Federal Reserve Bulletin, 1973-07

F e d e r a l R e s e r v e B u l l e t i n BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, DO. 20551 JULY 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 Digitized for FRASER in U.S. currency. (Stamps and coupons not accepted) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN C O N T E N T S NUMBER 7 □ VOLUME 59 □ JULY 1973 481 Mortgage, Construction, and Real Estate Markets 493 Changes in Time and Savings Deposits, January-April 1973 501 Changes in Bank Lending Practices, 1972 506 Treasury and Federal Reserve Foreign Exchange Operations: Interim Report 508 Statement to Congress 513 Record of Policy Actions of the Federal Open Market Committee 521 Law Department 547 Announcements 550 Industrial Production 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 100 Board of Governors and Staff A 102 Open Market Committee and Staff; Federal Advisory Council A 103 Federal Reserve Banks and Branches A 104 Federal Reserve Board Publications A 108 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMMITTEE J. Charles Partee Joseph R. Coyne Robert Solomon Ralph C. Bryant Kenneth B. Williams Lyle E. Gramley Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

M ortgage, C onstruction, and Real E state M arkets Outlays for new construction early this summer were continuing near the unprecedented level reached last spring. Construction expenditures for privately owned homes and apartment houses, which had dominated the recent expansion over most of the period since mid-1970, were tending downward in real terms from the record pace in March 1973. However, outlays for private nonresi­ dential construction were up further, and expenditures for public construction remained high. Mortgage markets, which had been exceptionally easy in 1971 and 1972, have tightened this year as credit conditions have become more restrictive. Although savings flows to depositary institutions in 1973 have moderated considerably from earlier peaks, they were still holding up reasonably well in June, bolstered in part by large refunds of Federal income taxes in recent months. Mortgage repayment flows have remained large, and lenders’ liquidity positions, which had been much impiroved earlier, have continued relatively strong. Nevertheless, given the exceptionally large volume of mortgage commitments already outstanding and the uncertainties about future net savings inflows, savings and loan associations, commercial banks, mutual savings banks, and other lenders in the primary market have cut back on new mortgage commitments. Moreover, increased reliance has been placed on supplementary support from the Federally sponsored housing credit agencies. The over-all rise in costs of credit to borrowers on newly originated mortgages has been limited by comparatively low ceil­ ings on conventional loans in some States, by maintenance of the fixed-contract interest rate on Government-underwritten mort­ gages through midyear, and by Government efforts to moderate increases in interest rates. However, as competition from corporate bonds and other long-term investment instruments has intensified, downpayment ratios and other nonrate terms on new commitments for home and other mortgages have also tightened further and lender selectivity among borrowers has increased. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN □ JULY 1973 RESIDENTIAL MORTGAGE COMMITMENTS 1 turn down as SAVINGS FLOWS decline from earlier peaks RATIO SCALE, BILLIONS OF DOLLARS “Net savings inflows” are quarterly averages for savings and loan associations and mutual savings banks at seasonally adjusted annual rates. “Mortgage commitments outstanding,” which are mainly residential, are seasonally adjusted end-of-quarter totals for all savings and loan associations and for New York mutual savings banks. Commitments data include loans in process. Latest data, Q2, preliminary (partly estimated). INSTITUTIONAL CHANGES Over the past 3 years, both residential construction and mortgage activity have benefited considerably from changes in market prac­ tices initiated by such legislation as the Housing and Urban Devel­ opment Act of 1968 and the Emergency Housing Act of 1970. At the same time, ongoing reconsideration of existing Government programs at both the national and the local level—involving issues ranging from depreciation allowances on real estate for Federal income tax purposes to environmental problems—has inevitably introduced more than usual uncertainty about the course of future institutional arrangements. Particularly noteworthy in this connection has been the morato­ rium on new commitments for housing for families of low and moderate incomes under the interest- and rent-subsidy programs of the Department of Housing and Urban Development and the Farmers Home Administration in the Department of Agriculture. This moratorium became effective in most cases on January 5, 1973, pending completion by early autumn of a comprehensive re-evaluation of present programs and development of possibly revised or new programs. Also, administration proposals to Congress for new legislation based on the recommendations of the Hunt Commission on Financial Structure and Regulation are in the process of formulation. Meanwhile, in late June Congress voted an extension of regula­ tory ceilings on rates payable for savings by depositary institutions; and in early July the related regulatory agencies raised permitted maximum savings rates to improve the ability of depositary institu­ tions to compete for necessary funds against the appreciably higher Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MORTGAGE, CONSTRUCTION, AND REAL ESTATE MARKETS 483 market rates that have developed. At the same time—pending reinstatement by the Congress of provisions governing mortgage underwriting by the Federal Housing Administration and the Veterans Administration, which had temporarily lapsed—a rise in the regulatory contract rate permissible on FHA-insured and VAguaranteed mortgages from 7 to 7% per cent was announced. A number of changes have been instituted by the Federal Home Loan Bank Board in recent months to enhance the operating flexibility of Federal savings and loan associations. Beginning last October, for example, the FHLBB permitted such associations to sell subordinated debentures to improve their capital base. In April it raised the limits on out-of-State mortgage purchases by such associations from 10 to 15 per cent of total assets; and in early May it lowered the liquidity requirements for these associations from 7.0 to 6.5 per cent of total savings deposits, thus making an estimated $1 billion potentially available for mortgage loans. Other institutional changes that may result in further assistance to the residential mortgage market over the period ahead include the development since 1972 of arrangements for secondary market activity in eligible conventional home mortgages by the Federal National Mortgage Association and by the still relatively new Federal Home Loan Mortgage Corporation. While such activity has been moderate thus far, the further growth of private mortgage insurance facilities in recent years has broadened the potential scope for secondary market operations in conventional mortgages. More­ over, this development has come at a time when originations of regular and other FHA-insured mortgages have remained excep­ tionally limited. MORTGAGE MARKET Mortgage commitments outstanding for residential and other DEVELOPMENTS properties have generally moved downward from earlier record highs. Yields required by mortgage lenders have continued to increase, nonprice rationing of new residential mortgage credit has broadened, and reliance on secondary support from FNMA, FHLMC, and other nondepositary sources has expanded apprecia­ bly. Mortgage terms. Contract interest rates for conventional first mortgages on new homes averaged 8.05 per cent in June. This average was 50 basis points above the recent low in March of 1972 and was the highest since late 1970. However, it was still some 55 basis points below the historic peak reached in mid-1970. For existing-home mortgages, the average rate of 8.10 per cent in June exhibited a similar pattern of change, based on data from HUD. Even so, in a number of States with comparatively low ceiling rates, mainly in the East and South, yields required by lenders on conventional home mortgages were already at the legal maxima. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN □ JULY 1973 MORTGAGE YIELDS move upward with higher levels of BOND YIELDS, but PER CENT PER ANNUM 10 0 with limited gain in YIELD SPREAD BASIS POINTS 100 Mortgage data based on HUD(FHA) field-office reports. For “conventional,” average interest rates are for first mortgages on new homes. For “FHA-insured,” weighted averages of private secondary market bid prices for certain new-house mortgages converted to annual yield. Thin lines indicate months affected by adjustment in contract interest rate. For corporate bonds, average of yields on new issues (Moody’s Aaa, Aa, and A adjusted to Aaa utility bond with 5-year call protection). Yield spread is for conventional mortgages. Latest data, June. Moreover, although somewhat wider this spring, the differential favoring mortgage over corporate bond yields remained relatively unattractive to diversified investors. The recent increase in mortgage rates has been associated with a record volume of mortgage commitments outstanding and a marked reduction in net savings inflows to thrift institutions from the highs reached in 1971-72. In those years, for a time, commercial banks—unlike thrift institutions—had generally adjusted rates to savers downward and had reduced emphasis on high-cost categories of consumer savings accounts. Since then, increased demands for all types of loans have been exerting greater pressure on all sectors of the capital market, and competition for funds has been growing. In the secondary market for Government-underwritten mort­ gages, yields have also advanced. According to the HUD (FHA) series, such yields averaged 7.89 per cent in June, based on the 7 per cent contract rate then prevailing. This yield was 44 basis points more than in early 1972 and as much as 140 basis points lower than at the peak in early 1970, when the regulatory contract interest rate was 8V2 per cent. However, discount points, which in large part are directly payable by sellers of either new or exist­ ing homes financed by such mortgages, exceeded 7 points in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MORTGAGE, CONSTRUCTION, AND REAL ESTATE MARKETS 485 June. Discounts in this range are particularly restrictive for many transactions, although purchases of eligible mortgages under the Government National Mortgage Association’s special assistance programs for subsidizing large discounts had helped to ease this problem over the recent period. In the July 9 FNMA auction of forward-purchase commitments of eligible Government-underwritten home mortgages—the first auction since the announced change in the regulatory contract rate—yields rose 29 basis points to 8.38 per cent. Moreover, offerings of these commitments to FNMA increased considerably in this transitional auction. In the concurrent auction based on forward commitments to purchase conventional—mainly lowdownpayment—mortgages, the average yield accepted by FNMA was also up sharply. The yield required by FHLMC in early July LOAN/PRICE RATIO on purchases of such mortgages from the savings and loan associa­ tions showed a similar rise. In early June average maturity and loan-to-value terms on con­ ventional loans for single-family homes were generally holding close to the appreciably liberalized levels reached last winter; about 16 per cent of all such mortgages on new homes required a downpayment amounting to less than 10 per cent of the purchase price. These terms, which are reported to the FHLBB at the time of mortgage closing, often may reflect commitments made as much Monthly data from FHLBB, with cooperation of the FDIC, are for as 3 or more months earlier, particularly in the case of new units. conventional first mortgages at time Accelerated liberalization of such terms, usually with the provision of closing by major lender groups on single-family homes for purchase of private mortgage insurance, had been a major feature of the only. Data for 1973 are not strictly market for conventional home mortgages during 1972. As a result, comparable with those for earlier years because of sampling and other loan amounts—under conditions of rising home costs and upgrad­ changes. Latest data, June pre­ liminary. ing—were also up considerably for both new and existing units. In the mortgage market for financing multifamily and other income properties, contract interest rates and other terms have apparently also tightened in recent months. While equity partici­ pation arrangements have not been a conspicuous feature of recent developments in this market, reliance on interim financing mainly from the growing real estate investment trusts is indicated to have increased. Mortgage debt expansion. Seasonally adjusted net expansion in mortgage debt in the first half of this year apparently fluctuated moderately above the record annual rate of almost $70 billion reached in the fourth quarter of last year. This pace was more than triple the recent low in the first quarter of 1970. For all of 1972, net mortgage debt formation had exceeded $65 billion—a third above the previous high in 1971 and more than double the volume in other recent years. Mortgages on all types of properties shared in the further expan­ sion of outstanding debt through the first quarter of 1973. Never- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN □ JULY 1973 NET INCREASES in MORTGAGE DEBT still very high by type of property . . RATIO SCALE, BILLIONS OF DOLLARS 80 60 but LENDERS' SHARES fluctuate further dcd rcyT PER CENT ALL OTHERS LIFE INSURANCE COMPANIES COMMERCIAL BANKS MUTUAL SAVINGS BANKS SAVINGS AND LOANS 1967 1969 1971 ’73 Quarterly data by type of property estimated (and converted to seasonally adjusted annual rates) by F.R. as required to supplement reports of Federal agencies and private sources. Farm mortgage debt net increases are included in net increases shown for “total.” Distribution of net changes by type of holder based on annual totals except for 1973, HI. Latest data preliminary; top panel, Q2; bottom panel, HI. theless, the net increase continued to be most conspicuous for loans on 1- to 4-family properties. This reflected, in part, the considerably increased number of mortgages and the enlarged average loan amount required to finance new or existing units, including those sold as condominiums in multifamily structures. While construction loans for residential properties appear to have expanded less than seasonally this spring, the larger number of units being completed has continued to require takedowns of mortgage commitments for permanent financing in great volume. Among the major lender groups, the savings and loan associa- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MORTGAGE, CONSTRUCTION, AND REAL ESTATE MARKETS 487 tions through the first half of this year continued to account for by far the largest share of the increase in all types of residential mortgages. These associations remained relatively important in the financing of commercial properties as well. In contrast to other recent years, however, they considerably expanded their reliance on advances from the Federal home loan banks; in fact, such advances for the first half of 1973 exceeded $3 billion—a record high for a semiannual period. Net acquisitions by commercial banks—which, among other things, are especially active originators of construction loans— eclipsed earlier peaks in 1972 and continued to account for about a fourth of the total increase for all types of mortgages in the first half of 1973. Net mortgage debt formation by mutual savings banks was also comparatively high. That by life insurance compa­ nies, which had shown its smallest increase in more than two decades in 1971, advanced in 1972 and early 1973. However, as in other recent years, all of the increase was in loans on income properties. Among other mortgage holders, net purchases by FNMA rose in the first half of the year, reflecting in part attempts to moderate the upward pressures on mortgage rates that had begun to develop toward the end of 1972. Related activity by FHLMC also increased this spring. And mortgage holdings of the real estate investment trusts continued to expand. NEW CONSTRUCTION Outlays for new construction in June were estimated at a seasonally adjusted annual rate of $138 billion in current-dollar terms. This was up only slightly further from the previous high reached in May and was more than 50 per cent above the recent low in April of 1970. Construction costs. Construction costs continued upward this spring, and in June they apparently equaled 148 per cent of their 1967 average, based on the Census Bureau’s composite cost index. For the first 6 months of 1973 such increases accounted for about two-thirds of the year-over-year rise in current-dollar outlays for new construction. Wage settlements under the monitor ship of the Construction Industry Stabilization Committee—which has been in operation since April 1971—have tended to be comparatively moderate so far this year and, on balance, have held within the general stabilization guidelines. Accordingly, prevailing policy with respect to wages in this industry, as in others, was not altered under the terms of either the President’s price freeze initiated on June 13 or the Phase IV control program announced on July 18. However, the cost of land—which is not reflected directly in new construction outlays and which until recently was not under price controls—has apparently continued in a sharp rise, reflecting the exceptionally high level of demands by builders in recent years Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN □ JULY 1973 4 | Total NEW CONSTRUCTION OUTLAYS still near peak in real terms RATIO SCALE, BILLIONS OF DOLLARS 140 120 100 80 with private sectors higher in current dollars Census Bureau data on new construction put in place at seasonally adjusted annual rates. Recent data, preliminary; June, F.R. estimate. and delays required to provide adequate sewerage facilities and to resolve related environmental problems in many areas. Prices of building materials, which had turned sharply upward in 1971 as pressures on available supplies increased, moved even higher during 1972 and early 1973. By early spring, with new demands up less than seasonally, prices of lumber and certain related materials turned downward again. However, at the time of the recent price freeze they were still considerably above a year earlier. Nonresidential construction. Seasonally adjusted outlays for BUSINESS CONSTRUCTION new private nonresidential construction early this summer were still RATIO SCALE. BILLONS Of DOLLARS tending upward from their advanced pace in the first quarter of the year. While expansion in office building activity is indicated to have leveled off, outlays for shopping centers and related types of commercial buildings have continued to grow. Also, outlays for industrial plants, which had been low through most of 1972, have shown some recovery since then, with a further advance strongly suggested by reported plans for business investment in plant and related equipment for 1973. Expenditures for institutional Census monthly data on currentbuildings, including those for hospital, religious, and educational dollar value of new construction put in place at seasonally adjusted annual purposes, have also continued higher on balance. rates. Recent data preliminary. Lat­ est data, May. During the second quarter, outlays for public construction re­ mained somewhat below the peaks reached in early 1973. In the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MORTGAGE, CONSTRUCTION, AND REAL ESTATE MARKETS 489 case of State and local government expenditures, which account for the bulk of such outlays, environmental considerations and resistance in some areas to the further acceleration in construction costs have impeded implementation of some projects. Also, expan­ sion in requirements for educational buildings at all levels has begun to slow as growth in school age population has eased. In addition, increases in expenditures for water and sewer systems and other improvements have been moderated temporarily, in line with ad­ ministration attempts to reduce inflationary pressures on available resources. Residential construction. Reflecting a drop in private housing starts from a near-record pace earlier this winter, expenditures for private residential construction have tended downward since March, marking the end of a virtually unbroken expansion of 100 per cent—70 per cent in real terms—over a period of about 3 years. While the downtrend in housing starts since January has been appreciable, the first-quarter average was second only to the peak registered in the first quarter of 1972. Moreover, despite a decline in June, the second-quarter average was still one of the highest on record. In 1972 as a whole, private housing starts—a particularly volatile PRIVATE HOUSING STARTS off somewhat as completions fluctuate upward RATIO SCALE, MILLIONS OF UNITS 3.0 2.0 with MOBILE HOME SHIPMENTS also high Census data for private housing starts and completions and Mobile Home Manufacturers Association data for mobile home shipments converted to seasonally adjusted annual rates by Census and to quarterly averages by F.R. “Multifamily” includes 2 or more units. Latest data, April-May average, preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN □ JULY 1973 series—changed relatively little at a seasonally adjusted annual rate approaching 2.4 million units in each of the two half-years. Alto­ gether the annual total was more than 300,000 units above the previous high in 1971. Moreover, with mobile home shipments— mainly for residential purposes—also higher, the aggregate number of new shelter-units originated in 1972 approached 3 million. This marked the second consecutive year in which the average annual production level implicit in the 10-year goal established by Congress in 1968 had been exceeded. Unlike most other expansions since the mid-1950’s, starts of regular single-family structures—mainly for owner-occupancy— about matched the pace of multifamily starts from the low in the first quarter of 1970 through the first quarter of 1973. Moreover, an increasingly significant proportion of the multifamily units was designed expressly for owner-occupancy—largely under condo­ minium arrangements—rather than for rental purposes. Apart from the availability of mortgage funds, the marked improvement in demands for homeownership in all types of struc­ tures reflected a number of factors. One was the increased number of individuals and household heads entering the approximate age group—25 to 35 years—with the highest potential for a first-home purchase. Another was the strengthened implementation of equal opportunity regulations affecting home-mortgage borrowing, based on civil rights legislation passed some time earlier. With incomes expanding, this implementation helped to broaden the potential for homeownership or for upgrading for a large segment of households previously bypassed on sex as well as other grounds. Moreover, for qualified borrowers, the considerably liberalized loan-to-value and maturity terms available for conventional mort­ gages at relatively moderate interest rates during most of 1972 offered strong inducements to buy or build ahead of scheduled requirements. Such inducements were enhanced further by the rapid appreciation of real estate values during this period and the uncer­ tainties, which still persist in many areas, about the near-term availability of suitable sites because of sewerage and related build­ ing problems. While the recent expansion in private housing starts occurred in all major regions, it was most pronounced in the South. In 1972 as a whole, that region accounted for as much as 45 per cent of the total, compared with a previous high of 43 per cent in 1970. During the first quarter of this year, subsidized housing starts, based mainly on contracts made before the moratorium on new commitments was instituted in early January, were running about a fifth below the reduced level in the first quarter of 1972. In 1972 as a whole, such starts had totaled nearly 340,000 units, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MORTGAGE, CONSTRUCTION, AND REAL ESTATE MARKETS 491 compared with a record 430,000 units in 1971 when the expansion in nonsubsidized starts was still in an early stage. Reflecting in large part the demand for low-priced residential units, mobile home shipments, which had also increased substan­ tially in 1972, advanced even further in the first quarter of 1973 to a seasonally adjusted annual rate of 676,000 units. Whereas these shipments have apparently tapered off this spring as money market conditions have become less easy, such units have continued to benefit from the further implementation of earlier legislation designed to encourage financing of a scope comparable with that for more conventional dwelling units. Recently, this has included the use of mobile home mortgages for GNMA-guaranteed pools and the development of a secondary market for mobile home paper. Also, upgrading and improvement of new mobile home units to HOME PRICES meet more rigorous construction standards have continued. THOUSANOS OF DOLLARS The median price of new, conventionally built homes sold by merchant builders rose further in early 1973. While the rise re­ flected mainly higher costs of land and construction, it was also associated with a further reduction in transactions in subsidized units and a continued shift toward units with more floor space and related amenities. In May the median price of homes actually sold, at $32,200, not only was about $5,000 more than a year earlier, but also was maintaining an appreciable margin above the median price of homes being held for sale at that time. Census data (under HUD contract) for 1-family homes available from Sales prices of existing homes, which also reflect changes in merchant builders. Homes for sale or sold may be at any stage of con­ the mix of demands, were at a median of $28,880 in May, based struction. Prices shown are quarterly on reports of transactions from the National Association of Realtors. medians, except for most recent period, May, preliminary. This was 6 per cent above a year earlier—only moderately less than the year-to-year increases that have prevailed in other recent years. While maintenance and related operating costs have risen, further increases in average rents for all types of residential units this spring were relatively modest. Partly for this reason, rents were exempted from the new controls initiated in June. A feature of developments thus far has been the comparatively moderate level of average vacancy rates, despite trade reports of overbuilding in some areas. In fact, in the first quarter of this year, 67 per cent of new, privately financed, nonsubsidized apartment units intended for rental purposes and completed in the previous quarter had already been rented. This compared with 62 per cent a year earlier when the volume of new completions of comparable apartments had been considerably lower. Altogether, vacancy rates for all types of rental dwelling units in the first quarter of the year averaged 5.7 per cent, little higher than in other recent years and lower than the average in 1968. While the increased merchandising of apartments under condomin­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN □ JULY 1973 ium ownership arrangements has been a factor in this development, vacancy rates for homeowner properties have remained particularly low, at a level of no more than 1.0 per cent. Vacancy rates among the major census regions have also been well below earlier highs, al­ though the levels have continued to show marked variation, ranging in the case of rental units from less than 4 per cent in the Northeast States to more than 7 per cent in the South. RESIDENTIAL VACANCY RATES hold near recent lows PER CENT HOMEOWNER UNITS Census quarterly data. Vacancy rates relate to vacant dwellings available for rent or sale. Latest data, Ql. Removals from the stock of existing dwelling units and acceler­ HOME STOCKS AT BUILDERS ated demands—partly speculative in nature—for second residences MONTHS’ SUPPLY have contributed to the relatively low over-all level of vacancies. However, as mortgage markets have tightened, sales of single­ family units by merchant builders have tended downward from the peaks reached last autumn. And inventories of units still held by such builders for sale have risen to successive highs both absolutely and in relation to sales. By the end of May, such inventories were almost three-tenths above those of a year earlier and were equal to over 7 months’ supply at recent levels of sales. Moreover, Months’ supply derived by F.R. from seasonally adjusted Census data completions of conventionally built dwellings, which—particularly for number of units available for sale at end of quarter and monthly for apartments—lag starts by a considerable margin, have been average rate of sales within the holding above the 2-million unit mark for the first time in the history quarter. Latest data, preliminary based on end-of-May for units avail­ of the series; and at midyear, such completions had yet to reach able and April-May average rate of sales. their peak. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits at Commercial Banks J a n u a r y - A p r il 1 9 7 3 In the 3 months ending April 30, 1973, interest to ceiling levels at the larger banks, which are rates paid on time and savings deposits held by the main issuers of these instruments. On the individuals, partnerships, and corporations April 30 survey date, the average of the most (IPC) were increased at many commercial common interest rates paid on large CD’s was banks, according to a recent survey of time and more than a percentage point higher than it had savings deposits.1 Thus, the upward movement been 3 months earlier. begun in early 1972 continued, even though a As banks raised their offering rates in the first sizable majority of banks had been paying ceil­ quarter, aggregate inflows of time and savings ing interest rates on savings and small-denomi- deposits, IPC, increased by $15.6 billion or 5.7 nation time deposits for many months. An ap­ per cent, the fastest rate since the fourth quarter preciable number of the remaining banks, par­ of 1970. The acceleration was almost entirely ticularly the larger ones, moved rates to ceiling in large-denomination time deposits, which ex­ levels during the 3-month survey period. At the panded by a record $9.8 billion between January same time sharp increases occurred in rates 31 and April 30. Negotiable CD’s accounted offered by banks on large-denomination time for the major part of this increase, but other deposits—including negotiable and nonnegotia- large-denomination time deposits also expanded ble certificates of deposit (CD’s) and open-ac- rapidly. Large banks—those with total deposits count time deposits in denominations of $100,- of more than $100 million—accounted for al­ 000 or more. most all of the net increase in CD’s. On such The upward movement in bank offering rates deposits the majority of these larger institutions reflects in part the continued competitive pres­ were offering rates of 6.75 per cent or more sure from higher yields on money market in­ on April 30, and more than 40 per cent of their struments. Yields on 3-month Treasury bills, for CD’s were yielding as much as 7.25 per cent. example, reached a level of 6.26 per cent in On January 30 less than 9 per cent of the large April, and offering rates on 4- to 6-month prime banks had been paying rates as high as 6.5 per commercial paper exceeded 7.10 per cent, more cent, and most were paying 5.5 to 6.0 per cent. than 1 lA percentage points higher than in Jan­ In April small banks were generally paying uary. With loan demand also very strong, banks much lower rates than the large banks, and they actively bid for funds by offering increasingly experienced a considerably smaller increase in higher rates on large-denomination time depos­ large CD’s during the survey period. its. By March, offering rates on negotiable CD’s Growth in large-denomination deposits other with maturities of 90 days or over were close than negotiable CD’s was also concentrated at the large banks. Rates were increased on the Note.—Martha Strayhorn of the Board’s Division of Research and Statistics prepared this article. majority of these deposits from 6 to 7 or 7.5 1 Previous surveys of time and savings deposits at all per cent in the 3-month survey period. Although member banks were conducted by the Board of Gover­ a few of the small banks also were offering nors in late 1965, in early 1966, and quarterly beginning depositors a return of 7 per cent on these ac­ in 1967. In 1968 the surveys were expanded to provide figures for all insured commercial banks and were con­ counts, most were paying only 5.5 to 6.5 per ducted jointly by the Board of Governors and the cent on the large time deposits at the end of Federal Deposit Insurance Corporation. The results of April. earlier surveys have appeared in Bulletins for 1966- 73, the most recent being April 1973, pp. 261-75. While large-denomination time deposits ex­ Appendix tables for this article appear on pp. 497-99. panded rapidly in the 3 months ending April, Digitized for FRASER 493 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN □ JULY 1973 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES, JULY 1972-APRIL 1973 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits Type of deposit 1972 1973 1972 1973 (quarterly rate) July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 J O a c n t . . 3 3 1 1 , , 1 1 9 9 7 7 2 3 - Ap J r a . n 3 . 0 3 , 1 1 - 9 73 Total time and savings deposits........... 13,461 13,567 13,589 813 259,705 268,734 275,611 291,216 2.6 5.7 Savings.............. ................................ 13,127 13,175 13,252 508 116,644 119,686 121,453 122,936 1.5 1.2 Time deposits in denominations of less than $100,000—Total.... 13,244 13,392 13,396 13,571 94,630 96,636 100,280 103,944 3.8 3.7 Accounts with original maturity of— Less than 1 year......................... 12,459 12,643 12,798 044 46,334 46,091 46,693 46,633 1.3 -.1 1 up to 2 years........................... 12,433 12,559 12,647 885 21,539 22,137 22,791 23,451 3.0 2.9 2 years or more......................... 10,840 11,033 11,117 408 26,757 28,407 30,796 33,860 8.4 9.9 All maturities: Open accounts—passbook or statement form1................... 3,514 3,384 3,518 3,626 28,457 27,410 28,637 29,065 4.5 1.5 Time deposits in denominations of $100,000 or more—Total___ 5,916 6,255 6,131 275 42,028 46,009 48,206 58,212 4.8 20.8 Negotiable CD’s............................ 2,861 3,195 3,098 226 29,892 33,330 35,065 42,511 5.2 21.2 Nonnegotiable CD’s and open account.................................... 3,670 3,725 3,690 3,738 12,136 12,679 13,141 15,701 3.6 19.5 Christmas savings and other special funds............................................ 8,396 7,969 8,257 8,606 6,403 6,403 5,672 6,124 -11.4 8.0 i Includes time deposits, open account, issued in passbook, statement, was reported by a probability sample of all insured commercial banks; or other forms that are direct alternatives for regular savings accounts. for October 31, 1972, the data for member banks were reported by Most of these are believed to be in accounts totaling less than $100,000. virtually all such banks and for insured nonmember banks by the same The figures shown on this line are included above in the appropriate sample of these banks reporting in earlier surveys. 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 the Federal System and the Federal Deposit Insurance Corporation. deposits and are not included in the number of issuing banks. Dollar For July 31, 1972, and January 31 and April 30,1973, the information amounts may not add to totals because of rounding. regular savings deposits continued the slowing however, was in accounts with maturities of 1 trend observed in the January survey. Although to 2 years or 2 years or more. The ceiling rates most banks were continuing to pay the maxi­ on these longer-term accounts—5.50 and 5.75 mum 4.5 per cent rate on savings deposits in per cent, respectively—are higher than the April that they had been paying in January, this maximum rates payable on savings deposits or rate was not so attractive to consumers as the on other consumer-type time deposits with ma­ higher yields on competing assets. Conse­ turities of less than 1 year. Short-maturity (less quently, savings deposits increased only 1.2 per than 1 year) time deposits declined between cent in the January-April period compared January and April, and it is likely that some with 1.5 per cent in the preceding 3 months of the increase in deposits with maturities of and 3.5 per cent in the January-April period 1 to 2 years and of 2 years and over represented of 1972. Smaller banks, which had experienced shifts by depositors out of savings and short­ a small absolute decline in savings deposits in term time accounts into these longer maturities the period covered by the January survey, at­ to obtain the higher rates. More than nine-tenths tracted approximately $700 million of new sav­ of all banks, large and small, were paying ings deposits in the more recent survey period; ceiling rates on all maturities of consumer-type this figure represented about half of the total time deposits in both January and April. Re­ inflows of savings deposits at all commercial flecting this, the average most common rates banks during this period. paid on small-denomination time deposits at Consumer-type time deposits—all time de­ commercial banks were only 2 or 3 basis points posits in denominations of less than $100,000 below their regulatory levels. (other than savings)—increased at close to the On balance, the rate of growth in time and same rate between January and April as in the savings deposits over the survey period ending previous survey period. All of this increase, April 30 was almost twice as strong at large Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 495 TABLE 2 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JANUARY 31 AND APRIL 30, 1973, 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 Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. 30 31 30 31 30 31 30 31 30 31 30 31 Amount of deposits (in millions of dollars), Number of banks, or percentage distribution or percentage distribution Savings deposits: 13,508 13,252 12,788 12,560 720 693 122,936 121,453 47,789 47,090 75,147 74,363 Percentage distribution by most com­ mon rate paid on new deposits: Total....................................................... 100 100 100 100 100 100 100 100 100 100 100 100 3.9 4.4 4.0 4.6 2.4 2.5 1.5 1.6 1.6 2.1 1.4 1.4 3.51-4.00........................................... 16.8 17.6 16.9 17.4 14.3 21.5 12.9 29.4 12.4 13.7 13.2 39.2 4.01-4.50............................................ 79.3 77.9 79.1 78.0 83.3 76.0 85.6 69.0 86.0 84.2 85.4 59.4 Time deposits in denominations of less than $100,000: Maturities less than 1 year: 13,044 12,798 12,316 12,105 728 693 46,633 46,693 21,984 22,008 24,649 24,685 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.................................... 3.1 3.2 3.1 3.2 2.1 3.2 2.0 2.7 1.1 1.0 2.9 4.3 4.51 5.00....................................... 96.9 96.8 96.9 96.8 97.9 96.8 98.0 97.2 98.9 99.0 97.1 95.7 Maturities of 1 up to 2 years: Issuing banks........................................ 12,885 12,647 12,184 11,973 701 674 23,451 22,791 17,165 16,564 6,286 6,227 Percentage distribution by most common rate paid on new de­ posits : Total................................................... 100 100 100 100 100 100 100 100 100 100 100 100 A. nr Ipcq .6 O) .6 .4 .1 .1 4.51-5.00........................................ (1)5.7 6.6 5.7 6.5 (I)5.8 8.2 5.2 7.6 5.2 8.1 5.3 6.5 5.01-5.25........................................ 1.0 1.1 1.0 1.1 1.9 2.2 .8 1.1 .6 .7 1.2 2.3 5.26-5.50........................................ 93.3 91.8 93.3 91.9 92.3 89.0 94.0 91.2 94.2 91.2 93.5 91.2 Maturities of 2 years and over: Issuing banks........................................ 11,408 11,117 10,725 10,463 683 654 33,854 30,782 18,870 16,937 14,984 13,845 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 .1 .3 .1 .3 .5 .1 .1 4.51-5.00........................................ 1.4 1.3 1.3 1.1 2.9 4.9 1.4 2.3 .6 .2 (,)2.3 4.8 5.01-5.25........................................ .1 .1 .1 .1 .4 O) .1 .1 .3 0) 5.26-5.50........................................ 2.0 2.0 1.9 1.9 3.5 3.8 1.9 (,)1.8 (1>.4 .6 3.7 3.4 5.51-5.75........................................ 96.2 96.4 96.4 96.8 93.0 90.8 96.5 95.9 98.8 99.1 93.6 91.8 Negotiable CD’s in denominations of $100,000 or more: Issuing banks............................................ 3,226 3,098 2,752 2,652 474 446 42,508 35,046 3,258 3,044 39,250 32,002 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........................................ 5 1.9 .6 1.9 .4 1.6 .2 .8 .6 4.0 .2 .4 4.51-5.00............................................ 8.6 14.0 9.1 14.3 5.7 12.6 1.9 4.0 4.8 7.3 1.6 3.7 5.01-5.50............................................ 15.1 29.8 16.6 29.0 6.5 34.8 2.2 19.2 9.9 25.8 1.6 18.5 5.51-6.00............................................ 27.2 39.2 29.5 38.7 13.7 42.6 5.9 56.6 36.6 54.1 3.3 56.8 6.01-6.50............................................ 20.2 9.2 20.8 9.6 16.5 7.2 8.7 17.2 18.7 6.5 7.9 18.2 6.51-7.00............................................ 22.4 5.0 19.3 5.7 40.3 .9 39.8 2.2 26.3 1.8 40.9 2.1 7.01-7.50............................................ 5.4 .8 3.5 .9 16.9 .4 41.3 .1 2.7 .4 44.5 7.51 and over................................... .6 .7 O) .3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN □ JULY 1973 banks as at the small ones. This reflects the fact nomination deposits subject to regulatory ceil­ that almost 95 per cent of total time deposits, ings, large banks were successful in attracting IPC, at small banks are in savings accounts or inflows of large-denomination deposits by of­ in small-denomination time deposits, in contrast fering relatively high interest rates. Small to about 70 per cent at the large banks. As banks, apparently more reluctant to pay the high higher yields on other market instruments re­ rates, attracted fewer of the large-denomination duced the relative attractiveness of small-de- funds. □ TABLE 3 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON APRIL 30, 1973 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 All banks: All size groups................................ 5.23 4.84 4.42 5.34 4.99 5.47 5.73 6.89 6.43 Less than 10................................ 5.09 5.07 4.33 5.40 5.00 5.47 5.73 6.33 5.89 10-50............................................. 5.02 4.96 4.43 5.38 4.99 5.47 5.74 6.17 6.15 50-100........................................... 4.95 4.80 4.41 5.34 4.99 5.48 5.75 6.29 6.20 100-500......................................... 5.04 4.75 4.39 5.30 4.99 5.45 5.74 6.56 6.47 500 and over................................ 5.51 4.75 4.44 5.28 4.98 5.48 5.71 6.99 6.51 Banks in— Selected large SMSA’s :* All size groups............................ 5.36 4.76 4.44 5.30 4.98 5.47 5.72 6.94 6.47 Less than 10............................ 4.92 4.88 4.38 5.40 5.00 5.48 5.74 6.07 5.74 10-50......................................... 4.89 4.80 4.43 5.35 4.98 5.46 5.73 6.15 6.10 50-100....................................... 4.92 4.76 4.41 5.32 4.99 5.46 5.74 6.25 6.33 100-500.................................... 5.08 4.72 4.38 5.30 4.99 5.45 5.74 6.64 6.53 500 and over........................... 5.55 4.76 4.46 5.28 4.98 5.48 5.70 6.99 6.50 All other SMSA’s: All size groups............................ 5.02 4.80 4.35 5.34 5.00 5.47 5.74 6.61 6.37 Less than 10............................ 4.94 4.89 4.32 5.40 4.98 5.45 5.73 6.60 5.63 10-50......................................... 4.99 4.91 4.40 5.39 5.00 5.47 5.75 6.04 6.48 50-100...................................... 4.99 4.84 4.37 5.35 5.00 5.50 5.75 6.46 6.11 100-500.................................... 4.99 4.77 4.39 5.30 4.99 5.46 5.74 6.50 6.38 500 and over........................... 5.13 4.64 4.18 5.30 5.00 5.50 5.73 6.94 6.61 Banks outside SMSA's: All size groups................................ 5.07 5.02 4.43 5.39 5.00 5.47 5.74 6.26 6.12 Less than 10................................ 5.13 5.11 4.34 5.40 5.00 5.47 5.73 6.32 6.00 10-50............................................. 5.08 5.04 4.45 5.39 5.00 5.48 5.74 6.26 6.07 50-100........................................... 4.95 4.86 4.45 5.36 4.99 5.48 5.75 6.21 5.88 100-500......................................... 4.97 4.82 4.40 5.36 5.00 5.47 5.75 6.34 6.43 500 and over................................ 5.08 4.95 4.50 5.31 5.00 5.50 5.75 6.08 6.50 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 Bemadmo-Riverside Ft. Worth Nashville-Davidson Jackson, Miss. Newark Indianapolis Birmingham Youngstown-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

CHANGES IN TIME AND SAVINGS DEPOSITS 497 APPENDIX TABLE 1-SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on April 30, 1973 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 13,508 532 2,263 10,712 122,936 1,876 15,832 105,229 Size of bank (total deposits in millions of dollars): 5,802 387 1,309 4,106 5,563 234 1,167 4,162 10-50................................................................................... 6,232 107 747 5,377 29,825 292 3,169 26,363 50-100................................................................................ 754 20 104 629 12,401 265 1,582 10,553 100-500.............................................................................. 544 11 76 456 25,512 348 4,991 20,173 176 5 27 144 49,635 735 4,922 43,978 Federal Reserve district: 342 5 51 285 5,008 56 1,224 3,727 New York.......................................................................... 490 5 86 399 19,060 435 4,110 14,515 425 37 151 236 8,065 507 2,921 4,637 Cleveland............................................................................ 772 63 93 616 11,553 108 820 10,625 741 11 18 712 9,262 101 436 8,724 1,757 61 340 1,356 9,426 185 1,708 7,533 2,615 112 481 2,021 22,354 281 2,617 19,456 1,288 65 274 948 4,322 118 646 3,558 1,378 96 527 755 3,220 38 714 2,468 1,961 73 161 1,726 4,883 32 121 4,730 1,339 4 66 1,270 4,331 15 155 4,160 San Francisco................................................................... 400 14 386 21,454 358 21,096 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 on April 30, 1973 Most common rate Most common rate paid (per cent) paid (per cent) Group Total Total 4.50 5.00 4.50 5.00 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks............................................................................................................................. 13,044 399 12,645 46,633 938 45,695 Size of bank (total deposits in millions of dollars): Less than 10.................................................................................................................. 5,560 131 5,430 3,632 17 3,615 6,005 241 5,764 13,914 164 13,750 50-100............................................................................................................................. 752 13 738 4,437 51 4,386 100-500........................................................................................................................... 552 10 542 8,817 174 8,642 500 and over.................................................................................................................. 176 4 171 15,833 531 15,302 Federal Reserve district: 330 5 325 1,573 1 1,572 497 37 460 5,244 94 5,150 348 47 302 2,106 28 2,078 Cleveland....................................................................................................................... 741 47 694 3,183 15 3,168 654 52 603 2,781 50 2,731 1,698 93 1,604 5,052 54 4,999 Chicago.......................................................................................................................... 2,485 39 2,446 10,450 83 10,367 1,288 34 1,254 2,770 5 2,765 1,283 20 1,262 2,285 43 2,242 Kansas City................................................................................................................... 1,992 12 1,980 2,701 2 2,699 Dallas................................................ 1,350 10 1,340 2,747 2 2,745 San Francisco............................................................................................................... 378 3 375 5,740 563 5,177 For notes to Appendix Tables 1-6, see p. 500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN □ JULY 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 on April 30, 1973 Most common rate Most common rate paid (per cent) paid (per cent) Group Total Total 5.00 5.00 or 5.25 5.50 or 5.25 5.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks...................................................................... 12,885 738 131 12,016 23,451 1,233 180 22,039 Size of bank (total deposits in millions of dollars): Less than 10........................................................... 5,486 297 65 5,125 5,219 305 42 4,872 10-50........................................................................ 5,954 360 47 5,547 10,264 516 51 9,698 50-100...................................................................... 743 39 7 697 1,682 80 8 1,594 100-500.................................................................... 533 25 11 498 2,622 241 14 2,367 500 and over........................................................... 168 16 2 149 3,663 91 64 3,509 Federal Reserve district: Boston...................................................................... 228 7 221 162 2 160 New York................................................................ 452 57 29 366 635 111 16 508 Philadelphia........................................................... 374 72 302 1,422 185 1,237 Cleveland................................................................. 704 99 604 1,278 (2) 1,110 Richmond............................................................... 658 40 614 1,045 (2)3„2 4 1,009 Atlanta..................................................................... 1,573 67 1,477 2,246 127 40 2,079 Chicago.................................................................... 2,511 94 2,389 5,059 207 107 4,745 St. Louis.................................................................. 1,340 173 1,167 2,969 305 2,664 Minneapolis............................................................ 1,378 50 25 1,303 2,169 46 O) 2,122 Kansas City............................................................ 2,008 10 6 1,992 2,552 12 2,534 Dallas....................................................................... 1,285 52 5 1,228 1,753 35 1,716 San Francisco......................................................... 374 18 2 354 2,162 (2) (2) 2,154 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 on April 30, 1973 Most common rate Most common rate paid (per cent) paid (per cent) Group Total Total 5.00 5.00 or 5.50 5.75 or 5.50 5.75 less less NUMBER OF BANKS MILLIONS OF DOLLARS 11,408 197 241 10,969 33,854 493 688 32,674 >ize of bank (total deposits in millions of dollars): Less than 10....................................................................................................... 4,556 85 130 4,342 3,387 60 45 3,282 5,444 70 73 5,302 12,382 71 36 12,275 50-100.................................................................................................................. 724 21 12 690 3,101 4 4 3,093 100-500................................................................................................................ 515 8 16 491 5,470 47 92 5,331 500 and over....................................................................................................... 169 13 11 145 9,514 309 512 8,692 federal Reserve district: 226 2 2 221 408 (2) (2) 403 New York............................................................................................................ 423 25 12 385 2,009 60 121 1,828 297 6 3 288 2,750 246 214 2,291 665 1 39 625 2,621 (2) 52 2,569 Richmond............................................................................................................ 623 15 4 604 2,326 10 1 2,315 Atlanta................................................................................................................. 1,377 39 46 1,292 3,056 51 9 2,995 Chicago................................................................................................................ 2,279 14 38 2,226 7,606 3 101 7,502 St. Louis.............................................................................................................. 1,011 21 1 989 2,414 (2) (2) 2,380 Minneapolis....................................................................................................... 1,199 25 1 1,173 2,523 (2) (2) 2,457 1,793 9 7 1,778 2,186 3 4 2,179 1,152 38 82 1,033 1,755 49 67 1,639 San Francisco..................................................................................................... 364 1 7 356 4,198 (2) (2) 4,116 For notes to Appendix Tables 1-6, see p. 500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 499 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 on April 30, 1973 Most common rate Most common rate paid (per cent) paid (per cent) Group Total 5.00 7.50 Total 5.00 7.50 or 5.50 6.00 6.50 7.00 and or 5.50 6.00 6.50 7.00 and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS All banks.................................. 3,226 294 487 876 651 721 19642,508 885 9382,4903,71016,90417,580 Size of bank (total deposits in millions of dollars): Less than 10......................... 455 9 101 123 107 99 16 156 2 16 39 69 23 7 10-50..................................... 1,938 228 283 600 388 345 94 1,989 131 181 837 330 437 73 50-100................................... 359 29 72 88 78 87 6 1,112 44 126 316 210 396 21 100-500.................................. 314 21 24 55 58 112 45 4,636 133 199 771 5852,221 728 500 and over....................... 160 7 7 10 20 79 3634,614 566 415 5282,516 13,82816,752 Federal Reserve district: Boston................................... 163 12 9 35 54 44 11 1,989 52 28 19 1041,005 780 New York............................ 264 36 18 58 33 93 25 14,984 11 236 418 8493,9049,565 Philadelphia......................... 81 11 30 17 8 10 7 1,616 3 13 40 (2) 1,284 (2) Cleveland.............................. 143 4 26 12 71 21 8 1,976 3 37 32 853 828 224 Richmond............................. 146 10 28 32 11 56 9 1,456 50 94 104 142 758 309 Atlanta.................................. 548 14 79 253 101 81 19 2,264 41 146 622 156 926 372 Chicago................................ 419 68 84 125 64 66 12 5,507 146 106 114 154 9144,073 St. Louis............................... 150 27 25 53 9 36 2 632 31 80 23 (2) 233 (2) Minneapolis......................... 152 16 25 33 9 36 33 798 188 5 73 19 63 450 Kansas City......................... 442 50 91 100 94 74 34 1,258 24 49 227 153 622 183 Dallas.................................... 547 30 49 139 174 132 23 3,495 86 20 502 612 1,670 606 San Francisco..................... 170 17 24 22 25 71 10 6,532 250 122 315 4984,697 649 APPENDIX TABLE 6— NON NEGOTIABLE CD's AND OPEN ACCOUNT DEPOSITS, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on April 30, 1973 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 7.50 4.50 7.50 or 5.00 5.50 6.00 6.50 7.00 and or 5.00 5.50 6.00 6.50 7.00 and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS 3,738 65 629 4781,171 574 639 18215,503 961,187 5613,1341,8567,449 1,222 Size of bank (total deposits in millions of dollars): 642 5 122 109 237 112 32 26 230 3 38 41 84 46 5 13 10-50..................................................................... 2,071 40 345 245 700 302 342 98 1,575 4 226 161 484 214 393 93 50-100................................................................... 474 3 55 81 136 87 95 16 1,290 0 98 163 320 346 307 56 100-500................................................................. 418 10 77 33 79 59 128 31 3,419 32 235 116 676 488 1,289 583 133 6 30 9 19 13 42 13 8,989 56 590 81 1,569 7625,455 476 Federal Reserve district: Boston................................................................... 155 2 48 2 19 50 33 1 342 (2) 45 (2) 20 60 189 (2) New York............................................................ 247 5 54 16 62 15 75 20 4,345 7 107 98 853 3102,413 557 164 25 30 30 39 13 16 11 646 4 119 13 129 90 204 85 Cleveland.............................................................. 232 5 57 65 29 51 23 3 585 30 80 35 128 93 195 25 273 9 17 10 123 46 52 14 1,001 5 69 23 192 252 409 53 648 2 125 64 261 108 73 15 1,435 (2) 132 53 533 205 342 (2) 618 3 81 69 215 109 132 8 1,901 22 45 151 798 169 612 103 351 5 55 72 152 13 23 31 443 3 19 38 110 41 190 42 Minneapolis......................................................... 134 3 27 22 31 16 32 3 118 4 20 17 26 32 18 Kansas City......................................................... 345 4 58 64 69 55 83 12 516 27 76 122 87 179 24 446 1 61 45 138 79 60 61 906 (2) 101 (2) 140 187 308 137 San Francisco.................................................... 127 14 18 33 20 38 3 3,264 439 19 90 3362,375 5 For notes to Appendix Tables 1-6, see p. 500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN □ JULY 1973 NOTE TO TABLE 2: Note.—The most common interest rate for each instrument refers While rate ranges of 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 % 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 APPENDIX TABLES 1-6: 1 Less than $500,000. exclude Christmas savings and other special accounts. Dollar amounts 2 Omitted to avoid individual bank disclosure. may not add to totals because of rounding. Note.—In the April 30 survey, data were compiled from information In the headings of these tables under “Most common rate paid (per reported by a probability sample of all insured commercial banks. cent)” the rates shown are those being paid by nearly all reporting Figures exclude banks that reported no interest rate paid and that banks. However, for the relatively few banks that reported a rate in held no deposits on the survey date, and they also exclude a few banks between those shown, the bank was included in the next higher rate. that had discontinued issuing these instruments but still had some de­ In the lowest rate categories, almost all banks reported rates at the posits outstanding on the survey date. Time deposits, open account, upper end of the range. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Bank Lending Practices, 1972 Since late 1964 the Federal Reserve has con­ greater aggressiveness in seeking consumer in­ ducted surveys of changes in bank lending stalment loans, mortgage loans, participation practices among large commercial banks. These loans with correspondents, and loans to brokers. surveys—taken in February, May, August, and Over the 3-month interval from the February November of each year—are designed to obtain 15 to the May 15, 1972 survey, the pace of real information on nonprice terms of lending and economic growth quickened. The rate of in­ on bankers’ appraisals of current and anticipated crease in demand deposits and currency accel­ demands for business loans. This article, as an erated, and short-term interest rates began to rise annual review of these surveys, discusses the rapidly. responses made during 1972. In this context, nearly 60 per cent of the The 3 months preceding the February 1972 respondents noted a strengthening in business survey were characterized by strong growth in loan demands, and nearly 75 per cent antici­ real economic activity, by moderate expansion pated further strengthening in the near future. of the narrowly defined money stock (demand Over the 3-month interval from the previous deposits and currency), and by sharp decreases survey, the prime rate had been raised by onein short-term interest rates. fourth of a percentage point, and more than 36 Although anticipating stronger business loan per cent of the respondents reported firmer in­ demands in the future, banks reporting in that terest rate policies on loans to nonfinancial survey noted that demands, on balance, had business. Other policies concerning business weakened over the three previous months. As loans were essentially unchanged, except that evidence of this, and the decline in other short­ banks were somewhat more willing to make term rates, the bank prime rate had been reduced term loans. from 5l/i per cent at the previous survey date Nonetheless, there was somewhat greater in mid-November 1971 to a split rate of 4V2 scrutiny of the intended use of loans and of the and 43A per cent in mid-February 1972. In fact, value of loan applicants as depositors or as a nearly three-fourths of the 125 respondent banks source of collateral business. Interest rates on had adopted easier interest rate policies on loans to finance companies were raised. On the business loans. However, there had been no other hand, banks were more eager to make marked alteration in nonprice terms of lending consumer instalment loans and mortgages— to commercial and industrial customers, al­ particularly mortgages on single-family proper­ though there was evidence of easier policies ties. with respect to compensating balances and of Moving further into the year, between the somewhat greater willingness to make term May 15 to August 15 surveys, economic ex­ loans. pansion continued, the monetary aggregates ad­ In response to weaker demands for business vanced at a significant pace, and.,short-term loans, bankers became more receptive to new interest rates rose substantially. loan applications and more liberal in reviewing In the August survey about 55 per cent of credit lines—particularly credit lines to finance the respondent banks reported increases in de­ companies. Banks also showed significantly mands for commercial and industrial loans, and more than 70 per cent expected further expan­ sions in the future. As had occurred in previous Note.—This article was prepared by Richard H. surveys, respondents adopted tighter policies Puckett of the Board’s Division of Research and Statis­ tics. concerning interest rates as the prime rate was Digitized for FRASER 501 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN □ JULY 1973 raised—this time by one-fourth of a percentage grew at a somewhat more moderate rate, while point. Just as in preceding surveys, there was short-term interest rates continued to climb and relatively little adjustment in nonprice terms of growth in real economic activity accelerated. lending, though some banks raised compensat­ Repeating the pattern of earlier surveys, ing balance requirements. Yet, there was evi­ banks reported stronger business loan de­ dence again of an increased willingness to make mands—with approximately 60 per cent of the term loans to business, which may have resulted respondents noting heavier demands this time. from adequate liquidity and the fact that cus­ Moreover, nearly two-thirds of those reporting tomers were using capital market financing as expected further growth in commercial and in­ an alternative to bank borrowing. As they had dustrial demands. An increase of one-half per­ previously, banks also evidenced a desire to add centage point in the prime rate was one reason to their consumer instalment loans. why nearly 60 per cent of the banks in the During the 3-month interval up to the No­ survey reported firmer interest rate policies on vember 15 survey date, the monetary aggregates lending to nonfinancial business. In this instance QUARTERLY SURVEY— FEBRUARY 1972 CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS: POLICY ON FEBRUARY 15, 1972, COMPARED WITH POLICY 3 MONTHS EARLIER Number of banks; figures in parentheses indicate percentage distribution of total banks reporting Much Moderately Essentially Moderately Much Item Total stronger stronger unchanged weaker weaker Strength of demand for commercial and in­ dustrial loans:1 Compared with 3 months earlier................. 125 (100.0) (.8) 23 (18.4) 61 (48.8) 39 (31.2) (.8) Anticipated in next 3 months....................... 125 (100.0) (1.6) 57 (45.6) 52 (41.6) 14 (11.2) Much firmer Moderately Essentially Moderately Much Total policy firmer policy unchanged easier policy easier policy Loans to nonfinancial businesses: Terms and conditions: Interest rates charged.............................. 125 (100.0) 1 (.8) (1.6) 31 (24.8) 73 (58.4) 18 (14.4) Compensating or supporting balances. 125 (100.0) 1 (.8) (3.2) 99 (79.2) 21 (16.8) Standards of creditworthiness............... 125 (100.0) 1 (-8) (2.4) 116 (92.8) 5 (4.0) Maturity of term loans........................... 125 (100.0) (1.6) 108 (86.4) 13 (10.4) 2 (i. 6) Practice concerning review of credit lines or loan applications: Established customers.............................. 125 (100.0) (1.6) 102 (81.6) 18 (14.4) 3 (2.4) New customers.......................................... 125 (100.0) (.8) (.8) 94 (75.2) 27 (21.6) 2 (1.6) Local service area customers................. 125 (100.0) (.8) 106 (84.8) 15 (12.0) 3 (2.4) Nonlocal service area customers........... 125 (100.0) '(.'8) (4.0) 100 (80.0) 17 (13.6) 2 (1.6) Factors relating to applicant:2 Value as depositor or source of collat­ eral business........................................... 125 (100.0) (1.6) (5.6) 102 (81.6) 14 (11.2) Intended use of the loan......................... 125 (100.0) (2.4) (.8) 111 (88.8) 9 (7.2) 1 (.8) Loans to independent finance companies:3 Terms and conditions: Interest rate charged................................ 125 (100.0) 70 (56.0) 46 (36.8) 9 (7.2) Compensating or supporting balances. 125 (100.0) 1 (.8) 118 (94.4) 6 (4.8) Enforcement of balance requirements . 125 (100.0) 2 (1.6) 115 (92.0) 8 (6.4) Establishing new or larger credit lines. 125 (100.0) (.8) 4 (3.2) 87 (69.6) 32 (25.6) 1 (.8) Considerably Moderately Essentially Moderately Considerably Total less willing less willing unchanged more willing more willing Willingness to make other types of loans: Term loans to businesses........................ 125 (100.0) (2.4) 82 (65.6) 38 (30.4) 2 (1.6) Consumer instalment loans.................... 124 (100.0) 71 (57.2) 44 (35.5) 9 (7.3) Single-family mortgage loans................. 122 (100.0) 1 (.8) (.8) 82 (67.3) 38 (31.1) Multifamily mortgage loans................... 121 (100.0) 1 (.8) (2.5) 100 (82.7) 17 (14.0) All other mortgage loans........................ 123 (100.0) (3.3) 89 (72.3) 30 (24.4) Participation loans with correspondent banks....................................................... 123 (100.0) (1.6) 94 (76.5) 26 (21.1) (.8) Loans to brokers...................................... 123 (100.0) 1 (.8) (.8) 99 (80.5) 21 (17.1) (.8) 1 After allowance for bank’s usual seasonal variation. 3 “Independent,” or “noncaptive,” finance companies are finance 2 For these factors, firmer means the factors were considered to be companies other than those organized by a parent company mainly more important in making decisions for approving credit requests, for the purpose of financing dealer inventory and carrying instalment and easier means they were considered to be less important. loans generated through the sale of the parent company’s products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN BANK LENDING PRACTICES, 1972 503 the shift toward higher rates on business loans tions, particularly from new customers or cus­ was reinforced by significantly firmer require­ tomers from nonlocal service areas. Greater ments with respect to compensating balances weight was given to the value of applicants as supporting such loans. On the other hand, banks depositors or as a source of collateral business. continued to be somewhat more lenient— Despite tightening in other areas, the data perhaps for the reasons indicated earlier—con­ showed a greater willingness on the part of cerning term loans to business. banks to make consumer instalment loans, Respondents, in addition, became noticeably nonresidential mortgages, and participation firmer in reviewing credit lines or loan applica­ loans to correspondents. □ QUARTERLY SURVEY— MAY 1972 CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS: POLICY ON MAY 15, 1972, COMPARED WITH POLICY 3 MONTHS EARLIER Number of banks; figures in parentheses indicate percentage distribution of total banks reporting Much Moderately Essentially Moderately Much Item Total stronger stronger unchanged weaker weaker Strength of demand for commercial and in­ dustrial loans:1 Compared with 3 months earlier................ 125 (100.0) (1.6) 71 (56.8) 44 (35.2) (6.4) Anticipated in next 3 months....................... 125 (100.0) 93 (74.4) 31 (24.8) (.8) Much firmer Moderately Essentially Moderately Much Total policy firmer policy unchanged easier policy easier policy Loans to nonfinancial businesses: Terms and conditions: Interest rates charged.............................. 125 (100.0) (.8) 45 (36.0) 77 (61.6) 2 (1.6) Compensating or supporting balances. 125 (100.0) 8 (6.4) 113 (90.4) 4 (3.2) Standards of creditworthiness............... 125 (100.0) (1.6) 6 (4.8) 116 (92.8) 1 (.8) Maturity of term loans........................... 125 (100.0) (.8) 8 (6.4) 101 (80.8) 15 (12.0) Practice concerning review of credit lines or loan applications: Established customers............................. 125 (100.0) (.8) 3 (3.2) 118 (94.4) 2 (1.6) New customers.......................................... 125 (100.0) (2.4) 6 (4.8) 107 (85.6) 9 (7.2) Local service area customers................. 125 (100.0) (.8) 3 (2.4) 117 (93.6) 4 (3.2) Nonlocal service area customers........... 125 (100.0) (1.6) 10 (8.0) 101 (80.8) 12 (9.6) Factors relating to applicant:2 Value as depositor or source of collat­ eral business........................................... 125 (100.0) (1.6) 12 (9.6) 108 (86.4) (2.4) Intended use of the loan......................... 125 (100.0) (1.6) 1 (.8) 121 (96.8) (.8) Loans to independent finance companies:3 Terms and conditions: Interest rate charged................................ 125 (100.0) (1.6) 28 (22.4) 92 (73.6) 3 (2.4) Compensating or supporting balances., 125 (100.0) (.8) 4 (3.2) 116 (92.8) 4 (3.2) Enforcement of balance requirements . 125 (100.0) (1.6) 6 (4.8) 114 (91.2) 3 (2.4) Establishing new or larger credit lines. 125 (100.0) (1.6) 11 (8.8) 93 (74.4) 19 (15.2) Considerably Moderately Essentially Moderately Considerably Total less willing less willing unchanged more willing more willing Willingness to make other types of loans: Term loans to businesses............................ 124 (100.0) (.8) (2.4) 100 (80.7) 20 (16.1) Consumer instalment loans......................... 124 (100.0) (1.6) 86 (69.4) 34 (27.4) (1.6) Single-family mortgage loans..................... 123 (100.0) (1.6) 96 (78.1) 23 (18.7) (1.6) Multifamily mortgage loans....................... 123 (100.0) (.8) (6.5) 102 (82.9) 12 (9.8) All other mortgage loans............................. 123 (100.0) (4.9) 100 (81.3) 15 (12.2) (1.6) Participation loans with correspondent banks............................................................ 123 (100.0) (2.4) 107 (87.0) 13 (10.6) Loans to brokers.......................................... 122 (100.0) (1.6) (2.5) 102 (83.6) 13 (10.7) (1.6) 1 After allowance for bank’s usual seasonal variation. 3 “Independent,” or “noncaptive,” finance companies are finance 2 For these factors, firmer means the factors were considered to be companies other than those organized by a parent company mainly more important in making decisions for approving credit requests, for the purpose of financing dealer inventory and carrying instalment and easier means they were considered to be less important. loans generated through the sale of the parent company’s products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN □ JULY 1973 QUARTERLY SURVEY— AUGUST 1972 CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS: POLICY ON AUGUST 15, 1972, COMPARED WITH POLICY 3 MONTHS EARLIER Number of banks; figures in parentheses indicate percentage distribution of total banks reporting Much Moderately Essentially Moderately Much Item Total stronger stronger unchanged weaker weaker Strength of demand for commercial and in­ dustrial loans:1 Compared with 3 months earlier............... 125 (100.0) (2.4) 65 (52.0) 51 (40.8) (4.8) Anticipated in next 3 months...................... 125 (100.0) (3.2) 86 (68.8) 35 (28.0) Much firmer Moderately Essentially Moderately Much Total policy firmer policy unchanged easier policy easier policy Loans to nonfinancial businesses: Terms and conditions: Interest rates charged.............................. 125 (100.0) (1.6) 49 (39.2) 71 (56.8) 3 (2.4) Compensating or supporting balances. 125 (100.0) (.8) 13 (10.4) 104 (83.2) 7 (5.6) Standards of creditworthiness............... 125 (100.0) 10 (8.0) 114 (91.2) 1 (.8) Maturity of term loans........................... 124 (100.0) 6 (4.8) 95 (76.7) 23 (18.5) Practice concerning review of credit lines or loan applications: Established customers............................. 125 (100.0) 3 (2.4) 116 (92.8) 6 (4.8) New customers.......................................... 124 (100.0) (.8) 12 (9.7) 104 (83.9) 7 (5.6) Local service area customers................. 125 (100.0) 3 (2.4) 117 (93.6) 5 (4.0) Nonlocal service area customers........... Factors relating to applicant:2 Value as depositor or source of collat­ 125 (100.0) (2.4) 11 (8.8) 103 (82.4) (6.4) eral business........................................... 125 (100.0) (3.2) 10 (8.0) 108 (86.4) (2.4) Intended use of the loan......................... 125 (100.0) (.8) 4 (3.2) 119 (95.2) (.8) Loans to independent finance companies:3 Terms and conditions: Interest rate charged................................ 125 (100.0) 33 (26.4) 90 (72.0) 2 (1.6) Compensating or supporting balances. 125 (100.0) 3 (2.4) 118 (94.4) 4 (3.2) Enforcement of balance requirements . 125 (100.0) 8 (6.4) 114 (91.2) 3 (2.4) Establishing new or larger credit lines. 125 (100.0) (2.4) 10 (8.0) 98 (78.4) 14 (11.2) Considerably Moderately Essentially Moderately Considerably Total less willing less willing unchanged more willing more willing Willingness to make other types of loans: Term loans to businesses............................. 125 (100.0) 8 (6.4) 95 (76.0) 22 (17.6) Consumer instalment loans.......................... 123 (100.0) (.8) 98 (79.7) 23 (18.7) (.8) Single-family mortgage loans..................... 122 (100.0) (4.9) 103 (84.4) 13 (10.7) Multifamily mortgage loans........................ 121 (100.0) (1.7) (6.6) 106 (87.6) 5 (4.1) All other mortgage loans............................. 121 (100.0) (2.5) (4.1) 99 (81.8) 14 (11.6) Participation loans with correspondent banks........................................................... 123 (100.0) (1.6) 114 (92.7) (5.7) Loans to brokers........................................... 121 (100.0) (.8) (2.5) 109 (90.1) (6.6) 1 After allowance for bank’s usual seasonal variation. 3 “Independent,” or “noncaptive,” finance companies are finance 2 For these factors, firmer means the factors were considered to be companies other than those organized by a parent company mainly more important in making decisions for approving credit requests, for the purpose of financing dealer inventory and carrying instalment and easier means they were considered to be less important. loans generated through the sale of the parent company’s products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN BANK LENDING PRACTICES, 1972 505 QUARTERLY SURVEY— NOVEMBER 1972 CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS: POLICY ON NOVEMBER 15, 1972, COMPARED WITH POLICY 3 MONTHS EARLIER Number of banks; figures in parentheses indicate percentage distribution of total banks reporting Much Moderately Essentially Moderately Much Item Total stronger stronger unchanged weaker weaker Strength of demand for commercial and in­ dustrial loans:1 Compared with 3 months earlier................ 125 (100.0) (3.2) 68 (54.4) 49 (39.2) (3.2) Anticipated in next 3 months....................... 125 (100.0) (1.6) 80 (64.0) 42 (33.6) (-8) Much firmer Moderately Essentially Moderately Much Total policy firmer unchanged easier easier Loans to nonfinancial businesses: Terms and conditions: Interest rates charged.............................. 125 (100.0) 4 (3.2) 68 (54.4) 50 (40.0) 3 (2.4) Compensating or supporting balances. 124 (100.0) 1 (.8) 17 (13.7) 99 (79.9) 7 (5.6) Standards of creditworthiness............... 124 (100.0) 3 (2.4) 9 (7.3) 111 (89.5) i (.8) Maturity of term loans............................ 124 (100.0) 2 (1.6) 6 (4.8) 92 (74.2) 24 (19.4) Practice concerning review of credit lines or loan applications: Established customers............................... 125 (100.0) 9 (7.2) 113 (90.4) (1.6) (.8) New customers............................................ 125 (100.0) (1.6) 18 (14.4) 99 (79.2) (4.0) (.8) Local service area customers................... 125 (100.0) 8 (6.4) 114 (91.2) (1.6) (.8) Nonlocal service area customers............ 125 (100.0) (3.2) 19 (15.2) 94 (75.2) (6.4) Factors relating to applicant:2 Value as depositor or source of collat­ eral business.............................. 125 (100.0) (1.6) 18 (14.4) 103 (82.4) (1.6) Intended use of the loan............. 125 (100.0) (1.6) (6.4) 113 (90.4) (1.6) Loans to independent finance companies Terms and conditions: Interest rate charged......................... 125 (100.0) (.8) 37 (29.6) 86 (68.8) 1 (.8) Compensating or supporting balances. 125 (100.0) 4 (3.2) 117 (93,6) 4 (3.2) Enforcement of balance requirements. 125 (100.0) (.8) (6.4) 113 (90.4) 3 (2.4) Establishing new or larger credit lines. 125 (100.0) (.8) 12 (9.6) 101 (80.8) 11 (8.8) Considerably Moderately Essentially Moderately Considerably Total less willing less willing unchanged more wiling more willing Willingness to make other types of loans: Term loans to businesses............................. 125 (100.0) (.8) 10 (8.0) 96 (76.8) 17 (13.6) 1 (-8) Consumer instalment loans........................ 123 (100.0) (.8) 1 (.8) 93 (75.6) 27 (22.0) 1 (.8) Single-family mortgage loans..................... 123 (100.0) It (8.9) 96 (78.1) 16 (13.0) Multifamily mortgage loans....................... 122 (100.0) 11 (9.0) 104 (85.3) 7 (5.7) All other mortgage loans............................ 123 (100.0) 5 (4.1) 102 (82.9) 16 (13.0) Participation loans with correspondent banks........................................................... 123 (100.0) 1 (.8) 105 .(85.4) 17 (13.8) Loans to brokers........................................... 121 (100.0) 3 (2.5) 109 (90.0) 7 (5.8) (1.7) 1 After allowance for bank’s usual seasonal variation. 3 “Independent,” or “noncaptive,” finance companies are finance 2 For these factors, firmer means the factors were considered to be companies other than those organized by a parent company mainly more important in making decisions for approving credit requests, for the purpose of financing dealer inventory and carrying instalment and easier means they were considered to be less important. loans generated through the sale of the parent company’s products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations In te rim R e p o r t This interim report, covering the period March flow of funds. Despite an improving trend in through May 1973, is the first of a series pro­ the U.S. balance of payments and the frequently viding information on Treasury and System voiced view that the dollar was, if anything, foreign exchange operations to supplement the now undervalued, the market became increas­ regular series of semiannual reports that are ingly concerned over the worsening inflation in usually issued each March and September. It the United States, forecasts of vastly higher was prepared by Charles A. Coombs, Special energy imports, and possible ramifications of the Manager of the System Open Market Account, Watergate affair. Consequently, the tendency and Senior Vice President in charge of the to shift out of dollars continued. Foreign Department of the Federal Reserve In early May, the dollar began to depreciate Bank of New York. once more against most of the European cur­ rencies. By midmonth a new speculative attack After an unprecedented rush into foreign cur­ had broken out in which soaring gold prices, rencies on March 1, all major European ex­ sliding U.S. equity prices, and a weakening change markets were officially closed and a dollar interacted to reinforce each other. Move­ series of emergency meetings were called to ments in exchange rates were abnormally large resolve the crisis. On March 11, six of the and erratic, with spot rates fluctuating as much members of the European Community (EC) and, as 2 per cent during a single day. The German later, Norway and Sweden agreed to maintain mark advanced the most sharply in response to fixed exchange-rate relationships among them­ progressive tightening of Germany’s anti-inflaselves within 2V4 per cent margins, which would tionary fiscal and monetary policies. After be permitted to float as a bloc against the dollar. moving from the bottom to the top of the In conjunction with the decision to establish a European band, the mark began by early June fixed-rate bloc, the German authorities revalued to exert upward pressure on the entire band. the mark by 3 per cent. In addition, to guard The dollar was driven down in sporadic bouts against large new inflows of funds, most coun­ of nervous and, at times, heavy trading to levels tries participating in the joint float tightened and unjustified and undesirable on any reasonable extended their existing exchange controls. The assessment of the longer-run outlook for the Japanese yen, Swiss franc, sterling, and Italian U.S. payments position. By June 28 the dollar lira each continued to float independently. had dropped 16% per cent against the mark, The markets were officially reopened on some 8 to 13 per cent against most other conti­ March 19 and, after a brief burst of trading as nental currencies, and the gold price in London the backlog of commercial orders was cleared had shot up from $90 to a peak of $127. The away, activity thinned as dealers paused to dollar also weakened against sterling and the assess the radically altered market trading ar­ Italian lira, though by much smaller amounts. rangements. Through the first week in May the Sterling advanced along with continental cur­ dollar improved hesitantly as earlier adverse rencies in May but, as British interest rates leads and lags were partially reversed. The eased, held steady during most of June. The February devaluation and subsequent flight from Italian lira, which had fluctuated widely in the dollar had been a shattering blow to confi­ response to domestic political developments, dence, however, and there was no large sus­ was advancing by the end of June. Dollar rates tained covering of short dollar positions or re­ for the currencies of Japan and Canada, two Digitized for FRASER 506 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

major trading partners of the United States, in FEDERAL RESERVE SYSTEM DRAWINGS AND contrast, were little affected by developments REPAYMENTS UNDER RECIPROCAL CURRENCY elsewhere in the exchanges and at the end of ARRANGEMENTS June were still at March levels. Indeed, the In millions of dollars equivalent Japanese authorities sold considerable amounts of dollars to prevent a depreciation of the yen. Subsequent System drawings, or System During the 3 months to the end of May, there swap repayments swap Transactions with— drawings, ( — ) through drawings, were no Federal Reserve operations in the ex­ Mar. 9, May 31, May 31, 1973 1973 1973 change markets. Debt outstanding under swap lines remained unchanged at $1,555 million. There were no Treasury exchange market National Bank of Belgium . 390 390 Swiss National Bank............ 565 565 operations in this period, apart from small pur­ Bank for International Settle ments (Swiss francs)........ 600 600 chases of foreign exchange to meet scheduled Total................................ 1,555 1,555 expenditures. □ Digitized for FRASER 507 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress Statement by Arthur F. Burns, Chairman, some renewed disturbances in exchange mar­ Board of Governors of the Federal Reserve kets, foreign governmental authorities agreed System, before the Subcommittee on Interna­ with our conclusion that the Smithsonian re­ tional Economics of the Joint Economic Com­ alignment had not gone far enough and that a mittee, 27, 7973. further devaluation of the dollar was needed to restore equilibrium in international payments. I am pleased to appear before this committee This second realignment of currency parities to comment on recent developments in foreign was agreed to on February 12. In contrast to exchange markets and their implications. the Smithsonian realignment, under which vir­ In assessing the exchange-rate arrangements tually all countries established new par values that have prevailed since mid-March of this for their currencies, Italy and Japan now chose year, it is useful to recall a few historical facts. to float their currencies, thus joining the Cana­ Starting in the mid-1960’s, the balance of pay­ dian dollar, British pound, and Swiss franc—all ments of the United States deteriorated with of which were already floating. only minor interruptions. A trade surplus per Once faith in a national currency is shaken, year averaging more than $5 billion in the the process of rebuilding confidence is never an mid-1960’s vanished by 1969 and was con­ easy matter. The monetary authorities of the verted to a deficit at an annual rate of more than leading countries were confident that the ex­ $3 billion by the second quarter of 1971. For change-rate pattern established on February 12 a time, particularly during 1968 and 1969, cap­ was realistic and that it would in time restore ital inflows offset the decline in the trade balance equilibrium in world payments. Nevertheless, and kept the official settlements balance from the dollar once more came under severe pressure reflecting the underlying deterioration. By the in late February and early March. Countries still late spring of 1971, however, the growing committed to maintaining par values for their weakness of our balance of payments was al­ currencies were therefore forced once again to ready widely recognized. A little later, a mas­ purchase large amounts of dollars in the course sive movement of dollars into foreign currencies of their intervention, and then ultimately to finally forced the United States in August 1971 close their exchange markets. to suspend the convertibility of the dollar into The disorder that prevailed in currency mar­ gold and other reserve assets. kets during this crisis period prompted interna­ The actions taken by the United States that tional discussions that resulted in a further ex­ August culminated in a realignment of the par tension of floating among the major currencies. values of major currencies at the Smithsonian Most countries within the European Economic meeting in December of 1971. No quick im­ Community—West Germany, France, the provement of our trade position was anticipated Netherlands, Belgium, Luxembourg, and Den­ in view of the lags with which exchange-rate mark—chose, however, to maintain exchange changes affect international trade, and also be­ rates among their own currencies within narrow cause our economy was advancing with some margins but to permit them to fluctuate more rapidity at a time when the economies of our or less freely against the dollar. This European trading partners were generally sluggish. In fact, bloc was soon joined formally by Sweden and our foreign trade performance during 1972 Norway and informally by Austria. turned out to be much poorer than had been After the mid-March Paris meeting of finance expected, with the trade deficit soaring to about ministers and central bank governors, exchange $7 billion. By early February of this year, after markets reopened. In the next few days the 508 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

volume of activity was light, and exchange rates of gold, which reflected, and in turn generated, moved within a rather narrow range. Over the a growing distrust of currencies generally. This following weeks, markets continued to be calm development was bound to focus particularly on as the volume of trading moved closer to normal the dollar, in view of the worldwide fears caused levels. Fluctuations in market exchange rates by the sudden discovery that its stability could differed little from those that had normally pre­ no longer be taken for granted. vailed under the previous regime of fixed pari­ There may be some economists who view the ties. In fact, the dollar did not move outside recent decline in the international value of the the range of per cent on either side of the dollar with satisfaction. I am not one of them. central rates established in the February-March When a currency depreciates, a nation’s effort period. Thus, during April and early May, the to curb inflation becomes more difficult. For in average dollar price of 10 major currencies such a case, the prices of imported goods rise, (those of Japan, Canada, and 8 European na­ and their rise is transmitted to domestic substi­ tions) appeared to have stabilized at a level some tutes as well as to finished products based on 19 per cent above the exchange parities that had imported raw materials. Meanwhile, exports are prevailed in the spring of 1970—that is, prior stimulated; and if direct controls are simulta­ to the Canadian float and the subsequent cur­ neously being applied to domestic prices, as is rency realignments. now the case with us, some troublesome short­ In mid-May, however, the relative calm that ages may develop in domestic commodity mar­ characterized exchange markets during the pre­ kets. In contrast to the earlier devaluations, ceding weeks ended abruptly. Movements of which were needed to restore equilibrium to our exchange rates became larger, and the dollar international transactions, the May-June depre­ began to decline sharply further against the ciation is unfortunate. It certainly cannot be major European currencies. Over the 6-week justified on any realistic evaluation of interna­ period from May 9 to June 20, the dollar price tional price levels or underlying economic of the mark, the French franc, and the Swiss trends. franc rose by 10, 7, and 6 per cent, respectively. Nor is that all. To the extent that excessive The average appreciation during this period of depreciation of the dollar should persist, the the 10 major currencies previously mentioned United States would in time develop an unde­ was smaller—about 4Vi per cent; the main rea­ sirably large trade surplus. In other words, we sons were that the dollar price of sterling rose would then be transferring real resources on little, while the Japanese and Canadian curren­ cheap terms to the rest of the world instead of cies remained quite stable and the price of the putting them to use here at home. Such a devel­ Italian lira actually declined. opment, besides being senseless from our view­ The causes of the widespread further depre­ point, could cause difficulties for other coun­ ciation of the dollar in this recent 6-week period tries, most of which depend far more on foreign have been discussed extensively. I doubt if they trade than does the United States. Still another can be identified with any great precision. My consideration to bear in mind is that persistent own impression is that the most important factor depreciation of our currency would in time was the accumulating evidence of the erosion undermine confidence in the dollar’s role as a of the moderate success that the United States transactions currency, and thereby weaken the had achieved in curbing inflation during 1972. international role of our highly developed fi­ Other factors undoubtedly played their role— nancial system. among them, the tightening of monetary policies Although the decline in the international abroad, the new restrictive fiscal policy in Ger­ value of the dollar since mid-May is unwar­ many, the spread of uncertainty abroad about ranted by the condition of our economy or of the ability of our Government to handle eco­ our balance of payments, there has as yet been nomic problems effectively, and wild rumors no intervention by our Government in the ex­ that another devaluation of the dollar was con­ change markets. Those who are selling the dol­ templated. Not the least important, there was lar short—whether out of a desire for safety or a sharp speculative run-up in the market price quick profits—will probably be punished by the Digitized for FRASER 509 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN □ JULY 1973 market itself. In any event, the central banks Thus, there is fairly broad agreement— of the leading countries will not remain aloof among businessmen, bankers, and political indefinitely. The situation is being watched leaders—that the present exchange-rate ar­ closely. As agreed at the March 16 meeting in rangements have been helpful or at least tolera­ Paris, we and the monetary authorities of other ble. Thoughtful and prudent men recognize, countries stand prepared to intervene to facilitate however, that the present arrangements have not the maintenance of orderly conditions in ex­ been in operation very long, and I believe that change markets. not a few of the businessmen and bankers who Under present circumstances, with many fi­ were enthusiastic about floating exchange rates nancial, commercial, and political issues still in April have developed doubts since then. Any unresolved among the nations of the world, the judgments of the future based on recent experi­ present exchange-rate arrangements—which I ence must therefore be quite tentative. hope will involve little central bank interven­ For the longer run, thinking of a reformed tion—are bound to continue. These arrange­ international monetary system, I remain skepti­ ments have their advantages. The impact on cal about the desirability of a general system exchange markets of speculative purchases and of floating exchange rates. I hold this view even sales of currencies can be reflected in rate though I recognize the usefulness of floating movements that are eventually self-limiting. In rates in particular situations, such as the present. recent weeks, we have in fact been able to avoid Some reasons for my skepticism are as follows: the crisis atmosphere that would have emerged First, in my judgment, the floating exchangeif the monetary authorities were still committed rate system that has figured so heavily in aca­ to maintaining a particular set of exchange rates demic discussions is a dream that will continue through unlimited official intervention. There to elude us. Even for a country with as low has been no need to close exchange markets to a ratio of international trade to gross national shut off massive international movements of product as that of the United States, the reper­ funds. In addition, several countries have found cussions of exchange-rate changes on the do­ that the present floating arrangements enable mestic economy can be substantial. Under a them to keep a firmer grasp on the expansion floating exchange-rate system, governments are of their money supply and domestic indebt­ always apt to be subject to political pressure edness. by business, agricultural, and labor interests for Limited experience is always an ambiguous protection against large movements of exchange teacher, but it can still generate strong opinions. rates—which may mean new controls or central Many of our businessmen and bankers now view bank intervention or both. So-called “clean” floating exchange rates as a desirable develop­ floating is not a politically viable arrangement ment, or at least as necessary or entirely ac­ over the long run. ceptable in current circumstances. Many regard Second, a system of floating exchange rates the uncertainty associated with these arrange­ may lead to political friction and competitive ments as inconsequential, or as no more serious national economic policies. From time to time in their business calculations than other sources suspicions will be generated that this or that of price or cost variation. Many believe that a country has been manipulating its exchange rate return to a par-value system will bring further at the expense of the interests of its trading episodic crises or new controls that would im­ partners. In such an atmosphere, whether for pede world commerce more than floating ex­ defensive or retaliatory reasons, governments change rates. These attitudes contrast dramat­ may impose controls on capital flows or on ically with the views held by most businessmen current transactions. It is true, of course, that and financiers only a few years ago. Even some suspicion and political friction may be present of my central bank colleagues—who tradition­ under any type of exchange-rate regime. And ally, as you know, have been the staunchest we know from experience that governments defenders of fixed exchange rates—now seem often imposed controls on international transac­ to be accepting floating exchange rates with tions when they were trying to defend fixed equanimity. exchange rates that were unrealistic. Nonethe­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 511 less, I fear that such problems would be greater know that mistakes will at times be made. These with widespread permanent floating of the major mistakes, too, may modify the pattern of ex­ currencies. change rates that is appropriate for maintaining Third, the uncertainties associated with float­ balance of payments equilibrium. Hence, I fully ing exchange rates may lead in time to some endorse the objective of developing an exerosion of international trade, particularly in the change-rate regime that will be more flexible case of equipment purchases that require long­ than the Bretton Woods system. term financing and when profit margins are slim. The approach of our Government to interna­ These uncertainties may also weaken private tional monetary reform was outlined by Secre­ foreign investment—especially in long-term tary Shultz last September in his address at the bond issues. International Monetary Fund meetings, and is Fourth, exchange-rate fluctuations under a embodied in the U.S. proposals to the Commit­ floating regime may add further to the difficul­ tee of Twenty. This approach assumes that in ties that some governments already have in the new international monetary system most carrying out suitable fiscal and monetary poli­ nations will maintain established parities for cies. There is danger, for example, that a tem­ their exchange rates. A similar view was ex­ porary exchange-rate depreciation will get pressed by the Committee of Twenty in the translated into permanent price-level increases communique issued at the close of their meeting through upward revisions of nominal wages. this March. The communique stated that ex­ Moreover, floating exchange rates may them­ change rates must be a matter for international selves become a tool of business-cycle policy, concern and consultation; that in the reformed and thereby lead at times to neglect of appropriate system the exchange-rate regime should be domestic policies. based on stable but adjustable par values; but While I have such misgivings about floating that floating rates could provide a useful tech­ exchange rates as the basis for a reformed inter­ nique in particular situations. national monetary system, I realize that interna­ The U.S. approach to international monetary tional rules may be developed to minimize their reform does not envision a par-value regime of undesirable effects. In any event, I do not ap­ the Bretton Woods character. The U.S. propos­ proach the question of long-run reform in a als provide for rather prompt corrective actions, dogmatic frame of mind. The objective of the including par-value changes where they are negotiations currently under way should be to deemed appropriate. The proposals recognize, adopt the set of institutional arrangements that, moreover, that a realistic framework for a re­ in the balanced judgment of financial experts, formed international monetary system must is most likely to promote the orderly expansion permit a country to float its currency for a of international economic transactions among temporary—and possibly for a prolonged— countries—each of which will be pursuing the period. In the latter case, however, internation­ goals of high employment, improvement in ally accepted rules of behavior would still need productivity, and general price stability. The to be observed. exchange-rate regime is not an end in itself. Under the U.S. plan, movements in a nation’s I also recognize that the Bretton Woods ar­ reserves are assigned a central role in establish­ rangements, despite their great contribution to ing the need for corrective action. We do not, the international economy of the postwar period, however, propose a system of automatic failed to achieve timely adjustments of exchange responses to reserve movements. On the con­ rates. In the future, exchange parities must not trary, each country would retain a substantial be allowed to become so rigid or unrealistic. degree of freedom in choosing the corrective Many changes take place in the world econ­ measures that appear most appropriate in its omy—for example, in national rates of growth circumstances. in productivity—that require some change in An essential feature of the U.S. plan is that currency parities. Furthermore, while we all it would evenhandedly encourage adjustments hope that at least the major countries will pursue by countries whose reserves were out of line, sound, noninflationary policies in the future, we whether on the high or low side. The plan would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN □ JULY 1973 operate on a principle analogous to that of our strengthened competitive position, but also workmen’s compensation and no-fault accident because business cycle conditions are likely to insurance; in other words, remedial action change in our favor. The growth of real output would be expected of a country whose reserves in the United States has begun to slow to a more either rose excessively or declined excessively, moderate and sustainable rate, which should without attempting to allocate blame or fix re­ dampen the growth of our imports. On the other sponsibility for the remedial action on a hand, economic activity abroad, which is the “guilty” party. main determinant of our exports, is continuing Before concluding, I would like to comment to expand at a vigorous pace. The improvement briefly on the prospects for the U.S. balance in our trade balance this year is therefore likely of payments. For I believe that, as a result of to gather momentum in 1974 and 1975, by the exchange-rate realignments of 1970-71 and which time we should be experiencing a sizable early 1973, the outlook for our balance of pay­ trade surplus for the first time since the late ments has greatly improved. Altogether, by 1960’s. April of this year the dollar had been effectively The improvement in the trade balance may devalued against other currencies by about 16 well be accompanied by some improvement in per cent since mid-1970, and by substantially other international transactions—particularly more against some of our strongest competitors capital movements. With the dollar so much such as Japan and Germany. This is a large cheaper than it was 2 or 3 years ago, foreign adjustment and has substantially improved the investors are likely to develop a greater interest international competitiveness of U.S. goods. in acquiring American assets—business firms, The exchange-rate changes of recent years are real estate, or securities. There are already nu­ already beginning to have perceptible effects on merous indications of such a widening foreign both our exports and our imports. So far this interest. On the other hand, the higher prices year, there has been a marked improvement in that Americans must now pay for foreign cur­ the trade balance. The trade deficit in the period rencies tend to diminish their incentive to build from March through May, the latest 3 months plants abroad or to acquire foreign securities. for which data are available, was at an annual This favorable outlook for the U.S. balance rate of about $1.3 billion, compared with $6.8 of trade and payments is, of course, contingent billion for 1972 as a whole. Much of this recent upon containing domestic inflationary pressures. improvement reflects a bulge in agricultural ex­ I am greatly troubled by the high rates of infla­ ports, which is likely to prove temporary, so tion that we have experienced in recent months. that the underlying gain is not so large as the No exchange-rate regime or international mon­ raw figures suggest. We should be prepared for etary system can work well if the major indus­ some temporary setback during the months trial nations, particularly the United States, fail ahead. But there have been solid gains. The to gain better control over inflation than we have value of nonagricultural exports in the as yet achieved. March-May period was 18 per cent larger than A stable dollar is vital to the well-being of it had been 6 months earlier. New foreign orders American workers and consumers. It is also for machinery in the first quarter of this year essential to the continuing progress of our do­ were 16 per cent higher than in the third quarter mestic and foreign business, to a healthier in­ of last year. Meanwhile, the growth of total vestment climate in our country, and to the imports appears to have moderated, although a maintenance of our international political stand­ sharp spurt did occur in May—probably a result ing. I therefore hope that this influential com­ in large part of the recent rise in the prices of mittee, while immediately concerned with the imported foods and raw materials. problem of floating currencies, will keep in Later this year and in 1974, we may expect mind the overriding importance of restoring to see further gains in our foreign trade balance, stability to the domestic purchasing power of not only because of the cumulating effects of the dollar. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal O p e n M a rk e t C o m m itte e 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 records for the first three meetings held in 1973 were published in the B u lletin s for April, pages 286-92; May, pages 345-51; and June, pages 435-44. The record for the meeting held on April 17, 1973, follows: Digitized for FRASER 513 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN □ JULY 1973 MEETING HELD ON APRIL 17, 1973 1. Domestic policy directive The information reviewed at this meeting suggested that in the first quarter of 1973 expansion in consumption expenditures had been substantially larger than estimated 4 weeks earlier and that real output of goods and services had continued to grow rapidly. Moreover, the rise in prices had accelerated sharply. Staff projec­ tions for the current quarter suggested that growth in real output, while slowing from the high rate in the preceding two quarters, would continue relatively high. Retail sales expanded substantially in March, according to the advance report, and sales for February were now reported to have risen appreciably rather than to have declined; for the first quarter as a whole, the gain was exceptionally large. Industrial production continued to expand in March, reflecting substantial increases in output of consumer goods, business equipment, and materials. Nonfarm payroll employment rose considerably further, and for the first quarter as a whole the advance was rapid. However, the civilian labor force also increased substantially in the quarter, and the unemployment rate remained at around 5.0 per cent. The advance in average hourly earnings of production workers on nonfarm payrolls moderated in the first quarter of the year from the rapid rate in the final months of 1972. However, total payroll costs per manhour rose sharply, reflecting the increase in social security taxes at the beginning of the year. In March, as in February, wholesale price increases were reported for many indus­ trial materials and finished goods—including metals, lumber, pe­ troleum products, motor vehicles, machinery, and clothing. The rise in prices of farm products and foods remained rapid, in large part because of continuing increases in prices of livestock, poultry, and meats. The latest staff projection of growth in real output in the second quarter of 1973 was about the same as that of 4 weeks earlier. Now, however, the projected increase in business inventory invest­ ment was larger—following a reduction in the estimated rate at which businesses had added to inventories in the first quarter— while the expansion in final purchases was smaller. Expectations were that Federal purchases of goods and services would change Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 515 little, after apparently increasing somewhat more in the first quarter than projected, and that consumption expenditures would rise less sharply, following the exceptional advance in the first quarter. It was still anticipated that expansion in business fixed investment and in State and local government purchases of goods and services would remain strong and that outlays for residential construction would turn down. According to staff projections, growth in real GNP would mod­ erate in the second half of the year. It was expected that residential construction outlays would decline further from the second-quarter rate; that both fixed investment and inventory investment by busi­ nesses would expand less rapidly; and that the rise in disposable income and consumption expenditures would slow substantially. Foreign exchange markets in Europe and Japan—which had officially closed on March 1 and 2—reopened on March 19, but trading volume remained considerably below normal. There was a moderate flow of funds into dollars—following the enormous outflows that had occurred in February and early March—and the dollar strengthened against most major foreign currencies. In recent weeks the over-all U.S. balance of payments had been in surplus. Merchandise exports in the first 2 months of 1973 were up sharply from the rate in the fourth quarter of 1972, reflecting substantial gains among agricultural commodities, industrial materials, and machinery. The rise in imports was not quite so large, and the trade deficit for the 2 months was below the rate of the fourth quarter. At U.S. commercial banks, expansion in business loans mod­ erated somewhat in March, but it remained very strong by histori­ cal standards. Growth in real estate and consumer loans remained rapid, and bank holdings of U.S. Government securities—which had declined sharply in February—increased by a moderate amount. To accommodate the strong demand for loans, banks continued to expand rapidly their outstanding volume of large-denomination CD’s. Since interest rates on CD’s with maturities of more than 90 days had reached Regulation Q ceilings, the great bulk of CD’s issued in March had maturities between 30 and 89 days. The narrowly defined money stock (MO1 changed little in March, Private demand deposits plus currency in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN □ JULY 1973 and although inflows of time and savings deposits other than large-denomination CD’s increased from a sharply reduced rate in February, growth in the more broadly defined money stock (M2)2 moderated slightly further. Over the first quarter of 1973 as a whole, growth in Mx and M2—at annual rates of about 2 and 6 per cent, respectively—was markedly below the high rates that had prevailed toward the end of 1972.3 However, the bank credit proxy4 grew rapidly both in March and over the first quarter as a whole, reflecting the sharp expansion in the outstanding volume of largedenomination CD’s. Short-term interest rates continued to rise until early April, but then rates declined—especially those for Treasury bills—in part because of market expectations that a stronger wage-price control program was about to be introduced and that money market condi­ tions would not soon tighten further. On the day before this meeting, the market rate on 3-month Treasury bills was 6.19 per cent, down from 6.55 per cent on April 3 but about the same as on the day before the March meeting. Over the inter-meeting period, on balance, rates declined for Treasury bills and for Federal agency issues with maturities of 6 months to a year, and rates advanced for large-denomination CD’s not subject to Regulation Q ceilings. Since the last meeting of the Committee, yields on intermediate and long-term securities had declined on balance—changing little while short-term rates were rising and then declining along with short-term rates. As in the period between the February and March meetings, markets for these securities had been strengthened by foreign official buying of Treasury coupon issues and by light corporate demands for funds in the capital market. The volume of new offerings of corporate bonds, which had been unusually small in February, was moderate in March and appeared likely to change little in April. For State and local government bonds, 2MX plus commercial bank time and savings deposits other than large-denomination CD’s. 3 Growth rates cited are calculated on the basis of the daily-average level in the last month of the quarter relative to that in the last month of the preceding quarter. 4Daily-average member bank deposits, adjusted to include funds from nondeposit sources. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 517 the volume of new issues was large in March but seemed likely to decline moderately in April. The Treasury was expected to announce on April 25 the terms of its mid-May refunding. Of the maturing issues, $4.3 billion were held by the public. Contract interest rates on conventional mortgages and yields in the secondary market for Federally insured mortgages both rose somewhat in March. Inflows of savings funds to nonbank thrift institutions remained at around the slower pace to which they had fallen in February. System open market operations since the meeting on March 19-20 had been guided by the Committee’s decision to seek bank reserve and money market conditions that would support somewhat slower growth in monetary aggregates over the months ahead than had occurred on the average in the preceding 6 months. Operations had been directed toward fostering growth in reserves available to support private nonbank deposits (RPD’s) at an annual rate in a range of 12 to 16 per cent in the March-April period, while avoiding marked changes in money market conditions. Toward the end of March, incoming data began to suggest that RPD’s might grow at a rate below the specified range because of weaker-than-expected expansion in private demand deposits, and System operations were directed toward somewhat less tautness in bank reserve and money market conditions. In early April, available data continued to suggest that growth in RPD’s in the March-April period would be below the specified range, but on April 11 a majority of the Committee members agreed that bank reserve and money market conditions should not be eased further in the few days before the next meeting. In those remaining days, the Federal funds rate was about 7 per cent, down slightly from the level prevailing in the days before the March meeting. In the 4 weeks ending April 11, member bank borrowings averaged about $1,850 million, compared with an average of $1,665 million in the preceding 5 weeks. The Committee agreed that the economic situation and prospects called for moderate growth in the monetary aggregates over the months ahead, continuing the policy course agreed upon at the preceding meeting. The members took note of a staff analysis suggesting that the demand for money was likely to be stronger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN □ JULY 1973 over the near term than it had been in the first quarter of the year, reflecting the unusually large Federal tax refunds—which would add to demand deposits temporarily—and continued strong expan­ sion in economic activity. Although it was likely that expansion in the outstanding volume of large-denomination CD’s would slow from the rapid pace in February and March, the increase was still expected to be large. Therefore, a relatively rapid rate of growth in RPD’s in the April-May period was projected to be consistent with moderate growth in the monetary aggregates over the months ahead. The analysis also suggested that such a rate of growth in RPD’s might be associated with little change in money market conditions and short-term interest rates in general. The Committee decided that operations should be directed at fostering RPD growth during the April-May period at an annual rate within a range of 10 to 12 per cent, while continuing to avoid marked changes in money market conditions. The members also agreed that, in the conduct of operations, account should be taken of the forthcoming Treasury financing and of deviations in monetary growth 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. The following domestic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests continued rapid growth in real output of goods and services in the first quarter, spurred by an extraordinary increase in consumption expenditures. Over the first 3 months of this year, employment rose strongly but the unemployment rate remained about 5 per cent. The recent advance in wage rates has been more moderate than in the latter part of 1972, but the increase in social security taxes in January added significantly to payroll costs. The rate of increase in prices stepped up very sharply in the first quarter. Prices of foods have continued to rise at wholesale and retail, and in both February and March increases in wholesale prices of industrial commodities were large and widespread. Foreign exchange markets have been rela­ tively quiet since mid-March, and there has been a moderate reflow into dollars. The U.S. merchandise trade balance improved a little in January-February, when both exports and imports were sharply higher than in the fourth quarter of 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 519 Growth in both the narrowly and more broadly defined money stock slowed markedly in the first quarter following a bulge toward the close of last year. However, in the face of strong loan de­ mand—especially from businesses—banks sharply increased their issuance of large-denomination CD’s, and the bank credit proxy expanded very rapidly. Short-term market interest rates continued to rise until the beginning of April, but since then some rates—par­ ticularly those on Treasury bills—have declined. Rates on long-term market securities have moved down on balance in recent weeks. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions con­ ducive to abatement of inflationary pressures, a more sustainable rate of advance in economic activity, and progress toward equilib­ rium in the country’s balance of payments. To implement this policy, while taking account of forthcoming Treasury financing, the Committee seeks to achieve bank reserve and money market conditions consistent with moderate growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Hayes, Balles, Brimmer, Bucher, Daane, Francis, Mit­ chell, Morris, Robertson, Sheehan, and Winn. Votes against this action: None. Absent and not voting: Mr. Mayo. (Mr. Winn voted as his alternate.) 2. Revision of guidelines for operations in Federal agency issues At this meeting the Committee revised the third and fourth of the guidelines for the conduct of System operations in securities issued by Federal agencies. Initial guidelines had been approved on August 24, 1971, with the understanding that they would be subject to review and revision, and guidelines 5 and 6 had been revised on February 15 and April 17, 1972, respectively. Prior to today’s action, guidelines 3 and 4 had contained references to “initial” activities. Thus, number 3 read “As an initial objective, the System would aim at building up a modest portfolio of agency issues, with the amount and timing dependent on the ability to make net acquisitions without undue market effect,” and number 4 read “System holdings of maturing agency issues will be allowed to run off at maturity, at least initially.” The revision of guideline Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN □ JULY 1973 3 consisted of eliminating the outdated reference to building up a portfolio, and the revision in guideline 4 consisted of deletion of the phrase “at least initially.” Votes for this action: Messrs. Burns, Hayes, Balles, Brimmer, Bucher, Daane, Francis, Mit­ chell, Morris, Robertson, Sheehan, and Winn. Votes against this action: None. Absent and not voting: Mr. Mayo. (Mr. Winn voted as his alternate.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions RESERVES OF MEMBER BANKS (iii) $52,750,000 plus 18 per cent of its net demand deposits in excess of $400 million. The Board of Governors has increased reserve requirements on all but the first $2 million of net demand deposits at member banks by one-half of one percentage point. INTEREST ON DEPOSITS The Board of Governors has amended its rules AMENDMENT TO REGULATION D on the payment of time deposits by member banks prior to maturity. Under the new rules, a member Effective July 19, 1973, Section 204.5(a)( 1 )(iii) bank is permitted to pay a time deposit before and (2)(iii) of the Board’s Regulation D is maturity, but in such event the bank can pay amended to read as follows: interest on the amount withdrawn at a rate not to exceed the maximum rate prescribed for a savings SECTION 204.5—RESERVE REQUIREMENTS deposit during the period the funds have remained on deposit, less three months. (a) Reserve percentages. Pursuant to the pro­ The Board of Governors has increased the max­ visions of section 19 of the Federal Reserve Act imum rates of interest that a member bank may and § 204.2(a) and subject to paragraph (c) of this pay on time and savings deposits. The Board also section, the Board of Governors of the Federal suspended, for the time being, the limitations on Reserve System hereby prescribes the following the rates of interest which may be paid by a reserve balances that each member bank of the member bank on a single maturity time deposit Federal Reserve System is required to maintain of $1,000 or more with a maturity of 4 years or on deposit with the Federal Reserve Bank of its more. district: (1) If not in a reserve city— AMENDMENTS TO REGULATION Q (iii)(a) 8 per cent of its net demand deposits Effective immediately, the Board has amended if its aggregate net demand deposits are $2 million section 217.4(d) of its Regulation Q (12 CFR Part or less, (b) $160,000 plus lO1/^ per cent of its net 217) to read as follows: demand deposits in excess of $2 million if its aggregate net demand deposits are in excess of SECTION 217.4—PAYMENT OF TIME $2 million but less than $10 million, (c) $1 million DEPOSITS BEFORE MATURITY plus \2l/z per cent of its net demand deposits in excess of $10 million if its aggregate net demand (d) Penalty for early withdrawals. Where a deposits are in excess of $10 million but less than time deposit, or any portion thereof, is paid before $100 million, or (d) $12,250,000 plus 13Vi per maturity, a member bank may pay interest on the cent of its net demand deposits in excess of $100 amount withdrawn at a rate not to exceed that million. ^ ^ currently prescribed in § 217.7 for a savings de­ posit: Provided, That the depositor shall forfeit (2) If in a reserve city (except as to any bank three months of interest payable at such rate. If, located in such a city that is permitted by the Board however, the amount withdrawn has remained on of Governors of the Federal Reserve System, pur­ deposit for three months or less, all interest shall suant to § 204.2(a)(2), to maintain the reserves be forfeited. Where necessary to comply with the specified in subparagraph (1) of this paragraph)— requirements of this paragraph, any interest al­ ready paid to or for the account of the depositor Digitized for FRASER 521 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN □ JULY 1973 shall be deducted from the amount requested to maturity time deposit at a rate in excess of the be withdrawn. applicable rate under the following schedule: Maturity intervals Maximum per cent Effective July 1, 1973, section 217.7 is 30 days or more but less amended to read as follows: than 90 days 5 90 days or more but less SECTION 217.7—MAXIMUM RATES OF IN­ than 1 year 5V2 TEREST PAYABLE BY MEMBER BANKS ON 1 year or more but less than TIME AND SAVINGS DEPOSITS 30 months 6 30 months or more 6V2 Pursuant to the provisions of section 19 of the Federal Reserve Act and § 217.3, the Board of (c) Savings deposits. No member bank shall Governors of the Federal Reserve System hereby pay interest at a rate in excess of 5 per cent on prescribes the following maximum rates1 of inter­ any savings deposit. est per annum payable by member banks of the Federal Reserve System on time and savings de­ posits: TRUTH IN LENDING (a) Single maturity time deposits. The Board of Governors has amended its Regu­ (1) Deposits of $100,000 or more. There is lation Z. The amendments will, in large part, sim­ no maximum rate of interest presently prescribed plify and clarify the advertising restrictions of the on any single maturity time deposit of $100,000 Regulation. or more. (2) Deposits of less than $100,000. Except as AMENDMENT TO REGULATION Z provided in subparagraph (3) of this paragraph, no member bank shall pay interest on any single maturity time deposit of less than $100,000 at a 1. Effective November 1, 1973, §§ 226.2(u), rate in excess of the applicable rate under the 226.6(a), 226.10(c) and 226.10(d) of Regulation following schedule: Z are amended to read as set forth below: Maturity Maximum per cent SECTION 226.2—DEFINITIONS AND RULES 30 days or more but less OF CONSTRUCTION than 90 days 5 90 days or more but less than 1 year 5Vi 1 year or more but less than (u) “Periodic rate” means a percentage rate 30 months 6 of finance charge which is or may be imposed by 30 months or more 6V2 a creditor against a balance for a period. (See also § 226.5(a)(3).)*** (3) Deposits of $1,000 or more with maturi­ ties of 4 years or more. There is no maximum rate of interest presently prescribed on any single SECTION 226.6—GENERAL DISCLOSURE maturity time deposit of $1,000 or more with a REQUIREMENTS maturity of 4 years or more. (a) Disclosures; general rule. The disclosures (b) Multiple maturity time deposits. No required to be given by this Part shall be made member bank shall pay interest on a multiple clearly, conspicuously, in meaningful sequence, in accordance with the further requirements of this lrThe limitations on rates of interest payable by member section, and at the time and in the terminology banks of the Federal Reserve System on time and savings deposits, as prescribed herein, are not applicable to any deposit prescribed in applicable sections. Except with re­ which is payable only at an office of a member bank located spect to the requirements of § 226.10, where the outside the States of the United States and the District of Columbia. terms “finance charge” and “annual percentage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 523 rate” are required to be used, they shall be printed to the provisions of this Part, shall state more conspicuously than other terminology re­ (1) The rate of the finance charge except as an quired by this Part and all numerical amounts and “annual percentage rate,” using that term. No percentages shall be stated in figures and shall be other rate of finance charge may be stated, except printed in not less than the equivalent of 10 point that: type, .075 inch computer type, or elite size (1) where the total finance charge includes, as typewritten numerals, or shall be legibly hand­ a component, interest computed at a simple annual written.*** rate, the simple annual rate may be stated in conjunction with, but not more conspicuously than, the annual percentage rate, or SECTION 226.10—ADVERTISING CREDIT (ii) where the finance charge is computed solely TERMS by the application of a periodic rate to an unpaid * * * * * balance, the periodic rate may be stated in con­ junction with, but not more conspicuously than, (c) Advertising of open end credit. No adver­ the annual percentage rate. tisement to aid, promote, or assist directly or (2) That no downpayment is required, or the indirectly the extension of open end credit may amount of the downpayment or of any instalment set forth any of the terms described in paragraph payment required (either in dollars or as a per­ (a) of § 226.7, the Comparative Index of Credit centage), the dollar amount of any finance charge, Cost, or that a specified downpayment or periodic the number of instalments or the period of repay­ payment is required (either in dollars or as a per­ ment, or that there is no charge for credit, unless centage), the period of repayment or any of the it also clearly and conspicuously sets forth all of following items, unless it also clearly and con­ the following items in terminology prescribed spicuously sets forth all the following items in under § 226.8: terminology prescribed under paragraph (b) of (i) the cash price or the amount of the loan, § 226.7: as applicable. (1) An explanation of the time period, if any, (ii) in a credit sale, the amount of the downpay­ within which any credit extended may be paid ment required or that no downpayment is required, without incurring a finance charge. as applicable. (2) The method of determining the balance upon (iii) the number, amount, and due dates or which a finance charge may be imposed. period of payments scheduled to repay the indebt­ (3) The method of determining the amount of edness if the credit is extended. the finance charge, including the determination of (iv) the amount of the finance charge expressed any minimum, fixed, check service, transaction, as an annual percentage rate. The exemptions from activity, or similar charge, which may be imposed disclosure of an annual percentage rate permitted as a finance charge. in paragraph (b)(2) of § 226.8 shall not apply to (4) Where one or more periodic rates may be this subdivision. used to compute the finance charge, each corre­ (v) except in the case of the sale of a dwelling sponding annual percentage rate determined by or a loan secured by a first lien on a dwelling multiplying the periodic rate by the number of to purchase that dwelling, the deferred payment periods in a year and, where there is more than price in a credit sale, or the total of payments in one corresponding annual percentage rate, the a loan or other extension of credit which is not range of balances to which each is applicable.15 a credit sale, as applicable. (d) Advertising of credit other than open INTERPRETATION OF REGULATION D end. No advertisement to aid, promote, or assist directly or indirectly any credit sale including the A number of questions have recently arisen sale of residential real estate, loan, or other exten­ concerning reserves against commercial paper of sion of credit, other than open end credit, subject member banks and their affiliates, under § 204.1(f) 15 A creditor imposing minimum charges is not required to of the Board’s Regulation D, and concerning the adjust the disclosure of the range of balances to which each Board’s recently adopted marginal reserve re­ rate would apply in order to reflect the range of the balances quirements. below which the minimum charge applies. If a creditor does not impose a finance charge when the outstanding balance is The question has been presented whether the less than a certain amount, the creditor is not required to commercial paper issued by an “operations subsi­ disclose that fact or the balance below which no such charge diary” of a member bank is subject to the provi­ will be imposed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN □ JULY 1973 sions of the last sentence of § 204.1(f)—which A question has also been raised concerning the is applicable to “affiliates” of member banks—or proper method of calculation of the base for pur­ whether it is subject to the same regulatory provi­ poses of the marginal reserve requirement under sions to which a member bank is subject. In 1968, § 204.5(a)(l)(ii) and (2)(ii) of Regulation D, in the Board published an interpretation on “opera­ the event two banks merge. If two.member banks tions subsidiaries”, which defines such subsidi­ merge, or if a member bank merges with a non­ aries as “separately-incorporated departments of member bank that is voluntarily cooperating with the bank, performing, at locations at which the the Board’s marginal reserve program, then the bank is authorized to engage in business, functions base for the resulting member bank is the total that the bank is empowered to perform directly.” of the two bases of the two formerly independent 1968 Bulletin 681; 12 CFR 250.141. The Board banks. If a member bank merges with a non­ indicated that the incidental powers clause of the member bank that is not cooperating with the National Bank Act permits the establishment of marginal reserves program, the resulting member such a subsidiary, since “a wholly-owned sub­ bank will be asked to provide a reasonable estimate sidiary corporation engaged in activities that the of the base the nonmember bank would have had bank itself may perform is simply a convenient if it had been cooperating with the marginal re­ alternative organizational arrangement” to depart­ serves program, and the base for the resulting bank ment organization. Also in 1968, the Comptroller is the total of the base of the merging member revised his ruling on “operating subsidiaries” bank and the estimated base of the nonmember. to state that “[e]xcept as otherwise permitted by If a nonmember bank that is not cooperating with statute or regulation, all provisions of Federal the marginal reserves program converts to member banking laws applicable to the operations of the bank status, a reasonable estimate of the base parent bank shall be equally applicable to the op­ should be provided in that event as well. erations of its operating subsidiaries.” Comptrol­ ler's Manual f 7.7376. Accordingly, it is the INTERPRETATION OF REGULATION Q Board’s view that the provisions of Regulation D applicable to a member bank are equally applic­ Paragraph (a) of § 217.137 is amended to read able to any of its “operations subsidiaries.” The as follows: liability of any other “affiliate” of a member bank Effective February 12, 1970, the Board of Go­ (as such term is defined in section 2 of the Banking vernors has amended § 217.1(f) to narrow the Act of 1933) on commercial paper obligations is category of “Federal funds” transactions entered subject to the provisions of the last sentence of into by member banks that may be classified as § 204.1(f). nondeposit borrowings rather than as deposits. The question has also been presented whether One question that arose in connection with such the original maturity on the commercial paper of amendment is the meaning of “bank” as such term a member bank’s affiliate is determinative of the is used in the exemption from Regulation Q for status of the proceeds supplied to the bank as a obligations in nondeposit form to another bank. demand deposit or time deposit. For example, Such an exemption has been included in § 217.1(f) suppose the affiliate issues promissory notes with since its adoption in 1966. As used in such ex­ an original maturity of 35 days, and after a delay emption, “bank” includes a member bank, a of 15 days channels the funds to the bank through nonmember commercial bank, a savings bank the purchase of loans from the bank. In this (mutual or stock), a building or savings and loan situation, the bank has use of the funds for only association or cooperative bank, the Export-Import 20 days, and, accordingly, demand deposit reserve Bank of the United States, Minbanc Capital Corp., requirements should apply. (Proceeds channeled or a foreign bank. It also includes bank subsidi­ to the bank in the form of a deposit would be aries that engage in business in which their parents subject either to demand deposit or time deposit are authorized to engage and subsidiaries the stock reserve requirements, depending on the form the of which is by statute explicitly eligible for pur­ deposit takes. See 12 CFR 204.115(c).) Thus, in chase by national banks. determining demand deposit or time deposit status, the operative consideration is the period remaining INTERPRETATION OF REGULATION T to maturity at the time the proceeds are supplied to the bank, rather than the original maturity on The Board has been asked numerous questions the promissory notes issued by the affiliate. regarding the use of the same-day substitution Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 525 privilege in section 220.3(b) of Regulation T in is the Board’s view that subject to these require­ connection with accounts subject to section ments, a creditor may effect in a special cash 220.8(g), generally, accounts having less than account (1) the purchase or sale for cash of a put 40% equity. Prior to the Board’s amendments, or call; (2) the exercise of a call, provided that effective September 18, 1972, (37 Federal Register full cash payment for the purchased stock is de­ 13972), a customer whose account was undermar­ posited in the account promptly and in any event gined to any extent was allowed to substitute one prior to the release of the proceeds of any resale security for another on the same day, usually of such security; and (3) the endorsement, guar­ through a sale and purchase for like amounts, antee or issuance of a put or call if (in the case without being required to improve his equity in of a put) sufficient funds to purchase the underlying the account. The 1972 amendments limit this stock or (in the case of a call) the underlying stock privilege to accounts with an equity of 40% or itself are held in the account. more, as presently set by the Board. Accordingly, Generally a put or call option refers to an if a customer’s equity is below 40%, he is not agreement to sell a security or to purchase a eligible for the same-day substitution privilege, but security, at some future time. Although the agree­ is required to put up margin on any new commit­ ment may itself be deemed to be a security, it ment, and retention requirements are applied to cannot be an “unissued” security, under § any liquidation, even though the transactions are 220.3(h) or § 220.4(c)(3), for the reasons set forth effected on the same day. by the Board in discussing a similar question in The questions raised with the Board touch upon regard to mutual fund shares (1962 Bulletin other provisions of Regulation T that are affected 1427; 12 C.F.R. 220.118). Accordingly, in re­ by the September 1972 amendment to the same- spect of a transaction involving puts or calls, day substitution rule. In making computations in payment is required within the period of time similar situations it should be borne in mind that provided by § 220.3(b)(1) if the transaction occurs the examples are based on a current loan value in the general account (or if the transaction occurs of 35% for margin securities (margin requirements in a special cash account, by § 220.4(c)(2)) with­ of 65%), and 50% loan value for exchange-listed out regard to whether there has been a delay in convertible bonds, while the retention requirement obtaining the endorsement, or for any other reason for all accounts is 70% (release 30%). the option has not yet technically been issued. Copies of the questions and answers have been A question has been asked whether puts and published in the Federal Register (38 Federal calls may be considered to be securities which are Register 16652) and are available upon request to exchangeable or convertible into other securities, the Reserve Banks. within 90 calendar days, without restriction other than the payment of money. If held in a general account, such exchangeable or convertible securi­ INTERPRETATION OF REGULATIONS T AND U ties are acceptable in lieu of the margin required The Board has been asked several questions in respect of a short sale under § 220.3(d)(3). If about the treatment of put and call options and held in a special arbitrage account under § combinations thereof (“puts and calls”) under 220.4(d), exchangeable or convertible securities Regulation T (Part 220). These questions involve will support the sale, for purposes of bona fide § 220.3(d) Adjusted debit balance, § 220.3(h) arbitrage, of the security into which they are so Unissued securities, § 220.4(c) Special cash ac­ exchangeable or convertible. The Board concludes count and § 220.4(d) Special arbitrage account. that puts and calls may not be considered, for The special cash account under § 220.4(c) may either purpose, as securities that are exchangeable be used only for those bona fide transactions in or convertible into other securities. The Board’s securities in which the creditor accepts in good view stems from the policies underlying the sec­ faith the customer’s agreement, if he is a pur­ tions in question. chaser, that (if he does not already have sufficient The margin restrictions in respect of short sales funds in the account) he will promptly make full were imposed in order that cash payment for the security and does not con­ . . . traders on the short side of the market should not be template selling it prior to making such payment, in a position, with a given amount of funds, to exert a greater influence on the market than they could with the same amount and if he is a seller, that he or his principal owns of funds if they were trading on the long side. (Annual Report, the security and (if it is not already held in the Board of Governors, 1937, p. 208) account) it will be promptly deposited therein. It Permitting call options to be used in lieu of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN □ JULY 1973 margin required in respect of a short sale would action, and the Board’s conclusion is also applica­ be inconsistent vfrith that general policy (parallel ble to subsection (j) of § 221.2. considerations would apply in the case of puts). The use of the special arbitrage account under INTERPRETATION OF REGULATION Z § 220.4(d) is limited to the simultaneous purchase Under § 226.1(a)(2), a stated purpose of the and sale of the same or equivalent securities for Truth in Lending Act and Regulation Z is to assure the purpose of taking advantage of a difference that every customer who has need for consumer in price. Arbitrage is permitted to be carried on credit is given meaningful information with respect without additional deposit of margin because it to the cost of that credit so that he may readily tends to equalize prices between markets and be­ compare the various credit terms available to him tween equivalent securities. Because the relatively from different sources and avoid the uninformed high initial cost of a put or call option must be use of credit. Under § 226.6(a), a creditor is deducted from the potential profit due to the required to make disclosures using certain pre­ disparity in price between the two securities, it scribed terminology, including the “annual per­ is not likely that true arbitrage would take place centage rate.” The question arises as to the pro­ between an option and an underlying security. priety of a creditor quoting annual rates other than Such options would be used, rather, for purposes “annual percentage rate” in response to consumer of “hedging,” that is to say, to protect an investor inquiries about the cost of credit, where such other against loss while he holds a security in the hope rates could not be used in an advertisement under of profiting by changes in its price. Such market the proscriptions of § 226.10. strategies may be beneficial to individual investors. The Truth in Lending Act and Regulation Z are However, they do not perform a comparable mar­ intended to facilitate “shopping” between com­ ket function. petitive credit plans. If a customer inquires about Section 221.2 of this chapter provides that “a the cost of credit and the creditor responds by bank may extend and may maintain any credit for quoting an add-on or discount rate, he may mislead the purpose specified in § 221.1, without regard the customer since the use of such rates is prohib­ to the limitations prescribed therein, or in § ited in consumer credit advertising and such rates 221.3(t), if the credit comes within any of the are significantly lower than the annual percentage following descriptions.” Subsection (j) contains rate which must be shown on the creditor’s dis­ the following description: “(j) Any credit ex­ closure statement. The quotation of these rates can tended to a member of a national securities ex­ frustrate the stated purpose of the Act and prevent change for the purpose of financing his or his the customer from making an informed use of customers’ bona fide arbitrage transactions in se­ credit. curities.” The Board has concluded that a pur­ In response to any oral inquiry by a customer chase of a put or call is not embraced within the about the cost of credit, a creditor when quoting term in § 220.4(d) “a purchase of a security which annual rates should use only those rates permitted is, without restriction other than the payment of to be used in advertisements under § 226.10. money exchangeable or convertible . . . into a Irrespective of the method used by the creditor second security” so as to qualify such purchase, to compute finance charges, the annual rate of the when effected together with an offsetting sale of creditor’s total finance charges should be quoted the second security, as a bona fide arbitrage trans­ only in terms of the “annual percentage rate.” BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS ORDERS UNDER SECTION 3 OF within the meaning of the Bank Holding Company BANK HOLDING COMPANY ACT Act, has applied for the Board’s approval under § 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to STATE STREET BOSTON FINANCIAL acquire 100 per cent of the voting shares (less CORPORATION, BOSTON, directors’ qualifying shares) of the successor by MASSACHUSETTS merger to Union National Bank, Lowell, Massa­ Order Approving Acquisition of Bank chusetts (“Bank”). The bank into which Bank is State Street Boston Financial Corporation, Bos­ to be merged has no significance except as a means ton, Massachusetts, a bank holding company to facilitate the acquisition of the voting shares Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 527 of Bank. Accordingly, the proposed acquisition of Applicant’s present subsidiary operates 18 banking shares of the successor organization is treated offices in the separate but adjoining Boston SMSA herein as the proposed acquisition of the shares banking market. There is no significant existing of Bank. competition between Bank and any of Applicant’s Notice of the application, affording opportunity subsidiary offices. Applicant’s banking subsidiary, for interested persons to submit comments and State Street Bank and Trust Company (“State views, has been given in accordance with § 3(b) Street”), is primarily a wholesale bank, as evi­ of the Act. The time for filing comments and views denced by the fact that of its commercial and has expired, and the Board has considered the industrial loan accounts, 90 per cent are accounts application and all comments received in light of over $100,000 and 70 per cent of its total deposits the factors set forth in § 3(c) of the Act (12 U.S.C. and 67 per cent of its total IPC demand deposits 1842(c)). were comprised of accounts in excess of $100,000. Applicant is a one-bank holding company and Bank, on the other hand, is primarily a retail bank. is the fourth largest banking organization and bank State Street derives 2.6 per cent of its IPC demand holding company in Massachusetts, with aggregate deposits and 0.5 per cent of its savings deposits deposits of $988 million representing 8.5 per cent from the Lowell market. A similar insignificant of total deposits of commercial banks in the State.1 amount of Bank’s deposits are derived from the Consummation of the proposed acquisition of Boston SMSA. Accordingly, it is the Board’s Bank (deposits of approximately $153 million) opinion that consummation of this proposal will would increase Applicant’s share of commercial not eliminate significant existing competition. bank deposits in Massachusetts by only 1.3 per­ In its consideration of this matter, the Board centage points and its ranking would be un­ has taken into account the comments of the United changed. The proposed acquisition represents Ap­ States Department of Justice, which concluded that plicant’s initial move outside Suffolk County. the proposal would have a significantly adverse Bank is the largest of ten banks competing in effect on potential competition in the Lowell the Lowell banking market which includes the banking market and in Massachusetts generally. Lowell SMSA and several surrounding towns, and This recommendation was due to the Department’s controls 67.7 per cent of market deposits. Bank view that the Lowell market is attractive for entry has six offices in the City of Lowell and an either de novo or by a foothold entry. The Depart­ additional ten branches are scattered throughout ment was also of the view that consummation of its banking market. Bank’s dominant share of the proposal would eliminate the possibility that deposits overstates its competitive position in the Bank would be a significant participant in a new market. The second and third largest bank holding Statewide holding company. companies in the State have banking subsidiaries While the population of the Lowell market in­ in the market accounting for ten banking offices. creased 30 per cent between 1960 and 1970 it is One of these, Bay state Corporation, has branch presently experiencing high levels of unemploy­ offices of two subsidiary banks represented in the ment. This is due to a decline in the textile and market controlling in the aggregate 17 per cent aerospace industries and is expected to remain a of market deposits. Each of these banks is larger problem in the near future. In view of this, the than Bank and the holding company subsidiaries Board cannot conclude that the area is attractive in the market are clearly competitive with Bank. enough for de novo entry so that Applicant is a Additionally, taking into account particular prod­ probable de novo entrant. However, it does appear uct lines, Bank’s competitive position is also that there are two smaller organizations in the overstated. For example, taking into account the market which could provide foothold entry either savings banks in the market, Bank’s market share for Applicant or the largest banking organization of deposits is only approximately 29 per cent. in the State and in the absence of the consid­ Finally, as discussed later, considerations related erations related to Bank discussed below, the to the financial and managerial resources of Bank Board would consider the proposal as having an diminish its competitive ability. adverse effect on potential competition in the mar­ Applicant’s present subsidiary bank’s closest ket. With respect to the effect on probable future banking office to Bank is about 18 miles away. competition in the Commonwealth of Massachu­ setts, the Board does not regard Bank, because 1A11 banking data are as of June 30, 1972, and reflect bank of its condition, as a likely significant participant holding company formations and acquisitions approved by the Board through May 31, 1973. in a newly formed holding company. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN □ JULY 1973 The financial and managerial resources and action: Governor Brimmer. Absent and not voting: Chairman Burns. prospects of Applicant and its existing subsidiary bank are satisfactory and consistent with approval (Signed) Chester B. Feldberg, of the application. The financial and managerial [seal] Assistant Secretary of the Board. resources of Bank are considered to be poor. Bank has experienced substantial loan losses since 1967 Dissenting Statement of and in every year except 1969 these losses have Governor Brimmer increased. Due to these losses and deposit growth over the five year period, Bank’s capital to deposit The Board’s approval of this application allows ratio has declined and it is presently in need of the fourth largest banking organization in Massa­ capital. Bank’s President is beyond retirement age chusetts and the third largest organization in the and there does not appear to be a likely successor. Boston SMSA to enter an adjacent market through Further, in view of Bank’s recent difficulties, the acquisition of the dominant bank in that mar­ management is in need of strengthening. In view ket. Applicant will acquire almost 68 per cent of of Bank’s present situation and the economic de­ commercial bank deposits in the Lowell market cline of the Lowell area, the Board regards Bank’s where the next largest organization holds only 15 prospects, absent the acquisition, as poor. The per cent and the third largest less than 5 per cent. Comptroller of the Currency has advised that: It is clear that Applicant has the managerial and It is clear that if Union National Bank is to solve its present financial resources to enter the market de novo. problems it must merge or associate with a banking organi­ zation substantially larger than itself. Despite the area’s temporary, relatively static eco­ nomic condition, the Lowell SMSA was the fastest Applicant proposes to strengthen Bank’s equity growing metropolitan area in Massachusetts during capital base by a minimum of $2.0 to $2.5 million the 1960’s, with an increase in population of over within six months of consummation. Further, it 30 per cent, and it appears relatively attractive for will immediately strengthen management. Pros­ de novo entry. pects of Bank with Applicant’s assistance appear Even if—as Applicant contends—the area is not to be favorable and these considerations provide attractive for de novo entry, certainly there are strong weight toward approval of the application. smaller entry vehicles through which Applicant There is no evidence on the record that any could establish a competitive presence in the mar­ major banking needs of the market are presently ket. In fact, in view of Bank’s dominant position, going unserved. However, Bank is not presently such an entry would be procompetitive. Further­ competitive in providing many services. Bank has more, approval of the application eliminates a limited hours, does not offer credit cards, free sizable independent bank as a possible participant checking accounts and certain forms of deposit in a newly formed holding company. The Board accounts. It also does not seem to be seeking new should not countenance the acquisition of such business accounts. Applicant will update Bank’s banks by any of the five organizations which services, making them more responsive to the together control 62 per cent of commercial bank needs of its customers. These considerations pro­ deposits in the State. I therefore conclude, as did vide weight toward approval. It is the Board’s the United States Department of Justice, that the judgment that the proposed transaction is in the proposal would have a significantly adverse effect public interest and should be approved. on potential competition in the Lowell SMSA and On the basis of the record, the application is in Massachusetts generally. approved for the reasons summarized above. The The Bank Holding Company Act maintains that transaction shall not be consummated (a) before the Board may approve a proposal having such the thirtieth calendar day following the effective serious anticompetitive consequences only if the date of this Order or (b) later than three months adverse effects are: after the effective date of this Order, unless such period is extended for good cause by the Board, . . . clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs or by the Federal Reserve Bank of Boston pursuant of the community to be served. to delegated authority. The majority finds that the adverse effects— By order of the Board of Governors, effective which it recognizes in this case—are outweighed June 29, 1973. by considerations relating to the financial and managerial resources of Bank and by the conven­ Voting for this action: Vice Chairman Mitchell and Gover­ nors Daane, Sheehan, Bucher and Holland. Voting against this ience and needs of the community to be served. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 529 Yet, as the Supreme Court stated in the Phillips- views, has been given in accordance with § 3(b) burg case: of the Act. The time for filing comments and views . . . before a merger injurious to the public interest is approved, has expired, and the Board has considered the a showing [must] be made that the gain expected from the application and all comments received in light of merger cannot reasonably be expected through other means. the factors set forth in § 3(c) of the Act (12 U.S.C. Thus, before approving such a merger, a District Court must reliably establish the unavailability of alternative solutions to 1842(c)). the woes faced by the merging banks.1 By Order dated November 30, 1972, the Board The same statutory standards apply with respect approved the formation of Applicant1 and stated: to the Board’s deliberations under the Bank Hold­ First National [Bank in Dallas, applicant’s lead bank] now ing Company Act. I agree that the managerial and holds certain minority interests in fourteen banks (“Other financial resources of Bank are in distinct need Banks”) located in Dallas County, Texas, as follows: 24 per cent of the shares of American Bank and Trust Company; 21.34 of strengthening. However, in my judgment, there per cent of the shares of Citizens State Bank, Irving; 20 per has been no showing that only through such an cent of the shares of The Dallas County State Bank, Carrollton; anticompetitive transaction may this result be ac­ 24.76 per cent of the shares of DeSoto State Bank; 24.52 per cent of the shares of East Dallas Bank & Trust Company; complished. There is no indication on the record 24 per cent of the shares of First National Bank of Richardson; that there are no other banking organizations 24 per cent of the shares of Grove State Bank; 22.42 per cent of the shares of North Dallas Bank and Trust Company; 24.9 within Massachusetts that could offer assistance per cent of the shares of Northpark National Bank; 19.47 per and whose acquisition of Bank would not have cent of the shares of Park City’s Bank and Trust Company; such anticompetitive results. Rather, the record 24.5 per cent of the shares of Southwest Bank and Trust Company, Irving; 24 per cent of the shares of Texas National merely reflects that Applicant was the choice due Bank; 10.67 per cent of the shares of White Rock National to its correspondent relationships with Bank. Bank; and 26.41 per cent of the shares of Guaranty Bank, Further, the bank supervisory process provides formerly South Oak Cliff Bank. a means—if used with determination—through Board approval of Applicant’s proposal to become a bank which many of Bank’s problems may be remedied. holding company does not signify Board approval of the retention or acquisition of the above-referred to minority inter­ By following that route, the present anticompeti­ ests in Other Banks. It is the Board’s understanding, from tive transaction would be avoided, and the overall representations by Applicant, that Applicant will file separate benefits to the Massachusetts public would be applications for prior approval by the Board for each of such minority holdings it seeks to retain and cause its minority enhanced rather than diminished. interests in all Other Banks, other than those for which such I conclude that the anticompetitive effects of this applications are filed, to be completely and permanently di­ proposal are not outweighed in the public interest vested by it. It is further understood that in this manner any such applications so filed by Applicant will be subject to the by any considerations reflected in the record. So ordinary regulatory and legal process, subject to statutory I would deny the application. standards as set forth in both section 3 of the Bank Holding Company Act and section 7 of the Clayton Act. FIRST INTERNATIONAL This application has been filed pursuant to that BANCSHARES, INC., understanding but encompasses all of the voting DALLAS, TEXAS shares of Bank rather than Applicant’s presently Order Approving Acquisition of Bank existing minority interest in Bank. Similar appli­ First International Bancshares,. Inc., Dallas, cations have been filed to acquire shares of Grove Texas, a bank holding company within the mean­ State Bank, Park Cities Bank & Trust Company, ing of the Bank Holding Company Act, has ap­ and Southwest Bank & Trust Company. The Board plied for the Board’s approval under § 3(a)(3) of understands that an application will be filed the Act (12 U.S.C. 1842(a)(3)) to acquire all of promptly, but, in any event, not later than August the voting shares (less directors’ qualifying shares) 1, 1973, for shares of the Dallas County State of the successor by merger to American Bank & Bank and further understands that Applicant’s in­ Trust Company (“Bank”), Dallas, Texas. The direct minority interest in Guaranty Bank, for­ bank into which Bank is to be merged has no merly South Oak Cliff Bank, was completely and significance except as a means to facilitate the permanently divested by sale on January 9, 1973. acquisition of the voting shares of Bank. Accord­ The Board further understands and expects that ingly, the proposed acquisition of shares of the Applicant’s indirect minority interests in the eight successor organization is treated herein as the other banks mentioned above will be completely proposed acquisition of the shares of Bank. and permanently divested as noted in the Board’s Notice of the application, affording opportunity earlier Statement. for interested persons to submit comments and Bank is the fifteenth largest of 110 banks in the 1U. S. v. Phillipsburg National Bank, 399 U.S. 350 (1970). M972 Federal Reserve Bulletin 1028 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN □ JULY 1973 Dallas banking market which is approximated by The Board has consistently opposed various bills the Dallas RMA2 and controls 0.74 per cent of considered by Congress in 1954, 1955, 1957, and market deposits. Applicant’s lead bank is the sec­ 1964, that would have either repealed or limited ond largest bank in the market and holds 23.4 per the existing requirement of section 61 of Title 12 cent of market deposits. In view of the close of the United States Code that national banks affiliation of Applicant’s lead bank and Bank, afford their shareholders cumulative voting. Con­ which affiliation has existed in various forms since versely, the Board supported the objectives of bills 1945 and presently manifests itself in the owner­ considered by Congress in 1968 and 1969 that ship of 24 per cent of Bank’s shares by Applicant’s would have broadened the applicability of the trusteed affiliate and in the ownership of an addi­ cumulative voting requirement. The Board be­ tional 31.2 per cent of the shares of Bank by six lieves that cumulative voting rights are desirable shareholders of Applicant, it appears that there is as a means of permitting minority representation no meaningful present competition between any on bank boards and thereby a means for the of Applicant’s subsidiary banks and Bank. Fur­ promotion of corporate democracy. thermore, it appears unlikely that any significant However, the Board, in acting upon bank hold­ competition would develop between any of Appli­ ing company applications to acquire banks has cant’s subsidiaries and Bank in the future. Irre­ been directed by Congress in section 1842(c) of spective of the affiliation of Bank with Applicant, Title 12 of the United States Code to consider the consummation of the proposed transaction is un­ competitive effects of a proposed acquisition and likely to have a significant adverse effect on exist­ “the financial and managerial resources and future ing or future competition in the Dallas market in prospects of the company or companies and the view of the small size of Bank’s market share and banks concerned, and the convenience and needs the difference in principal functions between Bank of the community to be served.” It is doubtful and Applicant’s lead bank, the former serving that, under this standard, the Board could deny primarily as a source of individual or retail banking an application by a bank holding company on the services, the latter as a source of corporate or basis that the company does not provide cumula­ wholesale banking services. The Board concludes tive voting rights to its shareholders. that consummation of the proposal would not On the basis of the record, the application is eliminate existing or future competition, nor would approved for the reasons summarized above. The it have significantly adverse effects on any com­ transaction shall not be consummated (a) before peting bank. the thirtieth calendar day following the effective Considerations relating to the financial and date of this Order or (b) later than three months managerial resources and future prospects of Ap­ after the effective date of this Order, unless such plicant, its subsidiary banks, and Bank are gener­ period is extended for good cause by the Board, ally satisfactory and consistent with approval of or by the Federal Reserve Bank of Dallas pursuant the application. While it appears that major bank­ to delegated authority. ing needs in the area are being met, considerations By order of the Board of Governors, effective relating to the convenience and needs of the com­ June 21, 1971. munities to be served are consistent with approval Voting for this action: Vice Chairman Mitchell and Gover­ of the application. It is the Board’s judgment that nors Daane, Brimmer, Sheehan, Bucher, and Holland. Absent the proposed transaction would be in the public and not voting: Chairman Burns. interest, and that the application should be ap­ (Signed) Tynan Smith, proved. [seal] Secretary of the Board. During its consideration of this application, the Board received the views of a shareholder of Applicant objecting to the fact that shareholders UNITED TENNESSEE BANCSHARES of Applicant do not have cumulative voting rights CORPORATION, and urging the Board to deny all future applica­ MEMPHIS, TENNESSEE tions by Applicant until such rights are afforded. Order Denying Merger of Bank Holding 2 RMA refers to Ranally Metro Area which is defined as Companies the central city plus every community, 8 per cent or more of the total population of which, or 15 per cent or more of United Tennessee Bancshares Corporation, the labor force of which, commutes to the central city, based Memphis, Tennessee (“United Tennessee”), a on the Census of Population. No community, 35 per cent or bank holding company within the meaning of the more of the labor force of which is engaged in agriculture, is included in an RMA. Bank Holding Company Act, has applied for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 531 Board’s approval under § 3(a)(5) of the Act (12 ican to be a viable, potential competitor as a U.S.C. 1842(a)(5)) to merge with American Na­ Statewide holding company. Applicant indicates tional Corporation, Chattanooga, Tennessee its belief that, instead of harming competition, this (“American”), under the certificate of incorpo­ merger would help it by increasing American’s ration and title of United Tennessee. effectiveness in its present market area and through Notice of receipt of the application, affording the strengthening of United Tennessee’s ability to an opportunity for interested persons to submit compete with the larger holding companies in the comments and views, has been given in accor­ State. dance with § 3(b) of the Act. The time for filing There is no significant existing competition be­ comments and views has expired, and the Board tween United Tennessee and American. The clo­ has considered the application and all comments sest subsidiary of United Tennessee to Chatta­ received in light of the factors set forth in § 3(c) nooga Bank is approximately 130 miles distant. of the Act (12 U.S.C. 1842(c)). Though Chattanooga Bank does originate some United Tennessee controls five banks, with ag­ loans in the market area of one of United Tennes­ gregate deposits of $470 million, representing see’s subsidiaries, the amount appears to be mini­ about 5 per cent of deposits of commercial banks mal. On the other hand, United Tennessee does in Tennessee, and is the seventh largest banking not have any deposits or loans from Chattanooga organization in the State.1 American controls one Bank’s banking market.2 bank, American National Bank and Trust Com­ In the Board’s opinion, however, approval of pany, Chattanooga, Tennessee (“Chattanooga this application would have significantly adverse Bank”), with total deposits of $289.8 million, effects on potential competition in the banking representing about 3 per cent of deposits of com­ market of Chattanooga Bank. Chattanooga Bank mercial banks in the State, and is Tennessee’s is the second largest banking organization in the eighth largest banking organization. Consumma­ relevant market, controlling about 39 per cent of tion of the proposed merger would result in United deposits, and, together with the leading bank in Tennessee controlling approximately 8 per cent of the area, controls about 80 per cent of market total deposits in the State and would result in its deposits. United Tennessee’s acquisition of Chat­ being the third largest banking organization in tanooga Bank would tend to solidify this market Tennessee. dominance by the two largest banking organi­ The Department of Justice (“Justice”) has zations and would hinder the emergence of new commented on this application and concluded that competitive forces in that market. If United Ten­ it should be denied. Justice indicated that, in its nessee entered the Chattanooga banking market, opinion, the proposed merger would not eliminate either through acquisition of one of the two smaller significant existing competition; Justice is of the banks located in Tennessee or by de novo entry, opinion, however, that United Tennessee and there is a reasonable probability that a trend toward American are potential entrants into each other’s deconcentration would result. United Tennessee markets and that potential competition would be must be considered one of the more likely entrants eliminated by the merger. Additionally, Justice into the Chattanooga market in light of its aggres­ states that the merger would have a significant sive acquisition policy and its capabilities for adverse effect on the development of a competitive entry. The Chattanooga banking market also ap­ banking structure for Tennessee. Justice states pears attractive for de novo entry. For example, there are only seven major bank holding compa­ the newest bank in the market, established in 1971, nies in the State and that there are few opportu­ has already obtained $24.6 million in deposits in nities for development of other large ones. In the approximately 18 months it has been opened. Justice’s view, this makes it particularly important Additionally, the population and deposits per that organizations of the size of United Tennessee banking office ratios and deposits per capita figures and American be kept separate. for the Chattanooga banking market are all above United Tennessee responded to Justice’s com­ comparable Statewide ratios. These factors tend ments by declaring that it would not consider entry to demonstrate the attractiveness of the market for into American’s market area other than through de novo entry. United Tennessee’s assertion that acquisition of American nor did it consider Amer­ it would not enter the relevant market other than banking data are as of June 30, 1972 and reflect holding 2The relevant banking market is approximated by the Chatcompany formations and acquisitions approved by the Board tanooga banking market, which consists of Hamilton County, through April 30, 1973. Tennessee, and Walker County, Georgia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN □ JULY 1973 through acquisition of American must be viewed The financial condition and managerial re­ against this background. As the Supreme Court sources and future prospects of United Tennessee stated in the case of United States v. Falstaff and American and their subsidiary banks are gen­ Brewing Corporation, et. al. 41 LW 4343, “This erally satisfactory and consistent with approval of does not mean that the testimony of company the application. However, these factors do not officials about actual intentions of the company off-set the adverse competitive considerations [Falstaff] is irrelevant or is to be looked upon with raised by the application. American has full capa­ suspicion; but it does mean that theirs is not bilities in these areas and does not need affiliation necessarily the last word in arriving at a conclusion with United Tennessee to enable it to be a viable about how Falstaff should be considered in terms entity. There is no indication that in any of the of its status as a potential entrant into the market communities served by either United Tennessee in issue.” pp. 4344, 4345. The Board believes or American banking needs are not being met. that the aforementioned factors do indicate United Accordingly, although considerations relating to Tennessee as a potential entrant into the Chatta­ the convenience and needs of the communities to nooga banking market. Given the concentration of be served are consistent with approval, they do the Chattanooga banking market, the probability not outweigh the substantial adverse factors cited of United Tennessee as a potential entrant into above. It is the Board’s judgment that the proposed such market and the opportunities for de novo or transaction is not in the public interest and should “foothold” entry, the Board concludes that ap­ be denied. On the basis of the record, the applica­ proval of the merger would have a significantly tion is denied for the reasons summarized above. adverse effect on potential competition.3 By order of the Board of Governors, effective Another consideration is the fact that acquisition June 20, 1973.5 of American by United Tennessee would eliminate Voting for this action: Chairman Burns and Governors the probability that American would develop into Brimmer, Sheehan and Bucher. Absent and not voting: Go­ a Statewide bank holding company. It certainly vernors Mitchell and Daane. would appear to have the resources to so develop (Signed) Tynan Smith, since its lead bank is approximately the same size [seal] Secretary of the Board. as the lead bank of United Tennessee and also that of the lead bank of Hamilton Bankshares, ORDER UNDER SECTION 4(c)(8) OF another multibank holding company in Tennessee. BANK HOLDING COMPANY ACT American has numerous correspondent relation­ ships with banks throughout Tennessee, some of MANUFACTURERS HANOVER which are likely prospects for acquisition by CORPORATION, American. Additional weight must be given this DOVER, DELAWARE probability since there are only a limited number Order Denying Acquisition of Citizens of large banks in Tennessee that are potential lead Mortgage Corporation banks for new holding companies. Besides Chat­ tanooga Bank there are only two other banks in Manufacturers Hanover Corporation, Dover, the State who would be likely candidates for lead Delaware, a bank holding company within the banks for additional holding companies.4 The meaning of the Bank Holding Company Act, has Board believes that the competitive situation in applied for the Board’s approval, under § 4(c)(8) individual local markets in Tennessee would be of the Act and § 225.4(b)(2) of the Board’s Regu­ enhanced by requiring United Tennessee and lation Y, to acquire substantially all of the assets American to remain separate potential entrants into of Citizens Mortgage Corporation, Southfield, such local markets. On the basis of the facts of Michigan, a company that engages in the activities record, the Board concludes that the competitive of a mortgage banking company and in acting as factors of this application weigh against approval an investment advisor to a real estate investment of the application. trust. Such activities have been determined by the Board to be closely related to the business of 3This is to be contrasted with the Board’s decision in the banking (12 CFR 225.4(a)(1), (3) and (5)). application of First Florida Bancorporation (59 Federal Reserve Bulletin 183) where the Board found that the elimination Notice of the application, affording opportunity of First Florida Bancorporation as a potential entrant into Dade for interested persons to submit comments and County did not pose substantially adverse effects due to the banking structure of that market. 5 Board action was taken before Governor Holland was a 4An application by Hamilton Bancshares, Inc., to acquire Board Member. one of these two other banks is presently pending. (38 Federal Register 12628) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 533 views on the public interest factors, has been duly producing property and produced a volume of published (38 Federal Register 10048). The time $121 million in construction loans. Its $8.2 million for filing comments and views has expired, and volume of loans on one-to-four family residences none has been timely received. in 1971 were primarily conventional loans, as only On the basis of the record, the application is $100,000 of that total volume were of the denied for the reasons set forth in the Board’s FHA/VA category. Statement to be issued subsequently. Citizens has been engaged in the mortgage By order of the Board of Governors, effective banking business since its inception in 1946. June 25, 1973. Headquartered in Southfield, Michigan, its pri­ mary service area is comprised of Michigan, Ohio, Voting for this action: Vice Chairman Mitchell and Gover­ nors Brimmer, Bucher and Holland. Voting against this action: and Illinois, where it operates nine offices. In Governors Daane and Sheehan. Absent and not voting: Chair­ 1972, it established an office in Louisville, Ken­ man Burns. tucky, and in early 1973 additional offices were (Signed) Tynan Smith, established in Clearwater, Florida, and Bir­ [seal] Secretary of the Board. mingham, Alabama. All of Citizens’ outstanding shares were acquired by U.S. Industries, Inc., Statement New York, New York, in December 1968. Since then, it has operated under the ownership and Manufacturers Hanover Corporation, Dover, control of this large multinational manufacturing Delaware, a bank holding company within the firm. meaning of the Bank Holding Company Act of Citizens’ mortgage originations on one-to-four 1956, has applied for the Board’s approval under family residences in 1971 totaled $126 million, § 4(c)(8) of the Act and § 225.4(b)(2) of the of which $101 million were represented by Board’s Regulation Y, to acquire substantially all FHA/VA mortgages. In this period, Citizens’ of the assets of Citizens Mortgage Corporation share of the total FHA/VA loans originated in (“Citizens”), Southfield, Michigan. Citizens en­ various local markets was significant. For ex­ gages in the activities of a mortgage banking ample, it originated 7 per cent of all FHA/VA company and acts as an investment adviser to a mortgages in Detroit, Michigan, 5.5 per cent of real estate investment trust. Such activities have all such mortgages in Dayton, Ohio, and 4.9 per been determined by the Board to be closely related cent in Cincinnati, Ohio. Its mortgages on in­ to the business of banking (12 CFR 225.4(a)(1), come-producing property amounted to $15.7 mil­ (3) and (5)). Notice of the application, affording lion in 1971, and its construction loans totaled $67 opportunity for interested persons to submit com­ million during the same period. Since the market ments and views on the public interest factors has for both construction loans and loans on incomebeen duly published (38 Federal Register 10048). producing property extends throughout many re­ The time for filing comments and views has ex­ gional areas, and may encompass the entire nation, pired and none has been timely received. it is apparent that both Applicant and Citizens Applicant controls five banks, with aggregate compete in the same market for such loans, al­ deposits of $10.2 billion, representing 9.4 per cent though neither has to date originated such loans of the total deposits in commercial banks in New in the primary service area of the other. Thus, York.1 Applicant’s lead bank, Manufacturers considerations relating to the elimination of exist­ Hanover Trust Company (“Bank”) has deposits ing competition would not, standing alone, bar of $10.1 billion and is the fourth largest bank in approval of the proposed transaction. the United States. Bank services a mortgage loan portfolio of $172 million for the account of others, However, both Applicant and Citizens have the placing it fourteenth among all commercial banks capability and appear to have the incentive to in the country engaged in servicing mortgages. In expand into geographic markets in which neither addition, Bank originates mortgage loans on one- has offices. Applicant, owning the fourth largest to-four family residences in local markets within bank in the country, clearly has the resources and New York State and loans on income-producing expertise to expand de novo into many of the property as well as construction loans in the na­ regional mortgage markets beyond those it pres­ tional market for such loans. During 1971, Bank ently serves. It would appear to have the capability originated $3.4 million in loans on income- to increase the volume of its present mortgage originations as well. Each institution is a potential 1A11 banking data are as of December 31, 1972. competitor to the other in local, regional, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN □ JULY 1973 national mortgage banking markets. The Board took the position that the basic balancing test of therefore believes that the likelihood for competi­ § 4(c)(8) requires a showing of positive public tion between Applicant and Citizens in new mar­ benefits, which, in this sense, imposes a generally kets is substantial, and that more favorable com­ stricter standard than traditional antitrust laws. petitive results would ensue if the Applicant should Thus, bank holding companies bear the burden of enter those markets either by the establishment of demonstrating that their proposed nonbanking ac­ new offices or, perhaps, through the acquisition tivity will be in the public interest. We concur. of a smaller going concern. To meet the burden of establishing that benefits The Board views unfavorably a covenant not to the public outweigh any adverse effects of the to compete which the parties have entered into proposed acquisition, Applicant has claimed that whereby U.S. Industries, Inc., is prohibited from consummation of the proposal would produce the engaging, directly or indirectly, in a business following benefits: substantially similar to that now conducted by (1) Expansion of the geographic scope of Citi­ Citizens for a period of five years at any place zens’ operations, thus benefiting new regions, and in the United States. The geographic area covered (2) Lower interest rates or origination fees for is broader than that encompassed by the service borrowers. The advantages claimed are essentially area of Citizens’ present offices. It is also, in the conjectural and lack factual support. As pointed Board’s view, wider than that to which the parties out above, Citizens opened new offices in Florida may fairly anticipate Citizens’ business may ex­ and Alabama in 1973. Under the ownership of a pand during the term of the covenant. Such a large multinational firm, such as U.S. Industries, covenant represents an unreasonable restraint of Inc., it would appear to be capable of expanding trade, and would deny the public the benefits of further into those areas where its interests lie. competition by U.S. Industries, Inc., in areas of Since its acquisition by U.S. Industries, Inc., the country beyond those in which Citizens’ busi­ Citizens has grown from an institution with assets ness is likely to expand. Since the broad geo­ of $23 million to one with assets of approximately graphical restriction contained in the covenant $111 million. Its revenues have also risen steadily serves no public purpose, and is anticompetitive ($4.8 million at year-end 1968 to $11.2 million in nature, it represents, in the Board’s view, an at year-end 1972), and all earnings have been adverse factor weighing against approval of the retained by Citizens. Accordingly, net worth has proposed transaction. risen steadily. Based upon a servicing portfolio Given this record, and the foregoing anticom­ of $712 million,3 it now ranks twenty-second petitive effects, under the provisions of the 1970 among all mortgage companies in the United Amendments to the Act, the Board is required to States. The Board questions whether Citizens’ find that the performance by Citizens as an affiliate performance during the past four years would have of Applicant “can reasonably be expected to pro­ been significantly greater as an affiliate of Appli­ duce benefits to the public, such as greater con­ cant than of U.S. Industries, Inc. Citizens’ future venience, increased competition, or gains in effi­ performance as an affiliate of Applicant compared ciency that outweigh possible adverse effects such to its present affiliation can only be conjectural. as undue concentration of resources, decreased or Applicant’s claim that the public will benefit from unfair competition, conflicts of interests, or un­ lower interest rates on mortgages originated by sound banking practices.”2 Citizens does not appear well supported. The In commenting on this balancing test which the record in this case gives no indication that institu­ Board is to apply under § 4(c)(8), the Department tional investors would be willing to purchase of Justice, in its memorandum on mortgage bank­ mortgage loans from Citizens made at interest rates ing filed with the Board on December 3, 1971, below those available for purchase elsewhere. In referred to the Congressional concern over eco­ short, Applicant’s claims of public benefits to be nomic power enjoyed by banks which might ad­ derived from consummation of the proposal lack versely affect the public interest when released in support either in the form of objective evidence nonbanking areas. Accordingly, the Department or in the form of firm policy commitments on the part of Applicant. 2The House Conference Report (91-1747) states at page 19: Accordingly, based upon the foregoing and In connection with the overall application of the public benefits test, it is important to emphasize that the bank holding other considerations reflected in the record, the company making application under section 4(c)(8) must bear Board concludes that the evidence of adverse efthe burden of proof in showing that its carrying on of a particular nonbank activity would produce benefits to the public that outweigh any adverse effects. 3As of June 30, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 535 fects that would flow from approval of Applicant’s changes in the flow of funds into mortgage mar­ proposal has not been outweighed by evidence of kets. likely benefits to the public. The Application The majority concedes that competition is not should be denied. an important issue in this case. This is patently the case inasmuch as Citizens operates primarily Dissenting Statement of in the midwest with 10 offices in four states (Mi­ Governors Daane and Sheehan chigan, Ohio, Illinois, and Kentucky). The closest of these offices to an office of Applicant is about We dissent from the majority’s denial of this 500 miles distant. In view of the local nature of application since denial will deprive the public of markets for originating mortgages on 1-4 family important benefits. Such benefits would arise from dwellings, the two organizations do not compete the expansion of Citizens’ operations in the various for this type of business. mortgage markets as a result of Applicant’s Both Applicant and Citizens originate mort­ strengthening of Citizens’ equity base. Citizens is gages on income-producing property, but the vol­ presently in clear need of increased capital in order ume of the mortgages originated by Applicant and to support a higher volume of financing of resi­ Citizens, respectively, is very small in relation to dential and commercial real estate loans. the total volume of mortgages on income-produc- Although Citizens has grown under the owner­ ing properties originated by all mortgage compa­ ship of its present parent, its rate of growth has nies. Further, almost all of Citizens’ construction been substantially below its potential and the loans are on properties located in Michigan (77 average growth of the top 300 mortgage banking per cent) and Ohio (20 per cent) while Applicant does not originate any construction loans in Citi­ firms in the U.S. in recent years. For example, during a recent two year period while the mortgage zens’ service areas. It should be noted that the industry averaged a growth rate of about 30 per combination of Applicant and Citizens’ market cent, Citizens grew 11 per cent. Moreover, future shares is not more than V2 of 1 per cent of the total construction loans in the nation which is the growth of Citizens is dependent upon an infusion relevant market. of additional capital, and U.S. Industries has indi­ cated an unwillingness to provide additional capi­ Although the acquisition would eliminate the possibility for increased competition between Ap­ tal, a fact which has recently deprived Citizens plicant and Citizens in the future, the loss is not of an available opportunity for growth, and im­ considered serious relative to the total volume of pedes its potential for future growth. mortgage and construction loans made by major Thus, affiliation with Applicant which has indi­ cated its willingness to provide to Citizens sub­ institutional lenders in the relevant local and na­ tional markets. No serious reduction either in stantial additional equity capital should be a sig­ nificantly pro-competitive move. These larger re­ existing or potential competition would occur for any of the product lines in mortgage banking as sources will enable Citizens to increase the volume a result of the proposed acquisition. of its loan originations, expand the size of its development and construction loans, and increase The majority seems to place great weight on its ability to “warehouse” a larger volume of the covenant not to compete involved in this pro­ mortgages pending sale to permanent investors, all posal. Perhaps this covenant should be modified of which would obviously strengthen its competi­ to some extent but the positive step represented tive posture. by this proposal should not be precluded on the The financial expertise and managerial experi­ basis of an objection to this covenant or some ence of Applicant, one of the nation’s leading modification of it. Without appropriate covenants lenders, should assist Citizens in the expansion of of this type, most transactions of the kind proposed its business of mortgage origination. In turn, the would never take place and the public benefits growth of Citizens’ operations, both in size and associated with them would not be realized. Such scope, would enhance its ability to obtain funds covenants have a long history of use in connection thus aiding the flow of funds into mortgages of with the sale of basically owner-operated busi­ all types during periods of financial strain—a most nesses, and their validity has been sustained by worthy objective which we are certain the majority the courts so long as they are reasonable in scope, would favor. Furthermore, the affiliation of banks duration, and geographic area. Such covenants and mortgage companies should be fostered as it perform a useful economic function by rendering is likely to stimulate continuing bank interest in the goodwill of a business salable. They assure mortgage lending, thereby dampening cyclical to the buyer the continuing value of what he has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN □ JULY 1973 bought for the period of the covenant. Applicant June 30, 1968, of another company engaged in would place at risk about $16 million if this such activities at the time of the acquisition), and acquisition were consummated. For this sum, Ap­ has been continuously engaged in since June 30, plicant would purchase a business heavily—if not 1968 (or such subsequent date). totally—dependent on the management team of Section 4(a)(2) of the Act provides, inter alia, Citizens. To protect this investment, it is entirely that the Board of Governors of the Federal Reserve reasonable for Applicant to receive binding assur­ System may terminate such grandfather privileges ances that this management team will not become if, having due regard to the purposes of the Act, instant competitors—and the courts have so ruled the Board determines that such action is necessary in other similar cases. to prevent an undue concentration of resources, We have considered the question of undue con­ decreased or unfair competition, conflicts of inter­ centration of resources and have concluded that est, or unsound banking practices. With respect approval of this acquisition would not produce to a company that controls a bank with assets in such results. It is easy to overestimate the financial excess of $60 million on or after December 31, resources of a mortgage banking company. These 1970, the Board is required to make such a deter­ firms process large amounts of money, but re­ mination within a two year period. sources under their control are in fact much Notice of the Board’s proposed review of the smaller. The assets of Citizens at year end 1972 grandfather privileges of D. H. Baldwin Com­ were $ 111 million and the company earned during pany, Cincinnati, Ohio, and an opportunity for 1972 $.8 million after tax income. Applicant had interested persons to submit comments and views assets at the same time of $16.3 billion and earn­ or request a hearing, has been given (37 F.R. ings of $76.5 million dollars. Thus, Applicant’s 22414 and 25204). The time for filing comments, assets would be increased by less than one per views, and requests has expired, and all those cent and its net income would be increased by received have been considered by the Board in about one per cent if this application were ap­ light of the factors set forth in § 4(a)(2) of the proved . Act. We would approve this application because we On the evidence before it, the Board makes the believe the proposed affiliation would be in the following findings. D. H. Baldwin Company public interest. (“Registrant”), Cincinnati, Ohio, became a bank holding company on December 31, 1970, as a BOARD REVIEW UNDER THE result of the 1970 Amendments to the Act, by GRANDFATHER PROVISO IN SECTION 4(a)(2) virtue of Registrant’s indirect ownership of almost OF BANK HOLDING COMPANY ACT all of the voting shares of Central Bank and Trust Company (“Bank”), Denver, Colorado (assets of D. H. BALDWIN COMPANY, about $279 million, as of December 31, 1970). CINCINNATI, OHIO Bank, control of which was acquired by Registrant Determination Regarding “Grandfather” in June, 1968, had total deposits of approximately Privileges Under Bank Holding Company $300 million as of June 30, 1972, representing Act about 9 per cent of the total deposits in commercial Section 4 of the Bank Holding Company Act banks in the Denver banking market, and is the (12 U.S.C. 1843) provides certain privileges fourth largest bank in that market. (“grandfather” privileges) with respect to non­ Bank’s management, financial condition, and banking activities of a company that, by virtue prospects are regarded as satisfactory. During the of the 1970 Amendments of the Bank Holding course of its review of the grandfather privileges Company Act, became subject to the Bank Hold­ of Registrant, the Board noted with concern that ing Company Act. Pursuant to § 4(a)(2) of the Bank maintained correspondent balances with Act, a “company covered in 1970” may continue banks designated by Registrant and at which Reg­ to engage, either directly or through a subsidiary, istrant maintained lines of credit. In view of the in nonbanking activities that such a company was Board’s concern in this area, Registrant has dis­ lawfully engaged in on June 30, 1968 (or on a continued the practice and committed itself to date subsequent to June 30, 1968, in the case of refraining from such practice in the future. activities carried on as a result of the acquisition Registrant, a diversified corporation with about by such company or subsidiary, pursuant to a $619 million in assets as of December 31, 1970, binding written contract entered into on or before is engaged (either directly or through subsidiaries) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 537 in three principal areas of activity, namely, (1) tronics are conducted through subsidiaries with the manufacture and sale of musical instruments; total assets of about $14 million as of December (2) manufacture and sale of electronic compo­ 31, 1970. Total sales from the subsidiaries en­ nents; and (3) providing financial services. gaged in the electronics business amounted to about $5 million in 1971. Baldwin Electronics, Registrant has been engaged in the music busi­ Inc., a wholly-owned subsidiary acquired by Reg­ ness for over 100 years and has six subsidiaries istrant in April 1958, and headquartered in Little engaged in various facets of the musical instrument Rock, Arkansas, is engaged in the manufacture business. Baldwin Piano and Organ Company, and sale of photoelectric shaft position encoders headquartered in Cincinnati, is engaged in the for government and civilian uses; electronic com­ manufacture, sale, and sales financing of musical ponents for use primarily in Registrant’s electronic instruments and related accessories. The Baldwin organs and amplifiers; and rocket motors. Baldwin Piano Company (Canada) Ltd., headquartered in Electronics is also engaged in research, develop­ Toronto, purchases musical instruments manufac­ tured by other subsidiaries of Registrant and sells ment, and manufacturing of other electronic ord­ such instruments through independent dealers lo­ nance and timing devices. Quantrol Electronics, cated in principal cities throughout Canada. Bald­ Inc., a wholly-owned subsidiary of Baldwin Elec­ win Export Corporation, headquartered in Cincin­ tronics, was formed in June 1968, for the purpose nati, sells musical instruments in the Western of manufacturing photoelectric and photovoltaic Hemisphere outside the United States. C. Bech- devices. Another subsidiary of Baldwin Elec­ stein Pianofortefabrik, A.G., West Berlin, Ger­ tronics, Electron Emission Systems, Inc., Tucson, many (about 74 per cent of whose shares are Arizona, was formed in November 1969, and owned by Registrant) manufactures pianos in West engages in research, development, manufacture Germany for sale throughout the world with and sale of nuclear hardened electronics and inte­ Europe as its principal market. Canyon Press, Inc., grated vacuum circuits. Since Electron Emission Cincinnati, a wholly-owned subsidiary of Regis­ Systems was formed after June 30, 1968, it is not trant, is engaged in the production and sale of sheet entitled to indefinite grandfather benefits, and must music. Fabricantes Tecnico, S.A., a wholly- be disposed of by December 31, 1980. Siliconix owned subsidiary located in Juarez, Mexico, is Incorporated, headquartered in Santa Clara, Cali­ engaged in the manufacture and assembly of com­ fornia (about 28 per cent of whose shares are held ponents for use in Baldwin pianos and organs. The by Registrant) was formed in 1962 and is engaged D. H. Baldwin Trust, established by Registrant in the design, development, manufacture and sale in December 1967, assists in the sale of the musi­ of specialty semiconductor components and inte­ cal instruments manufactured by Registrant. The grated circuits. Siliconix has three wholly-owned sole function of the trust is to hold title to and subsidiaries operating, respectively, in the United finance dealer consignment inventory. Registrant’s Kingdom, Germany, and France. Siliconix also net sales from the musical instrument business has direct or indirect interests in three other elec­ tronics companies: I.P.T. Corporation of Califor­ amounted to about $47 million in 1971, represent­ ing about 5 per cent of the total sales of the musical nia, and Ledel Semiconductor, Inc., a California instrument industry in the United States. Regis­ corporation which owns 100 per cent of the stock trant’s piano sales that year amounted to about 19 of Ledel Semiconductor (H.K.), Ltd., a Hong per cent of the total sales by members of the Kong corporation. National Piano Manufacturers Association, which Registrant has committed itself to divestment of accounts for 90 per cent of the piano and piano its electronics business (not related to the music parts sales in the United States. Registrant’s organ business) with reasonable speed and in any event sales (for 1971) amounted to about 8 per cent of by December 31, 1980. Registrant has already the sales in the United States by members of the initiated efforts to divest its interests in Quantrol National Association of Electronic Organ Manu­ Electronics and Electron Emissions Systems. In facturers. All of Registrant’s activities relating to view of the fact that Registrant has committed the musical instrument business were commenced itself to divestiture of its electronic interests at a prior to June 30, 1968, have been engaged in date earlier than would be required under an order continuously since that date, and appear to be for termination of grandfather privileges, no fur­ eligible for retention on the basis of grandfather ther analysis of the grandfather privileges with privileges. respect to the electronics business is deemed nec­ The activities of Registrant relating to elec­ essary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN □ JULY 1973 Registrant’s financially related activities are (through Baldwin Piano & Organ Company) ac­ conducted through several nonbank subsidiaries. quired about 96 per cent of the shares of Anchor The Baldwin Company, Cincinnati, Ohio (“Bald­ Savings and Loan Association (“Anchor”), win”), was originally formed in 1966 as a real Kansas City, Kansas ($122 million in assets, as estate holding company, but its only significant of September 30, 1971) in December, 1971, in present activity appears to be the long-term lease apparent violation of the Bank Holding Company of a warehouse to the Kroger Company. D. E. Act since such acquisition took place without the Pedlow & Company, Cincinnati, Ohio (“Ped- prior approval of the Board. On the day following low”), was acquired pursuant to a contract entered that acquisition, Registrant sold about 62 per cent into prior to June 30, 1968, to engage in various of the shares to the public while continuing to hold types of financing transactions but, as of December about 34 per cent of non-voting shares.1 Registrant 31, 1971, its lending activities consisted solely of has entered into an agreement for the sale of the making home improvement loans, mainly for kit­ remaining shares that it holds in the saving and chen remodeling and swimming pools, where a loan association, and no Board action with respect second mortgage is taken as security. Wobro to the divestment of Anchor appears to be neces­ Leasing Corp. (“Wobro”), was organized by sary at this time. Central Bank Building Corpora­ principals of Registrant in April 1966, for the tion, a wholly-owned subsidiary of Bank, is en­ purpose of leasing buildings and equipment to a gaged in holding the premises occupied by Bank. piano actions manufacturer. The buildings have The activities of this subsidiary appear to be per­ been sold and the company continues to engage missible, on the basis of § 4(c)(1)(A) of the Act, in the leasing of machinery to a manufacturer of and no grandfather benefits are needed for Regis­ piano actions. Since the activities of Baldwin, trant to continue such activities. Pedlow, and Wobro were engaged in, prior to June On the basis of the foregoing and all the facts 30, 1968, Registrant may continue such activities, before the Board, it appears that the volume, but this determination is not authority to enter into scope, and nature of the activities of Registrant any new activities that were not engaged in on and its grandfathered subsidiaries do not demon­ June 30, 1968, and continuously thereafter, nor strate an undue concentration of resources, de­ any activity that is not the subject of this determi­ creased or unfair competition, conflicts of interest, nation. nor unsound banking practices. Baldwin-Central, Inc., is a holding company There appears to be no reason to require Regis­ owning almost all the outstanding shares of Bank. trant to terminate its grandfather interests. It is the Through Baldwin-Central, Inc., Registrant ac­ Board’s judgment that, at this time, termination quired after June 30, 1968, a convertible bond of of the grandfather privileges of Registrant is not National Farmer Union Service Corporation, necessary in order to prevent an undue concentra­ (“NFUSC”), Denver, Colorado, which bond is tion of resources, decreased or unfair competition, convertible into voting shares of that company. conflicts of interest, or unsound banking practices. If the bond is converted, Baldwin-Central would However, this determination is not authority to hold about 90 per cent of the voting shares of enter into any activity that was not engaged in NFUSC. NFUSC and its five subsidiaries are en­ on June 30, 1968, and continuously thereafter, nor gaged in the underwriting of various types of any activity that is not the subject of this determi­ insurance, all noncredit related. Since Registrant’s nation. interest in NFUSC was acquired after June 30, A significant alteration in the nature or extension 1968, indefinite grandfather benefits are not avail­ of Registrant’s activities or a change in location able with respect to NFUSC or its subsidiaries, thereof (significantly different from any described and Registrant must reduce its interest in NFUSC in this determination) will be cause for a re-evalu­ to less than 5 per cent of the outstanding voting ation by the Board of Registrant’s activities under shares by December 31, 1980. Baldwin-Central the provisions of § 4(a)(2) of the Act, that is, also holds 99 per cent of the voting shares of whenever the alteration or change is such that the Empire Savings and Loan Association (“Em­ Board finds that a termination of the grandfather pire”), Denver, Colorado ($252 million in assets, privileges is necessary to prevent an undue con­ as of December 31, 1971). The interest in Empire centration of resources or any of the other evils was acquired after June 30, 1968, and must be at which the Act is directed. No merger, consoli­ reduced to less than 5 per cent of the outstanding 1 Registrant states that the shares in Anchor were converted voting shares by December 31, 1980. Registrant to non-voting prior to their acquisition by Registrant. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 539 dation, acquisition of assets other than in the may arise as a result of such a combination. The ordinary course of business, nor acquisition of any evidence before the Board with respect to the interest in a going concern, to which the Registrant activities of D. H. Baldwin supports the wisdom or any nonbank subsidiary thereof is a party, may of that decision. As noted in the Board’s state­ be consummated without prior approval of the ment, D. H. Baldwin Company has followed the Board. Further, the provision of any credit, prop­ practice of requiring its subsidiary bank to main­ erty, or service by the Registrant or any subsidiary tain correspondent balances at banks that lend to thereof shall not be subject to any condition which, D. H. Baldwin and its other subsidiaries. It seems if imposed by a bank, would constitute an unlawful to me that this practice is indicative of an attitude tie-in arrangement under § 106 of the Bank Hold­ on the part of D. H. Baldwin to use the resources ing Company Act Amendments of 1970. of its subsidiary bank to further its nonbank activ­ The determination herein does not preclude a ities at the possible expense of its banking subsi­ later review by the Board of Registrant’s nonbank diary. activities and a future determination by the Board While Registrant has committed itself to re­ in favor of termination of grandfather benefits of fraining from the practice of having its bank Registrant. The determination herein is subject to maintain compensating balances in the future, the the Board’s authority to require modification or continued involvement of Registrant in the musical termination of the activities of Registrant or any instrument business presents Registrant with the of its nonbanking subsidiaries as the Board finds opportunity to misuse its relationship with Bank necessary to assure compliance with the provisions through other means that may be of detriment to and purposes of the Act and the Board’s regula­ the financial condition of Bank. In order to prevent tions and orders issued thereunder, or to prevent this possibility, I would require Registrant to di­ evasions thereof. vest itself of the musical instrument, as well as By determination of the Board of Governors, the electronics, manufacturing business. In the effective June 14, 1973.2 alternative, Registrant could continue such activi­ ties, but the price for doing so would be to cease Voting for this action: Chairman Burns and Governors Sheehan and Bucher. Voting against this action: Governor to be a bank holding company. In my view, such Brimmer. Absent and not voting: Governors Mitchell and a decision is more in keeping with the purposes Daane. and intent of the Act than is the majority’s deci­ (Signed) Tynan Smith, sion. [seal] Secretary of the Board. PATAGONIA CORPORATION, Dissenting Statement of TUCSON, ARIZONA Governor Brimmer Determination Regarding “Grandfather” 1 favor a termination of the grandfather privi­ Privileges Under Bank Holding Company leges of the D. H. Baldwin Company with respect Act to the musical instrument business. On this basis, Section 4 of the Bank Holding Company Act under the provisions of § 4(a)(2) of the Act, D. (12 U.S.C. 1843) provides certain privileges H. Baldwin would have ten years to divest itself (“grandfather” privileges) with respect to non­ of its musical instrument manufacturing activities. banking activities of a company that, by virtue In my view, the company should decide now of the 1970 Amendments of the Bank Holding whether it wants to be a bank holding company, Company Act, became subject to the Bank Hold­ and thus limit itself to activities that the Board ing Company Act. Pursuant to § 4(a)(2) of the has determined to be closely related to banking, Act, a “company covered in 1970” may continue or whether it wants to be in the manufacturing to engage, either directly or through a subsidiary, business, in which event, it should cease to be in nonbanking activities that such a company was a bank holding company. lawfully engaged in on June 30, 1968 (or on a The history of the Bank Holding Company Act date subsequent to June 30, 1968, in the case of makes it abundantly clear that Congress wanted activities carried on as a result of the acquisition the business of banking to be separate from other by such company or subsidiary, pursuant to a commercial enterprises in view of the abuses that binding written contract entered into on or before June 30, 1968, of another company engaged in 2 Board action was taken before Governor Holland became a Board Member. such activities at the time of the acquisition), and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN □ JULY 1973 has been continuously engaged in since June 30, ment entered into on February 28, 1968) a com­ 1968 (or such subsequent date). pany offering insurance primarily in connection Section 4(a)(2) of the Act provides, inter alia, with loans made by Bank. As of December 31, that the Board of Governors of the Federal Reserve 1970, Agency had $38,000 in assets and a net System may terminate such grandfather privileges income of $1,600; and its present activities appear if, having due regard to the purpose of the Act, to be limited to servicing previously issued poli­ the Board determines that such action is necessary cies. The insurance activities of Agency appear to prevent an undue concentration of resources, to be eligible for grandfather benefits. decreased or unfair competition, conflicts of inter­ Registrant acquired (in December 1969) 100 per est, or unsound banking practices. With respect cent of the voting shares of Pioneer Bancorpora­ to a company that controls a bank with assets in tion (“Pioneer”), Phoenix, Arizona, a company excess of $60 million on or after December 31, engaged in acting as fire and casualty insurance 1970, the Board is required to make such a deter­ underwriter and a lessor of office equipment to mination within a two-year period. Bank. Since the interest in Pioneer was not ac­ Notice of the Board’s proposed review of the quired until after June 30, 1968, Registrant must grandfather privileges of Patagonia Corporation, reduce its holdings in Pioneer to 5 per cent or Tucson, Arizona, and an opportunity for interested less of the outstanding voting shares by December persons to submit comments and views or request 31, 1980, or secure Board approval under § 4(c)(8) a hearing, has been given (37 F.R. 22414). The to retain those shares.2 time for filing comments, views, and requests has Registrant now owns 100 per cent of Pima expired, and all those received have been consid­ Savings and Loan Association (“Pima”), Tucson, ered by the Board in light of the factors set forth Arizona, the fifth largest savings and loan associa­ in § 4(a)(2) of the Act. tion in Arizona with savings deposits of about On the evidence before it, the Board makes the $101 million as of May 31, 1972. However, on following findings. Patagonia Corporation (“Reg­ June 30, 1968, Registrant held only 20.005 per istrant”), Tuscon, Arizona, became a bank hold­ cent of the stock of Pima; Registrant purchased ing company on December 31, 1970, as a result the remaining shares of Pima during the period of the 1970 Amendments to the Act, by virtue from June 30, 1968, to December 31, 1970. Ac­ of Registrant’s ownership of all of the voting cordingly, on the basis of grandfather benefits, shares of Great Western Bank & Trust, (“Bank”), Registrant may retain indefinitely its 20.005 per Phoenix, Arizona (assets of about $164 million, cent interest in Pima, and must reduce its holdings as of December 31, 1970). Registrant was a one- in Pima to that level by December 31, 1980, or bank holding company prior to June 30, 1968. secure Board approval under § 4(c)(8) of the Act Bank had total deposits of approximately $177 to retain the additional shares of Pima.3 million as of June 30, 1972, representing about Registrant owns also 6.9 per cent of the voting 4 per cent of the total deposits in commercial banks shares of UB Financial Corporation, Phoenix, in Arizona and, in view of its size, Bank is not Arizona, a one-bank holding company that con­ regarded as a significant competitor in the markets trols the United Bank of Arizona, Phoenix, Ari­ it serves. zona, and was acquired after June 30, 1968. The Bank’s management, financial condition, and activities of the company are limited to those of prospects are regarded as satisfactory and the managing or controlling banks and other subsidi­ Board has found no evidence of unsound banking aries authorized under the Act or of furnishing practices. services to or performing services for its subsidi­ Registrant, a bank holding company with about aries. Registrant is not required to divest its inter­ $312 million in assets as of December 31, 1971, est in UB Financial. is engaged directly in no activity other than hold­ Two indirect subsidiaries of Registrant, namely, ing stock in its banking subsidiary and in non­ Great Western Insurance Company, and Great banking companies.1 Registrant owns 100 per cent Western Insurance Agency, both of Phoenix, are of the Navajo Insurance Agency, Inc. wholly-owned subsidiaries of Bank, but were ac­ (“Agency”), Phoenix, Arizona, (acquired in Oc­ quired after June 1968. On this basis, the com­ tober 1968, pursuant to a binding written agree- 2 Leasing office equipment to Bank appears to be permissible lrThe discussion herein relates only to Registrant’s interests on the basis of § 4(c)(1)(C) of the Act. as of December 31, 1970, and does not include acquisitions 3 Operation of a savings and loan association is not currently that may have been consummated pursuant to a Board order on the Board’s list of permissible activities for a bank holding under § 4(c)(8) of the Act. company. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 541 panies are not entitled to indefinite grandfather activities and a future determination by the Board benefits, but may be eligible for retention on the in favor of termination of grandfather benefits of basis of being operation subsidiaries of the bank Registrant. The determination herein is subject to and § 225.4(e) of the Board’s Regulation Y, the Board’s authority to require modification or provided they meet the definition of operation termination of the activities of Registrant or any subsidiary.4 of its nonbanking subsidiaries as the Board finds On the basis of the foregoing and all the facts necessary to assure compliance with the provisions before the Board, it appears that the volume, and purposes of the Act and the Board’s regula­ scope, and nature of the activities of Registrant tions and orders issued thereunder, or to prevent and its grandfathered subsidiaries do not demon­ evasions thereof. strate an undue concentration of resources, de­ By determination of the Board of Governors, creased or unfair competition, conflicts of interest, effective June 29, 1973. nor unsound banking practices; and, accordingly, Voting for this action: Chairman Burns and Governors there appears to be no reason to require Registrant Mitchell, Daane, Sheehan, Bucher, and Holland. Concurring to terminate its grandfather interests. However, in part and Dissenting in Part: Governor Brimmer. this determination is not authority to enter into any (Signed) Chester B. Feldberg, activity that was not engaged in on June 30, 1968, [seal] Assistant Secretary of the Board. and continuously thereafter, nor any activity that is not the subject of this determination. Statement of Governor Brimmer A significant alteration in the nature or extension Concurring in Part and Dissenting in Part of Registrant’s activities or a change in location thereof (significantly different from any described I agree with the Board that Patagonia Corpora­ in this determination) will be cause for a re-evalution is entitled to grandfather benefits with respect ation by the Board of Registrant’s activities under to its interest in the Navajo Insurance Agency and the provisions of § 4(a)(2) of the Act, that is, the 20.005 per cent interest in Pima Savings and whenever the alteration or change is such that the Loan Association; and that no termination of these Board finds that a termination of the grandfather interests should be required at this time. However, privileges is necessary to prevent an undue con­ I would require Registrant to divest down to 5 centration of resources or any of the other evils per cent or less of the voting shares of UB Finan­ at which the Act is directed. No merger, consoli­ cial Corporation before January 1, 1981. dation, acquisition of assets other than in the Registrant acquired 6.9 per cent of the voting ordinary course of business, nor acquisition of any shares of UB Financial during the period from June interest in a going concern, to which the Registrant 30, 1968, to December 31, 1970. A company that or any nonbank subsidiary thereof is a party, may was brought under the Act by the enactment of be consummated without prior approval of the the 1970 Amendments to the Bank Holding Com­ Board. Further, the provision of any credit, prop­ pany Act may not retain, beyond December 31, erty, or service by the Registrant or any subsidiary 1980, shares in a nonbank company acquired dur­ thereof shall not be subject to any condition which, ing the period from June 30, 1968, to December if imposed by a bank, would constitute an unlawful 31, 1970. Accordingly, Patagonia should be re­ tie-in arrangement under § 106 of the Bank Hold­ quired to divest down to 5 per cent or less of the ing Company Act Amendments of 1970. voting shares of UB Financial before January 1, The determination herein does not preclude a 1981. later review by the Board of Registrant’s nonbank ERRATA 4Section 225.4(e) of Regulation Y provides in part that, so far as Federal law is concerned, a State bank or a subsidiary The statement of policy on availability of infor­ thereof may “. . . acquire or retain all (but, except for directors’ qualifying shares, not less than all) of the shares mation to facilitate supervision of foreign opera­ of a company that engages solely in activities in which the tions of member banks is an interpretation of parent bank may engage, at locations at which the bank may Regulations K and M rather than Regulations D engage in the activity, and subject to the same limitations as if the bank were engaging in the activity directly.” and M as published in last month’s Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN □ JULY 1973 ORDERS NOT PRINTED IN THIS ISSUE During June 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 UNDERS 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 First Bancgroup-Alabama, Inc. The First National Bank of 6/15/73 38 F.R. 16675 Mobile, Alabama Mobile, Mobile, Alabama, 6/25/73 and The Henderson National Bank of Hunts­ ville, Huntsville, Alabama First Georgia Bancshares, Inc. Bank of Fulton County, 6/25/73 38 F.R. 17768 Atlanta, Georgia East Point, Georgia 7/3/73 First Pioneer Bancorp, Inc. First National Bank of Franklin 6/12/73 38 F.R. 16109 County, Greenfield, Massa­ 6/20/73 chusetts First York Ban Corp. The First National Bank of 6/8/73 38 F.R. 16110 York, Nebraska York, York, Nebraska 6/20/73 Michigan Financial Corporation The First National Bank and 6/8/73 38 F.R. 15887 Marquette, Michigan Trust Company, Marquette, 6/18/73 Michigan; The Miner’s First National Bank and Trust Company, Escanaba, Michigan; The Gwinn State Savings Bank, Gwinn, Mich­ igan; The First National Bank of Hermansville, Michigan; and Trenary State Bank, Trenary, Michigan Stockgrowers State Bank Company The Stockgrowers State Bank 6/26/73 38 F.R. 19163 Inc., Worland, Wyoming Worland, Wyoming 7/18/73 Survco Bancorp, Inc. Sugar Creek National Bank 6/18/73 38 F.R. 16680 Sugar Creek, Missouri Sugar Creek, Missouri and 6/25/73 Surco Company, Sugar Creek Missouri United Ohio Bancorp The Medina County B ank, Lodi, 6/12/73 38 F.R. 16112 Ashland, Ohio Ohio; The First National Bank 6/20/73 of Ashland, Ashland, Ohio Whitmore Bancorporation, Inc. The Page County State Bank 6/1/73 38 F.R. 15551 Corning, Iowa Clarinda, Iowa 6/13/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 543 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, Inc. Baldwin County Bank, 6/26/73 38 F.R. 17781 Birmingham, Alabama Bay Minette, Alabama 7/5/73 Bancorporation of Montana First Security Bank of Glasgow, 6/26/73 38 F.R. 15885 Great Falls, Montana N. A., Glasgow, Montana 6/18/73 BancOhio Corporation The Imperial State Bank, 6/26/73 38 F.R. 17782 Columbus, Ohio Vandalia, Ohio 7/5/73 Bankers Trust New York Corporation The Farmers National Bank of 6/12/73 38 F.R. 15886 New York, New York Malone, Malone, New York 6/18/73 Central Bancshares of the South, Planters & Merchants Bank, 6/12/73 38 F.R. 16109 Inc, Birmingham, Alabama Uniontown, Alabama 6/20/73 Dominion Bankshares Corporation The First National Exchange 6/21/73 38 F.R. 17285 Roanoke, Virginia Bank of Washington County, 6/29/73 Washington County, Virginia First City Bancorporation Texas Bank & Trust 6/29/73 38 F.R. 18408 of Texas, Inc., Company of Dallas, 7/10/73 Houston, Texas Dallas, Texas First Financial Corporation The Lewis State Bank, Talla­ 6/26/73 38 F.R. 17882 Tampa, Florida hassee, Florida, and The 7/3/73 Gulf National Bank, Tallahassee, Florida First Florida Bancorporation Peoples Bank in North Fort 6/25/73 38 F.R. 17883 Tampa, Florida Myers, Fort Myers, Florida 7/3/73 First Florida Bancorporation United National Bank, 6/20/73 38 F.R. 17039 Tampa, Florida Cocoa Beach, Florida 6/28/73 First International Bancshares, The Bank of El Paso, 6/25/73 38 F.R. 17769 Inc., Dallas, Texas El Paso, Texas 7/3/73 First International Bancshares, The State National Bank of 6/25/73 38 F.R. 17768 Inc., Dallas, Texas Denison, Denison, Texas 7/3/73 First International Bancshares, Temple National Bank, 6/1/73 38 F.R. 17884 Inc, Dallas, Texas Temple, Texas 7/3/73 The First National Bancorporation, Republic National Bank of 6/1/73 38 F.R. 15396 Inc., Denver, Colorado Pueblo, Pueblo, Colorado 6/11/73 First Security National Corporation Colonial National Bank of Gar­ 6/12/73 38 F.R. 16110 Beaumont, Texas land, Garland, Texas 6/20/73 First Security National Corporation The Village State Bank, 6/15/73 38 F.R. 16676 Beaumont, Texas Beaumont, Texas 6/25/73 First Union, Incorporated Chesterfield Bank, 6/8/73 38 F.R. 15886 St. Louis, Missouri Chesterfield, Missouri 6/18/73 First United Bancorporation, Inc. First State Bank of Odessa, 6/20/73 38 F.R. 17040 Fort Worth, Texas Odessa, Texas 6/28/73 Greater Jersey Bancorp Provident Bank of New Jersey, 6/20/73 38 F.R. 17040 Clifton, New Jersey Willingboro, New Jersey 6/28/73 Landmark Banking Corporation Orange State Bank of Orlando, 6/18/73 38 F.R. 16111 of Florida, Fort Lauderdale, Orlando, Florida 6/20/73 Florida Manufacturers Hanover Corporation The First National Bank of 6/18/73 38 F.R. 16921 Dover, Delaware Olean, Olean, New York 6/27/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN □ JULY 1973 ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR ACQUISITION OF BANK—Cont. Board action Federal (effective Register Applicant Bank(s) date) citation Old Kent Financial Corporation First National Bank of Cadillac, 6/27/73 38 F.R. 18592 Grand Rapids, Michigan Cadillac, Michigan 7/12/73 PanNational Group Inc. Metro Bank of Dallas, 6/28/73 38 F.R. 18593 El Paso, Texas Dallas, Texas 7/12/73 State Street Boston Financial Cor­ Union National Bank, 6/29/73 38 F.R. 18413 poration, Boston, Massachusetts Lowell, Massachusetts 7/10/73 United Jersey Banks Par-Troy State Bank, 6/1/73 38 F.R. 15397 Hackensack, New Jersey Parsippany-Troy Hills, New 6/11/73 Jersey Virginia National Bankshares, Inc. Virginia National Bank/Henry 6/21/73 38 F.R. 17545 Norfolk, Virginia County, Henry County, Vir­ 7/2/73 ginia 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 American Fletcher Corporation Chappie Loan Company, 6/8/73 38 F.R. 15885 Indianapolis, Indiana Muskegon, Michigan 6/18/73 Centran Bancshares Corporation Major Finance Corporation, 6/20/73 38 F.R. 17039 Cleveland, Ohio Silver Spring, Maryland 6/28/73 First Tennessee National Corp., Crown Finance Corporation, 6/21/73 38 F.R. 17542 Memphis, Tennessee St. Louis, Missouri 7/2/73 Greater Jersey Bancorp. New Jersey Mortgage and Title 6/20/73 38 F.R. 17040 Clifton, New Jersey Company, Passaic, New Jer­ 6/28/73 sey American Bancorporation, Inc. Linwood Mortgage Company 6/15/73 38 F.R. 16674 Kansas City, Missouri Kansas City, Missouri and 6/25/73 Homestead Homes, Inc. Kansas City, Missouri Bank America Corporation BA Cheque Corporation, 6/14/73 38 F.R. 16280 San Francisco, California San Francisco, California 6/21/73 First Pennsylvania Corporation Aliquippa Finance Corporation, 6/29/73 38 F.R. 18410 Philadelphia, Pennsylvania Aliquippa, Pennsylvania; 7/10/73 Beaver Falls Consumer Discount Company Inc., Beaver Falls, Pennsylvania; and Ellwood Finance Corporation, Ellwood City, Pennsylvania Hamilton Bancshares, Inc. Bankshares Life Insurance Com­ 6/18/73 38 F.R. 16677 Chattanooga, Tennessee pany, Phoenix, Arizona 6/25/73 Patagonia Corporation Tucson Finance Company 6/1/73 38 F.R. 15397 Tucson, Arizona Tucson, Arizona 6/11/73 Patagonia Corporation, Western American Mortgage 6/29/73 38 F.R. 18412 Tucson, Arizona Company, Phoenix, Arizona 7/10/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 545 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT— APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES—Cont. Board action Federal (effective Register Applicant Bank(s) date) citation Philadelphia National Corporation Signet Corporation 6/18/73 38 F.R. 16679 Philadelphia, Pennsylvania Pittsburgh, Pennsylvania 6/25/73 Survco Bancorp, Inc., Sugar Creek National Bank, 6/18/73 38 F.R. 16680 Sugar Creek, Missouri Sugar Creek, Missouri, and 6/25/73 Surco Company, Sugar Creek Missouri ORDERS UNDER BANK MERGER ACT— APPLICATIONS TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS Federal Effective Register Applicants Bank date citation Bank of Fulton County, First Georgia Bank, 6/25/73 38 F.R. 17768 East Point, Georgia Atlanta, Georgia 7/3/73 Montana Street State Bank, The Bank of El Paso, 6/25/73 38 F.R. 17770 El Paso, Texas El Paso, Texas 7/3/73 Texas Bank & Trust New Texas Bank & Trust 6/29/73 38 F.R. 18414 Company of Dallas, Company of Dallas, 7/10/73 Dallas, Texas Dallas, Texas ORDERS ISSUED BY FEDERAL RESERVE BANKS During June 1973, applications were approved by the Federal Reserve Banks under delegated authority as listed below. The orders have been published in the Federal Register, and copies of the orders are available upon request to the Reserve Bank. ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR ACQUISITION OF BANK Federal Effective Register Applicant Bank(s) Reserve Bank date citation First Bancshares of Florida, Fidelity National Bank, 6/14/73 38 F.R. 16675 Boca Raton, Florida South Miami, Florida 6/25/73 United Alabama Bancshares, Inc., The Bank of Huntsville, Atlanta 6/20/73 38 F.R. 17543 Dothan, Alabama Huntsville, Alabama; 7/2/73 First National Bank of Eufaula, Eufaula, Ala­ bama; and First Western Bank, Bessemer, Ala­ bama Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN □ JULY 1973 ORDER UNDER BANK MERGER ACT— APPLICATIONS TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS Federal Effective Register Applicant Bank Reserve Bank date citation Citizens Bank of Poquoson, First Virginia Bank of Richmond 6/28/73 38 F.R. 19163 Poquoson, Virginia the Peninsula, Hamp­ 7/18/73 ton, Virginia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements AMENDMENTS TO REGULATION Q Maturity New ceiling Old ceiling The Board of Governors of the Federal Reserve Passbook accounts 5.0 4.5 System has announced an increase in the maxi­ 90 days to 1 year 5.5 5.0 mum rates of interest that member banks may pay 1 year to 2 V2 years 6.0 5.5 (for deposits of on passbook savings and other types of consumer 1 year to 2 years) deposits, retroactive to July 1. 5.75 (for deposits of 2 years and over) The actions amending the Board’s Regulation 2V2 years and over 6.5 5.75 (for deposits Q will: of 2 years and over) —Permit member banks to increase from 4.5 4 years and over No ceiling 5.75 (for deposits of per cent to 5 per cent the maximum rate of interest with mini- 2 years and over) they may pay on passbook savings deposits. mum denom­ —Authorize member banks to increase by one- ination of $1,000 fourth to three-fourths of a percentage point the maximum interest rate payable on consumer-type The new schedule of ceilings, which member time deposits—those of less than $100,000. banks may make effective with the interest-credit- —Establish a new category of consumer time ing period beginning July 1, will apply to both deposit on which member banks are not limited single- and multiple-maturity deposits. Single-ma­ as to the amount of interest they wish to pay. To turity deposits have one expiration date. Multiplebe eligible, the deposit must mature in 4 years maturity time deposits include deposits that are or more with a minimum denomination of $1,000. renewed automatically at maturity without action The Board’s actions, along with changes in by the depositor and deposits that are payable after interest rate ceilings being made by other regula­ written notice of withdrawal. tory agencies, have a twofold objective: They are Ceilings on single-maturity time deposits of designed to provide room within the ceilings for $100,000 and over that mature in 90 days or more a greater measure of equity in the payment of were suspended by the Board on May 16 as part interest to consumers, in an environment where of a series of actions designed to curb the rapid interest rates generally have been rising. They also expansion in bank credit and to help moderate should enable member banks, and other financial inflationary pressures. Ceilings on large time de­ institutions, to bid more effectively for consumer posits maturing in less than 90 days were sus­ deposits in competition with the yields available pended in 1970. to savers on market securities. Ceilings on consumer-type deposits were last Revisions in the interest rate ceilings were made increased on January 21, 1970. Such ceilings by the Board after consultation with the Federal represent only the maximum amount of interest Deposit Insurance Corporation and the Federal that banks may pay on deposits. Member banks Home Loan Bank Board. These agencies have are free to pay a lesser rate of interest if they so parallel regulatory authority over the maximum desire. rates of interest that may be paid by insured In a related action, the Board announced a State-chartered banks that are not members of the change in that part of its regulation that permits Federal Reserve System, Federally insured mutual the payment of a time deposit prior to maturity. savings banks, and savings and loan associations. Under the present regulation, a bank may pay a These agencies also announced changes in ceiling time deposit before maturity only “in an emer­ interest rates for the institutions they regulate. gency where it is necessary to prevent great hard­ In its actions, the Board of Governors approved ship to the depositor.” Under the new rule, a bank the following maximum rate structure (in per cent) may pay a time deposit at any time before maturity for consumer deposits at banks that are members but only at a reduced rate of interest to the deposi­ of the Federal Reserve System, namely all national tor. In such cases, a bank may pay the depositor banks and State member banks: interest at no more than the passbook rate for the 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN □ JULY 1973 period held, less 3 months. Banks are permitted A swap arrangement is a short-term facility to pay a rate of interest on time deposits higher under which the Federal Reserve and another cen­ than that allowed on passbook savings accounts tral bank mutually agree to exchange dollars for because of the underlying agreement that the time the currency of the other country up to a maximum account money will remain on deposit for a speci­ amount over a limited period of time. fied period of time. Normally, a passbook account This announcement reflects arrangements that provides a depositor with greater liquidity because are being carried out in conformity with the policy he can withdraw funds at any time, although the that was agreed to at the March 16th Paris meeting bank may require 30 days written notice of an of finance ministers and central bank governors. intended withdrawal. The increases and the new totals of the swap lines are as follows (in millions of dollars): CHANGE IN DISCOUNT RATE AND RESERVE REQUIREMENTS Foreign bank Increase Total The Board of Governors on June 29, 1973, took Austrian National Bank 50 250 two actions designed to restrain continuing exces­ National Bank of Belgium .. 400 1,000 sive expansion in money and credit. Bank of Canada............................ 1,000 2,000 The Board: National Bank of Denmark 50 250 —Approved actions by the Directors of the Bank of England.......................... 2,000 Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chi­ Bank of France............................... 1,000 2,000 cago, St. Louis, Minneapolis, Kansas City, German Federal Bank.............. 1,000 2,000 Dallas, and San Francisco increasing the discount Bank of Italy................................... 750 2,000 Bank of Japan................................. 1,000 2,000 rate of those banks from 6V2 per cent to 7 per Bank of M exico............................ 50 180 cent, effective July 2. —Increased reserve requirements on all but the Netherlands Bank.......................... 200 500 first $2 million of net demand deposits at member Bank of Norway............................ 50 250 banks by one-half of a percentage point. This Bank of Sweden............................ 50 300 action became effective in the reserve computation Swiss National B ank................ 400 1,400 period beginning July 19 and is applicable to the Bank for International Settle­ average net demand deposits held in the week ments: beginning July 5 and ending July 11. Swiss francs/dollars.............. 600 Other European currencies/ The increase in reserve requirements will re­ dollars ........................................ 250 1,250 move some $800 million from the reserves that TO TA L.............................. 6,250 17,980 support the deposit and loan structure of banks. The new reserve requirement structure is: FOMC APPOINTMENTS Reserve percentage The following staff appointments have been made On net demand deposits of— applicable by the Federal Open Market Committee: First $2 million or less........................................8 (unchanged) Arthur L. Broida, formerly Deputy Secretary to Over $2 million to $10 m illion.......................................... IOV2 the Committee, as Secretary, succeeding Robert Over $10 million to $100 million ................................... 12% C. Holland who became a Committee Member by Over $100 million to $400 m illion................................. 13% virtue of his appointment as a Member of the Over $400 million............................................................................... 18 Board of Governors. Thomas J. O’Connell, General Counsel of the INCREASE IN SWAP ARRANGEMENTS Board of Governors and formerly Assistant Gen­ The Federal Reserve announced on July 10, 1973, eral Counsel of the Committee, as General Coun­ an increase of $6.25 billion in the reciprocal cur­ sel of the Committee, succeeding Howard H. rency (“swap”) arrangements that it maintains Hackley who retired. with 14 foreign central banks and the Bank for Edward G. Guy, Vice President and General International Settlements. The increase raises the Counsel of the Federal Reserve Bank of New total of the System’s swap network to $17.98 York, as Deputy General Counsel of the Commit­ billion. tee, a new post. As in the past, the present expansion of the swap John Nicoll, Assistant General Counsel of the network was worked out in full consultation with Board, as Assistant General Counsel of the Com­ the Treasury. mittee. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 549 AMENDMENT TO REGULATION D The amendment reduces the amount of infor­ mation a creditor must furnish in advertising open The Board of Governors announced on June 18, end credit plans (including revolving retail credit 1973, that reserve requirements will be applied to accounts and bank card plans). In their advertising, funds raised by member banks through the sale creditors are still required to include certain mini­ of finance bills. There was no reserve requirement mum Truth in Lending disclosures—the annual on this type of instrument, which is sometimes percentage rate, any free-ride period, the method called a working capital acceptance or an “ineli­ of determining finance charges, and balances on gible” acceptance. which finance charges are imposed. Advertising By its action the Board amended its Regulation of the period of repayment (for instance, “up to D governing the reserves of member banks to 24 months to pay”) is added as a term requiring apply a basic 5 per cent reserve requirement on the same minimum disclosures with respect to an all outstanding finance bills. An additional 3 per open end plan, but advertising of “no down pay­ cent reserve requirement will apply to the total ment” is eliminated as a specific term triggering of funds raised through finance bills, large ($100,such requirements. 000 and over) certificates of deposit (or other The amendment would also require full disclo­ single-maturity time deposits of like size), and sure in an advertisement when a downpayment is commercial paper issued by an affiliate of a bank, advertised in percentage terms, as well as in dollar to the extent the total exceeds the level outstanding amounts. The advertised term “10% down” (or during the week ended May 16 or $10 million, alternatively, “90% financing”), for example, whichever is larger. would require a creditor to include a full disclosure Under the amendment, member banks will be of typical terms in the advertisement. required to include finance bills in their reserve The Board of Governors announced on July 13, calculations for the week beginning June 28. 1973, an additional amendment to Regulation Z Member banks will be required to hold the reserves regarding disclosure of unearned finance charge in the week beginning July 12. At present, about rebates. $1.6 billion in finance bills is outstanding. The new rule, proposed for comment by the The amendment is the same as the proposal Board on May 3, goes into effect January 1, 1974. made by the Board on May 16, as part of a series It requires creditors who do not provide rebates of actions designed to curb rapid expansion of of the unearned portion of a finance charge in the bank credit, help moderate inflationary pressures, event of prepayment in full of an instalment con­ and also assure the availability of credit on a tract to disclose this fact to consumers on the reasonable scale. The Board’s actions at that time Truth-in-Lending disclosure form. included: (1) imposition of the above-mentioned 8 per cent reserve requirements on large certifi­ TRANSFER OF FEDERAL RESERVE TERRITORY cates of deposits and on outstanding funds ob­ tained by banks through issuance by an affiliate Effective August 2, 1973, the territory of the of obligations subject to the existing reserve re­ Cincinnati Branch of the Federal Bank of Cleve­ quirements, and (2) suspension of the ceilings then land will be extended to include the counties of applicable to the rate of interest commercial banks Auglaize, Mercer, and Shelby, and the territory may pay on large certificates of deposit. of the Pittsburgh Branch will be extended to in­ The amendment adopted by the Board will apply clude the counties of Belmont, Jefferson, and to funds obtained by a bank for use in its banking Monroe. These six counties are currently in the business through bank acceptances that are not territory served by the Head Office at Cleveland. eligible for discount by a Federal Reserve Bank. The traditional type of bank acceptances that apply ADMISSION OF STATE BANK TO to specific transactions in goods are exempt from MEMBERSHIP IN THE FEDERAL reserve requirements and are eligible for discount RESERVE SYSTEM by a Federal Reserve Bank. The following bank was admitted to membership AMENDMENTS TO REGULATION Z in the Federal Reserve System during the period June 16, 1973, through July 15, 1973: The Board of Governors announced on July 3, 1973, an amendment of its Regulation Z, Truth South Dakota in Lending, primarily intended to encourage ad­ Rapid City ..................... American State vertising of open end credit terms. Bank of Rapid City Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production Released for publication July 16 Industrial production rose by an estimated 0.3 per INDUSTRIAL PRODUCTION RATIO SCALE, 1967=100 cent in June, following an increase of 0.7 per cent in May. At 123.9 per cent of the 1967 average, the June index was 9.3 per cent above a year earlier. Output of business equipment and indus­ trial materials advanced further, but production of consumer goods dipped. CONSUMER GOOOS/^ Auto assemblies in June were at an annual rate of 10.2 million units compared to a 10.0 million V. INTERMEDIATE/ •V PRODUCTS r~! rate in May. Production of carpeting and furniture ■ \ BUSINESS EQUIP. rose further in June, but output of some appli­ ances, other household durable goods, and con­ \_ DEFENSE EQUIP. sumer nondurable goods declined. Production of ; ! : business equipment rose 0.4 per cent following 1973 1967 a 1.4 per cent advance in May. F.R. indexes, seasonally adjusted. Latest figures: June. Output of construction products . increased in June. Steel production also rose, following a de­ large increases in business equipment and materi­ cline in May. Output of most other durable mate­ als. The annual rate of increase, however, has been rials and the textile, paper, and chemical industrial diminishing over the past 3 quarters, as can be materials sector increased. seen in the table, from a rise of 11.8 per cent For the second quarter as a whole, the rise in in the fourth quarter of 1972 to 7.9 per cent in the total index was substantial, with particularly the second quarter of 1973. Seasonally adjusted Percentage 1967=100 change from— Per cent changes, annual rates Industrial production 1972 1973 Year Month Year ending 1972 1973 1973 ago ago 1973 IV I IF June May June IIP Total index ................................. 113.4 123.5 123.9 .3 9.3 9.1 11.8 8.8 7.9 Market groupings: Final products ....................... 110.1 119.6 119.2 -.3 8.3 8.4 12.2 9.4 6.1 Consumer goods .............. 122.1 130.6 129.7 -.7 6.2 6.5 10.1 7.3 4.4 Business equipment ___ 102.4 119.1 119.6 .4 16.8 16.3 20.3 18.6 12.9 Materials ................................. 116.1 126.6 127.8 .9 10.1 9.8 10.9 8.6 10.7 Industry groupings: Manufacturing ....................... 112.5 123.1 123.3 .2 9.6 9.4 11.6 9.9 8.0 Durables ............................. 106.8 119.1 119.7 .5 12.1 11.9 14.7 12.4 10.0 Nondurables ..................... 121.3 128.8 128.4 -.3 5.9 6.1 7.5 6.4 5.1 Mining and utilities ............ 122.7 127.1 126.8 -.2 3.3 3.2 7.1 2.5 -2.0 Preliminary. 550 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

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: Banking and monetary statistics, 1972: A 96 Consolidated condition statement A 97 Principal assets and liabilities of commercial banks and number, by class of bank A 108 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted 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 1, 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. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) 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 Page Banking offices: Flow of funds:. Analysis of changes in number Mar. 1973 A-98 Assets and liabilities: On, and not on. Federal Reserve 1960-71 .........................................June 1972 A-73.10—A-73.21 Par List, number .................... Mar. 1973 A-99 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: Bankint: offices and deposits of Federal Reserve Banks ..................Feb. 1973 A-98—A-99 group banks, Dec. 31, 1972 June 1973 A-102—A-104 Insured commercial banks ............May 1973 A-96—A-97 Member banks: Banking and monetary statistics: Calendar year ................................May 1973 A-96—A-105 1972"................................................. Mar. 1973 A-100—A-114 Income ratios ................................May 1973 A-106—A-lll July 1973 A-96—A-99 Operating ratios ...........................June 1973 A-96—A-101 Banks and branches, number, by class and State ...................... Apr. 1973 A-96—A-97 Stock market credit ..............................Jan. 1973 A-98—A-99 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases ................................................................ June 1973 A-113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ JULY 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 Gold Drawing cur­ u H n e d l e d r Loans Float 2 O F t . h R e . r Total 4 stock ce R rt i i g fi h c t a s te re o n u c 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 3)239 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—De c 52,529 52,454 75 765 3,251 56,610 10,367 6,810 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 6,841 1970—De c 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 7,145 1971—De c 69,158 68,868 290 107 3,905 982 74,255 10,132 400 7,611 1972—Jun e 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—Ja n 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 1,858 2,387 839 79,219 10,410 400 8,406 Apr........................... 75,353 74,914 439 1,721 2,319 1,043 80,542 10,410 400 8,444 May......................... 76,758 76,205 553 1,786 2,247 960 81,889 10,410 400 8,478 June*....................... 75,355 75,047 308 1,788 2,364 943 80,541 10,410 400 8,518 Week ending— 1973—Apr. 4................... 75,223 74,404 819 1,754 1,860 938 79,908 10,410 400 8,427 11................... 74,700 74,586 114 1,502 2,352 968 79,602 10,410 400 8,437 18................... 75,420 74,866 554 1,845 2,330 1,025 80,726 10,410 400 8,444 25................... 75,654 74,907 747 1,646 2,813 1,139 81,388 10,410 400 8,448 May 2................... 76,149 75,830 319 1,875 2,166 1,120 81,419 10,410 400 8,461 9................... 76,501 76,027 474 1,484 2,361 1,195 81,698 10,410 400 8,464 16..................... 77,020 76,296 724 1,814 2,418 1,059 82,484 10,410 400 8,468 23................... 77,534 76,477 1,057 1,689 2,159 760 82,283 10,410 400 8,487 30................... 76,231 76,231 2,401 1,825 793 81,338 10,410 400 8,494 June 6................... 76,049 75,328 721 1,664 2,347 853 81,043 10,410 400 8,500 13*................. 73,953 73,953 1,700 2,344 887 78,954 10,410 400 8,515 20*................ 74,898 74,543 355 1,928 2,506 940 80,365 10,410 400 8,520 27*................. 75,871 75,832 39 1,849 2,618 999 81,408 10,410 400 8,526 End of month 1973—Apr........................... 76,785 7 75,895 890 1,716 1,195 1,128 80,960 10,410 400 8,455 May......................... 75,368 7 75,368 1,225 2,716 809 80,201 10,410 400 8,498 June*....................... 76,471 7 76,471 1,771 2,027 1,135 81,470 10,410 400 8,537 Wednesday 1973—Apr. 4................... 74,493 7 74,493 1,082 3,268 949 79,867 10,410 400 8,436 11................... 74,350 8 74,350 1,241 2,943 1,010 79,619 10,410 400 8,440 18................... 76,953 7 75,033 1,920 3,159 3,403 1,088 84,768 10,410 400 8,445 25................... 75,393 8 74,714 679 1,522 3,090 1,134 81,252 10,410 400 8,453 May 2................... 76,464 7 75,890 574 817 3,457 1,177 82,059 10,410 400 8,462 9................... 76,814 7 76,296 518 2,778 2,729 1,226 83,710 10,410 400 8,466 16................... 77,663 7 76,296 1,367 2,445 3,341 739 84,378 10,410 400 8,471 23................... 77,940 7 76,506 1,434 1,455 2,514 787 82,864 10,410 400 8,493 30................... 75,187 8 75,187 1,771 2,134 820 79,996 10,410 400 8,498 June 6*................. 75,957 7 75,196 761 881 3,291 870 81,160 10,410 400 8,502 13*................ 72,641 8 72,641 1,689 2,796 948 78,139 10,410 400 8,515 20*................. 76,253 7 75,277 976 1,760 3.391 990 82,517 10,410 400 8,520 27*................. 75,865 8 75,865 1,587 2; 497 1,081 81,097 10,410 400 8,535 1 Includes Federal agency issues held under repurchase agreements as 4 Includes industrial loans and acceptances until Aug. 21, 1959, when of Dec. 1, 1966, and Federal agency issues bought outright as of Sept. 29, industrial loan program was discontinued. For holdings of acceptances 1971. on Wed. and end-of-month dates, see tables on F.R. Banks on following 2 Beginning with 1960 reflects a minor change in concept; see Feb. 1961 pages. See also note 2. Bulletin, p. 164. 8 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R. Notes continued on opposite page. liabilities and capital” are shown separately; formerly, they were netted together and reported as “Other F.R. accounts.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o 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 re i n n cy T u re r a y s­ with F.R. Banks O F t . h R e . r F l . i R a­ . cir­ cash ac­ bilities c t u io la n ­ h in o g ld s ­ T u re r a y s­ F ei o g r n ­ Other 2 counts 3 ca a p n i d tal B W F a . n R it k h . s c r C e a o n n u in c d r y ­ s Total6 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. 61,874 356 2,673 153 598 2,304 27,002 5,537 32,539 . 1972—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 6 31,774 ............Nov.6 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 25,848 5,856 31,973 ............Mar. 66,068 414 3,471 275 666 2,622 26,281 5,824 32,277 ............Apr. 66.726 413 4,121 330 652 2,721 26,214 6,007 32,393 ............May 67.609 386 2,408 266 698 2,732 25,770 6,085 32.021 ............June2* Week ending— 65,381 409 3,117 318 672 2,662 26,586 5,861 32,619 .1973—Apr. 4 65,906 413 3,438 279 649 2,639 25.527 6,060 31,759 ......................11 66,335 413 3,104 272 687 2,529 26,641 5,811 32,624 .......................18 66,296 416 3,641 258 663 2,624 26,749 5,477 32,398 .......................25 66,133 419 4,084 313 660 2,703 26,380 5,952 32,504 .May 2 66,450 421 4,497 332 648 2,734 25,894 6,180 32,246 .......... 9 66,851 417 4,393 314 637 2,622 26.528 6,263 32,963 ..........16 66,768 409 4,097 343 654 2,717 26,591 5,539 32,302 ..........23 66,890 402 3,564 321 666 2,787 26,012 6,042 32,226 ..........30 67,220 398 3,026 264 656 2,882 25,906 6,140 32,218 .June 6 67,734 388 1,401 253 663 2,641 25,199 6,230 31,601 ..........13 p 67,760 385 1,653 246 768 2,659 26,225 5,893 32,290 .........20 p 67,580 381 3,062 277 693 2,732 26,021 6,021 32,214 ..........27 p End of month 66,094 415 4,163 328 773 2,753 25,700 5,952 31,824 .1973—Apr. 67,161 394 3,243 289 692 2,839 24,892 6,140 31,204 ............May 67,775 372 4,039 334 717 2,783 24,798 6,231 31,141 ............June? Wednesday 65,832 421 3,596 271 636 2,691 25,665 5,861 31,698 . 1973—Apr. 4 66,348 414 3,533 267 703 2,453 25,152 6,060 31,384 ....................11 66,519 421 2,787 263 658 2,574 30,801 5,811 36,784 .....................18 66,339 424 3,696 240 682 2,632 26,502 5,477 32,151 .....................25 66,359 428 4,414 342 666 2,754 26,368 5,952 32,492 .May 66.872 428 4,685 352 631 2,533 27,486 6,180 33,838 67,003 414 4,925 333 644 2,708 27,631 6,263 34,066 66.872 419 3,984 290 613 2,752 27,236 5,539 32,947 67,272 411 3,932 290 669 2,783 23,947 6,042 30,161 67,654 397 1,324 253 642 2,896 27,306 6,140 33,618 .June 6p 67,969 396 1,522 261 624 2,600 24,092 6,230 30,494 ...........13* 67,821 385 2,063 274 659 2,696 27,949 5,893 34,014 .........20 p 67,855 381 3,583 378 701 2,769 24,775 6,021 30,968 ..........27* s Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed included are (beginning with first statement week of quarter): Ql, $279 thereafter. Beginning with Jan. 1963, figures are estimated except for million; Q2, $172 million; Q3, $112 million. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 7 Includes securities loaned—fully secured by U.S. Govt, securities of-business figures for reserve period 2 weeks previous to report date. pledged with F.R. Banks. 6 Beginning with week ending Nov. 15, 1972, includes $45,0 million of 8 Includes securities loaned—fully secured by U.S. Govt, securities reserve deficiencies on which F.R. Banks are allowed to waive penalties pledged with F.R. Banks. Also reflects securities sold, and scheduled to for a transition period in connection with bank adaptation to Regulation J be bought back, under matched sale/purchase transactions. as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AND RELATED ITEMS □ JULY 1973 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks2 Reserves Borrowings Re­ Excess1 Total Sea­ Excess irrowquired sonal ngs 6,462 5,011 3 2,611 3 9,422 3,390 5 989 4 14.536 1,491 334 48 46 16,364 1,027 142 125 29 18,527 756 87 29 40 22,267 452 454 41 92 24,915 345 238 18 80 26,766 455 765 100 180 27,774 257 1,086 56 321 28,993 272 321 34 28 31,164 165 107 25 42 32,335 204 94 34 48 32,874 147 202 32 117 32,893 255 438 6 177 32,841 162 514 29 171 33,556 247 574 61 230 31,460 314 606 4 275 31,134 219 1,049 -20 264 32,620 342 1,165 95 286 31.537 205 1,593 -13 471 31,678 295 1,858 72 723 32,125 152 1,721 5 38 738 32,275 118 1,786 30 -35 783 31,969 52 1,788 77 -65 710 32,346 331 58 89 38 32,308 109 94 -31 50 32,384 212 59 72 29 32.177 124 129 -16 56 30,673 336 589 21 353 30,824 244 805 24 286 31,202 206 1,221 17 264 31,252 189 1,118 -37 186 32,044 560 1,751 149 234 32,380 126 688 -21 183 33,668 341 1,298 46 273 32,545 -34 1,097 -82 307 32,103 453 1,309 204 393 31,687 147 1,232 -78 411 31,625 188 1,991 -1 440 31,537 505 1,672 156 485 31,300 -14 1,482 -128 551 31,717 341 1,688 92 652 31,532 23 1,491 -48 577 31,713 249 2,139 56 733 31,578 93 2,013 -46 904 32,082 537 1,754 169 737 31,845 -86 1,502 -184 690 32,390 234 1,845 146 696 32,062 336 1,646 80 788 32,271 233 1,875 16 56 779 32,327 -81 1,484 18 -75 689 32,600 363 1,814 23 49 689 32.178 124 1,689 32 33 844 32,060 166 2,401 46 7 963 31,817 401 1,664 64 62 728 31,594 7 1,700 67 -75 953 32,130 160 1,928 73 85 690 32,002 212 1,849 96 -41 718 tively within ;s are lend- »>-o O City of Chicago Other Borrow­ Excess Borrow­ Excess ings ings 540 1,188 295 1,303 192 14 418 58 8 5 232 19 4 8 100 111 15 23 67 40 8 13 50 230 15 85 90 259 18 27 6 25 7 4 42 35 1 8 -35 6 -1 7 15 8 6 -41 116 10 11 72 136 -1 12 -2 59 22 45 24 64 -14 19 -1 301 13 55 -42 193 2 108 -33 324 105 -33 176 -6 102 7 146 8 9 -111 110 6 12 -65 145 -3 28 -66 -1 76 15 -20 18 -5 6 6 4 3 43 33 75 -42 206 -24 13 -34 422 34 21 -80 278 1 -81 713 10 279 83 66 -10 19 -107 201 17 189 -24 260 -26 19 -165 15 110 -10 221 -7 16 -23 709 17 178 -75 155 11 104 47 211 -21 121 -74 242 43 99 -58 178 -25 113 -112 225 3 104 -3 28 1 130 -66 144 18 8 99 24 -14 13 -90 306 2 2 -104 45 20 18 11 222 19 6 -63 182 -50 33 -137 123 42 9 6 30 -27 -49 144 27 11 -89 200 34 47 31 -1 18 -101 262 -9 9 -120 106 -3 69 lov. 15, 1972, includes $450 million of parallel the previous “reserve city” and “cou Banks are allowed to waive penalties (hence the series are continuous over time). n with bank adaptation to Regulation J , Beginning 1973, allowable deficiencies Note.—Monthly and weekly data are ave statement week of quarter): Ql, $279 the month or week, respectively. Beginning 2 million. estimated except for weekly averages. ^nation of banks as reserve city banks Borrowings at F.R. Banks: Based on closin has been based on size of bank (net Effective Apr. 19, 1973, the Board’s Regul 30 million), as described in the Bulletin ing by Federal Reserve Banks, was revised to hown here as “Large” and “All other” to meet the seasonal borrowing needs of thei Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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 d ing— s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o n in . r k R ­ g s . s F t f i b e r n u N a d a t n n n e e e d r s t r 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 o v 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 t w a n s l a ­ s y 2 b c b o u P h a f y a u n n s i k r n e e ­ s g s t s b o S e a f l a n l l n i e k n e s s g t d L ea o t l o a e n rs s 3 de f r B i r a o n o o l w g e m r s r ­ ­ s4 lo N a e n t s Total—46 banks May 2........... 197 536 6,892 -7,232 51.5 12,841 5,949 4,267 8,574 1,682 1,178 443 735 9........... -39 514 8,232 -8,784 62.0 14,445 6,214 4,417 10,029 1,797 1,188 404 784 16........... 126 572 9,040 -9,487 65.6 14,466 5,426 3,924 10,542 1,502 1,374 459 915 23........... 103 252 8,481 -8,630 61.3 14,054 5,573 3,917 10,137 1,657 1,376 844 533 30........... 119 795 8,511 -9,186 66.0 13,481 4,971 4,052 9,429 919 1,704 376 1,327 June 6........... 281 31 8,555 -8,705 62.6 14,219 5,664 4,128 10,090 1,536 1,455 386 1,068 13........... 38 396 10,653 -11,011 79.8 16,693 5,041 4,283 11,411 758 2,399 400 1,999 20........... 55 676 9,835 -10,456 73.9 15,351 5,516 4,475 10,894 1,059 2,055 403 1,652 27........... 22 480 9,015 -9,473 68.2 14,335 5,320 4,323 10,012 998 1,565 349 1,217 8 In New York City May 2........... 105 182 1,753 -1,831 32.5 3,163 1,410 1,094 2,069 316 711 240 472 9........... -21 174 3,081 -3,275 57.2 4,342 1,261 959 3,383 303 754 274 480 16........... 89 3,577 -3,658 62.1 4,426 849 677 3,748 171 865 293 572 23........... 51 -2,818 -2,767 49.1 4,245 1,427 1,047 3,198 380 841 344 497 30........... 35 129 2,655 -2,749 49.8 4,069 1,413 1,167 2,902 247 971 306 665 June 6........... 78 171 3,840 -2,934 52.9 4,176 1,336 1,100 3,076 236 939 288 651 13........... -18 18 4,146 -4,181 76.5 5,079 933 860 4,219 73 1,455 349 1,106 20........... 70 262 3,683 -3,875 67.4 5,132 1,449 1,273 3,859 176 1,081 356 725 27........... -18 99 2,816 -2,932 53.2 3,981 1,165 1,053 2,928 112 960 259 701 38 outside New York City May 2........... 92 354 5,139 -5,401 64.3 9,679 4,539 3,173 6,506 1,367 467 203 264 9........... -18 340 5,151 -5,509 65.3 10,104 4,952 3,458 6,646 1,494 434 131 304 16........... 118 483 5,464 -5,829 67.9 10,040 4,577 3,246 6,794 1,331 509 166 343 23........... 52 252 5,663 -5,863 69.5 9,809 4,146 2,869 6,940 1,277 535 500 36 30........... 85 666 5,855 -6,437 76.6 9,413 3,557 2,886 6,527 672 733 70 662 June 6........... 203 260 5,715 -5,772 69.0 10,042 4,328 3,028 7,014 1,300 515 98 418 13........... 55 378 6,507 -6,829 82.1 10,614 4,107 3,422 7,192 685 944 51 893 20........... -15 414 6,152 -6,581 78.3 10,219 4,067 3,184 7,035 883 973 47 927 27........... 39 381 6,199 -6,541 78.1 10,354 4,155 3,270 7,084 885 605 90 515 5 in City of Chicago May 2........... 37 2,064 -2,027 139.7 2,721 657 657 2,064 211 24 187 9........... -16 33 2,218 -2,266 154.3 2,856 638 638 2,218 215 10 205 16........... 20 2,233 -2,213 146.6 2,919 685 685 2,233 222 10 212 23........... -7 2,159 -2,166 149.3 2,759 600 600 2,159 268 25 244 30........... 22 1,992 -1,970 134.6 2,611 619 619 1,992 332 10 322 June 6........... 52 36 1,961 -1,945 132.2 2,651 690 606 2,045 85 258 6 252 13........... 20 6 2,444 -2,429 168.0 3,113 670 670 2,444 254 254 20........... 7 2,313 -2,306 155.2 3,032 719 709 2,323 11 265 265 27........... -18 2,264 -2,282 155.8 2,949 685 590 2,359 95 332 30 302 33 others May 2........... 55 354 3,075 -3,374 48.5 6,958 3,883 2,516 4,442 1,367 256 180 77 9........... -3 307 2,933 -3,243 46.6 7,248 4,315 2,820 4,428 1,494 219 121 99 16........... 97 483 3,230 -3,616 51.1 7,122 3,892 2,561 4,561 1,331 287 156 131 23........... 59 252 3,504 -3,697 52.9 7,049 3,546 2,269 4,780 1,277 267 475 -208 30........... 63 666 3,864 -4,467 64.4 6,802 2,938 2,267 4,535 672 401 60 341 June 6........... 151 224 3,754 -3,827 55.5 7,392 3,638 2,423 4,969 1,215 257 92 166 13........... 35 372 4,063 -4,400 64.0 7,501 3,438 2,753 4,748 685 691 51 640 20........... -21 414 3,840 -4,275 61.7 7,187 3,347 2,476 4,712 872 709 47 662 27........... 57 381 3,935 -4,259 61.7 7,405 3,470 2,680 4,725 790 273 60 213 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 □ JULY 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 J R u a 1 n 9 t e e 7 3 3 o 0 n , Ef d fe a c t t e ive Pr r e a v t i e ous J R u a 1 n 9 t e e 7 3 3 o 0 n , Ef d fe a c t t e ive Pr r e a v t io e us J R u 1 a n 9 te e 7 3 3 o 0 n , Ef d fe a c t t e ive Pr r e a v t io e us Boston........... 6 *4 June 11, 1973 June 11, 1973 61/2 48*4 June 11, 1973 New York.... 6*4 June 11, 1973 June 11, 1973 61/2 81/2 June 11. 1973 Philadelphia.. 6*4 June 11, 1973 June 11, 1973 6% 8*4 June 11, 1973 Cleveland 6*4 June 11, 1973 June 11, 1973 6*4 8I/2 June 11, 1973 Richmond___ 6*4 June 12, 1973 June 12, 1973 6*4 48*i June 12, 1973 Atlanta........... 6*4 June 11, 1973 June 11, 1973 61/2 48*i June 11, 1973 Chicago.......... 6*4 June 11, 1973 June 11, 1973 61/4 48*i June 11, 1973 St. Louis........ 61/2 June 11, 1973 June 11, 1973 6Vi 48*4 June 11, 1973 Minneapolis.. 6i/i June 11, 1973 June 11, 1973 6Vi 48*4 June 11, 1973 Kansas City.. 6i/i June 15, 1973 June 15, 1973 6I/2 48*i June 15, 1973 Dallas............. 6Vi June 11, 1973 June 11, 1973 6% 48i/2 June 11, 1973 San Francisco 6i/i June 11, 1973 June 11, 1973 6*4 81/2 June 11, 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 bankers* acceptances and of agricultural paper may have maturities not the eight Reserve Banks so designated, a rate of 6*4 per cent was approved over 6 months and 9 months, respectively. on 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. 3 Advances to individuals, partnerships, or corporations other than 1972 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. 1*4 1*4 1959—Mar. 1 6 6. . 2* 3 4-3 3 3 1969—Apr. 4 8 . . . . . . . .. .. . . . . . . .. .. . . . . . . .. . . . . . . .. . . . . . . . 51/ 6 2-6 6 6 1955—Apr. 14. 1*4-1 *4 1*4 May 29. 3 -3*4 3*4 M Au a g y . 1 2 4 5 . . . 1 1 1 * 3 * 4 4 4 m - - - 1 2 2 * * 1 4 4 4 2 1 1 1* % *4 4 J S u ep n t e . 1 1 1 8 1 2 . . . 3* 4 3 4 * - 4 4 4 4 3 *4 1970—Nov. 1 1 11 6 3 . . .. . . . . . . . . . . .. . .. . . . . .. . .. . . . . . . . . . . .. . .. . .. . . . . .. . . . . . . . .. . . . . 5 5 5 * * * 5 4 4 4 * - - - 5 6 4 6 *4 6 5 5 5 * * * 4 4 4 12*. 2 -2% 2 1960—June 3. 3*4-4 4 4...................... 5*4-5*4 51/2 Sept. 9. 2 -2*4 2*4 10. 3*4-4 3*4 11...................... 5*4 51/2 Nov. 2 1 1 3 8 3. . . 21/ 2 2 4 * * - 4 2 i *4 2 2 2 1 * * / 4 4 2 S A e u p g t . . 1 1 9 4 2 . . . 3 3 3 1 - / 3 4 *i 3 3 3 *4 1971 Jan. 1 1 8 9 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 *4 5 - * - 5 5 4 1 * / 4 2 5 5 5 1 % * / 4 4 1956— A Ap u r g . . 2 2 1 0 4 3 . . . 2 2 23 * 3 , ^ 6 4 - - - 3 3 3 2 2 3 3 * / 4 4 1963—July 2 1 6 7 . . 3 31 -3 /2 *4 3 3 * * 4 i Feb. 2 2 1 2 9 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 4 - * 5 4 1 - / 5 4 5 5 5 31. 3 3 1964—Nov. 2 3 4 0 . . 3 4 *4-4 July 1 1 6 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 * * 4 4-5 5 4*4 1957-- N D Au o ec v g . . . 2 1 9 2 3 5 . . . . . , , , 3 3 3 3 - - * 3 3 4 * * 4 4 3 3 3 3 *4 1965—Dec. 1 6 3 . . 4 41 - / 4 2 *4 4 41 * /2 i D N e o c v . . 2 1 1 1 3 1 9 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 1 * * / 4 5 4 2 - - 5 4*4 5 4 4 5 * * 4 4 1967--Apr. 7. 4 -4*i 4 17..................... 4*4-4 *4 4*4 1958—Jan. 22., 2*4-3 3 14. 4 4 24..................... 4*4 4*4 24. 2*4-3 2*4 Nov. 20. 4 -4*4 414 1973 Jan. 15.................... 5 5 M A M p a a r r y . . 2 1 1 7 9 1 3 8 . . . . . 2 2 l* * * 4 2 4 4 1 - * * - - 2 3 4 2 4 * !4 4 2 2 2 l 1 1 * * * 3/ / 4 4 4 4 4 1968— A M p a r r . . 2 2 1 1 7 2 9 5 . . . . .................... 4 5 * 4 4 - - * 5 5 i *4 4 4 5 5 * * * 4 4 4 M A Fe p a b r r . . . 2 2 1 2 6 3 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 * * 5 5 4 4 - * * - - 5 4 5 6 4 * * 4 4 5 6 5 5 5 * * * * 4 4 4 i A S O e u c p t g t . . . 2 2 1 1 3 5 4 2 . . . . 2 1 1 * *4 2 4 - - - 2 2 2 % 2 2 2 l3/4 D Au ec g . . 2 1 3 1 6 6 0 8 . . . . 5 5 * * 5 5 4 4 * * - - 5 5 4 4 * * 4 4 5 5 5 5 * * * i4 4 4 4 1 1 8 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 6* -6 4 *4 6 6 6 1 * / 4 2 Nov. 7. 2*4 2*4 20. 5*4 5*4 In effect June 30, 1973 ... . 61/2 6*4 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

JULY 1973 □ RESERVE 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 6 In effect 1972—Nov. 9....... 8 10 12 7 161/2 171/2 83 8 3 85 Jan 1 1963 16^ 12 4 Nov. 16 13 1966—July 14, 21... 4 4 5 In effect 6 June 30, 19732,9 8 10 12 13 171/2 3 3 5 1967—Mar. 2......... m 3Vz Mar. 16......... 3 3 1968—Jan. 11, 18... 16Vi 17 12 12% 1969—Apr. 17.......... 17 17Vi 121/2 13 Present legal requirement: Minimum Maximum 1970—Oct. 1............ 5 Net demand deposits, reserve city banks.............. 10 22 Net demand deposits, other banks...................... 7 14 3 10 1 When two dates are shown, the first applies to the change at reserve net demand deposits of more than $400 million is considered to have the city banks and the second to the change at country banks. For changes character of business of a reserve city bank, and the presence of the head prior to 1963 see Board’s Annual Reports. office of such a bank constitutes designation of that place as a reserve 2 (a) Demand deposits subject to reserve requirements are gross de­ city. Cities in which there are F.R. Banks or branches are also mand deposits minus cash items in process of collection and demand reserve cities. Any banks having net demand deposits of $400 million or balances due from domestic banks. less are considered to have the character of business of banks outside of (b) Requirement schedules are graduated, and each deposit interval reserve cities and are permitted to maintain reserves at ratios set for banks applies to that part of the deposits of each bank. not in reserve cities. For details, see announcements on Regulation D in (c) Since Oct. 16, 1969, member banks have been required under 1972 Bulletins: July, pp. 649, 679; Oct., p. 942; Nov., p. 994. Regulation M to maintain reserves against foreign branch deposits com­ 5 Reserve city banks. puted on the basis of net balances due from domestic offices to their foreign 6 Effective June 21, 1973, member banks became subject to an 8 percent branches above a specified base and against foreign branch loans to U.S. marginal reserve requirement against increases in the aggregate of (a) out­ residents, which until June 21,1973, were also maintained above a specified standing single-maturity time deposits of $100,000 and over and (b) out­ base. The reserve-free base relating to net balances due from domestic standing funds obtained by the bank through issuance by a bank’s affiliate banks to foreign branches is being reduced gradually beginning July 5, of obligations subject to the existing reserve requirement on time deposits. 1973, and will be eliminated by April 1974. The applicable reserve per­ Beginning July 12, 1973, reserves will be held on funds from sales of centage, originally 10 per cent, was increased to 20 per cent on Jan. 7,1971, finance bills. The 8 per cent requirement applies to balances above a and effective June 21, 1973, was reduced to 8 per cent. Regulation D im­ specified base, but is not applicable to banks that have obligations of these poses a similar reserve requirement on borrowings above a specified base types aggregating less than $10 million. For details, see amendments to from foreign banks by domestic offices of a member bank. The reserve-free Regulation D under “Bank Credit Actions” beginning on p. 375 of the base related to this type of borrowings is being reduced gradually and will May 1973 Bulletin. be eliminated by April 1974. For details, see Regulations D and M and 7 The 16Vi per cent requirement applied for one week, only to former appropriate supplements and amendments thereto. For the latest change, reserve city banks. For other banks, the 13 per cent requirement was see the May 1973 Bulletin, beginning on p. 375. continued in this deposit interval. 3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation 8 See preceding columns for earliest effective date of this rate. club accounts became subject to same requirements as savings deposits. 9 For changes effective July 19, 1973, see “Announcements.” For other notes see 2(b) and 2(c) above. 4 Effective Nov. 9, 1972, a new criterion was adopted to designate re­ Note.—All required reserves were held on deposit with F.R. Banks serve cities, and on the same date requirements for reserves against net June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member demand deposits of member banks were restructured to provide that each banks were allowed to count part of their currency and coin as reserves; member bank will maintain reserves related to the size of its net demand effective Nov. 24, 1960, they were allowed to count all as reserves. For deposits. The new reserve city designations are as follows: A bank having 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; MARGIN REQUIREMENTS □ JULY 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 datef Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: * Savings deposits............ 4Vi 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 3% Multiple maturity:3 30-89 days.......... 4 4 Vi 90 days-1 year.., 5 1 year to 2 years. 5 5% 2 years and over., 5V4 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., 51/2 5% 9 6 0 m d o a n y t s h s to t o 6 1 m 2 o m nt o h n s t . h . s . 2 3 V V z i 41/2 5 Vi $1 2 0 0 y , e 0 a 0 r 0 s a a n n d d o o v v e e r r . : , 5V4 Less than 90 days........ 1 4 30-59 days.......... 5 Vi (4) (30-89 days) 60-89 days.......... 5% (4) 90-179 days 5% 5% 6 (4) 180 days to 1 year. (4) 1 year or more.., }ev4 (4) f See first page of “Announcements” regarding changes in maximum 30-59 days 6 V4 per cent June 24, 1970 interest rates payable on time and savings deposits effective with the in­ 60-89 days 6 Vi per cent terest crediting period beginning July 1, 1973. 90-179 days 6% per cent 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ 180 days to 1 year 7 per cent May 16, 1973 imum rates on postal savings accounts coincided with those on savings 1 year or more 7 Vi per cent deposits. 2 For exceptions with respect to certain foreign time deposits, see Note.—Maximum rates that may be paid by member banks are estab­ Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 167. however, a member bank may not pay a rate in excess of the maximum 3 Multiple-maturity time deposits include deposits that are automati­ rate payable by State banks or trust companies on like deposits under cally renewable at maturity without action by the depositor and deposits the laws of the State in which the member bank is located. Beginning that are payable after written notice of withdrawal. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 4 Maximum rates on all single maturity time deposits in denominations commercial banks, as established by the FDIC, have been the same as of $100,000 and over have been suspended. Rates which were effective those in effect for member banks. Jan. 21, 1970, and the dates when they were suspended are: 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 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. 50 50 Aug. 5 Oct. 15, 70 70 Oct. 16 1960—July 27 90 90 1960—July 28 1962—July 9. 70 70 1962—July 10 1963—Nov. 5. 50 50 1963—Nov. 6 1968—Mar. 10. 70 70 1968—Mar. 11 June 7. 70 50 70 June 8 1970—May 5. 80 60 80 1970—May 6 1971—Dec. 65 50 65 1971—Dec. 6 1972—Nov. 22, 55 50 55 Effective Nov. 24, 1972. 65 50 65 Note.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11, 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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 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 a u o s r s e ­ s s G sa r l o e s s s Re t d io e n m s p­ c G p h r u a o s r s e ­ s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p , ty ­ c G p h r u a o s r s e ­ s s G sa r l o e s s s m E s a h x t o i u c r f r h ts i . ty tions 1972—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 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 Mar.. 3,510 2,201 200 3,510 2,201 200 Apr.. 3,685 2,101 51 3,478 2,101 51 ’50' i27 May. 1,822 1,728 600 1,822 1,728 600 ‘ i ^3i6' -i * 3i6* Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal agency acceptances (U.S. Govt. Net obligations (net) 5-10 years Over 10 years securities) change Month in U.S. Under Net c G h p r 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 o E t s r u h x r i m c f it h t a y s . ­ c G p h r u a o s r s e ­ s s G sa r l o e s s s s G e it c o i u e v s r t ­ . { r O ig u h t- t R a m c g e h e r p a n e u s e t e r s ­ ­ r O i n g u e h t t t ­ , m r a c e g h n e p r a n e u e t s t e r e s ­ ­ , change1 1972—May 1,115 1,299 25 -4 65 1,386 June. 109 20 211 1,326 —251 127 -25 —6 -65 -221 July 1,736 1,736 -533 -26 -10 -570 Aug.. 23 166 15 250 3,171 2,459 — 82 — 3 74 4 30 22 Sept 1,132 1,844 -866 -35 -74 -4 -30 -1,009 Oct.. 7 32 3,594 3,594 220 -22 7 206 Nov 3,547 3,547 — 593 157 -6 -442 Dec 4,863 4045,765 134 13 7 36 596 I973—jan 9,719 8,928 2,116 48 11 23 2,197 Feb.. 79 -2,068 32 2,774 3,034 599 -18 —28 -3 95 644 Mar 6,024 5,478 1,656 i -14 61 -1 -66 1,636 Apr.. 19 11 5,664 5,978 1,218 ! -19 — 65 7 -36 1,106 May 7,379 8,240 — 1,367 j -21 -29 -1 -52 -1,470 ...............1 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System holdbankers’ acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d io o d f Total P st o e u rl n in d g s s A ch us 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 i e sh r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e 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 1969—Dec. 1,967 1,575 199 60 125 1970—Dec. 257 154 98 1971—Dec. 18 3 2 1972—Mar. 17 3 2 Apr. 17 3 2 May 57 3 2 50 June 18 2 9 5 July. 7 1 1 7 Aug. 34 24 3 Sept. 122 85 35 Oct.. 211 164 16 21 Nov, 200 164 20 7 Dec. 192 164 20 6 1973—Jan.. 92 67 20 3 Feb. 4 3 Mar. 4 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS □ JULY 1973 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1973 1973 1972 June 27 June 20 June 13 June 6 May 30 June 30 May 31 June 30 Assets Gold certificate account....................................... 10,303 10,303 10,303 10,303 10,303 10,303 10,303 10,303 Special Drawing Rights certificate account. 400 400 400 400 400 400 400 400 Cash............................................................... 299 304 301 299 313 305 306 319 Loans: Member bank borrowings................ 1,587 1,760 1,689 881 1,771 1,771 1,224 130 Other......................................................... Acceptances: Bought outright.................................... 67 84 66 83 73 Held under repurchase agreements. Federal agency obligations: Bought outright..................................... 1,449 1,220 1,220 1,240 1,240 1,449 1,240 Held under repurchase agreements. 111 133 U.S. Govt, securities: Bought outright: Bills................................ 33,869 33,510 30,874 33,409 33,400 34,247 33,581 31,258 Certificates—Special. Other.. Notes............................. 36,936 36,936 36,936 36,936 36,936 37,111 36,936 36,596 Bonds............................. 3,611 3,611 3,611 3,611 3,611 3,664 3,611 3,502 Total bought outright......................... 1,274,416 174,057 1,271,421 173,956 1,273,947 175,022 174,128 171,356 Held under repurchase agreements. 865 628 Total U.S. Govt, securities. 74,416 74,922 74,584 73,947 75,022 74,128 71,356 Total loans and securities...................... 77,519 78,136 74,395 76,999 77,042 78,308 76,675 72,665 Cash items in process of collection.. . *>8,401 *9,869 2*8,974 *>9,184 8,944 *7,298 8,549 10,514 Bank premises............................................ 202 202 202 201 201 204 201 163 Other assets: Denominated in foreign currencies. 4 4 4 4 4 4 4 18 All other.................................................. 875 784 742 665 615 927 604 809 Total assets. *98,003 *100,002 *95,321 *98,055 97,822 *97,749 97,042 95,191 Liabilities F.R. notes.................................................. 59,893 59,883 60,044 59,741 59,391 59,807 59,255 54,698 Deposits: Member bank reserves..................... *24,775 *27,949 *24,092 *27,306 23,947 *24,798 24,892 27,482 U.S. Treasurer—General account. 3,583 2,063 1,522 1,324 3,932 4,039 3,243 2,344 Foreign.................................................. 378 274 261 253 290 334 289 257 Other: All other........................................... 701 659 669 692 836 Total deposits. *29,437 *30,945 *26,499 *29,525 28,838 *29,888 29,116 30,919 Deferred availability cash items............. 5,904 6,478 6,178 5,893 6,810 5,271 5,832 7,215 Other liabilities and accrued dividends. 818 830 817 830 801 799 845 580 Total liabilities. *96,052 *98,136 *93,538 *95,989 95,840 *95,765 95,048 93,412 Capital accounts Capital paid in........................................................................ 820 819 816 816 815 820 816 772 Surplus....................................................................................... 793 793 793 793 793 793 793 742 Other capital accounts......................................................... 338 254 174 457 374 371 385 265 Total liabilities and capital accounts.............................. *98,003 *100,002 *95,321 *98,055 97,822 *97,749 97,042 95,191 Contingent liability on acceptances purchased for foreign correspondents.................................................... 398 400 396 395 378 395 384 251 Marketable U.S. Govt, securities held in custody for foreign and international accounts............................ 29,794 30,013 30,014 30,157 30,011 29,278 29,994 28,579 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)... 63,476 63,409 63,079 62,830 62,698 63,653 62,790 58,287 Collateral held against notes outstanding: Gold certificate account................................ 2,155 2,155 2,115 2,075 2,075 2,155 2,075 1,945 U.S. Govt, securities...................................... 62,475 62,405 62,395 62,335 62,035 62,645 62,135 57,495 Total collateral. 64,630 64,560 64,510 64,410 64,110 64,800 64,210 59,440 i See note 7 on p. A-5. 2 See note 8 on p. A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 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.................... 10,303 605 2,206 586 920 1,249 588 1,647 506 296 467 546 687 Special Drawing Rights certificate account............................................ 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks................... 1,040 95 211 31 51 99 190 92 25 24 36 56 130 Other cash............................................ 305 14 24 4 34 36 40 31 22 6 40 14 40 Loans: Secured by U.S. Govt, and agency obligations.................................... 1,718 109 110 232 30 128 63 254 Other....................................... 53 Acceptances: Bought outright............................... 66 66 Held under repurchase agreements.. Federal agency obligations: Bought outright.............................. 1,449 66 389 75 105 103 78 231 53 31 56 64 198 Held under repurchase agreements. U.S. Govt, securities: Bought outright............................. 175,022 3,423 20,150 3,907 5,422 5,356 4,015 11,972 2,771 1,580 3,300 10,237 Held under repurchase agreements. Total loans and securities................. 78,308 3,598 20,715 4,214 5,825 5,592 4,201 12,491 2,854 1,629 3,073 3,427 10,689 Cash items in process of collection... 8,998 322 1,655 762 414 809 915 1,172 346 357 626 520 1,100 Bank premises...................................... 204 34 7 6 27 14 15 17 14 33 17 12 Other assets: Denominated in foreign currencies.. 4 22 1 1 All other........................................... 927 44 216 43 60 60 44 120 30 34 229 Total assets. 100,489 4,735 25,129 5,669 7,364 7,895 6,015 15,641 3,810 2,371 4,304 4,623 12,933 Liabilities F.R. notes............................................ 60,847 3,133 15,103 3,780 5,414 3,135 10,143 2,394 1,108 2,400 2,325 7,115 Deposits: Member bank reserves..................... 24,798 906 6,315 1,093 1,699 1,235 1,712 3,699 810 634 1,025 1,470 4,200 U.S. Treasurer—General account.. 4,039 259 1,050 222 234 416 230 290 225 219 231 289 374 Foreign.............................................. 334 12 3119 14 27 15 20 46 10 7 12 16 36 Other: All other....................................... 729 592 16 1 21 53 29 Total deposits. 29,900 1,178 8,076 1,345 1,961 1,674 1,983 1,046 861 1,271 1,778 4,639 Deferred availability cash items.......... 6,959 304 1,217 405 374 635 716 975 275 338 522 382 816 Other liabilities and accrued dividends 799 38 221 40 59 57 44 121 28 20 30 34 107 Total liabilities..................... 98,505 4,653 24,617 5,570 7,191 7,780 5,878 15,327 3,743 2,327 4,223 4,519 12,677 Capital accounts Capital paid in............. 820 209 129 104 Surplus........................... 793 207 124 99 Other capital accounts. 371 96 61 53 Total liabilities and capital accounts.. 100,489 4,735 25,129 5,669 7,364 7,895 6,015 15,641 3,810 2,371 4,304 4,623 12,933 Contingent liability on acceptances purchased for foreign correspond­ ents.................................................... 395 17 4100 19 36 21 28 63 14 17 50 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R. notes outstanding (issued to Bank)............................................ 63,653 3,268 15,933 3,868 4,979 5,616 3,362 10,414 2,532 1,159 2,520 2,509 7,493 Collateral held against notes out­ standing : Gold certificate account.................. 2,155 180 250 350 515 700 155 5 U.S. Govt, securities....................... 62,645 3,130 16,050 3,700 4,700 5,155 3,500 9,900 2,430 i,200 2,600 2,580 7,700 Total collateral. 64,800 3,310 16,050 3,950 5,050 5,670 3,500 10,600 2,585 1,200 2,600 2,585 7,700 1 See note 7 on p. A-5. 4 After deducting $295 million participations of other Federal Reserve 2 After deducting $2 million participations of other Federal Reserve Banks. Banks. 3 After deducting $215 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 □ JULY 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 June 27 June 20 June 13 June 6 May 30 June 30 May 31 June 30 1,587 1,760 1,689 884 1,771 1,771 1,225 131 Within 15 days...................................................................... 1,547 1,712 1,633 828 1,671 1,689 1,182 127 16 days to 90 days............................................................... 40 48 56 56 100 82 43 4 91 days to 1 year.................................................................. Acceptances—Total................................................................. 67 123 65 161 84 66 83 73 Within 15 days...................................................................... 19 70 14 112 35 18 33 16 16 days to 90 days............................................................... 48 53 51 49 49 48 50 57 91 days to 1 year................................................................. U.S. Government securities—Total................................... 74,416 74,922 71,421 74,584 73,947 75,022 74,128 71,356 Within 15 days1.................................................................... 4,969 5,878 2,132 4,957 4,266 3,832 2,885 2,734 16 days to 90 days............................................................... 18,165 17,471 17,757 17,947 18,082 19,662 17,998 17,292 91 days to 1 year................................................................. 13,578 13,869 13.828 13,976 13,895 13,612 15,541 20,060 Over 1 year to 5 years........................................................ 26,832 26,832 26,832 26,832 26,832 26,956 26,832 24,108 Over 5 years to 10 years.................................................... 9,321 9,321 9,243 9,243 9,243 9,358 9,243 5,913 Over 10 years........................................................................ 1,551 1,551 1,629 1,629 1,629 1,602 1,629 1,249 Federal agency obligations—Total.................................... 1,449 1,331 1,220 1,373 1.240 1,449 1,240 1,106 Within 15 days1................................................................... 111 153 20 20 20 16 days to 90 days............................................................... 56 56 56 31 26 56 26 123 91 days to 1 year.................................................................. 332 240 240 214 219 332 219 162 Over 1 year to 5 years........................................................ 562 486 486 537 537 561 537 480 Over 5 years to 10 years.................................................... 284 261 261 247 247 284 247 197 Over 10 years........................................................................ 215 177 177 191 191 216 191 124 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 S T M 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 t 2 h S 6 e A r ’s S T M 2 o 3 S t 3 a A l ’s L N e .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—May.................................. 13,399.3 5,939.2 3,148.8 7,460.0 4,311.2 85.6 200.8 89.8 58.8 46.9 June.................................. 13,280.6 5,780.8 3,096.4 7,499.7 4,403.4 84.8 199.9 88.1 58.7 47.6 July................................... 12,994.0 5,633.0 2,996.3 7,361.0 4,364.7 82.4 194.4 84.2 57.2 46.9 Aug................................... 13,969.4 6,151.8 3,233.0 7,817.6 4,584.6 87.6 206.9 90.2 60.2 48.8 Sept................................... 14,022.7 6,285.1 3,191.0 7,737.6 4,546.5 88.7 214.9 89.8 60.1 48.8 Oct..................................... 13,896.7 6,148.6 3,225.8 7,748.1 4,522.3 86.7 208.3 89.2 59.2 47.8 Nov................................... 15,154.7 6,979.3 3,411.9 8,175.4 4,763.5 93.5 229.2 93.9 62.1 50.0 Dec.................................... 14,783.6 6,604.8 3,495.4 8,178.7 4,683.4 90.7 215.7 95.6 61.8 48.9 1973—Jan..................................... 15,472.8 6,855.4 3,653.7 8,617.4 4,963.7 94.0 224.0 98.5 64.3 51.2 Feb.................................... 16,049.0 7,227.0 3,788.3 8,821.9 5,033.7 97.8 238.0 102.6 65.9 51.9 Mar.r............................... 15,932.1 6,844.8 3,856.6 9,087.3 5,230.7 96.9 228.3 104.0 67.6 53.7 Apr.................................... 16,000.3 6,297.5 3,873.7 9,072.8 5,199.1 95.9 228.9 102.3 66.4 52.7 May.................................. 16,433.4 7,177.0 3,907.8 9,256.5 5,348.7 97.7 235.1 103.4 67.2 53.5 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

JULY 1973 a 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 i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 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 I960. 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 5 1970. 57,093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 3 4 1971. 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--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 Mar........... 65,180 43,699 7,320 2,368 135 3,209 9,352 21,314 21,482 5,787 15,274 191 223 2 4 Apr........... 66,094 44,313 7,382 2,406 135 3,234 9,447 21,707 21,781 5,887 15,476 190 222 2 4 May.......... 67,161 45,074 7,446 2,439 135 3,302 9,613 22,138 22,088 5,974 15,697 189 221 2 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION (Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars) Held in the Treasury Currency in circulation 1 Total, out­ Held by standing, As security For F.R. 1973 1972 Kind of currency May 31, against Treasury F.R. Banks 1973 gold cash Banks and certificates and Agents May Apr. May Agents 31 30 31 Gold................................................................................. 10,410 (10,303) 107 Gold certificates.............................................................. (10,303) 210,302 1 Federal Reserve notes.................................................... 62,789 150 3,534 59,106 58,102 54,120 Treasury currency—Total.............................................. 8,498 138 305 8,056 7,991 7,582 Dollars......................................................................... 767 29 38 700 693 626 Fractional Coin........................................................... 7,119 106 267 6,746 6,689 6,343 United States notes..................................................... 323 2 320 319 320 In process of retirement3........................................... 290 289 290 293 Total—May 31, 1973.................................................... 481,698 (10.303) 394 10.302 3,841 67,161 Apr. 30, 1973.................................................... 481,196 (10.303) 415 10.302 4,385 66,094 May 31, 1972.................................................... 476,006 (10.303) 358 10.302 3,644 61,702 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 □ JULY 1973 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week Mi Mi Mi Mi M2 Mi Composition of measures is described in the Note below. 1969—Dec................................ 208.8 392.3 594.0 214.9 397.0 598.4 1970—Dec................................ 221.3 425.2 641.3 227.7 430.0 645.6 1971—Dec................................ 236.0 473.8 727.7 242.8 478.7 731.9 1972—June.............................. 245.1 499.3 775.0 243.2 498.8 775.6 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............................... 250.1 512.1 799.0 248.7 510.4 796.9 Oct................................ 251.6 516.4 807.0 251.2 515.2 805.2 252.7 519.8 813.6 254.3 518.7 811.2 Dec................................ 255.5 525.1 822.0 262.9 530.3 826.5 1973—Jan................................ 255.4 527.9 828.7 262.6 534.1 834.6 Feb................................ 256.7 530.5 834.9 254.0 527.8 831.6 Mar............................... 256.6 532.6 839.7 254.1 531.4 838.8 Apr................................ 258.2 536.2 845.5 259.5 539.5 849.8 May.............................. 260.5 540.6 851.9 256.0 538.2 850.2 JuneP............................ 263.3 545.2 859.1 261.3 544.6 859.6 Week ending— June 6....................... 263.2 544.8 260.3 543.9 13*..................... 263.2 545.1 261.8 545.6 202*..................... 263.9 545.8 262.7 546.0 llv..................... 262.6 544.4 259.2 541.7 July 4 p..................... 263.5 546.4 262.8 546.7 Note.—Composition of the money stock measures is as follows: posits open account, and time certificates other than negotiable CD’s of $100,000 of large weekly reporting banks. Mi: Averages of daily figures for (1) demand deposits of commercial M%\ Mi plus the average of the beginning- and end-of-month figures banks other than domestic interbank and U.S. Govt., less cash items in for deposits of mutual savings banks and for savings capital of savings process of collection and F.R. float; (2) foreign demand balances at F.R. and loan associations. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of For description and back data, see “Revision of the Money Stock Meas­ commercial banks. ures and Member Bank Reserves and Deposits” on pp. 61-79 of the Feb. M%: Averages of daily figures for Mi plus savings deposits, time de­ 1973 Bulletin. 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 3 rency mand deposits institu­ rency mand deposits institu­ depos­ tions 2 depos­ tions 2 its its CD’s 1 Other Total CD’s 1 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—June................... 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 37.0 257.0 294.0 280.6 7.3 54.8 193.8 39.1 259.8 298.9 283.2 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 56.2 196.5 41.2 267.1 308.4 293.8 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 48.8 273.8 322.6 304.4 56.7 197.3 48.6 273.8 322.5 303.8 9.6 57.9 198.7 54.9 276.0 330.9 307.0 57.3 196.7 54.0 277.3 331.4 307.4 10.1 Apr.................... 58.7 199.5 58.7 278.0 336.7 309.4 58.2 201.3 56.1 280.0 336.1 310.3 8.2 May.................. 59.0 201.6 61.7 280.1 341.8 311.3 58.7 197.3 58.8 282.2 340.9 r312.0 8.4 June*5................ 59.4 203.9 62.0 281.9 344.0 313.8 59.4 201.9 59.3 283.3 342.6 315.0 6.9 Week ending— June 6 59.3 203.9 61.3 281.6 342.9 59.4 200.9 59.3 283.6 342.9 5.0 13 p................. 59.4 203.8 61.9 281.9 343.8 59.7 202.1 59.7 283.7 343.4 3.3 20 p.......... 59.4 204.5 61.6 281.9 343.5 59.5 203.2 58.5 283.3 341.8 8.2 27 p . 59.2 203.5 62.6 281.8 344.4 58.9 200.3 59.5 282.6 342.1 9.4 July 4 p.......... 59.5 204.0 63.5 282.9 346.4 59.9 202.9 60.2 283.9 344.0 9.7 1 Negotiable time certificates of deposit issued in denominations of 3 At all commercial banks. $100,000 or more by large weekly reporting commercial banks. 2 Average of the beginning and end-of-month figures for deposits of See also Note above. mutual savings banks and savings capital at savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 a BANK RESERVES; BANK CREDIT A 17 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves,S.A.i Deposits subject to reserve requirements3 Total member bank deposits plus nondeposit S.A. N.S.A. items4 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—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...... 31.65 29.79 31.44 29.30 410.2 248.5 154.5 7.2 409.0 248.5 152.4 8.1 414.8 413.5 Mar___ 32.00 29.53 31.77 29.62 416.7 256.0 153.2 7.5 416.3 256.2 151.6 8.5 421.6 421.2 Apr....... 32.33 30.17 32.08 29.86 421.1 261.8 153.4 5.8 422.3 260.5 154.9 r6.9 426.2 427.5 May.... 32.45 30.20 32.28 30.10 425.1 265.8 154.7 4.6 423.0 264.5 151.4 7.0 430.5 428.4 June*.. 32.49 31.01 32.02 30.53 r428.9 267.3 156.5 5.1 426.3 265.8 154.9 5.6 434.5 "432.0 1 Averages of daily figures. Member bank reserve series reflects actual except those due to the U.S. Govt., less cash items in process of collection reserve requirement percentages with no adjustment to eliminate the and demand balances due from domestic commercial banks. effect of changes in Regulations D and M. Required reserves were in­ 4 Total member bank deposits subject to reserve requirements, plus creased by $660 million effective Apr. 16, 1969, and $400 million effective Euro-dollar borrowings, bank-related commercial paper, and certain Oct. 16, 1969; were reduced by $500 million (net) effective Oct. 1, 1970. other nondeposit items. This series for deposits is referred to as “the ad­ Required reserves were reduced by approximately $2.5 billion, effective justed bank credit proxy.” Nov. 9, 1972; by $1.0 billion, effective Nov. 15; and increased by $300 million effective Nov. 22. Note.—For description of revised series and for back data, see article 2 Reserves available to support private nonbank deposits are defined “Revision of the Money Stock Measures and Member Bank Reserves and as (1) required reserves for (a) private demand deposits, (b) total time Deposits” on pp. 61-79 of the Feb. 1973 Bulletin. and savings deposits, and (c) nondeposit sources subject to reserve re­ Due to changes in Regulations M and D, member bank reserves include quirements, and (2) excess reserves. This series excludes required reserves reserves held against nondeposit funds beginning Oct. 16, 1969. Back data for net interbank and U.S. Govt, demand deposits. may be obtained from the Banking Section, Division of Research and 3 Averages of daily figures. Deposits subject to reserve requirements Statistics, Board of Governors of the Federal Reserve System, Washington, include total time and savings deposits and net demand deposits as defined D.C. 20551. by Regulation D. Private demand deposits include all demand deposits 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 and and industrial and and industrial invest­ Plus U.S. invest­ Plus U.S. ments 1 Total 1 loans Plus Treas­ Other3 ments 1 Total i loans Plus Treas­ Other3 sold2 Total loans ury sold2 Total loans ury sold2 sold2 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 i08.3 51.5 71.2 412.1 286.1 290.0 108.4 111.0 54.7 71.3 1970—Dec. 31___ 435.9 292.0 294.9 109.6 111.7 58.0 85.9 446.8 299.0 301.9 112.5 114.6 61.7 86.1 1971—Dec. 31___ 485.7 320.6 323.4 115.5 117.1 60.7 104.5 497.9 328.3 331.1 118.5 120.1 64.9 104.7 1972—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....... 521.3 347.8 350.1 121.5 122.9 62.3 111.3 521.4 350.3 352.6 122.3 123.7 59.6 111.5 Aug. 30....... 529.1 355.3 357.7 123.9 125.4 61.4 112.5 525.8 353.7 356.0 122.2 123.7 59.3 112.8 Sept. 27 535.6 360.1 362.4 124.6 126.1 62.0 113.5 535.0 360.7 363.0 124.2 125.7 60.3 114.0 Oct. 25 540.5 366.9 369.2 126.7 128.1 59.9 113.6 540.3 365.2 367.5 125.8 127.2 60.9 114.2 Nov. 29 549.8 373.6 376.1 128.2 129.8 60.6 115.6 549.9 371.8 374.3 127.6 129.2 63.2 114.9 Dec. 31 557.5 378.2 380.8 129.3 131.0 62.4 116.9 571.4 387.3 389.9 132.7 134.4 67.0 117.1 1973—Jan. 31*... 564.6 385.5 388.2 133.2 134.9 61.9 117.1 564.9 383.3 385.9 132.0 133.7 65.4 116.2 Feb. 28*... 573.7 396.2 399.3 138.1 140.2 60.2 117.2 569.7 392.0 395.1 136.6 138.7 61.3 116.4 Mar. 28*__ 582.6 404.9 408.0 141.8 143.8 60.6 117.2 578.3 400.6 403.8 141.7 143.7 60.7 117.0 Apr. 25*... 585.3 408.0 411.6 144.1 146.4 60.6 116.6 584.1 406.8 410.5 144.5 146.8 59.8 117.5 May 30*__ 596.4 418.1 421.7 147.2 149.4 59.6 118.7 590.8 414.7 418.3 146.7 148.9 57.6 118.5 June 30*... 596.6 417.8 421.3 148.9 151.1 60.8 118.0 601.3 425.3 428.9 151.9 154.1 57.1 118.9 1 Adjusted to exclude domestic commercial interbank loans. See also 5 Beginning June 30, 1972, commercial and industrial loans were re­ note 3. duced by about $400 million as a result of loan reclassifications at one 2 Loans sold are those sold outright by commercial banks to own sub­ large bank. sidiaries, foreign branches, holding companies, and other affiliates. 3 Beginning June 30, 1971, Farmers Home Administration insured notes Note.—Total loans and investments: For monthly data, 1959-70, totaling approximately $700 million are included in “Other securities” see Dec. 1971 Bulletin, pp. 974-75, and for 1948-58, Aug. 1968 Bulletin, rather than in “Loans.” pp. A-94-A-97. For a description of the current seasonally adjusted 4 Beginning June 30, 1969, data revised to include all bank-premises series see the Dec. 1971 Bulletin, pp. 971-73. Commercial and industrial subsidiaries and other significant majority-owned domestic subsidiaries; loans: For monthly data, 1959-71, see July 1972 Bulletin, p. A-109; earlier data include commercial banks only. Also, loans and investments for description see July 1972 Bulletin, p. 683. Data are for last Wednesday are now reported gross, without valuation reserves deducted, rather than of month except for June 30 and Dec. 31; data are partly or wholly esti­ net of valuation reserves as was done previously. For a description of the mated except when June 30 and Dec. 31 are call dates. revision, see Aug. 1969 Bulletin, pp. 642-46. Data shown in above table Digitized for FhaRvAe SbeEenR r evised to include valuation reserves. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 COMMERCIAL BANKS □ JULY 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 Total3 Demand ings counts banks l U.S. capital De­ Treas­ Other ac­ mand Time Time5 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,S• 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,C >65 105,921 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--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... 542,940 371,820 59,580111,540 91,610 660,300 544,860 27,210 3,260 8,320 211,100 294,970 34,440 49,380 13,877 Aug. 30... 547,880 375,780 59,300112,800 91,830 665,870 546,720 27,090 3,350 3,820 211,020 301,440 36,070 49,820 13,898 Sept. 27... 556,380 382,100 60,290113,990 91,660 674,780 556,490 26,880 3,890 9,470 213,070 303,180 33,530 50,140 13.910 Oct. 25... 561,280 386,190 60,930114,160102,830 691,880 567,620 29,040 3,760 7,520 221,440 305,860 39,680 50,700 13.911 Nov. 29... 574,230 396,160 63,210114,860 91,460 694,050 572,160 27,060 3,920 7,760 224,990 308,430 38,350 51,160 13,924 Dec. 31... 598,808 414,696 67,028117,084113,128 739,033 616,037 33,854 4,194 10,875 252,223 314,891 38,083 52,658 13,927 1973--Jan. 31®.. 590,220 408,590 65,410116,220 96,560 715,670 588,860 29,250 3,890 10,390 227,580 317,750 42,730 52,280 13,939 Feb. 28*.. 597,890 420,210 61,330116,350 99,610 727,520 596,440 29,510 4,170 11.350 226,290 325,120 45,530 52,670 13,952 Mar. 28®.. 605,040 427,320 60,730116,990 91,210 726,010 593,590 25,900 4,530 11.350 218,980 332,830 45,500 53,160 13,974 Apr. 25*.. 612,020 434,750 59,810117,460 91,880 734,480 600,420 26,140 4,880 10,850 223,380 335,170 45,920 53,440 13,998 May 30®.. 616,760 440,630 57,630118,500 95,790 744,140 606,720 27,670 5,250 5,760 226,800 341,240 47,480 53,850 14.018 June 27®.. 623,480 447,880 56,900118,700 90,970 746,370 606,700 26,570 5,490 10,090 223,730 340,820 48,810 54,250 14.018 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--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... 422,079 295,250 42,932 83,897 79,081 522,579 426,141 25,825 2,867 6,954 165,390 225,105 32,845 38,896 5,705 Aug. 30... 425,369 297,828 42,727 84,814 79,058 526,089 426,716 25,742 2,954 2,966 164,851 230,203 34,409 39,226 5.702 Sept. 27... 432,150 303,049 43,506 85,595 78,504 532,741 434,554 25,502 3,495 8,033 166,353 231,171 31,962 39,437 5.703 Oct. 25... 435,460 305,996 43,691 85,773 88,220 546,642 442,792 27,528 3,360 6,172 172,615 233,117 37,857 39,824 5,699 Nov. 29... 446,621 314,463 45,799 86,359 78,554 548,333 446,441 25,759 3,520 6,463 175,739 234,960 36,480 40,219 5,701 Dec. 31... 465,788 329,548 48,715 87,524 96,566 585,125 482,124 31,958 3,561 9,024 197,817 239,763 36,357 41,228 5.704 1973--Jan. 31... 458,760 324,637 47,333 86,790 82,499 565,071 458,943 27,757 3,260 8,461 177,677 241,788 40,256 40,994 5,690 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 5,683 Apr. 25... 476,739 346,865 42,517 87,357 78,219 580,412 468,385 24,744 4,242 9,167 173,671 256,561 43,076 41,806 5,695 May 30. .. 480,394 351,223 41,030 88.141 81,169 587,722 473,623 26,139 4,621 4,511 176,766 261,586 44,214 42,096 5.703 June 27®.. 485,924 357,015 40,595 88,314 77,032 589,402 473,051 25,136 4,854 8,075 173,886 261,100 45,624 42,418 5.703 Large member banks: New York City:8,9, 10 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-—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. 31... 75,034 58,713 5,696 10,625 26,416 107,603 82,446 15,094 1,833 1,418 35,373 28,728 9,502 8,042 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 Apr. 25... 76,834 63,395 4,254 9,185 19,710 103,622 77,295 11,935 2,229 1,732 29,068 32,331 9,891 8,093 i 13 May 30. .. 78,078 64,505 4,424 9,149 19,587 104,550 77,980 11,780 2,491 521 30,035 33,153 10,496i 8,131 13 June 27... 79,227 65,510 4,343 9,374 18,785 105,071 76,945 12,104 2,672 1,174 28,336 32,659 11,586i 8,174 13 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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 Interbank 3 Other Total Num­ Class of bank lia­ Bor­ capital ber and date Cash bilities row­ ac­ of Total Loans assets 3 and Demand ings counts banks l U.S. capital Total 3 Treas­ Other ac­ De­ Time Times ury 2 counts4 mand U.S. Govt. Other Large member banks (cont.) City of Chicago: 8,9 1941—Dec. 31.............. 2,760 954 1,430 376 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 14,935 12,673 1,433 25 310» 6,008 4,898 484 1,199 11 1967—Dec. 30.............. 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1,434 21 267 6,250 6,013 383 1,346 10 1968—Dec. 31.............. 14,274 10,286 1,863 2,125 3,008 18,099 14,526 J ,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 15 175 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 1,930 49 282 6,663 6,117 1,8 51 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—June 30.............. 18,541 13,782 1,662 3,096 2,946 22,562 16,912 1,331 139 261 6,603 8,579 2,639 1,857 9 July 26.............. 18,582 14,130 1,398 3,054 3,070 22,727 16,695 1,447 194 310 6,157 8,587 3,187 1,850 9 Aug. 30.............. 19,20C 14,701 1,455 3,044 2,880 23,128 17,147 1,487 196 68 6,226 9,170 2,985 1,850 9 Sept. 27.............. 19,27C 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.............. 19,530 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. 31.............. 21,362 16,294 1,873 3,195 3,580 26,009 19,851 1,615 160 509 7,387 10,179 3,008 1,891 9 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 9 Feb. 28.............. 21,983 17,544 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 Apr. 25............. 22,800 18,253 1,414 3,133 3,277 27,170 20,020 1,304 333 426 6,639 11,318 3,971 1,899 9 May 30.............. 23,777 18,956 1,564 3,257 3,209 28,134 21,088 1,501 411 154 6,882 12,140 3,954 1,910 9 June 27.............. 24,410 19,629 1,462 3,319 3,332 28,920 21,270 1,371 436 314 6,899 12,250 4,432 1,922 9 Other large member: 8,9 1941—Dec. 31.............. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 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 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 9,471 169 1967—Dec. 30.............. 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 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—June 30.............. 155,085 113,213 14,141 27,731 33,806 197,155 156,850 9,645 1,008 3,527 61,701 80,970 17,592 14,020 157 July 26.............. 154,528 113,172 13,873 27,483 30,738 193,595 153,678 9,593 1,098 2,868 58,980 81,139 17,626 14,011 157 Aug. 30.............. 153,957 112,638 13,501 27,818 31,452 193,592 152,570 9,458 1,150 1,015 58,564 82,383 18,450 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 17,816 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 20,500 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. 31.............. 171,549 126,661 16,316 28,572 36,729 217,170 173,913 11,133 1,173 3,860 71,376 86,372 19,392 14,687 156 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 28,894 32,397 211,296 165,050 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 Apr. 25.............. 175,754 133,253 13,414 29,087 30,111 215,262 168,360 8,470 1,285 4,069 61,487 93,049 22,606 14,905 156 May 30.............. 175,455 133,519 12,547 29,389 31,779 217,001 170,123 9,540 1,324 1,653 62,744 94,862 "22,183 14,965 156 June 27.............. 177,378 135,447 12,698 29,233 29,442 216,615 169,576 8,545 1,351 3,062 61,972 94,646 22,199 15,127 156 AH other member: 8,9,10 1941—Dec. 31.............. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 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—Dec. 30.............. 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 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—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 July 26.............. 182,638 116,540 22,707 43,391 25,756 215,010 186,260 3,205 263 2,606 71,857108,329 4,601 15,423 5,526 Aug. 30.............. 184,859 118,458 22,613 43,788 25,574 217,303 187,669 3,118 263 1,595 72,564110,129 4,786 15,578 5,524 187,134 119,949 22,901 44,284 25,865 220,106 190,396 3,173 395 2,693 73,244110,891 4,517 15,732 5,524 Oct. 25.............. 189,164 121,498 23,512 44,154 28,205 224,720 194,272 3,485 395 2,509 76,158111,725 5,242 16,000 5,521 Nov. 29.............. 191,533 123,590 23,756 44,187 24,989 224,472 194,565 3,014 395 2,390 76,235112,531 5,379 16,089 5,523 Dec. 31.............. 197,843 127,881 24,830 45,132 29,841 234,342 205,914 4,116 395 3,238 83,681114,483 4,455 16,608 5,526 1973—Jan. 31.............. 195,468 126,055 24,488 44,925 25,931 229,209 199,603 3,235 395 3,376 76,769115,828 5,752 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 5,505 Apr. 25.............. 201,351 131,964 23,435 45,952 25,121 234,358 202,710 3,035 395 2,940 76,477119,863 6,608 16,909 5,517 May 30............... 203,084 134,243 22,495 46,346 26,594 238,037 204,432 3,318 395 2,183 77,105121,431 7,581 17,084 5,525 June 27*........... 204,909 136,429 22,092 46,388 25,473 238,796 205,260 3,116 395 3,525 76,679121,545 7,407 17,195 5,525 For notes sec p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS □ JULY 1973 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS membership 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 counts^ U.S. Govt. Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 25,277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 *9,497 881 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 1971—Dec. 31.. 514,097 345,386 64,691104,020 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 Dec. 31.. 594,502 411,525 66,679116,298111,333 732,519 612,822 33,366 4,113 10,820 250,693 313,830 37,556 52,166 13,721 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 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 Dec. 31.. 350,743 247,041 37,185 66,516 67,390 434,810 359,319 19,096 2,155 6,646 146,800 184,622 26,706 30,342 4,612 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3/739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,<411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 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 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 Dec. 31.. 115,426 82,889 11,530 21,008 29,176 150,697 123,186 12,862 1,406 2,378 51,017 55,523 9,651 10,886 1,092 Nonmember: I 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 1129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 144 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 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 Dec. 31.. 128,333 81,594 17,964 28,774 14,767 147,013 130,316 1,408 552 1,796 52,876 73,685 1,199 10,938 8,017 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CUSS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS membership Cash lia­ Bor­ Total Num­ and FDIC assets3 bilities row­ capital ber insurance Total Loa l ns T U u re r .S a y s . ­ Ot 2 her c c o a a u a p n n c i d ­ t ta s l 4 Total3 m D a e n ­ d Time U. D S. emand Tim 5 e ings co a u c n ­ ts ba o n f ks Govt. 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 83 832 341 93 389 285 1964—Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 1,141 534 99 406 274 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 1,121 612 147 434 263 1967—Dec. 30.. 2,638 1,735 370 533 579 3,404 2,172 285 58 1,081 733 246 457 211 1968—Dec. 31.. 2,901 1,875 429 597 691 3,789 2,519 319 56 1,366 767 224 464 197 1969—June 30 7. 2,809 1,800 321 688 3,942 2,556 298 81 1,430 731 290 502 209 Dcc. 31.. 2,982 2,041 310 632 895 4,198 2,570 316 41 1,559 638 336 528 197 1971—Dec. 31. 3,147 2,224 239 684 1,551 5,130 2,923 380 116 1,273 1,134 283 480 181 1972—June 30. 4,192 3,230 274 688 1,220 5,884 3,153 384 81 1,409 1,258 386 494 206 Dec. 31. 4,865 3,731 349 785 1,794 7,073 3,775 488 81 1,530 1,620 527 491 206 Total nonmember: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18.454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30.. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31.. 76.454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7. 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31.. 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7.931 7,792 1971—Dec. 31. 111,674 69,411 17,297 24,966 13,643 129,100112,764 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 13,042 137,658119,145 1,472 397 1,453 46,631 69,192 1,462 10,759 8,161 Dec. 31. 133,198 85,325 18,313 29,559 16,562 154,085 134,091 1,895 633 1,850 54,406 75,305 1,726 11,429 8,223 1 Beginning June 30, 1966, loans to farmers directly guaranteed by lel the previous “Reserve city” and “Country” categories, respectively CCC were reclassified as secu/ities, and Export-Import Bank portfolio (hence 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. (See also note 8.) 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. (See also note 8.) 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” paral­ 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 □ JULY 1973 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans i Investments b C a l n a k s s a o nd f lo T a a o n n t d s a l l f F u er e n a d d l ­ s C m o e m r­ ­ Agri- o p s r u e r c c c F u a h r r o a r i r t y s i i i e n n s g g in f s in ti a T tu n o t c i i o a n l s Real Ot t h o er, U s .S ec . u T ri r t e i a es 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 ­ a tu l r- 5 b T ro o ­ tate v d i i d - - 5 Bills s g e o c v u t ­ . r s it e i c es u ­ 5 d tr u ia s l ­ k an er 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 6,034 53,205 5,276 3,729 1969—Dec. 31 io 422,728 9,928 286,750 108,443 10,3295,739 4,027 2,488 15,062 70,02063,256 7,388 54,709 59,183 12,158 1972—June 30. 543.285 20,598 350,910 123,162 13,6108,608 4,012 5,041 18,353 89,227 80,243 8,651 60,258 86,598 24,923 Dec. 31.599,367 26,662 3"188,593 132,701 14,31411,3164,491 6,585 23,40298,382 87,232 10,17167,028 ,50427,579 AH insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1.314 3,164 3,606 49 4,677 2,361 1,132 88,912 21,526 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 io 419,746 9,693284,945 107,68510.314 5,644 3,991 2,425 14,89069,669 63,008 7,319 54,399 58,840 11,869 1972—June 30. 539,093 19,568348,707 122,06413,593 491 3,998 4,761 18,266 89,048 79,933 8,553 59,984 6,925 39,280 9,570 86,28624,547 Dec. 31.594,502 25,584385,941 131,42214,28711,1654,460 6,115 23,277 98,204 86,912 10,09966,679 89,173 27,125 Member—Total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1969—Dec. 31 io 337,613 7 3562:35,639 96,095 6,187 5,408 3,286 2,258 14,035 53,20748,388 6,776 39,833 47,227 7,558 1972—June 30. 422,775 15,561279,588 104,419 7,924 8,260 3,477 4,520 17,10466,518 59,603 7,765 43,708 4,614 28,350 7,709 67,777 16,141 Dec. 31.466,169 19,961309,969 112,110 ~,495 10,8633,870 5,783 22,026 73,131 64,4909,201 48,715 69,640 17,884 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 1972—June 30. 66,597 649 50,987 25,972 5,665 768 1,834 4,936 5,288 4,561 1,930 5,338 691 2,568 1,286 8,491 1,132 Dec. 31. 75,034 812 57,901 27,864 7,057 841 2,271 6,413 5,789 5,225 2,390 5,696 9,107 1,518 City of Chicago:11 1941—Dec. 31.. 2,760 954 732 6 48 52 22 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1969—Dec. 3110 14,365 215 10,556 6,444 50 337 262 186 1,219 842 862 354 1,564 1,837 192 1972—June 30. 18,541 783 12,999 7,179 66 666 225 242 2,015 1,011 1,054 542 1,662 402 822 189 2,771 325 Dec. 31. 21,362 718 15,576 7,851 140 1,330 282 341 2,780 1,066 1,138 648 1,873 2,820 375 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. 31 io 121,628 3,021 88,180 37,701 1,386 878 1,300 876 6,006 19,706 17,569 2,757 11,944 16,625 1,859 1972—June 30. 155,158 8,272105,01441,770 1,803 1,563 1,566 2,136 7,771 24,358 20,772 3,275 14,141 1,657 8,857 2,837 23,510 4,222 Dec. 31. 171,618 9,927 116,80244,483 1,9772,024 1,707 2,716 10,268 27,014 22,669 3,943 16,316 24,049 4,523 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 I,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 io 141,286 3,318 89,401 23,7624,739 498 947 148 2,263 28,82426,362 1,858 21,278 22,5724,718 1972—June 30. 182,479 5,857110,58729,498 6,023 366 917 308 2,381 35,859 33,215 2,019 22,568 1,863 16,103 3,397 33,005 10,463 Dec. 31. 198,156 8,504119,690 31,911 6,327 452 1,040 455 2,565 39,262 35,458 2,220 24,830 33,664 II,468 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1969—Dec. 3110 85,115 2,572 51,111 12,348 4,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 1972—June 30. 120,510 5,037 71,319 18,743 5,686 348 535 521 1,249 22,711 20,640 886 16,550 18,820 8,782 Dec. 31. 133,198 6,701 78,62420,591 5,819 453 622 803 1,377 25,250 22,741 969 18,313 19,8649,695 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-18—A-21. 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, such securities were included in loans—for the most part in loans to portfolio fund participations were reclassified from loans to “Other “Banks.” Prior to Dec. 1965, Federal funds sold were included with securities.” This increased “Other securities” by about $1 billion. “Total” loans 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. Notes continued on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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 d f B s F w e R a r . i n v R e t k h e ­ . s s r C c e a o n n u i c d n r y ­ b m a a w B d n e n i o c a s k t e t l ­ h i ­ s s c 7 ju p m D s a o d a t d s e e e n i ­ ­ d t ­ d s 8 m D e I s o n t ­ t i e c r 7 b e a F i n g o k n r­ 9 G U o . v S t . . g S l a o o t n c a v a d t t e l . c C c h o f a e e e i f n e r f c r d i d s t k ­ i ’ s ­ , IPC I b n a t n e k r­ G P S U a o o a n . s v v S d t ­ t a . . l l g S a o o t n c a v a d t t e l . IPC 3 r B i o n o w g r s ­ ­ C t a a p l i­ 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 84,987 240 111 866 34,383 65 10,059 1969—Dec. 3110. 21,449 7,320 20,314172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,36039,978 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 49233,110259,50633,214 50,117 Dec. 31... 26,070 8,666 32,185212,121 29,971 3,883 10,875 18,588 11,685 221,950 4,194 60637,161277,68338,08352,658 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 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 13,166 180,86018,02439,450 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 Dec. 31... 26,070 8,637 30,734210,287 29,731 3,635 10,820 18,459 11,177 221,057 4,113 60637,086276,138 37,55652,166 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. 31 io.. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,30817,39532,047 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 Dec. 31... 26,070 6,582 19,396 158,464 28,521 3,437 9,024 13,544 9,503 174,770 3,562 46828,553211,12436,35741,228 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 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1969—Dec. 31io.. 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 207 14,6924,405 6,301 1972—June 30... 5,375 383 3,601 20,312 10,768 2,165 1,038 816 3,801 26,020 1,175 2,331 24,2947,314 7,650 Dec. 31.. . 5,695 508 4,854 23,271 12,532 2,562 1,418 741 3,592 31,040 1,833 2,522 26,1969,502 8,042 City of Chicago:11 1941—Dec. 31.... 1,021 43 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 72 285 63 3,853 902 426 1969—Dec. 31 io.. 869 123 150 5,221 1,581 175 268 229 6,273 15 216 4,409 290 1,517 1972—June 30... 1,142 94 199 5,224 1,239 261 295 217 6,091 139 1,047 7,5292; 639 1,857 Dec. 31. .. 1,496 152 173 5,783 1,516 509 223 264 6,899 160 847 9,237 3,008 1,891 Other large batiks: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 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 70,05417,592 14,020 Dec. 31... 10,085 2,114 4,688 52,813 10,426 707 3,860 3,854 3,075 64,447 1,173 181 11,811 74,449 19,392 14,687 All other member:11 1941—Dec. 31.... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 3110.. 7,179 3,302 7,870 62,729 3,080 1,671 7,905 1,721 58,304 84 54 4,920 70,768 1,820 12,766 1972—June 30... 9,084 3,042 8,176 67,101 3,329 2,804 8,144 2,255 63,080 395 18211,480 95,9834,208 15,831 Dec. 31... 8,794 3,807 9,681 76,597 4,047 3,238 8,726 2,571 72,384 395 181 13,373 101,2434,455 16,608 Nonmember:3 1947—Dec. 31___ 3,947 13,595 385 167 1,295 180 12,284 190 172 6,858 12 1,596 1969—Dec. 31 io. 1,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 126 25 3,269 41,135 965 7,931 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 Dec. 31.. 2,084 12,789 53,658 1,449 446 1,851 5,044 2,182 47,180 633 138 8,608 66,559 1,726 11,429 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 □ JULY 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 June 7.............. 292,065 11,134 10,084 575 401 74 199,744 84,536 2,528 784 6,903 155 2,567 6,201 8,655 14.............. 293,270 10,917 9,896 667 279 75 200,985 84,593 2,542 836 7,095 154 2,585 6,433 8,856 21.............. 295,384 11,377 10,239 657 317 164 203,112 85,512 2,563 809 7,380 158 2,607 6,701 9,067 28.............. 294,596 11,138 10,079 521 389 149 203,393 84,954 2,577 645 7,122 156 2,665 6,680 9,363 1 1973 I May 2.............. 337,999 13,241 12,246 593 225 177 245,140 102,487 3,091 595 6,295 213 2,951 8,045 15,062 9............... 336,712 12,174 10,978 714 218 264 245,095 102,468 3,096 618 6,605 199 2,955 7,980 14,965 16............... 338,275 12,546 11,460 731 203 152 247,155 102,937 3,114 536 6,577 217 2,945 8,352 15,236 23............... 337,162 12,136 10,972 849 159 156 246,628 103,005 3,142 463 6,015 216 2,960 8,130 15,324 30.............. 339,971 12,959 11,166 1,427 216 150 247,514 102,794 3,148 885 6,079 226 2,929 8,143 15,508 June 6*............ 341,398 12,967 11,685 779 207 296 248,326 103,492 3,165 564 5,847 223 2,913 8,417 15,729 13*............ 343,298 13,386 10,799 2,026 207 354 249,893 103,813 3,194 1,462 5,841 210 2,941 8,171 15,648 20*............ 344,165 12,648 11,477 673 260 238 252,109 105,178 3,234 563 5,745 212 2,925 8,720 16,036 27*............ 344,151 11,992 10,791 798 258 145 252,721 105,040 3.238 885 5,699 211 2,910 8,623 16,155 New York City 1972 - June 7............... 60,522 1,260 1,232 28 45,476 24,462 33 631 4,519 50 644 1,724 2,114 14............... 60,796 1,065 1,009 29 27 45,918 24,356 33 689 4,714 47 641 1,850 2,153 21............... 61,964 1,332 1,301 2 29 46,495 24,676 33 651 4,879 45 642 1,881 2,200 28............... 61,549 1,715 1,606 98 11 46,225 24,171 32 522 4,659 45 671 1,940 2,406 1973 May 2............... 70,789 2,063 1,967 72 24 56,472 28,832 52 480 3,679 47 662 2,326 4,729 9............... 69,835 1,053 976 72 5 56,748 29,031 52 528 3,923 47 669 2,282 4,678 16............... 71,351 1,615 1,518 82 14 1 57,625 29,186 64 455 3,977 50 661 2,486 4,820 23............... 71,024 2,464 2,353 106 5 56,415 29,003 76 366 3,494 52 650 2,350 4,786 30.............. 72,092 2,484 2,374 104 6 57,087 28,967 76 774 3,567 61 644 2,356 4,918 J une 6*............ 72,133 2,170 1,972 103 95 57,058 29,162 73 455 3,394 58 637 2,470 5,142 13*............ 72,513 1,552 1,311 103 138 58,101 29,343 71 1,352 3,405 49 662 2,347 5,109 20*............ 73,455 2,089 1,909 93 87 58,445 29,978 74 454 3,297 51 659 2,759 5,274 27*............ 1,968 1,925 33 5 5 58,501 29,758 72 799 3,312 48 651 2,572 5,265 Outside New York City 1972 June 7.............. 9,874 8,852 575 401 46 154,268 60,074 2,495 153 2,384 105 1,923 4,477 6,541 14.............. 9,852 8,887 638 279 48 155,067 60,237 2,509 147 2,381 107 1,944 4,583 6,703 21.............. 10,045 8,938 657 315 135 156,617 60,836 2,530 158 2,501 113 1,965 4,820 6,867 28.............. 9,423 8,473 521 291 138 157,168 60,783 2,545 123 2,463 111 1,994 4,740 6,957 1973 May 2.............. 11,178 10,279 521 225 153 188,668 73,655 3,039 115 2,616 166 2,289 5,719 10,333 9.............. 1 11,121 10,002 642 218 259 188,347 73,437 3,044 90 2,682 152 2,286 5,698 10,287 16.............. \ 10,931 9,942 649 189 151 189,530 73,751 3,050 81 2,600 167 2,284 5,866 10,416 23.............. 1 9,672 8,619 743 159 151 190,213 74,002 3,066 97 2,521 164 2,310 5,780 10,538 30.............. > 10,475 8,792 1,323 216 144 190,427 73,827 3,072 111 2,512 165 2,285 5,787 10,590 June 6*............ 5 10,797 9,713 676 207 201 191,268 74,330 3,092 109 2,453 165 2,276 5,947 10,587 13*............ 5 11,834 9,488 1,923 207 216 191,792 74,470 3,123 110 2,436 161 2,279 5,824 10,539 20*............ 3 10,559 9,568 580 260 151 193,664 75,200 3,160 109 2,448 161 2,266 5,961 10,762 27*............ * 10,024 8,866 765 253 140 194,220 75,282 3,166 86 2,387 163 2,259 6,051 10,890 For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ WEEKLY REPORTING BANKS A 25 LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments U.S. Treasury securities Notes and bonds maturing— Wednesday For­ All Certif­ eign other Total Bills icates govts. 2 Within 1 to After 1 yr. 5 yrs. 5 yrs. Large banks— Total 1972 41 947 16,190 26,811 3,884 5,034 14,951 2,942 .........................June 7 41 976 16,249 26,943 4,040 5,065 14,985 2,853 .................................14 41 999 16,363 26,612 4,083 4,800 14,864 2,865 .................................21 41 1,032 16,354 26,009 3,625 4,786 14.928 2,670 .................................28 1973 48 1,220 19,613 24,495 4,522 3,791 14,148 2,034 .........................May 2 48 1,247 19,388 24,031 4,171 3,707 14,059 2,094 ................................. 9 48i 1,256 19,668 23,701 3,825 3,694 13,347 2,835 .................................16 481 1,246 19,267 23,503 3,776 3,856 13,110 2,761 .................................23 49 1,231 19,626 23,991 4,191 3,926 12,999 2,875 .................................30 49. 1,251 19,687 24,265 4,505 3,976 12,969 2,815 .........................June 6* 49, 1,292 19,663 24,269 4,472 3,950 13,001 2,846 .................................13* 49. 1,308 19,745 23,918 4,184 3,920 12,980 2,834 .................................20* 50. 1,323 19,808 23,839 4,041 3,949 13,022 2,827 .................................27* New York City 1972 4, 580 2,994 4,913 1,240 995 2,373 305 .........................June 7 4j 604 3,075 4,984 1,225 1,036 2,459 264 .................................14 4, 595 3,071 5,072 1,331 994 2,442 305 .................................21 4, 641 3,015 4,636 999 963 2,383 291 .................................28 1973 5, 699 4,055 3,769 1.138 537 1,892 202 .........................May 2 5j 711 4,051 3,472 954 486 1,788 244 ................................. 9 5S 714 4,130 3,667 886 528 1,606 647 .................................16 5, 711 3,858 3,772 1,087 539 1,568 578 .................................23 5, 706 4,048 4,124 1,344 551 1,572 657 .................................30 5S 701 4,026 4,368 1,568 558 1,594 648 .........................June 6* 5, 718 3,943 4,292 1,346 586 1,651 709 .................................13* 5, 732 3,906 4,279 1,323 581 1,661 714 .................................20* 5, 717 3,947 4,050 1.139 552 1,667 692 .................................27* Outside New York City 1972 36, 367 13,196 21,898 2,644 4,039 12,578 2,637 .........................June 7 37, 372 13,174 21,959 2,815 4,029 12,526 2,589 .................................14 37, 404 13,292 21,540 2,752 3,806 12,422 2,560 .................................21 37, 391 13,339 21,373 2,626 3,823 12,545 2,379 .................................28 1973 42, 521 15,558 20,726 3,384 3,254 12,256 1,832 .........................May 2 43! 536 15,337 20,559 3,217 3,221 12,271 1,850 ................................. 9 43 542 15,538 20,034 2,939 3,166 11,741 2,188 .................................16 43 535 15,409 19,731 2,689 3,317 11,542 2,183 .................................23 43 525 15,578 19,867 2,847 3,375 11,427 2,218 .................................30 550 15,661 19,897 2,937 3,418 11,375 2,167 .........................June 6* 574 15,720 19,977 3,126 3,364 11,350 2,137 .................................13* 576 15,839 19,639 2,861 3,339 11,319 2,120 .................................20* 606 15,861 19,789 2,902 3,397 11,355 2,135 .................................27* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ JULY 1973 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest­ Obligations Other bonds, items Re­ Bal­ ments Total of State corp. stock, in serves Cur­ ances in sub­ assets/ 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 rants3 other partici­ others pation4 Large banks— Total 1972 June 7............................................... 54,376 9,329 37,326 1,552 6,169 27,720 20,593 3,500 8,633 968 16,336 369,815 14.. 54,425 9,195 37,350 1,603 6,277 30,664 20,753 3,780 9,151 954 16,447 375,019 21.. 54,283 8,973 37,360 1,580 6,370 30,705 19,974 3,782 9,421 965 16,257 376,488 28.. 54,056 8,795 37,361 1,572 6,328 29,235 20,568 3,943 8,803 965 16,434 374,544 1973 May 2.. 55,123 7,673 38,688 1,655 7,107 30,990 19,599 3,901 9,451 1,233 19,701 422,874 9.. 55,412 8,330 38,377 1,536 7,169 26,731 21,307 3,846 9,035 1,240 19,164 418,035 16.. 54,873 8,271 37,809 1,551 7,242 32,363 21,096 3,978 10,133 1,243 19,198 426,286 23.. 54,895 8,249 37,841 1,540 7,265 26,911 20,698 4,084 9,898 1,248 19,274 419,275 30.. 55,507 8,318 37,908 1,542 7,739 31,342 17,993 4,265 9,335 1,250 19,566 423,722 June 6*. 55,840 8,400 38,094 1,545 7,801 27,755 20,879 3,768 10,142 1,263 19,776 424,981 13* 55,750 8,123 38,045 1,578 8,004 28,264 18,081 4,163 9,804 1,261 19,508 424,379 20* 55,490 7,982 38,055 1,575 7,878 29,144 21,543 4,147 9,909 1,268 19,594 429,770 27* 55,599 7,900 38,035 1,636 8,028 27,016 18,535 4,302 9,782 1,272 19,762 424,820 New York City 1972 June 7............................................... 8,873 2,307 5,361 271 934 9,155 5,598 436 3,068 453 4,750 83,982 14 8,829 2,315 5,347 280 887 10,426 5,329 450 3,591 454 4,899 85,945 21 9,065 2,455 5,431 280 899 11,277 5,014 444 3,923 454 4,898 87,974 28, , 8,973 2,444 5,363 270 896 11,146 4,244 467 3,209 456 4,904 85,975 1973 May 2.. 8,485 1,609 5,260 480 1,136 10,228 5,276 457 3,671 585 6,334 97,340 9 , 8,562 2,222 4,767 365 1,208 8,952 6,048 473 3,747 587 5,870 95,512 16, , 8,444 2,218 4,603 361 1,262 10,945 5,784 453 4,690 590 6,169 99,982 23. 8,373 2,144 4,577 355 1,297 9,529 5,065 477 4,616 591 6,144 97,446 30 8,397 2,097 4,536 353 1,411 10,526 3,979 490 3,580 593 6,182 97,442 June 6*. 8,537 2,075 4,614 357 1,491 8,285 5,232 478 4,246 597 6,469 97,440 13* 8,568 2,077 4,602 356 1,533 8,420 4,593 490 4,120 595 6,212 96,943 20* 8,642 2,101 4,714 348 1,475 8,944 5,757 487 4,316 600 6,243 99,802 27* 8,578 2,097 4,589 368 1,524 8,619 4,439 500 4,140 604 6,402 97,801 Outside New York City 1972 June 7............................................... 45,503 7,022 31,965 1,281 5,235 18,565 14,995 3,064 5,565 515 11,586 285,833 14 45,596 6,880 32,003 1,323 5,390 20,238 15,424 3,330 5,560 500 11,548 289,074 21 45,218 6,518 31,929 1,300 5,471 19,428 14,960 3,338 5,498 511 11,359 288,514 28, 45,083 6,351 31,998 1,302 5,432 18,089 16,324 3,476 5,594 509 11,530 288,569 1973 May 2.. 46,638 6,064 33,428 1,175 5,971 20,762 14,323 3,444 5,780 648 13,367 325,534 9.. 46,850 6,108 33,610 1,171 5,961 17,779 15,259 3,373 5,288 653 13,294 322,523 16 46,429 6,053 33,206 1,190 5,980 21,418 15,312 3,525 5,443 653 13,029 326,304 23 46,522 6,105 33,264 1,185 5,968 17,382 15,633 3,607 5,282 657 13,130 321,829 30 47,110 6,221 33,372 1,189 6,328 20,816 14,014 3,775 5,755 657 13,384 326,280 June 6*. 47,303 6,325 33,480 1,188 6,310 19,470 15,647 3,290 5,896 666 13,307 327,541 13* 47,182 6,046 33,443 1,222 6,471 19,844 13,488 3,673 5,684 666 13,296 327,436 20* 46,848 5,881 33,341 1,227 6,399 20,200 15,786 3,660 5,593 668 13,351 329,968 27* 47,021 5,803 33,446 1,268 6,504 18,397 14,096 3,802 5,642 668 13,360 327,019 For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings Domestic interbank Foreign IPC States States Wednesday and Certi­ and 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 140,989 100,936 6,213 3,284 20,221 721 730 2,644 6,240 149,683 57,722 64,813 19,048 2,363 5,280 ................June 7 146,084 105,671 6,137 2,851 20,698 667 753 2,691 6,616 149,223 57,642 64,895 18,633 2,327 5,263 ......................14 147,987 103,273 6,698 5,589 20,164 639 677 2,819 8,128 149,167 57,735 64,846 18,582 2,265 5,272 ............................21 146,199 102,356 6,872 5,726 20,034 694 902 2,886 6,729 149,647 57,844 65,476 18,310 2,233 5,318 ......................28 1973 156,704 109,067 7,504 7,447 21,021 732 958 3,436 6,539 176,383 58,093 83,266 23,016 3,754 7,602 .............May 2 146,599 104,667 6,343 5,701 19,271 732 921 3,223 5,741 178,321 58,250 84,769 23,079 3,866 7,705 ...................... 9 153,164 109,203 6,919 3,956 21,930 687 867 3,326 6,276 178,862 58,185 85,383 23,024 3,863 7,754 ......................16 145,377 104,477 6,052 3,942 19,527 713 918 3,210 6,538 179,929 58,260 86,082 23,053 4,068 7,764 ......................23 150,507 109,212 6,561 2,891 20,342 722 962 3,329 6,488 180,341 58,219 86,317 22.916 4,083 7,998 ......................30 148,986 107,987 6,309 2,496 20,846 776 1,153 3,349 6,070 180,008 58,356 86,529 22,232 4,075 8,022 ................June 6* 149,672 110,912 6,149 1,998 20,121 722 910 3,345 5,515 180,235 58,285 86,849 21.917 4,304 8,113 ............................13* 153,943 109,889 6,469 6.634 19,887 700 877 3,578 5,909 178,797 58,200 85,996 21,506 4,217 8,111 ............................20 * 149,948 107,425 6,837 5.634 19,364 733 860 3,395 5,700 179,966 58,245 87,217 21,435 4,319 8,013 ......................27 p New York City 1972 36,717 21,526 365 609 8,564 370 600 1,814 2,869 25,439 5,747 13,488 2,010 1,183 2,915 .June 7 38,794 23,091 305 522 8,792 339 616 1,887 3,242 25,182 5,743 13,406 1,910 1,170 2,865 ...........14 40,936 22,681 611 1,082 8,718 321 526 2,005 4,992 24,882 5,745 13,222 1,900 1,112 2,811 ...........21 40,205 22,758 495 940 9,221 369 764 2,038 3,620 25,187 5,742 13,494 1,943 1,091 2,824 ...........28 1973 42,444 23,898 560 1,583 9,577 375 811 2,502 3,138 31,598 5.356 18,245 2,010 2,203 3,675 .May 2 38,128 22,068 363 1,063 8,673 374 772 2,242 2,573 31,871 5.356 18,359 2,070 2,208 3,768 ..............9 41,353 23,163 484 743 10,603 344 718 2,338 2,960 31,978 5,361 18,341 2,154 2,174 3,840 ...........16 39,133 21,983 344 671 9,151 392 763 2,291 3,538 32,241 5,350 18,464 2,077 2,379 3,862 ...........23 39,969 23,648 404 493 8,842 363 797 2,314 3,108 32,574 5,345 18,594 2,072 2,397 4,050 ...........30 38,945 22,618 353 498 9,247 396 930 2,350 2,553 32,299 5,346 18,685 1,720 2,389 4,042 .June 6p 38,501 22,836 333 291 9,506 366 729 2,388 2,052 32,439 5,336 18,561 1,766 2,578 4,082 .............13* 40,451 23,328 430 1,701 8,960 334 710 2,590 2,398 31,944 5,311 18,250 1,657 2,517 4,102 .............20* 39,270 22,781 449 1,135 9,105 372 682 2,408 2,338 32,305 5,323 18,565 1,664 2,590 4,060 .............27* Outside New York City 1972 104,272 79,410 5,848 2,675 11,657 351 130 830 3,371 124,244 51,975 51,325 17,038 1,180 2,365 .June 7 107,290 82,580 5,832 2,329 11,906 328 137 804 3,374 124,041 51,899 51,489 16,723 1,157 2,398 .............14 107,051 80,592 6,087 4,507 11,446 318 151 814 3,136 124,285 51,990 51,624 16,682 1,153 2,461 .............21 105,994 79,598 6,377 4,786 10,813 325 138 848 3,109 124,460 52,102 51,982 16,367 1,142 2,494 .............28 1973 114,260 85,169 6,944 5,864 11,444 357 147 934 3,401 144,785 52,737 65,021 21,006 1,551 3,927 .May 2 108,471 82,599 5,980 4,638 10.598 358 149 981 3,168 146,450 52,894 66,410 21,009 1,658 3,937 ........... 9 111,811 86,040 6,435 3,213 11,327 343 149 988 3,316 146,884 52,824 67,042 20,870 1.689 3,914 ...........16 106,244 82,494 5,708 3,271 10,376 321 155 919 3,000 147,688 52,910 67,618 20,976 1.689 3,902 ...........23 110,538 85,564 6,157 2,398 11,500 359 165 1,015 3,380 147,767 52,874 67,723 20,844 1,686 3,948 ...........30 110,041 85,369 5,956 1,998 11.599 380 223 999 3,517 147,709 53,010 67,844 20,512 1,686 3,980 .June 6* 111,171 88,076 5,816 1,707 10,615 356 181 957 3,463 147,796 52,949 68,288 20,151 1,726 4,031 .............13* 113,492 86,561 6,039 4,933 10,927 366 167 988 3,511 146,853 52,889 67,746 19,849 1,700 4,009 .............20* 110,678 84,644 6,388 4,499 10,259 361 178 987 3,362 147,661 52,922 68,652 19,771 1,729 3,953 ...........27* For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS □ JULY 1973 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotii able Fed­ Total time CD’;s Gross eral Other Total loans incl uded in 1t ime liabili­ Wednesday funds liabili­ capital Total and De­ and savings dei)ositsii ties of pur­ F.R. ties, Secur­ ac­ loans invest­ mand banks chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits to etc. 7 ad­ (gross) ad­ Issued Issued their justed9 ad­ justed 1 o Total to to foreign justed9 IPC’s others bran­ ches Large banks— Total 1972 June 7.......................... 29,725 109 1,455 15,417 4,150 71 28,216 199,713 280,900 89,764 36,106 22,481 13,625 1,192 14......................... 30,090 37 1,482 15,715 4,157 71 28,160 200,886 282,254 91,871 35,813 22,415 13,398 1,525 21......................... 29,535 145 1,518 15,792 4,157 71 28,116 203,130 284,025 91,529 35,452 22,130 13,322 1,740 28......................... 28,934 383 1,621 15,361 4,162 71 28,166 203,086 283,151 91,204 35,846 22,395 13,451 1,442 1973 May 2......................... 34,513 454 2,891 17,082 4,430 64 30,353 242,960 322,578 97,246 56,531 37,073 19,458 1,238 9.......................... 36,592 2,359 2,985 16,311 4,427 73 30,368 243,267 322,710 94,896 57,917 38,128 19,789 1,073 16.......................... 36,836 2,002 3,082 17,574 4,434 64 30,268 245,026 323,600 94,915 58,521 38,659 19,862 1,721 23......................... 37,315 935 3,002 17,906 4,437 64 30,310 244,520 322,918 94,997 59,425 39,225 20,200 1,492 30......................... 36,471 1,263 3,192 17,221 4,459 64 30,204 246,091 325,589 95,932 59,718 39,239 20,479 1,351 June 6*....................... 39,933 514 3,279 17,186 4,467 64 30,544 246,420 326,525 97,889 59,287 39,192 20,095 940 13*....................... 37,723 1,347 3,100 17,193 4,475 64 30,570 249,286 329,305 99,289 59,726 39,468 20,258 1,266 20*....................... 39,541 1,393 3,402 17,637 4,477 64 30,516 249,907 329,315 98,278 58,477 38,530 19,947 1,235 27*....................... 37,081 1,117 3,871 17,745 4,488 64 30,540 250,542 329,980 97,934 59,503 39,570 19,933 1,515 New York City 1972 June 7......................... 7,648 375 5,444 1,218 7,141 45,212 58,998 18,389 12,622 8,464 4,158 893 14......................... 7,591 349 5,693 1,221 7,115 45,704 59,517 19,054 12,377 8,365 4,012 1,211 21......................... 7,623 392 5,699 1,221 7,096 46,225 60,362 19,859 12,051 8,187 3,864 1,364 28.......................... 6,434 430 5,412 1,224 7,083 45,922 59,531 18,898 12,256 8,299 3,957 975 1973 May 2.......................... 6,723 1,254 6,371 1,269 7,681 55,244 67,498 21,056 18,694 12,667 6,027 958 9.......................... 8,107 1,215 1,320 5,918 1,274 7,679 55,625 67,659 19,440 18,873 12,726 6,147 793 16.......................... 8,869 623 1,392 6,827 1,275 7,665 56,477 68,588 19,062 18,980 12,753 6,227 1,438 23.......................... 8,733 15 1,326 7,058 1,275 7,665 55,337 67,482 19,782 19,272 12,905 6,367 1,127 30......................... 8,067 15 1,540 6,350 1,275 7,652 55,999 68,520 20,108 19,487 12,898 6,589 972 June 6*....................... 9,327 1,561 6,307 1,280 7,721 56,092 68,997 20,915 19,142 12,877 6,265 556 13*....................... 9,111 125 1,420 6,344 1,286 7,717 57,191 70,051 20,284 19,197 12,719 6,478 962 20*....................... 10,191 200 1,531 6,494 1,287 7,704 57,507 70,428 20,846 18,730 12,343 6,387 957 27*....................... 8,555 1,888 6,802 1,292 7,689 57,329 69,957 20,411 19,037 12,658 6,379 1,264 Outside New York City 1972 June 7.......................... 22,077 109 1,080 9,973 2,932 71 21,075 154,501 221,902 71,375 23,484 14,017 9,467 299 14.......................... 22.499 37 1,133 10,022 2,936 71 21,045 155,182 222,737 72,817 23,436 14,050 9,386 314 21.......................... 21,912 20 1,126 10,093 2,936 71 21,020 156,905 223,663 71,670 23,401 13,943 9,458 376 28.......................... 22.500 383 1,191 9,949 2,938 71 21,083 157,164 223,620 72,306 23,590 14,096 9,494 467 1973 May 2......................... 27,790 454 1,637 10,711 3,161 64 22,672 187,716 255,080 76,190 37,837 24,406 13,431 280 9.......................... 28,485 1,144 1,665 10,393 3,153 73 22,689 187,642 255,051 75,456 39,044 25,402 13,642 280 16.......................... 27,967 1,379 1,690 10,747 3,159 64 22,603 188,549 255,012 75,853 39,541 25,906 13,635 283 23......................... 28,582 920 1,676 10.848 3,162 64 22,645 189,183 255,436 75,215 40,153 26,320 13,833 365 30......................... 28,404 1,248 1,652 10,871 3,184 64 22,552 190,092 257,069 75,824 40,231 26,341 13,890 379 June 6*....................... 30,606 514 1,718 10,879 3,187 64 22,823 190,328 257,528 76,974 40,145 26,315 13,830 384 13*....................... 28,612 1,222 1,680 10.849 3,189 64 22,853 192,095 259,254 79,005 40,529 26,749 13,780 304 20*....................... 29,350 1,193 1,871 11,143 3,190 64 22,812 192,400 258,887 77,432 39,747 26,187 13,560 278 27*....................... 28,526 1,117 1,983 10,943 3,196 64 22,851 193,213 260,023 77,523 40,466 26,912 13,554 251 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

JULY 1973 □ 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 1973 1972 June June June June May 1st 2nd 27 20 13 6 30 June May Apr. II I IV half half Durable goods manufacturing: Primary metals................................. 2,031 1,991 2,008 2,012 2,023 8 -110 -7 -109 122 20 13 -79 Machinery......................................... 6,065 6,071 5,900 5,727 5,705 360 -26 320 654 808 496 1,462 395 Transportation equipment.............. 2,172 2,154 2,192 2,148 2,158 14 -53 85 46 32 -173 78 -258 Other fabricated metal products... 2,267 2,287 2,240 2,173 2,158 109 50 113 272 236 -24 508 57 Other durable goods........................ 3,774 3,788 3,733 3,670 3,636 138 32 151 321 549 -13 870 69 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 3,407 3,395 3,380 3,401 3,339 68 -240 -39 -211 171 640 -40 827 Textiles, apparel, and leather.......... 3,415 3,362 3,255 3,282 3,258 157 12 97 266 455 -351 721 -166 Petroleum refining........................... 1,189 1,213 1,205 1,192 1,184 5 -18 7 -6 218 10 212 -14 Chemicals and rubber..................... 2,666 2,654 2,652 2,615 2,613 53 -78 88 63 746 -9 809 -262 Other nondurable goods................. 2,057 2,068 2,049 2,033 2,008 49 64 47 160 203 -65 363 30 Mining, including crude petroleum and natural gas........................... 3,980 4,191 3,992 3,987 3,965 15 -28 33 20 331 -33 351 25 Trade: Commodity dealers................. 1,259 1,270 1,298 1,365 1,390 -131 -241 -226 -598 63 481 -535 622 Other wholesale....................... 5,217 5,234 5,168 5,166 5,186 31 73 75 179 384 61 563 216 Retail........................................ 6,084 6,034 6,003 5,981 5,972 112 151 186 449 635 166 1,084 473 Transportation..................................... 5,887 5,894 5,820 5,829 5,741 146 125 15 286 11 235 297 -42 Communication................................... 2,114 2,069 2,029 2,132 2,146 -32 -31 139 76 179 147 255 424 Other public utilities............................ 4,529 4,567 4,367 4,302 4,285 244 239 169 652 291 531 943 939 Construction......................................... 5,590 5,568 5,513 5,448 5,396 194 239 189 622 304 38 926 364 Services................................................. 10,161 10,163 10,011 10,018 9,881 280 55 152 487 542 558 1,029 494 All other domestic loans..................... 7,609 7,603 7,541 7,554 7,483 126 364 312 802 972 168 1,774 239 Bankers’ acceptances........................... 1,407 1,417 1,478 1,433 1,304 103 160 -177 86 -230 302 -144 100 Foreign commercial and industrial loans.............................................. 4,439 4,497 4,462 4,444 4,444 -5 111 -127 -21 580 414 559 491 Total classified loans........................... 87,319 87,490 86,296 85,912 85,275 2,044 850 1,602 4,496 7,602 3,599 12,098 4,944 Total commercial and industrial loans of large commercial banks*........ *105,040*105,178*103,813*103,492*102,794 2,246 895 2,026 5,167 8,770 4,472 13,937 6,149 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 1973 Industry June May Apr. Mar. Feb. Jan. Dec. Nov. Oct. 1st 27 30 25 28 28 31 27 29 25 IV III half Durable goods manufactur­ ing: Primary metals................... 1,328 1,314 1,315 1,335 1,307 1,336 1,268 1,278 1,282 -7 67 -35 -67 60 Machinery.......................... 2,641 2,560 2,555 2,313 2,305 2,271 2,154 2,034 1,907 328 159 249 -49 487 Transportation equipment. 1,189 1,168 1,180 1,174 1,217 1,246 1,205 1,256 1,201 15 -31 -102 -52 -16 Other fabricated metal products.......................... 869 833 842 785 765 751 720 707 680 84 65 41 4 149 Other durable goods.......... 1,690 1,592 1,614 1,520 1,464 1,348 1,239 1,196 1,193 170 281 51 6 451 Nondurable goods manufac­ turing : Food, liquor, and tobacco. 1,393 1,372 1,355 1,350 1,325 1,304 1,234 1,191 1,182 116 153 159 Textiles, apparel, and leather............................. 969 942 978 892 843 781 723 699 731 77 169 12 57 246 Petroleum refining............. 876 885 858 842 778 781 698 681 658 34 144 19 -15 178 Chemicals and rubber....... 1,481 1,441 1,459 1,479 1,439 1,359 1,153 1,143 1,190 2 326 -6 -65 328 Other nondurable goods.. 1,063 1,063 1,108 1,100 1,062 1,005 894 913 939 -37 206 -24 46 169 Mining, including crude pe­ troleum and natural gas. 2,846 2,908 2,895 2,872 2,823 2,896 2,685 2,726 2,748 -26 187 6 12 161 Trade: Commodity dealers.. 123 139 136 150 131 132 121 121 123 -27 29 14 -2 2 Other wholesale........ 1,066 1,051 1,068 1,055 1,008 982 894 880 876 11 161 30 -19 172 Retail......................... 2,006 1,979 1,947 1,823 1,763 1,698 1,592 1,588 1,497 183 231 148 146 414 Transportation....................... 4,305 4,161 4,202 4.234 4,285 4,257 4,180 4,070 4,078 71 54 94 -219 125 Communication..................... 785 760 738 746 770 755 682 549 537 39 64 121 64 103 Other public utilities.............. 2,409 2,328 2,343 2.234 2,245 2,060 1,975 1,825 1,759 175 259 287 282 434 Construction.......................... 1,896 1,853 1,800 1,709 1,665 1,661 1,558 1,528 1,520 187 151 8 142 338 Services................................... 4,562 4,401 4,417 4,339 4,184 4,120 4,026 3,999 3,951 223 313 164 143 536 All other domestic loans .... 2,201 2,180 2,061 1,871 1,785 1,711 1,597 1,532 1,459 330 274 43 131 604 Foreign commercial and in­ dustrial loans.................. 2,585 2,647 2,410 2,567 2,327 2,355 2,366 2,264 2,177 18 201 223 105 219 Total loans............................. *38,283 *37,577 *37,281 36,390 35,491 34,809 32,964 32,180 31,688 1,893 3,426 1,498 803 5,319 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 □ JULY 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 l e l r IPC All commercial banks: 1970—June................................................................................ 17.1 85.3 49.0 1.6 9.6 162.5 17.0 88.0 51.4 1.4 10.0 167.9 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 Sept................................................................................. 17.9 91.5 57.5 1.2 9.7 177.9 18.5 98.4 58.6 1.3 10.7 187.5 1972—Mar................................................................................. 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................................................................................. 18.9 109.9 65.4 1.5 12.3 208.0 1973—Mar................................................................................. 18.6 102.8 65.1 1.7 11.8 200.0 Weekly reporting banks: 1971—Dec.................................................................................. 14.4 58.6 24.6 1.2 5.9 104.8 1972—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 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 27.1 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 Mar................................................................................. 14.4 59.0 26.5 1.6 6.4 107.9 Apr................................................................................. 14.3 59.4 28.6 1.8 6.4 110.4 May*.............................................................................. 13.8 59.1 26.9 1.9 6.4 108.0 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, June 30, Dec. 31, Class of Dec. 31, Dec. 31, June 30, Dec. 31, bank 1969 1971 1972 1972 bank 1969 1971 1972 1972 All commercial.... 1,131 680 595 559 All member—Cont. Insured................ 1,129 677 592 554 Other large banks 1........... 304 112 73 69 National member 688 387 340 311 All other member 1............ 571 371 346 313 State member.... 188 95 79 71 All nonmember...................... 255 197 177 177 All member............ 876 482 419 381 253 195 173 172 Noninsured......................... 2 2 3 5 1 Beginning Nov. 9,1972, designation of banks as reserve city banks for Note.—These hypothecated deposits are excluded from “Time deposits” reserve-requirement purposes has been based on size of bank (net demand and “Loans” at commercial banks, as shown in the tables on pp. A-18, deposits of more than $400 million), as described in the Bulletin for A-19, and A-24-A-28 (consumer instalment loans), and in the table at the July 1972, p. 626. Categories shown here as “Other large” and “All other bottom of p. A-17. These changes resulted from a change in Federal member” parallel the previous “Reserve City” (other than in New York Reserve regulations. See June 1966 Bulletin, p. 808. City and the City of Chicago) and “Country” categories, respectively These deposits have not been deducted from “Time deposits” and (hence the series are continuous over time). “Loans” 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

JULY 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 1973—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........... 3,161 1,997 1,164 1,872 295 1,577 Apr. 4........... 3,428 2,065 1,363 1,838 285 1,553 11 *• 3,572 2,241 1,331 1,846 279 1,567 18 r......... 3,592 2,357 1,235 1,823 286 1,537 25r......... 3,650 2,319 1,331 1,816 265 1,551 May 2 r......... 3,598 2,281 1,317 1,819 270 1,549 9r 3,561 2,232 1,329 1,818 270 1,548 16r . 3,668 2,323 1,345 1,818 297 1,521 23r , , 3,618 2,283 1,335 1,751 296 1,455 30r......... 3,674 2,231 1,443 1,773 308 1,465 June 6........... 3,701 2,348 1,353 1,798 323 1,475 13 3,611 2,248 1,363 1,757 309 1,448 20........... 3,474 2,169 1,305 1,731 280 1,451 27........... 3,520 2,174 1,346 1,707 279 1,428 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 dire:ctly 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 1965.............................. r 9,300 1,903 r 7,397 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 1966.............................. r13,645 3,089 r10,556 3,603 1,198 983 215 193 191 2,022 997 829 1,778 1967.............................. r17,085 4,901 r12,184 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 1968.............................. r21,173 7,201 r13,972 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2 053 1969.............................. r32,600 1,216 10,601 3,078 r17,705 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 1970.............................. r33,071 409 12,262 1,940 *•18,460 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 1971.............................. r32,126 495 10,923 1,478 *■19,230 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 1972—May................ r33,919 517 12,043 1,482 *•19,877 7,443 2,874 2,117 757 143 261 4,165 2,683 1,596 3,164 June................ r34,366 542 12,325 1,429 r20,070 7,069 2,817 2,082 735 73 251 3,927 2,657 1,569 2,843 July.................. r34,785 604 12,319 1,652 *•20,210 6,643 2,430 1,873 557 63 263 3,887 2,492 1,606 2,545 Aug.................. r34,233 705 12,239 1,716 *•19,573 6,639 2,298 1,829 469 96 287 3,958 2,532 1,631 2,476 Sept................. r34,012 775 12,313 1,593 *•19,331 6,602 2,403 1,833 569 62 261 3,876 2,538 1,646 2,418 Oct................... r35,651 821 12,737 1,708 *■20,385 6,748 2,394 1,881 514 70 219 4,065 2,585 1,786 2,377 Nov................. '35,775 876 12,345 1,709 *■20,845 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 21,380 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 Mar................. 34,052 993 8,366 2,463 22,230 6,859 2,269 1,777 492 165 282 4,143 2,091 2,399 2,368 Apr.................. 34,404 1,044 8,290 2,767 22,303 6,713 2,068 1,641 427 136 344 4,165 1,996 2,359 2,359 May................ 35,672 1,148 8,288 2,922 23,314 6,888 2,197 1,763 433 83 384 4,225 2,009 2,509 2,371 1 As reported by dealers; includes finance company paper as well as Note.—Data for commercial and finance company paper have been other commercial paper sold in the open market. revised to remove large discontinuities resulting from the addition of com- 2 As reported by finance companies that place their paper directly with mercial paper issuers. Back data available from Financial Statistics investors. Division, Federal Reserve Bank of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 32 INTEREST RATES □ JULY 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........... 3V4 1970—Mar. 25........... 8 1972—Feb. 28........... 43/8-4*4- 1972—Oct. 2........... 5 *4--5 34 4 Sept. 21........... 7*4 434- 4........... 51/4-534- Nov. 12........... 71/4 Mar. 13........... 4*4-434- 11........... 534- 1957—Aug. 6........... 4*4 23........... 7 23........... 434- 16........... 534--57/8 Dec. 22........... 6V4 27........... 434--4 7/8-5 1958—Jan. 22........... 4 Nov. 6........... 534- 31/2 1971 _jan. 6........... 6*4 Apr. 3........... 434--5 20............ 534--57/8 Sept. 11........... 4 15........... 61/4 5........... 5- 18........... 6 17........... 5--5*4 Dec. 26............ 534 .-6 1959—May 18........... 4% Feb. 16........... 5% 27........... 534-6b Sept. 1........... 5 Mar. 11........... 514-5*4 May 1........... 5--5i/8-5*4 19........... 5*4 30........... 5- 1973—Jan. 4........... 6a I960—Aug. 23........... 4% Apr. 23........... 5 *4-5 *4 June 12........... 5--51/8 Feb. 2........... 6«-6*4 1965—Dec. 6........... 5 May 11........... 5*4 26........... 5-5*4- 14............ 6b July 6............. 5*4-6 26............ 6b-6*4 1Q66—Mar. 10........... 5*4 7........... 6 July 3........... 5*4--53/8 27............ 6*4- June 29........... 5V4 Oct. 20........... 5% 10........... 5*4--53/8- Aug. 16........... 6 5*4 Mar. 19........... 6*4--634 Nov. 1........... 5%--5% 17........... 5*4--5*4 26........... 6*4- 1967—Jan. 26-27___ 5*4-5% 4........... 5*4--5% 31........... 51/4--53/8- Mar. 27........... 8........... 5*4- 5*4 Apr. 18........... 6*4-634- Nov. 20........... 2* 22........... 53/8-5*4- Aug. 11........... 5*4--53/8 19........... 634- 29........... 51/4-5*4- 14........... 5*4- 1968—Apr. 19........... 6v2 21........... 5*4--53/8 May 4........... 634-_7 ........... 6-6% Dec. 6........... 5S*e4p-5t.3 /285- 25........... 5*4--53/8- 7........... 7b Nov. 13........... 6V4 5*4- 5*4 24........... 7 b-7 *4 Dec. 2........... 6*4 27........... 5*4-5*4- 29........... 51/4-53/8- 25........... 7-71/4- 18........... 6V4 31........... 5*4- 5*4- 1969—Jan. 7........... 7 1972—Jan. 3........... 5-51/8-5*4- Sept. 4........... 5*4-5*4- June 8........... 43,4-5-5*4- 5*4- 45/g_43/4_5H 5*4--5% 4*4-434——5 51/2--55/8- 534 BB B 1 J- & Mar. 17........... 7*4 17........... 5........... 19........... June 9........... 8*4 24........... 11........... 25........... 31........... 25........... July 2........... 734 b-8 Note.—Beginning Nov. 1971, several banks adopted a floating prime Effective April 16, 1973, with the adoption of a two tier or “dual prime rate keyed to money market variables. ■ denotes prime rate charged by rate,” this table shows only the “large-business prime rate,” which is the the major commercial banks. range of rates charged by commercial banks on short-term loans to large businesses with the highest credit standing. 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 May Feb. May Feb. May Feb. May Feb. May Feb. May Feb. 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 Short-term 35 centers........................................... 7.35 6.52 8.05 7.63 7.85 7.29 7.61 6.83 7.34 6.52 7.19 6.30 New York City............................ 7.04 6.22 8.05 7.39 7.76 7.08 7.38 6.59 7.14 6.33 6.97 6.13 7 Other Northeast....................... 7.71 6.89 8.36 8.00 8.08 7.53 7.89 7.04 7.77 6.93 7.52 6.65 8 North Central........................... 7.45 6.45 7.72 7.26 7.70 7.16 7.57 6.83 7.32 6.35 7.41 6.27 7 Southeast.................................... 7.37 6.76 8.03 7.73 7.80 7.33 7.53 6.89 7.11 6.65 7.16 6.41 8 Southwest................................... 7.33 6.63 7.98 7.48 7.74 7.16 7.48 6.72 7.28 6.53 7.08 6.38 4 West Coast................................. 7.25 "6.50 8.31 "7.87 7.98 "7.37 7.71 6.82 7.27 "6.41 7.06 "6.34 Revolving credit 35 centers........................................... 7.14 "6.39 7.96 "7.27 7.85 "7.06 7.46 "6.55 7.25 "6.38 7.17 "6.39 New York City............................ 7.07 6.53 7.82 7.07 7.36 6.87 7.28 6.56 7.18 6.40 7.06 6.53 7 Other Northeast....................... 7.45 6.38 8.43 7.51 7.63 7.09 7.55 6.69 7.33 6.47 7.45 6.32 8 North Central........................... 7.40 6.25 8.61 8.50 7.99 7.14 7.66 6.54 7.22 6.29 7.37 6.18 7 Southeast.................................... 7.19 7.24 7.53 6.00 7.73 5.95 7.03 6.41 7.13 7.67 8 Southwest................................... 7.79 6.83 7.75 7.65 7.83 7.17 8.11 6.74 7.54 6.86 7.79 6.82 4 West Coast................................ 7.17 "6.32 7.97 "7.37 7.95 "7.20 7.36 "6.51 7.23 "6.30 7.12 r6.28 Long-term 35 centers........................................... 7.66 7.11 8.17 "7.47 7.79 "7.48 7.93 7.31 7.72 7.13 7.60 7.06 New York City............................ 7.30 6.90 7.20 6.64 7.45 7.00 7.55 7.09 7.70 6.47 7.25 6.91 7 Other Northeast....................... 8.17 7.08 8.60 7.28 7.68 7.66 8.12 7.49 7.95 6.89 8.28 6.94 8 North Central........................... 7.72 7.04 8.08 7.34 8.02 7.60 8.21 7.24 7.51 7.02 7.65 6.98 7 Southeast.................................... 8.44 8.29 7.18 7.38 7.24 7.05 8.50 8.67 9.39 7.76 8.58 8.71 8 Southwest................................... 7.79 7.88 8.39 8.20 8.20 7.97 7.66 7.37 7.68 6.62 7.82 8.45 4 West Coast................................ 7.69 "7.18 8.72 "7.49 7.95 "7.17 7.66 "6.91 7.57 8.24 7.71 7.06 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

JULY 1973 □ INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 Prime Finance commercial CO. Prime Fed­ paper i paper bankers* eral 3-month bills5 6-month bills5 9-to 12-month issues 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 Other6 issue issue ket yield)5 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—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 Apr............... 7.13 7.14 6.76 6.97 7.12 6.289 6.26 6.525 6.52 6.51 6.79 6.74 May.............. 7.26 7.27 6.85 7.15 7.84 6.348 6.36 6.615 6.62 6.63 6.83 6.78 June............. 8.00 7.99 7.45 7.98 8.49 7.188 7.19 7.234 7.23 7.05 7.27 6.76 Week ending— 1973—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 Apr. 7........ 7.13 7.18 6.78 7.00 7.18 6.531 6.45 6.814 6.68 6.63 6.98 6.77 14 7.13 7.13 6.78 6.98 6.84 6.187 6.20 6.268 6.40 6.41 6.77 6.67 21........ 7.13 7.13 6.75 6.88 7.23 6.187 6.16 6.389 6.43 6.42 6.70 6.73 28........ 7.13 7.13 6.75 7.00 7.14 6.251 6.23 6.630 6.56 6.56 6.70 6.79 May 5........ 7.13 7.13 6.75 7.00 7.43 6.278 6.24 6.575 6.56 6.60 6.74 6.79 12....... 7.13 7.13 6.75 7.00 7.60 6.136 6.07 6.431 6.42 6.49 6.68 6.76 19........ 7.23 7.28 6.75 7.13 7.81 6.179 6.22 6.456 6.48 6.49 6.72 6.76 26........ 7.38 7.38 6.95 7.33 8.06 6.452 6.56 6.748 6.78 6.78 6.98 6.82 June 2........ 7.53 7.53 7.13 7.41 7.95 6.694 6.91 6.864 6.99 6.93 7.13 6.79 9........ 7.80 7.83 7.25 7.75 8.43 7.133 7.07 7.210 7.09 6.94 7.20 6.72 16, ... 7.90 7.90 7.50 7.88 8.17 7.129 7.15 7.172 7.16 6.94 7.19 6.70 23 ... 8.10 8.03 7.50 8.05 8.55 7.263 7.25 7.255 7.27 7.02 7.25 6.74 30 ... 8.28 8.28 7.60 8.35 8.59 7.228 7.32 7.299 7.43 7.31 7.46 6.89 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 Treasury bills are the revised series described on p. ♦ Except for new bill issues, yields are averages computed from daily A-35 of the Oct. 1972 Bulletin. losing bid prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES □ JULY 1973 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State and local Aaa utility By selected By Dividend/ Earnings/ ratine group t>rice ratio price ratio Period United Total 1 States (long­ Re­ Aaa Baa Indus­ Rail­ Public term) Total 1 Aaa Baa New cently trial road utility Pre­ Com­ Com­ issue offered ferred mon mon Seasoned issues 1963................... 4.00 3.28 3.06 3.58 4.21 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964................... 4.15 3.28 3.09 3.54 4.34 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 1965................... 4.21 3.34 3.16 3.57 4.50 4.51 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 1966................... 4.66 3.90 3.67 4.21 5.43 5.38 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 1967................... 4.85 3.99 3.74 4.30 5.82 5.79 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 1968................... 5.25 4.48 4.20 4.88 6.50 6.47 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.64 ................... 6.10 5.73 5.4519696.07 7.71 7.64 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.08 1970................... 6.59 6.42 6.12 6.75 8.68 8.71 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.51 1971................... 5.74 5.62 5.22 5.89 7.62 7.66 7.94 7.39 8.56 7.57 8.38 8.13 6.75 3.14 5.40 1972................... 5.63 5.30 5.04 5.60 7.31 7.34 7.63 7.21 8.16 7.35 7.99 7.74 7.27 2.84 1972--June....... 5.59 5.35 5.07 5.72 7.32 7.38 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 7.39 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 7.38 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 7.42 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 7.41 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 7.21 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 7.21 7.47 7.08 7.93 7.22 7.91 7.48 6.92 2.70 5.46 1973-—Jan.......... 5.94 5.13 4.90 5.39 7.38 7.37 7.49 7.15 7.90 7.27 7.87 7.51 6.85 2.69 6.11 Feb......... 6.14 5.17 4.95 5.44 7.40 7.42 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 7.54 7.62 7.29 8.03 7.43 7.94 7.64 7.03 2.83 ......... 6.11 5.17 4.95 5.42 7.46Apr7.47 7.62 7.26 8.09 7.43 7.98 7.64 7.11 2.90 May........ 6.22 5.13 4.90 5.41 7.51 7.50 7.62 7.29 8.06 7.41 8.01 7.63 7.13 3.01 June........ 6.32 5.25 5.05 5.51 7.64 7.64 7.69 7.37 8.13 7.49 8.07 7.69 7.25 3.06 Week ending— 1973--May 5.. 6.15 5.10 4.85 5.35 7.40 7.42 7.59 7.26 8.03 7.38 7.97 7.62 7.12 2.96 12.. 6.15 5.10 4.85 5.35 7.45 7.60 7.26 8.03 7.39 8.00 7.61 7.01 2.92 19.. 6.21 5.13 4.85 5.40 ' 7.45* 7.50 7.61 7.29 8.04 7.40 7.99 7.61 7.12 3.03 26.. 6.31 5.19 4.95 5.45 7.61 7.55 7.64 7.32 8.08 7.43 8.03 7.64 7.22 3.10 June 2.. 6.31 5.24 5.00 5.50 7.55 7.60 7.67 7.35 8.12 7.45 8.06 7.67 7.20 3.02 9.. 6.31 5.17 5.00 5.40 7.63 7.59 7.68 7.36 8.13 7.48 8.06 7.67 7.23 3.07 16. . 6.29 5.23 5.05 5.50 7.58 7.60 7.68 7.36 8.14 7.48 8.06 7.68 7.19 2.98 23.. 6.32 5.28 5.05 5.55 7.66 7.69 7.69 7.38 8.13 7.49 8.08 7.69 7.27 3.07 30.. 6.36 5.31 5.10 5.60 7.73 7.72 7.72 7.40 7.14 7.51 8.09 7.71 7.29 3.09 j Number of i<isnp<i2.......... 11 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 Investor Service. (3) Cor­ arately. Because of a limited number of suitable issues, the number porate: Rates for “New issue” and “Recently offered” Aaa utility bonds of corporate bonds in some groups has varied somewhat. As of Dec. are weekly averages compiled by the Board of Governors of the Federal 23, 1967, there is no longer an Aaa-rated railroad bond series. Reserve System. Rates for seasoned issues are averages of daily figures 2 Number of issues varies over time; figures shown reflect most recent from Moody’s Investors Service. count. Stocks: Standard and Poor’s corporate series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on eight median yields for a sample of non- Bonds: Monthly and weekly yields are computed as follows: (1) U.S. callable issues—12 industrial and 2 public utility; common stock ratios Govt.: Averages of daily figures for bonds maturing or callable in 10 years on the 500 stocks in the price index. Quarterly earnings are seasonally or more; from Treasury Dept. (2) State and local govt.: General obligations adjusted at annual rates. Notes to tables on opposite page: Security Prices: Terms on Mortgages: 1 Begins June 30, 1965, at 10.90. On that day the average price of a share 1 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 2 Series revised beginning Jan. 1973; hence data are not strictly com­ computed as follows: U.S. Govt, bonds, derived from average market parable with earlier figures. yields in table on p. A-34 on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, derived from average yields as Note.—Compiled by Federal Home Loan Bank Board in cooperation computed by Standard and Poor’s Corp., on basis of a 4 per cent, 20- with Federal Deposit Insurance Corporation. Data are weighted averages year bond; Wed. closing prices. Common stocks, derived from com­ based on probability sample survey of characteristics of mortgages ponent common stock prices. Average daily volume of trading, normally originated by major institutional lender groups (including mortgage conducted 5 days per week for 5 Vi hours per day, or 27 l/z hours per week. companies) for purchase of single-family homes. Data exclude loans for In recent years shorter days and/or weeks have cut total weekly trading refinancing, reconditioning, or modernization; construction loans to to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22- homebuilders; and permanent loans that are coupled with construction Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31- loans to owner-builders. Series beginning 1965, not strictly comparable 221/z; 1970—Jan. 2-May 1, 25. with earlier data. See also the table on Home-Mortgage Yields, p. A-53. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o 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 U e o o r . n m v S g t . ) . ­ S l a o t n c a d a te l p A C o A r o a r A t ­ e Total In tr d i u al s­ R ro a a i d l­ P u u ti b li l t i y c Total In tr d ia u l 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 1 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 65.9 121.79 44.11 56.90 60.29 65.73 50.17 38.48 78.35 27.00 16,487 4,447 1972—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 1107.21 119.98 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 65.6 122.33 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 65.5 122.39 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 65.9 128.29 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 ; 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 ] 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 1 126.05 39.29 55.94 60.15 66.20 40.92 39.13 72.32 24.59 15,564 2,966 Apr.................. 64.39 85.7 64.9 1 123.56 35.88 55.34 58.67 64.41 40.57 38.97 69.42 24.02 13,900 2,981 May................ 63.43 86.1 64.7 1 119.95 36.14 55.43 56.74 62.22 36.66 39.01 65.33 23.12 15,329 3,043 June................ 62.61 85.8 64.4 1 117.20 34.35 54.37 55.14 60.52 33.72 37.95 63.52 22.44 12,796 2,316 Week ending— 1973—June 2 62.67 85.5 64.6 1 118.09 34.41 55.01 55.76 61.20 34.71 38.47 64.01 22.62 11,405 2,388 9 . 62.69 86.2 64.5 1 117.41 34.09 54.67 55.25 60.71 33.95 38.06 62.65 22.44 13,323 2,503 16......... 62.87 86.3 64.5 1 119.54 35.32 55.18 56.23 61.84 34.76 38.35 64.25 22.62 12.933 2,184 23......... 62.59 85.5 64.4 1 116.10 34.24 53.83 54.62 59.91 33.34 37.70 63.30 22.41 13,025 2,395 30 , . 62.31 85.0 64.2 1 115.97 33.83 53.60 54.49 59.71 32.78 37.65 64.00 22.36 12.382 2,210 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 & l s M (y a e tu ar r s i ) ty L c p r ( a o e p r t i n a e i c n t o r e ) / (t d h c o p o P h l r u u l i a 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 t g ) r e & i s M (y a e t a u r r s i ) ty L c p r ( a o e p r t n i a e i c t o n 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 d h a L m o o l u o l o s a a u . r n s n 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—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 Dec................ 7.51 .92 27.5 78.0 37.9 29.0 7.45 .86 26.4 76.8 34.0 25.7 1973—Jan................ 7.52 1.03 25.7 76.6 35.8 27.0 7.53 .94 23.2 75.2 30.5 22.6 Feb................ 7.52 1.15 26.8 78.6 35.9 27.6 7.55 1.03 23.6 77.5 29.2 22.0 Mar............... 7.51 1.09 26.6 78.4 36.7 28.3 7.54 .95 23.3 76.9 29.3 22.0 Apr................ 7.53 1.11 26.6 78.2 36.9 28.2 7.55 .96 23.9 77.3 30.1 22.8 May r........... 7.55 1.05 25.9 78.7 36.6 27.2 7.62 .93 23.5 77.5 30.0 22.3 June.............. 7.59 1.09 26.5 78.2 35.8 27.6 7.62 .91 24.0 76.4 32.3 24.1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 STOCK MARKET CREDIT □ JULY 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—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.............. 8,620 7,753 867 7,480 800 248 50 25 17 1,954 1,508 431 1,770 Mar............. 8,344 7,465 879 7,197 813 244 48 24 18 1,917 1,566 442 1,719 Apr.............. 8,165 7,293 872 7,040 804 232 49 21 19 1,969 1,482 389 1,536 May............ 7,650 6,784 866 6,540 802 224 47 20 18 2,010 1,502 413 1,564 1 Margin credit includes all credit extended to purchase or carry stocks Regulations T and U permit special loan values for convertible bonds and or related equity instruments and secured at least in part by stock (see stock acquired through exercise of subscription rights. Dec. 1970 Bulletin). Credit extended by brokers is end-of-month data 3 Nonmargin stocks are those not listed on a national securities exchange for member firms of the New York Stock Exchange. June data for banks and not included on the Federal Reserve System’s list of Over the Counter are universe totals; all other data for banks represent estimates for all margin stocks. At banks, loans to purchase or carry nonmargin stocks are commercial banks based on reports by a reporting sample, which ac­ unregulated; at brokers, such stocks have no loan value. counted for 60 per cent of security credit outstanding at banks on June 30, 4 Includes loans to purchase or carry margin stock if these are unsecured 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 to the brokers and are subject to withdrawal by customers on demand. 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 End of l ( d i m o e n b il s t ­ End of period c N re e d t it in debit status b T a o la ta n l c e period of 80 or Under status 60 per cent Less than (millions dol­ more 70-79 60-69 50-59 40-49 40 or more 60 per cent of dollars lars)! 1972—May..................... 34.7 57.1 8.0 5,860 1972—May. 7,200 6.9 9.9 19.3 38.6 15.0 10.4 June..................... 34.3 56.3 9.4 5,770 June. 7,510 6.0 9.1 15.9 33.9 22.0 13.2 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 36.3 47.9 15.7 5,790 Mar.. 7,200 5.7 7.5 15.9 23.1 22.7 25.1 35.3 46.9 18.0 5,660 Apr.. 7,040 4.8 7.3 13.4 19.8 22.4 32.4 May..................... 35.8 45.0 19.1 5,670 May. 6,540 4.9 7.2 12.7 18.7 21.9 34.9 Note.—Special miscellaneous accounts contain credit balances that i See note 1 to table above. may be used by customers as the margin deposit required for additional purchases. Balances may arise as transfers based on loan values of other Note.—Each customer’s equity in his collateral (market value of col­ collateral in the customer’s margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col­ sales proceeds) occur. lateral values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o 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 g li T e a a t n b o i n e e i t d s l a r i a l ­ l D i e t p s o 2 s­ l O ia t t i b e h i s e li r ­ G r c e o e s a u n 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 reserve accts. 3 or 3-6 6-9 Over Total less 9 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 19724............. 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 1972—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... 64,414 3,444 3,412 627 20,872 1,333 1,962 96,064 87,148 2,252 6,664 1,612 925 540 1,603 4,679 July. .. 64,853 3,642 3,392 675 21,209 1,300 1,963 97,034 87,838 2,533 6,663 1,579 956 557 1,629 4,721 Aug.. . 65,408 3,512 3,369 786 21,405 1,329 1,958 97,766 88,254 2,778 6,734 1,572 824 549 1,647 4,593 Sept.. . 65,901 3,604 3,408 822 21,569 1,362 1,834 98,500 89,289 2,428 6,784 1,740 716 583 1,637 4,675 Oct.. .. 66,373 3,482 3,462 844 21,513 1,304 2,011 98,990 89,677 2,510 6,803 1,667 718 617 1,660 4,662 Nov.. . 66,891 3,507 3,434 871 21,664 1,323 2,014 99,704 90,228 2,607 6,870 1,624 753 631 1,658 4,666 Dec.... 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 Feb.... 68,352 4,030 3,419 986 22,389 1,331 2,070 102,577 92,949 2,540 7,088 1,729 862 732 1,480 4,803 Mar.. . 68,920 3,970 3,458 1,028 22,509 1,576 2,058 103,518 94,095 2,285 7,139 1,816 886 826 1,355 4,882 Apr__ 69,426 3,831 3,388 1,080 22,598 1,582 2,089 103,994 94,217 2,589 7,189 1,904 888 725 1,395 4,912 1 Also includes securities of foreign governments and international 4 Balance sheet data beginning Jan. 1972 are reported on a gross-oforganizations 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 National Assn. of Mutual Savings Banks accumulated for payment of personal loans” were excluded from “Time which were net of valuation reserves. For most items, however, the dif­ deposits” and deducted from “Loans” at all commercial banks. These ferences are relatively small. changes resulted from a change in Federal Reserve regulations. See table (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-30. Note.—NAMSB data; figures are estimates for all savings banks in 3 Commitments outstanding of banks in New York State as reported to the United States and differ somewhat from those shown elsewhere in the Savings Banks Assn. of the State of New York. Data include building the Bulletin; the latter are for call dates and are based on reports filed loans beginning with Aug. 1967. with U.S. Govt, and State bank supervisory 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 Foreign1 Total Bonds Stocks gages estate loans assets States local Statement value: 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. 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* 239,407 11,080 4,333 3,522 3,406 112,980 86,605 26,375 77,319 7,310 17,998 12,720 1972--Feb.r........................... 225,021 11,130 4,566 3,362 3,202 103,109 81,189 21,920 75,427 6,965 17,186 11,204 Mar.r........................... 226,475 11,284 4,706 3,351 3,227 104,221 81,630 22,591 75,398 7,009 17,267 11,296 Apr............................... 227,893 11,083 4,476 3,373 3,234 105,249 82,293 22,956 75,469 7,034 17,360 11,698 May............................. 229,336 11,128 4,516 3,366 3,246 106,434 83,060 23,374 75,493 7,094 17,441 11,746 June............................. 230,182 11,105 4,394 3,355 3,356 107,074 83,382 23,692 75,547 7,149 17,528 11,779 July.............................. 231,586 11,075 4,372 3,356 3,347 108,236 84,539 23,697 75,626 7,185 17,605 11,859 Aug.............................. 233,337 11,086 4,389 3,351 3,346 109,728 85,187 24,541 75,723 7,235 17,689 11,876 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 1973- 241,022 11,191 4,389 3,358 3,444 114,526 88,371 26,155 77,481 7,366 18,080 12,378 Feb............................... 242,069 11,138 4,371 3,319 3,448 115,386 89,247 26,139 77,510 7,434 18,166 12,435 Mar.............................. 243,078 11,154 4,417 3,300 3,437 115,972 89,881 26,091 77,587 7,449 18,288 12,628 1 Issues of foreign governments and their subdivisions and bonds of Figures are annual statement asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. Adjustments for interest due and accrued and for differences between market and book Note.—Institute of Life Insurance estimates for all life insurance values are not made on each item separately but are included, in total in companies in the United States. “Other assets.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS □ JULY 1973 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Mortgage Total loan com­ assets— mitments End of period M ga o g r e t s ­ I s i n m e t v i c e e e u s n s r 1 t t ­ ­ Cash Other2 lia T b o il t i a ti l e s S c a a v p i i n ta g l s w N or e t t h3 m ro B o w n o e e r­ d y4 p L ro o i c n a e n s s s Other o a u p t t s e e t r a n i n o d d d o i 5 n f g 1967.................................. 121,805 9,180 3,442 7,788 143,534 124,493 9,916 4,775 2,257 2,093 3,042 1968.................................. 130,802 11,116 2,962 8,010 152,890 131,618 10,691 5,705 2,449 2,427 3,631 1969.................................. 140,232 10,873 2,438 8,606 162,149 135,538 11,620 9,728 2,455 2,808 2,824 1970.................................. 150,331 13,020 3,506 9,326 176,183 146,404 12,401 10,911 3,078 3,389 4,452 1971.................................. 174,385 21,'076 10,842 206,303 174,472 13,657 9,048 5,072 4,054 7,378 1972—Jan........................ 175,838 22,476 10,926 209,240 177,738 13,656 8,053 4,874 4,919 7,657 Feb........................ 177,614 23,511 11,144 212,269 180,556 14,517 7,275 4,853 5,068 8,840 Mar....................... 180,145 23,948 11,291 215,384 184,843 14,119 6,759 5,077 4,586 10,079 Apr........................ 182,711 24,000 11,440 218,151 186,617 14,558 6,847 5,283 4,846 11,081 May....................... 185,431 24,526 11,691 221,648 188,826 15,050 6,802 5,608 5,362 12,064 June...................... 188,884 24,058 11,865 224,807 192,564 14,452 7,273 5,887 4,631 11,928 July....................... 191,642 24,497 11,942 228,081 194,770 14,900 7,216 5,997 5,198 12,147 Aug....................... 194,955 24,321 12,125 231,401 196,571 15,432 7,512 6,100 5,786 12,143 Sept................... 197,881 24,102 12,277 234,260 199,966 14,991 8,080 6,119 5,104 12,175 Oct........................ 200,554 24,648 12,457 237,659 202,012 15,485 8,327 6,086 5,749 12,226 Nov....................... 203,266 24,750 12,689 240,705 203,889 15,992 8,503 6,067 6,254 12,274 Dec........................ 206,387 24,491 12,693 243,571 207,305 15,326 9,847 6,225 4,868 11,578 1973—Jan........................ 6 208,132 6 23,460 615,660 247,252 210,589 15,557 9,171 6,076 5,859 12,469 Feb........................ 210,260 24,220 16,214 250,694 212,493 15,925 9,415 6,095 6,766 13,538 Mar....................... 213,259 24,019 17,104 254,382 216,195 15,825 9,958 6,326 6,078 14,508 Apr........................ 216,250 23,943 17,605 257,798 217,026 16,133 11,336 6,548 6,755 15,009 May*..................... 219,449 24,096 17,997 261,542 218,884 16,513 11,770 6,716 7,659 15,144 1 Investment securities included U.S. Govt, securities only through 1967. 6 Beginning Jan. 1973, participation certificates guaranteed by the Beginning 1968 the total reflects liquid assets and other investment se­ Federal Home Loan Mortgage Corporation, loans and notes insured by curities. Included are U.S. Govt, obligations, Federal agency securities, the Farmers Home Administration and certain other Government- State and local govt, securities, time deposits at banks, and miscellaneous insured mortgage-type investments, previously included in mortgage securities, except stock of the Federal Home Loan Bank Board. Com­ loans, are included in other assets. The effect of this change was to reduce pensating changes have been made in “Other assets.” the mortgage total by about $0.6 billion. 2 Includes other loans, stock in the Federal home loan banks, other Also, GNMA-guaranteed, mortgage-backed securities of the pass­ investments, real estate owned and sold on contract, and office buildings through type, previously included in cash and investment securities are and fixtures. See also notes 1,5, and 6. included in other assets. These amounted to about $2.4 billion at the end 3 Includes net undistributed income, which is accrued by most, but not of 1972. all, associations. 4 Consists of advances from FHLBB and other borrowing. Note.—FHLBB data; figures are estimates for all savings and loan 5 Data comparable with those shown for mutual savings banks (on assns. in the United States. Data are based on monthly reports of insured preceding page) except that figures for loans in process are not included assns. and annual reports of noninsured assns. Data for current and above but are included in the figures for mutual savings banks. 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 b a A t n 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 o a 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 t s ­ 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-—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 Mar.. 8,420 1,938 108 7,220 1,291 1,943 20,571 19,985 2,896 2,188 6,414 6,076 9,591 8,280 Apr... 9,429 2,087 111 8,415 1,143 1,981 20,791 20,056 2,859 2,465 6,555 6,314 9,767 8,836 May.. 10,155 2,702 95 9,615 1,261 1,991 21,087 20,225 2,765 2,370 6,777 6,460 9,953 8,836 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 on opposite page. Loans are gross of valuation reserves Bonds, debentures, and notes are valued at par. They include only publicly and represent cost for FNMA and unpaid principal for other agencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ FEDERALLY SPONSORED CREDIT AGEN( A G ISSUES OF FEDERALLY SPONSORED AGENCIES, MAY 31, 1973 Amount Cou­ Amount mou (millions Agency, and date of issue pon (millions Agency, and date of issue lillio: of dollars) and maturity rate of dollars) and maturity dolla Federal National Mortgage Banks for cooperatives Association—Cont. Debentures : 450 Debentures: 12/4/72-6/4/73.............. 478 600 6/12/61 - 6/12/73....... 4% 146 1/2/73 - 7/2/73................ 443 300 7/10/70 - 6/12/73....... 8.35 350 2/1/73 - 8/1/73............... 569 250 7/12/70 - 6/12/73....... 6.75 550 10/1/70 - 10/1/73.......... 100 300 3/10/70 -9/10/73....... 8.10 300 4/2/73 - 10/1/73.............. 544 300 6/10/71 -9/10/73....... 6.13 350 5/1/73 - 11/1/73............. 236 700 12/10/70 - 12/10/73. . 5.75 500 178 8/10/71 - 12/10/73.... 7.15 500 400 12/11/72 - 12/10/73 .. 6.00 200 Federal intermediate 222 12/1/71 - 3/11/74___ 5.45 400 credit banks 1,000 4/10/70 - 3/11/74. . .. 7.75 350 Debentures: 250 8/5/70 - 6/10/74....... 7.90 400 9/5/72 - 6/4/73............... 508 400 11/10/71 -6/10/74.... 5.70 350 10/2/72- 7/2/73.............. 382 265 9/10/69 - 9/10/74.... 7.85 250 9/1/70-7/2/73................ 200 300 2/10/71 -9/10/74....... 5.65 300 11/1/72 - 8/1/73............. 540 700 5/10/71 - 12/10/74.... 6.10 250 12/4/72 - 9/4/73.............. 541 350 9/10/71 - 12/10/74.... 6.45 450 1/2/73 - 10/1/73.............. 606 600 11/10/70 - 3/10/75... 7.55 300 2/1/73 - 11/1/73.............. 559 300 10/12/71 - 3/10/75... 6.35 600 3/1/73 - 12/3/73............. 529 200 4/12/71 -6/10/75....... 5.25 500 4/2/73 - 1/2/74................ 661 300 10/13/70 - 9/10/75... 7.50 350 7/1/71 -1/2/74................ 212 300 3/12/73 - 9/10/75....... 6.80 650 5/1/73 - 2/4/74............... 695 350 3/10/72 - 12/10/75... 5.70 500 1/4/71 - 7/1/74.............. 224 200 3/11/71 - 3/10/76........ 5.65 500 5/1/72 - 1/2/75................ 240 200 6/10/71 -6/10/76....... 6.70 250 1/3/72 - 7/1/75................ 302 200 2/10/72-6/10/76....... 5.85 450 3/1/73 - 1/5/76................ 261 11/10/71 -9/10/76.... 6.13 300 6/12/72-9/10/76....... 5.85 500 7/12/71 - 12/10/76.... 7.45 300 Federal land banks 12/11/72- 12/10/76... 6.25 500 Bonds: 2/13/62 - 2/10/77.... 4% 198 2/20/63 - 2/20/73-78... 148 9/11/72- 3/10/77....... 6.30 500 1/20/70 - 7/20/73.......... 198 150 12/10/70 - 6/10/77. . . 6.38 250 8/20/73 - 7/20/73........... 350 2 3 0 50 0 9 5 / / 1 1 0 0/ / 7 7 1 1 - - 9 6 / / 1 1 2 0 / / 7 7 7 7 . . . . . . . . . . . . . . 6 6. . 8 5 8 0 3 1 0 5 0 0 4 1 / 0 2 / 0 2 / 3 7 / 0 72 - - 1 1 0 0 / / 2 2 2 3 / / 7 7 3 3 . . . . . . . . . . . . . . . . 4 3 6 0 2 0 140 10/12/71 - 12/11/78.. 6.75 300 7/20/72 - 1/21/74.......... 450 150 6/12/72-9/10/79....... 6.40 300 2/20/72 2/20/74.......... 155 150 12/10/71 - 12/10/79. . 6.55 350 10/20/70 - 4/22/74........ 354 2/10/72- 3/10/80....... 6.88 250 9/15/72-4/22/74............ 350 2/16/73 - 7/31/80....... 5.19 1 10/21/71 - 7/27/74........ 326 2/16/73 -7/31/80....... 3.18 9 4/20/71 - 10/21/74.......... 300 1/16/73 - 10/30/80.... 5.47 5 2/20/70 1/20/75.......... 220 12/11/72- 12/10/80... 6.60 300 4/23/73 - 1/20/75............ 300 3/14/73- 1/15/81....... 3.58 53 4/20/65 - 4/21/75.......... 200 3/14/73 - 1/15/81....... 5.48 6 2/15/72-7/21/75............ 425 6/29/72- 1/29/81....... 6.15 156 7/20/71 - 10/20/75.......... 300 1,568 3/12/73 - 3/10/81....... 7.05 350 4/20/72 - 1/20/76............ 300 4/18/73-4/10/81....... 6.59 26 2/21/66 - 2/24/76.......... 123 250 3/21/73 - 5/1/81......... 4.50 18 1/22/73 -4/20/76............ 373 200 3/12/73 - 5/1/81......... 5.77 2 7/20/66 - 7/20/76.......... 150 249 1/21/71 - 6/10/81.... 7.25 250 4/23/73 - 10/20/76.......... 450 250 9/10/71 -9/10/81....... 7.25 250 10/27/71 - 10/20/77.... 300 6/28/72-5/1/82......... 5.84 58 5/2/66 - 4/20/78............ 150 2/10/71 - 6/10/82....... 6.65 250 7/20/72 - 7/20/78.......... 269 9/11/72-9/10/82....... 6.80 200 2/20/67- 1/22/79............ 285 3/11/71 -6/10/83....... 6.75 200 9/15/72-4/23/79............ 235 250 11/10/71 - 9/12/83__ 6.75 250 10/23/72 - 10/23/79........ 400 53 4/12/71 -6/11/84....... 6.25 200 1/22/73 - 1/21/80............ 300 6 12/10/71 - 12/10/84. . 6.90 250 2/23/71 -4/20/81............ 224 81 3/10/72 - 3/10/92___ 7.00 200 4/20/72-4/20/82............ 200 200 6/12/72-6/10/92....... 7.05 200 4/23/73 -4/20/82............ 239 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 □ JULY 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 t> y Govt. Equals: Trea­ financ­ Budget ex­ ing lays1 deficit debt Agency accc>unts Less: Total sury ing, receipts pendi­ (-) securi­ securi­ Special borrow­ operat­ Other. net4 tures ties ties notes 3 ing ing S is p s e u c e ia s l Other balance Fiscal year: 1969............................. 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 1970............................. 193,743 194,456 2,131 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 -982 1971............................ 188,392 210,318 1,107 211,425 -23,033 27,211 -347 6,616 800 19,448 710 -979 3,586 1972............................. 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—May............... r17,272 r19,777 r2,506 2,607 r270 3,527 -29 '• — 620 -2,032 r — 1,439 r —345 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—Jan.................. 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 Mar................ 15,987 20,806 -4,820 3,768 27 584 206 3,005 1,152 -83 2,883 Apr................. 25,860 22,306 3,554 -1,543 -721 -56 -49 -2,159 1,220 1,164 988 May................ 16,584 20,157 -3,573 275 -43 1,968 234 -1,970 -5,924 -1,141 -1,522 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 s s i s a : 3 l E p T h u q 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 v p o s v a s 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 14,991 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—May............... 2,144 7,420 136 9,700 427,912 11,263 86,561 24,652 825 327,137 Ml, 182 June............... 2,344 7,934 139 10,117 427,260 10,894 89,539 24,023 825 323,770 Ml,814 July................ 2,298 6,547 144 8,988 432,383 10,903 90,944 24,018 825 327,499 Ml,751 Aug................ 1,730 3,025 222 4,976 435,439 11,437 93,616 24,002 825 328,433 Ml, 796 Sept................ 1,395 8,105 259 9,759 433,946 11,459 92,281 23,490 825 328,809 M2,49 3 Oct................. 1,613 6,051 309 7,973 439,947 11,483 95,365 23,579 825 331,660 M2,633 Nov................ 1,182 6,786 310 8,278 444,247 11,863 94,821 23,506 825 336,958 M3,217 Dec................. 1,856 8,907 310 11,073 449,298 11,770 95,924 23,164 825 341,155 M3,459 1973—Jan.................. 2,749 8,317 310 11,376 450,068 11,787 95,024 23,332 825 342,674 M3,993 Feb................. 2,073 9,401 310 11,784 454,838 11,779 95,804 23,451 825 346,537 M5,400 Mar................ 2,882 9,744 309 12,935 458,606 11,806 96,413 23,632 825 349,542 M5,566 Apr................. 4,162 9,683 311 14,156 457,063 11,084 96,356 23,583 825 347,383 M7,905 May............... 3,242 4,679 311 8,232 457,338 11,041 98,324 23,817 825 345,414 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), and FICB and banks 3 Represents non-interest-bearing public debt securities issued to the for cooperatives (both 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 that are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C nc o o rp m o e r a ta ti x o e n s So a c n ia d l c in o s n u t r r a ib n u c t e i o t n ax s es Period Employment Total W he i l t d h­ w N he i o t l n h d ­ ­ fu R n e d ­ s t N ot e a t l c G e r r i e o p ­ s ts s fu R n e d ­ s co P ro t n a a y l t x l r ­ i e b s u a t S i n e o d l n f - s1 i e n U m s n u p - r l. . c O e n r i t e p h e ­ t t e s r 2 t N ot e a t l 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 ip i e s ­ t c s . * taxes empl. Fiscal year: 1969.................................. 187,78470,18227,25810,19187,24938,338 1,66032,521 1,715 3,328 2,35339,91815,222 2,319 3,491 2,908 1970.................................. 193,74377,41626,23613,24090,41235,037 2,20837,190 1,942 3,465 2,70045,29815,705 2,430 3,644 3,424 1971.................................. 188,39276,49024,26214,52286,23030,320 3,53539,751 1,948 3,673 3,20648,578 16,614 2,591 3,735 3,858 1972.................................. 208,64983,20025,67914,14394,73734,926 2,76044,088 2,032 4,357 3,43753,91415,477 3,287 5,436 3,633 Half year: 1971—Jan.-June................ 100,80839,02518,69313,95743,761 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 57443,46513,262 1,44819,643 155 1,518 1,67322,989 8,961 1,838 2,395 1,718 1972—Jan.-June................ 115,46944,75120,09013,56951,27221,664 1,31224,445 1,877 4,736 1,76430,925 6,516 1,449 3,041 1,915 July-Dee................. 106,06146,058 5,784 68851,15415,315 1,45922,493 165 2,437 1,77326,867 8,244 1,551 2,333 2,056 Month: 1972—May......................... r17,272 '8,224 1,413 2,997 r6,639 967 234 5,281 223 1,636 303 7,443 1,371 235 461 r390 June......................... 25,589 8,020 3,704 67011,054 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 9511,005 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 Mar......................... 15,987 8,748 1,494 6,833 3,409 5,208 342 4,771 186 63 320 5,340 1,244 278 489 360 Apr.......................... 25,860 8,648 9,124 6,185 11,587 5,915 258 4,297 1,316 444 302 6,359 1,318 262 330 348 May......................... 16,584 8,813 1,444 6,433 3,825 1,219 296 6,662 253 2,156 308 9,380 1,446 280 466 264 Budget outlays ' Com. Gen­ Na­ Nat­ Com­ mun. Educa­ eral Intra- Period tional Intl. Space Agri­ ural merce deve­ tion Health Vet­ Inter­ Gen­ reve­ govt. 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 r 6.................... 249,796 76,435 3,341 3,061 6,064 876 12,543 3,957 10,500 93,880 11,795 22,808 5,631 6,786 -8,381 19746................... 268,665 81,074 3,811 3,135 5,572 3,663 11,580 4,931 10,110103,709 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—Ma y '19,777 '6,927 268 270 126 '315 713 490 1,033 6,914 973 1,784 '386 -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 1,546 483 808 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 Mar........... 20,806 6,963 323 301 -77 310 1,072 270 786 7,565 1,064 2,097 462 -329 Apr............ 22,306 6,417 237 265 368 324 793 243 788 8,058 1,114 2,120 409 i ,493 -324 May.......... 20,157 6,401 136 255 -155 298 907 -148 1,066 8,124 1,017 2,165 466 3 -377 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, and Federal 2 Supplementary medical insurance premiums and Federal employee pay increase (excluding Department of Defense), totaling $500 million retirement contributions. for 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 that are not yet available on a monthly basis. 5 Consists of Government contributions for employee retirement and of interest received by trust funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES a JULY 1973 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p T g u r o b o t l s a i s l c Marketable Con­ Nonmarketable i S ss p u e e c s i a 5 l debt 1 Total v ib er le t­ Foreign Sav­ Total Bills C c e a r t t e if s i­ Notes Bonds 2 bonds Total 3 issues 4 bo in n g 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—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 Apr.. 457.1 358.9 267.8 103.2 120.2 44.5 2.3 88.7 28.5 59.3 96.4 May. 457.3 357.1 265.9 103.0 117.8 45.1 2.3 88.9 28.3 59.7 98.3 June* 458.1 354.6 263.0 100.1 117.8 45.1 2.3 89.4 28.5 59.9 101.7 1 Includes non-interest-bearing debt (of which $620 million on June 30, 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 1973, was not subject to statutory debt limitation). Treasury foreign series and foreign currency series issues. 2 Includes Treasury bonds and minor amounts of Panama Canal and 5 Held only by U.S. Govt, agencies and trust funds and the Federal postal savings bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign-currency series, foreign series, and Rural Electrification Note.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in Note to table below. 1956, tax and savings notes; and before Oct. 1965, Series A investment bonds. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by— Held by private investors E pe n r d i o o d f p T g d u r o e b o t b l s a i t s l c ag G t U a e r o n n u .S v c d s t i . t e . s B F a . n R k . s Total m C b e a o r n 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 ts e 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—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 Mar............... 458.6 117.9 74.3 266.4 61.6 2.5 5.9 13.0 28.9 58.6 16.6 63.1 16.3 Apr................ 457.1 117.9 75.5 263.7 60.1 2.5 5.7 r12.5 28.7 58.9 16.5 r61.7 r17.2 May.............. 457.3 120.1 74.1 263.1 57.9 2.4 5.7 13.3 28.1 59.2 16.4 61.3 18.7 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

JULY 1973 □ U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over 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—Apr. 30................................................................. 267,847 128,359 103,163 25,196 95,392 22,356 16,022 5,718 May 31................................................................. 265,919 125,697 102,953 22,744 88,222 29,620 15,996 6,385 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 Apr. 30........................................................ 19,991 1,713 493 1,220 7,253 5,009 4,532 1,484 May 31........................................................ 20,246 1,699 395 1,304 7,190 5,213 4,534 1,612 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—Apr. 30........................................................ 75,495 41,236 34,357 6,879 28,523 4,145 1,481 110 May 31........................................................ 74,128 36,424 33,581 2,843 26,833 9,243 1,480 149 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—Apr. 30........................................................ 172,361 85,410 68,313 17,097 59,616 13,202 10,009 4,124 May 31........................................................ 171,545 87,574 68,977 18,597 54,199 15,164 9,982 4,624 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—Apr. 30............................................... 46,668 14,193 7,223 6,970 27,682 3,839 888 68 Mav 31............................................... 45,159 14,547 6,784 7,763 25,061 4,479 900 171 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—Apr. 30............................................... 2,482 490 224 266 1,222 293 342 136 May 31............................................... 2,425 484 208 276 1,117 349 321 155 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 Apr. 30............................................... 4,926 682 231 451 1,173 850 1,652 569 May 31............................................... 4,937 787 261 526 1,038 881 1,645 585 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 Apr. 30............................................... 4,966 3,607 2,408 1,199 1,233 84 41 1 May 31............................................... 5,433 4,084 2,429 1,655 1,207 98 38 6 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—Apr. 30............................................... 2,782 769 413 356 1,302 392 245 74 Mav 31............................................... 2,767 795 373 422 1,148 504 245 75 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 Apr. 30............................................... 10,838 6,348 5,411 937 2,045 729 1,229 488 10,235 5,964 5,023 941 1,841 781 1,212 436 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 Apr. 30............................................... 99,699 59,321 52,403 6,918 24,959 7,015 5,612 2,788 100,589 60,913 53,899 7,014 22,787 8,072 5,621 3,196 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,616 commercial banks, 480 mutual savings Ownership. banks, and 739 insurance companies combined; (2) about 50 per cent by Data complete for U.S. Govt, agencies and trust funds and F.R. Banks the 464 nonfinancial corporations and 486 savings and loan assns.; and but for other groups are based on Treasury Survey data. Of total mar- (3) about 70 per cent by 505 State and local govts. ketable issues held by groups, the proportion held on latest date by those “All others,” a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES □ JULY 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 securities Within 1-5 5-10 Over U.S. Govt, U.S. Govt, Com­ All 1 year years years 10 years securities securities mercial other1 dealers brokers banks 1972—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 89 888 808 1,360 1,099 645 Mar.............................. 3,077 2,311 508 201 57 713 585 987 792 664 Apr............................... 3,185 2,535 440 165 46 709 636 1,075 766 714 May............................. 3,187 2,390 322 323 153 661 543 1,057 927 687 Week ending— 1973—May 2....................... 3,367 2,572 371 376 47 695 602 1,145 925 445 9....................... 3,464 2,366 351 498 249 741 698 1,094 931 449 16....................... 3,118 2,344 324 257 193 671 470 1,002 975 939 23....................... 2,794 2,139 333 216 106 587 506 900 802 781 30'..................... 3,139 2,565 269 197 108 637 495 1,087 920 487 June 6....................... 3,506 2,786 368 244 108 673 762 1,101 971 939 13....................... 2,984 2,279 300 282 123 629 715 950 690 817 20....................... 2,436 2,057 163 120 96 513 388 900 635 754 27....................... 2,654 2,112 269 184 90 543 465 887 760 539 i Since Jan. 1972 has included transactions of dealers and brokers in They do not include allotments of, and exchanges for, new U.S. Govt, securities other than U.S. Govt. securities, redemptions of called or matured securities, or purchases or sales of securities under repurchase agreement, reverse repurchase (resale), Note.—The transactions data combine market purchases and sales of or similar contracts. Averages of daily figures based on the number of U.S. Govt, securities dealers reporting to the F.R. Bank of New York. trading days in the period. DAILY-AVERAGE DEALER POSITIONS DAILY-AVERAGE DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period m t A a i t e l u s l ri­ W y i e 1 th ar 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 l e l r 1972—May............... 4,257 4,089 84 102 -18 551 1972—May........... 4,073 1,107 931 755 1,280 June............... 3,733 3,903 -55 -99 -16 532 June........... 3,804 1,056 838 804 1,108 July................ 3,253 3,626 -146 -216 -11 356 July............ 3,055 753 496 820 986 Aug................ 3,905 3,370 41 130 363 404 4,021 1,356 580 927 1,158 Sept................ 4,386 4,374 -83 -58 153 408 Sept............ 4,379 1,633 599 705 1,442 Oct................. 3,333 3,452 -29 -132 41 543 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 39 202 Feb............. 3,415 1,063 455 490 1,408 Mar................ 2,702 3,130 -274 -143 -11 180 Mar............ 2,799 903 292 281 1,323 Apr................. 2,795 3,105 -159 -143 -9 274 3,032 935 513 311 1,273 May............... 2,626 2,596 -324 179 175 356 May........... 2,667 674 452 252 1,291 Week ending— Week ending— 1973—Apr. 4........ 3,315 3,637 -151 -173 3 163 1973—Apr. 4... 3,622 1,163 705 321 1,434 11........ 2,991 3,203 -88 -138 14 322 11... 3,180 1,133 551 283 1,213 18........ 2,813 3,107 -160 -123 -11 336 18. .. 3,144 978 474 346 1,345 25........ 2,476 2,891 -231 -153 -31 270 25. .. 2,733 633 423 324 1,353 May 2......... 2,407 2,668 -204 -33 -24 230 May 2... 2,571 607 464 272 1,229 9 , 2,706 2,408 -202 332 168 191 9... 2,424 382 392 252 1,398 16........ 2,486 2,338 -336 289 196 335 16... 2,597 493 564 150 1,390 23........ 2,167 2,346 -432 63 191 393 23... 2,596 689 413 259 1,235 30 3,107 3,203 -367 52 219 518 30. .. 2,939 1,011 461 345 1,121 Note.—The figures include all securities sold by dealers under repur­ 1 All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of Note.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than Note to the table on the left. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ U.S. GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JUNE 30, 1973 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds June 30, 1973 1.701 Nov. 29, 1973___ 1,702 Dec. 31, 1974.....5% 2,102 Aug. 15, 1973.....4 3,894 July 5, 1973 4.303 Dec. 6, 1973.... 1,707 Feb. 15, .53yA 4,015 Nov. 15, 1973.....41/s 4,336 July 12, 1973 4.303 Dec. 13, 1973.... 1,701 Feb. 15, •57/g 1,222 Feb. 15, 1974.....41/s 2,467 July 19, 1973 4.304 Dec. 18, 1973.... 1,800 Apr. 1, 1975.....1% 8 May 15, • 41/4 2,850 July 26, 1973 4.300 Dec. 20, 1973.... 1,701 May 15, 1975..,..57/8 1,776 Nov. 15, .37/s 1,214 July 31, 1973 1.702 Dec. 27, 1973.... 1,701 May 15, 1975.....6 6,760 May 15, 1975-85..41/4 1,204 Aug. 2, 1973 4.302 Jan. 15, 1974.... 1,804 Aug. 15, 1975.....57/8 7,679 June 15, 1978-83..31/4 1,492 Aug. 9, 1973 4.305 Feb. 12, 1974.... 1,801 Oct. 1, 1975.....1% 30 Feb. 15, 2,577 Aug. 16, 1973 4,304 Mar. 12, 1974.... 1,790 Nov. 15, 1975.....7 3,115 Nov. 15, 1980.....3 Vi 1,898 Aug. 23, 1973 4.302 Apr. 9,1974.... 1,802 Feb. 15, 1976.....6% 3,739 Aug. 15, 1981.....7 807 Aug. 28, 1973 1,803 May 7, 1974.... 1,800 Feb. 15, 1976,...•57/g 4,945 Feb. 15, 1982... •63/g 2,702 Aug. 30, 1973 4.302 Apr. 1, 1976.....1% 27 Aug. 15, •63/8 2,353 Sept. 6, 1973 4.301 May 15, 1976.....534 2,802 May 15, 1985....• 31/4 974 Sept. 13, 1973 4.303 May 15, 1976.....6i/i 2,697 Nov. 15, 1986....•61/8 1,216 Sept. 20, 1973 4.302 Aug. 15, 1976.....7 Vi 4,194 Aug. 15, 1987-92..41/4 3,732 Sept. 25, 1973 1,801 Aug. 15, 1976. ... .61/2 3,883 Feb. 15, 1988-93..4 236 Sept. 27, 1973 4,310 Oct. 1, 1976..,..1% 11 May 15, 1989-94..41/8 1,494 Oct. 4, 1973 1,801 Nov. 15, 1976 .614 4,325 Feb. 15, 1990....• 3 Vi 4,135 Oct. 11, 1973 1,801 Treasury notes Feb. 15, 1977, ,..8 5,163 Feb. 15, 1993,,. •6% 627 Oct. 18, 1973 1,800 Aug. 15, 1973........8H 1,839 Apr. 1,1977 , , . li/i 5 Feb. 15, 1995.....3 913 Oct. 23, 1973 1,802 Oct. 1, 1973........1^ 30 Aug. 15, 1977.....734 2,264 May 15, 1993-98..7 692 Oct. 25, 1973 1,799 Feb. 15, 1974........73,4 2,960 Oct. 1, 1977,...•1% 17 Nov. 15, • 31/i 3,259 Nov. 1, 1973 1,801 Apr. 1, 1974........li/i 34 Feb. 15, .614 8,389 Nov. 8, 1973 1,802 May 15, 1974........7*4 4,334 Apr. 1, 1978....• 1% 15 Nov. 15, 1973 1,693 Aug. 15, 1974........55/g 10,284 Nov. 15, 1978.....6 8,207 Convertiblebonds Nov. 20, 1973 1,802 Sept. 30, 1974........6 2,060 Aug. 15, 1979 , . .• 61/4 4,559 Investment Series B Nov. 23, 1973 1,701 Oct. 1, 1974........1Vi 42 Nov. 15, 1979....•65/8 1,604 Apr. 1, 1975-80..23M 2,275 Nov. 15, 1974........53^ 5,442 May 15, 1980....•67/s 7,265 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 di s 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 ti t e i s l­ 4 H in o g u * s­ V a a e n i t s d e * r­ O p p o t u h s r e e ­ s r gations auth. 1964., 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965., 11,329 7,177 3.517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1966., 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 1967., 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 1968. 16,596 9,269 6.517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 1969. 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,838 3,252 1,432 1,734 543 4,884 1970. 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 1971. 24,962 15,220 8,681 1,000 62 5,999 8,714 10,246 24,495 5,278 2,642 5,214 2,068 9,293 1972—Apr.. 1,989 1,382 601 6 472 549 969 1,950 490 229 434 10 788 May. 2,017 990 1,023 3 374 850 792 1,950 657 214 306 67 705 June. 2,270 989 1,064 209 246 1,226 799 2,000 347 150 533 393 576 July. 1,805 1,322 481 647 467 690 1,796 327 121 223 154 971 Aug. 1,966 820 1,138 468 897 600 1,931 444 111 429 162 784 Sept. 1,726 663 803 *257 298 1,016 414 1,609 238 107 590 270 404 Oct.. 2,200 1,662 533 487 689 1,025 2,147 444 162 409 52 1,082 Nov. 1,862 1,147 711 425 572 866 1,762 312 215 365 56 814 Dec.. 1,797 872 653 268 147 754 895 1,507 351 21 204 332 599 1973—Jan.. 1,978 1,149 826 602 452 924 1,847 369 215 418 117 729 Feb.. 1,481 766 714 47 552 824 1,381 365 63 399 10 544 Mar. 2,353 1,217 821 310 613 872 868 2,100 371 152 426 355 797 Apr.. 1,772 858 906 159 704 1,711 300 8 432 88 883 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 □ JULY 1973 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. G U o . v S t . . an S d t a lo te c al Others Total Govt.2 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—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.............. 6,523 1,199 993 1,889 116 2,327 1,276 989 287 137 913 Feb............. 7,325 1,603 2,261 1,445 53 1,962 957 641 316 172 832 Mar. 9,029 606 1,826 2,304 359 3,933 2,116 1,315 802 833 2,729 Apr............ 6,627 564 1,725 1,688 176 2,475 1,716 938 779 200 558 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 ea 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 1967...................................................... 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 1968...................................................... 5,668 1,311 1,759 116 1,665 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 1970...................................................... 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 1971...................................................... 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 2,212 1972 Apr........................................... 383 197 235 178 129 3 924 295 177 1 562 190 May......................................... 607 154 193 281 142 71 381 357 376 16 751 270 June......................................... 468 299 181 341 171 15 1,018 520 368 431 349 179 July.......................................... 464 110 77 239 130 30 455 343 390 196 949 200 Aug.......................................... 192 261 308 342 94 2 452 184 237 662 161 Sept.......................................... 441 162 302 242 61 649 598 32 1 166 66 Oct........................................... 269 114 192 326 152 12 522 758 313 58 887 187 Nov.......................................... 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............................................ 113 63 89 105 120 1 529 371 30 3 395 509 Feb........................................... 178 35 118 111 96 4 319 277 58 117 290 461 772 125 177 327 317 6 1,076 1,351 548 668 1,462 1,397 Apr........................................... 259 22 234 139 91 1 149 369 251 732 228 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

JULY 1973 o SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 Period All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 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--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 1973—-I................. 8,219 2,806 5,412 4,198 1,781 2,417 4,020 1,025 2,995 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial * & 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—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 1973—11................ 135 63 -174 377 127 -43 844 1,170 520 185 965 1,244 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- temal 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—May.. 378 585 -207 59,736 2,763 56,973 June.. 393 544 -151 57,708 3,015 54,693 1961.............. 2,951 1,160 1,791 22,789 980 21,809 July . . 398 424 -26 56,932 3,219 53,713 1962.............. 2,699 1,123 1,576 21,271 1,315 19,956 Aug... 391 582 -191 58,186 3,375 54,811 1963.............. 2,460 1,504 952 25,214 1,341 23,873 Sept... 310 442 -132 57,193 3,395 53,798 Oct.. . 384 411 -27 57,525 3,719 53,806 1964.............. 3,404 1,875 1,528 29,116 1,329 27,787 Nov... 387 645 -258 59,854 3,549 56,305 1965.............. 4,359 1,962 2,395 35,220 1.803 33,417 Dec... 449 619 -170 59,831 3,035 56,796 1966.............. 4,671 2,005 2,665 34,829 2,971 31,858 1973—Jan. .. 535 666 -131 56,946 3,015 53,931 1967.............. 4,670 2,745 1,927 44,701 2,566 42,135 Feb... 327 530 -203 54,083 3,375 50,708 1968.............. 6,820 3,841 2,979 52,677 3,187 49,490 Mar... 519 531 -12 53,377 3,774 49,603 1969.............. 6,717 3,661 3,056 48,291 3,846 44,445 Apr... 300 452 -120 50,837 3,837 46,464 May.. 285 446 -161 48,588 4,154 44,434 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 □ JULY 1973 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ s e 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 e t s s d ­ co c a n a t l s i l 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 s l o p o u i n w t m a ­ l p ­ ances1 ances 1 1966.............. 84.2 34.3 49.9 20.8 29.1 39.5 1971— I. ... 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 1972.............. 94.3 41.3 53.0 26.4 26.6 67.7 III... 95.7 41.8 53.9 26.5 27.3 68.4 IV... 101.5 44.3 57.2 26.7 30.5 69.5 1973—1. ... 114.3 50.6 63.7 27.3 36.4 70.6 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . . 1 Other G U o . v S t . . 1 Other taxes 1968............................. 182.3 426.5 48.2 11.5 5.1 168.8 166.0 26.9 244.2 6.4 162.4 14.3 61.0 1969............................. 185.7 473.6 47.9 10.6 4.8 192.2 186.4 31.6 287.9 7.3 196.9 12.6 76.0 1970—11....................... 185.6 481.8 45.6 8.7 4.4 197.9 191.8 33.4 296.2 7.0 196.0 10.8 82.4 Ill..................... 185.3 484.6 46.5 7.1 4.2 201.0 193.5 32.3 299.3 6.8 196.7 11.5 84.3 IV..................... 187.8 490.4 49.7 7.6 4.2 200.6 196.0 32.4 302.6 6.6 200.5 11.8 83.7 1971—1......................... 192.0 494.1 48.5 7.8 4.2 201.3 198.5 33.8 302.1 6.1 195.7 13.7 86.6 II....................... 196.5 498.2 51.1 7.7 3.9 203.3 199.2 33.1 301.7 5.3 195.8 12.4 88.3 Ill..................... 200.9 507.2 52.4 7.8 3.9 206.5 201.6 34.9 306.3 5.0 197.4 13.8 90.1 IV..................... 204.9 516.7 55.3 10.4 3.5 207.5 203.1 36.8 311.8 4.9 202.8 14.5 89.7 1972—1......................... 209.6 526.0 55.3 9.9 3.4 211.4 207.2 38.9 316.4 4.9 202.5 15.7 93.3 II....................... 215.2 534.3 55.7 8.7 2.8 216.3 210.7 40.1 319.1 4.9 204.0 13.4 96.8 Ill..................... 219.3 545.5 57.3 7.6 2.9 222.5 215.2 39.8 326.2 4.7 207.6 15.0 98.9 IV..................... 224.3 561.1 60.3 9.7 3.4 228.9 218.2 40.7 336.8 4.0 216.9 16.7 99.2 1973—1........................ 231.4 577.1 61.0 10.4 3.2 234.0 225.9 42.5 345.7 4.1 218.1 18.6 104.9 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note: Based on Securities and Exchange Commission estimates, offset against each other on corporations’ books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Total Period Total Durable d N ur o a n bl ­ e 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 A (S . . R A .) . 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 19732..................... 100.62 18.70 18.31 2.64 1.68 2.38 1.52 16.87 2.95 13.40 22.16 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—1.................. 21.50 3.92 3.88 .63 .46 .52 .32 3.45 .50 2.87 4.94 96.19 II 2............. 24.93 4.78 4.50 .68 .46 .68 .42 4.00 .74 8.66 98.57 Ill 2............ 25.32 4.83 4.60 .71 .50 .46 .40 4.36 .88 8.57 101.80 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

JULY 1973 □ REAL ESTATE CREDIT A 49 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm h O ol 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 t a 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 s ld e 3 ­ r h A e o r l l s d l ­ Total tu F i t n i i n o s a t n i n ­ s . i O h e o t r h l s d e ­ r Total tu F i t n i 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 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 0 451.7 355.9 33.0 62.8 31.2 10.1 21.1 420.5 280.2 231.3 48.9 140.3 114.5 25.8 109.2 311.3 1971—1... 459.0 361.8 33.6 63.6 31.8 10.1 21.6 427.2 283.6 234.4 49.2 143.6 117.3 26.3 111.0 316.2 II. . 471.1 372.0 35.2 63.9 31.9 9.7 22.2 439.3 290.9 240.7 50.2 148.3 121.6 26.7 114.4 324.9 III. 485.6 383.6 37.4 64.6 32.4 9.8 22.6 453.2 299.7 248.0 51.8 153.5 125.8 27.7 117.5 335.7 IV. 499.9 394.5 39.4 66.1 32.9 9.9 23.0 467.0 307.8 254.2 53.7 159.2 130.5 28.7 120.7 346.3 1972—1... 511.7 404.2 41.2 66.4 33.5 9.9 23.6 478.2 314.1 259.6 54.5 164.1 134.6 29.4 123.7 259.2 II. . 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 III. 547.3 434.6 44.3 68.3 35.0 10.3 24.7 512.3 335.8 279.2 56.6 176.5 145.1 31.3 129.0 280.3 IV. 565.4 450.6 45.8 69.0 35.4 10.5 24.9 530.0 346.1 288.7 57.4 183.9 151.3 32.6 1973—I*.. 579.9 463.1 47.5 69.5 36.2 10.8 25.4 543.7 354.2 296.2 58.0 189.5 156.0 33.5 1 Commercial banks (including nondeposit trust companies but not 4 For multifamily and total residential properties, see tables below. trust depts.), mutual savings banks, life insurance companies, and savings 5 Derived figures; includes small amounts of farm loans held by savings and loan assns. and loan assns. 2 U.S. agencies include former Federal National Mortgage Assoc, and, 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone beginning fourth quarter 1968, new Government National Mortgage are shown in table below. Assoc, as well as Federal Housing Admin., Veterans Admin., Public Hous­ ing Admin., Farmers Home Admin. They also include U.S. sponsored Note.—Based on data from Federal Deposit Insurance Corp., Federal agencies—new FNMA, Federal land banks, GNMA (Pools), and the Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul­ Federal Home Loan Mortgage Corp. Other U.S. agencies (amounts ture and Commerce, FNMA', FHA, PHA, VA, GNMA, FHLMC, and small or separate data not readily available) included with “individuals Comptroller of the Currency. and others.” Figures for first three quarters of each year are F.R. estimates. 3 Derived figures; includes debt held by Federal land banks and farm debt held by Farmers Home Admin. MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i G un o d v e e r r w nm ri e tt r e :i ; t n - Con­ E pe n r d io o d f Total F i i n c n i s a a t l i n ­ ­ h O ol t d h e e r r s Total F in i 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 1963................. 211.2 176.8 34.5 29.0 20.7 8.3 1964.................................... 197.6 69.2 38.3 30.9 128.3 1964................. 231.1 195.4 35.7 33.6 25.1 8.5 1965.................................... 212.9 73.1 42.0 31.1 139.8 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 9 7 6 5 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 3 5 6 8 9 1 0 0 4 8 9 . . . . . 1 0 0 6 0 2 2 2 2 2 5 6 2 1 3 3 0 6 3 5 . . . . . 7 8 2 6 0 5 4 4 4 3 0 4 7 3 6 . . . . . 3 8 0 9 4 4 4 4 5 3 7 0 3 2 7 . . . . . 3 3 9 2 2 4 3 3 2 3 1 1 7 4 9 . . . . . 5 7 3 7 0 1 9 9 8 8 0 . . . . . 8 2 2 7 8 1 1 9 9 7 6 0 6 .. . . .. .. . . . . .. .. . . . . .. .. . . . . .. .. . . . . .. .. . . . . .. .. . . . . .. .. . . . . .. .. . . . . .. .. . 2 2 2 2 2 6 3 5 2 8 6 6 1 3 0 . . . . . 1 8 2 6 2 9 9 8 7 7 6 7 0 9 4 . . . . . 1 2 2 9 4 5 5 4 4 5 4 4 0 9 7 . . . . . 5 9 8 6 4 3 3 3 3 3 7 1 3 5 2 . . . . . 3 3 5 8 7 1 1 1 1 1 5 6 7 4 8 6 6 6 2 7 . . . . . 1 8 9 6 6 1970.................. 338.2 277.1 61.1 58.0 45.8 12.2 290.9 100.4 62.8 37.6 190.5 1971— I 11 ll .. - .. - . - . - .. - . - . 3 3 6 53 4 . . 1 0 2 2 9 8 8 9. . 9 4 6 6 5 3 . . 6 2 6 6 2 4 . . 1 3 4 5 9 0 . . 2 4 1 1 3 2 . . 9 9 I I V ll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 9 0 9 7 . . 7 8 1 1 0 0 2 5 . . 9 2 6 6 5 4 . . 7 4 3 3 9 8 . . 5 5 2 1 0 9 2 6 . .8 6 IV........ 374.7 306.1 68.6 66.8 52.0 14.9 314.1 107.5 66.8 40.7 206.6 1972—1............ 382.9 312.9 70.0 68.8 53.3 15.4 I I I ll .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 33 2 5 4 . . 8 6 1 1 0 1 9 1 . . 6 5 6 68 7. . 6 4 4 43 2 . . 1 0 2 2 2 1 4 5 . . 3 0 II.......... 395.8 324.1 71.7 71.3 55.3 16.0 IV*......................... 346.1 68.2 Ill ,,,, 409.3 336.1 73.2 73.5 56.9 16.6 IV........ 422.5 347.9 74.6 76.4 59.1 17.3 1973—I*............................. 354.2 1973—1*......... 433.0 357.3 75.7 78.7 61.1 17.6 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. i 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 above. 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 □ JULY 1973 MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 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 196 4 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 53 196 5 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 52 196 6 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 53 196 7 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 196 8 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12.033 19,146 6,592 117 196 9 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—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—I.. 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 95,048 59,976 8,515 3,118 48,343 30,415 4,657 65,901 55,889 16,130 12,463 27,296 9,951 61 IV. 99,314 62.782 8,495 3,203 51,084 31,751 4,781 67.556 57,140 16,013 12,622 28,505 10,354 62 1973—1.. 103,314 65,192 33,060 5,062 68,920 58,169 10,683 68 1 Includes loans held by nondeposit trust companies, but not bank Note.—Second and fourth quarters. FDIC series for all commercial trust depts. and mutual savings banks in the United States and possessions. First and third quarters, estimates based on special F.R. interpolations. 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 1967...................................................... 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 1970...................................................... 7,181 6,867 386 88 6,393 314 74,375 68,726 11,419 5,394 51,913 5,649 1971...................................................... 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—Mar.................................... 587 500 30 18 452 87 75,398 69,863 10,595 4,930 54,338 5,535 Apr.r .............................. 485 416 33 14 382 56 75,360 69,813 10,541 4,905 54,367 5,547 May.................................. 602 542 15 13 514 60 75,493 69,941 10,467 4,873 54,601 5,552 June.................................. 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 Aug.................................... 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 Feb.................................... 603 542 27 24 491 61 77,510 71,892 9,806 4,613 57,473 5,618 Mar................................... 670 573 37 24 512 97 77,587 71,953 9,735 4,594 57,624 5,634 Apr.................................... 702 624 20 22 582 78 77,258 71,611 9,708 4,572 57,331 5,647 1 Includes mortgage loans secured by land on which oil drilling or extracting operations are in process. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o REAL ESTATE CREDIT A 51 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Total Period N of 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 r n e a t c r t 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 z a 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—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 July................ 170 421.2 2,478 8.56 23/0 74.5 9.5 1.31 9.8 Aug................ 178 515.7 2,897 8.54 23/0 74.9 9.5 1.27 9.9 Sept................ 152 354.1 2,329 8.58 23/4 75.7 9.5 1.28 9.8 Note.—American Life Insurance Association 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) Members1 Ad­ Repay­ deposits Period vances ments (end of Period h N o e m w e Home FHA- VA- Con­ Total t S e h rm or t i ­ t L e o rm ng ­ 2 period) Total i con­ pur­ Total 2 in­ guar­ ven­ struc­ chase sured 3anteed3 tional tion 1965....................... 5,007 4,335 5,997 3,074 2,923 1,043 1966....................... 3,804 2,866 6,935 5,006 1,929 1,036 1965. 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1967....................... 1,527 4,076 4,386 3,985 401 1,432 1966. 16,924 3,653 7,828 114,427 5,269 6,157 103,001 1968....................... 2,734 1,861 5,259 4,867 392 1,382 1969....................... 5,531 1,500 9,289 8,434 855 1,041 1967. 20,122 4,243 9,604 121,805 5,791 6,351 109,663 1970....................... 3,256 1,929 10,615 3,081 7,534 2,331 1968. 21,983 4,916 11,215 130,802 6,658 7,012 117,132 1971....................... 2,714 5,392 7,936 3,002 4,934 1,789 1969. 21,847 4,757 11,254 140,347 7,917 7,658 124,772 1972....................... 4,790 4,749 7,979 2,961 5,018 2,104 1970. 21,383 4,150 10,237 150,331 10,178 8,494 131,659 1971. 39,472 6,835 18,811 174,385 13,798 10,848 149,739 1972—May........... 260 320 5,853 2,019 3,835 1,789 June........... 420 198 6,074 1,944 4,130 1,746 1972--May.. 4,603 836 2,276 185,431 14,878 12,010158,543 July............ 285 222 6,138 1,990 4,148 1,497 June.. 5,449 872 2,920 188,884 15,019 12,293 161,572 Aug............ 406 249 6,295 2,083 4,212 1,442 July... 4,572 743 2,515 191,642 15,153 12,606163,883 Sept............ 631 189 6,736 2,307 4,429 1,443 Aug... 5,379 803 3,087 194,955 15,263 12,892166,800 542 233 7,045 2,440 4,605 1,334 Sept... 4,689 739 2,587 197,881 15,342 13,098 169,441 Nov............ 445 246 7,245 2,520 4,725 1,371 Oct.... 4,522 761 2,423 200,554 15,378 13,334171,842 Dec............. 984 251 7,979 2,961 5,018 2,104 Nov... 4,393 714 2,307 203,266 15,490 13,544174,232 Dec.. . 4,591 667 2,167 206,387 15,639 13,764 176,964 1973—Jan............. 332 480 7,831 2,805 5,025 1,306 Feb............. 415 302 7,944 2,774 5,170 1,321 1973--Jan.... 3,702 590 1,970 208,132 29,581 178,551 Mar............ 764 288 '8,421 2,975 5,446 1,290 Feb.. . 3,710 614 2,019 210,260 29,751 180,509 1,187 178 '9,429 3,450 5,979 1,142 Mar... 4,990 887 2,685 213,259 30,045 183,214 May........... 915 187 10,156 3,428 6,728 1,261 Apr.r. 4,989 886 2,762 216,250 30,182 186,068 May.. 5,434 933 3,125 219,449 30,302 189,147 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than i Includes loans for repairs, additions and alterations, refinancing, etc. 1 year but not more than 10 years. not shown separately. 2Includes shares pledged against mortgage loans; beginning 1966, also Note.—FHLBB data. includes junior liens and real estate sold on contract; beginning 1967, also includes downward structural adjustment for change in universe; and beginning 1973, excludes participation certificates guaranteed by the FHLMC and certain other related items. 3 Beginning 1973, data for these groups available only on a combined basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 REAL ESTATE CREDIT □ JULY 1973 FEDERAL NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ASSOCIATION ACTIVITY AUCTIONS (In millions of dollars) Government-underwritten Conventional home loans Mortgage Mortgage Mortgage home loans holdings transactions commitments End of ( p d e u ri r o in d g ) Date of auction M am or o t u g n ag ts e A y v i e e r l a d ge M am or o tg u a n g ts e Av y e ie r l a d ge period Total F su H in re A ­ d - a g n V u t A e a e r - - d c P ha u s r e ­ s Sales d p M u er r a i i d o n e d g st O i a n n u g d t ­ Offered ce A p c te ­ d c ( m o s te h e m r n o m m t r s t ) i ­ t­ Offered ce A p c te ­ d c m ( o s te e m h r n o m m t r s t 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—Dec. 26 108.7 66.3 7.69 197 2 19.791 14.624 5.112 3,684 213 1973—Jan. 2 39.3 25.5 7.84 1972-May 18,599 13,923 4,674 321 7 1,054 6,153 8__ 74.2 61.3 7.69 June 18,628 13,952 4,670 223 29 610 6,362 22.... 107.0 92.1 7.70 July. 18,740 14,013 4,714 258 3 515 6,471 Aug. 19,023 14,188 4,816 427 466 6,309 Feb. 5.... 128.7 65.4 7.71 Sept. 19,295 14,380 4,888 401 755 6,451 6 100.9 62.9 7.89 Oct. 19,438 14,462 4,939 265 887 6,654 20.... 110.3 71.6 7.73 Nov. 19,619 14,558 5,016 315 388 6,562 21 66.0 49.6 7.92 Dec. 19.791 14.624 5.112 307 1,086 5,440 Mar. 5.... 170.8 107.7 7.75 1973-Jan.. 19,982 14,743 5,170 225 29 392 6,943 6 60.3 44.3 7.95 Feb. 20,181 14,872 5,223 218 493 6,911 19.... 297.3 168.7 7.81 Mar. 20,571 15,201 5,259 326 934 8,165 21 86.8 56.4 8.02 Apr. 20.791 15,389 5,269 174 1,211 8,742 May 21,086 15,581 5,335 330 9,312 Apr. 2r... 234.6 145.9 7,86 3 111.9 81.6 8.11 16'... 216.6 190.7 7.89 Note.—FNMA data. Total holdings include conventional loans. Data 17 111.0 88.4 8.17 prior to Sept. 1968 relate to secondary market portfolio of former FNMA. 30.... 261.2 185.9 7.92 128.9 88.2 8.23 Mortgage holdings include loans used to back bond issues guaranteed by GNMA. Mortgage commitments made during the period include some multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in FNMA’s free market auction system, and through the FNMA-GNMA Tandem Plan (Program 18). GOVERNMENT NATIONAL MORTGAGE ASSOCIATION ACTIVITY (In millions of dollars) Mortgage Mortgage Mortgage holdings transactions commitments (during End of period) period Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e ­ s Sales d p M u er r a i i d o n e d g st O i a n n u g d t ­ 196 7 3,348 2,756 592 860 1,045 1,171 196 8 4,220 3,569 651 1,089 867 1,266 196 9 4,820 4,220 600 827 615 1,131 197 0 5,184 4,634 550 621 897 738 197 1 5,294 393 197 2 5.113 1972-May. 5,241 June. 5,249 July.. 5,301 Aug.. 5,405 Sept.. 5,278 Oct... 5,203 Nov.. 5,152 Dec.. 5.113 1973-Jan. . 5,117 Feb.. 4,984 Mar.. 4,663 Apr.. 4,439 May. 3,980 s -H <N 'GOO 258.3 187.7 7.96 117.6 84.4 8.31 212.4 140.0 8.00 113.3 74.0 8.39 June 11. . . 184.5 142.2 8.04 110.1 74.1 8.44 25. .. 199.3 118.7 8.09 95.0 69.4 8.51 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. Since Oct. 18, 1971, the maturity on new short-term commitments has been extended 4 months. Mortgage amounts offered by bidders are total eligible bids received. GNMA MORTGAGE-BACKED SECURITY PROGRAM (In millions of dollars) Pass-through securities Bonds Period sold Applications Securities received issued 197 0 1,126.2 452.4 1,315.0 197 1 4,373.6 2,701.9 300.0 197 2 3,854.5 2,661.7 1972—June. 245.8 193.2 July. 135.5 145.8 Aug. 548.3 140.3 Sept. 192.0 130.9 Oct.. 237.8 164.1 Nov. 226.4 138.2 Dec., 440.9 299.8 1973—Jan.. 515.7 323.3 Feb.. 167.2 216.8 Mar. 339.4 139.9 Apr. 467.8 r182.1 May 563.3 338.8 June 243.0 315.3 Note.—GNMA data. Under the Mortgage-Backed Security Program, GNMA guarantees the timely payment of principal and interest on both pass-through and bond-type securities, which are backed by a pool of mortgages insured by FHA or Farmers Home Admin, or guaranteed by VA and issued by an approved mortgagee. To date, bond-type securities Note.—GNMA data. Total holdings include a small amount of con­ have been issued only by FNMA and FHLMC. ventional loans. Data prior to Sept. 1968 relate to Special Assistance and Management and Liquidating portfolios of former FNMA and include mortgages subject to participation pool of Government Mortgage Liquida­ tion Trust, but exclude conventional mortgage loans acquired by former FNMA. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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 i e es ) ( 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 om ew es h is o E t m i x n ­ g es jects i m pr i e m o n v ­ t e s ­ 2 Total J h N om ew es h is o E t m i x n ­ e g s homes homes homes 8,689 1,705 5,760 591 634 2,652 876 1,776 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 1971............ 14,689 3,900 6,475 3,641 674 5,961 1,694 4,267 1972—June............ 7.55 7.49 7.60 7.54 1972............ 12,320 3,459 4,608 3,448 805 8,293 2,539 5,754 July............ 7.58 7.50 7.65 7.54 Aug............ 7.59 7.52 7.65 7.55 1972—May. 913 259 369 229 56 613 189 424 Sept............ 7.57 7.55 7.70 7.56 June. 1,077 271 372 363 71 858 243 615 Oct............. 7.62 7.57 7.70 7.57 July.. 900 261 374 218 47 675 183 492 Nov........ 7.64 7.57 7.70 7.57 Aug.. 1,018 310 440 201 67 776 224 552 Dec............. 7.66 7.59 7.70 7.56 Sept.. 949 245 340 287 77 758 212 546 Oct... 862 255 343 170 94 720 204 516 1973—Jan.............. 7.68 7.68 7.70 7.55 Nov.. 1,001 261 331 312 97 790 246 544 Feb............. 7.70 7.72 7.75 7.56 Dec.. 964 190 245 444 85 715 220 495 Mar............ 7.68 7.69 7.80 7.63 Apr............. 7.71 7.70 7.90 7.73 1973—Jan... 834 254 324 197 59 681 218 463 May r......... 7.71 7.77 7.95 7.79 Feb... 682 162 235 233 52 592 187 405 June........... 7.76 7.77 Mar.. 954 195 268 426 65 596 185 411 Apr.. 637 151 223 189 74 621 187 434 May. 158 228 103 634 198 436 Note.—Annual data are averages of monthly figures. The Housing and Urban Development (FHA) data are based on opinion reports submitted by field offices on prevailing local 1 Monthly figures do not reflect mortgage amendments included in annual conditions as of the first of the succeeding month. Yields on totals. FHA-insured mortgages are derived from weighted averages of 2 Not ordinarily secured by mortgages. private secondary market prices for Sec. 203, 30-year mortgages 3 Includes refinancing loans, mobile home loans and also a small amount of with minimum downpayment and an assumed prepayment alteration and repair loans, not shown separately; only such loans in amounts at the end of 15 years. Any gaps in data are due to periods of of more than $1,000 need be secured. adjustment to changes in maximum permissible contract in­ terest rates. The HUD (FHA) interest rates on conventional Note.—FHA and VA data. FHA-insured loans represent gross amount first mortgages in primary markets are unweighted and are of insurance written; VA-guaranteed loans, gross amounts of loans closed. rounded to the nearest 5 basis points. The FHLBB effective Figures do not take into account principal repayments on previously insured rate series reflects fees and charges as well as contract rates (as or guaranteed loans. For VA-guaranteed loans, amounts by type are derived shown in the table on conventional first-mortgage terms, p. from data on number and average amount of loans closed. A-35) and an assumed prepayment at end of 10 years. DELINQUENCY RATES ON HOME MORTGAGES FEDERAL HOME LOAN MORTGAGE CORPORATION ACTIVITY (Per 100 mortgages held or serviced) (In millions of dollars) Loans not in foreclosure but delinquent for— 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 FH VA A- t C i v o o e n n n a ­ ­ l c P ha u s r e ­ s Sales d p M u er r a i i d o n e d g s O t i a n u n g t d ­ ­ 1966............... 3.40 2.54 .54 .32 .36 1967............... 3.47 2.66 .54 .27 .32 1968............... 3.17 2.43 .51 .23 .26 1970.................. 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 1972r................. 1,790 1,503 287 1,298 408 198 1971............... 3.93 2.82 .65 .46 .46 1972—Mar 988 928 60 98 258 373 1970—1.......... 2.96 2.14 .52 .30 .31 Apr........ 1,110 1,040 70 126 232 455 II........ 2.83 2.10 .45 .28 .31 May .... 1,324 1,239 86 220 165 398 Ill___ 3.10 2.26 .53 .31 .31 1,415 1,344 71 194 97 117 313 IV....... 3.64 2.67 .61 .36 .33 July........ 1,475 1,374 100 74 11 75 298 Aug........ 1,498 1,394 104 107 75 109 263 1971—1.......... 3.21 2.26 .56 .39 .40 Sept........ 1,545 1,408 137 66 13 136 318 II......... 3.27 2.36 .53 .38 .38 Oct......... 1,631 1,439 192 102 9 189 371 Ill....... 3.59 2.54 .62 .43 .41 Nov........ 1,744 1,491 253 128 10 89 293 IV........ 3.93 2.82 .65 .46 .46 Dec......... 1,790 1,503 287 143 87 93 198 1972—1.......... 3.16 2.21 .58 .37 .50 1973—Jan.......... 1,761 1,517 244 76 99 142 226 II........ 3.27 2.38 .53 .36 .48 Feb......... 1,677 1,535 142 76 150 166 300 Ill....... 3.82 2.74 .65 .43 .52 Mar.r 1,718 1,589 128 119 68 141 295 T\7 1 6 14.66 3.41 .79 .46 .50 IV. 1 .. \4.65 3.42 .78 .45 .48 Note.—FHLMC data. Data for 1970 include only the period beginning Nov. 26 when the FHLMC first became operational. Holdings, purchases, 1 First line is old series; second line is new series. and sales include participations as well as whole loans. Mortgage holdings in­ clude loans used to back bond issues guaranteed by GNMA. Commitment data Note.—Mortgage Bankers Association of America data from cover the conventional and Govt.-underwritten loan programs. reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ 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 □ JULY 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--May............................. 141,450 114,183 40,063 34,439 5,604 34,077 27,267 11,066 7,464 8,737 143,812 116,365 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 8,549 150,576 122,505 43,162 37,216 6,124 36,003 28,071 11,717 7,780 8,574 Nov.............................. 152,968 124,325 43,674 38,064 6,174 36,413 28,643 11,917 8,010 8,716 Dec............................... 157,564 127,332 44,129 40,080 6,201 36,922 30,232 12,256 9,002 8,974 1973- 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 Mar.............................. 159,320 129,375 45,610 39,951 6,328 37,486 29,945 12,540 7,702 9,703 Apr............................... 161,491 131,022 46,478 40,441 6,408 37,695 30,469 12’686 8,036 9,747 May............................. 164,277 133,531 47,518 41,096 6,541 38,376 30,746 12,817 8,319 9,610 i 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- 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 15,063 129,375 114,190 61,388 32,750 17,239 2,813 15,185 272 14,913 131,022 115,727 62,459 33,078 17,455 2,735 15,295 278 15,017 133,531 118,165 63,707 33,859 17,832 2,767 15,366 284 15,082 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

JULY 1973 □ CONSUMER CREDIT A 55 MAJOR HOLDERS OF INSTALMENT CREDIT (In millions of dollars) Commercial banks Finance companies 1 End of Automobile Other consumer Repair Other consumer Repair period paper goods paper and Per­ Auto­ goods paper and Per­ Total modern­ sonal Total mobile modern­ sonal ization loans paper ization loans Pur­ Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes V 1940........... 1,452 339 276 232 165 440 2,278 1,253 159 193 673 1945........... 745 66 143 114 110 312 910 202 40 62 606 1950........... 5,798 1,177 1,294 1,456 834 1,037 5,315 3,157 692 80 1,386 1955........... 10,601 3,243 2,062 2,042 1,338 1,916 11,838 7,108 1,448 42 3,240 1960........... 16,672 5,316 2,820 2,759 2,200 3,577 15,435 7,703 2,553 173 5,006 196 5 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 232 10,058 196 6 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 214 10,315 196 7 33,152 10,972 6,232 5,469 2,731 7,748 24,576 8,627 5,069 192 10,688 196 8 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 166 11,481 196 9 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,7'75 174 12,485 197 0 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 199 12,734 197 1 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 247 13,446 197 2 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 14,912 1972—May. 53,624 14,530 9,824 4,842 4,374 4,772 3,303 11,979 29,310 9,453 2,649 3,153 281 13,774 June. 54,883 14,938 10,060 5,023 4,463 4,859 3,372 12,168 29,722 9,612 2,687 3,216 290 13,917 July. 55,688 15,244 10,193 5,144 4,517 4,903 3,410 12,277 30,065 9,714 2,725 3,270 325 14,031 Aug.. 56,846 15,566 10,331 5,321 4,631 5,003 3,479 12,515 30,464 9,822 2,773 3,318 358 14,193 Sept. 57,566 15,754 10,381 5,471 4,750 5,030 3,522 12,658 30,650 9,835 2,820 3,367 383 14,245 Oct.. 58,266 15,996 10,534 5,590 4,782 5,053 3,555 12,756 30,970 9,914 2,862 3,430 412 14,352 Nov. 58,878 16,180 10,674 5,690 4,868 5,063 3,557 12,846 31,427 10,026 2,899 3,476 452 14,574 Dec.. 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 14,912 1973—Jan.. 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 14,900 Feb.. 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 14,941 Mar.. 61,388 16,951 11,216 6,035 5,243 5,289 3,538 13,116 32,750 10,419 2,943 3,796 581 15,011 Apr.. 62,459 17,327 11,436 6,163 5,290 5,401 3,581 13,261 33,078 10,617 2,991 3,831 611 15,028 May. 63,707 17,716 11,680 6,321 5,360 5,538 3.635 13,457 33,859 10,872 3,025 3,985 656 15,321 1 Finance companies consist of those institutions formerly classified as See also Note to table at top of 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 1960............... 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 1969............... 24,041 8,553 1,194 5,936 1,437 6,921 1972—May.................... 17,906 6,019 1,543 2,020 8,324 25,099 8,469 1,206 6,163 1,805 7,456 June.................... 18,304 6,166 1,580 2,055 8,503 1971............... 27,099 9,316 1,269 6,397 1,953 8,164 July..................... 18,379 6,204 1,589 2,062 8,524 1972............... 30,232 10,857 1,399 7,055 1,947 8,974 Aug..................... 18,836 6,353 1,628 2,113 8,742 Sept..................... 19,062 6,421 1,645 2,144 8,852 1972—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 Mar..................... 20,052 6,752 1,732 2,209 9,359 Dec__ 30,232 10,857 1,399 7,055 1,947 8,974 Apr...................... 20,190 6,820 1,748 2,216 9,406 May..................... 20,599 6,966 1,785 2,250 9,598 1973—Jan.. .. 29,859 10,825 1,379 6,402 1,955 9,298 Feb.... 29,623 10,989 1,420 5,735 1,911 9,568 Mar__ 29,945 11,074 1,466 5,825 1,877 9,703 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 ­ ­ A M p a r y _ . _ .. 3 3 0 0 , , 4 7 6 4 9 6 1 1 1 1 , , 2 35 3 9 7 1 1 , , 4 4 4 5 9 8 6 6, , 1 3 2 8 9 7 1 1 , , 9 9 0 3 7 2 9 9 , , 6 7 1 4 0 7 tions and mutual savings banks. i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank-credit-card accounts outstanding are included in estimates of instalment credit outstanding. See also Note to table at top of preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT □ JULY 1973 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S. A.1 | N.S.A. S. A.1 N.S.A. 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—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 July.............................. 11,687 11,833 3,298 3,480 4,684 4,544 328 358 3,377 3,451 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 Mar.............................. 13,852 13,681 4,001 4,164 5,349 5,169 406 377 4,096 3,971 Apr............................... 13,465 13,661 3,822 4,101 5,563 5,378 365 372 3,715 3,810 May............................. 13,932 14,792 3,989 4,409 5,504 5,698 374 431 4,065 4,254 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—May............................. 10,355 10,812 2,819 2,984 3,981 4,135 287 299 3,268 3,394 10,671 10,914 2,922 2,982 4,164 4,177 283 290 3,302 3,465 July.............................. 10,593 10,496 2,917 2,896 4,249 4,115 279 278 3,148 3,207 Aug.............................. 10,841 10,957 2,896 2,976 4,395 4,376 270 278 3,280 3,327 Sept.............................. 10,667 10,253 2,873 2,789 4,303 4,138 263 261 3,228 3,065 Oct............................... 10,908 11,025 3,041 3,145 4,354 4,360 263 272 3,250 3,248 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 Mar.............................. 11,808 12,265 3,225 3,371 4,755 5,013 286 288 3,542 3,593 Apr............................... 12,061 12,014 3,218 3,233 4,963 4,888 294 292 3,586 3,601 11,941 12,283 3,261 3,369 4.917 5,043 290 298 3,473 3,573 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—May............................. 1,332 1,744 455 715 412 458 47 100 418 471 June............................. 1,386 2,182 490 956 413 602 68 113 415 511 July.............................. 1,094 1,337 381 584 435 429 49 80 229 244 Aug.............................. 1,643 2,209 595 720 595 718 101 153 352 618 Sept.............................. 1,286 1,282 495 321 469 557 77 99 245 305 Oct............................... 1,496 1,312 463 518 617 471 72 75 344 248 Nov.............................. 1,718 1,820 597 512 674 848 56 50 391 410 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 Mar.............................. 2,044 1,416 776 793 594 156 120 89 554 378 Apr............................... 1,404 1,647 604 868 600 490 71 80 129 209 May............................. 1,991 2,509 728 1,040 587 655 84 133 592 681 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

JULY 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 29,528 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—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 Mar.............................. 13,852 13,681 5,853 5,890 3,654 3,598 2,131 2,083 2,214 2,110 Apr............................... 13,465 13,661 5,644 5,973 3,555 3,576 1,792 1,832 2,474 2,280 May............................. 13,932 14,792 5,859 6,356 3,820 4,027 1,868 2,060 2,385 2,349 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—May............................. 10,355 10,812 4,121 4,340 2,918 3,055 1,459 1,528 1,857 1,889 June............................. 10,671 10,914 4,250 4,358 2,971 3,067 1,566 1,638 1,884 1,851 July.............................. 10,593 10,496 4,366 4,298 2,883 2,841 1,419 1,505 1,925 1,852 Aug.............................. 10,841 10,957 4,414 4,486 3,021 3,034 1,510 1,557 1,896 1,880 Sept.............................. 10,667 10,253 4,221 4,132 2,938 2,785 1,533 1,457 1,975 1,879 Oct................................ 10,908 11,025 4,408 4,524 3,023 3,028 1,550 1,572 1,927 1,901 Nov.............................. 11,128 10,986 4,531 4,447 3,061 3,124 1,578 1,505 1,958 1,910 Dec............................... 10,964 10,636 4,485 4,191 2,952 3,105 1,561 1,499 1,966 1,841 1973—Jan................................ 11,355 11,887 4,734 4,881 3,033 2,944 1,532 1,655 2,056 2,407 Feb............................... 11,437 10,623 4,684 4,392 3,030 2,718 1,625 1,459 2,098 2,054 Mar.............................. 11,808 12,265 4,870 5,084 3,141 3,279 1,665 1,648 2,132 2,254 Apr............................... 12,061 12,014 4,919 4,902 3,251 3,248 1,693 1,694 2,198 2,170 May............................. 11,941 12,283 4,976 5,108 3,100 3,246 1,612 1,651 2,253 2,278 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 1967......................................... 3,183 1,833 -220 901 669 1968......................................... 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 1972—May............................. 1,332 1,744 696 995 326 355 215 351 95 43 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 1973—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 Mar.............................. 2,044 1,416 983 806 513 319 466 435 82 -144 Apr............................... 1,404 1,647 725 1,071 304 328 99 138 276 110 May............................. 1,991 2,509 883 1,248 720 781 256 409 132 71 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. □ JULY 1973 MARKET GROUPINGS (1967 = 100) 1 p 9 r 6 o 7 ­ 1972 1972 1973 aver­ Grouping p ti o o r n ­ age* May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar.r Apr.r June Total index.................................... 100.00 114.4 113.2 113.4 113.9 115.0 116.1 117.5 118.5 119.2 119.9 121.1 122.0 122.7 123.5 Products, total.................................. 62.21 113.1 112.1 112.0 112.2 113.3 114.4 115.9 117.3 117.5 118.6 119.5 120.3 120.6 121.7 Final products................................. 48.95 111.2 110.2 110.1 110.1 111.3 112.4 113.9 115.0 115.3 116.4 117.3 118 118.7 119.6 Consumer goods....................... 28.53 123.1 122.2 122.1 122.0 123.1 124.4 125.6 126.8 126.7 127.5 128.3 130.0 129.7 130.6 Equipment................................. 20.42 94.5 93.4 93.3 93.4 94 95.8 97.3 98.5 99.4 101.0 102.0' 102.4 103.3 104.3 Intermediate products.................. 13.26 120.5 119.3 119.1 120.5 121.2 121.7 123.4 125.9 125.7 126.5 127.4 127.7 127.5 129.6 Materials........................................... 37.79 116.4 115.6 116.1 116.8 117.4 119.1 120.3 120.6 122.0 121.7 124.0 125.0 126.4 126.6 Consumer goods Durable consumer goods.................. 7. 125.4 125.3 126.0 123.9 125. 125.4 128.3 130.7 133.9 134.6 137.8 140.4 139.6 140.2 Automotive products.................... 2.84 127.1 127.4 125.7 124.7 127.1 124. 130.3 137.5 142.0 134.9 141.7 144.1 141.5 142.6 Autos......................................... 1.87 112.7 111.3 108.2 108.2 109.5 109.6 116.9 126.6 133.9 126.0 131.5 130.8 128.1 129.8 Auto parts and allied goods... .97 154.7 158.3 159.3 156.9 160.9 153.9 156.1 158.6 158.0 151.9 161.4 169.9 167.0 167.0 Home goods..................................... 5.02 124.5 124.3 126.1 123.5 125.1 125.7 127.2 126.9 129.1 134.5 135.8 138.3 138.5 138.7 Appliances, TV, and radios........ 1.41 127.1 129.3 125.9 121.6 119.7 123.1 124.0 121.8 133.0 140.7 137.8 143.0 144.7 144.1 Appliances and A/C............ .92 144.5 148.2 141.2 138.5 141. 142.8 147 141.9 151.0 153.2, 153.8 156.9 159.4 158.6 TV and home audio............. .49 87.5 93.7 97.2 89.9 78.6 86.1 79.4 83.9 99.9 108.0 116.8 117.0 Carpeting and furniture.............. 1.08 132.6 132.0 134.0 132.6 138.4 134.5 137.6 137.6 139.0 142.1 145.0 145.7 146.7 uYa Misc. home goods....................... 2.53 121.0 118.2 122.9 120.6 122.4 123.4 124.5 125.2 122.8 127.5 130.9 132.7 131.4 132.1 Nondurable consumer goods............ 20.67 122.2 121.0 120.6 121.3 122.1 123.9 124.5 125.3 123.9 124.8 124.7 126.1 125.9 127.0 Clothing........................................ 4.32 107.8 106.2 106. 108.0 109.1 110.0 110.3 110.4 109.0 108.0 109.9 Consumer staples......................... 16.34 126.0 124.9 124.3 124. 125.5 127.6 128.2 129.2 127. 129.2 128.5 130.1 129.7 131.0 Consumer foods and tobacco.. 8.37 117.4 117.2 116. 116.4 117.6 118.5 118.5 120.3 117.7 118.2 119.2 119.8 118.9 120.1 Nonfood staples....................... 7.98 135.0 133.1 132.2 133.6 133.8 137.2 138.3 138.6 138.2 140.7 138.1 140.6 141.0 142.3 Consumer chemical products 2.64 144.3 144.8 140.2 141.3 141.7 146.4 145.0 143.9 142.5 147.4 145.6 152.9 153.0 152.1 Consumer paper products... 1.91 114.7 111.1 112.5 112.5 112.2 115.6 118.6 119.3 119.5 117.7 117.5 118.7 119.0 120.0 Consumer fuel and lighting., 3.43 139.2 136.3 136 139.4 139 141.9 144.0 145.1 145.2 148.3 143.8 143.5 143.9 147.2 Residential utilities........... 2.25 147.5 143.2 145.0 147.0 147.5 150.3 152.1 154.5 155.6 158.5 154.1 153.3 151.4 155.0 Equipment Business equipment........................... 12.74 104.3 102.5 102.4 102.1 105.0 106.7 108.5 110.1 111.1 114.2 114.9 116.0 117.4 119.1 Industrial equipment................... 6.77 99.3 96.3 97.2 96.7 99.9 102.8 103.7 105.8 107.3 109.0 109.8 111.7 113.7 114.8 Building and mining equip. 1.45 101.9 97.0 98.3 98.0 104. 105.7 105.4 104.2 108.0 108.6 109.2 111.2 113.0 113.9 Manufacturing equipment 3.85 88.6 85.9 86.7 87.1 89.4 92.6 94.0 96.9 98.5 100.9 101.8 103.9 106.0 107.5 Power equipment...................... 1.47 124.6 122.8 123.5 120.5 122.4 126.3 127.2 130.8 129.6 130.6 131.5 132.9 134.3 134.5 Commercial, transit, farm eq.. .., 5.97 110.0 109.6 108.4 108.3 110.7 111.2 113.8 115.3 115.4 120.0 120.9 120.8 121.8 123.9 Commercial equipment............. 3.30 117.8 116.4 116.7 117.3 120.0 121.5 122.7 123.2 122.6 126.3 127.0 128.6 130.8 132.1 Transit equipment..................... 2.00 96.7 98.9 94.4 92.5 93.0 93.1 96. 101.9 101.7 110.0 111.8 110.2 107.4 109.6 Farm equipment........................ .67 110.6 108.2 109.7 111.2 117.7 114.7 120.3 116.3 120.0 118.3 117.6 114.6 120.7 126.2 Defense and space equipment........... 7.68 78.2 78.2 78.3 78.9 77.9 77.7 78.6 79.3 80.1 79.1 80.4 79.9 79.8 79.6 Military products.......................... 5.15 80.6 81.1 80.4 81.6 79.9 79.3 80.3 81.2 81.4 81. 81.2 80.7 80.1 Intermediate products Construction products...................... 5.93 119.7 118.0 117. 119.8 119.3 120.6 123.1 126.1 124.6 125.9 126.0 127.5 128.9 129.4 Misc. intermediate products............. 7.34 121.1 120.4 120.2 121.1 122.8 122.6 123.6 125.6 126.7 127.0 128.5 127.9 126.6 129.9 Materials Durable goods materials..................... 20.91 112.1 111.1 111.1 111.5 112.6 116.0 117.4 117.7 120.1 120.1 122.9 124.4 125.3 126.2 Consumer durable parts............... 4.75 113.1 112.0 112.0 111.4 114.0 116.3 116.6 115.8 118.0 120.8 124.1 124.4 127.8 126.0 Equipment parts............................ 5.41 97.1 95.3 95.3 98.2 97. 100.7 102.6 103.6 105.7 104.3 107.5 109.7 110.5 115.4 Durable materials nec................... 10.75 119.3 118.6 118.6 118.2 119.5 123.6 125.2 125.7 128.5 127.8 130.2 131.9 131.7 131.8 Nondurable goods materials............... 13.99 121.7 121.3 122.5 123.3 123.7 122.7 123.9 124.4 125.5 124.3 125.7 126.4 128.3 127.8 Textile, paper, and chem. mat.... 8.58 128.0 127.1 128.5 130.1 131.1 129.2 130.7 132.7 134.8 133.0 135. 135.5 138.7 138.1 Nondurable materials n.e.c.......... 5.41 111.6 112.3 113.1 112.3 111.9 112.4 113.0 111.2 110.9 110.4 110.0 112.1 111. 111.5 Fuel and power, industrial............... 2.89 121.2 120.7 121.7 123.5 121.5 125.0 124.3 122.5 118.7 120.7 123.7 123.8 123.6 125.0 Supplementary groups Home goods and clothing................. 9.34 116.8 115.9 117.2 116.3 117.7 118.5 119.4 119.2 119.8 122.2 123.8 125.7 126.3 126.4 Containers......................................... 1.82 126.8 127.0 130.2 128.8 125.7 122.6 127.2 134.2 135.1 136.9 141.0 142.6 139.0 139.0 Gross value of products in market structure (In billions of 1963 dollars) Products, total................... 413.1 413.0 412.0 410.1 414.7 417.5 425.0 431.8 431. 435.9 438.8 442.6 441.4 447.3 Final products............ 317.7 318.5 317.5 314.3 319.0 321.7 327.6 332.5 332.6 334.8 337.5 341.5 340.6 344.6 Consumer goods... 223.7 225.1 224.6 222.5 225.5 226.9 231.0 233.9 233.8 233.7 235.0 238.5 237.2 240.1 Equipment............... 94.0 93.3 93.1 91. 93.7 94.9 96.8 98.5 98.9 101.2 102.5 102.9 103.4 104.3 Intermediate products. 95.5 94.5 94.3 95.8 96.0 95. 97.4 99.2 99.5 100.8 101.5 101.4 101.0 102.5 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1967 = 100) p 19 r 6 o 7 ­ 1972 1972 1973 por­ aver­ Grouping tion age* May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr.r May Manufacturing.......................................... 88.55 113.1 112.3 112.6 113.2 114.1 115.2 116.6 117.4 118.5 118.9 120.4 121.8 122.1 123.1 Durable............................................ 52.33 107.4 106.3 106.8 107.7 108.4 109.7 111.4 112.4 144.1 114.3 116.2 117.7 118.3 119.1 Nondurable...................................... 36.22 121.5 120.8 121.3 121.0 122.6 123.3 124.3 124.7 125.0 125.4 126.6 127.8 127.7 128.8 Mining and utilities............................. 11.45 123.8 122.6 122.7 123.2 123.8 125.9 126.2 127.2 126.2 127.7 127.4 126.7 125.9 127.1 Mining.............................................. 6.37 108.3 107.9 108.2 107.9 107.7 110.2 110.0 110.1 108.3 108.4 109.2 108.5 107.9 108.4 Utilities............................................. 5.08 143.2 141.1 140.9 142.5 144.1 145.6 146.6 148.7 148.6 151.9 150.4 149.6 148.5 150.6 Durable manufactures 12.55 113.0 112.7 112.1 114.5 114.0 116.4 118.4 119.6 122.8 120.2 122.6 124.0 124.4 123.5 Primary metals................................. 6.61 112.8 113.5 111.9 114.9 113.6 117.4 119.3 120.2 126.6 120.6 123.1 123.9 123.6 121.2 Iron and steel, subtotal................ 4.23 106.9 108.3 104.9 107.7 107.3 113.4 114.1 114.3 117.4 114.2 120.2 117.9 116.2 113.4 Fabricated metal products.............. 5.94 113.3 111.9 112.3 114.1 114.4 115.2 117.5 118.8 118.6 119.9 122.1 124.1 125.2 126.1 Machinery and allied goods................... 32.44 102.1 101.0 101.6 102.0 103.1 104.1 105.7 107.0 108.7 109.5 111.0 112.6 113.4 114.5 Machinery........................................ 17.39 105.2 103.0 104.8 104.8 107.1 108.3 109.6 110.4 113.1 113.7 114.5 117.1 119.2 121.0 Nonelectrical machinery.............. 9.17 103.1 100.4 101.8 102.9 106.1 107.0 108.8 110.6 110.5 112.3 113.0 115.4 118.2 120.4 Electrical machinery.................... 8.22 107.5 105.9 108.0 107.1 108.1 109.7 110.4 110.2 116.0 115.2 116.2 119.1 120.5 121.7 Transportation equipment.............. 9.29 98.9 98.9 97.4 98.2 98.4 99.8 102.1 105.0 105.9 106.7 110.0 110.3 109.3 109.7 Motor vehicles and parts............ 4.56 122.8 122.6 119.3 121.4 121.6 123.0 127.6 132.0 135.3 137.4 141.5 141.0 138.7 139.8 Aerospace and misc. trans. eq... 4.73 75.8 76.1 76.4 75.9 76.0 77.3 77.5 79.0 77.6 77.1 79.7 80.8 81.0 80.7 Instruments....................................... 2.07 118.7 117.3 119.3 119.9 120.9 122.4 122.9 123.3 122.6 127.2 129.0 131.0 131.8 133.2 Ordnance, private and Govt........... 3.69 86.6 87.6 87.8 88.0 86.2 84.8 86.3 86.9 87.3 86.6 87.2 86.6 85.9 85.3 Lumber, clay, and glass......................... 4.44 119.7 118.2 119.0 119.1 119.6 120.5 123.0 122.8 120.9 122.2 125.0 126.9 127.8 129.6 Lumber and products..................... 1.65 122.7 119.1 121.8 121.5 121.1 122.8 128.1 128.2 124.3 126.8 128.3 129.3 129.7 133.1 Clay, glass, and stone products---- 2.79 117.9 117.5 117.4 117.7 118.7 119.1 120.0 119.7 118.9 119.5 123.1 125.5 126.6 127.6 Furniture and miscellaneous................... 2.90 122.6 120.6 122.1 123.7 126.7 126.6 126.2 126.2 127.0 130.3 132.8 133.4 133.1 136.1 Furniture and fixtures..................... 1.38 113.1 110.7 112.8 115.5 117.6 116.7 116.1 117.4 118.5 119.1 122.3 122.8 123.8 126.1 Miscellaneous manufactures........... 1.52 131.2 129.6 130.6 131.0 135.1 135.6 135.4 134.0 134.5 140.5 142.4 143.0 141.6 145.1 Nondurable manufactures Textiles, apparel, and leather............... 6.90 106.2 104.9 105.9 104.8 106.8 108.0 109.1 109.1 110.7 107.7 109.8 112.6 112.1 111.8 Textile mill products....................... 2.69 114.5 i 12.8 113.9 112.7 116.5 116.6 118.5 118.4 119.9 118.4 120.1 122.7 123.4 123.4 Apparel products............................. 3.33 104.2 102.8 103.0 102.2 104.3 105.5 106.8 109.3 109.5 106.0 108.0 Leather and products...................... .88 88.1 89.2 92.2 90.2 86.5 91.6 88.6 80.1 87 ^4 81 .*3 85.1 85.0 86.8 83.2 Paper and printing.................................. 7.92 115.4 114.1 115.1 115.2 116.4 115.3 118.6 120.9 120.6 119.9 121.9 122.6 121.2 122.4 Paper and products......................... 3.18 126.7 127.2 126.7 126.9 127.8 124.1 127.9 133.3 134.4 132.4 135.0 137.7 134.6 136.4 Printing and publishing................... 4.74 108.0 105.3 107.3 107.2 108.7 109.4 112.4 112.6 111.3 111.5 113.0 112.4 112.2 112.9 Chemicals, petroleum, and rubber.... 11.92 137.5 137.5 137.1 137.4 139.9 141.1 141.6 140.6 141.5 145.2 144.3 145.7 147.4 149.1 Chemicals and products.................. 7.86 139.3 138.9 139.5 139.5 141.3 143.4 143.8 141.5 141.5 145.4 144.4 146.1 147.1 148.9 Petroleum products......................... 1.80 120.1 119.5 117.3 119.5 120.4 120.7 124.1 123.4 124.8 129.0 124.1 123.5 126.9 128.9 Rubber and plastics products......... 2.26 145.0 146.5 145.0 144.1 150.4 149.6 148.2 151.3 154.4 156.7 160.1 163.0 164.8 166.0 Foods and tobacco.................................. 9.48 117.4 117.1 117.6 116.8 117.6 118.8 117.8 118.9 118.3 118.2 120.9 120.7 119.8 121.2 Foods................................................ 8.81 118.4 118.5 119.3 118.3 118.3 120.0 118.2 119.4 119.5 119.0 121.7 120.9 120.4 122.0 Tobacco products............................ .67 104.4 99.1 96.4 96.7 108.5 103.0 111.8 112.5 102.5 107.9 110.3 118.1 112.9 Mining Metal, stone, and earth minerals.......... 1.26 104.8 99.4 99.6 95.8 101.0 106.5 106.2 113.0 114.6 114.8 112.3 111.3 109.8 110.8 Metal mining................................... .51 120.8 110.7 102.9 102.2 115.2 123.4 122.3 136.7 141.8 138.6 131.7 127.6 124.5 126.7 Stone and earth minerals................ .75 93.9 91.7 91A 91.6 91.4 94.9 95.2 97.0 96.0 98.4 99.1 100.2 99.7 100.0 Coal, oil, and gas.................................... 5.11 109.2 109.9 110.5 111.0 109.3 111.1 110.9 109.2 106.8 106.9 108.4 107.6 107.4 107.8 Coal.................................................. .69 103.2 105.0 109.1 114.4 97.2 104.2 99.3 101.0 97.1 95.8 103.9 105.7 99.9 102.2 Oil and gas extraction..................... 4.42 110.2 110.7 110.7 110.5 111.2 112.1 112.7 110.5 108.2 108.6 109.1 107.9 108.5 108.6 Utilities Electric................................................. 3.91 149.1 147.1 146.8 148.6 150.2 152.0 152.8 155.2 155.2 159.1 156.9 156.0 154.4 156.9 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. □ JULY 1973 MARKET GROUPINGS (1967 = 100) p 19 ro 67 - a 1 v 9 e 7 r 2 - 1972 1973 Grouping p ti o o r n ­ age* May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr.r May Total index....................................... 100.00 114.4 113.4 116.5 109.2 115.4 120.3 121.3 118.7 116.0 117.2 121.5 123.1 123.4 123.9 Products, total..................................... 62.21 113.1 110.8 115.2 109.1 115.2 120.7 120.8 117.1 113.0 115.2 118.8 120.5 120.3 120.7 Final products...................................... 48.95 111.2 108.5 113.3 106.3 112.7 118.7 118.6 114.8 111.0 114.1 117.3 118.8 118.2 117.9 Consumer goods.......................... 28.53 123.1 119.6 126.0 117.0 126.5 133.5 132.7 126.0 119.7 124.3 127.9 129.8 129.0 127.8 20.42 94.5 93.1 95.6 91.4 93.4 98.0 99.0 99.2 98.8 99.9 102.7 103.5 103.1 104.0 Intermediate products..................... 13.26 120.5 119.5 122.2 119.2 124.4 128.0 128.7 125.6 120.3 119.4 124.0 126.8 127.8 130.6 Materials.............................................. 37.79 116.4 117.7 118.7 109.4 115.8 119.6 122.1 121.4 120.9 120.6 125.9 127.3 128.5 129.3 Consumer goods Durable consumer goods......................... 7.86 125.4 126.0 129.3 107.4 119.3 133.6 139.8 134.5 124.9 133.3 140.6 143.5 140.4 140.7 Automotive products....................... 2.84 127.1 132.6 133.5 92.8 107.5 136.5 146.3 141.2 123.2 138.5 149.1 151.5 147.4 147.4 Autos............................................ 1.87 112.7 121.3 120.1 61.0 78.4 120.6 135.6 132.9 109.8 134.8 144.6 143.9 135.8 138.2 Auto parts and allied goods........ .97 154.7 154.3 159.3 153.9 163.3 167.1 166.9 157.0 149.0 145.7 157.7 166.0 169.7 165.0 Home goods.................................... 5.02 124.5 122.3 126.9 115.6 126.0 131.9 136.2 130.8 125.8 130.3 135.8 138.9 136.5 137.0 Appliances, TV, and home audio. 1.41 124.7 124.9 125.6 109.6 112.2 127.7 142.8 129.1 122.0 139.7 142.6 149.0 144.0 141.1 Appliances and A/C................ .92 144.5 146.9 147.4 134.9 128.9 143.5 165.0 143.5 134.6 153.7 157.0 166.2 167.4 160.5 TV and home audio................. .49 87.5 83.7 84.8 62.2 80.9 98.2 101.2 102.2 98.4 115.7 116.9 100.0 Carpeting and furniture.............. 1.08 132.6 128.3 132.8 114.4 138.7 139.6 139.7 140.8 140.0 * 141* .0 150.2 149.1 146.1 ‘i45!9 Misc. home goods....................... 2.53 121.0 118.2 125.2 119.5 128.3 130.9 131.1 127.6 121.9 120.4 125.9 129.0 128.2 130.8 Nondurable consumer goods.................. 20.67 122.2 117.1 124.7 120.6 129.2 133.4 130.0 122.7 117.7 120.9 123.1 124.5 124.6 122.9 Clothing............................................ 4.32 107.8 102.7 1112 97.2 113.5 116.9 114.7 108.2 100.1 102.9 114.1 Consumer staples............................. 16.34 126.0 120.9 127.8 126.8 133.4 137.8 134.0 126.5 122.3 125.6 125.4 127.2 125.6 126.7 Consumer foods and tobacco.... 8.37 117.4 114.7 120.8 115.8 123.9 128.7 125.4 118.7 111.0 111.9 114.8 117.4 116.9 117.7 Nonfood staples........................... 7.98 135.0 127.4 135.1 138.3 143.4 147.3 143.0 134.6 134.2 140.0 136.6 137.4 134.8 136.1 Consumer chemical products.. 2.64 144.3 143.9 152.3 146.9 148.4 159.3 158.3 143.8 132.5 138.6 138.9 146.0 145.5 151.2 Consumer paper products....... 1.91 114.7 107.9 116.2 114.2 120.4 122.8 124.9 118.5 113.4 112.3 110.5 115.5 117.8 117.0 Consumer fuel and lighting... 3.43 139.2 125.5 132.4 145.1 152.4 151.6 141.3 136.4 147.2 156.6 149.5 143.1 136.1 134.9 Residential utilities............... 2.25 147.5 128.7 137.5 154.6 165.3 163.8 148.1 141.4 156.6 170.5 162.4 154.1 142.6 138.3 Equipment Business equipment.................................. 12.74 104.3 102.2 105.6 99.5 103.2 110.2 111.2 110.7 109.3 112.1 116.1 117.5 117.5 118.8 Industrial equipment....................... 6.77 99.3 95.7 99.0 96.0 99.5 105.2 105.5 106.3 106.4 107.7 111.2 112.8 113.1 113.5 Building and mining equip.......... 1.45 101.9 96.3 101.4 98.0 102.3 107.5 107.1 108.4 109.9 107.6 110.3 112.3 110.8 110.8 Manufacturing equipment.......... 3.85 88.6 85.5 88.2 85.2 89.2 93.-6 94.9 96.6 97.7 99.7 104.4 106.0 105.9 107.0 Power equipment......................... 1.47 124.6 121.8 124.9 122.3 123.7 133.2 131.8 129.4 125.8 128.8 129.9 131.2 134.0 133.4 Commercial, transit, farm eq.......... 5.97 110.0 109.6 113.0 103.4 107.4 115.8 117.7 115.6 112.5 117.0 121.7 122.9 122.5 124.9 Commercial equipment................ 3.30 117.8 114.7 121.9 120.2 122.0 127.2 124.8 123.6 120.4 121.9 125.0 126.3 128.6 132.1 Transit equipment....................... 2.00 96.7 100.9 97.9 78.2 85.2 95.2 104.0 104.6 99.2 108.1 114.8 114.9 110.7 111.8 Farm equipment........................... .67 110.6 110.0 114.4 95.2 101.0 120.8 123.2 109.0 113.2 118.9 126.2 129.7 127.9 128.3 7.68 78.2 78.1 78.9 77.9 77.1 77.7 78.7 80.0 81.3 79.6 80.3 80.2 79.3 79.5 Military products............................. 5.15 80.6 81.3 81.7 81.0 79.3 79.2 80.0 81.4 82.0 81.0 81.7 81.5 80.5 80.3 Intermediate products Construction products......................... 5.93 119.7 120.6 121.9 117.9 120.5 125.5 128.4 124.5 118.0 117.1 123.7 128.6 131.6 133.5 Misc. intermediate products............... 7.34 121.1 118.7 122.4 120.3 127.5 130.0 129.0 126.5 122.1 121.3 124.1 125.3 124.8 128.2 Materials 20.91 112.1 113.8 114.8 103.8 109.9 116.8 118.7 118.1 119.5 118.5 125.0 127.5 128.6 129.7 Consumer durable parts................. 4.75 113.1 113.3 112.5 98.5 107.8 117.2 119.4 120.9 125.5 125.0 127.9 127.9 128.8 129.1 Equipment parts.............................. 5.41 97.1 95.9 98.9 92.2 95.5 101.7 102.3 102.7 104.7 104.6 109.1 112.4 114.0 116.1 Durable materials n.e.c................... 10.75 119.3 123.1 123.9 111.9 118.1 124.3 126.6 124.7 124.4 122.6 131.8 134.9 135.8 136.9 13.99 121.7 123.0 124.2 116.6 123.3 122.8 126.7 126.0 123.0 123.4 127.3 127.5 129.2 129.6 Textile, paper, and chem. mat......... 8.58 128.0 129.6 130.9 120.9 130.1 129.1 133.4 134.2 130.6 132.1 138.9 138.2 140.8. 140.9 5.41 111.6 112.6 113.6 109.9 112.6 112.8 116.0 113.1 110.9 109.5 108.9 110.6 110.7 111.8 Fuel and power, industrial................. 2.89 121.2 120.7 120.8 115.2 121.7 124.0 124.4 123.5 120.4 122.8 125.6 124.5 123.8 124.9 Supplementary groups Home goods and clothing................... 9.34 116.8 113.2 120.6 107.1 120.2 125.0 126.3 120.3 113.9 117.6 125.8 127.6 129.2 123.7 Containers............................................ 1.82 126.8 128.9 134.2 123.1 130.0 128.0 134.4 133.0 125.0 129.4 140.6 142.6 139.4 141.1 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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* May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr.r May Manufacturing, total............................... 88.55 113.1 112.7 115.7 107.0 113.5 118.9 120.6 118.1 114.8 115.9 121.3 123.0 123.3 123.6 Durable............................................ 52.33 107.4 107.6 109.4 100.2 105.1 111.9 114.4 113.1 111.4 112.8 118.4 120.3 120.5 120.7 Nondurable...................................... 36.22 121.5 120.0 124.9 116.9 125.7 128.9 129.6 125.4 119.7 120.3 125.5 126.9 127.4 127.8 Mining and utilities.................................. 11.45 123.8 120.0 122.9 124.6 130.0 130.8 126.3 123.5 124.8 128.3 127.5 124.9 122.4 123.8 Mining.............................................. 6.37 108.3 109.9 109.7 105.5 109.2 110.8 110.7 109.5 108.0 105.8 108.3 106.5 107.1 110.1 5.08 143.2 132.6 139.4 148.6 156.2 155.9 146.0 141.1 146.0 156.6 151.6 148.0 141.7 141.1 Durable manufactures Primary and fabricated metals............. 12.55 113.0 115.7 115.0 105.1 109.1 116.0 119.7 119.0 120.2 118.8 127.1 130.1 130.1 128.8 Primary metals................................. 6.61 112.8 118.9 116.5 101.6 106.9 114.8 119.4 117.6 121.7 118.9 129.6 134.1 134.1 130.9 Iron and steel, subtotal............... 4.23 106.9 114.3 108.6 98.3 101.2 108.1 113.4 110.9 114.2 112.4 126.0 128.8 128.5 125.9 Fabricated metal products.............. 5.94 113.3 112.2 113.3 109.0 111.5 117.4 120.1 120.5 118.6 118.6 124.3 125.7 125.6 126.5 Machinery and allied goods................... 32.44 102.1 101.7 104.0 94.4 98.7 106.7 108.9 107.9 106.4 109.4 113.2 114.6 114.6 114.9 Machinery........................................ 17.39 105.2 102.9 107.0 100.0 104.1 111.4 112.7 110.5 110.3 112.8 117.0 119.1 120.2 120.3 Nonelectrical machinery............. 9.17 103.1 100.9 104.7 100.5 103.3 109.4 109.6 109.1 109.2 110.8 116.7 118.5 119.0 120.4 Electrical machinery.................... 8.22 107.5 105.1 109.5 99.5 105.0 113.6 116.1 112.1 111.6 115.0 117.4 119.7 121.5 120.3 Transportation equipment.............. 9.29 98.9 101.7 100.8 81.0 88.3 102.0 107.0 107.9 103.0 108.7 113.5 114.0 112.7 112.8 Motor vehicles and parts............ 4.56 122.8 128.1 126.0 87.8 102.3 127.1 137.2 137.9 128.9 142.6 148.6 147.3 144.9 145.8 Aerospace and misc. trans. eq... 4.73 75.8 76.3 76.6 74.5 74.9 77.8 77.9 78.9 78.1 76.0 79.6 82.0 81.7 80.9 Instruments....................................... 2.07 118.7 116.1 121.8 119.9 123.4 127.3 126.5 123.9 122.5 123.5 125.3 128.8 127.7 131.9 Ordnance, private and Govt........... 3.69 86.6 87.8 88.2 87.3 85.2 84.5 85.7 87.0 87.7 87.1 87.5 87.3 85.9 85.5 Lumber, clay, and glass.......................... 4.44 119.7 120.4 124.1 119.2 125.7 126.3 129.0 122.6 112.9 112.1 121.0 125.1 128.8 132.1 Lumber and products...................... 1.65 122.7 121.8 126.5 120.5 125.9 128.8 132.8 124.7 111.6 115.5 128.2 130.3 131.9 134.3 Clay, glass, and stone products.... 2.79 117.9 119.6 122.7 118.4 125.6 124.8 126.7 121.4 113.7 110.1 116.8 122.0 126.9 130.8 Furniture and miscellaneous.................. 2.90 122.6 118.1 123.7 114.5 127.5 131.0 131.1 130.7 126.7 126.1 134.3 133.9 132.4 132.7 Furniture and fixtures..................... 1.38 113.1 108.7 112.1 100.4 115.7 117.9 118.8 120.9 119.7 121.6 128.7 127.3 124.2 122.6 Miscellaneous manufactures........... 1.52 131.2 126.6 134.3 127.3 138.2 142.9 142.2 139.6 133.2 130.2 139.4 139.9 139.9 141.8 Nondurable manufactures Textiles, apparel, and leather............... 6.90 106.2 103.9 110.9 94.4 111.4 112.8 112.2 107.5 101.0 102.6 112.8 116.1 114.9 110.2 Textile mill products....................... 2.69 114.5 115.8 119.0 102.0 120.7 120.4 120.9 118.4 112.4 111.3 121.9 125.2 126.0 125.3 Apparel products............................. 3.33 104.2 98.7 109.1 92.5 109.2 112.1 110.2 105.8 96.4 101.3 111.8 Leather and products...................... .88 88.1 87.3 92.8 78.2 91.3 92.0 92.8 80.7 83.3 80.6 88.7 89.9 85.8 81.5 Paper and printing.................................. 7.92 115.4 114.1 117.9 111.5 120.0 120.7 124.9 122.6 114.1 113.4 119.0 120.6 121.9 122.3 Paper and products......................... 3.18 126.7 128.5 130.2 116.1 127.5 123.7 134.5 134.4 124.3 130.8 138.4 139.5 138.6 137.8 Printing and publishing................... 4.74 108.0 104.4 109.6 108.4 114.9 118.6 118.5 114.7 107.3 101.7 106.0 107.9 110.6 111.9 Chemicals, petroleum, and rubber........ 11.92 137.5 138.0 141.4 134.7 140.3 144.9 145.6 141.9 139.2 140.8 144.3 145.0 147.1 149.6 Chemicals and products.................. 7.86 139.3 140.7 144.2 138.7 142.4 147.1 146.7 142.1 138.5 140.3 143.2 144.3 148.1 150.8 Petroleum products......................... 1.80 120.1 118.4 121.5 123.8 125.7 126.3 126.3 122.5 122.9 123.7 120.9 119.5 121.3 127.4 Rubber and plastics products......... 2.26 145.0 144.0 147.6 129.3 144.4 152.3 156.9 156.7 154.7 156.4 167.0 167.9 164.1 163.2 Foods and tobacco.................................. 9.48 117.4 114.1 120.1 115.2 122.7 127.5 126.0 120.0 113.3 113.2 116.5 117.3 116.4 118.0 Foods................................................ 8.81 118.4 115.3 121.4 117.4 123.2 128.9 126.4 120.5 115.4 113.6 116.7 117.2 117.0 118.6 Tobacco products............................ .67 104.4 98.1 103.0 86.3 116.7 109.4 120.4 113.4 86.0 107.7 113.5 118.3 108.0 Mining Metal, stone, and earth minerals.......... 1.26 104.8 110.8 111.6 102.2 108.7 113.1 110.2 106.1 103.3 98.8 101.0 103.8 109.4 120.0 Metal mining................................... .51 120.8 131.5 129.6 116.7 128.4 133.5 123.2 114.8 114.6 113.8 120.4 118.5 123.3 143.0 Stone and earth minerals................ .75 93.9 96.7 99.3 92.3 95.4 99.2 101.3 100.3 96.4 88.6 87.8 93.8 99.9 104.4 Coal, oil, and gas.................................... 5.11 109.2 109.7 109.2 106.3 109.3 110.3 110.8 110.3 109.1 107.5 110.1 107.2 106.6 107.6 Coal.................................................. .69 103.2 107.1 104.8 87.6 103.5 106.9 106.1 103.2 96.5 94.7 104.2 104.3 101.7 104.2 Oil and gas extraction..................... 4.42 110.2 110.1 109.9 109.2 110.2 110.8 111.6 111.4 111.1 109.5 111.0 107.6 107.4 108.1 Utilities Electric.................................................. 3.91 149.1 136.4 144.9 156.5 166.0 165.4 152.0 145.3 151.6 165.1 158.5 153.8 145.4 144.6 Gas........................................................ 1.17 1 1 1 Note.—Published groupings include series and subtotals not shown separately. Figures for individual series and subtotals are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION □ JULY 1973 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu­ Prices 4 facturing 2 In­ Ca­ Market dustry pacity Nonag- Con­ riculutiliza­ Period Total Total C Fi o n P n a r ­ l oducts m In ed te ia r­ te M ri a a t l e s ­ f M a i c a n t n g u u r­ ­ o i = ( n t u 1 i 1 m o 9 tp 0 6 n f 0 u 7 g ) t . t s r c t t a r i o o u c n n t c s ­ ­ T m p t e o u e l m o t r n a a y t ­ l l — ­ i p m E lo e m n y ­ t ­ r P o a l y ls ­ T s r a e o l t t e a a i s l 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 goods ment 195 4 51.9 51.8 50.8 53.3 47.9 55.1 52.0 51.5 84.1 74.4 89.6 55.1 54 80.5 87.6 195 5 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 87.8 195 6 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 90.7 195 7 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 93.3 195 8 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 94.6 195 9 64. 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 94.8 196 0 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 196 1 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 82.1 84.5 68.0 70 89.6 94.5 196 2 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 94.8 196 3 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 94.5 196 4 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 94.7 196 5 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 96.6 196 6 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 99.8 196 7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 196 8 105.7 105. 105. 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 86.5 123.7 106.7 103.2 116.6 114 109.8 106.5 197 0 106.7 106.0 104.5 110.3 96.3 111.7 107.7 105.2 r78.3 107.2 98.0 114.1 120 116.3 110.4 197 1 106.8 106.4 104.7 115.7 89.4 112.6 107.4 105.2 >•75.0 132.0 107.3 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 77.9 110.5 96.7 130.2 142 125.3 119.8 1972— J M un ay e. ., , 1 1 1 1 3 3 . . 2 4 1 1 1 1 2 2 . . 1 0 1 1 1 10 0 . . 1 2 1 12 2 2 2 . . 1 2 9 93 3 . . 3 4 1 1 1 19 9 . . 1 3 1 1 1 16 5 . . 1 6 1 1 1 1 2 2 . . 3 6 577.6 1 1 6 5 5 4 . . 0 0 1 1 1 1 0 0 . . 1 4 9 9 6 6. . 3 7 1 1 2 2 8 8 . . 9 0 1 1 4 41 2 1 1 2 2 4 5 . . 7 0 1 1 1 1 8 8 . .8 2 July.. 113.9 112.2 110.1 122.0 93.4 120.5 116.8 113.2 155.0 110.4 96.5 127.7 143 125.5 119.7 Aug.. 115.0 113.3 111.3 123.1 94.8 121.2 117.4 114.1 78.4 180.0 110.9 97.0 131.2 145 125.7 119.9 Sept.. 116.1 114.4 112.4 124.4 95.8 121.7 119.1 115.2 187.0 111.3 97.5 133.8 144 126.2 120.2 Oct... 117.5 115.9 113.9 125.6 97.3 123.4 120.3 116.6 171.0 111.7 98.4 136.1 149 126.6 120.0 Nov.. 118.5 117.3 115.0 126.8 98.5 125.9 120.6 117.4 80.2 177.0 112.1 99.1 139.0 148 126.9 120.7 Dec.., 119.2 117.5 115.3 126.7 99.4 125.7 122.0 118.5 163.0 112.4 99.6 139.3 151 127.3 122.9 1973—Jan... 119.9 118.6 116.4 127.5 101.0 126.5 121.7 118.9 181.0 112.7 99.9 139.8 156 127.7 124.5 Feb... 121.1 119.5 117.3 128.3 102.0 127.4 124.0 120.4 81.4 191.0 113.5 100.7 142.9 158 128.6 126.9 Mar. . 122.0 120.3 rl 18.4 n 30.0 r102.4 127.7 125.0 121.8 193.0 113.8 101.0 142.6 160 129.8 129.7 Apr.., r122.7 120.6 rl 18.7 r129.7 '103.3 "127.5 r126.4 >■122.1 177.0 114.0 101.5 *•144.8 157 130.7 130.7 May., r123.5 121.7 rl 19.6 '•130.6 '104.3 129.6 '•126.6 rl 23.1 82.0 '•114.3 '•101.7 145.0 159 131.5 133.5 June* 123.9 121.5 119.2 129.7 104.4 129.7 127.8 123.3 114.6 101.9 125.2 136.7 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 Dept, 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 second 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 Type of ownership and 1971 1972 type of construction Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction i....................... 80,188 91,877 7,238 8,100 9,098 8,478 8,067 8,875 8,197 8,225 7,248 6,464 6,795 6,839 8,644 By type of ownership: Public...................................... 23,927 24,404 1,676 1,741 2,574 2,517 2,528 2,466 2,017 1,668 1,785 1,650 1,918 1,717 2,046 Private i.................................. 56,261 67,473 5,562 6,359 6,524 5,960 5,538 6,409 6,181 6,557 5,462 4,814 4,877 5,122 6,599 By type of construction: Residential building *............ 34,754 45,473 3,607 3,971 4,428 4,375 3,864 4,671 4,135 4,298 3,663 3,120 3,195 3,277 4,643 Nonresidential building......... 25,574 27,327 2,165 2,182 2,908 2,447 2,461 2,458 2,378 3,549 2,184 2,215 2,420 2,229 2,707 Nonbuilding........................... 19,282 19,077 1,466 1,947 1,762 1,655 1,741 1,746 1,684 1,544 1,402 1,132 1,180 1,333 1,294 Private housing units authorized.. 1,925 2,130 2,007 1,991 1,955 2,121 2,108 2,237 2,265 2,216 2,139 2,377 2,218 2,191 2,071 (In thousands, S.A., A.R.) 1 Because of improved procedures for collecting data for 1 -family homes, Note.—Dollar value of construction contracts as reported by the F. W. some totals are not strictly comparable with those prior to 1968. To im­ Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly prove comparability, earlier levels may be raised by approximately 3 per data exceed annual totals because adjustments—negative—are made in cent for total and private construction, in each case, and by 8 per cent for accumulated monthly data after original figures have been published. 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

JULY 1973 □ CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser­ Period Total Total d R en e t s i i a ­ l Total Buildings Other Total M ta i r l y i­ H w ig ay h­ d v e a v t & e io lo n p­ Other 2 Indus­ Com­ Other ment trial mercial build- 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 4,822 1970r.......... 94,167 66,071 31,864 34,207 6,538 9,754 5,125 12,790 28,096 718 9,981 1,908 4,832 1971 »•.......... 109,238 79,367 43,268 36,099 5,423 11,619 5,437 13,620 29,871 901 10,658 2,095 4,820 197 2 123,836 93,640 54,186 39,454 4,676 13,462 5,898 13,418 30,196 1,080 10,448 2,172 4,996 1972—June r 121,613 92,594 53,294 39,300 4,848 13,323 834 15,295 29,019 1,064 10,090 2,592 15,273 July". 121,616 92,445 53,793 38,652 4,628 13,180 707 15,137 29,171 1,342 10,088 1,776 15,965 Aug. r 123,028 93,873 54,497 39,376 4,736 13,381 939 15,320 29,155 866 10,003 2,099 16,187 Sept.r 125,146 94,520 55,536 38,984 4,519 13,442 730 15.293 30,626 1,050 10,443 2,140 16,993 Oct.r. 128,513 96,201 56,361 39,840 4,345 13,720 197 15,578 32,312 1,076 10,642 2,205 18,389 Nov.r 126,831 97,506 57,167 40,339 4,617 13,607 235 15,880 29,325 1,200 10,585 2,042 15,498 Dec.r 131,550 98,450 57,545 40,905 4,765 13,865 220 16,055 33,100 1,188 11,045 2,065 18,802 1973—Jan.r. 134,143 100,441 57,800 42,641 5,292 15,001 6,002 16,346 33,702 1,221 1,999 Feb.r 134,298 102,010 59,413 42,597 5,180 14,873 6,145 16,399 32,288 1,422 1,712 Mar.r 136,637 103,008 59,822 43,186 5,479 15,071 6,179 16,457 33,629 1,303 2,490 Apr.r 135,222 102,653 59,213 43,440 5,287 15,474 6,282 16,397 32,569 1,170 1,672 May r 137,095 104,005 59,579 44,426 5,496 16,082 6,298 16,550 33,090 1,282 2,288 Juner 137,959 105,158 60,390 44,768 16,892 32,801 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 1964......................... 1,529 254 340 578 357 970 108 450 1,561 1,529 32 264 205 59 191 1965......................... 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966......................... 1,165 206 288 472 198 778 61 325 1,196 1,165 31 195 158 37 217 1967......................... 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968......................... 1,508 227 369 618 294 900 81 527 1,546 1,508 38 283 227 56 318 1969......................... 1,467 206 349 588 324 814 85 571 1,500 1,467 33 284 233 51 413 1970......................... 1,434 218 294 612 310 813 85 536 1,469 1,434 35 482 421 61 401 1971......................... 2,052 264 434 869 486 1,151 120 781 2,084 2,052 32 621 528 93 497 1972—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 1973—Jan................ 2,497 348 599 1,086 464 1,450 163 884 147 147 1 19 12 7 41 Feb................ 2,456 366 571 1,087 434 1,372 123 961 140 138 2 21 14 7 43 Mar.r............ 2,260 297 415 1,142 406 1,245 123 892 201 200 1 27 19 8 57 Apr.r............ 2,104 284 383 884 553 1,197 131 776 204 203 27 18 9 62 May.............. 2,430 257 603 1,011 559 1,268 161 1,001 235 235 11 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 □ JULY 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 u t .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 a S 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 r g a e l r d i- 1 In U pl n o e y m ed ­ U (p n e e m r S r a m . e A t c e n p e . 2 t l ) n o t y ; ­ industries agriculture 1967 .......................... 133,319 52,527 80,793 77,347 74,372 70,527 3,844 2,975 3.8 1968........................... 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 1969........................... 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 1970........................... 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1971........................... 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 1972........................... 145,775 56,785 88,991 86,542 81,702 78,230 3,472 4,840 5.6 1972—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 Apr................ 147,729 57,906 90,700 88,350 83,917 80,606 3,311 4,433 5.0 May............... 147,940 58,050 90,739 88,405 84,024 80,749 3,275 4,381 5.0 June............... 1 148,147 55,417 91,247 88,932 84,674 81,271 3,403 4,258 4.8 1 Includes self-employed, unpaid family, and domestic service workers. to the calendar week that contains the 12th day; annual data are averages 2 Per cent of civilian labor force. of monthly figures. Description of changes in series beginning 1967 is Note.—Bureau of Labor Statistics. Information relating to persons 16 available from Bureau of Labor Statistics. years of age and over is obtained on a sample basis. Monthly data relate EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n t n i s o t t r n r a u c c t ­ T ti li o r c a n n u & s ti p l i o p ti r u e t b a s ­ ­ Trade Finance Service G m ov e e n r t n­ 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 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 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—June.............................................. 72,699 18,931 600 3,550 4,491 15,682 3,931 12,290 13,224 July............................................... 72,661 18,861 599 3,489 4,473 15,692 3,927 12,341 13,279 Aug............................................... 72,984 18,930 602 3,544 4,478 15,758 3,936 12,419 13,317 Sept............................................... 73,176 19,029 606 3,551 4,499 15,794 3,953 12,379 13,365 Oct................................................ 73,589 19,219 610 3,568 4,540 15,835 3,969 12,451 13,397 Nov............................................... 73,899 19,324 609 3,524 4,549 15,954 3,981 12,497 13,461 Dec............................................... 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................................................ 74,725 19,578 613 3,594 4,580 16,127 4,014 12,682 13,537 Mar............................................... 74,914 19,643 610 3,604 4,580 16,163 4,024 12,716 13,574 Apr............................................... 75,105 19,727 608 3,571 4,591 16,217 4,031 12,746 13,614 May*............................................ 75,269 19,763 609 3,606 4,592 16,243 4,044 12,775 13,637 June*............................................ 75,464 19,882 612 3,652 4,606 16,251 4,041 12,825 13,655 NOT SEASONALLY ADJUSTED 1972—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................................................ 73,724 19,420 598 3,184 4,507 15,776 3,978 12,530 13,731 Mar.............................................. 74,255 19,521 598 3,294 4,539 15,880 4,000 12,627 13,796 Apr............................................... 74,861 19,856 603 3,442 4,559 16,088 4,019 12,771 13,793 May*............................................ 75,357 19,653 609 3,602 4,592 16,187 4,040 12,864 13,810 June*............................................ 76,246 19,967 625 3,835 4,670 16,324 4,081 13,005 13,739 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

JULY 1973 □ EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted i Industry group 1972 1973 1972 1973 June Apr. May* June* June Apr. May* June* 13,841 14,521 14,547 14,577 13,960 14,394 14,446 14,704 Durable goods................................................................. 7,896 8,483 8,527 8,552 7,985 8,452 8,507 8,645 Ordnance and accessories...................................... 94 101 99 96 94 99 98 96 Lumber and wood products.................................. 526 544 544 542 545 531 540 562 Furniture and fixtures............................................ 405 430 430 432 406 425 425 433 Stone, clay, and glass products............................. 527 550 555 548 541 546 554 562 Primary metal industries........................................ 976 1,033 1,044 1,041 997 1,046 1,055 1,063 Fabricated metal products..................................... 1,052 1,118 1,123 1,123 1,061 1,110 1,117 1,133 Machinery............................................................... 1,231 1,356 1,366 1,372 1,241 1,365 1,367 1,383 Electrical equipment and supplies......................... 1,236 1,361 1,370 1,391 1,236 1,349 1,358 1,391 Transportation equipment..................................... 1,242 1,351 1,350 1,367 1,253 1,351 1,353 1,379 Instruments and related products......................... 276 296 303 300 277 295 302 301 Miscellaneous manufacturing industries............... 331 343 343 340 334 336 339 344 5,945 6,038 6,020 6,025 5,975 5,942 5,939 6,059 Food and kindred products................................... 1,201 1,178 1,167 1,168 1,191 1,102 1,106 1,159 Tobacco manufactures........................................... 62 63 63 64 55 56 55 57 Textile-mill products.............................................. 870 900 899 898 882 898 896 910 Apparel and related products................................ 1,163 1,182 1,175 1,173 1.175 1,179 1,175 1,185 Paper and allied products...................................... 539 552 557 555 546 549 551 563 Printing, publishing, and allied industries............ 657 663 662 663 656 663 660 662 Chemicals and allied products............................... 580 593 596 597 587 595 595 603 Petroleum refining and related industries.............. 117 115 115 116 120 114 115 120 Rubber and misc. plastic products......................... 491 536 531 535 494 533 530 539 Leather and leather products................................. 265 256 255 256 271 253 255 262 1 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 June Apr. May* June* June Apr. May* June* June Apr. May* June* 40.6 40.9 40.8 40.7 155.01 163.21 164.42 165.64 3.79 4.01 4.03 4.04 Durable goods..................................................... 41.3 41.8 41.6 41.5 167.65 177.22 178.05 179.74 4.03 4.26 4.28 4.30 Ordnance and accessories.......................... 42.0 42.0 42.1 41.8 172.60 175.56 178.50 178.08 4.09 4.18 4.24 4.24 Lumber and wood products...................... 41.2 41.1 40.8 40.4 139.19 144.26 145.08 146.37 3.33 3.51 3.53 3.57 Furniture and fixtures................................ 40.7 40.4 40.1 40.1 125.05 127.76 128.95 130.49 3.05 3.21 3.24 3.23 Stone, clay, and glass products................. 42.0 42.3 42.3 42.2 165.78 173.44 175.54 177.22 3.91 4.11 4.14 4.16 Primary metal industries............................ 41.4 42.2 42.1 41.8 193.12 209.10 209.81 209.73 4.62 4.92 4.96 4.97 Fabricated metal products......................... 41.1 41.8 41.5 41.3 165.57 173.89 174.72 177.23 3.98 4.19 4.20 4.24 Machinery................................................... 42.1 42.5 42.7 42.8 179.77 190.38 192.15 193.48 4.26 4.49 4.50 4.51 Electrical equipment and supplies............. 40.5 40.6 40.6 40.3 148.56 153.54 154.71 155.12 3.65 3.81 3.82 3.83 Transportation equipment......................... 41.5 43.5 42.2 42.6 197.45 212.50 212.42 218.16 4.69 5.00 5.01 5.05 Instruments and related products.............. 40.6 40.8 40.8 40.8 151.00 155.07 157.51 157.06 3.71 3.81 3.87 3.84 Miscellaneous manufacturing industries... 39.5 39.0 39.0 39.0 122.76 125.58 126.81 128.25 3.10 3.22 3.26 3.28 Nondurable goods............................................... 39.7 39.8 39.6 39.5 137.66 143.39 143.78 144.91 3.45 3.63 3.64 3.65 Food and kindred products....................... 40.4 40.1 40.3 40.1 145.75 149.31 153.18 153.95 3.59 3.78 3.82 3.82 Tobacco manufactures............................... 34.3 36.5 35.2 34.2 122.84 134.87 134.02 131.51 3.53 3.81 3.84 3.79 Textile-mill products.................................. 41.3 41.6 40.9 40.8 113.42 119.77 118.03 119.07 2.72 2.90 2.90 2.89 Apparel and related products.................... 35.9 36.1 36.0 35.9 93.24 98.64 98.01 98.64 2.59 2.74 2.73 2.74 Paper and allied products.......................... 42.9 42.8 42.8 42.7 168.56 175.09 175.51 178.05 3.92 4.11 4.12 4.16 Printing, publishing, and allied industries. 37.8 38.0 37.9 37.9 169.41 175.01 176.53 177.46 4.47 4.63 4.67 4.67 Chemicals and allied products................... 41.9 41.9 42.0 42.1 176.40 185.24 185.22 187.79 4.20 4.40 4.41 4.45 Petroleum refining and related industries . 42.1 41.9 42.0 41.0 209.46 219.24 220.28 212.59 4.94 5.22 5.22 5.16 Rubber and misc. plastic products............ 41.2 41.5 40.9 40.9 147.38 155.29 152.15 153.30 3.56 3.76 3.72 3.73 Leather and leather products..................... 38.6 38.2 38.0 38.1 105.84 104.63 106.96 108.36 2.70 2.79 2.80 2.80 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 □ JULY 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 e 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 r h d 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 c e n n r a g d e d a ­ ­ g O s a o e t n o h rv d d e ­ s r 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 87l 3 87‘.8 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—May.............. 124.7 122.3 128.5 tl 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 t119.0 139.6 117.8 120.3 121.0 122.1 119.8 126.1 132.4 120.0 122.9 125.6 July............... 125.5 124.2 129.5 t119.2 140.7 117.7 120.3 121.1 121.1 120.3 126.3 132.7 120.0 123.0 125.8 Aug............... 125.7 124.6 129.9 fl19.6 141.3 117.9 120.5 121.2 120.8 120.5 126.5 132.9 120.2 123.0 126.0 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 Mar............... 129.8 134.5 132.3 122.6 143.2 127.8 125.0 123.0 124.8 121.5 128.6 135.8 123.1 124.5 127.6 Apr............... 130.7 136.5 132.8 123.0 143.6 128.3 125.5 123.6 125.8 122.6 129.2 136.2 123.8 125.2 128.2 May.............. 131.5 137.9 133.3 123.5 144.2 129.3 125.7 123.9 126.7 123.5 129.6 136.6 124.4 125.6 128.5 f Indexes affected by changes (refunds) in residential telephone series in Note.—Bureau of Labor Statistics index for city wage-earners and California and by retroactive rent increases in New York City. clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t m d s ­ c f f e P o a e s n e o r s o 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 t e c m r . , ­ P e a t p c e . r, M e a t l e c s, . t­ e c m M a q e h n e r u i a y n d n i ­ p t ­ ­ F t e u u t r r c e n . , i­ N t m e m a r o l a i l e n l n i ­ c s ­ ­ T e p m t q r o i a o e u r n n n i t p a s t ­ ­ ­ 1 n c M e e o l i l u s a ­ s ­ 1960............................. 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 1961.............................. 94.5 96.3 91.0 94.8 97.7 91.7 97.2 100.7 99.2 91.0 95.2 91.9 91.9 98.4 97.6 93.3 1962............................. 94.8 98.0 91.9 94.8 98.6 92.7 96.7 99.1 96.3 91.6 96.3 91.2 92.0 97.7 97.6 93.7 1963............................. 94.5 96.0 92.5 94.7 98.5 90.0 96.3 97.9 96.8 93.5 95.6 91.3 92.2 97.0 97.1 94.5 1964............................. 94.7 94.6 92.3 95.2 99.2 90.3 93.7 98.3 95.5 95.4 95.4 93.8 92.8 97.4 97.3 95.2 1965............................. 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 1966............................. 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 1967............................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968............................. 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 1969............................. 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 ‘io6.*8105.2 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—June................. 118.8 124.0 119.6 117.9 113.6 130.9 118.2 104.3 108.9 144.2 113.5 123.6 118.1 111.2 125.8 114.2114.2 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................... 120.2 128.6 121.8 118.7 114.3 135.7 120.3 104.4 109.5 148.5 114.3 124.0 118.3 112.0 126.9 114.2115.2 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................... 120.7 128.8 123.1 119.1 115.1 144.0 121.3 104.7 109.8 149.4 115.0 124.1 118.5 112.3 127.3 113.0115.0 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 Apr................... 130.7 160.6 139.8 124.4 120.8 145.0 131.8 107.7 110.6 182.0 119.8 130.5 120.8 114.1 130.0 114.9 118.6 May................. 133.5 170.4 145.0 125.8 122.3 142.2 135.5 109.3 111.5 186.9 120.7 131.7 121.5 115.1 130.5 115.1 119.5 June................. 136.7 182.3 151.8 126.9 123.7 140.9 142.8 110.4 112.6 183.1 122.0 132.5 121.9 115.2 131.1 115.0 120.2 i Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1967=100) 1972 1973 1972 1973 Group Group June Apr. May Apr. May June Farm products: Pulp, paper, and allied products: Fresh and dried produce................... 121.7 176.0 186.0 197.5 Pulp, paper and products, excluding Grains.................................................. 94.5 130.9 149.9 178.6 building paper and board........... 113.8 120.2 121.1 122.4 Livestock............................................. 146.4 184.1 188.7 193.8 Woodpulp......................................... 111.5 122.2 122.4 122.4 Live poultry........................................ 102.9 185.8 180.3 184.5 Wastepaper...................................... 137.7 149.3 168.1 187.6 Plant and animal fibers..................... 127.3 154.7 171.4 177.7 Paper.................................................. 116.2 120.2 120.8 122.5 Fluid milk........................................... 121.7 130.4 132.9 133.3 Paperboard........................................ 106.0 113.0 114.6 116.7 Eggs.................................................... 91.9 144.9 137.1 159.4 Converted paper and paperboard... 113.5 120.4 121.0 121.5 Hay and seeds..................................... 116.9 186.9 243.0 299.9 Building paper and board................ 106.6 109.3 110.8 111.7 Other farm products.......................... 119.9 142.1 146.0 148.1 Processed foods and feeds: Metals and metal products: Cereal and bakery products.............. 113.3 123.7 124.3 125.9 Meat, poultry, and fish...................... 131.4 163.2 162.5 164.9 Iron and steel............................... 128.1 134.0 135.3 135.9 Dairy products................................... 115.3 127.2 126.5 127.5 Steelmill products........................ 130.4 133.7 134.1 134.3 Processed fruits and vegetables......... 119.5 126.6 127.2 127.9 Nonferrous metals....................... 117.6 131.4 133.2 135.0 Sugar and confectionery.................... 121.3 126.9 129.0 131.0 Metal containers.......................... 128.8 135.7 135.7 135.7 Beverages and beverage materials... 117.8 121.4 121.9 121.4 Hardware..................................... 120.4 122.8 123.3 124.0 Animal fats and oils........................... 125.8 176.7 195.0 221.3 Plumbing equipment................... 119.7 124.8 125.8 126.2 Crude vegetable oils........................... 112.0 145.0 153.1 168.8 Heating equipment...................... 118.6 120.5 120.2 120.7 Refined vegetable oils......................... 119.1 136.1 147.0 164.8 Fabricated structural metal products 122.2 125.7 126.7 126.9 Vegetable oil end products................ 121.5 125.6 131.6 137.4 Miscellaneous metal products........ 124.4 127.3 128.3 128.7 Miscellaneous processed foods.......... 114.4 118.7 118.9 119.9 Manufactured animal feeds............... 107.7 166.7 211.3 257.8 Textile products and apparel: Machinery and equipment: Cotton products................................. 122.6 133.3 137.4 141.3 Agricultural machinery and equip... 122.7 124.7 125.0 125.4 Wool products.................................... 99.2 129.8 127.5 131.3 Construction machinery and equip.. 125.9 130.4 130.9 131.3 Manmade fiber textile products 108.6 118.7 121.5 122.9 Metalworking machinery and equip 120.2 124.5 125.2 125.6 Apparel................................................ 114.4 117.7 118.4 118.8 General purpose machinery and Textile housefumishings.................... 109.5 110.5 110.5 111.5 equipment....................................... 122.7 125.6 126.4 127.2 Miscellaneous textile products.......... 125.8 121.9 127.4 126.0 Special industry machinery and equipment...................................... 123.7 128.5 129.0 130.0 Hides, skins, leather, and products: Electrical machinery and equip........ 110.6 111.7 112.3 112.7 Miscellaneous machinery................. 120.7 123.1 124.4 124.4 Hides and skins.................................. 204.1 270.2 253.5 241.6 Leather................................................ 138.6 161.1 159.7 156.4 Footwear............................................. 125.8 131.5 129.3 129.3 Other leather products....................... 116.7 129.9 129.1 129.0 Furniture and household durables: Fuels and related products, and power: Household furniture........................ 117.2 121.8 122.3 123.3 Commercial furniture..................... 119.5 123.8 130.6 130.6 Coal..................................................... 191.2 213.8 214.2 215.1 Floor coverings............................... 98.6 101.7 102.5 102.7 Coke.................................................... 155.3 166.9 167.2 167.2 Household appliances..................... 107.1 108.3 108.0 107.4 Gas fuels.............................................. 112.9 120.1 121.4 128.0 Home electronic equipment............ 92.6 92.2 92.2 91.6 Electric power.................................... 121.5 127.6 128.2 128.4 Other household durable goods... 125.4 130.3 130.8 131.0 Crude petroleum................................. 113.2 117.1 122.0 125.3 Petroleum products, refined.............. 108.5 127.9 133.9 146.6 Chemicals and allied products: Nonmetallic mineral products: Industrial chemicals........................... 101.4 102.6 102.7 103.0 Flat glass.......................................... 121.1 124.1 124.4 122.2 Prepared paint.................................... 118.3 120.3 120.8 121.0 Concrete ingredients....................... 126.8 131.6 131.4 131.6 Paint materials................................... 103.9 108.9 110.4 113.0 Concrete products........................... 125.3 130.8 131.5 132.3 Drugs and pharmaceuticals............... 103.1 103.8 104.0 104.4 Structural clay products excluding Fats and oils, inedible........................ 115.9 184.0 232.0 263.6 refractories................................... 117.4 123.0 123.6 123.8 Agricultural chemicals and products., 92.3 94.5 94.7 95.0 Refractories..................................... 127.1 136.3 136.3 136.3 Plastic resins and materials................ 87.9 91.3 92.4 92.7 Asphalt roofing............................... 131.2 134.1 136.6 136.6 Other chemicals and products.......... 113.8 116.3 117.7 118.0 Gypsum products............................ 113.9 119.6 120.4 124.1 Glass containers............................... 136.2 136.8 136.8 141.6 Rubber and plastic products: Other nonmetallic minerals............ 127.4 128.5 129.1 129.5 Rubber and rubber products............. 113.3 115.7 117.1 118.0 Crude rubber................................... 98.6 108.5 108.9 112.8 Tires and tubes............................... 108.7 109.4 110.0 110.4 Transportation equipment:l Miscellaneous rubber products. 120.8 122.5 124.7 125.2 Plastic construction products (Dec. Motor vehicles and equipment. 118.5 119.0 119.1 118.9 1969 = 100)..................................... 93.5 93.8 94.0 93.9 Railroad equipment................... 129.6 133.4 134.3 134.8 Unsupported plastic film and sheeting (Dec. 1970=100).......................... 98.1 99.2 99.2 101.1 Laminated sheets, high pressure (Dec. 1970=100)........................... 97.9 96.6 97.2 97.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition................................... 114.4 117.2 117.3 117.5 Lumber................................................ 159.0 207.2 215.4 214.8 Tobacco products............................. 117.5 122.0 122.3 122.5 Millwork............................................. 128.4 141.2 146.5 147.7 Notions.............................................. 111.7 113.1 114.5 114.5 Plywood.............................................. 131.7 182.5 177.7 154.9 Photographic equipment and supplies 106.2 108.4 108.2 108.4 Other wood products......................... 123.4 147.4 149.6 151.9 Other miscellaneous products.......... 115.2 122.2 124.7 127.0 i Dec. 1968 = 100. 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 □ JULY 1973 GROSS NATIONAL PRODUCT (In billions of dollars) 1972 1973 Item 1929 1933 1941 1950 1968 1969 1970 1971 1972 I II j m IV lr Gross national product..................................... 103.1 55.6 124.5 284.8 864.2* 930.3 976.41,050.41,151.81,109.11,139.41.164.01,194.91,237.9 Final purchases.................................................. 101.4 57.2 120.1 278.0 857.1j 922.5 971.51,046,71.145.91,108.61,134.41,156.01,184.61,231.0 Personal consumption expenditures................. 77.2 45.8 80.6 191.0 536.2 579.5 616.8 664.9 721.0 696.1 713.4 728.6 745.7 773.6 9.2 3.5 9.6 30.5 84.0 90.8 90.5 103.5 116.1 111.0 113.9 118.6 120.8 130.4 37.7 22.3 42.9 98.1 230.8j 245.9 264.4 278.1 299.5 288.3 297.2 302.0 310.4 322.6 Services.......................................................... 30.3 20.1 28.1 62.4 221.3i 242.7 261.8 283.3 305.4 296.7 302.4 308.0 314.5 320.6 16.2 1.4 17.9 54.1 126.0I 139.0 137.1 152.0 180.4 168.1 177.0 183.2 193.4 199.7 14.5 3.0 13.4 47.3 118.9 131.1 132.2 148.3 174.5 167.7 172.01 175.2 183.1 192.9 10.6 2.4 9.5 27.9 88.8' 98.51 100.9 105.8 120.6 116.1 119.2 120.7 126.1 133.5 Structures.............................................. 5.0 .9 2.9 9.2 30.3i 34.2 36.0 38.4 42.2 41.3 42.0 41.8 43.7 46.7 Producers’ durable equipment............. 5.6 1.5 6.6 | 58.5; 64.3 64.9 67.4 78.3 74.8 77.2 79.0 82.3 86.8 4.0 .6 3.9 19.4 30.1! 32.6 31.2 42.6 54.0 51.6 52.8 54.4 57.0 59.4 3.8 .5 3.7 18.6 29.5: 32.0 30.7 42.0 53.2 51.0 52.1 53.7 56.1 58.4 1.7 -1.6 4.5 6.8 7.1 7.8 4.9 3.6 5.9 .4 5.0 8.0 10.3 6.8 1.8 -1.4 4.0 6.0 6.9 7.7 4.8 2.4 5.6 .1 4.3 7.9 10.1 6.5 Net exports of goods and services................... 1.1 .4 1.3 1.8 2.5 i.9j 3.6 .7 -4.2 -4.6 -5.2 -3.4 -3.5 -2.2 Exports.......................................................... 7.0 2.4 5.9 13.8 50.6 55.5 62.9 66.1 73.7 70.7 70.0 74.4 79.6 87.6 5.9 2.0 4.6 12.0 48.1 53.6| 59.3 65.4 77.9 75.3 75.2 77.8 83.1 89.8 i| Government purchases of goods and services.. 8.5 8.0 24.8 37.9 199.6 210.0 219.0 232.8 254.6 249.4 254.1 255.6 259.3 266.8 1.3 2.0 16.9 18.4i 98.81 98.8 96.5 97.8 105.8 105.7 108.1 105.4 104.0 106.6 National defense....................................... 13.8 14.1 78.3 78.4 75.1 71.4 75.9 76.7 78.6 75.1 73.2 75.0 Other......................................................... 3.1 4.3 20.5! 20.4 21.5 26.3 29.9 28.9 29.6 30.2 30.8 31.6 State and local.............................................. 7.2 6.0 7.9 19.5j 100.8! 111.2 122.5 135.0 148.8 143.7 146.0 150.2 155.2 160.1 Gross national product in constant (1958) ! dollars............................................................ 203.6 141.5 263.7 355.3 706.6 725.6 722.1 741.7 789.5 766.5 783.9 796.1 811.6 827.3 Note.—Dept, of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, (generally the July issue) and the Aug. adjusted totals at annual rates. For back data and explanation of series, 1966 Supplement to the Survey. NATIONAL INCOME (In billions of dollars) 1972 1973 1929 1933 1941 1950 1968 1969 1970 1971 1972 Item I II III IV Ir National income................................................ 86.8 40.3 104.2 241.1 711.1 766.0 798.6 855.7 935.6 903.1 922.1 943.0 974.2 1008.3 51.1 29.5 64.8 154.6 514.6 566.0 603.8 644.1 705.3 682.7 697.8 710.2 730.3 757.0 50.4 29.0 62.1 146.8 464.9 509.7 541.9 573.5 626.5 606.6 620.0 630.6 648.8 668.1 Private....................................................... 45.5 23.9 51.9 124.4 369.2 405.6 426.8 449.7 491.9 475.8 487.1 494.8 510.0 524.6 Military..................................................... .3 .3 1.9 5.0 17.9 19.0 19.6 19.4 20.6 20.8 20.5 20.4 20.6 21.8 Government civilian................................. 4.6 4.9 8.3 17.4 77.8 85.1 95.5 104.4 114.0 110.0 112.4 115.4 118.1 121.6 Supplements to wages and salaries............... .7 .5 2.7 7.8 49.7 56.3 61.9 70.7 78.8 76.1 77.8 79.6 81.5 88.9 Employer contributions for social in- .1 .1 2.0 4.0 24.3 27.8 29.7 34.1 38.5 37.3 38.0 38.8 39.8 46.2 Other labor income.................................. .6 .4 .7 3.8 25.4 28.4 32.1 36.5 40.3 38.8 39.8 40.8 41.8 42.7 Proprietors’ income.......................................... 15.1 5.9 17.5 37.5 64.2 67.2 66.8 70.0 75.2 73.3 73.2 75.3 79.0 81.2 Business and professional............................ 9.0 3.3 11.1 24.0 49.5 50.5 49.9 52.6 55.6 54.3 54.4 56.2 57.4 58.7 Farm.............................................................. 6.2 2.6 6.4 13.5 14.7 16.7 16.9 17.3 19.6 19.1 18.7 19.1 21.6 22.5 Rental income of persons................................. 5.4 2.0 3.5 9.4 21.2 22.6 23.3 24.5 25.6 25.2 24.2 26.2 26.9 26.5 Corporate profits and inventory valuation 10.5 -1.2 15.2 37.7 84.3 79.8 69.9 78.6 88.2 81.8 86.1 89.6 95.6 100.2 Profits before tax......................................... 10.0 1.0 17.7 42.6 87.6 84.9 74.3 83.3 94.3 88.2 91.6 95.7 101.5 114.3 Profits tax liability.................................... 1.4 .5 7.6 17.8 39.9 40.1 34.1 37.3 41.3 38.8 40.1 41.8 44.3 50.6 Profits after tax......................................... 8.6 .4 10.1 24.9 47.8 44.8 40.2 45.9 53.0 49.5 51.5 53.9 57.2 63.7 5.8 2.0 4.4 8.8 23.6 24.3 24.8 25.4 26.4 26.0 26.2 26.5 26.7 27.3 Undistributed profits............................ 2.8 -1.6 5.7 16.0 24.2 20.5 15.4 20.5 26.6 23.5 25.3 27.3 30.5 36.4 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 -3.3 -5.1 -4.4 -4.7 -6.0 -6.5 -5.5 -6.1 -5.9 -14.1 Net interest....................................................... 4.7 4.1 3.2 2.0 26.9 30.5 34.8 38.5 41.3 40.1 40.9 41.7 42.5 43.4 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

JULY 1973 □ NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1972 1973 1929 1933 1941 1950 1968 1969 1970 1971 1972 II III IV Gross national product. 103.1 55.6 124.5 284.8 864.2 930.3 976.41,050.41,151 1,109.11,139.41,164.01,194.91,237.9 Less: Capital consumption allowances..... 7.9 7.0 8.2 18.3 74.5 81.6 86.3 93.8 103.7 99.7 105.3 104.1 105.6 107.2 Indirect business tax and nontax lia­ bility ................................................. 7.0 7.1 11.3 23.3 78.6 85.9 93.4 101.9 110.1 106.7 108.7 111.4 113.7 116.4 Business transfer payments................ .6 .7 .5 .8 3.4 3. 4.2 4.6 4.9 4. 4.9 5.0 5.0 5.1 Statistical discrepancy......................... .7 .6 .4 1.5 -2.7 -6.1 -4.7 -4.8 -0.8 -4.1 -.1 2.3 -1.5 -1.3 Plus: Subsidies less current surplus of gov­ ernment enterprises........................... -.1 .1 .2 .7 1.0 1.5 .9 1.7 1.2 1.6 1. 2.2 .5 Equals: National income. 86.8 40.3 104.2 241.1 711.1 766.0 798.6 855.7 935.6 903.1 922.1 943.0 974.21,008.3 Less: Corporate profits and inventory valu­ ation adjustment............................... 10.5 -1.2 15.2 37.7 84.3 79. 69.9 78.6 88.2 81. 86.1 89.6 95.6 '100.2 Contributions for social insurance .2 .3 2. 6.9 47.1 54.2 57.7 65.3 74.0 71.9 73.1 74.6 76.3 88.9 Excess of wage accruals over disburse­ ments.................................................. .6 -.5 -1.4 -.5 -.2 .0 .0 Plus: Government transfer payments......... 1.5 2.6 14.3 56.1 61.9 75.2 89.0 99.1 94.4 95.7 97.7 108.5 109.4 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 31. 31.7 32.0 32.9 Dividends.............................................. 5 2.0 4.4 8. 23.6 24.3 24. 25.4 26.4 26.0 26.2 26.5 26.7 27.3 Business transfer payments................. .6 .7 .5 3.4 3. 4.2 4.6 4.9 4. 4.9 5.0 5.0 5.1 Equals: Personal income................................. 85.9 47.0 96.0 227.6 688.9 750.9 806.3 861.4 935.9 907.0 922.1 939.9 974.6 993.9 Less: Personal tax and nontax payments__ 2.6 1.5 3.3 20.7 97.9 116.5 116.7 117.0 140. 136.5 139.5 141.1 146.4 143.5 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9 591.0 634.4 689.5 744.4 795.1 770.5 782.6 798.8 828.2 850.4 Less: Personal outlays.................................. 79.1 46.5 81.7 193.9 551.2 596.2 634.7 683.4 740.2 714.9 732.5 748.0 765.5 793.9 Personal consumption expenditures, 77.2 45. 80.6 191.0 536.2 579.5 616.8 664.9 721.0 696.1 713.4 728.6 745.7 773.6 Consumer interest payments............ 1.5 .5 .9 2.4 14.3 15.8 16.9 17.6 18.2 17.8 18.0 18.2 18.6 19.0 Personal transfer payments to for­ eigners........................................... .3 .2 .2 .5 .9 1.0 1.0 1.1 1.0 1.1 1.2 1.2 1.2 Equals: Personal saving. 4.2 -.9 11.0 13.1 39.8 38.2 54.9 60.9 54.8 55.7 50.1 50.8 62.8 56.5 Disposable personal income in constant (1958) dollars............................................................ 150.6 112.2 190.3 249.6 499.0 513.6 533.2 554.7 578.5 565.7 571.4 579.6 597.3 604.9 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table at top of opposite page. PERSONAL INCOME (In billions of dollars) 1972 1973 1971 1972 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May* Total personal income.......................... 861.4 935.9 924.0 922.9 932.9 940.0 946.8 964.6 976.2 982.9 986.0 994.51,001.31,007.41,012.2 Wage and salary disbursements.......... 572.9 627.0 619.9 624.0 625.7 630.6 636.0 643.0 648.5 654.9 662.7 668.4 673.1 678.7 681.8 Commodity-producing industries.. 206.1 224.6 222.5 223.5 222.4 225.2 227.8 231.0 233.3 235. 237.7 240.7 242.0 244.3 245.2 Manufacturing only...................... 160.3 175.8 173 175.0 174.5 176.6 178.8 181.5 183.9 186.2 187.0 189.5 190.3 193.0 193.5 Distributive industries..................... 138.2 151.5 149.4 151.4 151.9 152.3 153.0 155.0 156.3 158.0 159.5 160.2 162.0 163.1 164.0 Service industries............................. 105.0 116.1 114.7 115.5 116.9 117.3 118.2 119.3 119.9 121.5 123.0 124.1 124.7 126.0 126.7 Government..................................... 123.5 134.8 133.2 133.6 134.5 135.: 137.0 137.7 139.0 139.7 142.5 143.5 144.4 145.3 145.8 Other labor income............................. 36.5 40.3 39. J 40.1 40.5 40.1 41.1 41.4 41J 42.1 42.4 42.7 43.0 43.3 43.6 Proprietors’ income............................. 69.9 75.2 74.0 71.6 74.3 75.4 76.2 77.7 79.5 79.8 80.4 81.2 81.9 81.4 81.2 Business and professional................ 52.6 55.6 55.3 53.2 55.7 56.3 56.7 57.0 57.4 57. 58.2 58.7 59.1 59.5 59.7 Farm................................................. 17.3 19.6 18.7 18.4 18.6 19.1 19.5 20.7 22.1 22.0 22.2 22.5 22.8 21.9 21.5 Rental income...................................... 24.5 25.6 25.6 21.5 25. 26.3 26.5 27.0 26.7 26.9 26.6 26.6 26.3 26.0 26.2 Dividends............................................. 25.4 26.4 26.3 26.3 26.4 26.6 26.5 26.7 26.6 26.8 27.1 27.3 27.4 27.6 27.6 Personal interest income..................... 69.6 72.9 72.7 73.4 73.5 73.4 73.3 73.7 74.5 75.4 75.9 76.2 76.8 77.5 78.4 Transfer payments............................... 93.6 104.0 100.9 101.3 102.2 102. 103.2 111.6 115.2 113.6 113.3 114.8 115.5 116.0 116.7 Less: Personal contributions for social insurance................................... 31.2 35.5 35.1 35.3 35.5 35.8 36.0 36.4 36.5 36.6 42.4 42.7 42.8 43.2 43.4 Nonagricultural income.................... 837.2 909.3 898.3 897.5 907.3 914.0 920.3 937.1 947.2 953.9 956.6 964.6 971.1 978.2 983.4 Agricultural income.......................... 24.2 26.6 25.8 25.4 25.5 25.9 26.5 27.6 29.0 29.0 29.4 29.8 30.2 29.2 28.8 Note.—Dept, of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also Note to table at top of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 FLOW OF FUNDS o JULY 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 r H2r 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 93.8 109.7 142.9 168.9 151.1 189.9 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 18.2 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 4.9 4 5 All other nonfinancial sectors.. 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 139.7 166.7 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 11.8 6 7 Debt instruments........................... 64.1 68.0 85.1 90.6 81.9 117.4 96.6 83.9 79.6 84.7 108.0 126.1 126.6 155.0 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 99.8 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 15.0 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 13.4 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 71.4 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 43.4 12 13 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 9.5 13 14 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 16.0 14 15 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 2.5 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 39.4 55.2 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 25.7 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 6.3 9.3 20 21 By borrowing sector.................... 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 139.7 166.7 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 4.0 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 15.4 23 24 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 70.5 24 25 34.1 38.1 39.1 50.8 49.5 63.0 50.8 50.7 49.9 49.2 61.6 64.4 69.0 76.9 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 52.3 60.5 26 27 Nonfarm noncorporate............... 5.5 5.0 5.7 7.4 6.4 10.3 7.6 7.2 5.6 7.4 11.0 9.7 12.6 11.5 27 28 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 4.8 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 3.8 29 30 Total funds raised............................. 69.1 82.2 99.0 91.3 98.9 153.1 93.6 88.8 91.6 106.6 143.9 161.3 156.2 186.1 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 19.4 31 Private net investment and borrowing in credit markets Total, households and business 1 191.2 188.7 208.7 227.1 225.5 252.9 224.2 229.9 224.3 226.7 247.0 258.8 282.9 305.7 1 2 118.5 128.4 140.4 154.4 164.9 178.5 151.0 157.7 162.5 167.3 174.5 182.6 191.7 197.4 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 91.2 108.3 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 93.1 115.4 122.9 147.4 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 -31.7 -39.1 5 Total business 6 97.0 94.0 99.0 109.3 110.1 118.0 106.1 112.4 108.4 111.9 116.9 119.0 133.5 146.6 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 88.1 90.2 7 8 42.8 35.6 35.8 39.7 36.6 37.9 38.1 41.3 35.5 37.6 39.2 36.7 45.3 56.4 8 9 33.0 35.8 40.0 46.5 42.7 49.6 49.5 43.4 43.7 41.9 49.2 49.9 55.7 64.5 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 12.4 10 11 8.7 -2.5 -3.3 -11.1 -12.9 -25.1 -12.6 —9.5 -14.4 -11.6 -22.4 -27.7 -23.7 -20.5 11 Corporate business 12 77.1 72.0 76.2 84.0 84.6 85.2 81.5 86.5 83.0 86.3 85.0 85.5 97.5 108.1 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 38.9 30.5 31.1 34.2 31.9 27.9 32.9 35.4 30.7 33.1 29.4 26.4 34.3 42.7 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 38.9 48.1 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 12.4 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 -17.8 17 Households 18 94.2 94.6 109.7 117.8 115.3 134.9 118.1 117.5 115.9 114.8 130.1 139.8 149.5 159.1 18 19 64.3 69.9 77.2 84.8 91.3 98.5 83.1 86.6 89.6 93.0 96.7 100.3 103.6 107.2 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 45.9 51.9 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 70.5 21 22 6.7 5.0 .6 .5 1.7 -5.2 .9 .6 4.3 -1.2 1.9 -11.5 -8.0 -18.6 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 -10.2 -18.5 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 5.0 1.8 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 2.8 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 4.6 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 and Statistics, Board of Governors of the Federal Reserve System, Wash­ commercial paper issued by nonfinancial corporations plus bankers* http://fraser.stlouiisnfgetodn.,o Drg.C/ ., 20551. acceptances. Federal Reserve Bank of St. Louis

JULY 1973 □ 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 r H2r 1 Total funds advanced in credit mar- 67.7 81.0 98.5 86.9 94.7 142.9 90.2 83.3 87.8 102.1 130.2 154.7 138.0 178.1 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 19.6 16.8 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 13.2 4.0 3 4 2.8 2.1 2.8 4.6 5.7 5.7 3.0 6.3 6.3 5.2 4.2 7.1 6.2 4.3 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 5.7 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 3.0 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 6.2 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 4.8 -3.9 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 11.4 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 5.4 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 92.8 117.3 125.4 166.7 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 5.3 24.7 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 15.0 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 13.5 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 48.5 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 53.3 67.9 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 vate financial institutions........... 44.7 62.8 75.0 54.0 70.2 105.8 64.3 43.6 54.3 86.1 105.9 105.3 125.5 157.3 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 54.8 79.0 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 49.0 49.1 21 22 15.0 12.4 13.9 12.2 17.6 12.0 12.4 12.1 17.7 17.5 11.6 12.4 14.7 16.4 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 12.8 23 24 Sources of funds................................. 44.7 62.8 75.0 54.0 70.2 105.8 64.3 43.6 54.3 86.1 105.9 105.3 125.5 157.3 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 78.6 100.3 98.8 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 20.5 26 27 20.5 14.0 22.0 34.7 8.0 9.0 45.9 23.5 11.7 4.3 .3 17.6 18.1 38.0 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 4.2 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 12.1 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 9.9 17.0 31 Private domestic nonfinancial investors 32 18.9 5.8 21.7 42.7 7.0 4.2 36.4 48.7 29.5 -15.0 -13.3 21.2 7.0 30.0 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 -5.2 13.6 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 4.5 5.9 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 5.5 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 .4 .6 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 3.1 4.4 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 80.9 105.5 103.3 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 92.3 84.8 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 18.4 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 8.1 13.9 41 42 2.0 2.1 2.4 2.8 3.5 3.4 1.5 4.2 3.0 4.0 4.5 2.3 5.1 4.5 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 96.9 102.0 112.4 133.2 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 9.4 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 89.8 100.0 94.4 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 15.6 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 11.2 1 2 3.7 2.6 4.7 5.5 2.6 1.3 6.3 4.8 3.1 2.0 .3 2.3 -.3 -.7 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 11.9 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 14.6 4 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 -3.4 5 Notes branches, and liabilities of foreign banking agencies to foreign af­ Line filiates. 1. Total funds raised (line 1 of p. A-70) excluding corporate equities. 29. Demand deposits at commercial banks. 2. Sum of lines 3-6 or 7-10. 30. Excludes net investment of these reserves in corporate equities. 6. Includes farm and commercial mortgages. 31. Mainly retained earnings and net miscellaneous liabilities. 11. Credit market funds raised by Federally sponsored credit agencies. 32. Line 12 less line 19 plus line 26. Included below in lines 13 and 33. Includes all GNMA-guaranteed 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 security issues backed by mortgage pools. includes mortgages. 12. Line 1 less Jine 2 plus line 11. Also line 19 less line 26 plus line 32. 39+41. See line 25. Also sum of lines 27 through 41 excluding subtotals. 42. Mainly an offset to line 9. 17. Includes farm and commercial mortgages. 43. Lines 32 plus 38 or line 12 less line 27 plus line 42. 25. Lines 39 + 41. 44. Line 2/line 1. 26. Excludes equity issues and investment company shares. Includes 45. Line 19/line 12. line 18. 46. Lines 10 plus 28. 28. Foreign deposits at commercial banks, bank borrowings from foreign Digitized for FRASER Corporate equities http://fraser.stlouisfed.org/ Lines 1 and 3 include issues by financial institutions. Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS □ JULY 1973 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1972 »■ 1973 Line Credits+, debits — 1970 r 1971 r 1972r I II III IV Ip Summary—Seasonally adjusted 1 2,176 -2,698 -6,912 -1,820 -1,774 -1,573 -1,745 -960 2 Exports............................................................................... 41,964 42,768 48,769 11,655 11,539 12,362 13,213 15,320 3 -39,788 -45,466 -55,681 -13,475 -13,313 -13,935 -14,958 -16,280 4 Military transactions, net......................................................... -3,374 -2,918 -3,558 -894 -954 -846 -864 -824 5 -2,013 -2,288 -2,853 -755 -691 -679 -730 -699 6 Investment income, net 2.......................................................... 6,260 7,972 7,862 1,891 1,791 1,950 2,232 2,247 7 U.S. direct investments abroad........................................ 7,920 9,456 10,433 2,392 2,450 2,600 2,991 3,109 8 Other U.S. investments abroad........................................ 3,506 3,443 3,492 922 820 876 875 996 9 Foreign investments in the United States....................... -5,166 -4,927 -6,063 -1,423 -1,479 -1,526 -1,634 -1,858 10 581 739 850 204 202 209 237 237 11 3,630 807 -4,609 -1,374 -1,426 -939 -870 1 12 Remittances, pensions, and other transfers........................... -1,481 -1,553 -1,570 -391 -375 -373 -429 -400 13 2,150 -745 -6,179 -1,765 -1,801 -1,312 -1,299 -399 14 U.S. Government grants (excluding military)......................... -1,734 -2,045 -2,174 -578 -563 -581 -452 -351 15 416 -2,790 -8,353 -2,343 -2,364 -1,893 -1,751 -750 16 U.S. Government capital flows excluding nonscheduled repayments, net 4.................................................................. -1,829 -2,117 -1,714 -298 -245 -542 -627 -677 17 Nonscheduled repayments of U.S. Government assets.......... 244 225 137 88 17 7 26 111 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies......................................................... -433 -467 238 -79 133 169 15 222 19 Long-term private capital flows, net....................................... -1,429 -4,401 -151 -1,143 604 -393 781 -120 20 U.S. direct investments abroad........................................ -4,410 -4,943 -3,404 -1,302 -183 -1,148 -771 -2,139 21 Foreign direct investments in the United States............. 1,030 -115 160 -361 183 178 160 247 22 -942 -966 -614 -437 -346 209 -40 47 23 U.S. securities other than Treasury issues....................... 2,190 2,269 4,335 1,058 956 553 1,768 1,738 24 Other, reported by U.S. banks......................................... 178 -862 -1,120 11 -263 -426 -442 -155 25 Other, reported by U.S. nonbanking concerns............... 526 216 492 -112 257 241 106 142 26 -3,031 -9,550 -9,842 -3,775 -1,855 -2,652 -1,556 -1,214 27 Nonliquid short-term private capital flows, net..................... -482 -2,347 -1,637 -535 310 -430 -982 -1,420 28 Claims reported by U.S. banks....................................... -1,023 -1,802 -1,495 -575 206 -267 -859 -1,757 29 -361 -530 -315 -5 62 -122 -250 222 30 Liabilities reported by U.S. nonbanking concerns......... 902 -15 173 45 42 -41 127 115 31 Allocations of Special Drawing Rights (SDR’s).................. 867 717 710 178 178 177 177 32 Errors and omissions, net........................................................ -1,205 -10,784 -3,112 944 -940 -1,626 -1,490 -4,237 33 -3,851 -21,965 -13,882 -3,188 -2,307 -4,531 -3,851 -6,871 34 -5,988 -7,788 3,542 -288 1,456 7 2,367 -3,631 35 Liquid claims...................................................................... 252 -1,097 -1,234 -802 109 -410 -131 -1,742 36 Reported by U.S. banks............................................ -99 -566 -742 -637 246 -274 -77 -1,295 37 Reported by U.S. nonbanking concerns................. 351 -531 -492 -165 -137 -136 -54 -447 38 Liquid liabilities................................................................ -6,240 -6,691 4,776 514 1,347 417 2,498 -1,889 39 To foreign commercial banks................................... -6,508 -6,908 3,862 436 1,136 295 1,995 -1,910 40 To international and regional organizations........... 181 682 104 25 -70 -32 181 6 41 To other foreigners.................................................... 87 -465 810 53 281 154 322 15 42 -9,839 -29,753 -10,340 -3,476 -851 -4,524 -1,484 -10,502 Financed by changes in: 43 Liquid liabilities to foreign official agencies........................... 7,637 27,615 9,720 2,546 1,057 4,467 1,645 9,124 44 Other readily marketable liabilities to foreign official agen- -810 -551 399 221 27 34 117 1,202 45 Nonliquid liabilities to foreign official reserve agencies re- 535 341 189 280 -2 78 -167 -44 46 U.S. official reserve assets, net................................................. 2,477 2,348 32 429 -231 -55 -111 220 47 Gold................................................................................... 787 866 547 544 3 48 SDR’s................................................................................ -851 -249 -703 -178 -171 -177 -177 49 Convertible currencies...................................................... 2,152 381 35 64 -245 134 82 233 50 Gold tranche position in IMF......................................... 389 1,350 153 -1 185 -15 -16 -13 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14)................................................................. 2,586 3,153 4,200 1,143 920 1,189 949 717 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20)........................... 2,948 3,192 (5) (5) (5) (5) (5) (5) 53 Reinvested earnings of U.S. incorporated affiliates of 434 498 (5) (5) (5) (5) (5) (5) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1972' 1973 Credits +»debits — 1970r 1971 ' 1972' I II III IV Ip Balances excluding allocations of SDR’s—Seasonally adjusted Net liquidity balance......................... -4,718 -22,682 -14,592 -3,366 -2,485 -4,708 -4,028 -6,871 Official reserve transactions balance. -10,706 -30,470 -11,050 -3,654 -1,029 -4,701 -1,661 -10,502 Balances not seasonally adjusted Balance on goods and services..................................... 3,630 807 -4,609 -880 -1,489 -2,409 168 673 Balance on goods, services, and remittances.............. 2,150 -745 -6,179 -1,248 -1,873 -2,796 -263 299 Balance on current account........................................ 416 -2,790 -8,353 -1,853 -2,471 -3,333 -698 -81 Balance on current account and long-term capital 4. -3,031 -9,550 -9,842 -3,824 -2,310 -4,052 343 -1,094 Balances including allocations of SDR’s: Net liquidity.......................................................... -3,851 -21,965 -13,882 -2,352 -3,034 -5,299 -3,197 -6,459 Official reserve transactions................................. -9,839 -29,753 -10,340 -2,506 -741 -5,590 -1,503 -9,961 Balances excluding allocations of SDR’s: Net liquidity.......................................................... -4,718 -22,682 -14,592 -3,062 -3,034 -5,299 -3,197 -6,459 Official reserve transactions................................. -10,706 -30,470 -11,050 -3,216 -741 -5,590 -1,503 -9,961 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 1971 1972 1973 1970 1971 1972 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 5,380 3,219 3,628 4,515 5,432 156 160 -646 -53 Apr.. 3,410 3,631 3,817 5,487 3,262 3,774 4,413 5,291 148 -143 -596 196 May. 3,661 3,746 3,885 5,603 3,367 3,908 4,482 5,761 324 -161 -597 -158 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 15,421 9,720 10,792 13,423 16,254 607 294 -1,656 -833 II.... 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 □ JULY 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 1973 Area and country 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 II III IV I 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 Italy..................................... 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 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 -81 11 -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 Intl. Monetary Fund5........... <>—225 177 22 -3 10 — 156 -22 -544 Grand total................ -392 -36 -1,547 -431 -1,009 -1,121 967 —787 -867 -547 -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

JULY 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 l 2 ld st T o r c e k a i sury v c fo e u C c r r r i o e t r e i i e n b s g n ­ l n e ­ p R o e s s i e ti r o v n e SDR’s 4 E m n o d n t o h f Total To G ta o l 2 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 June... 13,339 10,490 10,410 457 434 1,958 1961.. 18,753 16,947 16,889 116 1,690 July. . . 13,090 10,490 10,410 203 439 1,958 1962.. 17,220 16,057 15,978 99 1,064 Aug---- 13,124 10,488 10,410 234 444 1,958 1963.. 16,843 15,596 15,513 212 1,035 Sept__ 13,217 10,487 10,410 323 449 1,958 1964.. 16,672 15,471 15,388 432 769 Oct___ 13,313 10,487 10,410 414 454 1,958 Nov__ 13,307 10,487 10,410 403 459 1,958 1965.. 15,450 613,806 613,733 781 6 863 Dec.... 13,151 10,487 10,410 241 465 1,958 1966.. 14,882 13,235 13,159 1,321 326 1967.. 14,830 12,065 11,982 2,345 420 1973 1968.. 15,710 10,892 10.367 3,528 1,290 Jan.... 13,054 10,487 10,410 140 469 1,958 1969.. 716,964 11,859 10.367 72,781 2,324 Feb.... 12,926 10,487 10,410 8 473 1,958 Mar. .. 12,931 10,487 10,410 8 478 1,958 1970.. 14,487 11,072 10,732 629 1,935 851 Apr.... 12,904 10,487 10,410 8 460 1,949 1971 .. 812,167 10,206 10,132 8 276 585 1,100 May. .. 12,916 10,487 10,410 16 464 1,949 19729. 13,151 10,487 10,410 241 465 1,958 June. .. 12,914 10,487 10,410 8 470 1,949 1 Includes (a) gold sold to the United States by the IMF with the right became effective on Feb. 23, 1966. In figures published by the IMF from of repurchase, and (b) gold deposited by the IMF to mitigate the impact June 1965 through Jan. 1966, this gold subscription was included in the on the U.S. gold stock of foreign purchases for the purpose of making U.S. gold stock and excluded from the reserve position. gold subscriptions to the IMF under quota increases. For corresponding 7 Includes gain of $67 million resulting from revaluation of the German liabilities, see Table 6. mark in Oct. 1969, of which $13 million represents gain on mark holdings 2 Includes gold in Exchange Stabilization Fund. at time of revaluation. 3 The United States has the right to purchase foreign currencies equiva­ 8 Includes $28 million increase in dollar value of foreign currencies lent to its reserve position in the IMF automatically if needed. Under ap­ revalued to reflect market exchange rates as of Dec. 31, 1971. propriate conditions the United States could purchase additional amounts 9 Total reserve assets include an increase of $1,016 million resulting equal to the U.S. quota. See Table 5. from change in par value of the U.S. dollar on May 8, 1972; of which, 4 Includes allocations by the IMF of Special Drawing Rights as follows: total gold stock is $828 million (Treasury gold stock $822 million), reserve $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710 position in IMF $33 million, and SDR’s $155 million. million on Jan. 1, 1972; plus net transactions in SDRs. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. Note.—See Table 24 for gold held under earmark at F.R. Banks for 6 Reserve position includes, and gold stock excludes, $259 million gold foreign and international accounts. Gold under earmark is not included subscription to the IMF in June 1965 for a U.S. quota increase which in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. U.S. transactions with IMF Transactions by reserve other countries position Period with IMF in IMF P s t u a d io y b o n m s o ll c s f a e r r i n i s p n t s ­ by s g N I a o M l e l e d t s F 1 T t c f i r 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 l a m n rs e e t P d u o rc l 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 P q e U r u o . o c S f e t . a nt 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 6 712 150 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-—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 Apr............................... 18 18 6,814 94 460 May............................. -4 -4 6,810 94 464 June............................. -6 -6 6,804 94 470 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 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 institutions 2 Liquid Liquid liabilities to Liquid liabili­ other foreigners liabili­ ties to Liquid ties to p E e o r n i f o d d Total a a c t f r I g r t r i M a i o s o o n i l m n n d F 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 y t m i k e r r l t e i d s ­ ­ ­ M n b T U o a o a a r b e t n n r . e S a k l d d e s s . e s 3 . t ­ N v k T b o e e U c 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 d e b 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 e r b d h k l s i i e e l e 5 l i r y ­ t­ a t m L l o b b i a e i a r t q c i b r o n e o c u i a k s i l m i d a i s d ­ l ­ 6 Total t p l S b i i t o e a a h e b i s r b n r o n t y m i k e r r l e t i d s ­ ­ ­ n M T b o U a o a a r t b e e n n . r S a l k s d d e s 3 . e s . , t 7 ­ z o a m g a n r n t i g t i a o o d o i n a o r n n n t y n r n i e a ­ e , i s l ­ ­ ­ 8 U.S. notes U.S. 1962 9......................... 24,268 800 12,914 11,963 751 200 5,346 3,013 2,565 448 2,195 1963 9......................... \ ( 2 2 6 6, , 4 3 3 9 3 4 8 8 0 0 0 0 1 1 4 4 , , 4 4 5 2 9 5 1 1 2 2, , 4 4 6 6 7 7 1 1 , , 2 18 1 3 7 7 70 0 3 3 6 6 3 3 9 9 5 5 , , 8 8 1 1 7 7 3 3 , , 3 3 9 8 7 7 3 3 , , 0 0 4 4 6 6 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 1964 9......................... /29,313 800 15,790 13,224 1,125 1,079 204 158 7,271 3,730 3,354 376 1,722 \29,364 800 15,786 13,220 1,125 1,079 204 158 7,303 3,753 3,377 376 1,722 1965............................ 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 472 1,431 1966 9......................... (31,145 1,011 14,841 12,484 860 256 328 913 10,116 4,271 3,743 528 906 131,020 1,011 14,896 12,539 860 256 328 913 9,936 4,272 3,744 528 905 1967 9......................... / \ 3 3 5 5 , , 8 6 1 6 9 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 2 34 7 9 90 0 8 8 7 7 1 1 1 1 7 7 4 4 1 1 1 1 , , 8 8 0 0 7 7 1 1 1 1 , , 2 0 0 8 9 5 4 4 , , 6 6 7 8 8 5 4 4 , ,1 1 2 2 7 0 5 5 5 5 8 8 6 6 9 7 1 7 1968 9......................... f38,687 1,030 17,407 11,318 529 701 2,518 2,341 14,472 5,053 4,444 609 725 \38,473 1,030 17,340 11,318 462 701 2,518 2,341 14,472 4,909 4,444 465 722 1969 9......................... io \ / 4 4 5 5 , , 9 75 1 5 4 1 1 , , 0 0 1 1 9 9 i° 1 1 5 5 , , 9 9 9 7 8 5 1 1 1 1 , , 0 0 7 5 7 4 3 3 4 4 6 6 10 5 55 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 6 5 3 9 1970—Dec. 9.............. f47,009 566 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 J67,681 544 51,209 39,679 1,955 6,060 3,371 144 10,262 4,138 3,691 447 1,528 1971—Dec. ii............. 167,808 544 50,651 39,018 1,955 6,093 3,441 144 10,949 4,141 3,694 447 1,523 1972—May................ 72,113 53,579 37,850 3,018 8.594 3.723 394 12,821 4,284 3,889 395 1,429 June................ 73,995 54,604 38,603 3,292 8.594 3.723 392 13,437 4,476 4,104 372 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................. 79,454 60,606 40,616 3,881 12.094 3.647 368 12,906 4,419 4,041 378 1,523 Sept................. 79,728 60,075 39,633 4,117 12.095 3,804 426 13,577 4,630 4,241 389 1,446 Oct.................. 81,420 60,931 40,266 4,457 12.097 3.651 460 14,173 4,822 4,416 406 1,494 Nov................. 82,373 61,127 40,045 4,834 12.098 3.651 499 14,776 4,745 4,322 423 1,725 Dec.................. 82,901 61,512 39,986 5,236 12,108 3,639 543 14,810 4,952 4,527 425 1,627 1973—jan................... 82,072 60,789 38,527 5,798 12,110 3,780 574 14,799 4,891 4,466 425 1,593 Feb.................. 87,871 68,475 45,413 6,377 12,110 3.627 948 12,807 4,968 4,596 372 1,621 Mar................. 1290,873 1271,326 46,919 6,917 1212,128 3,617 1,745 12,951 4,959 4,583 376 1,637 Apr.*.............. 1390,596 70,748 45,949 6.934 12.245 3,631 1,989 13,070 5,148 4,749 399 1,630 May*.............. 92,042 70,819 46,016 6.934 12.245 3.628 1,996 14,322 5,147 4,763 384 1,754 1 Includes (a) liability on gold deposited by the IMF to mitigate the liabilities resulting from revaluation of the German mark in Oct. 1969 as impact on the U.S. gold stock of foreign purchases for gold subscriptions follows: liquid, $17 million, and other, $84 million. to the IMF under quota increases, and (b) U.S. Treasury obligations at 11 Data on the second line differ from those on first line because cer­ cost value and funds awaiting investment obtained from proceeds of sales tain accounts previously classified as “official institutions” are included of gold by the IMF to the United States to acquire income-earning assets. with “banks”; a number of reporting banks are included in the series for 2 Includes BIS and European Fund. the first time; and U.S. Treasury securities payable in foreign currencies 3 Derived by applying reported transactions to benchmark data; issued to official institutions of foreign countries have been increased in breakdown of transactions by type of holder estimated 1959-63. value to reflect market exchange rates as of Dec. 31, 1971. 4 Excludes notes issued to foreign official nonreserve agencies. 12 Includes $15 million increase in dollar value of foreign currency 5 Includes long-term liabilities reported by banks in the United States liabilities revalued to reflect market exchange rates. and debt securities of U.S. Federally-sponsored agencies and U.S. cor­ 13 Includes $147 million increase in dollar value of foreign currency porations. liabilities to official institutions of foreign countries revalued to reflect 6 Includes short-term liabilities payable in dollars to commercial banks market exchange rates as follows: short-term liabilities, $15 million; non­ abroad and short-term liabilities payable in foreign currencies to commer­ marketable convertible U.S. Treasury bonds and notes, $113 million; and cial banks abroad and to “other foreigners.” nonmarketable nonconvertible U.S. Treasury bonds and notes, $19 million. 7 Includes marketable U.S. Treasury bonds and notes held by commer­ cial banks abroad. Note.—Based on Treasury Dept, data and on data reported to the 8 Principally the International Bank for Reconstruction and Develop­ Treasury Dept, by banks and brokers in the United States. Data correspond ment and the Inter-American and Asian Development Banks. From Dec. generally to statistics following in this section, except for the exclusion 1957 through Jan. 1972 includes difference between cost value and face of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign value of securities in IMF gold investment account. official nonreserve agencies, the inclusion of investments by foreign 9 Data on the two lines shown for this date differ because of changes official reserve agencies in debt securities of U.S. Federally-sponsored in reporting coverage. Figures on first line are comparable with those agencies and U.S. corporations, and minor rounding differences. Table shown for the preceding date; figures on second line are comparable with excludes IMF “holdings of dollars,” and holdings of U.S. Treasury letters those shown for the following date. of credit and non-negotiable, non-interest-bearing special U.S. notes held 10 Includes $101 million increase in dollar value of foreign currency by other international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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 e a b r ti i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 196 7 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........ > 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........ /23,786 13,620 2.951 1,681 4,713 407 414 123,775 13,615 2.951 1,681 4,708 407 413 1971 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—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.. 59,416 36,370 4,446 1,393 14,727 572 1,908 Aug.. 60,606 36,612 4,463 1,420 15,352 652 2,107 Sept.. 60,075 35,985 4,469 1,368 15,291 685 2,277 Oct.. . 60,931 35,078 4,468 1.473 16,805 616 2,491 Nov.. 61,127 34,608 4.289 1,444 17,372 694 2,720 Dec.. 61,512 34,197 4,279 1,731 17,565 777 2,963 1973—Jan.. . 60,789 34,146 4,201 1,728 17,026 673 3,015 Feb.. 68,475 40,773 4.290 1,893 17,907 809 2,803 Mar.. 71,326 6 45,224 4,221 1,749 16,564 823 2,745 Apr.* 70,748 7 45,608 4,157 1,915 15,415 839 2,814 May* 70,819 46,550 4,104 1,903 14,425 940 2,897 1 Includes Bank for International Settlements and European Fund. 6 Includes $15 million increase in dollar value of foreign currency 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ liabilities revalued to reflect market exchange rates. pean dependencies in Latin America. 7 Includes $147 million increase in dollar value of foreign currency 3 See note 9 to Table 6. liabilities revalued to reflect market exchange rates. 4 Includes $101 million increase in dollar value of foreign currency liabilities resulting from revaluation of the German mark in Oct. 1969. Note.—Data represent short- and long-term liabilities to the official 5 Data on second line differ from those on the first line because certain institutions of foreign countries, as reported by banks in the United States; accounts previously classified as “Official institutions” are included in foreign official holdings of marketable and nonmarketable U.S. Treasury “Banks”; a number of reporting banks are included in the series for securities with an original maturity of more than 1 year, except for non­ the first time; and U.S. Treasury liabilities payable in foreign currencies marketable notes issued to foreign official nonreserve agencies; and in­ to official institutions of foreign countries have been increased in value by vestments by foreign official reserve agencies in debt securities of U.S. $ 110 million to reflect market exchange rates as of Dec. 31, 1971. 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 nonmonetary international To all foreigners and regional organizations 6 Payable in dollars IMF Deposits End of period Total i Total Dem D an e d pos T it i s me 2 b T i c r c l e U l e a s r a t . t e S s i a f s u . i n r ­ 3 d y s O l t h i e a t o r h b m r e . t 4 r ­ P r f e o a c n y r u i e c a n r i i b g ­ e l n s e i . n m g v o e e n l s d t t ­ 5 Total Demand Time2 b T i c r l 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 h b 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............................ / 1 4 4 1 1, , 7 7 6 1 1 9 4 4 1 1 , , 3 35 9 1 3 1 1 5 5 , , 7 7 9 8 5 5 5 5 , , 9 9 6 2 1 4 1 1 4 4 , , 1 1 2 2 3 3 5 5 , , 5 51 1 9 4 3 3 6 68 8 4 4 0 0 0 0 8 82 2 0 0 6 6 9 9 1 1 5 5 9 9 2 21 1 1 1 3 3 8 8 1 1 /55,404 55,018 10,399 5,209 33,025 6,385 386 400 1,372 73 192 210 896 1971 8........................... 155,428 55,036 6,459 4,217 33,025 11,335 392 400 1,367 73 192 210 892 1972—May................... 55,828 55,329 6,569 4,653 31,498 12,609 499 1,268 84 186 198 800 June.................. 57,461 56,941 7,211 4,830 31,871 13,029 519 1,316 85 238 212 782 July................... 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................... 58,684 58,206 6,927 4,939 32,714 13,626 478 1,233 79 224 145 785 Oct.................... 60,136 59,598 7,071 5,146 33,071 14,310 538 1,281 63 210 204 804 Nov................... 60,654 60,112 7,011 5,379 32,774 14,948 543 1,512 95 242 380 794 Dec.................... 60,737 60,240 8,288 5,629 31,850 14,473 496 1,413 86 202 326 800 1973—Jan.................... 59,172 58,646 7,452 5,533 30,133 15,530 526 1,380 118 172 279 811 Feb.................... 64,235 63,722 7,786 5,594 36,538 13,803 513 1,419 133 145 303 838 Mar................... 65,878 65,330 7,606 5,610 37,966 14,147 548 1,425 114 133 279 899 Apr.*................ 65,196 64,612 8,118 5,652 36,468 14,373 584 1,428 119 111 240 957 May^5................. 66,686 66,114 8,374 5,705 35,965 16,071 572 , 1,585 147 114 148 1,177 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. □ JULY 1973 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE— Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions i o Payable in dollars Payable in dollars Payable End of period Total Dema D n e d posi T ts ime2 T b c i r c l e e U a l r s 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 u i e c n 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 a ls a r t . t e s S i a s u f . n i r 3 ­ d y s O l t h e ia t o r h b m r e t . ­ 4 r c P u f r a o r y r e i e a n n b i c g l i e 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 /40,499 15,716 5,765 13,511 5,138 368 19,333 1,652 2,554 13,367 1,612 148 \40,541 15,726 5,802 13,511 5,133 368 19,333 1,652 2,554 13,367 1,612 148 19718..................... \ ( 5 5 3 3 , , 6 6 6 3 1 2 1 6 0 , , 3 32 8 6 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 9 8 2 6 3 3 9 9 , ,0 6 1 7 8 9 1 1 , ,3 6 2 2 7 0 2 2, , 0 5 3 0 9 4 3 3 2 2, , 3 3 1 1 1 1 3 3 , , 0 1 8 7 6 7 1 1 5 6 8 5 1972—May............ 54,560 6,484 4,468 31,300 11,810 499 37,850 1,224 2,379 31,209 2,871 167 June............ 56,144 7,126 4,592 31,659 12,248 519 38,603 1,536 2,469 31,573 2,858 167 July............. 56,028 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 40,616 1,308 2,417 33,499 3,220 171 Sept............. 57,451 6,848 4,716 32,569 12,841 478 39,633 1,239 2,459 32,497 3,268 171 Oct.............. 58,855 7,008 4,935 32,867 13,506 538 40,266 1,335 2,569 32,794 3,398 171 Nov............. 59,143 6,915 5,137 32,394 14,154 543 40,045 1,271 2,643 32,315 3,645 171 Dec............. 59,323 8,203 5,427 31,523 13,674 496 39,986 1,589 2,868 31,453 3,905 171 1973—Jan.............. 57,792 7,333 5,361 29,854 14,719 526 38,527 1,405 2,867 29,779 4,304 171 Feb............. 62,816 7,653 5,449 36,235 12,965 513 45,413 1,756 2,841 36,147 4,497 172 Mar............. 64,453 7,492 5,477 37,687 13,249 548 46,919 1,543 2,832 37,620 4,752 172 Apr.P.......... 63,768 7,999 5,541 36,228 13,415 584 45,949 1,714 2,916 36,137 4,996 9187 May?1.......... 65,101 8,227 5,591 35,817 14,894 572 46,016 1,717 2,941 35,736 5,435 187 To banks11 To other foreigners To banks Payable in dollars and other foreigners: d of period Total Payable in Total Deposits T bi r l U e ls a . s S a u . n r d y s O t h e t o r h m r e t r ­ Total Deposits T bi r l U e ls a . s S a u . n r d y s O t h e t o r h m r e t r ­ f r o e c r n u e c r i i g ­ e n s Demand Time2 c c e a rt t i e f s i­ liab.4 Demand Time2 c c e a rt t i e f s i­ liab.4 1969. 27,709 23,419 16,756 1,999 20 4,644 4,064 1,711 1,935 107 312 226 19707 /21,166 16,917 12,376 1,326 14 3,202 4,029 1,688 1,886 131 325 220 121,208 16,949 12,385 1,354 14 3,197 4,039 1,688 1,895 131 325 220 19718 \ /1 1 3 4 , , 9 6 5 4 3 3 1 1 0 0 , ,7 0 2 3 1 4 7 3 , , 0 3 4 9 7 9 8 3 5 2 0 0 8 8 6 2 , , 9 1 9 3 5 0 3 3 , , 6 6 9 9 1 4 1 1 , , 6 6 6 6 0 0 1 1 , , 6 6 6 6 3 6 9 9 6 6 2 27 7 1 4 2 22 2 8 8 —May............ 16,710 12,488 3,567 307 3 8,611 3,890 1,693 1,781 88 328 333 June............ 17,541 13,085 3,790 309 5 8,981 4,104 1,800 1,815 81 409 353 July............. 16,251 11,816 3,877 285 5 7,649 4,123 1,821 1,822 77 402 311 Aug............. 16,946 12,621 3,555 331 6 8,729 4,040 1,702 1,852 67 419 284 Sept............. 17,818 13,269 3,833 348 5 9,084 4,241 1,776 1,909 68 489 308 Oct.............. 18,589 13,805 3,798 434 3 9,570 4,417 1,875 1,933 70 538 368 Nov............. 19,097 14,404 i 3,938 481 5 9,981 4,322 1,706 2,014 75 528 372 Dec............. 19,337 14,485 4,659 533 5 9,287 4,527 1,954 2,026 65 481 325 -Jan.............. 19,266 14,444 4,155 423 5 9,860 4,467 1,773 2,070 69 555 355 Feb............. 17,404 12,466 4,084 481 5 7,895 4,596 1,813 2,127 83 573 341 Mar............. 17,534 12,575 4,144 518 5 7,909 4,583 1,805 2,127 63 588 376 Apr.p.......... 17,820 12,672 4,335 514 16 7,808 4,750 1,951 2,112 75 611 398 MayP.......... 19,085 13,937 4,651 535 8 8,743 4,763 1,859 2,115 73 716 385 1 Data exclude “holdings of dollars” of the IMF. U.S. agencies and branches of foreign banks to their head offices and 2 Excludes negotiable time certificates of deposit, which are included foreign branches, which were previously reported as deposits, are included in “Other.” in “Other short-term liabilities”; (b) certain accounts previously classified 3 Includes nonmarketable certificates of indebtedness issued to official as “Official institutions” are included in “Banks”; and (c) a number of institutions of foreign countries. reporting banks are included in the series for the first time. 4 Principally bankers’ acceptances, commercial paper, and negotiable 9 Includes $15 million increase in foreign currency liabilities to official time certificates of deposit. See also note 8(a). institutions of foreign countries revalued to reflect market exchange rates. 5 U.S. Treasury bills and certificates obtained from proceeds of sales of lOForeign 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 11 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 8 Data on second line differ from those on first line because (a) those ment Bank and the International Development Association. liabilities of U.S. banks to their foreign branches and those liabilities of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.* May* Europe: Austria...................................................... 254 272 310 279 245 272 268 267 281 292 301 Belgium-Luxembourg.............................. 701 1,188 1,175 1,159 1,070 1,092 974 1,165 1,253 1,245 1,373 Denmark.................................................. 168 209 194 217 254 284 321 364 400 406 502 Finland..................................................... 160 165 163 161 157 163 152 158 142 168 244 France...................................................... 3,150 4,317 4,422 4,501 4,630 4,441 4,433 4,482 5,000 5,167 5,327 Germany.................................................. 6,596 6,459 5,819 5,809 5,514 5,346 5,034 10,494 12,990 12,701 12,161 Greece....................................................... 170 165 177 195 190 238 210 224 223 175 219 Italy.......................................................... 1,887 1,615 1,426 1,345 1,354 1,338 1,085 1,041 968 1,020 1,171 Netherlands.............................................. 270 1,514 1,490 1,460 1,442 1,468 1,356 1,762 2,532 2,543 2,427 Norway..................................................... 685 892 873 895 960 978 973 995 1,018 1,035 1,046 Portugal.................................................... 303 334 356 379 413 416 439 498 518 502 511 Spain......................................................... 203 192 246 230 223 256 231 222 256 250 325 Sweden...................................................... 792 1,033 1,068 1,059 1,081 1,184 1,189 1,403 1,483 1,682 1,787 Switzerland............................................... 3,249 3,493 3,538 3,072 2,838 2,857 2,924 2,845 2,901 2,959 3,292 Turkey...................................................... 68 59 72 71 96 97 109 94 105 118 71 United Kingdom..................................... 7,379 5,893 5,692 5,683 5,430 5,011 5,510 4,546 4,657 4,741 5,899 Yugoslavia................................................ 34 102 65 56 98 117 82 78 58 69 73 Other Western Europe1.......................... 1,391 1,391 1,446 1,428 1,479 1,483 1,464 1,502 1,614 1,772 2,074 U.S.S.R..................................................... 14 10 14 16 10 11 14 21 14 8 9 Other Eastern Europe............................. 53 57 71 63 58 81 71 65 71 71 66 Total.................................................. 27,529 29,360 28,615 28,078 27,541 27,134 26,839 32,226 36,483 36,924 38,879 Canada.......................................................... 3,441 3,660 3,730 3,969 3,799 3,484 3,889 3,325 3,290 3,618 3,816 Latin America: Argentina.................................................. 441 500 523 532 547 631 631 689 687 694 730 Brazil........................................................ 342 550 591 601 564 605 643 648 671 703 768 Chile.......................................................... 191 136 134 135 135 137 132 136 143 140 138 Colombia.................................................. 188 212 199 192 185 210 210 218 184 197 218 Cuba.......................................................... 6 6 6 6 6 6 7 7 6 7 7 Mexico...................................................... 715 695 690 671 659 831 783 800 788 853 843 Panama.................................................... 154 154 156 151 150 167 193 201 171 168 192 Peru........................................................... 164 178 164 180 183 225 176 167 172 167 170 Uruguay.................................................... 108 136 137 125 133 140 140 138 132 143 150 Venezuela.................................................. 963 865 855 924 926 1,077 995 1,051 948 1,044 967 Other Latin American republics............. 655 701 662 747 751 860 839 825 804 818 778 Bahamas 2................................................ 656 416 461 576 576 539 290 261 198 226 496 Netherlands Antilles and Surinam......... 87 83 88 82 89 86 81 84 76 72 64 Other Latin America............................... 37 45 54 55 57 44 235 239 215 243 264 Total.................................................. 4,708 4,675 4,721 4,979 4,961 5,558 5,353 5,461 5,195 5,477 5,785 Asia: China, People’s Rep. of (China Mainland^ 39 39 39 39 39 39 39 37 49 43 44 China, Republic of (Taiwan)................... 258 502 541 590 639 675 737 783 816 831 830 Hong Kong.............................................. 312 325 315 313 310 318 336 319 337 330 368 India.......................................................... 89 105 91 103 107 98 115 134 114 125 145 Indonesia.................................................. 63 117 115 114 107 108 101 96 89 90 117 Israel......................................................... 150 119 134 127 141 177 139 146 137 144 142 Japan........................................................ 14,295 14,156 14,412 15,485 16,152 15,843 14,570 14,733 12,344 10,415 9,056 Korea........................................................ 196 235 208 218 201 192 224 210 227 214 231 Philippines................................................ 306 364 379 382 394 438 446 453 513 520 587 Thailand.................................................... 126 141 145 143 128 171 211 187 170 166 177 Other........................................................ 595 802 797 1,016 965 1,071 951 897 869 940 876 Total.................................................. 16,429 16,904 17,175 18,529 19,182 19,131 17,868 17,995 15,665 13,818 12,574 Africa: Egypt......................................................... 24 19 23 23 24 24 21 28 17 33 67 Morocco.................................................... 9 9 9 10 11 12 9 8 13 9 8 South Africa............................................. 78 65 71 57 83 115 111 104 125 125 120 Zaire.......................................................... 12 15 18 14 17 21 18 23 22 28 45 Other......................................................... 474 622 649 595 678 768 573 728 739 798 786 Total.................................................. 597 729 770 700 814 939 733 891 917 992 1,025 Other countries: Australia................................................... 916 2,187 2,372 2,553 2,801 3,027 3,046 2,861 2,849 2,882 2,961 All other................................................... 42 47 69 47 46 51 65 57 54 57 60 Total.................................................. 957 2,234 2,441 2,600 2,846 3,077 3,111 2,918 2,903 2,939 3,022 Total foreign countries............................... 53,661 57,563 57,451 58,855 59,143 59,323 57,792 62,816 64,453 63,768 65,101 International and regional: International3........................................... 1,327 831 746 794 1,030 951 930 957 979 982 1,144 Latin American regional......................... 298 335 329 320 316 307 301 318 320 337 337 Other regional4........................................ 142 156 158 167 165 156 148 143 126 109 104 Total.................................................. 1,767 1,322 1,233 1,281 1,512 1,413 1,380 1,419 1,425 1,428 1,585 Grand total....................................... 55,428 58,884 58,684 60,136 60,654 60,737 59,172 64,235 65,878 65,196 66,686 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. □ JULY 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 1971 1972 1973 1971 1972 1973 Area and country Area and country Apr. Dec. Apr. Dec. Apr. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus..................................... 7 2 2 3 9 Kuwait.......................................... 36 20 16 39 36 Iceland..................................... 10 11 9 9 12 Laos.............................................. 2 3 3 2 3 Ireland, Rep. of....................... 29 16 15 17 22 Lebanon....................................... 60 46 60 55 55 Malaysia....................................... 28 23 25 54 59 Other Latin American republics: Pakistan........................................ 28 33 58 59 93 Bolivia...................................... 59 55 53 87 65 Ryukyu Islands (incl. Okinawa) 6 39 29 53 Costa Rica................................ 43 62 70 92 75 Saudi Arabia................................ 41 79 80 344 236 Dominican Republic............... 90 123 91 114 104 Singapore..................................... 43 35 45 77 53 Ecuador.................................... 72 57 62 121 109 Sri Lanka (Ceylon)..................... 4 4 6 5 6 El Salvador............................... 80 78 83 76 86 Syria.............................................. 3 4 6 4 39 Guatemala................................. 97 117 123 132 127 Vietnam........................................ 161 159 185 135 98 Haiti.......................................... 19 18 23 27 25 Honduras.................................. 44 42 50 58 64 Jamaica..................................... 19 19 32 41 32 Other Africa: Nicaragua................................. 47 50 66 61 79 Algeria.......................................... 13 23 31 32 51 Paraguay................................... 15 17 17 22 26 Ethiopia (incl. Eritrea)................ 12 11 29 57 75 Trinidad & Tobago.................. 14 10 15 20 17 Ghana.......................................... 6 8 11 10 28 Kenya........................................... 13 9 14 23 19 Other Latin America: Liberia.......................................... 21 23 25 30 31 Bermuda.................................... (2) (2) (2) (2) 127 Libya............................................ 91 274 296 393 (7) British West Indies................... 38 32 23 36 100 Nigeria.......................................... 25 46 56 85 Southern Rhodesia...................... 2 2 2 2 (? Other Asia: Sudan............................................ 1 1 5 3 3 Afghanistan............................... 15 19 17 25 19 Tanzania....................................... 10 6 6 11 16 Bahrain...................................... 35 21 18 24 (7) Tunisia.......................................... 6 9 7 10 11 Burma........................................ 3 10 5 2 Uganda........................................ 5 3 10 7 19 Cambodia.................................. 2 5 2 3 Zambia......................................... 14 13 7 28 (7) Iran............................................ 67 59 88 93 114 Iraq............................................ 7 10 9 10 (7) All other: Jordan........................................ 3 2 2 4 4 New Zealand............................... 22 23 27 30 34 1 Includes Bank for International Settlements and European Fund. 4 Asian, African, and European regional organizations, except BIS and 2 Bermuda included with Bahamas 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 1,703 789 914 695 165 53 110 42 26 152 385 137 62 197 1 . 902 446 457 144 257 56 164 52 30 111 3 87 9 1972—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 87 167 68 35 135 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... 1,000 561 439 93 259 87 165 63 32 136 32 10 1973—Jan... 1,025 598 427 74 257 96 165 61 30 127 30 13 Feb... 1,257 594 663 304 258 100 164 59 233 118 71 16 Mar.. 1,378 675 703 328 263 112 164 66 233 128 96 16 Apr .p. 1,377 664 713 329 274 111 164 68 239 128 98 16 May p 1,362 671 691 313 274 104 164 68 231 115 96 16 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.p MayP Europe: 6 6 6 6 6 6 6 6 6 6 6 6 6 Sweden............................................. 16 19 19 17 15 35 85 85 110 135 135 135 135 52 52 49 45 45 45 45 45 45 44 43 44 43 United Kingdom............................. 288 264 265 280 293 308 326 327 327 276 278 300 281 Other Western Europe................... 79 77 79 79 79 79 79 79 79 79 79 79 85 5 5 5 5 5 5 5 5 5 5 5 5 5 Total......................................... 445 424 422 432 443 478 545 547 572 544 546 569 555 Canada................................................ 166 313 313 372 432 479 559 558 558 559 561 561 560 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 7 7 7 7 7 7 7 7 7 7 7 7 7 Asia: 2,777 2,901 3,125 3,310 3,481 3,756 4,003 4,380 4,867 5,421 5,961 5,978 5,978 10 10 10 10 10 10 10 10 10 10 10 10 10 Total......................................... 2,787 2,912 3,136 3,321 3,492 3,766 4,013 4,391 4,877 5,431 5,971 5,988 5,988 8 8 8 127 133 133 133 133 183 183 183 183 183 * * * « * * « 25 25 25 25 25 25 Total foreign countries....................... 3,413 3,664 3,886 4,259 4,506 4,863 5,257 5,661 6,223 6,749 7,293 7,333 7,318 International and regional: International................................... 136 136 136 176 186 186 186 186 186 176 186 176 142 Latin American regional................ 25 26 27 27 27 27 28 28 28 26 26 27 27 Total......................................... 161 161 162 203 213 213 214 214 214 202 212 202 169 3,574 3,825 4,048 4,461 4,719 5,076 5,471 5,874 6,436 6,951 7,505 7,535 7,487 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 Payable in foreign currencies End of period Total China, Total g B iu el m ­ a C d a a n ­ i ( R Ta e i p w . a o n f ) m G a e n r y ­ Italy 2 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 4 3,181 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—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. 615,870 14,464 20 2.840 10 11.471 22 100 61,407 153 1,254 Apr. 616,015 14,459 20 2.840 5 11.471 22 100 61,556 172 1,384 May 16,012 14,456 20 2.840 2 11.471 22 100 1.556 172 1,384 June. 16,189 14,633 2.840 11,670 22 100 1.556 172 1,384 1 Includes bonds issued in 1964 to the Government of Canada in connec­ June 1968 through Nov. 1972. The dollar value of these notes was increased tion with transactions under the Columbia River treaty. Amounts out­ by $10 million in Oct. 1969 and by $18 million as of Dec. 31,1971. standing end of 1967 through Oct. 1968, $114 million; Nov. 1968 through 4 Includes an increase in dollar value of $84 million resulting from Sept. 1969, $84 million; Oct. 1969 through Sept. 1970, $54 million; and revaluation of the German mark in Oct. 1969. Oct. 1970 through Oct. 1971, $24 million. 5 Includes $106 million increase in dollar value of foreign currency 2 Notes issued to the Government of Italy in connection with mili­ obligations revalued to reflect market exchange rates as of Dec. 31, 1971. tary purchases in the United States. 6 Includes $15 million increase in Mar. and $145 million increase in 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 Apr. in dollar value of foreign currency obligations revalued to reflect million equivalent were held by a group of German commercial banks from market exchange rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 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. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.*5 MayP Europe: Austria...................................................... 11 33 8 15 10 8 7 13 9 9 9 Belgium-Luxembourg............................. 57 66 70 87 84 120 67 124 100 87 76 Denmark.................................................. 49 63 60 52 57 59 58 59 60 63 69 135 128 120 119 123 118 127 122 131 134 140 263 349 317 274 272 330 275 312 424 451 447 Germany.................................................. 235 229 268 287 296 321 267 414 371 345 356 Greece...................................................... 30 27 28 27 27 29 34 23 29 32 19 Italy.......................................................... 160 190 173 177 170 255 221 271 269 288 327 Netherlands.............................................. 105 102 116 104 101 108 93 152 118 129 115 Norway..................................................... 67 56 52 62 62 69 62 63 70 66 67 Portugal.................................................... 12 21 27 22 21 19 21 26 20 30 17 Spain......................................................... 70 160 194 229 215 207 210 236 282 238 360 118 120 131 128 123 156 176 249 235 238 259 Switzerland............................................... 145 137 180 186 150 125 187 206 152 186 190 Turkey...................................................... 3 4 7 4 4 6 5 6 5 5 6 United Kingdom..................................... 559 666 643 657 729 855 672 1,001 847 795 876 Yugoslavia................................................ 19 21 22 18 16 22 18 20 18 20 13 Other Western Europe............................. 12 25 24 23 19 20 23 26 22 29 22 U.S.S.R..................................................... 28 64 55 30 32 41 44 55 54 61 50 Other Eastern Europe............................. 37 40 38 40 38 49 47 51 52 60 68 2,114 2,503 2,531 2,543 2,551 2,917 2,613 3,431 3,269 3,265 3,486 Canada.......................................................... 1,627 2,484 2,026 1,681 1,717 1,920 1,939 2,372 2,461 2,286 2,390 Latin America: 305 339 352 363 357 379 389 417 406 396 408 Brazil........................................................ 435 600 639 659 633 652 641 727 740 759 851 Chile.......................................................... 139 71 79 58 53 52 53 49 51 45 40 Colombia.................................................. 380 384 378 384 396 418 408 412 380 401 397 Cuba.......................................................... 13 13 13 13 15 13 12 13 13 13 13 Mexico...................................................... 934 1,162 1,121 1,126 1,168 1,202 1,202 1,213 1,320 1,343 1,343 Panama..................................................... 125 137 150 145 179 246 219 220 212 183 190 Peru.......................................................... 176 158 137 138 147 145 129 136 132 143 149 Uruguay.................................................... 41 40 43 36 38 40 40 38 40 36 31 Venezuela.................................................. 268 343 335 361 386 383 388 385 404 401 440 Other Latin American republics............. 374 355 345 353 368 388 393 379 369 382 382 Bahamas 1................................................ 262 426 428 372 403 476 413 521 461 505 429 Netherlands Antilles and Surinam......... 18 16 15 15 13 14 15 15 20 27 26 Other Latin America............................... 26 29 28 32 33 36 56 70 103 85 75 Total.................................................. 3,494 4,073 4,064 4,054 4,191 4,442 4,359 4,592 4,649 4,717 4,775 Asia: China, People’s Rep. of (China Mainland) 1 2 2 1 1 1 2 2 2 2 5 China, Republic of (Taiwan).................. 109 173 180 187 201 194 205 211 231 238 216 Hong Kong.............................................. 70 85 85 76 76 93 84 103 111 122 132 India.......................................................... 21 17 18 15 17 14 15 15 16 14 19 Indonesia.................................................. 41 60 66 74 74 87 87 103 127 127 97 Israel......................................................... 129 87 78 87 105 105 126 106 141 126 117 Japan........................................................ 4,280 3,473 3,461 3,719 4,001 4,162 4,081 5,277 5,568 5,663 5,536 Korea........................................................ 348 342 321 302 317 296 271 288 301 331 338 Philippines................................................ 138 144 144 151 160 149 148 150 140 150 139 Thailand................................................... 172 187 187 177 183 191 184 195 205 197 194 Other......................................................... 252 230 229 244 260 300 288 335 274 296 324 Total.................................................. 5,560 4,800 4,773 5,034 5,397 5,593 5,490 6,786 7,116 7,267 7,117 Africa: Egypt......................................................... 10 12 15 17 16 21 22 20 20 22 25 Morocco................................................... 4 4 5 5 4 4 6 5 7 5 4 South Africa............................................ 156 142 139 134 145 143 150 155 155 151 166 Zaire.......................................................... 21 12 12 14 10 13 15 13 11 13 13 Other......................................................... 96 110 121 109 112 124 116 113 133 137 144 Total.................................................. 288 280 291 279 286 304 309 305 325 327 351 Other countries: Australia................................................... 158 184 205 229 271 291 272 256 244 249 232 28 41 44 36 36 40 50 44 47 50 47 Total.................................................. 186 225 249 265 308 330 322 300 291 299 280 Total foreign countries................................ 13,269 14,364 13,933 13,856 14,449 15,506 15,032 17,787 18,111 18,161 18,399 International and regional........................... 3 3 4 6 6 3 3 3 1 2 2 Grand total...................................... 13,272 14,367 13,936 13,862 14,455 15,509 15,035 17,789 18,113 18,163 18,401 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

JULY 1973 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORTTERM 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 n a f c e d o c e e p e c r r s t s ­ t ­ . Other Total w D e i i e t g h p n o e f s r o i s t r s ­ g c a o n u c n o v a r d i 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 , , 1 27 7 2 0 1 1 2 2 , , 3 3 7 28 7 4 3 , , 5 9 0 6 3 9 2 23 2 1 3 2 2 , , 0 61 8 3 0 1 1 , , 6 6 5 6 8 7 2 2 . . 4 4 7 7 5 5 4 4 , , 2 24 5 3 4 1 1 , , 6 1 7 0 9 7 8 8 9 4 5 2 5 5 4 4 8 9 1 1 7 1 3 9 1 1 7 7 4 4 1972—May. 13,460 12,626 4,598 171 2,518 1,909 2,540 3,838 1,650 835 530 187 118 June. 13,565 12,732 4,756 165 2,575 2,016 2,649 3,483 1,844 833 486 222 125 July. 14,273 13,371 5,049 164 2,779 2,106 2,703 3,227 2,392 902 516 278 108 Aug.. 14,367 13,421 4,984 152 2,710 2,122 2,805 3,082 2,551 946 482 338 126 Sept.. 13,936 13,048 4,987 143 2,572 2,272 2,882 2,967 2,213 888 431 330 127 Oct... 13,862 13,086 5,154 146 2,666 2,343 2,987 2,953 1,991 776 408 209 159 Nov.. 14,455 13,685 5,342 157 2,700 2,484 3,130 3,129 2,085 770 412 219 139 Dec.. 15,509 14,663 5,712 163 2,975 2,573 3,269 3,204 2,478 846 441 223 182 1973—Jan... 15,035 14,210 5,429 143 2,814 2,472 3,234 3,103 2,443 825 443 253 128 Feb... 17,789 16,718 6,453 162 3,675 2,616 3,515 3,322 3,429 1,071 596 313 162 Mar.. 18,113 17,162 6,538 141 3,694 2.703 3,697 3.463 3,464 951 524 262 165 Apr.* 18,163 17,344 6,847 146 3.944 2,757 3,781 3.463 3,253 819 460 207 152 May* 18,401 17,553 6,954 163 3,830 2.962 3,789 3,600 3,209 848 499 237 113 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 ed ­ 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 r r ies Official Other term cies Total institu­ Banksi foreign­ claims tions ers 1969................. 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 88 568 378 1970................. 3,075 2,698 504 236 1,958 352 25 71 411 312 1,325 115 548 292 1971................. 3,667 3,345 575 315 2,455 300 22 130 593 228 1,458 246 583 429 1972—May.... 4,047 3,732 674 335 2,723 285 30 140 638 251 1,584 281 707 447 June---- 4,192 3,874 719 363 2,792 287 31 139 631 284 1,644 309 735 449 July. .. . 4,310 4,003 757 356 2,890 275 32 146 674 283 1,724 294 754 434 Aug....... 4,387 4,073 771 398 2,904 281 34 141 671 277 1,789 288 773 448 Sept.. .. 4,535 4,220 796 402 3,023 282 33 128 687 288 1,861 289 802 480 Oct........ 4,632 4,306 796 412 3,098 292 35 136 658 335 1,893 302 828 481 Nov....... 4,666 4,342 819 432 3,091 291 33 137 658 339 1,875 301 863 493 J4,916 4,501 833 430 3,238 375 40 139 704 383 1,991 315 881 503 .Dec.z • . \4,977 4,501 833 430 3,238 436 40 139 709 383 2,001 344 898 503 1973—Jan.'... 5,016 4,535 833 440 3,262 440 41 144 732 403 1,967 353 914 503 Feb... 5,126 4,625 840 470 3,315 449 52 135 771 434 1,986 342 928 531 Mar---- 5,272 4,764 897 480 3,387 460 47 121 859 453 1,978 336 985 539 Apr.*... 5,419 4,923 931 514 3,477 448 49 122 912 477 2,000 337 1,028 544 May*... 5,505 5,002 965 508 3,529 456 48 131 928 511 1,999 331 1,055 550 1 Excludes central banks, which are included with “Official institutions.” with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 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 h s a e a s t l e e p s s u o r r ­ c P ha u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N h e s a t a s l e e p s s u o r r ­ regional Total Official Other 197 0 56 -25 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 998 35 197 1 1,672 130 1,542 1,661 -119 14,573 13,158 1,415 1,687 2,621 -935 1,385 1,439 -57 197 2 3,316 57 3,258 3,281 -23 18,922 14,958 3,964 1,941 2,961 -1,021 2,532 2,123 409 1973—Jan.-MayP. ... 1,613 -44 1,657 1,697 -40 8,556 5,429 3,127 736 1,034 -298 822 651 171 1972—Ma y 348 356 350 6 1,346 1,111 235 128 315 -187 245 141 104 June................. 251 1 251 274 -23 1,648 1,407 241 109 339 -231 226 269 -43 July................. 223 1 222 224 -2 1,151 1,152 * 191 101 90 155 166 -11 Aug.................. 413 40 373 365 9 1,495 1,217 278 129 98 30 242 179 63 Sept.................. 258 10 247 237 11 1,154 841 314 173 163 11 173 142 32 Oct................... 356 356 340 17 1,317 1.038 279 184 207 -23 188 119 69 Nov.................. 395 395 377 18 1,910 1,289 621 146 171 -26 192 110 82 Dec.................. 404 404 403 1 2,007 1,368 638 243 465 -222 233 178 55 1973—Ja.....................n 562 562 562 1,855 1,118 737 191 323 -132 161 155 7 Feb................... 515 -12 527 579 -52 1,785 1,062 723 144 144 * 193 145 48 Mar................. 554 10 544 540 3 2,220 1,111 1,109 144 125 19 211 114 97 Apr.**............... 31 -9 40 16 23 1,563 1.039 524 117 287 -170 121 112 9 May?5............... -48 -33 -15 -15 1,134 1,099 34 139 154 -15 137 126 11 1 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 tr e i 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 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 — 1 -1 86 1973—Jan.-May? 1,305 112 7 138 472 161 148 1,038 114 -51 168 -1 2 36 1972—May......... 55 19 -14 8 27 20 2 62 -17 -22 30 * * 2 June......... 32 8 -20 15 27 -1 5 33 -1 -42 32 * * 9 July.......... -36 -6 -44 -14 56 15 -41 -34 4 -25 12 * * 7 Aug........... 252 60 -13 8 68 101 26 249 8 -16 4 * * 6 Sept.......... 165 36 -7 15 51 56 11 162 -12 1 11 * * 3 Oct........... 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 * -1 12 Dec........... 350 48 -3 42 59 132 19 297 -1 8 42 * * 4 1973—Jan........... 489 32 29 47 142 118 24 392 24 -20 85 * 1 7 Feb........... 453 25 4 67 151 82 47 376 36 -10 46 1 * 4 Mar.......... 350 35 8 47 148 21 29 288 25 5 21 * 1 10 Apr.?....... 139 21 9 -8 53 -16 45 104 35 -10 5 * * 4 MayP........ -126 -2 -43 -14 -22 -44 3 -123 -7 -16 11 -2 * 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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.-May^ 1,822 96 5 -23 193 105 408 785 59 17 965 ♦ 1 -3 1972—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........... 248 12 * -2 29 38 73 149 1 6 31 * * 60 Feb........... 270 6 4 2 30 46 60 149 36 1 110 * * -26 Mar.......... 759 45 3 -22 -7 -3 158 174 * 4 623 * * -42 Apr. £........ 385 33 2 * 65 -96 94 98 16 4 199 * * 68 May®........ 161 1 -4 -1 76 120 22 215 7 1 2 * * -63 Note.—Statistics include State and local govt, securities, and securities debt securities sold abroad by U.S. corporations organized to finance diof 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—.Tune........................... 334 182 1971................ -992 -310 -682 31 -275 -46 -366 -57 32 Sept............................ 291 203 1972................ -612 -90 -522 508 -651 -72 -271 -66 29 Dec............................ 349 281 1973—Jan.- 1971—Mar............................ 511 314 May*. . -127 57 -184 31 -195 -80 44 -1 17 June........................... 419 300 Sept............................ 333 320 1972—May. .. -82 7 -90 75 -138 1 -21 -9 2 Dec............................ 311 314 June. .. -274 10 -284 26 -201 -15 -94 * * July.... 79 78 1 36 23 2 -62 * 2 1972—Mar............................ 325 379 Aug---- 93 -1 94 50 49 -1 -5 * 2 June........................... 312 339 Sept.... 42 6 36 47 3 9 -24 * 1 Sept............................ 286 336 Oct....... 46 16 30 76 -73 2 23 * 2 Dec............................ 366 396 Nov.... 57 11 46 49 -4 8 -8 * * Dec.... -167 9 -176 -16 -158 -29 23 2 1 1973—Mar. *......................... 310 357 1973—Jan -126 9 -135 11 -67 -70 -9 * Feb___ 48 -2 50 -3 41 -16 27 * * Note.—Data represent the money credit balances and Mar.... 116 23 93 24 34 8 27 * 1 money debit balances appearing on the books of reporting Apr.®.. -161 16 -177 22 -188 -6 -5 * * brokers and dealers in the United States, in accounts of May?.. -4 11 -15 -23 -15 5 4 -1 14 foreigners with them, and in their accounts carried by foreigners. Notes to Tables 21a and 21b on following pages: 1 Total assets and total liabilities payable in U.S. dollars amounted to For a given month, total assets may not equal total liabilities because $12,825 million and $13,175 million, respectively, on Mar. 31, 1973. 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. □ JULY 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 j 363 9,740 7,248 2,491 36,221 6,887 16,997 695 11,643 1,403 1971—Dec........... 61,334 4,798 2,311 2,486 54,752 11,211 24,550 1,167 17,823 1,785 1972—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........... 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.c....... 74,906 4,952 2,243 2,709 67,607 11,335 33,395 1,539 21,338 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 1973—Jan............ 81,200 4,926 2,327 2,600 74,007 11,946 36,797 1,621 23,643 2,267 Feb........... 87,987 4,327 1,565 2,762 81,104 12,273 42,204 1,747 24,881 2,555 Mar........... 91,643 4,302 1,994 2,308 84,361 12,464 44,241 1,965 25,691 2,980 1970—Dec........... 34,619 9,452 7,233 2,219 24,642 4,213 13,265 362 6,802 525 1971—Dec........... 40,182 4,541 2,305 2,236 35,064 6,659 18,006 864 9,536 577 1972—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. c....... 48,704 4,685 2,222 2,463 43,141 7,048 23,840 1,105 11,148 879 Oct. c......... 48,051 4,646 2,214 2,432 42,644 7,391 22,781 1,084 11,388 761 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 1973—Jan............ 54,197 4,592 2,303 2,289 48,829 8,094 26,764 1,063 12,908 777 Feb........... 57,631 3,987 1,534 2,452 52,716 8,551 29,829 1,097 13,239 929 Mar.......... 58,742 3,994 1,963 2,031 53,743 8,443 30,542 1,124 13,634 1,005 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—Dec........... 34,552 2,694 1,230 1,464 30,996 5,690 16,211 476 8,619 862 1972—Mar........... 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 July........... 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. c....... 42,053 2,350 1,253 1,097 38,606 5,651 22,559 650 9,745 1,097 Oct. c......... 40,193 2,379 1,384 995 36,774 5,751 20,957 630 9,436 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 23,983 609 10,179 1,020 1973—Jan............ 44,347 2,585 1,466 1,118 40,796 5,637 24,333 574 10,252 966 Feb........... 48,533 1,945 848 1,097 45,487 5,887 28,473 585 10,542 1,102 Mar........... 49,696 2,052 1,130 922 46,520 5,783 29,148 663 10,926 1,124 Payable in U.S. dollars........................ 1970—Dec........... 22,574 6,596 15,655 2 223 9 420 4,012 323 1971—Dec........... 24,428 2,585 21,493 4^135 12,762 4,596 350 1972—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 July........... 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. c....... 28,204 2,264 25,463 4,004 16,609 4,851 476 Oct. c........ 27,043 2,284 24,332 4,169 15,475 4,688 427 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 1973—Jan............ 30,652 2,468 27,778 4,184 18,069 5,526 405 Feb........... 32,746 1,814 30,423 4,568 20,219 5,637 508 Mar........... 32,658 1,953 30,183 4,324 20,033 5,827 522 IN THE BAHAMAS ---y---------------' Total, all currencies............................. 1970—Dec........... 4,815 1,173 455 717 3,583 2 119 1 464 59 1971—Dec........... 8,493 1,282 505 778 7,119 3,798 3*320 92 1972—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.c....... 11,914 1,612 221 1,391 10,150 5,929 4,221 152 Oct.c........ 12,017 1,739 251 1,489 10,120 5,836 4,284 157 Nov........... 12,330 1,586 221 1,365 10,577 6,209 4,368 167 Dec........... 13,091 1,496 225 1,272 11,419 6,965 4,454 175 1973—Jan............ 13,065 1,387 182 1,206 11,496 6,754 4,742 181 Feb........... 13,559 1,461 83 1,378 11,860 7,189 4,671 238 Mar.......... 113,764 1,211 90 1,121 12,283 7,520 4,764 271 Digitized for FRAFSoEr Rno tes see p. A-85. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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 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 2,575 716 1,859 42,812 6,426 24,829 4.180 7,377 1,967 ...........1970—Dec. ..........Total, all currencies 61 3,114 669 2,445 56,124 10,773 31,081 5,513 8,756 2,098 ............1971—Dec. 65 3,046 635 2,411 59,925 10,363 33,710 6,331 9,521 2,062 ...........1972—Mar. 63 2,978 621 2,356 58,726 10,097 32,379 6,617 9,635 2,051 64 2,819 562 2,256 59,648 10,055 33,114 6,649 9,830 1,908 59 3,086 646 2,440 64,592 11,069 36,113 7,223 10,187 1,944 59 3,212 736 2,476 64,712 11,283 35,860 7,176 10,393 2,039 72 3,263 680 2,583 67,392 11.510 37.327 7,841 10,714 2,200 74 3,303 728 2,575 69,340 11,123 39,328 8,208 10,680 2,263 73. 3,224 716 2,508 67,776 11,204 37,577 8,015 10,980 2,338 76, 3,233 802 2,432 70,513 11,146 39,324 8,401 11,642 2,493 so; 3,559 1,000 2,559 73,842 11,344 42,531 8,486 11,483 2,634 ......................Dec. n, 3,414 836 2,578 75,273 11,746 42,260 9,236 12,032 2,513 ...........1973—Jan. u. 3,967 1,132 2,835 80,884 11,901 46,371 9,388 13,224 3,136 .......................Feb. 4,131 1,212 2,919 84,069 12,213 48,541 9,454 13,861 3,443 36, 2,334 657 1,677 32,509 4,079 19,816 3,737 4,877 1,243 ...........1970—Dec. ..........Payable in U.S. dollars \2. 2,674 511 2,163 38,083 6,653 22,069 4,433 4,928 1,276 ............1971—Dec. 45, 2,642 507 2,135 41,736 6,945 24,433 4,957 5,402 1,225 ...........1972—Mar. 43; 2,589 514 2,075 39,877 6,560 22,854 5,202 5,260 1,197 44; 2,411 439 1,973 40,754 6,648 23,603 5,170 5,333 1,058 47; 2,671 523 2,148 44,142 7,277 25,807 5,656 5,401 1,021 47! 2,754 611 2,143 43,634 7,507 24,766 5,777 5,584 1,072 ......................July 49 j 2,800 549 2,252 45,464 7,660 25,862 6,252 5,690 1,173 51, 2,833 605 2,227 47,055 7,401 27,133 6,490 6,031 1,204 50, 2,758 582 2,176 46,307 7,706 26,220 6,355 6,026 1,232 52, 2,753 651 2,102 48,082 7,741 27,241 6,734 6,365 1,305 56, 3,104 848 2,256 51,811 8,178 30,253 6,913 6,467 1,459 56, 2,995 693 2,302 52,114 8,400 29,234 7,680 6,800 1,297 60, 3,466 954 2,511 55,813 8,783 32,022 7,809 7,200 1,609 .......................Feb. 62, 3,607 1,032 2,575 57,130 8,730 33,152 7,771 7,477 1,691 IN UNITED KINGDOM 28, 1,339 116 1,222 26,520 2,320 16,533 3,119 4,548 592 ...........1970—Dec. ..........Total, all currencies 34, 1,660 111 1,550 32,128 3,401 19,137 4,464 5,126 763 ............1971—Dec. 37, 1,525 78 1,447 34,787 3,209 20,989 4,996 5,594 792 ...........1972—Mar. 36, 1,340 68 1,272 33,980 3,056 19,893 5,172 5,859 807 36, 1,397 105 1,291 34,090 3,154 19,908 5,158 5,871 824 39, 1,447 147 1,300 37,102 3,160 22,144 5,542 6,256 903 39, 1,497 150 1,347 37,075 3,464 21,720 5,565 6,326 892 ......................July 40, 1,498 153 1,345 38,165 3,423 22,236 6,007 6,499 933 42, 1,497 137 1,360 39,517 3,139 23,739 6,272 6,367 1,039 40, 1,433 136 1,298 37,804 3,060 22,108 6,088 6,547 955 41, 1,481 132 1,349 39,149 2,928 22,769 6,340 7,112 969 43, 1,456 113 1,343 41,232 2,961 24,776 6,453 7,042 997 44, 1,501 107 1,394 41,933 3,277 23,959 7,285 7,412 913 ...........1973—Jan. 48, 1,844 264 1,580 45,628 3,157 27,038 7,517 7,915 1,062 49, 1,858 235 1,624 46,750 3,164 28,119 7,388 8,078 1,088 23, 1,208 98 1,110 21,495 1,548 13,684 2,859 3,404 302 ...........1970—Dec. ..........Payable in U.S. dollars 24, 1,412 23 1,389 23,059 2,164 14,038 3,676 3,181 374 26, 1,327 19 1,308 25,220 2,093 15,694 4,041 3,392 424 ...........1972—Mar. 25, 1,154 26 1,129 24,027 1,852 14,465 4,233 3,477 419 25, 1,202 58 1,144 24,168 2,054 14,610 4,141 3,363 417 27, 1,250 103 1,147 26,017 2,070 15,874 4,560 3,513 462 27, 1,294 103 1,190 25,393 2,197 15,000 4,641 3,554 444 ......................July 27, 1,271 100 1,171 25,887 2,140 15,217 4,981 3,549 467 28, 1,269 86 1,184 26,788 1,926 15,959 5,117 3,787 531 27, 1,214 80 1,134 25,762 1,942 15,047 5,004 3,768 473 ......................Oc .c 28, 1,270 92 1,178 26,778 1,959 15,383 5,280 4,155 510 30, 1,276 72 1,203 29,121 2,008 17,478 5,349 4,287 536 30 j 1,335 72 1,264 29,091 2,234 16,205 6,162 4,490 500 33, 1,661 226 1,436 31,714 2,188 18,360 6,394 4,771 591 .......................Feb. 33, 1,676 195 1,481 31,655 2,128 18,334 6,251 4,942 598 ----N/'------------^ s--------v--------' IN THE BAHAMAS 4, 542 4,183 488 2,872 823 90 ...........1970—Dec. ..........Total, all currencies 8, 750 7,557 1,649 4,784 1,124 188 8 832 7,868 1,429 5,134 1,305 128 ...........1972—Mar. 8 959 7,538 1,471 4,926 1,140 125 9 812 8,141 1,454 5,356 1,330 144 10 997 8,943 1,809 5,903 1,231 136 10 1,043 9,126 1,633 6,169 1,323 160......................July 11 1,121 10,238 1,885 6,898 1,455 156 11 1,137 10,620 1,935 7,192 1,493 156 1,053 10,793 1,928 7,415 1,450 171 934 11,230 1,982 7,862 1,386 166 1,220 11,703 1,964 8,395 1,344 168 1,137 11,761 1,875 8,503 1,383 167 1,186 12,144 2,223 8,394 1,527 230 .......................Feb. 1,303 12,195 1,855 8,803 1,537 267 Digitized for FRASER see p. A-85. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 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 i y ty of 1973 Feb. Mar. Apr. 1967 1971 1973 J S D M u e e n a p c r e t . . . 2 2 2 2 8 7 9 7 4 4 3 3 , , , , 2 0 4 1 4 5 1 6 1 9 2 6 J S D M u e e n p a c e r t . . . 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, , , 5 5 3 7 5 0 8 8 0 Jan. 2 3 1 1 3 4 1 0 7 . . . . . . . . . . 1 1 1 1 1 . , , , , 1 8 4 4 6 2 1 1 2 0 1 9 3 5 0 C O a t d i m h n l a l e o . t r . e n . f l . : o t i . h . a 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 . e u . n p . r . d i . o n . a . r g . r t . . 2 3 . .5 3 0 0 2 3 . . 4 3 0 7 3 1 . . 3 6 7 2 Mar. 27..... 1 .. 9 .. 6 .. 8 .. 4,920 J F M a e n a b 1 . r . 9 . 7 2 2 2 2 6 3 9 . . . 1 1 1 , , , 4 5 0 1 3 6 9 8 2 Feb. 2 2 1 7 1 8 4 . . . . . . . . 1 1 , , 3 1 6 7 9 5 9 9 1 7 4 0 5 4 3 t r t h h d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 5 7 3 4 . . . . . 8 8 9 3 11 9 2 9 6 1 7 5 3 3 5 . . . . . 5 7 2 1 4 6 0 6 0 2 1 6 7 3 3 3 . . . . . 1 2 0 4 9 9 1 5 4 4 J S D u e e n p c e t . . 2 2 31 5 6 . . ( . . . . 1 . .. . / 1 . . 1 . . 9 . . / . . 6 6 . .. . 9 9 . .. . ) 6 7 6, , , 0 2 1 3 0 0 9 2 4 S J J A A M u u e u p l n a p y g r y e t . . . 2 2 3 3 2 2 6 0 8 1 7 6 . . . . . . 2 1 1 1 1 1 , , , , , , 0 3 3 4 2 4 2 4 6 7 4 7 3 5 5 3 0 4 A M p a r r . . 1 2 2 1 4 1 7 1 8 4 . . . . . . . . . . . . 1 1 1 1 1 1 , , . , , , 0 2 4 4 2 1 1 0 1 6 2 9 1 3 9 7 5 0 Mat 1 1 1 u 6 7 9 0 8 1 2 r t t t t t t t i h h h h h h h ti . . . . . . . e . . . . . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . o . . . . . . . . . . . . . . f . . . . . . . . . . . . . . m . . . . . . . . . . . . . . . . . . . . . o . . . . . . . . . . . . . . r . . . . . . . . . . . . . . e . . . . . . . . . . . . . . . . t . . . . . . . . . . . . h . . . . . . . . . . . . . . a . . . . . . . . . . . . . . n . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . . . 2. . . . . . . 9 5 5 7 4 3 6 1 1 3 5 7 4 4 2. . . . . . . 9 8 6 7 5 3 6 1 8 5 6 0 6 4 3 . . . . . . . 4 4 7 8 8 6 2 1 8 6 5 5 7 4 J M un ar e . 2 2 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 3 , , 6 2 2 6 1 9 Oct. 25. 1,415 2 1 5 8 . . . . '1 1 , , 1 1 2 9 3 3 1.63 1.77 1.70 Sept. 24............. 14,349 Dec. 31............. 12,805 Nov. 8 1 . . 1 1 , , 3 33 8 8 7 May 9 2. . . . 1 1 , , 2 0 3 7 8 3 47.74 49.26 47.79 15. 1,841 16.. 1,721 22. 1,464 23.. 1,492 1970 29. 1,745 30.. '1,351 dep N o o s t it e s . — an I d n c d lu ir d e e c s t b i o n r t r e o re w s i t n -b g e s a o ri f n a g l l U br . a S n . ch d e o s l la in r Mar. 25............... 11,885 Dec. 6. 1,618 June 6.. 940 the Bahamas and of all other foreign branches J S D u e e n p c e t . . 2 3 3 4 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 7 2 , , , 6 6 1 6 7 7 3 6 2 2 2 1 0 7 3 . . . 1 1 1 , , , 7 8 4 0 0 0 5 6 7 2 2 1 0 7 3 . . . . . . 1 1 1, , , 5 2 2 2 4 6 1 2 6 a fo m r D o e w u t n a h t i i l c s t h o m s $ a u 5 y c 0 h n m o d i t l e l a p io d o n d s i t o t s o r a m to n o t d a r l e s d . i d r u ec e t to b o ro rr u o n w d i i n n g g 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 incustody Ent} of End of United period Deposits period Total Short­ Short­ King­ Canada U se .S cu . r T it r i e e a s s 1 . Ear g m o a ld rked Deposits in te v r e m st ­ Deposits in te v r e m st ­ dom 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—June. . 257 47,176 215,542 1Q£Q 2 / 1 1 1 , , 3 4 1 9 9 1 1,0 9 6 5 2 2 1 16 1 1 6 1 18 7 3 4 7 8 6 6 6 66 1 3 0 4 5 6 3 9 4 July... 160 51,522 15,542 1,141 697 150 173 121 372 443 Aug.. . 192 51,676 15,530 S O e c p t_ t. _ .. 1 1 9 9 3 2 5 5 0 1 , , 9 8 9 21 7 1 1 5 5 , , 5 5 3 3 1 1 1l0y*/71i --JJcC.z1 r. • / \ 1 1 , , 6 5 4 0 8 7 1 1 , , 0 0 9 78 2 2 1 0 2 3 7 2 2 3 3 4 4 1 6 2 8 0 5 5 7 8 7 0 4 5 4 8 3 7 Nov... 188 51,874 15,530 Dec... 325 50,934 15,530 1972—Apr.'.... 1,902 1,318 200 273 112 670 707 May'.... 1,938 1,350 206 299 84 716 608 1973—Jan.... 310 50,118 15,526 June'.... 1,987 1,385 199 312 92 713 572 Feb. .. 455 56,914 15,522 July'. 2,085 1,517 194 318 55 754 565 Mar... 327 359,389 15,519 Aug.'.... 2,273 1,602 217 392 61 755 709 Apr... 328 358,255 15,513 Sept.'__ 2,101 1,527 170 359 45 685 604 May.. 289 58,015 15,511 Oct.'___ 2,033 1,472 171 332 57 681 551 June.. 334 57,545 15,486 Nov.'.... 2,058 1,493 167 343 55 635 587 L/ec.z r.. • / \ 1 2 ,9 ,1 6 1 5 0 1 1 , , 6 44 8 6 0 1 6 6 8 9 3 32 0 1 7 4 41 2 7 7 7 0 6 2 4 5 8 0 5 0 1 Marketable U.S. Treasury bills, certificates of in­ debtedness, notes, and bonds and nonmarketable U.S. 1973—Jan.'. 2,324 1,846 85 326 68 899 640 Treasury securities payable in dollars and in foreign Feb.'.... 2,789 2,115 151 336 186 948 1,023 currencies. Mar.'.... 2,796 2,095 152 380 170 1,038 896 2 Increase results from change in par value of the U.S. Apr......... 2,793 2,066 142 395 190 967 840 dollar on May 8, 1972. 3 Includes $15 million increase in Mar. and $160 million increase in Apr. in dollar value of foreign currency obliga­ 1 Negotiable and other readily transferable foreign obligations payable on demand tions revalued to reflect market exchange rates. or having a contractual maturity of not more than 1 year from the date on which the obligation was incurred by the foreigner. Note.—Excludes deposits and U.S. Treas. securities 2 Data on the two lines for this date differ because of changes in reporting coverage. held for international and regional organizations. Ear­ Figures on the first line are comparable in coverage with those shown for the preceding marked gold is gold held for foreign and international date; figures on the second line are comparable with those shown for the following date. accounts and is not included in the gold stock of the United States. 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

JULY 1973 □ 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.P Dec. Mar. June Sept. Dec.*1 Europe: 5 5 6 2 2 14 17 16 15 20 Belgium-Luxembourg.......... 65 104 108 82 75 60 45 64 63 62 Denmark............................... 2 3 5 5 9 15 18 20 19 28 Finland................................. 2 2 2 3 4 18 19 19 16 23 France................................... 136 123 139 145 165 202 196 207 188 221 Germany, Fed, Rep. of........ 117 88 104 130 136 192 197 191 200 176 Greece................................... 4 5 5 14 24 34 36 36 30 39 Italy...................................... 103 107 99 108 118 186 181 184 174 193 Netherlands........................... 69 86 65 79 102 68 66 66 71 78 Norway................................. 5 6 5 5 9 13 16 17 19 18 Portugal................................. 16 9 2 3 4 16 23 21 20 21 Spain..................................... 65 65 70 63 83 124 102 117 130 138 Sweden.................................. 17 16 13 14 12 40 35 37 45 56 Switzerland........................... 104 73 97 119 119 63 60 59 57 79 Turkey................................... 2 2 3 2 3 9 9 11 8 47 United Kingdom.................. 890 929 981 943 932 940 954 985 992 1,042 Yugoslavia............................ 3 4 6 5 7 13 10 10 11 15 Other Western Europe........ 2 1 2 2 2 13 13 10 11 14 4 5 3 9 3 28 25 22 47 42 Total.............................. 1,611 1,634 1,714 1,733 1,808 2,046 2,023 2,093 2,117 2,310 Canada...................................... 181 189 185 183 208 781 1,045 936 996 899 Latin America: Argentina.............................. 18 18 18 16 19 54 48 50 52 59 Brazil..................................... 19 18 19 24 35 147 138 152 163 175 Chile...................................... 14 21 16 17 18 46 39 41 33 33 Colombia.............................. 7 7 6 6 8 45 40 38 39 41 Cuba...................................... * * * 1 1 1 1 1 1 1 Mexico................................... 22 17 18 21 27 151 133 143 154 180 Panama................................. 5 8 6 5 8 21 19 22 20 19 Peru....................................... 7 8 :! 6 5 5 34 31 32 36 40 Uruguay................................ 2 3 j 3 2 6 5 6 5 7 4 Venezuela............................. 16 18 17 17 17 81 77 75 74 89 Other L.A. republics............ 32 27 32 30 35 99 94 106 96 91 Bahamas 1............................. 289 356 357 293 303 366 313 442 519 520 Neth. Antilles and Surinam. 3 5 6 9 10 9 8 10 11 12 Other Latin America............ 5 12 6 6 7 24 22 18 23 23 Total.............................. 439 518 512 453 499 1,083 968 1,133 1,226 1,289 Asia: China, Rep. of (Taiwan).... 18 23 25 26 28 41 45 45 51 67 Hong Kong........................... 11 11 11 12 12 23 21 23 22 24 26 13 7 7 7 35 28 32 36 32 10 6 5 6 12 28 29 25 32 33 Israel..................................... 10 9 9 11 12 22 21 17 18 31 Japan..................................... 173 189 188 223 149 405 442 451 452 456 Korea.................................... 13 12 16 16 20 68 56 61 57 63 Philippines............................. 5 8 6 5 15 48 62 67 63 49 Thailand................................ 3 4 4 5 5 15 18 15 14 15 Other Asia............................ 142 109 104 140 149 145 171 174 172 201 Total.............................. 412 383 374 451 410 830 894 911 918 972 Africa: Egypt.................................... 1 1 1 1 25 9 9 6 7 7 South Africa......................... 31 26 37 17 7 41 42 46 45 51 Zaire..................................... 1 1 1 2 1 6 5 7 7 5 Other Africa......................... 35 30 31 37 59 99 75 74 64 78 67 59 71 57 92 155 129 133 122 140 Other countries: Australia............................... 42 50 54 46 47 80 83 97 92 88 All other............................... 8 9 11 11 13 17 26 18 18 20 Total.............................. 50 58 66 57 60 98 109 116 110 108 International and regional.... * * * * * 4 2 5 8 5 Grand total................... 2,761 2,842 2,922 2,933 3,075 4,997 5,170 5,328 5,498 5,722 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. □ JULY 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 a la b r l s e cu P f r o a r r y e i e n a n i b g c l n i e es Total P d a o y i l n l a a b r l s e D b i a n e n p r k o e s s p i o a ts b r t r w e o r i a ’ t s d h Other name 1968—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 1,613 1,263 350 4,023 3,316 429 278 Sept...................... 1,797 1,450 346 3,874 3,222 386 267 i / 1,786 1,399 387 3,710 3,124 221 365 I 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..................... 2,375 1,937 438 4,708 4,057 303 348 Sept...................... 2,564 2,109 454 4,894 4,186 383 326 c.l / 1 2 2 , , 7 7 6 0 1 4 2 2 , , 2 2 9 2 8 9 4 4 7 63 5 4 5 , , 9 1 9 8 7 5 4 4 , , 5 4 3 5 5 9 2 3 9 18 0 2 3 4 33 7 1972—Mar...................... 2,842 2,404 437 5,170 4,550 318 302 June..................... 2,922 2,450 472 5,328 4,681 376 270 Sept...................... 2,933 2,435 498 5,498 4,836 432 230 Dec.?................... 3,075 2,584 491 5,722 5,087 397 238 1 Data on the two lines shown for this date differ preceding date; figures on the second line are compa­ because of changes in reporting coverage. Figures on rable with those shown for the following date. the first line are comparable with those shown for the 28. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area End of period Total liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e n i r ca Japan O A t s h i e a r Africa o A th l e l r 1968—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 Dec. 1 1,725 2,215 152 433 496 172 73 388 141 249 69 42 2,304 2,363 152 442 562 177 77 420 142 271 75 46 1970—Mar.. 2,358 2,744 159 735 573 181 74 458 158 288 71 47 June.. 2,587 2,757 161 712 580 177 65 477 166 288 76 54 Sept.. 2,785 2,885 157 720 620 180 63 586 144 284 73 58 Dec... 3,102 2,950 146 708 669 183 60 618 140 292 71 64 1971—Mar... 3,177 2,983 154 688 670 182 63 615 161 302 77 72 June. . 3,172 2,982 151 687 677 180 63 625 138 312 75 74 Sept... 2,939 3,019 135 672 765 178 60 597 133 319 85 75 3,159 3.118 128 705 761 174 60 652 141 327 86 85 Dec.1 3,122 3.118 128 705 767 174 60 653 136 325 86 84 1972—Mar.., 3,077 3,191 129 713 787 175 60 665 137 359 81 85 June. . 3,309 3,194 108 707 797 180 58 668 136 361 86 93 Sept.. 3,482 3,222 128 690 809 176 62 659 132 383 89 96 Dec.p. 3,625 3,319 137 709 833 178 58 668 152 389 87 109 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

JULY 1973 □ EXCHANGE RATES A 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period A (d u o st l r la a r li ) a (s A ch u i s l t li r n ia g) B (f e r l a g n iu c m ) C (d a o n ll a a d r a ) C (ru ey p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 20.191 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 19.302 111.36 3.8659 2.0139 95.802 16.774 13.334 23.742 18.087 113.61 4.0009 2.0598 99.021 16.800 13.508 23.758 18.148 119.23 4.3228 2.2716 100.937 16.057 14.384 24.022 19.825 1972—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 14.388 24.015 19.977 Oct....................................................................... 119.07 4.3102 2.2640 101.756 15.605 14.453 23.562 19.906 119.09 4.3064 2.2685 101.279 15.026 14.510 24.022 19.839 120.74 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 22.191 141.50 4.8330 2.4895 99.928 15.777 16.099 25.872 21.959 141.50 4.9082 2.5356 99.916 15.883 16.241 25.277 22.341 141.58 5.2408 2.6643 100.160 16.538 17.130 26.731 23.472 Period ( G D m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l i a e l n t d h d e ­ r s ) 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 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 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 28.650 31.364 13.246 250.08 .17132 .32995 35.610 8.0000 31.153 1972—June..................................................................... 31.560 13.754 256.91 .17142 .33070 35.475 8.0000 31.296 July..................................................................... 31.634 13.072 244.47 .17208 .33219 35.918 8.0000 31.424 Aug...................................................................... 31.382 13.030 245.02 .17203 .33204 36.026 8.0000 31.158 Sept...................................................................... 31.318 13.016 244.10 .17199 .33209 36.110 8.0000 30.969 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 .33136 35.523 8.0000 31.084 Feb....................................................................... 33.273 12.910 242.75 .17421 .36041 37.679 8.0000 33.119 Mar..................................................................... 35.548 13.260 247.24 .17604 .38190 39.922 8.0000 34.334 Apr...................................................................... 35.252 13.255 248.37 .16971 .37666 40.307 8.0000 33.890 May..................................................................... 35.841 13.340 253.05 .17100 .37786 40.333 8.0000 34.488 June..................................................................... 38.786 13.753 257.62 .16792 .37808 40.865 8.0000 36.582 Period Z (d N e o a e l l l w a a n r) d N (k o r r o w n a e) y P (e o s r c t u u d g o a ) l A ( S r o a fr u n i t d c h a ) (p S e p s a e i t n a) S (k w ro ed 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 24.325 244.42 1972................................................................................. 119.35 15.180 3.7023 129.43 1.5559 21.022 26.193 250.08 1972—June..................................................................... 119.13 15.303 3.7083 132.63 1.5509 21.101 26.320 256.91 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 124.47 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 26.820 235.62 Feb....................................................................... 126.87 16.038 3.8562 134.91 1.6355 21.935 29.326 242.75 Mar...................................................................... 132.21 16.954 4.1005 141.43 1.7183 22.582 31.084 247.24 Apr...................................................................... 132.99 16.428 3.9563 141.70 1.7217 22.161 30.821 248.37 May..................................................................... 132.34 17.196 4.0050 141.65 1.7224 22.567 31.494 253.05 June..................................................................... 132.40 18.192 4.2175 148.07 1.7229 23.746 32.757 257.62 Note.—Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see “International Fi­ nance,” 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 □ JULY 1973 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of June 30, 1972 Rate Country 1972 1973 as of June 30, Per Month 1973 cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Argentina........................ 18.0 Feb. 1972 . 18.0 Austria............................. 5.0 Jan. 1970 . 5.5 5.5 Belgium........................... 4.0 Mar. 1972 . 4.5 5.0 5.50 5.50 Brazil............................... 18.0 Feb. 1972 , 20.0 Canada............................ 4.75 Oct. 1971 . 5.25 5.75 6.25 6.25 Ceylon............................. 6.5 Jan. 1970 , 6.5 Chile................................ 7.0 Jan. 1972 . 7.0 China, Rep. of (Taiwan). 9.25 May 1971 , 9.25 Colombia......................... 8.0 May 1963 . 8.0 Costa Rica....................... 5.0 June 1966 5.0 Denmark......................... 8.0 June 1972 , 7.0 7.0 Ecuador........................... 8.0 Jan. 1970 8.0 Egypt............................... 5.0 May 1962 5.0 El Salvador..................... 4.0 Aug. 1964 4.0 Ethiopia........................... 6.50 Aug. 1970 , 6.50 Finland............................ 7.75 Jan. 1972 7.75 France............................. 5.75 Apr. 1972 7.5 7.5 Germany, Fed. Rep. of.. 3.0 Feb. 1972 3.5 4.5 5.0 6.0 7.0 7.0 Ghana.............................. 8.0 July 1971 8.0 Greece............................. 6.5 Sept. 1969 6.5 Honduras......................... 4.0 Feb. 1966 4.0 Iceland............................. 5.25 Jan. 1966 5.25 India................................ 6.0 Jan. 1971 7.0 7.0 Indonesia......................... 6.0 May 1969 6.0 Iran.................................. 7.0 Oct. 1969 7.0 Ireland............................. 5.19 June 1972 6.19 7.19 7.44 7.44 Italy................................. 4.0 Apr. 1972 4.0 Jamaica........................... 6.0 June 1972 7.0 7.0 Japan............................... 4.25 June 1972 5.0 5.5 Korea............................... 13.0 Jan. 1972 13.0 Mexico............................. 4.5 June 1942 , 4.5 Morocco.......................... 3.50 Nov. 1951 3.50 Netherlands..................... 4.0 Mar. 1972 3.0 4.0 5.0 5.0 New Zealand................... 6.0 Mar. 1972 6.0 Nigeria............................. 4.50 June 1968 , 4.50 Norway........................... 4.5 Sept. 1969 4.5 Pakistan........................... 6.0 May 1972 . 6.0 Peru................................. 9.5 Nov. 1959 . 9.5 Philippine Republic........ 10.0 June 1969 . 10.0 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 . 5.0 Turkey............................. 9.0 Sept. 1970 . 8.0 8.0 United Kingdom............ 6.0 June 1972 . 7.50 9.0 8.75 8.5 8.25 t8.25 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, 4l/2 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 o OPEN MARKET RATES; ARBITRAGE A 93 OPEN MARKET RATES (Per cent per annum) Germany, Switzer­ Canada United Kingdom France Fed. Rep. of Netherlands land Month 3 T m r b e o i a l n s ls t u , h r s y i D m a o d y n a - e y t y o - 2 3 m P b b r o a i i l n m n ls k t , e hs3 3 T m r b e i a o l s l n s u t , h ry s D m a d o y a n - y e to y - C d b r l e a e a p t a 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 d r b e a 0 i a y - l s l s 9 s u ® 0 , ry D m a o d y n a - e y t y o - 7 3 T m r b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 197 1 3.62 3.76 6.41 5.57 4.93 3.84 5.84 4.54 6.10 4.34 3.76 5.24 197 2 3.55 3.65 6.06 5.02 4.83 3.84 3.04 4.30 2.15 1.97 4.81 1972—June 3.61 3.64 5.86 5.21 3.92 2.93 3.81 2.75 2.65 1.90 1.53 4.75 July. 3.48 3.45 6.82 5.60 4.99 4.18 3.78 2.75 2.24 1.09 .86 4.75 Aug. 3.47 3.54 6.71 5.79 5.13 5.25 3.76 2.75 4.48 .70 .60 4.75 Sept. 3.57 3.52 7.18 6.44 5.27 5.25 3.89 2.75 4.83 1.11 .54 4.75 Oct.. 3.57 3.64 7.34 6.74 5.47 5.25 5.16 3.25 6.07 1.95 2.61 4.75 Nov. 3.61 3.71 7.28 6.88 5.70 5.25 6.33 3.75 5.71 3.13 3.31 4.75 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.. 3.79 3.72 8.76 8.49 7.66 6.55 7.23 4.75 5.58 3.16 2.78 5.00 Feb., 3.91 3.93 9.34 8.14 8.31 7.30 7.71 5.75 2.18 2.33 1.55 5.00 Mar. 4.28 4.21 9.76 8.16 7.52 7.50 5.75 11.37 1.53 .61 5.00 Apr. 4.69 4.53 8.64 7.87 7.20 7.25 5.75 14.84 1.22 .77 5.00 May 5.23 4.67 8.35 7.45 8.29 7.11 5.75 7.40 5.00 June 5.36 8.14 7.12 6.66 6.55 6.75 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers’ acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers’ allowance on Note.—For description and back data, see “International Finance,’ deposits. Section 15 of Supplement to Banking and Monetary Statisticst 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 g t j i . a . d S t t e o . i t 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 o ad r n) P d f ( ( p r o i + e s - o r c m w ) ) u o n i a u o o u r d n n r m d t i L n ( o c f N n e a o n v d e f t o o t iv r n e ) qu A ot s ed Canad A a U dj . . S t . o 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 ad r a) C d f ( ( d o a i + - s o n r c w ) l a ) l o d a a o u o r i r n n r a s d n t i C n ( c a f N e a n o n v a e f t o d t iv r a e ) basis) in quotation Canada basis 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 2.52 .69 Apr. 6.............. 7.77 6.34 1.43 -2.57 -1.14 4.48 4.37 6.34 -1.97 2.16 .19 13.............. 7.35 6.12 1.23 -2.15 -.92 4.75 4.63 6.12 -1.49 1.48 -.01 20 i........... 27.............. 7.56 6.13 1.43 -1.86 -.43 4.86 4.82 6.13 -1.31 1.68 .37 May 4.............. 7.56 6.16 1.40 -2.13 -.73 5.02 4.89 6.16 -1.27 1.54 .27 11.............. 7.26 6.04 1.22 -1.80 -.58 4.99 4.86 6.04 -1.18 1.30 .12 18.............. 7.15 6.22 .93 -1.80 -.87 5.70 5.06 6.22 -1.16 1.48 .32 25.............. 7.08 6.46 .62 -1.52 -.90 5.20 5.06 6.46 -1.40 1.48 .08 June 1.............. 7.06 6.87 .19 -1.43 -1.24 5.19 5.07 6.87 -1.80 1.12 -.68 8.............. 7.06 7.02 .04 — 1.41 -1.37 5.25 5.11 7.02 -1.91 1.38 -.53 15.............. 6.93 7.07 -.14 -1.38 -1.52 5.44 5.29 7.07 -1.78 1.48 -.30 22.............. 6.90 7.16 -.26 -1.40 -1.66 5.46 5.31 7.16 -1.85 1.60 -.25 29.............. 6.86 7.29 -.43 -1.68 -2.11 5.48 5.33 7.29 -1.96 1.58 -.38 1 No data because of holiday on Good Friday. bid and offer) at 11 a.m. Friday in New York for both spot and forward pound sterling and for both spot and forward Canadian dollars. 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, Oct. 1964 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 GOLD RESERVES □ JULY 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 world i Fund world 1965. 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 1,151 44 1966. 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 1,046 45 1967. 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 1,015 45 1968. 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 863 46 1969. 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 872 47 1970. 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 791 47 1971. 41,175 4,732 10,206 26,235 192 90 259 729 1,544 46 792 47 1972—May. 5.761 10.490 208 76 282 791 1,682 50 836 June. 44,825 5.761 10.490 28,575 208 130 283 792 1,682 50 834 July.. 5.761 10.490 208 130 285 793 1,682 50 834 Aug.. 5,765 10,488 208 130 283 792 1,672 50 834 Sept.. 44,875 5.777 10.487 28,610 208 152 283 792 1,648 50 834 Oct... 5.777 10.487 208 152 282 792 1,636 50 834 Nov.. 5.778 10.487 208 152 282 792 1,642 50 834 Dec.. 44j925 5.830 10.487 28*6io 208 152 281 792 1,638 50 834 1973—Jan.... 5.830 10.487 208 152 281 793 1,621 50 834 Feb.... 5.830 10.487 208 152 281 793 '1,603 50 834 Mar... 2544,875 5.830 10.487 *>28,560 208 152 282 793 '1,603 834 Apr.. . 5.830 10.487 208 281 793 1.603 834 May®. 5,826 10.487 281 793 1.603 834 Ger­ E pe n r d i o o d f ( R C T e a h p i i w n . a a o , n f ) lo C m o b ­ ia m De ar n k ­ Egypt l F a i n n d ­ France R m e F a p e n . d y . o , f Greece India Iran Iraq l I a r n e d ­ Israel 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—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 4,459 133 264 142 156 17 43 1973—Jan................. 87 16 69 92 53 3,834 4,468 133 264 142 156 17 41 Feb................ 87 16 69 92 53 3,834 4,468 133 264 142 156 17 41 Mar............... 87 16 69 92 53 3,834 4,468 133 142 156 17 41 Apr................ 87 16 69 92 53 3,834 4 468 133 142 156 17 41 May2’............ 16 69 53 3,834 4,469 133 156 17 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 e n th d e s r­ N w o ay r­ 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—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 63 188 23 2,059 36 60 41 71 Dec................ 3,130 801 94 350 93 63 188 23 2,059 37 60 41 71 1973—Jan................. 3,134 801 94 350 93 63 188 23 2,059 37 60 41 71 Feb................ 3,134 801 94 350 93 63 188 23 2,059 37 60 41 71 Mar............... 3,134 801 94 '350 93 63 23 2,059 37 60 41 71 Apr................ 3,134 801 94 '350 93 63 23 2 059 37 60 May®............ 3,134 802 350 93 63 2,059 37 60 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 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 i n tz d er­ T la h n a d i­ Turkey U K d n i o n i m t g e ­ d g U u 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 l r l e . ­ ments 4 1965. 576 73 425 810 202 3,042 96 116 2,265 155 401 19 -558 1966. 643 69 637 785 203 2,842 92 102 1,940 146 401 21 -424 1967. 699 69 583 785 203 3,089 92 97 1,291 140 401 22 -624 1968. 856 119 1,243 785 225 2,624 92 97 1,474 133 403 50 -349 1969. 876 119 1,115 784 226 2,642 92 117 1,471 165 403 51 -480 1970. 902 119 666 498 200 2,732 92 126 1,349 162 384 52 -282 1971. 921 119 410 498 200 2,909 82 130 775 148 391 51 310 1972—May... 1.004 129 471 541 217 3.158 89 127 816 169 425 56 365 June.. 1.004 129 507 541 217 3.158 89 122 816 169 425 56 304 July... 1.004 129 543 541 217 3.158 89 122 816 169 425 56 276 Aug... 1,021 129 580 541 217 3.158 89 122 800 169 425 56 276 Sept... 1,021 129 601 541 217 3.158 89 122 800 169 425 56 267 Oct.... 1,021 129 636 541 217 3.158 89 122 800 169 425 56 267 Nov.. . 1,021 129 662 541 217 3.158 89 122 800 169 425 56 255 Dec... 1,021 129 681 541 217 3.158 89 136 800 425 56 218 1973—Jan... . 1,022 129 706 542 220 3.162 89 136 810 425 56 218 Feb..., 1,022 131 711 542 220 3.162 89 136 810 425 56 214 Mar.. . 1,022 131 714 542 220 3.162 89 136 810 425 56 214 Apr.. . 1,022 131 720 220 3.162 89 136 425 56 214 May*3. 131 721 220 3.162 89 425 56 199 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 i A So fr u ic th 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 i g ca u ­ a Co b l i o a m­ India Japan P p h i i n l e ip s ­ t A ra u l s ia ­ ot A h l e l r1 1966............................. 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 \912p........................... 1.109.8 54.3 77.2 7.1 1972—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 2.8 Sept.................. 93.9 6.3 .6 .3 3.1 2.2 Oct................... 94.2 6.3 .5 .3 2.7 2.1 Nov.................. 91.5 6.0 .7 Dec.................. 84.3 6.3 .5 1973—Jan................... 88.2 6.2 .8 Feb................... 86.5 6.1 Mar.................. 88.5 6.3 Apr................... 86.6 6.2 1 Estimated; excludes U.S.S.R., other Eastern European countries, 2 Quarterly data. China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 96 BANKS AND THE MONETARY SYSTEM □ JULY 1973 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and canital Bank credilt Total assets, Gold Treas­ net— stock ury IJ.S. Treasury securities Total Capital Date and cur­ liabil­ Total and SDR rency ities deposits misc. certifi­ out­ Loans, Com­ Other and and ac­ cates 1 stand­ Total net2 mercial Federal secu­ capital, currency counts, ing Total and Reserve Other3 rities4 net net savings Banks 1965—Dec. 31.... 13,733 5,575 399,779 242,706 106,716 65,016 40,768 932 50,357 419,087 383,727 35,359 1966—Dec. 31.... 13,159 6,317 422,676 261,459 106,472 60,916 44,316 1,240 54,745 442,152 400,999 41,150 1967—Dec. 30.... 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31.... 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315... 10,367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,339 1970—Dec. 31.... 11,132 7,149 580,899 354,447 127,207 64,814 62,142 251 99,245 599,180 535,157 64,020 1971—June 30.... 10,732 7,420 608,204 363,301 130,479 63,565 65,518 1,396 114,424 626,356 560,032 66,324 Dec. 31.... 10,532 7,627 650,677 386,010 141,547 68,198 70,804 2,545 123,120 668,836 604,415 64,423 1972—Jan. 26.... 10,500 7,700 642,600 380,600 138,400 66,000 69,900 2,500 123,600 660,800 593,000 67,900 Feb. 23.... 10,000 7,800 643,300 381,000 136,600 65,200 68,900 2,500 125,700 661,100 592,900 68,200 Mar. 29.... 10,000 7,900 654,600 387,600 138,400 65,900 69,900 2,600 128,700 672,500 607,300 65,200 Apr. 26.... 10,000 7,900 661,800 392,200 139,100 65,300 71,300 2,600 130,400 679,700 613,800 65,900 May 31.... 10,800 8,000 667,900 396,800 138,900 64,700 71,600 2,600 132,100 686,700 621,200 65,500 June 30.... 10,810 8,066 677,406 406,823 137,579 63,655 71,334 2,590 133,004 696,282 630,098 66,184 July 26.... 10,800 8,100 677,700 407,700 136,700 63,000 70,900 2,800 133,400 696,600 630,300 66,300 Aug. 30.... 10,800 8,200 682,600 411,300 136,300 62,700 70,800 2,800 135,000 701,600 632,500 69,000 Sept. 27.... 10,800 8,200 691,900 420,000 135,500 63,700 69,000 2,800 136,400 710,900 642,800 68,100 Oct. 25.... 10,800 8,200 695,900 420,700 138,600 64,400 71,400 2,800 136,500 714,900 648,700 66,200 Nov. 29.... 10,800 8,300 706,100 430,100 138,600 66,600 69,200 2,800 137,400 725,200 658,800 66,400 Dec. 31.... 10,810 8,313 733,807 449,242 144,702 70,538 71,230 2,934 139,863 752,930 687,739 65,190 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Date For­ At Cur­ De­ Cur­ De­ Postal eign Treas­ com­ rency mand rency mand Com­ Mutual Savings net 10 ury mer­ At Total outside deposits Total outside deposits Total mercial savings Sys­ cash cial F.R. banks ad­ banks ad­ banks 8 banks 9 tem 3 hold­ and Banks justed 7 justed 7 ings savings banks 1965—Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—Dec. 31.... 170,400 37,600 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1,904 1,176 5,238 416 1967—Dec. 30.... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 31.... 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—Dec. 315... 206,800 45,400 161,400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970—Dec. 31.... 209,400 47,800 161,600 219,422 49,779 169,643 302,591 230,622 71,969 3,148 431 8,409 1,156 1971—June 30.... 217,900 50,000 167,900 215,010 50,491 164,519 331,873 253,651 78,222 2,482 454 8,939 1,274 Dec. 31.... 224,600 51,100 173,500 234,876 53,141 181,735 353,638 271,760 81,877 2,719 464 10,698 2,020 1972—Jan. 26.... 217,200 51,700 165,500 220,000 51,000 169,000 357,300 274,900 82,500 2,400 500 9,900 2,900 Feb. 23.... 220,400 52,100 168,300 219,300 51,500 167,800 361,700 278,300 83,400 2,600 400 7,800 1,100 Mar. 29.... 230,300 52,600 177,700 227,200 52,100 175,100 367,000 282,100 84,900 2,500 400 9,200 900 Apr. 26.... 227,900 52,700 175,200 227,900 52,200 175,700 370,200 284,800 85,400 2,500 400 11,000 1,800 May 31.... 234,500 53,300 181,200 231,600 53,100 178,500 375,200 289,100 86,100 2,900 400 9,000 2,100 June 30.... 233,900 53,200 180,700 235,121 55,144 179,977 379,696 292,021 87,675 3,011 351 9,575 2,344 July 26__ 233,600 53,500 180,100 233,300 53,600 179,700 382,300 294,400 87,900 3,000 300 8,900 2,500 Aug. 30___ 236,400 53,400 183,000 234,300 53,700 180,600 389,200 300,800 88,300 2,900 300 4,400 1,400 Sept. 21.... 237,000 53,600 183,400 235,400 53,700 181,700 391,900 302,600 89,400 3,200 300 10,100 1,900 Oct. 25.... 239,600 54,600 185,000 240,500 54,500 186,100 395,000 305,300 89,800 3,300 400 8,100 1,400 Nov. 29.... 244,600 54,400 190,200 247,900 55,400 192,500 398,000 307,700 90,300 3,000 400 8,500 1,100 Dec. 31.... 256,600 56,300 200,300 264,401 57,530 206,871 405,970 314,285 91,685 3,687 345 11,481 1,855 1 Includes Special Drawing Rights certificates beginning January 1970. 8 See first paragraph of Note 2. 2 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits 9 Includes relatively small amounts of demand deposits. Beginning with accumulated for payment of personal loans” were excluded from “Time June 1961, also includes certain accounts previously classified as other lia­ deposits” and deducted from “Loans” at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. See table 10 Reclassification of deposits of foreign central banks in May 1961 re­ (and notes) Deposits Accumulated for Payment of Personal Loans, p. A-30. duced this item by $1,900 million ($1,500 million to time deposits and $400 See footnote 1 on p. A-21. million to demand deposits). 3 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 4 See second paragraph of Note 2. Note.—For back figures and descriptions of the consolidated condition 5 Figures for this and later dates take into account the following changes statement and the seasonally adjusted series on currency outside banks and (beginning June 30, 1969) for commercial banks: (1) inclusion of con­ demand deposits adjusted, see “Banks and the Monetary System,” Section solidated reports (including figures for all bank-premises subsidiaries and 1 of Supplement to Banking and Monetary Statistics, 1962, and Bulletins other significant majority-owned domestic subsidiaries) and (2) reporting for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly esti­ of figures for total loans and for individual categories of securities on a mated and are rounded to the nearest $100 million. gross basis—that is, before deduction of valuation reserves. See also note 1. For description of substantive changes in official call reports of 6 Series began in 1946; data are available only for last Wed. of month. condition beginning June 1969, see Bulletin for August 1969, pp. 7 Other than interbank and U.S. Govt., less cash items in process of 642-46. collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ COMMERCIAL BANKS A 97 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Total Num­ Cash lia­ Bor­ capital ber Class of bank assets3 bilities row­ ac­ of and date Total Loans and Total 3 Demand ings counts banks U.S. capital De­ Treas­ Other 2 ac­ mand Time ury counts4 U.S. Govt. Other All commercial banks: 1965—Dec. 31... 306,060201,658 59,547 44,855 60,899377 264 332,436 18,426 1,008 5,525 160,780146,697 4,472 30,272 13,804 1966—Dec. 31... 322,661 217,726 56,163 48,772 69,119403 368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—Dec. 30... 359,903235,954 62,473 61,477 77,928451 012395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968—Dec. 31... 401,262265,259 64,466 71,537 83,752500 657434,023 24,747 1,211 5,010 199,901203,154 8,899 37,006 13,679 1969—Dec. 316.. 421,597295,547 54,709 71,341 89,984530 665435,577 27,174 735 5,054208,870 193,744 18,360 39,978 13,661 1970—Dec. 31... 461,194313,334 61,742 86,118 93,643 576 242480,940 30,608 1,975 7,938209,335231,084 19,375 42,958 13,686 1971—June 30... 480,524322,886 60,254 97,383 96,141 599;429503,018 31,313 2,207 8,412206,918254,168 22,547 45,311 13,729 Dec. 31... 516,564346,930 64.930 104,704 99,832640 255537,946 32,205 2,908 10,169220,375272,289 25,912 47,211 13,783 1972—Jan. 26... 508,200340,730 62,690 690624,750521,320 28,480 2,960 9,280205 160 275,440 26,370 46,600 13,787 Feb. 23... 511,360343,300 61,860 130631 330524,280 31,050 2,990 7,270204 080278.890 29,190 47,050 13,799 Mar. 29... 522,790351,800 62,500 220639 000526,150 26,430 2,950 8,740205 420282,610 32,850 47,450 13,806 Apr. 26... 525,660354.120 61,860 040645 410533,270 26,140 2,870 10.470 208; 490285,300 31,630 47,780 13,823 May 31... 532,260360.120 61,240 910659 070544.720 28,240 3,020 8,430 215 ,360289,670 33,270 48,310 13,838 June 30... 542,689370,910 60,258 472667 126552,543 28,782 3,114 9,083 219 050292,513 33,214 50,117 13,875 July 26... 542,940371,820 59,580 610660 300544,860 27,210 3,260 8,320 211 100294,970 34,440 49,380 13,877 Aug. 30... 547,880375,780 59,300 830665 870546.720 27,090 3,350 3,820211 020301,440 36,070 49,820 13,898 Sept. 27... 556,380382,100 60,290 660674 780556,490 26,880 3,890 9.470 213 070303,180 33,530 50,140 13.910 Oct. 25... 561,280386,190 60.930 830691 880567,620 29,040 3,760 7,520 221 440305,860 39,680 50,700 13.911 Nov. 29 ... 574,230396,160 63,210 460694 050572,160 27,060 3,920 7,760224 990308,430 38,350 51,160 13,924 Dec. 31... 598,808414,696 67,028 128739 033616,037 33,854 4,194 10,875252 223314.891 38,083 52,658 13,927 Members of F.R. System: 1965—Dec. 31... 251,577 169,800 44,992 36.785 52,814313 384275,517 17,454 840 4,890 120,202 4,234 24,926 6,221 1966—Dec. 31... 263,687 182,802 41,924 38,960 60,738334 559291,063 18,788 794 4,432 128,831 4,618 26.278 6,150 1967—Dec. 30... 293,120196,849 46,956 49,315 68,946373 584326,033 20,811 1,169 4,631 147,442 5,370 28,098 6,071 1968—Dec. 31... 325.086 220,285 47,881 56,920 73,756412,541355,414 23,519 1,061 4,309 162,605 8,458 30,060 5,978 1969—Dec. 316.. 336,738 242,119 39,833 54.785 79,034432 270349,883 25,841 609 4,114 149,569 17,395 32,047 5,869 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500465 644 384,596 29,142 1,733 6,460 179,229 18,578 34,100 5,766 1971—June 30... 378,233259,530 44,038 74,665 84,743482 225400,973 29,965 1,980 6,984 196,218 21,700 35,822 5,736 Dec. 31... 405.087277,717 47,633 79,738 86,189511,353425,380 30,612 2,549 8,427 209,406 25,046 37.279 5,727 1972—Jan. 26... 397,951 272,452 45,723 79,776 80,580498.596411,462 27,230 2,596 7,643 162,307211,686 25,429 37,028 5,718 Feb. 23... 400,338274,508 45,102 80,728 83,258 503;720413,339 29,738 2,627 5,931 161,031214,012 28,227 37,340 5,720 Mar. 29... 409,024281,182 45,486 82,356 78,710508;747413,132 25,154 2,590 7,216 161,976216,196 31,792 37,683 5.713 Apr. 26... 409,925282,298 44,643 82,984 82,345513,123418,730 24,893 2,510 8,939 164,071218,317 30,406 37,928 5.713 May 31... 414,469286,310 44,403 83,756 87,524523,538427,426 26,913 2,663 6,825 169,496221,529 31,907 38,356 5.713 June 30... 422,356294,730 43,708 83,918 86,430529!645 433,574 27,311 2,717 7,630 172,419223,498 31,752 39,358 5.714 July 26... 422,079295,250 42,932 83,897 79,081 522i579 426,141 25,825 2,867 6,954 165,390225,105 32,845 38,896 5,705 Aug. 30... 425,369297,828 42,727 84,814 79,058526;089 426,716 25,742 2,954 2,966 164,851230,203 34,409 39,226 5.702 Sept. 27... 432,150303,049 43,506 85,595 78,504532,741 434,554 25,502 3,495 8,033 166,353231,171 31,962 39,437 5.703 Oct. 25... 435,460305,996 43,691 85,773 88,220546.642 442,792 27,528 3,360 6,172 172,615233,117 37,857 39,824 5,699 Nov. 29... 446,621 314,463 45,799 86,359 78,554548;333 446,441 25,759 3,520 6,463 175,739234,960 36,480 40,219 5,701 Dec. 31... 465,788329,548 48,715 87,524 96,566585;125482,124 31,958 3,561 9,024 197,817239,763 36,357 41,228 5.704 Large member banks: 7 New York City: 1965—Dec. 31... 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1,271 24,265 17,988 1,987 5,114 12 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. 316.. 60,333 48,305 5,048 6,980 22,349 87,753 62,381 10,349 268 693 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—June 30... 61,059 47,243 5,116 8,700 26,200 92,767 73,710 15,221 937 1,199 32,816 23,536 4,531 6,860 12 Dec. 31... 63,342 48,714 5,597 9,031 22,663 91,461 71,723 13,825 1,186 1,513 30,943 24,256 5,195 7,285 12 1972—Jan. 26... 62,539 48,337 5,405 8,797 23,684 91,726 71,017 13,443 1.258 1,395 30,660 24,261 5,854 7,253 12 Feb. 23... 61,856 48,221 5,190 8,445 23,615 91,094 69,674 15,152 1.258 878 28,084 24,302 6,906 7,306 12 Mar. 29... 64,450 50,063 5,567 8,820 21,400 91,687 68,029 11,674 1,231 1,360 28,793 24,971 8,428 7,342 12 Apr. 26... 63,467 49,539 4,825 9,103 21,014 90.364 68,798 11,451 1,162 2,013 28,842 25,330 6,650 7,372 12 May 31... 65,719 50,799 5,257 9,663 22.516 93,765 70,852 12,303 1,198 1.038 29,918 26,395 8,103 7,618 13 June. 30... 66,597 51,637 5,338 9,623 22,535 94,377 72,432 12,933 1,175 1.038 30,637 26,649 7,314 7,650 13 July 26... 66,331 51,408 4,954 9,969 19.517 91,247 69,508 11,580 1,312 1,170 28,396 27,050 7,431 7,612 13 Aug. 30... 67,353 52,031 5,158 10,164 19,152 92,066 69,330 11,679 1,345 288 27,497 28,521 8,188 7,736 13 Sept. 21... 68,924 53,166 5,368 10,390 17,864 92,484 70,323 11,414 1,591 1,454 27,718 28,146 6,861 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. 31... 75,034 58,713 5,696 10,625 26,416 107,603 82,446 15,094 1,833 1,418 35,373 28,728 9,502 8,042 13 For notes see p. A-99. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 COMMERCIAL BANKS JULY 1973 □ PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK-Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 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 Time5 ury counts4 U.S. Govt. Other Large member banks: (cont.): City of Chicago:7,8 1965—Dec. 31....... 11,455 8,219 1,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 11 1966—Dec. 31....... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 11 1967-Dec. 30....... 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1,434 21 267 6,250 6,013 383 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. 316.... 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 15 175 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 1,930 49 282 6,663 6,117 1,851 1,586 9 1971—June 30....... 16,477 11,777 1,736 2,964 3,080 20,477 15,636 1,489 85 317 6,648 7,097 2,359 1,637 9 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—Jan. 26....... 16,614 11,901 1,657 3,056 3,488 21,059 15,730 1,460 213 378 6,243 7,436 2,673 1,781 9 Feb. 23....... 17,234 12,505 1,576 3,153 3,311 21,489 15,791 1,509 207 267 6,305 7,503 2,935 1,796 9 Mar. 29....... 17,668 12,898 1,582 3,188 3,204 21,806 15,912 1,398 191 341 6,462 7,520 3,180 1,820 9 Apr. 26....... 17,761 12,998 1,510 3,253 3,207 21,858 16,017 1,344 191 465 6,381 7,636 2,972 1,829 9 May 31....... 18,147 13,283 1,665 3,199 3,538 22,697 16,509 1,412 182 282 6,631 8,002 3,280 1,836 9 June 30....... 18,541 13,782 1,662 3,096 2,946 22,562 16,912 1,331 139 261 6,603 8,579 2,639 1,857 9 July 26....... 18,582 14,130 1,398 3,054 3,070 22,727 16,695 1,447 194 310 6,157 8,587 3,187 1,850 9 Aug. 30....... 19,200 14,701 1,455 3,044 2,880 23,128 17,147 1,487 196 68 6,226 9,170 2,985 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....... 19,530 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. 31, . . , 21,362 16,294 1,873 3,195 3,580 26,009 19,851 1,615 160 509 7,387 10,179 3,008 1,891 9 Other large member:7, 8 1965—Dec. 31 91,997 65,117 14,354 12,526 21,147 116,350103,034 8,422 206 1,773 47,092 45,541 1,548 9,007 171 1966—Dec. 31 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 9,471 169 1967—Dec. 30 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 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. 316.... 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—June 30 137,326 97,061 14,552 25,713 30,901 175,607142,776 10,166 735 2,954 57,622 71,299 12,153 12,826 156 Dec. 31, , , 149,401 106,361 15,912 27,129 33,732 190,880155,226 11,241 933 3,557 62,474 77,020 14,799 13,197 156 1972—Jan. 26 145,436 103,311 14,796 27,329 29,154 182,373 147,352 9,306 901 3,057 56,144 77,944 13,528 13,427 156 Feb. 23 146,609 104,067 14,768 27,774 30,945 185,420148,824 9,901 938 2,492 57,121 78,372 14,927 13,463 156 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 June 30,,, , 155,085 113,213 14,141 27,731 33,806 197,155 156,850 9,645 1,008 3,527 61,701 80,970 17,592 14,020 157 July 26 154,528 113,172 13,873 27,483 30,738 193,595153,678 9,593 1,098 2,868 58,980 81,139 17,626 14,011 157 Aug. 30 153,957 112,638 13,501 27,818 31,452 193,592 152,570 9,458 1,150 1,015 58,564 82,383 18,450 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 17,816 14,132 157 Oct. 25 157,630 115,642 13,699 28,289 35,635201,551 158,214 10,202 1,239 2,374 61,147 83,252 20,500 14,193 156 Nov. 29 163,011 119,961 14.734 28,316 29,350200,829 159,305 8,844 1,156 2,828 62,229 84,248 18,629 14,331 156 Dec. 31 , , 171,549 126,661 16,316 28,572 36,729217,170 173,913 11,133 1,173 3,860 71,376 86,372 19,392 14,687 156 All other member:7,8 1965—Dec. 31 103,362 63,338 23,735 16,288 17,366 123,227110,738 2,371 74 1,501 55,118 51,675 343 9,673 6,027 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—Dec. 30 .... 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 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. 316.... 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—June 30....... 163,371 103,449 22,634 37,289 24,563 193,374 168,852 3,087 224 2,512 68,742 94,286 2,656 14,499 5,559 Dec. 31 175,211 110,357 24,343 40,511 26,783207,798 181,780 3,853 263 2,993 74,072 100,600 3,118 15,114 5,550 1972—Jan. 26....... 173,362 108,903 23,865 40,594 24,254203,438 177,363 3,021 224 2,813 69,260 102,045 3,374 14,567 5,541 Feb. 23 , . 174,639 109,715 23,568 41,356 25,387205,717 179,050 3,176 224 2,294 69,521 103,835 3,459 14,775 5,543 Mar. 29 177,522 111,556 23,754 42,212 25,024208,641 181,254 3,078 224 2,626 69,720 105,606 3,676 14,864 5,536 Apr. 26 179,111 112,399 23,874 42,838 25,545210,567 182,521 3,019 263 2,622 70,719 105,898 4,018 15,002 5,535 May 31 179,450 113,382 23,119 42,949 27,057213,129 184,891 3,213 263 2,742 72,231 106,442 4,089 15,012 5.534 June 30 182,133 116,098 22,568 43,467 27,142215,551 187,380 3.401 395 2,804 73,479 107,300 4,208 15,831 5,535 July 26 182,638 116,540 22,707 43,391 25,756215,010186,260 3,205 263 2,606 71,857 108,329 4,601 15,423 5,526 Aug. 30....... 184,859 118,458 22,613 43,788 25,574217,303 187,669 3,118 263 1,595 72,564 110,129 4,786 15,578 5,524 Sept. 27, . . 187,134119,949 22,901 44,284 25,865220,106 190,396 3,173 395 2,693 73,244 110,891 4,517 15,732 5,524 Oct. 25,., . 189,164 121,498 23,512 44,154 28,205224,720 194,272 3,485 395 2,509 76,158 111,725 5,242 16,000 5,521 Nov. 29,. .. 191,533 123,590 23,756 44,187 24,989224,472 194,565 3,014 395 2,390 76,235 112,531 5,379 16,089 5,523 Dec. 31 197,843 127,881 24,830 45,132 29,841 234,342205,914 4,116 395 3,238 83,681 114,483 4,455 16,608 5,526 For notes see p. A-99. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1973 □ COMMERCIAL BANKS A 99 Notes to pp. A-97—A-98. 1 Beginning June 30, 1966, loans to farmers directly guaranteed by demand deposits of more than $400 million), as described in the Bulletin CCC were reclassified as securities, and Export-Import Bank portfolio for July 1972, p. 626. Categories shown here as “Large” and “All other” fund participations were reclassified from loans to securities. This reduced parallel the previous “Reserve city” and “Country” categories, respec­ “Total loans” and increased “Other securities” by about $1 billion. “Total tively (hence the series are continuous over time). loans” include Federal funds sold, and beginning with June 1967 securities 8 Beginning May 6, 1972, two New York City country banks, with purchased under resale agreements, figures for which are included in deposits of $1,412 million, merged and were reclassified as a reserve city “Federal funds sold, etc.,” on p. A-22. bank. (See also note 7.) Beginning June 30, 1971, Farmers Home Administration notes are classified as “Other securities” rather than “Loans.” As a result of this Note.—Data are for all commercial banks in the United States (in­ change, approximately $300 million was transferred to “Other securities” cluding Alaska and Hawaii, beginning with 1959). Commercial banks for the period ending June 30, 1971, for all commercial banks. represent all commercial banks, both member and nonmember; stock See also table (and notes) at the bottom of p. A-30. savings banks; and nondeposit trust companies. 2 See first two paragraphs of note 1. Beginning June 30, 1969, commercial banks and member banks exclude 3 Reciprocal balances excluded beginning with 1942. a small national bank in the Virgin Islands; also, member banks exclude, 4 Includes items not shown separately. See also note 1. and noninsured commercial banks include, through June 30, 1970, a 5 See third paragraph of note 1 above. small member bank engaged exclusively in trust business. 6 Figure takes into account the following changes beginning June 30, Comparability of figures for classes of banks is affected somewhat by 1969: (1) inclusion of consolidated reports (including figures for all bank- changes in F.R. membership, deposit insurance status, and the reserve premises subsidiaries and other significant majority-owned domestic classifications of cities and individual banks, and by mergers, etc. subsidiaries) and (2) reporting of figures for total loans and for individual Data for national banks for Dec. 31, 1965, have been adjusted to make categories of securities on a gross basis—that is, before deduction of them comparable with State bank data. valuation reserves—rather than net as previously reported. Figures are partly estimated except on call dates. 7 Beginning Nov. 9, 1972, designation of banks as reserve city banks For revisions in series before Dec. 31, 1965, see earlier Bulletins. for reserve-requirement purposes has been based on size of bank (net Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Arthur F. Burns, Chairman George W. M itchell, Vice Chairman J. Dewey Daane Andrew F. Brimmer John E. Sheehan Jeffrey M. Bucher Robert C. Holland J. Charles Partee, Adviser to the Board * Robert Solomon, Adviser to the Board Robert L. Cardon, 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 David C. Melnicoff, Deputy Executive J. Charles Partee, Director Director Stephen H. Axilrod, Associate Director Gordon B. Grimwood, Assistant Director and Samuel B. Chase, Associate Director Program Director for Contingency Planning Lyle E. Gramley, Associate Director William W. Layton, Director of Equal Peter M. Keir, Adviser Employment Opportunity James L. Pierce, Adviser Brenton C. Leavitt, Program Director for Stanley J. Sigel, Adviser Banking Structure Murray S. Wernick, Adviser Kenneth B. Williams, Adviser James B. Eckert, Associate Adviser OFFICE OF THE SECRETARY Robert J. Lawrence, Associate Adviser Chester B. Feldberg, Secretary Joseph S. Zeisel, Associate Adviser Theodore E. Allison, Assistant Secretary Edward C. Ettin, Assistant Adviser Murray Altmann, Assistant Secretary Eleanor J. Stockwell, Assistant Adviser Normand R. V. Bernard, Assistant Secretary Stephen P. Taylor, Assistant Adviser Arthur L. Broida, Assistant Secretary Louis Weiner, Assistant Adviser Elizabeth L. Carmichael, Assistant Levon H. Garabedian, Assistant Director Secretary DIVISION OF INTERNATIONAL FINANCE Ralph C. Bryant, Director LEGAL DIVISION John E. Reynolds, Associate Director Thomas J. O’Connell, General Counsel Robert F. Gemmill, Adviser Paul Gardner, Jr. , Assistant General Counsel Reed J. Irvine, Adviser Pauline B. Heller, Assistant General Counsel Samuel I. Katz, Adviser Bernard Norwood, Adviser John Nicoll, Assistant General Counsel Robert S. Plotkin, Assistant General Counsel Samuel Pizer, Adviser Andrew F. Oehmann, Special Assistant to the George B. Henry, Assistant Adviser Helen B. Junz, Assistant Adviser General Counsel DIVISION OF SUPERVISION AND REGULATION Frederic Solomon, Director DIVISION OF FEDERAL RESERVE BANK Brenton C. Leavitt, Deputy Director OPERATIONS Frederick R. Dahl, Assistant Director Ronald G. Burke, Director Jack M. Egertson, Assistant Director W alter A. Althausen, Assistant Director Janet O. Hart, Assistant Director Donald G. Barnes, Assistant Director John N. Lyon, Assistant Director Harry A. Guinter, Assistant Director John T. McClintock, Assistant Director P. D. Ring, Assistant Director Thomas A. Sidman, Assistant Director Charles C. W alcutt, Assistant Director William W. Wiles, Assistant Director E. Maurice McWhirter, Chief Federal Griffith L. Garwood, Adviser Reserve Examiner Charles L. Marinaccio, Adviser Digitized for FRASER* On leave of absence. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 101 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF DATA PROCESSING John J. Hart, Assistant Director Jerold E. Slocum, Director Charles L. Hampton, Associate Director Glenn L. Cummins, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES Benjamin R. W. Knowles, Jr., W alter W. Kreimann, Director Assistant Director Donald E. Anderson, Assistant Director Henry W. Meetze, Assistant Director John D. Smith, Assistant Director Edward K. O’Connor, Assistant Director Richard S. W att, Assistant Director OFFICE OF THE CONTROLLER John Kakalec, Controller John M. Denkler, Assistant Controller Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 FEDERAL OPEN MARKET COMMITTEE Arthur F. Burns, Chairman Alfred Hayes, Vice Chairman John J. Balles J. Dewey Daane George W. M itchell Andrew F. Brimmer Darryl R. Francis Frank E. Morris Jeffrey M. Bucher Robert C. Holland John E. Sheehan Robert P. Mayo Arthur L. Broida, Secretary *Robert Solomon, Economist Murray Altmann, Assistant Secretary (International Finance) Normand R. V. Bernard, Assistant Leon all C. Andersen, Associate Economist Secretary Ralph C. Bryant, Associate Economist Thomas J. O’Connell, General Counsel Robert W. Eisenmenger, Associate Economist Edward G. Guy, Deputy General Counsel George Garvy, Associate Economist John Nicoll, Assistant General Counsel Lyle E. Gramley, 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 103 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank, branch, or facility Chairman President Vice President Zip code Deputy Chairman First Vice President in charge of branch Boston .................... 02106 James S. Duesenberry Frank E. Morris Louis W. Cabot James A. McIntosh New York............... 10045 Roswell L. Gilpatric Alfred Hayes Frank R. Milliken Richard A. Debs 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 Robert D. Duggan 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 70161 Fred Adams, Jr. George C. Guynn Miami Office......... 33152 W. M. Davis Chicago................... 60690 William H. Franklin Robert P. Mayo Peter B. Clark Ernest T. Baughman Detroit................... 48231 W.M. Defoe Daniel M. Doyle St. Louis................. 63166 Frederic M. Peirce Darryl R. Francis Sam Cooper Eugene A. Leonard Little Rock............ 72203 Roland R. Remmel John F. Breen Louisville............. 40201 William H. Stroube Donald L. Henry Memphis.............. 38101 Alvin Huffman, Jr. Laurence T. Britt Minneapolis ........... 55480 David M. Lilly Bruce K. MacLaury Bruce B. Dayton M. H. Strothman, Jr. Helena................... 59601 William A. Cordinglev Howard L. Knous Kansas City............ 64198 Robert W. Wagstaff George H. Clay Robert T. Person John T. Boy sen Denver ................. 80217 Maurice B. Mitchell George C. Rankin Oklahoma City 73125 Joseph H. Williams William G. Evans Omaha ................. 68102 A. James Ebel Robert D. Hamilton Dallas ..................... 75222 Chas. F. Jones Philip E. Coldwell John Lawrence T. W. Plant El Paso................. 79999 Herbert M. Schwartz Frederic W. Reed Houston................ 77001 M. Steele Wright, Jr. James L. Cauthen San Antonio......... 78295 Irving A. Mathews Carl H. Moore San Francisco........ 94120 O. Meredith Wilson John J. Balles Joseph F. Alibrandi John B. Williams Los Angeles......... 90051 Edward A. Sloan Gerald R. Kelly Portland................ 97208 Frank Anderson William M. Brown Salt Lake City , . 84110 Theodore C. Jacobsen Arthur L. Price Seattle................... 98124 Thomas T. Hirai Paul W. Cavan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons are not accepted.) ANNUAL REPORT 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per Currency. 1963. 11 pp. $.35. Sec. 12. Money annum or $.60 a copy in the United States and Rates and Securities Markets. 1966. 182 pp. its possessions, Bolivia, Canada, Chile, Colom­ $.65. Sec. 14. Gold. 1962. 24 pp. $.35. Sec. bia, Costa Rica, Cuba, Dominican Republic, 15. International Finance. 1962. 92 pp. $.65. Ecuador, Guatemala, Haiti, Republic of Hon­ Sec. 16 (New). Consumer Credit. 1965. 103 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same issue sent to one address, $5.00 INDUSTRIAL PRODUCTION—1971 edition. 383 pp. per annum or $.50 each. Elsewhere, $7.00 per $4.00 a copy; 10 or more sent to one address, annum or $.70 a copy. $3.50 each. FEDERAL RESERVE CHART BOOK ON FINANCIAL BANK MERGERS & THE REGULATORY AGENCIES: AND BUSINESS STATISTICS. Monthly. Annual APPLICATION OF THE BANK MERGER ACT OF subscription includes one issue of Historical 1960. 1964. 260 pp. $1.00 a copy; 10 or more Chart Book. $6.00 per annum or $.60 a copy sent to one address, $.85 each. in the United States and the countries listed above; 10 or more of same issue sent to one BANKING MARKET STRUCTURE & PERFORMANCE IN address, $.50 each. Elsewhere, $7.00 per annum METROPOLITAN AREAS: A STATISTICAL STUDY OF or $.70 a copy. FACTORS AFFECTING RATES ON BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or more sent to HISTORICAL CHART BOOK. Issued annually in Sept. one address, $.40 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and THE PERFORMANCE OF BANK HOLDING 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 December 31, 1972. $2.50. 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 or more sent to one address, $.40 each. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 1955. 390 pp. $2.75. BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 pp. $1.00 a copy; 10 or more sent DEBITS AND CLEARING STATISTICS AND THEIR USE. to one address, $.85 each. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. INTEREST RATE EXPECTATIONS: TESTS ON YIELD SPREADS AMONG SHORT-TERM GOVERNMENT SUPPLEMENT TO BANKING AND MONETARY STA­ SECURITIES. 1968. 83 pp. $.50 a copy; 10 or TISTICS. Sec. 1. Banks and the Monetary Sys­ more sent to one address, $.40 each. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. SURVEY OF FINANCIAL CHARACTERISTICS OF 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 pp. $.35. Sec. 9. Federal Reserve Banks. 1965. or more sent to one address, $.85 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 105 SURVEY OF CHANGES IN FAMILY FINANCES. 1968. Summaries only printed in the BULLETIN. 321 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. (Limited supply of mimeographed copies of full text available upon request for single copies) REPORT OF THE JOINT TREASURY-FEDERAL RE­ SERVE STUDY OF THE U.S. GOVERNMENT SE­ CREDIT RATIONING: A REVIEW, by Benjamin M. CURITIES MARKET. 1969. 48 pp. $.25 a copy; Friedman. June 1972. 26 pp. 10 or more sent to one address, $.20. REGULATION Q AND THE COMMERCIAL LOAN MAR­ (Limited supplies, in mimeographed or simi­ KET IN THE 1960’s, by Benjamin M. Friedman. lar form, of staff papers listed on p. 48 of June 1972. 38 pp. report above (other than those contained in Parts 1 and 2) are available upon request THE REGULATION OF SHORT-TERM CAPITAL for single copies.) MOVEMENTS IN MAJOR COUNTRIES, by Rodney H. Mills, Jr. Nov. 1972. 53 pp. JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET: STAFF FEDERAL RESERVE DEFENSIVE BEHAVIOR AND THE STUDIES—PART 1 (papers by Cooper, Bernard, REVERSE CAUSATION ARGUMENT, by Raymond and Scherer). 1970. 86 pp. $.50 a copy; 10 or Lombra and Raymond Torto. Nov. 1972. 15 pp. more sent to one address, $.40 each. PART 2 (papers by Ettin, Peskin, and Ahearn and Pes- EXAMINATION OF THE MONEY STOCK CONTROL kin). 1971. 153 pp. $1.00 a copy; 10 or more APPROACH OF BURGER, KALISH, AND BABB, by sent to one address, $.85 each. Fred J. Levin. March 1973. OBTAINING THE YIELD ON A STANDARD BOND FROM OPEN MARKET POLICIES AND OPERATING PROCE­ DURES—STAFF STUDIES (papers by Axilrod, A SAMPLE OF BONDS WITH HETEROGENEOUS Davis, Andersen, Kareken et al., Pierce, Fried­ CHARACTERISTICS, by James L. Kichline, P. man, and Poole). 1971. 218 pp. $2.00 a copy; Michael Laub, and Guy V. G. Stevens. May 1973. 30 pp. 10 or more sent to one address, $1.75 each. REAPPRAISAL OF THE FEDERAL RESERVE DIS­ THE DETERMINANTS OF A DIRECT INVESTMENT COUNT MECHANISM, Vol. 1 (papers by Steering OUTFLOW WITH EMPHASIS ON THE SUPPLY OF Committee, Shull, Anderson, and Garvy). 1971. FUNDS, by Frederic Brill Ruckdeschel. June 1973. 171 pp. 276 pp. Vol. 2 (papers by Boulding, Chandler, Jones, Ormsby, Modigliani, Alperstein, Melichar, and Melichar and Doll). 1971. 173 pp. Vol. 3 (papers by Staats, Willis, Minsky, Printed in full in the BULLETIN. Stackhouse, Meek, Holland and Garvy, and Lynn). 1972. 220 pp. Each volume $3.00 a (Staff Economic Studies are included in list of copy; 10 or more sent to one address, $2.50 reprints below.) each. REPRINTS THE ECONOMETRICS OF PRICE DETERMINATION ADJUSTMENT FOR SEASONAL VARIATION. June CONFERENCE, October 30-31, 1970, Washing­ 1941. 11 pp. ton, D.C. Oct. 1972, 397 pp. Cloth ed. $5.00 a copy; 10 or more sent to one address, $4.50 SEASONAL FACTORS AFFECTING BANK RESERVES. each. Paper ed. $4.00 a copy; 10 or more sent Feb. 1958. 12 pp. to one address, $3.60 each. LIQUIDITY AND PUBLIC POLICY, Staff Paper by FEDERAL RESERVE STAFF STUDY: WAYS TO MOD­ Stephen H. Axilrod. Oct. 1961. 17 pp. ERATE FLUCTUATIONS IN HOUSING CON­ STRUCTION, Dec. 1972, 487 pp. $4.00 a copy; SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. 10 or more sent to one address, $3.60 each. July 1962. 6 pp. INTEREST RATES AND MONETARY POLICY, Staff Paper by Stephen Axilrod. Sept. 1962. 28 pp. STAFF ECONOMIC STUDIES MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. Studies and papers on economic and financial subjects that are of general interest in the field REVISION OF BANK DEBITS AND DEPOSIT TURN­ of economic research. OVER SERIES. Mar. 1965. 4 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN □ JULY 1973 RESEARCH ON BANKING STRUCTURE AND PER­ BANK RATES ON BUSINESS LOANS—REVISED FORMANCE, Staff Economic Study by Tynan SERIES. June 1971. 10 pp. Smith. Apr. 1966. 11 pp. INDUSTRIAL PRODUCTION—REVISED AND NEW A REVISED INDEX OF MANUFACTURING CAPACITY, MEASURES. July 1971. 26 pp. Staff Economic Study by Frank de Leeuw with Frank E. Hopkins and Michael D. Sherman. REVISED MEASURES OF MANUFACTURING CAPAC­ Nov. 1966. 11 pp. ITY UTILIZATION. Oct. 1971. 3 pp. REVISED SERIES ON COMMERCIAL AND INDUS­ REVISION OF BANK CREDIT SERIES. Dec. 1971. 5 TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON PLANNED AND ACTUAL LONG-TERM BORROWING MEMBER BANKS. July 1967. 6 pp. BY STATE & LOCAL GOVERNMENTS. Dec. 1971. ii pp. INTEREST COST EFFECTS OF COMMERCIAL BANK UNDERWRITING OF MUNICIPAL REVENUE BONDS. ASSETS AND LIABILITIES OF FOREIGN BRANCHES Aug. 1967. 16 pp. OF U.S. BANKS. Feb. 1972. 16 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN WAYS TO MODERATE FLUCTUATIONS IN THE CON­ 1960-67. Apr. 1968. 23 pp. STRUCTION OF HOUSING. Mar. 1972. 11 pp. FEDERAL FISCAL POLICY IN THE 1960’s. Sept. 1968. CONSTRUCTION LOANS AT COMMERCIAL BANKS. 18 pp. June 1972. 12 pp. BUSINESS FINANCING BY BUSINESS FINANCE COM­ SOME ESSENTIALS OF INTERNATIONAL MONETARY PANIES. Oct. 1968. 13 pp. REFORM. June 1972. 5 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. CHARACTERISTICS OF FEDERAL RESERVE BANK 7 pp. DIRECTORS. June 1972. 10 pp. THE CHANNELS OF MONETARY POLICY, Staff Eco- BANK DEBITS, DEPOSITS, AND DEPOSIT TURN­ nomic Study by Frank de Leeuw and Edward OVER-REVISED SERIES. July 1972. 5 pp. Gramlich. June 1969. 20 pp. RECENT REGULATORY CHANGES IN RESERVE RE­ REVISION OF WEEKLY SERIES FOR COMMERCIAL QUIREMENTS AND CHECK COLLECTION. July BANKS. Aug. 1969. 5 pp. 1972. 5 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. BANKING AND MONETARY STATISTICS, 1971. Se­ 20 pp. lected series of banking and monetary statistics for 1971 only. Feb., Mar., and July 1972. RECENT CHANGES IN STRUCTURE OF COMMER­ 20 pp. CIAL BANKING. Mar. 1970. 16 pp. YIELDS ON NEWLY ISSUED CORPORATE BONDS. SDR’s IN FEDERAL RESERVE OPERATIONS AND Sept. 1972. 2 pp. STATISTICS. May 1970. 4 pp. RECENT ACTIVITIES OF FOREIGN BRANCHES OF MEASURES OF SECURITY CREDIT. Dec. 1970. 11 U.S. BANKS. Oct. 1972. 11 pp. pp. REVISION OF CONSUMER CREDIT STATISTICS. Oct. MONETARY AGGREGATES AND MONEY MARKET 1972. 21 pp. CONDITIONS IN OPEN MARKET POLICY. Feb. 1971. 26 pp. SURVEY OF FINANCE COMPANIES, 1970. Nov. 1972. 15 pp. BANK FINANCING OF MOBILE HOMES. Mar. 1971. ONE-BANK HOLDING COMPANIES BEFORE THE 1970 4 pp. AMENDMENTS. Dec. 1972. 13 pp. INTEREST RATES, CREDIT FLOWS, AND MONETARY EVOLUTION OF THE PAYMENTS MECHANISM. Dec. AGGREGATES SINCE 1964. June 1971. 16 pp. 1972. 4 pp. REVISION OF THE MONEY STOCK MEASURES AND TWO KEY ISSUES OF MONETARY POLICY. June MEMBER BANK RESERVES AND DEPOSITS. Feb. 1971. 4 pp. 1973. 19 pp. SURVEY OF DEMAND DEPOSIT OWNERSHIP. June TREASURY AND FEDERAL RESERVE FOREIGN EX­ 1971. 12 pp. CHANGE OPERATIONS. Mar. 1973. 22 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 107 DEVELOPMENTS IN U.S. BALANCE OF PAYMENTS. SOME PROBLEMS OF CENTRAL BANKING. June Apr. 1973. 13 pp. 1973. 3 pp. OPEN MARKET OPERATIONS IN 1972. June 1973. STATE AND LOCAL BORROWING ANTICIPATIONS 12 pp. AND REALIZATIONS. Apr. 1973. 4 pp. CHANGES IN TIME AND SAVINGS DEPOSITS AT FINANCIAL DEVELOPMENTS IN THE FIRST QUARTER COMMERCIAL BANKS, JANUARY-APRIL 1973. July OF 1973. May 1973. 10 pp. 1973. 8 pp. CHANGES IN BANK LENDING PRACTICES, 1972. July YIELDS ON RECENTLY OFFERED CORPORATE 1973. 5 pp. BONDS. May 1973. 2 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX­ FEDERAL FISCAL POLICY, 1965-72. June 1973. CHANGE OPERATIONS, INTERIM REPORT. July 20 pp. 1973. 2 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

)xedni siht n i dettimo si ” A“ xiferp eht hguohtla 99-A hguorht 4-A segap o t era secnerefeR( A 108 FEDERAL RESERVE BULLETIN □ JULY 1973 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers’, 11, 31, 33 Demand deposits—Continued Agricultural loans of commercial banks, 22, 24 Banks, by classes, 18, 23, 27, 97-99 Arbitrage, 93 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners): corporations, 30 Banks, by classes, 18, 22, 23, 24, 37, 97-99 Subject to reserve requirements, 17 Banks and the monetary system, 96 Turnover, 14 Federal Reserve Banks, 12 Deposits (See also specific types of deposits): Nonfinancial corporations, current, 48 Accumulated at commercial banks for payment of Automobiles: personal loans, 30 Consumer instalment credit, 54, 55, 56 Adjusted, and currency, 96 Production index, 58, 59 Banks, by classes, 18, 23, 27, 37, 97-99 Euro-dollars, 88 Bank credit proxy, 17 Federal Reserve Banks, 12, 13, 88 Bankers’ balances, 23, 26 Postal savings, 23, 96 (See also Foreigners, claims on, and liabilities to) Subject to reserve requirements, 17 Banking and monetary statistics for 1972, 96 Discount rates (See Interest rates) Banks for cooperatives, 38 Discounts and advances by Reserve Banks (See Loans) Bonds (See also U.S. Govt, securities): Dividends, corporate, 48 New issues, 45, 46, 47 Dollar assets, foreign, 75, 81 Yields and prices, 34, 35 Branch banks: Earnings and hours, manufacturing industries, 65 Assets, foreign branches of U.S. banks, 86 Employment, 62, 64, 65 Liabilities, U.S. banks to foreign branches, 28, 87, 88 Euro-dollar deposits in foreign branches of U.S. banks, 88 Brokerage balances, 85 Business expenditures on new plant and equipment, 48 Business indexes, 62 Farm mortgage loans, 49, 50 Business loans (See Commercial and industrial loans) Federal agency obligations, 11, 12, 13, 14 Federal finance: Capacity utilization, 62 Receipts and outlays, 40, 41 Capital accounts: Treasury operating balance, 40 Banks, by classes, 18, 23, 28, 97-99 Federal funds, 7, 22, 24, 28, 33 Federal Reserve Banks, 12, 13 Federal home loan banks, 38, 39, 51 Central banks, 92, 94 Federal Home Loan Mortgage Corporation, 53 Certificates of deposit, 28 Federal Housing Administration, 49, 50, 51, 52, 53 Coins, circulation, 15 Federal intermediate credit banks, 38, 39 Commercial and industrial loans: Federal land banks, 38, 39 Commercial banks, 17, 22, 31 Federal National Mortgage Assn., 38, 39, 52 Weekly reporting banks, 24, 29 Federal Reserve Banks: Commercial banks: Condition statement, 12 Assets and liabilities, 17, 18, 22, 23, 24, 97-99 U.S. Govt, securities held, 4, 12, 14, 42, 43 Consumer loans held, by type, 55 Federal Reserve credit, 4, 6, 12, 14 Deposits at, for payment of personal loans, 30 Federal Reserve notes, 12, 13, 15 Loans sold outright, 31 Federally sponsored credit agencies, 38, 39 Number, by classes, 18, 97-99 Finance companies: Real estate mortgages held, by type, 50 Loans, 24, 54, 55, 57 Commercial paper, 31, 33 Paper, 31, 33 Condition statements (See Assets and liabilities) Financial institutions, loans to, 22, 24 Construction, 62, 63 Float, 4 Consumer credit: Flow of funds, 70 Instalment credit, 54, 55, 56, 57 Foreign: Noninstalment credit, by holder, 55 Currency operations, 11, 12, 13, 75, 81 Consumer price indexes, 62, 66 Deposits in U.S. banks, 5, 12, 13, 23, 27, 88, 96 Consumption expenditures, 68, 69 Exchange rates, 91 Corporations: Trade, 73 Profits, taxes, and dividends, 48 Foreigners: Security issues, 46, 47 Claims on, 82, 83, 88, 89, 90 Security yields and prices, 34, 35 Liabilities to, 28, 76, 77, 79, 80, 81, 88, 89, 90 Cost of living (See Consumer price indexes) Currency and coin, 5, 9, 23 Gold: Currency in circulation, 5, 15, 16 Certificates, 12, 13, 15 Customer credit, stock market, 36 Earmarked, 88 Net purchases by United States, 74 Debits to deposit accounts, 14 Production, 95 Debt (See specific types of debt or securities) Reserves of central banks and govts., 94 Demand deposits: Stock, 4, 75, 96 Adjusted, banks and the monetary system, 96 Government National Mortgage Assn., 52 Adjusted, commercial banks, 14, 17, 23 Gross national product, 68, 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 109 Hours and earnings, manufacturing industries, 65 Production, 58-61, 62 Housing permits, 62 Profits, corporate, 48 Housing starts, 63 Real estate loans: Income, national and personal, 68, 69 Banks, by classes, 22, 25, 37, 50 Industrial production index, 58-61, 62 Delinquency rates on home mortgages, 53 Instalment loans, 54, 55, 56, 57 Mortgage yields, 35, 51, 52, 53 Insurance companies, 37, 42, 43, 50, 51 Type of holder and property mortgaged, 49-53 Insured commercial banks, 20, 22, 30 Reserve position, basic, member banks, 7 Interbank deposits, 18, 23, 97-99 Reserve requirements, member banks, 9 Interest rates: Reserves: Business loans by banks, 32 Central banks and govts., 94 Federal Reserve Banks, 8 Commercial banks, 23, 26, 28 Foreign countries, 92, 93 Federal Reserve Banks, 12, 13 Money market rates, 33 Member banks, 5, 6, 17, 23 Mortgage yields, 51, 52, 53 U.S. reserve assets, 75 Prime rate, commercial banks, 32 Residential mortgage loans, 35, 49, 50, 51, 52, 53 Time and savings deposits, maximum rates, 10 Retail credit, 54 Yields, bond and stock, 34 Retail sales, 62 International capital transactions of U.S., 76-90 International institutions, 74, 75, 92, 94 Saving: Inventories, 68 Flow of funds series, 70 Investment companies, issues and assets, 47 National income series, 68 Investments (See also specific types of investments): Savings and loan assns., 38, 43, 51 Banks, by classes, 18, 22, 25, 26, 37, 97-99 Savings deposits (See Time deposits) Commercial banks, 17 Savings institutions, principal assets, 37, 38 Federal Reserve Banks, 12, 14 Securities (See also U.S. Govt, securities): Life insurance companies, 37 Federally sponsored agencies, 38, 39 Savings and loan assns., 38 International transactions, 84, 85 New issues, 45, 46, 47 Silver coin, 15 Labor force, 64 Special Drawing Rights, 4, 12, 13, 72, 75, 96 Life insurance companies (See Insurance companies) State and local govts.: Loans (See also specific types of loans): Deposits, 23, 27 Banks, by classes, 18, 22, 24, 37, 97-99 Holdings of U.S. Govt, securities, 42, 43 Commercial banks, 17, 18, 22, 24, 29, 31, 32 New security issues, 45, 46 Federal Reserve Banks, 4, 6, 8, 12, 13, 14 Ownership of securities of, 22, 26, 37 Insurance companies, 37, 50, 51 Yields and prices of securities, 34, 35 Insured or guaranteed by U.S., 49, 50, 51, 52, 53 State member banks, 20, 30 Savings and loan assns., 38, 51 Stock market credit, 36 Stocks: Manufacturers: New issues, 46, 47 Capacity utilization, 62 Yields and prices, 34, 35 Production index, 59, 62 Margin requirements, 10 Tax receipts, Federal, 41 Member banks: Time deposits, 10, 17, 18, 23, 27, 96, 97-99 Assets and liabilities, by classes, 18, 22, 97-99 Treasury cash, Treasury currency, 4, 5, 15, 96 Borrowings at Federal Reserve Banks, 6, 12 Treasury deposits, 5, 12, 13, 40 Number, by classes, 18, 97-99 Treasury operating balance, 40 Reserve position, basic, 7 Reserve requirements, 9 Unemployment, 64 Reserves and related items, 4, 6, 17 U.S. balance of payments, 72 Mining, production index, 59, 61 U.S. Govt, balances: Mobile home shipments, 63 Commercial bank holdings, 23, 27 Money market rates (See Interest rates) Consolidated condition statement, 96 Money stock and related data, 16 Member bank holdings, 17 Mortgages (See Real estate loans and Residential mortgage Treasury deposits at Reserve Banks, 5, 12, 13, 40 loans) U.S. Govt, securities: Mutual funds (See Investment companies) Bank holdings, 18, 22, 25, 37, 42, 43, 96, 97-99 Mutual savings banks, 27, 37, 42, 43, 50, 96 Dealer transactions, positions, and financing, 44 Federal Reserve Bank holdings, 4, 12, 13, 14, 42, 43 National banks, 20, 30 Foreign and international holdings, 12, 81, 84, 88 National defense expenditures, 41, 68 International transactions, 81, 84 National income, 68, 69 New issues, gross proceeds, 46 Nonmember banks, 20, 22, 23, 30 Open market transactions, 11 Outstanding, by type of security, 42, 43, 45 Ownership, 42, 43 Open market transactions, 11 Yields and prices, 34, 35 United States notes, 15 Payrolls, manufacturing index, 62 Utilities, production index, 59, 61 Personal income, 69 Postal savings, 23, 96 Veterans Administration, 49, 50, 51, 52, 53 Prices: Consumer and wholesale commodity, 62, 66 Weekly reporting banks, 24 Security, 35 Prime rate, commercial banks, 32 Yields (See Interest rates) )xedni siht n i dettimo si ” A“ xiferp eht hguohtla 99-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^ C hicago j Omaha.* r*J?cW % Kansas City^ (5 'CfutrCotUf Oklahoma CitiJ Pi rw«^«tfanta Dallas Jiousum January 1972 ‘Drawn byH.W. Qafvin, Cart A (c THE FEDERAL RESERVE SYSTEM g) a HAWAII L e g e n d Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories o Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER Federal Reserve Bank Facilities http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis