 12,325 26,178 9,586 60 Ill*...................... 94,614 65,897 1 Includes loans held by nondeposit trust companies, but not bank Note.—Second and fourth quarters, Federal Deposit Insurance Corpo trust depts. ration series for all commercial and mutual savings banks in the United 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. States and possessions. First and third quarters, estimates based on special F.R. interpolations after 1963 or beginning 1964. 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 Other i Farm Total Total in F s H u A re - d a g n V u t A e a e r - d Other Farm 1945................................................... 976 6,637 5,860 1,394 4,466 766 1964.................................................. 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965................................................... 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966................................................... 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968.................................................. 7,925 7,153 733 346 6,074 772 69,973 64,172 11,961 5,954 46,257 5,801 1969.................................................. 7,531 6,991 594 220 6,177 540 72,027 66,254 11,715 5,701 48,838 5,773 7,181 6,867 386 88 6,393 314 74,375 68,726 11,419 5,394 51,913 5,649 7,573 7,070 322 101 6,647 503 75,496 69,895 10,767 5,004 54,124 5,601 1972................................................... 8,802 8,101 277 202 7,622 701 77,319 71,640 9,944 4,646 57,050 5,679 1972—Jan.*-..................................... 469 441 39 16 386 28 75,493 69,947 10,722 4,985 54,240 5,546 Feb........................................ 436 392 26 12 354 44 75,456 69,940 10,674 4,952 54,314 5,516 Mar....................................... 569 484 24 18 442 85 75,424 69,897 10,599 4,932 54,366 5,527 560 506 30 15 461 54 75,469 69,926 10,535 4,903 54,488 5,543 May...................................... 602 542 15 13 514 60 75,493 69,941 10,467 4,873 54,601 5,552 708 643 31 21 591 65 75,547 69,969 10,391 4,838 54,740 5,578 July........................................ 655 605 19 25 561 50 75,626 70,031 10,314 4,811 54,906 5,595 743 682 19 21 642 61 75,723 70,105 10,224 4,776 55,105 5,618 Sept....................................... 708 663 22 14 627 45 75,813 70,195 10,139 4,734 55,322 5,618 Oct......................................... 718 673 10 16 647 45 75,952 70,323 10,053 4,700 55,570 5,629 Nov....................................... 803 746 28 13 705 57 76,207 70,567 10,000 4,668 55,899 5,640 Dec........................................ 1,830 1,723 16 18 1,689 107 77,319 71,640 9,944 4,646 57,050 5,679 1973—Jan......................................... 711 649 16 20 613 62 77,481 71,856 9,901 4,630 57,325 5,625 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
APRIL 1973 □ REAL ESTATE CREDIT A 51 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Total Period o N f u l m oa b n e s r ( c m o ( a d i m m l o l m i l o o la u i n t r n s t s e t ) o d f ( o th a f m o L d u o o o s l a u l a n a n n r t d s ) s ( C p in o e r t n r a e t c t r r e e e a s n c t t t ) (y M rs a ./ t m ur o it s y .) (p t L o e r - r a o v t c a i a e n o l n - u t e ) C (p a t p e io r it n a c l e r i n a z t a t ) e co D r v a e e ti r b o a t ge P co e n r 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’ Period va A n d c es R m e e p n a ts y d (e e n p d o si o ts f Period h N o e m w e Home FHA- VA- Con Total t S e h rm or t i t L e o rm ng 2 period) Total i con pur Total 2 in- guar- ven struc 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 3,804 2,866 6,935 5,006 1,929 1,036 1964............... 24,913 6,638 10,538 101,333 4,894 6,683 89,756 1,527 4,076 4,386 3,985 401 1,432 1965............... 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 1966............... 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 1967............... 20,122 4,243 9,604 121,805 5,791 6,351 109,663 2,714 5,392 7,936 3,002 4,934 1,789 1968............... 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 1969............... 21,847 4,757 11,254 140,347 7,917 7,658 124,772 1970............... 21,383 4,150 10,237 150,331 10,178 8,494 131,659 1972—Feb.............. 148 871 6,515 2,342 4,173 2,014 1971............... 39,472 6,835 18,811 174,385 13,798 10,848 149,739 Mar............. 165 689 5,992 2,125 3,867 2,008 318 396 5,913 2,049 3,864 1,762 1971—Dec... 3,592 573 1,590 174,385 13,798 10,848 149,739 260 320 5,853 2,019 3,835 1,789 June............. 420 198 6,074 1,944 4,130 1,746 1972—Jan.... 2,632 481 1,253 175,838 13,976 11,013 150,849 July............. 285 222 6,138 1,990 4,148 1,497 Feb.. . 2,849 518 1,400 177,614 14,167 11,264 152,183 Aug.............. 406 249 6,295 2,083 4,212 1,442 Mar... 3,910 712 1,861 180,145 14,450 11,546 154,149 Sept............. 631 189 6,736 2,307 4,429 1,443 Apr... 3,819 707 1,819 182,711 14,697 11,789 156,225 542 233 7,045 2,440 4,605 1,334 May.. 4,603 836 2,276 185,431 14,878 12,010 158,543 Nov............. 445 246 7,245 2,520 4,725 1,371 June.. 5,449 872 2,920 188,884 15,019 12,293 161,572 984 251 7,979 2,961 5,018 2,104 July... 4,572 743 2,515 191,642 15,153 12,606 163,883 Aug... 5,379 803 3,087 194,955 15,263 12,892 166,800 1973—Jan............... 332 480 7,831 2,805 5,025 1,306 Sept... 4,689 739 2,587 197,881 15,342 13,098 169,441 Feb.............. 415 302 7,944 2,774 5,170 1,321 Oct.... 4,522 761 2,423 200,554 15,378 13,334 171,842 Nov... 4,393 714 2,307 203,266 15,490 13,544 174,232 Dec... 4,550 678 2,122 206,367 15,639 13,764 176,964 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities 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 52 REAL ESTATE CREDIT □ APRIL 1973 FEDERAL NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ASSOCIATION ACTIVITY AUCTIONS (In millions of dollars) Government-underwritten Conventional home loans home loans Mortgage Mortgage Mortgage holdings transactions commitments (during Date of auction Mortgage Average Mortgage Average End of period) amounts yield amounts yield period (short (short Total F su H in re A d - a g V n 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 d t Offered ce A p c te d c m o te e m r n m m ts i ) t Offered ce A p c te d c m o te m e r n m m ts i ) t 196 7 5,522 4,048 1,474 1,400 12 1.732 501 In millions of In In millions of In 196 8 7,167 5,121 2,046 1,944 2,696 1,287 dollars per cent dollars per cent 196 9 10,950 7,680 3,270 4,121 6,630 3,539 197 0 15,502 11,071 4,431 5,078 8,047 5,203 197 1 17.791 3,574 336 4,986 5,694 1972—Oct. 2.... 352.8 211.5 7.70 197 2 19.791 14,624 5,112 3,684 213 10 42.2 37.2 7.90 16.... 27i.2 224.9 7.73 1972-Feb.. 18,220 324 598 5,600 30.... 186.4 162.7 7.74 Mar.. 18,342 13,654 4,687 316 469 5,608 Apr.. 18,403 13,744 4,659 246 617 5,851 Nov. 6 75.0 68.0 7.90 May. 18,599 13,923 4,674 321 1,054 6,153 13... 78.7 49.2 7.72 June. 18,628 13,952 4,670 223 610 6,362 27.. . 60.8 36.2 7.70 July.. 18,740 14,013 4,714 258 515 6,471 Aug.. 19,023 14,188 4,816 427 466 6,309 Dec. 4........ 36.4 30.9 7.87 Sept.. 19,295 14,380 4,888 401 755 6,451 11___ 82.2 42.4 7.68 Oct. . 19,438 14,462 4,939 265 887 6,654 26 108.7 66.3 7.69 Nov.. 19,619 14,558 5,016 315 388 6,562 Dec.. 19.791 14,624 5,112 307 1,086 5,440 1973—Jan. 2 39.3 25.5 7.84 8.... 74.2 61.3 7.69 1973-Jan... 19,982 14,741 5,174 225 392 6,943 22.... 107.0 92.1 7.70 Feb.. 20,181 493 6,911 Feb. 5.... 128.7 65.4 7.71 6 100.9 62.9 7.89 Note.—Federal National Mortgage Assn. data. Total holdings include 20.... 110.3 71.6 7.73 conventional loans. Data prior to Sept. 1968 relate to secondary market 21 66.0 49.6 7.92 portfolio of former FNMA. Mortgage holdings include loans used to back bond issues guaranteed by GNMA. Mortgage commitments made during Mar. 5.... 170.8 107.7 7.75 the period include some multifamily and nonprofit hospital loan commit 6 60.3 44.3 7.95 ments in addition to 1- to 4-family loan commitments accepted in FNMA’s 19.... 297.3 168.7 7.81 free market auction system, and through the FNMA-GNMA Tandem 21 86.8 56.4 8.02 Plan (Program 18). 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 commit ment fees and FNMA stock purchase and holding requirements. Begin ning 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 Mortgage Mortgage holdings transactions commitments Pass-through securities (during Bonds End of period) Period sold period Applications Securities Total F su H in r A e d - a g n V u t A e a e r - d c P ha u s r 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 d t received issued 197 0 1,126.2 452.4 1,315.0 197 1 4,373.6 2,701.9 300.0 1967............. 3,348 2,756 592 860 1,045 1,171 197 2 3,854.5 2,661.7 1968............. 4,220 3,569 651 1,089 1 867 1,266 1969............. 4,820 4,220 600 827 615 1,131 1972—Feb., 511.2 391.2 200.0 1970............. 5,184 4,634 550 621 897 738 Mar. 528.3 322.5 1 1 9 9 7 7 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 . , 1 2 1 9 3 4 393 A M p a r y . 2 1 1 8 6 7 . .8 4 2 2 7 1 5 2 . . 1 9 *5o6‘6‘ Tune 245.8 193.2 1972-Feb... 5,310 July. 135.5 145.8 Mar... 5,271 Aug. 548.3 140.3 Apr... 5,153 Sept. 192.0 130.9 May.. 5,241 Oct.. 237.8 164.1 June.. 5,249 Nov. 226.4 138.2 July... 5,301 Dec. 440.9 299.8 Aug... 5,405 Sept... 5,278 1973—Jan.. 515.7 323.3 Oct.... 5,203 Feb. 167.2 216.8 Nov... 5,152 Dec... 5.113 Note.—Government National Mortgage Assn. data. Under the Mort 1973-Jan... 5,117 gage-Backed Security Program, GNMA guarantees the timely payment Feb... 4,984 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. inc N lu o d t e e . a — s G m o a v ll e r a n m m o e u n n ta t l o N f a c t o i n o v n e a n l ti M on o a r l t g l a o g a e n s A . s D sn a . t a d a p t r a i . o r T t o o t a S l e h p o t. l d 1 in 96 g 8 s T FH o L d M at C e, . bond-type securities have been issued only by FNMA and 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
APRIL 1973 □ REAL ESTATE CREDIT A 53 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 Period ( F e H ff L ec B ti B ve s r e a r t ie e s ) ( H s F e H U ri A e D s ) o i n n Y s F i u e H r l e d A d - Period Mortgages Pro P e r r o ty p Mortgages New Existing New l h o n o e a m w ns e Total h N o e m w es h is o E t m i x n e g s jects i m pr i e m o n v t e s 2 Total* h N om ew es 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 1,776 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 1972......................... 7.60 7.52 7.64 7.52 1970............. 11,982 2,667 5,447 3,251 617 3,440 1,311 2,129 1971r........... 14,689 3,900 6,475 3,641 674 5,961 1,694 4,267 1972—Feb.............. 7.60 7.48 7.60 7.46 1972............. 12,320 3,459 4,608 3,448 805 8,293 2,539 5,754 Mar.............. 7.52 7.44 7.55 7.45 Apr.............. 7.51 7.42 7.60 7.50 1972—Febr. 1,109 366 448 251 44 568 203 365 May............. 7.53 7.46 7.60 7.53 Mar.r 1,293 349 449 441 54 667 235 432 June............. 7.55 7.49 7.60 7.54 Apr.r 945 272 381 241 51 516 173 343 July............. 7.58 7.50 7.65 7.54 Mayr 913 259 369 229 56 613 189 424 Aug.............. 7.59 7.52 7.65 7.55 Juner 1,077 271 372 363 71 858 243 615 Sept.............. 7.57 7.55 7.70 7.56 July r. 900 261 374 218 47 675 183 492 Oct............... 7.62 7.57 7.70 7.57 Aug.r 1,018 310 440 201 67 776 224 552 Nov.............. 7.64 7.57 7.70 7.57 Sept.T 949 245 340 287 77 758 212 546 Dec.............. 7.66 7.59 7.70 7.56 Oct.r. 862 255 343 170 94 720 204 516 Nov.r 985 261 331 312 97 790 246 544 1973—Jan.r........... 7.67 7.60 7.70 7.75 Dec.T 964 190 245 444 85 715 220 495 Feb.............. 7.69 7.61 7.75 7.80 1973—Jan. . 821 254 324 184 59 681 218 463 Feb . 162 235 233 592 187 405 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 refinancing loans, mobile home loans and also a small amount of assumed prepayment at the end of 15 years. Gaps in data are alteration and repair loans, not shown separately, only such loans in amounts due to periods of adjustment to changes in maximum permis of more than $1,000 need be secured. sible contract interest rates. The HUD (FHA) interest rates on conventional first mortgages in primary markets are un Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured weighted and are rounded to the nearest 5 basis points. The loans represent gross amount of insurance written; VA-guaranteed loans, FHLBB effective rate series reflects fees and charges as well gross amounts of loans closed. Figures do not take into account principal as contract rates (as shown in the table on conventional first- repayments on previously insured or guaranteed loans. For VA-guaranteed mortgage terms, p. A-35) and an assumed prepayment at end loans, amounts by type are derived from data on number and average of 10 years. amount of loans closed. DELINQUENCY RATES ON HOME MORTGAGES FEDERAL HOME LOAN MORTGAGE CORPORATION ACTIVITY (Per 100 mortgages held or serviced) (In millions of dollars) Loans not in foreclosure but delinquent for— Loans in Mortgage Mortgage Mortgage fore holdings transactions commitments End of period closure (during period) Total 30 days 60 days o 9 r 0 m da o y r s e End of period 1965................. 3.29 2.40 .55 .34 .40 Total F V H A A- t C i v o o e n n n a l c P ha u s r e s Sales d p M e u r r a i i d o n e d g s O t i a n u n g t d 1966................. 3.40 2.54 .54 .32 .36 1967................. 3.47 2.66 .54 .27 .32 1968................. 3.17 2.43 .51 .23 .26 1970.................... 325 325 325 1969................. 3.22 2.43 .52 .27 .27 1971.................... 968 821 147 778 64 182 1970................. 3.64 2.67 .61 .36 .33 1972 »•.................. 1,789 1,503 286 1,298 408 198 1971................. 3.93 2.82 .65 .46 .46 1972—Jan.......... 979 828 151 17 2 17 182 1970—1........... 2.96 2.14 .52 .30 .31 Feb.......... 893 844 49 23 104 126 290 II......... 2.83 2.10 .45 .28 .31 Mar......... 988 928 60 98 258 373 Ill___ 3.10 2.26 .53 .31 .31 Apr......... 1,110 1,040 70 126 232 455 IV........ 3.64 2.67 .61 .36 .33 May .... 1,324 1,239 86 220 165 398 June........ 1,415 1,344 71 194 97 117 313 1971—1........... 3.21 2.26 .56 .39 .40 July......... 1,475 1,374 100 74 11 75 298 II.......... 3.27 2.36 .53 .38 .38 Aug......... 1,498 1,394 104 107 75 109 263 Ill........ 3.59 2.54 .62 .43 .41 Sept......... 1,545 1,408 137 66 13 136 318 IV........ 3.93 2.82 .65 .46 .46 Oct.......... 1,631 1,439 192 102 9 189 371 Nov......... 1,744 1,491 253 128 10 89 293 1972—1........... 3.16 2.21 .58 .37 .50 Dec.......... ’’1,789 r1,503 286 143 87 93 198 II......... 3.27 2.38 .53 .36 .48 Ill........ 3.82 2.74 .65 .43 .52 1973—Jan........... 1,761 1,517 244 76 99 142 226 ItV\/* l1 e .. J \4 4 . . 6 6 5 6 3 3 . . 4 4 1 2 . . 7 78 9 . . 4 4 5 6 . .4 5 8 0 Note.—Federal Home Loan Mortgage Corp. data. Data for 1970 include only the period beginning Nov. 26 when the FHLMC first became operational. 1 First line is old series; second line is new series. 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 54 CONSUMER CREDIT □ APRIL 1973 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto consumer and mod Personal Single Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 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............................................. 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 7,070 5,727 1968............................................. 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 7,193 6,300 1969............................................. 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 1970............................................. 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 1971............................................ 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 1972............................................ 157,564 127,332 44,129 40,080 6,201 36,922 30,232 12,256 9,002 8,974 1972—Feb.................................. 136,941 110,510 38,516 33,579 5,403 33,012 26,431 10,752 6,987 8,692 Mar................................. 137,879 111,257 38,853 33,695 5,437 33,272 26,622 10,843 6,963 8,816 Apr.................................. 139,410 112,439 39,348 33,981 5,504 33,606 26,971 10,933 7,179 8,859 May................................ 141,450 114,183 40,063 34,439 5,604 34,077 27,267 11,066 7,464 8,737 June................................ 143,812 116,365 41,019 35,041 5,717 34,588 27,447 11,181 7,610 8,656 July................................. 145,214 117,702 41,603 35,470 5,797 34,832 27,512 11,235 7,644 8,633 Aug................................. 147,631 119,911 42,323 36,188 5,950 35,450 27,720 11,411 7,717 8,592 Sept................................. 148,976 121,193 42,644 36,745 6,049 35,755 27,783 11,541 7,693 8,549 Oct................................... 150,576 122,505 43,162 37,216 6,124 36,003 28,071 11,717 7,780 8,574 152,968 124,325 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 1973—Jan................................... 157,227 127,368 44,353 39,952 6,193 36,870 29,859 12,204 8,357 9,298 Feb.................................. 157,582 127,959 44,817 39,795 6,239 37,108 29,623 12,409 7,646 9,568 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage eluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965 Note.—Consumer credit estimates cover loans to individuals for house- and Bulletins for Dec. 1968 and Oct. 1972. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com Finance Mis Auto Other Total mercial compa Credit cellaneous Total mobile retail banks nies 1 unions lenders 1 dealers 2 outlets 1940, 5,514 3,918 1,452 2,278 171 17 1,596 167 1,429 1945. 2,462 1,776 745 910 102 19 686 28 658 1950. 14,703 11,805 5,798 5,315 590 102 2,898 287 2,611 1955. 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 1960. 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 1965 70,893 61,102 28,962 23,851 7,324 965 9,791 315 9,476 1966 76,245 65,430 31,319 24,796 8,255 1,060 10,815 277 10,538 1967 79,428 67,944 33,152 24,576 9,003 1,213 11,484 287 11,197 1968. 87,745 75,727 37,936 26,074 10,300 1,417 12,018 281 11,737 1969, 97,105 83,989 42,421 27,846 12,028 1,694 13,116 250 12,866 1970 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 1972. 127,332 111,382 59,783 32,088 16,913 2,598 15,950 261 15,689 1972--Feb........................................................ 110,510 97,135 51,264 28,695 14,702 2,474 13,375 226 13,149 111,257 97,934 51,782 28,716 14,910 2,526 13,323 228 13,095 112,439 99,139 52,629 28,955 15,083 2,472 13,300 232. 13,068 114,183 100,840 53,624 29,310 15,395 2,511 13,343 237 13,106 116,365 102,909 54,883 29,722 15,786 2,518 13,456 243 13,213 117,702 104,132 55,688 30,065 15,910 2,469 13,570 248 13,322 119,911 106,146 56,846 30,464 16,278 2,558 13,765 251 13,514 121,193 107,278 57,566 30,650 16,439 2,623 13,915 253 13,662 122,505 108,405 58,266 30,970 16,556 2,613 14,100 257 13,843 124,325 109,673 58,878 31,427 16,742 2,626 14,652 259 14,393 127,332 111,382 59,783 32,088 16,913 2,598 15,950 261 15,689 1973- 127,368 111,690 60,148 32,177 16,847 2,518 15,678 263 15,415 Feb........................................................ 127,959 112,630 60,582 32,431 16,973 2,644 15,329 266 15,063 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
APRIL 1973 □ CONSUMER CREDIT A 55 MAJOR HOLDERS OF INSTALMENT CREDIT (In millions of dollars) Commercial banks Finance companies 1 Automobile Other consumer Repair Other consumer Repair paper goods paper and Per Auto goods paper and Total modern sonal Total mobile modern ization 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 1,253 159 193 745 66 143 114 110 312 910 202 40 62 5,798 1,177 1,294 1,456 834 1,037 5,315 3,157 692 80 10,601 3,243 2,062 2,042 1,338 1,916 11,838 7,108 1,448 42 16,672 5,316 2,820 2,759 2,200 3,577 15,435 7,703 2,553 173 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 232 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 214 33,152 10,972 6,232 5,469 2,731 7,748 24,576 8,627 5,069 192 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 166 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 174 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 199 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 247 59,783 16.320 10.776 5.786 5.288 5,122 3.544 12.947 32.088 10.174 2.916 3.589 497 51,264 13,844 9,292 4,519 4,291 4,530 3,190 11,598 28,695 9,399 2,571 3,042 258 51.782 14,017 9,442 4,602 4,264 4,585 3,201 11,671 28,716 9,324 2,587 3,063 261 52,629 14,232 9,613 4,703 4,325 4,683 3,244 11,829 28,955 9,373 2,614 3,076 276 53,624 14,530 9,824 4,842 4,374 4,772 3,303 11,979 29,310 9,453 2,649 3,153 281 54,883 14,938 10,060 5,023 4,463 4,859 3,372 12,168 29,722 9,612 2,687 3,216 290 55,688 15,244 10,193 5,144 4,517 4,903 3,410 12,277 30,065 9,714 2,725 3,270 325 56,846 15,566 10,331 5,321 4,631 5,003 3,479 12,515 30,464 9,822 2,773 3,318 358 57,566 15,754 10,381 5,471 4,750 5,030 3,522 12,658 30,650 9,835 2,820 3,367 383 58,266 15,996 10,534 5,590 4,782 5,053 3,555 12,756 30,970 9,914 2,862 3,430 412 58,878 16,180 10,674 5,690 4,868 5,063 3,557 12,846 31,427 10,026 2,899 3,476 452 59.783 16.320 10.776 5.786 5.288 5,122 3.544 12.947 32.088 10.174 2.916 3.589 497 60,148 16,464 10,889 5,839 5,311 5,135 3,527 12,983 32,177 10,177 2,928 3,644 528 60,582 16,680 10,977 5,932 5,283 5,158 3,515 13,037 32,431 10,267 2,909 3,752 562 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 End of period Total mobile sumer modern sonal paper goods ization loans Total Service paper loans End of period Com Other credit mer finan Retail Credit cial cial outlets cards 1 1940................................... 188 36 7 13 132 banks insti 1945................................... 121 16 4 10 91 tutions 1950................................... 692 159 40 102 391 1955................................... 1,959 560 130 313 956 1960................................... 4,566 1,460 297 775 2,034 1940................. 2,824 636 164 1,471 553 1945................. 3,203 674 72 1,612 845 1965................................... 8,289 3,036 498 933 3,822 1950................. 6,768 1,576 245 3,291 76 1,580 1966................................... 9,315 3,411 588 980 4,336 1955................ 9,924 2,635 367 4,579 216 2,127 1967................................... 10,216 3,678 654 1,085 4,799 13,173 3,884 623 4,893 436 3,337 1968................................... 11,717 4,238 771 1,215 5,493 1969................................... 13,722 4,941 951 1,443 6,387 1965................ 18,990 6,690 981 5,724 706 4,889 1966................. 19,994 6,946 1,026 5,812 874 5,336 1970................................... 15,088 5,116 1,177 1,800 6,995 1967................. 21,355 7,478 1,080 6,041 1,029 5,727 1971................................... 17,021 5,747 1,472 1,930 7,872 1968................. 23,025 8,374 1,158 5,966 1,227 6,300 1972................................... 19,511 6,598 1,690 2,160 9,063 24,041 8,553 1,194 5,936 1,437 6,921 1972—Feb........................ 17,176 5,755 1,477 1,955 7,989 25,099 8,469 1,206 6,163 1,805 7,456 Mar....................... 17,436 5,842 1,499 1,975 8,120 1971................. 27,099 9,316 1,269 6,397 1,953 8,164 Apr........................ 17,555 5,898 1,512 1,984 8,161 30,232 10,857 1,399 7,055 1,947 8,974 May...................... 17,906 6,019 1,543 2,020 8,324 June...................... 18,304 6,166 1,580 2,055 8,503 1972—Feb.... 26,431 9,415 1,337 5,111 1,876 8,692 July....................... 18,379 6,204 1,589 2,062 8,524 Mar__ 26,622 9,491 1,352 5,102 1,861 8,816 Aug........................ 18,836 6,353 1,628 2,113 8,742 Apr— 26,971 9,594 1,339 5,296 1,883 8,859 Sept....................... 19,062 6,421 1,645 2,144 8,852 May... 27,267 9,717 1,349 5,587 1,877 8,737 Oct......................... 19,169 6,461 1,656 2,157 8,895 June... 27,447 9,831 1,350 5,689 1,921 8,656 Nov....................... 19,368 6,535 1,675 2,165 8,993 July... 27,512 9,900 1,335 5,664 1,980 8,633 Dec........................ 19,511 6,598 1,690 2,160 9,063 Aug— 27,720 10,053 1,358 5,676 2,041 8,592 Sept... 27,783 10,165 1,376 5,613 2,080 8,549 1973—Jan......................... 19,365 6,560 1,680 2,138 8,987 Oct.... 28,071 10,339 1,378 5,794 1,986 8,574 Feb........................ 19,617 6,627 1,698 2,162 9,130 Nov.... 28,643 10,527 1,390 6,081 1,929 8,716 Dec.... 30,232 10,857 1,399 7,055 1,947 8,974 lan N eo o u t s e .— len O d t e h rs e . r M fin is a c n e c ll i a a n l e l o e u n s d e le rs n d c e o rs n s i i n s c t lu o d f e c s r a e v d i i n t g u s n a io n n d s lo a a n n d a m ss i o s c c i e a l 1973—J F a e n b .. . . . . . . 2 2 9 9 , , 6 8 2 5 3 9 1 1 0 0 , , 8 9 2 8 5 9 1 1 , , 3 4 7 2 9 0 6 5 , ,7 4 3 0 5 2 1 1 , , 9 9 1 5 1 5 9 9 , , 5 2 6 9 8 8 tions and mutual savings banks. 1 Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also Note to first table on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 56 CONSUMER CREDIT o APRIL 1973 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1965............................................. 78,661 27,208 22,857 2,270 26,326 1966............................................. 82,832 27,192 26,329 2,223 27,088 1967............................................. 87,171 26,320 29,504 2,369 28,978 1968............................................. 99,984 31,083 33,507 2,534 32,860 1969............................................. 109,146 32,553 38,332 2,831 35,430 1970............................................. 112,158 29,794 43,873 2,963 35,528 1971............................................. 124,281 34,873 47,821 3,244 38,343 1972............................................. 142,951 40,194 55,599 4,006 43,152 1972—Feb.................................. 10,952 9,540 3,100 2,777 4,052 3,422 296 247 3,504 3,094 11,741 11,746 3,176 3,363 4,453 4,337 323 303 3,789 3,743 11,374 11,224 3,162 3,269 4,370 4,158 331 326 3,511 3,471 May................................ 11,687 12,556 3,274 3,699 4,393 4,593 334 399 3,686 3,865 12,057 13,096 3,412 3,938 4,577 4,779 351 403 3,717 3,976 11,687 11,833 3,298 3,480 4,684 4,544 328 358 3,377 3,451 Aug................................. 12,484 13,166 3,491 3,696 4,990 5,094 371 431 3,632 3,945 11,953 11,535 3,368 3,110 4,772 4,695 340 360 3,473 3,370 Oct.................................. 12,404 12,337 3,504 3,663 4,971 4,831 335 347 3,594 3,496 Nov................................. 12,846 12,806 3,620 3,505 5,118 5,202 327 321 3,781 3,778 Dec................................. 12,627 13,643 3,763 3,195 4,876 6,171 351 280 3,637 3,997 1973—Jan................................... 13,304 11,923 4,006 3,393 5,282 4,949 329 259 3,687 3,322 Feb.................................. 13,434 11,214 3,972 3,407 5,245 4,252 364 300 3,853 3,255 Repayments 1965............................................. 70,463 23,706 20,707 2,112 23,938 1966............................................. 77,480 25,619 24,080 2,118 25,663 1967............................................. 83,988 26,534 27,847 2,202 27,405 1968............................................. 91,667 27,931 31,270 2,303 30,163 1969............................................. 99,786 29,974 34,645 2,457 32,710 1970............................................. 107,199 30,137 40,721 2,506 33,835 1971............................................. 115,050 31,393 44,933 2,901 35,823 1972............................................ 126,914 34,729 49,872 3,218 39,095 1972 Feb................................. 10,069 9,787 2,776 2,711 3,878 3,889 253 243 3,162 2,944 10,427 10,999 2,831 3,026 3,944 4,221 262 269 3,390 3,483 Apr.................................. 10,384 10,042 2,867 2,774 3,986 3,872 268 259 3,263 3,137 10,355 10,812 2,819 2,984 3,981 4,135 287 299 3,268 3,394 June................................ 10,671 10,914 2,922 2,982 4,164 4,177 283 290 3,302 3,465 July.................................. 10,593 10,496 2,917 2,896 4,249 4,115 279 278 3,148 3,207 Aug................................. 10,841 10,957 2,896 2,976 4,395 4,376 270 278 3,280 3,327 10,667 10,253 2,873 2,789 4,303 4,138 263 261 3,228 3,065 10,908 11,025 3,041 3,145 4,354 4,360 263 272 3,250 3,248 11,128 10,986 3,023 2,993 4,444 4,354 271 271 3,390 3,368 Dec.................................. 10,964 10,636 2,977 2,740 4,341 4,155 263 253 3,383 3,488 1973—Jan................................... 11,355 11,887 3,097 3,169 4,649 5,077 267 267 3,342 3,374 Feb.................................. 11,437 10,623 3,145 2,943 4,627 4,409 275 254 3,390 3,017 Net change in credit outstanding 2 1965............................................. 8,198 3,502 2,150 158 2,388 1966............................................. 5,352 1,573 2,249 105 1,425 1967............................................. 3,183 -214 1,657 167 1,573 1968............................................. 8,317 3,152 2,237 231 2,697 1969............................................. 9,360 2,579 3,687 374 2,720 1970............................................. 4,959 -343 3,152 457 1,693 1971............................................. 9,231 3,480 2,888 343 2,520 1972............................................. 16,037 5,465 5,727 788 4,057 1972—Feb.................................. 883 -247 324 66 174 -467 43 4 342 150 1,314 747 345 337 509 116 61 34 399 260 990 1,182 295 495 384 286 63 67 248 334 1,332 1,744 455 715 412 458 47 100 418 471 1,386 2,182 490 956 413 602 68 113 415 511 July................................. 1,094 1,337 381 584 435 429 49 80 229 244 Aug................................. 1,643 2,209 595 720 595 718 101 153 352 618 1,286 1,282 495 321 469 557 77 99 245 305 Oct................................... 1,496 1,312 463 518 617 471 72 75 344 248 Nov................................. 1,718 1,820 597 512 674 848 56 50 391 410 Dec.................................. 1,663 3,007 786 455 535 2,016 88 27 254 509 1973—Jan................................... 1,949 36 909 224 633 -128 62 -8 345 -52 Feb.................................. 1,997 591 827 464 618 -157 89 46 463 238 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
APRIL 1973 □ CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Other financial Total Commercial banks Finance companies lenders Retail outlets Period S.A.1 N.S.A. S.A.1 | N.S.A. S. A.1 N.S.A. S. A.1 N.S.A. S. A.1 N.S.A. Extensions 1965. 78,661 29 ,#28 25,265 9,438 14,430 1966. 82.832 30,073 25,897 10,368 16,494 1967. 87,171 31,382 26,461 11,238 18,090 1968. 99,984 37,395 30,261 13,206 19,122 1969. 109,146 40,955 32,753 15,198 20,240 1970. 112,158 42,960 31,952 15,720 21,526 1971. 124,281 51,237 32,935 17,966 22,143 1972. 142,951 59,339 38,464 20,607 24,541 1972—Feb.. 10.952 9,540 4,518 4,009 2,941 2,614 1,700 1,527 1,793 1,390 Mar.. 11,741 11,746 4,622 4,777 3,197 3,173 1,887 1,874 2,035 1,922 Apr.. 11,374 11,224 4,644 4,780 3.196 3,071 1,582 1,564 1.952 1,809 May. 11.687 12,556 4,817 5,335 3,244 3,410 1,674 1,879 1.952 1,932 June. 12,057 13,096 5,098 5,617 3.196 3,479 1.792 2,036 1,971 1,964 July.. 11.687 11.833 4,926 5,103 3,107 3,184 1,506 1,580 2,148 1,966 Aug.. 12,484 13,166 5,349 5,644 3,285 3,433 1,788 2,014 2,062 2,075 Sept.. 11.953 11,535 4,972 4,852 3,181 2.971 1,731 1,683 2,069 2,029 Oct.. 12,404 12,337 5,227 5,224 3,334 3,348 1.705 1,679 2,138 2,086 Nov.. 12,846 12,806 5,413 5,059 3,434 3,581 1.792 1,704 2,207 2,462 Dec.. 12,627 13,643 5,313 5,096 3,355 3,766 1,791 1,642 2,168 3,139 1973—Jan.. 13,304 11,923 5,762 5,246 3,517 3,033 1.706 1,509 2,319 2,135 Feb. 13,434 11,214 5,664 4,826 3,557 2.972 1,964 1,711 2,249 1,705 Repayments 1965. 70,463 25,663 23,056 8,311 13,433 1966. 77,480 27,716 24,952 9,342 15,470 1967. 83,988 29,549 26,681 10,337 17,421 1968. 91,667 32,611 28,763 11,705 18,588 1969. 99,786 36,470 30,981 13,193 19,142 1970. 107,199 40,398 31,705 14,354 20.742 1971. 115,050 45,395 31,730 16,033 21,892 1972. 126,914 50,796 35,259 18,117 22.742 1972—Feb.. 10,069 9,787 3,980 3,902 2,787 2,642 1,461 1,365 841 1.878 Mar.. 10,427 10,999 3,983 4,259 2.971 3,152 1,605 1,614 868 1,974 Apr.. 10,384 10,042 4,073 3,933 2,948 2,832 1,507 1,445 856 1,832 May. 10.355 10,812 4,121 4,340 2,918 3,055 1,459 1,528 857 1,889 June. 10,671 10,914 4,250 4,358 2.971 3,067 1,566 1,638 884 1.851 July.. 10,593 10,496 4,366 4,298 2,883 2,841 1,419 1.505 925 1.852 Aug.. 10,841 10,957 4,414 4,486 3,021 3,034 1,510 1,557 896 1,880 Sept.. 10,667 10,253 4,221 4,132 2,938 2,785 1,533 1,457 975 1.879 Oct... 10,908 11,025 4,408 4,524 3,023 3,028 1,550 1,572 927 1,901 Nov.. 11,128 10,986 4,531 4,447 3,061 3,124 1,578 1.505 958 1,910 Dec.. 10,964 10,636 4,485 4,191 2,952 3,105 1,561 1,499 966 1,841 1973—Jan.. 11.355 11,887 4,734 4,881 3,033 2,944 1,532 1,655 056 2,407 Feb.. 11,437 10,623 4,684 4,392 3,030 2,718 1,625 1,459 098 2,054 Net change in credit outstanding 2 1965 8,198 3,865 2,209 1,127 997 1966 5,352 2,357 945 1,026 1,024 19671............................................. 3,183 1,833 -220 901 669 1968I............................................. 8,317 4,784 1,498 1,501 534 1969>............................................. 9,360 4,485 1,772 2,005 1,098 1970)............................................. 4,959 2,977 — 168 1,366 784 1971[............................................. 9,231 5,842 1,205 1,933 251 1972> 16,037 8,543 3,205 2,490 1,799 *—Feb.................................. 883 -247 538 107 154 -28 239 162 -48 -488 Mar.................................. 1,314 747 639 518 226 21 282 260 167 -52 Apr.................................. 990 1,182 571 847 248 239 75 119 96 -23 May............................... 1,332 1,744 696 995 326 355 215 351 95 43 June................................ 1,386 2,182 848 1,259 225 412 226 398 87 113 July................................. 1,094 1,337 560 805 224 343 87 75 223 114 Aug.................................. 1,643 2,209 935 1,158 264 399 278 457 166 195 Sept................................. 1,286 1,282 751 720 243 186 198 226 94 150 Oct................................... 1,496 1,312 819 700 311 320 155 107 211 185 Nov................................. 1,718 1,820 882 612 373 457 214 199 249 552 Dec.................................. 1,663 3,007 828 905 403 661 230 143 202 1,298 19735-—Jan................................... 1,949 36 1,028 365 484 89 174 -146 263 -272 Feb.................................. 1,997 591 980 434 527 254 339 252 151 -349 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 repay ments have been adjusted to eliminate duplication resulting from large Note.—Other financial lenders include credit unions and miscellane transfers 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-54. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 58 INDUSTRIAL PRODUCTION: S.A. □ APRIL 1973 MARKET GROUPINGS (1967 = 100) 1 p 9 r 6 o 7 1972 1972 1973 aver por Grouping tion age* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec, Jan. Feb.* Total index........................................ 100.00 114.4 110.0 111.2 112.8 113.2 113.4 113.9 115.0 116.1 117.5 118.5 119.2 119.9 120.9 Products, total...................................... 62.21 113.1 109.5 110.1 111.4 112.1 112.0 112.2 113.3 114.4 115.9 117.3 117.5 118 119.1 Final products................................. 48.95 111.2 107.6 108.2 109.8 110.2 110.1 110.1 111.3 112.4 113.9 115.0 115.3 116.4 117.0 Consumer goods.......................... 28.53 123.1 119.6 119.6 122.0 122.2 122.1 122.0 123.1 124.4 125.6 126.8 126.7 127.8 127.9 Equipment..................................... 20.42 94.5 90.9 92.4 92.7 93.4 93.3 93.4 94.8 95.8 97.3 98.5 99.4 100.6 101.7 Intermediate products.................... 13.26 120.5 117.0 117.3 117.3 119.3 119.1 120.5 121.2 121.7 123.4 125.9 125.7 126.1 127.2 Materials................................................ 37.79 116.4 110.8 113.1 115.0 115.6 116.1 116.8 117.4 119.1 120.3 120.6 122.0 122.1 123.9 Consumer goods Durable consumer goods.................... 7.86 125.4 120.3 118.9 125.9 125.3 126.0 123.9 125.8 125.4 128.3 130 133.9 135.5 137.0 Automotive products...................... 2.84 127.1 119.5 119.3 128.9 127.4 125.7 124.7 127.1 124.8 130.3 137.5 142.0 137.3 141.0 Autos.............................................. 1.87 112.7 106.4 104.6 114.3 111.3 108.2 108.2 109.5 109.6 116.9 126.6 133.9 126.0 131.5 Auto parts and allied goods..., .97 154.7 144.5 147.5 157.0 158.3 159.3 156.9 160.9 153.9 156.1 158.6 158.0 159.0 159.2 Home goods......................................... 5.02 124.5 120.7 118.7 124.2 124.3 126.1 123.5 125.1 125.7 127.2 126.9 129.1 134.4 134.6 Appliances, TV, and radios.......... 1.41 127.1 123.1 115.1 132.2 129.3 125.9 121.6 119.7 123.1 124.0 121.8 133.0 139.9 137.7 Appliances and A/C............... .92 144.5 146.9 131.9 149.3 148.2 141.2 138.5 141.8 142.8 147.8 141.9 151.0 151.9 153.8 TV and home audio............... .49 87.5 78.3 84.0 100.1 93.7 97.2 89.9 78.6 86.1 79.4 83.9 99 117.4 108.0 Carpeting and furniture................. 1.08 132.6 126.1 127.1 131.3 132.0 134.0 132.6 138.4 134.5 137.6 137.6 139.0 143.3 143.3 Misc. home goods........................... 2.53 121.0 117.2 117.2 116.9 118.2 122.9 120.6 122.4 123.4 124.5 125.2 122.8 127.8 129.0 Nondurable consumer goods............. 20.67 122.2 119.3 119.9 120.5 121.0 120.6 121.3 122.1 123.9 124.5 125.3 123.9 124.9 124.5 Clothing............................................. 4.32 107.8 102.7 105.0 105.0 106.2 106.8 108.0 109.1 110.0 110.3 110.4 109.0 108.1 Consumer staples........................... 16.34 126.0 123.7 123.9 124.6 124.9 124.3 124.8 125.5 127.6 128.2 129.2 127.8 129.4 xik'.i Consumer foods and tobacco.. 8.37 117.4 115.5 116.3 116.8 117.2 116.8 116.4 117.6 118.5 118.5 120.3 117 118.2 118.5 Nonfood staples......................... 7.98 135.0 132.4 132.0 132.8 133.1 132.2 133.6 133.8 137.2 138.3 138.6 138 141.1 139.4 Consumer chemical products 2.64 144.3 144.3 141.4 145.4 144.8 140.2 141.3 141.7 146.4 145.0 143.9 142.5 147.4 145.2 Consumer paper products... 1.91 114.7 112.1 113.9 111.4 111.1 112.5 112.5 112.2 115.6 118.6 119.3 119.5 119.4 119.3 Consumer fuel and lighting., 3.43 139.2 134.5 134.9 134.8 136.3 136.8 139.4 139.8 141.9 144.0 145.1 145.2 148.3 146.3 Residential utilities............ 2.25 147.5 142.5 142.3 142.1 143.2 145.0 147.0 147.5 150.3 152.1 154.5 155.6 158.5 157.4 Equipment Business equipment........................... 12.74 104.3 99.9 101.3 101.3 102.5 102.4 102.1 105.0 106.7 108.5 110.1 111.1 113.6 114.4 Industrial equipment..................... 6.77 99.3 95.4 96.3 95.7 96.3 97.2 96.7 99.9 102.8 103.7 105.8 107.3 108.7 109.1 Building and mining equip. 1.45 101.9 99.6 101.2 98.4 97.0 98.3 98.0 104.8 105.7 105.4 104.2 108.0 108.6 110.3 Manufacturing equipment 3.85 88.6 83.4 84.5 84.9 85.9 86.7 87.1 89.4 92.6 94.0 96.9 98.5 100.4 99.6 Power equipment....................... 1.47 124.6 122.7 122.0 121.4 122.8 123.5 120.5 122.4 126.3 127.2 130.8 129.6 130.6 132.9 Commercial, transit, farm eq.. .. 5.97 110.0 105.1 107.0 107.6 109.6 108.4 108.3 110.7 111.2 113.8 115.3 115.4 119.4 120.5 Commercial equipment............. 3.30 117.8 111.9 114.7 114.1 116.4 116.7 117.3 120.0 121.5 122.7 123.2 122.6 125.1 127.0 Transit equipment..................... 2.00 96.7 94.7 95.4 97.0 98.9 94.4 92.5 93.0 93.1 96.8 101.9 101.7 110.3 111.5 Farm equipment......................... .67 110.6 102.4 103.5 106.8 108.2 109.7 111.2 117.7 114.7 120.3 116.3 120.0 118.3 116.4 Defense and space equipment........... 7.68 78.2 76.0 77.6 78.5 78.2 78.3 78.9 77.9 77.7 78.6 79.3 80.1 79.0 80.5 Military products............................. 5.15 80.6 78.5 80.7 81.3 81.1 80.4 81.6 79.9 79.3 80.3 81.2 81.4 80.7 81.9 Intermediate products Construction products........................ 5.93 119.7 115. 115.9 116.5 118.0 117.8 119.8 119.3 120.6 123.1 126.1 124.6 125.8 127.2 Misc. intermediate products............. 7.34 121.1 118.0 118.5 118.0 120.4 120.2 121.1 122 122.6 123.6 125.6 126.7 126.2 127.2 Materials Durable goods materials..................... 20.91 112.1 105.8 107.8 110.4 111.1 111.1 111.5 112.6 116.0 117.4 117.7 120.1 120.7 123.2 Consumer durable parts................. 4.75 113.1 107.1 110.2 113.8 112.0 112.0 111.4 114.0 116.3 116.6 115.8 118.0 118.9 120.0 Equipment parts............................... 5.41 97.1 90.7 91.0 95.4 95.3 95.3 98.2 97.8 100.7 102.6 103.6 105.7 104.4 107.2 Durable materials nec..................... 10.75 119.3 112.8 115.2 116.5 118.6 118.6 118.2 119.5 123.6 125.2 125.7 128.5 129.7 132.7 Nondurable goods materials............... 13.99 121.7 117.0 119.8 120.6 121.3 122.5 123.3 123.7 122.7 123.9 124.4 125.5 124.4 125.0 Textile, paper, and chem. mat___ 8.58 128.0 121.5 125.0 125.9 127.1 128.5 130.1 131.1 129.2 130.7 132.7 134.8 133.2 133.2 Nondurable materials n.e.c............ 5.41 111.6 109.9 111.4 112.3 112.3 113.1 112.3 111.9 112.4 113.0 111.2 110.9 110.5 112.0 Fuel and power, industrial................. 2.89 121.2 117.7 118.9 121.6 120.7 121.7 123.5 121.5 125.0 124.3 122.5 118.7 120.7 123.0 Supplementary groups Home goods and clothing.................. 9.34 116.8 112.4 112.3 115.3 115.9 117.2 116.3 117.7 118.5 119.4 119.2 119.8 122.2 122.5 Containers.............................................. 1.82 126.8 123.7 120.3 127.5 127.0 130.2 128.8 125.7 122.6 127.2 134.2 135.1 128.7 132.3 Gross value of products in market structure (In billions of 1963 dollars) Products, total................... 413.1 402.0 405.6 409.7 413.0 412.0 410.1 414.7 417.5 425.0 431.8 431.8 435.9 438.3 Final products.............. 317.7 309.2 312.3 317.1 318.5 317.5 314.3 319.0 321.7 327.6 332.5 332.6 335.5 336.8 Consumer goods 223.7 218.8 220.4 224.8 225.1 224.6 222.5 225.5 226.9 231.0 233.9 233.8 234.5 234.7 Equipment................. 94.0 90.4 91.9 92.4 93.3 93.1 91.8 93.7 94.9 96.8 98.5 98.9 101.0 102.3 Intermediate products. 95.5 92.9 93.2 92.8 94.5 94.3 95.8 96.0 95.9 97.4 99.2 99.5 100.6 101.2 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1967 = 100) 1967 1972 1972 1973 pro aver Grouping p ti o o r n age* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.r Jan. Feb.* 88.55 113.1 108.5 109.7 111.8 112.3 112.6 113.2 114.1 115.2 116.6 117.4 118.5 119.2 120.2 Durable................................................. 52.33 107.4 102.1 103.4 105.8 106.3 106.8 107.7 108.4 109.7 111.4 112.4 144.1 114.9 116.1 Nondurable.......................................... 36.22 121.5 117.8 118.8 120.3 120.8 121.3 121.0 122.6 123.3 124.3 124.7 125.0 125.3 126.2 Mining and utilities................................ 11.45 123.8 121.6 122.3 122.9 122.6 122.7 123.2 123.8 125.9 126.2 127.2 126.2 127.3 127.7 6.37 108.3 107.2 108.5 109.0 107.9 108.2 107.9 107.7 110.2 110.0 110.1 108.3 108.5 108.6 5.08 143.2 139.7 139.7 140.2 141.1 140.9 142.5 144.1 145.6 146.6 148.7 148.6 150.8 151.6 Durable manufactures Primary and fabricated metals............. 12.55 113.0 105.4 107.4 110.4 112.7 112.1 114.5 114.0 116.4 118.4 119.6 122.8 123.4 124.4 Primary metals.................................... 6.61 112.8 102.6 105.1 110.2 113.5 111.9 114.9 113.6 117.4 119.3 120.2 126.6 126.7 126.7 4.23 106.9 95.9 98.8 105.5 108.3 104.9 107.7 107.3 113.4 114.1 114.3 117.4 119.0 121.2 Fabricated metal products............... 5.94 113.3 108.6 110.1 110.8 111.9 112.3 114.1 114.4 115.2 117.5 118.8 118.6 119.8 121.9 Machinery and allied goods................... 32.44 102.1 97.3 98.4 101.1 101.0 101.6 102.0 103.1 104.1 105.7 107.0 108.7 109.2 110.5 17.39 105.2 99.5 100.3 102.6 103.0 104.8 104.8 107.1 108.3 109.6 110.4 113.1 113.2 113.7 Nonelectrical machinery............... 9.17 103.1 96.2 97.6 98.6 100.4 101.8 102.9 106.1 107.0 108.8 110.6 110.5 111.6 111.6 8.22 107.5 103.2 103.3 107.1 105.9 108.0 107.1 108.1 109.7 110.4 110.2 116.0 115.0 116.1 Transportation equipment............... 9.29 98.9 94.7 95.9 100.4 98.9 97.4 98.2 98.4 99.8 102.1 105.0 105.9 106.6 109.9 Motor vehicles and parts............. 4.56 122.8 117.7 118.8 125.6 122.6 119.3 121.4 121.6 123.0 127.6 132.0 135.3 137.2 141.0 Aerospace and misc. trans. eq... 4.73 75.8 72.7 73.9 76.1 76.1 76.4 75.9 76.0 77.3 77.5 79.0 77.6 77.1 79.9 Instruments.......................................... 2.07 118.7 114.5 114.2 116.1 117.3 119.3 119.9 120.9 122.4 122.9 123.3 122.6 127.2 128.6 Ordnance, private and Govt............ 3.69 86.6 83.7 86.4 87.3 87.6 87.8 88.0 86.2 84.8 86.3 86.9 87.3 86.5 87.2 Lumber, clay, and glass.......................... 4.44 119.7 118.0 118.1 118.1 118.2 119.0 119.1 119.6 120.5 123.0 122.8 120.9 122.1 124.0 Lumber and products........................ 1.65 122.7 119.7 119.6 119.9 119.1 121.8 121.5 121.1 122.8 128.1 128.2 124.3 126.8 127.3 Clay, glass, and stone products----- 2.79 117.9 117.0 117.2 117.1 117.5 117.4 117.7 118.7 119.1 120.0 119.7 118.9 119.4 122.2 2.90 122.6 117.3 118.4 119.9 120.6 122.1 123.7 126.7 126.6 126.2 126.2 127.0 130.6 130.8 Furniture and fixtures....................... 1.38 113.1 108.4 108.7 111.7 110.7 112.8 115.5 117.6 116.7 116.1 117.4 118.5 119.6 121.3 Miscellaneous manufactures............ 1.52 131.2 125.4 127.2 127.4 129.6 130.6 131.0 135.1 135.6 135.4 134.0 134.5 140.7 139.5 Nondurable manufactures Textiles, apparel, and leather............... 6.90 106.2 101.1 103.7 106.1 104.9 105.9 104.8 106.8 108.0 109.1 109.1 110.7 110.0 109.9 Textile mill products......................... 2.69 114.5 107.0 110.9 113.5 112.8 113.9 112.7 116.5 116.6 118.5 118.4 119.9 119.4 119.9 Apparel products................................ 3.33 104.2 100.1 102.7 103.3 102.8 103.0 102.2 104.3 105.5 106.8 109.3 109.5 110.0 Leather and products........................ .88 88.1 86.9 85.4 94.4 89.2 92.2 90.2 86.5 91.6 88.6 80.1 87.4 81.3 85.7 Paper and printing.................................. 7.92 115.4 112.6 112.6 112.3 114.1 115.1 115.2 116.4 115.3 118.6 120.9 120.6 Paper and products............................ 3.18 126.7 122.8 122.5 124.4 127.2 126.7 126.9 127.8 124.1 127.9 133.3 134.4 Printing and publishing..................... 4.74 108.0 105.8 105.9 104.2 105.3 107.3 107.2 108.7 109.4 112.4 112.6 111.3 111.5 113.0 Chemicals, petroleum, and rubber.... 11.92 137.5 132.6 133.4 136.1 137.5 137.1 137.4 139.9 141.1 141.6 140.6 141.5 144.8 145.5 Chemicals and products................... 7.86 139.3 135.1 135.7 137.9 138.9 139.5 139.5 141.3 143.4 143.8 141.5 141.5 145.4 147.1 Petroleum products............................ 1.80 120.1 118.7 117.9 117.0 119.5 117.3 119.5 120.4 120.7 124.1 123.4 124.8 129.0 125.0 Rubber and plastics products.......... 2.26 145.0 135.0 138.1 144.7 146.5 145.0 144.1 150.4 149.6 148.2 151.3 154.4 155.3 156.2 9.48 117.4 115.9 116.3 117.6 117.1 117.6 116.8 117.6 118.8 117.8 118.9 118.3 118.2 119.4 8.81 118.4 116.9 117.5 118.6 118.5 119.3 118.3 118.3 120.0 118.2 119.4 119.5 119.0 120.2 Tobacco products.............................. .67 104.4 102.5 101.9 103.9 99.1 96.4 96.7 108.5 103.0 111.8 112.5 102.5 107.9 Mining 1.26 104.8 109.8 108.3 104.6 99.4 99.6 95.8 101.0 106.5 106.2 113.0 114.6 114.8 115.7 .51 120.8 133.7 131.0 122.2 110.7 102.9 102.2 115.2 123.4 122.3 136.7 141.8 138.6 140.5 Stone and earth minerals................. .75 93.9 93.5 92.7 92.6 91.7 97.4 91.6 91.4 94.9 95.2 97.0 96.0 98.4 99.1 5.11 109.2 106.5 108.6 110.0 109.9 110.5 111.0 109.3 111.1 110.9 109.2 106.8 107.0 107.0 .69 103.2 99.6 104.1 112.9 105.0 109.1 114.4 97.2 104.2 99.3 101.0 97.1 95.8 101.9 4.42 110.2 107.6 109.3 109.6 110.7 110.7 110.5 111.2 112.1 112.7 110.5 108.2 108.7 107.8 Utilities 3.91 149.1 144.4 144.8 145.6 147.1 146.8 148.6 150.2 152.0 152.8 155.2 155.2 157.6 158.6 1.17 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 60 INDUSTRIAL PRODUCTION: N.S.A. □ APRIL 1973 MARKET GROUPINGS (1967 = 100) p 19 ro 67 a 1 v 9 e 7 r 2 1972 1973 Grouping por age* tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.* Total index. 100.00 114.4 110.3 111.6 113.6 113.4 116.5 109.2 115.4 120.3 121.3 118.7 116.0 117.2 121.5 Products, total.................. 62.21 113.1 109.0 110.0 111.7 110.8 115.2 109.1 115.2 120.7 120.8 117.1 113.0 115.1 118.8 Final products............... 48.95 111.2 107.7 108.3 110.2 108.5 113.3 106.3 112.7 118.7 118.6 114.8 111.0 114.1 117.4 Consumer goods.... 28.53 123.1 119.4 119.2 122.4 119.6 126.0 117.0 126.5 133.5 132.7 126.0 119.7 124.5 128.0 Equipment................. 20.42 94.5 91.4 93.1 93.2 93.1 95.6 91.4 93.4 98.0 99.0 99.2 98.8 99.6 102.5 Intermediate products. 13.26 120.5 113. 116.5 117.4 119.5 122.2 119.2 124.4 128.0 128.7 125.6 120.3 119.0 123.8 Materials........................... 37.79 116.4 112.4 114.5 116.6 117.7 118.7 109.4 115.8 119.6 122.1 121.4 120.9 120.6 126.0 Consumer goods Durable consumer goods................. 7.86 125.4 122.9 121.8 128.8 126.0 129.3 107.4 119.3 133.6 139.8 134.5 124.9 133.8 140.1 Automotive products................. 2.84 121A 126.5 126 138.2 132.6 133.5 92. 107.5 136.5 146.3 141.2 123.2 139.8 149.7 Autos........................................ 1.87 112.7 117.0 115.1 128.0 121.3 120.1 61.0 78.4 120.6 135.6 132.9 109. 134 144.6 Auto parts and allied goods. .97 154.7 144.8 147.8 157.8 154.3 159.3 153.9 163.3 167.1 166.9 157.0 149.0 149.5 159.5 Home goods...................................... 5.02 124.5 120.8 119.3 123.5 122.3 126.9 115.6 126.0 131.9 136.2 130.8 125.8 130.4 134.7 Appliances, TV, and home audio, 1.41 124.7 127.2 120.1 131.9 124.9 125.6 109.6 112.2 127.7 142 129.1 .122.0 138.9 142.7 Appliances and A/C................ .92 144.5 150.3 139.3 156.6 146.9 147.4 134.9 128.9 143.5 165.0 143.5 134.6 152.4 157.2 TV and home audio................ .49 87.5 83.9 84.1 85.6 83.7 84. 62.2 80.9 98.2 101.2 102.2 98.4 113.6 115.7 Carpeting and furniture.............. 1.08 132.6 131.4 130.8 131.8 128 132. 114.4 138.7 139.6 139.7 140. 140.0 142.2 149.3 Misc. home goods........................ 2.53 121.0 112.7 113.9 115.3 118.2 125.2 119.5 128.3 130.9 131.1 127.6 121.9 120.6 124.1 Nondurable consumer goods................ 20.67 122.2 118.1 118.2 119.9 117 124.7 120.6 129.2 133. 130.0 122.7 117.7 120.9 123.4 Clothing.............................................. 4.32 107.8 106.6 108.1 113.2 102.7 113.2 97.2 113.5 116.9 114.7 108.2 100.1 103.0 Consumer staples............................... 16.34 126.0 121.2 120.9 121.7 120.9 127.8 126. 133.4 137.8 134.0 126.5 122.3 125.6 126.3 Consumer foods and tobacco... 8.37 117.4 111.2 113.0 114.8 114.7 120.8 115.8 123.9 128.7 125.4 118.7 111.0 111.9 114.1 Nonfood staples............................ 7.98 135.0 131.7 129.2 128.9 127.4 135.1 138.3 143.4 147.3 143.0 134.6 134.2 140.0 139.0 Consumer chemical products. 2.64 144.3 137.7 135.0 142.3 143.9 152.3 146.9 148.4 159.3 158.3 143. 132.5 138.6 138.5 Consumer paper products___ 1.91 114.7 109.1 110. 110.3 107.9 116.2 114.2 120.4 122.8 124.9 118.5 113.4 112.3 116.1 Consumer fuel and lighting. . 3.43 139.2 139.6 135.0 129.0 125.5 132.4 145.1 152.4 151.6 141.3 136.4 147.2 156.6 152.1 Residential utilities.............. 2.25 147.5 150.1 144.2 136.3 128.7 137.5 154.6 165.3 163.8 148.1 141.4 156.6 170.5 166.1 Equipment Business equipment....................... 12.74 104.3 100.7 102.2 102.3 102.2 105.6 99.5 103.2 110.2 111.2 110.7 109.3 111.6 115.8 Industrial equipment............... 6.77 99.3 96.2 96.4 95.7 95.7 99.0 96.0 99.5 105.2 105.5 106.3 106.4 107.4 110.1 Building and mining equip., 1.45 101.9 99.5 97.9 99.0 96.3 101.4 98.0 102.3 107.5 107.1 108.4 109.9 107.6 110.2 Manufacturing equipment., 3.85 88.6 85.6 86.2 84.8 85.5 88.2 85.2 89.2 93.6 94.9 96.6 97.7 99.2 102.2 Power equipment................. 1.47 124.6 120.6 121.4 121.2 121.8 124.9 122.3 123.7 133.2 131.8 129.4 125. 128.8 130.6 Commercial, transit, farm eq.. 5.97 110.0 105.8 108.7 109. 109.6 113.0 103.4 107.4 115.8 117.7 115.6 112.5 116.4 122.2 Commercial equipment___ 3.30 117.8 110.1 112.6 112.2 114.7 121.9 120.2 122.0 127.2 124.8 123.6 120.4 120.7 126.4 Transit equipment............... 2.00 96.7 97.3 99.5 104.8 100.9 97.9 78.2 85.2 95.2 104.0 104.6 99.2 108.4 114.5 Farm equipment................... .67 110.6 109.9 117.2 113.2 110.0 114.4 95.2 101.0 120.8 123.2 109.0 113.2 118.9 124.9 Defense and space equipment. 7.68 78.2 75.9 77.9 78.0 78.1 78.9 77.9 77.1 77.7 78.7 80.0 81.3 79.6 80.5 Military products................. 5.15 80.6 78.4 81.0 81.1 81.3 81.7 81.0 79.3 79.2 80.0 81.4 82.0 80.9 81.8 Intermediate products Construction products.......... 5.93 119.7 113.7 116.9 118.9 120.6 121.9 117.9 120.5 125.5 128.4 124.5 118.0 117.0 124.9 Misc. intermediate products., 7.34 121.1 113.9 116.1 116.2 118.7 122.4 120.3 127.5 130.0 129.0 126.5 122.1 120.6 122.9 Materials Durable goods materials.... 20.91 112.1 107.5 110.2 112. 113.8 114. 103.8 109.9 116.8 118.7 118.1 119.5 119.1 125.8 Consumer durable parts. 4.75 113.1 110.5 111.6 112.9 113.3 112.5 98.5 107.8 117.2 119.4 120.9 125.5 123.1 126.1 Equipment parts............... 5.41 97.1 92.1 93.7 96.5 95.9 98.9 92.2 95.5 101.7 102.3 102.7 104.7 104.7 108.8 Durable materials n.e.c.. 10.75 119.3 114.0 117. 120.1 123.1 123.9 111.9 118.1 124.3 126.6 124.7 124.4 124.5 134.3 Nondurable goods materials.......... 13.99 121.7 118.3 119.8 121.8 123.0 124.2 116.6 123.3 122.8 126.7 126.0 123.0 122.5 126.5 Textile, paper,and chem. mat.. 8.58 128.0 124.3 126.0 128.5 129.6 130.9 120.9 130.1 129.1 133.4 134.2 130.6 130.6 136.3 Nondurable materials n.e.c.... 5.41 111.6 108.8 110.0 111.2 112.6 113.6 109.9 112.6 112.8 116.0 113.1 110.9 109.6 110.9 Fuel and power, industrial.......... 2.89 121.2 119.6 119.6 121.8 120.7 120.8 115.2 121.7 124.0 124.4 123.5 120.4 122.8 124.8 Supplementary groups Home goods and clothing. 9.34 116.8 114.2 114.1 118.7 113.2 120.6 107.1 120.2 125.0 126.3 120.3 113.9 117.7 124.5 Containers............................. 1.82 126.8 123.3 120.3 127.9 128.9 134.2 123.1 130.0 128.0 134.4 133.0 125.0 121.6 131.9 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1967= 100) p 19 r 6 o 7 1972 1972 1973 por aver- Grouping tion age* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufacturing, total....................... 88.55 113.1 109.0 110.5 112.7 112.7 115 107.0 113.5 118.9 120.6 118.1 114.8 116.0 120.7 Durable.......................................... 52.33 107.4 103.8 105.5 107.5 107.6 109.4 100.2 105.1 111.9 114.4 113.1 111.4 113.0 118.4 Nondurable.................................... 36.22 121.5 116.4 117.8 120.2 120.0 124.9 116.9 125.7 128.9 129.6 125.4 119.7 120.3 124.2 Mining and utilities......................... 11.45 123.8 121.1 120.7 120.4 120.0 122.9 124.6 130.0 130.8 126.3 123.5 124.8 127.8 127.3 Mining............................................ 6.37 108.3 105.4 106.4 108.8 109.9 109.7 105.5 109.2 110.8 110.7 109.5 108.0 105.8 106.8 Utilities........................................... 5. 143.2 140.8 138.7 134.9 132.6 139.4 148.6 156.2 155.9 146.0 141.1 146.0 155.5 153.0 Durable manufactures Primary and fabricated metals.... 12.55 113.0 109.4 112.6 114.3 115.7 115.0 105.1 109.1 116.0 119.7 119.0 120.2 120.2 129.1 Primary metals.............................. 6.61 112.8 108.6 113.5 117.2 118.9 116.5 101.6 106.9 114.8 119.4 117.6 121.7 121. 134.0 Iron and steel, subtotal........... 4.23 106.9 101.3 107.4 113.2 114.3 108.6 98.3 101.2 108.1 113.4 110.9 114.2 112.4 128.0 Fabricated metal products......... 5.94 113.3 110.2 111.5 111.1 112.2 113.3 109.0 111.5 117.4 120.1 120.5 118.6 118.5 123.7 Machinery and allied goods............ 32.44 102.1 99.1 100.2 102.3 101.7 104.0 94.4 98.7 106.7 108.9 107.9 106.4 109.1 112.8 Machinery...................................... 17.39 105.2 101.7 102.2 103.4 102.9 107.0 100.0 104.1 111.4 112.7 110.5 110.3 112.3 116.4 Nonelectrical machinery......... 9.17 103.1 99.4 100.2 99.8 100.9 104.7 100.5 103.3 109.4 109.6 109.1 109.2 110.1 115.3 Electrical machinery................ 8.22 107.5 104.3 104.5 107.4 105.1 109.5 99.5 105.0 113.6 116.1 112.1 111.6 114.7 117.6 Transportation equipment......... 9.29 98.9 97.5 99.0 103.8 101.7 100 81.0 88.3 102.0 107.0 107.9 103.0 108.6 113.3 Motor vehicles and parts.... 4.56 122.8 123.3 123.8 131.8 128.1 126.0 87.8 102.3 127.1 137.2 137.9 128.9 142.4 148.1 Aerospace and misc. trans. eq, 4.73 75.8 72.6 75.0 76.8 76.3 76.6 74.5 74.9 77.8 77.9 78.9 78.1 76.0 79.8 Instruments.................................... 2.07 118.7 111.2 112.3 112.5 116.1 121.8 119.9 123.4 127.3 126.5 123.9 122.5 123.5 124.9 Ordnance, private and Govt.... 3.69 86.6 84.0 87.1 87.3 87.8 88.2 87.3 85.2 84.5 85.7 87.0 87.7 87.0 87.5 Lumber, clay, and glass.................. 4.44 119.7 112.3 115.9 118.5 120.4 124.1 119.2 125.7 126.3 129.0 122.6 112.9 112.0 120.2 Lumber and products................. 1.65 122.7 119.5 121.5 122.1 121.8 126.5 120.5 125.9 128. 132. 124.7 111.6 115.5 127.0 Clay, glass, and stone products. 2.79 117.9 108.1 112.5 116.3 119.6 122.7 118.4 125.6 124. 126.7 121.4 113.7 110.0 116.2 Furniture and miscellaneous........... 2.90 122.6 118.4 118.8 119.1 118.1 123.7 114.5 127.5 131.0 131.1 130.7 126.7 126.4 132.1 Furniture and fixtures................. 1.38 113.1 113.7 112.7 111.6 108.7 112.1 100.4 115.7 117.9 118.8 120.9 119.7 122.1 121.2 Miscellaneous manufactures.... 1.52 131.2 122.8 124.4 125.9 126.6 134.3 127.3 138.2 142. 142.2 139.6 133.2 130.4 136.6 Nondurable manufactures Textiles, apparel, and leather........ 6.90 106.2 105.4 106.7 109.9 103.9 110.9 94 111.4 112. 112.2 107.5 101.0 104.9 111.5 Textile mill products................... 2.69 114.5 110.3 114.0 115.9 115.8 119.0 102.0 120.7 120.4 120.9 118.4 112.4 112.1 118.1 Apparel products......................... 3.33 104.2 105.3 105.0 109.5 98.7 109.1 92.5 109.2 112.1 110.2 105.8 96.4 105.4 Leather and products.................. .88 88.1 90.6 90.4 93.3 87.3 92.8 78.2 91.3 92.0 92.8 80.7 83.3 80.6 89.3 Paper and printing......................... 7.92 115.4 109.9 111.2 112.9 114.1 117.9 111.5 120.0 120.7 124.9 122.6 114.1 Paper and products..................... 3.18 126.7 125.9 125.3 128.1 128.5 130.2 116.1 127.5 123.7 134.5 134.4 124.3 Printing and publishing.............. 4.74 108.0 99.2 101.7 102.7 104.4 109.6 108.4 114.9 118.6 118.5 114.7 107.3 101.7 106.0 Chemicals, petroleum, and rubber.. 11.92 137.5 131.1 132.5 135.8 138.0 141.4 134.7 140.3 144.9 145.6 141.9 139.2 140.6 143.9 Chemicals and products............. 7.86 139.3 132.0 134.1 138.9 140.7 144.2 138.7 142.4 147.1 146.7 142.1 138.5 140.3 143.7 Petroleum products..................... 1.80 120.1 115.0 113.5 112.1 118.4 121.5 123.8 125.7 126.3 126.3 122.5 122.9 123.7 121.1 Rubber and plastics products... 2.26 145.0 140.8 142.2 144.1 144.0 147.6 129.3 144.4 152.3 156.9 156.7 154.7 155.0 162.9 Foods and tobacco.......................... 9.48 117.4 111.4 112.9 114.2 114.1 120.1 115.2 122.7 127.5 126.0 120.0 113.3 113.2 114.7 Foods.............................................. 8.81 118.4 111.8 113.7 115.3 115.3 121.4 117.4 123.2 128.9 126.4 120.5 115.4 113.6 115.0 Tobacco products......................... .67 104.4 105.5 102.1 99.4 98.1 103.0 86.3 116.7 109.4 120.4 113.4 86.0 107.7 Mining Metal, stone, and earth minerals... 1.26 104.8 95.4 98.0 105.3 110.8 111.6 102.2 108.7 113.1 110.2 106.1 103.8 98.8 100.7 Metal mining................................ .51 120.8 113. 114.4 123.5 131.5 129.6 116.7 128.4 133.5 123.2 114.8 114.6 113.8 119.6 Stone and earth minerals........... .75 93.9 82.8 86.8 92.8 96.7 99.3 92.3 95.4 99.2 101.3 100.3 96.4 88.6 87.8 Coal, oil, and gas........................... 5.11 109.2 107.9 108.5 109.7 109.7 109.2 106.3 109.3 110.3 110.8 110.3 109.1 107.5 108.3 Coal................................................. .69 103.2 99.9 102.7 114.9 107.1 104. 87.6 103.5 106.9 106.1 103.2 96.5 94.7 102.2 Oil and gas extraction................. 4.42 110.2 109.2 109.4 108.9 110.1 109.9 109.2 110.2 110.8 111.6 111.4 111.1 109.5 109.3 Utilities Electric................................................ 3.91 149.1 145.8 143.5 138.5 136.4 144.9 156.5 166.0 165.4 152.0 151.6 160.3 Gas....................................................... 1.17 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 62 BUSINESS ACTIVITY; CONSTRUCTION □ APRIL 1973 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu Prices 4 facturing 2 In Ca Market dustry p u a ti c li i z ty a Con N ri o c n u a l g Products tion struc tural Total Period Total Total Final C p o r n o ducts m In ed te ia r te M ri a a t ls e f M a i c a n t n g u u r i o = n ( u 1 m 1 9 tp 0 6 f u 0 7 g ) t . tr c t a i o o c n n ts T m p e o e l m o t n a y t l — i p m E lo m en y t P ro a l y ls s r a e l t e ai s l 3 s C um on e r m W c s o o a h d m l o e i l t e y Total sumerEquip prod goods ment ucts 1953... 95.5 76.3 98.2 60.3 54 80.1 87.4 1954... 51.9 51.5 50.8 53.3 47.9 55.1 52.0 51.5 84.1 74.4 89.6 55.1 54 80.5 87.6 1955... 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956... 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 1957... 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 1958... 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 1959... 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 1960... 66.2 66.2 64. 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. 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 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. 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. 3 107.2 98.0 114.1 120 116.3 110.4 1971... 106.8 106.4 104.7 115.7 89.4 112.6 107.4 105.2 r75.0 132.0 107.3 93.9 116.3 122 121.2 113.9 1972*. 114.4 113.2 111.2 123.1 94.6 120.4 116.5 113.2 110.5 96.7 130.2 142 125.3 119.8 1972—F M e a b r .. . . . 1 1 1 1 1 0 . . 2 0 1 1 1 0 0 9 . . 1 5 1 1 0 0 8 7 . . 2 6 1 1 1 1 9 9 . . 6 6 9 9 0 2 . . 9 4 1 1 1 1 7 7 . . 3 0 1 1 1 1 3 0 . . 1 8 1 1 0 0 9 8 . . 7 5 I> JS r'7i^j .j3 1 1 5 5 9 5 . . 0 0 '1 1 0 0 9 8 . . 3 9 ' ' 9 9 5 4. . 7 2 ' ' 1 12 2 4 4 . . 1 9 1 1 3 3 9 5 1 1 2 23 4 . . 8 0 1 1 1 1 7 7. . 3 4 Apr.., 112.8 111.4 109.8 122.0 92.7 117.3 115.0 111.8 j 167.0 109.7 '95.8 '127.4 139 124.3 117.5 May., 113.2 112.1 110.2 122.2 93.4 119.3 115.6 112.3 \ r77.4 165.0 110.2 '96.4 '128.0 142 124.7 118.2 June. 113.4 112.0 110.1 122.1 93.3 119.1 116.1 112.6 j 154.0 '110.4 '96.8 '128.9 141 125.0 118.8 July.. 113.9 112.2 110.1 122.0 93.4 120.5 116.8 113.2 1 155.0 110.3 96.3 '127.7 143 125.5 119.7 Aug.. 115.0 113.3 111.3 123.1 94. 121.2 117.4 114.1 78.1 180.0 110.8 96.8 '131.2 145 125.7 119.9 Sept.. 116.1 114.4 112.4 124.4 95. 121.7 119.1 115.2 J 187.0 111.1 97.3 '133.8 144 126.2 120.2 Oct... 117.5 115.9 113.9 125.6 97.3 123.4 120.3 116.6 i 171.0 111.7 98.4 '136.1 149 126.6 120.0 Nov.. 118.5 117.3 115.0 126.8 98.5 125.9 120.6 117.4 \ 79.6 177.0 112.2 99.2 '139.0 148 126.9 120.7 Dec.. 119.2 117.5 115.3 126.7 99.4 125.7 122.0 118.5 J 163.0 112.4 99.8 '139.3 151 127.3 122.9 1973—Jan........ 119.9 118.5 116.4 127. 100.6 126.1 122.1 119.2 181.0 '112.7 '99.9 '139.7 '156 127.7 124.5 Feb........ 120.9 119.1 117.0 127.9 101.7 127.2 123.9 120.2 191.0 '113.4 '100.6 '142.9 '158 128.6 126.9 Mar.*. . 121.7 119.7 117.8 129.0 102.3 127.0 125.0 121.0 113.7 100.9 142.8 129.7 1 Employees only: excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. Latest figure is final. value of total construction contracts, including residential, nonresidential, 5 Figure is for first quarter 1972. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; Note.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1972 1973 TVpe of ownership and 1971 1972 type of construction Feb.' Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total construction *............................ 80,188 91,877 5,595 7,284 8,100 9,098 8,478 8,067 8,875 8,197 8,225 7,248 6,464 6,795 6,839 By type of ownership: Public............................................ 23,927 24,404 1,625 1,686 1,741 2,574 2,517 2,528 2,466 2,017 1,668 1,785 1,650 1,918 1,717 Private 1....................................... 56,261 67,473 3,969 5,598 6,359 6,524 5,960 5,538 6,409 6,181 6,557 5,462 4,814 4,877 5,122 By type of construction: Residential building 1............... 34,754 45,473 2,663 3,617 3,971 4,428 4,375 3,864 4,671 4,135 4,298 3 663 3,120 3,195 Nonresidential building............ 25,574 27,327 1,789 2,187 2,182 2,908 2,447 2,461 2,458 2,378 3,549 2,184 2,215 2,420 Nonbuilding................................ 19,282 19,077 1,142 1,480 1,947 1,762 1,655 1,741 1,746 1,684 1,544 1,402 1,132 1,180 Private housing units authorized... 1,925 2,130 2,056 2,007 1,991 1,955 2,121 2,108 2,237 2,265 2,216 2,139 '2,377 '2,218 2,155 (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
APRIL 1973 p CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d R en e t s i i a l Buildings Total M ta i r l y i H w ig ay h d C v e o a v n & t e i s l o e o n r p Other 2 Total Other Indus Com Other ment trial mercial build 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 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'. 119,847 91,564 53,509 38,055 4,592 12,979 5,670 14,814 28,283 1,360 1,417 Aug.' 122,857 93,654 54,325 39,329 4,814 13,406 5,942 15,167 29,203 867 1,676 Sept.' 124,816 94,205 55,465 38,740 4,432 13,490 5,723 15,095 30,611 978 1,666 Oct.'. 128,850 96,024 56,340 40,559 4,301 13,770 6,256 15,357 32,826 1,045 1,767 Nov.' 126,327 97,052 57,105 39.947 4,556 13,377 6,230 15,784 29,275 1,205 1,719 Dec.' 131,962 97,886 57,373 40,513 4,788 13,711 6,185 15,829 34,076 1,125 1,667 1973—Jan.'. 135,698 101,116 58,033 43,083 5,328 15,106 5,996 16,653 34,582 1,237 2,042 Feb... 135,334 102,378 59,561 42,817 5,180 14,773 6,198 16,666 32,956 1,428 1,746 1 Includes religious, educational, hospital, institutional, and other build 4 Beginning 1963, reflects inclusion of new series under “Public” (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in “Other.” 3 Beginning July 1962, reflects inclusion of new series affecting most Note.—Census Bureau data, monthly series at seasonally adjusted private nonresidential groups. annual rates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) ship Region Type of structure ments (N.S.A). Total N e o a r s t t h C N e o n r t t r h al South West fam 1- ily 2 fa - m to i l 4 y - m 5- o r o e r - Total Private Public Total FHA VA family 1963\............................. 1,603 261 328 591 430 1,012 5:89 1,635 1,603 32 292 221 71 151 [............................ 1,529 254 340 578 357 970 108 450 1,561 1,529 32 264 205 59 191 1965. 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966. 1,165 206 288 472 198 778 61 325 1,196 1,165 31 195 158 37 217 19671............................. 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 19685............................. 1,508 227 369 618 294 900 81 527 1,546 1,508 38 283 227 56 318 1969)............................. 1,467 206 349 588 324 814 85 571 1,500 1,467 33 284 233 51 413 1970)............................. 1,434 218 294 612 310 813 85 536 1,469 1,434 35 482 421 61 401 19711............................. 2,052 264 434 869 486 1,151 120 781 2,084 2,052 32 621 528 93 497 1—Jan.................. 2,439 398 432 1,009 599 1,395 169 875 151 149 2 43 36 8 33 Feb................. 2,540 269 523 1,168 581 1,281 200 1,060 154 152 1 36 28 8 40 Mar................ 2,313 306 383 1,033 591 1,310 142 861 206 204 2 48 38 11 49 Apr................. 2,204 259 381 1,083 482 1,215 146 843 213 212 2 38 29 9 53 May............... 2,318 282 547 999 489 1,308 125 886 228 226 2 42 32 9 52 June............... 2,315 337 452 992 534 1,283 137 895 226 223 3 42 32 10 55 July................. 2,244 303 443 1,009 488 1,319 116 809 208 206 1 36 26 9 48 Aug................ 2,424 349 475 1,014 586 1,373 137 914 231 229 2 40 30 10 52 Sept................ 2,426 355 474 1,096 501 1,382 125 920 204 203 1 37 28 9 49 Oct.................. 2,446 372 469 1,125 480 1,315 153 978 218 217 2 34 25 9 54 Nov................ 2,395 353 400 1,106 536 1,324 134 937 187 186 1 29 21 8 50 Dec.'............. 2,369 486 330 1,080 473 1,207 128 1,034 153 151 2 48 42 6 38 J—Jan.'............... 2,496 345 606 1,090 455 1,449 163 884 147 146 1 18 12 7 41 Feb................. 2,444 355 578 1,080 431 1,361 125 958 139 137 2 Note.—Starts are Census Bureau series (including farm starts) except units under FHA, based on field office reports of first compliance inspec for 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 Manufac turers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 64 EMPLOYMENT □ APRIL 1973 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period i p T n ( o s o N t p t i a . t u S u l l t . a n A i t o o i . o n ) n n a - l la ( b N N o . o r S t . f A i o n r . ) ce ( T l f S a o o b . r A t c o a e . r l ) Total Total E In m c n u p o l l t n o u a y ra g e l r d i 1 - In U pl n o e y m ed U ( n p e e m r S a m r . e A t c e p n e . 2 l t ) n o t y ; 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—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 77,896 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 Feb. 147,313 58,238 89,961 87,569 83,127 79,703 3,424 4,442 5.1 Mar. 147,541 57,856 90,629 88.268 83,889 80,409 3,480 4,379 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) Contract Transporta Period Total M t a u n ri u n f g ac Mining con ti s o tr n uc ti li o c n u & til i p ti u e b s Trade Finance Service G m ov e e n r t n 1967............................................................... 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 1968............................................................... 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 1970............................................................... 70,593 19,349 623 3,381 4,493 14,914 3,688 11,612 12,535 70,645 18,529 602 3,411 4,442 15,142 3,796 11,669 12,858 1972............................................................... 72,764 18,933 607 3,521 4,495 15,683 3,927 12,309 13,290 SEASONALLY ADJUSTED 1972—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 72,592 18,892 604 3,535 4,490 15,632 3,913 12,252 13,274 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 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.................................................... 74,026 19,419 607 3,452 4,558 15,946 3,991 12,549 13,504 1973—Jan..................................................... 74,245 19,469 610 3,502 4,574 15,989 3,999 12,621 13,481 Feb.*................................................ 74,713 19,577 612 3,589 4,582 16,121 4,012 12,687 13,533 Mar.*............................................... 74,901 19,620 612 3,601 4,576 16,212 4,031 12,695 13,554 NOT SEASONALLY ADJUSTED 1972—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.................................................... 74,778 19,423 603 3,373 4,558 16,669 3,971 12,474 13,707 1973—Jan..................................................... 73,343 19,279 598 3,155 4,510 15,865 3,959 12,406 13,571 Feb.*................................................ 73,712 19,418 597 3,180 4,509 15,770 3,976 12,535 13,727 Mar.*............................................... 74,225 19,514 599 3,291 4,530 15,891 4,007 12,619 13,774 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 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 bench mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted * Industry group 1972 1973 1972 1973 Mar. Jan. Feb.* Mar.* Mar. Jan. Feb.* Mar.* 13,616 14,298 14,400 14,439 13,521 14,130 14,263 14,343 Durable goods........................................................................ 7,729 8,310 8,375 8,402 7,713 8,243 8,331 8,386 Ordnance and accessories.......................................... 89 102 103 101 89 103 102 101 Lumber and wood products...................................... 520 539 541 543 508 521 526 530 Furniture and fixtures................................................. 399 424 425 427 396 424 424 425 Stone, clay, and glass products................................ 519 539 545 547 506 519 526 533 Primary metal industries............................................ 956 1,031 1,032 1,026 966 1,024 1,033 1,037 Fabricated metal products........................................ 1,028 1,092 1,104 1,104 1,024 1,085 1,096 1,099 Machinery..................................................................... 1,189 1,324 1,325 1,335 1,202 1,323 1,339 1,350 Electrical equipment and supplies........................... 1,205 1,318 1,335 1,347 1,199 1,315 1,331 1,340 Transportation equipment........................................ 1,229 1,310 1,325 1,330 1,238 1,319 1,332 1,339 Instruments and related products........................... 266 292 295 297 266 291 294 297 Miscellaneous manufacturing industries................. 329 339 345 345 318 320 330 334 5,887 5,988 6,025 6,037 5,808 5,887 5,932 5,957 Food and kindred products...................................... 1,186 1,181 1,186 1,182 1,113 1,121 1,113 1,110 Tobacco manufactures.................................... 63 59 61 64 57 59 58 58 Textile-mill products................................................... 864 894 902 903 862 890 899 901 Apparel and related products................................... 1,164 1,161 1,174 1,178 1,173 1,143 1,176 1,187 Paper and allied products.......................................... 529 548 552 556 524 545 546 551 Printing, publishing, and allied industries............. 655 662 661 662 657 659 660 664 Chemicals and allied products.................................. 575 590 591 594 576 585 588 594 Petroleum refining and related industries............... 117 119 116 118 114 115 113 115 473 522 529 529 473 519 526 528 Leather and leather products.................................... 261 252 253 251 259 252 253 250 i Data adjusted to 1971 benchmark. Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked1 Average weekly earnings1 Average hourly earnings1 (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1972 1973 1972 1973 1972 1973 Mar. Jan. Feb.* Mar.* Mar. Jan. Feb.* Mar.* Mar. Jan. Feb.* Mar.* 40.4 40.3 40.9 40.9 150.72 159.20 161.18 162.38 3.74 3.98 3.97 3.98 Durable goods........................................................... 41.0 41.3 41.9 41.7 163.18 173.43 175.55 176.39 3.98 4.23 4.23 4.23 Ordnance and accessories............................. 42.0 42.4 43.0 42.7 169.22 176.38 178.88 178.89 4.01 4.16 4.16 4.17 Lumber and wood products........................ 40.9 39.9 40.5 40.9 131.78 134.55 138.40 141.17 3.23 3.45 3.46 3.46 Furniture and fixtures.................................... 40.4 39.0 40.5 40.7 121.10 120.96 125.85 128.47 3.02 3.15 3.17 3.18 Stone, clay, and glass products........... 42.0 41.1 42.1 42.0 159.68 162.01 167.27 170.13 3.82 4.03 4.05 4.07 Primary metal industries.............................. 41.1 42.4 42.4 42.2 188.33 206.49 206.06 207.34 4.56 4.87 4.86 4.89 Fabricated metal products........................... 40.9 41.4 41.9 41.7 159.54 169.33 171.40 172.64 3.92 4.13 4.14 4.16 41.4 42.4 42.8 42.6 175.14 188.26 190.46 190.91 4.20 4.44 4.45 4.45 Electrical equipment and supplies.............. 40.2 40.4 41.1 40.6 145.52 153.14 153.47 153.47 3.62 3.80 3.78 3.78 Transportation equipment........................... 41.7 42.3 43.2 42.6 193.02 209.50 213.43 212.50 4.64 5.00 5.01 5.00 Instruments and related products............... 40.3 40.4 40.8 40.7 148.71 153.56 154.31 155.88 3.69 3.82 3.81 3.83 Miscellaneous manufacturing industries... 39.2 38.7 39.3 39.3 120.65 124.42 126.29 127.66 3.07 3.24 3.23 3.24 Nondurable goods................................................... 39.6 39.0 39.7 39.7 134.35 139.71 141.09 142.20 3.41 3.61 3.59 3.60 Food and kindred products......................... 40.6 40.1 40.2 40.1 142.40 149.25 148.10 148.13 3.56 3.75 3.74 3.75 Tobacco manufactures.................................. 34.5 33.9 35.6 36.1 113.22 118.90 126.29 127.73 3.40 3.56 3.65 3.66 Textile-mill products...................................... 41.4 39.5 41.1 41.2 111.92 112.22 117.79 118.78 2.71 2.87 2.88 2.89 Apparel and related products..................... 35.8 34.5 36.0 36.1 92.52 92.75 97.38 99.10 2.57 2.72 2.72 2.73 Paper and allied products............................ 42.7 42.6 43.0 42.9 162.82 171.74 172.96 172.96 3.84 4.06 4.06 4.06 Printing, publishing, and allied industries. 37.6 37.8 38.0 38.0 165.44 170.09 172.21 175.18 4.40 4.56 4.58 4.61 Chemicals and allied products..................... 41.8 41.6 42.0 42.1 171.80 180.94 181.83 183.14 4.11 4.36 4.35 4.35 Petroleum refining and related industries . 42.2 41.9 41.7 41.7 203.01 209.71 209.10 211.67 4.88 5.09 5.10 5.15 Rubber and misc. plastic products............. 41.0 41.1 41.4 41.7 143.26 152.97 153.30 154.42 3.52 3.74 3.73 3.73 Leather and leather products....................... 38.2 37.1 37.7 38.0 102.33 103.04 104.81 105.56 2.70 2.78 2.80 2-77 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 66 PRICES □ APRIL 1973 CONSUMER PRICES (1967 = 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow s o h m n ip e c r - - F c a o o u n i a e d l l l t e r G a i l c n e a i c d s t y o n F i p a n i n u e s g h d r r s a A up p a k p n e a d e re p l T p t o r i a o r n t n a s 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 a i e c n n a r g d e d a g O s a o e t n o h rv d d e r s tion tion ices 1929............................ 51.3 48.3 76.0 48.5 1933............................ 38.8 30.6 54.1 36.9 1941............................ 44.1 38.4 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 47.7 49.2 1945............................ 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56.9 1960............................ 88.7 88.0 90.2 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.1 79.1 90.1 87.3 87.8 1961............................ 89.6 89.1 90.9 92.9 86.9 91.0 99.4 93.7 90.4 90.6 86.7 81.4 90.6 89.3 88.5 1962............................ 90.6 89.9 91.7 94.0 87.9 91.5 99.4 93.8 90.9 92.5 88.4 83.5 92.2 91.3 89.1 1963............................ 91.7 91.2 92.7 95.0 89.0 93.2 99.4 94.6 91.9 93.0 90.0 85.6 93.4 92.8 90.6 1964............................ 92.9 92.4 93.8 95.9 90.8 92.7 99.4 95.0 92.7 94.3 91.8 87.3 94.5 95.0 92.0 1965............................ 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 95.9 94.2 1966............................ 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 97.5 97.2 1967............................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968............................ 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 1969............................ 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 1970............................ 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 1971............................ 121.3 118.4 124.3 115.2 133.7 117.5 114.7 118.1 119.8 118.6 122.2 128.4 116.8 119.3 120.9 1972............................ 125.3 123.5 129.2 119.2 140.1 118.5 120.5 121.0 122.3 119.9 126.1 132.5 119.8 122.8 125.5 1972—Feb................. 123.8 122.2 127.6 tr117.8 138.0 118.7 119.4 119.6 120.7 118.3 124.7 131.0 118.4 121.5 124.3 Mar................ 124.0 122.4 127.9 tr118.0 138.2 118.7 119.7 120.1 121.3 118.4 125.0 131.4 118.7 121.7 124.6 Apr................. 124.3 122.4 128.2 tr 118.4 138.5 118.6 120.2 120.5 121.8 118.6 125.5 131.7 119.1 122.3 125.1 May............... 124.7 122.3 128.5 trl 18.6 138.9 118.7 120.5 120.8 122.5 119.5 125.8 132.0 119.7 122.5 125.4 June............... 125.0 123.0 129.0 tr119.0 139.6 117.8 120.3 121.0 122.1 119.8 126.1 132.4 120.0 122.9 125.6 July................. 125.5 124.2 129.5 $ r119.2 140.7 117.7 120.3 121.1 121.1 120.3 126.3 132.7 120.0 123.0 125.8 Aug................. 125.7 124.6 129.9 trl 19.6 141.3 117.9 120.5 121.2 120.8 120.5 126.5 132.9 120.2 123.0 126.0 Sept................ 126.2 124.8 130.1 119.9 141.5 118.0 120.5 121.6 123.1 121.0 126.8 133.1 120.5 123.7 126.2 Oct.................. 126.6 124.9 130.4 120.3 141.8 118.1 120.9 121.8 124.3 121.2 127.2 133.9 120.8 124.0 126.4 Nov................ 126.9 125.4 130.8 120.5 142.0 119.3 122.2 122.1 125.0 121.4 127.4 134.1 121.0 124.1 126.4 Dec................. 127.3 126.0 131.2 121.0 142.6 119.4 122.5 122.3 125.0 121.3 127.5 134.4 121.5 124.0 126.5 1973—Jan.................. 127.7 128.6 131.4 121.5 142.6 120.7 124.1 122.2 123.0 121.0 127.8 134.9 121.8 124.1 126.7 Feb................. 128.6 131.1 132.0 122.1 142.9 127.2 124.5 122.6 123.6 121.1 128.1 135.3 122.4 124.3 127.1 t Reflects effect of refund of Federal excise tax on new cars. Note.—Bureau of Labor Statistics index for city wage-earners and t Indexes affected by refunds of residential telephone series changes in clerical workers. California and retroactive rent increases in New York City. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities Pro Period m c t A o i o e m l d s l i p F u r a c o r t d m s c f f e o a e s n o e s d d d e s d s Total t T e il e t e c x s . , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , R b e u t e c r b . , L b e u e tc m r . , P e a t p c e . r, M a et l e c s, t . e c M a q e h n r u i a y n d i p F t u e u t r r c n e . , i N t e m m a r o l a i e l n n l i - s c - T e p m t q r o i a e o u r n n n i t p a s t1 n c M e e o l i l u s a s ment I960................................ 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 1961................................ 94.5 96.3 91.0 94.8 97.7 91.7 97.2 100.7 99.2 91.0 95.2 91.9 91.9 98.4 97.6 93.3 1962................................ 94.8 98.0 91.9 94.8 98.6 92.7 96.7 99.1 96.3 91.6 96.3 91.2 92.0 97.7 97.6 93.7 1963................................ 94.5 96.0 92.5 94.7 98.5 90.0 96.3 97.9 96.8 93.5 95.6 91.3 92.2 97.0 97.1 94.5 1964................................ 94.7 94.6 92.3 95.2 99.2 90.3 93.7 98.3 95.5 95.4 95.4 93.8 92.8 97.4 97.3 95.2 1965................................ 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 1966................................ 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 1967................................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968................................ 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 1969................................ 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 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 1972—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 1973—Jan...................... 124.5 144.2 132.4 120.0 116.6 143.9 122.2 105.1 110.0 151.0 115.8 125.6 118.9 112.6 128.2 114.1 115.8 Feb..................... 126.9 150.9 137.0 121.3 117.4 144.9 126.0 105.6 110.1 161.0 116.5 126.9 119.4 113.1 128.4 114.2 117.1 Mar.................... 129.7 160.9 141.4 122.7 119.0 143.5 126.7 106.7 110.3 173.2 118.3 129.2 120.0 113.5 129.0 114.5 117.9 1 For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1967=100) 1972 1973 1972 1973 Group Group Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm products: Pulp, paper, and allied products: 112.8 151.2 146.9 158.5 Pulp, paper and products, excluding 93.8 135.6 128.2 126.1 building paper and board............... 112.5 116.1 116.9 118.6 136.7 159.4 177.8 194.4 Woodpulp.............................................. 111.5 111.5 111.5 111.5 Live poultry.............................................. 107.6 127.9 137.0 164.8 Wastepaper............................................ 129.3 133.8 135.8 136.9 Plant and animal fibers.......................... 114.3 134.1 140.0 152.7 Paper............................................... 115.7 117.8 118.5 119.2 121.8 126.7 128.5 130.3 Paperboard............................................ 103.6 108.2 109.7 110.7 107.7 158.2 130.1 152.6 Converted paper and paperboard... 112.2 116.6 117.3 120.0 114.4 143.9 178.1 188.1 Building paper and board.................. 105.6 107.1 108.1 108.5 117.5 136.5 140.5 143.3 Processed foods and feeds: Metals and metal products: 112.6 121.0 120.8 121.3 127.3 145.2 153.1 165.1 Iron and steel........................................ 128.3 131.9 133.0 133.3 Dairy products......................................... 118.0 123.8 124.0 126.8 Steelmill products................................ 130.9 132.6 132.7 133.2 Processed fruits and vegetables............ 116.7 125.3 125.9 126.2 Nonferrous metals............................... 117.2 117.9 121.0 128.3 Sugar and confectionery........................ 121.9 121.5 124.4 125.7 Metal containers................................... 127.1 131.1 130.8 135.7 Beverages and beverage materials.... 116.7 119.8 120.0 120.8 Hardware............................................... 119.2 121.7 121.9 122.1 130.4 120.6 134.7 174.1 Plumbing equipment .......................... 118.9 120.8 121.6 123.3 115.6 96.3 123.1 139.3 Heating equipment.............................. 117.0 118.8 119.2 119.5 120.6 110.0 120.3 132.5 Fabricated structural metal products 122.1 124.4 124.7 125.0 120.8 119.7 122.2 127.0 Miscellaneous metal products........... 124.1 125.2 125.8 126.7 113.7 116.6 117.3 118.7 108.5 166.3 182.5 182.3 Textile products and apparel: Machinery and equipment: 119.6 126.0 128.2 130.0 Agricultural machinery and equip... 122.0 123.6 124.4 124.7 Wool products.......................................... 92.0 114.5 119.2 127.7 Construction machinery and equip.. 125.0 126.6 127.4 128.6 Manmade fiber textile products......... 106.1 111.4 111.8 115.2 Metalworking machinery and equip. 119.4 121.8 122.5 123.4 Apparel...................................................... 114.1 116.5 116.8 117.0 General purpose machinery and Textile housefurnishings........................ 108.7 109.9 110.3 110.5 equipment.......................................... 121.5 123.9 124.3 124.9 Miscellaneous textile products............. 130.9 120.0 120.4 120.4 Special industry machinery and equipment.......................................... 123.0 124.9 126.5 127.0 Hides, skins, leather, and products: Electrical machinery and equip......... 110.1 110.9 111.0 111.3 Miscellaneous machinery................... 119.0 121.1 121.5 122.4 Hides and skins........................................ 173.8 274.0 272.7 246.4 Leather....................................................... 128.4 162.8 162.9 164.5 Footwear................................................... 120.1 129.0 130.9 131.1 Other leather products............................ 111.9 129.3 129.4 129.4 Furniture and household durables: Fuels and related products, and power: Household furniture............................ 116.8 119.1 119.4 120.0 Commercial furniture.......................... 118.7 123.6 123.8 123.8 Coal............................................................ 192.6 205.5 206.9 207.4 Floor coverings .............................. 98.2 99.7 100.9 101.1 Coke........................................................... 155.0 162.5 164.6 164.6 Household appliances................... 107.4 107.8 108.2 108.4 Gas fuels.................................................... 110.9 118.4 118.6 118.9 Home electronic equipment . . 93.0 92.4 92.4 92.2 Electric power.......................................... 120.0 123.8 125.9 126.8 Other household durable goods.... 124.5 127.0 128.1 129.1 Crude petroleum...................................... 113.2 114.7 114.7 114.9 Petroleum products, refined................... 106.3 112.3 118.7 119.4 Chemicals and allied products: Nonmetallic mineral products: Industrial chemicals................................ 101.0 101.4 101.8 101.9 Flat glass................................................ 122.4 122.5 122.5 124.1 Prepared paint.......................................... 117.9 119.4 119.4 119.9 Concrete ingredients............................ 124.6 129.0 129.2 129.9 Paint materials............................................ 102.7 106.5 107.7 107.7 Concrete products................................ 124.5 128.5 128.9 129.6 Drugs and pharmaceuticals................... 102.5 103.5 103.6 103.8 Structural clay products excluding Fats and oils, inedible............................ 103.5 130.3 139.1 173.9 refractories........................................ 116.2 120.3 121.5 122.2 Agricultural chemicals and products.. 90.6 93.0 93.1 93.6 Refractories........................................... 127.1 136.3 136.3 136.3 Plastic resins and materials................... 88.9 89.7 90.0 90.5 Asphalt roofing..................................... 131.2 131.2 131.2 131.2 Other chemicals and products 112.7 113.9 114.2 115.1 Gypsum products................................. 115.3 117.4 115.8 118.1 Glass containers.................................... 131.5 136.4 136.4 136.4 Rubber and plastic products: Other nonmetallic minerals............... 126.4 127.8 128.0 128.3 Rubber and rubber products 112.9 115.0 115.1 115.5 Crude rubber...................................... 98.5 102.7 104.8 107.2 Tires and tubes.................................... 108.4 109.7 109.3 109.3 Transportation equipment: Miscellaneous rubber products........ 120.4 122.3 122.3 122.5 Plastic construction products (Dec. Motor vehicles and equipment......... 118.0 118.2 118.2 118.6 1969 = 100)............................................ 93.6 94.0 94.3 93.9 Railroad equipment............................. 127.3 131.8 132.2 132.7 Unsupported plastic film and sheeting (Dec. 1970- 100)............................... 98.9 98.7 98.8 99.1 Laminated sheets, high pressure (Dec. 1970= 100)................................. 98.1 97.5 96.2 95.2 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition....................................... 114.5 116.2 116.5 117.1 Lumber ............................................... 152.4 169.0 182.3 195.8 Tobacco products................................ 117.4 117.5 121.0 121.8 Millwork.................................................... 125.8 131.4 133.4 134.8 Notions................................................... 111.7 112.9 113.1 113.1 Plywood............................................ 128.9 134.1 149.4 176.8 Photographic equipment and supplies 106.9 107.3 107.5 108.5 Other wood products.............................. 120.1 133.1 135.1 140.9 Other miscellaneous products........... 114.5 118.6 118.9 119.9 1 Note.—Bureau of Labor Statistics indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 68 NATIONAL PRODUCT AND INCOME □ APRIL 1973 GROSS NATIONAL PRODUCT (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1968 1969 1970 1971 1972 IV I II III IV Gross national product..................................... 103.1 55.6 124.5 284.8 864.2 930.3 976.41,050.41,151.81,078.11,109.11,139.41,164.01,194.9 Final purchases...................................................... 101.4 57.2 120.1 278.0 857.1 922.5 971.51,046.71.145.91,076.41,108.61,134.41,156.01,184.6 Personal consumption expenditures................. 77.2 45.8 80.6 191.0 536.2 579.5 616.8 664.9 721.0 680.5 696.1 713.4 728.6 745.7 Durable goods.............................................. 9.2 3.5 9.6 30.5 84.0 90.8 90.5 103.5 116.1 106.1 111.0 113.9 118.6 120.8 37.7 22.3 42.9 98.1 230.8 245.9 264.4 278.1 299.5 283.4 288.3 297.2 302.0 310.4 30.3 20.1 28.1 62.4 221.3 242.7 261.8 283.3 305.4 290.9 296.7 302.4 308.0 314.5 16.2 1.4 17.9 54.1 126.0 139.0 137.1 152.0 180.4 158.8 168.1 177.0 183.2 193.4 Fixed investment............................................... 14.5 3.0 13.4 47.3 118.9 131.1 132.2 148.3 174.5 157.2 167.7 172.0 175.2 183.1 10.6 2.4 9.5 27.9 88.8 98.5 100.9 105.8 120.6 109.8 116.1 119.2 120.7 126.1 Structures.............................................. 5.0 .9 2.9 9.2 30.3 34.2 36.0 38.4 42.2 38.8 41.3 42.0 41.8 43.7 Producers’ durable equipment............. 5.6 1.5 6.6 18.7 58.5 64.3 64.9 67.4 78.3 71.0 74.8 77.2 79.0 82.3 Residential structures............................... 4.0 .6 3.9 19.4 30.1 32.6 31.2 42.6 54.0 47.3 51.6 52.8 54.4 57.0 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 56.1 Change in business inventories.................. 1.7 -1.6 4.5 6.8 7.1 7.8 4.9 3.6 5.9 1.7 .4 5.0 8.0 10.3 1.8 -1.4 4.0 6.0 6.9 7.7 4.8 2.4 5.6 .8 .1 4.3 7.9 10.1 Net exports of goods and services................... 1.1 .4 1.3 1.8 2.5 1.9 3.6 .7 -4.2 -2.1 -4.6 -5.2 -3.4 -3.5 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 79.6 Imports.......................................................... 5.9 2.0 4.6 12.0 48.1 53.6 59.3 65.4 77.9 65.1 75.3 75.2 77.8 83.1 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 199.6 210.0 219.0 232.8 254.6 240.9 249.4 254.1 255.6 259.3 1.3 2.0 16.9 18.4 98.8 98.8 96.5 97.8 105.8 100.7 105.7 108.1 105.4 104.0 13.8 14.1 78.3 78.4 75.1 71.4 75.9 71.9 76.7 78.6 75.1 73.2 Other......................................................... 3.1 4.3 20.5 20.4 21.5 26.3 29.9 28.7 28.9 29.6 30.2 30.8 7.2 6.0 7.9 19.5 100.8 111.2 122.5 135.0 148.8 140.2 143.7 146.0 150.2 155.2 Gross national product in constant (1958) dollars............................................................ 203.6 141.5 263.7 355.3 706.6 725.6 722.1 741.7 789.5 754.5 766.5 783.9 796.1 811.6 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 I II III IV 86.8 40.3 104.2 241.1 711.1 766.0 798.6 855.7 934.7 876.2 903.1 922.1 943.0 974.6 Compensation of employees............................. 51.1 29.5 64.8 154.6 514.6 566.0 603.8 644.1 705.3 660.4 682.7 697.8 710.2 730.3 Wages and salaries........................................... 50.4 29.0 62.1 146.8 464.9 509.7 541.9 573.5 626.5 587.3 606.6 620.0 630.6 648.8 Private........................................................ 45.5 23.9 51.9 124.4 369.2 405.6 426.8 449.7 491.9 460.9 475.8 487.1 494.8 510.0 Military...................................................... .3 .3 1.9 5.0 17.9 19.0 19.6 19.4 20.6 19.4 20.8 20.5 20.4 20.6 Government civilian................................. 4.6 4.9 8.3 17.4 77.8 85.1 95.5 104.4 114.0 107.0 110.0 112.4 115.4 118.1 Supplements to wages and salaries................ .7 .5 2.7 7.8 49.7 56.3 61.9 70.7 78.8 73.0 76.1 77.8 79.6 81.5 Employer contributions for social in surance .................................................. .1 .1 2.0 4.0 24.3 27.8 29.7 34.1 38.5 35.0 37.3 38.0 38.8 39.8 Other labor income.................................. .6 .4 .7 3.8 25.4 28.4 32.1 36.5 40.3 38.0 38.8 39.8 40.8 41.8 Proprietors* income.......................................... 15.1 5.9 17.5 37.5 64.2 67.2 66.8 70.0 75.2 71.8 73.3 73.2 75.3 79.0 9.0 3.3 11.1 24.0 49.5 50.5 49.9 52.6 55.6 53.8 54.3 54.4 56.2 57.4 Farm.............................................................. 6.2 2.6 6.4 13.5 14.7 16.7 16.9 17.3 19.6 18.1 19.1 18.7 19.1 21.6 5.4 2.0 3.5 9.4 21.2 22.6 23.3 24.5 25.6 25.0 25.2 24.2 26.2 26.9 Corporate profits and inventory valuation 10.5 -1.2 15.2 37.7 84.3 79.8 69.9 78.6 87.3 79.4 81.8 86.1 89.6 95.9 10.0 1.0 17.7 42.6 87.6 84.9 74.3 83.3 93.3 83.2 88.2 91.6 95.7 101.9 1.4 .5 7.6 17.8 39.9 40.1 34.1 37.3 40.8 35.3 38.8 40.1 41.8 44.5 Profits after tax............................................. 8.6 .4 10.1 24.9 47.8 44.8 40.2 45.9 52.5 48.0 49.5 51.5 53.9 57.3 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 2.8 -1.6 5.7 16.0 24.2 20.5 15.4 20.5 26.1 22.7 23.5 25.3 27.3 30.7 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 -3.3 -5.1 -4.4 -4.7 -6.0 -3.9 -6.5 -5.5 -6.1 -5.9 4.7 4.1 3.2 2.0 26.9 30.5 34.8 38.5 41.3 39.7 40.1 40.9 41.7 42.5 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
APRIL 1973 □ NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1971 1972 Item 1933 1941 1950 1968 1969 1970 1971 1972 IV III IV Gross national product. 103.1 55.6 124.5 284.8 864.2 930.3 976.41,050.41,151.81,078.11,109.11,139.41,164.01, 194.9 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 lia bility ..................................................... 7.0 7.1 11.3 23.3 78.6 85.9 93.4 101.9 110.1 105.6 106.7 108.7 111.4 113.7 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 Statistical discrepancy........................... .7 .6 .4 1.5 -2.7 -6.1 -4.7 -4.8 .1 -5.2 -4.1 -.1 2.3 Plus: Subsidies less current surplus of gov ernment enterprises........................... -.1 .1 .2 .7 1.0 1.5 .9 1.7 .7 1.2 1.6 1.8 2.2 Equals: National income. 86.8 40.3 104.2 241.1 711.1 766.0 798.6 855.7 934.7 876.2 903.1 922.1 943.0 974.6 Less: Corporate profits and inventory valu ation adjustment................................ 10.5 -1.2 15.2 37.7 84.3 79.8 69.9 78.6 87.3 79.4 81.8 86.1 89.6 95.9 Contributions for social insurance---- .2 .3 2. 6.9 47.1 54.2 57.7 65.3 74.0 66.9 71.9 73.1 74.6 76.3 Excess of wage accruals over disburse ments.................................................... .6 -.5 1.4 -1.4 -.5 -.2 .0 Plus: Government transfer payments.......... .9 2.6 14.3 56.1 61.9 75.2 89.0 99.1 92.1 94.4 95.7 97.7 108.5 Net interest paid by government and consumers............................................. 2.5 1.6 2.2 7.2 26.1 28.7 31.0 31.1 31.6 30.9 30.9 31 31.7 32.0 Dividends.................................................. 5. 2.0 4.4 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 3.4 3. 4.2 4.6 4.9 4.7 4. 4.9 5.0 5.0 Equals: Personal income.................................. 85.9 47.0 96.0 227.6 688.9 750.9 806.3 861.4 935.9 881.5 907.0 922.1 939.9 974.6 Less: Personal tax and nontax payments... 2.6 1.5 3.3 20.7 97.9 116.5 116.7 117.0 140. 123.0 136.5 139.5 141.1 146.4 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9 591.0 634.4 689.5 744.4 795.1 758.5 770.5 782.6 798.8 828.2 Less: Personal outlays...................................... 79.1 46.5 81.7 193.9 551.2 596.2 634.7 683.4 740.2 699.2 714.9 732.5 748.0 765.5 Personal consumption expenditures. 77.2 45.8 80.6 191.0 536.2 579.5 616. 664.9 721.0 680.5 696.1 713.4 728.6 745.7 Consumer interest payments............. 1.5 .5 .9 2.4 14.3 15. 16.9 17.6 18.2 17.7 17.8 18.0 18.2 18.6 Personal transfer payments to for eigners................................................ .3 .2 .2 .5 .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 62.8 Disposable personal income in constant (1958) dollars................................................................. 150.6 112.2 190.3 249.6 499.0 513.6 533.2 554.7 578.5 560.9 565.7 571.4 579.6 597.3 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) 1972 1973 Item 1971 1972 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total personal income............................ 861.4 935.9 908.5 913.6 919.4 924.0 922.9 932.9 940.0 946.8 964.6 976.2 982.9 985.6 993.9 Wage and salary disbursements........... 572.9 627.0 609.0 612.4 617.6 619.9 624.0 625.7 630.6 636.0 643.0 648.5 654.9 662.7 668.4 Commodity-producing industries.. 206.1 224.6 217.7 220.1 221.7 222.5 223.5 222.4 225.2 227.8 231.0 233.3 235.8 237.7 240.8 Manufacturing only........................ 160.3 175.8 169.3 171.3 173.3 173.8 175.0 174.5 176.6 178.8 181.5 183.9 186.2 187.0 189.4 Distributive industries....................... 138.2 151.5 148.1 148.0 149.4 149.4 151.4 151.9 152.3 153.0 155.0 156.3 158.0 159.5 159.9 Service industries................................ 105.0 116.1 111.6 112.8 113.9 114.7 115.5 116.9 117.3 118.2 119.3 119.9 121.5 123.0 124.0 Government......................................... 123.5 134.8 131.7 131.5 132.5 133.2 133.6 134.5 135.8 137.0 137.7 139.0 139.7 142.5 143.7 Other labor income................................ 36.5 40.3 38.8 39.1 39.5 39.8 40.1 40.5 40.8 41.1 41.4 41.8 42.1 42.4 42.7 Proprietors’ income................................ 69.9 75.2 73.2 74.2 74.0 74.0 71.6 74.3 75.4 76.2 77.7 79.5 79.8 80.0 80.5 Business and professional................. 52.6 55.6 54.1 54.7 54.9 55.3 53.2 55.7 56.3 56.7 57.0 57.4 57.8 58.2 58.7 Farm...................................................... 17.3 19.6 19.1 19.5 19.1 18.7 18.4 18.6 19.1 19.5 20.7 22.1 22.0 21.8 21.8 Rental income......................................... 24.5 25.6 25.2 25.3 25.5 25.6 21.5 25.8 26.3 26.5 27.0 26.7 26.9 26.6 26.6 Dividends.................................................. 25.4 26.4 26.1 26.0 26.1 26.3 26.3 26.4 26.6 26.5 26.7 26.6 26.8! 27.1 27.3 Personal interest income....................... 69.6 72.9 71.0 71.3 72.0 72.7 73.4 73.5 73.4 73.3 73.7 74.5 75.4 75.9 76.2 Transfer payments.................................. 93.6 104.0 100.0 100.1 99.7 100.9 101.3 102.2 102.8 103.2 111.6 115.2 113.6 113.3 115.1 Less: Personal contributions for social insurance.......................................... 31.2 35.5 34.7 34.8 35.0 35.1 35.3 35.5 35.8 36.0 36.4 36.5 36.6 42.4 42.8 Nonagricultural income.......................... 837.2 909.3 882.4 887.1 893.4 898.3 897.5 907.3 914.0 920.3 937.1 947.2 953.9 956.6 964.9 Agricultural income................................. 24.2 26.6 26.0 26.5 26.0 25.8 25.4 25.5 25.9 26.5 27.6 29.0 29.0 29.0 29.1 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 70 FLOW OF FUNDS □ APRIL 1973 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Transaction category, or sector 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI H2 Funds raised, by type and sector Total funds raised by nonfinancial 1 sectors............................................ 68.7 83.4 97.8 91.7 101.6 156.3 92.1 91.0 93.8 109.7 142.9 168.9 150.3 185.4 1 2 U.S. Government................................. 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 23.2 2 3 Public debt securities...................... 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 19.0 3 4 Budget agency issues...................... 1.3 4.1 3.1 -2.4 -.1 -.5 -.5 -4.2 -1.3 1.1 -1.6 .5 1.8 4.2 4 5 All other nonfinancial sectors.. 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 138.9 162.2 5 6 Corporate equity shares................. .9 2.4 -.7 4.8 6.8 13.5 1.9 7.6 6.0 7.6 12.7 14.2 13.1 11.6 6 7 Debt instruments............................. 64.1 68.0 85.1 90.6 81.9 117.4 96.6 83.9 79.6 84.7 108.0 126.1 125.8 150.6 7 8 Debt capital instruments........... 39.0 46.2 51.3 49.0 60.8 87.5 51.8 46.2 52.5 69.2 84.5 90.5 87.2 97.6 8 9 State and local govt. secs.... 5.7 8.3 10.1 7.9 13.8 20.2 8.5 7.4 11.8 15.9 22.0 18.4 14.0 14.8 9 10 Corporate and fgn. bonds... 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 13.7 10 11 Mortgages.................................. 22.3 22.0 27.3 27.9 25.8 47.0 29.3 26.5 22.7 29.0 39.3 54.6 59.3 69.2 11 12 Home mortgages.................. 11.4 11.6 15.2 15.7 12.8 26.1 16.8 14.6 11.2 14.4 20.4 31.8 33.4 40.6 12 13 Other residential.................. 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 10.2 13 14 Commercial.......................... 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 15.7 14 15 Farm...................................... 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 2.6 15 16 Other private credit..................... 25.1 21.8 33.8 41.6 21.1 29.9 44.8 37.8 27.1 15.5 23.4 35.6 38.6 53.0 16 17 Bank loans n.e.c....................... 10.4 9.9 13.8 16.8 5.0 13.0 19.4 14.2 9.0 1.1 7.9 18.0 15.9 27.3 17 18 Consumer credit...................... 7.2 4.6 11.1 9.3 4.3 10.4 10.0 7.9 5.5 3.4 6.5 13.5 15.6 22.4 18 19 Open market paper................. 1.0 2.1 1.6 3.3 3.8 -.4 4.6 2.1 3.7 3.8 -.4 -.4 1.6 -2.2 19 20 Other.......................................... 6.4 5.2 7.3 12.2 8.0 6.9 10.8 13.6 8.8 7.3 9.4 4.5 5.5 5.6 20 21 By borrowing, sector................................ 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 138.9 162.2 21 22 Foreign............................................... 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 4.1 22 23 State and local governments......... 6.4 8.5 10.4 8.7 13.9 20.6 8.9 8.5 11.4 16.4 22.1 19.1 13.9 15.2 23 24 Households........................................ 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 53.8 69.9 24 25 Nonfinancial business..................... 34.1 38.1 39.1 50.8 49.5 63.0 50.8 50.7 49.9 49.2 61.6 64.4 68.2 73.0 25 26 Corporate....................................... 25.2 29.7 30.7 40.2 39.8 48.6 39.8 40.6 41.1 38.5 47.0 50.1 52.2 56.9 26 27 5.5 5.0 5.7 7.4 6.4 10.3 7.6 7.2 5.6 7.4 11.0 9.7 11.8 11.2 27 28 Farm............................................... 3.5 3.5 2.7 3.2 3.2 4.1 3.4 3.0 3.2 3.3 3.6 4.6 4.2 4.9 28 29 Memo: U.S. Govt, cash balance totals net of changes in U.S.......... -.4 1.2 -1.1 .4 2.7 3.3 -1.5 2.2 2.3 3.1 -1.0 7.6 -5.0 4.0 29 30 Total funds raised................................ 69.1 82.2 99.0 91.3 98.9 153.1 93.6 88.8 91.6 106.6 143.9 161.3 155.4 181.4 30 31 by U.S. Government....................... 4.0 11.8 14.5 -4.0 10.1 22.2 -4.9 -2.8 6.0 14.3 23.3 21.1 16.5 19.2 31 Private net investment and borrowing in credit markets Total, households and business 1 Total capital outlays1...................... 191.2 188.7 208.7 227.1 225.5 252.9 224.2 229.9 224.3 226.7 247.0 258.8 282.9 305.5 1 2 118.5 128.4 140.4 154.4 164.9 178.5 151.0 157.7 162.5 167.3 174.5 182.6 192.4 198.1 2 3 Net physical investment................. 72.7 60.3 68.3 72.7 60.6 74.3 73.2 72.2 61.8 59.4 72.5 76.1 90.5 107.4 3 4 Net funds raised.............................. 57.3 57.9 71.0 83.3 71.8 104.6 84.9 81.1 71.9 72.1 93.1 115.4 122.0 142.8 4 5 15.4 2.4 -2.7 -10.6 -11.2 -30.3 -11.7 -8.9 -10.1 -12.7 -20.5 -39.2 -31.6 -35.5 5 Total business 6 Total capital outlays......................... 97.0 94.0 99.0 109.3 110.1 118.0 106.1 112.4 108.4 111.9 116.9 119.0 133.4 145.1 6 7 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 90.2 7 8 Net physical investment................. 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 55.0 8 9 Net debt funds raised..................... 33.0 35.8 40.0 46.5 42.7 49.6 49.5 43.4 43.7 41.9 49.2 49.9 54.8 61.1 9 10 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 13.4 11.9 10 11 Excess net investment3................... 8.7 -2.5 -3.3 -11.1 -12.9 -25.1 -12.6 -9.5 -14.4 -11.6 -22.4 -27.7 -22.4 -18.0 11 Corporate business 12 Total capital outlays......................... 77.1 72.0 76.2 84.0 84.6 85.2 81.5 86.5 83.0 86.3 85.0 85.5 97.5 108.9 12 13 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 65.4 13 14 Net physical investment................. 38.9 30.5 31.1 34.2 31.9 27.9 32.9 35.4 30.7 33.1 29.4 26.4 34.2 43.4 14 15 24.0 27.4 31.6 35.9 33.0 35.1 38.6 33.2 34.9 31.2 34.7 35.6 38.8 45.0 15 16 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 11.9 16 17 13.7 .8 .3 -6.0 -7.9 -20.7 -6.9 -5.1 -10.4 -5.3 -17.6 -23.7 -18.0 -13.5 17 Households 18 94.2 94.6 109.7 117.8 115.3 134.9 118.1 117.5 115.9 114.8 130.1 139.8 149.5 160.3 18 19 Capital consumption....................... 64.3 69.9 77.2 84.8 91.3 98.5 83.1 86.6 89.6 93.0 96.7 100.3 104.8 107.9 19 20 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 52.4 20 21 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 53.8 69.9 21 22 Excess net investment3................... 6.7 5.0 .6 .5 1.7 -5.2 .9 .6 4.3 -1.2 1.9 -11.5 -9.1 -17.4 22 Of which: 23 Houses less home mortgages......... -.8 -1.3 -2.1 -2.9 -1.9 -8.1 -2.8 -3.1 -1.0 -2.8 -4.2 -11.9 -10.7 -16.1 23 24 Durables less consumer credit.. . 7.9 7.8 5.6 7.0 5.5 5.7 7.7 6.9 6.4 4.4 8.7 3.5 4.3 1.5 24 25 Nonprofit P&E less mortgages... 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 3.0 25 26 Less: Unallocated debt.................. 2.4 3.5 4.8 5.8 4.1 5.2 6.0 5.6 3.3 4.9 4.9 5.6 5.3 5.7 26 1 Capital outlays are totals for residential and nonresidential fixed Funds raised by type and sector. Credit flows included here are the capital, net change in inventories, and consumer durables, except outlays net amounts raised by households, nonfinancial business, governments, by financial business. and foreigners. All funds raised by financial sectors are excluded. U.S. 2 Capital consumption includes amounts for consumer durables and Government budget issues (line 4) are loan participation certificates excludes financial business capital consumption. issued by CCC, Export-Import Bank, FNMA, and GNMA, together with 3 Excess of net investment over net funds raised. security issues by FHA, Export-Import Bank, and TV A. Issues by federally sponsored credit agencies are excluded as borrowing by financial institu Note.—Full sector statements are available on a quarterly basis for tions. Such issues are in U.S. Government securities on p. A-71, line 11. flows and annually in amounts outstanding. Requests for these statements Corporate share issues are net cash issues by nonfinancial and foreign Digitized for FRAsShEouRld be addressed to the Flow of Funds Section, Division of Research corporations. Mortgages exclude loans in process. Open market paper is http://fraser.stlouiasnfde dS.toatrigst/i cs, Board of Governors of the Federal Reserve System, Wash commercial paper issued by nonfinancial corporations plus bankers’ ington, D.C., 20551. acceptances. Federal Reserve Bank of St. Louis
APRIL 1973 o FLOW OF FUNDS A 71 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 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI H2 1 Total funds advanced in credit mar kets to nonfinancial sectors......... 67.7 81.0 98.5 86.9 94.7 142.9 90.2 83.3 87.8 102.1 130.2 154.7 137.2 173.8 1 By public agencies and foreign 2 Total net advances................................ 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 15.8 2 3 U.S. Government securities........... 3.4 6.8 3.4 .9 15.7 33.4 -2.7 4.5 10.5 21.0 32.4 34.4 13.1 3.8 3 4 Residential mortgages.................... 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 4.4 4 5 FHLB advances to S&L’s.............. .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 -2.7 2.8 5 6 Other loans and securities............. 4.8 4.9 5.1 6.3 5.2 4.8 6.6 6.6 5.7 4.6 6.9 2.8 2.9 4.8 6 By agency— 7 U.S. Government............................. 4.9 4.6 4.9 2.9 2.8 3.2 2.7 3.7 3.1 2.6 4.4 1.9 1.6 2.2 7 8 Sponsored credit agencies.............. 5.1 -.1 3.2 9.0 9.9 2.8 6.2 11.8 11.1 8.7 -1.8 7.4 7.9 6.1 8 9 Federal Reserve................................ 3.5 4.8 3.7 4.2 5.0 8.8 3.7 4.8 2.8 7.2 8.4 9.3 4.7 -4.2 9 10 Foreign............................................... -1.6 2.0 .3 -.3 10.3 26.4 -2.6 2.0 8.3 12.2 26.7 26.1 5.4 11.6 10 11 Agency borrowing not in line 1.... 4.8 -.6 3.5 8.8 8.7 3.9 7.1 11.0 10.8 6.6 .3 7.4 7.0 4.8 11 Private domestic funds advanced 12 Total net advances................................ 60.6 69.1 89.8 79.9 75.5 105.5 87.3 72.0 73.3 78.0 92.8 117.3 124.7 162.9 12 13 U.S. Government securities........... 5.4 5.7 13.3 4.6 5.8 -4.0 3.5 6.1 8.6 3.1 -9.9 1.8 5.4 24.3 13 14 Municipal securities........................ 5.7 8.3 10.1 7.9 13.8 20.2 8.5 7.4 11.8 15.9 22.0 18.4 14.0 14.8 14 15 Corporate and foreign bonds........ 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 13.7 15 16 Residential mortgages..................... 11.6 13.1 15.8 15.8 12.9 29.2 18.3 13.3 10.0 15.7 24.7 33.6 36.4 46.4 16 17 Other mortgages and loans.......... 28.5 23.5 37.8 43.0 23.8 37.4 46.8 38.5 28.6 19.4 27.2 46.8 52.5 66.5 17 18 Less: FHLB advances.................... .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 -2.7 2.8 18 Private financial intermediation 19 Credit market funds advanced by pri- 44.7 62.8 75.0 54.0 70.2 105.8 64.3 43.6 54.3 86.1 105.9 105.3 123.2 155.3 19 20 Commercial banking...................... 17.0 35.9 39.0 18.9 31.6 49.8 23.2 14.6 21.6 41.5 49.4 50.0 53.4 77.0 20 21 Savings institutions......................... 7.9 15.0 15.6 14.2 16.6 41.6 17.8 10.6 11.7 21.5 45.4 37.8 48.4 49.4 21 22 Insurance and pension funds......... 15.0 12.4 13.9 12.2 17.6 12.0 12.4 12.1 17.7 17.5 11.6 12.4 14.3 19.5 22 23 Other finance.................................... 4.7 -.5 6.6 8.6 4.5 2.3 10.9 6.2 3.4 5.5 -.6 5.2 7.1 9.5 23 24 Sources of funds.................................................... 44.7 62.8 75.0 54.0 70.2 105.8 64.3 43.6 54.3 86.1 105.9 105.3 123.2 155.3 24 25 Domestic private deposits............. 21.2 49.4 46.1 2.5 60.4 92.3 5.0 -.1 32.0 88.8 105.8 78.6 99.9 105.7 25 26 Credit market borrowing............... 3.0 -.6 6.9 16.8 1.8 4.5 13.4 20.1 10.7 -7.0 -.2 9.2 7.1 20.3 26 27 Other sources.................................... 20.5 14.0 22.0 34.7 8.0 9.0 45.9 23.5 11.7 4.3 .3 17.6 16.1 29.4 27 28 Foreign funds............................... 3.7 2.3 2.6 9.3 -8.4 -3.3 14.4 4.2 -3.4 -13.5 -7.6 1.0 4.4 4.1 28 29 Treasury balances....................... -.5 .2 -.2 * 2.9 2.2 -2.1 2.1 3.4 2.4 -1.6 6.1 -3.9 4.8 29 30 Insurance and pension reserves. 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 13.6 30 31 Other, net...................................... 4.2 -.3 8.4 15.1 * 1.8 23.9 6.2 -1.3 1.2 2.0 1.6 8.0 7.0 31 Private domestic nonfinancial investors 32 Direct lending in credit mkts............. 18.9 5.8 21.7 42.7 7.0 4.2 36.4 48.7 29.5 -15.0 -13.3 21.2 8.6 27.8 32 33 U.S. Government securities........... 8.8 -1.3 7.7 16.0 -7.6 -13.1 14.6 17.4 1.8 -17.0 -24.7 -1.6 -3.8 15.2 33 34 Municipal securities........................ 2.7 -2.0 .3 6.7 1.4 5.7 6.2 7.2 3.8 -1.1 5.3 6.1 4.8 5.4 34 35 Corporate and foreign bonds........ 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 3.4 35 36 Commercial paper........................... 2.0 1.5 4.4 8.7 -1.2 -2.1 6.1 11.2 10.9 -13.3 -7.8 3.7 .5 -.5 36 37 Other................................................... 3.0 2.4 4.2 3.7 4.1 5.0 3.5 3.8 4.3 4.3 3.5 6.2 3.0 4.3 37 38 Deposits and currency....................... 23.1 51.5 48.6 5.3 63.9 95.7 6.5 4.1 35.0 92.8 110.3 80.9 104.6 109.7 38 39 Time and savings accounts........... 20.3 39.3 34.0 -2.2 56.2 81.3 5.2 -9.7 31.1 81.4 92.4 70.1 91.4 81.4 39 40 Money................................................. 2.8 12.2 14.6 7.6 7.7 14.4 1.3 13.8 3.9 11.4 17.9 10.7 13.2 28.3 40 41 Demand deposits......................... .8 10.1 12.2 4.7 4.2 11.0 -.2 9.6 .9 7.4 13.4 8.4 8.6 24.3 41 42 Currency........................................ 2.0 2.1 2.4 2.8 3.5 3.4 1.5 4.2 3.0 4.0 4.5 2.3 4.7 4.0 42 43 Total of credit market instr., de posits, and currency................... 42.1 57.3 70.3 48.0 70.9 99.9 43.0 52.8 64.5 77.8 96.9 102.0 113.2 137.5 43 Memoranda: 44 Public support rate (in per cent) 17.6 13.9 12.3 18.2 29.5 28.9 11.0 26.8 28.8 30.0 28.9 29.0 14.2 9.1 44 45 Pvt. fin. intermediation (in per cent)........................................... 73.7 90.8 83.5 67.6 93.1 100.2 73.6 60.4 74.2 110.3 114.0 89.8 98.8 95.4 45 46 Total foreign funds......................... 2.1 4.3 2.9 9.0 1.8 23.1 11.8 6.2 4.9 -1.3 19.1 27.1 9.8 15.7 46 Corporate equities not included above 1 Total net issues...................... 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 11.8 1 2 Mutual fund shares.......... 3.7 2.6 4.7 5.5 2.6 1.3 6.3 4.8 3.1 2.0 .3 2.3 -.3 * 2 3 Other equities..................... .9 2.3 -.7 4.7 6.9 13.5 1.9 7.6 6.1 7.6 12.7 14.2 13.3 11.8 3 4 Acq. by financial institution 6.0 8.4 9.5 12.8 11.4 19.1 12.1 13.5 12.5 10.2 20.7 17.5 15.3 12.5 5 Other net purchases............. -1.3 -3.5 -5.5 -2.5 -1.9 -4.4 -3.9 -1.1 -3.3 -.5 -7.7 -1.1 -2.3 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-70) excluding corporate equities. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 12 less line 19 plus line 26. 6. Includes farm and commercial mortgages. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 11. Credit market funds raised by Federally sponsored credit agencies. includes mortgages. Included below in lines 13 and 33. Includes all GNMA-guaranteed 39+41. See line 25. security issues backed by mortgage pools. 42. Mainly an offset to line 9. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 43. Lines 32 plus 38 or line 12 less line 27 plus line 42. Also sum of lines 27 through 41 excluding subtotals. 44. Line 2/line 1. 17. Includes farm and commercial mortgages. 45. Line 19/line 12. 25. Lines 39 + 41. 46. Lines 10 plus 28. 26. Excludes equity issues and investment company shares. Includes line 18. Corporate equities Digitized for 2F8R. AFoSrEeiRgn deposits at commercial banks, bank borrowings from foreign Line branches, and liabilities of foreign banking agencies to foreign af 1 and 3 Includes issues by financial institutions. http://fraser.stloufiilsiafteesd..org/ Federal Reserve Bank of St. Louis
A 72 U.S. BALANCE OF PAYMENTS □ APRIL 1973 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1971 1972 Line Credits+, debits — 1970 1971 ' 1972* IV' I' II' III' IV* Summary—Seasonally adjusted 1 Merchandise trade balance 1........................................................ 2,164 -2,666 -6,816 -1,534 -1,831 -1,777 -1,525 -1,683 2 Exports...................................................................................... 41,963 42,787 48,840 9,583 11,659 11,561 12,380 13,240 3 Imports...................................................................................... -39,799 -45,453 -55,656 -11,117 -13,490 -13,338 -13,905 -14,923 4 Military transactions, net.............................................................. -3,374 -2,894 -3,541 -807 -884 -958 -850 -850 5 Travel and transportation, net..................................................... -2,061 -2,432 -2,583 -703 -667 -645 -613 -660 6 Investment income, net 2............................................................... 6,259 7,995 7,901 2,295 1,879 1,788 1,921 2,313 7 U.S. direct investments abroad............................................ 7,920 9,455 10,293 2,770 2,324 2,383 2,570| 3,016 8 Other U.S. investments abroad............................................ 3,506 3,443 3,499 881 942 822 854 882 9 Foreign investments in the United States......................... -5,167 -4,903 -5,891 -1,356 -1,387 -1,417 -1,503 -1,585 10 574 748 819 172 200 192 203 224 11 Balance on goods and services 3............................................................ 3,563 750 -4,219 -577 -1,303 -1,400 -864 -656 12 Remittances, pensions, and other transfers.............................. -1,474 -1,529 -1,557 -404 -389 -383 -368 -416 13 Balance on goods, services, and remittances...................................... 2,089 -779 -5,776 -981 -1,692 -1,783 -1,232 -1,072 14 U.S. Government grants (excluding military)........................... -1,734 -2,045 -2,208 -588 -601 -535 -538 -534 15 356 -2,824 -7,983 -1,569 -2,293 -2,318 -1,770 -1,606 16 U.S. Government capital flows excluding nonscheduled repayments, net 4........................................................................ -1,829 -2,117 -1,708 -385 -330 -269 -509 -601 17 Nonscheduled repayments of U.S. Government assets........... 244 225 127 48 88 17 7 16 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies.............................................................. -433 -486 214 -196 -101 157 180 -22 19 Long-term private capital flows, net........................................... -1,398 -4,079 107 330 -1,081 750 -254 690 20 U.S. direct investments abroad............................................ -4,400 -4,765 -3,339 -788 -1,266 -100 -1,116 -857 21 Foreign direct investments in the United States............... 1,030 -67 322 181 -360 350 237 95 22 Foreign securities.................................................................... -942 -909 -619 73 -393 -354 211 -84 23 U.S. securities other than Treasury issues......................... 2,190 2,282 4,502 921 1,067 956 611 1,868 24 Other, reported by U.S. banks............................................ 198 -814 -1,102 -165 22 -269 -408 -447 25 Other, reported by U.S. nonbanking concerns................. 526 194 343 108 -151 167 211 115 26 Balance on current account and long-term capital 4.......................... -3,059 -9,281 -9,243 -1,772 -3,717 -1,663 -2,346 -1,523 27 Nonliquid short-term private capital flows, net....................... -482 -2,386 -1,634 -654 -508 592 -507 -1,211 28 Claims reported by U.S. banks............................................ -1,023 -1,807 -1,530 -685 -587 467 -370 -1,040 29 Claims reported by U.S. nonbanking concerns............... -361 -555 -243 -130 -17 103 -91 -238 30 Liabilities reported by U.S. nonbanking concerns........... 902 -24 139 161 96 22 -46 67 31 Allocations of Special Drawing Rights (SDR’s).................... 867 717 710 179 178 178 177 177 32 Errors and omissions, net............................................................. -1,174 -11,054 -3,806 -2,082 942 -1,314 -1,825 -1,608 33 Net liquidity balance................................................................................ -3,851 -22,002 -13,974 -4,329 -3,105 -2,207 -4,501 -4,165 34 -5,988 -7,763 3,677 -1,619 -119 1,386 -173 2,583 35 Liquid claims............................................................................ 252 -1,072 -1,139 -340 -673 197 -613 -50 36 Reported by U.S. banks................................................ -99 -566 -733 -112 -533 312 -469 -43 37 Reported by U.S. nonbanking concerns................... 351 -506 -406 -228 -140 -115 -144 -7 38 Liquid liabilities..................................................................... -6,240 -6,691 4,816 -1,279 554 1,189 440 2,633 39 To foreign commercial banks...................................... -6,508 -6,908 3,905 -1,313 476 980 316 2,133 40 To international and regional organizations............. 181 682 102 55 25 -72 -31 180 41 Toother foreigners......................................................... 87 -465 809 -21 53 281 155 320 42 -9,839 -29,765 -10,297 -5,948 -3,224 -821 -4,674 -1,582 Financed by changes in: 43 Liquid liabilities to foreign official agencies.............................. 7,637 27,615 9,676 5,774 2,294 1,027 4,617 1,742 44 Other readily marketable liabilities to foreign official agen cies................................................................................................... -810 -539 400 -5 221 27 34 118 45 Nonliquid liabilities to foreign official reserve agencies re ported by U.S. Govt................................................................... 535 341 189 366 280 -2 78 -167 46 U.S. official reserve assets, net..................................................... 2,477 2,348 32 -187 429 -231 -55 -111 47 Gold........................................................................................... 787 866 547 1 544 3 48 SDR’s........................................................................................ -851 -249 -703 -182 -178 -iii -177 -177 49 2,152 381 35 2 64 -245 134 82 50 Gold tranche position in IMF............................................. 389 1,350 153 -8 - 1 185 -15 -16 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14)........................................................................ 2,586 3,153 4,284 939 1,205 797 1,323 959 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20)............................. 2,885 3,116 (5) (5) (5) (5) (5) (5) 53 Reinvested earnings of U.S. incorporated affiliates of 434 498 (5) (5) (’) (5) (5) (5) 1 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1971 1972 Credits -f, debits — 1970 1971 *■ 1972* IV' Ir II' III' IV* Balances excluding allocations of SDR’s—Seasonally adjusted Net liquidity balance..................................................................... -4,718 -22,719 -14,684 -4,508 -3,283 -2,385 -4,678 -4,342 Official reserve transactions balance............................................. -10,706 -30,482 -11,007 -6,127 -3,402 -999 -4,851 -1,759 Balances not seasonally adjusted Balance on goods and services...................................................... 3,563 750 -4,219 300 -803 -1,457 -2,292 333 Balance on goods, services, and remittances............................... 2,089 -779 -5,776 -100 -1,171 -1,853 -2,671 -80 Balance on current account.......................................................... 356 -2,824 -7,983 -653 -1,801 -2,435 -3,169 -579 Balance on current account and long-term capital 4.................. -3,059 -9,281 -9,243 97 -3,615 -2,265 -3,781 414 Balances including allocations of SDR’s: Net liquidity........................................................................... -3,851 -22,002 -13,974 -3,466 -2,369 -3,043 -5,313 -3,249 Official reserve transactions................................................... -9,839 -29,765 -10,297 -5,882 -2,506 -741 -5,585 -1,465 Balances excluding allocations of SDR’s: Net liquidity........................................................................... -4,718 -22,719 -14,684 -3,466 -3,079 -3,043 -5,313 -3,249 Official reserve transactions................................................... -10,706 -30,482 -11,007 -5,882 -3,216 -741 -5,585 -1,465 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 Eco nomic Analysis. Details may not add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports 1 Imports 2 Trade balance 1970 1973 1970 1971r 1972r 1973 1970 1971’’ 1972' 1973 Month: Jan.... 3,406 3,601 4,074 4,977 3,222 3,599 4,435 5,281 184 2 -361 -304 Feb... 3,546 3,695 3,824 5,065 3,279 3,564 4,473 5,541 267 130 -649 -476 Mar... 3,375 3,790 3,869 3,219 3,628 4,515 156 160 -646 Apr... 3,410 3,631 3,817 3,262 3,774 4,413 148 -143 -596 May.. 3,661 3,746 3,885 3,367 3,908 4,482 324 -161 -597 June.. 3,727 3,672 3,971 3,265 4,037 4,468 462 -365 -497 July... 3,704 3,573 4,052 3,254 3,832 4,565 450 -259 -513 Aug... 3,591 3,667 4,200 3,346 3,913 4,726 245 -247 -527 Sept... 3,553 4,487 4,177 3,423 4,179 4,606 130 308 -428 Oct... 3,688 2,669 4,318 3,498 3,469 4,736 190 -800 -418 Nov... 3,499 3,196 4,473 3,428 3,456 5,136 71 -260 -664 Dec... 3,569 3,881 4,561 3,401 4,169 5,002 168 -288 -441 Quarter: I 10,327 11,086 11,767 9,720 10,792 13,423 607 294 -1,656 I I 10,798 11,049 11,673 9,864 11,719 13,363 933 -670 -1,690 III.... 10,848 11,727 12,429 10,023 11,924 13,897 816 -197 -1,468 IV.... 10,756 9,746 13,352 10,327 11,094 14,874 425 -1,348 -1,522 Year3... 42,659 43,549 49,208 39,952 45,563 55,555 2,707 -2,014 -6,347 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Sum of unadjusted figures. Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. Note.—Bureau of the Census data. Details may not add to totals be 2 General imports including imports for immediate consumption plus cause of rounding. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 74 U.S. GOLD TRANSACTIONS □ APRIL 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) 1972 Area and country 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 I II III IV Western Europe: -82 -55 -100 -25 4 -40 -83 -58 -110 -518 -405 -884 -601 600 325 —129 -473 -225 500 -1 -2 -2 -2 -52 41 2 200 -80 -60 -85 -209 -76 -60 -35 -19 -50 -25 -130 -32 -180 51 -81 -50 -2 -30 -50 -25 -50 -175 329 618 150 80 -879 -835 200 Other...................................... 1 -6 -35 -49 16 -47 U -29 -13 Total.............................. -399 -88 -1,299 -659 -980 -669 969 -204 -796 Canada .................................... 200 150 50 Latin American republics: Argentina ............................ -30 -39 -1 -25 -25 -28 Brazil...................................... 72 54 25 -3 -1 * -23 Colombia............................... 10 29 7 * -1 Venezuela.............................. -25 Other...................................... -11 -9 -13 -6 11 -40 -29 -80 -5 Total.............................. 32 56 17 -41 9 -65 -54 -131 -5 Asia: Iraq......................................... -10 -4 -21 -42 Japan...................................... -56 -119 Lebanon................................ -11 -11 -1 -95 -35 Malaysia................................ -34 -10 Philippines ......... 25 20 * -1 9 40 -4 -2 -50 Singapore ... -81 ii -30 Other...................................... -13 -6 -14 -14 -22 -75 -9 2-91 39 -3 -3 Total.............................. 12 3 -24 -86 -44 -366 42 -213 -38 -3 -3 All other.................................... -36 -7 -16 -22 3-166 3-68 -1 -81 -6 Total foreign countries........... -392 -36 -1,322 -608 -1,031 -1,118 957 4 — 631 -845 -3 -3 Inti Monetary Fund5............ «-225 177 22 -3 10 —156 -22 -544 -544 Qrand total ................ -392 -36 -1,547 -431 -1,009 -1,121 967 -787 -867 -547 -544 -3 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. Treasury to the IMF. The country data include U.S. gold sales to various countries securities. IMF repurchased $400 million in Sept. 1970 and the remaining in connection with the IMF quota payments. Such U.S. sales to countries $400 million in Feb. 1972. and resales to the United States by the IMF total $548 million each. 6 Payment to the IMF of $259 million increase in U.S. gold subscription 5 Includes IMF gold sales to and purchases from the United States, less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in if needed. Under appropriate conditions, the United States could pur IMF operations. Does not include transactions in gold relating to gold chase additional amounts equal to its quota. deposit or gold investment (see Table 6). 5 Includes $259 million gold subscription to the IMF in June 1965 for 2 Positive figures represent purchases from the IMF of currencies of a U.S. quota increase, which became effective on Feb. 23, 1966. In figures other members for equivalent amounts of dollars; negative figures repre published by the IMF from June 1965 through Jan. 1966, this gold sub sent 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
APRIL 1973 □ U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r of Total To G ta o l2 ld st T o r c e k a i sury v c fo e C u c r r r i o e t r e i i e n b s g n l n e p R I o e M s s i i n e t F i r o v 3 n e SDR’s4 E m n o d n t o h f Total To G ta o l2 ld st T o r c e k a 1 sury v c fo C u e c r i r r o e e t r i s i e n b g 5 n l n e p R I o e M s s i i n e t F i r o v 3 n e SDR’s4 1959... 21,504 19,507 19,456 1,997 1972 1960... 19,359 17,804 17,767 1,555 12 270 9 662 9,588 212 586 1 810 1961... 18,753 16,947 16,889 116 1,690 Apr.... 12^285 9^662 9*588 429 391 1*803 1962... 17,220 16,057 15,978 99 1,064 May... 913,345 910,490 910,410 469 9428 91,958 1963... 16,843 15,596 15,513 212 1,035 June... 13,339 10,490 10,410 457 434 1,958 1964... 16,672 15,471 15,388 432 769 July... 13,090 10,490 10,410 203 439 1,958 Aug.... 13,124 10,488 10,410 234 444 1,958 1965... 15,450 613,806 613,733 781 6 863 Sept.... 13,217 10,487 10,410 323 449 1,958 1966... 14,882 13,235 13,159 1,321 326 Oct.... 13,313 10,487 10,410 414 454 1,958 1967... 14,830 12,065 11,982 2,345 420 Nov__ 13,307 10,487 10,410 403 459 1,958 1968... 15,710 10,892 10,367 3,528 1,290 Dec___ 13,151 10,487 10,410 241 465 1,958 1969... 7 16,964 11,859 10,367 72,781 2,324 1973 1970... 14,487 11,072 10,732 629 1,935 851 Jan.... 13,054 10,487 10,410 140 469 1,958 1971... 812,167 10,206 10,132 8 276 585 1,100 Feb.... 12,926 10,487 10,410 8 473 1,958 1972... 13,151 10,487 10,410 241 465 1,958 Mar. .. 12,931 10,487 10,410 8 478 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 IMF holdings (during period) of dollars (end of Deriod) U.S. U.S. transactions with IMF Transactions by reserve other countries position Period with IMF in IMF Per cent P s t u a d io y b o n m o s ll c s f a e r r i n i s n p t s by s g N I a o M l e l e d t s F 1 T t c f i r c o u o a i r r n e n e r s s s i e g a n 2 i n c n I i d M n o c F i l o n la m n rs e e t P d u o r l c o l h a f a r s s e 3 s pu d r o R c i l h n l e a a r s s es c T ha o n ta g l e Amount q U u o . o S f t . a p ( e e r n io d d o ) f 4 1946—1957................................ 2,063 600 -45 -2,670 827 775 775 28 1,975 1958—1963................................ 1,031 150 60 -1,666 2,740 2,315 3,090 75 1,035 1964—1966................................ 776 1,640 45 -723 6 1,744 4,834 94 5326 1967............................................. 20 -114 —94 4,740 92 420 1968............................................. -84 20 -806 — 870 3,870 75 1,290 1969............................................. 22 19 -1,343 268 -1 ,034 2,836 55 2,324 1970............................................. 1,155 6712 150 25 -854 741 1,929 4,765 71 1,935 1971............................................. * 1,362 —28 -24 40 1,350 6,115 91 585 1972............................................. 7 541 200 -47 694 6,810 94 465 1972—Mar................................. -4 -4 6,114 91 586 Apr.................................. 200 -5 195 6,309 94 391 May................................ 7541 -4 537 6,846 94 428 June................................ -6 —6 6,840 94 434 July.................................. -5 — 5 6,835 94 439 Aug.................................. —5 —5 6,831 94 444 Sept................................. -6 —6 6,825 94 449 Oct.................................. -5 — 5 6,820 94 454 Nov................................. -4 -4 6,816 94 459 Dec.................................. -6 -6 6,810 94 465 1973—jan................................... -4 -4 6,806 94 469 Feb.................................. -5 -5 6,801 93 473 Mar................................. -5 -5 6,796 93 478 For notes see opposite page. 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A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 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 Liquid liabili other foreigners liabili ties to Liquid ties to pe E o r n i f o d d Total a a c t f I r r g t r i M a i o s o o n i l m n n F d s s g 1 Total t p l S b i i t o e a h a e b i s r b n r o n t y m i k e r r l t e i d s M n b T U o a o a a r b t e n n r . e S l k a d d e s s . e s 3 . t N v k T b o e e c U o a r n r t o e n n t a . m i S n a b d d b s . l s a l . e e r N n v k T b o n o e e U o a r n o n r t e n n t a . c t m i S a e b d d b o s . s l a s l n . e e 4 r m r l O e i t a a a i a t b b r e d h k l s i i e e l e l 5 i r y t a t m L o l b b i e a i a t r c q i r o b n e o c u a i k s i m l i d a i s d l 6 Total t p l S b i i t e o a h a e b i s b r n r o n t y m i k r e r l e t i d s n M T b o U a o a a r t b e e r n n .S k l a s d d e s 3 . e s . , t 7 a z o m g n a n r t i i g t a o d o o n i a r o n n n t y r n i n e a , e i l s 8 U.S. notes U.S. 195 9 19,428 500 10,120 9,154 966 4,678 2,940 2,399 541 1,190 1960 9............. \ f 2 2 1 0 , , 0 9 2 9 7 4 8 8 0 0 0 0 1 1 1 1 , , 0 0 7 8 8 8 1 1 0 0 , ,2 21 1 2 2 8 8 6 7 6 6 4 4 . . 8 8 1 1 8 8 2 2 , , 7 7 7 8 3 0 2 2 . . 2 23 3 0 0 5 5 4 5 3 0 1 1, , 5 5 4 2 1 5 1961 9............. \ 1 2 2 2 2 , , 9 8 3 5 6 3 8 8 0 0 0 0 1 11 1 . . 8 83 3 0 0 1 1 0 0 . . 9 9 4 4 0 0 8 8 9 9 0 0 5 5 , , 4 4 0 8 4 4 2 2 , , 8 8 7 7 1 3 2 2 , ,3 35 5 5 7 5 5 1 1 6 6 1 1 . . 9 94 4 8 9 1962 9............. /24,268 800 12,948 11,997 751 200 5.346 3.013 2.565 448 2,161 \24,268 800 12,914 11,963 751 200 5.346 3.013 2.565 448 2,195 1963 9............. \ f 2 2 6 6 , , 3 4 9 33 4 8 8 0 0 0 0 1 14 4 , , 4 45 2 9 5 1 1 2 2 . . 4 4 6 6 7 7 1 1 , ,1 2 8 1 3 7 7 7 0 0 3 3 6 6 3 3 9 9 5 5 . . 8 8 1 1 7 7 3 3, , 3 3 8 9 7 7 3 3 . . 0 0 4 4 6 6 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 1964 9............. \ ( 2 2 9 9 , , 3 3 6 13 4 8 8 0 0 0 0 1 1 5 5 , . 7 7 9 8 0 6 1 1 3 3 , , 2 2 2 2 4 0 1 1 . . 1 1 2 2 5 5 1 1 . . 0 0 7 7 9 9 2 2 0 0 4 4 1 1 5 5 8 8 7 7 , , 2 3 7 0 1 3 3 3, , 7 7 5 3 3 0 3 3, , 3 3 7 5 7 4 3 3 7 7 6 6 1 1 . . 7 7 2 2 2 2 196 5 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 472 1,431 1966 9............. / \3 3 1 1 , , 0 1 2 4 0 5 1 1, , 0 01 1 1 1 1 1 4 4 , , 8 8 4 9 1 6 1 1 2 2 , , 5 4 3 8 9 4 8 86 6 0 0 2 2 5 5 6 6 3 32 2 8 8 9 9 1 1 3 3 1 9 0 , , 9 1 3 1 6 6 4 4 . . 2 2 7 7 1 2 3 3 . . 7 7 4 4 3 4 5 5 2 2 8 8 9 9 0 05 6 1967 9............. / \3 3 5 5 , , 6 8 6 19 7 1 1 . . 0 0 3 3 3 3 1 1 8 8 , , 2 1 0 9 1 4 1 1 4 4 , , 0 0 3 2 4 7 9 9 0 0 8 8 7 7 1 1 1 1 7 7 4 4 1 1 1 1 . . 8 8 0 0 7 7 1 1 1 1 , , 2 0 0 8 9 5 4 4, , 6 6 7 8 8 5 4 4 , ,1 12 2 7 0 5 5 5 5 8 8 6 6 9 7 1 7 1968 9............. \ / 3 3 8 8 , , 4 6 7 8 3 7 1 1 . . 0 0 3 3 0 0 1 1 7 7 , , 4 3 0 4 7 0 1 1 1 1 . . 3 3 1 1 8 8 4 5 6 2 2 9 7 7 0 0 1 1 2 2 . . 5 5 1 18 8 2 2. . 3 34 4 1 1 1 1 4 4 . . 4 4 7 7 2 2 4 5 , , 9 0 0 5 9 3 4 4 . . 4 4 4 4 4 4 4 6 6 0 5 9 7 7 2 2 2 5 1969 9............. J \4 4 5 5 , , 9 75 1 5 4 1 1 . . 0 0 1 1 9 9 1 1 5 5, , 9 9 9 75 8 1 1 1 1 , , 0 0 5 7 4 7 3 3 4 4 6 6 10 5 5 5 5 5 5 10 2 2 , , 5 5 1 1 5 5 1 1 . . 5 5 0 0 5 5 2 2 3 3 , , 6 6 3 4 8 5 4 4, , 5 4 8 6 9 4 4 3 , , 0 93 6 9 4 5 5 2 25 5 6 6 5 63 9 1970—Dec. 9. J47,009 566 23.786 19.333 306 429 3.023 695 17,137 4,676 4,029 647 844 \46,960 566 23,775 19.333 295 429 3.023 695 17,169 4,604 4,039 565 846 1971—Dec. ii / \6 67 7 , , 6 8 8 1 1 0 5 5 4 4 4 4 5 5 1 0, , 6 2 5 0 1 9 3 3 9 9, . 0 6 1 7 8 9 1 1 . . 9 95 55 5 6 6. , 0 0 9 6 3 0 3 3 , . 3 4 7 4 1 1 1 1 4 4 4 4 1 1 0 0 , , 2 9 6 5 2 0 4 4 , , 1 1 3 41 8 3 3 , , 6 6 9 9 1 4 4 4 4 4 7 7 1 1 , , 5 5 2 2 8 4 1972—Feb..., 69,998 52,799 40.679 2,399 6.094 3.441 186 11,373 4,204 3,812 392 1,622 Mar.. . 71,013 53,806 40,980 2,644 6.094 3.723 365 11,464 4,194 3,818 376 1,549 Apr— 72,215 54,093 38,723 2,668 8.594 3.723 385 12,433 4,242 3,853 389 1,447 May r. 72,115 53,579 37,850 3,018 8.594 3.723 394 12,822 4,285 3,890 395 1,429 Juner. 74,001 54,604 38,603 3,292 8.594 3.723 392 13,444 4,475 4,103 372 1,478 July'.. 77,465 59,416 39,777 3,516 12.094 3.647 382 12,128 4,493 4,123 370 1,428 Aug.r. 79,454 60,601 40,611 3,881 12.094 3.647 368 12,911 4,419 4,041 378 1,523 Sept.. . 79,731 60,070 39,628 4,117 12.095 3,804 426 13,585 4,630 4,241 389 1,446 Oct__ 81,422 60,926 40,261 4,457 12.097 3.651 460 14,180 4,823 4,417 406 1,493 Nov... 82,373 61,122 40,040 4,834 12.098 3.651 499 14,781 4,745 4,322 423 1,725 Dec.. . 82,902 61,503 39,976 5,236 12,108 3,639 544 14,821 4,951 4,526 425 1,627 1973—Jan.^. . 82,093 60,779 38,516 5,798 12,110 3,780 575 14,824 4,897 4,472 425 1,593 Feb.p. 87,873 68,455 45,395 6,377 12,110 3,627 946 12,791 5,006 4,634 372 1,621 1 Includes (a) liability on gold deposited by the IMF to mitigate the shown for the preceding date; figures on second line are comparable with impact on the U.S. gold stock of foreign purchases for gold subscriptions those shown for the following date. to the IMF under quota increases, and (b) U.S. Treasury obligations at 10 Includes $101 million increase in dollar value of foreign currency cost value and funds awaiting investment obtained from proceeds of sales liabilities resulting from revaluation of the German mark in Oct. 1969 as of gold by the IMF to the United States to acquire income-earning assets. follows: liquid, $17 million, and nonliquid, $84 million. 2 Includes BIS and European Fund. 11 Data on the second line differ from those on first line because cer 3 Derived by applying reported transactions to benchmark data; tain accounts previously classified as “official institutions” are included breakdown of transactions by type of holder estimated 1959-63. with “banks”; a number of reporting banks are included in the series for 4 Excludes notes issued to foreign official nonreserve agencies. the first time; and U.S. Treasury securities payable in foreign currencies 5 Includes long-term liabilities reported by banks in the United States issued to official institutions of foreign countries have been increased in and debt securities of U.S. Federally-sponsored agencies and U.S. cor value to reflect market exchange rates as of Dec. 31, 1971. porations. 6 Includes short-term liabilities payable in dollars to commercial banks Note.—Based on Treasury Dept, data and on data reported to the abroad and short-term liabilities payable in foreign currencies to commer Treasury Dept, by banks and brokers in the United States. Data correspond cial banks abroad and to “other foreigners.” generally to statistics following in this section, except for the exclusion 7 Includes marketable U.S. Treasury bonds and notes held by commer of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign cial banks abroad. official nonreserve agencies, the inclusion of investments by foreign 8 Principally the International Bank for Reconstruction and Develop official reserve agencies in debt securities of U.S. Federally-sponsored ment and the Inter-American and Asian Development Banks. From Dec. agencies and U.S. corporations, and minor rounding differences. Table 1957 through Jan. 1972 includes difference between cost value and face excludes IMF “holdings of dollars,” and holdings of U.S. Treasury letters value of securities in IMF gold investment account. of credit and non-negotiable, non-interest-bearing special U.S. notes held 9 Data on the two lines shown for this date differ because of changes by other international and regional organizations. in reporting coverage. Figures on first line are comparable with those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID AND OTHER LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n es E W u e ro st p e e r n 1 Canada A re m p L u a e b r ti i l n c ic a s n Asia Africa cou O n t t h ri e e r s 18,194 10,321 1,310 1,582 4,428 250 303 1968 3............................................................................................. /17,407 8,070 1,867 1,865 5,043 259 303 \17,340 8,062 1,866 1,865 4,997 248 302 1969 3............................................................................................. /4 15,975 4 7,074 1,624 1,888 4,552 546 291 \ 15,998 7,074 1,624 1,911 4,552 546 291 1970 3............................................................................................. f23,786 13,620 2,951 1,681 4,713 407 414 123,775 13,615 2,951 1,681 4,708 407 413 1971 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—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 Apr...................................................................................... 54,093 31,358 4,181 1,492 15,249 477 1,336 May.................................................................................... 53,579 30,935 4,316 1,476 14,967 458 1,427 June.................................................................................... 54,604 31,910 4,486 1,473 14,572 533 1,630 July r................................................................................... 59,416 36,370 4,446 1,393 14,727 572 1,908 Aug..................................................................................... 60,601 36,612 4,463 1,415 15,352 652 2,107 Sept..................................................................................... 60,070 35,985 4,469 1,363 15,291 685 2,277 Oct...................................................................................... 60,926 35,078 4,468 1,468 16,805 616 2,491 Nov..................................................................................... 61,122 34,608 4,289 1,439 17,372 694 2,720 Dec...................................................................................... 61,503 34,197 4,279 1,721 17,566 777 2,963 1973—Jan.*................................................................................... 60,779 34,146 4,201 1,718 17,027 673 3,014 Feb.*.................................................................................. 68,455 40,765 4,290 1,893 17,898 809 2,800 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 9 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. Treasury 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 non accounts 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 debt securities of U.S. the first time; and U.S. Treasury liabilities payable in foreign currencies Federally-sponsored agencies and U.S. corporations. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To all foreigners To nonmonetary international and regional organizations6 Payable in dollars Deposits IMF End of period Total i Total Dem D an e d pos T it i s me 2 b T i c r l c e l U e a s r a t . t e S s i a f s u . i n r 3 d y s O l t i h e a t o r h b m r e . t 4 r P f r o e a c n y r u i e c a n r i i b g e l n s e in m g v o e e n l s d t t 5 Total Demand Time2 b T i c l r c e U l e s a r a . t t S s i e a f u . s i n r d y s l O t i h e a t r o b h m r e . t 4 r 1969............. 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 223 19707........... (41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 381 141,761 41,393 15,795 5,961 14,123 5,514 368 400 820 69 159 211 381 1971 8........... / 1 5 5 5 5 , , 4 4 0 3 4 0 5 5 5 5 , , 0 0 3 1 8 8 1 6 0 , , 4 3 6 9 0 9 4 5 , , 2 2 1 09 7 3 3 3 3, ,0 02 25 5 1 6 1 , , 3 3 8 3 5 6 3 3 8 92 6 4 4 0 0 0 0 1 1 , , 3 3 6 7 8 2 7 73 3 1 1 9 9 2 2 2 21 1 0 0 8 89 92 6 1972—Feb.. 57,329 56,856 6,019 4,334 34,490 12,013 473 1,465 85 167 295 918 Mar.. 57,654 57,138 5,991 4,431 34,929 11,787 516 1,391 88 189 275 839 Apr.. 56,287 55,793 6,460 4,502 32,324 12,507 494 1,278 87 198 177 817 May r 55,830 55,330 6,570 4,653 31,498 12,609 499 1,268 84 186 198 800 June r 57,467 56,947 7,217 4,830 31,871 13,029 519 1,316 85 238 212 782 July r. 57,294 56,813 7,320 4,746 32,881 11,866 481 1,266 101 262 142 761 Aug.. 58,884 58,429 6,631 4,867 33,745 13,186 455 1,322 65 267 172 818 Sept.. 58,687 58,208 6,931 4,939 32,714 13,625 478 1,233 79 224 145 785 Oct... 60,138 59,600 7,075 5,146 33,071 14,309 538 1,281 63 210 204 804 Nov.. 60,654 60,112 7,012 5,379 32,774 14,946 543 1,512 95 242 380 794 Dec.. 60,737 60,240 8,290 5,630 31,850 14,470 496 1,413 86 202 326 800 1973—Jan... 59,192 58,666 7,460 5,546 30,149 15,512 526 1,380 118 172 295 795 Feb.*, 64,239 63,726 7,794 5,585 36,551 13,796 513 1 ,419 133 145 303 838 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 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 eposi T ts ime2 T b c i r c l e U e l a s r a t . t e s S i a s f u . n i r 3 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 i r i g e n s Total Dema D n e d posi T ts ime2 T bi c c r l U e e l a s a r t . t e S s i a s u f . n i r 3 d y s O t l h i e a t o r h b m r e . t 4 r c P u f a r o y r r e i a e n n b i c g le i n es 1969......................... 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 202 19707....................... \ / 4 4 0 0 , , 5 4 4 9 1 9 1 15 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 3 8 3 3 6 6 8 8 1 1 9 9 , , 3 3 3 33 3 1 1 , , 6 6 5 5 2 2 2 2 , , 5 5 5 5 4 4 1 1 3 3 , , 3 3 6 6 7 7 1 1 , , 6 6 1 1 2 2 1 1 4 4 8 8 19718....................... \ / 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 41 1 5 5 1 5 0 , , 4 4 8 4 9 3 3 3 8 9 6 2 3 3 9 9 , , 6 0 7 1 9 8 1 1 , , 6 32 2 7 0 2 2, , 0 5 3 0 9 4 3 32 2 , , 3 3 1 1 1 1 3 3 , , 0 1 8 7 6 6 1 1 5 65 8 1972—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 r........... r54,562 6,486 4,468 31,300 11,810 499 37,850 1,224 2,379 31,209 2,871 167 Juner........... 56,150 7,132 4,592 31,659 12,248 519 38,603 1,536 2,469 31,573 2,858 167 July r............ r56,028 7,219 4,485 32,738 11,106 481 39,777 1,521 2,377 32,655 3,054 170 Aug.............. 57,563 6,566 4,600 33,573 12,368 455 40,611 1,308 2,412 33,499 3,220 171 Sept.............. 57,454 6,851 4,716 32,569 12,840 478 39,628 1,239 2,454 32,497 3,268 171 Oct............... 58,858 7,012 4,935 32,867 13,505 538 40,261 1,335 2,564 32,794 3,398 171 Nov.............. 59,143 6,917 5,137 32,394 14,152 543 40,040 1,271 2,638 32,315 3,645 171 Dec.............. 59,323 8,204 5,428 31,523 13,671 496 39,976 1,589 2,858 31,453 3,905 171 1973—Jan.*............ 57,812 7,341 5,374 29,854 14,717 526 38,516 1,405 2,856 29,779 4,304 171 Feb.*........... 62,820 7,661 5,440 36,248 12,958 513 45,395 1,756 2,815 36,144 4,508 172 To banks io To other foreigners To banks Payable in dollars and other End of period Total Payable in Total Dema D n e d posi T ts ime2 T b c i r l U e e ls r a . t s S i a u f . n i r d y s O l t i h e a t o r h b m r . e t 4 r Total Dema D n e d posi T ts ime2 T b c i r l U e e ls r a . t s S i a u f . n i r d y s O l t i h e a t o r h b m r . e 4 t r f r o e c r n u e c r i i g e n s cates cates 1969......................... 27,709 23,419 16,756 1,999 20 4,644 4,064 1,711 1,935 107 312 226 19707 ..................... J21,166 16,917 12,376 1,326 14 3,202 4,029 1,688 1,886 131 325 220 \21,208 16,949 12,385 1,354 14 3,197 4,039 1,688 1,895 131 325 220 19718........................ \ f 1 1 4 3 , , 6 9 4 53 4 1 1 0 0 , , 7 0 2 3 2 4 7 3 , , 0 4 4 0 7 0 8 3 5 2 0 0 8 8 2 6, , 9 1 9 3 5 0 3 3 , , 6 6 9 9 1 4 1 1 , ,6 66 6 0 0 1 1 , , 6 6 6 6 3 6 9 9 6 6 2 27 7 1 4 2 2 2 2 8 8 1972—Feb.............. 15,184 11,067 3,121 349 4 7,593 3,811 1,714 1,699 99 299 306 15,283 11,115 3,093 359 4 7,658 3,818 1,682 1,735 102 299 349 Apr.............. 16,286 12,106 3,372 352 4 8,379 3,852 1,756 1,682 96 318 327 Mayr........... 16,712 12,489 3,569 307 3 8,611 3,890 1,693 1,781 88 328 333 Juner........... 17,547 13,091 3,797 309 5 8,981 4,104 1,800 1,815 81 409 353 July r............ 16,251 11,816 3,877 285 5 7,649 4,123 1,821 1,822 77 402 311 Aug.r........... 16,951 12,626 3,555 336 6 8,729 4,040 1,702 1,852 67 419 284 Sept.............. 17,826 13,277 3,837 353 5 9,083 4,241 1,776 1,909 68 489 308 Oct............... 18,597 13,813 3,802 439 3 9,569 4,417 1,875 1,933 70 538 368 Nov.............. 19,103 14,409 3,940 486 5 9,979 4,322 1,706 2,014 75 528 372 Dec............... 19,347 14,496 4,661 545 5 9,284 4,525 1,954 2,025 65 481 325 1973—Jan.*............ 19,296 14,470 4,158 448 5 9,858 4,472 1,778 2,070 69 555 355 Feb.*........... 17,425 12,450 4,086 500 8 7,855 4,634 1,818 2,124 96 595 341 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 Develop ment Bank and the International Development Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1971 1972 1973 Area and country Dec. May r June' July' Aug. Sept. Oct. Nov. Dec. Jan.* Feb.* Europe: Austria........................................................... 254 283 254 261 272 310 279 245 272 268 267 Belgium-Luxembourg................................. 701 864 962 1,159 1,188 1,175 1,159 1,070 1,092 975 1,166 Denmark....................................................... 168 203 215 216 209 194 217 254 284 321 364 Finland........................................................... 160 131 148 176 165 163 161 157 163 152 158 France............................................................ 3,150 3,027 3,514 4,324 4,317 4,422 4,501 4,630 '4,441 4,433 4,482 Germany....................................................... 6,596 5,500 6,483 6,601 6,459 5,819 5,809 5,514 '5,346 5,034 10,494 Greece............................................................ 170 159 179 168 165 177 195 190 238 210 224 Italy................................................................ 1,888 1,572 1,375 1,424 1,615 1,429 1,346 1,354 '1,338 1,085 1,041 Netherlands................................................... 270 861 847 1,488 1,514 1,490 1,460 1,442 1,468 1,356 1,762 Norway.......................................................... 685 669 654 769 892 873 895 960 978 973 990 303 284 269 290 334 356 379 413 416 439 498 Spain............................................................... 203 206 231 222 192 246 230 223 256 231 222 Sweden........................................................... 792 1,010 1,044 1,036 1,033 1,068 1,059 1,081 1,184 1,189 1,403 Switzerland................................................... 3,249 2,709 2,626 '3,626 3,493 3,538 3,073 2,838 '2,857 2,924 2,845 Turkey........................................................... 68 40 44 55 59 72 71 96 97 109 94 United Kingdom......................................... 7,379 7,954 7,914 4,945 5,893 5,692 5,683 5,430 5,011 '5,510 4,542 Yugoslavia.................................................... 34 88 90 87 102 65 56 98 117 82 77 Other Western Europe1............................ 1,391 1,388 1,367 '1,379 1,391 1,446 1,428 1,479 1,483 1,464 1,502 U.S.S.R.......................................................... 14 13 10 18 10 14 16 10 11 14 21 Other Eastern Europe................................ 53 58 68 58 57 71 63 58 81 71 65 Total...................................................... 27,530 27,021 28,293 '28,302 29,360 28,618 28,080 27,541 '27,134 '26,840 32,216 Canada............................................................... 3,441 4,146 3,966 3,727 3,660 3,730 3,969 3,799 '3,484 '3,889 3,325 Latin America: Argentina....................................................... 441 465 459 457 500 523 532 547 631 632 689 Brazil.............................................................. 342 576 628 620 550 591 601 564 605 643 658 Chile............................................................... 191 134 136 136 136 134 135 135 137 132 136 Colombia....................................................... 188 190 190 196 212 199 192 185 210 210 218 Cuba............................................................... 6 6 7 6 6 6 6 6 6 7 7 Mexico........................................................... 715 761 733 788 695 690 671 659 831 783 800 Panama......................................................... 154 185 154 165 154 156 151 150 167 193 200 Peru................................................................ 164 167 179 178 178 164 180 183 225 176 167 Uruguay......................................................... 108 122 117 121 136 137 125 133 140 140 138 Venezuela....................................................... 963 873 919 831 865 855 924 926 '1,077 '995 1,050 Other Latin American republics.............. 655 661 669 '671 701 662 747 751 '860 839 827 Bahamas 2..................................................... 656 r442 486 384 416 461 576 576 '539 '290 260 Netherlands Antilles and Surinam.......... 87 91 94 88 83 88 82 89 86 81 84 Other Latin America.................................. 37 43 40 '47 45 54 55 57 '44 '235 239 4,708 '4,716 '4,810 4,688 4,675 4,721 4,979 4,961 '5,558 5,354 5,471 Asia: China, People’s Rep. of (China Mainland) 39 38 39 39 39 39 39 39 39 39 37 China, Republic of (Taiwan).................... 258 365 383 426 502 541 590 639 675 '737 783 Hong Kong................................................... 312 328 311 341 325 315 313 310 318 '336 319 India............................................................... 89 104 105 122 105 91 103 107 98 '115 134 Indonesia....................................................... 63 87 113 98 117 115 114 107 108 '101 96 Israel............................................................... 150 148 140 128 119 134 127 141 177 144 151 Japan.............................................................. 14,295 14,017 14,096 13,963 14,156 14,412 15,485 16,152 '15,843 14,570 14,733 Korea.............................................................. 196 196 198 206 235 208 218 201 192 '238 210 Philippines..................................................... 306 337 346 345 364 379 382 394 438 '446 452 Thailand......................................................... 126 174 177 120 141 145 143 128 171 211 187 Other.............................................................. 595 729 706 733 802 797 1,016 965 '1,071 951 897 Total....................................................... 16,429 16,525 16,613 16,521 16,904 17,175 18,529 19,182 '19,131 '17,886 17,998 Africa: Egypt.............................................................. 24 18 19 17 19 23 23 24 24 21 28 Morocco........................................................ 9 8 11 11 9 9 10 11 12 9 8 South Africa................................................. 78 70 76 92 65 71 57 83 115 111 104 Zaire............................................................... 12 16 18 27 15 18 14 17 21 18 23 Other.............................................................. 474 522 608 620 622 649 595 678 768 573 728 Total....................................................... 597 635 731 768 729 770 700 814 939 733 891 Other countries: Australia........................................................ 916 1,482 1,692 1,977 2,187 2,372 2,553 2,801 3,027 3,046 2,861 All other......................................................... 42 39 45 45 47 69 47 46 51 65 57 Total....................................................... 957 1,520 1,737 2,022 2,234 2,441 2,600 2,846 '3,077 3,111 2,918 Total foreign countries.................................. 53,662 '54,562 56,150 '56,028 57,563 57,454 58,858 59,143 '59,323 '57,812 62,820 International and regional: International3............................................... 1,327 802 819 793 831 746 794 1,030 951 930 957 Latin American regional............................ 298 329 347 300 335 329 320 316 307 '301 318 Other regional4............................................ 143 137 149 173 155 158 167 166 155 149 142 1,768 1,268 1,316 1,266 1,322 1,233 1,281 1,512 '1,413 '1,380 1,419 Grand total........................................... 55,430 '55,830 '57,467 '57,294 58,884 58,687 60,138 60,654 '60,737 '59,192 64,239 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 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 5___________________________________ 1970 1971 1972 1970 1971 1972 Area and country Area and country Dec. Apr. Dec. Apr. Dec. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia—Cont.: Cyprus...................................... 10 7 2 2 3 Kuwait.............................................. 54 36 20 16 39 Iceland.................................... 10 10 11 9 9 Laos................................................... 5 2 3 3 2 Ireland, Rep. of....................... 41 29 16 15 17 Lebanon........................................... 54 60 46 60 55 Malaysia.......................................... 22 28 23 25 54 Other Latin American republics: Pakistan............................................ 38 28 33 58 59 Bolivia...................................... 69 59 55 53 87 Ryukyu Islands (incl. Okinawa)6 18 39 29 53 Costa Rica............................... 41 43 62 70 92 Saudi Arabia................................... 106 41 79 80 344 Dominican Republic............... 99 90 123 91 114 Singapore......................................... 57 43 35 45 77 Ecuador.................................... 79 72 57 62 121 Sri Lanka (Ceylon)....................... 4 4 4 6 5 El Salvador.............................. 75 80 78 83 76 Syria.................................................. 7 3 4 6 4 Guatemala................................ 100 97 117 123 132 Vietnam............................................ 179 161 159 185 135 Haiti.......................................... 16 19 18 23 27 Honduras.................................. 34 44 42 50 58 Other Africa: Jamaica..................................... 19 19 19 32 41 Algeria.............................................. 17 13 23 31 32 Nicaragua................................. 59 47 50 66 61 Ethiopia (incl. Eritrea)................. 19 12 11 29 57 Paraguay.................................. 16 15 17 17 22 Ghana............................................... 8 6 8 11 10 Trinidad & Tobago................. 10 14 10 15 20 Kenya............................................... 38 13 9 14 23 Liberia.............................................. 22 21 23 25 30 Other Latin America: Libya................................................. 195 91 274 296 393 British West Indies................. 33 38 32 23 36 Nigeria.............................................. 17 25 46 56 (7) Southern Rhodesia........................ 1 2 2 2 2 Other Asia: Sudan................................................ 1 1 1 5 3 Afghanistan.............................. 26 15 19 17 25 Tanzania.......................................... 9 10 6 6 11 Bahrain..................................... 32 35 21 18 (7) Tunisia.............................................. 7 6 9 7 10 Burma....................................... 4 3 10 5 2 Uganda............................................ 8 5 3 10 7 Cambodia................................. 2 2 5 2 3 Zambia............................................. 10 14 13 7 (7) Iran............................................ 42 67 59 88 93 Iraq........................................... 11 7 10 9 10 All other: Jordan....................................... 14 3 2 2 4 New Zealand.................................. 25 22 23 27 30 1 Includes Bank for International Settlements and European Fund. 4 Asian, African, and European regional organizations, except BIS and 2 Includes Bermuda through Dec. 1972. European Fund, which are included in “Europe.” 3 Data exclude “holdings of dollars” of the International Monetary 5 Represent a partial breakdown of the amounts shown in the “other” Fund but include IMF gold investment until Feb. 1972, when investment categories (except “Other Eastern Europe”). was terminated. 6 Included in Japan after Apr. 1972. 7 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 inti. End of period Total and Official Other Ger United Other Total Other All regional Total institu Banks1 foreign many King Europe Latin Japan Asia other tions ers dom America coun tries 196 9 2,490 889 1,601 1,505 56 40 46 7 239 655 582 70 197 0 1,703 789 914 695 166 53 110 42 26 152 385 137 62 197 1 902 446 457 144 257 56 164 52 30 111 3 87 9 1972—Feb.. 1,023 555 468 137 252 79 164 67 31 108 82 14 Mar.. 1,085 629 456 127 r252 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 r167 68 r35 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 33 14 Dec.. 999 559 440 94 259 87 165 63 32 136 33 10 1973—-Jan.*, 1,025 597 428 75 257 96 165 61 30 127 31 13 Feb.* 1,254 593 661 302 258 100 164 59 233 119 71 13 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End of period; in millions of dollars) 1972 1973 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.* Feb.* Europe: Belgium-Luxembourg........................ 6 6 6 6 6 6 6 6 6 6 6 6 6 Sweden................................................. 16 16 16 16 19 19 17 15 35 85 85 110 135 Switzerland.......................................... 53 53 52 52 52 49 45 45 45 45 45 45 44 United Kingdom................................ 283 268 280 288 264 265 280 293 308 326 327 327 276 Other Western Europe..................... 79 79 79 79 77 79 79 79 79 79 79 79 79 Eastern Europe.................................. 5 5 5 5 5 5 5 5 5 5 5 5 5 Total............................................. 441 426 438 445 424 422 432 443 478 545 547 572 544 Canada..................................................... 179 178 179 166 313 313 372 432 479 559 558 558 559 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: Japan.................................................... 2,1*46 2,391 2,415 2,777 2,901 3,125 3,310 3,481 3,756 4,003 4,380 4,867 5,421 Other Asia.......................................... 10 10 10 10 10 10 10 10 10 10 10 10 10 Total............................................. 2,156 2,401 2,425 2,787 2,912 3,136 3,321 3,492 3,766 4,013 4,391 4,877 5,431 Africa....................................................... 8 8 8 8 8 8 127 133 133 133 133 183 183 * • * * * * * * * * 25 25 25 Total foreign countries......................... 2,791 3,020 3,057 3,413 3,664 3,886 4,259 4,506 4,863 5,257 5,661 6,223 6,749 International and regional: International....................................... 126 126 136 136 136 136 176 186 186 186 186 186 176 Latin American regional................. 31 32 33 25 26 27 27 27 27 28 28 28 26 Total............................................ 157 158 168 161 161 162 203 213 213 214 214 214 202 Grand total................................ 2,948 3,177 3,226 3,574 3,825 4,048 4,461 4,719 5,076 5,471 5,874 6,436 6,951 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. Treasury 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 PPaayyaable in foreign currencies End of period Total China, Total g B iu e m l a C d a a n 1 ( R Ta e i p w . a o n f ) m G a e n r y Italy 2 Korea T la h n a d i Total m G an e y r 3 Italy e S r w la i n tz d 196 9 43,181 1,431 32 1,129 20 135 15 100 4 1,750 4 1,084 125 541 197 0 3,563 2,480 32 2,289 20 25 15 100 1,083 542 541 197 1 5 9,657 7,829 32 2,640 20 5,000 22 15 100 5 1,827 612 1.215 1972—Mar. 9,940 8,188 32 2,840 20 5,158 22 15 100 1,752 536 1.216 Apr. 12,440 10,688 32 2,840 20 7,658 22 15 100 1,752 536 1,216 May 12,441 10,688 32 2,840 20 7,658 22 15 100 1,753 536 1.217 June 12,441 10,688 32 2,840 20 7,658 22 15 100 1,753 536 1.217 July. 15,864 14,188 32 2,840 20 11,158 22 15 100 1,676 459 1.217 Aug. 15,864 14,188 32 2,840 20 11,158 22 15 100 1,676 459 1.217 Sept. 16,022 14,345 32 2,840 20 11,315 22 15 100 1,677 459 1.218 Oct.. 15,871 14,345 32 2,840 20 11,315 22 15 100 1,526 306 1,220 Nov. 15,872 14,345 32 2,840 20 11,315 22 15 100 1,528 306 1,222 Dec., 15,872 14,333 20 2,840 20 11,315 22 15 100 1,539 306 1,233 20 1973—Jan.. 16,016 14,474 20 2,840 11,471 22 100 1,542 306 1.236 Feb. 15,863 14,474 20 2,840 20 11,471 22 100 1,389 153 1.236 Mar. 15,870 14,464 20 2,840 10 11,471 22 100 1,407 153 1,254 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 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 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 1973 Area and country Dec. May r Juner July r Aug.r Sept.r Oct.r Nov. Dec. Jan.* Feb.* Europe: Austria........................................................... 11 13 15 16 33 8 15 10 8 7 13 Belgium-Luxembourg................................ 57 72 73 73 66 70 87 84 120 67 124 Denmark....................................................... 49 54 52 50 63 60 52 57 59 58 59 Finland.......................................................... 135 132 126 124 128 120 119 123 118 127 122 France............................................................ 263 290 316 306 349 317 274 274 331 275 312 Germany....................................................... 235 231 315 286 229 268 287 296 321 267 412 Greece............................................................ 30 30 24 25 27 28 27 27 29 34 23 Italy................................................................ 160 230 200 194 190 173 177 170 255 221 271 Netherlands................................................... 105 100 117 97 102 116 104 101 108 93 152 Norway.......................................................... 67 65 64 71 56 52 62 62 69 62 63 Portugal......................................................... 12 24 21 25 21 27 22 21 19 21 26 Spain............................................................... 70 149 141 156 160 194 229 215 207 210 236 Sweden........................................................... 118 132 95 114 120 131 128 123 156 176 249 Switzerland................................................... 145 194 148 131 137 180 186 150 125 187 206 Turkey........................................................... 3 3 3 3 4 7 4 4 6 5 6 United Kingdom......................................... 559 518 550 736 666 643 657 729 855 672 1,001 Yugoslavia..................................................... 19 27 22 23 21 22 18 16 22 18 20 Other Western Europe............................... 12 19 24 23 ! 25 24 23 19 20 23 26 U.S.S.R......................................................... 28 65 57 62 64 55 30 32 41 44 55 Other Eastern Europe................................ 37 43 43 44 40 38 40 38 49 47 53 2,114 2,390 2,406 2,558 2,503 2,531 2,543 2,553 2,919 2,613 3,432 Canada............................................................... 1,627 1,824 1,855 2,299 2,484 2,026 1,681 1,722 1,926 1,939 2,374 Latin America: Argentina....................................................... 305 316 325 323 339 352 363 357 379 389 417 Brazil.............................................................. 435 543 551 568 600 639 659 633 652 641 727 Chile............................................................... 139 94 78 77 71 79 58 53 52 54 49 Colombia....................................................... 380 394 404 396 384 378 384 396 418 407 412 Cuba............................................................... 13 13 13 13 13 13 13 15 13 12 13 Mexico........................................................... 934 1,035 1,151 1,180 1,163 1,123 1,127 1,168 1,202 1,202 1,213 Panama.......................................................... 125 121 130 132 137 150 145 179 246 219 220 Peru................................................................ 176 177 160 157 158 137 138 147 145 129 136 Uruguay......................................................... 41 38 35 38 40 43 36 38 40 40 43 Venezuela...................................................... 268 299 314 333 343 335 361 386 383 388 385 Other Latin American republics.............. 374 359 366 357 355 345 353 368 388 393 378 Bahamas 1..................................................... 262 269 319 389 425 426 369 401 474 409 515 Netherlands Antilles and Surinam.......... 18 16 16 16 16 15 15 13 14 15 15 Other Latin America.................................. 26 24 25 22 29 28 32 33 36 58 68 Total....................................................... 3,494 3,699 3,885 3,999 4,073 4,063 4,053 4,189 4,439 4,357 4,590 Asia: China, People’s Rep. of (China Mainland) 1 2 2 2 2 2 1 1 1 2 2 China, Republic of (Taiwan).................... 109 180 182 178 173 180 187 201 194 205 211 Hong Kong................................................... 70 107 111 100 85 85 76 76 93 84 103 India............................................................... 21 16 16 14 17 18 15 17 14 15 15 Indonesia....................................................... 41 49 45 44 60 66 74 74 87 87 103 Israel............................................................... 129 81 78 101 87 78 87 105 105 126 100 Japan.............................................................. 4,280 3,684 3,570 3,527 3,473 3,461 3,727 4,011 4,162 4,081 5,277 Korea............................................................. 348 377 346 344 342 321 302 317 296 271 288 Philippines..................................................... 138 138 138 143 144 144 151 160 149 148 150 Thailand........................................................ 172 181 183 174 187 187 177 183 191 184 ! 195 Other.............................................................. 252 199 221 245 230 229 244 262 301 288 1 335 5,560 5,015 4,891 4,871 4,800 4,773 5,042 5,408 5,594 5,490 ! 6,780 Africa: ! Egypt.............................................................. 10 11 16 14 12 15 17 16 21 22 20 Morocco........................................................ 4 4 4 4 4 5 5 4 4 6 5 South Africa................................................. 158 161 160 149 142 139 134 145 143 150 155 Zaire............................................................... 21 18 14 12 12 12 14 10 13 15 i 13 Other.............................................................. 99 129 124 121 114 124 113 116 127 116 1 113 Total....................................................... 292 324 318 300 283 294 283 290 308 309 305 Other countries: Australia........................................................ 158 175 176 210 184 205 229 271 291 272 256 All other........................................................ 28 31 34 38 41 44 36 36 40 50 44 Total....................................................... 186 206 211 248 225 249 265 308 330 322 300 Total foreign countries................................... 13,273 13,458 13,567 14,275 14,367 13,936 13,867 14,469 15,516 15,030 17,782 International and regional............................. 3 7 4 3 3 4 6 6 3 3 3 Grand total.......................................... 13,277 13,465 13,570 14,278 14,370 13,940 13,873 14,474 15,519 15,033 17,785 i Includes Bermuda through Dec. 1972. foreigners, where collection is being made by banks and bankers for their own account or for account of their customers in the United States; Note.—Short-term claims are principally the following items payable and foreign currency balances held abroad by banks and bankers and on demand or with a contractual maturity of not more than 1 year: loans their customers in the United States. Excludes foreign currencies held made to, and acceptances made for, foreigners; drafts drawn against by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 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 Loans to— Foreign End of period Total Total Total O in t f i s f o t i i n c t i s u a l Banks1 Others C s t t o o i i a o n u l n l n g t e d s c f A e o o a m i c r f g n c a a n f c e d o c e e p c e 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 a o u n c n o v r a i d n m t t , i c e f l s e i . s e , Other paper 196 9 9,680 9,165 3,278 262 1,943 1,073 2,015 3,202 670 516 352 89 74 197 0 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 166 1971 2........... / \1 1 3 3 , , 2 1 7 7 7 0 1 1 2 2 , , 3 3 8 2 1 8 4 3 , , 5 9 0 6 3 6 2 22 2 3 4 2 2 , ,6 0 1 8 3 0 1 1, , 6 6 6 6 7 2 2 2 , , 4 4 7 7 5 5 4 4, , 2 2 4 5 3 4 1 1 , , 6 1 8 0 6 7 8 8 4 95 2 5 5 4 4 8 9 1 1 7 1 3 9 1 1 7 7 4 4 1972—Feb.r. 13,674 12,747 4,023 198 2,055 1,770 2,430 4,394 1,901 926 562 266 98 Mar.r 14,052 13,052 4,175 167 2,141 1,867 2,476 4,410 1,991 1,000 579 283 138 Apr.r, 13,788 13,003 4,451 163 2,354 1,935 2,469 4,252 1,830 785 498 177 111 May r, 13,465 12,630 4,602 169 2,518 1,915 2,541 3,838 1,650 835 530 187 118 June r. 13,570 12,737 4,760 162 2,575 2,022 2,650 3,483 1,844 833 486 222 125 July r. 14,278 13,376 5,054 162 2,779 2,113 2,705 3,227 2,390 902 516 278 108 Aug.r 14,370 13,424 4,988 151 2,710 2,127 2,805 3,082 2,549 946 482 338 126 Sept.r 13,940 13,052 4,991 143 2,572 2,276 2,882 2,967 2,212 888 431 330 127 Oct.r. 13,873 13,098 5,161 146 2,666 2,348 2,987 2,961 1,989 775 408 209 158 Nov.. 14,474 13,705 5,354 160 2,700 2,495 3,130 3,139 2,082 769 412 219 138 Dec.. 15,519 14,674 5,725 166 2,974 2,585 3,269 3,204 2,476 845 441 223 181 1973—Jan.*. 15,033 14,208 5,430 143 2,812 2,476 3,234 3,103 2,441 824 443 253 127 Feb.*. 17,785 16,717 6,458 166 3,675 2,617 3,515 3,321 3,423 1,067 595 312 160 1 Excludes central banks, which are included with “Official institutions.” branches, which were previously reported as “Loans”, are included in 2 Data on second line differ from those on first line because (a) those “Other short-term claims”; and (b) a number of reporting banks are included claims of U.S. banks on their foreign branches and those claims of U.S. in the series for the first time. agencies and branches of foreign banks on their head offices and foreign 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars End of Payable period Total Loans to— O lo t n h g e r c fo u r r i e r n i e g n n U K d n i o n i m t g e d E O u t r h o e p r e Canada A L m a e t r i i n ca Japan O A t s h i e a r co o u A t n h l t e l ri r es Official Other term cies Total institu Banks1 foreign claims tions ers 1969................... 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 88 568 378 1970................... 3,075 2,698 504 236 1,958 352 25 71 411 312 1,325 115 548 292 1971................... 3,664 3,342 575 315 2,452 300 22 130 593 228 1,458 246 583 426 1972—Feb........ 3,743 3,426 595 324 2,507 292 24 124 593 254 1,477 241 624 430 Mar.. .. 3,842 3,531 644 329 2,559 284 26 131 606 233 1,498 278 651 444 Apr........ 3,944 3,622 654 335 2,633 295 27 143 626 230 1,542 290 673 440 Mayr... 4,043 3,728 674 335 2,719 285 30 140 638 251 1,584 281 707 443 Juner... 4,188 3,871 719 363 2,788 287 31 139 631 284 1,644 309 735 445 July r. . . 4,307 4,000 757 356 2,887 275 32 146 674 283 1,724 294 754 431 Aug.r... 4,384 4,070 771 398 2,900 281 34 141 671 277 1,789 288 773 445 Sept.r. . 4,531 4,216 796 402 3,019 282 33 128 687 288 1,861 289 802 476 Oct........ 4,629 4,302 796 412 3,094 292 35 136 658 335 1,893 302 828 477 Nov.... 4,668 4,345 819 432 3,093 291 33 137 662 341 1,875 301 863 490 Dec....... 4,916 4,504 833 430 3,241 375 37 139 708 382 1,991 315 881 500 1973—jan.*... 4,955 4,535 833 440 3,262 379 41 144 728 403 1,957 324 897 503 Feb.*... 5,060 4,598 838 462 3,298 411 52 135 763 431 1,977 313 911 531 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 1973 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Treas. bonds and notes 1 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 ha s e a s t e l e p s s u o r r c P ha u s r e s Sales c N h s a e a s t l e p e s s u o r r c P ha 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 1971 '................... 1,672 130 1,542 1,661 -119 14,573 13,158 1,415 1,687 2,621 -935 1,385 1,434 -49 1972*................... 3,316 57 3,258 3,281 -23 18,922 14,958 3,964 1,898 2,954 -1,057 2,532 2,115 417 1973—Jan.-Feb. 1,077 -12 1,065 1,141 -76 3,625 2,180 1,444 335 469 -134 352 298 54 1972—Feb.r.... 141 141 138 3 1,606 1,312 295 161 270 -108 200 199 1 Mar.r. .. 230 1 229 245 -16 2,030 1,527 503 188 278 -90 290 269 20 Apr.r.... 48 11 38 25 13 1,678 1,420 258 162 150 11 197 181 16 Mayr.... 348 -8 356 350 6 1,346 1,111 235 128 314 -186 245 141 104 Juner.... 251 1 251 274 -23 1,648 1,407 241 109 339 -230 226 269 -43 July r.... 223 1 222 224 -2 1,151 1,152 * 188 100 88 155 163 -8 Aug.r.. . 413 40 373 365 9 1,495 1,217 278 129 98 30 242 179 63 Sept.r. .. 258 10 247 237 11 1,154 841 314 173 161 12 173 142 32 Oct.r___ 356 356 340 17 1,317 1,038 279 153 204 -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 2,007 1,368 638 243 465 -222 233 178 55 1973—Jan_*___ 562 562 562 1,849 1,118 731 191 324 -133 161 155 7 Feb.*___ 515 -12 503 579 -76 1,776 1,062 713 144 144 -1 190 143 47 t Excludes nonmarketable U.S. Treasury bonds and notes issued to sold abroad by U.S. corporations organized to finance direct investments official institutions of foreign countries; see Table 12. 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. Also includes issues of new debt securities organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y N la e n th d e s rSw la i n tz d er 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 ica Asia Africa co O u t n h t e ri r es 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*..................... 2,140 372 -51 297 639 561 92 1,911 -78 -32 256 — l — 1 86 1973—Jan.-Feb.* 919 57 33 113 290 194 57 746 60 -30 131 1 * 11 1972—Feb.'......... 151 13 4 37 52 36 6 147 -32 10 20 _ j * 6 Mar............ 177 19 -12 27 56 95 • 185 -26 3 8 • * 7 Apr....... 78 -9 -22 19 1 46 * 35 -23 13 49 — l * 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 Julyr......... -36 -6 -44 -14 56 15 -41 -34 4 -25 12 * * 7 Aug.r........ 252 60 -13 8 68 101 26 249 8 -16 4 * * 6 Sept.r.... 165 36 -7 15 51 56 11 162 -12 1 11 * * 3 Oct.r........ 160 65 6 24 83 -89 20 109 8 2 29 * — 1 12 Nov........... 489 85 44 55 61 150 52 447 14 25 -8 * — l 12 Dec............ 350 48 -3 42 59 132 19 297 -1 8 42 • * 4 1973—Jan.*........ 481 32 29 47 141 112 24 385 23 -20 85 * 1 7 Feb.*......... 438 25 4 67 149 82 34 361 36 -10 46 1 * 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y N la e n th d e s rSw la i n tz d er 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 ca Asia Africa co O u t n h t e ri r es I r n e t g l. i o a n n a d l 1970....................... 956 35 48 37 134 118 91 464 128 25 28 1 -12 324 1971....................... 684 15 35 -1 197 327 39 612 37 19 -2 * -21 39 1972*..................... 1,824 336 77 65 134 320 315 1,246 82 22 323 2 148 1973—Jan.-Feb.* 526 17 4 * 59 84 139 304 37 7 171 * 1972—Feb............ 144 -1 -1 -1 -20 102 -11 67 11 -13 51 * 27 Mar........... 326 5 3 * 29 64 15 116 -3 3 192 * 18 Apr............ 180 38 3 20 -1 -8 -13 38 -1 * 27 * 114 May.......... 180 40 -3 * -3 71 15 121 11 26 11 * 10 June........... 210 95 1 8 21 4 17 148 23 * 8 31 July........... 36 9 -4 8 41 -34 12 33 4 2 1 * -4 Aug............ 27 6 4 6 17 -16 45 62 9 -1 -1 1 -44 Sept........... 149 7 4 3 15 18 80 127 10 * * * 12 Oct............ 120 36 7 1 35 4 54 138 5 3 2 * -28 Nov........... 132 2 30 18 -1 46 42 138 -6 1 1 * * Dec............ 289 56 30 « 14 49 60 210 8 3 29 1 38 1973—Jan.*......... 249 12 * -2 29 38 73 149 1 6 61 * 32 Feb.*......... 276 6 4 2 30 46 66 155 36 1 110 * -26 Note.—Statistics include State and local govt, securities, and securities debt securities sold abroad by U.S. corporations organized to finance di of U.S. Govt, agencies and corporations. Also includes issues of new rect investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Intl. Total Latin Other Credit Debit Period Total and foreign Eu Canada Amer Asia Af coun End of balances balances re coun rope ica rica tries period (due to (due from gional tries foreigners) foreigners) 1970................. -915 -254 -662 50 -586 -11 -129 -6 20 1970—Mar.............................. 368 220 1971r............... -984 -310 -673 38 -275 -46 -366 -57 32 June............................. 334 182 1972*............... -640 -90 -550 476 -651 -67 -271 -66 29 Sept.............................. 291 203 349 281 1973—Jan.- Feb.*. . -80 7 -88 6 -27 -86 18 * 1 1971—Mar.............................. 511 314 June.............................. 419 300 1972—Feb.r. . -107 -11 -97 32 -73 1 -26 -30 * Sept.............................. 333 320 Mar.r.. -70 18 -88 58 -74 -2 -47 -33 10 311 314 Apr.r. . 28 7 21 65 13 -31 -33 3 5 May r. . -82 7 -89 75 -138 1 -21 -9 2 325 379 June... -273 10 -283 26 -201 -15 -94 * * June.............................. 312 339 July.... 81 78 2 36 23 3 -62 * 2 286 336 Aug---- 93 -1 94 50 49 -1 -5 * 2 365 401 Sept---- 44 6 38 47 3 10 -24 * 1 Oct. . .. 23 16 7 53 -73 2 23 * 2 Nov.... 47 11 36 39 -4 8 -8 * * Note.—Data represent the money credit balances and Dec.... -167 9 -176 -16 -158 -29 23 2 1 money debit balances appearing on the books of reporting brokers and dealers in the United States, in accounts of 1973—Jan.*... -127 9 -136 10 -67 -70 -9 * * foreigners with them, and in their accounts carried by Feb.*. . 46 -2 48 -3 40 -16 26 * * foreigners. Notes to Tables 21a and 21b on following pages: 1 Total assets and total liabilities payable in U.S. dollars amounted to For a given month, total assets may not equal total liabilities because $12,230 million and $12,372 million, respectively, on Dec. 31, 1972. some branches do not adjust the parent’s equity in the branch to reflect unrealized paper profits and paper losses caused by changes in exchange Note.—Components may not add to totals due to rounding. rates, which are used to convert foreign currency values into equivalent dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 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 Other Parent branches Other cial bank Total bank Other Total of parent banks insti for bank tutions eigners IN ALL FOREIGN COUNTRIES 1970—Dec............ 47,363 9,740 7,248 2,491 36,221 6,887 16,997 695 11,643 1,403 1971—Oct............. 57,496 5,844 3,649 2,195 49,716 10,154 21,923 1,198 16,441 1,937 58,630 5,650 3,341 2,308 51,066 10,416 22,661 1,195 16,795 1,914 Dec............ 61,334 4,798 2,311 2,486 54,752 11,211 24,550 1,167 17,823 1,785 1972—Jan............. 59,926 4,331 1,986 2,345 53,701 10,445 24,464 1,211 17,581 1,894 Feb............ 61,816 4,116 1,742 2,374 55,839 11,013 25,615 1,118 18,093 1,861 Mar............ 65,033 4,565 2,085 2,480 58,653 10,633 28,066 1,173 18,781 1,815 Apr............ 63,755 4,846 2,426 2,421 57,091 10,542 26,354 1,179 19,015 1,817 May........... 64,375 4,619 2,080 2,539 57,946 10,463 27,061 1,276 19,146 1,810 June........... 69,623 4,854 2,279 2,576 62,901 11,459 30,586 1,342 19,514 1,867 July r......... 69,963 4,058 1,514 2,544 63,941 11,622 30,419 1,407 20,492 1,965 Aug............ 72,856 4,504 1,759 2,745 66,268 11,655 31,821 1,566 21,225 2,084 Sept............ 73,414 4,927 2,242 2,685 66,140 11,335 32,153 1,538 21,114 2,346 Oct........... 74,805 4,967 2,239 2,728 67,608 11,343 33,104 1,550 21,612 2,230 Nov............ 76,241 4,456 1,824 2,632 69,425 11,350 34,203 1,577 22,295 2,360 Dec............ 80,034 4,735 2,124 2,611 73,031 11,717 36,738 1,665 22,910 2,268 1970—Dec............ 34,619 9,452 7,233 2,219 24,642 4,213 13,265 362 6,802 525 1971—Oct............. 38,570 5,600 3,633 1,968 32,617 6,094 16,302 907 9,013 653 Nov............ 39,130 5,368 3,319 2,049 33,118 6,436 16,690 910 9,082 644 Dec............ 40,182 4,541 2,305 2,236 35,064 6,659 18,006 864 9,536 577 1972—Jan............. 38,867 4,070 1,973 2,097 34,169 6,427 17,710 822 9,210 628 Feb............ 39,915 3,864 1,732 2,132 35,369 6,637 18,510 821 9,400 682 Mar............ 42,993 4,300 2,062 2,238 38,065 6,725 20,604 843 9,891 631 Apr............ 41,353 4,562 2,387 2,176 36,123 6,358 19,015 881 9,870 668 May........... 41,935 4,393 2,063 2,330 36,889 6,475 19,575 936 9,903 653 June........... 44,905 4,585 2,260 2,325 39,669 6,598 22,049 914 10,108 651 July......... 45,034 3,811 1,488 2,324 40,523 7,260 21,666 984 10,613 700 Aug............ 47,175 4,263 1,741 2,523 42,184 7,320 22,717 1,063 11,085 728 Sept............ 47,749 4,667 2,221 2,445 42,204 7,048 23,040 1,104 11,012 879 Oct............. 48,995 4,669 2,216 2,453 43,565 7,391 23,560 1,085 11,528 761 Nov............ 49,631 4,173 1,803 2,371 44,664 7,439 24,123 1,083 12,019 793 Dec............ 54,058 4,473 2,102 2,371 48,768 8,083 26,907 1,128 12,651 817 IN UNITED KINGDOM Total all currencies............................... 1970—Dec............ 28,451 6,729 5,214 1,515 21,121 3,475 11,095 316 6,235 601 1971—Oct............. 33,408 4,116 2,772 1,344 28,458 5,189 14,536 524 8,210 834 Nov............ 33,945 3,845 2,529 1,316 29,203 5,483 15,040 527 8,153 896 Dec............ 34,552 2,694 1,230 1,464 30,996 5,690 16,211 476 8,619 862 1972—Jan............. 33,877 2,514 1,228 1,287 30,447 5,243 16,411 469 8,325 916 Feb............ 34,712 2,247 1,044 1,204 31,617 5,584 17,097 454 8,482 848 37,104 2,503 1,312 1,190 33,810 5,380 19,177 491 8,762 790 Apr............ 36,126 2,738 1,574 1,163 32,585 5,269 17,945 507 8,865 803 May........... 36,311 2,441 1,282 1,160 33,119 5,209 18,304 585 9,020 750 June........... 39,452 2,298 1,199 1,099 36,307 5,604 21,096 568 9,039 846 Julyr.......... 39,463 1,876 810 1,066 36,741 5,742 20,946 546 9,507 847 Aug............ 40,596 2,117 1,078 1,039 37,538 5,688 21,411 595 9,844 941 Sept............ 40,565 2,325 1,252 1,073 37,144 5,651 21,319 650 9,523 1,097 Oct............. 41,649 2,409 1,386 1,023 38,201 5,751 22,157 630 9,662 1,040 Nov............ 41,600 1,939 907 1,032 38,643 5,490 22,671 584 9,898 1,018 Dec............ 43,684 2,234 1,138 1,096 40,430 5,659 23,9831 609 10,179 1,020 Payable in U.S. dollars.......................... 1970—Dec............ 22,574 6,596 15,655 2,223 9,420 4,012 323 1971—Oct............. 24,481 4,012 20,069 3,440 11,859 4,771 399 Nov............ 24,561 3,717 20,445 3,918 12,090 4,438 398 Dec............ 24,428 2,585 21,493 4,135 12,762 4,596 350 1972—Feb............ 23,816 2,153 21,254 3,960 13,058 4,237 409 Mar............ 26,097 2,401 23,324 3,926 14,865 4,534 372 Apr............ 24,967 2,620 21,943 3,708 13,754 4,481 404 May........... 24,928 2,356 22,195 3,577 14,101 4,517 377 June........... 27,114 2,210 24,535 3,931 15,983 4,621 366 Julyr......... 26,680 1,791 24,494 4,097 15,589 4,808 395 Aug............ 27,185 2,036 24,734 4,013 15,768 4,953 415 Sept............ 27,253 2,246 24,532 4,004 15,811 4,717 476 Oct............. 27,978 2,307 25,244 4,169 16,249 4,827 427 Nov............ 27,865 1,846 25,579 4,049 16,399 5,132 439 Dec............ 30,381 2,146 27,787 4,326 17,976 5,485 447 IN THE BAHAMAS V — Total all currencies................................ 1970—Dec............ 4,815 1,173 455 717 3,583 2,119 1,464 59 1971—Oct............. 6,586 887 246 641 5,605 3,019 2,585 95 Nov............ 7,264 1,025 r227 798 6,139 3,203 2,936 101 Dec............ 8,493 1,282 505 778 7,119 3,798 3,320 92 1972—Jan............. 7,912 953 157 796 6,866 3,630 3,237 93 Feb............ 8,375 994 107 888 7,271 3,816 3,455 110 Mar............ 8,828 1,178 126 1,052 7,542 4,030 3,513 108 Apr............ 8,621 1,244 204 1,040 7,269 3,780 3,489 108 May........... 9,097 1,361 195 1,166 7,618 4,183 3,435 117 June........... 10,075 1,552 295 1,257 8,396 4,825 3,571 128 July............ 10,329 1,409 110 1,298 8,786 4,924 3,863 134 Aug............ 11,516 1,530 118 1,413 9,846 5,682 4,164 139 Sept............ 11,909 1,612 221 1,391 10,145 5,926 4,219 152 Oct............. 12,026 1,739 251 1,489 10,129 5,843 4,286 157 Nov........... 12,330 1,586 221 1,365 10,577 6,209 4,368 167 Digitized for FRASER Dec............ 113,091 1,496 225 1,272 11,419 6,965 4,454 175 http://fraser.stlouisfed.org/ Federal Reserve BaFnokr onof tSest .s eLeo pu. isA-85.
APRIL 1973 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) To U.S. To foreigners Total Other Offi Non Other Month-end Location and currency form Parent branches Other cial bank Total bank Other Total of parent banks insti for bank tutions eigners IN ALL FOREIGN COUNTRIES 47,3544 2,575 716 1,859 42,812 6,4261 24,829» 4,18C) 7,371r 1,96' .. .Total, all currencies 6 2,915 474 2,441 52,540 9,802! 28,532: 5,581 8,626i 2,041 9 2,87( 475 2,395 53,646 10,038! 29,363 5,749» 8,495» 2,112 6 3,114 669 2,445 56,124 10,773l 31,081 5,513i 8,756i 2,09* 0 2,934 654 2,280 54,991 10,324> 29,733 5,858i 9,075! 1,996>............1972—Jan. 6 3,167 776 2,391 56,632 10,645! 30,694 6,208 9,085! 2,018 3 3,046 635 2,411 59,925 10,363 33,710 6,331 9,521 2,062t.........................Mar. 5 2,978 621 2,356 58,726 10,097' 32,379 6,617 9,635; 2,051 ♦ 2,819 562 2,256 59,648 10,055 33,114 6,649 9,8301 1,908 2 3,086 646 2,440 64,592 11,069 36,113 7,223 10,187 1,944 3 3,212 736 2,476 64,712 11,283 35,860 7,176 10,393 2,039 5 3,263 680 2,583 67,392 11,510 37,327 7,841 10,714 2,20C 3,262 727 2,535 67,892 11,123 38,331 8,039 10,400 2,258 t 3,256 716 2,539 69,206 11,204 38,477 8,236 11,289 2,342 3,233 802 2,432 70,513 11,146 39,324 8,401 11,642 2,493 3,559 1,000 2,559 73,842 11,344 42,531 8,486 11,483 2,634 36,086 2,334 657 1,677 32,509 4,079 19,816 3,737 4,877 1,243 .Payable in U.S. dollars 2,549 352 2,198 36,331 6,154 20,808 4,503 4,866 1,161 t 2,523 375 2,148 37,149 6,479 21,133 4,662 4,874 1,221 2,674 511 2,163 38,083 6,653 22,069 4,433 4,928 1,276 2,552 542 2,010 37,584 6,710 20,859 4,726 5,289 1,182 ............1972—Jan. 2,740 641 2,099 38,605 6,853 21,742 4,783 5,226 1,212 1 2,642 507 2,135 41,736 6,945 24,433 4,957 5,402 1,225 ! 2,589 514 2,075 39,877 6,560 22,854 5,202 5,260 1,197 2,411 439 1,973 40,754 6,648 23,603 5,170 5,333 1,058 2,671 523 2,148 44,142 7,277 25,807 5,656 5,401 1,021 2,754 611 2,143 43,634 7,507 24,766 5,777 5,584 1,072 2,800 549 2,252 45,464 7,660 25,862 6,252 5,690 1,173 2,793 605 2,188 46,088 7,401 26,545 6,331 5,811 1,204 2,789 582 2,207 47,313 7,706 26,776 6,567 6,264 1,233 2,753 651 2,102 48,082 7,741 27,241 6,734 6,365 1,305 3,104 848 2,256 51,811 8,178 30,253 6,913 6,467 1,459 IN UNITED KINGDOM 28,451 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 1,618 77 1,541 31,513 3,106 18,901 4,622 4,885 814 1,660 111 1,550 32,128 3,401 19,137 4,464 5,126 763 1,626 132 1,494 31,473 3,296 18,076 4,680 5,421 778 ............1972—Jan. 1,582 114 1,468 32,371 3,417 18,705 4,788 5,461 759 .........................Feb. 1,525 78 1,447 34,787 3,209 20,989 4,996 5,594 792 1,340 68 1,272 33,980 3,056 19,893 5,172 5,859 807 36,311 1,397 105 1,291 34,090 3,154 19,908 5,158 5,871 824 1,447 147 1,300 37,102 3,160 22,144 5,542 6,256 903 1,497 150 1,347 37,075 3,464 21,720 5,565 6,326 892 1,498 153 1,345 38,165 3,423 22,236 6,007 6,499 933 1,457 136 1,321 38,074 3,139 22,746 6,102 6,087 1,034 1,465 136 1,329 39,225 3,060 23,001 6,309 6,854 959 1,481 132 1,349 39,149 2,928 22,769 6,340 7,112 969 1,456 113 1,343 41,232 2,961 24,776 6,453 7,042 997 23,005 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 1,412 23 1,389 23,059 2,164 14,038 3,676 3,181 374 24,765 1,377 50 1,327 22,985 2,081 13,670 3,824 3,411 403 ............1972—Feb. 26,971 1,327 19 1,308 25,220 2,093 15,694 4,041 3,392 424 25,599 1,154 26 1,129 24,027 1,852 14,465 4,233 3,477 419 25,787 1,202 58 1,144 24,168 2,054 14,610 4,141 3,363 417 27,729 1,250 103 1,147 26,017 2,070 15,874 4,560 3,513 462 27,130 1,294 103 1,190 25,393 2,197 15,000 4,641 3,554 444 27,625 1,271 100 1,171 25,887 2,140 15,217 4,981 3,549 467 27,586 1,230 86 1,144 25,825 1,926 15,376 4,957 3,567 531 28,477 1,245 80 1,165 26,759 1,942 15,597 5,216 4,004 473 28,558 1,270 92 1,178 26,778 1,959 15,383 5,280 4,155 510 30,933 1,276 72 1,203 29,121 2,008 17,478 5., 349 4,287 536 IN THE BAHAMAS 4,815 542 4,183 488 2,872 823 90 .............1970—Dec . .Total, all currencies 6,588 628 5,805 1,083 3,551 1,170 155............1971—Oct. 7,265 599 6,510 1,446 3,943 1,121 155 8,495 750 7,557 1,649 4,784 1,124 188 7,912 621 7,139 1,563 4,369 1,207 151 ............1972—Jan. 8,375 855 7,378 1,526 4,674 1,178 142 .........................Feb. 8,828 832 7,868 1,429 5,134 1,305 128 8,621 959 7,538 1,471 4,926 1,140 125 9,096 812 8,141 1,454 5,356 1,330 144 10,075 997 8,943 1,809 5,903 1,231 136 ........................June 10,329 1,043 9,126 1,633 6,169 1,323 160 ........................July 11,515 1,121 10,238 1,885 6,898 1,455 156 11,909 1,137 10,616 1,935 7,188 1,493 156 ........................Sept. 1,053 10,801 1,928 7,422 1,452 171 ........................Oct. 934 11,230 1,982 7,862 1,386 166 Digitized for1 1F3R,0A91SER 1,220 11,703 1,964 8,395 1,344 168 . http://fraser.stlouisfed.org/ Federal ReseFrvore nBoatens kse oe fp S. At.- 8L5o.uis
88 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 1973 22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 23. MATURITY OF EURO-DOLLAR AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S. DEPOSITS IN FOREIGN GOVERNMENT SECURITIES BRANCHES OF U.S. BANKS (Amounts outstanding; in millions of dollars) (End of month; in billions of dollars) Wednesday L t i i a e b s i 1 li Wednesday L t i i a e b s i 1 li L s p e i l a c u b . s 2 . Wednesday L t i i a e b s i 1 li M l a ia tu b r i i l t it y y of 1972 1973 Nov. Dec. Jan. 1967 1971 1972—Cont. 1.83 2.08 1.61 J D S M u e e a p n c r t e . . . 2 2 2 2 9 8 7 7 4 4 3 3 , , , , 2 0 4 1 4 5 1 6 1 9 2 6 J S D M u e e a p n c r t e . . . 2 2 3 3 9 9 0 1 . . . . . . . . 2 2 1 , , , 4 8 4 9 7 5 9 0 5 8 2 9 4 4 3 , , , 3 5 5 7 5 0 8 8 0 Nov. 2 1 8 1 2 5 . . . . . . . . . . . . 1 1 1 1 , , , , 3 8 4 3 4 3 6 8 1 8 4 7 C Ot a i m h n l e l o . r .. n . f . l . o t . i . a h . l .. l b . s . o . . i . w l .. i .. t i . a . i n .. e f .. g t s .. e . , . . r . m . c ... a . a .. l . r t . e . u e . n .. p r .. d . i o .. n a . r .. g r . t .. . 2.34 2.11 3.19 1972 29... 1,745 date: 11.01 16.86 12.56 J S D M u e e a p n c r t e . . . 2 2 2 31 5 6 7 . . . . . . ( . . . . . . 1 . . . . . . . . . / . . .. . . 1 1 . . . . . . 9 . . . / . . . . . . 6 6 . . . . . .. . . 9 8 . . .. . . . . . ) . . . 6 7 6 4 , , , , 2 0 1 9 3 0 0 2 9 2 4 0 J J J F M A M a u u e p n a a n l b r y r . y e . . . 2 2 3 2 2 2 2 6 8 1 6 3 9 6 . . . . . . . . . . . . . . 1 1 1 1 1 1 1 , , , , , , , 4 3 3 5 0 4 4 1 6 6 3 4 7 4 5 9 8 2 3 4 5 Dec 1 . 9 7 2 2 3 1 6 0 7 3 . . . . . . . . . . . . 1 1 1 1 , , , , 6 7 8 4 1 0 0 0 8 5 7 6 1 2 5 4 6 3 9 0 n t t r t t t h h h h h d d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4 2 2 3 . . . . . . . . . 7 0 0 9 4 4 6 5 3 1 9 2 3 6 4 7 7 5 4 2 2 5 3 . . . . . . . . . 9 6 2 9 2 7 5 3 2 1 3 2 7 4 8 7 8 3 2 6 6 3 3 . . . . . . . . . 7 6 6 2 1 7 4 4 5 8 4 6 5 5 3 4 8 6 1969 Aug. 2 9. . . . 1 1 , , 8 2 2 5 9 0 Jan. 1 3 0 . . . . . . 1 1 , ,1 6 2 2 1 5 1 1 1 2 t th h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 3 9 . .2 5 9 2 . . 3 3 9 3 J M u a n r e . 2 25 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 3 , , 6 2 2 6 1 9 2 1 3 6 . . . . 1 1 , , 7 8 8 4 5 6 2 1 4 7 . . . . . . ^ 1 1 , , 4 8 1 0 9 0 Maturities of more than 1 1.43 1.43 1.56 Sept. 24..................... 14,349 30.. 1,270 31... 1,413 Dec. 31..................... 12,805 Sept. 6.. 1,508 Feb. 7... 1,391 40.56 44.22 44.32 13., 1,187 14... 694 20., 1,497 21... 1,157 1970 27., 2,023 28... 790 Note.—Includes interest-bearing U.S. dollar deposits and direct borrowings of all branches in S J D M u e e p a n c r t e . . . 2 3 2 3 0 0 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 7 1 2 , , , , 6 6 8 1 6 8 7 7 5 3 6 2 Oct. 2 1 1 4 5 1 8 . . . . 1 1 1 1 , , , , 6 4 5 8 1 1 4 9 9 5 4 0 Mar. 2 2 1 7 1 8 4 . . . . . . . . . . . . 1 1 1 1 , , , , 1 4 4 2 2 6 1 9 1 5 9 0 t f a h o m r e D o e w B u t n a h a h t i i c l a s t h o m m s a $ a u s 5 y c 0 h a n m n o d d i t l e l a o p io d o f n d s a i t o l t s l o r o a t m t o n h t o d a e r r l e s d . f i d o r u e r c e e t i t g o b n o r r b o r r u o a n w n d c i i n h n g e g s s . 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Euro dollar 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. TREAS. SECURITIES, 25. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Payable in dollars foreign currencies Assets in custody End of End of United period Deposits U se . c S u . r T it r i e e a s s 1 . Ear g m o a ld rked period Total Deposits i S n t h e v o r e m r s t t Deposits i S n t h e v r o e m r s t t K d i o n m g Canada ments 1 ments 1 1970...................... 148 16,226 12,926 1971....................... 294 43,195 13,815 1968............................... 1,638 1,219 87 272 60 979 280 1972—M ar... 191 46,837 14,321 1969 2 / \ 1 1 , , 3 4 1 9 9 1 1,0 9 6 5 2 2 1 1 6 1 1 6 1 18 7 3 4 8 7 6 6 6 6 6 1 3 0 4 5 6 3 9 4 Apr.. . 228 46,836 14,315 1,141 697 150 173 121 372 436 M ay.. 157 46,453 215,542 J J u u l n y e .. . . . 2 1 5 6 7 0 4 51 7 , , 5 1 2 7 2 6 1 1 5 5 , , 5 5 4 4 2 2 1iyQ 7/11 —ijec.^2* • • • \ f 1 l , , 5 6 0 4 4 8 1 1 , , 0 0 9 75 2 2 1 0 2 3 7 2 2 3 3 4 4 1 6 2 8 0 5 5 7 77 7 4 5 4 8 3 7 Aug... 192 51,676 15,530 Sept... 193 50,997 15,531 1972—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 Julyr. 2,084 1,517 194 318 55 753 565 Feb. .. 455 56,914 15,522 Aug.r____ 2,279 1,608 217 392 61 761 709 Mar... 327 59,389 15,519 Sept.r.... 2,106 1,533 170 359 45 690 604 Oct.r.... 2,036 1,475 171 332 57 683 551 Nov.r____ 2,085 1,510 178 343 55 657 593 deb 1 te M d a n r e k ss e , t a n b o le t es U , .S an . d T r b e o a n s d u s r y an b d il ls n , on ce m r a ti r fi k c e a t t a e b s le o f U i .S n . Deecc. 2 p / \ 1 1 , , 9 9 6 6 3 3 1 1 , , 4 56 4 2 4 1 5 6 1 9 3 3 0 07 7 4 4 2 2 7 7 0 0 0 0 4 4 8 8 5 5 Treasury securities payable in dollars and in foreign currencies. 1973—Jan................ 2,161 1,681 73 342 65 799 604 2 Increase results from change in par value of the U.S. dollar on May 8, 1972. 1 Negotiable and other readily transferable foreign obligations payable on demand Note.—Excludes deposits and U.S. Treas. 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
APRIL 1973 o INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 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.* Europe: Austria....................................................... 5 5 6 2 14 17 16 15 Belgium-Luxembourg................ 65 104 108 82 60 45 64 63 Denmark.................................................. 2 3 5 5 15 18 20 19 Finland...................................................... 2 2 2 3 18 19 19 16 France........................................................ 136 123 139 145 202 196 207 187 Germany, Fed, Rep. of............ 117 88 104 130 192 197 191 200 Greece........................................................ 4 5 5 14 34 36 36 30 Italy.............................................................. 103 107 99 108 186 181 184 174 Netherlands........................................... 69 79 65 79 68 66 66 71 Norway..................................................... 5 6 5 5 13 16 17 19 Portugal.................................................... 16 9 2 3 16 23 21 20 Spain........................................................... 65 65 70 63 124 102 117 130 Sweden....................................................... 17 16 13 14 40 35 37 45 Switzerland............................................ 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 Eastern Europe................................. 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 Canada............................................................ 181 189 185 178 781 1,045 936 996 Latin America: Argentina................................................ 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 Colombia................................................. 7 7 6 6 45 40 38 39 Cuba............................................................. * * * 1 1 1 1 I Mexico....................................................... 22 17 18 21 151 134 144 155 Panama..................................................... 5 8 6 5 21 19 22 20 Peru.............................................................. 7 8 6 5 34 31 32 36 Uruguay................................................... 2 3 3 2 5 6 5 7 Venezuela............................................... 16 18 17 17 81 77 75 74 Other L.A. republics................... 32 27 32 30 99 94 106 96 Bahamas i.............................................. 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: China, Rep. of (Taiwan).... 18 23 25 26 41 45 45 51 Hong Kong........................................... 11 11 11 10 23 21 23 22 India............................................................. 26 13 7 7 35 28 32 36 Indonesia................................................. 10 6 5 6 28 29 25 32 Israel........................................................... 10 9 9 11 22 21 17 18 Japan........................................................... 173 189 188 223 405 442 451 452 Korea........................................................... 13 12 16 16 68 56 61 57 Philippines.............................................. 5 8 6 7 48 62 67 63 Thailand................................................... 3 4 4 5 15 18 15 14 Other Asia.............................................. 142 109 104 140 144 171 174 172 Total................................................ 412 383 374 451 830 894 911 918 Africa: Egypt.......................................................... 1 1 1 1 9 9 6 7 South Africa......................................... 31 26 37 17 41 42 46 45 1 1 1 2 6 5 7 7 Other Africa........................................ 35 30 31 37 99 76 74 64 Total................................................ 67 59 71 57 155 129 133 122 Other countries: Australia.................................................. 42 50 54 46 80 83 97 92 All other.................................................. 8 9 11 11 17 26 18 18 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 1 Includes Bermuda. mercial concerns and other nonbanking institutions in the United States. Data exclude claims held through U.S. banks, and intercompany accounts Note.—Reported by exporters, importers, and industrial and com- between U.S. companies and their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 90 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 1973 27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e cu P fo r a r r y i e e n a n i b g c n l i e es Total P d a o y i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a th d Other in reporter's name 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 rvA/> 1 / 1,786 1,399 387 3,710 3,124 221 365 \ 2,124 1,654 471 4,159 3,532 244 383 1970—June.................................. 2,387 1,843 543 4,457 3,868 234 355 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 1 / 2,704 2,229 475 5,185 4,535 318 333 \ 2,735 2,276 459 4,997 4,459 290 247 1972—Mar.................................... 2,828 2,399 429 5,171 4,551 318 302 June.................................. 2,917 2,444 472 5,328 4,682 376 270 Sept.*............................... 2,924 2,425 498 5,460 4,799 432 229 i Data on the two lines shown for this date differ preceding date; figures on the second line are compabecause of changes in reporting coverage. Figures on rable with those shown for the following date, the first line are comparable with those shown for the 28. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims End of period 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 O La th ti e n r Japan O A t s h i e a r Africa o A th l e l r America 1968—June..................................... 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept....................................... 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec........................................ 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar....................................... 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June...................................... 1,325 1,952 168 368 447 195 76 216 142 229 72 40 Sept....................................... 1,418 1,965 167 369 465 179 70 213 143 246 71 42 i / 1,725 2,215 152 433 496 172 73 388 141 249 69 42 \ 2,304 2,363 152 442 562 177 77 420 142 271 75 46 1970—Mar...................................... 2,358 2,744 159 735 573 181 74 458 158 288 71 47 June..................................... 2,587 2,757 161 712 580 177 65 477 166 288 76 54 Sept...................................... 2,785 2,885 157 720 620 180 63 586 144 284 73 58 3,102 2,950 146 708 669 183 60 618 140 292 71 64 1971—Mar....................................... 3,177 2,983 154 688 670 182 63 615 161 302 77 72 June...................................... 3,172 2,982 151 687 677 180 63 625 138 312 75 74 Sept....................................... 2,939 3,022 135 672 763 178 60 597 133 319 91 75 / 3,149 3,137 128 715 756 174 60 656 141 327 96 85 \ 3,110 3,139 128 715 763 174 60 657 136 327 96 84 1972—Mar....................................... 3,055 3,224 129 723 781 175 59 669 137 360 104 85 June..................................... *■3,308 3,194 108 707 791 180 57 668 136 361 93 93 Sept.*.................................. 3,453 3,224 128 690 809 179 61 656 132 382 93 93 1 Data on the two lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1973 □ EXCHANGE RATES A 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na A (d u o st l r la a r li ) a (s A ch u i s l t l r in ia g) B (f e r lg a i n u c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) D ( e k n r m on a e r ) k (m Fi a n r la k n k d 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 i 19.302 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 4 4.0009 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—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 15.600 514.388 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 Feb.. 135.46 4.8582 2.3981 100.440 15.407 15.386 24.728 20.987 Mar., 141.29 4.8759 2.5378 100.333 15.774 16.275 25.628 22.191 Germany India Ireland Italy Japan Malaysia Mexico Neth Period (D m eu a t r s k c ) he (rupee) (pound) (lira) (yen) (dollar) (peso) ( e g r u l i a l n d d er s ) 1968................................................................................................................................ 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1969................................................................................................................................ 6 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1970................................................................................................................................ 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 1971................................................................................................................................. 728.768 13.338 244.42 .16174 .28779 32.989 8.0056 728.650 1972................................................................................................................................. 31.364 13.246 250.08 .17132 .32995 35.610 8.0000 31.153 1972—Mar................................................................................................................ 31.545 13.716 261.81 .17161 .33054 35.409 8.0000 31.384 Apr................................................................................................................. 31.468 13.735 261.02 .17138 .32943 35.406 8.0000 31.142 May............................................................................................................... 31.454 13.763 261.24 .17175 .32854 35.446 8.0000 31.124 June.............................................................................................................. 31.560 13.754 10256.91 .17142 .33070 35.475 8.0000 31.296 July............................................................................................................... 31.634 13.072 244.47 .17208 .33219 35.918 8.0000 31.424 Aug................................................................................................................ 31.382 13.030 245.02 .17203 .33204 36.026 8.0000 31.158 Sept............................................................................................................... 31.318 13.016 244.10 .17199 .33209 36.110 8.0000 30.969 Oct.................................................................................................................. 31.184 12.806 239.48 .17145 .33221 36.063 8.0000 30.869 Nov............................................................................................................... 31.215 12.540 235.05 .17109 .33224 36.124 8.0000 30.964 Dec................................................................................................................. 31.262 12.467 234.48 .17146 .33196 35.531 8.0000 30.962 1973—Jan.................................................................................................................. 31.288 12.494 235.62 .17079 .33136r 35.523 8.0000 31.084 Feb................................................................................................................. 33.273 12.910 242.75 14.17421 .36041 37.679 8.0000 33.119 Mar............................................................................................................... 35.548 13.260 247.24 .17604 .38190 39.922 8.0000 34.334 Period Z (d e N o a e l l l a w a n r d ) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t c d h a ) (p S e p s a e i t n a) S (k w r e o d n e a n ) ( e S f r r w l a a i n n tz 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 19.592 824.325 244.42 1972................................................................................................................................. 119.35 15.180 3.7023 129.43 1.5559 21.022 26.193 250.08 1972—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 Feb................................................................................................................. 126.87 16.038 3.8562 134.91 141.6355 21.935 29.326 242.75 Mar............................................................................................................... 132.21 16.954 4.1005 141.43 1.7183 22.582 31.084 247.24 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° 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 11 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. 14 Effective Feb. 13, 1973, the Italian lira and Japanese yen have been 4 Effective May 9, 1971, the Austrian schilling was revalued to 24.75 floated. per U.S. dollar. 5 Danish krone—Sept. 26, 1972, n.a.; Sept. 27 and 28 rates nominal. Note.—Effective Aug. 16, 1971, the U.S. dollar convertibility to gold 6 Effective Oct. 26, 1969, the new par value of the German mark was was suspended; as from that day foreign central banks did not have to set at 3.66 per U.S. dollar. support the dollar rate in order to keep it within IMF limits. 7 Effective May 10,1971, the German mark and Netherlands guilder During December 1971, certain countries established central rates have been floated. against the U.S. dollar in place of former IMF parities. 8 Effective May 10, 1971, the Swiss franc was revalued to 4.08 per Averages of certified noon buying rates in New York for cable transfers. U.S. dollar. For description of rates and back data, see “International Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 92 CENTRAL BANK RATES □ APRIL 1973 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Mar. 31, 1972 Rate Country 1972 1973 as of . Mar. 31, Per Month 1973 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Argentina....................................... 18.0 Feb. 1972 18.0 Austria.............................................. 5.0 Jan. 1970 5.5 5.5 B Br el a g z i i u l. m ..... . . . . . .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . 2 4 0 . . 0 0 J M u a ly r . 1 1 9 9 6 7 9 2 4.5 5.0 2 5 0 . . 0 0 Canada............................................. 4.75 Oct. 1971 4.75 Ceylon.............................................. 6.5 Jan. 1970 6.5 Chile.................................................... 7.0 Jan. 1972 7.0 C Ch o i l n o a m , b R ia e . p ... . .. .. o .... f .. . ( .. T .... a ... i .. w .... a .... n ... ) .. 9 8 . . 2 0 5 M M a a y y 1 1 9 9 6 7 3 1 9 8 . . 2 0 5 Costa Rica................................... 5.0 June 1966 5.0 D Ec e u n a m d a o r r k ... . . . . . . . . . . . .. . . .. . . .. . . . . .. . . .. . . .. . . .. . . . . .. . . .. . . .. . . .. . . . . .. . . . . . . . . . . . . . .. 7 8 . .0 0 J J a a n n . . 1 1 9 9 7 7 0 2 8.0 7.0 8 7 . . 0 0 Egypt................................................. 5.0 May 1962 5.0 El Salvador............................... 4.0 Aug. 1964 4.0 Ethiopia.......................................... 6.50 Aug. 1970 6.50 F Fr in a l n a c n e d ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7. . 7 0 5 J J a a n n . . 1 1 9 9 7 7 2 2 5.75 7.5 7 7 . . 7 5 5 G Ge h r a m n a a n ... y ... , .. .. F .... e ... d ... . .. .. R ..... e .. p .... . . ... o ... f .. . 8 3 . . 0 0 J F u e l b y . 1 1 9 9 7 7 1 2 3.5 4.5 5.0 8 5 . .0 0 Greece............................................ 6.5 Sept. 1969 6.5 Honduras..................................... 4.0 Feb. 1966 4.0 I I I c n n e d d l o i a a n n .. e d ... s . . . . i . . . . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 6 . . . 2 0 0 5 J J M a a n n a . . y 1 1 1 9 9 9 7 6 6 1 9 6 5 6 6 . . . 2 0 0 5 Iran.................................................... 7.0 Oct. 1969 7.0 Ireland............................................ 4.81 Dec. 1971 5.19 6.19 7.19 7.44 7.44 Italy.................................................... 4.5 Oct. 1971 4.0 4.0 Jamaica......................................... 5.0 Dec. 1971 6.0 7.0 7.0 Japan............................................... 4.75 Dec. 1971 4.25 4.25 Korea.............................................. 13.0 Jan. 1972 13.0 Mexico........................................... 4.5 June 1942 4.5 Morocco........................................ 3.50 Nov. 1951 3.50 N N e e t w h e Z r e la a n la d n s d .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 . .0 0 M M a a r r . . 1 1 9 9 7 72 2 3.0 4.0 4 6 . .0 0 Nigeria............................................. 4.50 June 1968 4.50 Norway......................................... 4.5 Sept. 1969 4.5 Pakistan........................................ 5.0 June 1965 6.0 6.0 P Ph er il u ip ... p ... i .. n ... e ... .. R ..... e ... p ... u .... b .... l . i .. c ... - . - .. - . - . - .. - . - . -- 1 9 0 . . 5 0 J N u o n v e . 1 1 9 9 6 5 9 9 1 9 0 . . 5 0 Portugal........................................ 3.75 Feb. 1971 4.0 5.5 4.0 South Africa............................ 6.5 Mar. 1971 6.0 5.5 Spain................................................ 5.0 Oct. 1971 5.0 Sweden........................................... 5.0 Nov. 1971 5.0 5.0 Switzerland............................... 3.75 Sept. 1969 4.50 4.50 Thailand...................................... 5.0 Oct. 1959 5.0 Tunisia........................................... 5.0 Sept. 1966 8.0 5 8 . . 0 0 Turkey............................................ 9.0 Sept. 1970 United Kingdom................. 5.0 Sept. 1971 6.0 7.50 9.0 8.75 f8.75 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 produc more 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 dis of these countries follow: tribution of rice and corn and 7.75 per cent for credits to enterprises en Argentina—3 and 5 per cent for certain rural and industrial paper, de gaged in export activities. Preferential rates are also granted on credits to pending on type of transaction; rural banks; and Brazil—8 per cent for secured paper and 4 per cent for certain agricultural t United Kingdom—On Oct. 9, 1972, the Bank of England announced: paper; “With effect from Friday October 13th the Bank’s minimum lending rate Chile—Various rates ranging from 1 per cent to 17 per cent; 20 per cent will until further notice be the average rate of discount for Treasury bills for loans to make up reserve deficiencies. established at the most recent tender plus one half percent rounded to the Colombia—5 per cent for warehouse receipts covering approved lists of nearest one quarter percent above. Although the rate will therefore be products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent automatically determined by this formula it will for convenience be made for rediscounts in excess of an individual bank’s quota; known each Friday afternoon concurrently with and in the same manner Costa Rica—5 per cent for paper related to commercial transactions as the results of the Treasury bill tender. The regular weekly bank rate (rate shown is for agricultural and industrial paper); announcement will be discontinued from now on.” Therefore, the mini Ecuador—5 per cent for special advances and for bank acceptances for mum lending rate as of last Friday of the month will be carried in place of agricultural purposes, 7 per cent for bank acceptances for industrial Bank rate. purposes, and 10 per cent for advances to cover shortages in legal reserves; Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills. per cent for advances against government bonds, and 5 Vi 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 quan titative ceilings. 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APRIL 1973 □ OPEN MARKET RATES; ARBITRAGE A 93 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 er 3 T m r b e o i a l n s ls t u , h r s y * D m a o d y n a - y e t y o 2 - 3 m P b b r o a i i l n n m ls k t , e hs3 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - C d b r l e e a a p a t n o e r k s s in s i 4 t ’ g D m a o d y n a - e y t y o - 5 T 6 r d b e 0 a i a - y l s l 9 s s u 0 , 6 r y D m a o d y n a - e y t y o ? - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - d P is r r c i a v o t a u e t n e t 1 19 9 7 7 1 2 3 3 . . 6 5 2 5 3 3 . . 7 6 6 5 6 6 . . 4 0 1 6 5 5 . . 5 0 7 2 4 4 . . 8 9 3 3 3 3 . . 8 8 4 4 5.84 4 3 . . 5 0 4 4 4 6 . . 3 1 0 0 4 2 . .1 3 5 4 3 1 . . 7 9 6 7 5 4. . 8 2 1 4 1972—Mar. 3.51 3.70 4.77 4.34 4.58 2.50 4.76 2.75 3.88 2.26 .98 5.00 Apr. 3.65 3.68 4.62 4.30 3.82 2.50 4.81 2.75 3.77 1.84 .70 4.75 M Ju a n y e 3 3 . .6 6 1 7 3 3 . . 7 6 3 4 4 5 . . 8 8 3 6 4 5 . . 2 21 7 4 3 . . 5 9 6 2 2 2 . . 5 93 0 3 5 . . 8 3 1 2 2 2. . 7 7 5 5 2 2 . . 9 6 5 5 1 1 . . 9 9 8 0 3 1 . . 0 5 3 3 4 4. . 7 7 5 5 July. 3.48 3.45 6.82 5.60 4.99 4.18 3.78 2.75 2.24 1.09 .86 4.75 Aug. 3.47 3.54 6.71 5.79 5.13 5.25 3.76 2.75 4.48 .70 .60 4.75 Sept. 3.57 3.52 7.18 6.44 5.27 5.25 3.89 2.75 4.83 1.11 .54 4.75 N O o c v t. . . 3 3 . . 6 5 1 7 3 3. . 7 6 1 4 7 7 . . 2 3 8 4 6 6 . .8 7 8 4 5 5 . . 4 7 7 0 5 5 . . 2 2 5 5 6 5 . . 3 1 3 6 3 3 . . 7 2 5 5 5 6 . . 7 0 1 7 3 1 . . 1 9 3 5 2 3. . 3 6 1 1 4 4 . . 7 7 5 5 Dec. 3.66 3.71 8.08 7.76 6.23 5.57 7.32 4.25 6.69 3.12 3.20 4.75 1973—Jan.. r3.79 3.72 8.76 8.49 7.66 6.55 4.75 5.58 3.16 2.78 5.00 Feb. 3.91 3.93 9.34 8.14 8.31 7.30 5.00 Mar. 4.28 4.21 9.76 8.16 7.52 7.50 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers' acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers’ allowance on Note.—For description and back data, see “International Finance,’ deposits. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date q K ( u U i a n o U d n t g j i . a t d S . t e o . t i d o o m n U St n a i t t e e s d L S ( o f p n a o r v d e f o a o r d n) P d f ( ( o r p i + s - e r o c m w ) u ) o a n i u o o u r d n n r m d t i L n ( o c f N a n e o n v d e f o t t o i r v n e ) qu A i o n t s ed Cana q d A u a o U d t j . a . S t . t i o o n U S n ta i t t e e s d C S ( a f p a n o r v a e f o d a r d a) C d f ( ( d o a i + - s o r n c w ) l a ) l o a d a u o o r r i n r n a s d t n i C n ( c a f N e a n o n v a e f t o t d i r v a e ) basis) Canada basis 1972 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 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 Feb. 2...................... 8.00 5.69 2.31 -4.04 -1.73 3.93 3.84 5.69 -1.85 1.36 -.49 9...................... 7.98 5.30 2.68 -3.00 -.32 3.92 3.83 5.30 -1.47 1.48 .01 16...................... 7.96 5.31 2.65 -3.78 -1.13 3.88 3.79 5.31 -1.52 1.74 .22 23...................... 7.95 5.44 2.51 -3.39 -.88 3.91 3.82 5.44 -1.62 1.78 .66 Mar. 2...................... 8.01 5.68 2.33 -2.82 -.49 4.05 3.96 5.68 -1.72 2.06 .34 9...................... 8.11 5.76 2.35 -3.78 -1.43 4.15 4.05 5.76 -1.71 2.35 .64 16...................... 7.99 6.04 1.95 -3.73 -1.78 4.28 4.18 6.04 -1.86 2.31 .45 23...................... 7.87 6.21 1.66 -3.32 -1.66 4.42 4.31 6.21 -1.90 2.31 .41 30...................... 7.83 6.22 1.61 -2.77 -1.16 4.50 4.39 6.22 -1.83 2.32 .49 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 94 GOLD RESERVES □ APRIL 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. Esti E pe n r d i o o d f m to a t t a e l d M ta o r n y e U St n a i t t e e s d r m es a t t e o d f Algeria A t r i g n e a n t A ra u l s ia A tr u ia s g B iu e m l Brazil Burma Canada Chile world1 Fund world 1965......................................... 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 84 1,151 44 1966......................................... 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 84 1,046 45 1967......................................... 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 84 1,015 45 1968......................................... 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 84 863 46 1969......................................... 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 84 872 47 1970......................................... 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 63 791 47 1971......................................... 41,180 4,732 10,206 26,240 192 90 259 729 1,544 46 22 792 47 1972—Feb.......................... 5,303 9,662 192 90 260 729 1,544 46 21 792 47 Mar......................... 41,260 5,304 9,662 26,295 192 70 259 729 1,544 46 20 792 Apr.......................... 5,331 9,662 192 70 259 729 1,544 46 20 767 May....................... 5,761 10,490 208 76 282 791 1,682 50 18 836 June....................... 44,835 5,761 10,490 28*585 208 130 283 792 1,682 50 16 834 July......................... 5,761 10,490 208 130 285 793 1,682 50 16 834 Aug......................... 5,765 10,488 208 130 283 792 1,672 50 16 834 Sept......................... 44,890 5,777 10,487 28,625 208 152 283 792 1,648 50 16 834 Oct........................... 5,777 10,487 208 152 282 792 1,636 50 16 834 Nov......................... 5,778 10,487 208 152 282 792 1,642 50 16 834 Dec......................... *44,965 5,830 10,487 *28,650 208 152 281 792 1,638 834 1973—jan........................... 5,830 10,487 208 281 793 1,621 834 Feb.*..................... 5,830 10,487 281 793 1,621 834 Ger E pe n r d i o o d f R C e h p in . a o , f lo C m o b ia m D a en rk Egypt 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 (Taiwan) Rep. of 1965......................................... 55 35 97 139 84 4,706 4,410 78 281 146 110 21 56 1966......................................... 62 26 108 93 45 5,238 4,292 120 243 130 106 23 46 1967......................................... 81 31 107 93 45 5,234 4,228 130 243 144 115 25 46 1968......................................... 81 31 114 93 45 3,877 4,539 140 243 158 193 79 46 1969......................................... 82 26 89 93 45 3,547 4,079 130 243 158 193 39 46 1970......................................... 82 17 64 85 29 3,532 3,980 117 243 131 144 16 43 1971......................................... 80 14 64 85 49 3,523 4,077 98 243 131 144 16 43 1972—Feb.......................... 80 14 64 85 49 3,523 4,077 98 243 131 144 16 43 80 14 64 85 49 3,523 4,077 98 243 131 144 16 43 Apr.......................... 80 14 64 85 49 3,523 4,077 98 243 131 144 16 43 May........................ 87 15 69 92 53 3,826 4,437 132 264 142 156 17 47 June........................ 87 16 69 92 53 3,826 4,437 132 264 142 156 17 47 July......................... 87 16 69 92 53 3,826 4,437 132 264 142 156 17 47 Aug......................... 87 16 69 92 53 3,826 4,437 132 264 142 156 17 47 Sept......................... 87 16 69 92 53 3,826 4,436 132 264 142 156 17 43 Oct........................... 87 16 69 92 53 3,826 4,436 132 264 142 156 17 42 Nov......................... 87 16 69 92 53 3,826 4,436 132 264 142 156 17 44 Dec......................... 87 16 69 92 53 3,826 4,459 133 142 156 17 43 1973—jan........................... 87 16 69 53 3,834 4,344 133 142 156 17 41 Feb.*..................... 16 69 53 3,834 4,344 142 E pe n r d i o o d f Italy Japan Kuwait a L n e o b n Libya M s a i l a ay M c e o xi Mo co roc N la et n h d e s r N w o a r y P s a ta k n i Peru P p h in il e ip s 1965......................................... 2,404 328 52 182 68 2 158 21 1,756 31 53 67 38 1966......................................... 2,414 329 67 193 68 1 109 21 1,730 18 53 65 44 1967......................................... 2,400 338 136 193 68 31 166 21 1,711 18 53 20 60 1968.......................................... 2,923 356 122 288 85 66 165 21 1,697 24 54 20 62 1969......................................... 2,956 413 86 288 85 63 169 21 1,720 25 54 25 45 1970......................................... 2,887 532 86 288 85 48 176 21 1,787 23 54 40 56 1971......................................... 2,884 679 87 322 85 58 184 21 1,909 33 55 40 67 1972—Feb.......................... 2,884 711 87 322 85 58 179 21 1,908 33 55 40 68 Mar........................ 2,884 735 87 322 85 58 177 21 1,908 33 55 40 68 Apr.......................... 2,884 735 89 322 85 58 174 21 1,908 33 55 40 68 May........................ 3,131 801 104 350 93 63 188 23 2,079 36 60 43 73 June....................... 3,131 801 98 350 93 63 188 23 2,079 36 60 41 72 July......................... 3,131 801 94 350 93 63 188 23 2,079 36 60 41 72 Aug......................... 3,131 801 94 350 93 63 188 23 2,079 36 60 41 72 Sept......................... 3,130 801 94 350 93 63 188 23 2,078 36 60 41 72 Oct........................... 3,130 801 94 350 93 63 188 23 2,078 36 60 41 72 Nov........................ 3,130 801 94 350 93 63 23 2,059 36 60 41 71 Dec......... 3,130 801 94 350 93 63 2,059 37 60 41 71 1973—jan........................... 3,134 801 94 350 93 63 2 059 37 60 71 Feb.*..................... 3,134 801 94 350 93 63 2,059 37 71 For notes see end of table. 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APRIL 1973 □ GOLD RESERVES AND PRODUCTION A 95 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars; valued at $35 per fine ounce through Apr. 1972 and at $38 per fine ounce thereafter) Bank E pe n r d i o o d f Po g r a t l u A S r a a u b d i i a A So fr u i t c h a Spain Sweden Sw la it n z d er T la h n a d i Turkey U K d n i o n it m g ed U gu r a u y V zu e e n l e a Y sl u av g i o a S I e f n t o t t r l l e . ments 4 1 1 1 9 9 9 6 6 6 6 7 5 . . . 5 6 6 4 9 7 3 9 6 7 6 6 9 3 9 4 5 6 2 8 3 5 3 7 7 7 8 8 8 1 5 5 0 2 2 2 0 0 0 3 3 2 2 3 3 , , , 8 0 0 4 8 4 9 2 2 9 9 9 6 2 2 1 1 9 1 0 7 2 6 2 1 1 , , , 2 2 9 9 6 4 1 5 0 1 1 1 5 4 4 5 6 0 4 4 4 0 0 0 1 1 1 2 2 1 1 2 9 - - - 5 6 4 5 2 2 8 4 4 1968. 856 119 1,243 785 225 2,624 92 97 1,474 133 403 50 -349 1 1 1 9 9 9 7 6 7 1 9 0 . . . 9 9 8 2 0 7 1 2 6 1 1 1 1 1 1 9 9 9 1,1 4 6 1 1 6 5 6 0 4 7 4 9 9 8 8 8 4 2 2 2 0 2 0 0 6 0 2 2 2 . , , 9 6 7 0 4 3 9 2 2 9 9 82 2 2 1 1 1 1 3 2 7 0 6 1 1 , , 4 3 7 7 4 7 1 9 5 1 1 1 4 6 6 8 5 2 4 3 3 9 0 8 1 3 4 5 5 5 1 1 2 - -2 4 3 8 8 1 2 0 0 1972-F A M e p a b r r . . . . . . , 9 9 9 2 2 2 1 5 5 1 1 1 1 1 1 9 9 9 4 4 4 0 0 1 5 5 2 4 4 4 9 9 9 8 8 8 2 2 2 0 0 0 0 0 0 2 2 2 . . . 9 9 90 0 0 9 9 9 8 8 82 2 2 1 1 1 2 3 2 9 0 7 7 7 75 5 5 1 1 1 1 1 1 4 5 5 6 6 6 3 3 39 9 9 1 1 1 5 5 5 1 1 1 3 3 3 3 5 4 3 4 7 D O J J N A M S u u e u o e c n a p l t c v g y e y t . . . . . . . . . . . . . . . , 1 1 1 1 1 1 1 1 , , , , , . . . 0 0 0 0 0 0 0 0 2 2 2 2 2 0 0 0 1 1 1 1 1 4 4 4 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 4 6 6 6 6 5 5 5 7 0 8 6 4 3 0 8 1 1 1 3 2 6 7 0 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 7 7 7 7 7 7 7 7 3 3 3 3 3 3 3 3 . . . . . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 1 1 1 1 1 1 1 1 3 2 2 2 2 2 2 2 6 2 2 2 2 2 2 7 8 8 8 8 8 8 8 8 1 0 1 1 0 0 0 0 6 0 6 6 0 0 0 0 1 1 1 1 1 1 1 6 6 6 6 6 6 6 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 2 2 2 2 2 2 3 3 1 5 7 6 6 7 6 0 8 5 6 7 7 5 6 4 1973-J F a e n b . . . * . . . 1,022 129 7 71 0 1 6 542 2 2 2 2 0 0 3 3 . . 1 1 6 62 2 8 8 9 9 136 4 4 2 2 5 5 5 5 6 6 2 21 1 8 4 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table, and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars; valued at $35 per fine ounce through 1971 and at $38 per fine ounce thereafter) Africa North and South America Asia Other World Period produc tion 1 A So fr u i t c h a Ghana Zaire U St n a 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 in ili e p s t A ra u l s ia ot A h l e l r1 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 32.1 62.9 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 28.4 59.4 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 27.6 61.6 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 24.5 60.0 1970............................................... 1.450.0 1,128.0 24.6 6.2 63.5 84.3 6.9 4.0 7.1 3.7 24.8 21.1 21.7 54.1 1971*........................................... 1.098.7 24.4 6.0 52.3 79.1 5.3 3.7 6.6 4.1 27.0 22.2 23.5 1972*........................................... 1.109.8 54.3 77.2 1972—Jan............................... 95.3 6.5 .4 .7 .4 2.6 3.3 Feb............................... 88.2 6.4 .4 .6 .3 2.5 2.5 Mar............................. 91.8 21.2 6.6 .5 .5 .3 2.6 2.0 Apr............................. 93.2 7.5 .6 .3 2.4 2.4 May............................ 94.4 6.8 .6 .4 2.4 2.3 June............................ 94.3 21.0 6.2 .7 .3 2.5 2.5 July............................. 94.4 6.4 .5 .4 2.8 2.6 Aug.............................. 94.1 5.9 .6 .3 2.8 Sept............................. 93.9 6.3 .6 .3 Oct............................... 94.2 6.3 .5 Nov............................. 91.5 6.0 Dec.............................. 84.3 6.3 1973—Jan............................... 82.2 6.2 2 1 Estimated; excludes U.S.S.R., other Eastern European countries, Quarterly data. 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A 96 BANKS AND BRANCHES □ APRIL 1973 NUMBER IN OPERATION ON DECEMBER 31, 1972 Commercial and mutual savings banks Number maintaining branches or additional offices1 Commercial Commercial Mutual Mutual State savings savings Total Member Nonmember Total Member Nonmember Total Total Non Non Non Non- Na State In in In in Na State In in In intional sured sured sured sured tional sured sured sured sured United States 2............. 14,413 13,928 4,613 1,092 8,017 206 325 160 4,725 4,395 1,755 469 2,152 19 238 92 A Al l a a b sk a a m .. a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1 7 2 27 1 7 0 89 5 20 168 5 103 8 103 8 49 5 5 49 3 Arizona....................... 22 22 3 11 7 10 10 2 7 Arkansas...................... 253 253 70 170 2 98 98 41 50 California.................... 165 165 55 93 9 118 118 49 59 Colorado..................... 291 291 124 103 48 26 26 14 11 Connecticut................. 132 64 26 36 1 68 96 47 21 25 D D i e s l t a r w ic a t r o e f . . C ... o .. l . u .. m ... b . i .. a . . .. . . . .. .... 2 1 1 4 1 1 9 4 115 1 2 2 1 2 1 1 1 3 1 9 3 1 2 0 2 6 Florida........................ 581 581 244 320 5 40 40 39 H G a eo w r a g i i i a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 1 7 1 43 11 7 61 1 360 6 4 6 15 9 8 15 9 8 40 1 11 6 0 Idaho........................... 24 24 7 6 11 14 14 5 3 6 I I l n li d n i o a i n s a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1,1 4 5 1 5 2 1,1 4 5 0 5 8 4 1 1 2 5 2 7 58 6 2 6 2 58 5 6 3 4 2 1 1 4 1 1 2 1 1 41 0 8 80 0 2 1 2 0 1 5 0 1 8 Iowa............................. 670 670 100 50 511 9 227 227 43 21 163 L K K o e a u n n i t s s u a i c a s k n .. y a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6 3 3 4 0 1 8 7 2 6 3 3 4 0 1 8 7 1 8 5 71 0 0 2 1 1 6 2 0 2 4 1 4 0 7 5 9 7 4 1 1 1 1 7 4 5 4 0 0 1 1 7 4 5 0 4 0 4 3 3 8 9 2 9 8 6 9 9 3 2 4 6 Maine........................... 79 47 19 6 18 4 31 1 52 33 16 5 12 19 Maryland...................... 116 112 39 7 66 4 77 73 28 6 39 Massachusetts............... 322 155 82 13 56 4 8 159 225 125 65 13 45 92 M M i i c n h n i e g s a o n ta .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 3 3 3 8 2 3 73 3 7 2 1 19 0 9 6 9 2 8 6 5 1 0 2 9 6 2 3 1 21 1 9 6 21 1 9 6 80 3 66 2 7 11 2 Mississippi.................... 181 181 38 7 136 122 122 34 6 82 M M N N e e o i b v s n s a r t o a d a u s a n k r . a i . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 1 4 7 4 6 7 8 7 4 6 1 4 7 4 6 7 8 7 1 1 5 0 2 4 3 4 2 4 6 1 2 8 0 1 5 3 0 0 5 1 7 0 3 1 4 2 1 6 1 6 6 1 4 2 1 6 1 6 6 2 3 6 5 3 3 1 5 7 1 1 7 1 2 9 4 3 New Hampshire............ 108 78 48 1 27 30 45 36 26 1 9 N N N N N e e e o o w w w r r t t h h J Y M e D C o r e r s a a x e k r k i y c o . o . . o l . . t i . . . n a . . . . . . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 1 3 2 7 8 7 1 6 2 7 0 2 3 1 1 7 8 0 7 1 5 2 7 0 1 1 4 2 3 2 6 3 3 1 3 3 7 31 4 0 7 1 1 4 6 3 5 2 1 5 2 8 0 27 3 1 1 1 1 2 21 0 2 1 9 6 5 5 8 1 7 3 2 4 1 1 6 5 5 6 9 1 2 9 4 0 1 1 2 2 0 0 1 8 0 2 2 2 2 5 8 5 5 2 2 4 3 3 1 8 0 9 7 10 1 7 4 Ohio............................. 505 505 218 117 168 2 297 297 155 60 82 P O O R e h k r n e o l n a g d h s o e y o n l I m . v s . a l . a a . n . . n . i . . a . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 4 2 1 3 6 5 4 4 4 4 3 1 1 5 7 6 2 1 7 9 6 2 8 5 2 1 0 5 2 1 2 3 3 9 9 5 4 2 2 7 5 25 2 7 3 8 1 9 0 25 7 3 1 1 9 0 3 1 4 5 9 6 7 5 14 3 2 2 8 3 7 0 6 S S T o o e u u n t t n h h e s D C se a a e r k . o . o . l . t i . n a .. a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 9 1 5 3 4 9 3 1 9 1 5 3 4 9 7 3 1 3 2 9 2 1 7 5 2 2 1 2 7 0 5 0 0 1 4 6 6 1 1 9 1 4 6 6 1 1 9 5 1 1 9 5 0 1 4 2 0 3 4 2 T U e t x a a h s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,23 5 8 3 1,23 5 8 3 53 1 8 0 43 6 65 3 0 6 2 6 1 9 2 6 1 9 6 1 2 4 Vermont........................ 47 41 24 16 29 26 13 W W Vi e r a s g s t i h n V i i n a i g r .. g t . o i . n . n . i . . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 20 5 9 3 9 6 2 20 9 5 3 6 0 1 2 8 01 8 3 4 31 9 6 1 8 5 0 8 4 6 1 5 6 5 8 7 1 4 6 8 8 7 6 2 1 7 5 Wisconsin...................... 616 613 127 37 444 179 179 132 Wyoming...................... 71 71 42 13 16 1 1 Virgin Islands................ 1 1 1 1 1 For notes see opposite page. 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APRIL 1973 □ BANKS AND BRANCHES A 97 NUMBER IN OPERATION ON DECEMBER 31, 1972—Continued Branches and additional offices 1 Class of bank Location Commercial banks Mutual savings Outside head office city State banks In Bank Total Member Nonmember head ing office facili Total city In In In non ties 3 Non- Non head contig contig Na State In in In in office uous uous tional sured sured sured sured county counties counties United States 2...... 25,760 24,406 13,802 3,969 6,590 45 1,112 242 8,922 7,935 4,603 4,287 208 Alabama.............. 329 329 225 14 90 181 120 13 15 5 Alaska................. 65 65 57 8 21 5 15 24 5 Arizona............... 371 371 239 23 109 120 93 90 68 3 Arkansas............. 191 191 100 13 78 112 73 5 1 2 California............. 3,225 3,225 2,522 304 391 446 447 673 1,660 34 Colorado............. 27 27 15 1 11 27 Connecticut.......... 677 498 247 71 180 179 157 326 169 Delaware,............ 125 110 4 23 83 15 20 64 34 District of Columbia 111 111 74 29 8 111 1 Florida................ 41 41 1 40 39 19 Georgia............... 473 473 248 59 166 264 104 10 Hawaii................ 141 141 10 128 51 37 4 Idaho.................. 169 169 115 32 22 15 14 1 Illinois................. 141 141 80 10 51 141 7 Indiana................ 719 718 381 60 277 379 340 1 Iowa................... 344 344 63 38 243 155 141 48 Kansas................ 74 74 32 6 36 74 Kentucky............. 392 392 164 64 164 235 152 ’ "5 Louisiana............. 441 441 202 33 206 261 169 8 Maine................. 278 246 112 68 66 32 63 117 86 Maryland............. 631 586 284 74 228 162 145 200 124 Massachusetts....... 1,095 811 457 155 196 242 506 581 8 1 Michigan............. 1,326 1,326 624 462 238 587 486 241 11 Minnesota........... 20 20 7 2 11 20 Mississippi............ 403 403 158 16 229 173 115 61 54 Missouri.............. 130 130 35 19 76 124 6 Montana.............. 11 11 3 5 3 10 Nebraska............. 47 47 27 1 19 47 Nevada................ 93 93 66 15 12 24 18 38 New Hampshire.... 96 79 63 2 14 44 44 New Jersey........... 1,229 1,168 799 220 148 288 652 212 76 New Mexico......... 150 150 86 9 55 88 52 9 1 New York............ 3,142 2,695 1,397 1,132 155 447 1,430 798 717 195 North Carolina...... 1,330 1,330 676 645 168 117 263 782 North Dakota....... 71 71 12 2 55 12 36 22 1 Ohio................... 1,446 1,446 816 400 230 636 781 26 Oklahoma............ 79 79 49 3 27 79 Oregon................ 383 380 271 110 3 78 55 68 163 Pennsylvania......... 2,029 1,912 1,127 263 522 117 280 805 944 2 Rhode Island........ 264 184 97 79 80 67 105 55 37 South Carolina...... 495 495 262 7 226 115 67 67 245 South Dakota....... 102 102 62 10 30 17 30 21 34 Tennessee............. 594 594 316 43 234 365 213 7 9 1 Texas.................. 74 74 8 66 73 21 Utah................... 155 155 80 30 45 29 49 24 53 4 Vermont.............. 103 98 39 59 15 40 32 16 Virginia............... 941 941 540 184 217 316 171 237 223 14 Washington.......... 674 606 474 38 96 232 169 103 172 3 West Virginia........ 8 8 2 1 5 7 1 Wisconsin............. 296 296 75 19 202 54 195 46 Wyoming............. 1 I Virgin Islands....... 3 1 Excludes banks that have banking facilities only; banking facilities Note.—Each branch and additional office is located in the same State are shown separately; see note 3. as its parent bank except that one national bank in N.J. has one branch 2 Includes one national bank in the Virgin Islands, with eight branches, in Pa., one national bank in Calif, has two branches in Wash, and one in that became a member of the F.R. System in 1957. Ore., one noninsured (unincorporated) bank in N.Y. has one branch in 3 Banking facilities (other than branches) that are provided at military Mass. and one in Pa.; three insured nonmember banks in Puerto Rico have and other Govt, establishments through arrangements made by the Treas 16 branches in N.Y. In the table these branches are shown according to ury; they are operated by 144 banks, 52 of which have no other type of their own location rather than that of the parent bank. branch or additional office. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 98 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Arthur F. Burns, Chairman J. L. Robertson, Vice Chairman George W. M itchell J. Dewey Daane Andrew F. Brimmer John E. Sheehan Jeffrey M. Bucher Robert C. H olland, 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. K elleher, Assistant to the Board Joseph R. Coyne, 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. H olland, Executive Director J. Charles Partee, Director David C. M elnicoff, 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 W illiam 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 OFFICE OF THE SECRETARY Edward C. Ettin, Assistant Adviser Tynan Smith, Secretary Eleanor J. Stockw ell, Assistant Adviser Murray Altmann, Assistant Secretary Stephen P. Taylor, Assistant Adviser Normand R. V. Bernard, Assistant Secretary Louis Weiner, Assistant Adviser Arthur L. Broida, Assistant Secretary Levon H. Garabedian, Assistant Director Elizabeth L. Carmichael, Assistant Secretary DIVISION OF INTERNATIONAL FINANCE tChester B. Feldberg, Assistant Secretary Ralph C. Bryant, Director John E. Reynolds, Associate Director LEGAL DIVISION A. B. Hersey, Senior Adviser Thomas J. O’Connell, General Counsel Robert F. Gemmill, Adviser Paul Gardner, Jr. , Assistant General Counsel Reed J. Irvine,Adviser Pauline B. H eller, Assistant General Counsel Samuel I. Katz, Adviser John Nicoll, Assistant General Counsel Bernard Norwood, Adviser Robert S. Plotkin, Assistant General Counsel Samuel Pizer, Adviser Andrew F. Oehmann, Special Assistant to the Ralph C. Wood, Adviser General Counsel 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 W alter 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. W alcutt, Assistant Director John T. M cClintock, Assistant Director E. Maurice McWhirter, Chief Federal Thomas A. Sidman, Assistant Director Reserve Examiner Griffith L. Garwood, Adviser Charles L. Marinaccio, Adviser *On leave of absence. Digitized for FRASER tOn loan from the Federal Reserve Bank of New York. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 99 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE CONTROLLER Ronald G. Burke, Director John Kakalec, Controller John J. Hart, Assistant Director John M. Denkler, Assistant Controller DIVISION OF DATA PROCESSING Jerold E. Slocum, Director Charles L. Hampton, Associate Director DIVISION OF ADMINISTRATIVE SERVICES Glenn L. Cummins, Assistant Director Benjamin R. W. Knowles, Jr., Assistant Director W alter W. Kreimann, Director Henry W. M eetze, Assistant Director Donald E. Anderson, Assistant Director Edward K. O’Connor, Assistant Director John D. Smith, Assistant Director Fjchard S. W att, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 100 FEDERAL OPEN MARKET COMMITTEE Arthur F. Burns, Chairman Alfred Hayes, Vice Chairman John J. Balles J. Dewey Daane Frank E. Morris Andrew F. Brimmer Darryl R. Francis J. L. Robertson Jeffrey M. Bucher Robert P. Mayo John E. Sheehan George W. Mitchell Robert C. Holland, Secretary ^Robert Solomon, Economist Arthur L. Broida, Deputy Secretary (International Finance) Murray Altmann, Assistant Secretary Leon all C. Andersen, Associate Economist Normand R. V. Bernard, Assistant Ralph C. Bryant, Associate Economist Secretary Robert W. Eisenmenger, Associate Economist Howard H. Hackley, General Counsel George Garvy, Associate Economist Thomas J. O’Connell, Assistant General Lyle E. Gramley, Associate Economist Counsel A. B. Hersey, Associate Economist J. Charles Partee, Senior Economist John E. Reynolds, Associate Economist Stephen H. Axilrod, Economist Karl A. Scheld, Associate Economist (Domestic Finance) Kent O. Sims, Associate Economist Alan R. Holmes, Manager. System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account Peter D. Sternlight, Deputy Manager, System Open Market Account David E. Bodner, Deputy 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, tw elfth federal RESERVE DISTRICT RESERVE DISTRICT Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary *On leave of absence. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 101 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank, branch, or facility Chairman President Vice President Zip code Deputy Chairman First Vice President in charge of branch Boston ....................... 02106 James S. Duesenberry Frank E. Morris Louis W. Cabot Earle O. Latham New York................. 10045 Roswell L. Gilpatric Alfred Hayes 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 Hiram J. Honea^ 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. Cordingley 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 102 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons are not accepted.) ANNUAL REPORT 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per Currency. 1963. 11 pp. $.35. Sec. 12. Money annum or $.60 a copy in the United States and Rates and Securities Markets. 1966. 182 pp. its possessions, Bolivia, Canada, Chile, Colom $.65. Sec. 14. Gold. 1962. 24 pp. $.35. Sec. bia, Costa Rica, Cuba, Dominican Republic, 15. International Finance. 1962. 92 pp. $.65. Ecuador, Guatemala, Haiti, Republic of Hon Sec. 16 (New). Consumer Credit. 1965. 103 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same issue sent to one address, $5.00 INDUSTRIAL PRODUCTION—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 COMPA countries listed above; 10 or more sent to one NIES. 1967. 29 pp. $.25 a copy; 10 or more sent address, $.50 each. Elsewhere, $.70 a copy. to one address, $.20 each. THE FEDERAL RESERVE ACT, as amended through THE FEDERAL FUNDS MARKET. 1959. Ill pp. December 1971, with an appendix containing $1.00 a copy; 10 or more sent to one address, provisions of certain other statutes affecting the $.85 each. Federal Reserve System. 252 pp. $1.25. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 REGULATIONS OF THE BOARD OF GOVERNORS OF a copy; 10 or more sent to one address, $.85 THE FEDERAL RESERVE SYSTEM. each. PUBLISHED INTERPRETATIONS OF THE BOARD OF U.S. TREASURY ADVANCE REFUNDING, JUNE GOVERNORS, as of June 30, 1972. $2.50. 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 or more sent to one address, $.40 each. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 1955. 390 pp. $2.75. BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 pp. $1.00 a copy; 10 or more sent DEBITS AND CLEARING STATISTICS AND THEIR USE. to one address, $.85 each. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. INTEREST RATE EXPECTATIONS: TESTS ON YIELD SPREADS AMONG SHORT-TERM GOVERNMENT SUPPLEMENT TO BANKING AND MONETARY STA SECURITIES. 1968. 83 pp. $.50 a copy; 10 or TISTICS. Sec. 1. Banks and the Monetary Sys more sent to one address, $.40 each. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. SURVEY OF FINANCIAL CHARACTERISTICS OF 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 pp. $.35. Sec. 9. federal Reserve Banks. 1965. or more sent to one address, $.85 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 103 SURVEY OF CHANGES IN FAMILY FINANCES. 1968. 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 DIMEN lar 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, Fried man, 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, andGarvy). 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. EXAMINATION OF THE MONEY STOCK CONTROL APPROACH OF BURGER, KALISH, AND BABB, by FEDERAL RESERVE STAFF STUDY: WAYS TO MOD Fred J. Levin. March 1973. ERATE FLUCTUATIONS IN HOUSING CON STRUCTION, Dec. 1972, 487 pp. $4.00 a copy; 10 or more sent to one address, $3.60 each. Printed in full in the BULLETIN. (Staff Economic Studies are included in list of reprints below.) STAFF ECONOMIC STUDIES REPRINTS Studies and papers on economic and financial subjects that are of general interest in the field ADJUSTMENT FOR SEASONAL VARIATION. June of economic research. 1941. 11 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 104 FEDERAL RESERVE BULLETIN □ APRIL 1973 SEASONAL FACTORS AFFECTING BANK RESERVES. MONETARY RESTRAINT, BORROWING, AND CAPITAL Feb. 1958. 12 pp. SPENDING BY SMALL LOCAL GOVERNMENTS AND STATE COLLEGES IN 1966. Dec. 1968. 30 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward INTEREST RATES AND MONETARY POLICY, Staff Gramlich. June 1969. 20 pp. Paper by Stephen Axilrod. Sept. 1962. 28 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL MEASURES OF MEMBER BANK RESERVES. July BANKS. Aug. 1969. 5 pp. 1963. 14 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 20 pp. 1963. 8 pp. RECENT CHANGES IN STRUCTURE OF COMMER REVISION OF BANK DEBITS AND DEPOSIT TURN CIAL BANKING. Mar. 1970. 16 pp. OVER SERIES. Mar. 1965. 4 pp. SDR’s IN FEDERAL RESERVE OPERATIONS AND TIME DEPOSITS IN MONETARY ANALYSIS, Staff STATISTICS. May 1970. 4 pp. Economic Study by Lyle E. Gramley and Sa muel B. Chase, Jr. Oct. 1965. 25 pp. MEASURES OF SECURITY CREDIT. Dec. 1970. 11 pp. RESEARCH ON BANKING STRUCTURE AND PER FORMANCE, Staff Economic Study by Tynan MONETARY AGGREGATES AND MONEY MARKET Smith. Apr. 1966. 11 pp. CONDITIONS IN OPEN MARKET POLICY. Feb. 1971. 26 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, Staff Economic Study by Frank de Leeuw with BANK FINANCING OF MOBILE HOMES. Mar. 1971. Frank E. Hopkins and Michael D. Sherman. 4 pp. Nov. 1966. 11 pp. RESPONSE OF STATE AND LOCAL GOVERNMENTS REVISED SERIES ON COMMERCIAL AND INDUS TO VARYING CREDIT CONDITIONS. Mar. 197 1. 24 TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. pp. EVIDENCE ON CONCENTRATION IN BANKING MAR INTEREST RATES, CREDIT FLOWS, AND MONETARY KETS AND INTEREST RATES, Staff Economic AGGREGATES SINCE 1964. June 1971. 16 pp. Study by Almarin Phillips. June 1967. 11 pp. TWO KEY ISSUES OF MONETARY POLICY. June THE PUBLIC INFORMATION ACT—ITS EFFECT ON 1971. 4 pp. MEMBER BANKS. July 1967. 6 pp. SURVEY OF DEMAND DEPOSIT OWNERSHIP. June INTEREST COST EFFECTS OF COMMERCIAL BANK 1971. 12 pp. UNDERWRITING OF MUNICIPAL REVENUE BONDS. Aug. 1967. 16 pp. BANK RATES ON BUSINESS LOANS—REVISED SERIES. June 1971. 10 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN 1960-67. Apr. 1968. 23 pp. INDUSTRIAL PRODUCTION—REVISED AND NEW MEASURES. July 1971. 26 pp. MONETARY RESTRAINT AND BORROWING AND CAPITAL SPENDING BY LARGE STATE AND LOCAL REVISED MEASURES OF MANUFACTURING CAPAC GOVERNMENTS IN 1966. July 1968. 30 pp. ITY UTILIZATION. Oct. 1971. 3 pp. FEDERAL FISCAL POLICY IN THE 1960’s. Sept. 1968. 18 pp. REVISION OF BANK CREDIT SERIES. Dec. 1971. 5 pp. BUSINESS FINANCING BY BUSINESS FINANCE COM PANIES. Oct. 1968. 13 pp. PLANNED AND ACTUAL LONG-TERM BORROWING BY STATE & LOCAL GOVERNMENTS. Dec. 1971. MANUFACTURING CAPACITY: A COMPARISON OF 11 pp. TWO SOURCES OF INFORMATION, Staff Economic Study by Jared J. Enzler. Nov. 1968. ASSETS AND LIABILITIES OF FOREIGN BRANCHES 5 pp. OF U.S. BANKS. Feb. 1972. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 105 WAYS TO MODERATE FLUCTUATIONS IN THE CON RECENT ACTIVITIES OF FOREIGN BRANCHES OF STRUCTION OF HOUSING. Mar. 1972. 11 pp. U.S. BANKS. Oct. 1972. 11 pp. OPEN MARKET OPERATIONS AND THE MONETARY REVISION OF CONSUMER CREDIT STATISTICS. Oct. AND CREDIT AGGREGATES—1971. Apr. 1972. 23 1972. 21 pp. pp. SURVEY OF FINANCE COMPANIES, 1970. Nov. CHANGES IN BANK LENDING PRACTICES, 1971. Apr. 1972. 15 pp. 1972. 5 pp. ONE-BANK HOLDING COMPANIES BEFORE THE 1970 CONSTRUCTION LOANS AT COMMERCIAL BANKS. AMENDMENTS. Dec. 1972. 13 pp. June 1972. 12 pp. EVOLUTION OF THE PAYMENTS MECHANISM. Dec. SOME ESSENTIALS OF INTERNATIONAL MONETARY 1972. 4 pp. REFORM. June 1972. 5 pp. FINANCIAL DEVELOPMENTS IN THE FOURTH QUARTER OF 1972. Feb. 1973. 10 pp. CHARACTERISTICS OF FEDERAL RESERVE BANK DIRECTORS. June 1972. 10 pp. REVISION OF THE MONEY STOCK MEASURES AND MEMBER BANK RESERVES AND DEPOSITS. Feb. BANK DEBITS, DEPOSITS, AND DEPOSIT TURN 1973. 19 pp. OVER-REVISED SERIES. July 1972. 5 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX RECENT REGULATORY CHANGES IN RESERVE RE CHANGE OPERATIONS. Mar. 1973. 22 pp. QUIREMENTS AND CHECK COLLECTION. July 1972. 5 pp. DEVELOPMENTS IN U.S. BALANCE OF PAYMENTS. Apr. 1973. 13 pp. BANKING AND MONETARY STATISTICS, 1971. Se lected series of banking and monetary statistics CHANGES IN TIME AND SAVINGS DEPOSITS AT for 1971 only. Feb., Mar., and July 1972. 20 COMMERCIAL BANKS, JULY 1972-JAN. 1973. Apr. pp. 1973. 15 pp. YIELDS ON NEWLY ISSUED CORPORATE BONDS. STATE AND LOCAL BORROWING ANTICIPATIONS Sept. 1972. 2 pp. AND REALIZATIONS. Apr. 1973. 4 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
)xedni siht n i dettimo si ” A“ xiferp eht hguohtla 79-A hguorht 4-A segap o t era secnerefeR( A 106 FEDERAL RESERVE BULLETIN □ APRIL 1973 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers', ll, 31, 33 Demand deposits—Continued Agricultural loans of commercial banks, 22, 24 Subject to reserve requirements, 17 Arbitrage, 93 Turnover, 14 Assets and liabilities (See also Foreigners): Deposits (See also specific types of deposits): Banks, by classes, 18, 22, 23, 24, 37 Accumulated at commercial banks for payment of Federal Reserve Banks, 12 personal loans, 30 Nonfinancial corporations, current, 48 Banks, by classes, 18, 23, 27, 37 Automobiles: Euro-dollars, 88 Consumer instalment credit, 54, 55, 56 Federal Reserve Banks, 12, 13, 88 Production index, 58, 59 Postal savings, 23 Subject to reserve requirements, 17 Bank credit proxy, 17 Discount rates (See Interest rates) Bankers’ balances, 23, 26 Discounts and advances by Reserve Banks (See Loans) (See also Foreigners, claims on, and liabilities to) Dividends, corporate, 48 Banks for cooperatives, 38 Dollar assets, foreign, 75, 81 Bonds (See also U.S. Govt, securities): New issues, 45, 46, 47 Earnings and hours, manufacturing industries, 65 Yields and prices, 34, 35 Employment, 62, 64, 65 Branch banks: Euro-dollar deposits in foreign branches of U.S. banks, 88 Assets, foreign branches of U.S. banks, 86 Liabilities, U.S. banks to foreign branches, 28, 87, 88 Farm mortgage loans, 49, 50 Brokerage balances, 85 Federal agency obligations, 11, 12, 13, 14 Business expenditures on new plant and equipment, 48 Federal finance: Business indexes, 62 Receipts and outlays, 40, 41 Business loans (See Commercial and industrial loans) Treasury operating balance, 40 Federal funds, 7, 22, 24, 28, 33 Capacity utilization, 62 Federal home loan banks, 38, 39, 51 Capital accounts: Federal Home Loan Mortgage Corporation, 53 Banks, by classes, 18, 23, 28 Federal Housing Administration, 49, 50, 51, 52, 53 Federal Reserve Banks, 12, 13 Federal intermediate credit banks, 38, 39 Central banks, 92, 94 Federal land banks, 38, 39 Certificates of deposit, 28 Federal National Mortgage Assn., 38, 39, 52 Coins, circulation, 15 Federal Reserve Banks: Commercial and industrial loans: Condition statement, 12 Commercial banks, 17, 22, 31 U.S. Govt, securities held, 4, 12, 14, 42, 43 Weekly reporting banks, 24, 29 Federal Reserve credit, 4, 6, 12, 14 Commercial banks: Federal Reserve notes, 12, 13, 15 Assets and liabilities, 17, 18, 22, 23, 24 Federally sponsored credit agencies, 38, 39 Consumer loans held, by type, 55 Finance companies: Deposits at, for payment of personal loans, 30 Loans, 24, 54, 55, 57 Loans sold outright, 31 Paper, 31, 33 Number, by classes, 18 Financial institutions, loans to, 22, 24 Real estate mortgages held, by type, 50 Float, 4 Commercial paper, 31, 33 Flow of funds, 70 Condition statements (See Assets and liabilities) Foreign: Construction, 62, 63 Currency operations, 11, 12, 13, 75, 81 Consumer credit: Deposits in U.S. banks, 5, 12, 13, 23, 27, 88 Instalment credit, 54, 55, 56, 57 Exchange rates, 91 Noninstalment credit, by holder, 55 Trade, 73 Consumer price indexes, 62, 66 Foreigners: Consumption expenditures, 68, 69 Claims on, 82, 83, 88, 89, 90 Corporations: Liabilities to, 28, 76, 77, 79, 80, 81, 88, 89, 90 Profits, taxes, and dividends. 48 Security issues, 46, 47 Security yields and prices, 34, 35 Gold: Cost of living (See Consumer price indexes) Certificates, 12, 13, 15 Currency and coin, 5, 9, 23 Earmarked, 88 Currency in circulation, 5, 15, 16 Net purchases by United States, 74 Customer credit, stock market, 36 Production, 95 Reserves of central banks and govts., 94 Debits to deposit accounts, 14 Stock, 4, 75 Debt (See specific types of debt or securities) Government National Mortgage Assn., 52 Demand deposits: Gross national product, 68, 69 Adjusted, commercial banks, 14, 17, 23 Banks, by classes, 18, 23, 27 Hours and earnings, manufacturing industries, 65 Ownership by individuals, partnerships, and Housing permits, 62 corporations, 30 Housing starts, 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 107 Income, national and personal, 68, 69 Real estate loans: Industrial production index, 58-61, 62 Banks, by classes, 22, 25, 37, 50 Instalment loans, 54, 55, 56, 57 Delinquency rates on home mortgages, 53 Insurance companies, 37, 42, 43, 50, 51 Mortgage yields, 35, 51, 52, 53 Insured commercial banks, 20, 22, 30 Type of holder and property mortgaged, 49-53 Interbank deposits, 18, 23 Reserve position, basic, member banks, 7 Interest rates: Reserve requirements, member banks, 9 Business loans by banks, 32 Reserves: Federal Reserve Banks, 8 Central banks and govts., 94 Foreign countries, 92, 93 Commercial banks, 23, 26, 28 Money market rates, 33 Federal Reserve Banks, 12, 13 Mortgage yields, 51, 52, 53 Member banks, 5, 6, 17, 23 Prime rate, commercial banks, 32 U.S. reserve assets, 75 Time and savings deposits, maximum rates, 10 Residential mortgage loans, 35, 49, 50, 51, 52, 53 Yields, bond and stock, 34 Retail credit, 54 International capital transactions of U.S., 76-90 Retail sales, 62 International institutions, 74, 75, 92, 94 Inventories, 68 Saving: Investment companies, issues and assets, 47 Flow of funds series, 70 Investments (See also specific types of investments): National income series, 69 Banks, by classes, 18, 22, 25, 26, 37 Savings and loan assns., 38, 43, 51 Commercial banks, 17 Savings deposits (See Time deposits) Federal Reserve Banks, 12, 14 Savings institutions, principal assets, 37, 38 Life insurance companies, 37 Securities (See also U.S. Govt, securities): Savings and loan assns., 38 Federally sponsored agencies, 38, 39 International transactions, 84, 85 Labor force, 64 New issues, 45, 46, 47 Life insurance companies (See Insurance companies) Silver coin, 15 Loans (See also specific types of loans): Special Drawing Rights, 4, 12, 13, 72, 75 Banks, by classes, 18, 22, 24, 25, 37 State and local govts.: Commercial banks, 17, 18, 22, 24, 25, 29, 31, 32 Deposits, 23, 27 Federal Reserve Banks, 4, 6, 8, 12, 13, 14 Holdings of U.S. Govt, securities, 42, 43 Insurance companies, 37, 50, 51 New security issues, 45, 46 Insured or guaranteed by U.S., 49, 50, 51, 52, 53 Ownership of securities of, 22, 26, 37 Savings and loan assns., 38, 51 Yields and prices of securities, 34, 35 State member banks, 20, 30 Manufacturers: Stock market credit, 36 Capacity utilization, 62 Stocks: Production index, 59, 62 New issues, 46, 47 Margin requirements, 10 Yields and prices, 34, 35 Member banks: Assets and liabilities, by classes, 18, 22 Tax receipts, Federal, 41 Borrowings at Federal Reserve Banks, 6, 12 Time deposits, 10, 17, 18, 23, 27 Number, by classes, 18 Treasury cash, Treasury currency, 4, 5, 15 Reserve position, basic, 7 Treasury deposits, 5, 12, 40 Reserve requirements, 9 Treasury operating balance, 40 Reserves and related items, 4, 17 Mining, production index, 59, 61 Unemployment, 64 Mobile home shipments, 63 U.S. balance of payments, 72 Money market rates (See Interest rates) U.S. Govt, balances: Money stock and related data, 16 Commercial bank holdings, 23, 27 Mortgages (See Real estate loans and Residential mortgage Member bank holdings, 17 loans) Treasury deposits at Reserve Banks, 5, 12, 13, 40 Mutual funds (See Investment companies) U.S. Govt, securities: Mutual savings banks, 27, 37, 42, 43, 50 Bank holdings, 18, 22, 25, 37, 42, 43 Dealer transactions, positions, and financing, 44 National banks, 20, 30 Federal Reserve Bank holdings, 4, 12, 13, 14, 42, 43 National defense expenditures, 41, 68 Foreign and international holdings, 12, 81, 84, 88 National income, 68, 69 International transactions, 81, 84 Nonmember banks, 20, 22, 23, 30 New issues, gross proceeds, 46 Open market transactions, 11 Open market transactions, 11 Outstanding, by type of security, 42, 43, 45 Ownership, 42, 43 Payrolls, manufacturing index, 62 Yields and prices, 34, 35 Personal income, 69 United States notes, 15 Postal savings, 23 Utilities, production index, 59, 61 Prices: Consumer and wholesale commodity, 62, 66 Veterans Administration, 49, 50, 51, 52, 53 Security, 35 Prime rate, commercial banks, 32 Weekly reporting banks, 24 Production, 58-61, 62 Profits, corporate, 48 Yields (See Interest rates) )xedni siht n i dettimo si ” A“ xiferp eht hguohtla 79-A hguorht 4-A segap o t era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis^1] C hicago j 0mafia* Jfincnrnatjl Kansas City^ XfiarCo**1 Oklahoma. CitiJ '.ittU Rock 1 Dallas Jiouston Antonio* Miami January 1972 'Drawn by H. W. CjaCvin, Cart THE FEDERAL RESERVE SYSTEM q) a ■c> (c ALASKA HAWAII Legend Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER • Federal Reserve Bank Facilities http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1973, March 31). Federal Reserve Bulletin, 1973-04. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_197304
@misc{wtfs_bulletin_197304,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1973-04},
year = {1973},
month = {Mar},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_197304},
note = {Retrieved via When the Fed Speaks corpus}
}