Federal Reserve Bulletin, 1974-06

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 6 □ VOLUME 60 □ JUNE 1974 CONTENTS 407 Construction, Real Estate, and Mortgage Markets 420 Staff Economic Studies: Summary 422 Member Bank Income in 1973 429 Treasury and Federal Reserve Foreign Exchange Operations: Interim Report 431 Record of Policy Actions of the Federal Open Market Committee 445 Law Department 469 Announcements 473 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 60 International Statistics A 100 Board of Governors and Staff A 102 Open Market Committee and Staff; Federal Advisory Council A 103 Federal Reserve Banks and Branches A 104 Federal Reserve Board Publications A 109 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

Construction, Real Estate, and Mortgage Markets Outlays for new construction this spring measured in real terms were continuing to trend downward from the record rate reached more than a year earlier. Construction expenditures for privately owned residential units were running well below the 1973 peak even in current dollars. But constant-dollar outlays for private nonresidential construction were holding at earlier highs, and ex­ penditures for public construction were relatively strong. Mean­ while, conditions in mortgage markets tightened sharply again as credit terms in general became more restrictive in a situation of exceptionally rapid inflation and heavy over-all demand for funds. CHART 1 SAVINGS FLOWS shift down after 2-quarter recovery and slight rise in RESIDENTIAL MORTGAGE COMMITMENTS “Net savings inflows” are quarterly averages for savings and loan associations and mutual savings banks at seasonally adjusted annual rates. “Mortgage commitments outstanding,” which are mainly residential, are seasonally adjusted end-of-quarter totals for all savings and loan associations and for New York mutual savings banks. Commitments data include loans in process. Latest data, April, preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN □ JUNE 1974 Flows of consumer-type savings to thrift institutions, as well as to commercial banks, have weakened this spring as yields on market securities have become more attractive to investors. Earlier, such savings flows had been recovering strongly, supported by a number of factors including the higher maximum savings rates permitted the depositary institutions last July, a temporary reduction in market rates after September, and consumer uncertainty about the likely course of general economic activity in view of the energy crisis and the broad, further escalation in prices. Mortgage repayment flows, based on the expanded portfolios acquired during the recent record housing boom, have continued large this year, and a sizable part of outstanding mortgage commit­ ments associated with that boom has been worked down. But with small investors turning increasingly from regular savings and cer­ tificate accounts to market instruments offering more enticing yields, lender concern about actual and prospective net savings inflows has grown, and the pace of new commitments for mortgages has moderated in the primary market. Moreover, closer screening of potential mortgage borrowers has been resumed and indications are that downpayment requirements and related nonrate terms on new commitments for mortgages have begun to firm again. To help sustain the pace of private housing starts over the period ahead, additional market support was announced by the President on May 10. Essentially, the administration’s program provides subsidies in various forms to minimize upward rate pressures on mortgage borrowers, involving potentially more than 300,000 con­ ventional and other residential units over the rest of this year. REGULATORY AND Altogether, a number of ameliorative institutional adjustments of RELATED ADJUSTMENTS both short- and long-term significance for mortgage market devel­ opments have been made in recent months. Of particular note, to permit borrowers in the nonsubsidized mortgage sector to bid more actively for available funds, regulatory ceiling rates for Government-underwritten mortgages were increased lA per cent to a new high of 8% per cent in early May, the second such upward adjustment this spring. To minimize the problem of high interest rates for eligible borrowers desiring mortgages insured by the Federal Housing Administration or guaranteed by the Veterans Administration and to limit the number of points that sellers of homes might otherwise have to pay under the regulatory ceilings, the Government National Mortgage Association earlier this year had already instituted a revised tandem plan for loans at a fixed 7% per cent rate on about 200,000 single- and multifamily units. As announced by the President in May, GNMA will now provide for an additional 100,000 units to follow under similar Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION, REAL ESTATE, AND MORTGAGE MARKETS 409 subsidy arrangements at an 8 per cent contract rate. Under this tandem plan, GNMA purchases eligible mortgages at a price no more than 4 points below par, then resells the loans at prevailing market prices and absorbs any price differential involved. To bolster the primary market in the major conventional mort­ gage sector where the strategically important savings and loan associations have traditionally concentrated, the Federal Home Loan Bank System in May also began to offer subsidized advances to eligible thrift institutions. Such advances may amount to as much as $4 billion this year, and the interest rate will be at least V2 of a percentage point below the Home Loan Bank System’s own borrowing cost on 5-year obligations. Over the past year, the Federal Home Loan Bank Board has instituted a number of other adjustments mainly affecting the operational scope of Federal associations. Last September, for example, the FHLBB began a program for 6-month standby commitments for advances at 8V2 per cent. It also broadened the primary lending area of each association by permitting it to originate mortgages in the entire State as well as within a 100-mile radius of the home office regardless of State lines. In the still relatively young secondary mortgage market for conventional loans, a number of innovations have also been intro­ duced in recent months. In particular, the Federal National Mort­ gage Association, last April, announced expansion of its purchasing program to include conventional mortgages on owner-occupied dwellings in condominiums and planned unit developments. Such loans are particularly complex because they involve ownership of certain elements in common. Also the Federal Home Loan Mort­ gage Corporation for the first time initiated purchases of loans more than 1 year old; and in May—under the President’s special housing support program—it began to make forward purchase commitments on a below-market-interest basis. The potential limit for such commitments by the year-end has been set as high as $3 billion. In addition, to improve the potential for secondary market transactions among individual lenders, plans under essentially pri­ vate auspices were completed recently for implementing an auto­ mated mortgage market information network—AMMINET. This system, which is intended to meet the needs of all lender groups, began on a pilot basis in mid-June. In the Government-underwritten loan area, meanwhile, GNMA moved to broaden access to its program for mortgage-backed securities—now in its fifth year—by reducing the size of individual pools needed for such issues to $1 million for 1-family mortgages and to $500,000 for multifamily mortgages. Previously, the mini­ mum size of such pools had been $2 million for both categories. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN □ JUNE 1974 NEW CONSTRUCTION Outlays for new construction in May approximated a seasonally adjusted annual rate of $136 billion in current-dollar terms. This was up slightly from the first-quarter average and nearly matched the highs in the first and third quarters of 1973. In real terms, however, such outlays were down somewhat further from the first-quarter average and about an eighth below the peak in the first quarter of 1973. Construction costs. Construction costs have continued to move upward this spring—in May they approximated 164 per cent of the 1967 average, according to the Census Bureau’s composite cost index. Over the first 5 months of 1974 the year-to-year rise in the index exceeded 10 per cent, compared with 9 per cent in 1973 as a whole and 7 per cent in other recent years. Wage settlements for construction workers had been relatively moderate under the monitorship of the Construction Industry Stabilization Commit­ tee—which had been in operation from April 1971 until the expira­ tion of wage and price controls last April 30. Most of the contracts involved had been limited to 1 year, and will, therefore, be due for renegotiation at higher rates this year. At the same time, land costs have continued to rise, particularly for close-in sites in CHART 2 Total NEW CONSTRUCTION OUTLAYS clearly off from peak in real terms with RESIDENTIAL sharply reduced even in current dollars Census Bureau data on new construction put in place at seasonally adjusted annual rates. Recent data, preliminary. May, F.R. estimate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION, REAL ESTATE, AND MORTGAGE MARKETS 411 localities where sewer and water as well as fuel connections are available. Prices of a number of building materials, although in many cases under controls until April, have risen sharply since last autumn, notably for items based on oil and related products. With the number of residential units under construction still very high and with nonresidential construction activity at an advanced rate, supply bottlenecks in many instances have continued to add pressure on prices of materials required by builders. BUSINESS CONSTRUCTION Nonresidential construction. Seasonally adjusted current-dollar expenditures for new private nonresidential construction this spring were continuing above the advanced pace reached during the winter. Although mainly reflecting higher costs, outlays for office buildings, shopping centers, and related types of commercial struc­ tures—which had risen considerably over the past 3 years—have tended upward further. Moreover, in the case of outlays for indus­ trial plants—already up sharply from their low in 1972—recent surveys of expected plans indicate another substantial year-to-year Census monthly data on currentdollar value of new construction put increase for 1974 as a whole. Over-all expenditures for other types in place at seasonally adjusted annual of nonresidential buildings—particularly hospitals and religious rates. Recent data, preliminary. Lat­ est data, April. structures—have also been at an advanced rate. Current-dollar outlays for public construction this spring were continuing near their first-quarter peak. State and local government outlays, which account for the major share of the total, have been relatively large even though yields required by investors in munici­ pal bonds have been exceptionally high and Federal support has remained selective. While building needs for primary schools have eased as growth in the school-age population has slowed, demands for health, rapid transit, energy, and related facilities have in­ creased. Residential construction. Outlays for private residential con­ struction, which lag starts, have leveled off this spring after a protracted drop concentrated mainly in the latter part of 1973 and early 1974. Although the monthly rate of private housing starts since December has fluctuated even more than is usual, the firstquarter average was somewhat above the low in the fourth quarter of last year and was nearly a third above the seasonally adjusted annual rate—1.24 million units—that had marked the end of the previous downturn in early 1970. Moreover, while starts turned downward sharply in May, the April-May average was still fairly near the first-quarter pace. Even though private housing starts during 1973 experienced one of the sharpest declines on record, the annual total exceeded the 2 million-unit mark for the third consecutive year and, along with 1971, was second only to the extraordinary 2.4 million level reached in 1972. Moreover, with domestic shipments of new mobile homes—which are used mainly for residential purposes—very near Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN □ JUNE 1974 the record total in 1972, the combination of new shelter units in 1973 aggregated over 2.6 million, almost in line with the Pres­ ident’s over-all production schedule for that calendar year, based on the 10-year goal set by Congress in 1968. CHART 3 PRIVATE HOUSING STARTS generally hold well above earlier lows, with COMPLETIONS still outpacing starts; MOBILE HOME shipments down further Census data for private housing starts and completions and Mobile Home Manufacturers Association data for domestic shipments of new mobile homes, converted to seasonally adjusted annual rates by Census and to quarterly averages by F.R. “Multifamily” includes 2 or more units. Latest data, preliminary, April, except for starts, which are April-May average. In contrast with other recent contractions, starts of multifamily units showed about the same relative decline as single-family units during 1973. Over the first 5 months of this year, however, multi­ family starts dropped further, reflecting in part slower demands for condominiums. Also, completed multifamily structures, which require a longer lead time and a much longer production period than do single-family units, have continued to reach the market in volume. The limited flow of new mortgage commitments has not been the only factor that has moderated the pace of total housing starts this year. Sewerage and related moratoria have remained a con­ stricting influence in many localities. In addition, the widespread recognition, which emerged last winter, of problems related to the cost and availability of gasoline and other types of energy has begun to force a re-evaluation of traditional assumptions about the com­ parative advantages of particular sites by builders and buyers alike. While the market potential of some locations—notably in or near the central cities and the immediate suburban fringes—has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION, REAL ESTATE, AND MORTGAGE MARKETS 413 enhanced by this development, it has been lowered in other areas. Moreover, unlike the situation prior to 1970, demand backlogs have been materially reduced at a time when construction costs have continued to rise, increased attention has been focused on the possibilities for rehabilitation of older units, and the large overhang of units still under construction has remained high. Even so, the demographic potential for new household formation remains exceptionally strong. And while the tendency of many home purchasers, including single persons, to buy ahead of re­ quirements for both permanent and second homes has moderated considerably, the rapid price appreciation of favorably located properties has continued to attract qualified buyers for both new and existing units. Viewed regionally, starts in the first quarter of this year turned upward in all major sectors of the country except the West. Starts in that region had accounted for no more than a fifth of the national total in 1973, compared with as much as a fourth in 1971. By contrast, in 1973, for the North Central States—where starts totaled more than in 1972—the share reached over a fifth. For the South and Northeast the relative shares held at 44 and 14 per cent, respectively. Mobile home shipments, which had reached new highs during the 3-year boom in housing starts, also dropped appreciably in the second half of 1973. Moreover, in the first quarter of this year, such shipments were at a seasonally adjusted annual rate of only 464,000—the lowest since the second quarter of 1971; and in April they declined again. Prices of such units, while still not high by conventional housing standards, have increased further over the recent period—reflecting rising costs of materials and labor, up­ graded construction requirements, and increased emphasis on larger units. In addition, availability of mobile home park sites has remained a limiting factor. Financing also has generally become more expensive. FHA/VA SHARE OF During the first quarter of this year, private housing starts under HOUSING STARTS available low- and moderate-income subsidy programs—some of which were still curtailed by the administrative moratorium insti­ tuted in early 1973—were running well below the already reduced rate of a year earlier. For 1973 as a whole, subsidized starts of all types totaled fewer than 200,000 units, compared with a record 426,000 in 1971. Partly reflecting this development, starts under all Government-underwritten programs accounted for not much more than a tenth of total private starts in 1973 and the first quarter of 1974. This compared with about three-tenths in 1971 and a record high of more than two-fifths in 1955. Based on data from Census Bureau Considering home prices in general, the median price of new for private housing starts and from HUD and the VA for units started single-family units sold by merchant builders in April was $35,900, under FHA or VA inspection. Latest data, Ql, preliminary. more than $3,000 higher than a year earlier and still above the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN □ JUNE 1974 median price of homes held for sale in that month. Allowing for PRICE INDEX-NEW HOMES changes in the mix of homes sold in terms of size and other characteristics, the average price increase per unit for 1973 as a whole was 10 per cent—the sharpest year-to-year rise in the history of the series, which goes back to 1963. Regionally, the largest comparable increase in 1973 was for new homes sold in the West—15 per cent. For existing homes the median sales price in April was $31,690, according to reports from the National Association of Realtors. As in other recent months, such prices, which are not adjusted Census quarterly index based on for compositional changes, were somewhat more than a tenth above fixed 1967 proportions of eight char­ a year earlier, compared with a year-to-year increase of about 8 acteristics of new one-family houses sold by merchant builders. Transac­ per cent from 1972 to 1973. tions prices from which the index is By contrast, average increases in typical rents for all types of derived include value of the devel­ oped lot, direct and indirect selling residential units so far this year have remained comparatively expenses, and profits. Latest data, Ql, preliminary. moderate even though repair and related operating costs, including local real estate taxes, have accelerated further. In fact, median initial rents paid in the first quarter of this year for new nonsubsi­ dized apartments completed in the fourth quarter of last year were DWELLING UNITS up only slightly from those for comparable units a year earlier. Thus far this year, demand for new rental units coming on the market has been relatively strong, despite scattered reports of overbuilding in some areas. Altogether, by the end of the first quarter as much as 64 per cent of new privately financed, nonsub­ sidized apartment units intended for rental use and completed in the previous quarter had already been leased. This compared with 67 per cent a year earlier, but it exceeded the absorption ratio 2 years earlier when the volume of completions of comparable apartments had been somewhat lower. On the other hand, for the combined total of all types of existing as well as new rental units available for occupancy, vacancy rates rose to an average of 6.2 per cent in the first quarter of the year. Although the highest for any first quarter since 1967, this average was still substantially below the peak of 8.5 per cent in early 1965. Vacancy rates for homeowner properties continued unchanged from last year’s advanced fourth-quarter average of 1.2 per cent, even though slower sales of condominiums and other units intended initially for owner occupancy have forced some additional supply into the “for rent” category this year. Vacancy rates in all four major Census regions in the first quarter also averaged moderately j_______|_______t : 0.5 above year-earlier levels. Census data for private dwelling Meanwhile, merchant builders’ resources have continued under units only, with completions at sea­ sonally adjusted annual rates con­ strain as stocks of new homes for sale at all stages of construction verted to quarterly averages by F.R. have declined only somewhat from last winter’s peak despite some Units under construction are end-ofquarter totals seasonally adjusted by improvement in the rate of sales. And even with the total number F.R. All data exclude mobile homes. Latest data, April, preliminary. of private dwellings under construction still exceptionally high, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION, REAL ESTATE, AND MORTGAGE MARKETS 415 CHART 4 RESIDENTIAL VACANCY RATES up only moderately from recent lows Census quarterly data. Vacancy rates relate to vacant dwellings available for rent or sale. Latest data, Ql. completions of all types of residential units were down sharply in April from their advanced first-quarter average. MARKETS Mortgage commitments outstanding for residential properties, which had shown some recovery earlier this year, apparently shifted direction again in late spring. While rate increases in general have been substantially less in long-term than in short-term markets, yields on both construction loans and permanent mortgages have advanced sharply since March. At the same time, resort to the secondary market support afforded by FNMA, FHLMC, and other nondepositary sources has increased again. In the market for loans on income properties, contract interest rates and other terms have apparently also stiffened in recent months. With an unusually large volume of unseasoned mortgages now outstanding at a time of rapidly rising prices and lower real incomes, stricter screening of borrowers has also been revived as delinquency rates on all types of loans, including construction loans, are indicated to have tended upward. By the first quarter of this year, for example, delinquency rates on permanent home mortgages held by institutions that report to the Mortgage Bankers Association of America averaged the highest for any first quarter in the two-decade history of the series—4.0 per cent, compared with 3.6 per cent a year earlier and with 3.2 per cent in the first quarter of 1971. While this uptrend has reflected mainly defaults on mortgages underwritten by FHA under special programs involv­ ing lower-income housing, it has also been associated with prob­ lems in the nonsubsidized sector as well. Home mortgage terms. Contract interest rates for new commit­ ments on conventional first mortgages on new homes averaged a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN □ JUNE 1974 CHART 5 Mortgage yields reach new peaks this spring, but with BOND YIELDS also advanced, YIELD SPREAD turns negative; DISCOUNTS on FHA mortgages higher Mortgage data based on HUD (FHA) field-office reports. For “conventional,” average interest rates are for first mortgages on new homes. For “FHA-insured,” weighted averages of private secondary market bid prices for certain new-house mortgages (shown at a discount from par in the bottom panel) converted to annual yield; thin lines indicate months affected by adjustment in contract interest rate except in some cases where estimates have been provided by F.R. For corporate bonds, average of yields on new issues (Moody’s Aaa, Aa, and A adjusted to Aaa utility bond with 5-year call protection). Yield spread is for conventional mortgages. Latest data, May. record 9.15 per cent in May. This was 65 basis points above the moderately reduced average reached in March and about 20 basis points higher than the previous peak last September. For conven­ tional loans on existing homes, the average rate also was at a record 9.15 per cent in May, according to the Department of Housing and Urban Development. While several States with relatively low usury ceilings for conventional mortgage rates have adjusted such ceilings upward this year, a number of States—mainly in the South and East, and accounting for about two-fifths of the Nation’s population—still had legal maxima below prevailing mar­ ket requirements. Moreover, the gross yield differential in favor of home mortgages as compared with corporate bonds remained negative in May—a factor of particular importance to diversified Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION, REAL ESTATE, AND MORTGAGE MARKETS 417 lenders given the higher administrative expenses mortgages entail in any case. The recent upsurge in mortgage rates was partly the result of a slackening in net savings inflows to thrift institutions from the earlier improved pace and a marked shift in the availability of mortgage funds in almost all geographic areas. By late May, in fact, a sample survey of savings and loan associations conducted weekly by the FHLMC indicated that funds were in short supply relative to demands in all, or nearly all, of the 12 Federal home loan bank districts, compared with none of the districts in early April. The dollar volume of mortgage commitments outstanding at the thrift institutions has remained exceptionally high by pre-1971 FNMA PURCHASE AUCTION standards, even after allowance for larger per-unit loan amounts. YIELD — FHA/VA Nevertheless, it had shown only a limited recovery earlier this year. And most recently, aggregate pressures for credit for all types of loans, including housing, have tended to reduce par­ ticipation in the primary mortgage market by commercial banks and other diversified lenders. Data from FNMA based on results of generally biweekly auctions for In the private secondary market for Government-underwritten Government-underwritten mortgages mortgages, the increase in yields has also been marked. In May converted to monthly averages by F.R. Yields to FNMA shown are for such yields on 83A per cent mortgages of this type scheduled for 4-month forward-purchase commit­ immediate delivery averaged 9.46 per cent, up 92 basis points from ments (assuming a 12-year prepay­ ment period for certain 30-year Gov­ the recent low of 8.54 per cent reported for February when the ernment-underwritten mortgages) and are gross before deduction of regulatory maximum was 8V4 per cent. Even at the higher 8% per mortgage servicing fee, without al­ cent rate, discounts, which for the most part are payable directly lowance for commitment fee and re­ quired purchase of FNMA stock. by sellers of new or existing units financed by these mortgages, Latest data, auction of June 3. still remained a problem—at an average of about 5 points in May. In the June 3 FNMA-free-market auction of forward-purchase commitments on eligible FHA-VA home mortgages, yields rose 6 basis points further to a new high of 9.54 per cent. Offerings to FNMA, however, remained well below the near-record volume registered in late March and early April when, among other things, LOAN/PRICE RATIO the limit on the maximum amount allowed to qualify for a compet­ itive bid had been temporarily suspended. In the related auction for commitments to buy conventional mortgages—mainly lowdownpayment loans—the average yield acceptable to FNMA, at 9.70 per cent, was also continuing to rise. So was the yield asked by FHLMC on comparable nonsubsidized mortgage purchases. In early May, maturity and loan-to-value terms on conventional first mortgages actually closed on single-family homes—under commitments made some months earlier—were generally at least Monthly data from FHLBB, with cooperation of FDIC, are for con­ as liberal as they were last March. Reflecting the tightening that ventional first mortgages at time of had developed last year, however, average downpayment terms— closing by major lender groups on single-family homes for purchase particularly for loans on existing units—remained appreciably more only. Data beginning 1973 are not stringent than in the spring of 1973. Nevertheless, with average strictly comparable with those for earlier years because of sampling and prices of homes sold continuing upward, loan amounts in general other changes. Latest data, May, preliminary. were well above year-earlier levels. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN □ JUNE 1974 MORTGAGE DEBT Seasonally adjusted net mortgage debt formation in the first quarter EXPANSION of this year is indicated to have edged upward slightly from the reduced rate in the fourth quarter of 1973. However, at an annual rate approximating $58 billion, the pace of mortgage debt expansion was substantially below both the peak rate a year earlier and the record for 1973 as a whole. In that year the net increase in total mortgage holdings by all lenders had exceeded $70 billion as compared with about $65 billion in 1972 and amounts much less than $30 billion in most other recent years. Mortgages on all types of nonfarm properties shared in the moderate upturn in outstanding debt in the initial quarter of 1974. But even in the nonresidential sector, the degree of expansion was limited. Moreover, it was associated in part with the larger average loan amounts required to finance both new and existing mortgages under prevailing inflationary conditions. The net flow of con­ struction loans for residential properties, on the other hand, ap­ peared to be rising somewhat more than seasonally in early spring, and the large number of dwelling units still reaching completion was continuing to require a sizable amount of permanent financing. Among the major lender groups, savings and loan associations accounted for substantially the largest share of the net increase in mortgage debt outstanding on both single-family and multifamily properties in the first quarter of the year. They also accounted for a significant proportion of the improved net flow of loans on commercial properties. However, to meet their mortgage commit­ ments, by late March such associations were beginning to increase their net borrowing from the Federal home loan banks again, despite a record of about $7 billion of such borrowing in 1973 as a whole. In the first quarter of this year, net mortgage acquisition by commercial banks, which had accounted for a major share of the over-all increase in the fourth quarter of last year, declined both absolutely and relatively. The decline reflected continued pressure for all types of bank credit, including loans to mortgage companies, real estate investment trusts, and other mortgage market partici­ pants. Net mortgage acquisition by mutual savings banks also remained relatively limited; that by life insurance companies, which had revived somewhat in recent years—although entirely in income-property loans—appeared to have changed little in early 1974. Among other mortgage lenders, net purchases by FNMA were relatively low in the first quarter of the year. This development largely reflected the limited volume of FHA-insured mortgages being originated. It also was associated with a considerably in­ creased need for such loans by mortgage companies to meet an expanded demand that had developed at that time from large pension funds and other investors for GNMA-guaranteed pass- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION, REAL ESTATE, AND MORTGAGE MARKETS 419 CHART 6 NET INCREASES in MORTGAGE DEBT I below earlier peaks by type of property as LENDER SHARES shift further ALL OTHERS LIFE INSURANCE COMPANIES COMMERCIAL BANKS MUTUAL SAVINGS BANKS SAVINGS AND LOANS Quarterly data by type of property estimated—and converted to seasonally adjusted annual rates—by F.R. as required to supplement reports of Federal agencies and private sources. Farm mortgage debt net increases are included in net increases shown for “total.” Distribution of net changes by type of holder based on annual totals except for 1974, Ql. Latest data, Ql, preliminary. through securities. The dollar amount of mortgages in the pools that are required to back such issues exceeded $10 billion by the end of March 1974, up more than $4 billion from a year earlier. With bond market yields becoming much more attractive to inves­ tors this spring, reliance on GNMA-guaranteed “pass-throughs” has declined. Also, expansion of mortgage holdings by the real estate investment trusts has been less than in other recent periods of tight money market conditions. Lately, however, net mortgage purchases by FNMA and particularly by the FHLMC have begun to increase again. □ 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 SHORT-RUN VARIATIONS IN THE MONEY STOCK—SEASONAL OR CYCLICAL? by Herbert M. Kaufman—Arizona State University, and Raymond E. Lombra—Staff’ Board of Governors Presented at a meeting of the Econometric Society in December 1973 and revised in early 1974. Although there is considerable disagreement be classified as seasonal or cyclical movements over the exact role of money in the economy— in the data; and (2) the distorting influence of that is, the nature of its independent causal the seasonal adjustment procedure raises ques­ significance—few deny that the money stock is tions about past empirical research that utilized one of a group of key economic variables to adjusted money stock data. be monitored closely. In contrast to the volumi­ These two propositions are supported by the nous research on the determinants of the quan­ results of frequency domain tests utilizing spec­ tity of money, it is surprising that the quality tral analysis and time domain tests employing of the data has not received greater attention regression analysis. The frequency domain tests in the literature to date. Therefore, this study suggest that the adjustment procedure produces examines one aspect of the quality of the money temporal distortions and excessive smoothness stock data—the nature and significance of sea­ in the series. Simple reduced-form regression sonal variation. equations are then presented to substantiate the Two theses are developed in the paper: (1) hypothesis that the statistical relation between The method used to seasonally adjust the pub­ the money stock and other variables, such as lished money stock series, as well as many national income, may be very sensitive to the other economic time series, makes it difficult procedure employed to seasonally adjust the to articulate and identify what should in fact money stock. Further evidence corroborating Digitized for FRASER4 20 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

the empirical results of the statistical tests is refined structural model, it should be possible detailed in a discussion describing how postwar to separate past cyclical and seasonal variations monetary policy and the ratio-to-moving- in the money stock and to relate them to move­ average technique have combined to obscure the ments in economic activity. differences between seasonal and cyclical A major implication of the findings presented movements in the money stock as such move­ in the paper is that the confluence of seasonal ments appear in the adjusted data. and cyclical forces operating on short-run The last section of the paper specifies and movements—month to month, and quarter to estimates a simple structural model of money quarter—in key published series, such as the stock seasonality as a possible alternative to seasonally adjusted money stock, may often current procedures. Although the model is a generate misleading signals for those trying to relatively simple one, its grounding in economic evaluate the thrust of policy and its impact on theory and the results thus far attained suggest economic activity. Accordingly, short-run that such an approach to seasonality would be movements in the money stock should be inter­ fruitful to pursue. Through the use of a more preted with great caution. □ Digitized for FRASER 421 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Income in 1973 Net income of member banks as a group in­ declined in each of the preceding 3 years, rose creased by $612 million, or nearly 14 per cent, rapidly in 1973, but interest expense on capital in 1973. Sharp increases in earnings stemmed notes and debentures rose only moderately fur­ both from larger holdings of assets and from ther. Net loan losses charged to reserves in­ higher returns on these assets. But there were creased faster than average loans outstanding; also sharp increases in the average cost of funds hence the ratio of net loan losses charged to to banks. Both operating income and operating reserves to average loans outstanding increased expenses rose at rates much faster than in any slightly. prior year. Although the banks sustained net Accompanying a substantial rise in income losses on security transactions, these losses were before income taxes and securities gains or small, and the banks’ net income for the year losses was an appreciable increase in applicable totaled $5.0 billion. income taxes. Nevertheless, net income of member banks rose to a record $5,012 million; SUMMARY this represented a 13.9 per cent increase, or twice that recorded in 1972. With member The fast rate of growth in operating income of banks’ net income rising somewhat faster than member banks in 1973 reflected a strong in­ equity capital plus reserves, the ratio of net crease in loan revenues, and to a much lesser income to equity capital plus reserves increased. extent, an increase in revenues from investment Cash dividends declared also rose, but the rate securities. Short-term interest rates rose sub­ of increase was less than for net income. As stantially during the year, and average yields a result, the ratio of cash dividends to net on bank portfolios rose for all categories of income declined in 1973. loans and investments. Although holdings of As in 1972, large banks in New York City, investments increased somewhat less rapidly which have extensive foreign operations, re­ than in 1972, growth in loan portfolios in 1973 corded the most rapid rate of growth in net was considerably more than for the previous income, although the increase was only slightly year because of the strong credit demands of above that for banks in the City of Chicago. the economy. Deposit inflows, however, were All other banks also recorded strong increases large enough to permit banks to meet these in net income, and the performance differential expanding credit demands and also to add between these banks and those in the large somewhat to their holdings of investments. money centers was less than in 1972. Interest paid on time and savings deposits, the largest single expense item for banks, rose OPERATING INCOME at a much faster rate than in 1972 and accounted for slightly more than half of the over-all in­ Total operating income of member banks in crease in operating expenses. A sharp increase 1973 increased 33 per cent over 1972 levels to in interest on Federal funds purchased and on $41.7 billion (Table 1). Nine-tenths of this securities sold under repurchase agreements increase resulted from expanded revenues on contributed substantially more to the rise in loans. Income from investments added only operating expenses than did salaries and wages. slightly to operating revenues and for the second Interest on other borrowed money, which had consecutive year accounted for a reduced proportion of total operating income. Note.—This article was prepared by Anthony W. Interest and fees on loans (including Federal Cyrnak of the Board’s Division of Research and Statis­ tics. funds sold and securities purchased under resale Digitized for FRASER 422 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1 CONSOLIDATED REPORT OF INCOME FOR 1969-73 FOR ALL MEMBER BANKS Amounts shown in millions of dollars Change Amount 1972-73 Item Per­ 1969 1970 1971 1972 1973 Amount centage Operating income—Total ................................................................... 24,991 27,913 28,670 31,335 41,708 10,373 33.1 Loans: Interest and fees .............................................................................. 17,104 18,706 18,317 19,997 28,261 8,264 41.3 Federal funds sold and securities purchased under resale agreement ................................................................... 649 781 677 794 1,847 1,053 132.6 Securities: Excluding trading account income—total ................................ 4,263 4,832 5,662 6,086 6,531 445 7.3 U.S. Treasury securities .......................................................... 2,041 2,208 2,434 2,412 2,392 -20 - .8 U.S. Govt, agencies and corporations ................................ 322 415 578 730 943 213 29.2 States and political subdivisions ............................................ 1,794 2,090 2,468 2,709 2,927 218 8.0 Other securities .......................................................................... 106 118 182 234 268 34 14.5 Trust department ................................................................................. 972 1,075 1,182 1,269 1,344 75 5.9 Service charges on deposit accounts ............................................ 835 868 896 904 940 37 4.1 Other charges, fees, etc....................................................................... 557 681 795 864 998 134 15.5 Other operating income: On trading account (net) .............................................................. 137 346 340 254 338 84 33.1 Other .................................................................................................. 473 625 802 1,168 1,449 281 24.1 Operating expenses—Total ................................................................ 19,525 22,193 23,346 25,639 35,027 9,388 36.6 Salaries and wages of officers and employees ........................... 4,690 5,282 5,666 6,020 6,571 551 9.2 Officer and employee benefits ......................................................... 749 876 973 1,073 1,234 161 15.0 Interest on— Time and savings deposits .......................................................... 17,059 8,139 9,426 10,513 15,377 4,864 46.3 Federal funds purchased and securities sold under repurchase agreements .............................................. 1,177 1,365 1,073 1,387 3,765 2,378 171.4 Other borrowed money ................................................................. 562 444 127 102 474 372 364.7 Capital notes and debentures ....................................................... 89 90 123 184 204 20 10.9 Net occupancy expense ..................................................................... 867 1,013 1,130 1,259 1,408 149 11.8 Furniture, equipment, etc.................................................................... 615 722 797 848 924 76 9.0 Provision for loan losses .................................................................. 381 534 681 767 994 227 29.6 Other operating expenses ................................................................. 3,336 3,728 3,348 3,486 4,078 592 17.0 Income before income taxes and securities gains or losses ....... 5,467 5,720 5,325 5,696 6,681 985 17.3 Applicable income taxes ....................................................................... 1,813 1,775 1,349 1,356 1,654 298 22.0 Income before securities gains or losses ........................................... 3,653 3,945 3,976 4,340 5,027 687 15.8 Net securities gains or losses (—) after tax ..................................... -209 -107 144 46 - 30 - 76 Extraordinary charges (—) or credits after taxes .......................... 5 - 15 - 3 14 15 1 Less minority interest in consolidated subsidiaries ....................... (2) (2) (2) (2) (2) (2) Net income ................................................................................................ 3,450 3,823 4,117 4,400 5,012 612 13.9 Cash dividends declared3 ..................................................................... 1,523 1,754 1,908 1,839 2,018 179 9.7 *This item excludes—and “interest on other borrowed 2Less than $500,000. money” and “other operating expenses” include—$101 mil­ 3On common and preferred stock. lion of interest on Euro-dollar borrowing incorrectly reported as interest on time and savings deposits. Note.—Figures may not add to totals because of rounding. agreements) increased by 45 per cent in 1973 1972. In early 1973 many large businesses to $30.1 billion; this compares with an increase found that they could finance their expanding of 9.5 per cent in 1972. The recent increase activities by borrowing at banks at a prime rate reflected strong growth in all major loan cate­ that was more attractive than the rates available gories except securities loans and an average on other short-term market funds. In April, rate of return on loans that was the highest in however, the Committee on Interest and Divi­ the past 40 years. dends established a dual prime rate. This effec­ Member banks increased their average hold­ tively enabled the prime rate on loans to large ings of loans by nearly $60 billion, or 19.9 per business borrowers to increase more in line with cent, during 1973 (Table 2). Commercial and the cost of other short-term funds while provid­ industrial loans accounted for 31 per cent of the ing some protection against rate increases to increase as compared with only 18 per cent in small businesses. As a result the strong demand Digitized for FRASER 423 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN □ JUNE 1974 for bank credit was dampened somewhat over TABLE 3 the remainder of the year. SELECTED MEMBER BANK INCOME RATIOS Growth in real estate loans outstanding at In per cent member banks was faster in 1973 than in 1972 despite a softening in housing demand during Ratios 1969 1970 1971 1972 1973 the last three quarters of the year. Even so, the 1973 increase in such loans accounted for a Ratios to equity capital (including reserves)— slightly smaller percentage of the growth in total Income before securi­ ties gains or losses 10.70 10.75 10.22 10.38 11.00 Net income .................. 10.10 10.44 10.60 10.54 10.97 TABLE 2 Cash dividends declared1 ................ 4.46 4.79 4.91 4.40 4.41 CHANGES IN MEMBER BANKS AVERAGE LOANS, INVESTMENTS, DEPOSITS, AND Rates of return on— CAPITAL OUTSTANDING Loans, gross .............. 7.57 7.91 7.18 6.90 8.34 U.S. Treasury Amounts shown in millions of dollars securities2 .............. 4.95 5.62 5.61 5.41 5.80 U.S. Govt, agencies and corporations2 .. 5.81 6.55 6.20 6.08 6.20 Average Change State and local govt. amount1 obligations2 ............ 3.87 4.23 4.17 4.11 4.31 Other securities2 5.59 6.30 7.10 6.67 6.89 Item Per­ Interest on time deposits 1972 1973 Amount centage to total time deposits 4.47 4.98 4.77 4.61 5.82 Total loans and Invest­ ‘On common and preferred stock. ments, gross2 __ 431,505 495,184 63,679 14.8 2Excludes securities held in trading account. Federal funds sold and Note.—These ratios were computed from aggregate dollar amounts of income and expense items. The capital, deposits, securities purchased under resale agree­ loans, and securities items on which the ratios were based were ment ......................... 16,964 21,931 4,967 29.3 averages for two call dates in the calendar year and the last Other loans ..................... 284,128 338,935 54,807 19.3 call date in the preceding year. Commercial and in­ dustrial ..................... 106,003 124,565 18,562 17.5 Agricultural ................ 7,910 9,396 1,486 18.8 Real estate .................. 66,913 79,992 13,079 19.5 loans of banks than in the previous year, pri­ For purchasing and marily because of the relatively stronger growth carrying securities .. 12,177 12,368 191 1.6 To financial institu­ in holdings of other types of loans. Although tions ......................... 23,090 33,490 10,400 45.0 Other loans to indi­ demand for consumer durable goods weakened viduals ..................... 59,978 68,867 8,889 14.8 late in the year, consumer loans at member All other ..................... 8,058 10,255 2,197 27.3 banks increased by 14.8 per cent, about the U.S. Treasury securities3 44,543 41,226 -3,317 - 7.4 U.S. Govt, agency and same rate as in 1972. corporation securi­ ties3 .................... 12,000 15,212 3,212 26.8 Because of the strong demand for loans dur­ States and political sub­ ing 1973, member banks had fewer funds to division securities3 65,837 67,900 2,063 3.1 Other securities3 ............ 3,503 3,892 389 11.1 invest in securities, and their investment portfo­ Trading account securi­ ties ............................ 4,529 6,089 1,560 34.4 lios rose at only one-third the rate of 1972. Total deposits .................. 447,454 498,946 51,492 11.5 Furthermore, banks changed the composition of Time deposits .................. 227,592 264,168 36,576 16.1 their portfolios during the year—reducing hold­ Savings ......................... 90,163 93,910 3,747 4.2 Other time I.P.C.......... 102,814 127,116 24,302 23.6 ings of short-term investments, particularly All other time ............ 34,615 43,142 8,527 24.6 U.S. Treasury securities, and increasing hold­ Equity capital4 ................ 36,222 39,668 3,446 9.5 ings of longer-term securities at a rapid rate. Total capital accounts5 39,322 43,023 3,701 9.4 Reserves on loans and Despite the slower rate of growth in total hold­ securities .................. 5,518 6,004 486 8.8 Total equity capital and ings, a rise in the average rate of return on all reserves .................... 41,739 45,672 3,933 9.4 securities made it possible for banks to record an increase of 7.3 per cent in investment in­ ‘Averages of figures for three call dates—the end of the preceding year and the June 30 and December 31 call dates come, about the same increase as in 1972. for the calendar year. Income from all major types of securities 2Includes securities held in trading account. 3Excludes securities held in trading account. except U.S. Government securities rose during 4Includes common stock, preferred stock, surplus, undivided the year. The increases stemmed from increases profits, and reserves for contingency and other capital reserves. 5Includes equity capital plus capital notes and debentures. in both average holdings and average rates of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME IN 1973 425 return. The increase of 39 basis points in the cent—which was less than half the previous average rate of return on U.S. Government year’s rate. However, average interest paid on securities about offset the decline in earnings these deposits increased over 1972 levels—in associated with the drop in holdings of these large part because of increases in offering rates securities, and total income from this source fell after the midyear revision in the Federal Re­ by only $20 million or less than 1 per cent. serve’s Regulation Q ceiling rate on such de­ Income from other sources—including trust posits, a move designed to permit regular sav­ departments, service charges on deposit ac­ ings accounts to become more competitive with counts, and other charges and fees—increased other market instruments. in the aggregate by $246 million, or 8.1 per In another move designed to bolster the com­ cent—somewhat more than in 1972. Among petitive position of all depositary institutions, these three types, the sharpest increase—15.5 Federal authorities, in mid-1973, permitted per cent, or almost twice as much as in 1972— member banks and other financial institutions was in income from “Other charges and fees,” to issue a new consumer-type time deposit; such which includes such items as earnings from instruments were not subject to an interest rate equipment leasing and data processing services. ceiling if they were issued in denominations of “Other operating income,” which includes $1,000 or more and for more than 4 years. income from trading account, foreign branches, Amounts of these ceiling-free deposits out­ Edge Act subsidiaries, and other sources, in­ standing grew rapidly until a rate ceiling was creased by 26 per cent, about the same as in imposed effective November 1. The fast growth 1972. Income from trading account, after de­ in these deposits during a third of the year, and clining sharply in 1972, recorded a substantial the relatively high interest rates paid on them, rise in 1973. Earnings from foreign branches, contributed substantially to the increase in which had doubled in 1972, again increased over-all interest expenses of banks during the rapidly in 1973, reflecting the results of ex­ year. panded overseas operations by member banks. Other types of time deposits increased more rapidly in 1973 than in 1972. In an attempt to meet burgeoning credit demands, banks issued OPERATING EXPENSES a large volume of negotiable CD’s, a rate-sen­ Total operating expenses of member banks in­ sitive money market instrument issued in de­ creased by 37 per cent in 1973. Although each nominations of $100,000 and over. Offering expense item recorded an increase, the growth rates on these deposits rose by around 5 per­ in interest expenses accounted for more than centage points during the first three quarters of four-fifths of the $9.4 billion over-all rise. the year, then declined slightly in the final Interest on time and savings deposits in­ quarter. On average, both interest rates paid and creased $4.9 billion, or 46 per cent. This was holdings of these deposits were considerably four times the rate for 1972. Time and savings higher in 1973 than in 1972, and the combina­ deposits grew at a rate only slightly faster than tion added significantly to interest expenses of in 1972, but average interest paid on these member banks. deposits increased by 121 basis points to a Interest paid on Federal funds purchased and record 5.82 per cent as compared with a decline on securities sold under repurchase agreements of 16 basis points the previous year. increased substantially in 1973. Contributing in In part because of reduced inflows of regular part to the rapid rise was a midyear increase savings and consumer-type time deposits, such in reserve requirements on both newly issued deposits accounted for a smaller proportion of CD’s and demand deposits; banks sought funds the over-all rise in interest expenses in 1973 than to meet these requirements, in part, in the Fed­ in either 1971 or 1972. With depositors attracted eral funds market. The average rate paid on to other short-term market instruments bearing these borrowings over the year was 8.74 per higher interest rates than regular savings ac­ cent, roughly double the 4.44 per cent cost in counts, savings deposits rose only 4.2 per 1972. Higher interest costs on “Other borrowed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN □ JUNE 1974 money” were associated with expanded bor­ Most of the remaining categories of operating rowings from Federal Reserve Banks and with expenses were up about as much in 1973 as increases in Euro-dollar borrowings; the latter in 1972. The most significant increase—17 per became a somewhat more attractive source of cent as compared with 4 per cent in 1972—was funds to banks after reserve requirements on in other operating expenses. One reason for this these funds were lowered from 20 to 8 per cent sharp increase is that some banks report Euro­ in mid-1973. Although the outstanding volume dollar interest expenses in this figure. of capital notes and debentures changed little during 1973, interest paid on this debt rose 11 OTH ER TRA N SA CTIO N S per cent, reflecting carryover from the large increase in 1972, when this expense item rose Member banks recorded net security losses in 50 per cent. 1973, as contrasted with net security gains in Salary and wage expenses (including bene­ 1971 and 1972. In the two earlier years market fits) at member banks increased 10 per cent in prices of securities had advanced from levels 1973, somewhat more rapidly than in 1972. that had prevailed over much of 1969 and 1970, Both a faster rise in the number of employees but in 1973 there were declines in security and a higher average compensation contributed prices j and the banks sustained net security to this cost difference. losses of $30 million. On the other hand, for With the rapid over-all increase in loan activ­ the second consecutive year extraordinary ity during 1973, together with the relatively charges or credits after taxes added to member large volume of charge-offs in recent years, banks’ net income. banks increased their “Provision for loan losses” by $227 million, or 30 per cent; this INCOM E TAXES was significantly above the actual increase of 20 per cent in average loans outstanding. Nearly Member banks increased their provision for all banks operate on a reserve-accounting income taxes only slightly in 1973. For the year method, and for most of these banks, the provi­ this item totaled $1,296 million, or 3 per cent sion for loan losses is an estimate of losses that greater than in 1972. Although income before the bank may reasonably expect to incur on the income taxes and securities gains or losses in­ current loan portfolio over a period (determined creased 17 per cent in 1973, applicable income by methods prescribed by supervisory authori­ taxes rose 22 per cent. In 1972 when income ties).1 For accounting purposes, this item is a before income taxes and security transactions current operating expense, and it therefore af­ had risen by 7 per cent, applicable income taxes fects net income in the current year. had shown little change. In that year, however, Net loan losses charged to reserves reported tax-exempt income had accounted for a much by member banks in 1973 totaled a record $940 larger share of the growth in income before million, an increase of 31 per cent for the year. income taxes and securities gains or losses than Such losses were considerably greater than in in 1973. either 1972 or 1971. Because of the rapid rise in loans outstanding, however, the ratio of net NET INCOM E AND CA SH DIVIDENDS loan losses charged to reserves to average loans outstanding increased moderately from 0.23 per As previously noted, net income of member cent in 1972 to 0.25 per cent in 1973; never­ banks increased by $612 million, or 14 per cent, theless, it was well below the ratios posted in in 1973. With equity capital plus reserves in­ 1971 and 1970. creasing only two-thirds as fast as net income, the ratio of net income to equity capital plus 1A11 member banks that do not provide for loan losses reserves rose to 10.97 per cent, 43 basis points on a reserve basis must use their actual net loan losses higher than in 1972. each year as a minimum “provision for loan losses.” Cash dividends declared also rose in 1973, Other banks may use this method if they do so on a regular basis. following a slight decline in 1972. For the year, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME IN 1973 427 TABLE 4 CONSOLIDATED REPORT OF INCOME FOR 1973 AND 1972 FOR MEMBER BANKS GROUPED BY CLASS In millions of dollars Large banks All member aii otner banks banks New York City City of Chicago Other Item 1973 1972 1973 1972 1973 1972 1973 1972 1973 1972 Operating income—Total ................ 41,708 31,335 7,483 4,992 2,147 1,285 15,829 11,679 16,249 13,378 Loans: Interest and fees ........................... 28,261 19,997 5,301 3,180 1,525 804 10,930 7,609 10,505 8,403 Federal funds sold and securi­ ties purchased under resale agreement ............................ 1,847 794 147 48 113 45 840 390 747 310 Securities: Excluding trading-account income— U.S. Treasury securities ....... 2,392 2,412 249 260 79 77 730 757 1,334j 1,318 U.S. Govt, agencies and corporations ......................... 943 730 68 31 20 10 216 160 639 529 States and political subdivi­ sions ....................................... 2,927 2,709 325 341 128 122 997 915 1,478 1,332 Other securities ....................... 268 234 39 34 11 9 82 73 136 117 Trust department .............................. 1,344 1,269 381 374 105 97 541 507 318 291 Service charges on deposit accounts ................................ 940 904 79 74 9 7 347 335 504 488 Other charges, fees, etc................... 998 864 134 107 33 28 473 411 358 317 Other operating income: On trading account (net) ........... 338 254 143 103 11 22 165 112 19 16 Other .............................................. 1,449 1,168 615 439 113 63 509 409 212 257 Operating expenses—Total ............ 35,027 25,639 6,159 3,915 1,826 1,021 13,548 9,679 13,494 11,023 Salaries and wages of officers and employees ............................ 6,571 6,020 1,051 989 230 207 2,504 2,295 2,786 2,530 Officer and employee benefits __ 1,234 1,073 242 217 51 41 459 396 482 419 Interest on— Time and savings deposits ....... 15,377 10,513 2,434 1,262 858 418 5,670 3,794 6,415 5,039 Federal funds purchased and securities sold under repur­ chase agreements ................ 3,765 1,387 974 361 403 129 1,889 732 498 165 Other borrowed money .............. 474 102 157 21 19 12 229 51 68 18 Capital notes and debentures ... 204 184 46 50 4 4 95 90 59 41 Net occupancy expense .................. 1,408 1,259 280 251 56 50 506 451 566 508 Furniture, equipment, etc................. 924 848 116 109 30 26 340 317 438 396 Provision for loan losses .............. 994 767 237 158 44 36 390 294 323 279 Other operating expenses .............. 4,078 3,486 622 497 131 100 1,466 1,260 1,859 1,629 Income before income taxes and securities gains or losses .............. 6,681 5,696 1,324 1,077 321 264 2,281 2,000 2,754 2,355 Applicable income taxes .................... 1,654 1,356 393 296 84 58 593 513 584 488 Income before securities gains or losses ................................................... 5,027 4,340 931 781 237 205 1,689 1,487 2,170 1,867 Net securities gains or losses (—) after taxes ..................................................... -30 46 — 14 -2 -4 -4 1 -5 —13 58 Extraordinary charges (—) or credits after taxes ........................................... 15 14 2 9 1 ci) 1 2 12 2 Less minority interest in consolidated subsidiaries ......................................... u> (i) u> (i) j (i) (i) Net income ............................................ 5,012 4,400 919 788 233 201 1,690 1,484 2,169 1,927 Cash dividends declared ..................... 2,018 1,839 353 310 101 122 828 719 737 688 Ratios (per cent): To equity capital (incl. reserves)— Income (after taxes) before secu­ rities gains or losses ......... 11.00 10.38 10.53 9.72 10.50 9.89 10.68 10.24 11.56 10.86 Net income ................................... 10.97 10.54 10.39 9.81 10.34 9.68 10.69 10.23 11.55 11.24 ^ess than $500,000. Note.—Figures may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN □ JUNE 1974 member banks declared cash dividends of $2.0 classes of banks reported substantial increases. billion; this was $179 million, or 9.7 per cent, As in 1972, net income rose fastest for large greater than in 1972. Cash dividends, however, banks in New York and Chicago; these banks did not keep pace with the over-all rise in net posted 16.6 and 15.9 per cent increases, re­ income, reflecting in part the impact of the CID spectively (Table 4). In part, the stronger per­ dividend restraint program, and the ratio of formance of these banks reflects growth in in­ dividends to net income again declined, to 40 come realized on their extensive and rapidly per cent in 1973 as compared with 42 per cent expanding foreign operations. in 1972. Relative to equity capital plus reserves, “Other large” banks increased their 1973 net dividends increased negligibly to 4.41 per cent. income by 13.9 per cent as compared with 3.8 per cent in 1972. “All other” banks—mainly NET INCOM E BY SIZE O F BANK smaller banks—posted an increase of 12.6 per Although differences in profits among large cent, also considerably higher than the 7.4 per money center banks and all other banks were cent in 1972. Sales of Federal funds at sharply recorded in 1973, these differences were some­ higher interest rates contributed significantly to what smaller than in other years as all size the income growth at these banks. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations Interim Report This interim report, covering the period Febru­ strong inducement to outflows of U.S. funds ary through April 1974, is the third of a series into foreign markets. Foreign demand for dollar providing information on Treasury and System credit mounted as European countries rushed to foreign exchange operations to supplement the launch medium-term borrowing programs to regular series of semiannual reports that are meet anticipated balance of payments deficits. usually issued each March and September. It In response to these pressures, claims on for­ was prepared by Charles A. Coombs, Special eigners reported by U.S. banks, the bulk of Manager of the System Open Market Account, which is short term, ballooned by a record and Senior Vice President in charge of the increase of well over $6 billion during the 3 Foreign Department of the Federal Reserve months, February through April. Even more Bank of New York. disturbing, the energy crisis threatened to pro­ voke a more rapid and pronounced deterioration Early in January, the dollar continued its strong in our trade balance than originally expected, advance in the exchange markets, spiraling up­ while Germany showed a continuing trade sur­ ward against some currencies to levels prevail­ plus of surprising strength. ing before the February 1973 devaluation. The As this picture unfolded, the dollar came on market’s bullish appraisal of the dollar mainly offer, and dollar rates against most European derived from the favorable trends in the U.S. currencies declined steadily during February to payments balance that had emerged during 1973 levels nearly 10 per cent below the January and the judgment that this country could better highs. Such recurrent declines in dollar rates cope with the damaging consequences of the oil threatened to generate speculative pressures and crisis than most other industrial countries. Later disorderly trading, and the Federal Reserve ac­ that month, however, exchange market senti­ cordingly resumed intervention in the market on ment abruptly shifted against the dollar and a February 22. By the month-end, the Federal steady slide in dollar rates developed over the Reserve had sold $91.2 million equivalent of following 3 months covered by this report. By marks, financed by drawings on the swap line the end of April, the dollar had fallen from its with the German Federal Bank, of which $3.7 January peak by as much as 17 per cent against million was repaid with market purchases early the German mark and some other European in March. In addition, the Federal Reserve also currencies, while also depreciating considerably sold $6.8 million equivalent of Belgian francs against both the Japanese yen and the Canadian from System balances, as well as some $8.9 dollar. As a result, more than three-fourths of million equivalent of German marks and $15.8 the dollar’s improvement since October 1973 million equivalent of French francs from Treas­ was eroded. ury balances. This adverse shift of market sentiment coin­ Meanwhile, the divergent trend between the cided with the complete elimination of U.S. U.S. weakening trade position and the contin­ capital controls on January 29 and the subse­ ued strength of Germany’s export surplus had quent easing of European barriers against short­ kindled renewed debate over German ex­ term capital inflows. Moreover, U.S. interest change-rate policy. During March, speculation rates had already begun to fall off sharply while over a possible revaluation of the mark became rates abroad held firm, and this swing in interest the dominant factor in the market. The mark, rate differentials temporarily provided a further now at the top of the EC snake, pulled other Digitized for FRASER 429 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN □ JUNE 1974 European currencies up against the dollar as it Over the 3-month period, February-April, posted new gains almost daily. The Federal Federal Reserve and Treasury intervention Reserve intervened intermittently, but in sizable amounted to $427.5 million. Of this total, amounts, to sell a further $225.5 million equiv­ $368.2 million was financed by Federal Reserve alent of German marks by the end of March, drawings on the swap line with the Federal financed by additional drawings on the swap line Bank. As of the end of April 1974, $364.5 with the German Federal Bank. These opera­ million of these drawings remained outstanding. tions were conducted in close coordination with During the period under review, market condi­ the Federal Bank, which also supplied marks tions ruled out any repayments of outstanding on a substantial scale both by buying dollars System swap debt in Swiss francs and Belgian outright and by intervening in the EC snake francs, which amounted to $971.2 million and arrangement. In other operations during March, $261.8 million, respectively. the Federal Reserve sold $10 million equivalent Apart from the $1 billion increase in the of Belgian francs from System balances and Federal Reserve swap line with the Bank of Italy $17.9 million equivalent of French francs from on February 1, already reported, the only other Treasury balances. change in the swap network during the period By April, interest rates in the United States was an increase in the Federal Reserve’s swap had turned around and then began to move line with the Bank of England from $2 billion upward sharply while rates abroad were on an to $3 billion, effective March 26. As of April easing trend, thereby progressively reversing 30, swap lines between the System and other earlier interest-arbitrage differentials adverse to central banks totaled nearly $20 billion. □ the United States. Moreover, trade figures for FEDERAL RESERVE SYSTEM DRAWINGS AND March showed a more modest U.S. deficit than REPAYMENTS UNDER RECIPROCAL CURRENCY generally expected in the market and a slightly ARRANGEMENTS reduced surplus for Germany. Nevertheless, the In millions of dollars equivalent market remained fearful of a possible revalua­ tion of the German mark or a disbanding of the System Drawings, System swap or repay­ swap EC snake. In addition, publication of first- commit­ ments (—) commit­ quarter figures, showing a drop in U.S. output Transactions with— ments, Feb. 1 ments, Jan. 31, through Apr. 30, and a distressing acceleration of domestic infla­ 1974 Apr. 30 1974 tion, prompted gloomy market reassessments of National Bank of Belgium ... 261.8 261.8 U.S. business and foreign trade prospects. De­ velopments in the Watergate affair also exerted German Federal Bank ......... J 368.21 364.5 1- 3.7J a depressing influence on the international value Swiss National Bank ........... 371.2 371.2 of the dollar from time to time. As the dollar Bank for International Settle­ fell still further, the Federal Reserve continued ments (Swiss francs) ....... 600.0 600.0 to intervene and sold $51.6 million equivalent Total ......................................... 1,232.9 1,597.4 .{-*33} of marks in April, financed by further drawings under the swap line with the Federal Bank. Note.—Discrepancies in totals are due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee M EETING HELD ON M ARCH 1 8 -1 9 ,19741 1. D om estic policy directive The information reviewed at this meeting continued to suggest that real output of goods and services, which had grown at an annual rate of about 1.5 per cent in the fourth quarter of 1973, was declining in the first quarter of this year—in large part because of the oil situation—and that the GNP implicit deflator was still rising at a rapid rate. Staff projections, like those of 4 weeks earlier, suggested that real output would change little in the second quarter and that the rise in prices would remain rapid. In February industrial production receded for the third consecu­ tive month, as output of automobiles and auto parts and of non­ durable consumer goods declined while output of business equip­ ment changed little. Employment in durable goods manufacturing also continued to decline, but total nonfarm employment rose appreciably, returning to the peak reached in November 1973. The rate of unemployment—which had risen from a recent low of 4.6 per cent in October to 5.2 per cent in January—was unchanged in February. Retail sales fell, reflecting decreases in sales at automobile dealerships and gasoline service stations; total retail sales for the month were slightly below the monthly average for the fourth quarter of 1973. Wholesale prices of farm and food products and of industrial commodities rose sharply in February, although at a lesser rate than in the preceding 2 months. Price increases continued to be widespread among industrial commodities and were especially large for fuels, metals, and nonmetallic minerals. In January the con­ sumer price index had risen substantially further, with much of xThis meeting was held over a 2-day period, beginning on the afternoon of March 18, in order to permit the Committee to review its continuing authorizations and directives without infringing on the time available for its deliberations on current monetary policy. Digitized for FRASER 431 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN □ JUNE 1974 the rise being caused by steep increases in retail prices of foods and fuels. In the first 2 months of the year, advances in the index of average hourly earnings of production workers on nonfarm payrolls moderated from the rapid pace in the second half of 1973. Staff projections suggested that termination of the Arab embargo on oil shipments to the United States—reported on March 18— would have no more than a marginally expansive impact on over-all real output until the summer, although it might strengthen the automobile and housing markets promptly. Expectations for the second quarter were that expansion in business fixed investment would remain relatively strong; that growth in government pur­ chases of goods and services would continue at a substantial rate; and that the rise in personal consumption expenditures would pick up somewhat as demands for domestic-type automobiles—which had fallen sharply in the autumn and winter months—strengthened. It was also anticipated, however, that residential construction outlays—which lag behind starts for new housing units—would decline appreciably further and that investment in business inven­ tories would not be so large as in the two preceding quarters. In foreign exchange markets the dollar depreciated against lead­ ing foreign currencies during the first 3 weeks of February and then changed little through mid-March, at an average level still well above that of October 1973. Moreover, the U.S. balance of payments on the official settlements basis appeared to have shifted from a substantial surplus in January to a deficit in February. In January the U.S. merchandise trade surplus—although down somewhat from December—remained large, with exports expand­ ing almost as much as imports; a significant part of the rise in the value of imports was attributable to a sharp increase in the cost of imported petroleum products. Growth in total loans and investments at U.S. commercial banks remained rapid in February; while expansion in most major types of loans slowed appreciably, banks’ holdings of Treasury securities and loans to securities dealers rose sharply. Although businesses continued to increase their short-term borrowing at a rapid pace, they raised a large share of these funds in the commercial paper market where rates were favorable relative to effective rates on bank loans. In late February most banks reduced the prime rate applicable to large corporations from 9 to 8% per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 433 The narrowly defined money stock (Mx),2 after having declined in January, expanded substantially in February in association with an unusually large decline in U.S. Government deposits. Rapid expansion in Mx continued in early March. Net inflows of time and savings deposits other than large-denomination CD’s remained relatively strong in February, and growth in the more broadly defined money stock (M2)3 accelerated to a high rate. However, the bank credit proxy4 rose little; the large increases in private demand deposits and in consumer-type time and savings deposits were almost offset by the extraordinary decline in U.S. Government deposits and a slowing down—as compared with January—of growth in the outstanding volume of large-denomination CD’s. Net deposit inflows at nonbank thrift institutions in February, as in January, remained near the improved rate of the final months of 1973. Growth in the measure of the money stock that includes such deposits (M3)5—like growth in M2—accelerated to a high rate. Contract interest rates on conventional mortgages declined further between early February and early March. System open market operations since the February 20 meeting had been guided by the Committee’s decision to seek bank reserve and money market conditions consistent with moderate growth in the monetary aggregates over the months ahead, while taking account of international and domestic financial market develop­ ments. Toward the end of February, incoming data suggested that in the February-March period growth in would exceed the range of tolerance specified by the Committee and that growth in M2 and in reserves available to support private demand deposits (RPD’s) would about equal the upper limits of their specified ranges. Such behavior ordinarily would have led to more restrictive reserve-supplying operations and a rise in the Federal funds rate toward the upper limit of its range of tolerance—namely, 9V2 per cent. On March 1, however, a majority of the available Committee 2Private demand deposits plus currency in circulation. 3MX plus commercial bank time and savings deposits other than large-denom­ ination CD’s. 4Daily-average member bank deposits, adjusted to include funds from non­ deposit sources. 5M2 plus time and savings deposits at mutual savings banks and at savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN □ JUNE 1974 members concurred in the Chairman’s recommendation that, in light of the marked rise in short-term interest rates that had occurred since the February meeting and of the highly sensitive state of the financial markets, reserve-supplying operations for the time being should be conducted in a manner expected to be consistent with maintenance of the Federal funds rate at about the 9 per cent level that had prevailed over the preceding 3 weeks. Ten days later, in response to evidence that strong growth in the monetary aggregates was persisting, a majority of the available members concurred in the Chairman’s recommendation that reserve-supplying operations should be conducted in a manner con­ sistent with the range of tolerance for the Federal funds rate that had been agreed upon at the February meeting—although, in light of recent increases in market interest rates and the sensitive state of financial markets, the Account Manager was instructed to pro­ ceed very cautiously in operations thought likely to be consistent with a rise in the weekly average Federal funds rate above 9 per cent. In mid-March, just before this meeting, the Federal funds rate was in a range of 9% to 9Vi per cent; member bank borrowings averaged around $1,130 million in the 4 weeks ending March 13, almost the same as in the preceding 4 weeks. Short-term market interest rates, which had fallen irregularly for more than 2 months, rose appreciably in the period between the Committee’s meeting on February 20 and this meeting—in large part because the Federal funds rate did not decline further as market participants had expected and because short-term credit demands remained strong. Rates advanced more for Treasury bills than for other short-term instruments, under the influence of the following: an increase in dealers’ costs of financing inventories, System sales of bills to offset the reserve-supplying effects of the large reduction in U.S. Government deposits at Federal Reserve Banks, and Treasury issuance of a tax-anticipation bill for new cash. At the time of this meeting the market rate on 3-month Treasury bills was 7.95 per cent, up from 7.03 per cent on the day before the February meeting. Yields on long-term securities, like those on short-term issues, rose appreciably in the inter-meeting period, as capital market financing remained heavy and as dealers—who had been holding substantial inventories in anticipation of continuing declines in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 435 yields—reduced their inventories when yields turned up. The over­ all volume of new public offerings of corporate and State and local government bonds—although down moderately—was still rela­ tively large in February, and a substantial increase in the volume was in prospect for March. The Treasury planned to announce shortly a cash offering of securities amounting to $4 billion. The offering was expected to include short-term notes as well as tax-anticipation bills. The Committee concluded that the economic situation and out­ look continued to call for moderate growth in monetary aggregates over the longer run; therefore, in view of the rapid monetary expansion recently, it would seek to moderate growth in monetary aggregates over the months ahead. According to a staff analysis, pursuit of that objective would be likely to entail a further tightening of bank reserve and money market conditions in the near term and some further increases in interest rates in general. Upward pressures on interest rates might well be intensified in the weeks ahead as the market absorbed the large Treasury financing in prospect. The analysis also noted, however, that estimates of the likely strength of money demands over the spring and summer and of the relationships between monetary growth rates and market interest rates were subject to larger margins of error than usual because of the greater uncertainty attached to projections of nominal GNP and because of the difficulties of assessing how borrowers, lenders, and savers would react to the recent and prospective rates of inflation. The staff analysis suggested that, even with the contemplated firming of bank reserve and money market conditions, expansion in Mi would be relatively large over the March-April period, partly as a consequence of the sizable increase that had taken place in early March. Although net inflows of consumer-type time and savings deposits to banks and rionbank thrift institutions were expected to recede in response to the increases in market rates of interest, growth in M2 also was expected to be relatively high. Thus, ranges of tolerance for the March-April period of 6V2 to 8V2 per cent and 7% to 9% per cent for Mi and M2, respectively, might be consistent with achievement of the Committee’s longerrun objectives for the monetary aggregates. Taking account of the staff analysis, the Committee concluded Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN □ JUNE 1974 that progress toward its objective of moderating monetary growth could be achieved even with rates of expansion in the aggregates over the March-April period that were temporarily above those desired for the longer term. Accordingly, the members found the upper limits of the 2-month ranges of tolerance noted above to be acceptable. In view of the recent high rate of monetary growth, however, they agreed that the lower limits of those ranges should be reduced somewhat, so as to permit more rapid progress toward moderate monetary growth, should the growth rates in the aggre­ gates in the period immediately ahead appear to be falling short of present expectations. Specifically, for the March-April period the Committee adopted ranges of tolerance of 5lA to 8V2 per cent and of 6% to 93A per cent for the annual rates of growth in Mx and M2, respectively. The members agreed that rates of growth within those ranges would be likely to involve RPD growth during the same period at an annual rate within a 4 to 7 per cent range of tolerance, and they decided that in the period until the next meeting the weekly average Federal funds rate might be permitted to vary in an orderly fashion from as low as 9 per cent to as high as 10V2 per cent, if necessary, in the course of operations. The members also agreed that, in the conduct of operations, account should be taken of international and domestic financial market developments, including the prospective Treasury financ­ ing. It was understood that the Chairman might call upon the Committee to consider the need for supplementary instructions before the next scheduled meeting if significant inconsistencies appeared to be developing among the Committee’s various objec­ tives and constraints. The following domestic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that real output of goods and services is declining in the current quarter, in large part because of the oil situation, and that prices are continuing to rise rapidly. In February industrial production and manufacturing employment declined again, while total nonfarm payroll employ­ ment recovered, and the unemployment rate was unchanged at 5.2 per cent. Prices of farm and food products and industrial commodi­ ties increased sharply, although less so than in the preceding 2 months. Increases in wage rates appear to have moderated in recent months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 437 After depreciating during the first 3 weeks of February, the dollar has since shown little net change against leading foreign currencies. The U.S. trade surplus remained large in January, despite a further sharp rise in the cost of petroleum imports. The narrowly defined money stock, after having declined in January, increased sharply in February and early March. Broader measures of the money stock rose substantially in February, as net inflows of consumer-type time deposits remained relatively strong. Business short-term borrowing at banks and in the open market has continued at a rapid pace. Following earlier declines, both shortand long-term market interest rates have risen appreciably in recent weeks. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions con­ ducive to resisting inflationary pressures, supporting a resumption of real economic growth, and maintaining equilibrium in the country’s balance of payments. To implement this policy, while taking account of international and domestic financial market developments, including the prospec­ tive Treasury financing, the Committee seeks to achieve bank reserve and money market conditions that would moderate growth in mone­ tary aggregates over the months ahead. Votes for this action: Messrs. Burns, Hayes, Black, Brimmer, Bucher, Clay, Holland, Kimbrel, Mitchell, Sheehan, Wallich, and Winn. Votes against this action: None. 2. R eview of continuing authorizations This being the first meeting of the Federal Open Market Committee following the election of new members from the Federal Reserve Banks to serve for the year beginning March 1, 1974, and their assumption of duties, the Committee followed its customary prac­ tice of reviewing all of its continuing authorizations and directives. Certain amendments made to the authorization for domestic open market operations and the authorization for foreign currency opera­ tions are reported in succeeding sections of this record. Except for the changes resulting from those amendments, the Committee reaffirmed the two authorizations, and also the foreign currency directive, in their existing form. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN □ JUNE 1974 Votes for these actions: Messrs. Burns, Hayes, Black, Brimmer, Bucher, Clay, Holland, Kimbrel, Mitchell, Sheehan, Wallich, and Winn. Votes against these actions: None. Paragraph 2 of the authorization for domestic open market operations authorizes the Federal Reserve Bank of New York (and, under certain circumstances, other Reserve Banks) to purchase short-term certificates of indebtedness directly from the Treasury, subject to certain conditions. This authorization is, in turn, based on a provision of Section 14(b) of the Federal Reserve Act autho­ rizing the Federal Reserve Banks to buy and sell obligations of specified types “directly from or to the United States,” subject to certain conditions. It was noted at this meeting that, because the statutory authority in question had expired on November 1, 1973, paragraph 2 of the authorization had been in a state of de facto suspension since then, and that the paragraph would remain in suspension until pending legislation to extend the authority was enacted. The Committee also took special note of paragraph 3 of the domestic authorization, which authorizes the Reserve Banks to engage in lending of U.S. Government securities held in the System Open Market Account under such instructions as the Committee might specify from time to time. That paragraph had been added to the authorization on October 7, 1969, on the basis of a judgment by the Committee that in the existing circumstances such lending of securities was reasonably necessary to the effective conduct of open market operations and to the effectuation of open market policies, and on the understanding that the authorization would be reviewed periodically. At this meeting the Committee concurred in the judgment of the Manager that the lending activity in question remained reasonably necessary and that, accordingly, the authori­ zation should remain in effect subject to periodic review. 3. A m endm ents to authorization for dom estic op en m arket operatio n s On the recommendation of the System Account Manager, the Committee amended paragraph 1(a) of the authorization for do­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 439 mestic open market operations to raise from $2 billion to $3 billion the limit on changes between Committee meetings in System Account holdings of U.S. Government and Federal agency securi­ ties, effective March 18, 1974. The Manager noted that there had been a marked increase in recent years in the maximum net variation in System Account holdings between meeting dates as a result mainly of increased variation in market factors affecting reserves, and that in 3 of the past 12 inter-meeting periods the Committee had found it necessary to authorize temporary increases in the limit to $3 billion. The Committee concurred in the Manager’s view that a permanent increase would be appropriate at this time. The Committee also approved two clarifying changes in the language of paragraph 1(a) recommended by the Manager, effective March 18, 1974. One of these, which involved the insertion of a parenthetical phrase reading “including forward commitments” in the statement regarding changes in System Account holdings between meeting dates, was intended to make it clear that, for purpose of the limit, holdings were to be calculated on a “commit­ ment” basis. A similar phrase had been included in the corre­ sponding statement prior to March 1964. At that time the Commit­ tee had approved an amendment to the clause for the purpose of clarifying the language in certain other respects, and in transcribing the new language the reference to forward commitments was inadvertently omitted. The second clarifying change, which involved the addition of the phrase “including securities of the Federal Financing Bank” in the first sentence of paragraph 1(a), was intended to make it clear that securities of that Bank, when issued, would be treated in System open market operations in the same manner as Treasury securities. The Federal Financing Bank, which had been established by legislation enacted late in 1973 for the purpose of consolidating the financing of a variety of Federal agencies and of other borrowers whose obligations are guaranteed by the Federal Government, was expected to commence operations soon. Under the terms of the legislation, the obligations of the Bank would be obligations of the United States. Votes for these actions: Messrs. Burns, Hayes, Black, Brimmer, Bucher, Clay, Holland, Kimbrel, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN □ JUNE 1974 Mitchell, Sheehan, Wallich, and Winn. Votes against these actions: None. On the basis of recommendations by a staff committee appointed to study System operations in bankers’ acceptances, the Committee amended paragraph 1(b) of the domestic authorization, which relates to open market purchases and sales of acceptances, and the part of paragraph 1(c), governing repurchase agreements, which relates to repurchase agreements in acceptances, effective April 1, 1974. Prior to this action the domestic authorization had authorized System operations in prime bankers’ acceptances “of the kinds designated in the Regulation of the Federal Open Market Commit­ tee.’6 One purpose of the amendments was to incorporate the rules governing System operations in bankers’ acceptances directly in the Committee’s domestic authorization. A second purpose was to modernize those rules by removing outdated provisions and broadening somewhat the scope of bankers’ acceptances eligible for purchase by the System. The new rules broadened the types of acceptances eligible for purchase by eliminating the requirement that banks have in their possession shipping documents conveying or securing title at the time they accept drafts covering the shipment of goods in the United States; by increasing from 6 to 9 months the maximum maturity of acceptances eligible for purchase; and by authorizing the purchase of acceptances that finance the storage in the United States of any goods, rather than “readily marketable staples.” Dollar exchange bills, a type of instrument that is seldom used, were eliminated from the list of acceptances authorized for purchase. No major change in System operations in bankers’ acceptances was expected to result from these amendments. One further amendment to paragraph 1(b) was made simply to remove unnecessary wording. Previous language specifying that aggregate holdings of bankers’ acceptances should not exceed the lower of two figures—$125 million, or 10 per cent of the total 6The Committee’s Regulation, in turn, had authorized operations in acceptances of the kinds made eligible for purchase by the Reserve Banks under the Board of Governors’ Regulation B. In companion actions, also effective April 1, 1974, the Board of Governors rescinded its Regulation B and the Committee amended its Regulation to delete the reference to Regulation B. Notice of these regulatory actions was published in the Federal Register for April 1, 1974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 441 volume of acceptances outstanding—was replaced by language specifying a single limit of $125 million. The 10 per cent limitation no longer served a useful purpose since the volume of outstanding acceptances had grown to a level in excess of $8 billion. Votes for these actions: Messrs. Burns, Hayes, Black, Brimmer, Bucher, Clay, Holland, Kimbrel, Mitchell, Sheehan, Wallich, and Winn. Votes against these actions: None. In connection with the foregoing actions, the Committee in­ structed the staff committee to conduct further studies of the desirability of expanding System open market operations in bank­ ers’ acceptances to encompass all types of prime acceptances, including finance bills. Reflecting the amendments to paragraphs 1(a), 1(b), and 1(c), the authorization for domestic open market operations read as follows: 1. The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, to the extent necessary to carry out the most recent domestic policy directive adopted at a meeting of the Committee: (a) To buy or sell U.S. Government securities, including securities of the Federal Financing Bank, and securities that are direct obligations of, or fully guaranteed as to principal and interest by, any agency of the United States in the open market, from or to securities dealers and foreign and international ac­ counts maintained at the Federal Reserve Bank of New York, on a cash, regular, or deferred delivery basis, for the System Open Market Account at market prices, and, for such Account, to exchange maturing U.S. Government and Federal agency securities with the Treasury or the individual agencies or to allow them to mature without replacement; provided that the aggregate amount of U.S. Government and Federal agency securities held in such Account (including forward commitments) at the close of business on the day of a meeting of the Committee at which action is taken with respect to a domestic policy directive shall not be increased or decreased by more than $3.0 billion during the period commencing with the opening of business on the day following such meeting and ending with the close of business on the day of the next such meeting; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN □ JUNE 1974 (b) To buy or sell in the open market, from or to acceptance dealers and foreign accounts maintained at the Federal Reserve Bank of New York, on a cash, regular, or deferred delivery basis, for the account of the Federal Reserve Bank of New York at market discount rates, prime bankers’ acceptances with ma­ turities of up to 9 months at the time of acceptance that (1) arise out of the current shipment of goods between countries or within the United States, or (2) arise out of the storage within the United States of goods under contract of sale or expected to move into the channels of trade within a reasonable time and that are secured throughout their life by a warehouse receipt or similar document conveying title to the underlying goods; provided that the aggregate amount of bankers’ acceptances held at any one time shall not exceed $125 million; (c) To buy U.S. Government securities, obligations that are direct obligations of, or fully guaranteed as to principal and interest by, any agency of the United States, and prime bankers’ acceptances of the types authorized for purchase under 1(b) above, from nonbank dealers for the account of the Federal Reserve Bank of New York under agreements for repurchase of such securities, obligations, or acceptances in 15 calendar days or less, at rates that, unless otherwise expressly authorized by the Committee, shall be determined by competitive bidding, after applying reasonable limitations on the volume of agree­ ments with individual dealers; provided that in the event Gov­ ernment securities or agency issues covered by any such agree­ ment are not repurchased by the dealer pursuant to the agreement or a renewal thereof, they shall be sold in the market or transferred to the System Open Market Account; and provided further that in the event bankers’ acceptances covered by any such agreement are not repurchased by the seller, they shall continue to be held by the Federal Reserve Bank or shall be sold in the open market. 2. The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, or, if the New York Reserve Bank is closed, any other Federal Reserve Bank, to purchase directly from the Treasury for its own account (with discretion, in cases where it seems desirable, to issue participations to one or more Federal Reserve Banks) such amounts of special short­ term certificates of indebtedness as may be necessary from time to time for the temporary accommodation of the Treasury; provided that the rate charged on such certificates shall be a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 443 rate lA of 1 per cent below the discount rate of the Federal Reserve Bank of New York at the time of such purchases, and provided further that the total amount of such certificates held at any one time by the Federal Reserve Banks shall not exceed $1 billion. 3. In order to insure the effective conduct of open market opera­ tions, the Federal Open Market Committee authorizes and directs the Federal Reserve Banks to lend U.S. Government securities held in the System Open Market Account to Government securi­ ties dealers and to banks participating in Government securities clearing arrangements conducted through a Federal Reserve Bank, under such instructions as the Committee may specify from time to time. 4. A uthorization for foreign currency op eratio n s The Committee approved an increase from $2 billion to $3 billion in the System’s swap arrangement with the Bank of England and the corresponding amendment to paragraph 2 of the authorization for foreign currency operations, effective March 26, 1974. With this change, paragraph 2 of the authorization read as follows: The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements (“swap” arrangements) for the System Open Market Account for periods up to a maximum of 12 months with the following foreign banks, which are among those designated by the Board of Governors of the Federal Reserve System under Section 214.5 of Regulation N, Relations with Foreign Banks and Bankers, and with the approval of the Committee to renew such arrangements on maturity: Amount of arrangement (millions of Foreign bank dollars equivalent) Austrian National Bank 250 National Bank of Belgium 1,000 Bank of Canada .................. 2,000 National Bank of Denmark 250 Bank of England................. 3,000 Bank of France........... 2,000 German Federal Bank 2,000 Bank of Italy ... 3.000 Bank of Japan .. 2.000 Bank of Mexico 180 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN □ JUNE 1974 Amount of arrangement (millions of Foreign bank dollars equivalent) Netherlands Bank 500 Bank of Norway. 250 Bank of Sweden . 300 Swiss National Bank 1,400 Bank for International Settlements: Dollars against Swiss francs......................... 600 Dollars against other European currencies 1,250 Votes for this action: Messrs. Burns, Hayes, Black, Brimmer, Bucher, Clay, Holland, Kimbrel, Mitchell, Sheehan, Wallich, and Winn. Votes against this action: None. This action was taken after consultation with the U.S. Treasury. It was expected to contribute to international monetary stability by expanding the facilities available for coping with possible temporary pressures on sterling arising from short-run fluctuations in international payments flows. Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the Board’s Annual Report, are released about 90 days after the meeting and are subsequently published in the Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions FOREIGN ACTIVITIES OF INTERLOCKING BANK RELATIONSHIPS NATIONAL BANKS UNDER THE CLAYTON ACT The Board of Governors has amended its Regu­ The Board of Governors has amended its Regu­ lation L to permit under certain circumstances lation M to avoid duplication of Euro-dollar re­ interlocking service by a director, officer or em­ serve requirements under Regulations D and M ployee of a member bank with another bank, where the foreign branch of a member bank ex­ banking association, savings bank or trust com­ tends credit to the domestic office of another pany located in a low income or other economi­ member bank. cally depressed area. AMENDMENT TO REGULATION M AMENDMENT AND INTERPRETATION OF REGULATION L Effective May 24, 1974, section 213.7(b) of Regulation M is amended to read as follows: 1. Effective June 20, 1974, section 212.3 is amended to read as follows: SECTION 213.7— RESERVES AGAINST FOREIGN BRANCH DEPOSITS SECTION 212.3— RELATIONSHIPS PERMITTED BY BOARD ;{c ;{: In addition to any relationships covered by the (b) Credit extended to U.S. residents. foregoing exception, not more than one of the following relationships is hereby permitted by the 5j: Board of Governors of the Federal Reserve System in the case of any one individual. Provided, That this paragraph does not apply sf? ^ ^4 5fc to credit extended (1) in the aggregate amount of $100,000 or less to any U.S. resident, (2) by a foreign branch which at no time during the com­ (g) Bank in low income area. Any director, putation period had credit outstanding to U.S. officer or employee of a member bank of the residents exceeding $1 million, (3) to enable the Federal Reserve System may be at the same time borrower to comply with the requirements of the a director, officer or employee of not more than Office of Foreign Direct Investments, Department one other bank located, or to be located, in a low of Commerce,9 (4) under binding commitments income or other economically depressed area, entered into before May 17, 1973, or (5) to another subject to the following conditions: (1) such rela­ member bank that will be maintaining reserves on tionship is determined by the Board to be neces­ such credit under § 204.5(c) of Regulation D. sary to provide management or operating expertise to such other bank; (2) not more than three inter­ locking relationships between any two banks shall be permitted by this paragraph, except that persons serving in interlocking relationships pursuant to this paragraph shall in no instance constitute a majority of the board of directors of the other 9The branch may in good faith rely on the borrower’s certification that the funds will be so used. bank; (3) no interlocking relationship permitted by Digitized for FRASER 445 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN □ JUNE 1974 this paragraph shall continue for more than a AMENDMENTS TO REGULATION Y five-year period, and (4) upon such other terms and conditions in addition to or in lieu of the Effective June 20, 1974, section 225.4(a)(12)(ii) foregoing, as may be determined by the Board in is amended to read as follows: any specific case. SECTION 225.4— NONBANKING ACTIVITIES (a) Activities closely related to banking or 2. The Board has also adopted an interpretation managing or controlling banks* * *. The fol­ relating to certain terms used in the regulation as lowing activities have been determined by the set forth below. Board to be so closely related to banking or managing or controlling banks as to be a proper Exemption from Section 8 incident thereto. of the Clayton Act for Banks in Low Income Areas Effective June 20, 1974, the Board of Governors (12) providing management consulting advice* amended section 212.3 of Regulation L to exempt to nonaffiliated banks Provided that, * * * (ii) no under certain circumstances from the prohibitions officer, director or employee of the bank holding of section 8 of the Clayton Act (15 U.S.C. § 19) company or any of its subsidiaries serves as an interlocking relationships between a member bank officer, director or employee of the client bank, and a bank in a “low income or other economi­ except where such interlocking relationships are cally depressed area.” (12 CFR 212.3(g)). This or would be permitted by § 212.3(g) of Regulation interpretation is intended to set forth some of the L* * * * criteria that may be used in the designation of such The Board of Governors has also amended § an area. 225.4(a)(4) of Regulation Y to clarify the bounda­ A “low income or other economically depressed ries upon deposit-taking activities that are properly area” is any area, without regard to political or incidental to trust company activities which the other subdivisions or boundaries, which has some Board has determined to be so closely related to or all of the following characteristics: banking or managing or controlling banks as to (1) the rate of unemployment is substantially be a proper incident thereto, and to provide that above the national rate; the kinds of activities authorized under § (2) the median level of family income is signif­ 225.4(a)(4) include those performed not only by icantly below the national median; trust company subsidiaries that are State-chartered, (3) the economy of the area has traditionally but also by any such subsidiaries that may operate been dominated by only one or two industries, as limited purpose trust companies under national which are in a state of long-term decline; bank charters and that do not both accept demand (4) the rate of outmigration of labor or capital deposits and make commercial loans. is substantial; Effective June 24, 1974 section 225.4(a)(4) is (5) the area is adversely affected by changing amended to read as follows: industrial technology; (6) the area is adversely affected by changes SECTION 225.4— NONBANKING ACTIVITIES in national defense facilities or production. (a) Activities closely related to banking or BANK HOLDING COMPANIES The Board of Governors has amended its Regu­ lation Y to permit a bank holding company to extend management consulting advice to an unaf­ *In performing this activity bank holding companies are not filiated bank with which the bank holding company authorized to perform tasks or operations or provide services or any of its subsidiaries has established interlock­ to client banks either on a daily or continuing basis, except ing relationships pursuant to section 212.3(g) of as shall be necessary to instruct the client bank on how to perform such services for itself. See also the Board’s interpre­ Regulation L. tation of bank management consulting advice (12 CFR 225.130). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 447 managing or controlling banks.* * * The fol­ or investor in, real property, securities, or other lowing activities have been determined by the personal property, or for such owner or investor Board to be so closely related to banking or as agent or custodian of funds held for investment managing or controlling banks as to be a proper or escrow agent, or for an issuer of, or broker incident thereto: or dealer in securities, in a capacity such as paying agent, dividend disbursing agent, or securities clearing agent, and not employed by or for the account of the customer in the manner of a general (4) performing or carrying on any one or more purpose checking account or bearing interest, or of the functions or activities that may be performed (iii) sale of federal funds, making of call loans or carried on by a trust company (including activi­ to securities dealers or purchase of money market ties of a fiduciary, agency, or custodian nature), instruments such as certificates of deposit, com­ in the manner authorized by Federal or State law, mercial paper, government or municipal securities, so long as the institution does not make loans or and bankers acceptances (such authorized loans investments or accept deposits other than (i) de­ and investments, however, may not be used as posits that are generated from trust funds not a method of channeling funds to nonbanking affil­ currently invested and are properly secured to the iates of the trust company). . . . extent required by law, or (ii) deposits representing funds received for a special use in the capacity of managing agent or custodian for an owner of, BANK HOLDING COM PANY AND BANK M ERG ER O R D ER S ISSU ED BY THE BOARD O F G O V ERN O RS ORDERS UNDER SECTION 3 OF the State.1 Acquisition of Bank would increase BANK HOLDING COMPANY ACT Applicant’s share of State deposits by 1.5 per­ centage points to a total of 6.3 per cent, but would FIDELITY UNION BANCORPORATION, not alter Applicant’s ranking among the State’s NEWARK, NEW JERSEY other banking organizations. The four largest multibank holding companies in New Jersey con­ Order Approving Acquisition of Bank trol 26.5 per cent of total commercial bank depos­ Fidelity Union Bancorporation, Newark, New its in the State while the remaining five multibank Jersey, a bank holding company within the mean­ holding companies control 13.5 per cent of such ing of the Bank Holding Company Act, has ap­ deposits. The lead banks in these institutions plied for the Board’s approval under § 3(a)(3) of compete with substantially larger banks located in the Act (12 U.S.C. 1842(a)(3)) to acquire all of New York and Philadelphia for commercial busi­ the voting shares of Colonial First National Bank, ness and for personal accounts of a large number Red Bank, New Jersey (“Bank”). of persons who work in one area and live in Notice of the application, affording opportunity another.2 for interested persons to submit comments and Bank holds aggregate deposits of approximately views, has been given in accordance with § 3(b) $294 million and operates a total of 18 banking of the Act. The time for filing comments and views offices, 16 of which are located in Monmouth has expired, and the Board has considered the County and 2 of which are located in Mercer application and all comments received in light of County. The relevant geographic markets for the factors set forth in § 3(c) of the Act (12 U.S.C. analysis of the competitive effects of the proposed 1842(c)). Applicant, the fourth largest bank holding com­ pany and banking organization in New Jersey, Unless otherwise noted, all banking data are as of June controls four banks with aggregate deposits of 30, 1973, and reflect bank holding company formations and acquisitions approved through March 30, 1974. approximately $916 million, representing 4.8 per 2See Board’s Order of April 7, 1972, approving application cent of the total deposits in commercial banks in of Midlantic Banks, Inc., Newark, New Jersey, to acquire Citizens National Bank, Englewood, New Jersey. 58 Federal Reserve Bulletin 475 (1972). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN □ JUNE 1974 acquisition are the Asbury Park and Freehold with charters prohibiting merger or acquisition by banking markets.3 In the Asbury Park market, a bank holding company for the first five years; Bank is the third largest of 12 banking organi­ the remaining two banks have specifically rejected zations and holds deposits of approximately $170 proposed affiliation with Applicant. Therefore, the million, representing 19 per cent of the market Board concludes that consummation of the pro­ deposits. In the Freehold market, Bank is the posed transaction would not have significantly second largest of seven banking organizations and adverse effect on potential competition within the holds deposits of approximately $60 million, rep­ relevant markets. resenting about 40 per cent of market deposits. Considerations relating to the financial and Applicant does not have a subsidiary bank located managerial resources and future prospects of Ap­ in either of the relevant markets. Applicant’s plicant, its subsidiaries, and Bank are regarded as banking subsidiary closest to Bank (National Bank satisfactory and consistent with approval of the of New Jersey) has an office situated less than 8 application. miles away from an office of Bank. However, Applicant proposes to introduce new services neither of these institutions derive an appreciable and improve certain services presently offered by amount of deposits or loans from the service area Bank. These services would include: introducing of the other, nor do any of Applicant’s other no-charge checking (with a minimum balance) subsidiaries compete with Bank to any significant with overdraft privileges and bank credit card extent. As a result, there appears to be no mean­ services; providing the maximum interest rates ingful competition existing between Applicant and allowable on regular savings accounts, maximum Bank. Accordingly, the Board concludes that the interest rates on 4-year savings certificates and proposed transaction would not have a signifi­ lower rates on auto and other consumer loans. cantly adverse effect on existing competition. Affiliation with Applicant should also enhance Although Applicant is not presently represented Bank’s capability to provide construction financ­ in the area served by Bank, it appears to have ing, large commercial loans, farm lending, com­ the financial and managerial resources to establish puter services, and international and trust services. branch offices in Monmouth County. However, These considerations relating to the convenience many of the communities that are now open to and needs of the communities to be served lend branching or that will soon be open to branching weight toward approval. It is the Board’s judgment (due to changes in the State branching and protec­ that consummation of the proposal would be in tion statutes) have population and deposits per the public interest, and that the application should banking office ratios below the State average, or be approved. the communities are not centrally located in the On the basis of the record, the application is county so as to serve as a desirable location for approved for the reasons summarized above. The a bank office. Furthermore, there has been signifi­ transaction shall not be made (a) before the thir­ cant branching activity by the existing banks in tieth calendar day following the date of this Order Monmouth County, with the result that many of or (b) later than three months after the date of the attractive sites for branch offices have been this Order, unless such period is extended for good preempted. Thus, it appears unlikely that Appli­ cause by the Board, or by the Federal Reserve cant will enter the relevant markets by de novo Bank of New York pursuant to delegated author­ branching. With respect to foothold entry into the ity. markets, it appears that Applicant would be unable By order of the Board of Governors, effective to enter Monmouth County through such means May 24, 1974. because of the unavailability of an appropriate Voting for this action: Vice Chairman Mitchell and Gover­ entry vehicle. Most banks in either market are nors Sheehan, Holland, and Wallich. Voting against this ac­ larger than Bank, or already subsidiaries of other tion: Governors Brimmer and Bucher. Absent and not voting: bank holding companies, or newly chartered banks Chairman Burns. (Signed) Chester B. Feldberg, [seal] Secretary of the Board. 3The Asbury market is approximated by the eastern and coastal portions of Monmouth County, not extending beyond 10 miles inland. The Freehold market is approximated by six communities and part of a seventh in central Monmouth County. The deposit data for these markets is as of June 30, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 449 Dissenting Statement of branching have been heightened due to recent Governors Brimmer and Bucher changes in New Jersey branch banking and pro­ We would deny the application of Fidelity tection statutes; only 8 of 53 communities in Union Bancorporation, Newark, New Jersey, to Monmouth County will be closed to branching by acquire all the voting shares of Colonial First January 1, 1975, and only one will remain closed National Bank, Red Bank, New Jersey (“Bank”). after 1977. Under such circumstances, we fail to In our view, the proposed transaction would have perceive the need for Applicant to expand through significant adverse effects on the State banking the acquisition of such a significant competitive structure and on potential competition in two of force as Bank. the markets in which Bank operates. At the present time, Bank is a strong competi­ Although Applicant’s ranking among other State tive force in the market, as is demonstrated by banking organizations would be unchanged as a its ranking among other banks and its share of result of the consummation of the proposal, ac­ deposits. In the Asbury Park market, Bank is the quisition of Bank would perpetuate the present third largest of twelve banking organizations with trend toward increased concentration of banking 19 per cent of the deposits; in the Freehold market, resources in New Jersey. Recently, several of the Bank is the second largest of seven organizations largest bank holding companies in New Jersey with about 39 per cent of the deposits. In the have grown to substantial size through acquisition Asbury Park market, the four largest banking activity. Furthermore, in light of the newly granted organizations (including Bank) hold 73 per cent State-wide branching laws, the likelihood of con­ of the deposits, and in the Freehold market, the tinued growth of bank holding companies has been two largest banking organizations (including greatly enhanced. Currently, the State’s four larg­ Bank) hold about 91 per cent of the deposits. In est bank holding companies control 26.5 per cent terms of concentration levels, the present proposal of total State deposits, while the remaining five would solidify the high levels of concentration in multi-bank holding companies control 13.5 per both of the relevant markets and raise barriers to cent of State deposits. Approval of this proposal entry by organizations not represented in either would increase this existing size disparity to an area. even greater extent while foreclosing the possi­ Given the present structure of banking in the bility of Bank remaining independent or becoming Asbury Park and Freehold markets, the prospect affiliated with one of the State’s smaller banking of Bank remaining an independent competitive organizations. force is clearly preferable to the present proposal. We also believe that this proposal would have As indicated above, Bank is now a viable compet­ substantial adverse effects on competition within itor in the markets it serves. If this proposal is the Asbury Park and Freehold banking markets. not approved, it is reasonable to assume that Bank In view of its absolute size and its proximity to would continue in this manner. Bank has demon­ these areas, Applicant appears to be a likely en­ strated its ability to continue to be one of the trant to the areas served by Bank. Moreover, the leading banks in the areas it serves. Moreover, record shows that the Applicant possesses the as of April 3, 1974, Bank had received approval financial and managerial resources— as well as the from the Comptroller of the Currency to establish inclination— to expand into Monmouth County four additional branches. The present proposal, through means other than the present proposal such however, would foreclose the development of sig­ as branching or de novo entry. nificant competition between a likely entrant (Ap­ Entry into Monmouth County through alterna­ plicant) into the relevant markets and one of the tive means would have the salutary effect of in­ leading banks in those markets. For these reasons, creasing competition by adding an effective com­ it is our view that approval of the application petitor to the markets while also preserving the would have significant adverse effects on competi­ possibility of the Asbury Park and Freehold mar­ tion. kets becoming less concentrated. Applicant estab­ These competitive considerations require denial lished a de novo bank in Morristown in 1973, and of the application unless the anticompetitive ef­ its subsidiaries filed for approval of at least five fects of the proposal are outweighed by the bene­ branches in the same year. The record also indi­ fits to the public in meeting the convenience and cates that the relevant markets would be able to needs of the communities to be served. Applicant support Applicant’s expansion through such alter­ proposes to make changes in the services offered native methods. Moreover, the prospects for future by Bank, and these factors lend support for ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN □ JUNE 1974 proval of the application. However, there is noth­ cant’s share of commercial bank deposits in Texas ing in the record to indicate that these services by 0.2 of one percentage point. In light of the are not available elsewhere in the markets or that facts unique to this application and when consid­ they could not be achieved by less anticompetitive ered in the context of a trend toward concentration means such as by branching, de novo entry or of banking resources in Texas, such an increase Bank acting independently. Therefore, we con­ of concentration is viewed by the Board as a clude that the public benefits to be derived from slightly adverse factor. the transaction do not outweigh the substantially Bank is located in Lufkin, which is the county adverse competitive effects we find inherent in the seat of Angelina County, the relevant banking proposal. market. Applicant’s banking subsidiary closest to For these reasons, the proposed transaction is Bank is located in Humble, Texas, 102 miles south not in the public interest, and we would deny the of Bank. Accordingly, the Board concludes that application. no significant existing competition would be elim­ inated between Bank and any of Applicant’s sub­ FIRST CITY BANCORPORATION OF sidiary banks upon consummation of this proposal. TEXAS, INC., While the proposal would have no adverse ef­ HOUSTON, TEXAS fects on existing competition, the Board is con­ cerned with the effect the proposed acquisition Order Denying Acquisition of Bank would have upon potential competition in the State First City Bancorporation of Texas, Inc., Hous­ as a whole, and more particularly within the An­ ton, Texas, a bank holding company within the gelina County banking market. The Board has meaning of the Bank Holding Company Act, has previously expressed its general concern with the applied for the Board’s approval under § 3(a)(3) nature of the developing banking structure in the of the Act (12 U.S.C. 1842(a)(3)) to acquire all State of Texas, including a tendency for the five of the voting shares (less directors’ qualifying largest banking organizations to seek to acquire shares) of the successor by merger to The Lufkin the leading banks in the State’s smaller metropol­ National Bank, Lufkin, Texas (“Bank”). The itan areas, thereby increasing the share of State­ bank into which Bank is to be merged has no wide deposits controlled by them, and also in­ significance except as a means to facilitate the creasing the size disparity between those organi­ acquisition of the voting shares of Bank. Accord­ zations and the other banking organizations in the ingly, the proposed acquisition of shares of the State.2 The Board regards this proposal as an successor organization is treated herein as the extension of that tendency. proposed acquisition of the shares of Bank. While the effect of the proposal on banking Notice of the application, affording opportunity competition and concentration in the State as a for interested persons to submit comments and whole is of some concern to the Board, of greater views, has been given in accordance with § 3(b) significance is the effect of the proposal on com­ of the Act. The time for filing comments and views petition within the relevant market. Approval of has expired, and the Board has considered the the present proposal would enable Applicant to application and all comments received in light of establish itself as a significant competitor in the the factors set forth in § 3(c) of the Act (12 U.S.C. Angelina County banking market through the ac­ 1842(c)). quisition of the largest of five banks in a concen­ Applicant is the second largest banking organi­ trated market. Bank holds deposits amounting to zation and bank holding company in Texas and 49 per cent of market deposits; these deposits, controls 20 banks with aggregate deposits of $2.5 when combined with the deposits of the second billion, representing approximately 7.2 per cent largest bank in the market, constitute control of of the total deposits in commercial banks in 85.7 per cent of the market’s total commercial Texas.1 Applicant also holds interests of between bank deposits and 79.1 per cent of the market’s 5 and less than 25 per cent in eight other banks total IPC deposits in accounts of $100,000 or less.3 ($178 million in deposits). Acquisition of Bank In view of Applicant’s present significant position ($65.7 million in deposits) would increase Appli­ 2 Board action denying the application of First International 1 All banking data, unless otherwise indicated, are as of June Bancshares, Inc., to acquire Citizens First National Bank of 30, 1973, and reflect bank holding company formations and Tyler (1974 Federal Reserve Bulletin 43). acquisitions approved through January 31, 1974. ;1IPC deposit data are as of June 30, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 451 in the State, the absolute size of Bank and its tion in both the relevant market and in the State relative position in the market, the prospects for which are described herein. increased competition and a deconcentration of the The financial and managerial resources and fu­ Angelina County banking market would be dimin­ ture prospects of Applicant, its subsidiary banks, ished as a result of the contemplated acquisition. and Bank are regarded as generally satisfactory. The proposal would solidify Bank’s present sig­ Moreover, there is no evidence in the record to nificant market position while foreclosing the pos­ indicate that the banking needs of the relevant sibility of Bank either remaining a significant in­ market are not being met by the existing institu­ dependent competitor or becoming affiliated with tions. While some benefits to convenience and one of the State’s smaller bank holding companies. needs could result from Applicant’s entry into the In the circumstances of this case, the Board is market, such benefits could be derived from entry unconvinced that Applicant’s expansion must take through a vehicle other than the market’s largest the form of acquiring such a substantial competitor banking organization. Accordingly, although con­ as Bank. There are alternative means of entry into siderations relating to the convenience and needs the relevant market that would be more conducive of the communities to be served are consistent with to the promotion of competition. The future eco­ approval, they do not outweigh the significant nomic prospects of the area appear attractive in adverse competitive effects of the proposal. It is view of the recent population growth of the area the Board’s judgment that on the basis of the entire as well as the diversified nature of its economy.4 record consummation of the proposed acquisition In this economic climate de novo entry, or acqui­ would not be in the public interest and that the sition of one of the smaller banks in the market, application should be and hereby is denied. each of which is an independent banking organi­ By order of the Board of Governors, effective zation, would be clearly preferable alternatives May 1, 1974. from a competitive standpoint to the instant pro­ Voting for this action: Chairman Burns and Governors posal. Moreover, Applicant possesses the neces­ Brimmer, Bucher, Holland, and Wallich. Voting against this sary resources for meaningful entry into the market action: Governor Sheehan. Absent and not voting: Governor through such alternative means. Mitchell. Introduction of Applicant to the Angelina (Signed) Chester B. Feldberg, County market through either of the above [seal] Secretary of the Board. methods would not only increase competition therein by introducing a new and aggressive com­ Dissenting Statement of petitor into the market, but would also have the Governor Sheehan tendency of reducing the concentration of banking resources in the market while preserving Bank as I dissent from the majority’s action denying the a viable competitive force in the market. In addi­ subject application. In denying this application the tion, the possibility would be preserved that Bank majority has relied, in part, on its previously stated may become affiliated with one of the State’s concern (expressed in the recent denial of the smaller bank holding companies— not an unlikely application by First International Bancshares to prospect in view of Bank’s attractiveness for ac­ acquire the largest bank in Tyler) over the in­ quisition due in part to its market position. The creasing size disparity among Texas bank holding Board views this proposal as evidence both of companies. In my opinion, the present proposal Applicant’s intention to expand throughout the would have no such adverse effects on competition State and to acquire banks with a significant pres­ either in Texas or in the Angelina County banking ence in those markets it seeks to enter. However, market. entry into this market through alternative means, It is true that consummation of this proposal de novo or acquisition of one of the smaller banks, would give Applicant control over the largest bank would be consistent with Applicant’s apparent in the Angelina market; however, the second larg­ intention to expand throughout the State while not est bank in the market is nearly as large as Bank, having the significant adverse effects on competi­ as evidenced by the former bank’s control of 37 per cent of market deposits. Thus, acquisition of Bank would not result in Applicant’s acquiring a dominant position in the market, nor raise signifi­ 4Between 1960 and 1970 population in the market increased cant barriers to entry to bank holding companies 24 per cent as compared to a Statewide increase of 16.9 per cent over the same period. outside this market. In fact, each of the four Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN □ JUNE 1974 remaining banks in the market is independent and National Bank, Jupiter, Florida (“Bank”), a could serve as an entry vehicle for one of the proposed new bank. State’s other bank holding companies. Notice of the application, affording opportunity The majority contends that the market is attrac­ for interested persons to submit comments and tive for de novo entry. I disagree. Although the views, has been given in accordance with § 3(b) record discloses a significant percentage growth of the Act. The time for filing comments and views in population during the 1960’s, Angelina Coun­ has expired, and the application and all comments ty’s actual population increased by only slightly received have been considered in light of the more than 10,000 inhabitants. Moreover, despite factors set forth in § 3(c) of the Act (12 U.S.C. this population growth, the market’s ratio of pop­ 1842(c)). ulation to banking office was only slightly more Applicant controls three banks with aggregate than the Statewide average. In addition, there is deposits of $189.5 million, representing approxi­ no indication that the past growth rate of the area mately 1 per cent of total deposits in commercial will continue into the future. In view of such banks in Florida.1 In addition, Applicant owns circumstances, as well as the fact that the market between 15 per cent and 24.9 per cent of each is not an important urban center in the State, the of six other banks (“affiliated banks”), with ag­ attractiveness of the market for de novo entry can gregate deposits of approximately $70.8 million, be regarded as only marginal at best. including two banks which are located in the West With respect to the effect of the proposal on Palm Beach County banking market. Through its competition in the State of Texas, I cannot agree subsidiary and affiliated banks, Applicant holds with the majority’s analysis. As I have previously approximately 19 per cent of the total deposits in indicated in my dissent in the Tyler case, I am commercial banks in the West Palm Beach County not convinced that the acquisition of banks in banking market2 and ranks thereby as the largest secondary SMSA’s by one of the larger bank banking organization in the market. In the north­ holding companies would adversely affect compe­ ernmost part of the market, which includes the tition in Texas.1 Furthermore, I believe approval Jupiter area, Applicant’s position appears to be in this case would tend to foster the economic substantial. development of Texas, as well as the Southwest Bank would be located in Jupiter in the West region of the United States, by encouraging the Palm Beach County banking market, where Ap­ development of ‘local’ regional institutions capa­ plicant is presently represented by three subsidiary ble of serving the growing domestic and interna­ banks and two affiliated banks. Applicant’s closest tional needs of Texas corporations now being banking subsidiary is located 1.7 miles north of served by out-of-State banks. I feel that the con­ the proposed site of Bank and one of Applicant’s tinued rapid growth of Texas banking organi­ affiliated banks is located about six miles south zations is necessary if they are to effectively com­ of the proposed site of Bank. There are no banks pete in Texas, the Southwest, and the nation’s located in the area between these two banks and major money markets. the proposed site of Bank, and residents of Jupiter For the reasons cited herein, I would approve must pass by one of Applicant’s banks in order this application. to reach the nearest unaffiliated competing bank. Moreover, the service area of Bank would com­ GENERAL FINANCIAL SYSTEMS, INC., pletely overlap the service areas of these other two RIVIERA BEACH, FLORIDA banks, and Applicant’s banks would be the most convenient source of banking services to area Order Denying Acquisition of Bank residents. Since this acquisition involves the es­ General Financial Systems, Inc., Riviera Beach, tablishment of a proposed new bank, no existing Florida, a bank holding company within the competition would be eliminated and no immedi­ meaning of the Bank Holding Company Act, has ate increase in concentration of banking resources applied for the Board’s approval under § 3(a)(3) would result in any relevant area. However, as of the Act (12 U.S.C. 1842(a)(3)) to acquire 55 the proposal appears to preempt a location which per cent or more of the voting shares of Jupiter banking data are as of June 30, 1973, adjusted to reflect holding company acquisitions and formations approved by the Board through March 31, 1974. *In this case the market has not even reached a sufficient 2 Approximated by the upper two-thirds of Palm Beach size to be classified as a secondary SMSA. County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 453 would be attractive to competing banking organi­ In the instant case, the record discloses that zations not represented in the area, approval of another banking organization has applied for a the application would foreclose the probable de­ bank charter in the Jupiter area. It appears that velopment of competition in the future and would Jupiter is a growing area with favorable prospects entrench Applicant’s already significant competi­ for the future. However, as of June, 1972, there tive position in the area. By preempting Bank’s were more banking offices per capita in the area site, the proposal would eliminate the likelihood than on a Statewide basis and, through the addition that another banking organization would establish of Bank, the population per banking office ratio a de novo bank in the Jupiter area, which would would be decreased further. In light of those serve to increase competition by introducing an characteristics, it is noted that entry into a com­ alternative source of banking services to Appli­ mercial banking market is somewhat restricted, cant’s subsidiary and affiliated banks now in the and chartering authorities in acting upon an appli­ area. Such an alternative would also have the cation for a new bank charter consider whether salutary competitive effect of preserving the pos­ there are sufficient banking alternatives for area sibility of the area’s banking resources becoming residents. Thus, approval of the proposal herein less concentrated. would necessarily tend to perpetuate Applicant’s The U.S. Supreme Court, in another context, dominance in the Jupiter area and may present has noted that “if concentration is already great, significant obstacles to the entry into the area by the importance of . . . preserving the possibility an alternative banking organization. On the basis of eventual deconcentration is correspondingly of the record, it appears probable that consumma­ great.”3 This principle is particularly relevant tion of Applicant’s proposal would result in a when considering the possible deconcentration of substantially less competitive and significantly an area such as Jupiter. Given the present compet­ more concentrated banking market in the Jupiter itive structure in the Jupiter area, the effect of the area than would likely develop if the proposal were elimination of the possibility of deconcentration not consummated. Accordingly, the Board is pre­ as a result of Applicant’s de novo entry may be cluded from approving the application unless such to substantially lessen competition. The Board has anticompetitive effects are clearly outweighed in previously denied applications in which a bank the public interest by the proposal’s effect in holding company sought to acquire a de novo bank meeting the convenience and needs of the com­ where the bank holding company was already the munity to be served. dominant banking organization in the area of the The financial and managerial resources and fu­ proposed new bank.4 Even in a case where a real ture prospects of Applicant and its subsidiary need for a new bank has been clearly demon­ banks appear generally satisfactory in view of strated,5 the Board has taken such action. In one Applicant’s commitment to inject additional equity such case, the Board noted: capital into its three subsidiary banks. Bank, as Determination of the competitive effects of a proposed a proposed new bank, has no financial or operating holding company acquisition, whether the proposal is one to history; however, its prospects as a subsidiary of acquire an existing bank or a new bank to be organized under Applicant appear favorable. Therefore, consid­ the holding company’s direction, turns on the issue of whether consummation of the proposal will result in a substantially less erations relating to the banking factors are con­ competitive banking market than is likely to exist or develop sistent with approval of the application. While in the event that the proposal is not consummated. In the present case, consummation of the proposal would result in there is no evidence in the record to indicate that expansion of the dominant banking organization in Milwaukee the major banking needs of the community are not County and would tend to preclude entry which could lessen being adequately served, Bank would provide an the extent of Applicant’s dominance in the county, and provide competition to offices of Applicant’s present subsidiaries which additional source of full banking services. How­ serve the immediate area. ever, such benefits would be similarly derived from another organization establishing a new bank in the area, and the Board does not regard this slight increase in convenience flowing from Ap­ 3United States v. Philadelphia National Bank, 374, U.S. plicant’s proposal as outweighing the adverse 321, 365, n.42 (1963). competitive effects inherent in the proposed trans­ 4Application of First at Orlando Corporation, Orlando, Florida, to acquire Citrus First National Bank of Leesburg, action. Florida (1973 Federal Reserve Bulletin 302). On the basis of all relevant facts in the record, 5Application of First Wisconsin Bankshares Corporation to and in light of the factors set forth in § 3(c) of acquire shares of proposed First Wisconsin National Bank of Greenfield (54 Federal Reserve Bulletin 1024 (1968)). the Act, it is the Board’s judgment that the fiId. at 1026-1027. proposed acquisition would have adverse effects Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 FEDERAL RESERVE BULLETIN □ JUNE 1974 on competition, without any significant offsetting standard, we believe the Board should not deny benefits under considerations relating to the bank­ an acquisition of a de novo bank unless a thorough ing factors or the convenience and needs of the examination of the record clearly demonstrates that communities to be served. Accordingly, the Board approval would result in a substantially less com­ concludes that consummation of the proposal petitive banking market. In our view, the record would not be in the public interest and that the in this case does not clearly support denial on such application should be, and the application is grounds. hereby denied. The West Palm County banking market By order of the Board of Governors, effective has over thirty banking offices, several of which May 24, 1974. are subsidiary banks of Florida’s largest multi­ bank holding companies. The second, third, Voting for this action: Vice Chairman Mitchell and Gover­ fourth, fifth and sixth largest multi-bank holding nors Brimmer, Sheehan, and Holland. Voting against this action: Governors Bucher and Wallich. Absent and not voting: companies in the State each control between 6 and Chairman Burns. 8 per cent of the total market deposits and three (Signed) Chester B. Feldberg, other banking organizations in the market each [seal] Secretary of the Board. control between 8 and 13 per cent of the deposits. Thus, the record does not support the conclusion that the market is highly concentrated. We recognize that in certain circumstances the Dissenting Statement of Board has denied a bank holding company’s ac­ Governors Bucher and Wallich quisition of a de novo bank; however, such in­ stances usually involved either one of the largest In denying Applicant’s acquisition of a de novo bank holding companies in a State1 or the largest bank, the effect of the majority’s decision has been banking organization in a highly concentrated to deny residents of the Jupiter area an additional banking market,2 or the Board found that the convenient source of banking services. The ma­ proposal would adversely affect the competitive jority concludes that approval of the proposal position of a smaller bank in a market.3 In the would substantially lessen competition and that instant case, the market is not as highly concen­ such anticompetitive effects are not clearly out­ trated as in the previous cases and Applicant’s weighed in the public interest by the proposal’s position in the market and in the State is not effect in meeting the convenience and needs of comparable. Nor does it appear from the record the community to be served. We disagree with that any competing bank would be adversely af­ this conclusion. fected by consummation of this proposal. Al­ The Bank Holding Company Act requires the though Applicant may offer the most convenient Board to deny an application to acquire a bank banking offices to residents of the Jupiter area, we if (1) the proposal would result in a monopoly cannot conclude that Applicant could assert a or would be in furtherance of any combination or dominant competitive advantage in that area conspiracy to monopolize or attempt to monopo­ through the establishment of a de novo bank. lize the business of banking in any part of the Moreover, since Applicant, the twenty-first largest United States; or (2) if the effect of the proposal bank holding company in Florida, must compete in any section of the country may be substantially in this market with some of the State’s largest bank to lessen competition, or to tend to create a mo­ holding companies, we believe that approval of nopoly, or in any other manner would be in this transaction would not result in a substantial restraint of trade, unless the Board finds that the lessening of competition. anticompetitive effects of the proposed transaction For these reasons, we would approve the appli­ are clearly outweighed in the public interest by cation. the probable effect of the transaction in meeting the convenience and needs of the community to be served. As the majority recognizes, a determi­ ’Application of First Wisconsin Bankshares Corporation to acquire shares of proposed First Wisconsin National Bank of nation of the competitive effects of a proposal to Greenfield (54 Federal Reserve Bulletin 1024 (1968)). acquire an additional bank turns on the question 2Application of Security Financial Services, Inc., to acquire of whether consummation of the proposal will proposed Security West Side Bank (56 Federal Reserve Bul­ letin 834 (1970)). result in a substantially less competitive banking 3Application of First at Orlando Corporation to acquire market than is likely to develop in the event that proposed Citrus First National of Leesburg (59 Federal Reserve the proposal is not consummated. In applying this Bulletin 302 (1973)). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 455 UNITED FIRST FLORIDA BANKS, INC., of existing competition between Applicant and TAMPA, FLORIDA Bank would be eliminated by the proposed acqui­ sition. Moreover, it does not appear that the Order Approving Acquisition of Bank proposed acquisition would have any adverse ef­ fect on potential competition in view of the dis­ United First Florida Banks, Inc., Tampa, tances separating Applicant’s subsidiaries and Florida, a bank holding company within the Bank, the presence of banks in the intervening meaning of the Bank Holding Company Act, has areas, and the restrictions placed on branching by applied for the Board’s approval under § 3(a)(3) State law. of the Act (12 U.S.C. 1842(a)(3)) to acquire 90 The financial and managerial resources and per cent or more of the voting shares of First prospects of Applicant are regarded as satisfactory National Bank of Merritt Island, Merritt Island, in view of Applicant’s commitment to increase Florida (“Bank”). capital in certain of its subsidiary banks. The Notice of the application, affording opportunity financial and managerial resources of Bank are for interested persons to submit comments and generally satisfactory. Bank has recently experi­ views, has been given in accordance with § 3(b) enced slow growth, and it appears that affiliation of the Act. The time for filing comments and views with Applicant will enhance its prospects by ena­ has expired, and the application and all comments bling it to compete more effectively with the other received have been considered in light of the banks within the Central Brevard market. Consid­ factors set forth in section 3(c) of the Act (12 erations relating to the banking factors are con­ U.S.C. 1842(c)). sistent with approval of the application. Applicant Applicant, the fourth largest banking organi­ proposes to expand and improve Bank’s services zation in Florida, controls 43 banks with aggregate by offering trust services and assisting Bank with deposits of $1.4 billion, representing 6.7 per cent data processing services, investment services, of total deposits in commercial banks in the State.1 business development, and mortgage lending ser­ The acquisition of Bank would increase Appli­ vices. Accordingly, considerations relating to the cant’s share of deposits by less than one-tenth of convenience and needs of the community to be one percentage point and would not change Ap­ served lend some weight toward approval of the plicant’s rank among State banking organizations application. nor significantly increase the concentration of In considering this application, the Board has banking resources in the State. examined a covenant not to compete contained in Bank (deposits of $26 million) is the third an agreement between Applicant and directors of largest of seven banks in the Central Brevard Bank. It appears that the provisions of the cove­ banking market, which includes Cape Canaveral, nant are reasonable in duration, scope, and geo­ Cocoa, Cocoa Beach, and Merritt Island, Florida. graphic area. Therefore, the Board is of the view Bank controls approximately 16 per cent of the that the agreement not to compete by the directors total deposits in that market; the two larger banks of Bank does not preclude an approval of the in the market, which are subsidiaries of bank application based upon other considerations pre­ holding companies, hold 31 per cent and 19 per viously discussed herein. It is the Board’s judg­ cent, respectively, of market deposits. Although ment that the proposed acquisition is in the public the market is marginally attractive for de novo interest and that the application should be ap­ entry, the present proposal would not raise signif­ proved. icant barriers to entry by the many other potential On the basis of the record, the application is entrants into the market. This proposal would approved for the reasons summarized above. The represent Applicant’s initial entry into the Central transaction shall not be made (a) before the thir­ Brevard market. Applicant’s closest subsidiary tieth calendar day following the effective date of banking office to Bank is located 17 miles north, this Order or (b) later than three months after the and each of the banks obtains a slight amount of effective date of this Order, unless such period loans and deposits from the other’s service area. is extended for good cause by the Board, or by None of Applicant’s other subsidiaries competes the Federal Reserve Bank of Atlanta pursuant to with Bank. Accordingly, no meaningful amount delegated authority. By order of the Board of Governors, effective 1 All data are as of June 30, 1973, unless otherwise indicated, May 20, 1974. and include formations and acquisitions approved by the Board through April 15, 1974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN □ JUNE 1974 Voting for this action: Governors Sheehan, Bucher, Holland, ORDERS UNDER SECTION 4(c)(8) OF and Wallich. Voting against this action: Vice Chairman BANK HOLDING COMPANY ACT Mitchell and Governor Brimmer. Absent and not voting: Chairman Burns. CENTRAN BANCSHARES CORPORATION, (Signed) Chester B. Feldberg, CLEVELAND, OHIO [seal] Secretary of the Board. Order Approving Acquisition of Ben Gordon Finance Company, Inc. Dissenting Statement of Centran Bancshares Corporation, Cleveland, Governors Mitchell and Brimmer Ohio, a bank holding company within the meaning of the Bank Holding Company Act, has applied We would deny the application by United First for the Board’s approval, under section 4(c)(8) of Florida Banks, Inc., to acquire First National Bank the Act and § 225.4(b)(2) of the Board’s Regula­ of Merritt Island. A letter agreement that is part tion Y, to acquire all of the common shares of of the proposal contains a restrictive covenant Ben Gordon Finance Company, Inc. (“Ben Gor­ which would have an adverse effect on banking don”), Houston, Texas. Ben Gordon engages in competition in Brevard County. Furthermore, the the activities of making or acquiring consumer record contains no supporting evidence that the loans and other extensions of credit; acting as anticompetitive effects of the covenant “are insurance agent or broker in the sale of credit life, clearly outweighed in the public interest by the accident and health insurance, and property insur­ probable effect of the transaction in meeting the ance on collateral, all incident to extensions of convenience and needs of the community to be consumer credit by Ben Gordon’s subsidiaries; and served” as required by the Bank Holding Com­ the underwriting of credit life and credit accident pany Act (12 U.S.C. 1842(c)(2)). and health insurance so sold. The underwriting The agreement in question precludes the direc­ function is performed by a separately-incorporated tors of Bank from serving as a director or officer wholly-owned subsidiary of Ben Gordon, Inves­ of any bank outside Applicant’s system within tors Income Insurance Company (“IIIC”), Dallas, Brevard County for a period of two years from Texas.1 Such activities have been determined by the date of the exchange of stock or from the date the Board to be closely related to banking (12 CFR of their resignation as directors— whichever occurs 225.4(a)(1), (9) and (10)). last. This restriction placed on the future employ­ Notice of the application, affording opportunity ment of directors of Bank would affect three for interested persons to submit comments and banking markets within Brevard County, denying views on the public interest factors, has been duly present and prospective financial institutions published (39 Federal Register 2308). The time therein the expertise that these individuals could for filing comments and views has expired, and offer to such institutions. none has been received. As we have indicated before,1 it is our judgment that agreements which preclude the future em­ On the basis of the record, the application is ployment of employees of a bank by other banking approved for the reasons set forth in the Board’s organizations are inherently anticompetitive. Since Statement, which will be released at a later date. Applicant has presented no evidence that would By order of the Board of Governors, effective April 26, 1974. substantiate any salutary effect the agreement would have on banking within Brevard County, Voting for this action: Chairman Burns and Governors we find the covenant not to compete to be anti­ Mitchell, Sheehan, Holland, and Wallich. Absent and not competitive and contrary to the public interest. voting: Governors Brimmer and Bucher. Accordingly, we would deny the application. (Signed) Chester B. Feldberg, [seal] Secretary of the Board. 'IIIC also underwrites ordinary life insurance on the lives 'Reference is made to our Dissenting Statement in regard of employees of Ben Gordon’s subsidiaries for which Ben to the application of First Alabama Bancshares, Inc., to acquire Gordon’s subsidiaries pay the premiums, own the policies, and Citizens Bank of Guntersville (59 Federal Reserve Bulletin are the beneficiaries. Such activity is not “closely related to 757). banking” and Applicant has agreed to terminate that activity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 457 Statement Moreover, even if Applicant were deemed to be Centran Bancshares Corporation, Cleveland, a likely entrant into the Houston market, which Ohio, a bank holding company within the meaning is not the case, consummation of the proposal of the Bank Holding Company Act, has applied contemplated by the application would not have for the Board’s approval, under section 4(c)(8) of an adverse effect on potential competition in that the Act and § 225.4(b)(2) of the Board’s Regula­ area. Numerous consumer finance companies now tion Y, to acquire all of the common shares of operate a total of 234 offices in the Houston market Ben Gordon Finance Company, Inc. (“Ben Gor­ and held, in the aggregate, total receivables of don”), Houston, Texas. Ben Gordon engages in $120.2 million, as of December 31, 1972. Ben the activities of making or acquiring consumer Gordon’s share of such receivables appears to be loans and other extensions of credit; acting as roughly 5 per cent, and its share of the market insurance agent or broker in the sale of credit life, for personal installment loans would be consid­ accident and health insurance, and property insur­ erably less if personal installment loans made by ance on collateral, all incident to extensions of banks and credit unions were included in the consumer credit by Ben Gordon’s subsidiaries; and aggregate market figure. On this basis, the Board the underwriting of credit life and credit accident regards the proposed acquisition as essentially a and health insurance so sold. The underwriting foothold entry into the market. function is performed by a separately-incorporated Consummation of the transaction should in­ wholly-owned subsidiary of Ben Gordon, Inves­ crease the financial resources available to Ben tors Income Insurance Company (“IIIC”), Dallas, Gordon, which has encountered difficulty in main­ Texas.1 Such activities have been determined by taining adequate capital. The availability of capital the Board to be closely related to banking (12 CFR funds through Applicant will enable Ben Gordon 225.4(a)(1), (9) und (10)). to expand its lending capacity, to avoid the recur­ Notice of the application, affording opportunity rence of recent denials of credit to worthy bor­ for interested persons to submit comments and rowers, and perhaps even to pursue expansion of views on the public interest factors, has been duly its activities de novo. Accordingly, the Board published (39 Federal Register 2308). The time concludes that competitive considerations and for filing comments and views has expired, and public interest factors relevant to Applicant’s none has been received. proposed indirect acquisition of the consumer fi­ Applicant controls five banking subsidiaries, nance subsidiaries of Ben Gordon are consistent holding aggregate deposits of $1.4 billion as of with approval of the application. June 30, 1973. Applicant also controls three con­ The consumer finance subsidiaries also sell sumer finance companies with total assets of $29.8 credit life insurance and credit accident and health million as of July 31, 1973. None of Applicant’s insurance as well as property insurance in connec­ consumer finance subsidiaries operates in the State tion with loans it originates. Due to the limited of Texas. nature of those insurance sales activities, it does Ben Gordon is based in, and its nine consumer not appear that Applicant’s indirect performance finance subsidiaries limit their operations to, the of such activities would have any significant effect Houston Standard Metropolitan Statistical Area, on either existing or potential competition. Rather, the relevant geographic area in which to adjudge the public would be served by the greater conven­ the competitive effects of the proposal. Ben Gor­ ience derived from the continued availability of don’s consumer finance subsidiaries hold total re­ such credit insurance at the same location at which ceivables of $5.6 million. Although Applicant and credit is extended. Ben Gordon are each engaged in the making of There is no evidence in the record indicating consumer loans, it appears that consummation of that consummation of the proposed indirect acqui­ the proposed acquisition would not result in a sition of the consumer finance subsidiaries of Ben decrease in existing competition since neither Gordon would result in an undue concentration of competes in the making of consumer loans in any resources, unfair competition, conflicts of inter­ geographic market in which the other operates. ests, unsound banking practices, or other adverse effects. IIIC, another subsidiary of Ben Gordon, directly ’IIIC also underwrites ordinary life insurance on the lives underwrites credit life and credit accident and of employees of Ben Gordon’s subsidiaries for which Ben health insurance on applicable extensions of credit Gordon’s subsidiaries pay the premiums, own the policies, and are the beneficiaries. Such activity is not “closely related to made by subsidiaries of Ben Gordon. Credit life banking” and Applicant has agreed to terminate that activity. and disability insurance is generally made avail- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN □ JUNE 1974 able by banks and other lenders, and such insur­ FRANKLIN NEW YORK CORPORATION, ance is designed to assure repayment of a loan NEW YORK, NEW YORK in the event of death or disability of the borrower. Order Denying Acquisition of Talcott Applicant originally proposed to reduce the an­ National Corporation nual premiums charged by IIIC for underwriting credit life insurance by $0.05 per hundred dollars Franklin New York Corporation, New York, of initial indebtedness from its then-prevailing rate New York, a bank holding company within the of $0.75 per hundred dollars of initial indebtedness meaning of the Bank Holding Company Act of and to eliminate the suicide exclusion from its 1956, has applied, pursuant to § 4(c)(8) of the credit life insurance policies. Company further Act and § 225.4(b)(2) of the Board’s Regulation proposed to increase the policy benefits of IIIC’s Y, for the Board’s approval to acquire voting credit accident and health policies by eliminating shares of Talcott National Corporation (“Tal­ all exclusions other than the “war exclusion”. cott”), New York, New York. Talcott through its During the pendency of this application, the subsidiaries engages in the activities of factoring, Department of Insurance of the State of Texas business financing, making direct consumer in­ reduced the “prima facie”2 maximum premium stallment loans, secured and unsecured, to indi­ rate on credit life insurance from $0.75 per viduals; selling credit life, and credit accident and hundred dollars to $0.58 per hundred dollars. health insurance policies to those individuals; un­ Applicant therefore proposed further to reduce derwriting such insurance; selling to those indi­ IIIC’s premium rates in accordance with State law. viduals insurance on property; purchasing retail Since Applicant’s original proposal contemplated installment sales finance contracts from dealers; a reduction in rates, and the revised proposal brokering consumer loans for the accounts of continues to contemplate removal of certain policy others; computer and equipment leasing; and the exclusions, the Board concludes, on the basis of manufacture of trucks.1 the record, that the modified proposal provides Notice of the application, affording opportunity sufficient public benefits to outweigh any adverse for interested persons to submit comments and effects. views on the public interest factors, has been duly Based upon the foregoing and other consid­ published (38 Federal Register 28326). The time erations reflected in the record, the Board has for filing comments and views has expired; and determined that the balance of the public interest the Board has considered all comments received factors the Board is required to consider under in light of the public interest factors set forth in section 4(c)(8) is favorable. Accordingly, the ap­ § 4(c)(8) of the Act (12 U.S.C. 1834(c)(8)). plication is hereby approved. This determination Applicant, a one-bank holding company, is, is subject to the conditions set forth in section based upon domestic deposits, the tenth largest 225.4(c) of Regulation Y and to the Board’s au­ banking organization in New York State, and the thority to require such modification or termination 22nd largest nationally. Applicant controls Frank­ of the activities of a holding company or any of lin National Bank, New York, New York its subsidiaries as the Board finds necessary to (“Bank”), which holds $2.6 billion of domestic assure compliance with the provisions and pur­ deposits.2 Total domestic and foreign deposits of poses of the Act and the Board’s regulations and Bank approximate $3.7 billion. orders issued thereunder, or to prevent evasion Talcott, with total assets of $724 million,3 thereof. ranked as the 17th largest financial company in the nation as of year-end 1972 and as the nation’s May 9, 1974 11th largest independent finance company based on total capital funds. It is a substantial competitor in each product market in which it engages. It is the fourth largest factor in the nation, having acquired factoring receivables of $1.1 billion dur- 2The “prima facie ” maximum premium rate presumes that a credit insurance underwriter’s loss experience constitutes 50 per cent or less of premiums received. If an underwriter’s loss 1 Applicant proposes to terminate this activity and to modify experience exceeds that amount, the “prima facie” maximum certain insurance sales, underwriting, and leasing activities of premium rate will not limit the amount of premium charged Talcott into conformity with Regulation Y within two years by the underwriter. There is no evidence in the record that of consummation of the proposed transaction. IIIC’s loss experience is such that it need not observe the 2Deposit data as of December 31, 1973. “prima facie” rate. :}Data as of December 31, 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 459 ing 1972, representing 7.6 per cent of the industry Bank itself has experienced an earnings record total. In the area of business financing, Talcott in recent years below the industry average, and made $1.4 billion in loans during the first six has recently made a substantial shift in manage­ months of 1973 and, as of June 30, 1973, held ment policies designed to improve performance gross outstandings of $479 million. Its consumer significantly. As changes in the institution’s inter­ finance activities are substantial. nal structure and asset composition are pursued, The 1970 Amendments to the Act require that it is the Board’s view that the acquisition of Talcott the Board, in acting on an application under § would be a complicating and diversionary factor. 4(c)(8), consider whether the performance of a As the Board has previously stated on a number particular activity by an affiliate of a bank holding of occasions, a bank holding company should be company “can reasonably be expected to produce a source of financial and managerial strength for benefits to the public, such as greater convenience, its subsidiary banks. The Board finds that this increased competition, or gains in efficiency, that proposal may constitute an undue claim on Appli­ outweigh possible adverse effects, such as undue cant’s managerial and financial resources and con­ concentration of resources, decreased or unfair cludes that this represents an adverse effect to be competition, conflicts of interests, or unsound considered under § 4(c)(8). banking practices.” This balancing test necessi­ Section 4(c)(8) of the Act places on Applicant tates a positive showing of public benefits, out­ the burden of affirmatively demonstrating reasona­ weighing the “possible” adverse effects of any bly expected public benefits which outweigh the proposed acquisition, before an application may possible adverse effects described above. Appli­ be approved. Applicant must bear this burden. cant contends that consummation of the proposal Bank and Talcott are commonly engaged in four would lead to the provision of various new ser­ product markets: accounts receivable financing, vices. The Board concludes that all such services short term lending secured by first mortgages on are readily available in the New York metropolitan income-producing property, consumer finance, market and finds that the provision of such addi­ and equipment leasing. Consummation of the pro­ tional services would constitute only a minimal posal would eliminate a small amount of existing public benefit. Applicant further contends that competition in each of these product markets with consummation of the proposal would lead to the greatest elimination occurring in the consumer various gains in efficiency and enable Applicant finance product line in the New York area. In view to more effectively compete with its competitors. of the fact that there is some existing competition The Board is not, however, persuaded that such between Bank and Talcott and that this competi­ benefits as may reasonably be expected to occur tion could be expected to increase, the Board will be significant enough to outweigh the possible further concludes that consummation of the pro­ adverse effects involved in this proposal. posal would eliminate some potential competition. On the basis of the record the Board concludes In its consideration of this application, the that the possible adverse effects of consummation Board noted that Bank is the 21st largest bank of the proposal are not outweighed by reasonably in the United States. Talcott is the 11th largest expected benefits to the public and that the appli­ independent commercial finance company and the cation should be, and hereby is, denied. fourth largest independent factor in the United By order of the Board of Governors, effective States. Any proposed amalgamation of this mag­ May 1, 1974. nitude is closely examined by the Board to deter­ mine whether it involves questions of concentra­ Voting for this action: Chairman Burns and Governors tion of resources which would be inconsistent with Mitchell, Sheehan, Bucher, Holland, and Wallich. Absent and not voting: Governor Brimmer. the intent of Congress in adopting the Bank Hold­ (Signed) Chester B. Feldberg, ing Company Act Amendments of 1970. While the Board considers the question in this case to [seal] Secretary of the Board. be a marginal one, on balance the Board has NCNB CORPORATION, concluded that this factor should be accorded some CHARLOTTE, NORTH CAROLINA adverse weight.4 Order Approving Acquisition of Blanchard & Calhoun Mortgage Company 4Governor Sheehan, while concurring in the Board’s action on this matter, dissents from the views expressed in this NCNB Corporation, Charlotte, North Carolina, paragraph. a bank holding company within the meaning of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN □ JUNE 1974 the Bank Holding Company Act, has applied for Blanchard operates four offices in Georgia,2 and the Board’s approval, under section 4(c)(8) of the engages primarily in the origination, sale, and Act and § 225.4(b)(2) of the Board’s Regulation servicing of 1-4 family residential mortgage loans Y, to acquire indirectly all of the voting shares and interim construction loans. In addition, Blan­ of Blanchard & Calhoun Mortgage Company chard acts as agent for the sale of credit life and (“Blanchard”), Augusta, Georgia, a company that credit accident and health insurance to its bor­ engages in the activities of originating, selling and rowers . servicing mortgage loans for its own account or Applicant’s subsidiaries engaged in mortgage the account of others, and selling credit life, and banking presently operate primarily in North credit accident and health insurance to its mortgage Carolina and South Carolina, and there is no customers. Such activities have been determined existing competition between Blanchard and Ap­ by the Board to be closely related to banking (12 plicant’s mortgage banking subsidiaries in the res­ CFR 225.4(a)(1), (3), and (9)). idential mortgage market of 1-4 family homes or Notice of the application, affording opportunity in the interim construction loan market. There is for interested persons to submit comments and some existing competition between Blanchard and views on the public interest factors, has been duly C. Douglas Wilson & Co., in Aiken County, published (38 Federal Register 32850). The time South Carolina, with respect to servicing of loans, for filing comments and views has expired, and but the elimination of this small amount of existing none has been timely received. The Board has competition is not regarded as presenting any considered the application in light of the factors significant adverse effects. set forth in section 4(c)(8) of the Act (12 U.S.C. Although Applicant has the resources to enter 1843 (c)(8)). de novo into the mortgage markets where Blan­ Applicant’s only banking subsidiary, North chard is located, the area is presently served by Carolina National Bank (“Bank”), Charlotte, numerous competing mortgage banking firms and North Carolina, controls deposits of $1.9 billion,1 financial institutions, and many likely potential representing 18.6 per cent of the total deposits in entrants into the Georgia markets will remain after commercial banks in the State, and is the second this acquisition. Therefore, the instant proposal largest banking organization in North Carolina. can be approved without a substantial lessening Applicant engages in a number of nonbanking of potential competition. Further, in view of activities including insurance brokerage, small Blanchard’s relatively small size in each of the business financing, consumer financing, invest­ cities where its offices are located,3 Applicant will ment advisory services, and trust services. Appli­ not acquire a dominant position among mortgage cant also engages in mortgage lending and servic­ bankers in any of these areas upon consummation ing activities through Bank and two mortgage of this transaction. The Board is of the view that banking subsidiaries: NCNB Mortgage Corpora­ approval of the application, insofar as it relates tion, Charlotte, North Carolina, which has a to Blanchard’s mortgage banking activities, would mortgage servicing portfolio of $315 million (as not have any significant adverse effect on existing of June 30, 1973), and is the third largest mortgage or potential competition in any relevant market. banking company in North Carolina and 81st larg­ Blanchard also sells credit life, and credit acci­ est in the nation; and C. Douglas Wilson & Co., dent and health insurance. Due to the limited Greenville, South Carolina, which has a mortgage nature of these insurance activities, it does not servicing portfolio of $276 million (as of June 30, appear that Applicant’s acquisition of Blanchard’s 1973), and is the largest mortgage company in insurance activities would have any significant South Carolina and 92nd largest in the nation. effect on existing or future competition. Applicant’s two existing mortgage banking sub­ It is anticipated that following consummation sidiaries combined would rank 41st in the nation of the proposed acquisition, Applicant will provide in terms of volume of loans services. Blanchard with a reliable source of relatively low Blanchard is the 8th largest mortgage company cost financing with which to provide interim con­ headquartered in Georgia, with a mortgage servic­ struction loans in the Georgia markets in which ing portfolio of $ 123 million (as of June 30, 1973). 2The offices are located in the cities of Augusta, Macon, Warner Robins, and Savannah. 3Blanchard’s estimated share of the 1-4 family residential mortgage market in each of the cities in which its offices are ’All banking data are as of June 30, 1973. located is less than 5 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 461 it operates; and Applicant will provide Blanchard mortgage operations in the Southeast. In view of with access to additional sources of funds in a the rapid growth of Applicant’s mortgage banking variety of financial markets which will enable subsidiary, NCNB Mortgage Corporation (which Blanchard to compete more effectively in the has climbed 43 positions in national servicing State. There is no evidence in the record indicating rankings in the past two and one-half years), that consummation of the proposed acquisition Applicant has clearly demonstrated its ability to would result in any undue concentration of re­ expand successfully its mortgage banking opera­ sources, unfair competition, conflicts of interests, tions. Further, Applicant has recently entered the unsound banking practices, or other adverse ef­ Orlando, Florida mortgage banking market fects on the public interest. through the de novo expansion of one of its exist­ Based upon the foregoing and other consid­ ing mortgage banking subsidiaries. Considering erations reflected in the record, the Board has the close proximity to the Georgia market of determined that the balance of the public interest Applicant’s mortgage banking operations in South factors the Board is required to consider under Carolina and its de novo office in Florida— as well section 4(c)(8) is favorable. Accordingly, the ap­ as Applicant’s demonstrated ability to operate plication is hereby approved. This determination successfully a mortgage banking company— we is subject to the conditions set forth in section believe that Georgia is a likely State for Appli­ 225.4(c) of Regulation Y and to the Board’s au­ cant’s expansion of its mortgage banking opera­ thority to require such modification or termination tions. Moreover, Applicant clearly has the interest of the activities of a holding company or any of to enter the Georgia mortgage markets by alterna­ its subsidiaries as the Board finds necessary to tive means if this application is denied. We con­ assure compliance with the provisions and pur­ clude that significant potential competition exists poses of the Act and the Board’s regulations and between Applicant’s present mortgage banking orders issued thereunder, or to prevent evasion subsidiaries and Blanchard and this competition thereof. would be eliminated by approval of this applica­ The transaction shall be made not later than tion. Furthermore, we are of the view that— in the three months after the effective date of this Order, absence of overriding factors not present in this unless such period is extended for good cause by case— medium-size institutions such as Blanchard the Board or by the Federal Reserve Bank of should be preserved as vehicles for entry and Richmond. means of growth for smaller bank holding compa­ By order of the Board of Governors, effective nies not represented in the market. May 20, 1974. In our view, the standard of section 4(c)(8) of the Bank Holding Company Act requires the Board Voting for this action: Chairman Burns and Governors to disapprove an application unless it finds that Mitchell, Sheehan, Bucher, and Holland. Voting against this action: Governors Brimmer and Wallich. the possible adverse effects on competition are (Signed) Chester B. Feldberg, clearly outweighed by “benefits to the public, such [seal] Secretary of the Board. as greater convenience, increased competition, or gains in efficiency.” Applicant has failed to dem­ onstrate that any significant positive benefits would Dissenting Statement of Govenors Brimmer and Wallich result from this proposal. Although Applicant has asserted that it will make available to Blanchard We would deny the application by NCNB Cor­ an increased number of institutional investors, there is nothing in the record to suggest that poration to acquire Blanchard & Calhoun Mort­ Blanchard’s contacts with institutional investors gage Company. Unlike the majority, we believe are inadequate or that it is in need of additional that consummation of the proposed acquisition sources for mortgage placements. Furthermore, would have significant adverse effects on potential there is no reason to believe that Blanchard is not competition, and the adverse effects connected capable of expanding its mortgage operations in with the proposal are not outweighed by benefits Georgia even in the absence of affiliation with to the public. Applicant. Applicant is an aggresive, well-managed, For these reasons, we would deny this applica­ growth oriented organization which clearly has the tion. capability and resources to expand de novo its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN □ JUNE 1974 SECURITY BANCORP, INC., of credit accident and health insurance have been SOUTHGATE, MICHIGAN established yet. Due to the uncertainty surrounding the proposal to underwrite credit accident and Order Approving Acquisition of United health insurance, the Board cannot accurately Bankers Life Insurance Company assess whether benefits to the public will result Security Bancorp, Inc., Southgate, Michigan, from Applicant’s engaging in the activity. Ac­ a bank holding company within the meaning of cordingly, the Board cannot approve the credit the Bank Holding Company Act, has applied for accident and health portion of the application. the Board’s approval under § 4(c)(8) of the Act Credit life and credit accident and health insur­ and 225.4(b)(2) of the Board’s Regulation Y to ance is generally made available by banks and acquire all of the voting shares of United Bankers other lenders and is designed to insure repayment Life Insurance Company, Phoenix, Arizona, a of a loan in the event of death or disability of company to be organized de novo to engage in a borrower. In connection with this addition of the underwriting, as reinsurer, of credit life and credit life and credit accident and health un­ credit accident and health insurance in connection derwriting to the list of permissible activities for with extensions of credit by Applicant’s subsidi­ bank holding companies, the Board has stated that aries. Such activity has been determined by the To assure that engaging in the underwriting of credit life and Board to be closely related to banking (12 CFR credit accident and health insurance can reasonably be expected 225.4(a)(10)). to be in the public interest, the Board will only approve Notice of the application, affording opportunity applications in which an applicant demonstrates that approval will benefit the consumer or result in other public benefits. for interested persons to submit comments and Normally, such a showing would be made by a projected views on the public interest factors, has been duly reduction in rates or increase in policy benefits due to bank holding company performance of this service. published (39 Federal Register 10496). The time for filing comments and views has expired, and Applicant has stated that it will provide credit life none has been timely received. The Board has insurance at rates to consumers at 3.3 per cent considered the application in light of the factors below the maximum rate of 60 cents authorized set forth in § 4(c)(8) of the Act (12 U.S.C. by Michigan. The Board believes that a reduction 1843(c)). of this magnitude of the price of credit life insur­ Applicant controls one bank, Security Bank and ance is a consideration favorable to the public Trust Company, Southgate, Michigan, with de­ interest. The Board concludes, therefore, that such posits of $354 million representing about 1.5 per public benefit, in the absence of any evidence in cent of total deposits in commercial banks in the record indicating the presence of any adverse Michigan.1 statutory factors, provides support for approval of Company will be formed under Arizona law as the application to underwrite credit life insurance. a full reserve life insurance company. Since Com­ Based upon the foregoing and other consid­ pany will be qualified to underwrite insurance erations reflected in the record, the Board has directly only in Arizona, its activities will be determined that the balance of the public interest limited to acting as reinsurer of credit life and factors the Board is required to consider under § credit accident and health insurance policies made 4(c)(8) is favorable. Accordingly, the application available in connection with extensions of credit to underwrite credit life insurance is hereby ap­ by Applicant’s subsidiaries located in Michigan. proved. This determination is subject to the con­ Such insurance would be directly underwritten by ditions set forth in § 225.4(c) of Regulation Y an insurer qualified to underwrite in Michigan and and to the Board’s authority to require such modi­ will thereafter be assigned or ceded to Company fication or termination of the activities of a holding under a reinsurance agreement. However, at this company or any of its subsidiaries as the Board time the direct writer has not qualified in Michigan finds necessary to assure compliance with the to underwrite credit accident and health insurance. provisions and purposes of the Act and the Board’s Applicant has indicated that it may be some regulations and orders issued thereunder or to months before contractual arrangements will be prevent evasion thereof. finalized between Company and the direct under­ The transaction shall be made not later than writer. Moreover, no rates for the underwriting three months after the effective date of this Order unless such period is extended for good cause by the Board or by the Federal Reserve Bank of 'All banking data are as of June 30, 1973. Chicago pursuant to delegated authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 463 By order of the Board of Governors, effective of this application, affording opportunity for inter­ May 17, 1974. ested persons to submit comments and views on the public interest factors, has been duly published Voting for this action: Vice Chairman Mitchell and Gover­ (39 Federal Register 8660). The time for filing nors Brimmer, Sheehan, Bucher, Holland, and Wallich. Ab­ sent and not voting: Chairman Burns. comments and views has expired. (Signed) Theodore E. A llison, The Board has considered each of the applica­ [seal] Assistant Secretary of the Board. tions and all comments received in the light of the factors set forth in each of the respective Acts. Union Bank ($59 million deposits),1 a subsidi­ ORDER UNDER BANK MERGER ACT AND SECTION 4(c)(8) OF BANK ary of Banks of Iowa, is the largest of five banking HOLDING COMPANY ACT organizations in the Ottumwa banking market (ap­ proximately by Wapello County) and holds about UNION BANK AND TRUST COMPANY, 53 per cent of the total commercial bank deposits BANKS OF IOWA, INC., in that market. As the largest banking organization OTTUMWA, IOWA in the market, Union Bank holds more than twice the amount of deposits as held by the second Order Denying Acquisition of Assets of largest banking organization. Eldon Bank, the Bank and Acquisition of Insurance Agency fourth largest banking organization in the same Union Bank and Trust Company, Ottumwa, market, holds total deposits of $3.4 million, rep­ Iowa (“Union Bank”), a member State bank of resenting 3 per cent of the market’s total deposits. the Federal Reserve System and a subsidiary of Consummation of the acquisition, therefore, Banks of Iowa, Inc., Cedar Rapids, Iowa (“Banks would result in Union Bank controlling about 56 of Iowa”), has applied for the Board’s approval per cent of the deposits, thereby furthering the pursuant to the Bank Merger Act (12 U.S.C. already high level of concentration of banking 1828(c)) of the acquisition of certain assets and resources in the market. In its consideration of this the assumption of certain liabilities of The First application, the Board regards such an increase National Bank of Eldon, Eldon, Iowa (“Eldon in concentration as an adverse factor. Bank”). As an incident to the proposal, the present Union Bank operates one office in Agency, office of Eldon Bank would become a branch of Iowa, about 10 miles northwest of Eldon, and four Union Bank. As required by the Act, notice of of its other offices are located in Wapello County the proposed transaction, in form approved by the within 22 miles of Eldon. Union Bank obtains Board, has been published, and the Board has loans and deposits business from the area served requested reports on competitive factors from the by Eldon Bank. As noted by the Department of Attorney General, the Comptroller of the Cur­ Justice in comments filed with the Board, the rency, and the Federal Deposit Insurance Cor­ amount of such business drawn by Union Bank poration. from the area served by Eldon Bank is substantial In a related matter, Banks of Iowa has applied when compared to the latter’s overall business. for the Board’s approval, under section 4(c)(8) of Thus, meaningful existing competition between the Bank Holding Company Act (12 U.S.C. the two institutions would be permanently elimi­ 1843(c)(8)) and § 225.4(b)(2) of the Board’s Reg­ nated by the proposed transaction. Although this ulation Y, to acquire the assets of Eldon Insurance factor may be minimized to some extent because Agency, Eldon, Iowa. The proposed subsidiary of the present ownership interests of directors of would engage in the activities of (1) a general Union Bank in Eldon Bank, it appears also that insurance agency in Eldon, Iowa, a community potential competition would be adversely affected with a population not exceeding 5,000, and (2) by the proposed union of the two banks since the sale of insurance directly related to extensions Eldon Bank would be removed as a banking alter­ of credit by a bank or bank related firm. Banks native in the relevant market. Consummation of of Iowa also proposes to expand the lines of the proposal would reduce the number of banking insurance sold to include crop hail insurance and alternatives available within the market from five life insurance. Such activities have been specified to four, and would preclude the possibility of the by the Board in § 225.4(a)(9) of Regulation Y as permissible for bank holding companies, subject ’Deposits for Union Bank are as of October 15, 1973, and to Board approval of individual proposals in ac­ for Eldon Bank are as of November 19, 1973. All other banking cordance with the procedures of § 225.4(b). Notice data are as of June 30, 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN □ JUNE 1974 Eldon Bank being acquired by others outside the not being satisfactorily served by existing financial market or remaining an independent organi­ institutions. zation—either of which would be preferable from On the basis of all relevant facts contained in a competitive standpoint to the instant proposal. the record, and in light of the factors set forth On the basis of the foregoing and all other facts in the Bank Merger Act (12 U.S.C. 1828(c)), it in the record, the Board concludes that the pro­ is the Board’s judgment that the anticompetitive posal would increase the level of banking concen­ effects of the proposed acquisition are not out­ tration to an undesirable level, eliminate existing weighed by considerations relating to the conven­ competition between the institutions involved, and ience and needs of the community to be served. have significantly adverse effects on potential The Board concludes, therefore, that the proposed competition within the Ottumwa banking market. transaction is not in the public interest and, ac­ Accordingly, unless such anticompetitive effects cordingly, the application is hereby denied. are clearly outweighed in the public interest by The concurrent application by Banks of Iowa, the probable effect of the transaction in meeting pursuant to § 4(c)(8) of the Bank Holding Com­ the convenience and needs of the communities to pany Act, seeks Board approval by the parent be served, the statute requires denial of the appli­ holding company of Union Bank to operate an cation. insurance agency business on the premises of The financial and managerial resources of Union Eldon Bank. In view of the Board’s denial of the Bank are satisfactory and its prospects appear application by Union Bank to acquire the assets favorable. Although Eldon Bank has not been of Eldon Bank and the fact that a bank holding operated aggressively, its financial and managerial company is not authorized under the Board’s Reg­ resources and prospects are generally satisfactory. ulation Y to act as an insurance agent or broker Therefore, banking factors are consistent with ap­ in offices other than those in which the holding proval of the application. Union Bank proposes company or its subsidiaries are otherwise engaged to improve the present services being offered by in business, the application by the parent holding Eldon Bank and to introduce trust and data pro­ company to acquire the Eldon Insurance Agency cessing services. While the proposed improve­ is hereby denied. ments and additions in service might serve the By order of the Board of Governors, effective conveniences of the relevant area, in the Board’s May 3, 1974. judgment such anticipated benefits would not be Voting for this action: Vice Chairman Mitchell and Gover­ sufficient to overcome the adverse effects this nors Brimmer, Sheehan, Bucher, Holland, and Wallich. Ab­ proposal would have on competition in the Ot­ sent and not voting: Chairman Burns. tumwa banking market. Furthermore, there is no (Signed) Chester B. Feldberg, evidence in the record to suggest that the major [seal] Secretary of the Board. banking needs of the Ottumwa market area are O R D ER S NOT PRINTED IN THIS ISSU E During May 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. ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT— APPLICATION FOR FORMATION OF BANK HOLDING COMPANY Federal Effective Register Applicant Bank Date citation Chemical Financial Corporation, Chemical Bank and Trust Com­ 5/20/74 39 F.R. 18717 Midland, Michigan pany, Midland, Michigan 5/29/74 High Plains Bank Corp., The Kiowa State Bank, 5/20/74 39 F.R. 18719 Kiowa, Colorado Kiowa, Colorado 5/29/74 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 465 Federal Effective Register Applicant Bank Date citation Hillsdale Development Corpora­ Old Farmers & Merchants State 5/23/74 39 F.R. 19538 tion, Hillsdale, Illinois Bank, Hillsdale, Illinois 6/3/74 Korea Exchange Bank, Korea Exchange Bank of Cali­ 5/31/74 39 F.R. 20423 Seoul, Korea fornia, Los Angeles, California 6/10/74 McNee, Inc., Grainfield, The Citizens State Bank, 5/23/74 39 F.R. 19538 Kansas Grainfield, Kansas 6/3/74 Redline Insurance, Inc., The Trego-WaKeeney State Bank, 5/22/74 39 F.R. 19286 WaKeeney, Kansas WaKeeney, Kansas 5/31/74 Republic New York Corporation, Republic Bank, National Associa­ 5/29/74 39 F.R. 20106 New York, New York tion, New York, New York 6/6/74 Southwest Kansas Banc Shares, The First National Bank of Meade, 5/22/74 39 F.R. 19285 Inc., Hutchinson, Kansas Meade, Kansas 5/31/74 Swedlund Management Co., The Murray State Bank, 5/22/74 39 F.R. 19286 Murray, Nebraska Murray, Nebraska 5/31/74 The Tokai Bank, Ltd., The Tokai Bank of California, 5/17/74 39 F.R. 18336 Nagoya, Japan Los Angeles, California 5/24/74 ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR ACQUISITION OF BANK Federal Effective Register Applicant Bank(s) date citation Barnett Banks of Florida, Inc., Southern National Bank of Palm 5/29/74 39 F.R. 20104 Jacksonville, Florida Beach County, Lake Worth, Fla. 6/6/74 Central Bancompany, The Boone County National Bank 5/14/74 39 F.R. 17893 Jefferson City, Missouri of Columbia, Columbia, 5/21/74 Missouri Federated Capital Corporation, The Guaranty State Bank of New 5/17/74 39 F.R. 18336 Houston, Texas Braunfels, New Braunfels, 5/24/74 Texas First Banc Group of Ohio, Inc., The Citizens Baughman National 5/6/74 39 F.R. 17136 Columbus, Ohio Bank, Sidney, Ohio 5/13/74 First International Bancshares, The First National Bank in Cle­ 5/13/74 39 F.R. 17894 Inc., Dallas, Texas burne, Cleburne, Texas 5/21/74 First Virginia Bankshares Cor­ The Peoples National Bank of 5/29/74 39 F.R. 20105 poration, Falls Church, Rocky Mount, Rocky Mount, 6/6/74 Virginia Virginia Southeast Banking Corporation, Edge wood Bank, 5/30/74 39 F.R. 20104 Miami, Florida Jacksonville, Florida 6/6/74 Southeast National Bank of North 5/13/74 39 F.R. 17896 Dade, Dade County, Florida 5/21/74 Texas Commerce Bancshares, Southeast Bank, 5/15/74 39 F.R. 18161 Inc., Houston, Texas Houston, Texas 5/23/74 UST Corp., Milton Bank and Trust Company, 5/23/74 39 F.R. 19540 Boston, Massachusetts Boston, Massachusetts 6/3/74 Wyoming Bancorporation, Bank of Wyoming, N.A., 5/3/74 39 F.R. 16935 Cheyenne, Wyoming Sheridan, Wyoming 5/10/74 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN □ JUNE 1974 ORDER UNDER SECTION 3(a)(5) OF BANK HOLDING COMPANY ACT- APPLICATION TO MERGE BANK HOLDING COMPANIES Federal Effective Register Applicant Bank Holding Company date citation Republic New York Cor­ Kings Lafayette Corporation, 5/29/74 39 F.R. 20106 poration, New York, New York New York, New York 6/6/74 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT— APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES Federal Nonbanking Company Effective Register Applicant (or activity) date citation Chemical Financial Corporation, Westley’s Data Processing, Inc., 5/20/74 39 F.R. 18717 Midland, Michigan Midland, Michigan 5/29/74 Chemical New York Corporation, The Galbreath Mortgage Com­ 5/17/74 39 F.R. 18334 New York, New York pany, Columbus, Ohio 5/24/74 FBT Bancorp, Inc., Cromwell Capital Corporation, 5/13/74 39 F.R. 18159 South Bend, Indiana Plymouth, Indiana 5/23/74 Fidelity Corporation of Pennsyl­ New York Urban Servicing Co., 5/3/74 39 F.R. 16930 vania, Rosemont, Pennsylvania Inc., New York City, New York 5/10/74 First Union, Incorporated, Preferred Life Insurance Company, 5/15/74 39 F.R. 18160 St. Louis, Missouri St. Louis, Missouri 5/23/74 Ingalls Insurance Agency, Inc., Ingalls Insurance Agency, 5/31/74 39 F.R. 20433 Ingalls, Kansas Ingalls, Kansas 6/10/74 McCune Agency, Montezuma, Kansas McNee, Inc., McNee Insurance Agency, 5/23/74 39 F.R. 19538 Grainfield, Kansas Grainfield, Kansas 6/3/74 Security Bancorp, Inc., United Bankers Life Insurance 5/29/74 39 F.R. 18720 Southgate, Michigan Company, Phoenix, Arizona 5/17/74 Swedlund Management Co., B & W Enterprises, Inc., 5122114- 39 F.R. 19286 Murray, Nebraska Murray, Nebraska 5/31/74 O R D ER S ISSU ED BY FED ERA L RESERV E BA NK S During May 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 Reserve Effective Register Applicant Bank Bank date citation The Conifer Group Inc., Merchants Bank and Boston 5/16/74 39F.R. 18718 Worcester, Massachusetts Trust Company of 5/29/74 Cape Cod, Cape Cod, Massachusetts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 467 Federal Reserve Effective Register Applicant Bank Bank date citation Multibank Financial Corp., Security National Bank Boston 5/9/74 39 F.R. 17895 Boston, Massachusetts of Springfield, Spring­ 5/21/74 field, Massachusetts Midlantic Banks, Inc., The First National Bank New York 5/20/74 39F.R. 19816 Newark, New Jersey of Cranbury, Cranbury, 6/4/74 New Jersey Union Commerce Corpora­ Port Clinton National Cleveland 5/10/74 39F.R. 17897 tion, Cleveland, Ohio Bank, Port Clinton, 5/21/74 Ohio Hamilton Bancshares, Inc., First American Bank, Atlanta 5/17/74 39F.R. 18718 Chattanooga, Tennessee Memphis, Tennessee 5/21/74 Landmark Banking Cor­ Central Bank of Palm Atlanta 5/6/74 39F.R. 17594 poration of Florida, Beach County, West 5/17/74 Fort Lauderdale, Florida Palm Beach, Florida, and North wood Bank of West Palm Beach, West Palm Beach, Florida Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements RESIGNATION OF MR. BRIMMER AS MEMBER OF impartial support of what I believe is the best THE BOARD OF GOVERNORS professional staff in the Federal Government. I am especially indebted to a number of its individual members for support over the years. Governor Andrew F. Brimmer, a Member of the Board of Governors of the Federal Reserve Sys­ So, after 11 years of Federal Government ser­ vice— and for a number of personal reasons— I feel tem, has announced his resignation from the that I must return to private life. Board, effective August 31, to accept a teaching position at Harvard University. Sincerely yours, Governor Brimmer’s letter of resignation to s/Andrew F. Brimmer President Nixon and the President’s letter of ac­ ceptance follow: THE WHITE HOUSE May 14, 1974 June 3, 1974 Dear Governor Brimmer: Dear Mr. President: It is with great personal regret and a sense of real Please accept my resignation as a Member of and substantial loss to the public service that I the Board of Governors of the Federal Reserve accept your resignation as a Member of the Board System. If it is convenient to the Government, I of Governors of the Federal Reserve System, ef­ would like to continue as a Member of the Board fective August 31, 1974, as you requested. through August 31, 1974. Effective September 1, 1974, I will join the Faculty of Harvard Univer­ In doing so, I want you to know of my deep sity’s Graduate School of Business Administration appreciation for your dedicated and highly capable located in Boston, Massachusetts. work on the Board. I am particularly pleased by your comment that, although nearly the entire When President Lyndon B. Johnson discussed Board has changed since you joined it in 1966, with me the possibility of his nominating me for there has been no change in its nonpartisan com­ membership on the Board, he asked whether— if mitment to the national interest. In appointing five I were appointed— I would remain a reasonable of the Board’s seven Members, I have endeavored length of time. I told him that I would serve a to perpetuate that dedication to the public interest reasonable period of time— although I might not and to the well-being of the Nation’s economy be able to remain for a full 14-year term. At that which characterizes the Board and each of its time (in late February 1966) I was 39 years old, and I was planning to return in the fall of that Members, and I value your judgment that we have year to my post at the University of Pennsylvania been successful. from which I was on leave of absence. I had The rapid and fundamental change in the world already served nearly three years in the Federal economy which we have experienced in recent Government— first as Deputy Assistant Secretary years has made it especially important that the and then as Assistant Secretary for Economic leaders of our central bank subscribe to what Affairs in the Department of Commerce. By the Chairman Burns and former Chairman Martin have end of next August, I will have served almost 8V2 described as the Board’s “independence within the years as a Member of the Federal Reserve Board. Government.” Throughout your eleven years of In the just over 60-year life of the Federal Reserve service to the Department of Commerce and to System, the average tenure on the Board has been the Federal Reserve System, you have ably approximately seven years. blended the combination of personal independence and institutional responsibility which that phrase In leaving the Board, I would like to stress that so aptly communicates, thereby earning my high­ I am not resigning because of any policy dis­ est esteem and the admiration and respect of each agreements with my colleagues on the Board. I of your colleagues. have found my service both exhilarating and highly satisfying. To serve as a Member of this As you depart to join the Harvard faculty, I hope Board is truly a rare— and perhaps unique— privi­ you will always look back with great pride on the lege. The strategic importance of the Federal Re­ outstanding contributions you have made to a more serve’s role in national economic policy is self- efficient and responsible Government and to the evident. During my years on the Board, there has improved well-being of all our fellow citizens. been almost a complete change in membership, You may be sure you take with you my warm but the spirit of nonpartisan cooperation and com­ best wishes for your continued success and for the mitment to the furtherance of the Nation’s interest good health and happiness of your family. on the part of Members has not changed at all. And in carrying out the assignment given to us Sincerely, by the Congress, we have had the dedicated and s/Richard Nixon 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN □ JUNE 1974 CHANGE IN BOARD STAFF • Interlocking relationships are not to last more than 5 years; and The Board of Governors has announced the pro­ • The Board may determine other terms and motion of James R. Kudlinski from Assistant conditions in specific cases in addition to, or in Director to Associate Director in the Division of lieu of, the above. Federal Reserve Bank Operations. The Board also adopted an interpretation of its amendment to Regulation L setting forth criteria DIRECTOR OF FEDERAL RESERVE BANK that may be used in designating a “low income or other economically depressed area. ” The Board Edward J. Schnuck, Chairman of the Board, said such an area is one, without regard to political Schnuck Markets, Bridgeton, Missouri, was ap­ or other subdivisions or boundaries, that has some pointed Class C director, Chairman, and Federal or all of the following characteristics: Reserve Agent of the Federal Reserve Bank of St. • A rate of unemployment substantially above Louis, effective May 22, 1974, to succeed the late the national average. Frederic M. Peirce, Chairman of the Board, Gen­ • A median level of family income signifi­ eral American Life Insurance Company, St. Louis, cantly below the national median. Missouri. • The economy of the area has traditionally been dominated by one or two industries and these CHANGES IN REGULATIONS L AND Y are in a state of long-term decline. The Board of Governors has announced two regu­ • Labor and capital are leaving the area to a latory changes designed to aid the development substantial degree. of banks in low income or other economically • The area is adversely affected by changing depressed areas, effective June 20, 1974. industrial technology. One of the regulatory amendments makes an • The area is adversely affected by changes in exception under Regulation L to permit interlock­ national defense production or facilities. ing personnel relationships, under certain condi­ tions, in low income or depressed areas. Gener­ POSTPONEMENT OF AMENDMENT ally, directors, officers, and employees of member TO REGULATION T banks are prohibited from holding similar positions The Board of Governors has postponed until Jan­ in another bank, savings institution, or trust com­ uary 2, 1975, the effective date of a regulatory pany in the same, or adjacent, communities. amendment that will withdraw permission for The second makes an exception under Regula­ brokers or dealers to sell certain kinds of invest­ tion Y to permit a bank holding company that ment contract securities on credit. (See Bulletin provides bank management consulting advice to for January 1974, p. 63.) an unaffiliated bank in a depressed or low income The action was taken to provide time for the area to have interlocking personnel relationships Securities and Exchange Commission to receive with the nonaffiliated bank. In general, Regulation and review comments on a proposal to amend its Y does not permit a bank holding company to give regulations governing the same types of securities. management consulting advice to a nonaffiliated bank if there are interlocking personnel relation­ REVISIONS IN MONEY STOCK ships. AND RELATED MEASURES Interlocking personnel will be permitted only upon the following conditions: Money stock and related measures, shown in the • Any director, officer, or employee of a tables on page A-14 of this B ulletin, have been member bank may be a director, officer, or em­ revised to reflect new benchmark data for non­ ployee of not more than one other bank, located member banks available from the December 31, or to be located, in a low income or economically 1973, call report and from reports of foreign depressed area; agencies and branches, as well as benchmark ad­ • The interlocking relationship is necessary to justments and seasonal factor revisions for the provide management or operating expertise; nonbank thrift institutions component of M3. Re­ • The're are no more than three interlocking visions for Mi and M2 affect 1973 data and for relationships between any two banks, and inter­ M3 affect figures back to 1959. Detailed data are locking personnel do not constitute a majority of available from the Banking Section of the Board’s the board of directors of the bank being assisted; Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 471 PUBLICATION OF ANNUAL REPORT ADMISSION OF STATE BANK TO MEMBERSHIP IN THE The Sixtieth Annual Report of the Board of Gov­ FEDERAL RESERVE SYSTEM ernors of the Federal Reserve System, covering operations for the calendar year 1973, is available The following bank was admitted to membership for distribution. Copies may be obtained upon in the Federal Reserve System during the period request to Publications Services, Division of Ad­ May 16, 1974, through June 15, 1974: ministrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. Florida 20551. Tampa .......................................... Metropolitan Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production Released for publication June 14 Industrial production increased by an estimated 0.4 INDUSTRIAL PRODUCTION SEASONALLY ADJUSTED, RATIO SCALE, 1967=100 per cent in May, following a revised 0.3 per cent gain in April. Both the March and April indexes were revised upward by 0.2 per cent. The May index at 125.4 per cent of the 1967 average was 0.4 per cent above a year earlier. Output of con­ sumer goods and business equipment rose in May, and production of materials was unchanged. Auto assemblies rose almost 3 per cent further in May and were at an annual rate of 7.7 million units. Car schedules for June indicate another increase in production. Output of other durable and nondurable consumer goods also rose in May. Production of business equipment rose 0.8 per cent further and was 7 per cent above a year earlier. The industrial equipment sector registered the major gains in output. Production of construction products was unchanged, and output of general business supplies increased. Output of iron and steel mill products is esti­ mated to have increased somewhat following a decline in April. Production of other durable goods materials rose in May, primarily in the automotive and equipment supplying industries. These gains, however, were offset by a decline in nondurable F.R. indexes, seasonally adjusted. Latest figures: May. goods materials. Seasonally adjusted Per cent 1967 = 100 changes from— Per cent changes, annual rate Industrial production 1974 1973 1974 Month Yeai ago ago Mar.r Apr.p May e Q3 Q4 Qir Total .................................................... 124.5 124.9 125.4 .4 .4 6.1 .9 -6.9 Products, total ............................................ 122.0 122.5 123.4 .7 .4 3.9 1.3 -6.7 Final products ......................................... 120.4 121.0 122.0 .8 1.0 4.3 3.3 -7.5 Consumer goods ................................ 127.9 128.6 129.5 .7 -1.7 1.8 1.2 -12.1 Durable goods .............................. 128.0 130.9 133.1 1.7 -6.0 -8.8 -4.0 -27.2 Nondurable goods ....................... 127.9 127.7 128.2 .4 .2 6.6 3.1 -6.1 Business equipment ......................... 128.0 128.6 129.6 .8 6.8 11.2 8.0 1.3 Intermediate products ........................... 127.6 127.9 128.1 .2 -1.8 4.0 -4.8 -5.2 Construction products ..................... 129.0 129.5 129.5 0 -2.0 6.9 -5.6 -5.7 Materials ....................................................... 128.4 128.9 128.9 0 .5 8.4 .3 -7.0 ''Revised. Preliminary. '’Estimated. 473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics CO N TEN TS A 3 GUIDE TO TABULAR PRESEN TA TIO N A 3 STATISTICAL RELEA SES: REFER EN C E U.S. STA TISTICS: A 4 M em ber bank reserves, Federal R eserve Bank and related item s A 7 Federal funds— M ajor reserve city banks A 8 R eserve B ank interest rates A 9 R eserve requirem ents A 10 M axim um interest rates; m argin requirem ents A 11 O pen m arket account A 12 Federal R eserve B anks A 13 Bank debits A 14 M oney stock A 15 Bank reserves; bank credit A 16 C om m ercial banks, by classes A 20 W eekly reporting banks A 25 B usiness loans of banks A 26 D em and deposit ow nership A 27 Loan sales by banks A 27 O pen m arket paper A 28 Interest rates A 31 Security m arkets A 32 Stock m arket credit A 32 Savings institutions A 34 Federal finance A 36 U.S. G overnm ent securities A 39 Federally sponsored credit agencies A 40 Security issues A 43 B usiness finance A 44 Real estate credit A 47 C onsum er credit Continued on next page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN □ JUNE 1974 U.S. STA TISTICS— C ontinued A 50 Industrial production A 52 B usiness activity A 52 C onstruction A 54 Labor force, em ploym ent, and unem ploym ent A 55 C onsum er prices A 55 W holesale prices A 56 N ational product and incom e A 58 Flow of funds INTERNATIONAL STA TISTICS: A 60 U.S. balance of paym ents A 61 Foreign trade A 61 U.S. reserve assets A 62 U.S. gold transactions A 63 International capital transactions of the U nited S tates A 77 C entral bank rates A 77 O pen m arket rates A 78 Foreign exchange rates A 79 G old reserves of central banks and governm ents TABLES PUBLISHED PERIODICALLY: A 80 Banking offices and deposits of banks in holding com pany groups, D ecem ber 31, 1973 Insured com m ercial banks, 1973: A 84 Incom e, expenses, and dividends M em ber banks, 1973: Incom e, expenses, and dividends: A 84 By class of bank A 86 By Federal R eserve district A 92 By size of bank A 94 Incom e ratios, by class of bank and Federal R eserve district A 109 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted for seasonal variation c Corrected IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds I, II, III, IV Quarters U Uses of funds * Amounts insignificant in terms of the par­ n.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 A.R. Annual rate when the unit is millions) S.A. 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 a negative figure, or (3) an outflow. direct obligations of the Treasury. “State and local A heavy vertical rule is used in the following in­ govt.” also includes municipalities, special districts, stances: (1) to the right (to the left) of a total when and other political subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals be­ that total (totals separated by ordinary rules include cause of rounding. more components than those shown), (2) to the right The footnotes labeled N ote (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. 1974 A-88—A-89 corporations .................................. Apr. 1974 A-90 Flow of funds: Semiannually Assets and liabilities: 1961-72 .................................... Sept. 1973 A-71.14—A-71.28 Banking offices: Analysis of changes in number Feb. 1974 A-98 Flows: On, and not on, Federal Reserve 1961-72 .................................... Sept. 1973 A-70—A-71.13 Par List, number .................... Feb. 1974 A-99 Income and expenses: Annually Federal Reserve Banks .................Feb. 1974 A-96—A-97 Bank holding companies: Insured commercial banks ...........June 1974 A-84—A-85 Member banks: Banking offices and deposits of group banks, Dec. 31, 1973 June 1974 A-80—A-83 Calendar year ................................June 1974 A-84—A-93 Income ratios ................................June 1974 A-94—A-99 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 R eleases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases June 1974 A-106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ JUNE 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 u H n e d l e d r Loans Float 2 O F t . h R e . r Total 4 stock ce R rt i i g fi h c t a s te re o n u c t y ­ Bought repur­ assets 3 account stand­ Total out­ chase ing right agree­ ment Averages of daily figures 1939—Dec............................... 2,510 2,510 8 83 2,612 17,518 2,956 1941—Dec............................... 2,219 2,219 5 170 2,404 22*759 3^239 1945_Dec............................... 23,708 23,708 381 652 24,744 201047 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—Dec............................... 52,529 52,454 75 765 3,251 56,610 10,367 6,810 1969—Dec............................... 57,500 57,295 205 1,086 3,235 ” i’204’ 64,100 10,367 6,841 1970—Dec............................... 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 7,145 1971—Dec............................... 69,128 68,868 290 107 3,905 982 74,255 10,132 400 7,611 1972—Dec............................... 71,094 70,790 304 1,049 3,479 1,138 76,851 10,410 400 8,293 1973—May............................. 76,758 76,205 553 1,786 -2,190 960 '81,831 10,410 400 8,478 June............................. 75,355 75,047 308 rl,788 ’•2,371 942 '80,547 10,410 400 8,518 July.............................. 77,448 76,875 573 2,051 r3,162 1,180 '83,929 10,410 400 8,538 Aug.............................. 76,653 76,475 178 r2,144 r2,563 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 rl,465 r2,936 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 1974—Jan................................ 80,793 80,608 185 1,044 3,385 1,258 86,568 11,567 400 8.705 Feb............................... 80,801 80,551 250 1,186 2,300 1,117 85,493 11,567 400 8,747 Mar.............................. 80,686 80,184 502 1,352 1,816 960 84,943 11,567 400 8,767 Apr............................... 81,567 80,873 694 1,714 2,295 1,160 86,907 11,567 400 8,807 May*........................... 83,434 82,037 1,397 2,579 1,986 1,093 89,365 11,567 400 8,838 Week ending— 1974—Mar. 6....................... 80,203 80,203 912 2,010 878 84,072 11 567 400 8,758 13....................... 80,167 79,767 400 983 2,074 938 84,246 11,567 400 8,762 20....................... 80,813 80,303 510 1,483 1,889 961 85,262 11,567 400 8,768 27....................... 80,920 80,302 618 1,713 1,766 1,003 85,546 11,567 400 8,772 Apr. 3....................... 81,330 80,483 847 1,503 1,801 1,060 85,923 11,567 400 8,789 10....................... 80,675 80,485 190 1,194 2,039 1,104 85,111 11,567 400 8,800 17....................... 81,606 80,651 955 1,816 2,646 1,134 87,332 11,567 400 8,803 24....................... 81,689 80,996 693 1,939 2,503 1,191 87,526 11,567 400 8,812 May 1....................... 82,731 81,637 1,094 2,157 1,919 1,292 88,365 11,567 400 8,822 8....................... 83,190 81,868 1,322 1,616 1,807 1,336 88,238 11,567 400 8,827 15....................... 83,626 81,951 1,675 1,977 1,908 1,248 89,065 11,567 400 8,830 22*...................... 83,679 81,756 1,923 3,088 2,207 879 90,194 11,567 400 8,836 29*..................... 83,162 82,418 744 3,605 1,800 900 89,631 11,567 400 8,856 End of month 1974—Mar.............................. 81,791 8 80,483 1,308 1,820 1,287 1,078 86,272 11,567 400 8,813 Apr............................... 82,661 8 81,749 912 1,747 1,736 1,313 87,673 11,567 400 8,844 May?........................... 84,658 8 82,777 1,881 3,298 1,811 1,015 91,155 11,567 400 8,859 Wednesday 1974—Mar. 6....................... 80,156 8 80,156 846 r 2,673 915 '84,657 11,567 400 8,760 13....................... 81,726 8 79,696 2,030 1,627 2,509 1,023 87,038 11,567 400 8,764 20....................... 81,461 8 80,331 1,130 2,163 2,123 998 86,911 11,567 400 8,769 27....................... 80,176 9 79,781 395 2,033 2,222 1,029 85,590 11,567 400 8,773 Apr. 3....................... 80,483 8 80,483 1,116 2,632 1,053 85,358 11,567 400 8,797 10....................... 80,478 8 80,478 1,286 2,549 1,106 85,492 11,567 400 8,801 17....................... 81,195 8 80,682 513 1,284 2,637 1,283 86,494 11,567 400 8,803 24....................... 81,489 8 80,933 556 2,171 2,649 1,229 87,737 11,567 400 8,821 May 1....................... 82,425 8 81,649 776 1,869 2,955 1,395 88,848 11,567 400 8,826 8....................... 83,125 8 81,916 1,209 1,923 2,380 1,330 89,023 11,567 400 8,829 15....................... 83,670 8 82,088 1,582 3,500 2,714 831 91,055 11,567 400 8,832 22*..................... 81,473 9 79,840 1,633 2,980 2,516 946 88,172 11,567 400 8,853 29*..................... 85,253 8 82,471 2,782 4,710 2,104 923 93,340 11,567 400 8,856 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 table on F.R. Banks on p. A-12. 1971. 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 8 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

JUNE 1974 a 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 t c e u i i i n o n l r a c n ­ y ­ T h c i u r n o a e r g l s a d y h s s ­ ­ T u re r a y s­ with F F e . i R o g r n . ­ Banks Other2,5 c O o F u a t . h n c R ­ e t . s r ^ c b a F i a p l l i . n i i a R t t d i a ­ e . l s 3 B W F a . n R it k h . s c r C a e o n n u in c d r y ­ 6 Averages of daily figures 7,609 2,402 616 739 248 11,473 11,473 .........................1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 .........................1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 .........................1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 .........................1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 .........................1960—Dec. 50.609 756 360 225 458 -1,105 22,484 4,737 27,221 .........................1968—Dec. 53.591 656 1,194 146 458 2,192 23,071 4,960 28,031 .........................1969—Dec. 57,013 427 849 145 735 2,265 23,925 5,340 29,265 .........................1970—Dec. 61,060 453 1.926 290 728 2,287 25,653 5,676 31,329 ..........................1971—Dec. 66,060 350 1,449 272 631 2,362 24,830 6,095 31,353 .........................1972—Dec. 66,726 413 4,121 330 652 2,721 '26,157 6,007 '32,336 .........................1973—May 67.609 386 2,408 266 698 2,732 r25,777 6,086 '32,029 .....................................June 68,382 346 3,375 341 782 2,846 '27,205 '6,273 '33,590 .....................................July 68,394 344 1,674 300 838 2,877 '27,375 6,296 '33,783 .....................................Aug. 68.592 349 792 332 781 2,848 '27,510 6.402 '34,020 .....................................Sept. 68,909 622 1,718 266 5 752 2,866 '28,458 6,371 '34,913 .....................................Oct. 69,927 340 1,772 522 5 689 2,854 '28,259 '6,382 '34,725 ......................................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 28,574 6,601 35,242 ......................................Feb. 71,081 334 1,803 311 5 699 2,998 28,450 6,450 34,966 .....................................Mar. 72,176 308 1,712 328 5 702 2,985 29,469 6.402 35,929 ......................................Apr. 72,876 286 3,000 320 5 699 3,168 29,821 6,607 36,486 ......................................May p Week ending— 70,577 334 1,927 328 5 694 2,942 27,994 6,572 34,633 ...................1974—Mar. 6 71,193 330 1,794 277 5 714 2,842 27,826 6,855 34,748 ..........................................13 71,286 337 1,324 300 5 731 2,994 29,025 6,117 35,209 ...........................................20 71,117 335 2,317 307 5 669 3,093 28,448 6,259 34,774 ...........................................27 71,366 340 1,889 372 5 704 3,105 28,904 6,481 35,443 ...............................Apr. 3 72,008 326 1,354 300 5 725 2,854 28,311 6,633 35,002 ...........................................10 72,616 303 1,299 439 5 695 3,010 29,741 6,457 36,256 ..........................................17 72,308 288 1,666 269 5 703 2,997 30,074 5,923 36,055 ..........................................24 72,048 301 2,460 343 5 672 3,132 30,198 6,589 36,845 ................................May 1 72,463 299 2,959 294 5 662 2,961 29,393 6,885 36,336 .......................................... 8 72,997 285 2,723 277 5 715 3,122 29,743 6,845 36,646 ..........................................15 72,959 278 3,028 343 5 728 3,218 30,444 6,083 36,585 .............................................22* 73,062 273 3,224 287 5 684 3,310 29,613 6,603 36,274 ...........................................29 p End of month 71,196 341 1,373 366 5 673 3,262 29,838 6,481 36,377 .........................1974—Mar. 72,233 298 2,813 517 5 697 3,129 28,795 6,589 35,442 ......................................Apr. 73,155 304 3,133 429 5 667 3,395 30,898 6,652 37,608 ......................................May p Wednesday 71,060 341 1,528 282 s 687 2,783 '28,703 6,572 36,342 ..................1974—Mar. 6 71,482 336 1,944 274 5 737 2,945 30,051 6,855 36,973 ..........................................13 71,343 347 2,079 261 5 675 3,022 29,920 6,117 36,104 ...........................................20 71,378 338 2,094 355 5 683 3,073 28.410 6,259 34,736 ...........................................27 71,762 340 2,426 264 5 748 2,757 27,825 6,481 34,364 ................................Apr. 3 72,633 313 1,277 339 5 758 2,918 28,021 6,633 34,712 ...........................................10 72,723 293 902 368 5 670 2,896 29.411 6,457 35,926 ..........................................17 72,310 287 2,425 279 5 700 3,026 29,498 5,923 35,479 ..........................................24 72,329 300 2,948 544 5 705 3,180 29,634 6,589 36,281 ..............................May 1 72,975 305 2,993 254 5 689 3,009 29,594 6,885 36,537 .......................................... 8 73,204 296 2,569 358 5 749 3,131 31,547 6,845 38,450 ..........................................15 73,099 292 4.332 265 5 761 3,244 26,999 6,083 33,140 .........................................22 p 73,488 269 2.333 315 5 642 3,644 33,472 6,603 40,133 .........................................29* 6 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed million; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning thereafter. Beginning with Jan. 1963, figures are estimated except for 1974 Ql, $67 million Q2, $58 million. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 8 Includes securities loaned—fully secured by U.S. Govt, securities of-business figures for reserve period 2 weeks previous to report date. pledged with F.R. Banks. 7 Beginning with week ending Nov. 15, 1972, includes $450 million of 9 Includes securities loaned—fully secured by U.S. Govt, securities reserve deficiencies on which F.R. Banks are allowed to waive penalties pledged with F.R. Banks. Also reflects securities sold, and scheduled to for a transition period in connection with bank adaptation to Regulation J be bought back, under matched sale/purchase transactions. as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies included are (beginning with first statement week of quarter): Ql, $279 For other notes see opposite page. 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AND RELATED ITEMS □ JUNE 1974 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks 2 Reserves Borrowings New York City City of Chicago Other Re­ Excess1 Total Sea­ Excess Borrow­ Excess Borrow­ Excess Borrow­ owquired sonal ings ings ings gs 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 32,277 59 1,786 30 -35 110 6 12 -115 783 31,970 59 1,788 77 -61 145 -5 28 -79 711 33,199 391 2,050 124 156 135 30 67 -2 993 33,540 243 2,144 163 34 109 -8 53 8 ,227 33.775 245 1,861 147 -6 115 24 62 40 972 34,690 223 1,465 126 11 74 1 54 17 748 34,543 182 1,399 84 27 180 -24 28 -20 598 34,806 262 1,298 41 -23 74 43 28 28 435 36,419 236 1,044 18 65 135 -44 17 -8 343 35,053 189 1,186 17 51 87 -19 18 -51 446 34,790 176 1,352 32 21 113 -61 65 43 485 35,771 158 1,714 50 19 114 69 41 -58 572 36,325 161 2,579 102 -28 772 25 20 -28 849 32,271 233 1,875 16 56 222 19 6 -63 779 32,327 -81 1,484 18 -75 182 -50 33 -137 689 32,600 363 1,814 23 49 123 42 9 6 689 32,178 124 1,689 32 33 30 -27 -49 844 32,060 166 2,401 46 7 144 27 11 -89 963 34,369 257 1,171 93 101 192 -53 12 -7 583 34.725 146 1,521 80 -92 262 61 29 482 34.726 369 1,568 85 110 224 2 15 66 706 34,372 66 1,287 84 -56 94 -14 28 -31 624 34,468 438 1,478 57 167 15 11 29 578 34,472 -28 1,303 45 -139 102 -23 11 -37 421 34,892 311 1,488 40 137 163 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 35,274 114 1,376 20 -37 257 -63 -42 408 34,645 206 1,251 16 70 -17 13 -24 458 34,515 118 912 19 -81 123 13 11 1 414 34,632 116 983 19 41 11 -8 66 -82 399 35,129 80 1,483 35 -41 333 -3 15 -36 456 34,605 169 1,713 43 10 31 40 21 -16 600 35,217 226 1,503 44 77 34 -9 189 -27 570 34,940 62 1,194 41 -73 108 4 53 6 370 35,927 329 1,816 46 78 107 -19 101 37 515 35,916 139 1,939 52 -12 69 70 4 -12 633 36,668 177 2,157 74 62 176 -47 17 -34 824 36,201 135 1,616 82 -57 134 41 14 10 646 36,470 176 1,977 94 83 506 -39 37 -63 703 36,488 97 3,088 112 -58 993 124 7 -100 957 36,166 108 3,605 114 14 1,449 -99 9 -31 ,065 ^ov. 15, 1972, includes $450 million of parallel the previous “Reserve city” and “C01 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 av< vithin 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 closii ^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 the hown here as “Large” and “All other’* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ MAJOR RESERVE CITY BANKS A 7 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d ding— s E e x r r v c e e e ­ s ss 1 r a o B t B w a F o n in . r k R ­ g s . s F t f i b e r n u N a d a n t n n e e e d s r t r k s a ­ . l S d u e r o f p i r c lu it s r P r e e e q a s r u e o v c r g i f v r e . e n e d s t c P ha u s r e ­ s Sales t a w c t T r o t a o i - o n t w n a s l s a ­ y 2 b c o b u P h a f y a u n n s i r k n e e ­ s s g t s o b S e a f l a n l l n i e k n e s g s t d L ea o t l o a e n r s s3 de f r B i a r o n o o l w g e m r s r ­ ­ s4 lo N a e n t s Total—46 banks 1974—Apr. 3.......... 278 593 14,779 -15,094 96.9 21,490 6,711 5,832 15,658 879 1,463 604 859 10.......... 74 182 16,738 -16,846 108.7 22,700 5,962 5,380 17,320 582 1,610 516 1,094 17.......... 296 665 17,196 -17,565 108.3 22,124 4,928 4,454 17,671 475 1,557 432 1,125 24.......... 106 728 13,698 -14,320 89.4 19,837 6,140 5,401 14,436 738 1,227 548 680 May 1........... 77 579 12,177 -12,679 76.8 19,231 7,054 5,704 13,527 1,350 1,467 562 906 8........... 42 360 12,208 -12,525 77.0 18,909 6,702 5,820 13,090 882 1,386 591 795 15.......... 80 429 12,742 -13,092 78.8 18,783 6,040 5,659 13,123 380 1,316 639 678 22.......... 95 473 11,809 -12,187 73.5 17,221 5,412 5,259 11,962 152 1,888 742 1,146 29.......... 64 711 10,511 -11,157 68.1 17,391 6,881 6,016 11,375 865 1,794 802 993 8 in New York City 1974—Apr. 3.......... 76 34 4,074 -4,032 63.6 5,259 1,186 1,099 4,160 86 725 249 476 10.......... -3 79 5,294 -5,375 85.9 6,397 1,103 1,103 5,294 906 277 629 17.......... 64 107 4,696 -4,739 72.3 5,733 1,036 1,037 4,696 852 216 636 24.......... 4 55 2,621 -2,672 41.5 4,825 2,203 1,863 2,962 340 560 309 251 May 1........... 78 107 2,938 -2,967 44.2 5,161 2,224 1,717 3,444 507 783 310 473 8........... -27 92 3,304 -3,423 52,1 5,481 2,177 1,761 3,720 416 593 348 245 15.......... 60 121 3,940 -4,002 59.2 5,408 1,467 1,369 4,039 98 521 360 161 22.......... -5 2,853 -2,858 42.3 4,268 1,415 1,403 2,865 12 778 385 393 29.......... 27 277 2,197 -2,447 37.7 4,524 2,327 1,716 2,808 611 803 390 413 38 outside New York City 1974—Apr. 3.......... 203 559 10,706 -11,062 119.7 16,231 5,525 4,733 11,498 793 738 355 383 10.......... 77 103 11,444 -11,470 124.0 16,303 4,859 4,276 12,027 582 703 239 465 17.......... 232 558 12,500 -12,826 132.7 16,392 3,892 3,417 12,975 475 705 215 489 24.......... 101 673 11,076 -11,648 121.6 15,013 3,936 3,538 11,475 398 668 239 429 May 1........... —1 471 9,239 -9,712 99.2 14,070 4,830 3,987 10,083 844 685 252 432 8........... 69 268 8,904 -9,102 93.9 13,429 4.525 4,059 9,370 466 792 243 550 15.......... 19 308 8,802 -9,091 92.2 13,375 4,573 4,291 9,084 282 795 278 517 22.......... 100 473 8,956 -9,329 94.8 12,953 3,997 3,857 9,097 140 1,110 357 753 29.......... 37 434 8,314 -8,711 88.2 12,868 4,554 4,300 8,567 254 991 411 580 5 in City of Chicago 1974—Apr. 3.......... 150 3,993 -4,142 244.0 4,656 664 664 3,993 436 436 10.......... 4,310 -4,298 260.3 5,099 789 789 4,310 420 420 17.......... 100 4,641 -4,755 259.7 5,218 576 576 4,641 410 410 24.......... 1 3,627 -3,577 214.5 4,475 848 848 3,627 358 358 May 1........... 1................ 3,521 -3,541 199.3 4,406 885 885 3,521 320 320 8........... 29 3,751 — 3,722 214. 5 4,811 1,060 1,053 3,758 7 334 334 15.......... -13 14 3,800 -3,828 215.6 4,778 978 978 3,800 324 324 22.......... 43 3,661 -3,618 204.5 4,598 937 937 3,661 427 427 29.......... 18 3,156 — 3,138 177.3 4,291 1,135 1,045 3,247 90 350 350 33 others 1974—Apr. 3.......... 409 6,713 -6,920 91.7 11,575 4,862 4,069 7,506 793 302 355 -53 10.......... 103 7,134 -7,172 94.4 11,204 4,070 3,488 7,716 582 284 239 45 17.......... 458 7,859 -8,071 103.0 11,174 3,316 2,841 8,334 475 295 215 79 24.......... 673 7,449 -8,071 102.0 10,538 3,089 2,690 7,848 398 310 239 71 May 1........... 471 5,718 -6,171 77.0 9,663 3,945 3,102 6,561 844 365 252 112 8........... l 268 5,153 -5,380 67.6 8,618 3,465 3,006 5,612 459 458 243 215 15.......... 294 5,002 -5,263 65.1 8,597 3,595 3,313 5,284 282 472 278 193 22.......... 473 5,296 -5,711 70.7 8,356 3,060 2,920 5,436 140 683 357 326 29.......... > 434 5,518 -5,572 68.7 8,576 3,418 3,255 5,231 164 641 411 230 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 □ JUNE 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)2 last par. Sec. 133 Federal Reserve Bank M Ra 1 a t 9 y e 7 3 4 o 1 n , Eff d e a c t t e ive Pr r e a v t i e ous R M a 1 a t 9 y e 7 4 3 o 1 n , Ef d fe a c t t e ive Pr r e a v t io e us R M 1 a a 9 t y e 7 4 3 o 1 n , Ef d fe a c t t e ive Pr r e a v t io e us Boston............ Apr. 30, 1974 7*i 8*4 Apr. 30, 1974 10 Apr. 30, 1974 9*4 New York.... Apr. 25, 1974 7% 81/z Apr. 25, 1974 10 Apr. 25, 1974 9^ Philadelphia.. Apr. 25, 1974 m 8*4 Apr. 25, 1974 10 Apr. 25, 1974 9^ Cleveland.... Apr. 25, 1974 m 8 V4 Apr. 25, 1974 10 Apr. 25, 1974 9i/i Richmond.... Apr. 25, 1974 7*4 8% Apr. 25, 1974 10 Apr. 25, 1974 9Vi Atlanta........... Apr. 29, 1974 7*4 8i/i Apr. 29, 1974 10 Apr. 29, 1974 9Vi Chicago.......... Apr. 26, 1974 7% 8Vi Apr. 26, 1974 10 Apr. 26, 1974 9Vi St. Louis......... Apr. 26, 1974 7*4 81/2 Apr. 26, 1974 10 Apr. 26, 1974 91h. Minneapolis.. Apr. 26, 1974 m 8i/i Apr. 26, 1974 10 Apr. 26, 1974 9Vi Kansas City.. Apr. 25, 1974 7% 81/2 Apr. 25, 1974 10 Apr. 25, 1974 9i/i Dallas............. Apr. 25, 1974 m 8i/i Apr. 25, 1974 10 Apr. 25, 1974 91/i San Francisco Apr. 25, 1974 7*4 8Vi Apr. 25, 1974 10 Apr. 25, 1974 91/i 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 8 per cent was approved over 6 months and 9 months, respectively. on advances to nonmember banks, to be applicable in special circumstances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum resulting from implementation of changes in Regulation J, which became maturity: 4 months. effective on Nov. 9, 1972. See “Announcements” on p. 942 of the Oct. 3 Advances to individuals, partnerships, or corporations other than 1972 Bulletin and p. 994 of the Nov. 1972 Bulletin. member banks secured by direct obligations of, or obligations fully SUMMARY OF EARLIER CHANGES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1954, 1*4 1*4 1959—Mar. 6.. 2*4-3 3 1970—Dec. 1............... 51/2-5% 534 16.. 3 3 4............... 5i/2-53/4 51/2 1955—Apr. 14............. 1*4-1% 1V4 May 29.. 3 -3i/i 3% 11............... 5*4 5 V4 1956— S A N M A A e u o p u p a g v r g y t . . . . . 2 1 1 1 2 2 1 3 1 5 4 9 2 2 3 5 8 3 0 4 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 2 2 2 1 1 2 2 3 * 3 % * % % 4 2 4 2 4 1 4 3 1 - - % % - - - - - - - / 2 1 2 2 2 3 3 3 2 2 % % % i % % /2 2 2 2 2 2 2 2 2 1 1 1 3 3 % % * % * % % % % 4 4 1 1 1 9 9 9 6 6 6 3 4 5 — — — J S J S A N D u u e e u o e p p n ly c g v t t e . . . . . 2 2 1 1 1 1 1 1 1 3 9 3 6 7 4 6 8 1 2 0 2 4 0 . . . . . . . . . . . . . . . , . . . . . . , . . , 3 3 4 3 3 3 * * V 3 4 3 4 3 3 3 4 4 * i - - - - i V V - - 4 / 3 4 3 4 4 4 i - i i 4 V V V i i i 4 4 4 3 3 3 4 4 4 3 3 3 3 1 1 1 1 V V / / / / 2 2 4 4 2 2 1971— J D J F N u a e e o n l b c y v . . . . 2 2 1 1 2 2 1 1 1 1 1 1 1 8 5 2 9 9 3 6 1 3 9 . . . . 9 . . 7 . . 4 . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 4 5 5 4 4 V 1 3 * * / 4 5 4 4 4 5 4 4 5 4 4 2 % V - % - % - * - - - 5 5 5 4 5 4 4 i V * % % 3 - - 4 5 4 5 4 5 4 5 5 5 4 4 5 5 4 5 4 5 5 1 1 1 * 1 3 3 3 / / / 4 4 4 4 4 4 4 4 1957—Aug. 9............. 3 -3*4 3 13., 4*4 4% 1973—Jan. 15............... 5 5 1958— N J D a e o n c v . . . 2 2 1 2 2 5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3 3 3 4 V - - 3 3 4 *4 3 3 3 3 V4 1967— N Ap o r v . . 2 2 1 7 0 7 4 . . . . . , 4 4 4 41 - - / 4 2 41 V /2 i 4 4 4 4 V V i i M A M Fe p a a b r r y . . . 2 2 1 2 4 6 3 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 1 3 / / 5 5 2 4 3 V - - - / 5 5 6 4 4 3 V 4 i 6 5 5 5 5 1 3 * V / 4 4 2 4 Mar. 2 7 4 ... ........ . 2 2 % % - - 3 3 2 2 % % 1968—Mar. 2 1 2 5 . . 4V 5 i-5 4 5 V4 June 1 1 1 8 ... ............ 6 6 -6 Vi 6 6 Vi A S A M e p u a p r g y t . . . 2 2 1 1 1 1 9 1 3 5 8 3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 % 3 3 3 2 2 / / 4 1 4 4 % - % - - - 2 2 2 2 % % 2 2 2 2 1 1 1 1 % % % % /4 A A D p u e r c g . . . 2 2 3 1 1 1 6 0 9 6 0 8 . . . . . . 5 5 5 * 1/ 4 5 5 5 4 1 - V - V - 5 / 5 5 4 4 i 1 V V /4 4 i 5 5 5 5 5 5 1 V V V V V /4 i i i i i 1974— J A A u p u l r y g . . 2 2 1 3 1 2 5 5 4 3 . . . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 V 6 7 7 i V - * 8 - 4 8 4 71/2 6 7 7 7 V * * 4 4 4 Oct. 24........... 2 -2*i 2 1969—Apr. 4. 5 Vi-6 6 Nov. 7........... 21/2 2*i 8. 6 6 In effect May 31, 1974. 1970—Nov. 11. 5%-6 6 13. 53/4-6 534 16. 5% 53/4 Note.—Rates under Secs. 13 and 13a (as described in table and notes above). For data before 1955, see Banking and Monetary Statistics, 1943, pp. 439-42, and Supplement to Section 12, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 o RESERVE REQUIREM ENTS A 9 RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS (Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.) Time 3 Net demand 2 (all classes of Net demand 2,4 Time 3 banks) Effective Effective date 1 Reserve city Other Other time date Other time Sav­ 0-2 2-10 10-100100-400 Over Sav­ Over Over ings Over 400 5 ings Over 0-5 5 0-5 5 0-5 5 0-5 5 6 In effect 1972—Nov. 9........ 8 10 12 7 16% 17% 83 83 85 Jan 1 1963........... 161/2 12 4 Nov. 16.... 13 1966__July 14 21 4 4 5 1973—July 19......... 10% 12% 13% 18 6 1967—M Ma ar r . . 1 2 6 . .. .. . . . . . . . . . . . . . . . 3* 2* In e M ffe a c y t 31, 1974 8 10% 12% 13% 18 3 3 5 1968—Jan. 11, 18... 16% 17 12 12% 1969—Apr. 17........... 17 17% 12% 13 1970—Oct. 1............. 5 Present legal limits : 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 office of such a bank constitutes designation of that place as a reserve city banks and the second to the change at country banks. For changes city. Cities in which there are F.R. Banks or branches are also prior to 1963 see Board’s Annual Reports. reserve cities. Any banks having net demand deposits of $400 million or 2 (a) Demand deposits subject to reserve requirements are gross de­ less are considered to have the character of business of banks outside of mand deposits minus cash items in process of collection and demand reserve cities and are permitted to maintain reserves at ratios set for banks balances due from domestic banks. not in reserve cities. For details, see Regulation D and appropriate sup­ (b) Requirement schedules are graduated, and each deposit interval plements and amendments. applies to that part of the deposits of each bank. 5 Reserve city banks. (c) Since Oct. 16, 1969, member banks have been required under 6 Except as noted below, effective Dec. 27, 1973, member banks are Regulation M to maintain reserves against foreign branch deposits subject to an 8 per cent marginal reserve requirement against increases computed on the basis of net balances due from domestic offices to their in the aggregate of (a) outstanding time deposits of $100,000 or more, foreign branches and against foreign branch loans to U.S. residents. (b) outstanding funds obtained by the bank through issuance by a bank’s Since June 21, 1973, loans aggregating $100,000 or less to any U.S. resident affiliate of obligations subject to the existing reserve requirements on time have been excluded from computations, as have total loans of a bank to deposits, and (c) funds from sales of finance bills. The 8 per cent require­ U.S. residents if not exceeding $1 million. Regulation D imposes a similar ment applies to balances above a specified base, but is not applicable to reserve requirement on borrowings from foreign banks by domestic offices banks that have obligations of these types aggregating less than $10 million. of a member bank. The reserve percentage applicable to each of these For the period June 21 through Aug. 29, 1973, (a) included only single­ classifications is 8 per cent. The requirement was 10 per cent originally, maturity time deposits. Previous requirements have been: 8 per cent for was increased to 20 per cent on Jan. 7,1971, and was reduced to the current (a) and (b) from June 21 through Oct. 3, 1973, and for (c) from July 12 8 per cent effective June 21, 1973. Initially certain base amounts were through Oct. 3, 1973; and 11 per cent from Oct. 4 through Dec. 26, 1973. exempted in the computation of the requirements, but effective Mar. 14, For details, see Regulation D and appropriate supplements and amend­ 1974, the last of these reserve-free bases were eliminated. For details, see ments. Regulations D and M. 7 The 16% per cent requirement applied for one week, only to former 3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve city banks. For other banks, the 13 per cent requirement was club accounts became subject to same requirements as savings deposits. continued in this deposit interval. For other notes see 2(b) and 2(c) above. 8 See preceding columns for earliest effective date of this rate. 4 Effective Nov. 9, 1972, a new criterion was adopted to designate re­ serve cities, and on the same date requirements for reserves against net demand deposits of member banks were restructured to provide that each Note.—All required reserves were held on deposit with F.R. Banks member bank will maintain reserves related to the size of its net demand June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member deposits. The new reserve city designations are as follows: A bank having banks were allowed to count part of their currency and coin as reserves; net demand deposits of more than $400 million is considered to have the effective Nov. 24, 1960, they were allowed to count all as reserves. For character of business of a reserve city bank, and the presence of the head 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 □ JUNE 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............... Savings deposits.............................................. Other time deposits:1 Other time deposits (multiple- and single­ Multiple maturity:2 maturity) : 30-89 days............ 4 4% Less than $100,000: 90 days to 1 year., 5 30-89 days........................................... 5 1 year to 2 years. . 5 5% 90 days to 1 year................................. 2 years or more... 5V4 1 year to 2% years.............................. I* Single-maturity: 2Vi years or more............................... 6 % 6 'h Less than $100,000: 4 years or more in minimum denom­ 30 days to 1 year., 5 ination of $1,000......................... (4) m 1 year to 2 years.. 5% 5% $100,000 or more........................................ (3) (3> 2 years and over.., 5% $100,000 or more: 30-59 days.......... 5% (3) 60-89 days.......... 5% (3) 90-179 days........ 5% 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 6% per cent ceiling that applies to time deposits maturing in 2% 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 7V4 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 banks may issue. 6 3 0 0 - - 8 5 9 9 d da a y y s s 6 6V l/4 2 p pe er r c ce e n n t t l j June 24, 1970 Note.—Maximum rates that may be paid by member banks are estab­ 90-179 days 6 y4 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 7 lA per cent J 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) 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. 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. 50 50 1951—Jan. 17 1953—Feb. 19.................. 75 75 1953—Feb. 20 1955—Jan. 3.................. 50 50 1955—Jan. 4 Apr. 22.................. 60 60 Apr. 23 1958—Jan. 15.................. 70 70 1958—Jan. 16 Aug. 50 50 Aug. 5 Oct. 15.................. 70 70 Oct. 16 1960—July 27.................. 90 90 1960—July 28 1962—July 9.................. 70 70 1962—July 10 1963—Nov. 5.................. 50 50 1963—Nov. 6 1968—Mar. 10.................. 70 70 1968—Mar. 11 June 7.................. 70 50 70 June 8 1970—May 80 60 80 1970—May 6 1971—Dec. 65 50 65 1971—Dec. 6 1972—Nov. 55 50 55 1972—Nov. 24 1 1974—Jan. 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 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11, 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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) Treasury bills 1 Others within 1 year 2 1-5 years 5-10 years Over 10 years Period Exch., Gross Gross Redemp­ Gross Gross maturity Gross Gross Exch. or Gross Gross Exch. or Gross Gross Exch. or pur­ sales tions pur­ sales shifts, or pur­ sales maturity pur­ sales maturity pur­ sales maturity chases chases redemp­ chases shifts chases chases shifts tions 197 0 11,074 5,214 2,160 99 -3,483 848 5,430 249 -1,845 93 -102 197 1 8,896 3,642 1,064 1,036 -6,462 1,338 4,672 933 685 311 150 197 2 8,522 6,467 2,545 125 2,933 789 -1,405 539 -2,094 167 250 197 3 15,517 4,880 3,405 1,396 -140 579 -2,028 500 895 129 87 1973—Apr... 1,377 51 50 127 19 May.. 717 623 600 -3,829 -1,316 5,105 40 June.. 1,047 218 163 17 123 37 78 51 -78 July.. 1,640 495 60 27 Aug.. 655 945 456 351 4,361 -4,812 100 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 93 77 Feb.. 768 391 410 687 30 -922 200 35 Mar.. 664 566 165 109 56 25 Apr.. 1,237 49 407 172 Matched Repurchase Federal agency obligations Bankers’ Total outright 1 sale-purchase agreements Net acceptances, transactions (U.S. Govt, change net (Treasury bills) securities) in U.S. Outright Repur­ Period Govt. chase Net securi­ agree­ change 3 Gross Gross Gross ties Gross Sales or ments, Repur­ pur­ Gross Redemp­ Gross pur­ pur­ Gross pur­ redemp­ net Out­ chase chases sales tions sales chases chases 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 18,121 4,880 4,592 45,780 45,780 74,755 74,795 8,610 865 239 29 -2 -36 9,227 1973—Apr.. 1,584 51 2,101 2,101 5,664 5,978 1,218 19 -65 7 -36 1,106 May. 717 623 600 1,105 1,105 7,379 8,240 -1,367 21 -29 -1 -52 -1,470 June. 1,274 218 163 4,630 4,630 5,621 5,621 893 229 19 -17 1,085 July.. 1,666 495 60 3,405 3,405 7,651 6,686 2,076 174 6 106 -12 78 2,416 Aug.. 1,006 945 807 9,632 9,632 2,234 2,492 -1,005 20 157 -7 -41 -915 Sept.. 1,316 401 1,400 6,981 6,981 3,309 2,752 72 30 -95 -9 69 7 Oct.. 2,117 153 4,735 4,735 8,220 7,859 2,325 176 4 -20 8 -46 2,440 Nov.. 1,116 489 1,101 2,089 2,089 6,637 7,525 -1,360 74 3 20 -2 -34 -1,307 Dec.. 2,145 70 10 3,435 3,435 9,523 10,202 1,387 212 84 -126 23 -26 1,386 1974—Jan.. 1,519 335 1,402 2,590 2,590 4,442 4,500 -276 29 39 -42 -328 Feb... 798 391 410 2,393 2,393 4,265 4,265 -3 120 46 1 72 Mar.. 854 566 165 702 702 6,248 5,124 1,247 170 48 185 4 223 1,780 Apr.. 1,409 49 407 8,069 8,498 524 360 48 33 8 —89 789 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 holddirectly 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 P st o e u rl n in d g s s A c u h s il t l r in ia g n s B fr e a lg n i c a s n C d a o n l a la d r i s an D kr a o n n is e h r F fr r a e n n c c s h G m er a m 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 1970—Dec............. 257 154 * * 98 1 * 4 1971—Dec............. 18 3 3 * 2 1 8 1972_Dec............. 192 * * * 164 1 20 6 1973_Feb.............. 4 * * * « 1 3 Mar............ 4 * * * * 1 3 Apr............ 4 * * * * 1 3 May........... 4 * * * * 1 3 June,.......... 4 * * * * 1 3 July............. 4 * * * * 1 3 A„ S e u p e t .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . 4 5 * * * * * * * 1 1 1 3 3 Oct.............. 4 * * * 1 3 Nov............. 4 * * * 1 3 Dec............. 4 * * * 1 3 1974—jan.............. 1 * * * 1 Feb.............. 32 * 20 * 10 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS o JUNE 1974 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1974 1974 1973 May 29 May 22 May 15 May May 1 May 31 Apr. 30 May 31 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.............................................................. 215 223 230 233 232 223 234 306 Loans: Member bank borrowings................ 4,710 2,980 3,500 1,923 1,869 3,298 1,747 1,224 Other........................................................ Acceptances: Bought outright.................................... 100 94 90 86 86 97 81 83 Held under repurchase agreements. 250 163 250 179 118 276 135 Federal agency obligations: Bought outright..................................... 2,621 2,636 2,436 2,436 2,436 2,621 2,436 1,240 Held under repurchase agreements. 701 506 480 387 210 642 218 U.S. Govt, securities: Bought outright: Bills................................ 37,718 35,072 37,520 37,348 37,081 37,818 37,181 33,581 Certificates—Special. Other.. Notes............................. 39,365 39,365 39,365 39,128 39,128 39,533 39,128 36,936 Bonds............................ 2,767 2,767 2,767 3,004 3,004 2,805 3,004 3,611 Total bought outright......................... 179,850 1,277,204 179,652 179,480 179,213 180,156 179,313 174,128 Held under repurchase agreements. 2,081 1,127 1,102 822 566 1,239 694 Total U.S. Govt, securities. 81,931 78,331 80,754 80,302 79,779 81,395 80,007 74,128 Total loans and securities...................... 90,313 84,710 87,510 85,313 84,498 88,329 84,624 76,675 Cash items in process of collection... *8,558 *7,918 10,384 7,691 8,984 *6,852 8,502 8,549 Bank premises............................................ 236 235 233 233 232 236 231 201 Other assets: Denominated in foreign currencies. 16 6 6 6 6 63 6 4 All other............................................. 671 705 592 1,091 1,157 716 1,076 604 Total assets. *111,869 *105,657 110,815 106,427 106,969 *108,279 106,533 97,042 Liabilities F.R. notes................................................. 65,009 64,654 64,791 64,577 63,928 64,732 63,816 59,255 Deposits: Member bank reserves..................... *33,472 *26,999 31,547 29,594 29,634 *30,898 28,795 24,892 U.S. Treasury—General account. 2,333 4,332 2,569 2,993 2,948 3,133 2,813 3,243 Foreign.................................................. 315 265 358 254 544 429 517 289 Other: All other 3......................................... 642 761 749 689 705 667 697 692 Total deposits. *36,762 *32,357 35,223 33,530 33,831 *35,127 32,822 29,116 Deferred availability cash items............. 6,454 5,402 7,670 5,311 6,030 5,041 6,766 5,832 Other liabilities and accrued dividends. 1,458 1,165 1,156 1,142 1,132 1,160 1,087 845 Total liabilities............................................. *109,683 *103,578 108,840 104,560 104,921 *106,060 104,491 95,048 Capital accounts Capital paid in.......................................................................... 873 873 874 873 873 874 874 816 Surplus........................................................................................ 844 844 844 844 844 844 844 793 Other capital accounts......................................................... 469 362 257 150 331 501 324 385 Total liabilities and capital accounts.............................. *111,869 *105,657 110,815 106,427 106,969 *108,279 106,533 97,042 Contingent liability on acceptances purchased for foreign correspondents.................................................... 735 716 703 706 698 732 700 384 Marketable U.S. Govt, securities held in custody for foreign and international accounts.......................... 28,104 27,924 27,968 27,829 27,484 28,454 27,349 29,994 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)... 68,622 68,490 58,383 68,134 68,012 68,827 68,018 62,790 Collateral held against notes outstanding: Gold certificate account............................... 2,235 2,235 2,200 2,150 2,150 2,235 2,150 2,075 U.S. Govt, securities...................................... 67,515 67,515 67,495 67,395 67,,195 67,515 67,195 62,135 Total collateral. 69,750 69,750 69,695 69,545 69,,345 69,750 69,345 64,210 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

JUNE 1974 □ FEDERAL RESERVE BANKS; BANK DEBITS A 13 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 May 29 May 22 May 15 May 8 May 1 May 31 April 20 May 31 4,710 2,980 3,499 1,923 1,867 3,298 1,747 1,225 Within 15 days...................................................................... 4,644 2,923 3,429 1,866 1,830 3,210 1,709 1,182 16 days to 90 days............................................................... 66 57 70 57 37 88 38 43 Acceptances—T otal................................................................. 350 257 340 265 204 373 216 83 Within 15 days..................................................................... 264 176 272 201 139 295 150 33 16 days to 90 days............................................................... 86 81 68 64 62 78 63 50 91 days to 1 year................................................................ 3 3 U S Government securities—Total. ................................. 81,931 78,331 80,754 80,302 79,779 81,395 80,007 74,128 Within 15 days1.................................................................. 7,882 6,627 6,226 7,211 6,921 5,397 5,327 2,885 16 days to 90 days.............................................................. 23,429 20,776 18,511 18,361 18,534 25,065 19,917 17,998 91 days to 1 year........................................... 21,009 21,317 26,406 22,556 22,150 21,227 22,589 15,541 Over 1 year to 5 years........................................................ 19,853 19,853 19,853 22,516 22,516 19,879 22,516 26,832 Over 5 years to 10 years.................................................... 7,836 7,836 7,836 7,836 7,836 7,867 7,836 9,243 Over 10 years........................................................................ 1,922 1,922 1,922 1,822 1,822 1,960 1,822 1,629 Federal agency obligations—Total..................................... 3,322 3,142 2,916 2,823 2,646 3,263 2,654 1,240 Within 15 days1................................................................... 772 521 496 387 210 714 218 20 16 days to 90 days............................................................... 47 107 104 120 119 46 119 26 91 days to 1 year.................................................................. 312 280 259 259 260 312 260 219 Over 1 year to 5 years........................................................ 1,074 1,117 1,008 1,008 978 1,074 978 537 Over 5 years to 10 years.................................................... 746 746 693 693 723 746 723 247 Over 10 years........................................................................ 371 371 356 356 356 371 356 191 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period T 2 o 3 t 3 al Leading SMSA’s T S o M ( t e a x S l c A l 2 . 3 ’s 2 o 2 th 26 er T 2 o 3 t 3 al Leading SMSA’s T S o M ( t e a x S l c A l 2 . 3 ’s 2 o 2 th 26 er SMSA’s N.Y. 6 others2 N.Y.) SMSA’s SMSA’s N.Y. 6 others2 N.Y.) SMSA’s 1973—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.................................... 17,224.4 7,381.4 4,282.4 9,843.0 5,560.7 102.6 247.5 111.7 71.3 55.8 Aug.................................... 17,889.7 7,744.6 4,318.2 10,145.1 5,826.8 106.2 252.5 113.6 73.6 58.4 Sept................................... 17,919.6 8,025.3 4,195.7 9,894.2 5,698.5 107.4 266.4 111.6 72.4 57.5 Oct..................................... 18,395.3 8,137.2 4,418.0 10,258.0 5,840.0 109.5 265.3 116.4 74.7 58.8 Nov.................................... r19,050.2 8,437.9 4,519.8 '10,612.2 *•6,092.4 113.2 274.9 118.6 77.1 61.2 Dec.................................... *■18,641.2 8,097.7 4,462.8 *•10,543.5 *•6,080.7 110.2 269.8 115.0 75.8 60.6 1974—Jan..................................... '18,815.7 8,081.0 4.517.1 *•10,734.8 *•6,217.6 111.5 270.3 116.2 77.3 62.2 Feb.................................... *'19,813.6 8,896.2 4,582.1 *•10,917.4 *•6,335.3 118.0 294.2 119.9 79.3 63.7 Mar.................................... •'20,167.1 8,914.4 4,718.0 11,252.7 *■6,534.8 118.2 292.5 120.8 *•80.3 *•64.7 Apr.................................... 20,084.4 8,637.9 4,775.1 11,446.5 6,671.4 115.2 274.6 119.4 80.1 64.9 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For back data see pp. 634-35 of July 1972 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 MONEY STOCK □ JUNE 1974 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week Mi m2 Mz Mi Aia Mz Composition of measures is described in the Note below. 1971—Dec..................................... 235.2 473.0 727.9 241.9 477.9 730.9 1972—Dec..................................... 255.7 525.5 822.8 263.0 530.6 826.2 1973—May'................................. 262.4 543.7 854.1 257.9 541.8 853.2 June'................................. 265.5 549.5 862.6 263.6 548.9 863.6 July'.................................. 266.4 552.1 867.1 265.7 551.1 867.6 Aug.'................................ 266.3 555.1 870.7 263.0 551.3 866.6 Sept.'................................ 265.5 556.8 873.5 264.0 554.4 870.0 Oct.'.................................. 266.6 561.9 880.3 266.1 560.1 877.2 Nov.'................................ 269.2 567.3 887.7 270.9 565.7 884.0 Dec.'................................. 271.4 572.1 894.8 279.1 577.2 898.4 1974—Jan.'................................... 270.8 575.4 900.4 278.1 581.4 905.9 Feb.'................................. 273.7 581.9 909.0 270.8 579.3 906.3 Mar.'................................ 276.2 586.2 915.8 273.5 585.7 916.5 Apr..................................... 278.1 590.2 921.6 279.6 594.6 927.7 May*................................. 279.3 592.9 925.0 274.5 591.0 924.1 Week ending— 1974—May 1........................... 276.8 589.6 275.2 590.8 8........................... 278.6 591.3 274.9 590.3 15........................... 279.5 593.1 275.9 592.3 22............................ 280.6 593.8 274.3 590.4 29*......................... 278.1 592.7 271.8 589.4 Note.—Composition of the money stock measures is as follows: posits open account, and time certificates other than negotiable CD’s of $100,000 of large weekly reporting banks. Mi: Averages of daily figures for (1) demand deposits of commercial Mz: Mi plus the average of the beginning- and end-of-month figures banks other than domestic interbank and U.S. Govt., less cash items in for deposits of mutual savings banks and for savings capital of savings process of collection and F.R. float; (2) foreign demand balances at F.R. and loan associations. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of For description and back data, see "Revision of the Money Stock Meas­ commercial banks. ures and Member Bank Deposits” on pp. 81-95 of the Feb. 1974 Bulletin M?: Averages of daily figures for Mi plus savings deposits, time de­ and “Announcements” on p. 470 of the June 1974 Bulletin. COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Time and savings Non­ Time and savings Non­ Govt. deposits bank Demand deposits deposits bank de­ week Cur­ De­ thrift Cur­ thrift pos­ ren­ mand insti­ ren­ insti­ its3 cy de­ tu­ cy Do- tu­ pos­ tions 2 mes- tions2 its CD’s1 Other Total Total Mem­ tic- CD’s1 Other Total ber nonmember 1971--Dec.'. 52.6 182.6 33.0 237.9 270.9 254.8 53.5 188.4 142.6 44.1 33.8 236.0 269.8 253.0 6.9 1972--Dec.'. 56.9 198.7 43.4 269.9 313.3 297.2 57.9 205.1 152.4 51.4 44.3 267.6 311.8 295.6 7.4 1973--May '. 58.9 203.4 61.3 281.4 342.7 310.4 58.7 199.2 145.8 51.1 58.8 283.9 342.7 311.4 8.7 June '. 59.4 206.2 62.0 283.9 345.9 313.1 59.4 204.1 149.1 52.4 59.3 285.3 344.7 314.7 7.1 July'.. 59.5 206.9 63.9 285.7 349.6 315.0 60.0 205.7 149.7 53.2 62.3 285.4 347.8 316.5 6.5 Aug.'. 59.8 206.4 66.3 288.8 355.1 315.6 60.0 202.9 147.8 52.7 68.4 288.3 356.7 315.3 4.1 Sept.r. 60.2 205.3 66.7 291.4 358.0 316.7 60.1 203.8 148.2 53.3 68.8 290.5 359.3 315.6 5.3 Oct.r. 60.5 206.1 63.8 295.3 359.1 318.5 60.4 205.7 149.7 53.8 66.3 294.0 360.3 317.0 6.0 Nov.r. 61.0 208.2 62.0 298.1 360.1 320.4 61.5 209.5 151.8 55.1 64.1 294.8 359.0 318.3 4.3 Dec.r. 61.7 209.7 62.8 300.6 363.5 322.7 62.7 216.4 157.0 56.6 64.1 298.1 362.2 321.2 6.3 1974—Jan.'.. 61.9 208.9 65.5 304.6 370.1 325.0 61.6 216.5 156.4 57.1 66.1 303.4 369.4 324.5 8.0 Feb.'. 62.7 211.1 66.6 308.2 374.8 327.1 61.9 209.0 151.2 55.2 65.9 308.5 374.4 326.9 6.6 Mar.'. 63.4 212.9 67.7 310.0 377.7 329.6 62.7 210.8 152.5 55.5 67.0 312.2 379.2 330.8 6.3 Apr.. . 64.0 214.1 75.4 312.1 387.4 331.5 63.6 216.1 156.0 57.3 72.4 314.9 387.3 333.2 6.0 May*. 64.5 214.8 81.2 313.6 394.8 332.1 64.3 210.3 151.5 56.0 77.8 316.5 394.3 333.1 7.5 Week ending— 1974—May 1. 63.9 213.0 78.0 312.8 390.8 63.0 212.1 153.2 56.1 74.3 315.6 389.9 9.3 64.5 214.1 79.7 312.7 392.4 64.5 210.5 151.7 56.0 76.0 315.4 391.4 11.1 15.. 64.4 215.1 80.6 313.6 394.2 64.4 211.5 152.2 56.6 76.9 316.4 393.3 7.5 22.. 64.6 216.0 82.0 313.3 395.2 64.2 210.1 151.3 55.9 78.8 316.1 394.9 6.5 29*. 64.6 213.5 82.5 314.6 397.1 64.1 207.6 149.6 55.3 79.6 317.6 397.2 5.3 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

JUNE 1974 □ BANK RESERVES; BANK CREDIT A 15 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements 3 Total member bank deposits plus nondeposit S.A. N.S.A. items4 Period Non- Total 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 I 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—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 5.6 1 434.5 432.0 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 32.71 440.4 277.1 157.5 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 32.80 446.8 283.2 157.4 6.2 453.0 283.1 163.4 6.5 454.3 460.5 Feb........ 35.11 33.92 34.92 32.79 447.1 286.1 157.9 3.0 447.1 285.7 156.3 5.1 I 454.8 454.8 Mar.... 34.95 33.63 34.81 33.12 450.4 287.9 158.8 3.7 450.4 288.6 156.9 4.9 ! 459.1 459.1 Apr.. .. 35.90 34.17 35.72 33.66 461.6 297.1 160.0 4.5 462.5 296.2 161.5 4.8 ' 471.2 472.1 May*. . 36.50 33.91 36.35 34.25 467.1 304.2 159.1 3.8 464.7 303.0 155.6 6.1 : 477.8 475.5 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 Total 1 loans Plus Treas­ Other4 ments 1 Total i loans Plus Treas­ Other4 sold 2 loans ury sold2 Total loans ury sold 2 sold 2 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—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.. 608.8 427.5 431.5 151.2 153.7 59.8 121.5 607.4 429.3 433.3 151.6 154.1 56.5 121.7 Aug. 29. . 617.4 435.9 440.6 153.4 156.3 57.9 123.6 613.4 435.2 439.9 152.0 154.9 54.9 123.3 Sept. 26. . 620.2 439.1 443.7 153.7 156.6 56.4 124.7 619.9 440.1 444.7 153.8 156.7 55.1 124.8 Oct. 31.. 624.2 441.1 445.7 153.6 156.5 55.1 128.0 624.0 440.9 445.6 152.9 155.8 56.0 127.0 Nov. 28. . 628.4 445.5 449.8 155.0 157.7 55.0 127.9 628.2 443.9 448.3 154.1 156.8 57.8 126.5 Dec. 31.. 630.3 447.3 451.6 155.8 158.4 52.8 130.2 647.3 458.5 462.8 159.4 162.0 58.3 130.6 1974—Jan. 30*. 638.0 452.3 456.7 157.8 160.4 54.4 131.3 637.6 448.3 452.7 156.1 158.7 58.7 130.6 Feb. 27*. 645.7 457.1 462.1 158.9 161.6 56.2 132.4 640.4 451.5 456.4 157.3 160.0 57.5 131.5 Mar. 27*. 654.9 466.3 471.2 164.4 167.2 56.2 132.4 651.4 461.1 466.0 164.2 167.0 57.3 133.0 Apr. 24*. 663.2 473.7 479.1 168.9 172.0 56.7 132.8 660.5 470.4 475.8 169.6 172.7 56.1 134.0 May 29*. 668.6 478.0 483.7 171.9 175.0 56.7 133.9 665.1 476.9 482.5 171.3 174.4 53.6 134.6 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. 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. 1959duced 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. 5 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 16 COMMERCIAL BANKS □ JUNE 1974 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank 3 Other Total Num­ FRS membership Cash lia­ Bor­ capital ber and FDIC assets 3 bilities row­ ac­ of insurance Total Loans and Total3 Demand ings counts banks 1 U.S. capital De­ Treas­ Other ac­ mand Time Time5 ury 2 counts4 U.S. Govt. Other Last-Wednesday-of-month series6 Al) commercial banks: 1941—Dec. 31.. 50,746 21,714 21,808 7,225 26.551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1947—Dec. 31 ?. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1960—Dec. 31.. 199,509 117,642 61,003 20,864 52,150 257,552 229,843 17,079 1,799 5,945 133,379 71,641 163 20,986 13,472 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 64,930 104,704 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—May 30.. 622,340 444,120 58,330 890 95,410 749,470 611,920 27,770 5,250 5,810 229,050 344,040 47,360 54,240 14,018 June 30.. 635,756 456.780 57,877 099103,608 769,908 629,215 31,047 5,590 10,434 236,953 345,191 49,299^ 55,740 14,046 July 25.. 634,730 456,620 56,450 660 95,880 762,410 619,200 28,710 5,830 6,750 228,470 349,440 52,610j 54,920 14,069 Aug. 29.. 641,140 462,910 54,910 320 92,010 766,300 619,520 26.500 6,620 3,460 224,770 358,170 53,220 55,350 14,083 Sept. 26.. 646,710 466,840 55,080 790100,030 779,730 630.360 27,720 7,190 8,210 228,420 358,820 56,280! 55,620 14,102 Oct. 31.. 654,390 471,340 56,010 040111,720 800,760 646,030 32,830 6,820 5.680 241,130 359.570 60,620 56,510 14,134 Nov. 28.. 659,280 475,010 57,770 ,500104,140 797,180 638,740 30,130 7,010 4.350 238.540 358,710 62,870; 56,730 14,163 Dec. 31.. 683,799 494,947 58,277 ,574118,276 835,224 681,847 36,839 6,773 9,865 263,367 365,002 58,994J 58,128 14,171 1974—Jan. 30?. 673,520 484,240 58,730130,550103.070 810.500 651,410 31,510 6,620 9,500 233,310 370,470 65,77o| 58,270, 14,180 Feb. 21 p. 679,130 490,180 57,500131,450102,230 816,200 650.970 31,320 6,200 6,620 232,930 373,900 67,970; 58,560 14,202 Mar. 27p. 687,670 497,430 57,260132,980104.070 827,600 658,490 31,590 6,490 6,070 235,360 378,980 69,740 59,050 14,236 Apr. 24*. 694,660 504,560 56,060134,040101,770 833,340 665.970 30,870 7,290 5,850 235,460 386,500 67,320 59,590 14.741 May 29p. 697,970 509.780 53,630134,560114,588 850,625 678,265 34,070 8,200 5,880 237,265 392,850 69,560 59,870 14.741 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 4i 5,886 6,619 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 I960—Dec. 31.. 165,619 99,933 49,106 16,579 45,756 216,577 193,029 16,437 1,639 5,287 112,393 57,273 130 17,398 6,174 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; 5,767 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 I 1973—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: 5,707 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’ 5.713 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; 5,718 Oct. 31.. 504,120 371,866 39,375 92,879 96,251 628,710 499,110 31.142 6,112 4,601 185,324 271,930 56,772 43,618! 5,723 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, 5,736 Dec. 31.. 528,124 391,032 41,494 95,598 100,098 655,898 526.837 34,782 5,843 8,273 202,564 275,374 55,61 lj 44,741 5,735 1974—Jan. 30.. 518,541 381,344 41,699 95,498 88,960 635,219 501,260 30,003 5,690 7,621 178,457 279,489 61,585' 44,829| 5,744 Feb. 27.. 522,816 385,879 40,922 96,015 87,753 639,172 500,113 29,753 5.273 5,084 178,731 281,272 63,865; 45,054; 5,747 Mar. 27.. 529,961 392,461 40,537 96,963 89,568 649,114 506,641 30,083 5,558 4,817 180.862 285,321 65,428! 45,4911 5,754 Apr. 24». 535,917 399,092 39,273 97,552 87,005 653,285 512,792 29,396 6,364 4,743 179,927 292,362 62,859! 45,896 5.763 May 29p. 538,800 403,619 37,282 97,899 99,155 669,357 524.837 32,452 7.274 4,746 182,060 298,305 64,820 46,090' 5.763 I I Call date series 1 Insured banks: Total: 1 1941—Dec. 31... 49,290 21,259 21,046 6,984 25,788 76,820, 69,411 10,654 1,762' 41,298 15,699 10 6,844 13,426 1947—Dec. 31... 114,274 37,583; 67,941 8,750 36,926 152,7331 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1960—Dec. 31... 198,011 117,092! 60,468 20,451 51,836 255,669! 228,401 16,921 1,667 5,932| 132,533 71,348 149 20,628 13,119 1970—Dec. 318.. 458,919 312,006! 61,438 85,475 92,708 572,682^ 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 13,502 1971—Dec. 31... 514,097 345,386 64,691 104,020 98,281 635,805 535,703 31,824 2,792 10,150, 219,102! 271,835 25,629 46,731 13,602 1972—Dec. 31... 594,502 411,525| 66,679 116,298111,333 732,519' 612,822 33,366 4,113 10,820;250,693!| 313,830 37,556 52,166 13,721 1973—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... 647,971 468,000 179,971 101,205 780,196 633,180 28,443 6,571 5,821 234,549 357,798 55,906 56,727 13,923 Dec. 31... 678,113 490,527| 57,961 129,625116,266; 827,081!! 677,358 36,248 6,429 9,856! 261,530 363,294 57,531 57,603 13.964 National member: i 1941—Dec. 31... 27,571 11,725 12,039 3,806 14,977 43,433I 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 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 1960—Dec. 31... 107,546 63,694 32,712 11,140 28,675 139,261i 124,911 9,829 611 3,265 71,660 39,546 111 11,098 4,530 1970—Dec. 318.. 271,760 187,554 34,203! 50,004 56,028 340,764! 283,663 18,051 982 4,740 122,298 137,592 13,100 24,868 4,620 1971—Dec. 31... 302,756 206,758 36,386: 59,612 59,191; 376,318I 314,085 17,511 1,828 6,014 128,441 160,291 18,169 27,065 4,599 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 i 1973—June 30... 369,856 270,188 31,651! 68,018 61,336 449,772 364,129 16,640 2,874 6,181 137,1161 201,318 33,804 31,867 4,629 Oct. 17... 377,246 277,015 100,231 63,573 460,164 368,351 15,797 3,404 3,369 136,163 209,619 38,819 32,516 4,642 Dec. 31... 398,236 293,555 30,962| 73,718 70,711: 489,470 395,767 20,357 3,876 5,955 152,705, 212,874| 39,696 33,125 4,659 For notes see p. A-l 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ COMMERCIAL BANKS A 17 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS membership Cash lia­ Bor­ Total Num­ and FDIC assets3 bilities row­ capital ber insurance Total Loa l ns T U re .S as . ­ Ot 2 her ca a a p n c i d ­ tal Total3 m D a e n ­ d Time Demand Tim s e ings co a u c n ­ ts ba o n f ks ury counts 4 U.S. Other Govt. Call date series Insured banks (cont.): 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 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 1960—Dec. 31.... 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,733 17,727 20 6,299 1,644 1970—Dec. 318... 94,760 66,963 11,196 16,600 25,472 125,460 101,512 11,091 750 1,720 45,734 42,218 5,478 9,232 1,147 1971—Dec. 31.... 102,813 71,441 11,247 20,125 26,998 135,517 111,777 13,102 721 2,412 45,945 49,597 6,878 10,214 1,128 1972—Dec. 31.... 115,426 82,889 11,530 21,008 29,176 150,697 123,186 12,862 1,406 2,378 51,017 55,523 9,651 10,886 1,092 1973—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 30,659 25,491 158,250 123,123 11,505 2,604 1,146 44,735 63,132 15,352 11,432 1,078 Dec. 31.... 130,240 97,828 10,532 21,880 29,387 166,780 131,421 14,425 1,968 2,318 49,859 62,851 15,914 11,617 1,076 Nonmember: 1941—Dec. 31.... 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1947—Dec. 31.... 16,444 4,958 10,039 1,448 4,083 20,691 19,342 262 4 149 12,366 6,558 7 1,271 6,478 1960—Dec. 31.... 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 27 645 20,140 14,095 19 3,232 6,948 1970—Dec. 318... 92,399 57,489 16,039 18,871 11,208 106,457 93,998 1,091 141 1,438 40,005 51,322 571 8,326 7,735 1971—Dec. 31.... 108,527 67,188 17,058 24,282 12,092 123,970 109,841 1,212 242 1,723 44,717 61,946 582 9,451 7,875 1972—Dec. 31.... 128,333 81,594 17,964 28,774 14,767 147,013 130,316 1,408 552 1,796 52,876 73,685 1,199 10,938 8,017 1973—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 49,081 12,141 161,783 141,706 1,141 563 1,305 53,650 85,047 1,735 12,778 8,203 Dec. 31.... 149,638 99,143 16,467 34,027 16,167 170,831 150,170 1,467 586 1,582 58,966 87,569 1,920 12,862 8,229 Noninsured nonmember: 1941 _Dec. 31.... 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1947—Dec. 317... 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1960—Dec. 31.... 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 14 358 352 1970—Dec. 318... 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—Dec. 31.... 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—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 Dec. 31.... 6,192 4,927 316 949 2,010 8,650 4,996 591 344 9 1,836 2,215 1,463 524 207 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 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 7,26i 1960—Dec. 31.... 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,986 14,388 33 3,590 7,300 1970—Dec. 318... 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1971—Dec. 31.... 111,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 1972—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 Dec. 31.... 155,830 104,070 16,783 34,976 18,177 179,480 155,165 2,057 930 1,592 60,802 89,784 3,383 13,386 8,436 1 Loans to farmers directly guaranteed by CCC were reclassified as and for individual categories of securities on a gross basis—that is, before, securities and Export-Import Bank portfolio fund participations were deduction of valuation reserves—rather than net as previously reported. reclassified from loans to securities effective June 30, 1966. This reduced “Total loans” and increased “Other securities” by about $1 billion. Note.—Data are for all commercial banks in the United States (includ­ “Total loans” include Federal funds sold, and beginning with June 1967 ing Alaska and Hawaii, beginning with 1959). Commercial banks represent securities purchased under resale agreements, figures for which are in­ all commercial banks, both member and nonmember; stock savings cluded in “Federal funds sold, etc.,” on p. A-18. banks; and nondeposit trust companies. Effective June 30, 1971, Farmers Home Administration notes were Figures for member banks before 1970 include mutual savings banks classified as “Other securities” rather than “Loans.” As a result of this as follows: three before Jan. 1960 and two through Dec. 1960. Those change, approximately $300 million was transferred to “Other securities” banks are not included in insured commercial banks. for the period ending June 30, 1971, for all commercial banks. Effective June 30, 1969, commercial banks and member banks exclude See also table (and notes) at the bottom of p. A-26. a small national bank in the Virgin Islands; also, member banks exclude, 2 See first two paragraphs of note 1. and noninsured commercial banks include, through June 30, 1970, a small 3 Reciprocal balances excluded beginning with 1942. member bank engaged exclusively in trust business; beginning 1973, 4 Includes items not shown separately. See also note 1. excludes one national bank in Puerto Rico. 5 See third paragraph of note 1 above. Beginning Dec. 31, 1973, member banks exclude and noninsured non­ 6 From the last-Wednesday-of-the-month series, figures for call dates member banks include a noninsured trust company which is a member of are shown for June and December as soon as they became available. the Federal Reserve System. 1 Beginning with Dec. 31, 1947, the series was revised; for description, Comparability of figures for classes of banks is affected somewhat by see note 4, p. 587, May 1964 Bulletin. changes in F.R. membership, deposit insurance status, and by mergers 8 Figure takes into account the following changes, which became etc. effective June 30, 1969: (1) inclusion of consolidated reports (including Figures are partly estimated except on call dates. figures for all bank-premises subsidiaries and other significant majority- For revisions in series before June 30, 1947, see July 1947 Bulletin, owned domestic subsidiaries) and (2) reporting of figures for total loans pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 COMMERCIAL BANKS □ JUNE 1974 ASSETS BY CLASS OF BANK, DECEMBER 31, 1973 (Amounts in millions of dollars) Member banks1 All Insured Account commercialcommercial Large banks Non­ banks banks member Total All other banks1 New York City of Other City Chicago large Cash bank balances, items in process............................. 118,276 116,266 100,098 25,170 3,848 38,465 32,615 18,178 Currency and coin........................................................... 10,706 10,682 8,142 652 174 2,679 4,636 2,564 Reserves with Federal Reserve banks......................... 27,816 27,816 27,816 6,625 1,131 10,251 9,809 Demand balances with banks in United States......... 31,298 30,026 18,602 5,061 252 4,097 9,191 12,696 Other balances with banks in United States.............. 2,786 2,515 1,839 217 167 871 584 946 Balances with banks in foreign countries................... 1,029 685 597 122 79 331 66 432 Cash items in process of collection.............................. 44,641 44,541 43,103 12,493 2,045 20,236 8,328 1,539 Total securities held—Book value................................... 188,852 187,587 137,092 17,072 5,546 45,878 68,597 51,759 U.S. Treasury.................................................................... 58,277 57,961 41,494 5,516 1,684 13,466 20,828 16,783 Other U.S. Government agencies................................. 29,252 28,927 19,144 2,045 668 5,461 10,969 10,108 States and political subdivisions................................... 95,145 94,750 72,049 8,736 2,989 25,500 34,824 23,096 All other securities........................................................... 6,177 5,948 4,404 774 204 1,450 1,976 1,773 Trading-account securities.............................................. 8,657 8,653 8,570 3,653 646 3,921 349 87 U.S. Treasury................................................................ 3,136 3,136 3,124 1,365 365 1,311 83 12 Other U.S. Government agencies............................. 1,432 1,432 1,416 597 63 696 59 17 States and political subdivisions............................... 3,650 3,650 3,598 1,563 206 1,635 193 52 All other......................................................................... 439 436 432 128 12 279 14 7 Bank investment portfolios............................................ 180,194 178,933 128,522 13,418 4,900 41,956 68,248 51,672 U.S. Treasury................................................................ 55,142 54,826 38,370 4,151 1,320 12,155 20,745 16,771 Other U.S. Government agencies............................. 27,820 27,495 17,729 1,448 605 4,765 10,910 10,091 States and political subdivisions............................... 91,495 91,100 68,451 7,173 2,782 23,865 34,631 23,044 All other......................................................................... 5,738 5,512 3,972 647 192 1,171 1,962 1,766 Federal funds sold and securities resale agreements... 35,311 34,305 26,126 790 1,118 13,372 10,846 9,185 Commercial banks........................................................... 32,122 31,158 23,080 715 701 11,484 10,181 9,042 Brokers and dealers......................................................... 2,647 2,647 2,627 61 351 1,662 553 20 Others.................................................................................. 541 500 419 14 66 226 112 123 Other loans............................................................................. 460,143 456,222 365,257 69,781 20,531 138,524 136,422 94,885 Real estate loans.............................................................. 118,032 117,810 87,006 7,227 1,231 32,883 45,665 31,026 Secured by farmland................................................... 5,394 5,373 2,419 6 2 295 2,116 2,976 Secured by residential.................................................. 74,188 74,016 56,177 3,862 849 22,463 29,004 18,010 1- to 4-family residences......................................... 67,286 67,117 50,379 2,667 782 19,671 27,259 16,907 FHA insured......................................................... 6,648 6,612 5,862 272 93 3,253 2,244 786 VA guaranteed..................................................... 3,260 3,217 2,813 204 20 1,452 1,138 447 Other....................................................................... 57,379 57,288 41,705 2,191 669 14,966 23,877 15,674 Multifamily............................................................... 6,901 6,899 5,798 1,194 67 2,792 1,745 1,103 FHA insured......................................................... 1,281 1,280 1,174 189 37 618 331 106 Other...................................................................... 5,620 5,619 4,623 1,006 30 2,174 1,414 996 Secured by other properties...................................... 38,450 38,421 28,410 3,360 380 10,125 14,545 10,040 Loans to domestic and foreign banks......................... 10,200 9,141 8,751 4,043 680 3,478 550 1,449 Loans to other financial institutions........................... 30,515 30,401 29,019 10,343 3,929 12,179 2,568 1,496 Loans on securities to brokers and dealers................ 7,674 7,625 7,498 4,883 1,054 1,343 217 176 Other loans for purch./carry securities....................... 4,300 4,280 3,649 737 319 1,612 981 651 17,327 17,146 10,229 137 167 2,476 7,449 7,098 Commercial and industrial loans.................................. 159,417 157,622 134,390 33,590 10,875 53,692 36,233 25,027 Loans to individuals......................................................... 99,927 99,577 73,104 5,408 1,326 26.178 40,192 26,824 Instalment loans................................................................ 76,204 75,897 54,992 2,990 658 19;597 31,747 21,211 33,462 33,274 22,900 496 147 7,364 14,892 10,562 Residential-repair/modernize.................................... 4,834 4,827 3,596 199 38 1,463 1,897 1,238 Credit cards and related plans.................................. 9,092 9,092 8,117 1,040 264 4,532 2,281 975 Charge-account credit cards.................................. 6,838 6,838 6.191 773 238 3,467 1,713 647 Check and revolving credit plans......................... 2,254 2,254 1,926 267 25 1,065 568 328 14,411 14,390 10,236 137 88 3,453 6,558 4,174 8,370 8,369 6,073 65 60 2,155 3,794 2,298 6,040 6,021 4,163 73 28 1,299 2,764 1,877 Other instalment loans................................................ 14,405 14,314 10,143 1,117 122 2,785 6,119 4,262 Single-payment loans to individuals............................ 23,724 23,680 18,111 2,418 668 6,581 8,444 5,612 12,751 12,620 11,611 3,412 950 4,684 2,565 1,140 Total loans and securities................................................... 684,305 678,113 528,476 87,643 27,195 197,774 215,864 155,830 13,232 13,160 10,188 1,034 404 4,155 4,595 3,044 Investments in subsidiaries not consolidated................. 1,412 1,403 1,388 644 108 584 51 24 Customer acceptances outstanding.................................. 4,420 4,355 4,121 2,264 289 1,345 224 299 Other assets............................................................................ 14,085 13,784 11,979 3,229 698 5,100 2,952 2,106 835,730 827,081 656,250 119,984 32,542 247,422 256,302 179,480 1 Member banks exclude and nonmember banks include a noninsured Note.—Data include consolidated reports, including figures for all trust company that is a member of the Federal Reserve System, and bank-premises subsidiaries and other significant majority-owned domestic member banks exclude two national banks outside the continental United subsidiaries. Figures for total loans and for individual categories of States. securities are reported on a gross basis—that is, before deduction of 2 See table (and notes), Deposits Accumulated for Payment of Personal valuation reserves. Loans, p. 26. Back data in lesser detail were shown in previous Bulletins. 3 Demand deposits adjusted are demand deposits other than domestic Details may not add to totals because of rounding. commercial interbank and U.S. Govt., less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ COMMERCIAL BANKS A 19 LIABILITIES AND CAPITAL BY CLASS OF BANK, DECEMBER 31, 1973 (Amounts in millions of dollars) Member bank s1 Ail Insured Non­ Account commercialcommercial ]Large banks member banks banks banks1 Total All other New York City of Other City Chicago large 310,071 307,634 245,620 52,661 10,144 89,011 93,803 64,451 Mutual savings banks..................................................... 1,280 1,156 1,067 513 1 196 357 212 Other individuals, partnerships, and corporations .. 231,729 230,883 179,044 29,305 7,431 66,567 75,741 52,686 U.S. Government............................................................. 9,865 9,856 8,273 1,689 434 3,603 2,547 1,592 18,663 18,508 13,246 658 244 3,806 8,538 5,417 Foreign governments, central banks, etc..................... 1,625 1,356 1,333 1,036 92 201 4 293 Commercial banks in United States............................ 29,975 29,815 28,713 12,430 1,552 10,739 3,992 1,262 Banks in foreign countries.............................................. 5,584 5,278 5,001 3,803 142 942 114 583 Certified and officers’ checks, etc.................................. 11,349 10,784 8,942 3,226 248 2,958 2,509 2,407 372,282 369,723 281,569 37,576 14,090 101,702 128,201 90,714 Savings deposits................................................................ 127,183 126,925 93,721 6,134 2,372 33,045 52,169 33,462 507 503 352 58 294 155 Mutual savings banks..................................................... 652 640 633 388 97 118 30 19 Other individuals, partnerships, and corporations .. 183,624 182,639 139,755 21,135 9,027 50,004 59,590 43,869 U.S. Government............................................................. 439 439 298 40 2 103 153 141 States and political subdivisions.................................... 44,385 44,306 33,259 2,284 1,173 14,201 15,601 11,126 Foreign governments, central banks, etc.................... 9,371 8,482 8,341 4,364 939 2,996 41 1,031 Commercial banks in United States............................ 5,858 5,622 5,077 3,185 457 1,118 318 780 Banks in foreign countries............................................. 263 167 133 46 23 59 5 130 682,353 677,358 527,188 90,237 24,235 190,713 222,004 155,165 Federal funds purchased and securities sold under agreements to repurchase............................................... 51,167 50,410 48,731 10,713 4,573 27,110 6,335 2,436 Other liabilities for borrowed money.............................. 7,827 7,121 6,879 2,773 245 3,067 794 947 Mortgage indebtedness........................................................ 762 759 587 80 80 260 167 174 Bank acceptances outstanding........................................... 4,553 4,484 4,251 2,364 305 1,357 225 302 Other liabilities...................................................................... 23,128 21,549 17,451 3,797 691 6,812 6,151 5,677 Total liabilities...................................................................... 769,790 761,682 605,088 109,964 30,129 229,320 235,675 164,702 Minority interest in consolidated subsidiaries............... 6 5 3 2 1 3 Total reserves on loans/securities...................................... 7,806 7,790 6,417 1,412 425 2,372 2,208 1,389 Reserves for bad debts (IRS)........................................ 7,532 7,518 6,243 1,412 417 2,313 2,101 1,289 Other reserves on loans................................................... 99 98 54 8 45 45 Reserves on securities..................................................... 176 174 120 7 51 62 55 Total capital accounts......................................................... 58,128 57,603 44,741 8,607 1,989 15,728 18,418 13,386 Capital notes and debentures........................................ 4,135 4,081 3,333 729 57 1,617 930 802 53,993 53,522 41,408 7,878 1,931 14,111 17,488 12,585 Preferred stock............................................................. 71 66 47 19 15 13 24 Common stock............................................................. 13,882 13,784 10,518 2,154 562 3,437 4,364 3,364 Surplus............................................................................ 23,640 23,511 18,297 3,433 1,120 6,628 7,117 5,342 Undivided profits......................................................... 15,498 15,314 11,915 2,268 201 3,779 5,666 3,584 Other capital reserves.................................................. 902 848 631 4 48 251 328 271 Total liabilities, reserves, minority interest, capital account................................................................................ 835,730 827,081 656,250 119,984 32,543 247,422 256,302 179,480 Demand deposits adjusted 3............................................... 225,589 223,422 165,530 26,049 6,114 54,433 78,935 60,059 Average total deposits (past 15 days)............................... 662,118 657,209 510,255 87,627 22,787 183,133 216,709 151,863 Average total loans (past 15 days).................................... 466,822 462,549 365,939 69,294 20,240 139,096 137,309 100,882 Selected ratios: Percentage of total assets Cash and balances with other banks........................... 14.2 14.1 15.3 21.0 11.8 15.5 12.7 10.1 Total securities held......................................................... 22.6 22.7 20.9 14.2 17.0 18.5 26.8 28.8 Trading account securities.......................................... 1.0 1.0 1.3 3.0 2.0 1.6 . 1 U s Treasury . ........... .4 .4 . 5 1.1 1.1 .5 States and political subdivisions . • .4 *4 .5 1.3 .6 .7 . 1 All other trading account securities..................... .2 .2 .3 .6 .2 .4 Bank investment portfolios........................................ 21.6 21.6 19.6 11.2 15.1 17.0 26.6 28.8 U.S. Treasury........................................................... 6.6 6.6 5.8 3.5 4.1 4.9 8.1 9.3 States and political subdivisions........................... 10.9 11.0 10.4 6.0 8.6 9.6 13.5 12.8 All other portfolio securities................................. 4.0 4.0 3.3 1.7 2.5 2.4 5.0 6.6 59.3 59.3 59.6 58.8 66.5 61.4 57.5 58.0 All other assets................................................................. 4.0 4.0 4.2 6.0 4.6 4.5 3.1 3.0 Total loans and securities............................................... 81.9 82.0 80.5 73.0 83.6 79.9 84.2 86.8 Reserves for loans and securities.................................. .9 .9 1.0 1.2 1.3 1.0 .9 .8 Equity capital—Total...................................................... 6.5 6.5 6.3 6.6 5.9 5.7 6.8 7.0 Total capital accounts..................................................... 7.0 7.0 6.8 7.2 6.1 6.4 7.2 7.5 Number of banks................................................................. 14,171 13,964 5,735 13 9 156 5,557 8,436 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 WEEKLY REPORTING BANKS a JUNE 1974 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans financial Wednesday and Com­ To brokers To institutions invest­ To mer­ and dealers others ments com­ To cial Agri­ Total mer­ U.S. others Total and cul­ cial Treas­ Other indus­ tural Pers. banks ury se­ trial U.S. U.S. and se­ curi­ Treas­ Other Treas­ Other sales curi­ ties ury secs. ury secs. finan. Other ties secs. secs. cos., etc. Large banks— Total 1973 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 1974 Apr. 3............... 384,374 16,665 15,149 937 355 224 280,479 118,495 3,803 729 4,557 138 2,778 9,085 19,090 10............... 385,142 16,432 14,995 891 237 309 281,108 118,986 3,793 858 4,731 137 2,759 8,948 19,267 17............... 386,541 15,615 14,137 867 271 340 284,058 120,499 3.791 771 4,756 133 2,793 9,404 19,651 24........ 382,624 14,928 13,487 857 207 377 282,320 119,815 3,807 482 4,435 132 2,776 8,919 19,643 May 1*............. 388,389 16,542 14,947 956 271 368 286,830 121,270 3,800 436 5,079 123 2,788 9,632 20,209 8*........ 385,361 15,072 13,497 938 262 375 285,026 121,439 3.791 335 4,589 124 2,775 9,348 20,051 15*........ 386,489 15,701 14,001 974 342 384 285,911 121,489 3,795 393 4,742 117 2,762 9,180 20,294 22*............. 385,682 15,647 12,688 1,924 464 571 286,067 121,019 3,784 1,053 4,775 133 2,773 8,986 20,257 29*............. 384,976 15,235 13,358 1,025 382 470 286,053 120,877 3,788 337 4,738 122 2,739 9,398 20,332 New York City 1973 May 2............... 70,789 2,063 1,967 72 56,472 28,832 480 3,679 662 2,326 4,729 9............... 69,835 1,053 976 72 56,748 29,031 528 3,923 669 2,282 4,678 16............... 71,351 1,615 1,518 82 14 57,625 29,186 455 3,977 661 2,486 4,820 2 3 71,024 2,464 2,353 106 56,415 29,003 366 3,494 650 2,350 4,786 30............... 72,092 2,484 2,374 104 57,087 28,967 774 3,567 644 2,356 4,918 1974 Apr. 3............... 84,328 2,382 2,377 66.712 34,300 149 630 2,567 609 3,121 6,601 1 0 83,371 1,330 1,287 66,688 34,235 151 765 2,709 614 3,083 6,684 17............... 84,399 1,746 1,683 22 67,698 34,659 150 656 2,907 605 3,327 6,788 2 4 82,735 2,117 2,076 66,466 34,295 156 403 2,667 599 3,024 6,815 May 8 1 * *. . . . .. . . . .. . . . .. . . . .. 8 82 5 , , 9 76 9 7 2 2 1 , , 8 4 6 6 9 8 2 1 , , 8 4 6 4 2 9 6 6 7 8 , . 1 7 9 1 8 2 3 3 4 4, , 8 8 4 7 1 8 1 1 5 4 3 9 3 2 3 6 7 0 2 3 , , 6 0 4 5 3 7 5 5 9 9 6 4 3 3, , 2 5 6 4 1 6 7 6 , ,9 0 7 4 9 0 15*............. 84,291 2,507 2,479 67,620 34,931 147 320 2,861 578 3,130 7,093 22*............. 83,698 1,919 1,909 68,055 34,770 144 983 2,896 553 3,007 7,116 29*............. 83,353 1,642 1,603 67,989 34,944 141 272 2,843 561 3,248 7,171 Outside New York City 1973 May 267,189 11,178 10,279 521 225 153 188,662 73,601 3,040 115 2,616 166 2,289 5,719 10,351 266,858 11,121 10,002 642 218 259 188,343 73,384 3,051 90 2,682 152 2,286 5,698 10,313 266,909 10,931 9,942 649 189 151 189,531 73,692 3,063 81 2,600 167 2,284 5.868 10,449 266,129 9,672 8,619 743 159 151 190,219 73,939 3,085 97 2,521 164 2,310 5,784 10,578 267,876 10,475 8,792 1,323 216 144 190,439 73,744 3,100 111 2,512 165 2,286 5,800 10,638 1974 Apr. 300,046 14,283 12,772 937 355 219 213,767 84,195 3,654 99 1,990 103 2,169 5,964 12,489 301,771 15,102 13,708 885 237 272 214,420 84,751 3,642 93 2,022 102 2,145 5,865 12,583 302,142 13,869 12,454 861 249 305 216,360 85,840 3.641 115 1,849 98 2,188 6,077 12,863 299,889 12,811 11,411 852 207 341 215,854 85,520 3,651 79 1,768 97 2.177 5,895 12,828 May 1*. 302.622 13,673 12,085 949 271 368 218,118 86,392 3.647 99 2,022 91 2,192 6,086 13,169 8*. 302,369 13,604 12,048 929 262 365 217,828 86,598 3.642 75 1,946 91 2,181 6,087 13,072 2 1 2 5 * * . . . . . . 3 3 0 0 2 1 , , 1 9 9 8 8 4 1 1 3 3 , , 7 1 2 9 8 4 1 1 1 0 , , 5 77 2 9 2 1,9 9 2 65 4 4 3 6 42 4 3 56 6 1 5 2 2 1 1 8 8 , , 2 0 9 1 1 2 8 8 6 6 , , 5 2 5 4 8 9 3 3 . , 6 6 4 4 8 0 7 7 3 0 1 1 , , 8 8 8 7 1 9 8 9 9 6 2 2 , , 1 2 8 2 4 0 6 5 , ,9 0 7 5 9 0 1 1 3 3, ,1 2 4 0 1 1 29*... 301.623 13,593 11,755 1,025 382 431 218,064 85,933 3,647 65 1,895 94 2.178 6,150 13,161 For notes see p. A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ WEEKLY REPORTING BANKS A 21 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 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 1974 56,147 3,951 6,234 33,201 1,747 20,524 25,339 5,165 4,273 11,921 3,980 ...........................Apr. 3 56,242 3,875 6,346 33,249 1,752 20,165 25,694 5,195 4,306 12,192 4,001 ......................................10 56,464 3,835 6,213 33,310 1,866 20,572 24,783 4,438 4,222 12,094 4,029 ......................................17 56,604 3,927 6,355 33,291 1,895 20,239 23,419 3,202 4,192 12,031 3,994 ......................................24 56,797 4,094 6,367 33,246 1,943 21,046 22,960 2,690 4,284 11,954 4,032 ...........................May 1* 56,900 3,963 6,209 33,269 1,839 20,394 22,847 2,669 4,282 11,910 3,986 ........................ 8? 57,219 3,940 6,191 33,343 1,900 20,546 22,262 2,349 3,361 12,545 4,007 ......................................15* 57,375 4,011 6,457 33,424 1,877 20,143 22,186 2,400 3,680 12,187 3,919 ........................22* 57,493 4,058 6,321 33,507 1,859 20,484 21,804 2,077 3,573 12,253 3,901 ........................29* New York City 1973 5,239 1,324 2,165 2,183 699 4,055 3,769 1,138 537 1,892 202 ...........................May 2 5,258 1,200 2,118 2,200 711 4,051 3,472 954 486 1,788 244 ...................................... 9 5,278 1,245 2,353 2,206 714 4,130 3,667 886 528 1,606 647 ......................................16 5,311 1,189 2,351 2,218 711 3,858 3,772 1,087 539 1,568 578 ......................................23 5,354 1,198 2,200 2,218 706 4,048 4,124 1,344 551 1,572 657 ......................................30 1974 6,420 1,396 3,018 2,467 783 4,616 5,225 1,643 531 1,783 1,268 ...........................Apr. 3 6,419 1,374 2,950 2,480 784 4,405 5,233 1,633 557 1,778 1.265 ......................................10 6,489 1,357 2,796 2,501 790 4,638 4,662 1,086 573 1,738 1.265 ......................................17 6,504 1,405 2,845 2,513 781 4,424 4,004 485 559 1,704 1,256 ......................................24 6,539 1,436 2,962 2,349 811 4,976 4,116 502 597 1,750 1,267 ...........................May 1* 6 6 , , 5 6 7 4 8 7 1 1 , , 4 4 5 4 3 7 2 2 , , 8 7 0 0 3 8 2 2 , , 3 3 5 5 7 8 7 79 8 8 6 4 4, , 5 4 7 6 5 0 3 3 , ,7 9 2 1 7 9 30 6 8 8 3 5 5 9 1 6 2 1 , , 0 7 0 1 3 8 1 1 , , 2 3 9 0 7 5 . .. . .. . . . .. . . . .. . . . .. . .. . . . .. . . . .. . . . .. . .. . . . .. . . . .. . . . .. . . . .. 15 8 * * 6,684 1,507 2,929 2,376 743 4,310 3,607 54 393 1,897 1,263 ......................................22* 6,716 1,567 2,890 2,386 738 4,484 3,598 37 392 1,909 1,260 ......................................29* Outside New York City 1973 43,014 1,853 2,737 27,108 540 15,513 20,724 3,384 3,254 12,254 1,832 ...........................May 2 43,179 1,828 2,725 27,136 556 15,263 20,557 3,217 3,221 12,269 1,850 ...................................... 9 43,388 1,977 2,707 27,245 561 15,449 20,032 2,939 3,166 11,739 2,188 ......................................16 43,621 2,096 2,810 27,358 556 15,300 19,728 2,689 3,317 11,539 2,183 ......................................23 43,787 2,037 2,769 27,493 546 15,451 19,865 2,847 3,375 11,425 2,218 ......................................30 1974 49,727 2,555 30,734 964 15,908 20,114 3,522 3,742 10,138 2,712 ...........................Apr. 2 49,823 2,501 30,769 968 15,760 20,461 3,562 3,749 10,414 2,736 ......................................10 49,975 2,478 30,809 1,076 15.934 20,121 3,352 3,649 10,356 2.764 ......................................17 50,100 2,522 30,778 1,114 15,815 19,415 2,717 3,633 10,327 2,738 ......................................24 50,258 2,658 3.405 30,897 1,132 16,070 18,844 2,188 3,687 10,204 2.765 ...........................May 1 * 50,322 2,510 3.406 30,911 1,053 15.934 18,928 2,361 3,686 10,192 2,689 ........................ 8* 50,572 2,493 3,483 30,986 1,102 15,971 18,535 2,281 3,010 10,542 2,702 ......................................15* 50,691 2,504 3,528 31,048 1,134 15,833 18,579 2,346 3,287 10,290 2,656 ......................................22* 50,777 2,491 3,431 31,121 1,121 16,000 18,206 2,040 3,181 10,344 2,641 . . ...........................29* For notes see p. A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 WEEKLY REPORTING BANKS □ JUNE 1974 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest­ Obligations Other bonds, items Re­ Bal­ ments Total of State corp. stock, in serves Cur­ ances in sub­ assetsI 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 Large banks— Total 1973 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 2 3 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 1974 Apr. 3......................... 61,891 7,356 40,981 2.443 11,111 33,262 20,994 4,037 12,812 1,477 23,196 480,152 1 0 61,908 7,510 40,881 2,438 11,079 32,794 21,499 4,221 12,695 1,480 22,991 480,742 17......................... 62,085 7,657 41,026 2.443 10,959 35,297 22,205 4,493 12,838 1,495 23,164 486,033 2 4 61,957 7,544 41,028 2,417 10,968 29,510 21,945 4,543 11,735 1,501 23,221 475,079 May 1*........................... 62,057 7,621 40,939 2,392 11.105 35,137 22,283 4,269 10,468 1,515 24,000 486,061 8*................. 62,416 7,680 41,393 2,385 10,958 30,485 22,910 4,131 11,240 1,542 23,784 479,453 15*..................... 62,615 7,801 41,338 2,433 11,043 36,430 24,226 4,370 12,980 1,551 23,959 490,005 22*........................ 61,782 7,490 40,995 2,384 10,913 31,399 19,902 4,453 12,865 1,559 23,522 479,382 29*....................... 61,884 7,481 40,902 2,395 11.106 35,644 26,898 4,691 12,161 1,566 23,859 489,795 New York City 1973 May 2......................... 8,485 1,609 5,260 480 1,136 10,228 5,276 457 3,671 585 6,334 97,340 9......................... 8,562 2,222 4,767 365 1,208 8,952 6,048 473 3,747 587 5,870 95,512 16......................... 8,444 2,218 4,603 361 1,262 10,945 5,784 453 4,690 590 6,169 99,982 2 3 8,373 2,144 4,577 355 1,297 9,529 5,065 477 4,616 591 6,144 97,446 30......................... 8,397 2,097 4,536 353 1,411 10,526 3,979 490 3,580 593 6,182 97,442 1974 Apr. 3......................... 10,009 1,944 5,440 567 2,058 11,436 507 5,833 691 7,182 115,569 10......................... 10,120 2,081 5,448 564 2,027 12,250 497 6,469 691 7,139 115,818 17......................... 10,293 2,200 5,524 564 2,005 11,518 495 5,855 692 7,205 116,387 2 4 10,148 2,108 5,476 548 2,016 10,512 509 5,688 696 7,188 113,600 May 1*........................... 10,070 2,138 5,378 543 2,011 12,157 6,166 481 4,111 710 7,325 116,717 8*................. 10,407 2,152 5,709 545 2,001 11,485 7,385 504 5,516 725 7,280 115,887 15*....................... 10,437 2,142 5,688 541 2,066 13,072 7,100 486 6,891 723 7,431 119,994 22*....................... 10,117 2,036 5,532 539 2,010 11,913 4,657 503 7,095 731 7,086 115,683 29*........................ 10,124 2,017 5,469 551 2,087 13,286 9,186 510 6,251 731 7,489 120,806 Outside New York City 1973 May 2......................... 46,625 6,064 33,417 1,175 5,969 20,776 14,323 3,444 5,780 648 13,373 325,533 9 46,837 6,108 33,599 1,171 5,959 17,793 15,259 3,373 5,288 653 13,298 322,522 16......................... 46,415 6,053 33,195 1,190 5,977 21,432 15,312 3,525 5,443 653 13,028 326,302 2 3 46,510 6,105 33,254 1,185 5,966 17,396 15,633 3,607 5,282 657 13,124 321,828 30......................... 47,097 6,221 33,361 1,189 6,326 20,829 14,014 3.775 5,755 657 13,372 326,278 1974 Apr. 3......................... 51,882 5,412 35,541 1,876 9,053 21,826 15,402 3,530 6,979 786 16,014 364,583 1 0 51,788 5,429 35.433 1,874 9,052 20,544 16,098 3,724 6,226 789 15,772 364,924 17......................... 51,792 5,457 35,502 1,879 8,954 23,779 15,982 3,998 6,983 803 15,959 369,646 2 4 51,809 5,436 35,552 1,869 8,952 18,998 15,673 4,034 6,047 805 16,033 361,479 May 1*........................... 51,987 5,483 35,561 1,849 9,094 22,980 16,117 3,788 6,357 805 16,675 369,344 8*................. 52,009 5,528 35,684 1,840 8,957 19,000 15,525 3,627 5,724 817 16,504 363,566 15*....................... 52,178 5,659 35,650 1,892 8,977 23.358 17,126 3,884 6,089 828 16,528 370,011 22*....................... 51,665 5,454 35,463 1,845 8,903 19,486 15,245 3,950 5,770 828 16,436 363,699 29*....................... 51,760 5,464 35.433 1,844 9,019 22.358 17,712 4,181 5,910 835 16,370 368,989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ WEEKLY REPORTING BANKS A 23 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Deposits Demand Time and savings Domestic interbank Foreign IPC States States Wednesday and Certi­ and Do­ polit­ fied polit­ mes­ For­ Total IPC ical U.S. and Total6 ical tic eign sub­ Govt. Com­ Mutual Com­ offi­ sub- inter­ govts.2 divi­ mer­ sav­ Govts., mer­ cers’ Sav­ Other divi- bank sions cial ings etc. 2 cial checks ings banks Large banks— Total 1973 156,704 109,077 7,504 7,447 21,021 732 948 3,436 6,539 176,383 57,965 83,149 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 1974 163,148 113,210 6.064 3.714 24,732 838 1,327 4,701 8,562 197,! 58,485 102,519 23,581 5,110 7,480 ...............Apr. 3 161,816 113,128 6.064 1.714 24,580 779 2,203 4,670 8,678 200,143 58,395 104,081 23,990 5,326 7,651 ..........................10 167,445 117,101 6,076 4,796 24,570 739 1,671 4,422 8,070 200,937 58,036 103,907 24,736 5,486 8,105 ..........................17 155,725 110,513 5,890 3,573 22,294 651 1,479 4,669 6,656 203,069 57,924 105,643 24,997 5,673 8,152 ..........................24 166,939 114,468 7,167 7,347 22,445 774 1,449 4,692 8,597 203,690 57,836 106,210 24,925 5,877 8,201 ...............May 1 * 156,818 108,536 6,201 5,221 22,970 700 1,368 4,777 7,045 205,601 57,926 107,807 25.047 6,098 8,077 ................ 8 * 164,391 113,945 7,366 3,688 24,830 675 1,310 4,786 7,791 206,597 57,868 108,767 25.047 6,119 8,176 ..........................15* 155,615 109,022 5,883 2,445 23,239 659 1,075 4,897 8,395 208,783 57,867 110,319 25,397 6,305 8,262 ..........................22* 161,038 112,753 6,116 3,593 25,032 655 1,107 4,854 6,928 209,575 57,844 111,042 25,441 6,512 8,040 ..........................29* New York City 1973 42,444 23,898 560 1,583 9,577 375 811 2,502 3,138 31,598 5.356 18,245 2,010 2,203 3,675 ...............May 2 38,128 22,068 363 1,063 8,673 374 772 2,242 2,573 31,871 5.356 18,359 2,070 2,208 3,768 .......................... 9 41,353 23,163 484 743 10,603 344 718 2,338 2,960 31,978 5,361 18,341 2,154 2,174 3,840 ..........................16 39,133 21,983 344 671 9,151 392 763 2,291 3,538 32,241 5,350 18,464 2,077 2,379 3,862 ..........................23 39,969 23,648 404 493 8,842 363 797 2,314 3,108 32,574 5,345 18,594 2,072 2,397 4,050 ..........................30 1974 47,616 24,217 491 819 12,477 466 1,122 3,534 4,490 36,230 5,130 22,080 1,804 3,222 3,847 ...............Apr. 3 47,450 23,835 405 313 12.702 414 1,916 3,471 4,394 37,241 5,127 22,810 1,815 3,390 3,946 ..........................10 47,709 24,380 313 1,188 12,469 367 1,456 3,262 4,274 37,421 5,090 22,698 1,724 3,475 4,269 ..........................17 44,855 23,980 305 635 11,572 329 1,233 3,415 3,386 37,797 5,076 22,901 1,726 3,581 4,345 ..........................24 47,977 25,810 425 1,375 10,733 394 1,216 3,424 4,600 38,060 5.061 22,925 1,683 3,683 4,534 ...............May 1* 45,186 23,421 380 1,015 11.703 361 1,167 3,432 3,707 38,642 5,064 23,372 1,686 3,811 4,531 ................ 8* 48,544 24,649 626 722 13,271 335 1,103 3,549 4,289 39,139 5,073 23,601 1,809 3,899 4,577 ..........................15* 46,950 23,580 340 457 12,504 357 888 3,628 5,196 40,032 5.062 24,238 1,831 4,025 4,647 ..........................22* 48,038 25,207 300 688 13,489 328 887 3,467 3,672 40,409 5,067 24,560 1,823 4,231 4,456 ..........................29* Outside New York City 1973 114,260 85,179 6,944 5,864 11,444 357 137 934 3,401 144,785 52,609 65,174 21,006 1,549 3,926 .May 2 108,472 82,609 5,980 4,638 10,598 358 140 981 3,168 146,450 52,765 66,565 21,009 1,655 3,936 ........... 9 111,811 86,051 6,435 3,213 11,326 343 139 988 3,316 146,884 52,829 67,063 20,870 1,686 3,913 ...........16 106,245 82,504 5,708 3,271 10,377 321 145 919 3,000 147,688 52,915 67,639 20,976 1,686 3,901 ...........23 110,537 85,576 6,157 2,398 11,499 359 155 1,015 3,378 147,767 52,879 67,744 20,844 1,683 3,947 ...........30 1974 115,532 88,993 5,573 2,895 12,255 372 205 1,167 4,072 161,659 53,355 80,439 21,777 1,888 3,633 . Apr. 3 114,366 89,293 5,659 1,401 11,878 365 287 1,199 4,284 162,902 53,268 81,271 22,175 1,936 3,705 .......10 119,736 92,721 5,763 3,608 12,101 372 215 1,160 3,796 163,516 52,946 81,209 23,012 2,011 3,836 ...........17 110,870 86,533 5,585 2,938 10,722 322 246 1,254 3,270 165,272 52,848 82,742 23,271 2,092 3,807 ...........24 118,962 88,658 6,742 5,972 11,712 380 233 1,268 3,997 165,630 52,775 83,285 23,242 2,194 3,667 . May 1 * 111,632 85,115 5,821 4,206 11,267 339 201 1,345 3,338 166,959 52,862 84,435 23,361 2,287 3,546 115,847 89,296 6,740 2,966 11,559 340 207 1,237 3,502 167,458 52,795 85,166 23,238 2,220 3,599 .15* 108,665 85,442 5,543 1,988 10,735 302 187 1,269 3,199 168,751 52,805 86,081 23,566 2,280 3,615 .22* 113,000 87,546 5,816 2,905 11,543 327 220 1,387 3,256 169,166 52,777 86,482 23,618 2,281 3,584 .29* For notes see p. A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 WEEKLY REPORTING BANKS □ JUNE 1974 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed­ Total time CD’s Gross eral Other Total loans included in time liabili­ Wednesday funds liabili­ capital Total and De­ and savings deposits i1 ties of pur­ F.R. ties, Secur­ ac­ loans invest­ mand banks chased, Banks Others etc.8 Loans ities counts (gross) ments deposits to etc.7 ad­ (gross) ad­ Issued Issued their justed9 ad­ justed i° Total to to foreign justed lPC’s others bran­ ches Large banks— Total 1973 May 2........................ 34,513 454 2,891 17,082 4,430 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 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 30,266 245,020 323,578 94,902 58,253 38,548 19,705 1,721 2 3 37,315 935 3,002 17,906 4,437 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 1974 Apr. 3........................ 54,544 823 6,317 19,601 4.994 32,762 278,044 365,274 101,440 69,479 48,191 21,288 2,717 10........................ 54,569 1,017 6,267 19,107 4.991 32,758 278.670 366,272 102,728 71,540 49,812 21,728 2,908 17........................ 53,303 939 6,078 19,605 4.995 32,658 281,701 368,569 102,782 71,753 49,612 22,141 3,020 2 4 51,235 1,728 6,013 19,585 4.991 32,667 279,834 365,210 100,348 73,600 51,251 22,349 2,495 May 1*...................... 50,142 1,366 6,039 19,858 5,039 32,922 284,331 369,348 102,010 74,288 51,650 22,638 2,709 8*.............. 51,132 1,487 6,497 19,840 5,032 32,980 282,638 367,901 98,142 75,979 52,967 23,012 3,025 15 *...................... 50,733 3,004 6,575 20,712 5,020 32,908 283.671 368,548 99,443 76,879 53,788 23,091 3,070 22*..................... 47,583 2,349 6,542 20,527 5,035 32,883 285,015 368,983 98,532 78,837 55,193 23,644 3,421 29*. . ................. 50,412 3,833 6,191 20,870 5,038 32,773 283,872 367,560 96,769 79,532 55,817 23,715 2,966 New York City 1973 May 2...................... 6,723 1,254 6,371 1,269 7,681 55,244 67,498 21,056 18,694 12,667 6,027 958 9 8,107 1,215 1,320 5,918 1.274 7,679 55,625 67,659 19,440 18,873 12,726 6,147 793 1 6 8,869 623 1,392 6,827 1.275 7.665 56,477 68,588 19,062 18,980 12,753 6,227 1,438 2 3 8,733 15 1,326 7,058 1.275 7.665 55,337 67,482 19,782 19,272 12,905 6,367 1,127 30...................... 8,067 15 1,540 6,350 1.275 7,652 55,999 68,520 20,108 19,487 12,898 6,589 972 1974 Apr. 3....................... 11,785 240 2,821 6,970 1.370 8,537 65,321 80,555 22,884 21,933 15,093 6,840 1,829 1 0 11,420 145 2,851 6,807 1.370 8,534 65,357 80,710 22,185 22,944 15,805 7,139 2,072 17...................... 11,368 150 2,895 6,959 1.376 8,509 66,404 81,359 22,534 22,969 15,660 7,309 1,683 2 4 11,206 385 2,849 6,646 1.377 8,485 65,102 79,254 22,136 23,373 16,034 7,339 1,206 May 1 *.................... 10,706 2,730 7,283 1,399 8,562 67,283 81,469 23,712 23,452 15,936 7,516 1,801 8*............. 11,718 645 2,823 6,880 1,401 8,592 65,764 80,090 20,983 24,007 16,389 7,618 1,666 15*............. 11,353 870 2,789 7,313 1,396 8,590 66,201 80,365 21,479 24,434 16,579 7,855 1,579 22*............. 9,001 2,711 7,022 1,406 8,561 66,558 80,282 22,076 25,244 17,182 8,062 1,959 29p.................... 11,285 1,425 2,583 7,102 1,415 8,549 66,461 80,183 20,575 25,598 17,511 8,087 1,454 Outside New York City 1973 May 2...................... 27,790 454 1,637 10,711 3.161 22,671 187,708 255,057 76,176 37,570 24,298 13,272 280 9...................... 28,485 1,144 1,665 10,393 3,153 22,687 187,634 255,028 75,443 38,777 25,293 13,484 280 16...................... 27,967 1,379 1,690 10,747 3,159 22,601 188,543 254,990 75,840 39,273 25,795 13,478 283 2 3 28,582 920 1,676 10,848 3.162 22,643 189,176 255,414 75,201 39,889 26,208 13,681 365 30...................... 28,404 1,238 1,663 10,871 3,184 22,550 190,085 257,047 75,811 39,967 26,224 13,743 379 1974 Apr. 3...................... 42,759 583 3,496 12,631 3.624 24,225 212,723 284,719 78,556 47,546 33,098 14,448 1 0 43,149 872 3,416 12,300 3,621 24.224 213,313 285,562 80,543 48,596 34,007 14,589 836 17...................... 41,935 789 3,183 12,646 3,619 24,149 215,297 287,210 80,248 48,784 33,952 14,832 1,337 2 4 40,029 1,343 3,164 12,939 3,614 24,182 214,732 285,956 78,212 50,227 35,217 15,010 1,289 May 8l p p . . . . .. . . . .. . . . .. . . . .. . .. . . . .. . .. 3 3 9 9 , , 4 4 3 1 6 4 1,3 8 6 4 6 2 3 3 , , 3 6 0 7 9 4 1 1 2 2 , , 5 9 7 6 5 0 3 3 , ,6 6 3 4 1 0 2 24 4 , , 3 3 8 6 8 0 2 2 1 1 7 6 , , 0 8 4 7 8 4 2 28 8 7 7 , , 8 8 1 7 1 9 7 7 8 7 , , 2 1 9 5 8 9 5 5 0 1 , , 8 9 3 7 6 2 3 3 5 6 , , 7 5 1 7 4 8 1 1 5 5 , , 3 1 9 2 4 2 1,3 9 5 0 9 8 15*.................... 39,380 2,134 3,786 13,399 3.624 24,318 217,470 288,183 77,964 52,445 37,209 15,236 1,491 22*.................... 38,582 2,349 3,831 13,505 3,629 24,322 218,457 288,701 76,456 53,593 38,011 15,582 1,462 29*.................... 39,127 2,408 3,608 13,768 3,623 24.224 217,411 287,377 76,194 53,934 38,306 15,628 1,512 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com­ 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. 7 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ BUSINESS LOANS OF BANKS A 25 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- Industry 1974 1974 1974 1973 1973 May May May May May 2nd 1st 29 22 15 8 1 May Apr. Mar. I IV III half half Durable goods manufacturing: 1,902 1,925 1,921 1,892 1,900 -12 21 95 84 -247 18 -229 20 Machinery............................................ 8,152 8,190 8,317 8,220 8,364 3 409 888 1,069 136 479 615 1,453 Transportation equipment................ 3,016 3,108 3,141 3,161 3,063 -37 175 217 358 90 272 362 64 Other fabricated metal products... 2,780 2,803 2,861 2,801 2,742 75 105 244 267 15 56 71 503 Other durable goods.......................... 4,445 4,413 4,462 4,450 4,372 119 274 316 349 -363 290 -73 872 Nondurable goods manufacturing: Food, liquor, and tobacco............... 4,081 4,216 4,295 4,322 4,279 -245 45 299 124 340 393 733 -23 Textiles, apparel, and leather........... 3,911 3,934 3,988 3,957 3,867 122 345 570 -440 235 — 205 730 Petroleum refining.............................. 1,468 1,204 1,192 1,187 1,218 260 -7 12 -176 184 19 203 211 Chemicals and rubber....................... 3,001 3,071 3,119 3,083 3,048 3 227 272 255 -198 48 -150 809 Other nondurable goods................... 2,365 2,371 2,385 2,391 2,360 8 96 128 116 -65 156 91 360 Mining, including crude petroleum and natural gas............................. 4,208 4,210 4,216 4,164 4,202 -53 145 50 312 -233 77 -156 331 1,670 1,718 1,767 1,776 1,902 -292 -237 -108 357 630 -42 588 -540 6,111 6,066 6,108 6,164 6,174 -13 238 258 471 151 43 194 567 7,029 7,009 6,991 6,983 7,113 101 315 430 540 -184 165 -19 1,092 Transportation........................................ 6,123 6,086 6,046 6,034 6,087 58 -4 164 105 14 66 80 294 Communication...................................... 2,529 2,508 2,465 2,422 2,465 101 253 73 149 -78 -13 -91 258 Other public utilities.............................. 6,362 6,381 6,257 6,289 6,241 386 390 146 -291 596 734 1,330 961 Construction............................................ 6,019 5,990 5,890 5,826 5,789 299 138 94 29 -200 211 11 878 11,573 11,519 11,523 11,548 11,611 33 296 310 188 565 362 927 997 All other domestic loans....................... 9,002 9,002 9,144 9,267 9,273 146 44 531 541 302 380 682 1,754 Bankers’ acceptances.............................. 1,320 1,376 1,379 1,482 1,458 28 -44 86 62 199 -322 -123 -154 Foreign commercial and industrial loans.................................................. 4,482 4,468 4,527 4,476 4,381 275 9 181 125 23 -384 -361 554 101,549 101,568 101,994 101,895 101,909 1,243 3,010 5,031 5,604 1,237 3,243 4,480 11,991 Total commercial and industrial loans of large commercial banks............ 120,877 121,019 121,489 121,439 121,270 1,062 3,825 5,247 5,869 1,938 3,371 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 1974 1973 1973 Industry May Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. 2nd 29 24 27 27 30 26 28 31 26 I IV III II half Durable goods manufactur­ ing: Primary metals..................... 1,111 1,083 1,064 1,046 1,092 1,104 1,240 1,259 1,307 -40 -203 -21 -7 -224 Machinery............................ 3,213 3,145 3,114 3,037 2,950 2,866 2,726 2,731 2,680 248 186 39 328 225 Transportation equipment. 1,429 1,423 1,365 1,367 1,324 1,284 1,257 1,239 1,266 81 18 77 15 95 Other fabricated metal products............................ 960 934 911 911 938 894 912 901 871 17 23 2 84 25 Other durable goods........... 2,012 1,972 1,915 1,837 1,737 1,772 1,754 1,795 1,788 143 -16 98 170 82 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 1,585 1,533 1,529 1,527 1,514 1,491 1,469 1,470 1,477 38 14 84 43 98 Textiles, apparel, and leather................................ 1,120 1,147 1,089 1,043 1,032 1,003 1,036 1,033 1,028 86 -25 59 77 34 Petroleum refining............... 954 934 945 901 920 933 839 883 920 12 13 44 34 57 Chemicals and rubber........ 1,686 1,690 1,603 1,569 1,570 1,561 1,509 1,534 1,552 42 9 71 2 80 Other nondurable goods.. 1,157 1,145 1,139 1,080 1,069 1,082 1,077 1,090 1,100 57 -18 37 -37 19 Mining, including crude pe­ troleum and natural gas. 3,170 3,284 3,245 3,203 3,153 2,958 2,950 2,958 2,990 287 -32 144 -26 112 Trade: Commodity dealers.. 145 144 140 129 137 127 135 120 116 13 11 -7 -27 4 1,405 1,335 1,323 1,315 1,265 1,190 1,172 1,223 1,178 133 12 112 11 124 Retail............................ 2,514 2,543 2,480 2,376 2,249 2,206 2,227 2,175 2,147 274 59 141 183 200 Transportation......................... 4,475 4,414 4,417 4,311 4,327 4,320 4,208 4,220 4,279 97 41 -26 71 15 Communication....................... 1,033 978 966 940 947 860 828 819 858 106 2 73 39 75 Other public utilities............... 3,356 3,196 3,154 3,245 3,298 3,252 3,121 2,857 2,836 -98 416 427 175 843 Construction............................. 1,983 1,908 1,898 1,940 1,943 1,905 1,936 1,954 1,992 -7 -87 96 187 9 Services...................................... 5,254 5,223 5,076 5,004 4,937 5,049 4,916 4,777 4,719 27 330 157 223 487 All other domestic loans 3,035 r2,935 2,808 2,384 2,692 2,602 2,617 2,552 2,585 206 17 384 330 401 Foreign commercial and in­ dustrial loans................... 2,361 '2,433 2,370 2,321 2,469 2,334 2,306 2,308 2,186 36 148 -399 18 -251 Total loans................................ *43,958 '43,399 42,551 41,486 41,563 40,793 40,235 39,898 39,875 1,758 918 1,592 1,893 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 26 DEMAND DEPOSIT OWNERSHIP □ JUNE 1974 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) rype of holder Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s i i n n a e n s c s ial Consumer Foreign o A th l e l r IPC All commercial banks: 1970—Sept......................................................................................... 17.0 88.0 51.4 1.4 10.0 167.9 Dec.......................................................................................... 17.3 92.7 53.6 1.3 10.3 175.1 1971—Mar........................................................................................ 18.3 86.3 54.4 1.4 10.5 170.9 June....................................................................................... 18.1 89.6 56.2 1*3 10.5 175.8 Sept......................................................................................... 17.9 91.5 57.5 1.2 9.7 177.9 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 1974—Mar........................................................................................ 18.9 108.4 70.6 2.3 11.0 211.2 Weekly reporting banks: 1971—Dec......................................................................................... 14.4 58.6 24.6 1.2 5.9 104.8 1972—Dec......................................................................................... 14.7 64.4 27.1 1.4 6.6 114.3 1973—Apr......................................................................................... 14.3 59.4 28.6 1.8 6.4 110.4 May........................................................................................ 13.8 59.1 26.9 1.9 6.4 108.0 June....................................................................................... 14.2 60.8 27.1 1.9 6.3 110.2 July........................................................................................ 14.8 61.1 27.3 1.9 6.6 111.7 Aug........................................................................................ 14.3 59.5 27.3 1.9 6.1 109.1 Sept...................................................................................... 14.5 60.6 27.2 1.9 6.5 110.8 Oct......................................................................................... 15.0 61.7 27.3 2.0 6.6 112.5 Nov........................................................................................ 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 28.4 2.3 6.7 116.5 Feb......................................................................................... 14.1 62.1 26.9 2.3 6.2 111.5 Mar........................................................................................ 14.7 61.5 27.6 2.1 6.3 112.1 Apr.*..................................................................................... 14.7 62.2 29.6 2.1 6.2 114.7 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 Note.—Daily-average balances maintained during month as estimated Bulletin, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, June 30, Dec. 31, Class of Dec. 31, Dec. 31, June 30, Dec. 31, bank 1971 1972 1973 1973 bank 1971 1972 1973 1973 All commercial.... 680 559 538 507 All member—Cont. Insured................. 677 554 533 503 Other large banks 1 112 69 63 58 National member 387 311 304 288 All other member 1 371 313 312 294 State member.... 95 71 71 64 All nonmember......... 197 177 163 155 All member............. 482 381 375 352 Insured.................... 195 172 158 152 Noninsured............. 2 5 5 3 1 Beginning Nov. 9,1972, designation of banks as reserve city banks for Note.—Hypothecated deposits, as shown in this table, are treated one reserve-requirement purposes has been based on size of bank (net demand way in monthly and weekly series for commercial banks and in another deposits of more than $400 million), as described in the Bulletin for way in call-date series. That is, they are excluded from “Time deposits” July 1972, p. 626. Categories shown here as “Other large” and “All other and “Loans” in the monthly (and year-end) series as shown on pp. A-16; member” parallel the previous “Reserve City” (other than in New York from the figures for weekly reporting banks as shown on pp. A-20-A-24 City and the City of Chicago) and “Country” categories, respectively (consumer instalment loans); and from the figures in the table at the (hence the series are continuous over time). bottom of p. A-15. But they are included in the figures for “Time de­ posits” and “Loans” for call dates as shown on pp. A-16-A-19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ LOAN SALES BY BANKS; OPEN MARKET PAPER A 27 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 1974—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 1,414 337 1,077 Mar. 6.......... 4,939 2,754 2,185 1 ,414 339 1,075 13........... 4,935 2,768 2,167 1,420 339 1,081 20........... 4,840 2,787 2,053 1 .419 340 1 ,079 27........... 4,904 2,834 2,070 1,454 369 1,085 Apr. 3........... 5,114 2,893 2,221 1,440 358 1,082 10 5,063 2,911 2,152 1,443 356 1,087 17 5,043 2,874 2,169 1,448 360 1,088 24 r 5,386 3,080 2,306 1,457 367 1,090 May 1........... 5,399 3,020 2,379 1,471 379 1,092 8. , . 5,536 3,069 2,467 1,475 375 1,100 15 5,442 3,039 2,403 1,457 358 1,099 22 5,567 3,084 2,483 1,455 357 1,098 29 5,653 3,112 2,541 1,442 359 1,083 Note.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Based on— Placed through Placed End of period dealers directly Accepting banks Total Total Im­ Ex­ Others ports ports All Bank Bank For­ into from other related Other1 related Other2 Own Bills Own eign United United bills bought acct. corr. States States 196 5 9,300 1,903 7,397 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,645 3,089 10,556 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 17,085 4,901 12,184 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 21,173 7,201 13,972 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 32,600 1,216 10,601 3,078 17,705 5,451 1,567 1.318 249 64 146 3,674 1,889 1 ,153 2,408 197 0 33,071 409 12,262 1,940 18,460 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 197 1 32,126 495 10,923 1,478 19,230 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 197 2 34,721 930 11,242 1,707 20,842 6,898 2.706 2,006 700 106 179 3,907 2,531 1,909 2,458 1973—Apr. 34,404 1,044 8,290 2,767 22,303 6,713 2,068 1,641 427 136 344 4,165 1,996 2,359 2,359 May 35,672 1,148 8,288 2,922 23,314 6,S 2,197 1,763 433 83 384 4,225 2,009 2,509 2,371 June 35,786 1,173 8,316 3,110 23,187 7.237 2,185 1,746 439 66 395 4,591 2,053 2,755 2,428 July. 35,463 1,207 7,954 3,307 22,995 7,693 2,254 1,803 452 132 496 4,810 2,222 2,954 2,517 Aug. 37,149 1,350 7,676 3,758 24,365 7,734 1,968 1,598 370 84 522 5,159 2,268 2,945 2,520 Sept. 37,641 1,353 8,845 3,878 23,565 8,170 2,099 1,629 470 145 548 5,379 2,296 3,289 2,585 Oct.. 41,602 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. 42,945 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. 41,073 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 Feb. 47,164 1,449 15,897 4,080 25,738 9,364 2,854 2.328 525 69 592 5,850 2,434 3,182 3,748 Mar. 44,690 1,508 13,520 4,537 25,125 10,166 2,986 2,413 573 296 684 6,200 2,827 2,979 4,361 Apr. 44,677 1,664 13,327 5,170 24,516 10,692 3,232 2,744 488 216 700 6,544 2,900 2,833 4,959 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 28 INTEREST RATES o JUNE 1974 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Rate Effective date Rate 1972—Jan. 1 3 7 . . , , 4 5 y -5 4- M 5 - - 5 5 V V 4 4 * m 1972—Oct. 5 5% % « -5 -5 % 3^ « 1973—Aug. 6 7. . . . . . . . . . . . . . . . . . . . . . . . . . 9 83 - 4-9- 11974—Apr. 2. 91 9 4 - V - i 9 4/10- 2 3 4 1 . ., 4 4 V y8 l- - 4 4 V y4 4 - * 5 - m 5 5 5% 34 » - -5% 2 1 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . • 9 9 - 1 9 4 1 -- 4 9 - Vi 91 9 4- % 94 - / 10- 22............. 91/2- 9Vio-9%«- Feb. 28., 4V 4 s y - 4 4 m 'A - Nov. 20 6 . . , 5 5 3 3 4 ^ « . -57/8 2 28 9 . . . . . . . . . . . . . . . . . . . . . . . . . . 9 93 V 4 i - -934- 94/ 9 i 3 o 4 -9 Vi- Mar. 13., 4^-434. 934- 2 2 3 7. ., , 4 4 3 34 4 - .^ 7/3-5 Dec. 2 2 6 7 . . . , 5 5 3 3 4 4 - b 6 -6 . Sept. 1 1 8 4. . . . . . . .. .. . . . . .. .. . . . . . . . 9 1 3 0 4 . .-10 934 1 0 .-98/10- 27............. 934-10- 934-98/10- Apr. 3.. 4V4m~5 1973—Jan. 4.. 10. 5.. 5- Oct. 22............. 9Vi-934-10- 15. 1O.-1OV10- 17., 5--5V4 Feb. 2.. 6--6V4 24............. 91/2-934--10 1014 May 30 1 . . , , 5 5- --5 i/g-5 V4 2 2 1 6 7 4 . . . . . . 6 6 61 . . - / 6 4 V - 4 2 1 3 9 . . 1 10 0 1 1 -1 4 0 - 0 1 - 1 4 1 / - 0 10 4 - /10 June 12., 5«-5i/8 Mar. 19. 6% .-634 1974—Jan. 7............ 9V 99 i- /i 9 o 34.- 24. 101 1 /4 04 - /10- 26., 5-514* 26., 6Vi- 14............. 9%-9%«- 10Vi July 1 3 0. ., 55V i/44*._-553K/8- Apr. 1 1 9 8 . . , 6 6 1 3 / 4 2 . -634- 29............ 91 9 9 4 V - 8/ 9 i i o o Vi-- 2 2 5 6 . . l 1 O 01 V 1 4 0 i o V - 1 i 0 - 4 /10- 5% 10Vi—— 3 1 1 7 . . , , 5 5l % /4 5 . % » _ -5 5 % 3/8„ May 2 4 7 4 . . . 7 i 6 % 3 . 4 -i .- y 7 4 Feb. 2 1 1 5 1 9 . . .. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 9 9 8 -9 V - 1 - i 4 9 o - - 1 9 8 4 3 % /1 « 0 -9 30. lO 1 1 V 0 0 ® i 3 - 4 / - i - o 1 - 1 Aug. 11., 5%«—5% 25. 7-7%■ 26............. 87/io-834- 1034-11 2 2 1 5 1 4 . . . 5 5 5 i i % / / 4 4 « . - - - 5 5 3 % /8- June 1 8 9 . . 7 71 V /2 i « «-734 Mar. 4............ 8V 8 i 3 - 4 8 " 7/io- May 2. 1 1 0 0 i 6 1 /2 0 /i 3 - o 1 4 - 0 1 * « 0 - / 3 1 i 4 o 1 B - 29. 51/ 5 4 V -5 i 3/8- 25. 73/4. 5............ 8V 8 i 3 — / 8 4 6 - /io- IO - 6 1 /1 1 0- IO34- 5%» July 734--8 19............ 834.-88/io Sept. 2 l 4 5 l . . ’. 5 5 5 % 5 % V % 5 - i" 5 3 « » % 4 - - 5 5 % - %- 7 8 88 8 8 3 1 1 1 - V / / 8 / 4 4 4 i i 1 - * -. - 8- 8 8 4 81 " . 3 / % 4 2 . - 2 2 2 2 2 2 6 1 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 9 9 9 3 - 8 . . / 9 4 - i < V . 9 - > 8 4 1 -9 4 8 - . - / 9 ,o V -9 i 2 1 1 1 0 7 3 0 7 . . . . . , , 1 1 1 1 ll 1 1 1 1 V- - 1 1 1 1 1 4 1 4 1 i1 - « B « 1 1 V - - 1 1 1 l - 4 i l 1 4 " 3 " 4 / 1 4 / 0 10 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 Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. 1974 1973 1974 1973 1974 1973 1974 1973 1974 1973 1974 1973 Short-term 35 centers......................................... 9.91 10.08 9.86 9.80 10.09 10.14 10.28 10.43 10.06 10.18 9.75 9.95 New York City.......................... 9.68 9.90 9.93 10.04 10.12 10.28 9.95 10.31 9.78 10.01 9.62 9.83 7 Other Northeast..................... 10.28 10.51 10.42 10.34 10.46 10.57 10.71 10.86 10.48 10.58 9.99 10.32 8 North Central......................... 9.98 10.02 9.18 9.02 9.98 9.81 10.42 10.38 10.14 10.19 9.82 9.91 7 Southeast.................................. 9.80 9.96 9.69 9.58 9.81 9.82 10.02 10.16 9.90 9.97 9.60 9.89 8 Southwest................................ 9.93 10.08 9.90 9.91 9.98 10.09 10.04 10.28 9.99 10.04 9.82 9.97 4 West Coast............................... 9.78 10.04 10.16 10.23 10.08 10.26 10.05 10.28 9.83 10.13 9.68 9.95 Revolving credit 35 centers......................................... 9.82 10.13 10.22 10.09 10.09 10.18 10.10 10.20 9.78 10.23 9.79 10.11 New York City.......................... 9.91 10.30 9.32 9.84 9.60 10.09 9.99 10.33 9.72 10.21 9.92 10.31 7 Other Northeast..................... 10.20 10.09 9.82 10.36 10.27 10.69 10.32 10.55 9.65 10.32 10.25 10.00 8 North Central......................... 10.00 10.22 11.14 9.96 10.27 10.17 10.17 9.70 10.03 10.55 9.97 10.24 7 Southeast.................................. 9.96 9.22 9.75 9.11 9.88 9.54 10.09 9.83 9.35 9.75 10.14 10.05 8 Southwest................................ 10.34 10.74 10.58 10.46 9.97 10.19 10.32 11.22 10.43 10.72 10.35 10.64 4 West Coast.............................. 9.58 9.92 10.24 10.09 10.11 10.21 10.04 10.16 9.65 10.04 9.51 9.88 Long-term 35 centers......................................... 10.16 10.68 10.74 10.36 10.42 10.45 10.47 10.23 10.24 10.54 10.09 10.78 New York City.......................... 10.03 11.05 9.69 10.93 10.92 10.06 10.45 9.95 10.60 10.02 11.12 7 Other Northeast..................... 10.48 10.17 10.93 10.80 10.07 10.32 10.19 9.83 10.58 9.94 10.58 10.29 8 North Central......................... 10.48 10.92 10.51 10.08 9.69 10.40 10.45 10.12 10.10 10.25 10.57 11.16 7 Southeast.................................. 10.93 12.33 10.49 9.10 13.59 10.98 12.48 13.07 14.20 15.73 8.90 10.96 8 Southwest................................. 9.90 10.28 10.88 10.95 10.23 10.22 10.56 10.15 9.63 10.59 9.79 10.21 4 West Coast............................... 9.75 10.18 10.75 9.92 10.21 10.29 10.64 9.80 10.22 10.73 9.55 10.15 Note.—Beginning Feb. 1971 the Quarterly Survey of Interest Rates on Digitized for FRABSuEsinRe ss Loans was revised. For description of revised series see pp. 468http://fraser.stlou7is7 foefd t.hoer gJu/ ne 1971 Bulletin. Federal Reserve Bank of St. Louis

JUNE 1974 □ INTEREST RATES A 29 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 Prime Finance commercial CO. Prime Fed­ paper i paper bankers’ eral 3-month bills5 6-month bills5 9- to 12-month issues Period placed accept­ funds 3- to 5directly, ances, rate3 year 90-119 4- to 6- 3- to 6- 90 days 1 Rate Market Rate Market 1-year issues6 days months months* 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 8.21 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—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 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 Mar................ 8.64 8.42 7.76 8.43 9.35 7.986 7.96 7.829 7.83 7.34 7.86 7.33 Apr................. 9.92 9.79 8.43 9.61 10.51 8.229 8.33 8.171 8.32 8.08 8.66 7.99 May............... 10.82 10.62 8.94 10.68 11.31 8.430 8.23 8.496 8.40 8.21 8.78 8.24 Week ending— 1974—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 9........ 8.20 8.00 7.50 8.00 8.98 7.675 7.71 7.566 7.53 6.96 7.34 7.06 16........ 8.43 8.18 7.75 8.08 9.03 7.920 7.82 7.637 7.59 7.06 7.59 7.16 23 8.73 8.50 7.85 8.60 9.33 8.047 8.06 7.882 8.02 7.56 8.15 7.48 30........ 9.30 9.10 8.00 9.10 9.61 8.300 8.35 8.231 8.24 7.84 8.49 7.69 Apr. 6........ 9.53 9.38 8.25 9.30 9.93 8.358 8.51 8.211 8.31 7.95 8.48 7.91 13 9.70 9.60 8.40 9.50 10.02 8.648 8.49 8.393 8.34 8.05 8.55 7.98 20........ 9.88 9.73 8.50 9.50 10.36 8.051 8.05 8.084 8.18 8.05 8.61 7.94 27........ 10.23 10.13 8.50 9.85 10.78 7.857 8.10 7.995 8.27 8.14 8.82 8.04 May 4........ 10.85 10.73 8.70 10.35 11.17 8.909 8.81 8.796 8.73 8.45 9.10 8.29 11........ 11.00 10.83 8.90 10.70 11.29 9.036 8.60 9.006 8.71 8.46 9.21 8.51 18........ 11.00 10.80 9.00 10.75 11.46 8.023 8.00 8.031 8.12 8.11 8.79 8.20 25 ... 10.63 10.38 9.00 10.75 10.95 8.197 7.90 8.440 8.28 7.99 8.39 8.09 June 1........ 10.56 10.31 9.00 10.75 11.54 7.983 8.04 8.205 8.26 8.0 6 8.46 8.07 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 ® 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 30 INTEREST RATES □ JUNE 1974 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State and local Aaa utility By selected By Dividend / Earnings / ratine group r>rir#» rat in price ratio Period United Total i States (long­ Re­ Aaa Baa Indus­ Rail­ Public term) Total i Aaa Baa New cently trial road utility Pre­ Com- Comissue offered ferred Seasoned issues 1970..................... 6.59 6.42 6.12 6.75 8.68 8.71 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.46 1971..................... 5.74 5.62 5.22 5.89 7.62 7.66 7.94 7.39 8.56 7.57 8.38 8.13 6.75 3.14 5.41 1972..................... 5.63 5.30 5.04 5.60 7.31 7.34 7.63 7.21 8.16 7.35 7.99 7.74 7.27 2.84 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—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 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 '7.09 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 8.31 1974—Jan........... 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 Mar......... 6.81 5.44 5.20 5.71 8.46 '8.44 8.27 8.01 8.65 8.12 8.35 8.44 7.56 3.65 Apr.......... 7.04 5.76 5.45 6.06 8.98 8.94 8.50 8.25 8.88 8.39 8.51 8.68 7.83 3.86 May.... 7.07 6.09 5.89 6.30 9.24 9.13 8.68 8.37 9.10 8.55 8.73 8.86 8.11 4.00 Week ending— 1974—Apr. 6. 7.02 5.73 5.40 6.00 8.78 8.75 8.43 8.17 8.79 8.30 8.42 8.62 7.75 3.80 13. 7.04 5.83 5.50 6.15 9.13 8.92 8.49 8.25 8.87 8.36 8.48 8.69 7.81 3.88 20. 6.99 5.69 5.40 6.00 8.91 8.95 8.51 8.26 8.89 8.41 8.51 8.66 7.83 3.80 27. 7.07 5.80 5.51 6.10 8.98 9.08 8.55 8.28 8.94 8.45 8.57 8.71 7.91 3.95 May 4. 7.11 6.00 5.80 6.25 9.27 9.15 8.62 8.34 8.99 8.52 8.64 8.76 8.04 3.90 11 . 7.09 6.11 5.90 6.40 9.27 9.11 8.64 8.38 ' 9.02 8.56 8.69 8.77 8.08 3.91 18. 7.02 6.06 5.90 6.30 9.23 9.13 8.67 8.36 9.07 8.53 8.73 8.83 8.12 3.96 25. 7.08 6.06 5.90 6.30 9.34 9.10 8.71 8.38 9.16 8.56 8.77 8.89 8.10 4.12 June 1. 7.06 6.09 5.95 6.30 9.09 9.15 8.75 8.39 9.23 8.60 8.81 8.95 8.20 4.13 Number of issues2............. 13 20 5 5 121 20 | 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ only, based on Thurs. figures; from Moody’s Investor Service. (3) Cor­ arately. Because of a limited number of suitable issues, the number porate: Rates for “New issue” and “Recently offered” Aaa utility bonds of corporate bonds in some groups has varied somewhat. As of Dec. are weekly averages compiled by the Board of Governors of the Federal 23, 1967, there is no longer an Aaa-rated railroad bond series. Reserve System. Rates for seasoned issues are averages of daily figures 2 Number of issues varies over time; figures shown reflect most recent from Moody’s Investors Service. count. Stocks: Standard and Poor’s corporate series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on eight median yields for a sample of non- Bonds: Monthly and weekly yields are computed as follows: (1) U.S. callable issues—12 industrial and 2 public utility; common stock ratios Govt.: Averages of daily figures for bonds maturing or callable in 10 years on the 500 stocks in the price index. Quarterly earnings are seasonally or more; from Treasury Dept. (2) State and local govt.: General obligations adjusted at annual rates. NOTES TO TABLES ON OPPOSITE PAGE: Security Prices: Stock Market Customer Financing: 1 Through Aug. 1973 the index is based upon an initial value of 10.90— 1 Margin credit includes all credit extended to purchase or carry stocks the average price of a share of stock listed on the American Stock Exchange or related equity instruments and secured at least in part by stock (see was $10.90 on June 30, 1965. As of Sept. 1973, a new market-value index Dec. 1970 Bulletin). Credit extended by brokers is end-of-month data with a starting value of 100.00 replaced the previous series. An index for for member firms of the New York Stock Exchange. June data for banks past periods is being calculated on the new market-value basis and will be are universe totals; all other data for banks represent estimates for all published as it becomes available. commercial banks based on reports by a reporting sample, which ac­ counted for 60 per cent of security credit outstanding at banks on June 30, Note.—Annual data are averages of monthly figures. Monthly and 1971. weekly data are averages of daily figures unless otherwise noted and are 2 In addition to assigning a current loan value to margin stock generally, computed as follows: U.S. Govt, bonds, derived from average market Regulations T and U permit special loan values for convertible bonds and yields in table on p. A-30 on basis of an assumed 3 per cent, 20-year stock acquired through exercise of subscription rights. bond. Municipal and corporate bonds, derived from average yields as 3 Nonmargin stocks are those not listed on a national securities exchange computed by Standard and Poor’s Corp., on basis of a 4 per cent, 20- and not included on the Federal Reserve System’s list of Over the Counter year bond; Wed. closing prices. Common stocks, derived from com­ margin stocks. At banks, loans to purchase or carry nonmargin stocks are ponent common stock prices. Average daily volume of trading, normally unregulated; at brokers, such stocks have no loan value. conducted 5 days per week for 5 Vi hours per day, or 27 Vi hours per week. 4 Free credit balances are in accounts with no unfulfilled commitments In recent years shorter days and/or weeks have cut total weekly trading to the brokers and are subject to withdrawal by customers on demand. to the following number of hours: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ SECURITY MARKETS A 31 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (oer cent of oar) stocks Amer­ (thousands of Period Standard and Poor’s index New York Stock Exchange index ican shares) (1941-43= 10) (Dec. 31, 1965 = 50) Stock Ex­ change ( G t l U e o o r . n m 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 i u al s­ R ro a a i d l­ P u u ti b li l t i y c Total In tr d ia u l s­ T p t o r i a o r n t n a s ­ ­ Utility na F n i c ­ e in to d t e al x 1 NYSE AMEX 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 96.63 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 57.42 63.08 37.74 37.69 70.12 103.80 16,374 3,004 1973—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 Mar................ 58.70 83.5 61.3 97.44 108.98 42.57 47.90 52.15 56.80 38.39 35.22 64.47 99.10 14,745 2,123 Apr................. 57.01 80.2 60.3 92.46 103.46 40.26 44.03 49.21 53.95 35.87 32.59 58.72 93.57 12,109 1,752 May. ............. 56.81 77.3 59.7 89.67 101.17 37.04 39.35 47.35 52.53 33.62 30.25 52.85 84.71 12,512 1,725 Week ending— 1974—May 4........ 56.49 78.2 59.7 91.22 102.75 38.83 40.93 48.39 48.39 34.81 31.04 56.49 90.22 12,198 1,567 11........ 56.66 77.1 59.7 91.73 103.41 38.40 40.68 48.54 53.79 34.78 31.09 54.54 88.20 12,397 1,512 18........ 57.12 77.1 59.8 89.95 101.53 37.39 39.18 47.48 52.75 33.81 30.18 52.41 84.48 11,874 1,768 25........ 56.69 76.9 59.6 87.75 99.04 35.56 38.46 46.23 51.33 32.41 29.66 51.03 80.48 13,350 1,971 June 1......... 56.84 77.1 59.6 87.49 98.83 35.24 37.99 46.04 51.18 32.29 29.30 50.74 81.54 11,831 1,653 For notes see opposite page. 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. 1973—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 1,105 203 59 19 17 1,878 419 1,713 Nov........................................ ’’6,774 5,671 1,003 5,460 1,027 197 60 14 16 1,917 464 1,685 Dec........................................ 6,382 5,251 1,131 5,050 1,070 189 46 12 15 1,866 454 1,700 1974—Jan......................................... 6,343 5,323 1,020 5,130 961 182 45 11 14 1,799 442 1,666 Feb........................................ 6,462 5,423 1,039 5,230 977 183 46 10 16 1,843 420 1,604 Mar....................................... 6,527 5,519 1,008 5,330 944 180 48 9 16 1,869 424 1,583 Apr........................................ 5,558 5,370 179 9 411 1,438 i For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 32 STOCK MARKET CREDIT; SAVINGS INSTITUTIONS □ JUNE 1974 EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, except as noted) (Per cent of total, except as noted) Total Equity class (per cent) Equity class of accounts End of l ( i m on il s ­ End of period c N re e d t it in debit status b T al o a t n a c l e period of 80 or Under status 60 per cent Less than (millions dol­ more 70-79 60-69 50-59 40-49 40 or more 60 per cent of dollars) lars)! 1973—Apr......................... 35.3 46.9 18.0 5,660 1973—Apr.. 7,040 4.8 7.3 13.4 19.8 22.4 32.4 May....................... 35.8 45.0 19.1 5,670 May. 6,540 4.9 7.2 12.7 18.7 21.9 34.9 June....................... 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 Feb......................... 39.4 43.3 24.9 6,740 Feb... 5,230 5.4 7.4 13.3 22.6 28.0 23.3 40.0 41.2 18.9 6,784 Mar.. 5,330 5.0 7.0 11.4 19.4 30.2 27.1 39.6 42.3 19.4 6,526 Apr.. 5,370 4.4 6.0 9.9 16.5 26.5 37.0 Note.—Special miscellaneous accounts contain credit balances that 1 See note 1 to table at bottom of p. A-31. 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. MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments End of period M ga o g r e t­ Other G U o .S vt . . S l a o t n c a d a te l C r a o a n r t d p e o­ Cash O as t s h e e ts r li T a a t b o i n e i t d s l a i l ­ De it p s os­ l O ia t t i b e h i s e li r ­ G r c e o e s a n u e c e n r ­ v r t a s e l classi ( f i i n e d m b o y n t m hs a ) turity govt. other1 general reserve accts. 3 or 3-6 6-9 Over Total less 9 1970................. 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 688 1,931 1971................ 62,069 2,808 3,334 385 17,674 1,389 1,711 89,369 81,440 1,810 6,118 1,047 627 463 1,310 3,447 19723............... 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—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___ 73,231 3,871 2,957 926 21,383 1,968 2,314 106.651 96,496 2,566 7,589 1,250 598 405 1,008 3,261 1974—Jan.... 73,440 4,161 2,925 936 21,623 1,686 2,312 107,083 96,792 2,665 7,626 1,171 587 439 998 3,196 Feb.... 73,647 4,584 2,846 942 21,923 1,618 2,316 107,877 97,276 2,919 7,681 1,232 562 407 952 3,153 Mar... 73,957 4,825 2,851 934 22,302 1,634 2,373 108,876 98,557 2,595 7,724 1,302 525 413 929 3,168 1 Also includes securities of foreign governments and international were net of valuation reserves. For most items, however, the differences organizations and nonguaranteed issues of U.S. Govt, agencies. are relatively small. 2 Commitments outstanding of banks in New York State as reported to the Savings Banks Assn. of the State of New York. Data include building Note.—NAMSB data; figures are estimates for all savings banks in loans beginning with Aug. 1967. the United States and differ somewhat from those shown elsewhere in 3 Balance sheet data beginning 1972 are reported on a gross-of-valua- the Bulletin; the latter are for call dates and are based on reports filed tion-reserves basis. The data differ somewhat from balance sheet data with U.S. Govt, and State bank supervisory agencies. previously reported by National Assn. of Mutual Savings Banks which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ SAVINGS INSTITUTIONS A 33 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total U St n a i t t e e s d Sta lo te c a a l nd Bonds Stocks M gag o e rt s ­ e R st e a a t l e P lo o a li n c s y a O s t s h e e ts r 197 0 207,254 11,068 4,574 3,306 3,188 88,518 73,098 15,420 74,375 6,320 16.064 10,909 197 1 . 222,102 11,000 4,455 3,363 3,182 99,805 79,198 20,607 75,496 6,904 17.065 11,832 197 2 239,730 11,372 4,562 3,367 3,443 112,985 86,140 26,845 76,948 7,295 18,003 13,127 1973—Mar. 242,476 11.404 4,588 3,332 3,484 115,558 89,537 26,021 77,166 7,455 18,284 12,609 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 Dec. 252,071 11,376 4,586 3,449 3,545 117,733 91,452 26,281 81,180 7,769 20,076 13,937 1974—Jan.. 253.531 11,465 4,410 3,463 3,592 119,079 93,082 25,997 81,490 7,816 20,242 13,439 Feb.. 254i739 11,535 4,429 3,518 3,588 119.715 93,672 26,043 81,745 7,825 20,382 13,537 Mar. 255,847 11,766 4,595 3,511 3,660 119.936 94,037 25,899 81,971 7,831 20,538 13,805 1 Issues of foreign governments and their subdivisions and bonds of Figures are annual statement asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. Adjustments for interest due and accrued and for differences between market and book Note.—Institute of Life Insurance estimates for all life insurance values are not made on each item separately but are included, in total in companies in the United States. “Other assets.” SAVINGS AND LOAN ASSOCIATIONS (In 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 Other 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 wo N r e th t 2 m ro B o w n o e e r y ­ d 3 p L ro o i c n a e n s s s Other ou a p t ts e e t r a n i n d o d d o i 4 n f g ities 1 1970..................................... 150,331 13,020 3,506 9,326 176,183 146,404 12,401 10,911 3,078 3,389 4,452 1971..................................... 174,250 18,185 2,857 10,731 206,023 174,197 13,592 8,992 5,029 4,213 7,328 1972..................................... 206,182 21,574 2,781 12,590 243,127 206,764 15,240 9,782 6,209 5,132 11,515 19733................................... 232,104 21,027 19,227 272,358 227,254 17,108 17,100 4,676 6,220 9,532 1973—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........................... 232,980 22,378 19,502 274,860 229,435 17.333 16,663 4,380 7,049 9,788 Feb.......................... 234,426 23,327 19,901 277,654 231,264 17,623 16,431 4,304 8,032 10,740 Mar......................... 236,514 23,970 20,429 280,913 235,436 17,488 16,652 4,492 6,845 12,018 Apr.*...................... 239,012 23,559 20,908 283,479 235,232 17,764 18,128 4,786 7,569 13,022 1 Excludes stock of the Federal Home Loan Bank Board. Compensating included in other assets. The effect of this change was to reduce the mort­ changes have been made in “Other assets.” gage total by about $0.6 billion. 2 Includes net undistributed income, which is accrued by most, but not Also, GNMA-guaranteed, mortgage-backed securities of the pass­ all, associations. through type, previously included in cash and investment securities are 3 Advances from FHLBB and other borrowing. included in other assets. These amounted to about $2.4 billion at the end 4 Data comparable with those shown for mutual savings banks (on of 1972. preceding page) except that figures for loans in process are not included above but are included in the figures for mutual savings banks. Note.—FHLBB data; figures are estimates for all savings and loan 5 Beginning 1973, participation certificates guaranteed by the Federal assns. in the United States. Data are based on monthly reports of insured Home Loan Mortgage Corporation, loans and notes insured by the assns. and annual reports of noninsured assns. Data for current and Farmers Home Administration and certain other Government-insured preceding year are preliminary even when revised. morgtage-type investments, previously included in mortgage loans, are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 FEDERAL FINANCE a JUNE 1974 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Borrowings from the public 1 Less: Cash and monetary assets Other means Period Surplus Less: Invest­ of Receipts Outlays or Public ments by Govt, Trea­ financ­ deficit debt Agency accounts Less: Equals: sury ing, (“) securi­ securi­ Special Total operat­ Other net3 ties ties notes2 ing S i p ss e u c e ia s l Other balance Fiscal year: 197 0 193,743 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 -982 197 1 188,392 211,425 -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 -1,189 2,497 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 -88 1,302 July-Dee. 124,253 130,360 -6,107 11,756 477 5,396 824 6,013 -2,202 -191 -2,299 Month: 1973—Apr.'.... '25,870 '22,234 '3,636 -1,543 -721 '-63 '-42 -2,159 1,220 1,215 '959 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 '3,411 '—171 -2,369 4,344 414 -485 July.......... 18,121 '22,607 -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 '544 1,681 Feb........... 20,226 21,030 -804 2,503 -17 2,478 169 -162 -2,877 -84 -1,995 Mar.......... 16,818 22,905 -6,086 3,813 394 -164 61 4,309 690 191 2,657 Apr.......... 29,657 22,273 7,384 -2,597 37 -115 57 -2,502 3,125 1,319 -438 Selected balances Treasury operating balance Borrowing from the public. End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n nts d t O a e r p t i h o e e s s r i 4 ­ 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 is p G I s e n u c o v e i v a e s t l s , t m ac e c n o t O u s n t o h ts f e r S n L p o e e te s c s i s a : 2 l E T q o u t a a l l s: s c p p o G r o N r i n o p v o s v s a w o t . t — . r e - e 5 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 7,934 139 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 43,459 1973........................... 2,543 7,760 70 10,374 469,898 11,586 107,135 24,467 825 349,058 59,857 Month: 1973—Apr................ 4,162 9,683 311 14,156 457,063 11,084 '96,360 '23,579 825 347,383 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 '24,241 '825 343,727 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 59,566 Feb................ 2,017 5,579 69 7,665 470,687 11,581 108,629 24,691 825 348,123 59,282 Mar............... 1,372 6,915 69 8,356 474,500 11,975 108,465 24,752 825 352,433 59,897 Apr................ 2,814 8,576 89 11,480 471,903 12,012 108,350 24,809 825 349,931. 1 The decrease in Federal securities resulting from conversion to private 3 Includes accrued interest payable on public debt securities, deposit ownership of Govt.-sponsored corporations (totaling $9,853 million) is funds, miscellaneous liability and asset accounts, and seigniorage. not included here. In the bottom panel, however, these conversions de­ 4 As of Jan. 3, 1972, the Treasury operating balance was redefined to crease the outstanding amounts of Federal securities held by the public exclude the gold balance and to include previously excluded “Other deposi­ mainly by reductions in agency securities. The Federal National Mortgage taries” (deposits in certain commercial depositaries that have been con­ Association (FNMA) was converted to private owership in Sept. 1968 and verted from a time to a demand basis to permit greater flexibility in the Federal intermediate credit banks (FICB) and banks for coopera­ Treasury cash management). tives in Dec. 1968. 5 Includes debt of Federal home loan banks, Federal land banks, R.F.K. 2 Represents non-interest-bearing public debt securities issued to the Stadium Fund, FNMA (beginning Sept. 1968), and FICB and banks International Monetary Fund and international lending organizations. for cooperatives (both beginning Dec. 1968). 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

JUNE 1974 □ FEDERAL FINANCE A 35 FEDERAL FISCAL OPERATIONS: DETAIL (In 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 t n ax s es Period Total Pres. Em tax p e lo s y a m n e d n t Excise Cus­ Estate Misc. W he i l t d h­ C p E t a i a l o i e m g n c n ­ ­ N w he i o t l n h d ­ ­ fu R n e d ­ s t N ot e a t l G ce r r i e o p ­ s ts s fu R n e d ­ s co P n a t y r ­ ibut S io el n f- s2 i e n U m s n u p - r l. . c O e n i r t p e h e t ­ t e s r 3 t N ot e a t l taxes toms a g n if d t ce r i e p ­ ts4 Fund1 ta ro x l e l s empl. Fiscal year: 197 0 193,74377,416 26,236 13,24090,41235,037 2,20837,190 1,942 3,465 2,70045,298 15,705 2,430 3,644 3,424 197 1 188,39276,490 24,262 14,52286,23030,320 3,535 39,751 1,948 3,673 3,20648,578 16,614 2,591 3,735 3,858 197 2 208,64983,200 25,679 14,14394,73734,926 2,76044,088 2,032 4,357 3,437 53,914 15,477 3,287 5,436 3,633 197 3 232,22598,093 27,01921,866 103,24639,045 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 13,569 51,27221,664 1,31224,445 1,877 4,736 1,76430,925 6,516 1,449 3,041 1,915 July-Dee.... 106,06246,056 5.784 688 51,152 15,315 1,45922,493 165 2,437 1,773 26,867 8,244 1,551 2,333 2,059 1973—Jan.-June... 126,16552,034 21;235 21,179 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—Apr................ '25,870 r8,646 9,124 6,185 11,584 5,915 258 4,297 1,316 '445 '303 '6,361 1,318 262 330 '358 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 13511,707 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 Feb.................... 20,226 9,505 945 1,851 8,601 1,066 248 7,080 214 761 346 8,400 1,315 239 423 429 Mar.................... 16,818 9,662 2,186 8,631 3,219 5,887 338 5,059 228 96 338 5,721 1,211 277 465 377 Apr.................... 29,657 9,946 11,118 6,313 14,764 5,893 430 4,390 1,603 552 351 6,896 1,275 286 371 602 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 and lop. and and erans est eral nue trans­ fense search ture transp. and man­ wel­ govt. shar­ ac­ hous­ power fare ing tions 5 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 76,636 -8,378 19746................... 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 19756................... 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 3,0 3,032 -4,753 Month: 1973—Apr. ' 22,234 '6,332 237 265 368 '325 '792 243 788 '8,083 1,114 '2,122 '396 '1,494 -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.......... 19,686 6,079 219 221 -228 -130 1,064 316 619 8,534 1,143 2,169 498 -816 1974—Ja............n 23,671 6,793 351 251 756 -544 886 331 983 9,067 1,204 2,353 636 1,532 -929 Feb......... 21,030 6,509 224 231 138 58 363 198 932 8,979 l.< 2,466 520 '1 -677 Mar........ 22,904 6,686 345 252 205 759 746 263 1,036 9,310 1.194 2,508 499 -898 Apr......... 22,273 6,751 336 293 89 -1,618 740 373 925 9,505 1,165 2,455 586 1,540 -867 1 Collections of these receipts, totaling $2,427 million for fiscal year 6 Estimates presented in the Jan. 1975 Budget Document. Breakdowns do 1973, were included as part of nonwithheld income taxes prior to Feb. not add to totals because special allowances for contingencies, Federal 1974. pay increase (excluding Department of Defense), and acceleration of energy 2 Old-age, disability, and hospital insurance, and Railroad Retirement research and development, totaling $300 million for fiscal 1974, and $1,561 accounts. million for fiscal 1975, are not included. 3 Supplementary medical insurance premiums and Federal employee 7 Contains retroactive payments of $2,617 million for fiscal 1972. retirement contributions. 4 Deposits of earnings by Federal Reserve Banks and other miscellane­ Note.—Half years may not add to fiscal year totals due to revisions in ous receipts. series that are not yet available on a monthly basis. 5 Consists of Government contributions for employee retirement and of interest received by trust funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 U.S. GOVERNMENT SECURITIES □ JUNE 1974 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t l s t a i s l c i Total Marketable C ve o r n t­ ­ Nonmarketable i S s p su e e c s ia 5 l Total Bills C c e a r t t e if s i­ Notes Bonds 2 b i o b n le ds Total 3 F «— oreign 4lbS& & notes 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—May. 457.3 357.1 265.9 103.0 117.8 45.1 2.3 88.9 28.3 59.7 98.3 June. 458.1 354.6 263.0 100.1 117.8 45.1 2.3 89.4 28.5 59.9 101.7 July. 459.0 354.2 262.7 99.9 117.8 45.0 2.3 89.2 28.2 60.2 103.0 Aug. 461.8 353.8 262.4 101.8 118.7 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 Mar. 474.5 364.2 273.6 111.9 126.1 35.6 2.3 88.3 25.2 61.6 108.5 Apr. 471.9 361.7 270.5 107.3 127.6 35.5 2.3 89.0 25.7 61.9 108.4 May 474.7 361.5 269.6 107.9 128.4 33.2 2.3 89.6 26.0 62.1 111.3 1 Includes non-interest-bearing debt (of which $618 million on May 31, 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 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. Note.—Based on Daily Statement of U.S. Treasury. See also second paragraph in Note to table below. 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 i t . t e . s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n v c a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r o t n 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 1967—Dec................. 344.7 73.1 49.1 222.4 63.8 4.2 9.0 12.2 24.1 51.2 22.3 15.8 19.9 1968—Dec................. 358.0 76.6 52.9 228.5 66.0 3.8 8.4 14.2 24.9 51.9 23.3 14.3 21.9 1969—Dec................. 368.2 89.0 57.2 222.0 56.8 3.1 7.6 10.4 27.2 51.8 29.0 11.2 25.0 1970—Dec.................. 389.2 97.1 62.1 229.9 62.7 3.1 7.4 7.3 27.8 52.1 29.1 20.6 19.9 1971—Dec.................. 424.1 106.0 70.2 247.9 65.3 3.1 7.0 11.4 25.4 54.4 18.8 46.9 15.6 1972—Dec................. 449.3 116.9 69.9 262.5 67.7 3.4 6.6 9.8 28.9 57.7 16.2 55.3 17.0 1973—May................ 457.3 120.1 74.1 263.1 58.9 3.3 6.3 10.8 28.6 59.2 16.5 61.1 18.4 June................ 458.1 123.4 75.0 259.7 58.8 3.3 6.3 9.8 28.8 59.5 16.4 60.2 16.6 July................. 459.0 125.0 77.1 256.9 56.5 3.1 6.4 10.3 28.4 59.7 17.0 59.7 15.8 Aug................. 461.8 128.7 76.1 257.1 55.1 2.9 6.3 11.5 27.7 59.8 17.2 59.2 17.3 Sept................. 461.4 127.8 76.2 257.4 55.4 2.9 6.3 9.2 29.0 59.8 17.3 58.5 18.9 Oct.................. 462.5 127.4 78.5 256.5 56.3 2.9 6.3 10.2 28.5 60.0 17.0 57.5 17.9 464.0 127.1 77.1 259.8 58.5 2.9 6.2 11.1 28.9 60.3 16.9 56.2 18.9 Dec................. 469.9 129.6 78.5 261.7 60.3 2.9 6.4 10.9 29.2 60.3 16.9 55.6 19.3 1974—Jan.................. 468.2 128.7 78.2 261.2 60.2 2.8 6.3 10.7 29.9 60.5 16.9 52.8 21.1 Feb.................. 470.7 131.3 78.2 261.1 58.2 2.8 6.0 10.9 30.7 60.8 17.0 53.6 21.2 Mar................. 474.5 131.2 79.5 263.8 59.5 2.8 6.1 11.7 30.4 61.1 17.3 54.9 20.0 Apr................. 471.9 131.1 80.0 260.7 56.8 2.7 5.9 10.5 30.1 61.4 17.8 55.9 19.7 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 Bulletin. The new concepts (1) exclude guaranteed se­ a 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

JUNE 1974 a U.S. GOVERNMENT SECURITIES A 37 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 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—Mar. 31............................................................. 273,596 145,453 111,859 33,594 79,045 26,965 16,092 6,040 Apr. 30............................................................. 270,452 140,905 107,337 33,568 80,570 26,961 16,036 5,981 U.S. Govt, agencies and trust funds: 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—Mar. 31..................................................... 21,272 2,416 744 1,672 7,379 4,573 5,284 1,620 Apr. 30..................................................... 21,296 2,466 647 1,819 7,452 4,524 5,235 1,620 Federal Reserve Banks: 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—Mar. 31..................................................... 79,483 47,032 38,938 10,094 22,618 7,987 1,648 198 Apr. 30..................................................... 80,007 47,356 37,276 10,080 22,793 7,982 1,687 189 Held by private investors: 1971—Dec. 3!..................................................... 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—Mar. 31..................................................... 172,841 96,005 74,177 21,828 49,048 14,405 9,160 4,222 169,149 91,083 69,414 21,669 50,325 14,455 9,114 4,172 Commercial banks: 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—Mar. 31............................................ 45,524 16,726 7,763 8,963 22,381 5,106 1,023 290 Apr. 30............................................ 43,025 13,508 4,717 8,791 23,081 5,168 1,013 254 Mutual savings banks: 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—Mar. 31............................................ 1,855 509 240 269 710 230 254 151 Apr. 30............................................ 1,820 448 200 248 750 229 277 116 Insurance companies: 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—Mar. 31............................................ 4,959 815 413 402 1,066 1,297 1,278 501 Apr. 30............................................ 4,786 631 239 392 1,087 1,296 1,286 486 Nonfinancial corporations: 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—Mar. 31............................................ 5,513 3,561 2,129 1,432 1,528 356 53 14 Apr. 30............................................ 4,480 2,778 1,363 1,415 1,346 290 54 12 Savings and loan associations: 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—Mar. 31............................................ 2,184 603 194 409 968 372 191 50 Apr. 30............................................ 2,105 505 118 387 989 368 194 49 State and local governments: 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—Mar. 31............................................ 10,723 7,026 5,677 1,349 1,724 737 913 323 Apr. 30............................................ 10,207 6,381 4,924 1,457 1,833 720 949 324 All others: 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_Mar. 31............................................ 102,083 66,765 57,761 9,004 20,671 6,307 5,448 2,893 Apr. 30............................................ 102,726 66,832 57,853 8,979 21,239 6,384 5,341 2,931 Note.—Direct public issues only. Based on Treasury Survey of banks, and 735 insurance companies combined, each about 90 per cent; Ownership. (2) 467 nonfinancial corporations and 486 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) 505 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) 5,594 commercial banks, 479 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 U.S. GOVERNMENT SECURITIES o JUNE 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 other1 dealers brokers banks 1973 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 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 Feb.................................. 4,229 3,192 402 561 74 795 1,058 1,299 1,077 1,019 Mar................................. 3,697 2,814 450 369 64 744 892 1,071 991 733 Apr.................................. 3,338 2,682 438 173 45 614 836 951 937 709 Week ending— 1974—Apr. 3......................... 3,929 2,921 736 228 44 723 972 1,069 1,165 512 10......................... 3,609 2,762 590 195 61 638 1,058 1,000 913 870 17.......................... 3,839 3,145 415 248 32 774 1,056 1,126 882 742 24.......................... 3,067 2,644 240 135 48 557 588 938 983 772 May 1......................... 2,917 2,446 326 103 42 589 623 744 962 612 8......................... 3,287 2,560 517 163 48 593 795 932 967 424 15......................... 4,242 2,566 1,384 163 130 737 1,196 1,174 1,136 1,147 22......................... 3,163 2,501 494 109 60 715 729 920 799 918 29......................... 3,223 2,542 505 110 66 681 842 887 814 793 i Since Jan. 1972 has included transactions of dealers and brokers in They do not include allotments of, and exchanges for, new U.S. Govt, securities other than U.S. Govt. securities, redemptions of called or matured securities, or purchases or sales of securities under repurchase agreement, reverse repurchase (resale), Note.—The transactions data combine market purchases and sales of or similar contracts. Averages of daily figures based on the number of U.S. Govt, securities dealers reporting to the F.R. Bank of New York. trading days in the period. DAILY-AVERAGE DEALER POSITIONS DAILY-AVERAGE DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Govt. Period All Corpora­ All Period m t A a ie t l u s l ri­ W y i e 1 th ar in y 1 e - a 5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e rs r a se g t c e ie u n s r c i y ­ sources Y N C o e it w r y k w E h ls e e r ­ e tions 1 other 1973—Apr.................. 2,795 3,105 -159 -143 -9 274 3,032 935 513 311 1,273 May................. 2,626 2,596 -324 179 175 356 May............ 2,667 674 452 252 1,291 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 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 5,468 2,322 1,147 671 1,329 1974—Jan................... 3,653 3,210 51 262 130 1,324 1974—Jan.............. 4,802 1,747 1,253 658 1,143 Feb.................. 4,081 2,707 537 647 190 1,435 Feb.............. 4,837 1,545 1,501 533 1,257 Mar.................. 2,587 2,149 50 287 102 1,045 Mar............. 3,817 1,196 952 485 1,185 Apr.................. 1,536 1,577 -121 62 17 719 2,449 600 728 287 833 Week ending— Week ending— 1974—Mar. 6......... 3,591 2,622 323 459 187 1,222 1974—Mar. 6... 4,640 1,607 1,154 652 1,226 13......... 3,336 2,695 133 376 133 1,229 13... 4,821 1,589 1,144 662 1,426 20......... 2,037 1,670 2 284 81 1,118 20... 3,559 1,187 904 455 1,013 27......... 1,703 1,650 -138 142 48 783 27. .. 2,733 690 737 306 999 Apr. 3.......... 2,530 2,380 * 109 40 752 Apr. 3 . .. 3,211 867 841 329 1,174 10 2,335 2,274 -51 85 27 772 10... 3,097 1,106 822 332 837 17......... 1,834 1,952 -163 38 8 790 17. .. 3,040 861 866 271 1,041 24......... 439 602 -203 38 2 661 24... 1,466 4 551 250 662 Note.—The figures include all securities sold by dealers under repur­ i All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of Note.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than Note to the table on the left. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ FEDERALLY SPONSORED CREDIT AGENC SIDING ISSUES OF FEDERALLY SPONSORED AGENCIES, APRIL 30, 1974 Cou­ Amount Cou­ Amount pon (millions Agency, and date of issue pon (millions Agency, and date of issue [llion rate of dollars) and maturity rate of dollars) and maturity ollar Federal National Mortgage Banks for cooperatives Association—Cont. Debentures: 6.35 300 Debentures: 11/1/73 -5/1/74............... 364 6.45 700 8/5/70 - 6/10/74.......... 7.90 400 12/3/73 -6/3/74............... 617 7.65 173 11/10/71 -6/10/74......... 5.70 350 1/2/74-7/1/74................. 469 5Ys 400 9/10/69 - 9/10/74......... 7.85 250 2/4/74-8/1/74................. 559 95/8 800 2/10/71 -9/10/74........... 5.65 300 3/4/74-9/3/74................. 349 8.00 217 5/10/71 - 12/10/74......... 6.10 250 4/1/74- 10/1/74............... 251 7.05 1,000 9/10/71 - 12/10/74......... 6.45 450 10/1/73 -4/4/77............... 200 6.10 250 11/10/70 - 3/10/75___ 7.55 300 5% 400 10/12/71 - 3/10/75.... 6.35 600 8.20 500 4/12/71 -6/10/75........... 5.25 500 Federal intermediate 7.15 700 10/13/70 - 9/10/75.... 7.50 350 credit banks 8.05 265 3/12/73 -9/10/75........... 6.80 650 Debentures: 6.80 300 3/10/72 - 12/10/75.... 5.70 500 8/1/73 - 5/1/74.................. 538 7.95 300 9/10/73 - 12/10/75........ 8.25 300 9/4/73 - 6/3/74................. 626 7% 500 3/11/71 - 3/10/76........... 5.65 500 10/1/73 -7/1/74............... 699 7.15 400 6/12/73 - 3/10/76.......... 7.13 400 1/4/71 - 7/1/74............... 224 6.50 350 6/10/71 -6/10/76.......... 6.70 250 11/1/73 - 8/1/74............... 583 7.05 600 2/10/72 - 6/10/76.......... 5.85 450 12/3/73 -9/3/74............... 528 m 300 11/10/71 -9/10/76........ 6.13 300 1/2/74- 10/1/74............... 616 8 7 . V 2 a 0 6 30 00 0 6 7/ / 1 1 2 2 /7 /7 1 2 - - 9 1 / 2 1 / 0 1 / 0 7 / 6 76 .. . . . . . . . . . . . . . . . . 5 7 . . 8 4 5 5 5 3 0 0 0 0 2 3 / / 4 4 / / 7 7 4 4 - - 1 1 2 1/ /2 4 / /7 7 4 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 78 5 5 4 7.45 300 12/11/72- 12/10/76.... 6.25 500 5/1/72- 1/2/75................. 240 7.80 500 2/13/62 - 2/10/77......... 4% 198 4/1/74- 1/2/75............... 608 7.20 500 9/11/72 - 3/10/77.......... 6.30 500 1/3/72-7/1/75................. 302 6.95 200 3/11/74- 3/10/77.......... 7.05 400 3/1/73 - 1/5/76................. 261 7.15 300 12/10/70 - 6/10/77. . ., 6.38 250 7/2/73 - 1/3/77................. 236 6% 300 5/10/71 -6/10/77.......... 6.50 150 1/2/74- 1/3/78................. 406 7.45 300 12/10/73 -6/10/77........ 7.20 500 7.60 500 9/10/71 -9/12/77.......... 6.88 300 Federal land banks 7.75 350 9/10/73 - 9/12/77.......... 7.85 400 Bonds: 7.05 300 7/10/73 - 12/12/77____ 7.25 500 10/20/71 - 7/22/74........... 326 7.80 200 10/1/73 - 12/12/77........ 7.55 500 4/20/71 - 10/21/74........... 300 6.60 200 6/12/73 - 6/12/78.......... 7.15 600 2/20/70 - 1/20/75........... 220 7.30 197 3/11/74 -9/11/78......... 7.15 550 4/23/73 - 1/20/75............. 300 m 400 10/12/71 - 12/11/78.., 6.75 300 4/20/65 - 4/21/75........... 200 12/10/73 -3/12/79.... 7.25 500 7/20/73 -4/21/75............. 300 9/10/73 -6/11/79......... 7.85 300 2/15/72- 7/21/75............. 425 6/12/72-9/10/79........ 6.40 300 4/22/74-7/21/75............. 300 12/10/71 - 12/10/79. . 6.55 350 7/20/71 - 10/20/75........... 300 5.30 200 2/10/72 -3/10/80........ 6.88 250 10/23/73 - 10/20/75........ 362 7.05 400 2/16/73 - 7/31/80........ 5.19 1 4/20/72 - 1/20/76............. 300 6.15 350 2/16/73 - 7/31/80........ 3.18 9 2/21/66 - 2/24/76........... 123 8.60 140 10/1/73 -9/10/80......... 7.50 400 1/22/73 - 4/20/76............. 373 7.75 150 1/16/73 - 10/30/80.... 4.46 5 4/22/74-4/20/76............. 400 7.15 150 12/11/72- 12/10/80... 6.60 300 7/20/66 - 7/20/76........... 150 6/29/72- 1/29/81........ 6.15 156 1/21/74-7/20/76............. 360 3/12/73 - 3/10/81........ 7.05 350 4/23/73 - 10/20/76........... 450 4/18/73-4/10/81........ 6.59 26 4/22/74-4/20/77............. 565 3/21/73 - 5/1/81.......... 4.50 18 7/20/73 -7/20/77............. 550 2,370 3/21/73 - 5/1/81........... 5.77 2 10/20/71 - 10/20/77. .. 300 1/21/71 - 6/10/81.... 7.25 250 2/20/63 - 2/20/73-78.... 148 8.00 200 9/10/71 -9/10/81........ 7.25 250 5/2/66 - 4/20/78............. 150 4.38 248 3/11/74-12/10/81.... 7.30 250 7/20/72 - 7/20/78........... 269 7.40 250 6/28/72-5/1/82.......... 5.84 58 10/23/73 - 10/19/78......... 550 2/10/71 - 6/10/82......... 6.65 250 2/20/67 - 1/22/79............. 285 9/11/72-9/10/82........ 6.80 200 1/21/74- 1/22/79............. 300 8.38 250 12/10/73 - 12/10/82... 7.35 300 9/15/72-4/23/79............. 235 3.58 53 3/11/71 - 6/10/83........ 6.75 200 2/20/74 - 7/23/79............. 389 5.48 5 6/12/73 - 6/10/83......... 7.30 300 10/23/72 - 10/23/79........ 400 5.85 71 11/10/71 -9/12/83.... 6.75 250 1/22/73 - 1/21/80............. 300 5.92 35 4/12/71 -6/11/84........ 6.25 200 7/20/73 - 7/21/80............. 250 5.50 10 12/10/71 - 12/10/84.. 6.90 250 2/23/71 -4/20/81............. 224 5.49 21 3/10/72 - 3/10/92___ 7.00 200 4/20/72-4/20/82............. 200 5.74 81 6/12/72-6/10/92........ 7.05 200 4/23/73 - 10/20/82........... 239 8.63 200 12/11/72 - 12/10/97. . . 7.10 200 10/23/73 - 10/20/83......... not guaranteed by the U.S. Govt.; see also note to table at top of p. A-40. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 FEDERALLY SPONSORED CREDIT AGENCIES a JUNE 1974 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c m rs ­ e ­ s I m nv e e n s ts t­ p C a o d a n s e s i d ­ t h s B n a o o n n te d d s s M po b d e s e e m i r ­ ts ­ C s a to p c it k al M l g o ( a A a o g n r ) e s t­ D n t a e u ( o L n b r t e e d e ) s s n­ c L a o ( t o o i t A v o a p e n ) e s s r­ D t e u (L b re e ) s n­ c L o a d ( o u A n i a s n d n ) ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e t s ­ B ( o L n ) ds 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--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 3,123 2,741 7,163 6,956 11,245 10,048 Feb... 14,904 2,680 116 13,906 1,936 2,294 24,541 23,092 3,211 2,828 7,277 7,029 11,402 10,282 Mar... 14,995 2,779 124 13,906 2,027 2,306 24,888 23,515 3,143 2,878 7,545 7,162 11,467 10,282 Apr... 16,020 1,615 82 13,902 2,067 2,337 25,264 23,668 2,836 2,810 7,514 7,403 11,067 10,843 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. 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 G o e b a n l l e i­ r­ _ R n e u v e e­ HAA1 G l U o o a .S v n t . s . State di s a s t n t a r d t i . ct Other2 Total c E at d i u o ­ n b R r a i o d n a g d d e s s i U ti t e i s l­ 4 H in o g u 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 i gations auth. 1970................. 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 1971................. 24,962 15,220 8,681 1,000 62 5,999 8,714 10,246 24,495 5,278 2,642 5,214 2,068 9,293 1972................. 23,652 13,305 9,332 959 57 4,991 9,496 9,165 22,073 4,981 1,689 4,638 1,910 6,741 1973................ 23,970 12,257 10,632 1,022 58 4,212 9,507 10,249 22,408 4,311 1,458 5,654 2,639 8,335 1973 r—Mar.. 2,467 1,228 930 303 6 613 918 936 2,210 374 153 501 347 833 Apr... 1,826 870 947 9 159 731 934 1,757 306 12 452 88 898 May.. 1,939 825 1,106 8 291 945 703 1,775 299 233 430 224 588 June.. 2,152 1,025 861 261 5 189 1,082 881 2,144 542 102 643 334 523 July.. 2,028 1,458 564 6 516 363 1,149 2,001 391 231 366 3 1,009 Aug... 1,657 1,067 588 2 529 498 630 1,602 311 30 352 290 618 Sept.. 1,750 721 741 285 2 236 838 675 1,653 327 66 579 384 298 Oct... 2,313 1,344 964 6 337 842 1,135 2,163 299 142 412 251 1,060 Nov.. 2,257 866 1,383 9 243 1,247 766 1,929 356 42 596 247 687 Dec... 2,089 919 995 173 1 450 1,022 616 1,954 372 165 487 344 582 1974—Jan.... 2,198 1,402 794 2 208 823 1,163 2,130 595 36 373 56 1,070 Feb.... 1,934 1,155 778 1 473 523 938 1,869 449 53 612 39 717 Mar... 1,979 1,160 590 '‘"227 3 346 776 856 1,868 359 258 349 241 660 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

JUNE 1974 o SECURITY ISSUES A 41 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. G U o .S vt . . 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 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 1973....................... 100,417 19,057 23,883 22,700 1,385 33,391 22,268 13,649 8,620 3,372 7,750 1973—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 60 2,631 1,870 857 1,013 226 536 Aug........... 8,019 3,097 1,600 1,474 42 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............ 8,924 485 2,612 2,232 196 3,398 2,358 1,805 553 355 685 Nov........... 12,553 4,521 2,200 2,224 45 3,563 2,257 1,669 589 637 668 Dec............ 6,635 148 1,032 1,966 251 3,238 2,469 1,552 917 196 573 1974—Jan.r 6 3,392 2,956 2,115 842 152 284 Feb.r........ 2,686 2,100 1,684 416 268 318 Mar........... 3,122 2,366 2,020 346 395 361 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 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 1973................................................... 4,329 643 1,283 1,559 1,881 43 5,585 4,661 3,535 1,369 5,661 2,860 1973 Mar....................................... 481 27 177 327 317 6 1,076 1,351 548 668 1,462 1,397 Apr........................................ 260 22 237 139 91 1 150 369 258 743 228 May...................................... 387 12 30 143 236 8 361 410 355 19 351 231 June...................................... 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......................................... 472 52 63 147 114 342 608 633 46 734 193 383 93 61 92 241 4 584 496 296 499 692 122 Dec........................................ 485 18 145 285 226 6 569 319 350 27 693 115 1974—Jan.r 6.................................. 866 29 135 125 127 1,192 249 142 4 493 30 Feb.r.................................... 351 36 53 143 5 1 536 293 372 25 784 87 Mar....................................... 409 161 35 71 76 1,001 446 311 21 535 58 1 Gross proceeds are derived by multiplying principal amounts or 6 Beginning Jan. 1974 noncorporate figures are no longer published by number of units by offering price. the SEC. 2 Includes guaranteed issues. 3 Issues not guaranteed. Note.—Securities and Exchange Commission estimates of new issues 4 See note to table at bottom of opposite page. maturing in more than 1 year sold for cash in the United States. 5 Foreign governments and their instrumentalities, International Bank for Reconstruction and Development, and domestic nonprofit organ­ izations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 SECURITY ISSUES □ JUNE 1974 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 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 1973P....................... 35,058 11,804 23,252 21,501 8,810 12,691 13,554 2,993 10,561 1972—IV................. 10,944 2,932 8,012 6,998 2,207 4,790 3,946 725 3,220 1973—1................... 8,219 2,806 5,412 4,198 1,781 2,417 4,020 1,025 2,995 II................. 9,418 2,470 6,947 ! 5,769 1,664 4,106 3,648 806 2,842 Ill................ 6,638 2,150 4,488 i 4,521 1,579 2,941 2,118 571 1,547 IV................. 10,783 4,378 6,405 i 7,013 3,786 3,227 3,768 591 3,177 Type of issues Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 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 1973......................... 801 658 -109 1,411 1,044 -93 4,265 4,509 3,165 1,389 3,522 3,141 1972—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 IV................ -131 147 -162 460 176 -13 1,068 1,506 1,051 575 1,224 964 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 1962................ 2,699 1,123 1,576 21,271 1,315 19,956 1973—Apr... 300 452 -120 50,837 3,837 46,464 1963............... 2,460 1,504 952 25,214 1,341 23,873 May.. 285 446 -161 48,588 4,154 44,434 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 June.. 303 349 -46 48,127 4,164 43,963 July. . 364 357 -7 50,933 4,594 46,339 1965............... 4,359 1,962 2,395 35,220 1.803 33,417 Aug. . 239 432 -193 49,553 4,567 44,986 1966............... 4,671 2,005 2,665 34,829 2,971 31,858 Sept... 330 395 -65 52,322 4,641 47,681 1967............... 4,670 2,745 1,927 44,701 2,566 42,135 Oct.. . 305 559 -254 51,952 4,168 47,784 Nov... 502 542 -40 45,814 4,126 41,688 1968............... 6,820 3,841 2,979 52,677 3,187 49,490 Dec... 349 392 -43 46,518 4,002 42,516 1969............... 6,717 3,661 3,056 48,291 3,846 44,445 1970................ 4,624 2,987 1,637 47,618 3,649 43,969 1974—Jan.. . 334 325 9 47,094 4,226 42,863 Feb... 215 303 -88 45.958 4,447 41,511 1971................ 5,145 4,751 774 56,694 3,163 53,531 Mar... 297 346 -49 44,423 4,406 40,017 1972............... 4,892 6,563 -1,671 59,831 3,035 56,796 Apr... 267 327 -60 42,679 4,426 38,253 1973............... 4,358 5,651 1,261 46,518 4,002 42,516 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

JUNE 1974 □ BUSINESS FINANCE A 43 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d fi t i t e s s d ­ co c a n a l t l 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 s r 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 s l o p o u n i w t m a ­ l p ­ ances 1 ances 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 ............... 126.3 55.8 70.4 27.8 42.6 71.4 1973_I 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 IV.... 127.4 55.7 71.6 29.0 42.6 74.2 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . , i Other G U o . v S t . . 1 Other taxes 1969................................ 185.7 473.6 47.9 10.6 4.8 192.2 186.4 31.6 287.9 7.3 192.0 12.6 76.0 1970................................. 187.4 492.3 50.2 7.7 4.2 201.9 193.3 35.0 304.9 6.6 204.7 10.0 83.6 1971................................. 204.9 518.8 55.7 10.7 3.5 208.8 200.3 39.7 313.9 4.9 207.3 12.2 89.5 1972—1........................... 209.8 528.1 55.6 10.2 3.4 212.8 204.3 41.8 318.3 4.9 207.0 13.3 93.2 II.......................... 215.0 536.5 56.0 8.9 2.8 217.8 207.7 43.1 321.5 4.9 208.5 11.4 96.7 Ill........................ 219.2 547.5 57.7 7.8 2.9 224.1 212.2 42.8 328.3 4.7 212.1 12.7 98.8 IV........................ 224.3 563.1 60.5 9.9 3.4 230.5 215.1 43.6 338.8 4.0 221.6 14.1 99.1 1973—1........................... 231,8 579.2 61.2 10.8 3.2 235.7 222.8 45.5 347.4 4.1 222.8 15.7 104.7 II......................... 237.7 596.8 62.3 9.6 2.9 245.6 230.3 46.0 359.1 4.5 232.5 13.9 108.1 Ill....................... 241.9 613.6 62.2 9.5 3.0 254.2 238.2 46.6 371.7 4.4 240.8 15.3 111.2 IV........................ 245.3 631.4 65.2 10.7 3.5 255.8 247.0 49.3 386.1 4.3 252.0 16.6 113.3 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Based on Securities and Exchange Commission estimates, offset against each other on corporations’ books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Period Total Durable d N ur o a n bl ­ e Mining R ro a a i d l­ Air Other Electric and G a o s th er n C i o c m ati m on u s ­ Other1 T A (S o . . R A ta . . ) l 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 1973......................... 99.7 4 19.25 18.76 2.74 1.96 2.41 1.66 15.91 2.76 12.85 21.40 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 IV................. 28.48 5.84 5.59 .71 .56 .60 .47 4.54 .82 3.53 5.83 103.74 1974—12................. 23.92 4.85 4.54 .75 .50 .48 .39 3.99 .53 7.90 107.18 112 a............. 27.83 5.54 5.60 .80 .60 .65 .41 4.48 .91 8.83 109.96 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

A 44 REAL ESTATE CREDIT □ JUNE 1974 MORTGAGE DEBT OUTSTANDING BY TYPE OF HOLDER (In millions of dollars) End of year End of quarter Type of holder, and type of property 1973 1974 1970 1971 1972 III IV ALL HOLDERS. 451,726 499,758 565,196 579,852 600,197 619,996 635,137 646,280 1- to 4-family... 280,175 307,200 345,500 353,971 366,202 378,382 386,489 392,053 Multifamily1... 58,023 67,367 76,585 78,536 81,130 83,521 85,394 86,760 Commercial___ 82,292 92,333 107,673 110,894 115,150 119,504 123,855 127,228 Farm................... 31,236 32,858 35,438 36,451 37,715 38,589 39,399 40,239 PRIVATE FINANCIAL INSTITUTIONS. 355,929 394,239 450,371 463,105 480,242 495,044 505,583 514,110 1- to 4-family.................................................. 231,317 253,540 288,169 296,369 307.423 316,754 322,296 327,146 Multifamily1................................................... 45,796 52,498 59,293 60,658 62,429 63.566 64,723 65,555 Commercial..................................................... 68,697 78,345 92,387 95,377 99,364 103,429 107,018 109,891 Farm................................................................. 10,119 9,856 10,522 10,701 11,026 11,295 11,546 11,518 Commercial banks2. 73,275 82,515 99,314 103,548 109,114 114,788 119,068 121,668 1- to 4-family.... 42,329 48,020 57,004 59,127 62,181 65,484 67,998 69,351 Multifamily1.... 3,311 3,984 5,778 6,109 6,469 6,745 6,932 7,178 Commercial......... 23,284 26,306 31,751 33,342 35,224 37,181 38,696 39,664 Farm..................... 4,351 4,205 4,781 4,970 5,240 5,378 5,442 5,475 Mutual savings banks. 57,948 61,978 67,556 68,920 70,634 72,034 73,231 73,957 1- to 4-family.......... 37,342 38,641 41,650 42,524 43,003 43,738 44,247 44,462 Multifamily1........... 12,594 14,386 15,490 15,645 16,394 16.567 16,843 17,011 Commercial............. 7,893 8,901 10,354 10,683 11,178 11,670 12,084 12,425 Farm......................... 119 50 62 68 59 59 57 59 Savings and loan associations. 150,331 174,250 206,182 213,050 222,580 229,182 232,104 236,514 1- to 4-family......................... 124,970 142,275 167,049 172,528 180.423 185,706 188,051 191,529 Multifamily1.......................... 13,830 17,355 20,783 21,369 21,880 22,391 22,561 22,800 Commercial............................ 11,531 14,620 18,350 19,153 20,277 21,085 21,492 22,185 Life insurance companies. 74,375 75,496 77,319 77,587 77,914 79,040 81,180 81,971 1- to 4-family................. 26,676 24,604 22,466 22,190 21,816 21,826 22,000 21,804 Multifamily1................. 16,061 16,773 17,242 17,535 17,686 17,863 18,387 18,566 Commercial................... 25,989 28,518 31,932 32,199 32,685 33,493 34,746 35,617 Farm............................... 5,649 5,601 5,679 5.663 5,727 5,858 6,047 5,984 FEDERAL AND RELATED AGENCIES. 32.992 39,357 45,790 47,252 48,991 53,008 55,664 58,430 1- to 4-family.................................................. 21.993 26,453 30,147 30,708 31,276 33,725 35,454 37,168 Multifamily1................................................... 3,375 4,566 6,086 6,503 7,128 8,171 8,489 8,923 Farm................................................................ 7,624 8,338 9,557 10,041 10,587 11,112 11,721 12,339 Government National Mortgage Association 5,222 5,323 5,113 4.663 3,908 4,429 4,029 3,604 1- to 4-family.......................................... 2,902 2,770 2,490 2,040 1,300 1,462 1,330 1,189 Multifamily1.......................................... 2,320 2,553 2,623 2,623 2,608 2,967 2,699 2,415 Farmers Home Administration. 767 819 837 860 900 1,000 1,200 1,300 1- to 4-family........................... 330 398 387 410 430 480 550 596 Farm.......................................... 437 421 450 450 470 520 650 704 Federal Housing and Veterans Administra­ tions .......................................................... 3,505 3,389 3,338 3.354 3,293 3,446 3,476 3,514 1- to 4-family.............................................. 2,771 2,517 2,199 2,093 1,998 2,046 2,013 1,964 Multifamily1............................................... 734 782 I,139 1,261 I,295 I,400 1,463 1,550 Federal National Mortgage Association.. 15,502 17,791 19,791 20,571 21,413 22,831 24,175 24,875 1- to 4-family............................................ 15,181 16,681 17,697 18,217 18,521 19,479 20,370 20,516 Multifamily1............................................ 321 1,110 2,094 2.354 2,892 3,352 3,805 4,359 Federal land banks (farm only).................. 7,187 7,917 9,107 9,591 10,117 10,592 11,071 11,635 Federal Home Loan Mortgage Corporation 357 964 1,789 1,718 2,029 2,423 2,604 2,637 1- to 4-family.............................................. 357 934 1,754 1,698 1,973 2,294 2,446 2,472 Multifamily1.............................................. 30 35 20 56 129 158 165 GNMA Pools.... 452 3,154 5,815 6,495 7,331 8,287 9,109 10,865 1- to 4-family. 452 3,153 5,620 6,250 7,054 7,964 8,745 10,431 Multifamily1.. 1 195 245 277 323 364 434 INDIVIDUALS AND OTHERS3. 62,805 66,162 69,035 69,495 70,964 71,944 73,890 73,740 1- to 4-family................................... 26,865 27,207 27,184 26,894 27,503 27,903 28,739 27,739 Multifamily1.................................... 8,868 10,314 II,206 11,375 II,573 II,784 12,182 12,282 Commercial...................................... 13,579 13,977 15,286 15,517 15,786 16,075 16,837 17,337 Farm.................................................. 13,493 14,664 15,359 15,709 16,102 16,182 16,132 16,382 1 Structure of five or more units. sources, with some quarters estimated in part by Federal Reserve in 2 Includes loans held by nondeposit trust companies but not bank trust conjunction with the Federal Home Loan Bank Board and the Dept, of departments. Commerce. Separation of nonfarm mortgage debt by type of property, 3 Includes some U.S. agencies for which amounts are small or separate where not reported directly, and interpolations and extrapolations where data are not readily available. required, estimated mainly by Federal Reserve. Note.—Based on data from various institutional and Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ REAL ESTATE CREDIT A 45 FEDERAL NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORPORATION- SECONDARY MORTGAGE MARKET ACTIVITY (In millions of dollars) FNMA FHLMC Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage End of holdings transactions commitments holdings transactions commitments period (during period) (during period) FHA- VA- Pur­ Made Out­ FHA Con­ Pur­ Made Out­ Total i in- guar- chases Sales during stand­ Total VA ven­ chases Sales during stand­ sured anteed period ing tional period ing 197 0 15,492 11,063 4,429 5,079 20 8,047 5,203 325 325 325 197 1 17.791 12,681 5,110 3,574 336 9,828 6,497 968 821 147 778 64 182 197 2 19.791 14,624 5,112 3,699 211 8,797 8,124 1,789 1,503 286 1,298 408 1,606 198 197 3 24.175 16.852 6.352 6,127 71 8,914 7.889 2.604 1,743 861 1,334 409 1,629 186 1973—Mar.. 20,571 15,201 5,259 522 933 8,139 1,718 1,589 128 119 68 141 295 Apr.. 20.791 15,390 5,269 355 1,211 8,742 1,784 1,646 138 126 51 193 343 May. 21,087 15,581 5.335 472 1,180 9,312 1,906 1,695 211 147 17 187 344 June. 21,413 15,768 5,411 516 1,191 9,778 2,029 1,716 313 154 21 159 316 July. 21,772 15,877 5,574 516 1,102 9,859 2,158 1,714 444 140 139 278 Aug.. 22,319 16,085 5,761 699 1,019 9,809 2,307 1.728 579 161 208 291 Sept.. 22,831 16,293 5,937 633 724 9,602 2,423 1.729 694 126 143 288 Oct.. 23,348 16,510 6,101 659 264 8,918 2,527 1.742 785 113 63 218 Nov.. 23,912 16,734 6,294 656 200 8,690 2,565 1,746 819 46 45 207 Dec.. 24.175 16.852 6.352 410 40 158 7.889 2.604 1.743 861 50 43 186 1974—Jan.. 24,424 17,008 6,348 350 110 6,715 2,621 1,736 885 34 26 161 Feb.. 24,529 17,050 6.336 242 489 6,768 2,625 1.730 895 21 49 185 Mar.. 24,875 17,315 6,340 462 1,646 7,913 2,638 1,724 914 29 595 748 Apr.. 25,263 17,450 6,503 526 2,154 9,292 2,722 1,756 967 101 400 1,037 1 Includes conventional loans not shown separately. For FHLMC: Data for 1970 begin with Nov. 26, when the FHLMC Note.—Data from FNMA and FHLMC, respectively. became operational. Holdings and transactions cover participations as For FNMA: Holdings include loans used to back bond issues guaranteed well as whole loans. Holdings include loans used to back bond issues by GNMA. Commitments include some multifamily and nonprofit guaranteed by GNMA. Commitments cover the conventional and Govt.hospital loan commitments in addition to 1- to 4-family loan commitments underwritten loan programs. accepted in FNMA’s free market auction system, and through the FNMA- GNMA Tandem Plan (Program 18). TERMS AND YIELDS ON NEW HOME MORTGAGES Conventional mortgages FHA- Terms1 Yields (per cent) in insured primary market loans—yield Period in private Contract Fees and Loan/price Purchase Loan secondary rate (per charges Maturity ratio price (thous. amount market 5 cent) (per cent)2 (years) (per cent) of dollars) (thous. of FHLBB HUD dollars) series 3 series 4 1970............................. 8.27 1.03 25.1 71.7 35.5 25.2 8.44 8.52 9.03 1971............................. 7.60 .87 26.2 74.3 36.3 26.5 7.74 7.75 7.70 1972............................. 7.45 .88 27.2 76.8 37.3 28.1 7.60 7.64 7.52 1973.............................. 7.78 1.11 26.3 77.3 37.1 28.1 7.95 1973—May................. 7.55 1.05 25.9 77.7 35.6 27.2 7.71 7.95 7.79 June................. 7.62 1.08 26.3 78.0 35.8 27.5 7.79 8.05 7.89 July................. 7.69 1.11 26.3 78.1 37.0 28.3 7.87 8.40 8.19 Aug................ 7.77 1.08 26.7 76.7 38.6 28.9 7.94 8.85 Sept................. 7.98 1.19 26.6 77.3 37.2 28.2 8.17 8.95 9.18 Oct................... 8.12 1.20 26.1 76.9 38.5 29.0 8.31 8.80 8.97 Nov................. 8.22 1.08 26.0 75.5 38.9 28.8 8.39 8.75 8.86 Dec.................. 8.31 1.12 25.6 75.5 37.7 28.0 8.49 8.75 8.78 1974—jan................. 8.33 1.16 26.4 76.3 38.8 28.9 8.52 8.65 Feb.................. 8.40 1.33 25.9 76.5 37.8 28.5 8.62 8.55 8.54 Mar.r............. 8,43 1.35 26.4 77.3 39.1 29.5 8.64 8.60 8.66 Apr.................. 8.47 1.21 26.1 77.3 38.5 29.2 8.67 8.90 9.17 May.*............. 8.52 1.22 26.1 77.3 38.4 29.2 8.72 1 Weighted averages based on probability sample survey of character­ (as shown in first column of this table) and an assumed prepayment at istics of mortgages originated by major institutional lender groups (in­ end of 10 years. cluding mortgage companies) for purchase of single-family homes, as 4 Rates on first mortgages, unweighted and rounded to the nearest compiled by Federal Home Loan Bank Board in cooperation with Federal 5 basis points. Deposit Insurance Corporation. Data are not strictly comparable with 5 Based on opinion reports submitted by field offices of prevailing earlier figures beginning Jan. 1973. local conditions as of the first of the succeeding month. Yields are derived 2 Fees and charges—related to principal mortgage amount—include from weighted averages of private secondary market prices for Sec. 203, loan commissions, fees, discounts, and other charges, but exclude closing 30-year mortgages with minimum downpayment and an assumed pre­ costs related solely to transfer of property ownership. payment at the end of 15 years. Any gaps in data are due to periods of 3 Effective rate, reflecting fees and charges as well as contract rates adjustment to changes in maximum permissible contract interest rates. NOTE TO TABLE AT BOTTOM OF PAGE A-46: amortization and prepayment terms. Data for the following are limited to cases where information was available or estimates could be made: American Life Insurance Association data for new commitments of capitalization rate (net stabilized property earnings divided by property $100,000 and over each on mortgages for multifamily and nonresidential value); debt coverage ratio (net stabilized earnings divided by debt service); nonfarm properties located largely in the United States. The 15 companies and per cent constant (annual level payment, including principal and account for a little more than one-half of both the total assets and the interest, per $100 of debt). All statistics exclude construction loans, nonfarm mortgages held by all U.S. life insurance companies. Averages, increases in existing loans in a company’s portfolio, reapprovals, and loans Digitized for FRwAhiSchE aRre based on number of loans, vary in part with loan composition secured by land only. by type and location of property, type and purpose of loan, and loan http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 REAL ESTATE CREDIT □ JUNE 1974 FEDERAL NATIONAL MORTGAGE ASSOCIATION AUCTIONS OF COMMITMENTS TO BUY HOME MORTGAGES Date of auction Item 1973 1974 Nov. 26 Dec. 17 Jan. 14 Feb. 11 Feb. 25 Mar. 11 Mar. 25 Apr. 8 Apr. 22 May 6 May 20 June 3 Amounts (millions of dollars): Govt.-underwritten loans Offered1................................... 24.9 38.6 40.2 50.4 58.0 351.1 1,154.7 1,061.4 33.6 256.0 217.7 85.1 Accepted.................................. 20.9 36.2 35.6 49.5 42.3 285.3 332.5 267.0 168.5 111.1 82.8 71.5 Conventional loans Offered1................................... 31.0 51.4 48.9 48.4 48.6 74.2 126.3 163.9 80.3 74.3 41.4 26.1 Accepted.................................. 22.1 32.2 34.5 48.1 39.4 50.1 34.2 63.3 40.9 29.8 23.6 20.5 Average yield (per cent) on short­ term commitments 2 Govt.-underwritten loans......... 8.81 8.78 8.71 8.53 8.43 8.44 8.62 8.95 9.18 9.34 9.48 9.54 Conventional loans................... 8.90 8.82 8.77 8.69 8.50 8.47 8.64 9.00 9.21 9.44 9.63 9.70 1 Mortgage amounts offered by bidders are total bids received. period of 12 years for 30-year loans, without special adjustment for 2 Average accepted bid yield (before deduction of 38 basis-point fee FNMA commitment fees and FNMA stock purchase and holding require­ paid for mortgage servicing) for home mortgages assuming a prepayment ments. Commitments mature in 4 months. MAJOR HOLDERS OF FHA-INSURED AND VA-GUARANTEED RESIDENTIAL MORTGAGE DEBT (End of period, in billions of dollars) Dec. 31, Dec. 31, Dec. 31, Mar. 31, June 30, Sept. 30, Dec. 31, Holder 1970 1971 1972 1973 1973 1973 1973 All holders....................................................... 109.2 120.8 131.1 132.4 133.6 133.8 FHA.............................................................. 91.7 81.3 86.4 86.6 86.4 85.6 VA................................................................. 37.3 39.5 44.7 45.8 47.2 48.2 50.0 Commercial banks......................................... 10.5 11.3 11.7 11.7 11.7 11.4 11.2 FHA.............................................................. 7.9 8.3 8.5 8.5 8.5 8.2 7.9 VA................................................................. 2.6 3.0 3.2 3.2 3.2 3.2 3.3 Mutual savings banks.................................... 28.1 28.2 28.6 28.7 28.7 28.6 28.4 FHA.............................................................. 16.1 16.1 16.0 15.9 15.8 15.7 15.5 VA................................................................. 12.0 12.1 12.6 12.8 12.9 12.9 12.9 Savings and loan assns.................................. 18.7 24.3 28.9 V FH A A .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8 0 . . 5 2 1 1 3 0 . . 7 6 1 13 5 . . 5 4 1 29.5 } 29.8 ) 30.1 ) 29.7 Life insurance cos........................................... 16.8 15.8 14.7 14.3 14.0 13.7 13.6 FHA.............................................................. 11.4 10.8 10.0 9.7 9.5 9.3 9.2 VA................................................................. 5.4 5.0 4.7 4.6 4.5 4.4 4.4 Others............................................................... 35.1 41.2 47.2 48.2 49.4 50.0 FHA.............................................................. 26.3 32.4 36.5 VA................................................................. 8.8 8.8 10.7 Note.—VA-guaranteed residential mortgage debt is for 1- to 4-family Detail by type of holder partly estimated by Federal Reserve for first properties while FHA-insured includes some debt in multifamily structures. and third quarters, and for most recent quarter. COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Total Period o N f u l m oa b n e s r ( c m o ( a i d m m l o l m i l o o l u a i n t r n s t s e t ) o d f ( o th a f m o L d u o o o s a l u a l n a n n r t d s ) s ( C p in o e r t n r e a t c r t r e e e a s n c t t t ) (y M rs a . t / u m r o it s y .) (p t L o e r - r a o v t c a i a e n o l n - u t e ) C ( a p t p e io i r t n a c l e r i n z a t a t ) e ­ co D r v a e e t r i b o a t ge P co e n r s c t e a n n t t 1970., 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 11.1 1971., 1,664 3.982.5 2,393 9.07 22/10 74.9 10.0 1.29 10.4 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 23/0 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 See Note on p. A-45. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ CONSUMER CREDIT A 47 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Home Charge accounts Auto­ consumer improve­ Personal Single­ Service Total mobile goods ment loans Total payment credit paper paper loans1 loans Retail Credit outlets cards 2 1965. 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 5,724 706 4,889 1966. 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 5,812 874 5,336 1967. 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 6,041 1,029 5,727 1968. 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 5,966 1,227 6,300 1969 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 5,936 1,437 6,921 1970.. 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 6,163 1,805 7,456 1971., 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 6,397 1,953 8,164 1972,, 157,564 127,332 44,129 40,080 6,201 36,922 30,232 12,256 7,055 1,947 8,974 1973,, 180,486 147,437 51,130 47,530 7,352 41,425 33,049 13,241 7,783 2,046 9,979 1973--Apr............ 161,491 131,022 46,478 40,441 6,408 37,695 30,469 12,686 6,129 1,907 9,747 May.......... 164,277 133,531 47,518 41,096 6,541 38,376 30,746 12,817 6,387 1,932 9,610 June.......... 167,083 136,018 48,549 41,853 6,688 38,928 31,065 12,990 6,544 2,011 9,520 July........... 169,148 138,212 49,352 42,575 6,845 39,440 30,936 12,968 6,424 2,055 9,489 Aug........... 171,978 140,810 50,232 43,505 7,009 40,064 31,168 13,111 6,475 2,130 9,452 Sept........... 173,035 142,093 50,557 44,019 7,120 40,397 30,942 13,088 6,229 2,106 9,519 Oct............ 174,840 143,610 51,092 44,632 7,235 40,651 31,230 13,145 6,554 2,036 9,495 Nov-......... 176,969 145,400 51,371 45,592 7,321 41,116 31,569 13,161 6,761 2,024 9,623 Dec............ 180,486 147,437 51,130 47,530 7,352 41,425 33,049 13,241 7,783 2,046 9,979 1974—Jan............ 178,686 146,575 50,617 47,303 7,303 41,352 32,111 13,117 6,894 1,981 10,119 Feb............ 177,522 145,927 50,386 46,781 7,343 41,417 31,595 13,159 6,136 1,882 10,418 Mar........... 177,572 145,768 50,310 46,536 7,430 41,492 31,804 13,188 6,097 1,842 10,677 Apr............ 179,495 147,047 50,606 47,017 7,573 41,851 32,448 13,315 6,556 1,878 10,699 1 Holdings of financial institutions; holdings of retail outlets are in­ Note.—Consumer credit estimates cover loans to individuals for cluded in “Other consumer goods paper.” household, family, and other personal expenditures, except real estate 2 Service station and miscellaneous credit-card accounts and home- mortgage loans- For back figures and description of the data, see “Con­ heating-oil accounts. sumer Credit,’ Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965 and Bulletins for Dec. 1968 and Oct. 1972. CONSUMER CREDIT HELD BY COMMERCIAL BANKS (In millions of dollars) Instalment Nonin­ stalment End of period Total Automobile paper Other consumer goods paper Home Personal loans improve­ Single­ Total ment payment Purchased Direct Mobile Credit Other loans Check Other loans homes cards credit V------------- ------------^ 1965....................... 35,652 28,962 10,209 5,659 4,166 2,571 6,357 6,690 1966....................... 38,265 31,319 11,024 5,956 4,681 2,647 7,011 6,946 1967....................... 40,630 33,152 10,972 6,232 5,469 2,731 7,748 7,478 1968....................... 46,310 37,936 12,324 7,102 1,307 5,387 2,858 798 8,160 8,374 1969....................... 50,974 42,421 13,133 7,791 2,639 6,082 2,996 1,081 8,699 8,553 1970....................... 53,867 45,398 12,918 7,888 3,792 7,113 3,071 1,336 9,280 8,469 1971....................... 60,556 51,240 13,837 9,277 4,423 4,419 4,501 3,236 1,497 10,050 9,316 1972....................... 70,640 59,783 16,320 10,776 5,786 5,288 5,122 3,544 1,789 11,158 10,857 1973....................... 81,248 69,495 19,038 12,218 7,223 6,649 6,054 3,982 2,144 12,187 11,753 1973—Apr............ 73,696 62,459 17,327 11,436 6,163 5,290 5,401 3,581 1,837 11,424 11,237 May.......... 75,066 63,707 17,716 11,680 6,321 5,360 5,538 3,635 1,868 11,589 11,359 June.......... 76,519 64,999 18,138 11,866 6,473 5,502 5,688 3,700 1,909 11,723 11,520 July........... 77,556 66,065 18,439 12,023 6,629 5,603 5,815 3,774 1,934 11,848 11,491 Aug........... 79,036 67,381 18,771 12,190 6,825 5,792 5,923 3,863 1,982 12,035 11,655 Sept........... 79,526 67,918 18,886 12,160 6,956 5,909 5,978 3,903 2,027 12,099 11,608 Oct............ 80,281 68,627 19,123 12,262 7,106 5,991 6,012 3,950 2,060 12,123 11,654 80,830 69,161 19,198 12,306 7,208 6,171 6,035 3,979 2,085 12,179 11,669 Dec........... 81,248 69,495 19,038 12,218 7,223 6,649 6,054 3,982 2,144 12,187 11,753 1974—Jan............ 81,081 69,429 18,885 12,113 7,237 6,826 6,041 3,944 2,167 12,216 11,652 Feb............ 80,909 69,246 18,770 12,028 7,285 6,770 6,063 3,937 2,173 12,220 11,663 Mar........... 80,918 69,232 18,775 11,985 7,333 6,667 6,082 3,958 2,169 12,263 11,686 Apr............ 81,750 69,944 18,896 12,039 7,399 6,761 6,208 4,028 2,180 12,433 11,806 See also Note to table at top of page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 JUNE 1974 □ CONSUMER CREDIT INSTALMENT CREDIT HELD BY NONBANK LENDERS (In millions of dollars) Finance companies Other financial lenders Retail outlets Other consumer End of period Auto­ goods paper Home Per­ Mis­ Auto­ Other Total mobile improve­ sonal Total Credit cellaneous Total mobile retail paper ment loans unions lenders1 dealers outlets Mobile Other loans homes 1965......................... 23,851 9,218 4,343 232 10,058 8,289 7,324 965 9,791 315 9,476 1966......................... 24,796 9,342 4,925 214 10,315 9,315 8,255 1,060 10,815 277 10,538 1967......................... 24,576 8,627 5,069 192 10,688 10,216 9,003 1,213 11,484 287 10,197 1968......................... 26,074 9,003 5,424 166 11,481 11,717 10,300 1,417 12,018 281 11,737 1969......................... 27,846 9,412 5,'m 174 12,485 13,722 12,028 1,694 13,116 250 12,866 1970.......................... 27,678 9,044 2,464 3,237 199 12,734 15,088 12,986 2,102 13,900 218 13,682 1971......................... 28,883 9,577 2,561 3,052 247 13,446 17,021 14,770 2,251 14,151 226 13,925 1972......................... 32,008 10,174 2,916 3,589 497 14,912 19,511 16,913 2,598 15,950 261 15,689 1973......................... 37,243 11,927 3,378 4,434 917 16,587 22,567 19,609 2,958 18,132 299 17,833 1973 Apr............... 33,078 10,617 2,991 3,831 611 15,028 20,190 17,455 2,735 15,295 278 15,017 May............. 33,859 10,872 3,025 3,985 656 15,321 20,599 17,832 2,767 15,366 284 15,082 June............. 34,367 11,121 3,081 4,002 694 15,469 21,084 18,269 2,815 15,568 289 15,279 July.............. 35,020 11,365 3,132 4,103 733 15,687 21,394 18,517 2,877 15,733 293 15,440 Aug.............. 35,634 11,583 3,187 4,194 771 15,899 21,808 18,961 2,847 15,987 296 15,691 Sept.............. 35,993 11,721 3,235 4,265 809 15,963 22,129 19,207 2,922 16,053 297 15,756 Oct............... 36,365 11,859 3,269 4,316 847 16,074 22,315 19,339 2,976 16,303 300 16,003 Nov.............. 36,887 11,949 3,310 4,371 886 16,371 22,505 19,517 2,988 16,847 302 16,545 Dec............... 37,243 11,927 3,378 4,434 917 16,587 22,567 19,609 2,958 18,132 299 17,833 1974—Jan................ 37,140 11,754 3,392 4,460 940 16,594 22,301 19,429 2,872 17,705 296 17,409 Feb............... 37,148 11,710 3,406 4,486 968 16,578 22,413 19,430 2,983 17,120 293 16,827 Mar.............. 37,005 11;624 3,324 4,497 1,018 16,542 22,562 19,550 3,012 16,969 292 16,677 Apr.............. 37,291 11,684 3,364 4,547 1,057 16,639 22,753 19,704 3,049 17,059 293 16,766 i Savings and loan associations and mutual savings banks. See also Note to table at top of preceding page. FINANCE RATES ON SELECTED TYPES OF INSTALMENT CREDIT (Per cent per annum) Commercial banks Finance companies Month New Mobile Other Personal Credit- Automobiles Other automo­ homes consumer loans card Mobile consumer Personal biles (84 mos.) goods (12 mos.) plans homes goods loans (36 mos.) (24 mos.) New Used 1972—Apr............. 10 00 10.45 12.37 12.58 17.22 11.87 16.40 9.96 10.73 12.44 12.63 17.24 11.86 16.47 12.29 19.31 21.23 June........... 9.98 10.49 12.38 12.65 17.25 11.85 16.52 July............ 9.97 10.77 12.39 12.73 17.25 11.84 16.57 12.25 19.38 21.26 Aug............ 10.02 10.71 12.47 12.72 17.25 11.85 16.62 Sept............ 10.02 10.67 12.47 12.70 17.25 11.88 16.71 12.41 19.15 21.05 Oct.............. 10.01 10.66 12.38 12.70 17.23 11.86 16.67 Nov............ 10.02 10.85 12.44 12.63 17.23 11.89 16.78 12.41 18.90 21.22 Dec............. 10.01 10.69 12.55 12.77 17.24 11.92 16.87 1973—Jan.............. 10.01 10.54 12.46 12.65 17.13 11.89 16.08 12.51 19.04 21.00 Feb............. 10.05 10.76 12.51 12.76 17.16 11.86 16.20 Mar............ 10.04 10.67 12.48 12.71 17.19 11.85 16.32 12.54 i8.92 20.79 Apr............. 10.04 10.64 12.50 12.74 17.19 11.88 16.44 10.05 10.84 12.48 12.78 17.22 11.91 16.52 12.73 18.88 20.76 June........... 10.08 10.57 12.57 12.78 17.24 11.94 16.61 July............ 10.10 10.84 12.51 12.75 17.21 12.02 16.75 12.77 18.93 20.55 Aug............ 10.25 10.95 12.66 12.84 17.22 12.13 16.86 Sept............ 10.44 11.06 12.67 12.96 17.23 12.28 16.98 12.90 18.69 20.52 Oct.............. 10.53 10.98 12.80 13.02 17.23 12.34 17.11 Nov............ 10.49 11.19 12.75 12.94 17.23 12.40 17.21 13.12 18.77 20.65 Dec............. 10.49 11.07 12.86 13.12 17.24 12.42 17.31 1974—Jan.............. 10.55 11.09 12.78 12.96 17.25 12.39 16.56 13.24 18.90 20.68 Feb............. 10.53 11.25 12.82 13.02 17.24 12.33 16.62 Mar............ 10.50 10.92 12.82 13.04 17.23 12.29 16.69 13.15 18.68 20.52 Apr............ 10.51 11.07 12.81 13.00 17.25 12.28 16.76 Note.—Rates are reported on an annual percentage rate basis as specified maturities; finance company rates are weighted averages for specified in Regulation Z (Truth in Lending) of the Board of Governors. purchased contracts (except personal loans). For back figures and descrip- Commercial bank rates are “most common” rates for direct loans with tion of the data, see Bulletin for Sept. 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 o CONSUMER CREDIT A 49 INSTALMENT CREDIT EXTENDED AND REPAID (In millions of dollasr) By type By holder Period Total Automobile Other Home Personal Commercial Finance Other Retail paper consumer improve­ loans banks companies financial outlets goods paper ment loans lenders Extensions 1966............................. 82,832 27,192 26,329 2,223 27,088 30,073 25,897 10,368 16,494 1967............................. 87,171 26,320 29,504 2,369 28,978 31,382 26,461 11,238 18,090 1968............................. 99,984 31,083 33,507 2,534 32,860 37,395 30,261 13,206 19,122 1969............................. 109,146 32,553 38,332 2,831 35,430 40,955 32,753 15,198 20,240 1970............................. 112,158 29,794 43,873 2,963 35,528 42,960 31,952 15,720 21,526 1971............................. 124,281 34,873 47,821 3,244 38,343 51,237 32,935 17,966 22,143 1972............................. 142,951 40,194 55,599 4,006 43,152 59,339 38,464 20,607 24,541 1973............................. 165,083 46,453 66,859 4,728 47,043 69,726 43,221 23,414 28,722 1973—Apr.................. 13,465 3,822 5,563 365 3,715 5,644 3,555 1,792 2,474 May................. 13,932 3,989 5,504 374 4,065 5,859 3,820 1,868 2,385 June................. 13,646 3,762 5,505 400 3,979 5,684 3,584 1,978 2,400 July................. 14,542 3,930 5,943 433 4,236 5,976 3,824 2,110 2,632 Aug.................. 14,294 3,968 5,961 408 3,957 6,195 3,685 1,943 2,471 Sept.................. 13,691 3,939 5,537 410 3,805 5,809 3,602 2,019 2,261 Oct................... 14,149 3,912 5,911 415 3,911 6,060 3,623 1,951 2,515 Nov................. 14,275 3,819 5,978 402 4,076 6,222 3,564 2,029 2,460 Dec.................. 12,677 3,315 5,254 429 3,679 5,124 3,279 1,897 2,377 1974—Jan................... 13,714 3,492 5,662 373 4,187 5,715 3,693 1,911 2,395 Feb................... 13,541 3,389 5,647 409 4,096 5,794 3,656 1,861 2,230 Mar................. 13,823 3,484 5,933 424 3,982 5,710 3,497 1,976 2,640 Apr.................. 14,179 3,545 6,034 447 4,153 5,838 3,671 2,054 2,616 Repayments 1966............................. 77,480 25,619 24,080 2,118 25,663 27,716 24,952 9,342 15,470 1967............................. 83,988 26,534 27,847 2,202 27,405 29,549 26,681 10,337 17,421 1968............................. 91,667 27,931 31,270 2,303 30,163 32,611 28,763 11,705 18,588 1969............................. 99,786 29,974 34,645 2,457 32,710 36,470 30,981 13,193 19,142 1970............................. 107,199 30,137 40,721 2,506 33,835 40,398 31,705 14,354 20,742 1971.............................. 115,050 31,393 44,933 2,901 35,823 45,395 31,730 16,033 21,892 1972............................. 126,914 34,729 49,872 3,218 39,095 50,796 35,259 18,117 22,742 1973............................. 144,978 39,452 59,409 3,577 42,540 60,014 38,066 20,358 26,540 1973—Apr.................. 12,061 3,218 4,963 294 3,586 4,919 3,251 1,693 2,198 May................. 11,941 3,261 4,917 290 3,473 4,976 3,100 1,612 2,253 June................. 12,034 3,253 4,955 300 3,526 4,890 3,241 1,694 2,209 July................. 12,544 3,334 5,141 308 3,761 5,112 3,312 1,771 2,349 Aug.................. 12,399 3,293 5,168 298 3,640 5,146 3,241 1,738 2,274 Sept.................. 12,332 3,406 5,072 322 3,532 5,167 3,144 1,757 2,264 Oct................... 12,449 3,427 5,149 308 3,565 5,212 3,287 1,703 2,247 Nov.................. 12,549 3,471 5,154 301 3,623 5,345 3,143 1,814 2,247 Dec.................. 12,267 3,338 5,001 332 3,596 5,088 3,151 1,766 2,262 1974—Jan................... 12,797 3,433 5,193 356 3,815 5,254 3,418 1,823 2,302 Feb.................. 12,870 3,394 5,340 323 3,813 5,430 3,423 1,692 2,325 Mar.................. 13,206 3,544 5,596 308 3,758 5,479 3,452 1,827 2,448 Apr.................. 13,026 3,498 5,483 312 3,733 5,470 3,375 1,784 2,397 Net change 1966............................. 5,352 1,573 2,249 105 1,425 2,357 945 1,026 1,024 1967............................. 3,183 -214 1,657 167 1,573 1,833 -220 901 669 1968............................. 8,317 3,152 2,237 231 2,697 4,784 1,498 1,501 534 1969............................. 9,360 2,579 3,687 374 2,720 4,485 1,772 2,005 1,098 1970............................. 4,959 -343 3,152 457 1,693 2,977 -168 1,366 784 1971............................. 9,231 3,480 2,888 343 2,520 5,842 1,205 1,933 251 1972............................. 16,037 5,465 5,727 788 4,057 8,543 3,205 2,490 1,799 1973.............................. 20,105 7,001 7,450 1,151 4,503 9,712 5,155 3,056 2,182 1973—Apr.................. 1,404 604 600 71 129 725 304 99 276 May................. 1,991 728 587 84 592 883 720 256 132 June................. 1,612 509 550 100 453 794 343 284 191 July................. 1,998 596 802 125 475 864 512 339 283 Aug.................. 1,895 675 793 110 317 1,049 444 205 197 Sept.................. 1,359 533 465 88 273 642 458 262 -3 Oct................... 1,700 485 762 107 346 848 336 248 268 1,726 348 824 101 453 877 421 215 213 Dec.................. 410 -23 253 97 83 36 128 131 115 1974—Jan................... 917 59 469 17 372 461 275 88 93 Feb.................. 671 -5 307 86 283 364 233 169 -95 Mar................. 617 -60 337 116 224 231 45 149 192 Apr.................. 1,153 47 551 135 420 368 296 270 219 Note.—Monthly estimates are seasonally adjusted and include adjust­ stalment paper, and certain other transactions may increase the amount ments for differences in trading days. Annual totals are based on data of extensions and repayments without affecting the amount outstanding. not seasonally adjusted. For back figures and description of the data, see “Consumer Credit,” Estimates are based on accounting records and often include finance Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, charges. Renewals and refinancing of loans, purchases and sales of in­ and Bulletins for Dec. 1968 and Oct. 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 INDUSTRIAL PRODUCTION: S.A. a JUNE 1974 MARKET GROUPINGS (1967 = 100) 1967 1973 1973 1974 pro­ aver­ Grouping p ti o o r n ­ age p May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.r Mar.r Apr.® May Total index. 100.0 125.6 124.8 125.6 126.7 126.5 126.8 127.0 127.5 126.5 125.4 124.6 124.5 124.9 125.4 Products, total.................. 62.21 123.4 122.9 123.7 124.2 123.7 124.3 124.3 125.3 124.0 122.9 122.4 122.0 122.5 123.4 Final products................ 48.95 121.3 120. 121.3 122.1 121.4 122.4 122.7 123.7 122.6 121.2 120.6 120.4 121.0 122.0 Consumer goods. 28.53 131.7 131.8 131.9 132.8 131.2 132.3 132.6 133.5 131.3 129.2 128.3 127.9 128.6 129.5 Equipment................. 20.42 106.7 105.7 106.6 107.3 107.6 108.5 108.9 110.1 110.1 109.8 109.9 110.0 110.4 111.6 Intermediate products. 13.26 131.1 130.5 132.0 132.5 132.1 131.0 130.6 131.1 129.1 129.2 129.1 127.6 127.9 128.1 Materials............................ 37.79 129.3 128.3 129.0 130.9 130.9 131.3 131.1 131.5 130.7 129.7 128.3 128.4 128.9 128.9 Consumer goods Durable consumer goods................... 7.86 139.0 141.5 141.8 142.4 134.0 138.2 137.3 138.5 134.6 128.2 126.4 128.0 130.9 133.1 Automotive products................... 2.84 136.8 142.6 142.6 141.7 121.1 129.8 131.4 133.7 120.6 108.0 106.6 107.8 114.5 117.8 Autos.......................................... 1.87 125.4 129.8 132.6 134.0 103.9 118.4 122.5 124.8 106.2 90.0 86.4 86.3 97.7 100.3 Auto parts and allied goods.. .97 158.9 167.0 161.9 156.7 154.2 151.8 148.4 150.9 147. 142.6 145.5 149.1 146.7 151.5 Home goods................................ 5.02 140.3 140.9 141.3 142.9 141.1 142.9 140.9 141.2 142.5 139.6 137.5 139.4 140.3 141.9 Appliances, TV, and radios. 1.41 144.8 148.0 147.2 147.8 146.3 149.4 143.4 140.4 147.9 138.4 131.9 135.8 134.2 134.2 Appliances and A/C... .92 156.9 157.8 154.1 156.0 153.3 159.8 159.3 154.7 172.2 153.9 148.2 150.0 147.7 147.7 TV and home audio.... .49 Carpeting and furniture.... 1.08 150.0 147.8 148.9 155.4 154.2 153.3 153.9 152.7 150.1 153.5 153.3 154.5 158.7 161.5 Misc. home goods................. 2.53 133.6 134.0 134.7 134.7 132.9 134.8 134.1 136.8 136.3 134.4 134.2 135.0 136.0 137.7 Nondurable consumer goods.............. 20.67 129.0 128.0 128.1 129.1 130.2 130.1 130.8 131.5 130.2 129.5 129.1 127.9 127.7 128.2 Clothing............................................ 4.32 116.0 114.2 116.0 116.5 117.0 118.0 116.8 117.3 120.3 116.3 114.5 112.0 Consumer staples........................... 16.34 132.4 131.7 131.4 132.5 133.6 133.2 134.5 135.2 132. 133.0 133.0 132.1 132.6 133.3 Consumer foods and tobacco.. 8.37 122.2 120.9 119.6 121.3 121.9 122.2 123 126.5 125.0 126.9 125.9 124.0 124.3 124.6 Nonfood staples............................ 7.98 143.1 143.1 143.7 144.1 145.8 144.8 146 144.3 141.1 139.4 140.4 140.5 141.1 142.5 Consumer chemical products. 2.64 153.3 154.9 153.5 153.0 155.6 153.4 156.2 154.9 156.7 157.8 159.0 159.0 159.6 Consumer paper products.... 1.91 121.3 121.7 121.7 122.5 124.1 124.4 122.5 123.6 120.5 119.4 119.9 119.1 119.4 Consumer fuel and lighting.. 3.43 147.5 145.6 148.2 149.2 150.4 149.7 151.9 147.8 140.7 136.7 137.4 138.3 139.1 Residential utilities.............. 2.25 156.8 152.1 155.4 157.8 160.0 160.9 161.9 158.0 149.8 145.6 148.6 148.6 147.7 Equipment Business equipment......................... 12.74 122 121.3 122.5 123.0 124.6 125.8 126.2 127. 126.9 126.8 127.3 128.0 128.6 129.6 Industrial equipment............... 6.77 120.1 119.1 119.8 120.5 122 124.1 124 125.6 124.9 125.3 126.6 127.8 129.0 130.8 Building and mining equip., 1.45 120.4 118.8 119.1 119.6 123.0 123.7 124.7 126.0 126.0 128 130.3 133.0 137.3 138.0 Manufacturing equipment., 3.85 113.0 112.0 113.1 113.9 115.1 117.3 117.3 118.2 118.5 119.3 120.6 121.3 122.3 123.8 Power equipment................. 1.47 138.5 138.2 138.3 138.5 141.0 142.3 143.0 144.6 140.3 138.0 138.7 139.1 138.8 141.8 Commercial, transit, farm eq.. 5.97 125.5 123.7 125.4 125. 127.0 127.7 128.1 130.3 129 128.5 128.2 128.2 128.2 128.4 Commercial equipment.... 3.30 135.0 131.6 134.1 135.9 137.0 138.2 140.1 141.3 139.3 139.8 139 140 140.5 138.5 Transit equipment............... 2.00 109.8 109.8 109.7 109.0 108.4 109.6 109.8 111.4 111.1 109.5 109 108.2 106 110.4 Farm equipment................... .67 125.1 126.5 129.3 126.4 132.8 129.4 123.5 132.4 133.4 129.2 126.0 126.1 131.8 Defense and space equipment. 7.68 80.2 79.7 80.1 81.1 79.7 79.8 80.0 80.9 81 81.4 80.9 80.0 80.3 81.6 Military products................. 5.15 80.3 80.1 80.0 81.1 79.0 79.1 79.3 80.0 81.3 80.6 80.2 79.0 79.5 80.6 Intermediate products Construction products........... 5.93 134.2 132.2 135.9 134.5 135.3 134.9 134.3 133.7 131.1 133.0 131.3 129.0 129.5 129.5 Misc. intermediate products. 7.34 128.6 129.2 128.9 132.7 129.6 128.1 127.5 129.0 127.4 126.3 127.4 126 126.5 Materials Durable goods materials.... 20.91 130.1 128.6 129.2 131.7 131 132.3 132.2 133.0 132.7 129.8 127.3 126.6 128.0 128.3 Consumer durable parts. 4.75 127.8 125.7 128.8 126.9 128.6 129.9 128.2 128.4 121.0 113.0 109.3 110.3 114.2 114.7 Equipment parts.............. 5.41 119.3 118.0 118.2 124.5 122.3 122.1 122.7 125. 125.3 123.9 122.6 120.6 120.6 122.6 Durable materials nec... 10.75 136.5 135.3 134.9 137.6 138.0 138.7 139.0 138.7 141.6 140.0 137.6 137.6 137.8 137.2 Nondurable goods materials............. 13.99 129.1 128.9 129.4 130.4 130.6 130.3 130.1 130.7 129.2 131.1 131.1 131.6 131.6 130.8 Textile, paper, and chem. mat.. 8.58 139.8 139.4 140.2 142.2 142.4 141.9 141.4 142.4 140.1 143.4 141.7 142.6 143.4 142.5 Nondurable materials n.e.c....... 5.41 112.2 112.3 112.3 112.1 111.7 112.0 112.3 112.1 111.9 111.7 114.3 113.8 112.9 112.6 Fuel and power, industrial............ 2.89 123.9 122.9 125.3 126.9 126.3 128.3 126.9 124.9 123.1 121.5 122.5 122.4 122.8 123.6 Supplementary groups Home goods and clothing. 9.34 129.0 128.6 129.7 130.7 130.0 131.3 129.8 130.2 132.4 128.8 126.9 126.7 125.8 126.6 Containers............................. 1.82 139.9 138.0 141.4 135.1 140.5 139.8 141.2 142.3 141.0 148.4 144.3 151.4 148.6 Gross value of products in market structure (In billions of 1963 dollars) Products, total.................... 286.3 449 449.7 451.8 452.9 446.2 449.8 452.6 456.9 449.1 445.4 442.5 441.4 444.3 447.8 Final products............. 221.4 346.1 346.6 347.8 347.7 341.9 346.3 349.7 353.3 346 342.5 339.9 340.2 343.3 346.5 Consumer goods 156.3 239.7 241.1 241.3 241.0 235.4 239.0 241.7 243.6 237.8 233.6 230.6 231.2 233.7 235.9 Equipment................ 65.3 106.4 105.6 106.6 106.6 106.6 107.3 108.0 109.5 109.0 108.9 109.1 109.0 109.4 110.7 Intermediate products. 64.9 103.7 103.1 104.3 104.8 104.6 103.5 103.1 103.6 102.5 130.1 102.0 101.2 101.1 101.5 For Note see p. A-51. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ INDUSTRIAL PRODUCTION: S.A. A 51 INDUSTRY GROUPINGS (1967 = 100) 1967 1973 1973 1974 pro­ aver­ Grouping p ti o o r n ­ age * May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.r Mar.r Apr.* May 88.55 125.2 124.9 125.6 126.5 126.1 126.3 126.4 127.4 126.4 125.3 124.5 124.5 124 125.7 Durable................................................. 52.33 122.1 121.8 123.0 123.8 122.6 123.3 123.5 124.3 123.1 121.1 119.4 120.2 120.5 121.9 Nondurable.......................................... 36.22 129.6 129.3 129.3 130.5 130.9 130.7 130.4 131.3 131.2 131.4 131.5 130.9 131.0 131.1 Mining and utilities................................ 11.45 128.9 127.0 128.2 130.4 130.7 131.3 131.5 130.6 126.9 125.4 126.9 127.4 126. 126.7 6.37 110.2 109.1 109.5 111.0 111.5 111.8 111.9 111.3 110.4 109.9 111.7 112.5 111.7 111.6 5.08 152.3 149.5 151.5 154.8 154.8 155.8 156.2 154.6 147.6 144.9 146.1 146.3 146.0 145.6 Durable manufactures 12.55 128.8 128.1 128.7 130.6 129.5 129.5 130.6 131.0 130.5 130.4 127.6 128.6 127.7 128.8 Primary metals.................................... 6.61 127.1 126.1 124.5 128.1 125.6 Ml.8 128.7 128.9 130.7 129.5 125.0 126.1 124.4 126.0 Iron and steel, subtotal................. 4.23 121.6 119.8 119.9 120.9 118.5 122.7 123.6 124.2 127.7 125.5 119.4 119.6 116.5 117.3 Fabricated metal products............... 5.94 130.7 130.3 133.4 133.5 133.8 131.5 132.4 133.1 130.0 131.4 130.6 131.5 131.7 132.0 32.44 117.3 117.3 118.8 119.3 117.7 118.9 118.9 119.9 118.6 115.2 113.8 114.5 115.1 116.9 Machinery............................................ 17.39 125.9 124.7 126.9 Ml.6 128.5 130.0 129.2 130.4 130.9 128.6 127.2 128.0 127.9 129.2 Nonelectrical machinery............... 9.17 125.1 124.0 126.1 127.1 128.9 130.0 130.0 130.3 130.2 129.4 128 129.0 130.1 131.7 Electrical machinery...................... 8.22 126.8 125.4 127.8 128.0 128.2 129.8 128.5 130.5 131.6 127.7 126.2 126. 125.6 126.4 Transportation equipment............... 9.29 109.2 111.0 112.2 112.1 105.7 107.3 108.8 109.8 103.0 95.7 93.9 94.7 97.3 99.9 Motor vehicles and parts............. 4.56 138.1 140.9 143.3 144.1 131.0 133.9 136.4 137.8 124.6 112.7 109.2 109.7 116.5 118.9 Aerospace and misc. trans. eq... 4.73 81.4 82.2 82.2 81.3 81.3 81.7 82.3 82.9 82.2 79.3 79.3 80.3 78.9 81.7 2.07 138.4 138.9 140.2 140.8 140.9 141.5 141.0 142.6 142.7 143.0 142. 142.9 144.4 144.7 Ordnance, private and Govt............ 3.69 85.4 85.4 86.7 86.7 83.8 83.7 83.8 84.3 86.1 85.2 84.2 84.0 83. 85.2 Lumber, clay, and glass......................... 4.44 129.5 130.3 129.2 129.8 129.2 128.8 129.7 129.3 127.8 129.7 127.4 128.1 129.0 129.4 Lumber and products....................... 1.65 128.9 127.5 126.6 125.4 128.4 128.9 MIA Ml.3 126.3 126.1 127.1 126.1 127.0 Clay, glass, and stone products----- 2.79 129.9 132.0 130.5 132.3 129.6 128.8 131.2 130.4 128.7 131.8 127.6 129.3 130.1 2.90 135.2 136.0 135.4 135.9 137.5 138.2 136.1 136.4 135.3 133.4 135.2 136.8 136.2 136.4 Furniture and fixtures....................... 1.38 126.3 126.5 126.5 127.5 129.5 130.4 128.8 Ml.9 124.9 124.2 125.4 126. 127.1 Miscellaneous manufactures............ 1.52 143.3 144.5 143.6 143.5 144.9 145.3 142.9 144.3 144.5 141.8 144.2 145. 144.3 Nondurable manufactures 6.90 114.7 113.3 115.0 114.5 115.4 117.5 116.8 116.7 118.8 116.2 115.3 113.2 111.7 111.6 Textile mill products......................... 2.69 127.1 Ml.2 129.2 128.9 129.0 130.2 130.2 129.4 130.9 128.4 127.6 125.0 123.4 Apparel products................................ 3.33 112.9 110.0 111.0 112.1 113.6 115.4 114.9 115.3 118.5 116.4 113 111.5 Leather and products........................ .88 83.6 83.0 86.6 79.2 81.0 86.4 83.1 82.9 82.9 77.6 83.7 83.0 84.2 7.92 122.1 122.0 122.8 123.8 124.5 122.1 121.3 121.9 121.2 121.7 122.2 122.5 122.1 121.5 Paper and products.......................... 3.18 135.4 135.1 134.6 135.3 137.0 134.8 135.3 136.2 136.7 138.7 137.6 140.2 140.3 4.74 113.2 113.2 114.8 116.0 116.2 113.6 112.1 112.3 110.8 110.4 111.9 110.7 109.9 111.1 Chemicals, petroleum, and rubber.... 11.92 149.3 150.2 149.8 151.8 151.0 150.9 151.1 151.6 151.6 151.5 151.2 151.3 152.8 153.3 Chemicals and products................... 7.86 150.1 150.2 150.4 152.0 151.4 153.0 152.7 153.0 154.5 154.9 155.3 155 155.9 156.3 Petroleum products........................... 1.80 127.4 128.5 129.7 129.3 128.2 126.0 130.4 129.5 125.5 120.5 116.9 117.3 124.5 125.2 2.26 164.0 166.8 163.9 168.8 167.9 163.6 161.9 164.5 162.3 164 163.5 164.0 165.0 Foods and tobacco.................................. 9.48 121.9 121.5 119.5 121.3 122.0 122.2 121.7 124.7 123.0 125.4 126.2 125.1 124. 125.1 8.81 122.7 122.4 120.3 122.4 122.9 123.2 122.4 125.4 124.5 126.3 Ml.2 126.2 126.0 126.3 .67 111.6 111.2 108.1 105.3 110.1 109.1 113.7 115.8 104.2 113.3 112.1 110.4 Mining 1.26 118.1 116.2 111. 8 116.9 120.6 120.4 120.9 121.3 122.0 121.4 119.9 119.7 117.7 117.3 Metal mining....................................... .51 130.8 127.0 121.6 128.4 131.4 136.6 138.3 135.2 135.2 135.2 132.2 132.9 128.1 Stone and earth minerals................. .75 109.5 108.8 105.2 109.1 113.1 109.5 109.2 111.7 113.1 111.9 111.6 110.7 110.7 5.11 108.3 107.3 108.9 109.5 109.2 109.5 109.7 108.8 107.5 107.0 109.6 110.7 110.2 110.0 Coal..................................................... .69 103.6 100.9 108.0 109.0 104.0 109.8 103.0 104.1 110.4 108.7 112.7 114.7 110.3 113.5 4.42 109.0' 108.4 109.1 109.5 110.0 109.7 110.8 109.6i 107.0 106.8 109.1 110. 1 110.2 109.5 Utilities 3.91 160.7 156.8 159.7 164.0> 163.8 165.1 165.3 163.4 155.6 153.0 154.6 154. Gas............................................................. 1.17 124.2 1 Note.—Data for the complete year of 1972 are available in a pamphlet Published groupings include series and subtotals not shown sepa­ Industrial Production Indexes 1972 from Publications Services, Division rately. Figures for individual series and subtotals are published in the of Administrative Services, Board of Governors of the Federal Reserve monthly Business Indexes release. System, Washington, D.C. 20551. Indexes without seasonal adjustment are no longer being published in the Bulletin, but they are available in the Board‘s monthly release ’’Industrial Production (the G.12.3), which is available upon request to Publications Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 BUSINESS ACTIVITY; CONSTRUCTION a JUNE 1974 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu­ Prices « facturing 2 In­ Ca­ Market dustry pacity Nonag­ utiliza­ Con­ ricul­ Products tion struc­ tural Total Period Total Total C Fi o n n a ­ l m In ed te ia r­ te M ri a a t l e s ­ f M a i c a n t n g u u r­ ­ i o = n ( u 1 m 1 t 9 p 0 6 f u 0 g 7 ) t . tr c t a i o o c n n ts ­ T m p e o e l m o t n a y t ­ l — ­ i p m E l m o en y ­ t ­ P ro a l y ls ­ s r a e l t e ai s l 3 s C um on e ­ r W m c s o o h a d m l o e i l t ­ e y ­ Total sumerEquip­ 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 1972.. 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 83.0 183.3 114.8 101.9 146.9 133.1 134.7 1973—Mar.. 123.7 121.7 119.6 130.8 104.1 129.4 127.0 123.4 582.8 193.0 113.8 101.0 142.6 160 129.8 129.8 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 *130.5 May.. 124. 122.9 120.8 131.8 105.7 130.5 128.3 124.9 '83.3 173.0 114.4 101.7 144.9 159 131.5 '133.2 June.. 125. 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 '136.0 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 '134.3 Aug.. 126.5 123 121.4 131 107.6 132.1 130.9 126.1 83.3 199.0 115.0 102.1 146.7 162 135.1 '142.1 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 '139.7 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 '138.7 Nov.. 127.5 125.3 123.7 133.5 110.1 131.1 131.5 127.4 82.6 194.0 116.4 103.3 155.8 164 137.6 '139.2 Dec... 126 124.0 122.6 131.3 110.1 129.1 130.7 126.4 161.0 116.4 103.2 153.7 161 138.5 '141.8 1974—Jan... 125.4 122.9 121.2 129.2 109. 129.2 129.7 125.3 155.0 116.2 102.6 151.6 164 139.7 '146.6 Feb... 124.6 '122.4 '120.6 128.3 '109.9 '129.1 128.3 '124.5 '80.5 187.0 116.6 101.8 151.1 165 141.5 '149.5 Mar.. '124.5 '122.0 '120.4 r127.9 '110.0 '127.6 '128.4 '124.5 181.0 116.6 101.5 '150.5 168 '143.1 '151.4 Apr.. '124.9 '122.5 121.0 r128.6 r110.4 '127.9 '128.9 '124.8 179.0 116.8 '101.9 '147.2 168 144.0 '152.7 May. 125.4 123 122.0 129.5 111.6 128.1 128.9 125.7 117.1 101.9 154.4 170 '155.0 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; * Prices are not seasonally adjusted. Latest figure is final. does not include data for Alaska and Hawaii. 5 Figure is for first quarter 1973. Employment and payrolls: Based on Bureau of Labor Statistics data; Note.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Capacity utilization: Based on data from Federal Reserve, McGraw- Prices: Bureau of Labor Statistics data. Hill Economics Department, and Dept, of Commerce. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1972 1973 1974 Type of ownership and 1972 1973 type of construction Dec. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction 1........................... 90,979101,071 6,423 8,814 9,428 9,910 9,228 10,303 8,151 8,983 7,905 6,133 5,954 6,610 7,911 By type of ownership: Public............................................ 24,043 26,686 1,629 2,071 2,359 2,995 2,581 2,968 2,328 2,055 2,140 1,855 2,135 2,212 2,481 Private 1....................................... 66,936 73,385 4,793 6,743 7,069 6,916 6,647 7,335 5,822 6,928 5,765 4,277 3,819 4,398 5,430 By type of construction: Residential building 1............... 44,975 46,246 3,115 4,512 4,754 4,612 4,224 4,233 3,638 3,673 3,299 2,341 2,231 2,678 3,374 Nonresidential building............ 27,021 31,761 2,189 2,634 2,629 2,976 2,991 3,241 2,719 2,758 2,655 2,210 2,307 2,260 2,752 Nonbuilding............................... 18,983 22,064 1,119 1,668 2,045 2,322 2,013 2,828 1,794 2,552 1,951 1,581 1,415 1,672 1,785 Private housing units authorized... 2,219 1,796 2,399 1,939 1,838 2,030 1,780 1,750 1,596 1,316 1,314 1,237 1,301 1,333 '1,461 (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 contracts as reported by the 13,000 reporting areas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 o CONSTRUCTION A 53 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d R en e t s i i a ­ l Total Indus­ Bu C il o d m in ­ gs b O u t i h l e d r ­ Other Total M ta i r l y i­ H w ig ay h­ d C v e m o a v a n t n e e i s d o l n e o n t r p ­ ­ Other 2 trial mercial ings 1 1962 3 ......... 59,965 42,096 25,150 16,946 2,842 5,144 3,631 5,329 17,869 1,266 6,365 1,523 8,715 1963 4 ......... 64,563 45,206 27,874 17,332 2,906 4,995 3,745 5,686 19,357 1,179 7,084 1,694 9,400 1964 67,413 47,030 28,010 19,020 3,565 5,396 3,994 6,065 20,383 910 7,133 1,750 10,590 1965 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 2,019 11,663 1966 76,002 51,995 25,715 26,280 6,679 6,879 5,037 7,685 24,007 727 8,405 2,194 12,681 1967 77,503 51,967 25,568 26,399 6,131 6,982 4,993 8,293 25,536 695 8,591 2,124 14,126 1968 86,626 59,021 30,565 28,456 6,021 7,761 4.382 10,292 27,605 808 9,321 1,973 15,503 1969 93,368 65,404 33,200 32,204 6,783 9,401 4,971 11,049 27,964 879 9,250 1,783 16,052 197 0 94,167 66,071 31,864 34,207 6,538 9,754 5,125 12,790 28,096 718 9,981 1,908 15,489 197 1 109,238 79,367 43,268 36,099 5,423 11,619 5,437 13,620 29,871 901 10,658 2,095 16,217 197 2 123,836 93,640 54,186 39,454 4,676 13,462 5,898 13,418 30,196 1,080 10,448 2,172 16,496 197 3 135,079 102,568 57,720 44,848 6,058 15,569 6,131 17,090 32,511 1,162 1,924 1973—Apr.. 133,858 101,298 58,111 43,187 5,287 15,473 6,282 16,145 32,560 1,158 9,901 2,062 19,439 May. 134,177 101,878 57,490 44,338 5,338 16,118 6,251 16,631 32,349 1,277 9,645 2,569 18,858 June. 133.680 102,708 58,083 44,625 5,928 15,704 6.383 16,610 30,972 1,162 10,094 2,235 17,481 July.. 136;524 105,029 59,007 46,022 6,340 16,110 6,492 17,080 31,495 1,341 10,762 1,977 17,415 Aug.. 136.370 105,318 59,233 46,085 6,687 15,800 6,122 17,476 31,052 1,048 10,391 2,196 17,417 Sept.. 136,208 103,034 58.505 44,529 6,324 15,111 5,742 17,352 33,174 962 11,210 2,296 18,706 Oct... 135,871 102,388 56,458 45,930 6,573 15,561 5,883 17,913 33,483 1,032 2,330 Nov.. 134,831 101,922 54,667 47.255 6,742 16,139 6,035 18,339 32,909 1,040 Dec.. 133.370 99,611 52,728 46,883 7,057 15,685 6,089 18,052 33,759 1,128 1974—Jan... 133,981 98,592 50,413 48,179 6,899 16,323 6,199 18.758 35,389 1,282 Feb.r, 136,996 99,209 49,953 49.256 7,951 16,551 6,153 18,601 37,787 1,381 Mar.. 134,844 98,737 49,975 48,762 7,459 16,271 6,271 18,761 36,107 1,393 Apr.P 136,248 99,650 49,792 49,858 7,486 17,161 6,453 18.758 36,598 1,467 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 tmblic underwritten home Period (N.S.A.) (N.S.A.) ship­ Region Type of structure ments (N.S.A. Total North­ North 1- 2- to 4- 5- or east Central South West family family f m am or i e ly - Total Private Public Total FHA VA 1963. 1,603 261 328 591 430 1,012 5!89 1,635 1,603 32 292 221 71 151 1964. 1,529 254 340 578 357 970 108 450 1,561 1,529 32 264 205 59 191 1965. 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966. 1,165 206 288 472 198 778 61 325 1,196 1,165 31 195 158 37 217 1967. 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968. 1,508 227 369 618 294 900 81 527 1,546 1,508 38 283 227 56 318 1969i. 1,467 206 349 588 324 814 85 571 1,500 1,467 33 284 233 51 413 1970>............................. 1,434 218 294 612 310 813 85 536 1,469 1,434 35 482 421 61 401 1971. 2,052 264 434 869 486 1,151 120 781 2,084 2,052 32 621 528 93 497 1972>. 2,357 330 443 1,057 527 1,309 141 906 2,379 2,357 22 475 371 104 576 19731............................. 2,045 277 440 897 428 1,132 118 795 2,057 2,045 12 247 161 86 >•567 !—Apr................. 2,153 293 397 908 555 1,231 127 795 205 205 26 17 9 r60 May............... 2,330 294 531 983 522 1,243 159 929 234 234 28 18 11 r56 June............... 2,152 345 485 873 449 1,140 127 886 203 203 1 25 17 8 r56 July................. 2,152 245 475 1,020 412 1,232 144 776 203 203 1 20 12 8 r49 Aug................ 2,030 255 466 844 465 1,108 107 814 200 197 3 23 14 9 r52 Sept................ 1,844 281 431 748 384 990 97 757 149 148 1 15 10 6 r44 Oct.................. 1,674 242 383 715 334 957 81 637 149 147 2 15 9 6 r45 Nov................ 1,675 241 322 750 362 938 84 653 135 133 1 17 12 5 r39 Dec................. 1,403 192 278 654 279 767 73 563 91 90 11 7 4 '28 !•—Jan.................. 1,464 258 330 650 226 793 89 582 86 85 2 13 9 4 29 Febr............... 1,922 337 386 871 328 1,056 84 782 110 109 12 8 4 30 Mar................ 1,484 196 332 624 332 963 88 433 126 124 2 14 8 6 37 Apr.*............. 1,626 195 331 745 355 983 89 554 161 159 1 13 6 7 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. Digitized for FVReAteSraEnsR A dmin, and represent units started, including rehabilitation Mobile home shipments are as reported by Mobile Homes Manufac­ turers Assn. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 EMPLOYMENT □ JUNE 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 . o n n ) n a - l la ( b N N o . o r S t . f A i o n r . ) ce T ( l f a S o o b . r A t c o a e r . l ) Total Total E In m c n u p o l l t n o u a y ra g e l r d i 1 - agric I u n lture U pl n o e y m ed ­ U (p n e e m r S r a m . e A t c e n p e . 2 t l ) n o t y ; ­ industries 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—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 Mar................. 150,066 58,183 92,747 90,496 85,863 82,164 3,699 4,633 5. 1 Apr.................. 150,283 58,547 92,556 90,313 85,775 82,264 3,511 4,538 5.0 May................ 150,507 58,349 92,909 90,679 85.971 82,514 3,457 4,708 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 T i 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 1968............................................................... 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 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 1972............................................................... 72,764 18,933 607 3,521 4,495 15,683 3,927 12,309 13,290 1973............................................................... 75,567 19,820 625 3,648 4,611 16,288 4,053 12,866 13,657 seasonally adjusted 1973—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 76,626 20,090 646 3,732 4,644 16,398 4,101 13,128 13,887 1974—Jan.................................................... 76,526 20,006 654 3,636 4,684 16,417 4,109 13,136 13,884 Feb.................................................... 76,813 19,904 656 3,757 4,691 16,472 4,124 13,215 13,994 Mar................................................... 76,804 19,851 655 3,725 4,676 16,487 4,127 13,240 14,043 Apr.p................................................ 76,928 19,911 657 3,656 4,663 16,542 4,135 13,260 14,104 Mayp................................................ 77,110 19,924 660 3,640 4,667 16,581 4,151 13,325 14,162 NOT SEASONALLY ADJUSTED 1973—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.................................................... 75,620 19,818 642 3,280 4,618 16,290 4,072 12,913 13,987 Feb.................................................... 75,792 19,738 641 3,329 4,616 16,127 4,087 13,056 14,198 Mar................................................... 76,117 19,726 642 3,405 4.634 16,187 4,102 13,147 14,274 Apr.2*................................................ 76,695 19,768 651 3,524 4,630 16,422 4,123 13,287 14,290 May**................................................ 77,199 19,807 660 3,636 4.667 16,522 4,147 13,418 14,342 ' 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

JUNE 1974 □ PRICES A 55 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 a o n u i e d l l e G a l n e a c d s ­ n F i a n i n u s g h d r s ­ ­ 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 rv d d e ­ s r coal tricity o t p i e o r n a­ tion ices 1929 ..................... 51.3 48 3 76.0 48.5 1933 38 8 30 6 54.1 36.9 1941 .......................... 44.1 38.4 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 47.7 49.2 1945 ........................ 53 9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56.9 1960............................ 88.7 88.0 90.2 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.1 79.1 90.1 87.3 87.8 1965............................ 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 95.9 94.2 1966............................ 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 97.5 97.2 1967............................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968............................ 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 1969............................ 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 1970............................ 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 1971............................ 121.3 118.4 124.3 115.2 133.7 117.5 114.7 118.1 119.8 118.6 122.2 128.4 116.8 119.3 120.9 1972............................ 125.3 123.5 129.2 119.2 140.1 118.5 120.5 121.0 122.3 119.9 126.1 132.5 119.8 122.8 125.5 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—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 r140.6 126.9 153.6 172.8 131.0 128.0 130.5 126.7 133.0 141.4 129.2 127.6 131.3 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 Feb................. 141.5 157.6 143.4 128.0 155.8 202.0 137.3 130.1 130.4 129.3 134.5 143.4 130.8 128.9 132.3 Mar................ 143.1 159.1 144.9 128.4 157.2 201.5 140.0 132.6 132.2 132.0 135.4 144.8 131.8 129.5 132.8 Apr................. 144.0 158.6 146.0 128.8 158.2 206.5 142.0 134.0 133.6 134.4 136.3 145.6 133.1 130.4 133.6 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities Pro­ Period m c ti A o o e m l d s l 1 i ­ ­ p F u r a c o r t d m s ­ c f f e a o e s n e o s d d d e s d s Total i t T e il t e e c x s . ­ , H e i t d c e . s, F et u c e . l 1 , C ic e h a t e c l m s . , ­ R b et e u 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 y a n d n ip ­ t ­ ­ F t e u u t r r c e n . , i­ N t e m m a r l o a i l e n l n i - s c ­ - T e m p t q r o i e a o u r n n n i t p a s t2 ­ ­ ­ n c M e e o l i l u s a ­ s ­ I960................................ 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 1965................................ 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 1966................................ 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 1967................................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968................................ 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 1969................................ 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 1970................................ 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 1971................................ 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 1972................................ 119.1 125.0 120.8 117.9 113.6 131.3 118.6 104.2 109.3 144.3 113.4 123.5 117.9 111.4 126.1 113.8 114.6 1973............................... 134.7 176.3 148.1 125.9 123.8 143.1 134.3 110.0 112.4 177.2 122.1 132.8 121.7 115.2 130.2 115.1 119.7 1973--Mar.................... 129.8 160.9 141.4 122.8 119.0 143.5 127.4 106.7 110.3 173.2 118.3 129.2 120.0 113.5 129.0 114.5 117.9 Apr..................... 130.5 160.6 139.8 124.2 120.8 145.0 129.2 107.7 110.6 182.0 119.8 130.5 120.8 114.1 130.0 114.9 118.6 May................... 133.2 170.4 145.0 125.3 112.3 142.2 131.1 109.3 111.5 186.9 120.7 131.7 121.5 115.1 130.5 115.1 119.5 June................... 136.0 182.3 151.8 126.0 123.7 140.9 133.4 110.4 112.6 183.1 122.0 132.5 121.9 115.2 131.1 115.0 120.2 July..................... 134.3 173.3 146.5 126.1 124.2 141.4 134.7 110.8 112.9 177.8 122.3 132.8 122.0 115.2 130.0 115.0 120.9 Aug..................... 142.1 213.3 166.2 126.7 125.2 143.0 135.2 111.0 113.1 178.8 123.3 133.7 122.3 115.9 130.0 115.1 121.0 Sept.................... 139.7 200.4 156.3 127.4 126.8 143.8 137.4 111.5 112.8 181.9 124.4 134.4 122.6 116.0 129.9 114.5 121.1 Oct..................... 138.7 188.4 153.1 128.5 128.5 143.8 139.3 112.7 114.0 180.3 125.8 135.9 123.1 116.6 130.9 115.9 121.0 Nov.................... 139.2 184.0 151.9 130.1 130.0 143.0 144.1 113.5 114.8 184.7 127.6 138.5 123.8 117.2 131.5 116.1 121.3 Dec..................... 141.8 187.2 155.7 132.2 131.4 141.9 151.5 115.6 116.5 186.1 128.7 141.8 124.6 117.5 132.6 117.3 121.6 1974—Jan...................... 146.6 202.6 162.1 135.3 133.8 142.6 162.5 118.2 117.7 183.7 131.8 145.0 126.0 119.0 138.7 118.6 123.5 Feb..................... 149.5 205.6 164.7 138.2 135.2 143.4 177.4 120.2 119.8 184.1 132.9 148.0 127.0 120.2 142.1 118.9 124.6 Mar.................... 151.4 197.0 163.0 142.4 136.1 143.4 189.0 127.3 123.8 191.3 137.2 154.7 129.0 121.3 144.2 119.1 125.8 Apr..................... 152.7 186.2 159.1 146.6 137.5 145.4 197.9 132.3 129.4 200.2 114.4 161.2 130.8 122.9 146.7 119.4 128.2 May................... 155.0 180.8 158.9 150.5 139.1 146.3 204.3 137.0 133.7 198.0 146.6 168.7 134.1 124.5 150.7 121.4 133.2 1 Beginning 1973 this series has been revised. 2 Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 NATIONAL PRODUCT AND INCOME □ JUNE 1974 GROSS NATIONAL PRODUCT (In billions of dollars) 1 1973 1974 Item 1929 1933 1941 1950 1969 1970 1971 1972 1973 I II III IV Ip Gross national product........................................ 103.1 55.6 124.5 284.8 930.3 977.11,055.51,155.21,289.11,242.51,272.01,304.51337.5 1,352.2 101.4 57.2 120.1 278.0 922.5 972.61,049.41,149.1 1,281.11,287.81,267.51,299.81,319.4 1,346.7 Personal consumption expenditures................... 77.2 45.8 80.6 191.0 579.5 617.6 667.2 726.5 804.0 779.4 795.6 816.0, 825.2 844.6 9.2 3.5 9.6 30.5 90.8 91.3 103.6 117.4 130.8 132.2 132.8 132.8 125.6 125.0 37.7 22.3 42.9 98.1 245.9 263.8 278.7 299.9 335.9 322.2 330.3 341.6 349.6 362.3 30.3 20.1 28.1 62.4 242.7 262.6 284.9 309.2 337.3 325.0 332.6 341.6 350.0 357.3 16.2 1.4 17.9 54.1 139.0 136.3 153.2 178.3 202.1 194.5 198.2 202.0 213.9 198.9 14.5 3.0 13.4 47.3 131.1 131.7 147.1 172.3 194.2 189.9 193.7 197.3\ 195.9 193.4 10.6 2.4 9.5 27.9 98.5 100.6 104.4 118.2 136.2 130.9 134.1 138.0, 141.8 144.1 Structures.................................................. 5.0 .9 2.9 9.2 34.2 36.1 37.9 41.7 48.4 45.3 47.2 49.5' 51.7 53.9 5.6 1.5 6.6 18.7 64.3 64.4 66.5 76.5 87.8 85.5 86.9 88.6 90.1 90.2 Residential structures................................. 4.0 .6 3.9 19.4 32.6 31.2 42.7 54.0 58.0 59.0 59.6 59.2! 54.0 49.3 3.8 .5 3.7 18.6 32.0 30.7 42.2 53.5 57.4 58.4 59.1 58.6! 53.4 48.6 Change in business inventories.................... 1.7 — 1.6 4.5 6.8 7.8 4.5 6.1 6.0 8.0 4.6 4.5 4.7j 18.0 5.5 1.8 -1.4 4.0 6.0 7.7 4.3 4.5 5.6 7.3 4.4 4.4 3.2 17.3 5.0 1.1 .4 1.3 1.8 1.9 3.6 .8 -4.6 5.8 .0 2.8 7.6 12.8 10.9 Exports............................................................... 7.0 2.4 5.9 13.8 55.5 62.9 66.3 73.5 102.0 89.7 97.2 104.5 116.4 130.4 5.9 2.0 4.6 12.0 53.6! 59.3 65.5 78.1 96.2 89.7 94.4 97.0 103.6 119.4 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 210.0 219.5 234.3 255.0 277.1 268.6 275.3 279.0 285.6 297.8 1.3 2.0 16.9 18.4 98.8 96.2 98.1 104.4 106.6 105.5 107.3 106.8 106.8 112.1 National defense......................................... 13.8 14.1 78.4 74.6 71.6 74.4 73.9 74.3 74.2 74.2 73.0 76. 3 Other............................................................. 3.1 4.3 20.4 21.6 26.5 30.1 32.7 31.2 33.1 32.7 33.8 35 8 7.2 6.0 7.9 19.5 111.2 123.3 136.2 150.5 170.5 163.0 168.0 172.2 178.8 185*. 7 i Gross national product in constant (1958) 1 dollars................................................................ 203.6 141.5 263.7 355.3 725.6j 722.5 745.4 790.7 837.4 829.3 834.3 841.3 844.6 831.0 Note.—Dept, of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, (generally the July issue) and the Aug. adjusted totals at annual rates. For back data and explanation of series, 1966 Supplement to the Survey. NATIONAL INCOME (In billions of dollars) 1973 1974 1929 1933 1941 1950 1969 1970 1971 1972 1973 Item I II III IV Ip 86.8 40.3 104.2 241.1 766.0 800.5 859.4 941.81,053.91,015.01,038.2 1,067.41,095.11,104.8 Compensation of employees................................ 51.1 29.5 64.8 154.6 566.0 603.9 644.1 707.1 785.2 757.4 774.9 794.0 814.7 826.8 50.4 29.0 62.1 146.8 509.7 542.0 573.8 627.3 691.4 666.7 682.3 699.3 717.2 726.2 Private............................................................. 45.5 23.9 51.9 124.4 405.6 426.9 449.7 493.3 546.0 525.1 538.7 553.2 566.9 573.3 .3 .3 1.9 5.0 19.0 19.6 19.4 20.3 20.8 20.9 20.5 20.4 21.3 21.2 Government civilian.................................... 4.6 4.9 8.3 17.4 85.1 95.5 104.7 113.8 124.6 120.7 123.1 125.7 129.1 131.7 Supplements to wages and salaries.....----- .7 .5 2.7 7.8 56.3 61.9 70.3 79.7 93.9 90.8 92.6 94.7 97.5 100.6 Employer contributions for social in- .1 .1 2.0 4.0 27.8 29.7 33.7 39.0 49.0 47.4 48.3 49.4 50.8 52.7 Other labor income...................................... .6 .4 .7 3.8 28.4 32.2 36.6 40.7 44.9 43.3 44.2 45.3 46.7 47.9 Proprietors’ income............................................... 15.1 5.9 17.5 37.5 67.2 66.9 68.7 74.2 84.2 80.6 81.5 85.0 89.8 88.4 Business and professional.............................. 9.0 3.3 11.1 24.0 50.5 50.0 51.9 54.0 57.5 56.3 57.1 57.9 58.5 59.3 Farm.................................................................... 6.2 2.6 6.4 13.5 16.7 16.9 16.8 20.2 26.8 24.3 24.4 27.1 31.3 29.1 Rental income of persons.................................... 5.4 2.0 3.5 9.4 22.6 23.9 24.5 24.1 25.1 24.7 24.6 25.3 25.7 25.8 Corporate profits and inventory valuation adjustment.......................................................... 10.5 -1.2 15.2 37.7 79.8 69.2 80.1 91.1 109.0 104.3 107.9 112.0 111.9 108.9 Profits before tax............................................. 10.0 1.0 17.7 42.6 84.9 74.0 85.1 98.0 126.3 119.6 128.9 129.0 127.4 140.1 1.4 .5 7.6 17.8 40.1 34.8 37.4 42.7 55.8 52.7 57.4 57.6 55.7 59.8 Profits after tax............................................ 8.6 .4 10.1 24.9 44.8 39.3 47.6 55.4 70.4 66.9 71.6 71.5 71.6 80.2 Dividends................................................... 5.8 2.0 4.4 8.8 24.3 24.7 25.1 26.0 27.8 26.9 27.3 28.1 29.0 29.5 Undistributed profits.............................. 2.8 -1.6 5.7 16.0 20.5 14.6 22.5 29.3 42.6 40.0 44.2 43.4 42.6 50.7 .5 -2.1 -2.5 -5.0 -5.1 -4.8 -4.9 -6.9 -17.3 -15.4 -21.1 -17.0 -15.5 -31.2 4.7 4.1 3.2 2.0 30.5 36.5 42.0 45.2 50.4 47.9 49.4 51.1 53.0 55.0 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

JUNE 1974 o NATIONAL PRODUCT AND INCOME A 57 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1973 1974 Item 1929 1933 1941 1950 1969 1970 1971 1972 1973 I II III IV I Gross national product........................................ 103.1 55.6 124.5 284.8 930.3 977.11,055.51,155.21,289.11,242.51,373.01,304.51,337.51,352.5 Less: Capital consumption allowances.......... 7.9 7.0 8.2 18.3 81.6 87.3 93.8 102.4 110.0 106.9 109.0 110.5 113.5 115.1 Indirect business tax and nontax lia­ bility ....................................................... 7.0 7.1 11.3 23.3 85.9 93.5 102.4 109.5 117.8 115.6 117.2 118.5 119.9 121.1 Business transfer payments................... .6 .7 .5 .8 3.8 4.0 4.3 4.6 4.9 4.8 4.9 5.0 5.1 5.2 Statistical discrepancy............................. .7 .6 .4 1.5 -6.1 -6.4 -3.4 -1.5 2.9 1.1 3.2 3.7 3.7 3.1 Plus: Subsidies less current surplus of gov- -.1 .1 .2 1.0 1.7 1.2 1.7 .4 .9 .4 .6 -.2 -2.9 86.8 40.3 104.2 241.1 766.0 800.5 859.4 941.81,053.91,015.01,038.31,067.41,095.11,104.8 Less: Corporate profits and inventory valu­ ation adjustment.................................. 10.5 -1.2 15.2 37.7 79.8 69.2 80.1 91.1 109.0 104.3 107.9 112.0 111.9 108.9 Contributions for social insurance----- .2 .3 2.8 6.9 54.2 57.7 64.6 73.7 92.1 89.3 90.9 93.0 95.0 99.9 Excess of wage accruals over disburse­ ments...................................................... .0 .6 — .5 -. 1 .0 — .3 .0 .0 .0 Plus: Government transfer payments............ .9 1.5 2.6 14.3 61.9 75.1 88.9 98.3 112.6 108.8 110.8 113.7 116.9 122.3 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 34.7 36.1 38.0 39.7 41.4 Dividends................................................... 5.8 2.0 4.4 8.8 24.3 24.7 25.1 26.0 27.8 26.9 27.3 28.1 29.0 29.5 Business transfer payments................... .6 .7 .5 .8 3.8 4.0 4.3 4.6 4.9 4.8 4.9 5.0 5.1 5.2 85.9 47.0 96.0 227.6 750.9 808.3 863.5 939.21,035.4 996.61,019.01,047.11,078.91,094.4 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 116.5| 116.6 117.5 142.2 152.9 145.1 149.3 156.0 161.1 163.0 Equals: Disposable personal income................. 83.3 45.5 92.7 206.9 634.4 691.7 746.0 797.0 882.5 851.5 869.7 891.1 917.8 931.4 Less: Personal outlays....................................... 79.1 46.5 81.7 193.9 596.2 635.5 685.8 747.2 827.8 801.5 818.7 840.1 850.8! 869.8 Personal consumption expenditures. 77.2 45.8 80.6 191.0( 579.5 617.6 667.2! 726.5 804.0 779.4 795.6 816.0 825.2 844.6 Consumer interest payments............. 1.5 .5 .9 2.4S 15.8 16.8 17.7 19.7 22.5 21.2 22.0 23.0 23.8| 24.4 Personal transfer payments to for­ eigners................................................. .3 .2 .2 .5 .9 1.0 1.0| 1.0 xJ.2 .9 1.0 1.1 1.8 .9 Equals: Personal saving...................................... 4.2 -.9 11.0 13.1 38.2 56.2 60.2 49.7 54.8 50.0 51.0 51.1 67.1 61.5 Disposable personal income in constant (1958) 1 dollars.................................................................. 150.6 112.2 190.3 249.6 513.6 534.8 554.91 577.9 608.0) 603.9j 604.8 609.5 613.2J 603.4 i 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 Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr.p Total personal income............................ 939.21,035.41,011.61,018.71,036.61,035.61,047.31,058.51,068.51,079.41,089.01,087.01,094.81,101.41,108.4 Wage and salary disbursements........... 627.8 691.5 677.6 682.0 688.2 693.2 698.9 706.0 711.2 717.8 722.6 721.8 726.5 730.2 734.5 Commodity-producing industries.. 226.0 251.9 245.9 248.3 251.7 253.4 254.8 257.8 259.5 262.5 264.1 261.0 263.0 263.7 264.8 Manufacturing only........................ 175.9 196.8 192.9 194.7 197.0 197.9 198.7 200.8 202.5 204.6 205.1 203.0 203.5 203.9 205.2 Distributive industries....................... 151.5 165.1 162.2 163.2 164.5 165.3 167.1 168.7 169.6 170.8 171.3 171.8 172.2 173.7 174.9 Service industries................................ 116.1 129.0 126.4 126.8 127.7 129.4 130.8 132.5 132.9 134.1 135.9 136.8 138.3 139.2 140.4 Government......................................... 134.2 145.4 143.1 143.7 144.4 145.1 146.2 147.0 149.2 150.4 151.3 152.2 152.9 153.7 154.4 Other labor income................................ 40.7 44.9 43.9 44.2 44.5 44.8 45.3 45.8 46.2 46.7 47.1 47.5 47.9 48.3 48.8 Proprietors* income................................ 74.2 84.2 81.0 81.5 81.9 83.7 85.1 86.4 88.4 90.3 91.0 88.2 88.4 88.5 85.1 Business and professional................. 54.0 57.5 56.8 57.1 57.3 57.8 58.0 58.1 58.5 58.7 58.6 58.6 59.3 59.9 59.9 Farm...................................................... 20.2 26.8 24.2 24.4 24.6 25.9 27.1 28.3 29.9 31.6 32.4 29.6 29.1 28.6 25.2 Rental income......................................... 24.1 25.1 24.3 24.6 24.9 25.0 25.3 25.5 25.6 25.7 25.7 25.8 25.8 25.8 25.0 Dividends................................................. 26.0 27.8 27.3 27.3 27.4 27.6 28.2 28.3 28.5 28.7 29.8 29.5 29.4 29.6 29.9 Personal interest income....................... 78.0 87.5 84.5 85.7 86.5 87.8 89.0 90.3 91.5 92.6 94.0 95.3 96.3 97.5 98.7 Transfer payments.................................. 103.0 117.5 115.3 115.9 116.0 116.9 119.0 120.2 121.1 121.9 123.0 125.9 127.6 128.9 133.9 Less: Personal contributions for social insurance.......................................... 34.7 43.1 42.4 42.5 42.8 43.4 43.6 43.9 44.0 44.3 44.3 47.0 47.2 47.4 47.5 Nonagricultural income.......................... 911.51,000.5 979.5 986.4 994.21,001.81,013.11,031.8 1,030.01,039 01,047.51,048.11,056.41,063.31,073.5 Agricultural income................................ 27.7 34.9 32.0 32.2 32.4 33.8 35.2 36.7 38.6 40.4 41.5 38.9 38.4| 38.1 34.9 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 58 FLOW OF FUNDS □ JUNE 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 Total funds raised by nonfinancial sectors.................. 94.6 91.4 97.5 146.7 166.1 187.0 134.7 158.7 145.2 187.3 198.0 175.4 1 2 Excluding equities..................................................... 95.9 88.0 92.6 135.0 156.1 181.3 123.8 146.1 134.7 177.8 192.3 169.6 2 3 U.S. Government............................................................ 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 Public debt securities.................................................. 10.3 -1.3 12.9 26.0 13.9 7.7 24.2 27.8 10.5 17.2 15.8 -.3 4 5 Budget agency issues.................................................. 3.1 -2.4 -.1 -.5 3.4 2.0 -1.6 .5 1.9 4.9 1.2 2.8 5 6 All other nonfinancial sectors........................................ 81.2 95.0 84.7 121.2 148.8 177.3 112.0 130.4 132.8 165.1 181.0 172.9 6 7 Corporate equities....................................................... -1.4 3.4 4.9 11.7 10.0 5.7 10.9 12.6 10.4 9.5 5.7 5.8 7 8 Debt instruments.................................................. 82.6 91.6 79.8 109.5 138.8 171.6 101.1 117.8 122.3 155.6 175.3 167.1 8 9 Debt capital instruments........................................... 50.6 50.6 57.7 83.2 92.4 94.7 79.5 86.9 87.3 97.6 91.7 97.7 9 10 State and local government securities................. 9.5 9.9 11.3 16.6 11.9 10.1 17.9 15.4 12.0 11.9 6.5 13.6 10 11 Corporate and foreign bonds.............................. 14.0 13.0 20.6 19.7 13.2 11.6 22.3 17.2 14.4 12.0 10.6 12.7 11 12 Mortgages................................................................ 27.1 27.7 25.7 46.8 67.3 73.0 39.3 54.3 60.9 73.7 74.6 71.4 12 13 15.1 15.7 12.8 26.0 39.7 42.6 20.6 31.5 35.6 43.7 43.5 41.8 13 14 Other residential................................................... 3.4 4.7 5.8 8.8 10.3 9.5 8.5 9.1 9.1 11.5 10.8 8.2 14 15 Commercial........................................................... 6.4 5.3 5.3 10.0 14.8 16.5 8.5 11.5 13.5 16.0 16.1 16.9 15 16 Farm...................................................................... 2.2 1.9 1.8 2.0 2.6 4.4 1.7 2.3 2.7 2.5 4.3 4.5 16 17 Other private credit.................................................... 32.0 41.0 22.1 26.3 46.4 76.9 21.7 30.9 35.0 58.0 83.6 69.5 17 18 13.1 15.3 6.4 9.3 21.8 41.7 5.1 13.5 14.5 29.3 54.2 29.2 18 19 10.0 10.4 6.0 11.2 19.2 22.9 8.9 13.6 15.8 22.5 24.7 20.4 19 20 Open-market paper................................................ 1.6 3.3 3.8 -.9 -1.6 2.5 -1.0 -.8 -.3 -2.8 -3.4 8.4 20 21 Other.......................................................................... 7.2 12.0 5.9 6.6 7.0 9.8 8.7 4.6 5.0 9.0 8.2 11.5 21 22 By borrowing sector.................................................... 81.2 95.0 84.7 121.2 148.8 177.3 112.0 130.4 132.8 165.1 181.0 172.9 22 23 Debt instruments................................................... 82.6 91.6 79.8 109.5 138.8 171.6 101.1 117.8 122.3 155.6 175.3 167.1 23 24 Foreign...................................................................... 2.9 2.9 3.0 5.7 3.8 7.1 5.3 6.1 3.4 4.3 11.1 3.1 24 25 State and local governments................................ 9.8 10.7 11.4 17.0 12.3 10.5 17.9 16.1 11.9 12.7 6.4 14.6 25 26 Households............................................................... 29.6 32.2 22.9 38.3 63.2 74.1 30.0 46.6 56.2 70.5 73.5 74.0 26 27 Nonfinancial business............................................ 40.2 45.9 42.5 48.5 59.5 79.9 47.9 49.0 50.9 68.2 84.4 75.4 27 28 2.8 3.2 3.2 4.1 4.9 8.6 4.0 4.2 4.4 5.3 7.5 9.8 28 29 Nonfarm noncorporate........................................ 5.6 7.4 5.3 8.7 10.4 11.4 9.3 8.1 9.5 11.6 12.0 10.8 29 30 Corporate.............................................................. 31.8 35.4 33.9 35.7 44.2 59.9 34.6 36.8 37.0 51.2 64.8 54.9 30 31 Corporate equities.................................................. -1.4 3.4 4.9 11.7 10.0 5.7 10.9 12.6 10.4 9.5 5.7 5.8 31 32 Foreign...................................................................... .2 .5 .1 * -.4 -.2 .4 -.3 -.2 —. 6 -.4 * 32 33 -1.5 2.9 4.8 11.7 10.4 5.9 10.5 12.9 10.7 10.1 6.1 5.7 33 Totals including equities 34 3.1 3.3 3.0 5.7 3.4 6.9 5.7 5.8 3.2 3.7 10.7 3.1 34 35 Nonfinancial business............................................ 38.7 48.8 47.3 60.2 69.9 85.8 58.4 61.9 61.6 78.3 90.5 81.2 35 36 Corporate............................................................. 30.3 38.3 38.8 47.4 54.6 65.8 45.1 49.7 47.7 61.3 70.9 60.6 36 37 Memo: U.S. Govt, cash balance........................... -1.1 .4 2.8 3.2 .5 -1.7 -.2 6.6 -3.0 4.0 3.6 -7.0 37 Totals net of changes in U.S. Govt, cash balances 38 Total funds raised........................................................... 95.7 91.0 94.7 143.5 165.6 188.7 134.9 152.1 148.1 183.3 194.3 182.3 38 39 By U.S. Government................................................ 14.5 -4.0 10.0 22.3 16.8 11.4 22.9 21.7 15.4 18.1 13.3 9.4 39 Private domestic net investment and borrowing in credit markets Total, households and business 1 Total capital outlays *. .. 207.6 226.7 224.2 252.5 291.1 328.3 246.3 258.7 279.9 302.3 323.8 332.9 1 2 Capital consumption 2......... 140.4 154.3 166.0 179.0 193.4 209.9 175.8 182.2 190.3 196.6 205.6 214.3 2 3 Net physical investment.... 67.2 72.4 58.2 73.5 97.7 118.4 70.5 76.6 89.7 105.7 118.2 118.6 3 4 Net funds raised............... 68.3 81.0 70.2 98.5 133.1 159.9 88.4 108.5 117.7 148.8 163.9 155.2 4 5 Excess net investment 3.. -1.1 -8.6 -12.0 -25.0 -35.4 -41.5 -17.9 -32.0 -28.0 -43.1 -45.7 -36.6 5 Total business 6 Total capital outlays. 97.9 108.9 108.0 116.6 133.3 151.3 115.8 117.3 127.4 139.3 145.6 157.0 6 7 Capital consumption.... 63.2 69.5 74.6 80.3 87.6 94.5 78.8 81.7 86.2 88.9 92.7 96.3 7 8 Net physical investment. 34.7 39.4 33.5 36.3 45.8 56. 37.0 35.5 41.2 50.4 52.9 60.7 8 9 Net debt funds raised... 40.2 45.9 42.5 48.5 59.5 79.9 47.9 49.0 50.9 68.2 84.4 75.4 9 10 Corporate equity issues.. -1.5 2.9 4.8 11.7 10.4 5.9 10.5 12.9 10.7 10.1 6.1 5.7 10 11 Excess net investment 3.. -4.0 -9.4 -13.8 -23.9 -24.1 -29.0 -21.4 -26.4 -20.4 -27.9 -37.5 -20.5 11 Corporate business 12 Total capital outlays. 75.0 83.7 84.0 86.7 100.7 114.8 86.5 87.0 96.0 105.4 109.8 120.0 12 13 Capital consumption___ 45.1 49.8 53.6 57.7 62.8 67.9 56.7 58.7 61.8 63 66.5 69.4 13 14 Net physical investment. 29.9 33.9 30.4 29.1 37. 46. 29.8 28.3 34.1 41.5 43.3 50.6 14 15 Net debt funds raised 31.8 35.4 33.9 35.7 44.2 59.9 34.6 36.8 37.0 51.2 64.8 54.9 15 16 Corporate equity issues.. -1.5 2.9 4 11.7 10.4 5.9 10.5 12.9 10.7 10.1 6.1 5.7 16 17 Excess net investment 3.. -.4 -4.4 -8.4 -18.3 -16. -18.9 -15.3 -21.4 -13.5 -19.8 -27.6 -10.0 17 Households 18 Total capital outlays. 109.7 117.8 116.2 135.9 157.8 177.1 130.4 141.4 152.6 163.0 178.2 175.9 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 61.6 33.5 41.0 48.5 55.3 65.3 58.0 20 21 Net funds raised.......................................................... 29.6 32.2 22.9 38.3 63.2 74.1 30.0 ; 46.6 56.2 70.5 73.5 74.0 21 22 Excess net investment 3............................................. 2.9 .8 1.8 -1.1 -11.3 -12.5 3.5 -5.6 -7.6 -15.2 -8.2 -16.1 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 TV A. 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-59, line 11. Corporate equity 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 Digitized for FRASSecEtioRn , Division of Research and Statistics, Board of Governors of the nonfinancial corporations plus bankers’ acceptances. Federal Reserve System, Washington, D.C., 20551. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ FLOW OF FUNDS A 59 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 92.6 135.0 156.1 181.3 123.8 146.1 134.7 177.8 192.3 169.6 1 By public agencies and foreign 2 Total net advances.......................................................... 12.2 15.8 28.0 41.3 16.9 34.8 38.6 44.0 19.7 14.1 42.9 26.7 2 3 U.S. Government securities...................................... 3.4 .9 15.7 33.4 7.3 11.0 32.9 34.0 12.7 2.0 21.2 .7 3 4 Residential mortgages................................................ 2.8 4.6 5.7 5.7 5.2 7.7 4.2 7.1 6.2 4.3 4.9 10.5 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 9.0 7.1 2.7 3.2 5.4 9.1 8.9 6 By agency— 7 U.S. Government........................................................ 4.9 2.9 2.8 3.2 2.3 3.0 4.3 2.2 1.5 3.1 1.0 5.1 7 8 Sponsored credit agencies.......................................... 3.2 9.0 9.9 2.8 6.0 20.3 -1.4 7.0 7.5 4.5 18.7 21.8 8 9 Monetary authorities.................................................. 3.7 4.2 5.0 8.8 .2 9.2 8.4 9.3 4.5 -4.1 11.8 6.7 9 10 Foreign.......................................................................... .3 -.3 10.3 26.4 8.4 2.3 27.3 25.5 6.2 10.6 11.5 -6.9 10 11 Agency borrowing not included in line 1................... 3.5 8.8 8.2 4.3 6.2 19.6 .9 7.7 7.4 5.0 17.6 21.6 11 Private domestic funds advanced 12 Total net advances.......................................................... 87.2 80.9 72.8 98.0 145.4 166.1 86.1 109.9 122.4 168.6 167.0 164.5 12 13 U.S. Government securities...................................... 13.3 4.6 5.4 -3.5 16.3 18.4 -9.2 2.1 7.1 25.3 13.5 23.4 13 14 State and local obligations........................................ 9.5 9.9 11.3 16.6 11.9 10.1 17.9 15.4 12.0 11.9 6.5 13.6 14 15 Corporate and foreign bonds................................... 13.8 12.5 20.0 19.5 13.2 11.6 22.1 16.8 14.2 12.1 10.3 12.9 15 16 Residential mortgages................................................ 15.5 15.7 12.8 29.1 44.6 44.3 24.8 33.4 38.4 50.8 49.2 39.4 16 17 Other mortgages and loans...................................... 35.9 42.2 24.6 33.7 59.5 88.9 25.0 42.3 48.3 71.0 95.2 81.8 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 74.9 111.4 150.2 161.4 112.2 110.6 130.5 170.1 184.8 138.0 19 20 Commercial banking.................................................. 38.7 18.2 35.1 50.6 69.7 89.6 53.2 48.0 57.2 82.4 101.3 77.8 20 21 Savings institutions..................................................... 15.6 14.5 16.9 41.5 48.7 35.2 45.4 37.5 48.4 48.9 49.8 20.6 21 22 Insurance and pension funds.................................... 14.0 12.3 17.3 14.1 16.0 21.4 12.5 15.7 14.1 17.8 19.6 23.2 22 23 Other finance............................................................... 7.0 9.9 5.7 5.3 15.8 15.2 1.2 9.4 10.6 21.0 14.1 16.4 23 24 Sources of funds............................................................... 75.3 54.9 74.9 111.4 150.2 161.4 112.2 110.6 130.5 170.1 184.8 138.0 24 25 Private domestic deposits.......................................... 45.9 2.6 63.2 90.8 97.8 87.9 107.7 73.9 97.9 97.9 103.1 72.7 25 26 Credit market borrowing.......................................... 8.5 19.1 -.4 9.2 20.2 30.3 2.6 15.9 16.4 24.0 34.4 26.2 26 27 Other sources............................................................... 21.0 33.3 12.1 11.3 32.2 43.2 1.9 20.8 16.2 48.2 47.3 39.1 27 28 Foreign funds........................................................... 2.6 9.3 -8.5 -3.2 5.1 6.3 -7.2 .8 5.5 4.7 5.3 7.4 28 29 -.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 15.7 7.7 11.5 8.4 14.1 13.8 17.5 30 31 Other, net................................................................. 7.2 13.5 4.5 2.7 15.1 22.2 2.2 3.2 5.9 24.3 29.6 14.8 31 Private domestic nonfinancial investors 32 Direct lending in credit markets.................................. 20.3 45.0 -2.4 -4.2 15.4 35.1 -23.5 15.2 8.3 22.5 16.6 52.7 32 33 U.S. Government securities...................................... 8.0 16.8 -8.3 -13.0 4.1 19.4 -22.4 -3.5 -3.3 11.5 13.4 25.3 33 34 State and local obligations........................................ -.2 8.7 -1.1 -.1 2.1 1.4 -2.7 2.6 .9 3.4 .6 2.1 34 35 Corporate and foreign bonds................................... 4.7 7.4 10.1 8.2 4.9 .8 8.6 7.7 4.5 5.2 1.3 .4 35 36 Commercial paper....................................................... 5.8 10.2 -4.4 -.6 3.7 10.0 -7.3 6.0 6.7 .8 -. 1 20.1 36 37 Other.............................................................................. 2.1 2.0 1.4 1.3 .6 3.5 .3 2.3 -.4 1.7 1.4 4.8 37 38 Deposits and currency.................................................... 48.3 5.4 66.6 94.2 102.2 91.8 110.6 77.9 103.3 101.3 109.2 74.5 38 39 Time and savings accounts........................................ 33.9 -2.3 56.1 81.2 85.7 79.9 92.6 69.8 88.8 82.6 98.8 60.9 39 40 Large negotiable CD’s.......................................... 3.5 -13.7 15.0 7.7 8.7 18.6 3.4 12.0 2.1 15.3 34.2 3.0 40 41 Other at commercial banks.................................. 17.5 3.4 24.2 32.9 31.0 32.9 44.0 21.9 38.9 23.2 26.8 39.0 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 37.8 18.9 42 43 Money............................................................................ 14.5 7.7 10.5 13.0 16.5 12.0 17.9 8.1 14.5 18.7 10.3 13.6 43 44 Demand deposits..................................................... 12.1 4.8 7.1 9.6 12.1 8.0 15.1 4.1 9.1 15.3 4.3 11.8 44 45 Currency................................................................... 2.4 2.8 3.5 3.4 4.4 3.9 2.8 3.9 5.5 3.4 6.0 1.8 45 46 Total of credit market instr., deposits, and currency. 68.7 50.5 64.2 90.0 117.7 126.9 87.1 93.0 111.7 123.8 125.7 127.2 46 47 Public support rate (in per cent).............................. 12.7 18.0 30.2 30.6 10.8 19.2 31.2 30.1 14.6 7.9 22.3 15.7 47 48 Private financial intermediation (in per cent)........ 86.4 67.9 102.8 113.7 103.3 97.2 130.3 100.7 106.6 100.9 110.7 83.9 48 49 Total foreign funds..................................................... 2.9 9.1 1.8 23.2 13.5 8.6 20.1 26.3 11.6 15.3 16.8 .5 49 Corporate equities not included above 1 Total net issues.. ................................... 5.1 9.5 9.5 14.7 12.0 5.7 13.0 16.3 12.4 11.5 5.4 6.0 2 Mutual fund shares............................. 5.8 4.8 2.6 1.2 -.6 -1.6 .3 2.1 -.8 -.4 -2.0 -1.1 3 Other equities...................................... -.7 4.7 6.9 13.5 12.6 7.3 12.7 14.2 13.3 12.0 7.4 7.1 4 Acquisitions by financial institutions. 10. 12.2 11.4 19.2 15.6 13.3 23.4 15.0 17.6 13.6 12.5 14.1 5 Other net purchases............................... -5. -2.7 -1.9 -4.6 -3.6 -7.6 -10.4 1.3 -5.1 -2.1 -7.0 -8.1 Notes 29. Demand deposits at commercial banks. Line 30. Excludes net investment of these reserves in corporate equities. 1. Line 2 of p. A-62. 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 affiliat cs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 60 U.S. BALANCE OF PAYMENTS □ JUNE 1974 1. U.S. BALANCE OF PAYMENTS SUMMARY (In millions of dollars. Figures are seasonally adjusted unless shown in italics.) 1972 1973 Line Credits (+), debits (—) 1971 1972 1973 IV I II III I yp 1 Merchandise trade balance 1........................................................... -2,698 -6,912 688 -1,745 -945 -337 612 1,358 2 Exports........................................................................................ 42,768 48,769 70,255 13,213 15,229 16,672 18,143 20,211 3 Imports........................................................................................ -45,466 -55,681 -69,567 -14,958 -16,174 -17,009 -17,531 -18,853 4 Military transactions, net................................................................. -2,918 -3,558 -2,171 -864 -825 -730 -541 -75 5 Travel and transportation, net....................................................... -2,288 -2,853 -2,312 -730 -608 -703 -476 -525 6 Investment income, net 1................................................................. 7,972 7,863 9,723 2,232 2,330 2,133 2,333 2,927 7 U.S. direct investments abroad.............................................. 9,456 10,433 13,974 2,991 3,177 3,248 3,479 4,070 8 Other U.S. investments abroad.............................................. 3,443 3,492 4,576 875 1,006 1,088 1,182 1,300 9 Foreign investments in the United States........................... -4,927 -6,062 -8,827 -1,634 -1,853 -2,203 -2,328 -2,443 10 Other services, net............................................................................. 739 851 972 237 232 238 221 280 11 Balance on goods and services 3.............................................................. 807 -4,610 6,900 / —870 184 601 2,149 3,965 \ 168 807 781 356 4,957 12 Remittances, pensions, and other transfers................................... -1,553 -1,570 -1,913 -429 -391 -389 -404 -724 13 Balance on goods, services, and remittances........................................ -745 -6,180 -4,987 /-1,299 -213 212 1,745 3,241 \ -263 436 384 -62 4,230 14 U.S. Government grants (excluding military)............................. -2,045 -2,174 -1,947 -452 -345 -652 -499 -450 15 Balance on current account....................................................................... -2,790 -8,353 3,041 /-l,751 -558 -440 1,246 2,791 \ -698 62 -301 -516 3,795 16 U.S. Government capital flows excluding nonscheduled repayments, net 4.......................................................................... -2,117 -1,714 -2,894 -627 -671 -583 -572 -1,069 17 Nonscheduled repayments of U.S. Government assets............ 225 137 289 26 111 174 4 * 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies................................................................. -467 238 1,136 15 224 484 205 223 19 Long-term private capital flows, net............................................. -4,401 -152 -357 781 8 -303 1,666 -1,731 20 U.S. direct investments abroad.............................................. -4,943 -3,404 -4,855 -771 -2,025 -946 -478 -1,407 21 Foreign direct investments in the United States................ -115 160 2,068 160 273 534 753 507 22 Foreign securities...................................................................... -966 -614 -791 -40 51 -126 -204 -512 23 U.S. securities other than Treasury issues........................... 2,269 4,335 4,093 1,768 1,745 496 1,187 664 24 Other, reported by U.S. banks.............................................. -862 -1,120 -596 -442 -110 -238 247 -495 25 Other, reported by U.S. nonbanking concerns................... 216 492 -276 106 74 -23 161 -488 26 Balance on current account and long-term capital 4........................... -9,550 -9,843 1,214 /-l, 556 -886 -668 2,549 214 \ 343 -850 -776 825 2,015 27 Nonliquid short-term private capital flows, net......................... -2,347 -1,637 -4,210 -982 -1,765 -1,426 46 -1,065 28 Claims reported by U.S. banks.............................................. -1,802 -1,495 -3,953 -859 -1,804 -1,413 217 -953 29 Claims reported by U.S. nonbanking concerns................. -530 -315 -735 -250 -11 -12 -470 -242 30 Liabilities reported by U.S. nonbanking concerns............ -15 173 478 127 50 -1 299 130 31 Allocations of Special Drawing Rights (SDR’s)........................ 717 710 177 32 Errors and omissions, net............................................................... -10,784 -3,112 -4,793 -1,490 -3,898 477 -1,097 -275 33 Net liquidity balance.................................................................................. -21,965 -13,882 -7,789 /—3,851 -6,549 -1,617 1,498 -1,126 \-3,197 -6,197 -2,033 602 -161 34 Liquid private capital flows, net..................................................... -7,788 3,542 2,503 2,367 -3,927 1,972 632 3,826 35 Liquid claims.............................................................................. -1,097 -1,234 -1,933 -131 -2,050 869 -323 -429 36 Reported by U.S. banks.................................................. -566 -742 -1,100 -77 -1,357 939 -303 -379 37 Reported by U.S. nonbanking concerns..................... -531 -492 -833 -54 -693 -70 -20 -50 38 Liquid liabilities......................................................................... -6,691 4,776 4,436 2,498 -1,877 1,103 955 4,255 39 To foreign commercial banks........................................ -6,908 3,862 2,863 1,995 -1,897 709 851 3,200 40 To international and regional organizations.............. 682 104 373 181 11 31 -50 381 41 To other foreigners........................................................... -465 810 1,200 322 9 363 154 674 42 Official reserve transactions balance financed by changes in:............ -29,753 -10,340 -5,286 /-1,484 -10,476 355 2,130 2,700 \-7,505 -9,995 769 940 3,000 43 Liquid liabilities to foreign official agencies................................ 27,615 9,720 4,434 1,645 9,097 -798 -1,676 -2,184 44 Other readily marketable liabilities to foreign official agen­ cies 5................................................................................................. -551 399 1,118 117 1,202 259 11 -354 45 Nonliquid liabilities to foreign official reserve agencies re­ ported by U.S. Govt..................................................................... 341 189 -475 -167 -43 167 -452 -147 46 U.S. official reserve assets, net....................................................... 2,348 32 209 -111 220 17 -13 -15 47 Gold............................................................................................. 866 547 48 SDR’s.......................................................................................... -249 -703 9 -177 9 49 Convertible currencies............................................................. 381 35 233 82 233 50 Gold tranche position in IMF............................................... 1,350 153 -33 -16 -13 8 -13 -15 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14).......................................................................... 3,153 4,200 2,558 949 716 833 521 487 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20)............................... 3,192 4,521 (6) (6) (6) (6) (6) (6) 53 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21)........................................ 498 548 (6) (6) (6) (6) (6) (6) Balances excluding allocations of SDR’s: 54 Net liquidity............................................................................... -22,682: -14,592; -7,789 -3,197 -6,197 -2,033 602 -161 55 Official reserve transactions.................................................... -30,470i -11,050i -5,286 -1,503’ -9,995 769 940 3,000 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ FOREIGN TRADE; U.S. RESERVE ASSETS A 61 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports 1 Imports 2 Trade balance 1971 1972 1973 1974 1971 1972 1973 1974 1971 1972 1973 1974 Month: Jan..., 3,601 4.074 4,955 7,111 3,599 4,436 5,244 6,467 2 -361 -289 644 Feb... 3,695 3,824 5,071 7,606 3,564 4,473 5,482 7,392 130 -649 -412 213 Mar... 3,790 3,869 5,309 7,674 3,628 4,515 5,411 7,845 160 -647 -102 -171 Apr... 3,631 3,820 5,492 8,234 3,774 4,417 5,356 8,141 -143 -596 136 93 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 Quarter: I 11,086 11,767 15,334 22,390 10,792 13,403 16,137 21,704 294 -1,657 -803 686 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 of the Census data. Details may not add to totals be­ 2 General imports including imports for immediate consumption plus cause of rounding. entries into bonded warehouses. 3. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r of Total To G ta o l2 ld st T o r c e k a 1 sury v c fo e C u c r r r i o e t r e i i e n b s g n ­ l n e ­ p R I o e M s s i i n e t F i r o v 3 n e SDR’s4 E m n o d n t o h f Total To G ta o l l 2 d st T o r c e k a 1 sury v c fo C u e 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 i r o v 3 n e SDR’s4 1960... 19,359 17,804 17,767 1,555 1973 1961... 18,753 16,947 16,889 i 1*6 1,690 May... 12,916 10,487 10,410 16 464 1,949 1962... 17,220 16,057 15,978 99 1,064 June. .. 12,914 10,487 10,410 8 470 1,949 1963... 16,843 15,596 15,513 212 1,035 July. . . 12,918 10,487 10,410 8 474 1,949 1964... 16,672 15,471 15,388 432 769 Aug---- 12,923 10,487 10,410 8 479 1,949 Sept---- 12,927 10,487 10,410 8 483 1,949 1965... 15,450 6 13,806 613,733 781 6 863 Oct.. . . 1014,367 1011,652 1011,567 8 10541 102,166 1966... 14,882 13,235 13,159 1,321 326 Nov.... 14,373 11,652 11,567 8 547 2,166 1967... 14,830 12,065 11,982 2,345 420 Dec.. . 14,378 11,652 11,567 8 552 2,166 1968... 15,710 10,892 10,367 3,528 1,290 1969... 716,964 11,859 10,367 72,781 2,324 1974 Jan... . 14,565 11,652 11,567 59 688 2,166 1970... 14,487 11,072 10,732 629 1,935 851 Feb.... 14,643 11,652 11,567 68 757 2,166 1971 . . . 812,167 10,206 10,132 8 276 585 1,100 Mar___ 14,588 11,652 11,567 9 761 2,166 19729.. 13,151 10,487 10,410 241 465 1,958 Apr.... 14,651 11,652 11,567 9 824 2,166 1973.... 14,378 11,652 11,567 8 552 2,166 May. .. 14,870 11,652 11,567 66 989 2,163 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 5. 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. 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 SDR’s. reserve position in IMF $54 million, and SDR’s $217 million. 5 For holdings of F.R. Banks only, see p. A-l2. 6 Reserve position includes, and gold stock excludes, $259 million gold Note.—See Table 20 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. NOTES TO TABLE 1 ON OPPOSITE PAGE: 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 2 Includes changes in long-term liabilities reported by banks in the imports of U.S. military agencies. United States and in investments by foreign official agencies in debt 2 Includes fees and royalties from U.S. direct investments abroad or securities of U.S. Federally sponsored agencies and U.S. corporations. from foreign direct investments in the United States. 6 Not available. 3 Equal to net exports of goods and services in national income and Note.—Data are from U.S. Department of Commerce, Bureau of Eco­ product accounts of the United States. nomic Analysis. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 U.S. GOLD TRANSACTIONS a JUNE 1974 4. 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 1974 Area and country 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 III IV Western Europe: Austria.................................. -82 -55 -100 -25 Belgium................................. -40 -83 -58 -110 France.................................... -5i8 -405 -884 -60i 600 325 -129 -473 Germany, Fed. Rep. of... -225 500 Ireland................................... -1 -2 -2 -2 -52 41 Italy........................................ 200 -80 -60 -85 -209 -76 Netherlands.......................... -60 -35 -19 -25 Spain...................................... -130 -32 -180 Switzerland........................... -81 -50 -30 -50 -25 —175 United Kingdom................. 329 618 150 -879 -835 Bank for Intl. Settlements. 200 Other...................................... -6 -35 -49 16 -47 H -29 -13 Total. -399 -1,299 -659 -980 -669 969 -204 -796 Canada ................................ 200 150 50 Latin American republics: Argentina ....................... -39 -1 -25 -25 Brazil................................. -3 -1 Colombia.......................... 7 Venezuela......................... Other.................................. -11 -9 -40 -29 -80 -5 Total. 32 56 17 -41 -65 -54 -131 -5 Asia: Iraq................. -10 -4 -21 -42 Japan............... -56 -119 Lebanon -11 -1 -35 Malaysia......... -10 Philippines... 25 20 -1 40 -4 -2 Saudi Arabia. Singapore 11 -30 Other............... -13 -6 -14 -14 -22 -9 2-91 39 -3 Total.................... 12 -24 -86 -44 -366 -213 -38 -3 All other......................... -36 -16 -22 3-166 3-68 -81 -6 Total foreign countries. -392 -36 -1,322 -608 -1,031 -1,118 957 -631 -845 -3 Intl. 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 3), 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 63 U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions of dollars) Liabilities to foreign countries Official institutions2 Liquid Liquid liabilities to Liquid liabili­ other foreigners liabili­ ties to Liquid ties to End IMF Nonmar­ Li quid non­ pe o ri f od Total a a c t f r r g t r i a i o s o o n i l m n n d s g s ­ i Total t p l S b i i t e o a h a e b s i r b n r o n y t m i k e r r l e t i d s ­ ­ ­ M n T b U o a o a a r b e t n n r . e S a k l d d e s s . e s 3 . t ­ N v k T b o e e U c o a r r n t o e t n n a . m i S n a b d d b s . ­ l a s l . e e r­ n v k T b o n e e U o a r n r o t e n a t n . c t S i a b d e d b o s . l s s l n . e e 4 ­ m r l O e i t a a a a i t b r e b d h k l s i i e e l e l 5 i r y ­ t­ a t m l o b b i a e a t r c i b o r n e o c i a k s l i m d i a s ­ l ­ < > Total t p l S b i i t o e a h a e b i s r b n r o n t y m i k e r r l e t i d s ­ ­ ­ n M T b o U a o a r a t b e e n n . r S a l s k d d e s . 3 e s . * t 7 ­ z o a m g a n r i t g t i o o a d i n a o r n n t y n r n i a e , e i l ­ s ­ ­ 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 14 4, , 4 4 5 2 9 5 1 1 2 2 , , 4 4 6 6 7 7 1 1 , , 1 2 8 1 3 7 7 70 0 3 3 6 6 3 3 9 9 5 5 , , 8 8 1 1 7 7 3 3 , , 3 3 9 8 7 7 3 3 , , 0 0 4 4 6 6 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 1964 9............ / \2 29 9 , , 3 3 1 6 3 4 8 8 0 0 0 0 1 1 5 5 , ,7 7 8 9 6 0 1 1 3 3 , , 2 22 2 4 0 1 1 , , 1 12 25 5 1 1, , 0 0 7 79 9 2 2 0 04 4 1 15 5 8 8 7 7 , , 2 3 7 0 1 3 3 3, , 7 7 5 3 3 0 3 3, , 3 3 7 5 7 4 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 196 5 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 472 1,431 1966 9............ / \3 3 1 1 , , 0 1 2 4 0 5 1 1 , , 0 0 1 1 1 1 1 1 4 4 , , 8 8 4 9 1 6 1 1 2 2 , , 4 53 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 3 32 2 8 8 9 9 1 1 3 3 1 9 0 , , 9 1 3 1 6 6 4 4 , , 2 2 7 7 1 2 3 3, , 7 7 4 4 3 4 5 52 28 8 9 9 0 0 6 5 1967 9............. / \3 3 5 5. , 8 6 1 6 9 7 1 1, , 0 03 3 3 3 1 1 8 8 , , 2 1 0 9 1 4 1 1 4 4 , ,0 03 2 4 7 9 9 0 08 8 7 71 1 1 1 7 7 4 4 1 1 1 1 , , 8 8 0 0 7 7 1 1 1 1 , , 2 0 0 8 9 5 4 4 , , 6 6 7 8 8 5 4 4 , , 1 1 2 27 0 5 5 5 5 8 8 6 6 9 7 1 7 1968 9............. \ f 3 3 8 8 , , 4 6 7 8 3 7 1 1, , 0 03 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 29 2 7 7 0 0 1 1 2 2 , , 5 5 1 1 8 8 2 2 , , 3 3 4 4 1 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 09 5 7 72 2 5 2 1969 9............. »o \ / 4 4 5 5 , , 9 7 1 5 4 5 1 1 , , 0 0 1 1 9 9 io 1 i5 5 , , 9 9 7 9 5 8 1 1 1 1 , , 0 0 5 7 4 7 3 3 4 4 6 6 10 5 55 5 5 5 10 2 2 , , 5 5 1 1 5 5 1 1 , , 5 50 05 5 2 2 3 3 , , 6 6 3 4 8 5 4 4 , ,5 4 8 6 9 4 4 3 , ,9 0 3 6 9 4 5 5 2 2 5 5 6 6 5 63 9 1970—Dec. 9. J 1 4 4 7 6 , , 0 9 0 6 9 0 5 5 6 6 6 6 2 2 3 3 , ,7 7 7 8 5 6 1 1 9 9 , , 3 33 3 3 3 2 3 9 06 5 4 4 2 2 9 9 3 3 , , 0 0 2 2 3 3 6 6 9 95 5 1 1 7 7 , , 1 1 6 3 9 7 4 4 , , 6 6 7 0 6 4 4 4 , , 0 0 2 3 9 9 6 5 4 6 7 5 8 8 4 4 6 4 f67,681 544 51,209 39,679 1,955 6,060 3,371 144 10,262 4,138 3,691 447 1,528 1971—Dec. ii 167,808 544 50,651 39,018 1,955 6,093 3,441 144 10,949 4,141 3,694 447 1,523 1972—Dec.r. 82,888 61,526 40,000 5,236 12,108 3,639 543 14,665 5,070 4,645 425 1,627 1973—Apr. *■. 1290,583 70,754 45,955 6,934 12,245 3,631 1,989 12,851 5,348 4,949 399 1,630 Mayr. 92,088 70,920 46,117 6,934 12,245 3,628 1,996 14,059 5,360 4,976 384 1,749 June r. 92,189 70,701 45,713 6,934 12,245 3,805 2,004 14,356 5,463 5,080 383 1,669 July r.. 93,218 71,028 46,138 6,934 12,245 3,705 2,006 15,310 5,362 4,988 374 1,518 Aug. r. 92.580 70,520 45,721 6,906 12,319 3,555 2,019 15,077 5,451 5,116 335 1,532 Sept.r. 92,073 69,777 45,174 6,914 12,319 3,355 2,015 15,026 5,651 5,304 347 1,619 Oct.r., 93,175 69,702 45,212 6,929 12,319 3,233 2,009 15,953 5,699 5,325 374 1,821 Nov.r, 92.581 67,400 43,791 6,207 12,319 3,234 1,849 17,255 5,916 5,506 410 2,010 Dec.r. 92,608 66,810 43,919 5,701 12,319 3,210 1,661 17,643 6,152 5,722 430 2,003 1974—Jan.r.. 90,114 63,891 41,576 5,229 12,321 3,210 1,555 18,014 6,285 5,836 449 1,924 Feb... 92,022 64,097 41,989 5,192 12,322 3,210 1,384 19,677 6,455 6,045 410 1,793 Mar.P 95,670 65,534 43,419 5,192 12,329 3,210 1,384 21,997 6,729 6,329 400 1,410 Apr.v. 97,520 67,163 45,184 5,020 12,330 3,210 1,419 22,067 6,996 6,576 420 1,294 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 $147 million increase in dollar value of foreign currency breakdown of transactions by type of holder estimated 1962-63. liabilities to official institutions of foreign countries revalued to reflect 4 Excludes notes issued to foreign official nonreserve agencies. market exchange rates as follows: short-term liabilities, $15 million; non­ 5 Includes long-term liabilities reported by banks in the United States marketable convertible U.S. Treasury bonds and notes, $113 million; and and debt securities of U.S. Federally-sponsored agencies and U.S. cor­ nonmarketable nonconvertible U.S. Treasury bonds and notes, $19 million. porations. 6 Includes short-term liabilities payable in dollars to commercial banks Note.—Based on Treasury Dept, data and on data reported to the abroad and short-term liabilities payable in foreign currencies to commer­ Treasury Dept, by banks and brokers in the United States. Data correspond cial banks abroad and to “other foreigners.” generally to statistics following in this section, except for the exclusion 7 Includes marketable U.S. Treasury bonds and notes held by commer­ of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign cial banks abroad. official nonreserve agencies, the inclusion of investments by foreign 8 Principally the International Bank for Reconstruction and Develop­ official reserve agencies in debt securities of U.S. Federally-sponsored ment and the Inter-American and Asian Development Banks. agencies and U.S. corporations, and minor rounding differences. Table 9 Data on the two lines shown for this date differ because of changes excludes IMF “holdings of dollars,” and holdings of U.S. Treasury letters in reporting coverage. Figures on first line are comparable with those of credit and non-negotiable, non-interest-bearing special U.S. notes held shown for the preceding date; figures on second line are comparable with by other international and regional organizations. those shown for the following date. !0 Includes $101 million increase in dollar value of foreign currency 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

A 64 INTL. CAPITAL TRANSACTIONS OF THE U.S. o JUNE 1974 6. 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 t r i i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 1967... 18,194 10,321 1,310 1,582 4,428 250 303 1968 3. /17,407 8,070 1,867 1,865 5,043 259 303 \17,340 8,062 1,866 1,865 4,997 248 302 1969 3. 4 15,975 4 7,074 1,624 1,888 4,552 546 291 14 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 \23,775 13,615 2,951 1,681 4,708 407 413 1971 5. /51,209 30,010 3,980 1,414 14,519 415 871 \50,651 30,134 3,980 1,429 13,823 415 870 1972' 61,526 34,197 4,279 1,733 17,577 777 2,963 1973--Apr.r.. 6 70,754 6 45,608 4,157 1,917 15,420 839 2,813 May r.. 70,920 46,646 4,104 1,904 14,429 940 2,897 June r.. 70,701 46,967 4,111 1,999 13,734 992 2,898 July r. . 71,028 47,140 4,043 2,075 13,692 928 3,150 Aug.r., 70,520 47,260 3,836 2,015 13,637 738 3,034 Sept.r. 69,777 47,099 3,759 1,861 13,289 769 3,000 Oct.r.. 69,702 47,514 3,851 1,938 12,601 735 3,063 Nov.r. 67,400 46,002 3,820 2,233 11,474 785 3,086 Dec.r. 66,810 45,717 3,853 2,544 10,884 788 3,024 1974—Jan.. . . 63,891 43,290 3,945 2,446 10,479 838 2,893 Feb.... 64,097 42,389 4,262 2,743 10,878 1,000 2,825 Mar.*. 65,534 42,780 4,195 2,886 11,631 1,249 2,793 Apr.*.. 67,163 42,648 4,309 3,522 12,360 1,402 2,922 1 Includes Bank for International Settlements and European Fund. 6 Includes $147 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. 3 See note 9 to Table 5. Note.—Data represent short- and long-term liabilities to the official 4 Includes $101 million increase in dollar value of foreign currency institutions of foreign Countries, as reported by banks in the United States; liabilities resulting from revaluation of the German mark in Oct. 1969. foreign official holdings of marketable and nonmarketable U.S. Treasury 5 Data on second line differ from those on the first line because certain securities with an original maturity of more than 1 year, except for non­ accounts previously classified as “Official institutions” are included in marketable notes issued to foreign official nonreserve agencies; and in­ “Banks”; a number of reporting banks are included in the series for vestments by foreign official reserve agencies in debt securities of U.S. the first time; and U.S. Treasury liabilities payable in foreign currencies Federally-sponsored agencies and U.S. corporations. to official institutions of foreign countries have been increased in value by $110 million to reflect market exchange rates as of Dec. 31, 1971. 7. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations 6 Payable in dollars IMF Deposits End of period Total i Total Deposits b T i r l U l e s a .S s a u n r d y s O t h e t o r h m r e t r ­ P f r o a e c y n r i u e n a c i r i b g ­ e l n s e in m g v o e e s l n d t t ­ 5 Total Demand Time2 b T i c r l c e U l e s a r a . t t S s i e a f u . s i n r ­ d y s l O t i h e a t r o h b m r e . t 4 r ­ Demand Time 2 c c e a r t t e if s i ­ 3 liab.4 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 41,761 41,393 15,795 5,961 14.123 5,514 368 400 820 69 159 211 381 55.404 55,018 10.399 5,209 33.025 6,385 386 400 1,372 73 192 210 896 1971 8............ t55,428 55,036 6,459 4,217 33.025 11,335 392 400 1,367 73 192 210 892 1972 r............. 60,724 60,228 8,288 5,631 31,850 14,458 496 1,413 86 202 326 800 1973—Apr.r. 65,183 64,599 8,119 5,655 36,440 14,384 584 1,429 119 112 221 976 May r. 66,732 66,160 8,365 5,715 35,965 16,115 572 1,579 141 119 148 1,172 Juner. 66,718 66,074 9.114 5,830 34,931 16,199 644 1,569 155 134 169 1,110 Julyr. 67,925 67,317 8,989 5,879 34,556 17,894 607 1,488 206 116 116 1,049 Aug.r 67,400 66,790 8,436 6,137 34,257 17,960 611 1,487 178 118 61 1,129 Sept.r 67,057 66,396 8,754 6,130 33,702 17,810 660 1,552 80 100 62 1,311 Oct.r. 68,258 67,681 9,108 6,772 32,869 18,932 577 1,768 70 93 173 1,431 Nov.r 68,514 67,892 9,849 6,884 31,977 19,182 622 1,962 73 97 373 1,420 Dec.r, 69,239 68,642 11.399 6,995 31,886 18,363 597 1,955 101 86 296 1,471 1974—Jan... 67,281 66,641 10,822 7,030 29,543 12,246 640 1,855 95 94 286 1,380 Feb... 69.404 68,635 11,473 7,066 30,274 19,822 770 1,693 77 67 232 1,317 Mar.* 72,888 72,122 11,646 7,156 31,483 21,837 766 1,142 96 70 227 749 Apr.*, 74,936 74,230 11,973 7,504 32,676 22,076 706 1,109 60 60 209 780 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 65 7. 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 institutions i o Payable in dollars Payable in dollars Payable End of period Total Dema D n e d posi T ts ime2 T b c i r c l e 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 . ­ 4 r c P u f a r o r y r e i a e n n b i c g l i e n es 1969......................... 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 202 J40,499 15,716 5,765 13,511 5,138 368 19,333 1,652 2*554 13,367 1,612 148 \40,541 15,726 5,802 13,511 5,133 368 19,333 1,652 2,554 13,367 1,612 148 J53,632 10,326 5,017 32,415 5,489 386 39,679 1,620 2,504 32,311 3,086 158 19718........................ 153,661 6,386 4,025 32,415 10,443 392 39,018 1,327 2,039 32,311 3,177 165 1972—Dec.r........... 59,310 8,203 5,429 31,523 13,659 496 40,000 1,591 2,880 31,453 3,905 171 1973—Apr.r........... 63,755 8,000 5,543 36,219 13,408 584 45,955 1,715 2,920 36,137 4,996 9 187 May r........... 65,152 8,224 5,597 35,817 14,943 572 46,117 1,720 2,949 35,736 5,525 187 June r........... 65,149 8,959 5,696 34,762 15,089 644 45,713 1,941 3,124 34,684 5,777 187 July r............ 66,436 8,782 5,762 34,440 16,845 607 46,138 1,935 3,192 34,360 6,461 189 Aug.r........... 65,914 8,258 6,019 34,196 16,831 611 45,721 1,576 3,355 34,118 6,545 127 Sept.r........... 65,504 8,674 6,030 33,640 16,499 660 45,174 1,633 3,226 33,554 6,634 127 Oct.r............ 66,490 9,038 6,678 32,696 17,501 577 45,212 1,811 3,846 32,613 6,814 127 Nov.r........... 66,552 9,776 6,787 31,604 17,763 622 43,791 2,035 3,802 31,529 6,298 127 Dec.r........... 67,284 11,297 6,909 31,590 16,892 597 43,919 2,125 3,911 31,511 6,245 127 1974—Jan................ 65,426 10,728 6,936 29,257 17,865 640 41,576 2,379 3,705 29,152 6,212 127 Feb............... 67,711 11,396 6,999 30,042 18,505 770 41,989 2,407 3,703 29,917 5,834 127 Mar.p........... 71,745 11,550 7,086 31,255 21,089 766 43,419 2,631 3,799 31,064 5,798 127 Apr.P........... 73,827 11,913 7,444 32,467 21,296 706 42,184 2,920 3,949 32,312 5,877 127 To banksii To other foreigners To banks Payable in dollars and other foreigners: 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 ti e f 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 /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 , o fl 3,953 10,034 7,047 850 8 2,130 3,691 1,660 1,663 96 274 228 \14,643 10,721 3,399 320 8 6,995 3,694 1,660 1,666 96 271 228 1972—Dec.r.......... 19,310 14,340 4,658 405 5 9,272 4,645 1,954 2,145 65 481 325 1973—Apr.r........... 17,800 12,453 4,334 312 7 7,801 4,949 1,951 2,312 75 611 398 May r........... 19,035 13,674 4,645 319 8 8,702 4,977 1,859 2,329 73 716 385 June r........... 19,437 13,899 5,053 258 8 8,579 5,081 1,965 2,314 70 732 457 July r............ 20,299 14,892 4,957 321 8 9,607 4,989 1,890 2,250 72 776 418 Aug.r........... 20,192 14,594 4,806 353 10 9,425 5,115 1,876 2,311 68 861 483 Sept.r........... 20,330 14,493 5,070 430 8 8,984 5,305 1,972 2,374 77 881 533 Oct.r........... 21,278 15,504 5,250 473 7 9,774 5,325 1,977 2,359 76 912 449 Nov.r.......... 22,762 16,761 5,734 469 8 10,550 5,506 2,007 2,517 67 915 495 Dec............... 23,364 17,174 6,941 512 11 9,710 5,721 2,232 2,486 68 936 469 1974—Jan................ 23,850 17,501 6,329 511 14 10,648 5,835 2,020 2,719 91 1,005 513 Feb............... 25,722 19,035 6,857 521 32 11,625 6,044 2,131 2,775 93 1,045 642 Mar.*........... 28,326 21,359 6,572 507 54 14,225 6,329 2,347 2,779 137 1,065 639 Apr.P........... 28,641 21,487 6,601 678 63 14,145 6,576 2,392 2,817 92 1,274 579 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 9. 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

A 66 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1974 8. 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 Julyr Aug.r Sept.r Oct.r Nov-r Dec. Jan. Feb. Mar.* Apr.* Europe: Austria.............................. 272 305 302 292 204 166 161 210 279 327 248 Belgium-Luxembourg... 1,094 1.457 1,381 1,378 1,411 1,463 1.483 1,593 1,662 1,573 1,795 Denmark.......................... 284 477 436 409 470 527 659 527 456 380 358 Finland............................. 163 165 153 145 135 136 165 178 160 169 140 France.............................. 4,441 5,452 5,246 5,296 4,143 3,415 3.483 3,241 2,967 2,852 2,767 Germany.......................... 5,346 12,837 12,912 13,236 14,180 14,227 13,227 12,307 12,357 12,275 13,028 Greece.............................. 238 240 236 215 280 236 389 262 238 343 288 Italy.................................. 1,338 870 1,510 1,140 1,095 1,224 1,404 1,195 1,119 2,253 1,386 Netherlands..................... 1,468 2,029 1,945 2,022 2,534 2,866 2,886 2,522 2,502 2,547 2,507 Norway............................ 978 1,082 1,055 1,024 999 980 965 961 962 993 923 Portugal........................... 416 477 472 459 467 470 534 482 486 450 450 Spain................................. 256 282 237 259 284 319 305 264 304 267 289 Sweden.............................. 1,184 1,951 1,871 1,835 1,787 1,807 1,885 1,975 1,973 1,733 1,475 Switzerland...................... 2,857 3,310 3,226 3,309 3,316 3,091 3,377 3,281 3,513 3,792 4,228 Turkey.............................. 97 102 115 72 83 75 98 221 146 96 92 United Kingdom........... 5,011 6.457 5,943 5,593 6,416 6,473 6,148 6,440 6,186 7,390 7,697 Yugoslavia....................... 117 66 57 58 61 76 86 77 94 78 82 Other Western Europe1 1,483 2,965 3,015 3,099 3,426 2,926 3,352 3,125 3,007 2,946 3,003 U.S.S.R............................. 11 18 17 16 40 20 22 26 20 29 52 Other Eastern Europe.. 81 81 90 114 96 101 110 92 96 122 95 Total. 27,136 40,622 40,217 39,971 41,426 40,598 40,742 38,982 38,525 40,615 40,901 Canada....................................................... 3,467 3,393 3,787 3,721 3,812 3,967 3,862 4,158 4,432 3,840 4,553 Latin America: Argentina........................................ 631 750 800 781 766 914 847 895 1,001 1,078 Bahamas 2...................................... 540 796 564 592 456 806 824 593 1,011 2,019 1,316 Brazil............................................... 605 920 732 700 745 816 860 819 961 837 773 Chile...................................................... 137 134 126 127 137 142 157 178 174 185 224 Colombia.............................................. 210 200 168 167 207 221 247 219 238 238 227 Cuba................................................ 6 7 7 7 7 6 7 7 8 7 6 Mexico.................................................. 831 919 975 1,044 1,029 1,132 1,284 1,323 1,343 1,322 1,374 Panama............................................ 167 194 217 204 231 282 279 281 326 401 408 Peru................................................. 225 190 177 178 152 124 135 144 154 159 160 Uruguay.......................................... 140 128 126 114 115 112 120 120 115 121 121 Venezuela.......................................... 1,078 1,067 1,079 941 1,130 1,420 1,468 1,460 1,636 1,737 2,297 Other Latin American republics... 860 744 791 791 742 769 880 947 1,026 1,115 1,149 Netherlands Antilles and Surinam. 86 78 61 65 70 63 71 69 61 69 63 Other Latin America....................... 44 408 403 463 532 556 361 470 792 638 560 Total. 5,560 6,534 6,226 6,283 6,334 7,215 ! 7,6 7,477 8,741 9,850 9,755 Asia: China, People’s Rep. of (China Mainland 39 38 43 40 37 40 38 38 39 38 39 China, Republic of (Taiwan)................... 675 790 810 802 779 764 757 735 715 641 571 Hong Kong.................................................. 318 289 356 349 363 383 372 389 416 452 453 India............................................................... 98 141 103 99 105 71 85 152 183 133 175 Indonesia...................................................... 108 176 140 254 169 160 133 186 175 240 305 Israel............................................................... 177 159 146 173 279 330 327 337 311 302 275 Japan............................................................. 15,843 8,126 8,003 7,680 7,061 6,726 6,954 6,417 7,440 8,305 8,690 Korea............................................................. 192 219 217 213 198 210 195 222 204 180 253 Philippines.................................................... 438 545 541 482 479 497 515 570 604 595 642 Thailand........................................................ 171 146 140 143 163 180 247 336 471 607 536 Other............................................................. 1,071 958 1,139 1,165 1,139 1,138 1,202 1,306 1,196 1,445 1,941 Total. 19,131 11,588 11,640 11,401 10,771 10,500 10,826 10,690 11,752 12,938 13,878 Africa: Egypt.............. 24 29 41 34 34 63 35 72 72 52 68 Morocco........ 12 15 10 11 10 14 11 11 12 17 15 South Africa. 115 169 100 132 103 109 114 97 119 148 83 Zaire............... 21 21 27 19 26 24 87 42 30 42 43 Other.............. 768 803 683 765 747 824 837 1,044 1,335 1,500 Total. 939 1,037 862 961 919 1,034 1,056 1,059 1,277 1,593 1,709 Other countries: Australia......... 3,027 3,202 3,124 3,106 3,169 3,183 3,131 2,986 2,917 2,849 2,979 All other.......... 51 61 57 62 59 55 59 74 66 60 52 Total..................... 3,077 3,263 3,181 3,168 3,228 3,238 3,190 3,059 2,984 2,909 3,031 Total foreign countries. 59,310 66,436 65,914 65,504 66,490 66,552 67,284 65,426 67,711 71,745 73,827 International and regional: International3..................... 951 1,099 1,125 1,183 1,403 1,610 1,628 1,537 1,404 863 840 Latin American regional., 307 309 289 298 299 290 271 256 228 218 217 Other regional4.................. 156 81 72 70 66 62 57 64 61 62 51 Total............. 1,413 1,488 1,487 1,552 1,768 1,962 | 1,955 1,855 1,693 1,142 1,109 Grand total. 60,724 67,925 67,400 67,057 68,258 68,514 ' 69,239 67,281 69,404 72,888 74,936 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 67 8. 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. Dec.r Other Western Europe: Other Asia—Cont.: Cyprus.......................................... 2 2 3 9 Kuwait................................... 20 16 39 36 28 Iceland.......................................... 11 9 9 12 Laos........................................ 3 3 2 3 3 Ireland, Rep. of.......................... 16 15 17 22 62 Lebanon................................. 46 60 55 55 62 Malaysia................................ 23 25 54 59 58 Other Latin American republics: Pakistan................................. 33 58 59 93 105 Bolivia.......................................... 55 53 87 65 68 Ryukyu Islands (incl. Okinawa)6 29 53 Costa Rica................................... 62 70 92 75 86 Saudi Arabia........................ 79 80 344 236 334 Dominican Republic................. 123 91 114 104 118 Singapore.............................. 35 45 77 53 141 Ecuador........................................ 57 62 121 109 92 Sri Lanka (Ceylon)............. 4 6 5 6 13 El Salvador.................................. 78 83 76 86 90 Syria....................................... 4 6 4 39 5 Guatemala................................... 117 123 132 127 156 Vietnam................................. 159 185 135 98 88 Haiti.............................................. 18 23 27 25 21 Honduras..................................... 42 50 58 64 56 Jamaica........................................ 19 32 41 32 39 Other Africa: Nicaragua.................................... 50 66 61 79 99 Algeria................................... 23 31 32 51 111 Paraguay..................................... 17 17 22 26 29 Ethiopia (incl. Eritrea).... 11 29 57 75 79 Trinidad & Tobago................... 10 15 20 17 17 Ghana.................................... 8 11 10 28 20 Kenya.................................... 9 14 23 19 23 Other Latin America: Liberia.................................. 23 25 30 31 42 Bermuda...................................... (2) (2) (2) 127 244 Libya...................................... 274 296 393 312 (7) British West Indies................... 32 23 36 100 109 Nigeria................................... 46 56 85 140 78 Southern Rhodesia............. 2 2 2 1 2 Other Asia: Sudan..................................... 1 5 3 3 3 Afghanistan................................ 19 17 25 19 22 Tanzania................................ 6 6 11 16 12 Bahrain........................................ 21 18 24 23 24 Tunisia................................... 9 7 10 11 7 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 93 114 124 Iraq.............................................. 10 9 10 26 (7) All other: Jordan.......................................... 2 2 4 4 6 New Zealand........................ 23 27 30 34 39 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. 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—Apr...................... 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 July..................... 1,525 768 757 311 305 141 164 68 265 145 2 93 19 Aug..................... 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..................... 1,487 761 726 310 296 121 165 66 245 151 5 78 18 1974—Jan...................... 1,497 ' 801 696 310 275 111 165 65 236 139 2 78 11 Feb...................... 1,500 888 612 259 267 86 165 58 231 109 2 35 13 Mar.p................. 1,576 969 607 259 261 87 165 45 232 111 2 39 13 Apr.p................. 1,682 1,027 655 294 272 89 165 56 231 133 2 50 18 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

A 68 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1974 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End of period; in millions of dollars) 1973 1974 Apr. May June July Aug. Sept. Oct. Nov. Dec.r Jan.r Feb. Mar.*5 Apr.p Europe: Belgium-Luxembourg........................ 6 6 6 6 6 7 7 7 7 7 7 7 7 Sweden................................................. 135 135 135 135 135 165 165 165 235 235 260 260 260 44 43 43 42 37 37 37 38 34 33 32 34 33 United Kingdom................................ 300 281 280 275 236 247 290 400 423 437 450 439 460 Other Western Europe..................... 79 85 85 85 85 85 85 85 86 91 91 90 89 Eastern Europe.................................. 5 5 5 5 5 5 5 5 5 5 5 5 5 Total............................................ 569 555 554 547 504 546 588 700 789 808 845 835 854 561 560 560 560 560 560 560 567 582 597 832 847 848 Latin America: Latin American republics................. 1 1 1 4 8 9 9 11 11 11 11 11 11 Other Latin America........................ 6 6 6 3 3 3 3 3 3 3 3 3 3 7 7 7 7 11 12 12 14 14 14 14 14 14 Asia: Japan.................................................... 5,978 5,978 5,977 5,977 5,949 5,950 5,950 5,143 4,552 4,066 3,718 3,703 3,531 Other Asia.......................................... 10 10 10 9 9 11 11 11 11 11 11 11 11 Total............................................ 5,988 5,988 5,988 5,987 5,959 5,961 5,961 5,154 4,563 4,077 3,729 3,714 3,542 183 183 183 183 183 158 158 158 158 158 157 157 157 25 25 25 25 25 25 25 25 25 25 25 25 25 7,333 7,318 7,317 7,308 7,241 7,261 7,303 6,617 6,131 5,678 5,602 5,592 5,440 International and regional: International................................... 176 142 72 1 1 21 6 1 1 20 51 217 141 Latin American regional............. 27 27 27 28 45 45 47 47 48 49 49 49 44 Total............................................ 202 169 100 29 46 66 53 48 49 69 100 267 185 Grand total................................ 7,535 7,487 7,417 7,337 7,287 7,327 7,356 6,665 6,179 5,747 5,702 5,859 5,625 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 14). 11. 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 L t i i c o t i u a a ­ l ns t B o a — nks1 Others C s t o t 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 e c 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 v o r r i d t m e t , i i e f g l s i . s e ­ n , ­ Other tions ing eigners nance paper 1970................................. 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 166 1 Q*71 2 /13,170 12,328 4,503 223 2,613 1,667 2,475 4,243 1,107 842 549 119 174 \13,272 12,377 3,969 231 2,080 1,658 2,475 4,254 1,679 895 548 173 174 1Q79 3 r /15,471 14,625 5,674 163 2,975 2,535 3,269 3,204 2,478 846 441 223 182 \15,676 14,830 5,671 163 2,970 2,538 3,276 3,226 2,657 846 441 223 182 1973—Apr.'................. 18,367 17,548 6,826 146 3,928 2,753 3,815 3,483 3,424 819 460 207 152 May r................. 18,550 17,696 6,933 163 3,813 2,956 3,824 3,623 3,317 854 499 237 118 June r................. 18,825 17,987 7,318 205 4,070 3,043 3,881 3,984 2,804 839 552 140 147 Julyr................... 19,012 18,149 7,024 162 3,926 2,936 3,871 3,922 3,332 863 561 151 151 Aug.r................. 18,978 18,091 6,973 176 4,029 2,768 3,948 3,716 3,454 887 488 151 248 Sept.r................. 18,725 17,948 6,809 160 3,918 2,731 4,070 3,718 3,351 777 459 143 175 Oct.r................... 19,298 18,438 6,983 216 3,989 2,778 4,099 3,774 3,582 861 510 187 163 Nov.r................. 19,588 18,797 7,070 252 4,084 2,733 4,287 3,788 3,652 790 512 131 148 Dec.r.................. 20,719 20,057 7,718 271 4,589 2,859 4,306 4,155 3,877 662 428 119 115 1974—Jan....................... 21,081 20,279 7,413 303 4,429 2,680 4,386 4,107 4,373 802 467 162 173 Feb...................... 22,968 22,124 7,949 303 4,992 2,654 4,426 4,554 5,195 844 594 121 129 Mar.?................. 25,664 24,817 9,082 421 5,808 2,853 4,641 5,125 5,969 846 543 160 144 Apr.P.................. 26,559 25,702 9,587 361 6,157 3,069 4,805 5,810 5,501 857 589 99 169 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 69 12. 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 Julyr Aug.r Sept.1 Oct.r Nov.r Dec.r Jan. Feb. Mar.* Apr.* Europe: Austria....................................................... 10 18 14 15 14 11 14 36 20 40 Belgium-Luxembourg............................ 120 96 107 190 150 145 148 134 143 216 183 Denmark................................................... 59 56 67 52 50 53 48 50 60 76 57 Finland...................................................... 118 134 125 114 97 89 108 106 93 97 115 France........................................................ 330 434 368 413 461 525 621 649 682 743 721 Germany................................................... 321 349 281 313 366 392 311 342 382 395 355 Greece........................................................ 29 28 20 16 26 23 35 41 36 37 47 Italy............................................................ 255 278 278 242 282 363 316 313 330 495 504 Netherlands.............................................. 108 101 155 144 132 172 133 139 147 174 174 Norway..................................................... 69 79 70 67 74 82 72 85 91 76 86 Portugal..................................................... 19 18 14 18 23 22 23 25 25 37 29 Spain........................................................... 207 272 251 183 183 189 222 208 180 284 318 Sweden....................................................... 164 224 184 166 155 177 153 135 106 121 132 Switzerland............................................... 125 208 206 234 242 203 176 240 338 260 327 Turkey........................................................ 6 7 6 6 8 16 10 11 9 16 18 United Kingdom.................................... 997 1,077 1,357 1,304 1,236 1,210 1,456 1.490 1,621 2,009 1,626 Yugoslavia................................................. 22 12 10 10 8 19 10 9 15 12 13 Other Western Europe........................... 20 20 21 26 34 26 27 19 20 22 28 U.S.S.R...................................................... 41 56 42 46 49 51 46 29 36 33 30 Other Eastern Europe............................ 49 84 83 97 87 72 59 64 65 80 65 Total................................................... 3,067 3,542 3,664 3,654 3,678 3,843 3,985 4,104 4,416 | 5,203 4,865 Canada........................................................... 1,914 2,168 2,186 1,909 2,210 1,979 1,960 1,880 2,037 , 2,243 2,190 Latin America: Argentina................................................... 379 431 442 455 469 485 498 521 539 679 686 Bahamas 1................................................. 519 522 488 623 702 612 873 577 1,041 1,284 1,148 Brazil.......................................................... 649 965 915 879 837 826 900 953 958 1,112 1,180 Chile........................................................... 52 36 50 40 80 125 151 136 155 180 193 Colombia................................................... 418 420 422 423 423 413 397 425 428 459 467 Cuba........................................................... 13 13 13 13 15 13 12 11 11 13 13 Mexico....................................................... 1,202 1,386 1,348 1,309 1,368 1,337 1,370 1,344 1.418 1,423 1.627 Panama.................................................... 244 223 262 252 273 263 266 294 297 345 390 Peru............................................................ 145 180 176 178 208 204 178 186 184 194 224 Uruguay.................................................... 40 34 35 39 45 47 55 58 51 44 38 Venezuela.................................................. 383 454 441 430 436 469 517 482 510 586 627 Other Latin American republics.......... 388 373 394 409 431 465 490 542 546 600 617 Netherlands Antilles and Surinam.... 14 48 38 31 23 17 13 17 19 29 20 Other Latin America............................. 36 71 91 91 137 124 140 356 461 268 260 Total................................................... 4,480 5,157 5,115 5,171 5,448 5,401 5,861 5,904 6,619 ! 7,216 7,488 Asia: China, People’s Rep. of (China Mainland) 1 7 6 7 22 36 31 24 19 27 19 China, Republic of (Taiwan)............... 194 198 183 141 128 117 140 119 147 183 231 Hong Kong.............................................. 93 220 116 130 121 124 147 169 189 172 179 India.......................................................... 14 18 17 19 14 16 16 16 15 19 18 Indonesia................................................... 87 91 77 81 89 96 88 105 107 97 71 Israel.......................................................... 105 133 133 145 145 155 166 153 140 165 140 Japan......................................................... ,152 ,753 ,791 5,801 5,746 6,034 6,400 ,466 6,960 ,855 8,599 Korea........................................................ 296 348 336 348 372 369 403 432 477 502 555 Philippines................................................ 149 134 129 121 105 118 181 189 182 197 223 Thailand.................................................... 191 188 185 179 206 225 273 322 364 405 434 Other......................................................... 300 352 350 361 349 377 394 466 560 521 691 Total................................................. 5,584 7,442 7,321 7,331 7,297 7,666 8,238 8,463 9,159 10,142 11,160 Africa: Egypt........................................................ 21 44 41 43 38 40 35 42 40 42 44 Morocco................................................... 4 5 5 11 4 7 5 4 4 21 9 South Africa............................................ 143 150 151 157 150 147 129 133 134 131 153 Zaire.......................................................... 13 43 49 48 51 61 60 56 67 61 79 Other......................................................... 118 149 173 146 163 155 159 178 175 210 192 Total.................................................. 299 391 419 405 406 410 388 413 420 466 477 Other countries: Australia................................................... 291 271 230 218 223 251 243 279 268 328 318 All other.................................................... 40 40 41 36 36 36 43 37 49 64 59 Total.................................................. 330 310 271 254 259 287 286 316 317 392 377 Total foreign countries............................... 15,674 19.011 18.977 18.724 19.297 19.587 20.718 21,080 22.967 25.663 26.558 International and regional......................... 3 2 1 1 1 1 1 1 1 1 1 Grand total...................................... 15,676 19.012 18.978 18.725 19.298 19.588 20.719 21,081 22.968 25.664 26.559 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

A 70 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1974 13. 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 E pe n r d i o o d f Total Loans to— O lo t n h g e ­ r P c fo a u y r r i e r a n i e b g n l n e ­ U K d n i o i n 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 19722 r.............. \ / 5 4 , , 0 9 2 5 9 4 4 4 , , 5 5 3 5 9 5 8 83 3 3 6 4 4 3 3 0 0 3 3 , , 2 28 7 9 6 4 3 3 75 5 4 4 0 0 1 1 4 4 5 5 7 70 0 1 4 4 4 0 0 6 6 2 1 , , 0 9 1 96 2 3 3 1 5 9 3 9 88 0 1 0 5 5 0 1 3 4 1973—Apr.r... 5,436 4,940 903 544 3,492 447 49 122 907 477 2,007 341 1,030 552 Mayr... 5,523 5,020 932 545 3,543 455 48 131 923 511 2,006 335 1,058 558 Juner... 5,609 5,100 978 550 3,572 464 45 131 980 523 2,002 316 1,096 561 July r.... 5,628 5,119 957 554 3,609 455 54 128 1,029 517 1,982 315 1,122 535 Aug.r... 5,524 5,012 1,002 514 3,496 466 46 137 1,007 404 1,963 309 1,157 548 Sept.r... 5,410 4,885 1,010 508 3,367 456 70 131 976 418 1,941 256 1,186 501 Oct.r... 5,593 5,037 1,041 538 3,458 476 80 130 1,012 491 1,980 262 1,203 514 Nov.r... 5,788 5,248 1,127 555 3,566 463 78 138 1,059 484 2,088 255 1,246 516 Dec.r... 5,862 5,310 1,129 571 3,610 480 72 140 1,099 489 2,072 247 1,282 533 1974—Jan........ 5,803 5,252 1,115 559 3,578 472 79 137 1,102 484 2,033 253 1,284 509 Feb , . .. 5,873 5,270 1,166 580 3,525 524 79 144 1,158 457 2,061 249 1,293 511 Mar.p... 6,054 5,436 1,225 642 3,569 542 76 146 1,263 473 2,131 250 1,298 493 Apr.P... 6,660 6,018 1,550 721 3,747 566 76 190 1,546 478 2,344 246 1,328 529 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 14. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Treas. bonds and notes 1 securities 2 Foreign bonds Foreign stocks Net puirchases or sales Total I a n n t d l. Foreign c P ha u s r e ­ s Sales c N ha s e a s t 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 r..................... 1,672 130 1,542 1,661 -119 14,593 13,158 1,435 1,687 2,621 -935 - 1,385 1,439 -57 197 2 3,316 57 3,258 3,281 -23 19,073 15,015 4,058 1,901 2,961 -1,060 2,532 2,123 409 1973 r..................... 305 -165 470 465 6 18,543 13,810 4,733 1,474 2,467 -993 1,729 1,554 176 1974—Jan.-Apr.P -554 136 -691 -680 -11 5,644 4,958 687 377 1,229 -853 770 750 21 1973—Ap 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 41 142 152 -9 137 125 12 June.......... -71 -69 -1 -1 1,087 899 188 125 103 22 123 111 12 July........... -79 -71 -9 -9 1,320 898 422 101 207 -106 108 107 1 Aug............ -51 17 -68 -28 -39 1,328 864 464 96 157 -61 117 125 -8 Sept........... 40 20 20 8 12 1,174 963 212 67 101 -34 115 105 10 Oct.r......... 29 -13 42 15 27 1,807 1,722 86 97 336 -238 129 131 -2 Nov.r... . -691 -5 -686 -722 36 1,948 1,692 256 104 317 -213 156 178 -22 Dec.r........ , -486 1 -487 -506 19 1,336 1,359 -23 144 209 -65 159 144 15 1974—Ja...............n , -432 20 -452 -472 19 1,715 1,453 262 71 364 -292 209 207 2 Feb............ -45 31 -76 -37 -39 1,200 1,188 12 100 145 -45 206 206 -1 Mar.p 157 166 -10 -10 1,669 1,472 198 102 398 — 296 167 183 -16 Apr.P........ -234 -82 -152 -171 19 1,060 844 216 103 323 -219 189 153 36 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. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 71 15. 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 r..................... 12,762 9,978 2,785 439 2 339 685 366 274 2,104 99 -1 577 5 1974—Jan.-Apr. * 3,182 2,789 393 142 -1 163 102 21 46 474 -58 -30 -3 10 1973—Apr............ 868 728 141 21 9 -8 53 -14 46 107 34 -10 5 5 May.......... 778 898 -120 -2 -43 -14 -22 -38 3 -116 -7 -16 11 8 June.......... 766 632 134 2 -23 7 52 15 21 74 8 -2 55 -2 July r......... 880 564 316 67 -19 25 80 28 28 210 19 11 71 5 Aug. r........ 972 631 341 53 1 60 57 40 34 245 10 11 81 -6 Sept........... 948 734 214 63 6 18 54 15 14 169 * 27 21 -3 Oct.r......... 1,369 1,272 96 6 -7 5 -34 68 25 62 -26 16 41 4 Nov. r. . . . 1,482 1,088 394 106 27 54 68 67 6 327 -18 -9 108 -14 Dec.r........ 873 878 -4 30 9 32 -64 -25 7 -12 -8 -4 34 -16 1974—Jan............. 974 801 173 68 4 37 43 27 23 201 -27 -42 33 9 Feb............ 741 585 156 39 5 52 40 -5 33 163 * 1 -9 1 Mar.*........ 893 844 49 14 -26 40 24 14 25 91 -21 9 -29 -1 Apr.*........ 575 559 16 22 17 35 -5 -14 -35 19 -10 2 3 2 1 Includes international and regional organizations. 16. 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....................... 703 15 35 -1 216 327 39 631 37 19 -2 * -21 39 1972....................... 1,871 336 77 74 135 357 315 1,293 82 22 323 2 * 148 1973....................... 1,948 201 -33 -19 307 275 473 1,204 49 44 588 * 10 52 1974—Jan.-Apr.* 295 65 28 -2 36 116 -14 230 16 * -224 * * 274 1973—Apr............ 385 33 2 * 65 -96 94 98 16 4 199 * * 68 161 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........... 123 31 1 1 -5 57 10 94 -1 4 2 * * 24 Sept........... -2 2 * * -1 14 12 26 -1 1 11 * * -39 Oct.r......... -11 53 * 1 46 -14 1 86 4 1 1 * * -103 Nov.r. . .. -138 4 11 -2 28 76 5 122 -21 3 -209 * * -33 Dec.r........ -19 9 10 4 37 60 32 152 * 16 -183 * -3 1974—Jan............ 91 3 25 * 23 117 -9 159 14 1 -104 * * 20 Feb............ -144 1 * * * 44 -15 30 -2 -5 -119 * * -46 Mar.*.... 149 1 * -2 6 -69 -6 -71 -1 6 -1 * * 215 Apr.* , . , 200 60 3 * 8 23 17 111 4 -1 * * * 86 Note.—Statistics include State and local govt, securities, and securities debt securities sold abroad by U.S. corporations organized to finance di­ of U.S. Govt, agencies and corporations. Also includes issues of new rect investments abroad. 17. NET PURCHASES OR SALES BY FOREIGNERS OF 18. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Intl. Total Latin Other Credit Debit Period Total and foreign Eu­ Canada Amer­ Asia Af­ coun­ End of balances balances re­ coun­ rope ica rica tries period (due to (due from gional tries foreigners) foreigners) 1971................. —992 — 310 — 682 31 — 275 -46 -366 -57 32 1970—Dec............................... 349 281 1972.................. -651 -90 -561 492 -651 -69 -296 -66 29 1973r............... -818 139 -957 -141 -569 -120 -168 3 37 1971 __Mar.............................. 511 314 June.............................. 419 300 1974-Jan-Apr* -832 9 -841 -214 -660 -20 52 -5 7 333 320 311 314 1973—Apr.... -166 16 -182 22 -193 -6 -5 * * Mayr. . 3 11 -8 -21 -12 6 6 -1 14 325 379 June... 34 7 27 10 6 13 -13 1 9 June............................. 312 339 July---- -105 3 -108 -13 -93 -13 9 * 2 286 336 Aug.... -69 5 -75 -21 -44 -4 -8 * 3 372 405 Sept.r.. -25 4 -28 -28 8 -8 -1 * 2 Oct.r... -240 4 -243 -25 -148 -8 -64 1 1 310 364 Nov*r.. -236 9 -245 -47 -89 -6 -104 * * 316 243 Dec.. .. -50 51 -101 -45 -11 -15 -34 2 3 290 255 333 231 1974—Jan....... -291 -4 -287 -81 -204 -2 -1 -1 2 Feb___ -46 6 -52 -62 -11 -9 32 -4 1 Mar.*.. -312 4 -315 -24 -288 -15 10 * 3 Note.—Data represent the money credit balances and Apr.*. . -183 3 -186 -47 -157 6 12 * * 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1974 19a. 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 Total Parent Other Total branches Other cial bank bank of parent banks insti­ for­ bank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies............................ 1971--Dec.. 61,253 4,791 2,310 2,481 54.678 11,210 24,525 1,167 17,775 1,784 1972--Dec.. 80,034 4,735 2,124 2,611 73,031 11,717 36,738 1,665 22,910 2,268 1973—Mar.. 89,141 4,258 1,976 2,283 82,012 12,163 42.835 1,893 25,121 2,870 Apr.. 88,565 3,882 1,661 2,221 81,821 12,399 41,745 1,993 25,683 2,862 May. 90,388 4,185 1.915 2,270 83,158 13,116 41,414 1,875 26,753 3,046 June. 96,107 4,925 2,325 2,601 87,786 13,149 44,953 1,805 27,879 3,395 July. 100,987 5,350 2,502 2,848 92,071 14,934 46,155 1,934 29,048 3,567 Aug.. 102,392 5,109 2,286 2,823 93,470 15,289 46.012 2,012 30,156 3,813 Sept.. 108,080 4,806 1.916 2,890 98,681 16,778 48,084 2,147 31.672 4,593 Oct.. 111,087 4,802 1,831 2,970 101.789 17,721 49,477 2,239 32,352 4,496 Nov.. 117,325 5,808 2,848 2,961 106,041 18,362 51,976 2,108 33,496 5,475 Dec.. 121,866 4,881 1,882 3,000 112,240 19,207 55,857 2,503 34.673 4,745 1974—Jan.. 124,000 4,605 1,552 3,054 114.789 19,501 57,100 2,733 35,455 4,605 Feb.. 127,24C 4,696 1,893 2,802 117,481 20,341 57,163 2,957 37,020 5,064 Mar.. 136,983 7,986 5,383 2,603 123,823 22,268 60,435 3,030 38,090 5,174 Payable in U.S. dollars. 1971—De c 40,137 4,534 2,303 2,231 35,026 6,648 17,986 864 9,518 577 1972—De c 54,058 4,473 2,102 2,371 48,768 8,083 26,907 1,128 12,651 817 1973—Mar.. 56,894 3,953 1,945 2,009 51,996 8,143 29,615 1,054 13,184 945 Apr.. 55,685 3,558 1,633 1,924 51,138 8,043 28,682 1.023 13,390 989 May. 56,118 3,900 1,! 2,012 51,068 8,178 27.836 1,015 14,038 1,149 June. 59,984 4,575 2,276 2,298 54,117 8,118 30,457 1,037 14,505 1,292 July. 62,235 4,775 2,467 2,308 56,058 8,852 30,964 1,123 15,118 1,407 Aug.. 63,553 4,502 2,227 2,275 57,670 9,660 30,545 1,193 16,272 1,380 Sept.. 66,361 4,386 1,865 2,521 60,362 10,315 31,767 1,186 17,093 1,613 Oct.. 68,40C 4,356 1,789 2,567 62,461 11,223 32,595 1,223 17,419 1,583 Nov.. 73,637 5,336 2,787 2,549 66,595 11,874 34,992 1,302 18,427 1,706 Dec.. 79,437 4,427 1,844 2,583 73,244 12,829 39.013 1,587 19,815 1,766 1974—Jan.. 82,018 4,166 1,515 2,651 76,101 13,256 40,082 1, 20,915 1,751 Feb.. 83,907 4,311 1,838 2,473 77.679 13,769 40,185 2.024 21,701 1,918 Mar.. 92,838 7,581 5,299 2,281 83,332 15,665 43,141 1,997 22,548 1,925 IN UNITED KINGDOM Total, all currencies........... 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 30,430 5,659 23,983 609 10,179 1,020 1973—Mar.. 49,459 2,051 1,129 922 46,286 5,783 28,997 656 10,849 1,122 Apr.. 48,971 1,661 794 868 46,124 5,437 29,130 646 10,912 1,185 May. 48,86C 1,743 909 834 45,783 5,725 28,254 610 11,194 1,334 June. 51,203 1,875 1,012 864 47,821 5,279 30,223 604 11,716 1,506 July. 53,996 2,500 1,492 1,008 49,923 6,274 30,652 646 12,350 1,574 Aug.. 52,880 1,877 935 942 49,423 6,849 29,525 677 12,372 1,580 Sept.. 55,842 1,473 604 870 52,489 8,022 30,774 659 13,035 1,879 Oct.. 57,306 1,833 879 954 53,518 7,970 31,617 685 13,247 1,954 Nov.. 61,897 2,230 1,181 1,049 56,808 8,552 33.813 700 13,743 2,859 Dec.. 61,732 1,789 738 1,051 57,761 8,773 34,442 735 13,811 2,183 1974—Jan... 63,757 1,484 521 964 60,185 9,123 35,796 907 14,359 2,087 Feb.. 63,585 1,477 616 861 59,792 9,209 34.813 916 14,853 2,317 Mar.. 68,076 3,070 2,319 751 63,020 10,596 36,302 887 15,235 1,986 Payable in U.S. dollars. 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—Mar.. 32,530 1,952 30,056 4,324 19,928 5,805 520 Apr.. 31,729 1,539 29,675 4,034 20,042 5,600 514 May. 30,809 1,654 28.569 3,943 18,776 5,851 586 June. 32,763 1,784 30,286 3,900 20,341 6,045 693 July. 33.381 2,193 30,464 4,042 20,137 6,286 723 Aug.. 32,807 1,538 30.569 4,887 19,134 6,549 699 Sept.. 34,251 1,348 32.062 5,399 19,759 6,904 840 Oct.. 35,511 1,681 33.062 5,769 20,336 6,956 768 Nov.. 39,096 2,042 36,218 6,273 22,650 7,296 835 Dec.. 40,323 1,642 37,816 6,509 23,899 7,409 865 1974—Jan.. 42,131 1,368 39,932 6,825 25,098 8,010 830 Feb.. 41,762 1,384 39,409 6,902 24,415 8,093 969 Mar.. 46,062 2,967 42,212 8,130 25,475 8,608 882 IN BAHAMAS AND CAYMANS i Total, all currencies.............................. 1971—Dec.. 8,475 1,282 505 777 7,101 3,784 3,316 92 1972—Dec.. 13,091 1,496 225 1,272 11,419 6,965 4,454 175 1973—Mar.. 13,243 1,200 79 1,121 11,782 7,190 4,592 261 Apr.. 13,039 1,395 282 1,113 11,399 6,374 5,026 244 May. 14,090 1,488 261 1,227 12,274 6,874 5,400 328 June. 15,614 1,909 402 1,507 13,448 7,915 5,533 256 July. 16,466 1,927 347 1,579 14,253 8,459 5.795 286 Aug.. 19,341 2,260 576 1,684 16,642 9,846 6.796 439 Sept.. 20,673 2,280 489 1,791 17,890 10,596 7,294 504 Oct.. 20,698 1,976 272 1,704 18,198 10,618 7,580 524 Nov.. 21,503 2,525 824 1,702 18,412 10,367 8,045 566 Dec.. 23,771 2,001 313 1,688 21,307 12,302 9,005 463 1974—Jan.. 24,071 2,011 228 1,783 21,581 12,232 9,349 479 Feb., 25,657 1,882 170 1,713 23,262 13,293 9,969 513 Mar.............. 2 28,444 3,239 1,727 1,512 24,594 14,660 9,934 611 Digitized for FRASER http://fraser.stlouisFfoerd n.ootregs/ see p. A-76 Federal Reserve Bank of St. Louis

JUNE 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 73 19b. 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 Total Parent Other Total branches Other cial bank bank of parent banks insti­ for­ bank tutions eigners IN ALL FOREIGN COUNTRIES 61,255 3,107 662 2,445 56,051 10,743 31,059 5,513 8,735 2,097 ............1971--Dec. ... Total all currencies, 80,035 3,559 1,000 2,559 73,842 11,344 42,531 8,486 11,483 2,634 ............1972--Dec. 89,140 4,064 1,209 2,854 81,936 11,916 46,926 9,320 13,774 3,140 ............1973--Mar. 88,565 4,028 1,041 2,987 81,325 12,232 46,495 9,416 13,182 3,212 90,389 4,432 1,080 3,352 82,534 12,892 47,016 9,227 13,399 3,423 96,106 4,478 1,005 3,473 87,977 12,918 51,860 9,483 13,716 3,651 100,987 4,368 1,200 3,169 92,702 14,634 54,072 9,575 14,421 3,917 .July 102,392 4,607 1,083 3,524 93,645 15,627 54,493 8,494 15,031 4,140 108,079 4,728 1,180 3,548 98,699 16,609 57,624 8,635 15,831 4,652 111,087 4,680 1,298 3,382 101,719 17,253 59,131 9,073 16,262 3,688 117,326 4,776 1,084 3,692 106,909 17,673 63,274 9,542 16,420 5,641 121,866 5,070 1,158 3,912 111,672 18,231 65,636 10,094 17,711 5,125 123,969 5,319 1,738 3,581 113,891 18,533 67,852 9,547 17,959 4,759 ............1974--Jan. 127,240 5,853 2,009 3,844 116,440 18,942 67,979 10,119 19,399 4,947 Feb. 136,983 6,661 2,131 4,530 125,002 21,043 71,936 10,474 21,550 5,320 41,980 2,670 507 2,163 38,034 6,624 22,050 4,433 4,928 1,276 ............1971--Dec. .Payable in U.S. dollars 56,375 3,104 848 2,256 51,811 8,178 30,253 6,913 6,467 1,459 ............1972--Dec. 60.513 3,543 1,032 2,511 55,377 8,433 31,879 7,639 7,426 1,593 ............1973--Mar. 59,077 3,497 884 2,613 53,923 8,251 30,902 7,623 7,146 1,657 59.513 3,891 915 2,977 53,897 8,418 31,104 7,259 7,116 1,725 62,833 3,938 866 3,071 57,113 8,376 34,401 7,247 7,090 1,783 64,456 3,775 1,036 2,739 58,799 9,219 35,153 7,005 7,421 1,882 July 65,496 4,057 943 3,114 59,347 10,237 35,458 6,165 7,487 2,092 68,604 4,146 1,021 3,125 62,196 10,627 37,260 6,242 8,067 2,263 70,058 4,135 1,139 2,996 63,693 11,312 37,622 6,337 8,422 2,230 75,735 4,190 928 3,262 68,438 11,825 41,598 6,290 8,724 3,107 80,318 4,488 993 3,495 73,221 12,571 43,694 7,327 9,629 2,608 82,281 4,820 1,609 3,211 74,986 12,755 44,997 7,172 10,062 2,475 ............1974—Jan. 84.514 5,349 1,857 3,493 76,699 12,909 44,853 7,809 11,128 2,466 93,355 6,090 1,929 4,161 84,471 15,051 49,065 8,205 12,159 2,794 IN UNITED KINGDOM 34,552 1,660 111 1,550 32,128 3,401 19,137 4,464 5,126 763 ............1971--Dec. .. .Total, all currencies 43,684 1,456 113 1,343 41,232 2,961 24,776 6,453 7,042 997 ............1972--Dec. 49,459 1,858 234 1,624 46,516 3,164 27,918 7,367 8,066 1,086 ............1973--Mar. 48,971 1,969 164 1,805 45,868 3,397 27,623 7,485 7,364 1,133 48,860 2,028 170 1,857 45,575 3,614 26,987 7,304 7,669 1,258 . May 51,203 1,957 122 1,835 47,936 3,321 29,151 7,565 7,899 1,310 53,996 1,875 163 1,711 50,707 3,883 30,797 7,793 8,234 1,414 52,880 2,080 171 1,909 49,293 3,731 30,266 6,730 8,565 1,508 55,842 2,125 161 1,964 51,957 4,118 31,963 6,929 8,947 1,759 57,306 2,026 129 1,897 53,475 4,036 33,169 7,118 9,153 1,805 61,897 2,197 143 2,054 57,042 3,886 36,052 7,680 9,424 2,657 61,732 2,431 136 2,295 57,311 3,944 35,063 8,056 10,248 1,990 63,726 2,429 346 2,083 59,356 4,350 36,996 7,679 10,332 1,941 ............1974—Jan. 63,585 2,573 269 2,303 58,956 4,193 35,489 8,160 11,112 2,057 68,076 3,167 353 2,814 63,096 4,587 37,836 8,456 12,217 1,813 24,845 1,412 23 1,389 23,059 2,164 14,038 3,676 3,181 374 ............1971-—Dec. .Payable in U.S. dollars 30,933 1,276 72 1,203 29,121 2,008 17,478 5,349 4,287 536 ............1972-—Dec. 33,805 1,676 194 1,481 31,533 2,128 18,232 6,230 4,942 596 ............1973-—Mar. 32.960 1,735 119 1,616 30,684 2,318 17,599 6,221 4,546 542 32,051 1,809 138 1,671 29,635 2,225 16,906 5,877 4,626 607 33,491 1,731 102 1,629 31,185 2,234 18,318 5,971 4,663 575 33,803 1,661 148 1,513 31,549 2,316 18,639 5,855 4,738 593 32.960 1,846 148 1,698 30,433 2,213 18,566 4,995 4,660 681 34,886 1,866 137 1,729 32,213 2,245 19,836 5,110 5,022 807 35,342 1,831 103 1,727 32,781 2,515 20,155 4,934 5,177 730 39,527 1,940 119 1,821 36,032 2,468 23,059 4,971 5,534 1,555 39,658 2,173 113 2,060 36,646 2,519 22,135 5,839 6,152 839 40,979 2,200 329 1,871 37,884 2,846 22,971 5,806 6,262 895 ............1974-—Jan. 40,930 2,346 243 2,103 37,579 2,729 21,464 6,342 7,044 1,006 45,579 2,927 329 2,598 41,708 3,063 24,300 6,694 7,650 945 IN BAHAMAS AND CAYMANS i 8,477 750 7,539 1,649 4.766 1,124 188 ............1971-—Dec. .. .Total, all currencies 13,091 1,220 11,703 1,964 9,:395 1,344 168 ............1972--Dec. 1,304 11,682 1,611 8,549 1,522 258 ............1973--Mar. i 1,126 11,537 1,672 8,224 1,642 375 1 1,364 12,396 1,944 8,980 1,472 330 1,480 13,807 2,272 10,167 1,368 326 1,339 14,803 2,691 10,484 1,628 323 1,521 17,410 3,917 11.691 1,803 409 1 1,608 18,464 4,321 12,255 1,887 601 1,663 18,463 4,591 11,902 1,969 572 J 1,559 19,363 4,744 12,857 1,762 582 1,517 21,803 5,526 14,453 1,824 451 I 1,848 21,782 5,293 14,569 1,920 441 ............1974—Jan. 7 2,166 23,026 5,617 15,248 2,161 465 .Feb. \ 2,197 25,692 6,591 16,793 2,309 555 .Mar. Digitized for FRASER http://fraser.stlouisfed.org/ For notes see p. A-76. Federal Reserve Bank of St. Louis

A 74 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1974 20. DEPOSITS, U.S. TREAS. SECURITIES, 21. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Payable in dollars foreign currencies Assets in custody End of End of United period Deposits U se .S cu . r T it r i e es a s i . Ear g m o a ld rked period Total Deposits i S n t h e v r o e m r s t t ­ ­ Deposits S in t h e v r o e m r s t t ­ ­ K d i o n m g­ Canada ments 1 ments 1 1971............... 294 43,195 13,815 1972................ 325 50,934 215,530 1969..................... 1,491 1.062 161 183 86 663 534 1,141 697 150 173 121 372 443 1973— J M un a e y . . . . 2 3 8 3 9 4 5 5 8 7 , , 0 5 1 4 5 5 1 1 5 5 , , 5 4 1 8 1 6 11Q77/11 —JHJvaCp .^2 • • • / \ 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 7 8 7 0 4 5 4 8 3 7 July... 280 57,054 15,464 A Se u p g t . . . . . . 2 2 5 5 9 0 5 5 5 5 , , 8 4 5 0 5 7 1 1 5 5 , , 4 4 5 3 5 7 1iy0* /7z0 —TSop 7 . . . \ f 2 l, , 9 2 6 5 5 5 1 1 , , 4 7 4 9 6 2 16 5 9 5 3 3 0 4 7 0 4 6 2 8 7 8 0 7 2 2 4 5 8 3 5 5 Oct.... 426 54,766 317,122 Nov... 420 52,998 17,104 1973—Mar......... 3,087 2,292 156 414 225 1,105 969 Dec.... 251 52,070 17,068 Apr.......... 3,047 2,278 118 416 234 1,044 887 May........ 3,194 2,420 130 433 211 1,010 1,011 1974—Jan.... 392 49,582 17,044 June........ 3,209 2,549 74 453 134 1,064 882 Feb... 542 50,255 17,039 July......... 3,272 2,494 136 475 167 1,070 959 Mar... 366 51,342 17,037 Aug......... 3,361 2,585 82 486 209 1,068 940 Apr... 517 52,642 17.026 Sept......... 3,224 2,510 78 476 161 1,088 891 May. . 429 54,195 17,021 Oct........... 2,907 2,244 66 449 148 992 881 Nov.......... 3,152 2,517 64 435 136 1,044 922 Dec.r.... 3,098 2,518 37 430 113 1,053 775 1 Marketable U.S. Treasury bills, certificates of in­ debtedness, notes, and bonds and nonmarketable U.S. 1974—Jan.r. ... 2,809 2,237 59 364 149 1,050 772 Treasury securities payable in dollars and in foreign Feb ' 3,199 2,564 65 367 203 1,178 868 currencies. Mar......... 3,652 2,987 99 348 218 1,332 1,029 2 The value of earmarked gold increased because of the change in par value of the U.S. dollar in May 1972. 3 The value of earmarked gold increased because of the 1 Negotiable and other readily transferable foreign obligations payable on demand change in par value of the U.S. dollar in Oct. 1973. or having a contractual maturity of not more than 1 year from the date on which the obligation was incurred by the foreigner. Note.—Excludes deposits and U.S. Treasury securities 2 Data on the two lines for this date differ because of changes in reporting coverage. held for international and regional organizations. Ear­ Figures on the first line are comparable in coverage with those shown for the preceding marked gold is gold held for foreign and international date; figures on the second line are comparable with those shown for the following date. accounts and is not included in the gold stock of the United States. Note.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables 22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 75 22. 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. Dec.** Dec. Mar. June Sept. Dec p Europe: Austria........................................................ 2 3 2 2 3 19 14 17 15 17 Belgium-Luxembourg.............................. 83 75 81 129 131 73 121 109 112 105 Denmark.................................................... 7 8 19 18 9 29 26 20 21 46 Finland....................................................... 4 4 4 7 7 25 21 21 31 44 France......................................................... 167 161 165 165 168 228 288 315 275 303 Germany, Fed. Rep. of........................... 157 147 182 193 229 195 245 273 265 283 Greece................................ 15 19 24 33 35 35 36 40 52 51 Italy................................ 121 107 103 108 116 202 204 201 201 240 Netherlands....................... 109 102 113 115 134 84 101 96 119 118 Norway.......................... 14 14 13 10 9 16 18 19 21 18 Portugal.................................... 4 5 4 12 13 19 19 25 24 50 Spain............................ 81 82 72 79 77 157 159 140 169 245 Sweden........................................................ 13 23 25 32 47 57 45 49 53 70 Switzerland......................... 111 134 88 147 108 82 87 90 64 100 Turkey................................ 4 3 3 6 14 48 23 14 17 33 United Kingdom...................................... 1,063 901 747 833 928 1,184 1,426 1,402 1,491 1,488 Yugoslavia.................................................. 7 16 17 22 28 12 14 18 21 49 Other Western Europe............................ 2 2 3 3 3 12 9 9 12 15 Eastern Europe.......................................... 3 6 22 24 31 42 40 92 73 104 Total.................................................... 1,967 1,812 1,687 1,938 2,090 2,519 2,897 2,951 3,035 3,380 Canada............................................................ 215 268 250 236 255 965 1,366 1,305 1,339 1,255 Latin America: Argentina.................................................... 29 30 24 24 38 79 74 60 65 75 Brazil........................................................... 35 42 47 42 64 172 176 183 208 230 Chile............................................................. 18 17 13 13 20 34 31 29 34 42 C Co u l b o a m ... b .. i .. a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1 8 * 7 * 8 * 9 * 39 1 40 1 36 1 43 1 40 1 Mexico.......................................... 27 34 37 36 44 181 194 203 185 235 Panama....................................................... 18 17 18 17 13 85 84 83 102 124 Peru.............................................................. 4 4 6 10 15 36 33 34 37 47 Uruguay...................................................... 7 5 3 2 2 4 5 5 5 5 Venezuela................................................... 21 23 23 24 50 92 107 101 104 143 Other L.A. republics............................... 45 46 47 58 67 95 96 103 127 134 Bahamas i.................................................. 371 310 415 364 419 585 571 766 746 630 Neth. Antilles and Surinam................... 10 10 11 7 6 13 12 11 9 12 Other Latin America............................... 4 9 19 20 22 34 44 90 105 213 Total.................................................... 595 555 670 626 768 1,450 1,467 1,705 1,771 1,930 Asia: Ch M in a a i , n P la e n o d pl ) e .. ’ . s .. . R ... e .. p ... u .. b .. l . i .. c .. . o ... f . . ( .. C ... h .. i . n .. a .. ..... 32 32 31 36 42 * 1 11 48 11 China, Rep. of (Taiwan)......................... 26 33 35 31 32 65 62 77 77 120 Hong Kong................................................ 12 17 13 18 15 33 33 36 38 41 India.............................................. 7 7 7 7 14 34 32 29 32 36 Indonesia.................................................... 16 16 15 15 14 48 53 51 58 61 Israel............................................................ 13 16 9 11 24 31 34 27 28 40 Japan........................................................... 213 244 283 345 296 475 520 506 641 837 Korea................................ 21 19 18 20 37 68 53 46 56 109 Philippines.................................................. 16 26 20 17 17 59 63 64 70 73 Thailand...................................................... 5 5 6 6 6 23 25 24 28 28 Other Asia.................................................. 152 156 140 179 240 206 195 207 207 238 Total.................................................... 513 571 577 684 737 1,042 1,072 1,079 1,283 1,594 Africa: Egypt........................................................... 32 37 20 11 25 16 25 23 28 18 South Africa.............................................. 8 6 6 6 14 52 56 51 60 62 Zaire............................................................. 1 12 12 19 19 8 16 15 19 19 Other Africa.............................................. 62 67 67 97 128 93 89 97 95 128 Total.................................................... 104 121 105 134 186 170 184 187 202 228 Other countries: Australia..................................................... 45 54 72 94 118 83 81 75 90 97 All other..................................................... 14 11 11 9 13 23 24 26 22 25 Total.................................................... 59 65 83 103 131 107 105 101 111 122 International and regional.......................... * * * * * 1 1 1 * 1 Grand total........................................ 3,453 3,392 3,373 3,720 4,167 6,254 7,092 7,329 7,742 8,510 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 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. o JUNE 1974 23. 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—Dec.. 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 3, , 1 15 3 9 8 3 3 . . 1 1 1 1 8 8 1 1 2 2 8 8 7 7 0 0 5 5 7 7 6 6 1 7 1 1 7 7 4 4 6 6 0 0 6 65 5 3 2 1 1 4 3 1 6 3 3 2 27 5 8 86 6 8 8 5 4 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 3,866 3,493 187 758 868 187 64 703 134 399 82 111 1973—Mar.. 4,045 3,635 151 816 882 165 63 796 124 413 101 125 June. 4,030 3,708 174 823 893 146 65 819 138 416 104 131 Sept.. 4,253 3,860 211 840 894 147 73 827 152 475 104 137 Dec.p 4,115 3,962 284 794 972 145 80 820 141 471 112 144 1 Data on the two lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. Notes to Tables 19A and 19B on pages A-72 and A-73, respectively: 1 Cayman Islands included beginning Aug. 1973. For a given month, total assets may not equal total liabilities because 2 Total assets and total liabilities payable in U.S. dollars amounted to some branches do not adjust the parent’s equity in the branch to reflect $26,538 million and $26,811 million, respectively, on Mar. 31, 1974. unrealized paper profits and paper losses caused by changes in exchange rates, which are used to convert foreign currency values into equivalent Note.—Components may not add to totals due to rounding. dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ CENTRAL BANK RATES A 77 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of May 31, 1974 Rate as of May 31, 1974 Country Country Per Month Per Month cent effective cent effective Argentina. 18.0 Feb. 1972 Italy..................... 9.0 Mar. 1974 Austria.... 6.50 May 1974 Japan................... 9.0 Dec. 1973 Belgium. .. 8.75 Feb. 1974 Mexico................ 4.5 June 1942 Brazil......... 18.0 Feb. 1972 Netherlands........ 8.0 Dec. 1973 Canada___ 8.25 Apr. 1974 Norway............... 5.5 Mar. 1974 Denmark........................... 10.0 Jan. 1974 Sweden............... 6.0 Apr. 1974 France................................ 11.0 Sept. 1973 Switzerland........ 5.5 Jan. 1974 Germany, Fed. Rep. of. 7.0 June 1973 United Kingdom 11.75 May 1974 Israel.................................. Venezuela........... 5.0 Oct. 1970 Note.—Rates shown are mainly those at which the central bank either Japan—Penalty rates (exceeding the basic rate shown) for borrowings discounts or makes advances against eligible commercial paper and/or from the central bank in excess of an individual bank’s quota; govt, securities for commercial banks or brokers. For countries with t United Kingdom—The Bank’s minimum lending rate, which is the more than one rate applicable to such discounts or advances, the rate average rate of discount for Treasury bills established at the most recent shown is the one at which it is understood the central bank transacts tender plus one-half per cent rounded to the nearest one quarter per cent the largest proportion of its credit operations. Other rates for some of above. these countries follow: Venezuela—2 per cent for rediscounts of certain agricultural paper, 4Vi Argentina—3 and 5 per cent for certain rural and industrial paper, de­ per cent for advances against government bonds, and 5 Vi per cent for pending on type of transaction; rediscounts of certain industrial paper and on advances against promissory Brazil—8 per cent for secured paper and 4 per cent for certain agricultural notes or securities of first-class Venezuelan companies. paper; OPEN MARKET RATES (Per cent per annum) Germany, Switzer­ Canada United Kingdom France Fed. Rep. of Netherlands land Month Treasury Day-to- Prime Treasury Day-to- Clearing Day-to- Treasury Day-to- Treasury Day-to- Private bills, day bank bills, day banks’ day bills, day bills, day discount 3 months1 money2 bills, 3 months money deposit money3 60-90 money 5 3 months money rate 3 months rates days4 1972.......................... 3.55 3.65 6.06 5.02 4.83 3.84 4.95 3.04 4.30 2.15 1.97 4.81 1973......................... 5.43 5.27 10.45 9.40 8.27 7.96 8.92 10.18 4.07 4.94 5.09 1973—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 7.00 10.63 5.92 7.24 5.00 Sept.............. 6.41 6.31 12.12 11.37 9.13 9.50 9.73 7.00 9.76 5.67 7.97 5.25 Oct............... 6.56 6.54 11.37 10.75 10.53 9.50 10.99 7.00 10.57 5.25 7.93 5.25 Nov.............. 6.48 6.56 13.38 11.76 8.80 9.50 10.96 7.00 11.30 5.29 7.88 5.25 Dec............... 6.39 6.58 13.74 12.41 9.57 9.46 11.14 7.00 11.89 6.41 8.75 5.40 1974—Jan................ 6.31 6.50 13.67 12.09 10.36 9.25 13.63 7.00 10.40 6.50 9.36 6.00 Feb............... 6.10 6.49 13.63 11.94 8.96 9.50 12.48 7.00 9.13 6.50 9.73 6.00 Mar.............. 6.24 6.50 14.39 11.95 11.31 9.50 11.88 7.00 11.63 6.00 9.07 6.00 Apr............... 7.18 6.93 13.20 11.53 10.00 9.50 5.63 5.33 6.64 9.86 May............. 8.22 7.48 13.31 11.36 10.72 9.50 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note.—For description and back data, see “International Finance,” 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 EXCHANGE RATES □ JUNE 1974 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Austria Belgium Canada Denmark France Germany India Ireland Italy Japan Period (dollar) (schilling) (franc) (dollar) (krone) (franc) (Deutsche (rupee) (pound) (lira) (yen) mark) 1970....................... 111.36 3.8659 , 2.0139 95.802 13.334 18.087 27.424 13.233 239.59 .15945 .27921 1971...................... 113.61 4.0009 2.0598 99.021 13.508 18.148 28.768 13.338 244.42 .16174 .28779 1972...................... 119.23 4.3228 2.2716 100.937 14.384 19.825 31.364 13.246 250.08 .17132 .32995 1973....................... 141.94 5.1649 2.5761 99.977 16.603 22.536 37.758 12.071 245.10 .17192 .36915 1973—May.......... 141.50 4.9082 2.5356 99.916 16.241 22.341 35.841 13.340 253.05 r. 16961 .37786 June.......... 141.58 5.2408 2.6643 100.160 17.130 23.472 38.786 13.753 257.62 .16792 .37808 July........... 141.78 5.8124 2.8151 100.049 18.041 24.655 42.821 13.605 253.75 .17200 .37801 Aug........... 141.48 5.5917 2.7035 99.605 17.521 23.527 41.219 13.220 247.57 .17423 .37704 Sept........... 146.83 5.5695 2.7089 99.181 17.480 23.466 41.246 12.987 241.83 .17691 .37668 Oct............ 148.22 5.5871 2.7328 99.891 17.692 23.718 41.428 12.938 242.92 .17656 .37547 Nov........... 148.22 5.2670 2.5882 100.092 16.744 22.687 38.764 12.767 238.70 .16904 .35941 Dec........... 148.33 5.1150 2.4726 100.058 16.089 21.757 37.629 12.328 231.74 .16458 .35692 1974—Jan............ 148.23 4.8318 2.3329 100.859 14.981 19.905 35.529 11.854 222.40 .15433 .33559 Feb............ 148.50 5.0022 2.4358 102.398 15.570 20.187 36.844 12.131 227.49 .15275 .34367 Mar........... 148.55 5.1605 2.5040 102.877 16.031 20.742 38.211 12.415 234.06 .15687 .35454 Apr............ 148.41 5.3345 2.5686 103.356 16.496 20.541 39.594 12.711 238.86 .15720 .36001 May.......... 148.44 5.5655 2.6559 103.916 17.012 20.540 40.635 12.841 241.37 .15808 .35847 Malaysia Mexico Nether­ New Norway Portugal South Spain Sweden Switzer­ United Period (dollar) (peso) lands Zealand (krone) (escudo) Africa (peseta) (krona) land Kingdom (guilder) (dollar) (rand) (franc) (pound) 1970....................... 32.396 8.0056 27.651 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 239.59 1971....................... 32.989 8.0056 28.650 113.71 14.205 3.5456 140.29 1.4383 19.592 24.325 244.42 1972....................... 35.610 8.0000 31.153 119.35 15.180 3.7023 129.43 1.5559 21.022 26.193 250.08 1973....................... 40.988 8.0000 35.977 136.04 17.406 4.1080 143.88 1.7178 22.970 31.700 245.10 1973—May.......... 40.333 8.0000 '34.538 132.34 r17.219 4.0050 141.65 1.7224 22.567 r31.531 253.05 June.......... 40.865 8.0000 36.582 132.40 18.192 4.2175 148.07 1.7229 23.746 32.757 257.62 July...... 43.121 8.0000 38.700 135.02 18.932 4.4624 148.63 1.7385 24.732 35.428 253.75 Aug........... 43.859 8.0000 37.596 135.33 18.145 4.3243 148.52 1.7553 24.070 33.656 247.57 Sept........... 43.361 8.0000 38.542 145.07 18.048 4.2784 148.50 1.7610 23.769 33.146 241.83 Oct............ 43.641 8.0000 40.011 148.64 18.285 4.3014 148.54 1.7576 23.942 33.019 242.92 Nov........... 41.838 8.0000 37.267 147.74 17.872 4.1155 148.45 1.7479 23.019 31.604 238.70 Dec............ 41.405 8.0000 35.615 144.34 17.651 3.9500 148.66 1.7571 22.026 31.252 231.74 1974—Jan............ 40.094 8.0000 34.009 139.08 16.739 3.7195 148.66 1.7205 20.781 29.727 222.40 Feb............ 40.489 8.0000 35.349 140.31 17.351 3.8567 148.76 1.6933 21.373 31.494 227.49 Mar........... 41.152 8.0000 36.354 143.40 17.734 3.9519 148.88 1.6927 21.915 32.490 234.06 Apr............ 41.959 8.0000 37.416 145.12 18.170 4.0232 148.85 1.7080 22.730 33.044 238.86 May.......... 42.155 8.0000 38.509 146.07 18.771 4.1036 148.78 1.7409 23.388 34.288 241.37 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

JUNE 1974 □ GOLD RESERVES A 79 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 China, End of mated Mone­ United mated Algeria Argen­ Aus­ Aus­ Bel­ Canada Rep. of Den­ Egypt period total tary States rest of tina tralia tria gium (Taiwan) mark world1 Fund world 1970. 41,275 4,339 11,072 25,865 191 140 239 714 1,470 791 82 64 85 1971. 41,160 4,732 10,206 26,220 192 90 259 729 1,544 792 80 64 85 1972. 44,890 5.830 10.487 28,575 208 152 281 792 1,638 834 87 69 92 1973—Apr.. 5.830 10.487 208 152 281 793 1,603 834 87 69 92 May. 5.826 10.487 208 152 281 793 1,603 834 87 69 92 June. 44,865 5.831 10.487 28,545 208 152 281 793 1,603 834 87 69 92 July.. 5.826 10.487 208 152 281 793 1,603 834 87 69 92 Aug.. 5.826 10.487 208 152 281 793 1,603 834 87 69 92 Sept.. 44,880 5.826 10.487 28,565 208 152 282 793 1,603 834 87 69 92 Oct... 6,474 11.652 231 169 312 881 1,781 927 97 77 103 Nov.. 6,476 11.652 231 169 212 881 1,781 927 97 77 103 Dec... 49j850 6.478 11.652 31,720 231 169 311 881 1,781 927 97 77 103 1974—Jan.... 6.478 11.652 231 169 312 882 1,781 927 97 77 103 Feb.... 6.478 11.652 231 169 312 882 1,781 927 97 77 103 Mar... *49,855 6.478 11.652 *31,725 231 312 882 1,781 927 97 77 Apr.*’. 6.478 11.652 231 313 882 1,781 927 77 Ger­ End of France many, Greece India Iran Iraq Italy Japan Kuwait Leb­ Libya Mexi- Netherperiod Fed. anon lands Rep. of 197 0 3,532 3,980 117 243 131 144 2,887 532 86 288 85 176 1,787 197 1 3,523 4,077 98 243 131 144 2,884 679 87 322 85 184 1,909 197 2 3,826 4,459 133 264 142 156 3,130 801 94 350 93 188 2.059 1973—Apr. 3.834 4.468 133 264 142 156 3.134 801 94 350 93 188 2.059 May 3.834 4.469 133 264 142 156 3.134 802 350 93 188 2.059 June 3,841 4,462 133 264 142 156 3.134 802 350 93 186 2.063 July. 3.835 4.469 133 264 142 156 3.134 802 350 93 184 2.063 Aug. 3.835 4.469 133 264 142 156 3.134 802 350 93 182 2.065 Sept. 3.835 4.469 133 264 142 156 3.134 802 350 93 179 2.065 Oct.. 4.261 4.966 148 293 158 173 3.483 891 388 103 198 2.294 Nov. 4.261 4.966 148 293 158 173 3.483 891 388 103 198 2.294 Dec. 4.261 4.966 148 293 158 173 3.483 891 389 103 196 2.294 1974—Jan.. 4.262 4.966 148 158 173 3.483 891 389 103 195 2.294 Feb. 4.262 4.966 148 158 173 3.483 891 389 103 2.294 Mar. 4.262 4.966 r149 158 173 3.483 891 389 103 2.294 Apr. 4.262 4.966 3.483 891 103 2.294 United Bank End of Paki­ Portu­ Saudi South Spain Sweden Switzer­ Thai­ Turkey King­ Uru­ Vene­ for Intl. period stani gal Arabia Africa land land dom guay zuela Settle­ ments2 1970. 54 902 119 666 498 200 2,732 92 126 1,349 162 384 -282 1971. 55 921 108 410 398 200 2,909 82 130 775 148 391 310 1972. 60 1,021 117 681 541 217 3,158 89 136 800 133 425 218 1973—Apr.. . 60 1,022 117 720 542 220 3,162 89 136 810 133 425 214 May.. 60 1,022 117 721 542 220 3,162 89 136 810 133 425 199 June.. 60 1,022 117 724 542 220 3,162 89 136 810 133 425 205 July... 60 1,022 117 734 542 220 3,162 89 136 810 133 425 204 Aug.. . 60 1,035 117 740 542 220 3,162 89 136 797 133 425 205 Sept... 60 1,036 116 738 542 220 3,162 89 136 797 133 425 213 Oct__ 67 1,154 129 820 602 244 3,512 99 151 886 148 472 227 Nov... 67 1,159 129 809 602 244 3,513 99 151 886 148 472 237 Dec... 67 1,163 129 802 602 244 3,513 99 151 886 148 472 235 1974—Jan.... 67 1,167 129 793 602 244 3,513 99 151 148 472 271 Feb.... 67 1,171 129 783 602 244 3,513 99 151 472 277 Mar... 67 1,176 129 780 602 244 3,513 99 151 472 274 Apr.®. 129 780 244 3,513 99 271 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 80 BANK HOLDING COMPANY GROUPS □ JUNE 1974 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1973 A. Details for 50 States and District of Columbia Number of offices Assets Deposits Banks and branches As a As a State, and class of bank Number of percentage percentage companies1 As a In of all In of all Banks Branches percentage millions commercial millions commercial Total of all of dollars bank of dollars bank commercial assets deposits banking offices 50 States and District of Columbia—Total. 1,677 3,097 15,374 18,471 562,987 446,567 Member.................... 1,569 12,648 14,217 501,783 393,398 Nonmember.............. 1,528 2,726 4,254 61,204 53,169 Alabama—Total. 50 237 287 44.1 4,980 55.4 4,165 54.0 Member.......... 29 181 210 56.8 4,022 63.7 3,340 62.3 Nonmember... 21 56 77 27.4 958 35.7 825 35.2 Alaska—Total. 1 4 5 6.4 88 9.6 78 9.8 Member.... Nonmember. 1 4 5 38.5 88 38.9 78 39.2 Arizona—Total. 6 245 251 59.1 3,924 55.6 3,242 56.1 Member........ 2 130 132 46.8 2,326 44.2 1,866 44.0 Nonmember.. 4 115 119 83.2 1,598 89.1 1,376 89.1 Arkansas—Total. 21 42 63 13.0 1,071 18.8 909 18.5 Member.......... 9 30 39 18.1 858 24.2 717 23.9 Nonmember... 12 12 24 9.0 213 10.0 192 10.0 California—Total. 45 2,997 3,042 85.9 82,726 93.8 66,087 93.3 Member............ 18 2,708 2,726 91.5 77,537 97.0 61,635 96.7 Nonmember.... 27 289 316 56.1 5,189 62.8 4,452 62.7 Colorado—Total. 130 25 155 46.1 6,231 78.1 5,224 78.1 Member.......... 80 15 95 59.0 5,271 84.3 4,379 83.5 Nonmember... 50 10 60 39.3 960 55.7 845 58.4 Connecticut—Total. 14 338 352 60.1 5,722 71.8 4,913 71.5 Member.............. 7 224 231 67.5 4,298 80.3 3,689 80.1 Nonmember........ 7 114 121 49.6 1,424 54.4 1,224 53.9 Delaware—Total. 3 28 31 22.6 370 16.3 334 18.7 Member.......... 1 2 3 33.3 12 23.1 11 23.4 Nonmember... 2 26 28 21.9 358 16.1 323 18.6 District of Columbia—Total. 3 37 40 30.5 990 24.3 844 24.6 Member............................. 2 30 32 26.7 719 19.1 601 19.0 Nonmember...................... 1 7 8 72.7 271 87.4 243 87.1 Florida—Total.. 388 32 420 60.4 20,826 79.0 17,950 78.5 Member........ 209 1 210 73.7 15,007 88.0 12,817 87.6 Nonmember.. 179 31 210 51.2 5,819 62.4 5,133 62.3 Georgia—Total. 40 312 352 35.8 8,568 59.3 6,035 54.1 Member........ 18 272 290 68.6 7,722 82.0 5,333 78.4 Nonmember.. 22 40 62 11.1 846 16.8 702 16.1 Hawaii—Total.. 1 66 67 42.9 983 36.1 852 35.9 Member........ Nonmember., 1 66 67 46.5 983 37.9 852 37.8 Idaho—Total.. 3 85 88 43.6 1,027 42.2 904 41.9 Member 2 84 86 52.8 1,012 50.1 891 49.6 Nonmember. 1 1 2 5.1 15 3.6 13 3.6 Illinois—Total. 146 34 180 13.4 40,257 62.5 30,946 59.4 Member___ 58 17 75 12.7 36,597 71.4 27,726 68.2 Nonmember. 88 17 105 14.0 3,660 27.7 3,220 28.0 Indiana—Total. 26 232 258 21.8 6,818 37.3 5,185 33.8 Member........ 14 194 208 32.1 6,032 48.2 4,480 43.9 Nonmember.. 12 38 50 9.3 786 13.6 705 13.7 Iowa—Total... 168 135 303 29.2 4,555 41.4 3,802 39.7 Member 49 54 103 40.1 2,784 52.9 2,209 50.4 Nonmember. 119 81 200 25.6 1,771 30.9 1,593 30.7 Kansas—Total. 122 33 155 22.1 2,901 33.8 2,396 32.6 Member 46 18 64 26.2 1,861 40.2 1,491 38.7 Nonmember. 76 15 91 20.0 1,040 26.4 905 25.9 For notes see p. A-83. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 o BANK HOLDING COMPANY GROUPS A 81 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1973—Continued A. Details for 50 States and District of Columbia—Continued Number of offices Assets Deposits Banks and branches As a As a State, and class of bank Number of percentage percentage companies1 As a In of all In of all nks Branches percentage millions commercial millions commercial Total of all of dollars bank of dollars bank commercial assets deposits banking offices Kentucky—Total. 9 46 55 7.2 1,042 11.3 763 9.7 Member.......... 4 40 44 13.1 966 18.2 695 15.9 Nonmember__ 5 6 11 2.6 76 2.0 68 2.0 Louisiana—Total. 17 106 123 16.8 4,448 37,9 3,446 35.5 Member............ 7 69 76 24.3 3,522 48.3 2,679 45.6 Nonmember__ 10 37 47 11.2 926 20.8 767 19.9 Maine—Total.. 25 194 219 71.3 1,450 72.1 1,259 72.0 Member.... 13 94 107 61.8 784 62.9 684 62.9 Nonmember. 12 100 112 83.6 666 87.2 575 87.1 Maryland—Total. 21 390 411 55.1 5,475 61.6 4,608 61.2 Member........... 10 237 247 57.7 2,995 58.3 2,455 57.7 Nonmember___ 11 153 164 51.6 2,480 66.0 2,153 65.7 Massachusetts—Total. 62 619 681 67.8 15,212 85.7 12,070 84.7 Member................... 37 487 524 72.5 13,419 89.9 10,530 88.9 Nonmember............ 25 132 157 55.9 1,793 63.7 1,540 64.1 Michigan—Total. 71 775 846 48.8 21,885 69.2 18,265 67.8 Member.......... 50 709 759 56.8 20,921 76.0 17,403 74.8 Nonmember... 21 66 87 21.9 964 23.4 862 23.5 Minnesota—Total. 227 21 248 32.5 11,192 71.6 8,656 68.3 Member............ 106 12 118 49.4 9,197 84.8 6,868 82.2 Nonmember___ 121 9 130 24.8 1,995 41.7 1,788 41.5 Mississippi—Total. 4 60 64 10.2 1,482 26.4 1,256 25.6 Member............. 3 59 62 25.1 1,469 49.7 1,245 48.8 Nonmember___ 1 1 2 .5 13 .5 11 .5 Missouri—Total. 194 100 294 33.1 12,224 66.4 9,534 63.4 Member.......... 70 42 112 46.3 8,616 80.2 6,413 77.2 Nonmember... 124 58 182 28.2 3,608 47.0 3,121 46.3 Montana—Total. 65 8 73 45.1 1,887 69.0 1,634 68.2 Member.......... 44 6 50 47.2 1,647 72.8 1,420 71.9 Nonmember... 21 2 23 41.1 240 50.8 214 50.8 Nebraska—Total. 127 28 155 30.8 3,556 56.4 2,916 54.1 Member.......... 37 18 55 33.3 2,745 67.2 2,184 64.3 Nonmember... 90 10 100 29.5 811 36.5 732 36.7 Nevada—Total. 3 68 71 68.3 1,318 66.7 1,167 66,6 Member........ 2 58 60 68.2 1,082 67.5 962 67.3 Nonmember.. 1 10 11 68.8 236 63.6 205 63.3 New Hampshire—Total. 14 19 33 19.2 507 30.4 429 30.0 Member...................... 10 15 25 20.0 273 26.5 223 25.7 Nonmember............... 4 4 8 17.0 234 36.9 206 36.5 New Jersey—Total. 61 580 641 43.7 11,919 51.1 10,258 50.4 Member.............. 51 553 604 49.7 11,491 57.7 9,877 56.8 Nonmember........ 10 27 37 14.8 428 12.6 381 12.8 New Mexico—Total. 28 107 135 53.8 1,978 69.5 1,718 69.2 Member................ 15 66 81 54.0 1,457 72.4 1,263 72.0 Nonmember.......... 13 41 54 53.5 521 62.3 455 62.2 New York—Total. 117 2,384 2,501 78.8 140,805 90.0 107,371 90.3 Member............ 93 2,259 2,352 80.4 136,810 94.5 104,127 93.9 Nonmember___ 24 125 149 60.1 3,995 34.5 3,244 40.7 North Carolina—Total. 10 840 850 55.4 9,839 69.7 7,980 68.2 Member...................... 6 629 635 84.1 8,433 90.1 6,764 89.3 Nonmember............... 4 211 215 27.6 1,406 29.5 1,216 29.4 For notes see p. A-83. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 BANK HOLDING COMPANY GROUPS □ JUNE 1974 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1973—Continued A. Details for 50 States and District of Columbia—Continued Number of offices Assets Deposits Banks andi branches As a As a State, and class of bank Number of percentage percentage companies1 As a In of all In of all Banks Branches percentage millions commercial millions commercial Total of all of dollars bank of dollars bank commercial assets deposits banking offices North Dakota—Total. 46 26 72 29.8 1,094 42.5 962 42.7 Member................... 19 6 25 41.0 707 58.0 615 57.5 Nonmember............. 27 20 47 26.0 387 28.6 347 29.4 Ohio—Total... 125 677 802 39.7 16,970 49.7 13,642 48.2 Member.... 87 566 653 40.7 15,439 50.8 12,324 49.2 Nonmember. 38 111 149 35.7 1,531 41.3 1,318 40.7 Oklahoma—Total. 53 18 71 13.2 4,334 44.6 3,538 42.8 Member............ 24 12 36 13.7 3,853 54.3 3,111 52.0 Nonmember.... 29 6 35 12.7 481 18.4 427 18.6 Oregon—Total. 5 293 298 66.7 5,541 82.2 4,504 81.1 Member 3 269 272 93.8 5,231 97.4 4,247 97.1 Nonmember. 2 24 26 16.6 310 22.7 257 21.7 Pennsylvania—Total. 27 883 910 36.8 28,504 57.8 21,453 54.0 Member................ 16 783 799 45.7 26,915 68.7 20,044 64.9 Nonmember.......... 11 100 111 15.3 1,589 15.7 1,409 15.9 Rhode Island—Total. 10 193 203 91.4 2,820 95.3 2,361 95.4 Member.................. 4 112 116 98.3 2,555 99.6 2,158 99.6 Nonmember........... 6 81 87 83.7 265 67.4 203 65.7 South Carolina—Total. 8 284 292 46.0 2,364 54.1 1,989 53.5 Member.................... 4 226 230 61.2 1,996 68.1 1,667 67.7 Nonmember............. 4 58 62 23.9 368 25.5 322 25.6 South Dakota—Total. 40 77 117 43.8 1,608 60.9 1,434 60.6 Member.................. 22 66 88 64.7 1,396 72.5 1,243 72.2 Nonmember........... 18 11 29 22.1 212 29.7 191 29.6 Tennessee—Total. 56 345 401 41.0 8,948 64.1 7,285 62.2 Member............. 20 233 253 55.6 7,467 76.9 5,997 75.3 Nonmember.... 36 112 148 28.3 1,481 34.9 1,288 34.4 Texas—Total.. 188 20 208 15.3 25,870 55.8 20,013 51.9 Member.... 106 1 107 17.8 22,849 65.5 17,377 62.2 Nonmember. 82 19 101 13.4 3,021 25.1 2,636 24.8 Utah—Total... 16 150 166 74.8 2,579 81.3 2,189 80.8 Member. . . . 8 111 119 87.5 1,975 87.6 1,675 87.4 Nonmember. 8 39 47 54.7 604 65.9 514 65.0 Vermont—Total. 2 7 9 6.1 120 8.9 108 8.9 Member.......... 1 7 8 12.3 75 16.4 68 16.5 Nonmember... 1 1 1.2 45 5.1 40 5.0 Virginia—Total. 828 104 932 71.5 11,472 78.5 9,480 77.4 Member........ 65 646 711 75.7 9,547 82.0 7,797 80.8 Nonmember.. 39 182 221 60.7 1,925 64.9 1,683 64.8 Washington—Total. 9 242 251 34.7 3,436 35.1 2,864 37.2 Member................ 7 241 248 44.4 3,407 39.1 2,838 41.7 Nonmember......... 2 1 3 1.8 29 2.7 26 2.9 West Virginia—Total. 9 9 4.0 226 4.3 197 4.5 Member.................. 7 7 5.4 155 4.1 138 4.5 Nonmember........... 2 2 2.1 71 4.8 59 4.6 Wisconsin—Total. 144 104 248 26.7 8,015 52.6 6,629 50.6 Member............ 48 56 104 40.5 5,615 66.1 4,500 64.0 Nonmember___ 96 48 144 21.4 2,400 35.5 2,129 35.1 Wyoming—Total. 33 33 45.8 830 57.6 723 57.1 Member.......... 26 26 47.3 716 59.7 622 59.1 Nonmember... 7 7 41.2 114 47.5 101 47.2 For notes see p. A-83. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1974 □ BANK HOLDING COMPANY GROUPS A 83 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1973—Continued B. Summary totals and comparisons 50 States and District of Columbia Holding company groups as a per­ Item Holding All centage of all company commercial commercial groups banks banks Number of banking offices—Total 18,471 40,408 45.7 Banks........................................ 3,097 14,170 Branches................................... 15,374 26,238 Assets (millions of dollars)........... 562,987 835,730 67.4 Deposits (millions of dollars)....... 446,567 682,353 65.4 i Data for individual States represent bank holding companies having Note.—Companies listed include those that have reported to the Board subsidiary banks in the respective States rather than bank holding com­ pursuant to the requirements of the Bank Holding Company Act and panies whose principal offices are located in such States. Total does not include some companies that have filed registration statements but whose equal sum of State figures because it has been corrected for duplications; holding company status has not yet been determined by the Board. that is, holding companies that have subsidiary banks in more than one (A list showing the names, offices, total assets, and total deposits of State are included in the total only once. the subsidiary banks in the holding company groups is available upon request.) C. Multibank and one-bank classifications Number Amount (millions of dollars) Classification Offices Companies Banks Branches Total Assets Deposits Total........................................................................... 1,677 3,097 15,374 18,471 562,987 446,567 Member.................................................................. 1,569 12,648 14,217 501,783 393,398 Nonmember........................................................... 1,528 2,726 4,254 61,204 53,169 Multibank.................................................................. 251 1,815 7,513 9,328 301,015 239,148 Member.................................................................. 1,071 6,269 7,340 270,136 212,445 Nonmember........................................................... 744 1,244 1,988 30,879 26,703 One-bank................................................................... 1,282 1,282 7,861 9,143 261,972 207,419 Member.................................................................. 498 6,379 6,877 231,647 180,953 Nonmember........................................................... 784 1,482 2,266 30,325 26,466 All commercial banks............................................... 14,170 26,238 40,408 835,730 682,353 Note.—This table gives a further breakdown of totals into multibank pany. Holding companies that are subsidiaries of other holding companies and one-bank classifications. are eliminated; therefore, the total number of multibank and one-bank Multibank and one-bank classifications are based on the number of companies is lower than the total number of bank holding companies banks controlled, directly or indirectly, by the top-tiered holding com­ shown in the previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BANKS, 1973 (Income, etc. in thousands, and asset and liability items in millions, of dollars) Reserve city All Insured All Item i b n a s n u k re s d non b m an e k m s ber m b e a m n b k e s r Total New York City of Other All other City Chicago Operating inconu -Total. 52,786,119 11,078,214 41,707,905 25,459,308 7,483,065 2,147,206 15,829,037 16,248,597 Lo I a n n te s r : est and fees......................................... 35,207,643 6,947,140 28,260,503 17,755,786 5,301,406 1,524,729 10,929,651 10,504,717 Fede a ra g l r e f e u m nd e s n t s .. o .. l . d .. .. a .. n ... d .. .. s .. e .. c .. u .. r . i .. t . i . e .. s .. .. p .. u .. r .. c .. h .. a .. s .. e .. d .. .. w ... i . t .. h .. . r .. e .. s .. a . l .. e . 2,473,707 627,066 1,846,641 1,100,123 146,944 112,982 840,197 746,518 T S S O e e r t O O U A u c r h v u s e b l . t i t r S l h r c l i i . e t e o d c g i r e t T h e a c h s a p t r U h e — i e r a a o r . g a r r S n I s e g t s n . s m u s e e t , r c G s o e e y u f r f n o o e e r s t e S v n i s e t s t t t i c i , , a d e n a u t e e s s e c n r t e p . s o i c . d c t . o . m . i a . u . e s . d . n . . r i s e . . i i t . . d . v . . t . . . . . i . a . . i . . e . . p . d . c . . . . s . . . o . e . c . . . . . . . l n . ( . o . . . i . . a . . . d t . . u . . . i g . . . . s . c . n . . . e . . . : . a . . . t . n . . 1 . . l s . . . . . c . . . . . . . s . . i . . . . . . . u e . . . . . . . . . . s . b . . . . . . . . . . . . d . . . . a . . . . . . . . i . . n . . . . v . . . . . . . d . . . . i . . . . . . . s . . . . . . . . . i . . . c . . . o . . . . . . . o . . . . . n . . . . . . . r . . . . s . . . p . . . . . . . . . . . . . . o . . . . . . . . . . . . . . r . . . . . . . . a . . . . . . . . . . . . . t . . . . . . . . i . . . . . . . . o . . . . . . . . . . . . . n . . . . . . . . . . . . . . s . . . . . . . . . . . ) . 3 3 1 1 1 1 , , , , , , 4 8 4 3 2 4 3 3 6 6 1 4 5 7 5 0 9 9 9 7 1 , , , , , , , 1 1 5 8 7 3 7 4 4 3 0 4 6 3 7 6 7 8 2 0 4 1,0 9 3 5 2 1 1 4 3 8 2 4 0 1 2 0 3 3 6 9 5 , , , , , , , 9 2 3 1 1 1 3 3 7 6 1 2 6 9 1 1 6 0 6 2 0 2 2 1 , , , 3 9 3 9 2 9 9 9 2 4 4 6 3 9 2 7 4 9 8 3 8 , , , , , , , 1 0 3 5 3 4 2 7 7 3 4 7 2 0 1 1 5 7 0 0 4 1 1 1 , , , 0 4 0 4 3 6 1 4 5 2 3 0 4 3 9 8 6 5 4 2 0 , , , , , , , 4 5 2 0 3 6 6 9 6 1 5 9 1 3 1 8 2 4 4 0 0 2 3 3 1 4 6 7 2 3 8 3 5 9 9 8 8 0 4 , , , , , , , 2 4 2 4 9 7 39 5 5 5 3 2 2 1 3 8 9 9 4 4 1 1 7 2 3 1 2 0 9 0 8 3 1 7 4 , , , , , , , 3 2 4 9 2 6 5 8 9 1 3 1 0 4 1 1 8 5 8 0 2 9 4 7 2 3 5 8 2 9 7 1 4 4 9 6 1 5 7 3 0 , , , , , , , 6 7 0 8 2 7 9 0 2 5 0 3 3 6 3 8 9 7 7 2 0 1 1 , , 3 4 5 6 3 3 1 3 7 1 0 3 5 3 3 7 8 4 9 7 5 , , , , , , , 6 5 1 4 5 0 7 0 3 3 7 7 6 6 1 3 9 7 9 4 6 Ot O O he n th r t e o r r a p . d . e .. i r . n . a .. g t . i . n . a .. g . c . . c i .. o n .. u c .. o n .. m . t . . ( . e . n . : . e ... t . ) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,5 3 9 4 9 1 , , 8 4 6 2 6 9 15 2 0 , , 9 7 3 2 2 0 1,4 3 4 3 9 8 , , 1 4 4 9 6 7 1,2 3 3 1 6 9 , , 9 4 5 8 2 8 6 1 1 4 5 3 , , 2 0 3 3 3 4 1 1 1 1 2 , , 4 6 2 8 5 5 5 1 0 6 9 5 , , 0 0 3 2 4 9 21 1 2 9 , , 1 0 9 0 4 9 Op S O e a f r l f a a i t c r i e i n e r g s a e a n x n d p d e e w n m s a p e g s l e o — s y e T o e f o b o ta e ff l n i . c e .. e f .. i r . t s . s . . . a . . . . n . . . . d . . . . . . . e . . . . m . . . . . .. . p . . . . l . . o . . . . y . . . . . e . . . . e . .. . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 8 4 1 , , , 5 1 5 2 0 4 9 3 4 , , , 2 1 6 3 9 8 5 9 7 9 1 , , 0 9 3 7 5 1 5 7 0 , , , 9 9 2 5 6 8 8 8 0 3 6 5 1 , , , 0 5 2 7 2 3 1 7 4 , , , 2 2 4 2 6 1 7 9 9 2 3 1 , , 7 5 7 8 3 5 5 2 2 , , , 5 8 0 9 6 2 9 9 2 6 1 , , 1 0 2 5 5 4 9 1 2 , , , 3 4 06 1 2 1 0 6 1,8 2 2 3 5 5 0 1 , , , 8 2 1 1 4 3 1 1 8 1 2 3 , , 5 5 4 0 4 5 3 7 8 , , , 9 7 8 3 2 4 3 2 8 1 2 3 , , 7 4 4 8 9 8 5 4 2 , , , 6 3 3 6 6 9 8 0 7 Int T e i r m es e t a p n a d id s o av n i : ngs deposits....................................................... 19,742,052 4,365,124 15,376,928 8,961,550 2,433,525 857,902 5,670,123 6,415,378 P O O F r u c t o F O C h r c v n e e u a t i d h i r p p s t e e u i i a o p o t r r n r p a a u n e c l b e l r , y r o f c n e a o f h r o e q t u r r a i t x o u n n e s l p w i d o g s e p e s a e n m a a e n d s n g x p e e d r l p m u n o e o e r t d e s o n , c f s m e h s n e b e b e a t e e s a c s e s y . n n . . . n e . . . . t . . k . . d t . . . . . . . u . . . . . . . . . p . . . . r . . . . . a . . e r . . . . . . . . e . n . . s . . . . . . . m . . . . d . . . . . . . . . . . . . . . . . . i . . . . . . . s . . . . . s . . . . . . e . . . . e . . . . . . . . s . . . . c . . . . . . , . . . . . . u . . . . . . . . . . n . . . . r . . . . . . . . i . . . . e . . . . t . . . . . . . . i . . t . . . . . . e . . . . . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . s . . . . . . . . . . . . . . o . . . . . . . . . . . . . . l . . . . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . w . . . . . . . . . . . . . . . . . . . . . . . i . . . . . . . . . . t . . . . . . . . h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r . . . . . . . . . . e . . . . . . . . . . . . ­ 5 3 1 1 1 , , , , , 4 8 2 1 7 2 5 3 8 5 9 7 5 0 0 2 2 5 3 2 0 , , , , , , , 2 3 9 7 1 8 0 8 3 0 2 4 0 0 1 5 7 8 4 6 0 1,3 2 2 3 1 5 4 2 7 5 6 1 2 8 6 2 8 5 8 , , , , , , , 6 7 4 8 0 5 3 1 1 2 5 5 9 2 1 3 7 7 9 9 0 4 3 1 , , , 0 7 4 4 2 9 9 7 6 0 7 0 2 9 7 7 4 3 3 3 3 , , , , , , , 5 6 9 6 5 6 5 5 9 5 4 0 7 9 1 1 3 2 6 6 6 2 3 , , 2 2 4 4 8 6 1 1 6 8 0 4 7 4 8 6 5 5 1 0 4 , , , , , , , 3 8 8 7 4 6 7 1 8 9 1 8 9 1 5 3 6 2 0 6 6 2 6 9 2 1 1 4 3 2 7 8 1 5 6 2 6 4 0 5 7 , , , , , , , 0 2 1 7 2 6 0 9 2 7 6 4 9 9 5 8 7 8 2 2 6 4 1 4 3 0 5 3 1 3 0 4 2 5 0 8 , ; , . , , , 2 9 0 7 8 7 9 1 7 6 5 7 3 1 2 7 2 9 6 4 0 1 1, , 8 4 3 2 5 3 8 6 9 4 2 8 0 9 5 4 0 9 9 5 , , , , , , , 2 8 1 7 4 5 8 5 0 3 5 8 9 4 3 3 2 9 2 4 7 1,8 4 4 3 5 5 3 9 6 5 2 6 8 8 7 8 9 2 5 , , , , , , , 7 2 1 8 9 0 7 9 6 9 5 6 5 8 1 5 6 8 6 4 7 Inc I E A N L o n e x p m e c s t t p o s r e l m a s i m b e o c e c e a r i u f d b n b o r i l o e r i n e t e r f i a i o i e t i r n n y s r y e c c g o i o c s n a m m h e t i a e c n e e r r u s g e t t r a a s e o it x t s x r i e e i e ( l n s s o s — s . a g c . s . n ) a o . e . d i n o . s n . . s r s s . ( o . e . c — . o l c . r i . u r d e . ) . r d . a l a . i o . t i t . f e t i . s t s e . d e . s s . . r a e . s g . f s . t u t a . . a e . . b i . . x . r n . s . . e . s . i t . . d . s a . o . . . . x . i . . r . a . . . e . . . r l . . . s o . . i . . . . . e . . s . . . . . . s s . . . . . . . . . e . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 8 6 , , , - 6 1 5 2 2 8 6 2 7 1 2 1 1 , , , , , 2 5 4 9 5 O 3 5 3 0 3 J 1 4 2 2 0 7 2 1 , , 0 5 4 0 3 6 2 2 4 6 7 , , , , , 2 7 5 4 4 3 5 6 3 2 9 5 6 4 4 2 2 7 6 5 1 , , , - 6 0 6 2 8 2 5 1 9 0 6 3 5 , , , , 7 , 6 7 9 1 3 6 7 6 1 2 0 6 6 6 0 7 2 3 2 1 , , , - 9 8 0 1 2 5 6 7 6 6 9 3 , , , , , 1 6 4 6 7 2 3 9 3 0 4 5 2 3 9 2 3 6 1, - 3 9 3 1 2 3 9 3 3 1 2 1 , , , , , 7 7 9 6 0 2 2 5 7 7 1 2 8 5 7 3 2 - 8 2 3 4 4 1 6 , , 3 , , 4 3 9 6 5 1 9 8 4 1 8 5 4 9 2 1 , , 2 6 5 8 8 9 1 8 1 2 , , , , 2 6 0 6 2 9 8 3 5 3 5 4 9 7 2 2 3 8 2 2, , - 1 7 5 1 7 5 1 8 2 0 4 1 4 , , , 6 , , 0 2 5 1 3 7 3 2 6 4 4 3 5 7 4 9 Net income.................................................................................... 6,555,188 1,543,363 5,011,825 2,842,910 919,276 233,275 1,690,359 2,168,915 Ca O O sh n n d c p i o r v e m i f d e m e r n r o d e n s d s d s t e t o o c c l c a k k r . e . . . . . d . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,419 3 , , 4 69 0 7 6 403 1 , , 4 1 9 3 5 7 2,015 2 , , 9 5 1 6 1 0 1,279 1 , , 5 80 2 1 8 352,0 8 2 7 2 0 100,751 826,7 9 5 31 5 736,3 7 8 5 3 9 Me In m c o o r m an e d t a a x it e e s m a s p : plicable to 1973 operating income............... 2,121,402 467,492 1,653,910 1,069,746 392,678 84,411 592,657 584,164 T T a o N T F S x ta t r e e a e a l d t f t n p e f e s r s e r e o f c a a c e v t n l u r i . d o s s . r . i — i f . o . l t : . i o n . e C . c . s f . a . a o . g . l p r . . . a . i . . t i . i . . n a n . . . . l . c s . . . o . a . . o . . m c . . . r . c . . e . . o . l . . o . . t u . . a . s . . n . s . x . . t e . . e s . . s . . s . . . t . , . ( o . . . 1 . — . . . I . 9 . . . R ) . . 7 . , . . . S 3 . . e . . . . . t . . . l . c . . o . . . . . . . . a . . . . . . . . n . . . . . . . . . . . . . . . . . . . l . . . . o . . . . . . . . s . . . . . . . . s . . . . . . . . . . . . r . . . . . . e . . . . . . . s . . . . . . . e . . . . . . . . r . . . . . . . . v . . . . . . . . e . . . . . . . . s . . . . . . . . . . . . 2 . . . . . . . . . 1 1 -3 , - , 7 3 3 3 6 1 3 7 7 8 6 5 8 , , , , 1 9 , 5 2 7 9 6 2 4 1 3 9 5 5 0 - 4 3 4 5 5 1 9 9 9 1 9 , , , , 4 , 1 5 5 1 7 1 4 7 2 5 1 9 9 8 1 -3 , - 2 9 3 3 1 9 7 1 8 9 6 6 9 , , , , 2 , 5 1 9 1 1 8 1 4 6 8 0 6 2 6 -2 - 8 5 2 3 3 5 0 4 1 3 4 9 4 , , , , , 9 7 6 3 0 7 0 9 6 6 9 5 3 9 2 - - 3 1 1 5 1 2 5 7 5 5 1 2 1 , , 1 , , , 0 3 4 0 8 7 9 2 1 9 0 7 2 9 -3 - 4 3 4 6 4 9 4 , , , 0 , , 2 3 7 1 0 9 4 6 0 8 1 5 7 8 -1 - 4 3 1 4 9 3 4 2 2 3 7 3 , , , 9 2 , , 9 5 5 0 2 5 8 3 1 1 5 5 0 - 4 4 8 - 6 2 9 6 5 9 2 2 , , 3 , , 8 , 4 5 0 0 1 7 7 5 1 3 3 7 0 A 84 INSURED AND MEMBER BANKS, 1973 □JUNE 1974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): Occupancy expense of bank premises, gross........................... 2,139,958 416,242 1,723,716 1,058,531 327,550 67,508 663,473 665,185 Rental income from bank premises..................................... 366,814 50,649 316,165 216,738 47,382 11,732 157,624 99,427 Net security gains or losses (—) before income taxes............ -73,669 2,301 -75,970 -49,601 -28,792 -8,673 -12,136 -26,369 Extraordinary charges (—) or credits before income tax---- 30,817 7,766 23,051 4,092 1,921 956 1,215 18,959 Reserves for losses on loans:3 Balance at beginning of year................................................... 6,710,273 1,136,394 5,573,879 3,651,810 1,312,920 323,650 2,015,240 1,922,069 Additions due to mergers and absorptions...................... 22,430 5,822 16,608 10,693 10,693 5,915 Recoveries credited to reserves.......................................... 388,100 79,298 308,802 159,333 39,157 7,727 112,449 149,469 Transfers to reserves............................................................ 2,080,052 401,671 1,678,381 1,161,621 353,189 124,801 683,631 516,760 Losses charged to reserves.................................................... 1,538,184 290,793 1,247,391 817,422 292,854 36,034 488,534 429,969 Transfers from reserves...................................................... 46,969 13,586 33,383 15,015 2,778 12,237 18,368 Balance at end of year.............................................................. 7,6/5,702 1,318,806 6,296,896 4,151,020 412,412" 417,366 2,321,242 2,145,876 Net loan losses ( —) or recoveries4.......................................... -1,155,434 -215,076 -940,358 -658,089 -253,697 -28,307 -376,085 -282,269 Reserves on securities: Balance at beginning of year................................................... 171,511 53, 768 117,743 56,741 7,243 49,498 61,002 Additions due to mergers and absorptions...................... 503 475 28 28 Recoveries credited to reserves.......................................... 2,061 839 1,222 509 509 713 Transfers to reserves............................................................ 22,450 6,986 15,464 9,231 244 8,987 6,233 Losses charged to reserves.................................................. 5,440 1,167 4,273 3,608 3,608 665 Transfers from reserves........................................................ 17,244 7,541 9,703 4,499 4,499 5,204 Balance at end of year............................................................... 173,841 53,360 120,481 58,374 7,487 50,887 62,107 Total net changes in capital accounts............................................ 5,636,371 1,848,947 3,787,424 1,709,357 562,360 97,404 1,049,593 2,078,067 Net income transferred to undivided profits........................... 6,555,188 1,543,363 5,011,825 2,842,910 919,276 233,275 1,690,359 2,168,915 Common stock sold (net)........................................................... 542,835 207,979 334,856 185,077 98,794 5,000 81,283 149,779 Preferred stock, capital notes, and debentures sold............. 541,497 231,107 310,390 125,217 125,217 185,173 Premium received on new capital stock sold........................... 686,954 306,107 380,847 155,584 90,585 5,000 59,999 225,263 Transfers from loan and securities reserves............................ 64,215 21,124 43,091 19,515 2,778 16,737 23,576 Other increases.............................................................................. 1,169,817 190,900 978,917 662,676 237,824 27 424,825 316,241 Dividends declared......................................................................... 2,423,103 404,632 2,018,471 1,281,329 352,892 100,751 827,686 737,142 Transfers to loan and securities reserve (net of tax effect).. 490,245 106,592 383,653 266,745 61,205 44,534 161,006 116,908 Other decreases.............................................................................. 1,010,787 140,409 870,378 733,548 370,022 3,391 360,135 136,830 Assets, deposits, and capital accounts: Loans gross (includes Federal funds sold and resale purchases)................................................................................ 451,589 90,724 360,865 223,147 64,904 19,196 139,047 137,719 U.S. Treasury securities1........................................................... 58,198 16,972 41,226 18,855 4,201 1,424 13,230 22,371 Other U.S. Govt, securities (agencies and corporations)1.., 23,965 8,753 15,212 5,029 1,045 312 3,672 10,183 Obligations of States and political subdivisions1................. 89,135 21,235 67,900 33,604 7,322 2,746 23,536 34,296 All other securities1..................................................................... 5,362 1,470 3,892 1,933 598 184 1,151 1,959 Cast assets....................................................................................... 109,776 14,812 94,964 64,709 25,368 3,643 35,698 30,255 Total assets 5.................................................................................. 774,031 158,516 615,515 371,180 112,872 29,286 229,023 244,335 Time and savings deposits.......................................................... 345,666 81,498 264,168 142,216 34,598 12,444 95,174 121,952 Total deposits................................................................................. 638,565 139,619 498,946 286,441 85,133 21,994 179,313 212,505 Total capital accounts plus total reserves............................... 62,274 13,248 49,026 29,397 9,670 2,313 17,414 19,629 Equity capital plus total reserves.............................................. 58,254 12,582 45,672 26,903 8,841 2,256 15,806 18,769 Number of officers and employees................................................ 1,087,407 270,986 816,421 428,344 99,013 24,351 304,980 388,077 Number of banks.............................................................................. 13,964 8,229 5,735 178 13 9 156 5,557 For numbered notes see p. A-91. JUNE 1974 □ INSURED AND MEMBER BANKS, 1973 A 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income,‘etc. in thousands, and asset and liability items in millions, of dollars) Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Operating income—Total...................................................................... 1,658,225 10,141,4331,920,4082,916,8212,320,6523,058,8206,372,4271,308,3951,109,1801,785,3172,246,8076,869,431 Lo I a n n te s r : est and fees.............................................................................. 1,130,311 7,057,662 1,342,396 1,866,015 1,619,655 1,998,8994,251,270 818,459 739,7021,154,4971,458,2524,823,385 Fed. ag fu re n e d m s en so t. l . d ... ... a .. n .. d ... ... s .. e .. c .. u .. r . i .. t . i . e .. s .. ... p .. u ... r . c .. h ... a .. s . e .. d ... ... w ... i . t . h ... ... r .. e .. s .. a .. l . e .. 60.846 235,538 60,045 167,729 91,894 165,300 364,662 85,667 42,885 111,486 168,137 292,452 T S O S e e r t O O U A c r u h v u s e b t l . i S r l h t r c l i i . e t e o d g c i r e t T e h a c h s p U t h r a e — i e a r a o . r a g r S r n I t s g s e . n m s u e s e t G c r , s o e e y u f r n o f o e e r t s v S i n e s e t t i t s t i , n c a d , e a u t s c s e e e n e r . o p t s . c i d . c m o t . u . i . s . a d e r . . e i . . n i s . i t . . t . . v . d . i . . . . . a . e . i . . . . . d . . c s p . . . . . . . . e c . . o . . ( . . . . n o . . a . l . . . . . i . . d g u . . . t . . . . . i . e s . n . . . . c . . . : n . . . t . . a . . 1 . s . c . . . . l . . . . . i . . . . . e . . . s . . . . . . . s . . u . . . . . . . . . . . b . . . . . . . . a . . . . d . . . . . n . . . . . . . i . . . . . d . v . . . . . . . . . . . . i . . . . . . . s . . . c . . . . . i . . . . . o . . o . . . . . . . . . . . . r . n . . . . . . . p . . . s . . . . . . . . . . o . . . . . . . . . . . . . r . . . . . . . . . . . a . . . . . . . . . . . . . t . . . . . . . i . . . . . . . . . . o . . . . . . . . . . . . . n . . . . . . . . . . . . . . . . . s . . . . . . . . . . . . ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6 2 9 3 5 0 8 9 9 7 8 6 1 , , , , , , , 5 5 5 1 2 8 6 6 3 5 0 2 2 0 3 8 7 4 9 2 9 4 4 5 1 1 1 3 6 5 8 6 5 7 6 1 0 3 5 7 6 , , , , , , , 5 2 9 6 2 7 7 8 1 7 3 2 3 3 1 8 8 8 5 6 7 1 1 4 2 6 3 2 1 5 3 2 5 6 6 2 4 , , , , , , , 8 8 0 2 6 1 5 6 3 1 9 2 2 5 1 1 3 9 6 2 9 2 2 3 6 7 2 9 6 5 3 3 6 2 9 3 5 , , , , , , , 5 3 5 7 0 3 6 7 2 5 4 5 9 5 5 8 5 6 2 5 2 1 1 6 6 5 5 2 8 6 0 2 5 8 8 5 , , , , , , , 9 9 7 6 0 3 9 9 4 6 8 7 1 7 8 3 9 6 7 6 6 2 1 7 2 9 9 8 6 8 0 1 8 3 4 2 8 , , , , , , , 6 3 5 7 4 4 7 9 3 4 9 7 4 3 3 8 5 3 7 6 4 4 4 2 1 1 1 6 1 6 0 6 0 3 1 8 7 2 6 7 5 , , , , , , , 6 6 1 1 7 6 1 1 6 2 3 3 3 6 1 7 8 5 5 8 9 1 1 2 2 3 5 0 0 7 9 9 2 4 9 2 , , , , , , , 4 0 4 5 7 9 7 9 6 8 6 1 5 5 5 7 4 0 6 4 4 2 2 8 3 8 3 2 6 5 6 1 7 6 , , , , , , , 7 0 8 6 7 5 9 5 3 6 6 2 0 7 5 7 4 9 9 0 0 1 1 4 4 5 5 3 4 6 6 1 3 2 9 5 , , , , , . , 8 1 1 4 6 7 2 7 7 7 4 6 1 2 5 9 9 2 6 7 2 1 1 6 5 5 5 1 3 9 0 6 2 3 1 5 7 , , , , , , , 8 6 0 2 7 7 1 6 0 4 2 2 9 5 3 9 9 8 4 6 0 2 2 3 1 3 1 2 1 6 2 4 3 3 4 6 6 0 9 7 4 , , , , , , , 6 5 8 3 6 2 4 9 0 6 9 6 8 3 1 1 8 7 9 0 6 Ot O O he n th r t e o r r a p . d . e .. i r . n . a . g . t . i . n . a .. g c .. c . i .. o n .. u c .. o n ... t m . . ( . e . n .. : e ... t . ) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1 4 0, , 8 8 4 0 1 5 6 1 6 5 1 4 , , 9 1 5 5 5 4 5 5 1 , , 2 41 4 1 5 2 4 1 7 , , 5 19 7 7 7 42 8 , , 1 1 9 4 4 4 6 1 1 3 , , 1 4 1 7 7 8 1 1 8 6 0, , 8 54 68 4 2 1 5 2 , , 2 9 7 6 3 6 1 1 3 5 , , 1 9 0 6 5 4 2 1 4 0 , , 0 0 0 4 9 5 3 1 9 3 , , 0 9 9 0 5 4 24 5 5 8 , , 2 4 5 9 8 4 Op O S e a f r f l a a i t c r i e i n e r g s a e a n x n d p d e e n w m s a p e g s lo e — s y e T o e o f b t o a e f l f n . i . e c .. f e . i . r t . s . s . . . a . . . . n . . . . . . d . . . . . . . . e . . . . m . . . . . . p . . . . . . l . . o . . . . y . . . . . . e . . . . e . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ,4 3 0 6 1 6 2 5 , , , 3 0 5 9 3 8 7 6 2 8 1 , , 4 5 3 4 2 3 2 7 4 , , , 9 8 9 9 6 3 3 7 5 1,6 2 1 6 9 4 2 7 , , , 3 2 6 7 6 3 8 9 4 2,3 4 9 3 7 6 3 2 , , , 1 0 3 8 5 9 5 6 6 1,9 4 1 7 1 2 2 1 , , , 2 4 3 6 4 6 1 5 72,5 5 5 9 1 3 0 0 , . , 1 9 8 9 5 2 2 8 9 5,3 8 1 8 8 6 9 4 7 , , , 9 4 4 6 1 1 2 5 6 1,0 2 9 3 0 1 4 7 , , , 3 4 7 5 8 1 3 8 2 9 1 2 1 5 8 4 3 , , , 2 6 7 3 2 1 8 4 0 1,4 2 4 4 9 8 5 0 , , , 5 8 9 1 7 2 2 2 4 1,8 3 5 5 1 5 1 5 , , , 0 0 3 6 5 3 3 9 7 6 1 , , 0 2 2 0 2 1 2 2 2 , , , 2 9 2 6 1 7 4 0 6 Int T e i r m es e t a p n a d id s o av n i : ngs deposits......................................................... 502,7873,460,158 733,319 1,130,395 788,367 1,041,0352,643,690 457,682 452,051 613,401 790,1602,763,883 O P F O r u c t o O C F h r c v n e e u a t i d i h r p p s t e e u i a i o c o t r r n r p a h a n e c b l e l a , y r o f s n a f e o e r o e u t q r r i t x n o a u n e l p w g d i s o g e p s r a e n e a m e n d s n e p x e e m d u l p m n o r o e e d t s c o n , f n s e h n s e e t b b a e . e s t . a s e c . s y . . n e . n . . . . . . . . d . k . . t . . . . . . . u . . . . . . . . . . p . . r . . . a . . . . . e . . r . . . n . . . . . e s . . . . . . d . . . . . m . . . . . . . . . . . . . . . . . . . . i . . . s . . . . . s . . . . e . . . . . . e . . . . . . c . . . . . . . s . . . . . . u . . . . . , . . . . . . . . . . r . . . . . . n . . i . . . . . . . t . . . . . e . . . . i . . . . . . . e . . . t . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . s . . . . . . . . . . . . o . . . . . . . . . . . . . . . . l . . . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . w . . . . . . . . . . . . . . . . . . . . . . . i . . . . . . . . . t . . . . . . . . h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r . . . . . . . . . . . . e . . . . . . . . . . . . p . . . . . . . . . . . . . u . . . . . . . . . . . . . . . r . . . . . . . . ­ 1 1 4 4 7 1 8 5 9 5 4 2 3 1 8 , , , , , , , 4 1 8 8 3 5 8 2 6 3 6 1 8 0 3 3 5 8 2 5 4 1,1 9 4 2 1 1 0 0 0 8 5 7 8 8 7 7 2 7 4 0 , , , , , , , 8 3 8 9 5 5 6 8 5 3 5 3 8 3 5 9 2 5 0 6 4 1 1 4 6 3 3 8 1 3 4 4 6 0 8 7 7 , , , , , , , 6 8 8 7 8 9 2 1 7 6 0 9 7 2 1 5 3 3 9 9 6 2 2 7 6 8 9 3 0 7 2 1 4 5 6 1 , , , , , , , 5 6 7 7 5 9 0 9 4 5 0 1 7 9 1 1 5 7 7 9 0 2 1 4 9 7 5 1 1 4 2 1 9 9 4 0 2 , , , , , , , 7 0 3 6 7 7 1 4 7 9 2 2 4 6 1 1 3 1 1 3 4 3 2 7 4 9 8 7 2 1 8 0 4 8 5 2 0 , , . , , , , 2 6 1 3 0 9 9 5 5 6 0 5 8 6 1 1 8 3 2 5 0 6 5 1 1 1 6 2 2 3 1 9 3 4 2 6 7 5 2 5 , , , , , , , 0 5 1 6 7 5 8 6 8 0 4 1 2 0 1 2 5 5 9 9 0 1 1 4 2 3 4 2 3 2 6 9 8 7 3 , , , , , , , 2 8 6 0 6 4 5 8 9 7 5 2 2 2 1 7 7 6 4 0 6 1 2 2 8 0 1 1 5 8 4 5 5 6 5 , , , , , , , 4 6 1 7 0 0 4 5 8 9 4 0 8 7 1 8 5 3 2 4 0 2 1 4 4 4 1 1 2 3 7 8 1 8 3 4 , , , , , , , 9 9 3 1 9 7 1 7 0 2 5 6 9 9 1 1 3 5 9 7 9 2 2 4 6 5 4 3 5 5 5 4 3 8 0 2 , , , , , , , 5 1 0 0 5 1 0 8 5 3 3 0 2 7 4 7 5 9 4 4 6 2 5 1 5 1 4 4 5 9 7 5 3 5 6 7 2 1 2 7 , , , , , , , 8 7 4 1 2 0 7 5 2 3 1 3 7 4 1 7 5 5 9 9 9 Inc I N A E L o n e x p e m c s t t p o r s e l m a s i m e b o c e c e a r i u d f b n b o r i l o e i r n e t r e f i a i o i e t r i n r y s n y e c c g o i c o s n a m h m e t i c e a n e e u r r s e g r t t o s i a a e t t x s x r i e i e e l ( n s o s s — s . g c a . s . ) a o n . e . i n . o s d n . . s r s . ( s o . . c — e . o l . i r c . r d . e ) u . . a d l r . a o . t i i . f t e t . s i t . s d e . e s . s e . r a . s . s f . t u g t . . a . . e a b . . x . . i r s . . n . . e i . . t s d . . s a . . i . . . o x . . . a . . . r . . . r e . . . i . . . s l e . . . o . . . . s . . . . . . . s . . . . . . . . . . s . . . . . . . . . . e . . . . . . . . . . . s . . . . . . . . . . . . . 2 1 - 7 5 2 7 3 1 7 ,8 . , , 8 8 9 6 3 4 2 8 5 2 7 9 2 3 1 1 , - , 6 2 4 1 9 5 4 8 8 0 7 5 , , , , , 8 5 9 6 $ 4 0 5 5 6 6 3 5 2 0 7 3 25 5 0 2 3 6 - 4 , , ,' 4 0 7 2 5 4 5 3 2 3 7 3 0 7 3 3 4 4 5 1 2 1 0 8 3 0 9 0 , , , , , 4 2 6 9 7 7 8 6 2 4 9 5 5 0 0 9 4 3 1 - 0 0 5 0 1 8 3 5 ,0 , , , , 5 2 1 0 1 7 8 0 1 4 5 0 9 6 5 3 1 0 9 0 2 5 5 9 , , , , 8 9 6 6 3 - 4 8 4 2 3 1 8 5 3 8 9 9 2 7 - 3 4 8 7 5 6 2 - ,9 4 , , , 7 7 4 0 1 4 2 6 3 5 9 1 4 1 5 2 1 4 1 6 8 7 - 8 7 , , , 6 0 3 3 3 5 3 7 1 2 8 1 8 9 7 0 1 1 - 5 9 2 3 4 7 6 ,2 , , - , 5 7 8 5 8 0 5 5 4 6 2 2 0 3 2 3 5 8 6 6 0 -2 , , , 8 6 1 8 0 0 8 1 1 6 1 5 9 6 3 3 3 - 8 0 9 2 1 8 2 1 ,0 , , , , 6 9 8 7 4 3 0 2 3 4 9 9 0 8 8 2 62 6 4 0 7 6 -4 , , , 6 1 4 7 8 6 8 1 2 3 7 4 5 Net income.................................................................................... 175,8031,237,759 253,505 431,670 299,745 399,173 738,369 167,932 134,510 250.718 302,415 620,226 Ca O O sh n n d c p i o r v e m i f d e m e r n r o d e n s d s d s t e t o o c c c la k k r . _ e .. _ d .. _ . : . _ . 80,59 3 3 3 503,2 8 8 7 0 8 116,748 204,5 2 0 1 6 8 112,5 6 1 0 9 8 141,9 1 3 1 8 8 297,7 3 4 3 5 9 60,26 1 3 4 47,46 2 3 5 95,3 2 1 8 5 7 87,62 1 0 7 267,92 2 1 3 Me In m c o o r m an e d t a a x it e e s m a s p : plicable to 1973 operating income............. 73,847 447,903 52,573 100,745 105,016 109,643 235,741 48,658 57,702 86,689 88,909 246,484 T T a o T N F x S ta r e t e a a e l d t n t f p e e f s s r e r e f o c a a c e v t n l u r i . d s o . s r . — i i . f o . t l : . i o . n e . C . c s . f . a a o .. g p . l r . a . i . . t . i . i . a . n . n . . l . s . c . . . . a o . . o . . c m . . r . . c . . . e . o l . . . o . u . t . . s . a . n . . s . x . . t e . . s . e . s . . . s . . t . , ( . o . . . . — . 1 . . . I . 9 . . ) R . . . , 7 . . . . S . 3 e . . . . t . . . . l . c . . . o . . . . . . . . . a . . . . . . . . . n . . . . . . . . . . . . . . . l . . . . o . . . . . . . . . s . . . . . . . s . . . . . . . . . . . . r . . . . . . e . . . . . . . . s . . . . . . . . e . . . . . . . . r . . . . . . v . . . . . . . . . e . . . . . . s . . . . . . 2 . . . . . . . . . . - - 1 5 2 3 2 7 4 0 3 , , 0 , , , 7 6 0 4 9 1 1 1 3 8 5 8 6 4 - - 3 6 1 1 1 6 9 6 3 7 6 9 7 , , 2 , 8 , , 7 0 6 9 6 4 8 5 5 7 1 7 4 -1 3 3 3 9 8 , , , - 0 9 4 4 7 6 7 2 5 9 5 9 9 0 -1 9 9 3 3 1 1 , , , 4 , 8 0 1 6 9 8 7 8 2 3 9 6 7 -1 - 8 7 3 9 6 5 1 , , 8 , , , 2 2 6 8 8 5 2 5 8 1 0 8 5 7 -1 - 7 8 1 9 9 9 8 , , 7 , 1 , , 7 0 7 4 5 4 0 4 1 3 5 4 9 - 1 6 1 - 2 6 7 3 6 9 2 3 , , 1 0 , , , 1 3 4 7 8 4 4 9 1 0 5 5 0 - 4 3 6 2 9 1 - ,5 , 8 , , 1 1 3 3 0 5 6 2 1 5 6 6 2 - - 4 3 7 1 1 1 8 6 , , 9 6 , , , 7 1 3 2 6 4 7 1 1 3 1 7 8 - 6 8 7 9 7 7 - , , 9 6 , , 3 6 0 9 1 8 8 7 8 9 8 4 2 - - 7 5 7 8 5 5 , , 1 2 , , 0 4 4 9 7 4 4 0 1 6 2 0 2 - 1 1 7 - 5 1 6 1 5 6 2 9 , , 0 7 , , , 9 7 6 9 3 2 2 5 3 7 8 6 4 A 86 MEMBER BANKS, 1973 □JUNE 1974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): 85,212 462,033 72,614 107,832 96,886 121,496 231,364 49,190 36,020 70,130 85,821 305,118 Rental income from bank premises........................................ -5 12 ,4 ,3 8 7 1 4 -3 5 9 9 , , 7 1 3 0 3 1 7 1 , , 7 1 3 5 9 4 2 9 2 , , 6 31 9 5 6 -1 1 0 7 ,1 ,8 3 4 8 5 - 3 2 1 ,2 ,3 9 8 7 8 -1 3 6 5 , , 0 8 8 4 2 9 7,1 2 3 0 3 7 - 1 3 0 ,9 ,5 6 6 9 9 22 -7 ,1 7 6 1 1 - 4 7 1 ,2 ,7 4 1 7 2 - 4 1 7 ,3 ,9 0 7 9 9 1,204 8,980 -952 5,956 2,813 3,731 578 -1,439 -34 757 1,642 -185 Reserves for losses on loans: 3 218,218 1,684,227 256,828 368,809 278,956 310,979 865,921 149,695 137,753 193,215 265,347 843,931 26 2,929 539 403 743 876 449 301 89 79 109 10,065 15,779 59,812 12,070 19,337 15,687 29,849 35,992 9,446 5,992 17,760 28,988 58,090 85,739 422,299 66,260 90,900 83,139 119,267 254,296 45,190 31,163 64,358 83,688 332,082 82,425 362,347 46,380 71,053 48,295 101,695 125,974 31,398 19,589 53,708 78,025 226,502 786 1,381 271 3,779 2,703 2,154 8,952 1,449 952 1,864 6,292 2,800 236,551 1,805,539 289,046 404,617 327,527 357,1221,021,732 171,785 154,456 219,840 293,8151,014,866 Net loan losses (-) or recoveries 4........................................... -66,682 -302,559 -34,310 -51,949 -32,730 -71,846 -90,019 -21,926 -13,715 -36,538 -49,670 -168,414 Reserves on securities: 1,450 3,660 881 29,195 4,818 10,797 18,670 13,905 958 3,092 25,800 4,517 Additions due to mergers and absorptions....................... 4 2 11 4 298 'i 14 1 306 321 19 34 i 214 42 604 19 1,222 268 1,049 1,435 1,114 25 139 7,961 1,586 77 70 20 27 1 77 200 114 137 3,550 254 340 47 1,201 251 1,350 1,107 2,308 ..........192 202 2,276 175 1,165 3,889 1,134 29,203 4,835 10,725 19,119 12,616 791 2,926 27,936 6,142 116,785 807,486 217,779 283,294 287,822 421,958 490,962 120,510 128,570 202,436 320,211 389,611 trancfprrpH tn imrfiviHed nrofits.............. 175,803 1,237,759 253,505 431,670 299,745 399,173 738,369 167,932 134,510 250,718 302,415 620,226 4,905 113,039 58,259 10,719 27,066 38,421 20,021 6,140 16,069 6,080 21,395 12,742 P D Ti r M * e o f M m er c i r n f e o m d rc , r s f A r t A o ^A c m i k i/ A 1 n H c a a a n p h it a a n n l d p n w o Q t r p e a m s n r i i t a t a n ie l d s s t d r o e e c s b l e c e r n v s t o e u s l r d . e . . . s . . . . . . s . . . o . . . . . l . . d . . . . . . . . . . . . . . . . . . . . . . . ........ 8 3 1 , , , 9 5 0 5 0 4 9 0 0 1 1 0 1 7 9 , , , 7 0 2 2 9 9 1 1 7 2 2 4 3 , , 1 4 3 4 5 1 7 6 8 3 1 4 1 6 , , , 9 2 5 8 1 0 1 1 0 4 3 6 5 2, , , 9 3 6 2 5 0 7 7 4 4 6 1 8 3 , , , 9 5 5 5 7 0 1 3 4 2 3 1 9 4 0 , , , 4 2 0 8 6 5 5 8 9 4 7 3 , , , 8 5 7 5 5 5 8 7 8 2 4 1 4 , , , 5 1 7 7 4 6 8 4 6 3 1 2 1 2 , , , 0 5 0 6 9 93 7 7 4 27 8 6 , , , 2 8 5 3 6 4 3 9 9 2 1 2 9 1 , , , 9 3 9 7 4 9 6 4 0 34,018 284,947 75,500 28,279 36,225 72,038 163,250 13,924 10,684 21,566 44,922 193,564 80,626 504,158 116,748 204,724 113,127 142,056 298,084 60,277 47,488 95,602 87,637 267,944 Transfers to loan and securities reserves (net of tax effect)----- 18,650 71,706 16,398 17,231 21,787 22,895 76,889 10,118 7,864 12,163 21,258 86,694 12,164 380,504 84,260 18,111 25,188 36,751 129,517 13,264 7,829 13,920 22,277 126,593 Assets, deposits, and capital accounts: Loans gross (including Federal funds sold and resale pur- 14,013 87,949 17,275 25,048 19,829 24,480 56,108 11,293 9,568 15,183 19,326 60,793 1,206 7,310 1,944 4,043 2,114 3,183 7,238 1,870 1,520 2,315 2,238 6,243 Other U.S. Govt securities (agencies and corporations) i........ 474 2,503 673 1,020 984 1,334 2,643 873 597 662 992 2,455 Obligations of States and political subdivisions 1..................... 2,575 13,425 3,645 6,230 4,266 5,803 10,659 2,408 1,871 3,338 4,721 8,958 140 975 379 318 108 314 900 108 43 107 166 334 3,492 30,064 3,528 5,572 4,708 6,785 11,894 3,055 2,021 4,151 5,855 13,839 23,119 153,101 28,603 43,999 33,214 43,614 93,266 20,458 16,469 26,672 34,765 98,234 8,477 53,970 13,676 21,010 14,369 18,257 45,736 8,337 8,052 10,961 13,404 47,919 18,729 119,221 23,469 35,968 27,757 36,211 76,518 16,722 13,588 22,277 28,285 80,200 capital accounts plus total reserves................................ 1,911 12,970 2,402 3,923 2,659 3,474 7,250 1,655 1,277 2,181 2,659 6,666 Equity capital plus total reserves................................................ 1,820 11,955 2,145 3,819 2,508 3,297 6,877 1,586 1,153 2,060 2,556 5,896 Number of officers and employees.............................................. 40,406 160,603 40,017 56,633 57,465 69,682 110,607 27,833 20,733 37,638 40,527 154,277 212 331 281 456 379 607 936 431 501 816 642 143 For numbered notes see p. A-91. JUNE 1974 □ MEMBER BANKS, 1973 A 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF LARGE MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income etc., in thousands, and asset and liability items in millions, of dollars) Federal Reserve District New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Operating income—Total......................................... 662,830 7,779,583 978,772 1,664,532 1,110,936 1,175,715 3,567,373 642,393 373,776 621,540 1,046,565 5,835,293 Lo I a n n te s r : est and fees................................................. 423,785 5,526,387 728,060 1,067,846 792,199 818,081 2,478,146 422,608 258,538 428,972 707,303 4,103,861 Fede w ra i l t h f u re n s d a s l e s o a l g d r e a e n m d e s n e t. c . u .. r .. i . t . i . e .. s .. . p .. u .. r .. c .. h .. a .. s . e . d 34,193 149,151 24,774 111,762 38,283 64,432 228,773 47,052 36,722 86,965 265,781 Se U cu .S ri . t i T es r — ea I s n u t r e y r e s s e t c a u n ri d ti e d s iv ... i . d .. e .. n .. d .. s .. : .. 1 .................... 24,025 268,329 28,249 96,335 46,966 48,699 159,003 31,496 13,923 32,508 41,469 267,566 T S O e r t O O A r u h v s e l b t i l t h r c l i e o d e c g c r t e h c a o h p a h t r e U i a r a p o r g r r . o n t e s S g m s r e s e . a , c o s e t u f n G f i o e o r t S i e n o n t s i t v i a n s , e d t ) t c s e , e e . . o . t p s . . c . s . m o . . a . e . . . s . n . . c e . i . . . d . u t . . . . . . . . . r . a . p . . . i . . . . c . t . o . . . i . . . c . . e l . . . . . i . o . s . . . t . . . . i . u . . . . c . . . . ( n . . . a . . a . . . . t . l . . g . . s . . . . s . . e . . . . . u . . . . . n . . . . . b . . . . . c . . . . . d . . . . i . . . . . . e i . . . . . . . v . . s . . . . . . . . i . . . . . s . . . . . . . a . i . . . . . o . . . n . . . . . . . n . . . d . . . . . . . s . . . . . 3 5 3 1 2 4 0 5 1 2 , , , , , , 8 2 4 0 9 4 6 9 4 6 0 2 1 9 4 2 0 0 3 3 1 7 4 3 8 8 4 1 5 6 9 6 0 , , , , , , 3 0 1 7 5 6 8 0 8 4 2 7 5 5 7 2 0 4 4 5 1 1 7 7 3 7 7 5 , , , , , , 5 4 3 8 9 9 4 2 2 2 7 0 5 6 9 9 8 3 1 7 2 2 3 5 1 3 6 2 8 4 4 , , , , , , 4 3 8 8 7 4 4 9 9 4 1 2 1 1 7 9 6 0 3 2 2 8 1 2 9 6 8 5 6 , , , , , , 9 3 7 3 0 5 6 1 1 9 5 1 9 7 9 9 4 6 7 3 2 3 1 9 6 9 3 6 0 , , , , , , 2 0 3 0 7 6 8 1 2 8 2 6 3 9 3 8 6 5 2 1 2 3 1 3 7 5 0 3 6 7 7 1 , , , , , , 2 5 8 4 1 5 1 7 5 6 9 8 5 5 5 8 9 2 4 2 1 1 1 1 3 1 2 2 9 , , , , , , 1 5 4 4 2 3 4 0 5 4 1 0 1 3 7 5 3 9 1 1 1 3 6 9 7 8 , , , , , 4 4 6 0 4 6 6 2 2 1 3 9 1 1 1 9 2 2 4 3 1 7 1 2 0 1 9 , , , , , , 5 1 7 8 9 9 6 7 4 6 4 9 5 5 8 2 2 4 8 3 2 8 5 3 9 9 8 , , , , , , 4 6 9 5 6 1 4 9 0 2 0 6 1 5 9 2 9 6 2 1 1 1 1 9 2 7 0 3 8 2 4 4 8 0 4 , , , , , , 6 1 4 9 4 2 1 1 3 5 8 3 8 8 5 9 4 0 Ot O O he n t r h t e o ra r p . d e .. i r . n . a . g t .. i . n . a . g . c . . c i .. o n .. u c .. o n .. m t . . ( . e . n . : . e .. t .. ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7 6 , , 5 2 8 6 1 0 6 1 2 4 0 5 , , 5 6 9 0 4 9 42 5, , 2 4 4 3 5 4 2 36 1 , , 6 2 0 7 1 4 2 6 8 , , 4 0 3 8 1 3 3 1 7 2 , , 2 12 6 5 4 1 1 4 6 8 , , 1 4 1 3 8 9 1 1 8 2 , , 5 6 4 2 5 4 1 1 0 3 , , 4 0 1 2 1 3 1 8 0 , , 7 2 8 6 6 6 2 1 1 3 , , 9 5 6 1 9 7 2 5 2 7 6 , , 1 0 5 8 5 6 Op S O e a f r l f a a i t c r i e i n e r g s a e n a x d n p d e e m n w s p a e l g s o — e y s e T o e o f b t o a e f l n f . i . e . c f . e . i . r t . s s .. . . . a . . . . n . . . . d . . . . . . . e . . . . m . . . . . . . p . . . . l . . o . . . . . y . . . . . e . . . e . . . . s . . . . . . . . . . . 5 1 2 5 1 2 4 5 , , , 5 9 2 1 4 7 5 8 4 6 1 , , 4 0 2 2 9 5 3 5 1 , , , 9 3 1 2 8 6 2 4 6 8 1 2 3 5 5 9 0 , , , 0 7 4 2 4 3 7 3 9 1,3 2 6 3 3 9 9 4 , , , 3 1 1 3 9 5 5 0 0 9 1 3 1 9 5 6 5 , , , 1 4 6 5 1 3 0 0 2 1,0 1 0 3 9 9 7 1 , , , 4 2 1 4 1 2 5 2 4 3,0 4 4 9 4 9 0 0 , , , 0 2 0 1 3 5 3 2 9 5 9 6 1 9 7 1 , , , 8 8 3 1 5 7 2 0 0 3 4 0 5 8 9 , , ,4 4 71 8 2 7 5 0 5 9 2 1 3 5 5 , , , 2 4 0 5 6 9 7 6 0 8 1 2 8 1 1 6 8 , , , 5 7 1 5 6 0 7 5 7 5 1 , , 0 0 1 9 0 7 6 6 8 , , , 8 7 7 0 1 0 7 3 4 Int T e i r m es e t a p n a d id s a o v n i : ngs deposits............................... 181,872 2,552,170 304,778 614,001 349,955 355,936 1,401,049 187,162 110,480 188,144 338,826 2,377,177 O O P F r u c t o O C F h r c v n e e a u t i h d i r p p s t e e i u i a o w t o r r n r a p a n e i c b l e l t , y h o r f n f a e o r o u e r t q r r t i e x n o u e n p l p d w s i o g u e p s a e n r a m e n d c p n s x h e e u d l p m a n o r o e s c d t s o n f , e h s e n s e e b a b a e e s t s a e g y c . s e n . n . r . . . d . . . . k e t . . . . u . . . e . . . . . a p r . . m . . . . . e . n r . . . . . . e s . . d e . . . . . . m . . . n . . . . . . . . . . s t . . . . i . . . . e . . . s . . . . . . . c . . e . . . . . . . . . u . s . . . . . . . . . . . , . r . . . . . . . . i . . . . n . . . t . . . . . . . . i . . . e . . . e . . . . . . . . . . t . s . . . . . . . . . . . . . . . . . . . . . . s . . . . . . . . . . . o . . . . . . . . . . . . . l . . . . . . . . d . . . . . . . . . 1 2 2 5 1 0 7 2 5 2 8 5 1 , , , , , , , 8 9 8 7 9 7 1 6 9 3 8 1 3 6 1 8 2 6 4 6 0 1,0 2 6 2 1 1 0 4 9 5 4 6 2 6 6 3 1 5 1 0 , , , , , , , 0 9 3 4 0 6 6 6 7 2 9 5 8 0 7 7 8 4 4 0 2 1 2 2 2 3 8 3 1 0 4 7 3 8 0 4 , , , , , , , 9 1 3 2 9 2 5 0 9 4 9 5 5 2 1 7 3 2 8 6 4 1 1 4 3 3 3 7 4 4 8 3 8 6 6 4 , , , , , , , 1 3 7 1 4 5 6 5 5 9 0 0 2 5 5 7 5 7 2 2 6 1 9 2 3 1 3 8 6 9 9 5 8 7 , , , , , , , 1 5 6 6 4 0 6 4 9 0 8 6 3 3 1 6 6 6 4 0 0 1 1 3 3 3 3 4 3 6 4 9 1 4 5 3 , , , , , , , 3 2 5 1 7 1 8 6 9 9 1 9 2 8 1 3 8 9 2 2 2 5 2 1 2 9 6 6 4 1 0 7 4 8 4 7 1 3 , , , , , , , 1 5 8 4 4 5 7 2 3 5 4 3 3 4 1 1 7 4 6 6 6 1 7 2 1 1 1 7 2 3 1 9 8 4 , , , , , , , 4 3 6 1 7 8 1 3 0 7 9 9 9 3 3 3 6 8 6 0 0 7 3 1 4 6 6 5 5 2 4 , , , , , , , 3 2 3 9 5 2 2 0 3 5 9 0 6 1 1 7 8 4 4 4 0 7 8 1 1 1 7 4 7 7 7 7 5 , , , , , , , 8 6 1 7 9 9 6 7 7 6 7 2 0 6 1 1 7 8 2 4 2 2 1 2 2 3 1 0 2 6 4 7 2 4 0 , , , , , , , 7 2 2 5 3 1 8 2 8 8 5 7 6 9 1 1 3 5 8 7 4 4 2 5 1 1 7 4 1 1 3 4 0 0 3 3 9 6 4 4 , , , , , , , 9 6 9 8 1 6 9 6 9 7 3 8 0 4 1 3 8 8 8 7 0 Inc E A I N o n x p m e c lo t p t o r e s l a m s s i o e c b e e a c r e s d u b f . b o . i r l . e n e i r . t e . f a i . o i e . r n i . r s y . n c e . . c o g . c o s . m a . h e m . i . a c n e . e r . u s . g . t r t . e a i o . a t . s x i x . r e . e ( . e s . l s — s . o . . g . s . a . ) . a s . . n . e . o i . . n d s . . r . . s . . ( c . s . . . o e r — . . . e . c r . . . d u ) . . . l . r i . o . a . t i . . s t s f . . i . . s t e . . a e e . . s . f . r s . . t . . . g e . t . . . . a . r a . . . . . i . x . t . n . . a . . e . . s . x . . . s . . . e . o . . . . . . s . . r . . . . . 1 - 7 3 0 1 0 7 7 ,2 , , ,8 6 2 8 8 8 0 4 2 0 2 1, - 3 9 3 1 5 5 9 4 5 6 9 1 , , , , , 0 6 1 4 8 3 6 8 7 7 1 4 3 8 5 1 1 4 3 1 0 9 8 , , , - 4 0 6 5 0 4 4 3 3 3 0 2 2 5 4 9 9 2 5 0 5 , , , , , 6 1 8 1 0 3 3 9 2 6 1 9 9 7 6 1 1 - - 5 9 3 1 4 1 4 2 , , 1 7 , , ,7 9 8 5 7 3 8 4 7 4 7 6 9 1 1 3 6 2 2 9 6 6 , , , , 5 8 2 4 7 4 7 4 2 1 3 8 3 5 9 5 3 1 - 1 8 3 6 2 8 5 ,6 , , , 3 7 5 7 3 6 9 6 0 2 1 7 5 4 8 6 1 4 0 5 - - , 6 3 , , 8 5 7 4 7 3 8 5 8 0 3 3 0 4 6 2 0 4 4 - , 3 , ,2 2 0 1 9 2 6 9 1 9 2 9 7 2 2 6 3 -4 , , , - 2 8 0 6 1 3 3 7 5 1 5 9 4 1 1 - 3 5 1 2 7 9 2 ,4 , , , 1 7 6 4 9 5 4 3 8 8 0 7 2 5 3 1 1 9 9 8 - - 9 6 , , , 4 0 4 9 5 9 7 1 4 6 8 2 0 Less minority interest in consolidated subsi­ diaries ............................................................. 233 20 Net income....................... 68,998 944,024 118,354 252,599 137,918 129,687 376,870 63,795 39,943 71,763 121,197 517,762 Ca O O sh n n d p c i o r v e m i f d e m e r n r o e d n d s s d s t t e o o c c c la k k r _ e .. _ d . _ : . 30,427 368,9 8 5 7 6 0 66,644 142,679 53,8 6 9 0 5 8 60,4 1 8 1 3 8 188,9 1 9 9 3 4 33,790 17,546 45,362 39,29 1 2 0 231,461 1 Memoranda items: Incom co e m t e a x .. e .. s .. .. a . p .. p ... l . i . c .. a . b ... l . e .. . t . o ... .. 1 .. 9 . 7 .. 3 .. .. o .. p .. e .. r .. a . t .. i . n .. g .. .. i . n .. ­ . 37,600 399,478 30,403 55,066 51,937 39,848 135,564 15,750 24,029 23,835 37,158 219,078 Ta N x e e t f f s e e c c t u o ri f t : ies gains or losses (—), etc............. -1,518 -15,506 40 4,862 -4,957 -347 -6,539 -1,058 -386 -476 -4,607 -1,487 To F T S ta e t r a a l d t p n e e r r s r e o f a a s e v n l e r . i d . s r s . v i — . o . l e . o n . C . 2 c . f . a . a . o . . p . l . r . . . i . . . t . . . i . . a . n . . . . l . . c . . . . . . o a . . . . . m . c . . . . . . c . . e . . . . o . . . . . . t u . . . a . . . n . . . x . . . t . . . e s . . . . . s . . . . , t . . . . o . . . . . 1 . . . . . . 9 I . . . . R . . 7 . . . . . . 3 S . . . . . . . . . . . . . . l . . . . o . . . . . . . . a . . . . . . . . n . . . . . . . . . . . . . . . l . . . . o . . . . . . . . s . . . . . s . . . . -1 2 1 1 9 4 5 , , , , 1 5 9 4 3 0 4 4 4 6 2 8 - 3 5 1 1 2 5 7 5 8 3 5 ,2 , , , 7 6 0 6 6 0 4 5 5 7 2 - 2 2 6 3 4 ,2 , , 9 2 3 1 0 3 2 0 5 3 8 - 5 5 5 4 4 ,1 . .7 7 5 7 7 3 5 5 -1 3 3 0 3 6 3 , , , , 1 3 8 4 7 4 0 5 3 1 9 8 - 2 2 9 3 6 9 , , 5 , , 2 7 9 4 2 2 5 8 7 6 3 -5 6 7 1 0 2 6 8 , , , 3 , 4 1 6 9 5 8 3 3 0 2 2 - 1 1 3 1 0 ,0 , ,7 6 8 5 9 3 3 7 9 5 6 - 2 3 1 8 0 2 , , 0 , , 0 6 6 1 1 1 3 3 1 9 0 - 2 1 3 2 0 8 ,0 , , , 1 2 1 6 6 9 3 5 0 4 4 - 2 2 4 7 7 ,8 . .6 6 8 6 6 7 4 4 - 1 7 9 5 4 1 3 2 5 ,8 , , , 3 4 7 0 3 5 9 1 6 4 0 A 88 MEMBER BANKS, 1973 □JUNE 1974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Me O m c R c o u e ra n p n a ta d n l a c i y n i t c e e o x m m p s e e n ( c s f o r e o n o m t. f ) : b b a a n n k k p p r r e e m m i i s s e e s s , .. g .. r .. o .. s .. s .. . .. . . . .. . . 3 5 1 , , 9 87 8 8 0 3 5 43 0 , , 1 0 1 5 1 7 3 5 9 , , 6 64 8 5 9 6 1 5 6 , , 0 6 0 4 1 6 5 1 0 0 , ,6 0 3 9 1 7 5 1 1 6 , , 2 9 4 8 5 4 1 1 21 8 , , 8 0 3 9 8 2 2 4 5 , , 7 9 9 86 6 1 6 3 , , 6 0 6 5 0 4 3 1 0 4 , , 2 3 9 6 4 6 3 2 3 7 , , 6 2 3 7 5 8 2 3 52 9 , , 7 5 4 5 7 9 Net securities gains or losses (—) before income -2,802 -29,490 -13 12,124 -7,580 1,913 -13,478 -784 -705 -823 -6,050 -1,913 Extraordinary charges (—) or credits before in- 1,825 5,206 -2,308 1,002 1,012 -1,292 -129 -1,224 Re B se a A r l v a d e n d s c i e f t i o a o r t n l s b o e s d g s u i e n e s n t o i o n n g m l o o er f a g y n e e s r a : s 3 r a .. n .. d ... . a .. b .. s .. o ... r . p .. t . i .. o .. n .. s .. . .. . 9 1 2 , , 1 4 1 7 9 8 1,36 4 7 0 , , 6 8 4 1 5 9 13 7 2 , , 3 5 0 0 4 5 22 9 4 , , 2 0 4 2 9 7 14 5 0 , , 9 0 4 2 8 2 8 6 5 12 10 1 , ,1 0 2 4 5 5 5 3 0 51 1 3 3 , , 5 3 2 5 7 0 7 3 5 , , 4 2 2 6 4 9 3 5 7 48,1 6 9 8 6 5 7 5 2 , , 6 7 3 4 8 4 12 9 7 , , 8 2 5 2 2 4 6 7 7 4 3 9 5 6 , , , 6 6 9 7 9 7 9 8 4 45,042 362,030 37,280 49,620 39,365 53,281 175,698 25,297 10,615 24,091 42,435 296,867 50,224 302,808 29,227 40,674 20,747 44.538 61,322 16,556 5,028 19,185 32,390 194,723 549 2,339 1,672 164 7,096 113 500 1,553 1,029 Ne B t a l l o a a n n c e l o a s t s e e s n d ( — of ) y o e r a r r e . c .. o ... v .. e .. r . i . e .. s .. .. 4 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4 9 2 4 , , 9 6 0 1 5 5 1 -2 ,4 6 6 1 7 , , 9 1 8 3 9 7 - 1 2 4 1 7 ,9 ,8 2 6 3 2 - 2 3 3 1 9 ,4 ,8 2 8 5 3 - 1 1 6 4 3 ,8 ,3 2 8 1 5 - 1 3 4 4 0 ,4 ,0 9 2 3 7 - 6 4 3 7 4 , , 9 1 7 5 2 7 -1 8 3 7 ,0 ,6 9 3 3 3 " -4 5 , 4 3 ,4 4 6 3 8 -1 8 3 2 , , 5 7 4 8 7 8 - 1 2 4 2 5 ,5 ,5 3 9 4 9 -1 8 4 9 9 3 , , 0 4 4 6 4 6 Reserves on securities: 100 25 24,000 2,897 7,243 9,139 13,220 117 Additions due to mergers and absorptions.. 295 55 864 112 244 904 6,942 110 58 3,550 30 864 1,003 1,056 I, j4o Balance at end of year.......................................... 100 50 24,000 2,243 7,487 8,987 15,066 441 C N o e m t i m nc o o n m s e t o t c ra k n s s o fe ld rr e (n d e t t o ). . u ... n .. d .. i . v .. i .. d .. e .. d .. . p ... r . o ... f . i .. t . s .. - . - .. - . - . - . 3 6 1 8 1 , , , 1 9 0 0 9 0 8 7 0 5 9 9 7 4 1 8 4 , , , 2 0 7 1 2 9 5 4 4 1 9 5 1 2 3 8 , , , 8 0 3 6 0 54 2 0 2 1 5 2 4 2 9 , , , 6 5 4 3 9 1 5 9 4 1 1 0 3 3 3 7 , , , 7 3 9 7 1 0 8 0 6 1 1 1 2 3 2 9 , , , 6 1 6 3 8 2 7 0 4 3 1 7 6 7 6 4 , , , 0 8 8 0 7 0 0 0 7 6 2 3 3 4 , , , 0 7 5 2 9 1 1 5 9 3 3 2 9 2 , , , 9 5 0 4 0 9 3 0 0 7 2 1 8 , , 7 3 6 8 3 9 3 1 1 1 2 4 0 1 , , , 7 1 7 2 7 97 8 4 3 5 0 1 3 8 7 , , , 0 7 7 0 6 4 0 2 6 Preferred stock, capital notes, and debentures 5,000 23,000 20,500 3,000 1,000 10,000 5,203 30,514 27,000 Premium received on new capital stock sold.... 90,5 5 8 7 5 9 7,000 2 3 1 , , 2 5 0 5 3 5 6 1 , , 3 6 2 7 9 2 1 1 7 , , 1 32 6 8 7 7 5 , , 0 0 9 0 6 0 1,169 7 500 8 3 5 , , 0 3 9 7 9 2 2 1 , , 4 0 0 3 0 0 Other increases........................................................... 3 3 0 , , 2 4 5 2 6 7 2 3 3 6 9 9, ,0 82 2 6 6 6 6 4 6 , , 2 6 1 4 6 4 14 1 2 , , 1 6 0 7 9 9 5 1 4 1 , , 5 8 0 2 3 2 2 60 9 , , 6 7 0 9 1 0 1 1 2 8 5 9 , , 4 1 0 8 5 7 33,7 8 9 3 0 0 17,546 45,3 1 6 8 2 0 3 2 9 , , 9 3 5 0 5 2 2 1 3 8 1 4 , , 4 08 6 7 2 Transfers to loan and securities reserves (net of 11,126 61,327 6,728 7,224 10,663 9,054 58,014 4,350 2,453 3,364 12,206 80,236 5,594 370,640 76,336 3,784 16,039 20,323 112,363 7,163 354 542 5,575 114,835 Assets, deposits, and capital accounts: Loans gross (includes Federal funds sold and re- 5,078 67,620 8,737 14,320 9,552 9,692 32,354 5,766 3,242 5,463 9,468 51,854 U.S. Treasury securities1......................................... 400 4,496 534 1,666 796 868 2,873 575 280 555 729 5,082 O O b th li e g c r a o t r i U p o o n .S s ra . o t f io G S n t o s a v ) t 1 e t, . s .. . a . s . n . e . d . c .. u . p . r . o i .. t l . i . i e . t . i s . c . . a .. l ( .. a . s . g . u . e . b . n . d . c . i . i . v e .. i s . s . . i . o . a .. n n .. s . d . 1 . 2 8 4 1 2 5 7 4 7 1 , , 8 0 6 8 0 0 1 7 8 1,3 1 4 6 2 1 4 0 3,4 3 1 5 9 8 2 9 0 2,0 2 2 4 7 9 5 4 1,6 1 1 0 3 6 5 5 5 4,8 3 5 7 1 2 4 6 9 9 1 5 5 9 7 5 7 3 9 8 1 9 9 0 95 4 3 1 7 6 2,14 6 9 0 3 4 7 1 , , 2 9 2 2 1 7 5 4 8 1,506 25,814 2,082 3,510 2,640 2,688 7,190 1,739 876 1,704 2,973 11,986 Total assets5............................................................. 2 8 , , 5 7 3 4 7 2 1 3 1 6 7 , , 6 0 0 7 0 6 1 5 3 , , 0 6 5 53 8 2 1 4 0 , , 7 6 9 4 3 5 1 6 5 , , 1 9 7 7 5 9 1 5 5 , , 7 99 0 1 8 2 5 1 0 , , 9 8 3 1 2 4 9 3 , , 8 1 7 1 3 4 5 1 , , 4 7 8 1 3 4 9 3 , , 2 06 0 3 2 1 5 6 , , 3 3 3 7 7 9 4 83 0, , 3 19 3 6 2 6,428 88,331 10,201 19,185 13,041 12,310 39,170 7,328 3,821 7,185 12,156 67,284 T E o qu ta i l t y c a c p a i p t i a t l a l a c p c lu o s u n to ts t a p l lu re s s e to rv ta e l s . r . e .. s .. e .. r .. v .. e .. s .. . . . . . . . . . . . . . . . . . . . . . . 7 6 4 9 8 7 9 9 , ,9 1 9 4 2 7 1,1 9 6 5 1 0 2 2 , , 2 21 7 8 6 1 1 , , 2 1 8 8 1 1 1 1 , , 3 1 0 8 1 9 3 3 , , 9 6 2 9 9 8 7 72 74 4 4 3 3 6 7 8 7 6 2 5 6 6 1 1 , ,1 1 1 8 8 2 4 5 , , 9 58 5 8 7 12,421 104,734 17,623 27,199 25,064 23,859 50,182 12,407 5,399 11,243 13,312 124,901 4 16 6 16 15 20 24 15 8 18 17 19 For numbered notes see p. A-91. JUNE 1974 □ MEMBER BANKS, 1973 A 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF OTHER-THAN-LARGE MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income, etc. in thousands, and asset and liability items in millions, of dollars) Item Boston Y N o ew rk d P e h lp il h a i ­ a C l l a e n v d e­ m R o ic n h d ­ Atlanta Chicago L S o t u . is M ap in o n li e s ­ K C an it s y as Dallas Fra S n a c n isco 995,395 2,361,839 941,6361,252,289 1,209,716 1,883,105 2,805,054 666,002 735,4041,163,777 1,200,242 1,034,138 Loans: 706,526 1,531,275 614,336 798,169 827,456 1,180,818 1,773,124 395,851 481,164 725,525 750,949 719,524 Federal funds sold and securities purchased with resale 26,653 86,387 35,271 55,967 53,611 100,868 135,889 38,615 30,650 74,764 81,172 26,671 Securities—Interest and dividends:1 45,513 162,889 84,364 140,240 81,350 140,044 259,665 78,458 72,742 107,209 94,259 66,870 O Ob th li e g r a U tio .S n . s G o o f v S t t , a t s e e s c u a r n it d ie s p o (a li g ti e c n a c l i e s s u a b n d d i v c i o s r i p o o n r s a . t .. i . o .. n .. s .. ) .. - . - . - .. -- 7 1 6 4 6 , , , 3 1 6 6 8 8 3 5 4 2 9 2 3 4 6 8 , , ,7 2 7 9 1 9 3 8 9 9 3 1 6 9 7 , , , 0 7 7 7 0 97 0 6 1 4 1 8 0 8 , , , 6 0 6 3 2 3 7 6 6 4 9 4 4 9 , , , 0 4 2 1 8 5 7 4 9 1 7 1 8 5 0 9 , , , 5 0 1 8 0 3 2 7 0 2 1 4 4 3 1 9 3 , , , 3 5 7 6 4 6 5 6 0 4 6 0 1 3 , , , 5 6 9 0 5 3 1 3 8 3 6 2 4 1 , , , 0 2 0 6 9 7 5 7 9 1 3 0 4 9 3 , , , 7 4 6 0 9 5 8 4 7 1 5 0 7 5 9 , , , 2 1 6 2 6 3 1 8 0 7 2 2 2 9 , , , 7 0 0 6 7 6 1 3 3 T O Se r t u r h v s e i t c r e d c e h c p a h a r a g r r t e g m s e , s e f n o e t e n s i n , d c e e o t p c m o .. s . e i .. t . . . . . . a . . . . c . . . . c . . . . . o . . . . u . . . . . n . . . . . t . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 1 6 1 9 , , , 5 3 7 9 2 4 5 3 8 7 6 3 4 1 6 , , , 3 0 1 2 6 9 1 1 0 1 1 1 6 8 0 , , , 3 1 6 1 4 5 5 4 6 2 2 3 2 4 2 , , , 9 5 2 5 5 0 5 4 6 3 3 1 3 2 7 , , , 6 3 6 7 9 4 3 8 4 6 3 56 5 9 , , , 2 7 4 0 5 8 9 7 4 5 6 5 9 1 7 , , , 5 5 6 7 9 8 4 6 0 1 1 9 3 7 , , , 7 1 0 5 4 15 8 3 2 1 6 3 8 , , , 0 4 3 1 0 4 5 8 9 4 3 1 4 3 5 , , , 1 9 3 8 0 3 1 7 0 4 2 1 7 2 3 , , , 5 7 9 4 8 9 7 5 8 4 3 1 6 2 8 , , , 1 1 3 8 4 3 3 5 7 Ot O O he n th r t e o r r a p .. d e .. i r . n . a .. g t . i . . n . a . g . c . . c . i . n o .. c u .. o . n .. m t . .. ( e . n . : . e .. t .. ) . .......... • ...... . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . . 1 3 8 , , 2 5 6 45 0 41 8 , , 3 5 6 4 1 5 8,977 10,5 3 9 0 6 3 14 1 , , 1 7 1 1 1 3 23 1 , , 8 3 5 5 3 3 32,4 4 2 2 9 6 6,7 3 2 4 8 2 5,55 8 3 2 1 1 3 , ,7 2 4 5 3 9 17,1 3 2 8 6 7 19 1 , , 1 3 7 39 2 Op O S e a f r f l a a i t c r i e i n e r g s a a n e n d x d p e e m w ns a p e g l s o e — s y e o T e f o b o t e a f n f l i . e . c . f e .. i r . t . s s .. . . a . . . . n . . . . . . d . . . . . . . e . . . . . m . . . . . . p . . . . . . l . . o . . . . y . . . . . e . . . . . e . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 20 5 3 0 9 1 , , , 3 4 5 0 4 2 8 8 2 2,0 4 1 3 8 8 3 2 , , , 9 6 7 4 0 6 5 9 9 7 1 2 8 4 7 7 4 , , , 2 2 6 0 2 4 1 9 2 1,0 1 2 3 9 6 3 8 , , , 8 2 9 2 0 3 1 5 6 9 2 3 9 1 6 6 5 , , , 8 7 2 5 3 9 1 3 7 1,5 3 4 5 1 3 3 9 , , , 7 7 7 5 0 4 0 4 4 2,3 4 4 7 4 0 4 7 , , , 9 1 3 8 5 5 3 0 6 5 1 2 0 1 9 7 7 , , , 5 6 3 1 4 6 3 8 0 6 1 0 1 0 5 9 8 , , , 1 5 2 1 4 9 7 3 0 9 1 2 3 9 3 0 7 , , , 7 0 6 4 8 6 2 7 6 9 1 6 2 9 8 9 7 , , , 3 4 2 0 9 3 2 6 2 9 2 0 1 3 5 6 3 , , , 4 1 5 6 9 7 1 3 2 Int T e i r m es e t a p n a d id s o av n i : ngs deposits............................................................ 320,915 907,988 428,541 516,394 438,412 685,099 1,242,641 270,520 341,571 425,257 451,334 386,706 O Fu c C O F r c n e u a th d i p p t e e i u a c t r r n r a h a e c b l a l , y o s n e f e r o e u r q t x o a n u e p w g d s i e p r s e n e a m d e s n p e e m d u m n o r e d t o c f , n e h n t e b b a . e t . a e s . y c . n e n . . . . . . k d . t . . . . u . . . . . . . p r . . . a . . e . . r . . n . . e . s . . . . d . m . . . . . . . . . . . . . . . i . . . s . s . . . . e . . . . e . . . . c . . . . s . . . . u . . . , . . . . . . . . r . . . . n . i . . . . t . . . . e . . . i . . . . e . t . . . . . . . . s . . . . . . . . . . . . . . . . . . . . s . . . . . . . o . . . . . . . . . . . . l . . . . . . d . . . . . . . . . . . . . . . . . . . . . w . . . . . . . . . . . . . . . . . . i . . . . . . t . . . . . . h . . . . . . . . . . . . . . . . . . . . r . . . . . . . . . e . . . . . . . . . . p . . . . . . . . . . . u . . . . . . . . . . . . . r . . . . . . . ­ . . . . . . . . . 4 2 5 2 1 2 0 6 8 7 0 , , , , , , 4 4 4 9 9 0 2 8 4 2 4 3 5 3 9 9 0 0 1 1 4 6 1 1 0 0 2 0 2 0 2 9 , , , , , , 0 0 9 4 7 8 0 0 3 3 7 8 8 5 9 8 2 6 2 3 1 3 6 3 4 0 2 , , , , , , 9 5 3 4 9 4 9 0 1 8 1 6 8 9 4 9 0 7 2 3 2 3 3 3 4 3 7 6 , , , , , , 4 1 5 6 1 2 3 8 8 6 0 1 8 6 2 2 9 0 4 3 3 2 4 6 4 2 9 4 , , , , , , 0 3 6 5 5 1 6 4 1 7 6 5 1 1 5 5 8 2 4 7 5 5 4 6 7 3 5 3 , , , , , , 5 3 4 5 8 2 9 4 6 5 2 4 2 7 2 9 9 4 4 9 6 7 1 1 5 9 1 1 0 0 , , , , , , 2 6 7 2 0 3 7 1 6 6 6 1 5 8 4 9 9 4 2 1 1 8 0 1 0 7 , , , , , 6 8 1 8 4 9 3 9 6 3 9 7 3 7 6 5 0 0 1 1 1 3 8 1 8 0 9 , , , , , , 6 8 7 7 2 0 2 3 3 6 5 5 8 7 6 7 4 6 3 3 2 3 6 3 2 6 6 0 , , , , , , 0 6 6 2 3 3 4 2 9 3 0 8 1 5 5 9 4 4 3 3 3 3 2 2 0 7 7 0 , , , , , , 8 8 7 7 8 4 1 5 7 7 5 5 3 8 4 2 4 0 4 3 2 3 3 9 2 2 6 2 , , , , , , 9 1 2 2 7 8 5 4 9 4 5 5 1 1 5 4 4 6 124,447 256,531 99,998 150,099 153,989 244,170 278,461 74,064 73,487 134,052 147,719 121,749 Inc A o p m p e l i b c e a f b o l r e e i i n n c c o o m m e e t t a a x x e e s s . a .. n ... d .. . s .. e .. c .. u .. r .. i . t . i . e .. s .. . g .. a .. m .... s . .. o ... r . .. l . o .. s .. s .. e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 3 4 0 6 3 7 , , , 2 9 7 4 4 0 7 7 0 3 2 4 4 9 8 2 4 , , , 4 8 4 2 6 9 5 9 4 1 1 2 5 3 2 6 4 , , , 1 9 8 8 1 7 7 7 0 2 1 4 2 7 5 5 9 , , , 6 4 7 7 6 8 8 9 9 2 1 5 1 6 3 3 0 , , , 0 4 3 1 7 4 9 9 0 3 2 6 3 6 9 9 9 , , , 7 3 5 9 5 6 5 5 0 4 3 1 6 6 0 4 3 0 , , , 1 9 1 2 0 7 7 7 4 1 1 3 3 0 2 6 3 , , , 9 4 5 0 5 4 8 6 4 1 9 3 3 6 0 3 , , , 2 6 5 6 7 8 1 3 8 2 1 6 4 7 2 0 7 , , , 7 8 8 3 5 7 1 7 4 2 1 5 3 8 1 1 0 , , , 7 9 1 5 8 4 1 9 0 1 1 2 2 0 7 1 8 , , , 2 4 6 7 0 7 1 6 7 N L E e x e s t t s r a s m e o c r i u d n r i o i n t r i a i e t r y s y g i c n a h t i e a n r r s e g s o e t s r i n l ( o — c ss o ) e n o s s r o ( l c — i r d e ) a d a t i e f t d t s e r a s u f t t a b e x s r i e d t s a i . a x .. r . e . i . s e .. . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,5 6 4 5 8 3 -4 4 , , 8 0 1 8 2 5 7 -4 7 4 7 3 7 -1,1 4 6 5 0 1 Q7 -1 2 , , 2 7 4 2 0 7 -2 2 ,2 ,1 - 0 2 1 4 9 - - 1 1 , , 2 1 8 1 3 7 0 1 - 6 9 8 0 1 -1,9 -5 6 4 7 2 8 0 7 5 6 3 1 -6 ,6 0 3 1 0 6 5 7 2 1 2 106,805 293,735 135,151 179,071 161,827 269,486 361,499 104,137 94,567 178,955 181,218 102,464 Ca O Q sh n jj d p c i o r v e m i f d e m e r n r o d e n s d s d s t e t o o c c c la k k r . e .. d .. : ............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . ...... 50,16 3 6 3 134,324 8 50,104 61,8 2 2 1 7 8 58,624 81,455 108,7 1 5 4 2 5 26,47 1 3 4 29,91 2 7 5 49,9 2 5 8 3 7 48,328 7 36,46 2 0 2 Me In m c o o r m an e d t a a x it e e s m a s p : plicable to 1973 operating income................... 36,247 48,425 22,170 45,679 53,079 69,795 100,177 32,908 33,673 62,854 51,751 27,406 T T a o T N x ta r e l a e t f p n f s r s e e o f c c e v t u r is o s r i — i f o t : i n e C s f a o g p r a i i t i n a n l c s o a o m c r c e o l o t u a s n x s t e e s s s t ( o 1 — 9 I ) R 7 , 3 S e .. t . c l .. o . . . . a . . . . n . . . . . . . . l . . o . . . . s . . . . s . . . . . . r . e . . . . s . . . . e . . . . r . . v . . . . . . e . . . s . . 2 ... . .. . ... . . . . - 2 6 1 9 7 , - 5 , 5 , 0 9 8 8 8 7 1 0 6 6 - - 3 2 2 8 8 4 , , 3 0 , , 0 0 6 3 3 1 1 0 4 2 - 1 6 1 5 5 - ,8 1 , , 1 0 5 1 9 7 5 9 6 4 - 3 3 8 6 6 - .3 , 9 , 4 3 0 6 0 1 9 9 1 4 - 4 4 9 5 2 1 ,0 , , , 1 0 0 7 9 8 7 1 9 4 6 - - 5 5 9 1 8 2 , , 5 4 , , 3 7 9 0 1 9 3 6 8 6 - 7 8 1 0 3 5 -6 , , , 8 8 6 4 9 5 7 1 5 8 8 - 2 2 3 9 8 ,4 , ,6 3 2 7 6 8 5 4 7 7 3 - - 2 1 4 1 7 9 , ,9 2 , , 4 1 7 0 8 2 8 7 8 2 - 4 5 5 9 6 - ,9 1 , , 5 7 3 4 5 7 3 3 0 8 - 4 4 3 7 7 - ,3 , , 5 3 7 8 8 7 7 9 4 8 8 - 2 1 3 3 9 ,9 , , 8 3 4 9 6 7 5 2 4 2 0 11,110 14,022 122 87 2,885 6,478 12,963 1,320 8,366 7,228 400 4,492 A 90 MEMBER BANKS, 1973 □JUNE 1974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Me O m cc o u ra p n a d n a c y i te e m xp s e ( n c s o e n o t. f ) : bank premises, gross............................. 53,334 118,922 32,969 42,831 46,789 70,251 109,526 23,204 22,966 39,836 52,186 52,371 Ne R t e s n ec ta u l r i i t n ie c s o m ga e i n fr s o o m r l b o a s n se k s p ( r — em ) b is e e f s o .. r . e . .. i . n .. c .. o .. m ... e .. . t . a .. x .. e .. s .. . . . . . . . . . . . . . . . . . . . . . . . -2 6 ,6 ,3 7 9 9 4 -10 9 , , 2 0 4 4 3 4 2 1 , , 0 1 5 67 0 -2 5 ,4 ,6 2 6 8 9 -2 7 ,5 ,2 5 1 8 4 - 1 4 4 ,2 ,4 1 0 0 4 - 1 2 7 ,6 ,7 0 5 4 7 2,3 9 3 91 7 -3 3 , , 2 9 6 0 4 9 7,79 5 5 2 -1 14 ,1 ,4 9 3 7 4 8,4 6 2 0 0 4 Extraordinary charges (—) or credits before income tax......... 1,204 7,155 -952 750 5,121 2,729 -434 -147 -34 886 1,642 1,039 Reserves for losses on loans:3 Ne B B t a a l L T T R A l o l a a o r r e a d n a n a s c n d c n n s c o e i e s e s l t v s o f i f a e o e e a s c r t r n r s t i s h s e e e s b a s n s f t e d r o r d g ( g c o u i — r o e n r m e e e d n f ) d s t y i o r i t e n o e t o e r g e r a s m v d r e r o r e e e e r . t s f s v r c . o . y g e . o . e . . e r e r v s . . v a . r e . . e . s . e . r . s . r . . . s . e . i a . . . e . . . r . . . n . . . s v . . . . . . d . . e . . . . . 4 . . . . . s . . . a . . . . . . . . . . . . . . b . . . . . . . . . . . . s . . . . . . . . . . . o . . . . . . . . . . . . . . . r . . . . . . . . . p . . . . . . . . . . . . . . t . . . . . . . i . . . . . . . . o . . . . . . . . . . . . . . n . . . . . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 1 2 1 4 3 4 2 3 8 2 0 1 5 , , , , 7 , , 2 6 4 9 7 7 7 0 9 6 3 4 8 2 7 1 7 6 0 6 0 6 - 3 3 4 6 5 3 1 1 0 2 0 9 8 6 8 , , , , , 5 , , 2 9 5 4 9 5 8 7 6 2 3 0 9 8 3 0 9 9 3 2 9 2 2 - 1 1 1 2 1 4 2 2 4 8 7 1 4 , , , , 3 , , 7 9 1 1 3 2 5 8 6 5 8 8 2 7 3 7 3 1 6 0 4 3 9 - 1 1 2 4 3 6 1 4 0 1 1 0 4 0 4 , , , , 5 , , , 2 4 3 7 0 7 4 2 8 7 4 8 3 8 0 4 9 0 8 3 0 4 2 - 1 1 1 4 2 6 3 7 9 7 3 1 4 8 , , , , , 9 , , 7 5 0 7 1 8 3 0 6 3 4 7 4 6 1 9 1 1 8 4 2 8 8 - 2 3 1 5 6 1 8 1 7 7 5 7 1 9 9 ,3 , , , , , , 1 0 9 9 8 8 6 5 5 8 9 9 2 0 2 3 7 6 0 5 6 4 6 - 3 3 4 7 6 8 2 5 2 8 4 1 7 2 2 , , , , , , , 0 5 8 5 6 6 3 4 4 9 5 4 7 5 9 4 7 8 6 5 2 4 2 9 - 8 7 1 1 8 5 4 1 4 9 4 ,8 , , , , , , 9 8 1 3 4 8 3 8 9 5 3 5 4 3 3 3 6 2 2 0 4 - 8 2 9 1 9 5 9 0 9 4 , , , 3 , , , 5 3 5 5 9 9 7 6 4 0 5 8 5 8 2 1 8 7 7 9 8 2 -2 1 1 4 3 1 2 3 2 0 4 1 0 2 7 , , 9 , , , , , 2 5 3 4 1 0 9 6 2 7 6 2 5 7 1 3 1 7 4 2 9 2 - 1 2 1 4 4 1 3 4 7 4 5 1 9 8 8 , , , , , , 1 , 7 6 2 1 1 2 2 3 5 3 3 2 1 8 6 3 5 9 3 2 6 2 - 1 1 1 3 3 1 0 2 9 5 1 2 1 6 1 , , , , , 3 , , 4 2 7 7 9 4 3 7 1 7 1 7 5 0 7 1 1 0 1 5 9 3 0 Re B se a r l v a e n s c e o n a t s b e e c g u i r n i n ti i e n s g : of year.................................... 1,350 3,635 881 5,195 4,818 7,900 11,427 4,766 958 3,092 12,580 4,400 T L T A R o r r e d a a s c d n n s o i e s s t v s f f i e o e e c r r n r i h s s e s a s t f d r o r g c o u r e r m e e e d d s t o i r t e t o e r e s m v d e r e e e r t s v s r o . g e e . . r e s r . v . r . e . . s . e s . . . e s . . a . . . r . . n . . v . . . . d . . . e . . . . . s . . . a . . . . . . . . b . . . . . . . . s . . . . . . o . . . . . . . . . . r . . . . . p . . . . . . . . . t . . . . i . . . . . . o . . . . . . . . n . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 5 7 2 4 4 7 5 3 4 1 2 7 11 9 0 4 0 2 4 9 2 1 7 8 0 3 9 3 3 5 3 2 1 8 7 7 4 2 2 5 6 1 8 1 1 9 3 3 4 1 1 7 1 7 9 1 1 , , 1 1 3 2 9 0 0 2 1 7 0 \ 1,2 2 1 5 1 \ 1 9 2 0 4 i9 2 2 5 2 1 1 0 3 3 3 9 7 2 4 1,0 7 1 3 9 0 1 i;4 1 7 7 6 5 Balance at end of year........................................... 1,065 3,839 1,134 5,203 4,835 8,482 11,632 3,629 791 2,926 12,870 5,701 To T D T P O O P C N ta r r r r i o t t e e e a a v l h h m t m f n n i n e e e d i s s m r r e n i r e f f u t r c e e i d n o e m n c o r r e d d n s h s c m c s a r r s r t f s e e n e o d e t r t a o c o o g a e t s e c e m c r s c l e i s a o k e k l v s a n s a , i e . l s . n r . s n o c . d . e o f . . a a . . c e d l a . . o n p d . a . r . n . . n . r i . . p . d . t e a . ( . . . a i . n . n d n . t . . l . a . . s e e . d . . . t n e . l . w t . . o . . ) c a . o s . . . . . . u e c . t . . . c u . . . e c . c r . . . a . n . i s u . . o . . t p . . . d , . . r . u y . . . . i . i i . . . a t . n t v . . . . r a i . n . . . t e i . e . . . l s . d . . d . s s . . . . . s . . e . e . . . . . t . d r d . r . . . . o . e . . v . . e . . . . c s . . . . e p b . . . . e . . k . s . . . r e . . . . r . . o . . . n . v ( . s . . . . . . . f n . t o e . . . . . u i . . . e . . s l t . . . . r . . d s t . . . . . e . . . . . . . . . . . . o . . s . . . . . . . . . . . . . . f . . . . . . . . s . . . . . . . . . . . . . . t . o . . . . . . a . . . . . . . . . . l . . . . . . x . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e . . . . . . . . . . . . . f . . . . . . . . . . . . . f . . . . . . . . . . . e . . . . . . . . . . . . . . . . . c . . . . . . . . . . . . . . . t . . . . . . . . . . . ) . . . . . . . . . - . . . . . . . . . . . . . . . - . . . . . . . . . . . - . . . . . . . . . - . . . . . . . . . . . . . . . . 1 8 3 5 0 7 3 6 3 3 5 0 0 1 6 , , , , , , , , , , 5 9 9 5 5 6 7 1 8 0 0 2 7 5 0 0 9 7 6 4 5 5 4 9 0 9 0 2 8 0 2 2 1 4 3 9 1 1 1 1 3 5 9 3 6 1 4 7 4 0 8 , , , , , , , , , , 9 8 7 2 2 2 1 3 5 3 2 7 3 6 4 9 4 3 7 0 1 5 1 5 7 2 4 2 9 6 1 1 5 2 2 1 3 1 7 9 5 4 0 5 6 4 1 , , , , , , , , , 2 9 1 6 1 1 9 4 2 3 5 2 5 4 7 0 5 1 8 1 1 7 4 9 4 6 0 7 4 8 . 1 1 2 6 5 1 1 7 1 9 6 2 7 6 9 1 3 4 0 , , , , , , , , , , 9 0 0 0 2 1 7 3 8 0 7 1 4 8 4 7 7 2 0 8 1 1 5 5 8 4 7 0 7 0 1 1 4 2 2 5 8 1 1 6 9 0 3 4 8 1 2 1 4 1 , , , , , , , , , , 1 2 4 6 2 3 1 2 8 5 0 7 4 2 9 2 2 2 8 1 3 7 9 8 7 4 6 4 2 6 3 2 4 2 5 8 3 0 6 1 1 2 2 1 4 1 1 9 9 3 6 , , , , , , , , , , 4 7 3 2 2 4 8 8 4 4 9 5 4 3 4 4 5 8 2 3 1 1 1 7 8 5 5 8 6 4 3 3 1 2 2 3 2 6 1 0 1 1 2 6 7 9 6 3 1 8 8 7 , , , , , , , , , , 9 4 8 0 2 1 4 8 8 1 2 8 6 6 4 7 9 5 9 5 1 5 3 8 5 5 9 5 7 4 1 9 2 1 0 7 6 3 3 2 5 5 6 3 4 , , , , , , , , , , 5 1 1 8 5 7 9 4 0 1 5 0 9 1 5 8 6 8 9 3 1 1 1 9 7 9 8 7 4 7 9 9 2 1 1 1 4 7 4 5 6 9 1 3 4 0 , , , , , , , , , , 4 5 4 5 9 4 1 5 7 6 1 7 7 6 4 8 4 6 6 8 1 8 5 7 2 9 6 0 4 4 1 1 2 2 5 7 7 1 1 6 6 8 1 1 0 4 8 2 3 , , , , , , , , , , 3 0 7 5 3 9 0 0 2 3 9 7 6 5 9 8 4 8 4 7 5 7 4 7 5 7 9 6 0 8 2 1 4 4 2 0 1 1 1 8 9 5 1 1 8 6 9 6 1 6 , , , , . . , , , , 8 0 4 9 3 3 6 4 2 7 6 7 3 6 7 3 5 3 1 0 1 1 5 5 7 0 8 3 2 2 1 8 3 0 1 9 9 6 2 9 6 0 1 1 2 , , , , , , , , , , 4 5 7 3 4 4 8 9 7 4 5 4 7 4 9 8 4 6 5 6 8 7 4 2 0 8 2 6 5 4 Assets, deposits, and capital accounts: T T T T O L A E O C U i o o o q o l a t . b m l S h a u t t s t l a a a i e . h n o i e g c l l t l r s T t y a h a h a d c a U r t a n s g e i a s c e e s o s . s r d r p a a p e S e o n e p i s s o s . t t s t s s u ) e i s s a s s a G t r c . . i l o a v . . y t 5 u . . ( o l f . s . i a . i . r . n . . v s . . c n p S i . . . . g e . t . . . c t c l . . . t i . s c . . . u . a o e l . . s . . . u . . u . s s t e u . . . d . e . . . r . d c . . . n . e i t s . . . . 1 u i . t . . o . t p . . . n i . . s . . r . . a e . t . . . o . g i . a . . . . n s . t . . p . . . s . . l i . . d . . . . e l i . . . . F . 1 . u r t . . . . s . . . . . . e s e . p s . . . . . . . . . . . . s ( d . o . . . . . . . . . a . e . t . . . . e . l . . . . o . . g . . r . . . i . . r . . . . . t v . t . . . e . . . a . i . . . a . . . . e . . . n c . . . l . . . . . . . l . s . . . a . . . c . . . . . . . . . r f . . l . i . . . . . . . . . . . e e u . . . . . . . . . . s . . . . . . s s n . . . . . . . . u . . . . . . . e . . . d . . . . . . a . . b . . . . . . r . . . . . s . . . n . . v . d . . . . . . . . . . . . . . . d . . . . . e i . . . . . . s . . . v . . . . . . . . s . . o . . . . . . c . i . . . . . . . . . . s . . . l . . . . o . . . . . . . . . d i . . . . . . . . . . . o r . . . . . . . . . . . . . . . . p . . . . n . . . . . a . . . . . . . . o . . . . . . . . . s . n . . . . . . . . . . r . . . . . . . . . . d . . . . . . a . . 1 . . . . . . . . . . . . . . . . t . . . . . . . . . . . . . i . . . . . . . r . . . . . . . o . . . . . . . . e . . . . . . . . . . . . . . . n . . . s . . . . . . . . . . . . . . . . . a . . . s . . . . . . . . . . . . . . . . . ) l . . . . . . . . . . . . . e . . . . . . . . . . . . . . . . . . l . . . . . . . . . . . . . . . . . . . . p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . u . . . . . . . . . . . . . . . . . . . . . . . r . . . . . . . . . . . . . . . . . . ­ 1 1 5 8 1 1 2 1 1 4 , , , , , , , , 7 1 3 9 9 1 9 3 2 8 0 5 6 4 3 2 7 8 5 9 0 1 1 1 3 0 4 7 6 7 5 6 3 2 3 1 4 2 2 5 2 6 0 0 1 7 , , , , , , , , , , 9 8 2 8 6 0 8 3 4 3 3 0 7 5 1 2 1 9 3 2 7 6 8 8 5 8 0 0 4 0 0 2 7 1 1 2 8 8 1 3 1 1 1 4 , , , , , , , , , 3 2 5 6 2 4 1 4 9 6 2 0 4 3 1 6 9 4 1 5 1 6 1 1 8 8 8 6 6 3 0 0 0 1 1 1 1 2 2 2 1 6 0 1 0 9 , , , , , , , , , 7 0 3 6 7 6 3 7 2 6 1 0 7 8 7 6 6 4 2 0 3 3 1 3 5 8 7 7 2 8 6 0 0 1 1 1 2 2 8 1 1 4 7 1 0 , , , , , , , , , 0 1 2 3 2 3 7 3 2 7 6 9 7 3 3 2 1 1 7 0 6 8 5 8 4 7 7 8 6 7 9 4 2 2 1 1 2 4 4 2 3 7 2 1 2 4 , , , , , , , , , , 1 0 1 1 3 6 9 5 1 7 1 0 7 9 9 1 2 0 9 4 8 4 8 3 5 3 8 6 2 8 9 8 9 4 2 3 2 4 3 4 5 3 3 2 2 7 3 , , , , , , , , , , 3 1 7 3 7 8 1 3 7 4 5 2 7 0 6 8 0 1 4 5 5 8 1 9 5 5 5 5 7 4 4 2 4 1 9 5 5 1 1 1 0 , , , , , , , 3 2 4 5 3 2 5 8 8 6 2 9 5 9 2 1 8 8 6 7 5 3 1 1 4 5 6 2 7 6 6 4 1 9 6 6 1 1 0 1 , , , , , , , 7 3 3 9 4 1 2 4 8 7 6 3 8 2 8 4 4 9 4 8 3 7 8 6 8 5 6 6 2 0 0 3 1 1 1 7 9 2 2 1 5 1 7 , , , , , , , , , 4 3 8 4 4 7 0 4 7 6 8 5 9 0 4 9 7 2 6 2 6 1 5 8 4 7 2 0 0 6 0 6 1 1 8 2 2 9 1 1 6 8 1 , , , , , , , , , 0 5 8 8 4 4 1 3 5 8 1 8 6 7 8 5 3 2 8 0 0 9 1 7 7 9 7 2 8 6 9 3 9 1 1 7 8 1 1 1 2 1 5 , , , , , , , , 5 1 9 0 7 8 9 0 9 5 8 6 3 7 3 5 3 3 1 4 5 1 7 8 3 3 1 9 9 9 6 6 N N u u m m b be e r r o of f b of a f n ic k e s r . s . .. a .. n .. d ... . e .. m ... p ... l . o .. y .. e .. e .. s . 27,9 2 8 0 5 8 55,8 3 6 1 9 5 22,3 2 9 7 4 5 29,4 4 3 4 4 0 32,4 3 0 6 1 4 45,8 5 2 8 3 7 60,4 9 2 1 5 2 15,4 4 2 1 6 6 15,3 4 3 93 4 26,3 7 9 9 5 8 27,2 6 1 2 5 5 29,3 1 7 2 6 4 1 Excluding trading account securities. banks not on a reserve accounting method and the excess of cluded in the time deposit figures used in this table. The 2 Prior to 1969 transfers to IRS reserve for bad debt losses losses charged against reserve for losses on loans over re­ number of officers and employees is as of the end of year. on loans were deducted from operating income; beginning coveries credited to these reserves for banks on a reserve Cash assets comprise cash, balances with other banks (in­ in 1969, within prescribed limits, banks may deduct all or accounting method. cluding reserve balances), and cash items in process of col­ part of the transfers to this reserve from income and treat 5 Including trading account securities. lection. Equity capital and reserves include common and the balance, if any, as a transfer from capital accounts. (These Note.—Figures' exclude two member banks located outside preferred stock, surplus,- undivided profits plus reserves transfers are exempt from Federal income taxes.) the continental United States. Balance sheet figures shown for contingencies, other capital reserves, and reserves on 3 Includes reserve for bad debt losses and other reserves on were obtained by averaging the amounts shown in each bank’s loans and securities. Total capital accounts include equity loans. official condition reports submitted for December 31, 1972, capital and capital notes and debentures. Details may not 4 Sum of the expense item “provision for loan losses” for June 30 and December 31, 1973. Savings deposits are in­ add to totals because of rounding. JUNE 1974 o MEMBER BANKS, 1973 A 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—Total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000- 2,000 5,000 10,000 25,000 50,000 100,000 500,000 or more Operating income—Total.................................................................... 41,678,613 4,927 114,230 518,415 2,251,526 2,546,940 2,717,852 7,108,752 26,415,971 Loans: Interest and fees.......................................................................... 28,245,837 2,435 61,458 296,571 1,354,270 1,613,619 1,743,938 4,647,345 18,526,201 Federal funds sold and securities purchased with resale agreement............................................................................. 1,839,874 840 13,156 47,629 159,685 124,708 123,020 321,948 1,048,888 Securities—Interest and dividends:2 U.S. Treasury securities............................................................. 2,389,208 915 19,440 71,948 257,344 237,619 224,600 472,205 1,105,137 Other U.S. Govt, securities (agencies and corporations).---- 942,336 301 7,242 30,608 114,377 119,022 116,320 233,728 320,738 Obligations of States and political subdivisions.................... 2,925,556 71 4,959 35,285 199,075 242,758 264,110 614.681 1,564,617 All other securities.................................................................... 268,153 88 720 3,423 16,504 19,799 24,935 59,800 142,884 Trust department income.............................................................. 1,344,153 47 484 5,853 23,775 48,977 241,135 1,023,882 Service charges on deposit accounts............................................ 938,797 135 3,544 18,585 80,982 89,361 88,246 189,279 468,665 Other charges, fees, etc.................................................................. 997,453 71 2,375 8,910 40,212 48,674 51,430 202,484 643,297 Other operating income: On trading account (net).......................................................... 338,497 12 61 98 88 20,103 318,135 Other........................................................................................... 1,448,749 71 1,289 4,960 23,163 27,507 32,188 106,044 1,253,527 Operating expenses—Total............................................................... 34,997,171 3,894 90,539 409,625 1,795,422 2.075.730 2,263,394 6,027,510 22,331,057 Salaries and wages of officers and employees............................. 6,564,326 1,328 24,746 98,249 379,567 421,558 460,629 1,212,317 3,965,932 Officer and employee benefits...................................................... 1,233,521 149 2,961 13,375 58,980 70,465 78,669 218.682 790,240 Interest paid on: Time and savings deposits......................................................... 15,367,629 1,009 38,356 192,057 908,358 1.044.731 1,119,034 2,666,916 9,397,168 Federal funds purchased and securities sold with repurchase agreement............................................................................... 3,763,586 150 1,315 8,661 23,095 52,118 440.085 3,238,162 Other borrowed money............................................................. 473,284 89 563 3,671 6,329 9,095 39,928 413,607 Capital notes and debentures................................................... 203,851 49 368 2,944 6,610 9,208 32,381 152,291 Occupancy expense of bank premises, net................................... 1,405,552 139 3,311 14,696 67,069 81,352 94,463 258,331 886,191 Furniture, equipment, etc............................................................... 922,598 155 2,998 12,864 55,312 66,796 73,129 207,864 503,480 Provision for loan losses............................................................... 992,683 374 3,192 12,363 47,264 52,027 50,995 145,069 681,399 Other operating expenses.............................................................. 4,070,141 738 14,687 63,775 263,596 302,767 316,054 805,937 2,302,587 Income before income taxes and securities gains or losses.............. 6,681,442 1,033 23,691 108,790 456,104 471,210 454,458 1,081,242 4,084.914 I A N E L n e x p e c s t p t o s r l m a s i m e c o e c a r i u d b n b r l i o e i e n t r f i a i o i e t r n r y s y e c o g i c s n m a h e t i e c a n e u r r s e g t r a s i o e t t x s i r e e i ( l n s s o — . g s c .. s ) a o . e . i n . o n s .. s r s . ( o . . c — o l .. i r r . d e ) . . l d a . a o . t i . e f t s . s t . d s . e . e a r . s s . f . u t . . t . a . e b . . . x . r s . . . . e i . t . d . a . s . . . i . x . . . a . . . . e . r . . . . . s i . . . e . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1 , , - 0 6 2 2 5 1 9 7 4 5 , , , , 7 2 2 2 3 7 0 3 5 0 3 3 5 7 2 3 6 _ - 4 8 1 2 5 8 1 6 7 , , - - 2 3 2 1 9 9 0 9 5 6 2 8 7 0, , - 8 9 1 4 3 5 5 5 6 4 2 1 3 1 4 1 1 4 1 , , , 0 2 8 6 4 5 4 8 1 1 8 6 0 0 3 1 6 06 4 , , - 2 9 6 1 3 7 9 7 1 9 4 2 3 - 9 6 2 2 3 1 ,1 , , , 0 1 2 8 8 7 7 1 1 9 0 9 1 2 8 - 2 5 7 4 2 9 , , 6 . , 1 0 1 3 2 8 5 5 2 2 6 6 0 2 1 , , - 9 0 2 9 8 0 7 7 7 , , , , 5 9 1 0 2 5 0 8 0 2 7 5 8 6 8 Net income.......................................................................................... 5,012,383 685 17,356 81,060 346,557 365,654 361,167 855,596 2,984,308 Ca O O sh n n d c p i o r v e m i f d e m e r n r o d e n s d s d s t e t o o c c l c k a k r .. e . . . . d . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,015 2 , , 5 5 4 6 1 0 316 4,071 18,153 2 82,03 4 3 8 104,62 8 3 7 120,7 2 0 0 1 9 356,8 5 3 41 9 1,328 1 , , 8 6 0 7 5 3 Me In m c o o r m an e d t a a x it e e s m a s p : plicable to 1973 operating income................... 1,654,237 345 6,296 27,836 111,258 106,231 93,179 222,086 1,087,006 Ta T N x r e e a t f n f s s e e f c c e t u r o s r — i f t : ie C s a g p a it i a n l s a o c r c l o o u s n se ts s t ( o — I ) R , e S t c lo ... a . n ... . l . o .. s . s .. . r .. e . s .. e .. r . v .. e .. s . .. 3 .. . .. . . . .. . . -3 -3 1 8 9 , , 2 3 6 9 3 4 -3 2 -2 -2 9 0 6 -1,8 2 0 8 1 3 -10,81 7 5 8 -13 - , 3 3 5 8 4 9 -15 - , 7 1 4 0 9 0 -3 -6 7 , , 7 0 1 4 1 3 -2 -3 4 0 0 , , 7 94 9 7 2 To F S ta t e a l d t p e e r r o a a v n l i . d s . i . . o l . o . n .. c f .. a o .. l r . . . . . . i . . n . . . . c . . . . o . . . . m . . . . . . e . . . . . . t . . a . . . . x . . . . e . . . . s . . . . , . . . . 1 . . . . 9 . . . . . 7 . . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,2 9 3 9 1 7 6 7 9 , , , 5 1 4 8 5 3 0 0 0 3 3 4 2 1 8 4 6 5 5, , 5 9 4 2 8 51 9 0 2 2 2 4 6 , , , 2 0 3 6 5 1 3 5 8 1 9 0 9 0 0 , , , 9 6 5 1 2 0 7 1 4 9 8 10 1 2 , , , 5 9 4 4 4 8 1 7 8 6 7 1 6 0 7 , , , 5 8 3 2 0 3 1 9 0 1 1 3 4 7 1 6 8 , , , 3 9 3 8 4 3 8 4 2 2 8 5 5 1 6 3 1 5 , , , 7 5 2 5 1 6 1 6 7 A 92 MEMBER BANKS, 1973 □JUNE 1974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): 1,7 3 2 1 1 6 , , 6 1 5 0 7 5 148 9 3,5 2 3 2 4 3 15 1 , , 8 1 0 1 8 2 7 4 1 , , 9 9 1 88 9 9 9 1 , , 9 2 1 66 4 1 1 11 7 , , 5 03 0 7 0 3 6 2 7 5 , , 1 4 1 5 9 0 1,1 2 0 1 1 5 , , 9 7 6 7 3 2 -7 2 5 3 , , 9 1 7 93 6 -1 -5 -5 4 32 7 0 0 1,1 6 7 2 3 6 1 -7 ,1 9 2 8 1 -3 3 ,9 ,1 9 4 7 7 —1 5 5 , , 6 8 1 33 2 -5 1 5 1 ,9 ,8 8 2 9 5 Reserves for losses on loans:4 6 5 1 1 -9 , , , , 2 5 6 2 3 4 9 7 4 7 3 0 1 0 4 6 7 2 3 8 6 , , , , , , , , 0 9 9 1 3 7 7 6 0 4 8 6 9 8 0 0 0 3 3 4 4 7 5 4 -3 2 2 2 1 4 5 7 0 5 7 6 3 5 3 4 5 8 -2 8 3 3 7 1 ,8 , , , , , 6 2 7 0 3 4 7 1 7 4 5 9 1 5 8 8 6 3 6 4 3 — 5 4 1 1 9 7 6 1 3 1 6 , , , , , , , * 8 7 4 7 1 1 1 9 5 9 6 9 2 4 0 7 8 8 6 6 8 2 6 4 - 2 2 4 7 2 6 5 2 1 2 6 5 5 4 1 , , , , 1 , , , 2 1 2 9 8 3 2 5 9 9 3 1 5 6 6 5 7 1 8 8 8 0 8 — 3 2 4 7 2 8 2 8 3 3 0 6 4 6 9 , , , , , , , 8 7 5 9 2 1 0 2 6 8 8 3 5 6 7 8 1 8 2 2 2 9 9 9 — 3 3 4 2 8 7 2 6 A /1 3 3 8 5 n 2 l / , , , , , , , 8 8 4 7 4 7 7 Q oC 3 6 1 1 8 0 Oz Il 1 1 8 4 5 4 y J O c _1 2 8 y 1l 3 o 2 5 8 Q / 2 O 3 1 Qo 6 Z o 8 , , , , , , , 4 5 2 3 1 7/ 13 L 1 0 o 1 6 8 f C3 Z t 9 5 0 2 7 /0 l1 f : 3 A 11 — , , , 7 U6 8 j 1 1 l 2 Q i 9 o 6 2 11 1 U 6 7 7 1 Q 4 9 1 o 1 0 8 1 1 * , , , , ) , 6 1 8 0 7 2 Hy 8 7 / / J 1 3 Z 5 1 0 9 3 1J AH U 1 4 7 3 5 A 0 6 / SJ Re B se a r l v a e n s c e o a n t s b e e c g u i r n i n ti i e n s g : of year. --------------•...................................... 117,743 3 240 2,634 8,524 16,235 7,168 30,44 2 1 8 52,498 Additions due to mergers and absorptions............................. 12 1 4 9 0 1 5 , , , , , 2 7 4 2 4 7 0 8 2 6 2 3 3 1 2 4 8 3 25 2 1 1 7 6 2,5 1 0 2 6 1 5 9 7 9 8 8,5 7 8 1 9 8 6 9 0 1 1 3 8 9 1 2 5 1 , , , 0 9 8 6 0 7 3 2 0 7 4 7,8 4 7 2 1 6 4 3 3 2 3 0 3 2 1 1 , , , 7 4 9 2 1 1 4 2 9 0 1 5 2 5 8 5 9 4 3 3 , , , , 2 4 5 9 2 5 9 5 2 1 7 9 0 0 4 T t\ ran (*-, s . f . . e .n r J s _ t o loan and o s 1 e n c A u t r A it c i es o n r / e 4 s e n r p v K e p s f i ( t n ll e t o c f n t l a n x . e . f . f . e . c . t) . .. . .. . .. . . . .. 3 2 5 , , , 0 6 0 9 2 3 3 8 3 1 1 3 4 5 6 8 1 6 0 8 2 2 3 8 9 3 1 9 8 , , , , , , , , , , 1 3 0 2 9 4 0 1 2 3 0 9 8 9 2 9 5 2 1 9 1 1 1 3 3 4 9 0 6 0 1,0 4 3 3 6 1 - 6 2 5 8 1 0 1 1 7 3 5 5 6 5 2 6 1 1 4 2 1 1 6 7 , , , , , , 0 7 4 4 1 3 4 4 7 1 7 2 8 6 9 5 2 0 8 1 1 1 3 1 0 6 5 2 9 0 8 7 1 4 4 2 8 6 5 1 1 4 8 , , , , , , , , , , 5 0 9 9 9 8 0 7 2 1 6 4 0 6 7 4 5 8 6 9 1 1 9 8 5 5 4 9 6 0 3 3 2 2 2 2 5 3 4 8 4 0 3 0 0 5 0 2 6 8 6 , , , , , , , , , , 2 5 0 0 5 9 8 4 6 5 3 8 4 8 6 2 0 9 7 5 1 1 8 9 9 7 0 2 4 9 3 3 1 4 2 2 3 4 2 6 1 0 6 5 9 8 0 8 8 5 7 4 , , , , , , , , , , 9 5 4 0 3 3 0 3 6 7 2 1 9 1 8 2 1 5 7 1 1 3 9 9 2 2 4 6 4 0 3 J i1o A4 4 O 2 oZ 2 Z 1 1 1 n n 4 U 5 1 9 1 9 6 U l , , , , , , , , , , 0 7 7 8 3 1 a 1J 7 i l L 6 9 2 4 2 6 o n 1 l U m j U 5 9 8 J 9 2 6 1 ji / 3 QO 7 1 IlrU 4 5 1 C 5 5 1j 2 1 t J Qb 8 7 C 9 2 0 3C 0 2 J f , * , , , , , ’ 7 5 3 0 Q ' 3 J 8 C 1 1 Tl 0 0 0 8 o 7 A O 8 9 6 Q 0 1 4 8 2 o A O 0 0 0 7 6 £ Z7 1 1 , , , ’ 3 7 oy D£ 2 7 1 1 1 1 o a 3 9 1 8 2 0 1 7 1 5 / ^ o d A 8 4 0 8 4 6 1 O 5 3 r o . * , , , , ’ ’ , , 1 6 1 4 7 9 0 5 jm Z 3 1j U Q 4 8 1 7 7 7 7 6 5 H / O 1 3 7 1 3 8 s 2 8 O As O L r U s t e K o . t t S h a s i . i e n , o r s T d a c U f e r g a i e p r n . p a o S o n i s s s . t c u s a i G t r l ( s y i , o a n c v s a c C c e n t l t , u o c d a u d u s t e N c e r n i c s a t t u s p i a F e r n i p i e s t H t a l 2 d i u l e . e . s s n a . r . a . c n t ( . o l a c . l . i g t o . f t . a u i . e u . c l n n . n . a r . d c t . l e s . i s . e s : . s . s s e . u . o r . a b v . l . n d d . e . d . i s a . v . . n . . i c . . s . . d . o . i . . o . . r r . . n e . p . . . s . . s o . . a . . r . . 2 l . . a e . . . . . t . . i , p . . . . o . . . . u . . . n . . . r . . . . s . . c . . . ) . . . h . . . 2 . . . a . . . . . . . . s . . . . . . . e . . . . . . . . . s . . . . . . . ) . . . . . . . . . . . . . . . 6 2 5 3 4 9 3 5 6 5 1 8 2 9 3 7 9 8 8 1 7 5 6 1 0 , , , , , , , , , , , 6 9 9 3 5 0 3 3 6 8 2 3 7 7 9 6 0 0 9 9 4 3 2 0 6 8 1 6 5 5 6 5 3 , , , , , , , , , , , 8 9 3 6 2 4 7 0 6 5 9 5 4 2 7 0 0 9 7 3 3 6 1 3 5 5 5 9 8 6 0 6 6 4 2 6 8 1 1 1 1 2 2 3 5 9 0 2 0 0 5 , , , , , , , , , , 2 3 0 1 4 4 4 4 7 7 7 3 1 0 1 0 3 5 8 1 2 4 7 8 8 7 5 7 0 0 2 2 7 1 1 , , 6 8 9 2 8 3 1 1 1 1 3 4 8 3 5 0 1 7 4 2 8 3 7 5 9 1 4 9 9 0 5 6 , , , , , , , , , , , 9 0 1 5 0 1 7 1 7 0 5 8 2 5 0 1 8 4 7 5 2 2 1 7 7 7 5 7 7 0 4 0 4 4 4 7 8 1 , , , , , 5 1 4 3 1 9 7 7 5 8 5 2 6 6 3 9 5 3 3 9 9 9 8 0 7 1 6 4 7 2 0 6 , , , , , , , , , , , 2 0 9 2 5 7 0 9 0 6 2 6 4 7 7 7 1 4 8 9 6 3 1 3 7 3 9 8 9 7 2 4 2 3 3 1 1 4 4 4 2 2 2 2 6 9 9 , , , , , , , , , , 0 1 9 9 9 0 2 1 0 8 2 9 1 4 9 6 0 4 4 6 4 5 2 3 6 4 3 4 4 4 2 2 4 , , , , , , , , , , , 1 7 1 0 5 3 5 4 6 2 4 9 7 4 6 4 8 1 9 5 1 9 1 3 3 7 9 5 5 7 9 9 0 4 2 2 3 4 3 5 3 3 0 2 1 1 5 , , , , , , , . . , 7 6 1 2 7 7 2 5 3 9 2 6 2 7 8 8 4 2 6 7 6 8 7 2 6 1 0 7 7 3 9 6 8 , , , , , . , . , , , 3 4 8 6 1 9 8 1 4 6 9 0 5 8 8 6 8 9 6 4 5 7 1 1 5 3 5 7 2 8 4 4 2 4 LO 3 2 O 3 3 3 1 6 < 3 1 L 7 4 , , , , , , , , 2 1 2 4 8 8 6 A A 13 3 6 5 1 7 9 2 9 A 3 Q 6 1Q O 8 7 3 4 4 9 7 o 1 2 I , , , , , , , , , , 8 9 7 0 9 8 8 7 /* D <j 7 3 5 2 1 6 8 4 9 9 j1 o 1 1 5 5 1l 2 6 4 8 0 U 0£ 11 9 j 6 1 1 11 i fU 3 7 8 8 3 ^ 4 4 l , , , , , , , , , 7 2 2 4 8 5 3 7 8 i o / / f 9 5 2 1 O 5 2 8 0 4 o j n V 1 r 8 1 1 5 4 3 0 j / tJ , , , , , , , , , , , 7 8 2 1 0 4 5 1 1 7Q 1 i 0 9 7 2 8 5 0 0 1 J \ 1 1 j 1 8 3 k 6 2 2 4 0 7 7 / / j 4• 13 2 1I r 1 1 6 Z 3 O AU 3 v 1 5 1 i 1 Q QO 7 4 7 * 7L Q 1 6 0 3 8 T l , , , , , , , , , , , 1 1 6 2 5 4l 2 9 J 1 5 1 S 1 T v 2 6 5 4 4 O 3 7 • 1 ^ 0 4 5 * V. O 1 1 Q 7 2 6 4 3 t S 3 7 3 y j , , , , , , , , , 5 8 9 9 1 5 7 7 1J i 1 J1 1 / W 1 8 5 U 0 0 0 r 6 0 1 R 7 3 / t 5 9 3 7 1 9 0 9 2 /7 4 J QO 81 5 4 , , 6 6 1 6 8 2 2 4 2 5 0 3,8 4 1 3 5 7 13,5 9 1 9 8 2 54 1 , , 1 9 9 9 1 0 60 1, , 0 4 1 2 5 0 65,3 5 8 5 4 0 163,1 A 3 'X 5 A 453,9 1 7 5 9 3 5 Sum of the expense item “provision for loan losses” for banks not on a reserve accounting 1 Total is for banks operating during the entire year, except that two banks located outside method and the excess of losses charged against reserve for losses on loans over recoveries the continental United States are excluded. credited to these reserves for banks on a reserve-accounting method. 2 Excluding trading-account securities. 3 Prior to 1969 all transfers to IRS reserve for bad debt losses on loans were deducted Irom 6 Including trading-account securities. income; beginning in 1969 within prescribed limits, banks may deduct all or part of the trans­ Note.__The figures for assets, deposits, capital accounts, number of officers and employees, fers to this reserve from income and treat the balance, if any, as a transfer from capital accounts. and number of banks are as of the end of the year. (These transfers are exempt from Federal income taxes.) 4 Includes reserve for bad debt losses and other reserves on loans. Details may not add to totals because of rounding. JUNE 1974 □ MEMBER BANKS, 1973 A 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS BY CLASS OF MEMBER BANK, AND FOR ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Class of bank Federal Reserve district Large All Item member Phila­ Min­ Kan­ San All banks Bos­ New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dal­ Fran­ New City of other ton York phia land mond lanta cago Louis olis City las cisco York Chi­ Other City cago Summary ratios: Percentage of equity capital plus all reserves: Income after taxes and before securities gains (losses)1............................................................................ 10.53 10.50 10.68 11.56 11.00 9.77 10.46 11.80 10.99 12.08 12.01 10.85 10.61 11.86 12.14 11.84 10.52 Net income.......................................................................... 10.39 10.34 10.69 11.55 10.97 9.66 10.35 11.81 11.30 11.95 12.10 10.73 10.58 11.66 12.17 11.83 10.51 Cash dividends paid.......................................................... 3.99 4.46 5.23 3.92 4.41 4.43 4.21 5.44 5.36 4.51 4.30 4.33 3.79 4.11 4.64 3.42 4.54 Percentage of net income: Cash dividends paid.......................................................... 38.38 43.18 48.96 33.98 40.27 45.86 40.73 46.05 47.42 37.74 35.58 40.37 35.89 35.30 38.13 28.97 43.20 Sources and disposition of income: Percentage of total assets: Total operating expenses................................................. 5.45 6.23 5.91 5.52 5.69 6.08 5.51 5.64 5.44 5.75 5.85 5.77 5.33 5.55 5.43 5.33 6.11 Salaries, wages, and fringe benefits.......................... 1.14 .96 1.29 1.33 1.26 1.63 1.21 1.25 1.14 1.45 1.37 1.12 1.18 1.10 1.26 1.05 1.46 Interest on time and savings deposits...................... 2.15 2.92 2.47 2.62 2.49 2.17 2.26 2.56 2.56 2.37 2.38 2.83 2.23 2.74 2.29 2.27 2.81 Occupancy expense of bank premises, net............. .24 .19 .22 .23 .22 .31 .26 .22 .19 .23 .20 .20 .20 .15 .17 .12 .26 All other operating expenses..................................... 1.92 2.16 1.93 1.34 1.72 1.97 1.78 1.61 1.55 1.70 1.90 1.62 1.72 1.56 1.71 1.89 1.58 Total operating income.................................................... 6.62 7.33 6.91 6.65 6.77 7.17 6.62 6.71 6.62 6.98 7.01 6.83 6.39 6.73 6.69 6.46 6.99 Income after taxes and before securities gains (losses)1............................................................................ .82 .80 .73 .88 .81 .76 .81 .88 .95 .91 .90 .80 .82 .83 .93 .87 .63 Net income.......................................................................... .81 .79 .73 .88 .81 .76 .80 .88 .98 .90 .91 .79 .82 .81 .94 .86 .63 Percentage of total operating income: Interest, fees, and other loan income2........................ 72.80 76.27 74.35 69.24 72.18 71.83 71.91 73.02 69.72 73.75 70.75 72.43 69.10 70.55 70.91 72.38 74.47 Securities—Interest and dividends:3 U.S. Treasury securities.............................................. 3.33 3.69 4.61 8.20 5.73 4.19 4.25 5.86 8.11 5.52 6.17 6.56 8.40 7.81 7.82 6.04 4.86 Other U.S. Govt, securities (agencies and cor­ porations) ................................................................... .91 .94 1.36 3.93 2.26 1.75 1.62 2.23 2.15 2.62 2.77 2.63 4.02 3.38 2.32 2.70 2.00 Obligations of States and political subdivisions. . 4.34 5.94 6.29 9.09 7.01 6.52 5.75 8.02 9.36 8.01 8.57 7.33 7.85 7.36 8.13 8.80 5.30 All other securities........................................................ .52 .53 .51 .83 .64 .51 .65 1.31 .80 .30 .67 .96 .57 .24 .38 .49 .39 Service charges on deposit accounts............................ 1.05 .41 2.19 3.10 2.25 2.22 1.55 1.88 1.90 2.70 3.22 1.66 2.25 2.42 2.95 2.49 3.21 Trust department income................................................ 5.08 4.86 3.41 1.95 3.22 5.88 4.44 3.32 3.40 2.39 2.33 3.18 2.22 2.25 2.58 2.38 2.17 All other operating income............................................. 11.97 7.36 7.28 3.66 6.71 7.10 9.83 4.36 4.56 4.71 5.52 5.25 5.59 5.99 4.91 4.72 7.60 Total operating income....................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages............................................................. 14.05 10.72 15.81 17.14 15.75 19.03 15.06 15.49 14.84 17.72 16.70 13.87 15.85 13.85 16.29 14.03 17.80 Officer and employee benefits........................................ 3.23 2.38 2.89 2.96 2.95 3.74 3.30 3.24 2.48 3.11 2.97 2.62 2.65 2.54 2.56 2.27 3.09 Interest on: Time and savings deposits.......................................... 32.52 39.95 35.82 39.48 36.86 30.32 34.11 38.18 38.75 33.97 34.03 41.48 34.98 40.75 34.35 35.16 40.23 Borrowed money........................................................... 15.11 19.64 13.38 3.48 10.16 10.27 12.65 8.74 8.16 6.76 8.78 11.01 10.07 9.06 7.72 12.56 8.71 Capital notes and debentures.................................... .61 .18 .59 .36 .48 .32 .56 .93 .26 .46 .35 .34 .29 .73 .46 .24 .66 Occupancy expense of bank premises, net................. 3.74 2.59 3.19 3.48 3.37 4.39 3.97 3.37 2.93 3.40 2.94 3.06 3.21 2.29 2.68 1.96 3.74 Provision for loan losses................................................. 3.16 2.05 2.46 1.98 2.38 3.00 2.83 1.91 2.11 1.84 2.55 1.77 2.26 1.44 2.46 2.80 2.49 All other operating expenses.......................................... 9.89 7.53 11.45 14.17 12.04 13.75 10.78 12.21 12.62 15.15 15.15 10.44 14.11 11.80 14.62 13.55 10.66 Total operating expenses.................................... 82.31 85.04 85.59 83.05 83.99 84.82 83.26 84.07 82.15 82.41 83.47 84.59 83.42 82.46 81.14 82.57 87.38 Income before taxes and securities gains (losses)... 17.69 14.96 14.41 16.95 16.01 15.18 16.74 15.93 17.85 17.59 16.53 15.41 16.58 17.54 18.86 17.43 12.62 Income after taxes and before securities gains (losses).............................................................................. 12.44 11.03 10.66 13.35 12.05 10.73 12.33 13.19 14.39 13.06 12.94 11.71 12.86 12.33 14.00 13.47 9.03 Net securities gains or losses (—) after taxes . . -.18 -.20 .01 -.08 — .07 -.16 -.18 .02 .29 -.21 .01 -.13 .02 -.21 -.09 -.01 All other income (net)............. ................. .02 .03 .07 .03 .03 .05 -.01 .11 .06 .09 -.05 .04 .07 Net income......................................................................... 12.28 10.86 10.67 13.34 12.01 10.60 12.20 13.20 14.79 12.91 13.04 11.58 12.83 12.12 14.04 13.45 9.02 A 94 MEMBER BANKS, 1973 □JUNE 1974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return (per cent): On securities—Interest and dividends:3 U.S. Treasury securities.......................................... 5.93 5.57 5.51 5.96 5.80 5.76 5.89 5.79 5.85 6.07 5.92 5.78 5.87 5.70 6.03 6.06 5.35 Other U.S. Govt, securities (agencies and cor­ porations) ............................................................. 6.54 6.48 5.87 6.27 6.20 6.13 6.60 6.37 6.14 6.19 6.35 6.34 6.04 6.27 6.25 6.13 5.59 Obligations of States and political subdivisions.. 4.44 4.64 4.23 4.30 4.31 4.20 4.34 4.22 4.38 4.35 4.52 4.38 4.26 4.36 4.35 4.18 4.07 All other securities................................................... 6.56 6.24 7.10 6.92 6.89 6.11 6.82 6.64 7.39 6.47 6.59 6.84 6.90 6.39 6.44 6.72 8.03 On loans:2 Interest, fees, and other loan income.................... 8.39 8.53 8.46 8.16 8.34 8.50 8.29 8.11 8.11 8.63 8.84 8.22 8.00 8.17 8.33 8.41 8.41 Net loan losses (—) or recoveries4........................ -.39 -.14 -.27 -.20 -.25 -.47 -.34 -.19 -.20 -.16 -.29 -.16 -.19 -.14 -.23 -.25 -.27 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury securities..................................... 3.72 4.86 5.77 9.15 6.69 5.21 4.77 6.79 9. 18 6.36 7.29 7.76 9.14 9.22 8.68 6.43 6.35 Other U.S. Govt, securities (agencies and cor­ porations) ......................................................... .92 1.06 1.60 4.16 2.47 2.05 1.63 2.35 2.31 2.96 3.05 2.83 4.26 3.62 2.48 2.85 2.49 Obligations of States and political subdivisions 6.48 9.37 10.27 14.03 11.03 11.13 8.76 12.74 14.15 12.84 13.30 11.42 11.77 11.36 12.51 13.57 9.11 All other securities.............................................. .52 .62 .50 .80 .63 .60 .63 1.32 .72 .32 .71 .96 .53 .26 .40 .47 .34 Gross loans2............................................................. 57.50 65.54 60.71 56.36 58.62 60.61 57.44 60.39 56.92 59.70 56. 12 60.15 55.19 58.09 56.92 55.59 61.88 Cash assets............................................................... 22.47 12.43 15.58 12.38 15.42 15.10 19.63 12.33 12.66 14.17 15.55 12.75 14.93 12.27 15.56 16.84 14.08 Real estate assets..................................................... .90 1.30 1.74 1.77 1.58 1.89 1.09 1.45 1.46 1.83 2.09 1.48 1.63 1.42 1.69 2.07 1.96 Percentage of gross loans:2 Commercial and industrial loans........................... 47.93 49.93 35.63 24.92 34.51 38.69 42.14 31.92 29.87 29.18 31. 18 33.17 29.03 29.98 27.08 35.42 32.79 Loans to farmers..................................................... .13 .75 1.60 5.03 2.60 .28 .30 1.03 .96 1.09 1.10 2.33 3.53 10.43 14.86 5.45 3.56 Real estate loans..................................................... 9.94 5.97 21.48 30.87 22.16 23.46 16.38 30.04 26.29 24.55 20.88 24.45 22.67 26.54 15.98 13.89 27.30 Loans to individuals for personal expenditures... 8.11 6.37 17.54 27.57 19.08 20.06 12.59 19.90 24.30 30.61 30.88 16.78 24.60 20.67 23.03 19.48 17.07 All other loans2....................................................... 33.89 36.98 23.75 11.61 21.65 17.51 28.59 17.11 18.58 14.57 15.96 23.27 20.17 12.38 19.05 25.76 19.28 Other ratios (per cent): Interest on time and savings deposits to time and savings deposits...................................................... 7.03 6.89 5.95 5.26 5.82 5.93 6.41 5.36 5.38 5.48 5.70 5.78 5.48 5.61 5.59 5.89 5.76 Income taxes to net income plus income taxes........ 25.96 15.90 20.56 18.49 20.54 23.50 22.85 13.46 17.43 21.45 18.18 18.03 19.74 26.34 23.51 19.96 21.47 Time and savings deposits to total deposits............. 40.63 56.58 53.07 57.38 52.94 45.25 45.26 58.26 58.41 51.76 50.41 59.77 49.85 59.25 49.20 47.38 59.74 Total capital accounts and reserves to total assets 5. 8.56 7.89 7.60 8.03 7.96 8.26 8.47 8.39 8.91 8.00 7.96 7.77 8.09 7.75 8.17 7.64 6.78 Number of banks 6.......................................................... 13 9 156 5,557 5,735 212 331 281 456 379 607 936 431 501 816 642 143 For notes see p. A-99. JUNE 1974 o MEMBER BANKS, 1973 A 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS OF OTHER LARGE MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i ­ a C l l a e n v d e­ m Ri o c n h d ­ Atlanta Chicago L S ou t. is M ap in o n li e s ­ K C an it s y as Dallas F c S i r s a a c n n o ­ Summary ratios: Pe N C rc a e e s t n h i t a n d g c i e v o i m o de f e n e .. d q .. s u .. i . p t . y . a . _ i c . d . a . . . p . . . . i . . t . . . . a . . . . l . . . p . . . . l . . . u . . . . s . . . . . . a . . . . l . . l . . . . r . . . . e . . s . . . . e . . . . r . . v . . . . e . . . . s . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 9 0 . . . 3 8 0 9 6 7 1 1 4 0 0 . . . 0 4 3 4 5 2 1 1 7 2 2 . . . 0 4 4 1 6 6 1 1 6 1 0 . . . 4 3 8 3 8 2 1 1 4 1 2 . . . 6 6 0 1 8 9 1 1 5 0 0 . . . 0 9 6 1 9 3 1 1 5 0 0 . . . 1 1 3 1 9 5 8 8 4 . . . 8 9 6 1 5 6 1 1 4 0 0 . . . 7 9 8 3 6 4 1 1 6 1 0 . . . 9 0 9 1 1 4 1 i1nU 3 0 . . . 5 9 8O 1 6 J') 1 in 4 0 . . 6 4 a 6 7 a Percentage of net income: 44.09 39.17 56.30 56.48 39.51 46.72 50.19 52.96 43.92 63.21 32.42 44.70 Sources and disposition oi income: Percentage of total assets: Z 2 6 o 7 1 . . . . . . . . 5 4 3 2 7 8 5 Un 8 9 8 f 0 4 7 0 oi 2 6 1 5 1 1 1 * . . . . . . . 4 8 6 7 2 1 8 Q 11 1 1 8 5 4 5 0 7 l / 2 6 Z 7 1 . . . ! . • . . 2 0 1 8 8 3 2 ZI 3 7 6 5 * 6 6 4 j 6 2 5 1 1 1 . . ! . . . . 0 5 7 9 1 7 4 l9 1 1 2 6 6 0 7 2 5 6 1 1 ! . ! . . . 7 8 8 9 4 2 8 1 3 9 5 6 4 4 6 9 2 6 2 7 1 . . . . . . . 3 3 2 2 8 7 4 4 1 1 1 5 9 2 2 6 2 2 6 7 1 . . . . . . . . 0 7 0 0 2 7 0 7 1 5 2 0 5 4 0 4 2 5 6 1 1 . . . . . . . . 4 6 2 1 5 6 6 8 1 1 8 9 9 5 4 0 2 2 6 5 . . . . . . . . 0 8 1 5 7 9 6 7 1 1 1 8 2 4 4 3 2 6 2 5 11 . . . . A . • . 7 3 7 0 7 1 7 i / * 1 3 5 7 4 o0 l /t 2 2 6 5 . . . . . . • 4 0 4 3 0 O 7 1 1 8 6 3 7 4 5 J 6 2 7 1 1 . . . . • . . 0 1 6 8 2 6 4 D 1 2 2 5 5 2 0 Z Percentage of total operating income: 69.09 72.95 76.91 70.86 74.75 75.06 75.87 73.11 72.44 74.92 75.89 74.88 1 7 5 3 1 1 . . . . . . . 6 1 6 3 8 8 4 3 8 3 2 7 2 6 1 4 4 3 1 1 . . . . . . . 9 4 5 9 1 4 6 1 1 1 3 6 9 4 4 6 2 5 1 . . . . . . . 8 8 5 8 3 8 7 8 5 4 5 9 3 5 4 9 5 5 1 1 . . . . . . . 5 2 8 7 8 3 4 8 8 7 6 9 6 0 4 2 7 3 5 1 . . . . . . . 2 6 4 8 4 2 4 2 4 2 2 9 6 0 4 2 7 6 3 . . . . . . . 1 2 4 0 3 7 9 3 4 8 6 7 6 0 4 4 6 6 1 . . . . . . . 2 4 0 8 9 0 5 3 5 9 4 2 6 4 4 6 8 3 1 1 . . . . . . . 3 9 2 5 9 0 9 9 3 2 5 0 0 0 1 4 5 3 1 1 . . . . . . . 6 0 7 1 7 9 2 1 8 6 8 2 9 2 4 O 6 a 5 1 . . . . . . . 9 6 2 3 3 2 5 1 8 6 3 4 4 Z O 0 Q 3 3 . . . . . . . 7 8 3 5 9 4 Z A 1 8 7 Z 4 6 * j } Z 8 4 2 O Jk 1 » . . . . . . 5 9 0 4 8 1 nu Z 1 * 8 9 4 5 A ii * 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1 3 7 . . 3 3 9 9 1 3 4 . . 2 08 2 1 3 5 . . 5 3 8 6 1 2 4 . . 3 0 5 6 1 3 7 . . 1 6 8 0 1 3 6 . . 1 2 6 5 1 2 2 . . 5 3 2 4 1 2 5 . . 7 5 0 4 1 2 2 . . 3 1 3 5 1 2 5 . . 4 0 2 0 1 Z1 1 . . 2 VA 8 Cj 1 3 7 . . 0 2 6 5 Interest on: 2 1 1 7 3 3 6 1 . . . . . . 4 4 9 3 4 4 3 1 3 4 4 0 3 1 9 3 3 2 5 . . . . . . 9 0 7 1 6 8 1 6 6 5 0 0 3 1 1 2 3 1 1 6 1 . . . . . . 4 1 4 4 0 2 8 3 8 9 6 0 3 1 1 2 2 6 2 0 . . . . . . 2 9 8 2 6 9 8 8 3 3 4 0 3 1 9 3 1 1 4 . . . . . . 6 5 6 5 6 6 9 5 7 8 0 0 3 1 1 2 2 0 5 4 . . . . . . 9 9 7 5 2 0 1 1 5 7 4 7 3 1 2 8 9 1 7 . . . . . . 7 9 3 8 2 4 9 3 9 3 0 7 2 1 1 2 9 3 4 9 . . . . . . 9 2 1 4 4 0 9 1 3 2 5 2 2 2 1 9 4 1 1 1 0 . . . . . . 7 5 2 2 2 4 1 1 5 5 0 0 3 1 1 1 2 2 5 0 C 5 . . . . . . A 5 8 2 4 7 6 4 2 7 7 5 Z 3 1 3 Z j 2 . . . . . . U 0 3 U Z O 8 7 U 4 j / 4 9 9 z 1J 0 . . . ^ . 6 7 9 A O 6 3 5 1 2 S J Total operating expenses.................................................................... 83.73 82.58 84.78 82.27 82.47 85.86 85.47 87.46 82.80 84.55 84.74 87.35 I N A n l e c l t o o m s t e h e c e u a r r f i i t t n e ie c r s o t m a g x a e e i n s ( s n a e o n t r d ) . l . b o .. e s .. s f .. o e . s . r . e . ( . . — s .. e . ) . c . , u . . a r .. i f . t t . i e . e . r . s . . t . g a .. a x . i . e . n . s . s . . . . ( . . . . l . . o . . . . s . . s . . . . e . . . s . . . ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 - 6 0 .2 . . 2 6 0 7 0 1 1 - 2 . 7 1 . . . 0 2 4 8 9 2 2 1 1 - 2 5 .0 . . . 0 1 2 5 2 2 2 1 17 4 . . . . 5 1 7 4 9 3 6 2 1 1 - - 2 7 . . 3 1 . . 5 8 4 0 3 5 1 1 4 0 . . . . 0 2 7 1 6 5 2 4 1 1 - 4 0 .1 . . . 0 7 5 8 1 3 3 1 1 - - 0 2 . . 0 0 . . 0 5 9 7 9 4 1 1 - 0 7 .0 . . 7 2 9 7 0 1 1 - -. 1 5 . 0 0 . . 4 6 1 7 5 2 1 1 1 - 11 . 5 1 . . 2 "/ 3 7 6 I1 1 - - O0 2 . . 0 0 . . 6 a7 1 2 U 5 n 10.40 12.13 12.09 15.17 12.41 11.03 10.56 9.93 10.68 11.54 11.58 8.87 A 96 MEMBER BANKS, 1973 □JUNE 1974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return: On securities—Interest and dividends:3 U.S. Treasury securities................................................................. 6.00 5.96 5.29 5.78 5.90 5.61 5.53 5.48 4.97 5.85 5.68 5.26 Other U.S. Govt, securities (agencies and corporations)............. 5.72 6.57 6.31 5.82 6.01 6.80 6.40 6.20 6.47 5.35 6.08 5.66 Obligations of States and political subdivisions........................... 4.12 4.42 4.26 4.47 4.27 4.56 4.46 4.29 4.48 4.34 4.12 4.04 All other securities.......................................................................... 4.85 6.54 6.20 7.88 6.65 6.46 6.42 6.49 6.71 5.28 6.28 8.66 On loans:2 Interest, fees, and other loan income........................................... 9.01 8.39 8.61 8.23 8.69 9.10 8.36 8.14 8.35 8.52 8.38 8.42 Net loan losses (—) or recoveries4................................................ -.84 -.38 -.25 -.21 -.15 -.35 -.14 -.22 -.13 -.24 -.23 -.28 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury securities.............................................................. 4.57 3.84 3.91 6.71 4.98 5.42 5.65 5.82 5.10 6.03 4.45 6.10 Other U.S. Govt, securities (agencies and corporations).......... 2.48 .92 .44 1.57 1.72 .84 1.04 1.99 1.80 .39 .57 2.30 Obligations of States and political subdivisions....................... 9.42 6.66 9.84 13.92 12.69 10.03 9.59 9.69 7.09 10.39 13.06 8.68 All other securities...................................................................... .51 .51 .87 .76 .27 1.03 .62 .55 .18 .44 .38 .33 Gross loans2.................................................................................... 58.09 57.75 63.99 57.75 59.77 60.61 63.67 58.40 59.13 59.36 57.80 62.32 Cash assets...................................................................................... 17.22 22.04 15.24 14.15 16.52 16.81 14.15 17.61 15.97 18.51 18.15 14.40 Real estate assets............................................................................ 1.90 .92 1.17 1.32 1.59 2.29 1.42 1.64 1.23 1.82 2.24 1.86 Percentage of gross loans:2 Commercial and industrial loans................................................... 52.16 47.22 42.13 37.64 33.65 35.90 41.15 37.28 45.50 30.81 39.54 33.79 Loans to farmers............................................................................. .05 .15 .09 .03 .34 .31 .57 .40 .85 6.03 1.19 3.08 Real estate loans............................................................................. 9.46 10.65 17.58 19.30 19.92 14.52 16.00 14.13 14.00 14.12 11.46 26.74 Loans to individuals for personal expenditures............................ 11.22 8.55 14.88 18.10 27.46 28.16 10.26 20.41 16.27 21.03 12.48 15.29 All other loans2.............................................................................. 27.11 33.43 25.32 24.93 18.63 21.11 32.02 27.78 23.38 28.01 35.33 21.10 Other ratios (per cent): Interest on time and savings deposits to time and savings deposits. 7.16 6.97 6.02 5.76 5.66 6.23 6.38 6.01 6.44 6.14 6.34 5.89 Income taxes to net income plus income taxes................................ 26.55 25.82 16.99 17.82 21.06 18.76 17.26 15.42 34.05 22.04 18.58 21.97 Time and savings deposits to total deposits...................................... 39.46 41.43 49.57 55.48 47.34 46.36 55.99 42.49 44.87 42.63 43.90 59.94 Total capital accounts and reserves to total assets5......................... 8.57 8.53 8.50 9.18 8.01 8.13 7.73 7.84 7.96 7.89 7.21 6.71 Number of banks6......................................................................................... 4 16 6 16 15 20 24 15 8 18 17 19 For notes see p. A-99. JUNE 1974 □ MEMBER BANKS, 1973 A 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS OF OTHER-THAN-LARGE MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran­ cisco Summary ratios: Pe C I N r n c a e c e s t n o h m t i a n d g e c i e v o a i m o f d t f e e e n e r .. q d . t . u s a .. x i . p t . e y . a . s . i c . d a . a . n . . p . . . d . i . . t . . a . . b . . . l . e . . p . . f . . l o . . u . . r . . . s e . . . . . a . . . s . . l . e . l . . . c . . r . u . . e . . . r s . . i . e . t . . i r . . . e . v . . s . e . . . s . . g . . : . . a . . . . i . . n . . . . s . . . . . . ( . . l . . o . . . . s . . . . s . . e . . . . s . . . ) . . . 1 . . . . . 9 9 4 . . . 5 5 4 1 9 7 1 1 4 0 0 . . . 7 4 4 8 8 6 1 1 4 1 1 . . . 1 2 3 9 7 0 1 1 3 1 1 . . . 2 8 1 3 7 8 1 1 4 2 2 . . . 4 1 0 1 9 7 1 1 3 2 2 . . . 8 7 7 8 8 6 1 1 3 1 1 . . . 4 3 4 2 7 4 1 1 3 2 2 . . . 0 0 0 7 7 0 1 1 3 2 2 . . . 8 0 3 1 4 0 1 1 3 2 2 . . . 5 6 7 7 7 4 1 1 3 2 2 . . . 3 5 6 3 6 0 1 1 0 3 0 . . . 9 8 7 1 8 8 Pe C rc a e s n h t a d g i e v i o d f e n n d et s i p n a co id m . e .. : . 47.00 45.73 37.07 34.64 36.22 30.22 30.12 25.43 31.66 28.07 26.67 35.60 Sources and disposition of income: Pe T T I N r n c o o e c e I O A S t t t n n o a a a l c m t i t l l l l a e n c a o o o g r e u c r e p p e i t p o a e h s e e a m o s f t e r r n t , a a f r o e e c w t t r t n . y o i i o . n n a . t p t . t a e g g g . a i e . x x m e . l r . e i e p s a . a n e . s x , e t . s c i . p n a . a a s n o . e s n e n n . g m e . n d t . d d s . s e o . e : e f . b s x . . r f s . . a e i p . . . b n v . . . f e . . . o g a i . . . n n . . . n e r . . . s . g . e . k . . . e b . s . . . . s . s e . . p . e d . . . . n . . . r c . e . . . e e . . . u p . . . m f . . . r o . i . . . i . . . . t i t . . s . . s s i . . . . i . . . e . . e t . . . . . s . . . . s s . . . . . . , . . . . . . . g . . . . . . n . . . . . a . . . . . . . . . . . e . i . . . . . . n . . . . . t . . . . . . . . s . . . . . . . . . . . . . . . . . . . ( . . . . . . . . . l . . . . . . . o . . . . . . . . . . . . . . s . . . . . . . . . . . . s . . . . . . . . . . e . . . . . . . . . . . . . s . . . . . . . . . . . . ) . . . . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2 6 1 1 . . . . . . . . 2 7 9 9 6 3 7 7 1 3 2 2 6 2 4 4 5 2 6 1 1 . . . . . . . . 5 6 4 5 3 8 8 3 1 1 3 5 5 0 2 0 5 2 6 1 1 . . . . . . . . 2 2 8 0 1 2 9 9 4 9 6 2 6 0 0 0 2 5 6 1 1 . . . . . . . . 6 3 5 2 9 1 2 9 3 8 7 9 3 4 2 0 5 2 7 1 1 . . . . . . . . 0 7 5 9 9 2 4 5 1 3 3 8 2 4 6 6 5 2 6 1 1 . . . . . . . . 8 5 4 5 3 9 2 9 1 8 5 5 8 7 7 0 5 6 2 1 1 . . . . . . . . 5 9 6 2 1 8 2 8 1 1 5 2 5 6 0 2 2 5 6 1 1 . . . . . . . . 5 2 0 0 9 9 1 1 5 9 8 7 8 8 0 9 5 6 3 1 1 . . . . . . . . 6 5 1 0 1 1 8 8 9 7 0 7 7 6 0 6 2 5 6 1 1 1 1 . . . . . . . . 4 2 0 6 3 3 0 1 1 3 8 7 8 6 2 0 2 6 5 1 1 . . . . . . . . 4 2 5 2 3 9 9 2 3 5 8 2 8 6 8 0 6 2 6 1 1 . . . . . . . . 5 8 0 6 5 6 6 2 7 7 7 2 8 0 9 6 Pe I r n c t e e n r t e a s g t e , f o e f e s to , t a a n l d o p o e th ra e t r i n lo g a i n n c i o n m co e m : e2................................. 73.65 68.49 68.98 68.20 72.83 68.06 68.05 65.23 69.59 68.76 69.32 72.15 S T S A e e r l O O A c U r u l v u s o l t b . i r l S t h c t l i h i . t e e o d g i e r t e e T c a h r s p h U r t e — i a o e a o r . r a p r S n t I g s s e m n . s e u e r t G c a s r e e o y u t n r o o i f r e n t s v i n S s t g e i t i t t n , c d e a i a c u s s e t n n e o . e r p c . s d i c . m o o . t u . i a s m . d e e r . i n . i t i s . . e t . d v . . i . a . . . e . i . . . . c p d . . . s . . . . . c . o . e . . . . ( . . o n . . l . . a . . . i . u . . . d g t . . . . . i . . . n e s . c . . . . : . . n . t . a . . . 3 . s . . . c . l . . . . . . i . . . . . . s e . . . . . . . . . . . u . s . . . . . . . . . . . . b . . . . . . a . . . . . . d . . . . . n . . . . . . . i . . . . . d . v . . . . . . . . . . . . i . . . . . . c . s . . . . . . . . . . . o i . . . . . . o . . . . . . r . . . . . . . n . . . p . . . . . . . . . . s . . o . . . . . . . . . . . . . r . . . . . . . . . . a . . . . . . . . . . . . . t . . . . . . . . i . . . . . . . o . . . . . . . . . . . . . . . n . . . . . . . . . . . . . . . . . s . . . . . . . . . . ) . . . . . . . . 4 4 4 7 3 1 . . . . . . . 2 5 4 6 1 6 6 1 5 7 8 3 7 4 1 6 3 3 2 3 1 0 . . . . . . . 0 1 8 9 6 7 1 1 1 3 9 8 7 2 1 4 2 8 1 1 1 0 . . . . . . . 1 9 1 7 8 9 2 3 3 5 4 9 2 6 1 2 9 2 3 1 1 . . . . . . . 8 4 5 1 8 6 1 3 7 7 9 7 8 9 4 6 2 3 8 1 . . . . . . . 0 7 7 6 2 3 4 3 3 7 2 6 0 6 1 4 4 7 3 1 0 . . . . . . . 0 3 4 6 5 8 0 1 3 8 8 3 7 4 3 9 4 2 8 1 1 . . . . . . . 2 2 7 4 8 8 4 7 8 5 3 9 6 7 1 2 9 3 6 1 1 . . . . . . . 5 2 0 0 7 4 5 5 5 6 8 8 9 6 4 3 3 9 8 . . . . . . . 1 2 2 8 7 8 2 1 8 9 9 2 8 4 4 9 3 3 8 1 . . . . . . . 2 1 3 8 3 9 4 1 1 8 5 9 0 0 4 9 3 7 3 1 . . . . . . . 1 5 3 8 9 1 6 3 9 9 5 6 6 0 4 5 2 6 6 1 . . . . . . . 8 1 4 7 9 2 4 1 3 7 6 6 6 6 Total operating income. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 O Sa f l f a ic r e ie r s a a n n d d e w m a p g lo e y s. e . e .. . b .. e .. n .. e .. f .. i . t . s . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . 2 3 0 . . 9 1 7 2 1 3 8 . .3 5 1 4 1 2 5 . . 8 6 9 3 1 2 5 . . 6 8 5 8 1 3 7 . .8 0 3 4 1 2 6 . . 8 9 5 7 1 2 5 . . 7 8 5 3 1 2 6 . . 6 15 0 1 2 4 . . 6 7 5 2 1 2 6 . . 6 98 4 1 2 6 . . 4 4 5 3 2 3 0 . . 2 9 4 0 I O P A n r c l t o T C B l e c v i r o o u a m e i p r p t s s h r e a i i t o o t e n a w o a n r c l n n y e o f n d : d o p o e r e s x m t a e r l p a v o s o e t i a n n i a n n n s n e g g e y d s l o . o e d . d s . x f . e s e . p e b p . b . e s . a o e . . n . n . n s . . s . i k . t . e . t u . . s s . . p r . . . . . . . e . r . . . . e . s . . . . . . . . m . . . . . . . . . . . . . . . . i . . . . . s . . . . . . . . e . . . . . . . . . s . . . . . . . . , . . . . . . . . . . . . n . . . . . . . . . . e . . . . . . . . . . t . . . . . . . 3 1 4 6 2 2 5 . . . . . . 7 7 2 1 2 3 1 1 3 5 6 9 3 1 4 4 8 1 3 . . . . . . 8 6 4 4 7 4 9 5 4 5 7 4 4 1 5 3 1 1 3 . . . . . . 5 1 2 3 3 2 1 1 8 5 2 4 4 1 2 2 1 1 4 . . . . . . 2 2 9 8 2 9 1 3 6 8 7 2 3 1 4 3 6 1 5 . . . . . . 0 2 2 3 9 6 3 6 7 9 4 0 3 1 4 2 2 6 5 . . . . . . 4 9 3 3 8 2 5 3 8 6 0 4 4 1 2 3 4 1 2 . . . . . . 6 2 8 3 3 5 1 7 4 0 6 0 4 1 3 0 1 1 3 . . . . . . 6 1 1 4 6 8 1 3 7 4 2 0 4 1 2 6 1 1 2 . . . . . . 5 4 3 4 5 4 9 7 4 7 9 6 3 1 2 2 3 6 4 . . . . . . 7 2 6 3 5 1 1 5 6 8 4 6 3 1 3 2 3 7 4 . . . . . . 1 5 3 8 6 2 8 4 6 9 3 0 3 1 4 2 3 7 4 . . . . . . 2 3 5 3 9 8 5 7 4 8 9 9 Total operating expenses. 85.54 85.49 83.33 82.00 82.36 81.98 83.46 79.52 82.29 79.32 80.68 87.56 I I N A n n l e c c l t o o o m m s t e h e e c e u b a r r f e i i t t n f e i o e c r r s o e t m a g t x a a e e i x n s ( e s n s a e o n a t r d ) n . l . d b o .. e . s s . s f . e . o e c . s . r u . e . ( r . . i s — . t . e i . e ) c .. , s u . . a r . g . i f . t a t . i . e i e . n r . s . s . t . g a ( .. a l x . o i . e . n s . s s . s . . e . . ( . . s . l . . o . ) . . . . s . . . . s . . . . . . e . . . . s . . . . . ) . . . . . . . . 1 1 - 0 4 .1 . . . 8 4 0 5 1 6 6 1 1 - 4 2 .2 . . . 5 1 4 0 1 7 6 1 1 - 4 6 .0 . . . 3 6 0 4 1 7 8 1 1 - 4 8 .0 . . . 0 3 0 9 3 5 0 1 1 - 7 3 .1 . . . 6 2 2 0 5 4 2 1 1 - 4 8 .1 . . . 3 1 0 1 1 1 2 1 1 - - 2 . 6 . 0 0 . . 9 5 3 6 7 4 2 1 - 0 . 5 0 . . . 4 1 5 1 8 0 4 1 1 - 7 3 .2 . . 7 1 8 1 3 2 1 0 5 . . . . 6 0 2 0 7 8 8 2 1 1 - 5 9 .0 . . . 0 1 3 5 1 3 2 1 9 2 . . . . 7 0 0 4 9 5 6 4 Net income....................................................................... 10.72 12.43 14.35 14.29 13.37 14.31 12.88 15.63 12.85 15.37 15.09 9.90 A 98 MEMBER BANKS, 1973 □JUNE 1974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return: On securities—Interest and dividends:3 U.S. Treasury securities..................................................................... 5.64 5.78 5.98 5.89 6.17 6.04 5.94 6.05 5.86 6.09 6.24 5.75 Other U.S. Govt, securities (agencies and corporations)............ 6.48 6.62 6.37 6.35 6.26 6.30 6.32 5.99 6.23 6.30 6.13 5.37 Obligations of States and political subdivisions........................... 4.23 4.25 4.20 4.27 4.43 4.50 4.31 4.24 4.33 4.35 4.24 4.15 All other securities............................................................................... 6.72 7.30 6.85 6.66 6.34 6.75 7.08 7.33 6.28 7.17 6.99 4.93 On loans:2 Interest, fees, and other loan income............................................... 8.20 7.95 7.60 7.96 8.57 8.66 8.03 7.86 8.09 8.23 8.44 8.34 Net loan losses (—) or recoveries4.................................................. -.26 -.19 -.14 -.18 -.17 ' -.25 -.17 -.16 -.14 -.22 -.26 -.21 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury securities................................................................... 5.60 7.81 9.43 12.37 7.64 8.38 10.28 12.23 11.28 10.07 8.20 7.72 Other U.S. Govt, securities (agencies and corporations).......... 1.78 3.94 4.09 3.28 4.11 4.33 4.98 6.38 4.53 3.58 4.88 3.59 Obligations of States and political subdivisions......................... 12.17 15.59 15.38 14.46 12.98 15.19 13.62 13.70 13.49 13.62 14.03 11.52 All other securities............................................................................. .65 1.01 1.73 .67 .37 .53 1.37 .50 .29 .37 .56 .37 Gross loans2............................................................................................ 62.14 56.43 57.10 55.85 59.62 53.53 55.95 52.20 57.58 55.64 53.61 59.44 Cash assets.............................................................................................. 13.81 11.79 9.67 10.73 11.99 14.82 11.08 12.42 10.42 14.00 15.67 12.32 Real estate assets.................................................................................. 1.88 1.63 1.70 1.65 2.05 1.98 1.55 1.62 1.51 1.62 1.91 2.49 Percentage of gross loans:2 Commercial and industrial loans........................................................ 31.03 25.26 21.47 19.49 25.02 28.09 22.30 20.42 22.02 24.98 31.47 26.95 Loans to farmers.................................................................................... .41 .77 2.00 2.19 1.78 1.62 4.73 6.80 15.34 19.82 9.54 6.33 Real estate loans.................................................................................... 31.41 35.43 42.78 35.63 28.85 25.04 35.97 31.59 32.96 17.02 16.23 30.57 Loans to individuals for personal expenditures............................... 25.09 26.03 25.04 32.58 33.54 32.66 25.66 28.97 22.92 24.15 26.21 27.39 All other loans2..................................................................................... 12.06 12.51 8.71 10.11 10.81 12.59 11.34 12.22 6.76 14.03 16.55 8.76 Other ratios (per cent): Interest on time and savings deposits to time and savings deposits, 5.40 5.22 4.97 4.98 5.35 5.45 5.22 5.17 5.38 5.38 5.59 5.09 Income taxes to net income plus income taxes................................... 21.40 11.46 10.10 16.89 21.78 17.91 18.82 22.18 22.52 24.08 20.86 18.89 Time and savings deposits to total deposits....................................... 48.28 56.23 64.95 61.75 55.67 52:50 63.73 55.60 64.88 52.33 50.01 58.73 Total capital accounts and reserves to total assets5......................... 8.07 8.26 8.29 8.57 7.99 7.86 7.82 8.31 7.64 8.32 8.03 7.16 Number of banks6......................................................................................... 208 315 275 440 364 587 912 416 493 798 625 124 1 Excludes minority interest in operating income, if any. 5 Includes capital notes and debentures and all valuation equally important influence on the result. In the ratios based 2 Loans include Federal funds sold and securities purchased reserves. on aggregates presented here, the experience of those banks in under agreements to resell. 6 Excludes two member banks located outside the continen­ each group whose figures are largest have a much greater in­ 3 Excludes trading-account securities. tal United States. fluence than that of the many banks with smaller figures. 4 Sum of the expense item “provision for loan losses” for Note.—The ratios in this and the preceding two tables were Ratios based on aggregates show combined results for the banks not on a reserve accounting method and the excess of computed from the dollar aggregates shown in preceding banking system as a whole, and, broadly speaking, are the losses charged against reserves for losses on loans over re­ tables. Many of these ratios vary substantially from the aver­ more significant for purposes of general analyses of credit coveries credited to these reserves for banks on a reserve- age of individual bank ratios, (which will be published in a and monetary problems, while averages of individual ratios accounting method. subsequent issue) in which each bank’s figures—regardless of are useful primarily to those interested in studying the financial size or amount—are weighted equally and in general have an results of operations of individual banks. JUNE 1974 □ MEMBER BANKS, 1973 A 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNOFtS OF THE FEDERAL RESERVE SYSTEM Arthur F. Burns, Chairman George W. M itchell, Vice Chairman Andrew F. Brimmer John E. Sheehan Jeffrey M. Bucher Robert C. H olland Henry C. W allich OFFICE OF MANAGING DIRECTOR FOR OFFICE OF MANAGING DIRECTOR FOR RESEARCH AND ECONOMIC POLICY OPERATIONS AND SUPERVISION OFFICE OF BOARD MEMBERS David C. M elnicoff, Managing Director * Robert Solomon, Adviser 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 S. Rippey, Assistant to the Board Samuel B. Chase, Jr., Adviser to the Board Gordon B. Grim wood, Assistant Director John J. Hart, Special Assistant to the Board Arthur L. Broida, Assistant to the Board and Program Director for Frank O’Brien, Jr., Special Assistant to the Murray Altmann, Special Assistant to the Board Contingency Planning Board W illiam W. Layton, Director of Equal Donald J. Winn, Special Assistant to the DIVISION OF RESEARCH AND STATISTICS Employment Board Brenton C. Leavitt, Program Director J. Charles Partee, Director for Banking Structure Lyle E. Gramley, Deputy Director James L. Pierce, Associate Director LEGAL DIVISION Peter M. Keir, Adviser Stanley J. Sigel, Adviser Thomas J. O’Connell, General Counsel Murray S. Wernick, Adviser DIVISION OF FEDERAL RESERVE BANK John N icoll, Deputy General Counsel Kenneth B. W illiams, Adviser OPERATIONS Robert S. Plotkin, Assistant General James B. Eckert, Associate Adviser Counsel Edward C. Ettin, Associate Adviser Ronald G. Burke, Director Baldwin B. T uttle, Assistant General Robert J. Lawrence, Associate Adviser James R. Kudlinski, Associate Director Counsel Eleanor J. Stockw ell, Associate Adviser E. Maurice M cW hirter, Associate Charles R. M cNeill, Assistant to the Joseph S. Zeisel, Associate Adviser Director General Counsel James L. Kichline, Assistant Adviser W alter A. Althausen, Assistant Director Andrew F. Oehmann, Assistant to the Stephen P. Taylor, Assistant Adviser Harry A. Guinter, Assistant Director General Counsel Thomas D. Thomson, Assistant Adviser P. D. Ring, Assistant Director Griffith L. Garwood, Adviser Louis W einer, Assistant Adviser Digitized for FRASER Helmut F. W endel, Assistant Adviser http://fraser.stlouisfed.org/ Levon H. Garabedian, Assistant Director 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 Norm and R. V. Bernard, Assistant Paul Wonnacott, Associate Director Warren N. Min ami, Assistant Director Secretary Robert F. Gemmill, Adviser Elizabeth L. Carmichael, Assistant Reed J. Irvine, Adviser DIVISION OF PERSONNEL Secretary Samuel I. Katz, Adviser Bernard Norwood, Adviser Keith D. Engstrom, Director DIVISION OF SUPERVISION Samuel Pizer, Adviser Charles W. Wood, Assistant Director AND REGULATION George B. Henry, Associate Adviser Helen B. Junz, Associate Adviser OFFICE OF THE CONTROLLER Frederic Solomon, Director fNoRMAN S. Fieleke, Assistant Adviser Brenton C. Leavitt, Deputy Director John Kakalec, Controller Frederick R. Dahl, Assistant Director John M. Denkler, Assistant Controller tOn loan from the Federal Reserve Bank of Boston. Jack M. Egertson, Assistant Director Janet O. Hart, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES John N. Lyon, Assistant Director John T. McClintock, Assistant Director W alter W. Kreimann, Director Thomas A. Sidman, Assistant Director Donald E. Anderson, Assistant Director William W. Wiles, 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 102 FEDERAL OPEN MARKET COMMITTEE Arthur F. Burns, Chairman Alfred Hayes, Vice Chairman Robert P. Black George H. Clay John E. Sheehan Andrew F. Brimmer Robert C. H olland Henry C. W allich 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 J. 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 FEDERAL ADVISOFiY COUNCIL 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 103 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank, branch, or facility Chairman President Vice President Zip code Deputy Chairman First Vice President in charge of branch Boston ...................... 02106 James S. Duesenberry Frank E. Morris Louis W. Cabot James A. McIntosh New York................ 10045 Roswell L. Gilpatric Alfred Hayes Frank R. Milliken Richard A. Debs Buffalo......................14240 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 Richard Cyert Robert D. Duggan Richmond.......................23261 Robert W. Lawson, Jr. Robert P. Black E. Craig Wall Baltimore....................21203 James G. Harlow Jimmie R. Monhollon Charlotte.....................28201 Charles W. DeBell Stuart P. Fishburne 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 Edward J. Schnuck 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 Clement A. Van Nice 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 104 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons are not accepted.) ANNUAL REPORT 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 December 31, 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 each. address, $.85 each. 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

A 105 STAFF ECONOMIC STUDIES BUSINESS FINANCING BY BUSINESS FINANCE COM­ PANIES. 10/68. Studies and papers on economic and financial subjects HOUSING PRODUCTION AND FINANCE. 3/69. that are of general interest in the field of economic research. REVISION OF WEEKLY SERIES FOR COMMERCIAL BANKS. 8/69. Summaries only printed in the BULLETIN EURO-DOLLARS: A CHANGING MARKET. 10/69. RECENT CHANGES IN STRUCTURE OF COMMER­ (Limited supply of mimeographed copies of full CIAL BANKING. 3/70. text available upon request for single copies) SDR’s IN FEDERAL RESERVE OPERATIONS AND STATISTICS. 5/70. THE DETERMINANTS OF A DIRECT INVESTMENT MEASURES OF SECURITY CREDIT. 12/70. OUTFLOW WITH EMPHASIS ON THE SUPPLY OF FUNDS, by Frederic Brill Ruckdeschel. June 1973. MONETARY AGGREGATES AND MONEY MARKET 171 pp. CONDITIONS IN OPEN MARKET POLICY. 2/71. MORTGAGE COMMITMENTS ON INCOME PROPER­ BANK FINANCING OF MOBILE HOMES. 3/71. TIES: A NEW SERIES FOR 15 LIFE INSURANCE INTEREST RATES, CREDIT FLOWS, AND MONETARY COMPANIES, 1951-70, by Robert Moore Fisher and AGGREGATES SINCE 1964. 6/71. Barbara Negri Opper. Aug. 1973. 83 pp. THE IMPACT OF HOLDING COMPANY ACQUISITIONS TWO KEY ISSUES OF MONETARY POLICY. 6/71. ON AGGREGATE CONCENTRATION IN BANKING, SURVEY OF DEMAND DEPOSIT OWNERSHIP. 6/71. by Samuel H. Talley. Feb. 1974. 24 pp. BANK RATES ON BUSINESS LOANS—REVISED OPERATING POLICIES OF BANK HOLDING COMPA­ SERIES. 6/71. NIES—PART II: NONBANKING SUBSIDIARIES, by INDUSTRIAL PRODUCTION—REVISED AND NEW Robert J. Lawrence. Mar. 1974. 59 pp. MEASURES. 7/71. SHORT-RUN VARIATIONS IN THE MONEY STOCK- REVISED MEASURES OF MANUFACTURING CAPAC­ SEASONAL OR CYCLICAL? by Herbert M. Kauf­ ITY UTILIZATION. 10/71. man and Raymond E. Lombra. June 1974. 27 pp. REVISION OF BANK CREDIT SERIES. 12/71. Printed in full in the BULLETIN PLANNED AND ACTUAL LONG-TERM BORROWING BY STATE & LOCAL GOVERNMENTS. 12/71. (Staff Economic Studies shown in list below. ASSETS AND LIABILITIES OF FOREIGN BRANCHES Except for Staff Papers, Staff Economic Studies, and OF U.S. BANKS. 2/72. some leading articles, most of the articles reprinted do WAYS TO MODERATE FLUCTUATIONS IN THE CON­ not exceed 12 pages.) STRUCTION OF HOUSING. 3/72. CONSTRUCTION LOANS AT COMMERCIAL BANKS. 6/72. REPRINTS SOME ESSENTIALS OF INTERNATIONAL MONETARY REFORM. 6/72. ADJUSTMENT FOR SEASONAL VARIATION. 6/41. BANK DEBITS, DEPOSITS, AND DEPOSIT TURN­ SEASONAL FACTORS AFFECTING BANK RESERVES. OVER—REVISED SERIES. 7/72. 2/58. RECENT REGULATORY CHANGES IN RESERVE RE­ LIQUIDITY AND PUBLIC POLICY, Staff Paper by Ste­ QUIREMENTS AND CHECK COLLECTION. 7/72. phen H. Axilrod. 10/61. YIELDS ON NEWLY ISSUED CORPORATE BONDS. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. 9/72. 7/62. RECENT ACTIVITIES OF FOREIGN BRANCHES OF INTEREST RATES AND MONETARY POLICY, Staff U.S. BANKS. 10/72. Paper by Stephen H. Axilrod. 9/62. REVISION OF CONSUMER CREDIT STATISTICS. MEASURES OF MEMBER BANK RESERVES. 7/63. 10/72. REVISION OF BANK DEBITS AND DEPOSIT TURN­ SURVEY OF FINANCE COMPANIES, 1970. 11/72. OVER SERIES. 3/65. ONE-BANK HOLDING COMPANIES BEFORE THE 1970 RESEARCH ON BANKING STRUCTURE AND PER­ AMENDMENTS. 12/72. FORMANCE, Staff Economic Study by Tynan EVOLUTION OF THE PAYMENTS MECHANISM. 12/72. Smith. 4/66. A REVISED INDEX OF MANUFACTURING CAPACITY, REVISION OF THE MONEY STOCK MEASURES AND Staff Economic Study by Frank de Leeuw with MEMBER BANK RESERVES AND DEPOSITS. 2/73. Frank E. Hopkins and Michael D. Sherman. 11/66. STATE AND LOCAL BORROWING ANTICIPATIONS REVISED SERIES ON COMMERCIAL AND INDUS­ AND REALIZATIONS. 4/73. TRIAL LOANS BY INDUSTRY. 2/67. YIELDS ON RECENTLY OFFERED CORPORATE INTEREST COST EFFECTS OF COMMERCIAL BANK BONDS. 5/73. UNDERWRITING OF MUNICIPAL REVENUE FEDERAL FISCAL POLICY, 1965-72. 6/73. BONDS. 8/67. SOME PROBLEMS OF CENTRAL BANKING. 6/73. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN BANKING AND MONETARY STATISTICS, 1972. Se­ 1960-67. 4/68. lected series of banking and monetary statistics for FEDERAL FISCAL POLICY IN THE 1960’s. 9/68. 1972 only. 3/73 and 7/73. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN □ JUNE 1974 CAPACITY UTILIZATION IN MAJOR MATERIALS IN­ RECENT DEVELOPMENTS IN THE U.S. BALANCE OF DUSTRIES. 8/73. PAYMENTS. 4/74. CREDIT-CARD AND CHECK-CREDIT PLANS AT COM­ CHANGES IN TIME AND SAVINGS DEPOSITS AT MERCIAL BANKS. 9/73. COMMERCIAL BANKS, JULY-OCTOBER 1973. RATES ON CONSUMER INSTALMENT LOANS. 9/73. 4/74. BALANCE OF PAYMENTS ADJUSTMENT SINCE 1971. CHANGES IN BANK LENDING PRACTICES, 1973.4/74. 10/73. CAPACITY UTILIZATION FOR MAJOR MATERIALS: NEW SERIES FOR LARGE MANUFACTURING COR­ REVISED MEASURES. 4/74. PORATIONS. 10/73. FINANCIAL DEVELOPMENTS IN THE FIRST QUARTER MONEY SUPPLY IN THE CONDUCT OF MONETARY OF 1974. 5/74. POLICY. 11/73. OPEN MARKET OPERATIONS IN 1973. 5/74. U.S. ENERGY SUPPLIES AND USES, Staff Economic Study by Clayton Gehman. 12/73. NUMERICAL SPECIFICATIONS OF FINANCIAL VARI­ REVISION OF THE MONEY STOCK MEASURES AND ABLES AND THEIR ROLE IN MONETARY POLICY. MEMBER BANK DEPOSITS. 2/74. 5/74. TREASURY AND FEDERAL RESERVE FOREIGN EX­ TREASURY AND FEDERAL RESERVE FOREIGN EX­ CHANGE OPERATIONS. 3/74. CHANGE OPERATIONS, INTERIM REPORT. 6/74. ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES1— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Approximate Date or period to Weekly releases release day which data refer Aggregate Reserves and Member Bank Deposits (H.3) Tuesday Week ended previous Wednesday Applications and Reports Received, or Acted on, by the Board Friday Week ended previous (H.2) Saturday Assets and Liabilities of All Commercial Banks in the United Wednesday Wednesday, 2 weeks States (H.8) earlier Changes in State Member Banks (K.3) Tuesday Week ended previous Saturday Commercial and Industrial Loans Outstanding by Industry (H.12)2 Wednesday Wednesday, 1 week earlier Condition Report of Large Commercial Banks in New York and Thursday Previous Wednesday Chicago (H.4.3) Condition Report of Large Commercial Banks and Domestic Subsid­ Wednesday Wednesday, 1 week iaries (H.4.2)3 earlier Deposits, Reserves, and Borrowings of Member Banks (H.7) Wednesday Week ended 3 Wednes­ days earlier Factors Affecting Bank Reserves and Condition Statement of Federal Thursday Week ended previous Reserve Banks (H.4.1) Wednesday Foreign Exchange Rates (H.10) Monday Week ended previous Friday Money Stock Measures (H.6) Thursday Week ended Wednesday of previous week Reserve Positions of Major Reserve City Banks (H.5) Friday Week ended Wednesday of previous week Selected Interest and Exchange Rates for Major Countries and the Thursday Week ended previous United States (H.13) Saturday U.S. Government Security Yields and Prices (H.15) Monday Week ended previous Saturday Weekly Summary of Banking and Credit Measures (H.9) Thursday Week ended previous Wednesday; and week ended Wednes­ day of previous week Semimonthly and bimonthly releases Finance Rates and Other Terms on Selected Categories of Consumer 20th of month 2nd month previous Instalment Credit Extended by Finance Companies (J.3) Research Library—Recent Acquisitions (J.2) 1st and 16th Period since last release __________________________ of month Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date Digitized for FRASER being later than anticipated. http://fraser.stlouisfed.or2gC/o ntains monthly H.12b release on second Wednesday of month. Federal Reserve Bank o3fC Sontt.a Linos uriesvised H.4.3 data.

FEDERAL RESERVE BOARD PUBLICATIONS A 107 Approximate Date or period to Monthly releases release day which data refer Assets and Liabilities of All Member Banks by Districts (G.7.1). 14th of month Last Wednesday of previous month Automobile Loans by Major Finance Companies (G.25) 7th working day 2nd month previous of month Automobile Instalment Credit Developments (G.26) 6th working day 2nd month previous of month Bank Debits, Deposits, and Deposit Turnover (G.6) 25th of month Previous month Changes in Status of Banks and Branches (G.4.5) 25th of month Previous month Commercial and Industrial Term Loans Outstanding by Industry 2nd Wednesday Last Wednesday of (H.12b) Available only as attachment to weekly H.12 release of month previous month Consumer Credit (G.19) 3rd working 2nd month previous day of month Consumer Instalment Credit at Commercial Banks (G.18) 4th working day 2nd month previous of month Finance Companies (G.20) 5th working day 2nd month previous of month Finance Rate and Other Terms on New and Used Car Instalment 30th of month Previous month Credit Contracts Purchased from Dealers by Major Auto Fi­ nance Companies (G. 11) Foreign Exchange Rates (G.5) 1st of month Previous month Index Numbers of Wholesale Prices (G.8) 20th of month Previous month Industrial Production (G.12.3) 15th of month Previous month (Similar data also available annually, see p. A-108 Interdistrict Settlement Fund (G.15) 15th of month Previous month Interest Rates Charged on Selected Types of Bank Loans (G.10) 15th of month 2nd month previous Maturity Distribution of Outstanding Negotiable Time Certificates 24th of month Last Wednesday of of Deposit (G.9) previous month Open Market Money Rates and Bond Prices (G.13) 6th of month Previous month State Member Banks of Federal Reserve System and Nonmember 1st week of Previous month Banks that Maintain Clearing Accounts with Federal Reserve month Banks (G.4) (Also annual) 1st week of End of previous yeai February Summary of Equity Security Transactions (G.16) Last week of Release date month U.S. Government Security Yields and Prices (G.14) 4th of month Previous month Quarterly releases Bank Rates on Short Term Business Loans (E.2) 18th of March, 1st 15 days of Febru June, September, May, August, No­ December vember Capacity Utilization in Manufacturing (E.5) 21st of January, Previous quarter April, July, October Flow of Funds: \ Seasonally adjusted and unadjusted (Z.l) j 15th of February, Previous quarter Seasonally adjusted only (Z.la) 1 May, August, and November Volume and Composition of Individuals’ Saving J (Flow of funds series) (E.8) / Sales, Revenue, Profits, and Dividends of Large Manufacturing Corpo- 10th of April, 2nd quarter previous rations (E.6) June, September, December Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 108 FEDERAL RESERVE BULLETIN □ JUNE 1974 Approximate Date or period to release day which data refer Semiannual releases Assets and Liabilities of All Commercial Banks, by Class of Bank May and No­ End of previous De­ (E.3.4) vember cember and June List of OTC Margin Stocks (E.7) June 30, De­ Release date cember 31 Assets, Liabilities, and Capital Accounts of Commercial and Mutual May and No­ End of previous De­ Savings Banks—Reports of Call (Joint Release of the Federal vember cember and June Deposit Insurance Corp., the Board of Governors of the Federal Reserve System, and Office of the Comptroller of the Currency. Published and distributed by FDIC.) Annual releases Bank Debits to Demand Deposit Accounts Except Interbank and U.S. March 25 Previous year Government Accounts (C.5) End of Month Demand Deposits Except Interbank and U.S. Govern­ March 25 Previous year ment Accounts (C.5a) Federal Reserve Par List (G.3) Early November Previous September 30 (Also monthly supplements) 5th of month Period since last release Industrial Production and Related Data November Previous year (Available upon request, after being announced) Member Bank Income (C.4) End of May Previous year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 109 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers’, 11, 27, 29 Demand deposits—Continued Agricultural loans of commercial banks, 18, 20 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners): corporations, 26 Banks, by classes, 16, 18, 19, 20, 32 Subject to reserve requirements, 15 Federal Reserve Banks, 12 Turnover, 13 Nonfinancial corporations, current, 43 Deposits (See also specific types of deposits): Automobiles: Accumulated at commercial banks for payment of Consumer instalment credit, 47, 48, 49 personal loans, 26 Production index, 50, 51 Banks, by classes, 16, 19, 23, 32 Federal Reserve Banks, 12, 74 Bank credit proxy, 15 Postal savings, 19 Bank holding companies, banking offices and deposits of group Subject to reserve requirements, 15 banks, Dec. 31, 1973, 80-83 Discount rates (See Interest rates) Bankers’ balances, 19, 22 Discounts and advances by Reserve Banks (See Loans) (See also Foreigners, claims on, and liabilities to) Dividends, corporate, 43 Banks for cooperatives, 40 Bonds (See also U.S. Govt, securities): Employment, 52, 54 New issues, 40, 41, 42 Yields and prices, 30, 31 Farm mortgage loans, 44 Branch banks: Federal agency obligations, 11, 12, 13 Assets, foreign branches of U.S. banks, 72 Federal finance: Liabilities, U.S. banks to foreign branches and foreign Receipts and outlays, 34, 35 branches of U.S. banks, 24, 73 Treasury operating balance, 34 Brokerage balances, 71 Federal funds, 7, 18, 20, 24, 29 Business expenditures on new plant and equipment, 43 Federal home loan banks, 39, 40 Business indexes, 52 Federal Home Loan Mortgage Corporation, 39, 44, 45 Business loans (See Commercial and industrial loans) Federal Housing Administration, 44, 45, 46 Federal intermediate credit banks, 39, 40 Capacity utilization, 52 Federal land banks, 39, 40, 44 Capital accounts: Federal National Mortgage Assn., 39, 40, 44, 45, 46 Banks, by classes, 16, 19, 24 Federal Reserve Banks: Federal Reserve Banks, 12 Condition statement, 12 Central banks, 77, 79 U.S. Govt, securities held, 4, 12, 13, 36, 37 Certificates of deposit, 24 Federal Reserve credit, 4, 6, 12, 13 Commercial and industrial loans: Federal Reserve notes, 12 Commercial banks, 15, 18, 27 Federally sponsored credit agencies, 39, 40 Weekly reporting banks, 20, 25 Finance companies: Commercial banks: Loans, 20, 48, 49 Assets and liabilities, 15, 16, 18, 19, 20 Paper, 27, 29 Consumer loans held, by type, 47 Financial institutions, loans to, 18, 20 Deposits at, for payment of personal loans, 26 Float, 4 Loans sold outright, 27 Flow of funds, 58, 59 Number, by classes, 16 Foreign: Real estate mortgages held, by type of holder and prop­ Currency operations, 11, 12 erty, 44-46 Deposits in U.S. banks, 5, 12, 19, 23, 74 Commercial paper, 27, 29 Exchange rates, 78 Condition statements (See Assets and liabilities) Trade, 61 Construction, 52, 53 Foreigners: Consumer credit: Claims on, 68, 69, 70, 74, 75, 76 Instalment credit, 47, 48, 49 Liabilities to, 24, 63, 64, 65, 66, 67, 74, 75, 76 Noninstalment credit, by holder, 47 Consumer price indexes, 52, 55 Gold: Consumption expenditures, 56, 57 Certificates, 12 Corporations: Earmarked, 74 Profits, taxes, and dividends, 43 Net purchases by United States, 62 Security issues, 41, 42 Reserves of central banks and govts., 79 Security yields and prices, 30, 31 Stock, 4, 61 Cost of living (See Consumer price indexes) Government National Mortgage Assn., 44 Currency and coin, 5, 9, 19 Gross national product, 56, 57 Currency in circulation, 5, 14 Customer credit, stock market, 31, 32 Housing permits, 52 Housing starts, 53 Debits to deposit accounts, 13 Debt (See specific types of debt or securities) Income, national and personal, 56, 57 Demand deposits: Income and expenses: Adjusted, commercial banks, 13, 15, 19 Insured commercial banks, 84 Banks, by classes, 16, 19, 23 Member banks, 84-99 )xedni siht n i dettimo si ” A“ xiferp eht hguohtla 99-A hguorht 4-A segap o t era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

)xedni siht n i dettimo sI ” A“ xiferp eht hguohtla 99-A hguorht 4-A segap o t era secnerefeR( A 110 FEDERAL RESERVE BULLETIN □ JUNE 1974 Industrial production index, 50, 51, 52 Real estate loans: Instalment loans, 47, 48, 49 Banks by classes, 18, 21, 32, 44 Insurance companies, 33, 36, 37, 44, 46 Mortgage yields, 45, 46 Insured commercial banks, 16, 18, 26, 84 Type of holder and property mortgaged, 44-46 Interbank deposits, 16, 19 Reserve position, basic, member banks, 7 Interest rates: Reserve requirements, member banks, 9 Bond and stock yields, 30 Reserves: Business loans by banks, 28 Central banks and govts., 79 Federal Reserve Banks, 8 Commercial banks, 19, 22, 24 Foreign countries, 77 Federal Reserve Banks, 12 Money market rates, 29 Member banks, 5, 6, 15, 19 Mortgage yields, 45, 46 U.S. reserve assets, 61 Prime rate, commercial banks, 28 Residential mortgage loans, 45, 46 Time and savings deposits, maximum rates, 10 Retail credit, 47, 48, 49 International capital transactions of U.S., 63-76 Retail sales, 52 International institutions, 62, 77, 79 Inventories, 56 Saving: Investment companies, issues and assets, 42 Flow of funds series, 58, 59 Investments (See also specific types of investments): National income series, 56, 57 Banks, by classes, 16, 18, 21, 22, 32 Savings and loan assns., 33, 37, 44, 46 Commercial banks, 15 Savings deposits (See Time deposits) Federal Reserve Banks, 12, 13 Savings institutions, principal assets, 32, 33 Life insurance companies, 33 Securities (See also U.S. Govt, securities): Savings and loan assns., 33 Federally sponsored agencies, 39, 40 International transactions, 70, 71 Labor force, 54 New issues, 40, 41, 42 Life insurance companies (See Insurance companies) Yields and prices, 30, 31 Loans (See also specific types of loans): Silver coin, 15 Banks, by classes, 16, 18, 20, 32 Special Drawing Rights, 4, 12, 60, 61 Commercial banks, 15, 16, 18, 20, 25, 27, 28 State and local govts.: Federal Reserve Banks, 4, 6, 8, 12, 13 Deposits, 19, 23 Insurance companies, 33, 46 Holdings of U.S. Govt, securities, 36, 37 Insured or guaranteed by U.S., 44, 45, 46 New security issues, 40, 41 Savings and loan assns., 33 Ownership of securities of, 18, 22, 32 Yields and prices of securities, 30, 31 Manufacturers: State member banks, 17, 26 Capacity utilization, 52 Stock market credit, 31, 32 Production index, 51, 52 Stocks (See also Securities): Margin requirements, 10 New issues, 41, 42 Member banks: Yields and prices, 30, 31 Assets and liabilities, by classes, 16, 18 Borrowings at Federal Reserve Banks, 6, 12 Tax receipts, Federal, 35 Income and expenses, 84-99 Time deposits, 10, 15, 16, 19, 23 Number, by classes, 16 Treasury cash, Treasury currency, 4, 5 Reserve position, basic, 7 Treasury deposits, 5, 12, 34 Reserve requirements, 9 Treasury operating balance, 34 Reserves and related items, 4, 6, 15 Mining, production index, 51 Unemployment, 54 Mobile home shipments, 53 U.S. balance of payments, 60 Money market rates (See Interest rates) U.S. Govt, balances: Money stock and related data, 14 Commercial bank holdings, 19, 23 Mortgages (See Real estate loans and Residential mortgage Member bank holdings, 15 loans) Treasury deposits at Reserve Banks, 5, 12, 34 Mutual funds (See Investment companies) U.S. Govt, securities: Mutual savings banks, 23, 32, 36, 37,44,46 Bank holdings, 16, 18, 21, 32, 36, 37 Dealer transactions, positions, and financing, 38 National banks, 16, 26 Federal Reserve Bank holdings, 4, 12, 13, 36, 37 National defense expenditures, 35 Foreign and international holdings, 12, 68, 70, 74 National income, 56, 57 International transactions, 68, 70 Nonmember banks, 17, 18, 19, 26, 84 New issues, gross proceeds, 41 Open market transactions, 11 Open market transactions, 11 Outstanding, by type of security, 36, 37 Ownership, 36, 37 Payrolls, manufacturing index, 52 Yields and prices, 30, 31 Personal income, 57 Utilities, production index, 51 Postal savings, 19 Prices: Veterans Administration, 44, 45, 46 Consumer and wholesale commodity, 52, 55 Security, 31 Prime rate, commercial banks, 28 Weekly reporting banks, 20 Production, 50, 51, 52 Profits, corporate, 43 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^ Detroit^ CKicagoj jfaft.Cittf OmaJta* jCjncivnatA rT-7 c Kansas City^ It. Louis 'charCot*/ Vc OkfaAoma Cittf .ittie %oci\ Atlanta Dallas Jiouston Jfetf OtCca** Antonio< Miami ‘Drawn by7ZW. (jafyin, Cart A (o THE FEDERAL RESERVE SYSTEM g) a HAW AII L e g e n d 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 Cities • Federal R eserve B ranch Cities Digitized for FRASER • Federal R eserve B ank Facilities http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis