Federal Reserve Bulletin, 1974-03

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 the two-tone reproduction of the photograph, the gray color is printed as a combined “line conversion” with a light-value halftone and the orange is overprinted with a darker-value halftone. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN NUMBER 3 □ VOLUME 60 □ MARCH 1974 CONTENTS 175 The Pattern of Growth in Consumer Credit 189 Staff Economic Studies: Summary 191 Treasury and Federal Reserve Foreign Exchange Operations 209 Statements to Congress 220 Membership of the Board of Governors of the Federal Reserve System, 1913-74 222 Law Department 231 Announcements 233 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 110 Board of Governors and Staff A 112 Open Market Committee and Staff; Federal Advisory Council A 113 Federal Reserve Banks and Branches A 114 Federal Reserve Board Publications A 117 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL J. Charles Partee Joseph R. Coyne Robert Solomon COMMITTEE 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

The Pattern of Growth in Consumer Credit The recent pattern of growth in consumer credit has been substan­ tially altered by the effects of the energy shortage coming, as it did, at a time of rapid inflation and declining real income. Growth in automobile credit— which had sparked the advance in instalment borrowing during 1972 and early 1973— came to a near halt toward the end of 1973. Almost all other major types of instalment and noninstalment credit also recorded smaller gains in outstandings in the fourth quarter than in the third. The rate of expansion in total consumer credit outstanding slowed in each successive quarter of 1973, but even so, the annual increase reached a record high for the third consecutive year. The initial surge of consumer borrowing in the 1971-73 period coincided with the stepped-up buying, primarily of automobiles, that had accompanied the implementation in mid-August 1971 of the wage-and-price-freeze authority granted to the administration by the Economic Stabilization Act. Prior to the freeze, and as had occurred in previous periods of rapidly rising prices, consumers had been allocating an unusually large share of their disposable income to saving. Purchasing in anticipation of future price in­ creases had been generally limited to the existing inventory of 1971-model automobiles. But when thg price increases previously announced for 1972 auto models were deferred by the freeze, consumers returned to the market in substantial numbers. The pace of consumer spending was also accelerated by further advances in employment and personal income, which had turned up in mid-1971 and then continued to increase after the 90-day freeze expired late in 1971. The saving rate moved down to a relatively low level by mid-1972 and remained there until the fourth quarter of 1973 when a substantial rise occurred. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BULLETIN □ MARCH 1974 CHART 1 CONSUMER CREDIT growth rate slows NET CHANGE IN OUTSTANDINGS INSTALMENT NONINSTALMENT Quarterly totals at seasonally adjusted annual rates. Most types of consumer instalment credit registered record in­ creases in 1973. Total indebtedness for new and used cars continued to account for the largest share of consumer credit outstanding. However, the greatest expansion among the major types of instal­ ment credit, both in dollar amount and on a percentage basis, was in the “other consumer goods” category. The accelerated growth in this component has reflected substantial gains in extensions of credit in three areas— mobile homes, bank credit cards, and recrea­ tional vehicles. INSTITUTIONAL The high level of consumer borrowing during the past few years CHANGES has been accompanied by important changes in the consumer credit industry— primarily an emphasis on consumer protection. Several Federal laws have been enacted that attempt to place consumer debtors on a more nearly equal footing with creditors, and three major commissions have made recommendations that are designed to promote greater competition in the industry. In addition, nu­ merous legislative initiatives have been taken by individual States. This wave of changes began in mid-1968 when Congress passed the Consumer Credit Protection Act. This law regulates consumer credit cost disclosure and garnishment procedures and prohibits extortionate credit transactions. It also authorized the creation of the National Commission on Consumer Finance (NCCF). Congress directed the Board of Governors of the Federal Reserve System to develop regulations to implement the Truth in Lending Section of the Act. The Board’s Regulation Z, which became effective on July 1, 1969, requires creditors to disclose certain credit terms— including the dollar amount of finance charges and the annual percentage rate of such finance charges. It also specifies the manner in which such disclosure must be made. The NCCF was established to study the structure, conduct, and performance of the consumer credit industry, with emphasis on the ability and efforts of the industry to provide consumer credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERN OF GROWTH IN CONSUMER CREDIT 177 at reasonable rates. The NCCF’s study, which was made public in January 1973, produced numerous recommendations in the area of consumer protection, many of which are similar to those made earlier by the President’s Commission on Financial Structure and Regulation (the Hunt Commission). Meanwhile, the Uniform Consumer Credit Code (UCCC) was published in 1968 by the National Conference of Commissioners on Uniform State Laws; minor changes were introduced in the code in 1969 to achieve conformity with Regulation Z. This code was proposed to replace the uneven structure of existing State laws under which most consumer loans are made. The UCCC sets interest rate ceilings for most types of consumer credit, and it encourages greater competition in order to achieve lower actual rates. Unlike most existing State laws, maximum permissible rates would be uniform for all types of lending institutions. So far seven States have adopted the UCCC, some in modified form. In the fall of 1970, Congress acted to prohibit the unsolicited distribution of credit cards and to place limits on a card owner’s liability for purchases made on lost or stolen cards. Previously, the unsolicited distribution of cards, most often by mail, had been a widespread marketing technique. Another piece of legislation, the Fair Credit Reporting Act, became effective in April 1971. In part, it is designed to protect consumers from the distribution of incorrect or outdated information by credit agencies. Already passed by the Senate, and now before the House of Representatives, another bill— the Fair Credit Billing Act— would afford protection to consumers against inaccurate and unfair credit billing and credit card practices. Among other items before Congress, the proposed Financial Institutions Act of 1973 would expand the powers of Federally chartered institutions to make consumer loans. For example, Fed­ eral savings and loan associations would be allowed to invest up to 10 per cent of their total assets in nonmortgage instalment loans; given the structure of these institutions, the potential expansion in consumer lending would amount to $15 billion. The Act would also liberalize the consumer credit lending powers of Federal credit unions. At the end of 1973, Federal credit unions, which account for approximately one-half of all credit union assets, held nearly $11 billion in outstanding consumer credit. CONSUMER CREDIT All major types of short- and intermediate-term instalment and noninstalment consumer credit have shown substantial increases over the past 2 years, despite a sharp deceleration in the rate of growth of automobile credit and of personal loans during the course of last year. From the end of 1971 to the end of 1973, total consumer credit outstanding rose more than $42 billion, or by 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 FEDERAL RESERVE BULLETIN □ MARCH 1974 per cent. The largest increase— both in dollar amount and on a percentage basis— during that 2-year period was in the area of consumer goods other than automobiles. But no instalment credit component rose by less than one-fourth. Gains in noninstalment credit outstanding were also substantial, ranging from about 18 per cent for charge-account balances to 25 per cent for single­ payment loans. Automobile credit. Even with its rate of expansion diminishing after the first quarter of 1973, automobile credit continues to be the largest single component of total consumer credit outstanding. Increases in automobile credit in both 1972 and 1973 were such that the relative share of automobile credit in the total— 34.7 per cent— was unchanged for the third successive year. Changes in automobile credit almost always move in tandem with automobile sales, and 1973 was no exception. Seasonally CHART 2 AUTOMOBILE CREDIT FOR NEW CARS declines from early 1973 high COMMERCIAL BANKS-DIRECT LOANS FINANCE COMPANIES-PURCHASED CONTRACTS EXTENSIONS OF CREDIT EXTENSIONS OF CREDIT CUSTOMER FINANCE RATE CUSTOMER FINANCE RATE CONTRACT MATURITIES CONTRACT MATURITIES OVER 30 MONTHS WEIGHTED AVERAGE CONTRACT AVERAGES CONTRACT AVERAGES AVERAGE CONTRACT 3500 FINANCE CHARGES AVERAGE AMOUNT FINANCED AVERAGE AMOUNT FINANCED Extensions of credit, seasonally adjusted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERN OF GROWTH IN CONSUMER CREDIT 179 adjusted extensions of auto credit reached a peak annual rate of almost $48 billion in the first quarter of last year when unit sales of both domestic and foreign cars were at record levels. Although sales of new cars were off somewhat for the rest of the model year and then declined more noticeably after introduction of the higher-priced 1974 models in mid-September, credit extensions remained quite high until very late in 1973. By year-end, however, extensions of automobile credit had dropped to an annual rate of less than $40 billion because of the worsening gasoline situation. The drop reflected not only declines in unit sales of new and used cars but also reductions in the average size of automobile instalment contracts as consumers shifted their buying to less expensive and more economical new cars and as used car prices, especially for larger models, declined. The boom in new-car sales from late 1971 until October 1973 was fostered in part by generally easy conditions in the auto credit market. Interest rates on new-car contracts purchased from dealers by the major automobile finance companies, and on direct loans made by commercial banks, declined moderately after mid-1971 until the spring of 1972. There was no sustained upward movement in these rates until last summer, even though rates for most types of nonconsumer loans had turned up much earlier. Nonrate terms, mainly downpayment requirements and contract maturities, also affect borrower demand for automobile credit. Federal Reserve data indicate that nonrate terms on auto loans were progressively liberalized during 1972 and the first half of 1973. The initial easing first took the form of less restrictive downpayment requirements and was followed by a gradual lengthening of maturi­ ties. More than one-fourth of the commercial banks now offer some LOAN TERMS INDEX borrowers contract maturities in excess of the typical 36 months. At finance companies, the proportion of new-car contracts having NEW CARS maturities of more than 36 months rose from less than 1 per cent in mid-1972 to nearly 4 per cent last fall. An index of nonrate terms on new-car loans at finance companies, which combines movements in both maturities and downpayment ratios, shows a marked easing between the fourth quarter of 1971 and the second quarter of 1973, after a year of comparative tightness This index is a weighted average of the proportion of new-car contracts in the index that followed the slowing in economic activity in 1970. at finance companies having maturi­ ties of 31-36 months and over 36 Although nonrate terms became somewhat more restrictive in the months; and the proportions having third quarter of last year, the year-end level of the index indicates loan-value to dealer-cost ratios of 101-105 per cent, 106-110 per cent, that nonrate terms to new-car buyers were still quite liberal relative and over 110 per cent. Higher values represent more liberal credit terms. to prevailing standards in recent years. Other consumer goods. Increases in credit for consumer goods and services other than automobiles have been centered since late 1971 in three major items— mobile homes, bank credit-card ac­ counts, and recreational vehicles. At the end of 1973 the amount of other consumer goods credit outstanding totaled nearly $48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 FEDERAL RESERVE BULLETIN □ MARCH 1974 billion, up $13 billion, or 40 per cent, in 2 years. The $67 billion in extensions of other consumer goods credit during 1973 accounted for more than 40 per cent of total new borrowing on instalment credit, whereas year-end outstandings were 32 per cent of instal­ ment indebtedness. Both of these ratios have moved up steadily in recent years. Mobile homes. Mobile homes were one of the fastest growing types of instalment credit measured by the consumer credit series over the past 2 years. Commercial banks and finance companies— the major lenders on this type of collateral— held a combined total of $11 billion in mobile home paper at the end of December 1973, an increase of more than 50 per cent from the corresponding month of 1971. CHART 3 MOBILE HOME credit outstanding climbs A large part of the growth in mobile home sales during the 1971-73 period can be attributed to the limited number of conven­ tional low-priced single-family dwellings constructed in recent years. Also, mobile home construction standards and parks have been upgraded to make mobile homes a more readily acceptable type of shelter. In addition, nonrate terms on mobile home lending have been liberalized. At finance companies, the average maturity on mobile home contracts purchased from retail dealers reached more than 118 months at the end of last year, a lengthening of 16 months since early 1972. Because the average contract, including finance charges, is about $12,250, monthly payments of principal and interest for these units, which are usually purchased with furnishings included, average less than $105. The inclusion of park rental charges, taxes, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERN OF GROWTH IN CONSUMER CREDIT 181 and individual utility costs adds to the direct monthly cost of such housing. In contrast to more liberal maturities, finance rates on mobile home loans moved higher at most major lending institutions during 1973. At finance companies, the increase in rates of about 70 basis points accounted for nearly one-half of the $6 increase in con­ sumers’ average monthly payments on newly purchased mobile homes, as compared with a year earlier. The over-the-year increase in rates at commercial banks has not been so large as the rise at finance companies. Bank credit cards. The increase in bank credit-card outstandings has also exceeded 50 per cent since the end of 1971. The rapid expansion in this type of debt indicates the growing importance of “open-end” credit in consumer financing activity, under which BANK-CARD CREDIT extensions as well as repayments of credit are subject more to borrower discretion than are conventional forms of borrowing. On a seasonally adjusted basis, quarterly extensions of bank-card credit have shown a steady increase since late 1971. Despite a slowing in December, the fourth-quarter rate of extensions last year was 65 per cent above the same period 2 years earlier. For the REPAYMENTS full year 1973, the volume amounted to $14 billion, up nearly 40 one-third from the preceding year and more than 60 per cent higher than in 1971. Consumers have been increasing their use of bank credit cards not only in lieu of cash when making retail purchases of goods and services, but also as a substitute for small short-term personal loans. A study of bank credit-card lending, which was summarized in the B ulletin for September 1973, shows that the average Percentage change from corre­ sponding quarter of preceding year. balance on active bank-card accounts at the end of 1972 was slightly more than $250. Retail purchases using bank credit cards averaged about $20 per transaction, while cash advances usually exceeded $100. Although finance rates on balances carried beyond the “in­ terest-free” period are relatively high— generally in a range of 15 to 18 per cent annual percentage rate, and averaging 17.25 per cent— fewer than 3 of every 10 accounts typically are paid within the interest-free period. Recreational vehicles, furniture, appliances. The residual com­ ponent of the other consumer goods category of instalment credit consists of a variety of financing including, but not limited to, recreational vehicles, boats, furniture, household appliances and electronics, sporting goods, and jewelry. Outstanding debt for this broad category of items at commercial banks and finance companies totaled more than $10 billion at the end of 1973, up about two-fifths from December 1971. Growth in this component until early 1973 had centered in consumer financing of recreational vehicles. However, the excep­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN □ MARCH 1974 tional expansion in sales of motor homes, travel trailers, and campers— already slowed by the gasoline shortage “scare” last spring— was sharply reversed by developments in energy supplies in the fall. As a result, many of the major recreational vehicle manufacturing firms in this country have recently stopped produc­ tion on either a temporary or a permanent basis because of inventory build-ups at both manufacturers and dealers. Most producers are currently converting a portion of their capacity to the production of small passenger buses and special-purpose commercial vehicles; such vehicles are likely to be financed as business credit rather than consumer credit. Gains in financing of furniture and appliances by financial insti­ tutions were slowed last year by the decreasing number of comple­ tions of new dwellings and the reduced turnover in resale housing. Terms and rates on instalment credit contracts for such financing have changed little. Amounts financed average about $400 and maturities run less than 2 years; interest rates, although relatively high, have been quite stable during 1972 and 1973. Retail outlets. The bulk of instalment credit for conventional types of other goods is held by retail outlets, especially the finance subsidiaries of the major department store chains. Retailer-held credit for furniture, appliances, apparel, and other general mer­ chandise has risen by more than one-fourth in the past 2 years and reached a total of nearly $18 billion at the end of December. While most of this credit now consists of revolving charge-account balances, the more traditional form of contract instalment credit is still a significant proportion of the total. Home improvement. Unlike most other types of instalment credit, borrowing for home improvements has been bolstered by the current energy shortage. Extensions of such credit have shown unusual strength since mid-1973— consumers have taken advantage of special terms being offered by many lending institutions for such improvements as conversion of heating units or installation of storm windows or insulation. In addition, the relatively high level of interest rates on new mortgages, as well as other factors, has prompted some homeowners, who might otherwise have acquired a new residence, to add to or alter their present dwellings. For 1973 as a whole, home improvement credit outstanding rose 19 per cent, with the fourth-quarter rate of increase more than 40 per cent above the fourth quarter of 1972. Personal loans. The rate of expansion in personal loan indebt­ edness during each of the last 2 years has lagged that for the other major types of consumer instalment credit. In part, the slower growth in personal loans may result from the fact that cash advances on bank credit cards are included in the other consumer goods category. Therefore, personal loans are understated to the extent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERN OF GROWTH IN CONSUMER CREDIT 183 that cash advances on credit cards have been substituted for con­ ventional contract personal instalment loans at banks and other lending institutions. Offsetting this trend, in part, has been the significant growth in check-credit balances at commercial banks; a portion of this volume— which is included in personal loans— is probably used for the purchase of consumer goods. A considerable body of data has been developed over the past few years on finance rates and contract terms on personal loans. As indicated in still another B ulletin article in September 1973, finance companies have tended to accept higher-risk applicants for such loans and, in most States, are permitted to charge interest rates above those allowed at other financial institutions. The annual percentage rate on personal loans made by finance companies averaged slightly more than 20 per cent in November 1973, and the average term was 34 months. At commercial banks the “most common” rate on personal loans with 12-month maturities was considerably lower. There appears to be a substantial difference in average size as well as in average rate and nonrate terms on personal loans offered by small finance companies as compared with large companies. A review of loan data for the past 2 years reveals that the average amount financed at a sample of small companies was about $375, while the national average for all companies surveyed exceeded $1,000; maturities on the smaller loans ran only 24 months. Reflecting both the higher-risk borrower and the higher costs of processing and handling small loans, rates charged by the small companies were nearly 10 percentage points above the finance company average. Monthly payments made by borrowers on loans from small companies, including finance charges but excluding penalties, approximate $21 per account, about one-half the industry average. Noninstalment credit. Noninstalment credit outstanding at the end of 1973 totaled $33 billion, or less than one-fifth of all consumer credit. The relative share of noninstalment credit has been declining steadily for a number of years, mainly because increasing use of bank credit cards and other revolving instalment accounts has limited growth in noninstalment charge-account bal­ ances. Single-payment loans, made almost exclusively by com­ mercial banks, account for 40 per cent of noninstalment credit outstanding; the remainder is almost equally divided between service credit and charge accounts. Since the end of 1971, nonin­ stalment credit has expanded by 22 per cent, with the rate of growth in 1972 exceeding that of last year. Single-payment loan balances have risen at a rate above the average for all types of noninstalment debt in each of the 2 years, whereas charge accounts have shown less-than-average growth. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN □ MARCH 1974 HOLDERS OF During 1973, financial institutions— commercial banks, finance INSTALMENT CREDIT companies, and “other financial lenders,” mainly credit unions— continued to dominate the consumer credit market. Retail outlets remained a relatively minor holder of instalment debt; they ac­ counted for $18 billion in outstandings at the end of 1973, compared with more than $129 billion for financial institutions. Commercial banks and other financial lenders, which for a number of years had steadily enlarged their share of holdings at financial institutions at the expense of finance companies, did not expand their market position further during 1973. At the end of the year, the commercial bank share of instalment credit receivables was unchanged from year-end 1972, at 54 per cent of the total; finance companies retained 29 per cent of outstandings; and other financial lenders were unchanged with 17 per cent. Commercial banks remained the major holder of automobile credit with more than 60 per cent of total institutional holdings, and they held an even larger proportion of other consumer goods paper. However, finance companies continued to dominate in the market for personal instalment loan receivables, with 40 per cent of the total. The leveling in the commercial bank share of the consumer instalment credit market last year reflected mainly the lack of growth in extensions of automobile credit after the first quarter and the significant decline in such borrowing late in the year. Even so, extensions of consumer instalment credit by commercial banks CHART 4 EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT By major types At financial institutions AUTOMOBILES COMMERCIAL BANKS OTHER CONSUMER GOODS REPAYMENTS SaSlli FINANCE COMPANIES PERSONAL LOANS OTHER FINANCIAL LENDERS Quarterly totals at seasonally adjusted annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERN OF GROWTH IN CONSUMER CREDIT 185 expanded to nearly $70 billion during 1973, an increase of 18 per cent from the preceding year, and constituted more than one-half of such credit extended by financial institutions. Growth in finance company extensions slowed to a 12 per cent gain last year, after a 17 per cent advance in 1972; the deceleration reflected the limited advance in over-all extensions of personal loans. REPAYMENT OF DEBT The pattern of consumer debt repayments in any period of time is determined largely by the volume of credit extensions in the preceding year or two. The large volume of instalment credit extensions during 1972 and 1973— $143 billion and $165 billion, respectively— indicates that a substantial amount of debt repayment can be expected this year, even if the pace of economic activity slackens further. Repayment of short- and intermediate-term debt is already absorbing a growing share of consumer disposable income. The ratio of instalment credit repayments to disposable personal income, which had been stable at about 15.5 per cent each year from 1967 through 1971, increased to 15.9 per cent in 1972 and rose further to 16.4 per cent last year. During the third quarter of 1973 the ratio reached a record 16.7 per cent, but there was a substantial decline in the fourth quarter. The extent to which the increase reflected expanded borrowing, or more debt per existing borrower, is not clear. CHART 5 RATIOS of instalment credit decline in late 1973 after extended advance Seasonally adjusted at annual rates. DPI is disposable personal income. Instalment loan delinquencies. The rising share of consumer credit repayments relative to income in a period of rapid inflation may have contributed to the uptrend in delinquency rates on instalment loans. Despite the impressive gains in economic activity in real terms during the past 2 years, delinquency rates at major financial institutions have climbed quite steadily. On a seasonally adjusted basis the over-all rate for instalment loans delinquent 30 to 89 days at commercial banks rose from 1.5 per cent at year-end 1971 to 2 per cent in December 1973, a level not seen since early Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN □ MARCH 1974 CHART 6 DELINQUENCY RATE at commercial banks up sharply at year-end 200 Seasonally adjusted at annual rates by Federal Reserve. Delinquency rate for consumer instalment credit: American Bankers Association (bimonthly). Personal bankruptcies: Bank­ ruptcy Division, U.S. Courts. 1949. Virtually all types of bank instalment loans registered an increase in delinquencies. Automobile loan delinquency rates at finance companies have also shown an uptrend since mid-1972. Present delinquencies on automobile contracts held by finance companies are running at rates that have been exceeded in recent years only during the 1970 slowdown in economic activity. Personal bankruptcies. Another indicator of consumer financial distress— the number of personal bankruptcy petitions filed— turned up in 1973. By historical standards, however, personal bankruptcies are still at a relatively low level. In 1972 bankruptcies fell to a 9-year low of about 159,000 filings, probably reflecting to some extent the effects of limitations on garnishment mentioned earlier. For 1973 as a whole bankruptcies were only moderately above that number although there was an upward movement after the first quarter of the year. SELECTED TYPES OF Whereas trends in consumer credit flows provide some indication CONSUMER FINANCE of the changing pattern of consumer borrowing, they are by no means an inclusive measure of the ways by which consumers finance purchases of goods and services. Home mortgages— primarily first mortgage loans— make up the largest single item of total household debt. At the end of 1973, such mortgage obligations amounted to nearly $400 billion, more than double the total of §hort- and intermediate-term consumer credit outstanding. Refinancing of existing first mortgages has traditionally provided an alternative to instalment borrowing for major outlays by con­ sumers. However, the substantial rise in mortgage interest rates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERN OF GROWTH IN CONSUMER CREDIT 187 since the mid-1960’s has made such long-term refinancing relatively less attractive, especially to those with existing lower-rate mort­ gages. Second mortgages. The increasing availability of second-mort­ gage loans to homeowners has made them a potentially expanding source of consumer financing. Rising real estate values have wid­ ened the average difference between the market value and the existing mortgage indebtedness of many privately owned dwellings. As of early 1971 the difference amounted to more than $12,000 per 1-unit homeowner mortgaged property. Consumers have been made increasingly aware of the borrowing value of this equity through extensive advertising by some second-mortgage lenders. Of the 19.1 million 1-unit homeowner properties with mortgages outstanding at thp time of the 1970 Census of Housing, slightly fewer than 1 million had more than one mortgage on the property. Junior mortgage debt—nearly all second mortgages—accounted for less than 2 per cent of the outstanding mortgage debt on such units at that time. The average second mortgage had an outstanding balance of approximately $3,250, about one-fourth the size of the average first mortgage. For many consumers, the advantage of being able to borrow such a large sum on a second mortgage, which can often be repaid on an instalment basis over a mediumto-long time period, apparently outweighs the disadvantage of an additional trust on their property. It is not evident whether any advantage, in terms of effective interest rates, accrues to second-mortgage borrowers relative to other forms of shorter-term indebtedness. Regulation Z specifies that the lender must disclose the finance charge in dollars and the annual percentage rate of finance charge on second-mortgage loans. However, because this type of loan, like first-mortgage borrowing, is a “real property transaction,” the lender may exclude all rea­ sonable typical closing costs from the disclosed total of finance charges and the computation of the annual percentage rate. There­ fore, while advertised rates on second-mortgage loans appear to be competitive with some other types of personal borrowing, the inclusion of any closing costs would increase the actual amount paid by the consumer. Insurance policy loans. Although loans against the cash value of life insurance policies serve as a supplementary source of funds for consumers, they do not add directly to the total burden of consumer debt—the policyholder is, in effect, borrowing accumu­ lated savings. At the end of 1973 outstanding policy loans at life insurance companies totaled more than $20 billion, an increase of $2 billion from the preceding year and the largest annual rise since 1970. However, most policy loans apparently are used for business or other nonconsumer purposes rather than for financing the acquisition of consumer goods or services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN □ MARCH 1974 There are certain unique advantages to consumers who withdraw funds accumulated on their life insurance policies. Unlike a con­ ventional contract instalment loan, there is no fixed schedule of repayment on policy loans, and in many instances such loans are never fully repaid during the lifetime of the insured. In addition, interest rates on policy loans are usually quite low relative to other types of consumer financing. However, the interest on accumulated “dividends” may no longer accrue since those assets are frequently withdrawn with the cash value. Consumer leasing. Lease contracts are an alternative to instal­ ment purchase agreements by means of which households can finance the consumption of the services of durable items. During recent years they have been growing most rapidly for automobiles. Growth in automobile leasing seems to be centered at new-car dealers—which often sell the contracts to a manufacturer’s leasing or finance subsidiary company—and at commercial banks, espe­ cially in the West. While the total number of leased cars is over 2 million, and cars leased to individuals number more than 1 million, a large proportion of individual leases may be held by professional persons. In the latter instance, it is difficult to deter­ mine if such leases represent consumer or business use of the automobile. A survey of households in November 1972 indicated that 1.5 per cent of all families were leasing automobiles. Two types of contracts are widely used for automobile leasing. The closed-end lease has fixed limits for both maturity and price; at the end of the lease term the consumer returns the car and is under no further obligation. On open-end leases monthly payments are generally lower than for closed leases, mainly because the consumer has a contingent liability at the expiration of the lease. If the resale value of the automobile falls below that allowed in the depreciation charged during the term of the lease, he may be required either to pay the difference or to extend the lease. Items such as insurance, licensing, maintenance, and repairs may be included in either type of lease. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Governors In all cases the analyses and conclusions set of the Federal Reserve System and of the Fed­ forth are those of the authors and do not neces­ eral Reserve Banks undertake studies that cover sarily indicate concurrence by the Board of a wide range of economic and financial sub­ Governors, by the Federal Reserve Banks, or jects, and other staff members prepare papers by the members of their staffs. related to such subjects. In some instances the Single copies of the full text of each of the Federal Reserve System finances similar studies studies or papers summarized in the B u lletin by members of the academic profession. are available in mimeographed form. The list From time to time the results of studies that of Federal Reserve Board publications at the are of general interest to the economics profes­ back of each B u lletin includes a separate sion and to others are summarized—or they may section entitled “Staff Economic Studies ” that be printed in full—in this section of the Federal enumerates the studies for which copies are Reserve B u lletin . currently available in that form. Study Summary OPERATING POLICIES OF BANK HOLDING COMPANIES— PART II: NONBANKING SUBSIDIARIES Robert J. Lawrence—Staff, Board of Governors Prepared as a staff paper in early 1974 The bank holding movement in the United This study explores the operating policies of States has been given new impetus by the pas­ bank holding companies toward their nonbank­ sage of the 1970 amendments to the Bank ing subsidiaries and investigates the relationship Holding Company Act. These amendments between their nonbanking subsidiaries and their placed one-bank and multibank holding compa­ affiliated banks. Personal interviews with senior nies under the same regulatory standards, and officials of 27 bank holding companies located both are now permitted to engage in those throughout the United States provided the in­ nonbanking activities that the Board of Gover­ formation for the report. nors of the Federal Reserve System finds are The results of the study indicate that holding closely related to banking. The degree to which companies exercise close control over the expansion by bank holding companies into non­ operations of their nonbanking subsidiaries. The bank activities will produce benefits to the pub­ majority of the boards of directors of the sub­ lic—such as greater efficiency, competition, and sidiaries are officials either of the holding com­ convenience—and the way in which these ac­ pany or of its principal subsidiary bank. The tivities relate to the strength of the commercial lead banks of the holding companies have con­ banking system both depend in part on how siderable influence over the operations of the holding companies and their nonbank subsidi­ nonbanking subsidiaries. In most of the holding aries are managed and operated. companies, the chief executive officer of the 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN □ MARCH 1974 holding company is also the chief executive The study pinpoints certain areas of potential officer of the principal subsidiary bank; and, as change in the relationships between holding noted, bank officials are likely to be on the companies and their nonbanking subsidiaries. boards of directors of the nonbanking subsidi­ For most holding companies the trend is toward aries. In addition, the principal subsidiary bank separate official staffs for the holding company of the holding company generally provides im­ and the principal subsidiary bank and toward portant staff services—such as accounting, au­ moving a number of the staff services functions diting, and personnel services—to the nonbank­ from the bank to the holding company. Because ing subsidiaries. of this development, the banks’ role in the Certain operating procedures seem well es­ operations of the nonbanking subsidiaries will tablished in the industry. All of the companies probably decline over time. The study also finds operate their subsidiaries as profit centers, and that considerable differences of opinion exist there is close supervision of the profit perform­ among the holding companies on how best to ance of the subsidiaries as part of the budgetary structure the lines of authority and communi­ process. Also, decisions regarding the appro­ cation between the holding companies and the priate liability and capital structures of subsidi­ nonbanking subsidiaries. Another area of dis­ aries are made by the holding companies, and agreement involves the questions of what con­ the process of raising funds for the subsidiaries stitutes the appropriate liability and capital is almost completely controlled by the parent structures for the subsidiaries and of what is the companies. In most cases, the holding compa­ best method of determining the proper liability nies raise virtually all of the funds for their and capital structure for each holding company nonbanking subsidiaries. system. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations This twenty-fourth joint interim report reflects This report was prepared by Charles A. the Treasury-Federal Reserve policy of making Coombs, Special Manager, System Open Mar­ available additional information on foreign ex­ ket Account, and Senior Vice President in change operations from time to time. The Fed­ charge of the Foreign Department of the Federal eral Reserve Bank of New York acts as agent Reserve Bank of New York. It covers the period for both the Treasury and the Federal Open August 1973 through January 1974. Previous Market Committee of the Federal Reserve Sys­ reports have been published in the March and tem in the conduct of foreign exchange opera­ September B ulletins of each year beginning tions. with September 1962. Over the 6-month period, August 1973 through System operations, as detailed in the interim January 1974, covered by this report, the dollar report appearing in the December issue of the recovered strongly from the speculative attack B u lletin , totaled $243.3 million, of which that, during the first week of July, had driven $238.9 million was drawn under the swap lines down the dollar against the major European and repaid by the end of October 1973. currencies to as much as 20 per cent below From November through late January, the official central rates. This sharp depreciation of dollar’s recovery gained increasing momentum dollar rates was unwarranted by the improving as evidence accumulated that the U.S. balance U.S. external position and threatened to mag­ of payments was moving decisively into sur­ nify the impact of worldwide inflation on price plus. As U.S. exports soared, the trade account levels here in this country. The speculative wave showed a dramatic turnaround, registering a abruptly broke on July 9 as reports circulated sequence of monthly surpluses. Heavy foreign of an imminent resumption of exchange opera­ purchases of U.S. securities, foreign direct in­ tions by the Federal Reserve, backed up by a vestments in the United States, and repatriations major enlargement of the System’s reciprocal by U.S. companies of buoyant overseas earn­ lines of credit with foreign central banks. Sub­ ings reinforced the demand for dollars. Set sequent Federal Reserve intervention in support against the weakening payments positions of of the dollar during the rest of July totaled several major foreign countries, the general im­ $273.4 million, entirely financed by drawings provement in the U.S. position gave a strong on the swap lines with foreign central banks. boost to confidence in the dollar. These swap credits taken down by the Federal As the oil crisis suddenly erupted, cutbacks Reserve during July were completely repaid by in oil supplies and the successive steep price mid-August as dollar rates moved up. From late increases by the producing nations clearly August through October, the exchange markets threatened to have far-reaching effects on in­ gradually settled down to more orderly trading dustrial output and employment, price inflation, conditions, with much narrower fluctuations in and the balance of payments for the major rates from day to day as well as during trading industrialized countries. On each of these sessions. In this improved atmosphere, the counts, the market took the view that the United market also showed greater resilience in ab­ States, far less dependent on imported oil than sorbing the shocks of adverse political and eco­ Europe and Japan, could better cope with the nomic news here and abroad. During this damaging consequences of supply restrictions period, the Federal Reserve stood ready to in­ and more readily absorb the payments burden tervene on numerous occasions, but operations of costlier oil. At the same time, it was widely were required only in five instances. These anticipated that a major share of the oil produc­ 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN □ MARCH 1974 ers’ higher revenues would be attracted to dollar end-of-January total of $1.3 billion. In addition, investments. in October 1973 the Treasury had repaid at This favorable market assessment of U.S. maturity the last of its German-mark-denomin­ prospects triggered a strong friovement of short­ ated securities with marks purchased from the term funds out of the major European currencies German Federal Bank. As a result, by the end and the Japanese yen into dollars. Rising dollar of January, the remaining Treasury mediumrates were accelerated by a large-scale unwind­ term foreign currency debt, all denominated in ing of long-standing speculative positions in Swiss francs, totaled $1,587.9 million equiva­ foreign currencies, and various foreign central lent (see Table 4, p. 208). banks sold dollars from their reserves to moder­ Finally, effective February 1 the swap line ate the declines of their currencies. Never­ between the Bank of Italy and the Federal Re­ theless, by mid-January, the German mark and serve was increased from $2 billion to $3 bil­ Swiss franc had fallen by roughly 23 per cent lion. In this connection, Chairman Burns noted against the dollar from their peak levels of early that increases in other lines might be considered July 1973, while other major European curren­ as needed. cies had also declined sharply. In late January, CHART 1 after widespread dismantling of capital restric­ SELECTED EXCHANGE RATES tions here and abroad, dollar rates topped off and a declining trend developed in February. With the dollar rising steadily on its own from November through January, there was naturally no need for even temporary support operations by the System. As foreign currencies came on offer, however, both the Federal Reserve and the U.S. Treasury were able to make further progress in repaying foreign debt left outstand­ ing at the time of closure of the gold window in August 1971. Beginning in August 1973, the Federal Reserve resumed modest daily pur­ chases of Belgian francs in the market to repay swap drawings on the National Bank of Belgium incurred prior to August 15, 1971. By the end of January 1974, $128.2 million of those draw­ ings had been repaid, leaving $261.8 million equivalent remaining (Table 2, p. 207). In Jan­ uary 1974, the System also repaid through mar­ noon offered rates from New York noon offered rates on ket purchases $193.8 million of Swiss franc debt January 2, 1973. incurred prior to August 15, 1971, thereby re­ ducing the System’s total Swiss franc debt to GERMAN MARK $971.2 million. As of January 31, therefore, System swap debt had been cut down to $1,- In the massive speculation against the dollar that 232.9 million, compared with the peak of $3,- erupted last spring and carried into early sum­ 045 million outstanding on August 15, 1971. mer, the German mark spearheaded the rise of The Treasury also took advantage of the European Community (EC) currencies. By early strengthening of the dollar to make net pur­ July 1973, the mark rate had been pushed to chases during December 1973 and January 1974 as high as $0.4525, some 31 per cent above of $186.5 million of German marks, French its February central rate. The Federal Reserve francs, Belgian francs, and Japanese yen, of had then resumed intervention in the exchanges, which $132.9 million equivalent was subse­ beginning on July 10. Such intervention initially quently used to pay down U.S. Treasury debt encountered considerable market resistance, as to the International Monetary Fund (IMF) to an a severe liquidity squeeze in Frankfurt touched Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 193 off renewed heavy bidding for marks. By the In all of these instances, however, the dollar end of July, the Federal Reserve had sold a total recovered quickly, and the Federal Reserve was of $220.5 million equivalent of marks financed able to liquidate its swap drawings within a by drawings under the swap arrangement with matter of days with marks purchased in the the German Federal Bank. The Bank also had market. Apart from these occasions, exchange intervened in Frankfurt. market conditions tended to improve and day- Late in the month the German Federal Bank to-day fluctuations in the mark rate narrowed succeeded in relieving the immediate domestic significantly as the dollar consolidated its earlier liquidity squeeze and, with interest rates rising gains. in the United States at the same time that its The relative calm in the exchanges was sud­ trade outlook was improving, the dollar denly shaken by the unexpected revaluation of began to stage a generalized recovery in the the Netherlands guilder on September 15, which exchanges. Consequently, in early August, the immediately raised expectations of further cen­ mark came heavily on offer. As the mark rate tral rate changes in the EC currency arrange­ declined, the Federal Reserve took the opportu­ ment. Renewed speculative demand for marks nity to acquire marks in the market. Some $4.2 appeared, pushing up the mark rate and pulling million equivalent of these balances was sold the other currencies in the EC band up in its in the market on August 7, when there was a wake. The Federal Reserve stepped in, in coor­ brief run-up of the mark rate, but the decline dination with the German Federal Bank, to in the rate quickly resumed. By mid-August, moderate the rise in the mark. Between Sep­ the Federal Reserve had repaid through market tember 17 and 26 the Federal Reserve sold purchases the $220.5 million equivalent of swap $156.7 million equivalent of German marks drawings on the Federal Bank. Meanwhile, the drawn under the swap line, while the Federal Federal Bank had sold some of the dollars it Bank intervened in Frankfurt by buying nearly had purchased during the coordinated interven­ $40 million. This forceful intervention, plus tion of July. complementary action in other EC countries, Over subsequent weeks, even as favorable effectively stemmed the speculative outburst. trade and balance of payments figures were By late September, the mark rate had steadied released for the United States, new uncertainties once again and, with underlying trade and in­ about price trends and political developments vestment flows tending to strengthen the dollar, in this country surfaced from time to time. With the Federal Reserve was subsequently able to the dollar still vulnerable, the Federal Reserve purchase sufficient marks to repay $86.1 million reentered the market to resist excessive move­ equivalent of the outstanding swap debt to the ments of market rates. Thus, on August 20 and German Federal Bank. In mid-October, the im­ 21, when there was a resurgence of demand for provement in the dollar was again temporarily marks ahead of the release of German trade interrupted by a sharp fall in U.S. interest rates, figures, the Federal Reserve offered marks on the outbreak of war in the Mideast, and the those 2 days and again briefly later in the month. resignation of Vice President Agnew. When In the two episodes the System sold a total of news of the resignation hit the markets, demand $54.5 million equivalent of marks drawn under for marks suddenly intensified. To guard against the swap line with the German Federal Bank, disorderly trading conditions, the Federal Re­ while the German central bank made modest serve made unusually large offers of marks in purchases of dollars in Frankfurt. the New York market, of which $21 million Then, in early September, just ahead of the equivalent was sold. official announcement of U.S. wholesale prices Late in October, the market atmosphere was for August, the dollar again came under some dramatically transformed when U.S. trade fig­ pressure against the mark, and the Federal Re­ ures, showing an unexpectedly large $873 mil­ serve sold $8.2 million equivalent of marks, of lion surplus for September, confirmed to the which $3.9 million was drawn under the swap market that the long-awaited turnaround in the line and the remainder came from balances on U.S. trade position was clearly under way. The hand. mark, in particular, came under heavy selling Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN □ MARCH 1974 pressure, and the Federal Reserve purchased point, suddenly came on offer along with other sufficient marks to repay the remaining $91.5 currencies remaining in the snake as dealers million equivalent of swap debt then owed to awaited the outcome of negotiations over the the German Federal Bank. By early November, future of the EC monetary arrangement. when the unfolding oil crisis was becoming the As this pressure persisted, even after an­ focus of attention in the exchange markets, the nouncement by EC officials that the band ar­ cutback of Arab oil deliveries was seen as rangement would be continued on a more lim­ threatening severe dislocations for the German ited scale, the Federal Reserve again purchased economy. The mark’s decline was accelerated marks in the New York market for U.S. Treas­ by the unwinding of earlier favorable leads and ury account in an effort to avoid an even further lags and the cutting-out of entrenched long decline in the spot rate. These purchases raised positions in marks. In occasionally very heavy the Treasury’s net acquisitions of marks to dealing, the mark plunged by 7 per cent agaimt $112.5 million, and $105.2 million of the the dollar in November and a further 1% per Treasury’s accumulated balances was used in cent by mid-December. The mark dropped also a repayment to the IMF on January 28. to the lower range of the EC “snake” and Once the initial shock effects of the floating required support during nearly all of November. of the French franc had passed, the market While the cutbacks of oil to Europe were began to reappraise the outlook for the dollar. eased over the December 22 weekend, the si­ By that time, there were reports that the oil multaneous doubling of oil prices in the Persian embargo would be lifted or that oil prices would Gulf, followed by even higher prices on the part be rolled back, leading some dealers to believe of Libya, sent new shock waves through the that the previous rush into dollars had perhaps market. The general view was that these prices been overdone. Moreover, interest rates in the would jeopardize the balance of payments posi­ United States had begun to decline relative to tions of all industrialized countries but that the rates abroad. United States would be in a better position than European countries to withstand the added cost. CHART 2A The mark, therefore, came heavily on offer MOVEMENTS IN EXCHANGE RATES along with other European currencies in late December, and the German Federal Bank inter­ vened in the exchanges, fairly substantially on some days. Beginning in late December, this Bank also began to purchase marks in New York. An initial $23.7 million purchased for Treasury account and $24.3 million purchased for System account in early January were largely resold to the German Federal Bank against dol­ lars. Further purchases were then made to build up mark balances of the U.S. Treasury. The downward momentum of the spot mark nevertheless continued, and by mid-January the rate had declined to $0.3462, a further 8 per cent from mid-December levels and its lowest level in nearly a year. It then stood just Vi per cent above its February 1973 central rate and fully 23^ per cent below its peak of July 1973. * Upper and lower intervention limits established in Dec. 1971. The decision of the French authorities on **Upper and lower intervention limits around new central January 19 to float the French franc inde­ rate established on Feb. 13, 1973, following proposed devalu­ ation of U.S. dollar. Limits suspended on Mar. 1, 1973. pendently from the other currencies within the Note.—Movements in exchange rates are measured as per­ EC snake caught dealers by surprise. The Ger­ centage deviation of weekly averages of New York noon offered rates from the middle or central rates established under man mark, which had recovered from its lowest the Smithsonian Agreement of Dec. 18, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 195 Then, on January 29, the U.S. Government CHART 2B announced the termination of its controls on MOVEMENTS IN EXCHANGE RATES capital outflows. The dollar quickly came on offer and, since Germany’s strong trade balance UNITED KINGDOM CENTRAL and very substantial international reserves were RATE / A seen as helping that country meet the added payments burden of the higher oil prices, the j \ y % 4 German mark in particular began to rise sharply. Subsequently, the German authorities also re­ V laxed many of their controls against inflows, oQ lifting restrictions against nonresident purchases of long-term German securities and direct in­ V vestments, allowing residents to borrow abroad 1 ft a#19 without prior official approval, and reducing the “bardepot” deposit requirement from 50 per V# 16 cent to 20 per cent. These developments stimu­ lated further bidding for marks, and by the end For Note see Chart 2A, p. 194. of January the spot rate had advanced by 4 Va per cent from the lows reached earlier in the interest rates, sterling declined less rapidly than month. other currencies in August, falling back from $2.50 to around $2.46 as the dollar generally strengthened. STERLING Early in September, however, the pound suf­ Despite an abrupt slackening in the rate of fered a sudden sell-off on growing concern over growth last summer, the British economy re­ the prospects for the British economy and on mained gripped by severe inflation. The Gov­ rumors that the United Kingdom would allow ernment responded by providing stimulus the sterling-balance guarantees with former through fiscal policy, while seeking to decel­ sterling-area countries to lapse when they ex­ erate the wage-price spiral by moving to a pired on September 24. Speculation quickly fed longer-term “Stage III” control mechanism. on itself and in just 3 days the pound plunged Meanwhile, however, the willingness of the more than 7 cents, to a low of $2.38 in London trade unions to accept continuing restraint on on September 6. At that point the Bank of wages was being undermined by the persistent England stepped in with strong support, and the run-up of prices. Inflationary pressures were Government announced its decision to extend exacerbated by external factors. The worldwide the sterling guarantees for another 6 months at rise in commodity prices and the substantial $2.4213, prompting a rebound in sterling to depreciation of sterling since June 1972—to around that level. which the trade accounts had not yet In subsequent weeks, trading remained ner­ responded—had seriously inflated Britain’s im­ vous as the market awaited signs of progress port bill and ratcheted domestic prices even in the final negotiations among Government, higher. To help curb these pressures and to labor, and employers over the ultimate shape bolster sterling, the Bank of England had tight­ of the Stage III controls. Spot sterling, there­ ened monetary policy considerably. By early fore, did not participate in the rise of continental August, interest rates had moved up to historic currencies following the revaluation of the highs and the Bank’s minimum lending rate had Netherlands guilder. Instead, the rate held fairly advanced to 11 Vi per cent. Partly as a means steady through early October and showed little of reinforcing Britain’s reserves, the authorities response to the British Government’s an­ had also encouraged public-sector borrowings nouncement of Stage III guidelines, as the mar­ in the Euro-currency markets, and more than ket deferred judgment on the effectiveness of $1 billion of these borrowings had been an­ the new controls until the trade unions’ response nounced. Protected by London’s relatively high could be weighed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN □ MARCH 1974 The October 6 war in the Mideast then be­ backs and to improve the balance of payments. came the dominant factor in the exchanges. At the same time, the Bank of England took Funds were initially shifted out of dollars into further steps to curb excessive credit expansion, sterling, attracted by the relatively high interest introducing new reserve requirements to sup­ rates available in London. As a result, sterling plement existing credit control arrangements. rose as high as $2.46 at one point in mid-Oc- Dealers saw these measures as marking an end tober, even as the Bank of England purchased to the Government’s long-standing commitment dollars to moderate the rise. Later that month, to rapid growth, while at the same time limiting however, announcement of the huge U.S. trade Britain’s capacity to export. Even so, the at­ surplus for September and of cutbacks in Arab traction of continuing high interest rates in oil production exerted a drag on sterling. But London kept the pound near $2.31 through the as the immediate impact of differential supply end of the year. cutbacks was viewed as less damaging to the With sterling already in a vulnerable position, United Kingdom than to many of the indus­ the doubling of oil prices in late December, trialized countries, sterling fell off less sharply potentially raising Britain’s import bill by sev­ than other currencies. eral billion dollars, triggered a sharp fall for the Nevertheless, the longer-run implications for pound against the dollar. At first, the movement sterling of the unexpectedly steep rise in oil was roughly in line with the decline of other prices in October were worrisome, as they por­ major European currencies. But, as talk spread tended an escalation of the inflationary pressures of an early general election to resolve the con­ and a worsening of the trade balance—already tinuing confrontation between labor militants at a record deficit of 364 million pounds in and the Government, sterling came even more October. Moreover, a confrontation between heavily on offer. In extremely tense and nervous labor and Government was shaping up as the trading, especially in the aftermath of the French coal miners, in particular, dramatized their ob­ decision to float the franc, the spot rate plunged jections to the new wage guidelines in mid- by January 21 to a record low of $2.15% in November by banning overtime and weekend London. This represented a drop of some 7 per work. With this action threatening cutbacks in cent below the end-of-December level and 17% electricity production and posing serious impli­ per cent below the Smithsonian central rate. cations for the economy as a whole, market Thereafter, sterling began to rally, as tax sentiment toward sterling turned bearish. payments and the massive overhang of short The Bank of England then moved to keep positions combined to produce an unprece­ the money market firm by hiking its minimum dented liquidity squeeze in the London money lending rate to 13 per cent and by calling for market. This upturn was reinforced when the additional special deposits. The tighter money announcement of the termination of U.S. capital market conditions held sterling in line with other controls raised expectations of sizable inflows European currencies, but against the dollar it into high-yielding sterling investments. By the dropped sharply after midmonth, with renewed end of January, the spot rate had been bid back speculative overtones, to as low as $2.30^ by up to $2.27, for a rise of 5Vi per cent from December 11. The Bank of England provided the January 21 low. increasing support for the pound in the exchange market, while allowing a money market squeeze FRENCH FRANC to increase the interest cost of maintaining short positions in sterling. In the various exchange market upheavals over As the conflict of the miners’ union and the the first 7 months of 1973, the French franc had Government hardened and coal supplies dwin­ been bolstered by the solid surplus in France’s dled, the Government announced on December trade account as well as by occasional specula­ 13 a Draconian electricity-saving plan, includ­ tive inflows. The franc rate had been pushed ing a 3-day workweek. This was followed by as high as $0.2626 in early July, some 21 per a new restrictive budget, designed to reduce cent above its February central rate. In the aggregate demand in line with production cut­ subsequent resumption of exchange-market in­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 197 tervention by the United States during July, the announced a far-reaching dismantling of those Federal Reserve had sold some $47 million banking regulations adopted in March 1973 to equivalent of francs in the market, financed by deter capital inflows. The commercial banks drawings under the swap line with the Bank of quickly began to offer positive yields to nonres­ France. As the dollar improved across the board idents once again. These measures provided a in early August, the Federal Reserve readily firmer tone to the market through late October, acquired in the market sufficient francs to repay although there was occasional moderate inter­ those swap drawings. vention to support the franc at the lower limit As elsewhere, inflationary pressures had of the EC band. Then, as the dollar came into mounted in France, and to protect the franc’s widespread demand after announcement of the position the authorities had gradually stiffened huge U.S. trade surplus in September, other monetary policy. Thus, to keep pace with the European currencies were depressed even more escalation of interest rates in other major than the franc, with the result that no further centers, in early August the Bank of France intervention was required. raised its discount rate by 1 percentage point In early November the market’s focus sud­ to 9Vi per cent. Even so, money market rates denly shifted to the potentially serious effects in Paris failed to match the even higher levels on European countries of cutbacks of crude oil reached in other financial centers, and a subse­ supplies from the Mideast. This led to a gener­ quent liberalization of exchange controls led to alized demand for dollars, but at the same time some outflows of funds. The franc thus re­ the market took the view that France would mained near the bottom of the EC band and suffer relatively less than other European coun­ required occasional central bank support during tries from the differential cutbacks of oil deliv­ August and early September. eries. Additional anti-inflationary measures by The market generally considered the French the French authorities, including selective price trade surplus modest, compared with the mas­ controls and some tightening of both monetary sive trade surpluses of some of France’s trading and fiscal policies, also buoyed the franc. Thus, partners in the EC snake, and the unexpected while dropping progressively lower against the revaluation of the Dutch guilder led to an out­ dollar throughout November and early De­ break of speculation over further adjustments, cember, the franc declined less steeply than the including a possible devaluation of the franc. other EC currencies. Indeed, by December, the Offerings of French francs against German franc was at the top of the EC band and there marks and Belgian francs—the currencies at the were moderate official sales of francs at the top of the EC band—soon swelled to massive upper limit. proportions, and the Bank of France and other By mid-December, however, the market was EC central banks intervened heavily in support shifting to the view that the oil crisis might also of the franc. In addition, the French authorities have a disruptive effect on the French economy. hiked the discount rate to 11 per cent, the Then, the subsequent hike of Mideast oil prices highest in 100 years, raised bank reserve re­ came as a severe blow and, by adding substan­ quirements, and tightened credit ceilings, while tially to the prospective import bill, threatened also asking the banks to refrain temporarily from to turn France’s trade position into sizable defi­ lending French francs to nonresidents. cit. The franc declined precipitously against the By September 24 these actions had blunted dollar in occasional heavy selling and once expectations of an imminent devaluation. At the again dropped to the bottom of the EC band. same time, the heavy intervention of the pre­ The Bank of France intervened at first in other vious week had created an unprecedented EC currencies and then also in dollars to keep squeeze for franc balances, raising the cost of the franc within the limits of that band. In financing speculative short positions in francs, conjunction with these operations, the Federal and some dealers moved to cover their posi­ Reserve began in early January to purchase tions. As a result, the franc edged off the bottom francs in New York for the U.S. Treasury, of the snake. The authorities soon lifted the accumulating a total of $33.1 million equiva­ restraint on lending to nonresidents but also lent. The pressures on the franc nevertheless Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 FEDERAL RESERVE BULLETIN □ MARCH 1974 remained intermittently heavy through mid­ came as a shock to the market. Consequently, month, and by January 18 the spot rate had when trading resumed on Monday, January 21, fallen over 8 per cent from its mid-December the franc came under selling pressure, and the level against the dollar. Bank of France stepped in to support the rate through dollar sales. The pressure nevertheless CHART 2C was such that the franc dropped by about 6 per MOVEMENTS IN EXCHANGE RATES cent to $0.1894 in Paris. Over subsequent days, trading remained exceptionally nervous, and the Bank of France continued to intervene to mod­ erate rate movements, not only in Paris but also in New York through the agency of the Federal Reserve Bank of New York. Late in January the franc was bolstered by reports of an imminent $1.5 billion Euro-dollar borrowing by the French Government, along with other borrowings being arranged abroad by official French institutions, since these borrow­ ings were seen as reinforcing reserves for future support of the exchange rate. The franc then joined in the general advance of European ex­ change rates against the dollar following the termination of U.S. capital controls, and the Bank of France bought modest amounts of dol­ lars, again partly through the New York Reserve Bank, to moderate the rise. By the end of January the spot franc had advanced 4xh per cent from its low of the previous week. SWISS FRANC In midsummer of last year the Swiss banking system was relatively liquid despite the restric­ tive monetary policy introduced in 1972. As a result, when the dollar strengthened across-the- *Upper and lower intervention limits established in Dec. board in early August, the Swiss franc declined 1971. **For France, upper and lower intervention limits around more rapidly than many other currencies. Once new par value established on Feb. 14, 1973; suspended on the dollar’s advance was established, entrenched Mar. 2. For Switzerland, limits suspended on Jan. 23, 1973. For Note see Chart 2A, p. 194. long positions in francs began to be unwound, adding to the immediate demand for dollars. By On January 19 the French authorities an­ August 23 the spot franc had dropped 13% per nounced that France would withdraw from the cent against the dollar from its July peak level EC currency arrangement and allow the franc of $0.3774 while also depreciating 3 per cent to float independently for 6 months, explaining against the currency of its principal trading that prospects of a massive oil-induced deterio­ partner, Germany. ration in their balance of payments made imme­ Exchange trading then turned quieter, and the diate action necessary to protect the French Swiss franc joined in the general firming of reserves and employment. The French authori­ European exchange rates against the dollar later ties simultaneously moved to protect the cur­ in August and in early September. Concern also rency by banning franc loans to nonresidents rose early in September over possible liquidity once again and by adjusting other banking reg­ pressures at the quarter-end, but the Swiss Na­ ulations. The decision to float independently tional Bank announced that it again stood ready Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 199 to provide assistance through short-dated swaps mark, as some dealers switched funds out of (of which it ultimately did $900 million). As marks and into Swiss francs. a result, dealers felt reassured that the authori­ The franc moved more nearly in line with ties were intent on maintaining balanced condi­ other European currencies until early December, tions in the Swiss money market at least for when liquidity conditions in Switzerland tight­ the time being. Against this background, the ened as banks began to seek funds for normal Swiss franc traded narrowly, with only modest end-of-year requirements. Since the National fluctuations at the time of the guilder revaluation Bank, in an attempt to keep a tight rein on in September and again at the outbreak of the domestic monetary expansion, provided only Mideast war. The authorities took advantage of part of the banks’ needs through dollar swaps these improved market conditions to reduce to and a temporary release of minimum reserves, zero the 2 per cent per quarter negative interest the Swiss banks turned to the exchange market. charge on excess nonresident Swiss franc bal­ At first they sold dollars forward in order to ances and to lift the restriction that the banks leave their spot positions intact at a time when maintain balanced foreign exchange positions the dollar was strengthening sharply against all on a daily basis. But even such a substantial other currencies. But, as the year-end ap­ relaxation of controls had only a transitory im­ proached, the scramble for funds became unex­ pact on the market. pectedly heavy and spilled over into the spot During this period of relatively quiet trading market. Thus, while other European currencies from late August through mid-October, the began to decline sharply against the dollar in Swiss franc, while holding steady against the late December, the Swiss franc held relatively dollar, was losing some further ground against firm. the German mark. The cumulative, adverse shift Once trading for the year-end was completed, in Switzerland’s terms of trade threatened to however, the Swiss franc also came under heavy boost the already disturbing rate of domestic selling pressure against the dollar, falling more inflation. Moreover, the authorities were be­ than 7 per cent by early January, and the Swiss coming concerned about the quickening pace of National Bank occasionally sold dollars to credit expansion since the summer. Thus, when moderate the decline. Moreover, as the Swiss in late October the release of strong U.S. trade franc declined, the Federal Reserve began a figures for September touched off a vigorous program of regular purchases of Swiss francs advance of dollar rates throughout Europe, the in the market, using the francs to repay remain­ Swiss authorities took advantage of their room ing indebtedness to the National Bank incurred to maneuver to tighten monetary policy. Ac­ prior to August 15, 1971. Over the next 3 cordingly, the National Bank raised minimum weeks, the System thereby repaid a total of reserve requirements on foreign funds by 25 per $193.8 million equivalent of swap commit­ cent, while imposing a 10 per cent marginal ments, reducing its over-all Swiss franc indebt­ reserve requirement on domestic Swiss franc edness to $971.2 million equivalent. and foreign currency time deposits above March Meanwhile, the Swiss authorities sought to 1972 levels. In addition, the requirement that avoid an imminent liquidity squeeze by cancel­ a fraction of foreign capital issues in Switzer­ ing the recall of minimum reserves that had been land be converted at the central bank was reim­ delayed at the end of the year and by reducing posed with a conversion ratio of 10 per cent. required reserves another 20 per cent. The Swiss These measures, together with the market’s as­ banks nevertheless remained extremely cautious sessment that the Swiss economy was less vul­ as the month-end approached and began to bid nerable than most of Europe to the immediate for francs, with the result that interest rates in effects of oil-production cutbacks, contributed Switzerland and on Euro-Swiss francs began to to strengthening the Swiss franc against the advance. The franc was thus on a firming trend other European currencies. Consequently, even when the termination of U.S. capital controls as the franc fell by some 6 per cent against the was announced on January 29, prompting a dollar in the 5 weeks to November 23, it ad­ further sharp rise in the Swiss franc, along with vanced more than 3 per cent against the German other European currencies. For their part, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN □ MARCH 1974 Swiss authorities also eased controls further, sales of Belgian francs against both French lifting the prohibition on foreign purchases of francs and Dutch guilders were needed to hold Swiss securities. At the end of January, the the rate within its upper intervention limits. It Swiss franc traded at $0.3060, up 5 per cent also rose against the dollar, reaching from its early-January low and 17% per cent $0.027800, some 12 per cent above the Febru­ above its Smithsonian central rate. ary 1973 central rate. The Belgian authorities announced that they would not revalue the franc and acted to curb BELGIAN FRANC speculative inflows by reimposing the lA per The continuing demand for Belgian exports, cent per week charge on excess nonresident while maintaining Belgium’s already strong franc holdings, imposed in March but removed trade position, exerted increasing pressure on in early September, and by requesting the banks productive capacity, thereby contributing to the to cut their foreign liability positions by 25 per build-up of inflationary pressures in the Belgian cent. economy. To contain these pressures, the Na­ These firm measures broke the speculative tional Bank of Belgium, in early August, began wave and by mid-October, as relative interest to tighten its monetary policy by raising its incentives had again turned against Belgium, the discount rate and limiting access to central bank Belgian franc had begun to ease against the credit. Initially, these actions brought Belgian dollar while settling back to trade near the interest rates more in line with other EC interest bottom of the Benelux band and in the middle rates, and the Belgian franc thus held in the of the EC joint float. The Federal Reserve, middle of the EC snake as the joint float moved therefore, resumed its purchase of Belgian down against the dollar. Taking advantage of francs and by early November repaid a further the improvement of the dollar rate, the Federal $85.2 million equivalent of swap indebtedness, Reserve acquired sufficient francs to repay in reducing outstanding debt to $261.8 million full the $6 million of swap debt in Belgian equivalent. francs incurred during the July support opera­ When the dollar strengthened against the Eu­ tions. ropean currencies in late October following an­ When, in late August and early September, nouncement of the large U.S. trade surplus in Belgian interest rates again fell behind rising September, the Belgian franc declined more rates elsewhere and capital outflows from Bel­ gradually than other EC currencies. The relative gium resumed, the commercial rate settled to strength of the franc reflected a sudden tighten­ the bottom of the IV2 per cent Benelux band, ing of liquidity in Brussels which was later where it was supported against the Netherlands reinforced by successive increases in the Na­ guilder, and to the lower range of the EC tional Bank of Belgium’s discount rate to 13A arrangement. Meanwhile, the Federal Reserve per cent. Thus, as the entire EC bloc of curren­ began to purchase small amounts of Belgian cies dropped sharply against the dollar in No­ francs on a daily basis to cover remaining pre- vember with the unfolding of the oil crisis, the August 15, 1971, swap commitments to the commercial franc held briefly near the top of National Bank of Belgium. By mid-September, both the EC and the Benelux bands, requiring the System had repaid $43 million of this debt, moderate official sales of Belgian francs against reducing remaining commitments to $347 mil­ marks and Dutch guilders to maintain the pre­ lion equivalent. scribed limits. Following the September 15 revaluation of Thereafter, the commercial franc remained the Dutch guilder, the Belgian franc became a near the middle of the EC band when, with target of speculation as the market focused on concern over the differential oil supply cutbacks the close link between the two currencies and weighing on the market, the Dutch guilder noted that Belgium, like the Netherlands, had weakened. As a result, some intervention was a sizable current-account surplus. The commer­ required to maintain the Benelux arrangement. cial rate was quickly pushed to the top of the By mid-December the commercial rate had EC and Benelux bands, and substantial official fallen 10% per cent against the dollar from its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 201 October highs, and it subsequently eased below was acquired, of which $23.0 million was used its February 1973 central rate. in a repayment to the IMF. Toward the turn of the year, when the oil Late in January, in the wake of the termina­ price hikes shifted the focus of market attention tion of U.S. capital controls, the Belgian au­ from supply to price, the effect on the Belgian thorities lifted the prohibition of interest pay­ ments to nonresidents and abolished the 100 per CHART 2D cent marginal reserve requirement on nonresi­ MOVEMENTS IN EXCHANGE RATES dent accounts. These actions were expected to induce inflows into Belgium and the Belgian franc firmed to $0.023800 by the month-end, some 4% per cent above its January low and 4 per cent below its February 1973 central rate. NETHERLANDS GUILDER As with most other industrial countries, the Netherlands had suffered an upsurge of infla­ tion, but real economic growth remained slug­ gish during much of the year. Lagging domestic demand had contributed to a widening of the already sizable current-account surplus in the Dutch payments balance but, at the same time, had constrained the authorities from using mon­ etary policy in an all-out fight against inflation. Consequently, interest rates remained lower in the Netherlands than in most of its major trading partners, and outflows of interest-sensitive funds exerted a strong drag on the guilder in the exchanges. The spot rate moved in line with other EC currencies against the dollar but held at or near the bottom of the 2 lA per cent EC band in the late spring and early summer. The *Upper and lower intervention limits established in Dec. guilder had also peaked against the dollar in 1971. **Upper and lower intervention limits around new central early July, at $0.4000, some 16% per cent rate established on Feb. 14, 1973. Limits suspended on Mar. above its February 1973 central rate. 1, 1973. For Note see Chart 2A, p. 194. By late summer, however, the employment picture had brightened somewhat, and the im­ payments position was judged to be relatively proved domestic situation allowed the Dutch severe. The franc therefore came on offer, authorities to employ some monetary restraint weakening against the dollar as well as against in an effort to curb inflation. The Netherlands some other EC currencies during the last week Bank accordingly introduced liquidity ratios for of December. Effective January 1, the Belgian the commercial banks in mid-July and progres­ authorities removed again the lA -per cent-per- sively raised its discount rate, with the result week charge on excess nonresident franc hold­ that by early August Dutch interest rates had ings, and the Belgian franc moved up within the moved up into line with rates in other major EC band until the floating of the French franc centers. As the outflow of interest-sensitive led to a new dip in the Belgian franc, both funds slowed, the guilder became more buoyant against the dollar and within the snake. During in the exchanges. Although the guilder followed the month the New York Bank purchased francs the general decline of European currencies in the market on behalf of the U.S. Treasury. against the dollar in early August, it now moved A total of $36.2 million equivalent of francs to the top of both the EC and the Benelux bands, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN □ MARCH 1974 requiring occasional moderate intervention at Over subsequent days, the guilder joined other the upper limits of those bands by early Sep­ currencies in dropping sharply against the dollar tember. in response to news of the huge U.S. September On September 15 the Dutch authorities an­ trade surplus. As the spot guilder fell, the Fed­ nounced that the guilder would be revalued by eral Reserve acquired in the market sufficient 5 per cent vis-a-vis special drawing rights guilders to repay its swap commitment. (SDR’s) as part of a package of measures aimed By early November the market’s attention at curbing domestic inflation and stimulating shifted to the vast new uncertainties associated employment. This action caught the market by with the oil crisis. Although the Netherlands surprise and was followed by substantial specu­ was the only EC country faced with a total lative flows into German marks and Belgian Mideast oil embargo, there was little overt exfrancs and out of French francs—and out of change-market reaction until early November. dollars as well—to hedge against the risk of Then, the ban on Sunday driving in the Nether­ further exchange-rate adjustments within the EC lands highlighted the potentially grave conse­ snake. Concerted central bank action soon quences of the embargo to the Dutch economy. helped quell these fears, and, after trading erra­ The guilder came on offer, dropping sharply tically for several days when the guilder re­ against the dollar and falling to the bottom of quired support in the Benelux band, it settled both the EC and the Benelux bands. This pres­ at around $0.3930, 9lA per cent above its new sure continued through succeeding weeks, and central rate and near the middle of the EC band. by early December tjie spot rate had plunged By late September the Amsterdam money some 13 per cent frorj) its October highs against market was tightening substantially, partly on the dollar to trade below its new central rate. seasonal factors, and interest rates were rising At the same time, the Netherlands Bank and sharply. As the liquidity squeeze intensified, the other EC central banks were obliged to intervene Netherlands Bank moved to relieve some of the forcefully in support of the guilder at the lower pressure by selling guilders spot in the exchange limits of the snake. This sizable intervention, market while simultaneously repurchasing them which contributed to a further tightening of the forward. Despite substantial swap assistance, Amsterdam money market, helped check the however, the Dutch banks remained short of speculative pressures, and the spot rate began liquidity and, early in October, the guilder was to recover in mid-December. The guilder then driven once again to the top of the EC band, came off the bottom of the EC band, leaving where moderate daily intervention was required. room for the Netherlands Bank to provide On October 15 the Netherlands Bank an­ money market relief by further dollar swaps and nounced a further increase in its discount rate by easing commercial bank access to central to 7 per cent, and pressure on the guilder at bank credit. the top of the EC band intensified. Then, as Following the doubling of Arab oil prices late rumors began to circulate that the guilder would in December, the guilder joined in the general again be revalued, intervention under the EC decline of European currencies against the dol­ arrangement grew even more substantial. lar, falling to $0.3367, 6% per cent below its Against the dollar, the spot rate rose to as high central rate, before leveling off. By mid-Jan­ as $0.4081, over 13 per cent above its Sep­ uary, the immediate concern over the energy tember central rate. situation in the Netherlands had eased and the On October 23, along with heavy intervention guilder declined more gradually than other EC in EC currencies, the Netherlands Bank also currencies. In the aftermath of the floating of began to purchase substantial amounts of spot the French franc, the Dutch authorities agreed dollars to curb the rise of the guilder. This with the remaining EC participants to maintain intervention had a useful effect, and the Federal the snake arrangement. At first the guilder Reserve, after consultation with the Netherlands dipped against the dollar, but it soon began to Bank, followed up by offering guilders in New recover. In reaction to the lifting of U.S. con­ York, selling $2.9 million equivalent drawn trols on capital outflows later in the month, the under the swap line with the Dutch central bank. recovery gathered pace. At that time, the Dutch Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 203 authorities took the opportunity to eliminate the pressure and the rate began to ease. The drop separate exchange market for purchases of in the lira gained momentum with an­ Dutch securities, the so-called obligation nouncement of the huge U.S. trade surplus for guilder. By the end of January the guilder had September. Growing awareness of the advanced to $0.3470, just 3lh per cent below seriousness of the oil situation with regard first its central rate. to quantity and then to prices soon triggered an across-the-board decline for the lira as well as other European currencies. By mid-November, ITALIAN LIRA the lira’s decline began to outpace those for By midsummer of 1973, a sharp recovery of other European currencies as the build-up of Italian business activity, rising domestic infla­ consumer-goods imports and the impact of tion, and speculation in the commodity markets higher oil prices caused a further deterioration had swollen Italy’s imports and seriously weak­ in Italy’s trade position. By early December, ened the trade position. To bolster the lira in in progressively heavier trading, the commercial the face of heavy demand for foreign currencies, rate had plummeted roughly 8 per cent from the authorities had reaffirmed their intention to late-October levels to a little more than 5 per provide support for the floating Commercial rate, cent below the Smithsonian level. The Bank of and had reinforced their reserves with new Italy intervened heavily to resist the erosion of foreign borrowings by public enterprises, while the rate. By mid-December, selling pressures also negotiating increased short-term credit fa­ eased off somewhat although the market re­ cilities. In addition, the new coalition govern­ mained nervous and uncertain. ment had announced strong measures to come In view of Italy’s already substantial trade to grips with inflation, including a 90-day price deficit, the doubling of Persian Gulf oil prices freeze, selective credit ceilings on the banks, in late December was seen as a further severe and new exchange controls. The market blow to Italy’s payments position, and the lira responded favorably to these official initiatives, came heavily on offer again in late December and in August, when other European currencies and early January. Against this unsettled back­ were weakening against the dollar, the lira was ground, the French decision to pull out of the on an upswing, reaching as high as $0.001773, EC snake arrangement, as the Italian authorities some 3 per cent above its Smithsonian central had done 11 months before, was a further shock rate. to the marked J^long with the newly floating In September the lira’s improvement faltered French franc, the lira immediately began to drop as a result of a further widening of Italy’s trade precipitously. By January 23, the commercial deficit and concern over the outlook for the lira had plunged to as low as $0.001480, a domestic economy after the temporary price decline of nearly 10 per cent since the beginning freeze would expire. The Bank of Italy again of the year and fully 14 per cent below the intervened in support of the lira while repaying Smithsonian central rate. The Bank of Italy most of the remaining dollar swaps it had with continued to intervene in support of the lira, the commercial banks. In addition, it tightened and late in January additional Euro-dollar bor­ monetary policy by raising basic lending rates rowings by Italian public enterprises were an­ to a uniform 6V2 per cent and by unifying the nounced, raising the total of such borrowings system of penalty rates on repeated commercial since mid-1972 to over $6 billion. bank borrowing at the central bank. Trading Following the termination of U.S. capital then quieted and the lira held steady through controls, the lira joined in the general advance mid-October. of European currencies against the dollar, re­ The war in the Mideast and the subsequently covering by almost 3 per cent to a level IIV2 announced cutbacks of oil supplies provoked a per cent below its Smithsonian central rate. At new burst of import demand, largely reflecting the end of January, the Bank of Italy and the a precautionary build-up of inventories of pe­ Federal Reserve agreed on an increase in their troleum products and other raw materials. Con­ reciprocal swap arrangement from $2 billion to sequently, the lira once again came under selling $3 billion, effective February 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 FEDERAL RESERVE BULLETIN □ MARCH 1974 CHART 2E which was met by regular intervention by the MOVEMENTS IN EXCHANGE RATES Bank of Japan around the 265-yen level. Consequently, Japan’s reserves fell by $4 billion from early March to the end of July and declined a further $375 million through Sep­ tember. The Bank of Japan then began to permit some easing in the spot rate. But as the market became increasingly aware of the underlying weakening in the Japanese payments position, adverse leads and lags developed and the pres­ sure on official reserves continued into October. Later that month, the cutbacks of oil supplies and the sharp increases in posted oil prices announced by Mideastern countries intensified selling pressure on the yen. With over 70 per cent of its total energy requirements met by imported oil, the Japanese economy was seen as particularly vulnerable to the energy crisis. As selling pressure on the yen built up, the Bank of Japan allowed the rate to decline in several steps to about 280 yen by mid-November. The Japanese authorities also began to shift the pat­ tern of capital controls, banning Japanese pur­ chases of short-dated foreign assets and relaxing certain capital inflow controls, and cut back their program of lending dollars for import financing. Speculation over a possible further fall in the *Upper and lower intervention limits established in Dec. 1971. yen continued to build up, however. The Bank **For Italy, intervention limits suspended on Feb. 13, 1973. of Japan provided firm support to maintain the For Japan, intervention limits suspended on Feb. 14, 1973. For Note see Chart 2A, p. 194. 280-yen level through the rest of November and December, with the result that official reserves declined by a further $2.5 billion over the fourth JAPANESE YEN quarter. In addition, in December, the authori­ When the Japanese yen was floated in February ties further tightened restraints on capital out­ 1973, it quickly jumped up to some 20 per cent flows and, to contain domestic inflation, in­ above its Smithsonian level. Starting in March, creased the Bank of Japan’s discount rate by however, and continuing through the spring and a full 2 percentage points to 9 per cent while summer, the yen came on offer in the exchanges cutting budgeted increases in Government ex­ as importers and exporters unwound earlier penditures. leads and lags of payments in favor of the yen. The late-December announcement of a dou­ Various measures to encourage capital outflows bling in the price of Persian Gulf crude oil set taken in the previous year led to a strong growth off an even greater wave of selling pressure of direct and portfolio investments abroad and against the yen. After a determined effort to hold of Japanese banks’ foreign lending. At the same the spot rate, on January 7 the Bank of Japan time, Japan’s massive trade surplus was shrink­ suspended its support of the 280-yen level and ing. The rapid expansion of the Japanese econ­ the yen dropped to 300 yen, a 7 per cent fallback omy stimulated strong import demand for raw almost to prefloat levels. To encourage inflows materials and industrial commodities, while the and discourage outflows of funds, the Ministry worldwide escalation of commodity prices fur­ of Finance announced liberalized rules for ther magnified the country’s total import bill. prepayments of Japanese exports, a relaxation The result was persistent demand for dollars, of regulations on foreign borrowings by domes- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 205 tic companies, new restrictions on foreign-cur- just below $0.99 by mid-September, with the rency bank loans to residents, used mainly for Bank of Canada providing support. financing outward direct investments, and new Later that month, a sharp decline in interest constraints on Japanese purchases of foreign rates in the United States, with rates in Canada securities. The selling of yen moderated in holding steady, led to a squeezing-out of the response to these measures, but the Bank of adverse interest differentials and stimulated Japan still had to intervene regularly to keep CHART 2F the rate from going beyond the 300-yen level. MOVEMENTS IN EXCHANGE RATES In the wake of the French decision to float the franc, the Japanese authorities closed the Tokyo market for 2 days, during which the yen fell as much as 25/s per cent in New York. They nevertheless decided to hold firm at 300 yen, and when trading resumed in Tokyo on January 23, the Bank of Japan sold a massive amount of dollars at that level. After the close in Tokyo that day the yen again declined in foreign mar­ Measured as percentage deviations from the $0,921/2 official parity established in May 1962. The Canadian dollar has been kets. floating since June 1, 1970. Following consultations between U.S. and Japanese authorities, the New York Reserve some reflows into Canada. Moreover, there Bank began to bid for yen in the New York were sizable new foreign borrowings by Cana­ market to bring the yen rate back to nearer the dian provincial authorities. In late October, as Bank of Japan’s intervention level. These pur­ Canadian banks sought funds for their end-ofchases, on behalf of the U.S. Treasury, totaled fiscal-year needs, the influx of funds acceler­ $4.3 million equivalent and were subsequently ated. Consequently, the spot rate moved up to used for a U.S. repayment to the IMF. By the as high as $1.00%, while the forward rate was end of January the market was in better balance, simultaneously driven to a discount for the first with the yen having moved away from the time since August 1972. Once the banks met intervention rate. But Japanese reserves had their needs, the money market turned more declined by a further $680 million in January, liquid, and the Canadian dollar rate edged down or by a total of %1Vi billion since the floating to the $1.00 level by early November. of the yen in February 1973. Through most of December the Canadian dollar held steady against the U.S. dollar. Con­ CANADIAN DOLLAR sequently, it appreciated sharply against major With Canada’s underlying balance of payments European currencies on the market’s view that remaining in small surplus during the late sum­ Canada’s relative self-sufficiency in oil would mer of 1973, movements in the Canadian dollar protect the Canadian balance of payments from rate were mainly influenced by interest-sensitive both supply shortages and higher costs. flows of funds. The Canadian authorities, while By the turn of the year the market had taken careful not to brake the expansion of the do­ an even more bullish view of the Canadian mestic economy, had moved interest rates dollar’s near-term prospects. Again this partly higher, with the Bank of Canada’s discount rate reflected the expectation that Canada would reaching per cent in September. The gradual weather the oil price increases better than other rise in Canadian market interest rates never­ major countries. Also, the continued worldwide theless had lagged behind earlier sharp rate rush into raw materials and other commodities increases in the United States and elsewhere, was expected to improve Canada’s terms of and the resulting outflows of funds tended to trade and over-all trade position even further. depress the spot Canadian dollar. Strikes on the In addition, a bunching of long-term foreign Canadian railways and in some export industries issues by Canadian borrowers strengthened cur­ also raised concern in the market, and the spot rent and potential demand for Canadian dollars, rate eased from about $1.00 in early August to while the downturn of U.S. interest rates after Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN □ MARCH 1974 mid-January, with Canadian interest rates offerings in the Euro-bond market. Instead, a steady, stimulated short-term inflows to Canada larger and growing portion was financed through as well. Consequently, the Canadian dollar ap­ privately placed medium-term Euro-dollar preciated sharply against all major foreign cur­ loans, on which interest rates would be adjusted rencies and advanced to $1.0128 by month-end, periodically to reflect changes in the lending with the Bank of Canada intervening to moder­ banks’ cost of funds. ate the rise. Canadian official reserves increased by $85 million in January after little net change CHART 4 in the closing months of 1973. YIELD COMPARISONS 3-MONTH MATURITIES EURO-DOLLAR The substantial improvement in the U.S. bal­ ance of payments and the marked erosion in the payments position of major foreign countries began to generate a significant shift in the flow of funds through international capital markets late last summer and early fall. As the dollar strengthened in the exchanges, earlier borrow­ ings to finance speculative sales of dollars were repaid and dollars purchased against foreign currencies were placed in short-term Euro-dollar deposits. Meanwhile, as primary goods prices again shot up sharply, a large portion of the increased dollar receipts of commodity producers was Weekly averages of daily rates. invested in the Euro-dollar market. On the de­ mand side of the market, in addition to the Late in the year, the steep increases in world normal corporate borrowers, public entities of oil prices prompted a far-reaching reassessment both! industrialized and developing nations ap­ of how the radically altered balance of payments peared increasingly as borrowers, encouraged prospects for the producing and consuming na­ by their governments to seek external credit. tions would affect the Euro-dollar market. On the one hand, it was widely expected that the CHART 3 producing nations would channel a significant YIELD COMPARISONS 3-MONTH MATURITIES portion of their higher revenues into the market. On the other hand, governments of oil-consum­ ing countries indicated their intention increas­ ingly to tap the market for funds to cushion their reserves. Although the market remained gener­ ally receptive to the expanding needs of public as well as private borrowers, some new loans met investor resistance. Meanwhile, in response to the dollar’s strong improvement in the exchanges, the governments Weekly averages of daily rates. of Germany and most other continental coun­ As investors remained reluctant to acquire tries had begun to relax their restraints on capital fixed-interest securities in view of escalating inflows. Effective January 1, the United States world inflation and continued wide fluctuations joined in this progressive easing of controls by in short-term interest rates, only a small fraction reducing the interest equalization tax from Vi of all borrowers’ needs was met through public per cent to lA per cent, liberalizing the foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 207 direct investment program, and raising bank TABLE 1 lending ceilings under the Federal Reserve’s FEDERAL RESERVE RECIPROCAL CURRENCY ARRANGEMENTS voluntary foreign credit restraint program. In millions of dollars Then, effective January 29, these control pro­ grams were terminated altogether, and other Amount governments quickly responded by speeding up Institution of facility, Feb. 1, 1974 their own relaxation of controls. During the period under review, Euro-dollar Austrian National Bank.................... 250 rates on 3-month maturities moved more closely National Bank of Belgium.............. 1,000 Bank of Canada .................................. 2,000 in line with U.S. domestic interest rates than National Bank of Denmark ............ 250 Bank of England....... ..................... 2,000 with rates in the major European markets. At Bank of France................................... 2,000 the same time, interest differentials between German Federal Bank....................... 2,000 comparable Euro-dollar and U.S. deposit in­ Bank of Italy....................................... 3,00Q Bank of Japan..................................... 2,000 struments narrowed significantly, except at the Bank of Mexico.................................. 180 year-end when normal seasonal positioning in Netherlands Bank................................ 500 the Euro-dollar market provided a temporary Bank of Norway.................................. 250 Bank of Sweden.................................. 30b buoyancy for Euro-dollar rates. Thus, by the Swiss National Bank......................... 1,400 end of January, 3-month Euro-dollars and U.S. Banks for International Settlements Swiss francs/dollars....................... 600 certificates of deposit were both quoted just Other authorized European slightly above 8V2 per cent; late last summer, currencies/dollars ..................... 1,250 by comparison, the rates were at about IIV2 per Total ............................................ 18,980 cent and \0V2 per cent, respectively. TABLE 2 FEDERAL RESERVE SYSTEM ACTIVITY UNDER ITS RECIPROCAL SWAP LINES In millions of dollars equivalent Drawings, or repayments (—) System System swap swap Transactions with— drawings, 1973 1974 drawings, Dec. 31, Jan. 31, 1972 1974 I II III IV Jan. 6.0 National Bank of Belgium............ 415.0 I- 25 - 52.0 - 82.2 261. 47.0 Bank of France.................................. - 47.0 104 435.6 21.0 German Federal Bank..................... 1-104 -278.9 -177.7 2.9 Netherlands Bank.............................. - 2.9 Swiss National Bank....................... 570.0 5.0 -193.8J 371.2 Bank for International Settlements Swiss francs .................................. 600.0 600.0 488.6 23.8 Total ........................................... 1,585.0 {_}£; -377.8 -262.8 -193Vs} 1,232.9 Note.—Discrepancies in totals are due to rounding. (See p. 208 for Tables 3 and 4.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN □ MARCH 1974 TABLE 3 DRAWINGS AND REPAYMENTS ON FEDERAL RESERVE SYSTEM BY ITS SWAP PARTNERS In millions of dollars Drawings, or repayments ( —) Drawings Drawings on on Banks drawing on System System, 1973 1974 System, Dec. 31, Jan. 31, 1972 1974 I II III IV Jan. Bank for International Settlements f 11.0 23.0 36.0 46.0 2.0l (against German marks) ............ 1-11.0 -23.0 -36.0 -46.0 -2.0J f 11.0 23.0 36.0 46.0 2.01 Total ............................................ 1-11.0 -23.0 -36.0 -46.0 - 2.0J TABLE 4 U.S. TREASURY SECURITIES, FOREIGN CURRENCY SERIES In millions of dollars equivalent Issues, or redemptions (—) Out­ Out­ standing, standing, Issued i Dec. 31, 1973 1974 Jan. 31, 1972 1974 I II III IV Jan. German Federal Bank 306.0 | —! 53 0 -172.4 ::: } Swiss National Bank 1,232.9 63.6 127.3 1,587.9 Bank for International Settlements1 ........... 170.9 | -62.2 -127.3} Total ................ 1’709*8 {-153.0 -6 6 2 3 . . 2 6 -172.4 —1 12 2 7 7 . . 3 3 1 J | 507 o denominated in Swiss francs. Note.—Valuation changes account for numerical descrepancies, as well as for different dollar values in the third quarter of 1973 which involved refinancing by the Swiss National Bank of a Swiss-franc-denominated security held by the Bank for International Settlements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress Statement by Arthur F. Burns, Chairman, Board for goods and services is still rising. Capital of Governors of the Federal Reserve System, spending plans of business firms remain strong before the Committee on Appropriations, U.S. and so do inventory demands for the many House of Representatives, February 21, 1974. materials and components in short supply. In fact, new orders for business capital equipment I appreciate this opportunity to assist the com­ continued to increase in the fourth quarter of mittee in its over-all examination of the budget last year, and the backlog of unfilled orders rose for fiscal 1975. My comments will be brief. further, to a level 17 per cent above a year They are directed, first, to the general outlook earlier. for the economy in the near-term future; second, Expenditures by businesses for fixed capital to the implications of prospective developments will probably continue to strengthen in view of for stabilization policy in the year ahead; and the urgent need for added capacity in a number third, to needed reforms in our fiscal policies of our basic industries. Residential construction and procedures. may pick up later in the year in response to the improvement that has been occurring in OUTLOOK FOR THE ECONOMY mortgage credit supplies. With Government ex­ The Nation faces at the present time a severe penditures at all levels also moving higher, as shortage of petroleum products that is slowing appears virtually certain, it seems unlikely at business activity and aggravating our inflation­ present that the current economic slowdown will ary problem. Some firms have been unable to become pervasive or be of extended duration. obtain the raw materials or other supplies The oil shortage is causing hardships for some needed to maintain production schedules; others of our people and inconveniences for many. In have experienced a weakening in the demand some other countries, the adjustments to the for their products. The oil shortage has had energy problem will be more severe than for particularly adverse effects on the purchase of us. new autos, of homes in outlying suburban areas, However, our Nation’s business firms and and of recreational vehicles and other travel- consumers already have found ways to econo­ related goods and services. mize on their uses of oil and other forms of A downward adjustment of production and energy. For example, there have been signifi­ employment is therefore under way. Industrial cant declines during recent months in the use output declined in December and again in Jan­ of fuel oil and electricity across the Nation. As uary, and unemployment last month rose rather 1974 moves on, I would expect these adjust­ sharply to 5.2 per cent of the labor force. I ments to continue. Domestic output of crude oil would expect some further weakening of eco­ will increase gradually, electric utilities will nomic activity, with industrial production prob­ shift to greater use of coal, auto manufacturers ably declining and unemployment rising in the will expand their capacity to produce the smaller months immediately ahead. cars demanded by consumers, and myriad other The current economic slowdown, however, adjustments will be made to the energy problem. does not appear to have the characteristics of We are living in a difficult time, but our a typical business recession. Declines in em­ principal asset—the resourcefulness of the ployment and production have been concen­ American people—remains intact. In numerous trated in specific industries and regions of the ways we are, even now, laying the basis for country rather than spread broadly over the recovery in business activity. economy. In some major sectors the demand The durability of that recovery will depend 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN n MARCH 1974 heavily on our ability to gain control of the a decline in the prices of industrial raw materials inflation that has been ravaging our economy and internationally traded commodities. Also, for the past 8 or 9 years. Last year fresh infla­ the appreciation of the dollar over recent months tionary forces—reinforcing those already pla­ in foreign exchange markets should make im­ guing us—culminated in the sharpest upsurge ported goods less expensive and moderate the of the price level since the Korean war. Even demand for our exports, thereby increasing the before the disruptive manipulation of oil ship­ supply of goods available in domestic markets. ments and of prices by some oil-exporting Realistically, however, we can hardly expect countries got under way, the erosion of workers’ a return to general price stability in the near real earnings and the soaring of interest rates future. Substantial increases in the prices of —both of which were a consequence of the numerous commodities and services are practi­ inflation—had begun to restrict consumer de­ cally unavoidable this year. Relative prices of mand, particularly the purchase of new homes. many items are now badly out of balance. Prices A major source of the inflationary problem of materials, for example, have recently risen last year was the coincidence of booming eco­ very swiftly, and many of these cost increases nomic activity in the United States and in other are still to be passed through to the prices of countries in the latter part of 1972 and much end-products. of 1973. Production of strategic commodities A more fundamental factor affecting the approached capacity limits throughout the in­ course of inflation in 1974, however, may well dustrial world, and inflation accelerated every­ be the course of wages and unit labor costs. where. In our country the effects of worldwide Increases in wage rates have been edging up inflation were magnified by the depreciation of since last spring. The collective bargaining cal­ the dollar relative to other currencies in foreign endar for this year is heavy and includes several exchange markets. To make matters worse, dis­ pattern-setting industries. It would not be sur­ appointing harvests in 1972—both here and prising if workers sought appreciably larger abroad—caused a sharp run-up in the prices wage increases to protect their living standards of food products last year, and the spectacular against the persistent rise in prices of groceries advance in the prices of crude oil and petroleum and practically everything else purchased. But products since last fall has greatly worsened the if economic activity proceeds sluggishly this inflationary problem. year, as now seems likely, productivity gains In addressing this committee, I cannot stress will probably be even smaller than they were strongly enough the urgency of making some last year. A rise in wages that is faster than headway this year in reducing the rate of in­ we have recently experienced would therefore crease in prices. Failure to do so will further put great upward pressure on the costs of pro­ injure tens of millions of our families, and it duction and ultimately on prices. may destroy confidence in the capacity of Gov­ STABILIZATION POLICIES IN ernment to deal with an inflationary problem that THE YEAR AHEAD has been retarding economic progress and sap­ ping the energies of our people. Since strong inflationary forces are likely to Improvement in the price performance of our continue in 1974, even in the face of declines economy during 1974 is, I believe, within our in production and employment, public policy is means. The rise in consumer prices should now clearly confronted with a most difficult moderate later this year as petroleum prices problem. level off in response to the drastic adjustments Inflation cannot be halted this year. But this now under way in oil markets around the world, year we can move resolutely to establish a and as our own food supplies expand in response dependable framework for a gradual return to to incentives for farmers to increase production. reasonable price stability. Direct controls over There are other favorable price developments prices and wages will not be of much further on the horizon. A slower pace of economic benefit in this effort. New machinery for re­ activity, both here and abroad, may well cause viewing wages and prices in pace-setting indus­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 211 tries can, however, prove helpful, and so too the sharply higher social security benefits en­ may a concerted effort to enlarge our capacity acted last year, the higher governmental salaries to produce industrial materials. But in the end, and procurement prices, and the recently rising inflation will not be brought under control unless claims for unemployment compensation. All we have effective management of aggregate this is forcing up Federal outlays at the same demand through general monetary and fiscal time that a decline in business activity is slowing policies. the growth of tax receipts. Taken by itself, a In the current economic slowdown the task moderate deficit in fiscal 1975 should not be of monetary policy will not be the same as in particularly disturbing. But we have had deficits a classical business recession, when a consid­ far too often over the years, and this pattern erable easing in the supply of money and credit has raised serious doubts about our Govern­ can be expected to provide the financial basis ment’s ability to exercise rational control over for the subsequent recovery. This year our Na­ its tax and expenditure policies. tion’s capacity to produce may actually decline, or at best rise at an abnormally low rate. A great FISCAL POLICY IN THE YEARS AHEAD deal of caution will therefore be needed in framing monetary policy. An easier monetary Since 1950 we have had deficits in 4 out of policy can be only a marginally constructive 5 years, and the size and frequency of those influence when economic activity slows because deficits have tended to increase over the years. of a shortage of oil. Whether this record came about by choice or, Fiscal policy can be used to better advantage as I prefer to believe, largely by accident, it than monetary policy in promoting prompt re­ has contributed significantly to the dangerous covery in this kind of economic environment. inflation we are now experiencing. Selective measures such as an expanded public The economic consequences of inflation are employment program, increased unemployment perhaps more apparent to American families benefits, or some liberalization of welfare pay­ now than at any time in recent history. In the ments in hard-hit areas may be needed to cush­ past year the average worker’s purchasing ion the adjustment to fuel shortages. Also, a power diminished in spite of rather large nom­ selective tax policy of accelerated amortization inal increases in his paycheck. Interest rates rose could stimulate investment in the energy and sharply, reflecting anticipation of further de­ other basic materials industries, thereby reliev­ clines in the value of future dollar obligations. ing the more critical shortages of capacity that As their real earnings fell and interest rates rose, have recently proved so troublesome. consumers hesitated to take on large new com­ Current economic conditions may therefore mitments, and the sale of houses, mobile justify special fiscal measures of the kind I have homes, and other durable consumer goods suf­ mentioned. But I would strongly advise against fered accordingly. While the profits reported by adoption of a generally stimulative fiscal policy, corporations rose substantially in 1973, they such as a broad tax cut or substantially enlarged were in part illusory because business accoun­ expenditures. It is not clear that a strong dose tants are still reckoning depreciation on the basis of fiscal stimulus is needed now, and we surely of historical costs rather than the ever-rising need to proceed cautiously at a time when the replacement costs. Reflecting a more somber price level is still soaring. Let me remind you view of earnings prospects, the prices of cor­ that last month alone the wholesale price level porate stocks fell sharply. And, even ignoring rose over 3 per cent. common stocks, the real value of the financial An overly expansive fiscal policy now would assets held by individuals actually declined dur­ delay, perhaps for many years, the progress that ing 1973; in other words, the nominal increase the Congress has been seeking in the use of the of this basic financial aggregate was more than Federal budget as a tool of economic stabiliza­ nullified by the rise in the consumer price level. tion. A moderate increase of expenditures in Numerous measures will be needed to restore fiscal year 1975 seems unavoidable in view of general price stability. Among these none is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN □ MARCH 1974 more important in my judgment than reform of can be safely added to old ones and paid for the Federal budget. To those who believe that by heavier borrowing. In principle taxes can the Congress over the years has deliberately and always be raised to pay for more public services, consistently chosen to stimulate the economy by but the resistance to heavier taxation has become deficit spending, prospects for improving mat­ compelling. If we count outlays at all levels of ters must appear to be bleak. But I draw en­ government. State and local as well as Federal, couragement from a conclusion that 1 conceive an increasingly large fraction of the wealth our to be closer to the truth: namely, that many, citizens produce is being devoted to the support perhaps half, of the deficits in recent decades of government. In 1929 total government spend­ have come about not by design but because of ing came to about 10 per cent of the dollar value a basic defect in the procedures by which the of our national output. Since then the figure Congress acts on the budget. has risen to 20 per cent in 1940, 30 per cent in Fiscal policy has not been overly stimulative 1965, and 35 per cent in 1973. My impression by choice, but rather because Members of is that most citizens feel that one-third of our Congress have been unable to vote on the kind national output is quite enough for the tax of fiscal policy they desire. The decisions that collector. determine the ultimate shape of the budget are Because its revenues are limited, Government made in the Congress each year by acting on must choose among many desirable objectives some 150 to 200 separate measures. This and concentrate its resources on those that mat­ process denies Members a vote on much more ter most. That is the very purpose of budgets. important issues—what total expenditures should The Congress, however, cannot effectively de­ be, how they should be financed, and what termine priorities under its present budget pro­ priorities should be assigned among competing cedures. programs. Once those procedures are modified to enable In this process the earnest efforts of this the Congress to regain control over total outlays committee to control expenditures have been and to determine priorities among competing frustrated. Year in and year out the appro­ programs, there should be no occasion for priations enacted have totaled less than the ex­ broad-scale impounding of funds by the Pres­ ecutive branch requested. At the same time, ident. Occasionally, impoundments will con­ however, the legislation reported by other com­ tinue to be called for, as a matter of good mittees has inexorably pushed outlays to higher management, but they should not be a source levels, and over the years these increases have of friction between the administration and the more than offset the reductions effected in ap­ Congress because they will no longer be used propriation bills. to control total outlays. This House has now passed a budget reform In view of the broad consensus among Mem­ bill, thanks to the vigorous efforts of members bers of the House, there are good reasons to of this committee, along with other Members hope that the Senate will act soon on budget of the House of both political parties, liberals reform legislation. If my analysis is correct, the and conservatives alike. This historic step re­ impoundment issue should diminish in impor­ flects a growing awareness that budget reform tance once the new budget procedures are in is essential not only for a return to stable prices place. Enactment of this legislation would be but for restoration of confidence in Government a victory for representative democracy—not for itself. The day is past—if indeed it ever existed conservatives or liberals—because it would give —when only the well-to-do need concern them­ the Congress the management tools it needs for selves with economy in Government. Those effective exercise of its power over the purse. who would use Government as an instrument Meanwhile it is encouraging to note the of reform have perhaps a larger stake in elimi­ progress being made toward better budgeting in nating wasteful or relatively unproductive pro­ ways that do not require legislation. The grams. Congress needs better information about the We have passed the point when new programs likely costs of existing and proposed programs, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 213 not only in the current year, but up to 3 to 5 should, therefore, require justification of the years ahead. The President’s budget message entire appropriation for existing programs, not last year broke new ground by presenting esti­ just for increases over last year’s level. I realize mates in functional detail of the outlays for this will be difficult to achieve, and it will fiscal year 1975 as well as for fiscal 1973 and probably have to take effect gradually and by 1974, and this procedure is carried forward in stages, but it is so clearly necessary that we this year’s budget message. Another encour­ will eventually come to it. aging development is the beginning of a con­ I have offered these comments as a concerned sultative process between congressional leaders citizen. I am deeply troubled about inflation, and the Office of Management and Budget in as I know you are, and for that reason alone connection with the formulation of the budget. you will want to make sure that the administra­ It would be wise to expand and deepen such tion’s budget requests for fiscal 1975 are fully consultations in the future. Involving the justified. But I am also greatly disturbed by what Congress in budget preparation should help to I sense to be a dangerous loss of confidence eliminate the delays that have required increas­ in our Government’s capacity to make good on ing use of continuing resolutions and frustrated its promises. The key to rebuilding this confi­ efforts to make the budget a really useful man­ dence is improved performance by Government, agement tool. and budgetary reform can move us powerfully Finally, I believe that better budget proce­ toward this goal. The Congress must find a way dures must eventually include zero-base bud­ to determine an over-all limit on Federal outlays geting. If we are to get the most out of Federal that will be rationally related to expected reve­ outlays, we cannot assume that last year’s pro­ nues and economic conditions and that will grams are more beneficial than this year’s pro­ establish spending priorities within that limit. posals. All competitors should have equal op­ I see the foregoing as essential not only to portunity in the contest for Federal budget sup­ restoring general price stability but to regaining port; there should be no “grandfather” rights. the confidence of our citizenry in the integrity Both the executive branch and the Congress of their Government. □ Statement by Arthur F. Burns, Chairman, suffered as the forces of inflation gathered mo­ Board of Governors of the Federal Reserve mentum. System, before the Joint Economic Committee, Early in 1973 our economy was in the midst February 26, 1974. of a boom of exceptional intensity. Business expenditures for new plant and equipment were I am pleased to meet once again with the Joint accelerating, home building activity was at a Economic Committee to present the views of record level, consumer spending was moving the Board of Governors on the condition of the up briskly, and exports were climbing in national economy. response to exuberant activity abroad and an Economic life never stands still. During 1973 improved competitive position of American taken as a whole, the real output of our economy goods in foreign markets. With the demand for moved to a higher level, unemployment fell, goods and services increasing so strongly, domestic sales rose, exports soared, and busi­ growth in total real output during the first quarter ness profits improved. But the year was also rose to an annual rate of almost 9 per cent. characterized by sharp contrasts in the move­ Production of our Nation’s factories and mines ments of production, income flows, prices, and increased even faster. practically every economic factor. Financial But as inevitably happens in the course of markets experienced great turbulence, and both a vigorous cyclical upswing, constraints on the Nation’s mood and its economic activities supply soon began to be felt. Shortages of raw Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN □ MARCH 1974 materials and component parts became wide­ progress last year as it has often done on prior spread in the second half of the year when the occasions. Let me turn, therefore, to the reasons rate of utilization of the productive capacity in why our inflationary problem worsened in 1973. the major materials-producing industries In view of the strong cyclical expansion in reached 96 per cent. And as the unemployment economic activity that developed in late 1972 rate for adult males kept falling, it became and early 1973, it would have been difficult to harder and harder to find skilled workers. avoid some additional upward pressure on prices Special problems in some markets contributed under the best of circumstances. In retrospect, to the slowing pace of economic expansion. The it might be argued that monetary and fiscal volume of residential construction was ad­ policies should have been somewhat less ex­ versely affected by stringency in the mortgage pansive during 1972. It is the Board’s judgment, market—a subject to which I shall return. Also, however, that any upward pressures on prices retail sales became rather sluggish after the first arising from this source were overtaken and quarter, in part because consumers had recently swamped by powerful special factors that added stocked up on automobiles and other consumer a new dimension to our inflationary problem. durable goods and were somewhat reluctant to A major source of the rapid inflation during increase their instalment debts further. But the 1973 was the coincidence of booming economic basic reason for the weakening of retail trade activity in the United States and in other coun­ was erosion of the buying power of American tries. Production rose rapidly throughout the families. industrial world; prices of labor, materials, and During 1973 average weekly earnings of end-products were bid up; and inflation acceler­ workers in the private nonfarm economy rose ated everywhere. about 7 per cent, a large increase by historical Another complicating factor was the depre­ standards. The level of consumer prices, how­ ciation of the dollar in foreign exchange markets ever, rose even faster. With social security and during the first half of last year. The dollar’s other taxes also increasing, the real weekly decline magnified the impact of worldwide in­ take-home pay of the average worker was about flation on our price level. Higher prices of 3 per cent lower at the end of 1973 than a year foreign currencies raised the dollar prices of earlier. Inflation reduced too the real value of imported products, and these effects spread savings. Even if we do not take account of the through the economy. And as the dollar became decline in the prices of common stocks, the cheaper for foreign buyers, our export trade dollar value of the other financial assets held expanded, thereby reinforcing pressures of do­ by individuals rose less than consumer prices mestic demand on our resources. during 1973; in other words, the real value of Exports were also stimulated by the world­ these accumulated savings actually declined wide expansion of industrial output. Our during the year. country has long been a major supplier of in­ Many consumers responded to the decline of dustrial materials, component parts, and capital their real income and savings by postponing or equipment. Sharply higher foreign orders for canceling plans for buying big-ticket items. these items added powerfully to growing do­ Sales of new autos began to slip in the spring mestic requirements. and so too did purchases of furniture and appli­ The resulting demand pressures became par­ ances. Factory shipments of mobile homes ticularly intense in the major materials-produc­ reached a peak in the first quarter, then declined ing industries—that is, industries producing by almost a third by year-end. And the drop aluminum, steel, cement, synthetic fibers, in sales of new conventional houses was not paper, paperboard, and the like. In some of only a response to stringency in the mortgage these industries productive capacity had grown market; it reflected also the declining real in­ little in recent years—a result of the low rates come of the average American worker and the of profitability from 1966 to 1971 and also, to sharply higher prices of new homes. some degree, of the restrictions imposed by Inflation thus seriously retarded economic environmental controls. Since our industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 215 plant was incapable of accommodating the up­ mounting pressures in financial markets were surge in demand last year, acute shortages de­ allowed to express themselves in higher short­ veloped for a wide range of basic materials. term interest rates. Later that year, as evidence To make matters worse, disappointing har­ emerged of worldwide inflationary problems, vests in 1972—both here and abroad—forced the Federal Reserve moved further toward a sharp run-up in food prices during the first monetary restraint. Open market operations 8 or 9 months of 1973. Later, the disruptive were conducted so as to exert pressure on the manipulation of petroleum shipments and prices reserves of commercial banks, and margin re­ by major oil-exporting countries caused a spec­ quirements on common stocks were raised. tacular advance in the prices of gasoline and By early 1973 expansion of the money stock heating oil. Rapidly rising prices of food and and related bank credit began to slow. Private fuel, in fact, have accounted for a large part credit demands, however, remained excep­ of our recent inflationary problem. tionally strong, with most of the increased de­ These sources of inflation are still with us. mand concentrated in short-term markets. In January there was a large further rise in Commercial banks, in particular, were deluged wholesale prices of fuels and of farm and food with business loan demands. The consequence products. Widespread increases occurred also was a sharp rise in short-term market interest among industrial commodities. And consumer rates; long-term rates followed suit, although prices moved up at an Annual rate of nearly 13 with a lag and to a much smaller degree. per cent, with about three-fourths of the increase The rise in money market rates, together with accounted for by food and energy items. heavy customer loan demands, induced com­ In short the character of the recent inflation mercial banks to step up their borrowing at the has been very different from the advances in discount window. The Board sought to discour­ the general price level that troubled us in earlier age expansion of bank reserves through this business-cycle expansions. Last year a world­ source, and also to emphasize the restrictive wide boom was in process; the dollar was again thrust of monetary policy, by raising the dis­ devalued; agricultural products, basic industrial count rate in successive steps from 4V2 per cent materials, and oil were in short supply, and at the beginning of 1973 to IV2 per cent in price increases of these products were enor­ August. mous. In addition, shortly before midyear the Board When an economy is beset by inflationary increased the reserve requirements on demand forces of such exceptional character, direct deposits of member banks. Earlier the reserve controls over wages and prices are apt to be requirement applicable to increases in large-derather ineffective. The classical tools of eco­ nomination time certificates of deposit (CD’s) nomic stabilization—that is, general monetary had been raised from 5 to 8 per cent. Later this and fiscal policies—can be more helpful at such marginal reserve requirement was raised further a time, but limitations on their practical use in —to 11 per cent. These changes in reserve the environment of 1973 must also be recog­ requirements reinforced the restrictive effects of nized. When prices of numerous commodities open market operations and of discount policy are being moved up by powerful special factors, and thereby helped to moderate the expansion a strongly restrictive monetary and fiscal policy, in money and bank credit. aiming to achieve average price stability in a Toward the end of last summer it became short time frame, would drive other prices apparent that Federal Reserve policies had sharply down and soon lead to intolerably high brought the major monetary and banking aggre­ unemployment. gates under good control. For example, the The Federal Reserve has sought to shape narrowly defined money supply grew at an an­ monetary policy in these troubled times with a nual rate of 5V2 per cent in the third quarter, sensitive eye to changing economic and finan­ compared with IV4 per cent in the first half of cial forces. In view of the inflationary tendencies the year and 7% per cent in 1972. Again, total already evident in the spring of 1972, the loans and investments at all commercial banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN □ MARCH 1974 grew at an annual rate of about 12 per cent in essential to enhance the ability of depositary the third quarter, compared with 18 per cent institutions to compete for savings funds. The in the first 6 months. Board of Governors of the Federal Reserve Evidence also began to accumulate after System, the Federal Deposit Insurance Cor­ mid-1973 that the rate of expansion in over-all poration, and the Federal Home Loan Bank economic activity was tapering off. In late Sep­ Board therefore moved jointly at midyear to tember, therefore, the Federal Reserve moved raise interest-rate ceilings on consumer-type away very cautiously from its earlier policy of time and savings deposits, and to remove all active restraint. Open market operations began interest-rate constraints on CD’s with maturities to be conducted with a view to easing somewhat of 4 years or longer. the availability of bank reserves, and this policy At about the same time that this action was was cautiously extended when the oil shortage taken, the Board imposed a marginal reserve further clouded the economic outlook. In addi­ requirement on large-denomination CD’s, as I tion, the marginal reserve requirement on large- noted earlier. This addition to the cost of funds denomination CD’s was reduced last December raised by commercial banks was expected to from 11 to 8 per cent, and this January the discourage business loans and thereby help to margin required on purchases of common stock make more bank funds available for residential was set at 50 instead of 65 per cent. mortgages or other uses. Looking back over the past year, we believe Most depositary institutions moved quickly, that the course of monetary policy was generally but prudently, to take advantage of the greater appropriate. Growth rates of monetary and opportunity that the new interest-rate regulations credit aggregates were slowed, as they should gave them to compete for the savings of indi­ have been in a period of intense inflationary viduals. Yields on short-term market securities, pressures. And the response of monetary policy however, continued to climb during the sum­ to the slowing pace of economic expansion last mer, and savings flows to the depositary institu­ fall was timely but prudent, as we again think tions weakened further. the circumstances required. The weakness of time and savings deposits The financial developments that I have at nonbank thrift institutions during the summer sketched had a serious impact on the residential months led the Congress to pass legislation in mortgage market and the home building in­ October requiring interest rate ceilings on all dustry. In view of the social importance of this categories of consumer-type time and savings industry, let us turn back and review the special deposits. The effects of this legislation are un­ problems that developed in the market for resi­ certain because the worst of the savings flow dential mortgages. problem had passed by September. Many of the During the second quarter of 1973 as yields interest-sensitive depositors had by then already on short-term market securities became increas­ shifted their funds into market securities, and ingly attractive, individuals began to channel market interest rates too had begun to decline. more of their savings into market securities—in The flow of savings to the thrift institutions some cases, withdrawing funds from time and strengthened during the remainder of 1973, and savings accounts at depositary institutions for mortgage credit became more readily available. this purpose. In consequence new commitments At present mortgage interest rates are apprecia­ for mortgages, particularly by savings banks and bly lower than they were last summer and fall. savings and loan associations, began to taper The homebuilding industry, however, continues off. Reduced availability of mortgage credit thus to be depressed. reinforced the adverse effects on homebuilding Last year’s experience has demonstrated once that stemmed from rising interest rates, inflated again how vulnerable the mortgage market still construction costs, and declining real incomes is to changes in general credit conditions. The of many workers. Board addressed this problem in a report to the In view of the extensive diversion of personal Congress 2 years ago. We continue to believe savings into market securities, it was clearly that adoption of a flexible tax credit on business Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 217 investment is the most important single step that mortgage credit supplies. With Government ex­ could be taken to reduce the instability in mort­ penditures at all levels also moving higher, it gage finance and homebuilding. seems unlikely at present that the current eco­ Let me turn finally to the matters that are of nomic slowdown will become pervasive or be chief concern to this committee—namely, the of extended duration. outlook for economic activity and prices, and Our Nation’s business firms and consumers the responsibilities for public policy that this already have found ways to economize on their committee has under the Employment Act. uses of oil and other forms of energy. For The Nation faces at the present time a severe example, there have been significant declines shortage of petroleum products that is slowing during recent months in the use of fuel oil and business activity and aggravating our inflation­ electricity across the Nation. As 1974 moves ary problem. Shortages of other materials and on, these adjustments may be expected to con­ supplies also remain acute. While these diffi­ tinue. Domestic output of crude oil will increase culties are limiting production in some firms, gradually, electric utilities will shift to greater other enterprises—as previously noted—are ex­ reliance on coal, auto manufacturers will expand periencing weaker demand for their products. their capacity to produce the smaller cars that The oil shortage has had particularly adverse are increasingly demanded by consumers, and effects on the purchase of new autos, of homes myriad other adjustments will be made to the in outlying suburban areas, and of recreational energy problem. In numerous ways we are, even vehicles and other travel-related goods and now, laying the basis for recovery in business services. For some of these items, demand had activity. begun to weaken even before the oil crisis. Improvement in the price performance of our A downward adjustment of production and economy during 1974 is well within our means. employment is therefore under way. Industrial The rise in consumer prices should moderate output declined in December and again in Jan­ later this year as petroleum prices decline or uary, and unemployment last month rose rather level off in response to the drastic adjustments sharply to 5.2 per cent of the labor force. I now under way in oil markets around the world, would expect some further weakening of eco­ and as our own food supplies expand in response nomic activity, with industrial production prob­ to incentives for farmers to increase production. ably declining and unemployment rising in the There are other favorable price developments months immediately ahead. on the horizon. A slower pace of economic The current economic slowdown, however, activity, both here and abroad, may cause a does not appear to have the characteristics of decline in the prices of industrial raw materials a typical business recession. To date, declines and internationally traded commodities. Also, in employment and production have been con­ the net appreciation of the dollar over recent centrated in specific industries and regions of months in foreign exchange markets should re­ the country rather than spread broadly over the strain the prices of imported goods and moderate economy. In some major sectors the demand the demand for our exports, thereby increasing for goods and services is still rising. Capital the supply of goods available in domestic mar­ spending plans of business firms remain strong kets. and so do inventory demands for the many Realistically, however, we can hardly expect materials and components in short supply. a return to general price stability in the near Meanwhile, prices are continuing to rise very future. Substantial increases in the prices of rapidly. numerous commodities and services are practi­ Expenditures by businesses for fixed capital cally unavoidable this year. Relative prices of will probably continue to rise in view of the many items are now badly out of balance. Prices urgent need for added capacity in a number of of materials, for example, have recently risen our basic industries. Residential construction very swiftly, and many of these cost increases may pick up later in the year in response to are still to be passed through to the prices of the improvement that has been occurring in end-products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN □ MARCH 1974 A more fundamental factor affecting the share of the capital flow from oil-exporting course of inflation in 1974, however, may well countries. But there may also be additional be the course of wages and unit labor costs. outflows of capital from the United States. Some Increases in wage rates have been edging up nations will wish to finance their oil payments since last spring. If economic activity proceeds by borrowing in our financial markets. Also, sluggishly this year, as now seems likely, pro­ private capital outflows may increase because ductivity gains will probably be even smaller of the recent relaxation, here and abroad, of than they were last year. A rise in wages that controls on capital flows. In the end the net flow is faster than we have recently experienced of capital to this country might equal, or even woujd therefore put great upward pressure on exceed, the decline in our trade balance attrib­ the costs of production and ultimately on prices. utable to the larger dollar value of oil imports. Whatever the cause, if rapid inflation con­ But the way in which the balance of payments tinues this year, it may undermine confidence, will unfold is highly uncertain, and this situation send interest rates soaring, and wreck our will require great vigilance on our part. chances of regaining a stable and broadly based The problems for international financial mar­ prosperity in any near future. It may also destroy kets created by the present price of oil are very the gains we have recently made in strengthen­ serious. Short of some reversal of policy by the ing our competitive position in world markets oil-exporting nations, there is no way to avoid and in improving our balance of payments. Let them. Nor is there any way to avoid adjustments us not overlook the fact that the sharp rise in in our own economy to the more limited sup­ prices that occurred this January has already plies and higher costs of petroleum products. served to reduce the dollar’s strength in foreign In short, public policy at the present time is exchange markets. confronted with an exceptionally difficult eco­ A great deal of uncertainty now surrounds the nomic situation. Inflation is proceeding at a outlook for the balance of payments. One thing, dangerous pace, unemployment is rising, strong however, is entirely clear—our trade balance, inflationary forces are likely to continue in 1974, and that of other oil-importing countries, will and international financial relations have be­ be affected very adversely by the price of im­ come strained. ported oil. Fortunately our competitive position Our best chance of surmounting these diffi­ in world markets is stronger than it was several culties is to face up squarely to the gravity of years ago, and our exports may therefore in­ the inflation problem. Inflation cannot be halted crease at a good rate despite the sjowdown that this year. But we can and should move reso­ now appears to be under way in the economies lutely this year to establish a dependable frame­ of Europe and Japan. Even so, our merchandise work for a gradual return to reasonable price trade balance will probably register a substantial stability. Direct controls over prices and wages deficit in 1974 because of the rising cost of oil will not be of much further benefit in this effort. imports. Other nations that are more heavily Machinery for reviewing wages and prices in dependent on imported oil than we are could pace-setting industries can, however, prove well experience trade deficits of unprecedented helpful; so too may a concerted effort to enlarge magnitude. our capacity to produce industrial materials, Increases in the revenues of oil-exporting enhance productivity, and further reduce pre­ countries will therefore be huge. The bulk of vailing restrictions on international trade. But these revenues will be invested because only a in the end, inflation will not be brought under small part can be spent productively for imports control unless we have effective management in the short run. Consequently many industrial of aggregate demand through general monetary countries will experience large capital inflows and fiscal policies. in 1974. In the current economic slowdown, the task Because of the size and efficiency of our of monetary policy will not be the same as in capital markets, the United States is likely to a classical business recession, when a consid­ receive—directly or indirectly—a substantial erable easing in the supply of money and credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 219 would be expected to provide the financial basis thereby relieving the more critical shortages of for the subsequent recovery. As a consequence capacity that have recently proved so trouble­ of the oil shortage, our capacity to produce may some. actually decline in 1974 or at best rise at an Current economic conditions may justify abnormally low rate. A highly expansive mone­ special fiscal measures of this kind. But the tary policy would do little to stimulate produc­ Board would strongly advise against adoption tion and employment; but it would run a serious at this time of broadly stimulative fiscal meas­ risk of rocking financial markets, of causing the ures, such as a general tax cut or substantially dollar to depreciate in foreign exchange mar­ enlarged expenditures. It is not clear that a kets, and of intensifying our already dangerous strong dose of fiscal stimulus is needed now, inflationary problem. and we surely need to proceed cautiously at a Fiscal policy can be used to better advantage time when the price level is still soaring. than monetary policy in promoting prompt re­ This influential committee can be tremen­ covery in the present economic environment. dously helpful in getting our economy back on Selective measures—such as an expanded public a sound track. Last month’s advance of the employment program, increased unemployment consumer price index—an increase at an annual benefits, or some liberalization of welfare pay­ rate of more than 10 per cent—is a grim ments in hard-hit areas—may be useful in cush­ warning that we are on the brink of a two-digit ioning the economic adjustments now under way. inflation. It is of vital importance to the current Also, a selective tax policy of accelerated state of confidence and the long future of our amortization could stimulate investment in the Nation that we make significant progress in energy and other basic materials industries, slowing the rate of inflation this year. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-74 APPOINTIVE MEMBERS1 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Charles S. Hamlin ............Boston ...............Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg ..............New York ... do. Term expired Aug. 9, 1918. Frederic A. Delano ..........Chicago .......... do. Resigned July 21, 1918. W. P. G. Harding ............Atlanta ............ do. Term expired Aug. 9, 1922. Adolph C. Miller ..............San Francisco do. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. New York Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah Chicago ......... Nov. 10, 1919 Term expired Aug. 9, 1920. New York June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. Cleveland Sept. 29, 1920 Term expired Mar. 4, 1921. Minneapolis .. .. May 12, 1921 Resigned May 12, 1923. Chicago ......... Mar. 14, 1923 Died Mar. 22, 1923. Cleveland May 1, 1923 Resigned Sept. 15, 1927. St. Louis May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham Chicago ......... do. Died Nov. 28, 1930. Roy A. Young .............. Minneapolis .. .. Oct. 4, 1927 Resigned Aug. 31, 1930. New York .. Sept. 16, 1930 Resigned May 10, 1933. Kansas City .. .. May 18, 1931 Term expired Jan. 24, 1933. Atlanta ........... May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak .............. Chicago ......... June 14, 1933 Reappointed in 1936 and 1948. Re­ signed May 31, 1961. J. J. Thomas .....................Kansas City .................. do. Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles ..........San Francisco ..Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick .......New York ........Feb. 3, 1936 Resigned Sept. 30, 1937. John K. McKee ................Cleveland ..................... do. Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom ..................Atlanta do. Reappointed in 1942. Died Dec. 2, 1947. Feb. 10, 1936 Resigned July 9, 1936. June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr. .. St. Apr. 4, 1946 Resigned Nov. 30, 1958. Feb. 14, 1947 Died Dec. 4, 1949. Thomas B. McCabe .........Philadelphia Apr. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton ............Atlanta ........ Sept. 1, 1950 Resigned Jan. 31, 1952. Oliver S. Powell ..............Minneapolis do. Resigned June 30, 1952. For notes see facing page. 220 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership? Wm. McC. Martin, Jr. ...New York .......Apr. 2, 1951 Reappointed for term beginning Feb. 1, 1956. Term expired Jan. 31, 1970. A. L. Mills, Jr.....................San Francisco ..Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965. J. L. Robertson ..................Kansas City .................. do............ Reappointed for term beginning Feb. 1, 1964. Resigned Apr. 30, 1973. Aug. 13, 1954 Died Oct. 21, 1954. Aug. 12, 1954 Served through Feb. 28, 1966. Mar. 17, 1955 Retired Apr. 30, 1967. Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. Aug. 31, 1961 Reappointed for term beginning Feb. 1, 1962. Nov. 29, 1963 Served until Mar. 8, 1974 when his successor took office. Apr. 30, 1965 Served through May 31, 1972. Mar. 9, 1966 William W. Sherrill .........Dallas May 1, 1967 Reappointed for term beginning Feb. 1, 1968. Resigned Nov. 15, 1971. Arthur F. Burns ................New York Jan. 31, 1970 Term began Feb. 1, 1970. John E. Sheehan ..............St. Louis . Jan. 4, 1972 June 5, 1972 June 11, 1973 Henry C. Wallich ............Boston Mar. 8, 1974 CHAIRMEN3 VICE CHAIRMEN3 Charles S. Hamlin .. .Aug. 10, 1914-Aug. 9, 1916. Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding .. Aug. 10, 1916-Aug. 9,1922. Aug. 10, 1916-Aug. 9,1918. Daniel R. Crissinger May 1, 1923-Sept. 15,1927. Oct. 26, 1918-Mar. 15,1920. Roy A. Young ...... .Oct. 4, 1927-Aug. 31,1930. July 23, 1920-Sept. 14,1930. Eugene Meyer ........ .Sept. 16, 1930-May 10.1933. Aug. 21, 1934-Feb. 10,1936. Eugene R. Black ... .May 19, 1933-Aug. 15.1934. Aug. 6, 1936-Dec. 2,1947. Marriner S. Eccles . .Nov. 15, 1934-Jan. 31,1948. Mar. 11, 1955-Feb. 28,1966. Thomas B. McCabe . .Apr. 15, 1948-Mar. 31,1951. J. L. Robertson Mar. 1, 1966-Apr. 30,1973. Wm. McC. Martin, Jr. Apr. 2, 1951-Jan. 31,1970. May 1, 1973- Arthur F. Burns __ .Feb. 1, 1970- EX-OFFICIO MEMBERS1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo........Dec. 23, 1913-Dec. 15,1918. John Skelton Williams Feb. 2, 1914-Mar. 2,1921. Carter Glass .............Dec. 16, 1918-Feb. 1,1920. Daniel R. Crissinger Mar. 17, 1921-Apr. 30,1923. David F. Houston ...Feb. 2, 1920-Mar. 3,1921. Henry M. Dawes __May 1, 1923-Dec. 17,1924. Andrew W. Mellon ..Mar. 4, 1921-Feb. 12,1932. Joseph W. McIntosh Dec. 20, 1924-Nov. 20,1928. Ogden L. Mills ........Feb. 12, 1932-Mar. 4,1933. J. W. Pole .................Nov.2 1, 1928-Sept. 20,1932. William H. Woodin Mar. 4, 1933-Dec. 31,1933. J. F. T. O’Connor ..May 11, 1933-Feb. 1,1936. Henry Morgenthau, Jr.Jan. 1, 1934-Feb. 1,1936. 1 Under the provisions of the original Federal Reserve Act the members; that the Secretary of the Treasury and the Comptroller Federal Reserve Board was composed of seven members, in­ of the Currency should continue to serve as members until Feb. cluding five appointive members, the Secretary of the Treasury, 1, 1936; that the appointive members in office on the date of who was ex-officio chairman of the Board, and the Comptroller that Act should continue to serve until Feb. 1, 1936, or until of the Currency. The original term of office was 10 years, and their successors were appointed and had qualified; and that the five original appointive members had terms of 2, 4, 6, 8, thereafter the terms of members should be 14 years and that the and 10 years, respectively. In 1922 the number of appointive designation of Chairman and Vice Chairman of the Board should members was increased to six, and in 1933 the term of office be for a term of 4 years. was increased to 12 years. The Banking Act of 1935, approved 2Date after words “Resigned” and “Retired” denotes final Aug. 23, 1935, changed the name of the Federal Reserve Board day of service. to the Board of Governors of the Federal Reserve System and 3Chairman and Vice Chairman were designated Governor and provided that the Board should be composed of seven appointive Vice Governor before Aug. 23, 1935. 221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions MEMBERSHIP OF STATE BANKING INSTITUTIONS IN 2. Effective March 2, 1974, a new section THE FEDERAL RESERVE SYSTEM 208.8, will be added as follows: The Board of Governors has amended Regula­ tion H to prohibit any State member bank from SECTION 208.8—BANKING PRACTICES making, increasing, extending or renewing any loan secured by improved real estate or a mobile (a) Scope. No State member bank shall engage home located in an identified flood hazard area, in practices which are unsafe or unsound or which unless such property is covered by appropriate result in a violation of law, rule, or regulation, flood insurance, and to prohibit State member or which violate any condition imposed by or banks from making, increasing, extending or re­ agreements entered into with the Board. This sec­ newing any loans in an identified flood hazard area tion outlines certain of the practices in which secured by such above-mentioned property in any State member banks should not engage. community not participating in the national flood (b) Waiver. A State member bank has the right insurance program on or after July 1, 1975. to petition the Board to waive the conditions of section 208.8. A waiver may be granted upon a showing of good cause. The Board in its discre­ AMENDMENTS TO REGULATION H tion may choose to limit, among other items, the 1. Effective March 2, 1974, Regulation H (12 scope, duration, and timing of the waiver. CFR 208) will be amended by adding a new (c) Reserved. section, 208.8, Banking Practices, and renumber­ (d) Reserved. ing the succeeding sections. The Table of Contents (e) Loans by State member banks in identi­ of Part 208 will be changed to read as follows: fied flood hazard areas. SEC. (1) Property securing loan must be insured 208.1 Definitions against flood. No State member bank shall make, 208.2 Eligibility Requirements increase, extend or renew any loan secured by im­ 208.3 Insurance of Deposits proved real estate or a mobile home located or 208.4 Application for Membership to be located in an area that has been identified 208.5 Approval of Application by the Secretary of Housing and Urban Develop­ 208.6 Privileges and Requirements of Mem­ ment as an area having special flood hazards and bership in which flood insurance has been made available 208.7 Conditions of Membership under the National Flood Insurance Act of 1968, 208.8 Banking Practices unless the building or mobile home and any per­ 208.9 Establishment or Maintenance of sonal property securing such loan is covered for Branches the term of the loan by flood insurance in an 208.10 Publication of Reports of Member amount at least equal to the outstanding principal Banks and their Affiliates balance of the loan or to the maximum limit of 208.11 Voluntary Withdrawal from Federal coverage made available with respect to the par­ Reserve System ticular type of property under the Act, whichever 208.12 Board Forms is less. Notwithstanding the foregoing provision, As an incident to these amendments, §§ 208.8, flood insurance shall not be required on any State- 208.9, 208.10, and 208.11 will be redesignated owned property that is covered under an adequate §§ 208.9, 208.10, 208.11, and 208.12 respec­ policy of self-insurance satisfactory to the Secre­ tively. tary of Housing and Urban Development who 222 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 223 shall publish and periodically revise the list of bank holding company nor any of its subsidiaries states falling within the exemption provided in own or control, directly or indirectly, any equity this paragraph. securities in the client bank; (ii) no officer, direc­ (2) Prohibition as to loans in nonparticipating tor, or employee of the bank holding company or communities. On or after July 1, 1975, no State any of its subsidiaries serves as an officer, director member bank shall make, increase, extend, or or employee of the client bank; (iii) the advice renew any loan secured by improved real estate is rendered on an explicit fee basis without regard or a mobile home located or to be located in an to correspendent balances maintained by the client area that has been identified by the Secretary of bank at any subsidiary bank of the bank holding Housing and Urban Development as an area hav­ company; and (iv) disclosure is made to each po­ ing special flood hazards, unless the community tential client bank of (a) the names of all banks in which such area is situated is then participating which are affiliates of the consulting company, in the national flood insurance program. and (b) the names of all existing client banks lo­ (3) Records of compliance. Each State member cated in the same market area(s) as the client bank shall maintain, in connection with all loans bank.** secured by improved real estate or a mobile home, sufficient records to indicate the method used by the bank to determine whether or not 2. The Board has also adopted an interpretation such loans fall within the provisions of this sec­ relating to bank management consulting advice as tion 208.8(e). set forth below: The Board’s amendment of § 225.4(a), which BANK HOLDING COMPANIES adds bank management consulting advice to the list of closely related activities, describes in gen­ The Board of Governors has amended Regula­ eral terms the nature of such activity. This inter­ tion Y to add management consulting services to pretation is intended to explain in greater detail nonaffiliated banks to the list of activities that it certain of the terms in the amendment. has determined under § 4(c)(8) of the Bank Hold­ It is expected that bank management consulting ing Company Act to be closely related to banking advice would include, but not be limited to, ad­ or managing or controlling banks. vice concerning: bank operations, systems and procedures; computer operations and mechaniza­ AMENDMENT AND INTERPRETATION tion; implementation of electronic funds transfer OF REGULATION Y systems; site planning and evaluation; bank merg­ 1. Effective February 26, 1974 section ers and the establishment of new branches; opera­ 225.4(a) is amended to read as follows: tion and management of a trust department; inter­ national banking; foreign exchange transactions; SECTION 225.4—NONBANKING purchasing policies and practices; cost analysis, ACTIVITIES capital adequacy and planning; auditing; account­ (a) Activities closely related to banking or ing procedures; tax planning; investment advice managing or controlling banks. *** The follow­ (as authorized in § 225.4(a)(5)); credit policies ing activities have been determined by the Board and administration, including credit documen­ to be so closely related to banking or managing tation, evaluation, and debt collection; product or controlling banks as to be a proper incident development, including specialized lending provi­ thereto. sions; marketing operations, including research, market development and advertising programs; personnel operations, including recruiting, train­ (12) providing management consulting advice* ing, evaluation and compensation; and security to nonaffiliated banks Provided that, (i) neither the measures and procedures. In permitting bank holding companies to pro­ * In performing this activity bank holding companies are not vide management consulting advice to nonaf­ authorized to perform tasks or operations or provide services to client banks either on a daily or continuing basis, except as shall be necessary to instruct the client bank on how to ** Applications to engage de novo in providing management perform such services for itself. See also the Board’s interpre­ consulting advice to nonaffiliated banks should be filed in ac­ tation of bank management consulting advice (12 CFR cordance with the procedures of § 225.4(b)(2) rather than § 225. 130). 225.4(b)(1) of Regulation Y. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN □ MARCH 1974 filiated “banks”, the Board intends such advice of questions and answers. Under a typical insur­ to be given only to an institution that both accepts ance premium funding program, a borrower ac­ deposits that the depositor has a legal right to quires mutual fund shares for cash, or takes fund withdraw on demand and engages in the business shares which he already owns, and then uses the of making commercial loans. It is also intended loan value (currently 40 per cent as set by the that such managment consulting advice may be Board) to buy insurance. Usually, a funding com­ provided to the “operations subsidiaries” of a pany (the issuer) will sell both the fund shares bank, since such subsidiaries perform functions and the insurance through either independent bro­ that a bank is empowered to perform directly at ker/dealers or subsidiaries or affiliates of the is­ locations at which the bank is authorized to en­ suer. A typical plan may run for 10 to 15 years gage in business (12 CFR 250.141). with annual insurance premiums due. To illus­ Although a bank holding company providing trate, assuming an annual insurance premium of management consulting advice is prohibited by $300, the participant is required to put up mutual the regulation from owning or controlling, di­ fund shares equivalent to 250 per cent of the pre­ rectly or indirectly, any equity securities in a mium or $750 ($750 x 40 per cent loan value client bank, this limitation does not apply to equals $300 the amount of the insurance premium shares of a client bank acquired, directly or indi­ which is also the amount of the credit extended). rectly, as a result of a default on a debt previously The guidelines also (1) clarify an earlier 1969 contracted. This limitation is also inapplicable to Board interpretation to show that the public offer­ shares of a client bank acquired by a bank holding ing price of mutual fund shares (which includes company, directly or indirectly, in a fiduciary ca­ the front load, or sales commission) may be used pacity, provided that the bank holding company as a measure of their current market value when or its subsidiary does not have sole discretionary the shares serve as collateral on a purpose credit authority to vote such shares or shares held with throughout the day of purchase of the fund shares sole voting rights constitute not more than five and (2) relax a 1965 Board position in connection per cent of the outstanding voting shares of a with accepting purpose statements by mail. The client bank. Board has expressed the view that when it is clearly established that a purpose statement sup­ ports a purpose credit then such statement exe­ cuted by the borrower may be accepted by mail, INTERPRETATION OF REGULATIONS G AND U provided it is received and also executed by the The Board has been asked numerous questions lender before the credit is extended. regarding purpose credit in connection with insur­ Copies of the guidelines have been published ance premium funding programs. The inquiries in the Federal Register and are available upon re­ are included in a set of guidelines in the format quest to the Reserve Banks. BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS ORDER UNDER SECTION 3 OF per cent of the voting shares (less directors’ quali­ BANK HOLDING COMPANY ACT fying shares) of United Missouri Bank of Jefferson City (“Bank”), National Association, Jefferson UNITED MISSOURI BANCSHARES, INC., City, Missouri, a proposed new bank. KANSAS CITY, MISSOURI Notice of the application, affording opportunity for interested persons to submit comments and Order Approving Acquisition of Bank views, has been given in accordance with § 3(b) of the Act. The time for filing comments and views United Missouri Bancshares, Inc., Kansas City, has expired, and the Board has considered the Missouri, a bank holding company within the application and all comments received including meaning of the Bank Holding Company Act, has those of the Exchange National Bank of Jefferson applied for the Board’s approval under § 3(a)(3) City, The Central Trust Bank, and Jefferson Bank of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 of Missouri, all in Jefferson City, Missouri Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 225 (hereinafter collectively referred to as “Protes­ banking subsidiaries will perform services directly tants”), in the light of the factors set forth in § for customers of Bank, nor exercise any manage­ 3(c) of the Act (12 U.S.C. 1842(c)). rial supervision over the business of Bank. Appli­ Applicant, the fifth largest banking organization cant represents further that it will purchase Bank’s and bank holding company in Missouri, controls shares through use of its own capital resources. fourteen banks with aggregate deposits of $619 Further, Applicant represents that money depos­ million, which represent 4.6 per cent of total ited at Bank will not be credited to the account of a deposits in commercial banks in the State.1 Since depositor at any other banking subsidiary of Appli­ Bank is a proposed new bank, its acquisition cant and, conversely, any money deposited at any would neither eliminate any existing competition other banking subsidiary of Applicant will not be nor immediately increase Applicant’s share of credited to the account of a depositor at Bank. commercial bank deposits. Protestants contend that through Applicant’s Bank will be located 1.7 miles west of Jefferson Blue Banner Account program, a depositor with City’s central business district and will represent an account in Applicant’s lead bank, United Mis­ the initial entry by Applicant into the Jefferson souri Bank of Kansas City, could make a with­ City banking market. It is anticipated that the drawal from such an account by means of a check Jefferson City banking market will continue to cashed at another banking subsidiary of Applicant, experience a steady growth in population with an including Bank. Similarly, a person with an ac­ attendant need for additional sources for banking count in Bank could effect a withdrawal from such services.2 an account by means of a check cashed by United Applicant’s closest subsidiary bank is located Missouri Bank of Kansas City. In response, Ap­ 55 miles northwest of the proposed Bank and there plicant states that the Blue Banner Account card are numerous banks in the intervening area. Ap­ is used as an identification card for the purpose plicant’s acquisition of Bank would have a pro- of cashing a check, and use of such a card does competitive effect as it would mark the first entry not amount to a withdrawal of funds; furthermore, into this market of a banking institution not asso­ that the bank cashing the check bears the risk of ciated with an existing Jefferson City bank. The loss. The Board is satisfied from its examination market is heavily concentrated with the largest of the facts as presented that Applicant’s Blue organization controlling over 65 per cent of market Banner Account program does not permit it to deposits; the entrance of Applicant should stimu­ establish a unitary operation between Bank and late competition without having adverse effects on any of Applicant’s other banking subsidiaries, and any competing bank. that the use of the Blue Banner Account card is During the course of its consideration of this for identification purposes only. application the Board has received comments from Accordingly, the Board concludes that affiliation Protestants which contend that affiliation of Appli­ of Bank with Applicant will not contravene Mis­ cant with Bank would contravene Missouri’s Stat­ souri’s statute prohibiting branch banking. Based ute prohibiting branch banking. The facts of record on these and other facts of record, the Board indicate that Bank will be a separate corporation, further concludes that Applicant is a “traditionally with its own capital stock and a loan limit based recognized bank holding company which, with its on such capital stock; that Bank will be managed own capital, invests in or buys the stock of by its own officers; that Bank’s board of directors banks,” Whitney National Bank v. Bank of New will be generally separate and independent from Orleans, 323 F. 2d 290 (D.C. Cir. 1963), rev'd the boards of Applicant and of Applicant’s sub­ on other grounds, 379 U.S. 411 (1965). sidiaries; and that Bank will maintain its own The financial condition, management, and pros­ separate books of account, issue its own distinctive pects of Applicant and its subsidiary banks are checks, and use its own stationery. Applicant regarded as satisfactory. Bank has no operating states that no officers or employees of its other financial history. It will open with satisfactory capital. Its prospects are favorable and the banking 'All banking data are as of June 30, 1973, and reflect bank factors are consistent with approval. Consid­ holding company formations and acquisitions approved by the erations relating to the convenience and needs of Board as of January 31, 1974. the community to be served lend some weight 2Between 1960 and 1970 the population in Jefferson City toward approval as Bank will provide an additional increased by 14.8 per cent as compared with a Statewide increase of 8.3 per cent. source of full banking services. It is the Board’s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN □ MARCH 1974 judgment that consummation of the proposed ac­ Applicant controls one bank, The Citizens and quisition would be in the public interest and that Southern National Bank of South Carolina the application should be approved. (“Bank”), which is the second largest bank in On the basis of the record, the application is South Carolina, with total deposits of $481 million approved for the reasons summarized above. The representing 12.5 per cent of the total deposits in transaction shall not be consummated (a) before commercial banks in the State. the thirtieth calendar day following the effective Although Bank has performed certain consulting date of this Order or (b) later than three months services for nonaffiliated banks as part of its cor­ after the effective date of this Order, and (c) United respondent services, such services have not been Missouri Bank of Jefferson City, Jefferson City, provided on an explicit fee basis. Further, bank Missouri, shall be opened for business not later holding companies have not heretofore been per­ than six months after the effective date of this mitted to engage in the activity of providing man­ Order. Each of the periods described in (b) and agement consulting advice for nonaffiliated banks. (c) may be extended for good cause by the Board, Accordingly, Applicant’s entry into this activity or by the Federal Reserve Bank of Kansas City through a de novo Company would have no ad­ pursuant to delegated authority. verse effect on either existing or potential compe­ By order of the Board of Governors, effective tition. In fact, it is expected that Applicant’s de February 28, 1974. novo entry into this industry should have a procompetitive effect by increasing the number of Voting for this action: Chairman Burns and Governors firms offering this specialized consulting advice. Mitchell, Daane, Brimmer, Sheehan, Bucher, and Holland. Further, by providing this advice on an explicit (Signed) Chester B. Feldberg, fee basis instead of as a correspondent banking [seal] Secretary of the Board. service, client banks will now be able to more accurately analyze the cost of such services and ORDER UNDER SECTION 4 OF may be able to more efficiently allocate their funds. BANK HOLDING COMPANY ACT There is no evidence in the record indicating THE CITIZENS AND SOUTHERN that consummation of the proposed transaction CORPORATION, would result in any undue concentration of re­ CHARLESTON, SOUTH CAROLINA sources, unfair competition, conflicts of interest, unsound banking practices, or other adverse ef­ Order Approving Acquisition of Bank fects. Management Advisory Services, Inc. Based upon the foregoing and other consid­ The Citizens and Southern Corporation, erations reflected in the record, the Board has Charleston, South Carolina, a bank holding com­ determined that the balance of the public interest pany within the meaning of the Bank Holding factors the Board is required to consider under § Company Act, has applied for the Board’s ap­ 4(c)(8) is favorable. Accordingly, the application proval, under § 4(c)(8) of the Act and § is hereby approved. This determination is subject 225.4(b)(2) of the Board’s Regulation Y, to ac­ to the conditions set forth in § 225.4(c) of Regu­ quire all of the voting shares of Bank Management lation Y and to the Board’s authority to require Advisory Services, Inc., Charleston, South Caro­ such modification or termination of the activities lina (“Company”), a company to be formed to of a holding company or any of its subsidiaries engage in the activity of providing consulting as the Board finds necessary to assure compliance advice to nonaffiliated banks in Applicant’s trade with the provisions and purposes of the Act and area with respect to auditing, investment, opera­ the Board’s regulations and orders issued tion, personnel training and selection procedures. thereunder, or to prevent evasion thereof. The transaction shall be made not later than Such activity has been determined by the Board, three months after the effective date of this Order, by concurrent action of this date, to be closely unless such period is extended for good cause by related to banking (12 CFR 225.4(a)(12)). the Board or by the Federal Reserve Bank of Notice of the application, affording opportunity Richmond. for interested persons to submit comments and By order of the Board of Governors, effective views on the public interest factors, has been duly February 26, 1974. published (38 Federal Register 133). The time for filing comments and views has expired, and none Voting for this action: Vice Chairman Mitchell and Gover­ has been timely received. nors Sheehan, Bucher, and Holland. Voting against this action: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 227 Governor Brimmer. Absent and not voting: Chairman Burns pany would be presumed to exist.4 One of these and Governor Daane. presumptions states that: (Signed) Chester B. Feldberg, [seal] Secretary of the Board. wit A h c a o m ba p n a k n y o r th a o t t h e e n r t e c r o s m in p t a o n a y n y . a . gr . ee su m c e h n t a s o r a u n m d a e n rs a t g a e n m di e n n g t contract, pursuant to which the company or any of its subsidi­ aries exercises significant influence with respect to the general management or overall operations of the bank or other company Dissenting Statement of presumably controls such bank or other company.5 Governor Brimmer This regulation closely follows a 1959 Board opinion which held that the Act prohibited a bank I would deny this application. holding company from entering into management This is the first application approved by the contracts with nonsubsidiary banks.6 In issuing Board that permits a bank holding company to this opinion the Board stated that: provide management consulting advice to nonaffiliated banks. Upon approval of this appli­ While this conclusion is required, in the Board’s opinion by the language of the statute, it may be noted further that cation, The Citizens and Southern Corporation will any other conclusion would make it possible for a bank holding be able to advise banks outside of its holding company or any other corporation, through arrangements for company system on how to manage their banking the “managing” of banks in the manner here involved, to acquire effective control of banks without acquiring bank stocks business. In my opinion, allowing bank holding and thus to evade the underlying objectives of section 3 of companies to provide management consulting ad­ the Act. vice to nonsubsidiary banks is contrary to the I agree with this conclusion and believe that per­ purposes of the Act, in conflict with the Board’s mitting bank holding companies to give manage­ regulations, and not in the public interest. ment advice to nonaffiliated banks subverts the The Bank Holding Company Act of 1956 purposes of the Act and conflicts with the above- (“Act”) was enacted to provide adequate safe­ mentioned precedents of the Board. guards against undue concentration of control of Before authorizing bank holding companies to banking activities and to regulate the expansion engage in activities closely related to banking, of bank holding companies.1 Accordingly, the Act section 4(c)(8) of the Act requires the Board to requires bank holding companies to obtain the consider whether the performance of such activity Board’s prior approval before acquiring direct or “can reasonably be expected to produce benefits indirect ownership or control of more than five to the public, such as greater convenience, in­ per cent of the voting shares of a bank. creased competition, or gains in efficiency, that The 1956 Act defined a bank holding company outweigh possible adverse effects, such as undue as a company that (1) owned 25 per cent or more concentration of resources, decreased or unfair of the voting shares of two or more banks or (2) competition, conflicts of interest or unsound bank­ controlled in any manner the election of a majority ing practices.” (Emphasis added.) Bank holding of directors of two or more banks. When Congress companies should be prohibited from providing amended the Act in 1970, it recognized that a management consulting advice to nonaffiliated company could control a bank without owning 25 banks since the possible adverse effects to the per cent of its voting shares.2 Congress amended public interest clearly outweigh any possible pub­ the definition of bank holding company to include lic benefits. a company that directly or indirectly exercises a Allowing bank holding companies to offer bank controlling influence over the management or po­ management consulting advice provides an atmos­ licies of a bank.3 This new provision gave the phere conducive to anticompetitive practices. For Board broader latitude in which to exercise its example, if a bank holding company consultant regulatory jurisdiction in carrying out the purposes were to advise its client banks to charge certain of the Act. In implementing the new “controlling interest rates on particular types of loans, it may influence” provision of the Act, the Board adopted be questioned whether such advice was based on regulations which set forth circumstances under an objective analysis rather than a plan to limit which control of a bank by a bank holding com­ competition. lSenate Report No. 1095, 84th Cong., 1st Sess., p. 1 (1955). 4Section 225.2(b) of Regulation Y (12 CFR 225.2(b)). -Senate Report No. 1084, 91st Cong., 2d Sess., p. 6 (1970). 5Section 225.2(b)(3) of Regulation Y (12 CFR 225.2(b)(3)). "Section 2(a)(2)(C) of the Act (12 U.S.C. 1841(a)(2)(C)). 612 CFR 225.1 13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN □ MARCH 1974 This activity also raises serious conflict of inter­ consultants to advise client banks to undertake est considerations. It is expected that banks would ventures with undue risk and thereby result in seek advice from a bank holding company con­ unsound banking practices. sultant in order to obtain more expert or more Against these many possibilities for adverse objective advice. It is difficult to predict whether effects on the public interest there are few, if any, such objectivity would continue where a bank benefits. Perhaps the provision of management holding company was considering the acquisition consulting advice by bank holding companies of an additional bank in a new banking market might result in some gains in efficiency. Banks and a client bank requested advice from the hold­ that previously obtained such advice as a corre­ ing company on whether it should expand into the spondent banking service may now be able to same banking market. The possibilities for such calculate more precisely the cost of such services conflicts of interest are at least as serious as those and thereby make more efficient use of their funds. mentioned by the Board when it decided general It is also possible that client banks may ultimately management consulting was an impermissible ac­ provide more convenient services to their custom­ tivity for bank holding companies.7 ers on the basis of the advice they receive from Finally, in requiring bank holding companies to holding company consultants. However, the Act provide consulting advice on an explicit fee basis, requires that benefits reasonably expected to be there is no restriction on bank holding companies produced by engaging in a closely related activity charging on the basis of an increase in a client must outweigh possible adverse effects. In my bank’s earnings over the period of time during judgment, the adverse effects that can arise from which such advice is rendered. Fees charged on permitting bank holding companies to provide this basis could induce bank holding company management consulting advice to nonaffiliated banks clearly outweighs any benefits to the public. For the reasons I have expressed, I would deny this application and prohibit bank holding compa­ 7See application of First Commerce Corporation to acquire nies from providing management consulting ad­ W. R. Smolkin & Associates, Inc., 1972 Federal Reserve Bulletin 674. vice to nonaffiliated banks. ORDERS NOT PRINTED IN THIS ISSUE During February 1974, 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. ORDER UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT— APPLICATION FOR FORMATION OF BANK HOLDING COMPANY Federal Effective Register Applicant Bank date citation Northern Illinois Bancorp, Inc., Louis Joliet Bank, 2/5/74 39 F.R. 5668 Joliet, Illinois Joliet, Illinois 2/14/74 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 229 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 Barnett Banks of Florida, Charlotte County National Bank, 2/19/74 39 F.R. 7996 Jacksonville, Florida Port Charlotte, Florida 3/1/74 Barnett Banks of Florida, First Peoples Bank of Fort 2/4/74 39 F.R. 5533 Jacksonville, Florida Walton Beach, Fort Walton 2/13/74 Beach, Florida Bezanson Investments, Inc., First Trust and Savings Bank, 2/26/74 39 F.R. 8660 and MorAmerica Financial Wheatland, Iowa 3/6/74 Corporation, both of Cedar Rapids, Iowa Cegrove Corporation, Wayne The Ramapo Bank, Wayne 2/25/74 39 F.R. 8387 Township, New Jersey Township, New Jersey 3/5/74 Exchange Bancorporation, Inc., The Exchange Bank of West- 2/19/74 39 F.R. 7997 Tampa, Florida shore, Tampa, Florida 3/1/74 First International Bancshares, Exchange Bank, Houston, 2/5/74 39 F.R. 5665 Inc., Dallas, Texas Texas 2/14/74 The First National Bancorpora­ United States Bank of Grand 2/20/74 39 F.R. 8185 tion, Inc., Denver, Colorado Junction, Grand Junction, 3/4/74 Colorado Landmark Banking Corporation First National Bank of Sunrise, 2/11/74 39 F.R. 6151 of Florida, Fort Lauderdale, Sunrise, Florida 2/19/74 Florida Northwest Ohio Bancshares, The Cygnet Savings Bank 2/11/74 39 F.R. 6152 Inc., Toledo, Ohio Company, Cygnet, Ohio 2/19/74 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 C.I.T. Financial Corporation, Fair Finance Company, Santa 2/6/74 39 F.R. 5665 New York, New York Barbara, California 2/14/74 First Bancorp, Inc., First Bancorp Insurance Com­ 2/15/74 39 F.R. 7493 Corsicana, Texas pany, Corsicana, Texas 2/26/74 The First National Bancorpora­ The Security Agency, Sterling, 2/8/74 39 F.R. 5666 tion, Inc., Denver, Colorado Colorado 2/14/74 The First National Bancorpora­ Steamboat Springs Agency, 2/27/74 39F.R. 8662 tion, Inc., Denver, Colorado Steamboat Springs, Colorado 3/6/74 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN □ MARCH 1974 ORDERS ISSUED BY FEDERAL RESERVE BANKS During January or February 1974, applications were approved by the Federal Reserve Banks under delegated authority as listed below. The orders have been published in the Federal Register, and copies of the orders are available upon request to the Reserve Bank. ORDERS UNDER SECTION 3(a)((3) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR ACQUISITION OF BANK Federal Effective Register Applicant Bank(s) Reserve Bank date citation Allied Bancshares, Inc., Citizens Bank, Kilgore, Dallas 2/1/74 39 F.R. 5531 Houston, Texas Texas 2/13/74 Allied Bancshares, Inc., Memorial Bank, Houston, Dallas 1/3/74 39 F.R. 5532 Houston, Texas Texas 2/13/74 First at Orlando Corpora­ Florida State Bank of Tal­ Atlanta 2/26/74 39 F.R. 8767 tion, Orlando, Florida lahassee, Tallahassee, 3/7/74 Florida United Missouri Bancshares, The First National Bank of Kansas City 2/19/74 39 F.R. 8968 Inc., Kansas City, Milan, Milan, Missouri 3/7/74 Missouri ORDER UNDER BANK MERGER ACT— APPLICATION TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS Federal Reserve Effective Register Applicant Bank Bank date citation Valley Bank of New York, United National Bank of New York 2/4/74 39 F.R. 5665 Valley Stream, New York Long Island, Forest 2/14/74 Hills, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF MR. WALLICH AS A LETTER TO CONGRESS MEMBER OF THE BOARD OF GOVERNORS The attention of interested readers is directed to President Nixon on January 11, 1974, announced a letter dated February 20, 1974, from Professor his intention to appoint Henry C. Wallich as a Milton Friedman to Senator William Proxmire member of the Board of Governors of the Federal concerning the conduct of monetary policy. Dr. Reserve System. Mr. Wallich’s appointment was Friedman’s letter, commenting on a letter sent to subsequently confirmed by the Senate on February Senator Proxmire by Chairman Arthur F. Burns 8 and his oath of office was administered by on November 6, 1973, will be printed in the record Chairman Burns in the Board Room on March 8. of hearings of the Joint Economic Committee on The text of the White House announcement the Economic Report of the President, Ninety-Third follows. Congress, Second Session. The hearing record will also contain a copy of Chairman Burns’ letter to The President announced his intention to nominate Henry C. Wallich, of New Haven, Senator Proxmire, which prompted Professor Connecticut, to be a member of the Board Friedman’s comments. Copies of the printed hear­ of Governors of the Federal Reserve System ings may be obtained from the Joint Economic for a term of 14 years from February 1, Committee. 1974. He will succeed J. Dewey Daane, who has held the position since November 14, 1963, and whose term expired January 31, CHANGES IN BOARD STAFF 1974. Dr. Wallich has taught at Yale University The Board of Governors has announced the fol­ since 1951 and is currently serving as the lowing promotions, effective March 13, 1974: Seymour H. Knox Professor of Economics Charles L. Hampton from Associate Director to at Yale. He was a member of the Council Director of the Division of Data Processing, and of Economic Advisers from 1959 to 1961 Henry W. Meetze from Assistant Director to As­ and was Assistant to the Secretary of the Treasury from 1958 to 1959. He was with sociate Director, Division of Data Processing. the Federal Reserve Bank of New York from 1941 to 1951. Since 1969 he has also been FEDERAL OPEN MARKET COMMITTEE MINUTES a senior consultant to the Department of the Treasury. The Federal Reserve has announced that minutes He was born on June 10, 1914, in Berlin, of discussions and actions at the meetings of Germany. Dr. Wallich attended Munich the Federal Open Market Committee during 1968 University and Oxford University. He re­ ceived his M.A. from New York University are being transferred to the National Archives. in 1939 and his Ph.D. from Harvard Uni­ These minutes are contained in approximately versity in 1941. He became a U.S. citizen 1,500 pages of typed material. Their transfer has in 1944. From 1933 to 1939 he was with been arranged on the understanding that the Na­ several banks and businesses in South tional Archives will make them available for America and New York, New York. Dr. Wallich has been a columnist with inspection by interested persons under its usual Newsweek magazine since 1965 and is the rules and procedures. author of several books. He served as U.S. Similar records for earlier years are already Representative on the United Nations Ex­ available at the National Archives on the same perts Panel on Economic Consequences of the Arms Race during 1971-72. Dr. Wallich basis; minutes of the Committee for 1936 through is a member of the Board of Directors of 1960 were transferred in 1964, those for 1961 were the Phoenix Mutual Life Insurance Com­ transferred in 1967, those for 1962 through 1965 pany, United Illuminating Company, and the were transferred in 1970, those for 1966 were Lionel Edie Capital Fund. transferred in 1972, and those for 1967 were He is married to the former Mable Inness Brown. They have two daughters and one transferred last year. The National Archives will son and reside in New Haven, Connecticut. furnish complete microfilm copies of these earlier 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN □ MARCH 1974 minutes for a fee, and will be prepared later to At the same time, the Board issued an interpre­ furnish similar copies of the 1968 minutes. tation defining terms and illustrating the intended Copies of the minutes for 1968 also will be scope of the management consulting activity. (See made available later for public inspection at the Law Department.) Board’s offices in Washington and at each Federal The Board had previously held that while a bank Reserve Bank and Branch, the same procedure holding company can by statute perform serv­ followed with respect to earlier records. Mean­ ices—including management consulting serv­ while, a work copy is available for inspection at ices—for its affiliated banks, a bank holding com­ the Board’s offices, and another at the Federal pany may not engage in general management con­ Reserve Bank of New York. sulting. The present ruling permits management Release of the minutes from 1962 on has pre­ consulting advice to be furnished to banks not sented special problems involving international affiliated with the company. In performing this financial relationships, an area in which Federal activity, however, bank holding companies may Reserve activity has increased considerably in re­ not perform tasks or operations or provide services cent years. As in the case of the 1962-67 minutes, to client banks either on a daily or a continuing a number of passages have been deleted from the basis. The scope of management services to 1968 minutes, with a footnote in each case indi­ affiliated banks is not affected. cating the general nature or subject of the deleted matter. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE AMENDMENT OF REGULATION Y FEDERAL RESERVE SYSTEM The Board of Governors announced on February The following bank was admitted to membership 26, 1974, that it is adding to the list of activities in the Federal Reserve System during the period permissible for bank holding companies the provi­ February 16, 1974, through March 15, 1974: sion of certain kinds of management consulting advice, under specified conditions, to banks not Virginia affiliated with the holding company. Culpeper ................... New Bank of Culpeper Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production Released for publication March 15 Industrial production declined by an estimated 0.6 INDUSTRIAL PRODUCTION SEASONALLY ADJUSTED, RATIO SCALE, 1967=100 per cent in February, following a decrease of 0.7 per cent in January. The total index at 124.8 per cent was 2.1 per cent below the November high but still 1.1 per cent above a year earlier. About half the February decline resulted from additional curtailments of output in the auto and automotivesupplying industries. Production of electricity for residential and commercial use also was a little lower. Auto assemblies declined 4 per cent further in 1968 1970 1972 1974 February and were at an annual rate of 6.6 million _ CONSUMER GOODS: units. This rate was down about one-third from ''u. - ; last year’s level and was apparently below the rate ~ ^ NONDURABUE^^.^^ of auto dealer deliveries in February as well as ^ V /^ /iDURAbJe January. Output of home goods in February was maintained at advanced levels, but production of _ 1. L 'i. 1.. nondurable consumer goods declined somewhat further. Business equipment output remained in Febru­ ary at the somewhat reduced January level. Pro­ duction of industrial and commercial machinery and motor trucks has shown little further expansion F.R. indexes, seasonally adjusted. Latest figures: February. since last autumn following a rapid expansion earlier last year and in 1972. Output of defense Technical note.—About one-third of the in­ and space equipment has continued to show little dustrial production index is based on electric change over the past year. power consumption data, adjusted for changes in Production of industrial materials also declined output per kilowatt hour. On that basis, changes somewhat further in February, reflecting mainly in production have shown little difference over the reduction in the auto-supplying industries. Output past 3 months when compared with estimates made of steel, nonferrous materials, and most materials on the basis of manhour data—the method used in the nondurable goods industries continued at prior to the 1971 revision of the industrial produc­ capacity rates in February. tion index. Seasonally adjusted Per cent Per cent changes, annual rate 1967 = 100 changes from— Industrial production 1973 1974 1973 Month Year ago ago Dec/ Jan.p Feb.e Q2 Q3 Q4 Total ..................................................... 126.5 125.6 124.8 - .6 1.1 5.5 6.1 .9 Products, total .............................................. 123.9 122.9 122.3 - .5 .7 5.3 3.9 1.3 Final products ........................................... 122.1 120.8 120.1 - .6 .7 5.0 4.3 2.6 Consumer goods .................................. 130.7 128.9 128.0 - .7 -1.7 3.7 1.8 .6 Durable goods ................................ 133.7 129.8 128.1 -1.3 -7.0 9.3 - 8.8 -4.8 Nondurable goods ......................... 129.6 128.6 127.8 - .6 .4 1.3 6.6 2.5 Business equipment ........................... 127.3 126.2 125.9 - .2 6.5 10.9 11.2 8.4 Intermediate products ............................ 130.7 130.5 130.8 .2 1.0 4.6 4.0 -3.2 Construction products ....................... 135.0 136.0 136.0 0 4.4 7.4 6.9 -1.6 Materials ......................................................... 130.9 130.1 129.0 - .8 1.8 7.0 8.4 .6 rRevised. p Preliminary. eEstimated. 233 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

FEDERAL RESERVE BULLETIN □ MARCH 1974 U.S. STATISTICS—Continued A 58 Industrial production A 62 Business activity A 62 Construction A 64 Labor force, employment, and earnings A 66 Consumer prices A 66 Wholesale prices A 68 National product and income A 70 Flow of funds INTERNATIONAL STATISTICS: A 72 U.S. balance of payments A 73 Foreign trade A 74 U.S. gold transactions A 75 U.S. reserve assets; position in the IMF A 76 International capital transactions of the United States A 91 Foreign exchange rates A 92 Central bank rates A 93 Open market rates; arbitrage on Treasury bills A 94 Gold reserves of central banks and governments A 95 Gold production TABLES PUBLISHED PERIODICALLY: Banking and monetary statistics, 1973: A 96 Money market rates A 97 Bond and stock yields A 98 Member bank reserves, Federal Reserve Bank credit, and related items A 100 Reserves and borrowings of member banks A 101 Assets and liabilities of large commercial banks A 106 “Term” commercial and industrial loans of large commercial banks A 106 Commercial and industrial loans of large commercial banks A 109 Loans sold outright by commercial banks A 117 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 N.S.A. Monthly (or quarterly) figures not adjusted e Estimated for seasonal variation c Corrected IPC Individuals, partnerships, and corporations P Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds I, II, U Uses of funds III, IV Quarters * Amounts insignificant in terms of the par­ n.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 A.R. Annual rate when the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) also include not fully guaranteed issues) as well as direct a negative figure, or (3) an outflow. obligations of the Treasury. “State and local govt.” A heavy vertical rule is used in the following in­ also includes municipalities, special districts, and other stances: (1) to the right (to the left) of a total when political subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals that total (totals separated by ordinary rules include because of rounding. more components than those shown), (2) to the right The footnotes labeled Note (which always appear (to the left) of items that are not part of a balance sheet, last) provide (1) the source or sources of data that do (3) to the left of memorandum items. not originate in the System; (2) notice when figures “U.S. Govt, securities” may include guaranteed are estimates; and (3) information on other charac­ issues of U.S. Govt, agencies (the flow of funds figures teristics of the data. TABLES PUBLISHED SEMIANNUALLY OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Sales, revenue, profits and divi­ Banks and branches, number, dends of large manufacturing by class and State .........................Apr. 1973 A-96—A-97 corporations ................................ Dec. 1973 A-96 Semiannually Flow of funds: Assets and liabilities: Banking offices: 1961-72 ......................................Sept. 1973 A-71.14—A-71.28 Analysis of changes in number Feb. 1974 A-98 On, and not on. Federal Reserve Flows: Par List, number ................... Feb. 1974 A-99 1961-72 ......................................Sept. 1973 A-70—A-71.13 Annually Income and expenses: Federal Reserve Banks ................Feb. 1974 A-96—A-97 Bank holding companies: Insured commercial banks ...........May 1973 A-96—A-97 List, Dec. 31, 1971 ................. June 1972 Member banks: Banking offices and deposits of Calendar year .............................May 1973 A-96—A-105 group banks, Dec. 31, 1972 June 1973 A-102—A-104 Income ratios .............................May 1973 A-106—A-111 Operating ratios ........................June 1973 A-96—A-101 Banking and monetary statistics: 1973.............................................. Mar. 1974 A-96—A-109 Stock market credit.............................Jan. 1974 A-96—A-97 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases Dec. 1973 A-104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ MARCH 1974 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 Total B o ou u g t­ ht r u c H e n h p e d a l u s e d r e r ­ Loans Float 2 as O F se t . h R ts e . r 3 Total 4 stock c a e R r c t c i i g o fi h u c t a n s t t e r st e o i a n u n n c g t y d ­ ­ right agree­ ment Averages of daily figures 1939—Dec............................. 2 510 2,510 8 83 2,612 17,518 2,956 1941—Dec............................. 2,219 2,219 5 170 2,404 22’,759 3,239 1945—Dec............................. 23,708 23,708 381 652 24,744 20,047 4,322 1950—Dec............................. 20,345 20,336 9 142 1,117 21,606 22,879 4,629 I960—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—Dc 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—De c 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 Peb.............................. 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 1,467 2,933 1,122 83,643 10,933 400 8,613 Nov.......................... 78,457 77,937 520 1,399 2,763 1,078 83,755 11,567 400 8,642 Dec............................. 79,701 78,833 868 1,298 3,414 1,079 85,642 11,567 400 8,668 1974—Ja n 80,793 80,608 185 1,044 3,385 1,258 86,568 11,567 400 8,705 Feb.*7.......................... 80,801 80,551 250 1,187 2,245 1,117 85,439 11,567 400 8,747 Week ending— 1973—Dec. 5..................... 79,532 78,232 1,300 1,475 2,500 942 84,569 11,567 400 8,661 12..................... 78,727 78,036 691 1,303 2,580 963 83,673 11,567 400 8,666 19..................... 79,571 78,752 819 1,488 3,353 1,037 85,577 11,567 400 8,668 26..................... 80,087 79,242 845 1,039 4,684 1,229 87,260 11,567 400 8,672 1974—Jan. 2..................... 80,851 80,238 613 1,210 4,073 1,204 87,499 11,567 400 8,682 9..................... 80,880 80,671 209 776 4,399 1,232 87,397 11,567 400 8,683 16..................... 80,762 80,690 72 988 3,639 1,211 86,670 11,567 400 8,691 23..................... 80,309 80,202 107 1,182 3,208 1,271 86,036 11,567 400 8,723 30..................... 81,088 80,713 375 1,220 2,149 1,329 85,876 11,567 400 8,726 Feb. 6..................... 80,407 80,213 194 998 2,185 1,362 85,037 11,567 400 8,731 13..................... 80,678 80,451 227 1,153 2,268 1,462 85,645 11,567 400 8,747 20*................... 81,535 80,953 582 1,377 2,303 869 86,197 11,567 400 8,750 27*................. 80,577 80,577 1,255 2,445 828 85,176 11,567 400 8,756 End of month 1973—De c 80,495 8 80,395 100 1,258 3,099 1,152 86,072 11,567 400 8,716 1974—Ja.................................n 80,167 8 80,167 961 2,226 1,329 84,751 11,567 400 8,740 Feb.*.......................... 80,238 9 80,238 721 2,298 958 84,284 11,567 400 8,756 Wednesday 1973—Dec. 5..................... 79,639 8 78,203 1,436 687 3,883 970 85,357 11,567 400 8,664 12..................... 78,206 9 77,590 616 1,581 3,097 1,056 84,039 11,567 400 8,668 19..................... 81,965 8 79,223 2,742 1,569 5,198 1,063 90,035 11,567 400 8,668 Dec. 26..................... 76,740 9 76,740 481 5,597 1,964 84,843 11,567 400 8,675 1974—Jan. 2..................... 82,641 8 80,667 1,974 990 5,871 1,202 90,974 11,567 400 8,677 9..................... 79,232 9 77,312 1,920 2,104 4,788 1,444 87,633 11,567 400 8,685 16..................... 81,175 8 80,671 504 1,234 4,402 1,310 88,229 11,567 400 8,720 23..................... 81,251 8 80,501 750 2,666 3,133 1,294 88,419 11,567 400 8,723 30..................... 81,922 8 80,742 1,180 1,600 2,380 1,373 87,425 11,567 400 8,729 Feb. 6..................... 79,719 9 77,830 1,889 856 2,980 1,469 85,093 11,567 400 8,733 13..................... 82,300 8 80,712 1,588 2,500 2,016 1,543 88,530 11,567 400 8,749 20*................... 83,595 8 81,047 2,548 1,062 2,667 790 88,373 11,567 400 8,753 27*................... 80,548 9 80,548 1,195 2,209 847 84,868 11,567 400 8,756 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 participa­ liabilities 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

MARCH 1974 □ BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank Cur­ reserves, Other reserves Period or date r c e i i n n r c ­ y T c u r a e r s a y h s­ with F.R. Banks O F a t . h c R ­ e . r b F i l l . i i R a ti ­ e . s c t u io la n ­ h in o g ld s ­ Tr u e r a y s­ F ei o g r n ­ Other 2,5 counts 3 ca a p n it d a l 3 B W F a . n R it k h . s c r C a e o n n u in d c r y ­ 6 Averages of daily figures 7,609 2,402 616 1219 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. 66,060 350 1,449 272 631 2,362 24,830 6,095 31,353 .....................1972—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 5 752 2,866 28,457 6,371 34,912 ....................................Oct. 69,927 340 1,772 522 5 689 2,854 28,260 6,383 34,727 ....................................Nov. 71,646 323 1,892 406 5 717 2,942 28,352 6,635 35,068 ....................................Dec. 70,962 349 2,488 427 5 713 2,904 29,396 7,192 36,655 .......................1974—Jan. 70,411 342 2,972 293 5 682 2,932 28,520 6,603 35,190 ......................................Feb.? Week ending— 70,493 334 1,884 440 5 670 2,958 28,418 6,400 34,902 .............................Dec. 5 71,229 315 1,597 297 5 651 2,769 27,448 6,912 34,444 ........................... 12 71,682 307 1,654 397 5 674 2,923 28,574 6,545 35,203 ......................................19 72,233 328 2,228 531 5 694 3,047 28,838 6,508 35,430 .......................................26 72,470 331 2,254 331 5 978 2,977 28,808 6,781 35,656 ...............1974—Jan. 2 71,855 329 2,344 544 5 699 2,776 29,499 6,730 36,296 ........................................9 71,214 350 2,170 318 5 706 2,850 29,719 7,916 37,702 ..............................Jan. 16 70,581 363 2,351 398 5 709 2,959 29,364 7,179 36,610 .....................................23 69,931 359 3,099 494 5 646 3,059 28,981 7,091 36,139 ......................................30 69,935 349 3,084 306 5 689 2,947 28,424 6,984 35,475 ..............................Feb. 6 70,500 343 3,431 256 5 664 2,806 28,360 6,921 35,348 .....................................13 70,686 334 2,844 327 5 682 2,950 29,092 6,234 35,393 .....................................20p 70,438 344 2,651 260 5 690 3,031 28,485 6,333 34,885 ......................................27p End of month 72,497 317 2,542 251 5 1,419 2,669 27,060 6,781 33,908 .....................1974—Dec. 69,880 344 2,844 392 5 657 3,101 28,241 6,984 35,292 .......................1974—Jan. 70,469 334 2,016 542 5 679 3,091 27,876 6,571 34,514 .....................................Feb .p Wednesday 70.977 333 1,705 369 5 716 2,720 29,169 6,400 35,653 ..............................Dec. 5 71,711 335 1,524 297 5 632 2,801 27,374 6,912 34,370 .....................................12 72,123 303 2,092 283 5 670 2,986 32,212 6,545 38,841 .....................................19 72,743 321 2,716 729 5 593 3,021 25,361 6,508 31,936 ..............................Dec. 26 72,457 330 1,985 309 5 713 2,758 33,067 6,781 39,915 ...............1974—Jan. 2 71,679 356 2,880 543 5 705 2,777 29,344 6,730 36,141 ..................................... 9 71,086 370 1,851 239 5 650 2,948 31,772 7,916 39,755 ....................................16 70,380 368 2,898 713 5 693 3,001 31,056 7,179 38,302 .....................................23 69,977 370 3,013 485 5 668 3,103 30,505 7,091 37,663 .....................................30 70,393 342 3,119 232 5 740 2,750 28,218 6,984 35,269 ..............................Feb. 6 70,810 343 2,987 258 5 700 2,912 31,236 6,921 38,224 ...............................13 70,836 335 2,863 342 5 655 3,014 31,047 6,234 37,348 .....................................20p 70,572 352 2,337 273 5 767 3,057 28,233 6,333 34,633 .....................................27 p 6 Part allowed as reserves Dec. 1^19^9—Nov. 23, 1960; all allowed million; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning thereafter. Beginning with Jan. 1963, figures ate estimated except for 1974 Ql, $67 million. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 8 Includes securities loaned—fully secured by U.S. Govt, securities of-business figures for reserve period 2 week$ 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 included are (beginning with first statement week of quarter): Ql, $279 For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AND RELATED ITEMS □ MARCH 1974 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks2 Reserves Borrowings Drk City City of Chicago Other Re­ Excess1 Total Sea­ Borrow­ Excess |Borrow­ Excess rowquired sonal ings ! ings igs 6,462 5,011 3 2,611 540 1,188 3 9,422 3,390 5 989 295 1,303 4 14.536 1,491 334 48 192 14 418 46 16,364 1,027 142 125 58 8 5 232 29 18,527 756 87 29 19 4 8 100 40 22,267 452 454 41 111 15 23 67 92 24,915 345 238 18 40 8 13 50 80 26,766 455 765 100 230 15 85 90 180 27,774 257 1,086 56 259 18 27 6 321 28,993 272 321 34 25 7 4 42 28 31,164 165 107 25 35 1 8 -35 42 31,134 219 1,049 -20 301 13 55 -42 264 31.537 205 1,593 -13 324 105 -33 471 31,678 295 1,858 72 176 -6 102 7 723 32,125 152 1,721 5 38 146 8 9 -111 738 32,275 118 1,786 30 -35 110 6 12 -65 783 31,969 59 1,789 77 -62 145 -4 28 -78 712 33,199 343 2,051 124 144 135 22 67 -23 994 33,539 246 2,143 163 37 109 -7 53 6 ,227 33,782 237 1,861 147 -7 115 24 62 31 972 34,712 200 1,467 126 11 74 1 54 -11 750 34,523 204 1,399 84 27 180 -24 28 -19 598 34,806 262 1,298 41 -23 74 43 28 28 435 36,419 236 1,044 18 65 135 -44 17 343 35,049 141 1,187 17 1 87 -19 18 -44 445 "31,686 '•118 1,232 -78 221 -7 16 -51 411 '■31,622 r187 '•1,992 -1 709 17 178 -74 440 r31,533 505 r1,670 156 155 11 104 47 r483 r31,305 '•-21 rl,479 -128 211 -21 121 -74 r550 33,552 499 2,095 141 266 12 88 -5 ,222 33,381 74 2,006 158 -40 90 24 41 -68 ,134 33,511 316 1,914 148 24 50 -3 54 21 ,154 33,558 42 2,133 163 -24 172 2 36 -84 ,213 33,673 123 2,561 185 -47 137 -21 68 2 ,408 33.644 477 2,363 168 201 143 29 117 ,304 33,401 124 1.488 145 -46 32 -5 20 846 33,724 136 1,704 139 -4 91 3 15 840 34,070 74 2,189 150 -21 217 27 127 990 34,220 452 1,519 144 88 43 7 41 130 972 34,395 400 1,351 131 128 43 1 9 10 764 35,106 -91 1.169 120 -158 26 -9 58 -81 565 34,741 370 1,912 125 131 185 7 66 40 760 34,817 131 1,455 119 -69 72 30 81 1 829 34;360 265 1.170 93 102 192 -54 12 583 r34,725 fl46 1,521 80 -92 262 61 r29 r482 34,706 384 1,572 85 111 224 2 15 65 708 34,343 85 1,287 84 -56 94 -13 28 -33 624 34,456 446 1,475 57 168 15 11 29 575 34,472 -28 1,303 45 137 102 -23 11 -37 421 34,892 311 1.488 40 173 163 29 -34 488 34,958 472 1,039 35 106 30 81 363 35.268 388 1,210 31 80 140 -6 141 24 330 36,210 86 776 19 2 271 -47 44 -96 287 37,374 328 988 20 59 45 16 27 262 36,693 -83 1,182 13 -114 183 -12 -110 344 35,880 259 1,220 17 104 20 -57 15 467 35,351 124 998 18 -123 14 34 504 35,054 294 1,153 15 144 92 -23 56 -34 420 35.269 124 1,377 20 -34 257 -68 -32 396 34.644 241 1,255 16 44 -22 13 52 466 Sov. 15, 1972, includes $450 million of parallel the previous “Reserve city” and “Coi tively . Banks are allowed to waive penalties (hence the series are continuous over time). >n with bank adaptation to Regulation J . Beginning 1973, allowable deficiencies Note.—Monthly and weekly data are ave dthin statement week of quarter): Ql, $279 the month or week, respectively. Beginning s are 12 million; Q4 million. Beginning 1974 estimated except for weekly averages. Borrowings at F.R. Banks: Based on closir 'nation of banks as reserve city banks Effective Apr. 19, 1963, the Board’s Regul lendhas been based on size of bank (net ing by Federal Reserve Banks, was revised to 00 million), as described in the Bulletin to meet the seasonal borrowing needs of thei hown here as “Large” and “All other” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ MAJOR RESERVE CITY BANKS A 7 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less- Net- Gross transactions Net transactions Reporting banks week a e n n d ding— s E e x r r v c e e e ­ s s s 1 r a o t B w F o i r n .R - gs . F i b e n N d a t e n e e r t r k a ­ l S d u e r o f p i r c l i u t s r P e e q a r u o v c i g f r e . e n d t c P ha u s r e ­ s Sales t a w t c T r o t o a i - o t n w a n s l a ­ s y 2 b c o P h u f a y u n s i r n e e ­ s t g . s o b S e a f l a l n l n i e n k e s g s t d L ea o t l a o e n r s s3 de f r B i r a n o o o l g w e r m s r ­ ­ s4 lo N a e n t s Banks funds reserves banks trans. Total—46 banks Jan. 2.......... 183 605 13,536 -13,536 89.1 20,164 6,629 5,743 14,421 886 2,732 563 2,169 9........... 21 357 15,414 -15,750 96.1 21,147 5,733 4,787 16,360 946 2,460 420 2,040 16.......... 30 321 17,150 -17,441 102.1 22,323 5,173 4,430 17,894 744 2,329 465 1,864 23.......... -99 420 18,338 -16,857 102.3 21,005 4,667 4.141 16,864 526 2,309 502 1,807 30.......... 18 415 13,483 -13,880 87.7 19,504 6,021 4,773 14,732 1,249 1,919 542 1,377 Feb. 6.......... -57 281 14,210 -14,484 93.4 20,196 5,986 5.141 15,055 794 2,293 636 1,657 13.......... 58 497 15,936 -16,375 105.3 22,068 6,132 4,745 17,323 1,387 2,513 593 1,921 20.......... 39 583 16,046 -16,589 105.2 22,199 6,153 5,145 17,054 1,009 2,260 583 1,678 27.......... 96 487 15,858 -16,249 107.1 21,748 5,890 5,332 16,415 558 15,858 ,557 499 8 in New York City Jan. 2.......... 126 127 4,417 -4,418 69.2 5,560 1,144 1,144 4,416 1,803 343 1,460 9........... 40 230 4,945 -5,135 76.7 5,823 878 878 4,945 1,642 222 1,420 16.......... 23 6,212 -6,189 88.8 6,955 744 744 6,212 1,663 302 1,361 23.......... -70 176 4.624 -4,870 72.7 5,732 748 748 4,625 1,555 308 1,247 30.......... 29 15 3,243 -3,229 50.9 4,582 1,339 1,204 3,378 135 1,263 286 976 Feb. 6.......... -85 3,982 -4,067 65.5 5,099 1,117 1,117 3,982 1,512 327 1,185 13.......... 59 92 5.624 -5,656 90.6 6,456 832 832 5,624 1,672 342 1,330 20.......... 31 257 5,500 -5,726 88,5 6,729 1,229 1,229 5,500 1,376 332 1,043 27.......... 104 5,446 -5,341 87.9 6,352 906 906 5,446 1,504 317 1,187 38 outside New York City Jan. 2. 57 478 9,119 -9,541 102.8 14,604 5,485 4,599 10,005 886 929 220 709 9. -19 127 10,469 -10,615 109.6 15,324 4,855 3,909 11,415 946 819 198 621 16. 321 10,939 -11,252 111.2 15,368 4,430 3,686 11,682 744 667 163 503 23. -30 244 11,713 -11,987 122.6 15,633 3,919 3,393 12,239 526 754 194 560 30. -11 400 10,240 -10,651 112.3 14,922 4,682 3,569 11,354 1,114 657 256 401 Feb. 6. 29 218 10,228 -10,417 112.2 15,097 4,869 4,075 11,022 794 781 309 472 13. -1 405 10,313 -10,719 115.2 15,612 5,300 3,913 11,700 1,387 841 250 591 20. 325 10,546 -10,863 116.9 15,470 4,925 3,916 11,555 1,009 885 250 634 27. 487 10,412 -10,907 119.9 15,396 4,984 4,426 10,970 558 1,053 182 871 5 in City of Chicago Jan. 2. 41 141 3,072 -3,172 202.3 3,870 797 797 3,073 435 436 9. -16 44 3,686 -3,745 216.4 4,607 922 922 3,685 396 396 16. 8 3,984 -3,976 211.3 4,827 843 828 3,999 364 364 23. 15 4,513 -4,498 258.6 5,185 672 672 4,513 382 382 30. -14 4,101 -4,116 251.7 4,830 729 693 4,138 343 343 Feb. 6. 2 4,190 -4,189 268.6 4,981 790 790 4,190 374 374 13. 18 56 4,486 -4,524 281.9 5,118 631 631 4,486 376 376 20. 5 4,289 -4,284 270.5 4,946 657 657 4,289 358 358 27. 4 4,489 -4,485 286.2 5,282 792 792 4,489 438 438 33 others Jan. 2. 16 338 6,047 -6,369 82.6 10,735 4,688 3,802 6,932 886 493 220 273 9. -3 84 6,783 -6,870 86.4 10,717 3,933 2,987 7,729 946 423 198 224 16. 321 6,955 -7,276 88.3 10,541 3,586 2,858 7,683 728 302 163 139 23. -44 244 7,201 -7,489 93.2 10,448 3,247 2,721 7,727 526 372 194 178 30. -3 400 6,139 -6,535 83.3 10,092 3,954 2,876 7,216 1,078 314 256 58 Feb. 6. 27 218 6,038 -6,229 80.7 10,116 4,078 3,284 6,832 794 407 309 97 13. -19 350 5,826 -6,195 80.4 10,495 4,668 3,281 7,213 1,387 465 250 215 20. 3 325 6,257 -6,579 85.3 10,524 4,268 3,259 7,266 1,009 527 250 276 27. -13 487 5,923 -6,422 85.3 10,114 4,191 3,634 6,480 558 615 182 434 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 □ MARCH 1974 CURRENT RATES (Per cent per annum) Loans to member banks— Loans to all others under Under Secs. 13 and 13a i Under Sec. 10(b);1 last par. Sec. 133 Federal Reserve Bank R Fe a 1 b t 9 e . 7 4 2 o 8 n , Ef d fe a c t t e ive Pre ra v t io e us F R e a 1 b t 9 . e 7 2 4 o 8 n , Ef d fe a c t t e ive Pr r e a v t i e ous R Fe a 1 b t 9 e . 7 2 4 o 8 n , Eff d e a c t t e ive Pre ra v t io e us Boston.................................................. 7 Vi Aug. 23, 1973 7 8 Aug. 23, 1973 71/2 4 91/2 Aug. 23, 1973 9 New York........................................... m Aug. 14, 1973 7 8 Aug. 14, 1973 71/2 91/2 Aug. 14, 1973 9 Philadelphia........................................ m Aug. 14, 1973 7 8 Aug. 14, 1973 m 9Vi Aug. 14, 1973 9 Cleveland............................................ m Aug. 14, 1973 7 8 Aug. 14, 1973 m 91/2 Aug. 14, 1973 9 Richmond............................................ m Aug. 14, 1973 7 8 Aug. 14, 1973 m 4 91/2 Aug. 14, 1973 9 Atlanta................................................ m Aug. 16, 1973 7 8 Aug. 16, 1973 71/2 4 91/2 Aug. 16, 1973 9 Chicago................................................ m Aug. 14, 1973 7 8 Aug. 14, 1973 71/2 4 91/2 Aug. 14, 1973 9 St. Louis.............................................. 7% Aug. 14, 1973 7 8 Aug. 14, 1973 m 4 91/2 Aug. 14, 1973 9 Minneapolis........................................ m Aug. 14, 1973 7 8 Aug. 14, 1973 71/2 4 9i/2 Aug. 14, 1973 9 Kansas City........................................ m Aug. 14, 1973 7 8 Aug. 14, 1973 71/2 4 91/2 Aug. 14 1973 9 Dallas................................................... 7% Aug. 14, 1973 7 8 Aug. 14, 1973 71/2 4 9i/2 Aug. 14, 1973 9 San Francisco.................................... 71/2 Aug. 14, 1973 7 8 Aug. 14, 1973 71/2 9y2 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 Vi 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........ lVi IV2 1959—Mar. 6................... 21/2-3 3 1970—Nov. 11..................... 534-6 6 16.................... 3 3 13..................... 534-6 5 3/4 1955—Apr. 14...................... lVi-l34 iVi May 29.................... 3 -31/2 31/2 16..................... 5 34 5 3/4 May 1 2 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IVz 1 - 34 IYa 1 iy V4 4 J S u ep n t e . 1 11 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3V 3 i 1 - / 4 2 4 3 Vi Dec. 4 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 51 i/ / 2 2 - - 5 5 3 3/ / 4 4 5 5 V 34 i Aug. 4..................... 134-214 1% 18................... 4 4 11..................... 51/2 5 Vi 1956— S A A N e u p o p g r v t . . . . 2 2 2 3 1 1 1 1 9 0 4 3 1 2 3 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 1 1 3 3 V 1 / / 4 2 2 3 / 4 2 4 4 1 1 - - - - - - / 2 / 2 3 - 3 3 4 2 2 2 1 V 1/ ^ 4 4 4 2 2 2 2 2 2 2 2 3 3 3 1 1 1 3 lA / / / / 4 4 4 2 2 1 1 1 9 9 9 6 6 6 4 3 0 — — — J N J S A u u e o u l p n y v g t e . . . 2 2 3 1 1 1 1 9 6 4 0 3 7 0 4 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 1 3 V / 4 1 3 3 3 2 i 1 1 - - / - - 2 / / 4 2 4 2 3 3 - 1 1 4 / / 2 2 4 4 4 3 3 3 3 3 3 1 1 1 f / / / c 2 2 2 1971— J J F N u a e o n l b y v . . . 2 2 2 1 1 1 1 1 1 8 9 2 5 9 3 6 3 9 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 5 5 3 14 4 4 5 4 4 5 5 3 - - 3 3 - ! - 5 / 5 / 5 4 4 4 5 ' 1 1 1 - - / / 4 5 5 2 4 5 5 5 4 5 5 5 5 5 5 1 1 3 1 / / 4 4 4 4 1957— N Au ov g. . 2 1 9 3 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 31 - - / 3 3 2 1 i/ 4 i 3 3 3 1/2 1 19 9 6 6 5 7 — — D Ap ec r . . 1 7 6 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 41 - - /2 4 4 1 1 / / 2 2 4 4 4 1 1 / / 2 2 Dec. 2 1 1 1 4 7 9 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 1 1 3 / / / 4 4 2 2 V - - 4 4 i 3 3 4 4 4 4 4 4 1 1 3 3 / / 4 4 2 2 1958—J D a e n c . . 2 2 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23^ 3 -3 3 3 Nov. 2 2 1 0 7 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 41 - /2 41/2 4 4 41 1 / / 2 2 1973—J M F a e a n b r . . . 2 1 2 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 - V 5 i 1/2 5 5 5 V V i i Mar. 2 7 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 1 / / 4 4 - - 3 3 2 2 3 * / 4 4 1968—Mar. 2 1 2 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41/ 5 2-5 4 5 Vi A M p a r y . 2 4 3. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 5V 5 i 3 -5 4 34 5 5 3 V /4 i S A A M e p u p a r g y t . . . 2 2 1 1 1 1 3 1 5 8 2 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 l 1 1 3 3 3/ / 4 / 4 2 2 4 1 4 - 1 - - % - / 2 2 2 2 4 3 y /4 4 2 2 2 2 1 i i 1 1 y y 34 / / 4 4 4 4 A A D u p ec r ? . . . 2 2 3 1 1 1 6 0 6 0 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 1 1 / / 5 5 5 4 4 V - V - V - 5 5 5 4 i i 1 1 V / / 2 2 i 5 5 5 5 5 5 1 1 V V V V / / 2 4 i i i i J J A u u u n ly g e . 2 1 1 1 1 1 2 1 3 1 5 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 5 3/ 6 7 6 7 4 1 1 - - - / / 7 2 2 6 6 V V i i 6 6 7 7 7 6 6 V V V V i i i i Oct. 24..................... 2 -21/2 2 1969—Apr. 4................... 51/2-6 6 Nov. 7..................... 21/2 21/2 8................... 6 6 In effect Feb. 28, 1974___ 71/2 7Vi Note.—Rates under Secs. 13 and 13a (as described in table and notes above). For data before 1955, see Banking and Monetary Statistics, 1943, pp. 439-42, and Supplement to Section 12, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAKCH 1974 □ RESERVE REQUIREMENTS A 9 RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS (Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.) Time 3 Net demand 2 (all classes of Net demand 2,4 Time 3 banks) Effective Effective date 1 Reserve city Other Other time date Other time Sav­ 0-2 2-10 10-100 100-400 Over Sav­ Over Over ings Over 400 5 ings Over 0-5 5 0-5 5 0-5 5 0-5 5 6 In effect 1972—Nov. 9. ... 8 10 12 7 16Vi 17 Vi 83 8 3 8 5 Jan 1 1963 161/2 12 A Nov 16.... 13 1966—juiy 14 21 4 4 5 1973—July 19........ IO1/2 121/2 13 Vi 18 Sept. 8, 15 ... 6 1967—Mar. 2......... 31/2 31/2 In effect 3 3 Feb. 28, 1974 8 101/2 12i/i 131/2 18 3 3 5 1968—Jan. 11,18... 161/z 17 12 121/2 1969—Apr. 17........... 17 171/2 121/z 13 1970—Oct. 1............. 5 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 sup­ applies 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 Dec. 27, 1973, member banks are puted on the basis of net balances due from domestic offices to their foreign subject to an 8 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 or more, 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 8 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. Previous requirements have been: 8 per cent 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 and 11 per cent from Sept. 20 to Dec. 26, 1973. For details, see Regulation be eliminated by April 1974. Fcr details, see Regulations D and M and D and appropriate supplements and amendments. appropriate supplements and amendments thereto. 7 The 16 Vi 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 re­ serve 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 □ MARCH 1974 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates July 20, 1966—June 30, 1973 Rates beginning July 1, 1973 Effective date Effective date Type of deposit Type of deposit July 20, Sept. 26, Apr. 19, Jan. 21, July 1, Nov. 1, 1966 1966 1968 1970 1973 1973 Savings deposits................. 4V2 Savings deposits................................................ Other time deposits—i Other time deposits (multiple- and single­ Multiple maturity:2 maturity)— 30-89 days............. 4 4i/2 Less than $100,000 : 90 days to 1 year.. r 5 30-89 days............................................. 5 I* 1 year to 2 years. . 5 \ 51/2 90 days to 1 year.................................. 51/2 2 years or more... i 53/4 1 year to 21/2 years.............................. 6 Single-maturity: 2i/2 years or more................................ 61/2 61/2 Less than $100,000— 4 years or more in minimum denom­ 30 days to 1 year.. 5 ination of $1,000.......................... (4) 71/4 1 year to 2 years. . 51/2 5% $100,000 or more.......................................... (3) (3) 2 years and over. .. 53/4 $100,000 or more— 30-59 days............. svi (3) 60-89 days............. 5y4 (3) 90-179 days........... 5y2 6 (3) 180 days to 1 year. W/4 (3) 1 year or more___ (3) 1 For exceptions with respect to certain foreign time deposits, see certificates with minimum denomination of $ 1,000. The amount of such Bulletin for Feb. 1968, p. 167. certificates that a bank could issue was limited to 5 per cent of its total 2 Multiple-maturity time deposits include deposits that are automati­ time and savings deposits. Sales in excess of that amount were subject to cally renewable at maturity without action by the depositor and deposits the 6Vi per cent ceiling that applies to time deposits maturing in 2Vi years that are payable after written notice of withdrawal. or more. 3 Maximum rates on all single-maturity time deposits in denominations Effective Nov. 1, 1973, a ceiling rate of llA per cent was imposed on of $100,000 or more have been suspended. Rates that were effective certificates maturing in 4 years or more with minimum denomination Jan. 21, 1970, and the dates when they were suspended are: of $1,000. There is no limitation on the amount of these certificates that 6 banks may issue. 3 60 0 - - 8 5 9 9 d d a a y y s s 6 V % i p p e e r r c c e en n t t ! f June 24, 1970 Note.—Maximum rates that may be paid by member banks are estab­ 90-179 days 6% per cent | lished by the Board of Governors under provisions of Regulation Q; 180 days to 1 year 7 per cent [ May 16, 1973 however, a member bank may not pay a rate in excess of the maximum 1 year or more 714 per cent] rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Beginning Rates on multiple-maturity time deposits in demonination of $100,000 Feb. 1, 1936, maximum rates that may be paid by nonmember insured or more were suspended July 16, 1973, when the distinction between commercial banks, as established by the FDIC, have been the same as single- and multiple-maturity deposits was eliminated. those in effect for member banks. 4 Between July 1 and Oct. 31, 1973, there was no ceiling for 4-year 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. 22, 60 60 Apr. 23 1958—Jan. 15. 70 70 1958—Jan. 16 Aug. 4. 50 50 Aug. 5 Oct. 15, 70 70 Oct. 16 1960—July 27. 90 90 1960—July 28 1962—July 9. 70 70 1962—July 10 1963—Nov. 5. 50 50 1963—Nov. 6 1968—Mar. 10 70 70 1968—Mar. 11 June 7. 70 50 70 June 8 1970—May 5. 80 60 80 1970—May 6 1971—Dec. 3 . 65 50 65 1971—Dec. 6 1972—Nov. 22, 55 50 55 1972—Nov. 24 1974—Jan. 2 65 50 65 Effective Jan. 3, 1974 50 50 50 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 percent) 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

MARCH 1974 □ 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) Others within 1 year 2 1-5 years 5-10 years Over 10 years Period Exch., Gross Gross Redemp­ Gross maturity 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. 11,074 5,214 2,160 99 -3,483 5,430 249 -1,845 93 -102 1971. 8,896 3,642 1,064 1,036 -6,462 1,338 4,672 933 685 311 150 1972. 8,522 6,467 2,545 125 2,933 789 -1,405 539 -2,094 167 250 1973. 15,517 4,880 3,405 209 1,047 579 -2,028 500 895 129 87 1973—Jan... 1,855 530 Feb... 1,558 695 200 25 -1,408 61 3,476 -2,068 Mar.. 1,569 260 200 Apr... 1,377 51 'i27 May.. 717 "623 600 1,316 -1,316 June.. 1,047 218 163 123 37 78 51 -78 July.. 1,640 495 60 27 Aug.. 655 945 456 351 -919 468 "ioo Sept.. 480 401 564 836 -813 -23 Oct... 2,117 153 Nov.. 583 489 1,101 1,515 125 680 331 -2,220 35 25 Dec.. 1,919 70 10 34 116 -34 35 1974—Jan... 1,340 335 1,402 77 Matched Repurchase Federal agency obligations Bankers’ 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 - Gross Gross Gross ties Gross Sales or ments, Repur­ pur­ Gross Redemp­ Gross pur­ pur­ Gross pur­ redemp­ net Out­ chase chases sales tions sales chases chases sales chases tions right agree­ ments 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 1,197 370 -88 -9 -145 272 197 3 16,935 4,880 3,405 45,780 45,780 74,755 74,795 8,610 865 239 29 -2 -36 9,227 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 -1 -66 1,636 Apr.. 1,584 51 2,101 2,101 5,664 5,978 1,218 -65 7 -36 1,106 May. 717 623 600 1,105 1,105 7,379 8,240 -1,367 -29 -1 -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 Oct.. 2,117 153 4,735 4,735 8,220 7,859 2,325 176 -20 8 2,440 Nov.. 1,116 489 1,101 2,089 2,089 6,637 7,525 -1,360 74 20 -2 -1,307 Dec.., 2,145 70 10 3,435 3,435 9,523 10,202 1,387 212 -126 23 1,386 1974—Jan.. 1,519 335 1,402 2,590 2,590 4,442 4,500 -276 -42 -328 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 Note.—Sales, redemptions, and negative figures reduce System hold­ directly from the Federal Reserve, as follows: June 1971, 955; Sept. 1972, ings; all other figures increase such holdings. 38; Aug. 1973.. 351; Sept. 1973, 836. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s an D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u l e a i t l n d h d e e s r r s ­ f S r w an is c s s 1969—Dec...-......... 1,967 1,575 1 * 199 60 125 1 3 4 1970—Dec.............. 257 154 * * 98 1 * 4 1971— Dec..._____ 18 3 3 * 2 1 8 1972—Nov............. 200 * 8 * 164 1 20 7 Dec.............. 192 * * * 164 I 20 6 1973—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 4 * * * * * * 67 * 1 1 20 3 3 Mar.............. 4 * * * * 1 3 Apr.............. 4 * * * * 1 3 May............. 4 * * * * 1 3 June............. 4 * * * * 1 3 July.............. 4 * * * * 1 3 Aug.............. 5 * * * 1 1 3 Sept.............. 4 * * * * 1 3 Oct............... 4 * * * t 3 Nov.............. 4 * * * j 3 .................1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS □ MARCH 1974 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1974 1974 1973 Feb 27 Feb 20 Feb 13 Feb 6 Jan 30 Feb 28 Jan 31 Feb 28 Assets Gold certificate account.................................... 11,460 11,460 11,460 11,460 11,460 11,460 11,460 10,303 Special Drawing Rights certificate account. 400 400 400 400 400 400 400 400 Cash........................................................... 301 304 309 310 305 307 311 366 Loans: Member bank borrowings............... 1,195 1,062 2,500 856 1,600 721 961 1,564 Other..................................................... Acceptances: Bought outright.................................. 69 71 71 67 69 68 79 Held under repurchase agreements. 188 100 83 154 Federal agency obligations: Bought outright................................... 2,001 2,009 1,889 1,889 1,927 2,001 1,927 1,294 Held under repurchase agreements. 327 130 160 33 U.S. Govt, securities: Bought outright: Bills.............................. 36,777 37,268 37,083 36,090 37,075 36,467 36,500 31,652 Certificates—Special. Other.. Notes........................... 38,796 38,796 38,591 38,591 38,591 38,796 38,591 36,839 Bonds........................... 2,974 2,974 3,149 3,149 3,149 2,974 3,149 3,501 Total bought outright....................... 1,278,547 179,038 178,823 1,277,830 178,815 178,237 178,240 171,992 Held under repurchase agreements. 2,221 1,458 1,020 628 Total U.S. Govt, securities. 78,547 81,259 80,281 77,830 79,835 78,237 78,240 72,620 Total loans and securities..................... 81,812 84,916 84,971 80,644 83,672 81,028 81,196 75,744 Cash items in process of collection. . . *7,534 *9,456 7,852 8,385 7,733 *7,219 6,778 8,584 Bank premises......................................... 225 225 224 224 224 226 224 194 Other assets: Denominated in foreign currencies. 22 22 23 1 1 32 1 4 All other............................................... 600 543 1,296 1,244 1,148 700 1,104 537 Total assets. *102,354 *107,326 106,535 102,668 104,943 *101,372 101,474 96,132 Liabilities F.R. notes............................................... 62,362 62,616 62,607 62,204 61,816 62,247 61,687 56,955 Deposits: Member bank reserves.................... *28,233 *31,047 31,236 28,218 30,505 *27,876 28,241 27,653 U.S. Treasury—General account. 2,337 2,863 2,987 3,119 3,013 2,016 2,844 2,073 Foreign............................................... 273 342 258 232 485 542 392 455 Other: All other 3...................................... 767 655 699 740 668 657 633 Total deposits. *31,610 *34,907 35,180 32,309 34,671 32,134 Deferred availability cash items............ 5,325 6,789 5,836 5,405 5,353 4,921 4,552 5,789 Other liabilities and accrued dividends. 966 1,023 1,026 965 994 988 974 695 Total liabilities. *100,263 *105,335 104,649 100,883 102,834 *99,269 99,347 94,253 Capital accounts Capital paid in................................................................... 862 858 851 851 849 862 850 801 Surplus................................................................................. 844 844 844 844 844 844 844 793 Other capital accounts..................................................... 385 289 191 90 416 397 433 285 102,668 Total liabilities and capital accounts............................ *102,354 *107,326 106,535 104,943 *101,372 101,474 96,132 Contingent liability on acceptances purchased for foreign correspondents................................................. 595 602 598 590 562 592 589 239 Marketable U.S. Govt, securities held in custody for foreign and international accounts.......................... 25,000 25,149 24,769 25,114 24,346 25,233 24,592 32,067 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)... 66,933 66,959 66,926 66,978 67,200 66,921 67,151 61,476 Collateral held against notes outstanding: Gold certificate account.............................. 2,255 2,365 2,365 2,365 2,485 2,255 2,485 2,191 U.S. Govt, securities................................... 66,600 66,565 66,565 66,565 66,485 66,600 66,485 61,370 Total collateral. 68,855 68,930 68,930 68,930 68,970 68,855 68,970 63,561 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

MARCH 1974 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1974 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a ­ ­ C l l a e n v d e­ m Ri o c n h d ­ At t l a an- c C a h g i o ­ L S ou t. is M ap i o n l n is e­ K C s a i a t s n y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account........................ 11,460 498 2,785 848 1,147' 1,127 786i 2,135 572 264 434 396 468 Special Drawing Rights certificate 400 23 93 23 33i 36 22 70i 15; 7 15 14 49 1,415 108 315 49 102: 131 192 83 30i 18 37 110 240 307 20 29 4 35; 32 42 32 20► 10 33 15 35 Loans: Secured by U.S. Govt, and agency obligations........................................ 401 42 133 20> 32 44 37 37 5 4 10 1 36 320 33 12 10i............. 58 42 21 27 1 82 28 6 Acceptances: Bought outright.................................. 69 69 Federal agency obligations: Bought outright................................... 2,001 92 523 108 146 149 111 314 73 42 79 88 276 U.S. Govt, securities: Bought outright1................................. 178,237 3,581 20,430 4,237 5,708 5,833 4,337 12,279 2,847 1,662 3,101 3,437 10,785 81,028 3,748 21,167 4,375 5,886 6,084 4,527 12,651 2,952 1,709 3,272 3,554 11,103 Cash items in process of collection... 8,728 255 1,535 299 392 918 804 1,137 389 408 737 692 1,162 226 47 10 11 27 14 15 16 14 35 17 12 8 Other assets: Denominated in foreign currencies.. 32 1 215 1 2 1 2 3 1 1 1 1 3 All other............................................... 700 24 176 29 37 42 38 85 19 18 19 22 191 Total assets............................................... 104,296 4,724 26,125 5,639 7,661 8,385 6,428 16,212 4,012 2,470 4,565 4,816 13,259 Liabilities F.R. notes................................................. 63,662 3,138 15,739 4,019 5,093 5,712 3,339 10,532 2,547 1,161 2,455 2,388 7,539 Deposits: Member bank reserves....................... 27,876 1,006 7,502 1,099 1,783 1,495 2,003 4,059 902 746 1,284 1,694 4,303 U.S. Treasurer—General account.. 2,016 163 131 88 155 295 225 193 150 113 106 123 274 Foreign................................................. 542 11 3345 13 23 15 19 42 9 6 11 14 34 Other: All other 5......................................... 680 5 583 16 1 20 16 5 1 3 3 7 20 Total deposits.......................................... 31,114 1,185 8,561 1,216 1,962 1,825 2,263 4,299 1,062 868 1,404 1,838 4,631 Deferred availability cash items.......... 6,429 270 1,024 249 352 654 620 905 296 372 582 440 665 Other liabilities and accrued dividends 988 45 258 50 73 70 57 149 35 21 37 42 151 Total liabilities........................................ 102,193 4,638 25,582 5,534 7,480 8,261 6,279 15,885 3,940 2,422 4,478 4,708 12,986 Capita! accounts Capital paid in........................................ 862 35 222 42 77 48 64 134 28 20 36 46 110 Surplus....................................................... 844 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts.......................... 397 17 106 21 30 29 23 61 15 8 16 16 55 Total liabilities and capital accounts.. 104,296 4,724 26,125 5,639 7,661 8,385 6,428 16,212 4,012 2,470 4,565 4,816 13,259 Contingent liability on acceptances purchased for foreign correspond­ ents......................................................... 592 25 4148 29 52 33 43 94 20 14 25 33 76 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R. notes outstanding (issued to Bank)................................................. 66,921 3,315 16,704 4,096 5,312 5,925 3,685 10,890 2,676 1,195 2,574 2,550 7,999 Collateral held against notes out­ standing: Gold certificate account................... 2,255 175 400 350 625 700 5 U.S. Govt, securities.......................... 66,600 3,230 16,850 3,800 5,200 5,390 3,900 10,600 2,735 1,240 2,700 2,655 8,300 Total collateral......................................... 68,855 3,405 16,850 4,200 5,550 6,015 3,900 11,300 2,735 1,240j 2,700 2,660 8,300 1 See note 8 on p. A-5. 4 After deducting $444 million participations of other Federal Reserve 2 After deducing $17 million participations of other Federal Reserve Banks. Banks. 5 See note 5 on p. A-4, 3 After deducting $197 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 FEDERAL RESERVE BANKS; BANK DEBITS □ MARCH 1974 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1974 1974 1973 Feb. 27 Feb. 20 Feb. 13 Feb. 6 Jan. 30 Feb. 28 Jan. 31 Feb. 28 Loans—Total........................................................................ 1,195 1,062 2,499 855 1,601 721 959 1,565 1,185 1,051 2,488 849 1,592 712 940 1,559 16 days to 90 days........................................................... 10 11 11 6 9 9 19 6 91 days to 1 year.............................................................. Acceptances—T otal............................................................. 69 259 171 69 150 69 68 233 Within 15 days.................................................................. 29 217 121 22 109 29 28 175 16 days to 90 days............................................................ 40 42 50 47 41 40 40 58 91 days to 1 year............................................................. U.S. Government securities—Total................................. 78,547 81,259 80,281 77,830 79,835 78,237 78,240 72,620 Within 15 days1............................................................... 5,730 7,610 7,543 6,001 7,042 4,166 4,869 4,609 16 days to 90 days........................................................... 19,026 19,918 18,425 18,533 19,192 18,958 18,668 20,753 91 days to 1 year............................................................. 21,979 21,919 21,843 20,826 21,131 23,301 22,233 13,540 Over 1 year to 5 years..................................................... 22,235 22,235 23,128 23,128 23,128 22,235 23,128 28,021 Over 5 years to 10 years................................................. 7,780 7,780 7,580 7,580 7,580 7,780 7,580 4,119 Over 10 years.................................................................... 1,797 1,797 1,762 1,762 1,762 1,797 1,762 1,578 Federal agency obligations—Total.................................. 2,001 2,336 2,019 1,889 2,087 2,001 1,927 1,327 Within 15 days*............................................................... 48 340 138 199 48 39 47 16 days to 90 days........................................................... 63 91 96 io4 104 63 104 40 91 days to 1 year.............................................................. 248 259 259 259 234 248 234 191 Over 1 year to 5 years.................................................... 846 850 795 795 819 846 819 611 Over 5 years to 10 years................................................ 557 557 492 492 492 557 492 247 Over 10 years.................................................................... 239 239 239 239 239 239 239 191 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l 2 . . ) 3 ’s 2 SM o 2 th 2 S 6 e A r ’s SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x Y S l c A l . 2 . ) 3 ’s 2 SM o 2 th 2 S 6 e A r ’s 1973 r-Jan................................... 15,450.8 6,855.4 3,638.1 8,595.4 4,957.3 93.9 224.0 98.1 64.2 51.2 Feb.................................. 16,074.6 7,227.0 3,809.9 8,847.5 5,037.6 97.9 238.0 103.3 66.1 52.0 Mar................................. 15,959.2 6,844.8 3,873.4 9,114.4 5,241.0 97.1 228.3 104.5 67.8 53.9 Apr.................................. 15,971.2 6,927.5 3,857.5 9,043.8 5,186.2 95.7 228.9 101.9 66.2 52.5 May................................ 16,452.0 7,177.0 3,918.3 9,275.1 5,356.7 97.8 235.1 103.7 67.4 53.6 June................................ 16,638.8 7,224.6 4,050.2 9,414.3 5,364.1 99.9 245.0 107.6 68.7 54.0 July................................. 17,224.5 7,381.4 4,282.4 9,843.1 5,560.8 102.6 247.5 111.7 71.3 55.8 Aug................................. 17,888.9 7,744.6 4,318.2 10,144.3 5,826.0 106.2 252.5 113.6 73.6 58.4 Sept................................. 17,918.7 8,025.3 4,195.7 9,893.3 5,697.6 107.4 266.4 111.6 72.4 57.5 Oct.................................. 18,394.4 8,137.2 4,418.0 10,257.2 5,839.1 109.5 265.3 116.4 74.7 58.8 Nov................................. 19,049.5 8,437.9 4,519.8 10,611.6 6,091.7 113.2 274.9 118.6 77.1 61.2 Dec.................................. 18,641.3 8,097.7 4,462.8 10,543.6 6,080.8 110.2 269.8 115.0 75.8 60.6 1974—Jan................................... 18,819.7 8,081.0 4,522.9 10,738.7 6,215.8 111.5 270.3 116.5 77.3 62.1 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For back data see pp. 634-35 of July 1972 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ U.S. CURRENCY A 15 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir ­ ­ tion i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960. 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962. 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448, 240 293 3 10 1963. 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964. 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965. 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966. 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967. 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 1968. 50,961 36,163 5,691 2,049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969. 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 5 1970. 57,093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 3 4 1971. 61,068 41,831 6,775 2,408 135 3,273 9,348 19,893 19,237 5,377 13,414 203 237 2 4 1972. 66,516 45,105 7,287 2,523 135 3,449 9,827 21,883 21,411 5,868 15,118 193 225 2 4 1973--Jan.............. 64,312 43,133 7,274 2,380 135 3,218 9,243 20,883 21,179 5,742 15,013 192 224 2 4 Feb............. 64,696 43,431 7,290 2,370 135 3,213 9,330 21,091 21,266 5,755 15,089 192 224 2 4 Mar............ 65,180 43,699 7,320 2,368 135 3,209 9,352 21,314 21,482 5,787 15,274 191 223 2 4 Apr............ 66,094 44,313 7,382 2,406 135 3,234 9,447 21,707 21,781 5,887 15,476 190 222 2 4 May........... 67,161 45,074 7,446 2,439 135 3,302 9,613 22,138 22,088 5,974 15,697 189 221 2 4 June........... 67,771 45,428 7,498 2,433 135 3,309 9,648 22,405 22,343 6,024 15,903 189 220 2 4 July............ 68,223 45,564 7,542 2,440 135 3,301 9,602 22,544 22,659 6,116 16,130 188 219 2 4 Aug............ 68,376 45,553 7,577 2,430 135 3,288 9,566 22,557 22,822 6,149 16,261 188 219 2 4 Sept............ 68,217 45,398 7,597 2,435 135 3,288 9,505 22,437 22,819 6,112 16,296 187 218 2 4 Oct.............. 69,043 45,927 7,644 2,480 135 3,333 9,616 22,718 23,116 6,182 16,524 186 217 2 4 Nov............ 70,296 46,799 7,696 2,528 135 3,418 9,819 23,204 23,497 6,290 16,799 186 217 2 4 Dec............. 72,497 48,288 7,759 2,639 135 3,614 10,226 23,915 24,210 6,514 17,288 185 216 2 4 1974--Jan.............. 69,880 45,911 7,742 2,479 135 3,348 9,538 :22,669 :23,969 6,366 17,197 185 2,5 2 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION (Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars) Held in the Treasury Currency in circulation 1 Total, out­ Held by standing, As security For F.R. 1974 1973 Kind of currency Jan. 31, against Treasury F.R. Banks 1974 gold cash Banks and certificates and Agents Jan. Dec. Jan. Agents 31 31 31 Gold........................................................................................ 11,567 (11,460) 107 Gold certificates.................................................................... (11,460) 2 11,459 1 Federal Reserve notes......................................................... 67,153 159 5,465 61,529 64,130 56,428 Treasury currency—Total................................................... 8,740 78 312 8,351 8,368 7,884 Dollars.............t................................................................ 769 5 27 736 733 675 Fractional coin.................................................................. 7,361 71 284 7,006 7,026 6,599 United States notes.......................................................... 323 1 321 321 320 In process of retirement3................................................ 288 288 288 290 Total—Jan. 31, 1974......................................................... 487,460 (11.460) 344 11.459 5,778 69,880 Dec. 31, 1973......................................................... 488,443 (11.460) 317 11.459 4,170 72,497 Jan. 31, 1973......................................................... 480,683 (10,303) 372 10,302 5,697 64,312 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 □ MARCH 1974 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week Mi M2 M% Mi M2 Mi Composition of measures is described in the Note below. 1970—Dec.r............................... 221.2 425.2 641.2 227.6 429.9 645.5 1971—Dec.r............................... 235.2 473.0 726.9 241.9 477.9 731.2 1972—Dec.r............................... 255.7 525.5 822.4 263.0 530.6 826.6 1973—Mar.................................. 258.1 534.6 841.7 255.5 534.0 841.5 April............................... 259.4 538.3 847.7 260.9 542.3 852.6 May................................. 262.4 543.6 855.0 257.9 541.7 853.6 June................................. 265.5 549.4 863.5 263.6 548.8 864.0 July.................................. 266.4 552.0 867.9 265.7 551.0 868.0 Aug.................................. 266.2 554.9 870.9 262.9 551.1 867.0 Sept.................................. 265.4 556.6 873.2 263.9 554.2 870.4 Oct................................... 266.5 561.6 879.8 266.0 559.9 877.5 Nov.................................. 268.8 566.7 886.9 270.5 565.1 884.0 Dec.................................. 270.4 570.7 893.2 278.1 575.8 897.5 1974—Jan................................... 269.6 573.7 898.3 276.8 579.7 904.6 Feb.p............................... 272.6 580.1 906.8 269.7 577.5 904.7 Week ending— 1974—Feb. 6......................... 270.9 577.3 270.6 576.4 13.......................... 271.8 579.1 269.8 577.1 20.......................... 274.6 582.6 270 9 579 2 2lv....................... 272.2 581.0 267.1 576.6 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. Mu Averages of daily figures for (1) demand deposits of commercial M3: M2 plus the average of the beginning- and end-of-month figures banks other than domestic interbank and U.S. Govt., less cash items in for deposits of mutual savings banks and for savings capital of savings process of collection and F.R. float; (2) foreign demand balances at F.R. and loan associations. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of For description and back data, see “Revision of the Money Stock Meas­ commercial banks. ures and Member Bank Deposits” on pp. 81-95 of this Bulletin. M2: Averages of daily figures for Mi plus savings deposits, time de­ COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Month Non­ Non­ Govt. or bank bank depos­ week Cur­ De­ Time and savings thrift Cur­ De­ Time and savings thrift its 3 rency mand deposits institu­ rency mand deposits institu­ depos­ tions 2 depos­ tions 2 its its CD’s 1 Other Total CD’s 1 Other Total 1970—Dec..................... 49.1 172.2 25.3 203.9 229.2 216.1 50.0 177.7 25.8 202.3 228.1 215.6 7.3 1971—Dec..................... 52.6 182.6 33.0 237.9 270.9 253.9 53. 5 188.4 33.8 236.0 269.8 253.3 6.9 1972—Dec..................... 56.9 198.7 43.4 269.9 313.3 296.9 57.9 205.1 44.3 267.6 311.8 296.0 7.4 1973—Mar..................... 58.0 200.1 54.6 276.6 331. 1 307.0 57.4 198.1 54.0 278.5 332.6 307.4 10.4 Apr............. 58.6 200.8 58.4 278.9 337.3 309.4 58.3 202.6 56.1 281.4 337.6 310.3 8.3 May.................... 58.9 203.4 61.3 281.3 342.6 311.4 58.7 199.2 58.8 283.8 342.6 312.0 8.7 June.................... 59.4 206.2 62.0 283.8 345.8 314.2 59.4 204.1 59.3 285.2 344.5 315.3 7.1 July..................... 59.5 207.0 63.9 285.6 349.4 315.9 59.9 205.7 62.3 285.3 347.6 317.0 6.5 Aug..................... 59.8 206.4 66.3 288.7 355.0 315.9 60.0 202.9 68.4 288.2 356.6 315.9 4.1 Sept..................... 60.2 205.2 66.7 291.2 357.9 316.6 60.1 203.8 68.8 290.3 359.2 316.1 5.3 Oct...................... 60.4 206.1 63.8 295.1 358.9 318.3 60.4 205.6 66.3 293.9 360.2 317.6 6.0 Nov..................... 60.9 207.9 62.0 297.8 359.9 320.2 61.4 209.1 64.1 294.6 358.7 318.9 4.3 Dec..................... 61.6 208.8 62.8 300.3 363.1 322.5 62.6 215.5 64.1 297.7 361.8 321.7 6.3 1974—Jan...................... 61.8 207.8 65.5 304.1 369.6 324.7 61.5 215.3 66.1 302.9 368.9 325.0 8.0 Feb.?.................. 62.6 210.0 66.6 307.5 374.1 326.7 61.8 207.9 65.9 307.9 373.8 327.2 6.5 Week ending— Feb 6 ........... 62.4 208.5 66.8 306.4 373.2 61.7 208.9 66.2 305.9 372.1 8.7 13............. 62.6 209.3 67.0 307.2 374.2 62.1 207.7 66.2 307.3 373.4 6.0 20............. 62.7 211.9 66.4 308.0 374.4 62.0 209.0 65.7 308.3 373.9 5.1 27? ... 62.5 209.7 66.2 308.8 375.0 61.3 205.8 65.8 309.5 375.3 6.6 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

MARCH 1974 □ BANK RESERVES; BANK CREDIT A 17 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements3 Total member bank deposits plus nondeposit S.A. N.S.A. items4 Period Non- Total bor- Re­ Avail­ Demand Demand rowed quired able2 Time Time Total and U.S. Total and U.S. S.A. N.S.A. savings Private Govt. savings Private Govt. 1970—Dec.. .. 29.19 28.86 28.95 27.10 321.3 178.8 136.1 6.5 325.2 178.1 141.1 6.0 332.9 336.8 1971—Dec.. .. 31.30 31.17 31.12 28.96 360.3 210.4 143.8 6.1 364.6 209.7 149.2 5.7 364.3 368.7 1972—Dec___ 31.41 30.36 31.13 29.05 402.0 241.4 154.5 6.1 406.8 240.7 160.1 6.1 406.4 411.2 1973—Feb 31.63 30.04 31.43 29.37 409.0 248.9 154.0 6.1 409.0 248.5 152.4 8.1 413.5 413.5 Mar... . 31.91 30.08 31.70 29.62 416.3 255.4 153.3 7.6 416.3 256.2 151.6 8.5 421.2 421.2 Apr.. . . 32.30 30.59 32.08 29.87 421.4 260.9 153.4 7.1 422.3 260.5 154.9 6.8 426.6 427.4 May. . . 32.44 30.60 32.29 30.11 425.1 265.1 154.8 5.2 423.0 264.5 151.4 7.0 430.5 428.4 June... 32.46 30.61 32.22 30.55 428.9 267.3 156.3 5.3 426.3 265.9 154.8 5.7 434.5 432.0 July.. .. 33.58 31.62 33.29 31.36 431.1 270.1 157.1 3.9 429.9 268.5 156.2 5.1 437.6 436.4 Aug.. .. 33.91 31.74 33.73 32.04 436.7 275.0 157.0 4.8 433.7 276.6 154.0 3.1 443.8 440.8 Sept.... 34.17 32.32 33.95 32.39 438.6 277.5 156.2 5.0 437.7 279.0 154.7 4.1 445.9 445.0 Oct....... 34.94 33.47 34.72 32.84 439.7 277.3 156.4 6.0 439.7 278.8 156.1 4.8 446.5 446.5 Nov.... 34.86 33.46 34.62 32.71 1 440.4 277.1 157.5 5.8 438.2 276.6 158.3 3.2 447.5 445.3 Dec.. . . 35.10 33.81 34.80 32.91 442.2 279.0 158.3 4.9 447.5 278.5 164.0 5.0 449.6 454.9 1974—Jan 35.85 34.80 35.69 32.80 r446.8 283.2 157.4 '6.2 453.0 283. 1 163.3 r6. 5 i r454.3 460.5 Feb.*.. . 35.12 33.92 34.92 32.80 j 446.9 286.1 157.8 3.0 446.9 285.7 156.2 5.! j 454.6 454.6 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 Plus U.S. invest­ Plus U.S. ments1 Total1 loans Plus Treas­ Other4 ments 1 Total1 loans Plus Treas­ Other4 sold2 Total loans ury sold2 Total loans ury 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—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—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*. . . 621.7 440.0 444.6 154.0 156.9 54.9 126.8 621.4 439.9 444.5 153.3 156.2 55.6 125.9 Nov. 28*. . . 624.6 443.6 447.9 155.5 158.2 54.5 126.5 624.5 442.1 446.4 154.6 157.3 57.3 125.1 Dec. 31*.. . .625.4 444.5 448.8 156.3 158.9 53.2 127.7 642.3 455.6 459.9 159.9 162.5 58.6 128.1 1974—Jan. 30*.. . 633.6 450.2 454.6 158.5 161.1 53.9 129.5 633.1 446.2 450.7 156.8 159.4 58.1 128.8 Feb. 27*... 641.0 454.7 459.7 159.7 162.4 55.7 130.6 635.8 449.1 454.1 158.1 160.8 56.9 129.7 1 Adjusted to exclude domestic commercial interbank loans. See also net of valuation reserves as was done previously. Fora description of the note 3. revision, see Aug.1 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.—Total loans and investments: For monthly data, Jan. 1959— duced by about $400 million as a result of loan reclassifications at one June 1973, see Nov. 1973 Bulletin, pp. A-96-A-97, and for 1948-58, large bank. Aug. 1968 Bulletin, pp. A-94-A-97. For a description of the current 4 Beginning June 30, 1971, Farmers Home Administration insured notes seasonally adjusted series see the Nov. 1973 Bulletin, pp. 831-32, and totaling approximately $700 million are included in “Other securities” the Dec. 1971 Bulletin, pp. 971-73. Commercial and industrial loans: rather than in “Loans.” For monthly data, Jan. 1959-June 1973, see Nov. 1973 Bulletin, pp. * Beginning June 30, 1969, data revised to include all bank-premises A-96-A-98; for description see July 1972 Bulletin, p. 683. Data are for subsidiaries and other significant majority-owned domestic subsidiaries; last Wednesday of month except for June 30 and Dec. 31; data are partly earlier data include commercial banks only. Also, loans and investments or wholly estimated except when June 30 and Dec. 31 are call dates. are now reported gross, without valuation reserves deducted, rather than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 COMMERCIAL BANKS □ MARCH 1974 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Total Num­ Cash lia­ Bor­ capita] ber Class of bank assets3 bilities row­ ac­ of and date Total Loans and Total3 Demand ings counts banks l U.S. capital De­ Treas­ Other ac­ mand Time Times ury 2 counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31.. 50,74( 21,714 21,808 7,225 26,551 79,104I 71,283 10,982 44,349 15,952! 231 7,173I 14,278 1945—Dec. 31 .. 124,015 26,083 90,606 7,331 34,806 160,312! 150,22/ 14,065 105,921 30,241 219> 8,95C) 14,011 1947—Dec. 31 6. 116,284 38,051 69,221 9,006 37,502 155,377' 144,103 12,792! 24C> 1,343 94,367 35,360l 65i 10,059• 14,181 1967—Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012: 395,008 21,883i 1,314t 5,234l 184,066 182,511 5,777’ 34,384■ 13,722 1968—Dec. 31 ... 401,262 265,259 64,466 71,537 83,752 500,657' 434,023 24,747' 1,211 5,010l 199,901 203,154 8,899 37,006i 13,679 1969—Dec. 31 7. 421,59”/ 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735; 5,054 208,870 193,744 18,360i 39,978 13,661 1970—Dec. 31... 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 42,958 13,686 1971—Dec. 31... 516,564 346,930 64,930104,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 47,211 13,783 1972—Dec. 31... 598,808 414,696 67,028117,084113,128 739,033 616,037 33,854 4,194 10,875 252,223 314,891 38,083 52,658 13,927 1973—Feb. 28... 599,970 421,500 61,620116,850 99,590 729,670 598,520 29,530 4,170 11,370 227,190 326,260 45,480 52,780 13,952 Mar. 28.. . 608,320 429,400 61,180117,740 90,980 729,250 596,690 25,960 4,530 11,390 220,290 334,520 45,420 53,330 13,974 Apr. 25... 616,480 437,520 60,400118,560 91,580 738,740 604,570 26,220 4,880 10,910 225,170 337,390 45,830 53,750 13,998 May 30.. . 622,340 444,120 58,330119,890 95,410 749,470 611,920 27,770 5,250 5,810 229,050 344,040 47, 3T60 54,240 14,018 June 30... 635,756 456,780 57,877121,099103,608 769,908 629,215 31,047 5,590 10,434 236,953 345,191 49,299 55,740 14,046 July 25p.. 634,220 456,480 56,360121,380 95,880 761,870 618,670 28,710 5,830 6,750 228,310 349,070 52,580 54,900 14,067 Aug. 29^.. 640,100 462,630 54,720122,750 92,010 765,200 618,440 26,500 6,620 3,460 224,450 357,410 53,150 55,310 14,081 Sept. 26*. . 645,150 466,420 54,800123,930100,030 778,070 628,700 27,720 7,190 8,210 227,880 357,700 56,180 55,570 14,100 Oct. 31 652,330 470,780 55,640125,910111,720 798,550 643,790 32,830 6,820 5,680 240,390 358,070 60,220 56,440 14,132 Nov. 28^.. 656,700 474,300 57,300125,100104,140 794,420 635,940 30,130 7,010 4,350 237,650 356,800 62,400 56,640 14,161 Dec. 26p.. 675,820 490,680 58,180126,960 95,650 806,420 650,290 25,720 6,850 7,950 249,520 360,250 60,290 56,920 14,169 1974—Jan. 30*.. 670,410 483,420 58,160128,830103,410 807,470 648,500 31,630 6,400 9,430 232,540 368,500 65,210 58,240 14,178 Feb. 27*.. 675,910 489,270 56,940129,700102,560 813,080 647,920 31,450 5,990 6,570 232,040 371,870 67,420 58,540 14,178 Members of F.R. System: 1941—Dec. 31 ... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31... 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. . 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1967—Dec. 30.. . 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 6,071 1968—Dec. 31 .. . 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060 5,978 1969—Dec. 31 7. 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 32,047 5,869 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 34,100 5,766 1971—Dec. 31... 405,087 277,717 47,633 79,738 86,189 511,353 425,380 30,612 2,549 8,427 174,385 209,406 25,046 37,279 5,727 1972—Dec. 31... 465,788 329,548 48,715 87,524 96,566 585,125 482,124 31,958 3,561 9,024 197,817 239,763 36,357 41,228 5,704 1973—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 41,276 5,688 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 41,533 5,683 Apr. 25... 476,739 346,865 42,517 87,357 78,219 580,412 468,385 24,744 4,242 9,167 173,671 256,561 43,076 41,806 5,695 May 30. . . 480,394 351,223 41,030 88,141 81,169 587,722 473,623 26,139 4,621 4,511 176,766 261,586 44,214 42,096 5,703 June 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 43,098 5,705 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 42,539 5,706 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 42,807 5,712 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 42,972 5,717 Oct. 31... 504,120 371,866 39,375 92,879 96,251 628,710 499,093 31,142 6,112 4,601 185,308 271,930 56,832 43,618 5,722 Nov. 28... 507,176 374,148 40,752 92,276 89,652 624,258 491,405 28,522 6,298 3,359 182,931 270,295 58,865 43,759 5,735 Dec. 26... 524,142 388,327 41,718 94,097 79,946 632,728 502,194 24,000 6,136 6,554 192,431 273,073 57,048 43,983 5,734 1974—Jan. 30... 518,575 381,379 41,700 95,496 88,962 635,223 501,269 30,003 5,690 7,621 178,457 279,498 61,586 44,874 5,743 Feb. Up.. 522,794 385,867 40,919 96,008 87,758 639,145 500,113 29,753 5,273 5,084 178,732 281,271 63,862 45,108 5,743 Large member banks: New York City:8,9, 10 1941—Dec. 31 .. . 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 .. . 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 .. . 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1967—Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Dec. 31 .. . 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—Dec. 31 7. 60,333 48,305 5,048 6.980 22,349 87,753 62,381 10,349 268 694 36,126 14,944 4,405 6,301 12 1970—Dec. 31... 62,347 47,161 6,009 9,177 21,715 89,384 67,186 12,508 956 1,039 32,235 20,448 4,500 6,486 12 1971—Dec. 31... 63,342 48,714 5,597 9,031 22,663 91,461 71,723 13,825 1,186 1,513 30,943 24,256 5,195 7,285 12 1972—Dec. 31... 75,034 58,713 5,696 10,625 26,416 107,603 82,446 15,094 1,833 1,418 35,373 28,728 9,502 8,042 13 1973—Feb. 28... 75,727 61,629 4,463 9,635 23,059 105,571 79,567 14,040 1,708 1,506 30,533 31,780 10,321 8,142 13 Mar. 28... 76,368 62,584 4,498 9,286 20,133 103,402 77,435 11,744 1,951 1,789 29,032 32,919 9,938 8,047 13 Apr. 25... 76,834 63,395 4.254 9,185 19,710 103,622 77,295 11,935 2,229 1,732 29,068 32,331 9,891 8,093 13 May 30. . . 78,078 64,505 4,424 9,149 19,587 104,550 77,980 11,780 2,491 521 30,035 33,153 10,496 8,137 13 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 8,287 13 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 8,212 13 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 8,220 13 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 8,231 13 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 8,413 13 Nov. 28... 84,529 69,048 5,035 10,446 24,917 116,040 84,824 14,864 4,087 373 31,776 33,724 14,882 8,491 13 Dec. 26... 89,287 72,251 5,8fH) 11,156 14,307 110,550 80,505 9,192 3,770 1,213 32,718 33,612 14,333 8,555 13 1974—Jan. 30... 84,936 68,328 5,627 10,981 26,534 118,036 87,517 16,024 3,332 1,144 31,822 35,195 14,978 8,640 13 Feb. 27... 85,586 69,047 5,428 11,111 24,876 117,540 85,362 15,490 2,995 625 31,881 34,371 15,905 8,729 13 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ COMMERCIAL BANKS A 19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Num­ Class of bank lia­ Bor­ capital ber and date Cash bilities row­ ac­ of Total Loans assets3 and Demand ings counts banks l U.S. capital Totals Treas­ Other ac­ De­ Time Times ury 2 counts4 mand U.S. Govt. Other Large member banks (cont.) City of Chicago: 8,9 1941—Dec. 31............. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31............. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31............. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1967—Dec. 30............. 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1,434 21 267 6,250 6,013 ” ”383 1,346 10 1968—Dec. 31............. 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 21 257 6,542 6,171 682 1,433 9 1969—Dec. 31 7......... 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 15 175 6,770 4,626 1,290 1,517 9 1970—Dec. 31............. 15,745 11,214 2,105 2,427 3,074 19,892 15,041 1,930 49 282 6,663 6,117 1,851 1,586 9 1971—Dec. 31............. 17,133 12,285 1,782 3,067 3,011 21,214 16,651 1,693 168 364 6,896 7,530 1,935 1,682 9 1972—Dec. 31............. 21,362 16,294 1,873 3,195 3,580 26,009 19,851 1,615 160 509 7,387 10,179 3,008 1,891 9 1973—Feb. 28............. 21,983 17,544 1,384 3,055 3,513 26,575 19,429 1,433 224 442 6,778 10,552 4,075 1,891 9 Mar. 28............. 22,66C 17,980 1,470 3,210 3,092 26,821 19,854 1,326 266 461 6,439 11,362 3,910 1,878 9 Apr. 25............ 22,80C 18,253 1,414 3,133 3,277 27,170 20,020 1,304 333 426 6,639 11,318 3,971 1,899 9 May 30............. 23,777 18,956 1,564 3,257 3,209 28,134 21,088 1,501 411 154 6,882 12,140 3,954 1,910 9 June 30............. 24,566 19,645 1,715 3,205 3,501 29,307 21,896 1,323 392 299 7,372 12,511 4,146 1,947 9 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 1,928 9 Aug. 29............. 25,40C 20,676 1,322 3,402 3,569 30,358 22,272 1,355 499 86 6,725 13,607 4,647 1,941 9 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 1,946 9 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 2,033 9 Nov. 28............. 26,278 21,117 1,504 3,657 3,794 31,441 21,577 1,505 459 115 6,942 12,556 6,314 1,973 9 Dec. 26............. 26,858 21,453 1,557 3,848 3,956 32,298 23,013 1,693 544 308 7,519 12,949 5,944 1,994 9 1974—Jan. 30............. 27,178 21,354 1,796 4,028 3,756 32,236 22,046 1,490 539 340 6,699 12,978 6,970 1,982 9 Feb. 27............. 27,940 21,904 1,930 4,106 3,514 32,773 21,784 1,459 566 185 6,833 12,741 7,752 1,949 9 Other large member: 8,9 1941—Dec. 31............. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31............. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31............. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1967—Dec. 30............. 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 163 1968—Dec. 31............. 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 10,684 161 1969—Dec. 31 7......... 121,324 90,896 11,944 18,484 29,954 157,512 126,232 10,663 242 1,575 58,923 54,829 9,881 11,464 157 1970—Dec. 31............. 133,718 96,158 14,700 22,860 31,263 171,733 140,518 11,317 592 2,547 59,328f 66,734 10,391 12,221 156 1971—Dec. 31............. 149,401 106,361 15,912 27,129 33,732 190,880 155,226 11,241 933 3,557 62,474 77,020 14,799 13,197 156 1972—Dec. 31............. 171,549 126,661 16,316 28,572 36,729 217,170 173,913 11,133 1,173 3,860 71,376 86,372 19,392 14,687 156 1973—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 14,760 156 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 14,807 156 Apr. 25............. 175,754 133,253 13,414 29,087 30,111 215,262 168,360 8,470 1.285 4,069 61,487 93,049 22,606 14,905 156 May 30............. 175,455 133,519 12,547 29,389 31,779 217,001 170,123 9,540 1,324 1,653 62,744 94,862 22,183 14,965 156 June 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 15,260 156 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 15,182 156 Aug. 29............. 181,404 140,151 11,572 29,681 29,551 221,043 171,725 8,467 1,459 1,051 60,607100,141 23,670 15,240 156 Sept. 26........ 182,083 140,637 11,443 30,003 33,048 225,139 174,901 8,494 1,562 2,930 61,459100,456 24,730 15,244 156 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 15,389 156 Nov. 28............. 185,094 141,112 12,966 31,016 34,360 229,828 174,434 8,939 1,410 1,223 64,717 98,145 29,092 15,432 156 Dec. 26............. 193,640 148,619 13,144 31,877 33,365 237,873 182,634 9,682 1,480 2,707 69,109 99,656 28,903 15,495 156 1974—Jan. 30 '.......... 191,890 146,138 13,152 32,600 31,723 234,608 177,357 9,228 1,477 3,134 61,680101,838 30,841 15,717 156 Feb. 27............. 192,791 147,410 12,993 32,388 32,036 236,117 177,361 9,406 1,370 1,810 62,418102,357 31,577 15,803 156 All other member: *,9,10 1941—Dec. 31............. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31............. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31............. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1967—Dec. 30............. 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 5,886 1968—Dec. 31............. 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 11,807 5,796 1969—Dec. 317........... 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1,820 12,766 5,691 1970—Dec. 31............. 154,130 99,404 22,586 32,140 25,448 184,635 161,850 3,387 135 2,592 69,806 85,930 1,836 13,807 5,589 1971—Dec. 31............. 175,211 110,357 24,343 40,511 26,783 207,798 181.780 3,853 263 2,993 74,072100,600 3,118 15,114 5,550 1972—Ded. 31............. 197,843 127,881 24,830 45,132 29,841 234,342 205,914 4,116 395 3,238 83,681114,483 4,455 16,608 5,526 1973—Feb. 28............. 197,603 128,535 23,894 45,174 26,295 231,780 201,349 3,199 395 3,474 76,587117,694 6,082 16,483 5,510 Mar. 28............. 199,365 130,118 23,676 45,571 24,868 231,951 200,461 3,063 395 3,396 74,409119,198 6,619 16,801 5,505 Apr. 25............. 201,351 131,964 23,435 45,952 25,121 234,358 202,710 3,035 395 2,940 76,477119,863 6,608 16,909 5,517 May 30.............. 203,084 134,243 22,495 46,346 26,594 238,037 204,432 3,318 395 2,183 77,105121,431 7,581 17,084 5,525 June 30............. 206,092 137,383 21,638 47,072 28,309 241,736 208,974 3,471 342 3,766 79,585121,810 6,753 17,604 5,527 July 25............ 205,657 137,060 21,938 46,659 25,910 239,796 205,480 3,178 395 2,205 77,281122,421 8,490 17,217 5,528 Aug. 29............. 207,058 138,514 21,244 47,300 25,260 240,660 205,351 3,058 395 1,254 76,565124,079 8,598 17,406 5,534 Sept. 26..------ 208,391 139,794 21,171 47,426 26,370 243,246 207,920 3,094 395 2,434 77,421124,576 8,212 17,551 5,539 Oct. 31............. 209,429 141,104 20,873 47,452 28,131 246,675 *211,026 3,365 342 1,793 80,180125,346 8,230 17,783 5,544 Nov. 28............. 211,275 142,871 21,247 47,157 26,581 246,949 210,570 3,214 342 1,648 79,496125,870 8,577 17,863 5,557 Dec. 26............. 214,357 146 ,-004 21,137 47,216 28,318 252,007 216,042 3,433 342 2,326 83,085)126,856 7,868 17,939 5,556 1974—Jan. 30........... 214,571 145,559 21,125 47,887 26,949 250,343 214,349 3,261 342 3,003 78,256'129,487 8,797 18,535 5,565 Feb. 27p.......... 216,477 147,506 20,568 48,403 27,332 252,715 215,606 3,398 342 2,464 77,600jl31,802 8,628 18,627 5,565 For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS □ MARCH 1974 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank 3 Other FRS membership Cash lia­ Bor­ Total Num­ and FDIC assets 3 bilities row­ capital ber insurance Total Loans and Total 3 Demand ings ac­ of l U.S. Other capital De­ Time counts banks Treas­ 2 ac­ mand Time 5 ury counts4 U.S. Other Govt. Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,i554 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,1883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 25,277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664- 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149! 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dcc. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536 235,502 62,094! 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—Dec. 317- 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13,464 1972—Dec. 31.. 594,502 411,525 66,679 116,298 111,333 732,519 612,822 33,366' 4,113 10,820 250,693 313,830 37,556 52,166 13,721 1973—Mar. 28.. 606,852 428,235 178,617 89,402 724,105 594,805 25,7211 4,339 11,322 219,601 333,821 43,921 53,529 13,766 June 30.. 630,379 452,587 57,532120,261 101,716 762,250 625,316 30,559 5,446 10,408 235,174 343,729 48,413 55,240 13,842 Oct. 17.. 647,971 468,000 52,497127,473101,205 780,196 633,180 28,443 6,571 5,821 234,549 357,798 55,906 56,727 13,923 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064! 190,289 169,615 10,5211 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690* 235,996 206,456 12,588! 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 1208,971 139,315 34,308 35,348 46,634: 263,375 231,374 13,877: 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—Dec. 31.. 236,130 159,257 35,300: 41,572 50,953 296,594 257,884 15,117j 657 3,090 116,422 122,597 5,923 21,524 4,716 1969—Dec. 31 7. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299 361 3,049 121,719 114,885 12,279 23,248 4,668 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 4,612 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 4,607 June 30.. 369,856 270,188 31,651 68,018 61,336, 449,772 364,129 16,640 2,874 6,181 137,116 201,318 33,804 31,867 4,629 Oct. 17.. 377,246 277,015 27,641! 72,590 63,573 460,164 368,351 15,797 3,404 3,369 136,163 209,619 38,819 32,516 4,642 State member: 1941—Dec. 31.. 15,950 6,295 7,500| 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31..! 37,871 8,850 27,089 1,933 9,731! 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31..: 32,566 11,200 19,240 2,125 10,822; 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 i 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486! 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1 ,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,2od 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111 ,188 95,637 6,934! 516 1,489 45,961 40,736 1,892 8,368 1,313 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402! 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—Dec. 3P. 90,088 65,560 10,257 14,271 24,313 119,219 94,445 9,541 248 1,065 48,030 35,560 5,116 8,800 1,201 1972—Dec. 31. J 115,426 82,889 11,530 21,008 29,176 150,697 123,186 12,862' 1,406 2,378 51,017 55,523 9,651 10,886 1,092 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 1,074 June 30.. 121,052 91,095 9,429 20,527 26,891 155,017! 123,016 12,671 2,005 1,986 45,322 61,032 12,725 11,231 1,076 Oct. 17.. 125,715 95,056 8,863j 21,796 25,491 158,250 123,123 11,505 2,604 1,146 44,735 63,132 15,352 11,432 1,078 Nonmember: I 1941—Dec. 31.. 5,776 3,241 l,509i 1 ,025 2,668! 8,708 7,702 129 53 4.162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584) 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 6581 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 7091 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403l 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—Dec. 3P. 82,133 51,643 14,565 15.925 10,056! 94,453 83,380 1,017 85 924 37,561 43,792 629 7,403 7,595 1972—Dec. 31.. 128,333 81,594 17,964i 28,774 14,767 147,013 130,316 1,408' 552 1,796 52,876 73,685 1,199 10,938 8,017 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 11,631 8,085 June 30.. 139,471 91,304 16,452 31,716 13,490 157,461! 138,171 1 ,248 567! 2,241 52,735 81,379 1 ,884 12,143 8,137 Oct. 17.. 145,010 95,929 15,994 33,087 12, 141: 161,783 141,706 1,141 563! 1,305 53,650 85,047 1,735 12,778 8,203 1 ! For notes see p. A-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— F C R la S a i s n n s m d s if u e ic F r m a a D n t b i c I e o C e r n s h b i y p TotaJ Loa l ns T U re . S S a e s . c ­ urit O ie t s h 2 er a C ss a e s t h s 3 c b T a i a l a l p o i i n c a t i t i d ­ t ­ a e a l s l Total 3 m D I a n e n t ­ d erba T nk im 3 e Dema O nd ther Tim 5 e r B i o n o w g r s ­ ­ c c T a o a o p u c i t n ­ t a a t l s l b N a b u o n e m f k r s ­ ury counts 4 G U o . v S t . . Other Noninsured nonmember: 1941—Dec. 31........... 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31........... 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 316......... 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20........... 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31........... 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31........... 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967—Dec. 30........... 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31........... 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 30 7 ... 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dcc. 31........ 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 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 13,643 129,100112,764 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 10 Beginning May 6, 1972, two New York City country banks, with loans” include Federal funds sold, and beginning with June 1967 securities deposits of $1,412 million, merged and were reclassified as a reserve city purchased under resale agreements, figures for which are included in bank. (See also note 80 “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 (includ­ classified 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 a"s 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 □ MARCH 1974 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b C a l n a k s s a o nd f l T o a a o n n t d s a l * f F u e e r n a d d l - s C m o e m r­ ­ Agri- o p s r u e r c c c F u a h r r o a r i r t y s i i i e n n s g g in f s in ti a T tu n o t c i i o a n l s Real Ot t h o er, U s .S ec . u T ri r t e i a e s s u 6 ry S a t n a d te call date i m nv e e n s t t s ­ e so tc ld .2 , T 3 o , t 4 al c a i n i n a d ­ l c t a u u l r l - 5 - b T ro o ­ v i d i n d i - - - Other Bills g s lo e o c c v a u t l . ­ r O s it e t i h e c s u e r ­ 5 d tr u ia s l ­ k an er d s ot T he o rs Banks Others uals3 Total ce a r n t d ifi­ Notes Bonds rities deal­ cates ers Total:2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,034 53,205 5,2763,729 1972--Dec. 31io 599,36726,662388,593 132,701 14,314 11,3164,491 6,585 23,402 98,382 87,232 10,17167,028 89,50427,579 1973--June 30 636,29427,652429,667 150,39015,9857,3664,752 9,853 27,685 108,199 94,416 11,02057,877 91,31229,787 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 1,3143,164 3,606 49 4,677 2,361 1,132 88,912 21,526 16,04551,342 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. 3110594,50225,584 385,941 131,422 14,287 11,1654,460 6,11523,27798,204 86,912 10,09966,679 89,173 27,125 1973—June 30.. 630,37926,162 426,425 148,825 15,9677,295 4,727 9,06027,574 108,008 94,060 10,90957,532 90,96729,293 Oct. 17. .647,971 28,5664:39,435 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 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1972—Dec. 31 io466,169 19,961309,969 112,1108,495 10,8633,870 5,783 22,02673,131 64,4909,201 48,715 69,640 17,884 1973—June 30.. 490,908 19,705341,577 127,1949,467 7,1034,122 8,63426,258 79,84069,0069,953 41,080 69,374 19,172 Oct. 17. .502,961 20,823351,248 New York City:11 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1972—Dec. 31 io 75,034 812 57,901 27,864 7,057 841 2,271 6,413 5,789 5,2252,390 5,696 9,107 1,518 1973—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 Oct. 17. . 81,550 1,578 65,392 Citv of Chicago 1941— Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,r"~ 1,801 1,418 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—June 30. 24,566 1,097 18,549 10,034 129 843 313 598 3,558 1,146 1,207 721 1,715 2,796 409 Oct. 17. 25,802 1,229 19,221 Other large banks:11 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 1 ,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1972—Dec. 31 io171,618 9,927116,80244,483 1,977 2,024 1,707 2,716 10,26827,01422,669 3,943 16,316 24,0494,523 1973—June 30.. 180,726 9,333129,18250,457 2,241 1,415 1,784 3,603 11,44029,705 24,357 4,181 13,066 24,435 4,710 Oct. 17.. 184,252 9,210132,627 A11 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 22422,857 3,063 2,108 17,687 2,006 1,262 1972—Dec. 31 io198,156 8,504119,69031,911 6,327 452 1,040 455 2,565 39,26235,4582,22024,830 33,664 II,468 1973—June 30.. 206,404 7,882129,813 34,8247,015 282 1,253 657 2,48442,638 38,2842,37621,638 34,919 12,153 Oct. 17.. 211,357 8,806134,007 Nonmember: 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,078 625 1972—Dec. 3110133,198; 6,701 78,62420,591 5,819 453 622 803 1,377 25,25022,741 969 18,313 19,8649,695 1973—June 30. 145,386 7,947 88,089 23,196 6,518 263 630 1,219 1,42728,35925,410 1,067 16,797 21,939 10,615 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. A-18—A-21. loans continue to be shown net. See also note 10. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30, by CCC were reclassified as “Other securities,” and Export-Import Bank 1967, such securities were included in loans—for the most part in loans to portfolio fund participations were reclassified from loans to “Other “Banks.” Prior to Dec. 1965, Federal funds sold were included with securities.” This increased “Other securities” by about $1 billion. “Total” loans and loans to “Banks.” 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes), Deposits Accumulated for Payment of Personal at book value; they do not add to the total (shown at book value) and are Loans, p. A-30. not entirely comparable with prior figures. See also note 10. Notes continued on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ COMMERCIAL BANKS A 23 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te d f s B w F e R a r . i n v R e t k h e ­ . s s r C c e a o n n u i c d r n y ­ b m a a w B d n e n o c i a s t k e l t ­ h ­ i s s c 7 ju m p D s o a d a t d s e e e n i ­ ­ d t ­ d s 8 m D e I s n o t t ­ i e c r 7 b e a F i n g o k n r ­ 9 G U o .S vt . . S g l a o o t n c a v d a t t e l . c C c h o a f e e i e f n e r f r c d d i s t k ­ i ’ ­ s, IPC I b n a t n e k r­ G P S U a o o a n . s S v v d t 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 C o a t a u a c p l n ­ i t ­ s etc. ings Total: 3 1947—Dec. 31___ 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1972—Dec. 31 io. 26,070 8,666 32,185212,121 29,971 3,883 10,875 18,588 11,685 221,950 4,194 60637,161 277,683 38,08352,658 1973—June 30... 25,143 7,669 29,842202,109 26,97$ 4,069 10,434 18,166 11,162 207,625 $ ,590 73040,734304,265 49,29955,740 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31___ 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1972—Dec. 31 io. 26,070 8,637 30,734210,287 29,731 3,635 10,820 18,459 11,177 221,057 4,113 60637,086276,138 37,55652,166 1973—June 30... 25,143 7,658 28,238 200,083 26,713 3,846 10,408 18,016 10,473 206,685 5,446 73040,655 302,34448,41355,240 Oct. 17... 30,998 9,231 23,960203,931 24,626 3,817 5,821 15,620 9,905 209,023 6,571 58042,914314,30455,90656,726 Member—Total: I 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 1045—Dec. 31....I 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62.950 64 99 399 23,712 208 7,589 1947—Dec. 31___j 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.l 26,070 6,582 19,396 158,464 28,521 3,437 9,024 13,544 9,503 174,770 3,562 46828,553211,12436,35741,228 1973—June 30. . . 25,143 5,754 18,004148,306 25,684 3,627 8,167 13,251 8,781 160,407 4,879 56930,812230,96946,52943,098 Oct. 17... 30,998 7,018 16,011 150,944 23,667 3,634 4,515 11,213 8,382 161,303 6,008 42732,398239,92654,17143,948 New York City:11 1941—Dec. 31. . . . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec, 31_____4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31_____4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1972—Dec. 31 io. 5,695 508 4,854 23,271 12,532 2,562 1,418 741 3,592 31,040 1,833 10 2,522 26,1969,502 8,042 1973—June 30. . . 4,98) 467 5,557 20,478 12,679 2,661 1,115 646 3,403 26,558 2,773 20 2,075 30,788 11,597 8,287 Oct. 17... 5,972 581 4,567 22,240 10,617 2,656 644 497 3,358 25,615 3,809 31 2,371 31,522 13,260 8,405 C ity of Chicago:11 j 1941—Dec. 31....| 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31___! 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31___ 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 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—June 30... 1,512 126 138 5,827 1,206 117 299 225 229 6,918 392 224 930 11,3574,146 1,947 Oct. 17... 1,576 124 333 5,136 1,303 137 141 314 206 6,542 459 2 1,360 11,656 5,827 1,988 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—June 30... 9,345 1,788 4,099 49,344 8,446 731 2,988 3,954 2,728 58,194 1,371 15813,145 81,531 24,03215,260 Oct. 17... 13,367 2,234 3,900 49,190 8,408 742 1,768 3,107 2,587 58,604 1,388 233 13,167 86,21427,83015,450 All other member:11 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31___ 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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 13,373 101,2434,455 16,608 1973—June 30... 9,305 3,373 8,211 72,658 3,353 118 3,766 8,426 2,421 68,737 342 16714,661 107,293:6,753 17,604 Oct. 17... 10,083 4,079 7,211 74,378 3,340 99 1,963 7,295 2,231 70,542 352 161 15,500 110,5347,254 18,103 Nonmember:3 1947—Dec. 31 .. 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 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 1,726 11,429 1973—June 30... 1,915 11,838 53,803j 1,294 442 2,267 4,915 2,381 47,219 712 162 9,922 73,295 2,770 12,643 t 7 Beginning with 1942, excludes reciprocal bank balances. parallel the previous “Reserve city” and “Country” categories, respectively 8 Through 1960 demand deposits other than interbank and U.S. (hence the series are continuous over time). Govt., less cash items in process of collection; beginning with 1961, demand deposits other than domestic commercial interbank and U.S. Note.—Data are for all commercial banks in the United States; member Govt., less cash items in process of collection. banks in U.S. possessions were included through 1968 and then excluded. 9 For reclassification of certain deposits in 1961, see note 6, p. 589, For the period June 1941—June 1962 member banks include mutual May 1964 Bulletin. savings banks as follows: three before Jan. 1960, two through Dec. 1960, 10 Beginning June 30, 1969, reflects (1) inclusion of consolidated reports and one through June 1962. Those banks are not included in all insured or (including figures for all bank-premises subsidiaries and other significant total banks. majority-owned domestic subsidiaries) and (2) reporting of figures for A small noninsured member bank engaged exclusively in trust business total loans and for individual categories of securities on a gross basis—that is treated as a noninsured bank and not as a member bank for the period is before deduction of valuation reserves. See also notes 1 and 6. June 30, 1969-June 30, 1970. 11 Beginning Nov. 9,1972, designation of banks as reserve city banks for Comparability of figures for classes of banks is affected somewhat by reserve-requirement purposes has been based on size of bank (net demand changes in F.R. membership, deposit insurance status, and the reserve deposits of more than $400 million), as described in the Bulletin for classifications of cities and individual banks, and by mergers, etc. July 1972, p. 626. Categories shown here as “Large” and “All other” For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 WEEKLY REPORTING BANKS □ MARCH 1974 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. * Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans financial Wednesday and Com­ To brokers To institutions invest­ To mer­ and dealers others ments com­ To cial Agri­ Total mer­ U.S. others Total and cul­ cial Treas­ Other indus­ tural Pers. banks ury se­ trial U.S. U.S. and se­ curi­ Treas­ Other Treas­ Other sales curi­ ties ury secs. ury secs. finan. Other ties secs. secs. COS., etc. Large banks— Total 1973 Feb. 324,763 13,169 11,412 1,366 177 228,830 93,300 3,007 1,455 7,340 277 2,906 7,060 12,770 327,725 14,143 13,086 598 214 231,598 94,656 3,021 942 7,262 248 2,906 7,402 12,976 328,130 14,417 13,116 662 354 232,903 95,227 3,015 1,070 7,190 248 2,947 7,461 13,095 328,545 13.302 12,139 719 204 234,408 96,224 3,017 898 7,338 272 2,949 7,565 13,384 1974 Jan. 379,663 19,908 18,026 969 230 272,773 110,778 3,671 819 5,666 155 2,799 9,430 18,645 373,628 16,352 13,909 1,911 182 269,717 110,184 3,695 1,491 5,158 158 2,779 8,511 18,020 372,270 15,834 14,027 1,105 153 269,298 110,195 3,689 847 5,183 150 2,781 8,695 18,187 369,208 13,981 12,612 843 174 267,992 109,623 3,714 855 4,762 160 2,779 8,354 18,224 369,685 15,702 14,275 927 201 266,897 109,442 3,715 604 4,602 156 2,767 8,129 18,196 Feb. 6 *. 371,433 16,030 14,046 1,340 ; 229 268,081 109,702 3,724 1,161 5,026 154 2,754 8,105 18,048 13*. 370,368 16,725 15,093 1,035 203 267,646 109,867 3,726 734 4,805 150 2,767 7,911 18,155 20*. 371,217 16,639 15,069 984 i 233 267,623 109,877 3,725 589 4,987 147 2,763 7,930 18,229 27*. 372,126 16,371 14,554 1,216 235 268,871 110,475 3,736 992 5,272 143 2,768 8,093 18,179 New York City 1973 Feb. 7............. 68,740 1,419 1,360 30 53,701 27,077 57 1,324 4,501 53 676 2,022 3,726 14............. 69,150 1,528 1,452 51 54,147 27,491 56 813 4,432 43 664 2,178 3,826 21............. 69,244 1,521 1,398 96 54,558 27,565 56 905 4,337 34 684 2,216 3,912 28............. 70,171 1,935 1,885 19 55,149 27,787 55 776 4,434 33 673 2,271 4,004 1974 Jan. 2............. 82,400 1,786 1,756 25 64,563 31,740 128 672 3,362 44 629 3,102 6,402 9............. 81,204 1,092 1,087 63,666 31,647 133 1,304 3,066 42 626 2,708 6,212 16............. 80,482 1,346 1,334 7 63,113 31,639 136 719 3,088 33 632 2,860 6,198 23............. 79,841 1,372 1,342 4 62,410 31,352 151 725 2,895 44 623 2,685 6,134 30............. 79,049 1,707 1,630 1 61,751 31,438 150 513 2,710 43 622 2,610 6,236 Feb. 6*............. 79,748 1,043 1,012 5 63,188 31,558 142 1,047 3,120 47 616 2,637 6,217 13*............. 78,743 1,067 1,032 62,572 31,504 138 614 2,861 42 622 2,532 6,219 20*............. 79,370 1,514 1,455 10 62,218 31,380 135 489 2,939 41 613 2,552 6,269 27*............. 79,661 1,001 999 2 63,137 31,601 136 887 3,240 40 615 2,714 6,146 Outside New York City 1973 Feb. 7............... 256,023 11,750 10,052 1,337 214 147 175,129 66,223 2,950 131 2,839 224 2,230 5,038 9,044 14....4.... 258,575 12,615 11,634 573 245 163 177,451 67,165 2,965 129 2,830 205 2,242 5,224 9,150 21............... 258,886 12,896 11,718 635 285 258 178,345 67,662 2,959 165 2,853 214 2,263 5,245 9,183 28............... 258,374 11,367 10,254 688 240 185 179,259 68,437 2,962 122 2,904 239 2,276 5,294 9,380 1974 Jan. 2............... 297,263 18,122 16.270 964 683 205 208,210 79,038 3,543 147 2,304 111 2,170 6,328 12,243 9............... 292,424 15,260 12,822 1,906 350 182 206,051 78,537 3,562 187 2,092 116 2,153 5,803 11,808 16............... 291,788 14,488 12,693 1,100 549 146 206,185 78,556 3,553 128 2,095 117 2,149 5,835 11,989 23............... 289,367 12,609 11.270 817 352 170 205,582 78,271 3,563 130 1,867 116 2,156 5,669 12,090 30............... 290,636 13,995 12,645 851 299 200 205,146 78,004 3,565 91 1,892 113 2,145 5,519 11,960 Feb. 6*............ 291,685 14,987 13,034 1,314 415 224 204,893 78,144 3,582 114 1,906 107 2,138 5,468 11,831 13*............. 291,625 15,658 14,061 1,009 385 203 205,074 78,363 3,588 120 1,944 108 2,145 5,379 11,936 20*............. 291,847 15,125 13,614 935 353 223 205,405 78,497 3,590 100 2,048 106 2,150 5,378 11,960 27*............. 292,465 15,370 13,555 1,216 366 233 205,734 78,874 3,600 105 2,032 103 2,153 5,379 12,033 For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ WEEKLY REPORTING BANKS A 25 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Con­ Real sumer For­ All Certif­ estate instal­ eign other Total Bills icates Do­ For­ ment govts. 2 Within 1 to After mes­ eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1973 46,598 2,820 3,455 28,286 1,222 18,334 27,633 5,351 4,774 14,987 2,521 ...........................Feb. 7 46,776 3,127 4,207 28,339 1,242 18,494 27,002 4,819 4,778 14,924 2,481 ....................................14 46,923 3,029 4,374 28,391 1,254 18,679 25,813 4,457 3,480 15,228 2,648 ....................................21 46,991 2,862 4,419 28,495 1,240 18,754 25,663 4,607 3,616 15,042 2,398 ....................................28 1974 55,181 3,996 5,093 33,168 1,590 21,782 25,460 5,528 4,411 12,068 3,453 ...........................Jan. 2 55,193 4,180 5,015 33,127 1,534 20,672 25,954 5,911 4,577 11,973 3,493 .................................... 9 55,483 3.983 4,937 33,149 1,483 20,536 26,071 6,265 4,650 11,741 3,415 ....................................16 55,554 3.983 4,819 33.130 1,524 20,511 26,230 6,374 4,684 11,765 3,407 ...................................23 55,627 3,821 4,637 33,171 1,582 20,448 25,691 5,859 4,662 11,768 3,402 ...................................30 55,700 3,823 4,843 33,190 1,455 20,396 25,527 5,808 4,679 11,699 3,341 ...........................Feb. 6 p 55,711 3,520 4,807 33.160 1,490 20,843 25,236 5,635 4,721 11,627 3,253 ...................................13? 55,715 3,570 4,705 33.131 1,380 20,875 25,616 4,936 4,240 12,240 4,200 ...................................20? 55,659 3,675 4,715 33.160 1,466 20,538 25,357 4,865 4,247 12,112 4,133 .............................................21 p New York City 1973 5,115 811 1,632 2,149 742 3,816 4,545 1,112 943 2,330 160 ...........................Feb. 7 5,141 892 1,924 2.148 730 3,809 4,477 1,023 918 2,370 166 ...................................14 5,156 935 2,006 2.149 725 3,878 4,248 922 468 2,325 533 ...................................21 5,191 1,053 2,047 2,153 740 3,932 4,182 1,010 574 2,210 388 ...................................28 1974 6,372 1,673 2,163 2,491 744 5,041 5,167 1,682 614 1,674 1,197 ...........................Jan. 2 6,386 1,626 2,195 2,495 742 4,484 5,610 2,083 663 1,701 1,163 ................................... 9 6,413 1,540 2,137 2,497 734 4,487 5,443 2,157 656 1,554 1,076 ...................................16 6,393 1,545 2,043 2.484 746 4,590 5,713 2,360 676 1,576 1,101 ...................................23 6,395 1,425 1,906 2.485 842 4,376 5,241 2,016 616 1,542 1,067 ...................................30 6.445 1,514 2,263 2,463 689 4,430 5,128 1,821 700 1,545 1,062 ...........................Feb. 6p 6,460 1,310 2,279 2,483 717 4,791 5,054 1,702 711 1,549 1,092 ...................................13*> 6.445 1,289 2,297 2,476 641 4,652 5,250 1,310 553 1,912 1,475 .............................................20p 6,380 1,357 2,370 2,478 714 4,459 5,037 1,271 543 1,851 1,372 .............................................21p Outside New York City 1973 41,483 2,009 1,823 26,137 480 14,518 23,088 4,239 3,831 12,657 2,361 .Feb. 7 41,635 2,235 2,283 26,191 512 14,685 22,525 3,796 3,860 12,554 2,315 ...........14 41,767 2,094 2,368 26,242 529 14,801 21,565 3,535 3,012 12,903 2,115 ..........21 41,800 1,809 2,372 26,342 500 14,822 21,481 3,597 3,042 12,832 2,010 ...........28 1974 48,809 2,323 2,930 30.677 846 16,741 20,293 3,846 3,797 10,394 2,256 .Jan. 2 48,807 2,554 2,820 30,632 792 16,188 20,344 3,828 3,914 10,272 2,330 9 49,070 2,443 2,800 30,652 749 16,049 20,628 4,108 3,994 10,187 2,339 16 49,161 2,438 2,776 30,646 778 15,921 20,517 4,014 4,008 10,189 2,306 23 49,232 2,396 2,731 30,686 740 16,072 20,450 3,843 4,046 10,226 2,335 30 49,255 2,309 2,580 30,727 766 15,966 20,399 3,987 3,979 10,154 2,279 . Feb. 6 p 49,251 2,210 2,528 30.677 773 16,052 20,182 3,933 4,010 10,078 2,161 ..........13* 49,270 2,281 2,408 30,655 739 16,223 20,366 3,626 3--,-6--8-7- 10,328 2,725 ..........20 p 49,279 2,318 2,345 30,682 752 16,079 20,320 3,594 3,704 10,261 2,761 ..........21 p For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ MARCH 1974 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest­ Obligations Other bonds, items Re­ Bal­ ments Total of State corp. stock, in serves Cur­ ances in sub­ assets/ Wednesday and and process with rency with sidiar­ Other total political securities of F.R. and do­ ies not assets liabil­ Total subdivisions collec­ Banks mestic consol­ ities tion banks idated Tax Certif. war­ All of All rants 3 other partici­ others pation4 Large banks— Total 1973 Feb. 7............................. 55,131 8,711 37,706 1,772 6,942 26,613 17,356 3,678 9,499 1,155 17,952 401,016 14............................. 54,982 8,643 37,602 1,766 6,971 30,274 20,862 3,994 9,101 1,165 18,354 411,475 21............................. 54,997 8,599 37,740 1,763 6,895 32,735 17,190 4,081 10,119 1,178 18,248 411,681 28............................. 55,172 8,578 37,819 1,748 7,027 31,985 21,057 3,924 10,555 1,198 18,642 415,906 1974 Jan. 2............................. 61,522 7,767 40,080 2,431 11,244 39,584 25,685 5,030 12,455 1,435 22,306 486,158 9............................. 61,605 7,790 40,230 2,400 11,185 32,417 22,631 4,683 12,221 1.439 20,584 467,603 16............................. 61,067 7,459 40,099 2,374 11.135 34,685 25,158 4,529 12,341 1.440 20,296 470,719 23............................. 61,005 7,287 40,174 2,370 11,174 29,979 24,096 4,563 11,940 1.440 20,091 461,317 30............................. 61,395 7,472 40,394 2,393 11.136 30,161 23,753 4,501 11,950 1,443 20,709 462,202 Feb. 6 *........................... 61,795 7,637 40,520 2,454 11,184 31,677 21,644 4,016 11,891 1.429 21,173 463,263 13*......................... 60,761 7,192 40,107 2,418 11,044 37,856 24,081 4,366 13,788 1,426 21,359 473,244 20*........................... 61,339 7,250 40,356 2,434 11,299 38,013 23,935 4,467 12,924 1.429 21,610 473,595 27 p........................... 61,527 7,178 40,631 2,413 11,305 31,557 21,281 4,452 11,630 1.429 21,775 464,250 New York City 1973 Feb. 7............................. 9,075 2,530 5,038 517 990 9,059 4,324 459 4,001 586 5,498 92,667 14............................. 8,998 2,476 5,020 522 980 10,975 5,598 495 3,527 586 5,593 95,924 21............................. 8,917 2,349 5,066 529 973 10,782 4,879 476 3,899 588 5,827 95,695 2 8 8,905 2,224 5,120 508 1,053 11,924 5,383 455 4,239 596 6,056 98,824 1974 Jan. 2............................. 10,884 2,712 5.250 606 2,316 12,856 8,834 565 5,276 667 6.695 117.293 9............................. 10,836 2,636 5,280 602 2,318 11,559 6,326 540 5,806 669 5,723 111,827 16............................. 10,580 2,439 5.251 592 2,298 11,861 7,007 524 6,433 670 5.695 112,672 23............................. 10,346 2,185 5,293 579 2,289 11,064 7,086 508 6,094 668 5,449 110,710 30............................. 10,350 2,218 5,325 580 2,227 11,824 6,846 511 6,198 670 5,777 110,875 Feb. 6*........................... 10,389 2,230 5,388 590 2,181 11,692 5,815 486 5,792 656 5,941 110,130 13*........................... 10,050 2,039 5,286 581 2,144 16,318 7,786 529 7,423 656 5,795 117,250 20*........................... 10,388 2,107 5,455 581 2,245 13,391 7,307 511 6,756 660 6,298 114.293 27*........................... 10,486 2,130 5,579 572 2,205 11,765 6,021 499 5,512 660 6,224 110,342 Outside New York City 1973 Feb. 7............................... 46,056 6,181 32,668 1,255 5,952 17,554 13,032 3,219 5,498 569 12,454 308,349 14............................... 45,984 6,167 32,582 1,244 5,991 19,299 15,264 3,499 5,574 579 12,761 315,551 21............................... 46,080 6,250 32,674 1,234 5,922 21,953 12,311 3,605 6,220 590 12,421 315,986 28............................... 46,267 6,354 32,699 1,240 5,974 20,061 15,674 3,469 6,316 602 12,586 317,082 1974 Jan. 2.............................. 50,638 5,055 34,830 1,825 8,928 26,728 16,851 4,465 7,179 768 15,611 368,865 9............................... 50,769 5,154 34,950 1,798 8,867 20,858 16,305 4,143 6,415 770 14,861 355,776 16............................... 50,487 5,020 34,848 1,782 8,837 22,824 18,151 4,005 5,908 770 14,601 358,047 23............................... 50,659 5,102 34,881 1,791 8,885 18,915 17,010 4,055 5,846 772 14,642 350,607 30............................... 51,045 5,254 35,069 1,813 8,909 18,337 16,907 3,990 5,752 773 14,932 351,327 Feb. 6*........................... 51,406 5,407 35,132 1,864 9,003 19,985 15,829 3,530 6,099 773 15,232 353,133 13*............................. 50,711 5,153 34,821 1,837 8,900 21,538 16,295 3,837 6,365 770 15,564 355,994 20*........................... 50,951 5,143 34,901 1,853 9,054 24,622 16,628 3,956 6,168 769 15,312 359,302 27*........................... 51,041 5,048 35,052 1,841 9,100 19,792 15,260 3,953 6,118 769 15,551 353,908 For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings Domestic interbank Foreign IPC States States Wednesday and Certi­ and Do­ polit­ fied polit­ mes­ For­ Total IPC ical U.S. and Total6 ical tic eign sub­ Govt. Com­ Mutua Com­ offi­ sub­ inter­ gOVtS.2 divi­ mer­ sav­ Govts., mer­ cers’ Sav­ Other divi­ bank sions cial ings etc. 2 cial checks ings sions banks Large banks— Total 1973 148,485 105,666 6,919 4,700 20,168 781 892 2,999 6,360 164,388 58,055 75,292 20,785 2,909 6,741 . Feb. 7 154,547 108,610 6,851 9,388 18,355 749 760 3,163 6,671 165,250 57,964 76,115 20,731 2,911 6,891 ............14 156,859 110,308 6,708 7,064 21,426 772 992 3,077 6,512 166,422 57,984 77,027 20,948 2,920 6,914 ..........21 157,135 109,337 6,968 7,230 22,531 656 895 3,160 6,358 168,312 57,966 78,344 21,386 2,963 7,016 ..........28 1974 184,565 128,207 7,352 7,164 25,286 804 1,156 4,978 9,618 189,645 57,087 95,405 22,833 5,551 8,311 , .Jan. 163,261 115,404 6,672 3,102 23,953 893 1,077 4,461 7,699 190,962 57,064 96,535 23,441 5,359 8,123 . 165,560 117,002 6,463 3,877 23,598 805 1,062 4,338 8,415 191,407 56,955 96,980 23,503 5,381 8,102 , 156,027 109,349 6,032 4,468 22,783 668 994 4,155 7,578 192,742 56,918 98,307 23,602 5,287 8,081 . 158,015 109,056 6,238 5,690 22,815 689 1,190 4,640 7,697 193,137 56,802 98,902 23,545 5,149 8,121 . 157,344 107,999 6,424 4,704 23,545 769 1,552 4,160 8,191 192,629 56,912 98,499 23,514 5,133 7,988 . . Feb. 6* 163,593 111,106 6,370 3,469 26,603 655 1,139 4,351 9,900 192,604 56,955 98,618 23,356 4,968 8,106 . ..........13* 162,933 113,258 6,594 2,613 25,572 685 1,313 4,831 8,067 192,453 57,055 98,458 23,343 4,895 8,073 . ..........20 * 155,789 109,235 6,014 3,241 22,787 597 1,242 4,493 8,180 192,851 57,144 99,038 23,449 4,760 7,919 . ...........27 p New York City 1973 39,685 23,117 464 917 8,736 420 739 2,151 3,141 29,043 5,543 16,088 2,336 1,596 3,390 . . Feb. 7 40,300 23,799 398 1,888 7,460 399 615 2,200 3,541 29,274 5,531 16,280 2,232 1,600 3,529 . ...........14 42,204 24,422 436 1,351 9,216 403 848 2,202 3,326 29,742 5,533 16,764 2,190 1,605 3,546 . ..........21 43,650 24,381 372 1,428 11,031 341 748 2,339 3,010 30,616 5,515 17,451 2,423 1,616 3,509 . ...........28 1974 51,771 28,419 581 1,666 10,969 454 951 3,801 4,930 34,400 5,008 19,560 2,019 3,513 4,214 . .Jan. 2 46,187 24,669 476 527 12,028 521 892 3,286 3,788 35,084 5,021 20,160 2,297 3,363 4,168 . . 9 47,047 25,100 376 707 11,502 456 874 3,218 4,814 35,114 5,020 20,291 2,206 3,351 4,159 . .16 44,802 23,839 346 781 11,452 362 793 3,088 4,141 35,520 5,017 20,916 1,988 3,358 4,157 . .23 46,677 23,909 429 1,082 11,789 388 1,001 3,613 4,466 35,522 5,013 21,122 1,900 3,284 4,120 . .20 46,027 23,287 322 962 11,984 432 1,345 3,078 4,617 35,145 5,010 20,932 1,798 3,255 4,067 . . Feb. 6 p 50,829 23,975 345 608 14,909 332 924 3,244 6,492 34,851 5,015 20,800 1,680 3,166 4,099 . ...........13* 48,138 24,683 386 335 13,047 346 1,079 3,588 4,674 34,561 5,026 20,705 1,590 3,106 4,015 . ..........20* 45,718 23,782 319 599 11,600 299 995 3,347 4,777 34,437 5,035 20,792 1,648 2,907 3,938 . ...........29* Outside New York City 1973 108,800 82,549 6,455 3,783 11,432 361 153 848 3,219 135,345 52,512 59,204 18,449 1,313 3,351 . . Feb. 7 114,247 84,811 6,453 7,500 10,895 350 145 963 3,130 135,976 52,433 59,835 18,499 1,318 3,362 . ...........14 114,655 85,886 6,272 5,713 12,210 369 144 875 3,186 136,680 52,451 60,263 18,758 1,315 3,368 . ..........21 113,485 84,956 6,596 5,802 11,500 315 147 821 3,348 137,696 52,451 60,893 18,963 1,347 3,507 . ...........28 1974 132,794 99,788 6,771 5,498 14,317 350 205 1,177 4,688 155,245 52,079 75,845 20,814 2,038 4,097 . ...Jan. 2 117,074 90,735 6,196 2,575 11,925 372 185 1,175 3,911 155,878 52,052 76,375 21,144 1,996 3,955 . .................. 9 118,513 91,902 6,087 3,170 12,096 349 188 1,120 3,601 156,293 51,935 76,689 21,297 2,030 3,943 . ..................16 111,225 85,510 5,686 3,687 11,331 306 201 1,067 3,437 157,222 51,901 77,391 21,614 1,929 3,924 . ................23 111,338 85,147 5,809 4,608 11,026 301 189 1,027 3,231 157,615 51,789 77,780 21,645 1,865 4,001 . ................30 111,317 84,712 6,102 3,742 11,561 337 207 1,082 3,574 157,484 51,902 77,567 21,716 1,878 3,921 . ...Feb. 6* 112,764 87,131 6,025 2,861 11,694 323 215 1,107 3,408 157,753 51,940 77,818 21,676 1,802 4,007 . ..................13* 114,795 88,575 6,208 2,278 12,525 339 234 1,243 3,393 157,892 52,029 77,753 21,753 1,789 4,058 . ..............20* 110,071 85,453 5,695 2,642 11,187 298 247 1,146 3,403 158,414 52,109 78,246 21,801 1,753 3,981 . .................27* For notes see p. A-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS o MARCH 1974 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Laige negot iable Fed­ Total time CD’ s Gross eral Other Total loans incll uded in time liabili­ Wednesday funds liabili­ capital Total and De­ and savings deijositsii ties of pur­ F.R. ties, Secur­ ac­ loans invest­ mand banks chased, Banks Others etc. * Loans ities counts (gross) ments deposits to etc. 7 ad­ (gross) ad­ Issued Issued their justed9 ad­ justed i o Total to to foreign justed 9 IPC’s others bran­ ches Large banka— Total 1973 Feb. 7..................... 35,111 752 2,772 4,373 70 29,843 227,767 310,531 97,004 46,871 29,627 17,244 1,391 14..................... 37,632 2,532 2,452 4,372 70 29,751 229,528 311,512 96,530 47,718 30,483 17,235 694 21..................... 36,123 183 2,459 4,373 69 29,769 231,175 311,985 95,634 48,733 31,303 17,430 1,157 28..................... 36,538 1,247 2,326 15,928 4,397 63 29,960 232,709 313,544 95,389 50,354 32,250 18,104 784 1974 Jan. 2..................... 51,993 754 5,154 17,322 4,702 65 31,958 270,659 357,641 112,531 64,626 43,237 21,389 1,158 9...................... 52,561 1,941 5,276 16,832 4,885 69 31,816 267,980 355,539 103,789 65,575 44,121 21,454 1,322 16...................... 53,193 1,083 5,504 17,186 4,906 74 31,806 267,122 354,260 103,400 65,637 44,361 21,276 2,039 23...................... 51,138 2,408 5,236 16,862 4,919 74 31,911 265,378 352,613 98,797 66,458 45,298 21,160 2,002 30...................... 50,708 1,316 5,337 16,785 4,927 83 31,894 264,503 351,589 99,349 66,937 45,766 21,171 1,683 Feb. 6*...................... 52,448 592 5,519 17,562 4,968 78 32,123 266.242 353,564 97,418 66,202 45,063 21,139 1,656 13*.................... 54,016 2,268 5,360 18,209 4,966 73 32,155 265,758 351,755 95,665 66,157 45,089 21,068 2,215 20*.................... 56,826 840 5,110 18,299 4,964 73 32,097 265,623 352,578 96,735 65,680 44,765 20,915 1,735 27*.................... 53,740 990 5,288 18,474 4,977 78 32,063 267,013 353,897 98,204 65,829 45,156 20,673 1,677 New York City 1973 Feb. 7...................... 8,294 1,162 5,638 1,251 7,594 52,949 66,569 20,973 16,394 10,813 5,581 1,095 14...................... 10,143 1,309 1,005 5,053 1,251 7,589 53,331 66,806 19,977 16,603 11,064 5,539 503 21...................... 8,383 950 5,585 1,256 7,575 53,746 66,911 20,855 16,980 11,541 5,439 834 28...................... 8,446 ' 269 972 5,955 1,265 7,651 54,146 67,233 19,267 17,798 12,050 5,748 559 1974 Jan. 2...................... 13,606 155 2,437 5,521 1,281 8,122 62,920 78,971 26,280 20,307 12,848 7,459 800 9...................... 12,574 941 2.503 5,119 1,311 8,108 62,045 78,491 22,073 20,987 13,433 7,554 942 16...................... 12,972 60 2.503 5,557 1,331 8,088 61,585 77,608 22,977 20,982 13,559 7,423 1,578 23...................... 11,767 1,232 2,514 5,387 1,340 8,148 60,895 76,954 21,505 21,346 14,065 7,281 1,484 30...................... 11,447 105 2,379 5,252 1,341 8,152 60,403 75,995 21,982 21,341 14,247 7,094 1,226 Feb. 6*.................... 11,436 2,427 5,488 1,360 8,247 61,705 77,222 21,389 21,016 14,034 6,982 1,220 13*.................... 12,859 642 2,398 6,055 1,361 8,255 61,297 76,401 18,994 20,853 13,985 6,868 1,817 20*.................... 13,957 2,172 5,865 1,357 8,243 60,988 76,626 21,365 20,541 13,867 6,674 1,419 27*.................... 12,535 2,287 5,759 1,370 8,236 61,782 77,305 21,754 20,362 13,866 6,496 1,240 Outside New York City 1973 Feb. 7...................... 26,817 752 1,610 9,584 3,122 70 22,249 174,818 243,962 76,031 30,477 18,814 11,663 296 14...................... 27,489 1,223 1,447 9,816 3,121 70 22,162 176,197 244,706 76,553 31,115 19,419 11,696 191 21...................... 27,740 183 1,509 9,839 3,117 69 22,194 177,429 245,074 74,779 31,753 19,762 11,991 323 28...................... 28,092 978 1,354 9,973 3,132 63 22,309 178,563 246,311 76,122 32,556 20,200 12,356 225 1974 Jan. 2 ...................... 38,387 599 2,717 11,801 3,421 65 23,836 207,739 278,670 86,251 44,319 30,389 13,930 358 9...................... 39,987 1,000 2,773 11,713 3,574 69 23,708 205,935 277.048 81,716 44,588 30,688 13,900 380 16...................... 40,221 1,023 3.001 11,629 3,575 74 23,718 205,537 276,652 80,423 44,655 30,802 13,853 461 23...................... 39,371 1,176 2,722 11,475 3,579 74 23,763 204,483 275,659 77,292 45,112 31,233 13,879 518 30...................... 39,261 1,211 2,958 11,533 3,586 83 23,742 204,100 275,595 77,367 45,596 31,519 14,077 457 Feb. 6*.................... 41,012 592 3,092 12,074 3,608 78 23,876 204,537 276,342 76,029 45,186 31,029 14,157 436 13*.................... 41,157 1,626 2,962 12,154 3,605 73 23,900 204,461 275,354 76,671 45,304 31,104 14,200 398 20*.................... 42,869 840 2,938 12,434 3,607 73 23,854 204,635 275,952 75,370 45,139 30,898 14,241 316 27*.................... 41,205 990 3.001 12,715 3,607 78 23,827 205,231 276,592 76,450 45,467 31,290 14,177 437 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com­ 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial ^ Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. 7 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ BUSINESS LOANS OF BANKS A 29 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1974 1974 1973 1973 1973 Feb. Feb. Feb. Feb. Jan. 2nd 1st 27 20 13 6 30 Feb. Jan. Dec. IV III II half half Durable goods manufacturing: Primary metals.................................... 1,796 1,785 1,787 1,835 1,867 -71 58 -148 -247 18 -102 -229 20 Machinery............................................ 6,821 6,781 6,845 6,768 6,724 97 53 440 136 479 645 615 1,453 Transportation equipment................ 2,659 2,675 2,591 2,604 2,490 169 -30 156 90 272 32 362 64 Other fabricated metal products... 2,352 2,363 2,324 2,303 2,344 8 11 7 15 56 267 71 503 Other durable goods.......................... 3,738 3,732 3,660 3,610 3,621 117 -82 -32 -363 290 323 -73 872 Nondurable goods manufacturing: Food, liquor, and tobacco............... 3,965 3,943 3,941 3,990 3,954 11 -203 269 340 393 -194 733 -23 Textiles, apparel, and leather........... 3,443 3,415 3,344 3,281 3,210 233 -9 -137 -440 235 275 -205 730 Petroleum refining............................ 1,206 1,200 1,200 1,197 1,277 -71 -114 294 184 19 -7 203 211 Chemicals and rubber..................... 2,504 2,509 2,544 2,507 2,445 59 -71 48 -198 48 63 -150 809 Other nondurable goods................. 2,134 2,147 2,108 2,125 2,106 28 -39 -25 -65 156 157 91 360 Mining, including crude petroleum and natural gas............................. 4,066 4,101 4,086 4,035 4,027 39 223 -6 -233 77 -156 331 Trade: Commodity dealers................. 2,304 2,273 2,337 2,322 2,258 46 416 99 630 -42 -603 588 -540 Other wholesale......................... 5,608 5,514 5,462 5,483 5,450 158 35 94 151 43 183 194 567 Retail........................................... 6,145 6,041 5,986 5,836 5,808 337 -265 -394 -184 165 457 -19 1,092 Transportation........................................ 5,899 5,934 5,931 5,937 5,966 -67 2 161 14 66 283 80 294 Communication...................................... 2,102 2,138 2,172 2,196 2,142 -40 116 138 -78 -13 79 -91 258 Other public utilities.............................. 5,433 5,464 5,546 5,710 5,711 -278 -166 352 596 734 670 1,330 961 Construction............................................ 5,483 5,473 5,434 5,442 5,496 -13 -57 -26 -200 211 615 11 878 Services..................................................... 10,937 10,866 10,910 10,868 10,805 132 -251 351 565 362 455 927 997 All other domestic loans....................... 8,143 8,254 8,345 8,304 8,372 -229 101 408 302 380 782 682 1,754 Bankers’ acceptances.............................. 1,260 1,121 1,129 1,192 1,249 11 -25 62 199 -322 76 -123 -154 Foreign commercial and industrial loans.................................................. 4,176 4,037 4,147 4,139 4,159 17 86 17 23 -384 -18 -361 554 Total classified loans............................. 92,174 91,766 91,829 91,684 91,481 693 -211 2,128 1,237 3,243 4,438 4,480 11,991 Total commercial and industrial loans of large commercial banks........... *110,475109,877109,867 109,702 109,442 1,033 -679 2,489 1,938 3,371 4,989 5,309 13,709 See Note to table below. “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1974 1973 1973 1973 Industry Feb. Jan. Dec. Nov. Oct. Sept. Aug. July June 2nd 27 •30 ' 26 r 28 r 31r 26 ' 29 r 25 r 27 IV III II I half Durable goods manufactur- Primary metals................... 1,046 1,092 1,104 1,240 1,259 1,307 1,290 1,292 1,328 -203 -21 -7 67 -224 Machinery.......................... 3,037 2,950 2,866 2,726 2,731 2,680 2,642 2,664 2,641 186 39 328 159 225 Transportation equipment. 1,367 1,324 1,284 1,257 1,239 1,266 1,231 1,197 1,189 18 77 15 -31 95 Other fabricated metal products.......................... 911 938 894 912 901 871 853 867 869 23 2 84 65 25 Other durable goods.......... 1,837 1,737 1,772 1,754 1,795 1,788 1,738 1,728 1,690 -16 98 170 281 82 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 1,527 1,514 1,491 1,469 1,470 1,477 1,410 1,415 1,393 14 84 43 116 98 Textiles, apparel, and leather............................. 1,043 1,032 1,003 1,036 1,033 1,028 1,023 1,002 969 -25 59 77 169 34 Petroleum refining............. 897 920 933 839 883 920 925 947 876 13 44 34 144 57 Chemicals and rubber....... 1,569 1,570 1,561 1,509 1,534 1,552 1,493 1,485 1,481 9 71 2 326 80 Other nondurable goods.. 1,080 1,069 1,082 1,077 1,090 1,100 1,080 1,066 1,063 -18 37 -37 206 19 Mining, including crude pe­ troleum and natural gas. 3,206 3,153 2,958 2,950 2,958 2,990 2,921 3,022 2,846 -32 144 -26 187 112 Trade: Commodity dealers.. 129 137 127 135 120 116 115 175 123 11 -7 -27 29 4 Other wholesale........ 1,315 1,265 1,190 1,172 1,223 1,178 1,151 1,118 1,066 12 112 11 161 124 Retail......................... 2,376 2,249 2,206 2,227 2,175 2,147 2,135 2,063 2,006 59 141 183 231 200 Transportation....................... 4,311 4,327 4,320 4,208 4,220 4,279 4,292 4,263 4,305 41 -26 71 54 15 Communication..................... 940 947 860 828 819 858 835 814 785 2 73 39 64 75 Other public utilities............. 3,245 3,298 3,252 3,121 2,857 2,836 2,678 2,548 2,409 416 427 175 259 843 Construction.......................... 1,940 1,943 1,905 1,936 1,954 1,992 2,000 2,010 1,896 -87 96 187 151 9 Services................................... 5,004 4,937 5,049 4,916 4,777 4,719 4,666 4,578 4,562 330 157 223 313 487 All other domestic loans .... 2,385 2,692 2,602 2,617 2,552 2,585 2,460 2,390 2,201 17 384 330 274 401 Foreign commercial and in­ dustrial loans.................. 2,321 2,469 2,334 2,306 2,308 2,186 2,292 2,497 2,585 148 -399 18 201 -251 Total loans............................. *41,486 41,563 40,793 40,235 39,898 39,875 39,230 39,141 38,283 918 1,592 1,893 3,426 2,510 Note.—About 160 weekly reporting banks are included in this series; Commercial and industrial “term” loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount­ an original maturity of more than 1 year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. For description of series see article “Revised Series on Commercial and Industrial Loans by Industry,” Feb. 1967 Bulletin, p. 209. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 DEMAND DEPOSIT OWNERSHIP □ MARCH 1974 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holder Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s i i n n a e n s c s ial Consumer Foreign o A th l e l r IPC All commercial banks: 1970—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 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 June....................................................................................... 18.6 106.6 67.3 2.0 11.8 206.3 Sept........................................................................................ 18.8 108.3 69.1 2.1 11.9 210.3 Dec........................................................................................ 19.1 116.2 70.1 2.4 12.4 220.1 Weekly reporting banks: 1971—Dec......................................................................................... 14.4 58.6 24.6 1.2 5.9 104.8 1972—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 13.8 59.1 26.9 1.9 6.4 108.0 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 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 Oct......................................................................................... 15.0 61.7 27.3 2.0 6.6 112.5 14.8 62.9 27.5 2.1 6.7 113.9 Dec......................................................................................... 14.9 66.2 28.0 2.2 6.8 118.1 1974—Jan.*...................................................................................... 15.2 63.8 28.3 2.3 6.7 116.3 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 Note.—Daily-average balances maintained during month as estimated Bulletin, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, June 30, Oct. 17, Class of Dec. 31, Dec. 31, June 30, Oct. 17, bank 1971 1972 1973 1973 bank 1971 1972 1973 1973 All commercial___ 680 559 538 All member—Cont. Insured................. 677 554 533 505 Other large banks * 112 69 63 59 National membei 387 311 304 281 All other member * 371 313 312 291 State member.... 95 71 71 70 All nonmember......... 197 177 163 All member............. 482 381 375 350 Insured.................... 195 172 158 155 Noninsured............. 2 5 5 1 Beginning Nov. 9, 1972, designation of banks as reserve city banks for Note.—These hypothecated deposits are excluded from “Time deposits” reserve-requirement purposes has been based on size of bank (net demand and “Loans” at commercial banks, as shown in the tables on pp. A-18, deposits of more than $400 million), as described in the Bulletin for A-19, and A-24-A-28 (consumer instalment loans), and in the table at the July 1972, p. 626. Categories shown here as “Other large” and “All other bottom of p. A-17. These changes resulted from a change in Federal member” parallel the previous “Reserve City” (other than in New York Reserve regulations. See June 1966 Bulletin, p. 808. City and the City of Chicago) and “Country” categories, respectively These deposits have not been deducted from “Time deposits” and (hence the series are continuous over time). “Loans” for commercial banks as shown on pp. A-20 and A-21 and on pp. A-22 and A-23 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ LOAN SALES BY BANKS; OPEN MARKET PAPER A 31 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1973—Nov. 7r........ 4,317 2,591 1,726 1,789 343 1,446 14r 4,315 2,540 1,775 1,792 333 1,459 21 »•......... 4,349 2,656 1,693 1,799 332 1,467 28 '........ 4,342 2,655 1,687 1,826 354 1,472 Dec. 5'........ 4,407 2,669 1,738 1,821 346 1,475 12r , , . , 4,393 2,620 1,773 1,802 337 1,465 19 r........ 4,297 2,580 1,717 1,792 332 1,460 26 r........ 4,300 2,603 1,697 1,798 331 1,467 1974—Jan. 2r........ 4,460 2,675 1,785 1,794 327 1,467 9.......... 4,487 2,700 1,787 1,790 325 1,465 16.......... 4,503 2,691 1,812 1,791 332 1,459 23.......... 4,301 2,508 1,793 1,790 340 1,450 30 r......... 4,439 2,623 1,816 1,810 343 1,467 Feb. 6.......... 4,605 2,638 1,967 1,780 341 1,439 13.......... 4,729 2,687 2,042 1,389 333 1,056 20........... 4,933 2,673 2,260 1,342 336 1,006 27........... 4,992 2,748 2,244 1,410 337 1,073 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 Held by— Based on- Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Im- Ex­ Others ports ports All Bank Bank For­ into from other related Other1 related Other2 Total Own Bills Own eign United United bills bought acct. corr. States States 1965. 1,903 7,397 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 1966. 3,089 10,556 3,603 1,198 983 215 193 191 2,022 997 829 1,778 1967. 4,901 12,184 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 1968. 7,201 13,972 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 1969. 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 1970. 409 12,262 1,940 18,460 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 1971. 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. 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—Feb.. 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.. 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.. 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. 1,148 8,288 2,922 23,314 6,888 2,197 1,763 433 83 384 4,225 2,009 2,509 2,371 June. 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.. 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.. 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.. 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 Oct... 1,319 11,727 3,549 25,007 8,237 2,042 1,731 311 107 589 5,499 2,345 3,222 2,670 Nov.. 1,317 12,824 3,655 25,149 8,493 2,566 2,129 437 71 604 5,252 2,320 3,340 2,833 Dec.. 1,311 11,751 3,570 24,441 8,892 2,837 2,318 519 68 581 5,406 2,273 3,499 3,120 1974—Jan.................. 45,491 1,429 13,990 4,072 26,000 9,101 2,706 2,251 454 68 589 5,738 2,334 3,492 3,275 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 □ MARCH 1974 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Effective date 1972—Jan. 3, 5-5%-5tf« , 4............ 514-51/2- 1973—June 8 7Vi* 1974—Feb. 11 9-9i4-93/io 17, 434-5-51/4- 5............ 5Vi» 19 7i/i--73/4 19 9--914 24, 4y8-434_5. 11............ 5i/i*-5y8 25, 734. 25 8 V10-8 34 .-9 31, 41^-434.-5 25............ 5^.-5%- 26 8710-834. 53/4 July 2. 734.-8 Feb. 28. 43/8-4i/2- 3, 734-8. Mar. 4 8 Vi—87/10— 434* Oct. 2............ 5i/i*—534 9 8-814- 83^- Mar. 2 1 3 3 . . 4 4 1 3 4 4 - - 434. 1 4 1 . . . . . . . . . . . . . . . . . . . . . . . . 5 53 V 4 i * -534- 1 1 7 8 . . 8 8 1 V /4 i - . 8 -8 V 1 i / ■ 2 5 8 V8i-3846-/10- 27. 434.-4 %_5 16............ 534*-5% 23, 8i/i- 30 8 Vi-8 34. Apr. 3. 434.-5 Nov. 6............ 534* 5. 5* 20............. 53/4*-57/8 Aug. 6. 83/4-9. 17. 5*-5% 7 9. 26............. 534.-6 13 9-91/4- May 1. 5.-514-514 27............ 534-6. 21 91/4--91/2 30. 5* 22 91/2- 1973—Jan. 4............ 6. 28 9Vi-934. June 12. 5*-5% 29 , 934- 26. 5-51/4* Feb. 2............ 6.-614 14............. 6. Sept. 14. 9 34 .-10 July 3. 5%»-5% 26............. 6.-614 18 10. 10. 514.-534- 27............. 61/4* 27 934-10. 5 Vi 17. 5i/4«-5Vi 19............ 6i4*-634 Oct. 22 9i/2-934-10i 31. 5%.-5%- 26............ 6i/i* 24 91^-934.-10 5 Vi Aug. 11. 5i4»-53/s 18............ 61/2-63/4. 1974—Jan. 7 91/2-934.- 14. 5*4» 634 ■ 99/io 21. 5i/4«-53/8 14. 91^-934.- 25. 514.-534- May 634.-7 98/io 5*/i 7b 29. 914-91/2-- 29. 514-53/8- 7 .-714 9Vio 51/i* 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 1-9 10-99 100-499 500-999 1,000 and over Center Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 1973 Short-term 35 centers........................................ 10.08 9.24 9.80 8.95 10.14 9.25 10.43 9.50 10.18 9.31 9.95 9.14 New York City.......................... 9.90 9.08 10.04 8.93 10.28 9.32 10.31 9.37 10.01 9.20 9.83 9.03 7 Other Northeast..................... 10.51 9.49 10.34 9.30 10.57 9.51 10.86 9.95 10.58 9.72 10.32 9.22 8 North Central......................... 10.02 9.24 9.02 8.21 9.81 9.02 10.38 9.44 10.19 9.28 9.91 9.21 7 Southeast................................. 9.96 9.25 9.58 8.85 9.82 9.07 10.16 9.23 9.97 9.02 9.89 9.48 8 Southwest................................ 10.08 9.16 9.91 9.10 10.09 9.18 10.28 9.34 10.04 9.18 9.97 9.03 4 West Coast............................... 10.04 9.25 10.23 9.67 10.26 9.48 10.28 9.46 10.13 9.33 9.95 9.17 Revolving credit 35 centers......................................... 10.13 9.22 10.09 9.48 10.18 9.46 10.20 9.34 10.23 9.32 10.11 9.19 New York City.......................... 10.30 9.25 9.84 8.97 10.09 9.11 10.33 9. 18 10.21 9.34 10.31 9.25 7 Other Northeast..................... 10.09 9.72 10.36 9.90 10.69 9.98 10.55 10.35 10.32 10.30 10.00 9.59 8 North Central......................... 10.22 9.44 9.96 9.55 10.17 9.34 9.70 9. 17 10.55 9.42 10.24 9.48 7 Southeast................................. 9.22 8.90 9.11 9.57 9.54 9.41 9.83 9.39 9.75 7.48 10.05 9.14 8 Southwest................................ 10.74 9.72 10.46 8.78 10.19 9.34 11.22 9.54 10.72 10.11 10.64 9.64 4 West Coast.............................. 9.92 9.00 10.09 9.36 10.21 9.51 10.16 9.28 10.04 9.10 9.88 8.95 Long-term 35 centers........................................ 10.68 9.85 10.36 9.43 10.45 9.65 10.23 9.64 10.54 9.48 10.78 9.94 New York City.......................... 11.05 9.96 9.69 8.75 10.92 9.69 10.45 9.27 10.60 9.63 11.12 10.03 7 Other Northeast..................... 10.17 9.87 10.80 9.68 10.32 9.79 9.83 9.56 9.94 8.68 10.29 10.24 8 North Central......................... 10.92 9.70 10.08 8.60 10.40 9.54 10.12 9.99 10.25 10.00 11.16 9.63 7 Southeast.................................. 12.33 9.77 9.10 9.16 10.98 9.59 13.07 9.68 15.73 11.25 10.96 9.37 8 Southwest................................ 10.28 10.12 10.95 10.19 10.22 9.61 10.15 9.76 10.59 9.71 10.21 10.40 4 West Coast.............................. 10.18 9.71 9.92 9.97 10.29 9.58 9.80 9.57 10.73 9.25 10.15 9.80 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

MARCH 1974 □ INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 Prime Finance commercial CO. Prime Fed­ paper1 paper bankers’ eral 3-month bills 5 6-month bills5 9-to 12-month issues Period placed accept­ funds 3- to 5directly, ances, rate3 year 90-119 4- to 6- 3- to 6- 90 days 1 Rate Market Rate Market 1 -year issues 6 days months months2 on new yield on new yield bill (mar­ Other 6 issue issue ket yield)5 1967........................... 5.10 4.89 4.75 4.22 4.321 4.29 4.630 4.61 4.71 4.84 5.07 1968............................ 5.90 5.69 5.75 5.66 5.339 5.34 5.470 5.47 5.46 5.62 5.59 1969........................... 7.83 7.16 7.61 8.22 6.677 6.67 6.853 6.86 6.79 7.06 6.85 1970........................... 7.72 7.23 7.31 7.17 6.458 6.39 6.562 6.51 6.49 6.90 7.37 1971........................... 5.11 4.91 4.85 4.66 4.348 4.33 4.511 4.52 4.67 4.75 5.77 1972........................... 4.66 4.69 4.52 4.47 4.44 4.071 4.07 4.466 4.49 4.77 4.86 5.85 1973....................... 8.20 8.15 7.40 8.08 8.74 7.041 7.03 7.178 7.20 7.01 7.30 6.92 1973--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 7.13 7.14 6.76 6.97 7.12 6.289 6.26 6.525 6.52 6.51 6.79 6.74 M ay............... 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 Nov................ 9.11 8.94 7.94 8.73 10.03 7.866 7.83 7.823 7.96 7.40 7.66 6.96 Dec................. 9.28 9.08 8.16 8.94 9.95 7.364 7.45 7.444 7.56 7.01 7.38 6.80 1974-—Jan................. 8.86 8.66 7.92 8.72 9.65 7.755 7.77 7.627 7.65 7.01 7.46 6.94 Feb................. 8.00 7.82 7.40 7.83 8.97 7.060 7.12 6.874 6.96 6.51 6.93 6.77 Week ending— 1973--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 10 8.88 8.69 7.63 8.75 9.71 8.098 8.12 7.987 8.06 7.42 7.85 7.03 17 9.18 9.08 8.10 8.75 10.03 8.636 8.11 8.381 8.30 7.64 8.01 7.16 24 9.28 9.09 8.16 8.75 10.23 7.704 7.72 7.805 7.85 7.37 7.50 6.88 Dec. 1 9.25 9.10 8.05 8.75 10.09 7.695 7.52 7.679 7.77 7.29 7.36 6.78 8 . 9.43 9.20 8.25 9.10 10.17 7.358 7.47 7.766 7.94 7.39 7.53 6.89 15., . 9.35 9.10 8.18 9.15 10.04 7.386 7.51 7.530 7.52 7.01 7.37 6.75 22, , 9.15 9.00 8.20 8.75 10.18 7.366 7.35 7.164 7.32 6.75 7.22 6.74 29 9.19 9.00 8.00 8.75 9.52 7.346 7.50 7.315 7.46 6.84 7.41 6.83 1974--Jan. 5, . . , 9. 13 8.88 8.00 8.75 9.87 7.406 7.49 7.371 7.48 6.94 7.37 6.83 12, , , 8.85 8.65 7.80 8.75 9.76 7.615 7.72 7.560 7.66 7.07 7.41 6.88 19 8.95 8.75 7.90 8.75 9.77 7.983 7.89 7.867 7.79 7.04 7.52 6.94 26. . 8.90 8.68 8.00 8.75 9.60 7.995 7.99 7.819 7.81 7.07 7.58 7.06 Feb. 2 8.45 8.38 7.93 8.55 9.47 7.778 7.55 7.516 7.31 6.80 7.33 6.94 9 . 8.15 7.93 7.53 7.85 9.13 6.951 7.03 6.747 6.91 6.52 6.87 6.74 16........ 7.94 7.75 7.38 7.75 8.93 7.081 7.06 6.882 6.86 6.41 6.83 6.70 23 7.84 7.69 7.31 7.75 9.07 7.018 7.07 6.787 6.87 6.42 6.87 6.76 Mar. 2 . 8.00 7.88 7.30 7.85 8.81 7.188 7.36 7.081 7.27 6.71 7.15 6.93 1 Averages of the most representative daily offering rate quoted by sentative of the day’s transactions, usually the one at which most trans­ dealers. 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 Selected note and bond issues. daily average of the range of rates on a given day weighted by the volume of transactions at these rates. For earlier statement weeks, the averages Note.—Figures for Treasury bills are the revised series described on p. were based on the daily effective rate—the rate considered most repre­ A-35 of the Oct. 1972 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES □ MARCH 1974 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 Total > ( S t l e t o a r n m te g ) s ­ New ce R n e tl ­ y 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 Pre­ Com­ Com­ issue offered ferred mon mon 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 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 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 6.46 197 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 6.75 3.14 5.41 197 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 5.50 1973 6.30 5.22 4.99 5.49 7.74 7.75 7.80 7.44 8.24 7.60 8. 12 7.83 7.23 3.06 1973—Fe b 6.14 5.17 4.95 5.44 7.40 7.42 7.57 7.22 7.97 7.34 7.92 7.61 6.91 2.80 Mar......... 6.20 5.30 5.07 5.58 7.49 7.54 7.62 7.29 8.03 7.43 7.94 7.64 7.03 2.83 6.10 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 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 6.93 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 7.06 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 7.18 3.05 Nov......... 6.31 5.21 5.03 5.46 7.90 7.94 8.02 7.67 8.42 7.81 8.28 8.11 7.40 3.36 Dec.......... 6.35 5.14 4.90 5.43 8.00 8.04 8.05 7.68 8.48 7.84 8.28 8.17 7.76 3.70 1974—Ja n 6.56 5.23 5.03 5.49 8.21 8.22 8.15 7.83 8.58 7.97 8.34 8.27 7.60 3.64 Feb......... 6.54 5.25 5.05 5.49 8.12 8.23 8.17 7.85 8.59 8.01 8.27 8.33 7.47 3.81 Week ending— 1974—Jan. 5.. 6.52 5.16 4.90 5.50 8.13 8.10 7.73 8.54 7.87 8.35 8.22 7.81 3.56 12.. 6.57 5.24 5.05 5.50 8.17 8.25 8.12 7.77 8.56 7.92 8.37 8.23 7.55 3.73 19. . 6.57 5.24 5.05 5.45 8.27 8.21 8.16 7.85 8.58 7.98 8.35 8.26 7.51 3.65 26. . 6.57 5.28 5.10 5.50 8.24 8.26 8.18 7.88 8.60 8.02 8.31 8.32 7.49 3.60 Feb. 2.. 6.55 5.24 5.05 5.50 8.11 8.20r 8.18 7.87 8.58 8.01 8.29r 8.33 7.62 3.65 9. . 6.50 5.18 4.95 5.45 8.13 8.19 8.16 7.82 8.57 7.99 8.28 8.31 7.54 3.81 16. 6.50 5.24 5.05 5.45 8.05 8.25 8.17 7.85 8.59 8.00 8.28 8.33 7.49 3.92 23. 6.56 5.28 5.10 5.50 8.10 8.24 8.18 7.87 8.61 8.03 8.26 8.34 7.47 3.92 Mar. 2. 6.62 5.29 5.10 5.55 8.30 8.29 8.18 7.87 8.59 8.03 8.25 8.35 7.39 3.70 Number of issues2.. . 121 20 30 41 30 40 14 500 500 ............. 1 Includes bonds rated Aa and A, data for which are not shown sep­ only, based on Thurs. figures; from Moody’s Investor Service. (3) Cor­ arately. Because of a limited number of suitable issues, the number porate: Rates for “New issue” and “Recently offered” Aaa utility bonds of corporate bonds in some groups has varied somewhat. As of Dec. are weekly averages compiled by the Board of Governors of the Federal 23, 1967, there is no longer an Aaa-rated railroad bond series. Reserve System. Rates for seasoned issues are averages of daily figures 2 Number of issues varies over time; figures shown reflect most recent from Moody’s Investors Service. count. Stocks: Standard and Poor’s corporate series. Dividend/price ratios are based on Wed. figures; eamings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on eight median yields for a sample of non- Bonds: Monthly and weekly yields are computed as follows: (1) U.S. callable issues—12 industrial and 2 public utility; common stock ratios Govt.: Averages of daily figures for bonds maturing or callable in 10 years on the 500 stocks in the price index. Quarterly earnings are seasonally or more; from Treasury Dept. (2) State and local govt.: General obligations adjusted at annual rates. NOTES TO TABLES ON OPPOSITE PAGE: Security Prices: Terms on Mortgages: 1 Through Aug. 1973 the index is based upon an initial value of 10.90— 1 Fees and charges—related to principal mortgage amount—include the average price of a share of stock listed on the American Stock Exchange loan commissions, fees, discounts, and other charges, which provide was $10.90 on June 30, 1965. As of Sept. 1973, a new market-value index added income to the lender and are paid by the borrower. They exclude with a starting value of 100.00 replaced the previous series. An index for any closing costs related solely to transfer of property ownership. past periods is being calculated on the new market-value basis and will be published as it becomes available. Note.—Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance Corporation. Data are weighted averages Note.—Annual data are averages of monthly figures. Monthly and based on probability sample survey of characteristics of mortgages weekly data are averages of daily figures unless otherwise noted and are originated by major institutional lender groups (including mortgage computed as follows: U.S. Govt, bonds, derived from average market companies) for purchase of single-family homes. Data exclude loans for yields in table on p. A-34 on basis of an assumed 3 per cent, 20-year refinancing, reconditioning, or modernization; construction loans to bond. Municipal and corporate bonds, derived from average yields as homebuilders; and permanent loans that are coupled with construction computed by Standard and Poor’s Corp., on basis of a 4 per cent, 20- loans to owner-builders. Series revised beginning Jan. 1973; hence data are year bond; Wed. closing prices. Common stocks, derived from com­ not strictly comparable with earlier figures. See also the table on Homeponent common stock prices. Average daily volume of trading, normally Mortgage Yields, p. A-53. conducted 5 days per week for 5 Vi hours per day, or 21lA hours per week. In recent years shorter days and/or weeks have cut total weekly trading to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22- Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31- 22i/2; 1970—Jan. 2-May 1, 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ 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 Ex­ change ( G t l U e o o r . n m S v 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 ia u l s­ R ro a a i d l­ P u u ti b li l t i y c Total In tr d ia u l s­ T p t o r i a o r n t n a s ­ ­ Utility na F n i c ­ e in to d t e a x l 1 NYSE AMEX 1963............................ 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 1,269 1964............................ 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 1,570 1965............................ 83.76 110.6 93.9 88.17 93.48 46.78 76.08 12.05 6,174 2,120 1966............................ 78.63 102.6 86.1 85.26 91.09 46.34 68.21 44.16 43.79 48.23 44.77 44.43 14.67 7,538 2,752 1967............................ 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968............................ 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969............................ 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 '-138.96 11,403 5,001 1970............................ 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 r96.63 10,532 3,376 1971............................ 67.73 80.0 65.0 98.29 108.35 41.94 59.33 54.22 57.92 44.35 39.53 70.38 >-113.40 17,429 4,234 1972............................ 68.71 84.4 65.9 109.20 121.79 44.11 56.90 60.29 65.73 50.17 38.48 78.35 ’-129.10 16,487 4,447 1973............................ 62.80 85.4 63.7 107.43 120.44 38.05 53.47 r57.42 63.08 37.74 37.69 70.12 >103.80 16,374 3.004 1973—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 ’•117.95 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 ’■110.24 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 *-105.32 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 *■97.11 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 ’•92.60 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 *•97.67 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 *■99.23 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 Nov................ 62.71 85.6 62.1 102.03 114.64 39.74 48.30 54.59 60.15 36.31 34.73 67.85 99.91 19,044 3,693 Dec................. 62.37 86.1 62.9 94.78 106.16 41.48 45.73 50.39 55.12 34.69 33.47 62.49 88.39 19,227 3,553 1974—Jan.................. 60.66 85.2 62.3 96. 11 107.18 44.37 48.60 51.39 55.77 36.85 35.89 64.80 95.32 16,506 2,757 Feb................. 60.83 85.3 62.0 93.45 104.13 41.85 48.13 50.01 54.02 36.26 35.27 62.81 95.11 13,517 2,079 Week ending— 1974—Feb. 2 . . 60.76 85.2 62.2 96.21 107.39 42.59 48.56 51.45 55.92 36.27 35.28 64.14 97.03 13,910 1,957 9........ 61.11 85.9 62.3 93.04 103.67 41.45 47.93 49.79 53.83 35.39 35.00 62.71 95.07 12,711 1,857 16........ 61.12 85.6 69.2 91.16 101.43 40.81 47.85 48.78 52.50 35.32 35.06 61.55 93.30 12,344 2,111 23........ 60.70 85.1 68.7 93.92 104.68 41.96 48.19 50.20 54.24 36.62 35.43 62.73 95.30 14,477 2,171 Mar. 2........ 60.19 84.8 61.8 95.84 106.89 43.48 48.56 51.34 55.57 38.25 35.70 64.31 96.89 14,808 2,215 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 g t r ) e & i s M (y a e t a u r r s i ) ty L c r p ( a o e p r t i n a e i c t n o r e ) / (t d h c o p o P h l r u u l a i a s c r s r . e ­ e s o ) f (t a d h m L o o l o u o la a s u r . n n s o ) t f C c t ( r r e p a o a n e t c n e t r ) t ­ c F c h ( e e a p e n r e s t g ) r e & i s M (y a e t a u r r s i ) ty L c r p ( a o e p r t i n a e i c t n o r e ) / (t d h c o o p P h l u r u l a i a s c r s . r e ­ e s o ) f (t d h a L m o o l u o l o s a a u . r n 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 1973......................... 7.78 1.11 26.3 77.3 37.1 28.1 7.86 .94 23.2 75.2 31.2 22.8 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 77.7 35.6 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 July.............. 7.69 1.11 26.3 78.1 37.0 28.3 7.70 .91 24.1 75.5 33.3 24.6 Aug.............. 7.77 1.08 26.7 76.7 38.6 28.9 7.87 .92 23.4 75.6 32.0 23.6 Sept.............. 7.98 1.19 26.6 77.3 37.2 28.2 8.10 .97 23.1 74.1 32.8 23.5 Oct............... 8.12 1.20 26.1 76.9 38.5 29.0 8.35 .92 22.5 72.7 31.8 22.6 Nov.............. 8.22 1.08 26.0 75.5 38.9 28.8 8.42 .94 22.2 71.2 32.3 22.6 Dec.r.......... 8.31 1.12 25.6 75.5 37.7 28.0 8.46 .94 22. 1 72.8 30.8 22.0 1974—Jan.*............ 8.31 1.15 26.8 76.5 39.0 29.1 8.44 1.05 23.2 73.0 33.4 23.8 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 STOCK MARKET CREDIT a MARCH 1974 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated 2 Unregu­ lated 3 Free credit balances at brokers 4 End of period By source By type Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. I973—jan......................................... 8,840 7,975 865 7,700 796 249 48 26 21 1,932 413 1,883 Feb........................................ 8,640 7,773 867 7,500 800 248 50 25 17 1,951 431 1,770 Mar....................................... 8,347 7,468 879 7,200 813 244 48 24 18 1,862 442 1,719 Apr........................................ 8,165 7,293 872 7,040 804 232 49 21 19 1,952 389 1,536 May...................................... 7,650 6,784 866 6,540 802 224 47 20 18 1,992 413 1,564 June...................................... 7,369 6,416 953 6,180 885 215 53 21 15 1,973 396 1,472 July........................................ 7,299 6,243 1,056 6,010 976 216 64 17 16 1,957 379 1,542 Aug........................................ 7,081 6,056 1,025 5,830 949 210 61 16 15 1,952 348 1,462 Sept....................................... 6,954 5,949 1,005 5,730 929 204 60 15 16 1,909 379 1,632 Oct......................................... 7,093 5,912 1,181 5,690 r\,105 203 59 19 17 1,878 419 1,713 Nov....................................... 6,773 5,671 1,102 5,460 1,027 197 60 14 15 1,880 464 1,685 Dec ................................ 5,251 5,050 189 12 454 1,700 1974__Jan ................................ 5,323 5,130 182 11 442 1,666 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 hanks 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 Free credit balances are in accounts with no unfulfilled commitments 1971. to the brokers and are subject to withdrawal by customers on demand. 2 In addition to assigning a current loan value to margin stock generally, EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, except as noted) (Per cent of total, except as noted) Total Equity class (per cent) Equity class of accounts debt Net in debit status Total E pe n r d i o o d f ( l d i m o o o n f i l l ­ s ­ 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 40 der End of period s c t r a e t d u i s t 60 o r p e m r o c r e e nt 6 L 0 e p ss e r t h c a e n n t o ( f b m d a i l o l a l l n i l o a c n r e s s ) lars) 1 1973—Jan........................ 35.1 51.7 13.1 5,850 1973—Jan. . 7,700 5.8 8.2 16.8 27.8 21.2 20.0 Feb......................... 35.8 49.8 14.4 5,770 Feb.. 7,500 5.3 7.8 14.7 23.9 22.5 25.6 36.3 47.9 15.7 5,790 Mar.. 7,200 5.7 7.5 15.9 23.1 22.7 25.1 35.3 46.9 18.0 5,660 Apr.. 7,040 4.8 7.3 13.4 19.8 22.4 32.4 35.8 45.0 19.1 5,670 May. 6,540 4.9 7.2 12.7 18.7 21.9 34.9 35.8 43.5 20.7 5,750 June. 6,180 4.9 7.1 13.2 17.5 22.1 35.3 35.9 46.7 17.4 5,740 July.. 6,010 5.8 8.8 17.7 22.7 25.3 19.7 35.9 45.6 18.5 5,650 Aug.. 5,830 5.0 8.4 16.4 19.6 24.2 26.4 37.4 53.1 9.4 5,740 Sept.. 5,730 5.0 13.9 18.9 23.9 23.5 16.8 38.5 46.7 14.8 5,860 Oct. . 5,690 7.2 10.0 19.9 22.6 22.1 18.2 37.5 42.2 20.3 5,882 Nov.., 5,460 5.4 6.1 12.0 16.9 19.5 40.1 39.4 40.0 20.6 5,935 Dec.. 5,050 5.8 7.7 14.4 17.4 20.3 34.2 1974—Jan.......................... 38.3 42.7 18.0 6,596 1974—Jan... 5,130 5.5 8.0 14.2 22.6 25.8 24.0 Note.—Special miscellaneous accounts contain credit balances that 1 See note 1 to table above. may be used by customers as the margin deposit required for additional purchases. Balances may arise as transfers based on loan values of other Note.—Each customer’s equity in his collateral (market value of col­ collateral in the customer’s margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col­ sales proceeds) occur. lateral values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 o SAVINGS INSTITUTIONS A 37 MUTUAL SAVINGS BANKS (In millions of dollars) Securities Total Mortgage loan assets— commitments3 End of period M ga o g r e t­ Other G U o .S vt . . S l a o t n c a d a te l C r a o a n r t d p e o Cash O as t s h e e ts r li T a a t o b i n e t i d s a li l ­ D i e t p s o 2 s­ l O ia ti t b e h i s e li r ­ G r c e o e s a u n e c e n r ­ v r t a s e l classi ( f i i n e d m b o y n t m hs a ) turity govt. other1 general reserve accts. 3 or 3-6 6-9 Over Total less 9 196 5 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 196 6 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 196 7 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 799 2,523 196 8 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1,166 3,011 196 9 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1.588 5.530 584 485 452 946 2,467 197 0 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 688 1,931 197 1 62,069 2,808 3.334 385 17,674 1,389 1,711 89,369 81,440 1,810 6,118 1,047 627 463 1,310 3,447 19724............ 67.563 2.979 3.510 873 21.906 1.644 2.117 100.593 91.613 2.024 6.956 1.593 713 609 1.624 4.539 1972—Dec... 67.563 2.979 3.510 873 21.906 1.644 2.117 100.593 91.613 2.024 6.956 1.593 713 609 1.624 4.539 1973—Jan... 68,021 3,624 3,489 935 22,190 1,319 2,055 101,632 92,398 2,221 7,014 1,569 915 1,541 4,712 Feb... 68,352 4,030 3,419 986 22,389 1,331 2,070 102,577 92,949 2,540 7,088 1,729 862 732 1,480 4,803 Mar.. 68,920 3,970 3,458 1,028 22,509 1,576 2,058 103,518 94,095 2,285 7,139 1,816 886 826 1,355 4,882 Apr... 69,426 3,831 3,388 1,080 22,598 1,582 2,089 103,994 94,217 2.589 7,189 1,904 888 725 1,395 4,912 May.. 69,988 4,099 3,376 1,076 22,615 1,629 2,116 104,899 94,744 2,904 7,251 1,792 913 712 1,406 4,824 June.. 70,637 3,959 3,346 1,125 22,562 1,775 2,273 105,677 95,706 2,650 7,321 1,711 1,020 573 1,378 4,683 July.. 71,219 3,819 3,190 1,093 22,683 1,555 2,202 105,761 95,355 3,044 7,362 1,626 906 636 1,367 4,535 Aug... 71,713 3,986 3,037 999 22,277 1,551 2,227 105,789 94,882 3,496 7,411 1,302 840 718 1,315 4,174 Sept.. , 72,034 4,200 2,945 957 21,799 1,491 2,345 105,771 95,183 3,134 7,453 1,411 762 589 1,197 3,959 Oct.. . 72,367 4,181 3,007 939 21,276 1,501 2,285 105,557 94,944 3,139 7,474 1,318 771 510 1,096 3,695 Nov... 72,760 4,424 2,948 925 21,150 1,519 2.264 105,991 95,259 3,201 7.530 1,272 685 479 1,079 3,515 Dec.*. 73,260 4,109 3,023 925 21,226 1,819 2.264 106,626 96,409 2,601 7,615 1,250 598 405 1,008 3,261 1 Also includes securities of foreign governments and international 4 Balance sheet data beginning Jan. 1972 are reported on a gross-oforganizations and nonguaranteed issues of U.S. Govt, agencies. valuation-reserves basis. The data differ somewhat from balance sheet 2 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits data previously reported by National Assn. of Mutual Savings Banks accumulated for payment of personal loans” were excluded from “Time which were net of valuation reserves. For most items, however, the dif­ deposits” and deducted from “Loans” at all commercial banks. These ferences are relatively small. changes resulted from a change in Federal Reserve regulations. See table (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-30. Note.—NAMSB data; figures are estimates for all savings banks in 3 Commitments outstanding of banks in New York State as reported to the United States and differ somewhat from those shown elsewhere in the Savings Banks Assn. of the State of New York. Data include building the Bulletin; the latter are for call dates and are based on reports filed loans beginning with Aug. 1967. with U.S. Govt, and State bank supervisory agencies. LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U St n a i t t e e s d Sta lo te c a a l nd Foreign 1 T otal Bonds Stocks gages estate loans assets Statement value: 1965 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966. 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 1968. 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 1966. 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 1967. 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 1968 188,636 10,760 4,456 3,206 3,098 79,653 68,731 10,922 70,044 5,575 11,305 11,299 1969, 197,208 10,914 4,514 3,221 3,179 84,566 70,859 13,707 72,027 5,912 13,825 9,964 1970. 207,254 11,068 4,574 3,306 3,188 88,518 73,098 15,420 74,375 6,320 16,064 10,909 1971. 222,102 11,000 4,455 3,363 3,182 99,805 79,198 20,607 75,496 6,904 17,065 11,832 1972 239,730 11,372 4,562 3,367 3,443 112,985 86,140 26,845 76,948 7,295 18,003 13,127 1972--Nov................................. 238,338 11,619 4,832 3,379 3,408 113,180 87,139 26,041 75,904 7,261 17,927 12,447 Dec.................................. 239,730 11,372 4,562 3,367 3,443 112,985 86,140 26,845 76,948 7,295 18,003 13,127 1973--Jan.................................. 241,022 11,191 4,389 3,358 3,444 114,526 88,371 26,155 77,481 7,366 18,080 12,378 Feb.................................. 242,069 11,138 4,371 3,319 3,448 115,386 89,247 26,139 77,510 7,434 18,166 12,435 Mar................................. 243,078 11,154 4,417 3,300 3,437 115,972 89,881 26,091 77,587 7,449 18,288 12,628 Apr................................. 242,562 11,455 4,566 3,388 3,501 115,181 89,710 25,471 77,258 7,522 18,420 12,726 May................................ 243,589 11,434 4,538 3,384 3,512 115,897 90,314 25,583 77,400 7,545 18,533 12,780 June................................ 244,531 11,359 4,468 3,373 3,518 116,153 90,484 25,669 77,914 7,548 18,673 12,884 July................................. 247,082 11,427 4,480 3,427 3,520 118,061 91,144 26,917 78,243 7,577 18,841 12,933 Aug................................. 247,655 11,416 4,462 3,433 3,521 117,842 91,342 26,500 78,657 7,632 19,181 12,927 Sept................................. 250,203 11,404 4,424 3,439 3,541 119,200 91,480 27,720 79,040 7,677 19,511 13,371 Oct.................................. 251,590 11,402 4,423 3,438 3,541 119,714 91,707 28,007 79,516 7,765 19,768 13,425 Nov................................. 251,055 11,462 4,471 3,444 3,547 118,016 91,847 26,169 80,191 7,838 19,926 13,622 1 Issues ol 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 □ MARCH 1974 SAVINGS AND LOAN ASSOCIATIONS fin millions of dollars) Assets Liabilities Mortgage Total loan com­ assets— mitments End of period M ga o ge rt 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 e s S c a a v p i i n ta g l s w N or e t t h3 m ro B o w n o e e r­ d y4 p L ro o i c n a e n s s s Other ou a p t t s e e t r a n i n o d d d o i 5 n f g ities 1 1967..................................... 121,805 9,180 3,442 7,788 143,534 124,493 9,916 4,775 2,257 2,093 3,042 1968..................................... 130,802 11,116 2,962 8,010 152,890 131,618 10,691 5,705 2,449 2,427 3,631 1969..................................... 140,232 10,873 2,438 8,606 162.149 135,538 11,620 9,728 2,455 2,808 2,824 1970..................................... 150,331 13,020 3,506 9,326 176,183 146,404 12,401 10,911 3,078 3,389 4,452 1971r................................... 174,250 18,185 2,857 10,731 206,023 174,197 13,592 8,992 5,029 4,213 7,328 1972r................................... 206,182 21,574 2,781 12,590 243,127 206,764 15,240 9,782 6,209 5,132 11,515 1973 r................................... 232,104 21,027 19,227 272,358 227,254 17,108 17,100 4,676 6,220 9,532 1973 r-Jan........................... 6207,926 623,325 615,550 246,801 210,044 15,470 9,107 6,060 6,120 12,404 Feb.......................... 210,054 24,082 16,101 250,237 211,945 15,837 9,351 6,079 7,025 13,471 Mar......................... 213,050 23,880 16,989 253,919 215,643 15.737 9,892 6,310 6,337 14,439 Apr.......................... 216,037 23,803 17,489 257,329 216,474 16,044 11,269 6,532 7,010 14,939 May......................... 219,283 23,930 17,873 261,086 218,351 16,415 11,689 6,711 7,920 15,068 June......................... 222,580 23,220 17,920 263,720 221,624 16,225 12,698 6,754 6,419 14,705 July......................... 225,265 22,628 18,296 266,189 221,399 16,550 14,226 6,686 7,328 13,710 Aug.......................... 227,778 21,001 18,704 267,483 220,243 16,896 15,634 6,449 8,261 12,249 Sept......................... 229,182 20,025 19,008 268,215 222,086 16,782 16,255 6,064 7,028 10,799 Oct........................... 230,195 20,618 19,295 270,108 223,033 17,041 16,435 5,535 8,064 9,909 Nov......................... 231,089 21,220 19,449 271,758 224,304 17,330 16,312 5,011 8,801 9,717 Dec.......................... 232,104 21,027 19,227 272,358 227,254 17,108 17,100 4,676 6,220 9,532 1974—Jan*......................... 233,027 22,356 19,559 274,942 229,479 17,355 16,669 4,373 7,066 7,776 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 n t e e o d c r m s ­ e ­ s I m nv e e n s ts t­ p C a o d a n s e s i d ­ t h s B n a o o n n te d d s s p M o b d e s e e m i r ­ ts ­ C s a to p c it k al M l g o ( a A a o g n r ) e s t­ D n t a e ( u o L n b r t e e d ) e s s n­ c L a o ( t o o i A t v o a p ) e n e s s r­ D t e u (L b re e ) s n­ c L o a d ( o u A n i a s n d ) n ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e s t­ B ( o L n ) ds 1967............... 4,386 2,598 127 4,060 1,432 1 ,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 1968............... 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1 ,334 3,654 3,570 6,126 5,399 1969............... 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1970............... 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 6,395 1971............... 7,936 2.520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,063 1972.............. 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 2,808 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 9,388 Aug. . 13,511 2,016 111 12,562 1,091 2,064 22,319 21,186 2,865 2,310 7,065 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 7,170 6,833 10,592 9,388 Oct.. . 14,799 3,498 106 15,362 1,270 2,107 23,348 22,243 2,711 2,728 7,130 6,901 10,781 9,838 Nov. . 14,866 3,649 77 15,362 1,545 2,112 23,912 22,404 2,662 2,704 7,029 6,890 10,926 9,838 Dec... 15,147 3,537 157 15,362 1,745 2,122 24,175 23,001 2,577 2,670 7,198 6,861 11,071 9,838 1974—Jan.. . 15,188 2,843 121 14,556 1,692 2,246 24,424 23,131 j 3,123 2,741 7,163 6,956 11,245 10,048 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

MARCH 1974 a FEDERALLY SPONSORED CREDIT AGENC A ISSUES OF FEDERALLY SPONSORED AGENCIES, JANUARY 31, 19 Amount Cou­ Amount .mou (millions Agency, and date of issue pon (millions Agency, and date of issue tiillio of dollars) and maturity rate of dollars) and maturity dolla Federal National Mortgage Banks for cooperatives Association—Cont. Debentures: 250 Debentures: 8/1/73 - 2/4/74. ... 552 300 12/10/71' - 3/11/74. ,. 5.45 400 10/1/73 - 3/4/74.. . 316 700 4/10/70 - 3/11/74........ . 7.75 350 10/1/73 -4/1/74. . . 343 300 8/5/70 - 6/10/74......... , 7.90 400 11/1/73 - 5/1/74... 302 700 11/10/71 - 6/10/74....... 5.70 350 12/3/73 - 6/3/74. . . 591 176 9/10/69 - 9/10/74........ . 7.85 250 1/2/74 - 7/1/74. . . . 462 400 2/10/71 - 9/10/74........... 5.65 300 10/1/73 -4/4/77. . . 200 800 5/10/71 - 12/10/74........ . 6.10 250 221 9/10/71 - 12/10/74........ 6.45 450 1,000 11/10/70 - 3/10/75___ 7.55 300 Federal intermediate 250 10/12/71 - 3/10/75___ 6.35 600 credit banks 400 4/12/71 - 6/10/75........... 5.25 500 Debentures: 500 10/13/70 - 9/10/75. . .., 7.50 350 5/1/73 -2/4/74. . 697 700 3/12/73 - 9/10/75.......... 6.80 650 6/4/73 _ 3/4/74.. 666 265 3/10/72 - 12/10/75___ . 5.70 500 7/2/73 -4/1/74.. 424 300 9/10/73 - 12/10/75......... 8.25 300 8/1/73 - 5/1/74. . 527 500 3/11/71 - 3/10/76.......... 5.65 500 9/4/73 - 6/3/74. . 657 400 6/12/73 - 3/10/76.......... 7.13 400 10/1/73 - 7/1/74. 713 350 6/10/71 -6/10/76.......... 6.70 250 1/4/71 - 7/1/74. 224 600 2/10/72 -6/10/76.......... 5.85 450 11/1/73 - 8/1/74. 590 300 11/10/71 - 9/10/76........ 6.13 300 12/3/73 -9/3/74. 521 300 6/12/72-9/10/76.......... 5.85 500 1/2/74 - 10/1/74. 567 600 7/12/71 - 12/10/76........ 7.45 300 5/1/72 - 1/2/75. . 240 300 12/11/72 - 12/10/76. .. . 6.25 500 1/3/72 - 7/1/75. . 302 500 2/13/62 - 2/10/77........ 41/2 198 3/1/73 - 1/5/76. . 262 500 9/11/72 - 3/10/77.......... 6.30 500 7/2/73 - 1/3/77. .. 236 200 12/10/70 - 6/10/77___ 6.38 250 1/2/74 - 1/3/78. . 406 300 5/10/71 - 6/10/77.......... 6.50 150 300 12/10/73 - 6/10/77........ 7.20 500 1 300 9/10/71 -9/12/77.......... 6.88 300 Bonds: 500 9/10/73 -9/12/77.......... 7.85 400 2/20/62 - 2/20/74. .. 41/2 155 350 7/10/73 - 12/12/77........ 7.25 500 10/20/70 - 4/22/74. . 7.30 354 200 10/1/73 - 12/12/77........ 7.55 500 9/15/72 -4/22/74... . 5.85 350 200 6/12/73 - 6/12/78.......... 7.15 600 10/20/71 - 7/22/74. . . 5.85 326 200 10/12/71 - 12/11/78. . . 6.75 300 4/20/71 - 10/21/74... 5.30 300 400 12/10/73 - 3/12/79........ 7.25 500 2/20/70 - 1/20/75. . . 8^ 220 9/10/73 -6/11/79.......... 7.85 300 4/23/73 - 1/20/75.... 7.15 300 6/12/72-9/10/79.......... 6.40 300 4/20/65 - 4/21/75. . . 4H 200 12/10/71 - 12/10/79. . . 6.55 350 7/20/73 -4/21/75... . 7.65 300 200 2 2 / / 1 1 6 0 / / 7 7 3 2 - - 7 3 / / 3 1 1 0 / / 8 8 0 0 . . . . . . . . . . . . . . . . . . . . 6 5 . . 8 1 8 9 250 1 7 2 / / 2 1 0 5 / / 7 7 1 2 - - 7 10 /2 /2 1 0 /7 /7 5 5 .. . . . . . 7 5 . . 2 70 0 4 3 2 0 5 0 4 3 1 1 1 0 5 5 4 5 0 0 0 0 0 6 2 1 1 1 / / / 2 0 2 1 1 / / 9 6 6 1 1 / / / 1 / 7 7 7 7 / 3 2 3 3 7 2 - - - - - 9 7 1 1 / / 1 / 0 2 1 3 2 / 9 0 3 1 / / 1 / 0 / 8 8 8 0 / 1 0 8 0 / 8 0 . . . . . . 0 . . . . . . . . _ . . . . . . . . _ . . . . . . . . _ . . . . . . . . 4 6 6 7 3 . . . . . 1 4 6 1 5 5 6 8 0 0 4 3 1 0 0 56 0 0 9 5 4 2 7 1 1 / / / / 0 2 2 2 2 / 0 1 0 2 2 / / / / 3 6 7 6 7 / 3 6 6 7 2 3 - - - - - 4 1 2 7 / 1 / / 2 / 2 0 2 2 0 / 0 4 0 2 / / / / 7 0 7 7 7 / 6 6 6 6 7 . . . 5 . . . . . . . . . . . . . 6 5 5 7 6 3 . . / % % 0 4 g 0 0 3 3 1 3 1 7 0 2 5 6 3 3 0 0 2 3/12/73 - 3/10/81.......... 7.05 350 1/21/74 - 7/20/76. . . . 7.05 360 4/18/73 -4/10/81........... 6.59 26 4/23/73 - 10/20/76. . . 7.15 450 3/21/73 - 5/1/81............. 4.50 18 7/20/73 - 7/20/77. .. . 71/2 550 3/12/73 - 5/1/81............. 5.77 2 10/20/71 - 10/20/77. . 6.35 300 2,282 1/21/71 - 6/10/81........ 7.25 250 2/20/63 - 2/20/73-78. 4!/s 148 9/10/71 -9/10/81........... 7.25 250 5/2/66 - 4/20/78___ 5K 150 200 6/28/72 -5/1/82............. 5.84 58 7/20/72 - 7/20/78. . . 6.40 269 248 2/10/71 - 6/10/82........... 6.65 250 10/23/73 - 10/19/78. . 7.35 550 250 9/11/72 - 9/10/82........... 6.80 200 2/20/67- 1/22/79___ 5.00 509 12/10/73 - 12/10/82....... 7.35 300 1/21/74 - 1/22/79___ 7.10 300 3/11/71 - 6/10/83........... 6.75 200 9/15/72 -4/23/79.... 6.85 235 250 6/12/73 - 6/10/83........... 7.30 300 10/23/72 - 10/23/79.. 6.80 400 53 11/10/71 - 9/12/83......... 6.75 250 1/22/73 - 1/21/80... . 6.70 300 6 4/12/71 -6/11/84........... 6.25 200 7/20/73 - 7/21/80. .. . 71/2 250 71 12/10/71 - 12/10/84___ 6.90 250 2/23/71 -4/20/81___ 6.70 224 35 3/10/72 - 3/10/92.......... 7.00 200 4/20/72-4/20/82.... 6.90 200 10 6/12/72-6/10/92........... 7.05 200 4/23/73 - 10/20/82.. . 7.30 239 21 12/11/97 - 12/10/97....... 7.10 200 10/23/73 - 10/20/83. . 7.30 300 81 200 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 o MARCH 1974 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public 2 Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest­ of Net lend­ out­ or Public Plus ments by Govt, Equals: Trea­ financ­ Budget ex­ ing lays i deficit debt Agency accounts Less: Total sury ing, receipts pendi­ (-) securi­ securi­ Special borrow­ operat­ Other net4 tures ties ties notes 3 ing ing S is p s 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 -1,739 9,386 676 5,397 2,151 -581 -982 197 1 188,392 210,318 1,107 211,425 -23,033 27,211 -347 6,616 800 19,448 710 -979 3,586 197 2 208,649 231,876 -23,227 29,131 -1,269 6,813 1,607 19,442 1,362 1,108 6,255 197 3 232,225 246,526 -14,301 30,881 216 12,029 -207 19,275 2,459 -1,613 -4,128 Half year: 1972—Jan.-June 115,549 120,319 -4,850 3,130 -150 4,010 1,089 -2,114 C-1 189 c2,497 8,377 July-Dee. 106,062 118,579 -12,517 22,038 876 6,351 -823 17,386 956 -1,520 -5,434 1973—Jan.-June 126,164 127,940 -1,776 8,844 -660 5,790 654 1,889 1,503 1,302 Ju!y-Dec. 124,253 130,360 -6,107 11,756 477 5,396 824 6,013 -2,202 -191 -2,299 Month: 1973—Jan.r. ... 21,132 23,665 -2,533 769 18 -900 168 1,519 302 109 1,425 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 Oct.......... 17,637 23,092 -5,455 1,037 29 -306 -22 1,395 -2,588 -43 1,431 Nov......... 20,208 22,099 -1,891 1,561 273 -3,510 3,141 2,202 -1,010 -48 -1,368 Dec.......... 21.987 19,686 2,302 5,861 -174 5,574 -3,016 3,128 5,693 -54 209 1974—Ja...............n 23,476 ................................. 23,671 -195 -1,714 12 -984 55 -773 168 554 1,681 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n nts d t O a e r p t i h e o e s s r i 5 ­ Total se P c d u u e b r b i l t i t i c es s A ec g u e r n it c ie y s S i p s G I s e n u c o v e i v a s e l t s , t m ac e c n o t O u s n t o h ts f e r S n L p o e e te c ss s ia : 3 l E p T h u q b o e b u y l t l a d a ic l l s: s c p p o G r o N r i n o v p o s v s a w o . t t — . r e - e 6 d Fiscal year: 1970........................... 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 1971........................... 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 36,886 1972........................... 2,344 7,934 5 139 10,117 427,260 10,894 89,539 24,023 825 323,770 41.044 1973........................... 4,038 8,433 106 12,576 458,142 11,109 101,738 24,093 825 343,045 51,325 Calendar year: 1972........................... 1,856 8,907 310 11,073 449,298 11,770 95,924 23,164 825 341,155 c43,459 1973........................... 2,543 7,760 70 10,374 469,898 11,586 107,135 24,467 825 349,058 59,857 Month: 1973—Jan................ 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 56,691 Oct................ 1,839 3,781 71 5,691 462,476 11,488 105,071 24,341 823 343,727 59,330 Nov............... 1,945 2,666 70 4,681 464,037 11,760 101,561 27,482 825 345,930 59,317 Dec................ 2,543 7,760 70 10,374 469,898 11,586 107,135 24,467 825 349,058 59,857 1974—Jan................ 2,844 7,628 69 10,542 468,184 11,598 106,151 24,521 825 348,285 1 Equals net expenditures plus net lending. 4 Includes accrued interest payable on public debt securities, deposit 2 The decrease in Federal securities resulting from conversion to private funds, miscellaneous liability and asset accounts, and seigniorage. ownership of Govt.-sponsored corporations (totaling $9,853 million) is 5 As of Jan. 3, 1972, the Treasury operating balance was redefined to not included here. In the bottom panel, however, these conversions de­ exclude the gold balance and to include previously excluded “Other deposi­ crease the outstanding amounts of Federal securities held by the public taries” (deposits in certain commercial depositaries that have been con­ mainly by reductions in agency securities. The Federal National Mortgage verted from a time to a demand basis to permit greater flexibility in Association (FNMA) was converted to private owership in Sept. 1968 and Treasury cash management). the Federal intermediate credit banks (FICB) and banks for coopera­ 6 Includes debt of Federal home loan banks, Federal land banks, R.F.K. tives in Dec. 1968. Stadium Fund, FNMA (beginning Sept. 1968), and FICB and banks 3 Represents non-interest-bearing public debt securities issued to the for cooperatives (both beginning Dec. 1968). International Monetary Fund and international lending organizations. New obligations to these agencies are handled by letters of credit. Note.—Half years may not add to fiscal year totals due to revisions in series that are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (Tn millions of dollars) Budget receipts Individual income taxes i C nc o o 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 c t e i o ta n x s es Period Total Em tax p e lo s y a m n e d n t Excise Cus­ E a s n t d ate M r i e s ­ c. W he i l t d h­ N w he i o t l h n d ­ ­ fu R n e d ­ s t N ot e a t l c G e r r i e o p ­ s ts s fu R n e d ­ s co P ro n a l y t l r ­ ibu e t S m i e o l p n f l - s . 1 e in U m s n u p - r l . . c O e n r i t e p e h ­ t t e s r 2 t N ot e a t l taxes toms gift ceipts 3 taxes Fiscal year: 1970....................................... 193,74377,41626,236 13,24090,41235,037 2,208 37,190 1,942 3,465 2,70045,298 15,705 2,430 3,644 3,424 1971....................................... 188,39276,49024,262 14,52286,23030,320 3,53539,751 1,948 3,673 3,20648,578 16,614 2,591 3,735 3,858 1972........................................ 208,649 83,20025,679 14,14394,737 34,926 2,76044,088 2,032 4,357 3,437 53,914 15,477 3,287 5,436 3,633 1973........................................ 232,22598,09327,01921,866 103,24639,045 2,893 52,505 2,371 6,051 3,61464,542 16,260 3,188 4,917 3,921 Half year: 1972—Jan.-June................. 115,46944,751 20,090 13,56951,27221,664 1,31224,445 1,877 4,736 1,76430,925 6,516 1,449 3,041 1,915 July-Dee................... 106,06246,056 5.784 68851,152 15,315 1,45922,493 165 2,437 1,773 26,867 8,244 1,551 2,333 2,059 1973—Jan.-June................. 126,165 52,03421,23521,179 52,091 23,730 1,43430,013 2,206 3,616 1,841 37,675 8,016 1,637 2,584 1,865 July-Dee................... 124,253 52,961 6,207 99958,170 16,589 1,49429,965 201 2,974 1,96735,109 8,966 1,633 2,514 2,768 Month: 1973—Jan............................. r21,132 r8,259 4,671 27 >-12,902 1,539 158 3,833 139 174 340 4,486 1,437 289 396 '241 Feb............................. 18,067 8,404 768 1,104 8,067 865 193 5,900 167 684 278 7,029 1 ,186 255 568 289 Mar............................ 15,987 8,748 1,494 6,833 3,409 5,208 342 4,771 186 63 320 5,340 1,244 278 489 360 Apr............................. 25,860 8,648 9,124 6,185 11,587 5,915 258 4,297 1,316 444 302 6,359 1,318 262 330 348 May........................... 16,584 8,813 1,444 6,433 3,825 1,219 296 6,662 253 2,156 308 9,380 1,446 280 466 264 June........................... 28,537 9,168 3,735 597 12,306 8,983 188 4,548 145 95 293 5,081 1,386 273 335 360 July............................ 18,121 8,487 681 354 8,814 1,552 202 4,608 382 346 5,336 1,538 276 398 409 Aug........................... 21,291 9,085 451 257 9,279 904 209 7,087 1,357 333 8,778 1,434 303 494 308 Sept............................ 25,007 7,940 3,903 135 11,707 5,477 230 4,812 177 103 317 5,409 1,436 238 373 597 Oct............................. 17,637 8,752 550 71 9,230 1,515 462 4,119 24 217 351 4,712 1,459 291 454 437 Nov............................ 20,209 9,811 261 6610,006 939 287 5,578 825 321 6,724 1,563 301 462 501 Dec............................. 21,987 8,887 362 115 9,134 6,201 105 3,760 89 299 4,149 1,536 224 333 515 1974—Jan.................................. 23,476 9,296 5,076 45 14,327 1,722 160 4,439 170 244 378 5,232 1,263 304 455 334 Budget outlays Com. Gen­ Na­ Nat­ Com­ mun. Educa­ eral Intra- Period tional Intl. Space Agri­ ural merce deve­ tion Health Vet­ Inter­ Gen­ reve­ govt, Total de­ affairs re­ cul­ re­ and lop. and and erans est eral nue trans­ fense search ture sources transp. and man­ wel­ govt. shar­ ac­ hous­ power fare ing tions 4 ing Fiscal year: 197 2 231,876 78,336 3,786 3,422 7,061 3,759 11,197 4,216 10,198 81,536 10,747 20,584 4,889 -7,858 197 3 246,526 76,027 3,182 3,311 6,051 556 12,520 4,162 10,821 91,230 12,004 22,785 5,619 66,636 -8,378 19745................... 274,660 80,573 3,886 3,177 4,039 609 13.521 5,450 10,819 108,263 13,285 27,754 6,800 6,147 -9,963 19755................... 304,445 87,729 4,103 3,272 2,729 3,128 13,400 5,667 11,537 126,353 13,612 29,122 6,774 6,174 -10,717 Half year: 1972—Jan.-June. 120,319 42,583 2,034 1,645 1,062 1,807 5,167 2,035 5,843 43,405 5,744 10,534 2,497 -4,036 July-Dee.. 118,578 35,229 1,639 1,676 4,616 330 6,199 2,637 5,133 43,212 5.740 10,619 2,869 2,617 -4,039 1973—Jan.-June. 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 July-Dee.. 130,360 37,331 1,617 1,501 3,472 763 7,387 3,215 4,772 48,978 6,518 13,440 3,088 3,032 -4,753 Month: 1973—Jan. r. 23,665 6,665 81 272 994 -1,053 1,548 483 807 8,130 1,157 1,778 586 2,514 -297 Feb.. 20,227 6,265 280 241 431 230 567 368 904 7,907 1,046 2,002 374 9 -397 Mar.. 20,806 6,963 323 301 -77 310 1,072 270 786 7,565 1,064 2,097 462 -329 Apr.. 22,306 6,417 237 265 368 324 793 243 788 8,058 1,114 2,120 409 i ,493 -324 May. 20,157 6,401 136 255 -155 298 907 -148 1,066 8,124 1,017 2,165 466 3 -377 June. 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 2,104 911 777 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 Oct... 23,092 6,607 282 248 503 416 1,260 561 955 8,040 1,058 2,135 479 1,494 -850 Nov.. 22,099 6,900 276 246 782 424 912 36 805 8,373 1,194 2,401 438 29 -717 Dec.. c19,686 6,079 219 221 -228 -130 1,064 316 619 8,534 1,143 2,169 498 C -816 1974—Jan.............. 23,671 6,793 351 251 756 -544 886 331 983 9,067 1,204 2,353 636 1,532 -929 1 Old-age, disability, and hospital insurance (including premiums for 5 Estimates presented in the Jan. 1975 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, Federal and Railroad Retirement accounts. pay increase (excluding Department of Defense), and acceleration of energy 2 Supplementary medical insurance premiums (including premiums research and development, totaling $300 million for fiscal 1974, and $1,561 for disabled effective July 1, 1973, as provided for in Public Law 92-603), million for fiscal 1975, are not included. and Federal employee retirement contributions. 6 Contains retroactive payments of $2,617 million for fiscal 1972. 3 Deposits of earnings by Federal Reserve Banks and other miscellane­ ous 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 □ MARCH 1974 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p T g u r o b o t l s a i s c l Marketable Con­ Nonmarketable i S ss p u e e c s i a 5 l debt 1 Total Total Bills C c e a r t t e if s i­ Notes Bonds 2 b v i o b e n l r e d t­ s Total 3 F is o su re e i s g n 4 b S o in a n g v d s ­ s & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 3.1 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 4.3 52.3 59.1 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 3.8 52.2 71.0 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 5.7 52.5 78.1 1971—Dec. 424.1 336.7 262.0 97.5 114.0 50.6 2.3 72.3 16.8 54.9 85.7 1972—Dec. 449.3 351.4 269.5 103.9 121.5 44.1 2.3 79.5 20.6 58.1 95.9 1973—Feb. 454.8 357.1 269.9 105.0 120.2 44.6 2.3 84.9 25.4 58.7 95.8 Mar. 458.6 360.4 269.8 105.0 120.2 44.6 2.3 88.3 28.3 59.0 96.4 Apr. 457.1 358.9 267.8 103.2 120.2 44.5 2.3 88.7 28.5 59.3 96.4 May 457.3 357.1 265.9 103.0 117.8 45.1 2.3 88.9 28.3 59.7 98.3 June. 458.1 354.6 263.0 i do. i 117.8 45.1 2.3 89.4 28.5 59.9 101.7 July. 459.0 354.2 262.7 99.9 117.8 45.0 2.3 89.2 28.2 60.2 103.0 Aug. 461.8 353.8 262.4 101.8 llg.7 42.0 2.3 89.1 27.9 60.3 106.1 Sept. 461.4 354.1 262.4 99.8 120.7 41.9 2.3 89.5 28.2 60.3 105.4 Oct. 462.5 355.5 264.0 101.6 120.7 41.8 2.3 89.2 27.8 60.5 105.1 Nov. 464.0 360.5 270.2 107.7 124.6 37.8 2.3 88.0 26.1 60.8 101.6 Dec. 469.9 360.7 270.2 107.8 124.6 37.8 2.3 88.2 26.0 60.8 107.1 1974—Jan.. 468.2 360.1 270.1 107.8 124.6 37.7 2.3 87.7 25.3 61.0 106.2 Feb. 470.7 360.0 269.7 107.9 126.1 35.7 2.3 88.1 25.4 61.3 108.6 1 Includes non-interest-bearing debt (of which $618 million on Feb. 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 28, 1974, 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 n u .S v c d s t . i t e . s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l s M b av a u n i t n u k g a s s l p I c a n a o n n s m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n v c a d a t t s e l . Savi I n n g d s ividu O al t s her n F a i o t n a i r o n t e e n d i r g a ­ n l 1 t O i m o n r v t i s h s e c e s 2 . r ­ funds bonds securities 1939—Dec................. 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec................. 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 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 24.9 51.9 23.9 14.3 21.9 1969—Dec................. 368.2 89.0 57.2 222.0 56.8 2.9 7. 1 10.4 27.2 51.8 29.6 11.2 25.0 1970—Dec................. 389.2 97.1 62.1 229.9 62.7 2.8 7.0 7.3 27.8 52. 1 29.8 20.6 19.9 1971—Dec................. 424.1 106.0 70.2 247.9 65.3 2.7 6.6 11.4 25.4 54.4 19.6 46.9 15.6 1972—Ddfc................. 449.3 116.9 69.9 262.5 67.7 2.6 6.0 9.8 28.9 57.7 17.0 55.3 17.6 1973—Feb.................. 454.8 117.1 72.6 265.1 62.8 2.6 5.8 10.9 29.4 58.3 16.8 61.1 17.4 Mar................. 458.6 117.9 74.3 266.4 62.0 2.5 5.9 11.2 29.4 58.6 16.8 63.1 17.0 Apr................. 457.1 117.9 75.5 263.7 60.5 2.5 5.7 10.0 29.2 58.9 16.6 61.7 18.7 May............... 457.3 120.1 74.1 263. 1 58.9 2.4 5.7 10.8 28.6 59.2 16.5 61.1 19.9 June............... 458.1 123.4 75.0 259.7 58.8 2.4 5.7 9.8 28.8 59.5 16.4 60.2 18.1 July................. 459.0 125.0 77.1 256.9 56.5 2.2 5.8 10.3 28.4 59.7 17.0 59.7 17.3 Aug................. 461.8 128.7 76.1 257.1 55.1 2.1 5.7 11.5 27.7 59.8 17.2 59.2 18.8 Sept................ 461.4 127.8 76.2 257.4 55.4 2.0 5.7 9.2 29.0 59.8 17.3 58.5 20.4 Oct.................. 462.5 127.4 78.5 256.5 56.3 2.0 5.6 10.2 28.5 60.0 17.0 57.5 19.4 Nov................. 464.0 127.1 77.1 259.8 58.5 2.0 5.6 11.1 28.9 60.3 16.9 56.2 20.4 Dec................. 469.9 129.6 78.5 261.7 60.3 2.0 5.7 10.9 29.2 60.3 16.9 55.6 20.8 1974—Jan.................. 468.2 128.7 78.2 261.2 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

MARCH 1974 □ U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other All holders: 1970—Dec. 31............................................................. 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 1971—Dec. 31............................................................. 262,038 119,141 97,505 21,636 93,648 29,321 9,530 10,397 1972—Dec. 31............................................................. 269,509 130,422 103,870 26,552 88,564 29,143 15,301 6,079 1973—Dec. 31............................................................. 270,224 141,571 107,786 33,785 81,715 25,134 15,659 6,145 1974—Jan. 31............................................................. 270,131 141,590 107,805 33,785 81,715 25,131 15,596 6,098 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—Dec. 31..................................................... 20,962 2,220 631 1,589 7,714 4,389 5,019 1,620 1974—Jan. 31..................................................... 21,095 2,334 763 1,571 7,715 4,387 5,039 1,620 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—Dec. 31..................................................... 78,516 46,189 36,928 9,261 23,062 7,504 1,577 184 1974—Jan. 31..................................................... 78,240 45,770 36,500 9,270 23,128 7,580 1,577 184 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—Dec. 31..................................................... 170,746 93,162 70,227 22,935 50,939 13,241 9,063 4,341 1974—Jan. 31..................................................... 170,796 93,486 70,542 22,944 50,872 13,164 8,980 4,294 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—Dec. 31..........................................: 45.737 17,499 7,901 9,598 22,878 4,022 1,065 272 1974—Jan. 31............................................ 45,848 17,657 8,260 9,397 22,960 4,036 921 274 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—Dec. 31............................................ 1,955 562 222 340 750 211 300 131 1974—Jan. 31............................................ 1,911 535 229 306 754 212 292 118 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—Dec. 31............................................ 4,956 779 312 467 1,073 1,278 1,301 523 1974—Jan. 31............................................ 4,931 762 314 448 1,085 1,282 1,297 504 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—Dec. 31............................................ 4,905 3,295 1,695 1,600 1,281 260 54 15 1974—Jan. 31............................................ 4,600 2,958 1,461 1,497 1,326 253 47 16 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—Dec. 31............................................ 2,103 576 121 455 1,011 320 151 45 1974—Jan. 31............................................ 2,179 600 141 459 1,035 324 170 50 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—Dec. 31............................................ 9,829 5,845 4,483 1,362 1,870 778 1,003 332 1974—Jan. 31............................................ 10,322 6,096 4,685 1,411 2,036 850 1,002 337 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—Dec. 31............................................ 101,261 64,606 55,493 9,113 22;076 6,372 5,189 3,023 1974—Jan. 31............................................. 101,005 64,878 55,452 9,426 21,676 6,207 5,251 2,995 Note.—Direct public issues only. Based on Treasury Survey of banks, and 734 insurance companies combined, each about 90 per cent; Ownership. (2) 461 nonfinancial corporations and 483 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) 5,585 commercial banks, 477 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES □ MARCH 1974 DAILY-AVERAGE DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total securities Within 1-5 5-10 Over U.S. Govt, U.S. Govt, Com­ All 1 year years years 10 years securities securities mercial other i dealers brokers banks 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 Oct.................................. 3,384 2,798 374 163 48 568 954 1,073 789 810 Nov................................. 4,022 3,001 485 447 89 655 1,188 1,173 1,007 810 Dec.................................. 3,889 3,167 348 317 58 675 1,051 1,123 1,040 869 1974—Jan................................... 3,659 3,074 325 215 45 706 889 1,103 962 695 Week ending— 1974—Jan. 2......................... 3,208 2,528 315 315 50 552 589 981 1,087 520 9......................... 3,141 2,564 322 215 39 620 706 963 852 735 16......................... 3,521 2,889 341 244 46 671 914 1,000 936 540 23......................... 3,323 2,745 330 212 37 615 865 996 846 813 30......................... 4,160 3,694 273 143 50 865 955 1,361 979 638 Feb. 6......................... 6,411 5,030 479 849 53 1,142 1,812 1,910 1,546 1,297 13......................... 4,095 2,874 558 574 90 811 1,072 1,241 971 847 20......................... 3,741 2,923 339 390 90 745 833 1,138 1,026 923 27......................... 3,344 2,522 321 426 74 642 753 1,047 902 981 1 Since Jan. 1972 has included transactions of dealers and brokers in They do not include allotments of, and exchanges for, new U.S. Govt, securities other than U.S. Govt. securities, redemptions of called or matured securities, or purchases or sales of securities under repurchase agreement, reverse repurchase (resale), Note.—The transactions data combine market purchases and sales of or similar contracts. Averages of daily figures based on the number of U.S. Govt, securities dealers reporting to the F.R. Bank of New York. trading days in the period. DAILY-AVERAGE DEALER POSITIONS DAILY-AVERAGE DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period m t A a ie t l u s l ri­ W y i e 1 t a h r in y 1 e - a 5 rs y 5 e - a 1 rs 0 y O e 1 v a 0 e rs r a s G g e t c e i o e u n v s r c t i y . ­ Period sou A r l c l es Y N C o e it w r y k w E h ls e e r ­ e C t o io rp n o s r 1 a­ o A th l e l r 1973—Ja n 4,744 4,959 -53 -259 97 281 1973—Jan.............. 4,520 1,346 794 932 1,449 Feb........ 3,394 3,365 -9 -1 39 202 Feb.............. 3,415 1,063 455 490 1,408 Mar.... 2,702 3,130 -274 -143 -11 180 Mar............. 2,799 903 292 281 1,323 Apr........ 2,795 3,105 -159 -143 -9 274 Apr.............. 3,032 935 513 311 1,273 May.... 2,626 2,596 -324 179 175 356 May............ 2,667 674 452 252 1,291 June.... 2,976 2,818 -165 91 232 744 June............ - 3,769 1,242 690 431 1,406 July.... 1,901 2,062 -250 -43 131 511 July............ 2,826 725 544 510 1,047 Aug....... 1,788 1,977 -94 -107 12 273 Aug............. 2,318 829 327 386 777 Sept.. . . 3,201 2,958 316 -111 38 799 Sept............. 4,244 1,620 877 441 1,306 Oct........ 3,073 2,858 93 56 67 904 Oct.............. 3,721 1,253 918 328 1,223 Nov.. . . 3,618 3,034 95 350 139 1,185 Nov............ 4,469 1,809 900 570 1,190 Dec........ 4,441 3,697 223 396 124 1,400 Dec.............. 5,468 2,322 1,147 671 1,329 1974—Ja n 3,653 3,210 51 262 130 1,324 1974—Jan.............. 4,948 1,894 1,253 658 1,143 Week ending— Week ending— 1973—Dec. 5. 3,858 3,361 117 277 103 1,255 1973—Dec. 5. .. 4,344 1,619 896 620 1,210 12. 4,660 4,021 168 381 90 1,203 12. .. 5,464 2,456 1,195 588 1,225 19. 4,961 4,048 291 485 137 1,477 19. .. 5,790 2,618 1,202 693 1,279 26. 4,460 3,565 301 431 163 1,666 26. .. 5,936 2,492 1,119 823 1,502 1974—Jan. 2 3,778 3,080 220 331 147 1,535 1974—Jan. 2... 5,214 2,035 1,168 606 1,404 9 3,702 3,214 61 283 144 1,372 9. .. 4,940 1,999 1,160 625 1,155 16 3,659 3,259 47 225 128 1,316 16. .. 5,063 2,092 1,285 624 1,062 23 3,801 3,323 80 264 134 1,293 23. .. 5,072 1,903 1,311 768 1,090 30 3,519 3,147 -7 268 112 1,279 30. .. 4,778 1,616 1,309 666 1,187 Note.—The figures include all securities sold by dealers under repur­ 1 All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of Note.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than Note to the table on the left. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ U.S. GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, FEBRUARY 28, 1974 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds Mar. 7, 1974. 4,320 July 30, 1974........ 1.804 Aug. 15, 1975.........5% 7,679 May 15, 1974.........4% 2,848 Mar. 12, 1974. 1,790 Aug. 1, 1974........ 1.803 Sept. 30, 1975.........8% 2,042 Nov. 15, 1974.........3 Vs 1,213 Mar. 14, 1974. 4.304 Aug. 8, 1974......... 1,802 Oct. 1, 1975........iy2 30 May 15, 1975-85.. 4% 1,201 Mar. 21, 1974. 4.305 Aug. 15, 1974......... 1,800 Nov. 15, 1975.........7 3,115 June 15, 1978-83.. 3 V4 1,479 Mar. 28, 1974. 4,327 Aug. 22, 1974......... 1,797 Dec. 31, 1975.........7 1,731 Feb. 15, 1980.........4 2,574 Apr. 4, 1974. 4.302 Aug. 27, 1974......... 1.805 Feb. 15, 1976.........6Va 3,739 Nov. 15, 1980.........3Vi 1,896 Apr. 9, 1974. 1,802 Aug. 29, 1974......... 1,801 Feb. 15, 1976.........5 % 4,945 Aug. 15, 1981.........7 807 Apr. 11, 1974. 4,308 Sept. 24, 1974......... 1,802 Apr. 1, 1976.........lVi 27 Feb. 15, 1982.........6% 2,702 Apr. 18, 1974. 4,304 Oct. 22, 1974......... 1,802 May 15, 1976........5% 2,802 Aug. 15, 1984.........6 y8 2,353 Apr. 19, 1974f 3,009 Nov. 19, 1974......... 1,801 May 15, 1976.........6Vi 2,697 May 15, 1985.........3% 950 Apr. 25, 1974. 4.307 Dec- 17, 1974......... 1.803 Aug. 15, 1976.........7Vi 4,194 Nov. 15, 1986.........6i/s 1,216 May 2, 1974. 4.308 Jan. 14, 1975......... 1,802 Aug. 15, 1976.........6Vi 3,883 Aug. 15, 1987-92.. 4% 3,685 May 7, 1974. 1,800 Feb. 11, 1975......... 1,802 Oct. 1, 1976........lVi 11 Feb. 15, 1988-93.. 4 228 May 9, 1974. 4.306 Nov. 15, 1976.........6% 4,325 May 15, 1989-94. .4 i/s 1,459 May 16, 1974. 4.303 Feb. 15, 1977.........8 5,163 Feb. 15, 1990.........3% 3,954 May 23, 1974. 4.303 Treasury notes Apr. 1,1977.........1 Vi 5 Feb. 15, 1993.........6y4 627 May 30, 1974. 4,299 Apr. 1, 1974.........1% 34 May 15, 1977........6% 2,565 Aug. 15, 1993 .........7% 1,914 June 4,1974.. 1,801 May 15, 1974........iy4 4,334 Aug. 15, 1977.........7V4 4,918 Feb. 15, 1995.........3 832 June 6, 1974. 1,801 Aug. 15, 1974.........Sy8 10,284 Oct. 1, 1977.........1 Vi 17 May 15, 1993-98.. 7 692 June 13, 1974. 1,801 Sept. 30, 1974.........6 2,060 Feb. 15, 1978........6V4 8,389 Nov. 15, 1998.........3 Vi 3,081 June 20, 1974. 1,799 Oct. 1, 1974.........1% 42 Apr. 1, 1978........lVi 15 June 21, 1974f. 2,000 Nov. 15, 1974.........534 5,442 Oct. 1, 1978.........1 Vi 3 June 27, 1974. 1,802 Dec. 31, 1974.........57/8 2,102 Nov. 15, 1978.........6 8,207 July 2,1974.. 1,802 Feb. 15, 1975........5% 4,015 Aug. 15, 1979.........6 V4 4,559 Convertible bonds July 5, 1974. 1,803 Feb. 15, 1975.........5% 1,222 Nov. 15, 1979........65/8 1,604 Investment Series B July 11, 1974.. 1,810 Apr. 1, 1975........1 Vi 8 Nov. 15, 1979.........7 2,241 Apr. 1, 1975-80. .2% 2,272 July 18, 1974.. 1,811 May 15, 1975.........5% 1,776 May 15, 1980.........6 ?/8 7,265 July 25, 1974.. 1,798 May 15, 1975........6 6,760 Feb. 15, 1981.........7 1,842 t Tax-anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Special ered3 Total R n e u v e e­ HAA1 G l U o o a .S v n t . s . State di s a s t n t a r d t i . ct Other2 Total c E at d i u o ­ n b R r a i o d n a g d d e s s i U tie ti 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 auth. 196 4 10,847 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 3.517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 196 8 16,596 6.517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 3,556 402 197 3,359 3,596 4,926 11,838 3,252 1 ,432 1,734 543 4,884 197 0 18,164 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 197 1 24,962 8,681 1,000 62 5,999 8,714 10,246 24,495 5,278 2,642 5,214 2,068 9,293 197 2 23,652 9,332 959 57 4,991 9,496 9,165 22,073 4,981 1,689 4,638 1,9101 6,741 1972—Dec... 1,797 872 653 268 147 754 895 1,507 351 21 204 332 599 I 1973—Jan... 1,974 1,149 822 602 454 919 1,806 369 215 418 117 689 Feb... 1,500 768 731 47 561 892 1,399 365 66 406 10 551 Mar... 2,451 1,227! 916 303 613 914 924 2,194 373 153 497 347 823 Apr... 1,817 866 941 159 730 926 1,751 306 12 448 88 897 May.. 1,920 819 1,093 291 931 698 1,756 299 232 422 222 580 June., 2,138 1,016 856 261 189 1,076 874 2,130 538 102 639 334 517 July.. 2,003 1,455 542 516 349 1,138 1,982 392 231 360 3 996 Aug.. 1,528 951 575 452 477 600 1,475 263 29 331 290 563 Sept.. 1,675 698 682 293 236 794 645 1,608 306 64 571 390 277 Oct.. . 2,257 1,309 942 337 823 1,098 2,116 287 142 392 250 1,047 Nov.. 2,127 847 1,271 243 1,145 740 1,813 320 41 593 195 853 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 4 Water, sewer, and other utilities. by contract requiring the Housing Assistance Administration to make 5 Includes urban redevelopment loans. annual contributions to the local authority. 2 Municipalities, counties, townships, school districts. Note.—Security Industries Assn. data; par amounts of long-term issues 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser based on date of sale unless otherwise indicated. and payment to issuer, which occurs after date of sale. 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 o MARCH 1974 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. G U o . v S t . , an S d t a lo te c al Others Total Govt.2 agency3 (U.S.)4 Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d ly Preferred Common 1964...................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 1965...................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,57G 8,150 725 1,547 1966...................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 1967...................... 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 1968...................... 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1969...................... 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1970....................... 88,666 14,831 16,181 17,762 949 38,945 30,315 25,384 4,931 1,390 7,240 1971....................... 105,233 17,325 16,283 24,370 2,165 45,090 32,123 24,775 7,354 3,670 9,291 1972....................... 96,522 17,080 12,825 23,070 1,589 41,957 28,896 19,434 9,462 3,367 9,694 1972—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 1,315 802 833 984 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 1,398 216 606 July........... 7,643 490 2,471 1,992 48 2,631 1,870 857 1,013 226 536 Aug........... 8,019 3,097 1,600 1,414 22 1,806 1,382 792 590 94 330 Sept........... 8.091 2,432 2,100 1,630 15 1,915 1,366 684 682 119 430 Oct.r........ 8,924 485 2,612 2,232 196 3,398 2,358 1,805 553 355 685 Nov.r. ... 12,553 4,521 2,200 2,224 45 3,563 2,257 1,669 589 637 668 Dec............ 6,635 148 1,032 1,966 25. 3,238 2,469 1,552 917 196 573 Gross proceeds, major groups of corporate issuers Period Manufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 1964.................................................. 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 1965................................................... 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 1966................................................... 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 1967................................................... 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 1968................................................... 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 1969................................................... 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 1,671 1970................................................... 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 1971.................................................. 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 2,212 1972.................................................. 4,821 1,809 2,645 2,882 2,862 185 6,392 4,965 3,692 1,125 8,485 2,095 1972—Dec........................................ 486 103 343 149 214 25 491 370 34 17 1,057 107 1973—Jan......................................... 113 63 89 105 120 1 529 371 30 3 395 509 Feb........................................ 178 35 118 111 96 4 319 277 58 117 290 461 Mar....................................... 772 125 177 327 317 6 1,076 1,351 548 668 1,462 1,397 Apr....................................... 772 22 237 139 91 1 150 369 258 743 228 May...................................... 387 12 30 143 236 8 361 410 355 19 351 231 703 25 133 89 183 1,099 497 303 29 337 181 July....................................... 364 169 139 112 250 1 651 269 244 60 223 151 Aug....................................... 230 49 149 129 83 15 419 90 320 5 182 136 Sept....................................... 270 78 149 96 140 2 334 252 228 16 244 106 Oct.r.................................... 472 52 63 147 114 342 608 633 46 734 193 Nov.r.................................... 383 93 61 92 241 4 584 496 296 499 692 122 Dec........................................ 485 18 145 285 226 6 569 319 350 27 693 115 1 Gross proceeds are derived by multiplying principal amounts or 5 Foreign governments and their instrumentalities, International Bank number of units by offering price. for Reconstruction and Development, and domestic nonprofit organ- 2 Includes guaranteed issues. izations. 3 Issues not guaranteed. 4 See note to table at bottom of preceding page. Note.—Securities and Exchange Commission estimates of new issues maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 a 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 1968 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 1969 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 4,272 1970 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 1971 46,687 9,507 37,180 31,917 8,190 . 23,728 14,769 1,318 13,452 1972 42,306 10,224 32,082 27,065 8,003 19,062 15,242 2,222 13,018 1972--III................ 9,776 2,212 7,564 6,118 1,603 4,515 3,659 609 3,049 IV................. 10,944 2,932 8,012 6,998 2,207 4,790 3,946 725 3,220 1973--I................... 8,219 2,806 5,412 4,198 1,781 2,417 4,020 1,025 2,995 II................. 9,418 2,470 6,947 5,769 1,664 4,106 3,648 806 2,842 Ill................ 6,638 2,150 4,488 4,521 1,579 2,941 2,118 571 1,547 1 Type of issues Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B n on 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 1969......................... 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 1970......................... 6,641 870 853 1,778 1,104 36 6,861 2,917 4,806 94 2,564 1,107 1971......................... 6,585 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 2,017 1972......................... 1,995 2,094 1,409 2,471 711 254 5,137 4,844 3,343 1,260 7,045 2,096 1972—III................ 479 530 459 673 138 28 1,410 1,061 573 305 1,456 453 IV................ 116 290 575 479 179 47 1,056 1,735 944 89 1,920 580 1973—1.................... 135 63 -174 377 127 -43 844 1,170 520 185 965 1,244 II................. 632 -2 119 327 327 7 1,136 1,276 842 562 1,049 673 Ill............... 165 450 108 247 414 -44 1,217 557 752 77 284 260 1 Excludes investment companies. exclude foreign sales and include sales of securities held by affiliated com- 2 Extractive and commercial and miscellaneous companies. panies, special offerings to employees, and also new stock issues and cash 3 Railroad and other transportation companies. proceeds connected with conversions of bonds into stocks. Retirements are defined in the same way and also include securities retired with in- Note.—Securities and Exchange Commission estimates of cash trans- ternal funds or with proceeds of issues for that purpose, actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Redemp­ Net Total 2 Cash Other Sales 1 Redemp­ Net Total 2 Cash Other tions sales position 3 tions sales position 3 1961............... 2,951 1,160 1,791 22,789 980 21,809 1972—Dec... 449 619 -170 59,831 3,035 56,796 1962............... 2,699 1,123 1,576 21,271 1,315 19,956 1963............... 2,460 1,504 952 25,214 1,341 23,873 1973—Jan. .. 535 666 -131 56,946 3,015 53,931 Feb... 327 530 -203 54,083 3,375 50,708 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 Mar... 519 531 -12 53,377 3,774 49,603 1965............... 4,359 1,962 2,395 35,220 1.803 33,417 Apr... 300 452 -120 50,837 3,837 46,464 1966............... 4,671 2,005 2,665 34,829 2,971 31,858 May.. 285 446 -161 48,588 4,154 44,434 June.. 303 349 -46 48,127 4,164 43,963 1967............... 4,670 2,745 1,927 44,701 2,566 42,135 July. . 364 357 -7 50,933 4,594 46,339 1968............... 6,820 3,841 2,979 52,677 3,187 49,490 Aug. . 239 432 -193 49,553 4,567 44,986 1969............... 6,717 3,661 3,056 48,291 3,846 44,445 Sept... 330 395 -65 52,322 4,641 47,681 Oct.. . 305 559 -254 51,952 4,168 47,784 1970............... 4,624 2,987 1,637 47,618 3,649 43,969 Nov... 502 542 -40 45,814 4,126 41,688 1971............... 5,145 4,751 774 56,694 3,163 53,531 Dec... 349 392 -43 46,518 4,002 42,516 1972............... 4,892 6,563 -1,671 59,831 3,035 56,796 1974—Jan.. . 334 325 47,094 4,226 42,863 9 1 Includes contractual and regular single-purchase sales, voluntary and 3 Cash and deposits, receivables, all U.S. Govt, securities, and other contractual accumulation plan sales, and reinvestment of investment in­ short-term debt securities, less current liabilities. come dividends; excludes reinvestment of realized capital gains dividends. 2 Market value at end of period less current liabilities. Note.—Investment Company Institute data based on reports of mem­ bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 BUSINESS FINANCE □ MARCH 1974 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro f x o f e i r s t e s c ta o I x n m e ­ s e P t a a r f o x t f e e i s r ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i t e s s d ­ co c a n a t ll i s p o o u i w n t m a ­ l p­ Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U p ri r b n o u d fi t i t e s s d ­ co c a t n a l i l o s p o u n i w t m a ­ l p ­ ances1 ances 1 1966............... 84.2 34.3 49.9 20.8 29.1 39.5 1971—III.... 87.0 38.0 49.0 25.2 23.7 61.0 1967............... 79.8 33.2 46.6 21.4 25.3 43.0 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 1972—1 92.8 40.6 52.2 25.7 26.5 63.4 1969................ 84.9 40.1 44.8 24.3 20.5 51.9 II 94.8 41.4 53.4 25.9 27.5 66.2 1970................ 74.0 34.8 39.3 24.7 14.6 56.0 III.... 98.4 42.9 55.6 26.2 29.4 66.0 1971................ 85.1 37.4 47.6 25.1 22.5 60.4 IV.... 106.1 45.9 60.3 26.4 33.9 68.0 1972................ 98.0 42.7 55.4 26.0 29.3 65.9 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 III.... 129.0 57.6 71.5 28.1 43.4 71.7 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 U.S. Other U.S. Other taxes Govt.1 Govt.1 1968................................ 182.3 426.5 48.2 11.5 5.1 168.8 166.0 26.9 244.2 6.4 162.4 14.3 61.0 1969................................ 185.7 473.6 47.9 10.6 4.8 192.2 186.4 31.6 287.9 7.3 196.9 12.6 76.0 1970—IV....................... 187.8 490.4 49.7 7.6 4.2 200.6 196.0 32.4 302.6 6.6 200.5 11.8 83.7 1971—1........................... 192.0 494.1 48.5 7.8 4.2 201.3 198.5 33.8 302.1 6.1 195.7 13.7 86.6 II......................... 196.5 498.2 51.1 7.7 3.9 203.3 199.2 33.1 301.7 5.3 195.8 12.4 88.3 Ill....................... 200.9 507.2 52.4 7.8 3.9 206.5 201.6 34.9 306.3 5.0 197.4 13.8 90.1 IV....................... 204.9 516.7 55.3 10.4 3.5 207.5 203.1 36.8 311.8 4.9 202.8 14.5 89.7 1972—1........................... 209.6 526.0 55.3 9.9 3.4 211.4 207.2 38.9 316.4 4.9 202.5 15.7 93.3 II......................... 215.2 534.3 55.7 8.7 2.8 216.3 210.7 40.1 319.1 4.9 204.0 13.4 96.8 Ill....................... 219.3 545.5 57.3 7.6 2.9 222.5 215.2 39.8 326.2 4.7 207.6 15.0 98.9 IV....................... 224.3 561.1 60.3 9.7 3.4 228.9 218.2 40.7 336.8 4.0 216.9 16.7 99.2 1973—1........................... 231.4 577.1 61.0 10.4 3.2 234.0 225.9 42.5 345.7 4.1 218.1 18.6 104.9 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 Ill....................... 241.8 611.4 62.0 9.2 3.0 252.2 241.5 43.5 369.6 4.4 235.7 18.1 111.4 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 Non­ Mining Rail­ Air Other Electric Gas n C i o ca m ti m on u s ­ Other1 T A (S o . . R t A a . . ) l durable road and other 1969......................... 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 1970......................... 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 1971......................... 81.21 14.15 15.84 2.16 1.67 1.88 1.38 12.86 2.44 10.77 18.05 1972......................... 88.44 15.64 15.72 2.45 1.80 2.46 1.46 14.48 2. 52 11.89 20.07 19732....................... 100.08 19.39 18.61 2.76 1.94 2.41 1.60 16.25 2.84 13.03 21.24 1971—III................. 20.14 3.40 3.91 .55 .42 .39 .37 3.35 .71 2.62 4.42 80.75 IV................. 22.79 4.12 4.32 .59 .45 .56 .37 3.60 .69 2.84 5.26 83.18 1972—1................... 19.38 3.29 3.32 .58 .48 .50 .32 3.19 .44 2.72 4.55 86.79 II................. 22.01 3.71 3.92 .61 .48 .73 .39 3.61 .62 2.95 4.98 87.12 Ill................. 21.86 3.86 3.87 .59 .38 .61 .35 3.67 .72 2.84 4.97 87.67 IV................. 25.20 4.77 4.61 .63 .47 .63 .40 4.01 .73 3.39 5.57 91.94 1973—1................... 21.50 3.92 3.88 .63 .46 .52 .32 3.45 .50 2.87 4.94 96.19 II.................. 24.73 4.65 4.51 .71 .46 .72 .43 3.91 .68 3.27 5.40 97.76 Ill................. 25.04 4.84 4.78 .69 .48 .57 .44 4.04 .77 3.19 5.24 100.90 IV2............... 28.81 5.97 5.45 .73 .54 .60 .41 4.85 .89 9.:37 104.94 1974—12................. 24.19 4.87 4.56 .70 .54 .51 .38 4.14 .52 7.98 108.16 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

MARCH 1974 □ REAL ESTATE CREDIT A 49 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type6 E pe n r d io o d f h A e o r l l s d l ­ tu F i t n c i i n o i s a a t n l i n ­ s ­ 1 a U c g i . e e S n s . ­ v o I i a t d n h n u d e d a i r ­ l s s h A e o r l l s d l ­ tu F i t n i c i n i o s a a t n l i n s ­ ­ 1 O h e o t r h l s d e 3 ­ r h A e o r l l s d l ­ Total tu F i t n i i n o s a t n i n ­ s . i O h e o t r h l s d e ­ r Total tu F i t n i i n o s a t n i n ­ s . 1 O h e o t r h l s d er ­ w u F V n r H i d A t A t e e - r n - - t C i v o e o n n n a ­ ­ l 196 4 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 196 5 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 196 6 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 196 7 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 196 8 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 93.4 276.6 196...........9 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.7 43.2 129.0 105.5 23.5 100.2 295.7 197 0 451.7 355.9 33.0 62.8 31.2 10.1 21.1 420.5 280.2 231.3 48.9 140.3 114.5 25.8 109.2 311.3 197 1 499.9 394.4 39.4 66.2 32.9 9.9 23.0 467.0 307.8 254.2 53.7 159.2 130.3 28.9 120.7 346.3 197 2 565.4 450.6 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—III. 485.6 383.5 37.4 64.6 32.4 9.8 22.6 453.2 299.7 248.0 51.7 153.5 125.8 27.7 117.5 335.7 IV. 499.9 394.4 39.4 66.2 32.9 9.9 23.0 467.0 307.8 254.2 53.7 159.2 130.3 28.9 120.7 346.3 1972—1... 511.7 404.2 41.2 66.4 33.5 9.9 23.6 478.2 314.1 259.6 54.5 164.1 134.6 29.4 123.7 354.5 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—1... 580.1 463.3 47.3 69.5 36.5 10.7 25.8 543.6 353.9 296.3 57.6 189.7 156.4 33.4 132.5 411.1 II.. 600.4 480.5 49.0 71.0 37.7 11.0 26.7 562.7 365.7 306.9 58.8 197.0 162.5 34.5 133.6 429.1 Ill* 619.9 494.9 53.0 71.9 38.7 11.4 27.3 581.2 376.6 315.0 61.6 204.5 168.5 36.0 1 Commercial banks (including nondeposit trust companies but not 4 For multifamily and total residential properties, see tables below. trust depts.), mutual savings banks, life insurance companies, and savings 5 Derived figures; includes small amounts of farm loans held by savings and loan assns. and loan assns. 2 U.S. agencies include former Federal National Mortgage Assoc, and, 6 Data by type of mortgage on nonfarm 1 - to 4-family properties alone beginning fourth quarter 1968, new Government National Mortgage are shown in table below. Assoc, as well as Federal Housing Admin., Veterans Admin., Public Hous­ ing Admin., Farmers Home Admin. They also include U.S. sponsored Note.—Based on data from Federal Deposit Insurance Corp., Federal agencies—new FNMA, Federal land banks, GNMA (Pools), and the Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul­ Federal Home Loan Mortgage Corp. Other U.S. agencies (amounts ture and Commerce, FNMA, FHA, PHA, VA, GNMA, FHLMC, and small or separate data not readily available) included with “individuals Comptroller of the Currency. and others.” Figures for first three quarters of each year are F.R. estimates. 3 Derived figures; includes debt held by Federal land banks and farm debt held by Farmers Home Admin. MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) Government- All residential Multifamily1 underwritten Con­ End of End of period Total ven­ period 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 c i n n i s a a t l i n ­ ­ h O ol t d h e e r r s Total F su H in re A ­ d - an g V u te A a e r - d - 1 tional tutions tutions 1964................ 231.1 195.4 35.7 33.6 25.1 8.5 196 4 197.6 69.2 38.3 30.9 128.3 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 7 9 6 8 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 3 5 6 8 9 1 0 4 0 8 9 . . . . . 1 0 0 0 6 2 2 2 2 2 2 5 1 6 3 3 0 3 6 5 . . . . . 7 8 2 6 0 5 4 4 4 3 0 4 7 3 6 . . . . . 3 8 0 9 4 5 4 4 4 3 2 0 7 3 7 . . . . . 3 3 2 9 2 4 3 3 2 3 1 7 4 9 1 . . . . . 3 5 7 7 0 1 9 9 8 8 0 . . . . . 8 2 2 8 7 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 7 6 9 . 8 5 . ... 2 2 2 2 2 3 5 6 2 1 6 6 1 3 2 . . . . . 1 8 2 9 6 9 8 7 7 7 6 0 4 3 9 . . . . . 1 1 2 9 4 5 5 4 4 4 4 0 4 7 2 . . . . . 5 8 6 0 4 3 3 3 3 31 3 5 1 2 . . . . . 1 3 5 8 7 1 1 1 1 1 5 7 4 6 3 6 6 7 6 9 . . . . . 1 6 8 8 6 4 ‘ 1 1 1 9 9 9 7 7 7 2 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 3 2 7 3 2 4 8 . . . 5 7 2 2 3 3 7 0 4 6 7 7 . . . 1 1 9 6 7 6 1 8 4 . . . 1 5 6 7 6 5 6 6 8 . . . 8 4 0 4 5 5 5 9 2 . . . 1 8 0 1 1 1 4 7 2 . . . 9 3 2 1 1 1 9 9 9 7 7 7 1 0 2 2 3 3 8 4 0 6 0 7 . . . 1 8 2 1 1 9 0 1 7 3 5 . . . 3 0 2 6 5 6 5 9 8 . . . 7 9 2 4 3 3 4 9 7 . . . 5 7 3 2 2 1 3 0 8 3 2 2 . . . 1 9 6 1971— I I V II . - . - .. - . - .. - . 3 3 7 6 4 4 . . 7 0 2 3 9 06 8 . . 1 4 6 68 5 . . 5 6 6 66 4 . . 8 3 5 5 0 2 . . 4 0 1 1 4 3. . 9 9 1971—I IV II 2 3 9 07 9 . . 8 7 1 1 0 0 5 2 . . 2 9 6 6 5 4 . . 7 4 3 3 9 8 . . 5 5 2 1 0 9 2 6 . .8 6 1972— I I I 1 V I l .. l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 3 3 0 2 9 8 2 9 5 2 . . . . 5 3 8 9 3 3 3 3 3 2 4 1 6 4 7 2 . . . . 1 1 9 9 7 7 7 7 3 4 1 0 . . . . 2 6 7 0 7 7 7 6 3 1 6 8 . . . . 5 3 8 4 5 5 5 5 9 6 5 3 . . . . 1 9 3 3 1 1 1 1 7 6 6 5 . . . . 3 6 0 4 1972— I I I 1 V l I . l . . . 3 3 3 3 4 3 1 2 6 5 4 4 . . . . 1 1 8 6 1 1 1 1 1 1 0 0 1 3 9 7 . . . . 5 0 6 5 6 6 6 6 8 7 8 6 . . . . 2 8 6 4 4 4 4 4 4 3 2 0 . . . . 1 7 0 7 2 2 2 2 3 2 1 0 3 4 5 6 . . . . 1 3 0 6 1973— I 1 I ... . . . . . . . . . . . . . . . . . 4 4 3 4 2 7 . . 8 9 3 3 5 7 7 0 . . 4 4 7 7 7 5 . . 5 5 7 82 9 . .0 2 6 6 1 3 . . 1 5 1 1 8 7 . . 7 9 1973—1 I II I . L . . 3 3 3 5 6 7 3 5 6 . . . 9 7 6 1 1 1 1 3 4 . . 7 7 6 6 7 7 . . 5 9 4 4 7 5 . . 2 8 2 2 5 0 1 4 . . 0 2 III*. . . 461.6 380.0 81.6 85.0 65.0 20.0 1 Includes outstanding amount of VA vendee accounts held by private i Structures of five or more units. investors under repurchase agreement. sta N nd o i t n e g .— ” t B ab as le e d a b o o n v e d . ata from same source as for “Mortgage Debt Out­ Note.—For total debt outstanding, figures are FHLBB and F.R. 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 □ MARCH 1974 MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings i Mutual savings bank holdings Residential Residential End of period Other Other Total non­ Farm Total non­ Farm FHA- VA- Con­ farm FHA- VA- Con­ farm Total in­ guar- ven­ Total in- guar­ ven­ sured anteed tional sured anteed tional 1965.... 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966.... 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967.... 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968.... 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 196 9 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 197 0 73,275 45,640 7,919 2,589 35,131 23,284 4,351 57,948 49,937 16,087 12,008 21,842 7,893 119 197 1 82,515 52,004 8,310 3,980 40,714 26,306 4,205 61.978 53,027 16,141 12,074 24,812 8,901 50 197 2 99.314 62.782 8.495 3.203 51,084 31,751 4.781 67.556 57.140 16.013 12,622 28.505 10.354 62 1972—1.. 85,614 53,937 8,360 2,999 42,578 27,353 4,324 62.978 53,733 16,184 12,144 25,405 9,195 50 II. 90,114 56.782 8,477 3,141 45,163 28,785 4,547 64,404 54,758 16,256 12,325 26,178 9,586 60 Ill 95,048 59,976 8,515 3,118 48,343 30,415 4,657 65,901 55, r 16,130 12,463 27,296 9,951 61 IV, 99.314 62.782 8.495 3.203 51,084 31,751 4.781 67.556 57.140 16.013 12,622 28.505 10.354 62 1973—1.. 103,548 65,236 33,342 4,970 68,920 58,169 10,683 68 II. 109,114 68,650 8,482 3,211 56,957 35,224 5,240 70,634 59,397 11,178 59 Ill 114,414 71,852 37,070 5,492 72,034 60,305 11,670 59 i Includes loans held by nondeposit trust companies but not bank Note.—Second and fourth quarters, FDIC series for all commercial trust depts. and mutual savings banks in the United States and possessions. First and third quarters, estimates based on special F.R. interpolations. MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Other i Farm Total Total in F s H u A re - d a g n V u t A e a e r - d ­ Other Farm 1945.............................................. 976 6,637 5,860 1,394 4,466 766 1964.............................................. 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965.............................................. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966.............................................. 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 1967.............................................. 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968.............................................. 7,925 7,153 733 346 6,074 772 69,973 64,172 11,961 5,954 46,257 5,801 1969.............................................. 7,531 6,991 594 220 6,177 540 72,027 66,254 11,715 5,701 48,838 5,773 1970............................................... 7,181 6,867 386 88 6,393 314 74,375 68,726 11,419 5,394 51,913 5,649 1971............................................... 7,573 7,070 322 101 6,647 503 75,496 69,895 10,767 5,004 54,124 5,601 1972.............................................. 8,696 7,996 331 182 7,483 700 76,948 71,270 9,962 4,660 56,648 5,678 1972—Dec........................................ 1,890 1,784 23 17 1,744 106 76,948 71,270 9,962 4,660 56,648 5,678 1973—Jan..................................... 711 649 16 20 613 62 '77,481 71,856 9,901 4,630 57,325 5,625 Feb........................................ 603 542 27 24 491 61 77,510 71,892 9,806 4,613 57,473 5,618 Mar....................................... 670 573 37 24 512 97 77,587 71,953 9,735 4,594 57,624 5,634 Apr........................................ 702 624 20 22 582 78 77,258 71,611 9,708 4,572 57,331 5,647 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 27 958 92 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 58,514 5,769 Aug....................................... 1,034 947 11 20 916 87 78,657 72,839 9,388 4,471 58,980 5,818 Sept....................................... 944 862 23 17 822 82 79,040 73,182 9,330 4,447 59,405 5,858 Oct........................................ 972 899 13 18 868 73 79,516 73,619 9,270 4,428 59,921 5,897 Nov....................................... 1,146 1,051 25 15 1,011 95 r80,191 r74,261 9,233 r4,414 60,614 5,930 Dec........................................ 1,532 1,410 36 13 1,361 122 81,180 75,193 9,212 4,396 61,585 5,987 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

MARCH 1974 □ REAL ESTATE CREDIT A 51 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Total amount Period o N f u l m oa b n e s r ( c m o (d i m l o l m i l o la i n t r s t s e ) o d f ( o th a f o m L d u o o o s l a u a l n a n n r t d s s ) ( C p in o e r t r n a e t c r t r e e e a s n c t t t ) (y M rs a ./ t m ur o it s y .) (p t L o e r r - a o v t c a i a e n o l n - u t e ) C (p a t p e io r it n a c l e r i n z a t a t ) e ­ co D r v a e e ti r b o a t ge P co e n r s c t e a n n t t 1968............................. 2,569 3,244.3 1,263 7.66 22/11 73.6 9.0 1.30 9.5 1969............................. 1,788 2,920.7 1,633 8.69 21/8 73.3 9.6 1.29 10.2 1970............................. 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 11.1 1971.............................. 1,664 3,982.5 2,393 9.07 22/10 74.9 10.0 1.2 9 10.4 1972............................. 2,132 4,986.5 2,339 8.57 23/3 75.2 9.6 1.29 9.8 1971—Nov.................. 136 288.2 2,119 9.01 23/5 75.6 9.9 1.27 10.2 Dec.................. 133 290.0 2,181 8.96 23 74.4 9.9 1.30 10.2 1972—Jan................... 107 198.6 1,856 8.78 22/1 73.3 10.0 1.31 10.2 Feb.................. 122 423.5 3,471 8.62 22/6 73.3 9.7 1.31 10.0 Mar................. 220 530.4 2,411 8.50 24/2 76.3 9.5 1.29 9.7 Apr.................. 200 381.1 1,906 8.44 24/6 76.3 9.5 1.29 9.6 May................. 246 399.6 1,624 8.48 23/4 76.0 9.5 1.26 9.8 June................. 268 683.2 2,549 8.55 23/0 75.4 9.5 1.29 9.8 July................. 170 421.2 2,478 8.56 23/0 74.5 9.5 1.31 9.8 Aug.................. 178 515.7 2,897 8.54 23/0 74.9 9.5 1.27 9.9 Sept................. 152 354.1 2,329 8.58 23/4 75.7 9.5 1.28 9.8 Oct................... 159 343.5 2,161 8.65 23/0 75.8 9.6 1.29 9.9 Nov................. 180 371.7 2,065 8.63 23/2 74.7 9.6 1.28 9.9 Dec.................. 130 363.9 2,799 8.64 22/8 74.4 9.8 1.37 9.9 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 outst anding Loans made Loans outstanding (end of period) (end of period) Members’ Period va A n d c ­ es R m e e p n a ts y­ d (e e n p d o si o ts f New Total Short­ Long­ period) Period home Home FHA- VA- Con­ term i term 2 Total i con­ pur­ Total 2 in­ guar­ ven­ struc­ chase sured 3anteed3 tional tion 1965 5,007 4,335 5,997 3,074 2,923 1,043 1966. 3,804 2,866 6,935 5,006 1,929 1,036 1967. 1,527 4,076 4,386 3,985 401 1,432 1965............... 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1968. 2,734 1,861 5,259 4,867 392 1,382 1966............... 16,924 3,653 7,828 114,427 5,269 6,157 103,001 1969. 5,531 1,500 9,289 8,434 855 1,041 1967............... 20,122 4,243 9,604 121,805 5,791 6,351 109,663 1968............... 21,983 4,916 11,215 130,802 6,658 7,012 117,132 1970, 3,256 1,929 10,615 3,081 7,534 2,331 1969............... 21,847 4,757 11,254 140,347 7,917 7,658 124,772 1971. 2,714 5,392 7,936 3,002 4,934 1,789 1972 4,790 4,749 7,979 2,961 5,018 2,104 1970............... 21,383 4,150 10,237 150,331 10,178 8,494 131,659 1971............... 39,472 6,835 18,811 174,385 13,798 10,848 149,739 1973- 332 480 7,830 2,805 5,025 1,306 1972............... 51,408 8,553 26,615 206,387 29,391 176,996 Feb.............. 415 302 7,944 2,774 5,170 1,321 764 288 8,421 2,975 5,446 1,290 1973—Jan.... 3,702 590 1,970 208,132 29,581 178,551 1,187 178 9,429 3,450 5,979 1,142 Feb.. . 3,710 614 2,019 210,260 29,751 180,509 916 189 10,156 3,428 6,728 1,261 Mar... 4,990 887 2,685 213,259 30,045 183,214 1,093 104 11,145 4,016 7,129 1,453 Apr.. . 4,989 886 2,762 216,250 30,182 186,068 July.............. 1,373 153 12,365 4,583 7,782 1,183 May. . 5,477 931 3,141 219,500 30,296 189,204 1,380 235 13,510 4,737 8,773 1,091 June.. 5,738 903 3,469 222,801 30,381 192,420 999 212 14,298 4,834 9,464 1,178 July... 5,059 851 3,079 225,490 30,270 195,220 728 226 14,799 4,805 9,994 1,264 Aug.. . 4,971 801 3,059 228,006 30,268 197,738 295 228 14,866 4,669 10,197 1,538 Sept... 3,177 572 1,838 229,413 30,632 198,781 529 248 15,147 4,583 10,564 1,744 Oct__ 2,788 532 1,548 230,425 30,328 200,097 Nov... 2,311 449 1,366 231,319 30,295 201,024 1974- 426 385 15,188 4,486 10,702 1,602 Dec.. . 2,505 417 1,336 232,322 30,274 202,048 1 Secured or unsecured loans maturing in 1 year or less. 1 Includes loans for repairs, additions and alterations, refinancing, etc., 2 Secured loans, amortized quarterly, having maturities of more than not shown separately. 1 year but not more than 10 years. inc 2 l u in d c e l s u d ju e n s i s o h r ar li e e s n s p le a d n g d e d re a a g l a e in st s a t t e m o so rt l g d a g o e n l c o o a n n t s r ; a b ct e ; g in b n e i g n i g n n 1 in 9 g 66 , 1 a 96 ls 7 o , Note.—FHLBB data. 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 o MARCH 1974 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 sured 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 n o e d g st O i a n n u g d t ­ Offered ce A p c te ­ d c m o te e m r n m m ts) it­ Offered ce A p c te ­ d c m o te m e r n m m ts i ) t­ 196 8 7,167 5,122 2,046 1,944 2,696 1,287 In millions of In In millions of In 196 9 10,945 7,676 3.269 4,120 6,630 3,539 dollars per cent dollars per cent 197 0 15,492 11,063 4,429 5,079 20 8,047 5,203 197 1 17.791 12,681 5,110 3,574 336 9,828 6,497 197 2 19.791 14,624 5,112 3,699 211 8,797 8,124 1973—May 14.... 258.3 187.7 7.96 117.6 84.4 8.31 28.... 212.4 140.0 8.00 113.3 73.9 8.39 1973-Jan... 19,982 14,746 5,170 348 29 458 8,034 Feb.. 20,181 14,872 5,222 334 478 7,972 June 11. . . 184.5 142.2 8.04 110.1 74.1 8.44 Mar.. 20,571 15,201 5,259 522 933 8,139 25. . . 199.3 118.7 8.09 95.0 69.4 8.51 Apr.. 20.791 15,390 5.269 355 1,211 8,742 May. 21,087 15,581 5,335 472 1,180 9,312 July 9.... 539.3 244.8 8.38 108.4 72.5 8.67 June. 21,413 15,768 5,411 516 1,191 9,778 23.... 351.4 181.4 8.54 119.0 61.7 8.79 July.. 21,772 15,877 5,574 516 1,102 9,859 Aug.. 22,319 16,085 5,761 699 1,019 9,809 Aug. 6.... 458.5 201.9 8.71 154.3 77.4 8.98 Sept.. 22,831 16,293 5,937 633 724 9,602 20. . . 525.0 223.8 8.95 171.3 77.2 9.27 Oct.. 23,348 16,510 6,101 659 264 8,918 Nov.. 23,912 16,734 6,294 656 200 8,690 Sept. 4. . . 551.0 288.9 9.27 118.6 61.5 9.53 Dec.. 24,175 16,852 6,352 410 40 158 7,889 17. . . 138.1 107.9 9.37 48.6 46.8 9.68 1974-Jan... 24,424 17,008 6,348 350 110 6,715 Oct. 1 . . . 32.5 24.1 9.11 9.1 7.1 9.43 15. . . 24.8 16.6 8.97 18.6 16.2 9.10 29. . . 28.2 21.6 8.94 17.4 9.4 9.01 Note.—FNMA data. Total holdings include conventional loans. Data prior to Sept. 1968 relate to secondary market portfolio of former FNMA. Nov. 12. . . 29.3 23.1 8.87 24.1 16.7 8.94 Mortgage holdings include loans used to back bond issues guaranteed by 26. . . 24.9 20.9 8.81 31.0 22.1 8.90 GNMA. Mortgage commitments made during the period include some multifamily and nonprofit hospital loan commitments in addition to 1- to Dec. 17.... 38.6 36.2 8.78 51.4 32.2 8.82 4-family loan commitments accepted in FNMA’s free market auction system, and through the FNMA-GNMA Tandem Plan (Program 18). 1974—Jan. 14. . . 40.2 35.6 8.71 48.9 34.5 8.77 Feb. 11... . 50.4 49.5 8.53 48.4 48.1 8.69 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 GOVERNMENT NATIONAL MORTGAGE 12 years for 30-year loans, without special adjustment for FNMA commit­ ASSOCIATION ACTIVITY ment fees and FNMA stock purchase and holding requirements. Since Oct. 18, 1971, the maturity on new short-term commitments has been 4 months. Mortgage amounts offered by bidders are total bids re­ (In millions of dollars) ceived. Mortgage Mortgage Mortgage GNMA MORTGAGE-BACKED SECURITY PROGRAM holdings transactions commitments (during End of period) (In millions of dollars) period Total FH in A ­ - g V u A ar - ­ Pur­ d M ur a i d n e g st O an u d t ­ Pass-through securities sured anteed chases period ing Bonds Period sold Applications Securities 196 7 3,348 2,756 592 860 1,045 1,171 received issued 196 8 4,220 3,569 651 1,089 867 1,266 196 9 4,820 4,220 600 827 615 1,131 197 0 5,184 4,634 550 621 897 738 197 0 1,126.2 452.4 1,315.0 197 1 5,294 4,777 517 393 1,494 197 1 4,373.6 2,701.9 300.0 197 2 5.113 197 2 3,854.5 2,661.7 *972-Dec. 5.113 4,664 436 1972—Nov. 226.4 138.2 Dec. 440.9 299.8 1973-Jan. 5,117 4,680 424 Feb.. 4,984 4,552 420 1973—Jan.. 515.7 323.3 Mar. 4,663 4,233 418 Feb. 167.2 216.8 Apr. 4,439 4,010 417 Mar. 339.4 139.9 May 3,980 3,687 281 Apr. 467.8 182.1 June 3,908 3,604 292 May 563.3 338.8 July. 4,156 3,753 391 June 243.1 315.3 Aug., 4,455 3,949 495 July. 215.7 384.7 Sept. 4,429 3,878 540 Aug. 174.0 191.3 Oct.. 4,338 3,843 484 Sept. 533.8 380.0 Nov. 4,172 3,779 382 Oct.. 825.7 240.8 Dec. 4,029 3,642 376 Nov. 923.3 210.4 ve N nt o io t n e a .— l lo G a N ns M . A D a d ta a t p a. r io T r o t t a o l S h e o pt l . d i 1 n 9 g 6 s 8 i r n e c l l a u t d e e t o a S sm pe a c l i l a l a m A o ss u i n st t a n o c f e c a o n n d ­ GN N M ot A e. — gu G ar N an M te A es d t a h t e a . t i U m n el d y e r p a th y e m e M n o t r o tg f a p g r e in -B ci a p c a k l e a d n d S e i c n u t r e i r t e y s t P o ro n g b ra o m th , 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

MARCH 1974 □ 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 Yield Mortgages Mortgages Period (effective rate) series on FHA- Period Prop­ insured Pro­ erty New Existing New l h n o o e a m w ns e - Total h N om ew es h is o E t m i x n ­ e g s jects i m pr i e m o n v ­ t e s ­ 2 Total J 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 1,776 196 8 6.97 7.03 7.12 7.21 1966............. 7,320 1,729 4,366 583 641 2,600 980 1,618 196 9 7.81 7.82 7.99 8.29 1967............. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 197 0 8.44 8.35 8.52 9.03 1968............. 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 197 1 7.74 7.67 7.75 7.70 1969............. 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 197 2 7.60 7.52 7.64 7.52 1970............. 11,982 2,667 5,447 3,251 617 3,440 1,311 2,129 1973—Jan.. 7.68 7.68 7.70 7.55 1971............. 14,689 3,900 6,475 3,641 674 5,961 1,694 4,267 Feb. 7.70 7.72 7.75 7.56 1972............. 12,320 3,459 4,608 3,448 805 8,293 2,539 5,754 Mar. 7.68 7.69 7.80 7.63 Apr. 7.71 7.70 7.90 7.73 1972—Dec.. 964 190 245 444 85 715 220 495 May 7.71 7.77 7.95 7.79 June 7.79 7.79 8.05 7.89 1973—Jan... 834 254 324 197 59 681 218 463 July. 7.87 7.84 8.40 8.19 Feb.. 710 162 235 262 52 592 187 405 Aug. 7.94 8.01 8.85 Mar.. 969 195 268 440 65 596 185 411 Sept. 8.17 8.26 8.95 9.18 Apr.. 620 151 223 172 74 621 187 434 Oct.. 8.31 8.50 8.80 8.97 May. 589 158 228 122 81 634 198 436 Nov. 8.39 8.58 8.75 8.86 June. 650 153 229 207 61 646 182 464 Dec., 8.49 8.61 8.75 8,78 July.. 559 143 250 100 66 666 204 462 Aug.. 537 100 195 167 75 '565 193 '372 1974—Jan.. 8.49 8.62 8.65 Sept.. 485 90 177 134 84 565 184 381 Oct... 549 113 246 119 72 652 r221 431 Nov.. 602 100 257 169 76 725 216 509 Note.—Annual data are averages of monthly figures. The Dec.* 407 56 168 116 66 473 138 335 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— Loans in Mortgage Mortgage Mortgage fore­ holdings transactions commitments End of period closure (during period) Total 30 days 60 days 90 days End of period or more 1965................. 3.29 2.40 .55 .34 .40 Total F V H A A- t C i v o o e n n n a ­ ­ l c P ha u s r e ­ s Sales d p M u er r a i i d o n e d g s O t i a n u n g t d ­ ­ 1966................ 3.40 2.54 .54 .32 .36 1967................. 3.47 2.66 .54 .27 .32 1968................. 3.17 2.43 .51 .23 .26 1970.................... 325 325 325 1969................. 3.22 2.43 .52 .27 .27 1971.................... 968 821 147 778 64 182 1972..................... 1,789 1,503 286 1,298 408 1,606 198 1970................. 3.64 2.67 .61 .36 .33 1971................. 3.93 2.82 .65 .46 .46 1972—Nov 1,743 1,491 253 128 10 89 293 1972................. 4.65 3.42 .78 .45 .48 Dec.......... 1,789 1,503 286 143 87 93 198 1971—11.......... 3.27 2.36 .53 .38 .38 1973—Jan........... 1,761 1,517 244 76 99 142 226 Ill........ 3.59 2.54 .62 .43 .41 Feb.......... 1,677 1,535 142 76 150 166 300 IV........ 3.93 2.82 .65 .46 .46 Mar......... 1,718 1,589 128 119 68 141 295 Apr.......... 1,784 1,646 138 126 51 193 343 1972—1........... 3.16 2.21 .58 .37 .50 May........ 1,906 1,695 211 147 17 187 344 II......... 3.27 2.38 .53 .36 .48 June........ 2,029 1,716 313 154 21 159 316 III.. .. 3.82 2.74 .65 .43 .52 July......... 2,158 1,714 444 140 139 278 Ii V\/ i . \ /4 4 . . 6 6 6 5 3 3. . 4 4 1 2 . . 7 7 8 9 . . 4 4 5 6 . . 4 5 8 0 A Se u p g t.. . . . . . . . . . . . . . . . 2 2 , , 4 3 2 0 3 7 1 1 , , 7 7 2 2 9 8 6 5 9 7 4 9 1 16 2 1 6 2 1 0 43 8 2 29 8 1 8 Oct.......... 2,527 1,742 785 113 63 218 1973_I........... 3.63 2.52 .68 .43 Nov......... 2,565 1,746 819 46 45 207 II 3.84 2.81 .64 .39 III 4.36 3.10 .78 .48 IV........ 4.70 3.42 .79 .49 Note.—FHLMC data. Data for 1970 include only the period beginning Nov. 26 when the FHLMC first became operational. Holdings, purchases, and sales include participations as well as whole loans. Mortgage holdings in­ 1 First line is old series; second line is new series. clude loans used to back bond issues guaranteed by GNMA. Commitment data cover the conventional and Govt.-underwritten loan programs. Note.—Mortgage Bankers Association of America data from reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ ventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 CONSUMER CREDIT □ MARCH 1974 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 1950. 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955. 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960. 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1965. 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 6,430 4,889 1966. 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 6,686 5,336 1967 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 7,070 5,727 1968. 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 7,193 6,300 1969. 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 1970. 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 1971 . 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 1972. 157,564 127,332 44,129 40,080 6,201 36,922 30,232 12,256 9,002 8,974 1973 180,486 147,437 51,130 47,530 7,352 41,425 33,049 13,241 9,829 9,979 1973- 157,227 127,368 44,353 39,952 6,193 36,870 29,859 12,204 8,357 9,298 Feb.................................. 157,582 127,959 44,817 39,795 6,239 37,108 29,623 12,409 7,646 9,568 Mar................................. 159,320 129,375 45,610 39,951 6,328 37,486 29,945 12,540 7,702 9,703 161,491 131,022 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................................. 173,035 142,093 50,557 44,019 7,120 40,397 30,942 13,088 8,335 9,519 174,840 143,610 51,092 44,632 7,235 40,651 31,230 13,145 8,590 9,495 Nov................................. 176,969 145,400 51,371 45,592 7,321 41,116 31,569 13,161 8,785 9,623 180,486 147,437 51,130 47,530 7,352 41,425 33,049 13,241 9,829 9,979 1974- 178,686 146,575 50,617 47,303 7,303 41,352 32,111 13,117 8,875 10,119 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage eluded in “Other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965 Note.—Consumer credit estimates cover loans to individuals for house- and Bulletins for Dec. 1968 and Oct. 1972. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com­ Finance Mis­ Auto­ Other Total mercial compa­ Credit cellaneous Total mobile retail banks nies 1 unions lenders 1 dealers 2 outlets 5,514 3,918 1,452 2,278 171 17 1,596 167 1,429 14,703 11,805 5.798 5,315 590 102 2,898 287 2,611 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 1965................................................................... 70,893 61,102 28,962 23,851 7,324 965 9,791 315 9,476 1966................................................................... 76,245 65,430 31,319 24,796 8,255 1,060 10,815 277 10,538 1967................................................................... 79,428 67,944 33,152 24,576 9,003 1,213 11,484 287 11,197 1968................................................................... 87,745 75,727 37,936 26,074 10,300 1,417 12,018 281 11,737 1969................................................................... 97,105 83,989 42,421 27,846 12,028 1,694 13,116 250 12,866 1970................................................................... 102,064 88,164 45,398 27,678 12,986 2,102 13,900 218 13,682 1971................................................................... 111 ,295 97,144 51,240 28,883 14,770 2,251 14,151 226 13,925 127,332 111,382 59,783 32,088 16,913 2,598 15,950 261 15,689 1973................................................................... 147,437 129,305 69,495 37,243 19,609 2,958 18,132 299 17,833 1973—Jan......................................................... 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 Mav...................................................... 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 Oct......................................................... 143,610 127,307 68,627 36,365 19,339 2,976 16,303 300 16,003 Nov....................................................... 145,400 128,553 69,161 36,887 19,517 2,988 16,847 302 16,545 Dec........................................................ 147,437 129,305 69,495 37,243 19,609 2,958 18,132 299 17,833 1974—Jan......................................................... 146,575 128,870 69,429 37,140 19,429 2,872 17,705 296 17,409 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

MARCH 1974 □ CONSUMER CREDIT A 55 MAJOR HOLDERS OF INSTALMENT CREDIT (In millions of dollars) Commercial banks Finance companies 1 End of Automobile Other consumer Other consumer period paper goods paper Home Per­ Auto­ goods paper Home Per­ Total improve­ sonal Total mobile improve­ sonal ment loans paper ment loans Pur­ Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes 1940............ 1,452 339 276 232 165 440 2,278 1,253 159 193 673 1950............. 5,798 1,177 1,294 1,456 834 1,037 5,315 3,157 692 80 1,386 1955............. 10,601 3,243 2,062 2,042 1,338 1,916 11,838 7,108 1,448 42 3,240 1960............. 16,672 5,316 2,820 2,759 2,200 3,577 15,435 7,703 2,553 173 5,006 196 5 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 232 10,058 196 6 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 214 10,315 196 7 33,152 10,972 6,232 5,469 2,731 7,748 24,576 8,627 5,069 192 10,688 196 8 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 166 11,481 196 9 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 174 12,485 197 0 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 199 12,734 197 1 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 247 13,446 197 2 59,783 16,320 10,776 5,786 5,288 5,122 3,544 12,947 32,088 10,174 2,916 3,589 497 14,912 197 3 69,495 19,038 12,218 7,223 6,649 6,054 3,982 14,331 37,243 11,927 3,378 4,434 917 16,587 1973—Jan.. 60,148 16,464 10,889 5,839 5,311 5,135 3,527 12,983 32,177 10,177 2,928 3,644 528 14,900 Feb.. 60,582 16,680 10,977 5,932 5,283 5,158 3,515 13,037 32,431 10,267 2,909 3,752 562 14,941 Mar.. 61,388 16,951 11,216 6,035 5,243 5,289 3,538 13,116 32,750 10,419 2,943 3,796 581 15,011 Apr.. 62,459 17,327 11,436 6,163 5,290 5,401 3,581 13,261 33,078 10,617 2,991 3,831 611 15,028 May. 63,707 17,716 11,680 6,321 5,360 5,538 3,635 13,457 33,859 10,872 3,025 3,985 656 15,321 June. 64,999 18,138 11,866 6,473 5,502 5,688 3,700 13,632 34,367 11,121 3,081 4,002 694 15,469 July. 66,065 18,439 12,023 6,629 5,603 5,815 3,774 13,782 35,020 11,365 3,132 4,103 733 15,687 Aug.. 67,381 18,771 12,190 6,825 5,792 5,923 3,863 14,017 35,634 11,583 3,187 4,194 771 15,899 Sept. 67,918 18,886 12,160 6,956 5,909 5,978 3,903 14,126 35,993 11,721 3,235 4,265 809 15,963 Oct.. 68,627 19,123 12,262 7,106 5,991 6,012 3,950 14,183 36,365 11,859 3,269 4,316 847 16,074 Nov.. 69,161 19,198 12,306 7,208 6,171 6,035 3,979 14,264 36,887 11,949 3,310 4,371 886 16,371 Dec.. 69,495 19,038 12,218 7,223 6,649 6,054 3,982 1,4331 37,243 11,927 3,378 4,434 917 16,587 1974—Jan.. 69,429 18,885 12,113 7,237 6,826 6,041 3,944 14,383 37,140 11,754 3,392 4,460 940 16,594 1 Finance companies consist of those institutions formerly classified ; 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 Service paper loans End of period Com­ Other credit mer­ finan­ Retail Credit cial cial outlets cards 1 1940 188 36 7 13 132 banks insti­ 1950 692 159 40 102 391 tutions 1955 1,959 560 130 313 956 1960 4,566 1,460 297 775 2,034 1940................ 2,824 636 164 1,471 553 1965 8,289 3,036 498 933 3,822 1950................ 6,768 1,576 245 3,291 76 1,580 1966 9,315 3,411 588 980 4,336 1955................ 9,924 2,635 367 4,579 216 2,127 1967 10,216 3,678 654 1,085 4,799 1960................. 13,173 3,884 623 4,893 436 3,337 1968. 11,717 4,238 771 1,215 5,493 1969. 13,722 4,941 951 1,443 6,387 1965................ 18,990 6,690 981 5,724 706 4,889 1966................ 19,994 6,946 1,026 5,812 874 5,336 1970 15,088 5,116 1,177 1,800 6,995 1967................. 21,355 7,478 1,080 6,041 1,029 5,727 1971 . 17,021 5,747 1,472 1,930 7,872 1968................. 23,025 8,374 1,158 5,966 1,227 6,300 1972 19,511 6,598 1,690 2,160 9,063 1969................. 24,041 8,553 1,194 5,936 1,437 6,921 1973 22,567 7,648 1,959 2,453 10,507 1970................. 25,099 8,469 1,206 6,163 1,805 7,456 1973-—Jan......................... 19,365 6,560 1,680 2,138 8,987 1971................. 27,099 9,316 1,269 6,397 1,953 8,164 Feb........................ 19,617 6,627 1,698 2,162 9,130 1972................ 30,232 10,857 1,399 7,055 1,947 8,974 Mar....................... 20,052 6,752 1,732 2,209 9,359 1973................. 33,049 11,753 1,488 7,783 2,046 9,979 Apr........................ 20,190 6,820 1,748 2,216 9,406 May....................... 20,599 6,966 1,785 2,250 9,598 1973—Jan.. .. 29,859 10,825 1,379 6,402 1,955 9,298 June....................... 21,084 7,135 1,828 2,294 9,827 Feb.... 29,623 10,989 1,420 5,735 1,911 9,568 July-----*............... 21,394 7,232 1,853 2,338 9,971 Mar__ 29,945 11,074 1,466 5,825 1,877 9,703 Aug....................... 21,808 7,392 1,893 2,375 10,148 Apr__ 30,469 11,237 1,449 6,129 1,907 9,747 Sept....................... 22,129 7,493 1,920 2,408 10,308 May... 30,746 11,359 1,458 6,387 1,932 9,610 Oct......................... 22,315 7,548 1,935 2,438 10,394 June... 31,065 11,520 1,470 6,544 2,011 9,520 Nov....................... 22,505 7,616 1,952 2,456 10,481 July. .. 30,936 11,491 1,477 6,424 2,055 9,489 Dec........................ 22,567 7,648 1,959 2,453 10,507 Aug__ 31,168 11,655 1,456 6,475 2,130 9,452 Sept— 30,942 11,608 1,480 6,229 2,106 9,519 1974—Jan......................... 22,301 7,569 1,938 2,419 10,375 Oct.. .. 31,230 11,654 1,491 6,554 2,036 9,495 Nov__ 31,569 11,669 1,492 6,761 2,024 9,623 Dec___ 33,049 11,753 1,488 7,783 2,046 9,979 lan N eo o u t s e .— len O d t e h rs e . r M fin is a c n e c l i l a a l n e l o e u n s d e le rs n d c e o rs n s i i n s c t lu o d f e c s r a e v d i i n t g u s n a i n on d s lo a a n n d a m ss i o s c c i e a l ­ ­ 1974—Jan.. .. 32,111 11,652 1,465 6,894 1,981 10,119 tions and mutual savings banks. 1 Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank-credit-card accounts outstanding are included in estimates of instalment credit outstanding. See also Note to table at top of preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT □ MARCH 1974 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 Period N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1966.. 82,832 27,192 26,329 2,223 27,088 1967.. 87,171 26,320 29,504 2,369 28,978 1968. . 99,984 31,083 33,507 2,534 32,860 1969. . 109,146 32,553 38,332 2,831 35,430 1970. . 112,158 29,794 43,873 2,963 35,528 1971. . 124,281 34,873 47,821 3,244 38,343 1972. . 142,951 40,194 55,599 4,006 43,152 1973. . 165,083 46,453 66,859 4,728 47,043 1973—Jan... 13,304 11,923 4,006 3,393 5,282 4,949 329 259 3,687 3,322 Feb.. 13,434 11,214 3,972 3,407 5,245 4,252 364 300 3,853 3,255 Mar.. 13,852 13,681 4,001 4,164 5,349 5,169 406 377 4,096 3,971 Apr.. 13,465 13,661 3,822 4,101 5,563 5,378 365 372 3,715 3,810 May. 13,932 14,792 3,989 4.409 5.504 5,698 374 431 4,065 4,254 June. 13,646 14,608 3,762 4,313 5.505 5,678 400 450 3,979 4,167 July.. 14,542 14,812 3,930 4,177 5,943 5,753 433 472 4,236 4,410 Aug.. 14,294 15,099 3,968 4,252 5,961 6,065 408 471 3,957 4,311 Sept.. 13,691 12,624 3,939 3,476 5,537 5,217 410 420 3,805 3,511 Oct... 14,149 14,454 3,912 4,196 5,911 5,894 415 439 3,911 3,925 Nov.. 14,275 14,098 3,819 3,693 5,978 5,980 402 389 4,076 4,036 Dec.. 12,677 14,117 3,315 2,872 5,254 6,826 429 348 3,679 4,071 1974—Jan.. 13,714 12,375 3,492 2,934 5,662 5,471 373 298 4,187 3,672 Repayments 1966............................................ 77,480 25,619 24,080 2,118 25,663 1967............................................ 83,988 26,534 27,847 2,202 27,405 1968............................................ 91,667 27,931 31,270 2,303 30,163 1969............................................ 99,786 29,974 34,645 2,457 32,710 1970............................................ 107,199 30,137 40,721 2,506 33,835 1971............................................ 115,050 31,393 44,933 2,901 35,823 1972............................................ 126,914 34,729 49,872 3,218 39,095 1973............................................ 144,978 39,452 59,409 3,577 42,540 1973—Jan................................... 11,355 11,887 3,097 3,169 4,649 5,077 267 267 3,342 3,374 Feb.................................. 11,437 10,623 3,145 2,943 4,627 4,409 275 254 3,390 3,017 Mar................................. 11,808 12,265 3,225 3,371 4,755 5,013 286 288 3,542 3,593 Apr.................................. 12,061 12,014 3,218 3,233 4,963 4,888 294 292 3,586 3,601 May................................ 11,941 12,283 3,261 3,369 4.917 5,043 290 298 3,473 3,573 June................................ 12,034 12,121 3,253 3,282 4,955 4,921 300 303 3,526 3,615 July................................. 12,544 12,618 3,334 3,374 5,141 5,031 308 315 3,761 3,898 Aug................................. 12,399 12,501 3,293 3,372 5,168 5,135 298 307 3,640 3,687 Sept................................. 12,332 11,341 3,406 3,151 5,072 4,703 322 309 3,532 3,178 Oct.............................. 12,449 12,937 3,427 3,661 5,149 5,281 308 324 3,565 3,671 Nov............................. 12,549 12,308 3,471 3,414 5,154 5,020 301 303 3,623 3,571 Dec............................. 12,267 12,080 3,338 3,113 5,001 4,888 332 317 3,596 3,762 1974—Jan.............................. 12,797 13,237 3,433 3,447 5,193 5,698 356 347 3,815 3,745 Net change in credit outstanding 2 1966............................................. 5,352 1,573 2,249 105 1,425 1967............................................. 3,183 -214 1,657 167 1,573 1968............................................. 8,317 3,152 2,237 231 2,697 1969............................................. 9,360 2,579 3,687 374 2,720 1970............................................. 4,959 -343 3,152 457 1.693 1971............................................. 9,231 3,480 2,888 343 2,520 1972........................................ 16,037 5,465 5,727 788 4,057 1973 ............................................ 20,105 7,001 7,450 1,151 4,503 1973—Jan................................... 1,949 36 909 224 633 -128 62 -8 345 -52 Feb.................................. 1,997 591 827 464 618 -157 89 46 463 238 Mar................................. 2,044 1,416 776 793 594 156 120 89 554 378 Apr.................................. 1,404 1,647 604 868 600 490 71 80 129 209 May................................ 1,991 2,509 728 1,040 587 655 84 133 592 681 June................................ 1,612 2,487 509 1,031 550 757 100 147 453 552 July................................. 1,998 2,194 596 803 802 722 125 157 475 512 Aug................................. 1,895 2,598 675 880 793 930 110 164 317 624 Sept................................. 1,359 1,283 533 325 465 514 88 111 273 333 Oct................................... 1,700 1,517 485 535 762 613 107 115 346 254 Nov................................. 1,726 1,790 348 279 824 960 101 86 453 465 Dec.................................. 410 2,037 -23 -241 253 1,938 97 31 83 309 1974—Jan................................... 917 -862 59 -513 469 -227 17 -49 372 -73 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

MARCH 1974 □ CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Other financial Total Commercial banks Finance companies lenders Retail outlets Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i S.A.i Extensions 1966. 82,832 30,073 25,897 10,368 16,494 1967. 87,171 31,382 26,461 11,238 18,090 1968. 99,984 37,395 30,261 13,206 19,122 1969. 109,146 40,955 32,753 15,198 20,240 1970. 112,158 42,960 31,952 15,720 21,526 1971. 124,281 51,237 32,935 17,966 22,143 1972. 142,951 59,339 38,464 20,607 24,541 1973. 165,083 69,726 43,221 23,414 28,722 1973—Jan... 13,304 11,923 5,762 5,246 3,517 3,033 1,706 1,509 2,319 2,135 Feb.. 13,434 11,214 5,664 4,826 3,557 2,972 1,964 1,711 2,249 1,705 Mar.. 13,852 13,681 5,853 5,890 3,654 3,598 2,131 2,083 2,214 2,110 Apr.. 13,465 13,661 5,644 5,973 3,555 3,576 1,792 1,832 2,474 2,280 May. 13,932 14,792 5,859 6,356 3,820 4,027 1,868 2,060 2,385 2,349 June. 13,646 14,608 5,684 6,219 3,584 3,817 1,978 2,211 2,400 2,361 July.. 14,542 14,812 5,976 6,232 3,824 3,931 2,110 2,233 2,632 2,416 Aug.. 14,294 15,099 6,195 6,518 3,685 3,877 1,943 2,194 2,471 2,510 Sept.. 13,691 12,624 5,809 5,376 3,602 3,189 2,019 1,912 2,261 2,147 Oct... 14,149 14,454 6,060 6,169 3,623 3,765 1,951 1,968 2,515 2,552 Nov.. 14,275 14,098 6,222 5,697 3,564 3,722 2,029 1,929 2,460 2,750 Dec.. 12,677 14,117 5,124 5,224 3,279 3,714 1,897 1,772 2,377 3,407 1974—Jan... 13,714 12,375 5,715 5,345 3,693 3,127 1,911 1,639 2,395 2,264 Repayments 1966. 77,480 27,716 24,952 9,342 15,470 1967. 83,988 29,549 26,681 10,337 17,421 1968. 91,667 32,611 28,763 11,705 18,588 1969. 99,786 36,470 30,981 13,193 19,142 1970. 107,199 40,398 31,705 14,354 20.742 1971. 115,050 45,395 31,730 16,033 21,892 1972. 126,914 50,796 35,259 18,117 22.742 1973. 144,978 60,014 38,066 20,358 26,540 1973—Jan... 11,355 11,887 4,734 4,881 3,033 2,944 1,532 1,655 2,056 2,407 Feb.. 11,437 10,623 4,684 4,392 3,030 2,718 1,625 1,459 2,098 2,054 Mar.. 11,808 12,265 4,870 5,084 3,141 3,279 1 ,665 1,648 2,132 2,254 Apr.. 12,061 12,014 4,919 4,902 3,251 3,248 1,693 1,694 2,198 2,170 May. 11,941 12,283 4,976 5,108 3,100 3,246 1,612 1,651 2,253 2,278 June. 12,034 12,121 4,890 4,927 3,241 3,309 1,694 1,726 2,209 2,159 July.. 12,544 12,618 5,112 5,166 3,312 3,278 1,771 1,923 2,349 2,251 Aug.. 12,399 12,501 5,146 5,202 3,241 3,263 1,738 1,780 2,274 2,256 Sept.. 12,332 11,341 5.167 4,839 3,144 2,830 1,757 1,591 2,264 2,081 Oct... 12,449 12,937 5,212 5,460 3,287 3,393 1,703 1,782 2,247 2,302 Nov.. 12,549 12,308 5,345 5,163 3,143 3,200 1,814 1,739 2,247 2,206 Dec.. 12,267 12,080 5,088 4,890 3,151 3,358 1,766 1,710 2,262 2,122 1974—Jan.. 12,797 13,237 5,254 5,411 3,418 3,230 1,823 1,905 2,302 2,691 Net change in credit outstanding 2 1966. 5,352 2,357 945 1,026 1,024 1967. 3,183 1 *833 — 220 *901 *669 1968. 8,317 4^784 1,498 1,501 534 1969. 9,360 4,485 1 *772 2*005 1,098 1970. 4,959 2,977 — 168 1 ’ 366 784 1971 . 9,231 5*842 1,205 1 *933 251 1972. 16,037 8,543 3 205 2*490 1,799 1973. 20,105 9,712 5,’155 3*056 2,182 —Jan................................... 1,949 36 1,028 365 484 89 174 -146 263 -272 Feb.................................. 1,997 591 980 434 527 254 339 252 151 -349 Mar................................. 2,044 1,416 983 806 513 319 466 435 82 -144 Apr.................................. 1,404 1,647 725 1,071 304 328 99 138 276 110 May................................ 1,991 2,509 883 1,248 720 781 256 409 132 71 June................................ 1,612 2,487 794 1,292 343 508 284 485 191 202 July................................. 1,998 2,194 864 1,066 512 653 339 310 283 165 Aug................................. 1,895 2,598 1,049 1,316 444 614 205 414 197 254 Sept................................. 1,359 1,283 642 537 458 359 262 321 -3 66 Oct,................................. 1,700 1,517 848 709 336 372 248 186 268 250 Nov................................. 1,726 1,790 877 534 421 522 215 190 213 544 Dec.................................. 410 2,037 36 334 128 356 131 62 115 1,285 —Jan................................... 917 -862 461 -66 275 -103 88 -266 93 -427 1 Includes adjustments for differences in trading days. their outstanding credit. Such transfers do not affect total instalment 2 Net changes in credit outstanding are equal to extensions less re­ credit extended, repaid, or outstanding. payments, except in certain months when data for extensions and repay­ ments have been adjusted to eliminate duplication resulting from large Note.—Other financial lenders include credit unions and miscellane­ transfers of paper. In those months the differences between extensions ous lenders. See also Note to preceding table and footnote 1 at bottom of p. and repayments for some particular holders do not equal the changes in A-54. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 INDUSTRIAL PRODUCTION: S.A. □ MARCH 1974 MARKET GROUPINGS (1967 = 100) 1967 1973 1973 1974 pro­ aver­ Grouping p ti o o r n ­ age v Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec. Jan. Total index. 100.0 125.6 122.2 123.4 123.7 124.1 124.8 125.6, 126.7 126.5 126. 127.0 127.5 126.5 125.6 Products, total.................. 62.21 123.4 120 121.5 121.7 122.0 122.9 123.7! 124.2 123.7 124.3 124.3 125.3 123.9 122.9 Final products............... 48.95 121.3 118.6 119.3 119.6 120.0 120.8 727.il 122.1 121.4 122.4 122.7 123.7 122.1 120.8 Consumer goods.... 2S.53 131.7 129. 130.2 130.8 130.9 131.8 131.9 132.8 131.2 132.3 132.6 133.5 130.7 128.9 Equipment................ 20.42 106.7 102.9 104.1 104.1 104.7 105.7 106.61 107.3 107.6 108.5 108.9 110.1 110.3 109.3 Intermediate products. 13.26 131.1 128.4 129.5 129.4 129.3 130.5 132.0 132.5 132.1 131.0 130.6 131.1 130.7 130.5 Materials........................... 37.79 129.3 124.5 126.7 127.0 127.7 128.3 129.0 130.9 130.9 131.3 131.1 131.5 130.9 130.1 Consumer goods Durable consumer goods................ 7.86 139.0 136.0 137.8 140.4 140.5 141.5 141. 142.4 134.0 137.3 138.5 133.7 129.8 Automotive products................. 2.84 136. 138.6 141.7 144.1 141.7 142.6 142.6 141.7 121.1 129.8 131.4 133.7 120.6 108.4 Autos........................................ 1.87 125. 130.2 131.5 130.8 128.1 129. 132.6 134.0 103.9 118.4 122.5 124. 106.2 90.0 Auto parts and allied goods. .97 158.9 155.0 161.4 169.9 167.5 167.0 161.9 156.7 154.2 151. 148.4 150.9 147.8 143.6 Home goods................................ 5.02 140.3 134.5 135.8 138.3 139.8 140.9 141.3 142.9 141.1 142.9 140.9 141.2 141.2 141.7 Appliances, TV, and radios. 1.41 144. 140.7 137.8 143.0 149.7 148.0 147.2 147.8 146.3 149.4 143.4 140.4 142.3 141.6 Appliances and A/C... .92 156.9 153.2 153. 156.9 157.6 157 154.1 156.0 153.3 159. 159.3 154.7 157.5 156.7 TV and home audio.... .49 Carpeting and furniture.... 1.08 150.0 142.1 145.0 145.7 146.7 147.8 148 155.4 154.2 153.3 153.9 152.7 150.1 150.0 Misc. home goods................. 2.53 133.6 127.5 130.9 132.7 131.4 134.0 134.7 134.7 132.9 134.8 134.1 136.8 136.7 138.1 Nondurable consumer goods................ 20.67 129.0 127.4 127.3 127.1 127.2 128.0 128.1 129.1 130.2 130.1 130.8 131.5 129.6 128.6 Clothing.............................................. 4.32 116.0 115.1 115.2 115.4 114.5 114.2 116.0 116.5 117.0 118.0 116.8 117.3 117.7;........... Consumer staples.............................. 16.34 132.4 130.7 130.5 130.3 130.6 131.7 131.4 132.5 133.6 133.2 134.5 135.2 132.8 131.7 Consumer foods and tobacco... 8.37 122.2 121.1 121.5 120.9 121.0 120.9 119.6 121.3 121.9 122.2 123.3 126.5 125.5 125.5 Nonfood staples............................ 7.98 143.1 140.9 140.0 140.1 140.7 143.1 143.7 144.1 145. 144 146.2 144.3 140.5 138.2 Consumer chemical products. 2.64 153.3 148.8 149.9 151.1 151.5 154.9 153.5 153.0 155.6 153.4 156.2 154.9 156.7 156.8 Consumer paper products.... 1.91 121.3 119.1 119.4 118.7 119.0 121.7 121.7 122.5 124.1 124.4 122.5 123.6 120.5 119.2 Consumer fuel and lighting. . 3.43 147.5 147.1 144.0 143. 144.4 145.6 148.2 149.2 150.4 149.7 151.9 147.8 139.0 134.1 Residential utilities.............. 2.25 156. 156.5 154.4 153.5 152.3 152.1 155.4 157. 160.0 160.9 161.9 158.0 147.8 141.7 Equipment Business equipment....................... 12.74 122.6 116.9 118.2 118.6 119.6 121.3 122.5 123.0 124.6 125 126.2 127. 127.3 126.2 Industrial equipment............... 6.77 120.1 113.0 114.5 115.6 117.4 119.1 119.8 120.5 122.5 124.1 124.5 125.6 125.1 123.7 Building and mining equip., 1.45 120.4 113.0 115.1 116.0 118.1 118.8 119.1 119.6 123.0 123.7 124.7 126.0 127.3 127.9 Manufacturing equipment. . 3.85 113.0 104.7 106.1 107.5 109.4 112.0 113.1 113.9 115.1 117.3 117.3 118.2 118.5 117.3 Power equipment................. 1.47 138.5 134.6 135.5 137.1 137.6 138.2 138.3 138.5 141.0 142.3 143.0 144.6 140.3 136.0 Commercial, transit, farm eq.. 5.97 125.5 121.4 122.4 121.9 122.2 123.7 125.4 125.8 127.0 127.7 128.1 130.3 129.5 129.1 Commercial equipment___ 3.30 135.0 128.8 129.9 130.6 131.3 131.6 134.1 135.9 137.0 138.2 140.1 141.3 139.6 139.8 Transit equipment............... 2.00 109.8 110.0 111. 110.2 107.5 109.8 109.7 109.0 108.4 109.6 109.8 111.4 111.1 111.5 Farm equipment................... .67 125.1 118.3 117.6 114.6 120.9 126.5 129.3 126.4 132.8 129.4 123.5 132.4 133.4 129.1 Defense and space equipment. 7.68 80.2 79.8 80.6 80.1 80.0 79.7 80.1 81.1 79.7 79.8 80.0 80.9 81.9 81.1 Military products................. 5.15 80.3 81.0 82.0 81.5 81.0 80.1 80.0 81.1 79.0 79.1 79.3 80.0 81.3 80.0 Intermediate products Construction products........... 5.93 134.2 129.6 130.3 130.7 132.2 132.2 135.9 134.5 135.3 134.9 134.3 133.7 135.0 136.0 Misc. intermediate products. 7.34 128.6 127.4 128.9 128.3 127.0 129.2 128.9 132.7 129.6 128.1 127.5 129.0 127.2 125.9 Materials Durable goods materials.... 20.91 130.1 124.1 126.6 127.6 127.9 128.6 129.2 131.7 131.8 132.3 132.2 133.0 133.4 130.1 Consumer durable parts. 4.75 127.8 123.9 125.4 125.9 129.0 125.7 128.8 126.9 128.6 129.9 128.2 128.4 121.0 113.1 Equipment parts............... 5.41 119.3 111.6 113.0 114.6 113. 118.0 118.2 124.5 122.3 122.1 122.7 125.8 127.3 124.4 Durable materials nec... 10.75 136.5 130.6 134.2 134.9 134.7 135.3 134.9 137.6 138.0 138.7 139.0 138.7 141.9 140.6 Nondurable goods materials............ 13.99 129.1 126.3 127.7 127.1 128.5 128.9 129.4 130.4 130.6 130.3 130.1 130.7 129.0 131.6 Textile, paper, and chem. mat.. 8.58 139.8 136.0 136.5 136.3 138.8 139.4 140.2 142.2 142.4 141.9 141.4 142.4 139.3 142.0 Nondurable materials n.e.c....... 5.41 112.2 110.9 113.9 112.7 112.2 112.3 112.3 112.1 111.7 112.0 112.3 112.1 112.6 115.1 Fuel and power, industrial............. 2.89 123.9 120.6 122.7 122.6 122.1 122.9 125.3 126.9 126.3 128.3 126.9 124.9 122.0 122.7 Supplementary groups Home goods and clothing. 9.34 129.0 125.5 126.3 127.6 128.1 128.6 129.7 130.7 130.0 131.3 129.8 130.2 130.3 130.0 Containers............................. 1.82 139.9 137.1 138.8 145.2 139.1 138.0 141.4 135.1 140.5 139.8 141.2 142.3 140.9 143.1 Gross value of products in market structure (In billions of 1963 dollars) roducts, total................... 442.8 445.7 446.9 446.2 449.7 451.8 452.9 446.2 449.8 452.6 456.9 449 445.5 P Final products............. 340.5 342.7 343.9 343.7 346.6 347 8 347.7; 341.9 346.3 349.7 353.3 345.9 341.0 Consumer goods... 237.6 238.2 239.5 238.9 241.1 241.3 241.0, 235.4 239.0 241.7 243.6 237.0 232.3 Equipment................ 103.0 104.6 104.5 104.8 105.6 106.6 106.61 106.6 107.3 108.0 109.5 109.0 108.8 Intermediate products. 102.2 103.0 102.7 102.3 103.1 104.3 104.81104.6 103.5 103.1 103.6 103.8 104.5 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1967 = 100) 1967 1973 1973 1974 pro­ aver­ Grouping p ti o o r n ­ age v Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec.r Jan. Manufacturing.......................................... 88.55 125.2 121.4 122.7 123.4 123.8 124.9 125.6 126.5 126.1 126.3 126.4 127.4 126.7 125.5 Durable................................................. 52.33 122.1 117.5 118.7 119.9 120.6 121.8 123.0 123.8 122.6 123.3 123.5 124.3 123.5 122.0 36.22 129.6 127.0 128.4 128.6 128.4 129.3 129.3! 130.5 130.9 130.7 130.4 131.3 131.1 130.7 Mining and utilities................................ 11.45 128.9 127.3 128.0 127.3 126.6 127.0 128.2 130.4 130.7 131.3 131.5 130.6 126.4 125.1 Mining................................................... 6.37 110.2 108.5 110.2 109.5 109.0 109.1 109.5 111.0 111.5 111.8 111.9 111.3 110.71 111.6 Utilities................................................. 5.08 152.3 151.0 150.5 149.6 148.7 149.5 151.5 154.8 154.8 155.8 156.2 154.6 146.0 142.2 Durable manufactures Primary and fabricated metals............. 12.55 128.8 124.3 125.4 125.8 127.3 128.1 128.7 130.6 129.5 129.5 130.61 131.0 131.4 132.5 Primary metals.................................... 6.61 127.1 123.1 124.7 123.5 125.8 126.1 124.5 128.1 125.6 127.8 128.7 128.9\ 131.4 131.6 Iron and steel, subtotal................. 4.23 121.6 118.6 120.0 117.5 119.7 119.8 119.9 120.9 118.5 122.7 123.6 124.2 127.7 128.0 Fabricated metal products............... 5.94 130.7 125.7 126.2 128.4 128.9 130.3 133.4 133.5 133.8 131.5 132.4 133.1 131.5 133.2 Machinery and allied goods................... 32.44 117.3 112.5 113.7 115.1 115.7 117.3 118.8 119.3 117.7 118.9 118.9 119.9 118.5 115.3 Machinery............................................ 17.39 125.9 118.4 119.1 121.4 122.6 124.7 126.9 127.6 128.5 130.0 129.2 130.4 130.7 128.7 Nonelectrical machinery............... 9.17 125.1 116.3 117.3 119.0 121.5 124.0 126.1 127.1 128.9 130.0 130.0 130.3 130.6' 128.6 Electrical machinery...................... 8.22 126.8 120.8 121.2 123.9 123.8 125.4 127.8 128.0 128.2 129.8 128.5 130.5 130.7 129.0 Transportation equipment............... 9.29 109.2 107.6 110.0 110.3 110.0 111.0 112.2 112.1 105.7 107.3 108.8 109.8 103.0 95.8 Motor vehicles and parts............. 4.56 138.1 139.3 141.5 141.0 140.1 140.9 143.3 144.1 131.0 133.9 136.4 137.8 124.6 112.9 Aerospace and misc. trans. eq... 4.73 81.4 77.1 79.7 80.8 81.1 82.2 82.2 81.3 81.3 81.7 82.3 82.9 82.2 79.3 Instruments.......................................... 2.07 138.4 130.1 131.9 133.8 134.7 138.9 140.2 140.8 140.9 141.5 141.0 142.6 143.5 144.8 Ordnance, private and Govt............ 3.69 85.4 87.0 87.6 87.1 86.4 85.4 86.7 86.7 83.8 83.7 83.8 84.3 86.1 84.5 Lumber, clay, and glass......................... 4.44 129.5 126.4 127.3 129.1 129.9 130.3 129.2 129.8 129.2 128.8 129.7 129.3 130.2 132.7 Lumber and products....................... 1.65 128.9 125.8 128.5 129.5 129.1 127.5 126.6 125.4 128.4 128.9 127.4 127.3 132.0 133.0 Clay, glass, and stone products.... 2.79 129.9 126.8 126.6 128.9 130.4 132.0 130.5 132.3 129.6 128.8 131.2 130.4 129.2 132.5 Furniture and miscellaneous.................. 2.90 135.2 130.3 132.8 133.4 133.1 136.0 135.4 135.9 137.5 138.2 136.1 136.4 135.5 135.5 Furniture and fixtures....................... 1.38 126.3 119.1 122.3 122.8 123.8 126.5 126.5 127.5 129.5 130.4 128.8 127.9 124.9 124.2 Miscellaneous manufactures............ 1.52 143.3 140.5 142.4 143.0 141.6 144.5 143.6 143.5 144.9 145.3 142.9 144.3 145.1 145.8 Nondurable manufactures Textiles, apparel, and leather............... 6.90 114.7 113.4 114.4 114.6 114.0 113.3 115.0 114.5 115.4 117.5 116.8 116.7 117.4 116.0 Textile mill products......................... 2.69 127.1 125.3 126.1 127.1 126.1 127.2 129.2 128.9 129.0 130.2 130.2 129.4 128.2 127.4 Apparel products................................ 3.33 112.9 112.3 112.6 112.4 111.7 110.0 111.0 112.1 113.6 115.4 114.9 115.3 117.6 Leather and products........................ .88 83.6 81.3 85.1 85.0 86.8 83.0 86.6 79.2 81.0 86.4 83.1 82.9 82.9 78!5 Paper and printing.................................. 7.92 122.1 120.0 121.5 122.4 120.8 122.0 122.8 123.8 124.5 122.1 121.3 121.9 121.2 120.9 Paper and products............................ 3.18 135.4 131.8 134.1 137.1 133.6 135.1 134.6 135.3 137.0 134.8 135.3 136.2 136.7 136.0 Printing and publishing..................... 4.74 113.2 112.1 113.0 112.4 112.2 113.2 114.8 116.0 116.2 113.6 112.1 112.3 110.8 110.8 Chemicals, petroleum, and rubber.. .. 11.92 149.3 145.5 146.3 146.3 147.9 150.2 149.8 151.8 151.0 150.9 151.1 151.6 151.6 150.5 Chemicals and products................... 7.86 150.1 146.4 147.2 146.8 147.8 150.2 150.4 152.0 151.4 153.0 152.7 153.0 154.5 153.9 Petroleum products............................ 1.80 127.4 127.3 124.1 123.5 126.9 128.5 129.7 129.3 128.2 126.0 130.4 129.5 125.5 122.6 Rubber and plastics products.......... 2.26 164.0 157.1 160.4 163.4 165.1 166.8 163.9 168.8 167.9 163.6 161.9 164.5 162.3 160.8 Foods and tobacco.................................. 9.48 121.9 119.6 122.0 121.5 120.7 121.5 119.5 121.3 122.0 122.2 121.7 124.7 123.4 124.9 Foods.................................................... 8.81 122.7 120.5 122.9 121.8 121.3 122.4 120.3 122.4 122.9 123.2 122.4 125.4 124.9 126.6 Tobacco products............................... .67 111.6 107.9 110.3 118.1 112.9 111.2 108.1 105.3 110.1 109.1 113.7 115.8 104.2 Mining Metal, stone, and earth minerals.......... 1.26 118.1 116.4 117.6 117.0 116.8 116.2 111.8 116.9 120.6 120.4 120.9 121.3 122.0 120.4 Metal mining....................................... .51 130.8 130.3 131.9 127.8 128.5 127.0 121.6 128.4 131.4 136.6 138.3 135.2 135.2 132.9 Stone and earth minerals................. .75 109.5 106.9 107.8 109.4 108.8 108.8 105.2 109.1 113.1 109.5 109.2 111.7 113.1 111.9 Coal, oil, and gas.................................... 5.11 108.3 106.5 108.4 107.6 107.1 107.3 108.9 109.5 109.2 109.5 109.7 108.8 107.8 109.5 Coal....................................................... .69 103.6 99.1 103.9 105.7 99.9 100.9 108.0 109.0 104.0 109.8 103.0 104.1 106.4 109.0 Oil and gas extraction....................... 4.42 109.0 107.7 109.1 107.9 108.3 108.4 109.1 109.5 110.0 109.7 110.8 109.6 108.0 109.5 Utilities 3.91 160.7 159.1 158.3 157.4 156.2 156.8 159.7 164.0 163.8 165.1 165.3 163.4 153.5 149.5 Gas............................................................. 1.17 124.2 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. □ MARCH 1974 MARKET GROUPINGS (1967 = 100) p 19 r 6 o 7 ­ a 1 v 9 e 7 r 3 ­ 1973 1974 Grouping p ti o o r n ­ age v Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec.r Jan. 100.0 125.6 118.9 123.6 124.6 124.5 125.6 128.9 122.4 126.7 131.0 130.4 127.9 122.6 122.4 Products, total..................................... 62.21 123.4 116.6 120.6 121.8 121.2 122.4 127.3 121.6 125.1 130.6 129.1 125.4 118.8 118.9 48.95 121.3 115.3 119.1 120.0 118.9 120.0 125.1 118.9 122.2 128.6 127.2 123.4 116.5 117.8 Consumer goods.......................... 28.53 131.7 125.3 129.2 130.8 129.2 130.3 136.4 128.6 134.1 141.8 139.2 132.8 122.1 124.9 Equipment.................................... 20.42 106.7 101.4 104.9 105.0 104.6 105.5 109.2 105.2 105.7 110.3 110.3 110.2 108.6 107.9 Intermediate products..................... 13.26 131.1 121.2 126.1 128.5 129.6 131.4 135.2 131.8 135.5 137.6 136.2 132.8 127.2 123.1 37.9 129.3 122.8 128.6 129.2 129.9 130.9 131.4 123.7 129.2 131.8 132.5 132.0 128.9 128.0 Consumer goods Durable consumer goods......................... 7.86 139.0 133.3 140.6 143.5 141.3 142.7 147.5 129.2 126.9 146.2 149.6 142.7 122.3 127.4 Automotive products....................... 2.84 136.8 138.5 149.1 151.5 147.6 147.4 154.4 124.3 100.5 136.6 146.6 140.2 102.6 107.5 Autos............................................ 1.87 125.4 134.8 144.6 143.9 135.8 138.2 148.5 108.5 69.1 121.9 140.3 135.4 83.4 93.2 Auto parts and allied goods........ .97 158.9 145.7 157.7 166.0 170.2 165.0 165.8 154.5 160.8 164.9 158.6 149.4 139.4 135.0 Home goods.................................... 5.02 140.3 130.3 135.8 138.9 137.7 140.1 143.6 132.0 141.8 151.7 151.3 144.1 133.5 138.7 Appliances, TV, and home audio. 1.41 144.8 139.7 142.6 149.0 148.2 148.5 146.8 130.1 135.0 161.6 165.5 143.4 121.0 143.2 Appliances and A/C................ .92 156.9 153.7 157.0 166.2 165.6 166.1 162.7 150.5 134.1 168.7 176.5 155.6 125.7 157.3 TV and home audio................. .49 Carpeting and furniture.............. 1.08 150.0 141.0 150.2 149.1 146.1 146.3 isi.i 134.4 156.5 159.1 156.2 156.2 151.2 152.2 Misc. home goods....................... 2.53 133.6 120.4 125.9 129.0 128.2 132.7 138.6 132.1 139.3 143.0 141.2 139.4 133.0 130.4 20.67 129.0 122.2 124.9 126.0 124.6 125.6 132.2 128.4 136.8 140.1 135.2 129.1 122.0 124.0 Clothing............................................ 4.32 116.0 105.9 116.6 120.0 119.3 115.3 122.4 104.3 121.7 124.3 121.5 115.0 105.9 Consumer staples............................. 16.34 132.4 126.5 127.1 127.6 126.0 128.3 134.8 134.8 140.8 144.3 138.8 132.8 126.3 i 27! 7 Consumer foods and tobacco.... 8.37 122.2 113.8 117.0 118.4 117.8 120.7 123.8 120.2 128.0 133.2 130.0 125.7 117.0 118.6 Nonfood staples........................... 7.98 143.1 139.9 137.8 137.2 134.7 136.2 146.3 150.1 154.3 156.0 148.0 140.3 136.1 137.2 Consumer chemical products.. 2.64 153.3 139.9 140.2 147.3 146.9 154.0 164.2 157.6 157.5 166.4 164.9 154.7 145.7 147.4 Consumer paper products....... 1.91 121.3 112.4 116.2 115.5 117.8 117.0 125.1 123.1 133.2 132.1 126.5 122.7 114.4 112.5 Consumer fuel and lighting... 3.43 147.5 155.3 148.0 141.6 134.6 133.2 144.4 159.5 163.6 161.4 147.0 138.9 140.8 143.0 Residential utilities............... 2.25 156.8 168.5 160.1 151.8 140.4 135.5 148.7 177.3 178.9 177.5 154.9 144.4 148.7 154.4 Equipment Business equipment.................................. 12.74 122.6 114.4 119.6 119.8 119.7 121.1 126.4 120.3 121.9 128.6 128.5 127.5 123.7 124.0 Industrial equipment....................... 6.77 120.1 111.6 116.4 116.8 116.8 117.9 122.6 117.4 121.0 126.1 126.0 125.3 123.5 122.0 Building and mining equip.......... 1.45 120.4 112.0 118.6 117.2 115.7 115.6 120.2 115.9 119.3 128.3 126.7 127.0 129.6 125.9 Manufacturing equipment.......... 3.85 113.0 103.4 108.9 109.6 109.3 111.4 116.2 108.8 115.7 118.6 118.5 119.0 116.4 115.9 Power equipment......................... 1.47 138.5 132.7 133.9 135.3 137.3 137.1 141.8 141.3 136.7 143.7 145.1 140.1 136.2 134.1 Commercial, transit, farm eq.......... 5.97 125.5 117.6 123.3 123.2 122.9 124.7 130.7 123.5 122.9 131.5 131.3 130.0 123.9 126.2 Commercial equipment................ 3.30 135.0 123.0 127.8 126.9 129.1 131.6 140.1 139.3 140.4 144.7 141.8 140.6 135.0 133.5 Transit equipment....................... 2.00 109.8 108.1 114.8 114.9 110.8 112.0 113.8 102.6 96.8 108.0 115.5 114.4 105.0 113.0 Farm equipment........................... .67 125.1 118.9 126.2 129.7 128.2 128.6 134.9 108.2 113.9 136.3 126.5 124.1 125.8 129.7 Defense and space equipment................ 7.68 80.2 79.8 80.5 80.4 79.5 79.6 80.7 80.0 78.8 79.9 80.1 81.6 83.4 81.1 Military products............................. 5.15 80.3 81.2 81.9 81.8 80.8 80.3 81.3 80.5 78.4 79.0 79.0 80.2 81.9 80.2 Intermediate products Construction products......................... 5.93 134.2 120.5 128.0 131.9 135.0 136.4 140.7 131.6 136.0 139.8 140.1 136.4 132.7 126.5 Misc. intermediate products............... 7.34 128.6 121.7 124.5 125.7 125.2 127.4 130.7 131.9 135.0 135.9 133.0 129.9 122.7 120.4 Materials Durable goods materials......................... 20.91 130.1 121.6 128.8 130.7 131.2 132.2 132.8 124.4 128.9 133.4 132.9 132.6 130.6 127.2 Consumer durable parts................. 4.75 127.8 126.8 129.3 129.4 130.0 128.8 130.5 120.4 122.9 128.7 129.9 130.1 124.1 115.7 Equipment parts.............................. 5.41 119.3 110.8 114.7 117.5 117.4 118.7 120.7 116.3 119.4 123.3 122.3 124.7 126.2 123.5 Durable materials n.e.c................... 10.75 136.5 124.7 135.7 137.9 138.7 140.6 139.9 130.3 136.3 140.6 139.6 137.7 135.7 134.1 Nondurable goods materials.................. 13.99 129.1 124.5 129.2 128.2 129.4 130.7 130.8 123.4 130.1 130.4 133.1 132.4 127.7 129.8 Textile, paper, and chem. mat......... 8.58 139.8 133.7 139.6 139.0 140.9 142.2 142.2 132.1 141.3 141.8 144.4 144.0 137.2 139.6 Nondurable materials n.e.c............. 5.41 112.2 110.0 112.8 111.2 111.1 112.6 112.7 109.7 112.4 112.4 115.3 114.0 112.6 114.2 Fuel and power, industrial................. 2.89 123.9 122.6 124.5 123.2 122.3 122.7 123.9 119.9 126.6 127.3 127.2 125.6 122.9 124.8 Supplementary groups Home goods and clothing................... 9.34 129.0 119.0 126.9 130.2 129.2 128.6 133.8 119.2 132.5 139.1 137.5 130.6 123.9 125.4 Containers............................................ 1.82 139.9 129.4 140.5 142.6 139.4 140.9 145.8 131.2 144.6 142.9 149.8 141.4 130.5 135.1 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1967= 100) 1967 1973 1973 1974 pro­ aver­ Grouping p ti o o r n ­ age p Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec.r Jan. Manufacturing, total............................... 88.55 125.2 117.6 123.2» 124.6' 124.7' 125.8?! 128.91 121.1 125.3f 130.2> 130.2’ 128.C► 122.2’ 122.0 52.33 122.1 114.9 121.0I 122.5 122.4 123.2 125.8 117.9' 119.3! 125.9' 126.3 125.0 120.3 119.7 Nondurable.......................................... 36.22 129.6 121.5 126.3i 127.7 128.0i 129.5 133.3 125.6i 133.9'! 136.4• 135.9 132.4 125.0' 125.4 Mining and utilities................................. 11.45 128.9 128.6 127.5■ 125.Ci 122.7’ 123.6' 128.2 133.0• 137.2 137.1 131.2’ 127.3 125.4 126.5 Mining................................................... 6.37 110.2 107.( 109.2; 107.6 108.5 110.7 110.9 108.3 112.3 112.5 112.9 111.9' 111.5 110.0 5.08 152.3 155.7 150.6. 146.8 140.5 139.9 149.9 164.1 168.4 168.0• 154.3 146.7’ 142.8 147.3 Durable manufactures Primary and fabricated metals............. 12.55 128.8 120.4 130.0 132.1 131.7 131.2’ 130.5 121.6 125.5 131.3 130.3 130.3! 130.0' 129.1 Primary metals.................................... 6.61 127.1 118.5 131.3 133.8 133.9 131.7 127.7 116.4 121.6 129.5 125.9 126.1 128.6 128.3 Iron and steel, subtotal................. 4.23 121.6 112.3 125.8 128.3 128.5 125.8 121.1 112.7 117.1 125.6 118.4 120.5 124.5 123.8 Fabricated metal products............... 5.94 130.7 122.6 128.5 130.1 129.3 130.7 133.7 127.5 129.8 133.3 135.3 135.0i 131.5 129.9 Machinery and allied goods................... 32.44 117.3 111.8 116.0 117.1 116.7 117.9 121.7 114.1 113.0 121.2 122.1 120.9' 114.9 114.6 Machinery............................................ 17.39 125.9 116.9 121.8 123.3 123.5 124.9 129.4 122.2 125.8 133.0 132.0 130.4 126.7 127.2 Nonelectrical machinery............... 9.17 125.1 114.0 121.2 122.2 122.3 124.0 129.6 122.9 126.3 132.2 129.6 129.1 127.1 126.0 Electrical machinery...................... 8.22 126.8 120.2 122.4 124.5 124.8 125.9 129.2 121.4 125.2 134.0 134.8 131.8 126.2 128.5 Transportation equipment............... 9.29 109.2 108.7 113.5 114.0 112.8 113.4 116.3 104.0 94.0 108.3 113.7 112.3 98.3 97.1 Motor vehicles and parts............. 4.56 138.1 142.6 148.6 147.3 144.9 145.6 151.2 129.0 108.5 135.2 145.8 142.6 115.3 116.7 Aerospace and misc. trans. eq. .. 4.73 81.4 76.0 79.6 82.0 81.8 82.4 82.7 79.8 80.1 82.4 82.7 83.1 82.0 78.2 Instruments.......................................... 2.07 138.4 126.3 128.1 131.5 130.5 137.5 143.1 140.8 143.9 147.4 145.4 144.2 142.1 140.6 Ordnance, private and Govt............ 3.69 85.4 87.5 87.9 87.8 86.4 85.6 87.1 86.0 82.8 83.4 83.2 84.4 86.5 85.0 Lumber, clay, and glass......................... 4.44 129.5 115.3 123.2 127.2 130.9 132.8 135.1 128.9 134.9 134.5 136.1 129.3 122.9 122.0 Lumber and products....................... 1.65 128.9 115.6 128.4 130.5 131.3 128.6 132.3 123.3 132.8 134.4 133.1 125.3 124.1 124.9 Clay, glass, and stone products.... 2.79 129.9 115.1 120.1 125.3 130.7 135.3 136.8 132.3 136.2 134.6 137.8 131.7 122.1 120.3 Furniture and miscellaneous.................. 2.90 135.2 126.1 134.3 133.9 132.4 132.5 137.2 127.6 138.9 142.9 140.5 140.7 134.2 132.9 Furniture and fixtures....................... 1.38 126.3 121.6 128.7 127.3 124.2 123.0 125.7 114.5 128.7 131.7 130.1 131.7 126.1 126.8 Miscellaneous manufactures............ 1.52 143.3 130.2 139.4 139.9 139.9 141.2 147.6 139.5 148.2 153.1 150.0 148.9 141.5 138.4 Nondurable manufactures Textiles, apparel, and leather............... 6.90 114.7 106.4 115.4 118.2 116.9 113.8 120.4 102.0 120.0 121.7 120.1 115.8 106.2 110.3 Textile mill products......................... 2.69 127.1 117.8 126.1 129.6 128.7 129.1 135.0 112.1 133.6 133.2 132.8 129.4 117.4 121.0 Apparel products................................ 3.33 112.9 103.9 113.7 116.3 115.6 110.0 117.4 102.6 118.1 121.7 118.6 113.3 104.4 Leather and products......................... .88 83.6 80.6 88.7 89.9 85.8 81.3 87.1 68.7 85.5 86.7 87.0 83.5 79.0 ’ 77.9 Paper and printing.................................. 7.92 122.1 113.2 118.7 120.4 121.4 122.8 125.7 121.8 128.4 127.1 127.9 124.2 114.4 113.6 Paper and products............................ 3.18 135.4 130.2 137.5 138.9 137.6 138.5 138.4 127.6 136.7 133.0 142.3 138.7 125.8 133.0 Printing and publishing..................... 4.74 113.2 101.7 106.0 107.9 110.6 112.2 117.2 117.9 122.8 123.1 118.2 114.4 106.8 100.5 Chemicalsy petroleum, and rubber........ 11.92 149.3 141.1 144.8 145.6 147.6 150.6 153.8 147.1 151.3 154.8 155.2 152.2 148.0 146.4 Chemicals and products................... 7.86 150.1 140.5 143.8 145.0 148.8 152.2 155.5 150.3 152.6 157.0 155.8 152.2 148.9 148.5 Petroleum products............................ 1.80 127.4 123.9 120.9 119.5 121.3 127.0 132.8 132.8 133.2 130.4 132.1 129.4 125.6 119.3 Rubber and plastics products.......... 2.26 164.0 156.8 167.3 168.3 164.4 164.0 164.6 147.4 161.2 166.5 171.5 170.4 162.6 160.5 Foods and tobacco.................................. 9.48 121.9 114.9 117.4 118.1 117.1 120.0 123.1 119.2 .126.6 131.7 129.9 126.3 118.5 119.9 8.81 122.7 115.4 117.7 118.1 117.8 120.7 123.7 121.1 127.2 132.9 130.5 127.0 120.9 121.2 Tobacco products............................... .67 111.6 107.7 113.5 118.3 108.0 110.1 115.6 93.9 118.5 115.9 122.5 116.7 87.4 Mining Metal, stone, and earth minerals.......... 1.26 118.1 103.4 105.7 109.0 116.4 125.7 125.3 119.0 125.5 126.2 125.3 119.2 116.8 107.0 Metal mining....................................... .51 130.8 114.0 120.6 118.7 127.2 143.4 144.0 133.9 139.7 143.4 138.7 124.7. 121.4 116.3 Stone and earth minerals.................. .75 109.5 96.2 95.5 102.4 109.0 113.6 112.6 108.9 115.8 114.4 116.2 115.5 113.6 100.7 Coal, oil, and gas.................................... 5.11 108.3 107.9 110.1 107.2 106.5 107.0 107.3 105.6 109.0 109.1 109.8 110.1 110.2 110.8 Coal....................................................... .69 103.6 98.0 104.2 1 )4.3 101.7 102.9 103.2 89.3 110.8 112.7 110.1 106.4 105.8; 107.8 Oil and gas extraction....................... 4.42 109.0 109.5 111.0 107.6 107.2 107.7 108.0 108.1 108.7 108.5 109.8 110.7 110.9 111.3 Utilities Electric...................................................... 3.91 160.7 165.1 158.5 153.8 145.4 144.6 157.5 175.9 181.5 181.0 163.0 153.1 149.4 156.1 1.17 124.2 i 1 i ........... 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 □ MARCH 1974 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu­ Prices 4 facturing 2 In­ Ca­ Market dustry pacity Con­ N ri o c n u a l- g utiliza­ Period Total Products i t n i o m n f g. st t r io u n c­ t e u m ra ­ l T re o t t a a i l l Whole­ Total C Fi o n n a ­ l m I e n d te ia r­ te M ria a l t s e­ f M a i c a n t n g u u r­ ­ o = ( u 1 1 t 9 p 0 6 u 0 7 ) t tr c a o c n ts ­ T m p o e l t o n a y t l — ­ i p m E lo e m n y ­ t ­ P ro a l y ls ­ sales3 s C um on e ­ r m c s o o a m d le i ­ ty Total sumer Equip­ goods ment 1955....................... 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956....................... 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 1957....................... 61.9 61 .1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 1958....................... 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 1959....................... 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 1960....................... 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 1961....................... 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 82.1 84.5 68.0 70 89.6 94.5 1962....................... 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 87.3 73.3 75 90.6 94.8 1963....................... 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 87.8 76.0 79 91.7 94.5 1964....................... 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 89.3 80.1 83 92.9 94.7 1965....................... 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 93.9 88.1 91 94.5 96.6 1966....................... 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 99.9 97.8 97 97.2 99.8 1967....................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 1968....................... 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.1 101.4 108.3 109 104.2 102.5 1969....................... 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.7 103.2 116.6 114 109.8 106.5 1970....................... 106.6 106.0 104.5 110.3 96.3 111.7 107.7 105.2 78.3 123.1 107.2 98.0 114.1 120 116.3 110.4 1971....................... 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 1Q72..................... 115.2 113.8 111.9 123.6 95.5 121.1 117.4 114.0 '78.6 165.3 110.5 96.7 130.2 142 125.3 119.8 1973?’ 125.6 123.4 121.3 131.7 106.7 131.1 129.3 125.2 83.0 114.8 101.9 146.9 133.1 135.5 1973-—Jan............ 122.2 120.7 118.6 129.8 102.9 128.4 124.5 121.4 181.0 112.7 99.9 139.8 156 127.7 124.5 Feb............ 123.4 121.5 119.3 130.2 104.1 129.5 126.7 122.7 82.8 191.0 113.5 100.7 142.9 158 128.6 126.9 Mar........... 123.7 121.7 119.6 130.8 104.1 129.4 127.0 123.4 193.0 113.8 101.0 142.6 160 129.8 129.7 Apr............ 124.1 122.0 120.0 130.9 104.7 129.3 127.7 123.8 177.0 114.0 101.5 144.8 157 130.7 130.7 May.......... 124.8 122.9 120.8 131.8 105.7 130.5 128.3 124.9 173.0 114.4 101.7 144.9 159 131.5 133.4 June.......... 125.6 123.7 121.3 131.9 106.6 132.0 129.0 125.6 183.0 114.7 102.1 145.3 157 132.4 136.7 July........... 126.7 124.2 122.1 132.8 107.3 132.5 130.9 126.5 175.0 114.6 101.8 146.3 163 132.7 134.7 Aug........... 126.5 123.7 121.4 131.2 107.6 132.1 130.9 126.1 83.3 199.0 115.0 102.1 146.7 162 135.1 142.9 Sept........... 126.8 124.3 122.4 132.3 108.5 131.0 131.3 126.3 182.0 115.3 102.1 149.8 163 135.5 140.2 Oct............ 127.0 124.3 122.7 132.6 108.9 130.6 131.1 126.4 191.0 116.0 102.9 151.7 164 136.6 139.5 Nov........... 127.5 '125.3 '123.7 '133.5 '110.1 '131.1 '131.5 127.4 194.0 116.4 103.3 155.8 164 137.6 141.8 Dec............ '126.5 '123.9 '122.1 '130.7 '110.3 '130.7 '130.9 '126.7 161.0 116.4 '103.2 '153.7 161 138.5 145.3 1974--Jan............ '125.6 '122.9 '120.8 '128.9 '109.3 '130.5 '130.1 '125.5 155.0 '116.2 '102.7 '151.6 164 139.7 150.4 Feb.* , 124.8 122.3 120.1 128.0 109.2 130.8 129.0 124.7 116.5 101.7 150.7 163 152.7 1 Employees only: excludes personnel in the Armed Forces. Construction contracts; McGraw-Hill Informations Systems Company 2 Production workers only. F.W. Dodge Division, monthly index of dollar value of total construction 3 F.R. index based on Census Bureau figures. contracts, including residential, nonresidential, and heavy engineering; 4 Prices are not seasonally adjusted. Latest figure is final. does not include data for Alaska and Hawaii. Note.—All series: Data are seasonally adjusted unless otherwise noted. Employment and payrolls: Based on Bureau of Labor Statistics data; Capacity utilization: Based on data from Federal Reserve, McGraw- includes data for Alaska and Hawaii beginning with 1959. Hill Economics Department, and Dept, of Commerce. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1972 1973 Type of ownership and 1972 1973 type of construction Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 7 otal construction 1........................... 90,979 101,071 6,423 6,795 6,839 8,644 8,814 9,428 9,910 9,228 10,303 8,151 8,983 7,905 6,133 By type of ownership: Public............................................ 24,043 26,686 1,629 1,918 1,717 2,046 2,071 2,359 2,995 2,581 2,968 2,328 2,055 2,140 1,855 Private 1....................................... 66,936 73,385 4,793 4,877 5,122 6,599 6,743 7,069 6,916 6,647 7,335 5,822 6,928 5,765 4,277 By type of construction: Residential building 1............... 44,975 46,246 3,115 3,195 3,277 4,643 4,512 4,754 4,612 4,224 4,233 3,638 3,673 3,299 2,341 Nonresidential building............ 27,021 31,761 2,189 2,420 2,229 2,707 2,634 2,629 2,976 2,991 3,241 2,719 2,758 2,655 2,210 Nonbuilding................................ 18,983 22,064 1,119 1,180 1,333 1,294 1,668 2,045 2,322 2,013 2,828 1,794 2,552 1,951 1,581 Private housing units authorized... . 2,219 1,796 2,399 2,233 2,209 2,129 1,939 1,838 2,030 1,780 1,750 1,596 1,316 1,314 1,237 (In thousands, S.A., A.R.) 1 Because of improved procedures for collecting data for 1 -family homes, McGraw-Hill Informations Systems Company, F.W. Dodge Division. some totals are not strictly comparable with those prior to 1968. To im­ Totals of monthly data exceed annual totals because adjustments— prove comparability, earlier levels may be raised by approximately 3 per negative—are made in accumulated monthly data after original figures cent for total and private construction, in each case, and by 8 per cent for have been published. residential building. Private housing units authorized are Census Bureau series for 14,000 reporting areas with local building permit systems; 1971 data are for Note.—Dollar value of construction constracts as reported by the 13,000 reporting areas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 o CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser­ Period Total Total d R en e t s i i a ­ l Buildings Total M ta i r l y i­ H w ig ay h­ d v e a v a t n e io l d o n p­ Other 2 Total In tr d i u al s­ m C e o r m cia ­ l b O u t i h l e d r ­ Other ment ings 1 1962 3 . 59,965 42,096 25,150 16,946 2,842 5,144 3,631 5,329 17,869 1,266 6,365 1,523 8,715 1963 4 . 64,563 45,206 27,874 17,332 2,906 4,995 3,745 5,686 19,357 1,179 7,084 1,694 9,400 1964 .. 67,413 47,030 28,010 19,020 3,565 5,396 3,994 6,065 20,383 910 7,133 1,750 10,590 1965 . 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 2,019 11,663 1966 . 76,002 51,995 25,715 26,280 6,679 6,879 5,037 7,685 24,007 727 8,405 2,194 12,681 1967 . 77,503 51,967 25,568 26,399 6,131 6,982 4,993 8,293 25,536 695 8,591 2,124 14,126 1968 . 86,626 59,021 30,565 28,456 6,021 7,761 4.382 10,292 27,605 808 9,321 1.973 15,503 1969 . 93,368 65,404 33,200 32,204 6,783 9,401 4,971 11,049 27,964 879 9,250 1,783 16,052 1970. 94,167 66,071 31,864 34,207 6,538 9,754 5,125 12,790 28,096 718 9,981 1,908 15,489 1971 . 109,238 79,367 43,268 36,099 5,423 11,619 5,437 13,620 29,871 901 10,658 2,095 16,217 1972. 123,836 93,640 54,186 39,454 4,676 13,462 5,898 13,418 30,196 1,080 10,448 2,172 16,496 1973—Jan... 135,748 102,046 59,357 42.689 5,292 15,001 6,002 16,394 33,702 1,221 10,858 2,446 19,177 Feb... 136,416 104,128 61,487 42,641 5,180 14,873 6,145 16,443 32,288 1,422 11,019 1,989 17.858 Mar.. 137,467 103,838 60,747 43,091 5,479 15,071 6,179 16,362 33,629 1,303 10,454 2,825 19,047 Apr.. 133,794 101,234 58,047 43.187 5,287 15,474 6,282 16,144 32,560 1,158 9,901 2,062 19,439 May. 134,139 101,790 57,453 44,337 5,338 16,118 6,251 16,629 32,349 1,277 9,645 2,569 18.858 June. 133,775 102,803 58,178 44,625 5.928 15,704 6.383 16,610 30,972 1,162 10,094 2,235 17,481 July.. 136.863 105,368 59,439 45,929 6,340 16,110 6,492 16,987 31,495 1,341 10,762 1,977 17,415 Aug.. 136,867 105,815 59,829 45,986 6,687 15,800 6,122 17,377 31,052 1,048 10,391 2,196 17,417 Sept.. 136.863 103,689 58,966 44,723 6,324 15,111 5,742 17,546 33,174 962 11,210 2,296 18,706 Oct... 136,463 102,980 56,290 46.690 6,573 15,561 5,883 18,673 33,483 1,032 2,330 Nov.r 135,886 102,977 54,650 48,327 6,742 16,139 6,035 19,411 32,909 1,040 Dec.r 136,257 100,492 52,710 47,782 7,057 15,685 6,089 18,951 35,765 1,113 1974—Jan.*................... 133,161 98,821 50,531 48,290 7,010 16,196 6,041 19,043 34,340 1,245 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 (N.S.A.) (N.S.A.) ship­ Region Type of structure ments (N.S.A.) Total N e o a r s t t h­ C N e o n r t t r h al South West fam 1- ily 2 fa - m to i l 4 y - m 5- o r o e r - Total Private Public Total FHA VA family 196 3 1,603 261 328 591 430 1,012 5!39 1,635 1,603 32 292 221 71 151 196 4 1,529 254 340 578 357 970 108 450 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 35 482 421 61 401 197 1 2,052 264 434 869 482 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 22 475 371 104 576 197 3 2,045 277 440 897 428 1,132 118 795 2,057 2,045 12 247 161 86 580 1973—Jan.r 2,472 334 591 1,092 455 1,418 150 904 147 147 1 19 12 7 41 Feb. 2,423 373 548 1,070 432 1,363 127 933 140 138 2 21 14 7 43 Mar. 2,283 321 433 1,115 414 1,244 128 912 201 200 1 27 19 8 57 Apr. 2,153 293 397 908 555 1,231 127 795 205 205 27 18 9 62 May 2,330 294 531 983 522 1,243 159 929 234 234 29 18 11 57 June 2,152 345 485 873 449 1,140 127 886 203 203 1 27 17 8 57 July. 2,152 245 475 1,020 412 1,232 144 776 203 203 1 20 12 8 50 Aug. 2,030 255 466 844 465 1,108 107 814 200 197 3 23 14 9 54 Sept. 1,844 281 431 748 384 990 97 757 149 148 1 15 10 6 45 Oct.. 1,674 242 383 715 334 957 81 637 149 147 2 15 10 6 46 Nov. 1,675 241 322 750 362 938 84 653 135 133 1 16 11 5 40 Dec. 1,400 187 279 653 281 760 73 567 91 90 11 7 4 29 1974—Jan.. 1,486 251 342 663 230 803 91 592 89 86 2 13 9 4 Note.—Starts are Census Bureau series (including farm starts) except units under FHA, based on field office reports of first compliance inspec­ for Govt.-underwritten, which are from Federal Housing Admin, and tions. Data may not add to totals because of rounding. Veterans Admin, and represent units started, including rehabilitation Mobile home shipments are as reported by Mobile Homes Manufac­ turers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 EMPLOYMENT □ MARCH 1974 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period i p n T ( o s o N t p t i a t u . u S l l t a . n i A t o o i . n o n ) a n - l la ( b N N o . o r S t . f A i o n . r ) ce ( T l f S a o o b . r A t c o a e r . l ) Total Total E In m c n u p o l l t n u o a r y a g e l r d i- 1 In U pl n o e y m ed ­ U (p n e m e r S a r m . e A t c e n p e . 2 t l ) n o t y ; ­ industries agriculture 1968............................. 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 1969............................. 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 1970............................. 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1971............................. 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 1972............................. 145,775 56,785 88,991 86,542 81,702 78,230 3,472 4,840 5.6 1973............................. 148,263 57,222 91,040 88,714 84,409 80,957 3,452 4,304 4.9 1973—Feb.................. 147,313 58,238 90,108 87,716 83,230 79,784 3,446 4,486 5.1 Mar................. 147,541 57,856 90,523 88,162 83,782 80,313 3,469 4,380 5.0 Apr.................. 147,729 57,906 90,622 88,272 83,854 80,498 3,356 4,418 5.0 May................. 147,940 58,050 90,597 88,263 83,950 80,630 3,320 4,313 4.9 June................. 148,147 55,417 91,133 88,818 84,518 81,088 3,430 4,300 4.8 July................. 148,361 55,133 91,139 88,828 84,621 81,109 3,512 4,207 4.7 Aug.................. 148,565 56,129 91,011 88,704 84,513 81,088 3,425 4,191 4.7 Sept................. 148,782 57,484 91,664 89,373 85,133 81,757 3,376 4,240 4.7 Oct................... 149,001 56,955 92,038 89,749 85,649 82,194 3,455 4,100 4.6 Nov................. 149,208 57,040 92,186 89,903 85,649 82,088 3,561 4,254 4.7 Dec.................. 149,436 57,453 92,315 90,033 85,669 82,026 3,643 4,364 4.8 1974—Jan................... 149,656 58,303 92,801 90,543 85,811 82,017 3,794 4,732 5.2 Feb.................. 149,857 58,165 92,814 90,556 85,803 81,951 3,852 4,753 5.2 1 Includes self-employed, unpaid family, and domestic service workers. to the calendar week that contains the 12th day; annual data are averages 2 Per cent of civilian labor force. of monthly figures. Description of changes in series beginning 1967 is Note.—Bureau of Labor Statistics. Information relating to persons 16 available from Bureau of Labor Statistics. years of age and over is obtained on a sample basis. Monthly data relate EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n t n i s o t t r r n a u c c t ­ T ti l o i r c a n n u & s ti p l i o p ti r u e t b a s ­ ­ Trade Finance Service G m ov e e n r t n­ 1967............................................................... 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 1968............................................................... 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 1969............................................................... 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 70,593 19,349 623 3,381 4,493 14,914 3,688 11,612 12,535 1971............................................................... 70,645 18,529 602 3,411 4,442 15,142 3,796 11,869 12,856 72,764 18,933 607 3,521 4,495 15,683 3,927 12,309 13,290 1973^............................................................. 75,569 19,820 625 3,647 4,611 16,289 4,053 12,865 13,659 SEASONALLY ADJUSTED 1973—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................................................... 75,961 19,882 633 3,700 4,629 16,388 4,078 12,995 13,656 Oct.................................................... 76,363 20,016 639 3,694 4,671 16,465 4,088 13,044 13,746 Nov................................................... 76,679 20,095 644 3,711 4,654 16,520 4,095 13,122 13,838 Dec.................................................... 76,626 20,090 646 3,732 4,644 16,398 4,101 13,128 13,887 1974—Jan.?................................................. 76,520 20,011 651 3,629 4,684 16,419 4,105 13,123 13,898 Feb^................................................. 76,695 19,860 658 3,730 4,679 16,484 4,123 13,213 13,948 NOT SEASONALLY ADJUSTED 1973—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................................................... 76,238 20,132 641 3,944 4,671 16,367 4,082 12,982 13,419 Oct.................................................... 76,914 20,168 640 3,923 4,680 16,515 4,076 13,057 13,855 Nov................................................... 77,322 20,202 643 3,822 4,659 16,780 4,079 13,096 14,041 Dec.................................................... 77,391 20,110 642 3,639 4,644 17,113 4,080 13,062 14,101 1974—Jan.*................................................. 75,608 19,824 639 3,273 4,618 16,292 4,068 12,900 13,994 Feb.*................................................. 75,678 19,695 643 3,305 4,604 16,139 4,086 13,054 14,152 Note.—Bureau of Labor Statistics; data include all full- and part- persons, domestic servants, unpaid family workers, and members of time employees who worked during, or received pay for, the pay pe- Armed Forces are excluded. riod that includes the 12th of the month. Proprietors, self-employed Beginning with 1970, series has been adjusted to Mar. 1971 bench­ mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 Industry group 1973 1974 1973 1974 Feb. Dec. Jan.* Feb.* Feb. Dec. Jan.* Feb.* 14,402 14,771 14,699 14,546 14,258 14,799 14,530 14,401 Durable goods........................................................................ 8,386 8,712 8,633 8,498 8,334 8,737 8,566 8,446 Ordnance and accessories.......................................... 103 96 96 97 102 97 96 96 Lumber and wood products...................................... 543 555 555 557 527 546 536 540 Furniture and fixtures................................................. 426 434 434 430 424 439 434 428 Stone, clay, and glass products................................ 547 568 564 567 527 561 544 546 Primary metal industries............................................ 1,003 1,094 1,079 1,067 1,033 1,081 1,071 1,066 Fabricated metal products........................................ 1,104 1,134 1,131 1,124 1,076 1,146 1,125 1,115 Machinery...................................................................... 1,328 1,447 1,447 1,431 1,341 1,448 1,446 1,446 Electrical equipment and supplies........................... 1,337 1,423 1,417 1,401 1,333 1,436 1,416 1,397 Transportation equipment........................................ 1,327 1,298 1,241 1,15 7 1,331 1,319 1,250 1,160 Instruments and related products........................... 295 320 320 323 294 322 319 321 Miscellaneous manufacturing industries................ 343 343 349 344 329 342 329 329 Nondurable goods................................................................. 6,016 6,059 6,066 6,048 5,924 6,062 5,964 5,955 Food and kindred products...................................... 1,184 1,191 1,205 1,205 1,112 1,178 1,144 1,131 Tobacco manufactures............................................... 61 62 63 64 58 66 63 61 Textile-mill products................................................... 902 904 903 901 898 909 900 897 Apparel and related products................................... 1,173 1,144 1,137 1,128 1.175 1,142 1,120 1,131 Paper and allied products.......................................... 552 560 565 565 546 565 561 559 Printing, publishing, and allied industries............. 661 666 667 668 660 673 664 667 Chemicals and allied products................................. 587 609 610 602 585 607 605 599 Petroleum refining and related industries............... 115 122 122 122 112 120 118 119 Rubber and misc. plastic products........................... 529 547 545 542 526 550 542 539 Leather and leather products.................................... 252 254 249 251 252 254 249 251 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.) Industry group 1973 1974 1973 1974 1973 1974 Feb. Dec. Jan.* Feb.* Feb. Dec. Jan.* Feb.* Feb. Dec. Jan.* Feb.* 41.0 40.7 40.2 40.5 161.18 173.45 167.98 168.42 3.97 4.21 4.21 4.20 i Durable goods.......................................................... 42.0 41.3 40.7 41.0 175.97 187.71 180.59 ! 181.08 4.23 4.48 4.47 4.46 Ordnance and accessories............................. 42.7 42.6 41.5 42.0 177.21 193.07 185.47 i187.32 4.15 4.49 4.48 4.46 Lumber and wood products........................ 40.7 40.9 40.2 40.5 139.15 150.51 143.84 146.83 3.47 3.68 3.66 3.68 Furniture and fixtures................................... 40.6 39.6 39.7 39.7 126.17 135.74 131.38 131.48 3.17 3.36 3.36 3.38 Stone, clay, and glass products................... 42.2 42.2 41.4 41.6 167.26 180.61 172.51 175.03 4.04 4.29 4.27 4.29 Primary metal industries.............................. 42.4 42.4 41.9 41.7 206.06 221.75 219.56 217.26 4.86 5.23 5.24 5.21 Fabricated metal products........................... 41.9 41.5 40.8 41.0 171.81 184.38 176.95 177.39 4. 15 4.39 4.38 4.38 Machinery........................................................ 42.9 42.9 42.2 42.5 190.46 207.58 199.18 201.40 4.45 4.75 4.72 4.75 Electrical equipment and supplies.............. 41.1 40.1 39.7 40.1 153.47 161.99 157.61 156.82 3.78 3.98 3.98 3.96 Transportation equipment........................... 43.2 41.0 40.1 40.7 213.50 225.57 210.01 211.05 5.00 5.32 5.29 5.25 Instruments and related products............... 40.8 41.0 40.6 40.9 154.71 167.66 162.41 164.02 3.82 4.04 4.02 4.04 Miscellaneous manufacturing industries... 39.4 38.8 38.2 38.9 125.90 131.38 128.86 131.24 3.22 3.36 3.40 3.40 Nondurable goods................................................... 39.7 39.8 39.5 39.7 141.09 152.38 149.36 150.52 3.59 3.80 3.82 3.83 Food and kindred products......................... 40.2 40.9 40.8 40.7 148.50 163.56 161.60 : 160.80 3.75 3.97 3.99 4.02 Tobacco manufactures.................................. 38.4 38.9 39.8 40.0 136.15 154.03 154.06 151.32 3.65 3.87 3.93 3.90 Textile-mill products...................................... 41.2 40.8 40.4 40.6 117.79 126.48 122.40 123.32 2.88 3.07 3.06 3.06 Apparel and related products..................... 36.0 35.9 35.2 35.5 97.38 101.60 98.90 101.31 2.72 2.83 2.85 2.87 Paper and allied products............................ 43.0 42.8 42.7 42.7 173.38 186.19 183.60 182.31 4.07 4.31 4.32 4.31 Printing, publishing, and allied industries. 38.0 37.8 37.6 37.7 172.21 183.46 177.71 179.79 4.58 4.79 4.79 4.82 Chemicals and allied products..................... 42.0 41.9 41.7 42.1 181.83 194.12 192.61 194.00 4.35 4.60 4.63 4.63 Petroleum refining and related industries . 41.9 42.7 42.5 42.6 209.71 223.45 224.47 226.68 5.09 5.27 5.37 5.41 Rubber and misc. plastic products............. 41.5 41.0 40.6 41.0 153.68 161.48 158.76 160.36 3.73 3.91 3.92 3.94 Leather and leather products....................... 37.8 37.5 37.1 38.7 104.81 109.63 107.59 109.71 2.78 2.87 2.90 2.91 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 □ MARCH 1974 CONSUMER PRICES (1967 = 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow s o h n m ip e e r- - F c a o o u n i a e d l l l t e r G a i l c n e a i c d s t ­ y o n F i p a n i n e u s g d r h r s a ­ ­ ­ A up p a k p n e a d e re p l T p t o r i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s c P o a e n r r a e ­ l r R e a i c e n n r a g d e d a ­ ­ g O s a o e t n o h r d v d e ­ s r tion tion ices 1929............................ 51.3 48.3 76.0 48.5 1933............................ 38.8 30.6 54.1 36.9 1941............................ 44.1 38.4 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 47.7 49.2 1945............................ 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56 9 1960............................ 88.7 88.0 90.2 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.i 79.1 90.1 87.3 87.8 1965............................ 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 95.9 94.2 1966............................ 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 97.5 97.2 1967............................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968............................ 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 1969............................ 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 1970............................ 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 1S71........................... 121.3 118.4 124.3 115.2 133.7 117.5 114.7 118.1 119.8 118.6 122.2 128.4 116.8 119.3 120.9 1972............................ 125.3 123.5 129.2 119.2 140.1 118.5 120.5 121.0 122.3 119.9 126.1 132.5 119.8 122.8 125.5 1973........................... 133. 1 141.4 135.0 124.2 146.7 136.0 126.4 124.9 126.8 123.8 130.2 137.7 125.2 125.9 129.0 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 Oct.................. 136.6 148.4 138.1 125.9 151.5 141.1 127.4 126.7 129.6 125.0 132.1 140.6 127.3 127.2 130.3 Nov................ 137.6 150.0 139.4 126.3 152.6 155.6 129.8 127.5 130.5 125.8 132.6 140.9 128.1 127.5 130.8 Dec................. 138.5 151.3 '•140.6 126.9 153.6 172.8 131.0 128.0 130.5 126.7 133.0 141.4 129.2 127.6 131.3 1974—Jan.................. 139.7 153.7 142.2 127.3 154.8 194.6 134.3 129.0 128.8 128.1 133.7 142.2 129.8 128.3 131.8 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t m d s ­ c f f e P o a e s n o r e s o d d d e s ­ d s Total t T e il t e e c x s . ­ , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , ­ R b e u t e c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l c e s, . t­ e c m M a q e h n e u r i a y d n n i ­ p ­ t ­ F t e u u t r r c e n . , i­ N t e m m a r o l a i l e n n l i ­ c s ­ ­ T e p m t q r o i a o e u r n n n i t p a s t ­ 1 ­ ­ n c M e e o l i l u s a ­ s ­ 1960................................ 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 1961................................ 94.5 96.3 91.0 94.8 97.7 91.7 97.2 100.7 99.2 91.0 95.2 91.9 91.9 98.4 97.6 93.3 1962................................ 94.8 98.0 91.9 94.8 98.6 92.7 96.7 99.1 96^3 91.6 96.3 91.2 92.0 97.7 97.6 93.7 1963................................ 94.5 96.0 92.5 94.7 98.5 90.0 96.3 97.9 96.8 93.5 95.6 91.3 92.2 97.0 97.1 94.5 1964................................ 94.7 94.6 92.3 95.2 99.2 90.3 93.7 98.3 95.5 95.4 95.4 93.8 92.8 97.4 97.3 95.2 1965................................ 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9' 95.9 96.2 96.4 93.9 96.9 97.5 95.9 1966................................ 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 1967................................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968................................ 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103! 4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 1969................................ 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 ’ioo’8105.2 1970................................ 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 1971................................ 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 1972................................ 119.1 125.0 120.8 117.9 113.6 131.3 118.6 104.2 109.3 144.3 113.4 123.5 117.9 111.4 126.1 113.8 114.6 1973............................... 135.5 176.3 148.1 126.9 123.8 143.1 145.5 110.0 112.4 177.2 122.1 132.8 121.7 115.2 130.2 115.1 119.7 1973—Jan...................... 124.5 144.2 132.4 120.0 116.6 143.9 122.2 105.1 110.0 151.0 115.8 125.6 118.9 112.6 128.2 114.1 115.8 Feb..................... 126.9 150.9 137.0 121.3 117.4 144.9 126.0 105.6 110.1 161.0 116.5 126.9 119.4 113.1 128.4 114.2 117.1 Mar.................... 129.7 160.9 141.4 122.7 119.0 143.5 126.7 106.7 110.3 173.2 118.3 129.2 120.0 113.5 129.0 114.5 117.9 Apr..................... 130.7 160.6 139.8 124.4 120.8 145.0 131.8 107.7 110.6 182.0 119.8 130.5 120.8 114.1 130.0 114.9 118.6 May................... 133.5 170.4 145.0 125.8 122.3 142.2 135.5 109.3 111.5 186.9 120.7 131.7 121.5 115.1 130.5 115.1 119.5 June................... 136.7 182.3 151.8 126.9 123.7 140.9 142.8 110.4 112.6 183.1 122.0 132.5 121.9 115.2 131.1 115.0 120.2 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 Nov.................... 141.8 184.0 151.9 133.5 130.0 143.0 179.2 113.5 114.8 184.7 127.6 138.5 123.8 117.2 131.5 116.1 121.3 Dec..................... 145.3 187.2 155.7 137.1 131.4 141.9 201.3 115.6 116.5 186.1 128.7 141.8 124.6 117.5 132.6 117.3 121.6 1974—Jan...................... 150.4 202.6 162.1 140.5 133.8 142.6 214.6 118.2 117.7 183.7 *-131.8 145.0 126.0 119.0 138.7 118.6 123.5 Feb..................... 152.7 205.6 164.7 142.5 135.2 143.4 221.7 120.2 119.8 184.1 132.9 148.0 127.0 120.2 142.1 118.9 124.6 ’ Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1967= 100) 1973 1974 1973 1974 Group Group Feb. Jan. Feb. Jan. Feb. Farm products: Pulp, paper, and allied products: Fresh and dried produce..................... 151.2 146.9 184.5 214.5 Pulp, paper and products, excluding Grains...................................................... 135.6 128.2 270.8 278. 1 building paper and board.............. 116.1 116.9 132. 5 133.3 Livestock................................................. 159.4 177.8 197.3 195. 1 Woodpulp.............................................. 111.5 111.5 150.0 150.0 Live poultry............................................ 127.9 137.0 143.2 179.8 Wastepaper............................................ 133.8 135.8 314.2 330.4 Plant and animal fibers........................ 134.1 140.0 274.7 240.1 Paper....................................................... 117.8 118.5 126.8 127.7 Fluid milk............................................... 126.7 128.5 184.6 186.2 Paperboard............................................ 108.2 109.7 127.0 131.0 Eggs...................................................... 158.2 130.1 197.8 186.8 Converted paper and paperboard... 116.6 117.3 128.6 129.1 Hay and seeds........................................ 143.9 178.1 216.9 218.2 Building paper and board.................. 107.1 108.1 121.7 121.8 Other farm products............................. 136.5 140.5 153.4 155.7 Processed foods and feeds: Metals and metal products: Cereal and bakery products............... 121.0 120.8 166.3 169.5 Meat, poultry, and fish........................ 145.2 153.1 177.8 179.7 Iron and steel...................................... 131.9 133.0 144.7 148.9 Dairy products....................................... 123.8 124.0 145.1 147.6 Steelmill products.............................. 132.6 132.7 138.1 139.0 Processed fruits and vegetables.......... 125.3 125.9 139.3 140.7 Nonferrous metals............................. 117.9 121.0 161.1 165.0 Sugar and confectionery...................... 121.5 124.4 151.8 167. 1 Metal containers................................ 131.1 130.8 138.7 139.0 Beverages and beverage materials. . . 119.8 120.0 125.6 126.0 Hardware............................................. 121.7 121.9 130.2 130.9 Animal fats and oils............................. 120.6 134.7 277.5 317. 1 Plumbing equipment......................... 120.8 121.6 133.5 134.7 Crude vegetable oils.............................. 96.3 123.1 227.5 287.8 Heating equipment............................ 118.8 119.2 122.9 123.7 Refined vegetable oils........................... 110.0 120.3 225.8 267.2 Fabricated structural metal products 124.4 124.7 135.4 136.8 Vegetable oil end products................. 119.7 122.2 177.2 192.8 Miscellaneous metal products......... 125.2 125.8 136.9 138.7 Miscellaneous processed foods........... 116.6 117.3 134.3 139.8 Manufactured animal feeds................ 166.3 182.5 203.3 190.8 Textile products and apparel: Machinery and equipment: Cotton products.................................... 126.0 128.2 171.5 173.0 Agricultural machinery and equip... 123.6 124.4 130.9 131.2 Wool products....................................... 114.5 119.2 128.6 129.7 Construction machinery and equip.. 126.6 127.4 135.6 137.0 Manmade fiber textile products.... 111.4 111.8 130.7 132.8 Metalworking machinery and equip, 121.8 122.5 131.2 132.1 Apparel.................................................... 116.5 116.8 123.7 124.6 General purpose machinery and Textile housefurnishings...................... 109.9 110.3 133.0 133.5 equipment.......................................... 123.9 124.3 132.5 133.6 Miscellaneous textile products........... 120.0 120.4 139.0 148.4 Special industry machinery and equipment.......................................... 124.9 126.5 136.0 138.2 Hides, skins, leather, and products: Electrical machinery and equip......... 110.9 111 .0 115.1 115.7 Miscellaneous machinery................... 121.1 121.5 127.8 128.5 Hides and skins...................................... 274.0 272.7 220.9 222.0 Leather..................................................... 162.8 162.9 155.7 155.1 Footwear................................................. 129.0 130.9 134.0 134.9 Other leather products......................... 129.3 129.4 131.9 133.1 Furniture and household durables: Fuels and related products, and power: Household furniture.......................... 119.1 119.4 128.9 129.8 Commercial furniture....................... 123.6 123.8 136.3 139.1 Coal.......................................................... 205.5 206.9 249.3 252.9 Floor coverings.................................. 99.7 100.9 106.1 106.8 Coke......................................................... 162.5 164.6 174.1 173.7 Household appliances....................... 107.8 108.2 111.3 111.6 Gas fuels.................................................. 118.4 118.6 137.1 146.4 Home electronic equipment............. 92.4 92.4 91.3 91.4 Electric power........................................ 123.8 125.9 137.5 142.2 Other household durable goods. . . 127.0 128.1 133.9 136.6 Crude petroleum.................................... 114.7 114.7 178.4 201.7 Petroleum products, refined............... 112.3 118.7 271.4 277.1 Chemicals and allied products : Nonmetallic mineral products: Industrial chemicals.............................. 101.4 101.8 108.1 110.2 Flat glass.............................................. 122.5 122.5 124.6 124.6 Prepared paint........................................ 119.4 119.4 130.1 130.1 Concrete ingredients......................... 129.0 129.2 138.9 139.9 Paint materials....................................... 106.5 107.7 128.7 132.6 Concrete products................................ 128.5 128.9 139.8 142.3 Drugs and pharmaceuticals................ 103.5 103.6 105.3 105.7 Structural clay products excluding Fats and oils, inedible.......................... 130.3 139.1 298.0 335.7 refractories...................................... 120.3 121.5 127.2 128.3 Agricultural chemicals and products. 93.0 93.1 112.3 113.1 Refractories......................................... 136.3 136.3 136.3 136.3 Plastic resins and materials................. 89.7 90.0 93.7 96.3 Asphalt roofing.................................. 131.2 131.2 150.3 159.9 Other chemicals and products........... 113.9 114.2 127.1 127.3 Gypsum products.............................. 117.4 115.8 127.9 130.0 Glass containers................................. 136.4 136.4 143.5 143.5 Rubber and plastic products: Other nonmetallic minerals............. 127.8 128.0 150.7 167.0 Rubber and rubber products............. 115.0 115.1 124.7 127.1 Crude rubber...................................... 102.7 104.8 126.9 127.0 Tires and tubes.................................. 109.7 109.3 118.0 121.2 Transportation equipment:1 Miscellaneous rubber products.... 122.3 122.3 129.0 131.3 Plastic construction products (Dec. Motor vehicles and equipment. 118.2 118.2 122.9 123.1 1969 = 100)....................................... 94.0 94.3 95.4 96.5 Railroad equipment..................... 131.8 132.2 140.2 141.0 Unsupported plastic film and sheeting (Dec. 1970= 100)............................ 98.7 98.8 104.1 105.9 Laminated sheets, high pressure (Dec. 1970=100)............................ 97.5 96.2 99.3 101.0 Miscellaneous products: I Lumber and wood products: Toys, sporting goods, small arms, i ammunition.......................................; 116.2 116.5 124.4 126.3 Lumber.................................................... 169.0 182.3 213.3 212.6 Tobacco products...................................117.5 121.0 123.0 123.4 Millwork................................................. 131.4 133.4 151.4 151.6 Notions......................................................112.9 113.1 118.9 118.9 Plywood................................................... 134.1 149.4 154.8 157.8 Photographic equipment and supplies, 107.3 107.5 109.2 110.1 Other wood products............................ 133.1 135.1 159.2 161.8 Other miscellaneous products...........j 118.6 118.9 132.1 133.4 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 □ MARCH 1974 GROSS NATIONAL PRODUCT (In billions of dollars) 1972 1973 Item 1929 1933 1941 1950 j 1969 1970 1971 1972 1973 IV I II III j iv t t i Gross national product........................................ 103.1 55.6 124.5 284.8 930.3 977.11,055.51,155.21,289.11,199.2 1,242.51.272.01,304.51337.5 101.4 57.2 120.1 278.0i 922.5 972.61,049.41,149.11,£81.11,191.0 1,237.81,267.51,299.81,319.4 Personal consumption expenditures................... 77.2 45.8 80.6 191.0\ 579.5 617.6 667.2 726.5 804.0 752.6 779.4 795.6 816.0 825.2 Durable goods................................................... 9.2 3.5 9.6 30.5: 90.8 91.3 103.6 117.4 130.8 122.9 132.2 132.8 132.8 125.6 Nondurable goods............................................ 37.7 22.3 42.9 98.1 245.9 263.8 278.7 299.9 335.9 310.7 322.2 330.3 341.6 349.6 30.3 20.1 28. 1 62.4 242.1\ 262.6 284.9 309.2 337.3 319.0 325.0 332.6 341.6| 350.0 Gross private domestic investment..................... 16.2 1.4 17.9 54.1 139.0 136.3 153.2 178.3 202.1 189.4 194.5' 198.2 202.0' 213.9 Fixed investment............................................... 14.5 3.0 13.4 47.3 131.1 131.7 147.1 172.3 194.2 181.2 189.9 193.7 197.3 195.9 10.6 2.4 9.5 27.9 98.5 100.6 104.4 118.2 136.2 124.3 130.9 134.1 138.0 141.8 Structures................................................... 5.0 .9 2.9 9.2 34.2 36.1 37.9 41.7 48.4 43.0 45.3 47.2 49.5 51.7 Producers’ durable equipment.............. 5.6 1.5 6.6 18.7 64.3 64.4 66.5 76.5 87.8 81.2 85.5; 86.9 88.6 90.1 Residential structures.................................. 4.0 .6 3.9 19.4 32.6 31.2 42.7 54.0 58.0 56.9 59.0 59.6 59.2 54.0 3.8 .5 3.7 18.6 32.0 30.7 42.2 53.5 57.4 56.4 58.4 59.1 58.6 53.4 Change in business inventories..................... 1.7 -1.6 4.5 6.8 7.8 4.5 6.1 6.0 8.0 8.2 4.6 4.5 4.7 18.0 Nonfarm......................................................... 1.8 -1.4 4.0 6.0 7.7 4.3 4.5 5.6 7.3 7.9 4.4 4.4 3.2 17.3 Net exports of goods and services..................... 1.1 .4 1.3 1.8 1.9 3.6 .8 -4.6! 5.8 -3.5 .0! 2.8 7.6 12.8 Exports............................................................... 7.0 2.4 5.9 13.8 55.5 62.9 66.3 73.5 102.0 79.7 89.7 97.2 104.5 116.4 Imports............................................................... 5.9 2.0 4.6 12.0 53.6 59.3 65.5 78.1: 96.2 83.2 89.7: 94.4 97.0 103.6 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 210.0 219.5 234.3 255.0 277.1 260.7 268.6 275.3 279.0 285.6 Federal................................................................ 1.3 2.0 16.9 18.4 98.8 96.2 98.1 104.4 106.6 102.7 105.5 107.3 106.8 106.8 National defense.......................................... 13.8 14.1\ 78.4 74.6 71.6 74.4 73.9 72.4 74.3 74.2 74.2 73.0 Other............................................................... 3.1 4.3' 20.4 21.6 26.5 30.1 32.7 30.3 31.2 33.1 32.7 33.8 State and local.................................................. 7.2 6.0 7.9 19.5 111.2 123.3 136.2 150.5,; 170.5 158.0 163.0 168.0 172.2 178.8 Gross national product in constant (1958) dollars................................................................. 203.6 141.5 263.7 355.3 725.6 722.5 745.4 790.7' 837.4 812.3 829.3 834.3 841.3 844.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, (generally the July issue) and the Aug. ad justed totals at annual rates. For back data and explanation of series, 1966 Supplement to the Survey. NATIONAL INCOME (In billions of dollars) 1972 1973 1929 1933 1941 1950 1969 1970 1971 1972 1973^ Item IV I II III National income..................................................... 86.8 40.3 104.2 241.1 766.0 800.5 859.4 941.81054.3 978.61,015.01,038.2 1,067.4 Compensation of employees................................ 51.1 29.5 64.8 154.6 566.0 603.9 644.1 707.1 785.2 731.2 757.4 774.9 794.0 Wages and salaries........................................... 50.4 29.0 62.1 146.8 509.7 542.0 573.8 627.3 691.4 648.7 666.7 682.3 699.3 Private............................................................. 45/5 23.9 51.9 124.4 405.6 426.9 449.7 493.3 546.0 510.9 525.1j 538.7 553.2 Military.......................................................... .3 .3 1.9 5.0 19.0 19.6 19.4 20.3 20.8 20.1 20.9! 20.5 20.4 Government civilian.................................... 4.6 4.9 8.3 17.4 85.1 95.5 104.7 113.8 124.6 117.7 120.7 123.1 125.7 Supplements to wages and salaries................ .7 .5 2.7 7.8 56.3 61.9 70.3 79.7 93.9 82.5 90.8 92.6 94.7 Employer contributions for social in­ surance ....................................................... .1 . 1 2.0 4.0 27.8 29.7 33.7 39.0 49.0 40.2 47.4 48.3 49.4 Other labor income..................................... .6 .4 .7 3.8 28.4 32.2 36.6 40.7 44.9 42.3 43.3 44.2 45.3 Proprietors’ income.............................................. 151 5.9 17.5 37.5 67.2 66.9 68.7 74.2 84.2 77.1 80.6 81.5 85.0 Business and professional.............................. 9.0 3.3 11.1 24.0 50.5 50.0 51.9 54.0 57.5 55.3 56.3 57.1 57.9 Farm.................................................................... 6.2 2.6 6.4 13.5 16.7 16.9. 16.8 20.2 26.8 21.8 24.3 24.4 27.1 5.4 2.0 3.5 9.4 22.6 23.9 24.5 24.1 25.1 24.9 24.7 24.6 25.3 Corporate profits and inventory valuation adjustment.......................................................... id.5 -1.2 15.2 37.7 79.8 69.2 80.1 91.1 109.4 98.8 104.3 107.9 112.0 Profits before tax............................................. 10.0 1.0 17.7 42.6 84.9 74.0 85.1 98.0 126.6 106.1 119.6 128.9 129.0 Profits tax liability........................................ 1.4 .5 7.6 17.8 40.1 34.8 37.4 42.7 56.1 45.9 52.7 57.4 57.6 Profits after tax............................................ 8.6 .4 10.1 24.9 44.8 39.3 47.6 55.4 70.5 60.3 66.9 71.6 71.5 Dividends................................................... 5.8 2.0 4.4 8.8 24.3 24.7 25.1 26.0 27.8 26.4 26.9 27.3 28.1 Undistributed profits.............................. 2.8 -1.6 5.7 16.0 20.5 14.6 22.5 29.3 42.7 33.9 40.0 44.2 43.4 Inventory valuation adjustment................... .5 -2.1 -2.5 -5.0 -5.1 -4.8 -4.9 -6.9 -17.3 -7.3 -15.4 -21.1 -17.0 Net interest............................................................. 4.7 4.1 3.2 2.0 30.5 36.5 42.0 45.2 50.4 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

MARCH 1974 □ 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 1929 1933 1941 1950 1970 1971 1972 1973* IV II III IV* Gross national product. 103.1 55.6 124.5 284.8 930.3 977.1 1,055.51,155.21289.11,199.21,242.51,272.0 1,304.51337.5 Less: Capital consumption allowances........ 7.9 7.0 8.2 18.3 81.6 87.3 93.8,1 102.4 109.6 105.1 106.9 109.0 110.5 112.1 Indirect business tax and nontax lia­ bility ..................................................... 7.0 7.1 11.3 23.3 85.9 93.5 102.4^ 109.5 117.8 112.8 115.6 117.2 118.5 119.9 Business transfer payments................. .6 .7 .5 .8 3.8 4.0 4.3 4.6 4.9 4.7 4. 4.9 5.0 5.1 Statistical discrepancy........................... .7 .6 .4 1.5 -6.1 -6.4 -3.4 -1.5 2.9 .2 1.1 3.2 3.7 Plus: Subsidies less current surplus of gov­ ernment enterprises............................ -.1 . 1 .2 1.0 1.7 1.2 1.7 .4 2.2 .9 .4 6 Equals: National income. 86.8 40.3 104.2 241.1 766.0 800.5 859.4 941.81054.3 978.61,015.01,038.31,067.4 Less: Corporate profits and inventory valu­ ation adjustment................................ 10.5 -1.2 15.2 37.7 79.8 69.2 80.1 91.1 109.4 98.J 104.3 107.9 112.0 Contributions for social insurance .2 .3 6.9 54.2 57.7 64.6 73.7 92.1 75.1 89.3 90.9 93.0 95.0 Excess of wage accruals over disburse­ ments...................................................... .0 .6 -.5 -.1 .0 .0 -.3 .0 .0 Plus: Government transfer payments.......... 1.5 2.6 14.3 61.9 75.1 88.9 98.3 112.6 107.3 108.8 110.8 113.7 116.9 Net interest paid by government and consumers............................................ 2.5 1.6 2.2 7.2 28.7 31.0 31.0 32.7 37.1 33.7 34.7 36.1 38.0 39.7 Dividends................................................. 5. 2.0 4.4 24.3 24.7 25.1 26.0 27.8 26.4 26.9 27.3 28.1 29.0 Business transfer payments................. .6 .5 3.8 4.0 4.3 4.6 4.9 4.7 4. 4.9 5.0 5.1 Equals: Personal income.................................. 85.9 47.0 96.0 227.6 750.9 808.3 863.5 939.21035.4 976.1 996.61,019.01,047.11078.9 Less: Personal tax and nontax payments... 2.6 1.5 3.3 20.7 116.5 116.6 117.5 142.2 152.9 147.4 145.1 149.3 156.0 161.1 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9j 634.4 691.7 746.0| 797.0 882.5 828.7 851.5 869.7 891.1 917.8 Less: Personal outlays....................................... 79.1 46.5 81.7 193.9! 596.2 635.5 685.81 747.2 827. 774.3 801.5 818.7 840.1 850.8 Personal consumption expenditures. 77 45. 80.6 191.0) 579.5 617.6 667.2 726.5 804.0 752. 779.4 795.6 816.0 825.2 Consumer interest payments............. 1.5 .5 .9 2.4 15. 16.8 17.7 19.7 22.5 20.7 21.2 22.0 23.0 23.3 Personal transfer payments to for­ I eigners................................................. .3 .2 .2 .5 .9 1.0 1.0 1.0 1.1 .9 1.0 1.1 1.8 K2| Equals: Personal saving. 4.2 -.9 11.0 13.1 38.2 56.2 60.2 49.7 54.8 54.4 50.0 51.0 51.1 67.1 Disposable personal income in constant (1958) dollars.................................................................. 150.6 112.2 190.3 249.6 513.6 534.8 554.9 577.9 608.0 595.1 603.9 604.8 609.5 618.2 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) 1973 1974 Item 1972 1973 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan.* Total personal income.......................... 939.21035.4 989.1 997.41,003.31,011.61,018.71,026.61,035.61,047.31,058.51,068.5 1079.41.089.01,084.9 Wage and salary disbursements......... 627.8 691.5 661.7 667.2 671.1 677.6 682.0 688.2 693.2 698.9 706.0 711.2 717 722.6 719.9 Commodity-producing industries. 226.0 251.9 239.2 242.2 243.5 245.9 248.3 251.7 253.4 254.8 257.8 259.5 262, 264.1 259.7 Manufacturing only....................... 175.9 196.8 187.1 189.6 190.6 192.9 194.7 197.0 197.9 198.7 200.8 202.51 204 205.1 201.6 Distributive industries...................... 151.5 165.1 158.7 159.3 160.6 162.2 163.2 164.5 165.3 167.1 168.7 169.6 170, 171.3 171.6 Service industries.............................. 116.1 129.0 122.9 124.1 124.9 126.4 126. 127.7 129.4 130.8 132.5 132.9 134, 135.9 136.4 Government....................................... 134.2 145.4 140.9 141.6 142.2 143.1 143.7 144.4 145.1 146.2 147.0 149.2 150. 151.3 152.2 Other labor income.............................. 40.7 44.9 43.0 43.3 43.6 43.9 44.2 44.5 44.8 45.3 45.8 46.2 46.7 47.1 47.5 Proprietors’ income.............................. 74.2 84.2 80.1 80.6 81.0 81.0 81.5 81.9 83.7 85.1 86.4 88.4 90, 91.0 88.2 Business and professional............... 54.0 57.5 56.1 56.3 56.4 56. 57.1 57.3 57.8 58.0 58.1 58.5 58, 58.6 58.6 Farm................................................... 20.2 26.8 24.0 24.3 24.6 24.2 24.4 24.6 25.9 27.1 28.3 29.9 31. 32.4 29.6 Rental income....................................... 24.1 25.1 24.8 24.8 24.6 24.3 24.6 24.9 25.0 25.3 25.5 25.6 25. 25.7 25.8 Dividends............................................... 26.0 27.8 26.8 26.9 27.0 27.3 27.3 27.4 27.6 28.2 28.3 28.5 28. 29.8 29.5 Personal interest income..................... 78.0 87.5 81.9 82.6 83.4 84.5 85.7 86.5 87.8 89.0 90.3 91.5 92. 94.0 95.1 Transfer payments................................ 103.0 117. $ 112.5 113.8 114.5 115.3 115.9 116.0 116.9 119.0 120.2 121.1 121. 123.0 125.7 Less: Personal contributions for social insurance...................................... 34.7 43.1 41.7 41.9 42.0 42.4 42.5 42 A 43.4 43.6 43.9 44.0 44.3 44.3 46.8 N onagri cultural income...................... 911.5 1000.5 957.4 965.3 970.9 979.5 986.4 994.21,001.81,012.11,021.8 1030.0 1039.01047.5 1046.0 Agricultural income............................ 27.7 34.9 31.8 32.1 32.4 32.0 32.2 32.4 33.8 35.2 36.7 r38.6j 40.4 41.5 38.9 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 □ MARCH 1974 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1971 1972 1973 Transaction category, or sector 1968 1969 1970 1971 1972 1973 HI H2 HI H2 HI H2 Funds raised, by type and sector 1 94.6 91.4 97.5 146.7 166.1 183.2 134.7 158.7 145.2 187.3 197.4 169.1 1 2 Excluding equities..................................................... 95.9 88.0 92.6 135.0 156.1 177.7 123.8 146.1 134.7 177.8 192.4 163.1 2 3 13.4 -3.6 12.8 25.5 17.3 9.7 22.7 28.4 12.4 22.2 17.0 2.5 3 4 10.3 -1.3 12.9 26.0 13.9 8.3 24.2 27.8 10.5 17.2 15.8 .7 4 5 3.1 -2.4 -.1 -.5 3.4 1.5 -1.6 .5 1.9 4.9 1.2 1.8 5 6 81.2 95.0 84.7 121.2 148.8 173.5 112.0 130.4 132.8 165.1 180.4 166.7 6 7 -1.4 3.4 4.9 11.7 10.0 5.5 10.9 12.6 10.4 9.5 5.0 6.1 7 8 82.6 91.6 79.8 109.5 138.8 168.0 101.1 117.8 122.3 155.6 175.4 160.6 8 9 50.6 50.6 57.7 83.2 92.4 92.8 79.5 86.9 87.3 97.6 91.7 93.9 9 10 9.5 9.9 11.3 16.6 11.9 8.9 17.9 15.4 12.0 11.9 6.3 11.5 10 11 14.0 13.0 20.6 19.7 13.2 11.8 22.3 17.2 14.4 12.0 10.6 12.9 11 1? 27.1 27.7 2152..78 46.8 67.3 72.2 2309..36 54.3 60.9 73.7 74.9 69.5 12 1 3 15.1 15.7 286..80 39.7 39.0 31.5 35.6 43.7 41.4 36.7 13 1 15 4 3 62 . .. 4 42 4 5. . 3 7 5 51. . . 8 38 1 2 0 . . 0 0 1 12 0 4. . .6 3 8 1 1 3 5. . 9 0 8 8. . 5 5 1 9 1 . . 1 5 1 9 3 . . 1 5 1 16 1 . . 0 5 1 1 4 5 . . 1 1 1 1 1 6 . .8 9 1 15 4 16 1.9 4.2 1.7 2.3 2.7 2.5 4.3 4.1 16 17 32.0 41.0 22.1 26.3 46.4 75.2 21.7 30.9 35.0 58.0 83.7 66.7 17 18 13.1 15.3 6.4 9.3 21.8 41.3 5.1 13.5 14.5 29.3 54.4 28.2 18 IQ 10.0 10.4 6.0 11.2 19.2 22.9 8.9 13.6 15.8 22.5 25.2 20.6 19 90 1.6 3.3 3.8 -.9 -1.6 2.5 -1.0 - .8 -.3 -2.8 -3.4 8.4 20 71 7.2 12.0 5.9 6.6 7.0 8.5 8.7 4.6 5.0 9.0 7.5 9.5 21 01 81.2 95.0 84.7 121.2 148.8 173.5 112.0 130.4 132.8 165.1 180.4 166.7 22 23 Debt instruments.................................................. 82.6 91.6 79.8 109.5 138.8 168.0 101.1 117.8 122.3 155.6 175.4 160.6 23 14 2.9 2.9 3.0 5.7 3.8 6.9 5.3 6.1 3.4 4.3 11.1 2.6 24 9.8 10.7 11.4 17.0 12.3 8.8 17.9 16.1 11.9 12.7 6.3 11.4 25 26 29.6 32.2 22.9 38.3 63.2 70.9 30.0 46.6 56.2 70.5 72.4 69.4 26 27 Nonfinancial business............................................ 420..82 45.9 42.5 48.5 59.5 81.3 47.9 49.0 50.9 68.2 85.6 787..02 27 28 Farm...................................................................... 3.2 3.2 4.1 4.9 172..66 4.0 48..12 4.4 151..36 7.3 28 29 Nonfarm noncorporate........................................ 5.6 7.4 5.3 8.7 10.4 9.3 9.5 13. 7 11.5 29 30 Corporate.............................................................. 31.8 35.4 33.9 35.7 44.2 61.1 34.6 36.8 37.0 51.2 64.5 57. 7 30 31 Corporate equities.................................................. -1.4 3.4 4.9 11.7 10.0 5.5 10.9 12.6 10.4 9.5 5.0 6.1 31 32 Foreign...................................................................... .2 .5 . 1 * -.4 -. 1 .4 -.3 -.2 -.6 -.4 . 1 32 33 Corporate business................................................. -1.5 2.9 4.8 11.7 10.4 5.7 10.5 12.9 10.7 10.1 5.4 6.0 33 Totals including equities 34 Foreign...................................................................... 3.1 3.3 3.0 5.7 3.4 6.7 5.7 5.8 3.2 3.7 10.7 2.7 34 35 Nonfinancial business............................................ 38.7 48.8 47.3 60.2 69.9 87.0 58.4 61.9 61.6 78.3 91.0 83.2 35 36 Corporate............................................................. 30.3 38.3 38.8 47.4 54.6 66.8 45.1 49.7 47.7 61.3 69.9 63.7 36 37 Memo: U.S. Govt, cash balance........................... -1.1 .4 2.8 3.2 .5 -1.6 -.2 6.6 -3.0 4.0 3.6 -6.7 37 Totals net of changes in U.S. Govt, cash balances 38 Total funds raised........................................................... 95.7 91.0 94.7 143.5 165.6 184.8 134.9 152.1 148.1 183.3 193.8 175.9 38 39 By U.S. Government................................................ 14.5 -4.0 10.0 22.3 16.8 11.3 22.9 21.7 15.4 18.1 13.4 9.2 39 Private domestic net investment and borrowing in credit markets Total, households and business 1 Total capital outlays1.......................................... 207.6 226.7 224.2 252.5 291.1 328.0 246.3 258.7 279.9 302.3 323.8 332.3 1 2 Capital consumption 2............................................... 140.4 154.3 166.0 179.0 193.4 209.5 175.8 182.2 190.3 196.6 205.6 213.5 2 3 Net physical investment............................................ 67.2 72.4 58.2 73.5 97.7 118.5 70.5 76.6 89.7 105.7 118.2 118.8 3 4 Net funds raised.......................................................... 68.3 81.0 70.2 98.5 133.1 157.9 88.4 108.5 117.7 148.8 163.4 152.6 4 5 Excess net investment 3.............................................. -1.1 -8.6 -12.0 -25.0 -35.4 -39.4 -17.9 -32.0 -28.0 -43.1 -45.2 -33.8 5 Total business 6 Total capital outlays........................................ 97.9 108.9 108.0 116.6 133.3 150.6 115.8 117.3 127.4 139.3 145.6 155.5 6 7 Capital consumption................................................... 63.2 69.5 74.6 80.3 87.6 94.1 78.8 81.7 86.2 88.9 92.7 95.6 7 8 Net physical investment............................................ 34.7 39.4 33.5 36.3 45.8 56.4 37.0 35.5 41.2 50.4 52.9 60.0 8 9 Net debt funds raised................................................. 40.2 45.9 42.5 48.5 59.5 81.3 47.9 49.0 50.9 68.2 85.6 77.2 9 10 Corporate equity issues.............................................. -1.5 2.9 4.8 11.7 10.4 5.7 10.5 12.9 10.7 10.1 5.4 6.0 10 11 Excess net investment 3.............................................. -4.0 -9.4 -13.8 -23.9 -24.1 -30.6 -21.4 -26.4 -20.4 -27.9 -38.1 -23.2 11 Corporate business 12 Total capital outlays............................................ 75.0 83.7 84.0 86.7 100.7 113.7 86.5 87.0 96.0 105.4 108.5 118.8 12 13 Capital consumption.................................................. 45.1 49.8 53.6 57.7 62.8 67.6 56.7 58.7 61.8 63.8 66.5 68.7 13 14 Net physical investment............................................ 29.9 33.9 30.4 29.1 37.8 46.1 29.8 28.3 34.1 41.5 42.0 50.1 14 15 Net debt funds raised................................................. 31.8 35.4 33.9 35.7 44.2 61.1 34.6 36.8 37.0 51.2 64.5 57.7 15 16 Corporate equity issues.............................................. -1.5 2.9 4.8 11.7 10.4 5.7 10.5 12.9 10.7 10.1 5.4 6.0 16 17 Excess net investment 3............................................. -.4 -4.4 -8.4 -18.3 -16.8 -20.7 -15.3 -21.4 -13.5 -19.8 -27.9 -13.5 17 Households 18 Total capital outlays............................................ 109.7 117.8 116.2 135.9 157.8 177.5 130.4 141.4 152.6 163.0 178.2 176.8 18 19 Capital consumption.................................................. 77.2 84.8 91.4 98.7 105.9 115.4 97.0 100.4 104.1 107.7 112.9 118.0 19 20 Net physical investment............................................ 32.5 33.0 24.7 37.2 51.9 62.1 33.5 41.0 48.5 55.3 65.3 58.8 20 21 Net funds raised.......................................................... 29.6 32.2 22.9 38.3 63.2 70.9 30.0 46.6 56.2 70.5 72.4 69.4 21 22 Excess net investment 3.............................................. 2.9 .8 1.8 -1.1 -11.3 -8.9 3.5 -5.6 -7.6 -15.2 -7.1 -10.6 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 5) are loan participation certificates excludes financial business capital consumption. issued by CCC, Export-Import Bank, FNMA, and GNMA, together with security issues by FHA, Export-Import Bank, and TVA. Issues by Federally 3 Excess of net investment over net funds raised. sponsored credit agencies are excluded as borrowing by financial institu­ Note.—Full statements for sectors and transaction types are available tions. Such issues are on p. A-71 line 11. Corporate share issues are net on a quarterly basis and annually for flows and for amounts outstanding. cash issues by nonfinancial and foreign corporations. Mortgages exclude Requests for these statements should be addressed to the Flow of Funds loans in process. Open-market paper is commercial paper issued by Section, Division of Research and Statistics, Board of Governors of the nonfinancial corporations plus bankers’ acceptances. Digitized for FRASFeEdRer al Reserve System, Washington, D.C., 20551. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 o 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 Transaction category, or sector 1968 1969 1970 1971 1972 1973 HI H2 HI H2 HI H2 1 Total funds advanced in credit markets to nonfinancial sectors................................................. 95.9 88.0 92.6 135.0 156.1 177.7 123.8 146.1 134.7 177.8 192.4 163.1 1 By public agencies and foreign 2 Total net advances........................................................... 12.2 15.8 28.0 41.3 16.9 32.7 38.6 44.0 19.7 14.1 42.5 22.9 2 3 U.S. Government securities...................................... 3.4 .9 15.7 33.4 7.3 10.4 32.9 34.0 12.7 2.0 21.4 -.6 3 4 Residential mortgages................................................ 2.8 4.6 5.7 5.7 5.2 7.5 4.2 7.1 6.2 4.3 4.9 10.2 4 5 FHLB advances to S&L’s......................................... .9 4.0 1.3 -2.7 * 7.2 -5.5 .2 -2.4 2.5 7.8 6.6 5 6 Other loans and securities......................................... 5.1 6.3 5.2 4.9 4.3 7.6 7.1 2.7 3.2 5.4 8.4 6.7 6 By agency— 7 U.S. Government........................................................ 4.9 2.9 2.8 3.2 2.3 1.7 4.3 2.2 1.5 3.1 .3 3.1 7 8 Sponsored credit agencies.......................................... 3.2 9.0 9.9 2.8 6.0 20.0 -1.4 7.0 7.5 4.5 18.7 21.4 8 9 Monetary authorities.................................................. 3.7 4.2 5.0 8.8 .2 9.3 8.4 9.3 4.5 -4.1 12.0 6.7 9 10 Foreign.......................................................................... .3 -.3 10.3 26.4 8.4 1.6 27.3 25.5 6.2 10.6 11.5 -8.3 10 11 Agency borrowing not included in line 1.................. 3.5 8.8 8.2 4.3 6.2 19. 1 .9 7.7 7.4 5.0 17.6 20.7 11 Private domestic funds advanced 12 Total net advances........................................................... 87.2 80.9 72.8 98.0 145.4 164.2 86.1 109.9 122.4 168.6 167.5 160.8 12 13 U.S. Government securities...................................... 13.3 4.6 5.4 -3.5 16.3 18.5 -9.2 2.1 7.1 25.3 13.3 23.8 13 14 State and local obligations........................................ 9.5 9.9 11.3 16.6 11.9 8.9 17.9 15.4 12.0 11.9 6.3 11.5 14 15 Corporate and foreign bonds................................... 13.8 12.5 20.0 19.5 13.2 11.8 22.1 16.8 14.2 12.1 10.3 13.3 15 16 Residential mortgages................................................ 15.5 15.7 12.8 29.1 44.6 44.4 24.8 33.4 38.4 50.8 50.5 38.3 16 17 Other mortgages and loans....................................... 35.9 42.2 24.6 33.7 59.5 87.7 25.0 42.3 48.3 71.0 95.0 80.4 17 18 Less: FHLB advances................................................ .9 4.0 1.3 -2.7 * 7.2 -5.5 .2 -2.4 2.5 7.8 6.6 18 Private financial intermediation 19 Credit market funds advanced by private financial institutions................................................................. 75.3 54.9 74.9 111.4 150.2 159.1 112.2 110.6 130.5 170.1 186.2 132.1 19 20 Commercial banking................................................... 38.7 18.2 35.1 50.6 69.7 85.2 53.2 48.0 57.2 82.4 101.3 69.2 20 21 Savings institutions..................................................... 15.6 14.5 16.9 41.5 48.7 35.2 45.4 37.5 48.4 48.9 49.1 21.4 21 22 Insurance and pension funds.................................... 14.0 12.3 17.3 14.1 16.0 24.3 12.5 15.7 14.1 17.8 21.7 26.9 22 23 Other finance............................................................... 7.0 9.9 5.7 5.3 15.8 14.3 1.2 9.4 10.6 21.0 14.2 14.5 23 24 Sources of funds............................................................... 75.3 54.9 74.9 111.4 150.2 159.1 112.2 110.6 130.5 170.1 186.2 132.1 24 25 Private domestic deposits.......................................... 45.9 2.6 63.2 90.8 97.8 86.8 107.7 73.9 97.9 97.9 104.8 68.9 25 26 Credit market borrowing.......................................... 8.5 19.1 -.4 9.2 20.2 28.8 2.6 15.9 16.4 24.0 34.4 23.2 26 27 Other sources............................................................... 21.0 33.3 12.1 11.3 32.2 43.5 1.9 20.8 16.2 48.2 47.1 40.0 27 28 Foreign funds........................................................... 2.6 9.3 -8.5 -3.2 5.1 5.7 -7.2 .8 5.5 4.7 5.2 6.1 28 29 Treasury balances................................................... -.2 * 2.9 2.2 .7 -1.0 -.8 5.3 -3.6 5.1 -1.4 -.6 29 30 Insurance and pension reserves........................... 11.4 10.4 13.1 9.6 11.3 19.0 7.7 11.5 8.4 14.1 16.7 21.3 30 31 Other, net................................................................. 7.2 13.5 4.5 2.7 15.1 19.8 2.2 3.2 5.9 24.3 26.5 13.2 31 Private domestic nonfinancial investors 32 Direct lending in credit markets.................................. 20.3 45.0 -2.4 -4.2 15.4 33.8 -23.5 15.2 8.3 22.5 15.7 52.0 32 33 U.S. Government securities...................................... 8.0 16.8 -8.3 -13.0 4.1 19.6 -22.4 -3.5 -3.3 11.5 13.0 26.3 33 34 State and local obligations........................................ -.2 8.7 -1.1 -.1 2.1 1.2 -2.7 2.6 .9 3.4 .3 2.1 34 35 Corporate and foreign bonds................................... 4.7 7.4 10.1 8.2 4.9 -.2 8.6 7.7 4.5 5.2 -.6 .4 35 36 Commercial paper....................................................... 5.8 10.2 -4.4 -.6 3.7 8.7 -7.3 6.0 6.7 .8 .4 17.1 36 37 Other.............................................................................. 2.1 2.0 1.4 1.3 .6 4.4 .3 2.3 -.4 1.7 2.7 6.1 37 38 Deposits and currency.................................................... 48.3 5.4 66.6 94.2 102.2 90.6 110.6 77.9 103.3 101.3 110.8 70.4 38 39 Time and savings accounts....................................... 33.9 -2.3 56.1 81.2 85.7 76.9 92.6 69.8 88.8 82.6 99. 1 54.7 39 40 Large negotiable CD’S.......................................... 3.5 -13.7 15.0 7.7 8.7 18.9 3.4 12.0 2.1 15.3 27.2 10.5 40 41 Other at commercial banks.................................. 17.5 3.4 24.2 32.9 31.0 29.6 44.0 21.9 38.9 23.2 34.0 25.2 41 42 At savings institutions............................................ 12.9 8.0 16.9 40.6 46.0 28.4 45.3 35.9 47.8 44.1 37.9 19.0 42 43 Money............................................................................ 14.5 7.7 10.5 13.0 16.5 13.7 17.9 8.1 14.5 18.7 11.8 15.7 43 44 Demand deposits..................................................... 12.1 4.8 7.1 9.6 12.1 9.9 15.1 4.1 9.1 15.3 5.7 14.2 44 45 Currency................................................................... 2.4 2.8 3.5 3.4 4.4 3.8 2.8 3.9 5.5 3.4 6.0 1.5 45 46 Total of credit market instr., deposits, and currency. 68.7 50.5 64.2 90.0 117.7 124.4 87.1 93.0 111.7 123.8 126.5 122.4 46 47 Public support rate (in per cent)............................. 12.7 18.0 30.2 30.6 10.8 18.4 31.2 30.1 14.6 7.9 22. 1 14.0 47 48 Private financial intermediation (in per cent)........ 86.4 67.9 102.8 113.7 103.3 96.9 130.3 100.7 106.6 100.9 111.2 82.1 48 49 Total foreign funds..................................................... 2.9 9.1 1.8 23.2 13.5 7.3 20.1 26.3 11.6 15.3 16.7 -2.2 49 Corporate equities not included above 1 Total net issues........................................ 5.1 9.5 9.5 14.7 12.0 6.3 13.0 16.3 12.4 11.5 5.8 6.8 1 2 Mutual fund shares........................... 5.8 4.8 2.6 1.2 -.6 -1.0 .3 2.1 -.8 -.4 -1.7 -.3 2 3 Other equities..................................... 1-0.7.8 4.7 6.9 13.5 12.6 7.3 12.7 14.2 13.3 12.0 7.4 7.1 3 4 Acquisitions by financial institutions 12.2 11.4 19.2 15.6 9.7 23.4 15.0 17.6 13.6 12.3 7. 1 4 5 Other net purchases............................... -5.8 -2.7 -1.9 -4.6 -3.6 -3.4 -10.4 1.3 -5.1 -2.1 -6.6 -.3 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 af­ filiates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS □ MARCH 1974 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1972 1973 Line Credits + , debits — 1970 1971 1972 III IV I II III* Summary—Seasonally adjusted 1 2,176 -2,698 -6,912 -1,573 -1,745 -960 -244 714 2 Exports...................................................................................... 41,964 42,768 48,769 12,362 13,213 15,320 16,778 18,153 3 Imports...................................................................................... -39,788 -45,466 -55,681 -13,935 -14,958 -16,280 -17,022 -17,439 4 Military transactions, net.............................................................. -3,374 -2,918 -3,558 -846 -864 -825 -730 -576 5 Travel and transportation, net..................................................... -2,013 -2,288 -2,853 -679 -730 -608 -703 -526 6 Investment income, net 2............................................................... 6,260 7,972 7,863 1,950 2,232 2,309 2,111 2,311 7 U.S. direct investments abroad............................................ 7,920 9,456 10,433 2,600 2,991 3,152 3,223 3,449 8 3,506 3,443 3,492 876 875 1,006 1,088 1,187 9 Foreign investments in the United States......................... -5,166 -4,927 -6,062 -1,526 -1,634 -1,849 -2,200 -2,325 10 Other services, net........................................................................... 581 739 851 209 237 234 240 225 11 Balance on goods and services 3............................................................ 3,630 807 -4,610 -939 -870 150 674 2,148 12 Remittances, pensions, and other transfers............................. -1,481 -1,553 -1,570 -373 -429 -397 -389 -422 13 Balance on goods, services, and remittances...................................... 2,150 -745 -6,180 -1,312 -1,299 -247 285 1,726 14 U.S. Government grants (excluding military)........................... -1,734 -2,045 -2,174 -581 -452 -345 -652 -509 15 416 -2,790 -8,353 -1,893 -1,751 -592 -367 1,217 16 U.S. Government capital flows excluding nonscheduled repayments, net 4........................................................................ -1,829 -2,117 -1,714 -542 -627 -671 -583 -554 17 Nonscheduled repayments of U.S. Government assets........... 244 225 137 7 26 111 174 4 18 U.S. Government nonliquid liabilities to other than foreign -433 -467 238 169 15 224 484 187 19 -1,429 -4,401 -152 -393 781 -16 -317 1,685 20 U.S. direct investments abroad............................................ -4,410 -4,943 -3,404 -1,148 -771 -2,025 -946 -228 21 Foreign direct investments in the United States.............. 1,030 -115 160 178 160 273 534 720 22 Foreign securities.................................................................... -942 -966 -614 209 -40 51 -126 -204 23 U.S. securities other than Treasury issues......................... 2,190 2,269 4,335 553 1,768 1,745 496 1,159 24 Other, reported by U.S. banks............................................ 178 -862 -1,120 -426 -442 -103 -257 243 25 Other, reported by U.S. nonbanking concerns................ 526 216 492 241 106 43 -18 -5 26 Balance on current account and long-term capital 4.......................... -3,031 -9,550 -9,843 -2,652 -1,556 -944 -609 2,539 27 Nonliquid short-term private capital flows, net....................... -482 -2,347 -1,637 -430 -982 -1,822 -1,404 234 28 Claims reported by U.S. banks........................................... -1,023 -1,802 -1,495 -267 -859 -1,809 -1,362 199 29 Claims reported by U.S. nonbanking concerns............... -361 -530 -315 -122 -250 -48 -18 -233 30 Liabilities reported by U.S. nonbanking concerns.......... 902 -15 173 -41 127 35 -24 268 31 Allocations of Special Drawing Rights (SDR’s).................... 867 717 710 177 177 32 Errors and omissions, net............................................................. -1,205 -10,784 -3,112 -1,626 -1,490 -3,891 425 -1,355 33 Net liquidity balance................................................................................ -3,851 -21,965 -13,882 -4,531 -3,851 -6,657 -1,588 1,418 34 Liquid private capital flows, net................................................... -5,988 -7,788 3,542 7 2,367 -3,842 1,923 690 35 Liquid claims............................................................................ 252 -1,097 -1,234 -410 -131 -1,966 818 -290 36 -99 -566 -742 -274 -77 -1,351 905 -342 37 Reported by U.S. nonbanking concerns.................. 351 -531 -492 -136 -54 -615 -87 52 38 Liquid liabilities..................................................................... -6,240 -6,691 4,776 417 2,498 -1,876 1,105 980 39 To foreign commercial banks...................................... -6,508 -6,908 3,862 295 1,995 -1,896 710 866 40 To international and regional organizations............ 181 682 104 -32 181 12 31 -52 41 Toother foreigners........................................................ 87 -465 810 154 322 8 364 166 42 Official reserve transactions balance..................................................... -9,839 -29,753 -10,340 -4,524 -1,484 -10,499 335 2,108 Financed by changes in: 43 Liquid liabilities to foreign official agencies.............................. 7,637 27,615 9,720 4,467 1,645 9,120 -778 -1,654 44 Other readily marketable liabilities to foreign official agen­ cies 5................................................................................................. -810 -551 399 34 117 1,202 259 11 45 Nonliquid liabilities to foreign official reserve agencies re­ ported by U.S. Govt................................................................... 535 341 189 78 -167 -43 167 -452 46 U.S. official reserve assets, net..................................................... 2,477 2,348 32 -55 -111 220 17 -13 47 Gold .................................................. 787 866 547 3 48 SDR’s........................................................................................ -851 -249 -703 -177 -177 9 49 Convertible currencies ................................................ • 2,152 381 35 134 82 233 50 Gold tranche position in IMF............................................. 389 1,350 153 -15 -16 -13 8 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14)....................................................................... 2,586 3,153 4,200 1,189 949 716 833 521 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20)............................. 2,948 3,192 4,521 (6) (6) (6) (6) (6) 53 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21)........................ 434 498 548) (6) (6) (6) (6) (6) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 X. U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1972 1973 Credits -f, debits — 1970 1971 1972 III IV Balances excluding allocations of SDR’s—Seasonally adjusted Net liquidity balance........................... , -4,718 -22,682 -14,592 -4,708 -4,028 -6,657 -1,588 1,418 Official reserve transactions balance. -10,706 -30,470 -11,050 -4,701 -1 ,661 -10,499 335 2,108 Balances not seasonally adjusted Balance on goods and services.................................... 3,630 807 -4.610 -2,409 168 819 787 251 Balance on goods, services, and remittances........... 2,150 -745 -6;i80 -2,796 -263 448 390 -185 Balance on current account......................................... 416 -2,790 -8,353 -3,333 -698 74 -295 -649 Balance on current account and long-term capital ' -3,031 -9,550 -9,843 -4,052 343 -862 -784 712 Balances including allocations of SDR’s: Net liquidity........................................................... -3,851 -21,965 -13,882 -5,299 -3,197 -6,282 -1,981 537 Official reserve transactions................................ -9,839 -29,753 -10,340 -5,590 -1,503 -9,995 772 933 Balances excluding allocations of SDR’s: Net liquidity........................................................... -4,718 -22,682 -14,592 -5,299 -3,197 -6,282 -1,981 537 Official reserve transactions................................ -10,706 -30,470 -11,050 -5,590 -1,503 -9,995 772 933 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 jn 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 Eco­ product 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 1971 1972 1973 r 1971 1972 1973r 1974 1971 1972 1973 r 1974 Month: Jan__ 3,601 4.074 4,955 7,111 3,599 '4,436 5,244 6,946 2 r — 361 -289 165 Feb.. . 3,695 3,824 5,071 3,564 4,473 5,482 130 — 649 -412 Mar... 3,790 3,869 5,309 3,628 4,515 5,411 160 — 647 -102 Apr... 3,631 3,820 5,492 3,774 4,417 5,356 -143 -596 136 May. . 3,746 3,882 5,557 3,908 4,486 5,700 -161 -604 -143 June.. 3,672 3,971 5,726 4,037 4,468 5,765 -365 -497 -40 July... 3,573 4.074 5,860 3,832 4,565 5,821 -259 -491 39 Aug... 3,667 4,197 6,044 3,913 4,726 5,991 -247 -530 54 Sept... 4,487 4,176 6,414 4,179 4,612 5,621 308 -436 792 Oct.. . 2,669 4,316 6,584 3,469 4,738 5,969 -800 -421 615 Nov... 3,196 4,473 6,871 3,456 5,148 6,628 -260 -675 243 Dec... 3,881 4,558 6,954 4,169 5,002 6,084 -288 -444 870 Qu arter: I 11,086 11,767 15,334 10,792 13,403 16,137 294 -1,657 -803 I I 11,049 11,673 16,775 11,719 13,370 16,821 -670 -1,697 -46 III... . 11,727 12,447 18,318 11,924 13,903 17,434 -197 -1,456 884 IV.... 9,746 13,347 20,408 11,094 14,888 18,680 -1,348 -1,540 1,728 Year3.. . 43,549 49,208 70,799 45,563 55,555 69,121 -2,014 -6,347 1,678 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 pf 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 □ MARCH 1974 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales [—] or net acquisitions; in millions of dollars valued at $35 per fine ounce through Apr. 1972, at $38 from May 1972-Sept. 1973, and at $42.22 thereafter) 1973 Area and country 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 I II III IV Western Europe: -82 -55 -100 -25 4 -40 -83 -58 -110 -518 -405 -884 -601 600 325 -129 -473 -225 500 -1 -2 -2 -2 -52 41 2 200 -80 -60 -85 -209 -76 -60 -35 -19 -50 -25 -130 -32 -180 51 -81 -50 -2 -30 -50 -25 -50 -175 329 618 150 80 -879 -835 200 1 -6 -35 -49 16 -47 11 -29 -13 Total.............................. -399 -88 -1,299 -659 -980 -669 969 -204 -796 Canada .................................... 200 150 50 Latin American republics: Argentina ............................ -30 -39 -25 -25 -28 Brazil ................................ 72 54 25 -3 * -23 Colombia.............................. 10 29 7 * -1 Venezuela.............................. -25 Other...................................... -11 -9 -13 -6 11 -40 -29 -80 -5 Total.............................. 32 56 17 -41 9 -65 -54 -131 -5 Asia: Iraq........................................ -10 -4 -21 -42 -56 -119 Lebanon ................... -ii -11 -1 -95 -35 Malaysia................................ -34 -10 Philippines............................ 25 20 * -1 9 40 -4 -2 Saudi Arabia....................... -50 Singapore.............................. -81 11 -30 Other .................................. -13 -6 -14 -14 -22 -75 -9 2-91 39 -3 Total.............................. 12 3 -24 -86 -44 -366 42 -213 -38 -3 All other.................................... -36 -7 -16 -22 3 — 166 3-68 -1 -81 -6 Total foreign countries.......... -392 -36 -1,322 -608 — 1,031 -1,118 957 -631 -845 -3 Inti Monetary Fund4............ 5-225 177 22 -3 10 -156 -22 -544 Grand total................ -392 -36 -1,547 -431 -1,009 -1,121 967 6-787 -867 -547 1 Includes purchase from Denmark of $25 million. repurchase; proceeds from these sales invested by IMF in U.S. Treasury 2 Includes purchase from Kuwait of $25 million. securities. IMF repurchased $400 million in Sept. 1970 and the remaining 3 Includes sales to Algeria of $150 million in 1967 and $50 million in $400 million in Feb. 1972. 1968. 5 Payment to the IMF of $259 million increase in U.S. gold subscription 4 Includes IMF gold sales to and purchases from the United States, less gold deposits by the IMF. U.S. payment of increases in its gold subscription to IMF, gold deposits 6 Includes the U.S. payment of $385 million increase in its gold sub­ by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The scription to the IMF and gold sold by the IMF to the United States in first withdrawal ($17 million) was made in June 1968 and the last with­ mitigation of U.S. sales to other countries making gold payments to the drawal ($144 million) was made in Feb. 1972. IMF. The country data include U.S. gold sales to various countries in IMF sold to the United States a total of $800 million of gold ($200 connection with the IMF quota payments. Such U.S. sales to countries million in 1956, and $300 million in 1959 and in 1960) with the right of and resales to the United States by the IMF totaled $548 million each. NOTES TO TABLE 5 ON OPPOSITE PAGE: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in that the United States could purchase in foreign currencies automatically IMF operations. Does not include transactions in gold relating to gold if needed. Under appropriate conditions, the United States could pur­ deposit or gold investment (see Table 6). chase additional amounts equal to its quota. 2 Positive figures represent purchases from the IMF of currencies of 5 Includes $30 million of Special Drawing Rights. other members for equivalent amounts of dollars; negative figures repre­ 6 Represents amount payable in dollars to the IMF to maintain the sent repurchase of dollars, including dollars derived from charges on value of IMF holdings of U.S. dollars. purchases and from other net dollar income of the IMF. The United States has a commitment to repurchase within 3 to 5 years, but only to Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. the extent that the holdings of dollars of the IMF exceed 75 per cent of quota was increased to $4,125 million in 1959, to $5,160 million in Feb. the U.S. quota. Purchases of dollars by other countries reduce the U.S. 1966, to $6,700 million in Dec. 1970, and revalued to $7,274 million in commitment to repurchase by an equivalent amount. May 1972 and $8,083 million in Oct. 1973 as a result of changes in par 3 Includes dollars obtained by countries other than the United States value of the U.S. dollar. Under the Articles of Agreement subscription from sales of gold to the IMF. payments equal to the quota have been made 25 per cent in gold and 75 4 Represents the U.S. gold tranche position in the IMF (the U.S. per cent in dollars. quota minus the holdings of dollars of the IMF), which is the amount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r ot Total To G ta o l2 ld st T o r c e k a 1 sury v c fo e u C c r r r i o e t r e i i e n b s g n ­ l n e ­ p R I o e M s s i i n e t F i r o v 3 n e SDR’s4 E m n o d n t o h f Total To G ta o l l 2 d st T o r c e k a i sury v c fo C e u c r r i r o e t e r i i e n s b g 5 n ­ l n e ­ p R I o e M s s i i n e t F r io v 3 n e SDR’s4 1960... 19,^59 17,804 17,767 1,555 1973 1961... 18,753 16,947 16,889 116 1,690 Feb.... 12,926 10,487 10,410 8 473 1,958 1962... 17,220 16,057 15,978 99 1,064 Mar. .. 12,931 10,487 10,410 8 478 1,958 1963... 16,843 15,596 15,513 212 1,035 Apr.... 12,904 10,487 10,410 8 460 1,949 1964... 16,672 15,471 15,388 432 769 May... 12,916 10,487 10,410 16 464 1,949 June. .. 12,914 10,487 10,410 8 470 1,949 1965... 15,450 6 13,806 613,733 781 6 863 July. . . 12,918 10,487 10,410 8 474 1,949 1966. .. 14,882 13,235 13,159 1,321 326 Aug---- 12,923 10,487 10,410 8 479 1,949 1967... 14,830 12,065 11 ,982 2,345 420 Sept---- 12,927 10.487 10,410 8 483 1,949 1968.. . 15,710 10,892 10,367 3,528 1 ,290 Oct.. . . 1014,367 ion ,652 ion, 567 8 1 °541 102,166 1969.. . 7 16,964 11,859 10,367 72,781 2,324 Nov.... 14,373 11,652 11,567 8 547 2,166 Dec.. . 14,378 11,652 11,567 8 552 2,166 1970... 14,487 11,072 10,732 629 1,935 851 1971 . . . 812,167 10,206 10,132 8 276 585 1,100 1974 19729. . 13,151 10,487 10,410 241 465 1,958 Jan.. . . 14,565 11,652 11,567 59 688 2,166 1973.... 14,378 11,652 11,567 8 552 2,166 Feb.... 14,643 11,652 11,567 68 757 2,166 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; of which, $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710 total gold stock is $1,165 million (Treas. gold stock $1,157 million) million on Jan. 1, 1972; plus net transactions in SDRs. reserve position in IMF $54 million, and SDR’s $217 million. 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 23 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 IMF holdings (during period) of dollars (end of period) U.S. U.S. transactions with IMF Transactions by reserve other countries position Period with IMF in IMF P s t u a d io y b o n m s o ll c s f a e r r i n i s p n t ­ s by s g N I a o M l e l e d t s F 1 T t c f i r c o u o a i r n r e n e r s s s i e g a n 2 i n c n ­ ­ I i M d n o c F i l o n l a m n rs e et P d u o rc l o l h a f a r s s e 3 s pu d r o R c l i h l n e a a ­ r s s es c T ha o n ta g l e Amount P q e U r u o . o c S f t e . a nt p ( e e r n io d d o ) f 4 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1 ,975 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1,035 1964—1966. 776 1,640 45 -723 6 1 ,744 4,834 94 326 1967—1969. 22 -84 59 -2,263 268 -1,998 2,836 55 2,324 1970. 1,155 5712 150 25 -854 741 1,929 4,765 71 1,935 1971 . 1,362 -28 -24 40 1,350 6,115 91 585 1972. 6 541 200 -47 694 6,810 94 465 1973. 6 754 -33 721 7.531 93 552 1973—Feb.. -5 -5 6,801 93 473 Mar.. -5 -5 6,796 93 478 Apr.. 18 18 6,814 94 460 May. -4 -4 6,810 94 464 June. -6 -6 6,804 94 470 July. -4 -4 6,800 93 474 Aug.. -5 -5 6,795 93 479 Sept.. -4 -4 6,791 93 483 Oct... 6 754 -4 750 7,541 93 541 Nov.. -5 -5 7,536 93 547 Dec.. -5 -5 7.531 93 552 1974—Jan.. -133 -4 -137 7,394 91 688 Feb., -4 -65 -69 7,325 91 757 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. □ MARCH 1974 6. U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions of dollars) Liabilities to foreign countries Official institutions 2 Liquid Liquid liabilities to Liquid liabili­ other foreigners liabili­ ties to Liquid ties to p E e o r n i f d od Total a a c t f r I r g t r i M a i o s o o n i l m n n d F s s g ­ i Total t p l S i i t o e a h e s r b r o t m i e r r l e t d i ­ ­ ­ M T U a a r b e r .S k a le s . e . t ­ N v k o e e U c r n t o t a . m i S n b b . ­ l a l e e r­ N n v k T b o o e e U o r n n r t e t a n . c m i S a b d b o s . l a s l n . e e r ­ ­ m r l O e i a a a a t b r b d h k l i i e e l e l i r y ­ t­ a t m L l o b b i a i e a r t q c i b r o n e o c u i a k s i l m i d a i s d ­ l ­ 6 Total t p l S i i t o e a h e s r b r o t m i e r r l e t i d ­ ­ ­ M T U a a r b e r .S l a k e s . e . t ­ o a m g n r n t i g i o a d o o n a r n n n t y n r i e a ­ , e i ­ l ­ ­ ba b i n n y k s n b o o a t n n e d d s s 3 T bo a re n n a d d s s . n a o n te d s4 ties5 ba b i n n y k s n b o o a te n n s d d 3 s * 7 zations 8 U.S. notes U.S. 1962 24,268 800 12,914 11,963 751 200 5,346 3,013 2,565 448 2,195 1963 9........................... \ J 2 2 6 6 , , 3 43 9 3 4 8 8 0 0 0 0 1 1 4 4 , , 4 4 5 2 9 5 1 12 2, ,4 46 6 7 7 1 1 , , 1 2 8 1 3 7 7 70 0 3 3 6 6 3 3 9 9 5 5, , 8 8 1 1 7 7 3 3 , , 3 3 8 9 7 7 3 3 , ,0 04 4 6 6 3 3 5 4 1 1 1 1 , , 9 96 6 5 0 1964 9........................... /29,313 800 15,790 13,224 1,125 1,079 204 158 7,271 3,730 3,354 376 1,722 \29,364 800 15,786 13,220 1,125 1,079 204 158 7,303 3,753 3,377 376 1,722 1965.............................. 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 472 1,431 /31,145 1,011 14,841 12,484 860 256 328 913 10,116 4,271 3,743 528 906 1966 9........................... \31,020 1,011 14,896 12,539 860 256 328 913 9,936 4,272 3,744 528 905 1967 9........................... \ /3 3 5 5 , , 8 6 1 6 9 7 1 1 , , 0 0 3 3 3 3 1 18 8 , , 2 1 0 9 1 4 1 1 4 4 , , 0 0 2 3 7 4 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 11 1 , , 2 0 0 8 9 5 4 4 , , 6 6 7 8 8 5 4 4 , , 1 1 2 2 7 0 5 55 5 8 8 6 69 7 1 7 1968 9........................... J \ 3 38 8 , , 4 6 7 8 3 7 1 1 , , 0 0 3 3 0 0 1 1 7 7 , , 4 3 0 4 7 0 1 1 1 1 , , 3 3 1 1 8 8 4 5 6 2 2 9 7 7 0 01 1 2 2 , ,5 5 1 1 8 8 2 2 , , 3 3 4 41 1 1 1 4 4 , , 4 4 7 7 2 2 4 5 , , 9 0 0 53 9 4 4 , , 4 4 4 4 4 4 4 6 6 0 5 9 7 7 2 2 2 5 1969 9........................... io \ / 4 4 5 5 , , 9 75 1 5 4 1 1 , , 0 01 1 9 9 »o 1 l 5 5 , , 9 9 9 75 8 1 1 1 1 , , 0 0 7 54 7 3 3 4 4 6 6 10 5 5 5 55 5 10 2 2 , , 5 5 1 1 5 5 1 1 , , 5 5 0 0 5 5 2 23 3 , , 6 6 3 4 8 5 4 4 , ,5 4 8 6 9 4 4 3 , , 0 93 6 9 4 5 5 2 2 5 5 6 6 5 63 9 (47,009 566 23,786 19,333 306 429 3,023 695 17,137 4,676 4,029 647 844 1970—Dec.9................ \46,960 566 23,775 19,333 295 429 3,023 695 17,169 4,604 4,039 565 846 1971—Dec. ii.............. \ / 6 67 7 , , 6 8 8 0 1 8 5 5 4 4 4 4 5 5 0 1 , , 6 2 5 0 1 9 3 39 9, , 0 6 1 7 8 9 1 1 , ,9 95 55 5 6 6, , 0 0 9 6 3 0 3 3 , , 3 44 71 1 1 1 4 4 4 4 1 10 0 , , 2 9 6 49 2 4 4 , , 1 1 3 41 8 3 3 , , 6 6 9 9 1 4 4 44 4 7 7 1 1 , , 5 52 23 8 1972r............................ 82,886 61,524 39,998 5,236 12,108 3,639 543 14,665 5,070 4,645 425 1,627 1973—jan.r................. 82,049 60,796 38,534 5,798 12,110 3,780 574 14,695 4,966 4,541 425 1,592 Febr................. 87,856 68,475 45,413 6,377 12,110 3.627 948 12,679 5,082 4,710 372 1,620 Marr................. 1290,886 1271,3 3 5 46,928 6,917 1212,128 3,617 1,745 12,769 5,144 4,768 376 1,638 Apr.r............... 1390,582 70,752 45,953 6.934 12.245 3,631 1,989 12,851 5,348 4,949 399 1,631 May r............... 92,087 70,919 46,116 6.934 12.245 3.628 1,996 14,058 5,361 4,977 384 1,749 June r............... 92,188 70.700 45,712 6.934 12.245 3,805 2,004 14,356 5,463 5,080 383 1,669 July r................. 93,217 71,026 46,136 6.934 12.245 3,705 2,006 15,311 5,363 4,989 374 1,517 Aug.r............... 92,578 70,520 45,721 6,906 12.319 3,555 2,019 15,076 5,450 5,115 335 1,532 Sept.r............... 92,072 69,775 45,172 6,914 12.319 3,355 2,015 15,026 5,652 5,305 347 1,619 Oct.r................. 93,173 69.701 45,211 6,929 12.319 3.233 2,009 15,953 5,699 5,325 374 1,820 Nov................. 92,581 67,398 43,789 6,207 12.319 3.234 1,849 17,081 6,092 5,682 410 2,010 Dec.p............... 92,588 66,790 43,914 5,686 12.319 3.210 1,661 17,645 6,153 5,723 430 2,000 1974—Jan.*................. 90,076 63,848 41,547 5,214 12,321 3.210 1,556 18,019 6,284 5,835 449 1,925 1 Includes (a) liability on gold deposited by the IMF to mitigate the 11 Data on the second line differ from those on first line because cer­ impact on the U.S. gold stock of foreign purchases for gold subscriptions tain accounts previously classified as “official institutions” are included to the IMF under quota increases, and (b) U.S. Treasury obligations at with “banks”; a number of reporting banks are included in the series for cost value and funds awaiting investment obtained from proceeds of sales the first time; and U.S. Treasury securities payable in foreign currencies of gold by the IMF to the United States to acquire income-earning assets. issued to official institutions of foreign countries have been increased in 2 Includes BIS and European Fund. value to reflect market exchange rates as of Dec. 31, 1971. 3 Derived by applying reported transactions to benchmark data; 12 Includes $15 million increase in dollar value of foreign currency breakdown 6f transactions by type of holder estimated 1962-63. liabilities revalued to reflect market exchange rates. 4 Excludes notes issued to foreign official nonreserve agencies. 13 Includes $147 million increase in dollar value of foreign currency 5 Includes long-term liabilities reported by banks in the United States liabilities to official institutions of foreign countries revalued to reflect and debt securities of U.S. Federally-sponsored agencies and U.S. cor­ market exchange rates as follows: short-term liabilities, $15 million; non­ porations. marketable convertible U.S. Treasury bonds and notes, $113 million; and 6 Includes short-term liabilities payable in dollars to commercial banks nonmarketable nonconvertible U.S. Treasury bonds and notes, $19 million. abroad and short-term liabilities payable in foreign currencies to commer­ cial banks abroad and to “other foreigners.” Note.—Based on Treasury Dept, data and on data reported to the 7 Includes marketable U.S. Treasury bonds and notes held by commer­ Treasury Dept, by banks and brokers in the United States. Data correspond cial banks abroad. generally to statistics following in this section, except for the exclusion 8 Principally the International Bank for Reconstruction and Develop­ of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign ment and the Inter-American and Asian Development Banks. 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. liabilities resulting from revaluation of the German mark in Oct. 1969 as follows: liquid, $17 million, and other, $84 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID AND OTHER LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n es E W u e ro st p e e r n 1 Canada A re m L pu a e b r ti i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 18,194 10,321 1,310 1,582 4,428 250 303 1968 3............................................................................................. /17,407 8,070 1,867 1,865 5,043 259 303 \17,340 8,062 1,866 1,865 4,997 248 302 1969 3............................................................................................. J4 15,975 4 7,074 1,624 1,888 4,552 546 291 \4 15,998 4 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 /51,209 30,010 3,980 1,414 14,519 415 871 \50,651 30,134 3,980 1,429 13,823 415 870 61,524 34,197 4,279 1,731 17,577 777 2,963 1973—Jan.r................................................................................... 60,796 34,146 4,201 1,729 17,034 673 3,013 Feb...................................................................................... 68,475 40,773 4,290 1,895 17,907 809 2,801 Mar.r.................................................................................. 6 71,335 6 45,229 4,221 1,750 16,568 823 2,744 Apr.r.................................................................................. 7 70,752 7 45,608 4,157 1,915 15,420 839 2,813 May r.................................................................................. 70,919 46,646 4,104 1,903 14,429 940 2,897 June r.................................................................................. 70,700 46,967 4,111 1,998 13,734 992 2,898 July r................................................................................... 71,026 47,140 4,043 2,073 13,692 928 3,150 Aug.r.................................................................................. 70,520 47,260 3,836 2,014 13,637 738 3,035 Sept..................................................................................... 69,775 47,099 3,759 1,860 13,289 769 2,999 Oct....................................................................................... 69,701 47,515 3,851 1,937 12,601 735 3,062 67,398 46,002 3,820 2,232 11,474 785 3,085 Dec.*.................................................................................. 66,790 45,713 3,838 2,546 10,881 788 3,024 1974—Jan.*................................................................................... 63,848 43,262 3,930 2,446 10,479 838 2,893 1 Includes Bank for International Settlements and European Fund. 6 Includes $15 million increase in dollar value of foreign currency 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ liabilities revalued to reflect market exchange rates. pean dependencies in Latin America. 7 Includes $147 million increase in dollar value of foreign currency 3 See note 9 to Table 6. liabilities revalued to reflect market exchange rates. 4 Includes $101 million increase in dollar value of foreign currency liabilities resulting from revaluation of the German mark in Oct. 1969. Note.—Data represent short- and long-term liabilities to the official 5 Data on second line differ from those on the first line because certain institutions of foreign countries, as reported by banks in the United States; accounts previously classified as “Official institutions” are included in foreign official holdings of marketable and nonmarketable U.S. Treasury “Banks”; a number of reporting banks are included in the series for securities with an original maturity of more than 1 year, except for non­ the first time; and U.S. Treasury liabilities payable in foreign currencies marketable notes issued to foreign official nonreserve agencies; and in­ to official institutions of foreign countries have been increased in value by vestments by foreign official reserve agencies in debt securities of U.S. $110 million to reflect market exchange rates as of Dec. 31, 1971. Federally-sponsored agencies and U.S. corporations. SHORTTERM 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 Deposits IMF End of period Total 1 Total Dem D an e d pos T it i s me 2 b T i c l r e l U e s r a . t S s i a f u . i n ­ r d y s O l t h i e a t o r h b m r e . t 4 r ­ P r f e o a c n y r i u e h c a r i i b g ­ e l n s e in m g v e o e n l s d t t ^ ­ Total Demand Time2 b T i c r l c U e l e s a r a . t t S s i e a f u . s i n r ­ d y l s O t i h e a t r o b h m r e . t 4 r ­ cates 3 1969............. 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 223 19707........... /41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 381 141,761 41,393 15,795 5,961 14,123 5,514 368 400 820 69 159 211 381 1971 8........... / \ 5 5 5 5 , , 4 4 0 28 4 5 5 5 5 , , 0 0 3 18 6 1 6 0 , , 4 3 5 9 9 9 4 5 , , 2 2 1 09 7 3 3 3 3 , , 0 0 2 2 5 5 1 6 1 , , 3 3 8 35 5 3 3 9 8 2 6 4 4 0 0 0 0 1 1 , , 3 3 6 7 7 2 7 7 3 3 1 1 9 9 2 2 2 2 1 1 0 0 8 8 9 9 2 6 1972 »•........... 60,722 60,225 8,288 5,631 31,850 14,456 496 1,413 86 202 326 800 1973—Jan.r. 59,149 58,624 7,452 5,535 30,134 15,504 526 1,380 118 172 279 811 Feb. 64,220 63,707 7,786 5,597 36,522 13,801 513 1,418 133 144 287 854 Mar.r 65,891 65,343 7,607 5,613 37,947 14,175 548 1,426 114 134 260 918 Apr.r 65,182 64,598 8,119 5,655 36,440 14,383 584 1,429 119 112 221 976 May r 66,731 66,159 8,365 5,715 35,965 16,114 572 1,579 141 119 148 1,172 Juner 66,717 66,073 9,114 5,830 34,931 16,198 644 1,569 155 134 169 1,110 July r. 67,924 67,317 8,989 5,879 34,556 17,893 607 1,488 206 116 116 1,049 Aug.r 67,398 66,788 8,436 6,137 34,257 17,958 611 1,487 178 118 61 1,129 Sept.r 67,056 66,395 8,754 6,130 33,702 17,809 660 1,552 80 100 62 1,311 Oct.r. 68,256 67,679 9,108 6,772 32,869 18,930 577 1,767 70 93 173 1,430 Nov.. 68,514 67,891 9,849 6,884 31,977 19,182 622 1,962 73 97 373 1,420 Dec.* 69,234 68,638 11,419 7,015 31,866 18,338 597 1,952 101 84 296 1,470 1974—Jan.*. 67,257 66,649 10,823 7,146 29,543 19,138 607 1,855 95 94 286 1,380 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. □ MARCH 1974 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) Total to official, banks and other foreigners To official institutions10 Payable in dollars Payable in dollars Payable End of period Total Dema D nd eposi T ts ime2 T b c i r c l e U e l a r s a t t . e s S i a f s u . n i r 3 ­ d y s O l t i h e a t o r h b m r e . t 4 r ­ f r o e c n r i u e c n i r i g ­ e n s Total Dema D n e d posi T ts ime2 T bi c c r l U e e l a s a r t . t e S s i a s u f . n i r 3 ­ d y s O t l h e i t a o r h b m r e t . ­ r 4 c P u f r a o r y r e i e a n n i b c g l i n e es 1969......................... 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 202 tI 9n~7ys0\ 7n....................... / 1 4 4 0 0 , , 4 5 9 41 9 1 1 5 5 , , 7 7 2 1 6 6 5 5 , ,7 8 6 0 5 2 1 1 3 3 , , 5 5 1 1 1 1 5 5, , 1 1 3 3 3 8 3 3 6 6 8 8 1 1 9 9 , ,3 3 3 3 3 3 1 1 , , 6 6 5 5 2 2 2 2, , 5 55 5 4 4 1 1 3 3 , ,3 3 6 6 7 7 1 1 , , 6 6 1 1 2 2 1 1 4 4 8 8 t 0*7 1 R /53,632 10,326 5,017 32,415 5,489 386 39,679 1,620 2,504 32,311 3,086 158 153,661 6,386 4,025 32,415 10,443 392 39,018 1,327 2,039 32,311 3,177 165 1972 »■....................... 59,308 8,203 5,429 31,523 13,657 496 39,998 1,589 2,880 31,453 3,905 171 1973—Jan.r............ 57,770 7,333 5,363 29.855 14,693 526 38,534 1,405 2,875 29,779 4,303 171 Feb.r........... 62,802 7,653 5,452 36^235 12,948 513 45,413 1,756 2,841 36,147 4,497 172 Mar.T.......... 64,465 7,493 5.479 37,687 13,257 548 46,928 1,543 2,837 37,620 4,757 172 Apr. r.......... 63,753 8,000 5,543 36,219 13,407 584 45,953 1,714 2,920 36,137 4,996 187 May r.......... 65,151 8,224 5.597 35,817 14,942 572 46,116 1,719 2,949 35,736 5,525 187 Juner.......... 65,148 8,959 5,696 34,762 15,088 644 45,712 1,940 3,124 34,684 5,777 187 July r............ 66,436 8,782 5,762 34,440 16,844 607 46,136 1,934 3,192 34,360 6,461 189 Aug.r.......... 65,912 8,258 6,019 34,196 16,829 611 45,721 1,575 3,355 34,118 6,545 127 Sept.............. 65,503 8,674 6,030 33,640 16.498 660 45,172 1,631 3,226 33,554 6,634 127 Oct.r........... 66,489 9,038 6,678 32.696 17.500 577 45,211 1,810 3,846 32,613 6,815 127 Nov.............. 66,552 9,776 6,787 31.604 17,762 622 43,789 2,034 3,802 31,529 6,298 127 Dec.*.......... 67,282 11,318 6,930 31;570 16,867 597 43,914 2,119 3,916 31,491 6,261 127 1974—Jan.*............ 65,401 10,728 7,052 29,257 17,758 607 41,547 2,378 3,712 29,152 6,177 j 127 To banksi1 To other foreigners To banks Payable in dollars and other End of period Total Payable in Total Deposits T bi r l U e ls a . s S a u . n r d y s O t h e t o r h m r e t r ­ Total Deposits T bi r l U e ls a . s S a u . n r d y s O t h e t o r h m r e t r ­ f r o e c r n u e c r i i g ­ e n s Demand Time2 c c e a r t t e if s i­ liab.4 Demand Time2 c c e a r t t e if s i­ liab.4 1969......................... 27,709 23,419 16,756 1,999 20 4,644 4,064 1,711 1,935 107 312 226 19707 ...................... /21,166 16,917 12,376 1,326 14 3,202 4,029 1,688 1,886 131 325 220 121,208 16,949 12,385 1,354 14 3,197 4,039 1,688 1,895 131 325 220 19718....................... / 1 1 1 3 4 , , 9 6 5 4 3 3 1 10 0 , , 7 0 2 3 1 4 7 3 , , 0 3 4 9 7 9 8 3 5 2 0 0 8 8 2 6 , ,9 1 9 3 5 0 3 3, , 6 6 9 9 1 4 1 1 , , 6 6 6 60 0 1 1 , , 6 6 6 6 3 6 9 9 6 6 2 27 7 1 4 2 2 2 2 8 8 1972'....................... 19,310 14,340 4,659 405 5 9,270 4,645 1,954 2,145 65 481 325 1973—Jan.r............ 19,235 14,341 4,155 343 7 9,835 4,540 1,773 2,144 69 555 355 Feb.'........... 17,388 12,337 4,084 371 5 7,877 4,710 1,813 2,240 83 573 341 Mar.r.......... 17,537 12,393 4.145 331 5 7,912 4,767 1,805 2,312 63 588 376 Apr. r.......... 17,800 12,453 4,336 312 7 7,799 4,949 1,951 2,312 75 611 398 Mayr.......... 19,035 13,673 4,646 319 8 8,701 4,977 1,859 2,329 73 716 385 Juner.......... 19,437 13,899 5,054 258 8 8,578 5,081 1,965 2,314 70 732 457 July r............ 20,300 14,893 4,958 321 8 9,606 4,989 1,890 2,250 72 776 418 Aug.T.......... 20,191 14,593 4,807 353 10 9,423 5,115 1,876 2,311 68 861 483 Sept. r.......... 20,331 14,493 5.071 430 8 8.983 5,305 1,972 2,374 77 881 533 Oct. r........... 21,278 15,503 5,251 473 7 9,772 5,325 1,977 2,359 76 912 449 Nov.............. 22,762 16,586 5,735 294 8 10,549 5,681 2,007 2,692 67 915 495 Dec.*........... 23,367 17,176 6,967 527 11 9,670 5,722 2,232 2,487 68 936 469 1974—Jan.*............ 23,854 17,539 6,330 620 14 10,576 5,835 2,020 2,719 91 1,005 480 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 revalued time certificates of deposit. See also note 8(a). to reflect market exchange rates. 5 U.S. Treasury bills and certificates obtained from proceeds of sales of lOForeign central banks and foreign central govts, and their agencies, gold by the IMF to the United States to acquire income-earning assets. and Bank for International Settlements and European Fund. Upon termination of investment, the same quantity of gold was reac­ 11 Excludes central banks, which are included in “Official institutions.” quired by the IMF. 6 Principally the International Bank for Reconstruction and Develop­ Note.—“Short term” refers to obligations payable on demand or having ment and the Inter-American Development Bank. an original maturity of 1 year or less. For data on long-term liabilities Includes difference between cost value and face value of securities in reported by banks, see Table 10. Data exclude the “holdings of dollars” IMF gold investment account. of the International Monetary Fund; these obligations to the IMF consti­ 7 Data on the two lines shown for this date differ because of changes in tute contingent liabilities, since they represent essentially the amount of reporting coverage. Figures on the first line are comparable in coverage dollars available for drawings from the IMF by other member countries. with those shown for the preceding date; figures on the second line are Data exclude also U.S. Treasury letters of credit and non-negotiable, noncomparable with those shown for the following date. interest-bearing special U.S. notes held by the Inter-American Develop­ 8 Data on second line differ from those on first line because (a) those ment Bank and the International Development Association. liabilities of U.S. banks to their foreign branches and those liabilities of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ 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) 1972 1973 1974 Area and country Dec.r Apr. r May r Juner July r Aug.r ! Sept.r Oct.r Nov- Dec.* Jan.* Europe: Austria........................................................... 272 292 301 297 305 302 292 204 166 161 210 Belgium-Luxembourg................................. 1,092 1,245 1,373 1,376 1.456 1,378 1,377 1,410 1,462 1.483 1,593 Denmark....................................................... 284 406 502 489 All 437 409 470 527 659 527 Finland.......................................................... 163 168 244 194 165 153 145 135 136 165 178 France............................................................ 4,441 5,167 5,327 5,406 5,452 5,246 5,296 4,143 3,415 3.483 3,241 Germany....................................................... 5,346 12,701 12,161 12,003 12,837 12,912 1 13,236 14,180 14,227 13,228 12,307 Greece........................................................... 238 175 219 219 240 236 ; 215 280 236 389 262 Italy................................................................ 1,338 1,020 1,171 1,072 870 1,510 1,140 1,095 t 1,224 1,384 1,196 Netherlands.................................................. 1,468 2,543 2,427 2,369 2,029 1,945 2,022 2,534 2,866 2,886 2,522 Norway.......................................................... 978 1,035 1,046 1,049 1,082 1,055 1,024 999 980 965 961 Portugal......................................................... 416 502 511 500 All 472 459 467 470 534 482 Spain............................................................... 256 250 325 334 282 237 259 284 319 305 264 Sweden........................................................... 1,184 1,682 1,787 1,905 1,951 1,871 1,835 1,787 1,807 1,885 1,975 Switzerland................................................... 2,857 2,959 3,272 3,268 3,310 3,226 3,309 3,316 3,081 3,403 3,281 T urkey........................................................... 97 118 71 75 102 115 72 83 75 102 221 United Kingdom......................................... 5,011 4,741 5,899 6,317 6.457 5,943 5,593 6,416 6,482 6,148 6,439 Yugoslavia.................................................... 117 69 73 66 66 57 58 61 76 86 78 Other Western Europe1............................ 1,483 1,772 2,164 2,360 2,965 3,015 3,099 3,427 2,926 3,340 3,097 U.S.S.R.......................................................... 11 8 9 11 18 17 16 40 20 22 26 Other Eastern Europe................................ 81 71 66 74 81 90 114 96 101 110 92 Total....................................................... 27,134 36,924 38,949 39,383 40,621 40,216 39,970 41,425 40,597 40,740 38,953 Canada............................................................... 3,467 3,600 3,796 3,328 3,393 3,787 3,721 3,812 3,967 3,864 4,158 I Latin America: Argentina....................................................... 631 694 730 727 750 800 889 781 766 914 847 Bahamas 2.................................................... 540 229 503 452 796 564 592 456 806 824 593 Brazil.............................................................. 605 703 768 770 920 732 700 745 816 860 819 Chile............................................................... 137 140 137 140 134 126 127 137 142 157 178 Colombia....................................................... 210 197 219 200 200 168 167 207 221 247 219 Cuba............................................................... 6 7 7 10 7 7 7 7 6 7 7 Mexico........................................................... 831 853 843 925 919 975 1,044 1,029 1,132 1,284 1,323 Panama......................................................... 167 168 192 186 194 217 204 231 282 279 281 Peru................................................................ 225 167 170 180 190 177 178 152 124 135 144 Uruguay......................................................... 140 143 150 180 128 126 114 115 112 120 120 Venezuela....................................................... 1,078 1,045 968 1,055 1,067 1,079 941 1,130 1,420 1,468 1,460 Other Latin American republics.............. 860 818 778 783 744 791 791 742 769 879 947 Netherlands Antilles and Surinam.......... 86 72 64 68 78 61 65 70 63 71 70 Other Latin America.................................. 44 243 270 649 408 403 463 532 556 362 470 Total....................................................... 5,560 5,480 5,798 6,325 6,534 6,226 6,283 6,334 7,215 7,607 7,476 Asia: China, People’s Rep. of (China Mainland 39 44 44 41 38 43 40 37 40 51 38 China, Republic of (Taiwan).................... 675 830 832 846 790 810 802 779 764 744 735 Hong Kong................................................... 318 330 368 341 289 356 349 363 383 372 389 India............................................................... 98 125 145 110 141 103 99 105 71 85 152 Indonesia...................................................... 108 90 117 155 176 140 254 169 160 133 186 Israel........................................................... 177 144 142 161 159 146 173 279 330 327 337 Japan.............................................................. 15,843 10,415 9,056 8,458 8,126 8,003 7,680 7,061 6,726 6,954 6,418 Korea............................................................. 192 214 231 226 219 217 213 198 210 195 222 Philippines..................................................... 438 520 575 544 545 541 482 479 497 515 570 Thailand......................................................... 171 166 177 175 146 140 143 163 180 247 336 Other.............................................................. 1,071 940 873 883 958 1,139 1,165 1,139 1,138 1,202 1,306 Total....................................................... 19,131 13,818 12,560 11,940 11,588 11,640 11,401 10,771 10,500 10,826 10,690 Africa: Egypt.............................................................. 24 33 67 29 29 41 34 34 63 35 72 Morocco........................................................ 12 9 8 11 15 10 11 10 14 11 12 South Africa................................................. 115 125 120 155 169 100 132 103 109 114 101 Zaire............................................................... 21 28 45 17 21 27 19 26 24 87 42 Other.............................................................. 768 798 786 904 803 683 765 747 824 808 837 Total....................................................... 939 992 1,025 1,118 1,037 862 961 919 1,034 1,056 1,064 Other countries: Australia........................................................ 3,027 2,882 2,961 2,985 3,202 3,124 3,106 3,169 3,183 3,131 2,986 All other........................................................ 51 57 60 71 i 61 57 62 59 55 59 74 Total....................................................... 3,077 2,939 3,022 3,056 3,263 3,181 3,168 3,228 3,238 3,190 3,059 Total foreign countries.................................. 59,308 63,753 65,151 65,148 66,436 65,912 65,503 66,489 66,552 67,282 65,401 International and regional: International 3............................................... 951 983 1,132 1,149 1,099 1,125 1,183 1,402 1,610 1,627 1,537 Latin American regional........................... 307 337 345 329 309 289 298 299 290 ; 269 256 Other regional4............................................ 156 109 102 89 81 72 70 66 62 , 57 63 Total....................................................... 1,413 1,429 1,579 1,569 1,488 1,487 1,552 1,767 1,962 1,952 1,855 Grand total........................................... 60,722 65,182 66,731 66,717 67,924 67,398 j67,056 68,256 68,514 j69,234 67,257 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MARCH 1974 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 5 1971 1972 1973 1971 1972 1973 Area and country Area and country Dec. Apr. Dec. Apr. Dec. Dec. Apr. Dec Apr. Other Western Europe: Other Asia—Cont.: Cyprus........................................ 2 2 3 9 19 Kuwait....................................... 20 16 39 36 20 Iceland........................................ 11 9 9 12 6 Laos............................................ 3 3 2 3 2 Ireland, Rep. of........................ 16 15 17 22 54 Lebanon.................................... 46 60 55 55 51 Malaysia.................................... 23 25 54 59 42 Other Latin American republics Pakistan..................................... 33 58 59 93 95 Bolivia......................................... 55 53 87 65 44 Ryukyu Islands (incl. Okinawa) 6 29 53 Costa Rica................................. 62 70 92 75 76 Saudi Arabia............................ 79 80 344 236 244 Dominican Republic............... 123 91 114 104 89 Singapore.................................. 35 45 77 53 140 Ecuador...................................... 57 62 121 109 51 Sri Lanka (Ceylon)................. 4 6 5 6 13 El Salvador................................ 78 83 76 86 77 Syria............................................ 4 6 4 39 4 Guatemala.................................. 117 123 132 127 145 Vietnam..................................... 159 185 135 98 82 Haiti............................................ 18 23 27 25 17 Honduras.................................. 42 50 58 64 51 Jamaica....................................... 19 32 41 32 30 Other Africa: Nicaragua.................................. 50 66 61 79 88 Algeria.......................................... 23 31 32 51 87 Paraguay.................................... 17 17 22 26 18 Ethiopia (incl. Eritrea)............. 11 29 57 75 62 Trinidad & Tobago................. 10 15 20 17 14 Ghana.......................................... 8 11 10 28 18 Kenya........................................... 9 14 23 19 21 Other Latin America: Liberia.......................................... 23 25 30 31 34 Bermuda..................................... (2) (2) (2) 127 178 Libya............................................ 274 296 393 312 (7) British West Indies................... 32 23 36 100 105 Nigeria......................................... 46 56 85 140 (7) Southern Rhodesia................... 2 2 2 1 2 Other Asia: Sudan........................................... 1 5 3 3 3 Afghanistan................................ 19 17 25 19 9 Tanzania...................................... 6 6 11 16 12 Bahrain........................................ 21 18 24 23 (7) Tunisia......................................... 9 7 10 11 4 Burma.......................................... 10 5 2 17 (7) Uganda........................................ 3 10 7 19 6 Cambodia................................... 5 2 3 3 2 Zambia......................................... 13 7 28 37 (7) Iran.............................................. 59 88 93 114 103 Iraq.............................................. 10 9 10 26 (7) All other: Jordan........................................ 2 4 4 5 New Zealand.............................. 23 30 37 1 Includes Bank for International Settlements and European Fund. 4 Asian, African, and European regional organizations, except BIS and 2 Bermuda included with Bahamas through Dec. 1972. European Fund, which are included in “Europe.” 3 Data exclude “holdings of dollars” of the International Monetary 5 Represent a partial breakdown of the amounts shown in the “other” Fund but include IMF gold investment until Feb. 1972, when investment categories (except “Other Eastern Europe”). was terminated. 6 Included in Japan after Apr. 1972. 7 Not available. 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To inti. End of period Total and Official Other Ger­ United Other Total Other All regional Total institu­ Banks1 foreign­ many King­ Europe Latin Japan Asia other tions ers dom America coun­ tries 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—Dec.2................. /l,000 562 439 93 259 87 165 63 32 136 1 32 10 \1,018 580 439 93 259 87 165 63 32 136 1 32 10 1973—Jan...................... 1,044 617 427 74 257 96 165 61 30 127 1 30 13 Feb...................... 1,276 613 663 304 258 100 164 59 233 118 1 71 16 Mar..................... 1,406 697 709 328 269 112 164 66 234 133 1 96 16 Apr.r................. 1,397 684 713 329 274 111 164 68 239 128 1 98 16 May.................... 1,379 688 691 313 274 104 164 68 231 115 1 96 16 June................... 1,467 769 697 311 274 113 164 68 233 125 2 94 10 Julyr................... 1,525 768 757 311 305 141 164 68 265 145 2 93 19 Aug.r................. 1,530 775 755 322 305 127 165 68 265 143 2 95 17 Sept..................... 1,502 758 744 318 302 123 165 68 263 145 2 84 18 Oct................ 1,473 735 738 312 305 122 165 68 265 140 2 81 18 Nov..................... 1,469 753 717 313 287 117 165 67 246 138 2 80 19 Dec.*............. 1,469 761 708 310 287 112 165 66 237 141 5 77 18 1974—Jan.*................... 1,498 801 697 311 275 111 165 65 236 140 2 78 U 1 Excludes central banks, which are included with “Official institutions.” 2 Data on the two lines shown 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 date; figures on the second line are comparable with those shown for the following date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ 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) 1973 1974 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.* Jan.* Europe: Belgium-Luxembourg....................... 6 6 6 6 6 6 6 6 7 7 7 7 7 110 135 135 135 135 135 135 135 165 165 165 235 235 45 44 43 44 43 43 42 37 37 37 38 34 33 327 276 278 300 281 280 275 236 247 290 400 423 437 Other Western Europe..................... 79 79 79 79 85 85 85 85 85 85 85 86 91 Eastern Europe.................................. 5 5 5 5 5 5 5 5 5 5 5 5 5 Total............................................ 572 544 546 569 555 554 547 504 546 588 700 789 808 Canada..................................................... 558 559 561 561 560 560 560 560 560 560 567 567 582 Latin America: Latin American republics................. 1 1 1 1 1 1 4 8 9 9 11 11 11 6 6 6 6 6 6 3 3 3 3 3 3 3 Total............................................ 7 7 7 7 7 7 7 11 12 12 14 14 14 Asia: Japan.................................................... 4,867 5,421 5,961 5,978 5,978 5,977 5,977 5,949 5,950 5,950 5,143 4,552 4,066 Other Asia.......................................... 10 10 10 10 10 10 9 9 11 11 11 11 11 Total............................................ 4,877 5,431 5,971 5,988 5,988 5,988 5,987 5,959 5,961 5,961 5,154 4,563 4,077 Africa....................................................... 183 183 183 183 183 183 183 183 158 158 158 158 158 25 25 25 25 25 25 25 25 25 25 25 25 25 6,223 6,749 7,293 7,333 7,318 7,317 7,308 7,241 7,261 7,303 6,617 6,116 5,663 International and regional: International....................................... 186 176 186 176 142 72 1 1 21 6 1 1 20 Latin American regional................. 28 26 26 27 27 27 28 45 45 47 47 48 49 Total............................................ 214 202 212 202 169 100 29 46 66 53 48 49 69 6,436 6,951 7,505 7,535 7,487 7,417 7,337 7,287 7,327 7,356 6,665 6,164 5,732 Note.—Data represent estimated official and private holdings of mar- year, and are based on benchmark surveys of holdings and regular monthly ketable U.S. Treasury securities with an original maturity of more than 1 reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period China, Total g B iu e m l­ C a a d n a ­ ( R Ta e i p w . a o n f ) m G a e n r y ­ Italy Korea T la h n a d i­ Total m G an e y r­ 2 e S r w la i n tz d ­ 197 0 3,563 2,480 2,289 25 100 1,083 542 541 197 1 3 9,657 7,829 2,640 5,000 22 100 3 1,827 612 1,215 197 2 15,872 14,333 2.840 11,315 22 100 1,539 306 1 ,233 1973—Feb. 15,863 14,474 2.840 11.471 22 100 1,389 153 1,236 Mar. 415,870 14,464 2.840 11.471 22 100 41,407 153 1,254 Apr. 416,015 14,459 2.840 11.471 22 100 41,556 172 1,384 May 16,012 14,456 2.840 11.471 22 100 1.556 172 1,384 June 16,189 14,633 2.840 11.670 22 100 1.556 172 1,384 July. 16,089 14,533 2.840 11.670 22 1.556 172 1,384 Aug. 16,015 14,383 2,690 11.670 22 1.631 172 1,458 Sept. 15,813 14,183 2,490 11.670 22 1.631 172 1,458 Oct.. 15.691 14.233 2.540 11.670 22 1.458 1,458 Nov. 15.692 14.233 2.540 11.670 22 1.459 1,459 Dec. 15,669 14.210 2.540 11.670 1.459 1,459 1974—Jan.. 15.671 14.210 2.540 11.670 1.461 1,461 Feb., 15.672 14.210 2.540 11.670 1.462 1,462 1 Notes issued to the Government of Italy in connection with mili­ 3 Includes $106 million increase in dollar value of foreign currency tary purchases in the United States. obligations revalued to reflect market exchange rates as of Dec. 31, 1971. 2 In addition, nonmarketable U.S. Treasury notes amounting to $125 4 Includes $15 million increase in Mar. and $145 million increase in million equivalent were held by a group of German commercial banks from Apr. in dollar value of foreign currency obligations revalued to reflect June 1968 through Nov. 1972. The dollar value of these notes was increased market exchange rates. by $10 million in Oct. 1969 and by $18 million as of Dec. 31, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MARCH 1974 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1972 1973 1974 Area and country Dec. r Apr. r May r Juner July r Aug.r Sept.r Oct.r Nov. Dec.* Jan.* Europe: Austria............................................................ 8 9 9 12 10 18 14 15 14 11 14 Belgium-Luxembourg................................. 120 84 73 94 96 107 190 150 145 148 134 Denmark....................................................... 59 63 69 69 56 67 52 50 53 48 50 Finland........................................................... 118 134 140 141 134 125 114 97 89 108 106 France............................................................ 330 451 447 389 434 368 413 461 525 621 649 Germany....................................................... 321 345 356 399 349 281 313 366 392 311 342 Greece............................................................ 29 32 19 19 28 20 16 26 23 35 41 Italy................................................................ 255 288 327 326 278 278 242 282 363 316 313 Netherlands................................................... 108 129 115 109 101 155 144 132 172 133 139 Norway.......................................................... 69 66 67 65 79 70 67 74 82 72 85 Portugal......................................................... 19 30 17 19 18 14 18 23 22 23 25 Spain............................................................... 207 238 360 387 272 251 183 183 189 222 208 Sweden........................................................... 164 246 267 234 224 184 166 155 177 153 135 Switzerland................................................... 125 186 190 245 208 206 234 242 203 176 240 Turkey............................................................ 6 5 6 9 7 6 6 8 16 10 16 United Kingdom........................................ 997 953 1,009 1,025 1,077 1,357 1,304 1,236 1,178 1,456 1,490 Yugoslavia..................................................... 22 20 13 12 12 10 10 8 19 10 9 Other Western Europe............................... 20 29 21 29 20 21 26 34 26 27 19 U.S.S.R........................................................... 41 61 50 56 56 42 46 49 51 46 29 Other Eastern Europe................................ 49 60 69 73 84 83 97 87 72 59 64 Total....................................................... 3,067 3,428 3,624 3,710 3,542 3,664 3,654 3,678 3,811 3,985 4,108 Canada............................................................... 1,914 2,305 2,400 2,034 2,168 2,186 1,909 2,210 1,979 1,958 1,880 Latin America: Argentina....................................................... 379 396 408 408 431 442 45 5 469 485 498 520 Bahamas 1..................................................... 515 538 433 448 518 484 619 698 608 869 578 Brazil.............................................................. 649 759 851 891 965 915 879 837 826 900 953 Chile............................................................... 52 45 40 43 36 50 40 80 125 151 136 Colombia....................................................... 418 401 398 412 420 422 423 423 413 397 426 Cuba............................................................... 13 13 13 14 13 13 13 15 13 12 11 Mexico........................................................... 1,202 1,343 1,343 1,406 1,386 1,348 1,329 1,388 1,357 1,390 1,343 Panama.......................................................... 244 183 190 218 223 262 252 273 263 266 291 Peru................................................................ 145 142 147 169 180 176 178 208 204 178 186 Uruguay......................................................... 40 36 31 34 34 35 39 45 47 55 57 Venezuela...................................................... 383 401 440 454 454 441 430 436 469 517 483 Other Latin American republics.............. 388 382 383 380 373 394 409 431 465 490 542 Netherlands Antilles and Surinam.......... 14 24 35 38 48 38 31 23 17 13 17 Other Latin America.................................. 36 85 74 66 71 91 91 137 124 140 356 Total....................................................... 4,476 4,746 4,786 4,981 5,153 5,111 5,187 5,464 5,417 5,877 5,900 Asia: China, People’s Rep. of (China Mainland) 1 2 5 3 7 6 7 22 36 20 24 China, Republic of (Taiwan).................... 194 238 216 200 198 183 141 128 117 140 119 Hong Kong................................................... 93 122 132 204 218 116 128 121 124 147 169 India............................................................... 14 14 19 21 18 17 19 14 16 16 16 Indonesia....................................................... 87 127 97 94 91 77 81 89 96 88 105 Israel............................................................... 105 126 116 111 133 133 145 145 155 166 153 Japan.............................................................. 4,152 5,660 5,530 5,751 5,753 5,791 5,801 5,745 6,033 6,405 6,467 Korea............................................................. 296 331 338 347 348 336 348 372 368 401 429 Philippines..................................................... 149 150 139 144 134 129 121 105 118 179 189 Thailand........................................................ 191 197 194 173 188 185 179 206 225 273 323 Other.............................................................. 300 296 324 354 352 350 361 349 377 394 466 Total....................................................... 5,584 7,263 7,110 7,401 7,441 7,321 7,330 7,295 7,664 8,230 8,461 Africa: Egypt.............................................................. 21 22 25 34 44 41 43 38 40 35 42 Morocco........................................................ 4 5 4 4 5 5 11 4 7 5 4 South Africa................................................. 143 151 166 163 150 151 157 150 147 129 133 Zaire............................................................... 13 13 13 42 43 49 48 51 61 60 56 Other.............................................................. 118 129 136 145 149 173 146 163 155 159 178 Total....................................................... 299 319 343 388 391 419 405 406 410 388 413 Other countries: Australia........................................................ 291 249 232 260 271 230 218 223 251 243 279 All other........................................................ 40 50 47 46 40 41 36 36 36 43 37 Total....................................................... 330 299 280 305 310 271 254 259 287 286 316 Total foreign countries................................... 15,670 18,361 18,544 18,820 19,005 18,973 18,739 19,312 19,569 20,724 21,079 International and regional............................. 3 2 2 1 2 1 1 1 1 1 1 Grand total.......................................... 15,672 18,362 18,546 18,821 19,007 18,974 18,739 19,313 19,570 20,725 21,080 1 Includes Bermuda through Dec. 1972. 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. foreigners, where collection is being made by banks and bankers for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ 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 f s f t i i c t i u a ­ l Banks1 Others C s t t o o i a o u l n l n t e d ­ s c ­ ­ f A o o a m c r f n c a a f c e d o c e p c e r s t ­ 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 u c o n o v r r d i m t e t , i i e f l g s i . s e ­ n , ­ Other tions ing eigners nance paper 197 0 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 166 1971 2........... [ \ 1 1 3 3, , 2 1 7 7 2 0 1 1 2 2 , , 3 3 7 28 7 4 3 , , 5 9 0 6 3 9 2 2 3 2 1 3 2 2 , , 6 0 1 8 3 0 1 1 , , 6 6 5 6 8 7 2 2 . . 4 4 7 7 5 5 4 4 , , 2 2 4 5 3 4 1 1 , , 6 1 7 0 9 7 8 8 9 4 5 2 5 5 4 4 8 9 1 1 7 1 3 9 1 1 7 7 4 4 19723 r......... r15,471 14,625 5,674 163 2,975 2,535 3,269 3,204 2,478 846 441 223 182 k15,672 14,826 5,671 163 2,970 2,538 3,276 3,226 2,653 846 441 223 182 1973—Jan.r. 15,210 14,385 5,426 142 2,808 2,475 3,260 3,123 2.576 825 443 253 128 Feb.'. 18,033 16.962 6,449 162 3,669 2,619 3,589 3,302 3,622 1,071 596 313 162 Mar.r 18,383 17,432 6,517 141 3,677 2,698 3,732 3.482 3,700 951 524 262 165 Apr. r 18,362 17,544 6,826 146 3,928 2,753 3,815 3.483 3,419 819 460 207 152 May r 18,546 17,692 6,933 163 3,813 2,956 3,824 3,623 3,313 854 499 237 118 Juner 18,821 17,982 7,318 205 4,070 3,043 3,881 3,984 2,800 839 552 140 147 Julyr. 19,007 18,144 7,024 162 3,926 2,936 3,871 3,922 3,327 863 561 151 151 Aug.r 18,974 18,087 6,973 176 4.029 2,768 3,948 3,716 3,450 887 488 151 248 Sept.r 18,739 17.963 6.829 160 3,917 2.752 4,070 3,718 3,345 777 459 143 175 Oct. r. 19,313 18,453 7,003 216 3,989 2,798 4,099 3,774 3.577 861 510 187 163 Nov.. 19,570 18,780 7.090 252 4,084 2.753 4,287 3,788 3,614 790 512 131 148 Dec.* 20,725 20,063 7,733 268 4,587 2,878 4,304 4,155 3,870 662 428 119 115 1974—Jan.*. 21,080 20,277 7,415 303 4,419 2,692 4,388 4,107 4,367 804 504 162 137 1 Excludes central banks, which are included with “Official institutions.” “Other short-term claims”; and (b) a number of reporting banks are included 2 Data on second line differ from those on first line because (a) those in the series for the first time. claims of U.S. banks on their foreign branches and those claims of U.S. 3 Data on the two lines shown for this date differ because of changes agencies and branches of foreign banks on their head offices and foreign in reporting coverage. Figures on the first line are comparable in cover­ branches, which were previously reported as “Loans”, are included in age with those shown for the preceding date; figures on the second line are comparable with those shown for the following date. 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars End of Payable period Total Loans to— O lo t n h g e ­ r c fo u r r i e r n i e g n n ­ U K d n i o n i m t g ed ­ E O u t r h o e p r e Canada A L m a e t r i i n ca Japan O A t s h i e a r co o u A t n h l t e l r r ies Official Other term cies Total institu­ Banks * foreign­ claims tions ers 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 /4,954 4,539 833 430 3,276 375 40 145 704 406 1,996 319 881 503 19722 r............... \5,025 4,550 836 430 3,285 435 40 145 701 406 2,012 348 900 514 1973—Jan.r. .. 5,027 4,547 835 442 3,270 439 41 144 724 403 1,974 353 917 513 Feb.r.. . 5,137 4,636 836 477 3,323 449 52 135 763 434 1,993 342 930 540 Mar.r. . 5,288 4,781 883 496 3,402 460 47 121 854 453 1,985 336 986 552 Apr. r... 5,431 4,935 903 544 3,487 447 49 122 907 477 2,007 337 1,030 552 May r... 5,519 5,015 932 545 3,538 455 48 131 923 511 2,006 331 1,058 558 Juner... 5,604 5,095 978 550 3,567 464 45 131 980 523 2,002 311 1,096 561 July'. .. 5,623 5,114 957 554 3,604 455 54 128 1,029 517 1,982 310 1,122 535 Aug.r... 5,519 5,007 1,002 514 3,491 466 46 137 1,007 404 1,963 304 1,157 548 Sept.r. . 5,385 4,859 1,010 507 3,342 456 70 131 975 418 1,921 252 1,186 501 Oct........ 5,567 5,011 1,041 537 3,434 476 80 130 1,011 491 1,960 258 1,203 514 Nov.. . . 5,763 5,222 1,127 554 3,541 463 78 138 1,058 484 2,068 251 1,246 516 Dec.*... 5,855 5,303 1,122 599 3,582 480 72 140 1,098 489 2,061 243 1,292 533 1974—Jan.*. .. 5,794 5,245 1,115 558 3,572 470 79 135 1,096 484 2,036 249 1,284 509 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. □ MARCH 1974 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 Net piirehasesor sales Period Total I a n n t d l. Foreign c P ha u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ c P ha u s r e ­ s Sales c N h e s a t a s l e e p s s u o r r ­ regional Total Official Other 1971............................... 1,672 130 1,542 1,661 -119 14,573 13,158 1,415 1,687 2,621 -935 1,385 1,439 -57 1972............................... 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*............................. 290 -165 455 450 6 18,565 13,838 4,727 1,468 2,449 -981 1,729 1,554 176 1973—Jan..................... 562 562 562 * 1,852 1,116 736 191 323 -132 161 158 3 Feb.................... 515 -12 527 579 -52 1,761 1,045 716 145 144 1 194 145 49 Mar................... 554 10 544 540 3 2,220 1,111 1.109 144 125 19 211 114 97 Apr.r................ 31 -9 40 16 23 1,566 1,040 525 117 292 -175 121 112 9 Mayr................. -48 -33 -15 * -15 1,142 1,101 41 140 150 -10 137 125 12 June r................ -71 -69 -1 -1 1,087 899 188 125 103 22 123 111 12 July r................. -79 -71 -9 -9 1,320 898 422 101 207 -106 108 107 1 Aug. r................ -51 17 -68 -28 -39 1,328 864 464 96 157 -61 117 125 -8 Sept.r................ 40 20 20 8 12 1,174 963 212 67 101 -34 115 105 10 Oct.. r............... 29 -13 42 15 27 1,806 1,736 71 97 336 -238 129 131 -2 Nov................... -691 -5 -686 -722 36 1,947 1,689 258 103 305 -202 156 178 -22 Dec.*................. -501 1 -502 -521 19 1,360 1,376 -15 141 204 -63 159 144 15 1974—Jan.*................. -432 20 -452 -472 19 1,697 1,455 242 71 364 -292 209 207 2 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to sold abroad by U.S. corporations organized to finance direct investments official institutions of foreign countries; see Table 12. abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations. Also includes issues of new debt securities organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Pur­ Net pur­ Ger­ Nether­ Switzer­ United Other Total Latin Period chases Sales chases or France many lands land King­ Europe Europe Canada America Asia Other sales ( —) dom 1971....................... 11,626 10,894 731 87 131 219 168 -49 71 627 -93 37 108 52 1972....................... 14,361 12,173 2,188 372 -51 297 642 561 137 1,958 -78 -32 256 83 1973*..................... 12,757 9,955 2,801 439 2 339 685 369 288 2,121 99 -1 577 5 1973—Jan............. 1,401 924 477 32 29 46 143 108 21 380 25 -20 85 8 Feb............ 1,282 835 446 25 5 67 150 82 42 371 37 -11 44 5 Mar........... 1,144 793 350 35 8 47 J48 21 29 288 25 5 21 11 Apr.r........ 868 728 141 21 9 -8 53 -14 46 107 34 -10 5 5 May r........ 778 898 -120 -2 -43 -14 -22 -38 3 -116 -7 -16 11 9 June.......... 766 632 134 2 -23 7 52 15 21 74 8 -2 55 -2 July '........ 881 564 316 67 -19 25 80 28 ?8 210 19 11 71 5 Aug. r........ 973 631 341 53 1 60 57 40 u 245 10 11 81 -6 Sept.r. ... 948 734 214 63 6 18 54 15 14 169 * 27 21 -3 Oct.r........ 1,368 1,272 95 6 -7 5 -34 68 24 61 -26 16 41 4 Nov........... 1,481 1,071 409 106 27 54 68 67 21 343 -18 -9 108 -14 Dec.*........ 870 872 -2 30 9 32 -64 -23 6 -9 -8 -4 34 -16 1974—Jan.* . 973 799 174 68 4 37 45 27 22 202 -27 -42 33 9 1 Includes international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia Africa co O u t n h t e ri r es I r n e t g l. i o a n n a d l 1971....................... 684 15 35 -1 197 327 39 612 37 19 -2 * -21 39 1972....................... 1,871 336 77 74 135 357 315 1,293 82 22 323 * 148 1973*..................... 1,926 201 -33 -19 307 277 475 1,208 49 44 588 * 10 26 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 r........ 161 1 -4 -1 76 120 22 215 7 1 2 * * -63 June.......... 54 6 -3 * -3 -19 -2 -20 7 -1 * * 10 59 July........... 106 * -57 * 13 -15 7 -52 3 4 1 * * 150 Aug.r........ 123 31 1 1 -5 57 10 94 -1 4 2 * * 24 Sept........... -2 2 * * -1 14 12 26 -1 1 11 * * -39 Oct............ -25 53 * 1 46 -14 1 87 4 1 1 * * -118 Nov........... -151 4 11 -2 28 76 7 124 -21 3 -209 * * -48 Dec.*........ -13 9 10 4 37 61 32 153 -1 16 -183 * 1 1974—Jan.*......... 68 3 2 * 23 j 117 -8 137 14 1 -104 * * 20 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 Perjod Total and foreign Eu­ Canada Amer­ Asia Af­ coun­ End of balances balances re­ coun­ rope ica rica tries period (due to (due from gional tries foreigners) foreigners) 1971................. -992 -310 -682 31 -275 -46 -366 -57 32 1970—Dec............................... 349 281 1972.................. -651 -90 -561 492 -651 -69 -296 -66 29 1973*............... -805 139 -944 -139 -558 -120 —168 3 37 1971—Mar.............................. 511 314 June.............................. 419 300 1973—Jan -129 9 -138 7 -67 -70 -9 * * Sept.............................. 333 320 Feb.. . . 49 -2 51 -3 41 -16 29 * * 311 314 Mar.... 116 23 93 24 34 8 27 * 1 Apr.. .. -166 16 -182 22 -193 -6 -5 * * 1972—Mar.............................. 325 379 May r. . 2 11 -9 -21 -13 6 6 -1 14 June............................. 312 339 June... 34 7 27 10 6 13 -13 1 9 286 336 July r... -105 3 -108 -13 -93 -13 9 * 2 372 405 Aug.. . . -69 5 -75 -21 -44 -4 -8 * 3 Sept---- -25 4 -28 -28 8 -8 -1 * 2 310 364 Oct....... -240 4 -243 -25 -148 — 8 -64 1 1 June.............................. 316 243 Nov... -225 9 -234 -47 -78 -6 -104 * * 290 255 Dec.*. . -48 51 -99 -44 -10 -15 -34 2 3 Dec.*............................ 333 231 1974—Jan.*... -291 -4 -287 -81 -204 -2 —! j -1 2 Note.—Data represent the money credit balances and money debit balances appearing on the books of reporting brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. NOTES TO TABLES 21A AND 21B ON FOLLOWING PAGES: 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 $22,243 million and $22,616 million, respectively, on Dec. 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. □ MARCH 1974 21a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) Claims on U.S. Claims on foreigners Location and currency form Month-end Total Other Offi­ Non­ Other Parent branches Other cial bank Total bank Other Total of parent banks insti­ for­ bank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies................................ 1970—Dec............ 47,363 9,740 7,248 2,491 36,221 6,887 16,997 695 11,643 1,403 1971—Dec............ 61,334 4,798 2,311 2,486 54,752 11,211 24,550 1,167 17,823 1,785 1972—Dec............ 80,034 4,735 2,124 2,611 73,031 11,717 36,738 1,665 22,910 2,268 1973—Jan............. 81,199 4,926 2,327 2,600 74,006 11,945 36,797 1,621 23,643 2,267 Feb............ 87,901 4,325 1,565 2,760 81,067 12,272 42,203 1,747 24,846 2,509 Mar............ 91,646 4,296 1,988 2,308 84,370 12,458 44,268 1,965 25,679 2,980 Apr............ 90,987 3,917 1,672 2,244 84,091 12,787 42,976 2,081 26,247 2,979 May........... 92,994 4,218 1,926 2,292 85,577 13,490 42,746 2,004 27,337 3,199 June........... 98,757 4,955 2,333 2,622 90,208 13,528 46,277 1,900 28,502 3,594 July........... 103,793 5,404 2,505 2,899 94,584 15,316 47,555 2,035 29,678 3,806 Aug.r........ 105,194 5,158 2,291 2,868 95,997 15,667 47,414 2,108 30,809 4,039 Sept............ 110,673 4,853 1,917 2,936 101,022 17,194 49,312 2,242 32,274 4,797 Oct.r......... 114,025 4,847 1,832 3,016 104,464 18,118 51,011 2,336 32,999 4,714 Nov. r........ 120,536 5,840 2,851 2,989 109,048 18,866 53,804 2,208 34,170 5,648 Dec............ 122,499 4,883 1,887 2,997 112,855 19,133 56,233 2,502 34,986 4,761 1970—Dec............ 34,619 9,452 7,233 2,219 24,642 4,213 13,265 362 6,802 525 1971—Dec............ 40,182 4,541 2,305 2,236 35,064 6,659 18,006 864 9,536 577 1972—Dec............ 54,058 4,473 2,102 2,371 48,768 8,083 26,907 1,128 12,651 817 1973—Jan............. 54,196 4,592 2,303 2,289 48,828 8,093 26,764 1,063 12,908 777 Feb............ 57,567 3,985 1,534 2,451 52,692 8,550 29,829 1,097 13,215 891 Mar............ 58,745 3,988 1,957 2,031 53,752 8,438 30,568 1,124 13,622 1,005 Apr............ 57,515 3,589 1,645 1,944 52,871 8,426 29,498 1,108 13,839 1,055 May........... 58,019 3,930 1,899 2.031 52,871 8,548 28,677 1,140 14,506 1,218 Juner......... 61,844 4,602 2,285 2,317 55,886 8,493 31,261 1,129 15,003 1,356 July........... 64,146 4,799 2,469 2,330 57,867 9,229 31,803 1,220 15,615 1,480 Aug. r........ 65,478 4,522 2,232 2,290 59,491 10,033 31,390 1,281 16,788 1,464 Sept............ 68,114 4,415 1,866 2,549 62,015 10,718 32,458 1,281 17,558 1,685 Oct.r......... 70,433 4,382 1,789 2,592 64,394 11,613 33,531 1,319 17,931 1,657 Nov. r........ 75,870 5,366 2,791 2,575 68,721 12,277 36,083 1,401 18,959 1,783 Dec............ 79,853 4,429 1,849 2,580 73,657 12,755 39,332 1,586 19,984 1,767 IN UNITED KINGDOM Total, all currencies................................ 1970—Dec............ 28,451 6,729 5,214 1,515 21,121 3,475 11,095 316 6,235 601 1971—Dec............ 34,552 2,694 1,230 1,464 30,996 5,690 16,211 476 8,619 862 1972—Dec............ 43,684 2,234 1,138 1,096 40,430 5,659 23,983 609 10,179 1,020 1973—Jan............. 44,347 2,585 1,466 1,118 40,796 5,637 24,333 574 10,252 966 Feb............ 48,533 1,945 848 1,097 45,487 5,887 28,473 585 10,542 1,102 Mar............ 49,696 2,052 1,130 922 46,520 5,783 29,148 663 10,926 1,124 Apr............ 49,181 1,662 794 868 46,332 5,437 29,255 651 10,989 1,188 May.......... 49,080 1,744 910 834 46,001 5,725 28,394 614 11,268 1,336 Juner........ 51,415 1,876 1,012 864 48,031 5,279 30,348 607 11,797 1,508 July........... 54,265 2,500 1.492 1,008 50,189 6,274 30,826 649 12,440 1,576 Aug............ 53,153 1,878 937 942 49,692 6,849 29,696 685 12,462 1,583 Sept............ 56,127 1,473 604 870 52,771 8,022 30,967 660 13,123 1,882 Oct............. 57,589 1,853 879 974 53,778 7,970 31,775 695 13,337 1,958 Nov.r........ 62,230 2,230 1,181 1,049 57,137 8,552 34,050 701 13,834 2,863 Dec............ 62,033 1,789 738 1,051 58,075 8,773 34,620 735 13,946 2,169 Payable in U.S. dollars........................ 1970—Dec............ 22,574 6,596 15,655 2,223 9,420 4,012 323 1971—Dec............ 24,428 2,585 21,493 4,135 12,762 4,596 350 1972—Dec............ 30,381 2,146 27,787 4,326 17,976 5,485 447 1973—Jan............. 30,652 2,468 27,778 4,184 18,069 5,526 405 Feb............ 32,746 1,814 30,423 4,568 20,219 5,637 508 Mar............ 32,658 1,953 30,183 4,324 20,033 5,827 522 Apr............ 31,833 1,539 29,778 4,034 20,1119 5,625 515 May........... 30,906 1,654 28,666 3,943 18,848 5,874 587 June........... 32,864 1,784 30,386 3,900 20,413 6,073 694 July........... 33,486 2,193 30,569 4,042 20,209 6,319 724 Aug............ 32,935 1,540 30,694 4,887 19,224 6,584 701 Sept............ 34,401 1,348 32,210 5,399 19,873 6,939 842 Oct............. 35,647 1,700 33,176 5,769 20,415 6,993 770 Nov. r........ 39,257 2,043 36,377 6,273 22,777 7,328 838 £)ec............ 40,458 1,642 37,967 6,509 24,009 7,449 849 IN THE BAHAMAS Total, all currencies................................ 1970—Dec............ 4,815 1,173 455 717 3,583 2,119 1,464 59 1971—Dec............ 8,493 1,282 505 778 7,119 3,798 3,320 92 1972—Dec............ 13,091 1,496 225 1,272 11,419 6,965 4,454 175 1973—Jan............. 13,064 1,387 182 1,206 11,495 6,753 4,742 181 Feb............ 13,559 1,461 83 1,378 11,860 7,189 4,671 238 Mar............ 13,764 1,210 89 1,121 12,284 7,519 4,765 271 Apr............ 13,653 1,407 293 1,113 11,988 6,726 5,262 258 May........... 14,730 1,498 272 1,227 12,888 7,242 5,647 343 June........... 16,184 1,917 410 1,507 14,002 8,206 5,796 265 July........... 17,086 1,929 350 1,579 14,862 8,802 6,060 295 Aug.r........ 19,968 2,262 579 1,684 17,256 10,182 7,073 450 Sept.r........ 21,072 2,281 490 1,791 18,281 10,772 7,509 511 Oct.r......... 21,399 1,976 272 1,704 18.889 11,010 7,879 533 Nov.r........ 22,243 2,526 824 1,702 19,139 10,801 8,338 579 Dec............ 24,084 2,001 313 1,688 21,612 12,536 9,075 471 For notes see p. A-85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) To U.S. To foreigners Total Other Offi­ Non­ Other Month-end Location and currency form Parent branches Other cial bank Total bank Other Total of parent banks insti­ forbank tutions; eigners IN ALL FOREIGN COUNTRIES 47,354 2,575 716 1,85S 42,8i: 6,42( 24,829 4,18() 7,37'7 1,96'r.............1970—Dec. ...........Total all currencies 61,336 3,114 66S 2,44! 56,124 10,77. 31,081 5,51•i 8,7565 2,09?!.............1971—Dec. 80,035 3,559 1,00( 2,555 73,842 11,34' 42,531 8,4865 11,483i 2,634^............1972—Dec. 81,199 3,414 836 2,578 75,272 11,746 42,259 9,236> 12,0321 2,5131............1973—Jan. 87,901 3,967 1,132 2,835 80,84* 11,86* 46,37C 9,381' 13,223t 3,0861.........................Feb. 91,646 4,137 1,218 2,919 84,066 12,219 48,52C 9,454^ 13,8731 3,443 90,987 4,095 1,044 3,051 83,345 12,638 47,87' 9,538I 13,294 3,547r.........................Apr. 92,994 4,548 1,122 3,426 84,655 13,28' 48,536 9,331 13,505i 3,792 98,756 4,579 1,009 3,569 90,133 13,315 52,38* 9,593l 13,837' 4,044 103,793 4,491 1,213 3,279 94,940 15,04C 55,705 9,676i 14,519' 4,362;.........................July 105,193 4,710 1,085 3,625 95,918 16,031 56,152 8,587 15,148 4,565 110,673 4,815 1,178 3,637 100,742 17,017 58,734 8,769 16,221 5,116 114,026 4,762 1,307 3,455 104,342 17,65' 61,095 9,220i 16,372 4,922 120,537 4,859 1,088 3,771 109,851 18,109 65,526 9,692 16,525 5,827 122,499 5,234 1,181 4,053 112,133 18,454 66,070 10,031 17,578 5,132 36,086 2,334 657 1,677 32,509 4 079 19,816 3,737 4,877 1,243 .............1970—Dec. ...........Payable in U.S. dollars 42,033 2,674 511 2,163 38,083 6,653 22,069 4,433 4,928 1,276 .............1971—Dec. 56,375 3,104 848 2,256 51,811 8,178 30,253 6,913 6,467 1,459 ............1972—Dec. 56,404 2,995 693 2,302 52,113 8,400 29,233 7,680 6,800 1,297 ............1973—Jan. 60,814 3,466 954 2,511 55,780 8,750 32,023 7,808 7,200 1,568 .........................Feb. 62,430 3,613 1,038 2,575 57,127 8,735 33,131 7,771 7,489 1,691 60,915 3,562 886 2,676 55,604 8,657 31,970 7,743 7,234 1,750 61,427 4,005 955 3,050 55,636 8,810 32,275 7,361 7,190 1,786 64,661 4,036 868 3,167 58,781 8,774 35,470 7,354 7,183 1,844 66,335 3,893 1,046 2,847 60,482 9,626 36,271 7,092 7,493 1,961 .........................July 67,401 4,158 943 3,215 61,075 10,641 36,616 6,242 7,577 2,167 70,314 4,233 1,022 3,211 63,705 11,036 37,874 6,366 8,428 2,376 72,046 4,213 1,146 3,068 65,537 11,713 38,855 6,475 8,494 2,296 77,887 4,236 897 3,339 70,472 12,261 43,002 6,430 8,780 3,179 80,786 4,650 1,014 3,636 73,545 12,808 44,005 7,258 9,473 2,591 IN UNITED KINGDOM 28,451 1,339 116 1,222 26,520 2,320 16,533 3,119 4,548 592 .............1970—Dec. ...........Total, all currencies 34,552 1,660 111 1,550 32,128 3,401 19,137 4,464 5,126 763 .............1971—Dec. 43,684 1,456 113 1,343 41,232 2,961 24,776 6,453 7,042 997 ............1972—Dec. 44,347 1,501 107 1,394 41,933 3,277 23,959 7,285 7,412 913 ............1973—Jan. 48,533 1,844 264 1,580 45,628 3,157 27,038 7,517 7,915 1,062 .........................Feb. 49,696 1,858 235 1,624 46,750 3,164 28,119 7,388 8,078 1,088 49,181 1,970 165 1,805 46,075 3,397 27,796 7,509 7,373 1,136 49,080 2,028 170 1,857 45,792 3,614 27,168 7,324 7,685 1,260 51,415 1,957 122 1,835 48,145 3,321 29,332 7,585 7,907 1,313 54,265 1,875 164 1,711 50,973 3,883 31,029 7,817 8,245 1,418 .........................July 53,153 2,080 171 1,909 49,562 3,731 30,502 6,753 8,575 1,512 56,127 2,125 161 1,964 52,238 4,118 32,210 6,952 8,957 1,764 57,589 2,031 134 1,897 53,748 4,036 33,531 6,999 9,182 1,809 62,230 2,198 143 2,055 57,370 3,886 36,348 7,700 9,436 2,662 62,033 2,431 136 2,295 57,623 3,994 35,332 8,076 10,272 1,978 23,005 1,208 98 1,110 21,495 1,548 13,684 2,859 3,404 302 .............1970—Dec. 24,845 1,412 23 1,389 23,059 2,164 14,038 3,676 3,181 374.............1971—Dec. 30,933 1,276 72 1,203 29,121 2,008 17,478 5,349 4,287 536 ............1972—Dec. 30,926 1,335 72 1,264 29,091 2,234 16,205 6,162 4,490 500 ............1973—Jan. 33,966 1,661 226 1,436 31,714 2,188 18,360 6,394 4,771 591 .........................Feb. 33,929 1,676 195 1,481 31,655 2,128 18,334 6,251 4,942 598 33,050 1,735 119 1,616 30,782 2,318 17,672 6,245 4,546 533 32,148 1,809 138 1,671 29,730 2,225 16,982 5,897 4,626 608 33,584 1,731 102 1,629 31,278 2,234 18,390 5,990 4,663 575 33,901 1,661 148 1,513 31,645 2,316 18,723 5,868 4,739 595 .........................July 33,077 1,846 148 1,698 30,549 2,213 18,671 5,005 4,660 682 .........................Aug. 35,017 1,866 137 1,729 32,342 2,245 19,949 5,126 5,022 809 35,469 1,836 108 1,727 32,902 2,515 20,383 4,809 5,194 732 39,640 1,908 87 1,821 36,175 2,468 23,189 4,983 5,534 1,557 39,813 2,173 113 2,061 36,816 2,519 22,289! 5,852 6,156 824 IN THE BAHAMAS 4,815 542 4,183 488 2,872 823 90 .............1970—Dec. 8,495 750 7,557 1,649 4,784 1,124 188.............1971—Dec. 13,091 1,220 11,703 1,964 8,395 1,344 168 ............1972—Dec. 13,064 1,137 11,760 1,875 8,502 1,383 167 ............1973—Jan. 13,559 1,186 12,144 2,223 8,394 1,527 230 13,765 1,304 12,194 1,830 8,829 1,536 267 13,653 1,126 12,138 1,977 8,505 1,656 389 14,730 1,404 12,981 2,238 9,259 1,483 345 . 16,184 1,480 14,370 2,579 10,410 1,381 334 . 17,086 1,374 15,381 3,002 10,762 1,616 331 .. ........................July 19,966 1,521 18,026 4,227 11,982 1,817 419 . 21,072 1,608 18,856 4,639 12,036 2,181 680 . 21,399 1,667 19,151 4,924 12,249 1,978 581 . 22,244 1,559 20,089 5,085 13,239 1,765 596 . 124,084 1,518 22,110 5,526 14,764 1,820 457 . 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. □ MARCH 1974 22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S. GOVERNMENT SECURITIES (Amounts outstanding; in millions of dollars) Wednesday Liabilities 1Liab. plus Wednesday Liabilities 1 Wednesday Liabilities 1 Wednesday Liabilities 1 sec.2 1968 1972 1973 1973 Mar. 27......................... 4,920 Jan. 26.. 1,419 July 3.. 1,766 Dec. 5.. 1,911 June 26......................... 6,202 Feb. 23.. 1,068 11.. 1,664 12.. 1,938 Sept. 25......................... 7,104 Mar. 29.. 1,532 18.. 2,146 19.. 2,382 Dec. 31 (1/1/69)......... 6,039 25.. 2,086 26.. 1,703 Apr. 26.. 1,374 1969 May 31.. 1,465 Aug. 1.. 2,226 1974 June 28.. 1,443 8.. 2,276 Mar. 26......................... 9,621 15.. 1,900 Jan. 2.. 1,158 June 25......................... 13,269 July 26.. 1,345 22.. 2,446 9.. 1,322 Sept. 24......................... 14,349 Aug. 30.. 1,270 29.. 2,802 16.. 2,040 Dec. 31......................... 12,805 Sept. 27.. 2,023 23 2,004 Sept. 5.. 1,512 30r. 1,686 1970 Oct. 25.. 1,415 12.. 1,942 Nov. 29.. 1,745 19.. 1,801 Feb. 6.. 1,659 Mar. 25......................... 11,885 Dec. 27.. 1,406 26.. 1,731 13.. 2,218 June 24......................... 12,172 20.. 1,741 Sept. 30......................... 9,663 1973 Oct. 3.. 1,695 27.. 1,689 Dec. 30......................... 7,676 10.. 1,790 Jan. 31.. 1,413 17.. 1,814 1971 Feb. 28.. 790 24.. 1,642 Mar. 28.. 1,127 31.. 1,768 Mar. 31......................... 2,858 4,358 June 30......................... 1,492 4,500 Apr. 25.. 1,123 Nov. 7.. 1,754 Sept. 29......................... 2,475 3,578 May 30.. 1,351 14.. 1,870 Dec. 29......................... 909 June 27.. 1,521 21.. 2,473 28.. 2,458 1 Represents gross liabilities of reporting banks to their branches in Certificates Eurodollar Series and special Export-Import Bank securities foreign countries. held by foreign branches. Beginning July 28, 1971, all of the securities 2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury held were U.S. Treasury Certificates Eurodollar Series. 23. DEPOSITS, U.S. TREAS. SECURITIES, 24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Payable in dollars foreign currencies Assets in custody End of End of United period Deposits period Total Short­ Short­ King­ Canada U se .S cu . r T it r i e e a s s 1 . Ear g m o a ld rked Deposits in te v r e m st ­ Deposits in te v r e m st­ dom ments 1 ments1 1971............... 294 43,195 13,815 1972............... 325 50,934 215,530 1968..................... 1,638 1,219 87 272 60 979 280 1973—Feb. . . 455 56,914 15,522 1 QAQ ? / \ 1 1 , , 3 4 1 91 9 1,0 9 6 5 2 2 1 16 1 1 6 1 1 7 83 4 7 8 6 6 6 6 1 63 0 4 5 6 3 9 4 Mar... 327 359,389 15,519 1970..................... 1,141 697 150 173 121 372 443 A M p a r y . . . . . 2 3 8 2 9 8 35 5 8 8 , , 2 0 5 1 5 5 1 1 5 5, , 5 5 1 1 1 3 li yn* /7i1 —JJec.zo . . . / 1 1 1 , , 6 5 4 0 8 7 1 1 , ,0 0 7 9 8 2 2 1 0 2 3 7 2 2 3 3 4 4 1 6 2 8 0 5 5 8 7 0 7 4 5 4 8 3 7 June.. 334 57,545 15,486 J A u u ly g . . . . . . 2 2 8 5 0 9 5 5 7 5 , , 0 8 5 5 4 5 1 1 5 5 , , 4 4 6 55 4 1 y /Z—Dec.z. . . . / \ 1 2 , , 9 2 6 5 5 0 1 1, , 7 4 8 4 9 6 1 5 6 5 9 '3 3 3 0 8 7 4 68 2 7 8 0 69 2 4 5 8 3 5 5 Sept... 250 55,407 15,437 Oct__ 426 54,766 417,122 1973—Jan.......... 2,458 1,929 92 344 93 921 704 Nov.. . 420 52,998 17,104 Feb.......... 2,989 2,218 170 378 224 1,012 1,088 Dec— 251 52,070 17,068 Mar......... 3,074 2,282 156 412 225 1,100 963 Apr.......... 3,041 2,272 118 416 234 1,042 882 1974—Jan.... 392 49,582 17,044 May........ 3,188 2,412 130 433 211 1,008 1,007 Feb.. . 542 50,255 17,039 June........ 3,203 2,542 74 453 134 1,062 878 July. . , . 3,260 2,482 136 475 167 1,068 955 Aug......... 3,349 2,575 82 484 209 1,061 936 1 Marketable U.S. Treasury bills, certificates of in­ Sept......... 3,203 2,494 78 471 161 1,080 882 debtedness, notes, and bonds and nonmarketable U.S. Oct........... 2,883 2,223 66 447 148 981 868 Treasury securities payable in dollars and in foreign Nov.r___ 3,128 2,496 64 432 136 1,033 914 currencies. Dec.......... 3,073 2,484 46 423 119 1,042 773 2 The value of earmarked gold increased because of the change in par value of the U.S. dollar in May 1972. 3 Includes $15 million increase in Mar. and $160 million increase in Apr. in dollar value of foreign currency obliga­ 1 Negotiable and other readily transferable foreign obligations payable on demand tions revalued to reflect market exchange rates. or having a contractual maturity of not more than 1 year from the date on which the 4 The value of earmarked gold increased because of the obligation was incurred by the foreigner. change in par value of the U.S. 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. Ear­ marked gold is gold held for foreign and international Note.—Data represent the liquid assets abroad of large nonbanking concerns m accounts and is not included in the gold stock of the the United States. They are a portion of the total claims on foreigners reported by United States. nonbanking concerns in the United States and are included in the figures shown in Tables 25 and 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period. Amounts outstanding; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1972 1973 1972 1973 Dec. Mar. June Sept.* Sept.* Europe: Austria............................. 2 3 2 2 19 14 17 15 Belgium-Luxembourg... 83 75 81 129 73 121 109 112 Denmark......................... 7 8 19 18 29 26 20 21 Finland............................. 4 4 4 7 25 21 21 31 France............................... 167 161 165 165 228 288 315 275 Germany, Fed. Rep. of. 157 147 182 193 195 245 273 265 Greece.............................. 15 19 24 33 35 36 40 52 Italy................................... 121 107 103 108 202 204 201 201 Netherlands..................... 109 102 111 113 84 97 96 118 Norway............................ 14 14 13 10 16 18 19 21 Portugal........................... 4 5 4 12 19 19 25 24 Spain................................. 81 82 72 79 157 159 140 169 Sweden............................. 13 23 25 32 57 45 49 53 Switzerland..................... 112 134 90 148 82 87 90 63 Turkey.............................. 4 3 3 6 48 23 14 17 United Kingdom............ 1,057 898 746 829 1,182 1,422 1,400 1.482 Yugoslavia....................... 7 16 17 22 12 14 18 21 Other Western Europe.. 2 2 3 3 12 9 9 12 Eastern Europe............... 3 6 22 24 42 40 91 73 Total. 1,961 1,686 1,933 2,517 2,949 3,025 Canada. 213 266 248 236 965 1.360 1,300 1.330 Latin America: Argentina............................... 29 30 24 79 74 60 65 Brazil......................................... 35 42 47 169 172 178 202 Chile.......................................... 18 17 13 34 31 29 34 Colombia................................. 7 7 40 40 36 44 Cuba.......................................... 1 * 1 1 1 1 Mexico...................................... 27 34 37 36 183 195 204 187 Panama..................................... 18 17 18 17 74 72 72 91 Peru........................................... 4 4 6 10 36 33 34 37 Uruguay.................................... 7 5 3 2 4 5 5 5 Venezuela................................. 21 23 23 24 92 106 101 103 Other L.A. republics............. 45 46 47 49 95 96 102 125 Bahamas1................................. 381 320 415 349 585 571 766 744 Neth. Antilles and Surinam . 10 10 11 7 13 12 11 9 Other Latin America............. 4 9 19 20 34 44 90 105 Total. 605 565 670 602 1,439 1,451 1,753 Asia: China, People’s Republic of (China Mainland)...................... 32 32 31 36 1 11 48 China, Rep. of (Taiwan)............... 26 33 35 31 65 61 76 77 Hong Kong...................................... 12 17 13 17 32 31 34 36 India................................................... 7 7 7 7 34 32 29 32 Indonesia.......................................... 16 16 15 15 34 39 36 41 Israel.................................................. 13 16 9 11 31 34 27 28 Japan................................................. 189 229 275 328 473 518 506 632 Korea................................................. 21 19 18 20 63 47 41 48 Philippines........................................ 16 25 19 16 48 47 47 52 Thailand.................................................... 5 5 6 6 23 25 24 27 Other Asia........................................ 152 156 140 179 203 191 203 203 Total. 488 554 567 665 1,007 1,026 1,033 1,224 Africa: Egypt............. 32 37 11 25 23 28 South Africa. 6 6 56 51 60 Zaire............... 12 19 16 15 19 Other Africa.. 67 97 84 92 90 Total. 104 121 105 134 164 179 181 197 Other countries: Australia......... 46 94 81 75 89 All other.......... 13 9 24 26 22 Total........................... 59 65 103 107 105 101 111 International and regional. 1 1 1 Grand total............. 3,430 3,381 3,361 3,671 6,199 7,254 7,640 1 Includes Bermuda. Data exclude claims held through U.S. banks, and intercompany accounts Note.—Reported by exporters, importers, and industrial and com- between U.S. companies and their foreign affiliates, mercial concerns and other nonbanking institutions in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 90 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MARCH 1974 26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e cu P f r o a r r y e i e n a n i b g c l i n e es Total P d a o y i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a t d h Other in reporter’s name 1969—Sept........................ 1,797 1,450 346 3,874 3,222 386 267 nPP 1 / 1,786 1,399 387 3,710 3,124 221 365 I 2,124 1,654 471 4,159 3,532 244 383 1970—June....................... 2,387 1,843 543 4,457 3,868 234 355 Sept........................ 2,512 1,956 557 4,361 3,756 301 305 Dec......................... 2,677 2,281 496 4,160 3,579 234 348 1971—Mar........................ 2,437 1,975 462 4,515 3,909 232 374 June....................... 2,375 1,937 438 4,708 4,057 303 348 Sept........................ 2,564 2,109 454 4,894 4,186 383 326 Dec 1 / 2,704 2,229 475 5,185 4,535 318 333 \ 2,763 2,301 463 5,004 4,467 290 247 1972—Mar........................ 2,844 2,407 437 5,177 4,557 318 302 June....................... 2,925 2,452 472 5,331 4,685 376 270 Sept........................ 2,933 2,435 498 5,495 4,833 432 230 Dec.1..................... J 3,119 2,635 484 5,723 5,074 411 238 \ 3,430 2,918 512 6,199 5,523 394 282 1973—Mar........................ 3,381 2,858 523 7,011 6,112 462 437 June....................... 3,361 2,780 581 7,254 6,392 504 358 Sept.*..................... 3,671 2,970 701 7,640 6,690 536 414 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 27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims End of period Total Country or area liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e n ic r a Japan O A t s h i e a r Africa o A th l e l r 1969—Sept.......................... 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec l / 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 2,983 154 688 670 182 63 615 161 302 77 72 ' June.......................... 3,172 2,982 151 687 677 180 63 625 138 312 75 74 Sept.......................... 2,939 3,019 135 672 765 178 60 597 133 319 85 75 Dec 1 / 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....................... / 3,540 3,370 163 715 833 184 60 659 156 406 87 109 \ 3,864 3,480 187 758 857 187 64 702 134 399 82 111 1973—Mar........................... 4,022 3,622 151 816 871 165 63 794 124 413 101 125 June......................... 4,008 3,696 174 823 882 146 65 817 138 416 104 131 Sept.*....................... 4,255 3,855 211 840 884 152 71 829 152 475 104 137 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 n 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

MARCH 1974 □ EXCHANGE RATES A 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Austria Belgium Canada Denmark Finland France Germany Period (dollar) (schilling) (franc) (dollar) (krone) (markka) (franc) (Deutsche mark) 1970........................................................................................ 111.36 3.8659 2.0139 95.802 13.334 23.742 18.087 27.424 1971........................................................................................ 113.61 4.0009 2.0598 99.021 13.508 23.758 18.148 28.768 1972 ...................................................................................... 119.23 4.3228 2.2716 100.937 14.384 24.022 19.825 31.364 1973 ...................................................................................... 141.94 5.1649 2.5761 99.977 16.603 26.165 22.536 37.758 1973 Feb............................................................................ 135.46 4.8582 2.3981 100.440 15.386 24.728 20.987 33.273 141.29 4.8759 2.5378 100.333 16.275 25.628 22.191 35.548 141.50 4.8330 2.4895 99.928 16.099 25.872 21.959 35.252 141.50 4.9082 2.5356 99.916 16.241 25.277 22.341 35.841 141.58 5.2408 2.6643 100.160 17.130 26.731 23.472 38.786 July............................................................................ 141.78 5.8124 2.8151 100.049 18.041 27.202 24.655 42.821 141.48 5.5917 2.7035 99.605 17.521 27.314 23.527 41.219 146.83 5.5695 2.7089 99.181 17.480 27.042 23.466 41.246 Oct.............................................................................. 148.22 5.5871 2.7328 99.891 17.692 27.202 23.718 41.428 Nov............................................................................ 148.22 5.2670 2.5882 100.092 16.744 26.894 22.687 38.764 Dec............................................................................. 148.33 5.1150 2.4726 100.058 16.089 26.104 21.757 37.629 1974_ jan.............................................................................. 148.23 4.8318 ‘ 2.3329 100.859 14.981 25.138 19.905 35.529 Feb............................................................................. 148.50 5.0022 2.4358 102.398 15.570 25.568 20.187 36.844 India Ireland Italy Japan Malaysia Mexico Neth­ New Period (rupee) (pound) (lira) (yen) (dollar) (peso) ( e g r u l i a l n d d er s ) Z (d e o a l l l a a n r) d 1970........................................................................................ 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 111.48 1971........................................................................................ 13.338 244.42 .16174 .28779 32.989 8.0056 28.650 113.71 1972........................................................................................ 13.246 250.08 .17132 .32995 35.610 8.0000 31 .153 119.35 1973........................................................................................ 12.071 245.10 .17192 .36915 40.988 8.0000 35.977 136.04 1973—Feb.............................................................................. 12.910 242.75 .17421 .36041 37.679 8.0000 33.119 126.87 Mar............................................................................ 13.260 247.24 .17604 .38190 39.922 8.0000 34.334 132.21 Apr............................................................................. 13.255 248.37 .16971 .37666 40.307 8.0000 33.890 132.99 May............................................................................ 13.340 253.05 .17100 .37786 40.333 8.0000 34.488 132.34 June............................................................................ 13.753 257.62 .16792 .37808 40.865 8.0000 36.582 132.40 July............................................................................ 13.605 253.75 .17200 .37801 43.121 8.0000 38.700 135.02 Aug............................................................................. 13.220 247.57 .17423 .37704 43.859 8.0000 37.596 135.33 Sept............................................................................. 12.987 241.83 .17691 .37668 43.361 8.0000 38.542 145.07 Oct.............................................................................. 12.938 242.92 .17656 .37547 43.641 8.0000 40.011 148.64 Nov............................................................................ 12.767 238.70 .16904 .35941 41 .838 8.0000 37.267 147.74 Dec............................................................................. 12.328 231.74 .16458 .35692 41.405 8.0000 35.615 144.34 1974—Jan.............................................................................. 11.854 222.40 .15433 .33559 40.094 8.0000 34.009 139.08 Feb.............................................................................. 12.131 227.49 .15275 .34367 40.489 8.0000 35.349 140.31 Period N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l ( A S r o a fr u n i t d c h a ) (p S e p s a e i t n a) Sri ( ru L p a e n e k ) a1 S (k w ro ed n e a n ) ( e S f r r w l a a i n n tz c d ­ ) ( U p K d o n i o u n i m t n g e d d ­ ) 1970......................................................................................... 13.992 3.4978 139.24 1.4280 16.774 19.282 23.199 239.59 14.205 3.5456 140.29 1.4383 16.800 19.592 24.325 244.42 1 972......................................................................................... 15.180 3.7023 129.43 1.5559 16.057 21.022 26.193 250.08 1 973......................................................................................... 17.406 4.1080 143.88 1.7178 15.705 22.970 31.700 245.10 1973—Feb.............................................................................. 16.038 3.8562 134.91 1.6355 15.407 21.935 29.326 242.75 Mar............................................................................ 16.954 4.1005 141.43 1.7183 15.774 22.582 31.084 247.24 Apr............................................................................. 16.428 3.9563 141.70 1.7217 15.777 22.161 30.821 248.37 May............................................................................ 17.196 4.0050 141.65 1.7224 15.883 22.567 31.494 253.05 June............................................................................ 18.192 4.2175 148.07 1.7229 16.538 23.746 32.757 257.62 July............................................................................ 18.932 4.4624 148.63 1.7385 16.431 24.732 35.428 253.75 Aug............................................................................. 18.145 4.3243 148.52 1.7553 15.948 24.070 33.656 247.57 Sept............................................................................ 18.048 4.2784 148.50 1.7610 15.768 23.769 33.146 241.83 Oct.............................................................................. 18.285 4.3014 148.54 1.7576 15.481 23.942 33.019 242.92 Nov............................................................................ 17.872 4.1155 148.45 1.7479 15.503 23.019 31.604 238.70 Dec............................................................................. 17.651 3.9500 148.66 1.7571 15.044 22.026 31.252 231.74 1974—Jan............................................................................. 16.739 3.7195 148.66 1.7205 14.423 20.781 29.727 222.40 Feb............................................................................. 17.351 3.8567 148.76 1.6933 14.373 21.373 31.494 227.49 1 Ceylon renamed Sri Lanka under new constitution, 1972. Note.—Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see “International Fi­ nance,” Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 92 CENTRAL BANK RATES □ MARCH 1974 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Feb. 28, 1973 Country 1973 1974 Per Month cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Argentina................................. 18.0 Feb. 1972 Austria...................................... 5.5 Nov. 1972 6.0 Belgium.................................... 5.0 Dec. 1972 5.50 6.0 6.5 7.0 7.75 8.75 Brazil........................................ 18.0 Feb. 1972 Canada..................................... 4.75 Oct. 1971 5.25 5.75 6.25 6.75 7.25 Chile.......................................... 20.0 Aug. 1972 50.0 China, Rep. of (Taiwan)___ 9.25 May 1971 10.5 10.75 14.0 Colombia................................. 14.0 May 1970 Costa Rica............................... 5.0 June 1966 Denmark.................................. 9.0 Jan. 1973 8.0 9.00 10.0 Ecuador.................................... 8.0 Jan. 1970 Egypt........................................ 5.0 May 1962 4.0 Aug. 1964 Ethiopia.................................... 6.50 Aug. 1970 Finland..................................... 7.75 Jan. 1972 9.25 France....................................... 7.5 Nov. 1972 8.50 9.5 11.0 Germany, Fed. Rep. of........ 5.0 Jan. 1973 6.0 7.0 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 7.0 Indonesia.................................. 6.0 May 1969 Iran........................................ 7.5 Dec. 1972 9.0 Ireland...................................... 8.75 Jan. 1973 10.5 12.75 Italy........................................... 4.0 Apr. 1972 6.5 Jamaica.................................... 7.0 Jan. 1973 9.0 Japan........................................ 4.25 June 1972 5.0 5.5 6.0 7.0 9.00 Korea........................................ 11.0 Aug, 1972 Mexico...................................... 4.5 June 1942 Morocco.................................. 3.5 Nov. 1951 Netherlands............................. 4.0 Nov. 1972 5.0 6.0 6.5 7.0 8.00 New Zealand........................... 6.0 Mar. 1972 Nigeria...................................... 4.5 June 1968 Norway.................................... 4.5 Sept. 1969 Pakistan.................................... 6.0 May 1972 8.0 Peru........................................... 9.5 Nov. 1959 Philippine Republic............... 10.0 June 1969 Portugal.................................... 4.0 Dec. 1972 5.5 5.00 South Africa............................ 6.0 Aug. 1972 6.5 Spain......................................... 5.0 Oct. 1971 6.0 Sri Lanka1............................... 6.5 Jan. 1970 Sweden...................................... 5.0 Nov. 1971 Switzerland.............................. 4.5 Jan. 1973 5.5 Thailand................................... 5.0 Oct. 1959 Tunisia...................................... 5.0 Sept. 1966 Turkey...................................... 9.0 Sept. 1970 United Kingdom.................... 8.75 Jan. 1973 Venezuela................................ 5.0 Oct. 1970 Vietnam.................................... 18.0 Sept. 1970 00 00 Om Rate as of Feb. 28, 1974 18.0 6.0 8.75 18.0 7.25 50.00 14.0 8.0 5.0 10.0 8.0 5.0 4.0 6.50 9.25 11.0 7.0 8.0 6.5 4.0 5.25 7.0 6.0 9.0 12.75 6.5 9.0 9.00 11.0 4.5 3.5 8.00 6.0 4.5 4.5 8.0 9.5 10.0 5.00 6.5 6.0 6.5 5.0 5.5 5.0 5.0 8.75 8.75 7.75 7.50 11.50 13.0 f 13.0 5.0 18.0 1 Ceylon renamed Sri Lanka under new constitution, 1972. Morocco—Various rates from 3 per cent to 4.6 per cent depending on type of paper, maturity, collateral, guarantee, etc. Note.—Rates shown are mainly those at which the central bank either Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish produc­ discounts or makes advances against eligible commercial paper and/or tion, import substitution industries and manufacture of exports; 8 per govt, securities for commercial banks or brokers. For countries with cent for other agricultural, industrial and mining paper; more than one Ate applicable to such discounts or advances, the rate Philippines—6 per cent for financing the production, importation, and dis­ shown is the one at which it is understood the central bank transacts tribution of rice and corn and 7.75 per cent for credits to enterprises en­ the largest proportion of its credit operations. Other rates for some gaged in export activities. Preferential rates are also granted on crcdits to of these countries follow: rural banks; and Argentina—3 and 5 per cent for certain rural and industrial paper, de­ t United Kingdom—On Oct. 9, 1972, the Bank of England announced: pending on type of transaction; “With effect from Friday October 13th the Bank’s minimum lending rate Brazil—8 per cent for secured paper and 4 per cent for certain agricultural will until further notice be the average rate of discount for Treasury bills paper; established at the most recent tender plus one half percent rounded to the Chile—Various rates ranging from 1 per cent to 17 per cent; 20 per cent nearest one quarter percent above. Although the rate will therefore be for loans to make up reserve deficiencies. automatically determined by this formula it will for convenience be made Colombia—5 per cent for warehouse receipts covering approved lists of known each Friday afternoon concurrently with and in the same manner products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent as the results of the Treasury bill tender. The regular weekly bank rate for rediscounts in excess of an individual bank’s quota; announcement will be discontinued from now on.” Therefore, the mini­ Costa Rica—5 per cent for paper related to commercial transactions mum lending rate as of last Friday of the month will be carried in place of (rate shown is for agricultural and industrial paper); Bank rate. Ecuador—5 per cent for special advances and for bank acceptances for Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi agricultural purposes, 7 per cent for bank acceptances for industrial per cent for advances against government bonds, and 5 Vi per cent for purposes, and 10 per cent for advances to cover shortages in legal reserves; rediscounts of certain industrial paper and on advances against promissory Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills. notes or securities of first-class Venezuelan companies. Honduras—Rate shown is for advances only. Vietnam—10 per cent for export paper; treasury bonds are rediscounted Indonesia—Various rates depending on type of paper, collateral, com­ at a rate 4 percentage points above the rate carried by the bond; and modity involved, etc.; there is a penalty rate of 24 per cent for banks whose loans exceed quan­ Japan—Penalty rates (exceeding the basic rate shown) for borrowings titative ceilings. from the central bank in excess of an individual bank’s quota: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ 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 er­ Month 3 T m r b e o i a l n l s s t u , h r s y i D m a o d y n a - y e to y - 2 3 m P b b r o i a i l m n n ls k t , e hs3 3 T m r b e i a o ll s n s u t , h ry s D m a d o y a n - y e to y - C d b r l e a e a p t a n o e r k s s in s i 4 t ’ g m Da o d y n a - y e t y o- 5 T 6 r d b e 0 a i a y l - s l 9 s s u 0 , 6 ry D m a o d y n a - y e t y o- 7 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 197 2 3.55 3.65 6.06 5.02 4.83 3.84 3.04 4.30 2.15 1.97 4.81 197 3 5.43 5.27 10.45 9.40 8.27 7.96 10.18 4.07 4.94 1973—Feb. 3.91 3.93 9.34 8.14 8.31 7.30 7.71 5.75 2.18 2.33 1.55 5.00 Mar. 4.28 4.21 9.76 8.16 7.52 7.50 7.49 5.75 11.37 1.53 .61 5.00 Apr. 4.73 4.53 8.64 7.87 7.20 7.25 7.46 5.75 14.84 1.22 .77 5.00 May 5.08 4.67 8.35 7.45 8.29 7.11 7.71 5.75 7.40 2.89 3.88 5.00 June 5.40 5.00 8.14 7.12 6.66 6.55 7.46 7.00 10.90 3.59 4.28 5.00 July. 5.67 5.28 9.06 8.35 5.89 6.25 7.89 7.00 15.78 5.58 5.65 5.00 Aug. 6.47 5.87 12.78 10.98 9.70 8.99 8.87 10.63 5.92 7.24 5.00 Sept. 6.41 6.31 12.12 11.37 9.13 9.50 9.73 9.76 5.67 7.97 5.25 Oct.. 6.56 6.54 11.37 10.75 10.53 9.50 10.99 10.57 5.25 7.93 5.25 Nov. 6.48 6.56 13.38 11.76 8.80 9.50 10.96 11.30 5.29 7.88 5.25 Dec. 6.39 6.58 13.74 12.41 9.57 9.46 11.89 6.41 8.75 5.40 1974—Jan.. 6.31 6.50 13.67 12.09 10.36 9.25 6.50 9.36 Feb.. 6.10 6.49 13.63 11.94 8.96 9.50 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers’ acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers’ allowance on Note.—For description and back data, see “International Finance,” deposits. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium K U in n g i d te o d m Spread d ( i + sc ) o u o n r t in ( c f N e a n v e t o t iv r e Canada Spread d ( ( i + - sc ) ) o u o o n n r t in ( c f N e a n v e t o t iv r e q ( u a b o U d a t j s . a . S i t s . i t ) o o n U S n ta i t t e e s d L ( o f n a o v d f o o r n) f ( p o - o r ) w u n a o r d n d Lon o d f on) qu A o in t s ed qu A o U d t j . a . S t . i t o o n U S n ta i t t e e s d C ( a f n a o v a f o d r a) C f d o a o n rw l a l d a a r i r a s d n Can o a f da) Canada basis 1973 Sept. 1... 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 Nov. 2... 10.46 7.39 3.07 -3.79 -.72 6.53 6.30 7.39 -1.09 -.28 -1.37 9. .. 10.57 8.01 2.56 -3.54 -.98 6.52 6.33 8.01 -1.68 -.06 -1.74 16. . . 12.24 7.51 4.73 -5.11 -.38 6.47 6.25 7.51 -1.26 .18 -1.08 23. .. 12.31 7.74 4.57 -5.92 -1.35 6.47 6.23 7.74 -1.51 .22 -1.29 30. . . 12.28 7.32 4.76 -5.50 -.54 6.43 6.22 7.32 -1.10 .30 -.80 Dec. 7. . , 12.32 7.55 4.77 -5.47 -0.70 6.43 6.23 7.55 -1.32 0.48 -0.84 14. .. 12.29 7.49 4.80 -7.62 -2.82 6.38 6.17 7.49 -1.32 0.04 -1.28 21. .. 12.29 7.21 5.08 -6.76 -1.68 8.38 6.17 7.21 -1.04 -0.10 -1.14 28. .. 12.25 7.36 4.89 -6.65 -1.76 6.36 6.15 7.36 -1.21 -0.24 -1.45 1974 Jan. 4. .. 12.04 7.38 4.66 -7.44 -2.78 6.35 6.13 7.38 -1.25 .60 -1.85 11. .. 12.04 7.75 4.29 -7.30 -3.01 6.32 6.10 7.75 -1.65 .22 -1.87 18... 11.88 7.75 4.13 -7.69 -3.56 6.30 6.10 7.75 -1.65 .18 -1.83 25. .. 11.86 7.92 3.94 -8.82 -4.88 6.26 6.08 7.92 -1.84 -1.84 Feb. 1. .. 11.82 7.42 4.40 -10.00 -5.60 6.00 6.04 7.42 -1.38 .04 -1.42 8. .. 11.80 6.99 4.81 -10.95 -6.14 6.17 5.99 6.99 -1.00 .20 -1.02 15. .. 11.75 7.00 4.75 -10.09 -5.34 6.12 5.95 7.00 -1.05 .35 -1.40 22. .. 11.66 6.94 4.72 -8.54 -3.82 6.12 5.95 6.94 -0.99 .33 -1.32 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 □ MARCH 1974 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars; valued at $35 per fine ounce through Apr. 1972, at $38 from May 1972-Sept. 1973, and at $42.22 thereafter) Esti­ Intl. Esti­ End of mated Mone­ United mated Argen­ Aus­ Aus­ Bel­ period total tary States rest of Algeria tina tralia tria gium Brazil Burma Canada Chile world 1 Fund world 1966. 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 1,046 45 1967. 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 1,015 45 1968. 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 863 46 1969. 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 872 47 1970. 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 791 47 1971. 41,160 4,732 10,206 26,220 192 90 259 729 1,544 46 792 47 1972. 44,890 5.830 10.487 28,575 208 152 281 792 1,638 50 834 1973—Jan... 5.830 10.487 208 152 281 793 1,621 50 834 Feb.., 5.830 10.487 208 152 281 793 1,603 50 834 Mar.. 44, 5.830 10.487 28,565 208 152 282 793 1,603 50 834 Apr.. 5.830 10.487 208 152 281 793 1,603 50 834 May. 5.826 10.487 208 152 281 793 1,603 50 834 June. 44,865 5.831 10.487 28,545 208 152 281 793 1,603 50 834 July.. 5.826 10.487 208 152 281 793 1,603 50 834 Aug.. 5.826 10.487 208 152 281 793 1,603 50 834 Sept.. 44,880 5.826 10.487 28,565 208 159 282 793 1,603 50 834 Oct... 6,474 11.652 231 169 312 881 1,781 56 927 Nov.. 6,476 11.652 231 169 312 881 1,781 56 927 Dec.. ^49’850 6.478 11.652 P3i’720 231 311 881 1,781 927 1974—Jan. p. 6.478 11.652 231 312 882 1,781 927 Ger­ E p n er d i o o d f R C e h p in . a o , f lo C m o b ­ ia m D a e r n k ­ Egypt l F a i n n d ­ m F a e n d y . , Greece India Iran Iraq l I a r n e d ­ Israel (Taiwan) Rep. of 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. 87 16 69 92 53 3,826 4,459 133 264 142 156 17 43 1973—Jan... 87 16 69 92 53 3.834 4.468 133 264 142 156 17 41 Feb.., 87 16 69 92 53 3.834 4.468 133 264 142 156 17 41 Mar.. 87 16 69 92 53 3.834 4.468 133 264 142 156 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 4,462 133 264 142 156 17 41 July.. 87 16 69 92 53 3.835 4.469 133 264 142 156 17 41 Aug.. 87 16 69 92 53 3.835 4.469 133 264 142 156 17 41 Sept.. 87 16 69 92 53 3.835 4.469 133 264 142 156 16 41 Oct... 97 18 77 103 59 4.261 4.966 148 158 173 19 Nov.. 97 18 77 103 42 4.261 4.966 148 158 173 18 Dec.. 97 18 77 35 4.261 4.966 148 158 173 18 1974—Jan.p. 35 4.262 4.966 158 17 E pe n r d i o o d f Italy Japan Kuwait a L n e o b n ­ Libya M s a i l a ay­ M c e o xi­ Mo co roc­ N la e n th d e s r­ N w o ay r­ P s a ta k n i­ Peru P p h in il e ip s ­ 1966............................ 2,414 329 67 193 68 1 109 21 1,730 18 53 65 44 1967............................ 2,400 338 136 193 68 31 166 21 1,711 18 53 20 60 1968............................ 2,923 356 122 288 85 66 165 21 1,697 24 54 20 62 1969............................ 2,956 413 86 288 85 63 169 21 1,720 25 54 25 45 1970............................ 2,887 532 86 288 85 48 176 21 1,787 23 54 40 56 1971............................ 2,884 679 87 322 85 58 184 21 1,909 33 55 40 67 1972............................ 3,130 801 94 350 93 63 188 23 2,059 37 60 41 71 1973—Jan.................. 3,134 801 94 350 93 63 188 23 2,059 37 60 41 71 Feb.................. 3,134 801 94 350 93 63 188 23 2,059 37 60 41 71 Mar................. 3,134 801 94 350 93 63 188 23 2,059 37 60 41 71 Apr................. 3,134 801 94 350 93 63 188 23 2,059 37 60 41 50 May................ 3,134 802 350 93 63 188 23 2,059 37 60 41 50 June................ 3,134 802 350 93 63 186 23 2,063 37 60 41 40 July................. 3,134 802 350 93 63 184 23 2,063 37 60 41 40 Aug................. 3,134 802 350 93 63 182 23 2,065 37 60 41 40 Sept................. 3,134 802 350 93 63 179 23 2*065 37 60 41 40 Oct.................. 3,483 891 388 103 70 198 26 2,294 41 67 46 45 Nov................. 3,483 891 388 103 71 26 2,294 41 67 45 Dec................. 3,483 891 389 103 71 2*294 41 67 45 1974—Jan p............... 3,483 891 389 103 2,294 41 67 45 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ 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, at $38 from May 1972-Sept. 1973, and at $42.22 thereafter) Bank E pe n r d i o o d f Po g r a t l u­ A S r a a u b d i i a A So fr u i t c h a Spain Sweden Sw la i n tz d er­ T la h n a d i­ Turkey U K d n i o n it m g ed ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S I e f n t o t t r l l . e ­ ments 2 1966................................ 643 69 637 785 203 2,842 92 102 1,940 146 401 21 -424 1967................................ 699 69 583 785 203 3,089 92 97 1,291 140 401 22 -624 1968................................ 856 119 1,243 785 225 2,624 92 97 1,474 133 403 50 -349 1969................................ 876 119 1,115 784 226 2,642 92 117 1,471 165 403 51 -480 1970................................ 902 119 666 498 200 2,732 92 126 1,349 162 384 52 -282 1971................................ 921 108 410 498 200 2.909 82 130 775 148 391 51 310 1972................................ 1,021 117 681 541 217 3,158 89 136 800 133 425 56 218 1973—Jan...................... 1,022 117 706 542 220 3,162 89 136 810 133 425 56 218 Feb...................... 1,022 117 711 542 220 3,162 89 136 810 133 425 56 214 Mar..................... 1,022 117 714 542 220 3,162 89 136 810 133 425 56 214 Apr..................... 1,022 117 720 542 220 3,162 89 136 810 133 425 56 214 May.................... 1,022 117 721 542 220 3,162 89 136 810 133 425 56 199 June.................... 1,022 117 724 542 220 3,162 89 136 810 133 425 56 205 July..................... 1,022 117 734 542 220 3,162 89 136 810 133 425 56 204 Aug..................... 1,035 117 740 542 220 3,162 89 136 797 133 425 56 205 Sept..................... 1,036 116 738 542 220 3,162 89 136 797 133 425 56 213 Oct..................... 1,154 129 820 602 244 3,512 99 151 148 472 61 227 1,159 129 809 602 244 3,513 99 151 148 472 61 237 Dec . . 1,160 129 802 602 244 3,513 99 151 472 62 235 1974—Jan.*................... 244 3,513 99 151 472 62 271 1 Includes reported or estimated gold holdings of international and gold deposited with the BIS is included in the gold reserves of individual regional organizations, central banks and govts, of countries listed in countries. this table, and also of a number not shown separately here, and gold to be 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold distributed by the Tripartite Commission for the Restitution of Monetary assets minus gold deposit liabilities. Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ tries, and China Mainland. Note.—For back figures and description of the data in this and the The figures included for the Bank for International Settlements are following tables on gold (except production), see “Gold,” Section 14 of the Bank’s gold assets net of gold deposit liabilities. This procedure Supplement to Banking and Monetary Statistics, 1962. avoids the overstatement of total world gold reserves since most of the GOLD PRODUCTION (In millions of dollars; valued at $35 per fine ounce through 1971, at $38 through Sept. 1973, and at $42.22 thereafter) Africa North and South America Asia Other World Period produc­ tion i A So fr u ic th a Ghana Zaire U St n a i t t e e s d C a a d n a ­ M ic e o x­ N ra i g ca u ­ a Co b l i o a m­ Japan P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r1 1966... 1.445.0 1,080.8 24.0 5.6 63.1 114.6 7.5 5.2 9.8 4.2 19.4 15.8 32.1 62.9 1967... 1.410.0 1.068.7 26.7 5.4 53.4 103.7 5.8 5.2 9.0 3.4 23.7 17.2 28.4 59.4 1968. 1.420.0 1,088.0 25.4 5.9 53.9 94.1 6.2 4.9 8.4 4.0 21.5 18.5 27.6 61.6 1969.. 1.420.0 1.090.7 24.8 6.0 60.1 89.1 6.3 3.7 7.7 3.4 23.7 20.0 24.5 60.0 1970.. 1.450.0 1,128.0 24.6 6.2 63.5 84.3 6.9 4.0 7.1 3.7 24.8 21.1 21.7 54.1 1971*. 1.098.7 24.4 6.0 52.3 79.1 5.3 3.7 6.6 4.1 27.0 22.2 23.5 1972*. 1.109.8 27.5 5.3 54.3 77.2 5.6 3.0 7.1 4.0 32.2 23.0 28.7 1972—Dec.. 84.3 6.3 .5 1.9 1973— Jan.. , 88.2 6.2 2.4 Feb.. 86.5 6.1 1.8 Mar.. 8886..56 6.3 Apr.. 86.0 6.2 May. 6.8 June. 87.6 6.4 July. 88.3 5.6 Aug.. 90.2 5.7 Sept.. 88.2 5.7 Oct.. 97.5 7.0 Nov.. 97.2 '6.3 Dec.. 6.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 96 INTEREST RATES, 1973 o MARCH 1974 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 Prime Finance commercial CO. Prime Fed­ paper1 paper bankers’ eral 3-month bills5 6-month bills5 9- to 12-month issues 5 Period, placed accept­ funds 3- to 5or week ending directly, ances, rate3 year 90-119 4- to 6- 3- to 6- 90 days1 Rate Market Rate Market 1-year issues 6 days months months2 on new yield on new yield bill (mar­ Other 6 issue issue ket yield) 1973—Jan................ 5.76 5.78 5.56 5.60 5.94 5.307 5.41 5.527 5.62 5.58 5.78 6.29 Feb............... 6.17 6.22 5.97 6.14 6.58 5.558 5.60 5.749 5.83 5.93 6.07 6.61 Mar.............. 6.76 6.85 6.45 6.82 7.09 6.054 6.09 6.430 6.51 6.53 6.81 6.85 Apr............... 7.13 7.14 6.76 b.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 Nov.............. 9.11 8.94 7.94 8.73 10.03 7.866 7.83 7.823 7.96 7.40 7.66 6.96 Dec.............. 9.28 9.08 8.16 8.94 9.95 7.364 7.45 7.444 7.56 7.01 7.38 6.80 1972—Dec. 30... . 5.56 5.59 5.38 5.25 5.34 5.111 5.13 5.313 5.34 5.39 5.55 6.12 1973—Jan. 6.... 5.63 5.63 5.38 5.38 5.61 5.163 5.16 5.396 5.42 5.44 5.61 6.16 13.... 5.63 5.63 5.40 5.43 5.66 5.155 5.19 5.412 5.47 5.45 5.70 6.22 20.... 5.78 5.78 5.53 5.58 5.86 5.277 5.40 5.540 5.63 5.52 5.80 6.27 27.... 5.88 5.90 5.75 5.80 6.03 5.633 5.67 5.760 5.81 5.66 5.91 6.38 Feb. 3.... 6.03 6.10 5.83 5.98 6.35 5.689 5.70 5.871 5.88 5.99 5.96 6.50 10.... 6.13 6.20 5.95 6.13 6.21 5.665 5.56 5.849 5.76 5.86 5.97 6.55 17.... 6.13 6.22 6.00 6.13 6.58 5.424 5.43 5.624 5.60 5.74 5.92 6.53 24.... 6.22 6.25 6.00 6. 13 6.79 5.455 5.58 5.653 5.84 5.95 6.16 6.67 Mar. 3.... 6.28 6.30 6.05 6.30 6.75 5.811 5.81 6.045 6.11 6.18 6.39 6.76 10.... 6.50 6.53 6.23 6.65 7.02 5.879 5.85 6.272 6.29 6.35 6.56 6.84 17.... 6.75 6.85 6.38 6.83 7.13 5.997 6.05 6.440 6.56 6.56 6.84 6.90 24.... 6.95 7.08 6.60 7.00 6.96 6.334 6.31 6.759 6.70 6.69 7.02 6.91 31... . 7.00 7.13 6.75 7.00 7.11 6.251 6.29 6.632 6.67 6.66 6.99 6.79 Apr. 7.... 7.13 7. 18 6.78 7.00 7.18 6.531 6.45 6.814 6.68 6.63 6.98 6.77 14.... 7.13 7.13 6.78 6.98 6.84 6.187 6.20 6.268 6.40 6.41 6.77 6.67 21... . 7.13 7.13 6.75 6.88 7.23 6.187 6.16 6.389 6.43 6.42 6.70 6.73 28.... 7.13 7.13 6.75 7.00 7.14 6.251 6.23 6.630 6.56 6.56 6.70 6.79 May 5... . 7.13 7.13 6.75 7.00 7.43 6.278 6.24 6.575 6.56 6.60 6.74 6.79 12.... 7.13 7. 13 6.75 7.00 7.60 6.136 6.07 6.431 6.42 6.49 6.68 6.76 19.... 7.23 7.28 6.75 7.13 7.81 6.179 6.22 6.456 6.48 6.49 6.72 6.76 26.... 7.38 7.38 6.95 7.33 8.06 6.452 6.56 6.748 6.78 6.78 6.98 6.82 June 2.... 7.53 7.53 7.13 7.41 7.95 6.694 6.91 6.864 6.99 6.93 7.13 6.79 9... . 7.80 7.83 7.25 7.75 8.43 7. 133 7.07 7.210 7.09 6.94 7.20 6.72 16.... 7.90 7.90 7.50 7.88 8.17 7.129 7.15 7.172 7.16 6.94 7.19 6.70 23.... 8.W 8.03 7.50 8.05 8.55 7.263 7.25 7.255 7.27 7.02 7.25 6.74 30.... 8.28 8.28 7.60 8.35 8.59 7.228 7.32 7.299 7.43 7.31 7.46 6.89 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 Sept. 1... . 10.48 10.45 9.00 10.25 10.79 8.668 8.62 8.577 8.58 8.22 8.53 7.35 8... . 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 10.... 8.88 8.69 7.63 8.75 9.71 8.098 8.12 7.987 8.06 7.42 7.85 7.03 17.... 9.18 9.08 8.10 8.75 10.03 8.636 8.11 8.381 8.30 7.64 8.01 7.16 24.... 9.28 9.09 8.16 8.75 10.23 7.704 7.72 7.805 7.85 7.37 7.50 6.88 Dec. 1___ 9.25 9.10 8.05 8.75 10.09 7.695 7.52 7.679 7.77 7.29 7.36 6.78 8... . 9.43 9.20 8.25 9.10 10.17 7.358 7.47 7.766 7.94 7.39 7.53 6.89 15.... 9.35 9.10 8.18 9.15 10.04 7.386 7.51 7.530 7.52 7.01 7.37 6.75 22.... 9.15 9.00 8.20 8.75 10.18 7.366 7.35 7.164 7.32 6.75 7.22 6.74 29.... 9.19 9.00 8.00 8.75 9.52 7.346 7.50 7.315 7.46 6.84 7.41 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 trans­ dealers. 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 Selected note and bond issues. daily average of the range of rates on a given day weighted by the volume of transactions at these rates. For earlier statement weeks, the averages Note.—Figures for Treasury bills are the revised series described on p. were based on the daily effective rate—the rate considered most repre­ A-35 of the Oct. 1972 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND AND STOCK YIELDS A 97 (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 Total i or week ending States (long­ Re­ Aaa Baa Indus­ Rail­ Public term) Total i Aaa Baa New cently trial road utility Pre­ Com­ Com­ issue offered ferred mon mon Seasoned issues 1973 Jan 5.94 5.13 4.90 5.39 7.38 7.37 7.49 7.15 7.90 7.27 7.87 7.51 6.85 2.69 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 7.74 7.64 7.93 2.83 6.10 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 May.... 6.22 5.15 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 6.93 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 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 7.96 8.06 7.63 8.63 7.89 8.37 8.09 7.38 3.13 7.06 6.26 5.03 4.76 5.31 7.90 7.94 7.96 7.60 8.41 7.76 8.24 8.04 7.18 3.05 6 31 5.21 5.03 5.46 7.90 7.94 8.02 7.67 8.42 7.81 8.28 8.11 7.40 3.36 6 35 5 14 4.90 5 43 8.00 8.04 8.05 7.68 8.48 1.84 8.28 8.17 7.76 3.70 1Q72 Dec 30 5 70 5 19 4 95 5 45 7 23 7.48 7.11 7.90 7.25 7.89 7.48 6.93 2.71 1973 Jan 6 5 72 5 19 4.95 5 45 7.28 7.47 7.11 7.90 7.23 7.90 7.49 6.86 2.65 13. 5.83 5.11 4.90 5.40 7.29 7.37 7.47 7.12 7.89 7.24 7.88 7.50 6.87 2.65 20. 5.98 5.08 4.85 5.30 7.45 7.38 7.48 7.15 7.90 7.27 7.85 7.50 6.82 2.67 27. 6.08 5.14 4.90 5.40 7.40 7.43 7.50 7.18 7.91 7.30 7.85 7.52 6.85 2.72 Feb. 3. 6.13 5.21 5.00 5.45 7.38 7.44 7.54 7.20 7.95 7.33 7.88 7.57 6.87 2.74 10. 6.16 5.25 5.05 5.50 7.46 7.45 7.56 7.22 7.97 7.34 7.91 7.62 6.82 2.80 17. 6.10 5.10 4.85 5.40 7.34 7.41 7.57 7.23 7.97 7.35 7.92 7.61 6.96 2.77 24 6 15 5 13 4 90 5 40 7 38 7. 57 7.22 7.97 7.35 7.92 7.60 6.93 2.78 Mar 3 6.16 5 23 5.00 5.45 7.47 7.57 7.25 7.97 7.35 7.92 7.60 6.92 2.86 10 6.18 5 29 5.05 5 55 7.50 7.59 7 27 7.99 7.38 7.94 7.63 6.97 2.79 17. 6.22 5.34 5.10 5.65 7.52 7.59 7.61 7.29 8.01 7.41 7.95 7.64 7.04 2.78 24. 6.24 5.35 5.10 5.65 7.45 7.59 7.63 7.31 8.05 7.46 7.96 7.64 7.06 2.89 31. 6.18 5.30 5.10 5.60 7.50 7.65 7.31 8.08 7.48 7.94 7.66 7.06 2.87 Apr. 7. 6.16 5.26 5.05 5.50 7.51 7.50 7.63 7.27 8.11 7.46 7.96 7.65 7.16 2.94 14. 6.09 5.09 4.85 5.35 7.47 7.63 7.25 8.10 7.44 7.98 7.63 7.09 2.84 2l! 6.07 5.13 4.90 5.40 7.52 7.62 7.25 8.10 7.42 8.00 7.63 7.11 2.87 28.’ 6.10 5.20 5.00 5.45 7.45 7.42 7.62 7.27 8.06 7.40 8.00 7.63 7.07 2.96 May 5. 6.15 5.10 4.85 5.35 7.40 7.42 7.59 7.26 8.03 7.38 7.97 7.62 7.12 2.96 12. 6.15 5.10 4.85 5.35 7.45 7.60 7 26 8.03 7.39 8.00 7.61 7.01 2.92 19. 6.21 5.13 4.85 5.40 7.45 7.50 7.61 7.29 8.04 7.40 7.99 7.61 7.12 3.03 26. 6.31 5.19 4.95 5.45 7.61 7.55 7.64 7.32 8.08 7.43 8.03 7.64 7.22 3.10 June 2. 6.31 5.24 5.00 5.50 7.55 7.60 7.67 7.35 8.12 7.45 8.06 7.67 7.20 3.02 9. 6.31 5.17 5.00 5.40 7.63 7.59 7.68 7.36 8.13 7.48 8.06 7.67 7.23 3.07 16. 6.29 5.23 5.05 5.50 7.59 7.60 7.68 7.36 8.14 7.48 8.06 7.68 7.19 2.98 23. 6.32 5.28 5.05 5.55 7.66 7.69 7.69 7.38 8.13 7.49 8.08 7.69 7.27 3.08 30. 6.36 5.31 5.10 5.60 7.73 7.72 7.72 7.40 8.14 7.51 8.09 7.71 7.29 3.09 July 7 6.44 5.36 5.10 5.65 7.80 7.74 7.41 8.16 7. 53 8.13 7.75 7 30 3.15 14. 6.43 5.45 5.25 5.70 7.92 7.85 7.78 7.44 8.22 7.55 8.17 '7.79 7.33 3.03 21. 6.50 5.43 5.20 5.75 7.92 7.94 7.80 7.45 8.25 7.60 8.18 7.82 7.35 3.03 28. 6.64 5.53 5.30 5.80 8.03 8.12 7.83 7.48 8.27 7.65 8.17 7.84 7.43 2.94 Aug. 4. 6.90 5.63 5.40 5.90 8.31 8.28 7.88 7.53 8.33 7.72 8.19 7.89 7.43 3.06 11. 6.97 5.63 5.40 5.90 8.52 8.32 7.97 7.61 8.43 7.83 8.28 7.96 7.39 3.11 18. 6.83 5.64 5.20 5.85 8.30 8.16 8.06 7.71 8.54 7.94 8.34 8.06 7.35 3.19 25. 6.74 5.42 5.20 5.75 8.29 8.21 8.12 7.77 8.61 7.99 8.36 8.14 7.48 3.27 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 7.76 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 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 8.10 7.24 3.10 10. 6.33 5.24 5.05 5.50 8.00 8.03 8.01 7.67 8.43 7.80 8.27 8. 11 7.31 3.17 17. 6.35 5.29 5.10 5.55 7.98 7.99 8.03 7.69 8.42 7.82 8.29 8.12 7.35 3.31 24. 6.29 5.20 5.05 5.45 7.86 7.86 8.02 7.68 8.42 7.81 8.29 8.12 7.44 3.41 Dec. 1. 6.27 5.16 5.00 5.40 7.85 7.87 8.01 7.64 8.42 7.81 8.30 8.09 7.51 3.55 8. 6.31 5.20 5.00 5.45 8.06 7.98 8.02 7.65 8.43 7.81 8.25 8.13 7.61 3.77 15. 6.30 5.13 4.90 5.45 7.97 7.97 8.04 7.67 8.48 7.83 8.26 8.17 7.70 3.72 22. 6.34 5.11 4.85 5.40 7.98 8.05 8.06 7.68 8.50 7.85 8.31 8.18 7.82 3.67 29. 6.47 5.11 4.85 5.40 8.10 8.08 7.73 8.52 7.87 8.31 8.21 7.90 3.64 1 Includes bonds rated Aa and A, data for which are not shown sep­ Aaa utility bonds are weekly averages compiled by the Board of Governors arately. Because of a limited number of suitable issues, the number of the Federal Reserve System. Rates for seasoned issues are averages of of corporate bonds in some groups has varied somewhat. As of Dec. daily figures from Moody’s Investors Service. 23, 1967, there is no longer an Aaa-rated railroad bond series. Stocks: Standard and Poor’s corporate series. Dividend/price ratios Note.—Bonds: Monthly and weekly yields are computed as follows: are based on Wed. figures; earnings/price ratios are as of end of period. (1) U. S. Govt.: Averages of daily figures for bonds maturing or callable Preferred stock ratio is based on eight median yields for a sample of nonin 10 years or more; from Treasury Dept. (2) State and local govt.: General callable issues—12 industrial and 2 public utility; common stock ratios obligations only, based on Thurs. figures; from Moody’s Investors on the 500 stocks in the price index. Quarterly earnings are seasonally Service. (3) Corporate: Rates for “New-issue” and “Recently offered” adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 BANK RESERVES AND RELATED ITEMS, 1973 □ MARCH 1974 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (Averages of daily figures; in millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Treas­ Period, or week ending U.S. Govt, securities1 Special ury Gold Drawing cur­ Other stock Rights rency Loansr Floatr 2 F.R. Totalr 4 certificate out­ Bought Held assets 3 account stand­ Total out­ under ing right Rp’s f 1973—Jan................................... 72,194 71,711 483 1,164 3,262 1,329 78,057 10,410 400 8,321 Feb.................................. 72,307 72,082 225 1,593 2,550 1,004 77,594 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 2,190 960 81,831 10,410 400 8,478 June................................ 75,355 75,047 308 1,788 2,371 942 80,547 10,410 400 8,518 July................................. 77,448 76,875 573 2,051 3,162 1,180 83,929 10,410 400 8,538 Aug................................. 76,653 76,475 178 2,144 2,563 1,018 82,443 10,410 400 8,549 Sept................................. 76,073 75,712 361 1,861 2,925 889 81,810 10,410 400 8,584 Oct................................... 78,042 77,500 542 1,465 2,936 1,122 83,644 10,933 400 8,613 Nov................................. 78,457 77,937 520 1,399 2,764 1,078 83,756 11,567 400 8,642 Dec.................................. 79,701 78,833 868 1,298 3,414 1,079 85,642 11,567 400 8,668 1972—Dec. 27......................... 70,646 70,646 1,118 4,636 1,186 77,656 10,410 400 8,299 1973—Jan. 3......................... 71,737 71,150 587 1,751 4,043 1,255 78,909 10,410 400 8,303 10......................... 71,629 71,573 56 691 4,530 1,276 78,209 10,410 400 8,314 17......................... 71,949 71,555 394 1,293 3,775 1,311 78,431 10,410 400 8,319 24......................... 72,092 71,555 537 1,094 2,831 1,383 77,501 10,410 400 8,326 31......................... 72,957 72,343 614 1,310 1,651 1,373 77,410 10,410 400 8,331 Feb. 7......................... 71,973 71,905 68 1,232 2,569 1,322 77,180 10,410 400 8,343 14......................... 72,058 71,884 174 1,992 2,166 1,337 77,661 10,410 400 8,347 21......................... 72,569 72,083 486 1,670 2,781 662 77,927 10,410 400 8,352 28......................... 72,629 72,457 172 1,479 2,683 694 77,608 10,410 400 8,371 Mar. 7......................... 73,415 73,183 232 1,685 2,595 749 78,562 10,410 400 8,387 14......................... 73,710 73,339 371 1,491 2,810 790 78,917 10,410 400 8,402 21......................... 74,083 73,783 300 2,139 2,599 876 79,817 10,410 400 8,408 28......................... 74,258 73,889 369 2,011 1,786 908 79,061 10,410 400 8,420 Apr. 4......................... 75,223 74,404 819 1,755 1,857 938 79,906 10,410 400 8,427 11......................... 74,700 74,586 114 1,499 2,353 968 79,602 10,410 400 8,437 18......................... 75,420 74,866 554 1,848 2,328 1,025 80,725 10,410 400 8,444 25......................... 75,654 74,907 747 1,646 2,815 1,139 81,390 10,410 400 8,448 May 2......................... 76,149 75,830 319 1,874 2,166 1,120 81,418 10,410 400 8,461 9......................... 76,501 76,027 474 1,484 2,361 1,195 81,698 10,410 400 8,464 16......................... 77,020 76,296 724 1,815 2,394 1,059 82,461 10,410 400 8,468 23......................... 77,534 76,477 1,057 1,688 2,129 760 82,252 10,410 400 8,487 30......................... 76,231 76,231 2,400 1,803 793 81,315 10,410 400 8,494 June 6......................... 76,049 75,328 721 1,664 2,293 853 80,989 10,410 400 8,500 13......................... 73,953 73,953 1 700 2 344 887 78,954 10,410 400 8,515 20......................... 74,898 74,543 355 1,928 2*491 940 80,350 10,410 400 8,520 27......................... 75,871 75,832 39 1,849 2,622 999 81,412 10,410 400 8,526 July 4......................... 77,758 76,564 1,194 2,400 2,198 1,098 83,575 10,410 400 8,537 11......................... 77,002 76,650 352 1,679 3,731 1,090 83,585 10,410 400 8,537 18......................... 77,264 76,821 443 1,722 3,870 1,183 84,111 10,410 400 8,537 25......................... 77,243 76,853 390 2,080 3,305 1,244 83,942 10,410 400 8,540 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 2,005 2,702 1,299 82,975 10,410 400 8,543 15......................... 75,989 75,989 1,916 2,886 1,282 82,122 10,410 400 8,546 22......................... 76,368 76,129 239 2,134 2,689 772 82,026 10,410 400 8,549 29......................... 76,839 76,539 300 2,558 2,046 748 82,272 10,410 400 8,554 Sept. 5......................... 77,382 76,828 554 2,361 1,762 781 82,353 10,410 400 8,568 12......................... 74,723 74,600 123 1,487 3,427 834 80,514 10,410 400 8,574 . 19......................... 75,085 75,085 1 706 3,812 901 81 541 10 410 400 8,586 26......................... 76,499 76,287 212 2,190 2,569 942 82*261 10,410 400 8,592 Oct. 3......................... 77,917 76,503 1,414 1,520 2,550 990 83,110 10,410 400 8,598 10......................... 77,376 76,360 1,016 1,353 3,093 1,041 82,980 10,410 400 8,599 17......................... 78,053 77,692 361 1,162 3,490 1,109 83,886 10,410 400 8,614 24......................... 78,419 78,267 152 1,915 3,118 1,198 84,706 11,567 400 8,622 31......................... 78,325 78,072 253 1,455 2,252 1,198 83,285 11,567 400 8,627 Nov. 7......................... 78,007 78,007 1,171 2 193 1,281 82,701 11,567 400 8,626 14......................... 77,154 76,867 287 1,521 2,642 1,378 82 * 749 11’567 400 8*629 21......................... 79,692 78,365 1,327 1,568 2,881 826 85,044 11,567 400 8,650 28......................... 78,886 78,404 482 1,287 3,341 871 84,440 11,567 400 8,659 Dec. 5......................... 79,532 78,232 1,300 1,478 2,496 942 84,568 11,567 400 8,661 12......................... 78,727 78,036 691 1,303 2,580 963 83,673 11,567 400 8,666 19......................... 79,571 78,752 819 1,488 3,353 1,037 85,577 11,567 400 8,668 26.......................... 80,087 79,242 845 1,039 4,684 1,229 87,260 11,567 400 8,672 t Repurchase agreement. industrial loan program was discontinued. For holdings of acceptances 1 Includes Federal agency issues held under repurchase agreements as on Wed. and end-of-month dates, see tables on F.R. Banks on following of Dec. 1, 1966, and Federal agency issues bought outright as of Sept. 29, pages. See also note 2. 1971. 2 Beginning with 1960 reflects a minor change in con­ 5 Includes certain deposits of domestic nOnmember banks and foreigncept; see Feb. 1961 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 participa­ liabilities and capital” are shown separately; formerly, they were netted tion by nonmember institutions in the Federal Reserve System’s program together and reported as “Other F.R. accounts.” of credit restraint. Digitized for FRAS4 EInRcl udes industrial loans and acceptances until Aug. 21, 1959, when Notes continued on opposite page. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ BANK RESERVES AND RELATED ITEMS, 1973 A 99 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (Averages of daily figures; in millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank reserves, reserves Cur­ Treas­ with F.R. Banks Other Period, or week ending rency ury Other in cash F. R. lia­ cir­ hold­ accounts3 bilities With Cur­ cula­ ings and F.R. rency tion Treas­ For­ Other 2,5 capital3 Banks r and Total7, r ury eign coin6, r 65,274 364 2,033 294 644 2,365 26,214 6,457 32,950 ..............................1973—Jan. 64.564 382 2,956 302 645 2,482 25,426 6,029 31,734 ..........................................Feb. 65,072 384 3,598 338 666 2,530 25,848 5,852 31,969 66,068 414 3,471 275 666 2,622 26,281 5,822 32,275 66,726 413 4,121 330 652 2,721 26,157 6,007 32,336 67,609 386 2,408 266 698 2,732 25,777 6,086 32,029 68,382 346 3,375 341 782 2,846 27,205 6,273 33,590 68,394 344 1,674 300 838 2,877 27,375 6,296 33,783 68,592 349 792 332 781 2,848 27,510 6,402 34,020 68,909 622 1,718 266 5 752 2,866 28,458 6,371 34,913 69,927 340 1.772 522 5 689 2,854 28,259 6,382 34,725 71,646 323 1,892 406 5 717 2,942 28,352 6,635 35,068 66,575 346 1,689 280 591 2,385 24,899 6,092 31,441 ......................1972—Dec. 27 66,553 346 1,715 322 767 2,213 26,106 6,212 32,597 .......................1973—Jan. 3 66,023 350 1,707 287 673 2,254 26,040 6,164 32,483 65.493 366 1,664 291 606 2,326 26,814 6,912 34,005 ...............................................17 64,809 372 2,303 306 614 2,411 25,821 6,409 32,509 ...............................................24 64.229 377 2,671 278 636 2,535 25,824 6,450 32,553 ...............................................31 64,277 378 3,018 277 639 2,598 25,148 6,377 31,804 ....................................Feb. 7 64,673 378 3,233 290 614 2,396 25,235 6,295 31,809 ...............................................14 64,743 385 2,501 270 657 2,430 26,103 5,656 32,038 64.565 389 3,071 372 671 2,506 25,216 5.789 31,284 ...............................................28 64,683 385 3,177 343 692 2,609 25,870 5,910 32,059 ....................................Mar. 7 65,157 376 4,129 335 670 2,405 25,058 6,221 31,558 ...............................................14 65,250 380 3,731 365 650 2,499 26,159 5,534 31,972 ...............................................21 65,130 388 3,625 304 643 2,559 25,642 5,743 31,664 ...............................................28 65,381 409 3,117 318 672 2,662 26,584 5,858 32,614 65,906 413 3.438 279 649 2,639 25,526 6,059 31,757 ...............................................11 66,335 413 3,104 272 687 2,529 26,642 5,813 32,627 ...............................................18 66,296 416 3,641 258 663 2,624 26,751 5,479 32,402 ...............................................25 66,133 419 4,084 313 660 2,703 26,379 5,951 32,502 66,450 421 4,497 332 648 2,734 25,894 6,180 32,246 ............................................... 9 66,851 417 4,393 314 637 2,622 26,505 6,265 32,942 ...............................................16 66,768 409 4,097 343 654 2,717 26,560 5,538 32,270 ...............................................23 66,890 402 3,564 321 666 2,787 25,989 6,044 32,205 ...............................................30 67,220 398 3,026 264 656 2,882 25,852 6,139 32,163 67,734 388 1,401 253 663 2,641 25,195 6,230 31,597 ...............................................13 67,760 385 1.653 246 768 2,659 26,210 5,894 32,276 ...............................................20 67,580 381 3,062 277 693 2,732 26,025 6,023 32,220 ...............................................27 68,048 373 3,614 308 740 2,850 26,989 6,226 33,327 68,662 366 3,978 284 729 2,972 25,942 6,465 32,519 ...............................................11 68,613 344 3,224 281 817 2,730 27,450 6,159 33,721 ...............................................18 68,267 331 3,168 405 5 780 2,780 27,563 6,138 33,813 ...............................................25 68,051 324 2,928 407 5 818 2,903 27,567 6,372 34,051 68,311 334 2.773 275 5 816 2,957 26,860 6,484 33,456 ............................................... 8 68,619 347 1,413 314 5 878 2,704 27,202 6,515 33,829 ...............................................15 68,463 353 919 348 5 884 2,826 27,592 5,897 33,601 ...............................................22 68,208 345 1,649 286 5 782 2,944 27,424 6,261 33,797 ...............................................29 68,499 343 1,095 271 5 787 3,069 27,667 6,347 34,126 68,955 340 2 336 5 758 2,661 26,846 6,591 33,549 ...............................................12 68,716 343 354 364 5 859 2,759 27,542 6,204 33,858 ...............................................19 68,343 355 1,326 373 5 746 2,875 27,645 6,386 34,143 ...............................................26 68,366 371 1,771 252 5 713 2,972 28,073 6,516 34,673 ....................................Oct. 3 68,886 350 1,362 270 5 682 2,735 28,104 6,606 34,794 ...............................................10 69,156 354 1.439 276 5 764 2,802 28,520 6,415 35,019 ...............................................17 68,970 1,522 1,566 254 5 950 2,904 29,129 5,905 35,118 ...............................................24 68,787 365 2,422 279 5 655 3,004 28,369 6,498 34,951 ...............................................31 69,061 364 2,087 332 662 2,726 28,062 6,480 34,626 ....................................Nov. 7 69,834 338 1,120 580 696 2,738 28,040 6,747 34,871 ...............................................14 70,181 333 1,946 557 722 2,913 29,009 6,002 35,095 ...............................................21 70,502 329 1,853 651 684 2,986 28,060 6,294 34,438 ...............................................28 70.493 334 1,884 440 670 2,958 28,417 6,405 34,906 71.229 315 1,597 297 651 2,769 27,448 6,912 34,444 ...............................................12 71,682 307 1.654 397 674 2,923 28,574 6,545 35,203 ...............................................19 72,233 328 2,228 531 694 3,047 28,838 6,508 35,430 ...............................................26 6 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed for a transition period in connection with bank adaptation to Regulation J thereafter. Beginning with Jan. 1963, figures are estimated except for as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies weekly averages. Beginning Sept. 12, 1968, amount is based on close- included are (beginning with first statement week of quarter): Ql, $279 of-business figures for reserve period 2 weeks previous to report date. million; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning 7 Beginning with week ending Nov. 15, 1972, includes $450 million of 1974, Ql, $67 million. reserve deficiencies on which F.R. Banks are allowed to waive penalties For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

!RVES AND RELATED ITEMS, 1973 □ MARCH 1974 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks2 Borrowings New York City City of Chicago Other Excess1 Total Sea­ Excess Borrow­ Excess Borrow­ rrowsonal ings ings ngs r 349 1,164 96 193 108 286 197 1,593 -12 324 105 471 287 1,858 72 176 102 723 149 1.721 5 38 146 9 738 59 1,786 30 -35 110 12 783 59 1,788 77 -61 145 28 711 391 2,050 124 156 135 67 993 243 2,144 163 34 109 53 ,227 245 1,861 147 -6 115 62 972 223 1,465 126 11 74 54 748 182 1.399 84 27 180 28 598 262 1,298 41 -23 74 28 435 189 1,118 -37 278 186 578 1,751 149 713 10 279 234 145 691 -21 66 -10 19 186 329 1,293 46 201 17 189 273 -33 1.094 -82 260 -26 19 306 455 1,310 204 15 110 394 118 1,232 -78 221 -7 16 411 187 1,992 -1 709 17 178 440 505 1,670 156 155 11 104 483 -21 1,479 -128 211 -21 121 550 336 1,685 92 242 43 99 651 25 1,491 -48 178 -25 113 578 248 2,139 56 225 3 104 734 2,011 -46 28 1 130 902 536 1,755 169 144 18 737 -91 1,499 -184 24 -14 688 237 1.848 146 306 2 698 338 1,646 45 20 788 231 1,874 16 56 222 19 778 -81 1,484 18 -75 182 -50 689 340 1,815 23 49 123 42 689 94 1,688 32 33 30 -27 843 145 2.400 46 7 144 27 10 962 344 1,664 64 62 200 34 47 728 2 1,700 67 -78 31 -1 18 698 144 1,928 71 92 262 -24 9 693 220 1.849 93 -41 107 -7 714 632 2.400 111 191 454 58 195 835 -5 1,679 117 -130 115 -51 28 777 457 1.722 117 232 -2 13 858 13 2,080 128 -149 50 56 24 ,165 499 2.095 141 266 12 ,222 75 2,005 158 -39 90 24 41 ,133 314 1,916 148 24 50 -3 54 ,154 39 2,134 163 -24 172 2 36 ,215 123 2,558 185 -47 137 -21 68 ,406 490 2,361 168 201 143 117 ,302 144 1.487 145 -46 32 20 844 149 1,706 139 -4 91 3 15 841 84 2,190 150 -20 217 27 127 989 457 1.520 144 89 43 7 41 973 420 1,353 131 129 43 1 9 765 -80 1,162 120 -157 26 -9 58 558 407 1,915 125 129 185 7 66 762 174 1,455 119 -69 72 29 81 830 257 1,171 93 101 192 -53 12 583 146 1.521 80 -92 262 61 482 369 1,568 85 110 224 2 15 706 66 1,287 84 -56 94 -14 28 624 438 1,478 57 167 15 11 578 -28 1,303 45 -139 102 -23 11 421 311 1.488 40 137 163 29 488 472 1,039 35 106 30 363 ^2, F.R. Banks have been allowed to Note.—Monthly and weekly data are ave within es for a transition period. Deficiencies the month or week, respectively. Reserve: t for million; Q2, $172 million; Q3, $112 weekly averages. Borrowings at F.R. Banks: Based on closin ion of banks as reserve city banks Effective Apr. 19, 1973, the Board’s Regul lendlias been based on size of bank (net ing by Federal Reserve Banks, was revised to 0 million), as described in the Bulletin to meet the seasonal borrowing needs of thei town here as “Large” and “All other” and “Country” categories, respectively :r time). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ WEEKLY REPORTING BANKS A 101 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1973 (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities T lo o a t n a s l involving— To no fi n n b an an . k Wednesday i m n a v e n e n d s t t s ­ Total c m c o T i e m a o r l ­ ­ T U re .S as . ­ Other ot T he o rs Total i C n m a c d o n i e a u m d r l s ­ ­ ­ A t c u u g r l a r ­ i l ­ a T n o d b d r e o a k l e e r r s s ot T he o rs Pe in rs s . titutions banks c u s u e r r y ­ i­ c t s u ie e r ­ s i­ trial T U u re r .S a y s . ­ O se t c h s e . r T U r u e r .S a y s . ­ O se t c h s e . r f s i a n a n l a e d n s . Other ties secs. secs. COS., etc. Jan. 3.......... 327,642 15,144 14,069 413 376 286 227,352 91,414 2,936 978 8,346 272 2,939 7,700 12,835 10.......... 323,132 12,967 11,628 625 435 279 225,371 91,029 2,948 1,184 7,922 302 2,913 7,167 12,625 17.......... 321,671 12,011 10,684 682 466 179 225,398 91,380 2,959 991 7,800 273 2,923 7,359 12,544 24........... 319,256 11,188 10,134 615 323 116 224,379 91,433 2,975 722 7,454 248 2,932 6,899 12,443 31.......... 323,606 12,098 10,999 611 296 192 227,165 92,293 2,995 1,063 7,750 291 2,903 7,214 12,647 Feb. 7........... 324,763 13,169 11,412 1,366 214 177 228,830 93,300 3,007 1,455 7,340 277 2,906 7,060 12,770 14.......... 327,725 14.143 13,086 598 245 214 231,598 94,656 3,021 942 7,262 248 2,906 7,402 12,976 21.......... 328,130 14,417 13,116 662 285 354 232,903 95,227 3,015 1,070 7,190 248 2,947 7,461 13,095 28.......... 328,545 13,302 12,139 719 240 204 234,408 96,224 3,017 898 7,338 272 2,949 7,565 13,384 Mar. 7.......... 333,027 15,117 13,177 1,180 528 232 237,082 97,499 3,045 1,083 7,221 265 2,935 7,791 13,448 14.......... 332,045 12,848 11,495 933 322 98 238,619 98,517 3,056 641 7,254 239 2,937 7,874 13,776 21.......... 333,715 12,983 10,681 1,412 796 94 240,045 99,724 3,058 880 6,942 243 2,926 7,714 14,052 28........... 333,667 12,561 11,436 837 171 117 240,533 99,823 3,073 712 6,793 241 2,926 7,926 14,320 Apr. 4 334,539 12,912 11,658 849 214 191 241,453 100,294 3,094 1,148 6,584 242 2.919 7,892 14,536 11 334,996 12,746 11,317 967 261 201 241,813 100,772 3,108 856 6,584 210 2,925 7,842 14,535 18 334,771 11,851 10,857 711 143 140 243,365 101,887 3.124 570 6,177 211 2,932 7,943 14,773 25.......... 337,662 14,641 12,732 1,494 138 277 243,370 101,854 3,119 497 6,229 212 2,964 7,911 14,656 May 2.......... 337,978 13,241 12,246 593 225 177 245,134 102,433 3,092 595 6,295 213 2,951 8,045 15,080 9 . , 336,693 12,174 10,978 714 218 264 245,091 102,415 3,103 618 6,605 199 2,955 7,980 14,991 16 . . 338,260 12,546 11,460 731 203 152 247,156 102,878 3,127 536 6,577 217 2,945 8,354 15,269 23 . . 337,153 12,136 10,972 849 159 156 246,634 102,942 3,161 463 6,015 216 2,960 8,134 15,364 30 , , 339,968 12,959 11,166 1,427 216 150 247,526 102,711 3,176 885 6,079 226 2,930 8,156 15,556 June 6 . . 341,398 12,967 11.685 779 207 296 248,341 103,381 3.202 564 5,847 223 2,915 8,439 15,784 13 .... 343,301 13,386 10,799 2,026 207 354 249,911 103,687 3,236 1,462 5,841 210 2,946 8,203 15,709 20 . . , 344,169 12,648 11,468 673 260 247 252,129 105,004 3,279 561 5,744 208 2,933 8,764 16,105 27.......... 344,157 12,047 10,794 796 258 199 252,740 104,812 3,304 887 5,687 210 2,916 8,615 16,282 July 4 346,463 12,567 11,413 732 247 175 254,583 105,526 3,306 380 5,433 206 2,902 8,987 16,788 11 347,753 11,615 9,869 1.265 225 256 256,839 106,141 3,314 2,156 5,563 205 2,922 8,710 16,444 18 347,604 13,922 12,731 867 150 174 255,103 106,527 3.301 522 5,186 205 2,963 8,707 16,458 25 ........ 346,915 12,412 10,997 953 119 343 255,738 106,755 3,307 766 5,296 201 2,956 8,802 16,421 Aug. 1 349,069 12,773 11,520 872 130 251 258,040 107,433 3,304 659 5,296 186 2,987 9,740 16,859 8 352,536 15,352 12,035 2,587 225 505 259,050 107,961 3,343 1,164 5,291 189 3,008 9,476 16,915 15 , 355,596 15,375 12,019 2,839 233 284 260,493 108,035 3,360 1,482 5,248 188 3,010 9,696 17,032 22 350,388 13,354 11,556 1,369 160 269 258,352 107,785 3,352 830 5,002 181 2,971 8,928 17,020 29........... 350,651 13,404 11,781 1,215 131 277 258,797 106,789 3,334 1,311 5,197 181 2,951 8,853 17,019 Sept. 5.......... 355,015 15,714 13,603 1,487 238 386 259,852 107,012 3,351 1,379 5,074 180 2,946 9,172 17,193 12.......... 358,259 16,825 14,334 2,014 245 232 260,927 107,516 3,342 1,087 5,205 177 2,947 9,150 17,200 19.......... 355,219 14,333 11.758 2,036 238 301 261,451 108,138 3,337 875 5,217 176 2,939 9,245 17,151 26 . 353,958 12,894 11,619 818 189 268 261,622 108,183 3,327 849 5,474 167 2,944 9,026 17,392 Oct. 3.......... 356,569 14,470 13,094 831 186 359 261,864 108,299 3,345 694 5,507 158 2,942 8,970 17,342 10 ... 361,917 17,802 13,889 3,346 159 408 262,826 108,155 3,316 1,340 5,534 159 2,932 9,023 17,276 17 355,074 13,728 12,461 869 144 254 260,935 107,680 3,328 634 5,323 160 2,936 8,461 17,091 24.......... 355,714 13,664 12,453 790 132 289 260,754 107,167 3,349 741 5,614 152 2,914 8,410 16,800 31. , 358,429 14,629 13,291 913 221 204 261,508 106,829 3,385 547 5,910 149 2,902 8,578 17,030 Nov. 7 ........ 363,207 16,290 14,400 1,312 349 229 263,271 107,194 3,409 1,445 6,012 138 2,903 8,612 17,037 14.......... 360,150 15,811 14,163 1,206 258 184 261,638 107,300 3,409 613 5,752 135 2,870 8,450 17,088 21 358,562 13,487 12,059 904 309 215 261,566 107,577 3,409 628 5,632 143 2,844 7,992 16,824 28. . 359,766 14,447 12,843 1,065 356 183 262,469 107,632 3,434 623 5,564 142 2,853 8,350 16,971 Dec. 5 ........ 363,957 15,410 13,770 1,127 350 163 263,541 108,205 3,426 760 5,340 144 2,825 8,531 17,172 12 . 366,009 13,951 12,252 1,119 411 169 265,395 108,481 3,482 902 6,091 150 2,820 8,466 17,062 19 368,678 15,015 13,614 819 410 172 267,921 109,398 3,492 1,020 5,574 148 2,820 8,825 17,584 26 . . 374,535 18,248 14,433 3,118 509 188 270,602 110,121 3,547 1,739 6,228 153 2,799 8,950 17,698 ► Dec. 26.......... 804 -33 -33 399 160 8 l| -2 For notes see p. A-I05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 WEEKLY REPORTING BANKS □ MARCH 1974 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1973—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Con­ Real sumer For­ All Certif­ estate instal­ eign other Total Bills icates Do­ For­ ment govts.2 Within 1 to After mes­ eign 1 yr. 5 yrs. 5 yrs. tic 46,024 2,411 3.267 28.148 1,167 18,915 29.133 6,586 4,472 15,535 2,540 .Jan. 3 46,151 2,429 3,196 28,123 1,160 18,222 28,939 6,390 4,565 15,441 2,543 ...........10 46,277 2,333 3.054 28,114 1,162 18.229 28,912 6.434 4.593 15,326 2,559 ...........17 46,381 2,315 3,048 28.170 1,190 18,169 28,469 6.183 4.546 15,155 2,585 ...........24 46,504 2,681 3,172 28,270 1,206 18,176 28,926 6,515 4,674 15,132 2.605 ...........31 46,598 2,820 3,455 28,286 1,222 18,334 27,633 5,351 4,774 14,987 2,521 . Feb. 7 46,776 3,127 4,207 28,339 1.242 18.494 27,002 4,819 4,778 14,924 2,481 ...........14 46,923 3,029 4,374 28,391 1.254 18.679 25,813 4,457 3,480 15.228 2,648 ...........21 46,991 2,862 4,419 28,495 1,240 18,754 25,663 4,607 3,616 15,042 2,398 ...........28 47,085 3.222 4,944 28,467 1,258 18.819 25,346 4,465 3,615 15.065 2,201 .Mar. 7 47,269 3,364 5,082 28,535 1.255 18.820 25.178 4,441 3,600 14,963 2,174 ...........14 47,411 3,379 5.268 28,581 1,273 18,594 25,265 4,619 3,771 14,762 2,113 ...........21 47,535 3,358 5,154 28,709 1,283 18.680 25,371 4,911 3,808 14,603 2,049 ...........28 47,522 3,269 4,796 28,808 1.236 19,113 25,958 5,524 3,851 14,606 1,977 .Apr. 4 47,774 3,191 4,894 28,901 1.243 18,978 25,422 5,187 3,810 14,381 2,044 ...........11 48,035 3,303 4,923 29,051 1.254 19,182 24,838 4,720 3,758 14,307 2,053 ...........18 48,102 3,293 4,897 29.170 1.237 19.229 24,741 4,780 3,739 14,192 2,030 ...........25 48,253 3,177 4,902 29,291 1,239 19,568 24,493 4,522 3,791 14,146 2,034 . May 2 48,437 3,028 4,843 29,336 1.267 19.314 24,029 4,171 3,707 14,057 2,094 ........... 9 48,666 3.222 5,060 29,451 1,275 19,579 23,699 3,825 3,694 13,345 2,835 ...........16 48,932 3,285 5.161 29,576 1.267 19,158 23,500 3,776 3,856 13,107 2,761 ...........23 49,141 3,235 4,969 29,711 1,252 19,499 23,989 4,191 3,926 12,997 2,875 ...........30 49,314 3,214 4,840 29,810 1,271 19,537 24,263 4.505 3,976 12,967 2,815 .June 6 49,618 3,227 5,036 29,944 1,314 19,478 24,267 4,472 3,950 12,999 2,846 ...........13 49,902 3,409 5,184 30,157 1,329 19,550 23,916 4.184 3,920 12,978 2.834 ...........20 50,121 3,390 5.161 30,357 1,335 19,663 23,836 4,039 3,956 13,011 2,830 ...........27 50,298 3,594 5,194 30,484 1,260 20,225 23,823 4,152 4,151 12,753 2,767 .July 4 50.547 3,384 5,306 30,575 1.267 20,305 23,611 4,059 4,146 12,663 2,743 ...........11 50,731 3,296 5,220 30.686 1,220 20,081 23.134 3,585 4.074 12,725 2,750 ...........18 50,995 3,394 5.055 30,847 1.243 19,700 22,730 3,133 4,144 12,716 2,737 ...........25 51,104 3,173 4,848 31,073 1,251 20,127 22,299 2,954 4,055 12,613 2,677 . Aug. 1 51.250 3,212 5.055 31.149 1,257 19,780 22,149 2,902 4.094 12,548 2.605 ........... 8 51,613 3,206 5,017 31,265 1.254 20,087 23,016 4,116 3,858 12,352 2,690 ...........15 51,840 3,356 4,854 31,386 1,236 19,611 22,462 3,753 3,854 12,211 2,644 ...........22 52,037 3,587 4,966 31,526 1.254 19,792 22,098 3.506 3,835 12,134 2,623 ...........29 52,199 4,769 31,614 1.311 20,101 22,918 3,705 3,966 12,635 2,612 . Sept. 5 52,480 4,807 31,703 1.324 20,350 23,324 3,981 3,962 12,731 2,650 ...........12 52,816 4,726 31,736 1.311 20,440 22,505 3,107 4,070 12,682 2,646 ...........19 53,021 4,684 31,866 1.255 20,129 22,249 3,036 4.094 12,463 2,656 ...........26 53,179 4,640 31,921 1,307 20,075 22,523 3,321 4,384 12,137 2,681 Oct. 3 53,384 4,789 31,966 1,339 20,257 23.179 3,971 4.428 12,069 2,711 ...........10 53,665 4,655 32,034 1,313 20,243 22,887 3,650 4,457 12.066 2.714 ...........17 53,738 4,744 32,127 1,288 20.315 23,108 3,917 4,494 11,982 2.715 ...........24 53,877 3,549 4,523 32,252 1.325 20,652 23,195 3,939 4,454 12,037 2,765 ...........31 53,971 3,490 4,422 32,293 1,354 20,991 24.180 5,052 4,416 11,908 2,804 Nov. 7 54,225 3,562 4,495 32,383 1,408 19,948 24,129 5,114 4.429 11,865 2,721 ...........14 54,444 3,833 4,365 32,444 1,403 20,028 24,872 4,837 4.075 12,354 3.606 ...........21 54.548 3,856 4,543 32,525 1,435 19,993 24,257 4.434 3,911 12,416 3,496 ...........28 54,519 4,044 4,678 32,579 1,427 19,891 25,974 6,076 4,033 12,491 3,374 Dec. 5 54,773 4,056 4,883 32,693 1,538 19,998 26,201 6,452 4,174 12,216 3,359 ...........12 54,950 4,090 5,101 32,835 1,589 20.495 25,441 5,764 4,013 12,199 3,465 ...........19 54,997 4,103 5,170 32,942 1,580 20,575 25,527 5,779 4,109 12.228 3,411 ...........26 113 110 132 16 106 Dec. 26 4 For notes see p. A-105. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 o WEEKLY REPORTING BANKS A 103 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1973—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest­ Obligations Other bonds, items Re­ Bal­ ments Total of State corp. stock, in serves Cur­ ances in sub­ assets/ Wednesday and and process with rency with sidiar­ Other Total political securities of F.R. and do­ ies not assets liabil­ Total subdivisions collec­ Banks coin mestic consol­ ities tion banks idated Tax Certif. war­ All of All rants3 other partici­ other5 pation4 Jan. 3..................................... 56,013 9,252 37,925 1,742 7,094 34,668 21,587 4,377 10,459 1,108 17,662 417,503 10..................................... 55,855 9,084 38,073 1,738 6,960 28,481 19,574 4,280 9,811 1,106 17,359 403,743 17..................................... 55,350 8,969 37,751 1,745 6,885 30,353 21,415 4,144 9,098 1,134 17,181 404,996 24..................................... 55,220 8,860 37,659 1,763 6,938 29,067 21,611 4,145 9,167 1,139 17,257 401,642 31..................................... 55,417 8,951 37,816 1,770 6,880 30,863 20,055 3,981 9,658 1,143 17,805 407,111 Feb. 7..................................... 55,131 8,711 37,706 1,772 6,942 26,613 17,356 3,678 9,499 1,155 17,952 401,016 14..................................... 54,982 8,643 37,602 1,766 6,971 30,274 20,862 3,994 9,101 1,165 18,354 411,475 21..................................... 54,997 8,599 37,740 1,763 6,895 32,735; 17,190 4,081 10,119 1,178 18,248 411,681 28..................................... 55,172 8,578 37,819 1,748 7,027 31,985j 21,057 3.924 10,555 1,198 18,642 415,906 Mar. 7..................................... 55,482 8,622 38,193 1,730 6,937 28,430 17,895 3.648 9,287 1,220 18,847 412,354 14..................................... 55,400 8,632 38,123 1,765 6,880 29,496 20,192 3,920 9,050 1,232 18,942 414,877 21..................................... 55,422 8,516 38,292 1,744 6,870 26,896 19,178 3,926 8,571 1,240 18,517 412,043 28...................................... 55,202 8,349 38,317 1,738 6,798 26,884 20,321 4,037 9,260 1,248 18,889 414,306 Apr. 4...................................... 54,216 7,344 38,378 1,686 6,808 28,904 19,428 3,575 9,653 1,256 19,324 416,679 11..................................... 55,015 7,886 38,459 1,813 6,857 27,969 18.984 3,873 8,910 1,235 19,209 415,176 18...................................... 54,717 7,587 38,308 1,831 6,991 28,575 24,431 3,991 9,302 1,236 19,088 421,394 25...................................... 54,910 7,667 38,357 1,802 7,084 28,087, 19,239 4,152 9,399 1,237 19,406 419,182 May 2...................................... 55,110 7,673 38,677 1,655 7,105 31,004! 19,599 3,901 9,451 1,233 19,707 422,873 9...................................... 55,399 8,330 38,366 1,536 7,167 26,745 21,307 3,846 9,035 1,240 19,168 418,034 16...................................... 54,859 8,271 37,798 1,551 7,239 32,377, 21.096 3,978 10,133 1,243 19,197 426,284 23...................................... 54,883 8,249 37,831 1,540 7,263 26,925 20.698 4,084 9,898 1,248 19,268 419,274 30...................................... 55,494 8,318 37,897 1,542 7,737 31,355 17,993 4,265 9,335 1,250 19,554 423,720 June 6...................................... 55,827 8,400 38,083 1,545 7,799 27,769 20.879 3,768 10,142 1,263 19,761 424,980 13...................................... 55,737 8,123 38,034 1,578 8.002 28,278 18,081 4,163 9,804 1,261 19,490 424,378 20...................................... 55,476 7,982 38,044 1,575 7,875 29,158 21,543 4,147 9,909 1,268 19,574 429,768 27...................................... 55,534 7,900 37,980 1,636 8,018 27,012 18,362 4,304 9,788 1,272 19,881 424,776 July 4...................................... 55,490 7,926 37,979 1,633 7,952 36,655 22,910 3,751 10,065 1,289 20,282 441,415 11...................................... 55,688 7,925 37,938 1,743 8,082 29,899 18,306 4,211 9,221 1,303 19,656 430,349 18...................................... 55,445 7,743 37,800 1,769 8,133 30,131 21,789 4,169 9,913 1,303 19,757 434,666 25...................................... 56,035 7,954 37,954 1,831 8,296 28,842 20,903 4,249 10,058 1,296 19,824 432,087 Aug. 1...................................... 55,957 7,973 37,987 1,847 8,150 31,670 22,549 4,043 11,457 1,303 20,895 440,986 8...................................... 55,985 7,944 38,022 1,958 8,061 27,508 18,452 3,954 10,423 1,308 20,774 434,955 15...................................... 56,712 8,103 38,456 1,924 8,229 30,343 20,707 4,085 9,982 1,307 21,162 443,182 22...................................... 56,220 7,781 38,329 1,948 8,162 26,723 21,5921 4,184 10,220 1,310 20,182 434.599 26...................................... 56,352 7,718 38,163 2,015 8,456 26,192 21,277 4,395 8,842 1,308 20,923 433,588 Sept. 5...................................... 56,531 7,770 38,285 2,015 8,461 32,746 19,256 3,976 10,362 1,299 20,970 443,624 12...................................... 57,183 7,691 38,779 1,989 8,724 31,613 22,045 4,355 9,915 1,300 20,695 448,182 19...................................... 56,930 7,532 38,605 2,009 8,784 29.878 21,373 4,294 9,925 1,300 20,575 442,564 26...................................... 57,193 7,382 38,625 2,092 9,094 28,988 24,156; 4,354 10,176 1,303 20,566 443,501 Oct. 3...................................... 57,712 7,578 38,648 2,113 9,373 31,678 22,661: 4,022 10,541 1,331 21,054 447,856 10...................................... 58,110 7,515 38,875 2,238 9,482 32,649 17,4061 4,229 11,175 1,335 20,825 449,536 17...................................... 57,524 7,391 38,524 2,173 9,436 31,829 23,700 4,215 10,406 1,412 20,681 447,317 24...................................... 58,188 7,604 38,562 2,213 9,809 33,369 24,937: 4.378 13,161 1,415 20,217 453,191 31...................................... 59,097 7,678 38,883 2,241 10,295 34,426 25,037 4,279 13,062 1,340 20,999 457,572 Nov. 7...................................... 59,466 7,749 39,187 2,212 10,318 36,848 20,940 3,955 14,314 1,355 20,599 461,218 14...................................... 58,572 7,348 38,666 2,230 10,328 36,059 25,990 4,360 12,417 1,360 19,883 460,219 21...................................... 58,637 7,180 38,970 2,193 10,294 31,700 23,570 4,021 10,576 1,363 20,033 449,825 28...................................... 58,593 7,152 38,907 2,298 10,236 31,361 22,713 4,745 12,228 1,368 20,016 452,197 Dec. 5...................................... 59,032 7,152 39,411 2,278 10,191 32,576 22,285 4,064 11,865 1,367 20,773 456,887 12...................................... 60,462 7,603 39,999 2,341 10,519 34,479 20,303 4,601 14,083 1,364 20,568 461,407 19...................................... 60,301 7,385 40,121 2,327 10,468 34,915 24,720 4,538 12,696 1,381 20,909 467,837 26...................................... 60,158 7,405 39,940 2,351 10,462 29,771 18,052 4,846 7,532 1,396 21,170 457,302 ^ Dec. 26...................................... 306 4 130 2 170 238 6 11 39 130 1,228 For notes see p. A-105. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 WEEKLY REPORTING BANKS □ MARCH 1974 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1973—Continued (In millions of dollars) Deposits Demand Time and savings1 Domestic interbank Foreign IPC States States Wednesday and Certi­ and Do­ polit­ fied polit­ mes­ For­ Total IPC ical U.S. and Total6 ical tic eign sub­ Govt. Mutual ComC­om­ offi­ sub­ inter­ govts.2 divi­ mer­ sav­ Govts., mer­ cers’ Sav­ Other divi­ bank sions cial ings etc.2 cial checks ings sions banks 169,768 121,305 7,221 6,469 22,412 984 966 3,456 6,955 160,661 58,454 72,475 19,756 2.953 6,386 3 154,963 112,947 6,833 3,501 20,286 1,009 828 3,289 6,270 161,603 58,395 72,744 20,516 2,829 6,508 .10 156,747 114,430 6,784 3,388 20,412 894 785 3,251 6,803 161,658 58,254 73,059 20,478 2,770 6,473 .17 151,981 108,325 6,381 5.678 18,979 768 938 3,154 7,758 162,535 58,192 73,826 20,601 2,811 6,497 24 156,909 110,247 7,180 6,289 21,992 839 876 3,156 6,330 162,936 58,067 74,458 20,332 2,794 6,681 .31 148,485 105,666 6,919 4,700 20,168 781 892 2.999 6,360 164,388 58,055 75,292 20,785 2,909 6,741 .............Feb. 7 154,547 108,610 6,851 9,388 18,355 749 760 3,163 6.671 165,250 57,964 76,115 20,731 2,918 6,891 .14 156,859 110,308 6,708 7,064 21,426 772 992 3,077 6,512 166,422 57,984 77,027 20,948 2,920 6,914 21 157,135 109,337 6,968 7,230 22,531 656 895 3,160 6,358 168,312 57,966 78,344 21,386 2,963 7,016 28 150,263 106,539 6,420 6,286 20,240 698 864 3,084 6,132 170,258 58,078 80,035 21,436 2,990 7,076 7 150,969 109,812 5,880 4,991 19,733 674 909 2,711 6,259 172.379 58,174 81,782 21,735 2,954 7,109 14 147,837 105,660 6,393 6,961 18,777 679 799 3,061 5,507 173.107 58,297 81,860 21,825 3,175 7,338 21 149,419 105,757 6,582 7,258 19,072 653 857 3,127 6,113 174,299 58,466 82,753 21,789 3,323 7,337 28 153,559 109,278 6,455 6,064 20,925 957 759 3,019 6.102 174,788 58,539 82,957 21,791 3,536 7,315 4 148,971 110.114 6,727 2,144 18,933 879 817 3,103 6,254 176.005 58,377 83,303 22,453 3,849 7,351 11 152,923 110,686 6,373 6,389 18,729 795 918 3,097 5,936 175,340 58,022 82,652 22,904 3,709 7,369 18 151,302 107,714 6,215 7,399 19,241 726 954 3,138 5,915 176,056 57,962 83,150 23,132 3,680 7,462 .25 156,704 109,077 7,504 7,447 21,021 732 948 3,436 6,539 176,383 57,965 83,419 23,016 3,752 7,601 .............May 2 146,600 104,677 6,343 5.701 19,271 732 912 3,223 5,741 178,321 58,121 84,924 23,079 3,863 7,704 . 9 153,164 109,214 6,919 3,956 21,929 687 857 3,326 6,276 178.862 58.190 85,404 23,024 3,860 7,753 .16 145,378 104,487 6,052 3,942 19,528 713 908 3,210 6,538 179,929 58.265 86,103 23,053 4,065 7,763 .23 150,506 109,224 6,561 2,891 20,341 722 952 3,329 6,486 180,341 58,224 86,338 22,916 4,080 7,997 .30 148,987 108,010 6,309 2,496 20,846 776 1.135 3.349 6,066 180,008 58.361 86,550 22,232 4,072 8,021 6 149,672 110,935 6,149 1,998 20,121 722 893 3,345 5,509 180.235 58,290 86,870 21,917 4,301 8,112 13 153,944 109,916 6,469 6.634 19,887 700 859 3,578 5,901 178,796 58,204 86,017 21,506 4,214 8,111 20 149,944 107,453 6,836 5,646 19,362 733 841 3,392 5,681 179,960 58,253 87,228 21,432 4,316 8,018 27 161,502 113,985 7,645 5,079 22,448 1,023 997 3,360 6,965 180,133 58,381 87,550 21,173 4,302 8,043 .............July 4 153,096 110,699 6,316 2,790 20,633 854 1,103 3,698 7,003 180,521 58,227 88,005 21,266 4,425 8,013 11 153,341 111,523 6,089 3,215 21,083 783 902 3,458 6,288 181,811 57,999 89,445 21,325 4,487 7,967 18 150,988 106,801 6,013 3,945 21,008 738 996 3,685 7,802 183,778 57,646 91,284 21,731 4,597 7,959 .25 157,604 111,539 6,901 3,010 22,748 857 1,018 3,657 7,874 185,434 57,348 92,814 21,978 4,715 8,049 .............Aug. 1 147,749 105,996 6,060 1,404 22,495 874 857 3,761 6,302 187,307 57,123 94,414 22,193 4,954 8,118 8 154,097 112,537 6,717 2,222 21,482 824 845 3,534 5.936 188,824 56,809 96,021 22,208 5,256 8,060 15 144,370 106.340 5,676 1,820 19,723 792 820 3,556 5,643 190,039. 56,612 96,909 22,544 5,434 8,102 .22 143,546 105,787 5,697 1,816 19,072 728 893 3,422 6,131 190,776 56,286 97,902 22,679 5,466 8,036 .29 153,018 112,082 6,053 1,146 22,131 796 953 3,419 6,438 190,485 56,203 97,590 22,635 5,505 8,132 5 152,899 112,479 5,827 1,639 21,331 718 913 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 22,598 6,036 7,968 3 158,087 112,724 6,291 2,363 23,223 876 1,114 3,597 7.899 189,293 56,172 96,153 22,575 5,791 8, \1j . 10 154,106 111,660 5,913 3,173 21,128 739 1,071 3,598 6,824 189,272 56,190 96,068 22,399 5,712 8,412 17 158,684 110,439 5,931 3,677 23,592 745 1,064 3,809 9,427 189,487 56.172 95,967 22,560 5,679 8,614 24 162,134 112,876 7,159 3,480 24,607 875 1,034 3,862 8,241 188,702 56,128 95,438 22,279 5,670 8,690 31 164,691 112,459 6,800 2,200 28,247 820 1,021 3,999 9,145 187,077 56,257 94,097 22,079 5,622 8,525 7 159,601 112,884 6,410 1,494 23,768 685 888 4.011 9.461 186,338 56,262 93,622 21,886 5,795 8,278 14 153,280 111,914 6,450 2,424 21,189 629 954 3,835 5,885 186,468 56,315 93,872 21,670 5,815 8,310 21 156,083 112,459 6,173 2,138 22,406 604 1,055 3,777 7,471 186,481 56,278 94,014 21,568 5,849 8,267 28 159,314 113,193 6,406 2,449 23,532 683 1,164 4,155 7,732 186,071 56,383 93,822 21,617 5,690 7,973 5 163,856 115,463 6,416 1,503 25,090 623 1,246 4,151 9,364 187.609 56,304 94.678 22,250 5,521 8,302 12 167,002 116,870 6,390 5,600 23,278 670 1,163 4,180 8,851 187.036 56,241 93,738 22,769 5,538 8,319 19 161,824 121.364 6,714 5,152 16,767 639 1,024 4,670 5,494 188,273 56,305 94,858 22,738 5,643 8,295 .26 332 302 12 6 2 10 751 219 325 208 -1 ...........Dec 26 < For notes see p. A-105. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ WEEKLY REPORTING BANKS A 105 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1973—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Wednesday c f e h F p u e t a u r n e c s a d r d . e l ­ 7 ­ s d B F a . n R k . s Others l O i e t a i t t b e c h s i . e l , 8 i r ­ Loans S i e ti c e u s r­ c c T a o a o p u c t i n ­ t a a t l s l j ( u T l g o s a r o a t o d t e n s a ­ d s s l ) 9 ( i u m T l n g o s a a v r o e t n a o d e e n t n d s - a s d t s s t s l 9 ) ­ j d u e m s D p a t a e o d e f d s t ­ - d i i t s o T a o n t d a i l n s c a l t v u i i m d I n I s e g P e s t d s o u C C e d i ’ n D d s e p ’ t s i o m I o s s t i e s h t t u o s e 1 e r 1 d s b f l t b G o r i i t e a a a h r r t e s b e n n e o o s i i k c i o s g l r i s h s n f ­ ­ Jan. 3.......................... 35,849 767 2,262 14,481 4,278 70 29,367 226,016 311,162 106,219 43,682 27,658 16,024 1,121 10.......................... 35,226 734 2,359 14,723 4,323 70 29,742 224,281 309,075 102,695 44,595 27,961 16,634 1,625 17.......................... 34,664 932 2,516 14,560 4,337 73 29,509 224,392 308,654 102,594 44,607 28,048 16,559 1,419 24.......................... 33,621 1,789 2,670 15,083 4,338 70 29,555 223,118 306,807 98,257 45,139 28,482 16,657 1,801 31.......................... 33,860 1,017 2,675 15,554 4,370 70 29,720 225,583 309,926 §7,765 45,540 28,946 16,594 1,413 Feb. 7.......................... 35,111 752 2,772 15,222 4,373 70 29,843 227,767 310,531 97,004 46,871 29,627 17,244 1,391 14.......................... 37,632 2,532 2,452 14,869 4,372 70 29,751 229,528 311,512 96,530 47,718 30,483 17,235 694 21.......................... 36,123 183 2,459 15,424 4,373 69 29,769 231,175 311,985 95,634 48,733 31,303 17,430 1,157 28.......................... 36,538 1,247 2,326 15,928 4,397 63 29,960 232,709 313,544 95,389 50,354 32,250 18,104 784 Mar. 7.......................... 37,772 884 2,217 16,495 4.397 63 30,005 235,800 316,628 95,307 51,804 33,756 18,048 1,465 14.......................... 36,816 1,588 2,383 16,335 4.400 63 29,944 236,608 317,186 96,749 53,615 35,396 18,219 1,419 21.......................... 34,674 2,639 2,418 17,006 4,409 63 29,890 238,968 319,655 95,203 53,996 35,394 18,602 1,290 28.......................... 35,693 1,598 2,334 16,594 4,391 63 29,915 238,300 318,873 96,205 54,932 36,205 18,727 1,127 Apr. 4.......................... 34,415 716 2,299 16,273 4,379 64 30,186 239,438 319,612 97,666 55,405 36,404 19,001 1,011 11.......................... 35,459 907 2,468 16,713 4,398 64 30,191 240,051 320,488 99,925 56.337 36,844 19,493 1,209 18.......................... 36,375 2,722 2,742 16,742 4,401 64 30,085 241,056 320,611 99,230 55,363 36,272 19,091 1,193 25.......................... 36,006 1,052 2,907 17,267 4,406 64 30,122 241,986 321,637 96,575 55,935 36,760 19,175 1,123 May 2.......................... 34,513 454 2,891 17,082 4,430 64 30,352 242,952 322,555 97,232 56,264 36,965 19,299 1,238 9.......................... 36,592 2,359 2,985 16,311 4,427 73 30,366 243,259 322,687 94,883 57,650 38,019 19,631 1,073 16.......................... 36,836 2,002 3,082 17,574 4,434 64 30.266 245.020 323,578 94,902 58,253 38,548 19,705 1,721 23.......................... 37,315 935 3,002 17,906 4.437 64 30,308 244,513 322,896 94,983 59,161 39,113 20,048 1,492 30.......................... 36,471 1,253 3,203 17,221 4,459 64 30,202 246,084 325,567 95,919 59,454 39,122 20,332 1,351 June 6.......................... 59,933 514 3,279 17,186 4,467 64 30,542 246,409 326,499 97,876 59,033 39,070 19,963 940 13.......................... 37,723 1,347 3,100 17,193 4,475 64 30,569 249,271 329,275 99,275 59,462 39,345 20,117 1,266 20.......................... 39,541 1,393 3,402 17,637 4,477 64 30,514 249,900 329,292 98,265 58,217 38,410 19,807 1,242 27.......................... 37,077 1,117 3,840 17,742 4,488 64 30,544 250,603 329,973 97,924 59,258 39,462 19,796 1,521 July 4.......................... 41,216 2,423 3,723 17,094 4,469 96 30,759 252,143 331,456 97,320 59,513 39,596 19,917 1,766 11.......................... 38,656 1,836 4,013 16,932 4,492 64 30,739 255,201 334,500 99,774 60,414 40,237 20,177 1,664 18.......................... 41,746 1,100 4,264 17,219 4,492 64 30,629 252,998 331,577 98,912 61,618 41,505 20,113 2,146 25.......................... 38,743 1,299 4,512 17,558 4,495 64 30,650 253,759 332,524 97,193 63,507 43,005 20,502 2,092 Aug. 1.......................... 38,677 698 4,356 18,775 4,524 65 30,853 256,120 334,376 100,176 64,645 43,849 20,796 2,226 8.......................... 40,418 826 4,556 18,624 4,533 65 30,877 259,155 337,289 96,342 66,313 45,099 21,214 2,276 15.......................... 39,747 1,959 4,715 18,426 4,533 65 30,816 260,643 340,371 100,050 67,927 46,389 21,538 1,900 22.......................... 38,374 2,282 5,286 18,858 4,536 65 30,789 256,794 335,476 96,104 68,851 47,054 21,797 2,440 29.......................... 36,735 2,546 5,745 18,840 4,554 65 30,781 256,833 335,283 96,466 69,696 48,023 21,673 2,802 Sept. 5.......................... 39,876 708 5,814 18,093 4,572 65 30,993 258,412 337,861 96,995 69,115 47,252 21,863 1,512 12.......................... 44,144 739 5,937 18,393 4,574 65 30,972 259,779 340,286 98,316 69,058 46,678 22,380 1,942 19.......................... 39,597 1,674 6,046 18,218 4,627 65 30,866 260,682 340,117 96,572 69,236 46,871 22,365 1,801 26.......................... 38,447 3,708 6,147 17,729 4,633 65 30,822 259,592 339,034 96,620 68,846 46,460 22,386 1,731 Oct. 3.......................... 42,191 551 5,813 17,583 4,618 65 31,237 259,755 339,990 97,578 67,512 45,222 22,290 1,695 10.......................... 42,733 317 5,660 17,679 4,608 65 31,094 263,383 344,672 99,852 66,775 44,759 22,016 1,790 17.......................... 43,403 1,118 5,893 17,702 4,605 65 31,153 258,790 339,201 97,976 66,298 44,390 21,908 1,814 24.......................... 43,508 2,820 5,727 17,089 4,608 65 31,203 258,570 339,866 98,046 66,315 44,104 22,211 1,642 31.......................... 45,277 1,677 6,028 17,742 4,613 65 31,334 259,297 341,589 99,621 65,467 43,429 22,038 1,702 Nov. 7.......................... 49,546 531 5,894 17,488 4,613 65 31,313 261,671 345,317 97,396 64,470 42,554 21,916 1,754 14.......................... 51,676 3,699 5,645 17,223 4,613 65 31,359 259,724 342,425 98,280 63,814 41,979 21,835 1,807 21.......................... 48,791 975 5,653 18,678 4,606 65 31,309 259,161 342,670 97,967 64,117 42,257 21,860 2,473 28.......................... 48,407 1,025 5,533 18,598 4,606 65 31,399 260,217 343,067 100,178 64,043 42,378 21,665 2,458 Dec. 5...,................. 50,823 370 5,818 18,227 4,615 65 31,584 261,137 346,143 100,757 63,429 42,194 21,235 1,911 12...’................. 48,232 1,350 5,795 18,344 4,585 65 31,571 263,038 349,701 102,784 64,442 43,044 21,398 1,938 19.......................... 52,215 1,267 5,588 18,596 4,547 66 31,520 265,232 350,974 103.209 63,366 41,999 21,367 2,382 26.......................... 47,759 274 5,274 17,759 4,513 66 31,560 270,314 355,999 110,134 64,391 42,987 21,404 1,703 Dec. 26.......................... 9 119 2 15 183 183 ► These amounts represent accumulated adjustments originally made 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. to offset the cumulative effect of mergers. 7 Includes securities sold under agreements to repurchase. 8 Includes minority interest in consolidated subsidiaries. 1 Includes securities purchased under agreements to resell. 9 Exclusive of loans and Federal funds transactions with domestic com­ 2 Includes official institutions and so forth. mercial banks. 3 Includes short-term notes and bills. I o All demand deposits except U.S. Govt, and domestic commercial 4 Federal agencies only. banks, less cash items in process of collection. 5 Includes corporate stock. II Certificates of deposit issued in denominations of $100,000 or more. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 BUSINESS LOANS OF BANKS, 1973 □ MARCH 1974 “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) 1973 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 31 28 28 25 30 27 25 29 26 31 28 26 Durable goods manufacturing : Primary metals..................................................... 1,336 1,307 1,335 1,315 1,314 1,328 1,292 1,290 1,307 1,259 1,240 1,104 Machinery............................................................. 2,271 2,305 2,313 2,555 2,560 2,641 2,664 2,642 2,680 2,731 2,726 2,866 Transportation equipment................................ 1,246 1,217 1,174 1,180 1,168 1,189 1,197 1,231 1,266 1,239 1,257 1,284 Other fabricated metal products..................... 751 765 785 842 833 869 867 853 871 901 912 894 Other durable goods.......................................... 1,348 1,464 1,520 1,614 1,592 1,690 1,728 1,738 1,788 1,795 1,754 1,772 Nondurable goods manufacturing: Food, liquor, and tobacco................................ 1,304 1,325 1,350 1,355 1,372 1,393 1,415 1,410 1,477 1,470 1,469 1,491 Textiles, apparel, and leather........................... 781 843 892 978 942 969 1,002 1,023 1,028 1,033 1,036 1,003 Petroleum refining............................................... 781 778 842 858 885 876 947 925 920 883 839 933 Chemicals and rubber........................................ 1,359 1,439 1,479 1,459 1,441 1,481 1,485 1,493 1,552 1,534 1,509 1,561 Other nondurable goods.................................... 1,005 1,062 1,100 1,108 1,063 1,063 1,066 1,080 1,100 1,090 1,077 1,082 Mining, including crude petroleum and natural gas...................................................................... 2,896 2,823 2,872 2,895 2,908 2,846 3,022 2,921 2,990 2,958 2,950 2,958 Trade: Commodity dealers............................................. 132 131 150 136 139 123 175 115 116 120 135 127 Other wholesale................................................... 982 1,008 1,055 1,068 1,051 1,066 1,118 1,151 1,178 1,223 1,172 1,190 Retail...................................................................... 1,698 1,763 1,823 1,947 1,979 2,006 2,063 2,135 2,147 2,175 2,227 2,206 Transportation, communication, and other public utilities: Transportation..................................................... 4,257 4,285 4,234 4,202 4,161 4,305 4,263 4,292 4,279 4,220 4,208 4,320 Communication................................................... 755 770 746 738 760 785 814 835 858 819 828 860 Other public utilities.......................................... 2,060 2,245 2,234 2,343 2,328 2,409 2,548 2,678 2,836 2,857 3,121 3,252 1,661 1,665 1,709 1,800 1,852 1,896 2,010 2,000 1,992 1,954 1,936 1,905 S ervices...................................................................... 4,120 4,184 4,339 4,417 4,402 4,562 4,578 4,666 4,719 4,777 4,916 5,049 All other domestic loans....................................... 1,711 1,785 1,871 2,061 2,180 2,201 2,390 . 2,460 2,585 2,552 2,617 2,602 Foreign commercial and industrial loans.......... 2,355 2,327 2,567 2,410 2,647 2,585 2,497 2,292 2,186 2,308 2,306 2,334 Total loans....................................................... 34,809 35,491 36,390 37,281 37,577 38,283 39,141 39,230 39,875 39,898 40,235 40,793 Note.—Figures are for the last Wednesday of the month. COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) 1973 Industry 1 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable goods manufacturing : Primary metals..................................................... 2,047 2,128 2,128 2,120 2,065 2,012 2,014 1,999 2,036 2,036 1,977 1,900 Machinery............................................................. 4,639 4,943 5,313 5,633 5,777 5,939 6,217 6,386 6,508 6,328 6,210 6,454 Transportation equipment................................ 2,177 2,228 2,136 2,229 2,179 2,163 2,234 2,400 2,428 2,399 2,354 2,459 Other fabricated metal products..................... 1,758 1,820 1,950 2,081 2,171 2,240 2,314 2,285 2,301 2,366 2,334 2,341 Other durable goods.......................................... 2,886 3,123 3,378 3,561 3,643 3,742 3,820 3,890 4,034 3,956 3,766 3,737 Nondurable goods manufacturing: Food, liquor, and tobacco................................ 3,335 3,443 3,617 3,547 3,385 3,400 3,589 3,746 3,757 3,691 3,814 4,063 Textiles, apparel, and leather........................... 2,675 2,847 3,072 3,237 3,290 3,331 3,506 3,634 3,679 3,597 3,425 3,292 Petroleum refining............................................... 1,029 1,085 1,147 1,181 1,198 1,200 1,216 1,244 1,226 1,191 1,112 1,174 Chemicals and rubber........................................ 2,053 2,254 2,487 2,701 2,628 2,647 2,644 2,642 2,693 2,649 2,500 2,448 Other nondurable goods.................................... 1,716 1,765 1,869 1,923 1,988 2,051 2,080 2,128 2,179 2,207 2,170 2,170 Mining, including crude petroleum and natural gas...................................................................... 3,790 3,849 3,899 3,934 3,948 4,032 4,035 4,056 4,035 3,961 3,816 3,799 Trade: Commodity dealers............................................ 1,861 2,010 1,957 1,720 1,502 1,297 1,281 1,295 1,254 1,281 1,656 1,818 Other wholesale................................................... 4,605 4,806 5,009 5,113 5,148 5,197 5,288 5,278 5,225 5,293 5,369 5,353 Retail...................................................................... 4,795 5,1741 5,554 5,745 5,883 6,027 6,146 6,216 6,170 6,289 6,495 6,312 Transportation, communication, and other public utilities: Transportation..................................................... 5,523 5,583 5,618 5,596 5,720 5,857 5,931 5,990 5,948 5.891 5,825 5,913 Communication................................................... 1,931 2,052 2,052 2,158 2,170 2,087 2,115 2,134 2,096 2,108 1,911 1,962 Other public utilities.......................................... 3,693 3,845 3,957 3,940 4,225 4,446 4,697 4,761 5,072 5,239 5,436 5,758 Construction............................................................. 4,697 4,780 4,896 5,051 5,270 5,480 5,621 5,729 5,746 5,648 5,597 5,605 Services...................................................................... 9,042 9.235 9,590 9,779 9,875 10,080 10,222 10,343 10,445 10,526 10,628 10,891 All other domestic loans....................................... 5,953 6,239 6,688 7,047 7,408 7,572 7,832 8,080 7,999 7,928 7,839 8,109 Bankers’ acceptances.............................................. 1,375 1,244 1,307 1,198 1,201 1,431 1,347 1,333 1,124 1,278 1,201 1,230 Foreign commercial and industrial loans.......... 3,868 3,972 4,378 4,382 4,425 4,454 4,424 4,296 4,081 3,974 4,007 4,034 Total classified loans.............................................. 75,448 78,425 82,002 83,876 85,099 86,685 88,573 89,8b5 90,036 89,836 89,442 90,822 Total commercial and industrial loans oflarge commercial banks........................................... 91,510 94,852 98,891 101,202 102,676 104,221 106,237 107,601 107,712 107,626 107,426 109,051 For Wednesday figures and notes, see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ BUSINESS LOANS OF BANKS, 1973 A 107 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Wednesday Industry Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 3 10 17 24 31 7 14 21 28 7 14 21 28 Durable goods manufacturing: Primary metals..................................... 2,032 2,040 2,053 2.055 2,052 2,117 2,145 2,130 2,119 2,118 2,121 2,133 2,140 Machinery.............................................. 4,605 4,619 4,657 4,603 4,712 4,809 4,924 5,005 5,033 5.138 5,263 5,439 5,411 Transportation equipment................. 2,150 2,149 2,198 2,184 2,205 2,218 2,263 2,260 2,170 2.138 2,140 2,141 2,126 Other fabricated metal products ... 1,736 1,761 1,769 1,760 1.766 1,788 1.820 1,840 1,834 1,878 1,931 1,994 1,995 Other durable goods........................... 2,892 2,901 2,887 2,857 2,891 2,f“ 3,157 3,154 3,195 3,283 3,358 3,417 3,453 Nondurable goods manufacturing: Food, liquor, and tobacco................. 3,343 3,295 3,322 3,358 3.359 3,415 3,393 3,474 3,489 3,551 3,573 3,726 3,618 Textiles, apparel, and leather............ 2,695 2,666 2,678 2,657 2,678 2,751 2,823 2,872 2,943 2,987 3,029 3,124 3,149 Petroleum refining............................... 974 971 1,025 1,081 1,092 1,089 1,096 1,079 1,078 1,078 1,122 1,195 1,195 Chemicals and rubber......................... 2,005 2,035 2,040 2.055 2,132 2,163 2,268 2,263 2,322 2,344 2,417 2,583 2,603 Other nondurable goods.................... 1,750 1,708 1,703 1,680 1,739 1,745 1,739 1,762 1,814 1,826 1,869 1,882 1,897 Mining, including vcrude petroleum and natural gas..................................... 3,699 3,692 3,822 3,872 3,865 3,856 3,855 3,846 3,839 3,816 3,853 3.967 3,960 Trade: Commodity dealers.................... 1,769 1,837 1,873 1,893 1,935 1,997 2,028 1.980 2,035 1,997 2,007 1.967 1,857 Other wholesale.......................... 4,600 4,588 4,576 4,611 4,650 4,685 4,788 4,834 4,916 4,978 4,997 5,024 5,038 Retail............................................ 4,680 4,759 4,788 4,835 4,912 5,081 5,193 5,137 5,286 5,494 5,548 5,539 5,635 Transportation, communication, & other public utilities: Transportation...................................... 5,560 5,502 5,512 5.482 5,559 5,543 5,575 5,590 5,625 5,626 5,621 5,623 5,601 Communication.................................... 1,935 1,923 1,895 1,924 1,979 2,003 2,055 2,038 2,111 2,( 2,035 2,047 2,038 Other public utilities........................... 3,761 3,715 3,696 3,644 3,651 3,744 3,838 3,890 3,908 3,973 3,989 3,990 3,877 Construction.............................................. 4,686 4,677 4,706 4,692 4,722 4,739 4,763 4,807 4,811 4.844 4,910 4,905 4,927 Services....................................................... 9,046 9,034 9,024 9,036 9,070 9,120 9,206 9,279 9,333 9,479 9,592 9,616 9,674 All other domestic loans........................ 6,022 5,926 5,925 5,901 5,990 6,022 6,157 6,288 6,488 6,561 6,620 6,765 6,801 Bankers’ acceptances............................... 1,523 1,439 1,350 1,295 1,270 1,204 1,264 1,254 1,255 1,289 1,303 1,313 1,327 Foreign commercial & industrial loans 3,819 3,806 3,871 3,911 3,931 3,987 3,928 3,966 4,005 4.286 4,379 4,395 4,452 Total classified loans............................... 75,282 75,043 75,370 75,386 76,160 77,064 78,278 78,748 79.609 80,772 81,677 82,785 82,774 Total commercial & industrial loans of large commercial banks................ 91,414 91,029 91,380 91,433 92,293 93,300 94,656 95,227 96,224 97,499 98,517 99,724 99,823 Wednesday Industry Apr. Apr. Apr. Apr. May May May May May June June June June 4 11 18 25 2 9 16 23 30 6 13 20 27 Durable goods manufacturing: Primary metals.................................... 2,106 2,116 2,125 2,133 2.119 2,103 2,044 2,038 2,023 2,012 2,008 1,991 2,038 Machinery............................................. 5,483 5,559 5,759 5,731 5,742 5,783 5,812 5,844 5,705 5,727 5,900 6,071 6,056 Transportation equipment................ 2,178 2,249 2,279 2,211 2,186 2,179 2,175 2,194 2.158 2,148 2,192 2,154 2,158 Other fabricated metal products. .. 2,018 2,069 2,128 2,108 2,158 2,168 2,187 2,183 2.158 2,173 2,240 2,287 2,262 Other durable goods.......................... 3,479 3,561 3,602 3,604 3,610 3,645 3,658 3,664 3,636 3,670 3,733 3,788 3,776 Nondurable goods manufacturing: Food, liquor, and tobacco............... 3,560 3,513 3,537 3,579 3.437 3,406 3,371 3,374 3,339 3,401 3,380 3,395 3.424 Textiles, apparel, and leather........... 3,181 3,238 3,285 3,246 3,248 3,324 3,322 3,295 3,258 3,282 3,255 3,362 3.424 Petroleum refining.............................. 1,151 1,145 1,227 1,202 1,198 1,169 1,225 1,214 1,184 1,192 1,205 1,213 1,188 Chemicals and rubber....................... 2,657 2,719 2,736 2,691 2,671 2,632 2,613 2,610 2,613 2,615 2,652 2,654 2,666 Other nondurable goods................... 1,892 1,922 1,934 1,944 1,962 1,980 1.989 2,003 2,008 2,033 2,049 2,068 2,054 Mining, including crude petroleum and natural gas.................................... 3,939 3,843 3,959 3,993 3.934 3,911 3,952 3,981 3,965 3,987 3,992 4,191 3,960 Trade: Commodity dealers................... 1,803 1,765 1,682 1,631 1,588 1,557 1,506 1,466 1,390 1,365 1,298 1,270 1,254 Other wholesale......................... 5,114 5,106 5,117 5,113 5.119 5,181 5,103 5,149 5,186 5,166 5,168 5,234 5,221 Retail............................................ 5,642 5,697 5,821 5,821 5,757 5,729 5.989 5,970 5,972 5,981 6,003 6,034 6,092 Transportation, communication, & other public utilities: Transportation.................................... 5,627 5,543 5,596 5,616 5,684 5,680 5,736 5,759 5,741 5,829 5,820 5,894 5,884 Communication................................... 2,105 2,168 2,182 2,177 2,293 2,161 2,127 2,124 2,146 2,132 2,029 2,069 2,117 Other public utilities.......................... 3,882 3,910 3,923 4,046 4,231 4,185 4,187 4,239 4,285 4,302 4,367 4,567 4,547 Construction............................................. 4,976 5,003 5,114 5,111 5,142 5.222 5,301 5,339 5,345 5,397 5,461 5,519 5,542 Service........................................................ 9,689 9,775 9,825 9,826 9,870 9,850 9,891 9,883 9,881 10,018 10,011 10,163 10,129 All other domestic loans....................... 6,968 7,034 7,067 7,119 7,353 7,344 7,435 7,423 7,483 7,554 7,541 7,603 7,589 Bankers’ acceptances.............................. 1,256 1.212 1,181 1,144 1,104 1.222 1,202 1,172 1,304 1,433 1,478 1,417 1,397 Foreign commercial & industrial loans. 4,489 4; 350 4,362 4,325 4,378 4,394 4,463 4,456 4,436 4,438 4,455 4,490 4,434 Total classified loans.............................. 83,195 83,497 84,441 84,371 84,784 84,825 85,288 85,380 85,216 85,855 86,237 87,434 87,212 Total commercial & industrial loans of large commercial banks............... 100,294 100,772 101,887 101,854 102,433 102,415 102,878 102,942 102,711 103,381 103,687 105,004104,812 For Note see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 108 BUSINESS LOANS OF BANKS, 1973 o MARCH 1974 COMMERCIAL AND INDUSTRIAL LOANS OF URGE COMMERCIAL BANKS—Continued (In millions of dollars) Wednesday Industry July July July July Aug. Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. 4 11 18 25 1 8 15 22 29 5 12 19 26 Durable goods manufacturing: Primary metals.................................... 2,017 2,031 2,011 1,999 1,999 2,005 1,999 2,010 1,983 2,008 2,027 2,052 2,056 Machinery............................................ 6,058 6,222 6,292 6,296 6,265 6,382 6,498 6,430 6,356 6,361 6,466 6,671 6,535 Transportation equipment................. 2,170 2,252 2,252 2,260 2,245 2,278 2,474 2,497 2,507 2,410 2,417 2,455 2,430 Other fabricated metal products___ 2,300 2,324 2,324 2,310 2,269 2,291 2,319 2,284 2,263 2,259 2,309 2,319 2,318 Other durable goods........................... 3,810 3,884 3,800 3,785 3,867 3,866 3.889 3,924 3,904 3,983 4,028 4,061 4,066 Nondurable goods manufacturing: Food, liquor, and tobacco............... 3,427 3,475 3,700 3,756 3,708 3,756 3,780 3,788 3,696 3,738 3,712 3,761 3,817 Textiles, apparel, and leather........... 3,413 3,509 3,553 3,549 3,575 3,614 3,678 3,661 3,644 3,642 3,712 3,704 3,659 Petroleum refining.............................. 1,167 1,202 1,243 1,250 1,250 1,243 1.246 1,233 1,245 1,255 1,219 1,222 1,207 Chemicals and rubber........................ 2,637 2,685 2,652 2,602 2,610 2,641 2,652 2,662 2,645 2,657 2,696 2,705 2,714 Other nondurable goods................... 2,083 2,074 2,062 2,103 2,111 2,150 2,131 2,114 2,134 2,138 2,165 2,204 2,210 Mining, including crude petroleum and natural gas.................................... 3,984 3,982 4,047 4,129 4,078 4,115 4,073 4,010 4,004 4,050 4,032 4,022 4,037 Trade: Commodity dealers................... 1,280 1,314 1,256 1,272 1,270 1,300 1,296 1,304 1,304 1,300 1,264 1,239 1,212 Other wholesale......................... 5,224 5,307 5,297 5,323 5,336 5,300 5,307 5,261 5,183 5,223 5,193 5,221 5,264 Retail............................................ 6,159 6,115 6,166 6,143 6,270 6,299 6,247 6,166 6,096 6,151 6,105 6,165 6,257 Transportation, communication, & other public utilities: Transportation..................................... 5,920 5,885 5,955 5,962 5,994 5,993 5,999 6,036 5,928 5,927 5,952 5,962 5,950 Communication................................... 2,070 2,127 2,129 2,134 2,172 2,159 2,131 2,161 2,049 2,047 2,116 2,119 2,104 Other public utilities........................... 4,688 4,659 4,715 4,727 4,810 4,829 4,735 4,751 4,683 4,862 4,977 5,168 5,281 Construction............................................. 5,574 5,604 5,660 5,645 5,666 5,720 5,760 5,741 5,756 5,715 5,754 5,760 5,753 Services...................................................... 10,193 10,253 10,226 10,217 10,271 10,329 10,355 10,374 10,388 10,419 10,398 10,473 10,491 All other domestic loans....................... 7,835 7,829 7,822 7,842 8,078 8,087 8,129 8,112 7,993 8,039 8,021 7,967 7,969 Bankers’ acceptances.............................. 1,467 1,333 1,258 1,332 1,421 1,456 1,371 1,275 1,143 1,128 1,166 1,126 1,075 Foreign commercial & industrial loans 4,408 4,433 4,413 4,441 4,449 4,384 4,195 4,261 4,189 4,080 4,168 4,025 4,050 Total classified loans.............................. 87,884 88,499 88,833 89,077 89,714 90,197 90,264 90,055 89,093 89,392 89,897 90,401 90,455 Total commercial and industrial loans of large commercial banks............... 105,526 106,141 106,527 106,755 107,433 107,961 108,035 107,785 106,789 107,012 107,516 108,138 108,183 Wednesday Industry Oct. Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. 3 10 17 24 31 7 14 21 28 5 12 19 26 Durable goods manufacturing: Primary metals.................................... 2,092 2,082 2,011 2,016 1,978 1,975 1,990 1,985 1,957 1,997 1,908 1,886 1,809 Machinery............................................ 6,434 6,419 6,433 6,240 6,112 6,152 6.202 6,256 6,231 6,244 6,353 6,548 6,671 Transportation equipment................ 2,411 2,414 2,419 2,388 2,361 2,378 2,320 2,355 2,364 2,360 2,444 2,513 2,520 Other fabricated metal products.... 2,389 2,409 2,389 2,333 2,308 2,316 2,334 2,362 2,326 2,324 2,334 2,372 2,333 Other durable goods........................... 4,030 4,028 3,967 3,900 3,855 3,823 3,768 3,736 3,735 3,718 3,763 3,763 3,703 Nondurable goods manufacturing: Food, liquor, and tobacco................ 3,700 3,674 3,675 3,731 3,677 3,728 3,759 3,883 3,888 3,977 4,015 4,103 4.157 Textiles, apparel, and leather........... 3,672 3,685 3,620 3,532 3,475 3,478 3,469 3,398 3,356 3,330 3,326 3,295 3,219 Petroleum refining.............................. 1,223 1,184 1,174 1,191 1,181 1,133 1,117 1,102 1,097 1,089 1,114 1,101 1,391 Chemicals and rubber........................ 2,705 2,694 2,678 2,610 2,559 2,525 2,521 2,488 2,468 2,425 2,416 2,437 2,516 Other nondurable goods................... 2,210 2,204 2,215 2,221 2,185 2,166 2,186 2,158 2,170 2,176 2,182 2,179 2,145 Mining, including crude petroleum and natural gas.................................... 3,998 3,972 3,996 3,952 3,889 3,837 3,804 3,812 3,810 3,801 3,816 3,775 3,804 Trade: Commodity dealers................... 1,227 1,268 1,233 1,253 1,425 1,590 1,570 1,720 1,743 1,794 1,826 1,810 1,842 Other wholesale......................... 5,267 5,280 5,290 5,280 5,348 5,409 5,415 5,331 5,321 5,341 5,337 5,318 5,415 Retail............................................ 6,342 6,175 6,230 6,296 6,403 6,521 6,524 6,468 6,467 6,522 6,312 6,340 6,073 Transportation, communication, & other public utilities: Transportation..................................... 5,927 5,888 5,893 5,924 5,824 5,847 5,865 5,786 5,803 5,857 5,879 5,951 5,964 Communication................................... 2,190 2,192 2,087 2,063 2,007 1,960 1,920 1,875 1,888 1,902 1,927 1,992 2,026 Other public utilities.......................... 5,332 5,258 5,224 5,183 5,197 5,340 5,363 5,517 5,525 5,695 5,675 5,786 5,877 Construction............................................ 5,701 5,630 5,636 5,626 5,648 5,612 5,606 5,590 5,579 5,588 5,697 5,582 5,553 Services...................................................... 10,539 10,582 10,534 10,460 10,515 10,553 10,607 10,646 10,705 10,815 10,748 10,944 11,056 All other domestic loans....................... 8,037 8,004 7,881 7,885 7,835 7,863 7,825 7,803 7,863 7,977 8,042 8,146 8,271 Bankers’ acceptances.............................. 1,222 1,288 1,308 1,338 1,233 1,211 1,172 1,208 1,212 1,223 1,153 1,270 1,274 Foreign commercial & industrial loans 3,909 3,971 3,992 4,003 3,996 4,005 3,961 4,006 4,056 3,991 4,015 4,058 4,073 Total classified loans.............................. 90,557 90,301 89,885 89,425 89,011 89,422 89,298 89,485 89,564 90,146 90,282 91,169 91,692 Total commercial and industrial loans of large commercial banks............... 108,299 108,155 107,680 107,167 106,829 107,194 107,300 107,577 107,632 108,205 108,481 109,398 110,121 Note.—About 160 weekly reporting banks are included in this series; Commercial and industrial “term” loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount­ an original maturity of more than 1 year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. For description of series see article “Revised Series on Commercial and Monthly figures are averages of figures for Wednesday dates. Industrial Loans by Industry,” Feb. 1967 Bulletin, p. 209. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1974 □ LOAN SALES BY BANKS A 109 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1973 Jan. 3........................................................................................ 2,735 1,774 961 1,820 365 1,455 10........................................................................................ 2,750 1,818 932 1,752 307 1,445 17........................................................................................ 2,690 1,803 887 1,735 296 1,439 24......................................................................................... 2,690 1,774 916 1,781 299 1,482 31......................................................................................... 2,608 1,733 875 1,784 298 1,486 Feb. 7......................................................................................... 2,640 1,710 930 1,798 308 1,490 14........................................................................................ 2,695 1,753 942 1,797 308 1,489 21......................................................................................... 2,946 2,050 896 1,796 304 1,492 28......................................................................................... 3,116 2,072 1,044 1,796 296 1,500 Mar. 7........................................................................................ 3,013 1,985 1,028 1,826 310 1,516 14........................................................................................ 3,136 1,958 1,178 1,814 288 1,526 21........................................................................................ 3,000 1,882 1,118 1,811 290 1,521 28........................................................................................ 3,161 1,997 1,164 1,821 295 1,526 Apr. 4......................................................................................... 3,428 2,065 1,363 1,786 285 1,501 11......................................................................................... 3,572 2,241 1,331 1,800 279 1,521 18......................................................................................... 3,592 2,357 1,235 1.775 286 1,489 25......................................................................................... 3,650 2,319 1,331 1,762 265 1,497 May 2......................................................................................... 3,597 2,281 1,316 1,764 270 1,494 9......................................................................................... 3,561 2,232 1,329 1,763 270 1,493 16......................................................................................... 3,668 2,323 1,345 1,796 297 1,499 23......................................................................................... 3,618 2,283 1,335 1,776 296 1,480 30......................................................................................... 3,674 2,231 1,443 1,796 308 1,488 June 6......................................................................................... 3,701 2,339 1,362 1,820 323 1,497 13......................................................................................... 3,610 2,246 1.364 1,781 309 1,472 20......................................................................................... 3,474 2,167 1,307 1,772 280 1,492 27......................................................................................... 3,520 2,173 1.347 1,730 279 1,451 July 4........................................................................................ 3,621 2,299 1,322 1,720 267 1,453 11......................................................................................... 3,533 2,257 1,276 1,712 281 1,431 18......................................................................................... 3,963 2,452 1,511 1,722 274 1,448 25......................................................................................... 4,031 2,493 1,538 1,746 291 1,455 Aug. 1......................................................................................... 4,120 2,479 1,641 1,744 294 1,450 8......................................................................................... 4,142 2,443 1,699 1,845 380 1,465 15......................................................................................... 4,527 2,723 1,804 1,838 381 1,457 22......................................................................................... 4,602 2,708 1,894 1,788 327 1,461 29......................................................................................... 4,741 2,895 1,846 1,800 323 1,477 Sept. 5......................................................................................... 4,672 2,816 1,856 1,785 326 1,459 12......................................................................................... 4,453 2,713 1,740 1,817 355 1,462 19......................................................................................... 4,748 2,841 1,907 1,807 356 1,451 26......................................................................................... 4,637 2,877 1,760 1,803 353 1,450 Oct. 3......................................................................................... 4,723 2,893 1,830 1,795 356 1,439 10......................................................................................... 4,606 2,784 1.822 1,832 351 1,481 17......................................................................................... 4,538 2,782 1,756 1,813 351 1,462 24......................................................................................... 4,518 2,825 1,693 1,794 338 1,456 31......................................................................................... 4,645 2,857 1,788 1,788 333 1,455 Nov. 7......................................................................................... 4,317 2,591 1,726 1,789 343 1,446 14......................................................................................... 4,315 2,540 1,775 1,792 333 1,459 21......................................................................................... 4,349 2,656 1,693 1,799 332 1,467 28......................................................................................... 4,342 2,655 1,687 1,826 354 1,472 Dec. 5........................................................................................ 4,407 2,669 1,738 1,821 346 1,475 12........................................................................................ 4,393 2,620 1,773 1,802 337 1,465 19........................................................................................ 4,297 2,580 1,717 1,792 332 1,460 26........................................................................................ 4,300 2,603 1,697 1,798 331 1,467 Note.—Amounts sold under repurchase agreement are excluded. Fig­ ures include small amounts sold by banks other than large weekly report­ ing banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

B O A R D O F G O V E R N O R S Arthur F. Burns, Chairman George W. Mitchell, Vice Chairman Andrew F. Brimmer John E. Sheehan Jeffrey M. Bucher Robert C. Holland H enry C. Wallich OFFICE OF MANAGING DIRECTOR FOR OFFICE OF BOARD MEMBERS OFFICE OF MANAGING DIRECTOR FOR OPERATIONS AND SUPERVISION RESEARCH AND ECONOMIC POLICY *Robert Solomon, Advisor to the Board David C. Melnicoff, Managing Director Robert L. Cardon, Assistant to the Board J. Charles Partee, Managing Director Daniel M. Doyle, Deputy Managing Joseph R. Coyne, Assistant to the Board Stephen H. Axilrod, Adviser to the Board Director John J. Hart, Special Assistant to the Board Samuel B. Chase, Jr., Adviser to the Board Gordon B. Grim wood, Assistant Director Frank O’Brien Jr., Special Assistant to the Arthur L. Broida, Assistant to the Board and Program Director for Board Murray Altmann, Special Assistant to the Contingency Planning John S. Rippey, Special Assistant to the Board William W. Layton, Director of Equal Board DIVISION OF RESEARCH AND STATISTICS Employment Brenton C. Leavitt, Program Director J. Charles Partee, Director for Banking Structure Lyle E. Gramley, Deputy Director James L. Pierce, Associate Director Peter M. Keir, Adviser Stanley J. Sigel, Adviser Murray S. Wernick, Adviser Kenneth B. Williams, Adviser LEGAL DIVISION James B. Eckert, Associate Adviser DIVISION OF FEDERAL RESERVE BANK Edward C. Ettin, Associate Adviser OPERATIONS Thomas J. O’Connell, General Counsel Robert J. Lawrence, Associate Adviser John Nicoll, Deputy General Counsel Eleanor J. Stockwell, Associate Adviser Ronald G. Burke, Director Robert S. Plotkin, Assistant General Joseph S. Zeisel, Associate Adviser E. Maurice McWhirter, Associate Counsel James L. Kichline, Assistant Adviser Director Baldwin B. Tuttle, Assistant General Stephen P. Taylor, Assistant Adviser Walter A. Althausen, Assistant Director Counsel Thomas D. Thomson, Assistant Adviser Harry A. Guinter, Assistant Director Andrew F. Oehmann, Special Assistant Louis Weiner, Assistant Adviser James R. Kudlinski, Assistant Director to the General Counsel Helmut F. Wendel, Assistant Adviser P. D. Ring, Assistant Director Griffith L. Garwood, Adviser 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 Charles L. Hampton, Director Chester B. Feldberg, Secretary Ralph C. Bryant, Director Henry W. Meetze, 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 Warren N. Min ami, Assistant Director Secretary Reed J. Irvine, Adviser Richard S. Watt, Assistant Director Elizabeth L. Carmichael, Assistant Samuel I. Katz, Adviser Secretary Bernard Norwood, Adviser DIVISION OF PERSONNEL Samuel Pizer, Adviser George B. Henry, Associate Adviser DIVISION OF SUPERVISION Keith D. Engstrom, Director Helen B. Junz, Associate Adviser AND REGULATION Charles W. Wood, Assistant Director fNoRMAN S. Fieleke, Assistant Adviser Frederic Solomon, Director OFFICE OF THE CONTROLLER Brenton C. Leavitt, Deputy Director Frederick R. Dahl, Assistant Director tOn loan from the Federal Reserve Bank of Boston. 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 John D. Smith, Assistant Director *On leave of absence. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 112 F E D E R A L O P E N M A R K E T C O M M IT T E E Arthur F. Burns, Chairman Alfred Hayes, Vice Chairman Robert P. Black George H. Clay John E. Sheehan Andrew F. Brimmer Robert C. Holland Henry C. Wallich Jeffrey M. Bucher Monroe Kimbrel Willis J. Winn George W. Mitchell Arthur L. Broida, Secretary *Robert Solomon, Economist Murray Altmann, Deputy Secretary (International Finance) Normand R. V. Bernard, Assistant Harry Brandt, Associate Economist Secretary Ralph C. Bryant, Associate Economist Thomas J. O’Connell, General Counsel Richard G. Davis, Associate Economist Edward G. Guy, Deputy General Counsel Raymond J. Doll, Associate Economist John Nicoll, Assistant General Counsel Lyle E. Gramley, Associate Economist J. Charles Partee, Senior Economist William Hocter, Associate Economist Stephen H. Axilrod, Economist James Parthemos, Associate Economist (Domestic Finance) James L. Pierce, Associate Economist John E. Reynolds, 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 F E D E R A L A D V IS O R Y C O U N C IL Thomas I. Storrs, fifth federal reserve district, President James F. English, Jr., first federal reserve district, Vice President Gabriel Hauge, second federal Donald E. Lasater, eighth federal RESERVE DISTRICT RESERVE DISTRICT James F. Bodine, third federal George H. Dixon, ninth federal RESERVE DISTRICT RESERVE DISTRICT Clair E. Fultz, fourth federal Eugene H. Adams, tenth federal reserve district RESERVE DISTRICT Lawrence A. Merrigan, sixth federal Lewis H. Bond, eleventh federal reserve district RESERVE DISTRICT Allen P. Stults, seventh federal Harold 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 113 F E D E R A L R E S E R V E B A N K S A N D B R A N C H E S 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 Norman F. Beach 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 Robert E. Kirby Walter H. MacDonald Cincinnati ................45201 Graham E. Marx Robert E. Showalter Pittsburgh ............ 15230 Douglas Grymes Robert D. Duggan Richmond................. 23261 Robert W. Lawson, Jr. Robert P. Black E. Craig Wall Baltimore ..................21203 James G. Harlow Gerald L. Wilson Charlotte.....................28201 Charles W. DeBell Jimmie R. Monhollon Culpeper Communications J. Gordon Dickerson, Jr. Center.....................22701 Atlanta .................... 30303 H. G. Pattillo Monroe Kimbrel Clifford M. Kirtland, Jr. Kyle K. Fossum Birmingham......... 35202 William C. Bauer Hiram J. Honea^ Jacksonville ......... 32203 Gert H. W. Schmidt Edward C. Rainey Nashville............... 37203 Edward J. Boling Jeffrey J. Wells New Orleans 70161 Edwin J. Caplan 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 W.M. Pierce John F. Breen Louisville.............. 40201 James C. Hendershot Donald L. Henry Memphis............... 38101 C. Whitney Brown L. Terry Britt Minneapolis ............ 55480 Bruce B. Dayton Bruce K. MacLaury James P. McFarland M. H. Strothman, Jr. Helena.................... 59601 William A. Cordingley Howard L. Knous Kansas City.............. 64198 Robert W. Wagstaff George H. Clay Robert T. Person John T. Boysen Denver .................. 80217 Maurice B. Mitchell George C. Rankin Oklahoma City 73125 Joseph H. Williams William G. Evans Omaha .................. 68102 Durward B. Varner Robert D. Hamilton Dallas ........................ 75222 John Lawrence Philip E. Coldwell Charles T. Beaird T. W. Plant El Paso.................. 79999 Gage Holland Frederic W. Reed Houston................. 77001 T.J. Barlow James L. Cauthen San Antonio......... 78295 Marshall Boykin, III Carl H. Moore San Francisco......... 94120 O. Meredith Wilson John J. Balles Joseph F. Alibrandi John B. Williams Los Angeles......... 90051 Joseph R. Vaughan Gerald R. Kelly Portland................. 97208 John R. Howard William M. Brown Salt Lake City...... 84110 Sam H. Bennion A. Grant Holman Seattle.................... 98124 C. Henry Bacon, Jr. Paul W. Cavan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 114 F E D E R A L R E S E R V E B O A R D P U B L IC A T IO N S 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 NIES. 1967. 29 pp. $.25 each; 10 or more to one address, $.20 each. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 year or $.60 each in the United States and its each; 10 or more to one address, $.85 each. possessions, Bolivia, Canada, Chile, Colombia, TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 Costa Rica, Cuba, Dominican Republic, Ecuador, each; 10 or more to one address, $.85 each. Guatemala, Haiti, Republic of Honduras, Mexico, U.S. TREASURY ADVANCE REFUNDING, JUNE Nicaragua, Panama, Paraguay, Peru, El Salvador, 1960-JULY 1964. 1966. 65 pp. $.50 each; 10 or Uruguay, and Venezuela; 10 or more of same issue more to one address, $.40 each. to one address, $5.00 per year or $.50 each. Else­ BANK CREDIT-CARD AND CHECK-CREDIT PLANS. where, $7.00 per year or $.70 each. 1968. 102 pp. $1.00 each; 10 or more to one FEDERAL RESERVE CHART BOOK ON FINANCIAL address, $.85 each. AND BUSINESS STATISTICS. Monthly. Subscrip­ INTEREST RATE EXPECTATIONS: TESTS ON YIELD tion includes one issue of Historical Chart Book. SPREADS AMONG SHORT-TERM GOVERNMENT $6.00 per year or $.60 each in the United States SECURITIES. 1968. 83 pp. $.50 each; 10 or more and the countries listed above; 10 or more of same to one address, $.40 each. issue to one address, $.50 each. Elsewhere, $7.00 SURVEY OF FINANCIAL CHARACTERISTICS OF per year or $.70 each. CONSUMERS. 1966. 166 pp. $1.00 each; 10 or HISTORICAL CHART BOOK. Issued annually in Sept. more to one address, $.85 each. Subscription to monthly chart book includes one SURVEY OF CHANGES IN FAMILY FINANCES. 1968. issue. $.60 each in the United States and countries 321 pp. $1.00 each; 10 or more to one address, listed above; 10 or more to one address, $.50 each. $.85 each. Elsewhere, $.70 each. REPORT OF THE JOINT TREASURY-FEDERAL RE­ THE FEDERAL RESERVE ACT, as amended through SERVE STUDY OF THE U.S. GOVERNMENT SE­ December 1971, with an appendix containing pro­ CURITIES MARKET. 1969. 48 pp. $.25 each; 10 visions of certain other statutes affecting the Federal or more to one address, $.20 each. Reserve System. 252 pp. $1.25. JOINT TREASURY-FEDERAL RESERVE STUDY OF REGULATIONS OF THE BOARD OF GOVERNORS OF THE GOVERNMENT SECURITIES MARKET: THE FEDERAL RESERVE SYSTEM. STAFF STUDIES—PART 1.1970. 86 pp. $.50 each; PUBLISHED INTERPRETATIONS OF THE BOARD OF 10 or more to one address, $.40 each. PART 2. GOVERNORS, as of June 30, 1973. $2.50. 1971. 153 pp. and PART 3, 1973. 131 pp. Each DEBITS AND CLEARING STATISTICS AND THEIR USE. volume $1.00; 10 or more to one address, $.85 1959. 144 pp. $1.00 each; 10 or more to one sHHrpQQ \ ft^ OPEN^MARKET POLICIES AND OPERATING PROCE­ SUPPLEMENT TO BANKING AND MONETARY STA­ DURES—STAFF STUDIES. 1971. 218 pp. $2.00; TISTICS. Sec. 1. Banks and the Monetary System. 10 or more to one address, $1.75 each. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. REAPPRAISAL OF THE FEDERAL RESERVE DIS­ 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. COUNT MECHANISM, Vol. 1. 1971. 276 pp. Vol. $.35. Sec. 6. Bank Income. 1966. 29 pp. $.35. 2. 1971. 173 pp. Vol. 3. 1972. 220 pp. Each Sec. 9. Federal Reserve Banks. 1965. 36 pp. $.35. volume $3.00 each; 10 or more to one address, Sec. 10. Member Bank Reserves and Related Items. $2.50 each. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 THE ECONOMETRICS OF PRICE DETERMINATION pp. $.35. Sec. 12. Money Rates and Securities CONFERENCE, October 30-31, 1970, Washington, Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1962. D.C. Oct. 1972, 397 pp. Cloth ed. $5.00 each; 24 pp. $.35. Sec. 15. International Finance. 1962. 10 or more to one address, $4.50 each. Paper ed. 92 pp. $.65. Sec. 16 (New). Consumer Credit. $4.00 each; 10 or more to one address, $3.60 each. 1965. 103 pp. $.65. FEDERAL RESERVE STAFF STUDY: WAYS TO MOD­ INDUSTRIAL PRODUCTION—1971 edition. 383 pp. ERATE FLUCTUATIONS IN HOUSING CON­ $4.00 each; 10 or more to one address, $3.50 each. STRUCTION, Dec. 1972, 487 pp. $4.00 each; 10 BANK MERGERS & THE REGULATORY AGENCIES: or more to one address, $3.60 each. APPLICATION OF THE BANK MERGER ACT OF LENDING FUNCTIONS OF THE FEDERAL RESERVE 1960. 1964. 260 pp. $1.00 each; 10 or more to BANKS: A HISTORY, by Howard H. Hackley. 1973. one address, $.85 each. 271 pp. $3.50 each; 10 or more to one address, THE PERFORMANCE OF BANK HOLDING COMPA­ $3.00 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 115 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 (Limited supply of mimeographed copies of full PANIES. 10/68. text available upon request for single copies) HOUSING PRODUCTION AND FINANCE. 3/69. THE CHANNELS OF MONETARY POLICY, Staff Eco­ EXAMINATION OF THE MONEY STOCK CONTROL nomic Study by Frank de Leeuw and Edward APPROACH OF BURGER, KALISH, AND BABB, by Gramlich. 6/69. Fred J. Levin. March 1973. 18 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL OBTAINING THE YIELD ON A STANDARD BOND FROM BANKS. 8/69. A SAMPLE OF BONDS WITH HETEROGENEOUS CHARACTERISTICS, by James L. Kichline, P. Mi­ EURO-DOLLARS: A CHANGING MARKET. 10/69. chael Laub, and Guy V. G. Stevens. May 1973. RECENT CHANGES IN STRUCTURE OF COMMER­ 30 pp. CIAL BANKING. 3/70. THE DETERMINANTS OF A DIRECT INVESTMENT SDR’s IN FEDERAL RESERVE OPERATIONS AND OUTFLOW WITH EMPHASIS ON THE SUPPLY OF STATISTICS. 5/70. FUNDS, by Frederic Brill Ruckdeschel. June 1973. MEASURES OF SECURITY CREDIT. 12/70. 171 pp. MONETARY AGGREGATES AND MONEY MARKET MORTGAGE COMMITMENTS ON INCOME PROPER­ TIES: A NEW SERIES FOR 15 LIFE INSURANCE CONDITIONS IN OPEN MARKET POLICY. 2/71. COMPANIES, 1951-70, by Robert Moore Fisher and BANK FINANCING OF MOBILE HOMES. 3/71. Barbara Negri Opper. Aug. 1973. 83 pp. INTEREST RATES, CREDIT FLOWS, AND MONETARY THE IMPACT OF HOLDING COMPANY ACQUISITIONS AGGREGATES SINCE 1964. 6/71. ON AGGREGATE CONCENTRATION IN BANKING, TWO KEY ISSUES OF MONETARY POLICY. 6/71. by Samuel H. Talley. Feb. 1974. 24 pp. OPERATING POLICIES OF BANK HOLDING COMPA­ SURVEY OF DEMAND DEPOSIT OWNERSHIP. 6/71. NIES—PART II: NONBANKING SUBSIDIARIES, by BANK RATES ON BUSINESS LOANS—REVISED Robert J. Lawrence. Mar. 1974. 57 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 some leading articles, most of the articles reprinted do REVISION OF BANK CREDIT SERIES. 12/71. 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 116 FEDERAL RESERVE BULLETIN □ MARCH 1974 REVISION OF THE MONEY STOCK MEASURES AND RATES ON CONSUMER INSTALMENT LOANS. 9/73. MEMBER BANK RESERVES AND DEPOSITS. 2/73. BALANCE OF PAYMENTS ADJUSTMENT SINCE 1971. DEVELOPMENTS IN U.S. BALANCE OF PAYMENTS. 10/73. 4/73. CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- STATE AND LOCAL BORROWING ANTICIPATIONS JULY 1973. 10/73. AND REALIZATIONS. 4/73. YIELDS ON RECENTLY OFFERED CORPORATE NEW SERIES FOR LARGE MANUFACTURING COR­ BONDS. 5/73. PORATIONS. 10/73. FINANCIAL DEVELOPMENTS IN THE THIRD FEDERAL FISCAL POLICY, 1965-72. 6/73. QUARTER OF 1973. 11/73. SOME PROBLEMS OF CENTRAL BANKING. 6/73. MONEY SUPPLY IN THE CONDUCT OF MONETARY OPEN MARKET OPERATIONS IN 1972. 6/73. POLICY. 11/73. CHANGES IN BANK LENDING PRACTICES, 1972. 7/73. U.S. ENERGY SUPPLIES AND USES, Staff Economic BANKING AND MONETARY STATISTICS, 1972. Se­ Study by Clayton Gehman. 12/73. lected series of banking and monetary statistics for FINANCIAL' DEVELOPMENTS IN THE FOURTH 1972 only. 3/73 and 7/73. QUARTER OF 1973. 2/74. CAPACITY UTILIZATION IN MAJOR MATERIALS IN­ REVISION OF THE MONEY STOCK MEASURES AND DUSTRIES. 8/73. MEMBER BANK DEPOSITS. 2/74. CREDIT-CARD AND CHECK-CREDIT PLANS AT COM­ TREASURY AND FEDERAL RESERVE FOREIGN EX­ MERCIAL BANKS. 9/73. CHANGE OPERATIONS. 3/74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 117 IN D E X TO STATISTICA L TA B LE S (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers’, 11, 31, 33, 96 Demand deposits—Continued Agricultural loans of commercial banks, 22, 24, 101 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, 101 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, 104 Production index, 58, 59 Federal Reserve Banks, 12, 13, 88 Postal savings, 23 Bank credit proxy, 17 Subject to reserve requirements, 17 Bankers’ balances, 23, 26, 103 Discount rates (See Interest rates) (See also Foreigners, claims on, and liabilities to) Discounts and advances by Reserve Banks (See Loans) Banking and monetary statistics for 1973, 96-109 Dividends, corporate, 48 Banks for cooperatives, 38 Dollar assets, foreign, 75, 81 Bonds (See also U.S. Govt, securities): New issues, 45, 46, 47 Earnings and hours, manufacturing industries, 65 Yields and prices, 34, 35, 97 Employment, 62, 64, 65 Branch banks: Assets, foreign branches of U.S. banks, 86 Farm mortgage loans, 49, 50 Liabilities, U.S. banks to foreign branches, 28, 87, Federal agency obligations, 11, 12, 13, 14 88, 105 Federal finance: Brokerage balances, 85 Receipts and outlays, 40, 41 Business expenditures on new plant and equipment, 48 Treasury operating balance, 40 Business indexes, 62 Federal funds, 7, 22, 24, 28, 33, 96, 101, 105 Business loans (See Commercial and industrial loans) Federal home loan banks, 38, 39, 51 Federal Home Loan Mortgage Corporation, 53 Capacity utilization, 62 Federal Housing Administration, 49, 50, 51, 52, 53 Capital accounts: Federal intermediate credit banks, 38, 39 Banks, by classes, 18, 23, 28, 105 Federal land banks, 38, 39 Federal Reserve Banks, 12, 13 Federal National Mortgage Assn., 38, 39, 52 Central banks, 92, 94 Federal Reserve Banks: Certificates of deposit, 28, 105 Condition statement, 12 Coins, circulation, 15 U.S. Govt, securities held, 4, 12, 14, 42, 43, 98 Commercial and industrial loans: Federal Reserve credit, 4, 6, 12, 14, 98, 100 Commercial banks, 17, 22, 31, 106, 109 Federal Reserve notes, 12, 13, 15 Weekly reporting banks, 24, 29, 101 Federally sponsored credit agencies, 38, 39 Commercial banks: Finance companies: Assets and liabilities, 17, 18, 22, 23, 24, 101 Loans, 24, 54, 55, 57 Consumer loans held, by type, 55 Paper, 31, 33, 96 Deposits at, for payment of personal loans, 30 Financial institutions, loans to, 22, 24, 101 Loans sold outright, 31, 109 Float, 4, 98 NUmber, by classes, 18 Flow of funds, 70 Real estate mortgages held, by type, 50 Foreign: Commercial paper, 31, 33, 96 Currency operations, 11, 12, 13, 75, 81 Condition statements (See Assets and liabilities) Deposits in U.S. banks, 5, 12, 13, 23, 27, 88, 99, 104 Construction, 62, 63 Exchange rates, 91 Consumer credit: Trade, 73 Instalment credit, 54, 55, 56, 57 Foreigners : Noninstalment credit, by holder, 55 Claims on, 82, 83, 88, 89, 90 Consumer price indexes, 62, 66 Liabilities to, 28, 76, 77, 79, 80, 81, 88, 89, 90, 105 Consumption expenditures, 68, 69 Corporations: Profits, taxes, and dividends, 48 Gold: Security issues, 46, 47 Certificates, 12, 13, 15 Security yields and prices, 34, 35, 97 Earmarked, 88 Cost of living (See Consumer price indexes) Net purchases by United States, 74 Currency and coin, 5, 9, 23, 99 Production, 95 Currency in circulation, 5, 15, 16, 99 Reserves of central banks and govts., 94 Customer credit, stock market, 36 Stock, 4, 75, 98 Government National Mortgage Assn., 52 Debits to deposit accounts, 14 Gross national product, 68, 69 Debt (See specific types of debt or securities) Demand deposits: Hours and earnings, manufacturing industries, 65 Adjusted, commercial banks, 14, 17, 23 Housing permits, 62 Banks, by classes, 18, 23, 27, 104 Housing starts, 63 )xedni siht n i dettimo si ” A“ xiferp eht hguohtla 901-A hguorht 4-A segap o t era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

)xedni siht n i dettimo si ” A“ xiferp eht hguohtla 901-A hguorht 4-A segap o t era secnerefeR( A 118 FEDERAL RESERVE BULLETIN □ MARCH 1974 Income, national and personal, 68, 69 Real estate loans: Industrial production index, 58-61, 62 Banks, by classes, 22, 25, 37, 50, 102 Instalment loans, 54, 55, 56, 57 Delinquency rates on home mortgages, 53 Insurance companies, 37, 42, 43, 50, 51 Mortgage yields, 35, 51, 52, 53 Insured commercial banks, 20, 22, 30 Type of holder and property mortgaged, 49-53 Interbank deposits, 18, 23 Reserve position, basic, member banks, 7 Interest rates: Reserve requirements, member banks, 9 Business loans by banks, 32 Reserves: Federal Reserve Banks, 8 Central banks and govts., 94 Foreign countries, 92, 93 Commercial banks, 23, 26, 28, 103, 105 Money market rates, 33, 96 Federal Reserve Banks, 12, 13 Mortgage yields, 51, 52, 53 Member banks, 5, 6, 17, 23, 100 Prime rate, commercial banks, 32 U.S. reserve assets, 75 Time and savings deposits, maximum rates, 10 Residential mortgage loans, 35, 49. 50, 51, 52, 53 Yields, bond and stock, 34, 97 Retail credit, 54 International capital transactions of U.S., 76-90 Retail sales, 62 International institutions, 74, 75, 92, 94 Inventories, 68 Saving: Investment companies, issues and assets, 47 Flow of funds series, 70 Investments (See also specific types of investments): National income series, 68 Banks, by classes, 18, 22, 25, 26, 37, 102, 103 Savings and loan assns., 38, 43, 51 Commercial banks, 17 Savings deposits (See Time deposits) Federal Reserve Banks, 12, 14 Savings institutions, principal assets, 37, 38 Life insurance companies, 37 Securities (See also U.S. Govt, securities): Savings and loan assns., 38 Federally sponsored agencies, 38, 39 International transactions, 84, 85 Labor force, 64 New issues, 45, 46, 47 Life insurance companies (See Insurance companies) Yields and prices, 34, 35 Loans (See also specific types of loans): Silver coin, 15 Banks, by classes, 18, 22, 24. 37, 101, 102 Special Drawing Rights, 4, 12, 13, 72, 75 Commercial banks, 17, 18, 22, 24, 29, 31, 32, 101, 102, State and local govts.: 106, 109 Deposits, 23, 27. 104 Federal Reserve Banks, 4, 6, 8, 12, 13, 14, 98, 100 Holdings of U.S. Govt, securities, 42, 43 Insurance companies, 37, 50, 51 New security issues, 45, 46 Insured or guaranteed by U.S., 49, 50, 51, 52, 53 Ownership of securities of, 22, 26, 37, 103 Savings and loan assns., 38, 51 Yields and prices of securities, 34, 35, 97 State member banks, 20, 30 Manufacturers: Stock market credit, 36 Capacity utilization, 62 Stocks (See also Securities): Production index, 59, 62 New issues, 46, 47 Margin requirements, 10 Yields and prices, 34, 35, 97 Member banks: Assets and liabilities, by classes, 18, 22 Tax receipts, Federal, 41 Borrowings at Federal Reserve Banks, 6, 12, 100 Time deposits, 10, 17, 18, 23, 27, 104 Number, by classes, 18 Treasury cash. Treasury currency. 4, 5, 15, 98, 99 Reserve position, basic, 7 Treasury deposits, 5, 12, 13, 40, 99 Reserve requirements, 9 Treasury operating balance, 40 Reserves and related items, 4, 6, 17, 98 Mining, production index, 59, 61 Unemployment, 64 Mobile home shipments, 63 U.S. balance of payments, 72 Money market rates (See Interest rates) U.S. Govt, balances: Money stock and related data, 16 Commercial bank holdings, 23, 27, 104 Mortgages (See Real estate loans and Residential mortgage Member bank holdings, 17 loans) Treasury deposits at Reserve Banks, 5, 12, 13, 40, 99 Mutual funds (See Investment companies) U.S. Govt, securities: Mutual savings banks, 27, 37, 42, 43, 50, 104 Bank holdings, 18, 22, 25, 37,-42, 43, 102 Dealer transactions, positions, and financing, 44 Federal Reserve Bank holdings, 4, 12, 13, 14, 42, National banks, 20, 30 43, 98 National defense expenditures, 41, 68 Foreign and international holdings, 12, 81, 84, 88 National income, 68, 69 International transactions, 81, 84 Nonmember banks, 20, 22, 23, 30 New issues, gross proceeds, 46 Open market transactions, 11 Open market transactions, 11 Outstanding, by type of security, 42, 43, 45 Ownership, 42, 43 Payrolls, manufacturing index, 62 Yields and prices, 34, 35, 97 Personal income, 69 United States notes, 15 Postal savings, 23 Utilities, production index, 59, 61 Prices: Consumer and wholesale commodity, 62, 66 Veterans Administration, 49, 50, 51, 52, 53 Security, 35 Prime rate, commercial banks, 32 Weekly reporting banks, 24, 101 Production, 58-61, 62 Profits, corporate, 48 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 Omaha.* Souisvitfe^ Kansas Cittjj* I > t. L r o © u . i s Oklahoma Citt) jttuiocA/ R W A^ „ t \ / Dallas Jiouston AewOrCev* Antonio< Miami 'Dram h/'R W. Qafvin, Cart ☆ (c THE FEDERAL RESERVE SYSTEM g) ☆ A LA S KA HAW AII Legend B oundaries of Federal R eserve D istricts --------B oundaries of Federal R eserve B ranch Territories © B oard of G overnors of the Federal R eserve System ® Federal R eserve B ank C ities • Federal R eserve B ranch C ities Digitized for FRASER Federal Reserve B ank Facilities http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis