Federal Reserve Bulletin, 1973-11
Federal Reserve Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) COVER: Photograph of the Constitution Avenue entrance of the Federal Reserve Building in Washington, D.C. The building, completed in 1937, houses the Board of Governors of the Federal Reserve System and its staff. In reproducing the photograph, the blue color is printed as a "line conversion" without tones and the brown is overprinted in a light-value, continuous-tone halftone. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN S CONTENTS NUMBER 11 • VOLUME 59 • NOVEMBER 1973 779 Financial Developments in the Third Quarter of 1973 791 Money Supply in the Conduct of Monetary Policy 799 Statement to Congress 804 Record of Policy Actions of the Federal Open Market Committee 811 Law Department 831 Announcements 835 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 i A 107 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
Financial Developments in the Third Quarter of 1973 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the summer and early fall. Growth in the monetary aggregates slowed considerably in the third quarter, as a policy of monetary restraint continued. In the early part of the quarter interest rates rose sharply further, but market rates later dropped back appreciably from their previous peaks. In July and early August, with credit demands strong, commercial banks sought to increase loanable funds through additional sales of large negotiable certificates of deposit (CD's) and substantial liquidation of Treasury securities. At the same time, upward rate pressures were added to the market by Federal agencies—primarily those supplying credit to the mortgage markets—which became heavy borrowers in an effort to cushion the impact of disintermediation. Mortgage interest rates nevertheless rose sharply, and after holding relatively stable during the first half of the year, bond yields registered sizable increases. With market interest rates advancing, ceiling interest rates on time and savings deposits at banks and nonbank savings institutions were raised in early July; permission to issue a ceiling-free savings certificate maturing in 4 years or more was also granted. Despite the fact that most banks and other thrift institutions took advantage of the new higher ceilings to offer more attractive rates, there was a sharp deceleration in seasonally adjusted deposit inflows to savings and loan associations and mutual savings banks, as savers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
780 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 diverted large amounts of funds to alternative investments, particularly market instruments. Consumer-type time and savings deposits at banks, however, continued to grow at a moderate pace. Both banks and thrift institutions made activp use of the new ceiling-free certificate to attract and retain consumer funds in a period of rising interest rates. Partly because of the turbulence in savings markets and the decline in mortgage credit flows, however, new legislation was enacted in the fall requiring reimposition of rate ceilings on all consumer-type time deposits. Accordingly, the regulatory agencies announced new ceilings of llA per cent for banks and IVi per cent for thrift institutions on certificates maturing in 4 years or more, effective November 1. Toward the end of the third quarter, market pressures eased. By late October interest rates were well below their August-September peaks, and savings flows at nonbank thrift institutions had improved considerably. The reversal of interest rates was attributable in part to widespread expectations by investors of a prospective easing in monetary policy—expectations based on the weakened growth rates in the monetary aggregates in August and September, on the evidence that the economic expansion had slowed, and on the increasing strength of the dollar in international markets. In addition, a moderation in business loan demands in late August and September reduced pressures on banks, and banks became less active issuers of CD's. A subsequent reduction in CD rates led to a sharp run-off of these certificates in late September and early October. Most recently, however, interest rates, particularly Treasury bill rates, have retraced some of their decline, in part reflecting sales or redemptions of Treasury securities by foreign central banks as the improving U.S. balance of payments led to reflows of funds from abroad. MONETARY In the third quarter of 1973, reserves available to support private AGGREGATES nonbank deposits (RPD's) expanded at a 13.6 per cent seasonally adjusted annual rate, slightly faster than in the second quarter. A large proportion of the third-quarter expansion in RPD's was associated with the continued upsurge in negotiable CD's and a shift in the composition of consumer-type time deposits from savings accounts—on which reserve requirements are 3 per cent— to various types of time certificates—on which the reserve requirement is typically 5 per cent. Moreover, the imposition of a 3 per cent marginal reserve requirement on any increase in CD's above the amount outstanding in mid-May raised the reserves absorbed by the growth in CD's in the third quarter. Total reserves, which had risen more slowly in the second quarter due to a decline in Government and interbank deposits, increased at a 10.3 per cent annual rate in the tjiird quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, THIRD QUARTER OF 1973 781 TABLE 1 CHANGES IN SELECTED MONETARY AGGREGATES In per cent, figures are seasonally adjusted annual rates 1972 1973 1972 1973 IItteemm HI H2 HI Q4 Ql Q2 Q3 Member bank reserves: Total 11.7 9.0 7.4 14.2 8.8 5.8 10.3 Nonborrowed 12.1 2.0 4.9 4.8 -7.1 17.3 12.4 Available to support private nonbank deposits1 8.6 10.4 11.4 10.6 10.5 12.0 13.6 Concepts of money2 calculated from— End-month of quarter: M, 7.7 8.5 6.0 8.6 1.7 10.3 .3 M, 10.8 10.3 7.7 10.2 5.7 9.5 5.1 M, 13.0 12.1 9.1 11.5 8.6 9.4 4.4 Quarterly average: M, 7.0 7.6 5.8 7.2 4.6 6.9 5.1 Mo 10.7 10.0 7.8 9.5 7.6 7.8 7.0 M, 12.9 12.0 9.4 11.5 9.9 8.6 6.5 Time and savings deposits at: Commercial banks (other than large CD's) 13.7 12.1 9.2 11.6 9.5 8.7 9.8 Nonbank thrift institutions 17.3 15.4 11.6 13.9 13.6 9.4 3.1 Bank credit proxy, adjusted3 11.4 11.1 13.8 12.1 15.0 12.2 10.5 MEMO (change in billions of dollars, seasonally adjusted): Large CD's 4.4 5.7 18.9 3.3 11.7 7.1 4.8 U.S. Govt, demand deposits at member banks .4 -1.4 1.4 .9 -2.4 1 Total reserves less required reserves for U.S. Government and interbank deposits. 2Mi is currency plus private demand deposits adjusted. M is M plus bank time and savings deposits other than large CD's. 2 t M is M plus deposits at mutual savings banks and savings and loan associations. 3 2 3Total member bank deposits plus funds provided by Euro-dollar borrowings and bankrelated commercial paper. NOTE.—Changes are calculated from the average amounts outstanding in the last month of each quarter, except the quarterly average calculation of concepts of money, which are based on changes in the average amounts outstanding for a quarter. Annual rates of growth have been adjusted for changes in reserve requirements. There was a marked slackening in growth of the monetary aggregates in the third quarter. Following a moderate rise during July, the narrowly defined money supply (M ) declined in both x August and September. On balance, M showed almost no gain 1 over the third quarter, as measured on an end-month of quarter basis from June to September. However, when changes are measured from the average for a full quarter, M expanded at a 5.1 x per cent annual rate in the third quarter, only moderately slower than the 6.9 per cent pace of the second quarter. These quarterly average growth rates—which tend to smooth out fluctuations in the volatile M series and are the method used for measuring related x economic quantities such as GNP—are perhaps a better reflection of the moderating trend in M growth. x The reduction in M growth in the third quarter was in large x part related to the lagged effect of high and rising interest rates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
782 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 1 I CONCEPTS OF MONEY RATIO SCALE, BILLIONS OF DOLLARS mm gsoo 800 700 1971 1972 1973 Seasonally adjusted monthly averages. Mx is currency plus private demand deposits adjusted. M2 is Mx plus commercial bank time and savings deposits adjusted other than large CD's. M3 is M2 plus deposits at mutual savings banks and savings and loan associations. that increased substantially the opportunity cost associated with holding demand balances. There also may have been one-time shifts from demand balances to consumer-type time deposits following the regulatory action on deposit rate ceilings in July and the subsequent upward adjustment of offering rates on time and savings deposits. Furthermore, in September corporations seemed to rely more heavily than in past years on demand balances to finance third-quarter tax payments, thus contributing to slower M growth x late in the quarter. Growth rates of M and M also decelerated in the third quarter 2 3 to 5.1 and 4.4 per cent, respectively, from 9.5 and 9.4 per cent in the second quarter. In the case of M, this slowing reflected 2 entirely the weakness in M since time and savings deposits other 1? than large CD's at commercial banks expanded at a rate slightly above their second-quarter pace. The growth rate of M, however, 3 was lower than for M because of reduced inflows of time and 2 savings deposits at nonbank thrift institutions. At commercial banks, inflows of savings and small-denomination time deposits slowed moderately in early July as the spread between market rates and Regulation Q ceilings widened. In July, however, the ceiling rate for commercial bank passbook savings accounts was increased by V2 percentage point and for small-denomination time deposits from lA to 3A percentage points on various maturities; ceilings were suspended entirely on minimum deposits of $1,000 with maturities of 4 years or more, although the Reserve Board Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, THIRD QUARTER OF 1973 783 and the Federal Deposit Insurance Corporation (FDIC) subsequently ruled that banks could not issue such instruments in amounts that would exceed 5 per cent of their total time and savings deposits. In a coordinated action, the FDIC and the Federal Home Loan Bank Board (FHLBB)—which have regulatory authority over rates paid by insured mutual savings banks and most savings and loan associations—announced similar changes in ceiling rates payable by these institutions. Following the change in regulatory ceilings, the public reduced its holdings of savings accounts at all depositary institutions, shifting in large part to higher-yielding time deposits. However, at commercial banks inflows of time deposits—including the new 4-year time deposits exempt from Regulation Q ceilings—were substantially larger than savings deposit outflows. Most banks were offering 7 to IV2 per cent on the 4-year deposits that many small savers found attractive relative to the rates on savings and shortermaturity time deposits still constrained by regulatory ceilings. Although nonbank thrift institutions also offered the 4-year deposits at rates generally the same as or higher than commercial banks, total inflows of deposits at these institutions dropped sharply on balance in the third quarter, perhaps as the more interest-sensitive depositors at these institutions acquired higher-yielding market securities. Effective November 1, as a result of legislative action, ceiling rates were reinstituted on the 4-year deposits. Banks continued to be active bidders for large-denomination CD funds during most of the third quarter, and offering rates on these instruments reached 10.75 to 11.00 per cent by the end of August. The total volume of outstanding CD's increased by $5.0 billion during July and August, but the net increase of such deposits dropped in September, as banks—faced with moderating loan demands—became less aggressive bidders for funds. There was a sizable run-off in CD's in late September and early October after banks adjusted their offering rates downward. Bank credit, as measured by the adjusted member bank credit proxy, expanded at a 10.5 per cent annual rate in the third quarter, somewhat less than in the first half of the year. Contributing to the credit proxy growth—in addition to the growth in time deposits—was an increase in bank use of nondeposit sources of funds. In July this rise was mainly the result of an increase in Euro-dollar borrowings, as banks were better able to take advantage of more favorable rate spreads because of an earlier reduction of reserve requirements on member bank Euro-dollar holdings from 20 to 8 per cent. In August and September additional funds were raised through sales of bank-related commercial paper, though these were subject also to a marginal reserve requirement of 8 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
784 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 BANK USES OF FUNDS After growing rapidly in the first half of the year, total loans and investments of commercial banks continued to expand at a strong pace through the early part of the third quarter before showing signs of moderation in mid-August. The slowing in credit expansion late in the quarter primarily reflected a deceleration in loan expansion, particularly to business borrowers. With the exception of security loans, most other loan categories maintained the rapid rates of growth of earlier months throughout the third quarter. And with loan demands generally strong and deposit inflows slowing, banks liquidated a sizable amount of Government securities during the third quarter, which contributed to a further decline in bank liquidity as measured by the ratio of liquid assets to liabilities. At the larger banks, this ratio has trended downward since late 1972, and in the third quarter reached the lowest level since mid-1971. The sharp reduction in business loan growth late in the third quarter may be attributed to a combination of factors, including increased restraint imposed by banks through nonprice lending terms as well as higher interest rates charged. An August survey of lending practices at large banks indicated increased restrictions with BANK CREDIT-COMPONENTS CHANGE, BILLIONS OF DOLLARS BANK LOANS-MAJOR COMPONENTS 4 HI i—i i—i i—r 03 04 Q1 Q2 Q3 im 1973 Seasonally adjusted. Loans adjusted Seasonally adjusted. Business adfor transfers between banks and their justed for transfers between banks holding companies, affiliates, sub- and their holding companies, affilisidiaries, or foreign branches. Bank ates, subsidiaries, or foreign credit figures revised to incorporate branches. Bank credit figures revised June 1973 Call Report data for non- to incorporate June 1973 Call Report member banks and new seasonal ad- data for nonmember banks and new justment factors. seasonal adjustment factors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, THIRD QUARTER OF 1973 785 respect to compensating balance requirements and stricter scrutiny of new loan applications by many banks. In addition, between July and September the prime rate was adjusted upward from 73A to 10 per cent. The higher cost of bank loans led to some diversion of business credit demands to the commercial paper market. Dealer-placed commercial paper outstanding increased at an exceptionally strong rate in September and October. In September the expansion in commercial paper only partly offset the slower growth in bank loans to businesses, however, so that total shortterm business credit demands moderated late in the third quarter relative to earlier months. Real estate loans at commercial banks continued to expand in the third quarter at a strong pace, although slightly below the 21 per cent annual rate maintained in the first half of the year. The sustained strength in real estate loans reflected to a large extent take-downs of previous commitments; however, in localities not constrained by usury ceilings, banks were no doubt encouraged to maintain credit flows into mortgages because of the relatively high mortgage yields available. Consumer instalment credit growth remained strong until late in the third quarter, and banks continued their willingness to make consumer loans—which expanded at a slightly faster pace than in the second quarter. Strong consumer credit demands were also reflected in increased borrowing by finance companies early in the third quarter, but as the quarter progressed, finance companies borrowed less heavily from banks while increasing their borrowing through sales of less costly commercial paper. Banks reduced their holdings of U.S. Government securities by more than $5 billion during the third quarter, bringing their holdings of these issues to the lowest level since the fall of 1970. Bank holdings of other securities continued to expand at a rapid rate, which may be associated with the larger than seasonal supply of agency issues offered to the market in the third quarter. NONBANK Deposit growth at nonbank thrift institutions had begun to moderate INTERMEDIARIES AND as market interest rates rose throughout the second quarter of 1973. MORTGAGE MARKETS j early July, however, yields on market instruments moved sharply n higher, reaching levels sufficient to stimulate a significant redirection of savings flows away from thrift institution deposits and into alternative investments. As a result, withdrawals exceeded new deposits at savings and loan associations and mutual savings banks by more than $3V2 billion in the third quarter. With the inclusion of interest credited to existing accounts, total deposits at these institutions grew at a seasonally adjusted annual rate of 2.1 per cent in the 3 months ended September, as contrasted with the second-quarter growth rate of 9.4 per cent. The net outflows of new money made it necessary for the thrift Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
786 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 institutions to tap other sources of funds in meeting take-downs NONBANK SAVINGS ACCOUNTS ANNUAL RATE OF CHANGE, PER CENT of a large volume of prior mortgage commitments. Reductions in holdings of liquid assets occurred, encouraged by the FHLBB's further lowering of liquidity requirements, and commercial bank lines of credit were utilized. Despite a tightening of home loan bank lending policies, member savings and loan associations increased their borrowings by a record $3.0 billion over the quarter, raising total home loan bank advances outstanding to a new high of $14.3 billion. Thrift institutions also responded to the pressures of disintermediation by sharply curtailing new mortgage lending commitments; their outstanding commitments (including loans in process) fell from a seasonally adjusted $24.2 billion at the end Q3 Q4 Q1 Q2 Q3 1972 1973 of June to $20.8 billion at the end of September. Seasonally adjusted. Life insurance companies, too, experienced significant pressures from the alteration of financial flows during the third quarter. Policy loans rose sharply, thereby reducing the funds available to the companies for other investments. Although a strong cash position at the beginning of the quarter provided some cushion, the life insurers found it necessary to limit investments for which they had no prior commitments. Mortgage debt outstanding grew at a seasonally adjusted quarterly rate of $17.5 billion in the third quarter of 1973, based on preliminary estimates. The net increase in residential mortgage debt, while down further from the first-quarter peak, still exceeded the large year-earlier change. Growth in nonresidential mortgage debt meanwhile reached another new high. Net lending by savings and loan associations continued downward on a seasonally adjusted basis in the third quarter. Among other lenders in the primary market, commercial banks and mutual savings banks also added less to their mortgage portfolios than in the preceding quarter. The Federal National Mortgage Association and other Federally sponsored agencies accounted for a larger share of net mortgage lending than in the recent past, as they TABLE 2 NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted quarterly rates 1972 1973 TTyyppee ooff ddeebbtt Q3 Q4 QF Q2r Q3e Total 16.3 17.0 19.5 19.2 17.5 Residential 11.8 12.6 14.5 13.9 12.1 Other1 4.5 4.4 5.0 5.3 5.4 includes commercial and other nonresidential as well as farm properties. r Revised. ePartly estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, THIRD QUARTER OF 1973 787 stepped up their secondary market support and provided a partial offset to the reduced participation of depositary institutions. FUNDS RAISED IN The volume of long-term securities sold by corporations and State SECURITIES MARKETS and local governments during the third quarter was the smallest for any quarter since 1970. The drop in corporate offerings of bonds and stock was especially striking, with the total off by one-third from the third quarter of 1972. While the continued generation of large amounts of internal funds limited the need to rely on external sources, corporations also continued to rely heavily on the short-term debt markets for financing; the depressed level of share prices in the stock markets and the general expectation of lower long-term rates in the future discouraged long-term offerings. Public offerings of corporate bonds were particularly small during the third quarter, the total volume issued being the lowest in any quarter since the October-December period of 1966. Utilities and communications firms issued the bulk of publicly offered bonds, with manufacturers largely absenting themselves from the market. New stock issues, which had already declined markedly in the second quarter, fell even further in the third quarter. The forward calendar of scheduled stock and bond offerings did, however, build up appreciably at the end of the quarter and in early October, suggesting an upswing in security issuance in the fourth quarter. The decline in issuance of long-term securities by State and local governments appears to have been in line with normal seasonal patterns. Tax-exempt bond offerings this year have been somewhat lighter than in the two preceding years, the financial positions of many units having been significantly improved by large tax receipts associated with higher incomes and property values and by Federal revenue sharing. Although Federal expenditures were slightly in excess of revenues, the Treasury avoided the need for net borrowing by running TABLE 3 OFFERINGS OF NEW SECURITY ISSUES Quarterly totals, in billions of dollars, not seasonally adjusted 1972 1973 TTyyppee ooff iissssuuee Q3 Q4 Ql Q2 Q3e Corporate securities—Total 9999....2222 11110000....6666 8888....2222 8888....6666 6666....2222 Bonds 6666....1111 7777....3333 4444....4444 6666....2222 4444....5555 Stocks 3333....1111 3333....3333 4444....0000 2222....4444 1111....7777 State and local government bonds 5555....5555 5555....9999 5555....9999 5555....8888 5555....1111 e Estimated. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
788 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 TABLE 4 FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals, in billions of dollars, not seasonally adjusted 1972 1973 IItteemm Q3 Q4 Ql Q2 Q3 Budget surplus, or deficit -2.0 -10.5 -9.5 7.6 -1.1 New cash borrowings, or repayments (—) 5.0 12.3 8.4 -6.5 -.7 Other means of financing1 -3.3 -.5 2.9 -1.4 -2.5 Change in cash balance -.3 1.3 1.8 -.3 -4.3 MEMO: Net borrowings by Federally sponsored credit agencies2 .. .7 1.0 2.0 5.0 5.7e Checks issued less checks paid and other accrued items. 2Includes debt of the Federal Home Loan Mortgage Corporation, Federal home loan banks, Federal land banks, Federal intermediate credit banks, banks for cooperatives, and FNMA (including discount notes and securities guaranteed by the Government National Mortgage Association). e Estimated. down the large cash balance that had existed at the end of June. The Treasury was, in fact, able to retire $0.7 billion of publicly held debt during the third quarter. Federally sponsored agencies, however, were heavy borrowers in the quarter. The Federal Home Loan Bank System sought large sums for advances to member savings associations, and that and other housing-related agencies also borrowed to finance substantial purchases of mortgages in the secondary market. INTEREST RATES Continuing an uptrend that began early in 1972, interest rates climbed in the third quarter to record levels before a market rally produced sharply lower yields on many debt instruments. The largest rate increases occurred in the short-term markets where yields rose as much as 2 percentage points before easing in late September when investor expectations of an imminent relaxation of monetary policy became widespread. Long-term interest rate increases ranged up to nearly a full percentage point during the quarter, with most bond rates peaking in August, while mortgage rates continued to climb well into September. The rally in debt markets extended into mid-October; most recently, however, interest rates have risen somewhat in the face of a growing volume of new long-term issues and foreign central bank sales and redemptions of short-term Treasury securities. In part reflecting the Federal Reserve's efforts to moderate the growth of money and credit, the Federal funds rate—the rate charged on day-to-day interbank borrowings—jumped sharply by 2 percentage points in early July to approximately IOV2 per cent. It remained very close to that level through the first week of October Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, THIRD QUARTER OF 1973 789 2 | INTEREST RATES PER CENT PER ANNUM * Level of series was affected by issue of new 20-year U.S. Government bond in January. Monthly averages except for conventional mortgages (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; conventional mortgages, rates on first mortgages in primary markets, unweighted and rounded to nearest 5 basis points, from Dept. of Housing and Urban Development; corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa utility basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. and then declined to slightly below 10 per cent. The Federal Reserve discount rate, meanwhile, was raised to 7 per cent in July and to IV2 per cent in August. The restrictive posture of monetary policy and the short-term credit demands of businesses combined to produce substantial increases in key business borrowing rates. The commercial paper rate rose more than 2 percentage points before retracing most of that gain after mid-September; the commercial bank prime rate also rose more than 2 percentage points over the quarter, but declined only slightly in October. Treasury bill rates displayed pronounced fluctuations. The 90-day bill yield averaged 7.24 per cent in the last week of June, rose to 8.95 per cent by the second week of September, fell to 7.22 per cent in the first week of October, and rose again to 7.84 per cent in the first week of November. Long-term rates had shown rather limited responses to the rise in short-term rates during the first half of 1973. In late July and early August, however, most long-term rates registered sizable increases, reflecting concern over inflation and the potential impact of the newly announced Phase IV controls as well as the further increases in short rates. The new-issue Aaa utility average, for example, spurted about 60 basis points to 8xh per cent despite a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
790 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 light supply of new corporate bond issues. The average declined subsequently, and in fact erased all of the earlier rise by the end of the quarter. Averages of yields on seasoned long-term issues generally followed a similar pattern, with some differences in the amplitudes of fluctuation. The Bond Buyer index of State and local issues rose approximately 35 basis points, but the market rally carried yields by the end of September to a level 25 basis points lower than they were at the end of June. The sharpest fluctuation in long-term yields on seasoned issues occurred in the Treasury market, where the auctioning of a new 20-year bond in early August put upward pressure on yields. Long-term Government bond yields rose nearly 70 basis points by early August and then receded to their initial level. Mortgage rates responded dramatically to the pressures on funds availability during the third quarter. The average rate on new commitments for conventional first mortgages on homes rose approximately 90 basis points between June and September, considerably more than on loans closed under commitments made earlier. In a number of States, usury ceilings prevented mortgage rates from rising to market-clearing levels, the result being either a drying up of mortgage credit or an extreme stiffening of nonprice terms. To bring the contract rate for Government-underwritten home mortgages more closely into line with the increased yields required by mortgage lenders, the ceiling on Federal Housing Agency and Veterans Administration loans was raised in two steps to 8V2 per cent. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Money Supply in the Conduct of Monetary Policy The role of the money supply in the conduct Price increases have been large and widespread. of monetary policy was discussed in detail in For a time, the unemployment rate remained a letter sent on November 6, 1973, by Chairman unduly high. Interest rates have risen sharply Arthur F. Burns, Chairman of the Board of since the spring of 1972. Mortgage money has Governors, to Senator William Proxmire of recently become difficult to obtain in many Wisconsin. communities. And confidence in the dollar at The letter, a copy of which follows, describes home and abroad has at times wavered. the extent and the significance of variations in Many observers have blamed these difficulties the growth of the money supply, and relates the on the management of public economic policies. actual behavior of money supply data during Certainly, the Federal budget—despite vigorous 1972 and 1973. efforts to hold expenditures down—continued in substantial deficit. There has also been an enor- * * * mous growth in the activities of Federally spon- I am writing in further response to your letter sored agencies, which, although technically outof September 17, 1973, which requested com- side the budget, must still be financed. The results ments on certain criticisms of monetary policy of efforts to control wages and prices during the over the past year. past year have been disappointing. Partial de- As stated in your letter, the criticisms are: control in early 1973 and the subsequent freeze (1) "that there was too much variation from failed to bring the results that had been hoped time to time in the rate of increase in the money for. supply, that monetary policy was too erratic, Monetary policy has been criticized on too much characterized by stops and starts"; somewhat contradictory counts—for being inand (2) "that the money supply had increased flationary, or for permitting too high a level of much too much last year, in fact that the in- interest rates, or for failing to bring the economy crease would have been too much even if we back to full employment, or for permitting exhad been in the depths of a recession instead cessive short-term variations in the growth of of enjoying a fairly vigorous economic expan- the money supply, and so on. sion." One indication of dissatisfaction with our These criticisms involve basic issues with public policies was provided by a report, to regard to the role of money in the economy, which you refer in your letter, on a questionand the role that the money supply should, play naire survey conducted by the National Associin the formulation and execution of monetary ation of Business Economists. Of the respondpolicy. These issues, along with the specific ents, 38 per cent rated fiscal policy 4 'over the past points you raise, require careful examination. year" as "poor"; 41 per cent rated monetary policy "over the past year" as "poor"; only 14 CRITICISM OF OUR PUBLIC POLICIES per cenf felt that the wage-price controls under During the past 2 years the American economy Phase IV were "about right." If this sampling has experienced a substantial measure of pros- is at all indicative, the public policies on which perity. Real output has increased sharply, jobs we have relied are being widely questioned. have been created for millions of additional Many members of the above group, in fact, workers, and total personal income—both in went on record for a significant change in fiscal dollars and in terms of real purchasing power— policy. In response to the question of whether has risen to the highest levels ever reached. they favored a variable investment tax credit, Yet the prosperity has been a troubled one. 46.5 per cent said "yes," 40 per cent said 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
792 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 "no," and 13.5 per cent expressed "no opin- Needless to say, monetary policy is—and has ion." long been—a controversial subject. Even the Let me turn now to the questions raised in monetarists do not speak with one voice on your letter and in some other recent discussions monetary policy. Some influential monetarists about monetary policy. I shall discuss, in par- believe that monetary policy should aim strictly ticular, the role of money supply in the conduct at maintaining a constant rate of growth of the of monetary policy; the extent and significance money supply. However, what that constant of variability in the growth of the money supply; should be, or how broadly the money supply and the actual behavior of the money supply should be defined, are matters on which moneduring 1972-73. tarists still differ. And there are also monetarists who would allow some—but infrequent— ROLE OF MONEY SUPPLY changes in the rate of growth of the money For many years economists have debated the supply, in accordance with changing economic role of the money supply in the performance conditions. of economic systems. One school of thought, It seems self-evident that adherence to a rigid often termed "monetarist," claims that changes growth-rate rule, or even one that is changed in the money supply influence very importantly, infrequently, would practically prevent moneperhaps even decisively, the pace of economic tary policy from playing an active role in ecoactivity and the level of prices. Monetarists nomic stabilization. Monetarists recognize this. contend that the monetary authorities should pay They believe that most economic disturbances principal attention to the money supply, rather tend to be self-correcting, and they therefore than to other financial variables such as interest argue that a constant or nearly constant rate of rates, in the conduct of monetary policy. They growth of the money supply would result in also contend that fiscal policy has only a small reasonably satisfactory economic performance. independent impact on the economy. But neither historical evidence nor the thrust Another school of thought places less em- of explorations in business-cycle theory over a phasis on the money supply and assigns more long century gives support to the notion that importance to the expenditure and tax policies our economy is inherently stable. On the conof the Federal Government as factors influenc- trary, experience has demonstrated repeatedly ing real economic activity and the level of that blind reliance on the self-correcting properprices. This school emphasizes the need for ties of our economic system can lead to serious monetary policy to be concerned with interest trouble. Discretionary economic policy, while rates and with conditions in the money and it has at times led to mistakes, has more often capital markets. Some economic activities, par- proved reasonably successful. The disapticularly residential building and State and local pearance of business depressions, which in eargovernment construction, depend heavily on lier times spelled mass unemployment for borrowed funds, and are therefore influenced workers and mass bankruptcies for businessgreatly by changes in the cost and availability men, is largely attributable to the stabilization of credit. In other categories of spending—such policies qf the last 30 years. as business investment in fixed capital and in- The fact is that the internal workings of a ventories, and consumer purchases of durable market economy tend of themselves to generate goods—credit conditions play a less decisive business fluctuations, and most modern econorole, but they are nonetheless important. mists recognize this. For example, improved Monetarists recognize that monetary policy prospects for profits often spur unsustainable affects private spending in part through its im- bursts of investment spending. The flow of pact on interest rates and other credit terms. But personal income in an age of affluence allows they believe that primary attention to the growth ample latitude for changes in discretionary exof the money supply will result in a more penditures and in savings rates. During a busiappropriate monetary policy than would atten- ness-cycle expansion various imbalances tend to tion to conditions in the credit markets. develop within the economy—between aggre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY SUPPLY AND MONETARY POLICY 793 gate inventories and sales, or between aggregate on plant and equipment spending, consumer business investment in fixed capital and con- attitudes, and inventory plans. Recent trends in sumer outlays, or between average unit costs key producing and spending sectors are anaof production and prices. Such imbalances give lyzed. The opinions of businessmen and outside rise to cyclical movements in the economy. economic analysts are canvassed, in part Flexible fiscal and monetary policies, therefore, through the nationwide contacts of Federal Reare often needed to cope with undesirable eco- serve Banks. And an assessment is made of the nomic developments, and this need is not di- probable course of fiscal policy and also of minished by the fact that our available tools of labor-market and agricultural policies, and their economic stabilization leave something to be effects on the economy. desired. Evidence from all these sources is weighed. There is general agreement among econo- Efforts are also made to assess economic develmists that, as a rule, the effects of stabilization opments through the use of large-scale econopolicies occur gradually over time, and that metric models. An eclectic approach is thus economic forecasts are an essential tool of poli- taken by the Federal Reserve, in recognition of cymaking. However, x\o economist—or school the fact that the state of economic knowledge of economics—has a monopoly on accurate does not justify reliance on any single forecastforecasting. At times, forecasts based largely on ing technique. As economic research has cumuthe money supply have turned out to be satis- lated, it has become increasingly clear that factory. At other times, such forecasts have money does indeed matter. But other financial been quite poor, mainly because of unan- variables also matter. ticipated changes in the intensity with which the In recent years, the Federal Reserve has existing money stock is used by business firms placed somewhat more emphasis on achieving and consumers. desired growth rates of the monetary aggregates, Changes in the rate of turnover of money have including the narrowly-defined money supply, historically played a large role in economic in its conduct of monetary policy. But we have fluctuations, and they continue to do so. For continued to give careful attention to other fiexample, the narrowly defined money stock— nancial indicators, among them the level of that is, demand deposits plus currency in public interest rates on mortgages and other loans and circulation—grew by 5.7 per cent between the the liquidity position of financial institutions and fourth quarter of 1969 and the fourth quarter the general public. This is necessary because of 1970. But the turnover of money declined the economic implications of any given moneduring that year, and the dollar value of gross tary growth rate depend on the state of liquidity, national product rose only 4.5 per cent. In the the attitudes of businessmen, investors, and following year, the growth rate of the money consumers toward liquidity, the cost and availsupply increased to 6.9 per cent, but the turn- ability of borrowed funds, and other factors. over of money picked up briskly and the dollar Also, as the Nation's central bank, the Federal value of GNP accelerated to 9.3 per cent. The Reserve can never lose sight of its role as a movement out of recession in 1970 into recov- lender of last resort, so that financial crises and ery in 1971 was thus closely related to the panics will be averted. greater intensity in the use of money. Occur- I recognize that one advantage of maintaining rences such as this are very common because a relatively stable growth rate of the money the willingness to use the existing stock of supply is that a partial offset is thereby provided money, expressed in its rate of turnover, is a to unexpected and undesired shifts in the aggrehighly dynamic force in economic life. gate demand for goods and services. There is For this as well as other reasons, the Federal always some uncertainty as to the emerging Reserve uses a blend of forecasting techniques. strength of aggregate demand. If money growth The behavior of the money supply and other is maintained at a rather stable rate, and aggrefinancial variables is accorded careful attention. gate demand turns out to be weaker than is So also are the results of the most recent surveys consistent with the Nation's economic objec- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
794 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 tives, interest rates will tend to decline and the bracing other liquid assets could also be justieasing of credit markets should help to moderate fied—for example, one that would include the undesired weakness in demand. Similarly, large-denomination negotiable time CD's, U.S. if the demand for goods and services threatens savings bonds and Treasury bills, commercial to outrun productive capacity, a rather stable paper, and other short-term money market inrate of monetary growth will provide a restrain- struments. ing influence on the supply of credit and thus There are many assets closely related to cash, tend to restrain excessive spending. and the public can switch readily among these However, it would be unwise for monetary assets. However money may be defined, the task policy to aim at all times at a constant or nearly of determining the amount of money needed to constant rate of growth of money balances. The maintain high employment and reasonable stamoney growth rate that can contribute most to bility of the general price level is complicated national objectives will vary with economic by shifting preferences of the public for cash conditions. For example, if the aggregate de- and other financial assets. mand for goods and services is unusually weak, or if the demand for liquidity is unusually VARIABILITY OF MONEY SUPPLY strong, a rate of increase in the money supply GROWTH well above the desirable long-term trend may In the short run, the rate of change in the be needed for a time. Again, when the economy observed money supply is quite effatic and is experiencing severe cost-push inflation, a cannot be trusted as an indicator of the course monetary growth rate that is relatively high by of monetary policy. This would be so even if a historical yardstick may have to be tolerated there were no errors of measurement. for a time. If money growth were severely The record of hearings held by the Joint constrained in order to combat the element of Economic Committee on June 27, 1973, ininflation resulting from such a cause, it might cludes a memorandum that I submitted on well have seriously adverse effects on produc- problems encountered in cpntrolling the money tion and employment. In short, t)ie growth rate supply. As indicated there, week-to-week, of the money supply that is appropriate at any month-to-month, and even quarter-to-quarter given time cannot be determined simply by fluctuations in the rate of change of money extrapolating past trend or by some precon- balances are frequently influenced by internaceived arithmetical standard. tional flows of funds, changes in the level of Moreover, for purposes of conducting mone- U.S. Government deposits, and sudden changes tary policy, it is never safe to rely on just one in the public's attitude toward liquidity. Some concept of money—even if that concept happens of these variations appear to be essentially ranto be fashionable. A variety of plausible con- dom—a product of the enormous ebb and flow cepts merit careful attention because a number of funds in our modern economy. of financial assets serve as a convenient, safe, Because the demands of the public for money and liquid store of purchasing power. are subject to rather wide short-term variations, The Federal Reserve publishes data corre- efforts by the Federal Reserve to maintain a sponding to three definitions of money and takes constant growth rate of the money supply could all of them into account in determining policy. lead to sharp short-run swings in interest rates The three measures are: (a) the narrowly defined and could risk damage to financial markets and money stock (M x ), which encompasses currency the economy. Uncertainties abbut financing cost and demand deposits held by the nonbank pub- could reduce the fluidity of markgt^ and could lic; (b) a more broadly defined money stock increase the costs of financing to borrowers. In (M 2 ), which also includes time and savings addition, yvide and erratic movements of interest deposits a{ commercial b^nks (other than large rates and financial conditions ^oulcj have undenegotiable time certificates of deposits); (c) a sirable effepts on business and ponsurper spendstill broader definition (M 3 ), which includes ing. These adverse effects may not be of major savings deposits at mutual savings banks and dimensions, but it is better to avoid them. savings and loan associations. A definition em- In any event, for a variety qf reasons ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY SUPPLY AND MONETARY POLICY 795 plained in the memorandum for the Joint Eco- $264 billion. On this base, a monthly rise or nomic Committee, to which I have previously fall in the money stock of even $2Vi billion referred, the Federal Reserve does not have would amount to only a 1 per cent change. But precise control over the money supply. To give when such a temporary change is expressed as one example, a significant part of the money an annual rate, as is now commonly done, it supply consists of deposits lodged in non- comes out as about 12 per cent and attracts member banks that are not subject to the reserve attention far beyond its real significance. requirements set by the Federal Reserve. As a The Federal Reserve research staff has invesresult, there is some slippage in monetary con- tigated carefully the economic implications of trol. Furthermore, since deposits at nonmember variability in the growth of M. The experience x banks have been reported for only 2 to 4 days of the past two decades suggests that even an in a year, in contrast to daily statistics for abnormally large or abnormally small rate of member banks, the data on the money supply— growth of the money stock over a period of up which we regularly present on a weekly, to 6 months or so has a negligible influence monthly, and quarterly basis—are estimates on the course of the economy—provided it is rather than precise measurements. When the subsequently offset. Such short-run variations in infrequent reports from nonmember banks be- the rate of change in the money supply may come available, they often necessitate consid- not at all reflect Federal Reserve policy, and erable revisions of the money supply figures. they do not justify the attention they often In the past 2 years, the revisions were upward, receive from financial analysts. and this may happen again this year. The thrust of monetary policy and its probable Some indication of the extent of short-term effects on economic activity can only be detervariations in the recorded money supply is pro- mined by observing the course of the money vided below. Table 1 shows the average and supply and of other monetary aggregates over maximum deviations (without regard to sign) of periods lasting 6 months or so. Even then, care M from its average annual growth rate over must be taken to measure the growth of money t a 3l/i-year period. As would be expected, the balances in ways that temper the influence of degree of variation diminishes as the time unit short-term variations. For example, the growth lengthens; it is much larger for monthly than of money balances over a quarter can be measfor quarterly data and is also larger for quarterly ured from the amount outstanding in the last than for semiannual data. month of the preceding quarter to the last month In our judgment, there is little reason for of the current quarter, or from the average amount concern about the short-run variations that occur outstanding during the preceding quarter to the in the rate of change in the money stock. Such average in the current quarter. The first measure variations have minimal effects on the real captures the latest tendencies in the money supeconomy, For one thing, the outstanding supply ply, but may be distorted by random changes of money is very large. It is al§o quite stable, that have no lasting significance. The second even when the short-run rate of change is un- measure tends to average out temporary fluctustable. This October the average outstanding ations and is comparable to the data provided supply of Mi, seasonally adjusted, was about on a wide range of nonmonetary economic variables, such as GNP and related measures. TABLE 1 A comparison of these two ways of measuring the rate of growth in M is shown in Table 2 DEVIATIONS IN M^ FROM ITS AVERAGE RATE OF x GROWTH, 1970 THROUGH MID-1973 for successive quarters in 1972 and 1973. The Percentage change at annual rates column labeled M shows annual rates calculated from end-months of quarters; the column la- FFoorrmm ooff ddaattaa Average Maximum beled Q shows annual rates calculated from deviation deviation quarterly averages. Monthly 3.8 8.8 As may be seen, the quarterly averages dis- Quarterly 2.4 5.5 Semiannual 1.8 4.1 close much more clearly the developing trend of monetary restraint-^-which, in fact, began in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
796 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 TABLE 2 economic and financial objectives, conditions, GROWTH RATES OF MONEY SUPPLY and policies during the past 2 years, if not ON TWO BASES longer. Such an analysis cannot be undertaken Percentage change at annual rates here. Some perspective on monetary developments during 1972-73 may be gained, however, Quarter M Q from comparisons with the experience of other industrial countries, and by recalling briefly how 1972— I 9.2 5.3 II 6.1 8.4 domestic economic conditions evolved during Ill 8.2 8.0 IV 8.6 7.1 this period. Table 3 compares the growth of M in the 1973— I 1.7 4.7 x II 10.3 6.9 United States with that of other industrial coun- Ill .3 5.1 tries in 1972 and the first half of 1973. The definitions of M differ somewhat from country x the second quarter of 1972. Also, the growth to country, but are as nearly comparable as of M which on a month-end basis appears very statistical sources permit. It goes without saying u erratic in the first three quarters of 1973, is much that each country faced its own set of economic more stable on a quarterly-average basis. For conditions and problems. Yet it is useful to note example, while the level of M did not expand that monetary growth in the United States was x significantly between June and September, the much lower than in other major industrial counquarterly-average figures indicate further sizable tries and that it also was steadier than in other growth in the third quarter. For purposes of countries. economic analysis, it is an advantage to recog- TABLE 3 nize that the money available for use was appreciably larger in the third quarter than in the GROWTH IN MONEY SUPPLY second quarter. Percentage change at annual rates EXPERIENCE OF 1972-73 Country 1971 Q4 1972 Q4 to 1972 Q4 to 1973 Q2 During 1972, it was the responsibility of the Federal Reserve to encourage a rate of economic United States 7.4 5.8 United Kingdom 14.1 10.0 expansion adequate to reduce unemployment to Germany 14.3 4.2 France 15.4 8.7 acceptable levels. At the same time, despite the Japan 23.1 28.2 dampening effects of the wage-price control program, inflationary pressures were gathering. Monetary policy, therefore, had to bajance the Table 4 shows, in summary fashion, the rates twin objectives of containing inflationary pres- of change in the money supply of the United sures and encouraging economic growth. These States, in its total production, and in the conobjectives were to some extent conflicting, and sumer price level during 1972 and 1973. The monetary policy alone could not be expected table is based on the latest data. It may be noted to cope with both problems. Continuation of an in passing that, according to data available as effective wage-price program and a firmer pol- late as January 1973, the rate of growth of M x icy of fiscal restraint were urgently needed. during 1972 was 7.2 per cent, not 7.4 per cent; The narrowly defined money stock increased and that the rate of increase in real GNP was 7.4 per cent during 1972—measured from the 7.7 per cent, not 7.0 per cent. In other words, fourth quarter of 1971 to the fourth quarter of on the basis of the data available during 1972, 1972. Between the third quarter of 1972 and the rate of growth of M x was below the rate the third quarter of 1973, the growth rate was of growth of the physical volume of over-all 6.1 per cent. By the first half of 1973, the annual production. growth rate had declined to 5.8 per cent, and Table 4 indicates that growth in M during x a further slowing occurred in the third quarter. 1972 and 1973 approximately matched the Evaluation of the appropriateness of these growth of real output, but was far below the growth rates would require full analysis of the expansion in the dollar value of the Nation's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY SUPPLY AND MONETARY POLICY 797 output. Although monetary policy limited the industrial capacity needed to produce these maavailability of money relative to the growth of terials had not been put in place earlier because transactions demands, it still encouraged a sub- of the abnormally low level of profits between stantial expansion in economic activity; real 1966 and 1971 and also because of numerous output rose by about 7 per cent in 1972. Even impediments to new investment on ecological so, unemployment remained unsatisfactorily grounds. Third, farm product prices escalated high throughout the greater part of the year. It sharply as a result of crop failures in many countries last year. Fourth, fuel prices spurted TABLE 4 upward, reflecting the developing shortages in the energy field. And fifth, the depreciation of MONEY SUPPLY, GNP, AND PRICES IN THE UNITED STATES the dollar in foreign exchange markets has Percentage change at annual rates served to boost prices of imported goods and to add to the demands pressing on our produc- 1972 Q4 to — tive resources. 1971 Q4 to Item 1972 Q4 In view of these powerful special factors and 1973 Q2 1973 Q3 the cyclical expansion of our economy, a sharp advance in our price level would have been Money supply (M) .. 7.4 5.8 5.6 x practically inevitable in 1973. The upsurge of Gross national product Current dollars 10.6 12.1 11.7 the price level this year hardly represents either Constant dollars 7.0 5.4 4.8 the basic trend of prices or the response of prices Prices to previous monetary or fiscal policies—what- Consumer price index (CPI) 3.4 7.1 7.8 ever their shortcomings may have been. In par- CPI excluding food 3.0 4.0 4.1 ticular, as Table 4 shows, the explosion of food prices that occurred this year is in large part was not until November that the unemployment responsible for the accelerated rise in the overrate dropped below 5l/i per cent. For the year all consumer price level. as a whole, the unemployment rate averaged 5.6 The severe rate of inflation that we have per cent. It may be of interest to recall that experienced in 1973 cannot responsibly be atunemployment averaged 5.5 per cent in 1954 tributed to monetary management or to public and 1960, which are commonly regarded as policies more generally. In retrospect, it may recession years. well be that monetary policy should have been Since the expansion of M in 1972 was low a little less expansive in 1972. But a markedly x relative to the demands for money and credit, more restrictive policy would have led to a still it was accompanied by rising short-term interest sharper rise in interest rates and risked a premarates. Long-term interest rates showed little net ture ending of the business expansion, without change last year, as credit demands were satis- limiting to any significant degree this year's fied mainly in the short-term markets. upsurge of the price level. In 1973, the growth of M moderated while x CONCLUDING OBSERVATIONS the transactions demands for cash and the turnover of money accelerated. GNP in current The present inflation is the most serious ecodollars rose at a 12 per cent annual rate as prices nomic problem facing our country, and it poses rose more rapidly. In credit markets, short-term great difficulties for economic stabilization poliinterest rates rose sharply further, while long- cies. We must recognize, I believe, that it will term interest rates also moved up, though by take some time for the forces of inflation, which substantially less than short-term rates. now engulf our economy and others around the The extraordinary upsurge of the price level world, to burn themselves out. In today's envithis year reflects a variety of special influences. ronment, controls on wages and prices cannot First, there has been a worldwide economic be expected to yield the benefits they did in 1971 boom superimposed on the boom in the United and 1972, when economic conditions were States. Second, we have encountered critical much different. Primary reliance in dealing with shortages of basic materials. The expansion in inflation—both in the near future and over the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
798 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 longer term—will have to be placed on fiscal expenditures, and to relate these expenditures and monetary policies. to prospective revenues and the Nation's eco- The prospects for regaining price stability nomic needs. Fortunately, there is now widewould be enhanced by improvements in our spread recognition by Members of the Congress monetary and fiscal instruments. The conduct of the need to reform budgetary procedures of monetary policy could be improved if steps along these broad lines. were taken to increase the precision with which It also is high time for fiscal policy to become the money supply can be controlled by the a more versatile tool of economic stabilization. Federal Reserve. Part of the present control Particularly appropriate would be fiscal instruproblem stems from statistical inadequacies— ments that could be adapted quickly, under chiefly the paucity of data on deposits at non- special legislative rules, to changing economic member banks. Also, however, control over the conditions—such as a variable tax credit for money supply and other monetary aggregates business investment in fixed capital. Once again is less precise than it can or should be because I would urge the Congress to give serious connonmember banks are not subject to the same sideration to this urgently needed reform. reserve requirements as are member banks. We must strive also for better understanding I hope that the Congress will support efforts of the effects of economic stabilization policies to rectify these deficiencies. For its part, the on economic activity and prices. Our knowledge Federal Reserve is even now carrying on dis- in this area is greater now than it was 5 or 10 cussions with the Federal Deposit Insurance years ago, thanks to extensive research under- Corporation about the need for better statistics taken by economists in academic institutions, on the Nation's money supply. The Board of at the Federal Reserve, and elsewhere. The keen Governors also expects shortly to recommend interest of the Joint Economic Committee in to the Congress legislation that will put demand improving economic stabilization policies has, deposits at commercial banks on a uniform basis I believe, been an influence of great importance from the standpoint of reserve requirements. in stimulating this widespread research effort. Improvements in our fiscal policies are also I look forward to the continued cooperation needed. It is important for the Congress to put with the Committee in an effort to achieve the an end to fragmented consideration of expendi- kind of economic performance our citizens extures, to place a firm ceiling on total Federal pect and deserve. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statement to Congress Statement by Robert C. Holland, Member, LOAN AND INVESTMENT POWERS Board of Governors of the Federal Reserve The Board supports the proposed changes relat- System, before the Subcommittee on Financial ing to the investment powers of commercial Institutions of the Committee on Banking, banks and has recommended enactment of sim- Housing and Urban Affairs, Senate, Noilar measures in the past. vember 7, 1973. It is proposed to remove the restrictions on the authority of national banks to make loans I appreciate the opportunity to appear on behalf secured by real estate, which authority is presof the Board of Governors of the Federal Re- ently limited both qualitatively and quantitaserve System to discuss some of the issues tively. At one time national banks were prohibraised by the administration's proposed Finan- ited from making mortgage loans because it was cial Institutions Act of 1973. I will concentrate considered unwise to permit banks accepting my opening remarks today on those issues that deposits on a demand basis, as was then usually are of direct concern to the Federal Reserve. the case, to make loans with long maturities. Let me say at the outset that the Board be- The prohibition has been progressively relaxed lieves there is a need for reform in the structure over the years as banks have generally demonof financial intermediaries in this country. Such strated the ability to obtain funds on longer reform should be designed to improve the flexi- terms and to manage their liabilities, and as bility of financial institutions to respond to the secondary markets have developed for mortgage changing needs of individuals and business loans. The remaining statutory restrictions are while maintaining a base for effective monetary no longer needed to assure sound lending pracpolicy and preserving the soundness of the tices, and their removal would have the positive over-all financial system. The changes needed effect of increasing to some extent mortgage can be accomplished to a large extent by elimi- lending activities of national banks. nating or moderating present restrictions on the It is also proposed to liberalize the collateral various types of financial institutions and by requirements imposed on banks when they borproviding for greater competitive equity among row from the Federal Reserve at the discount them. S. 2591 moves substantially in this direc- rate. Of course, all loans from Federal Reserve tion. Banks to member banks must be fully collat- The effect of S. 2591 on the Federal Reserve eralized. Originally, all such loans had to be System and its member banks can be separated secured by a narrowly defined class of presuminto four major areas—loan and investment ably liquid assets, a limitation based on the powers, interest ceilings, deposit and check now-abandoned "real-bills" doctrine. Later, powers, and reserve requirements. I will discuss advances were permitted on the security of other each of these areas in turn, referring to the assets such as mortgage loans and municipal current law and the main reasons therefor, the securities, but only at a penalty rate of an key arguments for changing the law at this time, additional one-half of 1 per cent above the and the views of the Board of Governors re- discount rate. The proposed elimination of the garding the proposed changes. While my state- penalty rate would eliminate an indirect restricments on the current law will be brief, I can, tion on the portfolios of member banks and if the committee wishes, file a memorandum would also simplify operations of the Federal outlining the legislative history of the relevant Reserve Banks. statutes in greater detail. An additional proposal is that national banks 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
800 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 be permitted to make equity investments in this situation by raising their interest rates paid community rehabilitation projects. National on time deposits, thus creating pressures that banks have been generally prohibited from eventually resulted in higher interest ceilings. making equity investments or purchasing equity Banks also increased the variety of their deposit securities in order to protect both depositors and accounts by offering various certificates of deborrowers from bank efforts to speculate in posit (CD's) at attractive interest rates. equity positions. The Board believes it is wise Meanwhile, savings and loan associations to continue this general prohibition on all de- were experiencing somewhat different but repositary institutions, but with the modifications lated difficulties. These institutions, as we all proposed to allow for limited equity investments know, are almost totally dependent on consumer in corporations established for the purpose of time and savings deposits for funds and invest community development. the bulk of these funds in fixed-rate long-term residential mortgages. As a result of this prac- INTEREST ON DEPOSIT ACCOUNTS tice of borrowing short and lending long, many thrift institutions found themselves in a dilemma The second major area in which changes are during the periods of high interest rates that proposed concerns interest paid on deposit acemerged. Increasing their savings rates to attract counts. deposits would have resulted in operating The Federal Reserve, Federal Deposit Insurlosses. On the other hand, paying lower interest ance Corporation, and Federal Home Loan Bank rates than competing institutions and market Board (FHLBB) are currently provided with instruments could have led to an outflow of parallel authority to set interest rate ceilings on deposits. time and savings deposits, after consultation with one another, with discretion provided to Partly in an endeavor to ameliorate these set different ceiling rates for different types of interest rate problems, deposit rates of most accounts. Payment of interest on demand de- savings and loan associations were brought posits is prohibited. under Federal regulation in 1966. Since that time the current network of deposit interest The restrictions on interest payments by ceilings has helped to control rate competition banks came about as a result of the crises of among institutions on balance, but it has also 1929 and 1933. The intended purposes were to contributed to the diversion of funds from fiprevent the shifting of funds from country banks nancial intermediaries to market instruments to large money center banks to finance stock during periods of tight money. The move of market speculation, and to prevent banks from thrift institutions to offer longer-term CD's has engaging in unsound banking practices by combeen a very helpful but still insufficient develpeting for deposits through payment of excesopment in response to the continuing problem sive interest rates and then trying to meet the of fluctuations in savings flows and housing increased cost of deposits by acquiring highfinance. yielding but risky assets. Subsequently, scholars studying this period have questioned these two Section 103 of S. 2591 provides for a gradual original rationales, and in practice interest ceil- phase-out of interest rate ceilings, with complete ings have come to be used more for other removal 5Vi years after enactment of the legispurposes. lation, and a gradual phase-out of the interest In recent years emphasis has been given to differential between commercial banks and thrift utilizing rate ceilings to hold down flows of institutions. To enable the thrift institutions to funds among depositary institutions. A combi- compete effectively for funds during periods of nation of factors has led to this result. Beginning high interest rates without the protection afin the mid-1950's, after two decades of ample forded by rate ceilings, these institutions would liquidity, commercial banks began to feel the be given expanded powers to diversify into more pinch of increasing demands for credit and liquid types of loans. greater competition for funds from thrift institu- I must report to you the Board's concern that tions and market securities. Banks responded to the proposed new investment powers might well Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 801 not be sufficient to assure that thrift institutions deposits. On the basis of its conclusion that the could compete effectively for deposits during purpose of so favoring savings deposits was to periods of high interest rates. The Board is also encourage personal thrift, the Board ruled in concerned that the proposed asset diversification 1936 that such deposits should not be made could have an adverse impact on housing fi- available to profit-making corporations. To renance that would not be offset by other provi- verse that policy and allow corporate savings sions in S. 2591. These possibilities seem to deposits we believe would expose financial inus to suggest that regulatory agencies be allowed stitutions to potentially destabilizing shifts of some leeway in speeding or slowing the business funds and could invite the transfer of proposed changes. working balances of corporations into savings Accordingly, the Board would favor a gradual deposits in order to avoid the higher reserve lifting of interest ceilings, contingent on a dem- requirements on demand deposits and the interonstration that thrift institutions and small com- est prohibition thereon. mercial banks can perform their functions prop- It is also proposed that all banks and thrift erly with relaxed interest rate controls during institutions be allowed to offer negotiable order periods of high interest rates. Even after ceilings of withdrawal accounts, so-called NOW acare removed, the Board would regard it as counts, to all customers, with interest ceilings prudent to have standby authority to reimpose to be authorized for years at a level not ceilings should it become clear that uncontrolled to exceed the ceiling on commercial bank savrates threaten to undermine the safety and ings deposits. NOW accounts, of course, are soundness of depositary institutions or to conin many ways interest-bearing checking acflict with other public interest considerations. counts except that, legally, prior notice may be Regarding the authority to set interest ceil- required before withdrawal. ings, the Board supports the administration pro- Public policy regarding NOW accounts is in posal to add the Treasury to the group of agenthe formative stage. Experimentation with this cies required to consult together in setting such form of service is presently underway in Masceilings, but otherwise to leave such authority sachusetts and New Hampshire. The Board beunchanged. lieves that such experimentation will work best With respect to the provisions for truth in if it proceeds in a constructive and orderly savings, the Board supports the concept of full manner. Consistent with this belief, the Board disclosure of the terms and conditions applicable has published for comment proposed restricto savings deposits on a uniform basis for all tions—at least initially—on NOW accounts of depositary institutions. The Board would like member banks in those two States; these reto report that its study on certain aspects of this strictions are designed to constrain possible dematter, requested by four members of this com- posit shifts into NOW accounts and to moderate mittee, is proceeding. When it is completed, the the immediate earnings impact, particularly on Board will also submit a technical analysis of smaller consumer-oriented commercial banks the disclosure requirements set forth in section that may require time to adjust operating poli- 106. cies and service charges to this new environment. DEPOSIT AND CHECK POWERS In previous testimony before this committee, Let me turn now to the third major issue, deposit the Board has recommended that all depositary and check powers. institutions be allowed to offer NOW accounts It is proposed that national banks be allowed as long as all such institutions are subject to to offer savings accounts to corporations. Since the same interest ceilings and the same schedule the Banking Act of 1933, savings deposits have of reserve requirements on these accounts. The been the only class of deposits payable on Board also believes that NOW accounts should demand with respect to which member banks be restricted to families and specified types of are permitted to pay interest and to maintain nonprofit institutions. Corporations generally reserves at levels lower than those for demand find it possible to keep surplus funds continu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
802 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 ously invested in market instruments and often posits held by nonmembers has already climbed earn interest implicitly on demand deposits to 22 per cent and seems to be increasing at through receipt of free bank services. Individ- an accelerated rate. uals, on the other hand, are more dependent on The various State reserve requirements applithe range of services offered by financial insti- cable to nonmember banks are designed to astutions and have the most to gain through NOW sure at least a minimum degree of individual accounts. The Board believes that NOW ac- bank liquidity and soundness. Federal Reserve counts should have lower reserve requirements reserve requirements, however, serve an addithan demand deposits, but only if such accounts tional and very important purpose: namely, they are limited primarily to families. provide the fulcrum against which monetary Allowing thrift institutions to offer NOW policy operates. accounts raises a question with respect to the At present reserve requirements for Federal clearing of checks. Since thrift institutions have Reserve members are substantially more ongenerally been limited in the offering of check- erous than those for nonmembers, mainly being accounts, existing legislation does not deal cause of the form in which reserves are held. specifically with check collection for thrift in- Although the requirements vary from State to stitutions or the Federal home loan banks State, nonmembers are generally permitted to (FHLB's). The existing practice is for thrift include as reserves balances held at other banks, institutions to clear checks through commercial for which services are often received in return. banks with whom they keep balances. The More than half the States count as reserves Board believes that thrift institutions should uncollected balances at other banks, and nearly have access to Federal Reserve check processing half the States allow interest-bearing securities services on an equitable basis with member to be counted toward part or all of their reserve banks, provided that they meet Federal Reserve requirements. For member banks, in contrast, reserve requirements. vault cash and collected balances at Federal Reserve Banks are the only permissible ways RESERVE REQUIREMENTS of meeting our reserve requirements. Such wide differences in reserve requirements The fourth major area in which the proposals create an incentive for member banks to withwould directly affect the Federal Reserve is draw from the System and for newly chartered reserve requirements. The Board is authorized banks to choose not to seek System memberto set reserve requirements on deposits of Fedship. Should the percentage of bank deposits eral Reserve member banks within statutory subject to Federal Reserve reserve requirements limits. continue to decline, progressively greater im- The Board strongly believes that a uniform precision, uncertainty, and delay would be inschedule of reserve requirements should apply jected into the Federal Reserve's ability to imto demand and NOW-type accounts of all deplement monetary policy. positary institutions. That authority will be The Board will not propose that System sought in a separate bill to be submitted by the membership be required for all institutions of- Board later. The provisions of S. 2591 extendfering checking accounts, as was recommended ing Federal Reserve reserve requirements to the demand and NOW deposits of FHLB members by the Hunt Commission. However, for purare a step in the right direction. poses of both effective monetary policy and a Membership in the Federal Reserve System more nearly equitable sharing of the burden of has always been optional for State banks. For- monetary policy, the Board considers it essential merly, nonmembers were collectively small in that all demand and NOW accounts be subject comparison to member banks, and the major to uniform reserve requirements, with all rebanks in larger cities were members. This situ- serves represented by vault cash or deposits at ation is changing, however, in a manner that the Federal Reserve Banks. has serious long-run implications for monetary S. 2591 proposes that the Board be given policy. The proportion of commercial bank de- authority to determine the form in which re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 803 serves may be held. It is the Board's present proposed reforms. Even with careful planning intention, if such authority is provided, to con- and detailed study, it is impossible to determine tinue the current policy of allowing only depos- in advance the results of the interaction of the its at Federal Reserve Banks and vault cash to various regulatory changes that are proposed. be counted toward the reserve requirement. In It is possible that unplanned transitional develthe case of thrift institutions, the Board does opments could result in strain to some financial not object to having reserves held in the form institutions or to some sectors of the economy. of deposits at FHLB's, as long as such reserves The Board believes, however, that the goal of are redeposited with the Federal Reserve Banks a more flexible financial system is sufficiently and thus not used to carry out policies that may important to undergo the transition. at times be inconsistent with Federal Reserve The bill calls for gradual implementation of monetary policy. several changes through steps. Thrift institutions In view of the Board's responsibility for would be allowed to increase their investment monetary policy, the Board is concerned with in corporate debt securities by 2 per cent per the proposal that it consult with the FHLBB in year until the allowable percentage is 10 per setting reserve requirements. In particular, the cent. The Board endorses such transition meas- Board strongly opposes consulting with the ures and recommends the gradual phase-in of FHLBB in changing demand deposit reserve all new investment powers for thrift institutions. requirements. Furthermore, the Board does not Another transition measure of great imporbelieve that thrift institutions should be em- tance is discretion for regulatory agencies to powered to offer demand deposits. react to unforeseen developments. I cited earlier The Board also does not object to the new the need for close coordination of the gradual statutory limits proposed for reserve require- removal of interest ceilings with the proposed ments, although it sees no pressing reason to asset diversification for thrift institutions. Other change the existing limits. At some future date, areas that call for such discretion in timing higher reserve ranges might be needed on cer- include the introduction of NOW accounts and tain time deposits such as large CD's, depending the removal of the differential in interest ceilings upon how the preferences for and uses of the between banks and thrift institutions. various types of accounts evolve over time. CONCLUSION OTHER KEY ISSUES In summary, the Board hopes that the Congress Several other key issues are raised by S. 2591, will enact legislation to implement the basic some of which are so important that this testi- thrust of S. 2591. In a few areas that I have menmony would not be complete without a discus- tioned, we would suggest some modifications. sion of them. We look forward to helping the committee The Board wishes to stress the need for grad- in any way that we can as the deliberations move ual transition in the implementation of the ahead. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON AUGUST 21, 1973 Domestic policy directive Estimates of the Commerce Department indicated that real output of goods and services had increased at an annual rate of only about 2.5 per cent in the second quarter of the year, after having grown at a rate of about 8.5 per cent in the first quarter and of 8.0 per cent in the last quarter of 1972. Staff projections continued to suggest that growth would be moderate in the third quarter. In July retail sales rose sharply, recovering much more than they had declined in June. Expansion in industrial production picked up somewhat, reflecting widespread gains among consumer goods, business equipment, and industrial materials. Nonfarm payroll employment changed little, after having expanded at a more moderate pace during the spring than in earlier months, but the average factory workweek lengthened. The civilian labor force declined, and the unemployment rate edged down further to 4.7 per cent. Average hourly earnings of production workers on nonfarm payrolls advanced in July at about the moderate average rate of the first 6 months of the year. Between mid-June and mid-July average wholesale prices of farm and food products fell sharply, in large part because of the imposition of export controls on some commodities; decreases were especially large for animal feeds, grains, and oil seeds. However, the temporary price freeze imposed on June 13 was lifted for most foods on July 18, and wholesale prices of farm and food products adjusted sharply upward. Moreover, crop conditions as of August 1 suggested that the 1973 harvests—although still at record levels—would not be quite so large as had been expected, and prices of corn, wheat, and soybeans soared. Wholesale prices of industrial commodities changed little from mid-June to mid-July; the freeze on these prices remained in force until August 12. The latest staff projections suggested that growth in real GNP over the balance of the year would be somewhat greater than the slow pace in the second quarter. It was anticipated that business 804 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
fixed investment would expand more rapidly and that inventory investment would increase appreciably; in the second quarter growth in fixed investment had slowed and inventory investment had changed little. It was also expected that personal consumption expenditures would rise at a slightly faster pace but that residential construction outlays would decline substantially. In June the value of U.S. exports continued to expand while the value of imports changed little, and the deficit in merchandise trade declined appreciably. The trade deficit in the second quarter as a whole was well below that in the first quarter—which in turn was much lower than the deficit in the fourth quarter of 1972—and the balance on goods and services moved into surplus for the first time since the third quarter of 1971. The evidence of progress toward equilibrium in the U.S. balance of payments—along with a rise in interest rates relative to those abroad—had contributed to a strong recovery in the exchange rate for the dollar against continental European currencies since the end of July and also to a continued firming against sterling, the Japanese yen, and the Canadian dollar. In the first half of August, moreover, the over-all balance of payments on an official settlements basis was in surplus. By mid-August, the price of gold had fallen about one-fourth from a peak in early July. At U.S. commercial banks, business loans expanded sharply further in July, and growth in both real estate and consumer loans—although below the average rates in the second quarter— remained strong. Banks liquidated a substantial amount from their holdings of Treasury bills, but the increase in total bank credit remained large. The prime rate that banks applied to large corporations was raised in four steps from 8% per cent in mid-July to 9lA per cent in mid-August. Growth in both the narrowly defined money stock (M^1 and the broadly defined money stock (M ),2 which had been rapid in 2 June and during the second quarter as a whole, slowed markedly in July. Inflows of time and savings deposits other than large-denomination CD's slackened further. After the Regulation Q actions Private demand deposits plus currency in circulation. 2M plus commercial bank time and savings deposits other than large-denomi- X nation CD's. 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
806 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 of early July—in which rate ceilings were removed on consumertype time deposits in denominations of at least $1,000 having maturities of 4 years or more and maximum rates were raised on time and savings deposits with shorter maturities—many banks increased their offering rates, and net inflows of such deposits picked up in late July and early August. Banks also raised the rates paid on large-denomination CD's, and the outstanding volume of such CD's expanded by a substantial amount; as a result, growth in the bank credit proxy3 remained relatively rapid despite a sizable drop in U.S. Government deposits. Over the first 7 months of the year, M M , and the proxy grew at annual rates of about 6.0, 1? 2 7.5, and 13 per cent, respectively.4 Nonbank thrift institutions experienced net outflows of savings in July for the first time since January 1970, even though these institutions, like commercial banks, generally had raised rates paid on deposits following changes in rate ceilings effective at the beginning of July. To meet deposit withdrawals and mortgage commitments made earlier, savings and loan associations borrowed a record amount from Federal home loan banks. Contract interest rates on conventional mortgages and yields in the secondary market for Federally insured mortgages rose sharply. On July 25 the Treasury announced that on July 31 it would auction up to $2 billion of an existing issue of 7% per cent notes due to mature in 4 years and that on August 1 it would auction up to $500 million of 20-year, IV2 per cent bonds (callable in 15 years) to refund part of $4.7 billion of publicly held securities maturing on August 15. In those auctions the Treasury sold $2 billion of the notes at an average price to yield 8.03 per cent and $500 million of the bonds at the lowest bid price (paid by all successful bidders) to yield about 8.00 per cent; of the bonds, $240 million were acquired by Government accounts. The Treasury also announced on July 25 that on August 8 it would auction $2 billion of 35-day tax-anticipation bills, dated August 15; the bills were sold at an average price to yield 9.80 per cent. In the interim, 3Daily-average member bank deposits, adjusted to include funds from nondeposit sources. 4Growth rates cited are calculated on the basis of the daily-average level in the last month of the period relative to that in the last month preceding the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS 807 the Treasury experienced an unexpected one-day cash need, which it financed by selling $351 million of special certificates of indebtedness to the Federal Reserve Banks on August 15; the certificates were redeemed the next day. On August 20 the Treasury announced that in a new cash financing on August 24 it would auction $2 billion of 25-month notes. System open market operations since the meeting on July 17 had been guided by the Committee's decision to seek banjt reserve and money market conditions consistent with slower growth in monetary aggregates over the months immediately ahead than had occurred on average in the first half of the year. 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 IV/2 to 13V£ per cent in the July-August period, while avoiding unduly sharp changes in money market conditions. During the first 2 weeks after the July meeting, available data had suggested that in the July-August period RPD's would grow at a rate above the range that the Committee had specified and that the monetary aggregates would grow at rates in excess of an acceptable range. Therefore, the System had acted promptly to limit expansion in RPD's, and the Federal funds rate—which had averaged around IOV4 per cent in the statement week ending July 18—rose to around lOVi per cent in the next two statement weeks. On August 3, a majority of the Committee members had concurred in a recommendation by the Chairman that money market conditions should be permitted to tighten still further if necessary to limit growth in RPD's and in the monetary aggregates, but in light of subsequent developments, tighter conditions were not sought and the funds rate remained close to IOV2 per cent. In the 5 weeks ending August 15, member bank borrowings averaged around $1,965 million, about the same as in the preceding 4 weeks. The additional tightening in money market conditions early in the inter-meeting period along with sustained strength in credit demands led fo further sharp increases in short-term market interest rates until mid-August, and then rates turned down. The market rate on 3-month Treasury bills rose from 7.85 per cent on the day before the July meeting to a high of 9.05 per cent on August 14 and then fell back to 8.79 per cent on the day before this meeting. On August 13 increases in Federal Reserve discount rates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
808 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 from 7 to IV2 per cent were announced, effective at 10 Reserve Banks on August 14; shortly thereafter, rates were raised at the two remaining Banks. In long-term markets, interest rates also rose sharply further from mid-July to mid-August, apparently in reaction to the advance in short-term rates. Later, however, long-term rates fell back appreciably. The over-all volume of new public offerings of corporate and State and local government bonds declined moderately in July, and little change in the volume was in prospect for August. The Committee agreed that the economic situation and prospects called for slower growth in monetary aggregates over the months immediately ahead than had occurred on average thus far in 1973. A staff analysis suggested that despite the substantial growth expected in nominal GNP the demand for money in the period ahead would be limited by the sharp rise in short-term interest rates that had occurred in recent months. In the immediate future, moreover, monetary growth was likely to be restricted by a downward adjustment in the public's demand for cash balances in response to the increases in rates paid on time and savings deposits. The analysis also suggested, however, that business demands for bank loans would remain strong and that banks would continue to expand the outstanding volume of large-denomination CD's at a relatively fast pace. Reflecting the expansion in such CD's and also the imposition in late June of marginal reserve requirements on them, a relatively rapid rate of growth in RPD's in the August-September period—at an annual rate in a range of 13 to 15 per cent—was thought likely to be consistent with slower growth in monetary aggregates over the months immediately ahead. In view of the rapid pace at which RPD's had grown in recent months, the Committee decided that open market operations should be directed at fostering RPD growth during the August-September period at an annual rate within a range of 11 to 13 per cent, while avoiding marked changes in money market conditions. The members also agreed that, in the conduct of operations, account should be taken of international and domestic financial market developments, of the forthcoming Treasury financing, and of deviations in monetary growth from an acceptable range. It was understood that the Chairman might call upon the Committee to consider the need for supplementary instructions before the next scheduled Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS 809 meeting if significant inconsistencies appeared to be developing among the Committee's various objectives and constraints. The following domestic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that growth in real output of goods and services, which slowed in the second quarter from the exceptionally rapid pace of the two preceding quarters, will be moderate in the third quarter. Increases in nonfarm employment also have slowed in recent months, but the unemployment rate has declined. The rate of rise in wage rates has remained relatively moderate. The exceptionally rapid advance in prices was interrupted in July by the temporary freeze imposed in mid-June. However, farm and food prices adjusted sharply upward after mid-July, when the freeze was lifted on most such products. The U.S. merchandise trade balance improved in June, and the balance on goods and services was in surplus in the second quarter for the first time in nearly two years. Since the end of July the dollar has strengthened markedly in foreign exchange markets, and the price of gold has dropped sharply. Both the narrowly and more broadly defined money stock, which had increased rapidly in May and June, grew more slowly in July. Inflows of consumer-type time and savings deposits strengthened again at banks in late July and early August, while net outflows were experienced at nonbank thrift institutions. Expansion in bank credit has continued at a substantial pace. Since mid-July short-term market interest rates have advanced considerably further on balance. Long-term rates also rose substantially for much of that period, but most recently they have declined in the course of a sharp market rally. On August 13 increases were announced in Federal Reserve discount rates from 7 to IVi per cent. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to abatement of inflationary pressures, a sustainable rate of advance in economic activity, and progress toward equilibrium in the country's balance of payments. To implement this policy, while taking account of international and domestic financial market developments and the forthcoming Treasury financing, the Committee seeks to achieve bank reserve and money market conditions consistent with slower growth in monetary aggregates over the months immediately ahead than has occurred on average thus far this year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
810 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 Votes for this action: Messrs. Burns, Hayes, Balles, Brimmer, Bucher, Daane, Holland, Mayo, Morris, and Sheehan. Vote against this action: Mr. Francis. Absent and not voting: Mr. Mitchell. Mr. Francis dissented from this action, although he agreed with the objectives of the policy adopted by the Committee, because he could not accept the constraint placed on money market conditions. 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 about 90 days after the meeting and are subsequently published in the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions INTEREST ON DEPOSITS Maturity Maximum per cent 30 days or more but The Board of Governors has amended its Regu- less than 90 days 5 lation Q to apply a limit on the maximum rates 90 days or more but of interest payable by member banks on time less than 1 year 5Vi deposits of less than $100,000 with maturities of 1 year or more but four years or more. This action was taken pursuant less than 30 jnonths 6 to P.L. 93-123 which provides that the Board and 30 months or more 6V2 the other Federal financial supervisory agencies (2) Member banks may pay interest on any time shall limit the rates of interest or dividends which are paid on time deposits of less than $100,000 deposit of $1,000 or more, with a maturity of four by institutions regulated by them. years or more, at a rate not to exceed llA per cent. (c) Savings deposits. No member bank shall SUPPLEMENT TO REGULATION Q pay interest at a rate in excess of 5 per cent on Effective November 1, 1973, section 217.7 is any savings deposit. amended to read as follows: RULES REGARDING DELEGATION OF AUTHORITY SECTION 217.7—MAXIMUM RATES OF IN- The Board has amended its Rules Regarding TEREST PAYABLE BY MEMBER BANKS ON Delegation of Authority to eliminate an equal offer TIME AND SAVINGS DEPOSITS to all shareholders as a criterion for Reserve Banks' consideration of applications under §§ Pursuant to section 19 of the Federal Reserve 3(a)(1) and 3(a)(3) of the Bank Holding Company Act and § 217.3 thereof, the Board of Governors Act. of the Federal Reserve System hereby prescribes the following maximum rates1 of interest per Effective October 12, 1973 section 265.2(f) is annum payable by member banks of the Federal amended in the following respects: Reserve System on time and savings deposits: 1. Section 265.2(f)(22). Subparagraph (v) is (a) Time deposits of $100,000 or more. There deleted, and subparagraphs (vi) through (xiii) are is no maximum rate of interest presently prescribed renumbered (v) through (xii). on any time deposit of $100,000 or more. 2. Section 265.2(f)(24). Subparagraph (v) is (b) Time deposits of less than $100,000. deleted, and subparagraphs (vi) through (xvii) are (1) Except as provided in paragraph (a) and renumbered (v) through (xvi). subpart 2 of this paragraph, no member bank shall 3. As an incident to this amendment footnotes pay interest on any time deposit at a rate in excess 4 and 5 are designated as footnotes 2 and 3. of the applicable rate under the following schedule: *The limitations on rates of interest payable by member banks of the Federal Reserve System on time and savings deposits, as prescribed herein, are not applicable to any deposit which is payable only at an office of a member bank located outside the States of the United States and the District of Columbia. 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
812 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS ORDERS UNDER SECTION 3 OF no meaningful present competition exists between BANK HOLDING COMPANY ACT any of Applicant's subsidiary banks and Bank. Moreover, there appears to be little likelihood for FIRST INTERNATIONAL BANCSHARES, the development of any significant amount of fu- INC., ture competition between these institutions in view DALLAS, TEXAS of the distances involved and Texas' restrictive branching law. Although Applicant could enter the ORDER APPROVING ACQUISITION OF BANK market de novo or through the acquisition of a First International Bancshares, Inc., Dallas, smaller bank, Applicant's acquisition of Bank is Texas, a bank holding company within the mean- not regarded as having a substantially adverse ing of the Bank Holding Company Act, has ap- effect on potential competition because Appliplied for the Board's approval under § 3(a)(3) of cant's acquisition of Bank would not result in the Act (12 U.S.C. 1842(a)(3)) to acquire all of Applicant's gaining a dominant share of the marthe voting shares (less directors' qualifying shares) ket's banking resources, nor would it appear to of the successor by merger to First Hutchings- foreclose the entry of other holding companies into Sealy National Bank of Galveston, Galveston, this market. Accordingly, the Board concludes that Texas ("Bank"). The bank into which Bank is competitive considerations are consistent with apto be merged has no significance except as a means proval of the application. to facilitate the acquisition of the voting shares The financial and managerial resources and fuof Bank. Accordingly, the proposed acquisition of ture prospects of Bank, and of Applicant and its shares of the successor organization is treated present subsidiary banks, are regarded as satisherein as the proposed acquisition of the shares factory. Considerations relating to the banking of Bank. factors are consistent with approval of the appli- Notice of the application, affording opportunity cation. Although there is no evidence in the record for interested persons to submit comments and to indicate that the banking needs of the residents views, has been given in accordance with § 3(b) of the Galveston-Texas City banking market are of the Act. The time for filing comments and views not currently being met, the proposed affiliation has expired, and none has been timely received. is likely to result in expansion of the range of The Board has considered the application in light services presently offered by Bank. In approving of the factors set forth in § 3(c) of the Act (12 this application, the Board considered the fact that U.S.C. 1842(c)). Galveston is a major port city in the United States Applicant, the largest banking organization in and that international trade financing is a highly Texas, presently controls 12 banks1 with aggregate specialized type of activity which can be provided deposits of approximately $2.6 billion,2 repre- by Applicant and for which there is a substantial senting 7.4 per cent of the total commercial bank demand in Galveston. Considerations relating to deposits in the State. Acquisition of Bank would the convenience and needs of the community to increase Applicant's share of State deposits by .23 be served, therefore, lend weight toward approval per cent and would not result in a significant of the application. It is the Board's judgment that increase in the concentration of banking resources the proposed acquisition would be in the public in Texas. interest and that the application should be ap- Bank (approximately $81 million in deposits) proved. is the largest of 13 banks in the Galveston-Texas On the basis of the record, the application is City SMS A banking market and controls 24.5 per approved for the reasons summarized above. The cent of the deposits in commercial banks in the transaction shall not be consummated (a) before market. Applicant's subsidiary bank closest to the thirtieth calendar day following the effective Bank is located in Houston, 52 miles away, and date of this Order or (b) later than three months after the effective date of this Order, unless such period is extended for good cause by the Board, *In addition to its 12 subsidiary banks, Applicant indirectly or by the Federal Reserve Bank of Dallas pursuant controls interests of less than 25 per cent in five banks, with aggregate deposits of $67.2 million (as of December 31, 1972). to delegated authority. 2 All banking data are as of December 31, 1972, and reflect By order of the Board of Governors, effective holding company formations and acquisitions approved through August 31, 1973. October 12, 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 813 Voting for this action: Chairman Burns and Governors ing institutions, either directly or through corre- Mitchell, Daane, Sheehan, and Holland. Voting against this spondent relationships. action: Governor Bucher. Absent and not voting: Governor Brimmer. In my view the Galveston area is relatively attractive for de novo or foothold entry. The ratio (Signed) CHESTER B. FELDBERG, of banking offices to population in this market is [SEAL] Secretary of the Board. significantly above the statewide ratio. The population in Galveston County increased at a rate DISSENTING STATEMENT OF higher than the State over-all. Galveston is a GOVERNOR BUCHER prosperous, major Gulf port in the State of Texas. These are among the factors that lead me to believe I dissent from the Board's approval of the subthe Galveston-Texas City market would be attracject application. I feel a disturbing pattern is detive to potential entry by a large bank holding veloping in the recently approved and the pending company like Applicant. I do not believe that proposed acquisitions of subsidiary banks by First Applicant has presented a case where the public International Bancshares, Inc. (Applicant), the benefits outweigh the detriment to probable future largest banking organization in Texas. This applicompetition in this market. By approving this cant has generally acquired or proposes to acquire application the Board has precluded the pro-commajor banks in each secondary SMSA market1 that petitive effects and possible market deconcentrait enters, which includes banks in the following tion by entry on a smaller scale. Indeed, this Texas cities: Harlingen, Temple, Odessa, Deniapproval may only encourage additional applicason, Tyler, Abilene, Galveston. The implication tions illustrating the concerns I have mentioned is clear, that a continual policy of approving such here. On these grounds, I would deny the applicaacquisitions, when a large statewide firm combines tion. with a major bank in a local market, raises a distinct likelihood of an eventual undesirable level FIRST INTERNATIONAL BANCSHARES, of aggregate concentration. The Congress directed INC., banking authorities in the Bank Merger Act of HOUSTON, TEXAS 1960 and re-emphasized again in the 1970 amendments to the Bank Holding Company Act to con- ORDER DENYING ACQUISITION OF BANK sider the possibility of "undue concentration of resources." Further such acquisitions may have First International Bancshares, Inc., Dallas, anti-competitive effects by raising the barriers to Texas, a bank holding company within the meanentry into these markets by other bank holding ing of the Bank Holding Company Act, has apcompanies, particularly regionally-oriented bank plied for the Board's approval under § 3(a)(3) of holding companies, or by more deeply entrenching the Act (12 U.S.C. 1842(a)(3)) to acquire all of the dominant position of the major bank. I feel the voting shares of the successor by merger to the Board has the responsibility to aid in main- University State Bank ("Bank"), Houston, Texas. taining or stimulating market competition. The The bank into which Bank is to be merged has achievement of this goal presents difficult analyti- no significance except as a means to facilitate the cal problems and ones I feel the Board failed to acquisition of the voting shares of Bank. Accordfocus on clearly in the instant application to ac- ingly, the proposed acquisition of shares of the quire The First Hutchings-Sealy National Bank of successor organization is treated herein as the Galveston (Bank). proposed acquisition of the shares of Bank. Notice of the application, affording opportunity Bank has a sufficient size, a sound management for interested persons to submit comments and and financial condition and a growth record to be views, has been given in accordance with § 3(b) able to serve local needs without affiliation with of the Act. The time for filing comments and views a larger organization. The international services has expired, and none has been timely received. that can be provided by Applicant to Bank could The Board has considered the application in light either be offered to the Galveston-Texas City marof the factors set forth in § 3(c) of the Act (12 ket through the acquisition of a small bank or by U.S.C. 1842(c)). de novo entry. There appear to be few other Applicant, the largest banking organization in community needs that cannot be met by the exist- Texas, controls eleven banks with total deposits of $2.5 billion, which represents 7.2 per cent of 1 "Secondary SMSA market" refers to any Texas SMSA the total commercial bank deposits in the State. banking market other than the Dallas, Fort Worth, Houston, and San Antonio SMSA markets. (All banking data are as of December 31, 1972.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
814 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 Approval of this application would not signifi- acquisition in meeting the convenience and needs cantly increase Applicant's share of Statewide of the community to be served does not clearly deposits. outweigh the anticompetitive effects of the Bank ($44.8 million in deposits) is the twenty- proposed transaction. It is the Board's judgment sixth largest of 152 banks in the Houston banking that consummation of the proposed transaction market (approximated by the Houston Standard would not be in the public interest, and that the Metropolitan Statistical Area), and controls 0.6 per application should be denied. cent of deposits in commercial banks in that mar- On the basis of the record, the application is ket. Applicant's nearest subsidiary, Houston-Citi- denied for the reasons summarized above. zens Bank & Trust Company ("H-C") (deposits By order of the Board of Governors effective of $208 million), is located in the Houston Bank- October 1, 1973. ing market, 4.6 miles from Bank. H-C is the fifth Voting for this action: Vice Chairman Mitchell and Goverlargest bank in Bank's service area. All of Bank's nors Brimmer, Bucher, and Holland. Voting against this acaccounts derive from the service area of H-C tion: Governors Daane and Sheehan. Absent and not voting: which, although primarily a wholesale bank, offers Chairman Burns. a full range of retail or individual banking services. (Signed) CHESTER B. FELDBERG, Forty-three per cent of H-C's time deposit ac- [SEAL] Secretary of the Board. counts, 32 per cent of H-C's commercial loan accounts, 23 per cent of H-C's savings deposit accounts, and 12 per cent of H-C's demand deposit DISSENTING STATEMENT OF accounts, derive from Bank's service area. GOVERNOR SHEEHAN By Order of today's date, the Board has granted I dissent from the Board's denial of the subject its prior approval of Applicant's proposed acquisiapplication. Any adverse effect upon competition tion of First State Bank of Bellaire ("Bellaire that may derive from consummation of the Bank"), Bellaire, Texas, which is also located in proposed transaction is hardly significant where, the Houston banking market. Bellaire Bank, but as here, there are 152 banks competing in the for its affiliation with Bank since 1950, would be Houston SMSA market, and Applicant, as a result a direct competitor of Bank. Located only four of the transaction, would hold 4.2 per cent of the miles apart, the two banks have over-lapping total deposits in the market. The very slight foreservice areas, and both are primarily engaged in closure of competition resulting from approval of the provision of retail banking services. The existthis application would be clearly outweighed by ing affiliation between Bank and Bellaire Bank is the procompetitive effect the acquisition would not such that it may be expected to continue for have by strengthening Applicant's ability to coma long period of time, absent approval of both pete against the two leading banking organizations applications by the Board. Therefore, approval of in the market which respectively hold approxiboth applications would have the effect of foremately 20 per cent and 17 per cent of market stalling eventual dissolution of the affiliation and deposits. thereby adversly affect the development of future I would approve the application. competition between Bank and Bellaire Bank. Denial of the instant application on the other hand would preserve both existing and future competi- FIRST INTERNATIONAL BANCSHARES, tion between Bank and Bellaire Bank. By acceler- INC., ating the dissolution of the affiliation between DALLAS, TEXAS Bank and Bellaire Bank, and thereby the develop- ORDER APPROVING ACQUISITION OF BANK ment of competition between the two banks, denial of the instant application may actually enhance First International Bancshares, Inc., Dallas, competition. Texas, a bank holding company within the mean- The financial and managerial resources of Ap- ing of the Bank Holding Company Act, has applicant, its subsidiaries, and Bank are satisfactory, plied for the Board's approval under § 3(a)(3) of and future prospects appear favorable. There is no the Act (12 U.S.C. 1842(a)(3)) to acquire the evidence in the record to suggest that the conven- successor by merger to First State Bank of Belience and needs of the community to be served laire, Bellaire, Texas ("Bank"). The bank into are not presently being served. Although Bank's which Bank is to be merged has no significance ability to provide new services might be enhanced except as a means to facilitate the acquisition of by access to Applicant's financial and managerial the voting shares of Bank. Accordingly, the resources, the probable effect of the proposed proposed acquisition of shares of the successor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 815 organization is treated herein as the proposed ac- significantly adverse effect on existing or potential quisition of the shares of Bank. competition. Notice of the application, affording opportunity The financial condition, managerial resources for interested persons to submit comments and and prospects of Applicant, its subsidiary banks, views, has been given in accordance with § 3(b) and Bank are generally satisfactory, particularly of the Act. The time for filing comments and views in light of Applicant's commitment to increase the has expired, and none has been timely received. capital of Bank. This factor lends support for The Board has considered the application in light approval of the application. Considerations relatof the factors set forth in § 3(c) of the Act (12 ing to the convenience and needs of the community U.S.C. 1842(c)). to be served are consistent with approval of the Applicant controls 11 banks with aggregate de- application. It is the Board's judgment that conposits of $2.5 billion, representing 7.2 per cent summation of the proposed transaction would be of total deposits of commercial banks in Texas.1 in the public interest and that the application Acquisition of Bank (deposits of $68.8 million) should be approved. would not significantly increase the concentration On the basis of the record, the application is of banking resources in the State. approved for the reasons summarized above. The Bank is located in the Houston banking market transaction shall not be consummated (a) before where it ranks as the eighteenth largest bank, with the thirtieth calendar day following the effective less than 1 per cent of market deposits.2 Applicant date of this Order or (b) later than three months presently has a banking subsidiary in this market, after the effective date of this Order, unless such Houston Citizens Bank & Trust Company, which period is extended for good cause by the Board, is the fifth largest bank in the market, with about or by the Federal Reserve Bank of Dallas pursuant 3 per cent of market deposits. Though acquisition to delegated authority. of Bank by Applicant would give it approximately By order of the Board of Governors, effective 4 per cent of market deposits, this would not be October 1, 1973. a significant market share in the context of the Voting for this action: Vice Chairman Mitchell and Gover- Houston banking market. Applicant, after acquisinors Daane, Brimmer, Sheehan, Bucher, and Holland. Absent tion of Bank, would still have less than half of and not voting: Chairman Burns. the market share controlled by the third ranking (Signed) CHESTER B. FELDBERG, organization in the Houston market. Numerous [SEAL] Secretary of the Board. entry points for banking organizations wishing to enter this market would remain after approval of the acquisition of Bank by Applicant. Addition- RICE AVENUE STATE BANK, ally, approval of this acquisition may enable Ap- BELL AIRE, TEXAS plicant to provide more vigorous competition for ORDER APPROVING APPLICATION FOR MERGER OF the three largest banking organizations which be- BANKS tween themselves control almost 50 per cent of market deposits. Moreover, consummation of this Rice Avenue State Bank, Bellaire, Texas, a transaction coupled with denial of the application proposed State member bank of the Federal by Applicant to acquire University State Bank, Reserve System, has applied for the Board's ap- Houston, Texas, as reflected in our Order of this proval pursuant to the Bank Merger Act (12 date, would weaken the existing relationship be- U.S.C. 1828(c)) of the merger of that bank with tween University State Bank and Bank. These two First State Bank of Bellaire, Bellaire, Texas, under banks are only four miles apart and there is a large the name of First State Bank of Bellaire. overlap of service area between the two. Termina- As required by the Act, notice of the proposed tion of the existing relationship between University merger, in form approved by the Board, has been State Bank and Bank should have a positive effect published, and the Board has requested reports on on competition. The Board concludes that con- competitive factors from the Attorney General, the summation of the transaction would not have a Comptroller of the Currency, and the Federal Deposit Insurance Corporation. The Board has considered the application in light of the factors *A11 banking data are as of December 31, 1972, and repre- set forth in the Act. sent bank holding company formations and acquisitions ap- On the basis of the record, the application is proved by the Board through July 31, 1973. approved for the reasons summarized in the 2 The Houston banking market is the relevant banking market and is approximated by the Houston SMSA. Board's Order of this date relating to the applica- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
816 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 tion of First International Bancshares, Inc., Dallas, deposits) and that acquisition by Applicant (the Texas, to acquire the successor by merger to First second largest banking organization with 16.9 per State Bank of Bellaire, provided that said merger cent of area deposits) of Bank would further inshall not be consummated (a) before the thirtieth crease banking concentration (Applicant's share of calendar day following the date of this Order or area deposits would increase to 21.5 per cent). (b) later than three months after the date of this The Department also states that the facts support Order, unless such period is extended for good a conclusion that the affiliation between Applicant cause by the Board or by the Federal Reserve Bank and Bank is not so strong as to preclude probable of Dallas pursuant to delegated authority. future competition. By order of the Board of Governors, effective Based upon all of the relevant facts the Board October 1, 1973. finds the relevant market area is approximated by the northern two-thirds of Broward County. There Voting for this action: Vice Chairman Mitchell and Goverare nineteen banking organizations in the market nors Daane, Brimmer, Sheehan, Bucher, and Holland. Absent and not voting: Chairman Burns. operating forty banks. Applicant presently controls 5.5 per cent of market deposits and is the sixth (Signed) CHESTER B. FELDBERG, largest banking organization in this market where [SEAL] Secretary of the Board. it competes with three of Florida's ten largest FLORIDA BANCORP, INC., banking organizations.1 Acquisition of Bank POMPANO BEACH, FLORIDA would increase Applicant's market share to only 7 per cent and thus would not substantially in- ORDER APPROVING ACQUISITION OF BANK crease Applicant's share of deposits. There would Florida Bancorp, Inc., Pompano Beach, be no adverse effect upon existing competition; Florida, a bank holding company within the in fact, the acquisition should strengthen Applicant meaning of the Bank Holding Company Act, has and enable it to compete more effectively in a applied for the Board's approval under § 3(a)(3) market that is concentrated.2 of the Act (12 U.S.C. 1842(a)(3)) to acquire 90 Furthermore, consummation of the proposal per cent or more of the voting shares of Lighthouse would eliminate no significant existing competition Point Bank, Lighthouse Point, Florida ("Bank"). between Applicant's subsidiaries and Bank due to Notice of the application, affording opportunity their affiliation. Management of Applicant's lead for interested persons to submit comments and bank was instrumental in the formation of Bank, views, has been given in accordance with § 3(b) and Applicant's lead bank and another subsidiary of the Act. The time for filing comments and views bank and Bank have been affiliated through comhas expired, and the Board has considered the mon stock ownership and interlocking directors. application and all comments received in light of Within the past sixteen months the chairman of the factors set forth in § 3(c) of the Act (12 U.S.C. the board of Applicant and Bank was elected 1842(c)). president of Bank, and it appears that the relation- Applicant controls three banks with aggregate ship between Applicant and Bank has been deposits of $65.5 million, representing less than strengthened to the point that disaffiliation appears one per cent of the total deposits in commercial unlikely. Due to the strength of this affiliation, banks in Florida, and is the twenty-sixth largest consummation of the proposal would not have a bank holding company in the State. (All banking significant adverse effect on potential competition data are as of June 30, 1972, adjusted to reflect in the relevant market. holding company formations and acquisitions ap- The financial and managerial resources and fuproved by the Board through March 28, 1973.) ture prospects of Applicant, its subsidiaries and Acquisition of Bank ($17.8 million of deposits) Bank are generally satisfactory and consistent with would not result in a significant increase in the approval of the application. There is no evidence concentration of banking resources in Florida. that the banking needs of the community are not The Department of Justice filed comments with being met. However, the proposed acquisition will regard to the proposed acquisition of Bank con- result in internal efficiencies accruing to Bank cluding that Applicant's acquisition of Bank would which will enable it to compete more effectively have a significantly adverse effect on competition in the Greater Pompano Beach Area. The Depart- Proposed acquisitions in this market by two other of the ment takes the position that the Greater Pompano ten largest bank holding companies in the State have been Beach Area is concentrated (the four leading or- approved by the Board but not consummated. 2 The four largest banking organizations control 66 per cent ganizations control about 78 per cent of the area's of the market deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 817 in its own service area. In addition, as previously with three banks, controls 28.07 per cent of the noted, the proposal should enhance Applicant's area deposits, and the other holding company, with ability to compete in the market. Therefore, the four banks, controls 62.11 per cent. Approval of convenience and needs of the community to be this application would result in even greater conserved are consistent with approval of the applica- centration by increasing the total percentage of the tion. It is the Board's judgment that the transaction area's deposits for these two banking organizations would be in the public interest and that the appli- to 97.81 per cent. In addition, the acquisition of cation should be approved. Bank will result in the elimination of competition On the basis of the record, the application is with the only well-established independent bank approved for the reasons summarized above. The in the area. transaction shall not be consummated (a) before While Bank has been affiliated with two of the thirtieth calendar day following the effective Applicant's subsidiary banks through common date of this Order or (b) later than three months shareholders and interlocking directors, the stockafter the effective date of this Order, unless such holders in each of the two other banks do not hold period is extended for good cause by the Board, a sufficiently large block to clearly control. Furor by the Federal Reserve Bank of Atlanta pursuant ther, the evidence indicates that Bank has operated to delegated authority. independently of Applicant's control for long By order of the Board of Governors, effective periods during the history of their affiliation. This October 4, 1973. is illustrated by the fact that in 1970 Bank stipulated in an antitrust suit that shareholders of Ap- Voting for this action: Chairman Burns and Governors plicant's lead bank did not own or control Bank Daane, Sheehan, and Holland. Voting against this action: Governors Mitchell and Brimmer. Absent and not voting: and by the fact that when Applicant applied in Governor Bucher. November 1971 to become a bank holding com- (Signed) CHESTER B. FELDBERG, pany with respect to two of its subsidiary banks, [SEAL] Secretary of the Board. it did not include Bank in the application. In addition, the actions of Bank suggest that it has DISSENTING STATEMENT OF operated independently of Applicant's subsidi- GOVERNORS MITCHELL AND BRIMMER aries. We conclude that the acquisition of Bank by Applicant would eliminate existing competition We dissent from the majority's approval of the between Bank and Applicant's subsidiaries, foreacquisition of Bank by Applicant. In our view, close the possibility of increased competition bethe anticompetitive effects that will result from the tween Bank and Applicant in the future, remove proposed acquisition are not outweighed by the Bank as a means of entry by an unrepresented convenience and needs consequences of the combanking organization, and further concentrate an munity to be served. already concentrated portion of a banking market. We believe the majority erred in not giving Therefore, the competitive effects are clearly adconsideration to the impact this acquisition would verse. have upon a sub-market, the greater Pompano We further find that considerations of conven- Beach area.1 The Board has previously focused ience and needs of the community do not outweigh its attention on the competitive effects in a portion the adverse competitive effects of the proposal. of the relevant market area when the Applicant The proposed acquisition would not result in Bank was already strongly established and a dominant offering any new services to the community; only competitive force. (See the Board's Order in the internal efficiencies would accrue to Bank. matter of First at Orlando Corporation, Orlando, Based on all the facts of record, we believe the Florida, to acquire Citrus First National Bank at application should be denied. Leesburg, Leesburg, Florida, 59 Federal Reserve BULLETIN 302.) The greater Pompano Beach area HAMILTON BANCSHARES, INC., is already highly concentrated. Banking is domi- CHATTANOOGA, TENNESSEE nated by two banking organizations that currently have their only subsidiaries in this area. Applicant, ORDER DENYING ACQUISTION OF BANK Hamilton Bancshares, Inc., Chattanooga, Tennessee, a bank holding company within the mean- 1 We would define the greater Pompano Beach area to include ing of the Bank Holding Company Act, has ap- Pompano Beach, Lighthouse Point, Margate, Coral Springs, Coconut Creek and Sea Ranch Lakes. This definition differs plied for the Board's approval under § 3(a)(3) of from that of the Department of Justice which included Oakland the Act (12 U.S.C. 1842(a)(3)) to acquire the Park, Lauderdale-by-the-Sea, and Deerfield Beach in the greater Pompano Beach area. successor by merger to The Hamilton National Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
818 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 Bank of Knoxville, Knoxville, Tennessee is the largest bank in this market, with approxi- ("Bank"). The bank into which Bank is to be mately 30 per cent of market deposits. Moreover, merged has no significance except as a means to this is a concentrated market with the top two facilitate the acquisition of the voting shares of organizations having over 50 per cent of market Bank. Accordingly, the proposed acquisition of deposits and the third-ranking bank being considshares of the successor organization is treated erably less than half the size of the second-ranking herein as the proposed acquisition of the shares bank. Acquisition of Bank by Applicant would of Bank. tend to solidify this two-firm dominance. On the Notice of the application affording opportunity other hand, if Applicant entered the Knoxville for interested persons to submit comments and banking market, either through a de novo entry views has been given in accordance with § 3(b) or the acquisition of a foothold bank, there is a of the Act. The time for filing comments and views probability that a trend towards deconcentration has expired, and the Board has considered the would result. Such a trend would be in the public application and all comments received in light of interest by offering the promise of more vigorous the factors set forth in § 3(c) of the Act (12 U.S.C. competition. 1842(c)). Applicant can reasonably be expected to have Applicant controls 13 banks with aggregate de- a strong interest in entering the Knoxville banking posits of $619.6 million, representing about 6 per market.3 For any holding company in Tennessee cent of total deposits of commercial banks in to have Statewide representation, it is desirable Tennessee.1 Bank (deposits of $288.4 million) to have a subsidiary in the four major metropolitan ranks as the ninth largest banking organization in areas of Tennessee of which Knoxville is one. The Tennessee with approximately 3 per cent of total ratios for population and deposits per banking deposits of commercial banks in the State. Acqui- office in the Knoxville banking market are both sition of Bank by Applicant would make the latter above comparable Statewide averages and the the third largest organization in the State with market appears to be relatively attractive for de about 9 per cent of total deposits but would not novo entry.4 Furthermore, although there is no significantly increase the concentration of banking present downtown bank that would be available resources in Tennessee. for foothold acquisition into the Knoxville banking The United States Department of Justice in market, there is one suburban bank in Knox commenting on this application concluded that it County which may be available for acquisition. should be denied. The Department indicated that Under Tennessee branching law, acquisition of it believed that consummation of the transaction this suburban bank would enable Applicant to would eliminate some existing competition be- branch throughout Knox County which is the tween Applicant and Bank, would have an adverse commercial center of the Knoxville banking mareffect on potential competition in the Knoxville ket. banking market and, more seriously, would elimi- Finally, the Board notes that Applicant is one nate Bank as one of the few banks in Tennessee of only three multibank holding companies that capable of becoming a lead bank for an additional are not presently represented in the Knoxville holding company. In this latter connection, Justice banking market. The Board concludes that the cited the Board's denial of the application by most probable entrants into any local market in United Tennessee Bancshares Corporation to Tennessee must be considered to be the existing merge with American National Corporation (see multibank holding companies. The Board is con- 1973 Federal Reserve BULLETIN 530). cerned when one of the three most probable future There is no substantial existing competition be- entrants into a concentrated market seeks to enter tween Applicant and Bank. Although Applicant that market, which market is relatively attractive does have two subsidiaries within 20 miles of for de novo entry, by acquisition of the largest Knoxville, these subsidiaries and Bank have little loan or deposit overlap. However, the Board does 3Applicant claims that because of common stock ownership the development of such competition is unlikely. However, feel that consummation of this transaction would the amount of such overlap is not large and in view of the have a substantially adverse effect on future com- fact that a larger block of Bank's shares is held by third parties petition in the Knoxville banking market.2 Bank the Board does not believe that the common ownership is significant enough to impede competition. 4In this connection, the Board has reconsidered its earlier *A11 banking data are as of December 31, 1972, and repre- expressed opinion that the market was not attractive (38 Fedsent bank holding company formations and acquisitions ap- eral Register 3120). The Board's earlier opinion was based proved by the Board through August 31, 1973. solely upon the rate of growth of the population of the Knox- 2The Knoxville banking market is approximated by Knox, ville banking market and did not take into account the ratios Blount, and Anderson Counties., of population and deposits per banking office. 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LAW DEPARTMENT 819 bank in the market. In summation, the Board finds fully capable of doing so on its own and has, in that the Knoxville banking market is concentrated, fact, recently expanded its range of services that Applicant is a probable future entrant into such through lengthening of its hours. Accordingly, market—in fact, it is one of the three most likely these factors do not outweigh the competitive probable future entrants into the market—and that considerations. opportunities exist for de novo or foothold entry. It is the Board's judgment that the proposed Given these factors, the Board concludes that transaction is not in the public interest and should consummation of the transaction would have a be denied. On the bases of the record, the applisubstantially adverse effect on potential competi- cation is denied for the reasons summarized above. tion. By order of the Board of Governors, effective The Board is additionally concerned with the October 17, 1973. effect the consummation of this transaction would have on the number of additional bank holding Voting for this action: Vice Chairman Mitchell and Governors Daane, Brimmer, Sheehan, and Holland. Present and companies that may reasonably be expected to be abstaining: Chairman Burns. Absent and not voting: Governor formed in Tennessee. Bank, as the ninth largest Bucher. banking organization in Tennessee and largest [SEAL] (Signed) CHESTER B. FELDBERG, unaffiliated bank, is one of the three most probable Secretary of the Board. candidates to become a lead bank in a multibank holding company. Applicant has indicated its reservations about the ability of Bank to become such MICHIGAN NATIONAL CORPORATION, a lead bank. However, the record shows that Bank BLOOMFIELD HILLS, MICHIGAN has improved its earnings record significantly in the last year. There is no reason to believe that ORDER APPROVING ACQUISITIONS OF BANKS this trend will not continue. Bank certainly has the size and would appear to have the managerial Michigan National Corporation, Bloomfield and financial capabilities to become a lead bank Hills, Michigan, a bank holding company within in a multibank holding company within the near the meaning of the Bank Holding Company Act, future. As the Board stated in its order denying has applied for the Board's approval under § the application of United Tennessee Bancshares 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to ac- Corporation, local banking markets in Tennessee quire the successors by merger to the following tend to be concentrated. For this reason, it is four banks: (1) First National Bank of East Lansimportant to preserve a significant number of mul- ing, East Lansing ("East Lansing Bank"); (2) tibank holding companies who are the most likely Central Bank, National Association, Grand Rapids potential entrants into such markets. It is certainly ("Central"); (3) Valley National Bank of Sagiforeseeable that if this application is denied, Bank naw, Saginaw ("Valley"); and (4) First Naand Applicant may be confronting each other in tional Bank of Wyoming, Wyoming ("Wyoming these concentrated markets in the near future. Bank"), all of which are located in Michigan. The Competition and, ultimately, consumers should banks into which the four named Banks are to be benefit from such a probability. On the basis of merged have no significance except as a means the facts of record, the Board concludes that com- to facilitate the acquisition of the voting shares petitive factors relating to this application weigh of Banks. Accordingly, the proposed acquisitions against approval of the application. of shares of the successor organizations are treated The financial condition and managerial re- herein as the proposed acquisitions of the shares sources and prospects of Applicant, its subsidiary of the four Banks. banks, and Bank are generally satisfactory and Notice of the applications, affording opportunity consistent with approval of the application. How- for interested persons to submit comments and ever, these factors do not offset the substantially views, has been given in accordance with § 3(b) adverse competitive considerations that would re- of the Act. The time for filing comments and views sult from consummation of the transaction. There has expired, and the Board has considered the is no indication in the record that the convenience applications and all comments received in light of and needs of the Knoxville community are not the factors set forth in § 3(c) of the Act (12 U.S.C. being adequately met at the present time. More- 1842(c)). over, there is no real indication that Applicant's Applicant controls five banks with aggregate acquisition of Bank would serve to increase the deposits of $2.38 billion, representing about 9.5 convenience and needs of the area since Bank is per cent of deposits of commercial banks in Mi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
820 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 chigan.1 Acquisition of East Lansing Bank (de- tionships with the four banks in question, that it posits of $16.5 million), Central (deposits of $42.9 has either helped form or expand the four banks, million), Valley (deposits of $43.2 million), and and that it has provided management services Wyoming Bank (deposits of $15.9 million) would throughout their existences. change Applicant's rank from the third largest The Board has concluded that approval of these banking organization in Michigan to the second four applications would not have a substantially largest but would add only about 0.5 per cent of adverse effect on the concentration of banking total deposits in Michigan to its control. Moreover, resources in Michigan. The Board must also contwo other banking organizations would be approx- sider whether analyses of the relevant local marimately the same size as Applicant, and Applicant kets indicates there are substantial anticompetitive would be only a little more than half the size of effects that would result from approval of any or the leading organization in Michigan. For these all of these applications. In the Saginaw banking reasons, approval of the acquisitions would not market, Valley presently ranks as the fourth largest significantly alter the existing concentration of banking organization with approximately 7 per banking resources in the State. cent of market deposits.2 The lead bank of Appli- Both the Department of Justice ("Justice") and cant has one office in the market with about 28.5 the Commissioner of the Michigan Financial In- per cent of market deposits. However, under stitutions Bureau ("Commissioner") commented present law Applicant's lead bank may not open on these applications. Justice, asserting that the any new branches in the Saginaw area, a constraint banking markets in question were already concen- which has the effect of inhibiting its growth in trated and that approval of the applications would that area. For example, in the 4-year period from eliminate substantial existing competition, recom- June, 1968, to June, 1972, deposits of this one mended denial of all four applications. The Com- branch grew only about 4.5 per cent while the missioner also stated that the concentration in the Saginaw banking market deposits grew approxifour banking markets was high and further indi- mately 14 per cent. As a consequence of this cated that approval of the applications would give relatively limited growth, the market share of this Applicant substantially increased branching op- branch fell almost 2.5 per cent during this 4-year portunities which would help to increase its domi- period. It seems likely that the market share of nance over other organizations in the markets. The this branch will continue to fall since its competi- Commissioner recommended against approval of tors can branch into locations preferred by more the four applications.13 Both Justice and Commis- depositors while it must offer its services from a sioner recognized that a profit sharing trust for the single location. Moreover, the Board recognizes employees of Applicant's lead bank held varying that the largest banking organization in this market interests in the four banks. However, the Com- controls approximately 50 per cent of market demissioner and Justice felt that Applicant did not posits and increased its market share over the have control of the four banks in question. previously referred to 4-year period. Permitting Applicant replied by stating that approval of Applicant to acquire Valley would give it the the four applications would not affect its relative ability to branch throughout the area and provide ranking in any of the three markets in question. greater service conveniences and also increased Moreover, Applicant stated that the concentration competition for the dominant organization in the was no greater in these markets than in other market. The Board also recognizes that Applicant, Michigan Standard Metropolitan Statistical Areas. through the employee trust fund of its lead bank, Applicant argued that approval of the applications has a substantial interest in Valley at the present would enable it to provide greater convenience of time with the trust owning 24.52 per cent of services in the relevant banking markets. Addi- Valley's voting shares. Applicant also has repretionally, Applicant stressed that it has close rela- sentatives on Valley's board of directors and has previously provided Valley with needed managerial assistance. In view of these facts, the Board concludes that the competitive considerations are, *A11 banking data are as of December 31, 1972, unless otherwise noted, and represent bank holding compnay acquisi- on the whole, procompetitive and, therefore, contions and formations approved by the Board through August sistent with approval of the application. 31, 1973. laThe Commissioner is not the supervisory official whose denial recommendation requires a hearing pursuant to § 3(b) of the Bank Holding Company Act since all the four banks 2 All banking data for the local markets involved in this case sought to be acquired are national banks. Moreover, the rec- are as of June 30, 1972. The Saginaw banking market is ommendation was not received within the thirty-day time approximated by the northeastern two-thirds of Saginaw period as required by § 3(b). County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 821 Both Central and Wyoming Bank are located branches. Though Applicant has the largest market in the Grand Rapids banking market with the share in the relevant banking market with approxformer controlling approximately 3 per cent and imately 41 per cent of deposits, it presently cannot the latter about 1 per cent of market deposits.3 branch into the East Lansing Bank's sector of this Here, as in the Saginaw banking market, the lead market due to home office protection laws. In the bank of Applicant operates one branch. This office East Lansing Bank's sector of the market, East controls about 17.5 per cent of market deposits. Lansing Bank is much smaller than the other bank However, similar to the situation in Saginaw, this with headquarters there. Approval of this applicais the only branch that is permitted to Applicant's tion may enable more vigorous competition to bank in this market while the two largest banks result in this part of the market. Moreover, Applihave unlimited branching rights in the city and, cant's lead bank assisted in the establishment of in fact, have 26 and 16 offices. The Grand Rapids East Lansing Bank, currently has representatives banking market is dominated by these two large on the board of directors, and the employee trust organizations which control over 70 per cent of fund owns 12.85 per cent of the voting shares of deposits between them, with the largest organi- East Lansing Bank. These facts indicate that Apzation accounting for approximately 50 per cent plicant has a great deal of influence over East of this total. Because of the limitations on its Lansing Bank and the latter cannot be considered ability to branch, Applicant's lead bank has grown to be an entirely independent entity. Given the at a much slower rate than either of these two small size of East Lansing Bank and Applicant's organizations. The Board believes that the public present influence over it, the Board does not conwould be better served if the Applicant had sider that substantially adverse effects on competibranching capabilities in this market competitive tion would result from approval of this application. with those of the two dominant organizations. Accordingly, the Board concludes that competitive Applicant has shown itself to be an aggressive considerations are consistent with approval. competitor and, given an equal competitive foot- It appears appropriate at this point to discuss ing, it may be able to make some inroads into the relevance of the holdings of the employee trust the concentrated market structure. Moreover, Ap- fund in each of these four banks. The employee plicant, again through the employee trust fund of trust's investments in the stock of the banks its lead bank, has substantial interests in both proposed to be acquired here is a circumstance Wyoming Bank and Central, having 22.3 per cent over which one of the dissenters to the Board's of the voting shares of the former and 21.9 per approval action has expressed concern. The cent of the voting shares of the latter. The trust Board's approval of the Applicant's acquisition of also owns 46.1 per cent of the preferred stock of banks in which the employees' trust fund of Appli- Wyoming Bank. Applicant's lead bank has pro- cant's lead bank has previously invested is previded management assistance to both of these mised upon the following considerations, among banks, particularly to Wyoming Bank at a time others. The trust fund's interest in each of the when it needed outside help. For these reasons, banks was acquired prior to the time when this the Board concludes that competitive consid- Board was given statutory oversight responsibility erations offer no impediment to approval of the with respect to the Applicant. The present record two applications. contains no suggestion that the trust's investments East Lansing Bank and Applicant's lead bank have not been, in all respects, prudent, financially both have their head office in the same banking satisfactory, and in the best interest of the benefimarket.4 East Lansing Bank is a comparatively ciaries of the trust. Nor is there evidence of any small factor in this market, having only about 2 abuse by the trustees of their fiduciary responper cent of market deposits. Since its establishment sibilities under the trust, nor of control of their in 1955 with the help of Applicant's lead bank, investment decisions by Applicant or its lead bank. it has not shown itself to be a particularly aggres- Moreover, the Board's approval actions here sive organization, only recently opening two should not be read as indicating automatic approval of such investments; rather, approval in these cases is based somewhat on the positive competitive and convenience benefits that would result from consummation of these transactions. 3The Grand Rapids banking market is approximated by the southern three-fourths of Kent County and the eastern half of The financial condition and managerial re- Ottawa County. sources and prospects of Applicant, its subsidi- 4 The relevant banking market is approximated by the Lans- aries, and the four banks are generally satisfactory ing SMSA, which includes Clinton, Eaton, and Ingham Counties. and consistent with approval of the applications. 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822 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 Considerations relating to the convenience and interest is only 12.85 per cent of such voting needs of the communities to be served lend some shares. Moreover, these shares are held in a fiduweight for approval of the applications since con- ciary capacity; that is, they must be used to further summation of the transactions will enable Appli- the interests of the beneficiaries of the trust, not cant to provide services at additional locations those of Applicant. It is unfortunate that the mawithin the communities. It is the Board's judgment jority appears to sanitize what it must otherwise that the proposed transactions are in the public surely concede would be an anticompetitive appliinterest and should be approved. cation by referring to this control relationship. The On the basis of the record, the applications are Board in previous cases (particularly in the appliapproved for the reasons summarized above. The cations of First City Bancorporation of Texas, transactions shall not be consummated (a) before Inc., 1973 Federal Reserve BULLETIN 105) has the thirtieth calendar day following the effective chosen to disregard voting interests of Applicants date of this Order or (b) lafer than three months held in competing banks where there is a probaafter the effective date of this Order unless such bility that disaffiliation may occur over a reasonperiod is extended for good cause by the Board able period of time and where the competitive or by the Federal Reserve Bank of Chicago pursu- consequences of consummation of the transaction ant to delegated authority. would be substantially adverse. Moreover, in the By order of the Board of Governors, effective First City cases, Applicant held absolute interests October 18, 1973. in the banks rather than holding interest in a trust capacity. The majority is now placing its stamp Approval of acquisition of First National Bank of East of approval on what must be considered a use of Lansing, East Lansing; Central Bank, National Association, Grand Rapids; and Valley National Bank of Saginaw, Saginaw. trust assets with potential conflict of interests Voting for this action: Chairman Burns and Governors Mit- problems. I do not believe that an employee trust chell, Daane, and Sheehan. Voting against this action: Goverfund should be used to forward the competitive nors Brimmer and Holland. Absent and not voting: Governor Bucher. interests of an organization whose employees are Approval of acquisition of First National Bank of Wyoming, beneficiaries of the investing trust. I cannot help Wyoming. Voting for this action: Chairman Burns and Gover- but feel this is what has happened in this case nors Mitchell, Daane, Brimmer, Sheehan, and Holland. Absent and not voting: Governor Bucher. where the assets of the trust fund were used to acquire additional competitive outlets in markets (Signed) CHESTER B. FELDBERG, where Applicant's lead bank was represented. [SEAL] Secretary of the Board. The majority refers to the fact that the East Lansing bank has not been aggressive. However, DISSENTING STATEMENT OF figures indicate that from June, 1968, to June, GOVERNOR BRIMMER 1972, East Lansing's deposits grew at a rate 50 I must dissent from the majority's approval of per cent higher than the average for the market. the applications to acquire the (1) East Lansing Additionally, I cannot understand the majority's Bank, (2) Central, and (3) Valley. The majority reference to the increased competition that may concedes that these three banks are all located in result from approval of this application in the East markets where Applicant's lead bank has a sub- Lansing sector of the market. Offices of Applistantial position. In other words, this is not a case cant's lead bank and the East Lansing Bank are of potential competition; its adverse impact is located within three miles of one another. East primarily on existing competition. Lansing is not an isolated section but is clearly The Board's approval of the East Lansing a central part of the larger Lansing banking mar- Bank's acquisition will mean that Applicant will ket. Branches of Applicant's lead bank completely have almost 43 per cent of the market deposits surround it. It is to disregard reality to separate in the Lansing banking market. This type of East Lansing from its larger setting. The Lansing dominance may perhaps be expected when bank- market is also an increasingly concentrated one; ing markets are small, a circumstance not here from June, 1968, to June, 1972, the market share involved. As of June 30, 1972, the Lansing market of the three largest banks went from 73 to about had $784.5 million of deposits. The majority 82 per cent of market deposits. The Board should should be interested in seeing these deposits spread be concerned about even small increases in conout among several organizations rather than al- centration in such a market. lowing one large organization to expand an already I do not find the approval of the applications dominant position. The majority alludes to the fact of the Central and Valley banks to be any more that the employee trust fund has an interest in the salutary. Applicant's lead bank has a branch in voting shares of East Lansing Bank. However, this Grand Rapids with total deposits of about $225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 823 million, making it the third largest competitor in interest questions, should be doubly careful not the market. In approving the application of both to appear to approve the potential for such practhe Central and Wyoming Bank in the Grand tices. Rapids banking market, the Board is giving Applicant three different organizational outlets in that DISSENTING STATEMENT OF market and is foregoing the opportunity to approve GOVERNOR HOLLAND the acquisition of the Wyoming Bank contingent upon divestment of Applicant's influence on Cen- I dissent from the majority's approval of the tral. The majority stresses the fact that in the Grand applications to acquire the (1) East Lansing Bank, Rapids market the two largest organizations con- (2) Central, and (3) Valley. trol over 70 per cent of market deposits. Yet, the These banks are all located in sizable but highly majority fails to point out that after approval of concentrated markets in which Applicant's lead these two applications the three top organizations bank already has a substantial position. Informain the Grand Rapids market (which, of course, tion in the record persuades me that each of these includes Applicant) will control over 90 per cent three banks would be an attractive acquisition of market deposits. Moreover, this is in the context conferring some market advantages upon any of an increasing trend toward concentration in the banking organization able to affiliate effectively Grand Rapids banking market. The three largest with it. organizations in Grand Rapids controlled approxi- I cannot escape the judgment that, over the long mately 78 per cent of market deposits in June, run, the banking markets of Grand Rapids, Lans- 1968. Four years later, their share had grown to ing, and Saginaw would be more competitive and 89 per cent of market deposits. This adverse trend the public better served if the three banks in these will be accelerated by approval of the two appli- respective areas over which Applicant proposes to cations here. establish firm control were, in the alternative, The situation in the Saginaw market is not much operated as independent banks or were sold to better. Approval of the application of Valley will other vigorous Michigan banking organizations not give Michigan National approximately 35.5 per cent now represented in these markets. I believe such of market deposits. This means the two largest a course of events should not be regarded as organizations in Saginaw will control almost 85 impractical or improbable despite the ownership per cent of market deposits. Again, Saginaw is of some shares of stock in each bank by the not a small banking market where one may expect employees' trust fund of Applicant's lead bank. such large market shares; rather, it has $437.6 Such ownership conveys no legal right for the million of deposits. Applicant to control these banks and the trustees I must conclude, as I did with regard to the can justifiably hold such shares only so long as East Lansing bank application, that approval of it serves the best interests of the trust beneficiaries the acquisition of Central and Valley gives the to do so. Board's blessing to the use of assets held in a I should add that I would not vote to bar fiduciary capacity to cement an anticompetitive Applicant from expanding its geographic scope in concentration of banking resources. I believe that the Grand Rapids or Saginaw markets either by such a use should not be countenanced. I am not foothold acquisition or de novo entry. This is saying that an employee trust fund of a bank implicit in my vote to approve Applicant's acquicannot invest in bank stock. The trustees of such sition of Wyoming Bank which is of a foothold a fund are probably more knowledgeable concern- type. However, like Governor Brimmer, I feel that ing investments in this type of stock than any Applicant's expansion in the Lansing market other. However, I feel that investments should not should be limited to a de novo type because of be made in the stock of banks that compete with the extent of its existing dominance in that market. the bank whose employees are beneficiaries of the trust. Aside from fostering anticompetitive market situations, this raises the spectre of conflict of OLD KENT FINANCIAL CORPORATION, interest. The trustees may not adhere to their GRAND RAPIDS, MICHIGAN fiduciary responsibilities in ambiguous situations and, instead, may give impermissible consid- ORDER APPROVING ACQUISITION OF BANK eration to the interests of their employer. Again, Old Kent Financial Corporation, Grand Rapids, it must be pointed out that all the trustees of this Michigan, a bank holding company within the trust are officers of Applicant's lead bank. The meaning of the Bank Holding Company Act, has Board, in these times of sensitivity of conflict of applied for the Board's approval under § 3(a)(3) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
824 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 of the Act (12 U.S.C. 1842(a)(3)) to acquire all penetration of the adjacent Holland market has of the voting shares of the successor by merger been nominal except for a few large business to The Peoples State Bank of Holland, Holland, accounts. This is shown by the fact that Old Kent's Michigan ("Bank"). The bank into which Bank Hudsonville branch, located 13 miles northeast of is to be merged has no significance except as a Holland, has not in any way significantly affected means to facilitate the acquisition of the voting the Holland market, and therefore, this branch shares of Bank. Accordingly, the proposed acqui- does not represent a reasonable alternative to sition of shares of the successor organization is banking services offered in Holland. Applicant treated herein as the proposed acquisition of the draws deposits from the Holland market represhares of Bank. senting only 2 per cent of the total deposits in Notice of the application, affording opportunity that market while Bank has no deposits drawn for interested persons to submit comments and from Old Kent's service area. In view of the views, has been given in accordance with § 3(b) above, the Board concludes that there is no meanof the Act. The time for filing comments and views ingful existing competition between Applicant and has expired, and the Board has considered the Bank. While Applicant has the size and resources application and all comments received in light of to enter the market de novo, this method of exthe factors set forth in § 3(c) of the Act (12 U.S.C. pansion is unlikely as the Holland market is not 1842(c)). particularly attractive for such entry. It has not Applicant controls two banks with aggregate been a rapidly expanding area; the deposits per deposits of $661.7 million, representing 2.8 per banking office are $14.4 million compared to the cent of the total deposits in commercial banks in State average of $14.7 million and the population Michigan, and is the seventh largest banking or- per banking office ratio is 5,273 relative to the ganization in the State.1 The acquisition of Bank State average of 5,495. On the basis of the record (deposits of $49.1 million) would increase Appli- before it, the Board concludes that the acquisition cant's share of State deposits by only 0.2 percent- would have no significant adverse effect on existage point and its rank would remain unchaged. ing or potential competition in any relevant area. Bank is the larger of two banks headquartered The financial condition and managerial rein the city of Holland (population of 26,000), sources of Applicant, its subsidiary banks, and located 27 miles southwest of Grand Rapids, and Bank are generally satisfactory, future prospects is the second largest of three banks in the Holland for all are favorable. Applicant proposes to assist banking market2 with 31 per cent of total deposits Bank in providing new or improved services with therein. The largest bank in the market, First respect to areas such as installment, mortgage, and Michigan Bank and Trust Company, Zeeland commercial lending, trust services, computer and ("Zeeland Bank"), is located five miles northeast international services. While there is no evidence of Bank and controls almost 48 per cent of total in the record that the banking needs of the area deposits in the market. The smallest of the three are not being adequately served, the improved or banks, which controls approximately 21 per cent expanded services would provide customers with of deposits, recently affiliated with a bank holding an alternative source of such services and, further, company system. It appears that consummation of would enable Bank to compete more effectively the proposal would not have an undue adverse with the aggressive Zeeland Bank. Therefore, effect on any competing bank. considerations relating to the convenience and Applicant's lead bank, Old Kent Bank and Trust needs of the communities to be served are regarded Company, Grand Rapids ("Old Kent"), with de- as consistent with approval. It is the Board's posits of $647.3 million, is the largest banking judgment that consummation of the proposed acorganization in the Grand Rapids banking market quisition is in the public interest and that the and controls 49 per cent of its total deposits. While application should be approved. the Grand Rapids and Holland banking markets On the basis of the record, the application is are adjacent, they are separate market areas. Old approved for the reasons summarized above. The Kent's head office is in Grand Rapids and its transaction shall not be consummated (a) before the thirtieth calendar day following the effective 1A11 banking data are as of December 31, 1972, adjusted date of this order or (b) later than three months to reflect bank holding company formations and acquisitions after the effective date of this Order, unless such approved by the Board through June 30, 1973. period is extended for good cause by the Board 2The Holland banking market is approximated by the north- or by the Federal Reserve Bank of Chicago pursuwest portion of Allegan County and the southwest portion of ant to delegated authority. Ottawa County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 825 By order of the Board of Governors, effective closest competitors hold 22.5 per cent and 17.3 October 12, 1973. per cent of those deposits, respectively. By this application, Applicant seeks to acquire the second Voting for this action: Chairman Burns and Governors largest bank in the adjacent Holland market, hav- Mitchell, Daane, and Sheehan. Voting against this action: Governors Brimmer and Holland. Absent and not voting: ing slightly over 31 per cent of market deposits. Governor Bucher. While these two markets are, at present, separate, (Signed) CHESTER B. FELDBERG, there is no question that the area is becoming [SEAL] Secretary of the Board. increasingly integrated. Grand Rapids is expanding to the west and there is a growth of bedroom PSB BANK, communities in Ottawa County. Grand Rapids HOLLAND, MICHIGAN banks are branching into Ottawa County and Holland Banks are permitted to branch to within a ORDER APPROVING APPLICATION FOR few miles of Grand Rapids. CONSOLIDATION OF BANKS Approval of the application gives Applicant PSB Bank, Holland, Michigan, a proposed State control of 43.7 per cent of deposits in the Grand member bank of the Federal Reserve System, has Rapids SMSA and permits Applicant to reinforce applied for the Board's approval pursuant to the its existing dominance in the Grand Rapids area. Bank Merger Act (12 U.S.C. 1828 (c)) of the It removes an attractive vehicle for entry into consolidation of that bank with The Peoples State Holland by a smaller Grand Rapids banking orga- Bank of Holland, Holland, Michigan, under the nization—or by an outside banking organiname of The Peoples State Bank of Holland. zation—either of which developments would have As required by the Act, notice of the proposed been pro-competitive. It is evident that Applicant merger, in form approved by the Board, has been has the managerial and financial resources to enter published, and the Board has requested reports on the Holland market de novo. competitive factors from the Attorney General, the We find no beneifts to the public to be derived Comptroller of the Currency, and the Federal from this proposal which outweigh the above ad- Deposit Insurance Corporation. The Board has verse effects on competition. Therefore, we would considered the application in light of the factors deny this application. set forth in the Act. On the basis of the record, the application is SUBURBAN BANCORPORATION, approved for the reasons summarized in the HYATTSVILLE, MARYLAND Board's Order of this date relating to the applica- ORDER DENYING ACQUISITION OF BANK tion of Old Kent Financial Corporation to acquire the successor by merger to The Peoples State Bank Suburban Bancorporation, Hyattsville, Maryof Holland, provided that said consolidation shall land, has applied for the Board's approval under not be consummated (a) before the thirtieth calen- § 3(a)(3) of the Bank Holding Company Act (12 dar day following the date of this Order or (b) U.S.C. 1842(a)(3)) to acquire 90 per cent or more later than three months after the date of this Order, of the voting shares of Farmers and Mechanics unless such period is extended for good cause by National Bank, Frederick, Maryland (4'Bank"). the Board or by the Federal Reserve Bank of Notice of the application, affording opportunity Chicago pursuant to delegated authority. for interested persons to submit comments and By order of the Board of Governors, effective views, has been given in accordance with § 3(b) October 12, 1973. of the Act. The time for filing comments and views has expired, and none has been timely received. Voting for this action: Chairman Burns and Governors The Board has considered the application in light Mitchell, Daane, and Sheehan. Voting against this action: Governors Brimmer and Holland. Absent and not voting: of the factors set forth in § 3(c) of the Act (12 Governor Bucher. U.S.C. 1842(c)). (Signed) CHESTER B. FELDBERG, Applicant, the fourth largest banking organi- [SEAL] Secretary of the Board. zation in the State, controls one bank, Suburban Trust Company ("Suburban"), which operates 45 DISSENTING STATEMENT OF banking offices and holds deposits of approxi- GOVERNORS BRIMMER AND HOLLAND mately $690 million, representing approximately 10 per cent of the total deposits in commercial Applicant, through its lead bank, dominates the banks in the State of Maryland. (All banking data Grand Rapids banking market. It controls 49 per are as of December 31, 1972 unless otherwise cent of the total deposits in that area; its two noted). Upon consummation of the proposed ac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
826 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 quisition of Bank, Applicant would control ap- the proposal herein would eliminate the likely proximately 12 per cent of the total deposits in alternative of Applicant entering Frederick County commercial banks in the State, and would rank through less anticompetitive means such as de thereby as the State's third largest banking organi- novo or foothold acquistion. It is clear that Applization. cant possesses the resources for meaningful de Bank, which has 13 offices, holds about $124 novo entry (either by establishing a branch or a million or 2 per cent of the total commercial bank new bank) into Frederick County, an area which deposits in the State and ranks as the ninth largest has experienced above average growth in the past banking organization in the State. Bank has ten and which is expected to enjoy continued ecooffices in the market approximated by Frederick nomic and population growth. Applicant maintains County, and it also operates three offices just that it has no interest in ''foothold" or de novo across the Frederick County line—two in Carroll entry into Frederick County. The Board, however, County (which is in the Baltimore SMSA) and one does view a foothold or de novo acquisition as in Montgomery County (which is in the Washing- a realistic alternative to the proposed acquisition ton, D.C. SMSA). Overwhelmingly the largest of of the largest bank in the Frederick County market. nine banks in the Frederick County market, Bank In fact, the acquisition of one of the smaller, controls approximately 44 per cent of the area independent banks in the area (of which there are deposits. The second and third largest banks in six) would be clearly preferable from a competitive the market control, respectively, 20 and 11 per standpoint to the proposal herein. On the basis of cent of the deposits in the market while each of the facts of record, including the prospects for the six remaining banks in the market (all inde- continued economic growth in the area, the proxpendent and unaffiliated with a bank holding com- imity of Frederick County to an area of Applicant's pany) controls less than 10 per cent of market dominance (Montgomery County), and the agdeposits. gressive branching policy followed by Applicant Applicant's subsidiary bank has no offices in in the past,1 the Board regards Applicant as a likely Frederick County and derives an insignificant potential entrant into Frederick County. In this amount of deposits from the Baltimore SMSA. case, the acquisition of the leading bank in a The only direct competition between Bank and concentrated market by a likely entrant into that Applicant appears to be limited to the Montgomery market is undesirable from a competitive stand- County portion of the market approximated by the point. The Board is of the view, therefore, that Washington SMSA. In the Montgomery County consummation of this proposal would have a sigarea, Bank has one office and Suburban has four nificantly adverse effect on potential competition offices, all within a 12 mile radius of Bank's in Frederick County. branch in Damascus, Maryland. Although Subur- Of equal concern to the Board is the apparent ban controls 30 per cent of deposits in Montgo- adverse effect of Applicant's proposal on potential mery County, consummation of this transaction competition in the Montgomery County portion of would increase the share of deposits controlled by the market approximated by the Washington, D.C. Applicant in that area by less than 1 per cent and SMSA. As noted above, Applicant is already the would apparently not have a significant effect on largest banking organization in Montgomery present competition. As of June 30, 1972, the County. Inasmuch as banks located in Washing- Damascus office of Bank had deposits of $2.4 ton, D. C. proper are precluded by law from million, representing less than one-half of 1 per branching into suburban Montgomery County, the cent of the deposits in Montgomery County. It only hope for increased competition and for a appears, therefore, that present competition be- deconcentration of banking resources in the tween Applicant and Bank would be only slightly County must necessarily lie to a large extent on affected by consummation of this transaction. , preserving the possibility that independent banks While the effects of Applicant's proposal on such as Bank will expand in the area. Acquisition existing competition do not raise serious impedi- of Bank by Applicant would tend to solidify the ments to approval of the application, consumma- existing banking structure in Montgomery County tion of the proposal would, in the Board's view, and preclude the possibility of increased competihave significantly adverse effects on potential tion through further expansion by Bank in the competition between Applicant and Bank in Fre- County. As the only Maryland bank with deposits derick County as well as the Montgomery County in excess of $100 million with headquarters outportion of the Washington, D.C. SMSA. In regard to Frederick County, which is adjacent to *At the end of 1972, Applicant's subsidiary bank operated 45 banking offices and had approval for 13 additional branch both the Washington SMSA and Baltimore SMSA, locations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 827 side the Baltimore SMS A and Washington, not outweigh the adverse competitive effects of SMS A, it appears that Bank's is one of the few the proposal. banks outside the two SMSAs with the financial There is no evidence in the record that the resources necessary to expand its operations in banking needs of the public in Frederick County Montgomery County. That Bank is likely to ex- are not presently being met by the nine banking pand its operations in Montgomery County appears institutions operating therein. Applicant proposes probable. Bank established its Damascus branch to provide improved banking services, including in 1965 and it is permitted by Maryland law to lower finance charges on Bank's credit card, trust branch further into Montgomery County. Given services, and mortgage lending services. While the high level of commuting in the area (30 per these improved services provide some weight for cent of the work force in Frederick County ap- approval, the Board does not consider these conparently works outside the county) and the further siderations sufficient to outweigh the anticompetieconomic integration of Frederick County and tive effects of the proposal described herein. Montgomery County, it appears likely that Bank Moreover, it appears that such benefits could be would attempt to increase its banking operations adequately provided by Applicant through an alin Montgomery County. However, as the result ternative means of entry into the Frederick County of the consummation of this proposal, the prospect market. Finally, for the residents of Montgomery of Bank developing into a meaningful competitive County, consummation of the proposal would have force in Montgomery County would be eliminated an adverse effect on convenience and needs in that and the prospects for increased competition in the it would remove an alternative source (Bank's area seriously diminished. branch) of banking services. Accordingly, the On the basis of the foregoing and all other facts Board finds that the anticompetitive effects inherin the record, the Board concludes that consum- ent in Applicant's proposal are not outweighed by mation of Applicant's proposal would have signif- the considerations relating to the convenience and icantly adverse effects on potential competition in needs of the communities to be served. both Frederick County and Montgomery County, On the basis of all relevant facts in the record, and unless such anticompetitive effects are out- the Board concludes that approval of the proposed weighed by other consideration reflected in the acquisition is not in the public interest, and the record, the application should be denied. application is denied for the reasons summarized The financial condition of Applicant and its above. subsidiary bank is regarded as satisfactory, their By order of the Board of Governors, effective managements appear capable, and the prospects of each are considered favorable. The same con- October 17, 1973. clusions apply generally with respect to the finan- Voting for this action: Vice Chairman Mitchell and Govercial and managerial resources and prospects of nors Brimmer, Sheehan, Bucher, and Holland. Absent and not Bank, whether as an independent bank or as a voting: Chairman Burns and Governor Daane. subsidiary of Applicant. These considerations, (Signed) CHESTER B. FELDBERG, however, while favorable to the application, do [SEAL] Secretary of the Board. ORDERS NOT PRINTED IN THIS ISSUE During October 1973, the Board of Governors approved the applications listed below. The orders have been published in the Federal Register, and copies of the orders are available upon request to Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT- APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY Board action Federal (effective Register Applicant Banks(s) date) citation Republic of Texas Corporation, Republic National Bank of Dallas, 10/25/73 38 F.R. 30580 Dallas, Texas Dallas, Texas 11/6/73 Waverly Investment Company, Bank of Waverly, 10/15/73 38 F.R. 29364 Waverly, Missouri Waverly, Missouri 10/24/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
828 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT- APPLICATIONS FOR ACQUISITION OF BANK Board action Federal (effective Register Applicant Bank(s) date) citation Alabama Bancorporation, Baldwin National Bank of Roberts- 10/10/73 38 F.R. 29110 Birmingham, Alabama dale, Robertsdale, Alabama 10/19/73 Associated Bank Corporation, Iowa County Savings Bank, 10/9/73 38 F.R. 28867 Davenport, Iowa Marengo, Iowa 10/17/73 Barnett Banks of Florida, Inc., Barnett Bank of North Pensa- 10/4/73 38 F.R. 28734 Jacksonville, Florida cola, Pensacola, Florida 10/16/73 Central National Bancshares, Inc., Central National Bancshares, Inc., 10/12/73 38 F.R. 29366 Des Moines, Iowa Des Moines, Iowa; and the 10/24/73 Security State Bank, Algona, Iowa Citizens Commercial Corporation, Citizens Commerical & Savings 10/15/73 38 F.R. 28734 Flint, Michigan Bank, Flint, Michigan 10/16/73 Ellis Banking Corporation, Commercial Bank of Sarasota, 10/15/73 38 F.R. 29368 Bradenton, Florida Sarasota, Florida 10/24/73 First Alabama Bancshares Inc., The Selma National Bank, 10/17/73 38 F.R. 29536 Birmingham, Alabama Selma, Alabama 10/25/73 First Banc Group of Ohio, Inc., First Trust Company of Ohio, 10/25/73 38 F.R. 30152 Columbus, Ohio National Association, 11/1/73 Columbus, Ohio First International Bancshares, The Dallas County State Bank, 10/2/73 38 F.R. 28113 Inc., Dallas, Texas Carrollton, Texas 10/11/73 Mercantile Bancorporation, Inc., Sedalia Bank and Trust Company, 10/12/73 38 F.R. 29369 St. Louis, Missouri Sedalia, Missouri 10/24/73 Northeast Bankshare Association, Sanford Trust Company, 10/15/73 38 F.R. 29370 Lewiston, Maine Sanford, Maine 10/24/73 United Banks of Colorado, Inc., Broomfield Bank, 10/9/73 38 F.R. 28871 Denver, Colorado Broomfield, Colorado 10/17/73 United Virginia Bankshares In- Bank of Spotsylvania, 10/25/73 38 F.R. 30153 corporated, Richmond, Virginia Spotsylvania, Virginia 11/1/73 ORDER UNDER SECTION 3(a)(5) OF BANK HOLDING COMPANY ACT- APPLICATION TO MERGE BANK HOLDING COMPANIES Board action Federal (effective Register Applicant Bank(s) date) citation Union Planters Corporation, Tennessee National Bancshares, Inc., 10/4/73 38 F.R. 28737 Memphis, Tennessee Maryville, Tennessee 10/18/73 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT— APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES Board action Federal Nonbanking company (effective Register Applicant (or activity) date) citation Associated Bank Corporation, Leasing, Inc., 10/9/73 38 F.R. 28868 Davenport, Iowa Des Moines, Iowa 10/17/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 829 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT- APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES—Cont. Board action Federal Nonbanking company (effective Register Applicant (or activity) date) citation Central Bancompany, The Guaranty Trust Company of 10/17/73 38 F.R. 29535 Jefferson City, Missouri Missouri and Harrison L. 10/25/73 Winter and Associates, both of Clayton, Missouri Commerce Bancshares Inc., Engaging in Insurance Activities 10/15/73 38 F.R. 29367 Kansas City, Missouri 10/24/73 Central National Bancshares, LuVerne Insurance Agency, 10/12/73 38 F.R. 29366 Inc., Des Moines, Iowa LuVerne, Iowa 10/24/73 First Arkansas Bankstock Cor- National Credit Corporation 10/2/73 38 F.R. 28112 poration, Little Rock, Arkansas Pine Bluff, Arkansas 10/11/73 First Bankshares Corp. of S.C., August Kohn and Company, Inc., 10/17/73 38 F.R. 29840 Columbia, South Carolina Columbia, South Carolina and 10/29/73 Stevenson, Zimmerman and Company, Charleston, South Carolina First Bancshares of Florida, Inc., Beacon Leasing Corporation, 10/4/73 38 F.R. 28735 Boca Raton, Florida North Palm Beach, Florida 10/16/73 First & Merchants Corporation, Equitable Leasing Corporation, 10/25/73 38 F.R. 28114 Richmond, Virginia Asheville, North Carolina 10/11/73 Security-Atlantic Life Insurance 10/2/73 38 F.R. 28114 Company, Phoenix, Arizona 10/11/73 First Texas Bancorp, Inc., First Texas Development Corpora- 10/9/73 38 F.R. 28869 Georgetown, Texas tion, Georgetown, Texas 10/17/73 First Valley Corporation, First Valley Life Insurance 10/25/73 38 F.R. 30152 Bethlehem, Pennsylvania Company, Phoenix, Arizona 11/1/73 Jacob Schmidt Company and Lake City Agency, Inc., 10/2/73 38 F.R. 28115 American Bancorporation, Inc., Lake City, Minnesota 10/11/73 St. Paul, Minnesota Twin Gates Corporation, Kelley Mortgage and Investment 10/12/73 38 F.R. 29364 Wilmington, Delaware and North Company, Flint, Michigan 10/24/73 ern States Bancorporation, Detroit, Michigan Union Commerce Corporation, Bjork Associates, Inc., 10/2/73 38 F.R. 28116 Cleveland, Ohio New York, New York 10/11/73 Waverly Investment Company, Malien Insurance Agency, 10/15/73 38 F.R. 29364 Waverly, Missouri Waverly, Missouri 10/24/73 ORDER UNDER BANK MERGER ACT— APPLICATIONS TO MERGE, CONSOLDIATE, OR ACQUIRE ASSETS Board action Federal (effective Register Applicant Bank(s) date) citation The Peoples Savings Bank The Farmers State Bank of 10/29/73 38 F.R. 30580 Company, Delta, Ohio Lyons Ohio, Lyons, Ohio 11/6/73 ORDERS ISSUED BY FEDERAL RESERVE BANKS During October 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
830 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT- APPLICATIONS FOR ACQUISITION OF BANK Federal Reserve Effective Register Applicant Bank Bank date citation First Bancshares of Florida, American National Bank Atlanta 10/4/73 38 F.R. 28735 Inc., Boca Raton, Florida and Trust Company of 10/16/73 Fort Lauderdale, Sunrise American National Bank of Fort Lauderdale, and Southport American National Bank of Fort Lauderdale, all in Fort Lauderdale, Florida Landmark Banking Corpora- Northside Bank of Tampa, Atlanta 10/5/73 38 F.R. 28870 tion of Florida, Fort Tampa, Florida and 10/17/73 Lauderdale, Florida Bank of North Tampa, Tampa, Florida BancOhio Corporation, The Citizens National Cleveland 10/2/73 38 F.R. 28733 Columbus, Ohio Bank of Ironton, 10/10/73 Ironton, Ohio Mercantile Bancorporation Noland Road Bank, St. Louis 10/18/73 38 F.R. 30036 Inc., St. Louis, Missouri Independence, Missouri 10/31/73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements TERMINATION OF OFFICIAL GOLD TRANSACTIONS agency activities involving the analysis, planning, AGREEMENT and coordination of economic policies. The Managing Director for Operations and Dr. Arthur F. Burns, Chairman of the Board of Supervision will be responsible for the planning Governors of the Federal Reserve System, issued and coordination of programs in the following the following statement upon his return from a general areas: Personnel-related activities, Board meeting of central bankers in Europe: budget and accounting activities, Board building The Governors of the Central Banks of and administrative services, data processing, Belgium, Germany, Italy, the Netherlands, supervision and regulation, equal employment op- Switzerland, the United Kingdom, and the portunity, contingent operations, and Federal United States at the November meeting held Reserve Bank operations and liaison and coordinain Basle, Switzerland, discussed the agree- tion of Reserve Bank activities. ment with regard to official gold transactions The Board announced the following staff apreached in Washington on March 17, 1968, pointments to implement the changed designations and decided that the agreement should be in management functions: terminated. Daniel M. Doyle, from Deputy Director for Management to Deputy Managing Director for Operations and Supervision. CHANGES IN BOARD STAFF Stephen H. Axilrod, from Associate Director, The Board of Governors of the Federal Reserve Research and Statistics, to Adviser to the Board System has announced a major reorganization of in the Office of Managing Director for Research its staff management functions, effective No- and Economic Policy. vember 7, 1973. The Board's action establishes Lyle E. Gramley, from Associate Director to two positions of Managing Director, one respon- Deputy Director in the Division of Research and sible for research and economic policy and the Statistics. other responsible for operations and supervision. Arthur L. Broida, from Assistant Secretary to These offices will replace the present Office of the Assistant to the Board in the Office of Managing Executive Director. Director for Research and Economic Policy. The Office of Managing Director for Research James Pierce, from Adviser to Associate Direcand Economic Policy will be headed by J. Charles tor in the Division of Research and Statistics. Partee as Managing Director; he will retain his Murray Altmann, from Assistant Secretary to previous position as Director of the Board's Divi- Special Assistant to the Board in the Office of sion of Research and Statistics. Managing Director for Research and Economic The Office of Managing Director for Operations Policy. and Supervision will be headed by David C. Mel- REVISION IN SERIES ON COMMERCIAL BANK nicoff as Managing Director; he had previously LOANS AND INVESTMENTS been Deputy Executive Director of the Board. The Managing Director for Research and Eco- The seasonally adjusted series for bank credit and nomic Policy is responsible for the planning and its major components that are published regularly coordination of programs in the following general in the BULLETIN have been revised to take account areas: Monetary policy planning and formation, of changes in seasonal factors and of adjustments domestic research activities, research in interna- to benchmarks for the latest available Call Report tional finance, securities credit regulation, Federal date, June 30, 1973. Revisions in seasonal factors Open Market Committee staff activities, regulatory affect the seasonally adjusted data from 1959 to philosophy regarding banking (including domestic date with the principal changes reflected in data and international banking structure), and inter- beginning in 1968. The benchmark revisions affect 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
832 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 data not seasonally adjusted from January through Export Credits Discounted by U.S. Banks September 1973. However, data prior to January and by U.S. Nonbank Financial Institutions 1973 may vary slightly from those published ear- for U.S. Residents lier because of rounding differences associated Guideline provision with the current computer operation. "A credit that is of substantially longer maturity In general, the revised series for recent years than is customary in international export financing shows somewhat higher levels of total bank credit practice for the type of transaction in question in the second quarter of the year, with most of should not be regarded as an export credit." (Secthe offsetting decrease occurring in the third tion IV-3-last paragraph.) quarter. In the case of commercial and industrial Interpretation loans, levels for both the second and the fourth Where a bank or a nonbank financial institution quarters of the year are higher while those for the is requested to refinance a transaction originally first and third quarters are lower with August covered by credit granted by another domestic or showing the largest moderation. foreign resident, the bank or nonbank financial Monthly data, before and after seasonal adjustinstitution extending the new credit should conment, are shown on pages A96-A98 for the period sider as the maturity, for VFCR purposes, the January 1959 through June 1973. Data subsequent period commencing from the date on which the to June are shown on page A17. Data for total credit was originally granted to a foreigner until loans and investments, total loans, and commercial the final date of repayment of that and of any and industrial loans are also shown adjusted to subsequent credit covering the export sale. include loans sold outright to affiliates. Questions have been asked concerning proper VFCR treatment of cases in which a U.S. bank MONTHLY CHART BOOK acquires, directly or indirectly, export credit paper of a U.S. corporation drawn by the corporation The November issue of the Board's Monthly Chart on its own foreign subsidiary or affiliate foreign Book has a new look. This publication has been national (AFN) or on any unaffiliated foreign resirevised in line with information obtained from a dent. We have replied that the "customary maturecent readership survey. Some earlier charts have rity" referred to in the Guideline provision rebeen omitted and other, more pertinent ones have ferred to above is the total maturity of the paper been added. from the time it was first drawn until it is repaid. All charts, including their titles and any annotations, are computer programmed. This graphic The Office of Foreign Direct Investments system draws the charts with an exposure light (OFDI) of the Department of Commerce has rehead. It replaces the formerly used semi-automatic vised the Foreign Direct Investment Regulations pen-and-ink system, which received its inputs for 1973 so as to exempt from transfer of capital from a card reader. For more detailed information charge "qualified export obligations" as long as on this new system of chart production, individuals such credits are repaid within "arm's length may contact the Board's Graphic Communications terms." OFDI reports that in several cases a U.S. Section of the Division of Data Processing. corporation that is a Direct Investor (DI) has inquired about the permissibility of discounting with a U.S. bank export credit obligations of VOLUNTARY FOREIGN CREDIT RESTRAINT AFN's. The discounting bank might treat the paper PROGRAM as exempt export credit under the Guidelines and The following interpretation of the Voluntary would not charge it against its VFCR ceiling. Foreign Credit Restraint (VFCR) Guidelines has However, the DI, under the Foreign Direct Inbeen issued, under authority delegated to Governor vestment Regulations, either would derive a Andrew F. Brimmer, to the Federal Reserve "negative transfer of capital", which would offset Banks. (For text of Guidelines, see the BULLETINS the "positive" capital transfer charged when the for November 1971, pp. 906-16; for March 1972, paper previously exceeded the arm's length term, p. 321; for November 1972, pp. 995-96; for or would avoid a positive transfer, which other- December 1972, p. 1037 (all available in consoli- wise would be recorded against it when the paper dated pamphlet form); and for August 1973, pp. reached maturity, even though no capital reflow 607-08.) into the United States would have taken place. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 833 An institution subject to the VFCR that dis- provide, subject to approval of individual applicacounts export paper should compute the maturity tions: from the date of origination, whether or not the Courier services for: paper was originated by that institution. The dis- —the internal operations of the applying holding counted paper should be treated as export paper company and its subsidiaries; by the discounting bank only for so long as the —checks, commercial papers, documents, and total time for which the paper is outstanding does written instruments as are exchanged among banks not exceed the customary maturity of export paper and banking institutions (but excluding currency for the type of transaction involved as stated in and bearer-type negotiable instruments); the Guidelines. —data processing materials such as audit and For example: a DI grants export credit to its accounting media of a banking or financial nature, AFN for a period of 12 months. The customary and business records and documents used in promaturity for such paper is 10 months. After 9 cessing such media. months, the DI discounts the paper with a U.S. The Board accompanied its ruling regarding bank. The bank may treat the paper as export credit courier services with an interpretation regarding for a period of 1 month and thereafter should the scope of courier activities the Board intends charge the claim against its VFCR ceiling (as a to permit, and set forth three principles that should nonexport credit) for the remaining 2 months. be followed to ensure maintenance of competition Similarly, where the export obligation itself is among couriers. The interpretation said: not discounted with a bank but where the bank The Board's amendment of Regulation Y that adds is requested to refinance a transaction originally courier services to the list of closely related activfinanced through credit granted by a U.S. cor- ities is intended to permit bank holding companies poration, by another U.S. financial institution, or to transport time-critical materials of limited inby any other domestic or foreign resident, the bank trinsic value of types utilized by banks and bankrelated firms in performing their business including extending the new credit should compute its macheck clearing and other activities such as the turity from the date on which credit was originally processing of financially related economic data. granted to a foreigner until the final date of repay- The authority is not intended to permit holding ment of that and of any other credit financing the companies to engage generally in the provision of transportation services. However, the furnishing underlying export sale. of courier services for nonfinancially related material (such as human blood, exposed and processed AMENDMENT OF REGULATION Y film, repair parts and cut flowers) upon the specific unsolicited request of a third party when courier The Board of Governors announced on November services are not otherwise reasonably available may be regarded as an incidental activity of a 15, 1973, an amendment of its Regulation Y to bank-related courier. permit bank holding companies to engage in the The Board said it believes that adherence to the courier service business under an extensive set of following principles will eliminate or reduce to an limitations and conditions designed to enhance insignificant degree any possibility of unfair comcompetition and ensure other public benefits. petition: At the same time, the Board announced that with respect to armored car services, it finds the a. A holding company courier subsidiary . . . hearing record inconclusive and is consequently should be a separate independent corporate entity, taking no action on this proposed activity. not merely a servicing arm of a bank. b. As such, the subsidiary should exist as a Together with its decisions, the Board issued separate, profit-oriented operation and should not a statement summarizing the record compiled from be subsidized by the holding company system. extensive proceedings over the past 2 years— c. Services performed should be explicitly including hearings and a Hearing Officer's recom- priced, and shall not be paid for indirectly, for mendations—on which the Board based its deci- example, on the basis of deposits maintained at or loan arrangements with affiliated banks. sions. The statement also included a record of the Board's procedural rulings and the conclusions Pursuant to the intended scope of permissible reached in deciding that courier services are courier services and the above principles, the closely related to banking. Board said entry of holding companies into courier The Board's order listed the following types of activities—that is, Board action upon applicacourier services that bank holding companies could tions—would be conditioned as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
834 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 —The courier subsidiary shall perform services ADMISSION OF STATE BANKS on an explicit fee basis and shall be structured as an TO MEMBERSHIP IN THE individual profit center. The Board may regard FEDERAL RESERVE SYSTEM operating losses sustained over an extended period The following banks were admitted to membership as being inconsistent with continued authority to in the Federal Reserve System during the period engage in courier services. October 16, 1973, through November 15, 1973: —Courier services performed on behalf of an affiliate's customer shall be paid for by the customer on a direct basis, and not by indirect ar- Colorado rangements. Boulder Bank of Boulder —The courier subsidiary should make publicly Florida known its minimum rate schedule for performing Tampa Dale Mabry State Bank services, should furnish comparable services at comparable rates for any requesting bank or data New York processing firm providing financially related data Buffalo Chemical Bank—Buffalo processing services unless compliance would be New York Hartford Trust Company beyond the courier subsidiary's practical capacity, of New York and is expected to maintain, for at least 2 years, North Carolina any applications for service that it denies, together Burlington Burlington Bank and with its reasons. Trust Company Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Industrial Production Released for publication November 15 Industrial production rose 0.6 per cent further in INDUSTRIAL PRODUCTION October following a slightly revised increase of SEASONALLY ADJUSTED, RATIO SCALE, 1967=100 140 0.5 per cent in September. The October index, at 127.8 per cent of the 1967 average, was 7.2 TOTAL per cent above a year earlier. Output gains in the month were widespread among consumer goods 'RODUCTS, TOTAL and business equipment while production of industrial materials changed little. Auto assemblies rose 3 per cent further and were at an annual rate of 9.4 million units. November car production is now scheduled at an annual rate of 9.8 million units. Output of some household goods and most nondurable consumer goods also CONSUMER GOODS: rose in October, and production of appliances, DURABLEi television sets, and furniture was maintained at an advanced level. Output of business equipment increased 1.6 per cent further with continued advances in most lines; production of commercial MAJOR MATERIALS: aircraft, however, remained at a low rate. QUARTERLY Among materials, output of steel and other CONSTRUCTION PRODUCTS. durable goods materials changed little, but production of nondurable goods materials declined somewhat as output of the textile, paper, and 1967 1969 1971 1973 1967 1969 1971 1973 chemical grouping, which had been operating at near-capacity rates, was off slightly. F.R. indexes, seasonally adjusted. Latest figures: October. Seasonally adjusted Percentage 1967=100 change from— Per cent changes, annual rate IIInnnddduuussstttrrriiiaaalll ppprrroooddduuuccctttiiiooonnn 1973 1973 MMoonntthh YYeeaarr Aug. Sept.p Oct.e aaggoo aaggoo Ql QII QIII Total index 126.5 127.1 127.8 .6 7.2 9.7 5.5 6.4 Products, total 123.6 123.8 125.4 1.3 6.9 10.1 5.3 3.3 Final products 121.3 122.0 123.6 1.3 7.2 10.7 5.0 3.6 Consumer goods 131.1 131.7 133.3 1.2 5.0 9.1 3.7 1.2 Durable goods 133.6 138.1 139.9 1.3 8.4 19.4 9.3 -9.2 Nondurable goods 130.1 129.3 130.8 1.2 3.6 5.1 1.3 5.6 Business equipment 123.9 125.3 127.3 1.6 14.1 17.0 10.9 9.9 Intermediate products 132.2 130.6 131.9 1.0 5.8 7.6 4.6 3.7 Construction products 135.5 134.9 135.1 .1 7.6 6.6 9.8 2.7 Materials 131.5 132.0 131.7 -.2 7.7 9.4 7.0 10.0 p Preliminary. e Estimated. 835 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
62 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 U.S. STATISTICS—Continued A 58 Industrial production A 62 Business activity A 62 Construction A 64 Labor force, employment, and earnings A 66 Consumer prices A 66 Wholesale prices A 68 National product and income A 70 Flow of funds INTERNATIONAL STATISTICS: A 72 U.S. balance of payments A 73 Foreign trade A 74 U.S. gold transactions A 75 U.S. reserve assets; position in the IMF A 76 International capital transactions of the United States A 91 Foreign exchange rates A 92 Central bank rates A 93 Open market rates; arbitrage on Treasury bills A 94 Gold reserves of central banks and governments A 95 Gold production SPECIAL TABLE: A 96 Loans and investments at all commercial banks, January 1959-June 1973 A 107 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 I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 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 characissues 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 A nnually—Continued Issue Page Banking offices: Flow of funds: Analysis of changes in number Aug. 1973 A-96 Assets and liabilities: On, and not on, Federal Reserve 1961-72 Sept. 1973 A-71.14—A-71.28 Par List, number Aug. 1973 A-97 Flows: 1961-72 Sept. 1973 A-70—A-71.13 Annually Income and expenses: Bank holding companies: Federal Reserve Banks Feb. 1973 A-98—A-99 List, Dec. 31, 1971 June 1972 A-98 Insured commercial banks May 1973 A-96—A-97 Banking offices and deposits of Member banks: group banks, Dec. 31, 1972 June 1973 A-102—A-104 Calendar year May 1973 A-96—A-105 Income ratios May 1973 A-106—A-l 11 Banking and monetary statistics: Operating ratios June 1973 A-96—A-101 1972 Mar. 1973 A-100—A-114 July 1973 A-96—A-99 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-l 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 4 BANK RESERVES AND RELATED ITEMS • NOVEMBER 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- Held Other stock Rights rency under Loans Float 2 F.R. Total 4 certificate out- Bought repur- assets 3 account stand- Total out- chase ing right agreement Averages of daily figures 1939—Dec 2,510 2,510 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—Oc t 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 1,789 2,369 942 80,546 10,410 400 8,518 July. 77,448 76,875 573 2,051 3.113 1,180 83,880 10,410 400 8,538 Aug 76,653 76,475 178 2,143 2,566 1.018 82,445 10,410 400 8,549 Sept 76,073 75.712 361 1,861 2,924 889 81,809 10,410 400 8,584 Oct.? 78,042 77,500 542 1,468 2,917 1,122 83,628 10,933 400 8,613 Week ending— 1973—Aug. 1 77,889 77,405 484 2,095 2,288 1,278 83,649 10,410 400 8,539 8 76.916 76,916 2,006 2,700 1,299 82,974 10,410 400 8,543 15 75,989 75,989 1,914 2,886 1,282 82,120 10,410 400 8,546 22 76,368 76,129 239 2,133 2,691 772 82,027 10,410 400 8,549 29 76,839 76,539 300 2,561 2,044 748 82,273 10,410 400 8,554 Sept. 5 77,382 76,828 554 2,363 1,756 781 82,349 10,410 400 8,568 12 74,723 74,600 123 1,488 3,402 834 80,490 10,410 400 8,574 19 75,085 75,085 1,704 3,815 901 81,542 10,410 400 8,586 26 76,499 76,287 212 2,189 2,572 942 82,263 10,410 400 8,592 Oct. 3..: 77.917 76,503 ,414 1,519 2,551 990 83,110 10,410 400 8.598 10 77,376 76,360 ,016 1,351 3,096 1,041 82,981 10,410 400 8.599 17 78,053 77,692 361 1,169 3,482 1,109 83,884 10,410 400 8,614 24* 78,419 78,267 152 1,914 3,020 1,198 84,607 11,567 400 8,622 31* 78,325 78,072 253 1,455 2,261 1,198 83,294 11,567 400 8,624 End of month 1973—Aug 77,953 76,984 969 2,842 1,605 750 83,234 10,410 400 8,585 Sept 77,900 76,469 1,431 1,558 2,513 974 83,090 10,410 400 8,614 Oct.* 80,378 78,606 1,772 2,198 2,572 ,265 86,520 11,567 400 8,626 Wednesday 1973—Aug. 1 78,546 8 77,747 799 1,377 3,450 1,351 84,876 10,410 400 8,540 8 74,287 9 74,287 1,429 3,198 1,363 80,325 10,410 400 8,544 12 74,066 9 74,066 2,531 4,022 770 81,435 10,410 400 8,548 22 76,594 9 76,016 '578* 3,035 3,249 752 83,729 10,410 400 8,552 29 75,966 9 75,966 3,467 2,449 797 82,725 10,410 400 8,557 Sept. 5 75,896 9 75,896 1,341 2,498 819 80,595 10,410 400 8,573 12 75,007 9 75,007 1,278 3,952 865 81,140 10,410 400 8,577 19 74,820 9 74,820 2,286 4,471 950 82,563 10,410 400 8,590 26 76,969 9 76,346 623 4,522 3,036 996 85,580 10,410 400 8,595 Oct. 3* 78,766 8 76,657 2,109 1,206 3,414 1,028 84,553 10,410 400 8,599 10* 73,802 9 73,802 693 4,416 1,117 80,071 10,410 400 8,599 17* 78,952 8 77,849 1,103 1,536 3,752 1,170 85,540 10,410 400 8,619 24* 79,371 8 78,302 1,069 3,367 3,107 1,215 87,155 11,567 400 8,623 31* 80,378 8 78,606 1,772 2,198 2,572 1,265 86,520 11,567 400 8,626 1 Includes Federal agency issues held under repurchase agreements as industrial loan program was discontinued. For holdings of acceptances of Dec. 1,1966, and Federal agency issues bought outright as of Sept. 29, on Wed. and end-of-month dates, see tables on F.R. Banks on following 1971. pages. See also note 2. 2 Beginning with 1960 reflects a minor change in concept; see Feb. 1961 5 Includes certain deposits of domestic nonmember banks and foreign- BULLETIN, p. 164. owned banking institutions held with member banks and redeposited in 3 Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. full with Federal Reserve Banks in connection with voluntary participaliabilities and capital" are shown separately; formerly, they were tion by nonmember institutions in the Federal Reserve System's program netted together and reported as "Other F.R. accounts." of credit restraint. 4 Includes industrial loans and acceptances until Aug. 21, 1959, when Notes continued on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • bank reserves and related items a 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank CCuurr-- reserves, Other reserves Period or date rreennccyy TTrreeaass-- with F.R. Banks Other F.R. iinn uurryy F.R. liacciirr-- ccaasshh ac- bilities cc tt uu iioo llaa nn -- hh ii oo nn ll gg dd ss -- Tr u e r a y s - F ei o g r n - Other2,5 counts3 ca a p n it d a l3 B W F a . n i R t k h . s c r C e a o n n u i c d n r- y 6 Total 7 Averages of daily figures 7,609 2,402 616 73( 9 248 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. 63,385 362 1,369 200 631 2,336 28,088 5,715 33,803 .1972—Oct. 64,543 375 1,321 195 604 2,378 25,631 5,813 7 31,774 Nov. 7 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 25,776 6,086 32.028 June 68,382 346 3,375 341 782 2,846 27.156 6,274 33,542 July 68,394 344 1,674 300 838 2,877 27,377 6,296 33,785 Aug. 68,592 349 792 332 781 2,848 27,509 6,402 34,019 Sept. 68,909 622 1,718 266 752 2,866 28,442 6,373 34,899 Oct.* Week ending— 68,051 324 2,928 407 5 818 2.903 27,567 6,372 34,051 . 1973—Aug. 68,311 334 2,773 275 5 816 2,957 26,859 6,484 33,455 8 68,619 347 1,413 314 5 878 2,704 27,201 6.514 33,827 .15 68,463 353 919 348 884 2,826 27,593 5,895 33,600 .22 68,208 345 1,649 286 782 2,944 27,425 6,259 33,796 .29 68,499 343 1,095 271 787 3,069 27,663 6,346 34,121 .Sept. 5 68,955 340 2 336 758 2,661 26,822 6,591 33,525 12 68,716 343 354 364 859 2,759 27,543 6,205 33,860 19 68,343 355 1,326 373 746 2,875 27,647 6,385 34,144 26 68,366 371 1,771 252 713 2,972 28,073 6.515 34,672 .Oct. 3 68,886 350 1,362 270 682 2,735 28,105 6,606 34,795 10 69,156 354 1,439 276 764 2,802 28,518 6,413 35,015 17 68,970 1,522 1,566 254 950 2.904 29,030 5,907 35,021 24* 68,779 370 2,422 279 655 3,004 28,378 6,504 34,966 31* End of month 68,376 346 848 259 5 760 3,086 28,955 6,346 35,413 .Aug. 68,217 361 1,624 250 5 798 3,021 28,240 6,515 34,839 .Sept. 68,986 375 1,837 426 5 719 3,065 31,705 6,504 38,293 . .Oct.* Wednesday 68,259 331 2,281 250 5 778 2,994 29,333 6,372 35,817 . 1973—Aug. 1 68,672 352 2,302 285 5 827 2,644 24,597 6,484 31,193 8 68,773 354 * 409 5 808 2,747 27,703 6.514 34,329 15 68,450 356 1,968 277 5 772 2,846 28,422 5,895 34,429 22 68,444 346 1,431 257 5 740 3,082 27,792 6,259 34,163 29 68,965 346 1,102 284 5 741 3,011 25,529 6,346 31,987 • Sept. 5 69,071 347 2 277 5 776 2,687 27,367 6,591 34,070 12 68,658 358 1,105 411 5 1,010 2,786 27,635 6,205 33,952 19 68,453 372 1,125 459 5 670 2,945 30,962 6,385 37,459 26 68,703 367 1,594 239 5 612 3,101 29,346 6.515 35,945 .Oct. 3* 69,331 355 2,638 265 5 654 2,742 23,495 6,606 30,185 10* 69,188 381 1,124 286 5 743 2,846 30,401 6,413 36,898 17* 69,077 1,537 1,252 272 5 673 2,986 31,948 5,907 37,939 24* 68,986 375 1,837 426 5 719 3,065 31,705 6,504 38,293 31* 6 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; Q4, $84 million. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 8 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. 7 Beginning with week ending Nov. 15, 1972, includes $450 million of 9 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
A 6 BANK RESERVES AND RELATED ITEMS • NOVEMBER 1973 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks2 All other banks Period Reserves Borrowings New York City City of Chicago Other Total Re- Excess1 Total Sea- Excess Borrow- Excess Borrow- Excess Borrow- Excess Borrowheld1 quired sonal ings ings ings ings 1939—Dec 11,473 6,462 5,011 3 2,611 540 1,188 671 3 1941—Dec 12,812 9,422 3,390 5 989 295 1,303 1 804 4 1945—Dec 16,027 14,536 1,491 334 48 192 1144 418 96 1 011 46 1950—Dec 17,391 16,364 1,027 142 125 58 88 5 232 50 '663 29 1960—Dec 19,283 18,527 756 87 29 19 4 8 100 20 623 40 1965—Dec 22,719 22,267 452 454 41 111 15 23 67 228 330 92 1967—De c 25,260 24,915 345 238 18 40 8 13 50 105 267 80 1968—De c 27,221 26,766 455 765 100 230 15 85 90 270 250 180 1969—De c 28,031 27,774 257 1,086 56 259 18 27 6 479 177 321 1970—De c 29,265 28,993 272 321 34 25 7 4 42 264 189 28 1971—De c 31,329 31,164 165 107 25 35 1 8 -35 22 174 42 1972—Oc t 33,803 33,556 247 574 61 59 22 45 24 240 140 230 Nov 31,774 31,460 314 606 4 64 -14 19 — l 248 -5 275 Dec 31,353 31,134 219 1,049 -20 301 13 55 -42 429 -160 264 1973—Ja n 32,962 32,620 342 1,165 95 193 2 108 -33 578 -1 286 Feb 31 742 31,537 205 1,593 -13 324 105 — 33 693 —28 471 Mar 31,973 31,678 295 1,858 72 176 -6 102 7 857 -47 723 Apr 32,277 32,125 152 1,721 5 38 146 8 9 -111 828 45 738 May 32,393 32,275 118 1,786 30 -35 110 6 12 -65 881 40 783 June.... 32,028 31,969 59 1,789 77 -62 145 -4 28 -78 904 37 712 July 33,542 33,199 343 2,051 124 144 135 22 67 -23 855 88 994 Aug 33,785 33,539 246 2,143 163 37 109 -7 53 6 754 98 1,227 Sept 34,019 33,782 237 1,861 147 -7 115 24 62 31 712 81 972 Oct.? 34,899 34,719 180 1,468 126 9 74 2 54 18 591 67 749 Week ending— 1972—Oct. 4. 33,731 33,501 230 436 47 47 26 39 j 125 156 225 33,710 33,352 358 535 12 36 23 77 141 229 182 193 18! 34,098 33,977 121 434 17 -31 17 -36 233 171 184 25. 33,555 33,405 150 765 -39 i85* 25 62 68 272 96 246 J 973—Mar. 7. 32,058 31,717 341 1,688 92 242 43 99 -58 695 -15 652 14. 31,555 31,532 23 1,491 -48 178 -25 113 -112 623 -71 577 2 2 8 1 . . 3 31 1 , , 6 9 7 6 1 2 3 31 1 , , 5 7 7 1 8 3 2 9 4 3 9 2 2 , , 1 0 3 1 9 3 -4 5 6 6 22 2 5 8 31 1 1 0 3 4 0 - - 6 3 6 1,0 9 7 5 7 1 - - 8 7 6 5 9 7 0 3 4 3 Apr. 4. 32,619 32,082 537 1,754 169 144 18 8 99 865 79 737 31,759 31,845 -86 1,502 -184 24 -14 13 -90 775 30 690 18l 32,624 32,390 234 1,845 146 306 2 2 -104 841 18 696 25. 32,398 32,062 336 1,646 9 80 45 20 18 11 795 53 788 May 2. 32,504 32,271 233 1,875 16 56 222 19 6 -63 868 49 779 9. 32,246 32,327 -81 1,484 18 -75 182 -50 33 -137 580 9 689 16. 32,963 32,600 363 1,814 23 49 123 42 9 6 993 94 689 23. 32,302 32,178 124 1,689 32 33 30 -27 -49 815 -5 844 30. 32,226 32,060 166 2,401 46 7 144 27 11 -89 1,283 49 963 June 6. 32,218 31,817 401 1,664 64 62 200 34 47 88 689 45 728 13. 31,597 31,595 2 1,700 67 -78 31 — l 18 -102 953 11 698 20. 32,302 32,121 181 1,930 71 92 262 -24 9 -113 965 54 694 27. 32,224 32,000 224 1,848 93 -42 107 -7 60 1,028 41 713 July 4. 33,328 32,697 631 2,402 111 190 454 57 195 103 917 169 836 11. 32,507 32,527 -20 1,680 117 -131 115 -51 28 -52 759 102 778 18. 33,723 33,262 461 1,720 117 232 -2 13 10 851 109 856 25. 33,827 33,793 34 2,081 128 -150 50 56 24 -26 842 42 1,165 Aug. 1. 34,051 33,552 499 2,095 141 266 12 88 -5 785 114 1,222 8. 33,455 33,381 74 2,006 158 -40 90 24 41 -68 741 46 1,134 15. 33,827 33,511 316 1,914 148 24 50 -3 54 21 656 162 1,154 22. 33,600 33,558 42 2,133 163 -24 172 2 36 -84 712 36 1,213 29. 33,796 33,673 123 2,561 185 -47 137 -21 68 2 948 77 1,408 Sept. 5. 34,121 33,644 477 2,363 168 201 143 29 117 29 799 106 1,304 12. 33,525 33,401 124 1,488 145 -46 32 -5 20 -38 590 101 846 19. 33,860 33,724 136 1,704 139 -4 91 3 15 -40 758 65 840 26. 34,144 34,070 74 2,189 150 -21 217 27 127 -80 855 36 990 Oct. 3. 34,672 34,220 452 1,519 144 88 43 7 41 130 463 143 972 10. 34,795 34,395 400 1,351 131 128 43 1 9 10 535 177 764 17. 35,015 35,106 -91 1,169 120 -158 26 -9 58 -81 520 73 565 24p 35,021 34,746 275 1,914 125 123 185 -10 66 93 903 -15 760 31* 34,966 34,843 123 1,455 119 -66 72 22 81 55 473 28 829 1 Beginning with week ending Nov. 15, 1972, includes $450 million of parallel the previous "Reserve city" and "Country" categories, respectively reserve deficiencies on which F.R. Banks are allowed to waive penalties (hence the series are continuous over time). for a transition period in connection with bank adaptation to Regulation J as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies NOTE.—Monthly and weekly data are averages of daily figures within included are (beginning with first statement week of quarter): Ql, $279 the month or week, respectively. Beginning with Jan. 1964 reserves are million; Q2, $172 million; Q3, $112 million; Q4, $84 million. estimated except for weekly averages. 2 Beginning Nov. 9, 1972, designation of banks as reserve city banks Borrowings at F.R. Banks: Based on closing figures. for reserve-requirement purposes has been based on size of bank (net Effective Apr. 19, 1973, the Board's Regulation A., which governs lenddemand deposits of more than $400 million), as described in the Bulletin ing by Federal Reserve Banks, was revised to assist smaller member banks for July 1972, p. 626. Categories shown here as "Large" and "All other" to meet the seasonal borrowing needs of their communities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 U R .S e . l G at o ed v t, t r s a e n c s u a r c it t i i e o s n d s e w al i e th rs Gross transactions Net transactions Reporting banks and Total Borweek ending— Excess 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 d a a t n n n e e e d t r k r s - s a . l S d u e r o f p i r c lu it s r P r e e e q a s r u e o v c r i f g r v e . e n e d s t c P ha u s r e - s Sales t a w c tr o t a i - o n w n s s - a y 2 b c o b P u h f a y a u n n s i r k n e e - s g s t s o b S e f a l a n l l n i e k n e s s g t d L ea o t l o a e n r s s 3 de f r i a r o n l o w e g m r s - s '* lo N a e n t s Total—46 banks Sept. 5. 225 461 6,079 -6,315 42.3 13,536 7,457 5,098 8,437 2,359 1,713 401 1,313 12. 100 164 9,639 -9,704 65.3 15,918 6,278 5,003 10,915 1,275 3,258 540 2,718 19. 95 270 9,184 -9,359 62.0 15,746 6,562 4,787 10,958 1,774 2,963 404 2,559 26. -8 531 8,006 -8,545 56.8 15,028 7,023 4,619 10,409 2,403 1,877 372 1,505 Oct. 3. 223 109 7,637 -7,522 49.8 15,720 8,084 5,512 10,208 2,572 1,827 936 892 10. 181 164 10,136 -10,118 65.7 16,541 6,405 4,859 11,682 1,546 2,262 693 1,570 17. -26 194 11,063 -11,283 71.0 17,698 6,635 4,626 13,072 2,009 1,739 886 853 24. 50 475 9,358 -9,783 62.9 16,728 7,370 4,909 11,819 2,461 1,643 811 832 31. 71 233 9,202 -9,364 60.3 15,985 6,783 4,403 11,582 2,380 2,048 706 1,342 8 in New York City Sept. 5.. 159 143 2,092 -2,075 34.7 3,713 1,622 1,538 2,175 84 981 299 681 12.. 35 3,506 -3,471 58.7 4,841 1,335 1,236 3,605 99 1,399 279 1,120 19.. 22 91 3,617 -3,687 60.5 4,990 1,373 1,072 3,919 302 1,485 219 1,267 26.. -15 181 2,855 -3,050 50.6 4,081 1,227 1,226 2,855 1,038 205 833 Oct. 3.. 78 43 177 -2,910 48.0 4,339 1,394 381 2,958 13 1,118 335 783 10.. 169 43 651 -3,526 57.2 4,391 739 739 3,651 1,071 311 760 17.. -31 14 569 -4,614 72.3 5,367 799 799 4,569 1,140 354 785 24.. 12 160 758 -3,906 63.4 4,989 1,231 231 3,758 1,084 399 684 31.. 69 3,521 -3,591 58.3 4,211 690 690 3,521 1,295 376 919 38 outside New York City Sept. 5. 65 318 3,987 -4,240 47.4 9,823 5.835 3,561 6,262 2,275 733 101 631 12. 65 164 6,134 -6,233 69.8 11,077 4,943 3,767 7,310 1,176 1,859 261 1,598 19. 73 178 5,567 -5,672 63.0 10,755 5,188 3,716 7,040 1,472 1,478 186 1,292 26. 6 350 5,151 -5,494 60.9 10,947 5,796 3,393 7,554 2,403 839 166 672 Oct. 3. 146 66 4,691 -4,612 50.9 11,382 6,690 4,131 7,250 2,559 709 601 108 10. 13 121 6,485 -6,593 71.4 12,150 5,666 4,120 8,031 1,546 1,191 381 809 17. 5 180 6,494 -6,669 70.2 12,331 5.836 3,827 8,503 2,009 600 532 68 24. 38 315 5,599 -5,877 62.6 11,739 6,139 3,678 8,060 2,461 559 411 148 31. 73 165 5,681 -5,773 61.7 11,774 0,094 3,713 8,061 2,380 753 330 423 5 in City of Chicago Sept. 5.. 1,946 -1,999 121.3 2,677 730 670 2,006 60 520 520 12.. 2,564 -2,552 153.2 3,236 672 663 2,573 9 529 529 19.. 2,402 -2,383 142.8 3,124 722 663 2,462 59 555 555 26.. 85 2,928 -3,013 186.1 3,670 743 694 2,976 48 545 545 Oct. 3.. 21 2,789 -2,798 173.3 3,580 791 710 2,871 81 404 404 10.. 3,359 -3,355 202.6 4,053 694 673 3,380 21 394 313 17.. 29 3,415 -3,456 198.6 4,080 665 637 3,443 28 409 314 24.. 54 2,646 -2,706 161.5 3,561 915 810 2,751 105 430 335 31.. 57 2,844 -2,868 173.4 3,586 741 684 2,902 57 448 333 33 others Sept. 5 . 47 246 2,041 -2,241 30.7 7,146 5,105 2,890 4,256 2,215 213 101 111 12.. 53 164 3,570 -3,681 50.6 7,841 4,271 3,104 4,738 1,167 ,331 261 1,070 19.. 54 178 3,165 -3,289 44.8 7,631 4,466 3,053 4,578 1,413 923 186 737 26.. 7 265 2,223 -2,481 33.5 7,277 5,053 2,698 4,578 2.355 294 166 128 Oct. 3.. 133 45 1,902 -1,813 24.4 7,801 5,899 3,421 4,380 2,478 305 601 -296 10.. 9 121 3,126 -3,238 42.8 8,097 4,972 3,447 4,651 1,525 797 300 497 17.. 17 151 3,080 -3,214 41.4 8,251 5,171 3,190 5,061 1,981 191 437 -246 24.. 44 262 2,953 -3,171 41.2 8,178 5,225 2,869 5,309 2.356 130 316 -187 31.. 39 107 2,836 -2,905 37.7 8,189 5,353 3,029 5,160 2,323 305 235 70 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 o NOVEMBER 1973 CURRENT RATES (Per cent per annum) Loans to member banks— LLooaannss ttoo aallll ootthheerrss uunnddeerr Under Sees. 13 and 13a 1 Under Sec. 10(b) 2 llaasstt ppaarr.. SSeecc.. 1133 33 FFFeeedddeeerrraaalll RRReeessseeerrrvvveee BBBaaannnkkk O Ra c 1 t t 9 . e 7 3 3 o 1 n , Ef d fe a c te ti ve Pre r v at i e o us R O a c 1 t t 9 e . 7 3 3 o 1 n , Ef d fe a c te ti ve Pre ra v t i e o us O Ra c 1 t t 9 . e 7 3 3 o 1 n , Ef d fe a c t t e i ve Pre r v a i te o us Boston 7*4 Aug. 23, 1973 7 8 Aug. 23, 1973 7*4 49*4 Aug. 23, 1973 9 New York 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 9*4 Aug. 14, 1973 9 Philadelphia 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 9*4 Aug. 14, 1973 9 Cleveland 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 9*4 Aug. 14, 1973 9 Richmond 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 49*4 Aug. 14, 1973 9 Atlanta 7*4 Aug. 16, 1973 7 8 Aug. 16, 1973 7*4 49*4 Aug. 16, 1973 9 Chicago 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 49*4 Aug. 14, 1973 9 St. Louis 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 49*4 Aug. 14, 1973 9 Minneapolis 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 49*4 Aug. 14, 1973 9 Kansas City 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 49*4 Aug. 14, 1973 9 Dallas 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 49*4 Aug. 14, 1973 9 San Francisco 7*4 Aug. 14, 1973 7 8 Aug. 14, 1973 7*4 9*4 Aug. 14, 1973 9 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 7*4 percent 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. 2*4-3 3 1970—Nov. 11 5%-6 6 3 3 13 5%-6 5% 1955—Apr. 14 1*4-1% 1*4 May 3 -3% 3*4 16 5% 5% 15 1*4-1% 1% June 3*4 3*4 Dec. 1 5*4-5% 5% May 2 1% 1% Sept. 3*4-4 4 4 5*4-5% 5*4 Aug. 4 1*4-2 V4 1% 18. 4 4 11 5*4 51/2 1 1 9 9 5 5 7 6 — — S A N N A A e u o o u p p g g v v r t . . . . . . 2 2 2 2 1 1 3 1 1 1 4 9 3 9 5 0 3 2 1 8 5 3 3 2 2 2 2 2 2 3 3 i% * * % % 2 2 4 3 3 4 - - - * - * - - - - * 2 3 3 2 2 3 3 - 3 4 4 4 1 i % * * * y / 4 4 4 4 4 2 2 2 2 2 2 2 2 3 3 3 3 3 * * * * % % * 4 4 4 4 4 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 5 0 7 4 — — — — — S A J J D N A u u e u e o p l n p y c g v r e t . . . . . 2 2 3 1 1 1 1 1 6 6 9 0 4 3 0 7 2 3 4 7 . . . . . . . . . . . . 4 4 3 3 3 3 3 * * 4 4 3 3 3 * 4 4 * * * - - - - 4 - - 4 3 3 4 4 4 4 4 4 - 4 * * * * 4 4 4 4 4 4 3 I 4 4 3 4 4 3 3 * * * * * * 4 4 4 4 4 1971— J D F N J u a e e o l n b y c v . . . . 2 2 2 1 1 2 1 1 1 1 1 1 1 2 9 3 8 5 9 4 6 3 9 3 1 9 7 5 4 4 5 4 4 5 % * * * % 4 4 4 4 5 5 4 5 4 4 * % % - - - - % % - - 5 5 5 5 4 4 4 * * * - % - % 5 5 4 4 4 5 5 4 4 5 5 5 5 4 5 4 5 4 5 1 * % % % % % * / 4 4 4 1958— D A S O M M A Ja e e p c u n a a p c t g r y . r . t . . . . . 2 2 2 2 1 2 1 1 1 7 2 2 9 4 8 3 4 1 2 5 3 2 2 2 2 2 l l l % % % * * % % 3 2 2 4 4 1 - * - - - - - - - % 2 2 3 3 2 3 2 4 2 % * % 4 2 2 3 2 2 2 3 2 2 1 1 1 1 * % % % % / % 4 4 1 1 9 9 6 6 8 9 — — N A A D M A o p u e p a c v g r r r . . . . . . 2 2 2 2 2 3 1 1 1 1 1 6 0 7 2 4 0 0 9 6 8 4 5 . . . . . . . . . . . . 4 4 5 5 5 5 1 * * * / 4 4 5 5 5 4 5 4 4 4 1 * * * - - - - - - / 4 5 5 5 4 5 4 6 4 4 * * * 1 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 6 * 1 * * * * * * * / 4 4 4 4 4 4 4 4 4 1973— A J J M A M F J u u a e u p l a a n n b y g r y r e . . . . . 2 2 1 1 2 1 1 1 1 2 3 6 4 2 1 4 3 1 8 5 5 6 7 5 5 5 * % 6 7 7 6 5 5 5 4 1 * - * - % - - - / 6 7 6 4 5 4 5 4 * * % * 4 4 4 6 7 7 7 6 6 6 5 5 5 5 5 * * * * * * * % 4 4 4 4 4 4 4 Nov. 7 2*4 2 *4 8. 6 6 In effect Oct. 31, 1973 7*4 7*4 NOTE.—Rates under Sees. 13 and 13a (as described in table and notes above). For data before 1955, see Banking and Monetary Statistics, 1943, pp. 439-42, and Supplement to Section 12, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 * banks) Effective Effective date 1 Reserve city Other Other time date Other time Sav- 0-2 2-10 10-100 100-400 Over Sav- Over Over ings Over 400 5 ings Over 0-5 5 0-5 5 0-5 5 0-5 5 « In effect 1972—Nov. 9.. 10 12 7 16% 17% »3 »3 85 Jan. 1, 1963.... 16% 12 Nov. 16. 13 1966—July 14, 21. 1973—July 19.. 10% 12% 18 Sept. 8, 15. 13% 1967—Mar. 2.... 3% In effect Mar. 16.... 5* 3 Oct. 31, 1973 10% 12% 18 1968—Jan. 11, 18. 16% 17 12 12% 13% 1969—Apr. 17.... 17 17% 12% 13 1970—Oct. 1 Present legal requirement: Minimum Maximum Net demand deposits, reserve city banks. 10 22 Net demand deposits, other banks 7 14 Time deposits 3 10 1 When two dates are shown, the first applies to the change at reserve character of business of a reserve city bank, and the presence of the head city banks and the second to the change at country banks. For changes office of such a bank constitutes designation of that place as a reserve prior to 1963 see Board's Annual Reports. city. Cities in which there are F.R. Banks or branches are also 2 (a) Demand deposits subject to reserve requirements are gross de- reserve cities. Any banks having net demand deposits of $400 million or mand deposits minus cash items in process of collection and demand less are considered to have the character of business of banks outside of balances due from domestic banks. reserve cities and are permitted to maintain reserves at ratios set for banks (b) Requirement schedules are graduated, and each deposit interval not in reserve cities. For details, see Regulation D and appropriate supapplies to that part of the deposits of each bank. plements and amendments. (c) Since Oct. 16, 1969, member banks have been required under 5 Reserve city banks. Regulation M to maintain reserves against foreign branch deposits com- 6 Except as noted below, effective Sept. 20, 1973, member banks are puted on the basis of net balances due from domestic offices to their foreign subject to an 11 per cent marginal reserve requirement against increases branches above a specified base and against foreign branch loans to U.S. in the aggregate of (a) outstanding time deposits of $100,000 and over, residents, which until June 21,1973, were also maintained above a specified (b) outstanding funds obtained by the bank through issuance by a bank's base. The reserve-free base relating to net balances due from domestic affiliate of obligations subject to the existing reserve requirements on time banks to foreign branches is being reduced gradually beginning July 5, deposits, and (c) funds from sales of finance bills. The 11 per cent require- 1973, and will be eliminated by April 1974. The applicable reserve per- ment applies to balances above a specified base, but is not applicable to centage, originally 10 per cent, was increased to 20 per cent on Jan. 7,1971, banks that have obligations of these types aggregating less than $10 million. and effective June 21, 1973, was reduced to 8 per cent. Regulation D im- For the period June 21 to Aug. 30, 1973, (a) included only single-maturity poses a similar reserve requirement on borrowings above a specified base time deposits. A requirement of 8 per cent was in effect for (a) and (b) from foreign banks by domestic offices of a member bank. The reserve-free from June 21 to Sept. 19, 1973, and for (c) from July 12 to Sept. 19, 1973. base related to this type of borrowings is being reduced gradually and will For details, see Regulation D and appropriate supplements and amendbe eliminated by April 1974. For details, see Regulations D and M and ments. appropriate supplements and amendments thereto. 7 The 16% per cent requirement applied for one week, only to former 3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve city banks. For other banks, the 13 per cent requirement was club accounts became subject to same requirements as savings deposits. continued in this deposit interval. For other notes see 2(b) and 2(c) above. 8 See preceding columns for earliest effective date of this rate. 4 Effective Nov. 9, 1972, a new criterion was adopted to designate reserve cities, and on the same date requirements for reserves against net NOTE.—All required reserves were held on deposit with F.R. Banks demand deposits of member banks were restructured to provide that each June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member member bank will maintain reserves related to the size of its net demand banks were allowed to count part of their currency and coin as reserves; deposits. The new reserve city designations are as follows: A bank having effective Nov. 24, 1960, they were allowed to count all as reserves. For net demand deposits of more than $400 million is considered to have the 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 • november 1973 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) July 20, Sept. 26, Apr. 19, Jan. 21, June 24, May 16, July 1, Type of deposit 1966 1966 1968 1970 1970 1973 1973 Savings deposits 4 Vi 4% 4% Other time deposits:1 Multiple maturity:2 30-89 days 4% 4% 4% 5 90 days-1 year 5 5 5 5% 1 year to— 2 years 5% 5Vt 2 Vi years 2 2 V y i e a y r e s a r a s n d a n o d v o er v er 53/4 5% '53/4' • 6% 4 years and over (minimum denomination of $1,000).. (3) Single maturity: Less than $100 000: 30-89 days 5% 5 5 5 5 90 days-1 year 5 5 5 5 Vi 1 year to— 2 years 5% 2Vi years 2 2 lA ye a y r e s a r a s n d an o d v o e v r er "5V4 sy 4 6% 4 years and over (minimum denomination of $1,000). (3) $100,000 and over: 9 3 6 1 1 0 0 0 8 - y - - 0 1 5 8 e d 9 9 7 a r a 9 d d y o a a d s r y y a - 1 s s y m s y o e re a r 5 5 5 V % % i 5 5 5 % % % 6 6 5 6 5 V V V % 4 a a 6 6 6 m 7 1 % % / 4 ( (6 m 7 4 4 ) )V 4 ( ( ( 4 4 4 ) ) ) 1 For exceptions with respect to certain foreign time deposits, see of $1,000. There is no limitation on the amount of these certificates that BULLETIN for Feb. 1968, p. 167. banks may issue. 2 Multiple-maturity time deposits include deposits that are automati- 4 Suspended as of this date. cally renewable at maturity without action by the depositor and deposits that are payable after written notice of withdrawal. NOTE.—Maximum rates that may be paid by member banks are estab- 3 Between July 1 and Oct. 31, 1973, there was no ceiling for 4-year lished by the Board of Governors under provisions of Regulation Q; certificates with minimum denomination of $1,000. The amount of such however, a member bank may not pay a rate in excess of the maximum certificates that a bank could issue was limited to 5 per cent of its total rate payable by State banks or trust companies on like deposits under time and savings deposits. Sales in excess of that amount were subject to the laws of the State in which the member bank is located. Beginning the 6y2 per cent ceiling that applies to time deposits maturing in 2Vi years Feb. 1, 1936, maximum rates that may be paid by nonmember insured or more. commercial banks, as established by the FDIC, have been the same as Effective Nov. 1, 1973, a ceiling rate of 7V4 per cent was imposed on those in effect for member banks. certificates maturing in 4 years and over with minimum denomination For previous changes, see earlier issues of the BULLETIN. MARGIN REQUIREMENTS (Per cent of market value) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date (T) 1937—Nov. 1 1945—Feb. 4 40 50 1945—Feb. 5 July 4, 50 50 July 5 1946—Jan. 20. 75 75 1946—Jan. 21 1947—Jan. 31 . 100 100 1947—Feb. 1 1949—Mar. 29, 75 75 1949—Mar. 30 1951—Jan. 16, 50 50 1951—Jan. 17 1953—Feb. 19. 75 75 1953—Feb. 20 1955—Jan. 3 50 50 1955—Jan. 4 Apr. 60 60 Apr. 23 1958—Jan. 15, 70 70 1958—Jan. 16 Aug. 4. 50 50 Aug. 5 Oct. 15, 70 70 Oct. 16 1960—July 27. 90 90 1960—July 28 1962—July 9. 70 70 1962—July 10 1963—Nov. 5 , 50 50 1963—Nov. 6 1968—Mar. 10. 70 70 1968—Mar. 11 June 7, 70 50 70 June 8 1970—May 5 80 60 80 1970—May 6 1971—Dec. 3 , 65 50 65 1971—Dec. 6 1972—Nov. 22 55 50 55 Effective Nov. 24, 1972. 65 50 65 NOTE.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11, 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 (excluding matched sale-purchase transactions) Treasury bills 1 Others within 1 year 2 1-5 years 5-10 years Over 10 years PPeerriioodd Exch., Gross Gross Redemp- Gross Gross maturity Gross Gross Exch. or Gross Gross Exch. or Gross Gross Exch. or pur- sales tions pur- sales shifts, or pur- sales maturity pur- sales maturity pur- sales maturity chases chases redemp- chases shifts chases shifts chases shifts tions 1970 1111111111111111111111111111111111,,,,,,,,,,,,,,,,,000000000000000007777777777777777744444444444444444 55555555555555555,,,,,,,,,,,,,,,,,222222222222222221111111111111111144444444444444444 2222222,,,,,,,111111166666660000000 999999999999 -----33333,,,,,444448888833333 888844448888 5555,,,,444433330000 222244449999 ----1111,,,,888844445555 99993333 ----111100002222 1971 88888888888888888,,,,,,,,,,,,,,,,,888888888888888889999999999999999966666666666666666 33333333333333333,,,,,,,,,,,,,,,,,666666666666666664444444444444444422222222222222222 1111111,,,,,,,000000066666664444444 111111,,,,,,000000333333666666 -----66666,,,,,444446666622222 1111,,,,333333338888 4444,,,,666677772222 999933333333 666688885555 333311111111 111155550000 1972 88888888888888888,,,,,,,,,,,,,,,,,555555555555555552222222222222222222222222222222222 66666666666666666,,,,,,,,,,,,,,,,,444444444444444446666666666666666677777777777777777 2222222,,,,,,,555555544444445555555 111111222222555555 22222,,,,,999993333333333 777788889999 ----1111,,,,444400005555 555533339999 ----2222,,,,000099994444 111166667777 222255550000 11997722——SSeepptt........ 11111111111111111,,,,,,,,,,,,,,,,,000000000000000006666666666666666699999999999999999 333333333333333337777777777777777733333333333333333 888888855555550000000 333333888888 -----3333388888 OOcctt 555555555555555553333333333333333355555555555555555 222222222222222228888888888888888822222222222222222 111111155555550000000 444444222222 3355 77 3322 NNoovv........ 333333333333333339999999999999999933333333333333333 666666666666666663333333333333333355555555555555555 333333300000000000000 333666000 --441111 DDeecc 999999999999999994444444444444444411111111111111111 444444444444444449999999999999999988888888888888888 ---111333555 1973—Jan 11111111111111111,,,,,,,,,,,,,,,,,888888888888888885555555555555555555555555555555555 555555555555555553333333333333333300000000000000000 Feb 11111111111111111,,,,,,,,,,,,,,,,,555555555555555555555555555555555588888888888888888 666666666666666669999999999999999955555555555555555 222222222000000000000000000 2255 --11,,440088 6611 33,,447766 7799 --22,,006688 3322 MMaarr.... .... 11111111111111111,,,,,,,,,,,,,,,,,555555555555555556666666666666666699999999999999999 222222222222222226666666666666666600000000000000000 222222222000000000000000000 AApprr 11111111111111111,,,,,,,,,,,,,,,,,333333333333333337777777777777777777777777777777777 555555555111111111 5500 112277 1199 1111 MMMMMMaaaaaayyyyyy........................ 777777777777777771111111111111111177777777777777777 """""""""""""""""666666666666666662222222222222222233333333333333333 666666666000000000000000000 11,,331166 --11,,331166 JJJJJJuuuuuunnnnnneeeeee........................ 11111111111111111,,,,,,,,,,,,,,,,,000000000000000004444444444444444477777777777777777 222222222222222221111111111111111188888888888888888 111111111666666666333333333 1177 111222333 3377 7788 5511 --7788 JJJJJJuuuuuullllllyyyyyy........................ 11111111111111111,,,,,,,,,,,,,,,,,666666666666666664444444444444444400000000000000000 444444444444444449999999999999999955555555555555555 666666666000000000 222777 AAAAAAuuuuuugggggg............ ...... ...... 666666666666666665555555555555555555555555555555555 999999999999999994444444444444444455555555555555555 444444444555555555666666666 333555111 ---999111999 444666888 110000 SSSSSSeeeeeepppppptttttt 444444444444444448888888888888888800000000000000000 444444444444444440000000000000000011111111111111111 555555555666666666444444444 888333666 ---888111333 ---222333 Matched Repurchase Federal agency obligations Bankers' Total outright ] sale-purchase agreements Net acceptances, transactions (U.S. Govt, change net (Treasury bills) securities) in U.S. Outright Repur- Period Govt, chase Net securi- agree- change 3 Gross Gross Gross ties Gross Sales or ments, Repurpur- Gross Redemp- Gross pur- pur- Gross pur- redemp- net Out- chase chases sales tions sales chases chases sales chases tions right agreements 197 0 12,362 5,214 2,160 12,177 12,177 33,859 33,859 4,988 -6 4,982 197 1 12,515 3,642 2,019 16,205 16,205 44,741 43,519 8,076 485 101 22 181 8,866 197 2 10,142 6,467 2,862 23,319 23,319 31,103 32,228 -312 ,197 370 -88 -9 -145 272 1972—Sept.. 1,107 373 8,300 8,300 1,132 1,844 -866 35 -74 -4 -30 -1,009 Oct... 652 282 150 2,143 2,143 3,594 3,594 220 22 7 206 Nov.. 393 635 351 2,245 2,245 3,547 3,547 -593 166 9 -6 -442 Dec.. 941 498 135 4,142 4,142 4,863 4,765 405 149 14 13 7 36 596 1973—Jan... 1,855 530 1,205 1,205 9,719 8,928 2,116 48 11 23 2,197 Feb.. 1,754 695 200 4,521 4,521 2,774 3,034 599 -28 -3 95 644 Mar.. 1,569 260 200 1,941 1,941 6,024 5,478 1,656 61 -66 1,636 Apr.. 1,584 51 2,101 2,101 5,664 5,978 1,218 -65 -36 1,106 May. 717 623 600 1,105 1,105 7,379 8,240 -1,367 -29 -52 -1,470 June. 1,274 218 163 4,630 4,630 5,621 5,621 893 229 -17 1,085 July.. 1,666 495 60 3,405 3,405 7,651 6,686 2,076 174 106 -12 2,416 Aug.. 1,006 945 807 9,632 9,632 2,234 2,492 -1,005 157 -7 -915 Sept.. 1,316 401 1,400 6,981 6,981 3,309 2,752 72 -95 -9 7 1 Before Nov. 1973 BULLETIN, included matched sale-purchase trans- 3 Net change in U.S. Govt, securities, Federal agency obligations, and actions, which are now shown separately. bankers' acceptances. 2 Includes special certificates acquired when the Treasury borrows directly from the Federal Reserve, as follows: June 1971, 955; Sept. 1972, NOTE.—Sales, redemptions, and negative figures reduce System hold- 38; Aug. 1973, 351; Sept. 1973, 836. ings ; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total P st o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr re a n n c c h s G m e a rm rk a s n Ita li l r i e a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1969—Dec. 1,967 ,575 199 60 125 1970—Dec. 257 154 98 1971—Dec. 18 3 2 1972—July. 7 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 Apr. 4 3 May 4 3 June 4 3 July. 4 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 12 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1973 1973 1972 Oct. 31 Oct. 24 Oct. 17 Oct. 10 Oct. 3 Oct. 31 Sept. 30 Oct. 31 Assets Gold certificate account 11,460 10,303 10,303 10,303 10,303 11,460 10,303 10,303 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 315 311 311 304 307 315 314 334 Loans: Member bank borrowings 2,198 3,367 1,536 693 1,206 2,198 1,558 481 Other Acceptances: 444777 444888 444666 43 444000 444777 333999 70 666000 444777 888444 999999 666000 111000666 Federal agency obligations: Bought outright 111,,,777333999 111,,,777333999 111,,,555888666 1,586 111,,,555666666 111,,,777333999 111,,,555666777 1,020 111444888 111777222 111666666 333555666 111444888 111666888 U.S. Govt, securities: Bought outright: Bills 333666,,,000666555 333555,,,777666111 333555,,,444666111 31,414 333444,,,222888999 333666,,,000666555 333444,,,111000000 29,764 Other NNootteess 37,374 37,374 37,374 37,374 37,374 37,374 37,374 36,732 3,428 3,428 3,428 3,428 3,428 3,428 3,428 3,598 TToottaall bboouugghhtt oouuttrriigghhtt ii 7766,,886677 ii 7766,,556633 ii 7766,,226633 1,272,216 11 7755,,009911 11 7766,,886677 ii 7744,,990022 1 70,094 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 11,,662244 889977 993377 11,,775533 11,,662244 11,,226633 78,491 77,460 77,200 72,216 76,844 78,491 76,165 70,094 82,683 82,833 80,618 74,538 80,111 82,683 79,603 71,665 CCCCCCCCCaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss iiiiiiiiinnnnnnnnn ppppppppprrrrrrrrroooooooooccccccccceeeeeeeeessssssssssssssssss ooooooooofffffffff cccccccccooooooooolllllllllllllllllleeeeeeeeeccccccccctttttttttiiiiiiiiiooooooooonnnnnnnnn p8,224 *9,305 *10,206 *10,600 *9,547 P%,224 7,486 11,793 217 216 213 213 213 217 213 167 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr aaaaaaaaasssssssssssssssssseeeeeeeeetttttttttsssssssss::::::::: DDDDDDDDDeeeeeeeeennnnnnnnnooooooooommmmmmmmmiiiiiiiiinnnnnnnnnaaaaaaaaattttttttteeeeeeeeeddddddddd iiiiiiiiinnnnnnnnn fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn cccccccccuuuuuuuuurrrrrrrrrrrrrrrrrreeeeeeeeennnnnnnnnccccccccciiiiiiiiieeeeeeeeesssssssss 4 11 4 4 4 4 4 211 1,044 988 953 900 811 1,044 757 950 p104,347 fl04,367 *103,008 P97,262 '101,696 P104,347 99,080 95,823 LLLLLLLLLiiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 60,943 61,038 61,154 61,284 60,671 60,943 60,174 55,933 DDDDDDDDDeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiitttttttttsssssssss::::::::: p31,705 P31,948 *>30,40l *23,495 p29,346 P31,705 28,240 26,757 UUUUUUUUU.........SSSSSSSSS......... TTTTTTTTTrrrrrrrrreeeeeeeeeaaaaaaaaasssssssssuuuuuuuuurrrrrrrrreeeeeeeeerrrrrrrrr—————————GGGGGGGGGeeeeeeeeennnnnnnnneeeeeeeeerrrrrrrrraaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnnttttttttt 1,837 1,252 1,124 2,638 1,594 1,837 1,624 1,613 426 272 286 265 239 426 250 192 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr::::::::: 3 719 3 673 3 743 3 654 3 612 3 719 3 805 597 *34,687 *>34,145 p32,554 "27,052 "31,791 P34,687 30,919 29,159 5,652 6,198 6,454 6,184 6,133 5,652 4,966 8,282 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd aaaaaaaaaccccccccccccccccccrrrrrrrrruuuuuuuuueeeeeeeeeddddddddd dddddddddiiiiiiiiivvvvvvvvviiiiiiiiidddddddddeeeeeeeeennnnnnnnndddddddddsssssssss 986 1,001 962 952 1,409 986 968 596 P102,268 *102,382 *101,124 *95,472 p100,004 p102,268 97,027 93,970 CCCCCCCCCaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaa]]]]]]]]] aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 834 834 831 831 832 834 829 781 793 793 793 793 793 793 793 742 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 452 358 260 166 67 452 431 330 P104,347 P104,367 *103,008 p97,262 z>101,696 *104,347 99,080 95,823 CCCCCCCCCooooooooonnnnnnnnntttttttttiiiiiiiiinnnnnnnnngggggggggeeeeeeeeennnnnnnnnttttttttt llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy ooooooooonnnnnnnnn aaaaaaaaacccccccccccccccccceeeeeeeeeppppppppptttttttttaaaaaaaaannnnnnnnnccccccccceeeeeeeeesssssssss pppppppppuuuuuuuuurrrrrrrrrccccccccchhhhhhhhhaaaaaaaaassssssssseeeeeeeeeddddddddd fffffffffooooooooorrrrrrrrr fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn cccccccccooooooooorrrrrrrrrrrrrrrrrreeeeeeeeessssssssspppppppppooooooooonnnnnnnnndddddddddeeeeeeeeennnnnnnnntttttttttsssssssss 589 530 535 538 546 589 548 219 MMMMMMMMMaaaaaaaaarrrrrrrrrkkkkkkkkkeeeeeeeeetttttttttaaaaaaaaabbbbbbbbbllllllllleeeeeeeee UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss hhhhhhhhheeeeeeeeelllllllllddddddddd iiiiiiiiinnnnnnnnn cccccccccuuuuuuuuussssssssstttttttttooooooooodddddddddyyyyyyyyy fffffffffooooooooorrrrrrrrr fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn aaaaaaaaannnnnnnnnddddddddd iiiiiiiiinnnnnnnnnttttttttteeeeeeeeerrrrrrrrrnnnnnnnnnaaaaaaaaatttttttttiiiiiiiiiooooooooonnnnnnnnnaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 27,230 27,603 27,366 27,237 27,247 27,230 27,355 31,104 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 65,119 65,169 65,168 65,074 64,937 65,119 64,939 59,702 Collateral held against notes outstanding: Gold certificate account 2,415 2,190 2,415 2,415 2,415 2,415 2,415 2,105 U.S. Govt, securities 64,630 64,600 64,060 64,025 64,025 64,630 64,025 58,965 67,045 66,790 66,475 66,440 66,440 67,045 66,440 61,070 i See note 8 on p. A-5. 2 See note 9 on p. A-5. 3 See note 5 on p. A-4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • federal reserve banks a 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1973 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a - a - C l l a e n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - L S ou t. i s M ap i o n l n is e - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 111111111111,,,,,,444444666666000000 774400 111111,,,,,,666666111111111111 884466 891 11,,112200 446699 22,,004411 337777 226600 336677 332299 22,,440099 Special Drawing Rights certificate 444444000000000000 2233 999999333333 2233 33 3366 2222 7700 1155 77 1155 1144 4499 F.R. notes of other banks 111111,,,,,,111111777777777777 116677 222222666666999999 3344 46 9900 117722 5577 3311 2255 4444 8833 115599 333333111111555555 1188 222222555555 55 33 3344 4422 3377 2211 1100 3355 1155 4400 Loans: Secured by U.S. Govt, and agency 999999333333444444 7777 666666000000 3355 81 110044 8800 229900 2244 1111 8866 3399 4477 111111,,,,,,222222666666444444 3333 222222000000666666 3311 114422 5555 446655 3344 1155 7744 5522 115577 AcOcethpetar nces: 444444777777 444444777777 HHHHHHHHHHHHHeeeeeeeeeeeeelllllllllllllddddddddddddd uuuuuuuuuuuuunnnnnnnnnnnnndddddddddddddeeeeeeeeeeeeerrrrrrrrrrrrr rrrrrrrrrrrrreeeeeeeeeeeeepppppppppppppuuuuuuuuuuuuurrrrrrrrrrrrrccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaassssssssssssseeeeeeeeeeeee aaaaaaaaaaaaagggggggggggggrrrrrrrrrrrrreeeeeeeeeeeeeeeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss.......................... 666666000000 666666000000 FFFFFFFFFFFFFeeeeeeeeeeeeedddddddddddddeeeeeeeeeeeeerrrrrrrrrrrrraaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaagggggggggggggeeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy ooooooooooooobbbbbbbbbbbbbllllllllllllliiiiiiiiiiiiigggggggggggggaaaaaaaaaaaaatttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss::::::::::::: BBBBBBBBBBBBBooooooooooooouuuuuuuuuuuuuggggggggggggghhhhhhhhhhhhhttttttttttttt ooooooooooooouuuuuuuuuuuuutttttttttttttrrrrrrrrrrrrriiiiiiiiiiiiiggggggggggggghhhhhhhhhhhhhttttttttttttt 111111,,,,,,777777333333999999 77 444444777777111111 91 131 122 94 278 60 33 66 75 241 HHHHHHHHHHHHHeeeeeeeeeeeeelllllllllllllddddddddddddd uuuuuuuuuuuuunnnnnnnnnnnnndddddddddddddeeeeeeeeeeeeerrrrrrrrrrrrr rrrrrrrrrrrrreeeeeeeeeeeeepppppppppppppuuuuuuuuuuuuurrrrrrrrrrrrrccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaassssssssssssseeeeeeeeeeeee aaaaaaaaaaaaagggggggggggggrrrrrrrrrrrrreeeeeeeeeeeeeeeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss.......................... 111111444444888888 111111444444888888 UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvvttttttttttttt,,,,,,,,,,,,, ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss::::::::::::: BBBBBBBBBBBBBooooooooooooouuuuuuuuuuuuuggggggggggggghhhhhhhhhhhhhttttttttttttt ooooooooooooouuuuuuuuuuuuutttttttttttttrrrrrrrrrrrrriiiiiiiiiiiiiggggggggggggghhhhhhhhhhhhhttttttttttttt 111111777777666666,,,,,,888888666666777777 3,411 222222000000,,,,,,777777999999888888 4,003 5,776 5,407 4,156 12,294 2,664 1,451 2,935 3,319 10,653 HHHHHHHHHHHHHeeeeeeeeeeeeelllllllllllllddddddddddddd uuuuuuuuuuuuunnnnnnnnnnnnndddddddddddddeeeeeeeeeeeeerrrrrrrrrrrrr rrrrrrrrrrrrreeeeeeeeeeeeepppppppppppppuuuuuuuuuuuuurrrrrrrrrrrrrccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaassssssssssssseeeeeeeeeeeee aaaaaaaaaaaaagggggggggggggrrrrrrrrrrrrreeeeeeeeeeeeeeeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss.......................... 111111,,,,,,666666222222444444 111111,,,,,,666666222222444444 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll llllllllllllloooooooooooooaaaaaaaaaaaaannnnnnnnnnnnnsssssssssssss aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 8822,,668833 3,598 2233,,441144 4,160 55,,998888 5,775 4,385 1133,,332277 2,782 1,510 3,161 3,485 1111,,009988 CCCCCCCCCCCCCaaaaaaaaaaaaassssssssssssshhhhhhhhhhhhh iiiiiiiiiiiiittttttttttttteeeeeeeeeeeeemmmmmmmmmmmmmsssssssssssss iiiiiiiiiiiiinnnnnnnnnnnnn ppppppppppppprrrrrrrrrrrrroooooooooooooccccccccccccceeeeeeeeeeeeessssssssssssssssssssssssss ooooooooooooofffffffffffff cccccccccccccooooooooooooolllllllllllllllllllllllllleeeeeeeeeeeeeccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnn....................................... 1100,,004400 428 11,,661166 447 444499 1,025 969 11,,449900 466 623 724 716 11,,008877 BBBBBBBBBBBBBaaaaaaaaaaaaannnnnnnnnnnnnkkkkkkkkkkkkk ppppppppppppprrrrrrrrrrrrreeeeeeeeeeeeemmmmmmmmmmmmmiiiiiiiiiiiiissssssssssssseeeeeeeeeeeeesssssssssssss 221177 40 1100 10 2277 14 15 1166 14 34 17 12 88 OOOOOOOOOOOOOttttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr aaaaaaaaaaaaasssssssssssssssssssssssssseeeeeeeeeeeeetttttttttttttsssssssssssss::::::::::::: DDDDDDDDDDDDDeeeeeeeeeeeeennnnnnnnnnnnnooooooooooooommmmmmmmmmmmmiiiiiiiiiiiiinnnnnnnnnnnnnaaaaaaaaaaaaattttttttttttteeeeeeeeeeeeeddddddddddddd iiiiiiiiiiiiinnnnnnnnnnnnn fffffffffffffooooooooooooorrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiigggggggggggggnnnnnnnnnnnnn cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnccccccccccccciiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss.......................... 44 22 11 11 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 11,,004444 43 229944 60 7700 83 53 114466 34 22 38 40 116611 107,340 5,057 27,333 5,585 7,538 8,177 6,127 17,185 3,740 2,491 4,401 4,694 15,012 LLLLLLLLLLLLLiiiiiiiiiiiiiaaaaaaaaaaaaabbbbbbbbbbbbbiiiiiiiiiiiiillllllllllllliiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 62,120 3,120 15,455 3,844 4,969 5,566 3,211 10,422 2,446 1,110 2,426 2,365 7,186 DDDDDDDDDDDDDeeeeeeeeeeeeepppppppppppppooooooooooooosssssssssssssiiiiiiiiiiiiitttttttttttttsssssssssssss::::::::::::: MMMMMMMMMMMMMeeeeeeeeeeeeemmmmmmmmmmmmmbbbbbbbbbbbbbeeeeeeeeeeeeerrrrrrrrrrrrr bbbbbbbbbbbbbaaaaaaaaaaaaannnnnnnnnnnnnkkkkkkkkkkkkk rrrrrrrrrrrrreeeeeeeeeeeeessssssssssssseeeeeeeeeeeeerrrrrrrrrrrrrvvvvvvvvvvvvveeeeeeeeeeeeesssssssssssss 31,705 1,350 8,643 1,087 1,803 1,445 1,865 4,861 758 753 1,093 1,599 6,448 UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrreeeeeeeeeeeeerrrrrrrrrrrrr—————————————GGGGGGGGGGGGGeeeeeeeeeeeeennnnnnnnnnnnneeeeeeeeeeeeerrrrrrrrrrrrraaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaaccccccccccccccccccccccccccooooooooooooouuuuuuuuuuuuunnnnnnnnnnnnnttttttttttttt.......................... 1,837 68 435 130 140 122 122 216 55 101 139 79 230 426 17 3 119 20 38 22 29 65 14 10 17 23 52 OOOOOOOOOOOOOttttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr::::::::::::: AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr5555555555555 836 10 664 17 1 35 20 52 2 2 3 7 23 34,804 1,445 9,861 1,254 1,982 1,624 2,036 5,194 829 866 1,252 1,708 6,753 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll dddddddddddddeeeeeeeeeeeeepppppppppppppooooooooooooosssssssssssssiiiiiiiiiiiiitttttttttttttsssssssssssss 7,351 365 1,180 333 339 800 684 1,096 360 448 601 474 671 DDDDDDDDDDDDDeeeeeeeeeeeeefffffffffffffeeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeddddddddddddd aaaaaaaaaaaaavvvvvvvvvvvvvaaaaaaaaaaaaaiiiiiiiiiiiiilllllllllllllaaaaaaaaaaaaabbbbbbbbbbbbbiiiiiiiiiiiiillllllllllllliiiiiiiiiiiiitttttttttttttyyyyyyyyyyyyy cccccccccccccaaaaaaaaaaaaassssssssssssshhhhhhhhhhhhh iiiiiiiiiiiiittttttttttttteeeeeeeeeeeeemmmmmmmmmmmmmsssssssssssss 986 41 300 48 69 65 53 146 35 21 35 39 134 OOOOOOOOOOOOOttttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr llllllllllllliiiiiiiiiiiiiaaaaaaaaaaaaabbbbbbbbbbbbbiiiiiiiiiiiiillllllllllllliiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd aaaaaaaaaaaaaccccccccccccccccccccccccccrrrrrrrrrrrrruuuuuuuuuuuuueeeeeeeeeeeeeddddddddddddd dddddddddddddiiiiiiiiiiiiivvvvvvvvvvvvviiiiiiiiiiiiidddddddddddddeeeeeeeeeeeeennnnnnnnnnnnndddddddddddddsssssssssssss 105,261 4,971 26,796 5,479 7,359 8,055 5,984 16,858 3,670 2,445 4,314 4,586 14,744 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll llllllllllllliiiiiiiiiiiiiaaaaaaaaaaaaabbbbbbbbbbbbbiiiiiiiiiiiiillllllllllllliiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss CCCCCCCCCCCCCaaaaaaaaaaaaapppppppppppppiiiiiiiiiiiiitttttttttttttaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaaccccccccccccccccccccccccccooooooooooooouuuuuuuuuuuuunnnnnnnnnnnnntttttttttttttsssssssssssss 834 34 211 42 74 47 61 130 28 20 35 46 106 793 34 207 39 72 42 55 124 27 18 33 43 99 OOOOOOOOOOOOO CSCSCSCSCSCSCSCSCSCSCSCSCSuuuuuuuuuuuuuttttttttttttt aaaaaaaaaaaaa hhhhhhhhhhhhhrrrrrrrrrrrrrppppppppppppppppppppppppppeeeeeeeeeeeee iiiiiiiiiiiiilllllllllllllrrrrrrrrrrrrr tttttttttttttuuuuuuuuuuuuu aaaaaaaaaaaaa ccccccccccccc lllllllllllllsssssssssssss aaaaaaaaaaaaa ppppppppppppp ppppppppppppp aaaaaaaaaaaaa iiiiiiiiiiiii iiiiiiiiiiiii ttttttttttttt ddddddddddddd aaaaaaaaaaaaa lllllllllllll iiiiiiiiiiiii aaaaaaaaaaaaa nnnnnnnnnnnnn ccccccccccccc cccccccccccccooooooooooooouuuuuuuuuuuuunnnnnnnnnnnnntttttttttttttsssssssssssss 452 18 119 25 33 33 27 73 15 8 19 19 63 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll llllllllllllliiiiiiiiiiiiiaaaaaaaaaaaaabbbbbbbbbbbbbiiiiiiiiiiiiillllllllllllliiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd cccccccccccccaaaaaaaaaaaaapppppppppppppiiiiiiiiiiiiitttttttttttttaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaaccccccccccccccccccccccccccooooooooooooouuuuuuuuuuuuunnnnnnnnnnnnntttttttttttttsssssssssssss.......................... 107,340 5,057 27,333 5,585 7,538 8,177 6,127 17,185 3,740 2,491 4,401 4,694 15,012 CCCCCCCCCCCCCooooooooooooonnnnnnnnnnnnntttttttttttttiiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt llllllllllllliiiiiiiiiiiiiaaaaaaaaaaaaabbbbbbbbbbbbbiiiiiiiiiiiiillllllllllllliiiiiiiiiiiiitttttttttttttyyyyyyyyyyyyy ooooooooooooonnnnnnnnnnnnn aaaaaaaaaaaaacccccccccccccccccccccccccceeeeeeeeeeeeeppppppppppppptttttttttttttaaaaaaaaaaaaannnnnnnnnnnnnccccccccccccceeeeeeeeeeeeesssssssssssss pppppppppppppuuuuuuuuuuuuurrrrrrrrrrrrrccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaassssssssssssseeeeeeeeeeeeeddddddddddddd fffffffffffffooooooooooooorrrrrrrrrrrrr fffffffffffffooooooooooooorrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiigggggggggggggnnnnnnnnnnnnn cccccccccccccooooooooooooorrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeessssssssssssspppppppppppppooooooooooooonnnnnnnnnnnnnddddddddddddd------------- 589 23 4 191 26 49 28 38 85 18 12 23 29 67 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 6655,,111199 33,,331155 16,312 33,,990044 55,,111155 55,,774488 3,468 1100,,669999 22,,558888 1,164 2,566 22,,553399 7,701 Collateral held against notes outstanding: Gold certificate account 22,,441155 117755 335500 335500 668800 770000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 6644,,663300 33,,118855 16,650 33,,990000 44,,885500 55,,114455 3,600 1100,,440000 22,,552200 1,200 2,700 22,,558800 7,900 TToottaall ccoollllaatteerraall 67,045 3,360 16,650 4,250 5,200 5,825 3,600 11,100 2,675 1,200 2,700 2,585 7,900 1 See note 8 on p. A-5. 4 After deducting $398 million participations of other Federal Reserve 2 After deducting $3 million participations of other Federal Reserve Banks. Banks. 5 See note 5 on p. A-4. 3 After deducting $307 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 • NOVEMBER 1973 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1973 1973 1972 Oct. 31 Oct. 24 Oct. 17 Oct. 10 Oct. 3 Oct. 31 Sept. 30 Oct. 31 Loans—Total 2,198 3,367 1,536 693 1,206 2,198 1,559 481 Within 15 days 2,147 3,310 1,471 632 1,116 2,147 1,478 475 16 days to 90 days 51 57 65 61 90 51 81 6 91 days to 1 year Acceptances—T otal 107 95 130 43 139 107 145 70 Within 15 days 71 64 104 18 110 71 9 23 16 days to 9p days 36 31 '26 25 29 36 136 47 91 days to 1 year U.S. Government securities—Total 78,491 77,460 77,200 72,216 76,844 78,491 76,165 70,094 Within 15 days* 7,389 6,121 6,803 3,759 6,734 7,389 4,524 2,919 16 days to 90 days 18,588 18,813 18,776 16,382 18,294 18,588 19,845 16,094 91 days to 1 year 19,306 19,318 18,413 18,867 18,608 19,306 18,565 18,532 Over l year to 5 years 22,148 22,148 22,148 22,148 22,148 22,148 22,171 24,895 Over 5 years to 10 years 9,358 9,358 9,358 9,358 9,358 9,358 9,358 6,108 Over 10 years 1,702 1,702 1,702 1,702 1,702 1,702 1,702 1,546 Federal agency obligations—Total 1,887 1,911 1,752 1,586 1,922 1,887 1,735 1,020 Within 15 days* 148 172 170 4 356 148 168 9 16 days to 90 days 126 116 106 106 92 126 92 14 91 days to 1 year 290 300 293 293 301 290 302 128 Over 1 year to 5 years 671 671 625 625 615 671 615 540 Over 5 years to 10 years 425 425 347 347 347 425 347 181 Over 10 years 227 227 211 211 211 227 211 148 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 T 2 o 3 t 3 a l Leading SMSA's T S o M ta S l A 23 's 2 o 2 th 26 e r T 2 o 3 t 3 a l Leading SMSA's T S o M ta S l A 23 's 2 SMSA's N.Y. 6 others2 N (e . x Y c . l ) . SMSA's SMSA's N.Y. 6 others2 N (e . x Y c . l ) . 1972—Sept.. 14,022.7 6,285.1 3,191.0 7.737.6 4,546.5 88.7 214.9 89.8 60.1 Oct.. 13,896.7 6,148.6 3.225.8 7,748.1 4,522.3 86.7 208.3 89.2 59.2 Nov., 15,154.7 6.979.3 3.411.9 8.175.3 4.763.5 93.5 229.2 93.9 62.1 Dec.. 14,783.7 6,604.8 3,495.4 8,178.9 4,(583.5 90.7 215.7 95.6 61.8 1973—Jan.r, 15,444.5 6.855.4 3.631.7 8,589.1 4,957.3 93.8 224.0 97,9 64.1 Feb.' 16,069.5 7,227.0 3.804.8 8.842.4 5.037.6 97.9 238.0 103.1 66.1 Mar. 15,954.5 6,844.8 3.868.7 9.109.7 5,241.0 97.1 228.3 104.4 67.8 April 15.966.3 6.297.5 3,852.6 9,038.& 5.186.2 95.7 228.9 101.8 66.2 May* 16,447.0 7,177.0 3,913.4 9,270.1 5.356.7 97.7 235.1 103.6 67.3 June* 16.634.4 7.244.6 4,046.6 9.409.8 5.363.3 99.9 245.0 107.5 68.7 July, 17,215.0 7,381.4 4.277.8 9,833.6 5,555.7 102.5 247.5 111.5 71.2 Aug.1 17,885.3 7,744.6 4,315.3 10,140.6 5,825.3 106.1 252.5 113.5 73.6 Sept.. 17,915.0 8,025.3 4,197.0 9,889.6 5,692.6 107.4 266.4 111.6 72.4 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
november 1973 • u.s. currency a 15 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir - tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 28.515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 32,591 23,264 2,304 1,511 85 2,216 6,672 10.476 9,326 2,803 5,913 261 341 32,869 23,521 2,427 1,533 2,246 6,691 10,536 9,348 2,815 5,954 249 316 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 50,961 36,163 5,691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 57.093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 61,068 41,831 6,775 2,408 135 3,273 9,348 19,893 19,237 5,377 13,414 203 237 62,599 42,341 7,116 2,329 135 3,139 9,146 20.477 20,258 5,492 14,336 195 228 63,586 43,085 7,172 2,378 135 3,209 9,334 20,857 20,500 5,570 14,503 194 226 65,137 44,208 7,237 2,437 135 3,305 9,602 21,491 20,928 5,714 14,789 i94 225 66.516 45,105 7,287 2,523 135 3,449 9,827 21,883 21,411 5,868 15,118 193 225 64,312 43,133 7,274 2,380 135 3,218 9,243 20,883 21,179 5,742 15,013 192 224 64,696 43,431 7,290 2,370 135 3,213 9,330 21,091 21,266 5,755 15,089 192 224 65,180 43,699 7,320 2,368 135 3,209 9,352 21,314 21,482 5,787 15,274 191 223 66.094 44,313 7,382 2,406 135 3,234 9,447 21,707 21,781 5,887 15,476 190 222 67,161 45,074 7,446 2.439 135 3,302 9,613 22,138 22,088 5,974 15,697 189 221 67,771 45,428 7,498 2,433 135 3,309 9,648 22,405 22,343 6,024 15,903 189 220 68,223 45,564 7,542 2.440 135 3,301 9,602 22,544 22,659 6,116 16,130 188 219 68,376 45,553 7,577 2,430 135 3,288 9,566 22,557 22,822 6,149 16,261 188 219 68,217 45,398 7,597 2,435 135 3,288 9,505 22,437 22,819 6,112 16,296 187 218 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION (Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars) Held in the Treasury Currency in circulation ] Total, out- Held by standing, As security For F.R. 1973 1972 Kind of currency Sept. 30, against Treasury F.R. Banks 1973 gold cash Banks and certificates and Agents Sept. Aug. Agents 30 31 Gold 10,410 (10,303) 107 Gold certificates (10,303) 210,302 Federal Reserve notes 64,939 161 4,767 60,Oil 60,189 Treasury currency—Total. . 8,614 93 316 8,206 8,186 Dollars 767 15 35 718 714 Fractional Coin 7,236 76 280 6,879 6,863 United States notes 323 2 320 320 In process of retirement3 289 289 289 Total—Sept. 30, 1973 483,964 (10,303) 361 10,302 5,083 68,217 Aug. 31, 1973 483,612 (10,303) 346 10,302 4,589 68,376 Sept. 30, 1972 477,898 (10,303) 355 10,302 4,642 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 • NOVEMBER 1973 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week Mi Mi Mz Mi Mi Mz 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—Oct 251.6 516.4 807.0 251.2 515.2 805.2 Nov 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 258.2 536.2 845.6 259.5 539.5 849.8 May 260.5 540.6 852.0 256.0 538.2 850.2 June 263.2 545.3 859.4 261.2 544.7 859.9 July 264.3 547.6 r863.5 263.2 546.6 '863.7 Aug 263.9 550.5 ••866.5 260.7 547.0 '862.9 Sept r263.4 '552.3 '868.8 '261.9 '550.3 '866.4 Oct.P 264.4 557.3 875.6 264.0 556.0 873.6 Week ending— Oct. 3 264.6 555.1 262.7 552.8 10 263.6 555.1 263.5 554.5 17? 265.6 558.0 265.7 557.3 2Av 262.9 556.2 262.2 554.6 31f 226644..99 556600..11 226644..22 555588..00 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 Mz: 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 Meascommercial banks. ures and Member Bank Reserves and Deposits" on pp. 61-79 of the Feb. Mn 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 UUUU....SSSS.... MMMMoooonnnntttthhhh NNNooonnn--- NNNooonnn--- GGGGoooovvvvtttt,,,, oooorrrr bbbaaannnkkk bbbaaannnkkk ddddeeeeppppoooossss---wwwweeeeeeeekkkk CCCuuurrr--- DDee-- Time and savings ttthhhrrriiifffttt CCCuuurrr--- DDee-- Time and savings ttthhhrrriiifffttt iiiittttssss 3333 rrreeennncccyyy mmaanndd deposits iiinnnssstttiiitttuuu--- rrreeennncccyyy mmaanndd deposits iiinnnssstttiiitttuuu--ddeeppooss-- tttiiiooonnnsss 222 ddeeppooss-- tttiiiooonnnsss 222 iittss iittss CD's i Other Total CD's i 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—Oct 55.7 195.9 40.0 264.8 304.8 290.6 55.7 195.5 41.9 264.0 305.9 290.0 6.6 Nov 56.2 196.5 41.2 267.1 308.4 293.8 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 Mar 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 61.7 280.1 341.8 311.4 58.7 197.3 58.8 282.2 340.9 312.0 8.4 June 59.4 203.9 62.0 282.0 344.1 314.1 59.4 201.8 59.3 283.4 342.7 '315.3 6.9 July 59.5 204.9 64.5 283.3 347.7 315.8 59.9 203.2 62.3 283.5 345.8 '317.0 6.3 Aug 59.7 204.2 67.0 286.6 353.6 315.9 60.0 200.8 68.4 286.3 354.7 '315.9 4.0 Sept 60.1 '203.3 '66.8 '288.9 355.6 '316.6, '60.1 '201.8 '68.8 '288.4 357.2 '316.1 5.1 Oct.** 60.3 204.1 63.4 292.9 356.3 318.3 60.3 203.7 66.4 291.9 358.3 317.6 5.8 Week ending— Oct. 3 60.0 204.6 64.9 290.4 355.5 59.8 202.9 67.5 290.0 357.5 7.8 10 6666600000.....66666 222220000033333.....00000 6666633333.....99999 222229999911111.....55555 333335555555555.....44444 6666611111.....00000 222220000022222.....55555 6666666666.....88888 222229999911111.....00000 333335555577777.....77777 66666.....33333 17 6666600000.....33333 222220000055555.....22222 6666633333.....11111 222229999922222.....55555 333335555555555.....66666 6666600000.....55555 222220000055555.....22222 6666666666.....33333 222229999911111.....77777 333335555588888.....00000 55555.....11111 24 6666600000.....55555 222220000022222.....33333 6666633333.....33333 222229999933333.....33333 333335555566666.....66666 6666600000.....33333 222220000011111.....99999 6666666666.....44444 222229999922222.....44444 333335555588888.....77777 55555.....66666 31 6666600000.....00000 222220000044444.....99999 6666622222.....77777 222229999955555.....22222 333335555588888.....00000 5555599999.....88888 222220000044444.....44444 6666655555.....77777 222229999933333.....88888 333335555599999.....55555 55555.....55555 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
NOVEMBER 1973 • 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 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss44 PPPPeeeerrrriiiioooodddd NNNooonnn--- TTToootttaaalll bbbooorrr--- RRReee--- AAAvvvaaaiiilll--- Demand Demand rrrooowwweeeddd qqquuuiiirrreeeddd aaabbbllleee222 TTiimmee TTiimmee TToottaall aanndd U.S. TToottaall aanndd U.S. SS..AA.. NN..SS..AA.. ssaavviinnggss Private Govt. ssaavviinnggss Private Govt. 1969—Dec 27.96 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—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 6.8 426.2 427.5 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.... 32.46 30.80 32.21 30.51 428.9 267.4 156.4 5.1 426.3 265.9 154.8 5.7 434.5 431.9 July.... 33.57 32.33 33.30 31.32 431.2 270.4 157.3 3.4 429.9 268.5 156.2 5.1 437.7 436.4 Aug.. .. 33.90 32.00 33.74 31.96 436.7 275.6 156.9 4.2 433.7 276.6 154.0 3.1 443.9 440.8 Sept r34.15 32.60 33.96 32.31 r438.6 277.3 r156.2 5.1 r437.7 r279.0 r154.7 4.1 r445.9 r445.0 Oct.'... 34.96 33.54 34.72 32.74 439.8 276.8 156.4 6.6 439.8 278.9 156.1 4.8 446.7 446.7 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 industrial3 and and industrial3 invest- PPlluuss UU..SS.. invest- PPlluuss UU..SS.. ments1 Total l s lo o a l n d s 2 Total l P o l a u n s s Tr u e r a y s - Other4 ments 1 Total i s lo o a l n d s 2 Total l P o l a u n s s Tr u e r a y s - Other4 sold2 sold2 1968—Dec. 31... 390.2 258.2 95.9 60.7 71.3 400.4 264.4 98.4 64.5 71.5 1969—Dec. 315... 401.7 279.1 283.0 105.7 108.3 51.5 71.1 412.1 286.1 290.0 108.4 111.0 54.7 71.3 1970—Dec. 31 435.5 291.7 294.7 110.0 112.1 57.9 85.9 446.8 299.0 301.9 112.5 114.6 61.7 86.1 1971—Dec. 31 484.8 320.3 323.1 115.9 117.5 60.1 104.4 497.9 328.3 331.1 118.5 120.2 64.9 104.7 1972—Oct. 25 540.4 365.7 368.0 126.3 127.7 60.3 114.4 540.3 365.2 367.5 125.8 127.2 60.9 114.2 Nov. 29 549.9 372.9 375.4 128.2 129.8 60.9 116.1 549.9 371.8 374.3 127.6 129.2 63.2 114.9 Dec. 31 556.4 377.8 380.4 129.7 131.4 61.9 116.7 571.4 387.3 389.9 132.7 134.4 67.0 117.1 1973—Jan. 31 564.7 385.8 388.4 133.3 135.0 61.8 117.1 565.6 383.5 386.1 132.0 133.7 65.6 116.5 Feb. 28 575.4 397.2 400.3 138.1 140.2 60.6 117.6 571.1 392.6 395.7 136.6 138.7 61.6 116.8 Mar. 28 583.6 405.8 409.0 141.8 143.8 60.4 117.4 580.6 401.7 404.8 141.7 143.7 61.2 117.7 Apr. 25 589.6 411.1 414.7 143.9 146.2 61.0 117.5 587.3 408.3 411.9 144.4 146.7 60.4 118.6 May 30 597.7 417.4 421.1 146.8 149.0 61.0 119.3 594.8 416.6 420.3 146.4 148.6 58.3 119.9 June 30 602.0 420.3 423.8 148.2 150.4 61.6 120.1 605.6 426.6 430.1 150.4 152.6 57.9 121.1 July 25'.... 608.2 427.3 431.3 151.4 154.0 59.6 121.3 606.8 429.1 433.1 151.8 154.4 56.4 121.4 Aug. 29' 616.0 435.3 440.0 153.6 156.5 57.7 123.0 612.0 434.6 439.3 152.2 155.1 54.7 122.8 Sept. 26'.... 618.2 438.1 442.7 154.0 156.9 56.3 123.8 617.9 439.1 443.8 154.1 157.0 54.8 123.9 Oct. 31'. . . 621.7 440.1 444.6 154.0 156.9 54.9 126.8 621.4 439.9 444.5 153.3 156.2 55.6 125.9 1 Adjusted to exclude domestic commercial interbank loans. See also net of valuation reserves as was done previously. For a description of the note 3. revision, see Aug. 1969 BULLETIN, pp. 642-46. Data shown in above table 2 Loans sold are those sold outright by commercial banks to own sub- have been revised to include valuation reserves. sidiaries, foreign branches, holding companies, and other affiliates. 3 Beginning June 30, 1972, commercial and industrial loans were re- NOTE.—Seasonally adjusted series revised. Total loans and investments: duced by about $400 million as a result of loan reclassifications at one For monthly data, Jan. 1959-June 1973, see Nov. 1973 BULLETIN, pp. large bank. A-96-A-98, and for 1948-58, Aug. 1968 BULLETIN, pp. A-94-A-97. For a 4 Beginning June 30, 1971, Farmers Home Administration insured notes description of the current seasonally adjusted series see the Nov. 1973 totaling approximately $700 million are included in "Other securities" BULLETIN, pp. 831-32, and the Dec. 1971 BULLETIN, pp. 971-73. Comrather than in "Loans." mercial and industrial loans: For monthly data, Jan. 1959-June 1973, see 5 Beginning June 30, 1969, data revised to include all bank-premises Nov. 1973 BULLETIN, pp. A-96-A-98; for description see July 1972 BULsubsidiaries and other significant majority-owned domestic subsidiaries; LETIN, p. 683. Data are for last Wednesday of month except for June 30 earlier data include commercial banks only. Also, loans and investments and Dec. 31; data are partly or wholly estimated except when June 30 are now reported gross, without valuation reserves deducted, rather than and Dec. 31 are call dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 18 COMMERCIAL BANKS • NOVEMBER 1973 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 Cash lia- Bor- Class of bank assets3 bilities rowand date Total Loans and Total 3 ings 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 10,982 44,349 15,952 23 1945--Dec. 31... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 1947--Dec. 31 6. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 ,343 94,367 35,360 65 1966--Dec. 31... 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 1967--Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 1968--Dec. 31 ... 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 1969--Dec. 31 7. 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 1970--Dec. 31... 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 1971--Dec. 31... 516,564 346,930 64,930 104,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 1972--Oct. 25... 561,280 386,190 60,930 114,160 102,830 691,880 567,620 29,040 3,760 7,520 221,440 305,860 39,680 Nov. 29... 574,230 396,160 63,210 114,860 91,460 694,050 572,160 27,060 3,920 7,760 224,990 308,430 38,350 Dec. 31... 598,808 414,696 67,028 117,084 113,128 739,033 616,037 33,854 4,194 10,875 252,223 314,891 38,083 1973--Jan. 31... 591,270 409,220 65,560 116,490 96,490 716,680 589,850 29,260 3,890 10,400 228,040 318,260 42,700 Feb. 28... 599,970 421,500 61,620 116,850 99,590 729,670 598,520 29,530 ,170 11,370 227,190 326,260 45,480 Mar. 28... 608,320 429,400 61,180 117,740 90,980 729,250 596.690 25,960 ,530 11,390 220,290 334,520 45,420 Apr. 25.. . 616,480 437,520 60,400 118,560 91,580 738,740 604,570 26,220 ,880 10,910 225,170 337,390 45,830 May 30.. . 622,340 444,120 58,330 119,890 95,410 749,470 611,920 27,770 ,250 5,810 229,050 344,040 47,360 June 30... 635,756 456,780 57,877 121,099 103,608 769,908 629,215 31,047 ,590 10,434 236,953 345,191 49,299 July 25*.. 634,220 456,480 56,360 121,380 95,880 761,870 618,670 28,710 ,830 6,750 228,310 349,070 52,580 Aug. 29*.. 640,100 462,630 54,720 122,750 92,010 765,200 618,440 26,500 ,620 3,460 224,450 357,410 53,150 Sept. 26*.. 645,150 466,420 54,800 123,930 100,030 778,070 628,700 27,720 7,190 8,210 227,880 357,700 56,180 Oct. 31*.. 651,960 470,410 55,640 125,910 111,670 798,130 643,790 32,830 6,820 5,680 240,390 358,070 60,220 Members oi F.R. System: 1941--Dec. 31... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 1945--Dec. 31... 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 1947--Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 1966--Dec. 31... 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 1967--Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 1968--Dec. 31... 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 1969--Dec. 31 7. 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 1970--Dec. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6.460 168,032 179,229 18,578 1971--Dec. 31... 405,087 277,717 47,633 79,738 86,189 511,353 425,380 30,612 2,549 8,427 174,385 209,406 25,046 1972—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 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 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 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 Feb. 28... 465,024 334,601 43,698 86,725 85,364 575,322 465,495 28,037 3,537 9,364 176,525 248,032 42,912 Mar. 28... 470,997 340,665 43,259 87,073 77,719 573,564 462,997 24,505 3,895 9,407 170,540 254,650 42,642 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 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 June 30.. . 490,533 360,908 41,080 88,545 88,227 604,414 486,770 29,311 4,879 8,167 182,439 261,975 46,529 July 25... 489,240 360,813 39,331 89,096 82,091 597,607 478,417 27,121 5,121 5,423 175,351 265,401 48,761 Aug. 29.. . 494,200 365,951 38,233 90,016 78,475 600,202 478,273 24,972 5,911 2,701 172,082 272,607 49,283 Sept. 26... 498,322 368,842 38,372 91,108 85,802 611,359 486,975 26,182 6,480 6,740 175,016 272,557 52,485 Oct. 31*.. 503,900 371,646 39,375 92,879 96,251 628,490 499,093 31,142 6,112 4,601 185,308 271,930 56,832 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 1945--Dec. 31... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 1947--Dec. 31... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 1966--Dec. 31... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 1967--Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 1968--Dec. 31... 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 1969--Dec. 31 7. 60,333 48,305 5,048 6.980 22,349 87,753 62,381 10,349 268 694 36,126 14,944 4,405 1970--Dec. 31... 62,347 47,161 6,009 9,177 21,715 89,384 67,186 12,508 956 1,039 32,235 20,448 4,500 1971--Dec. 31... 63,342 48,714 5,597 9,031 22,663 91,461 71,723 13,825 1,186 1,513 30,943 24,256 5,195 1972--Oct. 25... 69,136 53,835 5,045 10,256 21,261 96,657 72,568 12,386 1,530 1,097 29,046 28,509 9,170 Nov. 29... 71,707 55,533 5,712 10,462 21,556 98,990 74,550 12,639 1,752 1,032 30,710 28,417 9,335 Dec. 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 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 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 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 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 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 10,496 June 30... 79,212 65,428 4,661 9,124 24,518 111,028 82,718 15,340 2,773 1,115 30,607 32,883 11,597 July 25... 79,869 66,117 4,047 9,705 23,544 110,392 81,473 13,787 2,969 769 30,164 33,784 12,857 Aug. 29... 80,338 66,610 4,095 9,633 20,095 108,141 78,925 12,092 3,558 310 28,185 34,780 12,368 Sept. 26... 81,900 67,694 4,075 10,131 22,531 111,675 82,016 13,069 4,019 1,073 29,656 34,199 13,729 Oct. 31... 83,338 68,229 4,828 10,281 28,643 119,283 87,935 16,713 3,807 642 32,901 33,872 15,170 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • commercial banks A 19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Class of bank lia- Borand date Cash bilities row- Total Loans assets3 and Demand ings U.S. capital Total3 Treas- Other ac- De- Time Time 5 ury 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 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 ,552 3,462 719 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 1966—Dec. 31... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 25 310 6, 4,898 484 1967—Dec. 30... 12.744 9,223 1,574 1,947 2,947 16,296 13,985 1.434 21 267 6,250 6,013 383 1968—Dec. 31... 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 21 257 6,542 6,171 682 1969—Dec. 31 7. 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 15 175 6,770 4,626 1,290 1970—Dec. 31... 15.745 11,214 2,105 2,427 3,074 19,892 15,041 1,930 49 282 6,663 6,117 1,851 1971—Dec. 31... 17,133 12,285 1,782 3,067 3,011 21,214 16,651 1,693 168 364 6,896 7,530 1,935 1972—Oct. 25. 19,530 15.021 1,435 3,074 3,119 23,714 17,738 1,455 196 192 6,264 9,631 2,945 Nov. 29. 20,370 15,379 1,597 3,394 2,659 24,042 18,021 1,262 217 213 6,565 9,764 3,137 Dec. 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 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 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 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 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 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 June 30. 24,566 19,645 1,715 3,205 3,501 29,307 21,896 1,323 392 299 7,372 12,51 4,146 July 25. 25,221 20,580 1,364 3,277 3,759 30,199 21,627 1,638 389 226 6,488 12,886 4,922 Aug. 29. 25,400 20,676 1,322 3,402 3,569 30,358 22,272 1,355 499 86 6,725 13,607 4,647 Sept. 26. 25,948 20,717 1,683 3,548 3,853 31,299 22,138 1,525 504 303 6,480 13,326 5,814 Oct. 31. 25,489 20.022 1,621 3,846 4,146 31,015 21,837 1,481 517 194 6,863 12,782 5,895 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 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1966—Dec. 31... 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 1967—Dec. 30... 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 1968—Dec. 31... 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 1969—Dec. 31 7. 121,324 90,896 11,944 18,484 29,954 157,512 126,232 10,663 242 1,575 58,923 54,829 9,881 1970—Dec. 31... 133,718 96,158 14,700 22,860 31,263 171,733 140,518 11,317 592 2,547 59,328 66,734 10.391 1971—Dec. 31... 149,401 106,361 15,912 27,129 33,732 190,880 155,226 11,241 933 3,557 62,474 77,020 14,799 1972—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 Nov. 29. 163,011 119,961 14,734 28,316 29,350 200,829 159,305 8,844 1,156 2,828 62,229 84,248 18,629 Dec. 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 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 Feb. 28. 169,711 126,893 13,957 28,861 32,497 211,396 165,150 9,365 1,210 3,942 62,627 88,006 22,434 Mar. 28. 172,604 129,983 13,615 29,006 29,626 211,390 165,247 8,372 1,283 3,761 60,660 91,171 22,175 Apr. 25. 175,754 133,253 13,414 29,087 30,11 215,262 168,360 8,470 1,285 4,069 61,487 93,049 22,606 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 June 30. 180,663 138,452 13,066 29,144 31,899 222,344 173,183 9,177 1,371 2,988 64,875 94,771 24,032 July 25. 178,493 137,056 11,982 29,455 28,878 217,220 169,837 8,518 1,368 2,223 61,418 96,310 22,492 Aug. 29. 181,404 140,151 11,572 29,681 29,551 221,043 171,725 8,467 1,459 1,051 60,607 100,141 23,670 Sept. 26. 182,083 140,637 11.443 30,003 33,048 225,139 174,901 8,494 1,562 2,930 61,459 100,456 24,730 Oct. 31., 185,864 142,511 12,053 31,300 35,331 231,737 178,295 9,583 1,446 1,972 65,364 99,930 27,537 All 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 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 1966—Dec. 31.. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 1967—Dec. 30., 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 1968—Dec. 31.. 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 1969—Dec. 317. 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1,820 1970—Dec. 31.. 154,130 99,404 22,586 32,140 25,448 184,635 161,850 3,387 135 2,592 69,806 85,930 1,836 1971—Dec. 31.. 175,211 110,357 24,343 40,51* 26,783 207,798 181,780 3,853 263 2,993 74,072 100,600 3,118 1972—Oct. 25.. 189,164 121,498 23,512 44,154 28,205 224,720 194,272 3,485 395 2,509 76,158 11,725 5,242 Nov. 29.. 191,533 123,590 23,756 44,187 24,989 224,472 194,565 3,014 395 2,390 76,235 112,531 5,379 Dec. 31.. 197,843 127,881 24,830 45,132 29,841 234,342 205,914 4,116 395 3,238 83,681 114,483 4,455 1973—Jan. 31.. 195,468 126,055 24,488 44,925 25,931 229,209 199,603 3,235 395 3,376 76,769 115,828 5.752 16,406 Feb. 28.. 197,603 128,535 23,894 45,174 26,295 231,780 201,349 3,199 395 3,474 76,587 117,694 6,082 16,483 Mar. 28.. 199,365 130,118 23,676 45,571 24,868 231,951 200,461 3,063 395 3,396 74,409 119,198 6,619 16,801 Apr. 25.. 201,351 131,964 23,435 45,952 25,121 234,358 202,710 3,035 395 2,940 76,477 119,863 6,608 16,909 May 30.. 203,084 134,243 22,495 46,346 26,594 238,037 204,432 3,318 395 2,183 77,105 121,431 7,581 17,084 June 30.. 206,092 137,383 21,638 47,072 28,309 241,736 208,974 3,471 342 3,766 79,585 121,810 6.753 17,604 July 25.. 205,657 137,060 21,938 46,659 25,910 239,796 205,480 3,178 395 2,205 77,281 122,421 8,490 17,217 Aug. 29.. 207,058 138,514 21,244 47,300 25,260 240,660 205,351 3,058 395 1,254 76,565 124,079 8,598 17,406 Sept. 26.. 208,391 139,794 21,171 47,426 26,370 243,246 207,920 3,094 395 2,434 77,421 124,576 8,212 17,551 Oct. 31 209,209 140,884 20,873 47,452 28,131 246,455 211,026 3,365 342 1,793 80,180 125,346 8,230 17,783 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 20 COMMERCIAL BANKS • NOVEMBER 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 and FDIC assets3 bilities row- capital insurance Total Loans and Total3 Demand ings l U.S. Other capital De- Time Treas- ac- mand ury counts4 U.S. Other Govt. Insured banks: Total: 1941—Dec. 31. 49,290 21,259 21,046; 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 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 1947—Dec. 31. 114,274 37,583 67,9411 8,750 36,926 152,733 141,851 12,615] 54 1,325 92,975 34,882 61 9,734 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 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 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 : i 1966—Dec. 31. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 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 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 ! i 1969—Dec. 317- 419,746 294,638 54,399, 70,709 89,090 527,598 434,138 26,858 695 5,038 207,31 194,237 18,024 39,450 1971—Dec. 31.. 514,097 345,386 64,691 104,020 98,281 635,805 535,703 31,824 2,792 10,150 219,102 271,835 25,629 46,731 1972—Dec. 31., 594,502 411,525 66,679S116,298 111,333 732,519 612,822 33,366 4,113 10,820 250,693 313,830 37,556 52,166 1973—Mar. 28., 606,852 428.235 178,617 i 89,402 724,105 594,805 25,721 4,339 11,322 219,601 333,821 43,921 53,529 June 30., 630,379 452,587 57,532il20,261 101,716 762,250 625,316 30,559 5,446 10,408 235,174 343,729 48,413 55,240 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,8061 14,977j 43,433 39,458 6,786 23,262 8,322 4 3,640 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 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,541 19,278 45 5,409 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 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 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 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 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 1968--Dec. 31.. 236,130 159,257 35,300 41,5721 50,953| 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 1969--Dec. 317. 247,526 177,435 29,576 40,514 54,72T 313,927 256,314 16,299 361 3,049 121,719 114,885 12,279 23,248 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 1972--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 1973-—Mar. 28.. 354,999 254,447 100,552 53,789 426,035 345,341 14,134 2,285 6,866 127,001! 195,056 30,336 30,924 June 30.. 369,856 270,188 31,651j 68,018 61,336 449,772 364,129 16,640 2,874 6,181 137,116 201,318 33,804 31,867 State member: 1941—Dec. 31., 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 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 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 1963—Dec. 20., 72,680 46,866: 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,7251 29,642 1,795 7,506 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 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 I I 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 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 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 i 1969—Dec. 317 90,088 ^5,560 10,257| 14,271 24,313; 119,219 94,445 9,541 248 1,065 48,030' 35,560 5,116 8,800 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 1972—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 1973—Mar. 28. 117,547 87,421 30,126 24,248 148,345 117,906 10,511 1,495 2,457 43,377 60,065 12,044 10,973 June 30. 121,052 91,095 9,429 20,527 26,891j 155,017 123,016 12,671 2,005 1,986 45,322 61,032 12,725 11,231 Nonmember: I 1941—Dec. 31. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 1945—Dec. 31. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 1947—Dec. 31. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 I,271 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 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 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 I 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 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 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 1969—Dec. 317. 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 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 1972—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 1973—Mar. 28. 134,306 86,368 47,939 11,365 149,725 131,558 1,076 559 1,999 49,223 78,701 1,541 II,631 June 30. 139,471 91,304 16,4521 31,716 13,490 157,461 138,171 1,248 567 2,241 52,735 81,379 1,884 12,143 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • commercial banks a 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTToootttaaalll aaasssssseeetttsss——— CCClllaaassssssiiifffiiicccaaatttiiiooonnn bbbyyy Securities TTToootttaaalll Interbank3 Other FFFRRRSSS mmmeeemmmbbbeeerrrssshhhiiippp CCCaaassshhh llliiiaaa--- BBBooorrr--- TTToootttaaalll NNNuuummm--aaa iii nnn nnn ddd sssuuu rrr FFF aaa DDD nnnccc IIICCC eee TToottaall LLooaa ll nnss -T U u re r .S y as . - Oth 2 er aaasssssseeetttsss333 ccc ccc bbb ooo aaa iii aaa uuu aaa lll ppp nnn iii nnn ccc ttt iii ddd iii --- ttt ttt eee sss aaa sss lll 444 TToottaall33 m D a e n - d Time G U o . D v S t . e . n na O nd th er Tim 5 e rrr iii ooo nnn www gggsss --- ccc ccc aaa ooo aaa ppp uuu ccc iii nnn --- tttaaa tttsss lll bbbaaa bbb ooo nnn eee fff rrr kkk sss Noninsured nonmember: 1941—Dec. 31 1,457 455 761 241 763 2,283 11,,887722 329 1,291 253 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947 Dec. 316 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967—Dec. 30 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 301 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dcc. 31 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1971—Dec. 31 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—Dec. 31 4,865 3,731 349 785 1,794 7,073 3,775 488 81 55 1,530 1,620 527 491 206 1973—June 30 5,915 4,732 345 838 1,892 8,196 4,438 488 145 26 1,779 2,000 885 500 204 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 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 1972—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 1973—June 30 145,386 96,036 16,797 32,554 15,381 165,657 142,608 1,736 712 2,267 54,514 83,379 2,770 12,643 8,341 1 Beginning June 30, 1966, loans to farmers directly guaranteed by 9 Regarding reclassification as a reserve city, see Aug. 1962 BULLETIN, CCC were reclassified as securities, and Export-Import Bank portfolio p. 993. For various changes between reserve city and country status in fund participations were reclassified from loans to securities. This reduced 1960-63, see note 6, p. 587, May 1964 BULLETIN. (See also note 8.) "Total loans" and increased "Other securities" by about $1 billion. "Total Beginning May 6, 1972, two New York City country banks, with loans" include Federal funds sold, and beginning with June 1967 securities deposits of $1,412 million, merged and were reclassified as a reserve city purchased under resale agreements, figures for which are included in bank. (See also note 8.) "Federal funds sold, etc.," on p. A-22. Beginning June 30, 1971, Farmers Home Administration notes are NOTE.—Data are for all commercial banks in the United States (includclassified as "Other securities" rather than "Loans." As a result of this ing Alaska and Hawaii, beginning with 1959). Commercial banks represent change, approximately $300 million was transferred to "Other securities" all commercial banks, both member and nonmember; stock savings for the period ending June 30, 1971, for all commercial banks. banks; and nondeposit trust companies. See also table (and notes) at the bottom of p. A-30. For the period June 1941-June 1962 member banks include mutual 2 See first two paragraphs of note 1. savings banks as follows: three before Jan. 1960, two through Dec. 1960, 3 Reciprocal balances excluded beginning with 1942. and one through June 1962. Those banks are not included in insured 4 Includes items not shown separately. See also note 1. commercial banks. 5 See third paragraph of note 1 above. Beginning June 30, 1969, commercial banks and member banks exclude 6 Beginning with Dec. 31, 1947, the series was revised; for description, a small national bank in the Virgin Islands; also, member banks exclude, see note 4, p. 587, May 1964 BULLETIN. and noninsured commercial banks include, through June 30, 1970, a small 7 Figure takes into account the following changes beginning June 30, member bank engaged exclusively in trust business; beginning 1973, 1969: (1) inclusion of consolidated reports (including figures for all bank- excludes one national bank in Puerto Rico. premises subsidiaries and other significant majority-owned domestic Comparability of figures for classes of banks is affected somewhat by subsidiaries) and (2) reporting of figures for total loans and for individual changes in F.R. membership, deposit insurance status, and the reserve categories of securities on a gross basis—that is, before deduction of classifications of cities and individual banks, and by mergers, etc. valuation reserves—rather than net as previously reported. Data for national banks for Dec. 31, 1965, have been adjusted to make 8 Beginning Nov. 9,1972, designation of banks as reserve city banks for them comparable with State bank data. reserve-requirement purposes has been based on size of bank (net demand Figures are partly estimated except on call dates. deposits of more than $400 million), as described in the BULLETIN for For revisions in series before June 30, 1947, see July 1947 BULLETIN, July 1972, p. 626. Categories shown here as "Large" and "All other" paral- pp. 870-71. lel the previous "Reserve city" and "Country" categories, respectively (hence the series are continuous over time). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 22 COMMERCIAL BANKS • NOVEMBER 1973 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans i Investments Class of l T oa o n ta s l 1 F e e ra d l - Com- o p s r u e r c c c F u a h r r o a i r r t s y i i i e n n s g g in f s in ti a T t n u o c t i ia o l n s Other, U s .S ec . u T ri r t e ie a s s u 6 r y State bank and and funds mer- Agri- Real to and call date invest- sold, Total cial cul- es- in- Other local Other ments etc. 2 3,4 and tur- To tate di- govt, secuin- al 5 bro- vid- Bills secu- rities 5 d tr u ia s- l k an er d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total-.2 1947—Dec. 31.. 116,284 38,057 18,167 ,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1972—Dec. 3110 599,367 26,662 388,593 132,701 14,314 11,316 4,491 6,585 23,402 98,382 87,232 10,171 67,028 89,504 27,579 1973—June 30.. 636,294 27,652 429,667 150,390 15,985 7,366 4,752 9,853 27,685 108,199 94,416 11,020 57,877 91,312 29,787 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 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 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1972—Dec. 31 io 594,502 25,584 385,941 131,422 14,287 11,165 4,460 6,115 23,277 98,204 86,912 66,679 89,173 27,125 1973—Mar. 28. 606,852 25,931 402,305 June 30.. 630,379 26,162 426,425 148,825 15,967 7,295 4,727 9,060 27,574 108,008 94j060 57,532 90,967 29,293 Member—Total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 ,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1972—Dec. 31 io 466,169 19,961 309,969 112,110 ,495 10,863 3,870 5,783 22,026 73,131 64,490 9,201 48,715 69,640 17,884 1973—Mar. 28. 472,546 19,090 322,778 June 30.. 490,908 19,705 341,577 127,194 9,467 7 j io3 4,122 8,634 26,258 79,840 69,006 9,953 41,080 69,374 19,172 New York City:11 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 31 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 ,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1972—Dec. 31 io 75,034 812 57,901 27,864 50 7,057 841 2,271 6,413 5,789 5,225 2,390 5,696 9,107 1,518 1973—Mar. 28 76,790 1,674 61,021 June 30. 79,212 1,394 64,033 31,880 4*563 '772 3,776 8,776 6,352 5,158 2,676 4,661 7,224 1,900 City of Chicago:11 1941—Dec. 31.. 2,760 954 732 6 48 52 22 95 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 1972—Dec. 31 io 21,362 718 15,576 7,851 140 1,330 282 341 2,780 1,066 1,138 648 1,873 2,820 375 1973—Mar. 28. 22,639 ,367 16,750 June 30.. 24,566 ,097 18,549 10,034 129 ' 843 313 598 3^558 1,146 1,207 " 721 ,715 409 Other large banks:11 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 ,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 1972—Dec. 31 io 171,618 9,927 16,802 44,483 1,977 2,024 1,707 2,716 10,268 27,014 22,669 3,943 16,316 24,049 4,523 1973—Mar. 28. 173,016 7,960 122,475 June 30.. 180,726 9,333 129,182 50,457 2,241 i *415 ij84 3,603 1,440 29,705 24,357 4,181 3,066 24,435 4,710 All other member 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 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1972—Dec. 31 io 198,156 8,504 119,690 31,911 6,327 452 1,040 455 2,565 39,262 35,458 2,220 24,830 33,664 II,468 1973—Mar. 28. 200,101 8,089 122,531 June 30.. 206,404 7,882 129,813 34,824 7,015 282 i *253 657 2 ^ 4844 2,638 38,284 2,376 21,638 34,919 12,153 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 1,318 2,179 1,219 7,920 1,078 625 1972—Dec. 31 io 133,198 6,701 78,624 20,591 5,819 453 622 803 1,377 25,250 22,741 969 18,313 19,864 9,695 1973—June 30.. 145,386 7,947 88,089 23,196 6,518 263 630 ,219 1,427 28,359 25,410 1,067 16,797 21,939 10,615 1 Beginning with June 30, 1948, figures for various loan items are * 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 wfere 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
november 1973 • commercial banks A 23 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B F w e R a r . i n v e R th - e k . s s r C c e a o n n u i c d r n - y b m a a w B d n e n i o a c s t k l e - t h - i s s c 7 ju p m D s o a d a t d s e e e n i - - d - t d s 8 m D es o t - ic7 e F ig o n r - 9 G U o . v S t . . S g l a o o t n c a v d a t t e l . c C c h o f a e e i e f n e r r f c d d t s i k i - ' - s, IPC I b n a t n e k r- G P U S i a o n o a n . s g v S v d t s - t . a , l S g l a o o t n c a v d a t t e l . IPC3 r B i o n o w g r s - - C t a a p l ietc. Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 111 866 34,383 65 10,059 1972—Dec. 31 io. 26,070 8,666 32,185 212,121 29,971 3,883 10,875 18,588 11,685 221,950 4,194 606 37,161 277,683 38,083 52,658 1973—June 30... 25,143 7,669 29,842 202,109 26,978 4,069 10,434 18,166 11,162 207,625 5,590 730 40,734 304,265 49,299 55,740 AD insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1.829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 11 826 33,946 61 9,734 1972—Dec. 31 io. 26,070 8,637 30,734 210,287 29,731 3,635 10,820 18,459 11,177 221,057 4,113 606 37,086 276,138 37,556 52,166 1973—Mar. 28 .. . 27,160 8.830 23,131 194,096 22,443 3,279 11,322 16,111 8,593 194,898 4,339 666 41,495 291,662 43,921 53,529 June 30... 25,143 7,658 28,238 200,083 26,713 3,846 10,408 18,016 10,473 206,685 5,446 730 40,655 302,344 48,413 55,240 Member—Total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1972—Dec. 31 io. 26,070 6,582 19,396 158,464 28,521 3,437 9,024 13,544 9,503 174,770 3,562 468 28,553 211,124 36,357 41,228 1973—Mar. 28. . . 27,160 6,710 14,719 145,411 21,537 3,108 9,323 11,732 7,347 151,299 3,780 516 31,705 222,900 42,380 41,897 June 30... 25,143 5,754 18,004 148,306 25,684 3,627 8,167 13,251 8,781 160,407 4,879 569 30,812 230,969 46,529 43,098 New York City;U 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 1972—Dec. 31 io. 5,695 508 4,854 23,271 12,532 2,562 1,418 741 3,592 31,040 1,833 2,522 26,196 9,502 8,042 1973—Mar. 28 . .. 5,292 562 4,020 21,687 9,527 2,292 1,688 686 3,017 25,248 1,984 2,766 30,121 9,951 8,112 June 30... 4,981 467 5,557 20,478 12,679 2,661 1,115 646 3,403 26,558 2,773 2,075 30,788 11,597 8,287 City of Chicago:n 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 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 902 426 1972—Dec. 31 io. 1,496 152 173 5,783 1,516 99 509 223 264 6,899 160 95 847 9,237 3,008 1,891 1973—Mar. 28 . . . 1,435 116 112 5,148 1,232 95 459 143 162 6,134 207 150 ,006 10,230 3,861 1,905 June 30... 1,512 126 138 5,827 1,206 117 299 225 229 6,918 392 224 930 11,357 4,146 1,947 Other large banks:11 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1972—Dec. 31 io 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 1973—Mar. 28 . . 10,958 2,124 3,694 48,856 7,762 639 3,767 3,421 2,336 54,882 1,196 175 12,810 78,380 22,129 14,869 June 30.. 9,345 1,788 4,099 49,344 8,446 731 2,988 3,954 2,728 58,194 1,371 158 13,145 81,531 24,032 15,260 All other member: *1 1941—Dec. 31... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1972—Dec. 31 io 8,794 3,807 9,681 76,597 4,047 70 3,238 8,726 2,571 72,384 395 181 13,373 101,243 4,455 16,608 1973—Mar. 28 . . 9,474 3,908 6,893 69,720 3,016 83 3,409 7,482 1,832 65,035 393 176 15,122 104,170 6,439 17,012 June 30.. 9,305 3,373 8,211 72,658 3,353 118 3,766 8,426 2,421 68,737 342 167 14,661 107,293 6,753 17,604 Nonmember:3 1947—Dec. 31... 3,947 13,595 385 55 167 1,295 180 12,284 190 6,858 1,596 1972—Dec. 31 io 2,084 12,789 53,658 1,449 446 1,851 5,044 2,182 47,180 633 138 8,608 66,559 ,726 11,429 1973—June 30... 1,915 11,838 53,803 1,294 442 2,267 4,915 2,381 47,219 712 162 9,922 73,295 2,770 12,643 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 19§4 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
:ekl orting banks • november 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 Tot involving— To nonbank loai financial an Com- To brokers To institutions inve To mer- and dealers others mer com- To cial Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural Pers. banks ury se- trial U.S. U.S. and se- curi- Treas- Other Treas- Other sales curi- ties ury sees. ury sees. finan. Other ties sees. sees. COS., etc. 305, 11,314 10,231 630 295 158 212,792 87,518 2,622 802 7,412 204 2,852 6,554 10,920 . 306, 12,088 11,144 507 289 148 213,206 87,722 2,626 893 7,164 189 2,845 6,735 10,881 304, 11,333 10,201 589 392 151 213,688 87,762 2,652 1,041 7,526 188 2,834 6,386 11,035 304, 9,497 8,716 427 262 92 214,258 87,528 2,676 863 7,501 189 2,837 6,417 11,167 . 355, 15,714 13,603 1,487 238 386 259,853 107,070 3,351 1,379 5,074 180 2,946 9,172 17,193 . 358, 16,825 14,334 2,014 245 232 260,927 107,575 3,342 1,087 5,205 177 2,947 9,150 17,200 355, 14,333 11,758 2,036 238 301 261,451 108,193 3,337 875 5,217 176 2,939 9,245 17,151 353, 12,894 11,619 818 189 268 261,622 108,233 3,327 849 5,474 167 2,944 9,026 17,392 356, 14,470 13,094 831 186 359 261,884 108,347 3,345 694 5,507 158 2,942 8,970 17,343 361, 17,802 13,889 3,346 159 408 262,846 108,178 3,316 1,340 5,534 159 2,932 9,023 17,278 355, 13,744 12,472 874 144 254 260,962 107,697 3,328 634 5,328 160 2,936 8,461 17,094 355, 13,664 12,453 790 132 289 260,797 107,182 3,346 741 5,614 152 2,911 8,410 16,804 358, 14,563 13,216 904 239 204 261,460 106,890 3,381 548 5,857 148 2,904 8,575 17,072 64, 1,606 1,501 97 8 48,672 24,733 41 688 4,668 38 677 1,804 3,000 63, 775 739 9 27 48,632 24,833 41 742 4,506 39 683 1,822 2,990 63, 1,173 1,159 9 5 48,764 24,677 45 941 4,785 39 675 1,734 3,081 63, 788 771 9 8 48,787 24,565 46 755 4,780 39 672 1,806 3,148 75, 1,992 1,815 46 131 60,588 30,494 75 1,266 2,987 41 681 2,818 5,748 77, 1,812 1,768 15 29 61,146 30,787 73 975 3,065 38 677 2,831 5,808 76, 1,569 1,515 25 29 60,991 30,866 73 762 3,195 38 670 2,838 5,819 75, 1,742 1,697 16 29 60,959 30,958 78 728 3,405 37 679 2,687 5,909 76, 2,106 2,011 2 93 60,845 30,801 87 588 3,294 36 681 2,688 5,973 77, 1,573 1,451 30 92 62,045 30,918 88 1,223 3,400 38 680 2,838 5,889 75, 1,391 1,266 120 5 60,629 30,824 94 550 3,171 38 678 2,635 5,855 76, 1,960 1,839 120 1 61,107 30,738 96 653 3,542 33 674 2,641 5,798 77, 1,639 1,507 120 12 61,580 30,557 101 463 3,751 30 679 2,780 5,919 240, 9,708 8,730 533 295 150 164,120 62,785 2,581 114 2,744 166 2,175 4,750 7,920 . 242, 11,313 10,405 498 289 121 164,574 62,889 2,585 151 2,658 150 2,162 4,913 7,891 . 241, 10,160 9,042 580 392 146 164,924 63,085 2,607 100 2,741 149 2,159 4,652 7,954 . 240, 8,709 7,945 418 262 84 165,471 62,963 2,630 108 2,721 150 2,165 4,611 8,019 . 279. 13,722 11,788 1,441 238 255 199,265 76,576 3,276 113 2,087 139 2,265 6,354 11,445 . 281; 15,013 12,566 1,999 245 203 199,781 76,788 3,269 112 2,140 139 2,270 6,319 11,392 . 278; 12,764 10,243 2,011 238 272 200,460 77,327 3,264 113 2,022 138 2,269 6,407 11,332 . 278; 11,152 9,922 802 189 239 200,663 77,275 3,249 121 2,069 130 2,265 6,339 11,483 . 280, 12,364 11,083 829 186 266 201,039 77,546 3,258 106 2,213 122 2,261 6,282 11,370 . 284 16,229 12,438 3,316 159 316 200,801 77,260 3,228 117 2,134 121 2,252 6,185 11,389 . 279 12,353 11,206 754 144 249 200,333 76,873 3,234 84 2,157 122 2,258 5,826 11,239 . 278 11,704 10,614 670 132 288 199,690 76,444 3,250 88 2,072 119 2,237 5,769 11,006 . 280 12,924 11,709 784 239 192 199,880 76,333 3,280 85 2,106 118 2,225 5,795 11,153 . A-28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1973 • WEEKLY REPORTING BANKS A 25 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Consumer For- All Certifinstal- eign other Total Bills icates Do- For- ment govts. 2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1972 1,519 \ 26,882 1,124 17,257 26,347 4,982 4,397 14,020 2,948 Oct. 4 1,534 1 26,921 1,117 17,319 26,026 4,814 4,359 13,941 2,912 11 1,568 > 27,019 1,122 17,132 25,228 4,176 4,364 13,793 2,895 18 1,748 27,105 1,128 17,324 25,955 4,052 4,353 14,668 2,882 25 1973 3,551 31,614 1,292 20,122 22,920 3,705 3,966 12,637 2,612 Sept. 5 3,639 1 31,703 1,324 20,351 23,327 3,981 3,962 12,734 2,650 12 3,344 i 31,736 1,310 20,441 22,505 3,107 4,070 12,682 2,646 19 3,305 31,866 1,255 20,129 22,249 3,036 4,094 12,463 2,656 26 3,485 31,921 1,307 20,111 22,523 3,321 4,384 12,137 2,681 Oct. 3' 3,356 31,967 1,339 20,319 23,179 3,971 4,428 12,069 2,711 10' 3,401 4,653 32,037 1,313 20,324 22,887 3,650 4,457 12,066 2.714 17' 3,387 4,741 32,125 1,288 20,429 23,108 3,917 4,494 11,982 2.715 24' 3,524 32,248 1,311 20,725 23,191 3,936 4,448 11,999 2,808 31' New York City 1972 416 2,044 708 3,698 4,980 1,624 787 2,236 333 Oct. 4 428 1,285 2,041 706 3,683 4,792 1,568 782 2,160 282 11 377 1,283 2.048 711 3,508 4,322 1,204 767 2,079 272 18 411 1,403 2.049 716 3,507 4,767 1,274 771 2,450 272 25 1973 1,335 1.981 2,397 668 4,246 3,988 1,184 612 1,719 473 Sept. 5 1,395 2,016 2,399 654 4,507 4,639 1,571 600 1,920 548 12 1,242 1,964 2,378 673 4,475 4,166 1,144 636 1,849 537 19 1,232 1,919 2,399 628 4,239 3,824 943 630 1,721 530 26 1.364 1,864 2,394 669 4,277 3,890 965 702 1,670 553 Oct. 3' 1,255 2,048 2,402 657 4,450 4,196 1,253 736 1,649 558 10' 1,202 1,889 2,402 651 4,427 4,254 1,205 746 1,681 622 17' 1,257 1.982 2.408 642 4,517 4,361 1,370 728 1,624 639 24' 1.365 1,931 2.409 670 4,762 4,587 1,41 738 1,709 729 31' Outside New York City 1972 1,103 1,552 24,838 416 13,559 21,367 3,358 3,610 11,784 2,615 .Oct. 1,106 1,575 24,880 411 13,636 21,234 3,246 3,577 11,781 2,630 1,191 1,526 24,971 411 13,624 20,906 2,972 3,597 11,714 2,623 1,337 1,570 25,056 412 13,817 21,188 2,778 3,582 12,218 2,610 1973 2,216 2,787 29,217 624 15,876 18,932 2,521 3,354 10,918 2,139 .Sept. 5 2,244 2,790 29,304 670 15,844 18,688 2,410 3,362 10,814 2,102 12 2,102 2,762 29,358 637 15,966 18,339 1,963 3,434 10,833 2,109 19 2,073 2,765 29,467 627 15,890 18,425 2,093 3,464 10,742 2,126 26 2,121 2,775 29,527 638 15,834 18,633 2,356 3,682 10,467 2,128 .Oct. 3 ' 2,101 2,739 29,565 682 15,869 18,983 2,718 3,692 10,420 2,153 .10' 2,199 2,764 29,635 662 15,897 18,633 2,445 3,711 10,385 2,092 ,17' 2,130 2,759 29,717 646 15,912 18,747 2,547 3,766 10,358 2,076 ,24' 2,159 2,615 29,839 641 15,963 18,604 2,525 3,710 10,290 2,079 ,31' For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 26 WEEKLY REPORTING BANKS • NOVEMBER 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 of State corp. stock, in serves Cur- ances in sub- Wednesday and and process with rency with sidiar- Other political securities of F.R. and do- ies not assets Total subdivisions collec- Banks coin mestic consoltion banks idated Tax Certif. war- Ail of All rants3 other partici- other5 pation4 Large banks— Total 1972 Oct. 4 54,754 9,371 37,198 1,533 6,652 31,252 22,191 3,464 9,602 1,017 17,077 11 54,699 9,358 37,276 1,517 6,548 30,962 20,212 3,824 10,090 1,016 16,949 18 54,231 9,255 36,972 1,522 6,482 30,502 20,488 3,896 9,709 1,028 16,870 2 5 54,980 9,292 37,445 1,588 6,655 31,029 24,087 4,021 9,342 1,064 17,267 1973 Sept. 5 56,544 7,770 38,296 2,015 8,463 32,731 19,256 3,976 10,362 1.299 20,970 12 57,196 7,691 38,790 1,989 8,726 31,598 22,045 4,355 9,915 1.300 20,695 19 56,930 7,532 38,605 2,019 8,774 29,878 21,373 4,294 9,925 1,300 20,575 2 6 57,193 7,382 38,625 2,112 9,074 28,988 24,156 4,354 10,176 1,303 20,566 Oct. 3* 57,712 7,578 38,648 2,138 9,348 31,678 22,661 4,022 10,541 1,331 21,054 10* 58,110 7,515 38,875 2,263 9,457 32,649 17,406 4,229 11,175 1,335 20,825 17* 57,482 7,391 38,483 2,198 9,410 31,819 23,700 4,215 10,417 1,411 20,668 24* 58,147 7,604 38,521 2,238 9,784 33,369 24,937 4,378 13,161 1,414 20,278 31* 59,002 7,673 38,845 2,262 10,222 34,037 24,670 4,285 12,988 1,340 20,902 New York City 1972 Oct. 4 9,151 2,1 5,084 301 878 10,056 4,881 434 3,739 484 5,312 11 9,130 2,885 5,088 302 855 9,890 5,940 478 3,696 483 5,232 18 9,033 2,890 4,991 301 851 9,805 4,783 446 3,683 495 5,264 2 5 9,350 2,866 5,261 352 871 10,446 5,913 476 3,461 531 5,630 1973 Sept. 5 8,989 2,198 4,685 618 1,488 9,076 4,910 490 4,271 615 6,762 12 9,607 2,210 5,166 589 1,642 9,583 8,085 500 4,264 614 6,520 19 9,573 2,143 5,160 587 1,683 9,217 4,718 488 4,530 613 6,661 2 6 9,380 2,069 5,045 594 1,672 9,825 6,372 494 4,800 614 6,553 Oct. 3* 9,401 2,183 4,931 583 1,704 9,842 5,350 487 4,522 641 6,645 10* 9,609 2,156 5,027 649 1,777 10,314 4,955 523 4,230 642 6,546 17* 9,433 2,218 4,801 637 1,777 10,224 5,580 489 4,469 644 6,658 24* 9,426 2,267 4,710 622 1,827 13,164 6,735 517 7,039 643 6,281 31* 9,659 2,333 4,739 613 1,974 13,573 6,681 480 6,760 648 6,534 Outside New York City 1972 Oct. 4 45,603 6,483 32,114 1,232 5,774 21,196 17,310 3,030 5,863 533 11,765 11 45,569 6,473 32,188 1,215 5,693 21,072 14,272 3,346 6,394 533 11,717 18 45,198 6,365 31,981 1,221 5,631 20,697 15,705 3,450 6,026 533 11,606 2 5 45,630 6,426 32,184 1,236 5,784 20,583 18,174 3,545 5,881 533 11,637 1973 Sept. 5 47,555 5,572 33,611 1,397 6,975 23,655 14,346 3,486 6,091 684 14,208 12 47,589 5,481 33,624 1,400 7,084 22,015 13,960 3,855 5,651 686 14,175 19 47,357 5,389 33,445 1,432 7,091 20,661 16,655 3,806 5,395 687 13,914 2 6 47,813 5,313 33,580 1,518 7,402 19,163 17,784 3.860 5,376 689 14,013 Oct. 3* 48,311 5,395 33,717 1,555 7,644 21,836 17,311 3,535 6,019 690 14,409 10* 48,501 5,359 33,848 1,614 7,680 22,335 12,451 3,706 6,945 693 14,279 17* 48,049 5,173 33,682 1,561 7,633 21,595 18,120 3,726 5,948 767 14,010 24* 48,721 5,337 33,811 1,616 7,957 20,205 18,202 3.861 6,122 771 13,997 31* 49,343 5,340 34,106 1,649 8,248 20,464 17,989 3,805 6,228 692 14,368 For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 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 Dopolit- fied polit- mes- For- Total IPC ical U.S. and Total 6 ical tic eign sub- Govt. Com- Mutual Com- offi- sub- inter- ggoovvttss..22 divi- mer- sav- Govts., mer- cers' Sav- Other divi- bank sions cial iinnggss etc. 2 cial checks ings sions banks Large banks— Total 1972 150,884 105,842 6,595 5,152 22,325 920 774 3,298 5,978 156,476 58,197 70,967 18,414 2,857 5,455 Oct. 4 148,866 107,553 6,115 2,119 22,395 846 898 3,058 5,882 156,838 58,182 71,399 18,301 2,823 5,618 11 146,782 106,323 5,890 3,109 21,162 775 879 3,230 5,414 157,373 58,207 72,051 18,211 2,742 5,641 18 149,977 107,281 6,031 4,381 21,690 804 780 3,147 5,863 157,369 58,160 72,085 18,131 2,795 5,667 1973 153,018 112,082 6,053 1,146 22,131 796 953 3,419 6,438 190,485 56,203 97,589 22,635 5,505 8,133 152,898 112,481 5,827 1,639 21,331 718 910 3,531 6,461 190,459 56,090 97,070 23,000 5,758 8,148 .. 12 150,787 109,544 5,798 3,596 20,741 671 944 3,371 6,122 190,684 56,001 97,454 22,720 5,914 8,181 19 151,080 107,225 6,468 5,299 20,173 684 872 3,678 6,681 190,870 56,049 97,549 22,843 5,980 8,017 26 156,014 110,371 6,317 5,512 21,246 899 952 3,654 7,063 189,784 56,172 96,585 22,599 6,035 7,968 Oct. 3 * 158,087 112,724 6,291 2,363 23,213 876 1,114 3,607 7,899 189,293 56,173 96,152 22,576 5,790 8,175 10* 154,107 111,649 5,913 3,173 21,130 739 1,071 3,608 6,824 189,269 56,190 96,186 22,400 5,655 8,347 17* 158,685 110,439 5,931 3,677 23,593 745 1,064 3,809 9,427 189,480 56,171 95,969 22,554 5,677 8,614 24* 161,409 112,252 7,133 3,557 24,503 875 1,035 3,834 8,220 188,848 56,126 95,525 22,344 5,680 8,681 31* New York City 1972 40,256 22,837 583 1,069 9,674 512 631 2,395 2,555 27,125 5,681 14,923 2,168 1,472 2,786 38,714 22,486 481 275 9,486 437 755 2,194 2,600 27,274 5,662 15,090 2,111 1,472 2,844 11 38,104 22,536 400 547 8,929 378 747 2,335 2,232 27,419 5,684 15,320 2,072 1,393 2,852 18 40,186 23,181 397 1,016 9,542 388 647 2,248 2,767 27,324 5,638 15,209 2,055 1,449 2,875 25 1973 40,351 24,070 318 81 9,508 411 755 2,378 2,830 35,323 4,976 20,689 2,153 3,488 3,965 40,631 23,476 399 201 9,994 379 691 2,437 3,054 35,080 4,946 20,140 2,326 3,708 3,905 M2 40,130 23,357 348 530 9,691 346 749 2,323 2,786 35,331 4,934 20,395 2,151 3,890 3,883 19 41,475 22,986 583 1,028 9,765 364 710 2,643 3,396 35,182 4,942 20,279 2,117 3,968 3,790 26 41,852 23,642 552 11,,007744 9,469 504 779 2,576 3,256 34,934 4,948 20,004 2,103 4,036 3,762 42,711 23,938 419 444444 10,543 476 947 2,539 3,405 34,792 4,941 19,912 2,109 3,839 3,905 10* 41,482 23,383 352 610 10,076 383 889 2,556 3,233 34,717 4,932 20,057 1,925 3,728 3,999 17* 47,411 23,897 358 706 12,457 364 905 2,757 5,967 34,621 4,934 19,863 1,987 3,697 4,058 24* 47,967 24,648 821 603 13,234 389 880 2,818 4,574 34,711 4,939 19,732 1,986 3,762 4,212 31* Outside New York City 1972 110,628 83,005 6,012 4,083 12,651 408 143 903 3,423 129,351 52,516 56,044 16,246 1,385 2,669 110,152 85,067 5,634 1,844 12,909 409 143 864 3,282 129,564 52,520 56,309 16,190 1,351 2,774 11 108,678 83,787 5,490 2,562 12,233 397 132 895 3,182 129,954 52,523 56,731 16,139 1,349 2,789 18 109,791 84,100 5,634 3,365 12,148 416 133 899 3,096 130,045 52,522 56,876 16,076 1,346 2,792 25 1973 112,667 88,012 5,735 1,065 12,623 385 198 1,041 3,608 155,162 51,227 76,900 20,482 2,017 4,168 Sept. 5 112,267 89,005 5,428 1,438 11,337 339 219 1,094 3,407 155,379 51,144 76,930 20,674 2,050 4,243 12 110,657 86,187 5,450 3,066 11,050 325 195 1,048 3,336 155,353 51,067 77,059 20,569 2,024 4,298 19 109,605 84,239 5,885 4,271 10,408 320 162 1,035 3,285 155,688 51,107 77,270 20,726 2,012 4,227 26 114,162 86,729 5,765 4,438 11,777 395 173 1,078 3,807 154j850 51^224 76,581 20,496 1,999 4,206 Oct. 3* 115,376 88,786 5,872 1,919 12,670 400 167 1,068 4,494 154/501 51,232 76,240 20,467 1,951 4,270 10* 112,625 88,266 5,561 2,563 11,054 356 182 1,052 3,591 154,552 51,258 76,129 20,475 1,927 4,348 17* 111,274 86,542 5,573 2,971 11,136 381 159 1,052 3,460 154,859 51,237 76,106 20,567 1,980 4,556 24* 113,442 87,604 6,312 2,954 11,269 486 155 1,016 3,646 154,137 51,187 75,793 20,358 1,918 4,469 For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS • NOVEMBER 1973 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits 11 pur- F.R. ties, Secur- ac- loans invest- mand chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits etc. 7 ad- (gross) ad- Issued Issued justed9 ad- justed i o Total to to justed9 IPC's others Large banks— Total 1972 Oct. 4 31,083 935 1,760 15,554 4,176 28,871 212,356 293,457 92,155 41,183 26,348 14,835 11 32,929 326 1,825 15,165 4,175 28,877 212,616 293,341 93,390 41,672 26,828 14,844 18 31,476 351 1,914 16,048 4,170 28,788 213,252 292,711 92,009 42,035 27,355 14,680 2 5 30,155 2,998 2,162 15,765 4,168 28,835 213,291 294,226 92,877 42,277 27,447 14,830 1973 Sept. 5 -39,876 708 5,814 18,093 4,572 30,994 258,413 337,877 97,010 69,105 47,242 21,863 12 44,144 739 5,937 18,393 4,574 30,974 259,779 340,302 98,330 69,049 46,669 22,380 19 39,597 1,674 6,046 18,218 4,627 30,866 260,682 340,117 96,572 69,226 46,860 22,366 2 6 38,447 3,708 6,147 17,729 4,633 30,822 259,592 339,034 96,620 68,834 46,448 22,386 Oct. 3* 42,191 551 5,813 17,603 4,618 31,237 259,775 340,010 97,578 67,502 45,212 22,290 10* 42,733 317 5,660 17,699 4,608 31,094 263,403 344,692 99,862 66,765 44,749 22,016 17 * 43,403 1,118 5,828 17,795 4,605 31,115 258,833 339,202 97,985 66,287 44,434 21,853 24* 43,508 2,820 5,727 17,144 4,608 31,216 258,621 339,876 98,046 66,356 44,092 22,264 31* 45,110 1,677 5,978 17,428 4,612 31,311 259,283 341,476 99,312 65,730 43,620 22,110 New York City 1972 Oct. 4 7,082 197 406 5,705 1,222 7,322 48,361 62,492 19,457 14,284 9,672 4,612 11 8,394 232 420 5,474 1,221 7,319 48,240 62,162 19,063 14,508 9,932 4,576 1 8 7,362 22 483 5,876 1,222 7,280 48,401 61,756 18,823 14,644 10,154 4,490 2 5 6,607 1,243 657 5,631 1,221 7,280 48,393 62,510 19,182 14,708 10,110 4,598 1973 Sept. 5 7,838 15 2,635 6,372 1,304 7,843 59,430 72,407 21,686 21,665 14,090 7,575 12 12,608 20 2,795 6,483 1,304 7,849 59,795 74,041 20,853 21,414 13,623 7,791 19 8,116 645 2,857 6,309 1,339 7,799 59,803 73,542 20,692 21,663 13,826 7,837 2 6 8,894 1,049 2,801 6,073 1,346 7,743 59,772 72,976 20,857 21,436 13,627 7,809 Oct. 3* 9,129 10 2,585 5,997 1,320 7,902 59,576 72,867 21,467 21,096 13,300 7,796 10* 9,854 2,338 5,833 1,320 7,785 60,912 74,717 21,410 20,860 13,266 7,594 17* 9,943 2,451 5,987 1.323 7,868 59,552 73,239 20,572 20,569 13,241 7,328 24* 11,322 860 2,299 5,535 1.324 7,861 59,971 73,758 21,084 20,529 13,074 7,455 31* 11,491 180 2,419 6,138 1,324 7,911 60,347 74,593 20,557 20,384 12,844 7,540 Outside New York City 1972 Oct. 4 24,001 738 1,354 9,849 2,954 21,549 163,995 230,965 72,698 26,899 16,676 10,223 11 24,535 94 1,405 9,691 2,954 21,558 164,376 231,179 74,327 27,164 16,896 10,268 18 24,114 329 1,431 10,172 2,948 21,508 164,851 230,955 73,186 27,391 17,201 10,190 2 5 23,548 1,755 1,505 10,134 2,947 21,555 164,898 231,716 73,695 27,569 17,337 10,232 1973 Sept. 5 32,038 693 3,179 11,721 3,268 23,151 198.983 265,470 75,324 47,440 33,152 14,288 12 31,536 719 3,142 11,910 3,270 23,125 199.984 266,261 77,477 47,635 33,046 14,589 19 31,481 1,029 3,189 11,909 3,288 23,067 200,879 266,575 75,880 47,563 33,034 14,529 2 6 29,553 2,659 3,346 11,656 3.287 23,079 199,820 266,058 75,763 47,398 32,821 14,577 Oct. 3* 33,062 541 3,228 11,606 3,298 23,335 200,199 267,143 76,111 46,406 31,912 14,494 10* 32,879 317 3,322 11,866 3.288 23,309 202,491 269,975 78,452 45,905 31,483 14,422 17* 33,460 1,118 3,377 11,808 3,282 23,247 199,281 265,963 77,413 45,718 31,193 14,525 24* 32,186 1,960 3,428 11,609 3,284 23,355 198,650 266,118 76,962 45,827 31,018 14,809 31* 33,619 1,497 3,559 11,290 3,288 23,400 198,936 266,883 78,755 45,346 30,776 14,570 r 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. i o All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. • 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
NOVEMBER 1973 • BUSINESS LOANS OF BANKS A 29 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— IInndduussttrryy 1973 1973 1973 1973 1972 Oct. Oct. Oct. Oct. Oct. 1st 2nd 31 24 17 10 3 Oct. Sept. Aug. III II I half half Durable goods manufacturing: Primary metals 1,976 2,016 2,011 2,082 2,092 -80 73 -16 18 -102 122 20 -79 Machinery 6,125 6,240 6,433 6,419 6,434 -410 179 60 479 645 808 1,453 395 Transportation equipment 2,372 2,388 2,419 2,414 2,411 -58 -77 247 272 32 32 64 -258 Other fabricated metal products... 2,298 2,333 2,389 2,409 2,389 -20 55 -47 56 267 236 503 57 Other durable goods 3,859 3,900 3,967 4,028 4,030 -207 162 119 290 323 549 872 69 Nondurable goods manufacturing: Food, liquor, and tobacco 3,697 3,731 3,675 3,674 3,700 -120 121 -60 393 -194 171 -23 827 Textiles, apparel, and leather 3,485 3,532 3,620 3,685 3,672 -174 15 95 235 275 455 730 -166 Petroleum refining 1,181 1,191 1,174 1,184 1,223 -26 -38 -5 19 -7 218 211 -14 Chemicals and rubber 2,568 2,610 2,678 2,694 2,705 -146 69 43 48 63 746 809 -262 Other nondurable goods. 2,190 2,221 2,215 2,204 2,210 -20 76 31 156 157 203 360 30 Mining, including crude petroleum and natural gas 3,879 3,952 3,996 3,972 3,998 -158 33 -125 77 331 331 25 Trade: Commodity dealers 1,405 1,253 1,233 1,268 1,227 193 -92 32 -42 -603 63 -540 622 Other wholesale 5,328 5,280 5,290 5,280 5,267 64 81 -140 43 183 384 567 216 Retail 6,341 6,296 6,230 6,175 6,342 84 161 -47 165 457 635 1,092 473 Transportation 5,859 5,924 5,893 5,888 5,927 -91 22 -34 66 283 11 294 -42 Communication 2,039 2,063 2,087 2,192 2,190 -65 55 -85 -13 79 179 258 424 Other public utilities 5,213 5,183 5,224 5,258 5,332 -68 598 -44 734 670 291 961 939 Construction 5,690 5,687 5,698 5,693 5,763 -114 -10 118 212 624 304 928 364 Services 10,508 10,460 10,534 10,582 10,539 17 103 171 362 455 542 997 494 All other domestic loans 7,897 7,890 7,881 8,004 8,037 -72 -24 151 380 782 972 1,754 239 Bankers' acceptances 1,211 1,338 1,308 1,288 1,222 136 -68 -189 -322 76 -230 -154 100 Foreign commercial and industrial loans 4,001 4,003 3,992 3,971 3,909 -49 -139 -252 -384 -18 572 554 491 Total classified loans 89,122 89,491 89,947 90,364 90,619 -1,384 1,355 23 3,244 4,447 7,594 12,041 4,944 Total commercial and industrial loans of large commercial banks '106,890 '107,182 '107,697 '108,178 '108,347 -1,343 1,386 40 3,370 4,998 8,762 13,760 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 1973 1972 1973 IInndduussttrryy Oct. Sept. Aug. July June May Apr. Mar. Feb. 1st 31 26 29 25 27 30 25 28 28 III II I IV half Durable goods manufacturing : Primary metals 1,261 1,311 1,294 1,293 1,328 1,314 1,315 1,335 1,307 -17 -7 67 -35 60 Machinery 2,729 2,680 2,638 2,664 2,641 2,560 2,555 2,313 2,305 39 328 159 249 487 Transportation equipment. 1,235 1,261 11,,222266 11,,119933 11,,118899 11,,116688 11,,118800 11,,117744 11,,221177 72 15 -31 -102 -16 Other fabricated metal products 898 863 846 861 869 833 842 785 765 -6 84 65 41 149 Other durable goods 11,,778811 11,,777777 11,,773300 11,,772200 11,,669900 11,,559922 11,,661144 11,,552200 11,,446644 87 170 281 51 451 Nondurable goods manufacturing: Food, liquor, and tobacco. 1,463 11,,447722 11,,440055 11,,441100 11,,339933 11,,337722 11,,335555 11,,335500 11,,332255 79 43 116 155 159 Textiles, apparel, and leather 1,032 1,026 1,021 1,003 969 942 978 892 843 57 77 169 12 246 Petroleum refining 883 920 925 947 876 885 858 842 778 44 34 144 19 178 Chemicals and rubber 1,540 1,553 1,494 1,486 1,481 1,441 1,459 1,479 1,439 72 2 326 -6 328 Other nondurable goods. . 1,077 11,,009922 11,,006699 11,,005500 11,,006633 11,,006633 11,,110088 11,,110000 11,,006622 29 -37 206 -24 169 Mining, including crude petroleum and natural gas. 2,961 2,990 2,921 3,022 2,846 2,908 2,895 2,872 2,823 144 -26 187 6 161 Trade: Commodity dealers.. 122 116 115 178 123 139 136 150 131 -7 -27 29 14 2 Other wholesale 1,226 1,178 1,149 1,118 1,066 1,051 1,068 1,055 1,008 112 11 161 30 172 Retail 2,173 2,145 2,136 2,066 2,006 1,979 1,947 1,823 1,763 139 183 231 148 414 Transportation 4,215 4,272 4,287 4,255 4,305 4,101 4,202 4,234 4,285 -33 71 54 94 125 Communication 824 857 835 814 785 760 738 746 770 72 39 64 121 103 Other public utilities 2,853 2,829 2,671 2,548 2,409 2,328 2,343 2,234 2,245 420 175 259 287 434 Construction 1,954 1,992 2,000 2,009 1,896 1,852 1,800 1,709 1,665 96 187 151 8 338 Services 4,751 4,701 4,646 4,568 4,562 4,402 4,417 4,339 4,184 139 223 313 164 536 All other domestic loans .... 2,549 2,585 22,,445588 22,,338899 2,201 22,,118800 2,061 1,871 11,,778855 384 330 274 43 604 Foreign commercial and industrial loans 2,296 2,186 2,292 2,497 2,585 2,647 2,410 2,567 2,327 -399 18 201 223 219 Total loans '39,823 '39,806 '39,158 '39,091 '38,283 '37,577 37,281 36,390 35,491 1,523 1,893 3,426 1,498 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 vear. 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 • NOVEMBER 1973 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holdei r Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s 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—Sept 17.0 88.0 51.4 1.4 10.0 167.9 Dec 17.3 92.7 53.6 1.3 10.3 175.1 1971—Mar 18.3 86.3 54.4 1.4 10.5 170.9 June 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 Dec 18.5 98.4 58.6 1.3 10.7 187.5 1972—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 Juner 18.6 106.6 67.3 2.0 11.8 206.3 Sept.* 18.2 108.4 69.2 2.1 11.9 210.4 Weekly reporting banks: 1971—Dec 14.4 58.6 24.6 1.2 5.9 104.8 1972—Sept 13.7 59.0 26.2 1.3 6.2 106.4 Oct 14.1 60.0 26.2 1.3 6.1 107.8 Nov 14.5 60.5 26.7 1.3 6.2 109.2 Dec 14.7 64.4 27.1 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 June 14.2 60.8 27.1 1.9 6.3 110.2 July 14.8 61.1 27.3 1.9 6.6 111.7 Aug 14.3 59.5 27.3 1.9 6.1 109.1 Sept.* 14.5 60.6 27.2 1.9 6.5 110.8 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 NOTE.—Daily-average balances maintained during month as estimated BULLETIN, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, Mar. 28, June 30, Class of Dec. 31, Dec. 31, Mar. 28, June 30, bank 1971 1972 1973 1973 bank 1971 1972 1973 1973 All commercial 666666688888880000000 555555555555559999999 555555533333338888888 AAllll mmeemmbbeerr——CCoonntt.. Insured 666666677777777777777 555555555555554444444 555555555555666666 555555533333333333333 OOtthheerr llaarrggee bbaannkkss ii 111111111111112222222 66666669999999 66667777 66666663333333 National member 333333388888887777777 333333311111111111111 333333111111444444 333333300000004444444 All other member 1 333333377777771111111 333333311111113333333 333311118888 333333311111112222222 State member 99999995555555 77777771111111 777777222222 77777771111111 All nonmember; 111111199999997777777 111111177777777777777 111111166666663333333 All member 444444488888882222222 333333388888881111111 333333888888555555 333333377777775555555 Insured 111111199999995555555 111111177777772222222 117711 111111155555558888888 Noninsured 2222222 5555555 5555555 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-l 8, deposits of more than $400 million), as described in the BULLETIN for A-l 9, 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-l7. 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
NOVEMBER 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 By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1973—July 4 3,621 2,299 1,322 1,693 267 1,426 3,533 2,257 1,276 1,683 281 1,402 18 3,963 2,452 1,511 1,686 274 1,412 25 4,031 2,493 1,538 1,707 291 1,416 Aug. 1 4,120 2,479 1,641 1,694 294 1,400 8 4,142 2,443 1,699 1,795 380 1,415 15 4,527 2,723 1,804 1,792 381 1,411 22 4,602 2,708 1,894 1,738 327 1,411 29 4,741 2,895 1,846 1,750 323 1,427 Sept. 5 4,672 2,816 1,856 1,743 326 1,417 12 4,453 2,713 1,740 1,783 355 1,428 19 4,748 2,841 1,907 1,777 356 1,421 26' 4,637 2,877 1,760 1,764 353 1,411 Oct. 3. 4,723 2,893 1,830 1,760 356 1,404 10, 4,606 2,784 1,822 1,806 351 1,455 17. 4,538 2,782 1,756 1,788 351 1,437 24, 4,518 2,825 1,693 1,774 338 1,436 31. 4,645 2,857 1,788 1,753 317 1,436 NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Based on— Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Total Im- Ex- Others ports ports All Bank Bank For- into from other related Other i related Other2 Total Own Bills Own eign United United bills bought acct. corr. States States 196 5 9,300 1,903 7,397 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,645 3,089 10,556 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 17,085 4,901 12,184 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 21,173 7,201 13,972 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 32,600 1,216 10,601 3,078 17,705 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 197 0 33,071 409 12,262 1,940 18,460 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 197 1 32,126 495 10,923 1,478 19,230 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 1972—Sept. 34,012 775 12,313 1,593 19,331 6,602 2,403 1,833 569 62 261 3,876 2,538 1,646 2,418 Oct.. 35,651 821 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,r 2,197 1,763 433 83 384 4,225 2,009 2,509 2,371 June 35,786 1,173 8,316 3,110 23,187 7,237 2,185 1,746 439 66 395 4,591 2,053 2,755 2,428 July. 35,463 1,207 7,954 3,307 22,995 7,693 2,254 1,803 452 132 496 4,810 2,222 2,954 2,517 Aug. 37,149 1,350 7,676 3,758 24,365 7,734 1,968 1,598 370 84 522 5,159 2,268 2,945 2,520 Sept. 37,641 1,353 8,845 3,878 23,565 8,170 2,099 1,629 470 145 548 5,379 2,296 3,289 2,585 1 As reported by dealers; includes finance company paper as well as NOTE.—Back data available from Financial Statistics Division, Federal other commercial paper sold in the open market. Reserve Bank of New York. 2 As reported by finance companies that place their paper directly with investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 32 INTEREST RATES • NOVEMBER 1973 PRIME RATE CHARGED BY BANKS (Per cent per annum) Rate Effective date Rate Effective date Rate Effective date 7 1972—Jan. 3. 5-5i/8-5i4« 1972—Sept. 4. 1973—June 8, m 17. 434-5-51/4- 5. 19, 8% 24. 4%-4%-5b 11. 25, 8 31. 41A-434b_5 25. 5I/2 5 ._ 3 5 4 5 /8_ July 2, m Feb. 28. 4%-4%- 3. 71/4 43/i- Oct. 9. 7 63 4 Mar. 2 2 1 3 7 3 . . . 4 43 3 / / 4 4 . - _47/8_5 16. 5 5 3 3 4 4» " -5% 2 1 1 3 8 7 . . . &A 30. 6Va Apr. 3. 4%»-5 Nov. 6. 534- 6 5. 5- 20. 534--57/s Aug. 6. 55VV4 4-5U 17. 5--5!/4 Pec. 26.. 534--6 1 7 3 . . 5V4 May 1. 5--5 i/s-5 Vi 27., 53,4-6- 21. 30. 5- 22. 51/4-5^ 1973—Jan. 4. 28. 5% June 12. 5--51/8 29 5V4-6 26. 5-514- Feb. 2 6--614 6 5 % July 3. 51/4--53/8 26 6 6- - -614 Sept. 1 1 4 8 5y 4 '-5y 8 10. 5i4 5 " % -5 3/g- 614- 27, 3 1 1 7 . . 5 51 V / 4 4- " - - 5 5 3 % /8 - Mar. 2 1 6 9 . . 614--634 Oct. 2 2 4 2 5%-5%- 5V4 5H-5V4" Aug. 1 1 1 4 , , 5 5 1 1/ 4 4 • - -5% Apr. 1 1 9 8 6 6 1 3/ / 4 2- - 634. 51/4-53/8- 21, 514--5% 5Vi- 25, 51/4--53/8- May 4 634--7 5% 7, 7- 29 514-53/8- 24 7--714 25 7-714- NOTE.—Beginning Nov. 1971, several banks adopted a floating prime Effective Apr. 16, 1973, with the adoption of a two tier or "dual prime rate keyed to money market variables. - denotes the predominate prime rate," this table shows only the "large-business prime rate," which is the rate quoted by commercial banks to large businesses. 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 -9 10-99 100-499 500-999 1,000 and over Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 Short-term 35 centers 9.24 7.35 8.95 8.05 9.25 7.85 9.50 7.61 9.31 r7.35 9.14 7.19 New York City 9.08 7.04 8.93 8.05 9.32 7.76 9.37 7.38 9.20 7.14 9.03 6.97 7 Other Northeast 9.49 7.71 9.30 8.36 9.51 8.08 9.95 7.89 9.72 7.77 9.22 7.52 8 North Central 9.24 r7.44 8.21 r7.70 9.02 7.70 9.44 r7.58 9.28 7.34 9.21 '7. 40 7 Southeast 9.25 7.37 8.85 8.03 9.07 7.80 9.23 7.53 9.02 7.11 9.48 7.16 8 Southwest 9.16 7.33 9.10 7.98 9.18 7.74 9.34 7.48 9.18 7.28 9.03 7.08 4 West Coast 9.25 7.25 9.67 8.31 9.48 7.98 9.46 7.71 9.33 r7.28 9.17 7.06 Revolving credit 35 centers 9.22 7.14 9.48 '7.89 9.46 r7.82 9.34 '7.45 9.32 7.25 9.19 7.17 New York City.. 9.25 7.07 8.97 7.82 9.11 7.36 9.18 7.28 9.34 7.18 9.25 7.06 7 Other Northeast 9.72 7.45 9.90 8.43 9.98 7.63 10.35 7.55 10.30 7.33 9.59 7.45 8 North Central.. 9.44 7.40 9.55 r8.15 9.34 r7.85 9.17 '7.57 9.42 '7.24 9.48 '7.39 7 Southeast 8.90 7.19 9.57 7.53 9.41 7.73 9.39 7.03 7.48 7.13 9.14 8 Southwest 9.72 7.79 8.78 7.75 9.34 7.83 9.54 8.11 10.11 7.54 9.64 7.79 4 West Coast 9.00 7.17 9.36 7.97 9.51 7.95 9.28 7.36 9.10 7.23 8.95 7.12 Long-term 35 centers 9.82 7.66 9.43 '8.14 9.60 '7.77 9.45 7.93 9.48 '7.74 9.94 7.60 New York City.. 9.96 7.30 8.75 7.20 9.69 7.45 9.27 7.55 9.63 7.70 10.03 7.25 7 Other Northeast 9.87 8.17 9.68 8.55 9.79 7.68 9.56 8.12 8.68 7.95 10.24 8.28 8 North Central.. 9.70 '7.73 8.60 '8.04 9.54 '8.04 9.99 '8.22 10.00 '7.57 9.63 7.65 7 Southeast 8.44 8.39 9.16 7.18 8.97 6.92 6.12 8.50 11.25 9.39 9.37 8.58 8 Southwest 10.12 7.79 10.19 8.39 9.61 8.20 9.76 7.66 9.71 7.68 10.40 7.82 4 West Coast 9.71 7.69 9.97 '8.73 9.58 7.95 9.57 7.66 9.25 7.57 9.80 7.71 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
NOVEMBER 1973 • INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 PPrriimmee FFFiiinnnaaannnccceee ccoommmmeerrcciiaall CCCOOO... PPPrrriiimmmeee FFFeeeddd--ppaappeerr ii pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' eeerrraaalll 3-month bills5 6-month bills5 9-to 12-month issues PPPeeerrriiioooddd ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee333 yyeeaarr 90-119 4- to 6- 333--- tttooo 666--- 999000 dddaaayyysss 111 Rate Market Rate Market 1-year iissssuueess77 days months mmmooonnnttthhhsss222 on new yield on new yield bill (mar- Other 6 issue issue ket yield)5 1966. 555555......555555555555 555555......444444222222 555555......333333666666 555555......111111111111 444444......888888888888111111 444444......888888666666 555555......000000888888222222 555555......000000666666 555555......000000777777 555555......111111777777 555555......111111666666 555555......111111000000 444444......888888999999 444444......777777555555 444444......222222222222 444444......333333222222111111 444444......222222999999 444444......666666333333000000 444444......666666111111 444444......777777111111 444444......888888444444 555555......000000777777 1968. 555555......999999000000 555555......666666999999 555555......777777555555 555555......666666666666 555555......333333333333999999 555555......333333444444 555555......444444777777000000 555555......444444777777 555555......444444666666 555555......666666222222 555555......555555999999 1969. 777777......888888333333 777777......111111666666 777777......666666111111 888888......222222222222 666666......666666777777777777 666666......666666777777 666666......888888555555333333 666666......888888666666 666666......777777999999 777777......000000666666 666666......888888555555 777777......777777222222 777777......222222333333 777777......333333111111 777777......111111777777 666666......444444555555888888 666666......333333999999 666666......555555666666222222 666666......555555111111 666666......444444999999 666666......999999000000 777777......333333777777 1971. 555555......111111111111 444444......999999111111 444444......888888555555 444444......666666666666 444444......333333444444888888 444444......333333333333 444444......555555111111111111 444444......555555222222 444444......666666777777 444444......777777555555 555555......777777777777 4.67 4.69 4.52 4.47 4.44 4.071 4.07 4.466 4.49 4.77 4.86 5.85 >—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 J—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 July 9.26 9.18 8.09 9.19 10.40 8.015 8.01 8.081 8.12 7.97 8.37 7.49 Aug 10.26 10.21 8.90 10.18 10.50 8.672 8.67 8.700 8.65 8.32 8.82 7.75 Sept 10.31 10.23 8.90 10.19 10.78 8.478 8.29 8.537 8.45 8.07 8.44 7.16 Oct 9.14 8.92 7.84 9.07 10.01 7.155 7.22 7.259 7.32 7.17 7.42 6.81 ;k ending— }—July 7. .... 8.75 8.75 7.84 8.94 10.21 7.987 7.94 8.011 7.95 7.71 7.96 7.15 14 . . 8.98 8.90 8.08 9.00 9.52 7.991 7.78 8.019 7.86 7.65 8.09 7.29 21 . . 9.28 9.15 8.13 9.05 10.22 7.967 8.03 8.023 8.17 7.97 8.40 7.48 28 . , 9.70 9.60 8.13 9.50 10.58 8.114 8.17 8.272 8.35 8.34 8.73 7.76 Aug. 4 9.95 9.88 8.33 9.85 10.57 8.320 8.30 8.476 8.43 8.40 8.94 8.02 11 . , 10.15 10.05 8.65 10.15 10.39 8.486 8.70 8.650 8.79 8.44 9.13 8.16 18 10.28 10.25 8.80 10.25 10.39 8.976 8.88 8.943 8.78 8.34 8.91 7.80 25 10.30 10.25 8.98 10.25 10.52 8.910 8.71 8.856 8.57 8.25 8.61 7.50 SSeepptt.. 11 10.48 10.45 9.00 10.25 10.79 8.668 8.62 8.577 8.58 8.22 8.53 7.35 88 ,,.. .. .. 10.50 10.38 9.09 10.25 10.79 8.778 8.80 8.735 8.75 8.19 8.51 7.27 15 . . 10.50 10.48 9.00 10.35 10.74 9.016 8.94 8.921 8.97 8.45 8.78 7.45 22 . . 10.43 10.45 9.00 10.43 10.80 8.786 8.38 8.832 8.52 8.10 8.59 7.10 29 9.85 9.65 8.60 9.75 10.84 7.331 7.13 7.661 7.63 7.57 7.90 6.85 Oct. 6 9.58 9.38 8.10 9.50 10.72 7.149 7.42 7.584 7.59 7.52 7.66 6.89 13.,.. 9.47 9.13 8.00 9.28 9.87 7.323 7.14 7.259 7.32 7.26 7.46 6.77 20 9.25 9.03 7.80 9.00 10.07 7.188 7.16 7.242 7.24 7.15 7.40 6.80 27 ... 8.66 8.56 7.66 8.81 9.98 6.959 7.07 6.951 7.09 6.85 7.26 6.80 Nov. 3 8.55 8.28 7.50 8.50 9.90 7.196 7.38 7.263 7.43 6.99 7.32 6.83 1 Averages of the most representative daily offering rate quoted by sentative of the day's transactions, usually the one at which most transdealers. actions occurred. 2 Averages of the most representative daily offering rate published by 4 Except for new bill issues, yields are averages computed from daily finance companies, for varying maturities in the 90-179 day range. closing bid prices. 3 Seven-day averages for week ending Wednesday. Beginning with 5 Bills quoted on bank-discount-rate basis. statement week ending July 25, 1973, weekly averages are based on the 6 Certificates and selected note and bond issues. daily average of the range of rates on a given day weighted by the volume 7 Selected note and bond issues. of transactions at these rates. For earlier statement weeks, the averages were based on the daily effective rate—the rate considered most repre- NOTE.—Figures for Treasury bills are the revised series described on p. A-35 of the Oct. 1972 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 34 INTEREST RATES • NOVEMBER 1973 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State and local Aaa utility By selected By Dividend/ Earnings/ rating group price ratio price ratio Period United Total1 ( S t l e t o a r n m te g ) s - Total 1 Aaa Baa New ce R n e t - ly Aaa Baa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c 1 Pre- Com- Comissue offered ffeerrrreedd mmoonn Seasoned issues 196 3 4.00 3.28 3.06 3.58 ; 4.21 4.50 4.26 4.86 4.42 4.65 4.41 j 4.30 3.17 5.68 196 4 4.15 3.28 3.09 3.54 | 4.34 4.57 4.40 4.83 4.52 4.67 4.53 ! 4.32 3.01 5.54 196 5 4.21 3.34 3.16 3.57 ! 4.50 4.51 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 196 6 4.66 3.90 3.67 4.21 j 5.43 5.38 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 196 7 4.85 3.99 3.74 4.30 5.82 5.79 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 196 8 5.25 4.48 4.20 4.88 6.50 6.47 6.51 6.18 6.94 6.41 6.77 6.49 ; 5.78 3.07 5.64 196 9 6.10 5.73 5.45 6.07 7.71 7.64 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.08 197 0 6.59 6.42 6.12 6.75 8.68 8.71 8.51 8.04 9.11 8.26 8.77 8.68 ! 7.22 3.83 6.51 197 1 5.74 5.62 5.22 5.89 7.62 7.66 7.94 7.39 8.56 7.57 8.38 8.13 i 6.75 3.14 5.40 197 2 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—Oc t 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—Ja n 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 6.10 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 1 7.03 2.83 Apr 6.11 5.17 4.95 5.42 7.46 7.47 7.62 7.26 8.09 7.43 7.98 7.64 ; 7.11 2.90 6.94 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 July .... 6.53 5.44 5.21 5.71 8.01 7.97 7.80 7.45 8.24 7.59 8.17 7.81 7.35 3.04 Aug 6.81 5.51 5.26 5.80 8.36 8.22 8.04 7.68 8.53 7.91 8.32 8.06 7.43 3.16 Sept 6.42 5.13 4.90 5.41 7.88 7.99 8.06 7.63 8.63 7.89 8.37 8.09 7.38 3.13 Oct 6.26 5.03 4.76 5.31 7.90 7.94 7.96 7.60 8.41 7.76 8.24 8.04 j 7.18 3.05 Week ending— 1973—Sept. 1. 6.62 5.35 5.10 5.60 8.24 8.12 7.73 8.67 7.97 8.40 8.17 7.50 3.17 8. 6.45 5.20 5.00 5.50 7.94 8.02 8.09 7.64 8.66 7.92 8.42 8.13 7.51 3.15 15. 6.52 5.19 5.00 5.45 7.74 8.06 8.06 7.63 8.64 7.90 8.38 8.08 7.39 3.20 22. 6.43 5.11 4.90 5.40 8.03 8.03 8.07 7.65 8.64 7.90 8.38 8.10 7.34 3.12 29. 6.28 5.01 4.70 5.32 7.81 7.84 8.02 7.60 8.56 7.84 8.32 8.08 ; 7.29 3.04 Oct. 6. 6.27 5.03 4.70 5.40 7.75 7.90 7.98 7.59 8.44 7.78 8.27 8.06 ! 7.19 3.06 13. 6.20 4.98 4.70 5.25 7.96 7.88 7.94 7.56 8.40 7.73 8.24 8.01 ; 7.10 3.05 20. 6.27 5.02 4.75 5.30 7.99 7.98 7.94 7.58 8.40 7.73 8.23 8.02 7.08 3.03 27. 6.28 5.10 4.90 5.30 7.97 7.98 7.97 7.64 8.41 7.76 8.22 8.06 j 7.27 3.03 Nov. 3.. 6.27 5.15 4.95 5.40 7.76 7.97 7.99 7.65 8.43 7.79 8.24 8.09 7.31 3.10 Number of issues2.. . 12 20 121 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) Corarately. 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: i 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 comcomputed 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 5Vi hours per day, or 21 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 22I/2 ; 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
november 1973 • security markets A 35 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks Amer- (thousands of Period Standard and Poor's index New York Stoek Exchange index ican shares) (1941-43= 10) (Dec. 31, 1965 = 50) Stock Exchange ( G t l U e o o r . n m v S g t . ) - , S l a o t n c a d a te l p A C o A r o a r A t - e Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a o r n t n a s - - Utility na F n i- ce in to d t e a x l 1 NYSE AMEX 196 3 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 1,269 196 4 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 1,570 196 5 83.76 110.6 93.9 88.17 93.48 46.78 76.08 12.05 6,174 2,120 196 6 78.63 102.6 86.1 85.26 91.09 46.34 68.21 44.16 43.79 48.23 44.77 44.43 14.67 7,538 2,752 196 7 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 196 8 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 196 9 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 197 0 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 197 1 67.73 80.0 65.0 98.29 108.35 41.94 59.33 54.22 57.92 44.35 39.53 70.38 25.22 17,429 4,234 197 2 68.71 84.4 65.9 109.20 121.79 44.11 56.90 60.29 65.73 50.17 38.48 78.35 27.00 16,487 4,447 1972—Oc t 68.09 85.3 65.5 109.56 122.39 41.20 56.66 59.99 65.35 44.95 38.93 79.64 25.87 14,427 3,014 Nov.... 69.87 87.1 65.9 115.05 128.29 42.41 61.16 62.99 68.29 47.50 41.81 84.57 26.18 20,282 4,286 Dec 68.68 87.1 66.0 117.50 131.08 45.23 61.73 64.26 69.96 48.44 42.28 83.45 26.50 18,146 4,775 1973—Ja n 65.89 86.9 66.0 118.42 132.55 42.87 60.01 64.38 70.55 45.14 41.72 81.62 25.35 18.752 4,046 Feb.... 64.09 86.1 65.5 114.16 128.50 40.80 57.52 61.52 67.67 42.34 39.95 74.47 25.34 16.753 3,690 Mar.... 63.59 84.1 65.2 112.42 126.05 39.29 55.94 60.15 66.20 40.92 39.13 72.32 24.59 15,564 2,966 Apr.. .. 64.39 85.7 64.9 110.27 123.56 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 64.7 107.22 119.95 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 64.4 104.75 117.20 34.35 54.37 55.14 60.52 33.72 37.95 63.52 22.44 12,796 2,316 July.... 60.87 83.2 63.8 105.83 118.65 35.22 53.31 56.12 61.53 34.22 37.68 68.95 22.89 14,655 2,522 Aug 58.71 82.2 61.0 103.80 116.75 33.76 50.14 55.33 61.09 33.48 35.40 68.26 23.03 14,761 1,796 Sept 61.81 86.2 61.3 105.61 118.52 35.49 52.31 56.71 62.25 35.82 36.79 72.23 101.88 17,320 2,055 Oct 63.13 86.9 62.1 109.84 123.42 38.24 53.22 59.26 65.29 39.03 37.47 74.98 107.97 18,387 3,388 Week ending— 1973—Oct. 6 63.02 87.3 61.9 108.81 122.02 37.50 54.21 59.78 64.45 38.83 38.14 74.78 106.46 19,439 3,760 13 63.63 87.8 62.0 110.42 124.01 38.13 53.93 59.68 65.65 39.17 37.98 75.87 108.22 20,178 3,923 20 63.05 87.1 61.9 110.09 123.76 38.39 52.87 59.43 65.58 39.29 37.20 75.37 108.68 18,128 3,350 27, 62.94 86.4 62.1 110.21 123.97 38.58 52.46 59.34 65.55 39.03 36.97 74.50 108.06 16,148 2,797 Nov. 3, 63.02 85.8 62.4 108.71 122.22 38.73 51.88 58.49 64.58 38.34 36.61 73.30 108.28 17,343 2,838 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r r e p a o a n e t n c e t r t ) - c F c h e ( e a p e n r e s t g r ) e & i 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 r t o 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 . n r n s o t ) f c C t ( r r e p a o a n e t n c e t r t - ) c F c h e ( e a p e n r e s t g r ) e & 1 s M (y a e tu ar r s i ) ty L c r p ( a o e p r t n i a e i c t r n o e ) / (t d h c o p o P h l r u u l a i a s c r s . r - e e s o ) f (t d a h L m o o l u o o l s a a u . n r n s o ) t f 1965. 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966. 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967. 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968, 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969. 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1970. 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 1971. 7.60 .87 26.2 74.3 36.3 26.5 7.54 .77 24.2 73.9 31.7 23.1 1972. 7.45 .88 27.2 76.8 37.3 28.1 7.38 .81 25.7 76.0 33.4 25.0 1972--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 7.55 1.05 25.9 78.7 36.6 27.2 7.62 .93 23.5 77.5 30.0 22.3 June 7.62 1.08 26.3 78.0 35.8 27.5 7.64 .92 23.4 75.9 31.7 23.5 Julyr 7.69 1.11 26.3 78.1 37.0 28.3 7.70 .91 24.1 75.5 33.3 24.6 Aug.r 7.77 1.08 26.7 76.7 38.6 28.9 7.87 .92 23.4 75.6 32.0 23.6 Sept.r 7.98 1.19 26.6 77.3 37.2 28.2 8.10 .97 23.1 74.1 * 32.8 23.5 Oct 8.10 1.21 25.9 76.6 38.6 29.0 8.31 .92 22.5 72.7 32.0 22.7 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 36 STOCK MARKET CREDIT • NOVEMBER 1973 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated : Unregulated 3 Other Free credit balances security at brokers 5 End of period By source By type credit at banks 4 Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin accts. 9,091 8,083 1,008 7,800 937 248 54 35 17 1,871 255 380 9,024 8,081 943 7,800 872 250 53 31 18 1,875 351 389 9,068 8,166 902 7,890 831 249 52 27 19 1,871 396 390 9,045 8,180 865 7,900 798 254 50 26 17 1,896 528 414 8,840 7,975 865 7,700 796 249 48 26 21 1,940 484 413 8,620 7,753 867 7,480 800 248 50 25 17 1,954 508 431 8,344 7,465 879 7,197 813 244 48 24 18 1,917 566 442 8,165 7,293 872 7,040 804 232 49 21 19 1,969 482 389 7,650 6,784 866 6,540 802 224 47 20 18 2,010 502 413 7,287 6,416 871 6,180 800 215 53 21 18 1,964 396 6,243 6,010 216 17 379 6,056 5,830 210 16 348 5,929 5,710 204 15 379 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) TToottaall Equity class (per cent) Equity class of accounts EEnndd oott'' ( l ( l dd ii mm oo eebb nn iill tt ss -- End of period c N re e d t i t in debiit status b T a o la ta n l c e ppeerriioodd ooff 80 or Under status 60 per cent Less than (millions ddooll-- more 70-79 60-69 50-59 40-49 40 or more 60 per cent of dollars) llaarrss))!! 33.4 55.2 11.4 5,990 1972—Sept.. 7,800 5.5 8.0 13.8 31.4 24.9 16.4 33.7 53.8 12.5 6,000 Oct... 7,800 5.5 8.1 13.6 30.8 25.0 17.0 Oct 33.3 53.4 13.3 5,950 Nov.. 7,890 6.0 9.4 16.6 35.1 20.5 12.4 33.6 54.5 11.8 6,140 Dec.. 7,900 6.5 8.6 17.6 31.9 20.3 15.0 34.4 52.9 12.7 6,100 1973—Jan. . 7,700 5.8 8.2 16.8 27.8 21.2 20.0 1973—Jan 35.1 51.7 13.1 5,850 Feb. . 7,500 5.3 7.8 14.7 23.9 22.5 25.6 Feb 35.8 49.8 14.4 5,770 Mar.. 7,200 5.7 7.5 15.9 23.1 22.7 25.1 36.3 47.9 15.7 5,790 Apr.. 7,040 4.8 7.3 13.4 19.8 22.4 32.4 35.3 46.9 18.0 5,660 May. 6,540 4.9 7.2 12.7 18.7 21.9 34.9 May 35.8 45.0 19.1 5,670 June. 6,180 4.9 7.1 13.2 17.5 22. 1 35.3 35.8 43.5 20.7 o5,750 July.. 6,010 5.8 8.8 17.7 22.7 25.3 19.7 July 35.9 46.7 17.4 5,740 Aug.. 5,830 5.0 8.4 16.4 19.6 24.2 26.4 35.9 45.6 18.5 5,650 SSeepptt.... 55,,771100 NOTE.—Special miscellaneous accounts contain credit balances that t 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
NOVEMBER 1973 • SAVINGS INSTITUTIONS A 37 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities TTToootttaaalll MMoorrttggaaggee llooaann aaasssssseeetttsss——— ccoommmmiittmmeennttss 33 EEEnnnddd ooofff pppeeerrriiioooddd MM ggaa oo gg rr ee tt-- OOtthheerr GG UU oo .. vv SS tt .. .. SS gg ll aa oo oo tt nn cc aa vv dd aa tt tt ee ll .. oo CC tt rr aa oo hh aa nn rr tt ee dd pp ee rr oo ii -- CCCaaassshhh OOO aaasss ttt sss hhh eee eee ttt rrr sss ggg lll rrr iii TTT eee eee aaa aaa ttt sss nnn ooo bbb iii nnn eee eee eee ttt iii ddd rrr sss lll aaa rrr vvv iii aaa lll --- eee lll DDD iii eee ttt ppp sss ooo 222 sss --- lll OOO iiiaaa ttt ttt iii bbb hhh eee iii sss eee lll iii rrr --- GGG rrr ccc eee ooo eee sss aaa nnn uuu eee ccc eee nnn rrr --- vvv rrr ttt aaa sss eee ]]] ccllaassssii (( ff ii ii nn ee dd mm bb oo yy nn tt mm hh aa ss)) tt uurriittyy aaacccccctttsss... 3 or 3-6 6-9 Over Total less 9 1965 444444,,,444333333 888666222 555,,,444888555 333222000 555,,,111777000 111,,,000111777 999444444 555888,,,222333222 555222,,,444444333 111,,,111222444 444,,,666666555 222,,,666999777 1966 444777,,,111999333 111,,,000777888 444,,,777666444 222555111 555,,,777111999 999555333 111,,,000222444 666000,,,999888222 555555,,,000000666 111,,,111111444 444,,,888666333 222,,,000111000 196 7 555000,,,333111111 111,,,222000333 444,,,333111999 222111999 888,,,111888333 999999333 111,,,111333888 666666,,,333666555 666000,,,111222111 111,,,222666000 444,,,999888444 742 c> 82 799 222,,,555222333 196 8 555333,,,222888666 111,,,444000777 333,,,888333444 111999444 111000,,,111888000 999999666 111,,,222555666 777111,,,111555222 666444,,,555000777 111,,,333777222 555,,,222777333 811 1 )34 1,166 333,,,000111111 196 9 555555,,,777888111 111,,,888222444 333,,,222999666 222000000 111000,,,888222444 999111222 111,,,333000777 777444,,,111444444 666777,,,000222666 111...555888888 555,,,555333000 584 485 452 946 222,,,444666777 197 0 9 555777,,,777777555 222,,,222555555 333,,,111555111 111999777 111222,,,888777666 111,,,222777000 111,,,444777111 777888,,,999999555 777111,,,555888000 111,,,666999000 555,,,777222666 619 322 302 688 111,,,999333111 197 1 666222,,,000666999 222,,,888000888 333,,,333333444 333888555 111777,,,666777444 111,,,333888999 111,,,777111111 888999,,,333666999 888111,,,444444000 111,,,888111000 666,,,111111888 1,047 627 463 1,310 333,,,444444777 19724 666777,,,555666333 222,,,999777999 333,,,555111000 888777333 222111,,,999000666 111,,,666444444 222,,,111111777 111000000,,,555999333 999111,,,666111333 222,,,000222444 666,,,999555666 1,593 713 609 1,624 444,,,555333999 1972—Aug.. . 666555,,,444000888 333,,,555111222 333,,,333666999 777888666 222111,,,444000555 111,,,333222999 111,,,999555888 999777,,,777666666 888888,,,222555444 222,,,777777888 666,,,777333444 1,572 824 549 1,647 444,,,555999333 Sept.. . 666555,,,999000111 333,,,666000444 333,,,444000888 888222222 222111,,,555666999 111,,,333666222 111,,,888333444 999888,,,555000000 888999,,,222888999 222,,,444222888 666,,,777888444 1,740 716 583 1,637 444,,,666777555 Oct 666666,,,333777333 333,,,444888222 333,,,444666222 888444444 222111,,,555111333 111,,,333000444 222,,,000111111 999888,,,999999000 888999,,,666777777 222,,,555111000 666,,,888000333 1,667 718 617 1,660 444,,,666666222 Nov.. . 666666,,,888999111 333,,,555000777 333,,,444333444 888777111 222111,,,666666444 111,,,333222333 222,,,000111444 999999,,,777000444 999000,,,222222888 222,,,666000777 666,,,888777000 1,624 753 631 1,658 444,,,666666666 Dec.... 666777,,,555666333 222,,,999777999 333,,,555111000 888777333 222111,,,999000666 111,,,666444444 222,,,111111777 111000000,,,555999333 999111,,,666111333 222,,,000222444 666,,,999555666 1,593 713 609 1,624 444,,,555333999 1973—Jan.... 666888,,,000222111 333,,,666222444 333,,,444888999 999333555 222222,,,111999000 111,,,333111999 222,,,000555555 111000111,,,666333222 999222,,,333999888 222,,,222222111 777,,,000111444 1,569 915 688 1,541 444,,,777111222 Feb.... 666888,,,333555222 444,,,000333000 333,,,444111999 999888666 222222,,,333888999 111,,,333333111 222,,,000777000 111000222,,,555777777 999222,,,999444999 222,,,555444000 777,,,000888888 1,729 862 732 1,480 444,,,888000333 Mar.. . 666888,,,999222000 333,,,999777000 333,,,444555888 111,,,000222888 222222,,,555000999 111,,,555777666 222,,,000555888 111000333,,,555111888 999444,,,000999555 222,,,222888555 777,,,111333999 1,816 886 826 1,355 444,,,888888222 Apr 666999,,,444222666 333,,,888333111 333,,,333888888 111,,,000888000 222222,,,555999888 111,,,555888222 222,,,000888999 111000333,,,999999444 999444,,,222111777 222...555888999 777,,,111888999 1,904 888 725 1,395 444,,,999111222 May... 666999,,,999888888 444,,,000999999 333,,,333777666 111,,,000777666 222222,,,666111555 111,,,666222999 222,,,111111666 111000444,,,888999999 999444,,,777444444 222,,,999000444 777,,,222555111 1,792 913 712 1,406 444,,,888222444 June... 777000,,,666333777 333,,,999555999 333,,,333444666 111,,,111222555 222222,,,555666222 111,,,777777555 222,,,222777333 111000555,,,666777777 999555,,,777000666 222,,,666555000 777,,,333222111 1,711 1,020 573 1,378 444,,,666888333 July... 777111,,,222111999 333,,,888111999 333,,,111999000 111,,,000999333 222222,,,666888333 111,,,555555555 222,,,222000222 111000555,,,777666111 999555,,,333555555 333,,,000444444 777,,,333666222 1,626 906 636 1.367 444,,,555333555 Aug 777111,,,777111333 333,,,999888666 333,,,000333777 999999999 222222,,,222777777 111,,,555555111 222,,,222222777 111000555,,,777888999 999444,,,888888222 333,,,444999666 777,,,444111111 1,302 840 718 1,315 444,,,111777444 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 difdeposits" 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 a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign 1 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y Statement value 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 196 7 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 196 8 188,636 10,760 4,456 3,206 3,098 79,653 68,731 10,922 70,044 5,575 11,305 196 9 197,208 10,914 4,514 3,221 3,179 84,566 70,859 13,707 72,027 5,912 13,825 197 0 207,254 11,068 4,574 3,306 3,188 88,518 73,098 15,420 74,375 6,320 16.064 197 1 222,102 11,000 4,455 3,363 3,182 99,805 79,198 20,607 75,496 6,904 17.065 1972* 239,407 11,080 4,333 3,522 3,406 112,980 86,605 26,375 77,319 7,310 17,998 1972—July'.. 231,603 11,205 4,487 3,358 3,360 108,353 84,372 23,981 75,456 7,199 17,601 Aug... 233,337 11,086 4,389 3.351 3,346 109,728 85,187 24,541 75,723 7,235 17,689 Sept... 234,455 11,125 4,385 3,350 3,390 110,300 85,912 24,388 75,813 7,245 17,773 Oct... 235,972 11,132 4,396 3,347 3,389 11,616 86,874 24,742 75,952 7,229 17,854 Nov... 237,971 11,193 4,459 3,356 3,378 13,066 87,425 25,641 76,207 7,272 17,922 Dec... 239,407 11,080 4,333 3,522 3,406 112,980 86,605 26,375 77,319 7,310 17,998 1973—Jan... 241,022 11,191 4,389 3,358 3,444 114,526 88,371 26,155 77,481 7,366 18,080 Feb.. . 242,069 11,138 4,371 3,319 3,448 115,386 89,247 26,139 77,510 7,434 18,166 Mar... 243,078 11,154 4,417 3,300 3,437 115,972 89,881 26,091 77,587 7,449 18,288 Apr... 242,562 11,455 4,566 3,388 3,501 15,181 89,710 25,471 77,258 7,522 18,420 May.. 243,589 11,434 4,538 3,384 3,512 115,897 90,314 25,583 77,400 7,545 18,533 June.. 244,531 11,359 4,468 3,373 3,518 16,153 90,484 25,669 77,914 7,548 18,673 July... 247,082 11,427 4,480 3,427 3,520 118,061 91,144 26,917 78,243 7,577 18,841 i Issues of foreign governments and their subdivisions and bonds of Figures are annual statement asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. Adjustments for interest due and accrued and for differences between market and book NOTE.—Institute of Life Insurance estimates for all life insurance values are not made on each, item separately but are included, in total in companies in the United States. "Other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 38 SAVINGS INSTITUTIONS • NOVEMBER 1973 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Mortgage Total loan comassets— mitments End of period M ga o g r e t s - I s n m e v c e e u n s r t t - - Cash Other2 lia T b o il t i a ti l es S c a a v p i i n ta g l s wo N r e th t 3 m ro B o w n o e r e - d y 4 Loans Other ou at p t s e e t r n a i n d o d d o i 5 n f g ities i 196 7 121,805 9,180 3,442 7,788 143,534 124,493 9,916 4,775 2,257 2,093 3,042 196 8 130,802 11,116 2,962 8,010 152,890 131,618 10,691 5,705 2,449 2,427 3,631 196 9 140,232 10,873 2,438 8,606 162,149 135,538 11,620 9,728 2,455 2,808 2,824 197 0 150,331 13,020 3,506 9,326 176,183 146,404 12,401 10,911 3,078 3,389 4,452 197 1 174,385 21,076 10,842 206,303 174,472 13,657 9,048 5,072 4,054 7,378 1972—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... 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.. 219,500 24,072 17,990 261,562 218,906 16,505 11,756 6,727 7,668 15,139 June.. 222,801 23,362 18,038 264,201 222,183 16,315 12,766 6,770 6,167 14,776 July. . 225,490 22,769 18,416 266,675 221,958 16,640 14,295 6,702 7,080 13,778 Aug.. 228,006 21,139 18,826 267,971 220,800 16,986 15,703 6,464 8,018 12,314 Sept.* 229,399 20,186 19,129 268,714 222,650 16,880 16,315 6,083 6,786 10,871 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 passinvestments, 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 a b A t n e e o d c m r - s e - s I m nv e e n s t t s - p C a o d a n s e s d i - h t s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a to p c it k a l M l g o ( a A a o g n r ) e t s - D n t a e u ( o L n b r t d e e 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 ( b L re e ) s n - c L o a d ( o u A n i a s n d ) n - t s s D t e u ( b L re e ) s n - M l g o ( a A o a g n r ) e t s - B ( o L n ) d s 196 7 4,356 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 196 8 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 5,399 196 9 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 5,949 197 0 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 6,395 197 1 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—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 June. 11,145 2,516 108 10,215 1,453 2,008 21,413 20,364 2,725 2,316 6,958 6,645 10,117 8,836 July. 12,365 2,126 103 11,213 1,183 2,035 21,772 20,843 2,811 2,365 6,981 6,745 10,256 9,377 Aug.. 13,511 2,016 111 12,562 1,091 2,064 22,319 21,186 2,865 2,310 7,899 6,727 10,441 9,390 Sept. 14,298 2,908 102 14,062 1,178 2,089 22,826 21,537 2,738 2,560 8,016 6,833 10,592 9,388 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
november 1973 • federally sponsored credit agencies a 39 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 1973 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks Federal National Mortgage Banks for cooperatives Bonds: Association—Cont. Debentures: 11/27/72- 11/27/73.... 5.55 600 Debentures: 10/1/70 - 10/1/73 7.30 9 1 / / 2 2 1 6 / / 7 7 3 0 - - 1 1 /2 /2 5 5 /7 / 4 7 4 8 93 .4 / 0 8 3 5 0 0 0 0 8 1 / 2 1 / 0 1 / 0 7 / 1 7 0 - - 12 1 / 2 1 /1 0 0 /7 /7 3 3 . . . .. . 5 7 . . 7 1 5 5 5 5 0 0 0 0 4 5 / / 2 1 / / 7 7 3 3 - - 1 1 0 1 / / 1 1 / / 7 7 3 3 . . . . 6 6 . . 9 7 5 5 6/26/70 - 2/25/74 8.40 250 12/1/71 - 3/11/74 5.45 400 6/4/73 - 12/3/73.. 6.85 8/27/71 - 2/25/74 7.10 300 4/10/70 - 3/11/74 7.75 350 7/2/73 - 1/2/74... 7.55 6/25/71 -5/25/74 6.35 300 8/5/70 - 6/10/74 7.90 400 8/1/73 -2/4/74. . . 8.70 2/26/73 - 5/28/74 6.45 700 11/10/71 -6/10/74.... 5.70 350 8 8 8 / / / 2 2 2 5 7 5 / / / 6 7 7 9 3 2 - - - 8 8 8 / / 2 / 2 2 6 6 5 / / 7 7 /7 4 4 4 9 7 5 5 . % / 6 g 5 4 8 1 0 0 7 0 6 0 9 5 2 / / / 1 1 1 0 0 0 / / / 7 7 6 1 1 9 - - - 9 1 / 9 2 1 / 0 / 1 1 / 0 7 0 4 / / 7 7 4 4 . . . . . . . . 6 7 5 . . . 1 8 6 5 5 0 2 2 3 5 5 0 0 0 0 Fede c ra re l d i i n t te b r a m nk ed s iate 11/25/69 - 11/25/74... 8.00 221 9/10/71 - 12/10/74.... 6.45 450 Debentures: 5/25/73 - 11/25/74 7.05 ,000 11/10/70 - 3/10/75. . . 7.55 300 1/2/73 - 10/1/73. 5.70 1/26/71 - 2/25/75 5 6. % 10 250 10/12/71 - 3/10/75... 6.35 600 2/1/73 - 11/1/73. 6.00 11/27/72-2/25/75 400 4/12/71 -6/10/75 5.25 500 3/1/73 - 12/3/73. 6.15 9/21/73 -2/25/75 8.20 500 10/13/70 - 9/10/75. . . 7.50 350 4/2/73 - 1/2/74. . 7.00 8/25/70 - 5/26/75 8.05 265 3/12/73 -9/10/75 6.80 650 7/1/71 - 1/2/74.. 6.85 7/27/70 - 8/25/75 7.95 300 3/10/72 - 12/10/75... 5.70 500 5/1/73 -2/4/74. . 6.90 4 7 / / 1 2 2 5 / / 7 7 3 3 - - 8 5 / / 2 25 5 / / 7 7 5 5 7 77 .1 / 5 s 7 5 0 0 0 0 9 3 / / 1 11 0 / / 7 7 1 3 - - 3 1 / 2 10 /1 /7 0 6 / 75.... 5 8 . . 6 2 5 5 5 3 0 0 0 0 6 7 / / 4 2 / / 7 7 3 3 - - 4 3 / / 1 4 / / 7 7 4 4 . . . . 7 7 ^ . / 0 2 0 5 1 / 2 2 / 5 1 / 8 73 / 7 - 0 - 1 1 1 1 /2 /2 5 5 /7 / 5 7 5 7 6 . . 0 5 5 0 6 3 0 50 0 6 6 / / 1 1 0 2 / / 7 7 1 3 - - 6 3 / / 1 1 0 0 / / 7 7 6 6 7 6 . . 1 7 3 0 4 2 0 5 0 0 9 8 / / 4 1 / /7 7 3 3 - - 5 6 / / 1 3 / / 7 7 4 4 . .. . 9 8 3 .6 4 5 8/27/71 - 2/25/76 7 H 300 2/10/72 - 6/10/76 5.85 450 1/4/71 _ 7/1/74. 5.95 8/27/73 - 2/25/76 sy 4 300 11/10/71 -9/10/76.... 6.13 300 5/1/72 - 1/2/75. . 6.05 7/25/73 - 8/25/76 7.80 500 6/12/72-9/10/76 5.85 500 1/3/72- 7/1/75.. 5.70 6/25/71 -5/25/77 6.95 200 7/12/71 - 12/10/76.. .. 7.45 300 3/1/73 - 1/5/76. . 6.65 6/22/73- 5/22/77 7.20 600 12/11/72- 12/10/76... 6.25 500 7/2/73 - 1/3/77.. 7.10 4 2 / / 1 2 2 6 / / 7 7 3 3 - - 8 1 / 1 2 / 5 2 / 5 7 / 7 7 7 763.1^5 3 3 0 0 0 0 9 2 / / 1 1 1 3 / / 7 6 2 2 - - 3/1 2 0 /1 /7 0 7 / 77.... 4 6 V .3 4 0 5 1 0 9 0 8 Federal land banks 9/21/73 - 5/25/78 7.60 500 12/10/70 - 6/10/77. . . 6.38 250 Bonds: 3/25/70 - 2/25/80 7.75 350 5/10/71 -6/10/77 6.50 150 2/20/63 - 2/20/73-78. 4K 10/15/70- 10/15/80.... 7.80 200 9/10/71 -9/12/77 6.88 300 4/20/70 - 10/22/73. . . 7.80 4 8 1 / / 0 1 2 / 2 7 2 / / 7 7 7 / 3 3 7 1 - - - 5 5 / / 2 2 1 5 5 1 / / 8 8 / 3 2 3 7/81... 6 973. .6 3^0 0 2 2 7 0 0 00 0 0 7 9 6 / / / 1 1 1 0 2 0 / / / 7 7 7 3 3 3 - - - 9 6 / 1 / 1 1 2 2 2 / / 1 / 7 7 2 7 8 / 77.... 7 7 7 . . . 2 1 8 5 5 5 5 4 6 0 0 0 0 0 0 7 2 1 / / 0 2 2 / 0 0 2 / / 3 7 7 / 2 2 7 2 - - - 2 1 1 / / 0 2 2 / 0 1 2 / / 7 3 7 4 /7 . 4 3 .. . . . . . 4 5 5 V . . 5 8 4 5 0 Federal Home Loan 10/12/71 - 12/11/78.. 6.75 300 10/20/70 - 4/22/74. . . 7.30 Mortgage Corporation 6/12/72-9/10/79 6.40 300 9/15/72-4/22/74 5.85 Bonds: 9/10/73 -9/12/79 7.85 300 10/21/71 - 7/27/74. . . 5.85 2 5 7 8 5 1 / / / / / 1 1 1 1 2 1 / 5 0 1 / 1 1 7 / / / 1 / 9 7 7 7 7 1 2 2 / - 7 2 - - - - 0 8 2 1 - 5 8 1 / / / / 2 2 / 1 2 2 2 6 5 6 1 6 6 / / / / / / 9 7 9 7 7 2 6 7 7 4 3 7 /95.... 6 8 7 6 7 5 . . . . . . 6 1 1 7 7 3 5 5 5 0 0 0 2 3 1 1 1 1 0 5 5 4 5 5 0 0 0 0 0 0 6 2 2 2 1 1 1 / / / / 2 / 2 2 1 1 1 1 / / 9 6 6 0 1 6 1 / / / / 0 / 1 7 7 7 7 7 / 3 3 2 2 3 7 / 7 1 - - - - - 2 7 - - 7 3 1 / 1 / / / 3 1 0 2 3 1 1 1 2 9 1 0 / 2 / 3 / / / / 8 8 1 / 8 8 0 0 1 1 0 0 0 / 0 8 /8 / 0 7 0 . 9 . . . . . . . . 4 6 6 6 6 3 5 . . . . . . . 8 5 1 9 1 6 1 5 5 6 8 9 8 0 3 3 2 1 0 5 5 5 0 0 0 6 9 5 4 4 4 2 7 7 2 / / / / / / / 2 2 2 2 2 2 1 3 0 0 0 0 0 5 / / / / / / / 7 7 7 7 6 7 7 1 3 1 3 5 2 0 - - - - - - - 4 7 1 / 1 1 / 4 2 / 1 0 0 2 2 / 1 / 1 0 / / 2 2 / 2 2 / / 7 1 0 7 7 0 1 5 5 5 / / / / 7 7 7 7 5 5 5 4 . . . . . . . . . . . . . . . . 4 5 8 7 7 7 5 . . . . . M % 6 2 1 3 7 5 0 5 0 0 Federal National Mortgage 3/12/73 - 3/10/81 7.05 350 4/20/72 - 1/20/76 6% Association— 4/18/73 -4/10/81 6.59 26 2/21/66 - 2/24/76.... 5.00 Secondary market 3/21/73 - 5/1/81 4.50 18 1/22/73 - 4/20/76 6% operations 3/12/73 - 5/1/81 5.77 2 7/20/66 - 7/20/76 5^8 Discount notes 1,638 1/21/71 - 6/10/81.... 7.25 250 4/23/73 - 10/20/76.... 7.15 Capital debentures: 9/10/71 -9/10/81 7.25 250 7/20/73 - 7/20/77 7% 9/30/68 - 10/1/73. 6.00 250 6/28/72-5/1/82 5.84 58 10/27/71 - 10/20/77.. 6.35 4/1/70 - 4/1/75... 8.00 200 2/10/71 - 6/10/82 6.65 250 5/2/66 - 4/20/78 5H 9/30/71 - 10/1/96.. 4.38 248 9/11/72- 9/10/82 6.80 200 7/20/72 - 7/20/78 6.40 10/2/72- 10/1/97.. 7.40 250 3/11/71 - 6/10/83 6.75 200 2/20/67- 1/22/79 5.00 Mortgage-backed bonds: 6 1 / 1 1 / 2 1 / 0 7 / 3 7 1 - - 6 9 /1 / 0 1 / 2 83 / 83.... 6 7 . . 7 3 5 0 2 3 5 0 0 0 9 1 / 0 1 / 5 2 / 3 72 / 7 - 2 4 - /2 1 3 0 / / 7 2 9 3 /79... 6 6 . . 8 8 5 0 6 6 3 6 3 3 / / / / / / 2 1 2 1 1 1 1 4 1 / 4 / 7 7 / / / / 0 7 7 7 7 3 3 3 3 3 - - 8 - - - - / 3 6 7 7 1 1 1 / / / / / 2 / 1 1 1 1 8 / / / 5 5 4 7 8 8 / / 5 2 2 8 8 1 1 8 3 5 5 5 5 . . . . . . 3 5 4 5 9 8 8 8 8 0 2 5 2 7 3 5 5 1 2 5 0 3 6 0 4 6 3 1 1 / / 2 / 2 1 1 1 / / 2 1 0 2 1 / 0 / / 1 7 7 / 7 1 2 / 7 9 2 1 - 7 - - 6 - 6 - / / 3 1 1 1 / 1 2 1 1 0 2 / / 0 / 1 / 8 9 / 1 0 4 9 2 0 / 2 9 / 8 7. 4 . . . . 7 7 6 6 7 . . . . . 0 2 0 9 1 5 5 0 0 0 2 2 2 2 2 5 0 0 0 0 0 0 0 0 0 4 4 2 7 1 / / / / / 2 2 2 2 2 3 3 0 0 2 / / / / / 7 7 7 7 7 1 3 3 2 3 - - - - - 4 4 4 7 1 / / / 2 2 / / 2 2 2 0 0 0 1 1 / / / / / 8 8 8 8 8 1 2 2 0 0 6 7 6 6 7 1 . . . . / 7 7 3 9 2 0 0 0 0 3/1/73-10/31/84 5.49 21 3/1/73 - 3/1/86 5.74 81 9/29/70- 10/1/90 8.63 200 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table at bottom of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 40 FEDERAL FINANCE • NOVEMBER 1973 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public : Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest- of Net lend- out- or Public Plus ments by Govt, Equals: Trea- financ- Budget ex- ing lays1 deficit debt Agency accounts Less: Total sury ing, receipts pendi- (-) securi- securi- Special borrow- operat- Other net4 tures ties ties notes3 ing ing S i p ss e u c e ia s l Other balance Fiscal year: 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 ,739 9,386 676 5,397 2,151 -581 -982 197 1 188,392 210,318 1,107 211,425 -23,033 27,211 -347 6,616 800 19,448 710 -979 3,586 197 2 208,649 231,876 -23,227 29,131 ,269 6,813 1,607 19,442 1,362 1,108 6,255 197 3 r232,225 r246,526 r — 14,301 30,881 216 12,029 -207 19,275 2,459 -1,613 -4,128 Half year: 1971—July-Dec.. .. 93,180 110,608 948 111 ,554 -18,374 26,001 ,117 2,803 523 21,561 973 -2,122 1972—Jan.-June... 115,549 120,319 -4,850 3,130 -150 4,010 ,089 -2,114 . 389 1,028 8,377 July-Dec 106,061 118,586 -12,525 22,037 876 r6,239 -861 17,386 r956 '1,525 -5,430 1973—Jan.-June. .. 126.164 r127,940 -1,776 8,844 -660 5,790 654 1,889 1,503 rl,302 Month: 1972—Sep t 22,395 r18,448 '•3,946 -1,493 22 -1,339 -508 376 4,783 r —11 '384 Oct 14,738 20,055 -5,317 6,000 24 3,085 88 2,851 -1,786 37 717 Nov 16,748 21,165 -4,418 4,301 380 -659 42 5,298 305 7 -569 Dec 18,972 19,721 -750 5,051 -93 1,104 -343 4,197 2,795 57 -595 1973—Ja n 21,130 23,631 -2,501 770 18 -900 168 1,519 302 99 1,383 Feb 18,067 20,227 -2,160 4,770 -9 780 119 3,863 408 -212 -1,507 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 June. 28,504 20,892 7,612 803 68 3,414 -174 -2,369 4,344 414 -485 July 18,121 22,627 -4,486 862 9 1,258 325 -713 -5,398 -544 -743 Aug 21,291 22,139 -847 2.842 301 3,137 568 -563 -4,105 151 -2,544 Sept 25,007 20,736 4,271 -406 40 -756 -173 564 5,207 346 718 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n n ts d t O a e r p t i h o e e s s r i 5 - Total se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y es S i p s G I s e n u c o v e i v a s e l t s , tm ac e c n o t O s u n t o h t f s e r S n L p o e e t c s e s i s a : 3 l E p T h q u o b e u b y t l a l d a i l l c s : s c p p o G r o N r i n o p v o s v s a w o i t t — e . r - e 6 d Fiscal year: 197 0 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 197 1 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 36,886 197 2 2,344 7,934 139 10,117 427,260 10,894 89,539 24,023 825 323,770 41.044 197 3 4,038 8,433 106 12,576 458,142 11,109 101,738 24,093 825 343,045 51,325 Calendar year: 197 1 2,020 9,173 113 11,306 424,131 11,044 85,544 22,922 825 325,884 39,860 197 2 1,856 8,907 310 11,073 449,298 11,770 95,924 23,164 825 341,155 42,640 Month: 1972—Sep t 1,395 8,105 259 9,759 433.946 11,459 92,281 23,490 825 328,809 42,493 Oct 1,613 6,051 309 7,973 439.947 11,483 95,365 23,579 825 331,660 42,633 Nov 1,182 6,786 310 8.278 444,247 11,863 94,821 23,506 825 336,958 43,217 Dec 1,856 8,907 310 11,073 449,298 11,770 95,924 23,164 825 341,155 43,459 1973—Ja n 2,749 8,317 310 11,376 450,068 11,787 95.024 23,332 825 342,674 43,993 Feb 2,073 9,401 310 11,784 454,838 11,779 95,804 23,451 825 346,537 45,400 Mar 2,882 9,744 309 12,935 458,606 11,806 96,413 23,632 825 349,542 45,566 Apr 4,162 9,683 311 14,156 457,063 11,084 96,356 23,583 825 347,383 47,905 May 3,242 4,679 311 8,232 457,338 11,041 98,324 23,817 825 345,414 49,731 June 4,038 8,433 106 12,576 458,142 11,109 101,738 24,093 825 343,045 51,325 July 2,867 4,203 108 7,178 459,003 11,118 102,996 23,968 825 342.332 52,780 Aug 847 2,217 8 3,072 461,845 11,419 106,133 24,536 825 341,769 54,409 Sept 1,626 6,582 71 8.279 461,439 11.459 105,378 24,362 825 342.333 1 Equals net expenditures plus net lending. 4 Includes accrued interest payable on public debt securities, deposit 2 The decrease in Federal securities resulting from conversion to private funds, miscellaneous liability and asset accounts, and seigniorage. ownership of Govt.-sponsored corporations (totaling $9,853 million) is 5 As of Jan. 3, 1972, the Treasury operating balance was redefined to not included here. In the bottom panel, however, these conversions de- exclude the gold balance and to include previously excluded "Other deposicrease the outstanding amounts of Federal securities held by the public taries" (deposits in certain commercial depositaries that have been conmainly by reductions in agency securities. The Federal National Mortgage verted from a time to a demand basis to permit greater flexibility in Association (FNMA) was converted to private owership in Sept. 1968 and Treasury cash management). the Federal intermediate credit banks (FICB) and banks for coopera- 6 Includes debt of Federal home loan banks, Federal land banks, R.F.K. tives in Dec. 1968. Stadium Fund, FNMA (beginning Sept. 1968), 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
NOVEMBER 1973 • FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C n o co rp m o e r a t t a i x o e n s So a c n ia d l c in o s n u t r r a ib n u ce ti o ta n x s es Total W he it ld h - N w he i o t l n h d - - fu R n e d - s t N ot e a t l c G e r r i e o p - s ts s fu R n e d - s c E o P m n t a a t y p x r - i l e b o s u y a t m S i n o e e d l n n f s - t 1 e in U m s n u p - r l. . c O e n i t p h et t e s r : 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 d a t t e c M e r i i e p s - t c s . 3 roll empl. taxes Fiscal year: 197 0 193,743 77,416 26,236 13,240 90,412 35,037 2,208 37,190 1,942 3,465 2,700 45,298 15,705 2,430 3,644 3,424 197 1 188,392 76,490 24,262 14,522 86,230 30,320 3,535 39,751 1,948 3,673 3,206 48,578 16,614 2,591 3,735 3,858 197 2 208,649 83,200 25,679 14,143 94,737 34,926 2,760 44,088 2,032 4,357 3,437 53,914 15,477 3,287 5,436 3,633 1973 r 232,225 98,093 27,019 21,866 103,246 39,045 2,893 52,505 2,371 6,051 3,614 64,542 16,260 3,188 4,917 3,921 Half year: 1971—July-Dec. 93,180 38,449 5,589 574 43,465 13,262 1,448 19,643 155 1,51 1,673 22,989 8,961 ,838 2,395 1,718 1972—Jan.-June 115,469 44,751 20,090 13,569 51,272 21,664 1,312 24,445 1,877 4,736 1,764 30,925 6,516 ,449 3,041 1,915 July-Dec. 106,061 46,058 5,784 688 51,154 15,315 1,459 22,493 165 2,437 1,773 26,867 8,244 ,551 2,333 2,056 1973—Jan.-June 126,165 52,034 21,235 21,179 52,091 23,730 1,434 30,013 2,206 3,616 1,841 37,675 8,016 ,637 2,584 1,865 Month: 1972—Sep t r22,394 >7,313 3,794 95 rll,012 5,289 324 3,529 145 r62 302 r4,037 1,327 237 316 r500 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 92 277 2,975 1,286 234 364 276 1973—Ja n 21,130 8,254 4,671 27 12,897 1,539 158 3,833 139 174 340 ,486 1,437 289 396 244 Feb 18,067 8,404 768 1,104 8,067 865 193 5,900 167 684 278 ,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 ,340 1,244 278 489 360 Apr 25,860 8,648 9,124 6,185 11,587 5,915 258 4,297 ,316 444 302 ,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 ,380 1,446 280 466 264 Juner... . 28,537 9,168 3,735 597 12,306 8,983 188 4,548 145 95 293 ,081 1,386 273 335 360 July 18,121 8,487 681 354 8,814 1,552 202 4,608 382 346 ,336 1,538 276 398 409 Aug 21,291 9,085 451 257 9,279 904 209 7,087 1,357 333 ,778 1,434 303 494 308 Sept 25,007 7,940 3,903 135 11,707 5,477 230 4,812 177 103 317 ,409 1,436 238 373 597 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 transfense search ture sources transp. and man- wel- govt. shar- achous- power fare ing tions 4 ing Fiscal year: 197 1 211,425 77,661 3,095 3,381 5,096 2,716 11,310 3,357 8,226 70,607 9,776 : 3,970 -7,376 197 2 231,876 78,336 3,786 3,422 7,061 3,759 11,197 4,216 10,198 81,536 10,747 4,889 -7,858 1973 246,526 76,027 3,182 3,311 6,051 556 12,520 4,162 10,821 91,230 12,004 5,619 ''6,636 -8,378 19745 268,665 81,074 3,81 3,135 5,572 3,663 11,580 4,931 10,110 103,709 11,732 24,672 6,025 6,035 -9,131 Half year: 1971—July-Dec... 111,557 35,755 1,752 1,777 5,999 1,952 6,030 2,181 4,355 38,131 5,003 2,392 -3,822 1972—Jan.-June.. 120,319 42,583 r2,034 1,645 1,062 1,807 r5,167 2,035 r5,843 r43,405 5,744 10,534 '2,497 -4,036 July-Dec... 118,586 35,350 1,640 1,676 4,616 329 6,200 2,637 5,133 43,212 5,740 10,604 2,870 6 2,617 -4,039 1973—Jan.-June r. 127,940 40,677 1,542 1,635 1,435 227 6,320 1,525 5,688 48,018 6,264 12,181 2,749 4,019 -4,339 Month: 1972—Sept.' " 18,459 5,369 198 273 102 320 1,183 408 852 6,971 834 1,901 325 -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 62,617 -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 1,493 -324 May 20,157 6,401 136 255 -155 298 907 -148 1,066 8,124 1,017 2,165 466 3 -377 June r 20,814 8,015 486 301 -126 118 1,434 309 1,336 8,234 866 2,004 452 -2,616 July 22,607 4,878 308 278 2,011 942 2,104 91J 777 7,792 1,099 2,184 563 1,495 -850 Aug 22,139 6,772 327 262 440 573 1,090 779 954 7,935 1,054 2,159 466 -3 -670 Sept 20,736 6,095 205 246 -35 422 957 712 661 8,302 970 2,392 643 16 -849 1 Old-age, disability, and hospital insurance (including premiums for 5 Estimates presented in the Jan. 1974 Budget Document. Breakdowns do uninsured effective July 1, 1973, as provided for in Public Law 92-603), not add to totals because special allowances for contingencies, and Federal and Railroad Retirement accounts. pay increase (excluding Department of Defense), totaling $1,750 million 2 Supplementary medical insurance premiums (including premiums for fiscal 1974, are not included. for disabled effective July 1, 1973, as provided for in Public Law 92-603), 6 Outlays of $6,786 million in fiscal 1973 contain retroactive payments and Federal employee retirement contributions. of $2,600 million for fiscal 1972. 3 Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts. NOTE.—Half years may not add to fiscal year totals due to revisions in 4 Consists of Government contributions for employee retirement and series that are not yet available on a monthly basis. 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 • NOVEMBER 1973 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t t l s a i s l c 1 Total Total Bills Ma C r c e k a r e t t e i t f s a i b - le Notes Bonds 2 b C v i o b e o n r l n e d t- - s Total N 3 o nm F is o s a r u r e e k i s e g t n 4 a ble b S o in a n g v d s - s & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 2.4 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 1.5 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 3.1 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 4.3 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 3.8 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 5.7 1971—Dec., 424.1 336.7 262.0 97.5 114.0 50.6 2.3 72.3 16.8 1972—Oct.. 439.9 342.7 260.9 97.5 117.7 45.6 2.3 79.6 21.2 Nov. 444.2 347.6 265.6 100.7 119.4 45.5 2.3 79.6 21.0 Dec. 449.3 351.4 269.5 103.9 121.5 44.1 2.3 79.5 20.6 1973—Jan.. 450.1 353.2 271.1 104.9 121.5 44.7 2.3 79.7 20.5 Feb. 454.8 357.1 269.9 105.0 120.2 44.6 2.3 84.9 25.4 Mar. 458.6 360.4 269.8 105.0 120.2 44.6 2.3 88.3 28.3 Apr. 457.1 358.9 267.8 103.2 120.2 44.5 2.3 88.7 28.5 May 457.3 357.1 265.9 103.0 117.8 45.1 2.3 88.9 28.3 June 458.1 354.6 263.0 100.1 117.8 45.1 2.3 89.4 28.5 July. 459.0 354.2 262.7 99.9 117.8 45.0 2.3 89.2 28.2 Aug. 461.8 353.8 262.4 101.8 118.7 42.0 2.3 89.1 27.9 Sept, 461.4 354.1 262.4 99.8 120.7 41.9 2.3 89.5 28.2 Oct. 462.5 355.5 264.0 101.6 120.7 41.8 2.3 89.2 27.8 1 Includes non-interest-bearing debt (of which $619 million on Oct. 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 31, 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, and Rural Electrification Administration bonds; before 1954, NOTE.—Based on Daily Statement of U.S. Treasury. See also second Armed Forces leave bonds; before 1956, tax and savings notes; and paragraph in NOTE to table below. 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 e a r o n u n . v S c d s i t t . , e s B F a . n R k . s Total m C b e a o r n c m k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u i e e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n c v a d a t t e s l . Savi I n n g d s i v idu O al t s h er n F a i o t n a i r o n t e e n d i r g a - n l 1 t O i m o n r t v i s h s e c e s 2 . r funds bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1965—Dec 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.3 50.3 24.3 14.5 19.4 1967—Dec 344.7 73.1 49.1 222.4 63.8 4.1 8.6 12.2 24.1 51.2 22.8 15.8 19.9 1968—Dec 358.0 76.6 52.9 228.5 66.0 3.6 8.0 14.2 24.4 51.9 23.9 14.3 22.4 1969—Dec 368.2 89.0 57.2 222.0 56.8 2.9 7.1 11.7 25.9 51.8 29.6 11.2 25.0 1970—Dec 389.2 97.1 62.1 229.9 62.7 2.8 7.0 9.4 25.2 52.1 29.8 20.6 20.4 1971—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—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 57.7 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 54.2 16.5 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 12.5 28.7 58.9 16.5 61.7 17.2 May 457.3 120.1 74.1 263.1 57.9 2.4 5.7 13.3 28.1 59.2 16.4 61.1 18.9 June 458.1 123.4 75.0 259.7 57.9 2.4 5.7 12.0 28.3 59.5 16.4 60.2 17.4 July 459.0 125.0 77.1 256.9 55.5 2.2 5.8 12.8 27.9 59.7 16.5 59.7 16.7 Aug 461.8 128.7 76.1 257.1 54.1 2.1 5.7 14.0 27.2 59.8 16.8 59.2 18.2 Sept 461.4 127.8 76.2 257.4 55.0 2.0 5.7 12.5 28.5 59.8 16.9 58.5 18.5 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately owned agencies and certain Govt, deposit NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and accounts. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1973 • U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) \ Vithin 1 yeair 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other All holders: 1970—Dec. 31 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 1971—Dec. 31 262,038 119,141 97,505 21,636 93,648 29,321 9,530 10,397 1972 Dec. 31 269,509 130,422 103,870 26,552 88,564 29,143 15,301 6,079 1973 Aug. 31 262,405 129,072 101,780 27,292 80,594 31,105 15,346 6,288 Sept. 30 262,356 129,114 99,762 29,352 80,576 31,103 15,317 6,245 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—Aug. 31 21,039 1,870 483 1,387 7,101 5,513 4,900 1,655 Sept. 30 20,872 1,884 456 1,428 7,016 5,452 4,879 1,640 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—Aug. 31 76,093 42,504 34,829 7,675 22,449 9,384 1,564 192 Sept. 30 76,217 42,494 34,652 7,842 22,619 9,391 1,522 190 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 Aug. 31 165,273 84,698 66,468 18,230 51,044 16,208 8,882 4,441 Sept. 30 165,267 84,736 64,654 20,082 50,941 16,260 8,916 4,415 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 Aug. 31 42,045 12,875 5,142 7,733 23,410 4,672 833 254 Sept. 30 42,403 13,781 5,080 8,701 22,841 4,716 808 258 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—Aug. 31 2,105 454 148 306 861 363 284 145 Sept. 30 2,037 453 139 314 820 342 279 143 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 Aug. 31 4,907 731 272 459 1,005 1,268 1,340 564 Sept. 30 4,895 732 262 470 1,020 1,278 1,326 539 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—Aug. 31 5,745 4,078 1,822 2,256 1,500 92 62 11 Sept. 30 3,944 2,766 1,270 1,496 1,009 90 64 15 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 Aug. 31.... 2,457 607 185 422 1,025 538 211 77 Sept. 30 2,341 549 117 432 988 517 207 80 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 Aug. 31 9,309 5,328 4,456 872 1,862 849 987 283 Sept. 30 10,165 6,016 4,600 1,416 1,815 930 1,054 350 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 Aug. 31 98,705 60,625 54,443 6,182 21,381 8,426 5,165 3,107 Sept. 30 99,482 60,439 53,186 7,253 22,448 8,387 5,178 3,030 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 736 insurance companies combined, each about 90 per cent; Ownership. (2) 464 nonfinancial corporations and 485 savings and loan assns., each Data complete for U.S. Govt, agencies and trust funds and F.R. Banks, about 50 per cent; and (3) 504 State and local govts., about 40 per cent. but data for other groups include only holdings of those institutions "All others," a residual, includes holdings of all those not reporting that report. The following figures show, for each category, the number in the Treasury Survey, including investor groups not listed separately. and proportion reporting: (1) 5,612 commercial banks, 479 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 44 U.S. GOVERNMENT SECURITIES • NOVEMBER 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 11 yyeeaarr yyeeaarrss yyeeaarrss 1100 yyeeaarrss securities securities mercial other 1 dealers brokers banks 1972—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 June 2,969 2,335 289 228 118 593 622 975 778 732 July 2,993 2,330 367 226 72 581 632 982 798 700 Aug 3,366 2,403 706 172 85 566 874 1,044 881 771 Sept 3,884 3,021 644 158 61 583 1,182 1,142 977 1,048 Week ending— 1973—Sept. 5 3,128 2,459 556 89 25 492 721 955 962 1,072 12 3,188 2,407 625 106 51 532 779 982 895 877 19 3,389 2,665 541 118 66 563 898 1,097 831 986 26 5,105 3,977 786 260 82 730 1,973 1,307 1,095 1,333 Oct. 3 3,547 2,746 577 168 56 530 1,007 1,207 802 822 10 4,428 3,655 500 214 60 765 1,357 1,378 928 1,024 17 3,069 2,578 323 130 38 469 981 895 724 824 24 2,996 2,649 224 88 36 496 852 907 741 852 31 33,,223300 22,,661144 332266 223322 5588 669955 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 UU..SS.. m t a A i t e l u s l r i- W y i e 1 t a h r i n y 1 ea -5 rs y 5 e - a 1 rs 0 y O e 1 v a 0 e r r s aa ss GG ee gg tt cc ee oo iiee uu nn vv ss rr cc tt ii ,, yy -- PPeerriioodd ssoouu AA rr ll cc ll eess Y N C o e it w r y k w E h ls e e r - e CC tt oo iioo rrpp nn oo ss rr 11 aa-- oo AA tthh ll ee ll rr 4,386 4,374 -83 -58 153 408 1972—Sept 4,379 1,633 599 705 1,442 3,333 3,452 -29 -132 41 543 Oct 3,055 1,227 406 490 932 4,522 4,113 335 8 66 834 Nov 4,198 1,538 617 709 1,334 4,973 4,903 73 -41 37 556 Dec 4,848 1,695 808 944 1,399 4,744 4,959 -53 -259 97 281 1973—Jan 4,520 1,346 794 932 1,449 3,394 3,365 -9 — l 39 202 Feb 3,415 1,063 455 490 1,408 2,702 3,130 -274 -143 — 11 180 Mar 2,799 903 292 281 1,323 2,795 3,105 -159 -143 -9 274 Apr 3,032 935 513 311 1,273 2,626 2,596 -324 179 175 356 May 2,667 674 452 252 1,291 2,976 2,818 -165 91 232 744 June 3,769 1,242 690 431 1,406 1,901 2,062 -250 -43 131 511 July 2,826 725 544 510 1,047 1,788 1,977 -94 -107 12 273 Aug 2,318 829 327 386 777 3,201 2,958 316 -111 38 799 Sept 4,244 1,620 877 441 1,306 Week ending— 1,408 1,716 -261 -88 41 204 11997733——AAuugg.. 11 .. .... 2,130 646 217 388 879 1,065 1,333 -200 -102 34 135 88.. .... 1,858 634 226 339 660 2,055 2,402 -255 -92 -1 180 15. .. 2,337 951 235 424 727 1,600 2,020 -331 -102 13 249 22. .. 2,600 853 387 429 931 2,346 2,272 180 -117 10 408 29. .. 2,395 858 400 362 775 2,854 2,597 423 -159 -6 580 Sept. 5. .. 3,108 1,120 616 408 964 3,566 3,310 382 -140 13 645 12. .. 4,668 2,046 883 459 1,280 3,347 3,173 280 -141 35 845 19. .. 4,754 1,844 967 581 1,363 2,813 2,502 305 -65 71 985 26... 3,999 1,355 874 413 1,357 NOTE.—The figures include all securities sold by dealers under repur- i All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than NOTE to the table on the left. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1973 • U.S. GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OCTOBER 31, 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 Nov. 1, 1973 4,301 Apr. 4, 1974 1,801 Feb. 15, 1975... . ••55YY44 4,015 Nov. 15, 1973 •41/8 4,336 Nov. 8, 1973 4,303 Apr. 9, 1974.... 1,802 Feb. 15, 1975.... ••5577//ss 1,222 Feb. 15, 1974.... •41/8 2,466 Nov. 15, 1973 4,193 Apr. 11, 1974.... 1.803 Apr. 1, 1975.... • m 8 May 15, 1974.... .41/4 2,848 Nov. 20, 1973 1,802 Apr. 18, 1974.... 1,802 May 15, 1975, .5 7/8 11,,777766 Nov. 15, 1974.... .37/8 1,214 Nov. 23, 1973 4.202 Apr. 25, 1974.... 1,802 May 15, 1975.,.. ,6 66,,776600 May 15, 1975-85. AVA 1,203 Nov. 29, 1973 4,205 May 7, 1974 1,800 Aug. 15, 1975.... .57/8 7,679 June 15, 1978-83. .31/4 1,485 Dec. 6, 1973 4,210 June 4,1974 1,801 Sept. 30, 1975 ... •83/ 2,043 Feb. 15, 2,576 Dec. 13, 1973 4,192 July 2,1974.... 1,802 Oct. 1, 1975.... .1 Vgi 30 Nov. 15, 1980. ... •m 1,897 Dec. 18, 1973 1,800 July 30, 1974.... 1.804 Nov. 15, 1975.... .7 3,115 Aug. 15, 1981.... .7 807 Dec. 20, 1973 4.203 Aug. 27, 1974.... 1.805 Feb. 15, 1976.... .61/4 3,739 Feb. 15, 1982.... •63/g 2,702 Dec. 27, 1973 4.204 Sept. 24, 1974.... 1,802 Feb. 15, 1976. . .. •57/8 4,945 Aug. 15, 1984.... •63/g 2,353 Jan. 3,1974. 4.202 Oct. 22, 1974.... 1,802 AApprr.. 1, 1976.... 27 May 15, 1985.... .314 962 Jan. 10,1974. 4,204 MMaayy 15, 1976.... .53/4 2,802 Nov. 15, 1986.... .61/8 1,216 Jan. 15, 1974 1,804 May 15, 1976.... • 6Vi 2,697 Aug. 15, 1987-92. .4% 3,704 Jan. 17,1974. 4.203 Aug. 15, 1976.... •m 4,194 Feb. 15, 1988-93. .4 231 Jan. 24, 1974. 4,201 Aug. 1155,, 1976.... .61/2 3,883 May 15, 1989-94. .41/8 1,477 J F a e n b . . 3 7 1 , , 1 1 9 97 7 4 4 1 1, ,7 8 0 0 1 2 O N c o t v . . 15', 1 19 9 7 7 6 6 .... . ..66 1 11 % //44 44,,3322 1 55 1 F F e e b b . . 11 1 55 5 ,, , 1 1 9 9 9 9 3 0 .... • 6 3 3 V 4 i 4,0 6 4 2 9 7 Feb. 12, 1974 1,801 Feb. 15, 1977.... ..88 55,,116633 Aug. 1155,, 1993 .7% 926 Feb. 14, 1974 1,807 Treasury notes Apr. 1 1977.... .1 Vi 5 Feb. 15, 1995,,., .3 865 Feb. 21, 1974 1,802 Feb. 15, 1974 73,4 2,960 Aug. 15, 1977.... .m 4,919 May 15, 1993-98. .7 692 Feb. 28, 1974 1,800 Apr. 1, 1974 UA 34 Oct. 1, 1977.... .n/2 17 Nov. 15, 1998 •• 33VVii 33,,116688 Mar. 7, 1974 1,809 May 15, 1974 7 Va 4,334 Feb. 15, 1978 .... .61/4 8,389 Mar. 12, 1974 1,790 Aug. 15, 1974 5 Ys 10,284 Apr. 1, 1978 .... • 1 Vi 15 Mar. 14, 1974 1,802 Sept. 30, 1974 6 2,060 Nov. 15, 1978.,., .6 8,207 Convertible bonds Mar. 21, 1974 1,803 Oct. 1, 1974 1% 42 Aug. 15, 1979. . .. .614 4,559 Investment Series B Mar. 28, 1974 1,803 D N e o c v . . 3 1 1 5 , , 1 1 9 9 7 7 4 4 5 5 Y % 4 2 5 , ,4 1 4 0 2 2 N M o a v y . 1 1 5 5 , , 1 19 9 7 8 9 0 . . . . . . . . • •6 6 5 7 / / 8 8 7 1 , , 2 6 6 0 5 4 AApprr.. 1, 1975-80. ..2233^^ 22,,227755 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 PPPeeerrriiioooddd amount deliv- Special ered 3 TToottaall G o e b a n l l e i- r- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t n t a r d t i . c t Other2 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 H in o g u 5 s - V a a e n i t d e s' r - O p p o t u h s r e e - s r gations auth. 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--Aug.. . 1,966 820 1,138 8 468 897 600 1,931 444 111 429 162 784 Sept.. . 1,726 663 803 257 4 298 1,016 414 1,609 238 107 590 270 404 Oct 2,200 1,662 533 5 487 689 1,025 2,147 444 162 409 52 1,082 Nov.. . 1,862 1,147 711 5 425 572 866 1,762 312 215 365 56 814 Dec 1,797 872 653 268 4 147 754 895 1,507 351 21 204 332 599 1973--Jan 1,974 1,149 822 3 602 454 919 1,845 369 215 418 117 727 Feb.... 1,499 768 731 1 47 561 891 1,398 365 63 406 10 553 Mar.. . 2,451 1,227 916 303 6 613 914 924 2,194 373 153 497 347 823 Apr.. . 1,818 866 944 9 159 732 925 1,752 305 12 448 88 900 May . . 1,921 820 1,093 8 291 926 703 1,906 299 232 428 222 723 June .. 2,072 984 823 261 4 189 1,054 828 2,064 533 101 603 334 494 July.. . 1,958 1,448 503 6 516 319 1,121 1,937 390 230 353 3 961 Aug.. . 1,489 950 537 2 452 471 566 1,436 262 28 303 290 552 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 • NOVEMBER 1973 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate PPPeeerrriiioooddd Bonds Stock TTToootttaaalll GG UU oo .. vv SS tt .. .. 22 aa GG gg UU ee oo nn .. vv SS cc tt .. yy .. 33 aa (( nn UU SS dd tt .. aa SS lloo tt .. ee )) cc 44 aa ll OOtthheerrss TToottaall Total P o u f b fe li r c e l d y P p ri l v a a c t e e d l y Preferred Common 1964, 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 1965, 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 1966, 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 1967 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 1968, 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1969, 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1970. 88,666 14,831 16,181 17,762 949 38,945 30,315 25,384 4,931 1,390 7,240 1971. 105,233 17,325 16,283 24,370 2,16^ 45,090 32,123 24,775 7,354 3,670 9,291 1972-—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 6,567 564 1,640 1,688 178 2,497 1,739 938 801 200 558 May 11,225 3,353 3,442 1,870 17 2,543 1,721 1,049 672 187 635 June' 7,943 559 1,706 2,046 53 3,578 2,757 1,358 1,398 2J6 606 July 7,553 490 2,471 1,992 48 2,553 1,801 857 944 226 526 Aug 6,809 3,09 s? 600 1,414 22 1,675 1,253 792 461 92 330 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 1,759 116 1,665 1,579 4,407 873 1,724 2,159 - 662 196 9 4,448 1^904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 3,739 1,671 197 0 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 197 1 9,426 2,152 2,272 2,390 1,998 416 7,605 4,195 4,227 1,592 6,601 2,212 1972—Aug. 192 261 308 342 94 452 184 237 662 161 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 t9 429 271 61 8 3#2 472 657 1 528 202 Dec. 486 103 34| 149 214 25 491 370 34 1,057 107 17 1973—Jan.. 113 63 89 105 120 1 529 371 30 395 509 Feb.. 178 35 118 111 96 4 319 277 58 3 290 461 Mar. 772 125 177 327 317 1,076 1,351 548 117 1,462 1,397 Apr., 772 22 237 139 91 150 369 258 668 743 228 May, 387 12 30 143 236 361 410 355 19 351 231 J J u u n ly e ' 7 3 0 4 3 6 1 2 6 5 9 1 1 3 2 3 8 1 8 1 9 2 2 1 4 8 0 3 1 1,0 6 9 3 9 8 4 2 9 6 7 9 3 2 0 4 3 2 2 6 9 0 3 2 3 0 7 7 1 1 8 4 1 2 Aug. 189 50 117 129 66 15 418 90 307 3 157 136 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 Compiission estimates of new issues maturing in ipore than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • 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 196 7 25,964 7,735 18", 229 21,299 5,340 15,960 4,664 2,397 2,267 196 8 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 196 9 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 4,272 197 0 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 197 1 46,687 9,507 37,18Q 31,917 8,190 23,728 14,769 1,318 13,452 1972—1.. 10,072 2,691 7,381 6,699 2,002 4,698 3,373 690 2,683 II. 11,514 2,389 9,123 7,250 2,191 5,050 4,264 198 4,066 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 t25 3,220 1973—1.. 8,219 2,806 5,412 4.198 1,781 2,417 4,020 1,025 2,995 II. 9,418 2,470 6,947 5; 769 1,664 4,106 3,648 806 2,842 Type of issues Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B n 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 196 8 4,418 -1,842 2,242 821 987 -149 3,669 892 1;579 120 1,069 -741 196 9 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 197 0 6,641 870 853 1,778 ,104 36 6,861 2,917 4,806 94 2,564 1,107 197 1 6,585 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 2,017 1972—1.. 696 423 31 545 267 15 827 872 1,0m20 402 1,856 425 II. 704 851 344 774 127 164 1,844 1,176 464 1,233 638 Ill 479 530 459 673 138 28 1,410 1,061 305 1,456 453 IV. 116 290 5t5 479 179 47 1,056 1,735 944 89 1,920 580 1973—J. . 135 63 -174 377 127 -43 844 1,170 520 185 965 1,244 II. 632 -2 W 327 7 1,136 1,276 842 562 1,049 673 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 corrected with conversions of bonds into stocks. Retirements are defined in the same way and also include securities retired with in- NOTE.—Securities and Exchange Commission estimates of cash trans- ternal funds or with proceeds of issues for that purpose. actions only. As contrasted with data shown oq 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 shards at end of period) YYeeaarr 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 22,,009977 842 1,255 1177,,002266 973 16,053 1972—Sept... 310 442 -132 57,193 3,395 53,798 Oct... 384 411 -27 57,525 3,719 53.806 1961 2,951 1,160 1,791 22,789 980 21,809 Nov... 387 645 ^258 59,854 3,549 56,305 1962 2,699 1,123 1,576 21,271 1,315 19,956 Dec.. . 444499 619 -170 5599,,883311 33,,003355 5566,,779966 1963 22,,446600 || ,,550044 952 25,214 1,34l 2233,,887733 1973—Jan. .. 535 666 -131 56,946 3,015 53,931 {964 3,404 1,875 1,528 29,116 1,329 27,787 Feb... 327 530 -203 54,083 3,375 50,708 1965 4,359 1,962 2,395 35,220 1.803 33,417 Mar... 519 531 -12 53,377 3,774 49,603 1966 4, £71 22,,000055 22,,666655 3344,,882299 11,,997711 31,858 Apr... 300 452 -120 50,837 3,837 46,464 May.. 285 446 -161 48,588 4,154 44,434 1967 4,670 2,745 1,927 44,701 2,566 42,135 June.. 303 34? -46 48,127 4,164 43,963 196$ 6,820 3,841 2,979 52,677 3,187 49,490 July. f 364 357 -7 50,933 4,594 46,339 1969... 66,,771177 3,661 3,056 4488,,229911 3,846 4444,,444455 Aug. . 239 432 -193 49,553 4,567 44,986 SSeepptt...... 330 395 -65 5522,,332222 4,641 4477,,668811 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 otjier contractual accumulation plan sales, and reinvestment of investment in- short-term debt securities, less current liabilities. come dividends; excludes reinvestment of realized capital gains dividends. 2 Market value at end of period less current liabilities. NOTE.—Investment Company Institute data based on reports of members, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after thpir initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 48 BUSINESS FINANCE • NOVEMBER 1973 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e s ts - d co c a n a l t s l i p o o u i n w t m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e s ts - d co c a n t a l i s l p o o u n i w t m a - l p ances 1 ances 1 1966 84.2 34.3 49.9 20.8 29.1 39.5 1971—11, 85.5 38.4 47.1 25.1 22.0 59.8 1967 79.8 33.2 46.6 21.4 25.3 43.0 III.... 87.0 38.0 49.0 25.2 23.7 61.0 IV.... 86.9 36.4 50.6 24.9 25.7 62.1 1968 87.6 39.9 47.8 23.6 24.2 46.8 1969 84.9 40.1 44.8 24.3 20.5 51.9 1972—1 92.8 40.6 52.2 25.7 26.5 63.4 1970 74.0 34.8 39.3 24.7 14.6 56.0 II 94.8 41.4 53.4 25.9 27.5 66.2 1971 85.1 37.4 47.6 25.1 22.5 60.4 III.... 98.4 42.9 55.6 26.2 29.4 66.0 1972 98.0 42.7 55.4 26.0 29.3 65.9 IV.... 106.1 45.9 60.3 26.4 33.9 68.0 1973—1. 119.6 52.7 66.9 26.9 40.0 69.3 II 128.9 57.4 71.6 27.3 44.2 70.5 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL 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 taxes 196 8 182.3 426.5 48.2 11.5 5.1 168.8 166.0 26.9 244.2 6.4 162.4 14.3 61.0 196 9 185.7 473.6 47.9 10.6 4.8 192.2 186.4 31.6 287.9 7.3 196.9 12.6 76.0 1970—III 185.3 484.6 46.5 7.1 4.2 201.0 193.5 32.3 299.3 6.8 196.7 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 III 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 III 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 II. 237.8 594.7 62.2 9.4 2.9 243.7 233.5 43.0 356.9 4.5 227.6 16.5 108.3 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 Period Total Durable d N ur o a n b - le Mining R ro a a i d l- Air Other Electric and G a o s t her n C i o c m ati m on u s - Other1 T A (S o . R t A a . l ) . 196 9 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 197 0 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 197 1 81.21 14.15 15.84 2.16 1.67 1.88 1.38 12.86 2.44 10.77 18.05 197 2 88.44 15.64 15.72 2.45 1.80 2.46 1.46 14.48 2.52 11.89 20.07 19732 100.20 19.07 18.38 2.83 2.01 2.34 1.54 16.28 3.08 13.24 21.44 1971—11.., 20.60 3.52 4.03 .54 .47 .60 .36 3.20 .63 2.81 4.44 81.61 III.. 20.14 3.40 3.91 .55 .42 .39 .37 3.35 .71 2.62 4.42 80.75 IV.. 22.79 4.12 4.32 .59 .45 .56 .37 3.60 .69 2.84 5.26 83.18 1972—I.. , 19.38 3.29 3.32 .58 .48 .50 .32 3.19 .44 2.72 4.55 86.79 II . 22.01 3.71 3.92 .61 .48 .73 .39 3.61 .62 2.95 4.98 87.12 III.. 21.86 3.86 3.87 .59 .38 .61 .35 3.67 .72 2.84 4.97 87.67 IV.. 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.. 24.73 4.65 4.51 .71 .46 .72 .43 3.91 .68 3.27 5.40 97.76 III 2 25.35 4.79 4.68 .74 .50 .54 .43 4.24 .92 8.50 101.88 IV 2, 28.62 5.70 5.30 .76 .59 .56 .35 4.69 .98 9.70 104.36 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
november 1973 • real estate credit a 49 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm ho O l t d h e e r r s 2 1- to 4-family houses4 com M m u e l r t c i i f a a l m p il r y o p a e n r d t ies5 M t o y r p tg e a 6 ge EE ppee nn rr dd ii oo oo dd ff hh AA oo eerr ll ll ss dd ll -- ttuu FF ii tt ii nn cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh AA ee oo rr ll ll ss dd ll -- ttuu FF ii tt nn ii cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- ii OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh AA oo eerr ll ll ss dd ll -- Total tu F i t n i i n o s a t n i n - s . 1 O h e o t r h l s d e - r Total tu F i t n i i n o s a t n i n - s . 1 O h e o t r h l s d e r - w u F V n r H i d A t A t e e - r - n - t C i v o e o n n n a - - l 1964, 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965, 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966. 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967. 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968. 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 93.4 276.6 1969. 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.7 43.2 129.0 105.5 23.5 100.2 295.7 1970. 451.7 355.9 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 499.9 394.4 39.4 66.2 32.9 9.9 23.0 467.0 347.8 254.2 53.6 159.2 130.3 28.9 120.7 346.3 1972, 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 32.6 131.1 398.9 1971--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 r394.4 39.4 66.1 32.9 9.9 23.0 467.0 307.8 254.2 53.7 159.2 130.5 28.7 120.7 346.3 1972--I.... 511.7 404.2 41.2 66.4 33.5 9.9 23.6 478.2 314.1 259.6 54.5 164.1 134.6 29.4 123.7 354.5 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 30.3 126.6 368.2 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 31.3 129.0 383.3 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 32.6 131.1 398.9 1973--I.. .. 579.8 463.0 47.3 69.6 36.4 10.7 25.7 543.4 353.7 296.1 57.6 189.7 156.2 33.5 132.5 410.9 IIIIPP.... 660000..55 448800..55 4499..00 7711..00 3377..77 1111..00 2266..77 556622..88 336655..88 330066..99 5588..99 119977..00 116622..55 3344..55 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 Housing 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 hel d 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) Government- All residential Multifamily i underwritten CCoonn-- EE ppee nn rr dd ii oo oo dd ff Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s End of period TToottaall Total F su H in re A - d - an g V t u e A a e r - d - 1 ttii vv oo ee nn nn aa -- ll tutions tutions 196 4 197.6 69.2 38.3 30.9 128.3 1964 231.1 195.4 35.7 33.6 25.1 8.5 196 5 212.9 73.1 42.0 31.1 139.8 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 5 8 9 7 6 2 2 2 2 3 5 6 9 8 1 0 4 8 0 9 . . . . . 1 0 6 0 0 2 2 2 2 2 5 6 2 1 3 0 3 3 5 6 . . . . . 8 7 2 6 0 5 4 4 3 4 4 7 0 6 3 . . . . . 0 8 3 9 4 4 4 5 4 3 7 2 0 3 7 . . . . . 3 2 3 9 2 4 2 3 3 3 1 7 9 1 4 . . . . . 5 7 0 7 3 1 9 9 8 8 0 . . . . . 2 2 8 7 8 1 1 1 1 9 9 9 9 6 6 6 6 9 6 7 8 2 2 2 2 6 3 2 5 6 6 3 1 . . . . 1 8 6 2 9 7 7 8 0 6 9 4 . . . . 1 2 9 4 5 5 4 4 4 0 4 7 . . . . 5 8 6 4 3 3 3 3 5 1 3 2 . . . . 7 3 5 8 1 1 1 1 7 5 6 4 6 6 6 7 . . . . 1 6 8 6 1970 338.2 277.1 61.1 58.0 45.8 12.2 1 1 9 9 7 7 0 1 2 3 8 0 0 7. . 8 2 1 9 0 7 5 . . 2 2 6 5 5 9 . . 7 9 3 3 9 7 . . 5 3 2 1 0 8 2 2 . . 6 9 1 1 9 9 7 7 2 1 4 3 2 7 2 4 . . 5 7 3 30 4 6 7 . . 1 9 6 7 8 4 . . 6 6 7 6 6 6 . . 4 8 5 5 2 9. . 1 0 1 1 7 4 . . 3 8 197 2 346.1 112.9 68.2 44.7 233.1 1971—1 I IV l 1 l 3 3 3 5 7 6 3 4 4 . . . 1 7 0 2 2 3 9 8 0 9 8 6 . . . 9 4 1 6 6 6 8 5 3 . . . 6 6 2 6 6 66 2 4 . . . 8 1 3 4 5 5 9 0 2 . . . 2 4 0 1 1 1 4 2 3 . . . 9 9 9 1971—1 I I V 1 ll . . 2 3 2 9 0 9 0 7 9 . . . 9 8 7 1 1 1 0 0 0 2 5 0 . . . 9 2 4 6 6 6 2 5 4 . . . 8 7 4 3 3 3 9 8 7 . . . 5 6 5 2 1 1 0 9 9 2 6 0 . . . 6 8 5 1972—1 I I I I V l l 4 4 3 3 2 0 9 8 2 9 5 2 . . . . 5 3 8 9 3 3 3 33 4 1 2 6 7 2 4 . . . . 1 9 9 1 7 7 7 7 3 4 1 0 . . . . 2 6 7 0 7 7 7 6 3 6 1 8 . . . . 5 4 3 8 5 5 5 5 9 6 5 3 . . . . 1 9 3 3 1 1 1 1 6 7 6 5 . . . . 6 3 0 4 1972— I I I 1 V I I . I . . . . 3 3 3 3 4 3 2 1 6 5 4 4 . . . . 1 8 6 1 1 1 1 1 1 0 1 0 2 9 1 7 . . . . 9 6 5 5 6 6 6 6 8 8 6 7 . . . . 2 4 8 6 4 4 4 4 4 3 2 0 . . . . 7 1 0 7 2 2 2 2 3 2 1 0 3 4 5 6 . . . . 1 3 0 6 1973—1 I IP... . 4 4 3 4 2 8 . . 7 0 3 3 5 7 7 0 . . 2 4 7 7 5 7 . . 5 6 7 8 9 2 . . 0 2 6 6 1 3 . . 1 5 1 1 7 8 . . 9 7 1973— H 1. P . 3 33 5 66 3 55 . .. 7 88 113.7 67.9 45.8 240.2 i Includes outstanding amount of VA vendee accounts held by private l Structures of five or more units. investors under repurchase agreement. NOTE.—Based on data from same source as for "Mortgage Debt Out- NOTE.—For total debt outstanding, figures are FHLBB and F.R. standing" table above. estimates. For conventional, figures are derived. Based on data from FHLBB, Federal Housing Admin., and Veterans Admin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 50 REAL ESTATE CREDIT • NOVEMBER 1973 MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings : Mutual savings bank holdings Residential Residential End of period Other Total non- Total FHA- VA- Con- farm FHA- VA- Con- Total in- guar- ven- in- guar- vensured anteed tional sured anteed tional 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 73,275 45,640 7,919 2,589 35,131 23,284 4,351 57,948 49,937 16,087 12,008 21,842 82,515 52,004 8,310 3,980 40,714 26,306 4,205 61,978 53,027 16,141 12,074 24,812 99,314 62,782 8,495 3,203 51,084 31,751 4,781 67,556 57,140 16,013 12,622 28,505 79,936 50,280 8,246 2,806 39,228 25,500 4,156 60,625 51,989 16,216 12,033 23,740 82,515 52,004 8,310 2,980 40,714 26,306 4,205 61,978 53,027 16,141 12,074 24,812 85,614 53,937 8,360 2,999 42,578 27,353 4,324 62,978 53,733 16,184 12,144 25,405 90,114 56,782 8,477 3,141 45,163 28,785 4,547 64,404 54,758 16,256 12,325 26,178 95,048 59,976 8,515 3,118 48,343 30,415 4,657 65,901 55,889 16,130 12,463 27,296 99,314 62,782 8,495 3,203 51,084 31,751 4,781 67,556 57,140 16,013 12,622 28,505 103,234 65,038 8,455 3,187 53,396 33,241 4,955 68,920 58,169 109,114 68,650 8,482 3,211 56,957 35,224 5,240 70,634 59,397 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 PPPeeerrriiioooddd TToottaall Total in F s H u A re - d a g n V u t A e a e r - - d Other i FFaarrmm TToottaall Total in F s H u A re - d a g n V u t A e a e r - - d Other FFaarrmm 1945 976 6,637 5,860 1,394 44,,446666 766 1964. 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 3322,,996611 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- 733 672 25 20 627 61 75,525 69,906 10,245 4,787 54,874 5,619 Sept 708 663 22 14 627 45 75,813 70,195 10,139 4,734 55,322 5,618 718 673 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 1,830 1,723 16 18 1,689 107 77,319 71,640 9,944 4,646 57,050 5,679 1973- 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 5,634 702 624 20 22 582 78 77,258 71,611 9,708 4,572 57,331 5,647 May 774 694 22 21 651 80 77,400 71,721 9,627 4,549 57,545 5,679 June 1,101 1,009 24 27 r958 r92 77,914 72,187 9,544 4,524 58,119 5,727 July 933 849 26 19 804 84 78,243 72,474 9,464 4,496 r58,514 5,769 Aug 1,034 947 11 20 916 87 78,657 72,839 9,388 4,471 58,980 5,818 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
november 1973 • real estate credit a 51 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Total o N f u l m oa b n e s r ( c m o ( a i d m m l o l m i l o o l u a i n t r n s t s e t ) d o f ( o t f h a m o L d u o o o s l a u a l n a n n r t d s s ) ( C p i o n e r r t n a e t c r t r e e e a s n c t t t ) (y M rs a . t / u m r o it s y . ) (p t L o e r r - a o v t c a i a e n o l n - u t e ) C ( a p t p e io r i t n a c l e i r n z a t a t ) e - co D r v a e e ti r b o a t ge 2,569 3,244.3 1,263 7.66 22/11 73.6 9.0 1.30 1,788 2,920.7 1,633 8.69 21/8 73.3 9.6 1.29 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 1,664 3,982.5 2,393 9.07 22/10 74.9 10.0 1.29 2,132 4,986.5 2,339 8.57 23/3 75.2 9.6 1.29 136 288.2 2,119 9.01 23/5 75.6 9.9 1.27 133 290.0 2,181 8.96 23 74.4 9.9 1.30 107 198.6 1,856 8.78 22/1 73.3 10.0 1.31 122 423.5 3,471 8.62 22/6 73.3 9.7 1.31 220 530.4 2,411 8.50 24/2 76.3 9.5 1.29 200 381.1 1,906 8.44 24/6 76.3 9.5 1.29 246 399.6 1,624 8.48 23/4 76.0 9.5 1.26 268 683.2 2,549 8.55 23/0 75.4 9.5 1.29 170 421.2 2,478 8.56 23/0 74.5 9.5 1.31 178 515.7 2,897 8.54 23/0 74.9 9.5 1.27 152 354.1 2,329 8.58 23/4 75.7 9.5 1.28 159 343.5 2,161 8.65 23/0 75.8 9.6 1.29 180 371.7 2,065 8.63 23/2 74.7 9.6 1.28 130 363.9 2,799 8.64 22/8 74.4 9.8 1.37 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) Ad- Repay- Period vances ments h N o e m w e Home FHA VA- Con- Total t S e h rm or t 1 - t L e o rm ng - 2 Total i con- pur- Total 2 in- guar- venstruc- chase sured 3 anteed3 tional tion 196 5 5,007 4,335 5,997 3,074 2,923 196 6 3,804 2,866 6.935 5,006 1,929 196 7 1,527 4,076 4,386 3,985 401 24,192 6,013 10,830 110,306 5,145 6,398 98,763 196 8 2,734 1,861 5,259 4,867 392 16,924 3,653 7,828 114,427 5,269 6,157 103,001 196 9 5,531 1,500 9,289 8,434 855 20,122 4,243 9,604 121,805 5,791 6,351 109,663 21,983 4,916 11,215 130,802 6,658 7,012 117,132 197 0 3,256 1,929 10,615 3,081 7,534 21,847 4,757 11,254 140,347 7,917 7,658 124,772 197 1 2,714 5,392 7.936 3,002 4,934 197 2 4,790 4,749 7,979 2,961 5,018 21,383 4,150 10,237 150,331 10,178 8,494 131,659 3 51 9 , , 4 4 0 7 8 2 6 8, , 5 8 5 3 3 5 2 1 6 8 , , 6 8 1 11 5 2 1 0 7 6 4 , , 3 3 8 8 7 5 2 1 9 3 , , 3 7 9 9 1 8 10,848 1 1 7 4 6 9 , , 9 7 9 3 6 9 1972— O Se c p t t .. . 6 5 3 4 1 2 2 1 3 8 3 9 6 7 , , 7 0 3 4 6 5 2 2 , , 3 4 0 4 7 0 4 4 , , 4 6 2 0 9 5 Nov. 445 246 7,245 2,520 4,725 4,689 739 2,587 197,881 15,342 13,098 169,441 Dec., 984 251 7,979 2,961 5,018 4,522 761 2,423 200,554 15,378 13,334 171,842 4,393 714 2,307 203,266 15,490 13,544 174,232 1973—Jan.. 332 480 7,831 2,805 5,025 4,591 667 2,167 206,387 15,639 13,764 176,964 Feb., 415 302 7,944 2,774 5,170 Mar. 764 288 8,421 2,975 5,446 3,702 590 1,970 208,132 29,581 178,551 Apr., 1,187 178 9,429 3,450 5,979 3,710 614 2,019 210,260 29,751 180,509 May, 916 189 10,156 3,428 6,728 4,990 887 2,685 213,259 30,045 183,214 June. 1,093 104 11,145 4,016 7,129 4,989 886 2,762 216,250 30,182 186,068 July. 1,373 153 12,365 4,583 7,782 5,477 931 3,141 219,500 30,296 189,204 Aug. 1,380 235 13,510 4,737 8,773 5,738 903 3,469 222,801 30,381 192,420 Sept. 1,000 212 14,298 4,834 9,464 5,059 851 3,079 225,490 30,270 195,220 4,971 801 3,059 228,006 30,268 197,738 3,174 573 1,837 229,399 30,653 198,746 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. NOTE.—FHLBB data. 2 Includes shares pledged against mortgage loans; beginning 1966, also 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 • NOVEMBER 1973 FEDERAL NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ASSOCIATION ACTIVITY AUCTIONS (In millions of dollars) Government-underwritten Conventional home loans home loans Mortgage Mortgage Mortgage holdings transactions commitments (during Date of auction Mortgage Average Mortgage Average End of period) amounts yield amounts yield period (short- (short- Total F su H in re A - d - a g 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 te m e r n m m ts i ) t - Offered ce A p c te - d c m o te e m r n m m ts i ) t - 1 1 1 9 9 9 6 6 7 9 8 0 1 1 7 0 5 , , , 1 9 4 6 4 9 7 5 2 1 r r 5 7 1 , , , 1 6 0 2 7 6 2 6 3 r r 3 4 2 , , , 2 4 0 6 2 4 9 9 6 4 5 1 , , , 1 0 9 7 2 4 9 0 4 20 2 6 8 , , , 6 0 6 9 4 3 6 7 0 3 5 1 , , , 5 2 2 8 3 0 7 9 3 In m d i o l l l l i a o r n s s of per I n c ent In m d i o l l l l i a o r n s s of per I n c ent 197 1 17,791 12,681 '5,110 3,574 r336 9,828 6,497 197 2 19,791 14,624 5,112 3,699 211 8,797 8,124 1972—Dec. 26. 108.7 66.3 7.69 1972-Sept.. 19,296 14,380 4,888 408 814 7,327 1973—Apr. 2... 234.6 145.9 7.86 Oct... 19,438 14,462 4,939 265 979 7,602 3.... 111.9 81.6 8.11 D N e o c v . . . . 1 19 9 , , 7 6 9 1 1 9 1 1 4 4 , , 5 6 5 2 8 4 5 5 , , 0 1 1 1 6 2 3 30 2 6 2 1,2 4 3 4 7 7 7 8 , , 4 1 5 2 2 4 1 1 6 7 . . . . . . , 216.6 190.7 7.89 111.0 88.4 8.17 1973-Jan... 19,982 14,743 5,170 348 458 8,034 30..., 261.2 i85.9 7.92 128.9 88.2 8.23 Feb.. 20,181 14,872 r5,222 334 478 7,972 May 14 258.3 187.7 7.96 117.6 84.4 8.31 A M p a r r . . . . 2 2 0 0 , , 5 7 7 9 1 1 1 1 5 5 , , 2 3 0 9 1 0 5 5 , , 2 2 5 6 9 9 3 5 5 2 5 2 r1,2 9 1 33 1 '8 8 , , 7 1 4 3 2 9 28..., 212.4 140.0 8.00 113.3 73.9 8.39 J M u a n y e . . r2 2 1 1 , , 0 4 8 1 7 3 1 1 5 5 , , 5 7 8 6 1 8 5 5 , ,4 3 1 3 1 5 4 5 7 1 2 6 1 1 , , 1 1 9 8 1 0 9 9, , 7 3 7 1 8 2 June 2 1 5 1 . .. . , 1 19 8 9 4 . . 3 5 1 1 4 1 2 8 . . 2 7 8 8. . 0 0 9 4 1 9 1 5 0 . . 0 1 6 7 9 4 . . 4 1 8 8. . 5 4 1 4 July.. 21,772 15,877 5,574 516 1,102 9,859 A Se u p g t . . . . '2 2 2 2 , , 3 8 1 3 9 1 1 1 6 6 , , 0 2 8 9 5 3 5 5 , , 7 9 6 3 1 7 6 6 9 3 9 3 1,0 7 1 2 9 4 9 9 , , 8 6 0 0 9 2 July 2 9 3. . . . . . 5 35 3 1 9 . . 4 3 2 1 4 8 4 1 . . 8 4 8 8 . . 3 5 8 4 1 1 0 1 8 9 . . 4 0 7 6 2 1 . . 5 7 8 8. . 7 6 9 7 Aug. 6... 458.5 201.9 8.71 154.3 77.4 8.98 NOTE.—FNMA data. Total holdings include conventional loans. Data 20. . 525.0 223.8 8.95 171.3 77.2 9.27 prior to Sept. 1968 relate to secondary market portfolio of former FNMA. Mortgage holdings include loans used to back bond issues guaranteed by Sept. 4. . 551.0 288.9 9.27 118.6 61.5 9.53 GNMA. Mortgage commitments made during the period include some 17. . 138.1 107.9 9.37 48.6 46.8 9.68 multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in FNMA's free market auction Oct. 32.5 24.1 9.11 9.1 7.1 9.43 system, and through the FNMA-GNMA Tandem Plan (Program 18). 15. . 24.8 16.6 8.97 18.6 16.1 9.10 29. . 28.2 21.6 8.94 17.4 9.4 9.01 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- GOVERNMENT NATIONAL MORTGAGE ment fees and FNMA stock purchase and holding requirements. Since Oct. 18, 1971, the maturity on new short-term commitments has been ASSOCIATION ACTIVITY 4 months. Mortgage amounts offered by bidders are total bids received. (In millions of dollars) Mortgage MMoorrttggaaggee Mortgage GNMA MORTGAGE-BACKED SECURITY PROGRAM holdings ttrraannssaaccttiioonnss commitments ((dduurriinngg End of ppeerriioodd)) (In millions of dollars) period Total FF ssuu HH iinn rree AA -- dd -- aa gg nn VV uu tt AA ee aa ee rr -- -- dd c P ha u s r e - s Sales dd pp MM uu eerr rr aa ii ii dd oo nn ee dd gg sstt OO ii aa nn nn uu gg tt dd -- Pass-through securities Bonds Period sold Applications Securities 196 7 3,348 22222,,,,,777775555566666 555559999922222 888886666600000 1111,,,,000044445555 11111,,,,,111117777711111 received issued 196 8 4,220 33333,,,,,555556666699999 666665555511111 11111,,,,,000008888899999 1 888866667777 11111,,,,,222226666666666 196 9 4,820 44444,,,,,222222222200000 666660000000000 888882222277777 666611115555 11111,,,,,111113333311111 197 0 5,184 44444,,,,,666663333344444 555555555500000 666662222211111 888899997777 777773333388888 197 0 1,126.2 452.4 1,315.0 197 1 5,294 44444,,,,,777777777777777 555551111177777 333339999933333 11111,,,,,444449999944444 197 1 4,373.6 2,701.9 300.0 197 2 5,113 197 2 3,854.5 2,661.7 1972-Sept.. 5,278 1972—Sept. 192.0 130.9 Oct... 5,203 Oct.. 237.8 164.1 Nov.. 5,152 Nov. 226.4 138.2 Dec.. 5,113 Dec. 440.9 299.8 1973-Jan.. 5,117 1973—Jan.. 515.7 323.3 Feb.. 4,984 Feb., 167.2 216.8 Mar.. 4,663 Mar. 339.4 139.9 Apr.. 4,439 Apr. 467.8 182.1 May. 3,980 May 563.3 338.8 June. 3,908 June 243.1 315.3 July.. 4,156 July. 215.7 384.7 Aug.. 4,455 Aug. 174.0 191.3 Sept.. 4,429 Sept. 533.8 380.0 NOTE.—GNMA data. Total holdings include a small amount of con- NOTE.—GNMA data. Under the Mortgage-Backed Security Program, ventional loans. Data prior to Sept. 1968 relate to Special Assistance and GNMA guarantees the timely payment of principal and interest on both Management and Liquidating portfolios of former FNMA and include pass-through and bond-type securities, which are backed by a pool of mortgages subject to participation pool of Government Mortgage Liquida- mortgages insured by FHA or Farmers Home Admin, or guaranteed by tion Trust, but exclude conventional mortgage loans acquired by former VA and issued by an approved mortgagee. To date, bond-type securities FNMA. have been issued only by FNMA and FHLMC. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 FHLBB series HUD YYiieelldd Mortgages Mortgages PPPeeerrriiioooddd (effective rate) series oonn FFHHAA-- PPPeeerrriiioooddd PPrroopp-iinnssuurreedd PPrroo-- eerrttyy New Existing New ll hh nn oo oo ee aa mm ww nnss ee -- TToottaall h N o e m w e s h is o E t m i x n - g es jjeeccttss 11 mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall33 h N om ew es h is o E t m i x n - e g s homes homes homes 1965. 8,689 1,705 5,760 591 634 2,652 876 1,776 1968 6.97 7.03 7.12 7.21 1966. 7,320 1,729 4,366 583 641 2,600 980 1,618 1969. 7.81 7.82 7.99 8.29 1967, 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1970, 8.44 8.35 8.52 9.03 1968 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1971. 7.74 7.67 7.75 7.70 1969. 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 1972, 7.60 7.52 7.64 7.52 1970. 11,982 2,667 5,447 3,251 617 3,440 1,311 2,129 1972-—Oct 7.62 7.57 7.70 7.57 1971. 14,689 3,900 6,475 3,641 674 5,961 1,694 4,267 Nov 7.64 7.57 7.70 7.57 1972, 12,320 3,459 4,608 3,448 805 8,293 2,539 5,754 Dec 7.66 7.59 7.70 7.56 1972--Sept.. r957 245 340 r295 77 758 212 546 1973-—Jan 7.68 7.68 7.70 7.55 Oct... r847 255 343 rl 55 94 720 204 516 Feb 7.70 7.72 7.75 7.56 Nov.. r985 261 331 r296 97 790 246 544 Mar 7.68 7.69 7.80 7.63 Dec.. 964 190 245 444 85 715 220 495 Apr 7.71 7.70 7.90 7.73 May 7.71 7.77 7.95 7.79 1973--Jan... 834 254 324 197 59 681 218 463 June 7.79 7.79 8.05 7.89 Feb.. 710 162 235 262 52 592 187 405 July 7.87 7.84 8.40 8.19 Mar.. 969 195 268 440 65 596 185 411 Aug 7.94 8.01 8.85 Apr.. 620 151 223 172 74 621 187 434 Sept 8.17 8.26 8.95 9.18 May. 562 158 228 122 81 634 198 436 Oct 88..2299 88..4466 June. 650 153 229 207 61 646 182 464 July.. 559 143 250 100 66 666 204 462 Aug.. 524 100 195 154 75 569 193 376 NOTE.—Annual data are averages of monthly figures. The Sept.. 477 90 177 127 84 565 184 381 Housing and Urban Development (FHA) data are based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding month. Yields on 1 Monthly figures do not reflect mortgage amendments included in annual FHA-insured mortgages are derived from weighted averages of totals. private secondary market prices for Sec. 203, 30-year mortgages 2 Not ordinarily secured by mortgages. with minimum downpayment and an assumed prepayment 3 Includes refinancing loans, mobile home loans and also a small amount of at the end of 15 years. Any gaps in data are due to periods of alteration and repair loans, not shown separately; only such loans in amounts adjustment to changes in maximum permissible contract in- of more than $1,000 need be secured. terest rates. The HUD (FHA) interest rates on conventional first mortgages in primary markets are unweighted and are NOTE.—FHA and VA data. FHA-insured loans represent gross amount rounded to the nearest 5 basis points. The FHLBB effective of insurance written; VA-guaranteed loans, gross amounts of loans closed. rate series reflects fees and charges as well as contract rates (as Figures do not take into account principal repayments on previously insured shown in the table on conventional first-mortgage terms, p. or guaranteed loans. For VA-guaranteed loans, amounts by type are derived A-35) and an assumed prepayment at end of 10 years. from data on number and average amount of loans closed. DELINQUENCY RATES ON HOME MORTGAGES FEDERAL HOME LOAN MORTGAGE CORPORATION ACTIVITY (Per 100 mortgages held or serviced) (In millions of dollars) Loans not in foreclosure but delinquent for— LLooaannss iinn Mortgage Mortgage Mortgage ffoorree-- holdings transactions commitments EEnndd ooff ppeerriioodd cclloossuurree (during period) Total 30 days 60 days o 9 r 0 m da o y r s e EEnndd ooff ppeerriioodd Con- Made Out- Total FHA- ven- Pur- Sales during stand- 1965 3.29 2.40 .55 .34 .40 VA tional chases period ing 1966 3.40 2.54 .54 .32 .36 1967 3.47 2.66 .54 .27 .32 1968 3.17 2.43 .51 .23 .26 1970 333333222222555555 333333222222555555 333333222222555555 1969 3.22 2.43 .52 .27 .27 1971 999999666666888888 888888222222111111 111114444477777 777777777777888888 666444 111118888822222 1972 111111,,,,,,777777999999000000 111111,,,,,,555555000000333333 222228888877777 111111,,,,,,222222999999888888 444000888 111119999988888 1970 3.64 2.67 .61 .36 .33 1971 3.93 2.82 .65 .46 .46 1972—Aug 111111,,,,,,444444999999888888 111111,,,,,,333333999999444444 111110000044444 111111000000777777 777555 111000999 222226666633333 1972 4.65 3.42 .78 .45 .48 Sept 111111,,,,,,555555444444555555 111111,,,,,,444444000000888888 111113333377777 666666666666 111333 111333666 333331111188888 Oct 111111,,,,,,666666333333111111 111111,,,,,,444444333333999999 111119999922222 111111000000222222 999 111888999 333337777711111 1971—1 3.21 2.26 .56 .39 .40 Nov ''''''111111,,,,,,777777444444333333 111111,,,,,,444444999999111111 222225555533333 111111222222888888 111000 888999 222229999933333 II 3.27 2.36 .53 .38 .38 Dec rrrrrrllllll,,,,,,777777888888999999 111111,,,,,,555555000000333333 rrrrr222228888866666 111111444444333333 888777 999333 111119999988888 Ill 3.59 2.54 .62 .43 .41 IV 3.93 2.82 .65 .46 .46 1973—Jan 111111,,,,,,777777666666111111 111111,,,,,,555555111111777777 222224444444444 777777666666 999999 111444222 222222222266666 Feb 111111,,,,,,666666777777777777 111111,,,,,,555555333333555555 111114444422222 777777666666 111555000 111666666 333330000000000 1972—1 3.16 2.21 .58 .37 .50 Mar 111111,,,,,,777777111111888888 111111,,,,,,555555888888999999 111112222288888 111111111111999999 666888 111444111 222229999955555 II 3.27 2.38 .53 .36 .48 Apr 111111,,,,,,777777888888444444 111111,,,,,,666666444444666666 111113333388888 111111222222666666 555111 111999333 333334444433333 Ill 3.82 2.74 .65 .43 .52 May 111111,,,,,,999999000000666666 111111,,,,,,666666999999555555 222221111111111 111111444444777777 111777 111888777 333334444444444 TIVV 1 . J \4 4 . . 6 6 5 6 3 3 . . 4 4 1 2 . .7 7 8 9 . . 4 4 6 5 . .4 5 8 0 J J u u l n y e 222222 222222 ,,,,,, ,,,,,, 111111 000000 555555 222222 888888 999999 111111 111111 ,,,,,, ,,,,,, 777777 777777111111 111111 666666 444444 44444 33333 44444 11111 44444 33333 111111 111111 444444 555555 000000 444444 222111 111 111 333 555 999 999 22222 33333 77777 11111 88888 66666 1973—1 3.63 2.52 .68 .43 Aug 222222,,,,,,333333000000777777 rrrrrrllllll,,,,,,777777222222888888 555557777799999.....44444 111111666666111111 222000888 222229999911111 II 33..8844 22..8811 ..6644 ..3399 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 include 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 conventional 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 • NOVEMBER 1973 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Home Auto- consumer improve- Personal Single- Charge Service Total mobile goods ment 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 3.337 196 5 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 6,430 4,889 196 6 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 6,686 5,336 196 7 100,783 79,428 29,796 22,389 4.008 23,235 21,355 8,558 7,070 5,727 196 8 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 7,193 6,300 196 9 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 197 0 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 197 1 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 197 2 157,564 127,332 44,129 40,080 6,201 36,922 30,232 12,256 9,002 8,974 1972—Sept. 148,976 121,193 42,644 36,745 6,049 35,755 27,783 11,541 7,693 8,549 Oct.. 150,576 122,505 43,162 37,216 6,124 36,003 28,071 11,717 7,780 8,574 Nov. 152,968 124,325 43,674 38,064 6,174 36,413 28,643 11,917 8,010 8,716 Dec. 157,564 127,332 44,129 40,080 6,201 36,922 30,232 12,256 9,002 8,974 1973—Jan.. 157,227 127,368 44,353 39,952 6,193 36,870 29,859 12,204 8,357 9,298 Feb. 157,582 127,959 44,817 39,795 6,239 37,108 29,623 12,409 7,646 9,568 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 June 167,083 136,018 48,549 41,853 6,688 38,928 31,065 12,990 8,555 9,520 July. 169,148 138,212 49,352 42,575 6,845 39,440 30,936 12,968 8,479 9,489 Aug. 171,978 140,810 50,232 43,505 7.009 40,064 31,168 13,111 8,605 9,452 Sept. 137,035 142,093 50,557 44,019 7,120 40,397 30,942 13,088 8,335 9,519 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage cluded in "Other consumer goods paper." loans. For back figures and description of the data, see "Consumer Credit," Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965 NOTE.—Consumer credit estimates cover loans to individuals for house- and BULLETINS for Dec. 1968 and Oct. 1972. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets EEnndd ooff ppeerriioodd TToottaall Com- Finance Mis- Auto- Other Total mercial compa- Credit cellaneous Total mobile retail banks nies 1 unions lenders 1 dealers 2 outlets 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 1967r. 79,428 67,944 33,152 24,576 9,003 1,213 11,484 287 11,197 19681. 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 i—Sept 121,193 107,278 57,566 30,650 16,439 2,623 13,915 253 13,662 Oct 122,505 108,405 58,266 30,970 16,556 2,613 14,100 257 13,843 Nov 124,325 109,673 58,878 31,427 16,742 2,626 14,652 259 14,393 Dec 127,332 111,382 59,783 32,088 16,913 2,598 15,950 261 15,689 127,368 111,690 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 Mar 129,375 114,190 61,388 32,750 17,239 2,813 15,185 272 14,913 Apr 131,022 115,727 62,459 33,078 17,455 2,735 15,295 278 15,017 May 133,531 118,165 63,707 33.859 17,832 2,767 15,366 284 15,082 June 136,018 120,450 64,999 34,367 18,269 2,815 15,568 289 15,279 July 138,212 122,479 66,065 35,020 18,517 2,877 15,733 293 15,440 Aug 140,810 124,823 67,381 35,634 18,961 2,847 15,987 296 15,691 Sept 142,093 126,040 67,918 35,993 19,207 2,922 16,053 297 15,756 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
november 1973 • consumer credit A 55 MAJOR HOLDERS OF INSTALMENT CREDIT (In millions of dollars) Commercial banks Finance companies i Automobile Other consumer Other consumer paper goods paper Home Per- Auto- goods paper Home Total improve- sonal Total mobile improvement loans paper ment Pur- Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes 1,452 339 276 232 165 440 2,278 1,253 159 745 66 143 114 110 312 910 202 40 5,798 1,177 1,294 1,456 834 1,037 5,315 3,157 692 10,601 3,243 2,062 2,042 1,338 1,916 11,838 7,108 1,448 16,672 5,316 2,820 2,759 2,200 3,577 15,435 7,703 2,553 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 33,152 10,972 6,232 5,469 2,731 7,748 24,576 8,627 5,069 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 59,783 16,320 10,776 5,786 5,288 5,122 3,544 12,947 32,088 10,174 2,916 3,589 57,566 15,754 10,381 5,471 4,750 5,030 3,522 12,658 30,650 9,835 2,820 3,367 58,266 15,996 10,534 5,590 4,782 5,053 3,555 12,756 30,970 9,914 2,862 3,430 58,878 16,180 10,674 5,690 4,868 5,063 3,557 12,846 31,427 10,026 2,899 3,476 59,783 16,320 10,776 5,786 5,288 5,122 3,544 12,947 32,088 10,174 2,916 3,589 60,148 16,464 10,889 5,839 5,311 5,135 3,527 12,983 32,177 10,177 2,928 3,644 60,582 16,680 10,977 5,932 5,283 5,158 3,515 13,037 32,431 10,267 2,909 3,752 61,388 16,951 11,216 6,035 5,243 5,289 3,538 13,116 32,750 10,419 2,943 3,796 62,459 17,327 11,436 6,163 5,290 5,401 3,581 13,261 33,078 10,617 2,991 3,831 63,707 17,716 11,680 6,321 5,360 5,538 3,635 13,457 33,859 10,872 3,025 3,985 64,999 18,138 11,866 6,473 5,502 5,688 3,700 13,632 34,367 11,121 3,081 4,002 66,065 18,439 12,023 6,629 5,603 5,815 3,774 13,782 35,020 11,365 3,132 4,103 67,381 18,771 12,190 6,825 5,792 5,923 3,863 14,017 35,634 11,583 3,187 4,194 67,918 18,886 12,160 6,956 5,909 5,978 3,903 14,126 35,993 11,721 3,235 4,265 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 payment Charge accounts Auto- con- Home Per- loans End of period Total mobile sumer improve- sonal paper goods ment loans Total paper loans End of period Com- Other mer- finan- Retail Credit cial cial outlets cards 1 188 36 7 13 132 banks insti- 121 16 4 10 91 tutions 692 159 40 102 391 1,959 560 130 313 956 4,566 1.460 297 775 2,034 1 1 9 9 4 4 5 0 2 3 , , 8 2 2 0 4 3 6 6 7 3 4 6 1 7 6 2 4 1 1 , , 6 4 1 71 2 8,289 3,036 498 933 3,822 1950 6,768 1,576 245 3,291 76 9,315 3,411 588 980 4,336 1955 9,924 2,635 367 4,579 216 10,216 3,678 654 1,085 4,799 1960 13,173 3,884 623 4,893 436 11,717 4,238 771 1.215 5,493 13,722 4,941 951 1,443 6,387 196 5 18,990 6,690 981 5,724 706 196 6 19,994 6,946 1,026 5,812 874 1 17 5 , , 0 0 2 8 1 8 5 5 , , 1 7 1 4 6 7 1 1 , , 1 4 7 7 7 2 1 1 , ,9 8 3 0 0 0 7 6 , , 8 99 7 5 2 1 19 9 6 6 7 8 ....:.. .. 2 2 1 3 , , 3 0 5 2 5 5 7 8 , , 4 3 7 7 8 4 1 1 , ,1 0 5 8 8 0 6 5 , , 0 9 4 6 1 6 1 1, , 2 0 2 2 7 9 19,511 6,598 1,690 2,160 9,063 196 9 24,041 8,553 1,194 5,936 1,437 19,062 6,421 1,645 2,144 8,852 197 0 25,099 8,469 1,206 6,163 1,805 19,169 6.461 1,656 2,157 8,895 197 1 27,099 9,316 1,269 6,397 1,953 19,368 6,535 1,675 2,165 8,993 197 2 30,232 10,857 1,399 7,055 1,947 19,511 6,598 1,690 2,160 9,063 1972—Sept.. . 27,783 10,165 1,376 5,613 2,080 19,365 6,560 1,680 2,138 8,987 Oct 28,071 10,339 1.378 5,794 1,986 19,617 6,627 1,698 2,162 9,130 Nov 28,643 10,527 1,390 6,081 1,929 20,052 6,752 1,732 2,209 9,359 Dec.... 30,232 10,857 1,399 7,055 1,947 20,190 6,820 1,748 2.216 9,406 20,599 6,966 1,785 2,250 9,598 1973—Jan.... 29,859 10,825 1.379 6,402 1,955 21,084 7,135 1,828 2,294 9,827 Feb.... 29,623 10,989 1,420 5,735 1,911 21,394 7,232 1,853 2,338 9,971 Mar.... 29,945 11,074 1,466 5,825 1,877 21,808 7,392 1,893 2,375 10,148 Apr 30,469 11,237 1,449 6,129 1,907 22,129 7,493 1,920 2,408 10,308 May... 30,746 11,359 1,458 6,387 1,932 June... 31,065 11,520 1,470 6,544 2,011 July. .. 30,936 11,491 1,477 6,424 2,055 NOTE.—Other financial lenders consist of credit unions and miscel- Aug 31,168 11,655 1,456 6,475 2,130 laneous lenders. Miscellaneous lenders include savings and loan associa- Sept.... 30,942 11,608 1,480 6,229 2,106 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 • NOVEMBER 1973 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Home improvement Total Automobile paper goods paper loans Personal loans PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 | N.S.A. S.A.1 N.S.A. Extensions 11996655 777777777888888888,,,,,,,,,666666666666666666111111111 222222222777777777,,,,,,,,,222222222000000000888888888 222222222222222222,,,,,,,,,888888888555555555777777777 222222222,,,,,,,,,222222222777777777000000000 222222222666666666,,,,,,,,,333333333222222222666666666 1966 888888888222222222,,,,,,,,,888888888333333333222222222 222222222777777777,,,,,,,,,111111111999999999222222222 222222222666666666,,,,,,,,,333333333222222222999999999 222222222,,,,,,,,,222222222222222222333333333 222222222777777777,,,,,,,,,000000000888888888888888888 1967 888888888777777777,,,,,,,,,111111111777777777111111111 222222222666666666,,,,,,,,,333333333222222222000000000 222222222999999999,,,,,,,,,555555555000000000444444444 222222222,,,,,,,,,333333333666666666999999999 222222222888888888,,,,,,,,,999999999777777777888888888 1968 999999999999999999,,,,,,,,,999999999888888888444444444 333333333111111111,,,,,,,,,000000000888888888333333333 333333333333333333,,,,,,,,,555555555000000000777777777 222222222,,,,,,,,,555555555333333333444444444 333333333222222222,,,,,,,,,888888888666666666000000000 1969 111111111000000000999999999,,,,,,,,,111111111444444444666666666 333333333222222222,,,,,,,,,555555555555555555333333333 333333333888888888,,,,,,,,,333333333333333333222222222 222222222,,,,,,,,,888888888333333333111111111 333333333555555555,,,,,,,,,444444444333333333000000000 1970 111111111111111111222222222,,,,,,,,,111111111555555555888888888 222222222999999999,,,,,,,,,777777777999999999444444444 444444444333333333,,,,,,,,,888888888777777777333333333 222222222,,,,,,,,,999999999666666666333333333 333333333555555555,,,,,,,,,555555555222222222888888888 1971 111111111222222222444444444,,,,,,,,,222222222888888888111111111 333333333444444444,,,,,,,,,888888888777777777333333333 444444444777777777,,,,,,,,,888888888222222222111111111 333333333,,,,,,,,,222222222444444444444444444 333333333888888888,,,,,,,,,333333333444444444333333333 1972 111111111444444444222222222,,,,,,,,,999999999555555555111111111 444444444000000000,,,,,,,,,111111111999999999444444444 555555555555555555,,,,,,,,,555555555999999999999999999 444444444,,,,,,,,,000000000000000000666666666 444444444333333333,,,,,,,,,111111111555555555222222222 111999777222———SSSeeeppp ttt 11,953 111111111111111111,,,,,,,,,555555555333333333555555555 3,368 333333333,,,,,,,,,111111111111111111000000000 4,772 444444444,,,,,,,,,666666666999999999555555555 340 333333333666666666000000000 3,473 333333333,,,,,,,,,333333333777777777000000000 OOOcccttt 12,404 111111111222222222,,,,,,,,,333333333333333333777777777 3,504 333333333,,,,,,,,,666666666666666666333333333 4,971 444444444,,,,,,,,,888888888333333333111111111 335 333333333444444444777777777 3,594 333333333,,,,,,,,,444444444999999999666666666 NNNooovvv 12,846 111111111222222222,,,,,,,,,888888888000000000666666666 3,620 333333333,,,,,,,,,555555555000000000555555555 5,118 555555555,,,,,,,,,222222222000000000222222222 327 333333333222222222111111111 3,781 333333333,,,,,,,,,777777777777777777888888888 DDDeeeccc 12,627 111111111333333333,,,,,,,,,666666666444444444333333333 3,763 333333333,,,,,,,,,111111111999999999555555555 4,876 666666666,,,,,,,,,111111111777777777111111111 351 222222222888888888000000000 3,637 333333333,,,,,,,,,999999999999999999777777777 111999777333———JJJaaa n n n 13,304 111111111111111111,,,,,,,,,999999999222222222333333333 4,006 333333333,,,,,,,,,333333333999999999333333333 5,282 444444444,,,,,,,,,999999999444444444999999999 329 222222222555555555999999999 3,687 333333333,,,,,,,,,333333333222222222222222222 FFFeeebbb 13,434 111111111111111111,,,,,,,,,222222222111111111444444444 3,972 333333333,,,,,,,,,444444444000000000777777777 5,245 444444444,,,,,,,,,222222222555555555222222222 364 333333333000000000000000000 3,853 333333333,,,,,,,,,222222222555555555555555555 MMMaaarrr 13,852 111111111333333333,,,,,,,,,666666666888888888111111111 4,001 444444444,,,,,,,,,111111111666666666444444444 5,349 555555555,,,,,,,,,111111111666666666999999999 406 333333333777777777777777777 4,096 333333333,,,,,,,,,999999999777777777111111111 AAAppprrr 13,465 111111111333333333,,,,,,,,,666666666666666666111111111 3,822 444444444,,,,,,,,,111111111000000000111111111 5,563 555555555,,,,,,,,,333333333777777777888888888 365 333333333777777777222222222 3,715 333333333,,,,,,,,,888888888111111111000000000 MMMaaayyy 13,932 111111111444444444,,,,,,,,,777777777999999999222222222 3,989 444444444,,,,,,,,,444444444000000000999999999 5.504 555555555,,,,,,,,,666666666999999999888888888 374 444444444333333333111111111 4,065 444444444,,,,,,,,,222222222555555555444444444 JJJuuunnneee 13,646 111111111444444444,,,,,,,,,666666666000000000888888888 3,762 444444444,,,,,,,,,333333333111111111333333333 5.505 555555555,,,,,,,,,666666666777777777888888888 400 444444444555555555000000000 3,979 444444444,,,,,,,,,111111111666666666777777777 JJJuuulllyyy 14,542 111111111444444444,,,,,,,,,888888888111111111222222222 3,930 444444444,,,,,,,,,111111111777777777777777777 5,943 555555555,,,,,,,,,777777777555555555333333333 433 444444444777777777222222222 4,236 444444444,,,,,,,,,444444444111111111000000000 AAAuuuggg 14,294 111111111555555555,,,,,,,,,000000000999999999999999999 3,968 444444444,,,,,,,,,222222222555555555222222222 5,961 666666666,,,,,,,,,000000000666666666555555555 408 444444444777777777111111111 3,957 444444444,,,,,,,,,333333333111111111111111111 SSSeeepppttt 13,691 111111111222222222,,,,,,,,,666666666222222222444444444 3,939 333333333,,,,,,,,,444444444777777777666666666 5,537 555555555,,,,,,,,,222222222111111111777777777 410 444444444222222222000000000 3,805 333333333,,,,,,,,,555555555111111111111111111 Repayments 111999666555 777777777000000000,,,,,,,,,444444444666666666333333333 222222222333333333,,,,,,,,,777777777000000000666666666 222222222000000000,,,,,,,,,777777777000000000777777777 222222222,,,,,,,,,111111111111111111222222222 222222222333333333,,,,,,,,,999999999333333333888888888 1966 777777777777777777,,,,,,,,,444444444888888888000000000 222222222555555555,,,,,,,,,666666666111111111999999999 222222222444444444,,,,,,,,,000000000888888888000000000 222222222,,,,,,,,,111111111111111111888888888 222222222555555555,,,,,,,,,666666666666666666333333333 1967 888888888333333333,,,,,,,,,999999999888888888888888888 222222222666666666,,,,,,,,,555555555333333333444444444 222222222777777777,,,,,,,,,888888888444444444777777777 222222222,,,,,,,,,222222222000000000222222222 222222222777777777,,,,,,,,,444444444000000000555555555 1968 999999999111111111,,,,,,,,,666666666666666666777777777 222222222777777777,,,,,,,,,999999999333333333111111111 333333333111111111,,,,,,,,,222222222777777777000000000 222222222,,,,,,,,,333333333000000000333333333 333333333000000000,,,,,,,,,111111111666666666333333333 1969 999999999999999999,,,,,,,,,777777777888888888666666666 222222222999999999,,,,,,,,,999999999777777777444444444 333333333444444444,,,,,,,,,666666666444444444555555555 222222222,,,,,,,,,444444444555555555777777777 333333333222222222,,,,,,,,,777777777111111111000000000 1970 111111111000000000777777777,,,,,,,,,111111111999999999999999999 333333333000000000,,,,,,,,,111111111333333333777777777 444444444000000000,,,,,,,,,777777777222222222111111111 222222222,,,,,,,,,555555555000000000666666666 333333333333333333,,,,,,,,,888888888333333333555555555 1971 111111111111111111555555555,,,,,,,,,000000000555555555000000000 333333333111111111,,,,,,,,,333333333999999999333333333 444444444444444444,,,,,,,,,999999999333333333333333333 222222222,,,,,,,,,999999999000000000111111111 333333333555555555,,,,,,,,,888888888222222222333333333 1972 111111111222222222666666666,,,,,,,,,999999999111111111444444444 333333333444444444,,,,,,,,,777777777222222222999999999 444444444999999999,,,,,,,,,888888888777777777222222222 333333333,,,,,,,,,222222222111111111888888888 333333333999999999,,,,,,,,,000000000999999999555555555 111999777222———SSSeeeppp ttt 10,667 111111111000000000,,,,,,,,,222222222555555555333333333 2,873 222222222,,,,,,,,,777777777888888888999999999 4,303 444444444,,,,,,,,,111111111333333333888888888 263 222222222666666666111111111 3,228 333333333,,,,,,,,,000000000666666666555555555 OOOcccttt 10,908 111111111111111111,,,,,,,,,000000000222222222555555555 3,041 333333333,,,,,,,,,111111111444444444555555555 4,354 444444444,,,,,,,,,333333333666666666000000000 263 222222222777777777222222222 3,250 333333333,,,,,,,,,222222222444444444888888888 NNNooovvv 11,128 111111111000000000,,,,,,,,,999999999888888888666666666 3,023 222222222,,,,,,,,,999999999999999999333333333 4,444 444444444,,,,,,,,,333333333555555555444444444 271 222222222777777777111111111 3,390 333333333,,,,,,,,,333333333666666666888888888 DDDeeeccc 10,964 111111111000000000,,,,,,,,,666666666333333333666666666 2,977 222222222,,,,,,,,,777777777444444444000000000 4,341 444444444,,,,,,,,,111111111555555555555555555 263 222222222555555555333333333 3,383 333333333,,,,,,,,,444444444888888888888888888 111999777333———JJJaaa nnn 11,355 111111111111111111,,,,,,,,,888888888888888888777777777 3,097 333333333,,,,,,,,,111111111666666666999999999 4,649 555555555,,,,,,,,,000000000777777777777777777 267 222222222666666666777777777 3,342 333333333,,,,,,,,,333333333777777777444444444 FFFeeebbb 11,437 111111111000000000,,,,,,,,,666666666222222222333333333 3,145 222222222,,,,,,,,,999999999444444444333333333 4,627 444444444,,,,,,,,,444444444000000000999999999 275 222222222555555555444444444 3,390 333333333,,,,,,,,,000000000111111111777777777 MMMaaarrr 11,808 111111111222222222,,,,,,,,,222222222666666666555555555 3,225 333333333.........333333333777777777111111111 4,755 555555555,,,,,,,,,000000000111111111333333333 286 222222222888888888888888888 3,542 333333333,,,,,,,,,555555555999999999333333333 AAAppprrr 12,061 111111111222222222,,,,,,,,,000000000111111111444444444 3,218 333333333,,,,,,,,,222222222333333333333333333 4,963 444444444,,,,,,,,,888888888888888888888888888 294 222222222999999999222222222 3,586 333333333,,,,,,,,,666666666000000000111111111 MMMaaayyy 11,941 111111111222222222,,,,,,,,,222222222888888888333333333 3,261 333333333,,,,,,,,,333333333666666666999999999 4,917 555555555,,,,,,,,,000000000444444444333333333 290 222222222999999999888888888 3,473 333333333,,,,,,,,,555555555777777777333333333 JJJuuunnneee 12,034 111111111222222222,,,,,,,,,111111111222222222111111111 3,253 333333333,,,,,,,,,222222222888888888222222222 4,955 444444444,,,,,,,,,999999999222222222111111111 300 333333333000000000333333333 3,526 333333333,,,,,,,,,666666666111111111555555555 JJJuuulllyyy 12,544 111111111222222222,,,,,,,,,666666666111111111888888888 3,334 333333333,,,,,,,,,333333333777777777444444444 5,141 555555555,,,,,,,,,000000000333333333111111111 308 333333333111111111555555555 3,761 333333333,,,,,,,,,888888888999999999888888888 AAAuuuggg 12,399 111111111222222222,,,,,,,,,555555555000000000111111111 3,293 333333333.........333333333777777777222222222 5,168 555555555,,,,,,,,,111111111333333333555555555 298 333333333000000000777777777 3,640 333333333,,,,,,,,,666666666888888888777777777 SSSeeepppttt 12,332 111111111111111111,,,,,,,,,333333333444444444111111111 3,406 333333333,,,,,,,,,111111111555555555111111111 5,072 444444444,,,,,,,,,777777777000000000333333333 322 333333333000000000999999999 3,532 333333333,,,,,,,,,111111111777777777888888888 Net change in credit outstanding 2 111999666555 888888888,,,,,,,,,111111111999999999888888888 333333333,,,,,,,,,555555555000000000222222222 222222222,,,,,,,,,111111111555555555000000000 111111111555555555888888888 222222222,,,,,,,,,333333333888888888888888888 1966 555555555,,,,,,,,,333333333555555555222222222 111111111,,,,,,,,,555555555777777777333333333 222222222,,,,,,,,,222222222444444444999999999 111111111000000000555555555 111111111,,,,,,,,,444444444222222222555555555 1967 333333333,,,,,,,,,111111111888888888333333333 ---------222222222111111111444444444 111111111,,,,,,,,,666666666555555555777777777 111111111666666666777777777 111111111,,,,,,,,,555555555777777777333333333 1968 888888888,,,,,,,,,333333333111111111777777777 333333333,,,,,,,,,111111111555555555222222222 222222222,,,,,,,,,222222222333333333777777777 222222222333333333111111111 222222222,,,,,,,,,666666666999999999777777777 1969 999999999,,,,,,,,,333333333666666666000000000 222222222,,,,,,,,,555555555777777777999999999 333333333,,,,,,,,,666666666888888888777777777 333333333777777777444444444 222222222,,,,,,,,,777777777222222222000000000 1970 444444444,,,,,,,,,999999999555555555999999999 ---------333333333444444444333333333 333333333,,,,,,,,,111111111555555555222222222 444444444555555555777777777 111111111,,,,,,,,,666666666999999999333333333 1971 999999999,,,,,,,,,222222222333333333111111111 333333333,,,,,,,,,444444444888888888000000000 222222222,,,,,,,,,888888888888888888888888888 333333333444444444333333333 222222222,,,,,,,,,555555555222222222000000000 1972 111111111666666666,,,,,,,,,000000000333333333777777777 555555555,,,,,,,,,444444444666666666555555555 555555555,,,,,,,,,777777777222222222777777777 777777777888888888888888888 444444444,,,,,,,,,000000000555555555777777777 1972—Sep t 1,286 111111111,,,,,,,,,222222222888888888222222222 495 333333333222222222111111111 469 555555555555555555777777777 77 999999999999999999 245 333333333000000000555555555 Oct 1,496 111111111,,,,,,,,,333333333111111111222222222 463 555555555111111111888888888 617 444444444777777777111111111 72 777777777555555555 344 222222222444444444888888888 Nov 1,718 111111111,,,,,,,,,888888888222222222000000000 597 555555555111111111222222222 674 888888888444444444888888888 56 555555555000000000 391 444444444111111111000000000 Dec 1,663 333333333,,,,,,,,,000000000000000000777777777 786 444444444555555555555555555 535 222222222,,,,,,,,,000000000111111111666666666 88 222222222777777777 254 555555555000000000999999999 1973—Ja n 1,949 333333333666666666 909 222222222222222222444444444 633 ---------111111111222222222888888888 62 ---------888888888 345 ---------555555555222222222 Feb 1.997 555555555999999999111111111 827 444444444666666666444444444 618 ---------111111111555555555777777777 89 444444444666666666 463 222222222333333333888888888 Mar 2,044 111111111,,,,,,,,,444444444111111111666666666 776 777777777999999999333333333 594 111111111555555555666666666 120 888888888999999999 554 333333333777777777888888888 Apr 1,404 111111111,,,,,,,,,666666666444444444777777777 604 888888888666666666888888888 600 444444444999999999000000000 71 888888888000000000 129 222222222000000000999999999 May 1,991 222222222,,,,,,,,,555555555000000000999999999 728 111111111,,,,,,,,,000000000444444444000000000 587 666666666555555555555555555 84 111111111333333333333333333 592 666666666888888888111111111 June 1,612 222222222,,,,,,,,,444444444888888888777777777 509 111111111,,,,,,,,,000000000333333333111111111 550 777777777555555555777777777 100 111111111444444444777777777 453 555555555555555555222222222 July 1.998 222222222,,,,,,,,,111111111999999999444444444 596 888888888000000000333333333 802 777777777222222222222222222 125 111111111555555555777777777 475 555555555111111111222222222 Aug 1,895 222222222,,,,,,,,,555555555999999999888888888 675 888888888888888888000000000 793 999999999333333333000000000 110 111111111666666666444444444 317 666666666222222222444444444 Sept 1,359 111111111,,,,,,,,,222222222888888888333333333 533 333333333222222222555555555 465 555555555111111111444444444 88 111111111111111111111111111 273 333333333333333333333333333 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
november 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 PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996655 777777777888888888,,,,,,,,,666666666666666666111111111 222222222999999999,,,,,,,,,555555555222222222888888888 222222222555555555,,,,,,,,,222222222666666666555555555 999999999,,,,,,,,,444444444333333333888888888 111111111444444444,,,,,,,,,444444444333333333000000000 1966 888888888222222222,,,,,,,,,888888888333333333222222222 333333333000000000,,,,,,,,,000000000777777777333333333 222222222555555555,,,,,,,,,888888888999999999777777777 111111111000000000,,,,,,,,,333333333666666666888888888 111111111666666666,,,,,,,,,444444444999999999444444444 1967 888888888777777777,,,,,,,,,111111111777777777111111111 333333333111111111,,,,,,,,,333333333888888888222222222 222222222666666666,,,,,,,,,444444444666666666111111111 111111111111111111,,,,,,,,,222222222333333333888888888 111111111888888888,,,,,,,,,000000000999999999000000000 1968 999999999999999999,,,,,,,,,999999999888888888444444444 333333333777777777,,,,,,,,,333333333999999999555555555 333333333000000000,,,,,,,,,222222222666666666111111111 111111111333333333,,,,,,,,,222222222000000000666666666 111111111999999999,,,,,,,,,111111111222222222222222222 1969 111111111000000000999999999,,,,,,,,,111111111444444444666666666 444444444000000000,,,,,,,,,999999999555555555555555555 333333333222222222,,,,,,,,,777777777555555555333333333 111111111555555555,,,,,,,,,111111111999999999888888888 222222222000000000,,,,,,,,,222222222444444444000000000 1970 111111111111111111222222222,,,,,,,,,111111111555555555888888888 444444444222222222,,,,,,,,,999999999666666666000000000 333333333111111111,,,,,,,,,999999999555555555222222222 111111111555555555,,,,,,,,,777777777222222222000000000 222222222111111111,,,,,,,,,555555555222222222666666666 1971 111111111222222222444444444,,,,,,,,,222222222888888888111111111 555555555111111111,,,,,,,,,222222222333333333777777777 333333333222222222,,,,,,,,,999999999333333333555555555 111111111777777777,,,,,,,,,999999999666666666666666666 222222222222222222,,,,,,,,,111111111444444444333333333 1972 111111111444444444222222222,,,,,,,,,999999999555555555111111111 555555555999999999,,,,,,,,,333333333333333333999999999 333333333888888888,,,,,,,,,444444444666666666444444444 222222222000000000,,,,,,,,,666666666000000000777777777 222222222444444444,,,,,,,,,555555555444444444111111111 111999777222———SSSeeeppp ttt 11,953 111111111111111111,,,,,,,,,555555555333333333555555555 4,972 444444444,,,,,,,,,888888888555555555222222222 3,181 222222222.........999999999777777777111111111 1,731 111111111,,,,,,,,,666666666888888888333333333 2,069 222222222,,,,,,,,,000000000222222222999999999 OOOcccttt 12,404 111111111222222222,,,,,,,,,333333333333333333777777777 5,227 555555555,,,,,,,,,222222222222222222444444444 3,334 333333333,,,,,,,,,333333333444444444888888888 1.705 111111111,,,,,,,,,666666666777777777999999999 2,138 222222222,,,,,,,,,000000000888888888666666666 NNNooovvv 12,846 111111111222222222,,,,,,,,,888888888000000000666666666 5,413 555555555,,,,,,,,,000000000555555555999999999 3,434 333333333,,,,,,,,,555555555888888888111111111 1,792 111111111,,,,,,,,,777777777000000000444444444 2,207 222222222,,,,,,,,,444444444666666666222222222 DDDeeeccc 12,627 111111111333333333,,,,,,,,,666666666444444444333333333 5,313 555555555,,,,,,,,,000000000999999999666666666 3,355 333333333,,,,,,,,,777777777666666666666666666 1.791 111111111,,,,,,,,,666666666444444444222222222 2,168 333333333,,,,,,,,,111111111333333333999999999 111999777333———JJJaaa nnn 13,304 111111111111111111,,,,,,,,,999999999222222222333333333 5,762 555555555,,,,,,,,,222222222444444444666666666 3,517 333333333,,,,,,,,,000000000333333333333333333 1.706 111111111,,,,,,,,,555555555000000000999999999 2,319 222222222,,,,,,,,,111111111333333333555555555 FFFeeebbb 13,434 111111111111111111,,,,,,,,,222222222111111111444444444 5,664 444444444,,,,,,,,,888888888222222222666666666 3,557 222222222.........999999999777777777222222222 1,964 111111111,,,,,,,,,777777777111111111111111111 2,249 111111111,,,,,,,,,777777777000000000555555555 MMMaaarrr 13,852 111111111333333333,,,,,,,,,666666666888888888111111111 5,853 555555555,,,,,,,,,888888888999999999000000000 3,654 333333333,,,,,,,,,555555555999999999888888888 2,131 222222222,,,,,,,,,000000000888888888333333333 2,214 222222222,,,,,,,,,111111111111111111000000000 AAAppprrr 13,465 111111111333333333,,,,,,,,,666666666666666666111111111 5,644 555555555,,,,,,,,,999999999777777777333333333 3,555 333333333,,,,,,,,,555555555777777777666666666 1.792 111111111,,,,,,,,,888888888333333333222222222 2,474 222222222,,,,,,,,,222222222888888888000000000 MMMaaayyy 13,932 111111111444444444,,,,,,,,,777777777999999999222222222 5,859 666666666,,,,,,,,,333333333555555555666666666 3,820 444444444,,,,,,,,,000000000222222222777777777 1,868 222222222,,,,,,,,,000000000666666666000000000 2,385 222222222,,,,,,,,,333333333444444444999999999 JJJuuunnneee 13,646 111111111444444444,,,,,,,,,666666666000000000888888888 5,684 666666666,,,,,,,,,222222222111111111999999999 3,584 333333333,,,,,,,,,888888888111111111777777777 1,978 222222222,,,,,,,,,222222222111111111111111111 2,400 222222222,,,,,,,,,333333333666666666111111111 JJJuuulllyyy 14,542 111111111444444444,,,,,,,,,888888888111111111222222222 5,976 666666666,,,,,,,,,222222222333333333222222222 3,824 333333333,,,,,,,,,999999999333333333111111111 2,110 222222222,,,,,,,,,222222222333333333333333333 2,632 222222222,,,,,,,,,444444444111111111666666666 AAAuuuggg 14,294 111111111555555555,,,,,,,,,000000000999999999999999999 6,195 666666666,,,,,,,,,555555555111111111888888888 3,685 333333333,,,,,,,,,888888888777777777777777777 1,943 222222222,,,,,,,,,111111111999999999444444444 2,471 222222222,,,,,,,,,555555555111111111000000000 SSSeeepppttt 13,691 111111111222222222,,,,,,,,,666666666222222222444444444 5,809 555555555,,,,,,,,,333333333777777777666666666 3,602 333333333,,,,,,,,,111111111888888888999999999 2,019 111111111,,,,,,,,,999999999111111111222222222 2,261 222222222,,,,,,,,,111111111444444444777777777 Repayments 111999666555 777777777000000000,,,,,,,,,444444444666666666333333333 222222222555555555,,,,,,,,,666666666666666666333333333 222222222333333333,,,,,,,,,000000000555555555666666666 888888888,,,,,,,,,333333333111111111111111111 111111111333333333,,,,,,,,,444444444333333333333333333 1966 777777777777777777,,,,,,,,,444444444888888888000000000 222222222777777777,,,,,,,,,777777777111111111666666666 222222222444444444,,,,,,,,,999999999555555555222222222 999999999,,,,,,,,,333333333444444444222222222 111111111555555555,,,,,,,,,444444444777777777000000000 1967 888888888333333333,,,,,,,,,999999999888888888888888888 222222222999999999,,,,,,,,,555555555444444444999999999 222222222666666666,,,,,,,,,666666666888888888111111111 111111111000000000,,,,,,,,,333333333333333333777777777 111111111777777777,,,,,,,,,444444444222222222111111111 1968 999999999111111111,,,,,,,,,666666666666666666777777777 333333333222222222,,,,,,,,,666666666111111111111111111 222222222888888888,,,,,,,,,777777777666666666333333333 111111111111111111,,,,,,,,,777777777000000000555555555 111111111888888888,,,,,,,,,555555555888888888888888888 1969 999999999999999999,,,,,,,,,777777777888888888666666666 333333333666666666,,,,,,,,,444444444777777777000000000 333333333000000000,,,,,,,,,999999999888888888111111111 111111111333333333,,,,,,,,,111111111999999999333333333 111111111999999999,,,,,,,,,111111111444444444222222222 1970 111111111000000000777777777,,,,,,,,,111111111999999999999999999 444444444000000000,,,,,,,,,333333333999999999888888888 333333333111111111,,,,,,,,,777777777000000000555555555 111111111444444444,,,,,,,,,333333333555555555444444444 222222222000000000,,,,,,,,,777777777444444444222222222 1971 111111111111111111555555555,,,,,,,,,000000000555555555000000000 444444444555555555,,,,,,,,,333333333999999999555555555 333333333111111111,,,,,,,,,777777777333333333000000000 111111111666666666,,,,,,,,,000000000333333333333333333 222222222111111111,,,,,,,,,888888888999999999222222222 1972 111111111222222222666666666,,,,,,,,,999999999111111111444444444 555555555000000000,,,,,,,,,777777777999999999666666666 333333333555555555,,,,,,,,,222222222555555555999999999 111111111888888888,,,,,,,,,111111111111111111777777777 222222222222222222,,,,,,,,,777777777444444444222222222 111999777222———SSSeeeppp ttt 10,667 111111111000000000,,,,,,,,,222222222555555555333333333 4,221 444444444,,,,,,,,,111111111333333333222222222 2,938 222222222,,,,,,,,,777777777888888888555555555 1,533 111111111,,,,,,,,,444444444555555555777777777 1,975 111111111,,,,,,,,,888888888777777777999999999 OOOcccttt 10,908 111111111111111111,,,,,,,,,000000000222222222555555555 4,408 444444444,,,,,,,,,555555555222222222444444444 3,023 333333333,,,,,,,,,000000000222222222888888888 1,550 111111111,,,,,,,,,555555555777777777222222222 1,927 111111111,,,,,,,,,999999999000000000111111111 NNNooovvv 11,128 111111111000000000,,,,,,,,,999999999888888888666666666 4,531 444444444,,,,,,,,,444444444444444444777777777 3,061 333333333,,,,,,,,,111111111222222222444444444 1,578 111111111,,,,,,,,,555555555000000000555555555 1,958 111111111,,,,,,,,,999999999111111111000000000 DDDeeeccc 10,964 111111111000000000,,,,,,,,,666666666333333333666666666 4,485 444444444,,,,,,,,,111111111999999999111111111 2,952 333333333,,,,,,,,,111111111000000000555555555 1,561 111111111,,,,,,,,,444444444999999999999999999 1,966 111111111,,,,,,,,,888888888444444444111111111 111999777333———JJJaaa nnn 11,355 111111111111111111,,,,,,,,,888888888888888888777777777 4,734 444444444,,,,,,,,,888888888888888888111111111 3,033 222222222,,,,,,,,,999999999444444444444444444 1,532 111111111,,,,,,,,,666666666555555555555555555 2,056 222222222,,,,,,,,,444444444000000000777777777 FFFeeebbb 11,437 111111111000000000,,,,,,,,,666666666222222222333333333 4,684 444444444,,,,,,,,,333333333999999999222222222 3,030 222222222,,,,,,,,,777777777111111111888888888 1,625 111111111,,,,,,,,,444444444555555555999999999 2,098 222222222,,,,,,,,,000000000555555555444444444 MMMaaarrr 11,808 111111111222222222,,,,,,,,,222222222666666666555555555 4,870 555555555,,,,,,,,,000000000888888888444444444 3,141 333333333,,,,,,,,,222222222777777777999999999 1,665 111111111,,,,,,,,,666666666444444444888888888 2,132 222222222,,,,,,,,,222222222555555555444444444 AAAppprrr 12,061 111111111222222222,,,,,,,,,000000000111111111444444444 4,919 444444444,,,,,,,,,999999999000000000222222222 3,251 333333333,,,,,,,,,222222222444444444888888888 1.693 111111111,,,,,,,,,666666666999999999444444444 2,198 222222222,,,,,,,,,111111111777777777000000000 MMMaaayyy 11,941 111111111222222222,,,,,,,,,222222222888888888333333333 4,976 555555555,,,,,,,,,111111111000000000888888888 3,100 333333333,,,,,,,,,222222222444444444666666666 1,612 111111111,,,,,,,,,666666666555555555111111111 2,253 222222222,,,,,,,,,222222222777777777888888888 JJJuuunnneee 12,034 111111111222222222,,,,,,,,,111111111222222222111111111 4,890 444444444,,,,,,,,,999999999222222222777777777 3,241 333333333,,,,,,,,,333333333000000000999999999 1.694 111111111,,,,,,,,,777777777222222222666666666 2,209 222222222,,,,,,,,,111111111555555555999999999 JJJuuulllyyy 12,544 111111111222222222,,,,,,,,,666666666111111111888888888 5,112 555555555,,,,,,,,,111111111666666666666666666 3,312 333333333,,,,,,,,,222222222777777777888888888 1,771 111111111,,,,,,,,,999999999222222222333333333 2,349 222222222,,,,,,,,,222222222555555555111111111 AAAuuuggg 12,399 111111111222222222,,,,,,,,,555555555000000000111111111 5,146 555555555,,,,,,,,,222222222000000000222222222 3,241 333333333,,,,,,,,,222222222666666666333333333 1,738 111111111,,,,,,,,,777777777888888888000000000 2,274 222222222,,,,,,,,,222222222555555555666666666 SSSeeepppttt 12,332 111111111111111111,,,,,,,,,333333333444444444111111111 5,167 444444444,,,,,,,,,888888888333333333999999999 3,144 222222222,,,,,,,,,888888888333333333000000000 1,757 111111111,,,,,,,,,555555555999999999111111111 2,264 222222222,,,,,,,,,000000000888888888111111111 Net change in credit outstanding 2 111999666555 888888888,,,,,,,,,111111111999999999888888888 333333333,,,,,,,,,888888888666666666555555555 222222222,,,,,,,,,222222222000000000999999999 111111111,,,,,,,,,111111111222222222777777777 999999999999999999777777777 1966 555555555,,,,,,,,,333333333555555555222222222 222222222,,,,,,,,,333333333555555555777777777 999999999444444444555555555 111111111,,,,,,,,,000000000222222222666666666 111111111,,,,,,,,,000000000222222222444444444 1967 333333333,,,,,,,,,111111111888888888333333333 111111111,,,,,,,,,888888888333333333333333333 ---------222222222222222222000000000 999999999000000000111111111 666666666666666666999999999 1968 888888888,,,,,,,,,333333333111111111777777777 444444444,,,,,,,,,777777777888888888444444444 111111111,,,,,,,,,444444444999999999888888888 111111111,,,,,,,,,555555555000000000111111111 555555555333333333444444444 1969 999999999,,,,,,,,,333333333666666666000000000 444444444,,,,,,,,,444444444888888888555555555 111111111,,,,,,,,,777777777777777777222222222 222222222,,,,,,,,,000000000000000000555555555 111111111,,,,,,,,,000000000999999999888888888 1970 444444444,,,,,,,,,999999999555555555999999999 222222222,,,,,,,,,999999999777777777777777777 ---------111111111666666666888888888 111111111,,,,,,,,,333333333666666666666666666 777777777888888888444444444 1971 999999999,,,,,,,,,222222222333333333111111111 555555555,,,,,,,,,888888888444444444222222222 111111111,,,,,,,,,222222222000000000555555555 111111111,,,,,,,,,999999999333333333333333333 222222222555555555111111111 1972 111111111666666666,,,,,,,,,000000000333333333777777777 888888888,,,,,,,,,555555555444444444333333333 333333333,,,,,,,,,222222222000000000555555555 222222222,,,,,,,,,444444444999999999000000000 111111111,,,,,,,,,777777777999999999999999999 1972—Sep t 1,286 111111111,,,,,,,,,222222222888888888222222222 751 777777777222222222000000000 243 111111111888888888666666666 198 222222222222222222666666666 94 111111111555555555000000000 Oct 1,496 111111111,,,,,,,,,333333333111111111222222222 819 777777777000000000000000000 311 333333333222222222000000000 155 111111111000000000777777777 211 111111111888888888555555555 Nov 1,718 111111111,,,,,,,,,888888888222222222000000000 882 666666666111111111222222222 373 444444444555555555777777777 214 111111111999999999999999999 249 555555555555555555222222222 Dec 1,663 333333333,,,,,,,,,000000000000000000777777777 828 999999999000000000555555555 403 666666666666666666111111111 230 111111111444444444333333333 202 111111111,,,,,,,,,222222222999999999888888888 1973—Ja n 1,949 333333333666666666 1,028 333333333666666666555555555 484 888888888999999999 174 ---------111111111444444444666666666 263 ---------222222222777777777222222222 Feb 1.997 555555555999999999111111111 980 444444444333333333444444444 527 222222222555555555444444444 339 222222222555555555222222222 151 ---------333333333444444444999999999 Mar 2,044 111111111,,,,,,,,,444444444111111111666666666 983 888888888000000000666666666 513 333333333111111111999999999 466 444444444333333333555555555 82 ---------111111111444444444444444444 Apr 1,404 111111111,,,,,,,,,666666666444444444777777777 725 111111111,,,,,,,,,000000000777777777111111111 304 333333333222222222888888888 99 111111111333333333888888888 276 111111111111111111000000000 May 1,991 222222222,,,,,,,,,555555555000000000999999999 883 111111111,,,,,,,,,222222222444444444888888888 720 777777777888888888111111111 256 444444444000000000999999999 132 777777777111111111 June 1,612 222222222,,,,,,,,,444444444888888888777777777 794 111111111,,,,,,,,,222222222999999999222222222 343 555555555000000000888888888 284 444444444888888888555555555 191 222222222000000000222222222 July 1.998 222222222,,,,,,,,,111111111999999999444444444 864 111111111,,,,,,,,,000000000666666666666666666 512 666666666555555555333333333 339 333333333111111111000000000 283 111111111666666666555555555 Aug 1,895 222222222,,,,,,,,,555555555999999999888888888 1,049 111111111,,,,,,,,,333333333111111111666666666 444 666666666111111111444444444 205 444444444111111111444444444 197 222222222555555555444444444 Sept 1,359 111111111,,,,,,,,,222222222888888888333333333 642 555555555333333333777777777 458 333333333555555555999999999 262 333333333222222222111111111 -3 666666666666666666 1 Includes adjustments for differences in trading days. their outstanding credit. Such transfers do not affect total instalment 2 Net changes in credit outstanding are equal to extensions less re- credit extended, repaid, or outstanding. payments, except in certain months when data for extensions and repayments have been adjusted to eliminate duplication resulting from large NOTE.—Other financial lenders include credit unions and miscellanetransfers of paper. In those months the differences between extensions ous lenders. See also NOTE to preceding table and footnote 1 at bottom of p. and repayments for some particular holders do not equal the changes in A-54. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 58 INDUSTRIAL PRODUCTION: S.A. • NOVEMBER 1973 MARKET GROUPINGS (1967 = 100) 1967 1972 1972 1973 pro- aver- Grouping p ti o o r n - age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Total index 100.0 115.2 117.6 119.2 120.2 121.1 122.2 123.4 123.7 124.1 124.8 125.6 126.7 126.5 Products, total 62.21 113.8 115.6 117.3 118.6 119.1 120.7 121.5 121.7 122.0 122.9 123.7 124.2 123.6 Final products 48.95 111.9 113.6 115.3 116.3 116.8 118.6 119.3 119.6 120.0 120.8 121.3 122.1 121.3 Consumer goods 28.53 123.6 125.2 127.0 127.4 127.7 129.8 130.2 130.8 130.9 131.8 131.9 132.8 131.1 Equipment 20.42 95.5 97.7 98.9 100.7 101.5 102.9 104.1 104.1 104.7 105.7 106.6 107.3 107.7 Intermediate products 13.26 121.1 122.8 124.7 127.6 127.7 128.4 129.5 129.4 129.3 130.5 132.0 132.5 132.2 Materials 37.79 117.4 120.9 122.3 122.8 124.4 124.5 126.7 127.0 127.7 128.3 129.0 130.9 131.5 Consumer goods Durable consumer goods 7. 125.7 125.7 129.1 131.0 135.0 136.0 137.8 140.4 140.5 141.5 141.8 142.4 133.6 Automotive products 2.84 127.7 125.4 132.3 138.3 142.9 138.6 141.7 144.1 141.7 142.6 142.6 141.7 121.4 Autos 1.87 112.7 109.6 118.9 126.6 133.9 130.2 131.5 130.8 128.1 129.8 132.6 134.0 103.9 Auto parts and allied goods... .97 156.5 155.8 158.0 160.6 160.0 155.0 161.4 169.9 167.5 167.0 161.9 156.7 155.1 Home goods 5.02 124.5 125.8 127.3 126.9 130.5 134.5 135.8 138.3 139.8 140.9 141.3 142.9 140.6 Appliances, TV, and radios 1.41 124.6 123.0 124.1 121.7 133.3 140.7 137.8 143.0 149.7 148.0 147.2 147.8 146.5 Appliances and A/C .92 144.5 142.8 147.9 141.9 151.1 153.2 153.8 156.9 157.6 157.8 154.1 156.0 153.9 TV and home audio .49 87.5 86.1 79.4 83.9 99.9 117.4 108.0 116.8 135.0 129.6 134.3 132.8 132.8 Carpeting and furniture 1.08 132.6 134.5 137.6 137.6 139.0 142.1 145.0 145.7 146.7 147.8 148.9 155.4 151.5 Misc. hpme goods 2.53 121.0 123.6 124.7 125.2 125.3 127.5 130.9 132.7 131.4 134.0 134.7 134.7 132.7 Nondurable consumer goods 20.67 122. 124.9 126.2 126.0 125.0 127.4 127.3 127.1 127.2 128.0 128.1 129.1 130.1 CJothing 4.32 122.8 113.5 113.5 114.8 112.2 115.1 115.2 115.4 114.5 114.2 116.0 116.5 117.0 Consumer staples. 16.34 109.7 127.9 129.5 128.9 128.4 130.7 130.5 130.3 130.6 131.7 131.4 132.5 133.5 Consumer foods and tobacco.. 8.37 117.5 118.3 119.5 119.9 119.1 121.1 121.5 120.9 121.0 120.9 119.6 121.3 122.0 Nonfood staples 7.98 135.3 138.1 140.0 138.3 138.1 140.9 140.0 140.1 140.7 143.1 143.7 144.1 145.8 Consumer chemical products 2.64 144.6 147.6 149.1 145.1 143.9 148.8 149.9 151.1 151.5 154.9 153.5 153.0 155.6 Consumer paper products... 1.91 114.8 115.6 118.6 119.3 119.3 119.1 119.4 118.7 119.0 121.7 121.7 122.5 123.5 Consumer fuel and lighting. , 3.43 139.5 143.2 144.7 143.7 144.1 147.1 144.0 143.8 144.4 145.6 148.2 149.2 150.8 Residential utilities 2.25 147.8 152.2 153.0 152.5 153.6 156.5 154.4 153.5 152.3 152.1 155.4 157.8 160.1 Equipment Business equipment 12.74 106.1 109.6 111.6 113.4 114.4 116.9 118.2 118.6 119.6 121.3 122.5 123.0 123.9 Industrial equipment 6.77 102.5 107.9 109.1 110.4 111.5 113.0 114.5 115.6 117.4 119.1 119.8 120.5 122.0 Building and mining equip. 1.45 104.8 108.1 108.3 108.7 112.3 113.0 115.1 116.0 118.1 118.8 119.1 119.6 118.2 Manufacturing equipment 3.85 92.1 99.1 101.0 102.6 102.5 104.7 106.1 107.5 109.4 112.0 113.1 113.9 117.8 Power equipment 1.47 125.6 130.9 131.2 132.9 134.1 134.6 135.5 137.1 137.6 138.2 138.3 138.5 136.9 Commercial, transit, farm eq.. .., 5.97 110.3 111.6 114.4 116.6 117.6 121.4 122.4 121.9 122.2 123.7 125.4 125.8 126.3 Commercial equipment 3.30 118.4 122.4 123.9 125.5 126.5 128.8 129.9 130.6 131.3 131.6 134.1 135.9 136.8 Transit equipment 2.00 96.8 92.9 96.8 101.9 101.7 110.0 111.8 110.2 107.5 109.8 109.7 109.0 109.0 Farm equipment .67 110.5 114.7 120.3 116.3 120.0 II8.3 117.6 114.6 120.9 126.5 129.3 126.4 126.4 Defense and space equipment 7.68 77.9 77.6 77.9 79.6 80.1 79.8 80.6 80.1 80.0 79.7 80.1 81.1 80.8 5.15 80.1 79.3 79.4 81.5 81.8 81.0 82.0 81.5 81.0 80.1 80.0 81.1 80.7 Military products Intermediate products 5.93 120.8 122.9 125.6 130.0 128.7 129.6 130.3 130.7 132.2 132.2 135.9 134.5 135.5 Construction products 7.34 121.3 122.8 123.9 125.9 126.9 127.4 128.9 128.3 127.0 129.2 128.9 132.7 129.5 Misc. intermediate products Materials 20.91 113.5 118.1 120.2 121.4 123.5 124.1 126.6 127.6 127.9 128.6 129.2 131.7 132.4 4.75 113.8 118.1 119.0 120.5 123.6 123.9 125.4 125.9 129.0 125.7 128.3 126.9 128.6 Durable goods materials 5.41 99.3 103.1 107.5 109.7 112.0 111.6 113.0 114.6 113.8 118.0 118.2 124.5 122.4 Consumer durable parts 10.75 120. | 125.5 127.2 127.7 129.2 130.6 134.2 134.9 134.7 135.3 134.9 137.6 139.2 Equipment parts Durable materials nec 13.99 122.5 124.6 125.3 124.6 126.4 126.3 127.7 127.1 128.5 128.9 129.4 130.4 130.9 Nondurable goods materials 8.58 129.2 132.0 132.9 132.9 136.0 136.0 136.5 136.3 138.8 139.4 140.2 142.2 {42.3 Textile, paper, and chem. mat— 5.41 111.9 112.7 113.3 111.8 111.4 110.9 113.9 112.7 112.2 112.3 112.3 112.1 112.7 Nondurable materials n.e.c 2.89 120.9 124.5 123.2 122.6 119.5 120.6 122.7 122.6 122.1 122.9 125.3 126.9 J26.3 Fuel and power, industrial Supplementary groups Home goods and clothing 9.34 117.7 120.1 120.9 121.1 122.0 125.5 126.3 127.6 128.1 128.6 129.7 130.7 129.8 Containers.. 1.82 129.7 134.0 133.2 134.1 135.0 137.1 138.8 145.2 139.1 138.0 {41.4 135.{ 139.7 Gross value of products in market structure (In billions oi 1963 dollars) Products, total 421.7 430.0 435.7 437.3 442.8 445.7 446.9 446.2 449.7 451.8 452.9 446.4 Final products 324.8 331.6 334.7 336.3 340.5 342.7 343.9 343.7 346.6 347.8 347.7 341.7 Consumer goods... 228.2 233.1 234.4 235.9 237.6 238.2 239.5 238.9 241.1 241.3 241.0 235.2 Equipment. 96.4 98.5 100.2 100.6 103.0 104.6 104.5 104.8 105.6 106.6 106.6 106.7 Intermediate products. 96.9 98.3 100.8 101.3 102.2 103.0 102.7 102.3 103.1 104.3 104.8 104.7 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • industrial production: s.a. a 59 INDUSTRY GROUPINGS (1967 = 100) 11996677 11997722 1972 1973 GGrroouuppiinngg p p p p ttii oo rr oo oo rr nn -- -- aa aa vv gg ee ee rr-- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Julyr Aug.r Sept. Manufacturing 88.55 114.0 117.0 118.5 119.5 120.4 121.4 122.7 123.4 123.8 124.9 125.6 126.5 126.5 126.5 Durable 52.33 108.4 111.6 113.8 115.3 116.3 117.5 118.7 119.9 120.6 121.8 123.0 123.8 123.0 123.5 36.22 122.1 124.8 125.2 125.6 126.2 127.0 128.4 128.6 128.4 129.3 129.3 130.5 131.2 131.0 Mining and utilities 11.45 124.1 126.5 126.6 126.7 126.1 127.3 128.0 127.3 126.6 127.0 128.2 130.4 131.1 131.9 Mining 6.37 108.8 110.8 110.2 109.7 108.2 108.5 110.2 109.5 109.0 109.1 109.5 111.0 112.3 112.9 Utilities 5.08 143.4 146.4 147.1 148.2 148.5 151.0 150.5 149.6 148.7 149.5 151.5 154.8 154.8 155.8 Durable manufactures Primary and fabricated metals 12.55 113.9 118.8 121.3 122.6 124.0 124.3 125.4 125.8 127.3 128.1 128.7 130.6 130.5 129.9 Primary metals 6.61 113.1 119.7 122.1 122.9 125.4 123.1 124.7 123.5 125.8 126.1 124.5 128.1 127.3 129.5 Iron and steel, subtotal 4.23 107.1 114.7 118.4 119.2 12Q.0 118.6 120.0 117.5 119.7 119.8 119.9 120.9 119.2 121.5 Fabricated metal products 5.94 114.8 118.0 120.4 122.2 122.3 125.7 126.2 128.4 128.9 130.3 133.4 133.5 133.9 130.5 Machinery and allied goods 32.44 103.5 106.0 108.2 110.1 111.2 112.5 113.7 115.1 115.7 117.3 118.8 119.3 118.0 119.0 Machinery 17.39 107.5 111.8 114.0 115.7 116.8 118.4 119.1 121.4 122.6 124.7 126.9 127.6 128.5 129.5 Nonelectrical machinery 9.17 105.7 111.7 113.5 115.3 114.4 116.3 U7.3 119.0 121.5 124.0 126.1 127.1 128.4 129.8 Electrical machinery 8.22 109.6 112.0 114.7 116.1 119.6 120.8 121.2 123.9 123.8 125.4 127.8 128.0 128.6 129.3 Transportation equipment 9.29 99.0 99.5 102.7 105.0 106.6 107.6 110.0 110.3 110.0 111.0 112.2 112.1 105.8 107.9 Motor vehicles and parts 4.56 123.1 122.9 128.7 132.3 135.9 139.3 141.5 141.0 140.1 140.9 143.3 144.1 131.3 134.4 Aerospace and misc. trans, eq... 4.73 75.8 77.2 77.6 78.7 78.3 77.1 79.7 80.8 81.1 82.2 82.2 81.3 81.3 82.1 Instruments 2.07 120.2 124.3 125.0 125.1 126.6 130.1 131.9 133.8 134.7 138.9 140.2 140.8 141.1 140.9 Ordnance, private and Govt 3.69 86.0 84.8 85.2 87.3 87.8 87.0 87.6 87.1 86.4 85.4 86.7 86.7 86.2 86.1 Lumber, clay, and glass 4.44 120.0 121.9 124.9 124.5 123.7 126.4 127.3 129.1 129.9 130.3 129.2 129.8 129.2 129.6 Lumber and products 1.65 122.4 123.6 127.3 126.8 122.7 125.8 128.5 129.5 129.1 127.5 126.6 125.4 128.4 130.0 Clay, glass, and stone products 2.79 118.6 120.9 123.5 123.1 124.3 126.8 126.6 128.9 130.4 132.0 130.5 132.3 129.7 129.4 2.90 122.7 126.6 126.9 126.6 127.7 130.3 132.8 133.4 133.1 136.0 135.4 135.9 137.1 137.2 Furniture and fixtures 1.38 113.5 116.7 117.6 118.5 120.3 119.1 122.3 122.8 123.8 126.5 126.5 127.5 128.6 128.5 Miscellaneous manufactures 1.52 131.1 135.6 135.4 134.0 134.5 140.5 142.4 143.0 141.6 144.5 143.6 143.5 144.9 145.2 Nondurable manufactures Textiles, apparel, and leather 6.90 108.1 111.2 112.1 113.0 113.2 113.4 114.4 114.6 114.0 113.3 115.0 114.5 115.2 116.9 Textile mill products 2.69 117.4 121.1 123.2 125.7 124.2 125.3 126.1 127.1 126.1 127.2 129.2 128.9 128.1 128.6 Apparel products 3.33 105.7 108.3 109.5 110.1 111.1 112.3 112.6 112.4 111.7 110.0 111.0 112.1 113.7 Leather and products .88 88.9 91.6 88.0 85.9 87.4 81.3 85.1 85.0 86.8 83.0 86.6 79.2 81.1 85.8 Paper and printing. 7.92 116.1 117.7 119.9 120.0 120.3 120.0 121.5 122.4 120.8 122.0 122.8 123.8 125.3 124.5 Paper and products 3.18 128.2 130.1 131.1 131.3 133.6 131.8 134.1 137.1 133.6 135.1 134.6 135.3 137.0 134.9 Printing and publishing 4.74 107.9 109.4 112.4 112.6 111.3 112.1 113.0 112.4 112.2 113.2 114.8 116.0 117.4 117.4 Chemicals, petroleum, and rubber.... 11.92 137.8 142.2 141.6 142.0 143.8 145.5 146.3 146.3 147.9 150.2 149.8 151.8 152.0 150.8 Chemicals and products 7.86 139.6 144.8 143.9 143.2 144.7 146.4 147.2 146.8 147.8 150.2 150.4 152.0 152.7 153.4 Petroleum products 1.80 120.6 121.3 123.8 124.4 125.5 127.3 124.1 123.5 126.9 128.5 129.7 129.3 128.9 125.1 Rubber and plastics products 2.26 145.5 149.8 148.4 151.5 154.7 157.1 160.4 163.4 165.1 166.8 163.9 168.8 168.0 162.0 Foods and tobacco 9.48 117.6 118.6 118.5 119.0 118.5 119.6 122.0 121.5 120.7 121.5 119.5 121.3 121.6 121.9 Foocjs 8.81 118.6 119.8 119.0 119.4 119.7 120.5 122.9 121.8 121.3 122.4 120.3 122.4 122.5 122.6 Tobacco products ..6677 110033..77 110033..00 111111..88 111122..55 110022..55 110077..99 111100..33 111188..11 111122..99 111111..22 110088..11 110055..33 111100..11 Mining Metal, stone, and earth minerals 1.26 107.3 110.6 110.4 112.6 113.7 116.4 117.6 117.0 116.8 116.2 111.8 116.9 119.7 119.5 Metal mining .51 120.9 124.8 122.8 124.7 128.1 130.3 131.9 127.8 128.5 127.0 121.6 128.4 130.9 135.2 Stone and earth minerals .75 98.1 101.1 102.0 104.4 104.0 106.9 107.8 109.4 108.8 108.8 105.2 109.1 112.1 108.7 Coal, oil, and gas 5.11 109.2 110.8 110.1 109.0 106.8 106.5 108.4 107.6 107.1 107.3 108.9 109.5 110.5 111.3 Coal .69 104.2 105.2 100.8 102.6 98.6 99.1 103.9 105.7 99.9 100.9 108.0 109.0 104.0 110.0 Oil and gas extraction 4.42 110.0 111.8 111.5 110.0 108.2 107.7 109.1 107.9 108.3 108.4 109.1 109.5 111.5 111.5 Utilities Electric 3.91 149.4 153.1 154.2 155.2 155.6 159.1 158.3 157.4 156.2 156.8 159.7 164.0 163.7 165.0 Gas 11..1177 112233..44 1 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. • november 1973 MARKET GROUPINGS (1967 = 100) pp 1199 rroo 6677 -- aa 11 vv 99 ee 77 rr 22 -- 1972 1973 GGrroouuppiinngg pp ttii oo oo rr nn -- aaggee Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept. Total index 100.0 115.2 121.6 122.7 120.4 117.3 118.9 123.6 124.6 124.5 125.6 128.9 122.4 126.8 130.9 62.21 113.8 121.8 121.9 118.5 114.2 116.6 120.6 121.8 121.2 122.4 127.3 121.6 124.9 130.1 Final products 48.95 111.9 119.9 119.7 116.1 112.0 115.3 119.1 120.0 118.9 120.0 125.1 118.9 122.1 128.1 28.53 123.6 134.3 133.2 126.8 120.2 125.3 129.2 130.8 129.2 130.3 136.4 128.6 133.4 140.8 Equipment 20.42 95.5 99.8 100.8 101.1 100.5 101.4 104.9 105.0 104.6 105.5 109.2 105.2 106.2 110.4 Intermediate products 13.26 121.1 128.9 130.1 127.5 122.2 121.2 126.1 128.5 129.6 131.4 135.2 131.8 135.6 137.1 Materials 37.9 117.4 121.3 124.0 123.5 122.5 122.8 128.6 129.2 129.9 130.9 131.4 123.7 129.9 132.4 Consumer goods Durable consumer goods 7.86 125.7 133.9 140.2 134.8 125.1 133.3 140.6 143.5 141.3 142.7 147.5 129.2 124.8 144.0 Automotive products 2.84 127.7 137.2 147.0 141.9 123.9 138.5 149.1 151.5 147.6 147.4 154.4 124.3 100.8 136.5 Autos 1.87 112.7 120.6 135.6 132.9 109.8 134.8 144.6 143.9 135.8 138.2 148.5 108.5 69.1 121.9 Auto parts and allied goods .97 156.5 169.2 168.9 159.0 150.9 145.7 157.7 166.0 170.2 165.0 165.8 154.5 161.8 164.5 Home goods 5.02 124.5 132.0 136.3 130.8 125.8 130.3 135.8 138.9 137.7 140.1 143.6 132.0 138.4 148.2 Appliances, TV, and home audio. 1.41 124.6 127.7 142.7 129.1 122.0 139.7 142.6 149.0 148.2 148.5 146.8 130.1 123.8 149.9 Appliances and A/C .92 144.5 143.5 164.9 143.5 134.6 153.7 157.0 166.2 165.6 166.1 162.7 150.5 134.7 168.7 TV and home audio .49 87.5 98.2 101.2 102.2 98.4 113.6 115.7 116.9 115.4 115.7 117.1 91.9 103.3 114.6 Carpeting and furniture 1.08 132.6 139.6 139.7 140.8 140.0 141.0 150.2 149.1 146.1 146.3 151.1 134.4 155.8 158.6 Misc. home goods 2.53 121.0 131.1 131.3 127.6 121.9 120.4 125.9 129.0 128.2 132.7 138.6 132.1 139.1 142.8 Nondurable consumer goods 20.67 122.8 134.4 130.6 123.7 118.4 122.2 124.9 126.0 124.6 125.6 132.2 128.4 136.6 139.6 Clothing. 4.32 109.7 119.5 118.0 112.5 103.0 105.9 116.6 120.0 119.3 115.3 122.4 104.3 121.7 Consumer staples 16.34 126.2 138.3 133.9 126.7 122.5 126.5 127.1 127.6 126.0 128.3 134.8 134.8 140.6 I43.6 Consumer foods and tobacco 8.37 117.5 128.9 125.9 119.3 111.6 113.8 117.0 118.4 117.8 120.7 123.8 120.2 128.1 132.8 Nonfood staples 7.98 135.3 148.2 142.2 134.4 134.0 139.9 137.8 137.2 134.7 136.2 146.3 150.1 153.7 155.0 Consumer chemical products.. 2.64 144.6 162.4 157.4 145.0 133.8 139.9 140.2 147.3 146.9 154.0 164.2 157.6 157.5 163.5 Consumer paper products 1.91 114.8 122.8 124.9 118.5 113.2 112.4 116.2 115.5 117.8 117.0 125.1 123.1 130.0 132.2 Consumer fuel and lighting. . . 3.43 139.5 151.4 140.1 135.1 145.8 155.3 148.0 141.6 134.6 133.2 144.4 159.5 164.0 161.0 Residential utilities 2.25 147.8 163.5 146.4 139.4 154.5 168.5 160.1 151.8 140.4 135.5 148.7 172.3 178.9 177.3 Equipment Business equipment 12.74 106.1 113.1 114.5 113.7 112.0 114.4 119.6 119.8 119.7 121.1 126.4 120.3 122.1 128.0 Industrial equipment. 6.77 102.5 110.3 111.2 111.2 110.6 111.6 116.4 116.8 116.8 117.9 122.6 117.4 121.3 125.0 Building and mining equip 1.45 104.8 112.1 111.7 113.0 114.3 112.0 118.6 117.2 115.7 115.6 120.2 115.9 119.4 127.5 Manufacturing equipment 3.85 92.7 100.2 102.0 102.3 101.7 103.4 108.9 109.6 109.3 111.4 116.2 108.8 116.0 118.6 Power equipment 1.47 125.6 134.8 134.6 132.9 130.2 132.7 133.9 135.3 137.3 137.1 141.8 141.3 136.9 139.4 Commercial, transit, farm eq 5.97 110.3 116.2 118.3 116.5 113.6 117.6 123.3 123.2 122.9 124.7 130.7 123.5 123.0 131.3 Commercial equipment 3.30 118.4 128.1 126.0 125.2 122.3 123.0 127.8 126.9 129.1 131.6 140.1 139.3 140.3 143.9 Transit equipment 2.00 96.8 95.0 104.0 104.6 99.2 108.1 114.8 114.9 110.8 112.0 113.8 102.6 97.3 108.8 Farm equipment .67 110.5 120.8 123.2 109.0 113.2 118.9 126.2 129.7 128.2 128.6 134.9 108.2 113.9 136.6 Defense and space equipment 7.68 77.9 77.7 78.0 80.2 81.5 79.8 80.5 80.4 79.5 79.6 80.7 80.0 79.9 81.1 5.15 80.1 79.2 79.1 81.7 82.4 81.2 81.9 81.8 80.8 80.3 81.3 80.5 80.1 80.7 Intermediate products Construction products 5.93 120.8 127.3 131.0 128.3 121.9 120.5 128.0 131.9 135.0 136.4 140.7 131.6 136.2 139.8 Misc. intermediate products 7.34 121.3 130.2 129.3 126.9 122.5 121.7 124.5 125.7 125.2 127.4 130.7 131.9 135.1 134.9 Materials 20.91 113.5 118.8 121.3 121.0 121.8 121.6 128.8 130.7 131.2 132.2 132.8 124.4 129.5 134.1 E C q o u n i s p u m m e e n r t d p u a r r a t b s le parts 4 5 . . 7 4 5 1 1 9 1 9 3 . . 3 8 1 1 0 1 4 8 . . 1 2 1 12 0 0 7 . . 5 2 1 1 2 0 2 8 . . 1 7 1 12 1 6 1 . . 8 0 1 1 1 2 0 6 . . 8 8 1 1 2 1 9 4 . . 3 7 1 1 2 17 9 . . 5 4 1 1 1 3 7 0 . . 4 0 1 12 1 8 8 . . 8 7 1 13 2 0 0 . . 5 7 1 1 1 2 6 0 . . 3 4 1 1 1 2 9 2 . . 5 9 1 1 2 2 3 7 . . 3 9 Durable materials n.e.c 10.75 120.6 126.4 128.7 126.7 125.1 124.7 135.7 137.9 138.7 140.6 139.9 130.3 137.5 142.3 Nondurable goods materials 13.99 122.5 124.7 128.2 127.1 123.9 124.5 129.2 128.2 129.4 130.7 130.8 123.4 131.1 130.8 Textile, paper, and chem. mat 5 8 . . 4 5 1 8 1 12 1 9 1 . . 2 9 1 1 1 3 3 1. . 9 2 1 13 1 5 6 . . 7 4 1 1 1 3 3 5 . . 7 6 1 13 1 1 1 . . 8 4 1 13 1 3 0 . . 7 0 1 1 1 3 2 9 . . 8 6 1 13 1 9 1 . . 0 2 114101..91 1 1 4 1 2 2 . . 2 6 1 1 4 1 2 2. . 7 2 1 13 0 2 9 . . 1 7 1 1 1 4 3 2. . 3 4 1 1 1 4 3 2. . 0 0 Fuel and power, industrial 2.89 120.9 123.5 123.3 123.6 120.3 122.6 124.5 123.2 122.3 122.7 123.9 119.9 126.6 127.9 Supplementary groups Home goods and clothing 9.34 117.7 126.2 127.8 122.3 115.3 119.0 126.9 130.2 129.2 128.6 133.8 119.2 130.7 137.2 1.82 : 129.7 136.9 141.3 133.3 125.0 129.4 140.5 142.6 1 139.4 140.9 145.8 131.2 143.7 142.1 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1973 • INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1967= 100) Grouping p p 1 ti 9 o r o o 6 r n - - 7 a 1 a v 9 g e 7 e r 2 - Sept. Oct. 197 N 2 ov. Dec. Jan. Feb. Mar. Apr. M 19 a 7 y 3 June Julyr Aug.r Sept. Manufacturing, total 88.55 114.0 120.3 122.2 120.0 116.3 117.6 123.2 124.6 124.7 125.8 128.9 121.1 125.8 130.5 Durable 52.33 108.4 113.5 116.4 115.3 113.3 114.9 121.0 122.5 122.4 123.2 125.8 117.9 119.8 126.3 Nondurable 36.22 122.1 130.2 130.6 126.7 120.6 121.5 126.3 127.7 128.0 129.5 133.3 125.6 134.3 136.5 Mining and utilities 11.45 124.1 131.2 126.5 123.8 125.2 128.6 127.5 125.0 122.7 123.6 128.2 133.0 137.7 137.6 Mining 6.37 108.8 111.7 111.3 110.6 109.2 107.0 109.2 107.6 108.5 110.7 110.9 108.3 113.2 113.5 Utilities 5.08 143.4 155.8 145.5 140.5 145.4 155.7 150.6 146.8 140.5 139.9 149.9 164.1 168.4 167.9 Durable manufactures Primary and fabricated metals 12.55 113.9 117. 121.1 120.3 120.5 120.4 130.0 132.1 131.7 131.2 130.5 121.6 126.5 131.9 Primary metals 6.61 113.1 115.4 119.4 117.1 118.9 118.5 131.3 133.8 133.9 131.7 \21.1 116.4 123.4 131.5 Iron and steel, subtotal 4.23 107.1 108.3 113.4 110.9 114.2 112.3 125.8 128.3 128.5 125.8 121.1 112.7 117.8 124.9 Fabricated metal products 5.94 114.8 119.7 123.0 123.9 122.3 122.6 128.5 130.1 129.3 130.7 133.7 127.5 129.9 132.3 Machinery and allied goods 32.44 103.5 108.6 111.3 110.6 109.0 111.8 116.0 117.1 116.7 117.9 121.7 114.1 113.4 121.4 Machinery 17.39 107.5 114.7 117.1 115.0 114.6 116.9 121. 123.3 123.5 124.9 129.4 122.2 126.0 132.7 Nonelectrical machinery 9.17 105.7 113.6 114.3 113.1 112.5 114.0 121.2 122.2 122.3 124.0 129.6 122.9 126.5 132.0 Electrical machinery 8.22 109.6 116.0 120.3 117.1 117.0 120.2 122.4 124.5 124. 125.9 129.2 121.4 125.6 133.4 Transportation equipment 9.29 99.0 102. 107.2 108.0 103.2 108.7 113.5 114.0 112.8 113.4 116.3 104.0 94.1 108.9 Motor vehicles and parts 4.56 123.1 127.4 137.5 138.3 129.2 142.6 148.6 147.3 144.9 145.6 151.2 129.0 108.7 135.9 Aerospace and misc. trans, eq. .. 4.73 75.8 77.8 78.0 78.9 78.1 76.0 79.6 82.0 81.8 82.4 82.7 79.8 80.1 82.8 Instruments 2.07 120.2 129.5 128.9 126.5 125.3 126.3 128.1 131.5 130.5 137.5 143.1 140.8 144.1 146.8 Ordnance, private and Govt 3.69 86.0 84.5 84.6 87.4 88.2 87.5 87.9 87.8 86.4 85.6 87.1 86.0 85.2 85.8 Lumber, clay, and glass 4.44 120.0 127.3 130.9 124.5 115.4 115.3 123.2 127.2 130.9 132.8 135.1 128.9 135.0 135.3 Lumber and products 1.65 122.4 129.0 133.0 124.8 111.9 115.6 128.4 130.5 131.3 128.6 132.3 123.3 132.8 135.6 Clay, glass, and stone products 2.79 118.6 126.3 129.7 124.3 117.5 115.1 120. 125.3 130.7 135.3 136.8 132.3 136.3 135.2 Furniture and miscellaneous 2.90 122.7 131.0 131.1 131.3 127.6 126.1 134.3 133.9 132.4 132.5 137.2 127.6 138.5 142.0 Furniture and fixtures 1.38 113.5 117.9 118.8 122.1 121.5 121.6 128.7 127.3 124.2 123.0 125.7 114.5 127.8 129.8 Miscellaneous manufactures 1.52 131.1 142.9 142.2 139.6 133.2 130.2 139.4 139.9 139.9 141.2 147.6 139.5 148.2 153.0 Nondurable manufactures Textiles, apparel, and leather 6.90 108.1 115.2 115.3 112.0 103.9 106.4 115.4 118.2 116.9 113.8 120. 102.0 119.7 121.2 Textile mill products 2.69 117.4 123.9 125.7 125.1 117.0 117. 126. 129.6 128.7 129.1 135.0 112.1 132.7 131.6 Apparel products 3.33 105.7 114.3 113.0 108.2 98.7 103.9 113.7 116.3 115.6 110.0 117.4 102.6 118.2 Leather and products 88.9 92.0 92.1 86.5 83.3 80.6 88.7 89.9 85. 81.3 87.1 68.7 85.6 Paper and printing 7.92 116.1 122.5 126.3 122.3 113.8 113.2 118.7 120.4 121.4 122.8 125.7 121.8 129.2 129.6 Paper and products 3.18 128.2 128.4 137.9 133.7 123.6 130.2 137.5 138.9 137.6 138.5 138.4 127.6 136.7 133.1 Printing and publishing 4.74 107.9 118.6 118.5 114.7 107.3 101.7 106.0 107.9 110.6 112.2 117.2 117.9 124.1 127.3 Chemicals, petroleum, and rubber 11.92 137.8 145.9 145.6 143.0 140.3 141.1 144.8 145.6 147.6 150.6 153.8 147.1 152.3 154.6 Chemicals and products 7.86 139.6 148.6 146.8 143.2 139.5 140.5 143 145.0 148.8 152.2 155.5 150.3 153.9 157.4 Petroleum products 1.80 120.6 126.0 125.8 124.3 125.2 123.9 120.9 119.5 121.3 127.0 132.8 132.8 133.9 129.5 Rubber and plastics products 2.26 145.5 152.5 157.2 157.0 155.0 156. 167.3 168.3 164.4 164.0 164.6 147.4 161.3 164.9 Foods and tobacco 9.48 117.6 127.7 126. 120.5 113.8 114.9 117.4 118.1 117.1 120.0 123.1 119.2 126.7 130.6 Foods 8.81 118.6 129.1 126.9 121.0 115.9 115.4 117.7 118.1 117.8 120.7 123.7 121.1 127.3 131.5 Tobacco products .67 103.7 109.4 120.4 113.4 86.0 107.7 113.5 118.3 108.0 110.1 115.6 93.9 118.5 Mining Metal, stone, and earth minerals 1.26 107.3 116.9 114.4 110.8 108.7 103.4 105.7 109.0 116.4 125.7 125.3 119.0 124.7 125.1 Metal mining .51 120.9 133.5 123.2 115.0 115.0 114.0 120.6 118.7 127.2 143.4 144.0 133.9 139.1 142.0 Stone and earth minerals .75 98. 105.6 108.5 107.9 104.4 96.2 95.5 102.4 109.0 113.6 112.6 108.9 114.8 113.6 Coal, oil, and gas 5.11 109.2 110.4 110.5 110.5 109.3 107.9 110.1 107.2 106.5 107.0 107.3 105.6 110.4 110.6 Coal .69 104.2 107.9 107 104.9 98.0 98.0 104.2 104.3 101.7 102.9 103.2 89.3 110.8 112.9 Oil and gas extraction — 4.42 110.0 110. 110.9 111.4 111.1 109.5 111.0 107.6 107.2 107.7 108.0 108.1 110.3 110.3 Utilities Electric 3.91 149.4 165.4 152.0 145.3 151.6 165.1 158.5 153.8 145.4 144.6 157.5 175.9 181.5 180.8 Gas 1.17 123.4 NOTE.—Pages A-5 8 and A-59 include revisions stemming from changes lications Services, Division of Administrative Services, Board of Governors in seasonal adjustment factors, and pages A-60 and A-61 include re- of the Federal Reserve System, Washington, D.C. 20551. visions in some series that are not seasonally adjusted, beginning in Published groupings include series and subtotals not shown sepa- March 1972 in both instances. Data for the complete year of 1972 are rately. Figures for individual series and subtotals are published in the available in a pamphlet Industrial Production Indexes 1972 from Pub- monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 62 BUSINESS ACTIVITY; CONSTRUCTION • NOVEMBER 1973 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production fac M tu a r n in u g - 2 Prices * In- CCaa-- Market dustry ppaacciittyy NNoonnaagg-uuttiilliizzaa-- CCoonn-- rriiccuull-- Products ttiioonn ssttrruucc-- ttuurraall TToottaall rroottaall Total C Fi o n n a - l m In ed te i r a - te M ri a a t l e s - f M a i c a n t n g u u r - - ii oo == nn (( uu 11 mm 11 tt 99 pp 00 66 ff uu 00 77 gg tt )) .. ttrr cc tt aa ii oo oo cc nn nn tt -- ss TT mm pp ee oo ee ll mm tt oo nn aa yy tt -- ll —— -- ii p m E lo e m n y - t - P ro a l y ls - ss rr aa ee ll tt ee aaii ss ll 33 s C um on e - r m W c s o o h a m d l o e i l - t e y - Total sumer Equipgoods 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 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 196 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 86.8 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 8 105.7 105.8 105.8 106.6 104.7 105.7 10$. 7 105.7 87.7 113.2 103.1 101.4 108.3 109 104.2 102.5 196 9 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 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 78.3 123.1 107.2 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 75.0 145.4 107.3 93 9 116.3 122 121.2 113.9 197 2 115.2 113.8 111.9 123.6 95.5 121.1 117.4 i}4.o '78.6 165.3 110.5 96.7 130.2 142 125.3 119.8 1972—Sept.. 117.6 115.6 113.6 125.2 97.7 122.8 120.9 117.0 579.4 187.0 111.3 97.5 133.8 144 126.2 120.2 Oct... 119.2 117.3 115.3 127.0 98.9 124.7 122.3 118.5 ) 171.0 111.7 98.4 136.1 149 120.6 120.0 Nov.. 120.2 118.6 116.3 127.4 100.7 127.6 122.8 119.5 81.5 177.0 112.1 99.1 139.0 148 126.9 120.7 Dec... 121.1 119.1 116.8 127.7 101.5 127.7 124.4 120.4 J 163.0 112.4 99.6 139.3 151 127.3 122.9 1973— F Ja e n b . . . . . . 1 1 2 2 2 3 . . 2 4 1 1 2 2 0 1. . 5 7 1 11 1 8 9 . . 6 3 1 1 2 3 9 0 . . 8 2 1 1 0 0 4 2 . . 1 9 1 1 2 2 9 8 . . 5 4 1 1 2 2 4 6 . . 5 7 1 1 2 2 1 2. . 7 4 I 82.8 1 1 8 9 1 1 . . 0 0 1 1 1 1 2 3 . . 7 5 1 9 0 9 0 . . 9 7 1 1 3 4 9 2. . 9 8 1 1 5 5 6 8 1 1 2 2 7 8 . . 7 6 1 1 2 2 4 6 . . 5 9 A M M p a a r r y . . . . . . . 1 1 1 2 2 2 4 3 4 . . . 1 7 8 1 1 1 2 2 2 1 2 2 . . . 7 9 0 1 1 1 1 2 2 9 0 0 . . . 6 8 0 1 1 1 3 3 3 0 0 1 . . . 9 8 8 1 1 1 0 0 0 4 4 5 . . . 1 7 7 1 1 1 2 2 3 9 9 0 . . . 4 3 5 1 1 1 2 2 2 7 7 8 . . . 7 0 3 1 1 1 2 2 2 3 3 4 . . . 8 9 4 1 1 \ '83.3 1 1 1 7 9 7 7 3 3 . . . 0 0 0 1 1 1 1 1 1 4 3 4. . . 4 0 8 1 1 1 0 0 0 1 1 1 . . . 0 5 7 1 1 1 4 4 4 2 4 4 . . . 6 8 9 1 1 1 5 6 6 7 0 0 1 1 1 3 2 3 0 9 1 . . . 7 8 5 1 1 1 2 3 3 9 0 3 . . . 7 7 4 J J A u u u l n y g e . . . . . . 1 1 1 2 2 2 5 6 6 . . . 6 7 5 r1 1 1 2 2 2 4 3 3 . . . 2 7 6 ' '• 1 1 1 2 2 2 2 1 1 . . . 1 3 3 '1 1 1 3 3 3 1 1 2 . . . 1 9 8 ' ' 1 1 1 0 0 0 7 7 6 . . . 3 7 6 ' '1 1 1 3 3 3 2 2 2 . . . 5 2 0 ' ' 1 1 1 3 3 2 0 1 9 . . . 9 5 0 ' r 1 1 \2 2 2 6 6 5 . . . 5 5 6 1 J 83.4 2 1 1 0 8 7 6 3 7 . . . 0 0 0 '1 1 1 1 1 1 5 4 4 . . . 0 7 6 '1 i 1 0 o 0 2 i 2 . . . 8 1 1 '1 1 1 4 4 4 6 6 5 . . . 7 3 3 '1 1 1 6 5 6 2 7 3 1 1 1 3 3 3 5 2 2 . . . 1 7 4 1 1 1 3 3 4 6 4 2 . . . 7 7 9 Sept.. rl 27.1 r123.8 '122.0 131.7 '108.5 '130.6 '132.0 '126.5 I 182.0 '115.4 '|02.1 '149.9 '162 113355..55 140.2 Oct.f. 127.8 125.4 123.6 133.3 110.1 131.9 131.7 127.1 111155..88 110022..88 115511..66 113399..55 • 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 3rd 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 CONTRACJS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1972 1973 Type of ownership and 1971 1972 type of construction Sept.' Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 1 80,188 91,183 8,047 8,225 7,248 6,464 6,795 6,839 8,644 8,814 9,428 9,910 9,22§ 10,303 8,151 By type of ownership: Public 23,927 24,084 2.041 1,668 1,785 1,650 1,918 1,717 2,046 2,071 2,359 2,995 2,581 2,968 2,328 Private i 56,261 67,098 6,006 6,557 5,462 4,814 4,877 5,122 6,599 6,743 7,069 6,916 6,647 7,335 5,822 By type of construction: Residential building 1 34,754 45,123 4,027 4,298 3,663 3,120 3,195 3,277 4,643 4,512 4,754 4,612 4,224 4,233 3,638 Nonresidential building 25,574 27,082 2,338 2,384 2,184 2,215 2,420 2,229 2,707 2,634 2,629 2,976 2,991 3,241 2,719 Nonbuilding 19,282 18,982 1,682 1,544 1,402 1,132 1,180 1,333 1,294 1,668 2,045 2,322 2,013 2,828 1,794 Private housing units authorized... 1,925 22,,339999 22,,336666 22,,331188 2,226 2,399 2,233 2,209 22,,112299 11,,993399 11,,883388 22,,003300 11,,778800 11,,775500 11,,660044 (In thousands, S.A., A.R.) 1 Because of improved procedures for collecting data for 1 -family homes, Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly some totals are not strictly comparable with those prior to 1968. To im- data exceed annual totals because adjustments—negative—are made in prove comparability, earlier levels may be raised by approximately 3 per accumulated monthly data after original figures have been published. cent for total and private construction, in each case, and by 8 per cent for Private housing units authorized are Census Bureau series for 14,000 residential building. reporting areas with local building permit systems; 1971 data are for 13,000 reporting areas. ' NOTE.—Dollar value of construction contracts as reported by the F. W. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1973 • CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d R en e t s i i a - l Buildings Total M ta i r l y i- H w ig ay h - C v o a n t & i s o e n r - Other 2 Total In tr d i u al s - m C e o r m ci - al b O in u t g i h s l e d 1 r - Other de m ve e l n o t p- 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 4,822 197 0 94,167 66,071 31,864 34,207 6,538 9,754 5,125 12,790 28,096 718 9,981 1,908 4,832 197 1 109,238 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—Oct.. 128,513 96,201 56,361 39,840 4,345 13,720 6,197 15,578 32,312 1,076 10,642 2,205 18,389 Nov. 126,831 97,506 57,167 40,339 4,617 13,607 6,235 15,880 29,325 1,20Q 10,585 2,042 15,498 Dec. 131,550 98,450 57,545 40,905 4,765 13,865 6,220 16,055 33,100 1,188 11,045 2,065 18,802 1973—Jan.. 135,503 101,801 59,112 42,689 5,292 15,001 6,002 16,394 33,702 1,221 1,999 Feb.. 136,148 103,860 61,219 42,641 5,180 14,873 6,145 16,443 32,288 1,422 1,712 Mar. 137,960 104,331 61,240 43,091 5,479 15,071 6,179 16,362 33,629 1,303 2,490 Apr. 135,511 102,951 59,851 43.100 5,287 15,473 6,282 16,057 32,560 1,158 1,675 May 136,453 104,104 59,fc49 44,255 5,338 16,118 6,251 16,547 32,349 1,277 2,291 June 135,878 104,906 60,116 44,790 5,928 15,704 6.383 16,775 30,972 1,162 1,870 July' 138,434 106,939 60,238 46,701 6,340 16,110 6,492 15,848 31,495 1,341 1,658 Aug. 138,087 107,036 60,011 47,025 6,687 15,800 6,122 18,416 31,051 1,048 1,833 Sept. 134,936 104,180 58,726 45,454 6,478 14,881 5,900 18,195 30,756 972 1,679 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 ((NN..SS..AA..)) Total North- North 1- 2- to 4- 5- or east Central South West family family more- Total Private Public Total FHA VA family 196 3 1,603 261 328 591 430 1,012 589 1,635 1,603 32 292 221 71 151 196 4 11529 254 340 578 357 970 108 450 1,561 1,529 32 264 205 59 191 196 5 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 196 6 1,165 206 288 472 198 778 61 325 1,196 1,165 31 195 158 37 217 196 7 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 196 8 1,508 227 369 618 294 900 81 527 1,546 1,508 38 283 227 56 318 196 9 1,467 206 349 588 324 814 85 571 1,500 1,467 33 284 233 51 413 197 0 1,434 218 294 612 310 813 85 536 1,469 1,434 35 482 4?1 61 401 197 1 2,052 264 434 869 486 1,151 120 781 2,084 2,052 32 621 528 93 497 197 2 2,357 330 443 1,057 527 1,309 141 906 2,379 2,357 22 475 371 104 576 1972—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 ,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. 2,260 297 415 1,142 406 1,245 123 892 201 200 1 27 19 8 57 Apr. 2,123 292 387 890 554 1,202 131 790 205 2P5 27 18 9 62 May 2,413 267 595 999 552 1,271 162 980 234 234 29 18 11 57 June 2,128 370 474 837 447 1,124 129 875 203 203 1 27 17 & 57 July' 2,191 225 487 1,063 416 1,247 151 793 203 203 1 20 12 8 56 Aug. 2,066 273 482 830 481 1,116 104 846 197 195 3 23 14 9 54 Sept. 1,763 286 400 708 369 985 94 684 146 lj6 1 15 10 6 NOTE.—Starts are Census Bureau series (including farm starts) except units under FHA, based on field office reports of first pompliance inspecfor Goyt.-underwritten, which are from Federal Housing Admin, and tions. Data may not add to totals because of rounding. Veterans Admin, and represent units started, including rehabilitation ' Mobile home shipments are as reported by Mobile Homes Manufacturers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 64 EMPLOYMENT • NOVEMBER 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 t p t i a u tu l l a t n i t o i o o n n n a - l lab N o o r t f i o n r ce T l f a o o b r t c o a e r l Employed1 Une m ra m e te p n 2 t l oy- (N.S.A.) (N.S.A.) (S.A.) Total Total In c n u o lt n u a ra g l r i- In U pl n o e y m ed - (pe S r . A ce .) n t; industries agriculture 1967 133,319 52,527 80,793 77,347 74,372 70,527 3,844 2,975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 197 0 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 197 1 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 197 2 145,775 56,785 88,991 86,542 81,702 78,230 3,472 4,840 5.6 1972—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 148,147 55,417 91,247 88,932 84,674 81,271 3,403 4,258 4.8 July, 148,361 55,133 91,121 88,810 84,614 81,098 3,516 4,196 4.7 Aug. 148,565 56,129 90,958 88,651 84,434 80,991 3,443 4,217 4.8 Sept. 148,782 57,484 91,694 89,403 85,127 81 ,757 3,370 4,276 4.8 Oct. 149,001 56,955 92,053 89.764 85,695 82,224 3,471 4,069 4.5 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 M t a u n ri u n f g a c- Mining c C o o n t n i s o t t r n r a u c c t - T ti li o r c a n n u s & ti p l o i p t r i u t e b a s - - Trade Finance Service G m ov e e n r t n - 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 196 9 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 197 0 70,593 19,349 623 3,381 4,493 14,914 3,688 11,612 12,535 197 1 70,645 18,529 602 3,411 4,442 15,142 3,796 11,669 12,858 197 2 72,764 18,933 607 3,521 4,495 15,683 3,927 12,309 13,290 SEASONALLY ADJUSTED 1972—Oc t 73,584 19.210 3,561 4,540 15,839 3,969 12,451 13,406 Nov 73,835 19,312 608 3,524 4,549 15,911 3,981 12,497 13,453 Dec 74,002 19,402 607 3,459 4,558 15,946 3,991 12,537 13,502 1973—Ja n 74,252 19,463 610 3,498 4,574 16,013 3,995 12,621 13,478 Feb 74,715 19,586 612 3,594 4,580 16,114 4,014 12,682 13,533 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 75,321 19.782 608 3,620 4,593 16,256 4,044 12,776 13,642 June 75,526 19,856 629 3,654 4.597 16,262 4,049 12,820 13,659 July 75,493 19,804 631 3,680 4.598 16,294 4,048 12,828 13,610 Aug 75,747 19.861 634 3,676 4,617 16,352 4,064 12,906 13,637 Sept.? 75,972 19.876 633 3,694 4,632 16,393 4,077 12,996 13,671 Oct.f 76,277 19.981 638 3,689 4,666 16,468 4.086 13.053 13,696 NOT SEASONALLY ADJUSTED 1972—Oc t 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—Ja n 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 19,586 603 3,442 4.559 16,088 4,019 12,771 13,793 May 75,404 19,667 608 3,616 4,593 16,200 4,040 12,865 13,815 June 76,308 20,002 642 3,837 4,661 16,335 4,089 12,999 13,743 July 75,384 19,729 644 3,934 4,653 16,262 4,113 12.982 13,067 Aug 75,686 20,018 648 3,981 4,659 16,279 4,121 13,009 12,971 Sept.f 76,251 20,127 641 3,938 4.674 16,373 4,081 12.983 13,434 Oct.p 76,830 20,135 639 3,918 4.675 16,518 4,074 13,066 13,805 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 benchmark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • employment and earnings a 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 IIInnnddduuussstttrrryyy gggrrrooouuuppp 1972 1973 1972 1973 Oct. Aug. Sept.P Oct.P Oct. Aug. Sept.f Oct.v 14,082 14,611 14,607 14,705 14,225 14,727 14,844 14,850 Durable goods 8,124 8,597 8,600 8,678 8,173 8,560 8,686 8,727 Ordnance and accessories 96 97 95 97 96 97 97 97 Lumber and wood products 531 544 545 547 537 563 556 554 Furniture and fixtures 416 434 433 433 422 438 436 439 Stone, clay, and glass products 537 554 553 561 545 570 567 569 Primary metal industries 1,023 1,066 1,081 1,088 1,004 1,065 1,071 1,067 Fabricated metal products 1,069 1,129 1,124 1,134 1,078 1,125 1,136 1,144 Machinery 1,277 1,399 1,402 1,419 1,269 1,379 1,400 1,411 Electrical equipment and supplies 1,278 1,384 1,384 1,405 1,288 1,381 1,402 1,417 Transportation equipment 1,278 1,339 1,333 1,338 1,294 1,280 1,356 1,354 Instruments and related products 284 311 311 313 285 312 312 314 Miscellaneous manufacturing industries 335 340 339 343 355 351 355 362 Nondurable goods 5,958 6,014 6,007 6,027 6,052 6,167 6,158 6,123 Food and kindred products 1,175 1,144 1,153 1,167 1,243 1,263 1,270 1,235 Tobacco manufactures 55 60 57 59 63 67 69 68 Textile-mill products 882 902 899 904 882 905 901 904 Apparel and related products 1,171 1,161 1,159 1,156 1.185 1,169 1,170 1,170 Paper and allied products 545 561 559 560 546 566 562 560 Printing, publishing, and allied industries 659 662 662 665 661 659 662 668 Chemicals and allied products 587 603 605 606 585 607 605 604 Petroleum refining and related industries 118 120 121 121 119 124 123 122 Rubber and misc. plastic products 505 547 539 537 508 547 544 541 Leather and leather products 261 254 255 252 260 260 253 251 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.) IIInnnddduuussstttrrryyy gggrrrooouuuppp 1972 1973 1972 1973 1972 1973 Oct. Aug. Sept. Oct.f Oct. Aug. Sept.p Oct.f Oct. Aug. Sept.f Oct.P Total 40.7 40.5 40.8 40.6 157.49 164.43 169 .33 168.09 3.86 4.06 4.13 4.13 Durable goods 41.4 41.1 41.4 41.4 170.57 176.28 183 .06 181.77 4.11 4.31 4.39 4.38 Ordnance and accessories 42.5 41.5 42.6 42.7 175.11 178.04 186 .16 184.88 4.13 4.29 4.37 4.34 Lumber and wood products 41.0 40.7 40.8 40.1 139.52 148.06 150 .47 447.83 3.37 3.62 3.67 3.65 Furniture and fixtures 40.3 39.7 39.7 39.6 127.30 131.86 133 .87 133.13 3.12 3.28 3.33 3.32 Stone, clay, and glass products 42.1 42.0 42.2 42.2 170.85 178.93 181 .48 181.05 4.02 4.21 4.26 4.25 Primary metal industries 42.2 41.8 42.7 43.2 197.66 212.67 220 .42 218.62 4.74 5.10 5.15 5.12 Fabricated metal products 41.4 41.3 41.6 41.3 168.08 175.54 180 .17 178.02 4.05 4.24 4.30 4.30 Machinery 42.4 42.4 43.1 42.9 184.01 190.26 198.. 69 197.31 4.35 4.53 4.61 4.61 Electrical equipment and supplies 40.6 40.1 40.5 40.1 151.37 155.59 159.. 14 157.17 3.71 3.88 3.91 3.90 Transportation equipment 41.7 41.0 41.2 41.7 202.02 200.80 213.. 09 215.79 4.81 5.02 5.11 5.15 Instruments and related products 40.6 40.4 40.9 40.8 151.81 155.57 161.. 52 160.74 3.73 3.87 3.93 3.93 Miscellaneous manufacturing industries... 39.3 38.7 39.1 38.6 123.64 126.81 129.. 42 128.43 3.13 3.26 3.31 3.31 Nondurable goods 39.8 39.5 39.8 39.6 140.10 147.26 150. 00 148.90 3.52 3.70 3.75 3.76 Food and kindred products 40.4 40.4 40.6 40.6 146.65 157.03 159., 01 157.93 3.63 3.83 3.85 3.89 Tobacco manufactures 38.0 38.5 37.9 37.4 133.17 145.84 143.. 52 144.34 3.38 3.73 3.68 3.72 Textile-mill products 41.3 40.8 41.0 40.4 114.26 119.43 124. 12 122.72 2.76 2.92 3.02 3.03 Apparel and related products 36.2 35.7 35.9 35.7 96.65 100.44 101. 96 102.10 2.67 2.79 2.84 2.86 Paper and allied products 42.9 42.4 42.7 42.3 173.26 180.62 184. 04 181.90 4.02 4.24 4.28 4.28 Printing, publishing, and allied industries. 38.0 37.7 38.0 37.9 172.90 178.13 181.. 93 180.40 4.55 4.70 4.75 4.76 Chemicals and allied products 42.0 42.1 42.0 41.7 179.76 188.10 190.. 26 188.48 4.28 4.50 4.53 4.52 Petroleum refining and related industries . 42.3 42.1 42.6 42.5 213.93 221.65 228., 43 226.08 5.01 5.24 5.30 5.27 Rubber and misc. plastic products 41.3 40.5 40.9 40.6 152.77 154.69 159. 03 155.88 3.69 3.81 3.86 3.83 Leather and leather products 37.9 38.1 38.4 38.2 102.00 106.68 107. 73 108.11 2.72 2.80 2.85 2.86 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 • NOVEMBER 1973 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur- Apparel Trans- Period it A em ll s Food Home- F o u i e l l G an a d s n in is g h s - up a k n e d e p p t o i r o t n a - Med- Per- R i e n a g d - g O o t o h d er s Total ow sh n ip er - c a o n a d l t e ri l c e i c t - y o t p a i n e o d r n a - Total c ic a a re l s c o a n r a e l re t a c i n o r d e n a - s a i e c n r e d v s - 1929 51.3 4488..33 .. 76.0 48.5 1933 38.8 3300..66 54.1 36.9 1941 44.1 38.4 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 47.7 49.2 1945 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56.9 1960 88.7 88.0 90.2 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.1 79.1 90.1 87.3 87.8 196 5 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 94.2 196 6 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 97.2 196 7 , 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 196 8 , 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 196 9 . 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 197 0 , 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 197 1 121.3 118.4 124.3 115.2 133.7 117.5 114.7 118.1 119.8 118.6 122.2 128.4 116.8 119.3 120.9 197 2 , 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—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 June. . 132.4 139.8 133.9 123.9 145.0 131.6 125.4 124.7 126.8 124.6 130.0 137.0 124.9 125.9 129.0 July.. . 132.7 140.9 134.2 124.3 145.2 131.7 125.5 125.0 125.8 124.8 130.3 137.3 125.3 126.2 129.5 Aug.. . 135.1 149.4 135.2 125.0 147.0 132.8 125.8 125.3 126.5 124.5 130.5 137.6 125.7 126.1 129.4 Sept.. 135.5 148.3 136.6 125.4 149.2 133.6 126.5 126.1 128.3 123.9 131.1 138.3 126.3 126.8 129.9 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities PPrroo-- PPeerriioodd mm cc tt AA oo oo iiee mm ll dd ss ll ii -- -- pp FF uu rr aa cc oo rr tt mm dd ss -- cc ff ff ee oo aa ee ss nn oo ee ss dd dd ee dd dd ss ss Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e m c r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M a q e h n r e u i a y d n n i - p - t - F t u e u t r r c n e . , i - N t e m m a r o l a i e l n n l i - s c - - T e p m t q r o i e a u o r n n n i t p a s t 1 - - - n c M e e o l i l s u a - s - I960 9999999944444444........99999999 9999999977777777........22222222 8888888899999999........55555555 9999999955555555........33333333 9999999999999999........55555555 9999999900000000........88888888 9999999966666666........11111111 111111110000000011111111........88888888 111111110000000033333333........11111111 9999999955555555........33333333 9999999988888888........11111111 9999999922222222........44444444 9999999922222222........00000000 9999999999999999........00000000 9999999977777777........22222222 9999999933333333........00000000 1961 9999999944444444........55555555 9999999966666666........33333333 9999999911111111........00000000 9999999944444444........88888888 9999999977777777........77777777 9999999911111111........77777777 9999999977777777........22222222 111111110000000000000000........77777777 9999999999999999........22222222 9999999911111111........00000000 9999999955555555........22222222 9999999911111111........99999999 9999999911111111........99999999 9999999988888888........44444444 9999999977777777........66666666 9999999933333333........33333333 1962 9999999944444444........88888888 9999999988888888........00000000 9999999911111111........99999999 9999999944444444........88888888 9999999988888888........66666666 9999999922222222........77777777 9999999966666666........77777777 9999999999999999........11111111 9999999966666666........33333333 9999999911111111........66666666 9999999966666666........33333333 9999999911111111........22222222 9999999922222222........00000000 9999999977777777........77777777 9999999977777777........66666666 9999999933333333........77777777 1963 9999999944444444........55555555 9999999966666666........00000000 9999999922222222........55555555 9999999944444444........77777777 9999999988888888........55555555 9999999900000000........00000000 9999999966666666........33333333 9999999977777777........99999999 9999999966666666........88888888 9999999933333333........55555555 9999999955555555........66666666 9999999911111111........33333333 9999999922222222........22222222 9999999977777777........00000000 9999999977777777........11111111 9999999944444444........55555555 1964 9999999944444444........77777777 9999999944444444........66666666 9999999922222222........33333333 9999999955555555........22222222 9999999999999999........22222222 9999999900000000........33333333 9999999933333333........77777777 9999999988888888........33333333 9999999955555555........55555555 9999999955555555........44444444 9999999955555555........44444444 9999999933333333........88888888 9999999922222222........88888888 9999999977777777........44444444 9999999977777777........33333333 9999999955555555........22222222 1965 9999999966666666........66666666 9999999988888888........77777777 9999999955555555........55555555 9999999966666666........44444444 9999999999999999........88888888 9999999944444444........33333333 9999999955555555........55555555 9999999999999999........00000000 9999999955555555........99999999 9999999955555555........99999999 9999999966666666........22222222 9999999966666666........44444444 9999999933333333........99999999 9999999966666666........99999999 9999999977777777........55555555 9999999955555555........99999999 1966 9999999999999999........88888888 111111110000000055555555........99999999 111111110000000011111111........22222222 9999999988888888........55555555 111111110000000000000000........11111111 111111110000000033333333........44444444 9999999977777777........88888888 9999999999999999........44444444 9999999977777777........88888888 111111110000000000000000........22222222 9999999988888888........88888888 9999999988888888........88888888 9999999966666666........88888888 9999999988888888........00000000 9999999988888888........44444444 9999999977777777........77777777 1967.. 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 111111110000000000000000........00000000 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 'ioo.'s 105.2 1970. 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 1971 , 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 1972. 119.1 125.0 120.8 117.9 113.6 131.3 118.6 104.2 109.3 144.3 113.4 123.5 117.9 111.4 126.1 113.8 114.6 1972--Oct 120.0 125.5 121.8 118.8 114.8 139.8 120.6 104.4 109.5 149.2 114.7 124.1 118.4 112.0 127.3 112.9 115.0 Nov 120.7 128.8 123.1 119.1 115.1 144.0 121.3 104.7 109.8 149.4 115.0 124.1 118.5 112.3 127.3 113.0 115.0 Dec 122.9 137.5 129.4 119.4 115.6 142.2 121.9 104.8 109.8 149.8 115.1 124.4 118.6 112.4 127.4 114.2 115.1 1973- 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 July 134.9 173.3 146.5 126.9 124.2 141.4 142.8 110.8 112.9 177.8 122.3 132.8 122.0 115.2 130.0 115.0 120.9 Aug 142.7 213.3 166.2 127.4 125.2 143.0 142.9 111.0 113.1 178.8 123.3 133.7 122.3 115.9 130.0 115.1 121.0 Sept 140.2 200.4 156.3 128.1 126.8 143.8 144.8 111.5 112.8 181.9 124.4 134.4 122.6 116.0 129.9 114.5 121.1 Oct 139.5 188.4 153.1 129.6 128.5 143.8 150.5 112.7 114.0 180.3 125.8 135.9 123.1 116.6 130.9 115.9 121.0 i Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1973 • PRICES A 67 WHOLESALE PRICES: DETAIL (1967=100) 1972 1973 1972 1973 Group GGrroouupp Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm products: Pulp, paper, and allied products: Fresh and dried produce 122.8 162.2 149.0 162.1 Pulp, paper and products, excluding Grains 109.2 266.4 231.5 229.0 building paper and board 115.0 123.7 124.8 126.1 Livestock 144.2 243.3 207.4 185.5 Woodpulp 111.5 133.3 133.3 145.7 Live poultry 103.8 269.7 226.5 189.2 136.9 187.6 230.5 252.9 Plant and animal fibers 105.7 228.5 267.9 266.5 116.8 121.5 121.7 122.3 Fluid milk 123.8 143.4 158.7 168.2 106.8 116.7 116.7 118.0 Eggs 99.1 209.6 191.5 177.7 Converted paper and paperboard... 115.4 123.2 123.8 123.8 Hay and seeds 114.9 293.6 304.5 211.1 BBuuiillddiinngg ppaappeerr aanndd bbooaarrdd 107.3 112.8 115.9 117.7 Other farm products 132.3 150.4 153.2 154.7 Processed foods and feeds: Metals and metal products: Cereal and bakery products 116.9 136.2 147.7 150.5 Meat, poultry, and fish 130.4 198.3 187.3 170.2 128.9 136.0 136.5 138.6 Dairy products 120.0 131.3 137.2 139.6 Steelmill products 130.2 134.3 134.3 135.3 Processed fruits and vegetables 121.8 129.3 130.0 135.0 Nonferrous metals 117.3 137.9 138.5 140.7 Sugar and confectionery 123.5 135.7 136.9 139.8 Metal containers 131.1 135.5 135.6 134.8 Beverages and beverage materials 118.8 121.2 121.6 123.0 121.1 124.5 126.8 127.7 Animal fats and oils 129.6 428.9 264.7 308.8 120.6 126.4 127.2 127.8 Crude vegetable oils 94.9 284.6 195.2 223.0 Heating equipment 119.2 120.7 120.7 120.8 Refined vegetable oils 108.4 164.8 164.8 180.5 Fabricated structural metal products 123.0 127.8 128.7 129.6 Vegetable oil end products 123.2 161.6 160.1 167.6 MMiisscceellllaanneeoouuss mmeettaall pprroodduuccttss 124.8 130.9 131.4 132.2 Miscellaneous processed foods 116.9 128.5 128.1 129.3 Manufactured animal feeds 116.5 261.8 190.1 184.5 Textile products and apparel: Machinery and equipment: Cotton products 124.0 147.3 153.1 155.5 Agricultural machinery and equip... 122.6 125.5 125.6 127.5 Wool products 106.6 134.9 133.7 130.2 Construction machinery and equip.. 126.1 131.4 131.4 132.5 Manmade fiber textile products 108.6 123.7 126.7 127.7 Metalworking machinery and equip. 121.2 125.8 126.6 127.5 Apparel 115.6 119.3 119.5 121.5 General purpose machinery and Textile housefurnishings 110.0 112.2 112.3 115.2 equipment 123.2 127.4 127.6 128.5 Miscellaneous textile products 121.3 124.3 121.4 127.0 Special industry machinery and equipment 112244..33 113311..77 113322..66 113322..99 Hides, skins, leather, and products: Electrical machinery and equip 110.5 112.7 112.8 113.0 MMiisscceellllaanneeoouuss mmaacchhiinneerryy.. —— 120.9 124.7 125.0 125.2 Hides and skins 270.8 261.6 257.3 256.3 Leather 153.3 157.5 162.8 160.7 Footwear 127.0 129.7 130.3 131.0 Other leather products 123.6 130.6 130.4 130.5 Furniture and household durables: Fuels and related products, and power: 117.7 123.6 124.4 125.2 121.7 132.2 132.8 133.6 Coal 192.4 214.4 222.6 222244..11 Floor coverings 99.0 102.7 102.6 103.3 Coke 157.0 167.2 167.3 167.3 Household appliances 108.0 109.0 109.0 109.1 Gas fuels 117.5 130.4 132.2 133.4 Home electronic equipment 92.9 92.0 91.5 91.5 Electric power 123.1 129.1 130.9 132.1 OOtthheerr hhoouusseehhoolldd dduurraabbllee ggooooddss........ 126.9 130.8 130.5 131.3 Crude petroleum 114.7 125.8 133.3 133.3 Petroleum products, refined 111.5 145.9 146.1 156.6 Chemicals and allied products: Nonmetallic mineral products: Industrial chemicals 100.8 103.5 104.3 105.3 Flat glass 122.5 117.9 118.2 118.2 Prepared paint 118.2 121.0 121.2 126.0 Concrete ingredients 128.4 131.7 131.7 131.9 Paint materials 105.1 115.7 116.2 116.8 Concrete products 127.2 132.3 132.5 133.6 Drugs and pharmaceuticals 103.3 104.3 104.7 104.7 Structural clay products excluding Fats and oils, inedible 117.2 273.2 279.5 273.0 refractories 118.4 123.9 123.9 124.6 Agricultural chemicals and products. 92.1 95.9 95.9 95.9 132.1 136.3 136.3 136.3 Plastic resins and materials 89.2 93.3 93.1 92.4 Asphalt roofing 131.2 136.3 136.3 136.8 Other chemicals and products 114.1 118.2 118.3 121.2 Gypsum products 115.5 122.5 122.0 122.4 Glass containers 136.4 137.4 137.1 143.5 Rubber and plastic products: Other nonmetallic minerals 127.3 128.0 127.3 127.3 Rubber and rubber products 114.3 118.9 118.4 120.2 Crude rubber 99.6 118.1 113.4 111.4 Tires and tubes 109.7 110.4 110.4 115.1 Transportation equipment :l Miscellaneous rubber products.... 121.7 125.4 125.8 126.4 Plastic construction products (Dec. Motor vehicles and equipment 116.9 119.0 118.3 120.0 1969 = 100) 93.3 94.0 94.0 94.7 Railroad equipment 130.2 135.2 136.1 136.2 Unsupported plastic film and sheeting (Dec. 1970= 100) 98.3 100.8 100.9 101.1 Laminated sheets, high pressure (Dec. 1970= 100) 97.6 98.1 98.5 97.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, 114.9 117.8 118.3 119.2 Lumber 166.1 210.8 216.9 214.5 Tobacco products 117.5 122.5 122.5 122.7 Millwork 130.7 148.3 149.0 149.4 Notions. 112.9 113.6 113.6 115.5 Plywood 134.6 140.1 138.2 134.6 Photographic equipment and supplies 107.0 108.5 108.6 108.6 Other wood products 128.2 153.2 155.9 158.2 Other miscellaneous products 116.9 129.5 129.5 127.8 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 • NOVEMBER 1973 GROSS NATIONAL PRODUCT (In billions of dollars) I 1972 1973 Item 1929 1933 1941 1950 1968 j 1969 1970 1971 I 1972 III IV II Illf Gross national product. 103.1 55.6 124.5 284.8 864.2! 930.31 977.1 1,055.5 1,155.3 1,166.51,199.2 1,242.51,272.01 ,304.4 Final purchases 101.4 57.2 120.1 278.0 857.11 922.5 972.6 ,149.1 1,157.81,191.0 1,237.81,267.5 1,295.3 Personal consumption expenditures. 77.2 45.8 80.6 191.0 536.21 579.51 617.6 667.2 726.5 734.1; 752.6 779.4 795.6 813.4 Durable goods 9.2 3.5 9.6 30.5j 84.0! 90.8 91.3 103.6 117.4 120.2 122.9 132.2 132. 132.1 Nondurable goods 37.7 22.3 42.9 98.1 230.8; 245.9; 263.8 278.7 299.9 302.31 310.7 322.2 330.3 340.8 Services 30.3 20.1 28 62.4 221.3! 242.7i 262.6 284.9 309.2 311.6 319.0 325.0 332.6 340.5 Gross private domestic investment 16.2 1.4 17.9 54.1; 126.0! 139.0 136.3 153.2 178.3 181.5 189.4 194.5 198.2 206.7 Fixed investment 14.5 3.0 13.4 47.3\ 775.9 131.1 131.7 147.1 172.3 172.9\ 181.2 189.9 193.7 198.0 Nonresidential 10.6 2.4 9.5 2' 7.9 ' 88.8 98.5 100.6 104.4 118.2 77S.il 124.3 130.9 134.1 138.7 Structures 5.0 .9 2.9 9.2 30.3| 34.2: 36. 37.9 41.7 41.3 43.0 45.3 47.2 50.0 Producers' durable equipment. 5.6 1.5 6.6 18. Tj 58.5| 64.3 64.4 66.5 76.5 77.0! 81.2 85.5 86.9 88.8 Residential structures 4.0 .6 3.9 19.4 30.1! 32.6 31.2 42.7 54.0 54.5| 56.9 59.0 59.6 59.3 Chan N ge o n in fa b rm us iness inventories 3 1 . . 8 7 -1. . 6 5 4 3 . . 5 7 1 6 8 . . 8 6 ' 29 7 . . 5 1 ! 3 7 2 . . 8 0 3 4 0 . . 5 7 4 6 2. 2 5 6 3 . .5 0 5 8 3 . . 7 9 ; ! 5 8 6 . . 2 4 5 4 8 . . 6 4 5 4 9. . 5 5 8 8 . . 7 7 Nonfarm 1.8 -1.4 4.0 6.0: 6.9 7.7 4.3 4.5 5.6 8.4 7.9 4.4 4.4 7.2 Net exports of goods and services. 1.1 .4 1.3 1.8 2.5 1.9 3.6 -4.6 -3.8 -3.5 .0 2.8 4.0 Exports 7.0 2.4 5.9 13.8 50.61 55.5 62.9 66.3 73.5 74.0 79.7 89.7 97.2 102.7 Imports 5.9 2.0 4.6 12.0 48.1! 53.6 59.3 65.5 78.1 77.7 83.2 89.7 94.4 98.8 Government purchases of goods and services. 8.5 8.0 24.8 37.9 199.6 210.0 219.5 234.3 255.0 254.7 260.7 268.6 275.3 279.9 Federal 1.3 2.0 16.9 18.4, 98.8 98.8 96.2 98.1 104.4 102.3 102.7 105.5 107.3 107.1 National defense 13.8 14.1; 78.3 78.4 74.6 71.6 74.4 71.9 12 A 74.3 74.2 73.6 Other 3. 4.3! 20.5! 20.4; 21.6 26.5 30. 30.4 30.3 31.2 33. 33.5 State and local 7.2 6.0 7.9 19.5 100.8 111.21 123. 136.2 150.5 152.4 158.0 163.0 168.0 172.8 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 706.6 725.6, 722.5! 745.4 790.7 796.7; 812.3 829.3 834.3 841.6 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 11992299 11993333 11994411 11995500 11996688 11996699 11997700 11997711 11997722 IItteemm III IV I II National income 86.8 40.3 104.2 241.1 711.1 766.0 800.5 859.4 941.8 949.2 978.6 1,015.0 1,038.2 Compensation of employees 51.1 29.5 64.8 154.6 514.6 566.0 603.9 644.1 707.1 713.1 731.2 757.4 774.9 793.5 Wages and salaries 50.4 29.0 62.1 146.8 464.9 509.7 542.0 573.8 627.3 632.5 648.7 666.7 682.3 698.9 Private 45.5 23.9 51.9 124.4 369.2 405.6 426.9 449.7 493.3 497.5 510.9 525.1 538.7 552.8 Military .3 .3 1.9 5.0 17.9 19.0 19.6 19.4 20.3 20.0 20.1 20.9 20.5 20.4 Government civilian 4.6 4.9 8.3 17.4 77.8 85.1 95.5 104.7 113.8 115.1 117.7 120.7 123.1 125.7 Supplements to wages and salaries .7 .5 2.7 7.8 49.7 56.3 61.9 70.3 79.7 80.5 82.5 90.8 92.6 94.6 Employer contributions for social insurance . 1 . 1 2.0 4.0 24.3 27.8 29.7 33.7 39.0 39.3 40.2 47.4 48.3 49.3 Other labor income .6 .4 .7 3.8 25.4 28.4 32.2 36.6 40.7 41.3 42.3 43.3 44.2 45.3 15.1 5.9 17.5 37.5 64.2 67.2 66.9 68.7 74.2 74.1 77.1 80.6 81.5 85.1 Business and professional 9.0 3.3 11.1 24.0 49.5 50.5 50.0 51.9 54.0 54.3 55.3 56.3 57.1 58.0 Farm 6.2 2.6 6.4 13.5 14.7 16.7 16.9 16.8 20.2 19.8 21.8 24.3 24.4 27.1 5.4 2.0 3.5 9.4 21.2 22.6 23.9 24.5 24.1 24.9 24.9 24.7 24.6 25.3 Corporate profits and inventory valuation 10.5 -1.2 15.2 37.7 84.3 79.8 69.2 80.1 91.1 91.5 98.8 104.3 107.9 Profits before tax 10.0 1.0 77.7 42.6 87.6 84.9 74.0 85.1 98.0 98.4 106.1 119.6 128.9 Profits tax liability 1.4 .5 7.6 17.8 39.9 40.1 34.8 37.4 42.7 42.9 45.9 52.7 57.4 Profits after tax 8.6 .4 10.1 24.9 47.8 44.8 39.3 47.6 55.4 55.6 60.3 66.9 71.6 Dividends 5.8 2.0 4.4 8.8 23.6 24.3 24.7 25.1 26.0 26.2 26.4 26.9 27.3 28.1 Undistributed profits 2.8 -1.6 5.7 16.0 24.2 20.5 14.6 22.5 29.3 29.4 33.9 40.0 44.2 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -3.3 -5.1 -4.8 -4.9 -6.9 -6.9 -7.3 -15.4 -21.1 -17.0 Net interest 4.7 4.1 3.2 2.0 26.9 30.5 36.5 42.0 45.2 45.7 46.6 47.9 49.4 51.1 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
NOVEMBER 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 Item 1941 1950 1968 1970 1971 1972 II III2' Gross national product. 103.1 55.6 124.5 284.8 864.2 930.3 977.1 1,055.51,155.2 1,166.5 1,199.21,242.5 1,272. 01 ,304.0 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 74.5 81.6 87.3 93.8 102.4 102.3 105.1 106.9 109.0 10.7 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 78.6 85.9 93.5 102.4 109.5 110.5 112.8 115.6 117.2 118.5 Business transfer payments .6 .7 .5 .8 3.4 3.8 4.0 4.3 4.6 4.7 4.7 4.8 4.9 5.0 Statistical discrepancy .7 .6 .4 1.5 -2.7 -6. -6.4 -3.4 -1.5 1.6 0.2 1.1 3.2 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .7 1.0 1.7 1.2 1.7 1.8 2.2 .5 Equals: National income. 86.8 40.3 104.2 241.1 711.1 766.0 800.5 859.4 941.8 949.2 978.61,015.0 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 84.3 79.8 69.2 80, 91.1 91.5 98.8 104.3 107. Contributions for social insurance .2 .3 2. 6.9 47.1 54.2 57.7 73.7 74.5 75.8 89.3 90. 92.9 Excess of wage accruals over disburse- 64.6 ments .0 -.5 -.2 .0 .0 .0 .6 Plus: Government transfer payments 1.5 14.3 56.1 61.9 75.1 98.3 96.4 107.3 108.8 110.8 113.7 Net interest paid by government and 88.9 consumers 2.5 1.6 2.2 7.2 26.1 28.7 31.0 31.0 32.7 32.9 33.7 34.7 36, 37.9 Dividends 5.8 2.0 4.4 8.8 23.6 24.3 24.7 25.1 26.0 26.2 26.4 26.9 27, 28.1 Business transfer payments .6 .7 .5 3.4 3. 4.0 4.3 4.6 4.7 4.7 4.8 4, 5.0 Equals: Personal income 85.9 47.0 96.0 227.6 688.9 750.9 808.3 863.5 939.2 943.7 976.1 996.6 1,019 1,046.7 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 97.9 116.5 116.6 117.5 142.2 142. 147.4 145.1 149 155.8 Equals: Disposable personal income , 83.3 45.5 92.7 206.9 591.0 634.4 691.7 746.0 797.0 i 800.9 828.7 851.5 869 890.9 Less: Personal outlays 79.1 46.5 81.7 193.9 551.2 596.2 635.5 685.8 747.21 755.1 774.3 801.5 818. 837.5 Personal consumption expenditures. 77.2 45 80.6 191.0 536.2 579.5 617.6 667.2 726.5 734.1 752.6 779.4 795. 813.4 Consumer interest payments 1.5 .9 2.4 14.3 15.8 17.7 19.7j 20.0 20.7 21.2 22. 23.0 Personal transfer payments to for- .5 16.8 eigners .3 .2 .5 .9 1.0 1.0 1.1 .9 1.1 .2 1.0 Equals: Personal saving 4.2 11.0 13.1 39.8 38.2 60.2 49.7j 45.8 54.4 50.0 53.4 -.9 56.2 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 499.0 513.6 534.8 554.9 577.9 579.3 595.1 603.9 604.8 609.8 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 IItteemm 11997711 11997722 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.f Total personal income 863.5 939.2 951.3 967.0 i 977.6 983.6 989.1 997.4 1,003.3 1,011.6 1,018.7 1,026.61 1,035.6i 1,047.31 1,057.2 Wage and salary disbursements 573.3 627.8 638.7 643.8 648.4 654.0 661.7 667.2 671.1 677.6 682.0 688.2 693.2 698.9 704.6 Commodity-producing industries.. 206.3 226.0 230.1 232.8 235.0 236.8 239.2 242.2 243.5 245.9 248.3 251.7 253.4 254.8 257.7 Manufacturing only 160.5 175.9 179.3 181.6 183.8 185.6 187.1 189.6 190.6 192.9 194.7 197.0 197.9 198.7 201.1 Distributive industries 138.3 151.5 153.6 155.2 155.6 157.2 158.7 159.3 160.6 162.2 163.2 164.5 165.3 167.1 168.0 Service industries 104.7 116.1 118.8 119.2 119.8 121.3 122.9 124.1 124.9 126.4 126.8 127.7 129.4 130.8 131.9 Government 123.9 134.2 136.2 136.7 138.1 138.7 140.9 141.6 142.2 143.1 143.7 144.4 145.1 146.2 147.0 Other labor income 36.6 40.7 41.6 42.0 42.3 42.7 43.0 43.3 43.6 43.9 44.2 44.5 44.8 45.3 45.8 Proprietors' income 68.7 74.2 74.6 75.9 77.5 77.9 80.1 80.6 81.0 81.0 81.5 81.9 83.7 85.1 86.5 Business and professional 51.9 54.0 54.3 55.1 55.1 55.6 56.1 56.3 56.4 56.8 57.1 57.3 57.8 58.0 58.2 Farm 16.8 20.2 20.3 20.8 22.4 22.3 24.0 24.3 24.6 24.2 24.4 24.6 25.9 27.1 28.3 Rental income 24.5 24.1 25.1 25.1 24.7 24.9 24.8 24.8 24.6 24.3 24.6 24.9 25.0 25.3 25.5 Dividends 25.1 26.0 26.2 26.3 26.3 2.6.5 26,8 26.9 27.0 27.3 27.3 27.4 27.6 28.21 28.3 Personal interest income 73.0 78.0 78.9 79.6 80.4 81.1 81.9 82.6 83.4 84.5 85.7 86.5 87.8 89.0 90.2 Transfer payments 93.2 103.0 101.4 109.7 113.7 112.6 112.5 113.8 114.5 115.3 115.9 116.0 116.9 119.0 120.2 Less: Personal contributions for social insurance 30.9 34.7 35.2 35.4 35.7 35.9 41.7 41.9 42.0 42.4 42.5 42.8 43.4 43.6 43.9 Nonagricultural income 839.8 911.5 923.6 938.8 947.7 953.6 957.4 965.3 970.9 979.5 986.4 994.2 1,001.8:1 ,012.1:1 ,020.8 Agricultural income 23.7 27.7 27.7 28.2 29.9 30.0 31.8 32.1 32.4 32.0 32.2 32.4 33.8 35.2 36.4 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 • NOVEMBER 1973 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1971 1972r 1973 r TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1966 1967 1968 1969 1970 1971 1972 HI H2 HI H2 HI Funds raised, by type and sector Total funds raised by nonfinancial sectors 67.7 82.2 94.6 91.4 97.5 146.7 166.1 134.7 158.7 145.2 187.3 201.0 2 Excluding equities 66.9 80.0 95.9 88.0 92.6 135.0 156.1 123.8 146.1 134.7 177.8 192.1 2 3 U.S. Government 3.6 13.0 13.4 -3.6 12.8 25.5 17.3 22.7 28.4 12.4 22.2 17.1 3 4 Public debt securities 2.3 8.9 10.3 -1.3 12.9 26.0 13.9 24.2 27.8 10.5 17.2 15.8 4 5 Budget agency issues 1.3 4.1 3.1 -2.4 -.5 3.4 -1.6 .5 1.9 4.9 1.3 5 --1 6 All other nonfinancial sectors 64.1 69.2 81.2 95.0 84.7 121.2 148.8 112.0 130.4 132.8 165.1 183.9 6 7 Corporate equities .8 2.2 -1.4 3.4 4.9 11.7 10.0 10.9 12.6 10.4 9.5 8.8 7 8 Debt instruments 63.3 67.0 82.6 91.6 79.8 109.5 138.8 101.1 117.8 122.3 155.6 175.1 8 9 Debt capital instruments 38.9 45.7 50.6 50.6 57.7 83.2 92.4 79.5 86.9 87.3 97.6 92.3 9 10 State and local government securities 5.6 7.8 9.5 9.9 11.3 16.6 11.9 17.9 15.4 12.0 11.9 7.4 10 11 Corporate and foreign bonds 11.0 15.9 14.0 13.0 20.6 19.7 13.2 22.3 17.2 14.4 12.0 10.0 11 12 Mortgages 22.3 22.0 27.1 27.7 25.7 46.8 67.3 39.3 54.3 60.9 73.7 74.9 12 13 Home mortgages 11.7 11.5 15.1 75.7 12.8 26.0 39.7 20.6 31.5 35.6 43.7 41.4 13 14 Other residential 3.1 3.6 3.4 4.7 5.8 8.8 10.3 8.5 9.1 9.1 11.5 14.1 14 15 Commercial 5.7 4.7 6.4 5.3 5.3 10.0 14.8 8.5 11.5 13.5 16.0 15.1 15 16 Farm 1.8 2.3 2.2 1.9 1.8 2.0 2.6 1.7 2.3 2.7 2.5 4.3 16 17 Other private credit 24.4 21.3 32.0 41.0 22.1 26.3 46.4 21.7 30.9 35.0 58.0 82.8 17 18 Bank loans n.e.c 10.7 9.5 13.1 15.3 6.4 9.3 21.8 5.1 13.5 14.5 29.3 54.0 18 19 Consumer credit 6.4 4.5 10.0 10.4 6.0 11.2 19.2 8.9 13.6 15.8 22.5 24.7 19 20 Open-market paper 1.0 2.1 1.6 3.3 3.8 -.9 -1.6 -1.0 -.8 -.3 -2.8 -3.4 20 21 Other 6.2 5.1 7.2 12.0 5.9 6.6 7.0 8.7 4.6 5.0 9.0 7.6 21 22 By borrowing sector 64.1 69.2 81.2 95.0 84.7 121.2 148.8 112.0 130.4 132.8 165.1 183.9 22 23 Debt instruments 63.3 67.0 82.6 91.6 79.8 109.5 138.8 101.1 117.8 122.3 155.6 175.1 23 24 Foreign 1.6 4.0 2.9 2.9 3.0 5.7 3.8 5.3 6.1 3.4 4.3 11.2 24 25 State and local governments 6.3 7.9 9.8 10.7 11.4 17.0 12.3 17.9 16.1 11.9 12.7 7.5 25 26 Households 22.6 19.0 29.6 32.2 22.9 38.3 63.2 30.0 46.6 56.2 70.5 71.9 26 27 Nonfinancial business 32.8 36.0 40.2 45.9 42.5 48.5 59.5 47.9 49.0 50.9 68.2 84.5 27 28 Farm 3.1 3.6 2.8 3.2 3.2 4.1 4.9 4.0 4.2 4.4 5.3 7.3 28 29 Nonfarm noncorporate 5.4 5.0 5.6 7.4 5.3 8.7 10.4 9.3 8.1 9.5 11.6 13.4 29 30 Corporate 24.3 27.4 31.8 35.4 33.9 35.7 44.2 34.6 36.8 37.0 51.2 63.8 30 31 Corporate equities .8 2.2 -1.4 3.4 4.9 11.7 10.0 10.9 12.6 10.4 9.5 8.8 31 32 Foreign -.3 . 1 .2 .5 . l * -.4 .4 -.3 -.2 -.6 -.4 32 33 Corporate business 1.1 2.2 -1.5 2.9 4.8 11.7 10.4 10.5 12.9 10.7 10.1 9.2 33 Totals including equities 34 Foreign 1.3 4.0 3.1 3.3 3.0 5.7 3.4 5.7 5.8 3.2 3.7 10.8 34 35 Nonfinancial business 33.9 38.2 38.7 48.8 47.3 60.2 69.9 58.4 61.9 61.6 78.3 93.7 35 36 Corporate 25.4 29.6 30.3 38.3 38.8 47.4 54.6 45.1 49.7 47.7 61.3 73.0 36 37 Memo: U.S. Govt, cash balance -.4 1.2 -1.1 .4 2.8 3.2 .5 -.2 6.6 -3.0 4.0 3.6 37 Totals net of changes in U.S. Govt, cash balances 38 Total funds raised 68.1 81.1 95.7 91.0 94.7 143.5 165.6 134.9 152.1 148.1 183.3 197.4 38 39 By U.S. Government 4.0 11.8 14.5 -4.0 10.0 22.3 16.8 22.9 21.7 15.4 18.1 13.5 39 Private domestic net investment and borrowing in credit markets Total, households and business 1 Total capital outlays1 190.6 188.1 207.6 226.7 224.2 252.5 291.1 246.3 258.7 279.9 302.3 323.8 1 2 Capital consumption 2 118.5 128.4 140.4 154.3 166.0 179.0 193.4 175.8 182.2 190.3 196.6 205.5 2 3 Net physical investment 72.2 59.7 67.2 72.4 58.2 73.5 97.7 70.5 76.6 89.7 105.7 118.3 3 4 Net funds raised 56.5 57.3 68.3 81.0 70.2 98.5 133.1 88.4 108.5 117.7 148.8 165.6 4 5 Excess net investment 3 15.7 2.4 -1.1 -8.6 -12.0 -25.0 -35.4 -17.9 -32.0 -28.0 -43.1 -47.4 5 Total business 6 Total capital outlays 96.4 93.4 97.9 108.9 108.0 116.6 133.3 115.8 117.3 127.4 139.3 145.6 6 7 Capital consumption 54.2 58.5 63.2 69.5 74.6 80.3 87.6 78.8 81.7 86.2 88.9 92.7 7 8 Net physical investment 42.3 35.0 34.7 39.4 33.5 36.3 45.8 37.0 35.5 41.2 50.4 53.0 8 9 Net debt funds raised 32.8 36.0 40.2 45.9 42.5 48.5 59.5 47.9 49.0 50.9 68.2 84.5 9 10 Corporate equity issues 1 l 2.2 -1.5 2.9 4.8 11.7 10.4 10.5 12.9 10.7 10.1 9.2 10 11 Excess net investment 3 8.4 -3.2 -4.0 -9.4 -13.8 -23.9 -24.1 -21.4 -26.4 -20.4 -27.9 -40.7 11 Corporate business 12 Total capital outlays 76.5 71.4 75.0 83.7 84.0 86.7 100.7 86.5 87.0 96.0 105.4 108.6 12 13 Capital consumption 38.2 41.5 45.1 49.8 53.6 57.7 62.8 56.7 58.7 61.8 63.8 66.5 13 14 Net physical investment 38.3 29.9 29.9 33.9 30.4 29.1 37.8 29.8 28.3 34.1 41.5 42.1 14 15 Net debt funds raised 24.3 27.4 31.8 35.4 33.9 35.7 44.2 34.6 36.8 37.0 51.2 63.8 15 16 Corporate equity issues 1.1 2.2 -1.5 2.9 4.8 11.7 10.4 10.5 12.9 10.7 10.1 9.2 16 17 Excess net investment 3 12.9 .3 -.4 -4.4 -8.4 -18.3 -16.8 -15.3 -21.4 -13.5 -19.8 -30.9 17 Households 18 Total capital outlays 94.2 94.6 109.7 117.8 116.2 135.9 157.8 130.4 141.4 152.6 163.0 178.2 18 19 Capital consumption 64.3 69.9 77.2 84.8 91.4 98.7 105.9 97.0 100.4 104.1 107.7 112.9 19 20 Net physical investment 29.9 24.7 32.5 33.0 24.7 37.2 51.9 33.5 41.0 48.5 55.3 65.3 20 21 Net funds raised 22.6 19.0 29.6 32.2 22.9 38.3 63.2 30.0 46.6 56.2 70.5 71.9 21 22 Excess net investment 3 7.3 5.7 2.9 .8 1.8 -1.1 -11.3 3.5 -5.6 -7.6 -15.2 -6.6 22 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 NOTE.—Data revised from 1972 HI through 1973 HI. Full statements for sponsored credit agencies are excluded as borrowing by financial institusectors and transaction types are available on a quarterly basis and tions. Such issues are in U.S. Government securities on p. A-71, line 11. annually for flows and for amounts outstanding. Requests for these state- Corporate share issues are net cash issues by nonfinancial and foreign ments should be addressed to the Flow of Funds Section, Division of corporations. Mortgages exclude loans in process. Open-market paper is Research and Statistics, Board of Governors of the Federal Reserve commercial paper issued by nonfinancial corporations plus bankers' System, Washington, D.C., 20551. acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • flow of funds a 71 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1971 1972' 1973' TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1966 1967 1968 1969 1970 1971 1972 HI H2 HI H2 HI ! Total funds advanced in credit markets to nonfinancial sectors 66.9 80.0 95.9 88.0 92.6 135.0 156.1 123.8 146.1 134.7 177.8 192.1 1 By public agencies and foreign 2 Total net advances 11.9 11.3 12.2 15.8 28.0 41.3 16.9 38.6 44.0 19.7 14.1 42.6 2 3 U.S. Government securities 3.4 6.8 3.4 .9 15.7 33.4 7.3 32.9 34.0 12.7 2.0 21.4 3 4 Residential mortgages 2.8 2.1 2.8 4.6 5.7 5.7 5.2 4.2 7.1 6.2 4.3 5.0 4 5 FHLB advances to S&L's .9 -2.5 .9 4.0 1.3 -2.7 * -5.5 .2 -2.4 2.5 7.8 5 6 Other loans and securities 4.8 4.9 5.1 6.3 5.2 4.9 4.3 7.1 2.7 3.2 5.4 8.5 6 By agency— 7 U.S. Government 4.9 4.6 4.9 2.9 2.8 3.2 2.3 4.3 2.2 1.5 3.1 .5 7 8 Sponsored credit agencies 5.1 —. 1 3.2 9.0 9.9 2.8 6.0 -1.4 7.0 7.5 4.5 18.7 8 9 Monetary authorities 3.5 4.8 3.7 4.2 5.0 8.8 .2 8.4 9.3 4.5 -4.1 12.0 9 10 Foreign -1.6 2.0 .3 -.3 10.3 26.4 8.4 27.3 25.5 6.2 10.6 11.5 10 11 Agency borrowing not included in line 1 4.8 -.6 3.5 8.8 8.2 4.3 6.2 .9 7.7 7.4 5.0 17.6 11 Private domestic «... J., . -^ed 12 Total net advances 59.8 68.1 87.2 80.9 72.8 98.0 145.4 86.1 109.9 122.4 168.6 167.1 12 13 U.S. Government securities 5.4 5.7 13.3 4.6 5.4 -3.5 16.3 -9.2 2.1 7.1 25.3 13.4 13 14 State and local obligations 5.6 7.8 9.5 9.9 11.3 16.6 11.9 17.9 15.4 12.0 11.9 7.4 14 15 Corporate and foreign bonds 10.3 16.0 13.8 12.5 20.0 19.5 13.2 22.1 16.8 14.2 12.1 9.7 15 16 Residential mortgages 12.0 13.0 15.5 15.7 12.8 29.1 44.6 24.8 33.4 38.4 50.8 50.4 16 17 Other mortgages and loans 27.4 23.1 35.9 42.2 24.6 33.7 59.5 25.0 42.3 48.3 71.0 94.0 17 18 Less: FHLB advances .9 -2.5 .9 4.0 1.3 -2.7 * -5.5 .2 -2.4 2.5 7.8 18 Private financial intermediation 19 Credit market funds advanced by private financial institutions 45.4 63.5 75.3 54.9 74.9 111.4 150.2 112.2 110.6 130.5 170.1 188.0 19 20 Commercial banking 17.5 35.9 38.7 18.2 35.1 50.6 69.7 53.2 48.0 57.2 82.4 100.8 20 21 Savings institutions 7.9 15.0 15.6 14.5 16.9 41.5 48.7 45.4 37.5 48.4 48.9 49.9 21 22 Insurance and pension funds 15.5 12.9 14.0 12.3 17.3 14.1 16.0 12.5 15.7 14.1 17.8 23.1 22 23 Other finance 4.5 -.3 7.0 9.9 5.7 5.3 15.8 1.2 9.4 10.6 21.0 14.2 23 24 Sources of funds 45.4 63.5 75.3 54.9 74.9 111.4 150.2 112.2 110.6 130.5 170.1 188.0 24 25 Private domestic deposits 22.5 50.0 45.9 2.6 63.2 90.8 97.8 107.7 73.9 97.9 97.9 103.0 25 26 Credit market borrowing 3.2 -.4 8.5 19.1 -.4 9.2 20.2 2.6 15.9 16.4 24.0 36.9 26 27 Other sources 19.8 13.9 21.0 33.3 12.1 11.3 32.2 1.9 20.8 16.2 48.2 48.1 27 28 Foreign funds 3.7 2.3 2.6 9.3 -8.5 -3.2 5.1 -7.2 .8 5.5 4.7 5.0 28 29 Treasury balances -.5 .2 -.2 * 2.9 2.2 .7 -.8 5.3 -3.6 5.1 -1.4 29 30 Insurance and pension reserves 13.6 12.0 11.4 10.4 13.1 9.6 11.3 7.7 11.5 8.4 14.1 16.5 30 31 Other, net 3.0 -.6 7.2 13.5 4.5 2.7 15.1 2.2 3.2 5.9 24.3 28.0 31 Private domestic nonfinancial investors 32 Direct lending in credit markets 17.6 4.2 20.3 45.0 -2.4 -4.2 15.4 -23.5 15.2 8.3 22.5 16.0 32 33 U.S. Government securities 8.2 -1.4 8.0 16.8 -8.3 -13.0 4.1 -22.4 -3.5 -3.3 11.5 11.3 33 34 State and local obligations 2.6 -2.5 -.2 8.7 -1.1 -.1 2.1 -2.7 2.6 .9 3.4 1.3 34 35 Corporate and foreign bonds 2.1 4.6 4.7 7.4 10.1 8.2 4.9 8.6 7.7 4.5 5.2 1.6 35 36 Commercial paper 2.3 1.9 5.8 10.2 -4.4 -.6 3.7 -7.3 6.0 6.7 .8 -.4 36 37 Other 2.3 1.7 2.1 2.0 1.4 1.3 .6 .3 2.3 -.4 1.7 2.2 37 38 Deposits and currency 24.4 52.1 48.3 5.4 66.6 94.2 102.2 110.6 77.9 103.3 101.3 109.0 38 39 Time and savings accounts 20.3 39.3 33.9 -2.3 56.1 81.2 85.7 92.6 69.8 88.8 82.6 99.0 39 40 Large negotiable CD'S -.2 4.3 3.5 -13.7 15.0 7.7 8.7 3.4 12.0 2.1 15.3 27.3 40 41 Other at commercial banks 13.3 18.3 17.5 3.4 24.2 32.9 31.0 44.0 21.9 38.9 23.2 33.9 41 42 At savings institutions 7.3 16.7 12.9 8.0 16.9 40.6 46.0 45.3 35.9 47.8 44.1 37.9 42 43 Money 4.1 12.8 14.5 7.7 1.0.5 13.0 16.5 17.9 8.1 14.5 18.7 10.0 43 44 Demand deposits 2.1 10.6 12.1 4.8 7.1 9.6 12.1 15.1 4.1 9.1 15.3 3.9 44 45 Currency 2.0 2.1 2.4 2.8 3.5 3.4 4.4 2.8 3.9 5.5 3.4 6.0 45 46 Total of credit market instr., deposits, and currency. 42.0 56.3 68.7 50.5 64.2 90.0 117.7 87.1 93.0 111.7 123.8 125.1 46 47 Public support rate (in per cent) 17.9 14.1 12.7 18.0 30.2 30.6 10.8 31.2 30.1 14.6 7.9 22.2 47 48 Private financial intermediation (in per cent) 75.9 93.2 86.4 67.9 102.8 113.7 103.3 130.3 100.7 106.6 100.9 112.5 48 49 Total foreign funds 2.1 4.3 2.9 9.1 1.8 23.2 13.5 20.1 26.3 11.6 15.3 16.4 49 Corporate equities not included above 1 Total net issues 4.6 5.3 5.1 9.5 9.5 14.7 12.0 13.0 16.3 12.4 11.5 9.6 1 2 Mutual fund shares 3.7 3.0 5.8 4.8 2.6 1.2 -.6 .3 2.1 -.8 -.4 -1.7 2 3 Other equities .9 2.3 -.7 4.7 6.9 13.5 12.6 12.7 14.2 13.3 12.0 11.3 3 4 Acquisitions by financial institutions 6.0 9.1 10.8 12.2 11.4 19.2 15.6 23.4 15.0 17.6 13.6 12.4 4 5 Other net purchases -1.4 -3.8 -5.8 -2.7 -1.9 -4.6 -3.6 -10.4 1.3 -5.1 -2.1 -2.8 5 Notes 29. Demand deposits at commercial banks. Line 30. Excludes net investment of these reserves in corporate equities. 1. Line 2 of p. A-70. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 12 less line 19 plus line 26. 6. Includes farm and commercial mortgages. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 11. Credit market funds raised by Federally sponsored credit agencies. includes mortgages. Included below in lines 13 and 33. Includes all GNMA-guaranteed 39+44. See line 25. security issues backed by mortgage pools. 45. Mainly an offset to line 9. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 46. Lines 32 plus 38 or line 12 less line 27 plus line 45. Also sum of lines 27, 32, 39, and 44. 47. Line 2/line 1. 17. Includes farm and commercial mortgages. 48. Line 19/line 12. 25. Lines 39 + 44. 49. Lines 10 plus 28. 26. Excludes equity issues and investment company shares. Includes line 18. Corporate equities 28. Foreign deposits at commercial banks, bank borrowings from foreign Line 1 and 3. Includes issues by financial institutions. branches, and liabilities of foreign banking agencies to foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 72 U.S. BALANCE OF PAYMENTS • NOVEMBER 1973 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1972 1973 LLiinnee CCrreeddiittss++,, ddeebbiittss -- 11997700 11997711 11997722 II III IV I II p Summary—Seasonally adjusted 1 Merchandise trade balance 1 2,176 -2,698 -6,912 -1,774 -1,573 -1,745 -960 -230 2 Exports 41,964 42,768 48,769 11,539 12,362 13,213 15,320 16,747 3 Imports -39,788 -45,466 -55,681 -13,313 -13,935 -14,958 -16,280 -16,977 4 Military transactions, net -3,374 -2,918 -3,558 -954 -846 -864 -825 -727 5 Travel and transportation, net -2,013 -2,288 -2,853 -691 -679 -730 -608 -742 6 Investment income, net 2 6,260 7,972 7,862 1,791 1,950 2,232 2,309 2,071 7 U.S. direct investments abroad 7,920 9,456 10,433 2,450 2,600 2,991 3,152 3,210 8 Other U.S. investments abroad 3,506 3,443 3,492 820 876 875 1,006 1,056 9 Foreign investments in the United States -5,166 -4,927 -6,063 -1,479 -1,526 -1,634 -1,849 -2,195 10 Other services, net 581 739 850 202 209 234 237 244 11 3,630 807 -4,609 -1,426 -939 -870 150 616 12 Remittances, pensions, and other transfers -1,481 -1,553 -1,570 -375 -373 -429 -397 -381 13 Balance on goods, services, and remittances 2,150 -745 -6,179 -1,801 -1,312 -1,299 -.247 235 14 U.S. Government grants (excluding military) -1,734 -2,045 -2,174 -563 -581 -452 -345 -549 15 416 -2,790 -8,353 -2,364 -1,893 -1,751 -592 -314 16 U.S. Government capital flows excluding nonscheduled repayments, net 4 -1,829 -2,117 -1,714 -245 -542 -627 -671 -531 17 Nonscheduled repayments of U.S. Government assets 244 225 137 17 7 26 111 174 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies -433 -467 238 133 169 15 224 451 19 Long-term private capital flows, net -1,429 -4,401 -151 604 -393 781 -19 -562 20 U.S. direct investments abroad -4,410 -4,943 -3,404 -183 -1,148 -771 -2,025 -1,158 21 Foreign direct investments in the United States 1,030 -115 160 183 178 160 273 455 22 Foreign securities -942 -966 -614 -346 209 -40 51 -128 23 U.S. securities other than Treasury issues 2,190 2,269 4,335 956 553 1,768 1,745 512 24 Other, reported by U.S. banks 178 -862 -1,120 -263 -426 -442 -102 -293 25 Other, reported by U.S. nonbanking concerns 526 216 492 257 241 106 39 50 26 -3,031 -9,550 -9,842 -1,855 -2,652 -1,556 -947 -782 27 Nonliquid short-term private capital flows, net -482 -2,347 -1,637 310 -430 -982 -1,793 -1,054 28 Claims reported by U.S. banks -1,023 -1,802 -1,495 206 -267 -859 -1,796 -1,327 29 Claims reported by U.S. nonbanking concerns -361 -530 -315 62 -122 -250 -32 263 30 Liabilities reported by U.S. nonbanking concerns 902 -15 173 42 -41 127 35 10 31 Allocations of Special Drawing Rights (SDR's) 867 717 710 178 177 177 32 Errors and omissions, net -1,205 -10,784 -3,112 -940 -1,626 -1,490 -3,921 229 33 Net liquidity balance -3,851 -21,965 -13,882 -2,307 -4,531 -3,851 -6,661 -1,607 34 Liquid private capital flows, net -5,988 -7,788 3,542 1,456 7 2,367 -3,838 1,983 35 Liquid claims 252 -1,097 -1,234 109 -410 -131 -1,939 815 36 Reported by U.S. banks -99 -566 -742 246 -274 -77 -1,296 839 37 Reported by U.S. nonbanking concerns 351 -531 -492 -137 -136 -54 -643 -24 38 Liquid liabilities -6,240 -6,691 4,776 1,347 417 2,498 -1,899 1,168 39 To foreign commercial banks -6,508 -6,908 3,862 1,136 295 1,995 -1,916 734 40 To international and regional organizations 181 682 104 -70 -32 181 10 73 41 87 -465 810 281 154 322 7 361 42 -9,839 -29,753 -10,340 -851 -4,524 -1,484 --1100,,449999 376 Financed by changes in: 43 Liquid liabilities to foreign official agencies 7,637 27,615 99,,772200 11,,005577 4,467 1,645 99,,112211 -820 44 Other readily marketable liabilities to foreign official agencies 5 -810 -551 399 27 34 117 1,202 259 45 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Govt 535 341 189 -2 78 -167 -44 168 46 U.S. official reserve assets, net 2,477 2,348 32 -231 -55 -111 220 17 47 Gold 787 866 547 3 48 SDR's -851 -249 -703 -171 -177 -177 9 49 Convertible currencies 2,152 381 35 -245 134 82 233 50 389 1,350 153 185 -15 -16 -13 8 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14) 22,,558866 3,153 4,200 920 1,189 949 716 832 52 Re U in . v S e . s f t i e r d m s e ( a e r x n c in lu g d s ed o f f r f o o m re l i i g n n e s in 7 c a o n r d p o 2 r 0 a ) t ed affiliates of 2,948 3,192 ((66)) (6) (6) (6) (6) ((66)) 53 Reinvested earnings of U.S. incorporated affiliates of 434 498 (6) (6) (6) (6) (6) (6) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • u.s. balance of payments and foreign trade a 73 1. U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1972 1973 CCrreeddiittss ++>> ddeebbiittss —— 11997700 11997711 11997722 II III IV I HP Balances excluding allocations of SDR's—Seasonally adjusted Net liquidity balance -4,718 -22,682 -14,592 -2,485 -4,708 -4,028 -6,661 -1,607 Official reserve transactions balance -10,706 -30,470 -11,050 -1,029 -4,701 -1,661 -10,499 376 Balances not seasonally adjusted Balance on goods and services 3,630 807 -4,609 -1,489 -2,409 168 819 721 Balance on goods, services, and remittances 2,150 -745 -6,179 -1,873 -2,796 -263 448 332 Balance on current account 416 -2,790 -8,353 -2,471 -3,333 -698 74 -249 Balance on current account and long-term capital 4 -3,031 -9,550 -9,842 -2,310 -4,052 343 -865 -965 Balances including allocations of SDR's: Net liquidity -3,851 -21,965 -13,882 -3,034 -5,299 -3,197 -6,286 -2,009 Official reserve transactions -9,839 -29,753 -10,340 -741 -5,590 -1,503 -9,995 804 Balances excluding allocations of SDR's: Net liquidity -4,718 -22,682 -14,592 -3,034 -5,299 -3,197 -6,286 -2,009 Official reserve transactions -10,706 -30,470 -11,050 -741 -5,590 -1,503 -9,995 804 1 Adjusted to balance of payments basis; excludes transfers under 4 Includes some short-term U.S. Govt, assets. military grants, exports under U.S. military agency sales contracts and 5 Includes changes in long-term liabilities reported by banks in the imports of U.S. military agencies. United States and in investments by foreign official agencies in debt 2 Includes fees and royalties from U.S. direct investments abroad or securities of U.S. Federally-sponsored agencies and U.S. corporations. from foreign direct investments in the United States. 6 Not available. 3 Equal to net exports of goods and services in national income and NOTE.—Data are from U.S. Department of Commerce, Bureau of Ecoproduct accounts of the United States. 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 4,415 5,281 184 2 -341 -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 3,790 869 5,380 3,219 3,628 4,515 5,432 156 160 -647 -53 Apr.. 3,410 3,631 820 5,487 3,262 3,774 4,417 5,291 148 -143 -596 196 May. 3,661 3,746 882 5,603 3,367 3,908 4,486 5.761 324 -161 -604 -158 June. 3,727 3,672 971 5,778 3,265 4,037 4,468 5,794 462 -365 -497 -16 July.. 3,704 3,573 074 5,869 3,254 3,832 4,565 5.762 450 -259 -491 106 Aug.. 3,591 3,667 197 6,004 3,346 3,913 4,726 6,021 245 -247 -530 -17 Sept.. 3,553 4,487 4,176 6,448 3,423 4,179 4,612 5,575 130 308 -436 873 Oct.. 3,688 2,669 4,316 3,498 3,469 4,738 190 -800 -421 Nov.. 3,499 3,196 4,473 3,428 3,456 5,148 71 -260 -675 Dec.. 3,569 3,881 4,558 3,401 4,169 5,002 168 -288 -444 Quarter I 10,327 11,086 11,767 15,421 9,720 10,792 13,403 16,254 607 294 -1,637 -833 II.... 10,798 11,049 11,673 16,868 9,864 11,719 13,370 16,846 933 -670 -1,697 22 III... 10,848 11,727 12,447 18,321 10,023 11,924 13,903 17,358 816 -197 -1,456 963 IV... 10,756 9,746 13,347 10,327 11,094 14,888 425 -1,348 -1,540 Year 3.. 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 • NOVEMBER 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 AArreeaa aanndd ccoouunnttrryy 11996633 11996644 11996655 11996666 11996677 11996688 11996699 11997700 11997711 11997722 IV I II III Western Europe: --8822 -----------5555555555555555555555 ----111100000000 --2255 44 -----------4444444444400000000000 ----88883333 ---555888 ---111111000 --551188 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333333222222555555 --112299 ---444777333 -----------222222222222222222222255555555555 555555000000000000 -------2222222 ---222 ---222 ----55552222 444444111111 22 Italy 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 ------777777666666 -----------6666666666600000000000 -------33333335555555 ----11119999 ----55550000 --2255 --113300 -----------3333333333322222222222 -------111111188888880000000 55551111 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 ----55550000 --117755 332299 666666666661111111111188888888888 111111155555550000000 888000 ---888777999 ---888333555 222000000 Other ii --66 --3355 --4499 1166 --4477 UUU --2299 --1133 TToottaall --339999 --8888 --11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 --220044 --779966 Canada 222222000000000000 111115555500000 5555500000 Latin American republics: Argentina ---333000 ------333333999999 -----11111 -----2222255555***** --2255 ----22228888 Brazil 777222 555444 2222255555 ------333333 -----11111 ----22223333 Colombia 111000 2222299999 777777 ** ----1111 Venezuela -----2222255555 Other --1111 --99 -----1111133333 —— 66 iiii --4400 --2299 --8800 --55 TToottaall 3322 55$$.. 111777 -----4444411111 999 ---666555 --5544 --113311 --55 Asia: ---111000 -----44444 ---222111 ---444222 Jap*an -----5555566666 --111199 Lebanon --1111 -----1111111111 -------99999995555555 ----33335555 Malaysia --11 -------33333334444444 ----11110000 Philippines 2255 2200 ** --11 9999999 4400 --44 ----2222 Saudi Arabia -------55555550000000 -------88888881111111 111111 ---333000 Other --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 333999 --33 TToottaall 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---333888 --33 All other ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---888111 ---666 TToottaall ffoorreeiiggnn ccoouunnttrriieess --339922 --3366 ----1111,,,,333322222222 ----666600008888 ----1111,,,,000033331111 ----1111,,,,111111118888 999955557777 4444 ———— 666633331111 ----888844445555 ----3333 Intl. Monetary Fund^ 6666----222222225555 111177777777 22222222 ----3333 11110000 ———— 111155556666 ----22222222 ----555544444444 Grand total --339922 --3366 ----1111,,,,555544447777 ----444433331111 ----1111,,,,000000009999 ----1111,,,,111122221111 999966667777 ———— 777788887777 ----888866667777 ----555544447777 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 tc> o|her 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 payrnents. Such U.S. sales to countries $400 million in Feb. 1972. and resalps to the United States by the IMF total $548 million each. 6 Payment to the IMF of $259 million increase in U.S. gold subscription 3 Includes IMF gold sales to and purchases from the United States, less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 5 Includes $259 million gold subscription to the IMF in June 1965 for IMF operations. Does not include transactions in gold relating to gold a U.S. quota increase, which became effective on Feb. 23, 1966. In figures deposit or gold investment (see Table 6). published by the IMF from June 1965 through Jan. 1966, this gold sub- 2 Positive figures represent purchases from the IMF of currencies of scription was included in the U.S. gold stock and excluded from the other members for equivalent amounts of dollars; negative figures repre- reserve position. sent repurchase of dollars, including dollars derived from charges on 6 Includes $30 million of Special Drawing Rights. purchases and from other net dollar income of the IMF. The United 7 Represents amount payable in dollars to the IMF to maintain the States has a commitment to repurchase within 3 to 5 years, but only to value qf IMF holdings of U.S. dollars. the extent that the holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. Purchases of dollars by other countries reduce the U.S. NOTE.—The initial U.S. quota in the IMF was $2,750 million. The U.S. commitment to repurchase by an equivalent amount. quota was increased to $4,125 million in 1959, to $5,160 million in Feb. 3 Includes dollars obtained by countries other than the United States 1966, to $6,700 million in Dec. 1970, and revalued to $7,274 million in from sales of gold to the IMF. May 1972 and $8,083 million in Oct. 1973 as a result of changes in par 4 Represents the U.S. gold tranche position in the IMF (the U.S. value of the U.S. dollar. Under the Articles of Agreement subscription quota minus the holdings of dollars of the IMF), which is the amount payments equal to the quota have been made 25 per cent in gold and 75 that the United States could purchase in foreign currencies automatically per cent in dollars. if needed. Under appropriate conditions, the United States could purchase additional amounts equal to its quota. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • u.s. reserve assets; position in the imf A 75 4. U.S. RESERVE ASSETS (In millions of dollars) EE yy nn ee dd aa rr oo ff Total Tot G al o 2 ld st T o r c e k a i s ury v c fo u e C c r r r o i e t r e i n e i b s g n - l n e - p R I o e M s s i i n e t F i r o v 3 n e SDR's4 E m n o d n t o h f Total Tot G al o 2 l d s T to r c e k a sury v c fo C u e c r r i r o e e t r i s n e i b g - n 5 l n e - ppp RRR III ooo eee MMM sss sss iii iii nnn eee ttt FFF iii rrr ooo vvv 333 nnn eee SDR's4 1959... 21,504 19,507 19,456 1,997 1972 1960... 19,359 17,804 17,767 1,555 Oct... 13,313 10,487 10,410 414 454 1,958 1961... 18,753 16,947 16,889 116 1,690 Nov... 13,307 10,487 10,410 403 459 1,958 1962... 17,220 16,057 15,978 99 1,064 Dec... 13,151 10,487 10,410 241 465 1,958 1963... 16,843 15,596 15,513 212 1,035 1964... 16,672 15,471 15,388 4^2 769 1973 Jan... 13,054 10,487 10,410 140 469 1,958 1965... 15,450 6 13,806 6 13,733 781 6 863 Feb... 12.926 10,487 10,410 8 473 1,958 1966... 14,882 13,235 13,159 1,321 326 Mar. . 12,931 10,487 10,410 8 478 1,958 1967.. . 14,830 12,065 11,982 2,345 420 Apr... 12,904 10,487 10,410 8 460 1,949 1968... 15,710 10,892 10,367 3,528 1,290 May.. 12,916 10,487 10,410 16 464 1,949 1969... 716,964 11,859 10,367 72,781 2,324 June. . 12,914 10,487 10,410 8 470 1,949 July. . 12,918 10,487 10,410 8 474 1,949 1970... 14,487 11,072 10,732 629 1,935 851 Aug... 12,923 10,487 10,410 8 479 1,949 1971 .. . 812,167 10,206 10,132 8 276 585 1,100 Sept... 12.927 10,487 10,410 8 483 1,949 19729.. 13,151 10,487 10,410 241 465 1,958 Oct... 1014,367 1011,652 1011,567 8 10541 102,166 1 Includes (a) gold sold to the United States by the IMF with the right 7 Includes gain of $67 million resulting from revaluation of the German of repurchase, and (b) gold deposited by the IMF to mitigate the impact mark in Oct. 1969, of which $13 million represents gain on mark holdings on the U.S. gold stock of foreign purchases for the purpose of making at time of revaluation. gold subscriptions to the IMF under quota increases. For corresponding 8 Includes $28 million increase in dollar value of foreign currencies liabilities, see Table 6. revalued to reflect market exchange rates as of Dec. 31, 1971. 2 Includes gold in Exchange Stabilization Fund. 9 Total reserve assets include an increase of $1,016 million resulting 3 The United States has the right to purchase foreign currencies equiva- from change in par value of the U.S. dollar on May 8, 1972; of which, lent to its reserve position in the IMF automatically if needed. Under ap- total gold stock is $828 million (Treasury gold stock $822 million), reserve propriate conditions the United States could purchase additional amounts position in IMF $33 million, and SDR's $155 million. equal to the U.S. quota. See Table 5. 10 Total reserve assets include an increase of $1,436 million resulting 4 Includes allocations by the IMF of Special Drawing Rights as follows: from change in par value of the U.S. dollar on Oct. 18, 1973; consisting $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710 of $1,165 million total gold stock, $1,157 million Treasury gold stock, $54 million on Jan. 1, 1972; plus net transactions in SDRs. million reserve position in IMF, and $217 million special drawing rights. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. 6 Reserve position includes, and gold stock excludes, $259 million gold NOTE.—See Table 24 for gold held under earmark at F.R. Banks for subscription to the IMF in June 1965 for a U.S; quota increase which foreign and international accounts. Gold under earmark is not included became effective on Feb. 23, 1966. In figures published by the IMF from in the gold stock of the United States. June 1965 through Jan. 1966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IIMMFF hhoollddiinnggss (during period) ooff ddoollllaarrss ((eenndd ooff ppeerriioodd)) UUUUU.....SSSSS..... UU..SS.. ttrraannssaaccttiioonnss wwiitthh IIMMFF TTTrrraaannnsssaaaccctttiiiooonnnsss bbbyyy rrrrreeeeessssseeeeerrrrrvvvvveeeee ooottthhheeerrr cccooouuunnntttrrriiieeesss pppppooooosssssiiiiitttttiiiiiooooonnnnn PPPPPeeeeerrrrriiiiioooooddddd PP ss tt uu aa dd iioo bb yy oo nn ss mm oo llll cc ss ff aa ee rr rr ii ii nn ss pp nn tt -- ss bbyy ss gg NN II aa oo MM ll ee ll ee dd tt FF ss ii TT tt cc ff ii rr cc oo uu oo aa ii rr rr nn ee nn ee rr ss ss ss ee ii gg aa nn 22 ii nn cc nn -- -- II ii dd MM nn oo cc FF ll ii oo nn ll aa mm nn rr ee ss ee tt P d u o r l c o l h a f a r www s s iii e 3 ttt s hhh III p MMM u d FFF r o R c l i h n l e a a - r s s e s cccc TTTT hhhh oooo aaaannnn ttttaaaa gggg llll eeee AAAmmmooouuunnnttt PPP qqq eee UUU rrr uuu ooo ... ooo ccc fff SSS ttt eee ... aaa nnn ttt ppppp ((((( iiiii eeeee nnnnn eeeee rrrrr nnnnn iiiii ddddd IIIII ooooo MMMMM ddddd ooooo ))))) FFFFF fffff 44444 1946—1957 2222,,,,000066663333 666000000 -----------------------4444444444444444444444455555555555555555555555 ---------222222222,,,,,,,,,666666666777777777000000000 888822227777 777777777777777777777777777777777777777777777755555555555555555555555 777777777777777777777777777777777777777777777755555555555555555555555 2222222222222222222222288888888888888888888888 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,999999999999999999999997777777777777777777777755555555555555555555555 1958—1963 1111,,,,000033331111 111555000 6666666666666666666666600000000000000000000000 ---------111111111,,,,,,,,,666666666666666666666666666 2222,,,,777744440000 22222222222222222222222,,,,,,,,,,,,,,,,,,,,,,,333333333333333333333331111111111111111111111155555555555555555555555 33333333333333333333333,,,,,,,,,,,,,,,,,,,,,,,000000000000000000000009999999999999999999999900000000000000000000000 7777777777777777777777755555555555555555555555 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,000000000000000000000003333333333333333333333355555555555555555555555 1964—1966 777777776666 11,,664400 4444444444444444444444455555555555555555555555 ---------777777777222222222333333333 6666 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,777777777777777777777774444444444444444444444444444444444444444444444 44444444444444444444444,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888883333333333333333333333344444444444444444444444 9999999999999999999999944444444444444444444444 55555555555555555555555333333333333333333333332222222222222222222222266666666666666666666666 1967 2222222222222222222222200000000000000000000000 ---------111111111111111111444444444 -----------------------9999999999999999999999944444444444444444444444 44444444444444444444444,,,,,,,,,,,,,,,,,,,,,,,777777777777777777777774444444444444444444444400000000000000000000000 9999999999999999999999922222222222222222222222 444444444444444444444442222222222222222222222200000000000000000000000 1968 --8844 2222222222222222222222200000000000000000000000 ---------888888888000000000666666666 -----------------------888888888888888888888887777777777777777777777700000000000000000000000 33333333333333333333333,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888887777777777777777777777700000000000000000000000 7777777777777777777777755555555555555555555555 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,222222222222222222222229999999999999999999999900000000000000000000000 1969. 22222222 1111111111111111111111199999999999999999999999 ---------111111111,,,,,,,,,333333333444444444333333333 222266668888 -----------------------11111111111111111111111 ,,,,,,,,,,,,,,,,,,,,,,,000000000000000000000003333333333333333333333344444444444444444444444 22222222222222222222222,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888883333333333333333333333366666666666666666666666 5555555555555555555555555555555555555555555555 22222222222222222222222,,,,,,,,,,,,,,,,,,,,,,,333333333333333333333332222222222222222222222244444444444444444444444 1970 11,,115555 6666777711112222•••• 111155550000 2222222222222222222222255555555555555555555555 ---------888888888555555555444444444 777744441111 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,999999999999999999999992222222222222222222222299999999999999999999999 44444444444444444444444,,,,,,,,,,,,,,,,,,,,,,,777777777777777777777776666666666666666666666655555555555555555555555 7777777777777777777777711111111111111111111111 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,999999999999999999999993333333333333333333333355555555555555555555555 1971 1111,,,,333366662222 -----------------------2222222222222222222222288888888888888888888888 ---------222222222444444444 44440000 11111111111111111111111,,,,,,,,,,,,,,,,,,,,,,,333333333333333333333335555555555555555555555500000000000000000000000 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111111155555555555555555555555 9999999999999999999999911111111111111111111111 555555555555555555555558888888888888888888888855555555555555555555555 1972 77 554411 222200000000 -----------------------4444444444444444444444477777777777777777777777 666666666666666666666669999999999999999999999944444444444444444444444 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888881111111111111111111111100000000000000000000000 9999999999999999999999944444444444444444444444 444444444444444444444446666666666666666666666655555555555555555555555 1972—Oct -----------------------55555555555555555555555 -----------------------55555555555555555555555 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888882222222222222222222222200000000000000000000000 9999999999999999999999944444444444444444444444 444444444444444444444445555555555555555555555544444444444444444444444 Nov -----------------------44444444444444444444444 -----------------------44444444444444444444444 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888881111111111111111111111166666666666666666666666 9999999999999999999999944444444444444444444444 444444444444444444444445555555555555555555555599999999999999999999999 Dec -----------------------66666666666666666666666 -----------------------66666666666666666666666 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888881111111111111111111111100000000000000000000000 9999999999999999999999944444444444444444444444 444444444444444444444446666666666666666666666655555555555555555555555 1973—Jan -----------------------44444444444444444444444 -----------------------44444444444444444444444 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888880000000000000000000000066666666666666666666666 9999999999999999999999944444444444444444444444 444444444444444444444446666666666666666666666699999999999999999999999 Feb -----------------------55555555555555555555555 -----------------------55555555555555555555555 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888880000000000000000000000011111111111111111111111 9999999999999999999999933333333333333333333333 444444444444444444444447777777777777777777777733333333333333333333333 Mar -----------------------55555555555555555555555 -----------------------55555555555555555555555 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,777777777777777777777779999999999999999999999966666666666666666666666 9999999999999999999999933333333333333333333333 444444444444444444444447777777777777777777777788888888888888888888888 Apr 1111111111111111111111188888888888888888888888 1111111111111111111111188888888888888888888888 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888881111111111111111111111144444444444444444444444 9999999999999999999999944444444444444444444444 444444444444444444444446666666666666666666666600000000000000000000000 May -----------------------44444444444444444444444 -----------------------44444444444444444444444 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888881111111111111111111111100000000000000000000000 9999999999999999999999944444444444444444444444 444444444444444444444446666666666666666666666644444444444444444444444 June -----------------------66666666666666666666666 -----------------------66666666666666666666666 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888880000000000000000000000044444444444444444444444 9999999999999999999999944444444444444444444444 444444444444444444444447777777777777777777777700000000000000000000000 July -----------------------44444444444444444444444 -----------------------44444444444444444444444 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,888888888888888888888880000000000000000000000000000000000000000000000 9999999999999999999999933333333333333333333333 444444444444444444444447777777777777777777777744444444444444444444444 Aug -----------------------55555555555555555555555 -----------------------55555555555555555555555 66666666666666666666666,,,,,,,,,,,,,,,,,,,,,,,777777777777777777777779999999999999999999999955555555555555555555555 9999999999999999999999933333333333333333333333 444444444444444444444447777777777777777777777799999999999999999999999 Sept -----------------------44444444444444444444444 -----------------------44444444444444444444444 66666666666666666666666.......................777777777777777777777779999999999999999999999911111111111111111111111 9999999999999999999999933333333333333333333333 444444444444444444444448888888888888888888888833333333333333333333333 Oct 77 775544 -----------------------44444444444444444444444 777777777777777777777775555555555555555555555500000000000000000000000 77777777777777777777777,,,,,,,,,,,,,,,,,,,,,,,555555555555555555555554444444444444444444444411111111111111111111111 9999999999999999999999933333333333333333333333 555555555555555555555554444444444444444444444411111111111111111111111 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. • NOVEMBER 1973 6. U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions of dollars) Liabilities to foreign countries Official institutions2 Liquid Liquid liabilities to liabili- other foreigners ties to Liquid pe E o r n i f o d d Total a a t c I f r r g t i r M a i o s o o n i l m F n d n s g - s ! Total t p l S i i t o e a h e b s r b o r t y m i r e r l t e d i - - - M b T U a a o r b r e n . k S l a d e e s . s . t - N v k T o e e c U r n r t o e t a . m i n S a b b - s . a l l . e e r - N n v k T b o o e e U o a r n n r t e n n t a . c m i S a d b d b o . s a l s l n . e e r - - m r l O i e t a a a i a t r b b e d h k l i s i e e l e 5 l i r y t - - a t m L o l b b i i e a a r t q c i r o b n e o c u i a k s i l m i d i a s d - l - 6 t p l S i i t o e a h e b s r b o r y t m i r e r l t e d i - - - M T b U a o a r b e r n . k S l a d e e s . s . t ba i n n k s no a t n e d s 3 bo an n d d s notes 4 ba i n n k s not a e n s d 3 •7 U.S. notes U.S. 1962 9 24,268 800 12,914 11,963 751 200 5,346 3,013 2,565 1963 9 / \2 2 6 6 , , 3 4 9 3 4 3 8 8 0 0 0 0 1 1 4 4 , , 4 4 5 2 9 5 1 1 2 2 , , 4 4 6 6 7 7 1 1 , , 1 2 8 1 3 7 7 7 0 0 3 3 6 6 3 3 9 9 5 5, , 8 8 1 1 7 7 3 3 , , 3 3 8 9 7 7 3 3 , , 0 0 4 4 6 6 1964 9 J \2 2 9 9 , . 3 3 6 1 4 3 8 8 0 0 0 0 1 15 5 , , 7 7 8 9 6 0 1 1 3 3 , , 2 2 2 2 4 0 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 2 2 0 0 4 4 1 1 5 5 8 8 7 7 , , 2 3 7 0 1 3 3 3, , 7 7 5 3 3 0 3 3, , 3 3 7 5 7 4 196 5 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 1966 9 / \ 3 3 1 1 , , 1 0 4 2 5 0 1 1 , , 0 0 1 1 1 1 1 1 4 4 , , 8 8 4 9 1 6 1 1 2 2 , ,5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 3 3 2 2 8 8 9 9 1 1 3 3 1 9 0 , , 9 1 3 1 6 6 4 4 . . 2 2 7 7 1 2 3 3 . . 7 7 4 4 3 4 1967 9 \ / 3 35 5 . , 8 6 1 6 9 7 1 1 , , 0 0 3 3 3 3 1 1 8 8 , , 1 2 9 0 4 1 1 1 4 4 , , 0 0 3 2 4 7 9 9 0 0 8 8 7 7 1 1 1 1 7 7 4 4 1 1 1 1 , , 8 8 0 0 7 7 1 1 1 1 , , 2 0 0 8 9 5 4 4, , 6 6 7 8 8 5 4 4 , , 1 1 2 2 7 0 /38,687 1,030 17,407 11,318 529 701 2,518 2,341 14,472 5,053 4,444 1968 9 \38,473 1,030 17,340 11,318 462 701 2,518 2,341 14,472 4,909 4,444 1969 9 '0/ \ 4 4 5 5 , , 7 9 5 1 5 4 1 1 , , 0 0 1 1 9 9 io 1 i5 5 , , 9 9 7 9 5 8 1 1 1 1 , , 0 0 5 7 4 7 3 3 4 4 6 6 10 5 5 5 5 5 5 10 2 2 , , 5 5 1 1 5 5 1 1 , , 5 5 0 0 5 5 2 2 3 3 , , 6 6 3 4 8 5 4 4 , ,5 4 8 6 9 4 4 3 , , 0 93 6 9 4 1970—Dec. 9. 1 J4 4 7 6 , , 0 9 0 6 9 0 5 5 6 6 6 6 2 2 3 3 , ,7 7 8 7 6 5 1 1 9 9 , , 3 3 3 3 3 3 2 3 9 0 5 6 4 4 2 2 9 9 3 3 , , 0 0 2 2 3 3 6 6 9 9 5 5 1 17 7 , , 1 1 6 3 9 7 4 4 , , 6 6 7 0 6 4 4 4 , , 0 0 2 3 9 9 1971—Dec. ii ( J 6 6 7 7 , . 8 6 0 8 8 1 5 5 4 4 4 4 5 5 1 0 , , 2 6 0 5 9 1 3 3 9 9 , , 0 6 1 7 8 9 1 1 , , 9 9 5 5 5 5 6 6, , 0 0 9 6 3 0 3 3 , , 4 3 4 7 1 1 1 1 4 4 4 4 1 1 0 0 , , 9 2 4 6 9 2 4 4 , , 1 1 3 4 8 1 3 3 , , 6 6 9 9 1 4 1972—Sept.. . 79,728 60,075 39,633 4,117 12,095 3.804 426 13,577 4,630 4,241 Oct.... 81,420 60,931 40,266 4,457 12.097 3,651 460 14,173 4,822 4,416 Nov.. . 82,372 61,127 40,045 4,834 12.098 3,651 499 14,776 4,745 4,322 Dec... 82,900 61,520 39,994 5,236 12,108 3,639 543 14,802 4,952 4,527 1973—Jan.... 82,073 60,797 38,535 5,798 12,110 3,780 574 14,793 4,891 4,466 Feb.... 87,870 68,475 45,413 6,377 12,110 3.627 948 12,809 4,967 4,595 Mar.. . 1290,878 1271,331 46,924 6,917 212,128 3,617 1,745 12,952 4,959 4,583 Apr.. . 1390,596 70,748 45,949 6.934 12,245 3,631 1,989 13,070 5,148 4,749 May. . 92,103 70,902 46,099 6,934 12,245 3.628 1,996 14,296 5,146 4,762 June.. 92,184 70,681 45.693 6,934 12.245 3.805 2,004 14.482 5,320 4,937 July. .. 93,263 71,019 46.129 6.934 12,245 3,705 2,006 15,438 5,257 4.883 Aug.p. 92,634 70,503 45,714 6.906 12,319 3,555 2,009 15,214 5,322 4,987 Sept.*. 92,527 69,775 45,172 6,914 12,319 3,355 2,015 15,214 5,485 5,138 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 cercost 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; nonabroad 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 commercial 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
NOVEMBER 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 e s E W u e ro st p e e r n 1 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 1967 18,194 10,321 1,310 1,582 4,428 250 303 1968 3 /17,407 8,070 1,867 1,865 5,043 259 303 \17,340 8,062 1,866 11,,886655 4,997 248 302 1969 3 /4 15,975 4 7,074 1,624 11,,888888 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 14,519 415 871 150,651 30,134 3,980 1,429 13,823 415 870 1972—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 61,520 34,197 4,279 1,731 17,573 777 2,963 1973—Jan 60,797 34,146 4,201 1,728 17,034 673 3,015 Feb 68,475 40,773 4,290 1,895 17,907 809 2,801 Mar 6 71,331 6 45,229 4,221 1,749 16,564 823 2,745 Apr 7 70,748 7 45,608 4,157 1,915 15,415 839 2,814 May 70,902 46,641 4,104 1,903 14,417 940 2,897 June 70,681 46,962 4,111 1,993 13,725 992 2,898 July 71,019 47,140 4,043 2,071 13,686 928 3,149 Aug.v , . 70,503 47,260 3,836 2,004 13,631 738 3,034 Sept.^ 69,775 47,099 3,759 1,862 13,286 769 3,000 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 nonthe first time; and U.S. Treasury liabilities payable in foreign currencies marketable notes issued to foreign official nonreserve agencies; and into 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 organizations6 Payable in dollars Dep >osits IMF End of" period Total 1 Total Dem D an e d p os T it i s m e 2 b T i c r l c l e U e a s r a t . t e s S i a f s u . i n r 3 - y d s O l t 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 i u e c n a r i i b - g e l n s e in m g v e o e n s ld 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 - y d s l O t i h e a t o r h b m r e . t 4 r - 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 223 f41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 381 [41,761 41,393 15,795 5,961 14,123 5,514 368 400 820 69 159 211 381 '55,404 55,018 10,399 5,209 33,025 6,385 386 400 1,372 73 192 210 896 t55,428 55,036 6,459 4,217 33,025 11,335 392 400 1,367 73 192 210 892 58,684 58,206 6,927 4,939 32,714 13,626 478 1,233 79 224 145 785 60,136 59,598 7,071 5,146 33,071 14,310 538 1,281 63 210 204 804 60,653 60,111 7,011 5,378 32,774 14,948 543 1,511 95 241 380 794 60,736 60,239 8,288 5,628 31,850 14,473 496 1,412 86 201 326 800 59,173 58,648 7,452 5,532 30,134 15,530 526 1,379 118 171 279 811 64,234 63,722 7,786 5,594 36,538 13,803 513 1,417 133 143 303 838 65,883 65,335 7,606 5,610 37,966 14,153 548 1,425 114 133 279 899 65,196 64,612 8,118 5,652 36,459 14,382 584 1,428 119 111 240 957 66,747 66,175 8,374 5,700 35,965 16,136 572 1,589 147 118 148 1,177 66,713 66,083 9,111 5,824 34,951 16,197 631 1,602 155 133 189 1,125 67,970 67,363 8,988 5,875 34,556 17,944 607 1,520 206 114 116 1,083 67,464 66,853 8,435 6,152 34,259 18,008 611 1,549 178 116 61 1,193 67,511 66,851 8,779 6,168 33,699 18,206 660 1,987 80 108 62 1,737 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. • NOVEMBER 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 institutions10 Payable in dollars Payable in dollars Payable Total Dema D nd e posi T ts i me2 T b c i r c l e U e a l r s a t . t e s S i a s u f . n i r 3 - d y s O l t i h e a t o r h b m r e . t 4 r - f r o e c n r i u e c n r i i - g e n s Total Dema D nd ep osi T ts i me2 T bi r c c l U e e a ls a r t . t e s S i a s u f . n i r 3 - d y s O t l h e i t o a r h m b r e t . - r 4 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 /40,499 15,716 5,765 13,511 5,138 368 19,333 1,652 2,554 13,367 1,612 \40,541 15,726 5,802 13,511 5,133 368 19,333 1,652 2,554 13,367 1,612 (53,632 10,326 5,017 32,415 5,489 386 39,679 1,620 2,504 32,311 3,086 \53,661 6,386 4,025 32,415 10,443 392 39,018 1,327 2,039 32,311 3,177 57,451 6,848 4,716 32,569 12,841 478 39,633 1,239 2,459 32,497 3,268 58,855 7,008 4,935 32,867 13,506 538 40,266 1,335 2,569 32,794 3,398 59,143 6,915 5,137 32,394 14,154 543 40,045 1,271 2,643 32,315 3,645 59,323 8,203 5,427 31,523 13,674 496 39,994 1,589 2,876 31,453 3,905 57,794 7,333 5,361 29,855 14,720 526 38,535 1,405 2,875 29,779 4,304 62,817 7,653 5,450 36,235 12,965 513 45,413 1,756 2,841 36,147 4,497 64,459 7,492 5,477 37,687 13,254 548 46,924 1,543 2,832 37,620 4,757 63,768 7,999 5,541 36,219 13,425 584 45,949 1,714 2,916 36,137 4,996 65,157 8,227 5,583 35,817 14,959 572 46,099 1,723 2,933 35,736 5,520 65,112 8,956 5,691 34,762 15,072 631 45.693 1,940 3,115 34,684 5,767 66,450 8,781 5,760 34,440 16,861 607 46,129 1,934 3,185 34,360 6,461 65,915 8,257 6.036 34,197 16,814 611 45,714 1,575 3,363 34,118 6,530 65,524 8,699 6,060 33,636 16,469 660 45,172 1,631 3,246 33,554 6,614 To banksi* To other foreigners TTTToooo bbbbaaaannnnkkkkssss Payable in dollars aaaannnndddd ooootttthhhheeeerrrr ffffoooorrrreeeeiiiiggggnnnneeeerrrrssss :::: EEEEnnnndddd ooooffff ppppeeeerrrriiiioooodddd TTTToooottttaaaallll PPPPaaaayyyyaaaabbbblllleeee iiiinnnn TToottaall Dema D nd e posi T ts i me2 TT bb cc ii rr ll cc UU ee ee ll aa ss rr aa .. tt tt ss SS ee ii aa uu ff ss .. nn ii rr -- dd yy ss OO ll tt hh ii ee aa tt oo rr hh bb mm rr ee .. tt 44 rr -- TToottaall Dema D nd e posi T ts i me2 TT bb cc ii rr ll cc UU ee ee ll aa ss aa rr .. tt tt ss SS ee ii aa uu ff ss .. nn ii rr -- dd yy ss OO ll tt ii hh ee aa tt oo hh rr bb mm rr ee .. tt 44 rr -- ffff rrrr oooo eeee cccc rrrr nnnn uuuu eeee cccc rrrr iiii ---- iiii gggg eeee nnnn ssss 1969 27,709 23,419 16,756 1,999 20 4,644 4,064 1,711 1,935 107 312 226 J21,166 16,917 12,376 1,326 14 3,202 4,029 1,688 1,886 131 325 220 \21,208 16,949 12,385 1,354 14 3,197 4,039 1,688 1,895 131 325 220 /13,953 10,034 7,047 850 8 2,130 3,691 1,660 1,663 96 274 228 \14,643 10,721 3,399 320 8 6,995 3,694 1,660 1,666 96 271 228 1972—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 3,938 481 5 9,981 4,322 1,706 2,014 75 528 372 Dec 19,329 14,477 4,659 525 5 9,287 4,527 1,954 2,026 65 481 325 1973—Jan 19,260 14,438 4,155 415 7 9.861 4,467 1.773 2,070 69 555 355 Feb 17,405 12,467 4,084 483 5 7,895 4,596 1,813 2,127 83 573 341 Mar 17,535 12,576 4,144 518 5 7,909 4,583 1,805 2,127 63 588 376 Apr 17,820 12,672 4,335 514 7 7,817 4.750 1,951 2,112 75 611 398 May 19,059 13,911 4,645 535 8 8,723 4,763 1,859 2,115 73 716 385 June 19,419 14,038 5.053 404 8 8,573 4,937 1,963 2,172 70 732 444 July 20,320 15,021 4,957 432 8 9,623 4,882 1,890 2,143 72 776 418 Aug.f 20,201 14,731 4,806 490 11 9,424 4,987 1,876 2,183 68 861 483 Sept.P 20,352 14,681 5,096 602 9 §,974 5,137 1,971 2,212 72 881 533 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 i °Foreign central banks and foreign central govts, and their agencies, gold by the IMF to the United States to acquire income-earning assets. and Bank for International Settlements and European Fund. Upon termination of investment, the same quantity of gold was reac- 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
NOVEMBER 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 AArreeaa aanndd ccoouunnttrryy Dec. Dec. Jan. Feb. Mar. Apr. May June July Aug.f Sept.2' Europe: Austria 254 272 268 267 281 292 301 297 305 302 292 Belgium-Luxembourg 701 1,092 974 1,165 1,253 1,245 1,373 1,376 1,456 1,378 1,377 Denmark 168 284 321 364 400 406 502 489 477 437 409 Finland 160 163 152 158 142 168 244 194 165 153 145 France 3,150 4,441 4,434 4,483 5,000 5,167 5,327 5,406 5,452 5,246 5,301 Germany 6,596 5,346 5,034 10,494 12,990 12,701 12,161 12,003 12,837 12,912 13,256 Greece 170 238 210 224 223 175 219 219 240 236 215 Italy 1,887 1,338 1,085 1,041 968 1,020 1,171 1,072 870 1,506 1,136 Netherlands 270 1,468 1,356 1,762 2,532 2,543 2,427 2,369 2,029 1,945 2,022 Norway 685 978 973 995 1,018 1,035 1,046 1,049 1,082 1,055 1,024 Portugal 303 416 439 498 518 502 511 500 477 472 459 Spain 203 256 231 222 256 250 325 334 282 237 259 Sweden 792 1,184 1,189 1,403 1,483 1,682 1,787 1,905 1,951 1,871 1,835 Switzerland 3,249 2,857 2,924 2,845 2,901 2,959 3,272 3,268 3,310 3,236 3,309 Turkey 68 97 109 94 105 118 71 75 102 115 72 United Kingdom 7,379 5,011 5,510 4,546 4,657 4,741 5,899 6,317 6,457 5,943 5,588 Yugoslavia 34 117 82 78 58 69 73 66 66 57 58 Other Western Europe * 1,391 1,483 1,464 1,502 1,619 1,772 2,159 2,355 2,965 3,015 3,099 U.S.S.R 14 11 14 21 14 8 9 11 18 17 16 Other Eastern Europe 53 81 71 65 71 ; 71 66 74 81 90 114 Total 27,529 27,134 26,840 32,227 36,488 36,924 38,944 39,378 40,621 40,222 39,986 Canada 3,441 3,484 3,889 3,325 3,290 3,618 3,816 3,306 3,395 3,786 3,720 Latin America: Argentina 441 631 631 689 687 694 730 727 750 800 889 Bahamas 2 656 539 290 261 198 226 496 440 796 563 588 Brazil 342 605 643 648 671 703 768 765 920 732 700 Chile 191 137 132 136 143 140 138 140 134 126 127 Colombia 188 210 210 218 184 197 218 200 200 168 167 Cuba 6 6 7 7 6 7 7 10 7 7 7 Mexico 715 831 783 800 788 853 843 925 919 975 1,044 Panama 154 167 193 201 171 168 192 186 194 217 204 Peru 164 225 176 167 172 167 170 180 190 177 178 Uruguay 108 140 140 138 132 143 150 180 128 126 114 Venezuela 963 1,077 995 1,051 948 j 1,044 967 1,054 1,066 1,078 940 Other Latin American republics 655 860 839 827 804 818 778 780 744 791 791 Netherlands Antilles and Surinam 87 86 81 84 76 ! 72 64 68 78 61 65 Other Latin America 37 44 235 237 216 | 243 264 648 408 402 463 Total 4,708 5,558 5,354 5,461 5,196 5,477 5,785 6,303 6,532 6,224 6.277 Asia: I China, People's flep. of (China Mainland 39 39 39 37 49 43 44 41 38 43 40 China, Republic of (Taiwan) 258 675 737 783 816 831 830 843 790 810 812 Hong Kong 312 318 336 319 337 330 368 341 289 356 349 India 89 98 115 134 114 125 145 110 141 103 99 Indonesia 63 108 101 96 89 90 117 155 176 140 254 Israel 150 177 139 146 137 144 142 161 159 146 173 Japan 14,295 15,843 14,570 14,733 12,344 10,415 9,056 8,458 8,126 8,003 7,680 Korea 196 192 224 210 227 214 231 226 219 217 213 Philippines 306 438 446 453 513 520 583 558 559 541 482 Thailand 126 171 211 187 170 166 177 175 146 140 143 Other 595 1,071 951 897 869 940 872 883 958 1,139 1,166 Total 16,429 19,131 17,868 17,995 15,665 j 13,818 12,565 11,951 11,602 11,640 11,412 Africa: Egypt 24 24 21 28 17 1 33 67 29 29 41 34 Morocco 9 12 9 8 13 I 9 8 11 15 10 11 South Africa 78 115 111 104 125 125 120 155 169 100 132 Zaire 12 21 18 23 22 28 45 17 21 27 19 Other 474 768 573 728 739 798 786 904 803 683 765 Total 597 939 733 891 917 992 1,025 1,118 1,037 862 962 Other countries: Australia 916 3,027 3,046 2,861 2,849 2,882 2,961 2,985 3,202 3,124 3,106 All other 42 51 65 57 54 57 60 71 61 57 62 Total 957 3,077 3,111 2,918 2,903 2,939 3,022 3,056 3,263 3,181 3,168 Total foreign countries 53,661 59.323 57,794 62,817 64,459 63,768 65,157 65,112 66,450 65,915 65,524 International and regional: International 3 1,327 951 930 957 979 982 1,144 1,190 1,139 1,187 1,618 Latin American regional 298 307 301 318 320 337 337 321 301 289 298 Other regional4 142 155 148 142 126 109 108 89 81 72 70 Total 1,767 1,412 1,379 1,417 1,425 ! 1,428 1,589 1,602 1,520 1,549 1,987 I Grand total 55,428 60,736 59,173 64,234 65,883 65,196 66,747 66,713 67,970 67,464 67,511 Fcr 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. • NOVEMBER 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 AArreeaa aanndd ccoouunnttrryy Area and country Apr. Dec. Apr. Dec. Apr. Apr. j Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus 7 2 2 3 9 Kuwait 36 20 16 Iceland 10 11 9 9 12 Laos 2 3 3 Ireland, Rep. of 29 16 15 17 22 Lebanon 60 46 60 Malaysia 28 23 25 Other Latin American republics: Pakistan 28 33 58 Bolivia 59 55 53 87 65 Ryukyu Islands (incl. Okinawa) 39 29 53 Costa Rica 43 62 70 92 75 Saudi Arabia 41 79 80 Dominican Republic 90 123 91 114 104 Singapore 43 35 45 72 57 62 121 109 Sri Lanka (Ceylon) 4 4 6 El Salvador 80 78 83 76 86 Syria 3 4 6 Guatemala 97 117 123 132 127 Vietnam 161 159 185 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 Paraguay 15 17 17 22 26 Ethiopia (incl. Eritrea) 12 11 29 Trinidad & Tobago 14 10 15 20 17 Ghana 6 8 11 Kenya 13 9 14 Ot B he e r r m L u a d ti a n America: (2) (2) (2) (2) 127 L Li i b b y er a i a 9 2 1 1 27 2 4 3 2 2 9 5 6 British West Indies 38 32 23 36 100 Nigeria 25 46 56 Southern Rhodesia 2 2 2 Other Asia: Sudan 1 5 B B A a u f h g rm r h a a a i n n i stan 3 1 5 3 5 2 1 1 1 9 0 1 1 5 7 8 2 2 5 2 4 ( ( 1 7 79 ) ) T T U u a g n n a z i n s a d i n a a i a 1 6 5 0 9 6 3 1 7 6 0 Cambodia 2 5 2 3 3 Zambia 14 13 7 I I r ra a q n 6 7 7 5 1 9 0 88 9 9 1 3 0 1 ( 174 ) All other: Jordan 3 2 2 4 4 New Zealand 22 23 27 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 TToo iinnttll.. EEnndd ooff ppeerriioodd TToottaall aanndd Official Other Ger- United Other Total Other All rreeggiioonnaall Total institu- Banksi foreign- many King- Europe Latin Japan Asia other tions ers dom America countries 1969 2,490 889 1,601 1,505 56 40 * 46 7 239 655 582 70 1970 1,703 789 914 695 165 53 110 42 26 152 385 137 62 1971 902 446 457 144 257 56 164 52 30 111 3 87 9 1972—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 1,051 600 450 94 269 88 165 68 37 134 1 32 14 Dec 1,000 562 439 93 259 87 165 63 32 136 1 32 10 1973—Jan 1,026 599 427 74 257 96 165 61 30 127 1 30 13 Feb 1,259 596 663 304 258 100 164 59 233 118 1 71 16 Mar 1,389 680 709 328 269 112 164 66 234 133 1 96 16 Apr 1,382 669 713 329 274 111 164 68 239 128 1 98 16 May 1,362 671 691 313 274 104 164 68 231 115 1 96 16 June 1,453 756 697 311 274 113 164 68 233 125 2 94 10 July 1,499 771 727 311 275 141 164 68 235 145 2 93 19 Aug.f 1,498 784 715 312 275 127 165 68 235 133 2 95 17 Sept.® 1,575 832 744 318 302 123 165 68 263 147 2 81 18 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1973 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End of period; in millions of dollars) 1972 1973 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.p Sept.p Europe: Belgium-Luxembourg.. 6 6 6 6 6 6 6 6 6 6 6 6 7 Sweden 15 35 85 85 110 135 135 135 135 135 135 135 165 Switzerland 45 45 45 45 45 44 43 44 43 43 42 37 37 United Kingdom 293 308 326 327 327 276 278 300 281 280 275 236 247 Other Western Europe. 79 79 79 79 79 79 79 79 85 85 85 85 85 Eastern Europe 5 5 5 5 5 5 5 5 5 5 5 5 5 Total. 443 478 545 547 572 544 546 569 555 554 547 504 546 Canada 432 479 559 558 558 559 561 561 560 560 560 560 560 Latin America: Latin American republics.. ! 1 1 1 1 1 j 1 ! j ! 5 5 Other Latin America 6 6 6 6 6 6 6 6 6 6 6 6 7 Total. 7 7 7 7 7 7 7 7 7 7 7 11 12 Asia: Japan 3,481 3,756 4,003 4,380 4,867 5,421 5,961 5,978 5,978 5,977 5,977 5,949 5,950 Other Asia. 10 10 10 10 10 10 10 10 10 10 9 9 11 Total 3,492 3,766 4,013 4,391 4,877 5,431 5,971 5,988 5,988 5,988 5,987 5,959 5,961 Africa 133 133 133 133 183 183 183 183 183 183 183 183 158 All other * * * 25 25 25 25 25 25 25 25 25 25 Total foreign countries. 4,506 4,863 5,257 5,661 6,223 6,749 7,293 7,333 7,318 7,317 7,308 7,241 7,261 International and regional: International 186 186 186 186 186 176 186 176 142 72 ! 1 21 Latin American regional 27 27 28 28 28 26 26 27 27 27 28 45 45 Total 213 213 214 214 214 202 212 202 169 100 29 46 66 Grand total. 4,719 5,076 5,471 5,874 6,436 6,951 7,505 7,535 7,487 7,417 7,337 7,287 7,327 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 EEnndd ooff ppeerriioodd TToottaall China, Total g B iu e m l- a C d a a n - 1 ( R Ta e i p w . a o n f ) m G a e n r- y Italy 2 Korea T la h n a d i- Total m G an e y r- 3 Italy e S r w la i n tz d - 1969 44444444444444444 33333333333333333,,,,,,,,,,,,,,,,,111111111111111118888888888888888811111111111111111 11111111111111111,,,,,,,,,,,,,,,,,444444444444444443333333333333333311111111111111111 333333333333222222222222 11111111111111111,,,,,,,,,,,,,,,,,111111111111111112222222222222222299999999999999999 222222222222000000000000 111111111111111113333333333333333355555555555555555 11111115555555 111111111111100000000000000000000000000 44444444444444444 11111111111111111,,,,,,,,,,,,,,,,,777777777777777775555555555555555500000000000000000 4444444444444444 1111111111111111,,,,,,,,,,,,,,,,000000000000000088888888888888884444444444444444 112255 555555555555555554444444444444444411111111111111111 1970 33333333333333333,,,,,,,,,,,,,,,,,555555555555555556666666666666666633333333333333333 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 333333333333222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 222222222222000000000000 2222222222222222255555555555555555 11111115555555 111111111111100000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555544444444444444442222222222222222 555555555555555554444444444444444411111111111111111 1971 55555555555555555 99999999999999999,,,,,,,,,,,,,,,,,666666666666666665555555555555555577777777777777777 77777777777777777,,,,,,,,,,,,,,,,,888888888888888882222222222222222299999999999999999 333333333333222222222222 22222222222222222,,,,,,,,,,,,,,,,,666666666666666664444444444444444400000000000000000 222222222222000000000000 555555555555555,,,,,,,,,,,,,,,000000000000000000000000000000000000000000000 2222222222222222222222222222222222 11111115555555 111111111111100000000000000000000000000 55555555555555555 11111111111111111,,,,,,,,,,,,,,,,,888888888888888882222222222222222277777777777777777 666666666666666611111111111111112222222222222222 11111111111111111,,,,,,,,,,,,,,,,,222222222222222221111111111111111155555555555555555 1972—Oct 1111111111111111155555555555555555.................888888888888888887777777777777777711111111111111111 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,333333333333333334444444444444444455555555555555555 333333333333222222222222 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 222222222222000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,333333333333333111111111111111555555555555555 2222222222222222222222222222222222 11111115555555 111111111111100000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,555555555555555552222222222222222266666666666666666 333333333333333300000000000000006666666666666666 11111111111111111,,,,,,,,,,,,,,,,,222222222222222222222222222222222200000000000000000 Nov 1111111111111111155555555555555555.................888888888888888887777777777777777722222222222222222 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,333333333333333334444444444444444455555555555555555 333333333333222222222222 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 222222222222000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,333333333333333111111111111111555555555555555 2222222222222222222222222222222222 11111115555555 111111111111100000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,555555555555555552222222222222222288888888888888888 333333333333333300000000000000006666666666666666 11111111111111111,,,,,,,,,,,,,,,,,222222222222222222222222222222222222222222222222222 Dec 1111111111111111155555555555555555,,,,,,,,,,,,,,,,,888888888888888887777777777777777722222222222222222 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,333333333333333333333333333333333333333333333333333 222222222222000000000000 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 222222222222000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,333333333333333111111111111111555555555555555 2222222222222222222222222222222222 11111115555555 111111111111100000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,555555555555555553333333333333333399999999999999999 333333333333333300000000000000006666666666666666 11111111111111111 ,,,,,,,,,,,,,,,,,222222222222222223333333333333333333333333333333333 222222222222000000000000 1973—Jan 1111111111111111166666666666666666,,,,,,,,,,,,,,,,,000000000000000001111111111111111166666666666666666 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,444444444444444447777777777777777744444444444444444 222222222222000000000000 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,444444444444444777777777777777111111111111111 2222222222222222222222222222222222 111111111111100000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,555555555555555554444444444444444422222222222222222 333333333333333300000000000000006666666666666666 11111111111111111,,,,,,,,,,,,,,,,,222222222222222223333333333333333366666666666666666 Feb 1111111111111111155555555555555555,,,,,,,,,,,,,,,,,888888888888888886666666666666666633333333333333333 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,444444444444444447777777777777777744444444444444444 222222222222000000000000 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 222222222222000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,444444444444444777777777777777111111111111111 2222222222222222222222222222222222 111111111111100000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,333333333333333338888888888888888899999999999999999 111111111111111155555555555555553333333333333333 11111111111111111,,,,,,,,,,,,,,,,,222222222222222223333333333333333366666666666666666 Mar 666666666666666661111111111111111155555555555555555,,,,,,,,,,,,,,,,,888888888888888887777777777777777700000000000000000 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,444444444444444446666666666666666644444444444444444 222222222222000000000000 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 111111111111000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,444444444444444777777777777777111111111111111 2222222222222222222222222222222222 111111111111100000000000000000000000000 6666666666666666611111111111111111,,,,,,,,,,,,,,,,,444444444444444440000000000000000077777777777777777 111111111111111155555555555555553333333333333333 11111111111111111,,,,,,,,,,,,,,,,,222222222222222225555555555555555544444444444444444 Apr 666666666666666661111111111111111166666666666666666,,,,,,,,,,,,,,,,,000000000000000001111111111111111155555555555555555 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,444444444444444445555555555555555599999999999999999 222222222222000000000000 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 555555555555 111111111111111111111111111111,,,,,,,,,,,,,,,444444444444444777777777777777111111111111111 2222222222222222222222222222222222 111111111111100000000000000000000000000 6666666666666666611111111111111111,,,,,,,,,,,,,,,,,555555555555555555555555555555555566666666666666666 111111111111111177777777777777772222222222222222 11111111111111111,,,,,,,,,,,,,,,,,333333333333333338888888888888888844444444444444444 May 1111111111111111166666666666666666,,,,,,,,,,,,,,,,,000000000000000001111111111111111122222222222222222 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,444444444444444445555555555555555566666666666666666 222222222222000000000000 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 222222222222 111111111111111111111111111111,,,,,,,,,,,,,,,444444444444444777777777777777111111111111111 2222222222222222222222222222222222 111111111111100000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,555555555555555555555555555555555566666666666666666 111111111111111177777777777777772222222222222222 11111111111111111,,,,,,,,,,,,,,,,,333333333333333338888888888888888844444444444444444 June 1111111111111111166666666666666666,,,,,,,,,,,,,,,,,111111111111111118888888888888888899999999999999999 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,666666666666666663333333333333333333333333333333333 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,666666666666666777777777777777000000000000000 2222222222222222222222222222222222 111111111111100000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,555555555555555555555555555555555566666666666666666 111111111111111177777777777777772222222222222222 11111111111111111,,,,,,,,,,,,,,,,,333333333333333338888888888888888844444444444444444 July 1111111111111111166666666666666666,,,,,,,,,,,,,,,,,000000000000000008888888888888888899999999999999999 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,555555555555555553333333333333333333333333333333333 22222222222222222,,,,,,,,,,,,,,,,,888888888888888884444444444444444400000000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,666666666666666777777777777777000000000000000 2222222222222222222222222222222222 11111111111111111,,,,,,,,,,,,,,,,,555555555555555555555555555555555566666666666666666 111111111111111177777777777777772222222222222222 11111111111111111,,,,,,,,,,,,,,,,,333333333333333338888888888888888844444444444444444 Aug 1111111111111111166666666666666666,,,,,,,,,,,,,,,,,000000000000000001111111111111111155555555555555555 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,333333333333333338888888888888888833333333333333333 22222222222222222,,,,,,,,,,,,,,,,,666666666666666669999999999999999900000000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,666666666666666777777777777777000000000000000 2222222222222222222222222222222222 11111111111111111,,,,,,,,,,,,,,,,,666666666666666663333333333333333311111111111111111 111111111111111177777777777777772222222222222222 11111111111111111,,,,,,,,,,,,,,,,,444444444444444445555555555555555588888888888888888 Sept 1111111111111111155555555555555555,,,,,,,,,,,,,,,,,888888888888888881111111111111111133333333333333333 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,111111111111111118888888888888888833333333333333333 22222222222222222,,,,,,,,,,,,,,,,,444444444444444449999999999999999900000000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,666666666666666777777777777777000000000000000 2222222222222222222222222222222222 11111111111111111,,,,,,,,,,,,,,,,,666666666666666663333333333333333311111111111111111 111111111111111177777777777777772222222222222222 11111111111111111,,,,,,,,,,,,,,,,,444444444444444445555555555555555588888888888888888 Oct 1111111111111111155555555555555555,,,,,,,,,,,,,,,,,666666666666666669999999999999999911111111111111111 1111111111111111144444444444444444,,,,,,,,,,,,,,,,,222222222222222223333333333333333333333333333333333 22222222222222222,,,,,,,,,,,,,,,,,555555555555555554444444444444444400000000000000000 111111111111111111111111111111,,,,,,,,,,,,,,,666666666666666777777777777777000000000000000 2222222222222222222222222222222222 11111111111111111,,,,,,,,,,,,,,,,,444444444444444445555555555555555588888888888888888 11111111111111111,,,,,,,,,,,,,,,,,444444444444444445555555555555555588888888888888888 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. • NOVEMBER 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 AArreeaa aanndd ccoouunnttrryy 1 Dec. Dec. Jan. ; Feb. Mar. Apr. May June July Aug.? Sept.f Europe: Austria 11 8 7 13 9 9 ; 9 12 10 18 16 Belgium-Luxembourg 57 120 67 124 100 87 ; 73 94 96 107 185 Denmark 49 59 58 59 60 63 69 69 56 67 52 Finland 135 118 127 122 131 134 140 141 134 125 114 France 263 330 275 312 424 451 447 389 434 368 417 Germany 235 321 267 414 371 345 ! 356 397 349 281 313 Greece 30 29 34 23 29 32 i 19 19 28 20 16 Italy 160 255 221 271 269 288 i 327 326 278 278 242 Netherlands 105 108 93 152 118 129 ; 115 109 101 155 144 Norway 67 69 62 63 70 66 i 67 65 79 70 67 Portugal 12 19 21 26 20 30 | 17 19 18 14 18 Spain 70 207 210 236 282 238 ! 360 387 272 251 183 Sweden 118 156 176 249 235 238 | 259 234 224 184 166 Switzerland 145 125 187 206 152 186 1 190 245 208 206 234 Turkey 3 6 5 6 5 5'! 6 9 7 6 6 United Kingdom 559 849 672 1,001 847 795 ! 876 893 1,006 1,288 1,219 Yugoslavia 19 22 18 20 18 20 ! 13 12 12 10 10 Other Western Europe 12 20 23 26 22 29 ! 21 29 20 21 26 U.S.S.R 28 41 44 55 54 61 50 56 56 42 46 Other Eastern Europe 37 49 47 51 52 60 j 69 73 84 84 97 Total 2,114 2,911 2,613 3,431 3,269 3,265 | 3,483 3,575 3,471 3,596 3,570 Canada 1,627 1,897 1,939 2,372 2,461 2,286 2,379 2,022 2,168 2,186 1,907 Latin America: Argentina 305 379 389 417 406 396 408 408 431 442 455 Bahamas 1 262 476 413 521 461 505 409 399 495 454 593 Brazil 435 649 641 727 740 759 j 851 891 965 915 879 Chile 139 52 53 49 51 45 ! 40 43 36 50 40 Colombia 380 418 408 412 380 401 397 411 420 422 422 Cuba 13 13 12 13 13 13 13 14 13 13 13 Mexico 934 1,202 1,202 1,213 1,320 1,343 1,343 1,399 1,376 1,338 1,322 Panama 125 244 219 220 212 183 190 218 223 262 252 Peru 176 145 129 136 132 143 147 169 180 176 178 Uruguay 41 40 40 38 40 36 31 34 34 35 39 Venezuela 268 383 388 385 404 401 ; 440 454 454 441 430 Other Latin American republics 374 388 393 379 369 382 1 383 380 373 394 404 Netherlands Antilles and Surinam 18 14 15 15 20 27 i 35 38 48 38 31 Other Latin America 26 36 56 70 103 85 | 74 66 71 89 94 Total 3,494 4,437 4,359 4,592 4,649 4,717 | 4,761 4,924 5,119 5,069 5,152 Asia: China, People's Rep. of (China Mainland) 1 1 2 2 2 2 5 3 7 6 7 China, Republic of (Taiwan) 109 194 205 211 231 238 216 200 198 183 141 Hong Kong 70 93 84 103 111 122 132 204 218 116 128 India 21 14 15 15 16 14 19 21 18 17 19 Indonesia 41 87 87 103 127 127 97 94 91 77 81 Israel 129 105 126 106 141 126 116 111 133 133 145 Japan 4,280 4,158 4,081 5,277 5,568 5,663 5,536 5,756 5,753 5,791 5,801 Korea 348 296 271 288 301 331 338 347 348 336 343 Philippines 138 149 148 150 140 150 139 144 134 129 121 Thailand 172 191 184 195 205 197 194 173 188 185 179 Other 252 300 288 335 274 296 324 354 352 350 361 Total 5,560 5,589 5,490 6,786 7,116 7,267 7,116 7,407 7,441 7,321 7,325 Africa: Egypt 10 21 22 20 20 22 25 34 44 41 43 Morocco 4 4 6 5 7 5 4 4 5 5 11 South Africa 156 143 150 155 155 151 166 163 150 151 157 Zaire 21 13 15 13 11 13 13 42 43 49 48 Other 96 124 116 113 133 137 136 145 149 173 144 Total 288 304 309 305 325 327 343 388 391 419 403 Other countries: Australia 158 291 272 256 244 249 232 260 271 230 218 All other 28 40 50 44 47 50 47 46 40 41 36 Total 186 330 322 300 291 299 280 305 310 271 254 Total foreign countries 13,269 15,468 15,032 17,787 18,111 18,161 18,362 18,622 18,901 18,863 18,611 International and regional 3 3 3 3 1 2 2 1 2 1 1 Grand total 13,272 15,471 15,035 17,789 18,113 18,163 18,364 18,623 18,902 18,864 18,612 1 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
NOVEMBER 1973 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O in t f i s f o t i i n c t s u ia - l Banks i 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 f c r 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 F a o n u c o n v o r a r d i n t m e t , i i c f e g l s e i . s e n - , paper 9,680 9,165 3,278 262 1.943 1,073 2,015 3,202 670 516 352 89 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 fl3,170 12,328 4,503 223 2,613 1,667 2,475 4,243 1,107 842 549 119 (13,272 12,377 3,969 231 2,080 1,658 2,475 4,254 1,679 895 548 173 13,930 13,042 4,980 143 2,572 2,265 2,882 2,967 2,213 431 330 13,845 13,069 5,138 146 2,666 2,326 2,987 2,953 1,991 776 408 209 14,419 13,649 5,306 157 2,700 2,448 3,130 3,129 2,085 770 412 219 15,471 14,625 5,674 163 2,975 2,535 3,269 3,204 2,478 846 441 223 15,035 14,210 5,429 143 2,814 2,472 3,234 3,103 2,443 825 443 253 17,789 16,718 6,453 162 3,675 2,616 3,555 3,282 3,429 1,071 596 313 18,113 17,162 6,538 141 3,694 2,703 3,697 3,463 3,464 951 524 262 18,163 17,344 6,847 146 3.944 2,757 3,781 3,463 3,253 819 460 207 18,364 17,511 6,935 163 3,824 2,947 3,789 3,600 3,186 854 499 237 18.623 17,772 7,288 205 4,044 3,039 3,901 3,963 2,619 852 565 140 18,902 18,040 7,026 162 3,928 2,936 3,891 3,899 3,224 862 561 151 18,864 17,978 6,964 177 4,021 2,767 3,967 3,694 3,353 886 488 151 18,612 17,834 6,817 151 3,912 2,754 4,087 3,697 3,233 778 455 147 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 ppeerriioodd Total Loans to— O lo t n h g e - r c fo u r r i e r n e i g n n - U K d n i o n i m t g e - d E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r co o u A t n h l t e l r r i es Official Other term cies Total institu- 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—Sept 4,542 4,227 796 402 3,030 282 33 128 687 291 1,866 289 802 480 Oct 4,649 4,323 796 412 3,114 292 35 139 658 340 1,897 305 828 481 Nov.. .. 4,702 4,378 819 432 3,127 291 33 143 658 360 1,880 305 863 493 J4,954 4,539 833 430 3,276 375 40 145 704 406 1,996 319 881 503 15,020 4,544 833 430 3,282 436 40 145 709 406 2,006 348 898 509 1973—Jan ... 5,022 4,541 835 440 3,266 440 41 144 732 403 1,967 353 915 508 Feb 5,131 4,630 840 470 3,319 449 52 135 771 434 1,986 342 928 535 Mar.. .. 5,276 4,769 897 480 3,392 460 47 121 859 453 1,978 336 985 544 Apr 5,419 4,923 931 514 3,477 448 49 122 912 477 2,000 337 1,028 544 May 5,522 5,019 932 545 3,541 456 48 131 931 511 2,001 331 1,059 558 June 5,606 5,097 978 550 3,568 464 45 131 980 523 2,004 311 1,096 561 July. . .. 5,626 5,116 957 554 3,605 456 54 128 1,029 517 1,983 310 1,123 535 Aug?... 5,521 5,008 1,002 514 3,492 466 46 137 1,006 404 1,964 304 1,158 548 Sept.f.. 5,387 4,861 1,011 510 3,340 457 70 131 974 418 1,920 252 1,192 501 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. • NOVEMBER 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 i securities 2 Foreign bonds Foreign stocks NNeett ppii irehases or sales Period TToottaall II aa nn nn tt dd ll.. Foreign cc PP hhaa uu ss rr ee -- ss SSaalleess cc NN hhaa ss ee aa ss tt ee llee pp ss ss uu oo rr rr -- cc PP hhaa uu ss rr ee -- ss SSaalleess cc NN hhaa ss ee aa ss tt ee llee pp ss ss uu oo rr rr -- cchh PP aa uu ss rr ee -- ss SSaalleess cc NN hh ee ss aa tt aa ss ll ee ee pp ss ss uu oo rr rr -rreeggiioonnaall 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 19.073 15,015 4,058 1,901 2,961 -1,060 2,532 2,123 409 1973—Jan.-Sept. 1,453 -148 1,601 1,677 -77 13,528 8,966 4,562 1,119 1,592 -473 1,286 1,101 185 1972-Sep t 258 10 247 237 11 1,165 843 322 173 163 11 173 142 32 Oct 356 356 340 17 1,353 1,045 309 154 207 -53 188 119 69 Nov 395 1 395 377 18 1,927 1,295 632 136 171 -35 192 110 82 Dec 404 404 403 1 2,014 1,375 639 243 465 -222 233 178 55 1973—Ja n 562 562 562 * 1,874 1.125 750 191 323 -132 161 158 4 Feb 515 -12 527 579 -52 1.796 1,066 731 145 144 * 194 145 49 Mar 554 10 544 540 3 2,220 1,111 1,109 144 125 19 211 114 97 Apr 31 -9 40 16 23 1,564 1,040 523 117 292 -175 121 112 9 May -48 -33 -15 * -15 1,141 1,101 40 139 150 -11 137 125 12 June -71 -69 -1 -1 1,097 899 198 125 103 22 123 111 12 July -79 -71 -9 -9 1,320 843 477 94 194 -100 107 107 * Aug.f. . . -51 17 -68 -28 -39 1,343 819 524 96 157 -61 117 125 — 8 Sept.25.... 40 20 20 8 12 1,172 962 210 67 101 -34 115 105 10 * 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 r -Sw la i n tz d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e ri r e s r I e n g t i l o . n & al 1970 626 58 195 128 110 -33 24 482 -9 47 85 22 1971 731 87 131 219 168 -49 71 627 -93 37 108 * -2 54 1972 2,188 372 -51 297 642 561 137 1,958 -78 -32 256 — l -1 86 1973—Jan.-Sept.33 2,322 297 -28 248 716 271 243 1,747 151 -3 396 -4 1 34 1972—Sept 166 36 -7 15 51 56 12 16? -12 1 11 * * 3 Oct 159 65 6 24 83 -89 19 109 8 2 29 * — 1 12 Nov 490 85 44 55 61 150 53 449 13 25 -8 * — 1 12 Dec 350 48 -3 42 59 132 19 297 -1 8 42 * * 4 1973—Jan 490 32 29 47 144 118 22 392 25 -20 85 * 1 7 Feb 461 25 4 67 152 89 46 383 37 -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 46 105 34 -10 5 * * 4 May -121 -2 -43 -14 -22 -39 3 -117 -7 -16 11 -2 * 11 June 134 2 -23 7 52 15 21 74 8 -2 55 * * -2 July 316 67 -19 25 80 28 28 210 19 11 71 * * 5 Aug.p ... 341 53 1 60 57 40 34 245 10 11 81 -3 * -3 Sept.f.... 213 63 6 18 52 15 14 167 * 27 21 * * -2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 r -Sw la i n tz d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e ri r e s 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 — l 197 327 39 612 37 19 -2 * -21 39 1972 1,871 336 77 74 135 357 315 1,293 82 22 323 2 * 148 1973—Jan.-Sept.f 2,240 135 46 -22 196 179 435 969 67 23 979 * 11 191 1972—Sept 156 7 4 3 16 24 80 134 10 * * * * 12 Oct 150 36 7 1 35 34 54 168 5 3 2 * * -28 Nov 142 2 30 27 -1 46 42 147 -6 1 1 * * * Dec 289 56 30 * 14 49 60 210 8 3 29 1 * 38 1973—Jan 260 12 * -2 29 49 73 161 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 June 64 6 -3 * -3 -9 -2 -10 7 -1 * * 10 59 July 161 * -2 * 13 -15 7 3 3 3 1 * * 150 Aug.25 183 31 46 1 -5 72 10 154 -1 4 2 * * 24 Sept.P -2 2 * * 14 12 26 -1 1 11 * * -39 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- rrooppee ica rica tries period (due to (due from gional tries foreigners) foreigners) 1970 -915 -254 -662 50 -586 -11 -129 -6 20 334 182 1971 -992 -310 -682 31 -275 -46 -366 -57 32 Sept 291 203 1972 -651 -90 -561 492 -651 -69 -296 -66 29 349 281 1973—Jan.- 511 314 Sept.P.. -288 75 -364 -25 -330 -78 34 • 33 419 300 333 320 1972—Sept.... 42 6 36 47 3 9 -24 * 1 311 314 Oct . . ,. 16 16 * 46 -73 2 23 * 2 Nov.... 47 11 36 39 -4 8 -8 * # 325 379 Dec -167 9 -176 7 -158 -26 -2 2 1 312 339 Sept 286 336 1973—Jan , -129 9 -138 8 -67 -70 -9 * * 372 405 Feb.. . . 49 -2 51 -3 41 -16 29 * * Mar 116 23 93 24 34 8 27 * 1 310 364 Apr.. .. -166 16 -182 22 -193 -6 -5 * * 315 242 May.. . -1 11 -10 -22 -13 6 6 — 1 14 June... 34 7 27 10 6 13 -13 1 9 July.... -100 3 -103 -14 -100 * 9 * 3 NOTE.—Data represent the money credit balances and Aug.P. . -69 5 -75 -21 -44 -4 -8 * 3 money debit balances appearing on the books of reporting Sept.P. . -25 4 -28 -28 8 -8 -1 * 2 brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. Notes to Tables 21a and 21b on following pages: 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 $15,439 million and $15,765 million, respectively, on July 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. • NOVEMBER 1973 21a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) Claims on U.S. Claims on foreigners Location and currency form Month-end Total Other Offi- Non- Parent branches Other cial bank Total bank Other Total of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies 1970—Dec.. 47,363 9,740 7,248 2,491 36,221 6,887 16,997 695 11,643 1971—Dec.. 61,334 4.798 2,311 2,486 54,752 11,21* 24,550 1,167 17,823 1972—July. 69,963 4,058 1,514 2,544 63,941 11,622 30,419 1,407 20,492 Aug.. 72,856 4,504 1,759 2,745 66,268 11,655 31,821 1,566 21,225 Sept.. 74,906 4,952 2,243 2,709 67,607 11,335 33,395 1,539 21,338 Oct... 74,796 4,967 2,239 2,728 67,599 11,343 33,098 1,549 21,610 Nov.. 76,241 4,456 1,824 2,632 69,425 11,350 34,203 1,577 22,295 Dec.. 80,034 4,735 2,124 2,611 73,031 11,717 36,738 1,665 22,910 1973—Jan.. 81,200 4,926 2,327 2,600 74,007 11,946 36,797 1,621 23,643 Feb.. 87,989 4,327 1,565 2,762 81,106 12,273 42,206 1,747 24,881 Mar.. 91,646 4,296 1,988 2,308 84,370 12,458 44,268 1,965 25,679 Apr.. 90,987 3,917 1,672 2,244 84,091 12,787 42,976 2,081 26,247 May. 92,994 4,218 1,926 2,292 85,577 13,490 42,746 2,004 27,337 June. 98,756 4,955 2.333 2,622 90,207 13,528 46,277 1,900 28,501 July. 103,667 5,403 2; 505 2,898 94,460 15,298 47,454 2,035 29,674 Payable in U.S. dollars. 1970—Dec.. 34,619 9,452 7,233 2,219 24.642 4,213 13,265 362 6,802 1971—Dec.. 40,182 4,541 2,305 2,236 35,064 6,659 18,006 864 9,536 1972—July. 45,034 3,811 1,488 2,324 40,523 7,260 21,666 984 10,613 Aug.. 47,175 4,263 1,741 2,523 42,184 7,320 22,717 1,063 11,085 Sept.. 48,704 4,685 2,222 2.463 43,141 7.048 23,840 1,105 11,148 Oct.. 48,986 4,669 2,216 2,453 43,556 7,391 23,555 1,084 11,526 Nov.. 49,631 4,173 1,803 2,371 44,664 7,439 24,123 1,083 12,019 Dec.. 54,058 4,473 2,102 2,371 48,768 8,083 26,907 1,128 12,651 1973—Jan... 54,197 4,592 2,303 2,289 48,829 8,094 26,764 1,063 12,908 Feb.. . 57,633 3.987 1,534 2,452 52,718 8,551 29,831 1,097 13,239 Mar... 58.745 3.988 1,957 2,031 53,752 8,438 30,568 1,124 13,622 Apr... 57,515 3,589 1,645 1,944 52,871 8,426 29,498 1,108 13,839 May.. 58,019 3,930 1,899 2.031 52.871 8,548 28,677 1,140 14,506 June. . 61,843 4,602 2,285 2,317 55,885 8,493 31,261 1,129 15,003 July. . 64,034 4.799 2,469 2,330 57,757 9,211 31,715 1,220 15,612 IN UNITED KINGDOM Total, all currencies 1970—Dec.. 28,451 6,729 5,214 1,515 21,121 3,475 11,095 316 6,235 1971—Dec.. 34,552 2,694 1,230 1.464 30,996 5,690 16,211 476 8,619 1972—July.. 39,463 1,876 810 1,066 36,741 5,742 20,946 546 9,507 Aug.. 40,596 2,117 1,078 1,039 37,538 5,688 21,41 595 9,844 Sept.. 42,053 2,350 1,253 1,097 38,606 5,651 22,559 650 9,745 Oct.. 41,649 2,409 1,386 1,023 38,201 5,751 22,157 630 9,662 Nov.. 41,600 1,939 907 1.032 38.643 5,490 22,671 584 9,898 Dec.. 43,684 2,234 1', 138 1.096 40,430 5,659 23,983 609 10,179 1973—Jan.. 44,347 2,585 1,466 1,118 40,796 5,637 24,333 574 10,252 Feb.. 48,533 1,945 848 1.097 45,487 5,887 28,473 585 10,542 Mar.. 49,696 2,052 1,130 922 46.520 5,783 29,148 663 10,926 Apr.. 49,181 1,662 794 868 46,332 5,437 29,255 651 10,989 May. 49,080 1,744 910 834 46.001 5,725 28,394 614 11,268 June. 51,415 1,876 1,012 864 48,031 5,279 30,348 607 11,797 July. 54.203 2,500 1,492 1,008 50,129 6,274 30,769 649 12,436 Payable in U.S. dollars. 1970—Dec.. 22,574 6,596 15,655 2,223 9,420 4,012 1971—Dec.. 24,428 2,585 21.493 4,135 12,762 4,596 1972—July. , 26,680 1,791 24.494 4,097 15,589 4,808 Aug.. 27,185 2,036 24,734 4,013 15,768 4,953 Sept.. 28.204 2,264 25,463 4,004 16,609 4,851 Oct.. 27,978 2,307 25,244 4,169 16,249 4,827 Nov.. 27,865 1,846 25,579 4.049 16,399 5,132 Dec.. 30,381 2,146 27,787 4,326 17,976 5,485 1973—Jan.. 30.652 2,468 27,778 4,184 18,069 5,526 Feb.. 32.746 1,814 30,423 4,568 20,219 5,637 Mar.. 32,658 1,953 30,183 4,324 20,033 5,827 Apr.. 31,833 1,539 29,778 4,034 20,119 5,625 May. 30,906 1,654 28,666 3,943 18,848 5,874 June. 32,864 1,784 30,386 3,900 20,413 6,073 July. 33,437 2,193 30.521 4,042 20,164 6,316 IN THE BAHAMAS Total, all currencies. 1970—Dec.. 4,815 1,173 455 717 3,583 2,119 1,464 1971—Dec.. 8,493 1,282 505 778 7,119 3,798 3,320 1972—July. 10.329 1,409 110 1,298 8,786 4,924 3,863 Aug.. 11,515 1,530 118 1,413 9,846 5,682 4,164 Sept.. 11,914 1,612 221 1,391 10,150 5,929 4,221 Oct.. 12,017 1,739 251 1,489 10,120 5,836 4,284 Nov.. 12.330 1,586 221 1,365 10,577 6,209 4,368 Dec.. 13,091 1,496 225 1,272 11,419 6,965 4,454 1973—Jan.. 13,065 1,387 182 1,206 11,496 6,754 4,742 Feb.. 13,559 1,461 83 1,378 11,860 7,189 4,671 Mar.. 13,764 1,211 90 1,121 12,283 7,520 4,764 Apr.. 13.653 1,407 293 1,113 11,988 6,726 5,262 May. 14,730 1,498 272 1,227 12,888 7,242 5,647 June. 16,184 1,917 410 1,507 14.002 8,206 5,796 July. 117,086 1,929 350 1,579 14,862 8,802 6,060 For notes see p. A-85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 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- forbank tutions eigners IN ALL FOREIGN COUNTRIES 2,575 716 1,859 42,812 6,426 24,829 4,180 7,377 1,967 .1970—Dec. ... Total, all currencies 3,114 669 2,445 56,124 10,773 31,081 5,513 8,756 2,098 .1971—Dec. 3,212 736 2,476 64,712 11.283 35.860 7,176 10,393 2,039 . 1972—July 3,263 680 2,583 67,392 11.510 37.327 7,841 10,714 2,200 Aug. 3,303 728 2,575 69,340 11,123 39.328 8,208 10,680 2,263 Sept. 3,255 716 2,539 69,198 11,204 38,470 8,236 11,287 2,342 Oct. 3,233 802 2,432 70,513 11,146 39,324 8,401 11,642 2,493 Nov. 3,559 1,000 2,559 73,842 11,344 42,531 8,486 11,483 2,634 Dec. 3,414 836 2,578 75,273 11,746 42,260 9,236 12,032 2,513 . 1973—Jan. 3,967 1,132 2,835 80,886 11,901 46,373 9,388 13,224 3,136 Feb. 4,137 1,218 2,919 84,066 12,219 48,520 9,454 13,873 3,443 Mar. 4,095 1,044 3,051 83,345 12,638 47,874 9,538 13,294 3,547 Apr. 4,548 1,122 3,426 84,655 13.284 48,536 9,331 13,505 3,792 May 4,578 1,009 3,569 90,133 13,315 53,388 9,593 13,837 4,044 June 4,484 1,211 3,273 94,825 15,026 55,608 9,676 14,515 4,358 July 2,334 657 1,677 32,509 4,079 19,816 3,737 4,877 1,243 .1970—Dec. .Payable in U.S. dollars 2,674 511 2,163 38,083 6,653 22,069 4,433 4,928 1,276 .1971—Dec. 2,754 611 2,143 43,634 7,507 24,766 5,777 5,584 1,072 . 1972—July 2,800 549 2,252 45,463 7,660 25.861 6,252 5,690 1,173 Aug. 2,833 605 2,227 47,055 7,401 27,133 6,490 6,031 1,204 Sept. 2,789 582 2,207 47,305 7,706 26,770 6,567 6,262 1,232 Oct. 2,753 651 2,102 48,082 7,741 27,241 6,734 6,365 1,305 Nov. 3,104 848 2,256 51,811 8,178 30,253 6,913 6,467 1,459 Dec. 2,995 693 2,302 52,114 8.400 29,234 7,680 6,800 1,297 .1973—Jan. 3,466 954 2,511 55,815 8,783 32,024 7,809 7,200 1,609 Feb. 3,613 1,038 2,575 57.127 8,735 33,131 7,771 7.489 1,691 Mar. 3,562 886 2,676 55,604 8,657 31,970 7,743 7,234 1,750 Apr. 4,005 955 3,050 55,636 8,810 32,275 7,361 7,190 1,786 May 4,035 868 3,167 58.781 8,774 35,470 7,354 7,183 1,844 June 3,886 1,045 2,841 60,381 9,611 36,187 7,092 7.490 1,957 July IN UNITED KINGDOM 1,339 116 1,222 26,520 2.320 16,533 3,119 4.548 592 .1970—Dec. .. .Total, all currencies 1,660 111 1,550 32.128 3.401 19,137 4,464 5,126 763 .1971—Dec. 1.497 150 1,347 37,075 3,464 21,720 5,565 6,326 892 . 1972—July 1.498 153 1,345 38,165 3,423 22,236 6,007 6,499 933 Aug. 1,497 137 1,360 39,517 3.139 23,739 6,272 6,367 1,039 Sept. 1,465 136 1,329 39,225 3,060 23,001 6,309 6,854 959 Oct. 1,481 132 1,349 39,149 2,928 22,769 6,340 7,112 969 Nov. 1,456 113 1,343 41,232 2,961 24,776 6,453 7,042 997 Dec. 1,501 107 1,394 41,933 3,277 23,959 7,285 7,412 913 . 1973—Jan. 1,844 264 1,580 45,628 3,157 27,038 7,517 7,915 1,062 Feb. 1,858 235 1,624 46,750 3,164 28,119 7,388 8,078 1,088 Mar. 1,970 165 1,805 46,075 3,397 27,796 7,509 7,373 1,136 Apr. 2,028 170 1,857 45.792 3,614 27,168 7,324 7,685 1,260 May 1,957 122 1,835 48,145 3.321 29,332 7,585 7,907 1,313 June 1,868 163 1,705 50,918 3,883 30,978 7,817 8,241 1,417 July 1,208 98 1,110 21,495 1,548 13,684 2,859 3,404 302 .1970—Dec. . Payable in U.S. dollars 1,412 23 1,389 23,059 2,164 14,038 3,676 3,181 374 . 1971—Dec. 1,294 103 1,190 25,393 2,197 15,000 4,641 3,554 . 1972—July 1,271 100 1,171 25,887 2.140 15,217 4,981 3.549 467 Aug. 1.269 86 1,184 26,788 1,926 15,959 5,117 3,787 531 Sept. 1,245 80 1,165 26,759 1,942 15,597 5,216 4,004 473 Oct. 1.270 92 1,178 26,778 1,959 15,383 5,280 4,155 510 Nov. 1,276 72 1,203 29,121 2,008 17,478 5,349 4,287 536 Dec. 1,335 72 1,264 29,091 2,234 16,205 6,162 4,490 500 . 1973—Jan. 1,661 226 1,436 31,714 2,188 18,360 6,394 4,771 591 Feb. 1,676 195 1,481 31,655 2,128 18,334 6,251 4,942 598 Mar. 1,735 119 1,616 30.782 2,318 17,672 6,245 4,546 533 Apr. 1,809 138 1,671 29,730 2,225 16,982 5,897 4,626 608 May 1,731 102 1,629 31,278 2,234 18,390 5,990 4,663 575 June 1,655 148 1,507 31,603 2,316 18,683 5,1 4,736 594 July IN THE BAHAMAS 4,815 542 4,183 488 2,872 823 90 ..1970—Dec. • Total, all currencies 8,495 750 7,557 1,649 4,784 1,124 188 .. 1971—Dec. 10,329 1,043 9,126 1,633 6,169 1,323 160 .1972—.July 11,515 1,121 10,238 1,885 6,898 1,455 156 Aug. 11,913 1,137 10,620 1,935 7,192 1,493 156 Sept. 12,017 1,053 10.793 1,928 7,415 1,450 171 Oct. 12,329 934 11,230 1,982 7,862 1,386 166 Nov. 13,091 1,220 11,703 1,964 8,395 1,344 168 Dec. 13,065 1,137 11,761 1,875 8,503 1,383 167 1973—Jan. 13,559 1,186 12,144 2,223 8,394 1,527 230 .Feb. 13,765 1,303 12,195 1,855 8,803 1,537 267 .Mar. 13,653 1,126 12,138 1,977 8,505 1,656 389 .Apr. 14,730 1,404 12,981 2,238 9,259 1,483 345 .May 16,184 1,480 14,370 2,579 10,410 1,381 334 • June 117,086 1,374 15,381 3,002 10,762 1,616 331 .July For notes see p. A-85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. • NOVEMBER 1973 22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 23. MATURITY OF EURO-DOLLAR AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S. DEPOSITS IN FOREIGN GOVERNMENT SECURITIES BRANCHES OF U.S. BANKS (Amounts outstanding; in millions of dollars) (End of month; in billions of dollars) Wednesday L t i i a e b s i 1 l i- L s p e i l a c u b . s 2 . Wednesday L t i i a e b s i 1 l i- Wednesday L t i i a e b s i 1 l i- M l a i t a u b r i i l t i y ty of 1973 May June July 1968 1972 1973 1.87 2.57 3.19 J S D M u e e n a p c e r t . . . 2 2 2 3 6 7 5 1 (1/1/69) 7 4 6 6 , , , , 0 1 2 9 3 0 0 2 9 4 2 0 J M F A a e p n a b r . r . . . 2 2 2 2 6 9 6 3 . . . . 1 1 1 1 , , , , 4 5 3 0 1 3 7 6 9 2 4 8 May 2 3 1 9 3 2 0 6 . . . . . 1 1 1 1 1 , , , , , 2 0 4 7 3 3 7 5 9 2 8 3 1 2 1 C O a t d m i h l n l a e o t r n e f l : o t i h a l b l s o il w it a i i n e f g s te , r m ca a l r t e e u n p r d i o n a r g t r 3.25 3.04 3.16 May 31. 1,465 1st 12.63 15.47 13.38 June 28.. 1,443 June 940 2nd 8.01 7.61 8.14 1969 1,266 3rd 6.08 6.55 7.49 July 26. 1,345 1,242 4th 3.60 3.96 4.20 Mar. 26 9,621 Aug. 30., 1,270 1,521 5th 3.55 3.67 3.45 June 25 13,269 Sept. 27. 2,023 July 1,766 6th 3.57 3.08 3.55 Sept. 24 14,349 1,664 7th .83 .54 .89 Dec. 31 12,805 Oct. 25. 1,415 2,146 8th .45 .82 .98 Nov. 29. 1,745 2,086 9th .77 .96 .72 Dec. 27. 1,406 10th .86 .54 .38 Aug. 2,226 11th .53 .36 .34 1970 1973 2,276 12th .35 .32 .76 15. 1,900 Maturities of more than 1 Mar. 25 11,885 Jan. 31. 1,413 22., 2,440 1.73 1.92 1.88 June 24 12,172 Feb. 28. 790 29., 2,793 Sept. 30 9,663 Dec. 30 1971 7,676 Mar. 2 1 7 1 4 . . . 1 1 1 , , , 4 4 2 6 1 9 5 9 0 Sept. 1 1 5 2 9 . . . . , , 1 1 1 , , , 5 9 8 1 4 0 2 2 1 48.08 51.27 52.50 28. 1,127 26. , '1,731 NOTE.—Includes interest-bearing U.S. dollar Mar. 31 2,858 4,358 Oct. 3. 1,695 deposits and direct borrowings of all branches in J S u e n p e t. 2 3 9 0 2 1 , , 4 4 7 9 5 2 4 3 , , 5 57 0 8 0 Apr. 1 4 1 . . 1 1 , , 0 2 1 0 1 3 1 1 0 7 . . 1 1 , ,8 7 2 96 0 t f h o e r w B h ah ic a h m a su s ch an d d e o p f o s a i l t l s o a t n h d e r d f ir o e r c e t i gn b o b rr r o a w nc i h n e g s s Dec. 29 909 18. 1,193 24. 1,636 amount to $50 million or more. 25. 1,123 31. 1,727 Details may not add to totals due to rounding. 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Eurodollar Series and special Export-Import Bank securities held by foreign branches. Beginning July 28, 1971, all of the securities held were U.S. Treasury Certificates Eurodollar Series. 24. DEPOSITS, U.S. 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 Assets in custody Payable in dollars foreign currencies E p n e d ri o o d f Deposits U.S. Treas. Earmarked EE ppee nn rr dd ii oo oo dd ff TToottaall Short- Short- UU KK nn ii ii nn tt gg ee -- dd CCaannaaddaa securities1 gold Deposits in te v r e m st - Deposits in te v r e m st - ddoomm 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— N D O o e c c v t. . . . . . . 3 1 1 2 8 9 8 5 2 5 5 5 1 1 0 , , , 8 8 9 2 7 3 1 4 4 2 1 1 1 5 5 5 , , , 5 5 5 3 3 3 0 1 0 1969 2 / \ 1 1 1 , , , 3 4 1 1 9 4 9 1 1 1,0 9 6 6 5 9 2 2 7 1 1 1 6 1 5 1 6 0 1 1 1 8 7 7 3 3 4 1 7 8 2 6 6 1 6 6 3 6 1 7 3 0 2 4 4 5 6 4 3 9 3 4 1973— F J e a b n . . .. . 4 3 5 1 5 0 5 5 0 6 , , 1 9 1 1 8 4 1 1 5 5 , , 5 5 2 2 6 2 1971 Dec.2 / \ 1 1 , , 6 5 4 0 8 7 1 1 , ,0 0 7 9 8 2 2 1 0 2 3 7 2 23 3 4 4 1 6 2 8 0 5 5 7 8 7 0 4 5 4 8 3 7 J A M A J M u u u p a l a n y g r r y e . . . . . . . . . . 2 2 3 3 2 3 8 3 8 2 5 2 9 4 0 8 9 7 3 3 5 5 5 5 5 5 7 8 7 5 8 9 , , , , , , 0 0 5 8 2 3 5 5 8 1 4 5 5 4 9 5 5 5 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 5 5 4 5 4 4 1 1 6 1 8 5 9 3 4 1 6 5 1972— D S N O A e c u o e p t g v c t .2. f 2 2 2 2 1 , , , , , 1 2 0 0 9 0 5 7 3 6 1 8 3 3 5 1 1 1 1 1 , , , , , 4 6 4 5 4 4 0 7 2 9 6 2 2 7 3 2 1 1 1 1 1 7 6 7 6 7 0 9 1 7 3 3 3 3 3 9 5 4 3 0 2 9 3 2 7 4 4 6 5 5 2 5 1 5 7 6 6 7 7 6 8 0 3 5 8 1 2 5 5 5 4 6 7 5 5 8 0 0 5 8 5 4 9 1 7 Sept.. 250 55,407 15,437 \2,219 1,758 55 338 68 868 506 Oct... 426 54,766 417,122 1973—Jan.'. 2,369 1,861 74 342 93 915 655 Feb.'.... 2,901 2,155 149 373 225 1,010 1,042 d T cu e r b r e 1 2 r a t e e I s M n n d u c c n r a i y r e r e e k s s a s . e s s , t e e a c n b r u o e l r e f t i e l t e i s e U c , s t . s a S p n p . r d a i T y n a b c re b i o p a l n e a s d l u l s r y i y n a c n h d b d a o i n l l l n g l s a , e o r n s i c n m e r a p a t n i a r f d k r i c e v a t i a a t n l e b u s l e f e o o o r f f U e i t . g i h S n n e . - A J M J M u u p l a a n y r r y e . . ' ' ' ' 2 2 3 3 3 , , , , , 9 9 0 1 1 6 3 6 0 5 3 8 3 9 3 2 2 2 2 2 , , , , , 1 3 1 3 4 9 0 7 8 5 1 9 5 7 7 1 1 1 1 6 1 3 1 1 7 0 9 3 8 4 4 4 4 4 1 5 3 0 7 4 1 0 8 3 2 2 2 1 1 1 2 3 3 7 1 5 8 4 5 1 1 1 1 , , , , 0 0 0 0 9 9 3 5 6 9 3 3 4 0 6 9 9 8 8 8 4 1 9 3 4 0 4 8 5 0 U.S. dollar in May 1972. Aug 3,238 2,477 65 481 214 1,059 874 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. 4 Increase reflects change in par value of the U.S. o o r b l h ig a a v t i i n o g n a w c a o s n t i r n a c c u t r u r a e l d m b a y t u t r h it e y f o o f r e n i o g t n e m r. o re than 1 year from the date on which the dollar in Oct. 1973. 2 Data on the two lines for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage with those shown for the preceding NOTE.—Excludes deposits and U.S. Treas. securities date; figures on the second line are comparable with those shown for the following date. held for international and regional organizations. Earm ac a c r o k u e n d t s go a l n d d is is g n o o ld t i h n e c l l d u d f e o d r f in o re th ig e n g a o n l d d s in to te ck rn a o t f i on th a e l NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in United States. 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
november 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) Liability to foreigners Claims on foreigners Area and country 1972 1973 1972 1973 Sept. Dec. V Mar. June*5 Sept. Dec. V Mar. JuneP Europe: Austria 2 2 2 3 2 15 20 19 14 17 Belgium-Luxembourg 82 75 83 75 81 63 62 73 106 93 Denmark 5 9 7 8 19 19 28 29 26 20 3 4 4 4 4 16 23 25 21 21 France 145 163 167 161 165 188 220 230 290 318 Germany, Fed, Rep. of 130 145 156 146 165 200 176 194 242 270 Greece 14 24 15 19 24 30 39 35 36 40 Italy 108 118 121 107 103 174 194 202 204 199 Netherlands 79 102 109 100 110 71 78 83 96 97 Norway 5 9 14 14 13 19 17 16 17 19 Portugal 3 4 4 5 4 20 21 19 19 25 Spain 63 79 81 82 72 130 137 157 159 140 Sweden 14 12 12 22 23 45 56 57 45 49 Switzerland 119 122 106 127 85 57 79 82 85 89 2 3 4 3 3 8 47 47 23 15 United Kingdom 943 949 1,009 857 702 992 1,044 1,155 1,385 1,360 Yugoslavia 5 7 7 16 17 11 12 12 14 18 Other Western Europe 2 2 2 2 3 11 14 12 9 9 Eastern Europe 9 3 3 6 21 47 42 42 40 91 Total 1,733 1,830 1,905 1,758 1,617 2,117 2,309 2,489 2,831 2,890 Canada 183 209 211 267 246 996 899 930 1,308 1,256 Latin America: Argentina 16 19 29 30 24 52 59 78 74 62 Brazil 24 35 35 42 47 163 175 168 170 176 Chile 17 18 18 17 13 33 33 34 31 29 Colombia 6 8 7 8 7 39 41 40 40 36 Cuba 1 1 1 * * 1 1 1 1 1 21 27 27 34 38 154 180 183 195 205 Panama 5 8 18 17 18 20 19 67 72 72 Peru 5 5 4 4 6 36 40 36 33 34 Uruguay 2 6 7 5 3 7 4 4 5 5 Venezuela 17 17 21 23 23 74 89 92 106 99 Other L.A. republics 30 35 45 46 47 96 91 94 95 101 Bahamas 2 293 319 366 288 382 519 520 547 534 740 Neth. Antilles and Surinam. 9 10 10 10 n 11 12 13 12 11 Other Latin America 6 7 4 8 19 23 23 35 44 91 Total 453 514 589 532 638 1,226 1,289 1,390 1,410 1,661 Asia: China, People's Republic of (China Mainland) 28 32 32 32 31 1 * * 1 10 China, Rep. of (Taiwan) 26 28 26 33 35 51 67 65 61 76 Hong Kong 12 12 12 12 12 22 24 32 31 34 India 7 7 7 7 7 36 33 34 31 28 Indonesia 6 12 16 16 15 32 33 33 38 35 11 12 13 16 9 18 31 31 34 27 Japan 223 149 160 194 234 452 456 467 509 500 Korea 16 20 20 19 18 57 63 63 47 40 Philippines 5 15 15 25 19 63 49 48 47 47 Thailand 5 5 5 5 6 14 15 22 25 24 Other Asia 112 117 152 156 140 171 201 203 188 203 Total 451 410 458 513 525 918 972 999 1,012 1,024 Africa: Egypt 1 25 32 37 20 7 7 16 25 23 South Africa 17 7 8 6 6 45 53 52 55 52 Zaire 2 1 1 12 12 7 5 8 16 15 Other Africa 37 59 61 66 67 64 75 79 78 84 Total 57 92 103 121 105 122 140 155 173 174 Other countries: 46 47 46 54 72 92 94 84 82 77 All other 11 13 13 11 11 18 20 21 22 23 Total 57 60 59 64 82 110 114 105 104 100 International and regional. . .. * * * * * 5 1 1 1 1 Grand total 2,933 3,115 3,324 3,256 3,213 5,495 5,723 6,068 6,839 7,106 1 Data in the two columns shown for this date differ because of changes NOTE.—Reported by exporters, importers, and industrial and comin reporting coverage. Figures in the first column are comparable in mercial concerns and other nonbanking institutions in the United States. coverage with those shown for the preceding date; figures in the second Data exclude claims held through U.S. banks, and intercompany account! column are comparable with those shown for the following date. between U.S. companies and their foreign affiliates. 2 Includes Bermuda. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 90 INTL. CAPITAL TRANSACTIONS OF THE U.S. • NOVEMBER 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 Payable Payable Payable Total do i l n la rs cu f r o r r e e n ig ci n e s Total do i l n la rs D ba e n p k o s s i a ts b r w o i a t d h Other in reporter's name 1,613 1,263 350 4,023 3,316 429 278 1,797 1,450 346 3,874 3,222 386 267 1,786 1,399 387 3,710 3,124 221 365 2,124 1,654 471 4.159 3,532 244 383 2,387 1,843 543 4,457 3,868 234 355 2,512 1,956 557 4,361 3,756 301 305 2,677 2,281 496 4.160 3,579 234 348 2,437 1,975 462 4,515 3,909 232 374 2,375 1,937 438 4,708 4,057 303 348 2,564 2,109 454 4,894 4,186 383 326 2,704 2,229 475 5,185 4,535 318 333 2,763 2,301 463 5,004 4,467 290 247 2,844 2,407 437 5,177 4,557 318 302 2,925 2,452 472 5,331 4,685 376 270 2,933 2,435 498 5,495 4,833 432 230 3,115 2,630 484 5,723 5,074 411 238 3,324 2,825 499 6,068 5,394 393 281 3,256 2,743 513 6,839 5,945 458 436 3,213 2,652 561 7,106 6,249 502 355 1 Data on the two lines shown for this date differ preceding date; figures on the second line are compabecause of changes in reporting coverage. Figures on rable with those shown for the following date, the first line are comparable with those shown for the 28. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss TToottaall K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e n i r c a Japan O A t s h i e a r Africa o A th l e l r 1969—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 T-V 1 / 1,725 2,215 152 433 496 172 73 388 141 249 69 42 1 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 2,9$3 154 688 670 182 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 \ 3,138 3,118 128 705 767 174 60 653 136 325 86 84 1972—Mar 3,093 3,191 129 713 787 175 60 665 137 359 81 85 June 3,300 3,255 108 713 797 188 61 671 161 377 86 93 Sept 3,448 3,235 128 695 805 177 63 661 132 389 89 96 Dec.1 r J 1 3 3 , , 5 8 4 5 0 8 3 3 , , 4 3 7 6 2 9 1 1 7 6 9 2 7 7 5 1 5 5 8 8 3 7 3 0 1 1 8 8 7 4 6 6 3 0 6 6 5 9 9 8 1 1 3 5 4 6 4 3 0 9 6 4 8 8 7 0 1 1 1 0 1 9 1973—Mar 3,988 3,604 144 808 884 165 62 783 124 409 102 125 June* 3,963 3,662 157 819 894 146 64 797 138 412 105 131 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
november 1973 • exchange rates a 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Austria Belgium Canada Ceylon Denmark Finland France Period (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) 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 Oct 119.07 4.3102 2.2640 101.756 15.605 14.453 24.013 19.906 Nov 119.09 4.3064 2.2685 101.279 15.026 14.510 24.022 19.839 Dec 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 Apr 141.50 4.8330 2.4895 99.928 15.777 16.099 25.872 21.959 May 141.50 4.9082 2.5356 99.916 15.883 16.241 25.277 22.341 June 141.58 5.2408 2.6643 100.160 16.538 17.130 26.731 23.472 July 141.78 5.8124 2.8151 100.049 16.431 18.041 27.202 24.655 Aug 141.48 5.5917 2.7035 99.605 15.948 17.521 27.314 23.527 Sept 146.83 5.5695 2.7089 99.181 15.768 17.480 27.042 23.466 Oct 148.22 5.5871 2.7328 99.891 15.481 17.692 27.202 23.718 Period ( G D m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) 1968 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 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—Oct 31.184 12.806 239.48 .17145 .33221 36.063 8.0000 30.869 Nov 31.215 12.540 235.05 .17109 .33224 36.124 8.0000 30.964 Dec 31.262 12.467 234.48 .17146 .33196 35.531 8.0000 30.962 1973—Jan 31.288 12.494 235.62 .17079 .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 35.841 13.340 253.05 .17100 .37786 40.333 8.0000 34.488 38.786 13.753 157.62 .16792 .37808 40.865 8.0000 36.582 July 42.821 13.605 253.75 .17200 .37801 43.121 8.0000 38.700 Aug 41.219 13.220 247.57 .17423 .37704 43.859 8.0000 37.596 Sept 41.246 12.987 241.83 .17691 .37668 43.361 8.0000 38.542 Oct 41.428 12.938 242.919 .17656 .37547 43.641 8.0000 40.011 Period Z (d e N o a e l l l w a a n r d ) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t d c h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r w r l a a i n 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 23.186 239.01 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 239.59 113.71 14.205 3.5456 140.29 1.4383 19.592 24.325 244.42 1972 119.35 15.1^0 3.7023 129.43 1.5559 21.022 26.193 250.08 1972—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 July 135.02 18.932 4.4624 148.63 1.7385 24.732 35.428 253.75 Aug 135.33 18.145 4.3243 148.52 1.7553 24.070 33.656 247.57 Sept 145.07 18.048 4.2784 148.50 1.7610 23.769 33.146 241.83 Oct 148.64 18.285 4.3014 148.54 1.7576 23.942 33.019 242.92 NOTE.—Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 92 CENTRAL BANK RATES • NOVEMBER 1973 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1972 Country 1972 1973 Per Month cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina 18.0 Feb. 1972 Austria 5.0 Jan. 1970 5.5 Belgium 4.0 Mar. 1972 4.5 Brazil 18.0 Feb. 1972 Canada 4.75 Oct. 1971 Ceylon 6.5 Jan. 1970 Chile 7.0 Jan. 1972 China, Rep. of (Taiwan) 9.25 May 1971 Colombia 14.0 May 1970 Costa Rica 5.Q June 1966 Denmark 7.0 Oct. 1972 Ecuador 8.0 Jan. 1970 Egypt 5.0 May 1962 El Salvador 4.0 Aug. 1964 Ethiopia 6.50 Aug. 1970 Finland 7.75 Jan. 1972 France 6.0 Jan. 1972 Germany, Fed. Rep. of 3.5 Oct. 1972 Ghana 8.0 July 1971 Greece 6.5 Sept. 1969 Honduras 4.0 Feb. 1966 Iceland 5.25 Jan. 1966 India 6.0 Jan. 1971 Indonesia 6.0 May 1969 Iran 7.0 Oct. 1969 Ireland 7.44 Oct. 1972 Italy 4.0 Apr. 1972 Jamaica 6.0 June 1972 Japan 4.25 June 1972 Korea 13.0 Jan. 1972 Mexico 4.5 June 1942 Morocco 3.50 Nov. 1951 Netherlands 3.0 Sept. 1972 New Zealand 6.0 Mar. 1972 Nigeria 4.50 June 1968 Norway 4.5 Sept. 1969 Pakistan 6.0 May 1972 Peru 9.5 Nov. 1959 Philippine Republic 10.0 June 1969 Portugal 3.75 Feb. 1971 South Africa 6.0 Aug. 1972 Spain 5.0 Oct. 1971 Sweden 5.0 Nov. 1971 Switzerland 3.75 Sept. 1969 Thailand 5.0 Oct. 1959 Tunisia 5.0 Sept. 1966 Turkey 9.0 Sept. 1970 United Kingdom 7.5 Oct. 1972 Venezuela 5.0 Oct. 1970 Vietnam 18.0 Sept. 1970 oo 5.5 4.5 5.0 5.50 oo 5.5 4.5 5.0 5.50 6.5 7.0 oo Rate as of Oct. 31, 1973 18.0 6.0 6.5 7.0 7.0 18.0 55..2255 55..7755 66..2255 66..7755 6.75 6.5 7.0 iioo.. 55 1100..7755 10.75 8.0 5.0 88..00 8.0 8.0 5.0 4.0 6.50 999...222555 9.25 777...555 888...555000 99..55 1111..00 11.0 444...555 55..00 66..00 77..00 7.0 8.0 6.5 4.0 5.25 77..00 7.0 6.0 7.0 7.44 4.0 77..00 7.0 55..00 55..55 66..00 77..00 7.0 13.0 4.5 3.50 44..00 55....00 66..00 66..55 77..00 7.0 6.0 4.50 4.5 88..00 8.0 9.5 10.0 44..00 55..55 4.0 5.5 66..00 6.0 55..00 5.0 44..5500 4.50 5.0 5.0 888...000 8.0 99..00 88..7755 888...555 77..7755 77..5500 1111..5500 til.50 5.0 18.0 NOTE.—Rates shown are mainly those at which the central bank either Morocco—Various rates from 3 per cent to 4.6 per cent depending on type discounts or makes advances against eligible commercial paper and/or of paper, maturity, collateral, guarantee, etc. govt, securities for commercial banks or brokers. For countries with Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish producmore than one rate applicable to such discounts or advances, the rate tion, import substitution industries and manufacture of exports; 8 per shown is the one at which it is understood the central bank transacts cent for other agricultural, industrial and mining paper; the largest proportion of its credit operations. Other rates for some Philippines—6 per cent for financing the production, importation, and disof these countries follow: tribution of rice and corn and 7.75 per cent for credits to enterprises en- Argentina—3 and 5 per cent for certain rural and industrial paper, de- gaged in export activities. Preferential rates are also granted on credits to pending on type of transaction; rural banks; and Brazil—8 per cent for secured paper and 4 per cent for certain agricultural t United Kingdom—On Oct. 9, 1972, the Bank of England announced: paper; "With effect from Friday October 13th the Bank's minimum lending rate Chile—Various rates ranging from 1 per cent to 17 per cent; 20 per cent will until further notice be the average rate of discount for Treasury bills for loans to make up reserve deficiencies. established at the most recent tender plus one half percent rounded to the Colombia—5 per cent for warehouse receipts covering approved lists of nearest one quarter percent above. Although the rate will therefore be products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent automatically determined by this formula it will for convenience be made for rediscounts in excess of an individual bank's quota; known each Friday afternoon concurrently with and in the same manner Costa Rica—5 per cent for paper related to commercial transactions as the results of the Treasury bill tender. The regular weekly bank rate (rate shown is for agricultural and industrial paper); announcement will be discontinued from now on." Therefore, the mini- Ecuador—5 per cent for special advances and for bank acceptances for mum lending rate as of last Friday of the month will be carried in place of agricultural purposes, 7 per cent for bank acceptances for industrial Bank rate. purposes, and 10 per cent for advances to cover shortages in legal reserves; Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills. per cent for advances against government bonds, and 5l/i per cent for Honduras—Rate shown is for advances only. rediscounts of certain industrial paper and on advances against promissory Indonesia—Various rates depending on type of paper, collateral, com- notes or securities of first-class Venezuelan companies. modity involved, etc. ; Vietnam—10 per cent for export paper; treasury bonds are rediscounted Japan—Penalty rates (exceeding the basic rate shown) for borrowings at a rate 4 percentage points above the rate carried by the bond; and from the central bank in excess of an individual bank's quota; there is a penalty rate of 24 per cent for banks whose loans exceed quantitative ceilings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 1973 • open market rates; arbitrage a 93 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d e r- MMoonntthh 3 T m r b e i o a l s n ls u t , h r y s 1 D m a o d y n a - y e t y o 2 - 3 m P b b r o i a i l n n m ls t k , e h s 3 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - C d b r l e a e a p t a n o e r k s s in s 4 it ' g D m a o d y n a - e y t y o s - Tr 6 d b e 0 a i a - l y s l 9 s s u 0 6 , r y m Da o d y n a - e y t y o 7 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - d P is r r i c a v o t a e u t n e t 197 1 3333333.......66666662222222 3333333.......77777776666666 6666666.......44444441111111 5555555.......55555557777777 4444444.......99999993333333 3333333.......88888884444444 5.84 444...555444 666666......111111000000 44..3344 3333....77776666 55555.....2222244444 1972 3333333.......55555555555555 3333333.......66666665555555 6666666.......00000006666666 5555555.......00000002222222 4444444.......88888883333333 3333333.......88888884444444 333...000444 444444......333333000000 22..1155 1111....99997777 44444.....8888811111 1972—Oc t 3333333.......55555557777777 3333333.......66666664444444 7777777.......33333334444444 6666666.......77777774444444 5555555.......44444447777777 5555555.......22222225555555 55..1166 333...222555 666666......000000777777 11..9955 2222....66661111 44444.....7777755555 Nov 3333333.......66666661111111 3333333.......77777771111111 7777777.......22222228888888 6666666.......88888888888888 5555555.......77777770000000 5555555.......22222225555555 66..3333 333...777555 555555......777777111111 33..1133 3333....33331111 44444.....7777755555 Dec 3333333.......66666666666666 3333333.......77777771111111 8888888.......00000008888888 7777777.......77777776666666 6666666.......22222223333333 5555555.......55555557777777 77..3322 444...222555 666666......666666999999 33..1122 3333....22220000 44444.....7777755555 1973—Ja n 3333333.......77777779999999 3333333.......77777772222222 8888888.......77777776666666 8888888.......44444449999999 7777777.......66666666666666 6666666.......55555555555555 77..2233 444...777555 555555......555555888888 33..1166 2222....77778888 55555.....0000000000 Feb 3333333.......99999991111111 3333333.......99999993333333 9999999.......33333334444444 8888888.......11111114444444 8888888.......33333331111111 7777777.......33333330000000 77..7711 555...777555 222222......111111888888 22..3333 1111....55555555 55555.....0000000000 Mar 4444444.......22222228888888 4444444.......22222221111111 9999999.......77777776666666 8888888.......11111116666666 7777777.......55555552222222 7777777.......55555550000000 77..4499 555...777555 111111111111......333333777777 11..5533 ....66661111 55555.....0000000000 Apr 4444444.......77777773333333 4444444.......55555553333333 8888888.......66666664444444 7777777.......88888887777777 7777777.......22222220000000 7777777.......22222225555555 77..4466 555...777555 111111444444......888888444444 11..2222 ....77777777 55555.....0000000000 May 5555555.......00000008888888 4444444.......66666667777777 8888888.......33333335555555 7777777.......44444445555555 8888888.......22222229999999 7777777.......11111111111111 77..7711 555...777555 777777......444444000000 3333....88888888 55555.....0000000000 June 5555555.......44444440000000 5555555.......00000000000000 8888888.......11111114444444 7777777.......11111112222222 6666666.......66666666666666 6666666.......55555555555555 77..4466 777...000000 111111000000......999999000000 33..5599 4444....22228888 55555.....0000000000 July 5555555.......66666667777777 ccccccc 5555555.......22222228888888 9999999.......00000006666666 8888888.......33333335555555 5555555.......88888889999999 6666666.......22222225555555 111111555555......777777888888 55..5588 5555....66665555 55555.....0000000000 6666666.......44444447777777 5555555.......88888887777777 11111112222222.......77777778888888 11111110000000.......99999998888888 9999999.......77777770000000 8888888.......99999999999999 111111000000......666666333333 55555.....2222255555 Sept .. . 6666666.......44444441111111 6666666.......33333331111111 11111112222222.......11111112222222 11111111111111.......33333337777777 9999999.......11111113333333 9999999.......55555550000000 999999......777777666666 Oct 6666666.......55555556666666 6666666.......55555554444444 11111111111111.......33333337777777 11111110000000.......77777775555555 11111110000000.......55555553333333 9999999.......55555550000000 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers' acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers' allowance on NOTE.—For description and back data, see "International Finance," deposits. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates PPrreemmiiuumm DDDaaattteee q K ( u U i a o n U n d t g i j . a d . t S t e o i . t d o o m n U S n ta i t t e e s d L S ( o f p n a o r d v e f o o ad r n ) PP dd ff (( (( rr pp oo ii ee ++ -- ss oo rr cc mm )) )) ww uu oo oo ii nn aa oo uu uu nn dd rr rr nn mm dd tt ii LL nn (( oo cc ff NN ee nn aa oo nn vv dd ee ff tt tt oo oo ii vv rr nn ee )) qu A o in t s e d C an ta q d u A a o U d t j . a . S ti . t o o n U S n ta i t t e e s d C S ( a f p n a o r v a e f d o ad r a ) CC dd ff (( (( dd aa oo ii ++ -- ss oo nn rr cc )) )) ww ll aa oo ll oo dd aa aa oo uu nn ii rr rr rr nn aa ss dd nn tt ii CC nn (( cc aa ff NN ee nn aa oo nn vv aa ee ff tt dd tt oo ii vv rr aa ee )) basis) Canada basis 1973 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 JJuullyy 6 6.76 7.87 -1.11 -2.36 -3.47 5.62 5.47 7.87 -2.40 1.70 -.70 13 6.85 7.59 -.74 -2.22 -2.96 5.62 5.47 7.59 -2.12 1.68 -.44 20 8.26 8.05 .21 -2.13 -1.92 5.71 5.55 8.05 -2.50 2.27 -.23 27 10.74 8.15 2.59 -3.55 -.96 5.74 5.59 8.15 -2.56 2.48 -.08 AAuugg.. 3 10.63 8.18 2.45 -2.97 -.52 5.82 5.66 8.18 -2.52 2.64 .12 10 10.76 8.76 2.00 -4.60 -2.60 5.99 5.82 8.76 -2.94 2.88 -.06 17 10.78 8.47 2.31 -4.55 -2.24 6.05 5.82 8.47 -2.65 2.69 .04 24 10.83 8.45 2.38 -4.88 -2.50 6.12 5.95 8.45 -2.50 2.64 .14 31 10.82 8.53 2.29 -4.45 -2.16 8.38 6.00 8.53 -2.53 2.58 .05 SSeepptt.. 7 10.84 8.77 2.07 -4.55 -2.48 6.22 6.04 8.77 -2.73 2.26 -.47 14 10.80 8.75 2.05 -5.49 -3.44 6.42 6.25 8.75 -2.50 2.06 -.44 21 10.83 8.00 2.83 -4.84 -2.01 6.48 6.26 8.00 -1.74 1.89 .15 28 10.79 6.94 3.85 -4.52 -.67 6.50 6.29 6.94 -0.65 1.37 .72 Oct. 5 10.74 7.36 3.38 -3.73 -.35 6.68 6.26 7.36 -1.11 1.41 .30 12 10.67 7.08 3.59 -3.56 .03 6.51 6.29 7.08 -.79 .46 -.33 19 10.56 6.98 3.58 -3.68 -.10 6.53 6.30 6.98 -.68 .08 -.60 26 10.54 6.99 3.55 -4.08 -.53 6.51 6.30 6.99 -.69 -.70 -1.39 NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 BULLETIN, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 BULLETIN. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 94 GOLD RESERVES • NOVEMBER 1973 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars; valued at $35 per fine ounce through Apr. 1972 and at $38 per fine ounce thereafter) Esti- Intl. Estim to a t t a e l d M ta o r n y e - U St n a i t t e e s d r m es a t t e o d f Algeria A t r i g n e a n - t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada world i Fund world 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 84 1,151 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 84 1,046 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 84 1,015 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 84 863 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 84 872 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 63 791 41,175 4,732 10,206 26,235 192 9P 259 729 1,544 46 22 792 44,875 5,777 10,487 28,610 208 152 283 792 1,648 50 16 834 5.777 10,487 208 152 282 792 1,636 50 16 834 5.778 10,487 208 152 282 792 1,642 50 16 834 44,925 5,830 10,487 28,610 208 152 281 792 1,638 50 12 834 5,830 10,487 208 152 281 793 1,621 50 12 834 5,830 10,487 208 152 281 793 1,603 50 12 834 44,900 5,830 10,487 28,585 208 152 282 793 1,603 50 12 834 5.830 10,487 208 152 281 793 1,603 50 12 834 5,826 10,487 208 152 281 793 1,603 50 12 834 *44,875 5.831 10,487 ^28j560 208 152 281 793 1,603 50 12 834 5,826 10,487 208 281 793 1,603 12 834 5,826 10,487 208 281 793 1,603 834 5,826 10,487 208 282 793 1,603 834 Ger- E pe n r d i o o d f R C e h p in . a o , f lo C m o b - ia m De a n rk - Egypt l F a i n n d - France m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel (Taiwan) Rep. of 1965 55 35 97 139 84 4,706 4,410 78 281 146 110 21 56 1966 62 26 108 93 45 5,238 4,292 120 243 130 106 23 46 1967 81 31 107 93 45 5,234 4,228 130 243 144 115 25 46 1968. 81 31 114 93 45 3,877 4,539 140 243 158 193 79 46 1969. 82 26 89 93 45 3,547 4,079 130 243 158 193 39 46 1970, 82 17 64 85 29 3,532 3,980 117 243 131 144 16 43 1971. 80 14 64 85 49 3,523 4,077 98 243 131 144 16 43 1972--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 i42 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 P eb 87 16 69 92 53 3,834 4,468 133 264 142 156 17 41 Mar 87 16 69 92 53 3,834 4,468 133 264 142 156 17 41 Apr 87 16 69 92 53 3,834 4,468 133 264 142 156 17 41 May 87 16 69 92 53 3,834 4,469 133 264 142 156 17 41 June 87 16 69 92 53 3,841 4,462 133 142 156 17 41 Jiily 88887777 11116666 66669999 999222 55553333 3333,,,,888833335555 4444,,,,444466669999 111133333333 111144442222 111155556666 11117777 444111 Aug 88887777 11116666 66669999 999222 55553333 3333,,,,888833335555 4444,,,,444466669999 111133333333 111144442222 111155556666 11117777 444111 Sept.p 88887777 11116666 66669999 55553333 3333,,,,888833335555 4444,,,,444466669999 111133333333 111144442222 111155556666 11117777 Italy Japan a L n e o b n - Libya M s a i l a a y- Mexi- Moroc- N la e n th d e s r - N w o a r y - P s a ta k n i- Peru 2,404 328 52 182 68 2 158 21 1,756 31 53 67 2,414 329 67 193 68 1 109 21 1,730 18 53 65 2,400 338 136 193 68 31 166 21 1,711 18 53 20 2,923 356 122 288 85 66 165 21 1,697 24 54 20 2,956 413 86 288 85 63 169 21 1,720 25 54 25 2,887 532 86 288 85 48 176 21 1,787 23 54 40 2,884 679 87 322 85 58 184 21 1,909 33 55 40 3,130 801 94 350 93 63 188 23 2,078 36 60 41 3,130 801 94 350 93 63 188 23 2,078 36 60 41 3,130 801 94 350 93 63 188 23 2,059 36 60 41 3,130 801 94 350 93 63 188 23 2,059 37 60 41 3,134 801 94 350 93 63 188 23 2,059 37 60 41 3,134 801 94 350 93 63 188 23 2,059 37 60 41 3,134 801 94 350 93 63 188 23 2,059 37 60 41 3,134 801 94 350 93 63 188 23 2,059 37 60 41 3,134 802 350 93 63 188 23 2,059 37 60 41 3,134 802 350 93 63 186 23 2,063 37 60 41 3,134 802 350 93 63 23 2,063 37 60 41 3,134 802 350 93 63 2,065 37 60 3,134 802 93 2,065 37 60 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
november 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 e r- T la h n a d i- Turkey U K d n i o i n m t g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l 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 1*5 784 226 2,642 92 117 1,471 165 403 51 -48Q 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—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 89 136 800 133 425 56 218 1973—Jan.... 1,022 129 706 542 220 3,162 89 136 810 133 425 56 218 Feb.... 1,022 131 711 542 220 3,162 89 136 810 133 425 56 214 Mar... 1,022 131 714 542 220 3,162 89 136 810 133 425 56 214 Apr... 1,022 131 720 542 220 3,162 89 136 810 133 425 56 214 May... 1,022 131 721 542 220 3,162 89 136 810 133 425 56 199 June.. 1,022 131 724 542 220 3,162 89 136 810 133 425 56 20^ July... 1,022 131 734 220 3,162 89 136 133 425 56 204 Aug.. . 130 740 220 3,162 89 136 133 425 56 205 Sept.f. 738 220 3,162 89 136 133 425 56 213 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table, and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the countries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars; valued at $35 per fine ounce through 1971 and at $38 per fine ounce thereafter) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pprroodduucc-ttiioonn ii A So fr u i t c h a Ghana Zaire U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m - India Japan P p h i i n li e p s - t A ra u l s ia - ot A h l e l r1 1966 111111,,,,,,444444444444555555......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 5555555.......6666666 6666666633333333........11111111 111111111111111111111111111111111111111111444444444444444444444.....................666666666666666666666 7777777.......5555555 5555555.......2222222 999999999999999999..................888888888888888888 44444444444444..............22222222222222 1111111111199999999999...........44444444444 1111111155555555........88888888 333333333333333222222222222222...............111111111111111 666666222222......999999 1967 111111,,,,,,444444111111000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 5555555.......4444444 5555555533333333........44444444 111111111111111111111000000000000000000000333333333333333333333.....................777777777777777777777 5555555.......8888888 5555555.......2222222 999999999999999999..................000000000000000000 33333333333333..............44444444444444 2222222222233333333333...........77777777777 1111111177777777........22222222 222222222222222888888888888888...............444444444444444 555555999999......444444 1968 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 5555555.......9999999 5555555533333333........99999999 999999999999999999999444444444444444444444.....................111111111111111111111 6666666.......2222222 4444444.......9999999 888888888888888888..................444444444444444444 44444444444444..............00000000000000 2222222222211111111111...........55555555555 1111111188888888........55555555 222222222222222777777777777777...............666666666666666 666666111111......666666 1969 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 6666666.......0000000 6666666600000000........11111111 888888888888888888888999999999999999999999.....................111111111111111111111 6666666.......3333333 3333333.......7777777 777777777777777777..................777777777777777777 33333333333333..............44444444444444 2222222222233333333333...........77777777777 2222222200000000........00000000 222222222222222444444444444444...............555555555555555 666666000000......000000 1970 111111,,,,,,444444555555000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 22222224444444.......6666666 6666666.......2222222 6666666633333333........55555555 888888888888888888888444444444444444444444.....................333333333333333333333 6666666.......9999999 4444444.......0000000 777777777777777777..................111111111111111111 33333333333333..............77777777777777 2222222222244444444444...........88888888888 2222222211111111........11111111 222222222222222111111111111111...............777777777777777 555555444444......111111 1971P 11111111111111111111....................000000000000000000009999999999999999999988888888888888888888....................77777777777777777777 22222224444444.......4444444 6666666.......0000000 5555555522222222........33333333 777777777777777777777999999999999999999999.....................111111111111111111111 5555555.......3333333 3333333.......7777777 666666666666666666..................666666666666666666 44444444444444..............11111111111111 2222222222277777777777...........00000000000 2222222222222222........22222222 222222222222222333333333333333...............555555555555555 1972* 11111111111111111111....................111111111111111111110000000000000000000099999999999999999999....................88888888888888888888 5555555544444444........33333333 777777777777777777777777777777777777777777.....................222222222222222222222 777777777777777777..................111111111111111111 44444444444444..............00000000000000 3333333333322222222222...........22222222222 2222222233333333........00000000 222222222222222888888888888888...............777777777777777 1972—Aug 9999999999999999999944444444444444444444....................11111111111111111111 555555555555555555555.....................999999999999999999999 .....44444 ..................666666666666666666 ..............33333333333333 22222222222...........88888888888 222222222222222...............888888888888888 Sept 9999999999999999999933333333333333333333....................99999999999999999999 666666666666666666666.....................333333333333333333333 .....44444 ..................666666666666666666 ..............33333333333333 33333333333...........11111111111 222222222222222...............333333333333333 Oct 9999999999999999999944444444444444444444....................22222222222222222222 666666666666666666666.....................333333333333333333333 .....44444 ..................555555555555555555 ..............33333333333333 22222222222...........77777777777 222222222222222...............111111111111111 Nov 9999999999999999999911111111111111111111....................55555555555555555555 666666666666666666666.....................000000000000000000000 .....55555 ..................777777777777777777 ..............44444444444444 222222222222222...............000000000000000 Dec 8888888888888888888844444444444444444444....................33333333333333333333 666666666666666666666.....................333333333333333333333 ..................555555555555555555 ..............33333333333333 111111111111111...............999999999999999 1973—Jan 8888888888888888888888888888888888888888....................22222222222222222222 666666666666666666666.....................222222222222222222222 ..................888888888888888888 ..............33333333333333 222222222222222...............444444444444444 Feb 8888888888888888888866666666666666666666....................55555555555555555555 666666666666666666666.....................111111111111111111111 ..................555555555555555555 111111111111111...............888888888888888 Mar 8888888888888888888888888888888888888888....................55555555555555555555 666666666666666666666.....................333333333333333333333 ..................555555555555555555 Apr 8888888888888888888866666666666666666666....................66666666666666666666 666666666666666666666.....................222222222222222222222 ..................666666666666666666 May 8888888888888888888866666666666666666666....................00000000000000000000 666666666666666666666.....................888888888888888888888 ..................666666666666666666 June 8888888888888888888877777777777777777777....................66666666666666666666 666666666666666666666.....................444444444444444444444 July 8888888888888888888888888888888888888888....................33333333333333333333 555555555555555555555.....................666666666666666666666 Aug 555555555555555555555.....................777777777777777777777 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 BANK LOANS AND INVESTMENTS • NOVEMBER 1973 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS, JANUARY 1959-JUNE 1973 (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans Securities Loans Securities Total Total loans Plus Commercial loans Plus Commercial Month i and loans Plus and industrial U.S. and loans Plus and industrial U.S. invest- sold2,3 Total2 loans Treas- Other invest- sold2,3 Total2 loans Treas- Other ments2 sold2,3 ury4 ments2 sold2,3 ury Plus Plus Total loans Total loans sold 3 sold 3 1959-Jan... 186.4 99.2 35.5 66.6 20.6 186.2 98.3 35.0 67.5 20.4 Feb... 185.6 99.5 35.7 65.5 20.6 184.3 98.3 35.1 65.5 20.4 Mar.. 184.6 100.6 35.8 63.5 20.5 183.5 99.8 35.8 63.2 20.6 Apr... 186.2 101.9 36.2 63.5 20.8 186.2 101.7 36.0 63.6 20.9 May.. 187.3 103.4 37.0 63.2 20.7 186.3 103.0 36.9 62.6 20.8 June.. 187.1 104.1 37.4 62.4 20.6 186.5 105.1 37.8 60.9 20.6 July.. 188.2 106.3 38.1 61.3 20.6 188.1 106.4 37.8 61.1 20.6 Aug.. 189.0 107.8 38.3 60.6 20.6 188.6 107.8 38.2 60.3 20.5 Sept.. 188.7 108.5 38.5 59.6 20.6 188.9 108.9 38.7 59.2 20.7 Oct... 188.3 109.1 38.8 58.6 20.6 189.2 109.0 38.8 59.6 20.6 Nov.. 188.3 109.9 39.1 57.9 20.5 188.7 109.9 39.4 58.5 20.3 Dec... 188.7 110.5 39.4 57.7 20.5 192.3 112.8 40.2 58.9 20.5 1960-Jan... 188.8 111.4 40.0 57.0 20.4 188.6 110.4 39.4 58.0 20.3 Feb... 188.4 112.2 40.3 56.0 20.2 187.3 111.0 39.8 56.2 20.1 Mar. . 189.1 112.9 40.6 56.2 20.0 186.4 112.1 40.9 54.2 20.1 Apr... 189.6 113.8 41.1 55.9 19.9 189.2 113.3 40.9 55.8 20.0 May.. 189.9 114.2 41.3 55.9 19.8 188.9 113.9 41.3 55.1 19.8 June.. 190.2 114.6 41.4 55.8 19.8 189.6 115.6 41.9 54.2 19.8 July. . 191.6 115.0 41.5 56.6 20.0 191.5 114.8 41.2 56.7 20.0 Aug. . 192.5 115.4 41.5 57.1 20.0 191.9 115.3 41.2 56.6 20.0 Sept.. 194.0 116.0 41.8 58.0 20.0 194.3 116.4 41.8 57.7 20.1 Oct... 195.8 116.1 41.9 59.4 20.3 196.7 115.9 41.8 60.4 20.4 Nov.. 196.0 116.1 42.0 59.4 20.5 196.8 116.3 42.3 60.2 20.3 Dec... 197.4 116.7 42.1 59.9 20.8 201.5 119.6 43.1 61.0 20.9 1961-Jan... 198.9 117.0 42.1 60.8 21.1 198.8 116.0 41.5 61.9 20.9 Feb... 201.0 118.6 42.3 61.0 21.4 200.1 117.5 41.9 61.3 21.3 Mar.. 201.1 118.3 42.5 61.2 21.6 198.7 117.3 42.8 59.7 21.7 Apr... 201.1 118.4 42.5 61.1 21.6 200.4 117.9 42.4 60.7 21.8 May.. 203.2 119.0 42.5 62.3 21.9 202.1 118.8 42.3 61.5 21.9 June.. 204.3 118.9 42.4 63.4 22.0 203.9 120.0 42.8 61.8 22.1 July. . 206.2 119.6 42.7 64.4 22.2 206.3 119.3 42.3 64.7 22.3 Aug.. 207.3 119.8 42.9 64.9 22.6 205.9 119.2 42.5 64.2 22.5 Sept.. 209.8 120.6 43.0 66.1 23.1 210.5 121.1 43.0 66.1 23.3 Oct... 210.2 121.6 43.2 65.5 23.1 211.2 121.4 43.2 66.6 23.2 Nov.. 211.4 122.5 43.3 65.3 23.6 212.1 122.5 43.6 66.2 23.4 Dec... 212.8 123.6 43.9 65.3 23.9 217.7 127.2 45.2 66.6 23.9 1962-Jan... 214.4 124.2 44.0 65.9 24.3 214.2 122.9 43.4 67.2 24.1 Feb... 215.4 125.1 44.1 65.7 24.6 214.9 124.4 43.7 66.0 24.4 Mar.. 217.3 127.0 44.6 65.0 25.3 215.7 125.9 44.8 64.4 25.4 Apr. . 218.9 128.0 44.8 65.0 25.9 218.2 127.4 44.7 64.7 26.1 May.. 220.4 128.7 45.2 65.5 26.2 218.6 128.2 45.0 64.4 26.1 June.. 221.8 129.8 45.5 65.1 26.9 222.7 131.2 45.9 64.4 27.0 July.. 222.5 130.0 45.7 65.1 27.4 221.3 129.6 45.2 64.2 27.5 Aug.. 224.7 131.7 46.3 65.2 27.8 222.5 130.8 45.8 63.9 27.9 Sept.. 225.7 133.3 46.7 64.4 28.0 226.4 134.0 40.7 64.3 28.2 Oct... 227.6 134.4 47.0 64.6 28.6 229.1 134.9 47.1 65.6 28.6 Nov.. 229.4 135.7 47.4 64.6 29.1 230.1 135.7 47.7 65.6 28.8 Dec... 231.2 137.3 47.6 64.7 29.2 237.0 141.3 49.1 66.4 29.3 1963-Jan... 232.9 133.3 47.9 64.8 29.8 232.4 136.7 47.3 66.2 29.5 Feb... 234.6 139.4 48.1 65.0 30.2 233.7 138.5 47.7 65.3 29.9 Mar.. 235.7 140.7 48.4 64.3 30.7 235.1 139.6 48.6 64.8 30.7 Apr... 236.8 141.0 48.7 64.6 31.2 235.7 140.3 48.6 64.0 31.4 May.. 238.8 142.8 49.0 64.1 31.9 236.9 142.2 48.8 63.0 31.7 June.. 241.0 144.8 49.4 63.9 32.3 242.9 146.9 49.9 63.5 32.4 July.. 242.6 145.7 49.6 64.1 32.8 24J.5 146.1 49.0 62.5 32.9 Aug.. 243.3 147.3 49.7 62.6 33.4 240.9 146.3 49.2 60.9 33.7 Sept.. 244.8 148.9 50.1 62.0 33.9 245.8 149.8 50.1 61.8 34.2 Oct... 246.2 150.5 50.8 61.3 34.4 246.3 149.9 50.6 62.0 34.4 Nov.. 248.2 152.5 51.5 61.3 34.4 248.9 152.5 51.9 62.3 34.1 Dec... 250.2 153.7 52.1 61.5 35.0 256.5 158.0 53.7 63.4 35.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1973 • BANK LOANS AND INVESTMENTS A 97 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS, JANUARY 1959-JUNE 1973—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans Loans Securities Total Total loans Plus Commercial loans Plus Commercial Month i and loans Plus and industrial U.S. and loans Plus and industrial U.S. invest- sold2,3 Total2 loans Treas- Other invest- sold2,3 Total2 loans Treas- Other ments2 sold2,3 ury4 ments2 sold2,3 ury Plus Plus Total loans Total loans sold 3 sold 3 1964-Jan... 250.9 155.3 52.4 60.6 35.0 250.3 153.6 51.8 62.1 34.6 Feb... 252.6 156.6 52.8 60.7 35.3 251.3 154.7 52.4 61.5 35.0 Mar.. 254.1 158.1 53.0 60.4 35.6 254.0 157.0 53.2 61.5 35.6 Apr... 255.8 159.5 53.5 60.6 35.7 254.8 158.9 53.4 60.1 35.8 May.. 257.5 161.2 54.0 60.4 35.9 255.7 160.9 53.9 59.1 35.8 June.. 259.6 162.9 54.5 60.5 36.2 261.9 166.2 55.1 59.3 36.4 July.. 260.6 164.3 54.9 59.9 36.4 258.8 164.0 54.4 58.3 36.5 Aug.. 263.4 165.8 55.5 60.8 36.8 260.7 164.8 54.9 58.8 37.1 Sept.. 266.6 167.7 56.1 61.4 37.5 266.9 168.4 56.1 60.7 37.8 Oct... 267.1 168.6 56.6 60.6 37.9 267.1 167.7 56.3 61.4 38.0 Nov.. 270.3 170.6 57.3 61.2 38.5 271.0 170.2 57.4 62.7 38.1 Dec... 272.4 172.9 58.4 60.8 38.7 279.2 177.4 60.2 63.0 38.8 1965-Jan... 275.1 175.7 59.6 59.9 39.5 274.4 173.8 58.9 61.5 39.1 Feb... 277.8 178.0 60.7 59.8 40.0 276.0 175.8 60.3 60.5 39.7 Mar.. 279.2 180.3 61.8 58.4 40.5 279.2 179.9 62.2 59.0 40.3 Apr... 282.5 182.6 62.8 58.7 41.2 281.3 181.6 62.5 58.3 41.4 May.. 284.5 184.5 63.6 58.7 41.3 282.5 184.2 63.4 57.2 41.1 June.. 286.7 186.5 64.4 58.3 41.9 289.3 190.2 65.5 56.9 42.2 July.. 289.0 188.5 65.2 58.1 42.4 286.5 187.7 64.8 56.3 42.6 Aug.. 290.6 190.1 65.9 57.4 43.1 288.5 189.6 65.5 55.5 43.4 Sept.. 292.0 191.7 66.8 56.8 43.5 292.1 192.3 66.8 55.9 43.8 Oct... 295.6 194.1 67.6 57.6 43.9 295.5 192.9 67.1 58.5 44.1 Nov.. 297.3 195.8 68.4 57.3 44.2 297.7 195.1 68.3 58.8 43.8 Dec... 300.1 198.2 69.5 57.1 44.8 307.6 203.2 71.4 59.5 44.9 1966-Jan... 302.9 200.2 70.5 57.7 45.0 302.4 198.4 69.7 59.6 44.4 Feb... 303.9 202.2 71.4 56.2 45.5 301.6 199.2 70.7 57.3 45.1 Mar.. 304.8 203.8 72.2 55.2 45.8 303.8 203.0 72.6 55.4 45.4 Apr... 308.3 206.3 73.2 55.8 46.2 307.1 205.2 72.8 55.5 46.5 May.. 309.9 207.9 74.1 54.8 47.2 307.8 207.1 74.0 53.6 47.1 June 5. 313.1 209.4 75.7 55.4 48.3 315.9 213.6 77.2 53.5 48.8 July.. 313.6 210.3 76.7 54.8 48.5 312.6 211.2 77.1 52.7 48.6 Aug.. 314.3 210.9 77.6 55.4 48.0 313.1 211.0 76.7 53.7 48.4 Sept.. 315.0 211.9 78.2 54.5 48.6 314.6 212.2 77.9 53.6 48.8 Oct... 314.1 212.8 78.6 52.8 48.5 313.8 211.6 78.0 53.6 48.6 Nov.. 314.1 213.1 78.7 52.6 48.4 314.8 212.5 78.6 54.4 47.9 Dec... 316.1 213.9 78.6 53.5 48.7 324.0 219.0 80.6 56.2 48.8 1967-Jan... 319.9 215.9 79.5 54.1 49.9 319.8 214.4 78.9 56.0 49.3 Feb... 323.2 216.4 80.1 55.7 51.1 320.4 213.1 79.1 56.6 50.7 Mar.. 327.2 217.7 81.0 57.2 52.3 325.9 216.1 81.1 57.8 52.0 Apr... 329.3 218.8 81.5 57.0 53.5 328.3 218.2 81.8 56.2 53.9 May.. 330.9 219.3 82.0 56.9 54.7 329.4 218.9 81.7 55.8 54.7 June.. 333.3 220.3 82.9 56.8 56.2 335.3 224.4 84.5 54.2 56.7 July.. 337.9 222.4 83.6 58.9 56.6 337.7 223.9 84.1 57.1 56.7 Aug.. 342.2 223.9 83.7 60.9 57.4 340.1 223.2 82.6 59.1 57.8 Sept.. 345.3 226.3 84.4 60.9 58.1 344.7 226.3 84.0 60.1 58.3 Oct... 347.8 227.3 84.5 61.5 59.0 347.6 226.2 83.8 62.4 59.0 Nov.. 350.0 228.8 84.9 60.9 60.3 350.0 227.4 84.6 62.9 59.8 Dec... 352.0 231.3 86.2 59.4 61.3 360.8 236.8 88.4 62.5 61.5 1968-Jan... 355.5 233.2 86.5 60.2 62.1 356.3 232.3 85.7 62.2 61.7 Feb... 359.3 234.4 87.0 62.3 62.6 356.6 231.3 85.9 63.2 62.2 Mar.. 359.4 235.4 87.8 60.8 63.2 357.4 233.0 87.8 61.2 63.1 Apr... 361.2 237.2 88.7 60.8 63.2 360.5 236.8 89.2 59.8 63.8 May.. 363.6 238.6 89.2 61.6 63.4 361.3 237.5 88.7 60.3 63.5 June.. 365.5 240.4 89.6 61.3 63.8 367.7 244.8 91.4 58.6 64.4 July.. 371.4 244.5 90.6 62.4 64.5 371.9 246.8 91.3 60.5 64.6 Aug.. 376.4 247.3 91.6 63.2 65.9 373.8 246.3 90.3 61.5 66.0 Sept.. 381.3 250.5 92.5 63.4 67.4 380.6 250.5 92.1 62.5 67.6 Oct... 386.0 253.0 93.4 63.8 69.2 385.4 251.8 92.7 64.8 68.8 Nov.. 387.8 256.5 95.2 61.2 70.1 387.6 255.3 94.7 62.8 69.5 Dec... 390.2 258.2 95.9 60.7 71.3 400.4 264.4 98.4 64.5 71.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 98 BANK LOANS AND INVESTMENTS • NOVEMBER 1973 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS, JANUARY 1959-JUNE 1973—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans Securities Loans Securities Total Total loans Plus Commercial loans Plus Commercial and loans Plus and industrial U.S. and loans Plus and industrial U.S. invest- sold 2,3 Total 2 loans Treas- Other invest- sold 2 3 Total2 loans Treas- Other ments 2 sold2,3 ury2 ments 2 sold2 3 ury Plus Plus Total loans Total loans sold 4 sold 3 392.2 260.6 97.7 60.6 71.0 391.4 257.7 96.5 393.6 263.2 98.8 59.0 71.4 390.4 260.1 97.7 394.6 265.4 99.7 57.9 71.3 392.3 262.3 99.7 398.7 268.5 101.2 58.9 71.3 398.3 268.0 101.6 399.6 401.1 270.8 272.3 102.1 102.9 57.1 71.7 397.1 398.6 269.9 271.4 101.8 102.6 400.8 402.9 272.1 274.2 102.6 103.9 57.0 71.7 403.2 405.3 276.8 278.9 104.4 105.7 399.8 402.6 272.1 274.9 103.0 104.9 56.5 71.2 399.4 402.2 273.5 276.3 103.1 105.0 399.0 402.3 272.2 275.5 103.4 105.6 56.0 70.8 396.2 399.5 271.0 274.3 102.0 104.2 398.5 402.3 273.5 277.3 103.8 106.4 54.0 71.0 398.0 401.8 273.6 277.4 103.8 106.4 399.7 404.5 275.5 280.3 104.5 107.8 53.4 70.8 398.7 403.5 273.9 278.7 103.6 106.9 402.3 407.1 277.5 282.3 105.1 108.5 53.2 71.6 402.0 406.8 276.1 280.9 104.4 107.8 401.7 405.6 279.1 283.0 105.7 108.3 51.5 71.1 412.1 416.1 286.1 290.0 108.4 111.0 400.0 406.0 278.6 284.6 105.4 109.8 50.3 71.1 399.1 405.1 275.6 281.5 104.1 108.5 400.5 407.1 278.4 285.0 105.2 110.2 50.8 71.3 397.2 403.8 275.0 281.5 104.0 109.0 403.0 409.8 279.5 286.3 105.1 110.4 51.1 72.4 400.5 407.3 276.3 283.1 104.9 110.2 406.1 413.3 279.5 286.7 105.3 110.9 53.3 73.3 404.8 411.9 278.1 285.3 105.5 111.1 407.9 416.0 279.3 287.4 105.5 111.9 54.5 74.1 405.3 413.4 278.4 286.4 105.2 111.6 409.2 417.3 280.0 288.1 106.5 113.0 54.3 74.9 411.7 419.7 284.5 292.6 108.4 114.8 415.2 423.4 283.7 291.9 107.5 113.8 55.9 75.6 414.1 422.3 284.9 293.1 107.3 113.6 419.6 427.6 285.5 293.5 108.1 114.1 56.8 77.3 416.8 424.9 284.7 292.7 107.1 113.1 423.7 428.9 287.6 292.8 108.8 112.5 56.7 79.4 424.7 430.0 289.5 294.7 109.4 113.1 426.3 430.7 288.9 293.3 109.0 112.2 56.0 81.4 425.6 429.9 287.5 291.8 108.4 111.6 429.3 433.1 289.7 293.5 109.3 112.0 56.2 83.4 429.3 433.1 288.4 292.3 108.8 111.5 435.5 438.5 291.7 294.7 110.0 112.1 57.9 85.9 446.8 449.8 299.0 301.9 112.5 114.6 440.3 443.2 293.7 296.6 110.5 112.6 58.8 87.8 439.5 442.4 290.9 293.8 109.1 111.2 446.1 449.0 295.7 298.6 111.3 113.4 60.9 89.5 442.4 445.3 292.1 295.0 110.3 112.4 449.0 451.9 296.8 299.7 111.2 113.1 60.6 91.6 447.7 450.6 294.6 297.5 111.2 113.1 452.7 455.4 298.9 301.6 111.6 113.5 60.8 93.0 450.9 453.6 296.7 299.4 111.6 113.5 456.3 459.1 300.8 303.6 112.5 114.4 61.0 94.5 453.6 456.4 300.0 302.8 112.4 114.3 462.0 465.1 302.6 305.7 112.7 114.6 62.8 96.6 464.8 467.8 307.1 310.2 114.4 116.3 465.1 467.9 305.3 308.1 113.7 115.5 61.7 98.1 463.0 465.8 305.6 308.4 113.4 115.2 468.4 471.2 309.2 312.0 114.6 116.4 60.9 98.3 466.1 468.8 309.3 312.0 114.2 116.0 471.9 474.9 312.4 315.4 115.6 117.5 59.7 99.8 472.0 475.0 313.4 316.4 115.9 117.8 476.9 479.8 315.8 318.7 116.0 117.8 59.3 101.8 476.5 479.4 315.1 318.0 115.6 117.4 479.7 482.5 318.0 320.8 116.0 117.8 58.9 102.8 479.9 482.8 317.3 320.1 115.6 117.4 484.8 487.6 320.3 323.1 115.9 117.5 60.1 104.4 497.9 500.7 328.3 331.1 118.5 120.2 490.8 493.8 325.6 328.6 116.6 118.3 59.5 105.7 490.1 493.1 322.6 325.6 115.2 116.9 496.6 499.5 328.5 331.4 117.3 119.0 61.2 106.9 492.4 495.3 324.3 327.3 116.1 117.8 503.9 506.7 333.7 336.5 118.4 120.2 61.9 108.3 501.5 504.3 330.5 333.3 118.4 120.2 508.8 511.5 337.4 340.1 119.8 121.5 62.7 108.7 506.6 509.3 335.1 337.8 120.1 121.8 515.5 518.0 341.5 344.0 121.0 122.5 63.7 110.3 513.7 516.2 341.6 344.0 120.8 122.3 518.5 520.8 344.7 347.0 121.3 122.7 63.2 110.6 521.6 523.9 349.8 352.1 123.2 124.6 522.8 525.1 349.1 351.4 122.1 123.5 62.3 111.4 521.4 523.7 350.3 352.6 122.3 123.7 529.0 531.4 354.1 356.5 123.3 124.8 61.9 113.0 525.8 528.1 353.7 356.0 122.2 123.7 535.4 537.7 360.0 362.3 124.1 125.6 61.5 113.9 535.0 537.3 360.7 363.0 124.2 125.7 540.4 542.7 365.7 368.0 126.3 127.7 60.3 114.4 540.3 542.6 365.2 367.5 125.8 127.2 549.9 552.4 372.9 375.4 128.2 129.8 60.9 116.1 549.9 552.4 371.8 374.3 127.6 129.2 556.4 559.0 377.8 380.4 129.7 131.4 61.9 116.7 571.4 574.0 387.3 389.9 132.7 134.4 564.7 567.3 385.8 388.4 133.3 135.0 61.8 117.1 565.6 568.2 383.5 386.1 132.0 133.7 575.4 578.5 397.2 400.3 138.1 140.2 60.6 117.6 571.1 574.2 392.6 395.7 136.6 138.7 583.6 586.8 405.8 409.0 141.8 143.8 60.4 117.4 580.6 583.7 401.7 404.8 141.7 143.7 589.6 593.2 411.1 414.7 143.9 146.2 61.0 117.5 587.3 590.9 408.3 411.9 144.4 146.7 597.7 601.4 417.4 421.1 146.8 149.0 61.0 119.3 594.8 598.5 416.6 420.3 146.4 148.6 602.0 605.5 420.3 423.8 148.2 150.4 61.6 120.1 605.6 609.1 426.6 430.1 150.4 152.6 1 Data are for last Wednesday of month except for June 30 and Dec. 31; participation certificates totaling an estimated $1 billion are included in data are partly or wholly estimated except when June 30 and Dec. 31 are "Other securities" rather than in "Loans." call dates. 6 Beginning June 30, 1969, data revised to include all bank-premises 2 Total loans and total loans and investments are adjusted to exclude subsidiaries and other significant majority-owned domestic subsidiaries; commercial interbank loans. earlier data include commercial banks only. Also, loans and investments 3 Loans sold are those sold outright by commercial banks to own are now reported gross, without valuation reserves deducted, rather than subsidiaries, foreign branches, holding companies, and other affiliates. net of valuation reserves as was done previously. Data shown in tables 4 The seasonally adjusted series for "U.S. Treasury securities" is a have been revised to include valuation reserves. residual derived by subtracting "Loans" and "Other securities" from 7 Beginning June 30, 1971, Farmers Home Administration insured "Total loans and investments." notes totaling approximately $700 million are included in "Other securi- 5 Beginning June 9, 1966, about $1.1 billion of balances accumulated ties" rather than in "Loans." for payment of personal loans were deducted from total loans as a result 8 Beginning June 30, 1972, commercial and industrial loans were reof a change in Federal Reserve regulations. Beginning June 30, 1966, duced by about $400 million as a result of loan reclassifications at one CCC certificates of interest and Export-Import Bank portfolio fund large bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 99 Board of Governors and Staff shown on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ARTHUR F. BURNS, Chairman GEORGE W. MITCHELL, Vice Chairman J. DEWEY DAANE ANDREW F. BRIMMER JOHN E. SHEEHAN JEFFREY M. BUCHER ROBERT C. HOLLAND OFFICE OF MANAGING DIRECTOR FOR OFFICE OF MANAGING DIRECTOR FOR OPERATIONS AND SUPERVISION OFFICE OF BOARD MEMBERS RESEARCH AND ECONOMIC POLICY DAVID C. MELNICOFF, Managing Director *ROBERT SOLOMON, Adviser to the Board J. CHARLES PARTEE, Managing Director DANIEL M. DOYLE, Deputy Managing ROBERT L. CARDON, Assistant to the Board STEPHEN H. AXILROD, Adviser to the Board Director JOSEPH R. COYNE, Assistant to the Board ARTHUR L. BROIDA, Assistant to the Board GORDON B. GRIMWOOD, Assistant Director JOHN J. HART, Special Assistant to the Board MURRAY ALTMANN, Special Assistant to the and Program Director for FRANK O'BRIEN, JR., Special Assistant to the Board Contingency Planning Board WILLIAM W. LAYTON, Director of Equal JOHN S. RIPPEY, Special Assistant to the Employment Board BRENTON C. LEAVITT, Program Director for Banking Structure DIVISION OF RESEARCH AND STATISTICS J. CHARLES PARTEE, Director LYLE E. GRAMLEY, Deputy Director SAMUEL B. CHASE, Associate Director JAMES L. PIERCE, Associate Director LEGAL DIVISION PETER M. KEIR, Adviser STANLEY J. SIGEL, Adviser DIVISION OF FEDERAL RESERVE BANK THOMAS O'CONNELL, General Counsel MURRAY S. WERNICK, Adviser OPERATIONS PAULINE B. HELLER, Assistant General KENNETH B. WILLIAMS, Adviser Counsel JAMES B. ECKERT, Associate Adviser RONALD G. BURKE, Director JOHN NICOLL, Assistant General Counsel ROBERT J. LAWRENCE, Associate Adviser E. MAURICE MCWHIRTER, Associate ROBERT S. PLOTKIN, Assistant General JOSEPH S. ZEISEL, Associate Adviser Director Counsel EDWIN C. ETTIN, Assistant Adviser WALTER A. ALTHAUSEN, Assistant Director BALDWIN B. TUTTLE, Assistant General ELEANOR J. STOCKWELL, Assistant Adviser HARRY A. GUINTER, Assistant Director Counsel STEPHEN P. TAYLOR, Assistant Adviser JAMES R. KUDLINSKI, Assistant Director ANDREW F. OEHMANN, Special Assistant LOUIS WEINER, Assistant Adviser P. D. RING, Assistant Director to the General Counsel LEVON H. GARABEDIAN, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIVISION OF DATA PROCESSING OFFICE OF THE SECRETARY DIVISION OF INTERNATIONAL FINANCE JEROLD E. SLOCUM, Director CHESTER B. FELDBERG, Secretary RALPH C. BRYANT, Director CHARLES L. HAMPTON, Associate Director THEODORE E. ALLISON, Assistant Secretary JOHN E. REYNOLDS, Associate Director GLENN L. CUMMINS, Assistant Director NORMAND R. V. BERNARD, Assistant ROBERT F. GEMMILL, Adviser HENRY W. MEETZE, Assistant Director Secretary REED J. IRVINE, Adviser WARREN N. MINAMI, Assistant Director ELIZABETH L. CARMICHAEL, Assistant SAMUEL I. KATZ, Adviser RICHARD S. WATT, Assistant Director Secretary BERNARD NORWOOD, Adviser SAMUEL PIZER, Adviser DIVISION OF PERSONNEL DIVISION OF SUPERVISION G H E E O L R EN G E B. B . JU H N E Z N , R A Y, s si A s s ta si n s t t ant Adv A is d e v r i ser KEITH D. ENGSTROM, Director AND REGULATION tNoRMAN S. FIELEKE, Assistant Adviser FREDERIC SOLOMON, Director OFFICE OF THE CONTROLLER BRENTON C. LEAVITT, Deputy Director fOn loan from the Federal Reserve Bank of Boston. FREDERICK R. DAHL, Assistant Director JOHN KAKALEC, Controller JACK M. EGERTSON, Assistant Director JOHN M. DENKLER, Assistant Controller JANET O. HART, Assistant Director JOHN N. LYON, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES JOHN T. MCCLINTOCK, Assistant Director THOMAS A. SIDMAN, Assistant Director WALTER W. KREIMANN, Director WILLIAM W. WILES, Assistant Director DONALD E. ANDERSON, Assistant Director GRIFFITH L. GARWOOD, Adviser JOHN D. SMITH, Assistant Director *On leave of absence. 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. MITCHELL 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 LEONALL 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, TWELFTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary *On leave of absence. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 103 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank, branch, or facility Chairman President Vice President Zip code Deputy Chairman First Vice President in charge of branch Boston 02106 James S. Duesenberry Frank E. Morris Louis W. Cabot 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. Robert P. Black Stuart Shumate 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 William C. Conrad 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. L. Terry 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. Boysen 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 A. Grant Holman 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 BANKING MARKET STRUCTURE & PERFORMANCE IN METROPOLITAN AREAS: A STATISTICAL STUDY FEDERAL RESERVE BULLETIN. Monthly. $6.00 per OF FACTORS AFFECTING RATES ON BANK year or $.60 each in the United States and its LOANS. 1965. 73 pp. $.50 each; 10 or more to possessions, Bolivia, Canada, Chile, Colombia, one address, $.40 each. Costa Rica, Cuba, Dominican Republic, Ecuador, THE PERFORMANCE OF BANK HOLDING COMPA- Guatemala, Haiti, Republic of Honduras, Mexico, NIES. 1967. 29 pp. $.25 each; 10 or more to one Nicaragua, Panama, Paraguay, Peru, El Salvador, address, $.20 each. Uruguay, and Venezuela; 10 or more of same issue THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 to one address, $5.00 per year or $.50 each. Else- each; 10 or more to one address, $.85 each. where, $7.00 per year or $.70 each. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 FEDERAL RESERVE CHART BOOK ON FINANCIAL each; 10 or more to one address, $.85 each. AND BUSINESS STATISTICS. Monthly. Subscrip- U.S. TREASURY ADVANCE REFUNDING, JUNE tion includes one issue of Historical Chart Book. 1960-JULY 1964. 1966. 65 pp. $.50 each; 10 or $6.00 per year or $.60 each in the United States more to one address, $.40 each. and the countries listed above; 10 or more of same BANK CREDIT-CARD AND CHECK-CREDIT PLANS. issue to one address, $.50 each. Elsewhere, $7.00 1968. 102 pp. $1.00 each; 10 or more to one per year or $.70 each. address, $.85 each. HISTORICAL CHART BOOK. Issued annually in Sept. INTEREST RATE EXPECTATIONS: TESTS ON YIELD Subscription to monthly chart book includes one SPREADS AMONG SHORT-TERM GOVERNMENT issue. $.60 each in the United States and countries SECURITIES. 1968. 83 pp. $.50 each; 10 or more listed above; 10 or more to one address, $.50 each. to one address, $.40 each. Elsewhere, $.70 each. SURVEY OF FINANCIAL CHARACTERISTICS OF THE FEDERAL RESERVE ACT, as amended through CONSUMERS. 1966. 166 pp. $1.00 each; 10 or December 1971, with an appendix containing pro- more to one address, $.85 each. visions of certain other statutes affecting the Federal SURVEY OF CHANGES IN FAMILY FINANCES. 1968. Reserve System. 252 pp. $1.25. 321 pp. $1.00 each; 10 or more to one address, REGULATIONS OF THE BOARD OF GOVERNORS OF $.85 each. THE FEDERAL RESERVE SYSTEM. REPORT OF THE JOINT TREASURY-FEDERAL RE- PUBLISHED INTERPRETATIONS OF THE BOARD OF SERVE STUDY OF THE U.S. GOVERNMENT SE- GOVERNORS, as of December 31, 1972. $2.50. CURITIES MARKET. 1969. 48 pp. $.25 each; 10 FLOW OF FUNDS IN THE UNITED STATES, 1939-53. or more to one address, $.20 each. 1955. 390 pp. $2.75. JOINT TREASURY-FEDERAL RESERVE STUDY OF DEBITS AND CLEARING STATISTICS AND THEIR USE. THE GOVERNMENT SECURITIES MARKET: 1959. 144 pp. $1.00 each; 10 or more to one STAFF STUDIES—PART 1.1970. 86 pp. $.50 each; address, $.85 each. 10 or more to one address, $.40 each. PART 2. SUPPLEMENT TO BANKING AND MONETARY STA- 1971. 153 pp. $1.00 each; 10 or more to one TISTICS. Sec. 1. Banks and the Monetary System. address, $.85 each. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. OPEN MARKET POLICIES AND OPERATING PROCE- 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. DURES—STAFF STUDIES. 1971. 218 pp. $2.00; $.35. Sec. 6. Bank Income. 1966. 29 pp. $.35. 10 or more to one address, $1.75 each. Sec. 9. Federal Reserve Banks. 1965. 36 pp. $.35. REAPPRAISAL OF THE FEDERAL RESERVE DIS- Sec. 10. Member Bank Reserves and Related Items. COUNT MECHANISM, Vol. 1. 1971. 276 pp. Vol. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 2. 1971. 173 pp. Vol. 3. 1972. 220 pp. Each pp. $.35. Sec. 12. Money Rates and Securities volume $3.00 each; 10 or more to one address, Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1962. $2.50 each. 24 pp. $.35. Sec. 15. International Finance. 1962. THE ECONOMETRICS OF PRICE DETERMINATION 92 pp. $.65. Sec. 16 (New). Consumer Credit. CONFERENCE, October 30-31, 1970, Washington, 1965. 103 pp. $.65. D.C. Oct. 1972, 397 pp. Cloth ed. $5.00 each; INDUSTRIAL PRODUCTION—1971 edition. 383 pp. 10 or more to one address, $4.50 each. Paper ed. $4.00 each; 10 or more to one address, $3.50 each. $4.00 each; 10 or more to one address, $3.60 each. BANK MERGERS & THE REGULATORY AGENCIES: FEDERAL RESERVE STAFF STUDY: WAYS TO MOD- APPLICATION OF THE BANK MERGER ACT OF ERATE FLUCTUATIONS IN HOUSING CON- 1960. 1964. 260 pp. $1.00 each; 10 or more to STRUCTION, Dec. 1972, 487 pp. $4.00 each; 10 one address, $.85 each. or more to one address, $3.60 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 105 STAFF ECONOMIC STUDIES INTEREST COST EFFECTS OF COMMERCIAL BANK UNDERWRITING OF MUNICIPAL REVENUE Studies and papers on economic and financial subjects BONDS. 8/67. that are of general interest in the field of economic U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN research. 1960-67. 4/68. FEDERAL FISCAL POLICY IN THE 1960's. 9/68. Summaries only printed in the BULLETIN BUSINESS FINANCING BY BUSINESS FINANCE COM- PANIES. 10/68. (Limited supply of mimeographed copies of full text available upon request for single copies) HOUSING PRODUCTION AND FINANCE. 3/69. THE CHANNELS OF MONETARY POLICY, Staff Eco- THE REGULATION OF SHORT-TERM CAPITAL nomic Study by Frank de Leeuw and Edward MOVEMENTS IN MAJOR COUNTRIES, by Rodney Gramlich. 6/69. H. Mills, Jr. Nov. 1972. 53 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL FEDERAL RESERVE DEFENSIVE BEHAVIOR AND THE BANKS. 8/69. RESERVE CAUSATION ARGUMENT, by Raymond Lombra and Raymond Torto. Nov. 1972. 15 pp. EURO-DOLLARS: A CHANGING MARKET. 10/69. EXAMINATION OF THE MONEY STOCK CONTROL RECENT CHANGES IN STRUCTURE OF COMMER- APPROACH OF BURGER, KALISH, AND BABB, by CIAL BANKING. 3/70. Fred J. Levin. March 1973. 18 pp. SDR's IN FEDERAL RESERVE OPERATIONS AND OBTAINING THE YIELD ON A STANDARD BOND FROM STATISTICS. 5/70. A SAMPLE OF BONDS WITH HETEROGENEOUS MEASURES OF SECURITY CREDIT. 12/70. CHARACTERISTICS, by James L. Kichline, P. Michael Laub, and Guy V. G. Stevens. May 1973. MONETARY AGGREGATES AND MONEY MARKET 30 pp. CONDITIONS IN OPEN MARKET POLICY. 2/71. THE DETERMINANTS OF A DIRECT INVESTMENT BANK FINANCING OF MOBILE HOMES. 3/71. OUTFLOW WITH EMPHASIS ON THE SUPPLY OF INTEREST RATES, CREDIT FLOWS, AND MONETARY FUNDS, by Frederic Brill Ruckdeschel. June 1973. AGGREGATES SINCE 1964. 6/71. 171 pp. TWO KEY ISSUES OF MONETARY POLICY. 6/71. MORTGAGE COMMITMENTS ON INCOME PROPER- TIES: A NEW SERIES FOR 15 LIFE INSURANCE SURVEY OF DEMAND DEPOSIT OWNERSHIP. 6/71. COMPANIES, 1951-70, by Robert Moore Fisher and BANK RATES ON BUSINESS LOANS—REVISED Barbara Negri Opper. Aug. 1973. 83 pp. SERIES. 6/71. INDUSTRIAL PRODUCTION—REVISED AND NEW Printed in full in the BULLETIN MEASURES. 7/71. REVISED MEASURES OF MANUFACTURING CAPAC- (Staff Economic Studies shown in list below. ITY UTILIZATION. 10/71. Except for Staff Papers, Staff Economic Studies, and REVISION OF BANK CREDIT SERIES. 12/71. some leading articles, most of the articles reprinted do not exceed 12 pages.) PLANNED AND ACTUAL LONG-TERM BORROWING BY STATE & LOCAL GOVERNMENTS. 12/71. REPRINTS ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS. 2/72. ADJUSTMENT FOR SEASONAL VARIATION. 6/41. WAYS TO MODERATE FLUCTUATIONS IN THE CON- SEASONAL FACTORS AFFECTING BANK RESERVES. STRUCTION OF HOUSING. 3/72. 2/58. CONSTRUCTION LOANS AT COMMERCIAL BANKS. LIQUIDITY AND PUBLIC POLICY, Staff Paper by Ste- 6/72. phen H. Axilrod. 10/61. SOME ESSENTIALS OF INTERNATIONAL MONETARY SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. REFORM. 6/72. 7/62. CHARACTERISTICS OF FEDERAL RESERVE BANK INTEREST RATES AND MONETARY POLICY, Staff DIRECTORS. 6/72. Paper by Stephen H. Axilrod. 9/62. BANK DEBITS, DEPOSITS, AND DEPOSIT TURN- OVER—REVISED SERIES. 7/72. MEASURES OF MEMBER BANK RESERVES. 7/63. RECENT REGULATORY CHANGES IN RESERVE RE- REVISION OF BANK DEBITS AND DEPOSIT TURN- QUIREMENTS AND CHECK COLLECTION. 7/72. OVER SERIES. 3/65. YIELDS ON NEWLY ISSUED CORPORATE BONDS. RESEARCH ON BANKING STRUCTURE AND PER- 9/72. FORMANCE, Staff Economic Study by Tynan RECENT ACTIVITIES OF FOREIGN BRANCHES OF Smith. 4/66. U.S. BANKS. 10/72. A REVISED INDEX OF MANUFACTURING CAPACITY, REVISION OF CONSUMER CREDIT STATISTICS. Staff Economic Study by Frank de Leeuw with 10/72. Frank E. Hopkins and Michael D. Sherman. 11/66. SURVEY OF FINANCE COMPANIES, 1970. 11/72. REVISED SERIES ON COMMERCIAL AND INDUS- TRIAL LOANS BY INDUSTRY. 2/67. ONE-BANK HOLDING COMPANIES BEFORE THE 1970 THE PUBLIC INFORMATION ACT—ITS EFFECT ON AMENDMENTS. 12/72. MEMBER BANKS. 7/67. EVOLUTION OF THE PAYMENTS MECHANISM. 12/72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 106 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 REVISION OF THE MONEY STOCK MEASURES AND CAPACITY UTILIZATION IN MAJOR MATERIALS IN- MEMBER BANK RESERVES AND DEPOSITS. 2/73. DUSTRIES. 8/73. DEVELOPMENTS IN U.S. BALANCE OF PAYMENTS. TREASURY AND FEDERAL RESERVE FOREIGN EX- 4/73. CHANGE OPERATIONS. 9/73. STATE AND LOCAL BORROWING ANTICIPATIONS AND REALIZATIONS. 4/73. CREDIT-CARD AND CHECK-CREDIT PLANS AT COM- YIELDS ON RECENTLY OFFERED CORPORATE MERCIAL BANKS. 9/73. BONDS. 5/73. RATES ON CONSUMER INSTALMENT LOANS. 9/73. FEDERAL FISCAL POLICY, 1965-72. 6/73. BALANCE OF PAYMENTS ADJUSTMENT SINCE 1971. SOME PROBLEMS OF CENTRAL BANKING. 6/73. 10/73. OPEN MARKET OPERATIONS IN 1972. 6/73. CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- CHANGES IN BANK LENDING PRACTICES, 1972. 7/73. JULY 1973. 10/73. TREASURY AND FEDERAL RESERVE FOREIGN EX- NEW SERIES FOR LARGE MANUFACTURING COR- CHANGE OPERATIONS, INTERIM REPORT. 7/73. PORATIONS. 10/73. BANKING AND MONETARY STATISTICS, 1972. Selected series of banking and monetary statistics for FINANCIAL DEVELOPMENTS IN THE THIRD QUAR- 1972 only. 3/73 and 7/73. TER OF 1973. 11/73. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 Ownership by individuals, partnerships, and Arbitrage, 93 corporations, 30 Assets and liabilities (See also Foreigners): Subject to reserve requirements, 17 Banks, by classes, 18, 22, 23, 24, 37 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 Banks, by classes, 18, 23, 27, 37 Production index, 58, 59 Euro-dollars, 88 Federal Reserve Banks, 12, 13, 88 Bank credit proxy, 17 Postal savings, 23 Bankers' balances, 23, 26 Subject to reserve requirements, 17 (See also Foreigners, claims on, and liabilities to) 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 Farm mortgage loans, 49, 50 Business indexes, 62 Federal agency obligations, 11, 12, 13, 14 Business loans (See Commercial and industrial loans) Federal finance: Receipts and outlays, 40, 41 Capacity utilization, 62 Treasury operating balance, 40 Capital accounts: Federal funds, 7, 22, 24, 28, 33 Banks, by classes, 18, 23, 28 Federal home loan banks, 38, 39, 51 Federal Reserve Banks, 12, 13 Federal Home Loan Mortgage Corporation, 53 Central banks, 92, 94 Federal Housing Administration, 49, 50, 51, 52, 53 Certificates of deposit, 28 Federal intermediate credit banks, 38, 39 Coins, circulation, 15 Federal land banks, 38, 39 Commercial and industrial loans: Federal National Mortgage Assn., 38, 39, 52 Commercial banks, 17, 22, 31, 96 Federal Reserve Banks: Weekly reporting banks, 24, 29 Condition statement, 12 Commercial banks: U.S. Govt, securities held, 4, 12, 14, 42, 43 Assets and liabilities, 17, 18, 22, 23, 24, 96 Federal Reserve credit, 4, 6, 12, 14 Consumer loans held, by type, 55 Federal Reserve notes, 12, 13, 15 Deposits at, for payment of personal loans, 30 Federally sponsored credit agencies, 38, 39 Loans sold outright, 31 Finance companies: Number, by classes, 18 Loans, 24, 54, 55, 57 Real estate mortgages held, by type, 50 Paper, 31, 33 Commercial paper, 31, 33 Financial institutions, loans to, 22, 24 Condition statements (See Assets and liabilities) Float, 4 Construction, 62, 63 Flow of funds, 70 Consumer credit: Foreign: Instalment credit, 54, 55, 56, 57 Currency operations, 11, 12, 13, 75, 81 Noninstalment credit, by holder, 55 Deposits in U.S. banks, 5, 12, 13, 23, 27, 88 Consumer price indexes, 62, 66 Exchange rates, 91 Consumption expenditures, 68, 69 Trade, 73 Corporations: Foreigners: Profits, taxes, and dividends, 48 Claims on, 82, 83, 88, 89, 90 Security issues, 46, 47 Liabilities to, 28, 76, 77, 79, 80, 81, 88, 89, 90 Security yields and prices, 34, 35 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 Adjusted, commercial banks, 14, 17, 23 Government National Mortgage Assn., 52 Banks, by classes, 18, 23, 27 Gross national product, 68, 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 108 FEDERAL RESERVE BULLETIN • NOVEMBER 1973 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 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 Savings deposits (See Time deposits) Commercial banks, 17, 96 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 Labor force, 64 Silver coin, 15 Life insurance companies (See Insurance companies) Special Drawing Rights, 4, 12, 13, 72, 75 Loans (See also specific types of loans): State and local govts.: Banks, by classes, 18, 22, 24, 37 Deposits, 23, 27 Commercial banks, 17, 18, 22, 24, 29, 31, 32, 96 Holdings of U.S. Govt, securities, 42, 43 Federal Reserve Banks, 4, 6, 8, 12, 13, 14 New security issues, 45, 46 Insurance companies, 37, 50, 51 Ownership of securities of, 22, 26, 37 Insured or guaranteed by U.S., 49, 50, 51, 52, 53 Yields and prices of securities, 34, 35 Savings and loan assns., 38, 51 State member banks, 20, 30 Stock market credit, 36 Manufacturers: Stocks: Capacity utilization, 62 New issues, 46, 47 Production index, 59, 62 Yields and prices, 34, 35 Margin requirements, 10 Member banks: Tax receipts, Federal, 41 Assets and liabilities, by classes, 18, 22 Time deposits, 10, 17, 18, 23, 27 Borrowings at Federal Reserve Banks, 6, 12 Treasury cash, Treasury currency, 4, 5, 15 Number, by classes, 18 Treasury deposits, 5, 12, 13, 40 Reserve position, basic, 7 Treasury operating balance, 40 Reserve requirements, 9 Reserves and related items, 4, 6, 17 Unemployment, 64 Mining, production index, 59, 61 U.S. balance of payments, 72 Mobile home shipments, 63 U.S. Govt, balances: Money market rates (See Interest rates) Commercial bank holdings, 23, 27 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 Mutual savings banks, 27, 37, 42, 43, 50 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 Open market transactions, 11 Ownership, 42, 43 Yields and prices, 34, 35 United States notes, 15 Payrolls, manufacturing index, 62 Utilities, production index, 59, 61 Personal income, 69 Postal savings, 23 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) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis^, Chicago j OmaJui* Tjnctnnam Kansas City^ fCfl*rCot*{ Oklahoma Citif B^n^Atfanta Dallas Jiouston Miami •Drawn h/XW. (jalvm, Cart & (p THE FEDERAL RESERVE SYSTEM o) a HAWAII Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities • Federal Reserve Bank Facilities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1973, October 31). Federal Reserve Bulletin, 1973-11. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_197311
@misc{wtfs_bulletin_197311,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1973-11},
year = {1973},
month = {Oct},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_197311},
note = {Retrieved via When the Fed Speaks corpus}
}