Federal Reserve Bulletin, 1975-01

JANUARY 1975 FEDERAL RESERVE ^ BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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FEDERAL RESERVE BULLETIN NUMBER 1 • VOLUME 61 • JANUARY 1975 CONTENTS 1 The Economy in 1974 A 1 Financial and Business Statistics 11 Staff Economic Studies: Summary A 1 Contents A 3 Guide to Tabular Presentation 13 Changes in Time and Savings A 3 Statistical Releases: Reference Deposits at Commercial Banks A 4 U.S. Statistics April-July 1974 A 60 International Statistics 20 Record of Policy Actions of the A 80 Board of Governors and Staff Federal Open Market Committee A 82 Open Market Committee and Staff ; 28 Law Department Federal Advisory Council 51 Announcements A 83 Federal Reserve Banks and Branches 53 Industrial Production A 84 Federal Reserve Board Publications A 86 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMMITTEE J. Charles Partee Lyle E. Gramley Robert Solomon Ralph C. Bryant Joseph R. Coyne Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economy in 1974 This article was prepared in the National In- posed in October 1973. After the embargo come Section of the Division of Research and ended in April 1974, fuel shortages eased, con- Statistics. sumer spending picked up somewhat, and there was a slight increase in industrial production in In 1974 the U.S. economy endured the most the second quarter. But the economy as a whole severe inflation since the period immediately never recovered its upward momentum, and real following World War II, and at the same time output began to move sharply downward moved into a recession that threatened to be- throughout the latter months of 1974. come one of the deepest in the postwar period. By the last quarter of the year weakness in Price increases in 1974 stemmed from a vari- the economy became pervasive, and the drop ety of sources: the sharp rise in the price of in real GNP was equivalent to the sharpest imported oil and its widespread effects; the decline since World War II. Residential conbulge in prices following decontrol; another struction continued to fall and housing starts year of disappointing crop harvests; and finally reached an 8-year low. The further erosion of the sharp rise in unit labor costs that accom- real after-tax incomes precipitated a drop in real panied rapidly rising wages and the decline in consumer outlays for goods, and auto sales productivity. reached the lowest rate in 12 years except for The sources of the recessionary trends that the strike-related decline in 1970. In many cases developed over the course of the year were also orders were reduced or canceled, and business diverse. Early in the year the developing firms cut both production and capital spending weakness was associated with the direct and plans in response to weakened demands. expectational effects of the oil embargo; how- Despite strenuous efforts of business firms to ever, as the year unfolded, reduced demand trim excessive stocks, inventory/sales ratios became the dominant factor undermining rose sharply further as final sales fell markedly. growth. In the second half the economy entered This sharp deterioration in economic activity a steep, generalized decline—with weakness in was reflected in widespread layoffs and a large purchases and output spreading to nearly all rise in the unemployment rate. Although layoffs sectors. Employment dropped sharply, and by were most pronounced in the auto industry, year-end the unemployment rate had reached the employment declined in nearly every industry highest level in nearly 14 years. during the last 2 months of the year. After having risen strongly through early Inflationary pressures had been quite intense 1973, output for the remainder of the year in 1972 and 1973 partly due to increased slowed markedly, with growth limited in part worldwide demand for basic commodities, the by materials shortages. At the same time, gains devaluation of the dollar, capacity limitations, in consumer spending weakened as inflation and disappointing food production. During that eroded increases in real income. Then, in the earlier period the rapid growth in government first quarter of 1974, total output turned down spending, Federal tax cuts, and the expansion under the impact of the precipitous rise in fuel of money and credit also had stimulated deprices and the reduced availability of oil and mand. In 1974 inflationary pressures were exgasoline resulting from the oil embargo im- acerbated by the variety of special factors men- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 Federal Reserve Bulletin • January 1975 GNP, INDUSTRIAL PRODUCTION, and CAPACITY UTILIZATION Per cent 1967=100 Per cent CHANGES IN GNP INDUSTRIAL PRODUCTION CAPACITY UTILIZATION MAJOR MATERIALS GNP, Dept. of Commerce data. Real is in terms of 1958 dollars. Industrial production and capacity utilization, F.R. data. tioned earlier, and the rate of inflation—as greatly overstated by data on profits before measured by the fixed-weight index for private taxes, and firms were left in a poorer position product—rose to 11.4 per cent from 6.3 per cent to carry forward investment plans. the previous year. Accelerated inflation operated in a number of ways to undermine economic expansion. An CONSUMER OUTLAYS AND unusually large decline in the purchasing power INCOME of wages and salaries over the past 2 years was a powerful depressant on real consumer pur- Ceal consumer spending for goods fell in chases. An added problem was that the large 1974—initially because of shortages and uncerincrease in prices of imported oil, generally tainties surrounding the energy crisis, but as the benefiting foreign producers, reduced domestic year progressed, increasingly because of the purchasing power substantially further. Apart severe drop in real disposable income and in from the effect of price increases on real in- the real value of financial assets. Consumer comes, consumer resistance to higher prices was attitudes were also adversely affected by the evident in a number of areas, most notably in combination of inflation and rising unemploythe demand for autos. In addition, inflation ment, particularly in the second half of the year. resulted in a sharp reduction in the real value Early in the year sales of new cars, particuof savings deposits and other financial assets, larly the larger models, showed a sharp decline, which undoubtedly acted to depress consumer in large part because of the gasoline shortage. outlays. The greater availability of fuel following the end Efforts to counter inflation by restricting the of the embargo and the increased supply of growth of money and credit also acted to slow small cars resulted in a modest improvement in the economic expansion. Moreover, the tax auto sales in the summer. Auto sales were system operated to reduce private spending be- temporarily boosted further in the late summer cause the progressive feature of the personal and early fall by manufacturers' announcements income tax, combined with inflated nominal of sharply higher prices for 1975 models; some incomes, resulted in increased tax rates for of these price increases would reflect the addiindividuals and in reduced real disposable in- tion of unwanted antipollution controls. In the come for households. fourth quarter, however, the buying stimulus In the corporate sector, enormous gains in came to an end. And with consumer incomes inventory profits, which are subject to taxation, and confidence hit by rising unemployment, were generated by rising prices. However, since auto sales plunged 26 per cent to a 7.4 million inventory stocks were replaced at the inflated annual rate, the lowest rate in 12 years except prices, the true corporate earnings position was for the strike-related decline in 1970. Stocks of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economy in 1974 3 PERSONAL SPENDING and SAVING sumer spending for services increased at a rate exceeding the rise in prices. Net change, billions of dollars The decline in real disposable income be- PERSONAL CONSUMPTION EXPENDITURES tween the fourth quarter of 1973 and the fourth J B 30 quarter of 1974 has been more than three times URRENT DOLLARS as severe as the loss during the 1957-58 recesrREAL DOLLARS sion—the largest previous post-World-War-II downturn. Not only did wages fail to keep pace with inflation, but an increase in the social security tax base from $10,800 to $13,200 and the aforementioned impact of the progressive income tax levied on rising nominal incomes also cut real after-tax incomes in 1974. Social security and personal taxes increased as a percentage of personal income in 1974; in previous Per cent downturns, except 1960-61, the tax share of personal income had declined. The adverse effects of rising prices and unemployment on consumer attitudes ha\^ Jpeen dramatically underscored in recent consumer surveys. In the fourth quarter consumers' appraisals of their financial conditions and of the Dept. of Commerce data, seasonally adjusted. Real is in terms of 1958 dollars. outlook for the economy were well below any previous survey results. In earlier surveys a third of the respondents had indicated that it was a autos at dealers reached record levels despite good time tp buy because of anticipated price sharp cutbacks in production. increases, but this opinion was displaced in the Outlays for other types of durable goods, such November 1974 Michigan survey with the view as furniture and appliances, increased in nomithat it was a bad time to buy because prices nal terms in 1974, though generally at a slower were too high. pace than the advance in prices so that in real Inflation also operated to increase consumer terms outlays fell. Similarly, spending for nonneeds for credit, and there was a substantial durable goods such as food, clothing, and gasofurther rise in instalment credit in 1974. Toline declined in real terms. In contrast, congether with the past run-up in indebtedness, mounting debt burdens proved troublesome to many households as the year progressed. Ex- AUTO SALES tensions of new credit relative to income de- Millions of units clined in 1974 from the peak rates of 1973, but consumer debt at the end of the third quarter was still 8.5 per cent higher than a year earlier. The delinquency rate on instalment credit, at 2.6 per cent in the third quarter, was almost 40 per cent above the previous cyclical high in 1970. In the fourth quarter of 1974, as sales of autos and other durable goods plummeted, the extension of instalment credit slowed markedly. The personal saving rate moved successively 1970 1972 1974 lower in the first three quarters of 1974, from Wards "Automotive Reports" data. Seasonal adjustment by the extremely high late-1973 rate, as consumers F.R. Domestic-type autos include U.S. sales of cars produced attempted to sustain expenditures in the face of in Canada. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 Federal Reserve Bulletin • January 1975 declining real income. The high savings rate in estate investment trusts as a source of conlate 1973 had reflected reduced spending asso- struction loans during recent years. The difficiated with the gasoline shortage. High farm culties experienced by REIT's in 1974 resulted income had also been a factor because farmers in a sharp decline in the availability of loan and others with variable incomes typically have funds for multifamily projects and in a marked high marginal saving rates. But in the final rise in interest costs on construction loans. quarter of 1974 the saving rate increased again The higher costs of homes and the record as consumers reduced their outlays in reaction interest rates on mortgages, as well as unusually to rapidly rising prices and uncertainties caused large builder stocks of unsold new units, also by the sharp increases in unemployment. acted to reduce single-family housing starts further after the first half of 1974. A number of Federal Government programs aimed primarily at providing additional mortgage financing— RESIDENTIAL CONSTRUCTION generally at rates below those prevailing in the market—helped to moderate the decline. A continuing decline in outlays for private resi- Shipments of new mobile homes also slowed dential construction was a significant factor in markedly in 1974; for the year they were about the reduction in total economic activity during a third below the near-record 1973 figure. Mo- 1974. In real terms, outlays fell more than a bile home activity is not included in housing fourth from the 1973 total. Private housing starts starts or in outlays for residential construction. dropped to an 8-year low, from 2.4 million at Recently, conditions in mortgage markets the peak in early 1973 to about 1.0 million in have eased somewhat as savings deposit flows the fourth quarter of 1974, marking the sharpest began to increase in line with declines in shortdecline in starts in the post-World-War-II term market interest rates. Thus the decline in period. new starts and in residential construction may Unlike the initial phase of the decline in 1973, have run its course. However, mortgage interest the drop in private housing starts during 1974 rates are only beginning to decline from their was concentrated in the multifamily sector. In fall peaks of over 10 per cent, and new compart, this reflected the unprecedentedly large mitments continue to be quite low. The outlook number of units still under construction— for recovery in housing is also clouded by the stemming from the earlier protracted boom inventory of completed and uncompleted units; —and the sharp rise in construction costs. the number of such units remains well above However, financial factors played a major role the early 1970 level, the previous low in housing in reducing construction of condominiums and starts. other multifamily units. This sector of the housing market has depended heavily on real PRIVATELY OWNED HOUSING STARTS BUSINESS FIXED INVESTMENT Ratio scale, millions of units To an important extent the cyclical downturn in the economy in 1974 reflected the end of the capital spending boom that had helped support economic activity since early 1972. Although current-dollar business fixed investment rose substantially in 1974, in real terms total outlays increased only moderately in the first half of the year and declined thereafter. For the year as a whole current-dollar expenditures were up by about 9.4 per cent, while in real terms Dept. of Commerce data, seasonally adjusted annual rates. outlays were off fractionally. In contrast to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economy in 1974 5 Changes in BUSINESS FIXED INVESTMENT cially in the commercial sector, and throughout the year public utilities scaled down previously Per cent announced intentions. Recent plant and equipment anticipations surveys suggest that outlays in current dollars will rise less than capital goods prices in 1975. The surveys indicate continued strength in materials-producing industries. But widespread weakness elsewhere in manufacturing, as had been suggested earlier by marked declines in new orders for capital goods and in contracts for nonresidential structures, has been confirmed by the latest Commerce Department survey of plant and equipment plans. On the other hand, if the administration's proposal for lib- Dept. of Commerce data, seasonally adjusted annual rates. eralization of the existing investment tax credit Real is in terms of 1958 dollars. is enacted early in 1975, the resulting investment stimulus could have a noticeable impact pattern of the previous 2 years, spending for by the latter part of the year. nonresidential construction was stronger than spending for equipment. The relative weakness in equipment spending was due in large part to a decline in business purchases of motor vehicles—fleet cars and trucks. INVENTORY INVESTMENT The lack of growth in real capital outlays in 1974 resulted from the falling off of consumer After having reached a record high rate in 1973, and other final demands in many sectors, the inventory investment declined during the first sharp increase in the cost of capital goods fol- three quarters of 1974. However, inventories lowing the lifting of price controls, the impact rose sharply relative to final sales in real terms, of tight financial markets, and the weakened and by the end of the summer business firms cash flow position experienced by many busi- began to make vigorous efforts to trim excessive ness firms. Shortages also played a part in stocks. Nevertheless, final purchases by conholding down capital expenditures early in sumers and others dropped sharply in the fourth 1974, but as the year unfolded and demand quarter, and inventories continued to rise— weakened, shortages began to ease and pres- evidencing substantial unintended accumulation sures on capacity began to diminish, lessening and creating the potential for increased efforts the necessity for the immediate expansion of by businesses to reduce their inventories early productive facilities. in 1975. Despite the peaking of business fixed invest- In the first two quarters of 1974 the bulk of ment, capital outlays of manufacturing indus- inventory investment was in materials—as protries held up better in 1974 than they had in ducers tried to build stocks that had been in short previous cyclical contractions. In particular, supply—and also in work in process. In the producers of capital goods, nonferrous metals, latter half of the year, however, the build-up paper, and chemicals registered sizable ad- was largely in finished goods. Steel and coal vances in plant and equipment expenditures for were a special case, as producers attempted to the second year in a row. Sharp gains were also build up stocks in anticipation of a strike by recorded by petroleum and by iron and steel coal miners in November. The problem of unproducers; each of these groups had registered desired accumulation of finished goods in the only modest rises in 1973. Other than in manu- fourth quarter was most pronounced in the aufacturing, outlays were relatively weaker, espe- tomobile industry, as sales plummeted and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 Federal Reserve Bulletin • January 1975 Ratio of TOTAL BUSINESS INVENTORIES caused the NIA budget to move further into to GNP FINAL SALES deficit. Ratio Federal receipts grew by about $35 billion in 1974, exceeding the 1973 record rise of $31 1958 DOLLARS billion. Personal income tax receipts increased p T II 15 per cent—largely reflecting inflation—and contributions for social insurance rose by 12 per cent, partly as a result of the increase in the maximum taxable wage base. Corporate profits tax accruals probably grew less than the 19 per cent gain in 1973. Because corporations pay income taxes on inventory profits generated by inflation, a number of firms switched to the lastin-first-out method of inventory valuation in 1974. Nevertheless, because of inflation, both i i Mi i 8te i i t t i t i i H i » '56 '58 '60 '62 '64 '66 '68 70 12 14 personal and corporate income tax receipts absorbed an increasing proportion of income in Dept. of Commerce 1958 dollar data for business stocks (estimated from inventory-change series) and total GNP final 1974. sales. Ratio calculated by F.R., with sales expressed as monthly rates. FEDERAL SECTOR dealer stocks of new cars reached a record high Billions of dollars despite sharp reductions in production. How- FEDERAL E> :PENDITURES ever, inventories of other types of durable goods 300 also increased in the fourth quarter as demand TOTAL ^ ^ ^^ weakened generally. 100 DEFENSE PURCHASES THE FEDERAL GOVERNMENT H * w/.BHI During a slowdown in economic activity, re- SURPLUS duced incomes tend to slow the growth in Fed- • l | MM - l i- • eral receipts, thereby cushioning the effect of 20 DEFICIT recession on spendable incomes and increasing i the Federal deficit. This was not true in 1974. Instead, the large growth in nominal incomes, Dept. of Commerce national income and product data, seasonally adjusted annual rates. Q4 estimated by F.R. generated mainly by the high rate of inflation, resulted in a sharp increase in revenues. Because of this increase in revenues and of continuing Federal purchases of goods and services rose curbs on expenditures, the Federal budget be- by more than 9 per cent in 1974, substantially came more restrictive in 1974. Thus, despite above the 1.6 per cent gain registered in the the weakened state of the economy, the Federal previous year. However, in real terms, total deficit, at about $6.0 billion in 1974, on a Federal purchases were down for the year. Denational-income-accounts basis, was about un- fense spending—after having decreased in changed from 1973. In the last quarter of the 1973—rose by almost 5 per cent despite continyear, however, higher unemployment benefits ued congressional cuts from recommended apand a moderation in the growth of tax re- propriations, but in real terms it too declined ceipts—each a result of the deepening reces- for the second consecutive year. Real nondesion—and an increase in Federal pay scales fense purchases increased sharply in 1974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economy in 1974 10 Federal transfer payments continued to grow EXPORTS AND IMPORTS much faster than purchases of goods and ser- The U.S. balance of payments on goods and vices. A rapid rise in unemployment benefits services registered a surplus of about $3% bilcontributed to the approximately $21 billion lion in 1974, only slightly less than the surplus increase in transfer payments, substantially of 1973 despite the adverse effect of the oil price larger than the $12.8 billion gain posted in rise. After having recorded large surpluses 1973. Other factors were the two-step, 11 per around the turn of the year, reflecting in part cent increase in social security benefits and the the reduction of oil imports during the embargo, Federal takeover of welfare for the aged, blind, the U.S. balance of payments on goods and and disabled. services shifted temporarily into deficit in the second and third quarters of 1974. To a large extent this shift reflected the dramatic run-up STATE AND LOCAL in prices of imported oil. However, the price GOVERNMENTS of imported fuel leveled off in the second half of 1974 and export prices of agricultural prod- The fiscal position of State and local govern- ucts increased somewhat because of disappointments worsened during 1974 because of strin- ing harvests. As a result, the balance on goods gent credit conditions and a slackened growth and services shifted into surplus as the year in receipts due to the slowdown in economic came to a close. activity. State and local government purchases of goods and services rose by 13 per cent in 1974, more rapidly than in 1973. In real terms, U.S. FOREIGN TRANSACTIONS however, the year-over-year increase was only GOODS AND SERVICES about 3 per cent; actually such purchases have Billions been almost level since the fourth quarter of 150 1973. Employee compensation accounted for a large part of the current-dollar increase. Construction outlays—boosted, in part, by Federal revenue-sharing funds—also showed a notice- 100 able gain over 1973. Average earnings of State and local government employees rose by about 5.5 per cent in 1974—off slightly from the 7 per cent increase in 1973. Employment was up by about 570,000 for the year compared with 409,000 in 1973. Dept. of Commerce national income and product data, season- The growth represents increased demand for ally adjusted annual rates. services provided by States and localities; very little of the increase was the result of the Federally sponsored public employment program. The merchandise trade balance shifted into State and local government budgets—includ- deficit in 1974 in the first quarter, whereas the ing their pension and insurance funds—experi- surplus in the balance on services increased for enced a surplus of about $2 billion for 1974 the year as a result of the sharp improvement as a whole. This was down from the $9 billion in investment income, especially for oil firms. surplus in 1973 when Federal revenue-sharing In addition to the dramatic increase in prices funds resulted in a significant accumulation of of imported fuels, the merchandise trade balance financial assets and a reduction in the amount reflected weakening economic activity abroad of long-term borrowing. In 1974 revenue-shar- and some decline in the value and the physical ing funds were used largely to increase con- quantity of agricultural exports after the firststruction outlays and to reduce tax burdens. quarter peak. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 Federal Reserve Bulletin • January 1975 The merchandise trade balance was most af- THE LABOR MARKET fected by a $20 billion increase in the cost of Change, millions of persons fuel imports. The volume of oil imported in PAYROLL EMPLOYMENT 1974 declined slightly, but the average price increased from $3.35 per barrel in 1973 to $11 NONFARM H • H per barrel in 1974. Exclusive of the rise in fuel imports, the trade balance showed improvement ' f i ' P i i, in 1974. The volume of exports increased by nearly 10 per cent in 1974, but the rise came en- MANUFACTURING tirely in the first half with weakening demand in other industrial countries reducing the volume Per cent of exports beginning in the third quarter. The value of exports rose sharply, about the same as the rise in the value of nonfuel imports. 1970 1972 1974 Dept. of Labor data, seasonally adjusted. THE LABOR MARKET The labor market deteriorated seriously in the the increase was concentrated among adult latter part of 1974. Over the first three quarters women, and it probably reflected an attempt to of the year employment rose and the labor force bolster family incomes that had been eroded by increased at a rate greater than trend, even sharply rising prices. though real GNP declined. As the deterioration in activity accelerated in the fall, however, the LABOR OUTPUT AND COSTS labor market began to take on the characteristics PRIVATE NONFARM ECONOMY of a typical cyclical downturn—layoffs became Percentage ch widespread, hours of work were cut, and unfrom previous employment began to rise sharply. 10 Nonfarm payroll employment increased more than 900,000 in the first 9 months of 1974. 5 + While the rate of increase was less than in 1973, 0 such growth was atypically large for a period of falling real GNP and was confined to indus- 5 tries such as trade, services, and State and local 15 government. During this period manufacturing 10 jobs fell by a relatively modest 200,000. Many firms, it appeared, were delaying cost-cutting 5 adjustments that usually accompany declining real sales. This delay may have occurred in part 1970 1972 1974 because employers, believing the energy crisis Dept. of Labor data, seasonally adjusted. to be a temporary and isolated phenomenon, viewed the decline in demand early in the year In the last 2 months of 1974, continued sharp as a passing aberration. As a result, output per reductions in final demands caused many firms manhour fell sharply, at a 3.6 per cent annual to begin substantial cost-cutting. The average rate in the private nonfarm sector for the first workweek was cut by two-tenths of an hour three quarters of the year. and payroll jobs fell by 1.1 million, the largest The civilian labor force grew by more than 2-month decline in the postwar period. While 1.8 million during the first 9 months of the year; the automobile industry was the most affected, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economy in 1974 9 job losses were widespread. Despite a modest Compensation in the private nonfarm econdecline in the labor force, the unemployment omy accelerated from its already high rate of rate rose dramatically to 7.1 per cent in De- increase in 1973 to an increase of nearly 10 per cember—the most rapid 2-month rise since cent in 1974, although the rate slowed in the 1958. final quarter. In conjunction with the deterio- Increased joblessness in the fourth quarter ration of productivity, the rise in compensation occurred among all categories of workers but pushed up unit labor costs at a record pace; in it was concentrated among experienced the third quarter they were 13 per cent above workers. In December the unemployment rate their year-earlier level—the largest rate of infor adult men reached 5.1 per cent; this was crease in the postwar era. 1.2 percentage points higher than in September and 2.1 percentage points above December 1973. Although wages did rise substantially in PRICES 1974, prices increased even more, causing an erosion of purchasing power. All measures of The present inflation in the United States has real income declined sharply: average real been the longest and most severe since the spendable earnings for a production worker with period immediately following World War II. three dependents—a widely used measure of Consumer prices in the fourth quarter of 1974 take-home pay—dropped in both 1973 and 1974 were about 12 per cent above a year earlier and and at the end of 1974 were about 9 per cent about one-fifth higher than 2 years earlier. below the peak in the fall of 1972. During 1974 Wholesale prices have risen even faster, and an increasing number of workers in contract industrial commodities posted an extraordinary negotiations demanded and received cost-of- increase of nearly 26 per cent over the 12 living escalator clauses, which tied future wage months ending December 1974, reflecting in increases to future price inflation. part the ending of controls and the efforts of The heavy collective bargaining schedule in businessmen to improve profit margins eroded 1974 included contract settlements in the steel, by earlier increases in the costs of industrial aluminum, can and container, telephone, and materials and other inputs. Although inflationmining industries. First-year pay raises provided ary pressures remain intense, prices of some for in these settlements averaged 11 per cent, industrial commodities have declined in recent up from 6 per cent in 1973. Although wage months and rates of increase for other industrial catch-up pressures are likely to continue, the commodities, while still substantial, have been light collective bargaining schedule in 1975 slowing, partly in response to reduced levels of may ease the impact of these pressures some- activity both here and abroad. what. Until early 1974 efforts to restrain inflation through wage and price controls had been frustrated in part by the pressures of international EMPLOYMENT demand and by the effects of the second deval- Percentage change uation of the dollar in 1973. The resulting 1971 QL=100 upward trend in prices was exacerbated in 1974 by the increased oil prices accompanying the oil embargo imposed in October 1973. In addition, 105 the dismantling of price controls early in 1974 was followed by a bulge in prices of industrial 100 commodities. The advanced levels of world demand for U.S. farm products, in part the result of poor 1972 1974 1972 1974 harvests in much of the world in 1972, had severely depleted U.S. stocks and had caused Dept. of Labor data, seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 Federal Reserve Bulletin • January 1975 INFLATION ACCELERATES IN 1974 Dept. of Labor data, seasonally adjusted. sharply increased prices for foodgrains and the third quarter. Service costs also rose faster, feeds. With disappointing U.S. harvests con- with particularly large increases for gas and tinuing, stocks were not replenished and prices electricity, medical, and household services. remained high through 1974. These high prices While prices received by farmers are below the had far-reaching repercussions on prices of meat very high year-ago levels, prices of consumer and other foods in this country. foods have risen more than 10 per cent both However, since the run-up in prices of oil at wholesale and at retail. and related products, industrial materials rather Despite continued large advances for most than farm products have paced inflation. About finished goods, there has been some moderation three-fourths of the increase in prices of inuus- in rates of price rise in recent months, as levels trial commodities in 1974 was accounted for by of activity and demand have fallen and the fuels and power, metals and metal products, impact of post-controls adjustments and materichemicals, and machinery and equipment. als costs has tapered off. Prices of sensitive Large price increases also were reported for industrial materials have declined since the most other commodity groups although lumber spring, notably for textiles and metal scrap and and wood products declined. for lumber and hides; the latter two are well The extraordinary increases in materials below their 1973 highs. Declines have also been prices, as well as post-controls adjustments, led registered in components of the wholesale price to accelerated advances for finished goods. index and even in a few consumer items at Prices of producers' equipment increased by retail. In addition, for several groups price inmore than one-fifth in 1974 as a result of high creases have been smaller than in previous input prices and strong demand, especially ex- months. The industrial commodities component port demand. Prices of consumer nonfood items of the wholesale price index rose from August at wholesale also rose about one-fifth. to November at an annual rate of less than 13 Fuels led the advance in retail prices of non- per cent, compared with more than 30 per cent food commodities in the early months of 1974, earlier in 1974, and was unchanged in Debut by midyear the advance in fuel prices was cember. And recently, retail prices of nonfood tapering off. However, accelerated rates of rise commodities have risen at a rate well below the for other goods maintained the annual rate of average maintained during the first three quarincrease at a level of about 15 per cent through ters. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 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 neceseral 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 BULLETIN 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 BULLETIN includes a separate sion and to others are summarized—or they may section entitled ' * Staff Economic Studies99 that be printed in full—in this section of the Federal enumerates the studies for which copies are Reserve BULLETIN. currently available in that form. STUDY SUMMARY HOUSEHOLD-SECTOR ECONOMIC ACCOUNTS By DAVID F. SEIDERS—STAFF, BOARD OF GOVERNORS Prepared as a staff paper in late 1974 A complete set of economic accounts for the different sources or in constructing missing household sector of the economy provides both components. These factors hinder use of a an internally consistent statistical framework system of accounts as a valuable tool in the and a constraint for use in the analysis of non- analysis of household behavior. financial and financial flow and stock variables This study provides an exposition, integrafor the sector. However, at present, such a set tion, and critique of household-sector economic of household-sector economic accounts is not accounts for the United States. It is designed readily available. Moreover, an analyst of con- primarily as a guide to the use of presently sumer finances who is not also an expert in the existing accounts for the analyst of consumer field of social accounting may be unable to make finances, and in addition, it includes some comoptimal use of the partial systems that do ponents not treated in the existing accounts. The exist—because of unfamiliarity with conven- system of accounts developed is made up of tions adopted in the construction of an ac- flow, stock, and revaluation accounts, with the count—or may have difficulty in moving flow accounts subdivided into current and capiamong component accounts prepared by tal categories. The revaluation account contains Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 accrued net capital gains to account for changes used concepts for various types of analyses of in levels of stocks not attributable to transactions household behavior and suggests sets of adjustor depreciation. ments for certain purposes. Furthermore,-prob- The complete system of accounts has been lems of integration of subaccounts from difdesigned to facilitate integrated analysis of ferent sources—owing, for example, to difhousehold production, income receipt and re- ferences in sector or transaction structure—are distribution, consumption, and net invest- discussed, and questions are raised concerning ment—both financial and tangible. the accuracy of residually determined house- The study explores the relevance of currently hold-sector estimates. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

13 Changes in Time and Savings Deposits at Commercial Banks April-July 1974 Time and savings deposits issued to individuals, instruments, banks were able to record sizable partnerships, and corporations (IPC's) by com- gains in 2Vi- and, especially, 4-year certificates. mercial banks grew at an exceptionally strong pace in the 3 months ended July 31, 1974, according to quarterly surveys conducted jointly CONSUMER-TYPE TIME by the Federal Reserve System and the Federal AND SAVINGS DEPOSITS Deposit Insurance Corporation. During this period banks were faced with heavy credit de- Passbook savings deposits grew $1.8 billion mands from businesses. In order to attract during the 3 months ended July 31, as compared sufficient funds to meet these demands, banks with a $2.8 billion gain in the preceding 3raised to record levels the rates paid on large- month period. The number of banks paying the denomination time deposits. Meanwhile, rates maximum permissible rate, 5 per cent, on savpaid on most consumer-type time and savings ings accounts rose further, but more than 17 deposits were kept at the ceiling levels set by per cent of all banks continued to pay no more the Federal regulatory agencies. than 4.50 per cent. Banks paying these lower Total IPC time and savings deposits at insured rates accounted for nearly 30 per cent of total commercial banks rose about $14.5 billion— passbook savings as of July 31. The bulk of unadjusted for normal seasonal variation—be- these deposits were held at a few large West tween the end of April and the end of July. Coast institutions that maintained passbook rates Three-quarters of this increase occurred among at 4.50 per cent while offering maximum altime deposits with minimum detidlninations of lowable rates on time certificates in order to $100,000, for which regulatory rate ceilings attract more interest-sensitive funds. were lifted in 1973. Most of these deposits Although the proportions of banks paying the carried very short original maturities, in most maximum allowable rates on consumer-type instances less than 6 months. In contrast, the time deposits rose further, small-denomination outstanding volumes of smaller-denomination time deposits with maturities of less than 2V2 time deposits with original maturities under 2Vz years declined $3.1 billion. Nevertheless, there years declined significantly during the period, were offsetting gains in deposits with longer as some holders of maturing certificates in these maturities. Four-year deposits with minimum categories shifted their funds into high-yielding denominations of $1,000, which are subject to market debt instruments or into longer-term de- a llA per cent interest ceiling, were the area posits. Given the higher permitted rates on of greatest strength, as they had been in each longer-term consumer-type deposits and the quarter since their introduction in the summer downward slope of the yield curve for market of 1973. Such deposits expanded by $3.8 billion in the 3 months ended July 31, or only moderately less than in the preceding 3 months when NOTE.—Michael Prell of the Board's Division of Research and Statistics prepared this article. they had risen by $4.3 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 Federal Reserve Bulletin • January 1975 LARGE-DENOMINATION large-denomination time deposits. The out- TIME DEPOSITS standing volume of time deposits issued to IPC's in denominations of at least $100,000 rose $10.7 billion between the end of April and the Despite the widely publicized difficulties of end of July. Banks with total deposits of $500 Franklin National Bank and of several foreign million or more accounted for nearly 90 per cent banks, public confidence in the soundness of the of the increase in large IPC time deposits, and U.S. banking system remained high enough to thus for about two-thirds of the increase in total permit banks to attract a massive volume of IPC time and savings deposits. • TABLE 1 Types of time and savings deposits of individuals, partnerships, and corporations outstanding at insured commercial banks on survey dates, Oct. 31, 1973-July 31, 1974 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits 1973 1974 1973 1974 (quarterly rate) TTyyppee ooff ddeeppoossiitt Jan. 31- Apr. 30— Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Apr. 30 July 31 Total time and savings deposits 13,820 13,915 14,013 14,099 308,953 318,593 333,090 347,555 4.6 4.3 Savings 13,510 13,619 13,709 13,810 124,217 126,175 129,928 131,701 3.0 1.4 Time deposits in denominations of less than $100,000—Total 13,684 13,698 13,898 13,957 105,567 109,891 112,245 113,803 2.1 1.4 Accounts with original maturity of— Less than 1 year 13,092 13,200 13,456 13,421 38,944 38,638 37,592 36,107 -2.7 -4.0 1 up to 2 % years 13,383 13,351 13,558 13,656 45,543 45,037 42,670 41,006 — 5.3 -3.9 2Vi to 4 years 1 10,455 11,008 11,485 11,889 11,576 13,262 14,759 15,663 11.6 6.1 4 years and over in denominations of $1,000 or more... 7,764 8,931 9,560 10,493 9,506 12,954 17,224 21,027 33.0 22.1 All maturities: Open accounts— Passbook or statement form 2 3,547 3,704 3,682 3,793 28,391 29,629 29,125 29,653 -1.7 1.8 Time deposits in denominations of $100,000 or more ... 7,085 7,490 7,533 7,855 73,036 77,056 85,130 95,855 10.5 12.6 Negotiable CD's 3,908 52,116 53,509 68,212 13.2 Nonnegotiable CD's and 3,660 3,776 3,957 60,273 12.6 open account 4,228 20,920 23,547 27,643 11.2 Christmas savings and other 3,988 4,297 4,407 24,857 5.6 special funds 8,832 6,133 5,471 6,196 7.1 7,916 8,637 8,935 5,787 5.8 1 Includes a small amount of deposits in accounts with maturities Corporation. For surveys taking place in January, April, and July the of 4 years or more and minimum denominations of less than $1,000. information was reported by a probability sample of all insured com- 2 Includes time deposits, open account, issued in passbook, state- mercial banks; for October the data for member banks were reported ment or other forms that are direct alternatives for regular savings by virtually all such banks and for insured nonmember banks by the accounts. Most of these are believed to be in accounts totaling less same sample of these banks reporting in earlier surveys. than $100,000. The figures shown on this line are included above in Some deposit categories include a small amount of deposits outthe appropriate maturity category. standing in a relatively few banks that no longer issue these types of NOTE.—Data were compiled jointly by the Board of Governors of deposits and are not included in the number of issuing banks. Dollar the Federal Reserve System and the Federal Deposit Insurance amounts may not add to totals because of rounding. NOTE TO TABLE 2: NOTE.—The most common interest rate for each instrument refers While rate ranges of V4 or Vi of a percentage point are shown in to the basic stated rate per annum (before compounding) in effect on this and other tables, the most common rate reported by most banks the survey date that was generating the largest dollar volume of de- was the top rate in the range; for example, 4.00, 4.50, etc. Some posit inflows. If the posted rates were unchanged during the 30-day deposit categories exclude a small amount of deposits outstanding in period just preceding the survey date, the rate reported as the most a relatively few banks that no longer issue these types of deposits and common rate was the rate in effect on the largest dollar volume of are not included in the number of issuing banks. deposit inflows during the 30-day period. If the rate changed during Figures may not add to totals because of rounding. that period, the rate reported was the rate prevailing on the largest dollar volume of inflows from the time of the last rate change to the survey date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in time and savings deposits 15 TABLE 2 Small-denomination time and savings deposits, IPC, held by insured commercial banks on April 30 and July 31, 1974, by type of deposit, by most common rate paid on new deposits in each category, and by size of bank Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) AAllll bbaannkkss All banks Group Less than 100 100 and over Less than 100 100 an<i over July 31 Apr. 30 July 31 Apr. 30 July 31 Apr. 30 July 31 Apr. 30 July 31 Apr. 30 July 31 Apr. 30 Amount of deposits (i n millions; of dollar;s ), Number of banks, or percentage distribution or percentage5 distributiio n Sa I v s i s n u g i s n g d e b p a o n s k it s s : 13,810 13,710 13,053 12,938 757 772 131,701 129,928 54,289 52,715 77,412 77,213 Distribution by most common rate paid Total o n new deposits: 100 100 100 100 100 100 100 100 100 100 100 100 4 4 3 3 . . . . 0 5 5 50 1 1 1 - - - o 5 4 4 r . . . 0 0 5 l 0 0 0 e ss 8 8 6 2 1 . . . . 9 6 7 8 8 1 2 6 0 0 . . . . 1 9 8 1 8 6 8 3 1 . . . . 5 5 2 8 8 2 9 6 1 . . . . 2 7 9 2 7 1 8 4 1 6 . . . . 6 1 1 2 7 1 8 4 1 5 . . . . 4 3 4 9 2 7 6 2 0 . . . . 8 1 7 4 2 6 7 2 8 1 . . . . 2 8 9 0 8 1 5 2 1 . . . . 1 9 8 2 8 1 5 1 2 . . . . 4 9 3 4 2 6 8 9 1 . . . . 8 0 6 6 3 6 8 0 0 1 . . . . 4 5 0 0 Time deposits in denominations of less than $100,000: Maturities less than 1 Issuing y b e a a n r: k s 13,421 13,456 12,663 12,681 758 775 36,107 37,593 17,676 18,063 18,431 19,530 Distribution by most common rate paid To o t n al new deposits: 100 100 100 100 100 100 100 100 100 100 100 100 4 4 4 5 . . . . 0 0 5 0 0 1 1 1 - - - o 5 4 5 r . . . 0 5 5 l 0 0 0 e ss 8 1 9 0 . . 5 3 8 1 C O 9 0 . . 5 1 5 ) ) 8 1 ( 9 0 :> . . 4 4 2 8 1 O O 9 0 . . 4 5 ) ) 9 i O 1 l . 8 ) 8 1 ( ( 9 0 * 0 . . 9 1 ) 9 O 7 2 O . . 8 2 ) ) 9 9 $ 0 . . 2 8 9 C O 8 1 . . 4 6 1 ) ) 9 & O 1.6 ) 9 O 2.8 ) 9 1 0 < 0 0 . ) . 9 0 0 Maturities of 1 up to 2Vi Issuing y b e a a n rs k : s 13,655 13,558 12,905 12,793 750 765 41,006 42,669 27,309 28,009 13,697 14,660 Distribution by most common rate paid Total o n new deposits: 100 100 100 100 100 100 100 100 100 100 100 100 4 4 5 5 . . . . 5 5 5 0 1 1 0 1 - o 5 6 5 r . . . 5 0 0 l 0 0 0 e ss 9 ( 2 7 :} . . 2 1 7 9 ( 3 6 ? . . i 2 6 9 2 7 . . 8 0 9 3 6 . . 3 5 9 ( 8 1 ? . . 3 3 4 98 1 . . 1 6 9 ( 8 1 1 . A . 5 4 98 1 . . 2 7 9 O 8.1 ) 9 2 ( 7 ? . . 4 5 i 99. . 4 5 9 ( 9 1 . . A 4 5 Maturities of lYi years to Issuing 4 b y a e n a k r s s : 11,888 11,485 11,169 10,756 719 729 15,326 14,391 9,395 8,695 5,931 5,696 Distribution by most common rate paid Total o n new deposits: 100 100 100 100 100 100 100 100 100 100 100 100 6 5 5 5 . . . . 0 0 0 5 1 0 1 1 - - o 6 6 5 r . . . 5 0 5 l 0 0 0 e ss 9 2 ( 7 ! . . . ) 1 7 2 9 ( 2 7 ,A . . 2 6 9 2 ( 7 : . . } 0 7 3 9 ( 2 7 ? . . 2 7 i 9 2 7 . . . . 8 1 1 0 96 3 . . . . 3 4 1 1 9 ( 3 5 : . . } 9 9 2 9 O 4 5 . . . 2 5 2 ) 9 & O 8.0 ) 9 O 2 O 7 . . 9 0 ) ) 9 O 6 2 . . . 8 6 6 ) 9 8 0. . . . 8 6 1 5 Maturities of 4 years and over (minimum denomination of Issuing $ b 1 a ,0 n 0 k 0 s ) : 10,493 9,560 9,777 8,844 716 716 21,027 17,141 9,786 7,556 11,241 9,585 Distribution by most common rate paid Total o n new deposits: 100 100 100 100 100 100 100 100 100 100 100 100 6 6 6 7 . . . . 5 0 0 0 1 1 0 1 - o 6 7 7 r . . . 5 0 2 l 0 0 5 e ss 2 6 8 9 1 . . . . 6 8 4 2 3 62 5 1 . . . . 4 1 6 9 2 6 9 9 1 . . . . 7 0 1 2 3 6 6 1 1 . . . . 4 4 4 8 2 7 2 O 4 3 . . . 7 1 2 ) 2 7 2 5 0 1 . . . . 6 9 3 1 8 1 2 7 . . . . 2 3 2 3 2 7 6 2 . . . . 4 8 9 0 2 7 2 6 . . . . 4 5 4 7 6 3 6 2 1 . . . . 2 5 1 2 8 1 < 7 2 :> . . 1 8 > 2 7 1 8 . . . . 1 4 5 0 I Less than . 05 per cent. FOR NOTE, see p. 14. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 Federal Reserve Bulletin • January 1975 TABLE 3 Average of most common interest rates paid on various categories of time and savings deposits, IPC, at insured commercial banks on July 31, 1974 Time deposits in denominations of— Less than $100,000 BBBBaaaannnnkkkk llllooooccccaaaattttiiiioooonnnn aaaannnndddd SSSSaaaavvvviiiinnnnggggssss ssssiiiizzzzeeee ooooffff bbbbaaaannnnkkkk aaaannnndddd ssssmmmmaaaallllllll---- Maturing in— ((((ttttoooottttaaaallll ddddeeeeppppoooossssiiiittttssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnn SSSSaaaavvvviiiinnnnggggssss mmmmiiiilllllllliiiioooonnnnssss ooooffff ddddoooollllllllaaaarrrrssss)))) ttttiiiimmmmeeee ddddeeeeppppoooossssiiiittttssss 4 years 4 years TToottaall or more or more Less than 1 up to 2lA years (in de- (in de- 1 year 2 Vi years up to nominations nominations 4 years of less than of $1,000 or $1,000) more) All banks: All size groups 5.41 4.81 6.11 5.46 5.98 6.47 6.07 7.20 Less than 10 5.66 4.85 6.05 5.45 5.99 6.49 6.49 7.13 10-50 5.54 4.88 6.09 5.46 5.98 6.48 6.41 7.18 50-100 5.46 4.89 6.14 5.46 5.98 6.49 5.56 7.19 100-500 5.35 4.80 6.13 5.46 5.98 6.49 5.67 7.21 500 and over 5.26 4.74 6.12 5.46 5.99 6.42 6.07 7.22 Banks in— Selected large SMSA's1: All size groups 5.30 4.79 6.12 5.46 5.98 6.45 6.04 7.21 Less than 10 5.47 4.86 6.07 5.46 5.97 6.49 6.48 7.18 10-50 5.39 4.89 6.12 5.45 5.97 6.49 6.34 7.19 50-100 5.39 4.88 6.13 5.46 5.99 6.48 5.56 7.18 100-500 5.30 4.80 6.11 5.45 5.97 6.49 5.80 7.21 500 and over 5.26 4.75 6.13 5.46 5.99 6.43 6.07 7.22 All other SMSA's: All size groups 5.41 4.77 6.12 5.46 5.99 6.48 5.60 7.20 Less than 10 5.53 4.72 6.13 5.43 5.99 6.49 6.50 7.13 10-50 5.53 4.80 6.16 5.46 5.98 6.50 5.33 7.19 50-100 5.43 4.86 6.08 5.45 5.99 6.49 5.17 7.19 100-500 5.37 4.79 6.13 5.46 5.99 6.50 5.13 7.21 500 and over 5.22 4.57 6.07 5.48 5.98 6.40 6.37 7.25 Banks outside SMSA's: All size groups 5.62 4.89 6.08 5.46 5.98 6.48 6.48 7.18 Less than 10 5.69 4.88 6.04 5.45 5.99 6.48 6.50 7.13 10-50 5.61 4.90 6.06 5.46 5.98 6.48 6.50 7.18 50-100 5.59 4.93 6.20 5.49 5.95 6.50 6.50 7.21 100-500 5.48 4.84 6.17 5.45 5.98 6.47 6.33 7.22 500 and over 5.69 5.00 6.23 5.50 6.00 6.50 6.50 7.25 i The selected large Standard Metropolitan Statistical Areas, as defined by the Office of Management and Budget and arranged by size of population in the 1970 Census, are as follows: New York City Minneapolis-St. Paul San Jose Albany-Schenectady-Troy Richmond Los Angeles-Long Beach Seattle-Everett New Orleans Akron Jacksonville Chicago Milwaukee Tampa-St. Petersburg Hartford Flint Philadelphia Atlanta Portland Norfolk-Portsmouth Tulsa Detroit Cincinnati Phoenix Syracuse Orlando San Francisco-Oakland Paterson-Clifton-Passaic Columbus Gary-Hammond-E. Chicago Charlotte Washington, D.C. Dallas Rochester Oklahoma City Wichita Boston Buffalo San Antonio Honolulu West Palm Beach Pittsburgh San Diego Dayton Ft. Lauderdale-Hollywood Des Moines St. Louis Miami Louisville Jersey City Ft. Wayne Baltimore Kansas City Sacramento Salt Lake City Baton Rouge Cleveland Denver Memphis Omaha Rockford Houston San Bernardino-Riverside Ft. Worth Nashville-Davidson Jackson, Miss. Newark Indianapolis Birmingham Youngstown-Warren NOTE.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in time and savings deposits 17 APPENDIX TABLE 1—Savings deposits, IPC Most common interest rates paid by insured commercial banks on new deposits on July 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 5.00 or 4.00 4.50 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 13,810 252 911 1,227 11,420 131,701 960 8,936 29,139 92,666 Size of bank (total deposits in millions of dollars): Less than 10 5,260 162 510 254 4,334 5,914 104 482 322 5,006 10-50 6,699 75 286 737 5,601 32,397 270 1,598 3,775 26,754 50-100 1,094 7 50 113 924 15,978 77 666 2,003 13,232 100-500 585 6 48 83 448 27,976 258 2,662 4,803 20,253 500 and over 172 2 17 40 113 49,436 251 3,528 18,236 27,421 APPENDIX TABLE 2—Time deposits, IPC, in denominations of less than $100,000—maturing in less than 1 year Most common interest rates paid by insured commercial banks on new deposits on July 31, 1974 Most common rate paid (per cent) Most common rate paid (per c ent) Group Total Total 5.00 5.00 or 5.50 or 5.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 13,421 1,403 12,018 36,107 2,828 33,279 Size of bank (total deposits in millions of dollars): 5,106 630 4,476 2,379 240 2,139 10-50 6,465 618 5,847 10,666 928 9,738 50-100 1,093 94 999 4,631 325 4,306 100-500 586 43 543 7,367 602 6,765 500 and over 171 18 153 11,064 733 10,331 APPENDIX TABLE 3—Time deposits, IPC in denominations of less than $100,000—maturing in 1 up to 2}/2 years Most common interest rates paid by insured commercial banks on new deposits on July 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp TToottaall Total 5.00 5.00 or 5.50 6.00 or 5.50 6.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS AAllll bbaannkkss 1133,,665555 34 336622 1133,,225599 4411,,000055 24 558833 4400,,339988 SSiizzee ooff bbaannkk ((ttoottaall ddeeppoossiittss iinn mmiilllliioonnss ooff ddoollllaarrss)):: LLeessss tthhaann 1100 55,,223355 23 8822 55,,113300 66,,992222 9 7755 66,,883388 1100--5500 66,,558844 9 225544 66,,332211 1166,,332255 4 442222 1155,,889999 55 1 00 0 -- 0 11 - 00 5 00 0 0 11,,00 55 11 88 88 66 66 11 99 i 1 11 5 5 5 5 66 11,,00 55 11 77 77 66 00 55 33 44 88 55 ,, ,, ,, 00 11 55 33 66 66 11 11 66 ( ( 2 2 ) ) ( ( ( ( 2 2 2 2 ) ) ) ) 11 66 44 88 55 ,, ,, ,, 11 00 55 00 44 11 66 55 00 For notes to Appendix Tables 1-7, see p. 19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 Federal Reserve Bulletin • January 1975 APPENDIX TABLE 4—Time deposits, IPC, in denominations of less than $100,000—maturing in 2}/% years or more excluding deposits with minimum maturity of 4 years in denominations of $1,000 to $100,000 Most common interest rates paid by insured commerical banks on new deposits on July 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 6.00 6.00 or 6.50 or 6.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 11,889 278 11,611 15,326 633 14,693 Size of bank (total deposits in millions of dollars): Less than 10 4,004 61 3,943 1,658 39 1,619 10-50 6,116 156 5,960 6,032 131 5,901 50-100 1,049 38 1,011 1,705 20 1,685 100-500 557 10 547 2,129 25 2,104 500 and over 163 13 150 3,802 418 3,384 APPENDIX TABLE 5—Time deposits, IPC, in denominations of $1,000 to $100,000—maturing in 4 years or more Most common interest rates paid by insured commercial banks on new deposits on July 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 6.50 6.50 or 7.00 7.25 or 7.00 7.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 10,493 197 2,977 7,319 21,027 91 3,636 17,300 Size of bank (total deposits in millions of dollars): Less than 10 3,285 64 1,202 2,019 1,048 30 330 688 10-50 5,456 80 1,432 3,944 5,741 24 1,427 4,290 50-100 1,036 36 196 804 2,997 23 442 2,532 100-500 553 13 119 421 4,614 8 701 3,905 163 4 28 131 6,627 6 736 5,885 APPENDIX TABLE 6—Negotiable CD's, IPC, in denominations of $100,000 or more Most common interest rates paid by insured commercial banks on new deposits on July 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp TToottaall TToottaall 7.00 More 7.00 More or 7.50 8.00 8.50 9.00 9.50 10.00 than or 7.50 8.00 8.50 9.00 9.50 10.00 than less 10.00 less 10.00 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 3,957 438 412 305 371 478 307 351 1,295 68,211 202 587 319 467 1,188 897 3,362 61,189 Size of bank (total deposits in millions of dollars): 789 229 25 97 96 150 80 34 78 278 33 10 24 12 60 53 13 73 10-50 2,322 194 371 183 253 263 192 179 687 2,878 76 444 168 259 268 249 326 1,088 5 5 1 0 0 0 0 - 0 1 - a 0 5 n 0 0 d 0 over 3 3 1 8 0 5 3 5 8 6 6 3 1 3 2 1 2 4 0 1 1 9 2 1 4 1 3 3 9 1 1 3 4 8 9 3 7 4 7 2 1 1 1 3 8 2 8 0 5 6 6 1 , , , 7 5 8 0 3 2 1 1 3 4 2 2 3 8 2 4 3 5 6 4 3 ( ( 2 2 6 ) ) 6 ( ( 2 2 1 ) ) 4 4 2 1 6 6 3 8 2 0 3 1 4 8 6 5 3 7 2,1 5 3 0 4 7 5 8 0 5 5 3 1 , , , 6 3 1 0 1 1 1 0 7 For notes to Appendix Tables 1-7, see p. 19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in time and savings deposits 19 APPENDIX TABLE 7—Nonnegotiable CD's and open account depQsits, IPC, in denominations of $100,000 or more Most common interest rates paid by insured commerical banks on new deposits on July 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 7.00 More 7.00 More or 7.50 8.00 8.50 9.00 9.50 10.00 than or 7.50 8.00 8.50 9.00 9.50 10.00 than less 10.00 less 10.00 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 4,407 687 425 421 240 385 295 544 1,410 27,643 1,563 299 462 317 2,290 933 2,188 19,591 Size of bank (total deposits in millions of dollars): Less than 10 570 91 139 65 50 82 17 50 76 117 16 30 22 10 12 5 6 16 10-50 2,572 452 237 308 126 239 182 330 698 2,878 193 113 225 109 270 373 350 1,245 50-100 709 50 21 30 54 37 72 106 339 2,655 22 24 48 108 174 89 520 1,670 100-500 428 62 20 14 7 23 20 52 230 5,720 169 19 45 16 275 274 879 4,043 500 and over 128 32 8 4 3 4 4 6 67 16,273 1,163 113 122 74 1,559 192 433 12,617 NOTES TO APPENDIX TABLES 1-7: 1 Less than $500,000. a few banks that had discontinued issuing these instruments but 2 Omitted to avoid individual bank disclosure. still had some deposits outstanding on the survey date. Dollar amounts NOTE.—Data were compiled from information reported by a prob- may not add to totals because of rounding. ability sample of member and insured nonmember commercial banks. In the headings of these tables under "Most common rate paid The figures were expanded to provide universe estimates. (per cent)" the rates shown are those being paid by nearly all reporting Figures exclude banks that reported no interest rate paid and banks. However, for the relatively few banks that reported a rate in that held no deposits on the survey dates, and they also exclude between those shown, the bank was included in the next higher rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON OCTOBER 14-15, 19741 1. Domestic policy directive The information reviewed at this meeting suggested that real output of goods and services—which had fallen at an annual rate of about 4.5 per cent in the first half of the year—declined somewhat further in the third quarter and that both prices and wage rates were continuing to rise at a rapid pace. Staff projections suggested that contraction in real economic activity would persist in the fourth quarter of the year and in the first half of 1975 and that the rate of increase in prices would remain rapid, although not so rapid as in the first three quarters of this year. In September industrial production rose somewhat, for the most part as a result of settlements of work stoppages that had accounted for much of the August reduction in output, and total nonfarm payroll employment changed little. However, the unemployment rate rose from 5.4 to 5.8 per cent, reflecting an upsurge in the labor force following 10 months of slow growth. According to the advance report, retail sales declined in September, mainly because of decreases in sales of automobiles—after introduction of the higher-priced 1975 models—and of other consumer durable goods. The rise in wholesale prices of industrial commodities moderated in September—although increases still were widespread and substantial—and prices of farm and food products declined moderately after having risen sharply in July and August. The index of average hourly earnings for private nonfarm production workers continued to advance at a rapid pace. In August the consumer price index had increased substantially further. On October 8 the President recommended a program to combat inflation and to mitigate the impact of monetary and fiscal restraint on certain sectors of the economy. The proposals included a tax xThis meeting began on the afternoon of October 14 and continued on the following morning. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 21 surcharge on corporate income and on personal incomes in the middle and upper levels; an expanded public service employment program; extended unemployment benefits; an enlarged program to improve the availability of funds for mortgages on new houses; and an increase in the investment tax credit on outlays for new production facilities. The President also indicated support for pending tax reform legislation, which included some reductions in taxes on lower incomes. The tax and expenditure measures would, on balance, have approximately a neutral effect on the size of the Federal deficit. Earlier, a Council on Wage and Price Stability had been established to monitor wage and price increases. Staff projections for the fourth quarter of 1974 and the first half of 1975 suggested that the decline in residential construction activity would be larger and that the expansion in personal consumption expenditures would be smaller than indicated by the projections of 5 weeks earlier. As before, it appeared likely that the rise in both disposable income and personal consumption expenditures would be little, if any, greater than the increase in prices. It was still expected that the expansion in business fixed investment would taper off and that the pace of business inventory investment would moderate. The exchange rate for the dollar against leading foreign currencies had declined since early September, after having risen persistently since May. In August the U.S. merchandise trade deficit had increased substantially further, reflecting increases in imports of petroleum and industrial materials; total exports had changed little, although exports of corn and some other agricultural commodities had declined. Total loans and investments at U.S. commercial banks declined in September, and growth in bank credit over the third quarter was relatively slow. In September loans to security dealers dropped, and banks reduced their holdings of Treasury securities by a substantial amount. Expansion in total short-term and in long-term business credit slackened, and in part because some business borrowers shifted their short-term credit demands to the commercial paper market in response to declines in rates in that market, outstanding business loans at banks changed little. In early October banks reduced the prime rate applicable to large corporations from 12 per cent to 11% per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 Federal Reserve Bulletin • January 1975 The narrowly defined money stock (M)2 rose slightly in Sepx tember; over the third quarter it grew at an annual rate of about 2 per cent, compared with a rate of 6 per cent in the first half of the year.3 Net inflows to banks of time and savings deposits other than large-denomination CD's were small in September, and deposit experience at nonbank thrift institutions remained weak. Consequently, the more broadly defined measures of the money stock (M4 and M5) also increased only a little. 2 3 System open market operations since the September meeting had been guided by the Committee's decision to seek bank reserve and money market conditions consistent with moderate growth in monetary aggregates over the months ahead, while taking account of developments in domestic and international financial markets. Data that had become available a few days after that meeting suggested that in the September-October period M and M would grow at t 2 annual rates slightly below the lower limits of the ranges of tolerance that had been specified by the Committee. Accordingly, System operations had been directed toward some easing in bank reserve and money market conditions, although in the early part of the inter-meeting period such operations had been undertaken cautiously in order to avoid encouraging an unduly rapid decline in market interest rates. In early October the available data continued to suggest that in the September-October period the annual rates of growth in the monetary aggregates would be below the specified ranges of tolerance. The Federal funds rates—which had been about 11% per cent at the time of the September meeting—was fluctuating around 11 per cent, Vi percentage point above the lower limit of its specified range, and the System Account Manager was endeavoring to supply reserves at a rate consistent with some further easing in money market conditions. A majority of the members concurred in the Chairman's recommendation of October 3 that, 2Private demand deposits plus currency in circulation. 3Growth rates cited are calculated on the basis of the daily-average level in the last month of the period relative to that in the last month preceding the period. 4Mi plus commercial bank time and savings deposits other than large-denomination CD's. 5M plus time and savings deposits at mutual savings banks and at savings 2 and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 23 in order to provide operating flexibility in the event of evidence of further weakening in the behavior of the aggregates, the lower limit of the funds rate constraint be reduced by percentage point, to 10XA per cent, for the period remaining until the next Committee meeting. In the statement week ending October 9, the average funds rate was slightly below 10V2 per cent. Short-term market interest rates had declined considerably in the period since the Committee's meeting on September 10, in response to the continuing decline in the Federal funds rate and in anticipation of further easing in money and credit market conditions. On the last market day before this meeting the rate on 3-month Treasury bills was 7.63 per cent, down from a market rate of 9.15 per cent on the day before the September meeting. Yields on long-term Treasury and State and local government bonds declined moderately over the inter-meeting period, but yields on long-term corporate securities rose somewhat further, on balance, as public offerings of corporate bonds—which had declined substantially in September—were expected to rise sharply in October. Contract interest rates on new commitments for conventional mortgages in the primary market also rose further between early September and early October, but yields on commitments in the secondary market for Federally underwritten mortgages eased a little. The Treasury was expected to announce on October 30 the terms of its mid-November refunding. Of the maturing issues, $4.3 billion were held by the public. The Committee concluded that the economic situation and outlook called for a resumption of moderate growth in the monetary aggregates over the longer run. A staff analysis suggested that—although monetary growth apparently remained sluggish in October—demand for money would pick up in the remaining months of the year, in part as a result of the lagged effects of recent interest rate declines. Nevertheless, it appeared likely that if M were to x grow at a rate consistent with the Committee's longer-run objectives for the monetary aggregates, money market conditions would have to ease somewhat further in the period immediately ahead. Such easing would probably lead to additional declines in other market interest rates, although the strong over-all credit demands expected over the next few weeks would tend to moderate such declines. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 Federal Reserve Bulletin • January 1975 The staff analysis suggested that some improvement in flows of savings at both banks and nonbank thrift institutions could be expected to develop as short-term interest rates declined further. Demands for bank credit appeared likely to be moderate. In view of the sluggish monetary growth since midyear, the Committee decided that the tolerance ranges specified for rates of expansion in the monetary aggregates over the October-November period should be wide enough to accommodate somewhat higher growth rates, if they should develop, than those presently thought to be consistent with the money market conditions contemplated. Specifically, for the October-November period the members adopted ranges of tolerance of 4% to 1XA and 5% to 8XA per cent for the annual rates of growth in M and M, respectively, and x 2 they agreed that such growth rates would be likely to involve growth in reserves available to support private nonbank deposits (RPD's) within a range of 5V2 to 8 per cent. The members also decided that in the period until the next meeting the weekly average Federal funds rate be permitted to vary in an orderly fashion from as low as 9 per cent to as high as lOVi per cent, if necessary, in the course of operations. It was understood that during the inter-meeting period the weekly average funds rate would be permitted to decline gradually to about the midpoint of the specified range so long as the monetary aggregates did not appear to be growing at rates at or above the upper limits of their specified ranges. The members also agreed that, in the conduct of operations, account should be taken of the forthcoming Treasury financing and of developments in domestic and international financial markets. 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 objectives and constraints. The following domestic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that real output of goods and services declined somewhat further in the third quarter and that price and wage increases continued large. In September industrial production increased somewhat, reflecting settlement of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 25 work stoppages that had reduced output in August. An upsurge in the labor force, following several months of relatively slow growth, raised the unemployment rate from 5.4 to 5.8 per cent. The rise in wholesale prices of industrial commodities moderated, although it remained substantial, and prices of farm products and foods declined after having increased sharply in July and August. On October 8 the President recommended a program to combat inflation and to mitigate the impact of monetary and fiscal restraint on certain sectors of the economy. The tax and expenditure proposals included in the program would, on balance, have approximately a neutral effect on the size of the Federal deficit. In recent weeks the dollar has declined against leading foreign currencies. The U.S. foreign trade deficit increased substantially in August, as imports of petroleum and industrial materials rose while exports held steady. The narrowly defined money stock rose slightly in September and grew at an annual rate of about 2 per cent over the third quarter, compared with a rate of 6 per cent in the first half of the year. The money supply measure more broadly defined to include bank time and savings deposits other than money market CD's—as well as the measure that includes deposits at other thrift institutions—also rose only slightly in September. Over-all business credit demands slackened last month, and outstanding business loans at banks leveled off. Since early September interest rates on short-term market instruments have fallen considerably, while yields on Treasury and State and local government bonds have declined modestly. Yields on corporate bonds have risen somewhat further, on balance, reflecting the large volume of offerings in prospect. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to resisting inflationary pressures, supporting a resumption of real economic growth, and achieving equilibrium in the country's balance of payments. To implement this policy, while taking account of the forthcoming Treasury financing and of developments in domestic and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with resumption of moderate growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Hayes, Black, Bucher, Holland, Kimbrel, Mitchell, Sheehan, Wallich, and Winn. Vote against this action: Mr. Clay. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 Federal Reserve Bulletin • January 1975 Mr. Clay, who dissented from this action, expressed the opinion that the recent shortfalls in growth of M v/ere not due entirely x to the weakness in economic activity but were, at least in part, a lagged response to the high levels of short-term interest rates prevailing in the spring. He believed that monetary growth was likely to pick up, and he was concerned about the possibility of provoking a growth rate that was too rapid. Subsequent to this meeting, on October 31, the available data suggested that in the October-November period the annual rate of growth in M would be at the midpoint of the 4% to 7% per x cent range of tolerance that had been specified by the Committee, reflecting an expectation that M growth would accelerate in Not vember from an estimated October rate that was near the lower limit of the range. The rate of growth in M in the 2-month period 2 appeared to be at the upper limit of its range. Federal funds most recently had been trading around 9% per cent, the midpoint of the 9 to 10% per cent range of tolerance that had been adopted by the Committee. In view of the behavior of the aggregates, the System ordinarily would have become more restrictive in its reserve-supplying operations, to the extent consistent with even-keel considerations, expecting that the weekly average Federal funds rate would rise slightly above 93A per cent. However, members of the Committee, with the exception of Messrs. Clay and Coldwell, concurred in the Chairman's recommendation of October 31 that the funds rate target be reduced to 9Vi per cent for the time being, in view of the evidence of additional weakness in economic activity, restraint in the lending policies of banks and other institutions, and the severe financial problems of the construction industry. It was understood that the Manager's operations would need to reflect further changes in the behavior of monetary aggregates and would also have to take account of the current Treasury financing. 2. Amendment to authorization for domestic open market operations On November 11 Committee members voted to amend paragraph 1(b) of the authorization for domestic open market operations to increase the limit on outright holdings of bankers' acceptances from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 27 $500 million to $1 billion. With this amendment, paragraph 1(b) read as follows: 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 maturities 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 $1 billion. Votes for this action: Messrs. Burns, Hayes, Black, Bucher, Clay, Coldwell, Holland, Kimbrel, Mitchell, Sheehan, and Winn. Votes against this action: None. Absent and not voting: Mr. Wallich. This action was taken on recommendation of the Account Manager who noted that, pending further review, Federal Reserve Banks, effective November 12, 1974, would no longer guarantee payment of bankers' acceptances purchased by the Federal Reserve Bank of New York for official foreign accounts. The Manager advised that the effects of this change on the acceptance market and on accepting banks could not be foreseen and that an increase in the limit in question could prove helpful in case of need for System action designed to insure a smooth market adjustment. (At its meeting on November 19 the Committee decided to retain the $1 billion limit, which was deemed consistent with longer-term needs to supply reserves.) 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

28 Law Department Statutes, regulations, interpretations, and decisions INTEREST ON DEPOSITS at a rate in excess of the applicable rate under the following schedule: The Board of Governors has amended its Regu- Maturity Maximum per cent lation Q to establish a new category of consumer 30 days or more but less time deposit, to be called an "Investment Certifithan 90 days 5 cate," on which member banks are permitted to 90 days or more but less pay interest at an annual rate of IV2 per cent. than 1 year 5V2 Member banks may offer this new time deposit 1 year or more but less only on deposits of $1,000 or more and with a than 30 months 6 maturity of 6 years or more. 30 months or more 6V2 (2) Member banks may pay interest on any time AMENDMENT TO REGULATION Q deposit of $1,000 or more, with a maturity of four years or more, at a rate not to exceed 1XA per Effective December 23, 1974, the Board's Reg- cent. ulation Q (12 CFR 217) is amended to read as (3) Investment Certificates—Member banks follows: may pay interest on any time deposit of $1,000 or more, with a maturity of six years of more, § 217.7—MAXIMUM RATES OF INTEREST at a rate not to exceed lxh per cent. PAYABLE BY MEMBER BANKS ON TIME AND SAVINGS DEPOSITS. * * * ** (d) Governmental unit time deposits of less Pursuant to the provisions of section 19 of the than $100,000.***2 Federal Reserve Act and § 217.3 hereof, the Board of Governors of the Federal Reserve System SECTION 217.4—PAYMENT OF TIME DEPOSITS hereby prescribes the following maximum rates1 BEFORE MATURITY of interest per annum payable by a member bank of the Federal Reserve System on time and savings deposits: (d) Penalty for early withdrawals. He * * * * (b) Time deposits of less than $100,000. Provided further, That Investment Certificates (1) Except as provided in paragraphs (a) and issued in negotiable form by a member bank (d) and subparts 2 and 3 of this paragraph, no pursuant to subpart 3 of § 217.7(b) may not be member bank shall pay interest on any time deposit paid before maturity. This provision does not prevent a member bank from arranging the sale lrThe limitations on rates of interest payable by member or purchase of such a certificate on behalf of the banks of the Federal Reserve System on time and savings holder or prospective purchaser of a certificate deposits, as prescribed herein, are not applicable to any deposit which is payable only at an office of a member bank located outside the States of the United States and the District of 2The highest permissible rate is currently 7.75 per cent per Columbia. annum (12 CFR 329.7 and 12 CFR 526.5). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 29 issued under that subpart. A member bank may AMENDMENTS TO RULES not, however, repurchase such certificates for its REGARDING own account. DELEGATION OF AUTHORITY (e) Disclosure of early withdrawal penalty. 1. Effective December 30, 1974, section 265.1a is amended to read as follows: SECTION 265.1(a) SPECIFIC FUNCTIONS Written statements made with respect to negotiable DELEGATED TO BOARD MEMBERS Investment Certificates issued by a member bank pursuant to subpart 3 of § 217.7(b) shall state The Committee on Federal Reserve Bank Acclearly that no payment before maturity will be tivities, consisting of at least three members of permitted under any circumstances. Such state- the Board designated by the Chairman, is authorments shall be expressly called to the attention of ized, pursuant to the twenty-second paragraph of the customer. In addition, every negotiable In- section 4 of the Federal Reserve Act (12 U.S.C. vestment Certificate shall state conspicuously on 307) and subject to such general guidlines as may its face that, "This time deposit cannot be paid be prescribed by the Board: prior to maturity." (1) To approve (i) changes in the salary structure for officers, other than the President and First Vice President, of each Federal Reserve Bank and branch thereof, and (ii) in connection with year- SECTION 217.6—ADVERTISING OF INTEREST end salary reviews, the salary of any officer of ON DEPOSITS a Federal Reserve Bank at the level of Senior Vice President (Salary Group A), excluding the Mans(s * * ager of the System Open Market Account and the Special Manager for Foreign Currency Operations (e) Penalty for early withdrawals. for such Account, and the salary of any General Auditor of a Federal Reserve Bank. (2) To approve (i) changes in maximum and minimum salaries for the respective grades of the Any advertisement, announcement or solici- salary structure for nonofficial employees of each tation relating to interest paid by a member bank Federal Reserve Bank and branch thereof, (ii) an on negotiable Investment Certificates issued pur- increase in the special maximum salary for Grade suant to subpart 3 of § 217.7(b) shall include clear 16 of such salary structure for each Reserve Bank and conspicuous notice that Federal law and regu- or branch, and (iii) the payment of salary to any lation prohibit the payment of such certificate prior such employee in excess of the maximum or below to maturity. the minimum for the grade in which the employee's position is classified. (3) To approve (i) amendments to the authorization from the Board of Governors to the Federal Reserve Banks for the payment of separation allowances upon the involuntary termination of employment of any officer or employee of a Federal RULES REGARDING DELEGATION OF Reserve Bank or branch, and (ii) payment of such a separation allowance to any officer of a Reserve AUTHORITY Bank or branch. The Board of Governors has amended its Rules (4) To approve the payment of salary to any Regarding Delegation of Authority to transfer cer- officer (other than the President or First Vice tain delegated authority from the Reserve Banks President) or employee of a Federal Reserve Bank and designated Board members to the Secretary whose services are retained for more than 90 days of the Board, to delegate to the Secretary of the after attainment of normal retirement age. Board the authority to approve certain bank hold- (5) To approve amendments to the Guidelines ing company acquisitions of foreign companies, and Objectives for Health Insurance prescribed by and to change certain functions delegated to des- the Board of Governors for officers and employees ignated Board members. of Federal Reserve Banks and their branches. In Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 Federal Reserve Bulletin • January 1975 the exercise of any authority delegated under this does not require Board consideration, but neverparagraph (b), the Committee shall be guided by theless makes it inappropriate for a Reserve Bank the objectives of promoting the efficiency of Re- to approve the proposal. serve Bank operations and of maintaining the (ii) all relevant divisions of the Board's staff morale of Reserve Bank personnel and shall give recommend approval. appropriate attention to salary levels and employ- (3) Under the provisions of section 3(a)(3) of ment practices in the relevant community but with the Bank Holding Company Act (12 U.S.C. due regard to the public character of the Federal 1842), to approve the acquisition by a bank hold- Reserve System. ing company of a controlling interest in the voting 2. Effective December 30, 1974, section shares of an additional bank, if all of the following 265.2(a) is amended to read as follows: conditions are met: (i) the Reserve Bank could approve such acquisition under subparagraph (24) of paragraph (f) SECTION 265.2—SPECIFIC FUNCTIONS of this section, except for the fact that condition DELEGATED TO BOARD EMPLOYEES AND TO (iv) of that subparagraph has not been met because FEDERAL RESERVE BANKS one of the following policy issues has been raised with respect to such acquisition: (a) The Secretary of the Board (or, in his ab- (a) a director or senior officer of the holding sence, the Acting Secretary) is authorized: company, of any subsidiary bank of the holding (1) Under the provisions of Part 261 of this company or of any bank sought to be acquired, chapter, to make available, upon request, infor- is a director of a Federal Reserve Bank or branch. mation in the records of the Board. (b) a director or senior officer of the holding (2) Under the provisions of section 3(a)(1) of company, of any subsidiary bank of the holding the Bank Holding Company Act (12 U.S.C. company or of any bank sought to be acquired, 1842), to approve the formation of a bank holding is a member of the Federal Advisory Council. company through the acquisition by a company (c) the Board has made a general determination of a controlling interest in the voting shares of that another policy issue raised by the proposal one or more banks, if all of the following condi- does not require Board consideration, but nevertions are met: theless makes it inappropriate for a Reserve Bank (i) the Reserve Bank could approve such for- to approve the proposal. mation under subparagraph (22) of paragraph (f) (ii) all relevant divisions of the Board's staff of this section, except for the fact that condition recommend approval. (iv) of that subparagraph has not been met because (4) Under the provisions of section 18(c) of the one of the following policy issues has been raised Federal Deposit Insurance Act (12 U.S.C. with respect to such formation: 1828(c)), to approve a merger, consolidation, ac- (a) a director or senior officer of a bank which quisition of assets or assumption of liabilities, would become a subsidiary of the holding com- where the resulting bank is a State member bank, pany proposed to be formed or a director or senior if all of the following conditions are met: officer of the holding company proposed to be (i) the Reserve Bank could approve such formed, is a director of a Federal Reserve Bank merger, consolidation, acquisition of assets or or branch. assumption of liabilities under subparagraph (28) (b) a director or senior officer of a bank which of paragraph (f) of this section, except for the fact would become a subsidiary of the holding com- that condition (iv) of that subparagraph has not pany proposed to be formed, or a director or senior been met because one of the following policy officer of the holding company proposed to be issues has been raised with respect to such transformed, is a member of the Federal Advisory action: Council (a) a director or senior officer of any bank (c) an individual (or group of individuals) who involved in such transaction is a director of a is a principal in the holding company proposed Federal Reserve Bank or branch. to be formed is already a principal in another bank (b) a director or senior officer of any bank holding company. involved in such transaction is a member of the (d) the Board has made a general determination Federal Advisory Council. that another policy issue raised by the proposal (c) the Board has made a general determination Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 31 that another policy issue raised by the proposal (a) a director or senior officer of the holding does not require Board consideration, but never- company, of any subsidiary bank of the holding theless makes it inappropriate for a Reserve Bank company or of the finance company or industrial to approve the proposal. bank to be acquired is a director of a Federal (ii) all relevant divisions of the Board's staff Reserve Bank or branch. recommend approval. (b) a director or senior officer of the holding (5) Under the provisions of section 3(a)(5) of company, of any subsidiary bank of the holding the Bank Holding Company Act (12 U.S.C. company or of the finance company or industrial 1842), to approve the merger or consolidation of bank to be acquired is a member of the Federal a bank holding company with any other bank Advisory Council. holding company, if all of the following conditions (c) the Board has made a general determination are met: that another policy issue raised by the proposal (i) the Reserve Bank could approve such does not require Board consideration, but nevermerger or consolidation under subparagraph (30) theless makes it inappropriate for a Reserve Bank of paragraph (f) of this section, except for the fact to approve the proposal. that condition (iv) of that subparagraph has not (ii) all relevant divisions of the Board's staff been met because one of the following policy recommend approval. issues has been raised with respect to such merger (7) Under the provisions of section 4(c)(8) of or consolidation: of the Bank Holding Company Act (12 U.S.C. (a) a director or senior officer of any of the 1843(c)(8)) and section 225.4(a)(9)(iii)(a) of Regholding companies or of any of the subsidiary ulation Y (12 CFR 225.4(a)(9)(iii)(a)) to approve banks of the holding companies involved in such the acquisition or, as an incident to a bank holding merger or consolidation is a director of a Federal company formation pursuant to section 3(a)(1) of Reserve Bank or branch. the Act, the retention by a bank holding company (b) a director or senior officer of any of the of shares or assets of a company that acts as holding companies or of any of the subsidiary insurance agent or broker in offices at which the banks of the holding companies involved in such holding company or its subsidiaries are otherwise merger or consolidation is a member of the Federal engaged in business (or in an office adjacent Advisory Council. thereto) with respect to any insurance sold in a (c) the Board has made a general determination community that has a population not exceeding that another policy issue raised by the proposal 5,000, if all of the following conditions are met: does not require Board consideration, but never- (i) the Reserve Bank could approve such actheless makes it inappropriate for a Reserve Bank quisition or retention under subparagraph (32) of to approve the proposal. paragraph (f) of this section, except for the fact (ii) all relevant divisions of the Board's staff that condition (iv) of that subparagraph has not recommend approval. been met because one of the following policy (6) Under the provisions of section 4(c)(8) of issues has been raised with respect to such acquithe Bank Holding Company Act (12 U.S.C. sition or retention: 1843(c)(8)) and sections 225.4(a)(1), (2), (3) and (a) a director or senior officer of the holding (9)(ii) of Regulation Y (12 CFR 225.4(a)(1), (2), company, of any subsidiary bank of the holding (3) and (9)(ii)) to approve the acquisition by a bank company or of the company to be acquired or holding company of an interest in a finance com- retained, is a director of a Federal Reserve Bank pany or an industrial bank, as such terms are or branch. respectively defined in subparagraph (31) of para- (b) a director or senior officer of the holding graph (f) of this section, whether by acquisition company, of any subsidiary bank of the holding of shares or assets, if all of the following condi- company or of the company to be acquired or tions are met: retained, is a member of the Federal Advisory (i) the Reserve Bank could approve such ac- Council. quisition under subparagraph (31) of paragraph (f) (c) the Board has made a general determination of this section, except for the fact that condition that another policy issue raised by the proposal (v) of that subparagraph has not been met because does not require Board consideration, but neverone of the following policy issues has been raised theless makes it inappropriate for a Reserve Bank with respect to such acquisition: to approve the proposal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 32 Federal Reserve Bulletin • January 1975 (ii) all relevant divisions of the Board's staff to permit an Edge or Agreement corporation to recommend approval. exceed the limitations in § 211.9(b) and (c) of (8) Under the provisions of sections 25 and this chapter (Regulation K),1 if all of the following 25(a) of the Federal Reserve Act and Parts 211 conditions are met: and 213 of this chapter (Regulations K and M), (i) the appropriate Reserve Bank recommends to approve the establishment, directly or indi- approval. rectly, of a foreign branch or agency by a member (ii) all relevant divisions of the Board's staff bank or corporation organized under section 25(a) recommend approval. (an "Edge" corporation) or operating under an (iii) no significant policy issue is raised by the agreement with the Board pursuant to section 25 proposal as to which the Board has not expressed (an "Agreement" corporation) which has already its view. established, or has been authorized to establish, (11) Under sections 25 and 25(a) of the Federal branches in two or more foreign countries, if all Reserve Act and Parts 211 and 213 of this chapter of the following conditions are met: (Regulations K and M), to approve, under section (i) the appropriate Reserve Bank recommends 211.4 of this chapter (Regulation K), the issuance approval. by an Edge or Agreement corporation or a subsid- (ii) all relevant divisions of the Board's staff iary thereof of debentures, bonds, promissory recommend approval. notes (with a maturity of more than one year), (iii) no significant policy issue is raised by the or similar obligations, if all of the following conproposal as to which the Board has not expressed ditions are met: its view. (i) the appropriate Reserve Bank recommends (9) Under the provisions of sections 25 and approval. 25(a) of the Federal Reserve Act and Parts 211 (ii) all relevant divisions of the Board's staff and 213 of this chapter (Regulations K and M), recommend approval. to grant specific consent to the acquisition, either (iii) no significant policy issue is raised by the directly or indirectly, by a member bank or an proposal as to which the Board has not expressed Edge or Agreement corporation of stock of (i) a its view. company chartered under the laws of a foreign (12) Under the provisions of section 4(c)(13) country or (ii) a company chartered under the laws of the Bank Holding Company Act (12 U.S.C. of a State of the United States that is organized 1843), and section 225.4(f) of Part 225 of this and operated for the purpose of financing exports chapter (Regulation Y), to grant specific consent from the United States, and to approve any such to the ownership or control, either directly or acquisition that may exceed the limitations in indirectly, by a bank holding company of voting section 25(a) of the Federal Reserve Act based shares of a company chartered under the laws of on such a corporation's capital and surplus, if all a foreign country, if all of the following conditions of the following conditions are met: are met: (a) the appropriate Reserve Bank recommends (i) the appropriate Reserve Bank recommends approval. approval. (b) all relevant divisions of the Board's staff (ii) all relevant divisions of the Board's staff recommend approval. recommend approval. (c) no significant policy issue is raised by the (iii) no significant policy issue is raised by the proposal as to which the Board has not expressed proposal as to which the Board has not expressed its view. its view. (d) such acquisition does not result, either di- (iv) such acquisition does not result, either directly or indirectly, in the acquisition by such bank rectly or indirectly, in the acquisition by such bank or corporation of effective control of any such holding company of control of any such company company (other than a company performing nom- (other than a company performing nominee, fiduinee, fiduciary, or other banking services inciden- ciary, or other banking services incidental to the tal to the activities of a foreign branch or affiliate activities of a direct or indirect foreign subsidiary of such bank or corporation). of such corporation). (10) Under the provisions of sections 25 and 25(a) of the Federal Reserve Act and Parts 211 1 Subject, of course, to the limitations in section 25(a) relating to aggregate liabilities outstanding on debentures, and 213 of this chapter (Regulations K and M), bonds, and promissory notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 33 INTERPRETATION OF balance to which it is applicable may be stated REGULATION G in any of the following ways: (i) A balance for each day in the billing cycle; Questions have been raised as to whether certain or stock option and stock purchase plans involve (ii) A balance for each day in the billing cycle extensions of credit subject to Regulation G when on which the balance in the account changes; or the participant is free to cancel his participation (iii) The sum of the daily balances during the at any time prior to full payment, but in the event billing cycle; or of cancellation that participant remains liable for (iv) The average daily balance during the billdamages. It thus appears that the participant has ing cycle, in which case the creditor shall state the opportunity to gain and bears the risk of loss (on the face of the periodic statement, on its from the time the transaction is executed and reverse side, or on an enclosed supplement) wordpayment is deferred. In some cases brought to the ing to the effect that the average daily balance is Board's attention damages are related to the maror can be multiplied by the number of days in ket price of the stock, but in others, there may the billing cycle and the periodic rate applied to be no such relationship. In either of these circumthe product to determine the amount of the finance stances, it is the Board's view that such plans charge. involve extensions of credit. Accordingly, where If two or more daily periodic rates may be the security being purchased is a margin security imposed, the balances to which the rates are apand the credit is secured, directly or indirectly, plicable may be stated in accordance with (i) or by any margin security, the creditor must register (ii) above or as two or more average daily baland the credit must conform with either the regular ances, each applicable to the daily periodic rates margin requirements of section 207.1(c) or the imposed. For example, if the creditor imposes one special "plan-lender" provisions set forth in secdaily periodic rate on balances up to $500 and tion 207.4(a) of the regulation, whichever is apanother daily periodic rate on balances over $500, plicable. This assumes, of course, that the amount the creditor would show average daily balances of credit extended is such that the creditor is of $500 and $200 in an account which had a $700 subject to the registration requirements of section balance for the entire billing cycle. If the average 207.1(a) of the regulation. daily balances are stated, the creditor shall state (on the face of the periodic statement, on its reverse side, or on an enclosed supplement) wording to the effect that the finance charge is or may INTERPRETATION OF be determined by (1) multiplying each of the REGULATION Z average daily balances by the number of days in the billing cycle, (2) multiplying each of the results Section 226.7(b)(8) requires that periodic state- by the applicable daily periodic rate, and (3) ments for open end accounts shall disclose, among adding these products together. other things, "The balance on which the finance charge was computed, and a statement of how that balance was determined." In some instances, creditors compute a finance charge on the average MISCELLANEOUS daily balance by application of a monthly periodic INTERPRETATION rate or rates. In such case, this information is adequately disclosed if the statement gives the The Board has received numerous inquiries amount of the average daily balance on which the from member banks relating to the repeal of the finance charge was computed, and also states how ban on ownership of gold by United States citithe balance is determined. zens. Listed below are questions and answers In other instances, the finance charge is com- which affect member banks and relate to the reputed on the balance each day by application of sponsibilities of the Federal Reserve System. one or more daily periodic rates, and the question May gold in the form of coins or bullion be arises as to how the balance on which the finance counted as vault cash in order to satisfy reserve charge was computed should be disclosed in such requirements? No. Section 19(c) of the Federal circumstances. Reserve Act requires that reserve balances be If a single daily periodic rate is imposed, the satisfied either by a balance maintained at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 Federal Reserve Bulletin • January 1975 Federal Reserve Bank or by vault cash, consisting Will the Federal Reserve Banks perform serof United States currency and coin. Gold in bullion vices for member banks with respect to gold, such form is not United States currency. Since the as safekeeping or assaying? No. bullion value of United States gold coins far ex- Will a Federal Reserve Bank accept gold as ceeds their face value, member banks would not collateral for an advance to a member bank under in practice distribute them over the counter at face § 10(b) of the Federal Reserve Act? No. value to satisfy customer demands. BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS ORDERS UNDER SECTION 3 OF BANK ment of competition in the relevant market. HOLDING COMPANY ACT Therefore, competitive considerations are consistent with approval of the application. CANTON BANCORPORATION, INC., Under the Bank Holding Company Act, the CANTON, OKLAHOMA Board is required to take into consideration the financial and managerial resources and future prospects of the proposed holding company and ORDER DENYING FORMATION OF BANK HOLDthe bank to be acquired. In the exercise of that ING COMPANY responsibility, the Board finds that considerations relating to the financial resources of Applicant Canton Bancorporation, Inc., Canton, Oklahoma, warrant denial of the application. has applied for the Board's approval under § Applicant has no operating history. Applicant's 3(a)(1) of the Bank Holding Company Act (12 revenues would be limited to its 85 per cent U.S.C. 1842(a)(1)) of formation of a bank holding interest in cash dividends declared by Bank. The company through acquisition of 85 per cent of the applicant expects to service the $388,000 debt it voting shares of Bank of Canton, Canton, Okla- will incur as part of this transaction through divihoma ("Bank"). dends from Bank. On the basis of the record, the Notice of the application opportunity for inter- Board is unable to conclude that the Applicant's ested persons to submit comments and views, has projected earnings are reasonable or attainable. been given in accordance with § 3(b) of the Act. Furthermore, even if Applicant's projections are The time for filing comments and views has ex- realized, the projected earnings for Bank do not, pired, and the Board has considered the application in the Board s view, provide Applicant with the and all comments received in light of the factors necessary financial flexibility to meet its annual set forth in § 3(c) of the Act (12 U.S.C. 1842(c)). debt servicing requirements as well as any unex- Applicant is a nonoperating corporation organ- pected problems that might arise at Bank. In ized for the purpose of becoming a bank holding addition, the high level of dividend pay-out from company through the acquisition of shares of Bank necessary for Applicant to service its debts Bank. The purpose of the proposed transaction is could inhibit growth in Bank's capital at a rate to effect a transfer of ownership of Bank from compatible with its projected asset growth, thus individuals to a corporation owned by the same impairing Bank's financial condition and its ability individuals with no significant change in Bank's to continue as a viable banking organization in management or operations. With total deposits of meeting the banking needs of the community it $5.3 million on December 31, 1973, Bank was serves. Accordingly, on the basis of the record, the smallest of five banks in Blaine County, which the Board concludes that the considerations relatapproximates the relevant banking market. Bank ing to the financial aspects of Applicant's proposal holds about 13 per cent of the total deposits in weigh against approval of the application. banks in Blaine County and less than . 1 of 1 per Applicant does not propose, as part of this cent of the total deposits in the State. Since the application, to make any changes or additions in proposal is essentially a reorganization, consum- the services presently offered by Bank. Thus, the mation thereof would not eliminate any existing considerations relating to the convenience and competition, nor would it appear to have any needs of the community to be served do not lend adverse effects on other banks or on the develop- any significant weight in favor of approval of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 35 application. Moreover, in view of the proposed zations in the relevant banking market,1 controldebt-retirement plan, consummation of the pro- ling less than .3 of one per cent of the total posal could diminish Bank's ability to continue commercial bank deposits therein. (All banking to serve the area as a banking alternative. data are as of December 31, 1973.) Since Appli- On the basis of all the facts in the record, it cant presently has no subsidiaries, consummation is the Board's judgment that the financial consid- of the proposal would not have an adverse effect erations involved in the proposed transaction on existing or potential competition, nor would present adverse factors weighing against approval it increase the concentration of banking resources of the application. Accordingly, the Board con- or have an adverse effect on other banks in the cludes that consummation of the proposal would relevant market. Therefore, the Board concludes not be in the public interest, and that the applica- that the competitive considerations are consistent tion should be, and is hereby, denied. with approval of the application. By order of the Board of Governors, effective As it has indicated on previous occasions, the December 11, 1974. Board believes that a holding company should be a source of financial and managerial strength for Voting for this action: Governors Sheehan, Bucher, Holland, its subsidiary bank(s) and every proposed acquisi- Wallich, and Coldwell. Absent and not voting: Chairman Burns and Governor Mitchell. tion or formation is closely examined with this (Signed) THEODORE E. ALLISON, consideration in mind. Regarding the subject pro- [SEAL] Secretary of the Board. posal, the Board has some concern about the financial and managerial resources of Applicant. In particular, the Board notes that Applicant proposes to service the debt that it will incur as PENTAGON BANKSHARES, INC. , a part of this transaction entirely through dividends MINNEAPOLIS, MINNESOTA from Bank. In the Board's view, the debt retirement program does not provide Applicant with the necessary financial flexibility to service the acqui- ORDER DENYING FORMATION OF BANK HOLDsition debt while maintaining Bank's capital at an ING COMPANY acceptable level. Moreover, Bank has paid no dividends in recent years and the introduction of Pentagon Bankshares, Inc., Minneapolis, Min- dividends at this time in order to service the nesota, has applied for the Board's approval under acquisition debt could place an undue strain on § 3(a)(1) of the Bank Holding Company Act (12 bank's overall financial condition. Accordingly, on U.S.C. 1842(a)(1)) of formation of a bank holding the basis of the foregoing and other facts of record, company through acquisition of 87.4 per cent of the Board concludes that the considerations relatthe voting shares of the State Bank of St. Anthony ing to the managerial and financial aspects of Village, St. Anthony Village, Minnesota Applicant's proposal weigh against approval of the ("Bank"). application. Notice of the application, affording opportunity As noted above, the proposed formation reprefor interested persons to submit comments and sents merely a restructuring of the ownership of views, has been given in accordance with § 3(b) Bank with no significant changes in Bank's operaof the Act. The time for filing comments and views tions or the services offered to customers. Consehas expired, and the Board has considered the quently, considerations relating to the convenience application and all comments received in light of and needs of the community to be served lend no the factors set forth in § 3(c) of the Act (12 U.S.C. weight toward approval of the application. On the 1842(c)). other hand, the servicing requirements of the ac- Applicant is a recently organized nonoperating quisition debt incurred by Applicant could impair corporation, formed for the purpose of becoming Bank's ability to continue to serve the community a bank holding company through the acquisition as a viable banking organization. of Bank. The purpose of the proposed transaction On the basis of all the facts in the record, the is to effect a transfer of ownership of Bank from Board concludes that the financial considerations individuals to a corporation owned by the same involved in this proposal present adverse circumindividuals with no change in the Bank's management or operations. Bank (deposits of $17.6 mil- JThe relevant banking market is approximated by the Minlion) is the 27th largest of 103 banking organineapolis-St. Paul RMA. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 Federal Reserve Bulletin • January 1975 stances bearing upon the financial condition and would control the 453rd largest bank in Iowa, prospects of Applicant and Bank. These adverse holding .06 of one per cent of total deposits in factors are not outweighed by any procompetitive commercial banks in the State. Since the purpose effects or benefits to the convenience and needs of the proposed transaction is to effect a transfer of the community to be served. Accordingly, it of the ownership of Bank from individuals to a is the Board's judgment that consummation of the corporation owned by the same individuals, conproposal would not be in the public interest, and summation of the proposal herein would not elimthat the application should be, and is hereby, inate existing or potential competition, nor have denied. an adverse effect on other area banks. By order of the Board of Governors, effective The principals of Applicant are also principals December 16, 1974. in A. M. Say lor, Incorporated, Hampton, Iowa, a registered one-bank holding company which Voting for this action: Chairman Burns and Governors owns 59.3 per cent of First National Bank of Mitchell, Sheehan, Bucher, Holland, Wallich, and Cold well. Hampton, Hampton, Iowa ("Hampton Bank"). (Signed) THEODORE E. ALLISON, Hampton Bank (deposits of $16.6 million) is the [SEAL] Secretary of the Board. largest of five banks in the Franklin County banking market, a separate banking market located approximately 50 miles southwest of Bank. It PEOPLES BANCORPORATION, appears that there is no significant competition HAMPTON, IOWA between Hampton Bank and Bank. Accordingly, on the basis of the facts of record, the Board concludes that competitive considerations are con- ORDER DENYING FORMATION OF BANK HOLDsistent with approval of the application. ING COMPANY The Board has indicated on previous occasions that it believes that a holding company should Peoples Bancorporation, Hampton, Iowa, has provide a source of strength to its subsidiary applied for the Board's approval under § 3(a)(1) bank(s), and that it will examine closely the conof the Bank Holding Company Act (12 U.S.C. dition of the Applicant in each case with this view 1842(a)(1)) of formation of a bank holding com- in mind. The proposal herein involves an acquisipany through acquisition of 86.5 per cent of the tion debt of $407,300 which Applicant proposes voting shares of Peoples Savings Bank, Elma, to service over an eleven-year period through a Iowa ("Bank"). dividend payout from Bank averaging over 50 per Notice of the application, affording opportunity cent of Bank's net income. Moreover, Applicant for interested persons to submit comments and proposes to borrow an additional $51,000 during views, has been given in accordance with § 3(b) the next five years in order to meet the principal of the Act. The time for filing comments and views and interest payments during that period. In the has expired, and the Board has considered the Board's view, this high level of debt and the application and all comments received in light of dividend payout required from Bank to service the the factors set forth in § 3(c) of the Act (12 U.S.C. debt could place an undue strain on Bank's capital 1842(c)). position. In this regard, the projected asset and Applicant, a nonoperating company with no deposit growth and earnings of Bank during the subsidiaries, was organized for the purpose of debt retirement period do not appear to provide becoming a bank holding company through the Applicant with the necessary financial flexibility acquisition of Bank (deposits of $5.7 million).1 to meet its annual debt serving requirements while Bank is the only bank in Elma (population of maintaining adequate capital at Bank. On the basis approximately 600), an agriculturally oriented of the foregoing and other facts of record, the community located in northeastern Iowa. Bank is Board is unable to conclude that it would be in the third largest of five banks in the Howard the public interest to permit the formation of a County banking market and holds approximately one-bank holding company with an initial debt 17 per cent of the total commercial bank deposits structure which could result in impairing Bank's therein. Upon acquisition of Bank, Applicant financial condition. Accordingly, the Board concludes that the financial aspects of Applicant's 1 All banking data are as of December 31, 1973. proposal weigh against approval of the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 37 Applicant has proposed some changes which Applicant, the largest banking organization in could benefit the community, including increased Wyoming, controls thirteen subsidiary banks with real estate lending and the increased use of loan aggregate deposits of $202.8 million, representing participations enabling Bank to extend larger loans 16 per cent of the total commercial bank deposits to its customers. However, the introduction of in the State.1. The acquisition of Bank ($21.8 these expanded services is not dependent upon million deposits) would increase Applicant's share formation of Applicant as a bank holding company of State deposits by 1.7 percentage points and and, in any event, does not outweigh the afore- would not result in any significant increase in the mentioned adverse considerations relating to the concentration of banking resources in Wyoming. banking factors. Bank is the only bank located in Kemmerer On the basis of all of the circumstances con- (population of about 2,300). Applicant's subsidicerning this application, the Board concludes that ary bank nearest to Bank is located in Evanston, the financial considerations involved in this pro- 50 miles southwest of Bank. Bank is located 85 posal present adverse circumstances bearing upon miles northwest of Rock Springs where Applicant the financial condition and prospects of both Ap- has received approval to acquire a de novo bank. plicant and Bank. Such adverse factors are not In view of the fact that Kemmerer, Evanston, and outweighed by any procompetitive effects or by Rock Springs are distinct market areas, no signifibenefits which would result in serving the conven- cant existing competition would be eliminated by ience and needs of the community. Accordingly, consummation of the proposed acquisition. Furit is the Board's judgment that approval of the thermore, from the facts of record, it appears application would not be in the public interest and unlikely that any significant competition will dethat the application should be denied. velop between Applicant's subsidiary banks and On the basis of the record, the application is Bank in the future. Although Applicant has the denied for the reasons summarized above. resources to enter the market de novo, it does not By order of the Board of Governors, effective appear from the record that the area is particularly December 9, 1974. attractive for such an alternative means of entry at this time or that Applicant would attempt such Voting for this action: Chairman Burns and Governors entry.2 Accordingly, the Board concludes that Sheehan, Bucher, Holland, and Coldwell. Absent and not competitive considerations are consistent with apvoting: Governors Mitchell and Wallich. proval of the application. (Signed) THEODORE E. ALLISON, [SEAL] Secretary of the Board. The financial and managerial resources and future prospects of Applicant and its subsidiaries are regarded as satisfactory and consistent with ap- WYOMING BANCORPORATION, proval of the application. The same factors are CHEYENNE, WYOMING satisfactoy with regard to Bank, particularly in view of Applicant's commitment to inject $300,- ORDER APPROVING ACQUISITION OF BANK 000 in equity capital into Bank. Factors relating to the convenience and needs of the community Wyoming Bancorporation, Cheyenne, Wyom- to be served are also consistent with approval. ing, a bank holding company within the meaning Affiliation with Applicant will enable Bank to of the Bank Holding Company Act, has applied introduce longer term certificates of deposit and for the Board's approval under § 3(a)(3) of the extend the weekday banking hours; and Applicant Act (12 U.S.C. 1842(a)(3)) to acquire 80 per cent will provide additional management expertise in or more of the voting shares of The First National the lending and investment functions of Bank. It Bank of Kemmerer, Kemmerer, Wyoming is the Board's judgment that the proposed acquisi- ("Bank"). tion would be in the public interest and that the application should be approved. Notice of the application, affording opportunity for interested persons to submit comments and views, has been given in accordance with § 3(b) 1A11 banking data are as of December 31, 1973. Applicant has also received approval to acquire Bank of Wyoming, N.A., of the Act. The time for filing comments and views Rock Springs, Wyoming, and Bank of Wyoming, N.A., has expired, and the Board has considered the Sheridan, Wyoming, proposed new banks. application and all comments received in light of 2 It is noted that an application has been filed by a group of individuals with the Regional Administrator of National the factors set forth in § 3(c) of the Act (12 U.S.C. Banks for a charter for a national bank to be located in 1842(c)). Kemmerer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 Federal Reserve Bulletin • January 1975 On the basis of the record, the application is tives.1 Evidence in the record showing that some approved for the reasons summarized above. The Kemmerer residents now do business with Evantransaction shall not be made (a) before the thir- ston banks certainly suggests that others might also tieth calendar day following the effective date of find it practical to do so. Thus, given the present this Order or (b) later than three months after the circumstances in southwestern Wyoming, the two effective date of this Order, unless such period Evanston banks are probably the chief competitive is extended for good cause by the Board, or by influence on the typical banking services provided the Federal Reserve Bank of Kansas City pursuant by the Kemmerer Bank; and one of those two to delegated authority. Evanston banks is already controlled by Applicant. By order of the Board of Governors, effective In a region such as this one, where there are very December 12, 1974. few banking alternatives for the people, such a diminution of alternatives should not be permitted Voting for this action: Vice Chairman Mitchell, Governors except when some overriding public benefit is to Sheehan, Bucher, Wallich, and Coldwell. Voting against this action: Governor Holland. Absent and not voting: Chairman be gained. By approving this application, the Burns. Board acquiesces, in effect, in the removal of one (Signed) THEODORE E. ALLISON, of the two banks most likely to exercise a compet- [SEAL] Secretary of the Board. itive influence on Applicant. The Board is thus willing to accept the risk this entails for the services available to the residents of the Evanston- Kemmerer area. I see no overriding public benefit in this application sufficient to warrant accepting this risk. DISSENTING STATEMENT OF For the above reasons, I would deny the appli- GOVERNOR HOLLAND cation. I dissent from the Board's action in approving the application of Wyoming Bancorporation to AMERIBANC, INC., acquire The First National Bank of Kemmerer. In ST. JOSEPH. MISSOURI my view, this case involves an important issue not given due weight by the Board, namely, the ORDER DENYING MERGER OF BANK HOLDING competitive influence exercised by banks in COMPANIES neighboring markets. Applicant now owns one of the two banks in Evanston, plans to open a new bank in Rock Ameribanc, Inc., St. Joseph, Missouri Springs and proposes to acquire the only bank in ("Ameribanc"), a bank holding company within Kemmerer. I am particularly concerned about the the meaning of the Bank Holding Company Act, people in the Kemmerer area. Although the analy- has applied for the Board's approval under § sis suggests that the bank in Kemmerer and the 3(a)(5) of the Act (12 U.S.C. 1842(a)(5)) to merge banks in Evanston should be viewed as operating with First American Bancshares, Inc., St. Joseph, in separate markets, it is not correct to conclude Missouri ("First American"), under the charter from this that the banks in Evanston exert no and title of Ameribanc, Inc. competitive influence at all on the Kemmerer Notice of the application, affording opportunity Bank. Although these towns are 50 miles apart, for interested persons to submit comments and there are virtually no banks or towns of any size views, has been given in accordance with § 3(b) intervening. People in Wyoming are accustomed of the Act. The time for filing comments and views to travelling long distances because of the rela- has expired, and the Board has considered the tively large undeveloped areas in the State. If the application and all comments received in light of bank in Kemmerer were to try to exploit an appar- the factors set forth in § 3(c) of the Act (12 ent monopoly position—e.g., to provide extremely (U.S.C. 1842(c)). poor service or charge very high rates for its loans—the residents of Kemmerer could turn to *An application for a new national bank to be located in the Evanston banks even though those banks might Kemmerer has t>een filed with the Regional Administrator of National Banks. There is no indication, however, as to whether not ordinarily be regarded as convenient alternathis new bank might open. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 39 Ameribanc controls three banks with aggregate and increase its share of deposits to 35.5 per cent. deposits of about $133.5 million, representing Ameribanc and the second largest banking organialmost one per cent of the deposits of commercial zation would then control 68 per cent of the market banks in Missouri, and is the 14th largest banking deposits. In view of the present level of concenorganization in the State.1 First American controls tration of banking resources in the St. Joseph five banks with aggregate deposits of $25.6 mil- banking market, the Board is unable to conclude lion, representing 0.2 per cent of the total com- that approval of the subject application would mercial bank deposits in the State, and is the 75th foster a more competitive banking structure. In largest banking organization in Missouri. Con- fact, consummation of the proposal would increase summation of the proposed merger would increase the already high level of concentration and thus Ameribanc's share of total State deposits to result in the market becoming less competitive. slightly more than one per cent and its rank in Accordingly, these considerations indicate that the State would remain unchanged. consummation of the proposal would have adverse Ameribanc and First American are each regional effects on competition within the St. Joseph bankbank holding companies serving portions of ing market. northwestern Missouri. Three of the five banks In addition to the above considerations, concontrolled by First American are located, respec- summation of the proposed merger would result tively, in the Kansas City banking market (Bank in the elimination of the possibility that First of Edgerton), the Plattsburg banking market (First American would develop into a more effective National Bank of Plattsburg), and the Maryville competitor in the St. Joseph market. The amount banking market (First American Bank of Skid- of existing competition that would be eliminated more), banking markets where Ameribanc pres- between it and Ameribanc is mitigated to some ently has no banking subsidiaries. Accordingly, extent by the fact that there is some common the proposed merger would have no adverse effects ownership and management of the two organion existing competition with respect to those mar- zations.3 However, this relationship between the kets. Nor does it appear from the facts of record two organizations has existed for only a relatively that potential competition would be adversely af- short period (less than three years), and denial of fected therein. this proposal would preserve the possibility that However, with respect to First American's other a dissolution of the relationship would occur in subsidiary banks, the Board believes the proposed the future, thus resulting in increased competition merger would have adverse effects on competition in the St. Joseph market. This latter consideration in the St. Joseph banking market.2 Ameribanc, is important because so few other independent with two banks (American National Bank and Belt banks remain available in the Missouri portion of National Bank of St. Joseph), is the largest of the St. Joseph market for possible acquisition by fourteen banking organizations in the market with out-of-area banking organizations. aggregate deposits of $125.5 million, representing On the basis of the foregoing and the facts of about 33.2 per cent of the commercial bank de- record, the Board concludes that consummation posits. First American, with two banks (First Na- of the proposal so far as it relates to First Ameritional Bank of Stewartsville and First American can's subsidiaries competing outside the St. Joseph Bank of Union Star), is the seventh largest orga- market would raise no adverse effects on competinization in the market, controlling about 2.3 per tion requiring denial of the application. However, cent of the deposits. Ameribanc and the second in the St. Joseph market, the proposal would result largest banking organization in the market already in adverse competitive effects by increasing the control 65.7 per cent of the deposits in the market. concentration of banking resources in that market Upon consummation of the proposed merger, and eliminating the possibility of competition Ameribanc would control four banks in the market developing in the future. Such considerations require denial of the application unless they are banking data are as of December 31, 1973, and reflect outweighed by other considerations reflected in the holding company formations and acquisitions approved through record. October 31, 1974. On December 11, 1974, the Board approved an application by Ameribanc to acquire the First National Bank of Tarkio, Tarkio, Missouri (deposits of $9.8 million). 3 The chairman of the board of First American owns directly 2The St. Joseph banking market is approximated by Bu- and indirectly 72 per cent of the stock of that organization. chanan County (less Rush and Bloomington townships), An- He is also chairman of the board of Ameribanc and his direct drew County, and western DeKalb County, all in Missouri, and indirect interests amount to 12.3 per cent of Ameribanc's and northern Doniphan County in Kansas. stock with an option to purchase an additional 7 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 Federal Reserve Bulletin • January 1975 The financial condition, managerial resources Brothers Leasing, Inc., Lexington, Kentucky and future prospects of Ameribanc, First American ("Company"), a company that engages in the and their respective subsidiary banks are consid- activities of leasing on a full-payout basis real and ered to be satisfactory. Therefore, banking factors personal property and commercial financing. Such are consistent with approval of the application but activities have been determined by the Board to provide no significant support for such action. be closely related to banking (12 CFR 225.4 (a)(1) Ameribanc proposes to make trust services and 6(a) and (b)). available to subsidiary banks of First American In an Order dated November 19, 1974 (39 Fedand to assist them in farm loans and farm man- eral Register 41585), the Board denied Applicant's agement. Furthermore, Ameribanc states that the application to acquire Company. In its Order, the proposed affiliation would enable First American's Board indicated that, while the acquisition of subsidiary banks to have larger effective lending Company would initially improve the capital posilimits and will facilitate management succession tion of Applicant's subsidiary bank somewhat, the in the future. While these improved services lend capital improvement would be only temporary and some weight toward approval, the Board does not at some future time Applicant would be called consider these convenience and needs consid- upon to provide additional funds to expand or to erations sufficient to outweigh the anticompetitive support Company's leasing activities. Subseeffects of the proposed merger hereinbefore de- quently, Applicant filed a Request for Reconscribed. Accordingly, it is the Board's judgment sideration stating that during the period its applithat approval of the proposed merger would not cation was on file with the Board, it revised its be in the public interest and that the application purpose for the acquisition of Company as a result should be denied. of the changed economic environment. Applicant On the basis of the record, the application is states that it now views Company as a means to denied for the reasons summarized above. increase, by nearly $2 million, the capital of By order of the Board of Governors, effective Applicant's subsidiary bank and intends to "run December 31, 1974. off" the assets of Company. However, such intentions were never communicated to the Reserve Voting for this action: Governors Sheehan, Bucher, Holland, Bank or to the Board and were not presented to Wallich, and Cold well. Absent and not voting: Chairman Burns and Governor Mitchell. the Board for its consideration. Furthermore, Applicant now commits to the Board that it will sell (Signed) THEODORE E. ALLISON, Company's assets and engage in leasing activities [SEAL] Secretary of the Board. only on a de novo basis subject to the Board's prior approval, and that Company will no longer enter into commercial loan transactions. By Order ORDERS UNDER SECTION 4 OF dated December 9, 1974, the Board granted Ap- BANK HOLDING COMPANY ACT plicant's Request for Reconsideration. Notice of the Board's action granting Appli- BANKSHARES OF INDIANA, INC., cant's Request for Reconsideration of the denial MERRILLVILLE, INDIANA of the application to acquire Company has been given (39 Federal Register 43336). The time for filing comments and views has expired. The Board ORDER APPROVING ACQUISITION OF has reconsidered this application, all original and GOODWIN BROTHERS LEASING, INC. supplementary materials received in connection therewith and all comments received in light of Bankshares of Indiana, Inc., Merrill ville, In- the public interest factors set forth in § 4(c)(8) diana, a bank holding company within the meaning of the Act (12 U.S.C. 1843(c)(8)). of the Bank Holding Company Act, has applied Applicant controls one bank, Bank of Indiana, for the Board's approval, under § 4(c)(8) of the N. A. ("Bank"), Gary, Indiana, with deposits of Act and § 225.4(b)(2) of the Board's Regulation $155 million, which represents about 1 per cent Y, to acquire1 all of the assets of Goodwin of the total deposits in commercial banks in Indiana. Applicant is the fifteenth largest banking xUpon acquisition of Company, Applicant proposes to organization in the State.2 transfer the assets and liabilities of Company to a whollyowned operating subsidiary of Applicant's banking subsidiary (See 12 CFR 7.7376 and 7.7380). 2 Banking data are as of December 31, 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 41 Company, organized in 1957, has total assets it was the Board's judgment that further augmenof $7.2 million and total lease receivables of $5.7 tation was needed. The Board concluded that the million.3 Company is primarily engaged in leasing proposal would detract from Applicant's overall personal property on a full-payout basis; Company financial condition and reduce its ability to provide also presently engages in leasing real property. additional financial support to its subsidiary bank. Company leases construction equipment, restau- Accordingly, the Board denied the application. rant and grocery equipment, furniture and fixtures, In connection with its Request for Reconvehicles and dairy cows. With offices in Lexington sideration, Applicant has provided information and Louisville, Kentucky, and in Nashville and that was not previously available to the Board at Memphis, Tennessee, Company serves portions of the time of its earlier consideration of the proposal. Tennessee, Kentucky, Ohio, Indiana, West Vir- Applicant states that it intends to use the assets ginia, Georgia, Alabama, Mississippi and Ar- of Company for the purpose of increasing the kansas. Company competes with numerous na- capital position of Bank and that it does not tional and regional lessors and is regarded as a propose to enlarge the leasing activities of Comminor competitive factor in each of the markets pany; instead, Applicant intends to "run off" the in which it operates. Applicant does not engage assets of Company. In addition, Applicant states in any leasing activity directly or indirectly and it is now willing to commit to the Board that it there is no evidence in the record that, absent this will sell Company's assets and engage in leasing proposal, Applicant would be likely to engage de activities only on a de novo basis subject to the novo in leasing operations in the near future. Board's prior approval. Applicant further commits Company also engaged in commercial lending itself and Company not to enter into any commeractivities incidental to its leasing operations and, cial loan financing transactions; that Company will in 1973, Company had commercial finance re- collect the outstanding leases as they mature in ceivables of $762,000. This activity is primarily the Lexington, Kentucky office or at an office of conducted from the Lexington office and is en- Bank; and, that Company will discontinue doing gaged in for a limited number of customers. Thus, business in Memphis, Nashville, and Louisville. Company appears to be a relatively minor com- Under the present structure of Applicant's propetitive factor in the commercial lending market posal, capital will be provided to Bank and the that it serves. Company does not derive any of likelihood of further demands upon Applicant for its commercial loans from Bank's market area and funds to enable Company to expand its operations it appears that Bank and Company are not signifi- has been eliminated. Accordingly, the adverse cant competitors. factors found by the Board to require denial of On the basis of the above and other facts of the original application have been corrected. It is record, it appears to the Board that acquisition by the Board's view that approval of the present Applicant of Company would not result in the application will result in benefits to the public elimination of significant existing competition in which will outweigh any possible adverse effects any relevant area. Moreover, with respect to po- of the proposal since the overall financial condition tential competition, in view of the relatively small of Applicant and Bank will be strengthened. size of Company in the leasing and commercial There is no evidence in the record indicating finance markets in which it operates, Company's that consummation of the proposed acquisition limited share of those markets, and the large would result in an undue concentration of renumber of competitors operating in those markets, sources, unfair competition, conflicts of interests, approval of this application would not have a unsound banking practices, or other adverse efsignificant adverse effect on potential competition. fects. In its Order denying the acquisition of Com- Based upon the foregoing and other considpany, the Board cited as a basis for its denial the erations reflected in the record, the Board has fact that Applicant experienced significant growth determined that the balance of the public interest in its assets over the past few years and that such factors the Board is required to consider under § growth has not been accompanied by an equivalent 4(c)(8) is favorable. Accordingly, the application increase in Applicant's equity base. Further, al- is hereby approved. This determination is subject though Applicant's overall capital position in rela- to the condition that Applicant fully comply with tion to its total assets had improved somewhat, the above-mentioned commitments. This determination is further subject to the conditions set forth 3 Company data are as of March 31, 1974. in § 225.4(c) of Regulation Y and to the Board's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 Federal Reserve Bulletin • January 1975 authority to require such modification or termina- Manufacturers Hanover Corporation, New tion of the activities of the holding company or York, New York, a bank holding company within any of its subsidiaries as the Board finds necessary the meaning of the Bank Holding Company Act, to assure compliance with the provisions and pur- has applied for the Board's approval, under section poses of the Act and the Board's regulations and 4(c)(8) of the Act and § 225.4(b)(2) of the Board's Orders issued thereunder, or to prevent evasion Regulation Y, to acquire all of the voting shares thereof. The acquisition of Company shall be made of Ritter Financial Corporation, Wyncote, Pennno later than three months after the effective date sylvania ("Ritter"), a company which, directly of this Order, unless such period is extended for and through subsidiaries,1 engages in the activities good cause by the Board or by the Federal Reserve of a consumer finance company by making, ac- Bank of Chicago, pursuant to delegated authority. quiring or servicing for its own account or the By order of the Board of Governors, effective account of others loans or other extensions of December 31, 1974. credit; acting as agent or broker for the sale of credit life and credit accident and health insurance Voting for this action: Vice Chairman Mitchell and Gover- and consumer credit related property insurance nors Sheehan and Holland. Voting against this action: Governors Wallich and Coldwell. Absent and not voting: Chairman directly related to its extensions of credit by Ritter Burns and Governor Bucher. or its credit-granting subsidiaries; and acting as (Signed) THEODORE E. ALLISON, reinsurer of credit related life and credit accident [SEAL] Secretary of the Board. and health insurance. Such activities have been determined by the Board to be closely related to banking (12 CFR 225.4(a)(1), (3), (9), and (10)). DISSENTING STATEMENT OF Notice of the application, affording opportunity GOVERNORS WALLICH AND COLDWELL for interested persons to submit comments and views on the public interest factors, has been duly We disagree with the majority's assessment of published (39 Federal Register 18161). The time the public benefits that would result from approval for filing comments and views has expired, and of this application. the Board has considered the application and all Applicant's original proposal would have dicomments received, including those of The Virverted funds away from Applicant's bank subsidiginia Association of Insurance Agents, Inc., the ary to Company's leasing activities and the Board Brunswick Insurance Agency, and The National quite properly denied the application. Under the Association of Casualty and Surety Agents, in the present proposal, the original financial concerns light of the public interest factors set forth in causing denial of the application appear to have section 4(c)(8) of the Act (12 U.S.C. 1843(c)(8)). been eliminated. However, section 4(c)(8) of the Applicant, a multi-bank holding company, is the Act requires the Board to find a demonstration of third largest banking organization in New York positive public benefits in instances where adverse State, and the fourth largest nationally. Applicant effects are present and we do not find that such controls Manufacturers Hanover Trust Company, benefits are present even under the subject pro- New York, New York ("Bank"), and five other posal. Company's activities will be significantly commercial banks which, collectively, hold doreduced and eventually eliminated, and the assets mestic deposits of $11.7 billion,2 representing of Company would be channeled to Bank, which approximately 10 per cent of the total deposits in would favorably affect Bank's capital position. commercial banks in New York State. Applicant However, this factor, in our view, would not also controls nonbanking companies engaged in compensate for the adverse effect resulting from leasing and mortgage banking. the elimination of Company as a competitor in the Ritter is a relatively small, regional consumer leasing and commercial finance field. finance company with total assets of $83 million In view of the above, we would deny the appliand net consumer finance receivables of $72 milcation. lion. Ritter is primarily engaged in providing per- MANUFACTURERS HANOVER CORPORATION, 1 Realty Advisory Services, Inc. ("RAS"), one of Ritter's NEW YORK, NEW YORK subsidiaries, has an interest in a condominium real estate venture. Applicant has committed that upon approval of this application it would not acquire RAS nor engage in this activity. ORDER APPROVING ACQUISITION OF 2Unless noted, all financial data are as of December 31, RITTER FINANCIAL CORPORATION 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 43 sonal instalment loans and consumer instalment pany Act it must determine that approval can credit. It maintains 125 offices in Connecticut, reasonably be expected to produce benefits to the New Jersey, North Carolina, Pennsylvania, Vir- public such as greater convenience, increased ginia and West Virginia. Ritter's two offices in competition, or gains in efficiency that outweigh Connecticut compete in the Metropolitan New possible adverse effects, such as undue concentra- York market3 in providing personal instalment tion of resources, decreased or unfair competition, loans. Applicant, through Bank and Manufacturers conflicts of interest or unsound banking practices. Hanover Suffolk Trust Company, Suffolk, N.A. In several recent cases the Board has expressed ("Suffolk Bank") also competes for such business its general concern with the rapid expansion of in the market. The nearest offices of Applicant and some U.S. banking organizations in both domestic Ritter are 12 miles apart. Applicant's two subsidi- and foreign markets, and the implications of such aries in the market account for approximately 6 expansion for their capital and liquidity positions. per cent of the personal instalment loans outstand- In this connection the Board has encouraged a ing, while Ritter's offices in the market account slower rate of expansion in recent months by these for less than one-tenth of one per cent of the banking organizations. In cases where the asset personal instalment loans outstanding. The com- growth of a banking organization has been rapid petition existing between Applicant and Ritter that relative to capital, and has been funded to an would be eliminated upon consummation of the appreciable degree by potentially volatile sources proposed transaction would be only slight. of funds, the Board, under current economic and With respect to the question of whether con- financial conditions, must consider on a case-bysummation of the proposal would eliminate any case basis, whether proposals that would utilize significant competition in the future, Ritter opened funds for further expansion rather than for im- 14 new offices in 1973 and purchased three others provement of the organization's capital and liand has the resources to continue independently quidity positions are consistent with the public to expand de novo. Applicant, through Bank and interest standard of § 4(c)(8) of the Act. Suffolk Bank, operates more than 180 branch In accordance with above-described policy, the offices in the New York Metropolitan market. In Board would have reservations about further exthe past few years Applicant has indicated its pansion by Applicant. However, the proposal desire to expand in banking and nonbanking ac- which Applicant has placed before the Board contivities by acquiring several firms including com- tains a number of factors which, in the Board's mercial banks, a leasing company and a mortgage view, overcome these reservations. Foremost banking company. However, like many other large among these is the fact that the proposal does not bank holding companies, Applicant's capital and constitute a utilization of funds for expansion, liquidity positions have not kept pace with its which funds could be used elsewhere to strengthen recent growth in assets. Thus, although Applicant Applicant's organization. The proposal involves a appears to possess the resources to compete more stock-for-stock acquisition and Ritter appears to actively with Ritter, by de novo expansion in the be adequately capitalized in relation to the risk consumer finance company business or by accel- involved in its business. In addition, a reasonable erated growth in consumer lending, it appears projection of Ritter's earnings indicates that such questionable at this time whether this would occur earnings will be well in excess of the dividend on a scale large enough to result in substantial requirements on the preferred and common stock future competition with Ritter. On the basis of to be issued by Applicant in the exchange. Thus, these facts, the Board concludes that the only Applicant's consolidated capital base would not significant competition that would be foreclosed in any way be diluted. upon approval of this application would be some Another factor which has entered into the distance in the future. Board's decision is that Applicant intends to In order for the Board to approve an acquisition maintain Ritter's present independent short-term under section 4(c)(8) of the Bank Holding Com- bank financing and to continue the independent issuance by Ritter of commercial paper until such time and under such circumstances as the Board 3 The Metropolitan New York market consists of all New may deem appropriate. Thus, it will not be neces- York City, Nassau, Putnam, Rockland and Westchester Counties and western Suffolk County in New York State, the sary, at least for the time being, for Applicant to southwestern half of Fairfield County in Connecticut; and the enter the debt market to support Ritter's activities. northeastern two-thirds of Bergen County and eastern Hudson County in New Jersey. Ritter's present commercial paper rating is such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 Federal Reserve Bulletin • January 1975 that this program seems feasible. Furthermore, insurance is underwritten by an insurer qualified Applicant intends to defer its original plans for to underwrite such insurance in these States and de novo expansion of Ritter by opening 85 new is assigned or ceded to Ritter's subsidiary. Credit offices and for financing Ritter's entry into new life and disability insurance is generally made product lines and further market penetration until available by banks and other lenders, and such such time and under such circumstances as the insurance is designed to assure repayment of a loan Board may deem appropriate. The Board con- in the event of the death or disability of the cludes that consummation of the proposal would borrower. not require Applicant to divert any significant In connection with its addition of credit life amount of its financial or managerial resources to underwriting to the list of permissible activities assure continuation of Ritter's successful opera- for bank holding companies, the Board stated that: tions. To assure that engaging in the underwriting of credit life An additional consideration which the Board has and credit accident and health insurance can reasonably be expected to be in the public interest, the Board will only taken into account is that the proposal constitutes approve applications in which an applicant demonstrates that Applicant's initial and relatively small entry into approval will benefit the consumer or result in other public benefits. Normally such a showing would be made by a the consumer finance company business. The approjected reduction in rates or increase in policy benefits due plication is considered to be a foothold acquisition to bank holding company performance of this service. which will give Applicant the expertise and market Applicant has stated that it would reduce the position to successfully compete in this business. rates charged by Ritter's lending subsidiaries for The normal public benefits which can be ex- credit life insurance from 1.8 per cent to 7.8 per pected to accrue from the entry of bank holding cent in these States. Such reductions are in addicompanies into the finance company business tion to the recently lowered regulatory maximum would be expected to accrue in this case. The rates in Virginia and West Virginia. The Board ultimate de novo expansion of Ritter and entry into finds that the proposed rate changes provide renew product lines can also be expected to result duced costs to customers and are procompetitive in additional benefits to the public. Furthermore, and in the public interest. The Board concludes Applicant is committed to lower interest rates by that such benefits outweigh any possible adverse 4 per cent to all borrowers without being more effects that could result from providing such inrestrictive in its credit standards. surance services. As discussed hereinafter, Applicant will lower In deciding that approval of the proposed accredit insurance premium rates in the three States quisition would be consistent with the public inwhere policies are reinsured by a Ritter subsidiary. terest standard of section 4(c)(8) of the Act and, These public benefits lend weight for approval and, in particular, with the Board's policy of slower in view of the other characteristics of the proposal, growth in significant bank holding company exthe Board finds that approval of the acquisition pansion, the Board took into account the following is warranted. facts, in addition to the circumstances previously Upon acquisition of Ritter Applicant also enumerated. Bank, which had experienced conproposes to engage in certain credit-related insur- siderable expansion prior to mid-1974, has in ance activities. Through offices of Ritter Applicant recent months curtailed its loan and investment would sell credit life and credit accident and health activities; and Applicant has committed not to insurance, credit casualty insurance and nonfiling undertake new acquisitions of existing firms or insurance.4 In view of the limited nature of these ventures into new activities over the months iminsurance activities, the Board finds that no signif- mediately ahead. Applicant also plans a significant icant existing or potential competition would be addition to Bank's capital from external sources eliminated upon consummation of this proposal. during 1975. Incident to this application, Applicant has also On the basis of all the facts of record, including applied for authority to act, through a subsidiary the Board's view that Applicant's commitments of Ritter, as reinsurer of group credit life and credit are assurance that the acquisition will neither result accident and health insurance sold in connection in any significant increased demand upon Appliwith extensions of credit by Ritter's offices in cant's financial or managerial resources nor cause Virginia, West Virginia, and New Jersey. Such any immediate alteration or expansion of Ritter's present operations, the Board has determined, in 4Nonfiling insurance is insurance that protects Ritter's secu- accordance with the provisions of § 4(c)(8), that rity interest in personal property against security interests which consummation of this proposal can reasonably be might be perfected by third parties. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 45 expected to produce benefits to the public that wholly-owned subsidiaries located in Cleveland, outweigh possible adverse effects. Accordingly, Ohio; Allied Mortgage, Inc.; Lake States Investthe application is hereby approved, subject to the ment, Inc.; Zook Management & Realty Comcondition that during 1975 Applicant maintains its pany; 3826 Euclid Avenue Corporation; and Lake dividend payment per share in an amount not to States Insurance Agency, Inc.; and Mellon-Ohio's exceed, on an annual basis, the dividend payment 51 per cent-owned subsidiary, Clark Development per share in effect for the third quarter of 1974. Co., Cleveland, Ohio.1 Allomon and its subsidi- The Board's approval determination is also subject aries are engaged in activities involving loans and to the conditions set forth in § 225.4(c) of Regu- extensions of credit such as would be made by lation Y and to the Board's authority to require a commercial finance company, and in activities such modification or termination of the activities involving mortgage banking including the servicof a holding company or any of its subsidiaries ing of mortgage loans for institutional investors as the Board finds necessary to assure compliance and offering mortgage redemption insurance unwith the provisions and purposes of the Act and derwritten by an independent insurance company. the Board's regulations and orders issued Such activities have been determined by the Board thereunder, or to prevent evasion thereof. to be closely related to banking (12 CFR The transaction shall be made not later than 225.4(a)(1),(3), and (9)). Allomon also makes three months after the effective date of this Order, equity investments in its subsidiaries and other unless such period is extended for good cause by equity investments in corporations to the extent the Board or by the Federal Reserve Bank of New permitted under § 4(c)(6) of the Act. Mellon-Ohio York, pursuant to delegated authority. also retains an equity interest in certain real estate By order of the Board of Governors, effective through two of its subsidiaries, 3826 Euclid Ave- December 10, 1974. nue Corporation and Clark Development Company. Ownership of real estate, other than for Voting for this action: Chairman Burns and Governors purposes of full pay-out leasing or occupancy has Mitchell, Sheehan, Bucher, Holland, Wallich, and Coldwell. not been determined to be closely related to bank- (Signed) THEODORE E. ALLISON, ing, and applicant proposes to divest itself of such [SEAL] Secretary of the Board. real estate holdings as soon as reasonable terms can be arranged. Notice of the application, affording opportunity for interested persons to submit comments and MELLON NATIONAL CORPORATION, views on the public interest factors, has been duly PITTSBURGH, PENNSYLVANIA published (39 Federal Register 35209). The time for filing comments and views has expired, and ORDER APPROVING RETENTION OF the Board has considered all comments received ALLOMON CORPORATION AND ITS in the light of the public interest factors set forth SUBSIDIARIES in § 4(c)(8) of the Act (12 U.S.C. 1843(c)(8)). Applicant, a one-bank holding company, controls Mellon Bank, N.A., Pittsburgh, Pennsyl- Mellon National Corporation, Pittsburgh, Pennvania ("Bank") the largest bank in Pennsylvania, sylvania, a bank holding company within the with domestic deposits of approximately $4.4 bilmeaning of the Bank Holding Company Act, has lion, representing 11.2 per cent of total deposits applied for the Board's approval, under section in commercial banks in the State.2 Bank, as of 4(c)(8) of the Act and § 225.4(b)(2) of the Board's June 30, 1974, operated 100 banking offices Regulation Y, to retain the assets of Allomon throughout the Pittsburgh metropolitan area. Ap- Corporation, McKees Rocks, Pennsylvania ("Allomon") and its 50 per cent-owned subsidiary, 1 Allomon was established de novo by Applicant's subsidi- National Realty Enterprises, Inc., McKees Rocks, ary, Mellon Bank, N.A. ("Bank") on July 29, 1970, and became a subsidiary of Applicant on November 28, 1972, at Pennsylvania ("National Realty"), which owns the time Applicant became a bank holding company. Mellon- 100 per cent of the shares of stock of Haymeadow Ohio and its present subsidiaries were all acquired by Bank National Corporation, McKees Rocks, Pennsyl- on October 7, 1969. All shares of Mellon-Ohio were transferred to Allomon on August 6, 1970. National Realty was vania ("Haymeadow"); and Allomon's whollyestablished de novo on April 28, 1971, by Allomon. Haymeaowned subsidiary, Mellon National Mortgage dow was established de novo on January 10, 1972 by National Company of Ohio, (formerly Jay F. Zook, Inc.) Realty. 2All banking data are as of December 31, 1973, unless Cleveland, Ohio ("Mellon-Ohio"), and its five otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 Federal Reserve Bulletin • January 1975 plicant engages through its nonbanking subsidi- an Ohio utility firm to purchase temporarily for aries other than Allomon and its subsidiaries in resale through an independent broker the homes the activities of mortgage banking and full pay-out of transferred employees at their appraised value. equipment leasing. This activity does not appear to be property man- Allomon, with total assets of $158 million, is agement, because Allied is required to sell the engaged in making loans and investments for its property at a price it does not set under the terms own account, and operates on a nationwide basis of the contract; arranges for third parties to provide from its sole office in McKees Rocks, Pennsyl- insurance and maintenance; and any gain or loss vania. Its lending activities are limited to large upon resale inures to the utility company. Thus, real estate loans and commercial and industrial Allied is not exposed to any of the risks or obligaloans. Its investment activities consist of both tions normally associated with the ownership of equity investment in subsidiaries and equity in- real estate. It appears that this is incidental to vestment in 5 per cent or less of the voting shares mortgage banking since Allied thereby makes it of other companies. possible for residential loans to be generated by National Realty, which is 50 per cent owned its parent company by providing this interim finby Allomon, has total assets of approximately $1 ancing service for the utility company and its million, and, from its sole office in McKees Rocks, employees. Allied's service area for this activity Pennsylvania, operates nationwide as a servicing is the State of Ohio. There are many mortgage and financing organization for real estate develop- banking firms operating throughout the State, and ment, primarily in government-related subsidy therefore, retention of this activity will have no programs. National Realty has one subsidiary, adverse competitive effects. In addition to its Haymeadow, which was established to finance a mortgage banking activity, Allied is registered to single project that provides housing for low and engage in the making of second mortgage loans moderate income families. in the State of Ohio, a type of consumer finance Mellon-Ohio, with total assets of approximately activity under Ohio law. This is an activity in $137 million, is engaged primarily in mortgage which bank holding companies are permitted to banking and at the time it was acquired by Bank engage, and retention thereof would have no sigin 1969 there was no significant overlapping com- nificantly adverse competitive effect because of the petition among Mellon-Ohio's four offices, all of large number of consumer finance firms operating which were located in Ohio, and Bank. At the throughout the Cleveland market in which Allied end of the first year after Mellon-Ohio was ac- engages in this activity. quired by Applicant it ranked as the thirty-ninth Allied's subsidiary, 3826 Euclid Avenue Corlargest mortgage servicing firm in the Nation with poration, owns property formerly occupied by a total mortgage servicing portfolio of approxi- Mellon-Ohio. Clark Development Company, a mately $488 million. As of December 31, 1973, subsidiary of Mellon-Ohio, was organized to own Mellon-Ohio originated approximately $95 million a parcel of land held for future development or in commercial real estate loans and $39 million sale. Only a small portion of the original tract in residential loans, and serviced a portfolio of remains to be sold. Applicant proposes to divest $536.2 million. Mellon-Ohio also offers mortgage itself of both such real estate holdings as soon as redemption insurance to its residential mortgage reasonable negotiations can be arranged. customers, which it then places directly with an Allomon and National Realty are relatively new insurance underwriting company. This type of enterprises, having been formed de novo within insurance differs slightly from credit life insurance the past four years. They compete in national because of the length of the policy, total valuation, markets for large real estate and commercial loans. and particularity of its nature but it is directly Loans by these corporations do not constitute a related to an extension of credit. significant share of the respective national markets. Several of Mellon-Ohio's subsidiaries are en- During its fiscal year ending April, 1969, its last gaged in separate activities.3 Allied Mortgages, fiscal year prior to its acquisition by Bank, Mel- Inc. ("Allied") has entered into a contract with lon-Ohio, then Jay F. Zook, Inc., originated $30.1 million in residential mortgages and $29.9 million in commercial mortgages, all from the Cleveland, 3Zook Management and Realty Company and Lake States Insurance Agency, Inc. are both inactive subsidiaries. Lake Cincinnati, Columbus, and Dayton, Ohio SMSAs. States Investments, Inc. but for certain intercompany transac- Those areas did not and do not overlap the area tions, is also inactive. Under the Act, these three subsidiaries in which Bank originates residential mortgages. may not be activated without prior Board approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 47 In 1969, Bank had $1.2 million in commercial to the public resulting from Applicant's retention mortgage loans outstanding in Ohio. Accordingly, of Allomon and its subsidiaries are consistent with Bank's acquisition of Mellon-Ohio in 1969 elimi- approval of the application. nated little actual competition. It does not appear Applicant has committed itself to dispose of the that Bank was a probable entrant into the areas property formerly occupied by Mellon-Ohio, now in which Mellon-Ohio originated residential mort- held by Allied's subsidiary, 3826 Euclid Avenue gages in 1969 or that its further penetration of Ohio Corp. and the remaining parcel of land owned by commercial mortgage markets in 1969 would have its subsidiary, Clark Development Company. had a significant competitive effect. Thus, any Based upon the foregoing and other considpotential competition eliminated by the acquisition erations reflected in the record, the Board has was slight. Applicant's present nonbanking mort- determined, in accordance with the provisions of gage subsidiaries limit their operations to Loui- § 4(c)(8), that retention of Allomon and its subsiana and Colorado and thus do not compete with sidiaries by Applicant can reasonably be expected Mellon-Ohio. Furthermore, Mellon-Ohio does not to produce benefits to the public that outweigh dominate any of the local mortgage markets in possible adverse effects. Accordingly, the appliwhich it currently operates, and due to the large cation is hereby approved. This determination is number of competitors in each market, it appears subject to the condition that Applicant dispose of that Mellon-Ohio would not be able to dominate the above-mentioned real estate at the earliest any of these markets following approval of the practicable time, and in no event later than Noproposed retention. It appears that Applicant's vember 28, 1975, and that Applicant shall keep proposed retention of Allomon and its subsidiaries the Board advised of progress with respect thereto. would not have any adverse effects on existing This determination is subject further to the condior potential competition. tions set forth in § 225.4(c) of Regulation Y and The record contains no evidence suggesting that to the Board's authority to require such modifi- Applicant's retention of Allomon and its subsidi- cation or termination of the activities of a holding aries may result in undue concentration of re- company or any of its subsidiaries as the Board sources, conflicts of interests, unsound banking finds it necessary to assure compliance with the practices, or other adverse effects. provisions and purposes of the Act and the Board's Applicant has provided Mellon-Ohio with regulations and orders issued thereunder, or to needed equity capital and has given it access to prevent evasion thereof. funds raised through the sale of commercial paper The transaction shall be made not later than by a subsidiary of Applicant. Applicant states that three months after the effective date of this Order, Mellon-Ohio would probably have been forced to unless such period is extended for good cause by withdraw from the residential mortgage market in the Board or by the Federal Reserve Bank of the absence of this assistance. In contrast to the Cleveland. period preceding Mellon-Ohio's acquisition by By order of the Board of Governors, effective Applicant when two offices were closed, Mellon- December 20, 1974. Ohio opened an office in Pittsburgh in 1972 and an office in Indianapolis, Indiana in 1974. Allomon Voting for this action: Vice Chairman Mitchell and Goverand its subsidiary, National Realty, provide addinors Sheehan, Bucher, Holland, Wallich, and Coldwell. Abtional sources of funds for a variety of real estate, sent and not voting: Chairman Burns. commercial, and industrial loans in the markets in which they operate. On the basis of the facts (Signed) THEODORE E. ALLISON, of record, the Board concludes that the benefits [SEAL] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 Federal Reserve Bulletin • January 1975 ORDERS N OT PRINTED IN THIS ISSUE During December 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- APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY Board action Federal (effective Register Applicant Bank(s) date) citation Farmers Enterprises, Inc., The Farmers State Bank, 12/30/74 40 F.R. 1570 Albert, Kansas Albert, Kansas 1/8/75 First Macomb Corporation, Mount Clemens Bank, 12/16/74 39 F.R. 44512 Mount Clemens, Michigan Mount Clemens, Michigan 12/24/74 First Mississippi National First Mississippi National 12/17/74 39 F.R. 44512 Corporation, Hattiesburg, Bank, Hattiesburg, 12/24/74 Mississippi Mississippi Greater Metro Bank Holding Aurora National Bank, 12/20/74 40 F.R. 839 Company, Aurora, Colorado Aurora, Colorado 1/3/75 Oskaloosa Bancshares, Inc., The State Bank of Oskaloosa, 12/27/74 40 F.R. 1572 Oskaloosa, Kansas Oskaloosa, Kansas 1/8/75 Roseland State Company, Roseland State Bank, and 12/30/74 40 F.R. 2286 Roseland, Nebraska Roseland Insurance Agency, 1/10/75 both in Roseland, Nebraska ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT- APPLICATIONS FOR ACQUISITION OF BANK Board action Federal (effective Register Applicant Bank(s) date) citation Allied Bancshares, Inc., Union State Bank of Beaumont, 12/30/74 40 F.R. 1567 Houston, Texas Beaumont, Texas 1/8/75 Ameribanc Inc., The First National Bank of 12/11/74 39 F.R. 41095 St. Joseph, Missouri Tarkio, Tarkio, Missouri 12/20/74 The Central Bancorporation, The Newark Trust Company, 12/16/74 39 F.R. 44811 Inc., Cincinnati, Ohio Newark, Ohio 12/27/74 I&B, Inc., The Peoples State Bank, 12/23/74 39 F.R. 45330 Cherry vale, Kansas Cherry vale, Kansas 12/31/74 Texas Commerce Bancshares, Pan American Bank, and 12/6/74 39 F.R. 43672 Inc., Houston, Texas Brownsville Commerce 12/17/74 Bank, both in Brownsville, Texas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 49 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT- APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES Board action Federal Nonbanking company (effective Register Applicant (or activity) date) citation Crocker National Corporation, Western Bradford Trust Company, 12/31/74 40 F.R. 1569 San Francisco, California San Francisco, California 1/8/75 and Bradford Computer & Systems, Inc., New York, New York Deposit Guaranty Corp., DGC Services Company, 12/27/74 40 F.R. 1670 Jackson, Mississippi Jackson, Mississippi 1/8/75 Farmers Enterprises, Inc., General insurance agency 12/30/74 40 F.R. 1570 Albert, Kansas business 1/8/75 Merchants National Corpora- Pacific American Leasing 12/19/74 40 F.R. 840 tion, Indianapolis, Indiana Corp., Phoenix, Arizona 1/3/75 Merchants National Corpora- Plaza Life Insurance Company, 12/20/74 40 F.R. 840 tion, Indianapolis, Indiana Phoenix, Arizona 1/3/75 Oskaloosa Bancshares, Inc., Curtis Patrick Agency, 12/27/74 40 F.R. 1572 Oskaloosa, Kansas Oskaloosa, Kansas 1/8/75 Roseland State Company, Roseland Insurance Agency, 12/30/74 40 F.R. 2286 Roseland, Nebraska Roselapd, Nebraska 1/10/75 Texas American Bancshares, Inc.. , Financial Service Life 12/5/74 39 F.R. 43425 Fort Worth, Texas Insurance Co., Fort 12/15/74 Worth, Texas Union Trust Bancorp, Atlantic Management 12/27/74 40 F.R. 1573 Baltimore, Maryland Corporation, Silver 1/8/75 Spring, Maryland, and Atlantic-Phoenix Life Insurance Company, Phoenix, Arizona The Wachovia Corporation, Southeastern Financial Corpora- 12/11/74 40 F.R. 43881 Winston-Salem, North tion, Charlotte, North 12/19/74 Carolina Carolina ORDER UNDER BANK MERGER ACT- APPLICATION TO MERGE , CONSOLIDATE, OR ACQUIRE ASSETS Board action Federal (effective Register Applicant Banks(s) date) citation Brownsville Commerce Bank, Pan American Bank, 12/6/74 39 F.R. 43670 Brownsville, Texas Brownsville, Texas 12/17/74 ORDERS ISSUED BY FEDERAL RESERVE BANKS During December 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 Federal Reserve Bulletin • January 1975 ORDERS UNDER SECTION 3)a)(3) OF BANK HOLDING COMPANY ACT- APPLICATIONS FOR ACQUISITION OF BANK Federal Reserve Effective Register Applicant Bank(s) Bank date citation Security Bankshares, Inc., City State Bank in Wellington, Dallas 12/5/74 39 F.R. 43672 Waco, Texas Wellington, Texas 12/17/74 Allied Bancshares, Inc., Bank of Kirbyville, Kirbyville, Dallas 12/6/74 39 F.R. 43669 Houston, Texas Texas 12/17/74 Allied Bancshares, Inc., American Bank and Trust Dallas 12/6/74 39 F.R. 43670 Houston, Texas Company, Houston; and Se- 12/17/74 curity Bank, Spring, Texas Central Texas Financial Commerical National Bank of Dallas 12/9/74 39 F.R. 44811 Corporation, Brownwood, Brady, Brady; and Coleman 12/27/74 Texas Bank, Coleman, Texas Dominion Bankshares Bank of Smithfield, Richmond 12/13/74 39 F.R. 44813 Corporation, Roanoke, Smithfield, Virginia 12/27/74 Virginia ORDER UNDER SECTION 4(a)(8) OF BANK HOLDING COMPANY ACT- APPLICATION TO ENGAGE IN NONBANKING ACTIVITIES Federal Nonbanking Company Reserve Effective Register Applicant (or activity) Bank date citation South Carolina National World Finance Corporation of Richmond 12/26/74 40 F.R. 1572 Corporation, Columbia, Gainesville, Gainesville, 1/8/75 South Carolina Georgia; National Credit Plan Corp., Hawkinsville, Georgia; and Martin Finance Corp. of Marietta, Marietta, Georgia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

51 Announcements Compared with 1973, gross earnings were up C H A N GE IN $1,263 million, or 25 per cent. The principal D I S C O U NT R A TE changes in earnings were as follows: U.S. Gov- The Board of Governors on January 3, 1975, ernment securities, an increase of $1,147 million; approved actions by the directors of the Federal loans, an increase of $57 million; and all other, Reserve Banks of Boston, Philadelphia, Cleve- an increase of $38 million. land, Richmond, Dallas, and San Francisco, re- Earnings, expenses, and distribution of net ducing the discount rate of those banks from 73A earnings of Federal Reserve Banks, 1973 and 1974, per cent to 1XA per cent, effective January 6, and are as follows: subsequently approved similar actions by the directors of the Federal Reserve Banks of New York, Chicago, St. Louis, and Minneapolis, ef- In thousands of dollars fective January 10, and of Atlanta, effective Jan- IItteemm—— uary 13. 1974 1973 The action was taken in view of the weakening in economic activity. The discount rate is the rate Current earnings 6,280,091 5,016,769 charged member commercial banks for borrowing Current expenses 547,541 495,117 from their district Federal Reserve Banks. Current net earnings 5,732,550 4,521,652 Net deduction from current net E A R N I N GS A ND E X P E N S ES earnings -78,487 -80,654 OF F E D E R AL R E S E R VE B A N KS Net earnings before payments to IN 1974 U.S. Treasury 5,654,063 4,440,998 Preliminary figures indicate that during 1974 the Dividends paid 52,580 49,140 Payments to U.S. Treasury gross current earnings of the Federal Reserve (interest on F.R. notes) 5,549,999 4,340,680 Banks amounted to $6,280 million. Expenses totaled $547 million, leaving net current earnings Transferred to surplus 51,484 51,178 of $5,733 million. With a $78 million net deduction in the profit and loss account (primarily due to losses of $42 million on the sale of U.S. C H A N GE IN Government securities and $34 million on foreign R E S E R VE R E Q U I R E M E N TS exchange transactions), net earnings before payments to the U.S. Treasury were $5,654 million. The Board of Governors announced on January Payments to the U.S. Treasury as interest on 20, 1975, a reduction in reserve requirements on Federal Reserve notes amounted to $5,550 mil- the net demand deposits of member commercial lion; statutory dividends to member banks, $53 banks. The action, which will release about $1.1 million; and additions to surplus accounts, $51 billion in reserves to the banking system, is demillion. signed to permit further gradual improvement in Under the policy adopted by the Board of Gov- bank liquidity and to facilitate moderate growth ernors at the end of 1964, all net earnings after in the monetary aggregates. the statutory dividend to member banks and addi- Reserve requirements will be reduced by Vi tions to surplus to bring it to the level of paid-in of a percentage point on all categories of net capital were paid to the U.S. Treasury as interest demand deposits up to $400 million. The reduction on Federal Reserve notes. on deposits of more than $400 million will be 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 Federal Reserve Bulletin • January 1975 percentage point. The new schedule of reserves Gary M. Welsh has been appointed an Adviser is as follows: in the Legal Division. Mr. Welsh, a graduate of the Harvard Law School, joined the Board's staff in 1973 following employment with the First Na- SSiizzee ooff bbaannkk ((nneett ddeemmaanndd ddeeppoossiittss Ratio tional Bank of Chicago. iinn mmiilllliioonnss ooff ddoollllaarrss)) Present New Helen B. Junz, Associate Adviser, has been 0- 2 8 7% promoted to Adviser in the Division of Interna- 2- 10 10% 10 tional Finance. 10-100 12% 12 100-400 13% 13 Joseph S. Zeisel, Associate Adviser, has been Over 400 17% 16% named an Adviser in the Division of Research and Statistics. The new reserve ratios will apply to net demand The Board also announced the following retiredeposits during the week of January 30-February ments, effective December 31, 1974: Elizabeth L. 5. They will affect the reserves banks must maintain Carmichael, Andrew F. Oehmann, Louis Weiner, during the week of February 13-19. Murray S. Wernick, and Kenneth B. Williams. No change was made by the Board in reserve Henry W. Meetze resigned on January 4, 1975. requirements on time and savings deposits. A D M I S S I ON OF S T A TE B A N KS TO C H A N G ES IN M E M B E R S H IP IN T HE B O A RD STAFF F E D E R AL R E S E R VE S Y S T EM The Board of Governors has announced the fol- The following banks were admitted to membership lowing staff appointments and promotions, effecin the Federal Reserve System during the period tive January 5, 1975: December 16, 1974, through January 15, 1975: Robert M. Fisher has been appointed an Assistant Adviser in the Division of Research and Sta- Florida tistics. Mr. Fisher, who joined the Board's staff Fort Myers South First Bank in 1958, received his B.A. from the University North Fort Myers North First Bank of Michigan and was awarded a Ph.D. from Co- Sanibel Bank of the Islands, lumbia University in 1958. Sanibel-Captiva J. Cortland G. Peret has been appointed an Tallahassee ... Citizens Commercial Bank of Assistant Adviser in the Division of Research and Tallahassee Statistics. Mr. Peret received a B.A. and an M.A. Tampa Ellis Bank of North Tampa from the University of Missouri and was awarded Montana a Ph.D. in 1962 from Harvard University. He has Missoula Missoula Bank of Montana been with the Board since 1956. South Carolina John E. Ryan has been appointed an Adviser, Timmonsville Pee Dee State Bank Division of Banking Supervision and Regulation. Tennessee Mr. Ryan has been a member of the Board's staff Johnson City Mountain Empire Bank since 1969, prior to which he was with the Federal Virginia Reserve Bank of Chicago. He holds a B.A. from Grundy Miners and Merchants Bank and Eastern Illinois University. Trust Company Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

53 Industrial Production Released for publication January 15 dustries have reflected extensive efforts to reduce excess stocks. Coal production recovered only Industrial production declined by an estimated 2.8 partially, as strikes continued to hamper output per cent in December, following a 2.5 per cent throughout most of the month. drop in November. At 118.3 per cent of the 1967 average, the total index was down 7.2 per cent from the peak reached in November 1973. Reduc- INDUSTRIAL PRODUCTION tions in output in December were large and widespread among products and industrial materials. At annual rates, the fourth-quarter average for the total index was down 12.1 per cent from the previous quarter. Auto assemblies were cut nearly one-fourth further in December to an annual rate of 5.4 million units—34 per cent below the depressed level of a year earlier during the oil embargo. However, inventories of new cars were still at near-record levels at year's end, and with sales continuing very weak further cuts in production were scheduled for January. Output of other durable consumer goods was also curtailed substantially further in December. Production of business equipment declined for the second consecutive month and was 2.6 per cent below the September high. Output of construction products—which has been declining since August 1973—fell further in December. Sharp declines continued in output of a wide range of industrial materials in December, including steel, other metal materials, textiles, paper, and chemicals. Production cutbacks in these in- Seasonally adjusted Per cent 1967 = 100 changes from— Per cent changes, annual rate IIInnnddduuussstttrrriiiaaalll ppprrroooddduuuccctttiiiooonnn 1974 1974 MMoonntthh YYeeaarr aaggoo aaggoo Oct. Nov.p Dec.6 Q2 Q3 Q4 Total 124.8 121.7 118.3 -2.8 - 6.5 1.9 - .3 -12.1 Products, total 122.9 121.0 119.1 -1.6 - 4.0 2.6 .6 - 8.7 Final products 122.4 120.9 118.7 -1.8 - 3.2 3.0 2.0 - 5.9 Consumer goods 128.3 126.4 123.5 -2.3 - 5.9 2.5 0 -10.5 Durable goods 126.5 120.4 113.3 -5.9 -15.8 14.7 -4.5 -33.0 Nondurable goods 129.0 128.7 127.4 -1.0 - 2.2 -2.2 2.2 - 2.2 Business equipment 131.9 130.9 128.9 -1.5 1.6 7.2 4.0 - .6 Intermediate products 125.3 122.0 120.6 -1.1 - 6.6 1.2 -3.7 -16.9 Construction products 123.1 120.1 117.9 -1.8 -10.1 -2.7 -7.7 -23.5 Materials 128.0 122.7 117.5 -4.2 -10.0 - .3 - .9 -18.4 Preliminary. eEstimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 1 Financial and Business Statistics CONTENTS A 3 GUIDE TO TABULAR PRESENTATION A 3 STATISTICAL RELEASES: REFERENCE U.S. STATISTICS: A 4 Member bank reserves, Federal Reserve Bank credit, and related items A 7 Federal funds—Major reserve city banks A 8 Reserve Bank interest rates A 9 Reserve requirements A 10 Maximum interest rates; margin requirements A 11 Open market account A 12 Federal Reserve Banks A 13 Bank debits A 14 Money stock A 15 Bank reserves; bank credit A 16 Commercial banks, by classes A 20 Weekly reporting banks A 25 Business loans of banks A 26 Demand deposit ownership A 27 Loan sales by banks A 27 Open market paper A 28 Interest rates A 31 Security markets A 32 Stock market credit A 32 Savings institutions A 34 Federal finance A 36 U.S. Government securities A 39 Federally sponsored credit agencies A 40 Security issues A 43 Business finance A 44 Real estate credit A 47 Consumer credit Continued on next page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 Federal Reserve Bulletin • January 1975 U.S. STATISTICS—Continued A 50 Industrial production A 52 Business activity A 52 Construction A 54 Labor force, employment, and unemployment A 55 Consumer prices A 55 Wholesale prices A 56 National product and income A 58 Flow of funds INTERNATIONAL STATISTICS: A 60 U.S. balance of payments A 61 Foreign trade A 61 U.S. reserve assets A 62 U.S. gold transactions A 63 International capital transactions of the United States A 76 Open market rates A 77 Central bank rates A 77 Foreign exchange rates A 78 Gold reserves of central banks and governments A 86 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 c Corrected for seasonal variation IPC Individuals, partnerships, and corporations P Preliminary SMSA Standard metropolitan statistical area r Revised A Assets IP Revised preliminary L Liabilities I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 A.R. Annual rate when the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) also include not fully guaranteed issues) as well as 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 bethat total (totals separated by ordinary rules include cause of rounding. more components than those shown), (2) to the right The footnotes labeled NOTE (which always appear (to the left) of items that are not part of a balance sheet, last) provide (1) the source or sources of data that do (3) to the left of memorandum items. not originate in the System; (2) notice when figures "U.S. Govt, securities" may include guaranteed are estimates; and (3) information on other characissues of U.S. Govt, agencies (the flow of funds figures teristics of the data. TABLES PUBLISHED SEMIANNUALLY OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Sales, revenue, profits, and divi- D , , , u , dends of large manufacturing Banks and branches, number, corporations Dec. 1974 A-79 by class and State Apr. 1974 A-88-A-89 Semiannually Flow of funds: Assets and liabilities: Banking offices: 1962-73 Oct. 1974 A-59.14—A-59.28 Analysis of changes in number Aug. 1974 A-79 On, and not on, Federal Reserve Flows: Par List, number Aug. 1974 A-80 1965-73 Oct. 1974 A-58—A-59.13 Annually Income and expenses: Bank holding companies: Federal Reserve Banks Feb. 1974 A-96—A-97 Banking offices and deposits of Insured commercial banks June 1974 A-84—A-85 group banks, Dec. 31, 1973 June 1974 A-80—A-83 Member banks: July 1974 530 Calendar year June 1974 A-84—A-93 Income ratios June 1974 A-94—A-99 Banking and monetary statistics: °Perating ratios SePl- 1974 A-80-A-85 1973 Mar. 1974 A-96—A-109 July 1974 A-80—A-82 Stock market credit Jan. 1974 A-96—A-97 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases Dec. 1974 A-86 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS • JANUARY 1975 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 Drawing curu H n e d l e d r Loans Float 2 O F t . h R e . r Total 4 s G to o c ld k c a e R r c t c i i g o fi h u c t a n s t t e r s e t o a n u n c t y - d - Bought repur- assets 3 ing Total out- chase right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 2,956 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 1950—Dec 20,345 20,336 9 142 1,117 21,606 22,879 4,629 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 6,810 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 6,841 1970—De c 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 7,145 1971—De c 69,158 68,868 290 107 3,905 982 74,255 10,132 400 7,611 1972—De c 71,094 70,790 304 1,049 3,479 1,138 76,851 10,410 400 8,293 1973—De c 79,701 78,833 868 1,298 3,414 1,079 85,642 11,567 400 8,668 1974—Ja n 80,793 80,608 185 1,044 3,385 1,258 86,568 11,567 400 8.705 Feb 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 2,580 2,025 1,093 89,405 11,567 400 8,838 June 82,812 81,859 953 3,000 2,114 1,106 89,254 11,567 400 8,877 July.. 84,313 83,496 817 3,308 2,267 1,343 91,554 11,567 400 8,905 Aue 84,493 84,221 272 3,351 1,983 1,258 91,367 11,567 400 8,951 Sept 84,384 84,049 335 3,287 2,239 1,349 91,617 11,567 400 8,992 Oct 83,735 83,303 432 1,793 2,083 2,984 90,971 11,567 400 9,041 Nov.25 84,052 83,395 657 1,287 2,456 3,171 91,351 11,567 400 9,109 Dec.? 86,679 85,202 1,477 704 2,759 3,129 93,993 11,630 400 9,179 Week ending— 1974—Oct. 2 85,380 84,904 476 3,218 1,898 1,646 92,695 11,567 400 9,039 9 84,041 83,480 561 2,245 2,137 2,047 91,006 11,567 400 9,027 16 83,367 82,598 769 1,744 1,875 3,288 90,716 11,567 400 9,036 23 83,472 83,472 1,322 2,553 3,396 90,958 11,567 400 9,042 30 83,581 83,218 363 1,638 1,895 3,386 90,767 11,567 400 9,054 Nov. 6 83,662 83,217 445 1,125 2,086 3,466 90,658 11,567 400 9,080 13 82,421 82,421 1,097 2,466 3,484 89,689 11,567 400 9,099 20 83,959 83,480 479 1,367 3,018 2,967 91,667 11,567 400 9,118 27 85,212 84,076 1,136 1,479 2,060 2,917 92,159 11,567 400 9,128 Dec. 4f 85,559 83,967 1,592 1,072 2,838 3,113 93,258 11,567 400 9,140 lU 85,445 84,925 520 647 2,561 3,053 92,253 11,603 400 9,163 18 p 85,842 85,157 685 821 2,561 3,047 92,854 11,652 400 9,178 25 p 88,242 85,761 2,481 662 2,282 3,141 95,121 11,652 400 9,194 End of month 1974—Oct 83,362 9 83,362 1,122 2,335 3,442 90,479 11,567 400 9,125 Nov.f 85,709 9 84,471 1,238 1,227 2,337 2,899 92,783 11,567 400 9,141 Dec.* 85,714 9 84,760 954 301 1,980 3,197 92,191 11,652 400 9,212 Wednesday 1974—Oct. 2 85,523 9 84,901 622 2,829 2,740 1,544 93,224 11,567 400 9,038 9 79,589 9 79,589 802 2,945 3,346 86,997 11,567 400 9,033 16 85,748 9 82,565 '3,183 1,762 2,765 3,349 94,478 11,567 400 9,041 23 83,694 9 83,694 2,481 2,640 3,391 92,422 11,567 400 9,046 30 83,594 9 82,790 804 1,851 2,427 3,429 91,627 11,567 400 9,069 Nov. 6 84,592 9 83,253 ,339 839 2,553 3,479 91,869 11,567 400 9,075 13 81,175 9 81,175 625 3,676 3,379 89,071 11,567 400 9,104 20 83,472 9 82,325 1,147 2,536 3,742 2,913 93,234 11,567 400 9,118 27 86,764 9 83,948 2,816 1,756 2,112 2,922 94,384 11,567 400 9,136 Dec. 4 p 82,271 9 81,447 824 314 3,221 2,947 89.361 11,567 400 9,141 11 p 86,187 9 84,878 1,309 1,160 2,952 3,047 94,080 11,652 400 9,170 18* 87,967 9 85,679 2,288 1,385 3,045 3,248 96.362 11,652 400 9,184 25* 89,258 9 85,985 3,273 427 2,609 3,154 96,311 11,652 400 9,208 1 Includes Federal agency issues held under repurchase agreements as 5 Includes certain deposits of domestic nonmember banks and foreignof Dec. 1,1966, and Federal agency issues bought outright as of Sept. 29, owned banking institutions held with member banks and redeposited in 1971. full with Federal Reserve Banks in connection with voluntary participa- 2 Beginning with 1960 reflects a minor change in concept; see Feb. 1961 tion by nonmember institutions in the Federal Reserve System's program BULLETIN, p. 164. of credit restraint. » Beginning Apr. 16, 1969, "Other F.R. assets'* and "Other F.R. As of Dec. 12, 1974, figure also includes deposits voluntarily held by liabilities and capital" are shown separately; formerly, they were agencies and branches of foreign banks operating in the United States netted together and reported as "Other F.R. accounts." as reserves on Euro-dollar liabilities. * Includes industrial loans and acceptances until Aug. 21, 1959, when industrial loan program was discontinued. For holdings of acceptances Notes continued on opposite page. on Wed. and end-of-month dates, see table on F.R. Banks on p. A-12. See also note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • 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 rency Treas- with F.R. Banks Other F.R. in ury F.R. liacir- cash bilities c t u io la n - h i o n l g d s - Tr u e r a y s - F ei o g r n - Other 2,5 counts3 ca a p n it d a l3 B W F a . n i R t k h . s c r C a e o n n u in d c r y - 6 Total 7 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. 71,646 323 1,892 406 5 717 2,942 28,352 6,635 35,068 1973—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 29,861 6,600 36,519 May 73,749 293 2,015 491 5 691 3,187 29,672 6,668 36,390 June 74,556 275 2,795 296 5 773 3,216 30,514 6,824 37,338 July 74,709 283 2,633 326 5 831 3,240 30,264 6,765 37,029 Aug. 75,098 303 2,451 456 5 766 3,345 30,156 6,920 37,076 Sept. 75,654 315 1,601 294 5 869 3,260 29,985 6,811 36,796 Oct. 77,024 303 864 370 5 770 3,149 29,947 7,009 36,956 Nov. v 78,933 238 1,741 357 5 874 3.266 29,793 7,167 36,960 Dec. V Week ending— 74,839 315 3,274 356 5 960 3,493 30,464 7,069 37,533 1974—Oct. 2 75.327 314 2,698 288 5 824 3,107 29,441 7,160 36,601 9 75,944 318 838 271 5 794 3,180 30,376 7,039 37,415 16 75,848 318 1,200 271 5 843 3,285 30,202 6,254 36,456 23 75,624 313 1,341 312 5 800 3,410 29,987 6,832 36,819 30 76,060 295 1,049 302 5 811 3,312 29,875 7,120 36,995 Nov. 6 77,025 300 159 302 5 703 3,038 29,227 7,252 36,479 13 77,209 300 649 512 5 781 3,060 30,240 6,572 36.812 20 77.328 307 1,346 303 5 788 3,174 30,007 6,762 36,769 27 77,921 320 1,464 453 5 10 24 3,250 29,933 7,118 37,051 Dec. 4 p 78,480 282 1,303 320 893 3,090 29,050 7,242 36,292 11 p 78,926 182 926 407 5 821 3,213 29,610 7,151 36,761 18 pp 79,336 212 2,471 345 5 752 3,399 29,852 6,972 36,824 25 End of Month 75,899 294 787 376 5 815 3,504 29,895 7,120 37,015 1974—Oct. 7 7 7 9 , , 7 6 1 7 6 6 2 3 1 1 2 8 3 1 , , 1 4 1 9 3 5 4 6 1 2 8 6 5 5 1 ,2 79 7 9 5 2 3 , ,3 9 0 3 3 6 2 2 9 5 , ,8 6 2 3 5 4 7 7 , . 1 3 1 6 8 0 3 3 6 3 , , 7 18 5 5 2 N D o ec v . . V p Wednesday 75,193 324 3,255 313 5 822 3,093 31,229 7,069 38,298 1974—Oct. 2 75,887 328 1,179 296 5 798 3.097 26,411 7,160 33,571 9 76,218 314 629 328 5 789 3,299 33,909 7,039 40,948 16 75,868 326 1,393 282 5 916 3,346 31,304 6,254 37,558 23 75,921 299 1,079 404 5 844 3,481 30,635 6,832 37,467 30 76,710 307 318 5 707 3,046 31,822 7,120 38,942 Nov. 6 77,461 312 256 272 5 763 2,997 28,080 7,252 35,332 13 77,331 313 1,349 499 5 639 3.098 31.090 6,572 37,662 20 77,841 327 1,315 274 5 745 3,259 31,726 6,762 38,488 27 7 7 7 8 9 9 , , , 3 0 2 5 0 9 1 9 2 2 3 1 0 2 9 7 0 2 2 1 , , 2 5 6 0 6 9 9 8 0 4 2 3 1 6 5 1 6 8 5 5 5 8 9 8 4 2 1 1 4 6 3 3 3 . , , 2 3 1 1 3 4 1 2 9 2 3 3 5 1 0 , , , 4 7 9 9 6 6 1 6 5 7 7 7 , , , 1 1 2 5 1 4 1 8 2 3 3 3 8 8 2 , , , 6 2 8 4 0 8 2 7 4 Dec. W 1 4 1 79,813 212 2,671 450 5 775 3,463 30,187 6,972 37,159 25; 6 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 1974 Ql, $67 million Q2, $58 million, transition period ended after second thereafter. Beginning with Jan. 1963, figures are estimated except for quarter, 1974. 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. million; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • JANUARY 1975 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks 2 All other banks Period Reserves Borrowings New York City City of Chicago Other Total Re- Excess1 Total Sea- Excess Borrow- Excess Borrow- Excess Borrow- Excess Borrowheld1 quired sonal ings ings ings ings 1939—Dec 11,473 6,462 5,011 3 2,611 540 1,188 671 3 1941—Dec 12,812 9,422 3,390 5 989 295 1,303 1 804 4 1945—Dec 16,027 14,536 1,491 334 48 192 1144 418 96 1,011 46 1950—Dec 17,391 16,364 1,027 142 125 58 88 5 232 50 663 29 1960—Dec 19,283 18,527 756 87 29 19 4 8 100 20 623 40 1965—Dec 22,719 22,267 452 454 41 111 15 23 67 228 330 92 1967—De c 25,260 24,915 345 238 18 40 8 13 50 105 267 80 1968—De c 27,221 26,766 455 765 100 230 15 85 90 270 250 180 1969—De c 28,031 27,774 257 1,086 56 259 18 27 6 479 177 321 1970—De c 29,265 28,993 272 321 34 25 7 4 42 264 189 28 1971—De c 31,329 31,164 165 107 25 35 1 8 -35 22 174 42 1972—De c 31,353 31,134 219 1,049 -20 301 13 55 -42 429 -160 264 1973—De c 35,068 34,806 262 1,298 41 -23 74 43 28 28 761 133 435 1974—Ja n 36,655 36,419 236 1,044 18 65 135 -44 17 -8 549 156 343 Feb 35,242 35,053 189 1,186 17 51 87 -19 18 -51 635 141 446 Mar 34,966 34,790 176 1,352 32 21 113 -61 65 43 689 107 485 Apr 35,929 35,771 158 1,714 50 19 114 69 41 -58 987 70 572 May 36,519 36,325 194 2,580 102 -20 772 29 20 -4 939 131 849 June 36,390 36,259 131 3,000 130 -26 1,303 -8 51 26 799 89 847 July 37,338 37,161 177 3,308 149 45 1,457 19 70 -12 848 125 933 Aug 37,029 36,851 178 3,351 165 -58 1.464 6 23 78 860 152 1,004 Sept 37,076 36,885 191 3,287 139 133 1,662 20 17 -77 792 115 816 Oct 36,796 36,705 91 1,793 117 -49 502 -18 36 36 569 122 686 Nov.* 36,956 36,578 378 1,287 67 -87 257 25 12 40 568 155 450 Dec.* 36,960 36,621 339 704 31 97 80 23 18 -129 323 100 283 Week ending— 1973—Dec. 5r. 34,906 34,468 438 1,478 57 167 15 11 29 889 143 578 12'. 34,444 34,472 -28 1,303 45 -139 102 -23 11 -37 769 87 421 19 r. 35,203 34,892 311 1,488 40 137 163 29 -34 837 95 488 26 r. 35,430 34,958 472 1,039 35 106 30 81 676 171 363 1974—June 5.. 36,279 36,054 225 3,054 131 -37 1,210 2 15 61 846 141 983 12.. 35,789 35,658 131 2,729 136 26 1,296 21 40 -67 629 93 764 19.. 36,708 36,461 247 3,223 140 31 1,385 -17 139 44 984 131 715 26.. 36,536 36,437 99 2,788 133 -8 1,221 41 17 -76 690 84 860 July 3.. 37,274 36,905 369 3,435 127 9 1,412 111 137 72 878 177 1,008 10.. 36,868 36,590 278 2,640 136 90 1,339 1 52 84 432 103 817 17.. 37,824 37,840 -16 3,175 150 -75 1,536 26 15 -74 786 107 838 24.. 37,417 37,302 115 3,641 156 17 1,538 -41 80 81 1,108 58 915 31.. 37,204 37,020 184 3,690 163 33 1,431 1 38 13 1,086 137 1,135 Aug. 7.. 36,920 36,692 228 3,089 174 -7 1,420 9 24 54 644 172 1,001 14.. 36,936 36,823 113 3,041 160 20 1,431 8 24 -39 716 124 870 21 .. 37,156 36,947 209 3,437 167 -32 1,447 -2 23 130 961 113 1,006 28.. 37,066 36,920 146 3,533 161 105 1,457 31 21 -98 951 108 1,104 Sept. 4.. 37,239 36,918 321 3,906 152 -66 1,729 40 19 171 1,125 176 1,033 11.. 36,737 36,628 109 3,084 132 127 1,567 -35 20 -110 766 127 731 18.. 37,086 37,004 82 2,921 134 -150 1,517 15 16 90 740 127 648 25.. 36,946 36,872 74 3,531 141 80 1,782 12 10 -93 871 75 868 Oct. 2.. 37,533 37,077 456 3,218 143 67 1,756 9 17 222 532 158 913 9.. 36,601 36,656 -55 2,245 132 -26 1,245 -20 10 -127 336 118 654 16. 37,415 37,088 327 1,744 121 41 219 27 135 99 784 160 606 23. 36,456 36,615 -159 1,322 108 -101 148 -12 2 -122 509 76 663 30. 36,819 36,576 243 1,638 105 109 96 -9 11 42 730 101 801 Nov. 6. 36,995 36,672 323 1,125 78 54 68 32 105 425 132 632 13. 36,479 36,335 144 1,097 70 -15 188 -29 30 40 480 148 399 20. 36,812 36,785 27 1,367 64 -16 465 8 29 -87 495 122 378 27. 36,769 36,459 310 1,479 63 69 243 27 87 814 127 422 Dec. 4* 37,051 36,696 355 1,072 51 94 226 90 -205 448 113 398 11 v 36.292 36,460 -168 647 34 -239 73 -48 26 -189 283 -9 265 18* 36,761 36,601 160 821 30 -26 60 15 54 -314 418 110 289 25* 36,824 36,427 397 662 29 155 72 60 26 333 129 257 1 Beginning with week ending Nov. 15, 1972, includes $450 million of for July 1972, p. 626. Categories shown here as "Large" and "All other" reserve deficiencies on which F.R. Banks are allowed to waive penalties parallel the previous "Reserve city" and "Country" categories, respectively for a transition period in connection with bank adaptation to Regulation J (hence the series are continuous over time). as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies included are (beginning with first statement week of quarter): Ql, $279 NOTE.—Monthly and weekly data are averages of daily figures within million; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning the month or week, respectively. Beginning with Jan. 1964 reserves are 1974 Ql, $67 million, Q2, $58 million, transition period ended after second estimated except for weekly averages. quarter, 1974. Borrowings at F.R. Banks: Based on closing figures. 2 Beginning Nov. 9, 1972, designation of banks as reserve city banks Effective Apr. 19, 1963, the Board's Regulation A, which governs lendfor reserve-requirement purposes has been based on size of bank (net ing by Federal Reserve Banks, was revised to assist smaller member banks demand deposits of more than $400 million), as described in the Bulletin to meet the seasonal borrowing needs of their communities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • MAJOR RESERVE CITY BANKS A 7 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less— Net- Gross transactions Net transactions RRReeepppooorrrtttiiinnnggg bbbaaannnkkksss wwweeeeeekkk aaa eee nnn nnn ddd ddd iiinnnggg——— ss EE ee xx rr rr vv cc ee ee ee -- ss ss ss 11 r a o t B w F o in r . - R gs . F i b e n N d a t e n e e t k r r - a l S d u e r o f p r ic lu it s r P e e q a r u o v c f i g r e . e n d t c P ha u s r e - s Sales t a w c t T r o t o a i - o n t w a n s l - a s y 2 b c o u P h f y a u n s i r n - e e g s t s b o S e f a a l n l l n i e k n e s s g t d L ea o t l o a e n r s s 3 de f r B i a r o n o l o w g e m r s - r - s4 lo N a e n t s Banks funds reserves banks trans. Total—46 banks 1974—Nov. 6 200 144 14,046 -13,990 82.1 20,916 6,869 5,033 15,883 1,836 3,1 827 2,353 2 1 0 3 1 7 1 0 1 6 4 1 1 8 2 1 1 6 7 , ,3 3 9 3 1 5 - - 1 1 6 7 , , 8 7 4 3 1 4 1 9 0 9 4 . . 1 8 2 2 2 3, , 7 3 5 5 1 7 6 6 , , 0 3 2 6 3 0 5 4 , , 0 9 3 4 3 3 1 18 7 , ,3 8 2 0 4 8 1,4 9 1 8 7 9 3 3 , ,8 6 5 6 9 0 1 8 ,0 9 6 9 2 2 2, , 9 5 6 9 1 8 27 147 471 15,342 -15,666 94.3 21,227 5,885 5,080 16,146 805 3,050 922 2,128 Dec. 4 311 218 15,382 -15,289 91.1 21,459 6,077 5,297 16,162 780 3,217 956 2,261 11 18 91 17,786 -17,860 106.6 23,158 5,372 5,262 17,896 111 3,826 940 2,886 2 1 5 8 26 3 1 1 2 1 5 2 7 1 1 1 7 5 , , 0 51 0 2 4 - - 1 1 5 7, , 2 3 2 7 9 2 9 9 9 0. . 1 5 2 2 1 2 , , 0 5 4 7 8 5 5 5 , ,5 5 7 3 1 6 4 4 , , 8 6 0 1 9 9 1 16 7 , , 4 7 2 6 9 6 9 7 1 6 7 2 3 3 , , 0 9 6 5 8 2 7 7 3 6 9 7 2 3 , , 3 2 0 1 1 3 8 in New York City 1974—Nov 6 67 5,082 -5,015 70.6 6,172 1,090 977 5,194 112 1,792 580 1,212 13 38 163 7,562 -7,688 109.3 8,239 676 677 7,562 2,314 583 1,731 20 4 356 6,450 -6,802 94.3 7,513 1,063 1,063 6,450 2,270 605 1,666 27 50 82 5,763 -5,795 85.4 6,921 1,158 1,158 5,763 1,707 572 1 ,135 DDeecc.. 44 200 82 5,518 -5,400 77.8 6,445 927 927 5,518 1,588 619 969 -61 37 7,147 -7,245 104.9 7,987 840 840 7,147 2,097 584 1,514 18 -22 6,682 -6,704 91.3 7,601 918 918 6,682 2,247 474 1 ,773 2S 113399 55,,338833 --55,,224433 74.0 6,258 876 854 5,405 22 1,493 538 955 38 outside New York City 1974—Nov. 6 133 144 8,965 -8,976 90.4 14,744 5,779 4,056 10,689 1,724 1.388 247 1,141 13 32 249 9,829 -10,046 101.6 15,513 5,684 4,267 11,246 1,417 1,545 316 1,229 20 107 262 9,885 -10,040 102.6 14,845 4,960 3,971 10,874 989 1.389 457 932 27 97 389 9,579 -9,871 100.4 14,306 4,727 3,922 10,383 805 1,343 351 992 Dec. 4 111 136 9,864 -9,889 100.4 15,014 5,150 4,370 10,644 780 1,629 337 1,292 11 79 54 10,639 -10,614 107.8 15,171 4,533 4,422 10,749 111 1,729 357 1,373 18 53 257 10,322 -10,525 105.6 14,975 4,653 3,891 11,083 762 1,704 265 1,440 25 122 121 10,130 -10,129 101.4 14,790 4,660 3,766 11,024 894 1,575 229 1,346 5 in City of Chicago 1974 Nov 6 30 4,082 -4,052 218.0 4,823 741 742 4,082 349 349 13 -20 21 4,340 -4,381 242.2 5,042 702 702 4,340 407 407 20 -11 29 4,180 -4,219 203.1 4,805 625 625 4,180 357 357 27 .... 38 3,794 -3,756 213.9 4,630 836 836 3,794 341 341 Dec 4 37 3,643 -3,606 197.7 4,559 916 916 3,643 346 346 11 -14 24 4,233 -4,271 238.5 5,024 791 791 4,233 344 344 18 12 54 3,935 -3,977 209.3 4,685 750 750 3,935 302 302 25 ... 6622 33,,664422 --33,,558800 194.1 4,440 798 798 3,642 283 283 33 others 1974—-Nov. 6 103 144 4,883 -4,923 61.0 9,921 5,038 3,314 6,607 1,724 1,039 247 793 13 52 228 5,489 -5,665 70.1 10,471 4,981 3,565 6,906 1,417 1,138 316 822 20 118 234 5,705 -5,821 73.2 10,040 4,335 3,345 6,694 989 1,032 457 575 27 59 389 5,785 -6,115 75.8 9,676 3,891 3,087 6,589 805 1,002 351 651 DDeecc.. 44 73 136 6,221 -6,284 78.3 10,455 4,234 3,453 7,001 780 1,283 337 946 1111 93 30 6,406 -6,343 78.8 10,147 3,742 3,631 6,516 111 1,385 357 1,029 18 42 203 6,386 -6,548 81.2 10,289 3,903 3,141 7,148 762 1,403 265 1,138 25 59 121 6,488 -6,549 80.4 10,350 3,862 2,968 7,382 894 1,291 229 1,063 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 • JANUARY 1975 CURRENT RATES (Per cent per annum) Loans to member banks— Under Sees. 13 and 13ai Under Sec. 10(b)2 Loans to all others under last par. Sec. 13 4 Federal Reserve Regular rate Special rate 3 Bank Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous 12/31/74 date rate 12/31/74 date rate 12/31/74 date 3 rate 12/31/74 date rate Boston m 12/10/74 8 81/4 12/10/74 81/2 9% 12/10/74 10 10 4/30/74 91/2 New York m 12/ 9/74 8 8V4 12/ 9/74 81/2 91/2 12/ 9/74 10 10 4/25/74 91/2 Philadelphia 734 12/ 9/74 8 8V4 12/ 9/74 81/2 91/2 12/ 9/74 10 10 4/25/74 91/2 Cleveland 734 12/13/74 8 81/4 12/13/74 81/2 91/2 12/13/74 10 10 4/25/74 91/2 Richmond 7% 12/10/74 8 81,4 12/10/74 81/2 91/2 12/10/74 10 10 4/25/74 91/2 Atlanta 73/4 12/16/74 8 8V4 12/16/74 8i/i 91/2 12/16/74 10 10 4/29/74 91/2 Chicago 73/4 12/10/74 8 8V4 12/10/74 81/2 91/2 12/10/74 10 10 4/26/74 91/2 S M t. i n L n o e u a i p s olis 7 73 3 / 4 4 1 1 2 2 / / 1 1 3 3 / / 7 7 4 4 8 8 8 8 V V 4 4 1 12 2 / / 1 1 3 3 / / 7 7 4 4 8 81 1/ /2 2 9 91 i/ / 2 2 1 1 2 2 / / 1 1 3 3 / / 7 7 4 4 1 1 0 0 1 1 0 0 4 4 / / 2 2 6 6 / / 7 7 4 4 9 91 V /2 l Kansas City 73/4 12/13/74 8 8V4 12/13/74 8i/i 91/2 12/13/74 10 10 4/25/74 91/2 Dallas 734 12/10/74 8 SVA 12/10/74 81/2 91/2 12/10/74 10 10 4/25/74 91/2 San Francisco 73/4 12/11/74 8 8V4 12/11/74 81/2 91/2 12/11/74 10 10 4/25/74 91/2 1 Discounts of eligible paper and advances secured by such paper or by 3 Applicable to special advances described in Section 201.2(e)(2) of U.S. Govt, obligations or any other obligations eligible for F.R. Bank Regulation A. purchase. 4 Advances to individuals, partnerships, or corporations other than 2 Advances secured to the satisfaction of the F.R. Bank. Advances member banks secured by direct obligations of, or obligations fully secured by mortgages on 1- to 4-family residential property are made at guaranteed as to principal and interest by, the U.S. Govt, or any the Section 13 rate. agency thereof. 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 Wi Wi 1959—Mar. 6 21/2-3 3 1970—Dec. 1 51/2-53/4 53/4 16, 3 3 4 51/2-534 51/2 1955— S A M A e u p a p g r y t . . . 1 1 1 2 4 5 2 2 2 H 1 1 1 3 * 3 /2 4 4 1 4 - - 3 - - - - 1 2 4 2 2 2 1 3 1 1 % 1 1 / / 4 4 4 4 4 2 2 2 1 W1 1 1 3 3 3 / i/ / / 4 4 4 4 1960— J S M J u u e a n n p y e e t. 2 1 1 1 1 1 9 2 1 0 8 4 3 , , , , , , 3 3 3 3 1 1 1 4 3 / 3 / / 2 2 2 - 1 1 - - - 3 / / 4 4 4 2 z I/ 2 4 4 3 4 3 3 3 1 1 1 1 / / / / 2 2 2 2 1971— F Ja e n b . . 2 2 1 1 1 1 3 9 2 8 9 5 1 5 5 5 1 4 4 5 5 5 1 1 - 3 - - 4 5 / / 5 5 4 2 1 - 1 1 5 / / / 2 4 4 5 5 5 5 5 5 5 1 1 1 1 / / / 4 4 4 2 Nov. 21/ 2 4 * -2 4 1 /2 2 21 » / 4 2 S A e u p g t . . 1 9 2 , , 3 3 - 31/2 3 3 July 1 1 6 9 4 4 3 3 4 4 -5 5 4 34 21/2 21/2 1963—July 17. 3 -31/2 31/2 2 3 5 5 1956— A A u p g r. . 2 2 2 1 3 3 / / 3 4 2 4 - - - 3 3 3 3 2 2 3 3 3 4 4 1964—Nov. 2 2 3 6 4 0 , , , 3 4 3 1 1 /2 / - 2 4 4 4 3 1/2 N De o c v . . 1 1 1 1 3 1 9 7 4 4 4 4 1 I 3 3 / / 4 2 4 2 - - - 4 5 4 3 3 / 4 4 4 4 4 5 3 1 3 / / 4 4 2 1957—Aug. 3 -31/2 3 1965—Dec. 1 6 3 , , 4 41-/421/ 2 4 4 1 1 / / 2 2 1973—Jan. 2 1 5 4 4 5 1 /2 4 5 1 /2 1958— D N Ja e o n c v . . . 2 1 2 3 5 2 3 3 3 3 4 1 - - / 3 3 2 1 4 3 3 3 3 1 /2 1967— N A o p v r. . 2 2 1 0 7 7 4 , , 4 4 4 41 - - /4 4 21 1 / / 2 2 4 4 4 4 1 1 / / 2 2 M A F M e p a a b r y r . . . 2 2 1 6 2 3 4 1 5 5 5 1 3 / / 5 5 2 4 1 3 - - - / 5 4 6 5 2 1 3 / 4 2 6 5 5 5 5 1 1 1 3 / / / 4 2 2 2 A S M M A e p u a a p r g y r t . . . . 2 1 1 1 1 3 5 2 2 2 2 1 1 l3 1 1 3 3 3 / 4 2 / / / 4 1 4 4 4 4 1 - 3 - - - - - 2 2 / 3 4 2 2 3 4 1 3 / 4 4 2 2 2 2 2 1 1 1 3 1 1 1 3 3 3 / / / / / / 4 4 4 4 4 4 4 1968— A A D M e u p a c r c r . . . . 1 2 2 1 2 1 1 3 2 9 6 8 5 0 6 0 , 4 5 5 51 1 i / , 5 5 5 / 5 4 4 2 - 1 1 1 - 5 - - 5 / / / 5 1 5 2 4 2 1 i / / / 2 2 2 4 5 5 5 5 5 5 5 1 1 1 1 1 1 1 / / / / / / / 2 4 2 2 2 2 2 1974— J J A A u u u p l n y g r e . . 2 1 2 1 1 1 5 2 1 3 4 8 5 7 6 7 1 / 6 6 7 7 2 1 1 - - - / 7 / 6 8 2 2 1 1 / / 2 2 6 6 7 m 6 7 8 1 1 1 / / / 2 2 2 N Oc o t v . . 24 7 2 2 2 1 -2 /2 1 /2 2 2 2 1 /2 1969—Apr. 4 8 51 6 /2 -6 6 6 Dec. 3 9 0 734 8 - 8 8 73 /4 1970—Nov. 11 53/4-6 6 1 6 73/4 734 1 1 3 6 5V 54- y 6 5 5 3 V /4 In effect Dec. 31, 1974 73/4 73/4 4 4 NOTE.—Rates under Sees. 13 and 13a (as described in table and notes above). For data before 1955, see Banking and Monetary Statistics, 1943, pp. 439-42, and Supplement to Section 12, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • RESERVE REQUIREMENTS A 9 RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS (Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.) Net demand 2 Time 3 (all classes of banks) EEEffffffeeeccctttiiivvveee dddaaattteee 111 Reserve city Other Other time SSaavviinnggss 0-5 Over 5 0-5 Over 5 0-5 Over 5 In effect Jan. 1,1963 161/z 12 44 1966—July 14,21 44 44 555 Sept. 8,15 666 1967—Mar. 2 333111^^^ 333111///222 Mar. 16 333 333 11996688——JJaann.. 1111,,1188........ 111666111///222 111777 111222 111222111///222 11996699——AApprr 1177 111777 111777111///222 111222111///222 111333 1970—Oct. 1 55 Beginning Nov. 9, 1972 Net demand V Time 3 Other time EEEEffffffffeeeeccccttttiiiivvvveeee ddddaaaatttteeee 000---222 222---111000 111000---111000000 111000000---444000000 OOOvvveeerrr SSSaaavvviiinnngggsss Over 5,5 maturing in — 444000000 00--55 30-179 180 days days and over 1972—Nov. 9 88 1100 1122 6666 IIII6666IIII////2222 117711//22 77 33 77 33 77 55 Nov. 16 11113333 1973—July 19 IIOOII//22 112211//22 111133331111////2222 111888 1974—Dec. 12 111777111///222 66 33 In effect Dec. 31,1974 8 IOI/2 121/2 13i/2 111777111///222 3 3 66 33 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 member bank will maintain reserves related to the size of its net demand city banks and the second to the change at country banks. For changes deposits. The new reserve city designations are as follows: A bank having prior to 1963 see Board's Annual Reports. net demand deposits of more than $400 million is considered to have the 2 (a) Demand deposits subject to reserve requirements are gross de- character of business of a reserve city bank, and the presence of the head mand deposits minus cash items in process of collection and demand office of such a bank constitutes designation of that place as a reserve balances due from domestic banks. city. Cities in which there are F.R. Banks or branches are also (b) Requirement schedules are graduated, and each deposit interval reserve cities. Any banks having net demand deposits of $400 million or applies to that part of the deposits of each bank. less are considered to have the character of business of banks outside of (c) Since Oct. 16, 1969, member banks have been required under reserve cities and are permitted to maintain reserves at ratios set for banks Regulation M to maintain reserves against foreign branch deposits not in reserve cities. For details, see Regulation D and appropriate supcomputed on the basis of net balances due from domestic offices to their plements and amendments. foreign branches and against foreign branch loans to U.S. residents. 5 A marginal reserve requirement was in effect between June 21, 1973, Since June 21, 1973, loans aggregating $100,000 or less to any U.S. resident and Dec. 11, 1974, against increases in the aggregate of the following types have been excluded from computations, as have total loans of a bank to of obligations: (a) outstanding time deposits of $100,000 or more, (b) U.S. residents if not exceeding $1 million. Regulation D imposes a similar outstanding funds obtained by the bank through issuance by a bank's reserve requirement on borrowings from foreign banks by domestic offices affiliate of obligations subject to existing reserve requirements on time of a member bank. The reserve percentage applicable to each of these deposits, and (c) beginning July 12, 1973, funds from sales of finance bills. classifications is 8 per cent. The requirement was 10 per cent originally, The requirement applied to balances above a specified base, but was not was increased to 20 per cent on Jan. 7,1971, and was reduced to the current applicable to banks having obligations of these types aggregating less 8 per cent effective June 21, 1973. Initially certain base amounts were than $10 million. For details, including percentages and maturity classifiexempted in the computation of the requirements, but effective Mar. 14, cations, see "Announcements" in BULLETINS for May, July, Sept., and 1974, the last of these reserve-free bases were eliminated. For details, see Dec. 1973 and Sept. and Nov. 1974. Regulations D and M. 6 The I6l/z 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. 7 See columns above for earliest effective date of this rate. 4 Effective Nov. 9, 1972, a new criterion was adopted to designate reserve cities, and on the same date requirements for reserves against net NOTE.—Required reserves must be held in the form of deposits with demand deposits of member banks were restructured to provide that each F. R. Banks or vault cash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 MAXIMUM INTEREST RATES; MARGIN REQUIREMENTS • JANUARY 1975 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 and size July 20, Sept. 26, Apr. 19, Jan. 21, of deposit July 1, Nov. 1. Nov. 27, Dec. 23, 1966 1966 1968 1970 1973 1973 1974 1974 Savings deposits 4y 2 Savings deposits Other time deposits: i Other time deposits (multiple- Multiple maturity:2 and single-maturity): 30-89 days 4 4% Less than $100,000: 90 days to 1 year., 5 30-89 days 5 5 5 5 1-2 years 5% 90 days to 1 year 51/2 5% 51/2 51/2 2 years or more... 53/4 1-2V4 years 6 6 6 6 Single-maturity: 5 ly-i years or more 61/2 61/2 61/2 61/2 Less than $100,000: Minimum denomination 30 days to 1 year., 5 of $1,000: $1 2 6 9 0 3 1 0 0 0 0 - y 2 , - - - 0 e 1 8 5 a 0 9 9 7 y r 0 9 e s d d a o o a a d r r r y s y a s s y m m s o o r r e: e .. sy 2 5V2 5 5 6 1 V / 4 2 5 5 ( ( ( V i 3 3 3 / ) ) ) 4 2 $1 G 00 o 4 6 , v 0 - e 6 y 0 r e 0 n y a m e r o s a r e r o m n s r t o m u re n o i r t e s ( ( 4 3 ) ) 7 ( 1 3) / 4 7 m ( 1 3) / 4 7 7 1 ( 1 3 V % ) / 4 4 180 days to 1 year (3) 1 year or more 51/2 (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 6l/i 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 IV4 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. 3 6 0 0 - - 5 8 9 9 d d a a y y s s 6 6 V V 4 4 p p e e r r c c e e n n t t ! f June 24, 1970 NOTE.—Maximum rates that may be paid by member banks are estab- 90-179 days 6 % per cent I 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 iy2 per cent] rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Beginning Rates on multiple-maturity time deposits in denomination of $100,000 Feb. 1, 1936, maximum rates that may be paid by nonmember insured or more were suspended July 16, 1973, when the distinction between commercial banks, as established by the FDIC, have been the same as single- and multiple-maturity deposits was eliminated. those in effect for member banks. 4 Between July 1 and Oct. 31, 1973, there was no ceiling for 4-year For previous changes, see earlier issues of the BULLETIN. MARGIN REQUIREMENTS (Per cent of market value) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date (T) 1937—Nov. 1 1945—Feb. 4, 40 50 1945—Feb. 5 July 4, 50 50 July 5 1946—Jan. 20. 75 75 1946—Jan. 21 1947—Jan. 31 . 100 100 1947—Feb. 1 1949—Mar. 29. 75 75 1949—Mar. 30 1951—Jan. 16. 50 50 1951—Jan. 17 1953—Feb. 19. 75 75 1953—Feb. 20 1955—Jan. 3. 50 50 1955—Jan. 4 Apr. 22. 60 60 Apr. 23 1958—Jan. 15 , 70 70 1958—Jan. 16 Aug. 4. 50 50 Aug. 5 Oct. 15. 70 70 Oct. 16 I960—July 27, 90 90 1960—July 28 1962—July 9. 70 70 1962—July 10 1963—Nov. 5. 50 50 1963—Nov. 6 1968—Mar. 10, 70 70 1968—Mar. 11 June 7. 70 50 70 June 8 1970—May 5 80 60 80 1970—May 6 1971—Dec. 65 50 65 1971—Dec. 6 1972—Nov. 22 55 50 55 1972—Nov. 24 1974—Jan. 2 65 50 65 Effective Jan. 3, 1974 50 50 50 NOTE.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 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

JANUARY 1975 • 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 ye ars PPPeeerrriiioooddd Exch., c G p h r a u o s r s - e s s G sa r l o e s s s Re t d io e n m s p- c G p h r a u o s r s - e s s G sa r l o e s s s m s r h e a i d t f e u ts m r , i t p o y - r c G p h r a u o s r s - e s s G sa ro le s s s E m x a s c t h h u i . r f i t o s ty r c G p h r a u o s r s - e s s G sa ro le s s s E m x a s c h t h u i . f r t i s o ty r c G h p r a u o s r s - e s s G sa ro le s s s E m x s a c h t h u i . f r t i s o t y r tions 1 111 1 111 999 9 9 999 777 7 7 777 0 222 333 1 1111111111 1111111111 8888888888 8888888888 1111111111 5555555555 ,,,,,,,,,, ,,,,,,,,,, ,,,,,,,,,, ,,,,,,,,,, 5555555555 8888888888 5555555555 0000000000 2222222222 9999999999 1111111111 7777777777 2222222222 6666666666 7777777777 4444444444 4444444444 3 6 3 6 3 6 3 6 3 6 3 6 3 6 3 6 3 6 3 6 5555555555 ,,,,,,,,,, ,,,,,,,,,, ,,,,,,,,,, ,,,,,,,,,, 8888888888 4444444444 6666666666 2222222222 8888888888 6666666666 1111111111 4444444444 0000000000 7777777777 4444444444 2222222222 222222 2 3 2 3 2 3 2 3 2 3 2 3 111111 ,,,,,, ,,,,,, ,,,,,, ,,,,,, 555555 111111 444444 000000 444444 666666 000000 666666 555555 000000 444444 555555 1111 1111 ,,,, ,,,, 0000 3333 1111 3333 9999 9999 2222 6666 6666 9999 5555 ---- ---- 6666 3333 2222 ---- ,,,, ,,,, ,,,, 1111 4444 4444 9999 4444 8888 6666 3333 0000 3333 2222 3333 11111111,,,,,,,,33333333 77777777 8 5 8 5 8 5 8 5 8 5 8 5 8 5 8 5 33333333 88888888 77777777 44444444 88888888 99999999 99999999 88888888 ---- ---- 1111 2222 4444 5555 ,,,, ,,,, ,,,, ,,,, 4444 0000 6666 4444 0 2 0 2 0 2 0 2 7777 3333 5 8 5 8 5 8 5 8 2222 0000 9999 2222 5555 5555 3333 4444 3333 0000 3333 9999 9999 0000 - - - - - -222 111 ,,, ,,, 000 888 666 888 999 444 888 999 444 555 555 555 333 111 111 999 111 666 222 333 111 777 999 ---111 222 111 000 888 555 555 222 777 000 000 111999777333———NNNooovvv............ 555555555588888888883333333333 444444444488888888889999999999 111111,,,,,,111111000000111111 44441111 1111....555511115555 111111112222222255555555 666688880000 333333331111 ---222,,,222222000 333555 222555 DDDeeeccc 1111111111,,,,,,,,,,999999999911111111119999999999 77777777770000000000 111111000000 77775555 33334444 111111111111111166666666 ----33334444 33335555 111999777444——— MMMMM FFFFF JJJaaa eeeee nnn aaaaa bbbbb rrrrr .................... 1111111111,,,,,,,,,,3333333333 7 6 7 6 7 6 7 6 7 6 7 6 7 6 7 6 7 6 7 6 4444444444 6666666666 6666666666 0000000000 8888888888 4444444444 3333333333 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 9999999999 6666666666 3333333333 1111111111 6666666666 5555555555 111111,,,,,,444444 444444 111111 000000 111111 666666 222222 000000 555555 9999 687 11111111 99999999 33333333 00000000 33333333 00000000 99999999 -922 7777 5 7777 6 200 25 35 JJJJJ SSSSS J A J A J A J A J A A M A M A M A M A M uuuuu uuuuu eeeee uuuuu ppppp aaaaa ppppp lllll nnnnn ggggg rrrrr ttttt yyyyy yyyyy ..... eeeee ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... 1111111111 1111111111 ,,,,,,,,,, ,,,,,,,,,, 6666666666 2222222222 9999999999 7777777777 6666666666 7777777777 5555555555 8888888888 3333333333 1111111111 1111111111 3333333333 4444444444 8888888888 7777777777 7777777777 4444444444 7777777777 9 2 9 2 9 2 9 2 9 2 9 2 9 2 9 2 9 2 9 2 5555555555 8888888888 1111111111 1111111111 5555555555 6666666666 5555555555 4444444444 0000000000 1111111111 4444444444 5555555555 1111111111 9999999999 0000000000 7 2 7 444444 88 0 000000 66 4 777777 iii 222 2 444 iii 777 2 iii 888 --22 2 -- ,, , 22 88 5 00 66 6 00 77 3 11111111 22222222 6 55555555 33333333 77777777 66666666 5 33333333 44444444 22222222 -2 11 , .. 6 00 22 6 55 00 3 77 00 3 7 3 7 3 7 5 999 888 3 iii 1,940 333 333 3 111 888 666 7 666 -1 1 3 0 0 0 555555555544444444447777777777 1111111111,,,,,,,,,,111111111111111111110000000000 11,,006633 Nov 1111111111,,,,,,,,,,444444444422222222224444444444 222222222277777777773333333333 110077 148 -1,623 92 1,757 78 -465 25 200 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- Govt, chase securi- agreec G p h r u a o s r s - e s s G sa r l o e s s s Re t d io e n m s p- G sa r l o e s s s c G h p r a u o s r s - e s s c p h G a u r s r o - e s s s G sa r l o e s s s ties c G p h r a u o s r s - e s s r S e a t d i l o e e s m n s o p r - m n en et t s, r O ig u h t- t R a m c g e h e p r a n e u s e t e r s - - 12,362 5,214 2,160 12,177 12,177 33,859 33,859 4,988 -6 12,515 3,642 2,019 16,205 16,205 44,741 43,519 8,076 485 101 22 10,142 6,467 2,862 23,319 23,319 31,103 32,228 -312 1,197 370 -88 -9 18,121 4,592 45,780 45,780 74,755 74,795 8,610 865 239 29 -2 1,116 489 1,101 2,( 2,089 6,637 7,525 -1,360 74 3 20 -2 2,145 70 10 3,435 3,435 9,523 10,202 1.387 212 84 -126 23 1,519 335 1,402 2,590 2,590 4,442 4,500 -276 29 39 -42 7 8 9 54 8 3 56 9 6 1 4 16 10 5 2,3 7 9 0 3 2 2,3 7 9 0 3 2 4 6 , , 2 24 6 8 5 4 5 , , 2 12 6 4 5 1,2 - 4 3 7 1 1 7 2 0 0 4 4 6 8 185 1,4 9 7 0 9 4 9 4 0 9 1 4 5 0 4 9 0 4 2 0 0 7 4 4 4 . , 5 5 8 8 6 0 4 4 , , 5 5 8 8 6 0 9 8 6 , , , 0 1 1 9 2 6 4 2 9 8 8 6 , , , 6 4 6 9 4 6 8 8 7 1 - . 9 3 5 8 1 2 1 8 4 2 3 3 0 0 6 1 9 0 4 7 1 8 2 5 -3 4 7 2 3 2 4 3 16 1 1 1 , , , 6 7 1 8 5 6 1 5 4 9 3 4 7 7 3 1,1 2 2 8 5 1 7 1 6 5 3 1 0 5 1 1,0 2 7 6 3 8 8 3 6 1 9 9 6 2 2 , , , . , 0 4 5 8 5 6 2 8 8 7 0 0 7 4 0 'i 1 i 9 6 ' 2 , , 2 , , 7 4 5 8 0 8 1 5 2 2 6 4 2 4 3 6 , , , , , 2 0 9 5 6 6 5 9 9 18 9 1 6 0 4 4 2 3 6 , , , , ,1 0 9 6 5 6 2 9 5 18 1 5 6 1 - - 1 2 3 1 , , , , - 6 3 6 0 9 8 8 4 2 6 4 1 8 7 7 2 2 3 6 3 0 3 1 8 7 1 3 1 5 3 6 -2 3 7 6 0 9 -1 1 10 4 2 5 70 1 0 9 4 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. , c . . .. 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; Nov. 1974, 131. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe nd ri o o d f Total P st o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n e se M p e e x so ic s o g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1 1 1 9 9 Q 7 7 "7 0 2 1 2222 1111 5555 9999 1111 7777 2222 8888 111555444 333*** * 3 * * * * 1 9 6 8 2 4 1 1 1 20 * 8 4 6 4444 f f»7J Can^ * * * * 1 3 4444444444 * * * 1 3 4444444444 * * * 1 3 4444444444 * * * 1 3 1 0*7 A Tar» 33333333332222222222 6666666666 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 * * * i d 2200 55 5 * * * * 11 * * **00 1 1 1 1 66666666663333333333 * 5 * 5577 1 99999999990000000000 * 55 * 8844 1 3333333333 * * 6 1 222 222 222 444 000 222 * * * # * * 3 66 9 11 1 1 1 1 8 8 0 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS • JANUARY 1975 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1974 1974 1973 Dec. 25 Dec. 18 Dec. 11 Dec. 4 Nov. 27 Dec. 31 Nov. 30 Dec. 31 Assets Gold certificate account 11,652 11,652 11,652 11,460 11,460 11,652 11,460 11,460 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 249 247 242 244 245 240 250 271 Loans: Member bank borrowings 427 1,385 1,160 314 1,756 298 1,227 1,258 Other Acceptances: Bought outright 554400 449922 449933 443377 339955 557799 339911 68 Held under repurchase agreements 332233 222255 224411 117711 443355 442200 222200 Federal agency obligations : 44,,770022 44,,770022 44,,334422 44,,334422 44,,334422 44,,770022 44,,334422 1,937 Held under repurchase agreements 11,,003344 661177 550077 330099 880077 551111 336699 42 U.S. Govt, securities: Bought outright: Bills 3377,,997755 3377,,994499 3377,,550088 3344,,007777 3366,,557788 3366,,776655 3377,,110011 36,897 Certificates—Special Other NNNNNNNNooooooootttttttteeeeeeeessssssss 40,025 39,11A 39,11A 39.11A 39,774 40,009 39,11A 38,412 3,283 3,254 3,254 3,254 3,254 3,284 3,254 3,149 TTTTTTTToooooooottttttttaaaaaaaallllllll bbbbbbbboooooooouuuuuuuugggggggghhhhhhhhtttttttt oooooooouuuuuuuuttttttttrrrrrrrriiiiiiiigggggggghhhhhhhhtttttttt 1,281,283 i 80,977 1,280,536 1,2 77,105 1,2 79,606 1,2 80,058 1,2 80,129 i 78,458 2,239 1,671 802 515 2,009 443 869 58 HHHHHHHHeeeeeeeelllllllldddddddd uuuuuuuunnnnnnnnddddddddeeeeeeeerrrrrrrr rrrrrrrreeeeeeeeppppppppuuuuuuuurrrrrrrrcccccccchhhhhhhhaaaaaaaasssssssseeeeeeee aaaaaaaaggggggggrrrrrrrreeeeeeeeeeeeeeeemmmmmmmmeeeeeeeennnnnnnnttttttttssssssss 83,522 82,648 81,338 77,620 81,615 80,501 80,998 78,516 TTTTTTTToooooooottttttttaaaaaaaallllllll UUUUUUUU........SSSSSSSS........ GGGGGGGGoooooooovvvvvvvvtttttttt,,,,,,,, sssssssseeeeeeeeccccccccuuuuuuuurrrrrrrriiiiiiiittttttttiiiiiiiieeeeeeeessssssss 90,548 90,069 88,081 83,193 89,350 87,011 87,547 81,821 TTTTTTTTCCCCCCCCooooooooaaaaaaaattttttttssssssssaaaaaaaahhhhhhhhllllllll iiiiiiiillllllllttttttttooooooooeeeeeeeeaaaaaaaammmmmmmmnnnnnnnnssssssssssssssss iiiiiiiiaaaaaaaannnnnnnnnnnnnnnn ddddddddpppppppp rrrrrrrrssssssssooooooooeeeeeeeecccccccccccccccceeeeeeeeuuuuuuuussssssssssssssssrrrrrrrr iiiiiiiittttttttooooooooiiiiiiiiffffffffeeeeeeee sssssssscccccccc oooooooolllllllllllllllleeeeeeeeccccccccttttttttiiiiiiiioooooooonnnnnnnn P 8,599 P 9,058 P 7,897 P 8,607 7,173 p 8,312 P 7,302 ' 7,954 261 259 259 259 258 263 257 223 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr aaaaaaaasssssssssssssssseeeeeeeettttttttssssssss:::::::: DDDDDDDDeeeeeeeennnnnnnnoooooooommmmmmmmiiiiiiiinnnnnnnnaaaaaaaatttttttteeeeeeeedddddddd iiiiiiiinnnnnnnn ffffffffoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn ccccccccuuuuuuuurrrrrrrrrrrrrrrreeeeeeeennnnnnnncccccccciiiiiiiieeeeeeeessssssss 12 24 32 2 40 2 40 4 AAAAAAAAllllllllllllllll ooooooootttttttthhhhhhhheeeeeeeerrrrrrrr 2,881 2 2,965 2,756 2,686 2,624 2,930 2,602 2 925 P 114,602 P 114,674 P 111,319 P 106,851 111,550 P 110,810 P 109,858 r 103,058 LLLLLLLLiiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss 71,066 70,547 70,288 69,668 69,170 70,916 69,036 64,262 DDDDDDDDeeeeeeeeppppppppoooooooossssssssiiiiiiiittttttttssssssss:::::::: p 30,187 P 31,491 P 30,965 P 25,766 31,726 P 25,825 P 29,634 27,060 UUUUUUUU........SSSSSSSS........ TTTTTTTTrrrrrrrreeeeeeeeaaaaaaaassssssssuuuuuuuurrrrrrrryyyyyyyy————————GGGGGGGGeeeeeeeennnnnnnneeeeeeeerrrrrrrraaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnntttttttt 2,671 2,209 690 1,568 1,315 3,113 1,495 2,542 450 266 358 411 274 418 626 251 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr:::::::: 3 775 3 816 3 924 3 841 3 745 3 1,275 3 799 r 1,419 p 34,083 r 34,782 P 32,937 P 28,586 34,060 p 30,631 P 32,554 ' 31,272 DDDDDDDDeeeeeeeeffffffffeeeeeeeerrrrrrrrrrrrrrrreeeeeeeedddddddd aaaaaaaavvvvvvvvaaaaaaaaiiiiiiiillllllllaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttyyyyyyyy ccccccccaaaaaaaasssssssshhhhhhhh iiiiiiiitttttttteeeeeeeemmmmmmmmssssssss 5,990 6,013 4,945 5,386 5,061 6,328 4,965 4,855 1,276 1,262 1,171 1,349 1,265 1,141 1,264 981 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss aaaaaaaannnnnnnndddddddd aaaaaaaaccccccccccccccccrrrrrrrruuuuuuuueeeeeeeedddddddd ddddddddiiiiiiiivvvvvvvviiiiiiiiddddddddeeeeeeeennnnnnnnddddddddssssssss P 112,415 P 112,604 P 109,341 P 104,989 109,556 P 109,016 P 107,819 r 101,370 TTTTTTTToooooooottttttttaaaaaaaallllllll lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss CCCCCCCCaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss 889955 889955 889944 889955 889933 897 889944 844 884444 884444 884444 884444 884444 897 884444 844 DDDDDDDDttttttttVVVVVVVViiiiiiiipppppppprrrrrrrr ppppppppQQQQQQQQnnnnnnnniiiiiiiittttttttnnnnnnnnllllllll nnnnnnnnrrrrrrrrpppppppprrrrrrrrttttttttiiiiiiiillllllllffffffffllllllllttttttttQQQQQQQQ ........................ ................................................................................................................ 444488 333311 224400 112233 225577 330011 TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss aaannnddd cccaaapppiiitttaaalll aaaccccccooouuunnntttsss p 114,602 P 114,674 P 111,319 P 106,851 111,550 P 110,810 P 109,858 r 103,058 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr 1,120 1,240 1,408 1,590 1,751 981 1,702 581 MMMaaarrrkkkeeetttaaabbbllleee UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss hhheeelllddd iiinnn cccuuussstttooodddyyy fffooorrr fffooorrreeeiiigggnnn aaannnddd iiinnnttteeerrrnnnaaatttiiiooonnnaaalll aaaccccccooouuunnntttsss 32,337 32,614 32,865 32,945 32,486 32,836 32,852 26,365 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 74,839 74,520 74,024 73,420 72,974 75,116 73,234 68,161 Collateral held against notes outstanding: Gold certificate account 3,055 3,055 3,368 3,480 2,800 3,055 2,850 2,555 Special Drawing Rights certificate account. 93 Acceptances 550 U.S. Govt, securities 73,045 73,045 71,935 70,915 71,215 72,555 71,215 66,335 Total collateral. 76,100 76,100 75,303 74,395 74,015 76,253 74,065 68,890 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

JANUARY 1975 • 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 Dec. 25 Dec. 18 Dec. 11 Dec. 4 Nov. 27 Dec. 31 Nov. 30 Dec. 31 Loans—Total 427 1,385 1,160 314 1,756 301 1,227 1,257 Within 15 days 424 1,379 1,136 275 1,733 275 1,202 1,250 16 days to 90 days. 3 6 24 39 23 26 25 7 91 days to 1 year.. Acceptances—Total.. 863 717 734 608 830 999 611 68 W 16 i t d h a i y n s 1 t 5 o d 90 a ys d ays. 4 3 1 9 3 1 2 3 7 8 3 1 3 3 6 0 9 2 2 3 3 2 4 3 4 3 3 9 5 5 4 4 8 3 9 6 2 29 6 1 2 4 1 9 9 91 days to 1 year.. 59 63 63 51 74 58 U. 9 W O O O 1 S 1 6 . v v v i G e e e t d d h r r r a a o i y y n 5 1 1 v s s 0 e y y 1 t r t y e e 5 o o n a a e m r d r a 9 1 s r a 0 e t s y o y t n o d e s t * 5 a a r 1 y s y 0 s e e c y a u e r r s a i r t s i es—Total. 2 2 8 2 9 2 3 0 7 0 3 . , , , , , , 6 1 3 2 5 5 5 1 6 9 6 1 8 2 2 4 1 1 1 3 2 2 2 2 8 9 2 3 7 0 0 2 , , , , , , , 5 1 1 1 6 5 1 5 0 3 4 4 9 0 9 8 8 8 4 2 7 8 2 2 1 9 2 6 0 1 3 9 , , , , , , , 5 1 7 3 1 5 1 5 5 3 3 8 4 6 9 1 8 8 4 4 2 2 7 1 1 9 2 2 3 7 9 9 , , , , , , , 5 8 1 1 6 8 9 5 3 9 4 2 8 9 9 8 5 4 0 8 6 8 2 2 1 9 2 6 3 1 1 9 , , , , , , , 5 1 1 0 6 1 5 5 3 4 1 9 0 7 9 9 3 5 5 9 0 2 2 8 2 4 9 2 0 0 0 3 , , , , , , , 6 4 1 4 5 7 1 1 6 6 0 0 4 2 2 4 4 1 1 0 0 2 2 8 1 9 2 3 0 3 3 9 , , , , , , , 5 1 9 1 2 0 8 5 4 9 3 6 4 4 9 4 8 8 4 5 8 2 2 2 7 4 0 1 7 3 8 1 , , , , , , , 4 3 3 5 5 0 7 6 5 9 0 1 3 6 9 2 5 3 6 5 2 Federal agency obligations--Total. 5,736 5,319 4,849 4,651 5,149 5,213 4,711 1,980 9 O O W O 1 1 6 v v v i e e e t d d h r r r a a i y y n 5 1 1 s s 0 y y 1 t t y e e o 5 o a a e r d r a 9 1 s r 0 a t s y y t o o d e s a a 1 5 r 1 y 0 s y e y a e r a s r . s . . . 2 1 , , 3 0 2 9 5 5 5 4 9 6 0 8 8 0 1 6 1 0 2,3 6 9 2 5 5 4 4 9 6 0 8 0 2 1 5 1 0 2,1 2 9 4 5 5 6 1 6 6 0 3 8 6 0 0 7 8 2,1 4 8 3 6 1 3 9 6 9 1 4 3 9 9 1 6 3 2,1 8 4 8 6 3 8 9 9 9 4 3 8 9 8 1 0 2,3 2 9 5 5 5 4 9 6 0 3 8 0 1 6 1 5 0 2,1 4 4 6 8 3 9 5 9 9 4 3 9 0 8 1 0 4 2 2 7 1 9 3 8 8 6 1 7 9 2 7 0 5 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts i Turnover of demand deposits , (billions of dollars) Period S T M 2 o 3 S t 3 A a l 's L N e .Y ad . ing S 6 M o S t A he 's r s2 T S o N M ( t e a . x S l Y c A 2 . l ) . 3 ' s 2 SSMM oo 22 tthh SS 2266 ee AA rr ''ss SS TT MM 22 oo SS 33 tt 33 AA aa ll ''ss L N e .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S l Y c A . l 2 ) . ' 3 s 2 SSMM oo 22 tthh SS 2266 ee AA rr ''ss 1973— D N e o c v . . 1 1 9 8 , , 0 6 4 4 9 1 . . 5 3 8 8 , , 4 0 3 9 7 7 . . 9 7 4 4, , 4 5 6 1 2 9 . . 8 8 1 1 0 0 , , 6 5 1 4 1 3 . . 6 6 6 6 . . 0 0 9 8 1 0 . . 7 8 1 1 1 1 3 0 . . 2 2 2 2 7 6 4 9 . . 9 8 1 1 1 1 8 5 . . 6 0 7 7 7 5 . . 1 8 6 6 1 0 . . 2 6 1974—Jan. 18,817.7 8,081.0 4,517.1 10,736.8 6,219.6 111.5 270.3 116.2 77.3 62.2 Feb. 19,813.7 8,896.2 4,582.1 10,917.5 6,335.4 118.0 294.2 119.9 79.3 '63.7 Mar. 20,166.9 8,914.4 4,718.0 11.252.5 6.534.6 '118.3 292.5 120.8 80.3 64.7 Apr. 20,062.3 8,637.9 4.747.6 11,424.3 6.676.7 115.4 274.6 119.7 80.2 65.0 May 20,564.7 8,970.1 4,820.8 11.594.6 6.773.8 117.1 275.3 122.3 '81.1 65.4 June r20,457.3 9.065.7 4.768.0 '11,391.6 '6,623.6 116.9 279.9 120.0 79.8 '64.3 July. r20,899.6 9,140.4 4.892.1 11,759.2 '6,867.1 119.8 282.1 123.5 82.8 67.0 Aug. r21,478.3 9.240.8 5.173.0 '12,237.5 '7,064.5 123.4 286.4 132.0 86.3 68.8 Sept. 22.017.5 9,970.8 5.092.1 12.046.7 6.954.7 125.1 310.5 127.5 83.7 66.9 Oct.. ••22,348.8 '10,271.1 5.084.7 '12,077.6 '6,993.0 '127.0 '316.8 127.3 84.1 67.5 Nov. 22.926.6 10,538.9 5.166.8 12,387.7 7.220.8 131.8 324.6 131.7 87.6 70.6 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 • JANUARY 1975 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week Mi Mi Mi Mi Mi Mz Composition of measures is described in the NOTE below. 1971—Dec.. 235.3 473.1 727.9 241.9 411.9 730.9 1972—Dec.. 255.8 525.7 823.2 263.0 530.7 826.3 1973—Nov.. 269.4 567.2 887.8 270.9 565.6 883.9 Dec.. 271.5 572.2 895.3 279.1 577.3 898.5 1974—Jan.. . 270.9 575.5 900.7 277.8 581.4 905.9 Feb... 273.1 580.8 907.7 270.2 578.5 905.4 Mar.. 275.2 585.5 914.9 272.5 584.9 915.7 Apr.. . 276.6 589.4 920.5 278.2 593.5 926.7 May. . 277.6 591.5 923.0 272.9 589.6 922.6 June., 279.7 596.7 929.5 277.9 596.1 930.8 July. . 280.2 599.4 933.4 279.7 599.0 934.5 Aug.. 280.5 602.0 936.6 277.3 598.5 932.6 Sept.. 280.8 603.6 938.9 279.0 600.4 934.6 Oct.. . 281.7 607.8 944.3 281.2 605.9 941.1 Nov.f 283. 1 612.5 950.9 284.7 610.6 946.8 NOTE.—Composition of the money stock measures is as follows: Mz\ Mi plus the average of the beginning- and end-of-month figures for deposits of mutual savings banks and for savings capital of savings Mi: Averages of daily figures for (1) demand deposits of commercial and loan associations. banks other than domestic interbank and U.S. Govt., less cash items in Latest monthly and weekly figures are available from the board's H-6 process of collection and F.R. float; (2) foreign demand balances at F.R. release. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of For description and back data, see "Revision of Money Stock Measures commercial banks. and Member Bank Reserves and Deposits" on pp. 817-27 of the Dec. 1974 Mr. Averages of daily figures for Mi plus savings deposits, time de- BULLETIN. posits open account, and time certificates other than negotiable CD's of $100,000 of large weekly reporting banks. COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Month Time and savings Non- Time and savings Non- Govt, or deposits bank Demand deposits deposits bank deweek Cur- De- thrift Cur- thrift posren- mand insti- ren- insti- its 3 cy de- tu- cy Do- tupos- tions2 mes- tions2 its Other Mem- tic- CD's1 Other ber nonmember 1971—Dec.. , 52.6 182.7 33.5 237.7 271.2 254.9 53.5 188.4 142.6 44.1 33.8 236.0 269.8 253.0 6.9 1972—Dec.. , 56.9 198.9 43.9 269.9 313.8 297.5 57.9 205.1 152.4 51.4 44.2 267.6 311.8 295.6 7.4 1973—Nov.. 61.0 208.4 63.1 297.7 360.8 320.6 61.5 209.5 151.8 55.1 64.3 294.7 359.0 318.3 4.3 Dec.. . 61.6 209.9 63.8 300.7 364.5 323.1 62.7 216.4 157.0 56.6 64.0 298.2 362.2 321.2 6.3 1974—Jan..., 62.0 208.9 66.4 304.6 371.0 325.2 61.6 216.2 156.4 56.9 65.8 303.6 369.4 324.5 Feb.. . 62.7 210.4 68.2 307.7 375.9 326.9 61.9 208.3 151.1 54.6 66.1 308.3 374.3 326.9 6.6 Mar.. . 63.3 211.9 68.0 310.3 378.3 329.5 62.7 209.8 152.4 54.7 66.7 312.4 379.1 330.8 6.4 Apr.. . 63.9 212.8 73.9 312.7 386.7 331.1 63.5 214.7 155.8 56.2 71.8 315.3 387.1 333.2 6.0 May. . 64.3 213.2 78.5 314.0 392.5 331.5 64.1 208.7 151.3 54.8 77.2 316.7 393.9 333.0 7.6 June.. 64.6 215.0 81.3 317.0 398.4 332.7 64.8 213.1 153.6 56.1 79.6 318.3 397.9 334.7 6.1 July. . 64.8 215.4 83.6 319.2 402.8 334.0 65.3 214.4 154.4 56.5 82.8 319.2 402.0 335.6 5.4 Aug.. 65.4 215.1 83.8 321.5 405.3 334.5 65.7 211.6 152.4 56.2 87.1 321.2 408.3 334.2 4.0 Sept.., 65.8 215.0 84.8 322.8 407.6 335.3 65.8 213.2 153.5 56.8 88.7 321.4 410.2 334.1 5.4 Oct... r66.4 '215.3 86.2 326.1 412.3 336.6 66.4 214.8 '154.6 57.4 88.8 324.7 413.5 335.2 r3.7 Nov." 67.3 215.9 85.5 329.3 414.9 338.4 67.7 217.0 156.0 58.0 87.1 325.9 413.0 336.1 3.3 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 capi tal at savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • BANK RESERVES; BANK CREDIT A 15 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.i Deposits subject to reserve requirements 3 Total member bank deposits plus nondeposit S.A. N.S.A. items4 PPeerriioodd NNNooonnn--- Total bbbooorrr--- RRee-- AAvvaaiill-- Demand Demand rrrooowwweeeddd qquuiirreedd aabbllee22 Time Time Total and U.S. Total and U.S. S.A. N.S.A. savings Private Govt. savings Private Govt. 1970—De c 29.20 28.87 28.95 27.13 321.3 178.9 136.0 6.4 325.2 178.1 141.1 6.0 333.4 337.2 1971—De c 31.33 31.20 31.15 29.03 360.3 210.7 143.8 5.8 364.6 209.7 149.2 5.7 365.2 369.5 1972—De c 31.46 30.41 31.17 29.09 402.0 242.0 154.5 5.6 406.8 240.7 160.1 6.1 406.4 411.2 1973—Nov.. .. 34.87 33.48 34.63 32.78 440.4 277.8 157.5 5.1 438.2 276.6 158.3 3.2 446.8 444.6 Dec 35.16 33.87 34.86 32.97 442.2 280.0 158.2 3.9 447.5 278.5 164.0 5.0 448.7 454.0 1974—Jan 35.82 34.77 35.66 32.82 446.8 284.1 157.5 5.1 453.0 283.1 163.4 6.5 453.3 459.5 Feb 35.12 33.92 34.93 32.90 447.5 287.4 157.9 2.2 447.1 285.7 156.3 5.1 454.4 454.0 Mar.. . . 34.98 33.66 34.84 33.13 450.4 288.6 158.7 3.2 450.4 288.6 156.9 4.9 457.9 457.9 Apr 35.88 34.15 35.70 33.66 461.2 296.6 160.0 4.6 462.5 296.2 161.5 4.8 469.2 470.6 May.. .. 36.52 33.93 36.34 34.26 467.0 302.3 159.1 5.6 464.7 303.0 155.6 6.1 475.8 473.5 June.. .. 36.74 33.73 36.54 34.71 472.9 307.0 160.6 5.3 470.0 306.4 158.9 4.7 481.2 478.4 July.... 37.40 34.10 37.24 34.96 475.7 310.7 160.7 4.2 474.3 310.1 160.0 4.1 484.9 483.5 Aug.. .. 37.27 33.93 37.08 35.27 '478.5 312.4 159.9 6.2 475.1 315.3 157.0 2.9 487.5 484.2 Sept.. . . 37.28 34.00 37.09 35.30 '480.6 314.4 159.9 6.3 479.6 317.2 158.3 '4.1 489.1 488.2 Oct 36.86 35.04 36.73 34.89 480.5 317.2 159.5 3.7 480.5 318.6 159.1 2.7 488.3 488.3 Nov.f.. 36.97 35.71 36.68 34.97 483.5 318.4 160.5 4.6 481.1 317.3 161.3 2.4 491.1 488.7 1 Averages of daily figures. Member bank reserve series reflects actual by Regulation D. Private demand deposits include all demand deposits reserve requirement percentages with no adjustment to eliminate the except those due to the U.S. Govt., less cash items in process of collection effect of changes in Regulations D and M. Required reserves were in- and demand balances due from domestic commercial banks. creased by $660 million effective Apr. 16, 1969, and $400 million effective 4 Total member bank deposits subject to reserve requirements, plus Oct. 16, 1969; were reduced by $500 million (net) effective Oct. 1, 1970. Euro-dollar borrowings, loans sold to bank-related institutions, and Required reserves were reduced by approximately $2.5 billion, effective certain other nondeposit items. This series for deposits is referred to as Nov. 9, 1972; by $1.0 billion, effective Nov. 15; and increased by $300 "the adjusted bank credit proxy." 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 Money Stock Measures and Member Bank Reserves and as (1) required reserves for (a) private demand deposits, (b) total time Deposits" on pp. 817-27 of the Dec. 1974 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. LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans Securities Loans Securities TTToootttaaalll TTToootttaaalll DDDDaaaatttteeee llloooaaannnsss Commercial llloooaaannnsss Commercial mmm iiinnn aaa eee vvv nnn nnn eee ddd ttt sss sss ttt--- 111 TToottaall11 l s l s PP oo oo ll aa ll uu dd nn ss ss 22 a T n o d t a i l ndus l P t o r l a i u n a s s l 3 TT UU rr uu ee .. rr SS aa yy ss .. -- OOtthheerr44 mmm iiinnn eee aaa vvv nnn nnn eee ddd ttt sss sss ttt --- 111 TToottaall11 ll ss PP oo oo ll aa ll uu dd nn ss ss 22 a T n o d t a i l n dus l t P o ri l a a u n l s s 3 TT UU rr uu ee .. rr aa SS yy ss .. -- OOtthheerr44 sold 2 sold 2 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 8866..11 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 110044..77 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—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 30 638.9 452.9 457.3 157.9 160.5 54.5 131.5 638.4 448.9 453.3 156.2 158.8 58.8 130.7 Feb 27 647.4 458.3 463.3 159.5 162.2 56.4 132.7 642.1 452.7 457.7 157.9 160.6 57.7 131.7 Mar 27, , , 657.5 468.2 473.1 165.1 167.9 56.4 132.9 654.0 463.0 467.9 164.9 167.7 57.5 133.5 Apr. 24 666.9 476.3 481.7 169.5 172.6 57.1 133.5 664.2 473.0 478.4 170.2 173.3 56.4 134.7 May 29 673.4 481.4 487.1 172.9 176.0 57.2 134.8 669.8 480.3 485.9 172.3 175.4 54.1 135.5 June 305 677.5 484.5 489.9 174.6 177.5 56.4 136.6 681.6 491.8 497.2 177.2 180. 1 52.1 137.6 July 31^ 686.6 494.3 499.7 177.9 180.8 55.8 136.5 685.4 496.6 502.0 178.3 181.2 52.2 136.6 Aug. 28 6 692.0 500.2 505.5 180.7 183.6 55.3 136.5 687.5 499.3 504.6 179. 1 182.0 52.0 136.2 Sept 25p 687.0 498.2 503.5 180.8 183.6 52.2 136.6 686.6 499.2 504.5 180.9 183.7 50.6 136.7 Oct. 30P 687.1 499.5 504.7 182.5 185.3 49.7 137.9 685.8 498.2 503.4 181.3 184. 1 50.6 137.0 Nov. 27*> 7.. 688.5 500.9 505.8 183.0 185.7 49.3 138.3 688.2 499.1 504.1 182.0 184.7 52.2 136.8 Dec. 31 ^ 681.2 494.1 498.9 180.5 183.3 48.8 138.3 699.6 506.5 511.3 184.7 187.5 54.4 138.8 1 Adjusted to exclude domestic commercial interbank loans. 7 Beginning Oct. 31,1974, total loans and investments of all commerical 2 Loans sold are those sold outright by commercial banks to own sub- banks were reduced by $1.5 billion in connection with the liquidation of sidiaries, foreign branches, holding companies, and other affiliates. one large bank. Total loans were reduced by $1.0 billion and "Other 3 Beginning June 30, 1972, commercial and industrial loans were re- securities" by $0.5 billion. Business loans were reduced by $0.6 billion. duced by about $400 million as a result of loan reclassifications at one In late November, business loans were increased by $0.1 billion as a large bank. t result of loan reclassifications at another large bank. 4 Beginning June 30, 197\ Farmers Home Administration insured notes totaling approximately $700 million are included in "Other securities" NOTE.—Total loans and investments: For monthly data, Jan. 1959rather than in "Loans." June 1973, see Nov. 1973 BULLETIN, pp. A-96-A-97, and for 1948-58, 5 Beginning June 30, 1974, data revised to include one large mutual Aug. 1968 BULLETIN, pp. A-94-A-97. For a description of the current savings bank that merged with a nonmember commercial bank. Total seasonally adjusted series see the Nov. 1973 BULLETIN, pp. 831-32, and loans and investments were increased by about $600 million of which the Dec. 1971 BULLETIN, pp. 971-73. Commercial and industrial loans: $500 million were in loans and $100 million in "other securities." For monthly data, Jan. 1959-June 1973, see Nov. 1973 BULLETIN, pp. 6 Beginning Aug. 28, 1974, loans sold outright to bank affiliates reflect A-96-A-98; for description see July 1972 BULLETIN, p. 683. Data are for a newly issued definition of the group of affiliates included as well as a last Wednesday of month except for June 30 and Dec. 31 ; data are partly somewhat different group of reporting banks. Total loans were decreased or wholly estimated except when June 30 and Dec. 31 are call dates. Digitized for bFyR $A10S0 EmRil lion on the new basis; commercial and industrial loans were decreased by $100 million. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 COMMERCIAL BANKS • JANUARY 1975 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— CCllaassssiiffiiccaattiioonn bbyy Securities Total Interbank3 Other TToottaall Num- FFRRSS mmeemmbbeerrsshhiipp Cash lia- Bor- ccaappiittaall ber aanndd FFDDIICC assets3 bilities row- aacc-- of iinnssuurraannccee Total Loans and Total 3 Demand ings ccoouunnttss banks l U.S. capital De- Treas- Other ac- mand Time Times ury 2 counts4 U.S. Govt. Other Last-Wednesday-of-month series6 All commercial banks: 1 1 9 9 4 4 7 1 — — D D e e c c . . 3 3 1 1 . 7 . .. 1 5 1 0 6 , , 7 2 4 8 6 4 2 3 1 8 , , 7 0 1 5 4 7 2 6 1 9 ;221 9 7 , , 0 2 0 2 6 5 2 3 6 7 , , 5 5 5 0 1 2 1 7 5 9 5 , , 1 3 0 7 4 7 1 7 4 1 4 , , 2 1 8 0 3 3 12, 1 7 0 92 ,9 82 240 1,3 4 4 4 3 ,34 9 9 4,367 3 1 5 5 , , 3 9 6 5 0 2 2 6 3 5 1 7 0 , . 1 0 7 5 3 9 I960—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 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 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 1972—Dec. 31... 598,808 414,696 67,028 '17,084 113,128 739,033 616,037 33,854 4,194 10,875 252,223 314,891 38,083 52,658 1973—Dec. 31... 683,799 494,947 58,277 130,574 118,276 835,224 681,847 36,839 6,773 9,865 263,367 365,002 58,994 58,128 1974—Jan. 30 674,620 485,110 58,810 700 103,130 811,700 652,250 31,660 6,620 9,520 233,460 370,990 65,830 58,350 Feb. 27 681,360 491.950 57,670 ,740 102,410 818,690 652,670 31,620 6,200 6,650 233,240 374,960 68,090 58,730 Mar. 27 691,080 500,100 57,510 ,470 104,430 831,500 661,180 32,030 6,490 6,110 235,830 380,720 69,930 59,310 Apr. 24 699,290 508,140 56,410 740 102,360 838,740 669,730 31,450 7,290 5,900 236,170 388,920 67,580 59,950 May 29 703,820 514,280 54,080 460 115,575 857,695 683,175 34,870 8,200 5,940 238,215 395,950 69,910 60,330 June 30 718,713 528.951 52,114 648 126,487 884,295 709,917 42,016 8,903 8,367 252,434 398,197 67,548 61,623 July 31?.... 719,930 531,110 52,210 ,610 107,730 871,560 694,620 33,660 9,680 4,320 243,620 403,340 67,820 61,490 Aug. 28p 720,430 532,230 51,970 230 100,390 863,640 687,270 30,780 9,970 4,010 235,330 407,180 66,750 61,440 Sept. 25? 718,560 531,210 50,630 720 107,020 870,400 691,030 30,130 10,610 7,270 235,850 407,170 67,130 61,730 Oct. 30 p 720,010 532,400 50,640 970 110,370 876,400 698,030 33,600 10,180 2,980 242,130 409,140 67,330 62,020 Nov. 21r p.. 726,250 537,210 52,230 810 115,740 890,330 706,010 34,950 10,310 3,790 247,840 409,120 70,100 62,100 Dec. 31 p 739,780 546,680 54,350 750 126,310 916,530 746,730 45,490 11 ,250 4,570 267,250 418,170 56,250 63.060 Members of F.R. System: 1941—Dec. 31... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 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 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 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 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 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 1973—Dec. 31... 528,124 391,032 41,494 95,598 100,098 655,8 526,837 34,782 5,843 8,273 202,564 275,374 55,611 44,741 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 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 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 45,491 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 May 29... 538,801 403,619 37,282 97,900 99,155 669,357 524,837 32,452 7.274 4,746 182,060 298.305 64,820 46,090 June 30.. . 550,388 415,061 35,934 99,393 108,971 692,199 547,031 39,211 7,818 6,624 193,979 299,400 62,836 46,946 July 31... 552,619 418,065 35,860 98,694 91,430 680,511 533,807 31,153 8,598 3,180 186,360 304,516 63,042 46,907 Aug. 28.. . 552,823 418,705 35,878 98,240 84,947 673,296 527,573 28,487 8,887 2,958 179,429 307,812 61,781 46,814 Sept. 25... 550,837 417,623 34,683 98,531 91,002 679,160 531,195 27,831 9,522 5,782 180,114 307,946 62,171 47,054 Oct. 308.. 548,801 416,118 34,813 97,870 93,674 680.173 535,128 31,043 9,089 2,117 184,573 308.306 60,803 47,131 Nov. 27 r p 556,031 421,377 36,392 98,262 98,591 694,670 542,460 32,421 9,222 2,858 189,663 308,296 65,411 47,320 Dec. 31 P.. 566,927 429,087 38,364 99,476 106,678 715,423 576,260 41,764 10,170 3,147 204,593 316,586 52,261 48,009 Call date series Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 1 19 9 7 6 0 0 — — D D e e c c . . 3 3 1 1 9 .. . 4 1 5 9 8 8 , , 9 0 1 1 9 1 3 1 1 1 2 7 , , 0 0 0 9 6 2 6 6 0 1 , , 4 4 6 3 8 8 2 8 0 5 , , 4 4 5 7 1 5 9 5 2 1 , , 7 8 0 3 8 6 2 5 5 7 5 2 , , 6 6 6 8 9 2 4 2 7 2 9 8 , , 1 4 7 0 4 1 3 1 0 6 , , 2 9 3 2 3 1 1 1 , , 6 8 6 7 7 4 7 5 , ,9 * 3 2 2 1 0 3 8 2 , , 0 5 3 3 7 3 2 7 3 1 1 , , 3 1 4 3 8 2 19,1 1 4 4 9 9 4 2 2 0 , ,6 4 2 2 8 7 1971—Dec. 31.. 514,097 345,386 64,691 104,020 98,281 635,805 535,703 31,824 2,792 10,150 219,102 271,835 25,629 46,731 1972—Dec. 31.. 594,502 411,525 66,679 116,298 111,333 732,519 612,822 33,366 4,113 10,820 250,693 313,830 37,556 52,166 1973—Dec. 31.. 678,113 490,527 57,961 129,625 116,266 827,081 677,358 36,248 6,429 9,856 261,530 363,294 57,531 57,603 1974—Apr. 24.. 693,489 503,653 189,837 98,997 826,736 664,070 30,539 6,634 5,913 234,435 386,550 66,160 59,757 June 30.. 709,904 521,424 51,832136,648 123,536 871,986 703,767 40,534 8,427 8,355 250,225 396,226 65,514 61,003 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 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 1960—Dec. 31.. 107,546 63,694 32,712 11,140 28,675 139,261 124,911 9,829 61 3,265 71,660 39,546 111 11,098 1970—Dec. 319. 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 1971—Dec. 31.. 302,756 206,758 36,386 59,612 59,191 376,318 314,085 17,511 1,828 6,014 128,441 160,291 18,169 27,065 1972—Dec. 31.. 350,743 247,041 37,185 66,516 67,390 434,810 359,319 19,096 2,155 6,646 146,800 184,622 26,706 30,342. 1973—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 1974—Apr. 24.. 404,972 299,182 105,790 59,806 486,163 384,314 16,492 3,997 3,636 135,188 225,000 45,627 34,026 June 30.. 418,329 313,659 27,631J 77,039 73,703 516,632 407,915 20,086 4,912 5,038 145,954 231,925 48,123 34,966 For notes see p. A-17. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • 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— FF CC RR llaa SS aa ss ii nn nn ss mm dd ii ss ff uu ee iicc rr FF mm aa aa DD nn tt bb ii cc ee oo II ee CC rr nn ss hh bb ii yy pp Total Loa l ns T U re . S S a e s . c - urit OO ie tt s hh eerr a C ss a e s t h s 3 c b T a i a l a l p o i n i c a t i t d i - t a - e a l s l Total3 m D I a n e n - t d e rban TT k ii mm 3 ee Dema O nd t her TTiimmee r B i o n o w g r s - - c c c c TT aa oo aa oo pp uu cc tt ii nn -- aa tt tt aa ll ss ll bb NN aa bb uu oo nn ee mm ff kk rr ss -ury 22 counts 4 U.S. Other 55 Govt. Call date series Insured banks (cont.): State member: 1941—Dec. 31... 15,950 6,295 7,500 2,155 8,145 24,i 22,259 3,739 621 13,874 4,025 1 2,246 1 1 9 9 6 4 0 7 — — D D e e c c . . 3 3 1 1 . . . . . . 3 58 2 , , 0 5 7 6 3 6 3 1 6 1 , , 2 2 4 0 0 0 1 1 9 6 , , 2 3 4 9 0 4 2 5 , , 1 43 2 9 5 1 17 0 , , 0 8 8 2 1 2 4 7 3 7 , , 8 3 7 1 9 6 4 6 0 8 , ,1 5 1 05 8 3 6, ,9 6 7 0 8 8 1,02 1 8 5 2,0 3 2 8 2 1 4 2 0 7 . , 7 06 3 8 3 1 9 7 , , 0 7 6 2 2 7 2 9 0 6 3 , , 2 0 9 5 9 5 1970—Dec. 319.. 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 1971—Dec. 31... 102,813 71,441 11,247 20,125 26,998 135,517 111,777 13,102 721 2,412 45,945 49,597 6,878 10,214 1972—Dec. 31... 115,426 82, J 11,530 21,008 29,176 150,697 123,186 12,862 1,406 2,378 51,017 55,523 9,651 10,886 1973—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 1974—Apr. 24... 132,21 100,876 31,335 27,008 166,929 127,944 12,918 2,084 1,114 44,173 67,655 18,210 12,145 June 30.. . 132,388 101,732 8,303 22,353 35,268 175,896 139,446 19,125 2,906 1,586 47,690 68,138 14,713 11,980 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 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 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 1970—Dec. 319.. 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 1971—Dec. 31... 108,527 67,188 17,058 24,282 12,092 123,970 109,841 1,212 242 1,723 44,717 61,946 582 9,451 1972—Dec. 31... 128,333 81,594 17,964 28,774 14,767 147,013 130,316 1,408 552 1,796 52,876 73,685 ,199 10,938 1973—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 12,862 1974—Apr. 24... 156,305 103,594 52,711 12,183 173,645 151,812 1,130 553 1,163 55,072 93.894 2,322 13,587 June 30... 159,186 106,033 15,898 37,255 14,565 179,457 156,406 1,323 610 1,731 56,580 96,162 2,678 14,057 Noninsured nonmember: 1941—Dec. 31... 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 1947—Dec. 317.. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 392 478 4 325 1960—Dec. 31... 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 14 358 1970—Dec. 319.. 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 1971—Dec. 31... 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 1972—Dec. 31... 4,865 3,731 349 785 1,794 7,073 3,775 488 81 55 1,530 1,620 527 491 1973—Dec. 31... 6,192 4,927 316 949 2,010 8,650 4,996 591 344 9 1,836 2,215 1,463 524 1974—June 30.. . 9,269 7,987 282 1,001 2,951 12,770 6,610 1,481 476 12 2,209 2,432 2,033 620 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 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 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 1970—Dec. 319.. 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 1971—Dec. 31... 111,674 69,411 17,297 24,966 13,643 129,100 12,764 1,592 359 1.742 45,990 63,081 866 9,932 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 1973—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 1974—June 30.. . 168,456 14,020 16,180 38,256 17,516 192,227 163,016 2,804 1,086 1.743 58,789 98,593 4,711 14,677 1 Loans to farmers directly guaranteed by CCC were reclassified as owned domestic subsidiaries) and (2) reporting of figures for total loans securities and Export-Import Bank portfolio fund participations were and for individual categories of securities on a gross basis—that is, before reclassified from loans to securities effective June 30, 1966. This reduced deduction of valuation reserves—rather than net as previously reported. "Total loans" and increased "Other securities" by about $1 billion. "Total loans" include Federal funds sold, and beginning with June 1967 NOTE.—Data are for all commercial banks in the United States (includsecurities purchased under resale agreements, figures for which are in- ing Alaska and Hawaii, beginning with 1959). Commercial banks represent cluded in "Federal funds sold, etc.," on p. A-18. all commercial banks, both member and nonmember; stock savings Effective June 30, 1971, Farmers Home Administration notes were banks; and nondeposit trust companies. classified as "Other securities" rather than "Loans." As a result of this Figures for member banks before 1970 include mutual savings banks change, approximately $300 million was transferred to "Other securities" as follows: three before Jan. 1960 and two through Dec. 1960. Those for the period ending June 30, 1971, for all commercial banks. banks are not included in insured commercial banks. See also table (and notes) at the bottom of p. A-26. Effective June 30, 1969,, commercial banks and member banks exclude 2 See first two paragraphs of note 1. a small national bank in the Virgin Islands; also, member banks exclude, 3 Reciprocal balances excluded beginning with 1942. and noninsured commercial banks include, through June 30, 1970, a small 4 Includes items not shown separately. See also note 1. member bank engaged exclusively in trust business; beginning 1973, 5 See third paragraph of note 1 above. excludes one national bank in Puerto Rico. 6 For the last-Wednesday-of-the-month series, figures for call dates Beginning Dec. 31, 1973 and June 30, 1974, respectively, member banks are shown for June and December as soon as they became available. exclude and noninsured nonmember banks include one and two nonin- 7 Beginning with Dec. 31, 1947, the series was revised; for description, sured trust companies that are members of the Federal Reserve System. see note 4, p. 587, May 1964 BULLETIN. Comparability of figures for classes of banks is affected somewhat by 8 Member bank data for Oct. exclude assets of $3.6 billion of one large changes in F.R. membership, deposit insurance status, and by mergers bank. etc. 9 Figure takes into account the following changes, which became Figures are partly estimated except on call dates. effective June 30, 1969: (1) inclusion of consolidated reports (including For revisions in series before June 30, 1947, see July 1947 BULLETIN, figures for all bank-premises subsidiaries and other significant majority- pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 COMMERCIAL BANKS • JANUARY 1975 ASSETS BY CLASS OF BANK, JUNE 30, 1974 (Amounts in millions of dollars) Member banks1 All Insured Non- Account commercial commercial Large banks member banks banks banks1 Total All other New York City of Other City Chicago large Cash bank balances, items in process 126,487 123,536 108,971 36,265 4,217 38,075 30,415 17,516 Currency and coin 8,378 8,350 6,245 460 131 1,983 3,671 2,133 30,146 30,146 30,146 6,204 1,319 12,459 10,165 Demand balances with banks in United States 31,853 29,824 19,732 7,560 741 3,503 7,928 12,121 Other balances with banks in United States 2,517 2,080 1,295 99 71 456 669 1,222 Balances with banks in foreign countries 1,386 1,011 884 221 70 498 96 502 Cash items in process of collection 52,207 52,125 50,669 21,722 1,885 19,176 7,886 1,538 Total securities held—Book value 189,762 188,480 135,326 15,193 5,266 '44,738 70,129 54,436 U.S. Treasury 52,114 51,832 35,934 3,715 1,207 11,586 19,426 16,180 Other U.S. Government agencies 31,359 31,001 20,523 2,123 923 5,960 11,518 10,835 States and political subdivisions 99,870 99,466 74,457 8,578 2,930 25,850 37,099 25,413 All other securities 6,420 6,180 4,412 111 206 1,342 2,087 2,008 Trade-account securities 6,370 6,368 6,281 2,162 539 3,293 288 88 U.S. Treasury 707 705 691 -22 141 531 42 16 Other U.S. Government agencies 1,472 1,472 1,462 505 148 774 35 10 States and political subdivisions 3,921 3,921 3,876 1,616 250 1,802 207 45 All other 269 269 253 63 186 4 17 Bank investment portfolios 183,393 182,112 129,045 13,031 4,727 41,445 69,842 54,348 U.S. Treasury 51,407 51,127 35,243 3,738 1,066 11,056 19,384 16,164 Other U.S. Government agencies 29,886 29,528 19,061 1,617 775 5,186 11,483 10,825 States and political subdivisions 95,949 95,545 70,581 6,962 2,680 24,047 36,892 25,368 All other 6,151 5,911 4,159 714 206 1,156 2,083 1,992 Federal funds sold and securities resale agreements... 35,307 33,225 25,374 1,944 1,239 11,939 10,251 9,933 Commercial banks 31,612 29,530 21,780 1,692 900 9,379 9,808 9,832 Brokers and dealers 2,658 2,658 2,628 82 227 1,956 361 30 Others 1,037 1,037 966 170 112 602 82 72 Other loans 494,104 488,199 390,017 76,484 23,502 147,030 143,001 104,087 Real estate loans 126,173 125,914 92,093 7,698 1,260 35,201 47,934 34,079 Secured by farmland 5,797 5,777 2,599 6 2 340 2,251 3,199 Secured by residential 78,752 78,544 58,923 4,174 833 23,742 30,175 19,829 1- to 4-family residences 71,577 71,387 52,993 2,888 774 20,874 28,457 18,584 FHA insured 6,297 6,250 5,472 261 40 3,065 2,106 824 VA guaranteed 3,350 3,301 2,851 196 20 1,505 1,130 499 Other 61,930 61,836 44,669 2,431 714 16,304 25,221 17,260 Multifamily 7,175 7,157 5,930 1,286 59 2,868 1,717 1,245 FHA insured 1,064 1,046 954 179 28 491 256 110 Other 6,112 6,110 4,976 1,107 31 2,378 1,461 1,135 Secured by other properties 41,623 41,593 30,572 3,519 425 11,119 15,509 11,052 Loans to domestic and foreign banks 13,110 11,218 10,784 5,191 954 4,027 612 2,325 Loans to other financial institutions 33,567 33,418 31,997 11,881 4,509 12,956 2,651 1,570 Loans on securities to brokers and dealers 5,317 5,294 5,176 3,189 794 1,023 170 141 Other loans for purch./carry securities 4,217 4,175 3,533 623 338 1,597 974 684 Loans to farmers 18,444 18,423 10,885 140 222 2,622 7,901 7,558 Commercial and industrial loans 177,184 174,304 149,154 39,229 12,907 58,205 38,812 28,030 Loans to individuals 102,615 102,165 74,285 5,104 1,410 26,254 41,517 28,330 Instalment loans 78,947 78,565 56,485 2,874 735 20,051 32,825 22,462 Passenger automobilies 33,902 33,648 22,953 458 161 7,243 15,091 10,948 Residential-repair/moderize 5,151 5,142 3,788 197 38 1,522 2,030 1,363 Credit cards and related plans 9,458 9,458 8,408 969 299 4,703 2,436 1,050 Charge-account credit cards 7,017 7,016 6,322 689 272 3,541 1,820 694 Check and revolving credit plans 2,442 2,442 2,086 280 27 1,162 617 356 Other retail consumer goods 15,364 15,340 10,890 151 111 3,723 6,906 4,474 Mobile homes 8,847 8,845 6,399 76 57 2,261 4,004 2,448 Other 6,518 6,495 4,492 74 54 1,462 2,902 2,026 Other instalment loans 15,072 14,977 10,445 1,099 126 2,859 6,362 4,627 Single-payment loans to individuals 23,668 23,600 17,801 2,230 676 6,203 8,692 5,868 All other loans 13,479 13,288 12,109 3,428 1,107 5,144 2,430 1,370 Total loans and securities 719,173 709,904 550,717 93,621 30,008 203,707 223,381 168,456 Fised assets—Buildings, furniture, real estate 14,168 14,092 10,808 1,115 431 4,358 4,903 3,360 Investments in subsidiaries not consolidated 1,595 1,586 1,568 716 121 674 57 27 Customer acceptances outstanding 6,645 6,500 6,249 3,739 359 1,900 251 396 Other assets 16,688 16,367 14,216 3,539 771 6,537 3,368 2,472 Total assets 884,755 871,986 692,529 138,996 35,906 255,251 262,376 192,227 1 Member banks exclude and nonmember banks include two noninsured NOTE.—Data include consolidated reports, including figures for all trust companies that are members 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

JANUARY 1975 • COMMERCIAL BANKS A 19 LIABILITIES AND CAPITAL BY CLASS OF BANK, JUNE 30, 1974 (Amounts in millions of dollars) Member banks1 AAllll Insured Nonccoommmmeerrcciiaall commercial Large banks member bbaannkkss banks banks1 Total All other New York City of Other City Chicago large Demand deposits 302,816 299,114 239,480 60,522 9,014 81,359 88,585 63,337 Mutual savings banks 1,298 1,186 1,103 472 171 459 196 Other individuals, partnerships, and corporations . . 216,285 215,421 165,670 26,762 6,871 61,031 71,006 50,615 U.S. Government 8,367 8,355 6,624 882 226 2,893 2,622 1,743 States and political subdivisions 19,379 19,249 14,264 1,346 202 4,076 8,640 5,116 C C F B o e o a r r n m t e k i i m f s g i e n e i d n r c g a f i o a o n v l d r e e b r i o n a g f n n m f i k e c c s n e o r t i u n s s n ' , t c U c r h i e n e e n i s c t t k r e a d s l , S b et t a c a n te k s s , etc 3 1 6 4 1 5 , , , , 1 5 6 0 3 8 9 7 1 6 8 2 3 1 3 5 1 4 , , , , 5 7 5 0 6 3 8 2 2 4 6 0 3 1 2 5 1 2 , , , , 5 5 5 1 7 3 1 9 6 2 4 7 1 4 6 1 8 , , , , 5 3 3 8 5 3 6 0 3 2 7 7 1,3 2 1 3 3 2 1 5 5 7 7 9 2 , , 1 9 9 1 3 1 5 8 5 6 5 2 2 3 , , 4 2 1 9 4 1 3 0 8 8 2 2 , , 0 8 5 1 7 1 9 8 5 0 8 5 Time and savings deposits 440077,,556611 404,653 307,881 44,468 16,233 111,622 135,559 99,679 Savings deposits 113333,,112299 132,868 96,488 6,165 2,039 33,834 54,450 36,641 Accumulated for personal loan payments2 446600 457 330 63 267 130 Mutual savings banks 448866 465 456 275 32 129 20 30 Other individuals, partnerships, and corporations. . 220077,,333311 206,061 159,052 25,950 10,969 58,285 63,848 48,279 U.S. Government 444466 446 334 53 31 100 149 111 States and political subdivisions 4477,,771111 47,551 35,192 2,088 1,655 14,963 16,487 12,518 Foreign governments, central banks, etc 99,,558811 8,843 8,668 5,074 874 2,686 33 913 Commercial banks in United States 77,,550022 7,301 6,784 4,437 606 1,461 280 718 Banks in foreign countries 991155 661 578 426 27 100 25 338 Total deposits 710,377 703,767 547,361 104,990 25,247 192,980 224,144 163,016 Federal funds purchased and securities sold under agreements to repurchase 57,064 55,983 53,652 11,115 5,641 28,973 7,922 3,412 Other libilities for borrowed money 10,483 9,531 9,184 3,665 141 4,193 1,185 1,299 Mortgage indebtedness 1,192 1,188 1,002 78 5 386 533 189 Bank acceptances outstanding 6,916 6,761 6,509 3,980 362 1,914 253 407 Other liabilities 29,091 25,767 21,338 4,583 2,015 8,053 6,689 7,752 Total liabilities 815,123 802,997 639,046 128,411 33,410 236,499 240,726 176,076 Minority interest in consolidated subsidiaries 4 4 1 1 3 Total reserves on loans/securities 888,,,000000555 7,982 6,535 1,449 428 2,428 2,231 1,470 O Re th se er r v r e e s s e f r o v r e b s a o d n d l e o b a t n s s (IRS) 777,,,777 111 000 222 999 555 7,6 1 9 2 1 5 6,34 7 7 9 1,448 1 427 2,368 8 2,10 6 4 9 1,36 4 2 7 Reserves on securities 111777111 166 110 52 58 61 Total capital accounts 666111,,,666222333 61,003 46,946 9,136 2,068 16,323 19,418 14,677 Capital notes and debentures 444,,,333111000 4,203 3,419 752 57 1,682 929 891 Eq P u r i e ty f e c r a re p d i ta s l t ock 555777,,,333111 666 333 444 56,80 5 1 9 43,52 4 6 1 8,38 1 4 8 2,012 14,641 18,49 1 0 2 13,78 2 6 3 O C S U u o t n h r m d p e i l r m v u i c s o d a n e p d i s t t a p o l r c o r k f e i s t e s rves 222 1 1 1 1 1 1 444 777 444 ,,, ,,, ,,, 444 333 555 999 000 999 222 111 888 888 555 777 2 1 1 4 4 7 , , , 2 4 1 8 7 2 9 5 2 3 6 1 1 1 1 3 0 8 , , , 3 8 6 6 2 8 5 1 9 6 5 6 2 2 3 , , , 1 4 7 5 6 3 8 7 7 4 1,1 2 5 4 6 4 6 0 8 1 2 4 6 3 , , , 1 7 5 2 3 0 4 5 0 5 2 3 4 7 6 , , , 6 3 1 3 5 1 9 1 1 4 4 8 4 3 5 , , , 0 7 6 3 6 5 4 0 9 3 0 1 Total liabilities, reserves, minority interest, capital accounts 884,755 871,986 692,529 138,996 35,906 255,251 262,376 192,227 Demand deposits adjusted 3 207,657 205,072 149,611 19,051 5,569 50,155 74,837 58,046 Average total deposits (past 15 days) 693,902 687,496 532,535 96,854 24,780 189,299 221,602 161,366 Average total loans (past 15 days) 501,628 493,909 390,178 75,995 23,483 147,258 143,441 111,450 Selected ratios: Percentage of total assets Cash and balances with other banks 14.3 14.2 15.7 26.1 11.7 14.9 11.6 9. 1 To T ta r l A a S U d t s l . a l e i S n t c . o e g u s t T r h a i a r e t c e n i r c e a d s o t s r u u p h a r n o d e y t l l i i d n s t g i e c c a a u l c r c s it u o ie b u s d n i t v s i e si c o u n r s i ties 21 ^ ... . ... 222 4 444 7 21 . . . . . 4 2 6 7 1 19 . . . . . 1 6 2 9 6 1 1 1 0 . . . . 4 2 6 9 1 1 4 . . . . . 4 7 4 5 7 1 1 7 . . . . . 4 2 7 3 5 26.7 j 28.3 Bank investment portfolios 222000...777 20.9 18.6 9.4 13.2 16.2 26.6 28.3 A S U t l . a i S t . o e s t T h a r e e n r a d p s u p o r o r y t l f i o ti l c io al s s e u c b u d ri i t v i i e s s i ons 111 444 555 000 ... ... ... 111 888 888 1 4 5 1 . . . 1 9 0 1 3 5 0 . . . 4 1 2 2 5 1 . . . 7 0 7 2 7 3 . . . 7 5 0 9 2 4 . . . 4 5 3 1 7 5 4 . . . 2 4 1 1 8 6 3 . . . 4 7 2 Other loans and Federal funds sold 59.8 59.8 60.0 56.4 68,9 62.3 58,4 59.3 All other assets 4.4 4.4 4.7 6.6 4.7 5.3 3.3 3.3 Total loans and securities 81.3 81.4 79.5 67.4 83.6 79.8 85.1 87.6 Reserves for loans and securities .9 .9 .9 1.0 1.2 1.0 .9 .8 Equity capital—Total 6.5 6.5 6.3 6.0 5.6 5.7 7.0 7.2 Total capital accounts 7.0 7.0 6.8 6.6 5.8 6.4 7.4 7.6 Number of banks 14,337 14,108 5,761 13 9 156 5,583 8,576 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 WEEKLY REPORTING BANKS • JANUARY 1975 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. i 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 Agrimer- U.S. others Total and culcial Treas- Other indus- tural banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large banks— Total 1973 Dec. 5 363,957 15,410 13,770 1,127 350 163 263,541 108,205 3,426 760 5,340 144 2,825 12 366,009 13,951 12,252 1,119 41 169 265,395 108,481 3,482 902 6,091 150 2,820 1 9 368,678 15,015 13,614 819 410 172 267,921 109,398 3,492 1,020 5,574 148 2,820 26 374,535 18,248 14,433 3,118 509 188 270,602 110,121 3,547 1,739 6,228 153 2,799 1974 Nov. 6 399,607 18,050 15,035 1,409 774 832 298,241 129,265 828 4,045 2,614 13 403,173 19,800 15,914 2,344 741 801 298,960 129,104 1,742 3,830 2,622 2 0 400,599 17,426 14,258 1,432 920 816 298,800 129,179 1,946 3,778 2,611 27 399,895 17,473 14,340 1,398 885 850 298,712 129,639 633 4,104 94 2,587 Dec. 4* 406,143 19,979 15,172 2,660 1,178 969 301,397 130,047 3,677 2,251 4,339 2,595 11 P 405,624 18,877 15,357 1,519 1,169 832 300,334 130,072 3,674 1,060 4,254 2,571 18* 408,014 18,185 14,619 1,411 1,328 827 302,341 131,118 3,670 981 4,299 2,563 25 P 406,284 17,695 14,109 1,309 1,437 840 301,526 130,880 3,657 775 3,676 2,592 31 P (Tues). 409,352 19,400 15,076 1 ,861 1,542 921 303,239 131,535 3,712 788 4,135 2,578 New York City 1973 Dec. 5 79,386 1,439 1,398 62.091 31,084 111 671 3,077 647 1 2 80,632 1,164 1,134 62,795 30,928 125 764 3,776 638 1 9 81,081 1,354 1,323 63,530 31,238 127 901 3,250 647 2 6 83,249 2,213 2,163 64,990 31,439 131 1,598 3,890 633 1974 Nov. 6 91,882 1,537 1,374 112 46 75,431 39,423 124 752 2,847 550 2 1 0 3 9 9 2 2 , , 8 5 2 8 1 8 1 1 , , 3 1 3 3 5 0 1,1 9 7 7 6 9 1 9 0 9 2 4 5 7 2 7 7 6 6 , , 1 4 2 3 9 3 3 3 9 9 , ,4 5 8 4 1 6 1 1 2 2 0 0 1 1 , , 4 7 4 2 4 7 2 2 , , 6 5 3 0 9 7 5 5 4 5 6 3 27 92,441 1,746 1,526 100 100 75,919 39,909 119 562 2,785 538 Dec. 2 11 4 5 18 P P * * 9 9 9 9 3 5 4 4 , , , , 7 6 0 5 2 0 6 0 9 3 7 7 1 1 1 1 , , , , 6 4 3 6 1 5 6 0 3 5 8 6 1 1 1 1 , , , , 3 1 3 2 9 8 8 3 4 3 3 2 1 1 1 9 5 2 1 9 2 2 4 1 1 6 6 2 0 9 8 4 2 7 7 7 7 7 7 7 7 , , , , 5 0 6 3 2 7 2 9 8 8 0 5 4 4 4 3 0 0 0 9 . , , , 6 9 3 99 6 1 4 9 7 7 0 1 1 1 1 1 0 0 0 5 6 8 2 1,7 9 8 6 6 2 0 8 7 5 7 0 2 2 2 2 , , , , 9 4 9 9 5 3 5 7 9 7 6 6 5 5 5 5 3 4 3 5 8 9 6 5 31* (Tues). 95,430 2,000 1 ,727 48 225 78,426 41,384 115 641 2,853 541 Outside New York City 1973 Dec. 5 284,571 13,971 12,372 1,087 350 162 201,450 77,121 3,315 89 2,263 114 2,178 1 2 285,377 12,787 11,118 1,109 411 149 202,600 77,553 3,357 138 2,315 109 2,182 1 9 287,597 13,661 12,291 809 410 151 204,391 78,160 3,365 119 2,324 108 2,173 26 291,286 16,035 12,270 3,068 509 188 205,612 78,682 3,416 141 2,338 112 2, 166 1974 Nov. 6 307,725 16,513 13,661 1.297 769 786 222,810 89,842 76 1,198 2.064 13 310,585 18,670 14,935 2,245 736 754 222.831 89,623 298 1,191 2,069 2 0 307,778 16,091 13,082 1,330 915 764 222;367 89,633 219 1,271 2.065 27 307,454 15,727 12,814 1.298 865 750 222,793 89,730 71 1,319 2,049 Dec. 4p 312,076 18,526 13,940 2,508 1,178 900 223,819 90,048 484 1,380 2,046 11* 311,895 17,512 14,174 1,405 1,169 764 223,306 89,732 135 1,298 2,033 18* 312,411 16,567 13,225 1,289 1,328 725 224,646 90,451 174 1,323 2.027 25* 311,777 16,089 12,726 1 ,210 1,437 716 224,206 89,963 95 1,239 2,037 31* (Tues). 313,922 17,400 13,349 1,813 1,542 696 224,813 90,151 147 1,282 2,037 For notes see p. A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • 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 Certifestate 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 54,519 4,044 4,678 32,579 1,427 19,891 25,974 6,076 4,033 12,491 3,374 Dec. 5 54,773 4,056 4,883 32,693 1,538 19,998 26,201 6,452 4,174 12,216 3,359 12 54,950 4,090 5,101 32,835 1,589 20,495 25,441 5,764 4,013 12,199 3,465 19 54,997 4,103 5,170 32,942 1,580 20,575 25,527 5,779 4,109 12,228 3,411 26 1974 59,946 3,261 5,994 35,157 1,568 19,877 21,605 2,978 3,799 10,876 3,952 Nov. 6 60,051 3,295 6,083 35,011 1,598 20,226 21,948 3,473 3,656 10,868 3,951 13 60,126 3,237 6,149 34,965 1,618 19,662 22,726 3,310 3,562 11,806 4,048 20 60,026 3,367 6,171 34,988 1,622 19,861 21,951 2,754 3,469 11,908 3,820 27 60,042 3,306 6,262 34,882 1,570 20,195 23,002 3,692 3,529 11,867 3,914 Dec. 4* 60,197 3,344 6,238 34,926 1,611 19,764 23,671 4,412 3,538 11,840 3,881 11* 60,183 3,371 6,267 34,952 1,515 20,078 24,059 4,993 3,533 11,733 3,800 18* 60,224 3,364 6,313 35,004 1,458 20,537 23,863 4,846 3,531 11,716 3,770 25* 60,288 3,360 6,371 34,995 1,406 20,677 23,668 4,229 3,513 12,273 3,653 (Tues) 31* New York City 1973 6,287 1,698 2,085 2,446 701 4,484 5,869 2,162 783 1,769 1,155 Dec. 5 6,332 1,667 2,188 2,449 763 4,489 6,081 2,489 712 1,703 1,177 12 6,358 1,735 2,304 2,466 768 4,681 5,614 2,120 615 1,678 1,201 19 6,343 1,705 2,359 2,480 762 4,584 5,588 2,095 565 1,768 1,160 26 1974 7,350 1.564 2,847 2,637 861 4,295 4,435 876 338 1,825 1,396 Nov. 6 7,379 1,587 2,941 2,634 873 4,509 4,728 1,116 358 1,863 1,391 13 7,413 1.565 3,067 2,639 865 4,245 4,776 956 386 2,272 1,162 20 7,433 1,579 3,021 2,660 872 4,140 4,562 633 421 2,314 1,194 27 7,450 1,544 3,109 2,623 883 4,279 4,903 952 393 2,239 1,319 Dec. 4* 7,494 1,605 3,097 2,634 919 4,092 4,950 1,072 434 2,193 1,251 11* 7,473 1,665 3,119 2,630 835 4,187 5,472 1,654 403 2,169 1,246 18* 7,504 1,582 3,195 2,634 859 4,432 4,929 1,223 377 2,113 1,216 25* 7,507 1 ,596 3,225 2,632 828 4,608 4,408 562 306 2,402 1,138 (Tues) 31* Outside New York City 1973 48,232 2,346 2,593 30,133 726 15,407 20,105 3,914 3,250 10,722 2,219 Dec. 5 48,441 2,389 2,695 30,244 775 15,509 20,120 3,963 3,462 10,513 2,182 12 48,592 2,355 2,797 30,369 821 15,814 19,827 3,644 3,398 10,521 2,264 19 48,654 2,398 2,811 30,462 818 15,991 19,939 3,684 3,544 10,460 2,251 26 1974 52,596 1,697 3,147 32,520 707 15,582 17,170 2,102 3,461 9,051 2,556 Nov. 6 52,672 1,708 3,142 32,377 725 15,717 17,220 2,357 3,298 9,005 2,560 13 52,713 1,672 3,082 32,326 753 15,417 17,950 2,354 3,176 9,534 2,886 20 52,593 1,788 3,150 32,328 750 15,721 17,389 2,121 3,048 9,594 2,626 27 52,592 1,762 3,153 32,259 687 15,916 18,099 2,740 3,136 9,628 2,595 Dec. 4* 52,703 1,739 3,141 32,292 692 15,672 18,721 3,340 3,104 9,647 2,630 Hp 52,710 1,706 3,148 32,322 680 15,891 18,587 3,339 3,130 9,564 2,554 !.!.!.!!. .is* 52,720 1,782 3,118 32,370 599 16,105 18,934 3,623 3,154 9,603 2,554 25* 52,781 1,764 3,146 32,363 578 16,069 19,260 3,667 3,207 9,871 2,515 (Tues) 31* For notes see p. A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 WEEKLY REPORTING BANKS • JANUARY 1975 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest- Obligations Other bonds, items Re- Bal- ments of States corp. stocks, in serves Cur- ances in sub- Wednesday and and process with rency with sidiar- Other political securities of F.R. and do- ies not assets Total subdivisions collec- Banks coin mestic consoltion banks idated Tax Certif. war- All of All rants 3 other partici- others pation4 Large banks— Total 1973 Dec. 5 59,032 7,152 39,41 2,278 10,191 32,576 22,285 4,064 11,865 1,367 20,773 12 60,462 7,603 39,999 2,341 10,519 34,479 20,303 4,601 14,083 1,364 20,568 1 9 60,301 7,385 40,121 2,327 10,468 34,915 24,720 4,538 12,696 1,381 20,909 26 60,158 7,405 39,940 2,351 10,462 29,771 18,052 4,846 7,532 1,396 21,170 1974 Nov. 6 61,711 6,498 40,826 2,541 11,846 38,780 25,306 4,258 11,957 1,610 30,736 13 62,465 6,784 41,233 2,521 11,927 38,139 21,313 4,803 11,572 1.629 31,472 2 0 61,647 6,515 40,766 2,504 11,862 32,196 24,098 4,765 11,066 1,638 30,684 27 61,759 6,422 40,874 2.528 11,935 37,868 24,798 4,482 11,255 1,599 31,893 Dec. 4 p 61,765 6,560 40,622 2,589 11,994 33.788 19,483 4,525 11,799 1,604 32.585 1 11 8 * p 6 6 3 2 , , 4 7 2 4 9 2 6 6 , , 8 9 6 07 1 4 4 1 1 , , 0 5 2 2 5 8 2 2 , . 5 5 6 2 1 9 1 12 2 , , 5 2 1 4 1 9 3 34 3 , , 4 6 8 4 3 8 2 2 5 4, , 0 5 1 6 5 4 4 4, , 9 9 7 9 1 6 1 1 1 1 , ,1 1 6 76 2 1 1 .6 ,6 3 4 0 8 3 3 3 2 , , 1 2 1 2 2 8 25 * 63,200 6,733 41,278 2,561 12,628 35,248 24,337 4,886 11,241 1,680 32,675 31 P (Tues) 63,045 6,565 41,268 2,586 12,626 41.789 20,212 5,312 16,142 1,685 33.586 New York City 1973 Dec. 5 9,987 2,214 5,114 588 2,071 10,872 6,024 516 5,306 664 5,991 12 10,592 2,392 5,473 608 2,119 12,511 5,106 533 7,713 667 5,942 1 9 10,583 2,266 5,622 590 2,105 11,992 7,053 517 5,863 666 6,123 2 6 10,458 2,264 5,526 599 2,069 7,613 3,805 546 1,512 670 6,118 1974 Nov. 6 10,479 2,011 5,538 524 2,406 14,646 7,077 511 5,267 722 10,212 13 10,601 1,870 5,843 502 2,386 13,549 7,368 543 4,930 723 10,633 2 0 10,277 1,843 5,652 501 2,281 10,790 6,619 531 5,327 724 9,930 27 10,214 1,813 5,586 512 2,303 14,828 6,376 474 4,901 726 10,649 Dec. 4 p 10,133 1,847 5,478 510 2,298 10,906 6,328 533 4,383 725 11,194 11* 10,386 1,933 5,547 511 2,395 12,691 7,300 557 4,738 730 11,610 18 p 10,818 2,156 5,797 491 2,374 12,409 7,481 571 4,472 730 11,185 25* 10,652 2,064 5,630 522 2,436 10,557 7,591 536 4,107 748 11,134 31* (Tues) 10,596 2,006 5,617 521 2,452 14,437 4,637 578 7,694 748 11,869 Outside New York City 1973 Dec. 5 49,045 4,938 34,297 1,690 8,120 21,704 16,261 3,548 6,559 703 14,782 12 49,870 5,211 34,526 1,733 8,400 21,968 15,197 4,068 6,370 697 14,626 1 9 49,71 5,119 34,499 1,737 8,363 22,923 17,667 4,021 6,833 715 14,786 26 49,700 5,141 34,414 1,752 8,393 22,158 14,247 4,300 6,020 726 15,052 1974 Nov. 6 51,232 4,487 35,288 2,017 9,440 24,134 18,229 3,747 6,690 20,524 13 51,864 4,914 35,390 2,019 9,541 24,590 13,945 4,260 6,642 906 20,839 2 0 51,370 4,672 35,114 2,003 9,581 21,406 17,479 4,234 5,739 914 20,754 27 51,545 4,609 35,288 2,016 9,632 23,040 18,422 4,008 6,354 873 21,244 Dec. 4 p 51,632 4,713 35,144 2,079 9,696 22,882 13,155 3,992 7,416 879 21,391 11* 52,356 4,974 35,478 2,050 9,854 20,957 16,715 4,414 6,438 900 21,502 18* 52,611 4,705 35,731 2.038 10,137 22,074 18,083 4,425 6,690 918 21,043 25* 52,548 4,669 35,648 2.039 10,192 24,691 16,746 4,350 7,134 932 21,541 31* (Tues) 52,449 4,559 35,651 2,065 10,174 27,352 15,575 4,734 8,448 937 21,717 For notes see page A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • 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 Dopolit- fied polit- mes- For- Total IPC s i u ca b l - G U o . v S t . . Com- Mutual Com- o a f n f d i- Total6 s i u ca b l - in t t i e c r - go e v ig t n s .2 divi- mer- sav- Govts., mer- cers' Sav- Other divi- bank sions cial ings etc. 2 cial checks ings sions banks Large banks— Total 1973 159,314 113,193 6,406 2,449 23,532 683 1,164 4,155 7,732 186,071 56,383 93,822 21,617 5,690 7,973 Dec. 5 163,856 115,463 6,416 1,503 25,090 623 1,246 4,151 9,364 187,609 56.304 94,678 22,250 5,521 8,302 12 167,002 116,870 6,390 5,600 23,278 670 1,163 4,180 8,851 187,036 56,241 93,738 22,769 5,538 8,319 19 161,824 121,364 6,714 5,152 16,767 639 1,024 4,670 5,494 188,273 56.305 94,858 22,738 5,643 8,295 26 1974 166,316 117,445 5,942 2,225 26,133 807 1,174 4,949 7,641 219,310 57,586 117,621 24,112 7,252 10,859 Nov. 6 164,764 120,705 5,931 1,473 22,779 723 1,250 5,131 6,772 219,194 57,661 117,386 24,026 7,216 11,051 13 158,343 114,822 6,180 2,260 21,752 571 1,072 5,340 6,346 218,345 57,765 116,840 23,822 7,162 10,868 20 165,295 118,647 6,046 1,852 24,901 573 1,055 5,114 7,107 218,965 57,809 117,605 23,715 7,272 10,600 27 164,190 118,105 6,071 2,213 24,565 659 1,245 5,301 6,301 219,316 57,920 117,919 23,713 7,373 10,458 Dec. 4p 1 1 6 6 2 6 , , 8 7 7 9 6 0 1 1 1 1 9 8 , , 1 1 5 4 1 0 6 6 , , 1 2 8 0 1 4 3 1 , , 6 4 1 9 9 6 2 2 3 2 , , 3 1 2 1 9 6 7 6 3 1 8 0 1 1 , , 3 5 1 2 3 9 5 5 , , 3 3 9 7 1 7 7 6 , , 5 9 0 7 1 1 2 2 2 2 1 4 , , 7 1 0 0 5 4 5 5 7 7 , , 8 9 9 1 0 6 1 1 1 2 9 0 , , 2 2 8 6 8 0 2 2 4 4 , , 0 78 1 5 2 7 7 , , 6 7 9 6 8 2 1 1 0 1 , , 8 3 4 4 3 6 '.'.'.I'.'.'.'.' . . . '. A .. \P .1 8? 163,663 119,774 6,331 2,327 22,738 655 1,273 5,425 5,140 225,947 57,947 121,066 25,236 8,076 11,631 25 p 183,505 128,181 6,848 1,565 31,563 930 1,755 6,214 6,449 227,608 58,355 122,236 25,144 8,151 11,722 (Tues) 31 p New York City 1973 44,601 23,794 443 558 11,283 367 966 3,158 4,032 34,682 4,965 19,599 2,156 3,936 3,933 ...Dec. 5 48,456 24,722 338 206 13,305 308 1,059 3,084 5,434 34,995 4,958 19,993 2,110 3,736 4,104 12 47,368 24,812 360 1,510 11,399 368 973 3,060 4,886 34,445 4,949 19,336 2,210 3,733 4,144 19 40,692 27,034 513 1,176 5,144 350 825 3,554 2,096 34,475 4,958 19,407 2,131 3,722 4,179 26 1974 49,574 26,943 274 475 13,056 414 983 3,691 3,738 46,386 4,967 27,657 1,874 4,100 6,453 Nov. 6 47,283 27,792 342 168 10,473 386 1,028 3,802 3,292 46,186 4,991 27,340 1,900 4,090 6,539 13 44,481 25,207 303 397 10,299 271 887 4,061 3,056 45,786 4,999 27,186 1,833 4,020 6,414 20 49,150 26,544 338 273 13,475 289 869 3,828 3,534 46,413 4,994 27,710 1,844 4,136 6,303 27 4 4 6 7 , , 5 3 4 0 9 6 2 2 6 6 , , 0 7 8 5 1 9 3 3 2 1 7 2 3 23 7 1 5 1 1 1 0 , , 9 6 0 0 1 9 4 34 4 1 0 1 1, , 0 0 9 0 9 3 4 4 , . 0 0 7 3 6 4 2 3 , , 4 7 8 8 7 0 4 4 6 7 , , 6 2 9 0 9 6 4 4 . . 9 9 9 9 4 3 2 2 8 8 , , 0 3 5 6 1 7 1 1 , ,8 7 1 6 5 8 4 4 , , 1 2 7 5 4 9 6 6 , , 2 41 8 2 2 Dec. ll 4 f p 48,864 27,293 379 677 11,395 327 1,300 4,010 3,483 47,950 4,987 28,619 1,743 4,219 6,922 18 p 45,235 26,509 455 271 10,445 394 981 4.035 2,145 48,320 4,999 28,607 1,732 4,341 7,157 25 p 54,349 29,924 470 147 14,684 545 1,433 4,510 2,636 49,275 5,071 29,467 1,667 4,329 7,233 (Tues) 31 p Outside New York City 1973 114,713 89,399 5,963 1,891 12,249 316 198 997 3,700 151,389 51,418 74,223 19,461 1,754 4,040 Dec. 5 115,400 90,741 6,078 1,297 11,785 315 187 1,067 3,930 152,614 51.346 74,685 20,140 1 ,785 4,198 12 119,634 92,058 6,030 4,090 11,879 302 190 1,120 3,965 152,591 51,292 74,402 20,559 1 ,805 4,175 19 121,132 94,330 6,201 3,976 11,623 289 199 1,116 3,398 153,798 51.347 75,451 20,607 1 ,921 4,116 26 1974 116,742 90,502 5,668 1,750 13,077 393 191 1,258 3,903 172,924 52,619 89,964 22,238 3,152 4,406 Nov. 6 117,481 92,913 5,589 1,305 12,306 337 222 1,329 3,480 173,008 52,670 90,046 22,126 3,126 4,512 13 113,862 89,615 5,877 1,863 11,453 300 185 1,279 3,290 172,559 52,766 89,654 21,989 3,142 4,454 20 116,145 92,103 5,708 1,579 11,426 284 186 1,286 3,573 172,552 52,815 89,895 21,871 3,136 4,297 27 117,641 92,024 5,744 1,838 12,664 318 242 1,267 3,544 172,617 52,927 89,868 21,898 3,199 4,176 Dec, 4 p 115,570 91,381 5,869 1,265 11,507 298 214 1,315 3,721 174,499 52,896 90,921 22,244 3,439 4,431 11** 117,926 91,858 5,825 2,942 11,934 283 229 1,367 3,488 176,154 52,929 91,641 23,042 3,543 4,424 18p 118,428 93,265 5,876 2,056 12,293 261 292 1,390 2,995 177,627 52,948 92,459 23,504 3,735 4,474 25* 129,156 98,257 6,378 1,418 16,879 385 322 1,704 3,813 178,333 53,284 92,769 23,477 3,822 4,489 (Tues) 31 p For notes see p. A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 WEEKLY REPORTING BANKS • JANUARY 1975 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 11 ties of pur- F.R. ties, Secur- loans invest- mand banks chased, Banks Others etc. 8 Loans ities (gross) ments deposits to etc. 7 ad- (gross) ad- Issued Issued their justed 9 ad- justed io Total to to foreign justed 9 IPC's others branches Large banks— Total 1973 Dec. 5 50,823 370 5,818 18,227 4,615 31,584 261,137 346,143 100,757 63,429 42,194 21,235 12 48,232 1,350 5,795 18,344 4,585 31,571 263,038 349,701 102,784 64,442 43,044 21,398 1 9 52,215 1,267 5,588 18,596 4,547 31,520 265,232 350,974 103,209 63,366 41,999 21,367 26 47,759 274 5,274 17,759 4,513 31,560 270,314 355,999 110,134 64,391 42,987 21,404 1974 Nov. 6 55,887 476 5,176 25,843 5,193 33,989 297,995 381,311 99,178 87,088 60,184 26,904 13 57,545 311 5,054 26,028 5,190 33,952 299,551 383,964 102,373 87,146 59,959 27,187 2 0 55,196 2,243 4,983 26,789 5,196 33, r~ 298,731 383,104 102,135 86,320 59,403 26,917 27. 55,122 1,456 4,892 26,989 5,209 33,800 298,478 382,188 100,674 87,351 60,374 26,977 Dec. 4 * 53,828 122 4,896 28,187 5,234 34,076 302,898 387,665 103,624 88,035 60,790 27,245 11* 56,532 926 4,886 27,836 5,222 34,131 300,510 386,923 105,616 89,823 61,997 27,826 18* 54,315 1,093 4,616 27,866 5,196 34,049 302,536 390,024 105,359 91,017 62,773 28,244 25* 53,992 207 4,557 28,656 5,144 34,123 301,748 388,811 103,350 92,387 63,463 28,924 31* (Tues) 44,733 152 4,723 28,021 5,025 34,252 304,203 390,916 108,588 93,339 64,002 29,337 New York City 1973 Dec. 5 11,544 2,819 5,706 1,321 ,086 60,434 76,290 21,888 20,510 12,827 7,683 12 10,715 715 2,950 5,870 1,306 ,097 61,158 77,831 22,434 20,871 13,184 7,687 1 9 13,311 90 2,834 5,879 1,289 ,079 61,826 78,023 22,467 20,377 12,585 7,792 26 10,900 2,536 5,571 1,273 ,066 63,335 79,381 26,759 20,436 12,708 7,728 1974 Nov. 6 13,528 2,030 8,482 1.432 ,885 74,030 88,944 21,397 29,532 19,858 9,674 13 16,100 2,019 8,432 1.427 ,887 74,693 90,022 23,093 29,310 19,499 9,811 2 0 13,962 1,340 1,961 8,905 1.428 ,879 75,027 90,080 22,995 28,901 19,345 9,556 27 13,201 575 2,035 8,701 1,447 ,873 74,560 89,336 20,574 29,777 20,017 9,760 Dec. 4* 13,301 1,938 9,264 1,465 ,920 76,255 91,291 23,367 30,133 20,198 9,935 1181** 1 1 5 4 , , 0 4 4 2 7 2 260 1 1 , , 6 9 8 30 6 9 9 , , 2 1 1 5 1 1 1 1 , , 4 4 5 4 2 3 , ,9 9 3 4 5 3 7 7 5 6 , , 6 2 0 5 5 4 9 9 0 2 , , 9 5 4 4 1 4 2 2 3 4 , , 7 3 7 8 5 3 3 31 0 , , 2 6 7 7 1 5 2 20 0 , , 8 5 0 2 5 6 1 1 0 0 , , 1 4 4 6 9 6 25* 13,599 1,695 9,977 1.433 ,921 75,961 91,542 23,962 31,707 20,857 10,850 31* (Tues) 9,863 1,626 9,910 1,356 ,939 77,103 92,107 25,081 32,245 21 ,514 10,731 Outside New York City 1973 Dec. 5 39,279 370 2,999 12,521 3,294 23,498 200,703 269,853 78,869 42,919 29,367 13,552 12 37,517 635 2,845 12,474 3,279 23,474 201,880 271,870 80,350 43,571 29,860 13,711 1 9 38,904 1,177 2,754 12,717 3,258 23,441 203,406 272,951 80,742 42,989 29,414 13,575 26 36,859 274 2,738 12,188 3,240 23,494 206,979 276,618 83,375 43,955 30,279 13,676 1974 Nov. 6 42,359 476 3,146 17,361 3.761 25,104 223,965 292,367 77,781 57,556 40,326 17,230 13 41,445 311 3,035 17,596 3,763 25,065 224,858 293,942 79,280 57,836 40,460 17,376 2 0 41,234 903 3,022 17,884 3.768 25,009 223,704 293,024 79,140 57,419 40,058 17,361 27 41,921 881 2,857 18,288 3.762 24,927 223,918 292,852 80,100 57,574 40,357 17,217 Dec. 4* 40,527 122 2,958 18,923 3.769 25,156 226,643 296,374 80,257 57,902 40,592 17,310 1HP8 *!..!! 4 3 1 9 , , 4 8 8 9 5 3 1,0 6 9 6 3 6 2 2 , , 9 9 5 3 6 0 1 18 8 , , 7 6 1 2 5 5 3 3 . , 7 7 7 5 0 3 2 25 5 , , 1 1 1 8 4 8 2 2 2 2 4 6 , , 9 2 0 8 5 2 2 2 9 9 5 7 , , 9 4 8 8 2 0 8 8 1 0 , , 8 9 4 7 1 6 5 5 9 9 , , 1 7 4 4 8 6 4 4 1 1 , , 4 9 7 6 1 8 1 1 7 7 , ,6 7 7 7 7 8 25* 40,393 207 2,862 18,679 3,711 25,202 225,787 297,269 79,388 60,680 42,606 18,074 31* (Tues) 34,870 77 3,097 18,111 3,669 25,313 227,100 298,809 83,507 61,094 42,488 18,606 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. i o All demand deposits except U.S. Govt, and domestic commercial s Includes corporate stocks. banks, less cash items in process of collection. <> Includes U.S. Govt, and foreign bank deposits, not shown separately. ** Certificates of deposit issued in denominations of $100,000 or more. ? Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • BUSINESS LOANS OF BANKS A 25 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1974 1974 1974 1974 IIInnnddduuussstttrrryyy Dec. Dec. Dec. Dec. Dec. 2nd 1st 31 25 18 11 4 Dec. Nov. Oct. IV III II half half (Tues.) Durable goods manufacturing: 2,003 1,973 1,925 1,916 1,931 38 64 -57 45 63 -23 108 56 T M O O r t t a a h h c n e e h r s r i p n f d o a e u r b r r t y r a a i b t c i l a o e t n e g d e o q m o u d e i s t p a m l e p n r t oducts... 8 2 4 3 , , , , 9 7 8 7 2 9 9 8 3 0 3 4 9 2 4 3 , , . , 1 9 7 9 3 2 8 5 1 2 8 3 9 2 4 3 , , . , 1 9 9 8 8 7 6 1 7 5 6 3 9 2 3 5 , , , , 0 9 6 0 6 3 6 3 3 5 4 4 8 2 3 5 , , , , 8 9 5 0 7 5 1 1 2 2 6 3 - 3 3 - 8 3 0 0 2 9 7 -1 - - 1 4 2 0 4 0 6 4 5 -1 - - 6 6 8 7 0 3 9 2 - -1 1 2 3 7 6 6 4 1 7 3 1 2 3 3 5 4 5 4 1 9 3 0 2 2 7 2 5 2 7 3 6 9 9 6 0 6 6 3 1 8 8 4 2 1 6 1 1,8 9 5 5 4 0 0 8 8 9 3 7 No T F n e o d x o u t d i r l , a e b l s i , l q e a u p g o p o r, a o r a d e n s l d , m a t n a o d n b u a l f c e a c a c o t t h u e r r ing: 4 2 3 , , , 9 2 5 7 4 2 8 2 2 4 2 3 , , , 8 0 6 7 5 3 7 2 7 4 3 1 , , , 7 7 9 7 1 9 3 2 7 4 3 1 , , , 6 7 9 1 5 7 7 0 6 4 2 3 , , , 5 7 0 9 9 0 7 9 5 -1 3 1 9 1 0 4 3 5 -1 1 4 3 3 2 2 5 -2 1 - 4 8 2 7 3 -5 4 2 8 4 6 3 0 0 4 5 1 9 0 0 4 0 7 -3 3 4 3 6 4 9 7 -4 9 7 7 4 5 6 0 4 - -1 2 9 0 2 0 8 0 9 3,374 3,426 3,457 3,318 3,266 136 -100 -47 -11 311 355 300 610 Other nondurable goods 2,513 2,557 2,558 2,495 2,454 106 -46 -144 -84 158 222 74 338 T M r i a n d i a n e n : g d , C o n in a m c t m u lu r o a d d l i n i g t g y a s d cr e u a d le e r s petroleum 4 2 6 , , , 9 0 7 8 8 4 9 0 7 4 6 1 . , . 8 6 9 4 2 5 5 1 4 4 2 6 , , , 9 0 4 1 3 9 2 7 3 4 2 6 , , , 8 4 1 9 9 0 3 1 0 4 2 6 , , , 1 8 5 0 6 2 1 5 2 -18 4 5 1 3 6 3 1 1 7 6 5 2 6 5 3 1 8 3 5 9 1 5 2 3 5 4 6 8 2 4 0 -1 2 1 9 9 3 5 0 5 -6 3 3 6 7 0 4 5 6 3 3 5 8 7 4 5 7 -2 3 8 7 2 8 3 9 7 6,746 6,894 7,208 7,230 7,169 -411 156 196 -59 -219 557 -278 1,099 6,359 6,233 6,152 6,139 6,090 145 -20 -17 108 22 34 130 139 2,478 2,269 2,283 2.223 2,212 49 22 -211 -140 -92 326 -232 475 Other public utilities 8 6, , 1 6 7 2 2 4 8 6 , , 3 2 8 2 3 0 8 6 , , 2 28 5 9 2 8 6, . 3 2 4 2 8 4 8 6, , 3 2 3 1 9 3 -1 3 7 3 5 8 32 5 0 1 - - 2 1 8 0 4 0 -2 3 2 7 4 4 1,0 2 8 3 8 4 1,3 6 3 2 5 3 1,46 1 2 0 1,0 6 4 5 4 7 All other domestic loans 1 9 1 1 , , , 9 6 9 7 6 6 0 0 5 1 9 1 1 . , , 8 9 6 4 4 3 6 8 5 1 9 1 1 . , , 9 9 5 6 2 8 7 9 6 1 9 1 1 , . , 9 8 6 9 9 4 5 8 3 1 1 1 1 0 , , , 7 1 8 5 3 9 9 1 2 -1 1 - 2 7 3 3 4 - 1 2 8 8 9 1 2 1 5 2 0 2 6 1 2 1 1 8 6 0 3 1 1 -3 3 1 6 5 3 5 7 7 4 5 3 0 8 7 5 1 6 - 2 4 8 9 5 2 8 8 1,1 4 5 1 4 9 7 3 4 Foreign commercial and industrial 4,128 4,144 4,214 4,226 4,215 -124 -116 -92 -332 -208 506 -540 611 Total classified loans 110,940 110,308 110,685 110,178 109,913 779 1,186 -174 1,791 4,271 6,972 6,062 12,554 Total o c f o l m ar m ge e r c c o i m al m a e n r d c i i a n l d u b s a t n ri k a s l loans 131,535 130,880 131,118 130,072 130,047 1,241 1,296 -169 2,368 4,809 7,718 7,177 13,582 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1974 1974 1973 1974 IIInnnddduuussstttrrryyy Nov. Oct. Sept. Aug. July June May Apr. Mar. 1st 27 30 r 25 28 31 26 29 24 27 III II I IV half Durable goods manufacturing: 1 ,176 1,107 1,133 1,104 1,116 1,105 1,111 1,083 1,064 28 41 -40 -203 T M r a a c n h s i p n o e r r t y a tion equipment. 4 1 , , 0 5 4 8 9 6 3 1 , , 9 5 7 7 0 0 3 1 , , 8 5 9 3 6 5 3 1 . , 7 4 8 1 9 9 3 1 , , 5 3 7 7 2 3 3 1 , , 2 4 8 1 6 0 3 1 , , 2 4 1 2 3 4 3 1 , , 1 4 4 2 5 3 3 1 , , 1 3 1 6 4 5 6 1 1 2 0 5 1 4 7 5 2 24 8 8 1 18 1 6 8 4 1 2 2 0 6 O O t t p h h r e e o r r d d u u f c r a t a s b b r l i e c a g t o ed o ds metal 2 1 , , 3 1 6 1 1 3 2 1 . , 3 0 3 9 9 3 2 1 , , 2 0 6 6 8 6 2 1 , , 1 0 9 0 8 0 2,1 9 6 9 9 6 2,1 9 0 5 7 4 2,0 9 1 6 2 0 1,9 9 7 3 2 4 1,9 9 1 1 5 1 1 1 1 6 2 1 1 4 9 3 2 14 1 3 7 -1 2 6 3 3 6 3 0 5 Nondurable goods manufac- Fo t o u d r , i n l g iq : u or, and tobacco. 1,674 1,661 1,649 1,604 1,604 1,571 1,584 1,533 1,529 78 42 38 14 80 T C P O e e h t l x t h e e r t e m o a i r l t l i e h e c n s u e a , o r m l n s d r a a u e n p r f d a i p n b a r i l r u n e e g b l , g b e o r o d an s. d . 1 1 1 1 , , , , 1 2 8 1 7 7 1 7 9 2 8 0 1 1 1 1 , , , , 1 2 1 8 8 0 8 2 7 8 7 0 1 1 1 1 , , , , 7 0 2 1 7 5 9 0 8 1 7 4 1 1 1 1 , , , . 1 0 1 7 7 8 4 9 1 9 8 0 1 1 1 , , , 1 1 7 9 4 8 6 9 9 2 0 6 1 1 1, , , 1 1 7 9 7 2 3 6 1 8 7 3 1 1 1 , , , 1 1 6 9 5 8 2 5 7 6 0 4 1 1 1 , , , 1 1 6 9 4 4 9 3 5 7 0 4 1 1 1 , , , 0 1 6 9 8 3 0 4 9 9 3 5 1 4 2 3 3 1 3 3 4 1 3 3 3 1 9 2 4 8 4 8 5 1 2 6 7 2 - -1 2 1 8 5 9 3 1 1 3 8 2 7 0 9 5 6 T M r i a n d i t n e r : g o , C l O R e i o e t u n h m t m c a e l m i r u l a d o w n i d d n h i g o t n y l a e c t s r d u a u e r l d e a a e l l e g p r a e s - s . . . 2 4 3 1 , , , , 6 3 4 6 1 3 0 7 2 7 1 2 9 0 1 2 3 4 1 , , , , 5 4 3 4 1 6 7 7 8 5 8 8 0 8 7 2 4 3 1 . , , , 3 3 5 4 1 3 4 2 4 3 9 9 7 9 9 2 4 3 1 , , , , 5 3 3 4 1 2 1 2 1 6 9 9 2 9 6 2 3 4 1 , , , , 5 3 1 4 1 1 5 9 4 5 2 3 7 6 5 2 4 3 1 , , , , 4 4 1 4 1 2 2 3 0 4 8 5 0 6 1 4 2 3 1 , , , , 5 4 1 4 1 1 7 7 0 4 4 4 2 4 4 2 4 3 1 , , , , 5 4 2 3 1 8 4 1 3 4 4 3 4 5 4 2 4 3 1 , , , , 4 4 2 3 1 1 8 4 2 4 7 0 5 3 0 - 2 - 7 2 0 4 9 6 9 3 9 -1 -5 1 8 2 5 3 8 1 2 2 1 8 7 9 3 1 7 4 7 3 3 -3 4 5 1 1 2 1 9 1 2 2 2 1 1 2 1 0 7 1 2 6 5 2 4 C C O S A e o o t l r l h n m v e o s i m r c t t h r e p u u s e u n r c b i t d c i l o i a o c n t m i u o e t n s i l t i i t c i e l s o ans .... 2 3 5 1 3 , , , , , 2 9 4 0 2 8 8 1 7 5 1 7 7 6 5 2 5 3 1 3 , . , , , 2 3 0 8 2 3 4 4 1 1 7 7 0 5 0 2 3 3 5 1 , , , . , 2 6 1 0 3 7 7 2 2 5 2 2 9 2 0 2 3 3 5 1 , , , , , 2 6 0 3 0 1 6 0 2 7 8 4 1 1 4 2 3 3 5 1 , , , , , 1 5 0 2 0 8 3 5 7 3 3 9 8 5 0 2 3 5 3 1 , , , , , 1 4 2 0 0 3 4 7 1 3 0 3 3 7 0 3 5 2 1 1 , , , , , 3 2 0 9 9 5 3 6 4 8 6 3 3 5 4 3 2 5 1 , , , , 1 9 2 9 9 9 3 2 0 7 6 5 3 8 8 2 3 5 1 , , , , 8 1 0 8 9 0 5 7 9 6 8 4 6 8 6 2 1 1 2 7 4 0 9 7 2 5 2 2 2 1 3 8 0 6 9 2 9 9 4 7 - 2 1 - 9 7 0 2 0 8 6 7 6 - 4 3 8 1 3 1 7 6 0 2 7 2 2 4 1 1 2 2 1 9 7 4 5 5 1 0 Forei d g u n s t c ri o a m l m lo e a r n c s i al and in- 2,473 2,487 2,401 2,500 2,565 2,548 2,396 2,369 2,350 -147 198 16 148 214 Total loans 48,090 47,339 46,426 45,845 45,230 44,403 43,906 43,335 42,531 2,023 1,872 1,738 918 3,610 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 grantea ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on wnicn tne and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess ot i 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 • JANUARY 1975 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holdei 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 insured commercial banks: 1970—Sept 17.0 88.0 51.4 1.4 10.0 167.9 Dec 17.3 92.7 53.6 1.3 10.3 175.1 1971 Mar 18.3 86.3 54.4 1.4 10.5 170.9 18.1 89.6 56.2 1.3 10.5 175.8 Sept 17.9 91.5 57.5 1.2 9.7 177.9 Dec 18.5 98.4 58.6 1.3 10.7 187.5 1972 June 17.9 97.6 60.5 1.4 11.0 188.4 Sept 18.0 101.5 63.1 1.4 11.4 195.4 Dec 18.9 109.9 65.4 1.5 12.3 208.0 1973—Mar 18.6 102.8 65.1 1.7 11.8 200.0 June 18.6 106.6 67.3 2.0 11.8 206.3 Sept 18.8 108.3 69.1 2.1 11.9 210.3 Dec 19.1 116.2 70.1 2.4 12.4 220.1 1974—Mar 18.9 108.4 70.6 2.3 11.0 211.2 June 18.2 112.1 71.4 2.2 11.1 215.0 Sept 17.9 114.2 72.1 2.1 11.0 217.2 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—Sept 14.5 60.6 27.2 1.9 6.5 110.8 Oct 15.0 61.7 27.3 2.0 6.6 112.5 14.8 62.9 27.5 2.1 6.7 113.9 Dec 14.9 66.2 28.0 2.2 6.8 118.1 1974—Jan 15.2 63.8 28.4 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 May 14.2 62.3 28.0 2.1 6.1 112.7 June 14.1 63.4 28.1 2.0 6.3 113.9 July 14.4 63.5 28.5 2.1 6.5 115.1 Aug 14.1 62.6 28.0 1.9 5.8 112.5 Sept 13.9 64.4 28.4 2.0 6.3 115.0 Oct 14.6 64.6 28.2 2.0 6.4 115.8 Nov.* 14.5 65.6 29.0 2.1 6.6 117.7 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, Apr. 24, June 30, Class of Dec. 31, Dec. 31, Apr. 24, bank 1972 1973 1974 1974 bank 1972 1973 1974 All commercial.... 559 507 460 All member—Cont. Insured 554 503 478 457 Other large banks 1 69 58 62 National member 311 288 282 265 All other member 1 313 294 284 State member.... 71 64 64 65 All nonmember 177 155 All member 381 352 346 330 Insured 172 152 131 Noninsured 5 3 i 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 deposits" 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

JANUARY 1975 • LOAN SALES BY BANKS; OPEN MARKET PAPER A 27 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To selected related institutions 1 By type of loan Date Total Commercial Real All and estate other industrial 1974—Sept. 4 5,336 2,875 187 2,274 11 5,348 2,902 185 2,261 18 5,248 2,826 178 2,244 25 5,282 2,830 178 2,274 Oct. 2 5,277 2,867 179 2,231 9 5,321 2,845 181 2,295 16 5,168 2,793 178 2,197 23 5,157 2,780 175 2,202 3 0 5,192 2,768 178 2,246 182 1 To bank's own foreign branches, nonconsolidated non- Nov. 2 13 6 0 5 5 5 , . . 0 1 1 6 6 7 8 9 7 2 2 2 , , ,7 7 7 8 5 7 6 9 6 1 1 1 8 8 8 6 6 2 2 2 2 , , , 2 1 2 0 3 1 0 1 2 bank affiliates of the bank, the bank's holding company (if 27 4,920 2,740 1,994 not a bank), and nonconsolidated nonbank subsidiaries of the holding company. Dec. 4 4,789 2,676 187 1,926 NOTE.—Series changed on Aug. 28,1974. For a comparison 11 4,765 2,679 191 1,895 of the old and new data for that date, see p. 741 of the Oct. 18 4,837 2,756 191 1 ,890 1974 BULLETIN. Revised figures received since Oct. 1974 25 4,901 2,898 190 1 ,813 that affect that comparison are shown in note 2 to this table 31 (Tuesday) 4,812 2,835 193 1 ,784 in the Dec. 1974 BULLETIN, p. A 27. COMMERCIAL PAPER AND BANKERS ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial paper Dollar acceptances Financial Bank-related 5 Held by- Based on— End companies1 of Nonperiod All finan- Accepting banks F.R. Banks issuers cial Total Im- Ex- Dealer- Di- com- Dealer- Di- Others ports ports All placed 2 rectly- panies4 placed rectly- For- into from other placed 3 placed Total Own Bills Own eign United United bills bought acct. corr. States States 1 1 9 9 6 6 7 6 1 1 3 7 , ,0 64 8 5 5 2 2, . 7 3 9 32 0 1 1 0 2, ,5 18 56 4 2,1 7 1 5 1 7 3 4 , , 6 3 0 17 3 1 1, , 9 19 0 8 6 1,4 9 4 8 7 3 2 45 15 9 1 1 9 6 3 4 1 1 9 56 1 2 2, , 0 0 9 2 0 2 1,0 9 8 97 6 9 8 8 29 9 2 1, , 7 24 78 1 196 8 21,173 4,427 13,972 2,774 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 1 1 9 9 7 6 9 0 3 3 2 3, ,6 0 0 71 0 6 5, ,5 5 0 14 3 2 2 0 0 , , 7 4 4 2 1 4 5 7 , , 3 13 5 3 6 1,1 3 6 52 0 3 1, , 9 1 9 34 7 5 7, , 0 45 5 1 8 2 1, ,6 56 9 7 4 1 1 , , 9 3 6 18 0 7 24 35 9 5 6 7 4 2 14 50 6 4 3, , 6 0 7 5 4 7 2 1, ,6 8 0 S9 1 1 1, , 5 1 6 53 1 2 2, , 8 40 95 8 1 19 9 7 7 2 1 3 3 2 4 , , 1 7 2 2 6 1 5 5 , , 2 6 9 55 7 2 2 0 2, , 0 5 9 8 8 2 6 6, , 9 24 6 7 8 1,252246 1 1 , , 4 4 4 11 9 7 6 , , 8 8 8 9 9 8 2 3, , 4 70 80 6 2 2 , , 6 0 8 0 9 6 7 70 91 0 2 1 6 0 1 6 2 17 5 9 4 3 3 , , 8 9 9 0 4 7 2 2 , , 8 5 3 3 4 1 1 1, , 9 5 0 46 9 2 3, , 5 4 0 58 9 1973-Oct.. 41,602 5,928 27,688 7,986 2,035 2,833 8,237 2,042 1,731 311 107 589 5,499 2,345 3,222 2,670 Nov.. 42,945 5,811 27,977 9,157 1,951 3,021 8,493 2,566 2,129 437 71 604 5,252 2,320 3,340 2,833 Dec.. 41,073 5,487 27,204 8,382 1,938 2,943 8,892 2,837 2,318 519 68 581 5,406 2,273 3,499 3,120 1974-Jan.. 45,491 6,367 29,353 9,771 1,960 3,541 9,101 2,706 2,251 454 68 589 5,738 2,334 3,492 3,275 Feb.. 47,164 7,201 29,169 10,794 1,923 3,606 9,364 2,854 2,328 525 69 592 5,850 2,434 3,182 3,748 Mar.. 44,690 6,571 28,869 9,250 2,137 3,908 10,166 2,986 2,413 573 296 684 6,200 2,827 2,979 4,361 Apr.. 44,677 6,288 28,752 9,697 2,270 4,564 10,692 3,232 2,744 488 216 700 6,544 2,900 2,833 4,959 May. 46,171 5,699 30,426 10,046 1,978 5,106 11,727 3,089 2,642 447 373 732 7,532 2,952 2,899 5,876 June. 44,846 4,970 29,908 9,968 1,579 5,373 13,174 3,535 3,066 469 304 795 8,540 3,287 3,219 6,668 July. 45,561 4,655 30,344 10,562 1,465 5,585 15,686 3,499 2,983 516 218 1,023 10,947 3,589 3,774 8,323 Aug.. 47,967 5,308 31,774 10,885 2,425 6,350 16,167 3,388 2,866 522 277 1,202 11,300 3,585 3,933 8,649 Sept. 49,087 5.333 31,095 12,659 2,185 6,446 16,035 3,347 2,942 405 504 1,459 10,724 3,526 3,806 8,703 Oct.. 51,754 5,242 32,509 14,003 2,046 6,408 16,882 3,291 2,872 419 218 2,037 11,335 3,793 3,759 9,330 1 Financial companies are institutions engaged primarily in activities 3 As reported by financial companies that place their paper directly such as, but not limited to, commercial, savings, and mortgage banking; with investors. sales, personal, and mortgage financing; factoring, finance leasing, and 4 Nonfinancial companies include public utilities and firms engaged other business lending; insurance underwriting; and other investment primarily in activities such as communications, construction, manufacactivities. turing, mining, wholesale and retail trade, transportation, and services. 2 As reported by dealers; includes all financial company paper sold in 5 Included in dealer- and directly-placed financial company columns. the open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 F.R. BANK INTEREST RATES • JANUARY 1975 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Rate Effective date Rate 1974—Jan. 7 9y 929 ~ /i 9 o y 4m- 1974--Apr. 11 934 1 _ 0 9 . 8/10_ 1974—June 3. 111 I / I 2 3 4 .-1 16/lfr1-974—Oct. 28, 10 I 3 H 4- / 1 4 1 . - - 14. 9i/2-93/4._ 15 10.-10Vio- 7, LLI^-LLI/Z.- IH/2 98/io 1014 IH/10 29. 914-91/2.- 19 IO-IO1/10- 10 in/2- Nov. 4 1034-11.- Feb. 2 2 1 6 5 9 . . . 9 8 98 -9 m 7 V - 1 1 9 9 i 0 7 4 0V / - 4- 8 i " o 8 3 9 3 4 % /1 • 0 . -9 Apr. 2 2 3 4 . . 1 1 0 0 1 i1 I 1 o O 4 0 / 4 4 y . I / - . 1 / 1 2 4 - 0 0 - . 4 /10 2 2 2 2 1 4 6 5 . . i 1 1 1 i 1 1 u l 1 1 1 V - 4 1 /4 i s . i m - / - " 1 i 1 o - 1 1 l 1 3 1 4 . 3 4 . - . - 4 1 1 1 8 4 1 , i 1 1 o 0 0 i 1 1 I - / / H 1 1 i 2 . 0 - / - 4 1 1 1 0 0 /i 3 3 - 4 4 - .- Mar. 4. 8 Vi-8 7/io- 25. 101 1 4 01 -1 /2 0 - 4/10- 28 11 1 3 1 4 8 . /1 -1 0 1 8/ K 19 10 1 -1 03 0 / 1 4 4 . - 2 2 2 1 6 2 1 9 . . . . , 9 8 8 8 8 a % 3 1 8 8 4 h ^ /1 3 « - - 0 8 8 / - - 4 8 8 6 9 / - 8 / i 1 b / o 0 1 - 0 9 - 2 3 6 0 . . l 1 0 04 1 1 1 1 IO / 0 / 0 1 0 26 0 3 3 1 .- - / / 1 4 / 4 2 O - - . 1 1 - - 1 1 July 23 3 9 5 , 1 1 1 1 1 2 0 1 1 3 . 8 3 - 2 4 1 / 4 1 1 1 . 2 / - - 0 2 1 4 1 - 1 1 1 2 4 2 8 . - / . 10 . Dec. 2 2 5 , , 9 10 3 - 1 1 1 4 - 1 0 0 1 0 - 0 0 1 1 1 3 / / 1 0 1 4 2 / 2 4 - . 2 - . 1 - . 0 14 2 2 9 8 . . 9 9 « -9 - 1 9 / 1 4 4 . -91/2 May 2. 1011/023-140 .6-/1lf1r- AAuugg.. 2200,, 1034-12. 3. 106/10-1034. Apr. 914.-94/K)- -11 SSeepptt.. 2266.. 103/4-111/2- 91 9 9/ 4 1 1 / - /2 2 9 - 4/io- 6 7 . . 1 1 0 1 6 1 . / 1 1 . 0 -1034- IO 1 3 1 4 3 -I 4 H -1 /2 2 - . 94 9 /1 3 0 4 -9 1/2.- 1 13 0 . , 11-1114- 15. 10 1 3 1 4- 3 1 4 1 .- 1 1 4 2 - 94/9io3-49.i ^- 17. 11 - 1 1 4 1 - 1 l / l 2 -4 . /10 1 1 1 1 1/ 3 2 4 - . 934.-98A0- 20, lll/2.-113/4 21. 1034-1114- 10 ii!/2" 1134 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 predominant prime rate," this table shows only the "large-business prime rate," which is the rate quoted by commercial banks to large businesses. range of rates charged by commercial banks on short-term loans to large businesses with the highest credit standing. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Center Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 Short-term 35 centers 11.64 12.40 11.81 11.74 12.04 12.34 11.97 12.60 11.80 12.49 11 .44 12.34 New York City.. 11.35 12.38 12.31 12.14 12.11 12.82 12.05 12.85 11.56 12.35 11 .21 12.32 7 Other Northeast 12.22 13.17 13.03 13.07 12.84 13.20 12.46 13.34 12.34 13.29 1L .91 13.05 8 North Central.. 11.66 12.36 11.54 11.25 11.99 12.42 11.93 12.68 11.77 12.49 11,. 53 12.25 7 Southeast 11.52 11.85 11.44 11.41 11.34 11.60 11.43 11.84 11.62 11.84 11,. 62 12.00 8 Southwest 11.56 11.95 10.87 10.83 11.64 11.62 11.77 12.02 11.74 12.15 11.. 36 11.99 4 West Coast 11.48 12.15 12.26 12.38 11.99 12.29 11.86 12.30 11.56 12.33 ll! .32 12.07 Revolving credit 35 centers 11.60 12.46 12.71 12.06 12.00 12.45 11.99 12.47 11.60 12.35 11 .56 12.48 New York City... 11.60 12.48 12.25 12.72 11.97 12.49 11.89 12.60 11.77 12.58 11 .57 12.46 7 Other Northeast 12.26 12.38 12.08 13.60 11.98 12.86 11.68 12.04 11.75 11.57 12 .50 12.49 8 North Central.. 11 .82 12.72 13.34 12.38 12.29 12.31 12.57 12.45 11.79 12.06 11,. 72 12.87 7 Southeast 11.53 12.44 9.54 11.41 11.42 13.09 11.03 10.98 11.74 11,. 25 13.27 8 Southwest 12.06 12.81 13.03 12.74 12.33 12.43 12.28 13.03 11.82 12.57 12.06 12.88 4 West Coast 11.39 12.35 12.70 12.69 11.89 12.60 11.68 12.53 11.57 12.49 11,. 33 12.31 Long-term 35 centers 12.16 <13.08 11.74 11.76 12.04 <12.03 12.09 12.30 11.71 12.59 12.23 <13.03 New York City... 11.96 <13.65 8.87 10.43 11.45 12.56 12.37 12.72 12.02 12.26 11.93 <13.81 7 Other Northeast 12.35 12.74 12.66 12.70 12.52 11.83 11.98 12.60 11.55 12.20 12.61 13.01 8 North Central.. 12.29 13.12 10.90 11.27 11.89 11.47 11.90 12.27 11.75 12.70 12.44 13.40 7 Southeast 13.81 10.27 11.21 11.05 11.45 10.83 12.14 11.69 12.02 11.06 17.29 8.30 8 Southwest 12.27 13.43 12.39 12.09 12.18 12.84 12.28 12.06 12.68 12.41 12.49 14.22 4 West Coast 12.01 12.41 12.75 11.38 11.99 13.09 12.04 11.82 11.60 13.43 12.06 12.32 NOTE.—Beginning Feb. 1971 the Quarterly Survey of Interest Rates on Business Loans was revised. For description of revised series see pp. 468- 77 of the June 1971 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • INTEREST RATES A 29 MONEY MARKET RATES (Per cent per annum) U.S. Government securities5 PPrriimmee FFFiiinnnaaannnccceee ccoommmmeerrcciiaall CCCOOO... PPPrrriiimmmeee FFFeeeddd--ppaappeerr11 pppaaapppeeerrr bbbaaannnkkkeeerrrsss eeerrraaalll 3-month bills6 6-month bills6 9-to 12-month issues PPPeeerrriiioooddd ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee444 yyeeaarr 90-119 4 to 6 333 tttooo 666 999000 dddaaayyysss 333 Rate Market Rate Market 1-year iissssuueess 77 days months mmmooonnnttthhhsss222 on new yield on new yield bill (mar- Other 7 issue issue ket yield)6 1967 55555.....1111100000 44444.....8888899999 44444.....7777755555 44444.....2222222222 44444.....333332222211111 44444.....2222299999 44444.....666663333300000 44444.....6666611111 44444.....7777711111 44444.....8888844444 55555.....0000077777 1968 55555.....9999900000 55555.....6666699999 55555.....7777755555 55555.....6666666666 55555.....333333333399999 55555.....3333344444 55555.....444447777700000 55555.....4444477777 55555.....4444466666 55555.....6666622222 55555.....5555599999 1969 77777.....8888833333 77777.....1111166666 77777.....6666611111 88888.....2222211111 66666.....666667777777777 66666.....6666677777 66666.....888885555533333 66666.....8888866666 66666.....7777799999 77777.....0000066666 66666.....8888855555 11Q97701 55555 77777 ..... ..... 11111 77777 11111 22222 44444 77777 ..... ..... 99999 22222 11111 33333 44444 77777 ..... ..... 88888 33333 55555 11111 44444 77777 ..... ..... 66666 11111 66666 77777 44444 66666 ..... ..... 33333 44444 44444 55555 88888 88888 44444 66666 ..... ..... 33333 33333 33333 99999 44444 66666 ..... ..... 55555 55555 11111 66666 11111 22222 44444 66666 ..... ..... 55555 55555 22222 11111 44444 66666 ..... .....44444 66666 99999 77777 44444 66666 ..... ..... 77777 99999 55555 00000 7 5 7 5 7 5 7 5 7 5 ..... ..... 33333 77777 77777 77777 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 1974 10.05 9.87 8.62 9.92 10.51 7.886 7.84 7.926 7.95 7.71 8.25 7.81 1973—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 June. 11.18 10.96 9.00 10.79 11.93 8.145 7.90 8.232 8.12 8.16 8.71 8.14 July 11.93 11.72 9.00 11.88 12.92 7.752 7.55 8.028 7.94 8.04 8.89 8.39 Aug.. 11.79 11.65 9.31 12.08 12.01 8.744 8.96 8.853 9.11 8.88 9.54 8.64 Sept , 11.36 11.23 9.41 11.06 11.34 8.363 8.06 8.599 8.53 8.52 8.95 8.38 Oct., 9.55 9.36 9.03 9.34 10.06 7.244 7.46 7.559 7.74 7.59 8.04 7.98 Nov., 8.95 8.81 8.50 9.03 9.45 7.585 7.47 7.551 7.52 7.29 7.67 7.65 Dec. , 9.18 8.98 8.50 9.19 8.53 7. 179 7.15 7.091 7. 11 6.79 7.33 7.22 Week ending— 11997744——SSeepptt.. 7 11.84 11.72 9.41 11.79 11.64 9.167 9.34 9.283 9.39 9.14 9.65 8.61 14 11.75 11.63 9.43 11.46 11.48 9.099 9.10 8.980 8.92 8.69 9.14 8.52 21 11.43 11.25 9.50 10.95 11.41 8.185 7.64 8.203 8.30 8.40 8.74 8.35 28, 10.68 10.58 9.35 10.36 11.12 7.002 6.81 7.928 7.91 8.10 8.53 8.14 OOcctt.. 5 10.40 10.18 9.45 9.79 11.04 6.385 6.64 7.439 7.66 7.97 8.34 8.13 12, .., 9.85 9.70 9.20 9.61 10.43 6.698 7.24 7.364 7.70 7.53 7.92 7.98 19 9.50 9.31 9.13 9.31 10.11 7.722 7.73 7.829 7.79 7.60 8.04 7.95 26 9.15 8.90 8.80 9.12 9.81 7.524 7.60 7.398 7.62 7.40 7.90 7.90 NNoovv.. 2 8.95 8.83 8.53 8.95 9.72 7.892 7.95 7.766 7.86 7.51 8.02 7.98 9 9.00 8.88 8.50 8.83 9.63 7.880 7.66 7.857 7.65 7.38 7.81 7.83 16 8.94 8.81 8.50 8.93 9.37 7.604 7.26 7.552 7.39 7.29 7.63 7.67 23 8.88 8.73 8.50 9.00 9.34 7.528 7.46 7.427 7.42 7.19 7.55 7.53 30 9.00 8.81 8.50 9.41 9.46 7.328 7.45 7.369 7.57 7.26 7.62 7.50 Dec. 7 9.23 9.05 8.50 9.55 9.02 7.524 7.44 7.564 7.34 7.15 7.65 7.46 14 8.95 8.78 8.50 9.03 8.86 7.172 7.24 6.911 7.04 6.79 7.26 7.16 21 9.20 9.00 8.50 9.03 8.72 7.058 6.92 6.858 6.99 6.56 7. 16 7.06 28 9.28 9.06 8.50 9.16 8.45 6.963 7.01 7.032 7.11 6.67 7.26 7. 17 1 Averages of the most representative daily offering rate quoted by of transactions at these rates. For earlier statement weeks, the averages dealers. were based on the daily effective rate—the rate considered most repre- 2 Averages of the most representative daily offering rate published by sentative of the day's transactions, usually the one at which most transfinance companies, for varying maturities in the 90-179 day range. actions occurred. 3 Beginning Aug. 15, 1974, the rate is the average of the midpoint of 5 Except for new bill issues, yields are averages computed from daily the range of daily dealer closing rates offered for domestic issues; prior closing bid prices. data are averages of the most representative daily offering rate quoted by 6 Bills quoted on bank-discount-rate basis. dealers. 7 Selected note and bond issues. 4 Seven-day averages for week ending Wednesday. Beginning with statement week ending July 25, 1973, weekly averages are based on the NOTE.—Figures for Treasury bills are the revised series described on p. daily average of the range of rates on a given day weighted by the volume A-35 of the Oct. 1972 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30F .R.B ANKI NTEREST RATES • JANUARY 1975 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State and local Aaa utility By selected By Dividend/ Earnings / rating group price ratio price ratio Period United Total i States ( t l e o r n m g ) - Total 1 Aaa Baa New ce R n e t - ly Aaa Baa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Pre- Com- Comissue offered ferred mon mon Seasoned issues 197 0 6.59 6.42 6.12 6.75 8.68 8.71 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.46 197 1 5.74 5.62 5.22 5.89 7.62 7.66 7.94 7.39 8.56 7.57 8.38 8.13 6.75 3.14 5.41 197 2 5.63 5.30 5.04 5.60 7.31 7.34 7.63 7.21 8.16 7.35 7.99 7.74 7.27 2.84 5.50 1973 6.30 5.22 4.99 5.49 7.74 7.75 7.80 7.44 8.24 7.60 8.12 7.83 7.23 3.06 7.12 1973—De c 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 8.37 1974—Ja n 6.56 5.23 5.03 5.49 8.21 8.21 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 8.96 Apr 7.04 5.76 5.45 6.06 8.99 8.95 8.50 8.25 8.88 8.39 8.51 8.68 7.83 3.86 May. . . . 7.07 6.06 5.89 6.30 9.24 9.13 8.68 8.37 9.10 8.55 8.73 8.86 8.11 4.00 June.... 7.03 6.17 5.95 6.41 9.38 9.40 8.85 8.47 9.34 8.69 8.89 9.08 8.25 4.02 10.30 July 7.18 6.70 6.34 7.10 10.20 10.04 9.10 8.72 9.55 8.95 9.08 9.35 8.40 4.42 Aug 7.33 6.70 6.38 7.10 10.07 10.19 9.36 9.00 9.77 9.16 9.30 9.70 8.61 4.90 Sept 7.30 6.77 6.49 7.18 10.38 10.30 9.67 9.24 10.12 9.44 9.46 10.11 8.93 5.45 i4.58 Oct 7.22 6.56 6.21 6.99 10.16 10.23 9.80 9.27 10.41 9.53 9.64 10.31 8.78 5.38 Nov 6.93 6.54 6.06 7.01 9.21 9.34 9.60 8.89 10.50 9.30 9.59 10.14 8.60 5.13 Dec 6.78 7.04 6.65 7.50 9.53 9.56 9.56 8.89 10.55 9.23 9.59 10.02 8.78 5.43 Week ending— 1974—Oct. 5. 7.31 6.73 6.50 7.10 10.61 10.52 9.81 9.37 10.32 9.56 9.62 10.30 5.87 12. 7.26 6.55 6.20 7.00 10.36 9.84 9.38 10.39 9.58 9.66 10.33 i.93 5.49 19. 7.22 6.49 6.15 6.95 10.44 10.36 9.82 9.29 10.43 9.54 9.65 10.34 .68 5.27 26. 7.18 6.49 6.10 6.90 10.03 10.02 9.77 9.19 10.44 9.49 9.62 10.30 :.61 5.24 Nov. 2. 7.12 6.55 6.10 7.00 9.42 9.82 9.73 9.09 10.48 9.44 9.64 10.25 .78 5.03 9. 7.04 6.56 6.10 7.00 9.00 9.28 9.67 8.99 10.49 9.35 9.61 10.20 :.69 4.90 16. 6.92 6.50 6.05 6.90 8.87 9.17 9.61 8.89 10.50 9.26 9.58 10.15 .61 5.00 23. 6.87 6.46 6.00 6.90 9.17 9.29 9.56 8.84 10.49 9.21 9.56 10.08 .57 5.39 30. 6.88 6.65 6.10 7.25 9.68 9.38 9.54 8.84 10.52 9.23 9.56 10.02 .53 5.23 Dec. 7. 6.89 6.89 6.40 7.45 9.50 9.39 9.55 8.90 10.51 9.24 9.58 9.98 .61 5.43 14. 6.75 7. 14 6.80 7.55 9.59 9.57 9.54 8.87 10.50 9.23 9.60 9.97 .77 5.42 21. 6.70 7.07 6.70 7.50 9.51 9.59 9.55 8.85 10.56 9.21 9.58 10.02 .78 5.41 28. 6.77 7.07 6.70 7.50 9.64 9.58 8.90 10.61 9.24 9.60 10.09 .87 5.50 Number of issues2.. . 12 20 121 20 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- govt.: General obligations only, based on Thurs. figures; from Moody's arately. Because of a limited number of suitable issues, the number Investor Service. (3) Corporate: Rates for "New issue" and "Recently of corporate bonds in some groups has varied somewhat. As of Dec. offered" Aaa utility bonds are weekly averages compiled by the Board 23, 1967, there is no longer an Aaa-rated railroad bond series. of Governors of the Federal Reserve System. Rates for seasoned issues 2 Number of issues varies over time; figures shown reflect most recent are averages of daily figures 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 Federal Reserve Bank of New York. (2) State and local adjusted at annual rates. NOTES TO TABLES ON OPPOSITE PAGE: Security Prices: Stock Market Customer Financing : NOTE.—Annual data are averages of monthly figures. Monthly and 1 Margin credit includes all credit extended to purchase or carry stocks weekly data are averages of daily figures unless otherwise noted and are or related equity instruments and secured at least in part by stock (see computed as follows: U.S. Govt, bonds, derived from average market Dec. 1970 BULLETIN). Credit extended by brokers is end-of-month data yields in table on p. A-30 on basis of an assumed 3 per cent, 20-year for member firms of the New York Stock Exchange. June data for banks bond. Municipal and corporate bonds, derived from average yields as are universe totals; all other data for banks represent estimates for all computed by Standard and Poor's Corp., on basis of a 4 per cent, 20- commercial banks based on reports by a reporting sample, which acyear bond; Wed. closing prices. Common stocks, derived from com- counted for 60 per cent of security credit outstanding at banks on June 30. ponent common stock prices. Average daily volume of trading, normally 19 71. conducted 5 days per week for 5 V£ hours per day, or 27 V^ hours per week. 2 In addition to assigning a current loan value to margin stock generally, In recent years shorter days and/or weeks have cut total weekly trading Regulations T and U permit special loan values for convertible bonds and to the following number of hours: stock acquired through exercise of subscription rights. 3 Nonmargin stocks are those not listed on a national securities exchange and not included on the Federal Reserve System's list of Over the Counter margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no loan value. 4 Free credit balances are in accounts with no unfulfilled commitments to the brokers and are subject to withdrawal by customers on demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • SECURITY MARKETS A 31 SECURITY PRICES Common stock prices VVVooollluuummmeee ooofff BBBooonnnddd ppprrriiiccceeesss New York Stock Exchange AAAmmmeeerrr--- tttrrraaadddiiinnnggg iiinnn (((pppeeerrr ccceeennnttt ooofff pppaaarrr))) iiicccaaannn ssstttoooccckkksss SSStttoooccckkk (((ttthhhooouuusssaaannndddsss ooofff PPPPeeeerrrriiiioooodddd Standard and Poor's index New York Stock Exchange index EEExxx--- ssshhhaaarrreeesss))) (1941-43= 10) (Dec. 31, 1965 = 50) ccchhhaaannngggeee tttoootttaaalll iiinnndddeeexxx ( G t l U e o o r . n m v S g t . ) , - S l a o t n c a d a te l p A C o A r o a r A t - e Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o n t n a s - - Utility na F n i- ce 111 ((( 999 AAA 111 333 777 000 uuu 111 333 000 ,,, ggg ))) === ... 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—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 92.46 103.66 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 June 57.11 73.2 59.5 89.79 101.62 37.31 37.46 47.14 52.63 33.76 29.20 51.20 82.88 12,268 1,561 July 55.97 71.9 58.5 82.82 93.54 35.63 35.37 43.27 48.35 31.01 27.50 44.23 77.92 12.459 1,610 Aug 54.95 71.6 57.6 76.03 85.51 35.06 34.00 39.86 44.19 29.41 26.72 40.11 74.97 12,732 1,416 Sept 55.13 71.0 56.2 68.12 76.54 31.55 30.93 35.69 39.29 25.86 24.94 36.42 65.70 13,998 11,,880088 Oct 55.69 72.7 55.9 69.44 77.57 33.70 33.80 36.62 39.81 27.26 26.76 39.28 66.78 16,396 11,,888800 Nov 57.80 72.6 56.3 71.74 80.17 35.95 34.45 37.98 41.24 28.40 27.60 41.89 63.72 14,341 1,823 Dec 58.96 68.6 56.1 67.07 74.80 34.81 32.85 35.41 38.32 26.02 26.18 39.27 59.88 15,007 2,359 Week ending— 1974—Dec. 7 58.08 69.9 55.9 66.77 74.40 34.62 33.01 35.42 38.33 26.49 25.98 39.70 61.01 13,146 1,876 14 .... 59.20 67,7 56,1 67.01 74.73 34.33 32.93 35.39 38.26 25.85 26.24 39.60 59.21 15,089 2,185 21 ... 59.56 68.3 56.2 67.30 75.07 34.96 32.84 25.45 38.36 25.90 26.30 39.10 60.02 16,406 2,396 28 .... 59.00 68.6 56.2 66.86 74.58 35.18 32.46 35.20 38.11 25.78 26.12 38.54 59.31 13,112 2,298 1 For notes see opposite page. STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated 2 UUnnrreegguu-llaatteedd 33 FFFFrrrreeeeeeee ccccrrrreeeeddddiiiitttt bbbbaaaallllaaaannnncccceeeessss aaaatttt bbbbrrrrooookkkkeeeerrrrssss 4444 EEEEEnnnnnddddd ooooofffff pppppeeeeerrrrriiiiioooooddddd By source By type Margin stock Convertible Subscription NNoonnmmaarrggiinn bonds issues ssttoocckk TToottaall BBrrookkeerrss BBaannkkss ccrreeddiitt aatt bbaannkkss Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. 1973—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 1,845 445 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 1,869 425 1,583 Apr 6,567 5,558 1,009 5,370 952 179 44 9 13 1,868 415 1,440 May 6,381 5,361 1,020 5,180 963 172 44 9 13 1,858 395 1,420 June 6,345 5,260 1,085 5,080 1,027 172 45 8 13 1,721 395 1,360 July 5,996 4,925 1,071 4,760 1,013 158 45 7 13 1,739 402 1,391 Aug 55,,664499 4,672 977 4,510 925 156 39 6 13 1,759 427 1,382 Sept 4,173 4,020 148 5 437 1,354 Oct 444,,,000888000 333,,,999333000 111444555 555 444333111 111,,,444111999 Nov 444,,,111000333 333,,,999666000 111333999 444 444111000 111,,,444444777 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 • JANUARY 1975 EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUN1S (Per cent of total debt, except as noted) (Per cent of total, except as noted) TToottaall Equity class (per cent) Equity class of accounts ddeebbtt NNeett in debit status TToottaall ((mmiill-- EEnndd ooff ppeerriioodd ccrreeddiitt bbaallaannccee EE ppee nn rr dd ii oo oo dd ff ll dd ii oo oo oo ff nn ll -- ss 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er ssttaattuuss 60 o r p e m r o c r e e n t 6 L 0 e p ss e r th c a e n n t oo (( ff mm dd ii oo llll ll ii ll oo aa nn rrss ss )) llaarrss))11 1973—Oct 38.5 46.7 14.8 5,860 1973—Oct. . 5,690 7.2 10.0 19.9 22.6 22.1 18.2 Nov 37.5 42.2 20.3 5,882 Nov.. 5,460 5.4 6.1 12.0 16.9 19.5 40.1 Dec 39.4 40.0 20.6 55,,993355 Dec.. 55,,005500 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 Mar 40.0 41.2 18.9 6,784 Mar.. 5,330 5.0 7.0 11.4 19.4 30.2 27.1 Apr 39.6 42.3 19.4 6,526 Apr.. 5,370 4.4 6.0 9.9 16.5 26.5 37.0 May 37.8 40.0 22.2 6,544 May. 5,180 4.2 5.1 8.5 13.7 23.3 45.3 June 40.3 37.4 22.4 6,538 June. 5,080 4.0 5.0 7.7 12.6 21.8 49.1 July 40.2 36.5 23.2 6,695 July.. 4,760 4.0 4.8 7.9 13.3 22.2 47.9 Aug 39.9 34.0 26.0 6,783 Aug.. 4,510 3.5 4.0 6.6 11.2 18.4 56.3 Sept 40.7 31.2 27.0 7,005 Sept.. 4,020 3.5 3.9 6.1 10.2 18.0 58.3 Oct 40.9 35.1 24.0 7,248 Oct... 3,930 4.6 5.5 9.4 16.8 27.3 36.4 Nov 40.0 34.6 25.3 6,926 Nov.. 3,960 4.2 5.1 8.5 14.8 24.4 42.8 NOTE.—Special miscellaneous accounts contain credit balances that 1 Note 1 appears at the bottom of p. A-30. 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 . v S t . . S g l a o o t n c a v d a t t e l . o C r t a o h a n r t e d p e r o 1 - Cash O as t s h e e t r s g li T e a a t n o b i n e e t i d s l a r i l a - l De i p ts o s- l O ia t t i b h e i s e l i r - G re e s n e e r r v a e l classi ( f i i n e d m b o y n t m h a s) t urity reserve accts. 3 or 3-6 6-9 Over Total less 9 197 0 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 688 1,931 197 1 62,069 2,808 3,334 385 17,674 1,389 1,711 89,369 81,440 1,810 6,118 1,047 627 463 1,310 3,447 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 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 1973—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 Apr.. 74,181 4.425 2.852 951 22,366 1,601 2,347 108,722 98,035 2,943 7,744 1,214 584 401 994 3,193 May. 74,011 4,388 2,750 893 22,241 1,656 2,355 108,295 97,391 3,173 7,731 1,129 608 400 1,014 3,151 June. 74,281 4,274 2,758 880 22,324 1,651 2,488 108,654 98,190 2,688 7,776 1,099 602 328 1,001 3,031 July. 74,541 4,311 2,650 884 22,383 1,402 2,487 108,660 97,713 3,144 7,803 990 586 316 1,076 2,968 Aug.. 74,724 4,031 2,604 879 22,292 1,334 2,519 108,383 97,067 3,475 7,841 949 496 417 977 2,839 Sept., 74,790 4,087 2,574 876 22,218 1,303 2,573 108,420 97,425 3,089 7,906 932 382 450 904 2,668 Oct.. 74,835 3,981 2,525 870 22,190 1,303 2,608 108,313 97,252 3,158 7,904 775 374 360 792 2,301 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.—NAM SB 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

JANUARY 1975 • SAVINGS INSTITUTIONS A 33 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort- Real Policy Other End of period assets Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign 1 Total Bonds Stock s gages estate loans assets 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 13,127 197 3 252,436 11,403 4,328 3,412 3,663 117,715 91,796 25,919 81,369 7,693 20,199 14,057 1973—Oct.. 251,925 11,456 4,421 3,397 3,638 119,885 92,105 27,780 79,677 7,713 19,870 13,324 Nov. 251,178 11,574 4,514 3,404 3,656 118,100 92,265 25,835 80,371 7,771 20,039 13,323 Dec.. 252,436 11,403 4,328 3,412 3,663 117,715 91,796 25,919 81,369 7,693 20,199 14,057 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.. 254,739 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 Apr. 256,583 11,594 4.317 3,526 3,751 120,466 95,010 25,456 82,469 7,795 20,830 13,429 May 257,518 11,606 4.318 3,538 3,750 120,642 95,721 24,921 82,750 7,840 21,067 13,613 June 258,398 11,617 4,290 3,562 3,765 120,526 95,934 24,592 83,228 7,878 21,321 13,828 July. 259,187 11,675 4,301 3,572 3,802 120,404 96,507 23,897 83,697 7,924 21,581 13,906 Aug. 258,951 11,725 4,338 3,577 3,810 119,139 96,723 22,416 84,119 7,998 21,888 14,088 Sept. 258,668 11,718 4,306 3,596 3,816 117,740 96,861 20,879 84,509 8,055 22,202 14,444 Oct.. 261,778 11,748 4.319 3,603 3,826 120,198 97,515 22,683 85,054 8,087 22,503 14,188 i Issues of foreign governments and their subdivisions and bonds of Figures are annual statement asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. Adjustments for interest due and accrued and for differences between market and book NOTE.—Institute of Life Insurance estimates for all life insurance values are not made on each item separately but are included, in total in companies in the United States. "Other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Liabilities Mortgage Total loan comassets— mitments End of period M ga o g r e t s - I s n i m e t v i c e e e u s n s r t 1 t - - Cash Other lia T b o il t i a t l i es S c a a v p i i n ta g l s wo N r e t t h 2 m ro B o w n o e r e y - d 3 p L ro o i c n a e n s s s Other ou at p t s e e t r a n i n d o d d o i 4 n f g 197 0 150,331 13,020 3,506 9,326 176,183 146,404 12,401 10,911 3,078 3,389 4,452 197 1 174,250 18,185 2,857 10,731 206,023 174,197 13,592 8,992 5,029 4,213 7,328 197 2 206,182 21,574 2,781 12,590 243,127 206,764 15,240 9,782 6,209 5,132 11,515 19735r 231,733 21,055 19,117 271,905 226,968 17,056 17,172 4,667 6,042 9,526 1973—Nov.r 230,729 21,246 19,340 271,315 224,054 17,282 16,378 5,002 8,599 9,712 Dec. 231,733 21,055 19,117 271,905 226,968 17,056 17,172 4,667 6,042 9,526 1974—Jan. 232,607 22,403 19,392 274,402 229,145 17,281 16,735 4,371 6,870 9,781 Feb. »•. 234,052 23,352 19,788 277,192 230,971 17,571 16,503 4,294 7,853 10.731 Mar. r 236,136 23,993 20,316 280,445 235,136 17,435 16,725 4,481 6,668 12,006 Apr. r. 238,645 23,544 20,787 282,976 234,918 17,709 18,159 4,796 7,394 12,918 May r. 241,263 23,705 21,421 286,389 235,429 18,019 19,355 5,038 8,548 12,480 Juner. 243,400 23,003 21,614 288,017 238,114 17,838 20,347 5,033 6,685 11.732 July *. 245,135 23,052 21,926 290,113 237,631 18,101 21,708 4,867 7,806 10,844 Aug.r 246,713 22,081 22,361 291,155 236,472 18,377 22,891 4,584 8,831 9,851 Sept. ' 247,624 21,166 22,758 291,548 237,877 18,201 24,136 4,226 7,108 9.126 Oct... 248,189 22,126 23,016 293,331 238,304 18,444 24,544 3,809 8,230 8.127 Nov.f 248,696 23,278 23,305 295,279 239,516 18,679 24,570 3,438 9,076 7,712 1 Excludes stock of the Federal Home Loan Bank Board. Compensating included in other assets. The effect of this change was to reduce the mortchanges 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 passall, 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 • JANUARY 1975 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Borrowings from the public Less: Cash and monetary assets Other means Period Surplus Less: Invest- of Receipts Outlays or Public ments by Govt, Trea- financdeficit debt Agency accounts c i Less: Equals: sury ing, (-) securi- securi- Special Total operat- Other net 3 ties ties notes 2 ing S i p ss e u c e ia s l Other balance Fiscal year: 197 1 188,392 211,425 -23,033 27,211 -347 6,616 801 19,448 710 -710 3,587 197 2 208,649 231,876 -23,227 29,131 -1,269 6,796 1,623 19,442 1,362 1,108 6,003 197 3 232,225 246,526 -14,301 30,881 216 11,712 109 19,275 2,459 -1,613 -4,129 197 4 264,932 268,392 3,460 16,918 903 13,673 1,140 3,009 -3,417 898 -2,063 Half year: 1972—July-Dec. 106,062 118,579 -12,517 22,038 876 5,996 -468 17,386 956 -1,520 -5,434 1973—Jan.-June 126,164 127,947 1,784 8,843 -661 5,716 577 1,503 -93 1,305 July-Dec. 124,253 130,360 6,107 11,756 477 5,376 845 6,013 -2,202 -191 -2,299 1974—Jan.-June 140,679 138,032 2,647 5,162 426 8,297 295 -3,004 -1,215 1,089 231 Month: 1973—No v r20,206 r22,079 r-\,873 1,561 268 -3,508 3,139 2,198 -1,010 r10 -1,325 Dec 21,987 19,686 2,302 5,861 -174 5,584 -3,025 3,128 5,693 -54 209 1974—Ja n 23,476 23,671 -195 -1,714 12 -1,069 139 -773 168 544 1,681 Feb 20,226 21,030 -804 2,503 -17 2,489 159 -162 -2,877 -84 -1,995 Mar 16,818 22,905 -6,086 3,813 394 -155 52 4,309 690 191 2,657 Apr 29,657 22,273 7,384 -2,597 37 -93 35 -2,502 3,125 ,319 -438 M ay 19,243 23,981 -4,739 2,773 -28 2,947 -211 8 -5,032 ,120 -1,423 June 31,259 24,172 7,087 385 29 4,178 121 -3,886 2,711 239 -252 July 20,939 24,411 -3,472 1,109 -126 -858 198 1,644 -2,705 -658 -1,534 Aug 23,620 25,408 -1,787 6,447 -56 4,133 -25 2,283 -1,012 83 -1,425 Sept 28,377 24,712 3,666 -326 -167 -1,311 250 569 3,244 797 -194 Oct 19,633 26,460 -6,827 -1,242 -242 -2,053 -152 721 -6,445 -338 -677 Nov 22,292 24,965 -2,673 5,139 -17 653 -31 4,500 816 96 -915 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 n ts 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 t i i c e s s A ec g u e r n it c i y e s G I o n v v t e , s a t c m c e o n u t n s ts o c f 1 S n L p o e e t c s e 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 s d Special issues Fiscal year: 1971 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 37,086 1972 2,344 7,934 139 10,117 427,260 10,894 89,536 24,023 825 323,770 41,814 1973 4,038 8,433 106 12,576 458,142 11,109 101,248 24,133 825 343,045 51,325 1974 2,919 6,152 88 9,159 475,060 12,012 114,921 25,273 825 346,053 65,411 Calendar year: 1972 1,856 8,907 310 11,073 449,298 11,770 95,532 23,556 825 341,155 43,459 1973 2,543 7,760 70 10,374 469,898 11,586 r106,624 24,978 825 349,058 59,857 Month: 1973—Nov 1,945 2,666 70 4,681 464,037 11,760 101,040 28,003 825 345.930 59,317 Dec 2,543 7,760 70 10,374 469,898 11,586 106,624 24,978 825 349,058 59,857 1974—Jan 2,844 7,628 69 10,542 468,184 11,598 105,555 25,117 825 348,285 59,566 Feb 2,017 5,579 69 7,665 470,687 11,581 108,044 25,276 825 348,123 59,282 Mar 1,372 6,915 69 8,356 474,500 11,975 107,889 25,328 825 352,433 59,897 Apr 2,814 8,576 89 11,480 471,903 12,012 107,796 25,363 825 349.931 61,151 May 3,134 3,226 88 6,448 474,675 11,984 110,743 25,152 825 349,939 62,650 June 2,919 6,152 88 9,159 475,060 12,012 114,921 25,273 825 346,053 65,411 July 3,822 2,544 88 6,454 6475,344 11,895 114,063 25,471 347,706 68,243 Aug 3,303 2,049 91 5,443 481,792 11,831 118,196 25,446 349,980 69,951 Sept 3,209 5,386 92 8,687 481,466 11,664 116,885 25,696 350,549 73,068 Oct 787 1,381 71 2,239 480,224 11,422 114,832 25,544 351,270 75,343 Nov 11 ,,449955 11,,556633 33,,005588 485,364 11,404 115,485 25,513 355,770 1 With the publication of the Oct. 1974, Federal Reserve BULLETIN, taries" (deposits in certain commercial depositaries that have been conthese series have been corrected (beginning in fiscal year 1971) to exclude verted from a time to a demand basis to permit greater flexibility in special issues held by the Federal home loan banks and the General Treasury cash management). Services Adm. Participation Certificate Trust, which are not Government 5 Includes debt of Federal home loan banks, Federal land banks, R.F.K. accounts. Stadium Fund, FNMA (beginning Sept. 1968), and FICB and banks 2 Represents non-interest-bearing public debt securities issued to the for cooperatives (both beginning Dec. 1968). International Monetary Fund and international lending organizations. 6 Beginning July 1974, public debt securities excludes $825 million of New obligations to these agencies are handled by letters of credit. notes issued to International Monetary Fund to conform with Office of 3 Includes accrued interest payable on public debt securities, deposit Management and Budget's presentation of the budget. funds, miscellaneous liability and asset accounts, and seigniorage. 4 As of Jan. 3, 1972, the Treasury operating balance was redefined to NOTE.—Half years may not add to fiscal year totals due to revisions in exclude the gold balance and to include previously excluded "Other deposi- series that are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • FEDERAL FINANCE A 35 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Employment Total Pres. taxes and Excise Cus- W he it l h d - p C 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 c G e 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 s - 2 e in U m s n u p - r l. . c O e n r i t p e h e - t t e s r 3 t N ot e a t l taxes toms Fundi roll empl. taxes Fiscal year: 197 1 188,392 76,490 24,262 14,522 86,230 30,320 3,535 39,751 1,948 3,673 3,206 48,578 16,614 2,591 197 2 208,649 83,200 25,679 14,143 94,737 34,926 2,760 44,088 2,032 4,357 3,437 53,914 15,477 3,287 197 3 232,225 98,093 27,017 21,866 103,246 39,045 2,893 52,505 2,371 6,051 3,614 64,542 16,260 3,188 197 4 264,932 112,064 28 30,812 23,952 118,952 41,744 3,125 62,886 3,008 6,837 4,051 76,780 16,844 3,334 Half year: 1 1 9 9 7 7 2 3 — — J J u an ly .- - J D u e n c e . . . . . . . 1 1 2 0 6 6 , , 1 0 6 6 4 2 4 5 6 2 , , 0 0 5 3 6 7 2 5 1, , 2 7 3 8 3 4 21,1 6 7 8 9 8 5 52 1 , , 0 1 9 5 4 2 2 1 3 5 , , 7 3 3 1 0 5 1 1 , , 4 4 3 5 4 9 2 30 2 , , 0 4 1 9 3 3 2,2 1 0 6 6 5 2 3, , 6 4 1 3 6 7 1 1 , , 8 7 4 7 1 3 2 3 6 7 , , 8 6 6 5 7 7 8 8 , , 0 2 1 44 6 1 1 , , 5 6 5 3 1 7 July-Dec.. .. 124,253 52,961 6,207 999 58,170 16,589 1,494 29,965 201 2,974 1,967 35,109 8,966 1,633 1974—Jan.-June. .. 140,679 59,103 24,605 22,953 60,782 25,156 1 ,631 32,919 2,808 3,862 2,082 41,672 7,878 1,701 Month: 1973—No v '20,206 '9,798 261 66 '9,993 939 287 5,578 825 320 6,723 1,563 301 Dec 21,987 8,887 362 115 9,134 6,201 105 3,760 89 299 4,149 1,536 224 1974—Ja n 23,476 9,296 5.076 45 14,327 1,722 160 4,439 170 244 378 5,232 1,263 304 Feb 20,226 9,505 945 1,851 8,601 1,066 248 7,080 214 761 346 8,400 1,315 239 Mar 16,818 9,662 2,186 8,631 3,219 5,887 338 5,059 228 96 338 5,721 1,211 277 Apr 29,657 9,946 11,118 6,313 14,764 5,893 430 4,390 ,603 552 351 6,896 1,275 286 May 19,243 10,083 1,204 5,651 5,641 1,318 218 7,196 311 2,190 339 10,036 1,391 295 June 31,259 10,611 4.077 462 14,231 9,269 237 4,757 281 18 329 1,423 301 July 20,939 10,227 957 378 10,806 1,796 310 5,005 418 358 1,517 325 Aug 23,620 10,223 491 229 10,485 1,084 256 7,813 1,363 368 1,415 355 Sept 28,377 9,754 4,323 130 13,947 6,082 435 5,428 240 62 389 1,465 305 O N c o t v 2 1 2 9 , , 2 6 9 3 2 3 1 1 0 0 , , 6 1 3 0 8 6 5 30 6 5 1 11 7 1 8 1 1 0 0 , , 8 5 3 9 2 0 1 1 , , 1 7 1 17 1 5 3 1 1 1 4 4 6 , , 5 6 5 3 8 3 2 76 2 2 1 3 3 6 5 3 3 7,748 1 1 , , 4 4 7 0 4 1 3 3 4 1 7 9 Budget outlays Com. Na- Nat- Com- mun. Educa- Period tional Intl. Space Agri- ural merce deve- tion Health Vet- Inter- Gen- Total de- affairs re- cul- re- and lop, and and erans est eral fense search ture sources transp. and man- wel- govt. hous- power fare ing Fiscal year: 197 2 231,876 78,336 3,786 3,422 7,061 3,759 11,197 4,216 10,198 81,538 10,747 20,584 4,889 197 3 246,526 76,023 3,132 3,311 6,051 559 12,505 4,162 10,822 91,343 12,004 22,836 5,519 197 4 268,392 79,387 3,527 3,252 5,156 -1,109 12,561 5,184 10,581 105,597 13,367 28,096 6,491 19757 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 Half year: 1972—July-Dec... 118,579 35,329 1,639 1,676 4,616 330 6,199 2,637 5,133 43,213 5,740 10,619 2,869 1973—Jan.-June.. 127,947 40,694 1,493 1,635 1,435 230 6,306 1,525 '5,690 48,130 6,264 12,217 2,650 July-Dec... 130,360 37,331 1,617 1,501 3,472 763 7,387 3,215 4,772 48,978 6,518 13,440 3,088 1974—Jan.-June.. 138,032 42,057 1,910 1,752 1,684 ,782 5,174 1,969 5,809 56,619 6,848 14,655 3,403 Month: 1973—Nov.. '22,079 '6,882 276 246 782 425 911 36 805 '8,390 1,194 2,401 '420 Dec.. 19,686 6,079 219 221 -228 -130 1,064 316 619 8,534 1,143 2,169 498 1974— F Ja e n b 2 2 1 3 , , 0 6 3 7 0 1 6 6, , 5 7 0 9 9 3 2 3 2 5 4 1 2 2 3 5 1 1 7 1 5 3 6 8 -54 5 4 8 363 3 1 3 9 1 8 9 9 3 8 2 3 9 8, , 9 0 7 6 9 7 1 M ,2 04 2 2 , , 4 3 6 5 6 3 6 5 3 2 6 0 Mar 22,905 6,686 345 252 205 759 746 263 1,036 9,310 1,194 2,508 499 Apr 22,273 6,751 336 293 89 ,618 740 373 925 9,505 1,165 2,455 586 May 23,981 7,243 312 278 313 428 875 352 662 10,087 1,180 2,516 498 J Ju u l n y e 2 2 4 4 , , 1 4 7 1 2 1 8 5, , 8 0 6 6 2 2 4 36 0 9 2 4 2 4 1 7 6 - 1 6 8 0 3 -8 4 6 9 5 8 1 1 , ,0 5 9 7 9 4 4 6 5 9 2 3 1,2 8 7 5 0 4 1 9 0 , , 6 0 7 6 5 0 1 1 , , 0 2 1 58 7 2 2 , , 5 3 2 0 5 8 6 4 5 6 5 6 Aug 25,408 6,905 260 247 -61 514 2,257 773 925 9,925 1,236 2,477 727 O Se c p t t 2 2 6 4, , 7 4 1 6 2 0 6 7 , , 8 6 7 5 7 2 3 6 9 2 8 2 2 6 8 7 1 35 1 8 9 7 2 2 8 8 0 1 1 , , 1 2 6 4 3 6 8 7 1 5 9 2 7 8 9 3 4 7 1 1 0 0 , , 0 2 2 8 2 2 1 1 , , 1 2 4 2 7 0 2 2 , , 7 4 2 3 1 3 7 5 3 2 1 9 Nov 24,965 7,673 373 297 -155 -474 1,147 850 837 10,645 1,341 2,688 529 1 Collections of these receipts, totaling $2,427 million for fiscal year 6 Contains retroactive payments of $2,617 million for fiscal 1972. 1973, were included as part of nonwithheld income taxes prior to Feb. 7 Estimate presented in Budget of the U.S. Government, Fiscal Year 1974. 1975. Breakdown does not add to total because special allowances for 2 Old-age, disability, and hospital insurance, and Railroad Retirement contingencies, Federal pay increase (excluding Department of Defense), accounts. and acceleration of energy research and development, totaling $1,561 3 Supplementary medical insurance premiums and Federal employee million, are not included. 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 • JANUARY 1975 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues (interest-bearing) End of period p d T g u e r o b b o t t l s a i s l c i Total Total Bills Ma C r c e k a r e t t e t if s a i b - le Notes Bonds 2 b C v i o e b o n r l n e t d - - s Total N 3 onm F is o s a r u r e e k i s e g t n 4 a ble b S o in a n g v d s - s i S ss p u e e c s i a 5 l & 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—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 June 475.1 357.8 266.6 105.0 128.4 33.1 2.3 89.0 25.0 62.4 115.4 July. 475.3 359.7 268.8 107.3 128.4 33.0 2.3 88.7 24.4 62.7 114.6 A Se u p g t . . 4 4 8 81 1 . . 8 5 3 3 6 6 2 2 . . 7 0 2 2 7 7 2 2 . . 6 1 1 11 1 0 1 . . 6 1 1 12 2 7 7 . . 7 7 3 33 3 . . 8 9 2 2 . . 3 3 8 8 7 7 . . 8 6 2 2 3 3 . . 2 2 6 6 3 2. . 8 0 1 1 1 1 7 8 . . 4 7 Oct., 480.2 363.9 273.5 112.1 127.7 33.8 2.3 88.1 23.1 63.3 115.3 Nov. 485.4 r368.2 277.5 114.6 129.6 33.3 2.3 88.4 23.1 63.6 115.9 Dec. 492.7 373.4 282.9 119.7 129.8 33.4 2.3 88.2 22.8 63.8 118.2 1 Includes non-interest-bearing debt (of which $616 million on Dec. 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): despositary bonds, retirement plan bonds, Rural Electrification Administration bonds, State and local govern- NOTE.—Based on Daily Statement of U.S. Treasury. See also second ment bonds, and Treasury deposit funds. 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 t i s l c ag G t U e a r o n n u . v S c d s i t . t , e s B F a . n R k . s Total m C b e a o r n c m k i - a s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u i e e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n c v a d a t t e s l . Savi I n n g d s i v idu O al t s h er n F a i o t n a i r t n o e e d n i r g - a n l 1 t O i m o n r t v i s h s e c e s 2 . r funds bonds securities 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—Nov. 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 2b 1. 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 May 474.7 133.9 81.4 259.4 54.8 2.6 5.8 11.2 29.2 61.7 18.3 57.3 18.5 June 475.1 138.2 80.5 256.4 53.2 2.6 5.9 10.8 28.3 61.9 18.8 57.7 17.3 J A u u l g y . . 4 4 7 81 5 . . 8 3 1 1 4 3 1 7 . . 6 5 8 7 1 8 . . 1 1 2 25 5 9 9 . . 7 0 5 5 3 3 . . 9 0 2 2 . . 6 6 5 5 . . 7 7 1 1 1 1 . . 3 0 2 28 9 . . 8 2 6 62 2 . . 3 2 2 1 0 9 . . 3 4 5 5 6 6 . . 9 0 1 1 8 9 . . 8 0 Sept. 481.5 140.6 81.0 259.8 52.9 2.5 5.7 10.5 29.3 62.5 20.8 56.0 19.5 Oct.. 480.2 138.4 79.4 262.5 53.5 2.5 5.9 11.2 28.8 62.8 21.0 56.6 20.3 Nov. 448855..44 113399..00 8811..00 226655..33 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately owned agencies and certain Govt, deposit NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and accounts. Beginning in July 1974, total gross public debt includes Federal trust funds; Treasury estimates for other groups. Financing Bank bills and excludes notes issued to the IMF ($825 million). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • U.S. GOVERNMENT SECURITIES A 37 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) \ Vithin 1 yeai r 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other 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—Oct. 31 273,525 144,334 112,083 32,251 79,407 29,024 14,895 5,865 Nov. 30 277,538 143,342 114,632 28,710 84,775 27,916 14,866 6,640 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—Oct. 31 21,533 2,524 535 1,989 7,868 4,833 4,671 1,637 Nov. 30 21,489 2,359 479 1,880 7,929 4,750 4,674 1,776 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—Oct. 31 79,351 46,197 36,535 9,662 21,289 9,946 1,433 486 Nov. 30 80,998 45,679 37,469 8,210 23,423 9,688 1,458 751 Held by private investors: 1971—Dec. 31 173,376 81,729 65,867 15,862 60,735 16,943 6,627 7,340 1972 Dec. 31 180,243 91,063 73,451 17,612 57,649 17,547 9,570 4,413 1973—Dec. 31 170,746 93,162 70,227 22,935 50,939 13,241 9,063 4,341 1974—Oct. 31 172,641 95,613 75,013 20,600 50,250 14,245 8,791 3,742 Nov. 30 175,051 95,304 76,684 18,620 53,423 13,478 8,734 4,113 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—Oct. 31 39,376 12,318 3,998 8,320 21,106 4,944 760 248 Nov. 30 40,316 12,406 4,550 7,856 22,764 4,154 724 268 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—Oct. 31 1,424 338 104 234 602 174 220 90 Nov. 30 1,437 358 147 211 622 197 185 76 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—Oct. 31 4,545 544 215 329 990 1,343 1,304 363 Nov. 30 4,566 589 293 296 1,089 1,235 1,302 352 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—Oct. 31 4,446 2,777 1,755 1,022 1,284 274 71 39 Nov. 30 4,321 2,457 1,628 829 1,580 155 59 70 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—Oct. 31 1 ,709 353 50 303 820 321 192 24 Nov. 30 1,722 382 92 290 844 295 178 23 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—Oct. 31 7,933 4,090 2,752 1,338 1 ,797 870 883 293 Nov. 30 7,794 4,354 3,421 933 1,518 741 866 315 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—Oct. 31 113,208 75,193 66,139 9,054 23,651 6,319 5,361 2,685 Nov. 30 114,895 74,758 66,553 8,205 25,006 6,701 5,420 3,009 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 733 insurance companies combined, each about 90 per cent; Ownership. (2) 465 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) 503 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) 5,579 commercial banks, 475 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 U.S. GOVERNMENT SECURITIES • JANUARY 1975 DAILY-AVERAGE DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt Period agency Total securities Within 1-5 5-10 Over U.S. Govt. U.S. Govt. Com- All 11 yyeeaarr yyeeaarrss yyeeaarrss 1100 yyeeaarrss securities securities mercial other i dealers brokers banks 1973—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 45 614 836 951 937 710 May 3,542 2,645 693 133 72 711 905 991 936 861 June 3,084 2,549 385 110 41 693 759 877 755 978 July 2,566 2,114 348 66 38 490 685 681 710 1,044 Aug 3,097 2,407 389 238 64 554 876 789 878 856 Sept 4,114 3,327 472 265 50 683 1,351 1,022 1,058 1,227 Oct 3,543 2,802 498 193 50 607 1,087 928 920 1,150 Nov 3,977 2,872 635 384 86 560 1,049 1,144 1,224 1,186 Week ending— 1974—Nov. 6 4,097 3,333 530 180 55 609 1,219 1,178 1,091 1,062 13 4,451 2,908 894 494 154 679 1,159 1,311 1,302 1,391 20 4,598 3,177 800 520 101 616 1,218 1,326 1,438 1 ,257 27 3,314 2,491 432 336 55 442 857 920 1,096 1,189 Dec. 4 4,221 3,386 476 330 30 695 1,062 1,069 1,395 818 11 4,811 3,576 643 516 77 717 1,647 1,294 1,153 1,368 18 4,280 3,289 499 425 68 724 1,386 1,108 1,062 1,568 25 3,133 2,244 488 297 105 475 916 820 923 793 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 UU..SS.. PPeerriioodd m t a A i t e l u s l r i- W y i e 1 t a h r i n y 1 ea -5 rs y 5 e - a 1 rs 0 y O e 1 v a 0 e r r s aa ss GG gg ee tt cc ee oo iiee uu nn vv ss rr cc tt ii ,, yy -- Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o io rp n o s r i a - 1973—Nov 3,618 3,034 95 350 139 1,185 1973—No v 4,469 1,809 900 570 Dec 4,441 3,697 223 396 124 1,400 Dec 5,468 2,322 1,147 671 1974—-Jan 3,653 3,210 51 262 130 1,324 1974—Ja n 4,802 1,747 1,253 658 Feb 4,081 2,707 537 647 190 1,435 Feb 4,837 1,545 1,501 533 Mar 2,587 2,149 50 287 102 1,045 Mar 3,817 1,196 952 485 Apr 1,536 1,577 -121 62 17 719 Apr 2,449 600 728 287 May 495 421 -33 66 41 791 May 1,637 26 486 213 June 594 447 52 78 16 1,226 June 2,477 241 884 268 July 263 219 -50 90 4 935 July 1,710 6 596 216 Aug 2,487 1,819 228 356 84 1,073 Aug 4,138 988 1,248 548 Sept 3,060 2,317 334 340 69 1,216 Sept 4,709 1,312 1,247 480 Oct 2,870 2,149 430 260 31 1,445 Oct 4,621 1,194 1,003 571 Nov 4,513 2,999 728 618 169 1,531 Nov 5,626 1,466 1,245 561 Week ending— Week ending— 1974—Oct. 2 1,990 1,106 587 253 44 1,239 1974—Oct. 2. 3,596 457 873 336 9 1,949 1,216 442 234 57 1,179 9. 3,685 645 665 456 16 3,089 2,427 397 236 29 1,354 16. 5,013 1,503 1,143 521 23 3,299 2,654 355 266 24 1,576 23. 4,800 1,367 1,128 612 30 3,493 2,690 485 303 15 1,754 30. 5,274 1,495 1,140 757 Nov. 6 , , 3,084 2,529 353 232 -30 1,515 Nov. 6. 4,812 1.112 1,146 445 13 . 4,885 2,993 982 774 136 1,495 13. 6,010 1,924 1,426 513 20 4,230 2,458 798 722 252 1,583 20. 6,211 1,848 1,400 725 27 5,267 3,716 699 626 226 1,550 27. 5,569 1,150 1,145 569 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

JANUARY 1975 • FEDERALLY SPONSORED CREDIT AGENCIES A 39 OUTSTANDING ISSUES OF FEDERALLY SPONSORED CREDIT AGENCIES, NOVEMBER 30, 1974 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks Federal National Mortgage Banks for cooperatives Bonds: Association—Cont. Bonds: 1/26/71 -2/25/75.... 6.10 250 Debentures: 6/3/74-12/2/74. . 8.90 11/27/72--2/25/75... 5% 400 5/10/71 12/10/74 6.10 250 7/1/74- 1/2/75. .. 9.25 9/21/73 -2/25/75 8.20 500 9/10/71 - 12/10/74 6.45 450 8/1/74-2/3/75. .. 9.45 4/12/73 -5/25/75.... 7.15 700 11/10/70 - 3/10/75 7.55 300 9/3/74-3/3/75. .. 9.85 8/25/70 - 5/26/75. . . 8.05 265 10/12/71 - 3/10/75 6.35 600 10/1/74-4/1/75. . 9.55 2/25/74 -5/27/75.... 6.80 300 4/12/71 6/10/75 5.25 500 11/4/74-5/1/75. . 8.55 7/27/70 -- 8/25/75. . . 7.95 300 10/13/70 9/10/75 7.50 350 10/1/73-4/4/77. . 7.70 7/25/73 -•8/25/75.... 77/g 500 3/12/73 -9/10/75 6.80 650 10/25/73 -8/25/75... 7.15 400 3/10/72 - 12/10/75 5.70 500 12/18/70 - 11/25/75.. 6.50 350 9/10/73 12/10/75 8.25 300 Federal intermediate 5/25/73 - 11/25/75... 7.05 600 3/11/71 3/10/76 5.65 500 credit banks 5/28/74 -11/25/75. .. 9.10 700 6/12/73 3/10/76 7.13 400 Bonds: 6/21/74- 2/25/76.... 8.70 400 6/10/71 6/10/76 6.70 250 3/4/74- 12/2/74.... 7.15 8 8/ / 2 2 7 7 / / 7 7 3 1 - - 2 2 / / 2 2 5 5 / / 7 7 6 6 ... . 7 8 3 % /8 2 3 5 0 0 0 9 2 / / 1 1 0 0 / / 7 7 4 2 6 6 / / 1 1 0 0 / / 7 7 6 6 1 5 0 . . 8 0 5 0 4 7 5 0 0 0 4 5 / / 1 1 / / 7 7 4 2 - - 1 1 / / 2 2 / / 7 7 5 5 6 8 . . 0 1 5 5 8/26/74 -2/25/76 9.20 600 11/10/71 -9/10/76 6.13 300 5/1/74-2/3/75 8.80 6/22/73 -5/25/76.... 7.20 600 6/12/72 9/10/76 5.85 500 6/3/74 -3/3/75 9.00 11/27/73 •- 5/25/76... 7.45 300 7/12/71 12/10/76 7.45 300 7/1/74-4/1/75 9.25 7/25/73 -8/25/76.... 7.80 500 12/11/72 12/10/76 6.25 500 8/1/74- 5/1/75 9.45 9/25/74 -8/25/76.... 9.55 700 6/10/74 12/10/76 8.45 600 9/3/74 -6/2/75 9.80 10/25/74 -- 11/26/76. . 8.60 600 2/13/62 2/10/77 41/2 198 10/1/74-7/1/75.... 9.60 7/25/74 -11/26/76 ... 9.55 500 9/11/72 3/10/77 6.30 500 1/3/72-7/1/75 5.70 10/25/73 •- 2/25/77... 7.20 500 3/11/74 3/10/77 7.05 400 11/4/74-8/4/75. ... 8.45 11/25/74 --2/25/77.. . 8.05 500 12/10/70 6/10/77 6.38 250 3/1/73 - 1/5/76 6.65 6/21/74 - 5/25/77.... 8.70 500 5/10/71 6/10/77 6.50 150 7/2/73 - 1/3/77 7.10 6/25/71 -5/25/77.... 6.95 200 12/10/73 6/10/77 7.20 500 7/1/74 -4/4/77 8.70 4/12/73 -8/25/77.... 7.15 300 9/10/71 9/12/77 6.88 300 1/2/74 - 1/3/78 7.10 5/28/74 -8/25/77. .. . 8.80 600 9/10/73 9/12/77 7.85 400 2/26/73 - 11/25/77... 6% 300 7/10/73 12/12/77 7.25 500 11/27/73 -- 11/25/77.. 7.45 300 10/1/73 12/12/77 7.55 500 Federal land banks 8/26/74 -11/25/77. .. 9.15 700 6/10/74 3/10/78 8.45 650 Bonds: 9/25/74 -2/27/78. 9.38 400 6/12/73 6/12/78 7.15 600 2/20/70 - 1/20/75.. 9 8 / / 2 2 1 6 / / 7 7 3 4 - - 5 1 / 1 2 / 5 2 / 7 7 / 8 7 8. .. 9 7 . . 1 6 0 0 5 5 0 0 0 0 3 1 / 0 1 / 1 1 / 2 7 / 4 7 1 - 9 /1 1 1 2 / / 7 1 8 1 /78 6 7. . 1 7 5 5 3 5 0 5 0 0 4 4 / / 2 2 3 0 / / 7 6 3 5 - - 1 4 / / 2 2 0 1 /7 /7 5 5 . . .. . 4 7. ^ 1 5 6/21/74 -2/26/79 8.65 600 7/10/74 12/11/78 8.95 450 7/20/73 -4/21/75... 7.65 9/25/74 -2/26/79.... 9.45 600 12/10/73 3/12/79 7.25 500 2/15/72 - 7/21/75... 5.70 10/25/74 -- 5/25/79 ... 8.65 500 9/10/73 6/11/79 7.85 300 4/22/74-7/21/75... 8.30 5/28/74 -5/25/79 83* 400 9/10/74 6/11/79 9.80 600 7/20/71 - 10/20/75.. 7.20 7 1 / 1 2 / 5 2 / 5 7 / 4 7 4 - - 8 / 1 2 1 7 / / 2 7 6 9 / 79. . 9 8 . . 5 1 0 5 5 5 0 0 0 0 6 1 / 2 1 / 2 1 / 0 7 / 2 7 1 - 9 /1 1 0 2 / / 7 1 9 0 /79. . .. 6 6 . . 5 4 5 0 3 3 5 0 0 0 4 1 / 0 2 /2 0 3 / / 7 7 2 3 - - 1 1 /2 0 0 /2 /7 0/ 6 7 . 5 .. . 7 6 . % 40 3/25/70 -- 2/25/80. .. 7.75 350 2/10/72 3/10/80 6.88 250 7/22/74 - 1/20/76. .. 9.20 2 1 1 1 / 0 0 0 2 / / / 2 5 2 1 7 5 / 5 7 / / / 7 4 7 7 1 4 0 - - - - - 2 / 1 1 2 1 1 0 5 / 1 / 2 / / 1 5 2 8 5 / 7 0 8 / / 8 . 1 8 . 0 . 1 . . . . . . 6 8 7 7 . . . . 6 6 0 8 0 5 5 0 4 2 2 3 0 0 0 0 0 0 0 0 2 6 2 1 / / / 0 1 1 1 / 6 6 0 1 / / / / 7 7 7 7 3 3 4 3 6 9 7 7 / / / / 1 1 3 3 0 0 1 1 / / / / 8 8 8 8 0 0 0 0 7 8 5 3 . . . . 5 1 1 5 0 8 9 0 4 6 0 0 0 0 9 1 4 2 7 1 / / / / 2 2 2 2 1 0 2 2 / / / / 6 6 7 7 6 6 3 4 - - - - 4 4 / / 2 7 2 2 / / 0 0 2 2 / 4 0 / 7 7 / / 6 7 7 6 6 6 . . . . . . . . . . 6 8 5 5 . % % H 00 4/12/73 -5/25/83 7.30 200 1/16/73 10/30/80 4.46 5 1/21/74 -7/20/76... 7.05 5 1 / 0 2 / 8 2 / 5 7 / 4 7 3 - - 5 /2 1 5 1 / / 8 2 4 6 /93.. 8 7733 3 // 4 88 4 3 0 0 0 0 6 3 1 / / 2 2 1 / 9 2 1 / / 1 7 7 / 3 2 7 2 - 3 1 / / 1 1 2 2 0 9 / / / 1 8 8 0 1 1 / 80 6 6 7 . . . 1 6 0 5 0 5 3 3 1 0 5 5 0 0 6 4 4 7 / / / 2 2 2 3 2 0 / / / 7 7 7 3 4 3 - - - 4 7 1 / / 0 2 2 /2 0 0 0 / / 7 7 /7 7 7 6 . . . . . . . . 7 8 7V . % 1 i 5 Federal Home Loan 4/18/73 4/10/81 6.59 26 10/20/71 - 10/20/77. 6.35 Fe D B de o i A S r M 7 5 5 5 s 1 n a c / / / e / 1 s d 1 2 1 l o 1 o o c s / 5 9 s 1 r o p o u 1 1 N : t / / / n e c n / 9 g 7 7 7 a 7 r i t d 1 3 2 / a t a a 7 2 a i g t n t o - - - - r i 0 i e o y n o 8 8 o 2 - 5 t n a n / / / e C / — l 2 2 s 2 s m 1 2 o 6 5 5 1 6 M r a / / / / / p r 9 7 7 9 2 o k o 6 6 7 7 r 7 e r t a t / g 9 ti a 5 o g . n e . .. 6 8 7 7 7 . . . . . 1 1 6 0 7 5 5 0 5 5 333,,,888 4 3 1 1 1 222 0 5 5 4 5 777 0 0 0 0 0 9 9 7 6 3 9 6 2 3 3 3 1 1 / / / / / / / / / / / / 2 1 1 1 2 1 1 1 1 1 2 2 2 / 0 0 0 1 8 0 1 2 1 1 1 1 1 / / / / / / / / / / / 0 / 7 7 7 7 7 7 7 7 7 7 7 7 / 4 1 1 4 1 4 3 2 2 3 3 1 7 3 9 9 5 9 3 6 6 6 1 5 5 6 / / / / / / / / 2 / / 1 1 1 1 1 1 1 1 1 1 1 / / 2 1 0 0 0 0 0 0 0 / 1 / / / 8 8 8 0 / / / / / / / 0 1 2 1 8 8 8 8 8 8 1 8 / / 0 1 2 2 3 8 1 3 2 8 / 1 1 8 2 6 7 9 8 5 8 5 77 7 4 7 6 6 7 5 .. . . .. . . . .. . . . . . 88 7 2 88 7 3 6 33 3 8 2 5 7 88 5 5 44 0 5 5 00 0 0 5 0 7 2 2 33 2 2 2 2 3 3 3 0 00 5 5 5 5 0 5 0 0 0 1 0 00 0 8 0 0 0 0 0 0 0 2 8 9 2 2 7 7 2 7 5 1 1 1 1 1 1 / / / / / / / / / 0 0 0 / 0 1 2 2 2 2 2 2 2 2 2 / / / / 5 0 0 0 0 2 0 / 2 2 2 2 2 1 6 / / / / / / / 3 / 3 1 6 1 7 / 7 6 6 7 7 7 7 / / 7 2 3 3 7 4 4 2 3 / / 7 7 7 7 4 3 2 - - - - - - - - 4 4 - - - - - - 4 4 7 7 1 1 2 7 1 / / 7 1 / / / 1 / / 2 1 1 / 2 2 / 2 2 / 2 2 / 0 2 0 2 0 0 2 0 2 3 2 3 2 0 / / 1 1 / / 0 / 3 / / 2 / 7 / / 1 2 7 7 7 7 / / / 7 / 7 8 0 9 3 8 8 7 8 7 9 9 9 3 / 9 / / 8 . 0 0 . 8 . 8 . 7 - 7 . . . . . . 7 . 0 8 9 . . . . . . . . . . 8 . . . . . . . . . . 4 9 6 6 7 6 6 8 5 7 5 7 7 1 1 . . . . . . . . . . K 8 1 4 1 7 / 8 0 3 1 7 / 2 s 5 5 0 0 0 0 0 5 5 0 Ca 9 4 1 p / / 0 i 3 1 t / 0 a / 2 7 l / / 7 0 7 1 d 2 e - - - b 4 e 1 1 n / 0 0 1 t / / / u 1 1 7 r / / 5 e 9 9 6 s 7 : 4 7 88 . . .. 3 4 00 8 0 00 2 2 22 4 5 00 8 0 00 4 3 1 1 / / 2 1 1 1 / / 2 1 1 0 / 0 0 / 7 7 / / 1 7 7 2 1 1 - 6 3 / 9 1 / 1 / 1 1 1 2 0 2 / / 8 1 / / 9 4 8 0 2 3 / 8 4 7 6 6 6 . . . . 7 2 0 9 5 5 0 0 2 2 2 2 5 5 0 0 0 0 0 0 4 7 4 2 / / / / 2 2 2 2 3 2 3 0 / / / / 7 7 7 7 3 1 4 2 - - - - 7 4 4 1 / / / 0 2 2 2 / 0 0 0 2 / / / 0 8 8 8 /8 1 1 2 2 . . . . . . . . . . . 9 8 6 6 . . . . 1 7 7 9 0 0 0 0 6/12/72 6/10/92 7.05 200 10/23/73 - 10/20/83. 7.30 Mortgage-backed bonds: 1122//1111//7722 -- 1122//1100//9977 7.10 200 7.30 6/1/70 - 6/2/75 88..3388 225500 3/14/73 - 1/15/81 3.58 53 3/14/73 - 1/15/81 5.48 5 6/21/73 - 7/1/82 5.85 71 6/21/73 - 7/1/82 5.92 35 3/1/73-8/31/84 5.50 10 3/1/73 - 10/31/85 5.49 21 3/1/73 - 3/1/86 5.74 81 9/29/70- 10/1/90 8.63 200 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table at top of p. A-40. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 FEDERALLY SPONSORED CREDIT AGENCIES • JANUARY 1975 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 Liabilities and capital operations) cooperatives credit banks banks End of period Ad- Cash Mem- Deben- Loans Loans vances Invest- and Bonds ber Capital Mort- tures to and Mortto ments de- and de- stock gage and cooper- Bonds dis- Bonds gage Bonds mem- posits notes posits loans notes atives counts loans bers (A) (L) (A) (L) (A) (L) (A) (L) 197 0 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 6,395 197 1 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,063 197 2 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—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 2,891 2,810 7,850 7,403 11,878 10,843 May. 17,103 1,956 96 14,893 2,215 2,376 25,917 25,089 2,694 2,674 8,195 7,585 12,142 10,843 June. 17,642 2,564 115 16,393 2,158 2,413 26,559 25,232 2,733 2,449 8,479 7,860 12,400 10,843 July. 18,582 2,578 150 17,390 1,954 2,450 27,304 25,878 3,008 2,477 8,706 8,212 12,684 11,782 Au g.. 19,653 2,052 80 18,759 1,935 2,495 28,022 26,639 3,026 2,622 8,548 8,381 12,941 11,782 Sep t.. 20,772 2,681 135 20,647 2,160 2,543 28,641 27,312 3,092 2,835 8,931 8,502 13,185 11,782 Oct.. 21,409 3,224 105 22,058 2,129 2,580 29,139 27,543 3,598 2,855 8,838 8,482 13,418 12,427 Nov.. 21,502 2,568 106 21,474 2,182 2,603 29,407 28,024 3,573 3,295 8,700 8,441 13,643 12,427 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 preceding page. Loans are gross of valuation reserves Bonds, debentures, and notes are valued at par. They include only publicly and represent cost for FN MA 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 ered 3 Total G o e b a n l l e i- r- R n e u v e e - HAAl G l U o o a . v S n t . s . State di s a s t n t a r d t i . c t Other 2 c E at d i u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 H in o g u ^ s - V a e a n i t d e s ' r - O p p o t u h s r e e - s r gations auth. 197 0 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 197 1 24,962 15,220 8,681 1,000 62 5,999 8,714 10,246 24,495 5,278 2,642 5,214 2,068 9,293 197 2 23,652 13,305 9,332 959 57 4,991 9,496 9,165 22,073 4,981 1,689 4,638 1,910 6,741 197 3 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—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 2 208 825 1,163 ,129 595 36 372 56 1,070 Feb... 1,934 1,155 778 1 473 523 937 ,869 449 53 611 39 717 Mar.. 2,002 1,170 600 227 5 344 783 871 ,887 366 258 355 241 667 Apr... 2,381 1,703 667 11 360 855 1,155 ,333 508 9 594 178 1,044 May.. 2,246 1,147 1,091 8 443 1,025 770 ,181 394 108 689 7 983 June.. 2,009 1,048 722 234 5 582 557 865 ,908 205 62 562 287 792 July. . 1,497 885 605 7 888 164 438 ,486 314 58 154 960 Aug.r 1,107 576 527 4 141 398 563 ,065 228 85 257 15 480 Sept.. 1,695 866 825 4 448 635 609 ,664 251 11 382 21 999 Oct.., 2,338 1,293 1,041 4 796 858 680 ,271 240 112 235 101 1,583 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

JANUARY 1975 • SECURITY ISSUES A 41 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate PPPPeeeerrrriiiioooodddd Bonds Stock TTToootttaaalll GG UU oo .. vv SS tt .. .. 22 aagg GG UU ee oo .. nn vv SS cc .. tt yy .. 33 aa (( nn UU SS dd tt .. aa SS lloo tt .. ee )) cc ** aa ll OOtthheerrss TToottaall Total P o u f b fe li r c e l d y P p ri l v a a c t e e d l y Preferred Common 197 0 88,666 14,831 16,181 17,762 949 33333333338888888888,,,,,,,,,,999999999944444444445555555555 33333333330000000000,,,,,,,,,,333333333311111111115555555555 22222222225555555555,,,,,,,,,,333333333388888888884444444444 4444444444,,,,,,,,,,999999999933333333331111111111 1111111111,,,,,,,,,,333333333399999999990000000000 7777777777,,,,,,,,,,222222222244444444440000000000 197 1 105,233 17,325 16,283 24,370 2,165 44444444445555555555,,,,,,,,,,000000000099999999990000000000 33333333332222222222,,,,,,,,,,111111111122222222223333333333 22222222224444444444,,,,,,,,,,777777777777777777775555555555 7777777777,,,,,,,,,,333333333355555555554444444444 3333333333,,,,,,,,,,666666666677777777770000000000 9999999999,,,,,,,,,,222222222299999999991111111111 197 2 96,522 17,080 12,825 23,070 1,589 44444444441111111111,,,,,,,,,,999999999955555555557777777777 22222222228888888888,,,,,,,,,,888888888899999999996666666666 11111111119999999999,,,,,,,,,,444444444433333333334444444444 9999999999,,,,,,,,,,444444444466666666662222222222 3333333333,,,,,,,,,,333333333366666666667777777777 9999999999,,,,,,,,,,666666666699999999994444444444 197 3 100,417 19,057 23,883 22,700 1,385 33333333333333333333,,,,,,,,,,333333333399999999991111111111 22222222222222222222,,,,,,,,,,222222222266666666668888888888 11111111113333333333,,,,,,,,,,666666666644444444449999999999 8888888888,,,,,,,,,,666666666622222222220000000000 3333333333,,,,,,,,,,333333333377777777772222222222 7777777777,,,,,,,,,,777777777755555555550000000000 1973—Sept 8,091 2,432 2,100 1,630 15 1111111111,,,,,,,,,,999999999911111111115555555555 1111111111,,,,,,,,,,333333333366666666666666666666 666666666688888888884444444444 666666666688888888882222222222 111111111111111111119999999999 444444444433333333330000000000 Oct 8,924 485 2,612 2,232 196 3333333333,,,,,,,,,,333333333399999999998888888888 2222222222,,,,,,,,,,333333333355555555558888888888 1111111111,,,,,,,,,,888888888800000000005555555555 555555555555555555553333333333 333333333355555555555555555555 666666666688888888885555555555 Nov 12,553 4,521 2,200 2,224 45 3333333333,,,,,,,,,,555555555566666666663333333333 2222222222,,,,,,,,,,222222222255555555557777777777 1111111111,,,,,,,,,,666666666666666666669999999999 555555555588888888889999999999 666666666633333333337777777777 666666666666666666668888888888 Dec 6,635 148 1,032 1,966 251 3333333333,,,,,,,,,,222222222233333333338888888888 2222222222,,,,,,,,,,444444444466666666669999999999 1111111111,,,,,,,,,,555555555555555555552222222222 999999999911111111117777777777 111111111199999999996666666666 555555555577777777773333333333 1974 Jan <> 3333333333,,,,,,,,,,333333333344444444441111111111 2222222222,,,,,,,,,,999999999900000000008888888888 2222222222,,,,,,,,,,111111111111111111115555555555 777777777799999999994444444444 111111111155555555552222222222 222222222288888888880000000000 Feb 2222222222,,,,,,,,,,666666666699999999990000000000 2222222222,,,,,,,,,,111111111100000000004444444444 1111111111,,,,,,,,,,666666666688888888883333333333 444444444422222222221111111111 222222222266666666668888888888 333333333311111111118888888888 3333333333,,,,,,,,,,222222222211111111116666666666 2222222222,,,,,,,,,,444444444455555555557777777777 2222222222,,,,,,,,,,000000000022222222220000000000 444444444433333333337777777777 333333333399999999998888888888 333333333366666666661111111111 3333333333,,,,,,,,,,000000000066666666667777777777 2222222222,,,,,,,,,,222222222266666666665555555555 1111111111,,,,,,,,,,555555555599999999994444444444 666666666677777777771111111111 333333333355555555556666666666 444444444444444444446666666666 3333333333,,,,,,,,,,111111111155555555556666666666 2222222222,,,,,,,,,,999999999944444444449999999999 2222222222,,,,,,,,,,333333333355555555550000000000 555555555599999999999999999999 66666666665555555555 111111111144444444442222222222 2222222222,,,,,,,,,,999999999977777777776666666666 2222222222,,,,,,,,,,444444444444444444449999999999 1111111111,,,,,,,,,,999999999933333333339999999999 555555555511111111110000000000 111111111111111111113333333333 444444444411111111114444444444 July r 3333333333,,,,,,,,,,111111111144444444442222222222 2222222222,,,,,,,,,,666666666600000000004444444444 2222222222,,,,,,,,,,000000000088888888886666666666 555555555511111111118888888888 222222222211111111111111111111 333333333322222222227777777777 2222222222,,,,,,,,,,666666666655555555553333333333 2222222222,,,,,,,,,,222222222244444444446666666666 2222222222,,,,,,,,,,000000000044444444442222222222 222222222200000000004444444444 111111111188888888887777777777 222222222222222222220000000000 Sept .... 1111111111,,,,,,,,,,666666666600000000000000000000 1111111111,,,,,,,,,,111111111188888888886666666666 888888888899999999997777777777 222222222288888888889999999999 111111111122222222226666666666 222222222222222222228888888888 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r l c an ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 197 0 9.192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 197 1 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 2,212 197 2 4,821 1,809 2,645 2,882 2,862 185 6,392 4,965 3,692 1,125 8,485 2,095 197 3 4,329 643 1,283 1,559 1,881 43 5,585 4,661 3,535 1,369 5,661 2,860 1973—Sept.. 270 78 149 96 140 334 252 228 16 244 106 Oct.. . 472 52 63 147 114 342 608 633 46 734 193 Nov.. 383 93 61 92 241 584 496 296 499 692 122 Dec.. 485 18 145 285 226 569 319 350 27 693 115 1974—Jan. « 867 29 136 124 1,192 249 142 4 485 27 Feb.. 354 36 54 143 5 536 293 372 25 783 87 Mar.. 480 161 52 71 76 850 449 310 21 690 58 Apr.. 1.193 9 238 56 6 446 685 289 5 95 47 J J M u u a l n y y e . . . . 4 8 9 2 3 7 6 9 4 4 4 1 4 0 5 2 3 3 4 1 3 9 8 2 1 9 7 3 3 1 9 4 5 4 8 5 15 1 8 8 3 5 3 1 9 7 8 2 2 8 8 7 8 3 5 2 6 3 4 6 5 0 2 0 55 3 1 4 2 7 9 3 6 1 9 5 4 6 3 4 5 9 Aug.. 579 4 23 62 13 836 297 364 432 44 Sept.. 181 2 31 47 65 384 296 324 18 202 47 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 organzations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 SECURITY ISSUES • JANUARY 1975 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 1 PPeerriioodd 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 1973 33,559 11,804 21,754 21,501 8,810 12,691 12,057 2,993 9,064 1973—III 6,532 2,150 4,382 4,521 1,579 2,941 2,012 571 1,441 IV 10,711 4,378 6,334 7,013 3,786 3,227 3,698 591 3,107 1974—1 8,973 2,031 6,942 6,810 1,442 5,367 2,163 588 1,575 II 9,637 2,048 7,589 7,847 1,584 6,263 1,790 465 1,326 Ill 8,452 2,985 5,467 6,611 1,225 5,386 1,841 1,759 82 Type of issues Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial i & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B n on o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks 6,585 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 2,017 1,995 2,094 1,409 2,471 711 254 5,137 4,844 3,343 1,260 7,045 2,096 801 658 -109 1,411 1,044 -93 4,265 4,509 3,165 1,399 3,523 1,181 165 450 108 247 414 -44 1,217 557 752 77 284 154 -131 147 -162 460 176 -13 1,068 1,506 1,051 575 1,225 431 906 324 -11 363 -37 -35 2,172 827 675 76 1,662 20 1,921 -12 698 213 -13 12 1,699 1,038 1,080 -7 877 82 1,479 -421 189 -664 49 -6 1,358 862 1,116 222 1,194 88 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 preceding 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 MMoonntthh Sales l 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—Nov... 502 542 -40 45,814 4,126 41,688 1963 2,460 1,504 952 25,214 1,341 23,873 Dec... 349 392 -43 46,518 4,002 42,516 1964 3,404 1,875 1,528 29,116 1,329 27,787 1974—Jan.. . 334 325 9 47,094 4,226 42,863 1965 4,359 1,962 2,395 35,220 1.803 33,417 Feb... 215 303 -88 45.958 4,447 41,511 1966 4,671 2,005 2,665 34,829 2,971 31,858 Mar... 297 346 -49 44,423 4,406 40,017 1967 4,670 2,745 1,927 44,701 2,566 42,135 Apr... 262 327 -65 42,679 4,426 38,253 May.. 323 320 3 41,015 4,389 36,626 1968 6,820 3,841 2,979 52,677 3,187 49,490 June. . 337 276 61 40,040 4,461 35,579 1969 6,717 3,661 3,056 48,291 3,846 44,445 July. . 442 352 90 37,669 4,609 33,060 1970 4,624 2,987 1,637 47,618 3,649 43,969 Aug... 446 339 127 35,106 4,953 30,153 Sept. . 499 292 207 31,985 5,078 26,907 1971 5,145 4,751 774 56,694 3,163 53,531 Oct.... 816 311 505 37,115 5,652 31,463 1972 4,892 6,563 -1,671 59,831 3,035 56,796 Nov... 619 335 284 36,366 5,804 30,562 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 members, 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

JANUARY 1975 • BUSINESS FINANCE A 43 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m - e e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U r p i r n b o d u f i t i s e ts - d co c a n a l t s l i p o o u i n w t m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m - e e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U r p i r n b o d u f i t i s e ts - d co c a n t a l i s p l o o u i n t w m a - l p ances 1 ances 1 1968 87.6 39.9 47.8 23.6 24.2 46.8 1972—IV... 108.2 45.2 63.1 28.2 34.9 68.2 1969 84.9 40.1 44.8 24.3 20.5 51.9 1970 74.0 34.8 39.3 24.7 14.6 56.0 1973—1. 120.4 48.9 71.5 28.7 42.8 69.2 1971 83.6 37.5 46.1 25.0 21.1 60.4 II.... 124.9 50.9 74.0 29.1 44.9 70.8 1972 99.2 41.5 57.7 27.3 30.3 66.3 III... 122.7 49.9 72.9 29.8 43.1 71.6 1973 122.7 49.8 72.9 29.6 43.3 71.2 IV... 122.7 49.5 73.2 30.7 42.5 73.1 1974—I.. 135.4 52.2 83.2 31.6 51.6 74.1 II'. . . 139.0 55.9 83.1 32.5 50.5 75.7 III.... 157.0 62.7 94.3 33.2 61.1 77.6 I Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS (In billions of dollars) Current assets Current liabilities NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rrii ee ee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U ov .S t, . i Other G U o . v S t . . i Other ttaaxxeess 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—III 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 1974—1 253.2 653.9 62.8 11.7 3.2 265.6 258.9 51.6 400.7 4.5 256.7 18.7 120.7 II 257.4 673.3 62.2 10.4 3.4 278.7 269.7 48.8 415.8 4.7 268.4 17.4 125.3 Ill 263.6 696.0 63.9 10.7 3.5 284.1 282.7 51.1 432.4 5.1 276.6 20.5 130.2 i 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 TToottaall Period TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and Ga o s t her nn CC ii oo cc mm aatt mm iioo uu nn -- ss OOtthheerr ii AA ((SS .. .. RR AA .. .. )) 197 1 81.21 14.15 15.84 2.16 1.67 1.88 1.38 12.86 2.44 10.77 18.05 197 2 88.44 15.64 15.72 2.45 1.80 2.46 1.46 14.48 2.52 11.89 20.07 197 3 99.74 19.25 18.76 2.74 1.96 2.41 1.66 15.94 2.76 12.85 21.40 197 4 111.92 22.67 23.13 3.10 2.48 1.97 2.03 17.65 2.95 13.86 22.08 1972—III. 21.86 3.86 3.87 .59 .38 .61 .35 3.67 .72 2.84 4.97 87.67 IV. 25.20 4.77 4.61 .63 .47 .63 .40 4.01 .73 3.39 5.57 91.94 1973—1.. 21.50 3.92 3.88 .63 .46 .52 .32 3.45 .50 2.87 4.94 96.19 II.. 24.73 4.65 4.51 .71 .46 .72 .43 3.91 .68 3.27 5.40 97.76 III. 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_I.. 24.10 4.74 4.75 .68 .50 .47 .34 3.85 .52 3.19 5.05 107.27 II. 28.16 5.59 5.69 .78 .64 .61 .49 4.56 .75 3.60 5.46 111.40 III. 28.23 5.65 5.96 .80 .64 .43 .58 4.42 .78 3.39 5.57 113.99 IV2 31.44 6.69 6.73 .83 .72 .45 .63 4.82 .90 9. 67 114.40 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 • JANUARY 1975 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 r564,825 620,143 635,326 646,280 663,826 1- to 4-family... 280,175 307,200 r345,384 378,423 386,542 392,053 402,315 Multifamily1... 58,023 67,367 r76,496 83.555 85,438 86,760 88,456 Commercial.... 82,292 92,333 r107,508 119,567 123,998 127,228 131,461 Farm 31,236 32,858 r35,437 38,598 39.348 40,239 41,594 PRIVATE FINANCIAL INSTITUTIONS. 355,929 394,239 r450,000 495,191 505,772 514,110 527,751 1- to 4-family 231,317 253,540 r288,053 316,795 322,349 327,146 335,592 Multifamily1 45,796 52,498 r59,204 63,600 64,767 65,555 66,781 C Fa o r m m m ercial 6 1 8 0 , , 6 1 9 1 7 9 7 9 8 , , 8 3 5 4 6 5 r r9 l0 2 , , 5 22 2 2 1 1 1 0 1 3 , , 3 4 0 9 4 2 1 1 0 1 7 , ,1 4 6 9 1 5 1 1 0 1 9 , , 5 8 1 91 8 1 1 1 1 3 , , 8 5 5 2 4 4 Commercial banks2. 73,275 82,515 99,314 114,788 119,068 121,668 126,468 1- to 4-family 42,329 48,020 57,004 65,484 67,998 69,351 72,087 Multifamily1 3,311 3,984 5,778 6,745 6,932 7,178 7,462 Commercial 23,284 26,306 31,751 37,181 38,696 39,664 41,228 Farm 4,351 4,205 4,781 5,378 5,442 5,475 5,691 Mutual savings banks. 57,948 61,978 67,556 72,034 73,231 73,957 74,264 1- to 4-family 37,342 38,641 41,650 43,738 44,247 44,462 44,426 Multifamily1 12,594 14,386 15,490 16,567 16,843 17,011 17,081 Commercial 7,893 8,901 10,354 11,670 12,084 12,425 12,698 Farm 119 50 62 59 57 59 59 Savings and loan associations. 150,331 174,250 206,182 229,182 232,104 236,514 243,791 1- to 4-family 124,970 142,275 167,049 185,706 188,051 191,529 197,324 Multifamily1 13,830 17,355 20,783 22,391 22,561 22,800 23,380 Commercial 11,531 14,620 18,350 21,085 21,492 22,185 23,087 Life insurance companies. 74,375 75,496 '76,948 79,187 81,369 81,971 83,228 1- to 4-family 26,676 24,604 r22,350 21,867 22,053 21,804 21,755 Multifamily1 16,061 16,773 r17,153 17,897 18,431 18,566 18,858 Commercial 25,989 28,518 r31,767 33.556 34,889 35,617 36,511 Farm 5,649 5,601 r5,678 5,867 5,996 5,984 6,104 FEDERAL AND RELATED AGENCIES.. 32.992 39,357 45,790 53,008 55,664 58,430 62,535 1- to 4-family 21.993 26,453 30,147 33,725 35,454 37,168 39,784 Multifamily1 3,359 4,555 6,086 8,171 8,489 8,923 9,643 Commercial 16 11 Farm 7,624 8,338 9,557 11,112 11,721 12,339 13,108 Government National Mortgage Association 5,222 5,323 5,113 4,429 4,029 3,604 3,618 1- to 4-family 2,902 2,770 2,490 1,462 1,330 1,189 1,194 Multifamily1 2,304 2,542 2,623 2,967 2,699 2,415 2,424 Commercial 16 Farmers Home Administration. 767 819 837 ,000 ,200 1,300 1,400 1- to 4-family 330 398 387 480 550 596 642 Farm 437 421 450 520 650 704 758 Federal Housing and Veterans Administrations 3,505 3,389 3,338 3,446 3,476 3,514 3,619 1- to 4-family 2,771 2,517 2,199 2,046 2,013 1,964 1 ,980 Multifamily1 734 872 1,139 1,400 1,463 1,550 1,639 Federal National Mortgage Association..., 15,502 17,791 19,791 22,831 24,175 24,875 26,559 1- to 4-family 15,181 16,681 17,697 19,479 20,370 20,516 21,691 Multifamily1 321 1,110 2,094 3,352 3,805 4,359 4,868 Federal land banks (farm only) 7,187 7,917 9,107 10,592 11,071 11,635 12,350 Federal Home Loan Mortgage Corporation. 357 964 1,789 2,423 2,604 2,637 3,191 1- to 4-family 357 934 1,754 2,294 2,446 2,472 2,951 Multifamily1 30 35 129 158 165 240 GNMA Pools.... 452 3,154 5,815 8,287 9,109 10,865 11,798 1- to 4-family. 452 3,153 5,620 7,964 8,745 10,431 11,326 Multifamily1.. 195 323 364 434 472 INDIVIDUALS AND OTHERS3. 62,805 66,162 69,035 71,944 73,890 73,740 73,540 1- to 4-family 26,865 27,207 27,184 27,903 28,739 27,739 26,939 Multifamily1 8,868 10,314 11,206 11,784 12,182 12,282 12,032 Commercial 13,579 13,977 15,286 16,075 16,837 17,337 17,937 Farm 13,493 14,664 15,359 16,182 16,132 16,382 16,632 1 Structure of five or more units. NOTE.—Based on data from various institutional and Government 2 Includes loans held by nondeposit trust companies but not bank trust sources, with some quarters estimated in part by Federal Reserve in departments. conjunction with the Federal Home Loan Bank Board and the Dept. of 3 Includes some U.S. agencies for which amounts are small or separate Commerce. Separation of nonfarm mortgage debt by type of property, data are not readily available. where not reported directly, and interpolations and extrapolations where required, estimated mainly by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • REAL ESTATE CREDIT A 45 FEDERAL NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORPORATION- SECONDARY MORTGAGE MARKET ACTIVITY (In millions of dollars) FHLMC Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage holdings transactions commitments holdings transactions commitments (during period) (during period) FHA- VA- Pur- Made Out- FHA Con- Pur- Made Total i in- guar- chases Sales during stand- Total VA ven- chases Sales during sured anteed period ing tional period 15,492 11,063 4,429 5,079 20 8,047 5,203 325 325 325 17,791 12,681 5,110 3,574 336 9,828 6,497 968 821 147 778 64 19,791 14,624 5,112 3,699 211 8,797 8,124 1,789 1,503 286 1,298 408 1,606 24,175 16,852 6,352 6,127 71 8,914 7,889 2,604 1,743 861 1,334 409 1,629 23,912 16,734 6,294 656 200 8,690 2,565 1,746 819 46 45 24,175 16,852 6,352 410 40 158 7,889 2,604 1,743 861 50 43 24,424 17,008 6,348 350 110 6,715 2,621 1,736 885 34 26 24,529 17,050 6,336 242 489 6,768 2,625 1,730 895 21 49 24,875 17,315 6,340 462 1,646 7,913 2,638 1,724 914 29 595 25,263 17,450 6,503 526 2,154 9,292 2,722 1,756 967 101 400 25,917 17,725 6,794 821 1,145 9,475 2,986 1,827 1,159 281 1,486 26,559 17,966 7,079 770 537 9,019 3,191 1,877 1,314 222 628 27,304 18,250 7,384 1,175 9,044 3,309 1,883 1,426 129 1,127 28,022 18,526 7,704 1,202 9,115 3,451 1,886 1,565 155 81 28,641 18,758 7,994 760 997 9,043 3,713 1,896 1,817 273 69 29,139 18,966 8,206 612 878 8,987 4,107 1,910 2,197 410 30 29,407 19,083 8,291 379 201 8,532 4,352 1,908 2,445 270 28 i 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 FFFHHHAAA--- Terms1 Yields (per cent) in iiinnnsssuuurrreeeddd primary market llloooaaannnsss———YYYiiieeelllddd PPPeeerrriiioooddd iiinnn ppprrriiivvvaaattteee Contract Fees and Loan/price Purchase Loan ssseeecccooonnndddaaarrryyy rate (per charges Maturity ratio price (thous. amount mmmaaarrrkkkeeettt555 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 8.30 1973—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 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 8.55 1.20 25.8 76.8 37.9 28.8 8.74 9.15 9.46 June 8.65 1.25 26.3 76.9 39.7 30.1 8.85 9.25 9.46 July 8.75 1.28 26.1 74.4 40.5 29.6 8.96 9.40 9.85 Aug 8.87 1.32 26.4 75.3 40.2 29.5 9.09 9.60 10.30 Sept 8.97 1.30 26.1 74.8 42.4 31.1 9.19 9.80 10.38 Oct 8.95 1.37 26.7 74.7 42.3 30.7 9.17 9.70 10.13 Nov v 99..0077 11..5511 2277..33 7755..99 4422..88 3311..88 99..3322 99..5555 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 precosts 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 which are 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 REAL ESTATE CREDIT • JANUARY 1975 FEDERAL NATIONAL MORTGAGE ASSOCIATION AUCTIONS OF COMMITMENTS TO BUY HOME MORTGAGES Date of auction Item 1974 July 29 Aug. 12 Aug. 26 Sept. 9 Sept. 23 Oct. 7 Oct. 21 Nov. 4 Nov. 18 Dec. 2 Dec. 16 Dec. 30 Amounts (millions of dollars): Govt.-underwritten loans Offered i 151.6 207.9 309.6 176.1 57.2 46.6 34.5 47.8 25.7 52.5 49.6 35.7 Accepted 73.4 97.7 93.0 98.6 38.2 29.7 26.0 24.7 17.6 23.3 43.3 31.8 Conventional loans Offered i 36.8 45.8 59.0 46.5 22.1 26.1 14.1 20.4 20.6 24.0 20.1 17.2 Accepted 18.1 19.4 24.9 30.9 19.0 23.3 12.2 12.1 6.8 12.0 18.5 10.1 Average yield (per cent) on shortterm commitments2 Govt.-underwritten loans 9.98 10.12 10.38 10.59 10.56 10.32 10.11 9.93 9.81 9.61 9.52 9.47 Conventional loans 10.02 10.16 10.42 10.71 10.66 10.46 10.27 10.11 9.92 9.80 9.72 9.59 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 requirepaid 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, June 30, Sept. 30, Dec. 31, Mar. 31, Holder 1971 1972 1973 1973 1973 1974 All holders 120. 131.1 133.6 133.8 135.0 136.7 V FH A A 8 3 1 9 . . 4 8 4 6 . . 7 4 4 8 7 6 . . 2 4 4 8 8 5. . 6 2 8 50 5 . . 0 0 8 5 5 1 . . 0 7 Commercial banks 11. 11.7 11.7 11.7 11.5 11.1 FHA 8. 8.5 8.5 8.4 8.2 7.8 Mu V t A ua l savings banks., 2 3 8 . . 2 3 8 . . 2 6 2 3 8 . . 2 7 28 3 . . 6 3 2 3 8 . . 3 4 2 3 8 . . 3 2 V FH A A 1 12 6 . . 1 1 6 2. . 6 0 1 1 5 2 . . 8 9 1 1 5 2 . . 7 9 1 1 2 5 . . 9 5 1 12 5 . . 9 3 Savings and loan assns. 24. 28.9 V FH A A 1 1 3 0 . . 1 1 5 3 . . 4 5 29.8 30.1 29.7 29.8 Life insurance cos 15. 14.7 14.0 13.7 13.6 13.3 V FH A A 10 5 , , 1 4 0 . . 7 0 4 9 . . 5 5 4 9 . . 4 3 4 9 . . 4 2 4 9 . . 3 0 Others 41, 47.2 49.4 50.0 52.1 54.3 FHA 32, 36.5 VA 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 N of u l m o b an e s r ( c m o ( a i d m l m o l m i l o o l i u a n t r n s t s e t ) d o f ( o t f a h m o L d u o o o s l a u a l n n a n t r d s s ) ( C p i o n e r r n t e a t r c 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 a c i a o n e l - n u t e ) C ( a p t p e i r i o t n a c l e i r n z a t a t ) e - co D r v a e e ti r b o a t ge P co er n s c t e a n n t t 1970 912 2,341.1 22,,556677 9.93 22/8 74.7 10.8 1.32 11.1 1971 1,664 3,982.5 22,,339933 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 1973 2,140 4,833.3 2,259 8.76 23/3 74.3 9.5 1.29 10.0 1973—June 229 541.8 2,366 8.65 23/7 73.7 9.5 1.31 9.8 July 230 415.7 1,807 8.72 24/3 74.0 9.4 1.27 10.0 Aug 255 541.9 2,125 8.77 23/5 73.6 9.2 1.26 10.1 Sept 176 351.5 1,997 8.94 22/6 73.7 9.3 1.23 10.3 Oct 161 203.3 1,263 9.09 22/6 73.6 9.4 1.24 10.3 Nov 95 313.5 3,300 9.17 22/2 74.3 9.7 1.25 10.4 Dec 55 152.8 2,778 9.18 23/3 74.8 9.9 1.27 10.3 1974—Jan 61 91.5 1 ,501 9.07 20/11 73.7 9.7 1.24 10.4 Feb 90 209.4 2,327 9.10 23/1 73.6 9.8 1.33 10.2 Mar 117 238.8 2,041 8.99 21/11 74.2 9.6 1.31 10.1 Apr 141 306.7 2,175 9.02 21/9 73.8 9.9 1.33 10.2 May 148 352.4 2,381 9.31 21/11 74.2 10.0 1.30 10.4 June 147 287.5 1 ,956 9.35 20/10 75.7 10.1 1.24 10.7 See NOTE on p. A-45. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • 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- Total mobile goods ment loans Total payment paper paper loans1 loans Retail Credit outlets cards 2 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 5,724 706 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 5,812 874 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 6,041 1,029 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 5,966 1,227 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 5,936 1,437 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 6,163 1,805 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 6,397 1,953 157,564 127,332 44.129 40,080 6,201 36,922 30,232 12,256 7,055 1,947 180,486 147,437 51.130 47,530 7,352 41,425 33,049 13,241 7,783 2,046 176,969 145,400 51,371 45,592 7,321 41,116 31,569 13,161 6,761 2,024 180,486 147,437 51,130 47,530 7,352 41,425 33,049 13,241 7,783 2,046 178,686 146,575 50,617 47,303 7,303 41,352 32,111 13,117 6,894 1,981 177,522 145,927 50,386 46,781 7,343 41,417 31,595 13,159 6,136 1,882 177,572 145,768 50,310 46,536 7,430 41,492 31,804 13,188 6,097 1,842 179,495 147,047 50,606 47,017 7,573 41,851 32,448 13,315 6,556 1,878 181,680 148,852 51,076 47,588 7,786 42,402 32,828 13,331 6,948 1,999 183,425 150.615 51,641 48,099 7,930 42,945 32,810 13,311 7,002 2,104 184,805 152,142 52,082 48,592 8,068 43,400 32,663 13,192 6,936 2,204 187,369 154,472 52,772 49,322 8,214 44,164 32,897 13,202 6,983 2,282 187,906 155,139 52,848 49,664 8,252 44,375 32,767 13,131 6,876 2,277 188,023 155,328 52,736 49,986 8,287 44,319 32,695 13,003 7,027 2,156 188,084 155,166 52,325 50,401 8,260 44,180 32,918 12,950 7,174 2,144 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 "Conheating-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 Noninstalment End of period Total Automobile paper Other consumer goods paper Home Personal loans improve- Total ment Purchased Direct Mobile Credit Other loans Check Other homes cards credit 35,652 28,962 10,209 5,659 4,166 2,571 6,357 38,265 31,319 11,024 5,956 4,681 2,647 7,011 40,630 33,152 10,972 6,232 5,469 2,731 7,748 46,310 37,936 12,324 7,102 1,307 5,387 2,858 798 8,160 50,974 42,421 13,133 7,791 2,639 6,082 2,996 1,081 8,699 53,867 45,398 12,918 7,888 3,792 7,113 3,071 1,336 9,280 60,556 51,240 13,837 9,277 4,423 4,419 4,501 3,236 1,497 10,050 70,640 59,783 16,320 10,776 5,786 5,288 5,122 3,544 1,789 11,158 81,248 69,495 19,038 12,218 7,223 6,649 6,054 3,982 2,144 12,187 80,830 69,161 19,198 12,306 7,208 6,171 6,035 3,979 2,085 12,179 81,248 69,495 19,038 12,218 7,223 6,649 6,054 3,982 2,144 12,187 81,081 69,429 18,885 12,113 7,237 6,826 6,041 3,944 2,167 12,216 80,909 69,246 18,770 12,028 7,285 6,770 6,063 3,937 2,173 12,220 80,918 69,232 18,775 11,985 7,333 6,667 6,082 3,958 2,169 12,263 81,750 69,944 18,896 12,039 7,399 6,761 6,208 4,028 2,180 12,433 82,527 70,721 19,037 12,100 7,491 6,887 6,323 4,135 2,199 12,549 83,417 71,615 19,220 12,169 7,564 7,076 6,420 4,224 2,230 12,712 84,078 72,384 19,377 12,250 7,623 7,222 6,484 4,316 2,266 12,846 84,982 73,302 19,511 12,344 7,681 7,491 6,541 4,409 2,312 13,013 85,096 73,455 19,389 12,314 7,706 7,638 6,527 4,445 2,348 13,088 84,887 73,372 19,246 12,195 7,709 7,749 6,530 4,480 2,376 13,087 84,360 72,896 18,981 12,031 7,700 7,846 6,469 4,490 2,362 13,017 See also NOTE to table at top of page* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 CONSUMER CREDIT • JANUARY 1975 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- Total mobile improve- sonal Total Credit cellaneous Total mobile paper ment loans unions lenders * dealers Mobile Other loans homes 196 5 23,851 9,218 4,343 232 10,058 8,289 7,324 965 9,791 196 6 24,796 9,342 4,925 214 10,315 9,315 8,255 1,060 10,815 196 7 24,576 8,627 5,069 192 10,688 10,216 9,003 1,213 11,484 196 8 26,074 9,003 5,424 166 11,481 11,717 10,300 1,417 12,018 196 9 27,846 9,412 5,775 174 12,485 13,722 12,028 1,694 13,116 197 0 27,678 9,044 2,464 3,237 199 12,734 15,088 12,986 2,102 13,900 197 1 28,883 9,577 2,561 3,052 247 13,446 17,021 14,770 2,251 14,151 197 2 32,088 10,174 2,916 3,589 497 14,912 19,511 16,913 2,598 15,950 197 3 37,243 11,927 3,378 4,434 917 16,587 22,567 19,609 2,958 18,132 1973—Nov. 36,887 11,949 3,310 4,371 886 16,371 22,505 19,517 2,988 16,847 Dec. 37,243 11,927 3,378 4,434 917 16,587 22,567 19,609 2,958 18,132 1974—Jan.. 37,140 11,754 3,392 4,460 940 16,594 22,301 19.429 2,872 17,705 Feb. 37,148 11,710 3,406 4,486 968 16,578 22,413 19.430 2,983 17,120 Mar. 37,005 11,624 3,324 4,497 1,018 16,542 22,562 19,550 3,012 16,969 Apr. 37,291 11,684 3,364 4,547 1,057 16,639 22,753 19,704 3,049 17,059 May 37,751 11,810 3,413 4,583 1,097 16,848 23.203 20,053 3,150 17,177 June 38,159 11,957 3,449 4,626 1,114 17.013 23,630 20,501 3,129 17,211 July. 38,479 12,040 3,505 4,664 1,118 17^52 23,968 20,825 3,143 17,311 Aug. 38,943 12,267 3,539 4,680 1,097 17,360 24,677 21,402 3,275 17,550 Sept. 38,921 12,345 3,573 4,662 1,073 17,268 25,085 21,792 3,293 17,678 Oct. 38,901 12,458 3,597 4,658 1,054 17,134 25.204 21,893 3,311 17,851 Nov. 38,803 12,462 3,603 4,611 1,021 17,106 25,195 21,975 3,220 18,272 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 New Mobile Other Personal Credit- Automobiles Other automo- homes consumer loans card Mobile consumer biles (84 mos.) goods (12 mos.) plans homes goods (36 mos.) (24 mos.) New Used 10.02 10.67 12.47 12.70 17.25 11.88 16.71 12.41 19.15 1 10 0 . . 0 0 2 1 1 10 0 . .6 85 6 1 1 2 2 . . 3 4 8 4 1 1 2 2 . . 6 7 3 0 1 1 7 7 . . 2 2 3 3 1 11 1 . . 8 8 9 6 1 1 6 6 . . 7 6 8 7 'i2.4l' •i8!96" 10.01 10.69 12.55 12.77 17.24 11.92 16.87 10.01 10.54 12.46 12.65 17.13 11.89 16.08 12.51 19.04 1 1 0 0 . . 0 0 5 4 1 10 0 . . 6 7 7 6 1 1 2 2 . . 5 4 1 8 1 12 2 . . 7 7 1 6 1 1 7 7 . . 1 1 6 9 1 11 1 . .8 85 6 1 1 6 6 . . 3 2 2 0 'ii!54' 'i8!92' 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 1 1 0 0 . .1 08 0 1 1 0 0 . . 5 8 7 4 1 12 2 . . 5 5 1 7 1 12 2 . . 7 7 5 8 1 1 7 7 . . 2 2 1 4 1 12 1 . .9 0 4 2 1 1 6 6. .6 75 1 i2.77 is!93" 10.25 10.95 12.66 12.84 17.22 12.13 16.86 10.44 11.06 12.67 12.96 17.23 12.28 16.98 12.90 18.69 10.53 10.98 12.80 13.02 17.23 12.34 17.11 10.49 11.19 12.75 12.94 17.23 12.40 17.21 'iy.12 "i8!77* 10.49 11.07 12.86 13.12 17.24 12.42 17.31 10.55 11.09 12.78 12.96 17.25 12.39 16.56 13.24 18.90 10.53 11.25 12.82 13.02 17.24 12.33 16.62 10.50 10.92 12.82 13.04 17.23 12.29 16.69 'ii.'is' 18!69 * 10.51 11.07 12.81 13.00 17.25 12.28 16.76 10.63 10.96 12.88 13.10 17.25 12.36 16.86 13.07 18.90 1 1 0 0 . . 8 9 1 6 1 1 1 1 . .4 2 6 1 1 1 3 3 . . 0 1 1 4 1 1 3 3. . 4 2 2 0 1 1 7 7 . . 2 2 3 0 1 12 2 . . 5 5 8 0 1 1 7 7 . . 1 0 8 6 * i 32 i" i9!24* 1 1 1 1 . . 3 1 1 5 1 1 1 1 . .7 7 1 2 1 1 3 3 . . 1 2 0 0 1 1 3 3 . . 4 4 1 5 1 1 7 7. . 2 1 1 5 1 1 2 2 . . 8 6 4 7 1 1 7 7 . . 6 3 1 2 13.42 i 9!30 * 11.53 11.94 13.28 13.60 17.17 12.97 17.78 11.57 11.87 13.16 13.47 17.16 13.06 17.88 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

JANUARY 1975 • CONSUMER CREDIT A 49 INSTALMENT CREDIT EXTENDED AND REPAID (In millions of dollars) Type 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 196 6 82,832 27,192 26,329 2,223 27,088 30,073 25,897 10,368 16,494 196 7 87,171 26,320 29,504 2,369 28,978 31,382 26,461 11,238 18,090 196 8 99,984 31,083 33,507 2,534 32,860 37,395 30,261 13,206 19,122 196 9 109,146 32,553 38,332 2,831 35,430 40,955 32,753 15,198 20,240 197 0 112,158 29,794 43,873 2,963 35,528 42,960 31,952 15,720 21,526 197 1 124,281 34,873 47,821 3,244 38,343 51,237 32,935 17,966 22,143 197 2 142,951 40,194 55,599 4,006 43,152 59,339 38,464 20,607 24,541 197 3 165,083 46,453 66,859 4,728 47,043 69,726 43,221 23,414 28,722 1973—Nov.. 14,275 3,819 5,978 402 4,076 6,222 ,564 2,029 2,460 Dec.. 12,677 3,315 5,254 429 3,679 5,124 ,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 May. 14,669 3,769 6,156 468 4,276 6,023 3,832 2,140 2,674 June. 14,387 3,731 6,043 425 4.188 6,076 3,729 2,040 2,542 July. 14,635 3,812 6,164 416 4; 243 6,129 3,685 2,201 2,620 Aug. 14,394 3,887 5,993 388 4,126 6,034 3,476 2,290 2,594 Sept.. 14,089 3,835 5,935 302 4,017 6,050 3,408 2,079 2,552 Oct.. 13,626 3,369 5,948 348 3,961 5,600 3,229 2,160 2,637 Nov.. 12,609 3,062 5,700 321 3,526 5,390 2,823 1 ,863 2,533 Repayments 196 6 77,480 25,619 24,080 2,118 25,663 27,716 24,952 9,342 15,470 196 7 83,988 26,534 27,847 2,202 27,405 29,549 26,681 10,337 17,421 196 8 91,667 27,931 31,270 2,303 30,163 32,611 28,763 11,705 18,588 196 9 99,786 29,974 34,645 2,457 32,710 36,470 30,981 13,193 19,142 197 0 107,199 30,137 40,721 2,506 33,835 40,398 31,705 14,354 20,742 197 1 115,050 31,393 44,933 2,901 35,823 45,395 31,730 16,033 21,892 197 2 126,914 34,729 49,872 3,218 39,095 50,796 35,259 18,117 22,742 197 3 144,978 39,452 59,409 3,577 42,540 60,014 38,066 20,358 26,540 1973—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 5,470 375 1,784 2,397 May, 13,407 3,601 5,607 315 3,884 5,573 528 1,855 2,451 June 13,301 3,577 5,615 335 3.774 5,564 405 1,835 2,497 July. 13,310 3,563 5,610 320 3,817 5.541 513 1,819 2,437 Aug. 12,882 3,443 5,444 309 3,686 5,463 166 1,851 2,402 Sept. 13,412 3,604 5,700 279 3,829 5,808 371 1,723 2,510 O No c v t. . . 1 13 3 , , 0 2 0 2 9 4 3 3 , , 4 42 7 3 0 5 5 , , 4 56 9 1 9 3 3 2 2 1 5 3 3 , , 9 7 3 0 4 0 5 5, . 6 5 7 4 1 2 2 3 , , 9 2 8 5 1 0 1 1 , 9 ,8 62 6 0 2 2 , , 4 4 7 9 0 7 Net change 196 6 5,352 1,573 2,249 105 1,425 2,357 945 1,026 1,024 196 7 3,183 -214 1,657 167 1,573 1,833 -220 901 669 196 8 8,317 3,152 2,237 231 2,697 4,784 1,498 1,501 534 196 9 9,360 2,579 3,687 374 2,720 4,485 1,772 2,005 1,098 197 0 4,959 -343 3,152 457 1,693 2,977 -168 1,366 784 197 1 9,231 3,480 2,888 343 2,520 5,842 1,205 1,933 251 197 2 16,037 5,465 5,727 788 4,057 8,543 3,205 2,490 1,799 197 3 20,105 7,001 7,450 1,151 4,503 9,712 5,155 3,056 2,182 1973—Nov. 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 May, 1,262 168 549 153 392 450 304 285 223 June, 1,086 154 428 90 414 512 324 205 45 July. 1,325 249 554 96 426 588 172 382 183 Aug. 1,512 444 549 79 440 571 310 439 192 Sept. 677 231 235 23 188 242 37 356 42 Oct., 402 -101 449 27 27 58 -21 198 167 Nov. -400 -361 139 -4 -174 -281 -158 3 36 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. • JANUARY 1975 MARKET GROUPINGS (1967 = 100) p 19 ro 67 - a 1 v 9 e 7 r 3 - 1973 1974 Grouping p ti o o r n - age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. NOV.P Dec.® Total index 100.0 125.6 126.5 125.4 124.6 124.7 124.9 125.7 125.1 125.5 125.2 125.6 124.8 Products, total 62.21 123.4 124.0 122.9 122.4 122.6 122.7 123.8 124.0 124.0 123.5 123.6 122.9 Final products 48.95 121.3 122.6 121.2 120.6 121.0 120.8 122.4 122.6 122 122.1 122.6 122.4 Consumer goods 28.53 131.7 131.3 129.2 128.3 128.5 128.5 129.7 130.2 130.0 129.8 128.8 128.3 Equipment 20.42 106.7 110.1 109.8 109.9 110. 110.1 112.2 112.0 113.0 111.4 113.8 113.9 Intermediate products 13.26 131 129.1 129.2 129. 128.2 129.4 129.2 128.9 127.8 128.6 127.6 125.3 Materials 37.79 129.3 130.7 129.7 128.3 128.8 128.7 129.1 128.8 128.0 128.5 129.3 128.0 Consumer goods Durable consumer goods 7.86 139.0 134.6 128.2 126.4 128.5 130.9 132.8 133.5 131.6 131.8 129.1 126.5 Automotive products 2.84 136.8 120.6 108.0 106.6 108.0 113.8 116.1 117.3 113.5 114.9 111.6 114.7 Autos 1.87 125.4 106.2 90.0 86.4 86.3 97.7 100.3 99.6 101.5 103.1 99.6 108.4 Auto parts and allied goods... .97 158.9 147 142.6 145.5 149.8 144.7 146.5 151.3 136.9 137.6 134.5 126.9 Home goods 5.02 140.3 142.5 139.6 137.5 140.1 140.6 142.3 142.7 141. 141.2 139.0 133.2 Appliances, TV, and radios 1.41 144. 147.9 138.4 131.9 135.8 135.2 137.7 141.2 139.3 139.1 133.2 120.9 Appliances and A/C .92 156.9 172.2 153.9 148.2 150.0 148.6 152.6 155.3 151.7 156.2 150.2 139.4 TV and home audio .49 Carpeting and furniture 1.08 150.0 150.1 153.5 153.3 154.5 158.2 157.4 157.2 155.3 157.1 155.4 151.8 Misc. home goods 2.53 133.6 136.3 134.4 134.2 136.3 136.0 138.3 137.4 137.3 135.8 135.3 132.2 Nondurable consumer goods 20.67 129.0 130.2 129.5 129.1 128.7 127.6 128.5 129.0 129.4 129.1 128.7 129.0 Clothing 4.32 116.0 120.3 116.3 114.5, 112.0 106.2 107.0 108.9 108.6 106.4 106.0 105.0 Consumer staples 16.34 132.4 132.8 133.0 133.0 133.1 133.2 134.2 134.3 134.9 135.1 134.8 135.3 Consumer foods and tobacco.. 8.37 122.2 125.0 126.9 125.9 125.7 123.9 124.7 124.7 125.5 124.4 124.4 125.2 Nonfood staples 7.98 143.1 141. 139.4 140.4 140.8 143.1 144.3 144.4 144.7 146.5 145.7 145.9 Consumer chemical products 2.64 153.3 156.7 157 159.0 160.3 159.7 157.5 156.8 154.6 159.0 157.7 159.8 Consumer paper products... 1.91 121.3 120.5 119.4 119.9 119.1 119.4 124.7 123.9 124.4 129.5 130.9 127.9 Consumer fuel and lighting.. 3.43 147.5 140.7 136.7 137.4 138.2 143.7 145.1 146.0 148.4 146.2 144.6 145.3 Residential utilities 2.25 156.8 149. 145.6 148.6 149.0 151.6 153.2 155.3 157. 155.4 156.2 155.8 Equipment Business equipment 12.74 122.6 126.9 126.8 127.3 127.6 127.9 130.2 130.2 131.3 128.8 132.3 131.9 Industrial equipment 6.77 120.1 124.9 125.3 126.6 126.8 127.6 129.6 129.0 130.3 129.6 132.0 130.9 Building and mining equip. 1.45 120.4 126.0 128.5 130.3 131.3 133.5 135.0 137.4 136.2 136.5 139 141.2 Manufacturing equipment 3.85 113.0 118.5 119.3 120.6 121.1 122.1 124.1 121.9 124.9 123.1 124.4 122.5 Power equipment 1.47 138.5 140.3 138.0 138.7 137.3 136.6 138.4 139.0 138.4 139.6 144.2 142.8 Commercial, transit, farm eq.. .., 5.97 125.5 129.2 128.5 128.2 128.7 128.2 130.9 131.5 132.5 127.6 132. 133.1 C Tr o a m n m sit e r e c q i u al i p e m qu e i n p t ment 2 3 . . 0 30 0 1 1 0 3 9 5 . . 8 0 113191..31 1 1 0 3 9 9 . . 5 8 1 1 0 3 9 9. . 8 3 1 1 0 4 9 0. . 8 4 1 1 0 4 6 0 . . 7 4 1 1 4 1 1 0 . . 5 2 1 1 4 1 2 0 . . 7 4 1 1 4 1 3 1 . . 5 4 1 1 0 3 9 4 . . 3 0 1 1 4 1 3 1 . . 3 8 1 1 1 44 0 . . 1 9 Farm equipment .67 125.1 133.4 129.2 126.0 126.1 131.2 140.2 140.6 141.4 150.5 144.1 145.4 Defense and space equipment 7.68 80.2 81.9 81 80.9 81.0 80.6 82.2 81.7 82.6 82.7 83.1 84.1 Military products 5.15 80.3 81.3 80.6 80.2 80.5 79.9 81.2 79.7 81.4 81.5 82.3 82.6 Intermediate products Construction products 7 5 . . 3 9 4 3 1 1 2 34 8 . . 2 6 1 1 2 31 7 . . 1 4 1 1 2 3 6 3 . . 3 0 1 1 2 3 7 1 . . 4 3 1 1 2 2 7 9 . . 5 6 1 1 2 3 8 0 . .8 2 1 1 2 3 7 0 . . 9 8 1 12 2 8 9 . . 4 6 1 1 2 2 7 8 . . 5 2 1 1 2 2 9 8 . . 2 0 1 1 2 2 7 7 . . 8 4 1 1 2 2 3 7 . . 1 2 Misc. intermediate products Materials 20.91 130.1 132.7 129.8 127.3 127.2 127.3 128.3 127.5 125. 128.1 129.2 129.4 Durable goods materials 4 5. . 4 7 1 5 1 1 2 1 7 9 . . 8 3 1 12 2 5 1 . . 3 0 1 12 1 3 3 . . 9 0 1 1 0 2 9 2. .3 6 1 12 1 1 0 . . 6 6 1 1 2 1 0 2 . .5 1 1 2 1 2 4 . . 5 7 1 1 1 2 4 2 . . 1 1 1 1 1 2 7 0 . . 2 6 1 1 1 2 7 5 . . 5 8 1 1 1 2 7 5 . . 2 0 1 1 1 2 5 4 . . 2 0 Consumer durable parts 10.75 136.5 141.6 140.0 137.6 137.5 137.5 137.2 136.2 132.3 133.9 136.6 138.4 Equipment parts Durable materials nec 13.99 129.1 129.2 131.1 131.1 131.9 131.9 130.9 131.3 131.1 130.4 129.3 126.4 Nondurable goods materials 8.58 139.8 140 143.4 141.7 143.1 143.9 143.3 143.6 143.6 143.2 142.2 138.5 Textile, paper, and chem. mat... 5.41 112.2 111.9 111.7 114.3 114.7 112.7 111.4 111.9 111.3 110.0 108.9 108.1 Nondurable materials n.e.c 2.89 123.9 123. 121.5 122.5 122.6 123.2 124.7 126.3 128.0 123.5 129.0 127.3 Fuel and power, industrial Supplementary groups Home goods and clothing 9.34 129.0 132.4 128 126.9 127.0 124.6 126.0 127.1 126.4 125.0 123.8 120.1 Containers 1.82 139.9 141.0 148.4 144.3 151.4 147.0 141.5 141.6 142. 140.4 136.7 131.5 Gross value of products in market structure (In billions of 1963 dollars) Products, total 286.3 449. 449.1 445.4 442.5 443.9 445.4 449.5 449.7 448.1 446.9 447.1 445.5 Final products 221.4 346.1 346.9 342.5 339.9 342.3 342.9 347.2 347.7 346.6 345.0 346.1 346.3 Consumer goods 156.3 239.7 237.8 233.6 230.6 232.7 233.8 235.9 236.6 235.0 235.1 233.1 233.7 Equipment 65.3 106.4 109.0 108.9 109. 109.4 109.0 111.2 111.2 111.6 109.9 112.8 112.7 Intermediate products 64.9 103.7 102.5 103.1 102.6 101.9 102.5 102.2 102.0 101.2 102. 101.0 99.4 For NOTE see p. A-51. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • INDUSTRIAL PRODUCTION: S.A. A 51 INDUSTRY GROUPINGS (1967 = 100) Grouping p p 1 ti 9 o r o 6 o r n 7 - - a 1 a v 9 g e 7 e r 3 - D 19 e 7 c 3 . Jan. Feb. Mar. Apr. May June 1 974 J uly Aug. Sept. Oct. NOV.P Dec.e Manufacturing 88.55 125.2 126.4 125.3 124.5 124.6 124.8 125.7 125.6 125.2 125.2 125.5 124.5 121.0 117.6 Durable 52.33 122. 123.1 121.1 119.4 120.4 120.7 122.1 122.1 121.6 121.6 122.1 121.4 117.8 113.5 Nondurable 36.22 129.6 131.2 131.4 131.5 130.9 130.4 130.9 130.8 130.8 130.4 130.5 129.0 125.7 123.5 Mining and utilities 11.45 128.9 126.9 125.4 126.9 127.3 127.8 128.0 128.1 128.9 127.4 128.7 128.2 125.2 124.9 Mining 6.37 110.2 110.4 109.9 111.7 112.2 111.3 111.0 110.2 110.2 107.3 109.2 109.1 104.0 104.0 Utilities 5.08 152.3 147.6 144.9 146.1 146.5 148.7 149.2 150.6 152.4 152.6 153.1 152.2 151.9 151.2 Durable manufactures Primary and fabricated metals 12.55 128.8 130.5 130.4 127.6 128.2 127.5 128.1 .128.4 126.9 126.5 127.2 126.7 123.7 117.9 Primary metals 6.61 127. 130.7 129.5 125.0 125.3 124.0 124.6 124.7 123.2 121.9 123.0 124.2 120.6 112.3 Iron and steel, subtotal 4.23 121.6 127.7 125.5 119.4 119.6 116.4 118.0 118.5 119.9 120.7 119.1 121.3 117.7 108.9 Fabricated metal products 5.94 130.7 130.0 131.4 130.6 131.6 131.3 131.9 132.5 131.1 131.5 132.0 129.3 127.1 124.3 Machinery and allied goods 32.44 117.3 118.6 115.2 113.8 114.8 115.5 117.5 117.7 117.3 117.8 118.8 118.3 115.0 110.8 Machinery 17.39 125.9 130.9 128.6 127.2 128.4 128.2 129.7 130.4 129.9 130.5 132.5 130.7 128.9 125.8 Nonelectrical machinery 9.17 125. 130.2 129.4 128.1 129.8 130.7 131.9 131.7 131.1 136.4 137.8 136.6 135.2 133.0 Electrical machinery 8.22 126.8 131.6 127.7 126.2 126.8 125.3 127.4 129.0 128.4 123.7 126.4 124.0 121.8 117.8 Transportation equipment 9.29 109.2 103.0 95.7 93.9 95.0 97.8 100.6 99.4 98.7 99.9 100.4 102.0 93.9 85.3 Motor vehicles and parts.... 4.56 138. 124.6 112.7 109.2 110.2 116.4 119.6 116.9 117.3 117.8 118.6 122.9 106.8 86.4 Aerospace and misc. trans, eq 4.73 81.4 82.2 79.3 79.3 80.3 80.0 82.4 82.6 80.9 82.6 82.8 81.9 81.6 84.3 Instruments 2.07 138.4 142.7 143.0 142.8 142.8 143.8 146.1 147.5 146.7 146.7 144.9 142.0 142.7 141.5 Ordnance, private and Govt.... 3.69 85.4 86.1 85.2 84.2 84.9 84.3 86.1 86.4 87.2 87.1 87.5 87.4 87.2 87.7 Lumber, clay, and glass 4.44 129.5 127.8 129.7 127.4 128.1 128.9 128.0 126.4 125.5 123.4 120.6 117.7 114.9 112.2 Lumber and products 1.65 128.9 126.3 126.1 127.1 126.1 126.8 126.8 125.6 121.6 121.5 116.6 109.3 107.5 Clay, glass, and stone products. 2.79 129.9 128.7 131.8 127.6 129.3 130.3 128.7 126.9 127.7 124.6 123.0 122.8 119.2 Furniture and miscellaneous 2.90 135.2 135.3 133.4 135.2 136.8 136.8 138.9 138.5 139.7 140.1 138.8 136.7 128.3 126.8 Furniture and fixtures 1.38 126.3 124.9 124.2 125.4 126.8 128.8 129.7 131.1 131.6 130.5 129.4 125.5 119.4 Miscellaneous manufactures.... 1.52 143.3 144.5 141.8 144.2 145.8 144.1 147.3 145.3 147.1 148.8 147.5 146.9 136.5 Nondurable manufactures Textiles, apparel, and leather 6.90 114.7 118.8 116.2 115.3 112.4 109.3 109.8 108.5 108.1 107.4 106.5 104.7 101.6 99.8 Textile mill products 2.69 127.1 130.9 128.4 127.6 125.0 123.4 124.0 125.1 125.3 124.3 121.9 118.6 111.8 Apparel products 3.33 112.9 118.5 116.4 113.6 110.0 105.8 105.0 102.1 102.7 102.5 102.5 102.3 Leather and products 83.6 82.9 77.6 83.7 83.0 79.5 83.9 81.6 75.7 73.4 74.2 70.9 68.4 Paper and printing 7.92 122.1 121.2 121.7 122.2 122.5 121.2 121.3 122.3 122.4 121.0 122.7 120.6 115.7 114.7 Paper and products 3.18 135.4 136.7 138.7 137.6 140.2 135.4 135.1 136.7 136.1 132.2 135.3 133.9 126.0 Printing and publishing 4.74 113.2 110.8 110.4 111.9 110.7 111.7 111.9 112.7 113.4 113.4 114.4 111.6 108.8 108.4 Chemicals, petroleum, and rubber. 11.92 149.3 151.6 151.5 151.2 151.3 153.5 153.0 153.7 153.9 154.4 154.7 153.0 147.7 142.9 Chemicals and products 7.86 150. 154.5 154.9 155.3 155.5 156.2 156.2 156.9 155.8 156.7 158.3 156.7 149.7 145.0 Petroleum products 1.80 127.4 125.5 120.5 116.9 117.3 126.9 126.1 126.2 127.9 125.8 121.9 124.7 126.5 126.0 Rubber and plastics products... 2.26 164.0 162.3 164.3 163.5 164.2 165.5 163.7 164.5 167.2 169.0 168.6 162.6 157.6 Foods and tobacco 9.48 121.9 123.0 125.4 126.2 125.3 124.3 126.5 125.3 124.8 124.8 124.3 123.6 123.7 123.7 Foods 8.81 122.7 124.5 126.3 127.2 126.5 125.9 127.8 127.1 126.6 126.3 125.7 124.6 124.8 124.6 Tobacco products .67 111.6 104.2 113.3 112.1 110.4 104.6 109.4 102.9 101.5 104.2 106.0 110.3 Mining Metal, stone, and earth minerals... 1.26 118.1 122.0 121.4 119.9 119.7 117.5 117.9 112.4 113.5 109.9 115.4 119.1 117.9 116.9 S M to et n a e l a m n i d n i e n a g r th minerals . . 7 5 5 1 1 10 30 9 . . 8 5 1 1 1 3 3 5 . . 1 2 1 1 3 11 5 . . 9 2 1 13 11 2 . . 6 2 1 13 10 2. . 9 7 1 12 10 7. . 4 7 112181..1 0 1 1 0 2 6 1. . 1 4 1 1 0 20 8. . 8 3 1 1 0 10 9 . . 0 9 1 13 0 0 5 . . 5 0 1 10 4 3 1. . 0 9 1 1 0 35 5 . . 7 9 Coal, oil, and gas 5.11 108.3 107.5 107.0 109.6 110.2 109.8 109.2 109.7 109.4 106.7 107.7 106.6 100.6 100.8 Coal .69 103.6 110.4 108.7 112.7 114.7 110.3 112.4 118.3 115.6 99.4 112.1 110.3 75.0 82.0 Oil and gas extraction 4.42 109.0 107.0 106.8 109.1 109.5 109.7 108.8 108.4 108.4 107.9 107.1 106.0 104.6 103.8 Utilities Electric 3.91 160.7 115555..66 115533..00 115544..66 115555..11 115588..33 115599..00 116600..33 116622..77 116622..88 116622..44 116611..33 Gas 1.17 124.2 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 BUSINESS ACTIVITY; CONSTRUCTION • JANUARY 1975 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu- Prices 4 facturing 2 In- Ca- Market dustry pacity Nonagutiliza- Con- ricul- Products tion struc- tural Total Period Total Total C Fi o n n a - l m I e n d 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 t 1 9 p 0 6 f u 0 g 7 t ) . tr c t a i o o c n n t - s T m p e o e l m t o n a y - t l — - i p m E l e m o n y - t - P ro a l y ls - s r a e l t e ai s l 3 s C u o m n e - r m W c s o o h a d m o le i l - t e y - Total sumer Equipgoods ment 195 5 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 195 6 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 195 7 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 195 8 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 195 9 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 196 0 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 196 1 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 82.1 84.5 68.0 70 89.6 94.5 196 2 72.2 72. 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 87.3 73.3 75 90.6 94.8 196 3 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 87.8 76.0 79 91.7 94.5 196 4 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 89.3 80.1 83 92.9 94.7 196 5 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 93.9 91 94.5 96.6 196 6 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 99.9 97.8 97 97.2 99.8 196 7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 196 8 105.7 105. 105. 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.2 101.4 108.3 109 104.2 102.5 196 9 110.7 109.7 109.0 111. 106.1 112.0 112.4 110.5 86.5 123.7 106.9 103.2 116.6 114 109.8 106.5 197 0 106.6 106.0 104.5 110.3 96.3 111.7 107.7 105.2 78.3 123.1 107.7 98.1 114.1 120 116.3 110.4 197 1 106.8 106.4 104.7 115.7 89.4 112.6 107.4 105.2 75.0 145.4 108.1 94.2 116.7 122 121.2 113.9 197 2 115.2 113.8 111.9 123.6 95.5 121.1 117.4 114.0 78.6 165.3 111.9 97.6 131.5 142 125.3 119.8 197 3 125.6 123.4 121.3 131.7 106.7 131.1 129.3 125.2 83.0 181.3 116.7 103.1 148.9 133.1 134.7 1973— D N e o c v . . , 1 1 2 2 6 7. . 5 5 1 1 2 2 4 5 . . 0 3 1 1 2 2 2 3 . .7 6 1 1 3 3 1 3 . . 3 5 1 1 1 1 0 0. .1 1 1 1 2 3 9 1. . 1 1 1 1 3 3 0 1 . . 7 5 1 1 2 2 7 6 . . 4 4 582.6 1 16 9 1 4 . . 0 0 1 1 1 1 8 8 . . 3 3 1 1 0 0 4 4 . . 4 4 1 1 5 5 5 7. . 9 8 1 1 6 6 1 4 1 1 3 3 8 7. . 6 5 1 14 3 1 9 . . 8 2 1974—Jan.. 125.4 122.9 121.2 129.2 109.8 129.2 129.7 125.3 155.0 118.3 104.0 151.4 164 139.7 146.6 Feb.. 124.6 122.4 120.6 128.3 109.9 129.1 128.3 124.5 80.5 187.0 118.5 103.2 153.1 165 141.5 149.5 Mar. 124.7 122.6 121.0 128.5 110.1 128.2 128.8 124.6 181.0 118.6 102.9 152.5 168 143.1 151.4 Apr. 124. 122.7 120.8 128.5 110.1 129.4 128.7 124.8 167.0 118.8 103.0 149.8 169 143.9 152.7 J J M u u a n ly y e . 1 1 1 2 2 2 5 5 5 . . . 5 7 1 1 1 2 2 2 4 3 4 . . . 8 0 0 1 1 1 2 2 2 2 2 2 . . . 8 4 6 1 1 1 3 3 2 0 0 9 . . . 0 2 7 1 1 1 1 1 1 3 2 2 . . . 0 2 0 1 1 1 2 2 2 7 8 9 . . . 8 9 2 1 1 1 2 2 2 9 8 8 . . . 1 8 0 1 1 1 2 2 2 5 5 5 . . . 2 7 6 80. 1 1 1 7 6 8 7 6 8 . . . 0 0 0 1 1 1 1 1 1 9 9 9 . . . 2 0 1 1 1 1 0 0 0 3 3 3 . . . 0 2 0 1 1 1 5 5 5 8 6 7 . . . 4 5 5 1 1 1 7 7 7 2 7 0 r 1 1 1 4 4 4 6 8 5 . . . 9 0 5 1 1 1 6 5 5 1 5 5 . . . 7 7 0 A S O N D e u c e o p t c g v t . . . . . . 1 1 1 1 1 2 2 2 2 1 4 5 5 1 8 . . . . . 6 8 7 2 3 1 1 1 1 1 2 1 2 2 2 9 1 3 2 3 . . . . . 1 5 9 6 0 1 1 1 1 1 2 2 1 2 2 2 0 8 2 2 . . . . . 1 7 9 4 6 1 1 1 1 1 2 2 2 2 2 8 9 8 3 6 . . . . . 8 8 5 3 4 1 1 1 1 1 1 1 1 1 1 3 3 1 3 2 . . . . . 9 2 8 4 0 1 1 1 1 1 2 2 2 2 2 8 7 0 5 2 . . . . . 6 6 6 3 0 1 1 1 1 1 2 2 2 2 1 8 2 7 9 8 . . . . . 5 5 7 3 0 1 1 1 1 1 2 2 1 2 2 5 4 7 5 1 . . . . . 5 5 6 2 0 7 7 9 5 . . 4 9 1 1 1 1 8 4 7 5 7 8 0 4 . . . . 0 0 0 0 1 1 1 1 1 1 1 1 1 1 9 9 9 9 8 . . . . . 7 8 4 0 0 1 1 1 9 9 0 0 0 6 9 2 1 2 . . . . . 1 4 5 7 6 1 1 1 1 1 6 6 5 6 6 0 2 2 2 0 . . . . . 5 9 9 3 3 1 1 1 1 1 7 8 7 7 7 0 1 6 5 0 1 1 1 1 5 4 5 5 1 9 3 4 . . . . 7 9 0 3 1 1 1 1 1 7 7 6 7 6 1 1 0 7 7 . . . . . 5 2 2 4 9 1 Employees only: excludes personnel in the Armed Forces. Construction contracts; McGraw-Hill Informations Systems Company 2 Production workers only. Revised back to 1968. F.W. Dodge Division, monthly index of dollar value of total construction 3 F.R. index based on Census Bureau figures. contracts, including residential, nonresidential, and heavy engineering; 4 Prices are not seasonally adjusted. Latest figure is final. does not include data for Alaska and Hawaii. 5 Figure is for 4th 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) 1973 1974 Type of ownership and 1972 1973 type of construction Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Total construction 1 90,979 100,071 7,905 6,133 5,954 6,610 7,911 8,929 10,158 8,480 9,295 8,416 8,359 7,227 6,179 By type of ownership: Public 24,043 26,686 2,140 1,855 2,135 2,212 2,481 2,336 3,082 2,968 3,242 3,311 3,273 2,720 2,391 Private 1 66,936 73,385 5,765 4,277 3,819 4,398 5,430 6,593 7,076 5,512 6,053 5,105 5,689 4,508 3,788 By type of construction: Residential building 1 44,975 46,246 3,299 2,341 2,231 2,678 3,374 3,924 3,862 3,546 3,350 3,060 2,503 2,457 1,931 Nonresidential building 27,021 31,761 2,655 2,210 2,307 2,260 2,752 2,842 3,120 2,989 3,698 3,246 3,320 2,710 2,618 Nonbuilding 18,983 22,064 1,951 1,581 1,415 1,672 1,785 2,163 3,176 1,945 2,247 2,110 2,536 2,061 1 ,630 Private housing units authorized... 2,219 1,820 1,361 1,285 1,282 1,325 1,410 1,296 1,120 1,106 1,017 900 823 r782 720 (In thousands, S.A., A.R.) i Because of improved procedures for collecting data for 1 -family homes, NOTE.—Dollar value of construction contracts as reported by the some totals are not strictly comparable with those prior to 1968. To im- McGraw-Hill Informations Systems Company, F.W. Dodge Division. prove comparability, earlier levels may be raised by approximately 3 per Totals of monthly data exceed annual totals because adjustments— cent for total and private construction, in each case, and by 8 per cent for negative—are made in accumulated monthly data after original figures residential building. have been published. Private housing units authorized are Census Bureau series for 14,000 reporting areas with local building permit systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • CONSTRUCTION A 53 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser- Total Total d R en e t s i i a - l Total In tr d i u al s - B m u C i e o l r d m c i i n - a g l s b O in u t g i h s l e d r 1 - Other Total M ta i r l y i- H w ig ay h - d v e m a v a t n e e i d n l o o t n p - 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 2,019 76,002 51,995 25,715 26,280 6,679 6,879 5,037 7,685 24,007 727 8,405 2,194 77,503 51,967 25,568 26,399 6,131 6,982 4,993 8,293 25,536 695 8,591 2,124 86,626 59,021 30,565 28,456 6,021 7,761 4,382 10,292 27,605 808 9,321 1,973 93,728 65,404 33,200 32,204 6,783 9,401 4,971 11,049 27,964 879 9,250 1,783 94,167 66,071 31,864 34,207 6,538 9,754 5,125 12,790 28,096 718 9,981 1,908 109,950 80,079 43,267 36,812 5,423 11,619 5,437 14,333 29,871 901 10,658 2,095 124,077 93,893 54,288 39,605 4.676 13,462 5,898 15,569 30,184 1,087 10,429 2,172 135,456 102,894 57,623 45,271 6,243 15,453 5,888 17,687 32,562 1,170 10,559 2.313 135,692 102,270 54,548 47,722 7,080 16,054 5,727 18,861 33,422 1,060 10,952 2,362 133,222 100,110 52,357 47,753 7,343 15,890 5,913 18,607 33,112 1,082 11,168 2.314 132,608 97,768 49,688 48,080 6,831 15,762 6,058 19,429 34,840 1,305 12,043 2,044 136,282 98,770 48,873 49,897 7,869 16,650 6,143 19,235 37,512 1,361 12,465 2,510 135,069 98,631 48,643 49,988 7,500 16,652 6,336 19,500 36,438 1,401 10,985 2,463 136,399 97,445 48,164 49,281 6.920 16,296 6,264 19,801 38.954 1,505 12,209 2,665 138,163 97,889 47,971 49,918 7,606 16,408 5,890 20,014 40,274 1,181 12,322 2,692 136,889 98,404 48,269 50,135 8,027 16,425 6,034 19,649 38,485 1,169 11,632 3,306 137,935 97,980 48,938 49,042 7,158 15,953 5,915 20,016 39.955 1,131 134,503 96,303 48,284 48,019 7,616 15,053 5,691 19,659 36,974 978 132,891 94,591 45,858 48,733 7.677 15,668 5,776 19,612 38,300 1,167 134,917 94,166 43,300 50,866 8,294 16,300 5,799 20,473 40,751 1,065 131,318 92,527 40,890 51,637 8,767 16,282 5,956 20,632 38,791 1 Includes religious, educational, hospital, institutional, and other build- NOTE.—Census Bureau data; monthly series at seasonally adjusted ings. annual rates. 2 Sewer and water, formerly shown separately, now included in "Other." PRIVATE HOUSING ACTIVITY (In thousands of units) Starts Completions Under construction New 1-family homes sold (end of period) and for sale 1 Units Median prices (in thousands Mobile of dollars) of Period home units 2-or- 1- 2-or- 2-or- ship- Total family more Total family more Total family more ments famiiy family family For sale Sold (end of period) 196 5 1,473 964 509 217 575 228 196 6 1,165 779 386 217 461 196 196 7 1,292 844 448 240 487 190 196 8 1,508 899 608 1,320 859 461 318 490 218 196 9 1,467 811 656 1,399 592 885 350 535 413 448 228 197 0 1,434 813 621 1,418 802 617 922 381 541 401 485 227 197 1 2,052 1,151 901 1,706 1,014 692 1,254 505 749 497 656 294 197 2 2,357 1,309 1,048 1,972 1,143 828 1,586 640 947 576 718 416 197 3 2,045 1,132 913 2,014 1,174 840 1,599 583 1,016 567 620 456 1973—Nov.., 1,675 938 737 1,949 1,128 821 1,662 624 1,038 490 511 447 Dec... 1,403 767 636 1,873 1,050 823 1,638 613 1,025 456 433 446 1974—Jan.. . 1,464 793 671 1,916 1,026 890 1,608 599 1.009 469 474 450 Feb... 1,922 1,056 866 1,891 1,018 873 1,611 601 1.010 449 516 459 Mar.. , 1,499 962 537 1,885 973 912 1,567 597 970 475 585 453 Apr... 1,630 996 634 1,695 883 812 1,545 600 945 435 570 449 May.. 1,471 931 540 1,677 882 795 1,512 594 918 451 599 441 June.. 1,596 1,014 582 1,851 1,092 759 1,480 581 899 441 532 435 July. . 1,338 958 380 1,674 935 739 1,443 578 865 380 511 431 Aug.r. 1,134 812 322 1,505 899 607 1,406 570 836 370 456 433 Sept.r, 1,150 844 306 1,507 871 636 1,368 565 803 316 488 414 Oct... 1,106 779 327 1,613 904 709 1,325 556 769 248 410 410 Nov.f 990 784 206 1 Merchant builders only. for mobile homes, which are private, domestic shipments as reported by the Mobile Home Manufacturers' Assn. and seasonally adjusted by NOTE.—All series except prices, seasonally adjusted. Annual rates for Census Bureau. Data for units under construction seasonally adjusted by starts, completions, mobile home shipments, and sales. Census data except Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 EMPLOYMENT • JANUARY 1975 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 u . t S u l l a t . n A i t o i o . o n ) n n a - l la ( b N N o . r o S t . f A i o n r . ) c e ( T l f S a o o b . r A t c o a e r . l ) Total Employed1 Unem- U (p n e e m r r a m e t c e n p e 2 t l n o t y ; - Total In c n u o lt n u a ra g l r i- In ployed S.A.) industries agriculture 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 197 0 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 197 1 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 197 2 145,775 56,785 88,991 86.542 81,702 78,230 3,472 4,840 5.6 197 3 148,263 57,222 91,040 88,714 84,409 80,957 3,452 4,304 4.9 1973—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 June 150,710 55,952 93,130 90,919 86,165 82,872 3,293 4.754 5.2 July. 150,922 55,426 93,387 91,167 86,312 82,907 3,405 4,855 5.3 Aug, 151,135 56,456 93,281 91,061 86,187 82,744 3,443 4,874 5.4 Sept. 151,367 57,706 94.067 91,850 86,538 83,027 3,511 5,312 5.8 Oct., 151,593 57,489 94;237 92,024 86,511 83,035 3,476 5,513 6.0 Nov. 151,812 57,991 93,913 91,701 85,726 82,356 3,370 5,975 6.5 Dec. 152,020 58,482 93,923 91,711 85,176 81,827 3,349 6,535 7.1 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 r u in f g a c- Mining c C o o n t n i s o t t r n r a u c c t - t T i l o i r c n a n u & s ti p l o i p t r i u e t b a s - - Trade Finance Service G m ov e e n r t n - 196 8 67,951 19,781 606 3,306 4,311 14,099 3,381 10,622 11,845 196 9 70,442 20,167 619 3,525 4,435 14,704 3,562 11,228 12,202 197 0 70,920 19,349 623 3,536 4,504 15,040 3,687 11,621 12,561 197 1 71,216 18,572 603 3,639 4,457 15,352 3,802 11,903 12,887 197 2 73,711 19,090 622 3,831 4,517 15,975 3,943 12,392 13,340 197 3 76,833 20,054 638 4,028 4,646 16,665 4,075 12,986 13,742 SEASONALLY ADJUSTED 1973—De c 77,924 20,323 652 4,115 4,688 16,826 4,121 13,236 13,963 1974—Ja n 925 20,253 658 4,098 4,710 16,851 4,132 13,236 13,987 Feb 053 20,155 661 4,127 4,717 16,871 4,142 13,313 14,067 Mar 089 20,116 662 4,102 4,708 16,914 4,145 13,339 14,103 Apr ,226 20,147 665 4,087 4,704 16,945 4,154 13,367 14,157 May ,357 20,151 668 4,066 4,701 16,994 4,161 13,429 14,187 June ,421 20,184 669 3,994 4,698 17,031 4.156 13,488 14,201 July ,479 20,169 675 3,920 4,693 17,107 4.157 13,516 14,242 Aug ,661 20,112 676 3,965 4,701 17,140 4,168 13,573 14,326 Sept ,844 20,112 682 3,939 4,679 17,166 4,176 13,647 14,443 Oct 865 19,982 692 3.911 4,699 17,160 4,185 13,705 14,531 Nov ,400 19,646 696 3.852 4,693 17,042 4,179 13,726 14,566 Dec." 726 19,141 666 3,802 4,680 16,906 4,178 13,754 14,599 NOT SEASONALLY ADJUSTED 1973—De c 78,680 20,355 647 4,033 4,683 17,516 4,100 13,170 14,176 1974—Ja n 76,837 20,057 647 3,647 4,653 16,675 4,091 13,011 14,056 Feb 77,011 19,971 646 3,702 4,651 16,513 4,105 13,153 14,270 Mar 77,362 19,962 648 3,786 4,670 16,584 4,120 13,246 14,346 Apr 77,994 20,011 659 3,919 4,671 16,851 4,137 13,380 14,366 May 78,545 20,063 669 4,058 4,701 16,964 4.161 13,536 14,393 June 79,287 20,345 684 4,190 4,759 17,108 4,202 13,677 14,322 July 78,322 20,066 688 4,187 4,740 17,064 4,219 13,665 13,693 Aug 78,561 20,288 690 4,286 4,734 17,058 4,222 13,668 13,615 Sept 79,097 20,350 688 4,191 4,721 17,153 4,180 13,647 14,167 Oct 79,429 20,142 693 4,150 4,718 17,225 4,172 13,719 14,610 Nov 79,122 19,778 696 3,971 4,698 17.336 4.162 13,712 14,769 Dec.*? 78,477 19,167 661 3,726 4,675 17,584 4,157 13,685 14,822 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 1968, series has been adjusted to Mar. 1973 benchmark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • PRICES A 55 CONSUMER PRICES (1967 = 100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m ip e e r - - c F a o o u n i a d e l l l t e r G a i l c n e a i d c s t - y o n F i p a n i u e n s g d r r h s - a - - AA uupp pp aa kk pp nn ee aa dd ee rr ee pp ll TT pp tt oo rr ii aa rr oo nn tt nn aa ss -- -- Total M c ic a e a r d e l - s c P o a e n r r a e - l r R e a i c e n n r a g d e d a - - g O s a o e t n o h r d v d e - r s tion tion ices 1929 5555511111.....33333 4444488888.....33333 7777766666.....00000 4444488888.....55555 1933 3333388888.....88888 3333300000.....66666 5555544444.....11111 3333366666.....99999 1941 4444444444.....11111 3333388888.....44444 555333...777 5555577777.....22222 444000...555 888111...444 4444444444.....88888 444444...222 333777...000 444111...222 444777...777 444999...222 1945 5555533333.....99999 5555500000.....77777 555999...111 5555588888.....88888 444888...000 777999...666 6666611111.....55555 444777...888 444222...111 555555...111 666222...444 555666...999 1960 8888888888.....77777 8888888888.....00000 999000...222 9999911111.....77777 86.3 888999...222 999888...666 93.8 8888899999.....66666 888999...666 85.1 777999...111 999000...111 888777...333 888777...888 196 5 9999944444.....55555 9999944444.....44444 999444...999 9999966666.....99999 92.7 999444...666 999999...444 95.3 9999933333.....77777 999555...999 93.4 888999...555 999555...222 999555...999 999444...222 196 6 9999977777.....22222 9999999999.....11111 999777...222 9999988888.....22222 96.3 999777...000 999999...666 97.0 9999966666.....11111 999777...222 96.1 999333...444 999777...111 999777...555 999777...222 196 7 111110000000000.....00000 111110000000000.....00000 111000000...000 111110000000000.....00000 100.0 111000000...000 111000000...000 100.0 111110000000000.....00000 111000000...000 100.0 111000000...000 111000000...000 111000000...000 111000000...000 196 8 111110000044444.....22222 111110000033333.....66666 111000444...222 111110000022222.....44444 105.7 111000333...111 111000000...999 104.4 111110000055555.....44444 111000333...222 105.0 111000666...111 111000444...222 111000444...777 111000444...666 196 9 111110000099999.....88888 111110000088888.....99999 111111000...888 111110000055555.....77777 116.0 111000555...666 111000222...888 109.0 111111111111111.....55555 111000777...222 110.3 111111333...444 111000999...333 111000888...777 111000999...111 197 0 111111111166666.....33333 111111111144444.....99999 111111888...999 111111111100000.....11111 128.5 111111000...111 111000777...333 113.4 111111111166666.....11111 111111222...777 116.2 111222000...666 111111333...222 111111333...444 111111666...000 197 1 111112222211111.....33333 111111111188888.....44444 111222444...333 111111111155555.....22222 133.7 111111777...555 111111444...777 118.1 111111111199999.....88888 111111888...666 122.2 111222888...444 111111666...888 111111999...333 111222000...999 197 2 111112222255555.....33333 111112222233333.....55555 111222999...222 111111111199999.....22222 140.1 111111888...555 111222000...555 121.0 111112222222222.....33333 111111999...999 126.1 111333222...555 111111999...888 111222222...888 111222555...555 197 3 111113333333333.....11111 111114444411111.....44444 111333555...000 111112222244444.....22222 146.7 111333666...000 111222666...444 124.9 111112222266666.....88888 111222333...888 130.2 111333777...777 111222555...222 111222555...999 111222999...000 1973—No v 111113333377777.....66666 111115555500000.....00000 111333999...444 111112222266666.....33333 152.6 111555555...666 111222999...888 127.5 111113333300000.....55555 111222555...888 132.6 111444000...999 111222888...111 111222777...555 111333000...888 Dec 111113333388888.....55555 111115555511111.....33333 111444000...666 111112222266666.....99999 153.6 111777222...888 111333111...000 128.0 111113333300000.....55555 111222666...777 133.0 111444111...444 111222999...222 111222777...666 111333111...333 1974—Ja n 111113333399999.....77777 111115555533333.....77777 111444222...222 111112222277777.....33333 154.8 111999444...666 111333444...333 129.0 111112222288888.....88888 111222888...111 133.7 111444222...222 111222999...888 111222888...333 111333111...888 Feb 111114444411111.....55555 111115555577777.....66666 111444333...444 111112222288888.....00000 155.8 222000222...000 111333777...333 130.1 111113333300000.....44444 111222999...333 134.5 111444333...444 111333000...888 111222888...999 111333222...333 Mar 111114444433333.....11111 111115555599999.....11111 111444444...999 111112222288888.....44444 157.2 222000111...555 111444000...000 132.6 111113333322222.....22222 111333222...000 135.4 111444444...888 111333111...888 111222999...555 111333222...888 Apr '''''111114444433333.....99999 111115555588888.....66666 111444666...000 111112222288888.....88888 158.2 222000666...555 111444111...999 134.0 111113333333333.....66666 '''111333333...777 136.3 111444555...666 111333333...111 111333000...444 111333333...666 May '''''111114444455555.....55555 111115555599999.....77777 111444777...666 111112222299999.....33333 159.4 222111111...000 111444333...999 137.0 111113333355555.....00000 '''111333666...333 137.7 111444777...222 111333444...999 111333222...000 111333444...444 June '''''111114444466666.....99999 111116666600000.....33333 111444999...222 111112222299999.....88888 161.2 222111444...222 111444444...555 139.2 111113333355555.....77777 '''111333888...888 139.4 111444999...444 111333666...555 111333333...555 111333555...888 July '''''111114444488888.....00000 111116666600000.....55555 111555000...999 111113333300000.....33333 163.2 222111888...555 111444666...222 141.4 111113333355555.....33333 '''111444000...666 141.0 111555111...444 111333777...888 111333444...666 111333777...777 Aug '''''111114444499999.....99999 111116666622222.....88888 111555222...888 111113333300000.....99999 165.4 222222000...999 111444888...555 143.9 111113333388888.....11111 '''111444111...333 142.6 111555333...777 111333999...333 111333555...222 111333999...444 Sept '''''111115555511111.....77777 111116666655555.....00000 111555444...999 111113333311111 .....44444 167.9 222222222...777 111555000...222 146.6 111113333399999.....99999 '''111444222...222 144.0 111555555...222 111444111 ...222 111333777...000 111444000...444 Oct '''''111115555533333.....00000 111116666666666.....11111 111555666...777 111113333322222.....22222 170.1 222222555...555 111555111...555 149.0 111114444411111.....11111 '''111444222...999 145.2 111555666...333 111444333...000 111333777...888 111444111...444 Nov 111115555544444.....33333 111116666677777.....88888 111555888...333 111113333322222.....88888 171.7 222222999...222 111555444...000 151.0 111114444422222.....44444 111444333...444 146.3 111555777...555 111444444...222 111333888...888 111444222...777 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities Prom c t A o o ie m d l s l i - - p F u r a c o r t m d s - c f f e a o e s n e o s d d d e s d s Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m . s , - R b e u e tc r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M a q e h n e u r i a y d n n i - p t - - F t u e u t r r c n e . , i - N t e m m a r o l i a e l n n l i - s - c - T e m p t q r o i e a u o r n n n i t p a s t1 - - - n c M e e o l i l s u a - s - 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 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 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 97.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 119.1 125.0 120.8 117.9 113.6 131.3 1-18.6 104.2 109.3 144.3 113.4 123.5 117.9 111.4 126.1 113.8 114.6 134.7 176.3 148.1 125.9 123.8 143.1 134.3 110.0 112.4 177.2 122.1 132.8 121.7 115.2 130.2 115.1 119.7 141.8 187.2 155.7 132.2 131.4 141.9 151.5 115.6 116.5 186.1 128.7 141.8 124.6 117.5 132.6 117.3 121.6 146.6 202.6 162.1 135.3 133.8 142.6 162.5 118.2 117.7 183.7 131.8 145.0 126.0 119.0 138.7 118.6 123.5 149.5 205.6 164.7 138.2 135.2 143.4 177.4 120.2 119.8 184.1 132.9 148.0 127.0 120.2 142.1 118.9 124.6 151.4 197.0 163.0 142.4 136.1 143.4 189.0 127.3 123.8 191.3 137.2 154.7 129.0 121.3 144.2 119.1 125.8 152.7 186.2 159.1 146.6 137.5 145.4 197.9 132.3 129.4 200.2 114.4 161.2 130.8 122.9 146.7 119.4 128.2 155.0 180.8 158.9 150.5 139.1 146.3 204.3 137.0 133.7 198.0 146.6 168.7 134.1 124.5 150.7 121.4 133.2 155.7 168.6 157.4 153.6 141.7 146.0 210.5 142.8 135.6 192.2 147.5 174.0 137.2 126.1 152.3 122.8 134.3 161.7 180.8 167.6 157.8 142.1 146.6 221.7 148.4 139.5 188.6 153.3 180.3 140.3 128.2 156.4 125.1 135.2 167.4 189.2 179.7 161.6 142.3 146.2 226.0 158.5 143.4 183.7 162.9 185.6 144.3 129.8 157.6 126.7 135.4 167.2 182.7 176.8 162.9 142.1 148.1 225.0 161.7 145.6 180.4 164.2 187.1 146.8 132.8 159.8 127.7 136.3 170.2' 187.5 183.5 164.8 140.5 145.2 228.5 168.5 147.5 169.4 166.0 186.9 150.0 135.5 162.2 134.2 137.1 171.9 187.8 189.7 165.8 139.8 144.5 227.4 172.9 148.5 165.8 166.9 186.7 152.7 136.9 163.4 135.1 140.7 171.5 183.7 188.2 166.1 138.4 143.2 229.0 174.0 149.4 165.4 167.2 184.6 154.0 137.7 164.3 137.0 142.4 i Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 NATIONAL PRODUCT AND INCOME • JANUARY 1975 GROSS NATIONAL PRODUCT (In billions of dollars) 1973 1974 1929 1933 1941 1950 1969 1970 1971 1972 1973 III IV I II III Gross national product. 103.1 55.6 124.5 284.8 930.3 977.1 1,054.9 1,158.0 1,294.9 L,308.91 .344.0 1 .358.8 1,383.8 1,416.3 Final purchases 101.4 57.2 120.1 278.0 922.5 972.6 1,048.6 1,149.5 1,279.6 ,297.0 1.815.1 1.841.9 1,870.3 1,407.6 Pe D N S rs e u o o r r n v n a d i a c b l u e l r e c s a o b g n o l s e u o m d g s o p o ti d o s n expenditures. 7 3 3 9 7 0 7 . . . . 2 2 3 7 4 2 2 3 5 2 0 . . . . 5 8 3 1 4 8 2 9 2 0 8 . . . . 6 9 6 1 1 9 3 6 9 8 2 0 1 . . . . 1 4 5 0 5 2 2 9 4 7 4 0 5 9 2 . . . . 8 9 5 7 6 2 2 9 6 1 6 1 3 7 2 . . . . 3 8 6 6 6 2 2 1 6 7 8 0 1 4 8 3 .1 . . . 8 4 9 1 2 3 1 2 9 1 1 9 9 0 8 .0 . . . 7 9 4 8 3 3 1 0 3 3 3 5 6 8 0 . . . . 9 2 0 3 8 3 3 1 1 4 4 3 3 0 6 2 . . . . 8 1 3 4 8 3 3 1 5 4 2 2 2 7 3 4 . . . . 1 4 9 3 8 3 3 1 4 6 5 2 0 4 2 3 . . . . 6 4 4 9 8 3 3 1 6 7 6 2 5 3 9 9 . . . . 8 8 1 5 9 3 3 1 0 8 7 3 1 9 6 6 . . . . 3 2 0 1 Gr F C os i h x s N N R a e o e n d o p P N S n s g r n r i t i r e o i d f r v o e n a u n e s a d v i i r c n f n t e u d m e a t s t e c u i b t r n m a d e m r u l t e r o i e s s s a m n s i ' l n t t e r d e u s u s t c s i r c t a i u b n i r n l v e e v s e e n e s t q t o m u ri i e e p n s m t ent. 1 1 1 4 0 4 5 3 5 6 1 1 . . . . . . . . . 5 6 0 6 8 2 0 7 8 - -1 1 3 2 1 1 . . . . 0 . 4 6 . . . . 4 4 9 5 5 6 1 1 3 9 2 4 6 4 3 3 7 . . . . . . . . 4 5 9 6 0 5 9 7 4 5 2 1 1 1 7 7 9 4 6 6 9 8 8 . . . . . 3 . . . . 9 2 1 8 0 4 7 6 1 13 9 3 6 3 3 3 1 8 7 4 4 7 9 2 2 . . . . . 1 . . 5 . . 3 2 7 8 0 6 0 1 1 1 3 0 6 3 3 3 3 1 0 4 6 4 4 6 0 1 . . . . 7 . . . . 6 . 5 4 3 3 7 2 1 1 1 4 0 6 4 3 4 5 7 4 4 6 6 2 7 2 3 . . . . . . 4 . 6 . . 9 6 9 8 3 7 3 1 1 1 7 4 1 7 5 5 7 0 6 1 8 7 5 9 3 4 . . . . 8 . . . 8 . . 5 7 3 4 0 2 1 1 9 3 4 8 0 5 5 1 1 4 6 7 9 9 6 7 1 5 . . . 0 . . 8 . . . . 8 4 0 7 2 4 4 2 1 1 9 4 9 3 0 5 5 1 7 9 7 7 1 9 8 7 1 . . . . . 1 . . . 0 . 9 1 4 0 1 6 8 2 1 1 9 9 4 2 4 2 2 5 5 5 1 2 9 4 4 8 3 3 . . . . . . . 5 . . 9 6 3 9 5 0 6 0 2 1 1 9 4 4 9 4 5 1 1 1 3 5 3 7 8 1 0 3 6 . . . . . . . 6 2 . . 9 8 4 5 3 1 9 2 1 1 9 4 9 4 4 5 1 1 1 8 9 1 2 8 8 1 0 3 . . . . . 3 . 4 . 2 . . 2 8 8 0 4 5 2 1 1 9 9 5 4 4 5 0 7 0 9 8 6 6 5 1 5 . . . 1 . . . 9 . . . 9 6 2 7 4 8 0 Ne E t x e p x o p r o t r s t s of goods and services. 7 1 . . 0 1 2. . 4 4 1 5. . 9 3 1 1 3. 8 5 1 5 . . 9 5 6 3 2 . . 6 6 - 5 .2 . 4 - 1 6 2 . 0 A 10 3 0 . . 9 4 10 6 3 . . 7 7 11 9 3 . . 3 6 1 1 3 1 1 . . 3 2 1 - 3 1 8 .5 .5 1 - 4 3 3 .1 .6 Imports 5.9 2.0 4.6 12.0 53.6 59.3 65.6 78.4 96.4 96.9 104.3 119.9 140.0 146.7 Government purchases of goods and services. 8.5 8.0 24.8 37.9 210.0 219.5 234.2 255.7 276.4 276.9 286.4 296.3 304.4 312.3 Federal 1.3 2.0 16.9 18. 98.8 96.2 97.6 104.9 106.6 105.3 108.4 111.5 114.3 117.2 National defense 13.8 14.1 78.4 74.6 71.2 74. 74.4 73.3 75.3 75 76.6 78.4 Sta O te t h a e n r d local 7.2 6.0 3 7. . 9 1 1 4 9 . . 3 5 1 2 1 0 1 . . 4 2 1 2 2 1 3 . . 6 3 1 2 3 6 6 . . 5 6 1 3 5 0 0 . . 1 8 1 3 6 2 9 . . 2 8 1 3 7 2 1 . . 0 6 1 3 7 3 7 . . 1 9 1 3 84 5 . . 7 1 3 90 7 . . 7 1 3 9 8 5 . . 8 1 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 725.6 722.5 746.3 792.5 839.2 840.8 830.5 827.1 823.1 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business (generally the July issue) and the adjusted totals at annual rates. For back data and explanation of series, Aug. 1966 Supplement to the Survey. NATIONAL INCOME (In billions of dollars) 1973 1974 Item 1929 1933 1941 1950 1969 1970 1971 1972 1973 III IV I II III National income 86.8 40.3 104.2 241.1 766.0 800.5 857.7 946.5 1,065.6 1,077.3 1,106.3 1,118.8 1,130.2 1,155.5 Compensation of employees. 51.1 29.5 64.8 154.6 566.0 603.9 643.1 707.1 786.0 793.3 814.8 828.8 848.3 868.2 Wages and salaries.... 50.4 29.0 62.1 146.8 509.7 542.0 573.6 626.8 691.6 698.2 717.0 727.6 744.6 761.5 Private 45.5 23.9 51.9 124.4 405.6 426.9 449.5 491.4 545.1 550.8 565.8 573.8 588.3 602.5 Military .3 .3 1.9 5.0 19.0 19.6 19.4 20.5 20.6 20.2 21.0 21.0 20.9 20.8 Government civilian. 4.6 4.9 8.3 17.4 85.1 95.5 104.7 114.8 126.0 127.2 130.2 132.8 135.4 138.2 Supplements to wages and salaries .7 .5 2.7 7.8 56.3 61.9 69.5 80.3 94.4 95.1 97.7 101.2 103.7 106.7 Employer contributions for social in- Ot s h u e r r a l n a c b e o r income . . 1 6 . . 4 1 2. . 0 7 4 3 . . 0 8 2 2 1 8 . . 8 4 2 3 9 2 . . 1 2 3 3 3 6 . . 1 4 4 3 1 8 . . 7 6 4 4 6 8. . 4 0 4 4 6 8. . 8 3 4 5 7 0 . . 6 1 4 5 8 2 . . 9 3 5 5 3 0 . . 2 5 5 52 4 . . 3 5 Proprietors' income 15.1 5.9 17.5 37.5 67.2 66.9 69.2 75.9 96.1 99.3 103.2 98.4 89.9 92.1 B Fa u r s m in ess and professional. 9 6 . . 0 2 2 3 . . 6 3 1 6 1 . . 4 1 2 1 4 3 . . 0 5 5 1 0 6 . . 5 7 5 1 0 6 . . 0 9 5 1 2 7 . . 0 2 2 5 1 4. . 9 0 3 5 & 7. . 6 5 4 5 1 7 . . 5 7 4 5 4 8 . . 9 4 3 5 9 9 . . 1 3 2 6 9 0 . . 7 1 2 6 9 2 . . 8 3 Rental income of persons .. 5.4 2.0 3.5 9.4 22.6 23.9 25.2 25.9 26.1 26.2 26.4 26.4 26.3 26.6 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 79.8 69.2 78.7 92.2 105.1 105.2 106.4 107.7 105.6 105.8 Profits before tax 10.0 1.0 17.7 42.6 84.9 74.0 83.6 99.2 122.7 122.7 122.7 135.4 139.0 157.0 Profits tax liability 1.4 .5 1.6 17.8 40.1 34.8 37.5 41.5 49.8 49.9 49.5 52.2 55.9 62.1 Profits after tax 8.6 .4 10.1 24.9 44.8 39.3 46.1 57.7 72.9 72.9 73.2 83.2 83.1 94.3 Dividends 5.8 2.0 4.4 8.8 24.3 24.7 25.0 27.3 29.6 29.8 30.7 31.6 32.5 33.2 Undistributed profits. 2.8 -1.6 5.7 16.0 20.5 14.6 21.1 30.3 43.3 43.1 42.5 51.6 50.5 61.1 Inventory valuation adjustment. .5 -2.1 -2.5 -5.0 -5.1 -4.8 -4.9 -7.0 -17.6 -17.5 -16.3 -27.7 -33.4 -51.2 Net interest 4.7 4.1 3.2 2.0 30.5 36.5 41.6 45.6 52.3 53.2 55.5 57.5 60.1 62.8 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

JANUARY 1975 • 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 III IV II III Gross national product. 103.1 55.6 124.5 284.8 930.3 977.1 1,054.9 1,158.0 1,294.9 1,308.9 1,344.0 1,358.8 1,383.8 1,416.3 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 81.6 87.3 93.7 102.9 110.8 111.5 113.9 115.8 118.6 120.7 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 85.9 93.5 102.7 110.0 119.2 120.4 121.3 122.6 125.9 129.5 Business transfer payments .6 .7 .5 .8 3.8 4.0 4.3 4.6 4.9 4.9 5.0 5.1 5.2 5.3 Statistical discrepancy .7 .6 .4 1.5 -6.1 -6.4 -2.3 -3.8 -5.0 -4.9 -2.6 -6.3 .3 3.0 Plus: Subsidies less current surplus of government enterprises -.1 .2 1.0 1.7 1.1 2.3 .6 .3 -.1 2.7 -3.7 -2.4 Equals: National income. 86.8 40.3 104.2 241.1 766.0 800.5 857.7 946.5 1,065.6 1,077.3 1,106.3 1,118.8 1,130.2 1155.5 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 79.8 69.2 78.7 92.2 105. 105. 106. 107. 105.( 105.8 Contributions for social insurance .2 .3 2.8 6.9 54.2 57.7 73.0 91 92. 93. 99. 100 J Excess of wage accruals over disburse- 63.8 103.0 ments .0 .0 .6 -1.5 Plus: Government transfer payments 2.6 14.3 61.9 75.1 98.6 114. 117. 123.: 130. Net interest paid by government and 89.0 138.7 consumers 2.5 1.6 2.2 7.2 28.7 31.0 31.2 33.0 38. 39. 40. 40.5 41 Dividends 5.8 2.0 4.4 8.8 24.3 24.7 25.0 27.3 29. 29. 30. 31.( 32. 42.7 Business transfer payments .6 .7 .5 .8 3.8 4.0 4.3 4.6 4. 4. 5. 5.: 5. 33.2 5.3 Equals: Personal income 85.9 47.0 96.0 227.6 750.9 808.3 864.0 944.9 1,055 1,068 1,099. 1,112.i 1,134 1168.2 Less: Personal tax and nontax payments. 2.6 1.5 3.3 20.7 116.5 116.6 117.6 142.4 151. 154. 159. 161. 168, 175.1 Equals: Disposable personal income 83.3 45.5 92.7 206.9 634.4 691.7 746.4 802.5 903. 913. 939. 950. 966, 993.1 Less: Personal outlays 79.1 46.5 81.7 193.9 596 635.5 685.9 749.9 829. 840. 850. 866. 894. 927.6 Personal consumption expenditures. 77.2 45. 80.6 191.0 579.5 617.6 667.1 729.0 805. 816. 823. 840. 869. 901.3 C Pe o r n s s o u n m al e r t r i a n n te s r f e e s r t p p a a y y m m e e n n t t s s to for- 1.5 .5 .9 2.4 15 16.8 17.7 19.8 22. 23, 24. 24. 24. 25.3 eigners .3 .2 .5 1.1 1.1 1. 2. .9 1.0 Equals: Personal saving. 4.2 11.0 13.1 38.2 60.5 52.6 74. 73.2 89. 84.4 71 65.5 56.2 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 513.6 534.8 555.4 580.5 619.6 621.8 622.9 610.3 603.5 602.9 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of opposite page. PERSONAL INCOME (In billions of dollars) 1973 1974 1972 1973 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total personal income 944.9 1,055 1,100 1,107 1,107 1,113 1,117. 1,125. 1,135. 1,143.5 1,159.5 1,167.2 ,178.0 1,185.0 1,182.8 Wage and salary disbursements. 626.8 691. 717. 722. 722. 728, 732. 737. 745. 753.2 759.7 761.6 767.7 773.0 768.3 Commodity-producing industries 225.4 251. 263. 264. 262. 264 265. 267. 270.1 272.6 273.3 276.5 278.3 279.5 Manufacturing only 175.8 196. 205. 205. 204. 204. 205. 207. 210. 212.5 214.0 215.5 217.8 219 Distributive industries. . . . 151.0 165. 171. 170. 172. 172 173. 175. 177. 179. 180.8 180.7 183.1 183.8 Service industries 115.3 128. 132. 134. 135. 137 138. 139. 141. 142.6 143.5 144.9 146.4 146.9 Government 135.0 146 151. 152. 153. 153 154. 155. 156. 158.9 162. 1 159.5 159.9 162.8 Other labor income 41.7 48.0 48.5 48.9 49.4 49. 50.5 51.1 51.7 52.3 52.9 53.5 Proprietors' income 75.9 96. 103. 103. 100. 98, 96. 92. 89. 86.9 90.0 93.1 93.2 91.7 Business and professional... 54.9 57. 58. 58, 58. 59, 59. 60. 60. 61.2 61.9 62.5 62.5 62.5 Farm 21.0 38. 44. 44, 42. 39, 36. 32. 29. 25.7 28. 1 30.7 30.6 29.2 Rental income 25.9 26. 26. 26. 26. 26. 26. 25. 26. 26.7 26.6 26.6 26.6 26.7 Dividends 27.3 29. 30. 31. 31. 31 31. 32. 32. 33.0 33.1 33.4 33.2 33.5 Personal interest income 78.6 90. 96. 97, 97. 98 99 100. 102. 103.5 104.4 105.3 106.9 108.0 Transfer payments 103.2 117. 122. 122, 126. 128 129 134. 135. 137.0 142.5 146.0 143.6 147.6 Less: Personal contributions for social insurance 34.5 42.8 43.8 43. 46.7 4 6 A 47.0 47.2 47.6 47.9 48.5 48.4 48.6 48.9 Nonagricultural income 916.5 1,008.0 1,046.1 1,052.9 1,055.5 1,064.9 1,071.6 1,083.1 1,096.6 1,106.8 1,121.7 1,126.8 1,137.4 1145.9 1144.9 Agricultural income 28.4 47.1 53.9 54.2 51.5 48.5 45.5 42.1 38.6 36.8 37.1 40.4 40.6 39.3 37.9 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 • JANUARY 1975 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1973 1974 Transaction category, or sector 1965 1966 1967 1968 1969 1970 1971 1972 1973 HI H2 HI Funds raised, by type and sector Total funds raised by nonfinancial sectors 69.9 67.9 82.4 95.9 91.8 98.2 147.4 169.4 187.4 199.9 174.8 188.7 1 2 Excluding equities 69.6 66.9 80.0 95.9 88.0 92.5 135.9 158.9 180.1 192.5 167.8 182.3 2 3 U.S. Government 1.8 3.6 13.0 13.4 -3.6 12.8 25.5 17.3 9.7 17.8 1.6 8.2 3 4 Public debt securities 1.3 2.3 8.9 10.3 -1.3 12.9 26.0 13.9 7.7 16.6 -1.2 7.0 4 5 Budget agency issues .5 1.3 4.1 3.1 -2.4 -. 1 -.5 3.4 2.0 1.2 2.8 1.2 5 6 All other nonfinancial sectors 68.1 64.3 69.4 82.5 95.5 85.4 121.9 152.1 177.7 182.1 173.2 180.5 6 7 Corporate equities .3 1.0 2.4 * 3.9 5.8 11.5 10.5 7.2 7.4 7.0 6.4 7 8 Debt instruments 67.9 63.3 67.0 82.6 91.6 79.7 110.4 141.6 170.4 174.6 166.2 174.1 8 9 Debt capital instruments 38.8 38.9 45.7 50.6 50.6 57.6 84.2 94.9 97.1 96.4 97.7 96.0 9 10 State and local government securities 7.3 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 11.6 15.8 16.4 10 11 Corporate and foreign bonds 5.9 11.0 15.9 14.0 13.0 20.6 19.7 13.2 10.2 9.4 10.9 16.3 11 12 Mortgages 25.6 22.3 22.0 27.1 27.7 25.7 46.9 67.3 73.2 75.4 71.0 63.2 12 13 Home mortgages 15.4 11.7 11.5 15.1 15.7 12.8 26.1 39.6 43.3 44.8 41.9 37.4 13 14 Other residential 3.6 3.1 3.6 3.4 4.7 5.8 8.8 10.3 8.4 9.7 7.1 8.3 14 15 Commercial 4.4 5.7 4.7 6.4 5.3 5.3 10.0 14.8 17.0 16.8 17.3 13.5 15 16 Farm 2.2 1.8 2.3 2.2 1.9 1.8 2.0 2.6 4.4 4.2 4.6 4.2 16 17 Other private credit 29.0 24.4 21.3 32.0 41.0 22.1 26.3 46.7 73.4 78.2 68.6 78.1 17 18 Bank loans n.e.c 14.1 10.7 9.5 13.1 15.3 6.4 9.3 21.8 38.6 47.1 30.1 43.0 18 19 Consumer credit 9.6 6.4 4.5 10.0 10.4 6.0 11.2 19.2 22.9 25.1 20.8 12.7 19 20 Open-market paper -.3 1.0 2.1 1.6 3.3 3.8 -.9 -1.6 1.8 -2.3 6.0 14.7 20 21 Other 5.6 6.2 5.1 7.2 12.0 5.9 6.6 7.3 10.0 8.3 11.7 7.7 21 22 By borrowing sector 68.1 64.3 69.4 82.5 95.5 85.4 121.9 152.1 177.7 182.1 173.2 180.5 22 23 Debt instruments 67.9 63.3 67.0 82.6 91.6 79.7 110.4 141.6 170.4 174.6 166.2 174.1 23 24 Foreign 2.4 1.8 4.0 2.7 3.2 2.7 4.6 4.7 7.7 8.4 7.1 20.2 24 25 State and local governments 7.7 6.3 7.9 9.8 10.7 11.3 17.8 14.2 12.3 9.8 14.7 14.6 25 26 Households 28.3 22.7 19.3 30.0 31.7 23.4 39.8 63.1 72.8 73.3 72.3 53.1 26 27 Nonfinancial business 29.5 32.5 35.7 40.1 46.0 42.3 48.2 59.6 77.6 83.2 72.1 86.2 27 28 Farm 3.3 3.1 3.6 2.8 3.2 3.2 4.1 4.9 8.6 7.5 9.7 9.0 28 29 Nonfarm noncorporate 5.7 5.4 5.0 5.6 7.4 5.3 8.7 10.4 9.3 11.2 7.4 7.0 29 30 Corporate 20.4 24.0 27.2 31.7 35.5 33.8 35.4 44.4 59.7 64.4 55.0 70.1 30 31 Corporate equities .3 1.0 2.4 * 3.9 5.8 11.5 10.5 7.2 7.4 7.0 6.4 31 32 Foreign .3 -.3 .1 .2 .5 .1 * -.4 -.2 -.4 * .3 32 33 Corporate business * 1.3 2.4 -.2 3.4 5.7 11.4 10.9 7.4 7.8 7.0 6.1 33 Totals including equities 34 Foreign 2.7 1.5 4.0 2.8 3.7 2.7 4.6 4.3 7.5 8.0 7.1 20.5 34 35 Nonfinancial business 29.4 33.8 38.1 39.9 49.4 48.0 59.6 70.5 85.1 91.0 79.1 92.3 35 36 Corporate 20.4 25.3 29.6 31.5 38.9 39.5 46.8 55.3 67.2 72.3 62.0 76.2 36 37 Memo: U.S. Govt, cash balance -1.0 -.4 1.2 -1.1 .4 2.8 3.2 -.3 -1.7 3.8 -7.1 -2.4 37 Totals net of changes in U.S. Govt, cash balances 38 Total funds raised 70.9 68.3 81.3 97.1 91.4 95.5 144.2 169.7 189.0 196.2 181.9 191.0 38 39 By U.S. Government 2.8 4.0 11.8 14.5 -4.0 10.0 22.3 17.6 11.4 14.1 8.7 10.6 39 Private domestic net investment and borrowing in credit markets Total, households and business 1 Total capital outlays1 173.1 190.6 188.1 207.6 226.7 224.2 253.5 293.0 334.7 328.8 340.5 334.1 1 2 Capital consumption 2 110.3 11S.5 128.4 140.4 154.3 166.0 178.9 194.3 211.0 207.8 214.1 218.1 2 3 Net physical investment 62.8 72.2 59.7 67.2 72.4 58.2 74.6 98.7 123.7 121.0 126.3 116.0 3 4 Net funds raised 57.8 56.5 57.5 69.9 81.1 71.4 99.4 133.6 157.9 164.3 151.4 145.3 4 5 Excess net investment 3 5.1 15.7 2.2 -2.7 -8.7 -13.2 -24.8 -34.9 -34.2 -43.3 --2255..11 --2299..33 5 Total business 6 Total capital outlays 83.6 96.4 93.4 97.9 108.9 108.0 117.1 134.3 160.5 152.7 168.4 168.8 6 7 Capital consumption 50.5 54.2 58.5 63.2 69.5 74.6 80.3 88.2 95.2 93.5 97.0 100.9 7 8 Net physical investment 33.1 42.3 35.0 34.7 39.4 33.5 36.8 46.0 65.3 59.2 71.4 67.9 8 9 Net debt funds raised 29.5 32.5 35.7 40.1 46.0 42.3 48.2 59.6 77.6 83.2 72.1 86.2 9 10 Corporate equity issues * 1.3 2.4 -.2 3.4 5.7 11.4 10.9 7.4 7.8 7.0 6.1 10 11 Excess net investment 3 3.7 8.5 -3.2 -5.2 -10.0 -14.5 -22.8 -24.5 -19.8 -31.8 -7.7 -24.4 11 Corporate business 12 Total capital outlays 62.3 76.5 71.4 75.0 83.7 84.0 87.2 102.5 121.5 115.2 127.8 132.2 12 13 Capital consumption 35.2 38.2 41.5 45.1 49.8 53.6 57.7 63.0 67.5 66.5 68.4 70.8 13 14 Net physical investment 27.1 38.3 29.9 29.9 33.9 30.4 29.5 39.4 54.0 48.7 59.4 61.5 14 15 Net debt funds raised 20.4 24.0 27.2 31.7 35.5 33.8 35.4 44.4 59.7 64.4 55.0 70.1 15 16 Corporate equity issues * 1.3 2.4 -.2 3.4 5.7 11.4 10.9 7.4 7.8 7.0 6.1 16 17 Excess net investment 3 6.7 13.0 .4 -1.6 -5.0 -9.1 -17.3 -15.8 --1133..11 -23.6 --22..66 --1144..88 17 Households 18 Total capital outlays 89.6 94.2 94.6 109.7 117.8 116.2 136.4 158.8 174.1 176.2 172.1 165.2 18 19 Capital consumption 59.9 64.3 69.9 77.2 84.8 91.4 98.6 106.1 115.7 114.4 117.1 117.2 19 20 Net physical investment 29.7 29.9 24.7 32.5 33.0 24.7 37.8 52.7 58.4 61.8 55.0 48.1 20 21 Net funds raised 28.3 22.7 19.3 30.0 31.7 23.4 39.8 63.1 72.8 73.3 72.3 53.1 21 22 Excess net investment 3 1.4 7.2 5.4 2.5 1.3 1.4 -2.1 -10.4 -14.4 -11.5 -17.3 -5.0 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 3 Excess of net investment over net funds raised. security issues by FHA, Export-Import Bank, and TV A. Issues by Federally NOTE.—Full statements for sectors and transaction types are available sponsored credit agencies are excluded as borrowing by financial instituon a quarterly basis and annually for flows and for amounts outstanding. tions. Such issues are on p. A-59, line 11. Corporate equity issues are net Requests for these statements should be addressed to the Flow of Funds cash issues by nonfinancial and foreign corporations. Mortgages exclude Section, Division of Research and Statistics, Board of Governors of the loans in process. Open market paper is commercial paper issued by Federal Reserve System, Washington, D.C. 20551. nonfinancial corporations plus bankers' acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • FLOW OF FUNDS A 59 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1973 1974 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11996655 11996666 11996677 11996688 11996699 11997700 11997711 11997722 11997733 HI H2 HI 1 Total funds advanced in credit markets to nonfinancial sectors 69.6 66.9 80.0 95.9 88.0 92.5 135.9 158.9 180.1 192.5 167.8 182.3 1 By public agencies and foreign 2 Total net advances 8.9 11.9 11.3 12.2 15.7 28.1 41.7 18.3 3333..22 41.0 2255..44 38.9 2 3 U.S. Government securities 3.7 3.4 6.8 3.4 .7 15.9 33.8 8.4 11.0 20.6 1.3 9.0 3 4 Residential mortgages .4 2.8 2.1 2.8 4.6 5.7 5.7 5.2 7.6 5.0 10.2 11.4 4 5 FHLB advances to S&L's .7 .9 -2.5 .9 4.0 1.3 -2.7 * 7.2 8.0 6.3 6.8 5 6 Other loans and securities 4.1 4.8 4.9 5.1 6.3 5.2 4.9 4.6 7.5 7.4 7.6 11.7 6 By agency— 7 2.8 4.9 4.6 4.9 2.9 2.8 3.2 22..66 3.0 .9 5.0 22..66 7 8 2.2 5.1 -.1 3.2 8.9 10.0 3.2 7.0 20.3 18.3 22.2 20.0 8 9 Monetary authorities 3.8 3.5 4.8 3.7 4.2 5.0 8.9 .3 9.2 10.1 8.3 6.2 9 10 Foreign .1 -1.6 2.0 .3 -.3 10.3 26.4 8.4 .7 11.6 -10.1 10.2 10 11 Agency borrowing not included in line 1 2.1 4.8 -.6 3.5 8.8 8.2 3.8 6.2 19.6 17.4 21.8 14.1 11 Private domestic funds advanced 12 Total net advances 62.8 59.8 68.1 87.2 81.1 72.6 98.1 146.7 166.5 168.8 164.2 157.5 12 13 U.S. Government securities * 5.4 5.7 13.3 4.8 5.2 -4.4 15.2 18.4 14.7 22.2 13.4 13 14 State and local obligations 7.3 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 11.6 15.8 16.4 14 15 Corporate and foreign bonds 6.0 10.3 16.0 13.8 12.5 20.0 19.5 13.2 10.1 9.1 11.0 14.9 15 16 Residential mortgages 18.6 12.0 13.0 15.5 15.7 12.8 29.1 44.6 44.1 49.4 38.8 34.2 16 17 Other mortgages and loans 31.6 27.4 23.1 35.9 42.2 24.6 33.7 59.5 87.4 92.0 82.8 85.5 17 18 Less: FHLB advances .7 .9 -2.5 .9 4.0 1.3 -2.7 * 7.2 8.0 6.3 6.8 18 Private financial intermediation 19 Credit market funds advanced by private financial institutions 62.9 45.4 63.5 75.3 55.3 74.9 110.7 153.4 158.8 179.0 138.7 142.1 19 20 Commercial banking 28.7 17.5 35.9 38.7 18.2 35.1 50.6 70.5 86.6 93.7 79.5 78.0 20 21 Savings institutions 14.3 7.9 15.0 15.6 14.5 16.9 41.4 49.3 35.1 49.4 20.8 35.0 21 22 Insurance and pension funds 13.6 15.5 12.9 14.0 12.7 17.3 13.3 17.7 22.1 21.3 22.9 22.6 22 23 Other finance 6.2 4.5 -.3 7.0 9.9 5.7 5.3 15.8 15.0 14.6 15.5 6.4 23 24 Sources of funds 62.9 45.4 63.5 75.3 55.3 74.9 110.7 153.4 158.8 179.0 138.7 142.1 24 25 Private domestic deposits 38.4 22.5 50.0 45.9 2.6 63.2 90.3 97.5 84.9 102.3 67.4 87.4 25 26 Credit market borrowing 7.9 3.2 -.4 8.5 18.8 -.3 9.3 20.3 31.6 36.5 26.7 22.0 26 27 Other sources 16.6 19.8 13.9 21.0 34.0 12.0 11.0 35.5 42.4 40.2 44.6 32.7 27 28 Foreign funds .8 3.7 2.3 2.6 9.3 -8.5 -3.2 5.2 6.5 5.2 7.7 11.7 28 29 Treasury balances -1.0 -.5 .2 -.2 * 2.9 2.2 .7 -1.0 -.3 -1.7 -2.7 29 30 Insurance and pension reserves 11.4 13.6 12.0 11.4 10.8 13.1 9.1 13.1 16.7 15.9 17.6 17.8 30 31 Other, net 5.4 3.0 -.6 7.2 13.8 4.4 2.9 16.5 20.2 19.3 21.0 5.9 31 Private domestic nonfinancial investors 32 Direct lending in credit markets 7.9 17.6 4.2 20.4 44.5 -2.6 -3.2 13.7 39.3 26.4 52.2 37.4 32 33 U.S. Government securities 2.9 8.4 -1.4 8.1 17.0 -9.0 -14.0 1.6 18.8 15.7 21.8 10.1 33 34 State and local obligations 2.6 2.6 -2.5 -.2 8.7 -1.2 .6 2.1 4.4 5.5 3.3 6.3 34 35 Corporate and foreign bonds 1.0 2.0 4.6 4.7 6.6 10.7 9.3 5.2 1.1 -.2 2.4 2.6 35 36 Commercial paper 1.5 2.3 1.9 5.8 10.2 -4.4 -.6 4.0 11.3 2.8 19.8 15.1 36 37 Other -.1 2.3 1.7 2.1 2.0 1.4 1.5 .8 3.8 2.6 4.9 3.4 37 38 40.5 24.4 52.1 48.3 5.4 66.6 93.7 101.9 88.8 108.0 69.6 96.5 38 39 32.7 20.3 39.3 33.9 -2.3 56.1 81.0 85.2 76.3 94.4 58.1 85.6 39 40 Large negotiable CD's 3.6 -.2 4.3 3.5 -13.7 15.0 7.7 8.7 18.5 27.2 9.9 32.5 40 41 16.0 13.3 18.3 17.5 3.4 24.2 32.9 30.6 29.5 29.3 29.8 27.0 41 42 13.2 7.3 16.7 12.9 8.0 16.9 40.4 45.9 28.2 37.9 18.4 26.1 42 43 Money 7.8 4.1 12.8 14.5 7.7 10.5 12.7 16.7 12.6 13.6 11.6 10.9 43 44 Demand deposits 5.6 2.1 10.6 12.1 4.8 7.1 9.3 12.3 8.6 7.9 9.3 1.8 44 45 2.1 2.0 2.1 2.4 2.8 3.5 3.4 4.4 3.9 5.7 2.2 9.1 45 46 Total of credit market instr., deposits, and currency. 48.4 42.0 56.3 68.7 49.9 64.1 90.5 115.7 128.1 134.3 121.9 133.9 46 47 Public support rate (in per cent) 12.8 17.9 14.1 12.7 17.8 30.4 30.7 11.5 18.4 21.3 15.1 21.3 47 48 Private financial intermediation (in per cent) 100.1 75.9 93.2 86.4 68.3 103.1 112.8 104.5 95.4 106.0 84.5 90.2 48 49 Total foreign funds .8 2.1 4.3 2.9 9.1 1.8 23.2 13.6 7.2 16.9 -2.4 21.9 49 Corporate equities not included above ! 3.5 4.8 5.5 6.4 10.0 10.4 14.8 12.9 8.0 9.7 6.4 9.4 1 2 Mutual fund shares 3.2 3.7 3.0 5.8 4.8 2.6 1.1 -.7 -1.6 -2.0 -1.2 -.2 2 3 Other equities .3 1.1 2.5 .6 5.2 7.7 13.6 13.6 9.6 11.6 7.6 9.5 3 4 Acquisitions by financial institutions 6.1 6!O 9.1 10.8 12.2 11.4 19.3 16.0 13.4 13.1 13.8 12.2 4 5 Other net purchases -2.6 -1.2 -3.6 -4.4 -2.2 -1.0 -4.5 -3.1 -5.4 -3.4 -7.4 -2.8 5 Notes 29. Demand deposits at commercial banks. Line 30. Excludes net investment of these reserves in corporate equities. 1. Line 2 of p. A-58. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 12 less line 19 plus line 26. 6. Includes farm and commercial mortgages. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 11. Credit market funds raised by Federally sponsored credit agencies. includes mortgages. Included below in lines 13 and 33. Includes all GNMA-guaranteed 39+44. See line 25. security issues backed by mortgage pools. 45. Mainly an offset to line 9. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 46. Lines 32 plus 38 or line 12 less line 27 plus line 45. Also sum of lines 27, 32, 39, and 44. 47. Line 2/line 1. 17. Includes farm and commercial mortgages. 48. Line 19/line 12. 25. Lines 39 + 44. 49. Lines 10 plus 28. 26. Excludes equity issues and investment company shares. Includes line 18. Corporate equities 28. Foreign deposits at commercial banks, bank borrowings from foreign Line 1 and 3. Includes issues by financial institutions. branches, and liabilities of foreign banking agencies to foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 60 U.S. BALANCE OF PAYMENTS • JANUARY 1975 1. U.S. BALANCE OF PAYMENTS SUMMARY (In millions of dollars. Quarterly figures are seasonally adjusted unless shown in italics.) 1973 1974 Credits (+), debits (-) 1971 1972 1973 r III' IV r Ir II HIP Merchandise trade balance 1. -2,722 -6,986 471 578 1,210 -74 -1,631 -2,557 Exports 42,754 48,768 70,277 18,152 20,216 22,299 24,089 24,634 Imports -45,476 -55,754 -69,806 -17,574 -19,006 -22,373 -25,720 -27,191 Military transactions, net -2,908 -3,604 -2,266 -547 -123 -493 -664 -456 Travel and transportation, net. -2,341 -3,055 -2,710 -613 -630 -533 -730 -503 Investment income, net 2 5,021 4,526 5,291 1,257 1,378 3,076 1,846 2,215 U.S. direct investments abroad 2 6,385 6,925 9,415 2,323 2,688 4,619 4,516 4,738 Other U.S. investments abroad 3,444 3,494 4,569 1,179 1,292 1,500 1,840 2,209 Foreign investments in the United States 2 . -4,809 -5,893 -8,693 -2,245 -2,602 -3,043 -4,510 -4,732 Other services, net 2 2,781 3,110 3,540 984 901 921 996 962 Balance on goods and services - -170 -6,009 4,327 J 1,659 2,736 2,897 -184 -339 1 -195 3,800 4,018 -7 -2,963 Remittances, pensions, and other transfers. -1,604 -1,624 -1,943 -412 -717 -390 -467 -468 Balance on goods, services, and remittances.. . -1,774 -7,634 2,383 1 1,247 2,019 2,507 -651 -807 \ -623 3,077 3,654 -476 -3,448 U.S. Government grants (excluding military). -2,043 -2,173 -1,933 -485 -447 4-2,561 -1,435 -781 Balance on current account -3,817 -9,807 450 J 762 1,572 4 -54 -2,086 -1,588 \ —1,071 2,653 1,075 -1,952 -4,194 U.S. Government capital flows excluding nonscheduled repayments, net 5 -2,111 -1,705 -2,938 -608 -1,066* 4 1,307* 335 -269* Nonscheduled repayments of U.S. Government assets 227 137 289 4 U.S. Government nonliquid liabilities to other than foreign official reserve agencies -478 238 1,111 206 204 36 245 274 Long-term private capital flows, net -4,381 -98 62 1,527 -1,451 506 -973 -1,998 U.S. direct investments abroad -4,943 -3,517 -4,872 -710 -1,374 -627 -1,527 -1,971 Foreign direct investments in the United States -115 383 2,537 886 712 1,281 1,677 -50 Foreign securities -966 -654 -807 -209 -525 -646 -313 -300 U.S. securities other than Treasury issues 2,289 4,507 4,051 1,173 670 687 419 169 Other, reported by U.S. banks -862 -1,158 -647 225 -504 -11 -898 96 Other, reported by U.S. nonbanking concerns 216 341 -200 162 -430 -178 -331 58 Balance on current account and long-term capital 5.. . -10,559 -11,235 -1,026 J 1,891 -741 1,795 -2,179 -3,581 \ 222 999 2,192 -2,435 -5,994 Nonliquid short-term private capital flows, net --22,,334477 --11,,554411 -4,276 97 -1,253 -3,966 -5,429 -1,668 Claims reported by U.S. banks --11,,880022 --11,,445577 -3,940 222 -1,119 -2,807 -5,324 -1,651 Claims reported by U.S. nonbanking concerns --553300 --330055 -1,240 -460 -664 -1,622 -813 -110 Liabilities reported by U.S. nonbanking concerns. --1155 222211 904 335 530 463 708 93 Allocations of Special Drawing Rights (SDR's) 771177 771100 Errors and omissions, net --99,,777766 --11,,779900 -2,303 -336 1,125 1,118 1 ,686 783 Net liquidity balance. -21,965 -13,856 -7,606 / 1,652 -869 -1,053 -6,222 -4,466 1 637 -89 -223 -6,607 -5,743 Liquid private capital flows, net -7,788 3,502 2,302 290 3,530 2,095 1,697 4,138 Liquid claims -1,097 -1,247 -1,944 -521 -493 -2,604 -1,141 290 Reported by U.S. banks -566 -742 -1,103 -456 -472 -2,232 -1,236 -320 Reported by U.S. nonbanking concerns.. -531 -505 -841 -65 -21 -372 95 610 Liquid liabilities— -6,691 4,749 4,246 811 4,023 4,699 2,838 3,848 Foreign commercial banks -6,908 3,716 2,952 699 3,227 4,644 1,944 2,748 International and regional organizations. 682 104 377 -50 384 -585 292 221 Other foreigners -465 929 887 162 412 640 602 879 Official reserve transactions balance, financed by changes in- -29,753 -10,354 -5,304 / 1,942 2,661 1,042 -4,525 -328 1 939 2,982 1,495 -4,105 -1,584 Liquid liabilities to foreign official agencies 27,615 9,734 4,452 -1,488 -2,145 -553 4,258 1 ,289 Other readily marketable liabilities to foreign official agencies 6 -551 399 1,118 11 -354 -277 182 43 Nonliquid liabilities to foreign official reserve agencies re- U. p S o . r o t f e f d i c b ia y l r U es .S e . r v G e o a v s t s ets, net 2,3 3 4 4 8 1 1 3 8 2 9 -4 2 7 0 5 9 -4 -1 5 3 2 -1 -1 4 5 7 -2 - 1 2 0 -3 4 5 4 8 3 -1,0 - 0 1 3 Gold 866 547 SDR's --224499 --770033 9 ---222999 ---111222333 Convertible currencies 338811 3355 233 -1 ---888555 ---111555222 Gold tranche position in IMF 1,350 153 -33 13 -15 -209 ---222444444 ---777222888 Memoranda: Transfers under military grant programs (excluded from lines 2, 4, and 14) 3,204 4,189 2,772 758 487 393 542 405 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20) 33,,115577 44,,552211 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21) 449988 554488 Balances excluding allocations of SDR's Net liquidity -22,682 -14,566 -7,606 637 -89 -223 -6,607 -5,743 Official reserve transactions. -30,470 -11,064 -5,304 939 2,982 1,495 -4,105 -1,584 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • FOREIGN TRADE; U.S. RESERVE ASSETS A 61 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports J Imports 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 5,070 7,606 3,564 4,473 5,483 7,392 130 -649 -413 213 Mar... 3,790 3,869 5,311 7,674 3,628 4,515 5,414 7,845 160 -647 -103 -171 Apr... 3,631 3,820 5,494 8,234 3,774 4,417 5,360 8,141 -143 -596 + 133 93 May.. 3,746 3,882 5,561 7,630 3,908 4,486 5,703 8,407 -161 -604 -142 -777 June.. 3,672 3,971 5,728 8,357 4,037 4,468 5,775 8,613 -365 -497 -47 -256 July... 3,573 4,074 5,865 8,307 3,832 4,565 5,829 9,036 -259 -491 + 37 -728 Aug... 3,667 4,197 6,042 8,370 3,913 4,726 6,011 9,502 -247 -530 + 32 -1,132 Sept... 4,487 4,176 6.420 8,286 4,179 4,612 5,644 8,519 308 -436 +776 -233 Oct.. . 2,669 4,316 6,585 8,665 3,469 4,738 5,996 8,635 -800 -421 + 589 29 Nov... 3,196 4,473 6,879 9,061 3,456 5,148 6,684 9.174 -260 -675 + 195 -113 Dec... 3,881 4,558 6,949 4,169 5,002 6,291 -288 -444 +658 Quarter: I 11,086 11,767 15,337 22,390 10,792 13,403 16,140 21,704 294 -1,657 -804 686 I I 11,049 11,673 16,783 24,220 11,719 13,370 16,838 25,161 -670 -1,697 -56 -940 III.... 11,727 12,447 18,327 24,963 11,924 13,903 17,483 27,057 -197 -1,456 +845 -2,094 IV.... 9,746 13,347 20,413 11,094 14,888 18,972 -1,348 -1,540 + 1,441 Year3.. . 43,549 49,208 70,823 45,563 55,555 69,476 -2,014 -6,347 + 1,348 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Sum of unadjusted figures. Dsfense 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 o f Total Tot G al o 2 ld st T o r c e k a 1 s ury v c fo u e C r r r o t e r i n e i b g - n l n e - p R o I e s M s i i n e t F i r o v n e Total Tot G al o 2 ld s T to re ck a sury v c fo u e C c r r r i o t e e r i n e i s b g 4 - n l n e - ppp RRR ooo eee III sss sss MMM iii iii nnn eee ttt FFF rrr iiiooo vvv nnn eee SDR's3 1960... 19,359 17,804 17,767 1,555 1961... 18,753 16,947 16,889 116 1,690 14,378 11,652 11,567 8 552 2,166 1962... 17,220 16,057 15,978 99 1,064 1963... 16,843 15,596 15,513 212 1,035 1964... 16,672 15,471 15,388 432 769 14,565 11,652 11,567 59 688 2,166 14,643 11,652 11,567 68 757 2,166 1965... 15,450 13,806 13,733 781 863 14,588 11,652 11,567 9 761 2,166 1966... 14,882 13,235 13,159 1,321 326 14,642 11,652 11,567 9 824 '2,157 1967.. . 14,830 12,065 11,982 2,345 420 14,870 11,652 11,567 66 989 2,163 1968.. . 15,710 10,892 10,367 3,528 1,290 14,946 11,652 11,567 94 1,005 2,195 1969.. . 5 16,964 11,859 10,367 52,781 2,324 14,912 11,652 11,567 12 1,021 2,227 15,460 11,652 11,567 224 1,384 2,200 1970... 14,487 11,072 10,732 629 1,935 851 15,893 11,652 11,567 246 1,713 2,282 1971.. . 612,167 10,206 10,132 6 276 585 1,100 15,890 11,652 11,567 193 1,739 2,306 19727. . 13,151 10,487 10,410 241 465 1,958 15,840 11,652 11,567 43 1,816 2,329 19738 . . 14,378 11,652 11,567 552 2,166 9 15,883 11,652 11,652 5 9 1,852 9 2,374 1 Includes (a) gold sold to the United States by the IMF with the right total gold stock is $828 million (Treasury gold stock $822 million), reserve of repurchase, and (b) gold deposited by the IMF to mitigate the impact position in IMF $33 million, and SDR's $155 million. on the U.S. gold stock of foreign purchases for the purpose of making 8 Total reserve assets include- an increase of $1,436 million resulting gold subscriptions to the IMF under quota increases: For corresponding from change in par value of the U.S. dollar on Oct. 18, 1973; of which, liabilities, see Table 5. total gold stock is $1,165 million (Treas. gold stock $1,157 million) 2 Includes gold in Exchange Stabilization Fund. reserve position in IMF $54 million, and SDR's $217 million. 3 Includes allocations by the IMF of Special Drawing Rights as follows: 9 Beginning July 1974, the IMF adopted a technique for valuing the $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710 SDR based on a weighted average of exchange rates for the currencies million on Jan. 1, 1972; plus net transactions in SDR's. of 16 member countries. The U.S. SDR holdings and reserve position 4 For holdings of F.R. Banks only, see p. A-ll. in the IMF are also valued on this basis beginning July 1974. At valua- 5 Includes gain of $67 million resulting from revaluation of the German tion used prior to July 1974 (SDR 1 = $1.20635) SDR holdings at end mark in Oct. 1969, of which $13 million represents gain on mark holdings of Nov. amounted to $2,338 million, reserve position in IMF $1,817 at time of revaluation. million, and total U.S. reserve assets $15,812 million. 6 Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of Dec. 31, 1971. NOTE.—See Table 20 for gold held under earmark at F.R. Banks for 7 Total reserve assets include an increase of $1,016 million resulting foreign and international accounts. Gold under earmark is not included from change in par value of the U.S. dollar on May 8, 1972; of which, in the gold stock of the United States. NOTES TO TABLE 1 ON OPPOSITE PAGE: 1 Adjusted to balance of payments basis; excludes exports under U.S. resenting the refinancing of economic assistance loans to India; a cormilitary agency sales contracts, and imports of U.S. military agencies. responding reduction of credits is shown in line 16. 2 Fees and royalities from U.S. direct investments abroad or from 5 Includes some short-term U.S. Govt, assets. foreign direct investments in the United States are excluded from invest- 6 Includes changes in long-term liabilities reported by banks in the ment income and included in "Other services". United States and in investments by foreign official agencies in debt 3 Includes special military shipments to Israel that are excluded from the securities of U.S. Federally sponsored agencies and U.S. corporations. "net exports of goods and services" in the national income and products NOTE.—Data are from U.S. Department of Commerce, Bureau of Eco- (GNP) accounts of the United States. nomic Analysis. Details may not add to totals because of rounding. 4 Includes under U.S. Government grants $2 billion equivalent, rep- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 U.S. GOLD TRANSACTIONS • JANUARY 1975 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 AArreeaa aanndd ccoouunnttrryy 11996633 11996644 11996655 11996666 11996677 11996688 11996699 11997700 11997711 11997722 •• IV I II III Western Europe: --8822 -----------5555555555555555555555 ----111100000000 --2255 44 -----------4444444444400000000000 ----88883333 ---555888 ---111111000 --551188 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333332222255555 --112299 ---444777333 -----------222222222222222222222255555555555 555550000000000 -----------11111111111 -------2222222 ---222 ---222 ----55552222 4444411111 22 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 -----7777766666 -----------6666666666600000000000 -------33333335555555 ----11119999 ----55550000 --2255 --113300 -----------3333333333322222222222 -------111111188888880000000 55551111 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 ----55550000 --117755 332299 666666666661111111111188888888888 111111155555550000000 888000 ---888777999 ---888333555 222000000 11 --66 --3355 --4499 1166 --4477 111111 --2299 --1133 TToottaall --339999 --8888 --11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 --220044 --779966 Canada 222222000000000000 111115555500000 5555500000 Latin American republics: Argentina ---333000 ------333333999999 -----11111 -----2222255555***** --2255 ----22228888 Brazil 777222 555444 2222255555 ------333333 ----22223333 Colombia . ... 111000 2222299999 777777 ** ----1111 Vpnp7ii^1 a -----2222255555 Other .. • --iiii --99 -----1111133333 --66 1111 --4400 --2299 --8800 --55 TToottaall ........ 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --55 Asia: ---111000 -----44444 ---222111 ---444222 Japan -----5555566666 --111199 L M e a b l a a n ys o i n a • --1111 -----1111111111 --11 ------- ------- 9999999 3333333 5555555 4444444 ---- ---- 3333 1111 5555 0000 P S h au il d ip i p A in r e a s b ia . 2255 2200 ** --11 -------55555550000000 9999999 4400 --44 ----2222 -------88888881111111 111111 ---333000 Other --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 333999 --33 XXoottaall 111222 333 ---222444 ---888666 ---444444 ---333666666 ;;; 444222 ---222111333 ---333888 ;; --33 All other . . • ---333666 ---777 ---111666 ---222222 333---111666666 ,,, 333---666888 ---111 ---888111 ---666 TToottaall ffoorreeiiggnn ccoouunnttrriieess --339922 --3366 :::: ----1111,,,,333322222222 ----666600008888 ---111,,,000333111 ---111,,,111111888 999955557777 ----666633331111 ---888444555 ;;; ---333 Intl Monetary Fund^ . • • 5555----222222225555 111177777777 222222 ---333 11110000iiii ----111155556666 ---222222 111 ---555444444! • Grand total • . •. --339922 --3366 ,,,, ----1111,,,,555544447777 ----444433331111 ---111 QQQQQQ<<<333••• ——— 111 111222111 999966667777 6666----777788887777 ''' ---888666777 rrr ———555444777r 1 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 * 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 subby 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

JANUARY 1975 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 63 5. 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 liabilities to Liquid ties to p E e o r n i f d o d Total a a c t r I f r g t i r M a i o s o o n i l m F n n d s g s - 1 Total t p S l b i i t o e a h a e b s i r b o n r n t y m i r k e r l t e i d s - - - M n T b U o a a o a r t b r e n n . e k S l a d d s e e . s s 3 . t - N v k T b o e e c U o a n r r t o e t n a n . m i n S a b d d b - a . s l s l e . r e - N n v k T b o o n e e U o a r n n r o t e n t a n . c m t i S a b d e d b o . s a l s s l n . e e 4 r - - m r l O e i t a a a a i t r b b e d h k l i s i e e l e 5 l i r y t - - a t m o L l b b i e a i a r t c q i r b o n e o c u i a k s l i m i d i a s d - l - 6 Total t p S l b i i t o e a h a e b s i r b o n r n y t m i r k e r l t e i d s - - - n M T b o U a a o t a r e b e r n n . s S k l a d d e 3 e . s s • . t - 7 o z a m g a n r n t i o i g t d a o o n i n a r o n n t y n e r l n a - . e - i l s - - 8 U.S. notes U.S. 1962 24,268 800 12,914 11,963 751 5,346 3,013 2,565 448 2,195 J26,433 800 14,459 12,467 1,217 703 63 5,817 3,397 3,046 351 1,960 1963 9, \26,394 800 14,425 12,467 1,183 703 63 5,817 3,387 3,046 341 1,965 J29,313 800 15,790 13,224 1,125 1,079 204 158 7,271 3,730 3,354 376 1,722 1964 9. \29,364 800 15,786 13,220 1,125 1,079 204 158 7,303 3,753 3,377 376 1,722 1965, 29,569 834 15,826 13,066 1,201 334 7,419 4,059 3,587 472 1,431 1966 9 / \ 3 3 1 1 , , 1 0 4 2 5 0 1 1 , ,0 0 1 1 1 1 1 1 4 4 , , 8 8 4 9 1 6 1 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 3 3 2 2 8 8 9 9 1 1 3 3 1 9 0 , , 9 1 3 1 6 6 4 4 . . 2 2 7 7 1 2 3 3 . . 7 7 4 4 3 4 5 5 2 2 8 8 9 9 0 0 6 5 /35,819 1,033 18,201 14,034 908 711 741 1,807 11,209 4,685 4,127 558 691 1967 9, \35,667 1,033 18,194 14,027 908 711 741 1,807 11,085 4,678 4,120 558 677 /38,687 1,030 17,407 11,318 529 701 2,518 2,341 14,472 5,053 4,444 609 725 1968 9, \38,473 1,030 17,340 11,318 462 701 2,518 2,341 14,472 4,909 4,444 465 722. IO/45,755 1,019 1015,975 11,054 346 10 555 102,515 1,505 23,638 4,464 3,939 525 659 1969 9, \45,914 1,019 15,998 11,077 346 555 2,515 1,505 23,645 4,589 4,064 525 663 Dec. 9. / \ 4 4 7 6 , , 0 9 0 6 9 0 5 5 6 6 6 6 2 2 3 3 , , 7 7 8 7 6 5 1 19 9 , , 3 3 3 3 3 3 2 3 9 0 5 6 4 4 2 2 9 9 3 3 , , 0 0 2 2 3 3 6 6 9 9 5 5 1 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 84 4 6 4 1971—]D ec.11. J \6 6 7 7 , , 8 6 0 81 8 5 5 4 4 4 4 5 5 1 0 , , 2 6 0 5 9 1 3 3 9 9 , ,0 6 1 7 8 9 1 1 , , 9 9 5 5 5 5 6 6 , , 0 0 6 9 0 3 3 3 , , 3 4 7 4 1 1 1 1 4 4 4 4 1 10 0 , , 9 2 4 6 9 2 4 4 , , 1 1 3 4 8 1 3 3 , , 6 6 9 9 1 4 4 4 4 4 7 7 1 1 , , 5 5 2 2 8 3 1972—]D ec. 82,862 3,639 5,043 4,618 425 1,627 1973—]N ov.. 92,413 67,400 43,791 6,207 12,319 3,234 1 ,849 17,282 5,721 5,311 410 2,010 Dec.. 92,391 66,810 43,919 5,701 12,319 3,210 1,661 17,647 5,931 5,501 430 2,003 1974—JJ an... . 89,900 63,871 41 ,556 5,229 12.321 3,210 1,555 18,040 6,067 5,618 449 1 ,922 Feb.. . , 91,857 64,100 41,992 5,192 12.322 3,210 1,384 19,715 6,249 5,839 410 1 ,793 Mar... 95,572 65,527 43,412 5,192 12.329 3,210 1 ,384 22,056 6,571 6,171 400 1,418 Apr.. . 97,368 67,154 45,175 5,020 12.330 3,210 1 ,419 22,103 6,816 6,399 417 1,295 May. . 100,929 68,160 46,177 5,013 12,330 3,210 1,430 24,316 6,906 6,540 366 1 ,547 J Ju u l n y e . . . . . 1 1 0 0 3 6 , , 7 7 3 5 1 7 6 71 9 , , 0 9 9 9 1 4 4 4 7 8 , ,4 4 4 3 7 0 5 5 , , 0 0 1 1 3 3 1 1 2 2 , , 3 3 3 3 0 0 3 3 , , 6 6 5 5 5 5 1 1 , , 5 6 6 4 6 6 2 2 4 6, , 5 8 1 5 7 4 7 7, , 3 1 3 7 8 3 6 6 , , 9 8 6 1 1 0 3 3 7 6 7 3 1 1 , , 7 8 1 1 0 1 Aug.. . 109,751 70,970 48,400 4,940 12,330 3,655 1,645 29,224 7,523 7,157 366 2,034 O Se c p t. t ? .. \ . . 1 1 1 1 1 0 , , 7 3 2 6 9 6 7 7 2 3 , ,6 60 4 1 3 5 5 0 0 , , 1 81 0 3 7 4 4 , , 8 8 8 8 0 0 1 1 2 2 , ,3 3 3 30 0 3 3 , , 8 6 6 5 7 5 1 1 , ,7 6 5 29 3 2 27 7 , , 9 7 0 8 1 3 8 8, , 0 1 5 2 1 5 7 7 , ,6 6 9 58 4 4 3 3 9 1 3 2 1 , , 0 9 6 31 0 Nov.". 114,419 74,774 51,621 4,906 12,330 3,867 2,050 29,111 8,394 7,913 481 2,140 1 Includes (a) liability on gold deposited by the IMF to mitigate the shown for the preceding date; figures on second line are comparable with impact on the U.S. gold stock of foreign purchases for gold subscriptions those shown for the following date. to the IMF under quota increases, and (b) U.S. Treasury obligations at i° Includes $101 million increase in dollar value of foreign currency cost value and funds awaiting investment obtained from proceeds of sales liabilities resulting from revaluation of the German mark in Oct. 1969 as of gold by the IMF to the United States to acquire income-earning assets. follows: liquid, $17 million, and other, $84 million. 2 Includes BIS and European Fund. 11 Data on the second line differ from those on first line because cer- 3 Derived by applying reported transactions to benchmark data; tain accounts previously classified as "official institutions" are included breakdown of transactions by type of holder estimated 1962-63. with "banks"; a number of reporting banks are included in the series for 4 Excludes notes issued to foreign official nonreserve agencies. the first time; and U.S. Treasury securities payable in foreign currencies 5 Includes long-term liabilities reported by banks in the United States issued to official institutions of foreign countries have been increased in and debt securities of U.S. Federally-sponsored agencies and U.S. cor- value to reflect market exchange rates as of Dec. 31, 1971. porations. 6 Includes short-term liabilities payable in dollars to commercial banks NOTE.—Based on Treasury Dept. data and on data reported to the abroad and short-term liabilities payable in foreign currencies to commer- Treasury Dept. by banks and brokers in the United States. Data correspond cial banks abroad and to "other foreigners." generally to statistics following in this section, except for the exclusion 7 Includes marketable U.S. Treasury bonds and notes held by commer- of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign cial banks abroad. official nonreserve agencies, the inclusion of investments by foreign 8 Principally the International Bank for Reconstruction and Develop- official reserve agencies in debt securities of U.S. Federally-sponsored ment and the Inter-American and Asian Development Banks. 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 by other international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1975 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 e s E W u e ro st p e e r n 1 Canada A re m L pu e a b r ti i l n c i c a s n Asia Africa 196 7 18,194 10,321 1,310 1,582 4,428 250 1968 3 J 17,407 8,070 1,867 1,865 5,043 259 117,340 8,062 1,866 1,865 4,997 248 1969 3 4 15,975 4 7,074 1,624 1,888 4,552 546 4 15,998 4 7,074 1,624 1,911 4,552 546 1970 3 /23,786 13,620 2,951 1,681 4,713 407 123,775 13,615 2,951 1,681 4,708 407 1971 5 /51,209 30,010 3,980 1,414 14,519 415 \50,651 30,134 3,980 1,429 13,823 415 197 2 61.526 34,197 4,279 1,733 17,577 777 1973—Nov.., 67,400 46,002 3,820 2,233 11,474 785 Dec... 66,810 45,717 3,853 2,544 10,884 788 1974—Jan.. . 63,871 43,270 3,945 2,446 10,479 838 Feb.. . 64,100 42,391 4,262 2,744 10,878 1,000 Mar.., 65.527 42,772 4,195 2,887 11,631 1,249 Apr.. . 67,154 42,638 4,309 3,532 12,360 1,402 May.. 68,160 42,961 4,302 3,384 12,988 1,620 June.. 69,994 43,200 4,201 4,006 13,992 1,854 July. . 71,091 43,002 4,125 3,951 15,209 2,055 Aug... 70,970 42,292 3,953 4,127 15,526 2,272 Sept.. 72,601 42,675 3,819 4,421 16,182 2,850 Oct.. 73,643 43,025 3.809 3,986 17,187 2,947 Nov.f 74,774 43,158 3,710 3,619 18,426 3,204 1 Includes Bank for International Settlements and European Fund. to official institutions of foreign countries have been increased in value by 2 Includes countries in Oceania and Eastern Europe, and Western Euro- $110 million to reflect market exchange rates as of Dec. 31, 1971. pean dependencies in Latin America. 3 See note 9 to Table 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 nonaccounts 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. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To all foreigners T a o n n d o r n e m gi o o n n e a t l a r o y r g i a n n t i e z r a n t a i t o i n o s n 6 a l Payable in dollars IIIMMMFFF Deposits PPaayyaabbllee gggooolllddd UU..SS.. Dem D an e d p os T it i s m e 2 b T i c r l c l e U e a s r a t . t e s S i a f s u . i n r 3 - y d s O l t i h e a t o r h b m r e . t 4 r - ff rr oo ee cc nn rr ii uu ee nn cc rr ii ii -- gg ee nn ss iiinnn mmm vvv eee eee nnn sssttt ttt --- sss TToottaall Demand Time2 bb TT ii cc rr ll cc ee ll ee ss aa rr aa tt tt ss ii ee aa ff uu ss ii nn rr -- yy dd OO ss ll tt ii hh ee aa tt rr oo hh bb mm rr ee .. tt 44 rr -- 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 223 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 381 41,393 15,795 5,961 14,123 5,514 368 400 820 69 159 211 381 55,018 10,399 5,209 33,025 6,385 386 400 1,372 73 192 210 896 55,036 6,459 4,217 33,025 11,335 392 400 1,367 73 192 210 892 60,201 8,290 5,603 31,850 14,458 496 1,413 96 202 326 800 67,724 9,852 6,709 31,977 19,185 622 1,962 73 94 373 1,423 68,425 11,310 6,863 31,886 18,366 597 1,955 101 83 296 1,474 67,067 66,427 10,826 6,809 29,543 19,249 640 1,853 95 89 286 1,383 69,239 68,470 11,477 6,855 30,274 19,864 770 1,693 77 63 232 1,321 72,790 72,024 11,656 6,986 31,444 21,938 766 1,151 96 63 227 765 74,787 74,080 11,981 7,324 32,676 22,099 706 1,109 60 57 209 783 78,365 77,712 11,675 7,629 33,983 24,425 653 1,333 95 53 46 1,139 80,687 79,895 12,860 8,274 34,038 24,723 792 1,593 106 64 91 1,332 83,610 82,944 12.227 8,661 34.178 27,877 666 1,685 121 66 51 1,448 86,642 85,897 11,848 9,091 33.179 31,778 746 1,861 81 68 146 1,567 87,388 86,693 12,771 9,220 33,467 31,235 696 1,840 128 69 75 1,569 88,345 87,625 11.228 9,777 34,187 32,432 720 1,937 125 89 93 1,630 90,606 89,862 12,864 9,532 35,020 32,446 744 1,962 128 89 94 1,651 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • 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 institutions9 Payable in dollars Payable in dollars Payable Total Dema D nd ep osi T ts ime2 T b c i r c l e U e a l r s a t . t e s S i a s u f . n i r 3 - d y s O l t h i e a t o r h b r m e . t 4 r - f r o e c r n u i e n c r i i - g e n s Total Dema D n e d p osit T s ime2 T bi r c c l U e e l a s r a . t t S s e a i u . f s n i 3 r - d y s O t l h i e t a o r h b r m e t .4 - r 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 /40,499 15,716 5,765 13,511 5,138 368 19,333 1,652 2,554 13,367 1,612 \40,541 15,726 5,802 13,511 5,133 368 19,333 1,652 2,554 13,367 1,612 (53,632 10,326 5,017 32,415 5,489 386 39,679 1,620 2,504 32,311 3,086 \53,661 6,386 4,025 32,415 10,443 392 39,018 1,327 2,039 32.311 3,177 59,284 8,204 5,401 31,523 13,659 496 40,000 1,591 2,880 31,453 3,905 66,384 9,780 6,615 31,604 17,763 622 43,791 2,036 3,802 31,529 6,298 67,067 11,209 6,780 31 ,590 16,892 597 43,919 2,125 3,911 31,511 6,245 65,214 10,731 6,720 29,257 17,865 640 41,556 2,379 3,705 29,152 6,192 67,546 11,399 6,792 30,042 18,543 770 41 ,992 2,408 3,703 29,917 5,836 71,639 11,559 6,924 31,217 21,173 766 43,412 2,631 3,800 31,064 5,790 73,677 11,921 7,267 32,467 21,315 706 45,175 2,920 3,949 32.312 5,867 77,033 11,580 7,576 33,937 23,287 653 46,177 2,352 4,025 33,731 5,941 79,094 12,753 8,210 33,947 23,391 792 47,430 2,643 4,277 33,745 6,638 81,925 12,107 8,596 34,128 26,429 666 48,447 2,561 4,463 33,749 7,547 84,781 11,767 9,023 33,033 30,212 746 48,400 2,473 4,447 32,687 8,665 85,548 12,643 9,151 33,392 29,666 696 50,107 2,824 4,311 32.955 9,890 86,408 11,104 9,688 34,094 30,802 720 50,813 2,168 4,471 33,634 10,412 88,645 12,736 9,443 34,926 30,796 744 51,621 2,472 4,122 34,467 10,433 To banks io To other foreigners Payable in dollars Total Deposits U.S. Other Deposits U.S. Other Treasury short- Treasury shortbills and term Total bills and term Demand Time2 c c e a r t t e if s i - liab.4 Demand Time2 c c e a r t t e if s i - liab.4 27,709 23,419 16,756 1,999 4,644 4,064 1,711 1,935 107 312 /21,166 16,917 12,376 1,326 3,202 4,029 1,688 1,886 131 325 \21,208 16,949 12,385 1,354 3,197 4,039 1,688 1,895 131 325 /13,953 10,034 7,047 850 2,130 3,691 1,660 1,663 96 274 114,643 10,721 3,399 320 6,995 3,694 1,660 1,666 96 271 19,284 14,340 4,658 405 9,272 4,618 1,955 2,116 65 481 22,593 16,787 5,734 495 10,550 5,310 2,010 2,318 67 915 23,147 17,178 6,941 515 11 9,710 5,500 2,143 2,353 68 936 23,658 17,527 6,329 517 14 10,668 5,618 2,024 2,498 91 1,005 25,554 19,072 6,853 526 32 11,662 5,840 2,139 2,563 93 1,045 28,226 21,417 6,573 511 54 14,279 6,171 2,356 613 98 1,104 28,503 21,524 6,603 683 63 14,174 6,400 2,398 635 92 1,274 30,856 23,790 6,913 795 82 16,000 6,540 2,315 756 124 1,346 31,664 24,190 7,692 1,004 95 15,398 6,810 2,419 929 107 1,355 33,478 25,978 7,110 1,165 204 17,499 6,961 2,436 967 175 1,383 36,381 28,606 6,897 1,426 200 20,083 7,156 2,397 150 145 1,464 35,442 27,214 7,098 1,576 258 18,282 7,659 2,722 3; 264 179 1,495 35,595 27,309 6,361 1,796 268 18,884 7,694 2,574 3,422 193 1,505 37,024 28,495 7,626 1,727 253 18,889 7,912 2,638 3,594 207 1,474 1 Data exclude "holdings of dollars" of the IMF. 8 Data on second line differ from those on first line because (a) those 2 Excludes negotiable time certificates of deposit, which are included liabilities of U.S. banks to their foreign branches and those liabilities of in "Other." U.S. agencies and branches of foreign banks to their head offices and 3 Includes nonmarketable certificates of indebtedness issued to official foreign branches, which were previously reported as deposits, are included institutions of foreign countries. in "Other short-term liabilities"; (b) certain accounts previously classified 4 Through 1971 (first line) principally bankers' acceptances, commercial as "Official institutions" are included in "Banks"; and (c) a number of paper, and negotiable time certificates of deposit. See also note 8(a). reporting banks are included in the series for the first time. 5 U.S. Treasury bills and certificates obtained from proceeds of sales of 9 Foreign central banks and foreign central govts, and their agencies, gold by the IMF to the United States to acquire income-earning assets. and Bank for International Settlements and European Fund. Upon termination of investment, the same quantity of gold was reac- 10 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 Development Bank and the International Development Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 66 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1975 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. Mar. Apr. May June July Aug. Sept.2' Oct.? Europe: T D N O N P S S S Y A G G I O B F U F U t w w p o u i r a e u t o e e r u t e . n n a h S h a e r l r l t n g r s r e i i y l g n t k h i e e t e m . t w t d a o m u n z S e r i c r c r e e n e s u e g i d a a e . e y r a a n l R d W E r m y a l n a r l a K l y k a a v - n e s n L i i s d a t n d u t e s e g r x r n d e n o m E m E b u o u ro u ro p rg e p e1 4 2 5 5 1 1 1 1 1 , , , , , , , , , 0 4 4 4 8 3 3 1 0 2 2 2 9 4 2 1 1 8 6 4 9 8 4 3 5 6 8 3 7 5 1 7 9 1 1 8 4 8 6 8 1 1 7 3 4 7 6 8 2 3 4 6 8 7 1 1 3 2 3 3 3 6 1 1 1 , , , , , , , , , 4 4 4 8 8 2 3 3 1 9 6 3 5 1 3 1 1 8 4 0 8 8 7 2 8 5 8 6 0 6 5 3 9 6 8 2 1 8 3 7 7 2 3 4 5 4 9 9 6 5 5 8 5 1 6 2 0 12 2 2 7 2 2 1 3 1 , , , , , , , , , 5 2 2 9 7 8 5 7 3 4 3 3 3 9 2 1 1 4 4 7 3 7 9 9 6 4 8 4 5 2 6 5 9 9 7 2 2 3 2 5 3 7 2 2 7 6 2 9 0 3 0 8 7 9 3 6 2 1 2 2 4 3 7 3 1 1 1 , , , , , , , , , 0 5 0 7 7 3 6 4 2 2 9 4 2 2 3 1 8 0 9 6 2 0 7 9 8 8 3 4 4 5 5 2 9 8 9 5 6 8 5 5 7 5 7 8 0 5 7 8 9 3 3 0 2 2 5 2 1 2 5 2 3 8 3 1 1 1 , , , , , , , , , 4 0 6 4 7 3 7 1 7 9 4 2 2 2 3 1 1 3 0 5 3 7 3 3 9 1 3 9 4 9 6 0 2 5 6 8 2 8 9 9 0 8 5 9 9 7 2 2 3 3 8 5 5 4 6 8 1 1 2 6 2 3 8 3 1 1 1 , , , , , , , , , 7 4 5 8 3 2 3 5 9 4 2 2 2 3 3 1 1 1 1 0 2 8 5 2 8 2 3 7 2 6 2 3 1 1 2 1 1 0 2 8 2 1 5 1 1 6 3 0 7 4 2 4 5 7 6 1 1 6 0 1 2 2 3 7 8 1 1 1 2 , , , , , , , , , , 8 3 7 2 6 2 1 2 2 4 4 2 2 8 8 3 1 1 1 2 6 5 9 3 0 3 6 0 2 2 1 8 3 6 3 7 1 2 0 7 1 6 2 9 9 3 4 9 4 3 8 2 7 3 2 2 0 2 6 11 7 2 3 2 8 1 1 1 , , , , , , , , 0 9 8 8 9 6 8 2 5 2 4 2 2 8 3 , 1 1 1 1 2 4 7 6 2 3 2 5 1 9 5 2 4 0 2 9 2 0 0 1 8 3 9 4 9 1 8 0 9 0 9 7 8 2 3 4 6 6 0 1 9 2 3 3 1 8 3 1 1 8 , , , , , , , , , , 0 0 9 4 5 6 3 3 1 1 2 2 4 5 2 3 1 1 1 6 3 9 9 8 2 2 2 3 9 4 0 9 6 5 7 1 3 4 0 8 1 9 4 2 7 6 3 8 8 1 5 7 9 5 3 0 6 8 0 2 2 7 3 8 3 1 8 3 1 , , , , , , , , , , 0 0 0 9 7 5 1 3 8 6 2 2 5 2 4 3 1 1 1 3 4 0 2 6 7 2 4 3 6 8 5 3 2 2 3 4 1 4 2 1 1 9 1 8 0 8 5 6 2 6 9 7 3 3 5 6 7 4 1 Total 27,136 40,742 40,605 40,905 43,292 44,249 44,479 44,749 45,320 44,803 Canada 3,432 3,627 3,640 4,350 3,983 3,550 3,595 3,250 3,754 4,226 Latin America: Argentina 638 924 1,012 1,071 1,194 1,379 1,252 1 ,189 1,105 1,017 Bahamas 2 540 824 2,017 1,336 1,946 1,487 1,546 3,201 1,155 1,672 Brazil 605 860 837 774 731 782 778 817 873 894 C C h o i l l o e m bia 2 13 1 7 0 2 15 4 8 7 2 18 38 7 2 22 2 7 6 2 19 27 3 2 2 4 17 0 2 26 79 4 2 28 53 5 2 29 6 3 6 2 2 7 9 0 2 Cuba 6 7 7 6 6 6 7 6 7 6 Mexico 831 1,285 1,372 1,379 1,417 1,412 1,411 1,610 1,643 1,731 P P U a e r r n u u a g m ua a y 2 1 1 6 4 25 7 0 2 113 8 25 2 0 4 1 1 5 3 2 9 3 1 4 1 14 2 64 1 0 51 1 5 3 69 2 2 51 1 5 2 69 1 6 5 11 6 927 6 2 4 1 1 8 4 15 5 5 51 1 18 2 1 0 2 4 117 8 27 4 8 Venezuela 1,078 1,468 1,736 2,297 2,248 2,708 2,600 2,999 3,217 2,932 N O e th th er e r L la a n ti d n s A A m nt e il r l i e c s a n a n r d e p S u u b r l i i n cs a m 86 8 1 6 8 7 8 1 4 1,10 6 6 9 1,15 6 1 3 1,05 9 9 5 1,0 1 8 24 0 1,18 9 3 2 1,0 1 6 03 6 1,2 1 1 2 4 3 1,1 1 1 3 5 8 Other Latin America 44 359 659 566 424 450 671 825 549 478 Total 5,568 7,626 9,951 9,821 10,393 10,732 10,964 13,099 11,256 11,335 Asia: C C h h i i n n a a , , P R e e o p p u le b ' l s i c R o e f p . ( T of a ( iw Ch a i n n ) a Mainland) 67 39 5 75 3 7 8 64 38 1 57 3 3 9 62 39 0 68 33 8 77 3 2 9 84 4 2 0 82 40 2 79 4 7 3 Hong Kong 318 372 452 453 512 462 470 490 621 470 India 98 85 133 177 264 225 172 131 158 140 I I s n r d a o e n l esia 1 17 0 7 8 3 1 2 3 7 3 3 2 0 40 2 2 30 75 5 2 26 2 7 0 2 25 5 6 7 2 8 2 6 6 3 728151 9 21 4 7 3 1,6 2 0 18 0 Japan 15,843 6,954 8,307 ,668 9,060 9,419 9,974 9,894 10,115 10,385 Korea 192 195 180 253 234 262 215 277 304 313 Philippines 438 515 595 642 731 772 762 715 748 726 Thailand 171 247 607 536 517 524 451 403 362 328 Other 1,071 1,202 1,445 ,942 1,886 2,572 3,634 4,272 4,726 4,832 Total 19,131 10,826 12,940 13,861 14,350 15,470 17,578 18,062 19,056 19,851 Africa: E S O Z M o g a t o h u i y r r e t p e o h r t c A co f rica 7 1 6 1 2 2 1 5 8 4 1 2 11 8 3 1 4 5 7 1 1,3 1 3 4 4 5 1 5 8 7 2 2 ,50 4 8 6 1 0 5 3 3 8 ,7 1 0 2 7 5 2 3 1 2 0 2 ,9 1 8 3 5 0 11 9 8 4 2 2,0 1 4 7 9 4 5 0 2 4 6 1 2,2 1 1 5 0 5 4 6 8 6 5 6 3 I I 2,8 1 9 5 7 7 4 7 3 3 9 3 2,9 1 1 0 7 3 7 4 3 8 3 9 1 Total 939 1,056 ,593 1,709 2,193 2,403 2,627 3,244 3,333 Other countries: A Al u l s o tr t a h l e ia r 3,02 5 7 1 3,13 5 1 9 2,84 6 9 0 2,97 5 9 2 2,98 6 0 8 2,83 6 1 9 2,84 5 8 8 2,92 6 6 8 2,84 7 7 2 2,78 7 8 1 Total 3,077 3,190 2,909 3,031 3,047 2,900 2,906 2,994 2,918 2,859 Total foreign countries 59,284 67,067 71,639 73,677 77,033 79,094 81,925 84,781 85,548 86,408 International and regional: International 3 951 ,627 863 840 1,038 1,250 1,328 1,512 1,479 ,610 L O a th ti e n r A re m gi e o r n ic a a l n * regional 3 15 0 6 7 27 5 2 7 22 6 6 2 2 5 17 1 22 69 6 2 1 2 2 2 2 2 1 4 0 8 8 25 9 7 3 2 10 56 3 21207 0 Total 1,413 1 ,955 1,151 1,109 1,333 1,593 1,685 1,861 1,840 1,937 Grand Total 60,697 69,022 72,790 74,787 78,365 80,687 83,610 86,642 87,388 88,345 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • 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 1972 1973 1974 1972 1973 1974 Area and country AArreeaa aanndd ccoouunnttrryy Apr. Dec. Apr. Dec. Apr. Apr. Dec Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus 2 3 9 1199 10 3 2 3 3 Iceland 9 9 12 88 11 Lebanon 60 55 55 62 68 Ireland, Rep. of 15 17 22 62 53 Malaysia 25 54 59 58 40 Pakistan 58 59 93 105 108 Other Latin American republics: Ryukyu Islands (incl. Okinawa)6 53 Bolivia 53 87 65 68 102 Singapore 45 77 53 141 165 Costa Rica 70 92 75 86 88 Sri Lanka (Ceylon) 6 5 6 13 13 Dominican Republic 91 114 104 118 137 185 135 98 88 98 Ecuador 62 121 109 92 90 OOiill--pprroodduucciinngg ccoouunnttrriieess 77 227 534 486 652 1,331 El Salvador 83 76 86 90 129 Guatemala 123 132 127 156 245 Haiti 23 27 25 21 28 Other Africa: Honduras 50 58 64 56 71 31 32 51 111 110 Jamaica 32 41 32 39 52 Ethiopia (incl. Eritrea) 29 57 75 79 118 Nicaragua 66 61 79 99 119 11 10 28 20 22 Paraguay 17 22 26 29 40 14 23 19 23 20 Trinidad & Tobago 15 20 17 17 21 25 30 31 42 29 296 393 312 331 Ot B he e r r m L u a d ti a n America: (2) (2) 127 242 201 Southern Rhodesia 5 2 6 85 2 114400 78 2 1 British West Indies 2233 3366 110000 110099 5 3 3 3 2 6 11 16 12 12 Other Asia: 7 10 11 7 17 Afghanistan 17 25 19 22 11 10 7 19 6 11 Burma 5 2 17 12 Zambia 7 2288 3377 2222 Cambodia 2 3 3 2 4 Jordan 2 4 4 6 6 All other: New Zealand 27 30 34 39 33 1 Includes Bank for International Settlements and European Fund. 5 Represent a partial breakdown of the amounts shown in the "other" 2 Bermuda included with Bahamas through Dec. 1972. categories (except "Other Eastern Europe"). 3 Data exclude "holdings of dollars" of the International Monetary 6 Included in Japan after Apr. 1972. Fund. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, 4 Asian, African, and European regional organizations, except BIS and Syria, and United Arab Emirates (Trucial States). European Fund, which are included in "Europe." 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 intl. EEnndd ooff ppeerriioodd Total and Official Other Ger- United Other Total OOtthheerr AAllll rreeggiioonnaall Total institu- Banks i foreign- many King- Europe Latin Japan Asia other tions ers dom America countries 1970 1,703 789 914 695 165 53 110 42 26 152 385 137 62 1971 902 446 457 144 237 56 164 52 30 111 3 87 9 19722 \ f 1 1 , , 0 0 1 0 8 0 5 5 8 6 0 2 4 4 3 3 9 9 9 9 3 3 2 2 5 5 9 9 8 8 7 7 1 1 6 6 5 5 6 6 3 3 3 3 2 2 1 1 3 3 6 6 1 1 3 3 2 2 1 1 0 0 1973—Nov 1,469 753 717 313 287 117 165 67 246 138 2 80 19 Dec 1,467 761 706 310 296 100 165 66 245 132 5 78 16 1974—Jan 1,496 821 675 310 275 90 165 65 236 119 2 78 10 Feb 1,519 888 631 259 286 86 165 58 231 128 2 35 13 Mar 1 ,'577 951 626 259 276 87 165 45 232 130 2 39 13 Apr 1,690 1,025 665 294 282 89 165 56 227 152 2 50 13 May 1,657 1,005 652 296 282 74 165 56 220 144 2 52 13 June 1,650 974 676 321 283 73 165 56 220 144 2 77 12 July 1,671 978 693 319 299 75 171 56 233 142 2 77 13 Aug 1,516 1,005 511 118 316 77 170 60 47 142 1 77 13 Sept 1,404 920 484 95 316 73 170 60 47 123 1 70 13 Oct.*3 1,334 851 483 114 299 71 170 48 47 116 1 8888 13 Nov.f 1,318 831 486 113 298 75 170 48 45 116 1 8899 17 t 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. • JANUARY 1975 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End of period; in millions of dollars) 1973 1974 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oc t.p Nov.f Europe: Belgium-Luxembourg 7 7 7 7 7 7 7 7 9 9 10 10 10 Sweden 165 235 235 260 260 260 260 260 260 260 250 250 276 Switzerland 38 34 33 32 34 33 35 34 35 34 34 30 30 United Kingdom 400 423 437 450 439 457 428 424 426 439 459 485 498 Other Western Europe 85 86 91 91 90 89 87 89 97 101 96 102 98 Eastern Europe 5 5 5 5 5 5 5 5 5 5 5 5 5 Total 700 789 808 845 835 851 823 819 832 849 854 883 917 Canada 567 582 597 832 847 848 849 849 851 756 706 707 711 Latin America: Latin American republics 11 11 11 11 11 11 11 11 11 11 11 U 11 Other Latin America 3 3 3 3 3 3 5 5 5 5 17 25 62 Total 14 14 !4 14 14 14 16 16 16 16 28 36 74 Asia: J O a t p h a e n r Asia 5,14 1 3 1 4,55 1 2 1 4,06 1 6 1 3,71 1 8 1 3,70 1 3 1 3,53 1 1 1 3,49 1 9 2 3,49 1 8 2 3,49 1 7 2 3,49 1 8 2 3,49 1 7 2 3,49 1 7 2 3,49 1 8 2 Total 5,154 4,563 4,077 3,729 3,714 3,542 3,510 3,510 3,509 3,510 3,509 3,509 3,509 Africa 158 158 158 157 157 157 157 157 156 151 151 151 151 All other 25 25 25 25 25 25 25 25 25 25 25 25 25 Total foreign countries 6,617 6,131 5,678 5,602 5,592 5,437 5,379 5,376 5,390 5,306 5,273 5,311 5,387 International and regional: International 1 1 20 51 217 141 174 57 51 102 2233 71 112 Latin American regional 47 48 49 49 49 44 41 60 75 71 6688 52 67 Total 48 49 69 100 267 185 214 117 126 173 91 123 179 Grand total 6,665 6,179 4,747 5,702 5,859 5,622 5,594 5,493 5,516 5,479 5,364 5,434 5,566 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 t f i s f o L t i i n c t o s i u a a - l n s t B o a — nk s i Others C s t t o o i i a o n l u n l g n t e d - s c - - f A e o o a m i f c r g n c a n a f c e d o c e e p e r c r s t - s t - . Other Total w D e i i e t g h p n o e f s r o i s t r s - g c F a o u n c o n v r a o r d i t n e m t , i i c f e g l s e i . s e n - , - Other paper 197 0 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 166 1971 2 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 1972 3 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—Nov.. 19,590 18,799 7,068 252 4,084 2,732 4,287 3,788 3,655 790 512 131 148 Dec... 20,726 20,064 7,689 271 4,555 2,863 4,307 4,156 3,912 662 428 119 115 1974—Jan... 21,101 20,298 7,391 303 4,400 2,688 4,387 4,108 4,412 802 467 162 173 Feb... 22,986 22,141 7,932 303 4,966 2,662 4,427 4,554 5,228 844 594 121 129 Mar.. 25,671 24,823 9,068 421 5,793 2,855 4,642 5,126 5,986 849 545 160 144 Apr.. 26,580 25,723 9,578 346 6,141 3,090 4,805 5,810 5,529 857 589 99 169 May., 29,745 28,862 9,959 363 6,372 3,223 5,081 6,599 7,223 884 611 113 160 June. , 32,253 31,296 11,494 386 7,743 3,364 5,107 7,584 7,111 957 687 130 141 July.. 33,532 32,529 10,924 475 6,848 3,601 5,152 9,163 7,290 1,003 626 207 170 Aug.. 35,057 34,252 11,634 448 7,809 3,377 5,295 9,459 7,864 805 461 180 164 S O e c p t t . . ? . 3 . 3 3 3 3 , , 8 6 8 9 5 6 3 3 2 2 , , 9 66 6 7 8 1 1 0 0 , ,0 6 8 0 0 6 5 3 0 4 7 8 6 6 , , 7 37 2 1 0 3 3 , ,3 3 6 7 1 9 5 5 , , 2 3 4 5 5 6 1 9 0 , , 5 0 3 3 8 4 7 7 , , 5 1 7 9 9 7 1,0 9 3 1 0 8 4 5 6 4 8 7 2 2 4 1 3 7 2 2 3 4 3 0 Nov.f 35,256 34,228 11,058 440 7,185 3,432 5,347 10,667 7,157 1,028 515 283 229 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 coverbranches, 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

JANUARY 1975 • 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 AArreeaa aanndd ccoouunnttrryy Dec. Dec. Mar. Apr. May June July Aug. Sept. Oct.?5 NOV.-P Europe: Austria 8 11 20 40 32 104 18 72 17 21 42 Belgium-Luxembourg 120 148 217 188 155 231 267 208 165 301 308 Denmark 59 48 76 57 68 65 45 49 51 59 45 Finland 118 108 97 115 127 134 150 151 146 128 107 France 330 621 743 721 624 731 703 760 637 476 791 Germany 321 311 395 355 441 422 372 379 342 332 438 Greece 29 35 37 47 48 49 61 66 59 48 57 Italy 255 316 482 507 512 572 437 441 354 340 340 Netherlands 108 133 174 169 202 212 165 112 130 176 183 Norway 69 72 76 91 96 91 103 136 113 94 97 Portugal 19 23 37 29 33 32 30 24 26 35 25 Spain 207 222 284 318 322 404 392 382 253 227 201 Sweden 164 153 121 132 95 117 119 139 159 149 160 Switzerland 125 176 270 327 417 663 386 355 377 277 339 Turkey 6 10 16 18 8 10 26 19 15 15 14 United Kingdom 997 1,459 2,011 1,629 2,175 2,361 2,260 2,513 2,112 1,486 1,808 Yugoslavia 22 10 12 13 25 20 26 25 28 24 28 Other Western Europe 20 27 22 28 55 26 19 22 18 31 38 U.S.S.R 41 46 33 30 38 47 35 30 21 27 28 Other Eastern Europe 49 59 70 65 95 84 105 106 102 105 86 Total 3,067 3,988 5,193 4,878 5,570 6,374 5,720 5,986 5,124 4,349 5,136 Canada 1,914 1,955 2,243 2,191 2,363 2,195 2,340 2,111 2,032 2,556 2,518 Latin America: Argentina 379 499 681 688 646 673 686 704 695 679 704 Bahamas I 519 875 1,289 1,126 1,944 1,887 1,558 2,085 2,485 2,685 2,327 Brazil 649 900 1,114 1,180 1,316 1,477 1,507 1,522 1,534 1,481 1,495 Chile 52 151 180 193 175 187 224 231 250 256 291 Colombia 418 397 462 470 488 522 601 679 665 686 671 Cuba 13 12 13 13 13 13 12 13 14 13 13 Mexico 1,202 1,373 1,431 1,632 1,660 1 ,725 1,775 1,833 1,711 1,836 1,903 Panama 244 266 345 391 407 387 394 401 410 405 402 Peru 145 178 194 224 265 281 353 421 408 433 486 Uruguay 40 55 44 38 38 40 59 50 47 46 63 Venezuela 383 518 586 628 558 606 644 642 627 557 642 Other Latin American republics 388 493 603 621 629 676 691 701 712 724 810 Netherlands Antilles and Surinam 14 13 29 20 27 41 38 56 64 61 74 Other Latin America 36 140 268 281 191 298 234 354 245 517 655 Total 4,480 5,870 7,239 7,504 8,355 8,813 8,778 9,692 9,869 10,380 10,537 Asia: China, People's Rep. of (China Mainland) 11 31 27 19 18 23 28 22 9 7 5 China, Republic of (Taiwan) 119944 140 183 231 318 357 406 446 461 496 482 Hong Kong 93 147 170 179 167 208 200 271 243 214 238 India 14 16 19 18 25 18 20 34 17 19 16 Indonesia 87 88 97 71 105 115 117 120 122 128 140 Israel 105 166 165 140 135 158 205 205 197 200 208 Japan 4,152 6,400 7,857 8,607 9,744 10,845 12,397 12,812 12,378 11,674 12,350 Korea 296 403 498 555 638 620 641 706 733 760 835 Philippines 149 181 197 228 263 302 295 348 340 346 324 Thailand 191 273 405 434 393 421 427 429 436 418 416 Other 300 394 521 671 662 713 820 681 669 665 662 Total 5,584 8,238 10,138 11,153 12,467 13,780 15,556 16,073 15,605 14,925 15,675 Africa: Egypt 21 35 42 44 62 66 68 83 97 93 89 Morocco 4 5 21 9 4 5 14 10 10 11 12 South Africa 143 129 131 153 206 202 213 238 243 282 299 Zaire 13 60 61 79 72 91 93 97 94 107 101 Other 118 159 210 192 223 273 286 275 311 312 291 Total 299 388 466 477 567 637 675 702 755 806 792 Other countries: Australia 291 243 328 318 357 383 400 415 422 478 492 All other 40 43 63 59 66 70 63 77 76 91 104 Total 330 286 391 376 423 453 463 492 498 569 597 Total foreign countries 15,674 20,725 25,671 26,579 29,744 32,253 33,531 35,056 33,883 33,585 35,256 International and regional 3 1 1 1 1 1 1 1 2 1 1 Grand total 15,676 20,726 25,671 26,580 29,745 32,253 33,532 35,057 33,885 33,586 35,256 i 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. • JANUARY 1975 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 PP f c f c oo aa uu yy rr rr ii ee rr nn aa ii ee bb gg nn ll nn ee -- UU KK dd nn ii oo ii nn mm tt gg ee -- dd EE OO uu tt rr hh oo ee pp rr ee CCaannaaddaa A L m a e t r i i n c a JJaappaann O A t s h i e a r cc tt oo rr oo AA tt ii nn hh ee ll nn ee ll ss rr -- 22 Official Other term cciieess Total institu- Banksi foreign- claims tions ers 197 0 3,075 2,698 504 236 1,958 352 25 71 411 312 1,325 115 548 292 197 1 3,667 3,345 575 315 2,455 300 22 130 593 228 1,458 246 583 429 19723 f 1 4 5 , , 9 0 5 6 4 3 4 4 , , 5 5 3 8 9 8 8 8 3 4 3 4 4 4 3 3 0 0 3 3 , , 2 3 7 1 6 4 4 3 3 7 5 5 4 4 0 0 1 1 4 5 5 0 7 70 0 3 4 4 4 0 0 6 6 2 1 , , 0 9 2 9 0 6 3 3 1 5 9 3 8 9 8 1 1 8 5 5 0 1 3 4 1973—Nov.. 5,845 5,306 1,143 557 3,607 461 78 143 1,063 484 2,104 255 1,279 516 Dec... 5,962 5,412 1,145 574 3,692 478 72 148 1,107 490 2,112 251 1,320 534 1974—Jan.. . 907 5,359 1,132 563 3,665 469 79 147 1 ,109 486 2,078 259 1,319 510 Feb... 960 5,359 1,187 584 3,588 522 79 154 1,166 457 2,087 256 1,328 512 Mar.. 134 5,518 1,262 640 3,616 541 75 157 1,271 473 2,151 256 1,336 491 Apr... 742 6,099 1,552 734 3,814 567 76 201 1,556 478 2,365 254 1,357 530 May.. 788 6,171 1,549 755 3,867 550 67 224 1,541 467 2,428 241 1,365 521 June.. 043 6,431 1,600 775 4,056 546 66 222 1,669 496 2,481 244 1,416 515 July. . 072 6,460 1,469 891 4,099 545 67 249 1,586 498 2,546 269 1,406 517 Aug... 7,011 6,404 1 ,434 895 4,075 539 68 285 1 ,527 503 2,520 269 1,399 509 Sept... 6,993 6,380 1,418 853 4,108 542 71 266 1,535 543 2,473 247 1,427 502 Oct.23. 7,245 6,566 1,440 914 4,212 608 71 331 1,727 523 . 2,489 264 1,397 515 Nov.25. 7,255 6,564 1,373 933 4,259 618 72 339 1,652 505 2,578 257 1,392 531 1 Excludes central banks, which are included with "Official institutions." reporting coverage. Figures on the first line are comparable in coverage 2 Includes international and regional organizations. with those shown for the preceding date; figures on the second line are 3 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. 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 purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - ch P a u s r e - s Sales c N h e a s t a s l e e p s s u o r r regional Total Official Other 197 1 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 19,083 15,015 4,068 1,901 2,932 -1,031 2,532 2,123 409 197 3 305 -165 470 465 6 18,569 13,810 4,759 1,474 2,467 -993 1,729 1,554 176 1974—Jan.-Nov.2' -744 -795 14,463 12,845 1,619 943 2,804 -1,861 1,782 1,630 151 1973— D N e o c v - - 6 4 9 8 1 6 -5 1 - -4 68 8 6 7 - -5 7 0 2 6 2 1 1 , , 9 3 4 3 8 6 1 1, , 3 6 5 9 9 2 - 2 2 5 3 6 1 1 0 4 4 4 2 3 0 1 9 7 -2 -6 1 5 3 1 1 5 5 9 6 1 17 4 8 4 -2 1 2 5 1974—Ja n -432 20 -452 -472 1,717 1,454 263 71 364 -292 209 207 2 Feb -45 31 -77 -37 1,202 1,189 13 100 145 -45 206 206 _ i Mar 157 166 -10 1,672 1,484 188 102 398 -295 167 183 -16 A M p a r y -2 -2 37 8 -8 2 2 9 - - 1 5 5 7 5 -1 - 7 7 1 1,1 9 2 0 6 3 9 8 0 5 4 2 22 5 2 1 1 8 0 9 3 3 1 2 5 3 4 - - 2 6 1 4 9 1 1 8 7 9 3 1 1 5 7 5 4 -2 3 4 June -101 -97 -3 1,174 923 251 74 272 -197 207 117 90 July 23 9 14 1,048 1,054 -6 94 251 -158 128 116 12 Aug -37 47 -84 -73 1,398 1,130 269 59 214 -155 146 117 29 Sept -116 -82 -33 -60 1,360 1,180 180 71 152 -80 145 100 45 Oct.23 70 32 38 1,496 1,362 134 86 362 -276 89 152 -63 Nov.2*. . . . 132 57 76 25 1,365 1,311 53 92 170 -78 124 102 22 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

JANUARY 1975 • 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 i sales ( —) dom 1971 11,626 10,894 731 87 131 219 168 -49 71 627 -93 37 108 52 1972 14,361 12,173 2,188 372 -51 297 642 561 137 1,958 -78 -32 256 83 1973 12,762 9,978 2,785 439 2 339 685 366 274 2,104 99 -1 577 5 1974—Jan.-Nov.23 6,981 6,659 322 190 26 310 46 -191 41 422 -20 -43 -47 17 1973—Nov 1,482 1,088 394 106 27 54 68 67 6 327 -18 -9 108 -14 Dec 873 878 -4 30 9 32 -64 -25 7 -12 -8 -4 34 -16 1974—Jan 976 802 174 68 4 37 43 28 23 202 -27 -42 33 9 Feb 743 586 157 39 5 54 40 -6 33 165 * 1 -9 1 Mar 896 846 49 14 -26 40 24 14 25 91 -21 9 -29 — 1 Apr.r 577 559 19 22 17 35 -3 -14 -35 21 -10 2 3 2 May 576 591 -15 18 7 29 5 -36 -5 19 -7 -15 -14 2 June 521 513 8 -15 8 33 11 -18 -3 16 13 -7 -15 2 July 507 508 -1 13 5 39 -9 -48 3 3 10 -2 -14 2 Aug 579 500 79 19 18 16 15 9 -11 65 14 9 -10 * Sept 447 443 4 -9 17 21 -6 -21 -3 -1 6 4 -6 1 Oct.*5 613 693 -80 17 -29 9 -39 -55 11 -87 3 2 9 -7 Nov.f.... 546 616 -71 5 1 -2 -35 -43 4 -70 -2 -5 5 1 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 l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e ri r 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 1,881 336 77 74 135 367 315 1,303 82 22 323 2 * 148 1973 1,948 201 -33 -19 307 275 473 1,204 49 44 588 * 10 52 1974—Jan.-Nov.2' 1,291 95 33 187 83 295 -64 630 55 26 364 * 10 207 1973—Nov -138 4 11 -2 28 76 5 122 -21 3 -209 * * -33 Dec --1199 9 10 4 37 60 32 152 * 1166 -183 * -3 1974—Jan 8899 3 25 * 23 117 -9 159 14 11 -104 * * 18 Feb -144 1 * # * 45 -15 30 -2 -5 -119 * * -47 Mar 139 1 * -2 6 -79 -6 -81 -1 6 -1 * * 215 Apr.*" 203 60 3 * 8 23 17 114 4 -1 * * * 86 May 66 10 * * 28 26 1 59 3 5 3 * * -3 June 242 5 3 116 15 64 -17 185 1 4 -3 * * 56 July -5 -1 2 72 2 36 -11 100 1 5 7 * 10 -128 Aug 190 1 * 1 -1 29 -9 21 2 4 199 • * -36 Sept 176 1 1 -1 2 54 -3 55 4 2 -15 * 130 Oct.f 214 10 1 -1 1 6 -5 13 18 5 100 * * 79 Nov.?. . .. 124 4 -1 2 -1 -20 -6 -23 11 1 299 * * -163 NOTE.—Statistics include State and local govt, securities, and securities debt securities sold abroad by U.S. corporations organized to finance diof U.S. Govt, agencies and corporations. Also includes issues of new rect investments abroad. 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 1971- 333 320 1972 -622 -90 -532 505 -635 -69 -296 -66 29 311 314 1973 -818 139 -957 -141 -569 -120 -168 3 37 1972- 325 379 1974— 312 339 Jan.-Nov.p -1,709 35 -1,744 -560 -1,340 -68 205 -4 22 286 336 372 405 1973—Nov.... -236 9 -245 -47 -89 -6 -104 * * Dec -50 51 -101 -45 -11 -15 -34 2 3 1973- 310 364 316 243 1974—Jan -291 -4 -287 -81 -204 -2 _ i 2 290 255 Feb -46 6 -52 -62 -11 -9 32 -4 I 333 231 Mar -311 4 -315 -24 -288 -15 10 * 3 Apr.. . . -185 3 -188 -49 -157 6 12 * * 1974- 383 225 May. .. -66 5 -71 -26 -35 -22 10 * 3 354 241 June. . . -108 3 -110 -78 -121 -6 94 1 >|e 298 178 July.... -146 1 -147 -63 -108 -1 24 — 1 3 Aug -125 2 -127 -35 -126 -9 42 — l 1 Sept.... -35 12 -47 -41 -37 5 22 1 3 NOTE.—Data represent the money credit balances and Oct.P. .. -340 2 -342 -81 -244 * -18 — i 2 money debit balances appearing on the books of reporting Nov.2*.. -56 3 -59 -21 -8 -14 21 1 3 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. • JANUARY 1975 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- Parent Other branches Other cial bank bank of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies 1971—De c 59,807 4,753 2,300 2,453 53,296 11,210 23,520 1,164 17,401 1972—De c 78,202 4,678 2,113 2.565 71,304 11,504 35,773 1,594 22,432 1973—Sep t 108,296 4,8 1,917 2,891 98,886 16,782 48,244 2,147 31,712 Oct 111,087 4,802 1,831 2,970 101,789 17,721 49,477 2,239 32,352 Nov 117,514 5,811 2,848 2,964 106,221 18,525 52,001 2,120 33,574 Dec 121,866 4,881 1,882 3,000 112,240 19,207 55,857 2,503 34,673 1974—Jan.r. . . 123,871 4,563 1,510 3,054 114,703 19,497 57,032 2,733 35,441 Feb.r. . . 127,246 4,417 1,615 2,802 117,765 20,341 57,163 2,957 37,304 Mar. r... 136,983 7,753 5,150 2,603 124,056 22,401 59,964 3,330 38,360 Apr.r. . . 140,018 5,870 3,350 2,521 128,931 23,179 62,361 3,644 39,747 May r. . . 145,916 7,893 5,327 2.566 132,513 24,583 64,687 3,703 39,541 Juner. . . 147,465 6,775 4,093 2,682 134,954 25,020 64,434 3,610 41,889 July 145,00^ 6,523 3,795 2,728 132,771 25,613 61,921 3,688 41,549 Aug 148,47( 9,559 6,956 2,603 133,038 26,276 60,465 3,422 42,876 Sept 148,07C 6,578 3,984 2,594 135,126 26,621 61,098 3,720 43,688 Payable in U.S. dollars. 1971—De c 39,095 4,501 2,294 2,207 34,041 6,658 17,307 861 9,215 1972—De c 52,636 4,419 2,091 2,327 47,444 7,869 26,251 1,059 12,264 1973—Sep t 66,361 4,386 1,865 2,521 60,362 10,315 31,767 1,186 17,093 Oct 68,40( 4,356 1,789 2.567 62,461 11,223 32,595 1,223 17,419 Nov 73,82: 5,340 2,788 2,552 66,772 11,938 35,018 1,314 18,502 Dec 79,43'/ 4,427 1,844 2,583 73,244 12,829 39,013 1,587 19,815 1974—Jan.r. . . 81,907 4,125 1,473 2,651 76,033 13,253 40,027 1,848 20,905 Feb.r. . . 83,913 4,032 1,560 2,473 77,963 13,769 40,185 2,024 21,985 Mar.r... 92,838 7,347 5,066 2,281 83,565 15,798 42,671 2,277 22,818 Apr.r. . . 94,197 5,499 3,302 2,197 86,510 16,103 44,379 2,726 23,302 May r.. . 100,264 7,547 5,279 2,268 90.202 16,890 47,367 2,841 23,105 Juner. . . 101,601 6,453 4,043 2,410 92,53C 17,378 47,813 2,803 24,535 July 101,501 6,232 3,746 2,486 92,579 18,367 46,394 2,889 24,929 Aug 105,627 9,247 6,904 2,343 93,504 19,545 45,627 2,780 25,552 Sept 104,74C 6,301 3,926 2,375 95.203 19,711 46,321 2,873 26,297 IN UNITED KINGDOM Total, all currencies 1971—De c 34,227 2,693 1,230 1,464 30,675 5,690 15,965 473 8,546 1972—De c 43,467 2,234 1,138 1,096 40,214 5,659 23,842 606 10,106 1973—Sep t 55,842 1,473 604 870 52,489 8,022 30.774 659 13,035 Oct 57,306 1,833 879 954 53,518 7,970 31,617 685 13,247 Nov 61,897 2,230 1,181 1,049 56,808 8,552 33,813 700 13,743 Dec 61,732 1,789 738 1,051 57,761 8,773 34,442 735 13,811 1974—Ja n 63,757 1,484 521 964 60,185 9,123 35,796 907 14,359 Feb 63,585 1,477 616 861 59,792 9,209 34,813 916 14,853 Mar 68,076 3,070 2,319 751 63,02C 10,706 36,192 887 15,235 Apr. r. . . 68,959 2,589 1 ,806 783 64,238 10,819 36.775 1,073 15,572 May r.. . 71,982 3,792 2,969 823 66,008 11,759 37,920 889 15,439 June r.. . 71,305 3,661 2,712 949 65,517 11,886 36,468 812 16,352 July. . . 69,197 3,309 2,468 840 63,711 12,486 34,575 718 15,932 Aug 70,382 4,008 3,266 741 64,087 12,790 33,929 666 16,701 Sept 70,965 3,494 2,721 774 64,962 12,436 34,804 829 16,893 Payable in U.S. dollars. 1971—De c 24,21C 2,585 21,277 4,135 12,572 4,571 1972—De c 30,257 2,146 27,664 4,326 17,874 5,464 1973—Sep t 34,251 1,348 32,062 5,399 19,759 6,904 Oct 35,511 1,681 33,062 5,769 20,336 6,956 Nov 39,096 2,042 36,218 6,273 22,650 7,296 Dec 40,323 1,642 37,816 6,509 23,899 7,409 1974—Ja n 42,131 1,368 39,932 6,825 25,098 8,010 Feb 41,762 1,384 39,409 6,902 24,415 8,093 Mar 46,062 2,967 42,212 8,240 25,365 8,608 Apr.r.. . 46,419 2,499 42,895 8,386 25,768 8,741 May r. .. 49,654 3,693 44,825 9,285 26,994 8,546 Juner. . . 49,363 3,562 44,674 9,425 26,147 9,103 July 48,158 3,221 43,798 9,932 24,698 9,169 Aug 49,406 3,915 44,269 10,529 24,500 9,241 Sept 50,075 3,408 45,327 10,305 25,564 9,458 IN BAHAMAS AND CAYMANS * Total, all currencies 1971—De c 8,234 1,274 496 777 6,871 3,620 3,251 1972—De c 12,642 1,486 214 1,272 10,986 6,663 4,322 1973—Sep t 20,673 2,280 489 1,791 17,890 10,596 7,294 Oct 20,698 1,976 272 1,704 18,198 10,618 7,580 Nov 21,692 2,528 824 1,704 18,591 10,468 8,123 Dec 23,771 2,001 313 1,688 21,307 12,302 9,005 1974—Ja n 24,071 r2,012 228 1,783 21,581 12,232 9,349 Feb 25,657 1,882 170 1,713 23,262 13,293 9,969 Mar 28,444 3,299 1,787 1,512 24,534 14,600 9,934 Apr 28,776 2,280 802 1,478 25,873 15,496 10,376 May.... 30,862 3,164 1,697 1,467 26,953 17,029 9,924 June.... 31,217 2,262 816 1,446 28,168 17,537 10,630 July 30,401 2,238 615 1,623 27,348 16,707 10,640 Aug 32,193 4,409 2,833 1,576 27,008 16,017 10,991 Sept 230,566 1,992 478 1,514 27,718 16,500 11,218 For notes see p. A-76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • 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 Other Offi- Non- Other Month-end Location and currency form Total Parent Other Total branches Other cial bank bank of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES 3,061 658 2,403 54,679 10,743 29,765 5,472 8,699 2,069 . 1971—Dec. .. .Total ail currencies, 3,501 997 2,504 72,121 11,121 41,218 8,351 11,432 2,580 . 1972—Dec. 4,728 1,180 3,548 98,907 555 r57,863 8,635 15,854 4,661 . 1973—Sept. 4,680 1,298 3,382 101,719 253 59,304 9,073 16,089 4,688 Oct. 4,776 1,084 3,692 107,092 726 '63,378 9,553 16,434 5,646 Nov. 5,070 1,158 3,912 111,672 231 65,636 10,094 17,711 5,125 Dec. 5,266 1,685 3,581 113,818 531 67,849 9,547 17,890 4,756 1974—'Jan. 5,857 2,013 3,844 116,440 337 67,584 10,119 19,399 4,949 'Feb. 6 6 , , 6 8 3 7 2 8 2 2 , , 3 1 7 1 6 4 4 4 , , 5 5 1 0 7 3 1 12 2 7 5 , , 6 0 6 2 5 6 0 7 5 8 5 6 7 71 1 , , 6 9 1 4 9 8 1 1 0 1 , ,2 4 0 74 1 2 2 2 1 , , 0 5 5 5 9 0 5 5 , , 3 4 2 7 4 4 ' 'A M p a r r . . 7,995 2,938 5,057 131,976 941 74,508 11,413 22,114 5,944 'May 8,549 3,009 5,540 132,326 234 71,956 13,681 22,456 6,589 'June 10,129 4,373 5,757 128,565 279 66,915 13,985 22,386 6,309 'July 9,282 3,999 5,282 132,669 971 68,894 15,148 22,656 6,519 Aug. 10,399 5,476 4,923 130,939 308 66,202 16,211 22,218 6,733 Sept. 2,624 503 2,121 37,024 624 21,107 4,391 4,901 1,250 . 1971—Dec. .Payable in U.S. dollars 3,050 847 2,202 50,406 955 29,229 6,781 6,441 1,422 . 1972—Dec. 4,146 1,021 3,125 '62,196 627 37,260 6,242 8,067 2,269 . 1973—Sept. 4,135 1,139 2,996 63,693 312 37,662 6,337 8,382 2,230 Oct. 4 4, , 4 1 8 9 8 0 9 9 2 9 8 3 3 3 , , 2 4 6 9 2 5 6 7 8 3 , , 6 2 1 2 9 1 8 5 7 7 7 1 4 43 1 , , 6 7 9 0 4 3 6 7 , , 3 3 0 2 1 7 9 8 , , 6 7 2 3 9 8 2 3 , , < 11 2 D N e o c v . . 4,767 1,556 3,211 74,931 754 45,001 7,172 10,003 2,473 1974—'Jan. 5,353 ,860 3,493 76,732 337 44,458 7,809 11,128 2,468 'Feb. 6,061 ,912 4,149 84,495 054 49,077 8,205 12,159 2,799 'Mar. 6,311 ,195 4,116 85,735 885 48,257 8,792 12,801 2,913 'Apr. 7,405 ,741 4,664 89,846 694 51,148 9,057 12,947 3,461 'May 7,934 ,800 5,135 90,357 070 49,134 10,962 13,191 4,009 'June 9,494 ,160 5,334 89,228 404 45,796 11,325 13,703 3,673 'July 8,649 ,809 4,840 94,106 420 48,501 12,384 13,801 3,941 Aug. 9,712 ,251 4,461 92,595 570 46,150 13,274 13,602 4,076 Sept. IN UNITED KINGDOM 1,653 109 1,544 31,814 401 18,833 4,454 5,126 760 .1971—Dec. .. .Total, all currencies 1,453 113 1,340 41,020 961 24,596 6,433 7,030 994 . 1972—Dec. 2,125 161 1,964 51,957 118 31,963 6,929 8,947 1,759 .1973—Sept. 2,026 129 1,897 53,475 036 33,341 7,118 8,980 1,805 Oct. 2,197 143 2,054 57,042 886 36,052 7,680 9,424 2,657 Nov. 2,431 136 2,295 57,311 944 35,063 8,056 10,248 1,990 Dec. 2,429 346 2,083 59,356 350 36,996 7,679 10,332 1,941 1974—Jan. 2,573 269 2,303 58,956 193 35,489 8,160 11,112 2,057 Feb. 3,167 353 2,814 63,096 587 37,836 8,456 12,217 1,813 Mar. 3,123 409 2,714 63,914 975 36,700 9,064 13,175 1,922 'Apr. 3,729 749 2,979 66,156 890 39,758 9,111 12,398 2,097 'May 3 3 , , 4 7 3 4 9 4 6 6 0 1 6 1 2 3 , , 8 1 2 3 8 8 6 6 5 3 , , 4 5 2 5 9 7 9 09 1 9 3 3 3 6 4 , , 8 2 3 9 8 3 1 1 1 1 , , 1 6 6 4 2 3 1 12 2 , , 5 5 2 1 1 6 2 2, , 2 1 0 3 1 2 'J J u ul n y e 3,701 713 2,988 64,309 794 33,920 12,737 12,858 2,373 Aug. 3,503 635 2,867 64,919 428 33,766 13,544 12,181 2,543 Sept. 1,405 23 1,383 22,852 164 13,840 3,666 3,181 372 . 1971—Dec. .Payable in U.S. dollars 1,272 72 1,200 29,002 008 17,379 5,329 4,287 535 . 1972—Dec. 1,866 137 1,729 32.213 245 19,836 5,110 5,022 807 . 1973—Sept. 1,831 103 1,727 32,781 515 20,195 4,934 5,137 730 Oct. 1,940 119 1,821 36,032 468 23,059 4,971 5,534 1,555 Nov. 2,173 113 2,060 36,646 519 22,135 5,839 6,152 839 Dec. 2,200 329 1,871 37,884 846 22,971 5,806 6,262 895 . 1974—Jan. 2,346 243 2,103 37,579 729 21,464 6,342 7,044 1,006 Feb. 2,927 329 2,598 41,708 063 24,300 6,694 7,650 945 Mar. 2,878 384 2,494 42,453 234 23,382 7,225 8,612 992 Apr. 3,481 724 2,757 44,625 083 26,172 7,306 8,064 1,195 'May 3,516 579 2,937 44.214 255 23,795 9,010 8,155 1,239 'June 3.176 568 2,608 43,528 364 22,287 9,550 8,326 1,314 July 3,448 692 2,756 44,654 278 22,558 10,437 8,382 1,380 Aug. 3.177 605 2,572 45,550 667 22,818 11,035 8,030 1,486 Sept. IN BAHAMAS AND CAYMANS 1 747 7,305 4,539 1,116 183 . 1971—Dec. .. .Total, all currencies 1,220 11,260 8,105 1,338 163 . 1972—Dec. 1,608 18,464 12,255 1,887 601 . 1973—Sept. 1,663 18,463 11,902 1,969 572 Oct. 1,559 19,546 12,973 1,776 588 Nov. 1,517 21,803 14,453 1,824 451 Dec. 1,848 21,782 14,569 1,920 441 . 1974—Jan. 2,166 23,026 15,248 2,161 465 Feb. 2,192 25,692 16,793 2,309 560 Mar. 2,202 26,095 16,784 2,111 479 Apr. 2,567 27,704 16,759 2,690 591 May '2,855 27,732 '17,150 2,931 639 June 3,684 26,037 15,239 3,134 681 July 2,772 28,685 17,400 3,162 736 Aug. 4,139 25,694 15,133 3,419 733 Sept. For notes see p. A-76. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1975 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 i custody End of EEnndd ooff UUnniitteedd period Deposits U se . c S u . r T it r i e e a s1 s . Ear g m o a ld rk ed ppeerriioodd TToottaall Deposits i S n t h e v o r e m r s t t - - Deposits i S n t h e v o r e m r s t t - - KK dd ii oo nn mm gg -- CCaannaaddaa 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 1970 1,141 697 150 173 121 372 443 1973—Dec.... 251 52,070 17,068 1971 /1,648 1,092 203 234 120 577 587 \1,507 1,078 127 234 68 580 443 1974—Jan.... 392 49,582 17,044 M Fe a b r. . . . . . 3 5 6 4 6 2 5 5 1 0 , , 3 25 4 5 2 1 1 7 7 , , 0 0 3 3 9 7 1972 / 1 I 2 , , 9 3 6 7 5 4 1 1 , , 4 9 4 1 6 0 1 5 6 5 9 3 3 4 0 0 7 4 6 2 8 9 7 1 0 1 2 4 5 8 3 5 6 Apr... 517 52,642 17,026 May.. 429 54,195 17,021 1973—Oct 2,991 2,328 66 451 148 1,063 881 June... 384 54,442 17,014 Nov 3,239 2,602 64 437 136 1,121 922 July... 330 54,317 16,964 Dec 3,184 2,603 37 431 113 1,128 775 Aug... 372 53,681 16,917 Sept... 411 53,849 16,892 1974—Jan 2,858 2.284 59 365 149 1,091 772 Oct.... 376 54,691 16,875 Feb 3,260 2,624 65 368 203 1,229 868 Nov... 626 55,908 16,865 Mar 3,701 3,027 99 358 218 1,373 1,029 Dec.. . 418 55,600 16,838 Apr 3,587 2,981 60 339 209 1,486 922 May 3,683 3,051 76 331 227 1,442 979 1 Marketable U.S. Treasury bills, certificates of in- J J u u n ly er . ... 3 3 , , 7 6 8 7 7 7 3 3 , , 2 0 3 6 9 5 6 7 2 4 3 34 6 1 9 1 1 3 8 3 1 1 1 , , 4 4 1 4 9 2 9 82 2 8 6 debtedness, notes, and bonds and nonmarketable U.S. Aug.r 3,521 2,958 51 368 144 1,437 870 Treasury securities payable in dollars and in foreign Sept. 3,066 2,483 30 363 189 1,195 864 cur 2 r e T n h c e i e v s a . lue of earmarked gold increased because of the Oct.f 2,681 2,109 25 331 216 1,119 835 changes in par value of the U.S. dollar in May 1972, and in Oct. 1973. 1 Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than 1 year from the date on which the NOTE.—Excludes deposits and U.S. Treasury securities obligation was incurred by the foreigner. held for international and regional organizations. Ear- 2 Data on the two lines for this date differ because of changes in reporting coverage. marked gold is gold held for foreign and international Figures on the first line are comparable in coverage with those shown for the preceding accounts and is not included in the gold stock of the date; figures on the second line are comparable with those shown for the following date. 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 Table 22. 22. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amount outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies EEEnnnddd ooofff pppeeerrriiioooddd PPaayyaabbllee PPaayyaabbllee PPaayyaabbllee TToottaall iinn iinn TToottaall iinn ddoollllaarrss ffoorreeiiggnn ddoollllaarrss Deposits with ccuurrrreenncciieess banks abroad Other in reporter's name 1970—Sept 2,512 1,956 557 4,361 3,756 301 305 Dec 2,677 2,182 496 4,160 3,579 234 348 1971—Mar 2,437 1,975 462 4,515 3,909 232 374 June 2,375 1,937 438 4,708 4,057 303 348 Sept 2,564 2,109 454 4,894 4,186 383 326 Dec 1 J 2,704 2,229 475 5,185 4,535 318 333 \ 2,763 2,301 463 5,004 4,467 290 247 1972—Mar 2,844 2,407 437 5,177 4,557 318 302 June 2,925 2,452 472 5,331 4,685 376 270 Sept 2,933 2,435 498 5,495 4,833 432 230 DTAe c.11 J 3,119 2,635 484 5,723 5,074 411 238 \ 3,536 3,024 512 6,366 5,688 396 282 1973—Mar 3,467 2,945 522 7,170 6,268 464 438 June 3,442 2,864 578 7,424 6,555 503 366 Sept 3,760 3,041 720 7,800 6,840 535 425 Dec 4,219 3,437 782 8,558 7,624 489 445 1974—Mar 4,695 3,795 900 10,608 9,642 412 554 June? 5,374 4,351 1,024 11,289 10,323 436 530 1 Data on the two lines shown for this date differ preceding date; figures on the second line are compabecause of changes in reporting coverage. Figures on rable with those shown for the following date. the first line are comparable with those shown for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 75 23. 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 1974 1972 1973 1974 Dec. Sept. Dec. Mar. June* Dec. Sept. Dec. Mar. June? Europe: Austria 2 2 3 4 12 19 15 17 16 17 Belgium-Luxembourg 83 129 131 221 387 73 112 106 153 139 Denmark 7 18 9 17 18 29 21 46 37 27 Finland 4 7 7 8 9 25 31 44 42 80 France 167 165 168 161 204 231 283 310 413 537 Germany, Fed. Rep. of 164 200 236 238 214 195 265 284 337 345 Greece 15 33 40 21 28 35 52 51 87 76 Italy 121 108 116 136 146 202 201 237 327 402 Netherlands 109 115 134 123 114 84 119 118 111 133 Norway 14 10 9 9 9 16 21 18 22 36 Portugal 4 12 13 24 17 19 24 50 112 101 Spain 81 79 77 68 56 157 169 244 414 432 Sweden 13 32 48 43 52 57 53 71 74 106 Switzerland 105 142 103 94 114 82 67 101 90 75 Turkey 4 11 18 26 28 48 17 34 41 46 United Kingdom 1,107 857 940 1,129 1,205 1,223 1,544 1,559 1,846 1,871 Yugoslavia 7 22 28 31 36 12 21 49 30 41 Other Western Europe 2 3 3 3 6 12 12 15 19 23 Eastern Europe 3 24 31 26 31 42 73 104 79 97 Total 2,013 1,969 2,115 2,384 2,687 2,561 3,100 3,457 4,248 4,582 Canada 215 236 255 320 294 965 1,341 1,251 1,532 1,579 Latin America: Argentina 29 24 38 49 52 79 65 75 94 94 Bahamas1 391 364 419 206 278 662 746 633 765 1,007 Brazil 35 42 64 78 125 172 208 230 410 523 Chile 18 13 20 6 9 34 34 42 78 64 Colombia 7 8 9 18 22 39 43 40 44 51 Cuba 1 * * * * 1 1 1 1 1 Mexico 26 36 44 68 69 181 185 235 260 262 Panama 18 17 13 14 19 85 102 120 178 187 Peru 4 10 15 17 11 36 37 49 67 61 Uruguay 7 2 2 3 2 4 5 5 6 5 Venezuela 21 24 50 69 60 92 104 143 143 173 Other L.A. republics 45 58 67 66 91 95 127 134 172 172 Neth. Antilles and Surinam 10 7 6 5 6 13 9 12 12 16 Other Latin America 4 20 22 37 59 34 105 214 158 138 Total 615 625 769 635 803 1,527 1,771 1,932 2,386 2,754 Asia: China, People's Republic of (China Mainland) 32 36 42 2200 3399 * 4488 1111 88 3 China, Rep. of (Taiwan) 26 33 34 53 74 65 77 120 184 119 Hong Kong 12 18 41 24 19 33 44 47 65 68 India 7 7 14 14 13 34 32 37 36 38 Indonesia 16 15 14 13 22 48 52 54 51 67 Israel 19 11 25 31 39 31 28 38 38 37 Japan 224 348 294 374 374 468 633 821 1,142 977 Korea 21 20 37 38 44 67 55 105 109 124 Philippines 16 17 17 9 19 59 70 73 87 86 Thailand 5 6 6 7 7 23 28 28 53 54 Other Asia 152 183 239 363 527 206 207 238 260 323 Total 530 694 763 947 1,177 1,035 1,274 1,571 2,034 1,896 Africa: Egypt 32 11 25 48 36 16 28 18 15 17 South Africa 8 6 14 22 24 52 60 62 69 85 Zaire 1 19 19 21 15 8 19 18 20 17 Other Africa 62 97 128 134 158 93 95 127 162 203 Total * 104 134 187 224 233 170 202 225 266 321 Other countries: Australia 45 94 118 134 94 83 90 97 110 117 All other 14 9 12 22 24 23 22 25 31 39 Total 59 103 130 156 117 107 111 123 142 157 International and regional * • * 29 63 1 * 1 1 1 Grand total 3,536 3,760 4,219 4,695 5,374 6,366 7,800 8,558 10,608 11,289 1 Includes Bermuda through Dec. 1972. 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. • JANUARY 1975 24. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims End of period Total Country or area liabilities Total K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa o A th ll e r 1970— S Ju e n p e t. . . 2 2 , , 5 7 8 8 7 5 2 2 , , 7 8 5 8 7 5 1 1 5 6 7 1 7 7 1 2 2 0 5 6 8 2 0 0 1 1 7 8 7 0 6 6 5 3 4 5 7 8 7 6 1 1 6 44 6 2 2 8 8 8 4 7 7 6 3 5 5 4 8 Dec.. 3,102 2,950 146 708 669 183 60 618 140 292 71 64 1971—Mar- 3,177 2,983 154 688 670 182 63 615 161 302 77 72 June. 3,172 2,982 151 687 677 180 63 625 138 312 75 74 Sept.. 2,939 3,019 135 672 765 178 60 597 133 319 85 75 Dec.1 3,159 3,118 128 705 761 174 60 652 141 327 86 85 3,138 3,118 128 705 767 174 60 653 136 325 86 84 1972—Mar.. 3,093 3,191 129 713 787 175 60 665 137 359 81 85 June. 3,300 3,255 108 713 797 188 61 671 161 377 86 93 D Se e p c t . . 1 . 3 3 , , 4 5 4 4 8 0 3 3 , , 2 3 3 7 5 0 1 1 2 63 8 6 7 9 1 5 5 8 8 0 3 5 3 1 1 7 8 7 4 6 6 3 0 6 6 6 59 1 1 1 3 5 2 6 4 38 0 9 6 8 8 9 7 1 9 0 6 9 3,688 3,472 187 758 868 187 64 703 134 396 82 111 1973—Mar.. 3,874 3,614 151 816 864 165 63 796 124 410 101 125 June. 3,857 3,674 174 818 875 146 65 819 130 413 104 131 Sept.. 4,089 3,844 211 840 894 147 73 827 140 471 104 137 Dec.. 4,003 3,915 285 785 949 145 79 821 128 470 112 142 1974—Mar.. 3,924 4,045 370 759 988 194 81 796 123 469 119 147 June*> 3,673 4,037 362 727 1,008 184 137 734 122 492 123 148 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. 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 money 3 60-90 money 5 3 months money rate 3 months rates days 4 197 3 5.43 5.27 10.45 9.40 8.27 7.96 8.92 6.40 10.18 4.07 4.94 5.09 197 4 7.63 7.69 12.99 11.36 9.85 9.48 12.87 6.06 8.76 6.90 8.21 1973—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 11.81 5.63 5.33 6.64 9.86 6.50 May 8,22 7.48 13.31 11.36 10.72 9.50 12.90 6.63 8.36 7.00 9.00 6.50 June 8.66 8.36 12.61 11.23 10.58 9.50 13.59 5.63 8.79 7.00 8.98 6.50 J A u u l g y . . 8 8 . . 8 7 8 6 8 8 . . 5 8 2 3 1 1 2 3 . . 8 21 0 1 1 1 1 . . 2 2 4 0 1 8 1 . . 7 1 0 1 9 9 . . 5 5 0 0 1 1 3 3 . . 6 7 8 5 5 5 . . 6 6 3 3 9 9 . . 1 0 3 5 7 7 . . 5 5 0 0 7 8 . . 0 5 9 7 7 7 . . 0 0 0 0 Sept. 8.70 8.84 12.11 10.91 10.69 9.50 13.41 5.63 9.00 7.42 5.08 7.00 Oct.. 8.67 8.56 11.95 10.93 10.81 9.50 13.06 5.63 8.88 7.38 7.81 7.00 Nov. 7.84 7.86 12.07 10.98 7.70 9.50 12.40 5.63 7.20 6.72 7.00 7.00 Dec. 7.29 7.44 12.91 10.99 7.23 9.50 5.63 8.25 6.69 6.96 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. NOTES TO TABLES 19A AND 19B ON PAGES A-72 AND A73 RESPECTIVELY: N.B. Major changes in these two tables will be made in the BULLETIN NOTE.—Components may not add to totals due to rounding. for October. For a given month, total assets may not equal total liabilities because 1 Cayman Islands included beginning Aug. 1973. some branches do not adjust the parent's equity in the branch to reflect 2 Total assets and total liabilities payable in U.S. dollars amounted to unrealized paper profits and paper losses caused by changes in exchange $30,291 million and $30,193 million, respectively, on August 31, 1974, rates, which are used to convert foreign currency values into equivalent and $28,573 million and $28,745 million, respectively, on Sept. 30, 1974. dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1975 • CENTRAL BANK AND EXCHANGE RATES A 77 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Dec. 31, 1974 Rate as of Dec. 31, 1974 Country Country Per Month Per Month cent effective cent effective Argentina 18.0 Feb. 1972 9.0 Mar. 1974 Austria 6.50 May 1974 9.0 Dec. 1973 Belgium 8.75 Feb. 1974 4.5 June 1942 Brazil 18.0 Feb. 1972 Netherlands 7.0 Oct. 1974 Canada 8.75 Nov. 1974 5.5 Mar. 1974 Denmark 10.0 Jan. 1974 7.0 Aug. 1974 France 13.0 June 1974 Switzerland 5.5 Jan. 1974 Germany, Fed. Rep. of. 6.0 Dec. 1974 United Kingdom 11.50 Sept. 1974 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 f 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, 4^ Argentina—3 and 5 per cent for certain rural and industrial paper, de- per cent for advances against government bonds, and 5l/i 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; 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) 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 1974 143.89 5.3564 2.5713 102.257 16.442 20.805 38.723 12.460 234.03 .15372 .34302 1973—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 June 148.34 5.5085 2.6366 103.481 16.754 20.408 39.603 12.735 239.02 .15379 .35340 July 147.99 5.4973 2.6378 102.424 16.858 20.984 39.174 12.759 238.96 .15522 .34372 Aug 148.24 5.3909 2.5815 102.053 16.547 20.912 38.197 12.525 234.56 .15269 .33082 Sept 144.87 5.2975 2.5364 101.384 16.111 20.831 37.580 12.316 231.65 .15103 .33439 Oct 130.92 5.4068 2.5939 101.727 16.592 21.131 38.571 12.416 233.30 .14992 .33404 Nov 131.10 5.5511 2.6529 101.280 16.997 21.384 39.836 12.397 232.50 .14996 .33325 Dec 131.72 5.7176 2.7158 101.192 17.315 22.109 40.816 12.352 232.94 .15179 .33288 Malaysia Mexico Nether- New Norway Portugal South Spain Sweden Switzer- United Period (dollar) (peso) lands Zealand (krone) (escudo) Africa ((ppeesseettaa)) ((kkrroonnaa)) land Kingdom (guilder) (dollar) (rand) (franc) (pound) 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 1974 41.682 8.0000 37.267 140.02 18.119 3.9506 146.98 1.7337 22.563 33.688 234.03 1973—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 June 41.586 8.0000 37.757 145.29 18.410 4.0160 148.86 1.7450 22.885 33.449 239.02 July 41.471 8.0000 38.043 145.15 18.519 3.9886 149.73 1.7525 22.861 33.739 238.96 Aug 42.780 8.0000 37.419 143.73 18.246 3.9277 146.83 1.7466 22.597 33.509 234.56 Sept 41.443 8.0000 36.870 139.64 17.993 3.8565 142.69 1.7339 22.333 33.371 231.65 Oct 41.560 8.0000 37.639 129.95 18.165 3.9246 142.75 1.7422 22.683 34.528 233.29 Nov 43.075 8.0000 38.438 130.42 18.404 3.9911 143.88 1.7522 23.175 36.384 232.52 Dec 42.431 8.0000 39.331 130.56 18.873 4.0400 144.70 1.7716 23.897 38.442 232.94 NOTE.—Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 GOLD RESERVES • JANUARY 1975 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, E pe n r d i o o d f w m t o o a r t t a l e d l d 1 M F t u a o r n n y d e - U S n ta i t t e e s d r m w es o a t t r e l o d d f Algeria A t r i g n e a n - t A ra u l s ia - AA tr uu ia ss -- g B iu e m l- Canada ( R Ta e i p w . a o n f ) m De a n rk - EEggyypptt 1 1 9 9 7 7 0 1 . . 4 4 1 1 , , 2 1 7 6 5 0 4 4 , , 3 7 3 3 9 2 1 1 1 0 , ,2 07 0 2 6 2 2 5 6 , , 8 2 6 2 5 0 1 1 9 9 1 2 1 9 4 0 0 2 2 3 5 9 9 7 7 1 2 4 9 1 1 , , 4 5 7 4 0 4 7 7 9 9 1 2 8 8 2 0 6 6 4 4 8 8 5 5 1972. 44,890 5,830 10,487 28,575 208 152 281 792 1,638 834 87 69 92 1973—Nov., 6,476 11,652 231 169 212 881 1,781 927 97 77 103 Dec.. 49,850 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... 49,840 6,478 11,652 31,710 231 169 312 882 1,781 927 97 77 103 Apr.. . 6,478 11,652 231 169 312 882 1,781 927 97 77 103 May. . 6,478 11,652 231 169 312 882 1,781 927 97 77 103 June.. 49,835 6,478 11,652 31,705 231 169 312 882 1,781 927 97 77 110033 July... 6,478 11,652 231 169 312 882 1,781 927 97 76 A Se u p g t . . . .. . 2*49 j 830 6 6, , 4 4 7 7 8 8 1 11 1 , , 6 6 5 5 2 2 pii^oo' 2 2 3 3 1 1 1 1 6 6 9 9 3 3 1 1 2 2 8 8 8 8 2 2 1 1 , , 7 7 8 8 1 1 9 9 2 2 7 7 9 9 7 7 7 7 6 6 O N c o t v . . . f .. . 6 6 , , 4 4 7 7 8 8 1 1 1 1 , , 6 6 5 5 2 2 2 2 3 3 1 1 3 3 1 1 2 2 8 8 8 8 2 2 1 11,, , 77 7 88 8 11 1 9 99 2 22 7 77 97 7766 Ger- End of France many, Greece India Iran Iraq Italy Japan Kuwait Leb- Libya Mexi- Netherperiod Fed. anon co 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—Nov.. 4,261 4,966 148 293 159 173 3,483 891 105 388 103 198 2,294 Dec.., 4.261 4,966 148 293 159 173 3,483 891 120 388 103 196 2,294 1974—Jan... 4.262 4,966 148 293 159 173 3,483 891 113 389 103 195 2,294 Feb... 4,262 4,966 148 293 159 173 3,483 891 120 389 103 194 2,294 Mar.. 4,262 4,966 149 293 159 173 3,483 891 123 389 103 156 2,294 J A J A M O S u u e u p c a l n p g t r y y e . t . . . . . . . . . , . . . . , 4 4 4 4 4 4 4 , , , , , , , 2 2 2 2 2 2 2 6 6 6 6 6 6 6 2 2 2 2 2 2 2 4 4 4 4 4 4 4 , , , , , , , 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 6 6 6 6 6 6 1 1 1 1 1 1 1 4 4 5 5 5 5 5 9 9 0 0 0 0 0 2 2 2 2 2 2 9 9 9 9 9 9 3 3 3 3 3 3 1 1 1 1 1 1 1 5 5 5 5 5 5 5 9 8 8 8 9 9 8 1 1 1 1 1 1 1 7 7 7 7 7 7 7 3 3 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , 4 4 4 4 4 4 4 8 8 8 8 8 8 8 3 3 3 3 3 3 3 8 8 8 8 8 8 8 9 9 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 4 3 3 3 8 0 8 2 0 0 0 3 3 3 3 3 3 3 8 8 8 8 8 8 8 9 9 9 9 9 9 9 1 1 1 1 1 1 1 0 0 0 0 0 0 0 7 3 3 3 3 3 5 1 1 1 1 1 5 5 5 5 5 4 4 4 4 5 2 2 2 2 2 2 2 , , , , , , , 2 2 2 2 2 2 2 9 9 9 9 9 9 9 4 4 4 4 4 4 4 NOV.P 4,262 4,966 150 158 3,483 891 138 389 103 2,294 United Bank End of Paki- Portu- Saudi South Spain Iweden Switzer- Thai- Turkey King- Uru- Vene- for Intl. period stan gal Arabia Africa land land dom guay zuela Settlements2 197 0 54 902 119 666 498 200 2,732 92 126 1,349 162 384 -282 197 1 55 921 108 410 498 200 2,909 82 130 775 148 391 310 197 2 60 1,021 117 681 541 217 3,158 89 136 800 133 425 218 1973—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— F J e a b n. . . . . . 6 6 7 7 1 1 , ,1 1 7 6 1 7 1 1 2 2 9 9 7 7 9 8 3 3 6 60 02 2 2 24 4 4 4 3 3 , , 5 5 1 1 3 3 9 9 9 9 1 1 5 5 1 1 8 8 8 8 6 6 1 1 4 4 8 8 4 47 7 2 2 2 2 7 7 1 7 Mar.. 67 1,176 129 780 602 244 3,513 99 151 886 148 472 274 A M p a r y . . . , . 6 6 7 7 1 1 , , 1 1 8 8 0 0 1 1 2 2 9 9 7 77 8 7 0 6 6 0 02 2 2 2 4 4 4 4 3 3 , , 5 5 1 1 3 3 9 9 9 9 1 1 5 5 1 1 8 8 8 8 6 6 1 1 4 4 8 8 4 4 7 7 2 2 2 2 7 4 1 7 June., 67 1,180 129 781 602 244 3,513 99 151 886 148 472 259 J O A N S u e o c u l p t v y g . t . . . . . ? . . . . 6 6 6 6 6 7 7 7 7 7 1 1 1 1 , , , , 1 1 1 1 8 8 8 8 0 0 0 0 1 1 1 1 1 2 2 2 2 2 9 9 9 9 9 7 7 7 7 7 8 8 7 7 7 8 6 4 8 8 6 6 6 6 0 0 0 0 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 4 4 4 4 4 4 4 3 3 3 3 3 3 , , , , , , 5 5 5 5 5 5 1 1 1 1 1 1 3 3 3 3 3 3 9 9 99 9 9 9 9 99 9 9 1 1 1 1 11 5 5 5 55 4 1 1 1 11 1 8 8 8 8 8 8 6 6 6 1 1 1 4 4 4 8 8 8 44 4 4 4 4 77 7 7 7 7 22 2 2 2 2 2 22 2 2 77 5 5 5 11 9 9 5 i Includes reported or estimated gold holdings of international and The figures included for the Bank for International Settlements are regional organizations, central banks and govts, of countries listed in the Bank's gold assets net of gold deposit liabilities. This procedure this table, and also of a number not shown separately here, and gold to be avoids the overstatement of total world gold reserves since most of the distributed by the Tripartite Commission for the Restitution of Monetary gold deposited with the BIS is included in the gold reserves of individual Gold; excludes holdings of the U.S.S.R., other Eastern European coun- countries. tries, and China Mainland. 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold assets minus gold deposit liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

> oo o Board of Governors of the Federal Reserve System ARTHUR F. BURNS, Chairman GEORGE W. MITCHELL, Vice Chairman JOHN E. SHEEHAN JEFFREY M. BUCHER ROBERT C. HOLLAND HENRY C. WALLICH PHILIP E. COLDWELL OFFICE OF MANAGING DIRECTOR OFFICE OF BOARD MEMBERS OFFICE OF MANAGING DIRECTOR FOR FOR OPERATIONS RESEARCH AND ECONOMIC POLICY THOMAS J. O'CONNELL, Counsel to the Chairman DANIEL M. DOYLE, Managing Director J. CHARLES PARTEE, Managing Director ROBERT SOLOMON, Adviser to the Board JOHN M. DENKLER, Deputy Managing Director JOSEPH R. COYNE, Assistant to the Board STEPHEN H. AXILROD, Adviser to the Board GORDON B. GRIMWOOD, Assistant Director JOHN S. RIPPEY, Assistant to the Board SAMUEL B. CHASE, JR., Adviser to the Board and Program Director for JOHN J. HART, Special Assistant to the Board ARTHUR L. BROIDA, Assistant to the Board Contingency Planning FRANK O'BRIEN, JR., Special Assistant to the MURRAY ALTMANN, Special Assistant to the WILLIAM W. LAYTON, Director of Equal Board Board Employment Opportunity DONALD J. WINN, Special Assistant to the BRENTON C. LEAVITT, Program Director for Board Banking Structure DIVISION OF RESEARCH AND STATISTICS PETER E. BARN A, Program Director for Bank Holding Company Analysis LEGAL DIVISION LYLE E. GRAMLEY, Director ROBERT S. PLOTKIN, Associate Program JAMES L. PIERCE, Associate Director Director for Bank Holding Company Analysis JOHN NICOLL, Deputy General Counsel PETER M. KEIR, Adviser BALDWIN B. TUTTLE, Assistant General JAMES L. KICHLINE, Adviser Counsel STANLEY J. SIGEL, Adviser DIVISION OF FEDERAL RESERVE BANK CHARLES R. MCNEILL, Assistant to the JOSEPH S. ZEISEL, Adviser General Counsel OPERATIONS JAMES B. ECKERT, Associate Adviser ALLEN L. RAIKEN, Adviser EDWARD C. ETTIN, Associate Adviser RONALD G. BURKE, Director GARY M. WELSH, Adviser ROBERT J. LAWRENCE, Associate Adviser JAMES R. KUDLINSKI, Associate Director ELEANOR J. STOCKWELL, Associate Adviser E. MAURICE MCWHIRTER, Associate Director OFFICE OF SAVER AND ROBERT M. FISHER, Assistant Adviser WALTER A. ALTHAUSEN, Assistant Director CONSUMER AFFAIRS J. CORTLAND G. PERET, Assistant Adviser HARRY A. GUINTER, Assistant Director THOMAS E. MEAD, Assistant Director FREDERIC SOLOMON, Assistant to the STEPHEN P. TAYLOR, Assistant Adviser P. D. RING, Assistant Director Board and Director HELMUT F. WENDEL, Assistant Adviser Digitized for FRWAISLELRIA M H. WALLACE, Assistant Director JANET O. HART, Deputy Director LEVON H. GARABEDIAN, Assistant Director http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIVISION OF DATA PROCESSING OFFICE OF THE SECRETARY DIVISION OF INTERNATIONAL FINANCE CHARLES L. HAMPTON, Director THEODORE E. ALLISON, Secretary RALPH C. BRYANT, Director GLENN L. CUMMINS, Assistant Director NORMAND R. V. BERNARD, Assistant JOHN E. REYNOLDS, Associate Director WARREN N. MINAMI, Assistant Director Secretary PAUL WONNACOTT, Associate Director ROBERT J. ZEMEL, Assistant Director GRIFFITH L. GARWOOD, Assistant Secretary ROBERT F. GEMMILL, Adviser REED J. IRVINE, Adviser DIVISION OF PERSONNEL DIVISION OF BANKING SUPERVISION HELEN B. JUNZ, Adviser AND REGULATION BERNARD NORWOOD, Adviser KEITH D. ENGSTROM, Director SAMUEL PIZER, Adviser CHARLES W. WOOD, Assistant Director BRENTON C. LEAVITT, Director GEORGE B. HENRY, Associate Adviser FREDERICK R. DAHL, Assistant Director CHARLES J. SIEGMAN, Assistant Adviser OFFICE OF THE CONTROLLER JACK M. EGERTSON, Assistant Director EDWIN M. TRUMAN, Assistant Adviser JOHN N. LYON, Assistant Director JOHN KAKALEC, Controller JOHN T. MCCLINTOCK, Assistant Director THOMAS A. SIDMAN, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES WILLIAM W. WILES, Assistant Director JOHN E. RYAN, Adviser WALTER W. KREIMANN, Director DONALD E. ANDERSON, Assistant Director JOHN D. SMITH, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 Federal Open Market Committee ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman ROBERT P. BLACK PHILIP E. COLDWELL JOHN E. SHEEHAN JEFFREY M. BUCHER ROBERT C. HOLLAND HENRY C. WALLICH GEORGE H. CLAY MONROE KIMBREL WILLIS J. WINN GEORGE W. MITCHELL ARTHUR L. BROIDA, Secretary ROBERT SOLOMON, Economist MURRAY ALTMANN, Deputy Secretary (International Finance) NORM AND 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 Advisory Council GEORGE B. ROCKWELL, FIRST FEDERAL WILLIAM F. MURRAY, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT ELLMORE C. PATTERSON, 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 THOMAS I. STORRS, FIFTH FEDERAL BEN F. LOVE, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT LAWRENCE A. MERRIGAN, SIXTH FEDERAL HAROLD A. ROGERS, TWELTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Associate Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 83 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 Louis W. Cabot Frank E. Morris Robert M. Solow James A. Mcintosh NEW YORK 10045 Roswell L. Gilpatric Alfred Hayes Frank R. Milliken Richard A. Debs Buffalo 14240 Donald Nesbitt A. A. Maclnnes, Jr. PHILADELPHIA 19105 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 Phillip R. Shriver Robert E. Showalter Pittsburgh 15230 G. Jackson Tankersley Robert D. Duggan RICHMOND 23261 Robert W. Lawson, Jr. Robert P. Black E. Craig Wall George C. Rankin Baltimore 21203 James G. Harlow Jimmie R. Monhollon Charlotte .28201 Charles W. DeBell Stuart P. Fishburne Culpeper Communications Center 22701 J. Gordon Dickerson, Jr. ATLANTA 30303 H. G. Pattillo Monroe Kimbrel Clifford M. Kirtland, Jr. Kyle K. Fossum Birmingham 35202 Frank P. Samford, Jr. Hiram J. Honea Jacksonville 32203 James E. Lyons Edward C. Rainey Nashville 37203 John C. Tune Jeffrey J. Wells New Orleans 70161 Floyd W. Lewis George C. Guynn Miami Office 33152 W. M. Davis CHICAGO 60690 Peter B. Clark Robert P. Mayo Robert H. Strotz 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 Vacancy 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 T. Person George H. Clay Harold W. Andersen John T. Boysen Denver 80217 Maurice B. Mitchell J. David Hamilton Oklahoma City . 73125 James G. Harlow, Jr. William G. Evans Omaha 68102 Durward B. Varner Robert D. Hamilton DALLAS 75222 John Lawrence Ernest T. Baughman Charles T. Beaird T. W. Plant El Paso 79999 Herbert M. Schwartz Fredric W. Reed Houston 77001 Thomas J. Barlow James L. Cauthen San Antonio 78295 Pete J. Morales, Jr. 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 Lor an L. Stewart William M. Brown Salt Lake City 84110 Sam Bennion A. Grant Holman Seattle 98124 Malcolm T. Stamper Paul W. Cavan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 Federal Reserve Board Publications Available from Publications Services, Division of Ad- request and be made payable to the order of the Board ministrative Services, Board of Governors of the Fed- of Governors of the Federal Reserve System in a form eral Reserve System, Washington, D.C. 20551. Where collectible at par in U.S. currency. (Stamps and a charge is indicated, remittance should accompany coupons are not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND BANK MERGERS & THE REGULATORY AGENCIES: AP- FUNCTIONS. 1974. 125pp. $1.00each; lOormore PLICATION OF THE BANK MERGER ACT OF 1960. to one address, $.75 each. 1964. 260 pp. $1.00 each; 10 or more to one ANNUAL REPORT address, $.85 each. FEDERAL RESERVE BULLETIN. Monthly. $20.00 per THE PERFORMANCE OF BANK HOLDING COMPANIES. year or $2.00 each in the United States and its 1967. 29 pp. $.25 each; 10 or more to one address, possessions, and in Bolivia, Canada, Chile, Co- $.20 each. lombia, Costa Rica, Cuba, Dominican Republic, THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 Ecuador, Guatemala, Haiti, Republic of Honduras, each; 10 or more to one address, $.85 each. Mexico, Nicaragua, Panama, Paraguay, Peru, El TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 Salvador, Uruguay, and Venezuela; 10 or more of each; 10 or more to one address, $.85 each. same issue to one address, $18.00 per year or $1.75 U.S. TREASURY ADVANCE REFUNDING, JUNE each. Elsewhere, $24.00 per year or $2.50 each. 1960-JULY 1964. 1966. 65 pp. $.50 each; 10 or FEDERAL RESERVE CHART BOOK ON FINANCIAL AND more to one address, $.40 each. BUSINESS STATISTICS. Monthly. Subscription in- BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. cludes one issue of Historical Chart Book. $12.00 102 pp. $1.00 each; 10 or more to one address, per year or $1.25 each in the United States and $.85 each. the countries listed above; 10 or more of same issue INTEREST RATE EXPECTATIONS: TESTS ON YIELD to one address, $1.00 each. Elsewhere, $15.00 per SPREADS AMONG SHORT-TERM GOVERNMENT SEyear or $1.50 each. CURITIES. 1968. 83 pp. $.50 each; 10 or more to HISTORICAL CHART BOOK. Issued annually in Sept. one address, $.40 each. Subscription to monthly chart book includes one SURVEY OF FINANCIAL CHARACTERISTICS OF CONissue. $1.25 each in the United States and countries SUMERS. 1966. 166 pp. $1.00 each; 10 or more listed above; 10 or more to one address, $1.00 to one address, $.85 each. each. Elsewhere, $1.50 each. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. 321 THE FEDERAL RESERVE ACT, as amended through De- pp. $1.00 each; 10 or more to one address, $.85 cember 1971, with an appendix containing provi- each. sions of certain other statutes affecting the Federal REPORT OF THE JOINT TREASURY-FEDERAL RESERVE Reserve System. 252 pp. $1.25. STUDY OF THE U.S. GOVERNMENT SECURITIES REGULATIONS OF THE BOARD OF GOVERNORS OF THE MARKET. 1969. 48 pp. $.25 each; 10 or more to FEDERAL RESERVE SYSTEM. one address, $.20 each. PUBLISHED INTERPRETATIONS OF THE BOARD OF GOV- JOINT TREASURY-FEDERAL RESERVE STUDY OF THE ERNORS, as of June 30, 1974. $2.50. GOVERNMENT SECURITIES MARKET: STAFF STUD- DEBITS AND CLEARING STATISTICS AND THEIR USE. IES—PART 1. 1970. 86 pp. $.50 each; 10 or more 1959. 144 pp. $1.00 each; 10 or more to one to one address, $.40 each. PART 2. 1971. 153 pp. address, $.85 each. and PART 3. 1973. 131 pp. Each volume $1.00; SUPPLEMENT TO BANKING AND MONETARY STATISTICS. 10 or more to one address, $.85 each. Sec. 1. Banks and the Monetary System. 1962. OPEN MARKET POLICIES AND OPERATING PROCE- 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 DURES—STAFF STUDIES. 1971. 218 pp. $2.00; 10 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. or more to one address, $1.75 each. Sec. 6. Bank Income. 1966. 29 pp. $.35. Sec. REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. MECHANISM, Vol. 1. 1971. 276 pp. Vol. 2. 1971. 10. Member Bank Reserves and Related Items. 173 pp. Vol. 3. 1972. 220 pp. Each volume $3.00 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 each; 10 or more to one address, $2.50 each. pp. $.35. Sec. 12. Money Rates and Securities THE ECONOMETRICS OF PRICE DETERMINATION CON- Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1962. FERENCE, October 30-31, 1970, Washington, D.C. 24 pp. $.35. Sec. 15. International Finance. 1962. Oct. 1972. 397 pp. Cloth ed. $5.00 each; 10 or 92 pp. $.65. Sec. 16 (New). Consumer Credit. more to one address, $4.50 each. Paper ed. $4.00 1965. 103 pp. $.65. each; 10 or more to one address, $3.60 each. INDUSTRIAL PRODUCTION—1971 edition. 383 pp. $4.00 FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE each; 10 or more to one address, $3.50 each. FLUCTUATIONS IN HOUSING CONSTRUCTION, Dec. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications A 85 1972. 487 pp. $4.00 each; 10 or more to one MONETARY AGGREGATES AND MONEY MARKET CONaddress, $3.60 each. DITIONS IN OPEN MARKET POLICY. 2/71. LENDING FUNCTIONS OF THE FEDERAL RESERVE INTEREST RATES, CREDIT FLOWS, AND MONETARY AG- BANKS: A HISTORY, by Howard H. Hackley. 1973. GREGATES SINCE 1964. 6/71. 271 pp. $3.50 each; 10 or more to one address, INDUSTRIAL PRODUCTION—REVISED AND NEW MEAS- $3.00 each. URES. 7/71. REVISED MEASURES OF MANUFACTURING CAPACITY STAFF ECONOMIC STUDIES UTILIZATION. 10/71. Studies and papers on economic and financial subjects REVISION OF BANK CREDIT SERIES. 12/71. that are of general interest in the field of economic ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF research. U.S. BANKS. 2/72. BANK DEBITS, DEPOSITS, AND DEPOSIT TURNOVER— SUMMARIES ONLY PRINTED IN THE BULLETIN REVISED SERIES. 7/72. (Limited supply of mimeographed copies of full YIELDS ON NEWLY ISSUED CORPORATE BONDS. 9/72. text available upon request for single copies) RECENT ACTIVITIES OF FOREIGN BRANCHES OF U.S. BANKS. 10/72. REVISION OF CONSUMER CREDIT STATISTICS. 10/72. THE IMPACT OF HOLDING COMPANY ACQUISITIONS ON ONE-BANK HOLDING COMPANIES BEFORE THE 1970 AGGREGATE CONCENTRATION IN BANKING, by AMENDMENTS. 12/72. Samuel H. Talley. Feb. 1974. 24 pp. YIELDS ON RECENTLY OFFERED CORPORATE BONDS. OPERATING POLICIES OF BANK HOLDING COMPANIES— 5/73. PART II: NONBANKING SUBSIDIARIES, by Robert J. FEDERAL FISCAL POLICY, 1965-72. 6/73. Lawrence. Mar. 1974. 59 pp. CAPACITY UTILIZATION IN MAJOR MATERIALS INDUS- SHORT-RUN VARIATIONS IN THE MONEY STOCK—SEA- TRIES. 8/73. SONAL OR CYCLICAL? by Herbert M. Kaufman and CREDIT-CARD AND CHECK-CREDIT PLANS AT COMMER- Raymond E. Lombra. June 1974. 27 pp. CIAL BANKS. 9/73. HOUSEHOLD-SECTOR ECONOMIC ACCOUNTS, by David RATES ON CONSUMER INSTALMENT LOANS. 9/73. F. Seiders. Jan. 1975. 84 pp. NEW SERIES FOR LARGE MANUFACTURING CORPORA- TIONS. 10/73. PRINTED IN FULL IN THE BULLETIN MONEY SUPPLY IN THE CONDUCT OF MONETARY Staff Economic Studies shown in list below. POLICY. 1/73. (Except for Staff Papers, Staff Economic Studies, and U.S. ENERGY SUPPLIES AND USES, Staff Economic some leading articles, most of the articles reprinted do Study by Clayton Gehman. 12/73. not exceed 12 pages.) RECENT DEVELOPMENTS IN THE U.S. BALANCE OF PAYMENTS. 4/74. REPRINTS CHANGES IN BANK LENDING PRACTICES, 1973. 4/74. SEASONAL FACTORS AFFECTING BANK RESERVES. 2/58. CAPACITY UTILIZATION FOR MAJOR MATERIALS: RE- MEASURES OF MEMBER BANK RESERVES. 7/63. VISED MEASURES. 4/74. RESEARCH ON BANKING STRUCTURE AND PERFORM- OPEN MARKET OPERATIONS IN 1973. 5/74. ANCE, Staff Economic Study by Tynan Smith. NUMERICAL SPECIFICATIONS OF FINANCIAL VARIABLES 4/66. AND THEIR ROLE IN MONETARY POLICY. 5/74. A REVISED INDEX OF MANUFACTURING CAPACITY, BANKING AND MONETARY STATISTICS, 1973. Selected Staff Economic Study by Frank de Leeuw with series of banking and monetary statistics for 1973 Frank E. Hopkins and Michael D. Sherman. 11/66. only. 3/74 and 7/74. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN INFLATION AND STAGNATION IN MAJOR FOREIGN IN- 1960-67. 4/68. DUSTRIAL COUNTRIES. 10/74. EURO-DOLLARS: A CHANGING MARKET. 10/69. REVISION OF THE MONEY STOCK MEASURES AND MEM- RECENT CHANGES IN STRUCTURE OF COMMERCIAL BER BANK DEPOSITS. 12/74. BANKING. 3/70. CHANGES IN TIME AND SAVINGS DEPOSITS AT COM- MEASURES OF SECURITY CREDIT. 12/70. MERCIAL BANKS, APRIL-JULY 1974. 1/75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 86 Index to Statistical Tables (For list of tables published periodically, but not monthly, see page A-3) ACCEPTANCES, bankers, 11, 27, 29 Demand deposits: Agricultural loans of commercial banks, 18, 20 Adjusted, commercial banks, 13, 15, 19 Assets and liabilities (See also Foreigners): Banks, by classes, 16, 19, 23 Banks, by classes, 16, 18, 19, 20, 32 Ownership by individuals, partnerships, and Federal Reserve Banks, 12 corporations, 26 Nonfinancial corporations, current, 43 Subject to reserve requirements, 15 Automobiles: Turnover, 13 Consumer instalment credit, 47, 48, 49 Deposits (See also specific types of deposits): Production index, 50, 51 Accumulated at commercial banks for payment of personal loans, 26 Banks, by classes, 16, 19, 23, 32 BANK credit proxy, 15 Federal Reserve Banks, 12, 74 Bankers balances, 18, 19, 22 Subject to reserve requirements, 15 {See also Foreigners, claims on, and liabilities to) Discount rates (See Interest rates) Banks for cooperatives, 40 Discounts and advances by Reserve Banks (See Loans) Bonds (See also U.S. Govt, securities): Dividends, corporate, 43 New issues, 40, 41, 42 Yields and prices, 30, 31 EMPLOYMENT, 52, 54 Branch banks: Assets, foreign branches of U.S. banks, 72 FARM mortgage loans, 44 Liabilities of U.S. banks to their foreign branches and Federal agency obligations, 11, 12, 13 foreign branches of U.S. banks, 24, 73 Federal finance: Brokerage balances, 71 Receipts and outlays, 34, 35 Business expenditures on new plant and equipment, 43 Treasury operating balance, 34 Business indexes, 52 Federal funds, 7, 18, 20, 24, 29 Business loans (See Commercial and industrial loans) Federal home loan banks, 39, 40 Federal Home Loan Mortgage Corporation, 39, 44, 45 CAPACITY utilization, 52 Federal Housing Administration, 44, 45, 46 Capital accounts: Federal intermediate credit banks, 39, 40 Banks, by classes, 16, 19, 24 Federal land banks, 39, 40, 44 Federal Reserve Banks, 12 Federal National Mortgage Assn., 39, 40, 44, 45, 46 Central banks, 77, 78 Federal Reserve Banks: Certificates of deposit, 24 Condition statement, 12 Commercial and industrial loans: U.S. Govt, securities held, 4, 12, 13, 36, 37 Commercial banks, 15, 18, 27 Federal Reserve credit, 4, 6, 12, 13 Weekly reporting banks, 20-24, 25 Federal Reserve notes, 12 Commercial banks: Federally sponsored credit agencies, 39, 40 Assets and liabilities, 15, 16, 18, 19, 20 Finance companies: Consumer loans held, by type, 47 Loans, 20, 48, 49 Deposits at, for payment of personal loans, 26 Paper, 27, 29 Loans sold outright, 27 Financial institutions, loans to, 18, 20 Number, by classes, 16 Float, 4 Real estate mortgages held, by type of holder and prop- Flow of funds, 58, 59 erty, 44^16 Foreign: Commercial paper, 27, 29 Currency operations, 11, 12 Condition statements (See Assets and liabilities) Deposits in U.S. banks, 5, 12, 19, 23, 74 Construction, 52, 53 Exchange rates, 77 Consumer credit: Trade, 61 Instalment credit, 47, 48, 49 Foreigners: Noninstalment credit, 47 Claims on, 68, 69, 70, 74, 75, 76 Consumer price indexes, 52, 55 Liabilities to, 24, 63, 64, 65, 66, 67, 74, 75, 76 Consumption expenditures, 56, 57 Corporations: GOLD: Profits, taxes, and dividends, 43 Certificates, 12 Security issues, 41, 42 Earmarked, 74 Security yields and prices, 30, 31 Net purchases by United States, 62 Cost of living (See Consumer price indexes) Reserves of central banks and govts., 78 Currency and coin, 5, 9, 18 Stock, 4, 61 Currency in circulation, 5, 14 Government National Mortgage Assn., 44 Customer credit, stock market, 31, 32 Gross national product, 56, 57 DEBITS to deposit accounts, 13 HOUSING permits, 52 Debt (See specific types of debt or securities) Housing starts, 53 (References are to pages A-4 through A-78 although the prefix "A" is omitted in this index) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 87 INCOME, national and personal, 56, 57 REAL estate loans: Industrial production index, 50, 51, 52 Banks, by classes, 18, 21, 32, 44 Instalment loans, 47, 48, 49 Mortgage yields, 45, 46 Insurance companies, 33, 36, 37, 44, 46 Type of holder and property Insured commercial banks, 16, 18, 26 mortgaged, 44^4-6 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., 78 Federal Reserve Banks, 8 Commercial banks, 19, 22, 24 Foreign countries, 76, 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, 78 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): Special Drawing Rights, 4, 12, 60, 61 Banks, by classes, 16, 18, 20, 32 State and local govts.: Commercial banks, 15, 16, 18, 20, 25, 27, 28 Deposits, 19, 23 Federal Reserve Banks, 4, 6, 8, 12, 13 Holdings of U.S. Govt, securities, 36, 37 Insurance companies, 33, 46 New security issues, 40, 41 Insured or guaranteed by U.S., 44, 45, 46 Ownership of securities of, 18, 22, 32 Savings and loan assns., 33 Yields and prices of securities, 30, 31 State member banks, 17, 26 MANUFACTURERS: Stock market credit, 31, 32 Capacity utilization, 52 Stocks (See also Securities): Production index, 51, 52 New issues, 41, 42 Margin requirements, 10 Yields and prices, 30, 31 Member banks: Assets and liabilities, by classes, 16, 18, 19 TAX receipts, Federal, 35 Borrowings at Federal Reserve Banks, 6, 12 Time deposits, 10, 15, 16, 19, 23 Number, by classes, 16 Treasury currency, Treasury cash, 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, 79 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 Prices: Consumer and wholesale commodity, 52, 55 VETERANS Administration, 44, 45, 46 Security, 31 Prime rate, commercial banks, 28 WEEKLY reporting banks, 20-24 Production, 50, 51, 52 Profits, corporate, 43 YIELDS (See Interest rates) (References are to pages A-4 through A-78 although the prefix 44A" is omitted in this index) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories Minneapolis^ Chicago j frt&krCUj, Omafia* Kansas Citi It. Louis 'Chariot* Oklahoma Citjf yttUlocW pJmjyJ^^J? Dallas August 19 73 Praum byZW. gafvin,Cart LEGEND — Boundaries of Federal Reserve Districts ® Federal Reserve Bank Cities Boundaries of Federal Reserve Branch • Federal Reserve Branch Cities Territories Federal Reserve Bank Facilities Q Board of Governors of the Federal Reserve System Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis