Federal Reserve Bulletin, 1975-02

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

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FEDERAL RESERVE BULLETIN NUMBER 2 • VOLUME 61 • FEBRUARY 1975 CONTENTS 55 Nonbank Thrift Institutions in 1974 A 1 Financial and Business Statistics 60 Statements to Congress A 1 Contents A 3 Guide to Tabular Presentation 76 Record of Policy Actions A 3 Statistical Releases: Reference of the Federal Open Market Committee A 4 U.S. Statistics A 60 International Statistics 89 Directory of Federal Reserve Banks and Branches A 88 Board of Governors and Staff 103 Law Department A 90 Open Market Committee and Staff; Federal Advisory Council 118 Announcements A 91 Federal Reserve Banks and Branches 120 Industrial Production A 92 Federal Reserve Board Publications A 94 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

Nonbank Thrift Institutions in 1974 Changing pressures in financial markets and in depositary claims at savings and loan associageneral economic conditions caused major shifts tions and mutual savings banks, inflows to these in flows of funds into savings and loan associa- intermediaries slowed dramatically and for a tions, mutual savings banks, and credit unions time during the summer became negative. The during 1974. As a result of these pressures, combined deposit growth rate for savings and there were substantial changes not only in the loan associations and mutual savings banks composition of the assets held by these financial dropped from 8.2 per cent in the first quarter, intermediaries but also in the structure of their seasonally adjusted, to 4.2 per cent in the secdeposits. ond quarter and 2.5 per cent in the third. During the second and third quarters of 1974 Thereafter, monetary policy became more acdeposit growth at thrift institutions was sharply commodative, recessionary forces in the econcurtailed, but in recent months the growth rate omy began to take hold, and business credit has improved markedly. For savings and loan demands diminished; as a result, market rates associations and mutual savings banks, the re- fell and deposit growth at these intermediaries newed flow of savings has permitted some re- rebounded—rising to a seasonally adjusted rate building of depleted liquid asset portfolios, repayment of debt, and an expansion of com- Selected DEPOSIT GROWTH RATES and mitments to make mortgage loans to the housing INTEREST RATES, 1974 sector, which had been adversely affected by Per cent limited credit availability and a number of other nonfinancial factors. For credit unions—with only one-tenth the assets of savings and loan associations, yet the fastest growing of the thrift institutions—the improved flow of deposits has made possible a continuation of their growing importance in providing consumer credit. MAJOR DEVELOPMENTS Per cent per annum INTEREST RATES Early in 1974, when the peak lxh per cent V Treasury bills ceiling rate available on 4-year accounts at \ 3-month major thrift institutions was especially attractive 4-year certificates relative to yields on competing market securi- maximum ties, thrift institutions experienced rather favorable net deposit inflows. After the end of the Passbook-type* Arab oil embargo, demands by businesses for maximum * credit mounted and monetary policy tightened 1 1 1 t l 1 1 1 1 1 i Mar. June Sept. Dec. in the face of intensifying inflationary pressures. As yields on market instruments moved well *At mutual savings banks and Federally insured savings and loan associations. above the maximum IV2 per cent ceiling on Seasonally adjusted annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 Federal Reserve Bulletin Q. February 1975 of 8.1 per cent in the fourth quarter—and this in the market. This program was further extrend continued during early 1975. Deposit panded in May, bringing to nearly $10 billion growth at credit unions followed a similar pat- the amount of Government-insured belowtern, although the decline in growth during the market-rate mortgages that GNMA was willing third quarter was less severe than for the other to buy. Later in the year—in October—a similar institutions. program was initiated to cover conventional Pressures on thrift institutions during last mortgages under terms of the Emergency Home summer's period of weak deposit flows were Purchase Assistance Act of 1974. aggravated by offerings of a variety of new, Two other programs to support housing were highly competitive marketable debt instruments also begun in May. The Federal Home Loan that were designed to attract funds from indi- Mortgage Corporation committed $3 billion to viduals. Bank holding companies offered more purchase conventional mortgages at subsidized than $1 billion of relatively small-denomination, rates, and the Federal home loan banks began variable-rate notes that pay nearly 10 per cent, a $4 billion program to lend funds to member or even more, in their first year. Mutual funds savings and loan associations at rates that were investing in money market instruments were as much as 50 basis points below borrowing also expanding rapidly over the summer. And costs of the Federal home loan banks. Savings individuals with limited amounts of funds to and loan associations made active use of this invest showed substantial interest in the new source of funds from June through the remainder notes offered by the Treasury in its August of the year. Even so, the housing industry refinancing; these notes carried 9 per cent suffered its worst contraction since World War coupons and were available in denominations II. Housing starts fell below an annual rate of of $1,000. However, even before the Congress 1 million units in both November and Deempowered the Federal Reserve to regulate cember. variable-rate notes issued by bank holding com- Throughout this critical period, the Federal panies and their affiliates, signs of a general Reserve, in its role as lender of last resort, stood downturn in interest rates had already begun to ready to provide liquidity to the Federal home reduce the investment appeal of such flexible- loan banks and to mutual savings banks should rate instruments. these institutions exhaust their access to other With diminished inflows of funds to savings sources of funds. Arrangements to extend and loan associations and mutual savings banks, emergency credit were formalized, and financial which are major sources of housing credit, the developments at savings and loan associations supply of funds for residential mortgage loans and mutual savings banks were closely monibecame extremely limited. Housing activity was tored. depressed by this reduced supply of funds and Finally, several regulatory changes during the also by rising land and construction costs, de- latter half of the year made it possible for the clining consumer real incomes, prior overbuild- major thrift institutions to compete more effecing in some areas, and the effects of increased tively for funds against market securities. The costs of energy. In May housing starts fell below Federal Reserve Board of Governors, the Fed- 1.5 million units at an annual rate, down con- eral Deposit Insurance Corporation, and the siderably from the more than 2 million units Federal Home Loan Bank Board adopted regustarted in 1973. Because of this deterioration lations that permitted commercial banks, mutual in housing, a number of actions were taken by savings banks, and savings and loan associa- Federal housing agencies and the Congress to tions to begin offering in late December a new provide special public assistance to this segment 6-year certificate with a rate ceiling lA of a of the economy. Early in the year the Govern- percentage point more than that on the 4-year ment National Mortgage Association revised its certificate. commitment program to permit the purchase of The competitive position of depositary insti- $6.6 billion of Federally guaranteed mortgages tutions was further strengthened when the bearing rates of interest below those prevailing Congress passed legislation raising the amount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank Thrift Institutions in 1974 57 of insurance coverage on public and private savings and loan associations repaid borrowings deposits at Federally insured commercial banks, and rebuilt liquid asset portfolios. Gross acquimutual savings banks, and savings and loan sitions of mortgages increased as outstanding associations. Effective November 27 the amount commitments were taken down, and substantial of insurance was raised from $20,000 to $40,- amounts of new mortgage commitments were 000 on private deposits and to $100,000 on made for takedown later in the year. deposits of governmental units. In response to As deposit inflows began to decline in the this change, the regulatory authorities estab- second quarter, savings and loan associations lished a new rate ceiling—presently equal to 13A increased their borrowing sharply and reduced per cent—on all time deposit accounts, regard- their cash and liquid assets in an effort to meet less of maturity, of public bodies. For passbook commitments for mortgage loans. New comsavings of such governmental units, the interest mitments of funds were also curtailed; as a rate ceilings continue to be the same as for result, outstanding commitments reached a peak individuals. for the year in April and then declined over the remainder of the quarter. Pressures on liquidity intensified in the third SAVINGS AND quarter when net deposit outflows were sus- LOAN ASSOCIATIONS tained. Thus the associations were forced to rely even more on borrowed funds and to reduce Disintermediation and the subsequent improve- their liquid assets still further to meet previous ment in deposit flows had major effects on the mortgage loan commitments. Outstanding comsources and uses of funds for savings and loan mitments fell dramatically as these takedowns associations. During the first quarter of 1974— continued at a substantial pace and the associawhen deposit flows were improving from the tions made few new agreements to lend funds depressed levels of the previous summer— in the future. As is customary, the increases in borrowings TABLE 1 by savings and loan associations during the second and third quarters came primarily from Federally insured savings and loan associations: the Federal home loan banks. Thus, of the total Sources and uses of funds of nearly $7.4 billion borrowed in that interval, In billions of dollars, not seasonally adjusted $5.7 billion came from those banks and the remainder from commercial banks. More than 1974 half of the funds provided by the home loan FFuunnddss banks were loaned under the special program, Qi Q2 Q3 Q4 noted earlier, at rates below the prevailing market level. Even so, average rates on new ad- Sources: Deposits1 7.9 2.9 — .2 5.0 vances made by the home loan banks during Borrowed funds -.4 3.6 3.8 .7 Subtotal 7.5 6.5 3.6 5.7 the period were still in excess of 9 per cent. Gross mortgage repayments2 5.9 7.8 6.9 6.1 Two factors made it possible for savings and Other sources, net3 -.3 -.4 -1.2 -2.0 loan associations to reduce their borrowings in Total 13.0 13.9 9.3 9.8 the fourth quarter. First, deposit inflows picked Uses: Cash and liquid assets ... 2.7 -2.0 -1.8 2.3 up again. Second, mortgage acquisitions Other investment securities .2 10 .1 -.3 dropped sharply, along with the decline in Gross mortgage acquisitions 10.2 14.9 11.0 7.8 housing, to the lowest rate for any quarter of Total 13.1 13.9 9.3 9.8 the year. These developments made it possible 1Net change in deposits, including interest credited. for the associations' to begin to rebuild their 2 Includes, in addition to repayments, proceeds from sales liquidity and reduce outstanding borrowings, a of loans and participations and miscellaneous credits. Excludes process that continued into early 1975. interest, taxes and minor miscellaneous items. 3Includes net changes in loans process, reserves and surplus, For 1974 as a whole, virtually all of the and other liabilities minus the net changes in miscellaneous loans and assets not set out separately in the "uses" statement. deposit growth at savings and loan associations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 Federal Reserve Bulletin Q. February 1975 Deposit mix, SAVINGS AND LOANS: 1974 others of the market instruments that are worthwhile alternatives to depositary claims. The Net change, billions of dollars savings banks are therefore particularly vulnerable to reduced deposit flows when market rates of interest rise above ceiling rates on thrift claims. Second, the mutual savings banks cannot obtain borrowed funds so easily as can savings and loan associations that are members of the Federal Home Loan Bank System. Only about 10 per cent of all mutual savings banks are members of this System; the others rely on commercial bank lines of credit. In the first quarter of 1974 deposits of mutual savings banks grew at a relatively moderate pace. Apart from meeting takedowns of outstanding mortgage loan commitments, these banks used funds primarily to increase their holdings of liquid assets and to purchase other investment securities, mostly corporate bonds. In contrast to the savings and loan associations, Not seasonally adjusted. the mutual savings banks did not increase their mortgage commitments over this period, and occurred in certificate accounts. The 4-year certificates were particularly important. A survey TABLE 2 of large associations shows that 4-year certificates at these institutions increased during each Mutual savings banks: Sources and uses of month of 1974. Even during the weakest months funds of the year—July and August—there were sub- In billions of dollars, not seasonally adjusted stantial gains in 4-year certificates, in spite of the fact that total savings at these institutions 1974 declined. The recently inaugurated 6-year cer- FFuunnddss tificate, which carries a higher rate ceiling, may Qi Q21 Q3 Q4' provide depositary institutions with an addi- Sources: tional instrument that may be especially attrac- Deposits2 2.1 .4 -.8 1.2 tive to savers. Borrowings -.1 .2 .4 Other sources, net3 .2 -.1 .1 -.2 Total 2.2 .5 -.3 1.0 Uses: Net change in mortgage MUTUAL SAVINGS BANKS holdings .8 .9 .5 .1 Cash and liquid assets4 .. .5 -.7 -.7 .6 Other securities5 .9 .3 -.1 .3 The experience of mutual savings banks in 1974 Total 2.2 .5 -.3 1.0 largely paralleled that of savings and loan asso- 1 Data are adjusted for conversions of 3 mutual savings banks ciations. However, there were several dif- to commercial banks during April and May. ferences, the most striking of which was the 2Net change in deposits, including interest credited. 3 Includes net changes in other liabilities and general reserve actual shrinkage of total assets at these banks accounts minus the net change in other assets not set out during the third quarter. separately in the "uses" statement. 4Includes net changes in cash, U.S. Govt, securities, Federal The shrinkage in assets during the July-Sepagency securities, and "other loans." "Other loans" include tember period can be explained by two factors. open market paper, Federal funds, and other nonmortgage loans. First, most mutual savings banks are located in 5Includes net changes in State and municipal securities, the northeastern part of the United States and corporate and other bonds, corporate stock, and GNMA mortgage-backed securities. their depositors are more aware than many eEstimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank Thrift Institutions in 1974 59 thus avoided locking themselves into future the previous 3 months. Meanwhile, liquid asset mortgage acquisitions. holdings increased only slightly because the As a result, when deposit flows dropped off improvement in deposit flows in the fourth sharply in the second quarter, mutual savings quarter was relatively modest. banks were in a much better position than in All of the growth in mutual savings bank previous periods of disintermediation. They deposits was in time deposit accounts—as it had were able to meet takedowns of outstanding been at savings and loan associations. Reports mortgage commitments by reducing their liquid indicate that much of the growth in time deposits assets and by increasing their borrowings only was concentrated in 4-year certificates. For the a small amount. year as a whole, deposits in passbook accounts The severity of the deposit losses in the third actually declined. quarter, though, placed heavy pressures on savings banks—forcing them to borrow funds from CREDIT UNIONS commercial banks, to reduce their liquid assets by a sizable further amount, and to sell some Growth of deposits at credit unions in 1974 corporate bonds. Even with this liquidation of fluctuated in much the same way as at mutual other assets, the net increase in mortgages dur- savings banks and savings and loan associaing the quarter was the smallest for any quarter tions—but around a significantly higher trend. in the preceding 3 years. During the first quarter deposits at credit unions Throughout most of 1974 mutual savings were growing at an annual rate of more than banks reduced the amount of their outstanding 15 per cent. By the third quarter, when the commitments to make mortgage loans. So few impact of high market interest rates was the new commitments were made during the pre- strongest, deposits at credit unions grew at an vious quarters that holdings of mortgage debt annual rate of 9 per cent. increased less during the fourth quarter than in The ability of credit unions to sustain a high rate of deposit inflows reflects several factors. Deposit mix, MUTUAL SAVINGS BANKS: 1974 For one, most credit unions are organized for Net change, billions of dollars the employees of a particular firm or institution and hence are located in or near the individual's 1.5 place of work; this makes it convenient for Time individuals to save. Also, accounts are smaller, on the average, than those at other thrift institu- 1.0 tions, and holders of smaller accounts tend to be less interest sensitive. Moreover, many credit union members have funds automatically de- I L ducted from their paychecks, and most individ- Kr H uals do not change their payroll deductions very i often. Finally, credit unions pay higher deposit rates, up to 7 per cent, on their only type of account—passbook savings. Higher rates are Passbook-type ^H possible because these institutions generally make only relatively short-term consumer loans with relatively high rates of return. Other nonbank thrift institutions have asset portfolios that i i consist largely of long-term mortgages, many -2L 02 03 •01 of which were made when mortgage interest rates were at much lower levels. Not seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 Statements to Congress Statement by Arthur F. Burns, Chairman, turing industries has also been substantially re- Board of Governors of the Federal Reserve duced. System, before the Committee on Ways and As so often happens in a recession, consumer Means, U.S. House of Representatives, January demand for new homes, autos, household fur- 30, 1975. nishings, and other durable goods—items whose purchase can be most easily postponed—has declined markedly. Moreover, weakness has I am pleased to meet with this distinguished also been evident in markets for clothing and committee to discuss with you the difficult fiscal other nondurable consumer goods. In an effort problems now confronting our Nation. The spe- to avoid a build-up of unsold inventories, busicific issue with which the committee is now ness firms have cut back sharply on their prograppling involves the $16 billion of tax reduc- duction schedules and on their orders for matetions recommended by the President to stimulate rials and supplies. Sales have fallen so rapidly, the economy. The larger question that you and however, that a substantial involuntary build-up your colleagues in the Congress must face is of inventories occurred during the fourth quarter how to deal with the current recession and yet of last year. Consequently, efforts to trim excess maintain the fiscal discipline needed to end the stocks will probably continue for several inflation that has been weakening our economic months. and financial institutions. A more serious concern is the mounting evi- The tax reductions proposed by the President dence that many businesses are postponing or raise fundamental issues of economic stabiliza- canceling plans for constructing new facilities tion policy. Let me say at once that I support or for installing new machinery and equipment. the principle of temporary tax cuts under current Larger business expenditures for fixed capital conditions. I remain convinced, nevertheless, are now needed to add to the number of jobs that defeat of inflationary forces must remain and expand personal incomes, thereby strengtha major goal of public policy. We cannot real- ening consumer purchasing power. Larger inistically expect a lasting resurgence in economic vestment expenditures are also needed to proactivity until our people regain confidence in the vide, later on, the modernized industrial plants stability of their currency. The critical task is and the additional productive capacity that are to find ways to cushion recessionary forces essential to combating inflationary pressures and without undermining our ability to bring infla- raising our living standards. tion under control. Unless we succeed in that, With the demand for goods and services weak the economy may be plunged before long into in most major sectors of the economy simultaeven deeper trouble. neously, we are likely to see some further de- The economy is now in the midst of a serious cline of economic activity in the months immedecline in business activity. Over the past sev- diately ahead. Evidence is accumulating, howeral months employment and production have ever, that the corrective forces needed to lay decreased about as rapidly as at any time during the basis for an upturn in economic activity are the postwar period. Unemployment has risen even now under way. For example, in recent sharply, to over 7 per cent of the labor force, weeks the volume of new car production by and the length of the workweek in manufac- domestic manufacturers has fallen below the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 61 volume of sales. New car inventories, therefore, Soon thereafter, the rate of economic expansion began to decline in December. Significant price showed signs of faltering both here and abroad, rebates by auto manufacturers, moreover, and many nations around the world now find should help to bolster lagging sales, and thus themselves caught in the grip of contractionary speed the working down of excess stocks. No forces. less important, many business managers are In our own country, the corrosive effects of responding to declining profits by concentrating inflation spread across the economy. The production in more efficient plants, by econo- sharply rising demands for credit drove interest mizing on labor and materials, by encouraging rates to unprecedented heights. Stock prices fell. their employees to work more diligently, by Many workers found that their real earnings, working harder themselves, and thus improving and also the real value of their savings, had the current productivity of their enterprises or begun to decline, and they reacted by postponlaying the basis for later improvement in unit ing or canceling plans for buying durable goods. costs of production. Sales of new autos turned down as early as the Furthermore, conditions in financial markets spring of 1973, and so too did purchases of have been easing rather steadily since last sum- mobile homes and of furniture and household mer. Interest rates have declined, especially on appliances. The market for new conventional short-term securities; stock prices have recently homes, meanwhile, was rocked by the comrecovered; savings inflows to banks and thrift bined effect of declining real incomes of institutions have resumed; more funds are now workers, waning consumer confidence, rising available for mortgages and other loans; and land and construction costs, and the shortage financial institutions have begun to rebuild their of mortgage credit that developed as higher liquidity—an essential preparation for a subse- market interest rates pulled funds away from the quent expansion in lending. specialized mortgage lenders. These are encouraging developments, but a Once widespread weakness begins to develop solid economic recovery may well await evi- in consumer markets, general business activity dence of greater progress in checking the re- is apt to follow. For a time, however, business lentless upward march of prices. During 1974 managers failed to perceive the ominous trend as a whole, the average level of wholesale prices of events—perhaps because shortages of indusrose by 21 per cent and the average level of trial materials continued to be acute; perhaps consumer prices by 12 per cent. The rate of because prices were rising so sharply, particuadvance in consumer prices has, however, less- larly after the removal of controls in April 1974; ened in recent months, and the wholesale price perhaps, more fundamentally, because inflation index actually declined last month. Despite tends to cloud business thinking. Inflation these indications of progress, it would be pre- creates the illusion of rising sales and profits, mature to assume that the menace of inflation when the real volume of sales and profits may is, or soon will be, behind us. The sorry fact in fact be declining. Inflation also creates the is that although substantial slack now exists in appearance of a reasonable balance between both labor and product markets, inflation is inventories and sales, when the physical volume continuing to erode the real value of wages, of stocks relative to sales may in fact be rising. business profits, and accumulated savings. Whatever the reason, the failure of business The inflation in which we are so deeply en- firms to adjust the scale of their operations more meshed began to spread across the economy promptly to the declining real volume of sales some 10 years ago when our Government em- led to serious imbalances in many lines of barked on a highly expansionary fiscal policy. activity among stocks, sales, orders, and rates The grave consequences of letting inflation get of production. These imbalances set the stage out of hand did not become fully evident, how- for the severe decline in production and emever, until recently. Two years ago inflation in ployment that began last October. the United States began to accelerate rapidly, Public policy is now confronted with a most as it did also in most other industrial countries. difficult problem. A recession has developed, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 Federal Reserve Bulletin Q. February 1975 and a stimulus to private spending is needed of spending for existing programs, and by ceilto ensure that a cumulative contraction will not ings on increases in social security benefits and take place. But great care must be taken to avoid on Federal pensions and salaries. The over-all aggravating the underlying inflationary forces program is thus designed with an eye to minithat have produced our present problems. mizing the inflationary effects of the proposed Action to reduce taxes temporarily is, I be- fiscal stimuli. Moreover, the temporarily larger lieve, an appropriate course for public policy incentives for business capital expenditures at the present time. Because of the inflation should also help moderate inflation—by adding many individuals have moved into higher tax to our capacity to produce industrial materials, brackets, even though their real incomes have supplies of energy, and other goods. declined or remained unchanged. Unless tax In view of the massive Federal deficits in rates are reduced, that trend will continue and prospect for this and the next fiscal year, I the automatic budgetary stabilizers we normally would, however, urge the Congress to scrutinize count on to moderate recessionary tendencies Federal expenditures with special care and to will therefore not function effectively. More- look for ways to hold Federal spending well over, inflation has created fictitious profits for below the levels projected in the President's businesses because capital goods used up in state of the Union message. Such a step would production are valued at original rather than improve the prospects for moderating the rate replacement cost and also because many busi- of inflation and would also bolster the confinesses still pursue accounting practices that dence of our people by indicating the clear intent make no allowance for the effects of inflation of the Congress to stick to a course of fiscal on the cost of replacing inventories bought in prudence. earlier periods. Thus, while a substantial part I cannot emphasize strongly enough the need of recently reported corporate profits is illusory, for moderation in our fiscal affairs at this critical it is still being taxed by the Government. time. Our people are weary of the inflation that The President's fiscal program recognizes the has been robbing them over the past decade; need to deal with the current recession and yet they are confused and disturbed by the huge avoid releasing a new wave of inflation. Both budget deficits that are in the making this fiscal the tax rebate to individuals and the increase year and next; and they are anxiously awaiting in the investment tax credit will provide a tem- evidence that their Government can and will porary boost to aggregate demand without add- take the necessary steps to restore fiscal order ing to Federal deficits over the longer run. and general price stability. Your committee's Increases in Federal expenditures, moreover, efforts to maintain a sense of discipline in Fedare to be limited in several ways—by postpon- eral finances can make the difference between ing new program initiatives apart from the en- success or failure in our national effort to regain ergy area, by various rescissions and deferrals lasting prosperity. • Statement by Arthur F. Burns, Chairman, on H.R. 212. This bill has far-reaching impli- Board of Governors of the Federal Reserve cations for the workings of our economy. It System, before the Subcommittee on Domestic raises momentous issues with respect to mone- Monetary Policy of the Committee on Banking, tary and credit policies, the role of the Federal Currency and Housing, U.S. House of Repre- Reserve System, and whether its traditional insentatives, February 6, 1975. sulation from political pressures should continue. I therefore hope that this committee will take whatever time is needed to arrive at a full The Board of Governors of the Federal Reserve and just understanding of the proposed legisla- System appreciates the opportunity to comment tion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 63 MONEY SUPPLY of inflation, and that interest rates on long-term loans will tend to rise when a higher rate of Section 2 of the proposed bill requests the inflation is expected by the business and finan- Federal Reserve Board and the Federal Open cial community. Market Committee to "direct their efforts in the As these comments indicate, the Board and first half of 1975 toward maintaining an increase the Open Market Committee pay close attention in the money supply (demand deposits and cur- to monetary aggregates. We do not, however, rency outside banks) of no less than 6 per cent confine ourselves to the particular monetary at an annual rate, over each 3-month aggregate on which H.R. 212 focuses—namely, period. ..." This section further requires the demand deposits plus currency outside of banks. Board and Open Market Committee to report The reason is that this concept of the money to the House and Senate Banking Committees supply, however significant it may have been whenever the money supply deviates from the 10 or 20 years ago, no longer captures adespecified target for either technical or substan- quately the forms in which liquid balances—or tive reasons. even just transaction balances—are currently I want to make it clear at the outset that the held. Financial technology in our country has Board fully supports the general objective of been changing rapidly. Corporate treasurers maintaining adequate growth of the monetary have learned how to get along with a minimum aggregates. Indeed, the Board and the Open of demand deposits, and to achieve the liquidity Market Committee have adopted policies in they need by acquiring interest-earning assets. recent months to encourage greater expansion For the public at large, savings deposits at in the whole family of monetary and credit commercial banks, shares in savings and loan aggregates. The Board is also well aware of its associations, certificates of deposit, Treasury responsibility to the Congress, and we would bills, and other liquid instruments have become welcome the opportunity of clarifying our ac- very close substitutes for demand deposits. tions and policies. Nowadays, a corporate treasurer is likely to see In our judgment, however, this purpose can to it that the size of his demand deposit is no be best served through congressional hearings larger than the working balance required by his or other communications with the Congress. As bank. He knows that a telephone call to his bank the members of the committee know, the will suffice to convert promptly any negotiable Congress has not found it easy to legislate fiscal CD in his possession into a demand deposit, policy. If the Congress now sought to legislate and he is therefore apt to keep the bulk of his monetary policy as well, it would enter a vastly transactions and precautionary balances in the more intricate, highly sensitive, and rapidly form of interest-earning assets—that is, CD's changing field—with consequences that could or other highly liquid paper. prove very damaging to our Nation's economy. Let me try to make what I've just said a little In the past few years the Federal Reserve more concrete. During the final quarter of 1974, System has paid more attention to the growth the narrowly defined money supply on which of monetary aggregates than it did in earlier H.R. 212 focuses grew at an annual rate of 4.3 times. We appreciate the fact that an expanding per cent. Meanwhile, time and savings deposits economy requires an expanding supply of of commercial banks, exclusive of large certifimoney, that any protracted shrinkage of the cates of deposit, grew at a rate of 9 per cent; money supply may well lead to shrinkage of the deposits of nonbank thrift institutions grew economic activity, and that attempts to encour- at a rate of 7 per cent; credit union shares grew age growth in money and credit will lead to at a rate of 9 per cent; large negotiable CD's a decline of short-term interest rates when eco- issued by commercial banks grew at a rate of nomic activity is weak. But, while the Federal 26 per cent, and so on. We at the Federal Reserve recognizes all this, we are also mindful Reserve are concerned with all these aggregates of the lesson of history that rapid growth of the because the narrowly defined money supply, money supply will lay the base for a new wave taken by itself, is an inadequate—and at times Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 Federal Reserve Bulletin Q. February 1975 a misleading—indicator of what is happening over, the rate of turnover of money—that is, to the stock of highly liquid assets available to the rate at which the public is willing to use American families and business firms. Since the the existing stock of money—is typically much demands by the public for currency, demand more important than the size of the stock over deposits, savings deposits, and various liquid periods of 6 months, a year, or even somewhat market instruments keep changing, monetary longer. policy has to concern itself with a large family Changes in the public's willingness to use the of monetary aggregates. The aggregate specified existing stock of money are a highly dynamic in H.R. 212 is only one of these. force in economic life. The turnover or velocity Moreover, the condition of credit markets of money depends heavily on the state of confialso weighs heavily in decisions on monetary dence and varies widely in the course of a policy. There is a school of thought that holds business cycle. If the public lacks confidence, that the Federal Reserve need pay no attention increasing injections of money will tend to be to interest rates, that the only thing that matters offset by a decline in the turnover of money. is how this or that monetary aggregate is be- The economy will not be immediately stimuhaving. We at the Federal Reserve cannot afford lated; but a large build-up of the money stock the luxury of any such mechanical rule. As the will lay the base for an inflationary upsurge in Nation's central bank, we have a vital role to the demand for goods and services at a later play as the lender of last resort. It is our duty time. to avert liquidity or banking crises. It is our As these comments indicate, it would be duty to protect the integrity of both the domestic unwise for the Nation's monetary authority to value of the dollar and its foreign-exchange concentrate on just one aspect of financial value. In discharging these functions, we at life—namely, the achievement of this or that times need to set aside temporarily our objec- rate of growth of the narrowly defined money tives with regard to the monetary aggregates. supply, as specified by H.R. 212. There are also In particular, we pay close attention to inter- technical problems of importance on which I est rates because of their profound effects on shall not dwell, but which I must at least call the workings of the economy. The Federal Re- to the committee's attention. First, H.R. 212 serve's ability to influence interest rates is far assumes that the Federal Reserve can control more limited than is commonly believed; but the rate of growth of demand deposits plus in exercising whatever influence we do have, currency in public circulation over periods as we must think of tomorrow as well as today. short as 3 months. This we are unable to do. If, for example, we presently encourage a sharp All that we can control over such brief periods decline of interest rates on top of the decline is the growth of member bank reserves; but a that has already occurred in recent months, we given rate of growth of reserves may be accomwould run the risk of seeing short-term interest panied by any of a wide range of growth rates rates move back up while the economy is still of the narrowly defined money supply. A second receding. There is, moreover, a very real possi- technical problem is that measures of the growth bility that, as a result of such a policy, a of the money supply over periods as short as monetary base would be established for a new 3 months are surrounded by very considerable wave of inflation in the future and that market uncertainty—a fact that H.R. 212 overlooks. expectations of such a development would lead In view of the formidable difficulties, both rather promptly to a rise of long-term interest conceptual and technical, that surround the secrates. tion of H.R. 212 that I have been discussing, It should be clear from these comments that it is the Board's judgment that congressional the Board is deeply concerned about proposals concerns with regard to money supply behavior to legislate monetary targets. Economic and will be better served by careful periodic review financial conditions change, public preferences of the Federal Reserve's stewardship. I can for liquidity change, and what constitutes an assure you that we at the Federal Reserve are appropriate monetary response changes. More- willing to report fully on the factors that have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 65 been influencing growth in money—both nar- the Board submitted to the Congress, after a rowly and more broadly defined—and also on thorough inquiry, recommendations for modhow we evaluate monetary expansion in relation erating fluctuations in the availability of housing to economic and financial circumstances. This finance. More recently, in September 1974, the reporting could be done on a periodic basis, or Board circulated to all member banks a statewhenever special circumstances warrant it. ment on appropriate bank lending policies prepared by the Federal Advisory Council—a statutory body established under the Federal CREDIT ALLOCATION Reserve Act. The Board felt that the Council's Let us turn next to Section 3(a) of the bill, which statement could be helpful to commercial banks makes it mandatory for the Board to allocate in shaping their lending policies under the concredit toward "national priority uses" and away ditions of credit restraint then prevailing. from "inflationary uses." Certain broad cate- But as we read H.R. 212, it envisages a gories of priority uses and inflationary uses are comprehensive intrusion of the Federal Governspecified. The Board is given the power to add ment into private credit markets, and thus goes to or subtract from the listed categories by much further than anything that has been notifying both Houses of Congress. If not dis- seriously considered in the past. The bill deleapproved within a 60 day period, the Board's gates enormous and virtually dictatorial power proposals would become effective. to the Federal Reserve. Implementation of the It is important to note that this section of the bill could undermine the market system and proposed legislation amends the Credit Control wreck all chances for economic recovery. And Act. As the Credit Control Act now stands, the it is even highly doubtful whether H.R. 212 President must make a specific determination could achieve the objectives being sought—that before the Board can regulate extensions of is, larger credit flows to certain uses, such as credit—namely, that this is necessary "for the essential capital investment, small businesses, purpose of preventing or controlling inflation and agriculture, at low interest rates. generated by the extension of credit in excessive Decisions as to social priorities in the use of volume." This provision of law is eliminated credit are inherently political in character. If by the proposed legislation. As we understand such decisions are to be made at all, they should it, therefore, the proposed bill would require the be made by the Congress—not by an adminis- Board to undertake immediately and maintain trative and nonpolitical body such as the Federal in force a program of credit allocation that may Reserve. After all, tilting credit in favor of some apply to any or all markets and any or all borrowers implies denying credit to someone financial institutions. In carrying out this man- else. Our economy has developed by relying date, the Board would have available to it an mainly on the market to make such decisions. extremely wide range of regulatory options, as The market reflects the interaction of many currently enumerated in Section 206 of the thousands of borrowers and lenders. If the day Credit Control Act. Supplementary reserve re- ever arrives when governmental decisions are quirements on member banks of the Federal to be substituted for individual preferences ex- Reserve System would be specifically added to pressed in the market place, then the priorities that list by Section 3(b) of H.R. 212. should be set explicitly by the Congress. Our financial markets are highly competitive The specifications of H.R. 212 are so vague and they have served our Nation well over the and general that they would inevitably involve years. Nevertheless, the Board recognizes that the Board in political judgments—an area in the workings of financial markets are imperfect. which it obviously has no special competence. We have therefore been generally sympathetic For example, the bill requires the Board to to efforts aiming to improve the flow of credit allocate credit toward "essential and productive into socially desirable uses through special Fed- investment." But how are we to evaluate the eral credit agencies—as in the fields of housing, credit needs of public utilities relative to the agriculture, and small business. In early 1972 needs of defense contractors? Are we to favor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 Federal Reserve Bulletin Q. February 1975 the credit needs of "small business and agricul- making process provided by our highly develture," as the Act requires, even if that means oped, sensitive, and intensely competitive fithat large corporations will be denied the credit nancial system. needed to keep their employees working? Are Nevertheless, as noted earlier, the Board recwe to favor the automobile manufacturer who ognizes the worthwhile nature of special govturns out cars that suit our concept of what is ernmental efforts to strengthen market processes socially desirable and punish the manufacturer or supplement private credit flows—as in the whose cars fail to pass our test of social utility? case of housing. The need for such special And since the Act requires the Board to move efforts varies with economic and over-all financredit away from financial activities such as cial conditions. The need is most evident in corporate acquisitions, would we have to deny periods of general credit restraint when the credit to finance a merger of two firms, even supply of credit falls short of demand. On the though such a merger is expected to result in other hand, when credit conditions are easing, a strong enterprise that can better expand job as at present, market processes typically assure opportunities in its area? Questions such as that credit for commercially feasible projects of these may be multiplied by the hundreds and a productive and socially useful character will thousands. be in reasonably ample supply. Moreover, would it really be wise in an There is no evidence that a significant amount interdependent world to discourage loans to of credit is being squandered on wanton or foreigners? Such a policy would handicap our speculative enterprises. In the latter part of exporters and importers; it would lead to retali- January, the Board addressed an inquiry to a ation by other countries; it could cause goodwill sample of banks to gauge their response to the toward our Nation to vanish; and it would principles suggested earlier by the Federal Adsurely diminish, as the entire bill before us visory Council—recognizing, of course, that would tend to do, confidence in the dollar. credit and economic conditions change. The I must add that administration of the credit inquiry covered questions on the demands by control program envisaged in H.R. 212 would bank customers for the kinds of loans specified be enormously complex and costly. I doubt by the Federal Advisory Council as well as whether it is even feasible. In view of the variety questions on bank policies with respect to apof financial channels available to borrowers and proval or disapproval of such loan requests. lenders, controls would have to be comprehen- Not all of the banks have as yet replied, but sive if they were to be at all effective. They we do have responses from about 80 per cent would need to include not only the banks but of the sample on the questions pertaining to also other institutional lenders, such as the thrift credit demands and credit policies. On the basis institutions, finance companies, insurance com- of a preliminary tabulation of these results, panies, and pension funds. They would need about three-fourths of the banks report that loan to cover financing through the public markets requests for purely financial or speculative purfor debt and equity securities. They would need poses, a category that figures prominently in to embrace the entire network of trade credit. H.R. 212, were significantly fewer in December They would have to regulate access to lending 1974 than in previous years or that none were and investing alternatives abroad. Such a task in fact received. Moreover, about 90 per cent has not been attempted in the history of this of the banks report that they have become more country—not even in wartime. restrictive in their attitude toward such loans. The ultimate difficulty is that a comprehensive Our preliminary assessment of the survey thus allocation program would disrupt the orderly suggests that bank loan policies are generally processes of financial markets. It could well consistent with the Federal Advisory Council's create serious industrial imbalances and depress statement. I believe that even in the absence sharply the economic activity of many industries of this statement most banks would have put and communities. In the Board's judgment, in place similar policies in view of the limited there is no good substitute for the decision- funds available to them, their risk exposure, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 67 their sense of obligation to the local community would be given for "national priority" loans and the Nation. As soon as tabulation and anal- and investments. The total of any such credit, ysis of this special inquiry are completed, the however, could not exceed a bank's suppleresults will be forwarded to this committee and mental reserve. made available to other interested parties. Suggestions for redistributing credit flows I believe that allocation of credit among through differential reserve requirements on competing uses is becoming a less serious bank assets have been advanced from time to problem for our banks. For credit demands have time during recent years. The logic of these diminished, interest rates have declined sub- proposals may seem simple and even appealing. stantially from their peaks of last summer, and Banks would be encouraged to channel more many banks and other financial institutions have funds into high priority uses, and away from recently improved their liquidity positions. others, because the structure of reserve require- I realize that some might argue that H.R. 212 ments would make it profitable to do so. A would increase the flow of funds to high priority market device—rather than compulsion—would areas and perhaps even reduce interest rates for thus be employed to accomplish a desired social those areas. Such an argument would have to objective. assume that a comprehensive, leak-proof credit Careful reflection on the implications of these control program can be devised and enforced. proposals, however, reveals that they would That is impossible in a complex economy pos- seriously weaken the capacity of the Federal sessing highly developed credit and money Reserve to control the growth of the monetary markets. Inflation, if nothing else, will lead aggregates. Furthermore, while they would imlenders to seek every possible avenue to increase pose enormous administrative costs on the their yields. Gray markets will flourish as bor- banking system, they would be rather ineffecrowers also attempt to protect themselves tive in redistributing credit flows among the against credit shortages. In addition, both various sectors of the economy. lenders and borrowers will inevitably turn to As this committee knows, a major function foreign credit markets. The ones who would of the Federal Reserve is to control the growth probably suffer most are small businesses and of bank reserves so as to maintain a rate of homebuyers. In short, the Board firmly believes expansion of monetary aggregates that is conthat credit allocation, as envisaged in the sistent with the economy's needs. That is what proposed legislation, will injure our economy, reserve requirements are for. To exercise this besides failing to achieve the purposes it seeks function effectively, there must be a reasonably to promote. precise relation between the volume of bank reserves, on the one hand, and the volume of money and bank credit on the other. SUPPLEMENTARY RESERVE I have noted on a number of occasions that REQUIREMENTS the Federal Reserve's control over the monetary In addition to the already substantial list of aggregates is already less precise than it can or regulatory measures available under the Credit should be because of differences in reserve Control Act, H.R. 212 enables the Board to requirements on the deposits of member and impose reserve requirements on assets with a nonmember banks. The consequence of these view to rechanneling credit flows. The bill differences is that shifts of deposits between would permit the Board to require a member member and nonmember banks alter the total bank to maintain, besides the reserves required quantity of commercial bank deposits that can to support its deposits, a supplemental cash be supported by a given volume of bank rereserve whose size would depend on the distri- serves. bution of the bank's loans and investments. A Differential reserve requirements on assets supplemental cash reserve would be held against would introduce yet another element of uncerloans and investments other than the so-called tainty in the link between bank reserves and the "national priority uses," while a reserve credit monetary aggregates. Every shift in the compo- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 Federal Reserve Bulletin Q. February 1975 sition of bank loans and investments between would be encountered in any serious effort to "national priority" and other uses would alter implement a supplemental reserve program efthe total quantity of bank deposits that could fectively and equitably. Very likely, it would be supported by the existing volume of bank be necessary to require that member banks reserves, and therefore lead either to a contrac- report detailed data on the structure of their tion or to an expansion in bank assets and assets on a daily basis, just as they now do for liabilities. Since changes in the structure of bank deposits. Otherwise, a bank could acquire an assets from one reserve period to the next could asset eligible for a reserve credit one day and hardly be predicted, the Federal Reserve would sell it to another lender the next—thereby benehave much greater difficulty in judging what fiting from the reserve credit, but contributing additions to total reserves were needed to nothing meaningful to expansion of credit supachieve any desired growth rate of the monetary plies of the desired kind. Also, it might well aggregates. H.R. 212 would thus weaken fur- become necessary to attach supplemental rether the Federal Reserve's control over money serve requirements and credits to particular and credit. loans, rather than to the dollar amount of loans This would be a large price to pay, even if in any given category, and this would require reserve requirements on the assets of member the development of elaborate bookkeeping sysbanks could be used effectively to rechannel tems for keeping track of many millions of credit flows. There is every reason to believe, individual loans. however, that reliance on reserve supplements and credits for this purpose would set off myriad CONCLUDING COMMENTS adjustments in other lending markets—adjustments that would tend to frustrate the intended In conclusion, let me state once again that the effects of the program. Board recognizes that adequate expansion of Let us see how markets would react. To the money and credit is needed to cushion recesextent that member banks were induced by sionary forces and to encourage early recovery differential reserve requirements to shift funds in economic activity. I must warn you, howtoward certain priority uses, yields on those ever, that the course of monetary policy cannot assets would decline, while yields on other be guided effectively by a single measure of the classes of loans and investments would rise. The money supply, as this bill would require. A many lenders to whom the asset reserve re- careful weighing of the behavior of various quirements did not apply—such as nonmember monetary and credit aggregates is essential. commercial banks, mutual savings banks, life The Board also recognizes that the Nation's insurance companies, pension funds, and so best interests are served when credit flows are on—would therefore be encouraged to direct channeled into productive uses and away from their loanable funds away from projects of the speculative channels. The market itself is a good priority type. Borrowers displaced at member disciplinarian in this respect, though it often banks, meanwhile, would turn to other lenders works with a lag. Developments in credit maror to the open market for credit, thereby forcing kets of late have been moving in a constructive up yields and thus encouraging individuals and direction. Banks and other business enterprises other lenders to supply them with funds. These have come to recognize that decisions made in offsets would be so substantial, in my judgment, a euphoric inflationary environment are not that they would largely negate the results of the always those that contribute most to their own supplemental reserve requirements. Moreover, benefit or that of the national economy. If infla- I need hardly say that exemption of nonmember tionary pressures continue to unwind this year, banks from the provisions of Section 3(b) would as I believe they will, managerial talent will be induce some, perhaps many, member banks to concentrated more intensively on efficiency in change their status. business enterprise, and participants in financial Finally, this committee should consider care- markets will seek to avoid the speculative exfully the administrative costs and problems that cesses of the recent past. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 69 Statement by Arthur F. Burns, Chairman, clothing and other nondurable goods. Total re- Board of Governors of the Federal Reserve tail sales expressed in current dollars fell more System, before the Joint Economic Committee, than 3 per cent from the third to the fourth February 7, 1975. quarter of last year, and the decline in real terms was even larger. Actually, the physical volume I am pleased to meet with the Joint Economic of retail trade has been moving on a downward Committee once again to present the views of trend since the spring of 1973. the Board of Governors on the condition of the Residential construction was notably weak national economy. throughout 1974. New housing starts in De- Our Nation today is suffering from a serious cember were at an annual rate of only 870,000 economic recession. It is also in the midst of units, the lowest rate since 1966. However, an inflation that is threatening the very fabric conditions in the mortgage credit markets are of our society. rapidly improving, and there has been some Public policy is thus confronted with a grave tendency for new building permits to stabilize and profoundly difficult problem. There is an recently. Thus, we may reasonably expect some immediate need for measures to cushion the upturn in homebuilding before very long. recession. Yet, we cannot ignore the longer-run Business capital spending, on the other hand, implications of our actions for the rate of infla- will probably decline this year in real terms— tion or for the other adverse trends that in recent although dollar outlays may be rising moderyears have hampered the Nation's economic ately further. Of late, business firms have been performance. canceling or postponing plans for construction Let me turn, first, to the immediate economic of new facilities and for the purchase of new situation and then move to some of our longer- machinery and equipment. This has resulted in range economic problems. a drop of new orders for capital equipment, and Since last fall, general business activity has of contracts for commercial and industrial condeteriorated. The decline in the real gross na- struction. tional product in the fourth quarter was un- The decline in final sales during recent usually large. Reductions in production and months has been unusually large—when we employment over recent months have been allow for the advance in prices—so that invenabout as rapid as at any time in the postwar tories continued to pile up despite substantial period. Cutbacks in activity have been espe- cutbacks in production. However, business cially sharp in the auto industry, but they have firms are working strenuously to cut back excess been substantial also in the production of other stocks—through further curtailments of output, consumer goods, business equipment, con- special promotions, and price concessions—and struction products, and industrial materials. it appears that we are now moving into a period Total employment increased during the first of inventory liquidation. This adjustment of 10 months of 1974; but there has been a marked inventories will have a temporary depressing decline in recent months, and unemployment effect on production and employment, but it is has risen sharply. Overtime work has also been an essential precondition for an upturn in busireduced, and an increasing number of workers ness activity later on. have been able to find only part-time employ- As the economy weakened during the course ment. of 1974, the behavior of prices began to reflect As so often happens in a recession, consumer it. Sensitive prices of industrial raw materials demands for autos, furniture, household appli- started to decline in the spring of last year. Last ances, and other durable goods have declined fall the effects of declining business activity sharply. Sales of domestic-type autos in Jan- began to show up in wholesale prices of interuary—although up from December—were at an mediate materials, supplies, and components, annual rate of only 6.6 million units, nearly and later on in prices of finished goods. In one-fourth below last summer's pace. Weakness December wholesale prices of industrial comin consumer demand has extended also to modities were unchanged, agricultural prices Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 Federal Reserve Bulletin Q. February 1975 declined, and the over-all wholesale price index lems have become particularly acute. Recent turned down. international understandings to extend the oil The rise in consumer prices has also slowed, facility of the International Monetary Fund, to partly because the run-up in prices of energy increase Fund quotas, and to create a $25 billion items associated with the rise in the cost of safety net among member countries of the Orimported crude oil has been tapering off. There ganization for Economic Cooperation and Dehave also been substantial price concessions by velopment will help to cope with the internaautomobile dealers and other retailers to help tional financial problems of 1975. But new stimulate sales and thus bring inventories down. strains could develop in international financial It would be premature to conclude, however, markets. Private banking systems handled a that the menace of inflation is, or soon will be, huge volume of international financing last year, behind us. Agricultural products are still in short and it is unlikely that they can repeat this supply, in large part because of a series of performance in 1975. disappointing crop harvests both here and Both here and in other industrial countries, abroad. Also, in some sectors of the economy, monetary policy has responded to the weakening such as the service area, prices are continuing in economic activity by encouraging easier conto respond to past increases in costs. A major ditions in financial markets. In the United States source of inflationary pressure now is the run-up that easing has proceeded somewhat faster than of wage rates. Recent increases in wages greatly has generally been the case abroad. Federal exceed the long-run growth trend of produc- Reserve open market operations began to be tivity. To make matters worse, productivity has more accommodative last summer, and shortdeclined substantially over the past year, and term market interest rates began to move down unit labor costs consequently rose by almost 15 from the exceptionally high levels reached in per cent in 1974. July. As the year progressed, evidence accumu- Other industrial countries have also been lated that economic activity was weakening and beset by the dual problem of recession and that advances in commodity prices were begininflation. With the notable exception of Ger- ning to moderate. Open market operations were, many, the rate of inflation in other industrial therefore, steadily directed towards a more nations has been about the same or higher than ample provision of reserves to the banking sysin the United States. Most major countries also tem. experienced a leveling-off or decline in em- More recently, open market policy has been ployment and output last year, and these ten- reinforced by other monetary instruments. The dencies were increasingly apparent as the year discount rate was reduced on three occasions— progressed. in early December, early January, and again this Despite the weakening in economic activity week—from 8 per cent to 6% per cent. Reducaround the world, our export markets held up tions in member bank reserve requirements were well last year. Merchandise exports increased also ordered—in September, November, and considerably, even after allowance for the rise January, releasing a total of nearly $2% billion in prices. Our trade balance would have im- of reserves and thus helping to improve the proved had it not been for the higher price of liquidity position of the banking system. imported oil, which moved it into substantial Since last July, these policy actions—together deficit. And the exchange value of the dollar with weaker demands for credit by businesses has slipped in recent months, due in some and consumers—have resulted in a sharp decline measure to capital flows caused by the sharper of short-term market interest rates. Downward decline of market interest rates here than abroad. movements have continued in recent weeks, Mainly because of higher oil prices, most even though Treasury financing needs have oil-importing countries have had large current- grown and market participants have begun to account deficits during the past year, and some anticipate massive Federal deficits that, unhaphave experienced difficulty in obtaining needed pily, are now in prospect. financing. For poorer countries, financing prob- Long-term interest rates have also declined, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 71 but much less than short-term rates. Lenders are Enlarged inflows of deposits to savings and still demanding a sizable inflationary premium loan associations have permitted these suppliers to supply long-term funds. Moreover, corpora- of home mortgage funds to reduce their bortions have issued in recent months exceptionally rowing and to replenish liquid assets, thereby large amounts of long-term bonds—in part re- laying the base for renewed expansion in mortflecting their need to lengthen debt and thereby gage lending. The full benefits of these develimprove their liquidity position. Demands for opments will not be felt for some time, but the long-term capital by State and local govern- improved deposit inflows have already had an ments have also been well sustained. effect on mortgage interest rates. Rates on new The beneficial effects of easier conditions in conventional home mortgages have declined by financial markets are not all registered in the almost a full percentage point from the peaks movement of interest rates. For example, mem- of early autumn, and lenders are also more ber banks responded initially to the greater active now in seeking out borrowers. availability of reserves by repaying their bor- In short, financial conditions have eased in rowings from the Federal Reserve and by taking a variety of ways over recent months. The other steps that improved their liquidity. Banks liquidity of banks and other thrift institutions became overextended during the 1971-74 credit has improved; short-term interest rates have expansion, and an improvement of their finan- dropped sharply; a large volume of long-term cial position was needed to lay the basis for securities has been successfully marketed; una subsequent expansion of lending. Reductions certainties afflicting financial markets earlier last in the prime rate of interest, therefore, have year have diminished, and stock prices of late lagged behind the decline in open market rates, have been rising again. as banks encouraged businesses to meet their Despite this marked improvement in financial credit needs in the open market. markets, some further decline in economic ac- Growth of the monetary aggregates has re- tivity has to be expected. Consumer willingness flected this cautious behavior on the part of to spend is likely to be held back by the effects banks. Despite a series of expansive monetary of widespread unemployment on personal inactions, the narrowly defined money stock (Mi) comes; business spending for fixed capital and grew at an annual rate of only IV2 per cent in inventories will be adversely influenced by the the third quarter of 1974 and 4 lA per cent in deterioration in sales, profits, and internal cash the fourth quarter. In January of this year, flows; even residential construction activity may moreover, a decline occurred in M probably remain depressed for a short time in view of u because demands for bank credit were unusually the continuing decline in housing starts. weak during the month. Evidence is accumulating, however, that the Broader measures of money have shown more corrective forces needed to lay the basis for strength than has M . With interest rates declin- economic recovery are already under way. Price x ing, net inflows of consumer-type time and rebates on autos and other products are helping savings deposits at banks and at nonbank thrift to stimulate sales. Consumer incomes are being institutions have improved markedly. Growth in sustained by enlarged unemployment compen- M —which includes consumer-type time and sation as well as by an expanded public service 2 savings deposits at commercial banks—rose at employment program. The adjustments in fian annual rate of about 7 per cent in the fourth nancial markets to which I have referred should quarter, compared with a Alh per cent rate in be of major benefit in supplying funds for housthe third. Expansion in M —a still broader ing and for other purposes. And the upturn in 3 measure of money that also includes deposits the stock market is serving to improve the state at nonbank thrift institutions—showed similar of confidence. acceleration. Furthermore, the volume of large- For their part, businessmen have responded denomination certificates of deposit and other to declining sales and profits by making strenuliquid instruments bought by major investors has ous efforts to work off excessive inventories, continued to increase at a brisk pace. by concentrating production in more efficient Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 Federal Reserve Bulletin Q. February 1975 plants, and by economizing on labor and mate- changes in the attitude of the labor force and rials. In the manufacturing sector, productivity some laxity in management. Workers nowadays actually improved somewhat during the last are well trained, but many of them work with quarter of 1974, despite a sharp decline in less energy than they should, and absenteeism output. This is a most encouraging develop- has become a more serious problem. ment. These changed attitudes toward work are to Thus, while business activity is likely to slide some degree the outgrowth of a second disturboff further in the months immediately ahead, ing trend in our economy—namely, the fact that there is reason to expect an upturn later this taxes have progressively reduced the rewards for year. The stimulative fiscal actions proposed by working, while government at the same time the President would serve to increase the likeli- has increased the share of national output going hood of a turnaround in the course of the econ- to persons who are not productively employed. omy. The personal tax rebate, if enacted Twenty-five years ago, a typical worker with promptly, should have a stimulative effect on three dependents gave up about 1 per cent of spending by late spring or summer, and the his gross weekly earnings in Federal income and effects on business capital expenditures of a social security taxes. Since then, that fraction liberalized investment tax credit should soon has risen steadily and reached 13 per cent in follow. The resulting expansion in investment 1974. would help to provide more jobs later this year Any large increase in the absorption of private and would also contribute to moderating infla- incomes by government poses a threat to indition over the longer run by improving the ca- vidual incentives—all the more so when taxes pacity and efficiency of our industrial plant. are levied on persons who work and produce, I cannot stress strongly enough the impor- and the funds are then transferred to others who tance of measures to increase productivity at our remain idle. Over the past 25 years transfer Nation's business enterprises. This is the first payments by all governmental units—in such of several longer-range problems to which I forms as public welfare, social security benefits, want to direct the committee's attention. unemployment insurance, and other public as- For some time now, the trend of productivity sistance—have risen about twice as fast as total in the private nonfarm economy has tended to wages and salaries. These transfer payments flatten out. During the past decade, the average now amount to almost one-fifth of the aggregate annual increase in output per manhour was less of wage and salary disbursements, and the fracthan 2 per cent, compared with nearly 3 per tion is steadily increasing. A society as affluent cent in the previous 10 years. Within the past as ours can ill afford to neglect the poor, the decade, the rate of improvement in productivity elderly, the unemployed, or other disadvantaged has diminished also. This development has a persons. But neither can it afford to neglect the significant bearing on the living standards of our fundamental precept that there must be adequate people and also on the impact that rising wage rewards to stimulate individual effort. rates have on costs of production and prices. Besides weakening individual enterprise, The unsatisfactory record of productivity im- massive increases in governmental expendiprovement stems in large part from inadequate tures—for social welfare, defense, and whatinvestment by business firms in new plant and not—have been a major cause of intensifying 4 equipment. Business profits have fallen increas- inflationary pressures. This is the third of the ingly short of the amounts needed to finance longer-run problems that our Nation must conthe growth and modernization of our Nation's front. Inflation has been a problem in this industrial plant. Environmental and safety regu- country through most of the postwar period; lations, while desirable in their own right, have however, the upward march of prices began to often delayed fulfillment of capital spending accelerate during the middle 1960's when our plans and at times have forced adoption of less Government embarked on a highly expansionary efficient methods of production. Productivity fiscal policy. Since 1965 total Federal expendiimprovement has also been hampered by tures have risen about 50 per cent faster than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 73 the gross national product; budget deficits have element of earnings that is illusory. It stems become chronic; interest rates have soared to from the fact that the accounting practices of unprecedented heights; expectations of rising many corporations still do not allow for the fact prices have gotten built into wages and other that inventories used up in production must be contracts; and inflation has emerged as the most replaced at higher prices during a period of dangerous economic ailment of our time. inflation. As a consequence, costs of operation There can be little doubt that inflation is the have been understated, and fictitious profits have principal cause of the decline in economic ac- been created that are being taxed by the Federal tivity in which we now find ourselves. The Government. havoc wrought in our economy by inflation, Excluding this illusory inventory profit, the however, goes well beyond the immediate loss after-tax domestic profits of nonfinancial corof production and employment. Because of its porations did not rise last year. On the contrary, capricious incidence on income and wealth, they declined by 20 per cent and were smaller inflation has caused disillusionment and discon- than 8 or 10 years earlier—when the dollar value tent among our citizens. And because of its of the output of these corporations was about distorting effects on business decisions, inflation half what it is today. has brought into question the liquidity of some Last year, in fact, the after-tax profits of major business and financial institutions. nonfinancial business corporations—adjusted There is no easy way out of the inflationary for inventory gains—were no larger than the morass into which we have allowed ourselves amount of dividends these firms paid to their to sink. Unwinding from an inflationary process stockholders. Worse still, when allowance is built up over a decade will take time and will made for the fact that depreciation schedules for cause further hardships for our people. But fixed capital are also based on historical costs— defeat of inflationary forces must remain a major rather than replacement costs—and thus congoal of public policy. We cannot realistically tribute yet another illusory element to book expect to regain lasting prosperity until busi- profits, these firms actually paid out more in nesses and consumers glimpse some end to the dividends to their stockholders than they earned inflation that has been damaging our economy. from current production. Lasting prosperity will also require steps to As I noted earlier, this slump in corporate reverse the deterioration in corporate profits that profits is a major reason why business capital has taken place over the past decade or more. investment has been impeded and why the rate This is another longer-run problem of major of productivity improvement has been sluggish. importance. But there has been another ominous conse- The condition of business profits is widely quence of deteriorating business profits— misunderstood. Profits are thought by some ob- namely, some decline in the financial strength servers to be ample or even overabundant. The of our Nation's business firms. This is the fifth fact is, however, that profit margins of nonfin- long-run problem to which this committee's ancial businesses have been declining rather attention should be directed. steadily for many years and profits in the aggre- Years ago, when their profit positions were gate have been far too low in recent years to more adequate, our Nation's major business supply the financing needed for a vigorous ex- corporations financed much of their capital inpansion in capital investment. vestment from internal sources rather than from The major source of confusion about the borrowed funds. However, dependence on borrecent behavior of corporate profits is not hard rowed funds has been rising steadily for more to find. Last year the estimated pre-tax profits than a decade. In the past 5 years, funds borof all nonfinancial corporations from their do- rowed in the money and capital markets by all mestic operations were 16 per cent higher than nonfinancial corporations averaged nearly 70 per in 1973 and 46 per cent higher than in 1972. cent of the amount raised internally, and in 1974 The dominant factor in this rise, however, was their borrowings appear to have exceeded their an enormous increase in inventory profits—an internal funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 Federal Reserve Bulletin Q. February 1975 This growing reliance on borrowed money occasionally do intervene to smooth out movehas brought with it a steep rise in the amount ments in exchange rates. But a substantially of debt owed by business firms relative to their greater degree of exchange-rate stability will not equity positions. In 1950 total liabilities of be achieved until underlying economic and fimanufacturing corporations amounted to less nancial conditions have been put in better order. than half of the book value of the stockholders' Let me now turn, in conclusion, to the impliequity. Today, the magnitudes of debt and eq- cations for public policy of our immediate and uity for manufacturing corporations are almost longer-range economic difficulties. The most equal. Moreover, a large part of the indebted- urgent need at the present time is for measures ness piled up by business firms has been in the to cushion recessionary forces. But great care form of short-term debts, and these, in turn, must be taken to avoid aggravating the underlyhave grown much more rapidly than holdings ing inflationary forces that have produced our of current assets. The liquidity position of non- present problems. financial businesses has thus been weakened. Action to reduce income taxes temporarily is These are disturbing trends. The balance an appropriate course at the present time. Besheets of many of our business corporations cause of inflation, many individuals have moved have become distorted by the need to finance into higher tax brackets even though their real capital investment from external sources. incomes have declined or remained unchanged. Moreover, the issuance of new stock has been Unless personal tax rates are reduced, that trend inhibited by unreceptive markets and by tax will continue and the automatic budgetary staconsiderations. The consequence has been that bilizers we normally count on to moderate remargins of equity have been significantly re- cessionary tendencies will therefore not function duced, and many large businesses no longer effectively. Also, action is needed to reduce have the resiliency they once had to resist eco- business taxes in view of the serious deterionomic and financial adversity. ration in corporate profits, and the taxing of The sixth longer-range problem of major illusory profits by the Federal Government. concern to the Nation is the foreign exchange The President's fiscal program recognizes the value of the dollar. Actually, the dollar began need to deal with the current recession and yet weakening many years before its formal deval- avoid releasing a new wave of inflation. Both uation in 1971. Earlier there had been an enor- the tax rebate to individuals and the increase mous rise in the dollar holdings of foreign in the investment tax credit will provide a temcentral banks because our balance of payments porary boost to aggregate demand without addwas in deficit for a prolonged period. Capital ing to Federal deficits over the longer run. outflows—some of them speculative—were Moreover, increases in Federal expenditures are large, and they were not offset by surpluses in to be limited in several ways—by postponing our current account because costs and prices in new program initiatives apart from the energy the United States were rising rapidly. The de- area, by various rescissions and deferrals of valuation of 1971 and also that of 1973 were spending for existing programs, and by ceilings thus a consequence of trends that had been under on increases in social security benefits and on way for many years. Federal pensions and salaries. Even so, Federal Following the second devaluation in 1973, expenditures should be scrutinized with special the foreign-exchange value of the dollar has care in an effort to hold spending well below fluctuated fairly widely, but without much net the levels projected in the President's budget message. Such a step would improve the proschange. Such fluctuations make it more difficult pects for moderating the rate of inflation and for foreign traders and investors to make rational would also bolster the confidence of our people plans for the future. We must bear this in mind, by indicating the clear intent of the Congress and also the fact that any appreciable decline to stick to a course of fiscal prudence. in the external value of the dollar would add to our domestic inflationary problem. The Fed- These same considerations must guide the eral Reserve and other central banks can and course of monetary policy in the months ahead. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 75 The Federal Reserve intends to encourage re- better measure of discipline in Federal finances covery by providing for an adequate expansion have become a matter of great urgency. Ways in supplies of money and bank credit. Relatively must be found to curb the ever increasing share soon, growth in the monetary aggregates— of the national income absorbed by governincluding the narrowly defined money supply— mental programs—especially programs that should strengthen. Let me assure this commit- transfer funds from persons who work to those tee, however, that we have no intention of who are not productively employed. Ways must permitting an explosion in money and credit no be found also to strengthen business profits and matter how large private or public financing the state of business finances, and to increase demands may become. Such a reckless course the incentives for expansion of productive caof action might hold short-term interest rates pacity and for modernization of our Nation's down for a time, but it would before long plunge industrial plant. our economy into deeper trouble. Above all, ways must be found to bring an This committee would be well advised to end to inflation and thus lay the basis for a focus a large part of its attention on the course lasting prosperity at home and a strengthening of public policy needed to cope with the serious of our position in international markets. Our longer-range problems facing the Nation. The people are weary of inflation; they are confused issues at stake are large and complex, and and disturbed by the huge budget deficits that solutions will not be readily found. Besides a are in the making this fiscal year and next; and major national program to deal with the critical they are anxiously awaiting evidence that their problem of energy—which I have not dis- Government can and will take the necessary cussed—it seems clear that efforts to gain a steps to restore economic and financial stability. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON NOVEMBER 19, 1974 Domestic policy directive The information reviewed at this meeting suggested that real output of goods and services—which had declined at an annual rate of about 3 per cent in the third quarter of the year and of about 4.5 per cent in the first half—was falling significantly further in the current quarter while prices and wages were continuing to rise at a rapid pace. Staff projections, like those of 5 weeks earlier, suggested that contraction in real economic activity would persist during the first half of 1975 and that the rate of increase in prices would remain rapid, although not so rapid as throughout 1974. After having changed little since May, industrial production declined in October as a result of widespread decreases among consumer goods as well as industrial and construction materials; although auto output increased somewhat in October, it was being curtailed in November because of declining sales and a record level of inventories. Total retail sales edged down in October, reflecting the weakness in auto sales. Nonfarm payroll employment changed little. However, the unemployment rate rose further, from 5.8 to 6.0 per cent, and in late October and early November claims for unemployment insurance continued to increase. Although a new labor contract had just been negotiated in the coal industry, the length of the strike that had begun on November 12 was uncertain because of the need for ratification by the union membership; a prolonged strike could induce substantial curtailments in output and employment in other industries. Wholesale prices of industrial commodities rose substantially further in October—reflecting increases in motor vehicles, machinery, and chemicals—but as in September, the rise was well below the extraordinarily rapid rate earlier in the year. Wholesale prices of farm and food products increased sharply after having declined moderately in September. The index of average hourly earnings for private nonfarm production workers continued to advance at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 77 a relatively rapid pace. In September the consumer price index had increased substantially further. Staff projections for the first half of 1975 were similar to those made 5 weeks earlier: it was still anticipated that the rise in both disposable personal income and personal consumption expenditures would be little, if any, greater than the increase in consumer prices; that the expansion in business fixed investment would taper off; and that the pace of business inventory investment would moderate. However, residential construction activity now was expected to decline somewhat less in the first quarter and then to turn up in the second quarter. The exchange rate for the dollar against leading foreign currencies—which had turned down in early September—continued downward between mid-October and mid-November, in part because of a decline in interest rates in the United States relative to rates in most other countries. The U.S. merchandise trade deficit, already sizable in the second quarter of the year, increased substantially in the third quarter, reflecting a large decline in exports of agricultural commodities and a further rise in imports. However, U.S. banks and U.S. agencies and branches of foreign banks sharply reduced their lending abroad. Total loans and investments at U.S. commercial banks, after having declined in September, were unchanged in October. The growth in outstanding business loans was moderate—as prime business borrowers continued to be attracted to the commercial paper market by declines in rates in that market—and bank holdings of Treasury securities declined further. Banks reduced their Eurodollar borrowings and their outstanding volume of large-denomination CD's. Between mid-October and mid-November, most banks reduced the prime rate applicable to large corporations in four steps from 11% per cent to 10% per cent, but the reduction was substantially less than the decline in commercial paper rates. On November 13 the Board of Governors announced a restructuring of member bank reserve requirements that would release reserves to the banking system in the week beginning December 12 and thus would help to meet the seasonal need for reserves over the following weeks.1 The action also was designed to improve xOn November 18 the Board announced a modification of the restructuring of reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 Federal Reserve Bulletin Q. February 1975 the liquidity of the banking system by encouraging banks to alter the structure of their time deposits in favor of the longer-term maturities; toward that end, reserve requirements on longer-term time deposits were reduced and those on shorter-term time deposits were raised. The narrowly defined money stock (M )2 rose at an annual rate x of about 5 per cent in October, compared with rates of about 1.5 per cent in the third quarter and 6 per cent in the first half of the year.3 Net inflows of consumer-type time and savings deposits to banks and to nonbank thrift institutions also picked up in October, and the more broadly defined measures of the money stock (M 4 and M 5) expanded appreciably. 2 3 The Treasury raised new money on October 23 by auctioning $1 billion of 4V2-year notes at an average price to yield 7.89 per cent. In its regular quarterly financing the Treasury auctioned $4.85 billion of notes and bonds to refund $4.3 billion of publicly held securities having mid-November maturities and to raise $550 million of new money: on November 6, 7, and 8, respectively, it sold $2.5 billion of 3-year notes at an average price to yield 7.85 per cent; $1.75 billion of 7-year notes at an average price to yield 7.82 per cent; and $600 million of a reopened 24Vi-year bond at an average price to yield 8.21 per cent to maturity. On November 14 the Treasury announced that later in the month it would raise more new money by auctioning $3.5 billion of April and June tax-anticipation bills and $1 billion of a strip of bills made up of additions to the weekly bills maturing in late December and early January. System open market operations since the October meeting had been guided by the Committee's decision to seek bank reserve and money market conditions consistent with a resumption of moderate growth in monetary aggregates over the months ahead, while 2Private demand deposits plus currency in circulation. 3 Growth 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. Measures of the money stock subsequently were revised to reflect new benchmark data for deposits at nonmember banks; on the revised basis grew at an annual rate of about 4 per cent in October. 4M plus commercial bank time and savings deposits other than large-denomi- X nation 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 79 taking account of the forthcoming Treasury financing and of developments in domestic and international financial markets. Data that had become available a few days after that meeting suggested that in the October-November period M would grow at a rate in the 1 lower part of the 43A to 1XA per cent range of tolerance that had been specified by the Committee. In accordance with the understanding that the weekly average rate for Federal funds would be permitted to decline to about the midpoint of its specified range of 9 to 10% per cent so long as the monetary aggregates did not appear to be growing at rates at or above the upper limits of their specified ranges, System operations had been directed toward some further easing in bank reserve and money market conditions. In the final days of October the funds rate was about 93A per cent, compared with an average of about lOVs per cent in the statement week ending October 16. On October 31 the available data suggested that in the October-November period the annual rate of growth in M would be x at the midpoint of the specified range, reflecting an expectation that growth in M would accelerate in November from an October x rate that was estimated to be near the lower limit of the range. The rate of growth in M in the 2-month period appeared to be 2 at the upper limit of its range. 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, a majority of the members concurred in the Chairman's recommendation of October 31 that the target for the funds rate be reduced to 9V2 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. In the days before this meeting the funds rate was about 9Vi per cent. Most short-term market interest rates declined considerably further in the inter-meeting period—despite the large additions to the supplies of Treasury bills—in response to the continuing decline in the Federal funds rate. However, Treasury bill rates moved up again following the November 14 announcement that the Treasury would auction a substantial volume of tax-anticipation bills to raise Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 Federal Reserve Bulletin Q. February 1975 new money. On the day before this meeting the rate on 3-month Treasury bills was 7.52 per cent, compared with 7.17 per cent on November 14 and with 7.63 per cent on the last market day before the October meeting. Markets for long-term securities also improved, as many investors concluded that long-term rates had passed their peaks. Yields on Treasury and corporate bonds declined, although the volume of public offerings of corporate bonds in October and in prospect for November was unusually large. Contract interest rates on new commitments for conventional home mortgages in the primary market turned down in October, while yields on commitments in the secondary market for Federally underwritten home mortgages continued to decline. The Committee concluded that the economic situation and outlook called for moderate growth in the monetary aggregates over the longer run. A staff analysis suggested that growth in M—alt though still relatively sluggish in October—would be fairly rapid in the November-December period, reflecting the cumulative impact of the decline in interest rates that had occurred in recent months and the temporary effects of a substantial decline in U.S. Government deposits. Nevertheless, it appeared likely that if M x were to grow at a rate consistent with the Committee's longer-run objectives for the monetary aggregates, money market conditions would have to ease slightly further in the period immediately ahead. Such easing probably would be accompanied by little, if any, further decline in other market interest rates. The staff analysis suggested that net inflows to banks of time and savings deposits other than large-denomination CD's, which had picked up sharply in October, would remain substantial in the period immediately ahead and that net inflows to nonbank thrift institutions would improve further. Expansion in bank credit was likely to be moderate, in part because banks had adopted more cautious loan and investment policies. Taking account of the staff analysis and in light of the recent relatively slow growth of the monetary aggregates, the Committee concluded that its objective of moderate monetary growth could be furthered with relatively rapid rates of expansion in the November-December period. Specifically, the Committee adopted ranges of tolerance for the November-December period of 6V2 to 9V2 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 81 cent and 8 to 10V2 per cent for the annual rates of growth in M t and M , respectively. The members agreed that such growth rates 2 would be likely to involve growth in reserves available to support private nonbank deposits (RPD's) within a range of tolerance of 2% to 5Vi per cent. They 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 8V2 per cent to as high as 10 per cent, if necessary, in the course of operations. The members also agreed that, in the conduct of operations, account should be taken 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 is falling significantly further in the current quarter while price and wage increases are continuing large. In October industrial production declined—after having changed little since May—and the unemployment rate increased further, from 5.8 to 6.0 per cent. In recent weeks sizable cutbacks in automobile production have been announced, and claims for unemployment insurance have continued to increase. There are major uncertainties concerning the duration of the coal strike; a lengthy shutdown would have substantial effects on other industries. The October rise in wholesale prices of industrial commodities, although substantial, remained well below the extraordinarily rapid rate in the first 8 months of the year; prices of farm products and foods increased sharply. In recent weeks the dollar has declined further against leading foreign currencies. In the third quarter the U.S. foreign trade deficit was substantially larger than in the second quarter, but U.S. banks sharply reduced their foreign lending. Growth of the narrowly defined money stock picked up from the slow pace of the third quarter to an annual rate of about 5 per cent in October. Net inflows of consumer-type time and savings deposits at banks and at nonbank thrift institutions also improved in October, and the money supply measures more broadly defined Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 Federal Reserve Bulletin Q. February 1975 expanded appreciably. Bank credit outstanding changed little, and banks reduced their borrowing through Euro-dollars and large-denomination CD's. Since mid-October markets for short- and longterm securities have improved, despite heavy Treasury financing and a large volume of corporate security issues. Interest rates on market securities in general have declined further, and mortgage yields also have fallen somewhat. On November 13 the Board of Governors announced a restructuring of member bank reserve requirements, which will have the effect of releasing reserves to the banking system in the week beginning December 12. 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 developments in domestic and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with moderate growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Hayes, Black, Bucher, Clay, Coldwell, Holland, Kimbrel, Mitchell, Sheehan, Wallich, and Winn. Votes against this action: None. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 83 MEETING HELD ON DECEMBER 16-17, 19741 Domestic policy directive The information reviewed at this meeting suggested that real output of goods and services—after declining at an annual rate of 2 per cent in the third quarter of the year and about 4.5 per cent in the first half—was falling substantially further in the current quarter, only in small part because of the 4-week coal strike. Price and wage increases were continuing large, although not so large as in the first three quarters of the year. Staff projections suggested that real economic activity would recede significantly further in the first half of 1975 and that the rate of increase in prices, while still rapid, would moderate. In November retail sales declined for the third consecutive month. The index of industrial production fell sharply further, reflecting curtailments in output of some types of business equipment as well as of consumer goods and industrial materials. Reductions in employment were widespread, especially in manufacturing, and the unemployment rate rose further, from 6.0 to 6.5 per cent. In recent weeks additional production cutbacks and layoffs had been announced. Wholesale prices of industrial commodities rose substantially further in November—reflecting for the most part increases in machinery and chemicals—but as in September and October, the rise was below the extraordinarily rapid pace earlier in the year. Wholesale prices of farm and food products continued to increase. As in October, the advance in the index of average hourly earnings for private nonfarm production workers was less rapid than in the second and third quarters of the year. The consumer price index had increased substantially further in October, although the rise in prices of nonfood commodities had moderated. The latest staff projections for the first half of 1975 suggested that economic activity would contract significantly more than anticipated at the time of the last meeting, and consequently that nominal GNP would rise appreciably less. For the most part, the greater weakness now expected reflected a substantial reduction 1This meeting began on the afternoon of December 16 and continued on the following day. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 Federal Reserve Bulletin Q. February 1975 in the rate of business inventory investment in the first quarter— from an unusually high rate estimated for the current quarter, in association with a sharp weakening in final purchases of goods— and then a shift to inventory liquidation in the second quarter. In addition, the expansion in business fixed investment now was expected to fall short of the rise in prices. It was still anticipated that the rise both in disposable personal income and in personal consumption expenditures would be little, if any, greater than the increase in consumer prices and that residential construction activity would decline somewhat further in the first quarter and then turn up in the second. The exchange rate for the dollar against leading foreign currencies—which had been declining since early September—declined somewhat further between mid-November and mid-December, reflecting in part upward pressure on the German mark and the Swiss franc. In October the U.S. merchandise trade deficit had narrowed, for the second consecutive month, as exports of nonagricultural commodities expanded sharply while total imports increased little. Inflows of bank-reported private capital had continued, although at a pace somewhat below that during the third quarter, and on balance, oil-exporting countries had added to their investments in the United States. At U.S. commercial banks, total loans expanded at a moderate pace in November and holdings of securities increased slightly. The growth in outstanding business loans slowed, as many prime business borrowers continued to be attracted to the commercial paper market by the relatively lower cost of funds. Although most banks reduced the prime rate applicable to large corporations from 103A per cent to 10V2 per cent in late November, reductions in the prime rate continued to lag behind declines in commercial paper rates. The narrowly defined money stock (M )2 grew at an annual rate x of about 7 per cent in November, compared with rates of about 4 per cent in October and of 1.5 per cent in the third quarter.3 2Private demand deposits plus currency in circulation. 3The growth rate cited for the quarter is calculated on the basis of the daily-average level in the last month of the quarter relative to that in the last month of the preceding quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 85 In November net inflows of consumer-type time and savings deposits remained strong at banks and continued to improve at nonbank thrift institutions, and the more broadly defined measures of the money stock (M 4 and M 5) again expanded appreciably. 2 3 System open market operations since the November 19 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 the November meeting suggested that in the November-December period the aggregates would grow at rates near the lower limits of the ranges of tolerance that had been specified by the Committee. Consequently, System operations were directed toward some further easing in bank reserve and money market conditions. Through the first week after the meeting, however, the Federal funds rate remained near its pre-meeting level of 9Vi per cent, as banks elected to hold large excess reserves over the Thanksgiving holiday. Thereafter, the funds rate declined to about 83A per cent. Short-term market interest rates turned up in late November, apparently because market participants were disappointed in their expectations that the Federal funds rate would continue to decline. However, rates turned down again around the end of the month, following resumption of the decline in the funds rate. At the time of this meeting the market rate of 3-month Treasury bills was 7.14 per cent, compared with 7.52 per cent on the day before the November meeting and with 7.17 per cent on November 14, before the Treasury announced that it would raise a considerable amount of new money in the short-term market. Federal Reserve discount rates were reduced at 2 Reserve Banks from 8 to 73A per cent, effective on December 9; shortly thereafter, rates were reduced at the remaining 10 Banks. Yields on long-term corporate and Treasury issues rose in late November and subsequently declined, along with short-term market 4M plus commercial bank time and savings deposits other than money market X 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

86 Federal Reserve Bulletin Q. February 1975 rates, but yields on State and local government bonds were subjected to upward pressures throughout the period. The volume of public offerings of corporate and State and local government securities remained exceptionally large in November, and a substantial volume was in prospect for December. In mortgage markets, contract interest rates on new commitments for conventional home mortgages in the primary market and yields on commitments in the secondary market for Federally underwritten home mortgages continued to decline during the period from early November to early December. The Committee concluded that the economic situation and outlook called for somewhat more rapid growth in monetary aggregates over the months ahead than had occurred in recent months. The longer-run growth rates for the aggregates adopted by the Committee were raised slightly from those contemplated at other recent meetings. A staff analysis suggested that, in view of the weaker expansion in nominal GNP now projected, some further easing in money market conditions probably would be required in the period immediately ahead if M were to grow at a rate consistent with the t Committee's longer-run objectives for the monetary aggregates. Such easing was likely to be accompanied by only modest declines in other market interest rates because credit demands—although tending to moderate—would still be strong. It was expected that net inflows to banks of time and savings deposits other than large-denomination CD's would remain substantial and that net inflows to nonbank thrift institutions would continue to improve. The Committee concluded that growth in M and M over the t 2 December-January period at annual rates within ranges of tolerance of 5 to 7 per cent and IV2 to 10 per cent, respectively, would be consistent with its longer-run objectives for the monetary aggregates. The members 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 tolerance of 9 to 11 per cent. They 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 IV2 per cent to as high as 9 per cent, if necessary, in the course of operations. The members also agreed that, in the conduct of operations, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 87 account should be taken 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 is falling substantially further in the current quarter. Price and wage increases are continuing large, although not so large as earlier this year. In November declines in industrial production and employment were sharp and widespread, and the unemployment rate increased further, from 6.0 to 6.5 per cent. In recent weeks additional production cutbacks and layoffs have been announced. The November rise in wholesale prices of industrial commodities, although substantial, remained well below the extraordinarily rapid rate in the first 8 months of the year. Since mid-November the dollar has declined somewhat further against leading foreign currencies. In October the U.S. foreign trade deficit was reduced sharply for the second consecutive month, while there were continued net inflows of bank-reported private capital and of investments by oil-exporting countries. Growth of the narrowly defined money stock increased in November to an annual rate of about 7 per cent. Net inflows of consumer-type time and savings deposits remained strong at banks and continued to improve at nonbank thrift institutions, and the more broadly defined money supply measures again expanded appreciably. Bank loans increased only moderately. Most market interest rates, after rising in the second half of November, subsequently turned down again. Yields on State and local government securities, however, continued under upward pressure. Effective December 9, Federal Reserve discount rates were reduced from 8 to 13A per cent. 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, cushioning recessionary tendencies and encouraging resumption of real economic growth, and achieving equilibrium in the country's balance of payments. To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 Federal Reserve Bulletin Q. February 1975 to achieve bank reserve and money market conditions consistent with somewhat more rapid growth in monetary aggregates over the months ahead than has occurred in recent months. Votes for this action: Messrs. Burns, Hayes, Black, Bucher, Clay, Coldwell, Holland, Kimbrel, Sheehan, and Winn. Votes against this action: Messrs. Mitchell and Wallich. Messrs. Mitchell and Wallich, who dissented from this action, both believed that the economic situation and outlook called for a more stimulative monetary policy. In Mr. Mitchell's opinion, the primary objective should be to achieve a level of interest rates that would encourage the increased volume of borrowing in mortgage and capital markets essential to the kind of revival in economic activity needed in 1975. Mr. Wallich believed that for a limited period it would be desirable to seek a higher rate of monetary growth than favored by the majority. Subsequent to the meeting, on January 9, the available data suggested that in December M and M had grown at rates of about x 2 2 and 2.5 per cent, respectively, and that growth rates for the December-January period would be well below the lower limits of the ranges of tolerance that had been specified by the Committee. In the statement week ending January 8, the Federal funds rate had averaged slightly below 7% per cent, and the System currently was conducting reserve-supplying operations thought to be consistent with a weekly average rate of about IV2 per cent, the lower limit of its range of tolerance. Against that background, and to give the Manager greater flexibility, Chairman Burns recommended on January 9 that the lower limit of the funds rate constraint be reduced to 7Vs per cent for the period remaining until the next Committee meeting. The members concurred in the Chairman's recommendation. 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

89 Directory of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal three groups, each of which consists of banks of Reserve Banks and Branches as at present consti- similar capitalization, and each group elects one tuted. The list shows, in addition to the name of Class A and one Class B director. Class C directors each director, his principal business affiliation, the may not be officers, directors, employees, or class of directorship, and the date when his term stockholders of any bank. One Class C director expires. Each Federal Reserve Bank has nine is designated by the Board of Governors as Chairdirectors; three Class A and three Class B direc- man of the Board of Directors and Federal Reserve tors, who are elected by the stockholding member Agent and another is appointed Deputy Chairman. banks, and three Class C directors, who are ap- Federal Reserve Branches have either five or seven pointed by the Board of Governors of the Federal directors, of whom a majority are appointed by Reserve System. Class A directors are repre- the Board of Directors of the parent Federal Resentative of the stockholding member banks. Class serve Bank; the others are appointed by the Board B directors at the time of their election must be of Governors of the Federal Reserve System. One actively engaged in their district in commerce, of the directors appointed by the Board of Goveragriculture, or some industrial pursuit, and may nors at each Branch is designated annually as not be officers, directors, or employees of any Chairman of the Board in such a manner as the bank. Federal Reserve Bank may prescribe. For the purpose of electing Class A and Class Names followed by footnote 1 (*) are Chairmen B directors, the member banks of each Federal and those by footnote 2 (2) are Deputy Chairmen. Reserve district are classified by the Board of Names in capital letters indicate new appoint- Governors of the Federal Reserve System into ments; all others are reappointments. District 1—FEDERAL RESERVE BANK OF BOSTON Term expires CLASS A: Dec. 31 WILLIAM M. HONEY President, The Martha's Vineyard National Bank, Vineyard Haven, Mass. 1975 FRANCIS N. SOUTHWORTH Chairman of the Board, President, Concord National Bank, Concord, N.H. 1976 JAMES F. ENGLISH, JR. Chairman, The Connecticut Bank and Trust Company, Hartford, Conn. 1977 CLASS B.- ALFRED W. VAN SINDEREN President, The Southern New England Telephone Company, New Haven, Conn. 1975 G. WILLIAM MILLER President, Textron Inc., Providence, R.I. 1976 WESTON P. FIGGINS Chairman of the Board, Wm. Filene's Sons Company, Boston, Mass. 1977 CLASS C: Louis W. CABOT1 Chairman of the Board, Cabot Corporation, Boston, Mass. 1975 KENNETH I. GUSCOTT President, Ken Guscott Associates, Boston, Mass. 1976 ROBERT M. SOLOW2 Institute Professor, Massachusetts Institute of Technology, Cambridge, Mass. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 Federal Reserve Bulletin Q. February 1975 District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires CLASS A.- Dec. 31 NEWMAN E. WAIT, JR. President, The Adirondack Trust Company, Saratoga Springs, N.Y. 1975 DAVID ROCKEFELLER Chairman, The Chase Manhattan Bank, N.A., New York, N.Y. 1976 STUART McCARTY President, First-City National Bank of Binghamton, N.Y. 1977 CLASS B.- JACK B. JACKSON President, J. C. Penney Co., Inc., New York, N.Y. 1975 MAURICE F. GRANVILLE Chairman of the Board, Texaco Inc., New York, N.Y. 1976 WILLIAM S. SNEATH President, Union Carbide Corporation, New York, N.Y. 1977 CLASS C.- FRANK R. MILLIKEN2 President, Kennecott Copper Corporation, New York, N.Y. 1975 ALAN PIFER President, Carnegie Corporation of New York, N.Y. 1976 ROSWELL L. GILPATRIC1 Partner, Cravath, Swaine & Moore, Esqs., New York, N.Y. 1977 BUFFALO BRANCH APPOINTED BY FEDERAL RESERVE BANK: CLAUDE F. SHUCHTER Chairman and Chief Executive Officer, Manufacturers and Traders Trust Company, Buffalo, N.Y. 1975 J. WALLACE ELY President, Security Trust Company, Rochester, N.Y. 1976 DANIEL G. RANSOM President, The Wm. Hengerer Co., Buffalo, N.Y. 1976 STEPHEN T. CHRISTIAN President, Marine Midland Bank—Chautauqua, N.A., Jamestown, N.Y. 1977 APPOINTED BY BOARD OF GOVERNORS: DONALD NESBITT1 Owner-Operator, Silver Creek Farms, Albion, N.Y. 1975 RUPERT WARREN Former President, Trico Products Corporation, Buffalo, N.Y. 1976 PAUL A. MILLER President, Rochester Institute of Technology, Rochester, N.Y. 1977 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA CLASS A.- JOHN HASSLER President, The City National Bank & Trust Company of Salem, N.J. 1975 THOMAS L. MILLER President, Upper Dauphin National Bank, Millersburg, Pa. 1976 WILLIAM B. EAGLESON, JR. Chairman and President, Girard Bank, Philadelphia, Pa. 1977 CLASS B.- HAROLD A. SHAUB President, Campbell Soup Co., Camden, N.J. 1975 WILLIAM S. MASLAND President, C. H. Masland & Sons, Carlisle, Pa. 1976 C. GRAHAM BERWIND, JR. President,-Chief Executive Officer, Berwind Corporation, Philadelphia, Pa. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directory of Federal Reserve Banks and Branches 91 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term expires CLASS C: Dec. 31 EDWARD J. DWYER2 Chairman of the Board, ESB Incorporated, Philadelphia, Pa. 1975 JOHN R. COLEMAN1 President, Haverford College, Haverford, Pa. 1976 EDWARD W. ROBINSON, JR.President and Chief Executive Officer, Provident Home Industrial Mutual Life Insurance Co., Philadelphia, Pa. 1977 District 4—FEDERAL RESERVE BANK OF CLEVELAND CLASS A.- DAVID L. BRUMBACK, JR. President, Van Wert National Bank, Van Wert, Ohio 1975 EDWARD W. BARKER Chairman of the Board, Chief Executive Officer, First National Bank of Middletown, Ohio 1976 MERLE E. GILLIAND Chairman of the Board and Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pa. 1977 CLASS B.- RENE C. MCPHERSON Chairman of the Board, Chief Executive Officer, Dana Corporation, Toledo, Ohio 1975 CHARLES Y. LAZARUS Chairman of the Board, Chief Executive Officer, The F. & R. Lazarus Co., Columbus, Ohio 1976 DONALD E. NOBLE Chairman of the Board, Chief Executive Officer, Rubbermaid Incorporated, Wooster, Ohio 1977 CLASS C: OTIS A. SINGLETARY President, University of Kentucky, Lexington, Ky. 1975 ROBERT E. KIRBY2 Chairman and Chief Executive Officer, Westinghouse Electric Corporation, Pittsburgh, Pa. 1976 HORACE A. SHEPARD1 Chairman of the Board, Chief Executive Officer, TRW Inc., Cleveland, Ohio 1977 CINCINNATI BRANCH APPOINTED BY FEDERAL RESERVE BANK: PAUL W. CHRISTENSEN, JR. President, The Cincinnati Gear Company, Cincinnati, Ohio 1975 ROBERT E. HALL President, The First National Bank & Trust Company, Troy, Ohio 1975 JOSEPH F. RIPPE President, The Provident Bank, Cincinnati, Ohio 1976 JOE D. BLOUNT President, National Bank of Cynthiana, Ky. 1977 APPOINTED BY BOARD OF GOVERNORS: PHILLIP R. SHRIVER1 President, Miami University, Oxford, Ohio 1975 CLAIR F. VOUGH Vice President, IBM Corporation, Lexington, Ky. 1976 L. H. ROGERS, II President and Director, Taft Broadcasting Company, Cincinnati, Ohio 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 Federal Reserve Bulletin Q. February 1975 District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued PITTSBURGH BRANCH Term expires APPOINTED BY FEDERAL RESERVE BANK: Dec. 31 ROBINSON F. BARKER Chairman of the Board, Chief Executive Officer, PPG Industries, Inc., Pittsburgh, Pa. 1975 JERRY A. HALVERSON President, The First National Bank & Trust Co. of Wheeling, W. Va. 1975 MALCOLM E. LAMBING, JR. President, Chief Executive Officer, The First National Bank of Pennsylvania, Erie, Pa. 1976 RICHARD D. EDWARDS President, The Union National Bank, Pittsburgh, Pa. 1977 APPOINTED BY BOARD OF GOVERNORS: ROBERT J. BUCKLEY President, Allegheny Ludlum Industries, Inc., Pittsburgh, Pa. 1975 G. JACKSON TANKERSLEY1 President, Consolidated Natural Gas Company, Pittsburgh, Pa. 1976 ARNOLD R. WEBER Dean, Graduate School of Industrial Administration and Provost, Carnegie-Mellon University, Pittsburgh, Pa. 1977 District 5—FEDERAL RESERVE BANK OF RICHMOND CLASS A.- JOHN H. LUMPKIN Chairman of the Board, Chief Executive Officer, The South Carolina National Bank, Columbia, S.C. 1975 PLATO P. PEARSON, JR. Chairman and President, The Citizens National Bank in Gastonia, N.C. 1976 JAMES A. HARDISON, Chairman and President, The First National Bank of Anson JR. County, Wadesboro, N.C. 1977 CLASS B: OSBY L. WEIR Retired General Manager, Metropolitan Washington-Baltimore Area, Sears, Roebuck and Company, Bethesda, Md. 1975 ANDREW L. CLARK President, Andy Clark Ford, Inc., Princeton, W. Va. 1976 HENRY C. HOFHEIMER, II Chairman, Virginia Real Estate Investment Trust, Norfolk, Va. 1977 CLASS C: ROBERT W. LAWSON, JR.1 Senior Partner, Charleston Office, Steptoe and Johnson, Attorneys, Charleston, W. Va. 1975 E. ANGUS POWELL President, Chesterfield Land & Timber Corporation, Richmond, Va. 1976 E. CRAIG WALL2 Chairman of the Board, Canal Industries, Inc., Conway, S.C. 1977 BALTIMORE BRANCH APPOINTED BY FEDERAL RESERVE BANK: J. R. CHAFFINCH, JR. President, The Denton National Bank, Denton, Md. 1975 J. STEVENSON PECK Chairman of the Board, Union Trust Company of Maryland, Baltimore, Md. 1976 LACY I. RICE, JR. President, The Old National Bank of Martinsburg, W. Va., and President, Suburban National Bank of Martinsburg, W. Va. 1976 J. PIERRE BERNARD Chairman of the Board, The Annapolis Banking and Trust Company, Annapolis, Md. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directory of Federal Reserve Banks and Branches 93 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued Term expires CINCINNATI BRANCH—Continued Dec• 31 APPOINTED BY BOARD OF GOVERNORS: DAVID W. BARTON, JR. President, The Barton-Gillet Company, Baltimore, Md. 1975 I. E. KILLIAN Manager, Eastern Region, Exxon Company, U.S.A., Baltimore, Md. 1976 JAMES G. HARLOW1 President, West Virginia University, Morgantown, W. Va. 1977 CHARLOTTE BRANCH APPOINTED BY FEDERAL RESERVE BANK: WILLIAM W. BRUNER Chairman and President, First National Bank of South Carolina, Columbia, S.C. 1975 THOMAS L. BENSON President, The Conway National Bank, Conway, S.C. 1976 W. B. APPLE, JR. President and Trust Officer, First National Bank of Reidsville, N.C. 1976 JOHN T. FIELDER Executive Vice President, J. B. Ivey and Company, Charlotte, N.C. 1977 APPOINTED BY BOARD OF GOVERNORS: ROBERT C. EDWARDS President, Clemson University, Clemson, S.C. 1975 CHARLES W. DEBELL1 General Manager, North Carolina Works, Western Electric Company, Inc., Winston-Salem, N.C. 1976 CHARLES F. BENBOW Senior Vice President, R. J. Reynolds Industries, Inc., Winston- Salem, N.C. 1977 District 6—FEDERAL RESERVE BANK OF ATLANTA CLASS A: SAM I. YARNELL Chairman, American National Bank and Trust Company, Chattanooga, Tenn. 1975 JOHN T. OLIVER, JR. President, First National Bank of Jasper, Ala. 1976 JACK P. KEITH President, First National Bank of West Poipt, Ga. 1977 CLASS B.- GEORGE W. JENKINS Chairman, Publix Super Markets, Inc., Lakeland, Fla. 1975 ROBERT T. HORNBECK Manager, Tennessee Operations, Aluminum Company of America, Alcoa, Tenn. 1976 ULYSSES V. GOODWYN Executive Vice President, Southern Natural Resources, Inc., Birmingham, Ala. 1977 CLASS C: F. EVANS FARWELL President, Milliken & Farwell, Inc., New Orleans, La. 1975 CLIFFORD M. KIRTLAND, President, Cox Broadcasting Corporation, Atlanta, Ga. JR.2 1976 H. G. PATTILLO1 President, Pattillo Construction Company, Inc., Decatur, Ga. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 Federal Reserve Bulletin Q. February 1975 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued BIRMINGHAM BRANCH Term expires APPOINTED BY FEDERAL RESERVE BANK: Dec. 31 JOHN ALEXANDER, JR. President, City National Bank of Birmingham, Ala. 1975 CLARENCE L. TURNIPSEED President, First National Bank of Brewton, Ala. 1976 JOHN MAPLES, JR. Executive Vice President, Union Bank & Trust Co., Montgomery, Ala. 1976 D. C. WADSWORTH, JR. President, The American National Bank of Gadsden, Ala. 1977 APPOINTED BY BOARD OF GOVERNORS: FRANK P. SAMFORD, JR.1 Chairman of the Board, Liberty National Life Insurance Company, Birmingham, Ala. 1975 DAVID MATHEWS President, University of Alabama, University, Ala. 1976 HAROLD B. BLACH, JR. President, J. Blach & Sons, Inc., Birmingham, Ala. 1977 JACKSONVILLE BRANCH APPOINTED BY FEDERAL RESERVE BANK: MICHAEL J. FRANCO Chairman of the Board, City National Bank of Miami, Fla. 1975 MAC DONNELLTYRE President, Sun First National Bank of Orlando, Fla. 1976 RICHARD A. COOPER Chairman of the Board, First National Bank of New Port Richey, Fla. 1976 CHAUNCEY W. LEVER President and Chairman, Florida National Banks of Florida, Inc., Jacksonville, Fla. 1977 APPOINTED BY BOARD OF GOVERNORS: JAMES E. LYONS1 President, Lyons Industrial Corporation, Winter Haven, Fla. 1975 EGBERT R. BEALL President, Beall's Department Stores, Bradenton, Fla. 1976 GERT H. W. SCHMIDT President, TeLeVision 12 of Jacksonville, Fla. 1977 NASHVILLE BRANCH APPOINTED BY FEDERAL RESERVE BANK: ROBERT E. CURRY President, First National Bank of Pulaski, Tenn. 1975 T. SCOTTFILLEBROWN, JR. President, First American National Bank of Nashville, Tenn. 1976 FRED R. LAWSON President, Blount National Bank of Maryville, Tenn. 1976 W. M. JOHNSON President, First National Bank, Sparta, Tenn. 1977 APPOINTED BY BOARD OF GOVERNORS: JOHN C. TUNE1 Partner, Butler, Tune and Entrekin, Attorneys, Nashville, Tenn. 1975 JAMES W. LONG President, Robertson County Farm Bureau, Springfield, Tenn. 1976 JAMES R. LAWSON President, Fisk University, Nashville, Tenn. 1977 NEW ORLEANS BRANCH APPOINTED BY FEDERAL RESERVE BANK: ERNEST F. LADD, JR. Chairman, The Merchants National Bank, Mobile, Ala. 1975 JAMES H. JONES Chairman of the Board and Chief Executive Officer, First National Bank of Commerce, New Orleans, La. 1976 CHARLES W. MCCOY Chairman of the Board and President, Louisiana National Bank, Baton Rouge, La. 1976 R. B. LAMPTON President, First National Bank of Jackson, Miss. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directory of Federal Reserve Banks and Branches 95 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term expires NEW ORLEANS BRANCH—Continued Dec. 31 APPOINTED BY BOARD OF GOVERNORS: EDWIN J. CAPLAN President, Caplan's Men's Shops, Inc., Alexandria, La. 1975 FLOYD W. LEWIS1 President and Chief Executive Officer, Middle South Utilities, Inc., New Orleans, La. 1976 FRED ADAMS, JR. President, Cal-Maine Foods, Inc., Jackson, Miss. 1977 District 7—FEDERAL RESERVE BANK OF CHICAGO CLASS A.- EDWARD BYRON SMITH Chairman of the Board, The Northern Trust Company, Chicago, 111. 1975 JAY J. DELAY President, Huron Valley National Bank, Ann Arbor, Mich. 1976 JOHN F. SPIES President, Iowa Trust and Savings Bank, Emmetsburg, Iowa 1977 CLASS B.- OSCAR G. MAYER Chairman of the Executive Committee, Oscar Mayer & Co., Inc., Madison, Wis. 1975 PAUL V. FARVER President, Rolscreen Company, Pella, Iowa 1976 JOHN T. HACKETT Executive Vice President, Cummins Engine Company, Inc., Columbus, Ind. 1977 CLASS C.- PETER B. CLARK1 Chairman of the Board and President, The Evening News Association, Detroit, Mich. 1975 ROBERT H. STROTZ2 President, Northwestern University, Evanston, 111. 1976 LEO H. SCHOENHOFEN Chairman of the Board, Marcor Inc., Chicago, 111. 1977 DETROIT BRANCH APPOINTED BY FEDERAL RESERVE BANK: JOSEPH B. FOSTER President, Ann Arbor Bank, Ann Arbor, Mich. 1975 ROLAND A. MEWHORT Director, Consultant, Manufacturers National Bank of Detroit, Mich. 1975 ROBERT M. SURDAM Chairman of the Board, National Detroit Corporation, Detroit, Mich. 1976 HAROLD A. ELGAS President, Gay lord State Bank, Gaylord, Mich. 1977 APPOINTED BY BOARD OF GOVERNORS: W. M. DEFOE1 Chairman of the Board, Defoe Shipbuilding Company, Bay City, Mich. 1975 JORDAN B. TATTER District Horticultural Agent, Cooperative Extension Service— Michigan State University, Paw Paw, Mich. 1976 TOM KILLEFER Vice President-Finance, General Counsel, Chrysler Corporation, Detroit, Mich. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 Federal Reserve Bulletin Q. February 1975 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Term expires CLASS A: Dec. 31 WM. E. WEIGEL Executive Vice President, 1st National Bank and Trust Company, Centralia, 111. 1975 RAYMOND C. BURROUGHS President, The City National Bank of Murphysboro, 111. 1976 DONALD N. BRANDIN Chairman of the Board and President, The Boatmen's National Bank of St. Louis, Mo. 1977 CLASS B.- TOM K. SMITH, JR. Group Vice President, Monsanto Company, St. Louis, Mo. 1975 FRED I. BROWN, JR. President, Arkansas Foundry Company, Little Rock, Ark. 1976 RALPH C. BAIN Vice President and General Manager, Arkla Industries, Inc., Evansville, Ind. 1977 CLASS C.- SAM COOPER2 President, Humko Products, Division of Kraftco Corporation, Memphis, Tenn. 1975 HARRY M. YOUNG, JR. Melrose Farms, Herndon, Ky. 1976 EDWARD M. SCHNUCK1 Chairman of the Board, Schnuck Markets, Inc., Bridgeton, Mo. 1977 LITTLE ROCK BRANCH APPOINTED BY FEDERAL RESERVE BANK: THOMAS G. VINSON Executive Vice President, The Citizens Bank, Batesville, Ark. 1975 FIELD WASSON President, First National Bank, Siloam Springs, Ark. 1975 HERBERT H. MCADAMS, II Chairman of the Board and Chief Executive Officer, Union National Bank of Little Rock, Ark. 1976 THOMAS E. HAYS, JR. President, Chief Executive Officer, First National Bank of Hope, Ark. 1977 APPOINTED BY BOARD OF GOVERNORS: W. M. PIERCE1 President, Arkansas Business Development Corporation, Little Rock, Ark. 1975 ROLAND R. REMMEL Chairman of the Board, Southland Building Products Co., Little Rock, Ark. 1976 RONALD W. BAILEY Executive Vice President and General Manager, Producers Rice Mill, Inc., Stuttgart, Ark. 1977 LOUISVILLE BRANCH APPOINTED BY FEDERAL RESERVE BANK: HERBERT J. SMITH President, The American National Bank and Trust Company of Bowling Green, Ky. 1975 TOM G. Voss President, The Seymour National Bank, Seymour, Ind. 1975 HAROLD E. JACKSON President, The Scott County State Bank, Scottsburg, Ind. 1976 J. DAVID GRISSOM President and Chief Operating Officer, Citizens Fidelity Corporation, Louisville, Ky. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directory of Federal Reserve Banks and Branches 97 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued Term expires LOUISVILLE BRANCH—Continued Dec. 31 APPOINTED BY BOARD OF GOVERNORS: JAMES H. DAVIS1 Chairman and Chief Executive Officer, Porter Paint Co., Louisville, Ky. 1975 WILLIAM H. STROUBE Associate Dean, College of Science and Technology, Western Kentucky University, Bowling Green, Ky. 1976 JAMES C. HENDERSHOT President, Reliance Universal Inc., Louisville, Ky. 1977 MEMPHIS BRANCH APPOINTED BY FEDERAL RESERVE BANK: RIDLEY ALEXANDER Chairman of the Board, Second National Bank, Jackson, Tenn. 1975 WILLIAM W. MITCHELL Chairman of the Board, First National Bank of Memphis, Tenn. 1975 WILLIAM M. CAMPBELL Chairman of the Board and Chief Executive Officer, First National Bank of Eastern Arkansas, Forrest City, Ark. 1976 CHARLES S. YOUNG- President and Chief Executive Officer, First Columbus National BLOOD Bank, Columbus, Miss. 1977 APPOINTED BY BOARD OF GOVERNORS: JEANNE L. HOLLEY1 Associate Professor of Business "Education, University of Mississippi, University, Miss. 1975 ROBERT E. HEALY Partner-in-Charge of the Mid-South Area, Price Waterhouse & Co., Memphis, Tenn. 1976 (VACANCY) 1977 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS CLASS A.- DAVID M. SMITH President, First National Bank of River Falls, Wis. 1975 CHARLES T. UNDLIN President, First National Bank of the Black Hills, Rapid City, S.D. 1976 WILLIAM E. RYAN President, The Citizens State Bank of Ontonagon, Mich. 1977 CLASS B: DAVID M. HESKETT President, Montana-Dakota Utilities Co.Bismarck, N.D. 1975 WARREN B. JONES Secretary-Treasurer and General Manager, Two Dot Land & Livestock Co., Harlowton, Mont. 1976 DONALD P. HELGESON Secretary-Treasurer, Jack Frost, Inc., St. Cloud, Minn. 1977 CLASS C.- JAMES P. MCFARLAND2 Chairman of the Board, General Mills, Inc., Minneapolis, Minn. 1975 HOWARD R. SWEARER President, Carleton College, Northfield, Minn. 1976 BRUCE B. DAYTON1 Chairman of the Executive Committee, Dayton Hudson Corporation, Minneapolis, Minn. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 Federal Reserve Bulletin Q. February 1975 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued HELENA BRANCH Term expires APPOINTED BY FEDERAL RESERVE BANK: Dec. 31 DONALD E. OLSSON President, Ronan State Bank, Ronan, Mont. 1975 JOHN REICHEL President, First National Bank, Great Falls, Mont. 1976 GEORGE H. SELOVER President and General Manager, Selover Buick-Jeep, Inc., Billings, Mont. 1976 APPOINTED BY BOARD OF GOVERNORS: WILLIAM A. CORDINGLEY1 Publisher, President, Great Falls Tribune, Great Falls, Mont. 1975 JAMES C. GARLINGTON Partner, Garlington, Lohn & Robinson, Attorneys, Missoula, Mont. 1976 District 10—FEDERAL RESERVE BANK OF KANSAS CITY CLASS A.- ROGER D. KNIGHT, JR. Chairman of the Board, Chief Executive Officer, United Banks of Colorado, Inc., Denver, Colo. 1975 PHILIP HAMM President, First National Bank & Trust Company, El Dorado, Kans. 1976 CRAIG BACHMAN President, The First National Bank of Centralia, Kans. 1977 CLASS B.- CECIL O. EMRICH President, C. O. Emrich Enterprises, Norfolk, Nebr. 1975 DONALD J. HALL President, Hallmark Cards, Inc., Kansas City, Mo. 1976 FRANK C. LOVE Of Counsel—Crowe, Dunlevy, Thweatt, Swinford, Johnson and Burdick, Oklahoma City, Okla. 1977 CLASS C: HAROLD W. ANDERSEN2 President, Omaha World-Herald Co., Omaha, Nebr. 1975 ROBERT T. PERSON1 Chairman of the Board, President, Public Service Co. of Colorado, Denver, Colo. 1976 JOSEPH H. WILLIAMS President, The Williams Companies, Tulsa, Okla. 1977 DENVER BRANCH APPOINTED BY FEDERAL RESERVE BANK: FELIX BUCHENROTH, JR. President, The Jackson State Bank, Jackson, Wyo. 1975 DALE R. HINMAN Chairman and Chief Executive Officer, The Greeley National Bank, Greeley, Colo. 1976 WILLIAM H. VERNON Chairman of the Board, Chief Executive Officer, Santa Fe National Bank, Santa Fe, N.M. 1976 APPOINTED BY BOARD OF GOVERNORS: MAURICE B. MITCHELL1 Chancellor, University of Denver, Denver, Colo. 1975 EDWARD R. LUCERO President and Chairman, Colorado Economic Development Association, Inc., Denver, Colo. 1976 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directory of Federal Reserve Banks and Branches 99 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued OKLAHOMA CITY BRANCH Term expires APPOINTED BY FEDERAL RESERVE BANK: Dec. 31 W. H. MCDONALD Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Okla. 1975 HUGH C. JONES Executive Vice President, The Bank of Woodward, Okla. 1976 V. M. THOMPSON, JR. President, Utica National Bank and Trust Company, Tulsa, Okla. 1976 APPOINTED BY BOARD OF GOVERNORS: JAMES G. HARLOW, JR.President Oklahoma Gas and Electric Company, Oklahoma City, Okla. 1975 HARLEY CUSTER General Manager, Oklahoma Livestock Marketing Association, Oklahoma City, Okla. 1976 OMAHA BRANCH APPOINTED BY FEDERAL RESERVE BANK: GLENN YAUSSI Vice Chairman of the Board, National Bank of Commerce Trust & Savings, Lincoln, Nebr. 1975 ROY G. DINSDALE Chairman of the Board, The Farmers National Bank of Central City, Nebr. 1975 F. PHILLIPS GILTNER President, First National Bank of Omaha, Nebr. 1976 APPOINTED BY BOARD OF GOVERNORS: DURWARD B. VARNER1 President, University of Nebraska, Lincoln, Nebr. 1975 EDWARD F. OWEN President, Paxton & Vierling Steel Co., Omaha, Nebr. 1976 District 11—FEDERAL RESERVE BANK OF DALLAS CLASS A: ROBERT H. STEWART, III Chairman of the Board, First International Bancshares, Inc., Dallas, Tex. 1975 GENE D. ADAMS President, First National Bank, Seymour, Tex. 1976 FRANK JUNELL Chairman of the Board, The Central National Bank of San Angelo, Tex. 1977 CLASS B.- THOMAS W. HERRICK Independent Cattleman, Amarillo, Tex. 1975 STEWART ORTON President, Foley's, Inc., Houston, Tex. 1976 GERALD D. HINES Owner, Gerald D. Hines Interests, Houston, Tex. 1977 CLASS C: CHARLES T. BEAIRD2 Chairman of the Board, Beaird-Poulan Division, Emerson Electric Co., Shreveport, La. 1975 JOHN LAWRENCE1 Chairman of the Board, Dresser Industries, Inc., Dallas, Tex. 1976 IRVING A. MATHEWS Chairman of the Board and Chief Executive Officer, Frost Bros., Inc., San Antonio, Tex. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 Federal Reserve Bulletin Q. February 1975 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued EL PASO BRANCH Term expires APPOINTED BY FEDERAL RESERVE BANK: Dec. 31 REED H. CHITTIM President, First National Bank of Lea County, Hobbs, N.M. 1975 SAM D. YOUNG, JR. President, El Paso National Bank, El Paso, Tex. 1975 C. J. KELLY President and Chairman of the Board, The First National Bank of Midland, Tex. 1976 WAYNE STEWART President, First National Bank in Alamogordo, N.M. 1977 APPOINTED BY BOARD OF GOVERNORS: J. LUTHER DAVIS Chairman of the Board, President, Tucson Gas & Electric Company, Tucson, Ariz. 1975 HERBERT M. SCHWARTZ1 President, Popular Dry Goods Co., Inc., El Paso, Tex. 1976 GAGE HOLLAND Owner, Gage Holland Ranch, Alpine, Tex. 1977 HOUSTON BRANCH APPOINTED BY FEDERAL RESERVE BANK: BOOKMAN PETERS President, The City National Bank of Bryan, Tex. 1975 NAT S. ROGERS President, First City National Bank of Houston, Tex. 1975 PAGE K. STUBBLEFIELD President, Victoria Bank & Trust Company, Victoria, Tex. 1976 SETH W. DORBANDT Chairman and President, First National Bank in Conroe, Tex. 1977 APPOINTED BY BOARD OF GOVERNORS: ALVIN I. THOMAS President, Prairie View A&M University, Prairie View, Tex. 1975 THOMAS J. BARLOW1 President and Chief Executive Officer, Anderson, Clayton & Co., Houston, Tex. 1976 GENE M. WOODFIN Chairman of the Board, President, and Chief Executive Officer, Marathon Manufacturing Company, Houston, Tex. 1977 SAN ANTONIO BRANCH APPOINTED BY FEDERAL RESERVE BANK: RICHARD W. CALVERT President, National Bank of Commerce of San Antonio, Tex. 1975 W. O. ROBERSON Chairman of the Board, First National Bank at Brownsville, Tex. 1975 BEN R. Low President, First National Bank of Kerrville, Tex. 1976 LEON STONE President, The Austin National Bank, Austin, Tex. 1977 APPOINTED BY BOARD OF GOVERNORS: PETE J. MORALES, JR.1 President and General Manager, Morales Feed Lots, Inc., Devine, Tex. 1975 MARGARET SCARBROUGH WILSON Chairman of the Board and Chief Executive Officer, Scarbroughs Department Stores, Austin, Tex. 1976 MARSHALL BOYKIN, III Senior Partner, Wood, Boykin & Wolter, Lawyers, Corpus Christi, Tex. 1977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directory of Federal Reserve Banks and Branches 101 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Term expires CLASS A.- Dec. 31 JAMES E. PHILLIPS President, First National Bank in Port Angeles, Wash. 1975 A. W. CLAUSEN President, Chief Executive Officer, Bank of America NT & SA, San Francisco, Calif. 1976 CARL E. SCHROEDER President, The First National Bank of Orange County, Orange, Calif. 1977 CLASS B.- JOSEPH ROSENBLATT Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah 1975 CLAIR L. PECK Chairman of the Board, C. L. Peck Contractor, Los Angeles, Calif. 1976 CHARLES R. DAHL President and Chief Executive Officer, Crown Zellerbach Corporation, San Francisco, Calif. 1977 CLASS C: JOSEPH F. ALIBRANDI2 President and Chief Executive Officer, Whittaker Corporation, Los Angeles, Calif. 1975 O. MEREDITH WILSON1 President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1976 (VACANCY) 1977 LOS ANGELES BRANCH APPOINTED BY FEDERAL RESERVE BANK: W. GORDON FERGUSON President, National Bank of Whittier, Calif. 1975 LINUS E. SOUTHWICK President, Valley National Bank, Glendale, Calif. 1976 ROBERT A. BARLEY President, United California Bank, Los Angeles, Calif. 1976 RAYBURN S. DEZEMBER Chairman of the Board, President, American National Bank, Bakersfield, Calif. 1977 APPOINTED BY BOARD OF GOVERNORS: HARVEY A. PROCTOR Chairman of the Board, Southern California Gas Company, Los Angeles, Calif. 1975 ARMANDO M. RODRIGUEZ President, East Los Angeles College, Los Angeles, Calif. 1976 JOSEPH R. VAUGHAN1 President, Knudsen Corporation, Los Angeles, Calif. 1977 PORTLAND BRANCH APPOINTED BY FEDERAL RESERVE BANK: LEROY B. STAVER Retired Chairman, United States National Bank of Oregon, Portland, Ore. 1975 FRANK L. SERVOSS President, Crater National Bank of Medford, Ore. 1976 JAMES H. STANARD Executive Vice President, First National Bank of McMinnville, Ore. 1976 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 Federal Reserve Bulletin Q. February 1975 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued Term expires PORTLAND BRANCH—Continued Dec. 31 APPOINTED BY BOARD OF GOVERNORS: LOR AN L STEWART1 President, Bohemia Inc., Eugene, Ore. 1975 JOHN R. HOWARD President, Lewis and Clark College, Portland, Ore. 1976 SALT LAKE CITY BRANCH APPOINTED BY FEDERAL RESERVE BANK: JOSEPH BIANCO Chairman of the Board, President, Bank of Idaho, N.A., Boise, Idaho 1975 ROY W. SIMMONS President. Zions First National Bank, Salt Lake City, Utah 1976 DAVID P. GARDNER President, University of Utah, Salt Lake City, Utah 1976 APPOINTED BY BOARD OF GOVERNORS: THEODORE C. JACOBSEN Partner, Jacobsen Construction Company, Inc., Salt Lake City, Utah 1975 SAM BENNION1 President, V-l Oil Company, Idaho Falls, Idaho 1976 SEATTLE BRANCH APPOINTED BY FEDERAL RESERVE BANK: JOSEPH C. BAILLARGEON Chairman of the Board, Chief Executive Officer, Seattle Trust and Savings Bank, Seattle, Wash. 1975 HARRY S. GOODFELLOW Chairman of the Board, President, Old National Bank of Washington, Spokane, Wash. 1976 (VACANCY) 1976 APPOINTED BY BOARD OF GOVERNORS: THOMAS T. HIRAI President and Director, Quality Growers Company, Woodinville, Wash. 1975 MALCOLM T. STAMPER1 President, The Boeing Company, Seattle, Wash. 1976 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

103 Law Department Statutes, regulations, interpretations, and decisions RESERVES OF MEMBER BANKS if its aggregate net demand deposits are $2 million or less, (b) $150,000 plus 10 per cent of its net The Board of Governors has amended its Regudemand deposits in excess of $2 million if its lation D to reduce by one-half of 1 percentage aggregate net demand deposits are in excess of point reserves required on all categories of net $2 million but less than $10 million, (c) $950,000 demand deposits up to $400 million, and to reduce plus 12 per cent of its net demand deposits in by 1 percentage point the reserves required on excess of $10 million if its aggregate net demand deposits of more than $400 million. deposits are in excess of $10 million but less than $100 million, or (d) $11,750,000 plus 13 per cent AMENDMENT TO REGULATION D of its net demand deposits in excess of $100 million. Effective January 30, 1975, Regulation D is (2) If in a reserve city (except as to any bank amended to read as follows: located in such a city that is permitted by the Board of Governors of the Federal Reserve System, pur- SECTION 204.5—RESERVE REQUIREMENTS suant to § 204.2(a)(2), to maintain the reserves specified in subparagraph (1) of this paragraph)— (a) * * * (1) if not in a reserve city— (iii) $50,750,000 plus 16V2 per cent of its net demand deposits in excess of $400 million. (iii)(a) IV2 per cent of its net demand deposits BANK H O L D I NG C O M P A NY AND BANK M E R G ER ORDERS ISSUED BY T HE BOARD OF G O V E R N O RS ORDERS UNDER SECTION 3 OF BANK Applicant has also applied, pursuant to § 4(c)(8) HOLDING COMPANY ACT of the Act (12 U.S.C. 1843(c)(8)) and § 225.4(b)(2) of the Board's Regulation Y, for per- DEXTER BANKING COMPANY, mission to retain the assets of the former Kemp- DEXTER, KANSAS McFall Agency, a company that engages in the activities of a general insurance agency in a com- Order Denying Formation of Bank munity with a population not exceeding 5,000. Holding Company Such activities have been determined by the Board Dexter Banking Company, Dexter, Kansas, has to be closely related to banking (12 CFR applied for the Board's approval under § 3(a)(1) 225.4(a)(9)(iii)(a)). of the Bank Holding Company Act (12 U.S.C. Notice of receipt of these applications, affording 1842(a)(1)) of formation of a bank holding com- an opportunity for interested persons to submit pany through acquisition of 95 per cent or more comments and views, has been given in accorof the voting shares of The Farmers & Merchants dance with §§ 3 and 4 of the Act (39 Fed. Reg. State Bank of Dexter, Dexter, Kansas ("Bank"). 41308 (1974)). The time for filing comments and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 Federal Reserve Bulletin Q. February 1975 views has expired, and the Board has considered The proposed formation represents merely a the applications and all comments received in the restructuring of the ownership of Bank with no light of the factors set forth in § 3(c) of the Act significant changes in Bank's operations or the (12 U.S.C. 1842(c)) and the considerations speci- services offered to customers. Consequently, confied in § 4(c)(8) of the Act (12 U.S.C. 1843(c)(8)). siderations relating to the convenience and needs Applicant presently conducts general insurance of the community to be served lend no weight agency activities in Dexter, Kansas. Bank, with toward approval of the application. deposits of about $2.3 million,1 is the sixth largest On the basis of all the circumstances concerning of eight banks in the relevant banking market,2 this application, the Board concludes that the controlling approximately 2.7 per cent of the total banking considerations involved in the proposal deposits in commercial banks in the market. Since present adverse factors bearing on the financial the proposal represents a restructuring of the own- condition and prospects of Applicant and Bank. ership of Bank from individuals to a corporation Such adverse factors are not outweighed by any owned by the same individuals and Applicant has procompetitive effects or by benefits which would no present subsidiaries, consummation of the pro- result in serving the convenience and needs of the posal would have no significantly adverse effects community. Accordingly, it is the Board's judgon competition in any relevant area. ment that approval of the application would not The Board has indicated on previous occasions be in the public interest and that the application that it believes a holding company should provide for approval to become a bank holding company a source of strength for its subsidiary bank(s) and should be denied.3 that it will examine closely the condition of the By order of the Board of Governors, effective Applicant in each case with this view in mind. January 23, 1975. Applicant proposes to service the debt that it will Voting for this action: Vice Chairman Mitchell and Goverincur as a result of the acquisition of Bank over nors Sheehan, Bucher, Holland, and Coldwell. Absent and not a period of 11 years through dividends from Bank, voting: Chairman Burns and Governor Wallich. tax savings, and income from its insurance agency (Signed) THEODORE E. ALLISON, activities. In the Board's view, the debt retirement [SEAL] Secretary of the Board. program, which contemplates significant dividends from Bank, does not provide Applicant with the necessary financial flexibility to service the acqui- FIRSTBANK HOLDING COMPANY, sition debt while maintaining Bank's capital at an MARIETTA, OKLAHOMA acceptable level. Furthermore, those financial re- Order Approving Formation of Bank quirements could place an undue strain on the Holding Company financial condition of Bank and thus impair Bank's ability to remain a viable banking organization in Firstbank Holding Company, Marietta, Oklameeting the banking needs of the community homa, has applied for the Board's approval under which it serves. Similarly, Applicant's debt struc- § 3(a)(1) of the Bank Holding Company Act (12 ture would effectively preclude it from rendering U.S.C. 1842(a)(1)) of formation of a bank holding financial assistance to Bank if the need should company through acquisition of 80 per cent or arise. In addition, it is noted that the principals more of the voting shares of Firstbank of Marietta, of Applicant appear to lack any previous banking Marietta, Oklahoma ("Bank"). experience. The Board is unable to conclude, Notice of the application, affording opportunity therefore, that managerial considerations lend any for interested persons to submit comments and weight toward approval of the application. Ac- views, has been given in accordance with § 3(b) cordingly, on the basis of the facts of record, the of the Act. The time for filing comments and views Board concludes that the above considerations has expired, and the Board has considered the relating to the banking factors weigh against ap- application and all comments received in light of proval of the application. 3In view of the Board's action with respect to the application 1 All banking data are as of June 30, 1974. to become a bank holding company, consideration of the § 2 The relevant banking market is approximated by Cowley 4(c)(8) application to retain the insurance activities becomes County. moot. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 105 the factors set forth in § 3(c) of the Act (12 U.S.C. By order of the Board of Governors, effective 1842(c)). January 29, 1975. Applicant is a nonoperating corporation organ- Voting for this action: Governors Holland, Wallich, and ized for the purpose of becoming a bank holding Coldwell. Voting against this action: Governors Mitchell and company through acquisition of Bank, deposits of Sheehan. Absent and not voting: Chairman Burns and Gover- $10 million, representing 0.1 of 1 per cent of the nor Bucher. total commercial bank deposits in Oklahoma.1 (Signed) THEODORE E. ALLISON, Bank is the only bank located in the Love County [SEAL] Secretary of the Board. banking market, which has a population of approximately 5,600 persons. The proposal repre- Dissenting Statement of sents a corporate reorganization with no change Governors Mitchell and Sheehan in the management of Bank. Since Applicant has no present operations, consummation of the pro- We would deny the application of Firstbank posal would have no effect on existing or potential Holding Company to become a bank holding competition. company through acquisition of Firstbank of Accordingly, the Board concludes that compet- Marietta ("Bank") based on our view that the itive considerations are consistent with approval interest rate (7 per cent) on certain loans that of the application. Applicant will assume as a result of this proposal The financial condition and managerial re- is preferential. The loans in question were made sources of Applicant are dependent upon these by Bank's primary correspondent bank, The Libsame conditions as they exist in Bank. Bank's erty National Bank and Trust Company of Oklafinancial condition and management are satis- homa City, to three principals of Applicant, each factory and, based upon Bank's past earnings, the of whom pledged their respective shares of Bank's projected dividends from Bank appear sufficient stock as collateral for the indebtedness. Applicant to provide the necessary funds for retirement of now proposes to acquire approximately 95 per cent the debt that Applicant would incur as a result of the shares of Bank on an even exhange of one of this proposal without placing a burden on share of Applicant for one share of Bank and to Bank's capital position. Prospects for Applicant assume the existing indebtedness on such shares and Bank appear favorable. In addition, the Board of Applicant's principals. We are concerned that notes that Applicant will be assuming a prefer- preferential interest rates on bank stock loans may ential interest rate on certain bank stock loans involve conflicts of interests or a breach of fidumade to Bank's major shareholders. Although the ciary duty on the part of the borrowing official Board had expressed some concern about such if the favorable interest rate is conditioned upon loans in the past, there is no evidence in the record the maintenance of correspondent balances with indicating that the loans in this case have resulted the lending bank or some other indirect financial in any abuses to Bank or its minority shareholders. advantage to the lender and particularly if such Accordingly, considerations relating to the con- rates are not available on an equivalent basis to veniences and needs of the communities to be all shareholders of the borrowing official's bank. served are consistent with approval of the applica- Accordingly, it is our view that the potential evils tion. It is the Board's judgment that the proposed inherent in the granting and receiving of a prefertransaction would be in the public interest and that ential interest rate on a bank stock loan indicate the application should be approved. that such loans are not in the public interest. On the basis of the record, the application is Another ground for denial is our assessment that approved for the reasons summarized above. The the proposed acquisition debt to be assumed by transaction shall not be consummated (a) before Applicant is high in relation to its equity. Applithe thirtieth calendar day following the effective cant is a newly formed corporation and the earndate of this Order or (b) later than three months ings of Bank would serve as its primary source after the effective date of this Order, unless such of funds. The large debt servicing requirements period is extended for good cause by the Board, for the purchase of approximately 95 per cent of or by the Federal Reserve Bank of Kansas City the stock of Bank could place an undue strain on pursuant to delegated authority. the financial condition of Bank and impede Bank's ability to provide adequate banking services to the 1A11 banking data are as of December 31, 1973. community. In our view, the projected earnings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 Federal Reserve Bulletin Q. February 1975 of Applicant (derived from Bank) do not provide would not eliminate any existing competition, nor Applicant with the necessary financial flexibility would it appear to have any adverse effects on to meet its annual debt servicing requirements as other banks or on the development of competition well as any unexpected financial needs that might in the relevant market. Therefore, competitive arise at Bank. considerations are consistent with approval of the For the foregoing reasons, we do not regard the application. proposal as being in the public interest, and we The financial condition and managerial rewould deny the application. sources of Applicant and Bank are considered to be generally satisfactory and the prospects of each NBC CORPORATION, appear favorable. The Board notes that the Comp- ALTUS, OKLAHOMA troller of the Currency has expressed some concern that consummation of this proposal may result in Order Approving Formation of a burden upon Bank's earnings. However, on the Bank Holding Company basis of the Board's review of the financial re- NBC Corporation, Altus, Oklahoma, has ap- sources of Bank and Applicant, the Board is of plied for the Board's approval under § 3(a)(1) of the view that, although Applicant will incur debt the Bank Holding Company Act (12. U.S.C. in the acquisition of Bank, Applicant appears to 1842)(a)(l)) of formation of a bank holding com- be able to service the debt without impairing the pany through acquisition of more than 80 per cent financial condition of Bank. In addition, it appears of the voting shares of The National Bank of that Applicant will be assuming a preferential Commerce, Altus, Oklahoma ("Bank"). interest rate on certain bank stock loans made to Notice of the application, affording opportunity Bank's major shareholders. Although the Board for interested persons to submit comments and has expressed some concern about such loans in views, has been given in accordance with § 3(b) the past, there is no evidence in the record indiof the Act. The time for filing comments and views cating that the loans in this case have resulted in has expired, and the Board has considered the any abuses to Bank or the minority shareholders. application and all comments received, including Considerations relating to the banking factors are those submitted by the Comptroller of the Cur- consistent with approval of the application. Alrency, in light of the factors set forth in § 3(c) though there will be no immediate change or of the Act (12 U.S.C. 1842(c)). increase in the services offered by Bank as a result Applicant is a recently-organized corporation of the shifting of Bank's ownership to a corporaformed for the purpose of becoming a bank hold- tion, considerations relating to the convenience ing company through the acquisition of Bank. The and needs of the communities to be served are proposed transaction essentially involves the consistent with approval of the application. It is transfer of ownership from individuals to a cor- the Board's judgment that the proposed transaction poration owned by the same individuals with no is consistent with the public interest and that the change in Bank's management or operations. Bank application should be approved. (deposits $15.6 million)1 is the second largest On the basis of the record, the application is among six banking organizations competing in its approved for the reasons summarized above. The banking market,2 and holds about 28.4 per cent transaction shall not be consummated (a) before of the market's total commercial deposits. Upon the thirtieth calendar day following the effective acquisition of Bank, Applicant would control date of this Order or (b) later than three months about 0.2 per cent of total commercial bank de- after the effective date of this Order, unless such posits in the State. Applicant's principal share- period is extended for good cause by the Board, holders also control the First State Bank, Grand- or by the Federal Reserve Bank of Kansas City, field, Oklahoma; however, that bank is located 75 pursuant to delegated authority. miles southeast of Bank in a separate market area By order of the Board of Governors, effective and does not compete with Bank. Since the subject January 23, 1975. proposal represents merely a restructuring of existing ownership interests, its consummation Voting for this action: Chairman Burns and Governors Holland, Wallich, and Coldwell. Voting against this action: Governors Mitchell and Sheehan. Absent and not voting: Governor Bucher. 1 Deposit data are as of December 31, 1973. (Signed) THEODORE E. ALLISON, 2The relevant market is approximated by Jackson County. [SEAL] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 107 Dissenting Statement of Finally, we are concerned about the sizable debt Governors Mitchell and Sheehan that Applicant will assume under this proposal. In our view, the debt servicing requirements im- We would deny the application of NBC Cor- posed on Applicant could place an undue strain poration to acquire The National Bank of Com- on Bank's financial condition and thus impair its merce ("Bank") since we believe that it is not ability to continue to serve as a viable banking in the public interest to sanction an arrangement organization in meeting the needs of its commuwherein it appears that Bank's resources are being nity. used to subsidize the personal interests of the For the foregoing reasons, we would deny the principal shareholders of Bank. Specifically, the application. owners of a majority of the shares of Bank, who will also become the majority shareholders of ARCHER-DANIELS-MIDLAND COMPANY, Applicant, secured loans from Liberty National DECATUR, ILLINOIS, AND Bank and Trust Company of Oklahoma City, NATIONAL CITY BANCORPORATION, Bank's principal correspondent, at a preferential MINNEAPOLIS, MINNESOTA interest rate. Under this proposal, Applicant will assume the Order Denying Acquisition of Bank outstanding indebtedness of Bank's majority Archer-Daniels-Midland Company, Decatur, Ilshareholders, along with the preferential interest linois ("ADM"), and its wholly-owned subsidiary rate, and Bank will continue its correspondent National City Bancorporation, Minneapolis, Minrelationship with Liberty National. In our view, nesota ("NCB"), bank holding companies within such an arrangement could result in a conflict of the meaning of the Bank Holding Company Act, interest or breach of fiduciary duty on the part of have applied for the Board's approval under § the borrowing officials if the setting of the prefer- 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to acential interest rate, by formal or informal arrangequire 100 per cent (less directors' qualifying ment between the lending bank and Bank, entails shares) of the voting shares of National City Bank Bank assuming a portion of the interest costs of of Ridgedale, Minnetonka, Minnesota ("Bank"), its major stockholders. This could be accoma proposed new bank. The porposed acquisition plished by various means, including maintenance would be made directly by NCB and, as a result, by Bank of an inflated correspondent balance at ADM would indirectly acquire voting shares of the lending bank, sales by Bank of Federal funds the Bank. to the lending Bank at below market rates, or Notice of the applications, affording opportunity placing of certificates of time deposit at below for interested persons to submit comments and market rates. On the other hand, if such arrangeviews, has been given in accordance with § 3(b) ments are not entered into between the lending of the Act. The time for filing comments and views bank and Bank, the lending bank's stockholders has expired, and the Board has considered the are placed at an obvious disadvantage as a result applications and all comments received in light of of their management making loans well below the general purposes of the Act and the factors prevailing rates of interest. set forth in § 3(c) of the Act (12 U.S.C. 1842(c)). Bank stock loans at competitive rates are ap- Applicants control one bank with aggregate depropriate as short-term credits, or "bridge loans", posits of approximately $131 million, representing while longer term financing of the take-over is about 1 per cent of the commercial bank deposits being arranged. However, when such credit is for in Minnesota.1 Since Bank is a proposed new an extended period or, as a result of renewals, bank, its acquisition by Applicants would not amounts to permanent financing, the basic strength significantly increase their share of deposits in any of a local or regional banking system can be relevant area. weakened. The use of one bank's depositors' funds NCB is the fifth largest commercial banking to make loans which constitute a significant source organization in the relevant banking market, which of another bank's capital dilutes one of the major is approximated by the Minneapolis-St. Paul elements of financial support for the banking system—capital funds which are wholly external to 1 Banking data are as of December 31, 1973, and reflect it. holding company acquisitions approved through July 31, 1974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 Federal Reserve Bulletin Q. February 1975 RMA. Its present subsidiary bank, National City that to which it was already committed under its Bank, controls about 2 per cent of deposits in that irrevocable declaration.2 Although ADM, in its market and is located approximately 12 miles east original application to the Board, presented a plan of Bank. Because Bank is a proposed de novo whereby it would '4spin off" its shares of NCB bank, no existing competition would be elimi- to ADM's shareholders, this plan has now been nated. In addition, it does not appear that any postponed indefinitely and it does not appear that significant potential competition would be fore- ADM's divestiture of its banking interests will closed as a result of consummation of the proposal. occur at an early date. Accordingly, it is the Accordingly, the Board concludes that competitive Board's judgment that approval of the applications considerations are consistent with approval of the would frustrate the purposes of the Act, namely, application. the separation of banking and commerce, and The financial and managerial resources and fu- should therefore be denied. ture prospects of Applicants, their subsidiary bank On the basis of all the facts in the record, it and Bank are satisfactory and consistent with ap- is the Board's judgment that approval of the subproval of the applications. Considerations relating ject applications would not be in the public interto convenience and needs lend some weight for est. Accordingly, the applications are denied for approval of the applications, since the area to be the reasons summarized above. served by Bank has undergone considerable By order of the Board of Governors, effective growth and there are currently no banks in the January 13, 1975. immediate vicinity. Voting for this action: Vice Chairman Mitchell, Governors While the considerations discussed above indi- Sheehan, Bucher, Holland, and Coldwell. Absent and not cate that approval of the applications would be voting: Chairman Burns and Governor Wallich. consistent with the factors set forth in § 3 of the (Signed) THEODORE E. ALLISON, Bank Holding Company Act, other considerations [SEAL] Secretary of the Board. in the record indicate that approval of the proposal would be contrary to the general purposes of the Act and, therefore, the applications should be ESSEX BANCORP, INC., denied. PEABODY, MASSACHUSETTS ADM is one of the largest domestic soybean Order Denying Acquisition of Bank processors and operates one of the largest flour mills in the United States. As a result of the 1970 Essex Bancorp, Inc., Peabody, Massachusetts, Amendments to the Bank Holding Company Act, a bank holding company within the meaning of ADM became a bank holding company and, pur- the Bank Holding Company Act, has applied for suant to § 4(c)(12) of the Act and § 225.4(d) of the Board's approval under § 3(a)(3) of the Act the Board's Regulation Y, has filed with the Board (12 U.S.C. 1842(a)(3)) to acquire all of the voting an irrevocable declaration that it will cease to be shares (less directors' qualifying shares) of Saugus a bank holding company by 1981. As a result of Bank and Trust Company, Saugus, Massachusetts. the filing of this declaration, ADM has available Notice of the application, affording opportunity to it expedited procedures and greater latitude in for interested persons to submit comments and acquiring additional non-banking interests than it views, has been given in accordance with § 3(b) would have otherwise. In the Board's view, per- of the Act. The time for filing comments and views mitting ADM to expand its banking interests while has expired, and the Board has considered the ADM is relatively free to pursue its non-banking application and all comments received in light of interests without regard to the prohibitions in § the factors set forth in § 3(c) of the Act (12 U.S.C. 4 of the Act would be clearly contrary to one of 1842(c)). the major purposes of the Act, i.e., the separation Applicant, the eleventh largest banking organiof banking and commerce, and such action should zation in Massachusetts, controls one bank with not be sanctioned. deposits of about $127 million, representing .9 per The Board has, however, approved such an cent of the total deposits held by commercial banks application in the past based upon a commitment 2 See Board Order approving application of Jacobus Comfrom the applicant that it would separate its bankpany to acquire Heritage Bank-Mayfair, Wauwatosa, Wisconing and non-banking interests at a date earlier than sin, 1972 Federal Reserve BULLETIN 306. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 109 in the State.1 Acquisition of Bank ($21.3 million) Bank's services. Applicant, however, is already would not change Applicant's rank among the offering such services in Saugus through the Essex banking organizations in the State, nor would it Bank. Therefore, this consideration alone does not result in a significant increase in the concentration outweigh the other adverse factors reflected in the of banking resources. record. Accordingly, it is the Board's judgment Bank operates its three offices in the town of that consummation of the proposed transaction Saugus in Essex County and is the 36th largest would not be in the public interest, and that the banking organization in the Boston market2 application should be denied. wherein it holds about .2 of one per cent of the On the basis of the record, the application is total commercial bank deposits. Applicant's sole denied for the reasons summarized above. subsidiary bank, Essex County Bank and Trust By order of the Board of Governors, effective Company ("Essex Bank"), is also located in the January 27, 1975. Boston banking market and is the eighth largest Voting for this action: Chairman Burns and Governors banking organization in that market. All of Essex Mitchell, Sheehan, Bucher, and Holland. Absent and not Bank's thirteen offices are located in the southern voting: Governors Wallich and Coldwell. portion of Essex County, including one office in (Signed) THEODORE E. ALLISON, Saugus. From the facts of record, it appears that [SEAL] Secretary of the Board. significant existing competition between Applicant and Bank would be eliminated as a result of the TEXAS COMMERCE BANCSHARES, INC., consummation of the proposal. In fact, Essex Bank HOUSTON, TEXAS and Bank are the only banks represented in Saugus and are directly in competition with one another. Order Denying Acquisition of Banks This proposal would thus eliminate the only alter- Texas Commerce Bancshares, Inc., Houston, native source of banking services in Saugus. Ac- Texas, a bank holding company within the meancordingly, on the basis of the record, the Board ing of the Bank Holding Company Act, has apconcludes that consummation of the proposal plied for the Board's approval in two separate would have adverse effects on existing competiapplications under § 3(a)(3) of the Act (12 U.S.C. tion. These considerations lend weight toward 1842(a)(3)) to acquire 100 per cent of the voting denial of the proposal. shares (less directors' qualifying shares) of The While the managerial resources and prospects Austin National Bank, Austin, Texas (''Austin of Applicant, its subsidiary bank, and Bank appear Bank") and Oak Hill National Bank, Oak Hill, to be satisfactory, the Board is concerned about Texas ("Oak Hill Bank") through the acquisition Applicant's ability to serve as a source of financial of all the assets, properties and businesses of strength for Bank as well as for Essex Bank. In Austin Bancshares Corporation, Austin, Texas the Board's view, Essex Bank is in need of some ("Austin Bancshares"). additional capital. Expansion by Applicant at this Notice of the applications, affording opportunity time through the subject acquisition could impair for interested persons to submit comments and Applicant's ability to augment the capital of its views, has been given in accordance with § 3(b) existing subsidiary. These financial considerations of the Act. The time for filing comments and views strongly suggest that Applicant should direct its has expired, and the Board has considered the efforts towards strengthening its present subsidiary applications and all comments received in light of rather than expanding its interests at this time. the factors set forth in § 3(c) of the Act (12 U.S.C. Accordingly, the Board finds that financial consid- 1842(c)). erations also lend weight toward denial of the Applicant presently controls 25 banks with agapplication. gregate deposits of $2.5 billion, representing 6.3 With respect to convenience and needs considper cent of the total commercial bank deposits in erations, Applicant states that it intends to expand Texas, and is the third largest banking organization in the State. (Unless otherwise indicated, all banking data are as of June 30, 1974, and reflect *A11 banking data are as of June 30, 1974 and reflect bank holding company formations and acquisitions apholding company formations and acquisitions approved by the proved through December 31, 1974.) Applicant's Board through December 31, 1974. acquisition of Oak Hill Bank would not increase 2The Boston banking market is approximated by the Boston appreciably Applicant's share of deposits nor its RMA. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 Federal Reserve Bulletin Q. February 1975 rank in the State since this recently organized bank As noted above, the Board views with some was opened for business on March 1, 1974, and concern the effect of Applicant's acquisition of the held deposits of only $1.4 million on June 30, Austin Bank on banking competition and concen- 1974. However, as a result of the acquisition of tration in the State as a whole. However, the Board Austin Bank, Applicant's share of commercial is primarily concerned with the significantly adbank deposits in Texas would increase from 6.3 verse effects that Applicant's acquisitions of Ausper cent to 7.1 per cent, and it would become tin Bank would have on the concentration of the second largest banking organization in Texas. banking resources within the Austin banking mar- The increase in the concentration of banking re- ket and on potential competition within that marsources in the State of Texas which would result ket. Turning first to the subject of concentration, from such acquisition is viewed with some degree approval of the proposal would establish Applicant of concern by the Board. as the largest banking organization in the market This proposal represents Applicant's initial with control of the market's largest bank in terms entry in the Austin banking market, which is of deposits. Austin Bank, as the largest of 19 approximated by Travis and Hays Counties. Aus- market banks, controls approximately 23 per cent tin Bank is located in downtown Austin and Oak of the market's total deposits. While Applicant's Hill Bank is located nine miles southwest of acquisition of Oak Hill and Austin Bank may not downtown Austin. Austin Bank is the largest of have an immediate effect on the concentration of 17 market banks1 and holds deposits of $301 banking resources in the market, the Board views million. Applicant's closest existing subsidiary to the acquisition of such a significant competitor as the Austin and Oak Hill banks is located 160 miles Austin Bank in a concentrated market by one of southeast of Austin. Since Oak Hill Bank and the State's leading competitors as reducing appre- Austin Bank are each subsidiaries of Austin Banc- ciably the likelihood that the market would become shares, there is no meaningful existing competition less concentrated and more competitive in the between them. In addition, it appears that there future. is no existing competition between any of Appli- In addition to reducing the likelihood that the cant's present subsidiaries and the banks proposed market would become less concentrated, Applito be acquired that would be eliminated by con- cant's acquisition of Austin Bank would have summation of the proposal. significantly adverse effects on potential competi- Although the acquisition of Austin Bank would tion. At the present time, Austin Bank appears have no adverse effect on existing competition, to be a viable and effective competitor in the the Board is concerned with the adverse effects Austin market. It sponsored the formation of a that the acquisition would have on potential com- bank holding company and has recently expanded petition. In addition, the Board has some concern that holding company's operations by establishing for the increase in the concentration of banking a new bank (Oak Hill) within the market. The resources which would result from this proposal. consummation of the subject proposal would In recent denials of applications by Texas' first eliminate Austin Bank as a lead bank for a bank and second largest banking organizations to ac- holding company that would be able to continue quire leading banks in local markets, the Board to serve as a meaningful competitor in the Austin noted that approval of such proposals would result market as well as possibly to expand into a rein an increase in the share of deposits held by gional holding company in Texas. the State's largest organizations as well as an Even though this proposal represents Appliincrease in the size disparity between those finan- cant's initial entry into the Austin market, the cial institutions and the State's other bank holding Board is unable to conclude that the proposal is companies.2 competitively preferable to alternative means of entry available to Applicant. Due in part to its position as the State's capital, the Austin area has 1In addition, three de novo banks have been opened during experienced exceptionally rapid growth, and the 1974. 2Board's Orders denying the applications of First Interna- banking market appears particularly attractive for tional Bancshares, Inc., Dallas, Texas, to acquire Citizens First new entry. Applicant has indicated that de novo National Bank of Tyler, Tyler, Texas (1974 Federal Reserve entry into the central business district of Austin BULLETIN 43); and First National Bank of Waco, Waco, Texas (1974 Federal Reserve BULLETIN 290); and First City Bancor- is not feasible. However, the record indicates that poration of Texas, Inc., Houston, Texas, to acquire The Lufkin a charter for a bank in Austin's central business National Bank, Lufkin, Texas (1974 Federal Reserve BULLEdistrict was recently approved. Furthermore, the TIN 450). 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Law Department 111 ratios of population to banking office and deposits stated relating to Austin Bank. per banking office are more than twice the State- On the basis of the record, it is the Board's wide averages. Given this economic climate, as judgment that consummation of the proposal well as the size and expertise of Applicant, it is would not be in the public interest, and the applithe Board's view that Applicant's de novo entry cations are denied for the reasons summarized into the market is a realistic and viable alternative above. to the acquisition of the market's largest bank. By order of the Board of Governors, effective Also, there are smaller independent banks in the January 22, 1975. market which could serve as entry vehicles for Voting for this action: Chairman Bums and Governors Applicant some time in the future. Accordingly, Mitchell, Bucher, Holland, Wallich, and Coldwell. Voting the Board is of the view that there are reasonable against this action: Governor Sheehan. alternative means of entry available to Applicant (Signed) THEODORE E. ALLISON, that would be conducive to promoting competition [SEAL] Secretary of the Board. within the Austin market. Such alternative entry by Applicant would introduce a new and aggres- Dissenting Statement of sive banking competitor to the market and, ulti- Governor Sheehan mately, could serve to reduce the concentration level within the market. I would approve the applications of Texas On the basis of the foregoing and other facts Commerce Bancshares to acquire Austin National of record, the Board concludes that Applicant's Bank and Oak Hill National Bank. I disagree with acquisition of the Austin Bank would have signif- the majority in its conclusion that the proposed icantly adverse effects on the concentration of acquisitions would adversely affect competition banking resources and on potential competition and the concentration of banking resources. On with respect to the Austin banking market. Ac- the contrary, I believe the proposed acquisitions cordingly, it is the Board's view that consid- would foster competition by providing the State's erations relating to the competitive factors weigh capital and the Austin banking market with a larger against approval of Applicant's proposal to acquire and more aggressive source of banking services, Austin Bank. thereby producing significant benefits to the public. Regarding Applicant's application to acquire Moreover, the proposal will enhance the ability Oak Hill Bank, the Board finds that the proposed of Texas Commerce to compete in national maracquisition would have no significantly adverse kets. effects on either existing or future competition. Reviewing the issues of competition and con- Accordingly, competitive considerations are con- centration, it should be noted that Applicant's sistent with approval of that application. nearest existing banking office to Austin is located The financial and managerial resources and fu- 160 miles southeast in Houston, Texas. The poture prospects of Austin Bank and Oak Hill Bank, tential for meaningful competition developing beand of Applicant and its present subsidiary banks, tween Austin Bank and Applicant's other offices are regarded as satisfactory and consistent with is remote, if not nonexistent. It is also significant approval of the applications. Although the that the data indicates that Applicant would not proposed affiliation of Applicant with Austin Bank control the dominant bank in the market through and with Oak Hill Bank would make available to its acquisition of Austin Bank. A subsidiary of these institutions Applicant's expertise in various the BanCapital Financial Corporation in Austin, banking services, these considerations relating to Texas, at midyear 1974, had total assets in excess the convenience and needs of the communities to of those held by Austin National, and held deposits be served do not, in the Board's judgment, out- comparable to those of Austin Bank. Moreover, weigh the significantly adverse competitive effect the absolute size of the Austin Bank is mitigated of Applicant's proposal to acquire Austin Bank. to some extent by the nature of its deposit struc- Under the terms of the agreement entered into ture. For example, about $73 million of its total between Applicant and Austin Bancshares, Appli- deposits are represented by deposits from the State cant may not make a partial acquisition of the government and political subdivisions and another assets of Austin Bancshares. Accordingly, the $20 million represents correspondent bank acapplications to acquire both Austin Bank and Oak counts. If these deposits are disregarded, Austin Hill Bank are denied on the grounds hereinbefore Bank emerges as a relatively small bank in terms Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 Federal Reserve Bulletin Q. February 1975 of the other large banks in the more important within the meaning of the Bank Holding Company banking markets in Texas. Accordingly, in view Act, has applied for the Board's approval under of the above facts, I would not conclude, as does § 4(c)(8) of the Act and § 225.4(b)(2) of the the majority, that the proposal would have an Board's Regulation Y to acquire 51 per cent of adverse effect on competition and the concentra- the shares of Union Bond Insurance Agency, Inc., tion of banking resources. Port Angeles, Washington ("Agency") and there- The Board's majority indicates its preference after to engage in the sale as agent or broker in that Applicant should enter the Austin market the following types of insurance: credit life and either by de novo expansion or through the acqui- disability insurance; auto insurance covering colsition of a smaller bank. I disagree. Approval of lision, fire, theft, property damage, bodily injury, the present proposal to acquire Austin Bank is a uninsured motorist, and medical payments on reasonable means whereby Applicant could have occupants; commercial and residential fire insuran immediate and meaningful impact in fostering ance; marine insurance; trailer and mobile home the economic development in this important State insurance; cycle insurance; general liability insurmarket. Approval would also enhance Applicant's ance; commercial insurance including blanket ability to serve the national and international needs bond and registered mail liability, fidelity bonds, of the large Texas corporations which are, to a and a small percentage of noncredit-related insurlarge extent, presently served by out-of-State ance of the types mentioned above as a matter banking institutions. De novo expansion or acqui- of convenience to the public (excepting credit life sition of one of the smaller banks in the market and disability insurance). The sale of certain inwould not produce such similar beneficial effects surance coverages is an activity that has previously on the economy of Texas and the Austin area. been determined by the Board to be closely related The proposed affiliation would immediately ex- to banking (12 CFR 225.4(a)(9)). pand Austin Bank's credit capabilities, thereby Notice of the application, affording opportunity enabling it to meet the financial needs of the large for interested persons to submit comments and commercial customers in the area. Applicant views on the public interest factors, has been duly would also make available to Austin Bank its published (39 FR 21090). The time for filing expertise in services involving international bank- comments and views has expired, and the Board ing, trusts, and investments. Also, Applicant's has considered the application and all comments consumer related services would be available to received, including those of the National Associa- Austin Bank and Oak Hill Bank. In my opinion, tion of Insurance Agents, Inc., the Independent it is imperative that financial institutions operating Insurance Agents and Brokers of Washington, and in Texas and in Austin, the State capital, possess the Clallam County Insurance Agents Association, the expertise and financial capabilities of meeting in the light of the public interest factors set forth the expanding needs of the Texas economy. in § 4(c)(8) of the Act (12 U.S.C. 1843(c)(8)). For the foregoing reasons, I would approve the Applicant controls four banks holding aggregate applications. deposits of $86.8 million representing about 1 per cent of the total deposits in commercial banks in Washington. Applicant is the eleventh largest banking organization in the State. Agency was organized in 1954 to assume the ORDER UNDER SECTION 4 OF insurance business formerly operated by Appli- BANK HOLDING COMPANY ACT cant's lead bank. Agency presently operates as a general insurance agency in a community with a population in excess of 20,000 persons. Its annual gross premiums represent less than 3 per cent of UNION BOND & MORTGAGE COMPANY, the total gross premiums accounted for by mem- PORT ANGELES, WASHINGTON bers of the Clallam County Insurance Agents Association. The operation of a general insurance Order Denying Acquisition of agency is an activity not previously determined Union Bond Insurance Agency, Inc. by the Board to be closely related to banking. Union Bond & Mortgage Company, Port An- Moreover, Board authorization permitting a bank geles, Washington, a bank holding company holding company to engage in the sale of insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 113 otherwise sold as a matter of convenience to the constitute a significant portion of the aggregate purchaser is not designed to permit entry into the insurance premium income since it was originally general insurance agency business (see 12 CFR credit related. 225.128(e)). It appears that Agency's current The Board has previously indicated through an scope of operations includes the sale of certain interpretation to § 225.4(a)(9) of Regulation Y that insurance coverages which have not previously a renewal of insurance, after the credit extension been determined by the Board to be permissible has been repaid, would be regarded as closely under § 225.4(a)(9) of Regulation Y. Such insur- related to banking only to the extent that such ance coverages currently being offered by Agency renewal is permissible under § 225.4(a)(9)(ii)(c) include registered mail liability, comprehensive of Regulation Y (12 CFR 225.128(c)(3)). In the blanket policies for commercial vendors, miscel- Board's judgment, the nexus between insurance laneous indemnity bonds, and court bonds. protecting collateral in which a bank or bank- Applicant has provided a summary of the total related firm has a security interest and an extension insurance premiums obtained by Agency in 1973 of credit or provision of other financial service by which indicates that approximately 60 per cent of such bank or bank-related firm is severed upon its insurance premiums were derived through the repayment of the credit extension or termination sale of insurance that was directly related to ex- of the financal service. Consequently, the permistensions of credit by its lead bank, First National sibility of such renewal business, and its close Bank of Port Angeles. In addition, 4.6 per cent relationship to banking, is dependent upon its of Agency's premiums in 1973 were derived ability to qualify as "convenience" sales under through the sale of insurance covering the First § 225.4(a)(9)(ii)(c) of the Insurance Regulation, National Bank of Port Angeles and its employees; which limits the sale of such insurance to: the remainder of all insurance sold by Agency appears to be noncredit-related. Approximately Insurance that is otherwise sold as a matter of conven- 4.9 per cent of Agency's premium income is ience to the purchaser, so long as the premium income classified by Applicant as 4'walk-in" business from sales within . . . subdivision (ii)(c) does not constitute a significant portion of the aggregate insurrepresenting new business that Agency had not ance premium income of the holding company from solicited through any business relationship, while insurance sold pursuant to this subdivision (ii). the remainder, approximating 30 per cent, is classified as "renewal" business representing a con- The Board has previously defined the term tinuation of insurance policies originated through "significant portion" as used with regard to preextensions of credit but which are no longer credit mium income attributable to convenience sales of related and do not require a loss payee endorse- the holding company as income amounting to "less than 5 per cent of the aggregate insurance ment. premium income of the holding company system In order to approve the subject application, § from insurance sold pursuant to § 225.4(a)(9)(ii)." 4(c)(8) of the Act requires the Board to determine (See 12 CFR 225.128(e)(3)). The Board hereby initially that the activities of Agency are so closely reaffirms its view that this limitation, or one similar related to banking or managing or controlling to it, is a necessary and proper means of insuring banks as to be a proper incident thereto. It appears that the close relationship originally found between that many of the insurance coverages sold by banking and certain insurance agency activities Agency protect collateral in which Applicant's deemed permissible under the Insurance Regulalead bank has a security interest as a result of an tion continues to exist.1 The proposal now before extension of credit and therefore would qualify as permissible insurance agency activities under § 225.4(a)(9)(ii)(a) of the Board's Insurance Regulation. However, as noted above, approximately 1The Board's view in this respect would not be affected by a proposed revision to clarify the definition of insurance 30 per cent of Agency's premium income is sold as a matter of convenience to borrowers under Regulation derived from renewal business that originally sup- Y which would, in effect, limit the amount of convenience ported the lending transactions of a bank or bank- insurance sold by each insurance-selling subsidiary office to less than 5 per cent of that office's total insurance premium related firm in the holding company system but income (see 39 F.R. 28536 and 39 F.R. 34682). The Board's is sold now only as a convenience to the purchaser decision in the instant Order is based solely on the Insurance since the credit extension has been repaid. Appli- Regulation as presently drafted; no determination has been made by the Board on the proposed revision, nor is any implied cant contends that such renewal business does not herein. 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114 Federal Reserve Bulletin Q. February 1975 the Board goes well beyond the prescribed limita- The Board has considered all relevant material tion for "convenience" sales, as Agency's re- contained in the record in the light of the factors newal business alone represents 30 per cent of its set forth in the Act, including the effect of the total premium income. Accordingly, the Board is proposal on competition, the financial and manaunable to find a close relationship between the gerial resources and prospects of the banks inactivities of Agency and the business of banking volved, and the convenience and needs of the or managing or controlling banks. communities to be served. Based upon the foregoing and other consid- On the basis of the information before the erations reflected in the record, the Board has Board, including information from the Compdetermined, in accordance with the provisions of troller of the Currency, the Board finds that an § 4(c)(8), that the insurance agency activities con- emergency situation exists so as to require that ducted by Agency are not closely related to bank- the Board act immediately pursuant to the proviing and that the application should be, and hereby sions of the Bank Merger Act. is, denied. Such anticompetitive effects as will be attrib- By order of the Board of Governors, effective utable to consummation of the transaction will be January 8, 1975. clearly outweighed in the public interest by considerations relating to and involved in the emer- Voting for this action: Chairman Burns and Governors gency situation found to exist. From the record Mitchell, Sheehan, Bucher, Holland, Wallich, and Coldwell. in the case, it does not appear that there are (Signed) THEODORE E. ALLISON, reasonable alternative acquisition possibilities [SEAL] Secretary of the Board. available at this time. Accordingly, it is the Board's judgment that any disposition of the application other than approval would be inconsistent ORDER UNDER BANK MERGER ACT with the public interest, and the Board concludes that the proposed transaction should be approved CHEMICAL BANK, NEW YORK, on a basis that would not preclude immediate NEW YORK consummation of the proposal. It is hereby ordered, on the basis of the record, Order Approving Acquisition of Assets that the application be and hereby is approved and Chemical Bank, New York, New York (total that the acquisition of assets and assumption of deposits $17.6 billion) a member State bank of liabilities and the establishment of the branch the Federal Reserve System, has applied, pursuant offices may be consummated immediately but in to the Bank Merger Act (12 U.S.C. 1828(c)), for no event later than three months after the date of the Board's approval to acquire substantially all this Order unless such period is extended for good of the assets and assume substantially all of the cause by the Board, or by the Federal Reserve liabilities of Security National Bank, Hempstead, Bank of New York pursuant to delegated author- New York ("Security") (total deposits $1.3 bil- ity. lion) and, as an incident thereto, to operate the By order of the Board of Governors, effective present offices of Security as branches. January 19, 1975. Published notice of the proposed acquisition of Voting for this action: Chairman Burns and Governors assets and assumption of liabilities and requests Mitchell, Sheehan, Bucher, Holland, Wallich, and Coldwell. for reports on the competitive factors involved (Signed) THEODORE E. ALLISON, therein have been dispensed with as authorized by [SEAL] Secretary of the Board. the Bank Merger Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 115 ORDERS N OT PRINTED IN THIS ISSUE During January 1975, 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 Gracemont B ankcorporation, The First National 1/6/75 40 F.R. 2766 Inc., Gracemont, Oklahoma Bank of Gracemont, 1/15/75 Gracemont, Oklahoma Southwest National Corporation, The Carlsbad National 1/22/75 40 F.R. 5405 Albuquerque, New Mexico Bank, Carlsbad, New Mexico; 2/5/75 The Bank of Las Vegas, Las Vegas, New Mexico; and Southwest National Bank, Albuquerque, New Mexico 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 First International Bancshares, North Austin State Bank, 1/17/75 40 F.R. 4189 Inc., Dallas, Texas Austin, Texas 1/28/75 KAYCO Investment Corporation, The First National Bank 1/17/75 40 F.R. 4191 Nevada, Missouri of Golden City, Golden 1/28/75 City, Missouri Worcester Bancorp, Inc., The Peoples National 1/13/75 40 F.R. 3343 Worcester, Massachusetts Bank of Marlborough, mm 5 Marlborough, Massachusetts 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 Equitable B ancorporation, Equiban Life Insurance 1/20/75 40 F.R. 4047 Baltimore, Maryland Company, Phoenix, mi n 5 Arizona Union Commerce Corporation, Union Commerce Life mm 5 40 F.R. 3343 Cleveland, Ohio Insurance Company, 1/21/75 Phoenix, Arizona Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 Federal Reserve Bulletin Q. February 1975 ORDERS UNDER SECTIONS 3 AND 4 OF BANK HOLDING COMPANY ACT- APPLICATIONS TO FORM BANK HOLDING COMPANY AND ENGAGE IN NON- BANKING ACTIVITIES Board action Federal Nonbanking company (effective Register Applicant Bank(s) (or activity) date) citation BBHC, Ltd., Anamosa, Onslow Savings Insurance agency 1129115 40 F.R. 5826 Iowa Bank, Onslow activities 2/7/75 Iowa Coronado, Inc., The Farmers The Farmers State 1/29/75 40 F.R. 5827 Sterling, Kansas State Bank, Agency, Sterling, 2/7/75 Sterling, Kansas Kansas F.N.B. Corporation, First National Citizens Budget Co. \ 120115 40 F.R. 4190 Sharon, Pennsylvania Bank of Mercer Youngstown, Youngs- 1/28/75 County, Green- town, Ohio ville, Pennsylvania LaCrosse Insurance, Inc. The Farmers and LaCrosse Insurance \ 124115 40 F.R. 5403 LaCrosse, Kansas Merchants State Agency, LaCrosse, 2/5/75 Bank of Rush Kansas County, LaCrosse, Kansas Mingo Insurance Agency, Mingo Trust and Insurance agency 1/24/75 40 F.R. 5403 Mingo, Iowa Savings Bank, activities 2/5/75 Mingo, Iowa United Kentucky, Inc., The Louisville Louisville Mortgage \ 16115 40 F.R. 2767 Louisville, Kentucky Trust Company, Service Corporation, 1/15/75 Louisville, Louisville, Kentucky Kentucky PBC Financial Corpo- Farmers & Mer- Finance company \ 122115 40 F.R. 4365 ration, Oklahoma City chants Bank, activities 1/29/75 Oklahoma Eufaula, Oklahoma ORDER UNDER BANK MERGER ACT- APPLICATION TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS Board action Federal (effective Register Applicant Bank(s) date) citation The Louisville Trust Company, The Louisville \ 16115 40 F.R. 2766 Louisville, Kentucky Trust Bank Company, 1/15/75 Louisville, Kentucky ORDERS ISSUED BY FEDERAL RESERVE BANKS During January, 1975, 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

Law Department 117 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 Broward Bancshares, Inc., North wood Bank Atlanta 1/3/75 40 F.R. 2624 Fort Lauderdale, Florida of West Palm 1/14/75 Beach, West Palm Beach, Florida Florida Bankshares, Inc., First National Atlanta 1/3/75 40 F.R. 2624 Hollywood, Florida Bank of Miramar, 1/14/75 Miramar, Florida First Community Bancor- Bank of Wheaton, Kansas City 1/21/75 40 F.R. 3341 poration, Joplin, Missouri Wheaton, Missouri 1/21/75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 Announcements CHANGE IN available at the National Archives on the same basis. The National Archives will furnish complete DISCOUNT RATE microfilm copies of these earlier minutes for a fee, The Board of Governors approved actions by the and will be prepared later to furnish similar copies directors of the Federal Reserve Banks of Boston, of the 1969 minutes. New York, Philadelphia, Cleveland, Richmond, Copies of the minutes for 1969 will also be Atlanta, Minneapolis, Dallas, and San Francisco, made available later for public inspection at the reducing the discount rates of those Banks from Board's offices in Washington and at each Federal IV4 to 6% per cent, effective February 5. The Reserve Bank and branch, the same procedure Board of Governors approved similar actions by followed with respect to earlier records. Meanthe directors of the Federal Reserve Bank of Chi- while, a work copy is available for inspection at cago effective February 6, 1975, and by the direc- the Board's offices, and another at the Federal tors of the Federal Reserve Banks of St. Louis Reserve Bank of New York. and Kansas City effective February 7. At that time Release of the minutes from 1962 on has prethe rate was 63A per cent at all Reserve Banks. sented special problems involving international The Board's action was taken in recognition of financial relationships. A number of passages have the reductions that have occurred over recent been deleted from the minutes for 1962 through weeks in other short-term interest rates. 1969, with a footnote in each case indicating the The discount rate is the interest rate charged general nature or subject of the deleted matter. member commercial banks for borrowings from their district Federal Reserve Banks. (The Board of Governors had previously ap- CHANGES IN proved action by the directors of the Federal Re- BOARD STAFF serve Bank of Kansas City reducing the discount The Board of Governors has announced the folrate of that Bank from 73A per cent to lxk per lowing appointments to its official staff: cent, effective January 24, 1975.) John H. Kalchbrenner, Assistant Vice President and Senior Economist, Federal Reserve Bank of FEDERAL OPEN MARKET Chicago, has been named an Associate Adviser in the Division of Research and Statistics. Mr. COMMITTEE MINUTES Kalchbrenner received his B.A. and M.A. degrees The Federal Reserve announced on January 27, at the University of Iowa and his Ph.D. from the 1975, that minutes of discussions and actions at University of Wisconsin. He was employed at the the meetings of the Federal Open Market Com- Board from 1968 until 1972 when he transferred mittee during 1969 were being transferred to the to the Federal Reserve Bank of Chicago. National Archives. Tyler E. Williams, Jr., has been appointed These minutes are contained in approximately Assistant Controller in the Office of the Controller, 1,400 pages of typed material. Their transfer was effective February 16, 1975. Mr. Williams, forarranged on the understanding that the National merly employed by the Office of the Secretary of Archives will make them available for inspection Defense, has been associated with the Office of by interested persons under its usual rules and the Army Comptroller and the Department of procedures. Commerce. He holds a B.S. and M.S. from the Similar records for earlier years are already Illinois Institute of Technology. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

119 ADMISSION OF STATE BANKS Florida TO MEMBERSHIP IN THE Lake Wales American Bank FEDERAL RESERVE SYSTEM of Lake Wales The following banks were admitted to membership in the Federal Reserve System during the period North Carolina January 16, 1975, through February 15, 1975: Eden Bank of Eden Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 Industrial Production Released for publication February 13 chemicals was reduced substantially. Coal production, however, rose 37 per cent with the final Industrial production declined by an estimated 3.6 settlement of work stoppages. per cent in January following a drop of 3.1 per cent (revised) in December. The total index in January at 113.7 per cent of the 1967 average was INDUSTRIAL PRODUCTION 9V2 per cent below September 1974. As in No- Seasonally adjusted, ratio scale, 1967= 100 vember and December, the January curtailments TOTAL - 140 MATERIALS were large and widespread among consumer 120 goods, business equipment, and industrial materi- 1 1 1 V^ 1 T0TALrs , 1 als. 110000 1 1 1 1 1 Auto assemblies dropped one-tenth further last month to an annual rate of 4.8 million units. At the same time sales of new cars increased about one-tenth from December, and at the end of January the large overhang of new car stocks was down 12 per cent from a month earlier. Output of other durable and nondurable consumer goods also declined in January. Production of business equipment was reduced about 4Vi per cent, following a 3 per cent decline in December, and was Annual rate, millions of units 16 m per cent below the September 1974 high. - QMUAAJROTRER LMAYTER IALS: 12 Output of construction products dropped further 140 _ in January. 1 1 ^^/PRODUCTION - Production of industrial materials was again 120 "TTl ~ curtailed very sharply, reflecting widespread efforts to reduce excessive inventories. Output of 1969 1971 1973 1975 1969 1971 1973 1975 F.R. indexes, seasonally adjusted. Latest figures: January. steel, other metal materials, textiles, paper, and *Auto sales and stocks include imports. Seasonally adjusted Per cent 1967 = 100 changes from- Per cent changes, annual rate Industrial production 1974 1975 1974 Month Year ago ago Nov. Dec." Jan.e Q2 Q3 Q4 Total 121.7 117.9 113.7 -3.6 -9.3 1.9 -.3 -12.4 Products, total 121.4 118.7 115.2 -2.9 -6.3 2.6 .6 -8.4 Final products 120.9 118.1 114.5 -3.0 -5.6 3.0 2.0 -6.9 Consumer goods 126.5 123.3 119.8 -2.8 -7.3 2.5 0 -10.8 Durable goods 120.1 112.1 105.3 -6.1 -17.9 14.7 -4.5 -34.5 Nondurable goods 128.8 127.5 125.4 -1.6 -3.2 -2.2 2.2 -2.2 Business equipment . 130.9 127.0 121.1 -4.6 -4.5 7.2 4.0 -2.4 Intermediate products .. 122.9 121.1- 117.7 -2.8 -8.9 1.2 -3.7 -15.3 Construction products 121.3 118.9 115.0 -3.3 -13.5 -2.7 -7.7 -21.0 Materials 121.9 116.3 111.5 -4.1 -14.0 -.3 -.9 -20.2 "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

2 Federal Reserve Bulletin Q. February 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 TABLES PUBLISHED PERIODICALLY: A 80 Earnings and expenses of Federal Reserve Banks, 1974 Number of banking offices: A 82 Analysis of changes A 83 On, and not on, Federal Reserve Par List Banking and monetary statistics, 1974: A 84 Money market rates A 85 Bond and stock yields A 86 Stock market credit A 94 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 rp Revised preliminary L Liabilities I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 A.R. Annual rate when the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) also include not fully guaranteed issues) as well as 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- Banks and branches, number, dends of large manufacturing by class and State Apr. 1974 A-88—A-89 corporations Dec. 1974 A-79 Semiannually F1°w of fun<Js- lm. . Assets and liabilities: Banking offices: 1962-73 Oct. 1974 A-59.14—A-59.28 Analysis of changes in number Feb. 1975 A-82 On, and not on, Federal Reserve Flows: Par List, number Feb. 1975 A-83 1965-73 Oct. 1974 A-58—A-59.13 Annually Income and expenses: o u k^m;™ Federal Reserve Banks Feb. 1975 A-80—A-81 ^nk?ng of ™ ^ 1974 A"84~A-85 group banks, Dec. 31, 1973 June 1974 A-80-A-83 ^a^aryear June 1974 A-84-A-93 JUiy Income ratios June 1974 A-94—A-99 Banking and monetary statistics: Operating ratios Sept. 1974 A-80—A-85 197 3 Mar. 1974 A-96—A-109 July 1974 A-80—A-82 1974 Feb. 1975 A-84—A-85 Stock market credit Feb. 1975 A-86—A-87 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 • FEBRUARY 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 cur- Bought u r H e n p e d u l e d r r - Loans Float 3 as O F se t . h t R s e . r 4 Total 5 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 i a n u n n c g t d y - - Total out- chase right 2 agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 2,956 1941—Dec 2,219 2,219 170 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 ,117 21,606 22,879 4,629 1960—Dec 27,248 27,170 78 94 ,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 84,052 83,395 657 1,285 2,409 3,171 91,302 11,567 400 9,113 Dec 86,679 85,202 1,477 703 2,734 3,129 93,967 11,630 400 9,179 1975—Jan. * 86,039 85,369 670 390 2,454 3,391 93,000 11,647 400 9,235 Week ending— 1974—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 2 2 0 7 8 8 3 5 , , 9 2 5 1 9 2 8 8 3 4 , , 4 07 8 6 0 1,1 4 3 7 6 9 1 1, , 4 3 7 6 9 7 2 3 , ,0 0 1 6 8 0 2 2 , , 9 9 6 1 7 7 9 9 1 2 , , 6 1 6 5 7 9 1 1 1 1 , , 5 5 6 6 7 7 4 4 0 0 0 0 9 9 , , 1 1 1 2 8 8 Dec. 4 85,559 83,967 1,592 1,070 2,768 3,113 93,186 11,567 400 9,168 11 85,445 84,925 520 648 2,545 3,053 92,238 11,603 400 9,163 18 85,842 85,157 685 818 2,569 3,047 92,859 11,652 400 9,178 25 88,242 85,761 2,481 662 2,285 3,141 95,124 11,652 400 9,194 1975—Jan. 1 87,903 85,746 2,157 561 3,261 3,205 95,962 11,652 400 9,221 1 8 5 * P 8 8 6 5 , , 3 5 1 2 7 0 8 85 5 , , 3 5 8 8 1 7 7 1 3 3 0 9 3 60 1 8 2 2 3 , , 6 4 2 5 8 6 3 3 , , 2 3 9 0 1 9 9 92 4 , , 6 0 9 7 8 6 1 11 1 , , 6 6 5 5 2 2 4 40 0 0 0 9 9 , , 2 2 3 1 5 6 22* 86,105 85,191 914 594 2,100 3,443 92,956 11,652 400 9,239 29* 86,341 85,448 893 143 1,965 3,490 92,730 11,635 400 9,246 End of month 1974—No v 85,709 84,471 1,238 1,225 2,565 2,899 93,009 11,567 400 9,206 85,714 84,760 954 299 2,001 3,195 92,208 11,652 400 9,253 Dec 86,134 85,076 ,058 101 1,360 3,518 92,079 11,635 400 9,264 1975—Jan. * Wednesday 84,592 83,253 1,339 839 2,553 3,479 91,869 11,567 400 9,075 1974—Nov. 6 81.175 81,175 625 3,676 3,379 89,071 11,567 400 9,104 13 83,472 82,325 1,147 2,536 3,742 2,913 93,234 11,567 400 9,118 20 86,764 83,948 2,816 1,756 2,112 2,922 94,384 11,567 400 9,136 27 Dec. 4 82,271 81,447 824 315 2,927 2,947 89,068 11,567 400 9,141 11 86,187 84,878 1,309 1,159 3,077 3,047 94,204 11,652 400 9,170 18 87,967 85,679 2,288 1,384 3,117 3,248 96,433 11,652 400 9,184 25 89,258 85,985 3,273 426 2,463 3,154 96,164 11,652 400 9,208 1975—Jan. 1 85,714 84,760 954 299 2,001 3,195 92,208 11,652 400 9,253 8* 82,726 82,726 125 2,910 3,460 89,815 11,652 400 9,235 15* 85.176 85,048 128 2,889 2,636 3,493 94,864 11,652 400 9,237 2229** 8 8 9 6 , , 3 3 0 0 6 5 8 85 5 , , 1 3 4 2 1 5 3 1 , , 9 1 8 6 1 4 2,4 1 4 5 4 9 2 2 , , 0 6 6 3 3 6 3 3 , , 9 5 2 9 8 8 9 93 8 , , 5 7 7 2 7 4 1 11 1 , , 6 6 3 5 5 2 4 4 0 0 0 0 9 9 , , 2 2 4 6 2 4 1 Includes Federal agency issues held under repurchase agreements on Wed. and end-of-month dates, see table on F.R. Banks on p. A-12. beginning Dec. 1, 1966, and Federal agency issues bought outright be- See also note 3. ginning Sept. 29, 1971. 6 Includes certain deposits of domestic nonmember banks and foreign- 2 Excludes (if any), securities sold and scheduled to be bought back owned banking institutions held with member banks and redeposited in under matched sale-purchase transactions, but includes (if any), beginning full with F.R. Banks in connection with voluntary participation by non- 1969, securities loaned—fully guaranteed by U.S. Govt, securities pledged member institutions in the Federal Reserve System's program of credit with F.R. Banks. restraint. 3 Beginning with 1960 reflects a minor change in concept; see Feb. 1961 As of Dec. 12, 1974, the amount of voluntary nonmember and foreign BULLETIN, p. 164. agency and branch deposits at F.R. Banks that are associated with margi- 4 Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. nal reserves are no longer reported. However, deposits voluntarily held liabilities and capital" are shown separately; formerly, they were by agencies and branches of foreign banks operating in the United States netted together and reported as "Other F.R. accounts." as reserves and Euro-dollar liabilities are reported. 5 Includes industrial loans and acceptances until Aug. 21, 1959, when Digitized for FRiAndSuEstRria l loan program was discontinued. For holdings of acceptances Notes continued on opposite page. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 reserves, Other reserves Period or date Treas- with F.R. Banks Other F.R. ury F.R. liacash ac- bilities h in ol g d s - Tr u e r a y s - F ei o g r n - Other 3,6 counts4 ca a p n it d a l4 B W F a . n R it k h . s c r C a o e n n u in d c r y - 7 Total 8 Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 1,531 292 12,812 12,812 1941—Dec. 2,269 625 1,247 493 16,027 16,027 1945—Dec. 1,290 615 920 353 739 17,391 17,391 1950—Dec. 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 427 849 145 735 2.265 23,925 5,340 29,265 1970—Dec. 453 1.926 290 728 2,287 25,653 5,676 31,329 1971—Dec. 350 1,449 272 631 2,362 24,830 6,095 31,353 1972—Dec. 323 1,892 406 717 2,942 28,352 6,635 35,068 1973—Dec. 349 2,488 427 713 2,904 29,396 7,192 36,655 1974—Jan. 342 2,972 293 682 2,932 28,574 6,601 35,242 Feb. 334 1,803 311 699 2,998 28,450 6,450 34,966 Mar. 308 1,712 328 702 2,985 29,469 6,402 35,929 Apr. 286 3,000 320 699 3,168 29,861 6,600 36,519 May 293 2,015 491 691 3,187 29,672 6,668 36,390 June 275 2,795 296 773 3,216 30,514 6,824 37,338 July 283 2,633 326 831 3,240 30,264 6,765 37,029 Aug. 303 2,451 456 766 3,345 30,156 6,920 37,076 Sept. 315 1,601 294 869 3,260 29,985 6,811 36,796 Oct. 302 864 370 770 3,149 29,898 6,939 36,837 Nov. 220 1,741 357 874 3.266 29,767 7,174 36,941 Dec. 221 2,087 336 884 3,264 29,711 7,829 37,540 1975—Jan.? Week ending— 295 1,049 302 811 3,312 29,875 7,120 36,995 1974—Nov. 6 300 159 302 703 3,038 29,227 7,252 36,479 13 300 649 512 781 3,060 30,240 6,572 36.812 20 307 1,346 303 788 3,174 30,007 6,762 36,769 27 316 1,464 453 1,024 3.250 29,861 7,100 36,961 Dec. 4 266 1,303 320 893 3; 090 29,035 7,258 36,293 11 182 926 407 821 3,213 29,615 7,147 36,762 18 180 2,471 345 752 3,399 29,855 6,990 36,845 25 1 18 9 9 2 2 1 , , 6 8 0 5 6 0 3 33 2 3 4 9 8 8 9 6 6 3 3, , 0 3 7 3 1 9 2 3 9 0 , , 9 2 9 1 9 8 7 7 , , 3 3 4 7 6 0 3 3 7 7 , , 3 5 4 8 5 8 1975—Jan. 8 U f 2 2 2 2 4 5 6 4 2 3 1 1 , , , 0 3 6 0 5 1 5 2 8 4 2 2 4 7 7 6 9 2 9 8 7 0 2 9 1 8 8 3 3 3 , , , 1 3 3 9 9 6 5 4 6 2 2 3 9 9 0 , , , 6 6 4 7 2 8 8 3 1 8 7 7 , , , 5 8 7 6 3 3 7 7 6 3 3 3 7 8 8 , , ,3 3 2 1 5 4 8 9 5 2 2 1 2 9 5 » f f End of month 306 1,495 626 799 3,303 29,860 7,100 36,960 1974—Nov. 185 3,113 418 1,275 2,935 25,843 7,370 33,213 Dec. 212 3,540 391 748 3,415 28,731 7,466 36,197 1975—Jan.p Wednesday 307 318 707 3,046 31,822 7,120 38,942 312 256 272 763 2,997 28,080 7,252 35,332 1974—Nov. 6 313 1,349 499 639 3,098 31,090 6,572 37,662 13 327 1,315 274 745 3,259 31,726 6,762 38,488 20 27 323 1,568 411 841 3,211 25,473 7,100 32,573 Dec. 4 207 690 358 924 3,149 31,089 7,258 38,347 192 2,209 266 816 3,332 31,562 7,147 38,709 AS 183 2,671 450 775 3,463 30,040 6,990 37,030 25 185 3,113 418 1,275 2,935 25,843 7,370 33,213 1975—Jan. 1 235 741 381 766 3,058 27,211 7,346 34,557 8*> 240 1,366 950 731 3,232 31,689 8,567 40,256 15*> 261 1,857 230 906 3,618 36,010 7,838 43,848 22 p 261 3,442 334 708 3,446 30,047 7,736 37,783 29 v 7 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies thereafter. Beginning Jan. 1963, figures are estimated except for weekly included are (beginning with first statement week of quarter): Ql, $279 averages. Beginning Sept. 12, 1968, amount is based on close-of-business million; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning figures for reserve period 2 weeks previous to report date. 1974, Ql, $67 million, Q2, $58 million. Transition period ended after 8 Beginning with week ending Nov. 15, 1972, includes $450 million of second quarter, 1974. reserve deficiencies on which F.R. Banks are allowed to waive penalties for a transition period in connection with bank adaptation to Regulation J For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • FEBRUARY 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- Excess^ 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 36,837 36,579 258 1,285 67 -8 257 38 14 90 566 138 448 Dec 36,941 36,602 339 703 32 132 80 5 18 39 323 163 282 1975—Jan.2 ' 37,540 37,582 -42 390 13 -200 156 -23 16 -133 87 114 131 Week ending— 1974—Jan. 2.. 35,656 35,268 388 1,210 31 80 140 -6 141 24 599 223 330 9.. 36,296 36,210 86 776 19 2 271 -47 44 -96 174 160 287 2 1 3 6 . . . . 3 3 7 6 , , 7 6 0 1 2 0 3 36 7 , , 6 3 9 7 3 4 - 3 8 2 3 8 1,1 9 8 8 2 8 2 1 0 3 -11 5 4 9 1 4 8 5 3 -1 1 2 6 -11 2 0 7 6 6 8 5 1 5 1 8 5 6 9 2 3 6 4 2 4 30.. 36,139 35,880 259 1,220 17 104 20 -57 15 733 130 467 1974—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.. 36,961 36,678 283 1,070 51 141 226 4 -16 450 154 394 U.. 36,293 36,452 -159 648 35 -173 73 -36 26 -50 281 100 268 18.. 36,762 36,545 217 818 31 59 60 23 54 -39 417 174 287 25.. 36,845 36,416 429 662 29 137 72 52 89 333 151 257 1975—Jan. 1.. 37,588 37,011 577 561 24 -8 83 61 223 218 301 260 Sp . 37,345 37,167 178 312 19 -80 36 -67 32 107 -2 169 15p. 38,245 38,258 -13 608 13 -147 317 4 69 -249 108 50 114 22 p. 38,318 38,075 243 594 12 -11 328 -4 -9 130 94 136 29 p. 37,359 37,174 118855 114433 1100 --9944 -4 --2244 3333 222255 111100 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. 1974, Ql, $67 million, Q2, $58 million. Transition period ended after Borrowings at F.R. Banks: Based on closing figures. second quarter, 1974. Effective Apr. 19, 1963, the Board's Regulation A, which governs lend- 2 Beginning Nov. 9, 1972, designation of banks as reserve city banks ing by F.R. Banks, was revised to assist smaller member banks to meet for reserve-requirement purposes has been based on size of bank (net the seasonal borrowing needs of their communities. demand deposits of more than $400 million), as described in the Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a o t B w F o i r n .R - gs . F i b e n N d a t e e n e t r r k a - l S d u e r o f p i r c l u 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 t n w a n s a l - s y 2 b c o P u h f y a u n i s r n e e - t g s s o b S e f a a l l n n l i e n k e s g s t d L ea o t l a o e n rs s 3 de f r B i a r n o o o l w g e r m s r - - s 4 lo N a e n t s Banks funds reserves banks trans. Total—46 banks 1974—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 18 31 257 17,004 -17,229 99.5 22,575 5,571 4,809 17,766 762 3,952 739 3,213 25 261 121 15,512 -15,372 90. 21,048 5,536 4,619 16,429 917 3,068 767 2,301 1975—Jan. 1 271 185 13,872 -13,786 78.6 20,142 6,270 5,124 15,018 ,146 3,042 538 2,505 8 136 76 15,609 -15,550 87.9 21,570 5,961 5,239 16,330 722 3,278 565 2,713 15 -91 330 15,890 -16,310 88.6 21,062 5,172 4,854 16,208 318 3,121 604 2,516 22 -11 244 15,213 -15,468 84.7 20,563 5,350 4,812 15,752 538 2,584 860 1,724 29 4 8 13,212 -13,216 74.9 19,233 6,021 5,319 13,915 703 2,548 919 1,629 8 in New York City 1974—Dec. 4 200 5,518 -5,400 77.8 6,445 927 927 5,518 1,588 619 969 2 1 1 5 1 8 - - 1 6 2 3 1 2 9 7 6 5 , , , 1 6 3 4 8 8 7 3 2 - - - 7 5 6 , , , 2 2 7 4 4 0 5 3 4 1 9 7 0 1 4 4 . . . 3 0 9 7 6 7 , , , 2 6 9 5 0 8 8 1 7 9 8 8 1 7 4 8 6 0 8 9 8 1 4 5 8 0 4 7 6 5 , , , 1 4 6 4 0 8 7 5 2 22 2 2 1 , , , 0 2 4 9 4 9 7 7 3 4 5 5 7 3 8 4 8 4 1 1 , , 5 7 9 7 1 5 3 4 5 1975—Jan. 1 67 21 4,816 -4,771 64.7 5,994 1,178 1,178 4,816 1,193 270 923 8 72 5,289 -5,218 69.7 6,483 1,193 1,194 5,289 1,459 291 1,167 15 -70 206 5,358 -5,633 72.8 6,401 1,043 1,043 5,358 1,388 350 1,037 2 2 2 9 - - 4 28 7 203 4 5 , , 6 6 8 0 5 3 - - 5 4 , , 8 7 5 1 3 3 6 7 3 5 . . 5 3 6 6 , , 3 0 7 0 6 4 1,3 7 1 7 9 3 1,3 7 2 7 0 3 4 5 , , 6 6 8 0 4 3 1 1 , , 1 26 9 9 7 4 3 2 6 7 5 8 8 3 4 2 2 38 outside New York City 1974—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 2 1 5 8 . . . . 1 5 2 3 2 2 1 5 2 7 1 1 1 0 0 , , 3 1 2 3 2 0 - -1 1 0 0 , , 1 5 2 2 9 5 1 1 0 0 5 1 . . 6 4 1 1 4 4 , , 9 7 7 9 5 0 4 4 , , 6 6 5 6 3 0 3 3 , , 8 7 9 6 1 6 1 1 1 1 , , 0 0 8 2 3 4 7 8 6 9 2 4 1 1 , , 7 5 0 7 4 5 2 2 6 2 5 9 1 1, , 3 4 4 4 6 0 1975—Jan. 1. 204 164 9,056 -9,016 88.6 14,148 5,092 5,092 10,202 1,146 1,850 268 1,582 8. 64 76 10,320 -10,332 101.3 15,087 4,768 4,046 11,041 722 1,820 274 1,546 15. -21 124 10,532 -10,677 100.1 14,662 4,130 3,812 10,850 318 1,733 254 1,479 22. 36 41 9,610 -9,616 91.7 14,187 4,677 4,039 10,148 538 1,386 495 891 29. 32 8 8,528 -8,504 83 13,229 4,702 3,999 9,230 703 1,279 492 787 5 in City of Chicago 1974—Dec. 4.. 3,643 -3,606 197.7 4,559 916 916 3,643 346 346 11.. 4,233 -4,271 238.5 5,024 791 791 4,233 344 344 18.. 3,935 -3,977 209.3 4,685 750 750 3,935 302 302 25.. 3,642 -3,580 194.1 4,440 798 798 3,642 283 283 1975—Jan. 1. 3,408 -3,309 173.0 4,202 795 795 3,408 287 287 8. 3,993 -4,013 206.4 4,796 802 803 3,993 329 329 15. 4,031 -4,099 198.7 4,722 691 691 4,031 294 294 2 29 2 . . -1 -2 4 3 3 , , 4 3 0 8 5 4 - -3 3 , , 3 4 9 0 7 7 1 1 7 7 1 7 . . 8 5 4 4, , 2 2 1 8 4 4 8 8 7 3 9 0 8 83 7 1 9 3 3 , , 4 3 0 8 6 4 2 3 9 5 6 2 2 3 9 5 6 2 33 others 1974—Dec. 73 136 6,221 -6,284 78.3 10,455 4,234 3,453 7,001 780 1,283 337 946 93 30 6,406 -6,343 78.8 10,147 3,742 3,631 6,516 111 1,385 357 1,029 42 203 6,386 -6,548 81.2 10,289 3,903 3,141 7,148 762 1,403 265 1,138 59 121 6,488 -6,549 80.4 10,350 3,862 2,968 7,382 894 1,291 229 1,063 1975—Jan. 105 164 5,648 -5,707 69.1 9,945 4,297 3,151 6,794 1,146 1,563 268 1,295 8.. 83 76 6,326 -6,319 76.6 10,291 3,965 3,243 7,048 722 1,491 274 1,217 2 2 1 2 9 5 . . . . . . -2 4 3 1 6 4 4 5 1 6 6 6 5 , , , 5 2 1 0 0 4 1 5 4 - - - 6 6 5 , , , 5 2 1 7 0 0 8 9 6 7 6 7 1 3 6 . . . 4 0 4 9 9 9 , , , 9 0 9 0 1 4 3 5 0 3 3 3 , , , 4 6 87 3 9 1 9 9 3 3 3 , , , 1 1 1 2 6 6 1 9 0 6 6 5 , , , 7 8 8 4 1 4 3 9 7 7 3 5 0 1 3 3 8 8 1 1 , , 4 0 9 3 9 2 9 0 7 4 2 4 9 9 5 5 2 4 1,1 4 5 8 3 9 5 5 5 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 • FEBRUARY 1975 CURRENT RATES (Per cent per annum) Loans to member banks— Under Sees. 13 and 13ai Under Sec. 10(b)* 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 1/31/75 date rate 1/31/75 date rate 1/31/75 date 3 rate 1/31/75 date rate P N C B h o l e e w i s v l t a e o Y d l n a e o n l r d p k h ia.. m m m m 1 1 1 1 /1 / / / 6 6 0 6 / / / / 7 7 7 7 5 5 5 5 7 7 7 m 3 3 3 / / K 4 4 7 7 7 7 3 3 3 3 / 4 4 V 4 a 1/ 1 1 1 1 / / / 0 6 6 6 / / / / 7 7 7 7 5 5 5 5 8 8 8 8 1 1 % i/ / / 4 4 4 1 1 1 / 1 1 / / / 6 6 0 6 / / / / 7 7 7 7 5 5 5 5 9 9 9 9 1 1 1 % / / / 2 2 2 1 1 1 1 0 0 0 0 4 4 4 4 / / / / 2 2 2 3 5 5 5 0 / / / / 7 7 7 7 4 4 4 4 9 9 9 9 1 1 1 1 / / / / 2 2 2 2 Richmond m 1/6/75 73,4 m 1/6/75 814 1/6/75 91/2 10 4/25/74 9% Atlanta m 1/13/75 m m 1/13/75 81/4 1/13/75 91/2 10 4/29/74 91/2 C St h . i L ca o g u o i s m m 1 1 / / 1 1 0 0 / / 7 7 5 5 m m m 734 1 1 / / 1 1 0 0 / / 7 7 5 5 8 81 1 / / 4 4 1 1 / / 1 1 0 0 / / 7 7 5 5 9 9 1 1 / / 2 2 1 1 0 0 4 4 / / 2 2 6 6 / / 7 7 4 4 9 9 1 1 / / 2 2 M K D Sa a a i n l n n l a s n F a s e r s a a C p nc o i i t l s y i c s . o .. . , 7 m m m 1/ 4 1 1 1 1 / / 2 1 / / 6 4 6 0 / / / / 7 7 7 7 5 5 5 5 m m 7 7 3 3 / / 4 4 7 7 7 7 3 3 3 3 / 4 4 4 4 1 1 1 1 / / 1 2 / / 6 6 0 4 / / / / 7 7 7 7 5 5 5 5 8 8 8 8 1 1 1 * / / / 4 4 4 4 1 1 1 1 / / 2 1 / / 6 6 4 0 / / / / 7 7 7 7 5 5 5 5 9 9 9 9 1 1 1 1 / / / / 2 2 2 2 1 1 1 1 0 0 0 0 4 4 4 4 / / / / 2 2 2 2 6 5 5 5 / / / / 7 7 7 7 4 4 4 4 9 9 9 9 1 1 1 % / / / 2 2 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, 1955 21/4 2i/4 1964—Nov. 24. 31/4-4 4 1971—Nov. 11 434-5 5 30. 4 4 19 434 434 1956—Apr. 13 21/2-3 234 Dec. 13 41/2-434 434 20 234-3 234 1965—Dec. 6. 4 -41/2 41/2 1 7 41/2-434 41/2 Aug. 24 234-3 3 13. 4% 4% 24 41/2 41/2 31 3 3 1967—Apr. 7. 4 -41A 4 1973—Jan. 15 5 5 1957—Aug. 2 9 3 3 31 -3 /4 1 ,4 3 31 /2 Nov. 2 1 0 4 . . 4 4 - 41/2 4 4 1 4 M Fe a b r . . 2 2 6 5 51 -5 /2 1 /2 5 51 i/ / 2 4 Nov. 15 3 -3 ft 3 27. 41/2 4V4 Apr. 23 51/2-534 5% Dec. 2 3 3 1968—Mar. 15. 41/2-5 4 a May 4 534 53/4 1958—J M A M a p n a a r r y . . . 2 2 2 1 1 1 7 2 9 4 8 3 2 2 2 2 1 1 1 3 3 3 / 2 4 4 4 1 4 4 1 * - - - - - 2 2 3 3 4 4 3 3 1 4 4 2 2 2 3 2 1 1 1 3 1 1 3 3 / 4 4 4 4 4 4 D A A p u ec r g . . . 2 2 2 1 3 1 1 6 0 2 8 6 0 9 . . . . . . . 5 5 51 1 / 5 5 5 5^ 4 V 1 V - - - 5 / 5 5 4 4 i 1 1 1 / / / 2 2 i 5 5 5 5 5 51 1 1 % % % / / / 4 2 2 J J A u u u n ly g e . 2 1 1 1 1 1 2 1 1 4 3 5 8 6 7 5 3 6 7 6 7 4 1 1 - - - 7 / / 6 6 2 2 1 1 / /2 2 7 6 7 6 6 7 6 1 1 1 V / / / 2 4 4 i Aug. 15 134-2 1*4 1969—Apr. 4. 51/2-6 6 1974—Apr. 25 71/2-8 8 Sept. 12 1*4-2 2 8. 6 6 30 8 8 23 2 2 Dec. 9 734—8 734 Oct. 24 2 -21/2 2 1970—Nov. 11, 53/4-6 6 1 6 73/4 734 Nov. 7 21/4 2% 13, 53,4-6 53/4 1959—Mar. 1 6 6 21 3 4 -3 3 3 Dec. 1 4 1 6, , , 5 5 1 1 / / 5 2 4 3 - - 5 5 4 3 3 4 4 5 5 5 1 3 3 / / 4 4 2 1975—Jan. 2 1 6 4 0 7 7 1 1 / 7 4 4 1 - - 7 4 7 3 3 4 4 7 7 7 1 1 3 / / 4 4 4 May 29 3 -3V4 3V4 11, 5 V2 5Vi June 12 31/4. 3% In effect, Jan. 31,1975 7*4 71/4 Sept. 11 31/4-4 4 1971—Jan. 8, 514-51/4 51/4 18 4 4 15. 5»4 51/4 1960—J A u u n g e . 1 1 1 2 3 0 4 3 3 3 V V 3 4 4 - % - - 3 4 4 V 4 4 3 3 3V % 4 Feb. 2 2 1 1 2 9 9 3 , , , 5 5 4 5 - - 3 5 5 4 1 1 - 4 4 5 5 5 5 5 1 /4 Sept. 9 3 3 July 1 1 6 9 4 43 3 4 4 -5 5 4 34 1963—July 17 3 -3V4 3% 23 5 5 26 3 Vi 31/4 NOTE.—Rates under Sees. 13 and 13a (as described in. table and notes above). For data before 1956, 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

FEBRUARY 1975 a 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 1166%% 1122 4 1966—July 14,21 44 44 555 Sept. 8,15 666 1967—Mar. 2 333111///222 333111///222 Mar. 16 333 333 11996688——JJaann.. 1111,,1188........ 111666111///222 111777 111222 111222111///222 11996699——AApprr.. 1177 111777 111777%%% 111222111///222 111333 1970—Oct. 1 55 Beginning Nov. 9, 1972 Net demand 2}4 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 11116666%%%% 1177%% 77 33 77 33 77 55 Nov. 16 11113333 1973—July 19 1100%% 1122%% 11113333%%%% 111888 1974—Dec. 12 111777%%% 66 33 In effect Jan. 31, 1975 8.... 8 IOI/2 12% 13% 111777%%% 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 deposits. The new reserve city designations are as follows: A bank having city banks and the second to the change at country banks. For changes net demand deposits of more than $400 million is considered to have the prior to 1963 see Board's Annual Reports. character of business of a reserve city bank, and the presence of the head 2 (a) Demand deposits subject to reserve requirements are gross de- office of such a bank constitutes designation of that place as a reserve mand deposits minus cash items in process of collection and demand city. Cities in which there are F.R. Banks or branches are also balances due from domestic banks. reserve cities. Any banks having net demand deposits of $400 million or (b) Requirement schedules are graduated, and each deposit interval less are considered to have the character of business of banks outside of applies to that part of the deposits of each bank. reserve cities and are permitted to maintain reserves at ratios set for banks (c) Since Oct. 16, 1969, member banks have been required under not in reserve cities. For details, see Regulation D and appropriate sup- Regulation M to maintain reserves against foreign branch deposits plements and amendments. computed on the basis of net balances due from domestic offices to their 5 A marginal reserve requirement was in effect between June 21, 1973, foreign branches and against foreign branch loans to U.S. residents. and Dec. 11, 1974, against increases in the aggregate of the following types Since June 21, 1973, loans aggregating $100,000 or less to any U.S. resident of obligations: (a) outstanding time deposits of $100,000 or more, (b) have been excluded from computations, as have total loans of a bank to outstanding funds obtained by the bank through issuance by a bank's U.S. residents if not exceeding $1 million. Regulation D imposes a similar affiliate of obligations subject to existing reserve requirements on time reserve requirement on borrowings from foreign banks by domestic offices deposits, and (c) beginning July 12, 1973, funds from sales of finance bills. of a member bank. The reserve percentage applicable to each of these The requirement applied to balances above a specified base, but was not classifications is 8 per cent. The requirement was 10 per cent originally, applicable to banks having obligations of these types aggregating less was increased to 20 per cent on Jan. 7,1971, and was reduced to the current than $10 million. For details, including percentages and maturity classifi- 8 per cent effective June 21, 1973. Initially certain base amounts were cations, see "Announcements" in BULLETINS for May, July, Sept., and exempted in the computation of the requirements, but effective Mar. 14, Dec. 1973 and Sept. and Nov. 1974. 1974, the last of these reserve-free bases were eliminated. For details, see 6 The 16% per cent requirement applied for one week, only to former Regulations D and M. reserve city banks. For other banks, the 13 per cent requirement was 3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation continued in this deposit interval. club accounts became subject to same requirements as savings deposits. 7 See columns above for earliest effective date of this rate. For other notes see 2(b) and 2(c) above. 8 For changes in reserves required to be maintained beginning Feb. 13, 4 Effective Nov. 9, 1972, a new criterion was adopted to designate re- 1975, see "Announcements" on p. 51 of the Jan. 1975 BULLETIN. serve cities, and on the same date requirements for reserves against net demand deposits of member banks were restructured to provide that each NOTE.—Required reserves must be held in the form of deposits with member bank will maintain reserves related to the size of its net demand 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 • FEBRUARY 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 41/2 Savings deposits Other time deposits:1 Other time deposits (multiple- Multiple maturity:2 and single-maturity): 30-89 days 4 41/2 Less than $100,000: 90 days to 1 year. 5 30-89 days 5 5 5 5 1-2 years 5 51/2 90 days to 1 year 51/2 51/2 51/2 51/2 Singl 2 e - y m e a a t r u s r o it r y : m ore.., 5V 4 2 1 V -2 i Y y i e a y r e s a r o s r more 6 61 /2 6 61 /2 6 61 /2 6 61 /2 Less than $100,000: Minimum denomination 30 days to 1 year. 5 of $1,000: 2 1 - y 2 e a y r e s a o r r s more. . 5Vz 5 5V V 42 4 6 -6 ye a y r e s a r o s r more (4) IVa IVa 7 7 1 1 / / 4 2 $1 3 6 0 0 0 0, - - 0 8 5 0 9 9 0 d d o a a r y y s s m ore: 5 5 V V i 4 ( ( 3 3 ) ) $1 G 00 o , v 0 e 0 r 0 n m or e n m ta o l r e u nits. ( ( 5 3 ) ) ( ( 5 3) ) 7 ( 1 3 / ) 2 I ( V 3 a ) 90-179 days 5Vi 5Vz 6 (3) 180 days to 1 year 161/4 (3) 1 year or more... (3) 1 For exceptions with respect to certain foreign time deposits, see Effective Nov. 1, 1973, a ceiling rate of 714 per cent was imposed on BULLETIN for Feb. 1968, p. 167. certificates maturing in 4 years or more with minimum denominations 2 Multiple-maturity time deposits include deposits that are automati- of $ 1,000. There is no limitation on the amount of these certificates that cally renewable at maturity without action by the depositor and deposits banks may issue. that are payable after written notice of withdrawal. 5 Prior to Nov. 27, 1974, no distinction was made between the time 3 Maximum rates on all single-maturity time deposits in denominations deposits of governmental units and of other holders, insofar as Regulaof $100,000 or more have been suspended. Rates that were effective tion Q ceilings on rates payable were concerned. Effective Nov. 27, 1974, Jan. 21, 1970, and the dates when they were suspended are: governmental units were permitted to hold savings deposits and could receive interest rates on time deposits with denominations under $100,000, 6 3 0 0 - - 8 5 9 9 d d a a y y s s 6 6! l V A i p p e e r r c c e e n n t t l f June 24, 1970 i d r e r p es o p s e it c s t iv a e t a o n f y m F a e tu d r e i r t a y l , l y a s i n h s i u g r h e d a s d e th p e o s m ita a r x y im in u s m ti t r u a t t i e o n p . ermitted on such 90-179 days 6Y4 per cent] 180 days to 1 year 7 per cent [ May 16, 1973 NOTE.—Maximum rates that may be paid by member banks are estab- 1 year or more iy2 per cent] lished by the Board of Governors under provisions of Regulation Q; however, a member bank may not pay a rate in excess of the maximum Rates on multiple-maturity time deposits in denominations of $100,000 rate payable by State banks or trust companies on like deposits under or more were suspended July 16, 1973, when the distinction between the laws of the State in which the member bank is located. Beginning single- and multiple-maturity deposits was eliminated. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 4 Between July 1 and Oct. 31, 1973, there was no ceiling for certificates commercial banks, as established by the FDIC, have been the same as maturing in 4 years or more with minimum denominations of $1,000. those in effect for member banks. The amount of such certificates that a bank could issue was limited to For previous changes, see earlier issues of the BULLETIN. 5 per cent of its total time and savings deposits. Sales in excess of that amount were subject to the 6Vi per cent ceiling that applies to time deposits maturing in 2Vi years or more. 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 ((TT)) T U G T U G 1937—Nov. ! 1945—Feb. 4 40 50 1945—Feb. 5 July 50 50 July 5 1946—Jan. 20 75 75 1946—Jan. 21 1947—Jan. 31 100 100 1947—Feb. 1 1949—Mar. 29 75 75 1949—Mar. 30 1951—Jan. 16 50 50 1951—Jan. 17 1953—Feb. 19 75 75 1953—Feb. 20 1955—Jan. 3 50 50 1955—Jan. 4 Apr. 22 60 60 Apr. 23 1958—Jan. 15 70 70 1958—Jan. 16 Aug. 4 50 50 Aug. 5 Oct. 15 70 70 Oct. 16 1960—July 27 90 90 1960—July 28 1962—July 9 70 70 1962—July 10 1963—Nov. 50 50 1963—Nov. 6 1968—Mar. 10 70 70 1968—Mar. 11 June 7 70 50 70 June 8 1970—May 80 60 80 1970—May 6 1971 _Dec. 3 65 50 65 1971—Dec. 6 1972—Nov. 22 55 50 55 1972—Nov. 24 1974—Jan. 2 65 50 65 Effective Jan. 3, 1974 50 50 50 NOTE.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 percent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11, 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 years Period Exch., Gross Gross Redemp- Gross Gross maturity Gross Gross Exch. or Gross Gross Exch. or Gross Gross Exch. or pur- sales tions pur- sales shifts, or pur- sales maturity pur- sales maturity pur- sales maturity chases chases redemp- chases shifts chases shifts chases shifts tions 1970., 11,074 5,214 2,160 99 -3,483 848 5,430 249 -1,845 93 -102 1971.. 8,896 3,642 1,064 1,036 -6,462 1,338 4,672 933 685 311 150 1972.. 8,522 6,467 2,545 125 2,933 789 -1,405 539 -2,094 167 250 1973. 15,517 4,880 3,405 1,396 -140 579 -2,028 500 895 129 87 1974. 11,660 5,830 4,550 450 -1,314 797 -697 434 1,675 196 205 1973—Dec.. 1,919 70 10 75 34 116 -34 35 1974—Jan... 1,340 335 1,402 93 77 Feb.. 768 391 410 687 30 -922 200 35 Mar.. 664 566 165 109 56 25 Apr.. 1,237 49 407 172 May. 737 100 112 2,563 26 -2,663 ioo June. 614 954 204 48 34 July.. 988 211 27 53 Aug.. rl,652 r850 -2,867 1,057 1,940 -130 Sept.. 717 565 786 22 -200 65 200 53 37 O No ct v . . . . . rl,4 5 2 4 2 7 1,1 2 1 7 0 3 1,0 1 6 0 3 7 148 ,623 92 1,757 -465 '200 Dec.. 973 426 6 85 126 123 -126 Period Total outright 1 sa t ( r U l s e M a e . - n c S p a u s . u t a r c r c G i h t c t i i o e h e o d v s a n ) t s s , e ( R a U s g e e . r p c S e u u . e r r m G i c t h e i o e n a v s s t ) t s e , i c s n G h e N c a o U u e n v t r . g t S i , e - . Fede O ra u l t r a i g g e h n t cy oblig R a c a e g h t p r i a o e u s e n e r - s - ac B ce a p n n t k e a t e n r c s e s, ch N an e g t e 3 Gross Gross Gross ties Gross Sales or ments, Repurpur- Gross Redemp- Gross pur- pur- Gross pur- redemp- net Out- chase chases sales tions sales chases chases sales chases tions right agreements 197 0 12,362 5,214 2,160 12,177 12,177 33,859 33,859 4,988 -6 4,982 197 1 12,515 3,642 2,019 16,205 16,205 44,741 43,519 8,076 485 101 22 181 8,866 197 2 10,142 6,467 2,862 23,319 23,319 31,103 32,228 -312 1,197 370 -88 -9 -145 272 197 3 18,121 4,880 4,592 45,780 45,780 74,755 74,795 8,610 865 239 29 -2 -36 9,227 197 4 13,537 5,830 4,682 64,229 62,801 71,333 70,947 1,984 3,087 322 469 511 420 6,149 1973—Dec.. 2,145 70 10 3,435 3,435 9,523 10,202 1.387 212 84 -126 23 -26 1,386 1974— S A D J N A O M J F M J e u u a e u e o p c p a a n l n b c v g t r t y r y e . . . . . . . . . . . . . . . . . . . . . r r l l 1 1 1 1 , , , , 7 6 , , 2 1 4 5 9 8 7 7 5 8 6 5 1 5 0 1 4 9 4 9 9 5 5 2 3 4 9 9 4 3 7 8 0 4 1, r 1 8 4 2 2 9 5 3 3 5 1 1 2 5 7 1 4 5 6 9 3 6 0 0 6 0 3 9 4 5 1 1 5 6 0 1 1 , , 0 4 2 4 4 2 7 1 6 3 0 8 0 0 1 6 3 8 2 6 6 7 4 0 5 1 r9 9 8 4 2 6 2 2 4 2 , , , , . . , , , , 0 8 4 5 5 3 5 5 8 5 7 6 5 8 8 2 9 9 8 8 7 0 1 5 6 7 0 0 3 0 0 4 2 H 1 r6 i 4 9 2 4 2 7 2 ' , , , , , , , , , 4 5 7 9 5 5 3 2 5 7 0 8 8 6 9 9 8 8 1 0 4 6 2 2 3 0 0 7 6 2 1 9 4 2 4 4 4 8 6 3 6 6 1 , , , , , , , , , , , , 2 1 6 5 0 2 0 4 9 1 2 4 6 5 1 9 6 9 6 4 4 9 2 7 9 1 8 2 9 6 5 8 2 0 4 0 1 4 4 4 4 8 2 8 6 3 6 5 1 , , , , , , , , , , , , 6 9 5 2 6 4 5 0 1 6 1 8 5 1 2 6 9 4 6 9 6 0 9 2 1 1 8 5 8 8 5 6 7 0 5 4 - - r 2 1 l 3 1 1 - - - , , , , 4 9 , . 2 - 2 3 6 0 3 6 5 9 - 9 1 7 4 8 8 2 8 4 3 2 6 8 1 6 6 1 4 8 8 7 4 2 2 2 7 3 3 3 3 1 1 3 0 6 0 0 3 2 6 6 7 2 8 1 7 9 1 1 9 0 0 0 0 4 4 4 7 3 3 1 1 6 8 8 2 5 9 6 3 5 - - 3 2 - * 4 3 1 4 7 7 i 2 6 3 4 2 2 0 8 4 9 3 2 5 -1 1 1 1 0 4 5 2 8 7 1 0 0 9 6 8 4 1 - - — 2 - 1 2 2 2 1 1 7 0 8 8 1 0 2 8 4 0 7 5 7 1 9 8 3 2 - - - 2 1 1 2 2 3 1 - , , , , , , 0 3 1 , 9 7 1 3 7 3 7 3 2 1 1 7 3 5 2 8 8 2 9 7 8 5 0 1 9 5 2 0 9 2 3 2 1 Before Nov. 1973 BULLETIN, included matched sale-purchase trans- 3 Net change in U.S. Govt, securities, Federal agency obligations, and actions, which are now shown separately. bankers' acceptances. 2 Includes special certificates acquired when the Treasury borrows NOTE.—Sales, redemptions, and negative figures reduce System holddirectly from the Federal Reserve, as follows: June 1971, 955; Sept. 1972, ings; all other figures increase such holdings. Details may not add to 38; Aug. 1973, 351; Sept. 1973, 836; Nov. 1974, 131. totals because of rounding. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a la d i i an F fr r a e n n c c s h G m er a m rk a s n Ita li l r i e 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 d h d e e s r r s - f S r w an is c s s 197 0 257 154 * 98 197 1 18 3 3 2 197 2 192 * * 164 20 1973—Oct.. 4 * Nov. 4 * Dec. 4 * 1974—Jan.. 1 * Feb. 32 * 20 10 Mar. 6 * 5 Apr. 6 * 5 May 63 * 5 57 Jone 90 * 5 84 July. 8 * 1 6 Aug. 220 * * 39 180 Sept. 242 * * 61 180 Oct. 190 * 1 180 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS • FEBRUARY 1975 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1975 1975 1974 Jan. 29 Jan. 22 Jan. 15 Jan. 8 Jan. 1 Jan. 31 Dec. 31 Jan. 31 Assets 11,635 11,652 11,652 11,652 11,652 11,635 11,652 11,460 400 400 400 400 400 400 400 400 309 291 272 248 240 328 240 311 Loans: Member bank borrowings 159 2,444 2,889 125 299 101 299 961 Other Acceptances: 666555888 666444666 666111555 558888 555777999 666888222 555777999 68 222222111 333333777 555555 66 444222000 222888444 444222000 Federal agency obligations: 444,,,666888888 444,,,666888888 444,,,666888888 44,,668888 444,,,777000222 444,,,666888888 444,,,777000222 1,927 111555111 666666444 666000 555111111 111000222 555111111 U.S. Govt, securities: Bought outright: Bills 333666,,,777333999 333666,,,999222333 333666,,,666444666 34,730 333666,,,777666555 333666,,,666777444 333666,,,777666555 36,500 Certificates—Special Other NNootteess 40,403 40,403 40,403 40,024 40,009 40,403 40,009 38,591 3,311 3,311 3,311 3,284 3,284 3,311 3,284 3,149 TToottaall bboouugghhtt oouuttrriigghhtt 11,,22 8800,,445533 11,,228800,,663377 11,,228800,,336600 1,2 78,038 11,,228800,,005588 11,,228800,,338888 11,,228800..005588 178,240 11,,001133 33,,331177 6688 444433 995566 444433 81,466 83,954 80,428 78,038 80,501 81,344 80,501 78,240 » 87,343 P 92,733 P 88,735 P 83,445 87,012 P 87,201 87,012 81,196 7,402 7,327 8,213 8,394 8,329 5,732 8,329 6,778 267 266 265 264 263 268 263 224 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr aaaaaaasssssssssssssseeeeeeetttttttsssssss::::::: 2 2 2 2 2 2 2 3,329 3,660 3,226 3,194 2,930 3,248 2,930 1,104 P 110,687 P 116,331 P 112,765 P 107,599 110,828 P 108,814 110,828 101,474 LLLLLLLiiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss 67,944 68,446 69,220 69,958 70,916 67,617 70,916 61,687 DDDDDDDeeeeeeepppppppooooooosssssssiiiiiiitttttttsssssss::::::: P 30,047 P 36,010 P 31,689 P 27,211 25,843 P 28,923 25,843 28,241 3,442 1,857 1,366 741 3,113 3,540 3,113 2,844 334 230 950 381 418 391 418 392 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr::::::: AAAAAAAllllllllllllll ooooooottttttthhhhhhheeeeeeerrrrrrr 3708 3906 3731 3766 31,275 3748 31,275 657 P 34,531 P 39,003 P 34,736 P 29,099 30,649 P 33,602 30,649 32,134 DDDDDDDeeeeeeefffffffeeeeeeerrrrrrrrrrrrrreeeeeeeddddddd aaaaaaavvvvvvvaaaaaaaiiiiiiilllllllaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttyyyyyyy cccccccaaaaaaassssssshhhhhhh iiiiiiittttttteeeeeeemmmmmmmsssssss 4,766 5,264 5,577 5,484 6,328 4,180 6,328 4,552 1,191 1,475 1,201 1,138 1,141 1,112 1,141 974 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr llllllliiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss aaaaaaannnnnnnddddddd aaaaaaaccccccccccccccrrrrrrruuuuuuueeeeeeeddddddd dddddddiiiiiiivvvvvvviiiiiiidddddddeeeeeeennnnnnndddddddsssssss P 108,432 P 114,188 P 110,734 P 105,679 109,034 P 106,511 109,034 99,347 TTTTTTToooooootttttttaaaaaaalllllll llllllliiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss CCCCCCCaaaaaaapppppppiiiiiiitttttttaaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 990011 990000 889988 889977 897 990011 897 885500 889977 889977 889977 889977 897 889977 897 884444 OOOOOOOttttttthhhhhhhppppppprrrrrrr rrrrrrrnnnnnnnnnnnnnniiiiiiitttttttnnnnnnnlllllll ffffffflllllllfffffffmmmmmmmiiiiiiiiiiiiiinnnnnnntttttttsssssss ....... ...................................................................... 445577 334466 223366 112266 550055 443333 P 110,687 P 116,331 P 112,765 P 107,599 110,828 P 108,814 110,828 101,474 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr 395 487 597 757 981 384 981 589 MMMaaarrrkkkeeetttaaabbbllleee UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss hhheeelllddd iiinnn cccuuussstttooodddyyy fffooorrr 34,980 34,645 33,419 33,119 32,836 35,085 32,836 24,592 Federal Reserve Notes—Federal Reserve Agents* Accounts 777666,,,666444111 777444,,,999222888 777555,,,111333000 777555,,,222333666 777555,,,111111666 777555,,,111111666 777555,,,111111666 67,151 Collateral held against notes outstanding: 333,,,000444777 333,,,000444777 333,,,111444000 333,,,333666555 333,,,000555555 333,,,000555555 333,,,000555555 2,485 1 T^rau/inrr Pmlitc rprtifipat^ flfTAllllt 999333 999333 999333 999333 999333 999333 999333 ArrpntanrpQ 444222555 444222555 444222555 555555000 555555000 555555000 555555000 777222,,,777666000 777222,,,777333000 777222,,,666888000 777222,,,222222444 777222,,,555555555 777222,,,555555555 777222,,,555555555 66,485 777666,,,333222555 777666,,,222999555 777666,,,333333888 777666,,,222333222 777666,,,222555333 777666,,,222555333 777666,,,222555333 68,970 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

FEBRUARY 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 1975 1975 1974 Jan. 29 Jan. 22 Jan. 15 Jan. I Jan. 1 Jan. 31 Dec. 31 Jan. 31 Loans—Total 159 2,444 2,889 125 301 101 301 959 Within 15 days. .. 148 2,444 2,882 91 275 91 275 940 16-90 days 11 7 34 26 10 26 19 91 days to 1 year.. Acceptances—Total. 879 983 670 594 999 966 999 68 Within 15 days. .. 405 513 177 77 489 457 489 28 16-90 days 375 376 427 454 436 397 436 40 91 days to 1 year. 99 94 66 63 74 112 74 U.S. Govt, securities—Total. 81,466 83,954 80,428 78,038 80,501 81,344 80,501 78,240 Within 15 days1 6,652 8,141 4,236 4,385 4,939 6,324 4,464 4,869 16-90 days 18,563 19,746 20,080 18,735 20,265 18,535 20,740 18,668 91 days to 1 year 20,948 20,764 20,809 20,007 20,401 21,182 20,401 22,233 1-5 years 23,440 23,440 23,440 23,135 23,120 23,440 23,120 23,128 5-10 years 9,673 9,673 9,673 9,612 9,612 9,673 9,612 7,580 Over 10 years 2,190 2,190 2,190 2,164 2,164 2,190 2,164 1,762 Federal agency obligations—Total. 4,839 5,352 4,748 4,688 5,213 4,790 5,213 1,927 Within 15 days1 202 716 65 6 535 153 535 39 16-90 days 217 216 266 266 272 260 266 104 91 days to 1 year 616 616 581 580 574 573 580 234 1-5 years 2,313 2,313 2,344 2,344 2,340 2,313 2,340 819 5-10 years 990 990 991 991 991 990 991 492 Over 10 years 501 501 501. 501 501 501 501 239 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 A a l ' s N Le .Y ad . ing S 6 M o S t A he 's r s2 T S o N M ( t e a . x S Y l c A . 2 l ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s SM T 2 o 3 S t 3 A a l ' s N Le .Y ad . ing S 6 M o S t A he 's r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th S 26 e A r ' s 1973—Dec. 18,641.3 8,097.7 4,462.8 10,543.6 6,080.8 110.2 269.8 115.0 75.8 60.6 1974—Jan. 18,817.7 8,081.0 517.1 736.8 6,219.6 111.5 270.3 116.2 77.3 62.2 Feb. 19,813.7 8,896.2 582.1 917.5 6.335.4 118.0 294.2 119.9 79.3 63.7 Mar. 20,166.9 8,914.4 718.0 ",252.5 6.534.6 118.3 292.5 120.8 80.3 64.7 Apr. 20,062.3 8,637.9 747.6 424.3 6.676.7 115.4 274.6 119.7 80.2 65.0 May 20.564.7 8,970.1 820.8 594.6 6.773.8 117.1 275.3 122.3 81.1 65.4 June 20,457.3 9.065.7 768.0 391.6 6.623.6 116.9 279.9 120.0 79.8 64.3 July. 20,899.6 9,140.4 892.1 759.2 6,867.1 119.8 282.1 123.5 82.8 67.0 Aug. 21,478.3 9.240.8 173.0 237.5 7.064.5 123.4 286.4 132.0 86.3 68.8 Sept. 22,017.5 9,970.8 092.1 046.7 6.954.7 125.1 310.5 127.5 83.7 66.9 N O o c v t. . . r2 22 2 . , 3 9 4 1 8 8 . . 8 7 1 1 0 0 , , 2 5 7 3 1 8 . . 1 9 0 1 8 6 4 0. .7 2 ', 0 3 7 7 7 9 . . 6 8 r7 6 , , 2 9 1 9 9 3 . . 5 0 1 1 2 31 7 . . 8 0 3 3 2 1 4 6 . . 6 8 r1 1 3 2 1 7 . . 5 3 r8 8 . 4 7 . 5 1 6 7 7 0 . . 5 6 Dec. 22,193.0 9,931.8 152.8 ,261.1 7,108.4 128.2 312.8 132.4 86.7 69.3 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 • FEBRUARY 1975 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week Mi Mi M% Mi Mi Mi Composition of measures is described in the NOTE below. 1971—Dec 235.3 473.1 727.9 241.9 477.9 730.9 1972—Dec 255.8 525.7 823.2 263.0 530.7 826.3 1973—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 283.3 612.6 951.1 284.8 610.8 946.9 Dec.2' 283.8 613.9 955.0 291.7 619.0 958.2 NOTE.—Composition of the money stock measures is as follows: Mz: Mi plus the average of the beginning- and end-of-month figure s 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 Mn 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 UUUU....SSSS.... Month Time and savings NNNooonnn--- Time and savings NNNooonnn--- GGGGoooovvvvtttt,,,, or deposits bbbaaannnkkk Demand deposits deposits bbbaaannnkkk ddddeeee---week CCCuuurrr--- DDee-- ttthhhrrriiifffttt CCCuuurrr--- ttthhhrrriiifffttt ppppoooossss---rrreeennn--- mmaanndd iiinnnssstttiii--- rrreeennn--- iiinnnssstttiii--- iiiittttssss3333 cccyyy ddee-- tttuuu--- cccyyy Do- tttuuu--ppooss-- tttiiiooonnnsss222 mes- tttiiiooonnnsss222 iittss CD's1 Other Total Total Mem- tic- CD'si Other Total 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—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 8.1 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.... 66.4 215.3 86.2 326.1 412.3 336.6 66.4 214.8 154.6 57.4 88.8 324.7 413.5 335.2 3.7 Nov.. . . 67.3 216.0 85.5 329.3 414.9 338.5 67.8 217.1 156.0 58.0 87.1 325.9 413.0 336.2 3.3 Dec.2'. 67.7 216.1 90.3 330.1 420.4 341.1 68.9 222.8 160.5 59.4 90.5 327.3 417.7 339.3 4.6 1 Negotiable time certificates of deposit issued in denominations of 3 At all commercial banks. $100,000 or more by large weekly reporting commercial banks. 2 Average of the beginning and end-of-month figures for deposits of See also NOTE above mutual savings banks and savings capital at savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • BANK RESERVES; BANK CREDIT A 15 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements 3 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss44 PPPPeeeerrrriiiioooodddd NNNooonnn--- TTToootttaaalll bbbooorrr--- RRReee--- AAAvvvaaaiiilll--- Demand Demand rrrooowwweeeddd qqquuuiiirrreeeddd aaabbbllleee222 TTiimmee TTiimmee TToottaall aanndd U.S. TToottaall aanndd U.S. SS..AA.. NN..SS..AA.. ssaavviinnggss Private Govt. ssaavviinnggss Private Govt. 1970—Dec 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—Dec 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—Dec 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—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... . 36.87 35.62 36.67 34.87 483.6 318.4 160.6 4.6 481.2 317.4 161 .4 2.4 491 .2 488.8 Dec.f... 36.90 36.18 36.65 34.63 485.9 323.3 160.8 1.8 491.7 321.7 166.7 3.4 494.3 500.1 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 aaannnddd and industrial3 aaannnddd and industrial3 iiinnnvvveeesssttt--- PPlluuss UU..SS.. iiinnnvvveeesssttt--- PPlluuss UU..SS.. mmmeeennntttsss111 TToottaall ii l s l s oo oo aa lldd nn 22 ss Total l P oa lu n s s TTrr uu ee rr aa yy ss -- OOtthheerr44 mmmeeennntttsss 111 TToottaall 11 l s l s oo oo aa lldd nn 22 ss Total l P oa lu n s s TTrr uu ee rr aa yy ss -- OOtthheerr44 sold 2 sold2 1970—Dec. 31 435.5 291.7 294.7 110.0 112.1 57.9 85.9 446.8 299.0 301.9 112.5 114.6 61.7 86.1 1971—Dec. 31 484.8 320.3 323.1 115.9 117.5 60.1 104.4 497.9 328.3 331.1 118.5 120.2 64.9 104.7 1972—Dec. 31 556.4 377.8 380.4 129.7 131.4 61.9 116.7 571.4 387.3 389.9 132.7 134.4 67.0 117.1 1973—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—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. 28 692.0 500.2 2505.5 180.7 2183.6 55.3 136.5 687.5 499.3 2504.6 179.1 2182.0 52.0 136.2 Sept 25? 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. 30? 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. llv 6.. 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 p 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 1975—Jan. 29?.... 686.1 498.3 502.9 181.7 184.4 48.9 138.9 685.1 493.5 498.1 179.6 182.3 53.7 138.0 1 Adjusted to exclude domestic commercial interbank loans. 5 Data beginning June 30, 1974, include one large mutual savings 2 Loans sold are those sold outright for banks' own foreign branches, bank that merged with a nonmember commercial bank. As of that date nonconsolidated nonbank affiliates of the bank, the banks' holding there were increases of about $500 million in loans, $100 million in "Other company (if not a bank), and nonconsolidated nonbank subsidiaries of securities," and $600 million in "Total loans and investments." the holding company. Prior to Aug. 28, 1974, the institutions included 6 As of Oct. 31, 1974, "Total loans and investments" of all commercial had been defined somewhat differently, and the reporting panel of banks banks were reduced by $1.5 billion in connection with the liquidation was also different. On the new basis, both ; 'Total loans" and "Com- of one large bank. Reductions in other items were: "Total loans," $1.0 mercial and industrial loans" were reduced by about $100 million. billion (of which $0.6 billion was in "Commercial and industrial loans"), 3 Reclassification of loans at one large bank reduced these loans by and "Other securities," $0.5 billion. In late November "Commercial and about $400 million as of June 30, 1972. industrial loans" were increased by $0.1 billion as a result of loan re- 4 Farmers Home Administration insured notes included in 'Other classifications at another large bank. securities" rather than in loans beginning June 30, 1971, when such notes totaled about $700 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 COMMERCIAL BANKS • FEBRUARY 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 assets 3 bbiilliittiieess row- aacc-- of iinnssuurraannccee Total Loans aanndd Total 3 Demand ings ccoouunnttss banks l U.S. ccaappiittaall De- Treas- Other aacc-- mand Time Times ury 2 ccoouunnttss44 U.S. Govt. Other Last-Wednesday-of-month series6 All commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 1947—Dec. 31 7.. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 1960—Dec. 31... 199,509 117,642 61,003 20,864 52,150 257,552 229,843 17,079 799 5,945 133,379 71,641 163 1970—Dec. 31... 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 1971—Dec. 31... 516,564 346,930 64,930 104,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 1972—Dec. 31... 598,808 414,696 67,028 117,084 113,128 739,033 616,037 33,854 4,194 10,875 252,223 314,891 38,083 1973—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 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 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 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 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 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 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 July 31p.. 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 Aug. 28 p.. 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 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 Oct. 30?.. 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 Nov. 27 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 Dec. 31 'P. 739,770 546,660 54,360 750 126,090 916,320 746,760 45,370 11,250 4,540 267,350 418,250 55,870 1975—Jan. 29?.... 721,560 529,940 53,660 137,960 101,560 871,180 699,770 30,790 11,380 4,370 233,210 420,020 60,990 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 1960—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 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 1971—Dec. 31... 405,087 277,717 47,633 79,738 86,189 511,353 425,380 30,612 2,549 8,427 174,385 209,406 25,046 1972—Dec. 31... 465,788 329,548 48,715 87,524 96,566 585,125 482,124 31,958 3,561 9,024 197,817 239,763 36,357 1973—Dec. 31... 528,124 391,032 41,494 95,598 100,098 655, £ 526,837 34,782 5,843 8,273 202,564 275,374 55,611 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 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 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 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 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 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 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 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 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 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 Nov. 27 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 Dec. 31 rp. 566,966 429,119 38,374 99,473 106,435 715,250 576,231 41,637 10,170 3,117 204,646 316,661 51,977 1975—Jan. 29v.. 550,264 441144,,442266 37,549 98,289 86,321 676,905 536,256 28,311 10,299 3,247 177,701 316,698 56,136 48,411 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 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 1960—Dec. 31.. 198,011 117,092 60,468 20,451 51,836 255,669 228,401 16,921 1,667 5,932 132,533 71,348 149 1970—Dec. 319. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233 1,874 7,8" 208,037 231,132 19,149 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 1972—Dec. 31.. 594,502 411,525 66,679116,298 111,333 732,519 612,822 33,366 4,113 10,820 250,693 313,830 37,556 1973—Dec. 31.. 678,113 490,527 57,961129,625 116,266 827,081 677,358 36,248 6,429 9,856 261,530 363,294 57,531 1974—June 30.. 709,904 521,424 51,832:136,648 123,536 871,986 703,767 40,534 8,427 8,355 250,225 396,226 65,514 Oct. 15.. 722,622 535,703 186,918 126,098 891,650 718,798 40,185 9,476 3,203 257, ( 408,849 67,064 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 23,262 8,322 4 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,3751 35 795 53,541 19,278 45 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 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 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 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 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 1974—June 30.. 418,329 313,659 27,631 77,039 73,703 516,632 407,915 20,086 4,912 5,038 145,954 231,925 48,123 Oct. 15.. 421,936 319,611 102,324 74,383 522,642 416,656 20,411 6,008 150,375 238,053 44,504 For notes see p. A-17. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 ii ss nn nn ss mm ii ss dd ff uu ii ee cc rr FF mm aa aa DD tt nn bb ii cc ee II oo CC ee 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 t i - a - e a l s l Total 3 m D I a n e n - t d e rba TT n ii k mm 3 ee Dema O nd th er TTiimmee r B i o n o w g r s - - cc cc TT aa oo aa pp oo uu cc tt ii nn tt -- aa aa tt ll ss ll N b N baa bb uu oo nn ee ff mm kk rr ss -ury 22 counts 4 G U o . v S t . . Other 55 Call date series Insured banks (cont.): State member: 1941—Dec. 31... 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1947—Dec. 31... 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1960—Dec. 31... 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40.733 17,727 20 6,299 1,644 1970—Dec. 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 1,147 1971—Dec. 31... 102,813 71,441 11,247 20,125 26,998 135,517 111,777 13,102 721 2,412 45,945 49,597 6,878 10,214 1,128 1972—Dec. 31... 115,426 82,889 11,530 21,008 29,176 150,697 123,186 12,862 1,406 2,378 51,017 55,523 9,651 10,886 1,092 1973—Dec. 31... 130,240 97,828 10,532 21,880 29,387 166,780 131,421 14,425 1,968 2,318 49,859 62,851 15,914 11,617 1,076 1974—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 1,068 Oct. 15.. 137,005 105,462 31,543 36,194 182,837 140,676 18,472 2,817 577 47,570 71,239 19,399 12,206 1,072 Nonmember: 1941—Dec. 31... 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1947—Dec. 31... 16,444 4,958 10,039 1,448 4,083 20,691 19,342 262 4 149 12,366 6,558 7 1,271 6,478 1960—Dec. 31... 32,4V 17,169 11,368 3,874 6,082 39,114 35,391 484 27 645 20,140 14,095 19 3,232 6,948 1970—Dec. 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 7,735 1971—Dec. 31... 108,527 67,188 17,058 24,282 12,092 123,970 109,841 1,212 242 1,723 44,717 61,946 582 9,451 7,875 1972—Dec. 31... 128,333 81,594 17,964 28,774 14,767 147,013 130,316 1,408 552 1,796 52,876 73,685 1,199 10,938 8,017 1973—Dec. 31... 149,638 99,143 16,467 34,027 16,167 170,831 150,170 1,467 586 1,582 58,966 87,569 1,920 12,862 8,229 1974—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 8,347 Oct. 15.. 163,681 110,630 53,050 15,521 186,171 161,466 1,301 651 816 59,140 99,557 3,161 14,940 8,416 Noninsured nonmember: 1941—Dec. 31... 1,457 455 761 241 763 2,283 1,872 329 ,291 253 13 329 852 1947—Dec. 317.. 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 4 325 783 1960—Dec. 31... 1,498 550 535 413 314 1,883 1,443 159 132 846 293 14 358 352 1970—Dec. 319.. 3,079 2,132 304 642 934 4,365 2,570 375 101 1,298 756 226 532 184 1971—Dec. 31... 3,147 2,224 239 684 1,551 5,130 2,923 380 116 1,273 1,134 283 480 181 1972—Dec. 31... 4,865 3,731 349 785 1,794 7,073 3,775 488 81 1,530 1,620 527 491 206 1973—Dec. 31... 6,192 4,927 316 949 2,010 8,650 4,996 591 344 1,836 2,215 1,463 524 207 1974—June 30... 9,269 7,987 282 1,001 2,951 12,770 6,610 1,481 476 2,209 2,432 2,033 620 229 Total nonmember: 1941—Dec. 31... 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1947—Dec. 31... 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1960—Dec. 31... 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,986 14,388 33 3,590 7,300 1970—Dec. 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 7,919 1971—Dec. 31... 11,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1.742 45,990 63,081 866 9,932 8,056 1972—Dec. 31... 133,198 85,325 18,313 29,559 16,562 154,085 134,091 1,895 633 1,850 54,406 75,305 1,726 11,429 8,223 1973—Dec. 31... 155,830 104,070 16,783 34,976 18,177 179,480 155,165 2,057 930 1,592 60,802 89,784 3,383 13,386 8,436 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 8,576 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 • FEBRUARY 1975 ASSETS BY CLASS OF BANK, JUNE 30, 1974 (Amounts in millions of dollars) Member banks1 All Insured NNNooonnn--- Account commercial commercial Large banks mmmeeemmmbbbeeerrr banks banks bbbaaannnkkksss111 TToottaall AAllll ootthheerr 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 22,,113333 Reserves with Federal Reserve banks 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 4,412 777 206 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 loahs 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/modernize 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. Beginning 3 Demand deposits adjusted are demand deposits other than domestic with the fall Call Report, data for future spring and fall Call Reports will commercial interbank and U.S. Govt., less cash items reported as in be available from the Data Production Section of the Division of Data process of collection. Processing. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • COMMERCIAL BANKS A 19 LIABILITIES AND CAPITAL BY CLASS OF BANK, JUNE 30, 1974 (Amounts in millions of dollars) Member banks * All Insured Account commercial commercial Large banks banks banks Total All other New York City of Other City Chicago large De M m u a t n u d a l d s e a p v o i s n i g ts s banks 30 1 2 , , 2 8 9 1 8 6 299 1 , , 1 18 1 6 4 239 1 , ,1 4 0 8 3 0 60,5 4 2 7 2 2 9,014 1 81,3 1 5 7 9 1 88,5 4 8 5 5 9 Other individuals, partnerships, and corporations. 216,285 215,421 165,670 26,762 6,871 61,031 71,006 U.S. Government 8,367 8,355 6,624 882 226 2,893 2,622 States and political subdivisions 19,379 19,249 14,264 1,346 202 4,076 8,640 Foreign governments, central banks, etc 1,698 1,534 1,514 1,307 17 182 8 Commercial banks in United States 34,586 33,562 32,576 18,867 1,335 9,135 3,240 Banks in foreign countries 6,131 5,786 5,532 4,332 127 955 118 Certified and officers' checks, etc 15,072 14,020 12,197 6,553 235 2,916 2,493 Time and savings deposits 407,561 404,653 307,881 44,468 16,233 111,622 135,559 Savings deposits 133,129 132,868 96,488 6,165 2,039 33,834 54,450 Accumulated for personal loan payments2 460 457 330 63 267 Mutual savings banks 486 465 456 275 32 129 20 Other individuals, partnerships, and corporations. 207,331 206,061 159,052 25,950 10,969 58,285 63,848 U.S. Government 446 446 334 53 31 100 149 States and political subdivisions 47,711 47,551 35,192 2,088 1,655 14,963 16,487 Foreign governments, central banks, etc 9,581 8,843 8,668 5,074 874 2,686 33 Commercial banks in United States 7,502 7,301 6,784 4,437 606 1,461 280 Banks in foreign countries 915 661 578 426 27 100 25 Total deposits 710,377 703,767 547,361 104,990 25,247 192,980 224,144 Federal funds purchased and securities sold under agreements to repurchase 57,064 55,983 53,652 11,115 5,641 28,973 7,922 Other liabilities for borrowed money 10,483 9,531 9,184 3,665 141 4,193 1,185 Mortgage indebtedness 1,192 1,188 1,002 78 5 386 533 Bank acceptances outstanding 6,916 6,761 6,509 3,980 362 1,914 253 Other liabilities 29,091 25,767 21,338 4,583 2,015 8,053 6,689 Total liabilities 815,123 802,997 639,046 128,411 33,410 236,499 240,726 Minority interest in consolidated subsidiaries 4 4 1 1 Total reserves on loans/securities 8,005 7,982 6,535 1,449 428 2,428 2,231 R O e th se e r r v r e e s s e fo rv r e b s a o d n d l e o b a t n s s (IRS) 7,7 1 0 2 9 5 7,6 1 9 2 1 5 6,34 7 7 9 1,448 1 427 1 2,368 8 2,10 6 4 9 Reserves on securities 171 166 110 52 58 Total capital accounts 61,623 61,003 46,946 9,136 2,068 16,323 19,418 Capital notes and debentures 4,310 4,203 3,419 752 57 1,682 929 Equity capital 57,313 56,801 43,526 8,384 2,012 14,641 18,490 Preferred stock 64 59 41 18 11 12 Common stock 14,525 14,423 10,886 2,167 562 3,542 4,614 Surplus 24,408 24,272 18,655 3,458 1,140 6,705 7,351 Undivided profits 17,398 17,196 13,329 2,737 268 4,130 6,194 Other capital reserves. 917 851 616 4 41 253 318 Total liabilities, reserves, minority interest, capital accounts 884,755 871,986 692,529 138,996 35,906 255,251 262,376 Demand deposits adjusted3 207,657 205,072 149,611 19,051 5,569 50,155 74,837 A Av v e e r r a a g g e e t t o o t t a a l l l d o e a p n o s s i ( t p s a ( s p t a 1 st 5 1 d 5 a y d s a ) ys) 6 5 9 0 3 1 , ,6 9 2 02 8 4 6 9 8 3 7 , , 9 4 0 9 9 6 5 39 3 0 2 , , 1 5 7 3 8 5 9 7 6 5 , , 8 99 5 5 4 2 23 4 , , 4 7 8 8 3 0 1 14 8 7 9 , , 2 2 5 9 8 9 2 1 2 4 1 3 , , 6 4 0 41 2 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 Total securities held 21.4 21.6 19.6 10.9 14.7 17.5 26.7 Trading account securities .7 .7 .9 1.6 1.5 1.3 U.S. Treasury .1 .1 .1 .4 .2 States and political subdivisions .4 .6 1.2 .7 .7 All other trading account securities .2 .2 .4 .4 .4 Bank investment portfolios 20.7 20.9 18.6 9.4 13.2 16.2 26.6 U St . a S t . e s T r a e n a d s u p r o y l itical subdivisions 1 5 0 . . 8 8 1 5 1 . . 9 0 1 5 0 . . 1 2 2 5 . . 7 0 3 7. . 5 0 4 9 . . 3 4 1 7 4 . . 4 1 Ali other portfolio securities 4.1 4.1 3.4 1.7 2.7 2.5 5.2 Other loans and Federal funds sold 59.8 59.8 60.0 56.4 68,9 62.3 58,4 All other assets 4.4 4.4 4.7 6.6 4.7 5.3 3.3 Total loans and securities 81.3 81.4 79.5 67.4 83.6 79.8 85.1 Reserves for loans and securities .9 .9 .9 1.0 1.2 1.0 .9 Equity capital—Total 6.5 6.5 6.3 6.0 5.6 5.7 7.0 Total capital accounts 7.0 7.0 6.8 6.6 5.8 6.4 7.4 Number of banks 14,337 14,108 5,761 156 5,583 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 WEEKLY REPORTING BANKS • FEBRUARY 1975 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans financial Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agri- Real Total mer- U.S. others Total and cul- estate cial Treas- Other indus- tural Pers. banks ury se- trial U.S. U.S. and se- curi- Treas- Other Treas. Other sales curi- ties ury sees. ury sees. finan. Other ties sees. sees. COS., etc. Large banks— Total 1974 Jan. 2 379,628 19,908 18,026 969 683 230 272,736 111,085 3,684 819 5,670 155 2,772 9,440 18,609 55,247 9 373,653 16,403 1,911 350 182 269,689 110,502 3,698 1,491 5,162 158 2,752 8,530 17,988 55,256 16 372,236 15,834 1,105 549 153 269,264 110,519 3,703 847 5,185 150 2,754 8,705 18,146 55,542 23 369,178 13,981 843 352 174 267,962 109,940 3,731 855 4,765 160 2,750 8,358 18,186 55,614 3 0 369,660 15,702 927 299 201 266,872 109,758 3,734 604 4,602 156 2,743 8,127 18,154 55,685 Dec. 4 406,143 19,979 2,660 1,178 969 301,397 130,047 3,677 2,251 4,339 86 2,595 10,518 21,627 60,042 11 405,624 18,877 1,519 1,169 832 300,334 130,072 3,674 1,060 4,254 84 2,571 10,692 21,847 60,197 18 408,014 18,129 14,563 1,411 1,328 827 302,397 131,118 3,670 981 4,299 82 2,563 11,329 21,933 60,183 25 406,284 17,695 14,109 1,309 1,437 840 301,526 130,880 3,657 775 3,676 85 2.592 11,179 21,782 60,224 31 (Tues.)... 410,502 20,223 15,849 1,957 1,401 1,016 303,400 131,334 3,746 788 4,188 92 2; 578 11,119 22,198 60,307 1975 Jan. Sp 407,687 19,546 14,921 2,392 1,459 774 300,419 130,242 3,722 2,353 3,496 86 2,533 10,478 21,395 60,061 15? 402,933 18,676 14,693 1,865 1,260 858 297,329 129,083 3,690 1,216 3,597 86 2,489 10,417 21,381 60,074 22v 395,866 17,434 14,389 1,271 840 934 293,277 127,873 3,645 550 2,945 84 2,449 10,141 21,047 60,049 29*> 393,582 17,313 13,819 1,414 1,167 913 292,219 126,923 3,599 898 3,380 83 2,453 9,922 20,886 60,107 New York City 1974 Jan. 2 82,400 1,786 1,756 5 25 64,563 31,740 128 672 3,362 44 629 3,102 6,402 6,372 9 81,204 1,092 1,087 5 63,666 31,647 133 1,304 3,066 42 626 2,708 6,212 6,386 16 80,482 1,346 1,334 5 7 63,113 31,639 136 719 3,088 33 632 2,860 6,198 6,413 23 79,841 1,372 1,342 26 4 62,410 31,352 151 725 2,895 44 623 2,685 6,134 6,393 3 0 79,049 1,707 76 1 61,751 31,438 150 513 2,710 43 622 2,610 6,236 6,395 Dec. 4 94,067 1,453 1,232 152 69 77,578 39,999 115 1,767 2,959 19 549 3,806 8,476 7,450 11 93,729 1,365 1,183 114 68 77,028 40,340 108 925 2,956 19 538 3,857 88,,444444 7,494 18 95,603 1,618 1,394 122 102 77,695 40,667 106 807 2,976 18 536 4,142 88,,553344 7,473 25 94,507 1,606 1,383 99 124 77,320 40,917 102 680 2,437 19 555 4,003 8,401 7,504 31 (Tues.)... 95,377 1,962 1,689 48 225 78,425 41,384 115 641 2,853 25 540 3,899 8,572 7,507 1975 Jan. 94,211 1,406 1,322 28 38 18 77,323 40,894 126 1,980 2,277 21 534 3,536 8,282 7,514 15 p 93,408 2,506 2,402 62 42 75,986 40,396 126 1,085 2,349 21 507 3,591 8,330 7,508 2 2 2 9 P p 9 8 0 9 , , 1 6 8 6 8 9 2 1 , , 0 9 6 7 7 7 1 1 , , 8 77 1 4 4 1 9 0 3 8 1 9 6 5 0 7 7 3 3 , , 6 4 8 7 1 9 3 39 9 , , 4 8 7 1 7 2 1 1 2 2 1 5 4 7 8 5 2 4 2 1 , , 2 8 3 6 1 8 2 2 0 0 4 5 9 0 9 2 3 3 , , 2 4 8 2 8 8 8 8 , , 1 20 9 7 2 7 7 , , 5 5 3 0 1 9 Outside New York City 1974 Jan. 2 297,228 18,122 16,270 964 683 205 208,173 79,345 3,556 147 2,308 111 2,143 6,338 12,207 48,875 9 292,449 15,311 12,873 1,906 350 182 206,023 78,855 3,565 187 2,096 116 2,126 5,822 11,776 48,870 1 6 291,754 14,488 12,693 1,100 549 146 206,151 78,880 3,567 128 2,097 117 2,122 5,845 11,948 49,129 23 289,337 12,609 11,270 817 352 170 205,552 78,588 3,580 130 1,870 116 2,127 5,673 12,052 49,221 3 0 290,611 13,995 12,645 851 299 200 205,121 78,320 3,584 91 1,892 113 2,121 5,517 11,918 49,290 Dec. 4 312.076 18,526 13,940 2,508 1,178 900 223,819 90.048 3,562 484 1,380 67 2,046 6,712 13,151 52,592 11 311,895 17,512 14,174 1,405 1,169 764 223,306 89;732 3,566 135 1,298 65 2,033 6,835 13,403 52,703 18 312,411 16,511 13,169 1,289 1,328 725 224,702 90,451 3,564 174 1,323 64 2,027 7,187 13,399 52,710 25 311,777 16,089 12,726 1,210 1,437 716 224,206 89,963 3,555 95 1,239 66 2,037 7,176 13,381 52,720 31 (Tues.)... 315,125 18,261 14,160 1,909 1,401 791 224,975 89,950 3,631 147 1,335 67 2,038 7,220 13,626 52,800 1975 Jan. 8? 313,476 18,140 13,599 2,364 1,421 756 223,096 89,348 3,596 373 1,219 65 1,999 6,942 13,113 52,547 1 5P 309,525 16,170 12,291 1,803 1,260 816 221,343 88,687 3,564 131 1,248 65 1,982 6,826 13,051 52,566 22P 305,678 15,367 12,575 1,178 840 774 219,596 88,061 3,520 68 1,077 64 1,947 6,713 12,840 52,518 29 p 303,913 15,336 12,045 1,306 1,167 818 218,740 87,446 3,478 144 1,149 63 1,954 6,634 12,694 52,598 For notes see page A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Other securities To commer- Notes and bonds cial banks maturing— Obligations Other bonds, of States corp. stocks, Wednesday Con- and and sumer For- All Certif- political securities instal- eign other Total Bills icates Total subdivisions For- ment govts. Within 1 to After eign 1 yr. 5 yrs. 5 yrs. Tax Certif. war- All of All rants 3 other partici- other 5 pation4 Large banks— Total 1974 5,098 33,255 1,590 21,239 25,461 5,529 4,422 12,071 3,439 61,523 7,765 40,080 2,431 11,247 Jan. 2 5,021 33,213 1,534 20,142 25,956 5,913 4,588 11,976 3,479 61,605 7,793 40,231 2,400 11,181 9 4,937 33,225 1,483 20,008 26,071 6,265 4,661 11,744 3,401 61,067 7,459 40,099 2,374 11.135 16 4,819 33,205 1,524 19,995 26,230 6,374 4,695 11,768 3,393 61,005 7,287 40,174 2,370 11,174 23 4,637 33,246 1,582 19,946 25,691 5,859 4,673 11,771 3,388 61,395 7,472 40,394 2,393 11.136 30 6,262 34,882 1,570 20,195 23,002 3,692 3,529 11,867 3,914 61,765 6,560 40,622 2,589 11,994 Dec. 4 6 6 , , 2 2 3 6 8 7 3 3 4 4 , , 9 9 2 5 6 2 1 1 , ,5 61 1 1 5 2 1 0 9 , , 0 7 7 6 8 4 2 2 3 4 , , 6 0 7 5 1 9 4 4 , ,9 4 9 12 3 3 3, , 5 5 3 3 3 8 1 11 1 , , 7 8 3 4 3 0 3 3 , , 8 8 8 0 1 0 6 63 2 , , 4 7 2 4 9 2 6 6 , , 9 8 0 6 7 1 4 4 1 1 , , 0 52 2 8 5 2 2 , , 5 5 6 2 1 9 1 1 2 2 , , 2 5 4 1 9 1 YYYYYYYYYYY.n 6,313 35,004 1,458 20,537 23,863 4,846 3,531 11,716 3,770 63,200 6,733 41,278 2,561 12,628 25 6,391 35,002 1,479 20,874 23,933 4,518 3,608 12,204 3,603 62,946 6,553 41,242 2,531 12,620 (Tues.) 31 1975 6,164 35,024 1,555 19,938 25,087 4,780 3,701 12,966 3,640 62,635 6,763 40,817 2,450 12,605 Jan. 8 p 6,042 34,950 1,457 19,683 24,512 4,412 3,733 12,842 3,525 62,416 6,737 40,586 2,496 12,597 16* 5 5 , , 7 4 5 9 8 2 3 3 4 4 , , 8 8 7 7 0 2 1 1 , , 4 3 2 6 8 6 1 1 9 9 , , 2 0 0 5 7 3 2 2 3 3 , , 6 0 8 0 9 9 3 3 , , 7 3 5 9 9 2 3 3 , , 7 6 6 1 5 4 1 1 2 2 , , 6 5 6 66 8 3 3 , , 4 4 9 3 7 7 6 6 1 1, , 0 4 4 6 1 6 6 6 , , 4 3 3 2 6 4 4 40 0 , , 0 1 0 1 5 0 2 2, , 4 4 7 7 3 0 1 12 2 , , 2 4 3 5 9 0 2 2 2 9 P p New York City 1974 2,163 2,491 744 5,041 5,167 1,682 614 1,674 1,197 10,884 2,712 ,250 606 2,316 Jan. 2 2,195 2,495 742 4,484 5,610 2,083 663 1,701 1,163 10,836 2,636 ,280 602 2,318 9 2,137 2,497 734 4,487 5,443 2,157 656 1,554 1,076 10,580 2,439 ,251 592 2,298 16 2,043 2.484 746 4,590 5,713 2,360 676 1,576 1,101 10,346 2,185 ,293 579 2,289 23 1,906 2.485 842 4,376 5,241 2,016 616 1,542 1,067 10,35C 2,218 ,325 580 2,227 30 3,109 2,623 883 4,279 ,903 952 393 2,239 1,319 10,133 1,847 ,478 510 2,298 Dec. 4 3,097 2,634 919 4,092 ,95C 1,072 434 2,193 1,251 10,386 1,933 ,547 511 2,395 11 3,119 2,630 835 4,187 ,472 1,654 403 2,169 1,246 10,818 2,156 ,797 491 2,374 18 3,195 2,634 859 4,432 ,929 1,223 377 2,113 1,216 10,652 2,064 ,630 522 2,436 25 3,225 2,632 828 4,608 ,408 562 306 2,402 1,138 10,582 2,006 ,618 506 2,452 (Tues.) 31 1975 2 3 , , 9 03 5 2 0 2 2 , ,6 6 3 5 6 4 8 8 4 4 2 0 4 4, , 1 0 0 5 4 0 4 5 , , 7 06 0 8 0 8 5 0 9 0 2 3 3 3 2 5 7 2 2 , , 6 5 9 8 2 4 1 1 , , 2 1 4 9 1 7 1 1 0 0 , ,2 4 1 14 6 2 1 , , 0 9 2 7 3 9 5 5, , 3 4 8 6 3 7 5 55 2 7 2 2 2, , 2 4 9 0 7 2 Jan. 15 8 2 p * 2,836 2,649 793 3,884 4,607 641 303 2,480 1,183 9,833 1,855 5,183 538 2,257 22 p 2,622 2,648 733 3,837 4,503 602 284 2,450 1,167 9,710 1,772 5,176 539 2,223 29p Outside New York City 1974 2,935 30,764 846 16,198 20,294 3,847 3,808 10,397 2,242 50,639 5,053 34,830 1,825 8,931 Jan. 2 2 2 , , 8 8 2 0 6 0 3 3 0 0 , , 7 7 1 2 8 8 7 74 9 9 2 1 1 5 5 , , 6 5 5 2 8 1 2 2 0 0 , , 3 6 4 2 6 8 4 3 , , 1 8 0 3 8 0 4 3 , , 0 9 0 2 5 5 1 1 0 0 , , 2 1 7 9 5 0 2 2 , , 3 3 1 2 6 5 5 5 0 0 , , 7 4 6 8 9 7 5 5 , , 1 0 5 2 7 0 3 34 4 , , 8 9 4 5 8 1 1 1 , , 7 7 9 8 8 2 8 8 , , 8 8 6 3 3 7 1 9 6 2,776 30,721 778 15,405 20,517 4,014 4,019 10,192 2,292 50,659 5,102 34,881 1,791 8,885 23 2,731 30,761 740 15,570 20,450 3,843 4,057 10,229 2,321 51,04s 5,254 35,069 1,813 8,909 30 3,153 32,259 687 15,916 18,099 2,740 3,136 9,628 2,595 51,632 4,713 35,144 2,079 9,696 Dec. 4 3,141 32,292 692 15,672 18,721 3,340 3,104 9,647 2,630 52,356 4,974 35,478 2,050 9,854 11 3,148 32,322 680 15,891 18,587 3,339 3,130 9,564 2,554 52,611 4,705 35,731 2.038 10,137 18 3,118 32,370 599 16,105 18,934 3,623 3,154 9,603 2,554 52,548 4,669 35,648 2.039 10,192 25 3,166 32,370 651 16,266 19,525 3,956 3,302 9,802 2,465 52,364 4,547 35,624 2,025 10,168 (Tues.) 31 1975 3,132 32,388 713 15, * 20,019 3,980 3,366 10,274 2,399 52,221 4,740 35,350 1,928 10,203 Jan. 8 p 3,092 32,296 617 15,579 19,812 3,820 3,406 10,258 2,328 52,200 4,758 35,203 1,939 10,300 15p 2,922 32,221 635 15,323 19,082 3,118 3,462 10,188 2,314 51,633 4,581 34,927 1,932 10,193 22 » 2,870 32,224 633 15,216 18,506 2,790 3,330 10,116 2,270 51,331 4,552 34,829 1,934 10,016 29 P For notes see p. A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 WEEKLY REPORTING BANKS • FEBRUARY 1975 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Cash Investitems Re- Bal- ments Total Domestic in serves Cur- ances in sub- assets/ interbank Wednesday process with rency with sidiar- Other total States of F.R. and do- ies not assets liabil- and collec- Banks mestic consol- ities Total polittion banks idated IPC ical U.S. sub- Govt. Comdivi- mersions cial Large banks— Total 1974 Jan. 2 39,584 25,685 5,030 12,455 1,435 22,343 486,160 184,565 128,210 7,352 7,161 25,286 9 32,447 22,606 4,681 12,222 1.439 20,622 467,670 163,212 115,362 6,657 3,115 23,945 16 34,685 25,158 4,529 12,341 1.440 20,328 470,717 165,560 117,005 6,463 3,874 23,598 23 29,979 24,096 4,563 11,940 1,440 20,116 461,312 156,027 109,352 6,032 4,465 22,783 3 0 30,161 23,753 4,501 11,950 1,443 20,724 462,192 158,015 109,059 6,238 5,688 22,815 Dec. 4 33,788 19,483 4,525 11,799 1,604 32,585 509,927 164,190 118,105 6,071 2,213 24,565 11 33,648 24,015 4,971 11,176 1,630 33,112 514,176 162,876 118,140 6,181 1,496 22,116 18 34,483 25,564 4,996 11,162 1,648 32,228 518,095 166,790 119,151 6,204 3,619 23,329 25 35,249 24,369 4,886 11,241 1,647 32,675 516,351 163,663 119,774 6,331 2,327 22,738 31 (Tues.).... 42,052 19,603 5,410 16,409 1,677 33,698 529,351 185,302 129,490 7,055 1,456 31,849 1975 Jan. 8* 32,437 21,305 5,043 12,027 1,649 31,879 512,027 164,441 117,685 6,409 1,571 24,801 15* 34,809 25,141 4,910 11,711 1,681 32,103 513,288 165,873 118,990 6,474 1,656 23,842 2 2 2 9 * * 3 2 0 8 , , 3 3 5 1 5 5 2 2 9 3 , , 4 4 3 3 7 0 4 4, , 8 8 84 1 1 0 0 , ,8 8 0 46 1 1 1 , , 6 6 7 5 3 3 3 3 2 2 , , 6 8 1 2 7 9 5 4 0 9 5 5 , , 6 4 7 9 8 8 1 1 5 5 5 2 , , 2 8 8 8 1 2 1 1 1 1 2 0 , , 5 6 9 2 5 0 6 5 , , 1 9 0 9 8 2 2 2 , ,0 6 1 0 3 1 2 2 1 0 , ,6 0 1 54 1 New York City 1974 Jan. 2 12,856 8,834 565 5,276 667 6,695 117,293 51,771 28,419 581 1,666 10,969 9 11,559 6,326 540 5,806 669 5,723 111,827 46,187 24,669 476 527 12,028 2 1 3 6 1 li 1 ; . 0 8 6 6 4 1 7 7 , , 0 0 0 8 7 6 5 5 0 2 8 4 6 6 , , 4 0 3 9 3 4 6 6 6 7 8 0 5 5 , , 6 4 9 4 5 9 1 1 1 1 2 0 , , 6 7 7 1 2 0 4 4 7 4 , , 0 8 4 0 7 2 2 2 5 3, , 8 1 3 0 9 0 3 3 7 4 6 6 7 78 0 1 7 1 11 1 , , 4 5 5 0 2 2 3 0 11,824 6,846 511 6,198 670 5,777 110,875 46,677 23,909 429 1,082 11,789 Dec. 4 10,906 6,328 533 4,383 725 11,194 128,136 46,549 26,081 327 375 11,901 1 18 1 1 1 2 2 , , 6 4 9 0 1 9 7 7, , 4 3 8 0 1 0 5 57 5 1 7 4 4 , , 7 4 3 7 8 2 7 7 3 3 0 0 1 11 1 , , 1 6 8 10 5 1 1 3 3 1 2, , 4 3 5 5 1 5 4 4 7 8 , , 3 8 0 6 6 4 2 2 6 7 , , 7 2 5 9 9 3 3 37 1 9 2 2 6 3 7 1 7 1 1 0 1 , , 6 39 0 5 9 25 10,557 7,591 536 4,107 748 11,134 129,180 45,235 26,509 455 271 10,445 31 (Tues.) 14,437 4,637 578 7,695 748 11,868 135,340 54,353 29,922 473 147 14,685 1975 Jan. 8* 10,970 6,357 576 4,813 756 11,145 128,828 46,839 26,020 322 155 12,073 15* 12,906 7,653 568 5,264 758 11,341 131,898 48,942 26,696 410 252 12,347 22* 11,156 9,385 544 4,641 757 11,459 128,130 44,254 25,238 287 489 10,308 29* 10,963 6,189 550 4,662 764 11,747 124,544 44,729 25,164 338 332 10,226 Outside New York City 1974 Jan. 2 26,728 16,851 4,465 7,179 768 15,648 368,867 132,794 99,791 6,771 5,495 14,317 9 20,888 16,280 4,141 6,416 770 14,899 355,843 117,025 90,693 6,181 2,588 11,917 16 22,824 18,151 4,005 5,908 770 14,633 358,045 118,513 91,905 6,087 3,167 12,096 23 18,915 17,010 4,055 5,846 772 14,667 350,602 111,225 85,513 5,686 3,684 11,331 3 0 18,337 16,907 3,990 5,752 773 14,947 351,317 111,338 85,150 5,809 4,606 11,026 Dec. 4 22,882 13,155 3,992 7,416 879 21,391 381,791 117,641 92,024 5,744 1,838 12,664 11 20,957 16,715 4,414 6,438 900 21,502 382,821 115,570 91,381 5,869 1,265 11,507 18 22,074 18,083 4,425 6,690 918 21,043 385,644 117,926 91,858 5,825 2,942 11,934 25 24,692 16,778 4,350 7,134 899 21,541 387,171 118,428 93,265 5,876 2,056 12,293 31 (Tues.).... 27,615 14,966 4,832 8,714 929 21,830 394,011 130,949 99,568 6,582 1,309 17,164 1975 Jan. 8* 21,467 14,948 4,467 7,214 893 20,734 383,199 117,602 91,665 6,087 1,416 12,728 15* 21,903 17,488 4,342 6,447 923 20,762 381,390 116,931 92,294 6,064 1,404 11,495 22* 19,199 20,052 4,340 6,205 916 21,158 377,548 111,027 87,357 5,821 2,112 10,746 29* 17,352 17,241 4,338 6,139 889 21,082 370,954 108,153 85,456 5,654 1,681 10,385 For notes see page A-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • WEEKLY REPORTING BANKS A 23 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits (cont.) Borrowings from— Demand (cont.) Time and savings Foreign IPC States Fed- Wednesday Certi- and Do- eral Other fied polit- mes- For- funds liabiliand Total 6 ical tic eign pur- F.R. ties, Com- offi- sub- inter- govts.2 chased, Banks Others etc. 8 Govts., mer- cers' Sav- Other divi- bank etc. 7 etc. 2 cial checks ings sions banks Large banks— Total 1974 1,156 4,978 9,618 189,645 57,087 95,395 22,840 5,554 8,311 51,993 754 5,154 17,322 Jan. 2 1,077 4,461 7,702 190,965 57,064 96,519 23,458 5,361 8,123 52,666 1,941 5,276 16.835 9 1,062 4,338 8,415 191,407 56,955 96,969 23,510 5,385 8,102 53,193 1,083 5,501 17,187 16 994 4,155 7,578 192,742 56,918 98,297 23,608 5,291 8,081 51,138 2,408 5,231 16,862 23 1,190 4,640 7,696 193,137 56,801 98,892 23,552 5,153 8,121 50,708 1,316 5,327 16,785 30 1,245 5,301 6,031 219,316 57,920 117,907 23,713 7,385 10,458 53,828 122 4,896 28,187 Dec. 4 1,313 5,391 7,501 221,705 57,890 119,264 24,012 7,722 10,843 56,532 926 4,886 27.836 11 1,529 5,377 6,971 224,104 57,916 120,224 24,785 7,798 11,346 54,315 1,093 4,616 27,866 18 1,273 5,425 5,140 225,947 57,947 121,018 25,236 8,124 11,631 53,992 207 4,557 28,656 25 1,838 6,117 6,566 228,110 58,494 122,232 25,442 8,182 11,761 44,269 152 4,261 27,740 (Tues.) 31 1975 1,415 5,397 6,329 228,210 58,672 122,148 25,625 8,260 11,441 51,886 17 4,053 23,847 Jan. 8» 1,369 5,535 7,262 227,146 58,607 121,422 25,243 8,192 11,498 48,885 2,771 4,126 24,908 15* 1.315 4,811 6,120 227,222 58,658 120,883 25,301 8,651 11,502 52,805 2,271 4,102 24,378 22 p 1.316 5,197 6,498 226,716 58,740 120,987 25,114 8,255 11,550 48,371 46 4,053 23,719 29 P New York City 1974 951 3,801 4,930 34,400 5,008 19,560 2,019 3,513 4,214 13,606 155 2,437 5,521 Jan. 2 892 3,286 3,788 35,084 5.012 20,160 2,297 3,363 4,168 12,574 941 2,503 5,119 9 874 3,218 4,814 35,114 5,020 20,291 2,206 3,351 4,159 12,972 60 2,503 5,557 16 793 3,088 4,141 35,520 5,017 20,916 1,988 3,358 4,157 11,767 ,232 2,514 5,387 23 1,001 3,613 4,466 35,522 5.013 21,122 1,900 3,284 4,120 11,447 105 2,379 5,252 30 1,003 4.034 2,487 46,699 4.993 28,051 1,815 4,174 6,282 13,301 1,938 9,264 Dec. 4 1,099 4,076 3,780 47,206 4.994 28,367 1,768 4,259 6,412 15,047 260 1,930 9,211 11 1,300 4,010 3,483 47,950 4,987 28,619 1,743 4,219 6,922 14,422 1,686 9,151 18 981 4.035 2,145 48,320 4,999 28,607 1,732 4,341 7,151 13,599 1,695 9,977 25 1,433 4,510 2,638 49,237 5,059 29,445 1,663 4,329 7,233 9,856 75 1,623 9,882 (Tues.) 31 1975 1,092 3,988 2,726 49,187 5,082 29,497 1,651 4,409 7,067 12,750 1,385 8,261 Jan. 8 p 1,112 4,093 3,616 48,636 5,090 28,966 1,599 4,314 7,120 11,341 1,440 1,566 9,580 15* 1,102 3,534 2,921 48,216 5,095 28,680 1,536 4,302 7,075 13,712 1,445 1,562 8,541 22 p 1,109 3,785 3,420 48,060 5,101 28,567 1,524 4,181 7,168 11,653 1,526 8,160 29 p Outside New York City 1974 205 1,177 4,688 155,245 52,079 75,835 20,821 2,041 4,097 38,387 599 2,717 11,801 Jan. 2 185 1,175 3,914 155,881 52,052 76,359 21,161 1,998 3,955 40,092 1,000 2,773 11,716 9 188 1,120 3,601 156,293 51,935 76,678 21,304 2,034 3,943 40,221 1,023 2,998 11,630 16 201 1,067 3,437 157,222 51,901 77,381 21,620 1,933 3,924 39,371 1,176 2,717 11,475 23 189 1,027 3,230 157,615 51,788 77,770 21,652 1,869 4,001 39,261 1,21* 2,948 11,533 30 242 1,267 3,544 172,617 52,927 89,856 21,898 3,211 4,176 40,527 122 2,958 18,923 Dec. 4 214 1,315 3,721 174,499 52,896 90,897 22,244 3,463 4,431 41,485 666 2,956 18,625 11 229 1,367 3,488 176,154 52,929 91,605 23,042 3,579 4,424 39,893 1,093 2,930 18,715 18 292 1,390 2,995 177,627 52,948 92,411 23,504 3,783 4,474 40,393 207 2,862 18,679 25 405 1,607 3,928 178,873 53,435 92,787 23,779 3,853 4,528 34,413 77 2,638 17,858 (Tues.) 31 1975 323 1,409 3,603 179,023 53,590 92,651 23,974 3,851 4,374 39,136 17 2,668 15,586 Jan. 8 p 257 1,442 3,646 178,510 53,517 92,456 23,644 3,878 4,378 37,544 ,331 2,560 15,328 15 p 213 1,277 3,199 179,006 53,563 92,203 23,765 4,349 4,427 39,093 826 2,540 15,837 22* 207 1,412 3,078 178,656 53,639 92,420 23,590 4,074 4,382 36,718 46 2,527 15,559 29 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 • FEBRUARY 1975 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Reserves Memoranda for— Large negotiable Gross Total time CD's All other large liabili- Total loans included in time time deposits12 ties of Wednesday capital Total and De- and savings deposits11 banks Secur- ac- loans invest- mand to Loans ities counts (gross) ments deposits their ad- (gross) ad- Issued Issued Issued Issued foreign justed 9 ad- justed 10 Total to to Total to to branches justed9 IPC's others IPC's others Large banks— Total 1974 Jan. 2 4,702 31,960 270,545 357,529 112,534 64,626 43,223 21,403 1,158 9 4,886 31,820 267,890 355,451 103,705 65,578 44,094 21,484 1,322 16 4,906 31,806 267,011 354,149 103,403 65,637 44,341 21,296 2,040 23 4,919 31,911 265,271 352,506 98,800 66,458 45,278 21,180 2,004 3 0 4,927 31,894 264,401 351,487 99,351 66,936 45,745 21,191 1,686 Dec. 4 5,234 34,076 302,898 387,665 103,624 88,035 60,856 27,179 3,353 11 5,222 34,131 300,510 386,923 105,616 89,823 62,072 27,751 3,245 18 5,196 34,049 302,536 390,024 105,359 91,017 62,856 28,161 3,751 25 5,144 34,123 301,748 388,811 103,349 92,380 63,551 28,829 3,997 31 (Tues.).... 5,142 34,315 304,470 391,349 109,945 92,978 64,322 28,656 33,895 18,420 15,475 3,553 1975 Jan. 8* 5,273 34,238 301,672 389,394 105,632 92,613 64,305 28,308 37,567 20,826 16,741 2,822 15* 5,310 34,208 298,148 385,076 105,566 91,797 63,455 28,342 37,331 20,583 16,748 3,453 22* 5,396 34,112 293,091 378,246 101,271 91,805 62,965 28,840 37,610 20,857 16,753 2,585 29* 5,447 60 34,204 292,528 376,578 101,943 91,584 62,907 28,677 37,395 20,843 16,552 2,065 New York City 1974 Jan. 2 1,281 8,122 62,920 78,971 26,280 20,307 12,848 7,459 800 9 1,311 8,108 62,045 78,491 22,073 20,987 13,433 7,554 942 16 1,331 8,088 61,585 77,608 22,977 20,982 13,559 7,423 1,578 23 1.340 8,148 60,895 76,954 21,505 21,346 14,065 7,281 1,484 3 0 1.341 8,152 60,403 75,994 21,982 21,341 14,247 7,094 1,226 Dec. 4 1,465 8.920 76,255 91,291 23,367 30,133 20,198 9,935 1,249 11 1,452 8,943 75,605 90,941 23,775 30,675 20,526 10,149 1,374 18 1,443 8,935 76,254 92,544 24,383 31,271 20,805 10,466 1,710 25 1,433 8.921 75,961 91,542 23,962 31,707 20,857 10,850 2,204 31 (Tues.).... 1,397 8,917 77,102 92,092 25,084 32,245 21,514 10,731 9,324 5,554 3,770 1,712 1975 Jan. 8* 1,487 8,919 75,808 91,290 23,641 32,161 21,592 10,569 9,466 5,644 3,822 1,268 15* 1,485 8,908 74,565 89,481 23,437 31,524 21,014 10,510 9,547 5,675 3,872 2,124 2 29 2* * 1 1 , , 5 5 2 2 4 0 8 8 , , 8 8 7 9 6 6 7 7 2 2 , , 3 1 9 3 0 4 8 8 6 6, , 3 8 4 3 7 0 2 2 2 3 , , 3 2 0 0 1 8 3 3 1 1 , , 2 1 1 0 8 6 2 2 0 0 , , 8 7 2 0 7 3 1 1 0 0 , , 3 4 9 0 1 3 9 9 , , 4 3 0 8 7 6 5 5 , , 5 5 6 8 0 2 3 3 , , 8 8 4 0 7 4 1 1 , , 3 0 2 8 3 0 Outside New York City 1974 Jan. 2 3,421 23,838 207,625 278,558 86,254 44,319 30,375 13,944 358 9 3,575 23,712 205,845 276,960 81,632 44,591 30,661 13,930 380 16 3,575 23,718 205,426 276,541 80,426 44,655 30,782 13,873 462 23 3,579 23,763 204,376 275,552 77,295 45,112 31,213 13,899 520 3 0 3,586 23,742 203,998 275,493 77,369 45,595 31,498 14,097 460 Dec. 4 3.769 25,156 226,643 296,374 80,257 57,902 40,658 17,244 2,104 11 3.770 25,188 224,905 295,982 81,841 59,148 41,546 17,602 1,871 18 3,753 25,114 226,282 297,480 80,976 59,746 42,051 17,695 2,041 25 3,711 25,202 225,787 297,269 79,387 60,673 42,694 17,979 1,793 31 (Tues.).... 3,745 25,398 227,368 299,257 84,861 60,733 42,808 17,925 24,571 12,866 11,705 1,841 1975 Jan. 8* 3,786 62 25,319 225,864 298,104 81,991 60,452 42,713 17,739 28,101 15,182 12,919 1,554 15* 3,825 61 25,300 223,583 295,595 82,129 60,273 42,441 17,832 27,784 14,908 12,876 1,329 22* 3,872 111 25,236 220,701 291,416 78,970 60,587 42,138 18,449 28,203 15,297 12,906 1,262 29* 3,927 60 25,308 220,394 290,231 78,735 60,478 42,204 18,274 28,009 15,261 12,748 985 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stocks. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. 7 Includes securities sold under agreements to repurchase. 12 All other time deposits issued in denominations of $100,000 or more (not included in large negotiable CD's). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Industry J 2 a 9 n . J 2 a 2 n . J 1 an 5 . Jan. D 3 e 1 c . Jan. Dec.r IV r III h 2 a n l d f' h 1 a s l t f (Tues.) Durable goods manufacturing: Primary metals 1,964 1 ,960 1,925 1,987 2,004 -40 69 64 76 63 -23 139 56 Machinery 8,289 8,427 8,518 8,563 8,739 -450 -85 145 -129 349 779 220 1,848 Transportation equipment 3,828 3,813 3,849 3,838 3,808 20 329 -40 361 340 229 701 587 Other fabricated metal products... 2,851 2.859 2,877 2.847 2,913 -62 -12 -104 -176 253 236 77 503 Other durable goods 4,674 4,720 4,823 4.848 4,859 -185 -176 -26 -265 512 560 247 909 Nondurable goods manufacturing: Food, liquor, and tobacco 4,338 4,418 4,532 4,681 4,920 -582 356 135 483 500 -344 983 -220 Textiles, apparel, and leather 3,206 3,265 3,333 3,355 3,513 -307 -333 -142 -722 107 339 -615 909 C Pe h t e r m ol i e c u a m ls a re n f d in r in u g b ber 2 3 , , 2 2 3 8 4 4 2 3 , , 2 3 1 2 3 2 2 3 , , 1 3 9 9 7 5 2 3 , ,3 2 8 4 5 2 2 3 , ,3 2 7 5 7 0 - - 9 16 3 3 8 1 7 8 -10 3 0 2 - 4 6 7 0 3 4 31 9 1 4 35 6 5 7 2 9 5 6 1 7 -1 6 0 1 8 0 Other nondurable goods 2,414 2,408 2,442 2,497 2,507 -93 56 -46 -134 158 222 24 338 Mini a n n g d , n in a c tu lu r d a i l n g g a s c rude petroleum 4,819 4.860 4,949 4,944 5,037 -218 235 166 556 290 75 846 387 Trade: Commodity dealers 1,723 1 ,738 1,867 1,986 2,077 -354 -58 372 703 -195 -630 508 -273 Other wholesale 6,214 6,235 6,361 6,516 6,725 -511 160 155 346 135 364 481 829 C C S A B T O e a r o l o t r l h a n n m v n o e k s i m r t t c s e h r p e r p u u e s s o R u r ' n c r t b i e t a d i c a t o l c a o a i t c n c i t m i e o l i p u o n e n t t s a i t l n i i c t c i e e l s s o ans 1 9 6 5 6 2 7 1 1 , , , , , , , 9 6 2 4 2 9 6 ,8 7 3 6 5 2 4 4 1 7 2 6 4 6 2 2 3 1 1 5 6 6 2 8 1 0 1 , , , , , , , 6 4 3 2 2 0 7 ,6 7 6 1 2 2 3 0 9 5 9 9 9 0 3 2 4 1 2 5 9 6 6 8 1 1 , , , , , , , , 4 8 6 7 6 2 3 6 8 2 2 8 3 2 4 9 1 7 7 4 2 9 0 4 1 1 2 6 5 6 8 1 1 0 , , , , , , , 4 6 2 4 6 1 8 ,6 8 5 6 0 0 5 6 4 1 3 8 3 7 6 3 1 1 1 2 6 6 6 8 1 0 1 , , , , , , , , 1 4 7 3 1 6 9 6 9 0 2 8 0 1 5 6 8 7 5 7 9 3 0 1 - - - - - - -3 1 6 2 2 4 1 1 1 2 9 7 6 5 3 5 1 1 1 3 7 3 4 2 - - 2 5 2 2 5 1 1 9 9 7 9 7 5 3 1 5 8 8 9 4 6 9 9 - - 1 3 1 2 2 2 5 8 8 5 2 0 2 1 9 6 0 1 - - 3 2 2 6 3 3 1 4 4 6 0 1 8 8 6 4 6 2 9 0 0 9 6 1 - - 3 , 2 - 0 2 3 1 9 6 1 8 5 3 3 2 2 5 9 8 7 4 7 2 1,3 6 5 4 5 3 3 3 2 7 0 8 5 2 3 5 3 6 5 1 7 6 4 1 - - , 4 - 1 6 7 2 3 5 - 6 1 9 3 3 8 0 6 0 5 8 7 4 3 1 1 1 , , 1 0 , 4 6 5 4 1 0 1 4 7 5 4 9 3 9 7 4 5 7 3 4 9 9 T F o o t r a e l l i o g c a n l n a c s s o si m fi m ed e r lo ci a a n l s and industrial 10 4 6 , , 2 0 6 5 1 1 10 4 6 , , 1 7 7 5 9 8 10 4 7 , , 2 9 2 0 6 8 10 4 9 , , 3 0 1 7 3 4 11 4 1 , , 2 0 2 0 7 6 -4,95 3 5 4 1, - 4 4 7 1 7 1 - 1 ,1 16 8 6 2 - , 2 4 4 8 9 9 4 - , 2 2 0 7 8 1 6,9 5 7 0 2 6 6 - , 4 7 5 6 7 0 12,5 6 5 1 4 1 Comm. paper included in total class, loans 1 1,288 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 r k ia s l loans 126,923 129,083 130,242 131,334 -4,411 1,695 1 ,296 2,822 4,809 7,71! 7,631 13,582 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1975 1974 1974 IIInnnddduuussstttrrryyy J 2 a 9 n . (T D u 3 e 1 e c s . .) N 2 o 7 v . O 3 c 0 t . SSee 22 pp 55 tt .. A 2 u 8 g . J 3 u 1 ly Ju 26 n e M 2 a 9 y IV III II I h 2n al d f Durable goods manufacturing: 1,249 1,210 1,176 1,107 11,,113333 1,104 1,116 1,105 1,111 77 28 41 -40 105 Machinery 4,138 4,151 4,049 3,970 33,,889966 3.789 3,572 3,286 3,213 255 610 172 248 865 Transportation equipment. 1,737 1,681 1,586 1,570 11,,553355 1,419 1,373 1,410 1,424 146 125 45 81 271 O O t t p h h r e e o r r d d u u f c a r t a s b b ri l c e a g te o d o ds metal 2 1 , , 3 2 0 4 1 6 2 1 , , 4 1 3 9 1 5 2 1 , , 3 1 6 1 1 3 2 1 . , 3 0 3 9 9 3 22 11 ,, ,, 22 00 66 66 88 66 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 1 6 2 3 9 1 16 1 1 2 1 4 9 3 2 14 1 3 7 2 3 4 2 1 4 Nondurable goods manufac- Fo t o u d r , i n li g q : uor, and tobacco. 1,707 1,768 1,674 1,661 11,,664499 1,604 1,604 1,571 1,584 119 78 42 38 197 T P C O e e h t l t x h e e r t e a m o i r t l l e h i e c n s u e a , o r m l n s d r a a u e n p r f d i p a n a b r i r n l u e e g b l , b g e o r o a d n s d . . 1 1 1 1 , , , , 1 8 5 2 3 2 4 2 9 4 2 7 1 1 1 1 , , , , 1 5 8 2 4 1 8 6 4 8 3 5 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 8 0 2 7 7 8 0 1 1 1 1 1 1 1 1 ,, ,, ,, ,, 11 00 77 22 55 77 99 00 11 88 77 44 1 1 1 1 , , , . 0 1 1 7 7 4 8 9 1 8 9 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 4 1 - 2 7 6 0 1 1 5 1 2 4 3 3 3 1 3 4 1 3 3 3 1 9 2 4 8 4 8 5 1 2 6 7 2 5 1 9 5 4 1 4 5 6 6 T M C C O S A e r o o t l i r a l h n m n v d e o i s i t n m r e t c t r r h : g e o p u u , e s l C O R u n r e c i u o b t e i t n c d i h t m m l c o a a i o e l c n t i r m u m l i a o d u w o n e n i t s d n d i h t l i g i i o t t n c y l i a e e c l t s s r o d u a u a e r l d n e a a e s l l e g p . r a e . s - s . . . . . 3 2 4 2 3 1 5 3 1 , , , , , , , , , 4 3 4 4 2 8 3 1 0 1 4 7 5 6 6 2 8 2 4 6 9 9 5 9 1 4 5 7 5 9 2 3 4 2 3 5 3 1 1 , , , , , , , , , 5 6 5 3 9 4 5 1 1 1 9 9 5 0 9 9 0 6 2 5 8 7 5 9 1 1 9 6 0 5 2 4 3 2 5 1 3 1 3 , , , , , , , , , 6 2 3 4 6 4 9 2 0 1 8 3 0 7 2 8 1 5 7 7 1 1 2 9 0 7 7 5 6 1 2 4 3 2 5 3 1 1 3 , , , , . , , , , 5 4 2 3 3 0 4 8 2 1 7 6 3 4 7 8 4 1 1 5 8 8 7 7 0 8 0 5 0 7 44 3 2 3 2 22 33 5 3 5 3 11 11 .. ,, ,, ,, ,, .. ,, ,, ,, 33 33 55 22 66 33 44 00 11 11 33 44 22 77 44 22 77 55 22 33 99 99 77 22 99 99 22 00 22 99 2 4 2 3 3 5 3 1 1 , , , , , , , , , 5 2 3 3 3 6 4 0 0 1 2 1 1 0 2 2 1 6 7 6 9 8 9 1 2 1 9 4 4 6 2 4 3 2 3 5 3 1 1 , , , , , , , , , 5 3 1 1 0 5 2 4 0 1 5 8 9 1 5 3 7 4 3 5 3 3 7 2 8 9 5 6 0 5 2 4 2 3 3 5 3 1 1 , , , , , , , , , 4 4 1 2 1 4 0 0 4 1 2 2 7 3 3 4 1 0 3 4 8 5 3 0 0 3 7 6 0 1 2 4 3 5 2 3 1 1 1 , , , , , , , , , 5 1 4 2 0 9 3 4 9 1 1 7 3 7 6 4 5 0 8 4 4 2 3 4 3 5 6 4 4 4 2 2 3 1 5 0 9 9 4 7 6 3 5 1 8 6 1 4 2 1 9 7 9 6 - 2 2 1 1 - 7 - 0 9 2 4 1 2 7 4 0 6 9 9 9 3 7 2 5 -1 - 2 2 2 1 5 1 3 8 0 6 8 9 2 5 2 9 9 4 3 8 7 1 - 2 2 2 1 1 9 -7 0 8 2 7 9 0 3 1 8 6 7 7 4 7 6 3 3 2 5 5 1 1 1 1 3 9 2 6 8 7 7 3 7 1 6 0 3 7 5 4 9 0 0 4 Fore d ig u n s t c r o ia m l m lo e a r n c s i al and in- 2,524 2,445 2,473 2,487 22,,440011 2,500 2,565 2,548 2,396 44 -147 198 16 -103 Total loans 48,197 49,282 48,090 47,339 46,426 45,845 45,230 44,403 43,906 2,856 2,023 1,872 1,738 4,879 1 New item to be reported as of the last Wednesday of each month. For description of series see article "Revised Series on Commercial and Industrial Loans by Industry," Feb. 1967 BULLETIN, p. 209. NOTE.—About 160 weekly reporting banks are included in this series; Commercial and industrial "term" loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount- an original maturity of more than 1 year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 DEMAND DEPOSIT OWNERSHIP • FEBRUARY 1975 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holdei r Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s in in a e n s c s i al Consumer Foreign o A th l e l r IPC All insured commercial banks: 1970—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 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 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.r 17.9 113.9 72.0 2.1 10.9 216.8 Dec.f 19.1 119.2 73.8 2.3 11.9 226.3 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—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 14.7 64.6 28.2 2.0 6.4 115.8 Nov 14.6 65.9 28.5 2.1 6.5 117.7 Dec.f 14.9 66.8 29.0 2.3 6.8 119.8 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 NOTE.—Daily-average balances maintained during month as estimated BULLETIN, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, June 30, Oct. 15, Class of Dec. 31, Dec. 31, June 30, Oct. 15, bank 1972 1973 1974 1974 bank 1972 1973 1974 1974 All commercial.... 559 507 460 All member—Cont. Insured 554 503 457 407 Other large banks 1 69 58 63 66 National member 311 288 265 247 All other member i 313 294 267 220 State member.... 71 64 65 39 All nonmember 177 155 130 All member 381 352 330 286 Insured 172 152 127 121 Noninsured 5 3 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

FEBRUARY 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 institutions1 By type of loan Total Commercial Real All and estate other industrial 1974—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 30, 5,192 2,768 178 2,246 Nov. 2 2 1 6 0 7 3 5 5 4 5 , . , . 0 1 9 1 7 6 6 2 7 9 8 0 2 2 2 2 , , , , 7 7 7 7 7 5 8 4 9 6 6 0 1 1 1 1 8 8 8 8 6 6 2 2 2 2 2 1 , , , 2 1 2 ,9 0 1 3 9 1 2 0 4 Dec. 4 4,775 2,568 178 2,029 11 4,765 2,592 182 1 ,991 ban 1 k T o a f b fi a li n a k te 's s o o w f n th e fo r b e a i n gn k , b t r h a e n c b h a e n s k , 's n o h n o c l o d n in s g o li c d o a m te p d a n n y o ( n if - 2 1 5 8 4 4 , ,9 8 0 3 1 7 2 2 , . 8 6 2 78 1 1 1 8 8 2 0 1 1 ,9 ,9 7 0 7 0 t n h o e t h a o l b d a in n g k ) c , o a m n p d a n n y o . n consolidated nonbank subsidiaries of 1975—Jan. 1 4,809 2,746 182 1,881 NOTE.—Series changed on Aug. 28, 1974. For a comparison 8 4,641 2.679 184 1,778 o 1 f 9 7 th 4 e B o U ld L L a E n T d I N n . e w R e d v a i t s a e d f or fi g t u h r a e t s d a r t e e c , e i s v e e e d p . si 7 n 4 c 1 e of O t c h t. e O 19 c 7 t. 4 2 1 2 5 4 4 . . 6 6 6 6 3 4 2 2, , 6 7 9 0 1 3 118811 1 1 , , 7 7 7 9 9 2 that affect that comparison are shown in note 2 to this table 29 4,641 2,723 181 1,737 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 rectly- panies4 placed rectly- For- into from other placed3 placed Total Own Bills Own eign United United bills bought acct. States States 196 6 13,645 2.332 10,556 757 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 17,085 2,790 12,184 2,111 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 1 19 9 6 6 9 8 2 3 1 2 , , 1 6 7 0 3 0 4 6 , , 4 5 2 0 7 3 2 1 0 3 , , 7 9 4 7 1 2 5 2 , , 3 7 5 7 6 4 1,160 3,134 5 4 , , 4 4 5 2 1 8 1 1 , , 5 5 6 4 7 4 1 1 , , 3 3 1 4 8 4 2 2 0 49 0 5 6 8 4 1 1 4 0 6 9 2 3 , , 7 6 1 7 7 4 1 1 , , 8 4 b 23 9 1,1 9 5 5 3 2 2 2 , , 4 0 0 5 8 3 197 0 33,071 5,514 20,424 7,133 352 1,997 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 1 1 9 9 7 7 2 1 3 34 2 , , 7 1 2 2 1 6 5 5, , 6 2 5 9 5 7 2 22 0 , , 0 5 9 8 8 2 6 6 , ,2 9 4 6 7 8 1,2 5 2 24 6 1 1, , 4 4 1 4 1 9 7 6 , , 8 89 8 8 9 3 2, , 7 4 0 8 6 0 2 2 , , 6 0 8 0 9 6 7 7 9 0 1 0 2 1 6 0 1 6 2 1 5 7 4 9 3 3, , 9 8 0 9 7 4 2 2, , 5 8 3 3 1 4 1 1 , , 5 9 4 0 6 9 2 3 , , 4 5 5 0 8 9 1973-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 2,251 454 589 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 A M p a r r .. . . 4 44 4 , , 6 6 7 9 7 0 r6 6, , 5 2 7 2 1 8 2 2 8 8 , , 8 7 6 5 9 2 9 9, , 6 2 9 5 7 0 2 2 , , 1 2 3 7 7 0 4 3 , , 5 90 6 8 4 1 1 0 0 , , 6 1 9 6 2 6 2 3 , , 9 2 8 3 6 2 2 2 , , 4 7 1 4 3 4 4 5 8 7 8 3 2 2 1 9 6 6 7 6 0 8 0 4 6 6 , , 5 2 4 0 4 0 2 2 , , 9 82 0 7 0 2 2 , , 8 9 3 7 3 9 4 4 , ,3 9 6 5 1 9 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 I 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 Nov.. 51,883 4,860 32,491 14,532 1,947 6,697 16,553 3,789 3,290 499 611 1,702 10,452 3,810 3,709 9,035 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 INTEREST RATES • FEBRRARY 1975 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Rate Effective date Rate 1974—Jan. 14 7 . . 9 9 1 i/ 9 / 2 2 9 - - / 9 i 9 o 3 3 / / 4 4 ._ .- 1974—Apr. 1 1 1 5 . . 9 1 3 0 4 1 . - - 9 1 0 8 0 / . X 1 / O 10 - - I974—June 7 3 . . 1 1 1 1 1 1 1 / 1 2 4 3 - - 1 / - 4 1 1 1 1 / 6 2 /l - 0 - ~1 974—Oct. 28. 10 I I 3 H H 4 / - / 2 1 4 1 -- - 98/io IOI/4 116/10 29. 91/4-91/2.- 19. 10-1 OI/IO- 10. HI/2- Nov. 4. 1034-11-- 97/io 1014- 21. 111/4-1H/2- II1/4 Feb. 1 1 1 9 . . , 9 -9 . 1 -i9 4 «93/io Apr. 2 2 4 3 . . 1 10 0 1 i4 4« « - - 104/ 10 2 2 4 5 . . 1 11 1 1 1 / / 2 2 - - - - 1 1 1 1 3 3 4 4 - 14. I 1 O 0 1 1 1 / 1 / 2 2 - - - I 1 O 0 3 3 4 4 - -- 25. 8Vio-8%«-9 104/10- 118/10 11 26. 8V10-8 . 101/2 26. 111/2-1134.- 18. ia-101/2- Mar. 4. 8%-87/io- 25. 101 1 4 0 - 1 1 /2 04 - /10- 28. 11 1 3 1 4 8 . / - 1 1 0 1 8/U 19. 10 1 -1 03 0 / 1 4 4 - - 5. 8 I 8 8 /2 3 3 - 4 8 ^ - 6 . /10- 26. 104 1 1 / 0 0 ,0 1 3 - / 4 2 - - 1 - 1 July 3, 1134 1 .- 2 H 8/ 10 . 25. 10 11 -1 0013 0 // 1 42 4 -- - 2 2 1 1 2 9 . . . 8 8 3 " 4 /t . o -8 -9 8/ b ,o -9 30. 101 1I / O0 2 6 3 • / - 410-1-1 2 9 5 3 1 1 1 1 2 0 8 . 3 - / 1 4 10 2 - - 1 1 1 4 2 2 - .- Dec. 2. 934 10 -1 1 0 / - 2 1 - 014 2 2 6 8 . . 9 9 . . -91/4 May 2. 101/2-106/lfr- 121/4 -101/2- 29. 9-91^ >-91/2 1034 .-11 Aug. 20 1034-12. 1975—Jan. 9, 91/2-10- Apr. 2. 3. 10 - 6 1 /i 1 o- 1034. Sept. 26 IO34-II1/2- 1 1 0 0 1 1 / 4 2 — — 3. 9% 91 - / 9 2 4 /io- 6. 106 1 /! 1 O . - 1034- 1134-12- 13, 91/ i 2 c -9 ^ 3 - 4-1 fl- 91/2- 7. Oct. 7 103/4-111/2- 15 91/2-934- 4. 94 9 /1 3 0- 4 9 1/2b- 1 13 0 , 1 11 1 1 -1 4- U -1 4 1 - 4/io 15 10 1 3 1 4 3 -1 4 I . I - / 1 4 2 - 20 91/ i 2 o -9 -- 3 i 4 o i . 4 -1 0 5 94/ 9 1 3 0 4 -9 . 1/2- 17, 11 - 1 1 4 1 - 1 1 / 1 2 - - 4/10 I 1 H 13 /2 4 - . 2 2 8 9 9 91 1 / / 2 2 - - - - 9 9 3 3 4 4 -10 9%b-9«/io- 20 111/2 "-11% 21 1034-1114- 10 1H/2" 113/4 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 -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 11.91 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 11.32 12.07 Revolving credit 35 centers 1111..6600 1122..4466 12.71 1122..0066 1122..0000 1122..4455 1111..9999 1122..4477 1111..6600 1122..3355 1111..5566 1122..4488 New York City 1111..6600 1122..4488 12.25 1122..7722 1111..9977 1122..4499 1111..8899 1122..6600 1111..7777 1122..5588 1111..5577 1122..4466 7 Other Northeast 1122..2266 1122..3388 12.08 1133..6600 1111..9988 1122..8866 1111..6688 1122..0044 1111..7755 1111..5577 1122..5500 1122..4499 8 North Central 1111..8822 1122..7722 13.34 1122..3388 1122..2299 1122..3311 1122..5577 1122..4455 1111..7799 1122..0066 1111..7722 1122..8877 7 Southeast 1111..5533 1122..4444 99..5544 1111..4411 1111..4422 1133..0099 1111..0033 1100..9988 1111..7744 1111..2255 1133..2277 8 Southwest 1122..0066 1122..8811 13.03 1122..7744 1122..3333 1122..4433 1122..2288 1133..0033 1111..8822 1122..5577 1122..0066 1122..8888 4 West Coast 1111..3399 1122..3355 12.70 1122..6699 1111..8899 1122..6600 1111..6688 1122..5533 1111..5577 1122..4499 1111..3333 1122..3311 Long-term 1 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • INTEREST RATES A 29 MONEY MARKET RATES (Per cent per annum) U.S. Government securities5 PPrriimmee FFFiiinnnaaannnccceee ccoomm ppaa mm pp ee ee rr rr cc 11 ii aall ppp CCC aaappp OOO eee ... rrr bbbaaa PPP nnn rrr kkk iiimmm eeerrr eee sss FFF eeerrr eee aaa ddd lll --- 3-month bills 6 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- Other7 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 1970. 77777.....7777722222 77777.....2222233333 77777.....3333311111 77777.....1111177777 66666.....444445555588888 66666.....3333399999 66666.....555556666622222 66666.....5555511111 66666.....4444499999 66666.....9999900000 77777.....3333377777 1971. 55555.....1111111111 44444.....9999911111 44444.....8888855555 44444.....6666666666 44444.....333334444488888 44444.....3333333333 44444.....555551111111111 44444.....5555522222 44444.....6666677777 44444.....7777755555 55555.....7777777777 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 —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 c 7.83 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 —Jan.. 7.39 7.30 7.31 7.54 7.13 6.493 6.26 6.525 6.36 6.27 6.74 7.29 c ending— —Oct. 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 Nov. 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 ——JJaann.. 4 9.13 8.84 8.47 9.08 7.35 7. 113 6.96 7. 101 6.99 6.70 7.17 7.26 11 7.95 7.83 7.98 8.33 7.70 6.698 6.59 6.682 6.64 6.45 6.91 7.23 18 7.63 7.53 7.65 7.66 7.22 6.678 6.54 6.646 6.54 6.44 6.95 7.32 25 6.85 6.85 6.78 7.03 7.17 6.369 5.98 6.373 6.14 6.15 6.66 7.36 Feb. 1 6.55 6.48 6.38 6.59 6.99 5.606 5.68 5.825 5.92 5.87 6.31 7.23 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 30 INTEREST RATES • FEBRUARY 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 1 States (long- Re- Aaa Baa Indus- Rail- Public term) Total i Aaa Baa New cently trial road utility Pre- Com- Comissue offered ferred mon mon Seasoned issues 1970 6.59 6.42 6.12 6.75 8.68 8.71 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.46 1971 5.74 5.62 5.22 5.89 7.62 7.66 7.94 7.39 8.56 7.57 8.38 8.13 6.75 3.14 5.41 1972 5.63 5.30 5.04 5.60 7.31 7.34 7.63 7.21 8.16 7.35 7.99 7.74 7.27 2.84 5.50 1973 6.30 5.22 4.99 5.49 7.74 7.75 7.80 7.44 8.24 7.60 8.12 7.83 7.23 3.06 7.12 1974 6.99 6.19 5.89 6.53 9.33 9.34 8.98 8.57 9.50 8.78 8.98 9.27 8.23 4.47 1974—Jan... 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 i 4.5 8" 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 1975—Jan . 6.68 6.89 6.39 7.45 9.36 9.45 9.55 8.83 10.02 9.19 9.52 10.10 8.41 5.07 Week ending- 1974—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 8.61 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 8.77 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 8.78 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 8.87 5.50 1975—Jan. 4. 6.77 7.07 6.70 7.55 9.67 9.60 8.93 10.62 9.26 9.58 10.13 8.89 5.37 1J 6.68 7.01 6.60 7.50 9.62 9.45 9.60 8.91 10.63 9.24 9.55 10.17 8.62 5.25 18*. 6.66 6.97 6.55 7.50 9.38 9.55 9.56 8.84 10.63 9.17 9.54 10.15 8.25 5.10 25. 6.69 6.75 6.10 7.40 9.45 9.47 9.52 8.78 10.62 9.16 9.52 10.07 8.27 5.14 Feb. 1. 6.67 6.63 6.00 7.30 9.00 9.21 9.48 8.74 10.59 9.16 9.46 10.00 4.79 Number of issues2.. .. 12 20 5 5 121 20 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not. shown sep- govt., general obligations only, based on Thurs. figures, from Moody's arately. Because of a limited number of suitable issues, the number Investors 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, weekly averages compiled by the Board of 23, 1967, there is no longer an Aaa-rated railroad bond series. Governors of the Federal Reserve System and rates for seasoned issues, 2 Number of issues varies over time; figures shown reflect most recent 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 as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio based on 8 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 1971. conducted 5 days per week for 5 l/i hours per day, or 27^ 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

FEBRUARY 1975 • SECURITY MARKETS A 31 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange Amer- trading in ican stocks Stock (thousands of Period Standard and Poor's index New York Stock Exchange index Ex- shares) (1941-43= 10) (Dec. 31, 1965 = 50) change total index ( G t l U e o o r . n m v S g t . ) - , S l a o t n c a a d 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 1 ( 9 A 1 3 7 0 u 1 3 0 g , ) = . 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 1974P 57.45 76.3 58.8 82.85 92.91 37.53 38.91 43.84 48.08 31.89 29.82 49.67 79.97 13,883 1,908 1974—Tan 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 c76.2 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 1975--Jan 5599..7700 7700..99 56.4 72.56 80.50 37.31 38.19 38.56 41.29 28.12 29.55 44.85 68.31 19,661 2,117 Week ending— 1975--Jan. 4 59.06 68.4 56.2 69.17 77.05 35.79 34.42 36.47 39.43 26.57 27.20 40.34 61.06 17,389 2,807 11 59.72 69.0 56.3 71.18 78.98 36.75 37.31 37.75 40.43 27.51 29.05 43.43 65.22 18,051 1,969 18 59.84 70.0 56.4 71.83 79.58 37.36 38.31 38.23 40.81 27.90 29.59 45.02 67.61 16,869 1,849 25 59.67 72.3 56.5 71.71 79.43 37.25 38.37 38.19 40.77 27.89 29.58 45.00 69.20 16,436 1,889 Feb. 1 59.83 72.6 56.5 76.37 84.84 38.29 39.74 40.60 43.61 29.60 30.60 47.34 73.51 29,138 2,978 For notes see opposite page. STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated 2 Unregulated 3 Free credit balances at brokers 4 End of period By source By type Margin stock Convertible Subscription Nonmargin bonds issues stock TToottaall BBrrookkeerrss BBaannkkss credit at banks Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. 1973—Nov. 66,,777744 5555,,,,666677771111 1,003 555,,,444666000 11,,002277 197 60 14 16 1,917 464 1,685 Dec 66,,338822 5555,,,,222255551111 11,,113311 555,,,000555000 11,,007700 189 46 12 15 1,866 454 1,700 1974—Jan 6666,,,,333344443333 5555,,,,333322223333 11,,002200 555,,,111333000 961 182 45 11 14 1,845 445 1,666 Feb 6666,,,,444466662222 5555,,,,444422223333 1,039 5,230 977 183 46 10 16 1,843 420 1,604 Mar 6666,,,,555522227777 5,519 1,008 555,,,333333000 944 180 48 9 16 1,869 425 1,583 Apr 6666,,,,555566667777 555555,,,,,,555555555555888888 111,,,000000999 555,,,333777000 952 179 44 9 13 1,868 415 1,440 May 6666666,,,,,,,333333388888881111111 555555,,,,,,333333666666111111 111,,,000222000 555,,,111888000 963 172 44 9 13 1,858 395 1,420 June '''''''6666666,,,,,,,222222299999997777777 555555,,,,,,222222666666000000 '''111,,,000333777 555,,,000888000 '991 172 '34 8 '12 ''22,,007722 395 1 ,360 July rrrrrrr5555555,,,,,,,999999944444448888888 444444,,,,,,999999222222555555 ''11,,002233 444,,,777666000 '978 158 '33 7 '12 ''22,,009911 402 1,391 Aug '''''''5555555,,,,,,,666666622222225555555 444444,,,,,,666666777777222222 ''995533 444,,,555111000 '912 156 '29 6 '12 '2,119 429 1,382 Sept 5555555,,,,,,,000000099999997777777 333333,,,,,,111111777777333333 924 4444,,,,000022220000 881 148 31 5 12 2,060 437 1,354 Oct 4444444,,,,,,,999999999999996666666 4,080 991166 3333,,,,999933330000 872 145 32 5 12 22,,002244 431 1,419 44,,110033 3333,,,,999966660000 113399 4 410 1,447 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 • FEBRUARY 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 Net in debitt status Total ((mmiill-- End of period credit balance EE ppee nn rr dd ii oo oo dd ff ll dd iioo oo oo nn ff ll -- ss 8 m 0 o r o e r 70-7& 60-69 50-59 40-49 Un 4 d 0 er status 60 o r p e m r o c r e e n t 6 L 0 e p ss e r t h c a e n n t o ( f m d i o ll l i l o a n r s s ^ llaarrss))!! 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 37.5 42.2 20.3 5,882 Nov.. 5,460 5.4 6.1 12.0 16.9 19.5 40.1 39.4 40.0 20.6 5,935 Dec.. 5,050 5.8 7.7 14.4 17.4 20.3 34.2 38.3 42.7 18.0 6,596 1974—Jan... 5,130 5.5 8.0 14.2 22.6 25.8 24.0 Feb 39.4 43.3 24.9 6,740 Feb... 5,230 5.4 7.4 13.3 22.6 28.0 23.3 40.0 41.2 18.9 6,784 Mar.. 5,330 5.0 7.0 11.4 19.4 30.2 27.1 39.6 42.3 19.4 6,526 Apr.. 5,370 4.4 6.0 9.9 16.5 26.5 37.0 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 40.2 36.5 23.2 6,695 July.. 4,760 4.0 4.8 7.9 13.3 22.2 47.9 39.9 34.0 26.0 6,783 Aug.. 4,510 3.5 4.0 6.6 11.2 18.4 56.3 40.7 31.2 27.0 7,005 Sept.. 4,020 3.5 3.9 6.1 10.2 18.0 58.3 40.9 35.1 24.0 7,248 Oct... 3,930 4.6 5.5 9.4 16.8 27.3 36.4 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 l 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 2 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 a d t t e l . o C t r a o h a n r e t d p e r o 1 - Cash Other g l r i T e e a a t s n o b i n e e e t i r d s r a l v i a l - e l De i p ts o s- l O ia t t i b h e i s e l i r - G r c e o e a s n u e c e n r - r v t a s e l classi ( f i i n e d m b o y n t m h a s) t urity accts. 3 or 3-6 6-9 Over Total less 9 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 74,913 4,226 2,553 877 22,201 1,406 2,633 108,809 97,582 3,291 7,936 724 398 317 743 2,182 1 Also includes securities of foreign governments and international were net of valuation reserves. For most items, however, the differences organizations and nonguaranteed issues of U.S. Govt, agencies. are relatively small. 2 Commitments outstanding of banks in New York State as reported to the Savings Banks Assn. of the State of New York. Data include building NOTE.—NAMSB data; figures are estimates for all savings banks in loans. 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 Bank, which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • SAVINGS INSTITUTIONS A 33 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total MMoorrtt-- RReeaall PPoolliiccyy OOtthheerr End of period assets Total U S n ta it t e e d s Sta lo te c a a l n d Foreign1 Total Bonds Stocks ggaaggeess eessttaattee llooaannss aasssseettss 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 ol foreign governments and their subdivisions and bonds of Figures are annual statement asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. Adjustments for interest due and accrued and for differences between market and book NOTE.—Institute of Life Insurance estimates for all life insurance values are not made on each item separately but are included, in total in companies in the United States. "Other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Mortgage Total loan comassets— mitments End of period M ga o g r e t s - I s n m e v c e e u n s r t t - - Cash Other lia T b o il t i a ti l e s S c a a v p i i n ta g l s wo N r e th t 2 m r B o o w n or e e - y d 3 p L r o o i a n c n e s s s Other ou a p t t s e e t r a n i n d o d d o i 4 n f g ities i 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 19735 231,733 21,055 19,117 271,905 226,968 17,056 17,172 4,667 6,042 9,526 1973—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.. 236,136 23,993 20,316 280,445 235,136 17,435 16,725 4,481 6,668 12,006 Apr.. 238,645 23,544 20,787 282,976 234,918 17,709 18,159 4,796 7,394 12,918 May. 241,263 23,705 21,421 286,389 235,429 18,019 19,355 5,038 8,548 12,480 June. 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.. 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.. 248,711 23,249 23,306 295,266 239,530 18,674 24,550 3,444 9,068 7,723 DCC.P 249,303 23,231 23,112 295,646 242,921 18,477 24,809 3,204 6,235 7,447 1 Excludes stock of the Federal Home Loan Bank Board. Compensating in other assets. The effect of this change was to reduce the mortgage changes have been made in "Other assets." 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" 3 Advances from FHLBB and other borrowing. are included in "Other assets." These amounted to about $2.4 billion at 4 Data comparable with those shown for mutual savings banks (on the end of 1972. opposite 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 Govt.-insured mortgage- preceding year are preliminary even when revised. type investments, previously included in mortgage loans, are included Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 FEDERAL FINANCE • FEBRUARY 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- financd ( ef - i ) c it se d c e u b r t i - A se g c e u n r c i- y accounts 1 S L p e e s c s ia : l E T q o u t a a l l s : op su er r a y t - Other n in e g t3 , ties ties notes 2 ing Special Other balance issues 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 H 19 a 7 lf 3 — ye J a a r n : -June 126,164 127,947 -1,784 8,843 r 661 5,716 577 1,889 1,503 -93 1,305 July-Dec. 124,256 130,362 -6,106 11,756 478 5,376 845 6,014 -2,202 -319 -2,429 1974—Jan.-June 140,679 138,032 2,647 5,162 426 8,297 295 -3,004 -1,215 ,089 231 July-Dec. 139,870 153,399 -13,591 18,429 -646 2,840 150 14,794 -3,228 248 -4,183 M 19 o 7 n 3 t — h: D e c 21,990 19,681 2,309 5,861 -176 5,584 -3,025 3,126 5,693 r —599 ••-341 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 A M p a r y 2 1 9 9 , , 6 2 5 4 7 3 2 2 2 3 , , 2 9 7 8 3 1 -4 7 , , 7 3 3 8 9 4 -2 2 , , 5 7 9 7 7 3 -2 3 8 7 2, - 9 9 4 3 7 -21 3 1 5 -2,502 8 -5 3 , , 0 12 3 5 2 -1 1 , , 1 3 2 19 0 -1 - , 4 4 3 2 8 3 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 -1,31 250 569 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 Dec 24,946 27,442 -2,496 7,300 -38 2,276 -90 5,077 2,874 268 561 Selected balances Treasury operating balance Borrowing from the public. Memo: End Debt of of Less: Govt.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 es Sp G I e n o c v v ia e t, l s t a m cc e o n u ts n t o s f * S n L p o e e t c e s i s s a : 2 l E T q o u t a a l l s : s c p p o o r N r i n v p o s a s w o t . r e — e 5 d issues Fiscal year: 197 1 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 37,086 197 2 2,344 7,934 139 10,117 427,260 10,894 89,536 24,023 825 323,770 41,814 197 3 4,038 8,433 106 12,576 458,142 11,109 101,248 24,133 825 343,045 51,325 197 4 2,919 6,152 9,159 475,060 12,012 114,921 25,273 825 346,053 65,411 Calendar year: 197 3 2,543 7,760 70 10,374 469,898 11,586 106,624 24,978 825 349,058 59,857 197 4 3,113 2,749 70 5,932 492,664 11,367 117,761 25,423 (6) 360,847 Month: 1973—De c 2,543 7,760 70 10,374 469,898 11,586 106,624 24,978 825 349,058 59,857 1974—Ja n 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 (6) 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 D N O e c o c t v .... 3 1 , , 1 4 7 1 9 8 3 5 7 2 1 1 , , , 7 3 5 4 8 6 9 1 3 7 7 1 0 2 3 5 , , , 2 0 9 5 3 3 8 9 2 4 4 4 8 8 9 0 5 2 , , , 3 6 2 6 6 2 4 4 4 1 1 11 1 1 , , , 3 4 4 6 0 2 7 4 2 1 1 1 1 1 1 4 7 5 , , , 7 4 8 6 8 3 1 5 2 2 2 2 5 5 5 , , , 5 4 5 1 2 4 3 3 4 3 3 36 5 5 0 5 1 , , , 8 7 2 4 7 7 7 0 0 7 75 5 , , 7 3 0 4 6 3 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 Govt, ac- 5 Includes debt of Federal home loan banks, Federal land banks, R.F.K. counts. Stadium Fund, FNMA (beginning Sept. 1968), and Federal intermediate 2 Represents non-interest-bearing public debt securities issued to the credit banks and banks 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

FEBRUARY 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 Period Total W he it ld h - F C p E P t u a i r a l o e i n e m g n c s d n - . - i N w h i o e t l n h d - - fu R n e d - s t N ot e a t l G ce r r i e p o - t s s s fu R n e d - s c E o t P r a n m t a o x a t y l e p x r l - s i e l b o s y u a e m t S m n io e e d l p n n f l - s t . 2 e in U m s n u p - r l. . c O e n i r t p h e e t - t e s r ? t N ot e a t l E ta x x c e is s e t C o u m s s - E a g s n i t f a d t t e c M e r ip i e s - t c s . 4 Fis 1 1 1 1 c 9 9 9 9 a 7 7 7 7 l 2 3 4 1 y ear: 2 2 2 1 0 6 3 8 8 2 4 8 , , , , 6 2 9 3 4 2 9 3 9 5 2 2 7 9 8 11 8 6 3 2 , , , 0 4 2 ,0 9 9 0 6 3 0 0 4 28 2 2 2 3 5 4 7 0 , , , , 6 2 0 8 7 6 1 1 9 2 7 2 2 2 1 1 1 3 4 4 , , , , 8 9 5 1 6 4 5 2 3 2 2 6 9 8 1 1 0 4 1 6 3 8 , , 7 2 , , 2 9 3 3 4 5 7 0 6 2 4 3 3 3 1 4 9 0 , , , , 9 0 7 3 2 4 4 2 6 5 4 0 2 2 3 3 , , , ,1 7 8 5 2 3 9 6 5 5 3 0 4 6 3 5 4 9 2 2 , , , ,8 0 7 5 5 8 8 0 1 8 5 6 2 2 3 1 , , , , 3 0 9 0 7 4 3 0 1 8 2 8 4 6 6 3 , , , , 0 3 6 8 5 5 7 3 1 7 3 7 4 3 3 3 , , , , 0 4 2 6 5 3 0 1 1 7 6 4 4 5 6 7 8 3 6 4 , , , , 5 9 7 5 7 1 8 4 8 4 0 2 1 1 1 1 6 6 5 6 , , , , 8 6 4 2 1 7 4 6 4 7 4 0 2 3 3 3 , , , , 5 2 1 3 9 8 8 3 8 1 7 4 5 4 5 3 , , , , 0 9 4 7 3 1 3 3 5 7 6 5 3 5 3 3 , , , , 9 8 3 6 2 5 6 3 1 8 8 3 Ha 1 1 lf 9 9 7 7 y 3 4 e — — ar J J J J : u u a a l n l n y y . . - - - - J J D D u u e e n n c c e e . . 1 1 1 1 4 2 2 3 0 4 6 9 , , , , 6 2 1 8 7 5 6 0 9 6 4 7 5 5 6 5 2 2 1 9 , , , , 0 9 3 1 3 6 7 0 7 4 7 3 28 2 2 6 7 1 4 , , , , 2 0 2 6 9 0 3 0 9 7 3 5 2 2 1 2 1 , , , 1 9 0 9 7 5 1 9 9 3 9 6 6 5 5 6 7 2 8 0 , , , , 0 1 7 4 9 7 8 6 4 2 2 0 2 2 1 1 3 5 6 8 , , , , 1 7 5 2 5 3 8 4 6 0 9 7 2 1 1 1 , , , , 6 0 4 4 3 1 9 3 1 4 4 6 2 3 3 3 9 4 0 2 , , , , 4 9 0 9 1 6 1 1 8 5 3 9 2 2 , , 2 8 2 2 0 0 0 5 6 8 4 1 2 2 3 3 , , , , 9 9 6 8 1 1 7 6 6 4 4 2 2 2 1 1 , , , , 1 0 8 9 4 8 6 8 1 7 7 2 4 3 3 3 1 7 5 9 , , , , 6 1 6 7 5 0 7 7 7 9 2 4 8 8 7 8 , , , , 7 8 9 0 6 7 1 6 1 8 6 6 1 1 1, , , 7 6 6 9 0 3 3 5 1 3 7 8 2 2 2 2 , , , , 5 5 5 2 2 1 8 8 1 4 4 4 2 2 3 1 , , , , 7 3 6 8 6 4 0 6 8 1 1 1 Mo 1 n 9 t 7 h 3 : — De c r21,990 r8,901 362 115 r9,148 6,201 105 3,760 89 299 4,149 1,536 224 333 '503 1974— M A J D J F J A M S O N u a u e e p u e c o a a n n p l b c t r g v y r y e t 2 2 2 2 2 2 2 2 3 1 1 1 0 3 0 8 9 4 2 3 1 9 6 9 , , , , , , , , , , , , 9 3 4 2 6 2 9 2 6 2 8 6 7 3 7 2 5 5 4 1 4 9 2 3 8 7 9 6 6 7 9 3 6 2 0 3 1 1 1 1 1 1 1 9 9 9 9 9 0 0 0 0 0 0 0 , , , , , , , , , , , , 2 9 5 6 7 6 0 2 6 4 2 1 4 9 0 1 6 5 8 2 3 2 2 0 6 6 5 1 2 4 3 7 8 8 3 6 1 4 2 5 4 1 1 . , . , , , 1 0 0 3 2 1 9 9 4 4 3 5 7 8 7 0 2 1 4 9 5 6 0 6 7 6 4 3 8 6 5 1 7 1 5 1 8 6 5 1 , , , , 6 3 6 8 4 2 3 1 1 3 1 5 5 4 6 2 7 9 1 3 7 1 3 1 1 5 2 9 8 0 0 8 1 1 1 1 1 1 1 1 1 8 3 5 4 4 3 4 0 0 0 0 0 , , , , , , , , , , , , 6 2 6 2 3 9 7 8 8 4 7 5 1 4 3 0 2 4 6 0 8 9 3 9 9 1 1 7 7 1 4 5 9 2 6 0 5 9 6 5 6 1 1 1 1 1 1 1 , , , , , , , , , , , , 8 2 0 3 8 7 4 0 7 0 7 1 9 1 6 8 6 2 8 9 5 1 8 1 1 3 8 9 7 6 2 6 2 8 4 7 4 2 2 2 4 3 3 2 1 5 3 1 4 3 1 3 3 3 1 5 6 1 1 9 8 8 0 5 7 8 0 6 1 4 0 0 j , , , , , , , 4 4 0 6 5 8 9 0 3 7 1 0 3 5 2 5 8 1 3 9 5 8 9 0 9 9 8 8 0 3 3 0 7 2 6 5 ,6 2 2 3 2 2 1 0 1 2 1 8 7 4 1 3 4 8 1 1 0 0 4 2 1 , , 1 3 2 7 5 4 2 7 9 6 6 9 4 1 5 6 6 2 1 8 0 3 1 6 4 8 2 2 2 1 8 9 3 3 3 3 3 3 3 3 3 3 3 3 7 5 3 3 4 5 2 6 8 5 6 5 8 1 8 9 6 8 9 8 9 3 3 6 1 8 5 6 5 9 6 5 5 7 5 5 0 , , , , , , , , , , , , 7 4 2 8 7 1 3 5 7 4 1 0 2 8 3 0 1 9 8 4 4 4 3 4 1 1 2 9 0 6 6 1 4 8 6 2 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 3 2 3 4 4 2 5 4 4 4 4 6 9 1 7 1 6 2 1 0 8 7 1 1 3 1 5 5 5 3 7 1 9 4 5 2 3 2 2 2 3 3 3 3 3 3 3 3 7 0 9 8 0 0 2 1 5 4 0 9 7 4 5 6 1 5 5 9 5 7 7 4 4 4 4 3 4 4 3 3 3 3 3 5 2 6 3 7 1 5 7 5 7 4 5 5 3 5 7 1 8 3 0 2 0 1 0 4 3 6 3 3 5 6 5 7 5 5 3 2 3 7 4 0 1 0 4 7 7 4 0 9 4 7 3 2 7 7 3 3 8 0 1 Budget outlays Com- Gen- Period Total t f i N e d o n e n a s - - a e l a I f n fa t i l r . s s S e p r a e a r - c c e h A t c u g u r r l- e i- so N u u r r r a e a c t - - l e s t m C r a a o e n n r m d s c p - e . h d m l a o e o u n v u p n d e s , - . - E p m d t a o i u n w a o n c d n e a - r - H w f a e a n a e r d l l e - t h e V ra e n t- s In e t s e t r - g G e o r e v a n t l - . r s e n h i e r n u v a a g e e r l - - t I t g i r n o a o a t n c v r n s - a t s . - - 5 ing Fis 1 1 1 1 c 9 9 9 9 a 7 7 7 7 l 5 2 4 3 y 7 e ar: 2 2 2 3 4 3 6 0 6 1 8 4 , , , , 5 8 3 4 2 7 9 4 6 6 2 5 7 7 8 7 9 8 7 6 , , , , 3 3 7 0 8 3 2 2 7 6 9 3 4 3 3 3 , , , , 1 1 5 7 2 0 3 8 3 7 2 6 3 3 3 3 , , , , 3 4 2 2 1 2 5 7 1 2 2 2 6 5 2 7 , , , , 0 1 0 7 6 5 5 2 1 1 6 9 -1 3 3 , , , 1 7 1 5 0 5 2 5 9 9 8 9 1 1 1 1 2 1 2 3 , , , , 5 1 5 4 6 9 0 0 1 7 5 0 4 5 4 5 , , , , 2 1 1 6 1 8 6 6 6 4 2 7 1 1 1 1 0 0 1 0 , , , , 5 1 8 5 8 9 3 2 1 8 7 2 1 1 9 8 0 2 1 1 5 6 , , , , 5 3 5 3 3 9 4 5 8 7 3 3 1 1 1 1 3 0 2 3 , , , , 3 7 0 6 6 4 0 1 7 7 4 2 2 2 2 2 8 0 9 2 , , , , 0 5 8 1 9 8 3 2 6 4 6 2 4 6 5 6 , , , , 4 8 5 7 9 8 1 7 1 9 9 4 6 6 6 6 , , , 1 1 6 0 7 3 6 4 6 - - - -1 7 9 8 0 , , , 8 8 3 ,7 5 9 7 1 8 3 9 7 Ha 1 1 lf 9 9 7 7 y 3 4 e — — ar J J J J : u u a a n n l l y y . . - - - - J J D D u u e e n n c c e e . . . . . . 1 1 1 1 2 3 3 5 7 0 3 8 , , , , 9 3 3 0 4 3 6 3 7 9 2 2 4 4 4 3 0 2 2 7 , , , , 6 0 5 3 9 5 5 3 4 7 3 5 '1 1 1 1 , , , , 5 4 8 9 6 9 0 1 3 7 7 0 1 1 1 1 , , , , 5 6 5 7 0 3 9 5 1 5 6 2 3 1 1 , , , 4 4 6 4 3 7 8 2 5 2 4 7 -1 2 , , 7 1 2 7 6 8 3 6 2 2 0 4 6 5 8 7 , , , , 3 1 3 3 0 7 8 0 4 6 7 2 4 3 1 1 , , , , 7 2 9 5 8 1 6 2 7 5 9 5 4 5 5 5 , , , , 7 8 1 6 0 7 0 9 9 3 2 0 ' 4 4 6 5 8 8 2 6 , , , , 6 1 1 9 1 3 8 5 9 0 1 0 6 6 6 7 , , , . 5 8 8 2 1 4 3 6 8 8 8 4 '1 1 1 1 3 4 2 5 , , , , 4 6 2 3 9 5 1 2 3 5 7 0 ' 2 3 3 3 , , , , 4 6 1 7 0 5 9 1 3 0 2 2 4 3 3 3 , , , , 0 0 0 0 1 7 3 8 9 4 2 2 - - - -5 5 4 4 , , , , 5 1 7 3 5 4 5 4 1 1 6 0 Mo 1 n 9 t 7 h 3 : — De c 19,681 6,074 219 221 -228 -130 1,064 316 619 8,533 1,143 2,169 498 -815 1974— J J D A J A O M M S F N u u a e e p u e c o a a n n p l b c t r g y v r y e t 2 2 2 2 2 2 2 2 2 2 2 2 2 3 2 3 5 4 4 4 1 7 6 4 , , , , , , , , , , , , 9 9 2 6 4 4 9 1 0 4 4 7 0 8 7 7 0 1 6 7 3 4 6 1 5 1 3 1 8 1 5 2 0 2 0 2 6 6 7 6 6 8 6 6 5 7 7 7 , , , , , , , , , , , , 7 5 2 8 6 0 9 7 8 6 5 6 5 0 4 7 8 6 0 9 6 7 8 5 1 9 3 7 6 2 5 3 2 3 4 2 4 2 2 3 3 3 3 3 3 3 3 0 6 6 2 6 3 1 4 5 4 7 9 2 9 0 4 2 6 2 5 1 2 3 8 2 2 2 4 2 2 2 2 2 2 2 2 8 7 4 6 9 9 1 5 4 3 5 8 8 8 7 7 7 3 6 1 7 1 2 1 -1 - - 2 3 3 3 7 1 1 6 6 5 0 2 1 5 8 5 8 3 1 1 5 0 5 6 3 8 9 6 3 8 9 -1 - - - , 8 4 5 6 4 4 2 6 5 7 7 6 7 4 1 2 9 1 2 8 5 1 5 5 4 4 8 8 8 6 8 0 9 4 8 2 1 1 1 1 1 1 , , , , , , , 1 2 3 5 1 0 2 7 8 8 7 3 4 9 9 5 6 4 7 4 7 4 8 6 7 3 9 3 6 7 4 0 5 6 6 3 4 8 2 3 6 7 8 3 7 3 8 1 9 5 7 6 9 5 7 5 3 5 1 9 9 2 3 3 3 2 3 0 1 2 9 8 1 1 , , 2 0 9 9 9 8 9 8 7 6 8 8 3 7 5 2 2 3 8 9 5 3 3 6 6 0 6 5 5 2 3 4 4 7 7 2 1 1 1 1 1 1 9 9 9 9 9 8 0 0 1 0 0 0 , , , , , , , , , , , , 6 5 9 9 3 0 6 2 2 0 0 0 7 0 7 4 2 1 4 6 8 8 2 6 5 5 9 5 0 5 5 7 2 7 0 2 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 6 0 1 1 2 2 C 2 1 2 1 4 3 1 4 5 6 3 2 9 8 0 1 6 7 7 8 5 6 4 4 0 0 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 7 4 6 4 3 5 4 5 5 4 3 2 7 3 8 5 0 1 2 7 0 6 5 1 5 3 8 5 6 8 5 7 8 6 3 5 8 4 6 4 4 7 7 5 5 6 5 2 1 5 3 9 9 2 6 2 8 3 2 9 0 5 1 8 9 9 6 7 6 6 0 1 1 i 1 , , , , 5 5 5 5 3 3 4 3 3 8 0 2 4 7 1 1 - - - 1 1 1 - - - - - - - - - , , , 7 9 7 9 7 8 8 6 9 0 0 0 9 6 7 9 6 6 6 7 2 2 0 2 1 1 8 8 3 7 7 7 9 7 7 6 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 Dept. of Defense), and accounts. acceleration of energy research and development, totaling $1,561 million, 3 Supplementary medical insurance premiums and Federal employee are not included. retirement contributions. 4 Deposits of earnings by F.R. Banks and other miscellaneous receipts. NOTE—Half years may not add to fiscal year totals due to revisions in 5 Consists of Govt, contributions for employee retirement and of interest series that are not yet available on a monthly basis. received by trust funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 U.S. GOVERNMENT SECURITIES • FEBRUARY 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 a s i s l c i Total Total Bills Ma C r c e k a r t e 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 o nm F is o s a u r r e e k i s g c t n 4 a bl S e b a o a v n n in d d g s s i S ss p u e e c s ia 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... 468.2 360.1 270.1 107 124.6 37.7 2.3 87.7 25.3 61.0 106.2 Feb.. 470.7 360.0 269.7 107 126.1 35.7 2.3 88.1 25.4 61.3 108.6 Mar.. 474.5 364.2 273.6 111 126.1 35.6 2.3 88.3 25.2 61.6 108.5 Apr.-i 471.9 361.7 270.5 107 127.6 35.5 2.3 89.0 25.7 61.9 108.4 May. 474.7 361.5 269.6 107 128.4 33.2 2.3 89.6 26.0 62.1 111.3 June. 475.1 357.8 266.6 105 128.4 33.1 2.3 89.0 25.0 62.4 115.4 July.. 475.3 359.7 268.8 107. 128.4 33.0 2.3 88.7 24.4 62.7 114.6 Aug.. 481.8 362.0 272.1 110. 127.7 33.9 2.3 87.6 23.2 62.8 118.7 Sept.. 481.5 362.7 272.6 111. 127.7 33.8 2.3 87.8 23.2 63.0 117.4 Oct.. 480.2 363.9 273.5 112. 127.7 33.8 2.3 88.1 23.1 63.3 115.3 Nov.. 485.4 368.2 277.5 114. 129.6 33.3 2.3 88.4 23.1 63.6 115.9 Dec.. 492.7 373.4 282.9 119. 129.8 33.4 2.3 88.2 22.8 63.8 118.2 1975—Jan 494. 377.1 286.1 120.0 131.8 33.3 2.3 23.0 64.2 116.0 1 Includes non-interest-bearing debt (of which $616 million on Jan. 31, 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 1975, 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 a l s t i s l c ag G t U a e r o n n u .S v c d s t . t i , e s B F a . n R k . s Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c 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 a d t t s e l . Savi I n n g d s i v idu O a t l h s er n F a i o t n a i r t o n e e n d i r g a - n l 1 t O i m o n r t v i h s 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—Dec. 469.9 129.6 78.5 261.7 60.3 2.9 6.4 10.9 29.2 60.3 16.9 55.6 19.3 1974—Jan.. 468.2 128.7 78.2 261.2 60.2 2.8 6.3 10.7 29.9 60.5 16.9 52.8 21.1 Feb.. 470.7 131.3 78.2 261.1 58.2 2.8 6.0 10.9 30.7 60.8 17.0 53.6 21.2 Mar. 474.5 131.2 79.5 263.8 59.5 2.8 6.1 11.7 30.4 61.1 17.3 54.9 20.0 Apr. 471.9 131.1 80.0 260.7 56.8 2.7 5.9 10.5 30.1 61.4 17.8 55.9 19.7 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 July. 475.3 137.5 78.1 259.7 53.9 2.6 5.7 11.3 28.8 62.2 19.4 56.9 18.8 Aug. 481.8 141.6 81.1 259.0 53.0 2.6 5.7 11.0 29.2 62.3 20.3 56.0 19.0 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 D N e o c v . . 4 4 8 9 5 2 . . 4 7 1 1 3 4 9 1 . . 0 2 8 8 1 0 . . 0 5 2 2 6 7 5 1 . . 3 0 5 5 6 4 . . 5 5 2 2. . 5 5 6 5 . . 1 9 1 11 1 . . 0 0 2 2 8 9 . . 7 2 6 6 3 3. . 2 4 2 2 1 1 . . 5 1 5 5 8 8. . 3 4 2 2 0 2 . . 1 4 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

FEBRUARY 1975 • U.S. GOVERNMENT SECURITIES A 37 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) \ Vithin 1 yea r 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other AH 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—Nov. 30 277,538 143,342 114,632 28,710 84,775 27,916 14,866 6,640 Dec. 31 282,891 148,086 119,747 28,339 85,311 27,897 14,833 6,764 U.S. Govt, agencies and trust funds: 1971—Dec. 31 18,444 1,380 605 775 77,,661144 4,676 22,,331199 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—Nov. 30 21,489 2,359 479 1,880 7,929 4,750 4,674 1,776 Dec. 31 21,391 2,400 588 1,812 7,823 4,721 4,670 1,777 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—Nov. 30 80,998 45,679 37,469 8,210 23,423 9,688 1,458 751 Dec. 31 80,501 45,388 36,990 8,399 23,282 9,664 1,453 713 Held by private investors: 1971—Dec. 31 173,376 81,729 65,867 15,862 60,735 ^6,943 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 Nov. 30 175,051 95,304 76,684 18,620 53,423 13,478 8,734 4,113 Dec. 31 180,999 100,298 82,168 18,130 54,206 13,512 8,710 4,274 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—Nov. 30 40,316 12,406 4,550 7,856 22,764 4,154 724 268 Dec. 31 42,755 14,873 6,952 7,921 22,717 4,151 733 280 Mutual savings banks: 1971—Dec. 31 2,742 416 235 118811 11,,222211 499 228811 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—Nov. 30 1,437 358 147 211 622 197 185 76 Dec. 31 1,477 399 207 192 614 174 202 88 Insurance companies: 1971—Dec. 31 5,679 720 325 395 11,,449999 993 11,,336666 11,,110022 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—Nov. 30 4,566 589 293 296 1,089 1,235 1,302 352 Dec. 31 4,741 722 414 308 1,061 1,310 1,297 351 Nonfinancial corporations: 1971—Dec. 31 6,021 4,191 3,280 911 11,,449922 301 16 2200 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—Nov. 30 4,321 2,457 1,628 829 1,580 155 59 70 Dec. 31 4,246 2,623 1,859 764 1,423 115 26 59 Savings and loan associations: 1971—Dec. 31 3,002 629 343 286 1,449 587 116622 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—Nov. 30 1,722 382 92 290 844 295 178 23 Dec. 31 1,663 350 87 263 835 282 173 23 State and local governments: 1971—Dec. 31 9,823 4,592 3,832 760 22,,226688 783 991188 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—Nov. 30 7,794 4,354 3,421 933 1,518 741 866 315 Dec. 31 7,864 4,121 3,319 802 1,796 815 800 332 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 Nov. 30 114,895 74,758 66,553 8,205 25,006 6,701 5,420 3,009 Dec. 31 118,253 77,210 69,330 7,880 25,760 6,664 5,479 3,141 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 733 insurance companies combined, each about 90 per cent; Ownership. (2) 466 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) 5,578 commercial banks, 476 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 U.S. GOVERNMENT SECURITIES • FEBRUARY 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 1 year years years 10 years securities securities mercial other 1 dealers brokers banks 1973—De c 3,889 3,167 348 317 58 675 1,051 1,123 1,040 869 1974—Ja n 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 J J u u l n y e 2 3 , , 5 0 6 8 6 4 2 2 , , 1 5 1 4 4 9 3 3 4 8 8 5 1 6 1 6 0 4 3 1 8 4 6 9 9 0 3 7 6 5 8 9 5 8 6 7 8 7 1 7 7 1 5 0 5 1,0 9 4 7 4 8 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 Dec 4,111 3,126 550 369 67 671 1,196 1,120 1,124 1,087 Week ending— 1974—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 2 1 5 8, , ' 4 3, , 1 2 3 8 4 0 2 3 , , 2 2 2 8 4 9 4 48 9 8 9 4 2 2 9 5 7 1 6 0 8 5 '4 7 7 2 4 4 1,3 9 8 1 6 6 1,1 8 0 2 8 0 1, '9 0 2 6 4 2 1,5 7 6 9 8 3 1975—Jan. 1 3,546 2,778 554 176 38 639 643 1,154 1,111 545 8 5,622 3,944 1,422 188 68 914 1,657 1,538 1,513 1,087 15 5,126 3,351 1,421 242 112 846 1,371 1,486 1,423 1,236 22 4,825 3,618 972 176 59 827 1,390 1,311 1,298 1,448 29 5,650 3,337 2,059 193 62 945 1,663 1,552 1,489 1,185 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 Commerc ;ial banks Period m t a A i t e l u s l r i- W y i e t 1 a h r i n y 1 ea -5 r s y 5 ea -1 r 0 s y O e 1 v a 0 e r r s a s G e g t c e o i u e n v s r c t i , y - 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 - ot A h l e l r 1973—Dec 4,441 3,697 223 396 124 1,400 1973—Dec 5,468 2,322 1,147 671 1,329 1974—Jan 3,653 3,210 51 262 130 1,324 1974—Jan 4,802 1,747 1,253 658 1,143 Feb 4,081 2,707 537 647 190 1,435 Feb 4,837 1,545 1,501 533 1,257 Mar 2,587 2,149 50 287 102 1,045 Mar 3,817 1,196 952 485 1,185 Apr 1,536 1,577 -121 62 17 719 2,449 600 728 287 833 May 495 421 -33 66 41 791 May 1,637 26 486 213 913 June 594 447 52 78 16 1,226 June 2,477 241 884 268 1,083 July 263 219 -50 90 4 935 July 1,710 6 596 216 892 Aug 2,487 1,819 228 356 84 1,073 Aug 4,138 988 1,248 548 1,354 Sept 3,060 2,317 334 340 69 1,216 Sept 4,709 1,312 1,247 480 1,671 Oct 2,870 2,149 430 260 31 1,445 Oct 4,621 1,194 1,003 571 1,853 Nov 4,513 2,999 728 618 169 1,531 Nov 5,626 1,466 1,245 561 2,355 Dec 4,831 3,100 975 559 197 1,803 6,904 2,061 1,619 691 2,534 Week ending— Week ending— 1974—Nov. 6 3,084 2,529 353 232 -30 1,515 1974—Nov. 6. .. 4,812 1,112 1,146 445 2,110 13 . , , 4,885 2,993 982 774 136 1,495 13... 6,010 1,924 1,426 513 2,147 20 4,230 2,458 798 722 252 1,583 20... 6,211 1,848 1,400 725 2,238 27 .... 5,267 3,716 699 626 226 1,550 21... 5,569 1,150 1,145 569 2,705 Dec. 4 4,615 3,135 650 620 210 1,408 Dec. 4... 5,346 1,191 1,173 575 2,406 11 . . , 4,642 3,121 743 575 203 1,634 11... 6,843 2,051 1,862 854 2,077 18 5,391 3,829 802 550 210 1,855 18... 7,738 2,786 1,927 775 2,250 25 4,663 3,023 927 523 190 1,995 25... 7,244 2,219 1.466 613 2,947 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

FEBRUARY 1975 • FEDERALLY SPONSORED CREDIT AGENCIES A 39 OUTSTANDING ISSUES OF FEDERALLY SPONSORED CREDIT AGENCIES, DECEMBER 31, 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: 7/1/74- 1/2/75 9.25 11/27/72-2/25/75 57/g 400 11/10/70 - 3/10/75... 7.55 300 8/1/74-2/3/75 9.45 9/21/73 - 2/25/75 8.20 500 10/12/71 - 3/10/75... 6.35 600 9/3/74 - 3/3/75 9.85 4/12/73 - 5/25/75 7.15 700 4/12/71 -6/10/75 5.25 500 10/1/74-4/1/75 9.55 8/25/70 - 5/26/75 8.05 265 10/13/70 - 9/10/75... 7.50 350 11/4/74-5/1/75 8.55 2/25/74 - 5/27/75 6.80 300 3/12/73 - 9/10/75 6.80 650 12/2/74 - 6/2/75 8.05 7/27/70 - 8/25/75 7.95 300 3/10/72 - 12/10/75... 5.70 500 10/1/73 -4/4/77 7.70 7/25/73 -8/25/75 77/g 500 9/10/73 - 12/10/75.... 8.25 300 12/2/74 - 10/1/79 8.00 10/25/73-8/25/75 7.15 400 3/11/71 - 3/10/76 5.65 500 12/18/70- 11/25/75.... 6.50 350 6/12/73 -3/10/76 7.13 400 5/25/73 - 11/25/75 7.05 600 6/10/71 -6/10/76 6.70 250 Federal intermediate 5/28/74- 11/25/75 9.10 700 2/10/72 - 6/10/76 5.85 450 credit banks 6/21/74 - 2/25/76 8.70 400 9/10/74-6/10/76 10.00 700 Bonds: 8/27/71 - 2/25/76 7% 300 11/10/71 - 9/10/76.... 6.13 300 5/1/72 - 1/2/75 6.05 8/27/73 - 2/25/76 8% 300 6/12/72-9/10/76 5.85 500 4/1/74- 1/2/75 8.15 8/26/74-2/25/76 9.20 600 12/10/74 - 9/10/76.... 7.50 200 5/1/74-2/3/75 8.80 6/22/73 - 5/25/76 7.20 600 7/12/71 - 12/10/76.... 7.45 300 6/3/74-3/3/75 9.00 11/27/73 - 5/25/76 7.45 300 12/11/72- 12/10/76... 6.25 500 7/1/74-4/1/75 9.25 7/25/73 - 8/25/76 7.80 500 6/10/74-12/10/76. ... 8.45 600 8/1/74-5/1/75 9.45 9/25/74-8/25/76 9.55 700 2/13/62 - 2/10/77.... 4 % 198 9/3/74 6/2/75 9.80 10/25/74- 11/26/76.... 8.60 600 9/11/72 - 3/10/77 6.30 500 10/1/74-7/1/75 9.60 7/25/74 - 11/26/76 9.55 500 3/11/74 - 3/10/77 7.05 400 1/3/72-7/1/75 5.70 10/25/73 -2/25/77 7.20 500 12/10/70 - 6/10/77. . . 6.38 250 11/4/74-8/4/75 8.45 11/25/74 - 2/25/77 8.05 500 5/10/71 -6/10/77 6.50 150 12/2/74-9/2/75 8.05 6/21/74 - 5/25/77 8.70 500 12/10/73 -6/10/77.... 7.20 500 3/1/73 - 1/5/76 6.65 6/25/71 -5/25/77 6.95 200 9/10/71 -9/12/77 6.88 300 7/2/73 - 1/3/77 7.10 4/12/73 - 8/25/77 7.15 300 9/10/73 - 9/12/77 7.85 400 7/I /74 - 4/4/77 - 8.70 5/28/74-8/25/77 8.80 600 7/10/73 - 12/12/77.... 7.25 500 1/2/74 - 1/3/78 7.10 2/26/73 - 11/25/77 6% 300 10/1/73 - 12/12/77.... 7.55 500 11/27/73 - 11/25/77.... 7.45 300 6/10/74-3/10/78 8.45 650 8/26/74- 11/25/77 9.15 700 6/12/73 -6/12/78 7.15 600 Federal land banks 9/25/74-2/27/78 9.38 400 3/11/74-9/11/78 7.15 550 Bonds: 9/21/73 - 5/25/78 7.60 500 10/12/71 - 12/11/78.. 6.75 300 2/20/70 1/20/75 8/26/74- 11/27/78 9.10 500 7/10/74- 12/11/78.... 8.95 450 4/23/73 - 1/20/75 7.15 6/21/74 - 2/26/79 8.65 600 12/10/73 -3/12/79.... 7.25 500 4/20/65 - 4/21/75 4% 9/25/74 - 2/26/79 9.45 600 9/10/73 -6/11/79 7.85 300 7/20/73 -4/21/75 7.65 10/25/74 - 5/25/79 8.65 500 9/10/74-6/11/79 9.80 600 2/15/72-7/21/75 5.70 7 5 / / 2 2 5 8 / / 7 7 4 4 - - 8 5 / / 2 2 7 5 / / 7 7 9 9 9 83 .5 / 0 4 4 5 0 0 0 0 6 1 / 2 1 / 2 1 / 0 7 / 2 7 - 4 9 - / 9 1 / 0 1 / 0 79 /7 9.... 6 7. . 8 4 0 0 7 3 0 0 0 0 4 7/ / 2 2 0 2 / / 7 7 1 4 - - 7 1 /2 0 1 /2 / 0 7 / 5 7 5 7 8 . . 2 3 0 0 1 1 2 1 / / 2 25 3 / / 7 7 4 4 - - 1 1 1 1 /2 /2 6/ 6 7 / 9 7 9.... 8 7. . 5 1 0 5 5 5 0 0 0 0 2 1 / 2 1 /1 0 0 /7 /7 2 1 - - 3 /1 1 0 2 / / 8 1 0 0 /79.. 6 6 . . 5 8 5 8 3 2 5 5 0 0 4 1 / 0 2 / 0 2 / 3 7 / 2 7 3 - - 1/ 1 2 0 0 / / 2 7 0 6 / 75 6 7 V .40 4 3/25/70 - 2/25/80 7.75 350 6/10/74-6/10/80 8.50 600 7/22/74 - 1/20/76 9.20 2 1 1 1 / 0 0 0 2 / / / 2 5 1 2 7 / 5 7 5 /7 4 / / 7 1 7 - 0 4 - - 2 - 1 / 1 2 1 1 0 5 / 1 / / 2 8 1 / 5 2 0 5 / 7 / 8 8 /8 1 0 1 . . . . . . . . . . . 6 7 7 8 . . . . 0 6 8 6 5 5 0 0 2 4 2 3 0 0 0 0 0 0 0 0 2 2 1 1 / / / 0 1 1 1 / 6 6 6 1 / / / / 7 7 7 7 3 3 3 3 - - - - 7 7 9 / / 1 3 3 / 0 1 1 1 0 / / / 3 / 8 8 8 0 0 0 0 / 80.... 4 5 3 7 . . . . 1 4 1 5 8 6 9 0 40 9 0 5 1 4 2 7 1 / / / / 2 2 2 2 2 1 0 2 / / / / 7 6 7 6 4 6 3 6 - - - - 4 4 2 7 / / 2 2 / / 2 2 0 0 4 0 / / 7 7 / / 7 7 6 6 6 6 6 8 5 5 ^ . % ^ 0 4 0 4/12/73 - 5/25/83 7.30 184 12/11/72 - 12/10/80... 6.60 300 1/21/74 - 7/20/76 7.05 5 1 / 0 2 /2 8 5 /7 /7 4 3 - 5 - /2 1 5 1 / / 8 2 4 6 /93.... S 73 y /8 4 4 3 0 0 0 0 4 6 3 / / / 1 1 2 2 8 9 / / / 7 7 7 3 3 2 - - - 4 1 3 /1 / / 2 1 0 9 0 / / / 8 8 8 1 1 1 6 6 7 . . . 1 5 0 5 9 5 3 1 2 5 5 6 0 6 4 4 7 / / / 2 2 2 2 3 0 / / / 7 7 7 3 4 3 - - - 4 7 1 / / 0 2 2 / 0 0 2 / / 0 7 7 / 7 7 7 6 7 8 7 . % ^ 1 5 Federal Home Loan 3/21/73 - 5/1/81 4.50 18 10/20/71 - 10/20/77 6.35 Mortgage Corporation 3/21/73 - 5/1/81 5.77 2 10/21/74- 1/23/78 8.70 Bonds: 1/21/71 - 6/10/81.... 7.25 250 2/20/63 - 2/20/73-78.... 41/g 5/29/73 - 8/25/76 7.05 400 9/10/71 -9/10/81 7.25 250 5/2/66 - 4/20/78 5K 5/11/72 -2/25/77 6.15 350 9/10/74-9/10/81 9.70 300 7/20/72 - 7/20/78 6.40 11/19/70- 11/27/95 8.60 140 3/11/74 - 12/10/81 7.30 250 7/22/74-7/20/78 9.15 7/15/71 - 8/26/96 7.75 150 7/10/74 - 3/10/82 8.88 300 10/23/73 - 10/19/78 7.35 5/11/72- 5/26/97 7.15 150 6/28/72-5/1/82 5.84 58 2/20/67 - 1/22/79 5.00 Federal National Mortgage 2/10/71 - 6/10/82 6.65 250 1/21/74 - 1/22/79 7.10 Association— 9/11/72 - 9/10/82 6.80 200 9/15/72 -4/23/79 6.85 Secondary market 12/10/73 - 12/10/82. .. 7.35 300 2/20/74 - 7/23/79 7.15 operations 3/11/71 -6/10/83 6.75 200 10/23/72 - 10/23/79 6.80 Discount notes 3,469 6/12/73 -6/10/83 7.30 300 1/22/73 - 1/21/80 6.70 Capital debentures: 11/10/71 -9/12/83.... 6.75 250 7/20/73 - 7/21/80 m 4/1/70 - 4/1/75 8.00 200 4/12/71 -6/11/84 6.25 200 10/21/74-10/20/80 8.70 9/30/71 - 10/1/96 4.38 248 12/10/74 -9/10/84.. .. 7.95 300 2/23/71 -4/20/81 6.70 10/2/72- 10/1/97 7.40 250 12/10/71 - 12/10/84.. 6.90 250 7/22/74 - 7/20/81 9.10 3/10/72 - 3/10/92.... 7.00 200 4/20/72 4/20/82 6.90 Mortgage-backed bonds: 6/12/72-6/10/92 7.05 200 4/23/73 - 10/20/82 7.30 6/1/70 - 6/2/75 8.38 250 12/11/72- 12/10/97-82 7.10 200 10/23/73 - 10/20/83 7.30 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 70 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 • FEBRUARY 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 Feder (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks bank End of period Ad- Cash Mem- Deben- Loans Loans va t n o c es I m nv e e n s t t s - a d n e d - B a o n n d d s b d e e r - C s a to p c it k a l M ga o g r e t- t a u n re d s coo t p o e r- Bonds a d n is d - Bonds M ga o g r e t- Bonds mem- posits notes posits loans notes atives counts loans bers (A) (L) (A) (L) (A) (L) (A) (L) 1 1 1 1 9 9 9 9 7 7 7 7 0 2 3 1 1 1 7 7 0 5 , , , , 9 9 1 6 7 3 4 1 9 6 7 4 2 2 3 3 , , , , 2 5 5 8 2 3 2 6 5 7 0 4 1 1 1 1 2 0 5 4 9 5 7 2 1 1 6 7 0 5 , , , , 9 1 1 3 7 3 8 6 1 9 3 2 2 1 1 1 , , , , 5 3 7 7 4 8 4 3 8 9 5 2 2 1 1 1 , , , , 1 7 6 6 5 1 2 0 6 8 2 7 2 1 1 1 4 9 7 5 , , , , 1 7 7 5 9 7 9 0 1 5 1 2 2 1 1 1 3 9 7 5 , , , , 0 2 7 2 0 0 3 0 1 1 8 6 2 2 2 2 , , , , 2 0 5 0 9 7 7 3 8 6 7 0 2 1 1 1 , , , , 6 9 7 8 7 5 4 0 0 5 4 1 4 6 7 5 , , , , 9 0 1 6 9 7 6 9 8 4 9 4 4 5 5 6 , , , , 7 8 5 8 9 0 0 6 9 3 4 1 1 9 7 7 1 , , , , 1 1 9 0 0 1 8 7 7 7 6 1 6 7 8 9 , , , , 0 3 8 0 6 9 3 1 3 5 8 2 1974— J J F A A M M O N S D J u u e a e u p e o c a a p n l n b c g r t y v r y t e . . . . . . . . . . . . . . . . . . . . 2 2 2 2 1 1 1 1 1 1 1 1 1 0 1 1 7 4 4 6 9 5 7 8 , , , , , , , , , , , , 4 7 1 9 5 6 1 8 6 5 9 0 0 0 9 7 5 0 8 8 4 0 0 2 9 3 5 2 3 2 8 2 2 4 4 0 2 2 2 2 2 2 2 3 2 1 3 1 , , , , , , , , , , , , 5 0 5 7 5 2 6 6 8 9 6 0 6 7 5 7 6 4 2 8 8 5 1 9 8 8 2 9 4 3 4 1 0 6 5 4 1 1 1 1 1 1 1 1 1 9 8 8 1 0 2 2 3 0 5 1 4 6 2 0 5 6 4 1 5 5 0 6 4 2 2 2 2 1 1 1 1 1 1 1 1 2 0 1 1 4 6 3 8 7 3 3 4 , , , , , , , , , , , , 0 6 8 3 4 7 9 8 9 3 9 5 5 9 9 4 5 0 7 0 7 9 0 5 8 3 3 7 9 6 4 6 8 0 2 6 2 2 2 2 2 2 2 2 1 1 1 1 , , , , , , , , , , , , 2 1 0 1 0 1 1 4 9 9 9 6 1 5 2 2 6 6 8 3 3 8 5 9 5 8 7 9 7 2 5 6 4 4 0 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 4 6 3 5 2 4 5 3 3 2 6 1 4 0 3 9 9 0 7 5 8 4 2 3 3 3 7 5 4 6 6 0 0 6 4 2 2 2 2 2 2 2 2 2 2 2 2 4 6 5 4 9 7 8 5 8 9 4 9 , , , , , , , , , , , , 5 5 9 8 6 1 3 0 2 4 4 7 4 5 1 4 8 3 0 2 0 6 2 0 1 9 7 1 8 9 4 2 7 4 4 9 2 2 2 2 2 2 2 2 2 2 2 2 6 3 3 5 3 5 5 3 7 8 7 8 , , , , , , , , , , , , 8 6 6 5 1 0 2 0 5 0 3 2 7 3 3 6 1 8 3 4 9 2 0 1 8 9 1 8 5 9 2 3 2 4 2 1 2 3 2 2 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 7 0 1 8 2 5 1 6 5 0 0 5 3 0 1 4 9 9 2 7 9 2 7 9 3 8 1 3 1 8 3 3 4 6 5 2 2 2 2 2 2 2 2 2 2 2 3 3 , , , , , , , , , , , , 4 8 7 4 8 6 8 8 6 8 5 2 4 2 4 7 7 6 3 5 7 2 1 9 1 8 9 8 7 1 5 5 4 2 0 5 7 8 7 8 8 7 8 8 8 8 7 8 , , , , , , , , , , , , 4 5 1 8 7 9 5 2 7 1 8 8 7 4 3 3 6 4 0 7 9 0 4 5 9 5 8 1 3 8 6 7 5 0 8 0 7 8 6 7 8 8 8 7 7 8 8 7 , , , , , , , , , , , , 4 3 2 0 9 1 5 4 4 5 4 8 4 8 2 5 1 8 8 0 6 0 0 6 1 1 9 6 5 2 3 2 2 0 2 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 3 2 1 3 2 2 3 3 , , , , , , , , , , , , 2 4 8 9 4 4 1 6 4 6 6 1 4 7 6 4 1 8 8 0 4 0 4 4 5 8 7 1 8 5 4 0 3 2 3 2 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 2 1 1 1 2 2 , , , , , , , , , , , , 0 8 8 2 8 2 4 7 4 7 7 4 4 4 4 8 4 8 2 8 2 8 8 2 8 3 3 2 3 7 2 7 2 2 2 7 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 FNMA and unpaid principal for other agencies. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total G o e b a n l l e i - r- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t n t a r d t i . c t Other2 Total c E a d ti u o - n b R r a o id n a g d d e s s i U ti t e i s l- 4 H in o g u ^ s- V a a e n t i e d s r ' - O p p o t u h s r e e - s r gations auth. 1 1 1 1 9 9 9 9 7 7 7 7 2 4 1 3 2 2 2 2 3 3 4 3 , , , , 7 6 9 9 0 5 6 7 5 2 2 0 1 1 1 1 2 3 5 3 , , , , 2 3 2 2 5 0 2 0 7 5 0 4 1 9 8 9 0 , , , , 9 3 6 6 6 3 8 3 1 2 2 1 1 1 , , 0 0 9 4 2 0 5 6 2 9 1 0 5 4 4 4 , , , , 9 9 2 6 9 9 1 5 1 9 2 9 9 9 8 8 , , , , 5 4 4 7 0 9 9 1 7 6 9 4 1 1 1 9 0 0 0 , , , , 1 2 2 4 6 4 4 7 5 9 6 0 2 2 2 2 4 0 2 2 , , , , 4 4 0 2 9 0 7 1 5 8 3 0 4 4 5 4 , , , , 3 9 7 2 1 8 0 7 1 1 9 8 2 1 1 , , , 6 4 6 7 4 5 8 6 2 8 9 7 5 4 5 5 , , , , 6 6 5 2 3 1 5 1 8 3 4 4 2 2 1 1 , , , , 6 0 0 9 3 6 4 1 9 8 5 0 9 6 8 8 , , , , 7 3 2 1 4 3 9 7 1 5 3 6 1973—Dec... 2,089 919 995 173 450 1,022 616 1,954 372 165 487 344 582 1974— J A J M S M A O N F D J u e u e a p u o e c a a n p b n l r v c t g y r e . t y . . . . . . . r r . r r r . . r . r r . . . . . . . . 2 2 2 2 2 2 2 2 1 1 1 1 , , , , , , , , , , , , 1 2 0 0 4 3 4 3 4 1 6 4 7 5 2 0 0 1 6 8 0 3 9 2 1 7 9 7 6 3 5 8 7 9 4 9 1 1 1 1 1 1 1 1 , , , , , , , , 0 1 4 7 2 4 1 1 5 7 8 8 7 8 0 0 0 1 0 0 7 6 5 0 5 7 8 9 1 3 1 6 6 5 9 4 1 1 1 , , , 2 0 2 6 6 7 8 5 5 7 8 8 0 7 3 1 8 2 9 5 4 0 9 2 3 0 0 7 9 7 9 6 8 3 4 5 2 2 2 3 7 4 2 4 4 5 5 4 5 3 3 2 3 1 5 0 7 8 4 4 6 4 4 2 6 2 1 8 3 0 8 0 4 1 4 2 0 8 1,0 6 7 5 9 5 8 7 8 3 8 1 9 3 2 9 2 8 6 6 6 9 9 5 7 5 5 3 1 9 5 4 2 8 2 8 1 1 1 , , , 1 2 1 7 9 7 5 6 7 8 8 6 7 6 8 5 0 8 6 8 5 6 6 6 7 3 2 6 7 3 7 7 9 3 2 4 2 2 2 2 2 2 1 1 1 1 1 1 , , , , , , , , , , , , 3 2 0 1 4 2 0 4 9 6 9 4 6 3 6 7 7 1 5 5 0 6 3 0 1 7 5 9 8 8 5 4 6 3 9 4 5 4 4 2 2 2 2 5 6 3 3 3 5 9 2 9 2 4 1 8 6 6 4 1 1 0 5 8 2 2 6 2 0 6 3 4 2 1 5 5 6 5 6 8 1 1 3 1 8 8 4 3 1 9 2 5 3 0 6 8 2 2 7 4 5 7 6 3 6 3 3 1 1 2 5 9 3 4 6 6 1 7 8 5 1 9 7 5 6 0 3 4 2 2 0 4 2 3 1 1 4 2 3 3 1 5 3 7 1 9 1 4 4 6 9 0 8 8 5 1 1 1 1 1 1 , , , , , 6 0 0 0 1 5 9 4 8 7 6 7 1 6 5 8 0 1 2 2 8 9 7 7 9 3 8 5 9 0 9 0 0 9 8 5 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

FEBRUARY 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 aa GG gg UU ee oo nn ..SS vv cc tt .. yy .. 33 aa (( nn UU SS dd tt .. aa SS lloo tt .. ee cc )) 44 aa ll OOtthheerrss TToottaall Total P o u ff b e l r ic e l d y P p ri l v a a ce te d l y Preferred Common 197 0 88,666 14,831 16,181 17,762 949 3333333333388888888888,,,,,,,,,,,999999999994444444444455555555555 3333333333300000000000,,,,,,,,,,,333333333331111111111155555555555 2222222222255555555555,,,,,,,,,,,333333333338888888888844444444444 44444444444,,,,,,,,,,,999999999993333333333311111111111 11111111111,,,,,,,,,,,333333333339999999999900000000000 77777777777,,,,,,,,,,,222222222224444444444400000000000 197 1 105,233 17,325 16,283 24,370 2,165 4444444444455555555555,,,,,,,,,,,000000000009999999999900000000000 3333333333322222222222,,,,,,,,,,,111111111112222222222233333333333 2222222222244444444444,,,,,,,,,,,777777777777777777777755555555555 77777777777,,,,,,,,,,,333333333335555555555544444444444 33333333333,,,,,,,,,,,666666666667777777777700000000000 99999999999,,,,,,,,,,,222222222229999999999911111111111 197 2 96,522 17,080 12,825 23,070 1,589 4444444444411111111111,,,,,,,,,,,999999999995555555555577777777777 2222222222288888888888,,,,,,,,,,,888888888889999999999966666666666 1111111111199999999999,,,,,,,,,,,444444444443333333333344444444444 99999999999,,,,,,,,,,,444444444446666666666622222222222 33333333333,,,,,,,,,,,333333333336666666666677777777777 99999999999,,,,,,,,,,,666666666669999999999944444444444 197 3 100,417 19,057 23,883 22,700 1,385 3333333333333333333333,,,,,,,,,,,333333333339999999999911111111111 2222222222222222222222,,,,,,,,,,,222222222226666666666688888888888 1111111111133333333333,,,,,,,,,,,666666666664444444444499999999999 88888888888,,,,,,,,,,,666666666662222222222200000000000 33333333333,,,,,,,,,,,333333333337777777777722222222222 77777777777,,,,,,,,,,,777777777775555555555500000000000 1973—Oc t 8,924 485 2,612 2,232 196 33333333333,,,,,,,,,,,333333333339999999999988888888888 22222222222,,,,,,,,,,,333333333335555555555588888888888 11111111111,,,,,,,,,,,888888888880000000000055555555555 555555555555555555555533333333333 333333333335555555555555555555555 666666666668888888888855555555555 Nov 12,553 4,521 2,200 2,224 45 33333333333,,,,,,,,,,,555555555556666666666633333333333 22222222222,,,,,,,,,,,222222222225555555555577777777777 11111111111,,,,,,,,,,,666666666666666666666699999999999 555555555558888888888899999999999 666666666663333333333377777777777 666666666666666666666688888888888 Dec 6,635 148 1,032 1,966 251 33333333333,,,,,,,,,,,222222222223333333333388888888888 22222222222,,,,,,,,,,,444444444446666666666699999999999 11111111111,,,,,,,,,,,555555555555555555555522222222222 999999999991111111111177777777777 111111111119999999999966666666666 555555555557777777777733333333333 1974—Jan.' 6.... 33333333333,,,,,,,,,,,333333333334444444444411111111111 22222222222,,,,,,,,,,,999999999990000000000088888888888 22222222222,,,,,,,,,,,111111111111111111111155555555555 777777777779999999999944444444444 111111111115555555555522222222222 222222222227777777777788888888888 Feb 22222222222,,,,,,,,,,,666666666669999999999900000000000 22222222222,,,,,,,,,,,111111111110000000000044444444444 11111111111,,,,,,,,,,,666666666668888888888833333333333 444444444442222222222211111111111 222222222226666666666688888888888 333333333331111111111188888888888 Mar.r. ... 33333333333,,,,,,,,,,,222222222221111111111166666666666 22222222222,,,,,,,,,,,444444444445555555555577777777777 22222222222,,,,,,,,,,,000000000002222222222200000000000 444444444443333333333377777777777 333333333339999999999988888888888 333333333336666666666622222222222 Apr.' 33333333333,,,,,,,,,,,000000000006666666666677777777777 22222222222,,,,,,,,,,,222222222226666666666655555555555 11111111111,,,,,,,,,,,555555555559999999999944444444444 666666666667777777777711111111111 333333333335555555555555555555555 444444444444444444444466666666666 33333333333,,,,,,,,,,,111111111116666666666644444444444 22222222222,,,,,,,,,,,999999999995555555555577777777777 22222222222,,,,,,,,,,,333333333335555555555500000000000 666666666660000000000077777777777 6666666666655555555555 111111111114444444444422222222222 June' 22222222222,,,,,,,,,,,999999999998888888888822222222222 22222222222,,,,,,,,,,,444444444445555555555555555555555 11111111111,,,,,,,,,,,999999999993333333333399999999999 555555555551111111111166666666666 111111111111111111111133333333333 444444444441111111111133333333333 July' .... 33333333333,,,,,,,,,,,222222222225555555555533333333333 22222222222,,,,,,,,,,,666666666669999999999988888888888 22222222222,,,,,,,,,,,000000000008888888888866666666666 666666666661111111111122222222222 222222222222222222222288888888888 333333333332222222222277777777777 22222222222,,,,,,,,,,,666666666664444444444433333333333 22222222222,,,,,,,,,,,333333333331111111111166666666666 22222222222,,,,,,,,,,,000000000004444444444422222222222 222222222227777777777744444444444 111111111110000000000077777777777 222222222222222222222200000000000 Sept r ... 11111111111,,,,,,,,,,,666666666661111111111177777777777 11111111111 ,,,,,,,,,,,222222222220000000000033333333333 888888888889999999999977777777777 333333333330000000000066666666666 111111111112222222222266666666666 222222222228888888888888888888888 Oct 44444444444,,,,,,,,,,,444444444449999999999922222222222 33333333333,,,,,,,,,,,666666666664444444444400000000000 33333333333,,,,,,,,,,,444444444442222222222233333333333 222222222221111111111177777777777 111111111119999999999966666666666 666666666665555555555566666666666 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd ea f l i n e a st n a c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds 197 0 9.192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 197 1 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 197 2 4,821 1,809 2,645 2,882 2,862 185 6,392 4,965 3,692 1,125 8,485 197 3 4,329 643 1,283 1,559 1,881 43 5,585 4,661 3,535 1,369 5,661 1973—Oct.. 472 52 63 147 114 342 608 633 46 734 Nov. 383 93 61 92 241 584 496 296 499 692 Dec. 485 18 145 285 226 569 319 350 27 693 1974—Jan.' 867 29 136 124 89 1,192 249 142 4 485 Feb.. 354 36 '55 143 5 536 293 372 25 783 Mar. 479 161 52 71 76 850 449 310 21 691 Apr.1 1.193 9 238 56 6 446 685 289 5 95 May' 847 15 332 71 44 837 75 660 3 239 June1 434 44 311 139 5 15 859 288 355 491 Julyr 1,051 43 251 93 62 318 300 240 53 776 Aug. 597 4 35 62 14 862 217 364 445 Sept. 186 2 44 47 50 384 296 324 18 216 Oct.. 658 3 90 29 301 1,383 695 435 36 772 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 • FEBRUARY 1975 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 46,687 9,507 37,180 31,917 8,190 23,728 14,769 1,318 13,452 42,306 10,224 32,082 27,065 8,003 19,062 15,242 2,222 13,018 33,559 11,804 21,754 21,501 8,810 12,691 12,057 2,993 9,064 6,532 2,150 4,382 4,521 1,579 2,941 2,012 571 1,441 10,711 4,378 6,334 7,013 3,786 3,227 3,698 591 3,107 8,973 2,031 6,942 6,810 1,442 5,367 2,163 588 1,575 9,637 2,048 7,589 7,847 1,584 6,263 1,790 465 1,326 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 Period facturing and other 2 tation 3 utility cation and financial 1 Bonds Bonds Bonds Bonds Bonds Bonds and Stocks and Stocks and Stocks and Stocks and Stocks and Stocks notes notes notes notes notes notes 1971 6,585 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 2,017 1972 1,995 2,094 1,409 2,471 711 254 5,137 4,844 3,343 1,260 7,045 2,096 1973 801 658 -109 1,411 1,044 -93 4,265 4,509 3,165 1,399 3,523 1,181 1973—III 165 450 108 247 414 -44 1,217 557 752 77 284 154 IV -131 147 -162 460 176 -13 1,068 1,506 1,051 575 1,225 431 1974—1 906 324 -11 363 -37 -35 2,172 827 675 76 1,662 20 II 1,921 -12 698 213 -13 12 1,699 1,038 1,080 -7 877 82 Ill 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) Month Sales i Redemp- Net Total 2 Cash Other Sales 1 Redemp- Net Total 2 Cash Other tions sales position 3 tions sales position 3 2,460 1,504 952 25,214 1,341 23,873 1973—Dec.. 349 392 -43 46,518 4,002 42,516 3,404 1,875 1,528 29,116 1,329 27,787 4,359 1,962 2,395 35,220 1,803 33,417 1974—Jan.. 334 325 9 47,094 4,226 42,863 Feb.. 215 303 -88 45.958 4,447 41,511 4,671 2,005 2,665 34,829 2,971 31,858 Mar.. 297 346 -49 44,423 4,406 40,017 4,670 2,745 1,927 44,701 2,566 42,135 Apr.. 262 327 -65 42,679 4,426 38,253 6,820 3,841 2,979 52,677 3,187 49,490 May. 323 320 3 41,015 4,389 36,626 June. 337 276 61 40,040 4,461 35,579 6,717 3,661 3,056 48,291 3,846 44,445 July. 442 352 90 37,669 4,609 33,060 4,624 2,987 1,637 47,618 3,649 43,969 Aug.. 446 339 127 35,106 4,953 30,153 5,145 4,751 '•394 r55,045 r3,038 r52,007 Sept.. 499 292 207 31,985 5,078 26,907 Oct.. 816 311 505 37,115 5,652 31,463 4,892 6,563 -1,671 59,831 3,035 56,796 Nov.. 619 335 284 36,366 5,804 30,562 4,358 5,651 -1,261 46,518 4,002 42,516 Dec.. 736 411 325 35,777 5,637 30,140 5,346 3,937 1,409 35,777 5,637 30,140 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

FEBRUARY 1975 • BUSINESS FINANCE A 43 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e r i s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s - d co c a n a t l s p l io o u i n w t m a - l p - Quarter P b t e r a f o x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r n b o u d f t i i s t e s - d co c a n t a l i s p l o o u n it w m a - l p ances1 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 11997744 141.0 55.8 85.2 32.7 52.5 76.7 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 rr ee iiee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . , 1 Other G U o . v S t . . 1 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 Commu- Total Period Total Durable d N ur o a n b - le Mining R ro a a i d l- Air Other Electric and G a o s t her nications Other i A (S . . R A . . ) 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—1... 24.10 4.74 4.75 .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 • FEBRUARY 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 ' IV r II III IV ALL HOLDERS. 451,726 499,758 564,825 634,955 646,116 664,287 677,902 687,190 1- to 4-family... 280,175 307,200 345,384 386,241 391,770 402,165 409,924 414,181 Multifamily1... 58,023 67,367 76,496 85,401 86,591 88,269 90,232 91,884 Commercial.... 82,292 92,333 107,508 123,965 127,384 132,122 134,719 136,818 Farm 31,236 32,858 35,437 39,348 40,371 41,731 43,027 44,307 PRIVATE FINANCIAL INSTITUTIONS. 355,929 394,239 450,000 505,401 513,946 528,212 536,868 541,724 1- to 4-family 231,317 253,540 288,053 322,048 326,863 335,442 340,597 342,994 Multifamily1 45,796 52,498 59,204 64,730 65,386 66,594 67,806 68,462 Commercial 68,697 78,345 92,222 107,128 110,047 114,185 116,182 117,801 Farm 10,119 9,856 10,521 11,495 11,650 11,991 12,283 12,467 Commercial banks2. 73,275 82,515 99,314 119,068 121,882 127,320 129,943 131,047 1- to 4-family 42,329 48,020 57,004 67,998 69,374 72,253 73,539 73,950 Multifamily1 3,311 3,984 5,778 6,932 7,046 7,313 7,415 7,430 Commercial 23,284 26,306 31,751 38,696 39,855 41,926 43,011 43,639 Farm 4,351 4,205 4,781 5,442 5,607 5,828 5,978 6,028 Mutual savings banks. 57,948 61,978 67,556 73,231 73,957 74,264 74,792 75,065 1- to 4-family 37,342 38,641 41,650 44,247 44,462 44,426 44,593 44,754 Multifamily i 12,594 14,386 15,490 16,843 17,011 17,081 17,202 17,265 Commercial 7,893 8,901 10,354 12,084 12,425 12,698 12,938 12,986 Farm 119 50 62 57 59 59 59 60 Savings and loan associations. 150,331 174,250 206,182 231,733 236,136 243,400 247,624 249,303 1- to 4-family 124,970 142,275 167,049 187,750 191,223 197,008 200,551 201,910 Multifamily1 13,830 17,355 20,783 22,524 22,763 23,342 23,623 23,784 Commercial 11,531 14,620 18,350 21,459 22,150 23,050 23,450 23,609 Life insurance companies. 74,375 75,496 76,948 81,369 81,971 83,228 84,509 86,309 1- to 4-family 26,676 24,604 22,350 22,053 21,804 21,755 21,914 22,380 Multifamily1 16,061 16,773 17,153 18,431 18,566 18,858 19,566 19,983 Commercial 25,989 28,518 31,767 34,889 35,617 36,511 36,783 37,567 Farm 5,649 5,601 5,678 5,996 5,984 6,104 6,246 6,379 FEDERAL AND RELATED AGENCIES. 32.992 39,357 45,790 55,664 58,430 62,535 67,694 72,246 1- to 4-family 21.993 26,453 30,147 35,454 37,168 39,784 43,188 45,748 Multifamily1 3,359 4,555 6,086 8,489 8,923 9,643 10,644 11,790 Commercial 16 11 Farm 7,624 8,338 9,557 11,721 12,339 13,108 13,862 14,708 Government National Mortgage Association 5,222 5,323 5,113 4,029 3,604 3,618 4,052 4,848 1- to 4-family 2,902 2,770 2,490 1,330 1,189 1,194 1,337 1,600 Multifamily i 2,304 2,542 2,623 2,699 2,415 2,424 2,715 3,248 Commercial 16 11 Farmers Home Administration. 767 819 837 ,200 ,300 1,400 ,500 1,600 1- to 4-family 330 398 387 550 596 642 688 734 Farm 437 421 450 650 704 758 812 866 Federal Housing and Veterans Administrations 3,505 3,389 3,338 3,476 3,514 3,619 3,765 3,900 1- to 4-family 2,771 2,517 2,199 2,013 1,964 1,980 2,037 2,083 Multifamily1 734 872 1,139 1,463 1,550 1,639 1,728 1,817 Federal National Mortgage Association... 15,502 17,791 19,791 24,175 24,875 26,559 28,641 29,578 1- to 4-family 15,181 16,681 17,697 20,370 20,516 21,691 23,258 23,778 Multifamily1 321 1,110 2,094 3,805 4,359 4,868 5,383 5,800 Federal land banks (farm only) 7,187 7,917 9,107 11,071 11,635 12,350 13,050 13,842 Federal Home Loan Mortgage Corporation. 357 964 1,789 2,604 2,637 3,191 3,713 4,586 1- to 4-family 357 934 1,754 2,446 2,472 2,951 3.414 4,217 Multifamily1 30 35 158 165 240 299 369 GNMA Pools.... 452 3,154 5,815 9,109 10,865 11,798 12,973 13,892 1- to 4-family. 452 3,153 5,620 8,745 10,431 11,326 12,454 13,336 Multifamily1.. 1 195 364 434 472 519 556 INDIVIDUALS AND OTHERS3. 62,805 66,162 69,035 73,890 73,740 73,540 73,340 73,220 1- to 4-family 26,865 27,207 27,184 28,739 27,739 26,939 26,139 25,439 Multifamily1 8,868 10,314 11,206 12,182 12,282 12,032 11,782 11,632 Commercial 13,579 13,977 15,286 16,837 17,337 17,937 18,537 19,017 Farm 13,493 14,664 15,359 16,132 16,382 16,632 16,882 17,132 1 Structure of 5 or more units. NOTE.—Based on data from various institutional and Govt, sources, 2 Includes loans held by nondeposit trust companies but not bank trust with some quarters estimated in part by Federal Reserve in conjunction departments. with the Federal Home Loan Bank Board and the Dept. of Commerce. 3 Includes some U.S. agencies for which amounts are small or separate Separation of nonfarm mortgage debt by type of property, where not data are not readily available. 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

FEBRUARY 1975 • REAL ESTATE CREDIT A 45 FEDERAL NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORPORATION- SECONDARY MORTGAGE MARKET ACTIVITY (In millions of dollars) FNMA FHLMC Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage 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 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 29,578 19,189 8,310 6,953 5 10,765 7,960 4,586 1,904 2,682 2,191 52 4,553 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 7,384 886 1,175 9,044 3,309 1,883 1,426 129 1,127 28,022 18,526 7,704 868 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 2,44$ 270 28 29,578 19,189 8,310 278 231 7,960 4,586 1,904 2,682 266 34 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 Terms i Yields (per cent) in primary market PPPeeerrriiioooddd Contract Fees and Loan/price Purchase Loan rate (per charges Maturity ratio price (thous. amount cent) (per cent)2 (years) (per cent) of dollars) (thous. of FHLBB HUD dollars) series 3 series4 1970 8.27 1.03 25.1 71.7 35.5 25.2 8.44 8.52 1971 7.60 .87 26.2 74.3 36.3 26.5 7.74 7.75 1972 7.45 .88 27.2 76.8 37.3 28.1 7.60 7.64 1973 7.78 1.11 26.3 77.3 37.1 28.1 7.95 8.30 1973—Dec 8.31 1.12 25.6 75.5 37.7 28.0 8.49 8.75 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 Mar 8,43 1.35 26.4 77.3 39.1 29.5 8.64 8.60 Apr 8.47 1.21 26.1 77.3 38.5 29.2 8.67 8.90 May 8.55 1.20 25.8 76.8 37.9 28.8 8.74 9.15 June 8.65 1.25 26.3 76.9 39.7 30. 1 8.85 9.25 July 8.75 1.28 26.1 74.4 40.5 29.6 8.96 9.40 Aug 8.87 1.32 26.4 75.3 40.2 29.5 9.09 9.60 Sept 8.97 1.30 26.1 74.8 42.4 31.1 9.19 9.80 Oct 8.95 1.37 26.7 74.7 42.3 30.7 9.17 9.70 Nov 9.04 1.40 26.2 73.6 41.3 30.2 9.27 9.55 Dec p 9.06 1.52 28.0 76.6 42.7 32.0 9.31 9.45 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 • FEBRUARY 1975 FEDERAL NATIONAL MORTGAGE ASSOCIATION AUCTIONS OF COMMITMENTS TO BUY HOME MORTGAGES Date of auction IItteemm 1974 1975 Aug. 26 Sept. 9 Sept. 23 Oct. 7 Oct. 21 Nov. 4 Nov. 18 Dec. 2 Dec. 16 Dec. 30 Jan.13 Jan. 27 Amounts (millions of dollars): Govt.-underwritten loans Offered i 309.6 176.1 57.2 46.6 34.5 47.8 25.7 52.5 49.6 35.7 25.3 41.4 Accepted 93.0 98.6 38.2 29.7 26.0 24.7 17.6 23.3 43.3 31.8 21.2 2288..66 Conventional loans Offered i 59.0 46.5 22.1 26.1 14.1 20.4 20.6 24.0 20.1 17.2 17.9 11.1 Accepted 24.9 30.9 19.0 23.3 12.2 12.1 6.8 12.0 18.5 10.1 14.9 10.6 Average yield (per cent) on shortterm commitments2 Govt.-underwritten loans 10.38 10.59 10.56 10.32 10.11 9.93 9.81 9.61 9.52 9.47 9.37 9.12 Conventional loans 10.42 10.71 10.66 10.46 10.27 10.11 9.92 9.80 9.72 9.59 9.50 9.39 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, June 30, Sept. 30, Dec. 31, Mar. 31, June 30, Sept. 30, Holder 1972 1973 1973 1973 1974 1974 1974 All holders 111111111111111111133333333333333333331111111111111111111...................1111111111111111111 111111111133333333333333333333..........6666666666 111111111133333333333333333333..........8888888888 111111111133333333335555555555..........0000000000 111111111133333333336666666666..........7777777777 111111111133333333337777777777..........8888888888 111111111133333333338888888888..........6666666666 FHA 88888888888888888886666666666666666666...................4444444444444444444 88888888886666666666..........4444444444 88888888885555555555..........6666666666 88888888885555555555..........0000000000 88888888885555555555..........0000000000 88888888884444444444..........9999999999 88888888884444444444..........1111111111 VA 44444444444444444444444444444444444444...................7777777777777777777 44444444447777777777..........2222222222 44444444448888888888..........2222222222 55555555550000000000..........0000000000 55555555551111111111..........7777777777 55555555552222222222..........9999999999 55555555554444444444..........5555555555 Commercial banks 11111111111111111111111111111111111111...................7777777777777777777 11111111111111111111..........7777777777 11111111111111111111..........7777777777 11111111111111111111..........5555555555 11111111111111111111..........1111111111 11111111111111111111..........0000000000 11111111110000000000..........8888888888 FHA 8888888888888888888...................5555555555555555555 8888888888..........5555555555 8888888888..........4444444444 8888888888..........2222222222 7777777777..........8888888888 7777777777..........6666666666 7777777777..........4444444444 VA 3333333333333333333...................2222222222222222222 3333333333..........2222222222 3333333333..........3333333333 3333333333..........3333333333 3333333333..........3333333333 3333333333..........4444444444 3333333333..........4444444444 Mutual savings banks 22222222222222222228888888888888888888...................6666666666666666666 22222222228888888888..........7777777777 22222222228888888888..........6666666666 22222222228888888888..........4444444444 22222222228888888888..........2222222222 22222222227777777777..........9999999999 22222222227777777777..........7777777777 FHA 11111111111111111116666666666666666666...................0000000000000000000 11111111115555555555..........8888888888 11111111115555555555..........7777777777 11111111115555555555..........5555555555 11111111115555555555..........3333333333 11111111115555555555..........1111111111 11111111114444444444..........9999999999 VA 11111111111111111112222222222222222222...................6666666666666666666 11111111112222222222..........9999999999 11111111112222222222..........9999999999 11111111112222222222..........9999999999 11111111112222222222..........9999999999 11111111112222222222..........8888888888 11111111112222222222..........8888888888 Savings and loan assns 22222222222222222228888888888888888888...................9999999999999999999 FHA 11111111111111111115555555555555555555...................4444444444444444444 VA 11111111111111111113333333333333333333...................5555555555555555555 }}}}}}} 22222229999999.......8888888 }}}}}}} 33333330000000.......1111111 }}}}}}} 22222229999999.......7777777 }}}}}}} 22222229999999.......8888888 }}}}}}} 22222229999999.......7777777 22222229999999.......8888888 Life insurance cos 11111111111111111114444444444444444444...................7777777777777777777 11111114444444.......0000000 11111113333333.......7777777 11111113333333.......6666666 11111113333333.......3333333 11111113333333.......1111111 11111112222222.......9999999 FHA 11111111111111111110000000000000000000...................0000000000000000000 9999999.......5555555 9999999.......3333333 9999999.......2222222 9999999.......0000000 8888888.......8888888 8888888.......7777777 VA 4444444444444444444...................7777777777777777777 4444444.......5555555 4444444.......4444444 4444444.......4444444 4444444.......3333333 4444444.......3333333 4444444.......2222222 Others 44444444444444444447777777777777777777...................2222222222222222222 44444449999999.......4444444 55555550000000.......0000000 55555552222222.......1111111 55555554444444.......3333333 55555556666666.......1111111 55555557777777.......4444444 FHA 33333333333333333336666666666666666666...................5555555555555555555 VA 11111111111111111110000000000000000000...................7777777777777777777 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 TToottaall aammoouunntt PPeerriioodd oo NN ff uu ll mm ooaa bb nn ee ss rr (( cc mm oo (( mm dd iill oo ll mm ii ll oo llaa ii nn tt rr ss tt ss ee )) dd oo ff ( o t f h a m o L d u o o o s l a u l a n a n n r t d s ) s ( C p in o e r n t r 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 e o r r - o a v a t c a i e n o l n - u t e ) C (p a t p e i r o it n a c l e r i n z a a t t ) e - co D r v a e e t r b i a o t g e P co e n r s c ta en n t t 1970 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 11.1 1971 1,664 3,982.5 2,393 9.07 22/10 74.9 10.0 1.29 10.4 1972 2,132 4,986.5 2,339 8.57 23/3 75.2 9.6 1.29 9.8 1973 2,140 4,833.3 2; 259 8.76 23/3 74.3 9.5 1.29 10.0 1973—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 July 121 234.6 1,939 9.60 20/0 74.1 10.1 1.26 10.8 Aug 105 312.4 2,975 9.80 22/10 74.3 10.2 1.31 10.7 Sept 95 241.6 2,543 10.04 20/11 74.4 10.3 1.29 11.1 See NOTE on p. A-45. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 cards2 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 2,046 190,121 156,124 51,689 52,009 8,162 44,264 33,997 12,979 8,012 2,122 180,486 147,437 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 2,144 190,121 156,124 51,689 52,009 8,162 44,264 33,997 12,979 8,012 2,122 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 84,010 72,510 18,582 11,787 7,645 8,242 6,414 4,458 2,424 12,958 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 84,010 72,510 18,582 11,787 7,645 8,242 6,414 4,458 2,424 12,958 See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 CONSUMER CREDIT • FEBRUARY 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- Other Total mobile improve- sonal Total Credit cellaneous TToottaall mobile retail ppaappeerr ment loans unions lenders1 ddeeaalleerrss oouuttlleettss Mobile Other loans homes 1965 23,851 9,218 4,343 232 10,058 8,289 7,324 965 9,791 315 9,476 1966 24,796 9,342 4,925 214 10,315 9,315 8,255 1,060 10,815 277 10,538 1967 24,576 8,627 5,069 192 10,688 10,216 9,003 1,213 11,484 287 11,197 1968 26,074 9,003 5,424 166 11,481 11,717 10,300 1,417 12,018 281 11,737 1969 27,846 9,412 5,' 775 174 12,485 13,722 12,028 1,694 13,116 250 12,866 1970 27,678 9,044 2,464 3,237 199 12,734 15,088 12,986 2,102 13,900 218 13,682 1971 28,883 9,577 2,561 3,052 247 13,446 17,021 14,770 2,251 14,151 226 13,925 1972 32,088 10,174 2,916 3,589 497 14,912 19,511 16,913 2,598 15,950 261 15,689 1973 37,243 11,927 3,378 4,434 917 16,587 22,567 19,609 2,958 18,132 299 17,833 1974 38,925 12,435 3,570 4,751 993 17,176 25,216 22,116 3,100 19,473 286 19,187 1973—Dec 37,243 11,927 3,378 4,434 917 16,587 22,567 19,609 2,958 18,132 299 17,833 1974—Jan 37,140 11,754 3,392 4,460 940 16,594 22,301 19,429 2,872 17,705 296 17,409 Feb 37,148 11,710 3,406 4,486 968 16,578 22,413 19,430 2,983 17,120 293 16,827 Mar 37,005 11,624 3,324 4,497 1,018 16,542 22,562 19,550 3,012 16,969 292 16,677 Apr 37,291 11,684 3,364 4,547 1,057 16,639 22,753 19,704 3,049 17,059 293 16,766 May 37,751 11,810 3,413 4,583 1,097 16,848 23,203 20,053 3,150 17,177 294 16,883 June 38,159 11,957 3,449 4,626 1,114 17,013 23,630 20,501 3,129 17,211 296 16,915 July 38,479 12,040 3,505 4,664 1,118 17,152 23,968 20,825 3,143 17,311 297 17,014 Aug 38,943 12,267 3,539 4,680 1,097 17,360 24,677 21,402 3,275 17,550 299 17,251 Sept 38,921 12,345 3,573 4,662 1,073 17,268 25,085 21,792 3,293 17,678 298 17,380 Oct 38,901 12,458 3,597 4,658 1,054 17,134 25,204 21,893 3,311 17,851 296 17,555 Nov 38,803 12,462 3,603 4,611 1,021 17,106 25,195 21,975 3,220 18,272 292 17,980 Dec 38,925 12,435 3,570 4,751 993 17,176 25,216 22,116 3,100 19,473 286 19,187 I Savings and loan associations and mutual savings banks. See also NOTE to table at top of preceding page. FINANCE RATES ON SELECTED TYPES OF INSTALMENT CREDIT (Per cent per annum) Commercial banks Finance companies Month New Mobile Other Personal Credit- Automobiles Other automo- homes consumer loans card Mobile consumer Personal biles (84 mos.) goods (12 mos.) plans homes ggooooddss loans (36 mos.) (24 mos.) New Used 1972—Oct 10.01 10.66 12.38 12.70 17.23 11.86 16.67 Nov 10.02 10.85 12.44 12.63 17.23 11.89 16.78 12.41 18.90 21.22 Dec 10.01 10.69 12.55 12.77 17.24 11.92 16.87 1973—Jan 10.01 10.54 12.46 12.65 17.13 11.89 16.08 12.51 19.04 21.00 Feb 10.05 10.76 12.51 12.76 17.16 11.86 16.20 Mar 10.04 10.67 12.48 12.71 17.19 11.85 16.32 12.54 18.92 20.79 Apr 10.04 10.64 12.50 12.74 17.19 11.88 16.44 May 10.05 10.84 12.48 12.78 17.22 11.91 16.52 12.73 18.88 20.76 June 10.08 10.57 12.57 12.78 17.24 11.94 16.61 July 10.10 10.84 12.51 12.75 17.21 12.02 16.75 12.77 18.93 2200..5555 Aug 10.25 10.95 12.66 12.84 17.22 12.13 16.86 Sept 10.44 11.06 12.67 12.96 17.23 12.28 16.98 12.90 18.69 20.52 Oct 10.53 10.98 12.80 13.02 17.23 12.34 17.11 Nov 10.49 11.19 12.75 12.94 17.23 12.40 17.21 13.12 1188..7777 2200..6655 Dec 10.49 11.07 12.86 13.12 17.24 12.42 17.31 1974—Jan 10.55 11.09 12.78 12.96 17.25 12.39 16.56 13.24 18.90 20.68 Feb 10.53 11.25 12.82 13.02 17.24 12.33 16.62 Mar 10.50 10.92 12.82 13.04 17.23 12.29 16.69 13.15 18.69 2200..5577 Apr 10.51 11.07 12.81 13.00 17.25 12.28 16.76 May 10.63 10.96 12.88 13.10 17.25 12.36 16.86 13.07 18.90 2200..5577 June 10.81 11.21 13.01 13.20 17.23 12.50 17.06 July 10.96 11.46 13.14 13.42 17.20 12.58 17.18 13.21 19.24 2200..7788 Aug 11.15 11.71 13.10 13.45 17.21 12.67 17.32 Sept 11.31 11.72 13.20 13.41 17.15 12.84 17.61 13.42 19.30 20.93 Oct 11.53 11.94 13.28 13.60 17.17 12.97 17.78 Nov 11.57 11.87 13.16 13.47 17.16 13.06 17.88 13.60 19.49 21.11 Dec 11.62 1111..7711 1133..2277 1133..6600 1177..1166 1133..1100 1177..8899 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

FEBRUARY 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 ppaappeerr 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 28,722 197 4 166,478 42,756 71,077 4,650 47,995 69,554 41,809 24,510 30,605 1973—Dec., 12,677 3,315 5,254 429 3,679 5,124 3,279 1,897 2,377 1974—Jan.. 13,714 3,492 5,662 373 4.187 5,715 3,693 1,911 2,395 Feb.. 13,541 3,389 5,647 409 4,096 5,794 3,656 1,861 2,230 Mar. 13,823 3,484 5,933 424 3,982 5,710 3,497 1,976 2,640 Apr., 14,179 3,545 6,034 447 4,153 5,838 3,671 2,054 2,616 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 Dec., 12,702 3,205 5,798 294 3,405 5,012 3,240 1,901 2,549 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 26,540 197 4 157,791 42,197 66,598 3,840 45,156 66,539 40,127 21,861 29,264 1973—Dec. 12,267 3,338 5,001 332 3,596 5,088 3,151 1,766 2,262 1974—Jan.. 12,797 3,433 5,193 356 3,815 5,254 3,418 1,823 2,302 Feb.. 12,870 3,394 5,340 323 3,813 5,430 3,423 1,692 2,325 Mar. 13,206 3,544 5,596 308 3,758 5,479 3,452 1,827 2,448 Apr., 13,026 3,498 5,483 312 3,733 5,470 3,375 1,784 2,397 May 13,407 3,601 5,607 315 3,884 5,573 3,528 1,855 2,451 June 13,301 3,577 5,615 335 3,774 5,564 3,405 1,835 2,497 July. 13,310 3,563 5,610 320 3,817 5.541 3,513 1,819 2,437 Aug. 12,882 3,443 5,444 309 3,686 5,463 3,166 1,851 2,402 Sept. 13,412 3,604 5,700 279 3,829 5,808 3,371 1,723 2,510 O No ct v . . , 1 1 3 3, , 0 2 0 2 9 4 3 3, , 4 4 2 7 3 0 5 5, , 5 4 6 9 1 9 3 3 2 2 1 5 3 3, , 7 9 0 3 0 4 5 5, . 6 5 7 4 1 2 2 3 , , 9 2 8 5 1 0 1 1 , 9 ,8 6 6 2 0 2 2 , ,4 4 9 7 7 0 Dec. 13,516 3,668 6,037 341 3,470 5,803 3,308 1,822 2,583 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 2,182 197 4 8,687 559 4,479 810 2,839 3,015 1,682 2,649 1,341 1973—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 Dec. -814 -463 -239 -47 -65 -791 -68 79 -34 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, Digitized for cFhRarAgeSsE. RRe newals and refinancing of loans, purchases and sales of in- and BULLETINS for Dec. 1968 and Oct. 1972. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 INDUSTRIAL PRODUCTION: S.A. • FEBRUARY 1975 MARKET GROUPINGS (1967 « 100) 1967 1974 1974 1975 pro- aver- Grouping p ti o o r n - age Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.? Jan.® Total index 100.0 124.8 125.4 124.6 124.7 124.9 125.7 125.8 125.5 125.2 125.6 124.8 121.7 117.9 113.7 Products, total 62.21 123.1 122.9 122.4 122.6 122.7 123.8 124.0 124.0 123.5 123.6 122.9 121.4 118.7 115.2 Final products 48.95 121.7 121.2 120.6 121.0 120.8 122.4 122.6 122.8 122.1 122.6 122.3 120.9 118.1 114.5 Consumer goods 28.53 128.8 129.2 128.3 128.5 128.5!' 129.7 130.2 130.0 129.8 128.8 128.2 126.5 123.3 119.8 Equipment 20.42 111.8 109.8 109.9 110.1 110.1 112.2 112.0 113.0 111.4 113.8 114.0 113.2 110.8 107.0 Intermediate products 13.26 128.3 129.2 129.1 128.2 129.4 129.2 128.9 127.8 128.6 127.6 125.3 122.9 121.1 117.7 37.79 127.4 129.7 128.3 128.8 128.7 129.1 128.8 128.0 128.5 129.3 128.1 121.9 116.3 111.5 Consumer goods Durable consumer goods 7.86 128.1 128.2 126.4 128.5 130.9 132.8 133.5 131.6 131.8 129.1 126.5 120.1 112.1 105.3 Automotive products 2.84 110.4 108.0 106.6 108.0 113.8 116.1 117.3 113.5 114.9 111.6 114.7 103.2 90.2 84.4 1.87 94.9 90.0 86.4 86.3 97.7 100.3 99.6 101.5 103.1 99.6 108.4 91.0 69.8 62.7 Auto parts and allied goods .97 140.1 142.6 145.5 149.8 144.7 146.5 151.3 136.9 137.6 134.5 126.9 126.9 129.2 126.3 Home goods 5.02 138.1 139.6 137.5 140.1 140.6 142.3 142.7 141.8 141.2 139.0 133.2 129.8 124.6 117.1 1.41 132.1 138.4 131.9 135.8 135.2 137.7 141.2 139.3 139.1 133.2 120.9 115.4 103.7 .92 149.0 115533..99 114488..22 115500..00 114488..66 115522..66 115555..33 151.7 115566..22 115500..22 139.5 113322..00 121.8 49 100 3 1.08 153.5 153.5 153.3 154.5 158.2 157.4 157.2 155.3 157.1 155.4 151.8 145.1 143.8 Misc. home goods 2.53 135.0 134.4 134.2 136.3 136.0 138.3 137.4 137.3 135.8 135.3 132.2 131.4 128.3 123.0 Nondurable consumer goods 20.67 129.1 129.5 129.1 128.7 127.6 128.5 129.0 129.4 129.1 128.7 128.9 128.8 127.5 125.4 Clothing 4.32 109.0 116.3 114.5 112.0 106.2 107.0 108.9 108.6 106.4 106.0 104.5 102.0 Consumer staples 16.34 134.4 133.0 133.0 133.1 133.2 134.2 134.3 134.9 135.1 134.8 135.4 135.8 134^9 * i 33!7 Consumer foods and tobacco.... 8.37 125.4 126.9 125.9 125.7 123.9 124.7 124.7 125.5 124.4 124.4 125.2 126.0 125.9 126.0 Nonfood staples 7.98 143.6 139.4 140.4 140.8 143.1 144.3 144.4 144.7 146.5 145.7 146.1 146.F 144.4 141.9 Consumer chemical products.. 2.64 158.1 157.8 159.0 160.3 159.7 157.5 156.8 154.6 159.0 157.7 159.8 155.7 154.2 Consumer paper products 1.91 125.5 119.4 119.9 119.1 119.4 124.7 123.9 124.4 129.5 130.9 128.5 128.8 128.7 Consumer fuel and lighting ... 3.43 143.0 136.7 137.4 138.2 143.7 145.1 146.0 148.4 146.2 144.6 145.4 148.1 145.7 Residential utilities......... 22..2255 115522..55 114455..66 114488..66 114499..00 115511..66 115533..22 115555..33 115577..88 115555..44 115566..22 115555..55 115599..33 Equipment Business equipment 12.74 129.5 126.8 127.3 127.6 127.9 130.2 130.2 131.3 128.8 132.3 132.0 130.9 127.0 121.1 Industrial equipment 6.77 128.8 125.3 126.6 126.8 127.6 129.6 129.0 130.3 129.6 132.0 130.9 129.3 127.5 122.6 Building and mining equip 1.45 136.0 128.5 130.3 131.3 133.5 135.0 137.4 136.2 136.5 139.8 141.2 140.1 138.1 136.0 Manufacturing equipment 3.85 121.8 119.3 120.6 121.1 122.1 124.1 121.9 124.9 123.1 124.4 122.5 119.4 117.6 113.5 Power equipment 1.47 139.9 138.0 138.7 137.3 136.6 138.4 139.0 138.4 139.6 144.2 142.8 144.5 142.3 133.4 Commercial, transit, farm eq 5.97 130.2 128.5 128.2 128.7 128.2 130.9 131.5 132.5 127.6 132.8 133.2 132.8 126.5 119.4 Commercial equipment 3.30 141.2 139.8 139.8 140.8 140.4 141.5 142.7 143.5 134.0 143.3 144.1 143.3 139.3 134.0 Transit equipment 2.00 109.4 109.5 109.3 109.4 106.7 110.2 110.4 111.4 109.3 111.8 111.2 109.2 101.3 92.5 Farm equipment .67 138.3 129.2 126.0 126.1 131.2 140.2 140.6 141.4 150.5 144.1 145.4 151.9 138.5 Defense and space equipment 7.68 82.4 81.4 80.9 81.0 80.6 82.2 81.7 82.6 82.7 83.1 84.1 83.9 83.9 83.6 Military products 5.15 81.2 80.6 80.2 80.5 79.9 81.2 79.7 81.4 81.5 82.3 82.5 82.1 81.7 80.8 Intermediate products Construction products 5.93 129.6 133.0 131.3 129.6 130.8 130.8 129.6 128.2 128.0 127.4 123.5 121.3 118.9 115.0 Misc. intermediate products 77..3344 112277..33 112266..33 112277..44 112277..55 112288..22 112277..99 112288..44 127.5 129.2 127.8 112266..88 112244..22 112222..99 Materials 20.91 127.6 129.8 127.3 127.2 127.3 128.3 127.5 125.8 128.1 129.2 129.3 123.4 117.4 112.3 Consumer durable parts 4.75 112.1 113.0 109.3 110.6 112.5 114.7 114.1 117.2 117.5 117.2 115.2 104.1 92.6 85.4 Equipment parts 5.41 123.8 123.9 122.6 121.6 120.1 122.5 122.1 120.6 125.8 125.0 124.0 122.2 118.2 114.4 Durable materials nec 10.75 136.3 140.0 137.6 137.5 137.5 137.2 136.2 132.3 133.9 136.6 138.3 132.5 128.0 123.2 Nondurable goods materials 13.99 128.3 131.1 131.1 131.9 131.9 130.9 131.3 131.1 130.4 129.3 126.8 121.6 115.1 109.0 Textile, paper, and chem. mat 8.58 139.4 143.4 141.7 143.1 143.9 143.3 143.6 143.6 143.2 142.2 138.1 130.7 121.5 111.0 Nondurable materials n.e.c 5.41 110.6 111.7 114.3 114.7 112.7 111.4 111.9 111.3 110.0 108.9 108.9 107.2 105.0 105.5 Fuel and power, industrial 2.89 122.6 121.5 122.5 122.6 123.2 124.7 126.3 128.0 123.5 129.0 126.4 112.2 113.1 118.6 Supplementary groups 9.34 124.6 128.8 126.9 127.0 124.6 126.0 127.1 126.4 125.0 123.8 120.0 117.0 113.0 106.5 Containers. 11..8822 113399..33 114488..44 114444..33 115511..44 114477..00 114411..55 114411..66 142.1 140.4 136.7 113311..55 112277..55 118.8 Gross value of products in market structure (In billions of 1963 dollars) Products, total 286.3 445.4 442.5 443.9 445.4 449.5 449.7 448.1 446.9 447.1 445.7 438.6 427.1 415.6 Final products 221.4 342.5 339.9 342.3 342.9 347.2 347.7 346.6 345.0 346.1 346.5 341.0 331.0 321.6 Consumer goods 156.3 233.6 230.6 232.7 233.8 235.9 236.6 235.0 235.1 233.1 233.7 228.9 222.4 217.0 Equipment 65.3 108.9 109.1 109.4 109.0 111 .2 111.2 111.6 109.9 112.8 112.7 112.1 108.7 104.8 Intermediate products 6644..99 110033..11 110022..66 110011..99 110022..55 110022..22 110022..00 101.2 102.1 101.0 9999..44 9977..44 9966..33 9944..22 For NOTE see p. A-51. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • INDUSTRIAL PRODUCTION: S.A. A 51 INDUSTRY GROUPINGS (1967 = 100) 1 p 9 r 6 o 7 - aa 11 vv 99 ee 77 rr 44 -- 1974 1975 Grouping p ti o o r n - aaggee Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.? Jan.® 88.55 124.4 125.3 124.5 124.6 124.8 125.7 125.6 125.2 125.2 125.5 124.6 121.0 116.7 112.3 Durable 52.33 120.8 121.1 119.4 120.4 120.7 122.1 122.1 121.6 121.6 122.1 121.6 117.9 113.2 108.1 36.22 129.7 131.4 131.5 130.9 130.4 130.9 130.8 130.8 130.4 130.5 128.9 125.3 121.8 118.4 11.45 127.0 125.4 126.9 127.3 127.8 128.0 128.1 128.9 127.4 128.7 128.5 125.6 125.0 125.3 6.37 109.3 109.9 111.7 112.2 111.3 111.0 110.2 110.2 107.3 109.2 110.5 104.3 104.6 109.0 Utilities 55..0088 114499..22 144.9 146.1 146.5 148.7 149.2 150.6 152.4 152.6 153.1 151.2 152.3 150.7 145.9 Durable manufactures 12.55 127.8 130.4 127.6 128.2 127.5 128.1 .128.4 126.9 126.5 127.2 127.6 124.3 118.9 113.6 Primary metals 6.61 124.5 129.5 125.0 125.3 124.0 124.6 124.7 123.2 121.9 123.0 126.0 121.2 113.5 108.1 Iron and steel, subtotal 4.23 120.2 125.5 119.4 119.6 116.4 118.0 118.5 119.9 120.7 119.1 123.9 117.7 111.4 106.6 5.94 131.4 131.4 130.6 131.6 131.3 131.9 132.5 131.1 131.5 132.0 129.6 127.9 124.8 119.6 32.44 116.3 115.2 113.8 114.8 115.5 117.5 117.7 117.3 117.8 118.8 118.4 114.9 109.6 104.7 17.39 129.7 128.6 127.2 128.4 128.2 129.7 130.4 129.9 130.5 132.5 131.1 128.9 124.8 118.6 9.17 133.7 129.4 128.1 129.8 130.7 131.9 131.7 131.1 136.4 137.8 137.4 135.1 132.0 125.5 8.22 125.2 127.7 126.2 126.8 125.3 127.4 129.0 128.4 123.7 126.4 124.0 121.7 116.7 110.9 9.29 96.9 95.7 93.9 95.0 97.8 100.6 99.4 98.7 99.9 100.4 102.1 93.6 83.7 79.1 Motor vehicles and parts 4.56 113.1 112.7 109.2 110.2 116.4 119.6 116.9 117.3 117.8 118.6 123.0 106.8 86.2 78.5 Aerospace and misc. trans, eq... 4.73 81.2 79.3 79.3 80.3 80.0 82.4 82.6 80.9 82.6 82.8 81.9 80.9 81.2 79.8 Instruments 2.07 143.8 143.0 142.8 142.8 143.8 146.1 147.5 146.7 146.7 144.9 142.0 142.5 138.1 135.7 Ordnance, private and Govt 3.69 86.2 85.2 84.2 84.9 84.3 86.1 86.4 87.2 87.1 87.5 87.2 86.9 87.3 86.0 Lumber, clay, and glass 4.44 123.8 129.7 127.4 128.1 128.9 128.0 126.4 125.5 123.4 120.6 117.8 114.0 112.0 108.1 LLLuuummmbbbeeerrr aaannnddd ppprrroooddduuuccctttsss 111...666555 111222000...111 111222666...111 111222777...111 111222666...111 111222666...888 111222666...888 125.6 111222111...666 121.5 116.6 109.3 105.2 102.0 CCClllaaayyy,,, ggglllaaassssss,,, aaannnddd ssstttooonnneee ppprrroooddduuuccctttsss............ 222...777999 111222555...999 111333111...888 111222777...666 111222999...333 111333000...333 111222888...777 112266..99 111222777...777 112244..66 112233..00 112222..99 111199..22 111188..00 Furniture and miscellaneous 2.90 136.2 133.4 135.2 136.8 136.8 138.9 138.5 139.7 140.1 138.8 136.7 129.1 130.1 122.9 Furniture and fixtures 111...333888 111222777...000 124.2 125.4 126.8 128.8 129.7 131.1 131.6 130.5 129.4 125.5 120.8 120.4 Miscellaneous manufactures 111...555222 111444444...666 114411..88 114444..22 114455..88 114444..11 114477..33 114455..33 114477..11 148.8 147.5 146.9 136.8 138.9 Nondurable manufactures Textiles, apparel, and leather 6.90 108.5 116.2 115.3 112.4 109.3 109.8 108.5 108.1 107.4 106.5 105.1 101.5 96.2 90.5 Textile mill products . • 2.69 111122223333....0000 128.4 127.6 125.0 123.4 124.0 125.1 125.3 124.3 121.9 119.1 112.9 107.0 ANNAR^L NRAHNRTC 33..3333 111100005555....0000 116.4 113.6 110.0 105.8 105.0 102.1 102.7 102.5 102.5 102.8 99.6 Leather and products . ..8888 77777777....6666 77.6 83.7 83.0 79.5 83.9 81.6 75.7 73.4 74.2 70.6 73.7 72.0 Paper and printing 7.92 111122221111....0000 121.7 122.2 122.5 121.2 121.3 122.3 122.4 121.0 122.7 120.8 115.5 112.4 108.8 Paper and products 3.18 133.9 138.7 137.6 140.2 135.4 135.1 136.7 136.1 132.2 135.3 133.9 123.0 115.7 Printing and publishing 4.74 112.3 110.4 111.9 110.7 111.7 111.9 112.7 113.4 113.4 114.4 111.9 110.4 110.2 109.5 Chemicals, petroleum, and rubber.... 11.92 151.7 151.5 151.2 151.3 153.5 153.0 153.7 153.9 154.4 154.7 152.4 146.8 141.4 137.0 Chemicals and products 7.86 154.3 154.9 155.3 155.5 156.2 156.2 156.9 155.8 156.7 158.3 155.9 148.4 142.4 138.1 Petroleum products 1.80 124.1 120.5 116.9 117.3 126.9 126.1 126.2 127.9 125.8 121.9 125.4 127.4 126.2 125.0 Rubber and plastics products 2.26 164.6 164.3 163.5 164.2 165.5 163.7 164.5 167.2 169.0 168.6 161.8 156.7 150.2 Foods and tobacco 9.48 124.7 125.4 126.2 125.3 124.3 126.5 125.3 124.8 124.8 124.3 123.7 123.7 123.6 123.3 Foods 8.81 126.1 126.3 127.2 126.5 125.9 127.8 127.1 126.6 126.3 125.7 124.8 125.2 125.1 124.7 Tobacco products .. .. . .. ..6677 110077..00 111133..33 111122..11 111100..44 110044..66 110099..44 102.9 101.5 104.2 106.0 110.3 103.8 Mining Metal, stone, and earth minerals...... 1.26 117.1 121.4 119.9 119.7 117.5 117.9 112.4 113.5 109.9 115.4 121.3 119.9 116.8 114.8 MMeettaall mmiinniinngg ..5511 111222999...000 113355..22 113322..22 113322..99 112277..44 112288..11 121.1 120.3 110.0 130.5 141.4 136.8 132.6 SSttoonnee aanndd eeaarrtthh mmiinneerraallss .. ..7755 111000999...000 111111..99 111111..66 111100..77 111100..77 111111..00 106.4 108.8 109.9 105.0 107.5 108.6 106.2 Coal oil, and gas 5.11 111000777...333 107.0 109.6 110.2 109.8 109.2 109.7 109.4 106.7 107.7 107.8 100.4 101.8 107.6 Coal .69 104.8 108.7 112.7 114.7 110.3 112.4 118.3 115.6 99.4 112.1 110.3 67.6 81.6 111.5 Oil and gas extraction 4.42 110077..77 106.8 109.1 109.5 109.7 108.8 108.4 108.4 107.9 107.1 107.4 105.5 105.0 107.0 Utilities Electric 3.91 158.6 115533..00 115544..66 115555..11 115588..33 115599..00 160.3 162.7 162.8 162.4 161.2 162.8 1.17 117.9 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 • FEBRUARY 1975 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu- Prices * facturing 2 In- Ca- Market dustry pacity NNoonnaagg-utiliza- Con- rriiccuull-- Products tion struc- ttuurraall TToottaall Period Total Total C Fi o n n a - l m In ed te ia r- te M ri a a t l e s - f M a i c a n t n u g u r - - i o = n ( u 1 t m 1 9 p 0 6 f u 0 7 g t ) . tr c t a i o o c n n t - s TT mm pp ee oo ee ll mm tt oo nn aa yy tt -- ll —— -- ii p m E l e o m n y - t - P ro a l y ls - ss rr aa ee ll tt ee aa ss ii ll 33 s C um on e - r m W c s o o a h m d l o e 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. 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 195 7 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 195 8 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 195 9 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 196 0 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 196 1 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 82.1 84.5 68.0 70 89.6 94.5 196 2 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 87.3 73.3 75 90.6 94.8 196 3 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 87.8 76.0 79 91.7 94.5 196 4 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 89.3 80.1 83 92.9 94.7 196 5 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 93.9 88.1 91 94.5 96.6 196 6 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 99.9 97.8 97 97.2 99.8 196 7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 196 8 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.2 101.4 108.3 109 104.2 102.5 196 9 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 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—Dec.. 126.5 124.0 122.6 131.3 110.0 129.1 130.7 126.4 5 82.6 161.0 118.3 104.4 155.8 161 138.5 141.8 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.. 124.6 122.4 120.6 128.3 109.9 129.1 128.3 124.5 187.0 118.5 103.2 153.1 165 141.5 149.5 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.. 124.9 122.7 120.8 128.5 110. 129.4 128.7 124.8 167.0 118.8 103.0 149.8 169 143.9 152.7 May. 125.7 123. 122.4 129.7 112.2 129.2 129.1 125.7 188.0 119.0 103.0 156.5 172 145.5 155.0 June. 125.8 124.0 122.6 130.2 112.0 128.9 128.8 125.6 166.0 119.1 103.2 157.5 170 146.9 155.7 July. 125.5 124.0 122.8 130.0 113.0 127.8 128.0 125.2 177.0 119.2 103.0 158.4 177 148.0 161.7 Aug.. 125.2 123.5 122.1 129.8 111.4 128.6 128.5 125.2 170.0 119.4 102.6 160.3 180 149.9 167.4 Sept.. 125.6 123.6 122.6 128.8 113. 127.6 129.3 125.5 187.0 119.7 102.5 162.3 176 151.7 167.2 Oct.. 124. 122.9 122.3 128.2 114.0 125.3 128.1 124.6 148.0 119.8 101.7 '163.0 175 153.0 170.2 Nov.. 121.7 121.4 120.9 126.5 113.2 122.9 121.9 121.0 154.0 119.1 99.4 160.6 170 154.3 171.9 Dec.. 117.9 118.7 118.1 123.3 110.8 121.1 116.3 116.7 176.0 118.0 96.4 153.5 171 155.4 171.5 1975—Jan.. 13.7 115.2 114.5 119.8 107.0 117.7 111.5 112.3 117.4 93.5 146.9 172 171.8 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 11997722 1973 ttyyppee ooff ccoonnssttrruuccttiioonn Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total construction i 90,979 100,071 6,133 5,954 6,610 7,911 8,929 10,158 8,480 9,295 8,416 8,359 7,227 6,179 7,304 By type of ownership: Public 24,043 26,686 1,855 2,135 2,212 2,481 2,336 3,082 2,968 3,242 3,311 3,273 2,720 2,391 2,496 Private 1 66,936 73,385 4,277 3,819 4,398 5,430 6,593 7,076 5,512 6,053 5,105 5,689 4,508 3,788 4,809 By type of construction: Residential building 1 44,975 46,246 2,341 2,231 2,678 3,374 3,924 3,862 3,546 3,350 3,060 2,503 2,457 1,931 1,715 Nonresidential building 27,021 31,761 2,210 2,307 2,260 2,752 2,842 3,120 2,989 3,698 3,246 3,320 2,710 2,618 2,451 Nonbuilding 18,983 22,064 1,581 1,415 1,672 1,785 2,163 3,176 1,945 2,247 2,110 2,536 2,061 1,630 3,139 Private housing units authorized... 22,,221199 11,,882200 1,285 11,,228822 1,325 11,,441100 11,,229966 1,120 1,106 11,,001177 900 823 782 '730 802 (In thousands, S.A., A.R.) 1 Because of improved procedures for collecting data for 1 -family homes, NorE.—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

FEBRUARY 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 Buildings Total M ta i r l y i- H w ig ay h - d v e a a v t n e i d l o o n p - Total Other Other ment Indus- Com- buildtrial mercial ings i 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 mgs 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 i Units Mobile Period 1- 2-or- 2-or- 1- 2-or- h sh o i m p- e Total family more Total family more Total family more ments family 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—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 J A u u l g y . . . . 1 1 , , 3 1 3 3 8 4 9 8 5 1 8 2 3 3 2 8 2 0 1 1 , , 6 50 7 5 4 9 89 3 9 5 7 6 3 0 9 7 1 1 , , 4 4 4 0 3 6 5 5 7 7 8 0 8 86 3 5 6 3 3 7 8 0 0 r4 5 5 1 7 1 4 4 3 3 3 1 Sept.r 1,150 844 306 1,505 882 624 1,372 565 807 316 488 415 Oct.r. 1,109 777 332 1,645 922 722 1,325 556 769 248 410 410 Nov.. 990 788 202 1,620 874 746 1,259 544 715 218 429 405 Dec.P 678 190 i 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 • FEBRUARY 1975 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period ii pp nn TT oo (( ss oo NN tt pp tt ii aa tt uu ..SS uu ll ll aa tt .. nn AA ii tt oo oo ii .. nn oo nn )) nn aa -- ll la ( b N N o . o r S t . f A i o n r . ) c e (( TT ll ff aa SS oo oo bb .. rr tt AA oo cc aa ee rr .. ll )) Total E In m n p o l n o a y g e r d i 1 - In U pl n o e y m ed - U ( n p e m e r S m a r . e A c t p n e e . 2 l t ) n o t y ; - Total cultural agriculture industries 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 4.9 197 4 150,827 57,587 93,240 91,011 85,936 82,443 3,492 5,076 5.6 1974—Jan.r 149,656 58,303 92,723 90,465 85,800 82,051 3,749 4,665 5.2 Feb.' 149,857 58,165 92,809 90,551 85,861 82,050 3,811 4.690 5.2 Mar. 150,066 58,183 92,632 90,381 85,779 82,126 3,653 4,602 5.1 Apr.' 150,283 58,547 92,567 90,324 85,787 82,272 3,515 4,537 5.0 May1 150,507 58,349 92,982 90,753 86,062 82,565 3,497 4.691 5.2 June1 150,710 55,952 93,069 90,857 86,088 82,755 3,333 4,769 5.2 Julyr 150,922 55,426 93,503 91,283 86,403 82,970 3,433 4,880 5.3 Aug. 151,135 56,456 93,419 91,199 86,274 82,823 3,451 4,925 5.4 Sept. 151,367 57,706 93,922 91,705 86,402 82,913 3,489 5,303 5.8 Oct.r 151,593 57,489 94,058 91,844 86,304 82,864 3,440 5,540 6.0 Nov. 151,812 57,991 93,921 91,708 85,689 82,314 3,375 6,019 6.6 Dec.1 152,020 58,482 94,015 91,803 85,202 81,863 3,339 6,601 7.2 1975—Jan.. 152,230 58,888 94,284 92,091 84,562 81,179 3,383 7,529 8.2 1 Includes self-employed, unpaid family, and domestic service workers. to the calendar week that contains the 12th day; annual data are averages 2 Per cent of civilian labor force. of monthly figures. Description of changes in series beginning 1967 is NOTE.—Bureau of Labor Statistics. Information relating to persons 16 available from Bureau of Labor Statistics. years of age and over is obtained on a sample basis. Monthly data relate EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g a c- Mining c C o o n t n i s o t t r r n a u c c t - Tr ti a p o n u n s b p a l o i n c r d ta - Trade Finance Service G m ov e e n r t n utilities 1968 67,951 19,781 606 3,306 4,311 14,099 3,381 10,622 11,845 70,442 20,167 619 3,525 4,435 14,704 3,562 11,228 12,202 70,920 19,349 623 3,536 4,504 15,040 3,687 11,621 12,561 1971 71,216 18,572 603 3,639 4,457 15,352 3,802 11,903 12,887 1972 73,711 19,090 622 3,831 4,517 15,975 3,943 12,392 13,340 1973 76,833 20,054 638 4,028 4,646 16,665 4,075 12,986 13,742 SEASONALLY ADJUSTED 1974—Jan 77,925 20,253 658 4,098 4,710 16,851 4,132 13,236 13,987 Feb 78,053 20,155 661 4,127 4,717 16,871 4,142 13,313 14,067 Mar 78,089 20,116 662 4,102 4,708 16,914 4,145 13,339 14,103 Apr 78,226 20,147 665 4,087 4,704 16,945 4,154 13,367 14,157 May 78,357 20,151 668 4,066 4,701 16,994 4,161 13,429 14,187 June 78,421 20,184 669 3,994 4,698 17,031 4.156 13,488 14,201 July 78,479 20,169 675 3,920 4,693 17,107 4.157 13,516 14,242 Aug 78,661 20,112 676 3,965 4,701 17,140 4,168 13,573 14,326 Sept 78,844 20,112 682 3,939 4,679 17,166 4,176 13,647 14,443 Oct 78,865 19,982 692 3,911 4,699 17,160 4,185 13,705 14,531 Nov 78,404 19,633 693 3,861 4,697 17,048 4,183 13,721 14,568 Dec 77,733 19,159 660 3.800 4,672 16,933 4,183 13,728 14,598 1975—Jan. p 77,295 18,711 698 3,803 4,636 16,876 4,185 13,769 14,617 NOT SEASONALLY ADJUSTED 1974—Jan 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 79,125 19,763 693 3,981 4,702 17,342 4,309 13,707 14,771 Dec 78,486 19,185 655 3,724 4,667 17,613 4,287 13,659 14,821 1975—Jan 76,250 18,531 687 3,385 4,580 16,699 4,209 13,535 14,690 NOTE.—Bureau of Labor Statistics; data include all full- and part- domestic servants, unpaid family workers, and members of Armed time employees who worked during, or received pay for, the pay period Forces are excluded. that includes the 12th of the month. Proprietors, self-employed persons, Beginning with 1968, series has been adjusted to Mar. 1973 benchmark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • PRICES A 55 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur- Apparel Transit A em ll s Food Total Rent H ow s o h n m i e p e r - - F c a o o n u i a l d e l l t e r G a l i n e c a i c d s t - y o n p i a n i e n s g r h d s a - - up a k n e d e p p t o i r o t n a - Total M c ic a e a r d l e - s c P o a e n r r a e - l tion 51.3 48.3 76.0 48.5 38.8 30.6 54.1 36.9 44.1 38.4 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 88.7 88.0 90.2 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.1 79.1 90.1 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 121.3 118.4 124.3 115.2 133.7 117.5 114.7 118.1 119.8 118.6 122.2 128.4 116.8 125.3 123.5 129.2 119.2 140.1 118.5 120.5 121.0 122.3 119.9 126.1 132.5 119.8 133.1 141.4 135.0 '124.3 146.7 136.0 126.4 124.9 126.8 123.8 130.2 137.7 125.2 147.7 161.7 150.6 130.2 163.2 214.6 145.8 140.5 136.2 137.7 140.3 150.5 137.3 138.5 151.3 140.6 126.9 153.6 172.8 131.0 128.0 130.5 126.7 133.0 141.4 129.2 139.7 153.7 142.2 127.3 154.8 194.6 134.3 129.0 128.8 128.1 133.7 142.2 129.8 141.5 157.6 143.4 128.0 155.8 202.0 137.3 130.1 130.4 129.3 134.5 143.4 130.8 143.1 159.1 144.9 128.4 157.2 201.5 140.0 132.6 132.2 132.0 135.4 144.8 131.8 143.9 158.6 146.0 128.8 158.2 206.5 141.9 134.0 133.6 133.7 136.3 145.6 133.1 145.5 159.7 147.6 129.3 159.4 211.0 143.9 137.0 135.0 136.3 137.7 147.2 134.9 146.9 160.3 149.2 129.8 161.2 214.2 144.5 139.2 135.7 138.8 139.4 149.4 136.5 148.0 160.5 150.9 130.3 163.2 218.5 146.2 141.4 135.3 140.6 141.0 151.4 137.8 149.9 162.8 152.8 130.9 165.4 220.9 148.5 143.9 138.1 141.3 142.6 153.7 139.3 151.7 165.0 154.9 131.4 167.9 222.7 150.2 146.6 139.9 142.2 144.0 155.2 141.2 153.0 166.1 156.7 132.2 170.1 225.5 151.5 149.0 141.1 142.9 145.2 156.3 143.0 154.3 167.8 158.3 132.8 171.7 229.2 154.0 151.0 142.4 143.4 146.3 157.5 144.2 155.4 169.7 159.9 133.5 174.0 228.8 156.7 152.3 141.9 143.5 147.5 159.0 145.3 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 l d s l i - - p F u r a c o r t d m s - c f f e o a e s n o e s d d d ed s s Total t T e il t e e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c M q a e h n r u i a y n d i - p - - 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 - ment 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 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 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 1 1 0 0 2 0 . . 5 0 1 10 0 2 0 . . 5 0 1 10 0 2 0 . . 2 0 1 1 0 0 2 0 . . 5 0 1 10 0 3 0 . . 7 0 1 1 0 0 0 3 . .2 0 1 9 0 8 0 . . 9 0 1 9 0 9 0 . . 8 0 1 1 0 0 3 0. .4 0 1 1 0 1 0 3 . .3 0 1 10 0 1 0 . . 1 0 1 1 0 0 0 2 . . 0 6 1 1 0 0 0 3 . .2 0 1 1 0 00 2 . .8 0 1 1 0 0 3 0 . . 7 0 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 110.4 111.0 112.0 110.0 107.2 10.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 1 1 1 3 9 4 . . 1 7 1 1 2 76 5 . . 3 0 1 1 2 4 0 8 . .1 8 1 1 1 2 7 5 . . 9 9 1 1 1 2 3 3 . . 6 8 1 1 3 4 1 3. . 1 3 1 1 1 3 8 4 . . 6 3 1 1 0 1 4 0. .2 0 1 1 0 1 9 2 . . 3 4 1 1 4 7 4 7 . . 3 2 1 1 1 22 3 . . 1 4 1 1 2 3 3 2 . . 5 8 1 1 1 2 7 1 . . 9 7 1 1 1 1 1 5 . . 4 2 1 1 2 3 6 0 . . 1 2 160.1 187.7 170.9 153.8 139.1 145.1 208.3 146.8 136.2 183.6 151.7 171.9 139.4 127.9 153.2 146.6 202.6 162.1 135.3 133.8 142.6 162.5 118.2 117.7 183.7 131.8 145.0 126.0 119.0 138.7 149.5 205.6 164.7 138.2 135.2 143.4 177.4 120.2 119.8 184.1 132.9 148.0 127.0 120.2 142.1 151.4 197.0 163.0 142.4 136.1 143.4 189.0 127.3 123.8 191.3 137.2 154.7 129.0 121.3 144.2 152.7 186.2 159.1 146.6 137.5 145.4 197.9 132.3 129.4 200.2 114.4 161.2 130.8 122.9 146.7 155.0 180.8 158.9 150.5 139.1 146.3 204.3 137.0 133.7 198.0 146.6 168.7 134.1 124.5 150.7 155.7 168.6 157.4 153.6 141.7 146.0 210.5 142.8 135.6 192.2 147.5 174.0 137.2 126.1 152.3 161.7 180.8 167.6 157.8 142.1 146.6 221.7 148.4 139.5 188.6 153.3 180.3 140.3 128.2 156.4 167.4 189.2 179.7 161.6 142.3 146.2 226.0 158.5 143.4 183.7 162.9 185.6 144.3 129.8 157.6 167.2 182.7 176.8 162.9 142.1 148.1 225.0 161.7 145.6 180.4 164.2 187.1 146.8 132.8 159.8 170.2 187.5 183.5 164.8 140.5 145.2 228.5 168.5 147.5 169.4 166.0 186.9 150.0 135.5 162.2 171.9 187.8 189.7 165.8 139.8 144.5 227.4 172.9 148.5 165.8 166.9 186.7 152.7 136.9 163.4 171.5 183.7 188.2 166.1 138.4 143.2 229.0 174.0 149.4 165.4 167.2 184.6 154.0 137.7 164.3 171.8 179.7 186.4 167.5 137.5 142.1 232.2 176.0 149.6 164.7 169.8 185.5 156.6 138.8 168.5 i Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 NATIONAL PRODUCT AND INCOME • FEBRUARY 1975 GROSS NATIONAL PRODUCT (In billions of dollars) 1973 1974 Item 1929 1933 1941 1950 1970 1971 1972 1973 1974* IV II III I VP Gross national product. 103.1 55.6 124.5 284.8 977.1 1,054.9 1,158.0 1,294.9 1,396.7 1.344.0 1.358.8 1,383.8 1,416.3 1,428.0 Final purchases 101.4 57.2 120.1 278.0 972.6 1,048.6 1,149.5 1,279.6 1,383.3 1.315.1 1.341.9 1,370.3 1,407.6 1,413.5 Personal consumption expenditures. 77.2 45.8 80.6 191.0 617.6 667.1 729.0 805.2 877.0 823.9 840.6 869.1 901.3 896.8 Durable goods 9.2 3.5 9.6 30.5 91.3 103.9 118.4 130.3 127.8 124.3 123.9 129.5 136. 121.5 Nondurable goods 37.7 22.3 42.9 98.1 263.8 278.4 299.7 338.0 380.2 352.1 364.4 375.8 389.0 391.5 Services 30.3 20.1 28.1 62.4 262.6 284.8 310.9 336.9 369.1 347.4 352.4 363.8 376.2 383.8 Gross private domestic investment. 16.2 1.4 17.9 54.1 136.3 153.7 179.3 209.4 208.9 224.5 210.5 211.8 205.8 207.6 Fixed investment 14.5 3.0 13.4 47.3 131.7 147.4 170.8 194.0 195.6 195.5 193.6 198.3 197.1 193.2 Nonresidential 10.6 2.4 9.5 27.9 100.6 104.6 116.8 136.8 149.6 141.9 145.2 149.4 150.9 152.7 Structures 5.0 .9 2.9 9.2 36.1 37.9 41.1 47.0 52.2 49.3 51.3 52.2 51.0 54.3 Producers' durable equipment. 5.6 1.5 6.6 18.7 64.4 66.6 75.7 89.8 97.4 92.6 93.9 97.2 99.9 98.4 Residential structures 4.0 .6 3.9 19.4 31.2 42.8 54.0 57.2 46.0 53.6 48.4 48.8 46.2 40.5 Nonfarm 3.8 .5 3.7 18.6 30.7 42.3 53.4 56.7 45.2 53.0 47.8 48.0 45.4 39.8 Ch N a o n n g f e a i r n m b usiness inventories 1.7 - -1 1 . . 4 6 4 4 . . 5 0 6 6 . . 8 0 4 4 . . 5 3 4 6 . . 9 3 8 7. . 8 5 1 1 5 1 . . 4 4 1 1 3 1 . . 4 0 2 2 4 8. . 9 0 1 13 6 . . 1 9 1 1 0 3 . . 4 5 8 6 . . 7 6 1 1 4 3. . 8 4 Net exports of goods and services. 1.1 .4 1.3 1.8 3.6 -.2 -6.0 3.9 2.0 9.3 11.3 -1.5 -3.1 1.2 Exports.. .v 7.0 2.4 5.9 13.8 62.9 65.4 72.4 100.4 139.4 113.6 131.2 138.5 143.6 144.3 Imports 5.9 2.0 4.6 12.0 59.3 65.6 78.4 96.4 137.5 104.3 119.9 140.0 146.7 143.2 Government purchases of goods and services. 8.5 8.0 24.8 37.9 219.5 234.2 255.7 276.4 308.8 286.4 296.3 304.4 312.3 322.4 Federal 1.3 2.0 16.9 18.4 96.2 97.6 104.9 106.6 116.4 108.4 111.5 114.3 117.2 122.8 National defense 13.8 14.1 74.6 71.2 74.8 74.4 78.6 75.3 75.8 76.6 78.4 83.5 Other 3.1 4.3 21.6 26.5 30.1 32.2 39.7 33. 35.7 37.7 38. 39.3 State and local 7.2 6.0 7.9 19.5 123.3 136.6 150.8 169.8 192.4 177.9 184.8 190. 195.1 199.6 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 722.5 746.3 792.5 839.2 821.1 845.7 830.5 827.1 823.1 803.7 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 11992299 11993333 11994411 11995500 11997700 11997711 11997722 11997733 11997744** IV I II III IV* National income 86.8 40.3 104.2 241.1 800.5 857.7 946.5 1,065.6 1,142.2 1,106.3 1,118.8 1,130.2 1,155.5 Compensation of employees. 51.1 29.5 64.8 154.6 603.9 643.1 707.1 786.0 855.7 814.8 828.8 848.3 868.2 877.3 Wages and salaries.... 50.4 29.0 62.1 146.8 542.0 573.6 626.8 691.6 750.6 717.0 727.6 744.6 761.5 768.8 Private 45.5 23.9 51.9 124.4 426.9 449.5 491.4 545.1 592.4 565.8 573.8 588.3 602.5 604.7 Military .3 .3 1.9 5.0 19.6 19.4 20.5 20.6 21.2 21.0 21.0 20.9 20.8 22.0 Government civilian. 4.6 4.9 8.3 17.4 95.5 104.7 114.8 126.0 137.1 130.2 132.8 135.4 138.2 142.0 Supplements to wages and salaries .7 .5 2.7 7.8 61.9 69.5 80.3 94.4 105.0 97.7 101.2 103.7 106.7 108.5 Employer contributions for social insurance .1 .1 2.0 4.0 29.7 33.1 38.6 48.4 53.6 50.1 52.3 53.2 54.5 54.6 Other labor income .6 .4 .7 3.8 32.2 36.4 41.7 46.0 51.4 47.6 48.9 50.5 52.3 54.0 Proprietors' income 15.1 5.9 17.5 37.5 66.9 69.2 75.9 96.1 93.0 103.2 98.4 89.9 92.1 91.6 Business and professional. 9.0 3.3 11.1 24.0 50.0 52.0 54.9 57.6 61.2 58.4 59.3 60.7 62.3 62.5 Farm 6.2 2.6 6.4 13.5 16.9 17.2 21.0 38.5 31.8 44.9 39.1 29.1 29.8 29.1 Rental income of persons 5.4 2.0 3.5 9.4 23.9 25.2 25.9 26.1 26.5 26.4 26.4 26.3 26.6 2266..88 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 69.2 78.7 92.2 105.1 105.4 106.4 107.7 105.6 105.8 Profits before tax 10.0 1.0 17.7 42.6 74.0 83.6 99.2 122.7 141.0 122.7 135.4 139.0 157.0 Profits tax liability 1.4 .5 7.6 17.8 34.8 37.5 41.5 49.8 55.8 49.5 52.2 55.9 62.7 Profits after tax 8.6 .4 10.1 24.9 39.3 46.1 57.7 72.9 85.2 73.2 83.2 83.1 94.3 Dividends 5.8 2.0 4.4 8.8 24.7 25.0 27.3 29.6 32.7 30.7 31.6 32.5 33.2 33.3 Undistributed profits. 2.8 -1.6 5.7 16.0 14.6 21.1 30.3 43.3 52.5 42.5 51.6 50.5 61.1 Inventory valuation adjustment. .5 -2.1 -2.5 -5.0 -4.8 -4.9 -7.0 -17.6 -35.5 -16.3 -27.7 -33.4 -51.2 -29.8 Net interest 4.7 4.1 3.2 2.0 36.5 41.6 45.6 52.3 61.6 55.5 57.5 60.1 62.8 65.9 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

FEBRUARY 1975 • NATIONAL PRODUCT AND INCOME A 57 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1974p 1973 1974 1929 1933 1941 1950 1970 1971 1972 1973 IV I II III IV p Gross national product. 103.1 55.6 124.5 284.8 977.1 1,054.9 1,158.0 1,294.9 1,396.7 1,344.0 1,358.8 1,383.8 1,416.3 1,428.0 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 87.3 93.7 102.9 110.8 119.5 113.9 115.8 118.6 120.7 123.0 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 93.5 102.7 110.0 119.2 126.9 121.3 122.6 125.9 129.5 129.8 Business transfer payments .6 .7 .5 .8 4.0 4.3 4.6 4.9 5.2 5.0 5.1 5.2 5.3 5.3 Statistical discrepancy .7 .6 .4 1.5 -6.4 -2.3 -3.8 -5.0 .0 -2.6 -6.3 .3 3.0 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 1.7 1.1 2.3 .6 -2.9 -.1 -2.7 -3.7 -2.4 -2.7 Equals: National income. 86.8 40.3 104.2 241.1 800.5 857.7 946.5 1,065.6 1,142.2 1,106.3 1,118.8 1,130.2 1,155.5 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 69.2 78.7 92.2 105.1 105.4 106.4 107.7 105.6 105.8 Contributions for social insurance .2 .3 2.8 6.9 57.7 63.8 73.0 91.2 101.5 93.9 99.1 100.8 103.0 103.2 Excess of wage accruals over disbursements .0 .6 .0 _ J — .5 .0 .0 -.6 -1.5 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 75.1 89.0 98.6 113.0 134.6 117.1 123.1 130.6 138.7 145.8 Net interest paid by government and consumers 2.5 1.6 2.2 7.2 31.0 31.2 33.0 38.3 42.3 40.4 40.8 41.9 42.7 43.6 Dividends 5.8 2.0 4.4 8.8 24.7 25.0 27.3 29.6 32.7 30.7 31.6 32.5 33.2 33.3 Business transfer payments .6 .7 .5 .8 4.0 4.3 4.6 4.9 5.2 5.0 5.1 5.2 5.3 5.3 Equals: Personal income , 85.9 47.0 96.0 227.6 808.3 864.0 944.9 1,055.0 1,150.4 1,099.3 1,112.5 1,134.6 1,168.2 1,186.4 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 116.6 117.6 142.4 151.3 170.7 159.9 161.9 168.2 175.1 177.8 Equals: Disposable personal income 83.3 45.5 92.7 206.9 691.7 746.4 802.5 903.7 979.7 939.4 950.6 966.5 993.1 1,008.7 Less: Personal outlays 79.1 46.5 81.7 193.9 635.5 685.9 749.9 829.4 903.0 850.1 866.2 894.9 927.6 923.3 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 617.6 667.1 729.0 805.2 877.0 823.9 840.6 869.1 901.3 896.8 Consumer interest payments 1.5 .5 .9 2.4 16.8 17.7 19.8 22.9 25.0 24.0 24.4 24.8 25.3 25.5 Personal transfer payments to foreigners .3 .2 .2 .5 1.0 1.1 1.1 1.3 1.0 2.2 1.2 1.0 .9 .9 Equals: Personal saving. 4.2 -.9 11.0 13.1 56.2 60.5 52.6 74.4 76.7 89.3 84.4 71.5 65.5 85.4 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 534.8 555.4 580.5 619.6 603.2 622.9 610.3 603.5 602.9 596.2 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of opposite page. PERSONAL INCOME (In billions of dollars) Item 1973 1974p 1973 1974 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec, Total personal income 1,055.0 1,150 1,107 1,107 1,113 1,117 1,125. 1,135 1,143.5 1,159.5 1,167.2 ,178.0 1,185.01 184.5 ,189.7 Wage and salary disbursements. 691.7 751. 722. 722. 728. 732. 737. 745. 753.2 759.7 761.6 767.7 773.0 767.8 765.4 Commodity-producing industries 251.9 270. 264. 262. 264. 265. 267. 270. 272.6 273.3 276.5 278.3 279.5 272.3 268.4 Manufacturing only. 196.6 211. 205. 204, 204. 205. 207. 210. 212.5 214.0 215.5 2H 219.4 214.2 209.2 Distributive industries. . .. 165.1 178. 170. 172. 112. 173. 175. 177. 179.1 180.8 180.7 183.1 183.8 183.9 183.8 Service industries 128.2 142. 134. 135. 137. 138. 139. 141. 142.6 143.5 144. 146.4 146.9 147.4 148.2 Government 146.6 158. 152. 153. 153. 154. 155. 156. 158. 162.1 159.5 159.9 162.8 164.2 165.0 Other labor income 46.0 51.4 48. 49.4 49.9 50. 51. 51.7 52.3 52.9 53.5 54.0 54.5 Proprietors' income 96. 93. 103. 100. 98. 96. 92. 89. 86.9 90.0 93.1 93.2 91.7 91.6 91.5 Business and professional... 57.6 61. 58. 58. 59, 59. 60. 60. 61.2 61.9 62.5 62.5 62.5 62.5 62.5 Farm 38.5 44. 42. 39, 36. 32. 29. 25.7 28.1 30.7 29.0 31. 30.6 29.2 29.1 Rental income 26.1 26. 26. 26. 26, 26. 25. 26. 26.7 26.6 26.6 26.6 26.7 26. 26.9 Dividends 29.6 32. 31, 31. 31, 31. 32. 32. 33.0 33. 33.2 33.4 33.5 33.6 32.7 Personal interest income 90.6 103. 97, 97. 98. 99. 100. 102. 103.5 104.4 105.3 106.9 108.0 109.5 111.1 Transfer payments 117.8 139. 122. 126. 128. 129. 134. 135 137.0 142.5 143.6 146.0 147.6 149.8 155.9 Less: Personal contributions for social insurance 42.8 47.9 43. 46.7 46. 47.0 47.2 47.6 47.9 48.5 48.4 48.6 48.9 48.5 48.3 Nonagricultural income 1,008.0 1,108.9 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 1,145.2 1,150.3 Agricultural income 47.1 41.5 54.2 51.5 48.5 45.5 42.1 38.6 36.8 37.1 40.4 40.6 39.3 39.3 39.4 NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 FLOW OF FUNDS • FEBRUARY 1975 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1974 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974* HI' H2P Funds raised, by type and sector 1 Total funds raised by nonfinancial sectors 69.9 67.9 82.4 95.9 91. S 98.2 147.4 169.4 187.4 175.7 190.8 160.6 1 2 Excluding equities 69.6 66.9 80.0 95.9 88.0 92.5 135.9 158.9 180.1 172.4 185.5 159.3 2 3 U.S. Government 1.8 3.6 13.0 13.4 -3.6 12.8 25.5 17.3 9.7 13.0 6.3 19.6 3 4 5 P B u u b d l g i e c t d a e g b e t n s c e y c u is r s i u ti e e s s 1 . . 5 3 2 1 . . 3 3 4 8 . . 1 9 1 3 0 . . 1 3 - - 2 1. . 3 4 12.91 2 - 6 .5 .0 1 3 3 . . 4 9 2 7 . . 0 7 1 - 3 .1 .1 5 1 . . 1 2 - 2 1 1 . . 5 1 5 4 6 All other nonfinancial sectors 68.1 64.3 69.4 82.5 95.5 85.4 121.9 152.1 177.7 162.7 184.5 141.0 6 7 Corporate equities .3 1.0 2.4 * 3.9 5.8 11.5 10.5 7.2 3.3 5.4 1.2 7 8 Debt instruments 67.9 63.3 67.0 82.6 91.6 79.7 110.4 141.6 170.4 159.4 179.2 139.7 8 9 Debt capital instruments 38.8 38.9 45.7 50.6 50.6 57.6 84.2 94.9 97.1 92.9 100.9 84.9 9 10 7.3 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 17.0 17.8 16.1 10 11 Corporate and foreign bonds 5.9 11.0 15.9 14.0 13.0 20.6 19.7 13.2 10.2 20.9 20.2 21.7 11 12 Mortgages 25.6 22.3 22.0 27.1 27.7 25.7 46.9 67.3 73.2 55.0 62.9 47.2 12 13 Home mortgages 15.4 11.7 11.5 15.1 15.7 12.8 26.1 39.6 43.3 31.3 35.8 26.9 13 14 Other residential 3.6 3.1 3.6 3.4 4.7 5.8 8.8 10.3 8.4 7.5 7.3 7.7 14 15 4.4 5.7 4.7 6.4 5.3 5.3 10.0 14.8 17.0 11.3 15.7 7.0 15 16 2.2 1.8 2.3 2.2 1.9 1.8 2.0 2.6 4.4 4.8 4.1 5.5 16 17 Other private credit 29.0 24.4 21.3 32.0 41.0 22.1 26.3 46.7 73.4 66.5 78.2 54.8 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 29.9 42.1 17.7 18 19 Consumer credit 9.6 6.4 4.5 10.0 10.4 6.0 11.2 19.2 22.9 9.6 12.7 6.6 19 20 Open-market paper -.3 1.0 2.1 1.6 3.3 3.8 -.9 -1.6 1.8 14.9 15.4 14.4 20 21 Other 5.6 6.2 5.1 7.2 12.0 5.9 6.6 7.3 10.0 12.1 8.1 16.0 21 22 By borrowing sector 68.1 64.3 69.4 82.5 95.5 85.4 121.9 152.1 177.7 162.7 184.5 141.0 22 23 Debt instruments 67.9 63.3 67.0 82.6 91.6 79.7 110.4 141.6 170.4 159.4 179.2 139.7 23 24 Foreign 2.4 1.8 4.0 2.7 3.2 2.7 4.6 4.7 7.7 15.7 20.1 11.3 24 25 State and local governments 7.7 6.3 7.9 9.8 10.7 11.3 17.8 14.2 12.3 15.8 16.0 15.7 25 26 Households 28.3 22.7 19.3 30.0 31.7 23.4 39.8 63.1 72.8 42.5 47.5 37.6 26 27 Nonfinancial business 29.5 32.5 35.7 40.1 46.0 42.3 48.2 59.6 77.6 85.4 95.6 75.1 27 28 Farm 3.3 3.1 3.6 2.8 3.2 3.2 4.1 4.9 8.6 7.4 7.3 7.5 28 29 Nonfarm noncorporate 5.7 5.4 5.0 5.6 7.4 5.3 8.7 10.4 9.3 6.7 7.2 6.3 29 30 Corporate 20.4 24.0 27.2 31.7 35.5 33.8 35.4 44.4 59.7 71.3 81.2 61.4 30 31 Corporate equities .3 1.0 2.4 * 3.9 5.8 11.5 10.5 7.2 3.3 5.4 1.2 31 32 Foreign .3 -.3 .1 .2 .5 .1 * -.4 -.2 -.2 -.2 -.2 32 33 Corporate business * 1.3 2.4 -.2 3.4 5.7 11.4 10.9 7.4 3.5 5.6 1.4 33 Totals including equities 34 Foreign 2.7 1.5 4.0 2.8 3.7 2.7 4.6 4.3 7.5 15.5 1199..99 11.2 34 35 Nonfinancial business 29.4 33.8 38.1 39.9 49.4 48.0 59.6 70.5 85.1 88.9 101.2 76.5 35 36 Corporate 20.4 25.3 29.6 31.5 38.9 39.5 46.8 55.3 67.2 74.7 86.7 62.8 36 37 Memo: U.S. Govt, cash balance -1.0 -.4 1.2 -1.1 .4 2.8 3.2 -.3 -1.7 -4.8 -2.3 -7.2 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 95.5 144.2 169.7 189.0 180.5 119933..11 167.8 38 39 By U.S. Government 2.8 4.0 11.8 14.5 -4.0 10.0 22.3 17.6 11.4 17.7 8.6 26.8 39 Private domestic net investment and borrowing in credit markets Total, households and business 1 Total capital outlaysi 173.1 190.6 188.1 207.6 226.7 224.2 253.5 293.0 334.7 330.7 331.6 329.7 1 2 Capital consumption 2 110.3 118.5 128.4 140.4 154.3 166.0 178.9 194.3 211.0 220.4 218.2 222.6 2 3 Net physical investment 62.8 72.2 59.7 67.2 72.4 58.2 74.6 98.7 123.7 110.3 113.5 107.1 3 4 Net funds raised 57.8 56.5 57.5 69.9 81.1 71.4 99.4 133.6 157.9 131.4 148.7 114.1 4 5 Excess net investment 3 5.1 15.7 2.2 -2.7 -8.7 -13.2 -24.8 -34.9 -34.2 -21.1 -35.2 -7.1 5 Total business 6 Total capital outlays 83.6 96.4 93.4 97.9 108.9 108.0 117.1 134.3 160.5 164.1 166.8 161.4 6 7 Capital consumption 50.5 54.2 58.5 63.2 69.5 74.6 80.3 88.2 95.2 103.1 100.9 105.3 7 8 Net physical investment 33.1 42.3 35.0 34.7 39.4 33.5 36.8 46.0 65.3 61.0 65.9 56.1 8 9 Net debt funds raised 29.5 32.5 35.7 40.1 46.0 42.3 48.2 59.6 77.6 85.4 95.6 75.1 9 10 Corporate equity issues * 1.3 2.4 -.2 3.4 5.7 11.4 10.9 7.4 3.5 5.6 1.4 10 11 Excess net investment 3 3.7 8.5 -3.2 -5.2 -10.0 -14.5 -22.8 -24.5 -19.8 -27.9 -35.4 -20.4 11 Corporate business 12 Total capital outlays 62.3 76.5 71.4 75.0 83.7 84.0 87.2 102.5 121.5 125.8 126.0 112255..66 12 13 Capital consumption 35.2 38.2 41.5 45.1 49.8 53.6 57.7 63.0 67.5 72.5 70.8 74.2 13 14 Net physical investment 27.1 38.3 29.9 29.9 33.9 30.4 29.5 39.4 54.0 53.3 55.2 51.4 14 15 Net debt funds raised 20.4 24.0 27.2 31.7 35.5 33.8 35.4 44.4 59.7 71.3 81.2 61.4 15 16 Corporate equity issues * 1.3 2.4 -.2 3.4 5.7 11.4 10.9 7.4 3.5 5.6 1.4 16 17 Excess net investment 3 6.7 13.0 .4 -1.6 -5.0 -9.1 -17.3 -15.8 -13.1 -21.4 -31.6 -11.3 17 Households 18 Total capital outlays 89.6 94.2 94.6 109.7 117.8 116.2 136.4 158.8 174.1 166.6 164.9 168.3 18 19 Capital consumption 59.9 64.3 69.9 77.2 84.8 91.4 98.6 106.1 115.7 117.3 117.3 117.3 19 20 Net physical investment 29.7 29.9 24.7 32.5 33.0 24.7 37.8 52.7 58.4 49.3 47.6 51.0 20 21 Net funds raised 28.3 22.7 19.3 30.0 31.7 23.4 39.8 63.1 72.8 42.5 47.5 37.6 21 22 Excess net investment 3 1.4 7.2 5.4 2.5 1.3 1.4 -2.1 -10.4 -14.4 6.8 .2 13.3 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 FH A, 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

FEBRUARY 1975 • FLOW OF FUNDS A 59 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1974 Transaction category, or sector 11996655 11996666 1967 1968 1969 1970 1971 1972 1973 1974* HI' H2* 1 Tota n l on fu fi n n d a s n c a ia d l v s a e n c c t e o d r s. i n . credit markets to 69.6 66.9 80.0 95.9 88.0 92.5 135.9 158.9 180.1 172.4 185.5 159.3 i 4 5 6 2 3 B T y o R O F U ta p H e t . l S u h s L i b . e n d r l B e G i e t c n l o o a a t a v a d i d g a e n v v e l r s a a n n m n n c a m c i c n o e e e e r s d s s n t g a t s t a n o e s g c d e S u e c & f s r u o i r t L r i i e t e ' i i s s g e s n 4 8 3 . . . . . 1 9 7 4 7 1 4 2 3 1 . . . . . 8 8 4 9 9 - 1 2 4 2 6 1 . . . . 5 . 9 1 8 3 1 2 5 3 2 . . . . . 8 1 4 9 2 1 4 4 6 5 . . . . . 6 0 3 7 7 2 1 8 5 5 1 5 . . . . . 1 7 2 3 9 - 4 3 2 4 1 5 3 . . . . 7 . 9 7 8 7 1 4 8 5 8 . . . . 6 4 2 3 * 3 1 7 7 7 3 1 . . . . . 6 5 2 2 0 4 1 1 8 6 9 9 3 . . . . . 8 7 7 0 9 3 1 1 6 6 9 4 1 . . . . . 8 9 7 3 7 5 2 1 1 6 8 5 6 0 . . . . . 5 3 0 1 8 4 2 6 5 3 By agency— 1 1 7 8 9 0 1 Ag S F M U e p o n . o S o r c n e n . y i e s G g t o b n a r o o r e v r y d e r r o a c n w u r m t e i h n d e o g i n t r t n i a t o i g e t e s n in c c ie lu s ded in line 1 2 2 2 33 . . . .. 8 1 2 88 -1 4 4 5 3 . . . . . 6 8 9 1 5 - - 2 4 4 . . 1 6 . . . 8 6 0 4 3 3 3 . . . . . 9 5 7 2 3 - 8 4 2 8 .3 . . . . 8 9 2 9 1 1 2 8 5 0 0 . . . . . 8 2 0 3 0 2 3 8 3 3 6 . . . . . 8 9 2 2 4 6 2 8 7 . . . . . 6 2 0 4 3 2 1 9 3 0 9 . . . . . 2 3 0 7 6 2 2 1 6 4 5 1 2 . . . . . 2 9 6 0 9 2 1 1 2 0 6 6 0 . . . . . 4 3 1 8 9 2 2 1 9 6 6 7 5 . . . . . 4 5 7 2 0 1 1 7 9 8 0 1 1 1 1 1 1 1 1 6 7 3 5 4 8 2 P T r o i R S L O U C t v a t e e o a . t a l S h s s t r t i s e . e n p e d : r e o G e d a t F r n m o n o a H a t m v d t i o d a e e L r e v l l r t s B o a a n g t m c n n i a m c a a d c g o l d e e f e r s n u f v o s t o g a n t b r a a n d l s e n i g c s e g i d e e g c a a s s n u t d l i r o o b v i a t n a o i n n e s n s s c d e s d 6 3 1 7 6 2 1 8 . . . . . . 3 0 8 6 7 6 * 2 5 1 1 5 5 9 7 2 0 . . . . . . . 6 4 8 4 9 3 0 - 2 6 1 1 2 7 5 3 8 3 6 . . . . 5 . . . 8 1 7 1 0 0 8 3 1 1 1 9 5 7 3 3 5 . . . . . . . 5 9 2 9 3 8 5 4 8 1 1 9 4 4 2 1 5 2 . . . . . . . 9 8 0 2 1 5 7 2 2 7 1 1 5 4 2 0 1 1 2 . . . . . . . 6 2 6 0 3 8 2 - - 2 9 3 1 1 4 2 9 8 3 9 7 . . . 4 . . 7 . . 1 1 7 5 6 1 4 5 4 1 1 1 4 9 6 4 3 5 . . . . . . 6 5 7 4 2 2 * 1 4 8 6 1 1 1 4 7 7 6 3 0 8 . . . . . . . 1 2 4 5 1 7 4 1 2 2 6 4 1 1 5 6 4 5 5 9 7 . . . . . . . 1 9 7 0 8 0 0 1 8 3 6 1 1 1 6 5 1 2 7 6 8 . . . . . . . 8 0 4 5 8 3 9 1 4 2 3 2 1 1 4 6 0 4 6 7 8 . . . . . . . 8 5 6 1 0 6 6 1 1 1 1 1 1 1 5 4 7 6 3 2 8 Private financial intermediation 2 2 2 2 1 1 2 0 3 9 Cr I C O S e n d a o t s i i v h m u t n i e r n s m r m t a g i n t e s a f u i c r r n t i e c k i n a o i e a s a n n t t l n c s i f t e d b u u a n t p n i d o e k s n n i n s s a i g o d n va f n u c n e d d s by private financial 6 2 1 1 2 8 6 4 3 . . . . . 9 7 2 3 6 4 1 1 5 4 7 7 5 . . . . . 4 9 5 5 5 6 3 1 1 - 3 5 2 5 . . 3 . . . 5 9 9 0 3 7 1 1 5 7 8 4 5 . . . . . 3 0 7 0 6 5 1 1 1 5 9 4 8 2 . . . . . 3 9 5 2 7 3 7 1 1 4 5 5 6 7 . . . . . 9 1 7 9 3 1 4 1 1 5 0 1 5 3 0 . . . . . 7 3 4 3 6 1 4 7 5 1 1 9 0 3 7 5 . . . . . 3 5 4 7 8 1 2 8 5 3 1 8 2 5 6 5 . . . . . 8 1 1 6 0 1 2 3 2 6 9 7 4 5 1 . . . . . 2 1 6 8 7 1 2 3 8 5 8 4 3 7 5 . . . . . 8 1 8 8 2 1 4 2 0 3 3 0 7 0 5 . . . . . 7 1 7 0 9 2 2 2 2 1 2 1 3 0 9 2 2 2 5 4 6 So P C ur r r c i e v e d a s i t t e o m f d f a u o r n m k d e e s s t t b ic o r d r e o p w o i s n it g s 6 3 2 7 8 . . . 9 9 4 4 2 5 3 2 . . . 4 5 2 6 5 - 3 0 . . 4 . 5 0 4 7 8 5 5 . . . 3 5 9 5 1 5 2 8 . . . 3 6 8 6 7 - 4 3 .3 . . 9 2 11 9 0 0 9 . . . 7 3 3 15 2 9 3 0 7 . . . 4 3 5 15 8 3 8 4 1 . . . 8 9 6 12 7 1 9 1 6 . . . 2 9 6 1 9 2 54 4 3 . . . 8 6 3 1 4 0 9 9 3. . . 7 9 1 2 2 2 4 6 5 2 2 2 3 3 7 8 9 0 1 Ot T F I h O n e o r t s r e r h u a e e s r s i r o g a u , u n n r n r y c c f e e u e b t s n a a n d la d s n p ce e s n sion reserves - 1 11 1 5 66 1 . .. . 0 .. . 88 4 66 4 1 1 - 3 3 9 3 .5 . . . . 7 0 8 6 1 1 - 2 3 2 .6 . . . . 3 2 9 0 2 1 - 2 1 7 1 .2 . . . . 6 0 2 4 3 1 1 9 4 3 0 . . . . 3 0 8 8 * - 1 1 8 4 2 2 3 . . . 5 . . 9 4 1 0 - 1 3 2 9 2 1 . . . . 2 . 9 1 2 0 3 1 1 5 5 3 6 . . . . . 5 2 1 7 5 - 2 4 1 1 6 0 2 6 . . . . 0 . 5 2 4 7 - 4 2 1 5 0 5 9 1 . . . 3 . . 8 1 0 9 - 2 3 1 2 5 7 3 0 . . 3 . . . 8 0 0 5 - 4 3 1 8 4 4 5 3 . . . 3 . . 5 6 1 3 2 2 2 3 3 8 9 7 1 0 3 3 3 3 3 3 2 7 4 6 3 5 D Pr ir i C S O U C v e t a o o . t a c S h t m r t t e . e e p l m r o G e a n r e d n o a d r o d v t c i m e e n i a l r g e o a n l s c n m t i p a i n d c a l e p c n f o o r e t b e r r n l d s e i o e g i i g t c n a u n f t m i i r n o b i a t n a o i r n s e n k s c d e ia s ts l investors - 2 2 7 1 1 .1 . . . . . 9 9 6 5 0 1 2 2 2 2 8 7 . . . . . . 3 6 3 4 0 6 - - 2 1 4 4 1 1 . . . . 5 4 . . 2 6 7 9 2 - 4 2 8 5 0 .2 . . . . . 7 1 1 8 4 4 1 1 2 8 6 4 7 0 . . . . . . 0 7 5 6 0 2 - - - - 1 2 9 1 4 1 0 . . . . 6 0 2 4 . . 4 7 -1 - - 3 4 9 1 . . . 6 . 2 . . 0 3 6 5 1 4 2 5 3 1 . . . . . . 1 0 2 8 7 6 3 1 1 4 3 9 1 8 1 . . . . . . 4 8 3 1 8 3 - 3 1 1 3 2 2 2 7 2 . . . . . 0 . 9 1 4 9 5 - 3 1 1 8 7 0 1 4 . . . . . 0 . 2 3 9 9 5 - - 2 3 1 5 3 3 1 3 6 . . . 1 . 1 . . 9 2 8 8 3 3 3 3 3 3 4 7 3 5 6 2 4 4 4 3 3 0 1 2 8 9 De T p i o m L A O s a i t e t t r h s s g a e a e n r a v d n n i a n d e t s g g a c c s o v o u t i i m r i n n a r g s m e b t s n i l e t e c a u r y c c t C c i i o a o D n l u ' s n b s a ts n ks 4 3 1 1 3 0 2 3 6 . . . . . 6 5 7 2 0 2 2 1 - 7 0 4 3 .2 . . . . 3 3 4 3 3 5 1 1 4 9 2 8 6 . . . . . 3 3 1 3 7 4 3 1 1 3 8 3 2 7 . . . . . 5 9 3 9 5 -1 -2 3 8 3 5 . . 3 . . . 7 4 4 0 2 6 5 1 1 4 6 6 6 5 . . . . . 1 6 2 9 0 4 9 8 3 7 3 0 2 1 . . . . . 7 9 7 4 0 1 4 3 8 0 5 8 0 5 1 . . . . . 9 7 6 2 9 2 2 8 7 1 9 8 8 6 8 . . . . . 5 8 3 2 5 2 2 2 7 7 1 4 4 7 0 . . . . . 7 6 9 2 5 1 2 8 3 3 0 8 6 0 2 3 . . . . . 8 3 6 0 2 5 5 1 1 1 2 2 7 6 8 . . . . . 1 1 6 9 0 4 4 4 3 3 1 0 2 8 9 4 4 4 3 4 5 Mo D C n e u e m r y r a e n n d cy deposits 2 7 5 . . . 1 8 6 4 2 2 . . . 1 1 0 1 1 2 2 0 . . . 1 8 6 1 1 2 4 2 . . . 4 5 1 2 4 7 . . . 8 7 8 1 3 7 0 . . . 1 5 5 1 9 3 2 . . . 3 4 7 1 1 4 2 6 . . . 4 3 7 1 8 3 2 . . . 6 9 6 7 6 1 . . . 4 0 4 1 8 5 4 . . . 8 6 3 -2 3 . . 9 . 5 4 4 4 4 3 4 5 46 Total of credit market instr., deposits, and currency, 48.4 42.0 56.3 68.7 49.9 64.1 90.5 115.7 128.1 110.2 134.1 86.3 46 4 4 4 7 9 8 T P Pr u o i t b v a l a l i t c e f o s f u r in e p i a p g n o n c r i f t a u l r n a i d n te s te ( r i m n e p d e i r a t c i e o n n t ) ( in per cent) 11 1 00 2 00 .. .. . 88 11 8 7 1 2 5 7 . . . 1 9 9 9 1 4 3 4 . . . 3 2 1 8 1 2 6 2 . . . 9 4 7 6 1 9 8 7 . . . 1 3 8 1 3 0 1 0 3 . . . 8 1 4 1 2 3 1 3 0 2 . . . 2 7 8 10 1 1 4 3 1 . . . 5 6 5 9 1 7 5 8 . . . 2 4 4 2 2 8 4 9 8 . . . 1 9 4 2 9 2 5 1 1 . . . 3 4 4 2 8 3 8 1 6 . . . 3 3 6 4 4 4 9 7 8 Corporate equities not included above 2 4 5 3 1 A T O o c t O M h t q a e t u u l h r i t s e n u n i r e t a e i t e t l o q i n p f s u u s s u u i n r t b e i d c e y s h s s a h f s i a n e r s a e n s c ial institutions -2 3 6 3 . . . . . 6 5 1 2 3 -1 4 6 33 11 . . .. . .. 2 8 77 0 11 -3 9 2 5 3 . . . . . 6 5 1 5 0 - 1 4 6 5 0 . . . . 4 . 4 8 6 8 - 1 1 2 4 5 0 2 . . . . 2 . 8 2 0 2 - 1 1 1 2 7 0 1 . . . . 0 . 6 7 4 4 - 1 1 1 4 4 1 9 3 . . 5 . . . 8 1 3 6 - 1 1 1 - 3 2 3 6 . . 7 1 . . . 9 6 0 - - 1 1 5 9 8 3 . . . . 6 4 . 6 0 4 4 6 5 1 1 . . . . . 5 1 0 6 0 - - 3 8 5 6 . . 8 . . . 0 9 9 7 2 6 5 3 1 . . . . . 3 2 9 0 2 4 2 3 5 1 Notes 29. Demand deposits at commercial banks. Line 30. Excludes net investment of these reserves in corporate equities. 1. Line 2 of p. A-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 • FEBRUARY 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 III IV Merchandise trade balance 1 -2,722 -6,986 471 578 1,210 -74 -1,631 Exports 42,754 48,768 70,277 18,152 20,216 22,299 24,089 Imports -45,476 -55,754 -69,806 -17,574 -19,006 -22,373 -25,720 • Military transactions, net -2,908 -3,604 -2,266 -547 -123 -493 -664 Travel and transportation, net. -2,341 -3,055 -2,710 -613 -630 -533 -730 Investment income, net 2 5,021 4,526 5,291 1,257 1,378 3,076 1,846 U.S. direct investments abroad 2 6,385 6,925 9,415 2,323 2,688 4,619 4,516 Other U.S. investments abroad 3,444 3,494 4,569 1,179 1,292 1,500 1,840 Foreign investments in the United States 2 . -4,809 -5,893 -8,693 -2,245 -2,602 -3,043 -4,510 Other services, net 2 2,781 3,110 3,540 984 901 921 996 Balance on goods and services 3. -170 -6,009 4,327 1,659 2,736 2,897 -184 -195 3,800 4,018 -7 Remittances, pensions, and other transfers. -1,604 -1,624 -1,943 -412 -111 -390 -467 Balance on goods, services, and remittances..., -1,774 -7,634 2,383 1,247 2,019 2,507 -651 U.S. Government grants (excluding military). -2,043 -2,173 -1,933 -623 3,077 3,654 -476 Balance on current account -3,817 -9,807 450 -485 -447 4-2,561 -1,435 -1,07716 2 21,,655732 41 ,0-7554 --12,9,0528 6 U.S. Government capital flows excluding nonscheduled repayments, net 5 -2,111 -1,705 -2,938 -608 -1,066 4 1,307 335 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 Long-term private capital flows, net -4,381 -98 62 1,527 -1,451 506 -973 U.S. direct investments abroad -4,943 -3,517 -4,872 -710 -1,374 -627 -1,527 Foreign direct investments in the United States -115 383 2,537 886 712 1,281 1,677 Foreign securities -966 -654 -807 -209 -525 -646 -313 U.S. securities other than Treasury issues 2,289 4,507 4,051 1,173 670 687 419 Other, reported by U.S. banks -862 -1,158 -647 225 -504 -11 -898 Other, reported by U.S. nonbanking concerns 216 341 -200 162 -430 -178 -331 Balance on current account and long-term capital 5. -10,559 -11,235 -1,026 1,891 -741 1,795 -2,179 222 999 2,192 -2,435 Nonliquid short-term private capital flows, net -2,347 -1,541 -4,276 97 -1,253 -3,966 -5,429 Claims reported by U.S. banks -1,802 -1,457 -3,940 222 -1,119 -2,807 -5,324 Claims reported by U.S. nonbanking concerns -530 -305 -1,240 -460 -664 -1,622 -813 Liabilities reported by U.S. nonbanking concerns. -15 221 904 335 530 463 708 Allocations of Special Drawing Rights (SDR's) 717 710 Errors and omissions, net -9,776 -1,790 -2,303 -336 1,125 1,118 1,686 Net liquidity balance. -21,965 -13,856 -7,606 1,652 -869 -1,053 -6,222 637 -89 -223 -6,607 Liquid private capital flows, net -7,788 3,502 2,302 290 3,530 2,095 1,697 Liquid claims -1,097 -1,247 -1,944 -521 -493 -2,604 -1,141 Reported by U.S. banks -566 -742 -1,103 -456 -472 -2,232 -1,236 Liqu R id e p li o a r b t i e li d ti e b s y — U .S. nonbanking concerns.. -6 - ,6 5 9 3 1 1 4 - , 5 7 0 4 5 9 4 - , 8 2 4 4 1 6 - 8 6 1 5 1 4, - 0 2 2 1 3 4 - , 3 6 7 9 2 9 2,83 9 8 5 Foreign commercial banks -6,908 3,716 2,952 699 3,227 4,644 1,944 I O n t t h e e r r n a f t o io r n ei a g l n a e n rs d regional organizations. -4 6 6 8 5 2 9 1 2 0 9 4 3 8 7 8 7 7 - 1 5 6 0 2 4 3 1 8 2 4 -5 6 8 4 5 0 2 6 9 0 2 2 Official reserve transactions balance, financed by changes in—. -29,753 -10,354 -5,304 1,942 2,661 1,042 -4,525 939 2,982 1,495 -4,105 Liquid liabilities to foreign official agencies 27,615 9,734 4,452 Other readily marketable liabilities to foreign official agen- -1,488 -2,145 -553 4,258 -551 399 1,118 Nonliquid liabilities to foreign official reserve agencies re- 11 -354 -277 182 ported by U.S. Govt 341 189 -475 -452 -147 -2 U.S. official reserve assets, net 2,348 32 209 -13 -15 -210 -345483 Gold 866 547 SDR's -249 -703 9 -29 Convertible currencies 381 35 233 -85 Gold tranche position in IMF 1,350 153 -33 13 -15 -209 -244 Memoranda: Transfers under military grant programs (excluded from lines 2, 4, and 14) 3,204 4,189 2,772 758 487 393 542 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20) 3,157 4,521 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21) 498 548 Balances excluding allocations of SDR's Net liquidity -22,682 -14,566 -7,606 637 -89 -223 -6,607 Official reserve transactions. -30,470 -11,064 -5,304 939 2,982 1,495 -4,105 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • FOREIGN TRADE; U.S. RESERVE ASSETS A 61 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports i Imports 2 Trade balance 1971 1972 1973 1974 1971 1972 1973 1974 1971 1972 1973 1974 Month: Jan.... ,601 4,074 4,955 7,111 3,599 4,436 5,244 6,467 2 -361 -289 644 Feb... ,695 3,824 5,070 7,606 3,564 4,473 5,483 7,392 130 -649 -413 213 Mar... ,790 3,869 5,311 7,674 3,628 4,515 5,414 7,845 160 -647 -103 -171 Apr... ,631 3,820 5,494 8,234 3,774 4,417 5,360 8,141 -143 -596 + 133 93 May.. ,746 3,882 5,561 7,630 3,908 4,486 5,703 8,407 -161 -604 -142 -777 June.. ,672 3,971 5,728 8,357 4,037 4,468 5,775 8,613 -365 -497 -47 -256 July... ,573 4,074 5,865 8,307 3,832 4,565 5,829 9,036 -259 -491 +37 -728 Aug... ,667 4,197 6,042 8,370 3,913 4,726 6,011 9,502 -247 -530 +32 -1,132 Sept... ,487 4,176 6,420 8,286 4,179 4,612 5,644 8,519 308 -436 +776 -233 Oct... ,669 4,316 6,585 8,665 3,469 4,738 5,996 8,635 -800 -421 +589 29 Nov... ,196 4,473 6,879 9,061 3,456 5,148 6,684 9,174 -260 -675 + 195 -113 Dec... ,881 4,558 6,949 8,729 4,169 5,002 6,291 9,335 -228 -444 +658 -606 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 26,455 11,094 14,888 18,972 27,145 -1,348 -1,540 + 1,441 -690 Year3... 43,549 49,208 70,823 97,907 45,563 55,555 69,476 100,972 -2,014 -6,347 + 1,348 -3,065 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Sum of unadjusted figures. Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. NOTE.—Bureau of the Census data. Details may not add to totals be- 2 General imports including imports for immediate consumption plus cause of rounding. entries into bonded warehouses. 3. U.S. RESERVE ASSETS (In millions of dollars) EE yy nn ee dd aa rr oo ff TToottaall Tot G a o l 2 ld st T oc re k a i s ury vv cc ffoo ee uu CC cc rr rr rr oo ii tt ee rr ee ii nn ii ee bb ss gg nn -- ll nn ee -- pp RR oo II ee ss MM ss ii ii ee nn tt FF rr ii oo vv nn ee SSDDRR''ss 33 EE mm nn oo dd nn tt oo hh ff TToottaall Tot G al o 2 l d s T to r c e k as ury vv cc ffoo ee uu CC cc rr rr rr ii oo tt ee ee rr ii nn ii ss ee bb gg 44 -- nn ll nn ee -- pp RR oo ee II ss ss MM ii ii ee nn tt rr ii FF oo vv nn ee SSDDRR''ss 33 1960... 19,359 17,804 17,767 1,555 1974 1961... 18,753 16,947 16,889 116 1,690 Jan.... 14,565 11,652 11,567 59 688 2,166 1962... 17,220 16,057 15,978 99 1,064 Feb.... 14,643 11,652 11,567 68 757 2,166 1963... 16,843 15,596 15,513 212 1,035 Mar.... 14,588 11,652 11,567 9 761 2,166 1964... 1166,,667722 15,471 15,388 432 769 Apr.. .. 14,642 11,652 11,567 9 824 r2,157 May... 14,870 11,652 11,567 66 989 2,163 1965... 15,450 13,806 13,733 781 863 June... 14,946 11,652 11,567 94 1,005 2,195 1966... 14,882 13,235 13,159 1,321 326 July.... 14,912 11,652 11,567 12 1,021 2,227 1967... 14,830 12,065 11,982 2,345 420 Aug... 15,460 11,652 11,567 224 1,384 2,200 1968... 15,710 10,892 10,367 3,528 1,290 Sept.... 15,893 11,652 11,567 246 1,713 2,282 1969... 55 1166,,996644 11,859 1100,,336677 52,781 2,324 Oct 15,890 11,652 11,567 193 1,739 2,306 Nov.... 15,840 11,652 11,567 43 1,816 2,329 1970... 14,487 11,072 10,732 629 1,935 851 Dec 15,883 11,652 11,652 5 1,852 2,374 1971... 612,167 10,206 10,132 6 276 585 1,100 19727. . 13,151 10,487 10,410 241 465 1,958 1975— 19738 . . 14,378 11,652 11,567 8 552 2,166 915,948 11,635 11,635 2 91,908 9 2,403 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 $1,851 at time of revaluation. million, and total U.S. reserve assets, $15,826 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 (GNP) accounts of the United States. NOTE.—Data are from U.S. Department of Commerce, Bureau of Eco- 4 Includes under U.S. Government grants $2 billion equivalent, rep- nomic Analysis. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 U.S. GOLD TRANSACTIONS • FEBRUARY 1975 4. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales [—1 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 FFrraannccee --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: A ropntinp ---333000 ------333333999999 -----11111 -----2222255555***** --2255 ----22228888 Brazil 777222 555444 2222255555 ------333333 -----11111 ----22223333 Colombia 111000 2222299999 777777 ** ----1111 Vpnp7iip1 A -----2222255555 Other --1111 --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 --iiii99 T pKanon --1111 -----1111111111 --11 -------99999995555555 ----33335555 -------33333334444444 ----11110000 Pfii'Hfim'n^c 2255 2200 ** --11 9999999 4400 --44 ----2222 -------55555550000000 -------88888881111111 111111 ---333000 Other --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 333999 --33 TToottaall •• .... 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---333888 --33 All nth^r ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---111 ---888111 ---666 TTVViittaall ff^^rr^^iioonn ccnnnnnnttnn^^QQ --339922 --3366 ---111,,,333222222 ---666000888 ---111,,,000333111 ---111,,,111111888 999955557777 ----666633331111 ----888844445555 ----3333 Tntl \yfnnptflrv FnnH 4 555---222222555 111777777 222222 ---333 11110000 ----111155556666 ----22222222 ----555544444444 Grand, total • «« --339922 --3366 ---111...555444777 ——— 444...333111 ---111...000000999 ---111 111222111 999966667777 6666----777788887777 ----888866667777 ----555544447777 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 4 Includes IMF gold sales to and purchases from the United States, less gold deposits by the IMF. U.S. payment of increases in its gold subscription to IMF, gold deposits 6 Includes the U.S. payment of $385 million increase in its gold 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

FEBRUARY 1975 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 63 U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions of dollars) Liabilities to foreign countries Official institutions2 Liquid Liquid liabilities to liabili- other foreigners ties to Liquid IMF Nonmar- Liquid Total a a c t f r r g t r i a i o s o o n l i m n d n s s g - 1 Total t p l S b i i t o e a h a e b i s r b o r n n t y m i r r k e l t e i d s - - - M n T b U o a a o a r b t r n n e . e S k a l d d e s . s e s 3 . t - N v k T b o e e c U o a n r r t o n n e t . a m n S i a b d d b - . a s l s l . e e r - n v k T b o n e e U o a r n r o t n n e t . a c t S i a d b d e o b . s s l s n l . e 4 e - m r l O i e t a a a i a t r b e b h d k s l i e i e l e 5 l i r y - t - a t m o l b b i a e a r t c i r b o n e o c i a k s m l i d a i s - l 6 - Total p t l S b i i t o e a h a e b i r s b o r n n t y m i r r k e l t e i d s - - - n M T b o U a a o a r t b r e n n e .S k s l a d d e 3 . s e s ' . t 7 - U.S. notes U.S. 24,268 800 12,914 11,963 751 200 5,346 3,013 2,565 /26,433 800 14,459 12,467 1,217 703 63 9 5,817 3,397 3,046 \26.394 800 14,425 12,467 1,183 703 63 9 5,817 3,387 3,046 J29,313 800 15,790 13,224 1,125 1,079 204 158 7,271 3,730 3,354 129,364 800 15,786 13,220 1,125 1,079 204 158 7,303 3,753 3,377 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 /31,145 1,011 14,841 12,484 860 256 328 913 10,116 4.271 3.743 \31,020 1,011 14,896 12,539 860 256 328 913 9,936 4.272 3.744 /35,819 1,033 18,201 14,034 908 711 741 1,807 11,209 4,685 4,127 \35,667 1,033 18,194 14,027 908 711 741 1,807 11,085 4,678 4,120 J38,687 1,030 17,407 11,318 529 701 2,518 2,341 14,472 5,053 4,444 \38,473 1,030 17,340 11,318 462 701 2,518 2,341 14,472 4,909 4,444 '0/45,755 1,019 '015,975 11,054 346 10 555 i02,515 1,505 23,638 4,464 3,939 \45,914 1,019 15,998 11,077 346 555 2,515 1,505 23,645 4,589 4,064 J47,009 566 23,786 19,333 306 429 3,023 695 17,137 4,676 4,029 146,960 566 23,775 19,333 295 429 3,023 695 17,169 4,604 4,039 J67,681 544 51.209 39,679 1,955 6,060 3,371 144 10,262 4,138 3,691 \67,808 544 50,651 39,018 1,955 6,093 3,441 144 10,949 4,141 3,694 82,862 61.526 40,000 5,236 12,108 3,639 543 14,666 5,043 4,618 92,391 66,810 43,919 5,701 12,319 3,210 1,661 17,647 5,931 5,501 89,900 63,871 41,556 5,229 12.321 3,210 1,555 18,040 6,067 5,618 91,857 64,100 41,992 5,192 12.322 3,210 1,384 19,715 6,249 5,839 95,572 65.527 43,412 5,192 12.329 3,210 1,384 22,056 6,571 6,171 97,368 67,154 45,175 5,020 12.330 3,210 1,419 22,103 6,816 6,399 100,929 68,160 46,177 5,013 12,330 3,210 1,430 24,316 6,906 6,540 103,731 69,994 47,430 5,013 12,330 3,655 1,566 24,854 7,173 6,810 106,757 71,091 48,447 5,013 12,330 3,655 1,646 26,517 7,338 6,961 109,751 70,970 48,400 4,940 12,330 3,655 1,645 29,224 7,523 7,157 110,366 72,601 50,107 4,880 12,330 3,655 1,629 27,783 8,051 7,658 111,742 73,658 50,831 4,880 12,330 3,867 1,750 27,900 8,125 7,694 114,484 74,888 51,686 4,906 12,330 3,867 2,099 29,103 8,408 7,927 116,792 76.210 52,804 5,055 12,330 3,867 2,154 29,638 8,870 8,372 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 10 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 2 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 nonnegotiable, 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. • FEBRUARY 1975 6. U.S. LIQUID AND OTHER LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) Total Western Latin End of period f oreign Europe 1 Canada American Asia Africa countries republics 196 7 18,194 10,321 1,310 1,582 4,428 250 /17,407 8,070 1,867 1,865 5,043 259 1968 3 \17,340 8,062 1,866 1,865 4,997 248 4 15,975 4 7,074 1,624 1,888 4,552 546 1969 3 4 15,998 4 7,074 1,624 1,911 4,552 546 /23,786 13,620 2,951 1,681 4,713 407 1970 3 \23,775 13,615 2,951 1,681 4,708 407 /51,209 30,010 3,980 1,414 14,519 415 1971 5 150,651 30,134 3,980 1,429 13,823 415 197 2 61.526 34,197 4,279 1,733 17,577 777 1973—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... 73,658 43,041 3,809 3,986 17,186 2,947 Nov.** 74,888 43,223 3,710 3,619 18,475 3,204 Dec. P. 76,210 44,161 3,665 4,246 18,346 3,161 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 with marketable notes issued to foreign official nonreserve agencies; and inbanks; a number of reporting banks are included in the series for the vestments by foreign official reserve agencies in debt securities of U.S. 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 nonmonetary international To all foreigners and regional organizations6 Payable in dollars IMF Deposits End of period Total i Total Dem D an e d p os T it i s m e 2 b T i c c r l e U l e a s r a t . t e S s i a u f s . i n r 3 - d y s O l t h i e a t o r h b r m e . t 4 r - P r fo a e c r n y i u e n a c r i i b g - e l n s e in m g v o e e s n ld t t - 5 Total Demand Time2 b T c i r l c e U l e s a r a . t t S s i e a f u . s i n - r d y 40,199 39,771 20,460 6,959 5,015 7,336 429 800 613 63 83 244 f41,719 41,351 15,785 5,924 14,123 5,519 368 400 821 69 159 211 41,761 41,393 15,795 5,961 14,123 5,514 368 400 821 69 159 211 55,404 55,019 10,399 5,209 33,025 6,385 386 400 1,372 73 192 210 55,428 55,036 6,459 4,217 33,025 11,335 392 400 1,367 73 192 210 60,697 60,201 8,290 5,603 31,850 14,458 496 1,413 86 202 326 69,022 68,425 11,310 6,863 31,886 18,366 597 1.955 101 83 296 67,067 66,427 10,826 6,809 29,543 19,249 640 1,853 95 89 286 69,239 68,470 11,477 6,855 30,274 19,864 770 1,693 77 63 232 72,790 72,024 11,656 6,986 31,444 21,938 766 1,151 96 63 227 74,787 74,080 11,981 7,324 32,676 22,099 706 1,109 60 57 209 78,365 77,712 11,675 7,629 33,983 24,425 653 1,333 95 53 46 80,687 79,895 12,860 8,276 34,038 24,721 792 1,593 106 66 91 83,610 82,944 12.227 8,661 34.178 27,877 666 1,685 121 66 51 86,642 85,897 11,848 9,091 33.179 31,778 746 1,861 81 68 146 87,388 86,693 12,771 9,220 33,467 31,235 696 1,840 128 69 75 88,361 87,643 11.228 9,789 34,187 32,438 719 1,937 125 89 93 90,672 89,928 12,860 9,532 35,020 32,515 744 1.956 128 89 94 92,713 91,947 14,062 10,115 35,190 32,580 966 1,900 139 101 25 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 End of period Total Dema D n e d p osi T ts i me2 T b c i r c l e U e a l r s a t . t e s S i a u s 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 osi T ts i me2 T bi r c c l U e e a ls a r t . t S e s a i u s . f n i r 3 - d y s O t l h i e t a o r h b r m e t .4 r - 1969 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,158 /40,499 15,716 5,765 13,511 5,138 368 19,333 1,652 2,554 13,367 1,612 19707 \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 39,685 1,620 2,504 32,311 3,086 19718 \53,661 6,386 4,025 32,415 10,443 392 39,018 1,327 2,039 32.311 3,177 1972—Dec. 59,284 8,204 5,401 31,523 13,659 496 40,000 1,591 2,880 31,453 3,905 1973—Dec. 67,067 11,209 6,780 31,590 16,892 597 43,919 2,125 3,911 31,511 6,245 1974—Jan.. 65,214 10.731 6,720 29,257 17,865 640 41,556 2,379 3,705 29,152 6,192 Feb. 67,546 11,399 6,792 30,042 18,543 770 41,992 2,408 3,703 29,917 5,836 Mar. 71,639 11,559 6,924 31,217 21,173 766 43,412 2,631 3,800 31,064 5,790 Apr. 73,677 11.921 7,267 32,467 21,315 706 45,175 2,920 3,949 32.312 5,867 May 77,033 11,580 7,576 33,937 23,287 653 46,167 2,352 4,025 33,731 5,931 Jun.. 79,094 12,753 8,210 33,947 23,391 792 47,430 2,643 4,277 33,745 6,638 Jul.. 81,925 12,107 8,596 34,128 26,429 666 48,447 2,561 4,463 33,749 7,547 Aug. 84,781 11,767 9,023 33,033 30,212 746 48,400 2,473 4,447 32,687 8,665 Sept. 85,548 12,643 9,151 33,392 29,666 696 50,107 2,824 4,311 32,955 9,890 Ovt. 86,425 11,104 9,700 34.094 30,808 719 50,831 2,168 4,483 33,634 10,418 Nov. 88,716 12.732 9,443 34,927 30,871 744 51,550 2,472 4,122 34,467 10,498 Dec. 90,814 13.922 10,014 35,165 30,946 766 52,671 2,947 4,330 34,656 10,610 To banksio To other foreigners Payable in dollars End of period Total Total Dema D nd ep osi T ts i me2 T b c i r c l e U e l a r s a . t t s S e i a u f s . n i r - d y s O l t i h e a t o r h b r m e . t 4 r - Total Dema D n e d p osi T ts i me2 T b c i r c l U e e l a r s a . t t s S e i a u f . s n i r - d y s O l t i h e a t o r h b r m e . t 4 r - 1969 23,419 16,756 1,999 4,644 4,064 1,711 1,935 107 312 19707 1 1 6 6 , , 9 9 1 4 7 9 1 1 2 2 , , 3 38 7 5 6 1 1 , , 3 3 2 5 6 4 3 3 , , 1 2 9 0 7 2 4 4 , , 0 0 3 2 8 9 1 1 , ,6 6 8 8 8 8 1 1 , ,8 8 9 86 5 1 1 3 3 1 1 3 3 2 2 5 5 10,034 7,047 850 2,130 3,692 1,660 1,663 96 274 19718 10,721 3,399 320 6,995 3,694 1,660 1,666 96 271 1972—Dec. 14,340 4,658 405 5 9,272 4,618 1,955 2,116 65 481 1973—Dec. 23,147 17,178 6,941 515 11 9,710 5,500 2,143 2,353 68 936 1974—Jan.. 23,658 17,527 6,329 517 14 10,668 5,618 2,024 2,498 91 1,005 Feb.. 25,554 19,072 6,853 526 32 11,662 5,840 2,139 2,563 93 1,045 Mar. 28,226 21,417 6,573 511 54 14,279 6,171 2,356 ,613 98 1,104 Apr., 28,503 21,524 6,603 683 63 14,174 6,400 2,398 ,635 92 1 ,274 May 30,866 23,800 6,913 795 82 16,010 6,540 2,315 ,756 124 1,346 June, 31,664 24,190 7,692 1,004 95 15,398 6,810 2,419 ,929 107 1,355 July. 33,478 25,978 7,110 1,165 204 17,499 6,961 2,436 ,967 175 1,383 Aug. 36,381 28,606 6,897 1,426 200 20,083 7,156 2,397 ,150 145 1,464 Sept. 35,442 27,214 7,098 1,576 258 18,282 7,659 2,722 ,264 179 1,495 Oct.. 35,594 27,309 6,361 1,796 268 18,884 7,694 2,574 ,422 193 1,505 Nov. 37,166 28,623 7,622 1,713 253 18,899 7,927 2,638 3,608 207 1,474 Dec. 38,143 29,132 8,265 1,882 232 18,753 8,372 2,710 3,802 277 1,583 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 short-term liabilities." 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 with 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- to 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 2 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 nonnegotiable, 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. • FEBRUARY 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 AArreeaa aanndd ccoouunnttrryy Dec. Dec. Apr. May June July Aug. Sept. Oct. Nov.f Dec.*3 Europe: Austria 272 161 248 298 310 482 528 595 566 557 607 Belgium-Luxembourg 1,094 1,483 1,795 1,739 1,827 1,819 1,928 1,924 2,038 2,286 2,497 Denmark 284 659 358 261 266 239 251 268 285 338 369 Finland 163 165 140 143 174 203 229 219 223 262 266 France 4,441 3,483 2,767 3,019 3,425 3,763 3,611 3,561 3,920 3,822 4,274 Germany 5,346 13,227 13,035 13,778 13,528 12,602 11,873 9,337 8,623 9,102 9,421 Greece 238 389 285 239 232 222 298 293 255 213 248 Italy 1,338 1,404 1,386 1,435 1,281 1,327 1,101 3,138 2,748 2,192 2,617 Netherlands 1,468 2,886 2,507 2,407 2,352 2,232 2,234 2,498 3,009 3,177 3,234 Norway 978 965 923 923 911 878 894 1,023 1,131 1,181 1,040 Portugal 416 534 450 452 411 429 422 435 411 338 310 256 305 289 365 324 362 303 377 347 332 382 Sweden 1,184 1,885 1,475 1,350 1,211 1,160 1,049 1,096 1,071 1,103 1,138 Switzerland 2,857 3,377 4,228 5,138 6,386 7,216 7,850 8,388 8,847 9,378 10,007 Turkey 97 98 92 95 125 134 106 100 121 102 152 United Kingdom 5,011 6,148 7,697 8,792 8,533 8,294 8,969 8,606 7,562 7,698 6,909 Yugoslavia 117 86 82 86 100 106 100 151 136 105 183 Other Western Europe* 1,483 3,352 3,003 2,639 2,701 2,851 2,829 3,122 3,329 3,432 4,051 U.S.S.R 11 22 52 28 27 27 26 40 44 33 82 Other Eastern Europe 81 110 95 104 126 133 147 149 136 138 208 Total 27,136 40,742 40,905 43,292 44,249 44,479 44,749 45,320 44,803 45,789 47,995 Canada 3,432 3,627 4,350 3,983 3,550 3,595 3,250 3,754 4,226 3,725 3,512 Latin America: Argentina 638 924 1,071 1,194 1,379 1,252 1,189 1,105 1,017 938 886 Bahamas 2 540 824 1,336 1,946 1,487 1,546 3,201 1,155 1,672 1,740 1,489 Brazil 605 860 774 731 782 778 817 873 894 951 1,035 Chile 137 158 226 193 240 279 253 266 270 297 276 Colombia 210 247 227 227 217 264 285 293 292 305 305 Cuba 6 7 6 6 6 7 6 7 6 7 7 Mexico 831 1,285 1,379 1,417 1,412 1,411 1,610 1,643 1,731 1,731 1,772 Panama 167 282 444 559 559 566 445 511 484 474 490 Peru 225 135 160 162 166 197 185 182 177 183 275 Uruguay 140 120 121 132 121 122 115 120 128 140 147 Venezuela 1,078 1,468 2,297 2,248 2,708 2,600 2,999 3,217 2,932 2,773 3,238 Other Latin American republics 861 884 1,151 1,059 1,080 1,183 1,066 1,214 1,115 1,176 1,316 Netherlands Antilles and Surinam 86 71 63 95 124 92 103 123 138 135 158 Other Latin America 44 359 566 424 450 671 825 549 478 777 462 Total 5,568 7,626 9,821 10,393 10,732 10,964 13,099 11,256 11,335 11,627 11,856 Asia: China, People's Rep. of (China Mainland) 39 38 39 39 33 39 40 40 43 45 50 China, Republic of (Taiwan) 675 757 573 620 688 772 842 822 797 808 818 Hong Kong 318 372 453 512 462 470 490 621 470 551 530 98 85 177 264 225 172 131 158 140 156 261 Indonesia 108 133 305 220 257 863 785 943 1,600 1,363 1,221 Israel. 177 327 275 267 256 226 211 217 218 279 386 Japan 15,843 6,954 8,668 9,060 9,419 9,974 9,894 10,115 10,385 10,869 10,890 Korea 192 195 253 234 262 215 277 304 313 309 385 Philippines 438 515 642 731 772 762 715 748 726 731 747 Thailand 171 247 536 517 524 451 403 362 328 333 333 Other 1,071 1,202 1,942 1,886 2,572 3,634 4,272 4,726 4,832 5,681 5,445 Total 19,131 10,826 13,861 14,350 15,470 17,578 18,062 19,056 19,851 21,125 21,066 Africa: Egypt 24 35 68 71 84 91 105 73 109 109 103 Morocco 12 11 15 20 39 54 63 79 73 59 38 South Africa 115 114 83 122 102 170 156 157 138 155 130 Zaire 21 87 43 52 58 46 46 43 41 82 84 Other 768 808 1,500 1,703 1,911 2,042 2,258 2,893 2,973 3,199 3,196 Total 939 1,056 1,709 1,968 2,193 2,403 2,627 3,244 3,333 3,604 3,551 Other countries: Australia 3,027 3,131 2,979 2,980 2,831 2,848 2,926 2,847 2,788 2,659 2,745 All other 51 59 52 68 69 58 68 72 71 86 89 Total 3,077 3,190 3,031 3,047 2,900 2,906 2,994 2,918 2,859 2,845 2,834 Total foreign countries 59,284 67,077 73,677 77,033 79,094 81,925 84,781 85,548 86,408 88,716 90,814 International and regional: International 3 951 1,627 840 1,038 1,250 1,328 1,512 1,479 1,610 1,677 1,632 Latin American regional 307 272 217 226 222 248 257 256 227 208 200 Other regional4 156 57 51 69 122 108 93 103 100 71 68 Total 1,413 1,955 1,109 1,333 1,593 1,685 1,861 1,840 1,937 1,956 1,900 Grand Total 60,697 69,022 74,787 78,365 80,687 83,610 86,642 87,388 88,345 90,672 92,713 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Area and country Apr. Dec. Apr. Apr. Apr. Dec Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus 2 3 9 19 10 Laos 3 2 3 3 Iceland 9 9 12 8 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 Vietnam 185 135 98 88 98 Ecuador 62 121 109 92 90 Oil-producing countries 7 227 534 486 652 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 Algeria 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 Ghana 11 10 28 20 22 Paraguay 17 22 26 29 40 Kenya 14 23 19 23 20 Trinidad and Tobago 15 20 17 17 21 Liberia 25 30 31 42 29 Libya 296 393 312 331 Other Latin America: Nigeria 56 85 140 78 Bermuda (2) (2) 127 242 201 Southern Rhodesia 2 2 1 2 1 British West Indies 23 36 100 109 Sudan 5 3 3 3 2 Tanzania 6 11 16 12 12 Other Asia: Tunisia 7 10 11 7 17 Afghanistan 17 25 19 22 Uganda 10 7 19 6 11 Burma 5 2 17 12 Zambia 7 28 37 22 Cambodia 2 3 3 2 Jordan 2 4 4 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 Fund. 6 Included in Japan after Apr. 1972. 4 Asian, African, and European regional organizations, except BIS and 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, European Fund, which are included in "Europe." Syria, and United Arab Emirates (Trucial States). 9. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area TToo iinnttll.. EEnndd ooff ppeerriioodd TToottaall aanndd Official Other United Total rreeggiioonnaall Total institu- Banks1 foreign- Ger- King- Other Latin Japan Other tions ers many dom Europe America Asia 1970 1,703 789 914 695 165 53 110 42 26 152 385 11 19 99 7 7722 1 22 \ f 1 1 , , 0 0 9 1 0 0 8 0 2 4 5 5 4 6 8 6 2 0 4 4 4 3 5 3 9 7 9 1 9 9 4 3 3 4 2 2 2 5 5 3 9 9 7 8 8 5 7 7 6 1 1 1 6 6 6 5 4 5 6 5 6 3 2 3 3 3 3 0 2 2 1 1 1 1 3 3 1 6 6 3 1 1 1973—Dec 1,467 761 706 310 296 100 165 66 245 132 1974—Jan 1,496 821 675 310 275 90 165 65 236 119 Feb 1,519 888 631 259 286 86 165 58 231 128 Mar 1,577 951 626 259 276 87 165 45 232 130 Apr 1,690 1,025 665 294 282 89 165 56 227 152 May 1,657 1,005 652 296 282 74 165 56 220 144 June 1,650 974 676 321 283 73 165 56 220 144 July 1,671 978 693 319 299 75 171 56 233 142 Aug 1,516 1,005 511 118 316 77 170 60 47 142 Sept 1,404 920 484 95 316 73 170 60 47 123 Oct 1,332 852 480 111 299 71 170 48 45 116 D No e v c . . * f 5 1 1 , , 3 2 1 7 8 0 8 76 3 8 2 4 5 8 0 5 1 1 1 2 1 4 2 2 29 9 9 8 7 7 9 5 1 1 7 7 0 0 4 4 8 8 4 4 6 5 1 11 16 5 i Excludes central banks, which are included with "Official institutions." 2 Data on the 2 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. • FEBRUARY 1975 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End of period; in millions of dollars) 1973 1974 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. NOV.P Dec.p Europe: 7 7 7 7 7 7 7 9 9 10 10 10 10 235 235 260 260 260 260 260 260 260 250 250 276 251 Switzerland 34 33 32 34 33 35 34 35 34 34 30 30 30 United Kingdom 423 437 450 439 457 428 424 426 439 459 485 498 493 Other Western Europe 86 91 91 90 89 87 89 97 101 96 102 98 93 5 5 5 5 5 5 5 5 5 5 5 5 5 Total 789 808 845 835 851 823 819 832 849 854 883 917 881 Canada 582 597 832 847 848 849 849 851 756 706 707 711 713 Latin America: Latin American republics 11 11 11 11 11 11 11 11 11 11 11 11 12 3 3 3 3 3 5 5 5 5 17 25 62 88 Total 14 14 14 14 14 16 16 16 16 28 36 74 100 Asia: Japan 4,552 4,066 3,718 3,703 3,531 3,499 3,498 3,497 3,498 3,497 3,497 3,498 3,498 Other Asia 11 11 11 11 11 12 12 12 12 12 12 12 212 Total 4,563 4,077 3,729 3,714 3,542 3,510 3,510 3,509 3,510 3,509 3,509 3,509 3,709 158 158 157 157 157 157 157 156 151 151 151 151 151 All other 25 25 25 25 25 25 25 25 25 25 25 25 Total foreign countries 6,131 5,678 5,602 5,592 5,437 5,379 5,376 5,390 5,306 5,273 5,311 5,387 5,554 International and regional: International 1 20 51 217 141 174 57 51 102 23 71 112 113 Latin American regional 48 49 49 49 44 41 60 75 71 68 52 67 61 Total 49 69 100 267 185 214 117 126 173 91 123 179 174 Grand total 6,179 4,747 5,702 5,859 5,622 5,594 5,493 5,516 5,479 5,364 5,434 5,566 5,728 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 Foreign End of period Total Total Total O in f s f t i i c t i u a - l Banksi Others C s t t o o i i a o n u l n l n g t e d - s c - - f A o o a m c r f n c a a f c e o d c e p r e c s t - t - . Other Total w D e i i e t g h p n o e f s r o i s t r s - g c a o u n c n v o r a d i t m n t , i c f e s l e i . e s - , - Other tions eigners paper 197 0 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 1971 2 12,328 4,503 223 2,613 1,667 2,475 4,243 1,107 842 549 119 12,377 3,969 231 2,080 1,658 2,475 4,254 1,679 895 548 173 1972 3 14,625 5,674 163 2,975 2,535 3,269 3,204 2,478 846 441 223 14,830 5,671 163 2,970 2,538 3,276 3,226 2,657 846 441 223 1973—Dec... 20,726 20,064 7,689 271 4,555 2,863 4,307 4,156 3,912 662 428 119 1974—Jan... 21,101 20,298 7,391 303 4,400 2,688 4,387 4,108 4,412 802 467 162 Feb... 22,986 22,141 7,932 303 4,966 2,662 4,427 4,554 5,228 844 594 121 Mar.. 25,671 24,823 9,068 421 5,793 2,855 4,642 5,126 5,986 849 545 160 Apr.. 26,580 25,723 9,578 346 6,141 3,090 4,805 5,810 5,529 857 589 99 May. 29,745 28,862 9,959 363 6,372 3,223 5,081 6,599 7,223 884 611 113 June. 32,253 31,296 11,494 386 7,743 3,364 5,107 7,584 7,111 957 687 130 July.. 33,532 32,529 10,924 475 6,848 3,601 5,152 9,163 7,290 1,003 626 207 Aug.. 35,057 34,252 11,634 448 7,809 3,377 5,295 9,459 7,864 805 461 180 Sept.. 33,885 32,968 10,606 507 6,720 3,379 5,245 9,538 7,579 918 468 217 Oct... 33,696 32,667 10,080 348 6,371 3,361 5,356 10,034 7,197 1,030 547 243 Nov.» 35,871 34,843 11,040 439 7,174 3,426 5,345 10,678 7,779 1,028 515 283 Dec.f, 37,846 36,636 11,383 418 7,406 3,559 5,636 11,188 8,429 1,210 668 289 1 Excludes central banks, which are included with "Official institutions." short-term claims; and (b) a number of reporting banks zre included in 2 Data on second line differ from those on first line because (a) those 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 other 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

FEBRUARY 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. Apr. May June July Aug. Sept. Oct. Nov.2' Dec.f Europe: 8 11 40 32 104 18 72 17 21 42 21 120 148 188 155 231 267 208 165 301 308 384 59 48 57 68 65 45 49 51 59 45 46 118 108 115 127 134 150 151 146 128 107 122 330 621 721 624 731 703 760 637 485 791 673 321 311 355 441 422 372 379 342 332 438 588 29 35 47 48 49 61 66 59 48 57 64 Italy 255 316 507 512 572 437 441 354 340 340 345 Netherlands 108 133 169 202 212 165 112 130 176 183 348 69 72 91 96 91 103 136 113 94 97 119 19 23 29 33 32 30 24 26 35 25 20 207 222 318 322 404 392 382 253 227 201 196 164 153 132 95 117 119 139 159 149 160 180 125 176 327 417 663 386 355 377 277 339 335 Turkey 6 10 18 8 10 26 19 15 15 14 15 997 1,459 11,,662299 2,175 2,361 2,260 2,513 2,112 1,486 2,131 2,203 22 10 1133 25 20 26 25 28 24 28 22 20 27 28 55 26 19 22 18 31 38 22 U.S.S.R 4411 4466 30 38 47 35 30 21 27 28 46 4499 5599 65 95 84 105 106 102 105 86 131 Total 33,,006677 33,,998888 4,878 5,570 6,374 5,720 5,986 5,124 4,358 5,459 5,878 11,,991144 11,,995555 2,191 2,363 2,195 2,340 2,111 2,032 2,556 2,517 2,768 Latin America: 379 499 688 646 673 686 704 695 679 704 720 519 875 1 ,126 1,944 1,887 1,558 2,085 2,485 2,791 2,616 2,944 Brazil 649 900 1 180 1,316 1,477 1,507 1,522 1,534 1,476 1,493 1,415 Chile 52 151 193 175 187 224 231 250 256 291 290 Colombia 418 397 470 488 522 601 679 665 686 675 713 Cuba 13 12 13 13 13 12 13 14 13 13 19 Mexico 1,202 1,373 1,632 1,660 1,725 1,775 1,833 1,711 1,841 1,898 1,968 Panama 244 266 391 407 387 394 401 410 405 402 497 Peru 145 178 224 265 281 353 421 408 433 486 518 Uruguay. 40 55 38 38 40 59 50 47 46 63 63 Venezuela 383 518 628 558 606 644 642 627 557 643 704 Other Latin American republics 388 493 621 629 676 691 701 712 725 810 852 Netherlands Antilles and Surinam 14 13 20 27 41 38 56 64 61 74 69 Other Latin America 36 140 281 191 298 234 354 245 517 655 887 Total 44,,448800 5,870 7,504 8,355 8,813 8,778 9,692 9,869 10,486 10,823 11,659 Asia: China, People's Rep. of (China Mainland) 11 31 19 18 23 28 22 9 7 5 4 China Republic of (Taiwan) 119944 140 231 318 357 406 446 461 496 482 497 Hong Kong 93 147 179 167 208 200 271 243 214 238 223 India 14 1166 18 25 18 20 34 17 19 16 14 Indonesia 87 8888 71 105 115 117 120 122 128 140 157 Israel 105 166 140 135 158 205 205 197 200 208 250 Japan 4,152 6,400 8,607 9,744 10,845 12,397 12,812 12,378 11,669 12,350 12,439 Korea 296 403 555 638 620 641 706 733 760 835 955 Philippines 149 181 228 263 302 295 348 340 346 324 371 Thailand 191 273 434 393 421 427 429 436 414 416 441 Other 300 394 671 662 713 820 681 669 669 666 771 Total 5,584 8,238 11,153 12,467 13,780 15,556 16,073 15,605 14,921 15,680 16,121 Africa: Egypt 21 35 44 62 66 68 83 97 93 91 111 Morocco. 4 5 9 4 5 14 10 10 1111 12 18 South Africa 143 129 153 206 202 213 238 243 228822 299 329 Zaire 13 60 79 72 91 93 97 94 107 101 96 Other 118 159 192 223 273 286 275 311 312 291 299 Total 299 388 477 567 637 675 702 755 806 795 854 Other countries: Australia 291 243 318 357 383 400 415 422 478 492 466 All other 40 43 59 66 70 63 77 76 91 104 99 Total 330 286 376 423 453 463 492 498 569 597 565 Total foreign countries 15,674 2200,,772255 2266,,557799 2299,,774444 32,253 3333,,553311 3355,,005566 33,883 33,696 35,870 37,845 3 11 11 1 11 2 1 Grand total 1155,,667766 2200,,772266 2266,,558800 2299,,774455 3322,,225533 3333,,553322 35,057 33,885 33,696 35,871 37,846 i Includes Bermuda through Dec. 1972. foreigners, where collection is being made by banks and bankers for their own account or for account of their customers in the United States; NOTE.—Short-term claims are principally the following items payable and foreign currency balances held abroad by banks and bankers and on demand or with a contractual maturity of not more than 1 year: loans their customers in the United States. Excludes foreign currencies held made to, and acceptances made for, foreigners; drafts drawn against by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 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 P f c o u a r y r i e r n a i e b g n l n e - U K d n i o n i m t g e - d E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r c t o o r t A i n h e l n e l s r - 2 Official Other term cies 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 [5 4 , , 0 9 6 5 3 4 4 4, , 5 5 8 3 8 9 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 9 8 1 8 8 1 5 5 0 1 3 4 1973—De c 5,962 5,412 1,145 574 3,692 478 72 148 1,107 490 2,112 251 1,320 534 1974—Ja n 5,907 5,359 1,132 563 3,665 469 79 147 1,109 486 2,078 259 1,319 510 Feb 5,960 5,359 1,187 584 3,588 522 79 154 1,166 457 2,087 256 1,328 512 Mar.. .. 6,134 5,518 1,262 640 3,616 541 75 157 1,271 473 2,151 256 1,336 491 Apr 6,742 6,099 1,552 734 3,814 567 76 201 1,556 478 2,365 254 1,357 530 May 6,788 6,171 1,549 755 3,867 550 67 224 1,541 467 2,428 241 1,365 521 June 7,043 6,431 1,600 775 4,056 546 66 222 1,669 496 2,481 244 1,416 515 July 7,072 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 7,244 6,565 1,440 914 4,211 608 71 333 1,725 523 2,489 264 1,396 515 Nov.f... 7,261 6,571 1,373 933 4,265 618 72 339 1,652 506 2,584 257 1,392 531 Dec.P. .. 7,161 6,485 1,329 936 4,221 609 67 332 1,578 486 2,605 260 1,359 542 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 NNeett ppii irehases or sales Period TToottaall II aa nn nn tt dd ll.. Foreign cc PP hhaa uu ss rr ee -- ss SSaalleess cc NN hh ss aa ee aa tt ss ll ee pp ee ss ss uu oo rr rr -- cchh PP aa uu ss rr ee -- ss SSaalleess cc NN hh ss aa ee aa tt ss ll ee ee pp ss ss uu oo rr rr -- cchh PP aa uu ss rr ee -- ss SSaalleess cc NN hh ee ss aa tt aa ss ll ee ee pp ss ss uu oo rr rr -rreeggiioonnaall Total Official Other 197 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.-Dec.^ -451 125 -577 -645 69 15,305 13,590 1,715 1,045 3,285 -2,241 1,899 1,718 181 1973—De c -486 1 -487 -506 19 1,336 1,359 -23 144 209 -65 159 144 15 1974—Ja n -432 20 -452 -472 19 1,717 1,454 263 71 364 -292 209 207 2 Feb -45 31 -77 -37 -39 1,202 1,189 13 100 145 -45 206 206 -1 Mar 157 166 -10 -10 1,672 1,484 188 102 398 -295 167 183 -16 Apr -237 -82 -155 -171 16 1,126 904 222 103 323 -219 189 155 34 May -28 29 -57 -7 -50 903 852 51 89 154 -64 173 174 -2 June -101 -97 -3 -3 1,174 923 251 74 272 -197 207 117 90 July 23 9 14 14 1,048 1,054 -6 94 251 -158 128 116 12 Aug -37 47 -84 -73 -11 1,398 1,130 269 59 214 -155 146 117 29 Sept -116 -82 -33 -60 27 1,360 1,180 180 72 152 -80 145 100 45 Oct 70 32 38 38 1,508 1,363 145 86 362 -276 89 152 -63 NOV.P . . . . 132 57 76 25 50 1,415 1,311 103 92 170 -78 124 102 22 Dec P 162 -5 167 150 17 780 744 36 101 481 -380 117 87 30 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

FEBRUARY 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 1 sales (—) dom 197 1 11,626 10,894 731 87 131 219 168 -49 71 627 -93 108 52 197 2 14,361 12,173 2,188 372 -51 297 642 561 137 1,958 -78 256 83 197 3 12,762 9,978 2,785 439 2 339 685 366 274 2,104 99 577 5 1974—Jan-Dec? 7,395 7,085 310 203 39 330 36 -262 50 397 -6 -33 -58 10 1973—De c 873 878 -4 30 32 -64 -25 -12 -8 -4 34 -16 1974—J F a e n b 9 74 7 3 6 8 5 0 86 2 1 1 5 7 7 4 6 3 8 9 4 5 3 5 7 4 4 4 0 3 -6 2 8 2 3 3 3 2 1 0 6 2 5 -27* -42 1 -9 3 3 A M p a r r 8 57 9 7 6 8 55 4 9 6 4 1 9 9 2 1 2 4 -2 1 6 7 4 3 0 5 -3 2 4 -1 1 4 4 -3 2 5 5 2 91 1 --1210 9 2 -29 3 May 576 591 -15 18 7 29 5 -36 -5 19 -7 -15 -14 June 521 513 8 -15 8 33 11 -18 -3 16 13 -7 -15 July 507 508 -1 13 5 39 -9 -48 3 3 10 -2 -14 A Se u p g t 4 5 4 7 7 9 4 5 4 0 3 0 7 4 9 -9 1 9 1 1 7 8 2 1 1 6 -6 1 5 -21 9 - - 1 3 1 - 6 1 5 1 6 4 4 9 - - 1 6 0 D O N e o ct c v . . f * 4 6 5 1 1 4 4 3 6 4 6 6 2 9 1 7 5 6 - - -1 7 82 1 2 1 1 5 7 3 -3 1 0 3 -2 2 9 0 - - - 3 3 10 9 5 - - - 5 7 4 6 1 3 4 9 - - - 8 2 7 9 5 0 -2 1 3 4 -5 1 2 0 -11 9 5 1 Includes international and regional organizations. 16. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N la et n h d e s r -Sw la it n z d er - K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n c a Asia Africa co O u t n h t e r r ie s I r n e t g l. i o a n n a d l 1 1 9 9 7 7 2 1 1,8 7 8 0 1 3 33 1 6 5 7 3 7 5 - 7 1 4 2 13 1 5 6 3 3 6 2 7 7 31 3 5 9 1,3 6 0 3 3 1 8 3 2 7 2 1 2 9 3 -2 2 3 -21 * 1 3 4 9 8 197 3 1,948 201 -19 307 275 473 1,204 49 44 588 10 52 -33 1974—Jan.-Dec? 1,402 96 183 96 349 -64 694 50 43 459 10 146 34 1973—De c -19 9 37 60 32 152 16 -183 -3 10 1974—J F a e n b -14 8 4 9 25 23* 1 4 1 5 7 - - 1 9 5 1 3 5 0 9 -2 1 4 -5 1 - -1 1 1 0 9 4 -4 1 7 8 Mar 139 -2 6 -79 -6 -81 -1 6 215 Apr 203 8 23 17 114 4 86 May 66 28 26 1 59 3 5 3 -3 June 242 116 15 64 -17 185 1 4 -3 56 A Ju u l g y 1 -5 9 0 72 1 -1 2 2 3 9 6 - - 1 9 1 1 2 0 1 0 2 1 4 5 19 7 9 10 -1 -3 2 6 8 Sept 176 -1 2 54 -3 55 4 2 -15 130 Oct 226 -1 13 6 -5 25 18 5 100 79 Nov.P. . . , 174 -1 2 -1 -20 -6 -23 11 1 349 -163 Dec.? 48 -4 54 52 -4 17 45 -61 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- rrooppee ica rica tries ppeerriioodd (due to (due from gional tries foreigners) foreigners) 1971 -992 -310 -682 31 -275 -46 -366 -57 32 333 320 1972 -622 -90 -532 505 -635 -69 -296 -66 29 311 314 1973 -818 139 -957 -141 -569 -120 -168 3 37 325 379 1974— 312 339 Jan-Dec.?.. -2,060 -60 -2,000 -588 -1,529 -93 180 7 22 286 336 372 405 1973—Dec.... -50 51 -101 -45 -11 -15 -34 2 3 310 364 1974—Jan -291 -4 -287 -81 -204 -2 -1 2 316 243 Feb -46 6 -52 -62 -11 -9 32 -4 1 290 255 Mar.... -311 4 -315 -24 -288 -15 10 * 3 333 231 Apr.... -185 3 -188 -49 -157 6 12 * * May... -66 5 -71 -26 -35 -22 10 * 3 383 225 June... -108 3 -110 -78 -121 -6 94 1 * 354 241 July.... -146 1 -147 -63 -108 — 1 24 — 1 3 298 178 Aug -125 2 -127 -35 -126 -9 42 — 1 1 Sept.... -35 12 -47 -41 -37 5 22 1 3 Oct -340 2 -342 -81 -244 * -18 — 1 2 NOTE.—Data represent the money credit balances and Nov.2'.. -56 3 -59 -21 -8 -14 21 2 3 money debit balances appearing on the books of reporting Dec.?. . -350 -95 -255 -27 -190 -25 -24 12 * 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. • FEBRUARY 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- Total Parent Other Total branches Other cial bank bank of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies 1971—Dec.. 59,807 4,753 2,300 2,453 53,296 11,210 23,520 1,164 1972—Dec.. 78,202 4,678 2,113 2.565 71,304 11,504 35,773 1,594 1973—Oct.. 111,087 4,802 1,831 2,970 101,789 17,721 49,477 2,239 Nov.. 117,514 5.811 2,848 2,964 106,221 18,525 52,001 2,120 Dec.' 121,866 5,091 1,886 3,205 111,974 19,177 56,368 2,693 1974—Jan.r 123,871 4,660 1,555 3,105 114,562 19,490 57,663 2,891 Feb.r 127,246 4,409 1,612 2,797 117,755 20,357 57,894 3,144 Mar.' 136,983 7.812 5,334 2,478 123,997 22,397 60,563 3,539 Apr.r 140,018 5,978 3,502 2,476 128,823 23.119 62,901 3,753 Mayr 145,916 7,893 5,327 2.566 132,513 24,583 64,693 3,703 Juner 147,465 6,775 4,093 2,682 134,954 25.120 64,441 3,610 July 145,004 6,409 3,795 2,614 132,885 25,726 61.921 3,688 Aug.' 148,525 9,455 6,957 2,498 133,194 26,413 60,465 3,422 Sept.' 147,583 6,619 3,975 2,645 134,786 26,321 61,098 3,720 Oct.. 145,680 4,872 2,244 2,628 134,851 26,929 59,452 3,847 Payable in U.S. dollars. 1971—Dec.. 39,095 4,501 2,294 2,207 34,041 6,658 17,307 861 1972—Dec.. 52,636 4,419 2,091 2,327 47,444 7,869 26,251 1,059 1973—Oct.. 68,400 4,356 1,789 2.567 62,461 11,223 32,595 1,223 Nov.. 73,823 5,340 2,788 2,552 66,772 11,938 35,018 1,314 Dec.r 79,445 4,599 1,848 2,751 73,018 12,799 39,527 1,777 1974—Jan. r 81,918 4,186 1,51 2,668 75,993 13,245 40,661 2,006 Feb.r 83,963 4,004 1,557 2,448 78,013 13,785 40.922 2,211 Mar.' 92,908 7,394 5,250 2,143 83,572 15,799 43,273 2,487 Apr.r 94,290 5,619 3,454 2,165 86,483 16,043 44,919 2,835 May r 100,264 7,547 5,279 2,268 90,202 16,890 47,373 2,841 Juner 101,702 6,453 4,043 2,410 92,630 17,478 47,819 2,803 July r 101,502 6,118 3,746 2,373 92,693 18,480 46,394 2,889 Aug.' 105,671 9,143 6,904 2,239 93,650 19,679 45,627 2,780 Sept.' 104,252 6,342 3,917 2,426 94,863 19,412 46,321 2,873 Oct.. 101,783 4,590 2,187 2,403 94,248 19,757 44,675 3,005 IN UNITED KINGDOM Total, all currencies 1971—Dec.. 34,227 2,693 1,230 1,464 30,675 5,690 15,965 473 1972—Dec.. 43,467 2,234 1,138 1,096 40,214 5,659 23,842 606 1973—Oct.. 57,306 1,833 879 954 53,518 7,970 31,617 685 Nov.. 61,897 2,230 1,181 1,049 56,808 8,552 33,813 700 Dec.. 61,732 1,789 738 1,051 57,761 8,773 34,442 735 1974—Jan... 63,757 1,484 521 964 60,185 9,123 35,796 907 Feb.. 63,585 1,477 616 861 59,792 9,209 34,813 916 Mar.. 68,076 3,070 2,319 751 63,020 10,706 36,192 887 Apr.. 68,959 2,589 1,806 783 64,238 10,819 36,775 1,073 May. 71,982 3,792 2,969 823 66,008 11,759 37,920 889 June. 71,305 3,661 2,712 949 65,517 11,886 36,468 812 July. 69,197 3,309 2,468 840 63,711 12,486 34,575 718 Aug.. 70,382 4,008 3,266 741 64,087 12,790 33,929 666 Sept.. 70,965 3,494 2,721 774 64,962 12,436 34,804 829 Oct.. 68,123 1,873 1,050 823 63,914 12,386 33,500 887 Payable in U.S. dollars. 1971—Dec.. 24,210 2,585 21,277 4,135 12,572 1972—Dec.. 30,257 2,146 27,664 4,326 17,874 1973—Oct.. 35,511 1,681 33,062 5,769 20,336 Nov.. 39,096 2,042 36,218 6,273 22,650 Dec.. 40,323 1,642 37,816 6,509 23,899 1974—Jan.. 42,131 1,368 39,932 6,825 25,098 Feb.. 41,762 1,384 39,409 6,902 24,415 Mar.. 46,062 2,967 42,212 8,240 25,365 Apr.. 46,419 2,499 42,895 8,386 25,768 May. 49,654 3,693 44,825 9,285 26,994 June. 49,363 3,562 44,674 9,425 26,147 July. 48,158 3,221 43,798 9,932 24,698 Aug.. 49,406 3,915 44,269 10,529 24,500 Sept.. 50,075 3,408 45,327 10,305 25,564 Oct.. 47,968 1,783 44,873 10,234 25,125 IN BAHAMAS AND CAYMANS i Total, all currencies 1971—Dec.. 8,234 1,274 496 777 6,871 3,620 1972—Dec.. 12,642 1,486 214 1,272 10,986 6,663 1973—Oct.. 20,698 1,976 272 1,704 18,198 10,618 Nov.. 21,692 2,528 824 1,704 18,591 10,468 Dec.' 23,771 2,210 317 1,893 21,041 12,974 1974—Jan.' 24,071 2,108 273 1,835 21,439 13,013 Feb.r 25,657 1,874 167 1,707 23,253 14,226 Mar. 28,444 3,358 1,971 1,386 24,475 15,404 Apr.' 28,776 2,388 954 1,434 25,765 16,086 May' 30,862 3,164 1,698 1,467 26,953 17,035 June' 31,217 2,262 816 1,446 28,168 17,643 July 30,401 2,125 615 1,510 27,461 16,821 Aug.1 32,248 4,305 2,834 1,471 27,164 16,156 Sept. 30,078 2,033 469 1,564 27,189 16,013 Oct.. 229,950 1,869 380 1,489 27,292 16,262 For notes see p. A-76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 5,472 699 2,069 . 1971—Dec. .. .Total all currencies, 3,501 997 2,504 72,121 11,121 41,218 8,351 432 2,580 . 1972—Dec. 4,680 1,298 3,382 101,719 17,253 59,304 9,073 089 4,688 . 1973—Oct. 4,776 1,084 3,692 107,092 17,726 63,378 9,553 434 5,646 Nov. 5,126 1,158 3,968 1,615 18,213 65,625 10,196 581 5,125 'Dec. 5,349 1,685 3,664 113,750 18,505 67,768 9,764 714 4,741 1974—'Jan. 5,934 2,023 3,911 116,392 19.307 67,596 10,288 200 4,919 'Feb. 6,790 2,119 4,671 124,885 21,073 71,791 10,690 331 5.308 'Mar. 6,959 2,307 4,652 127,584 22,688 71,298 11,543 056 5,474 'Apr. 7,995 2,938 5,057 131,976 23,941 74,346 12,024 666 5,944 'May 8,549 3,009 5,540 132,326 24,234 71,829 14,237 026 6,589 'June 10,129 4,373 5,757 128,565 25,279 66,915 14,885 486 6.309 'July 9,307 4,011 5,296 132,697 25,972 68,898 16,068 760 6,521 'Aug. 1 9 0 , , 9 3 1 2 1 0 5 4 , ,9 4 8 4 8 0 4 4 , , 8 92 8 3 0 1 1 3 2 0 8 , ,8 9 2 56 6 2 2 6 6 , .3 6 0 16 8 6 6 6 2 , , 2 6 0 9 2 0 1 17 7 , , 9 2 6 7 6 2 5 1 5 7 4 4 6 6 , , 5 71 3 5 5 'S O e c p t. t . 2,624 503 2,121 37,024 6,624 21,107 4,391 901 1,250 .1971—Dec. .Payable in U.S. dollars 3,050 847 2,202 50,406 7,955 29.229 6,781 441 1,422 . 1972—Dec. 4,135 1,139 2,996 63,693 11,312 37,662 6,337 382 2,230 . 1973—Oct. 4,190 928 3,262 68,619 11,877 41,703 6,301 738 3,112 Nov. 4,544 993 3,550 73,189 12,554 43,702 7,430 502 2,611 'Dec. ,826 1,556 3,270 74,900 12,736 44,944 7,389 830 2,459 1974—'Jan. ,429 1,870 3,559 76,745 13,329 44,504 7,978 935 2,441 'Feb. ,219 1,917 4,301 84,378 15,071 48,939 8,421 947 2,811 'Mar. ,389 2,127 4,262 85,617 15,783 47,904 9,134 796 2,913 'Apr. ,405 2,741 4,664 89,846 16,694 50,986 9,668 498 3,461 'May ,934 2,800 5,135 90,357 17,070 49,007 11,51~ 762 4,009 'June ,494 4,160 5,334 89,228 18,404 45,796 12,226 802 3,673 'July 8,674 3,820 4,853 94,126 19,421 48,502 13,304 898 3,942 'Aug. 9,224 4,763 4,461 92,595 19,570 46,150 14,335 541 4,076 'Sept. 9,776 5,237 4,539 90,067 19,478 42,763 14,884 941 3,889 Oct. IN UNITED KINGDOM 1,653 109 1,544 31,814 3,401 18,833 4,454 126 760 .1971—Dec. .. .Total, all currencies 1,453 113 1,340 41,020 2,961 24,596 6,433 030 994 . 1972—Dec. 2,026 129 1,897 53,475 4,036 33,341 7,118 980 1,805 .1973—Oct. 2,197 143 2,054 57,042 3,886 36,052 7,680 424 2,657 Nov. 2,431 136 2,295 57,311 3,944 r34,979 '8,140 248 1,990 Dec. 2,429 346 2,083 59,356 4,350 r36,796 '7,880 332 1,941 1974—Jan. 2,573 269 2,303 58,956 4,193 r35,355 '8,295 112 2,057 Feb. 3,167 353 2,814 63,096 4,587 '37,700 '8,592 217 1,813 Mar. 3,123 409 2,714 63,914 4,975 r36,524 '9,240 175 1,922 Apr. 3,729 749 2,979 66,156 4,890 '39,596 '9,273 398 2,097 May 3,744 606 3,138 65,429 4,913 '36,711 n1,289 516 2,132 June 3,439 611 2,828 63,557 5,099 34,293 11,643 521 2,201 July 3 3 , , 7 5 0 0 1 3 7 63 1 5 3 2 2 , , 9 8 8 6 8 7 6 6 4 4 , , 3 9 0 1 9 9 4 5, , 4 7 2 9 8 4 3 3 3 3, , 7 9 6 2 6 0 1 1 3 2, , 7 5 3 4 7 4 8 1 5 8 8 1 2 2 , , 3 5 7 4 3 3 S A e u p g t . . 3,227 683 2,544 62,621 5,237 30,621 14,051 712 2,275 Oct. 1,405 23 1,383 22,852 2,164 13,840 3,666 181 372 .1971—Dec. .Payable in U.S. dollars 1,272 72 1,200 29,002 2,008 17,379 5,329 287 535 . 1972—Dec. 1,831 103 1,727 32,781 2,515 20,195 4,934 137 730 .1973—Oct. 1,940 119 1,821 36.032 2,468 23,059 4,971 534 1,555 Nov. 2,173 113 2,060 36,646 2,519 '22,051 '5,923 152 839 Dec. 2,200 329 1,871 37,884 2,846 '22,770 '6,006 262 895 . 1974—Jan. 2,346 243 2,103 37,579 2,729 '21,330 '6,476 044 1,006 Feb. 2,927 329 2,598 41,708 3,063 '24.164 '6,830 650 '969 Mar. 2,878 384 2,494 42,453 3,234 '23,207 '7,401 612 992 Apr. 3,481 724 2,757 44,625 3,083 '26,010 '7,468 064 1,195 May 3,516 579 2,937 44,214 3,255 '23,669 '9,137 155 1,239 June 3.176 568 2,608 43,528 3,364 22,287 9,550 326 1,314 July 3,448 692 2,756 44,654 3,278 22,558 10,437 382 1,380 Aug. 3.177 605 2,572 45,550 3,667 22,818 11,035 030 1,486 Sept. 2,988 651 2,337 44.033 3,690 20,203 11,444 696 1,294 Oct. IN BAHAMAS AND CAYMANS i 747 7,305 1,649 4,539 183 . 1971—Dec. .. .Total, all currencies 1,220 11,260 1,818 8,105 163 .1972—Dec. 1,663 18,463 4,591 11,902 572 . 1973—Oct. 1,559 19,546 4,798 12,973 588 Nov. 1,573 21,747 5,508 14,545 451 'Dec. 1,931 21,714 5,266 14,704 425 .1974—Jan. 2,244 22,979 5,587 15,430 435 'Feb. 2,351 25,551 6,608 16,851 543 'Mar. 2,283 26,015 7,102 16,806 479 'Apr. 2,567 27,704 8,255 17,207 591 'May 2,855 27,723 7,642 17,580 639 'June 3,684 26,037 7,663 16,140 681 'July 2,797 28,713 8,124 18,324 738 rAug. 3,651 25,694 7,142 16,194 733 'Sept. 4,182 25,004 7,262 15,555 764 Oct. 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. • FEBRUARY 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 custody EEnndd ooff EEnndd ooff UUnniitteedd ppeerriioodd DDeeppoossiittss 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 <971 294 43,195 13,815 1972 325 50,934 215,530 1,491 1,062 161 183 86 663 534 1973 251 52,070 17,068 1,141 697 150 173 121 372 443 1974—Jan.... 392 49,582 17,044 19712 / \ 1 1 , , 6 5 4 0 8 7 1 1 , , 0 0 7 9 8 2 2 1 0 2 3 7 2 2 3 3 4 4 1 6 2 8 0 5 5 8 7 0 7 4 5 4 8 3 7 Feb... 542 50,255 17,039 A M p a r r . . . . . . 3 5 6 1 6 7 5 5 1 2 , , 3 64 4 2 2 1 1 7 7 , , 0 02 3 6 7 1972 2 / 1 I 2 , , 9 3 6 7 5 4 1 1 , , 4 9 4 1 6 0 16 5 9 5 3 3 4 0 0 7 4 6 2 8 9 7 1 0 1 2 4 5 8 3 5 6 May.. 429 54,195 17,021 June... 384 54,442 17,014 1973—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 1975—Jan.... 391 58,001 16,837 June 3,677 3,065 62 369 181 1,419 926 July 3,787 3,239 74 341 133 1,442 828 1 Marketable U.S. Treasury bills, certificates of in- A Se u p g t 3 3 , , 5 0 2 6 1 6 2 2 , ,9 4 5 8 8 3 5 3 1 0 3 3 6 6 8 3 1 18 4 9 4 1 1 , , 1 4 9 3 5 7 8 86 7 4 0 debtedness, notes, and bonds and nonmarketable U.S. Oct 2,681 2,109 25 331 216 1,119 835 Treasury securities payable in dollars and in foreign Nov.f 2,953 2,355 15 325 258 1,283 922 currencies. 2 The value of earmarked gold increased because of the changes in par value of the U.S. dollar in May 1972, and 1 Negotiable and other readily transferable foreign obligations payable on demand in Oct. 1973. or having a contractual maturity of not more than 1 year from the date on which the obligation was incurred by the foreigner. NOTE.—Excludes deposits and U.S. Treasury securities 2 Data on the 2 lines for this date differ because of changes in reporting coverage. held for international and regional organizations. Ear- Figures on the first line are comparablei n coverage with those shown for the preceding marked gold is gold held for foreign and international date; figures on the second line are comparable with those shown for the following date. accounts and is not included in the gold stock of the United States. NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in 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 End of period Payable Payable Payable Total in in Total in dollars foreign dollars Deposits with currencies banks abroad Other in reporter's name 1970—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..r 2 2, , 7 7 6 0 3 4 2 2 , ,3 2 0 2 1 9 4 4 7 6 5 3 5 5, , 1 0 8 0 5 0 4 4 , , 5 46 3 7 5 2 3 8 1 9 8 2 33 4 3 4 1972—Mar.r, 2,844 2,407 437 5,173 4,557 317 300 June r. 2,925 2,452 472 5,326 4,685 374 268 Sept.r, 2,933 2,435 498 5,487 4,833 426 228 Dec.1' 3 3 , ,1 4 1 5 9 3 2 2 , , 6 96 3 1 5 4 4 8 9 4 2 5 6 , , 7 3 2 6 1 6 5 5 , , 0 6 7 9 4 9 4 3 1 9 0 3 2 2 3 7 7 4 1973—Mar.r, 3,375 2,874 502 7,149 6,262 458 429 June r. 3,375 2,807 568 7,433 6,574 499 361 Sept.r, 3,670 2,971 698 7,788 6,849 528 411 Dec.r. 4,080 3,314 765 8,556 7,645 484 428 1974—Mar.r 4,507 3,629 878 10,570 9,643 400 528 Juner. 5,188 4,173 1,015 11,165 10,235 420 510 Sept.p, 5,688 4,653 1,035 10,722 9,802 420 550 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

FEBRUARY 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 1792 1973 1974 Dec. Dec.r Mar.r June Sept.? Dec. Dec.r Mar.r June Sept.? Europe: Austria 2 3 4 12 18 19 17 16 17 15 Belgium-Luxembourg 83 136 226 405 485 73 106 153 139 114 Denmark 7 9 17 18 23 29 46 37 27 25 Finland 4 7 8 9 12 25 44 42 80 91 France 167 168 161 204 192 231 310 413 537 492 Germany, Fed. Rep. of 164 236 238 222 249 195 284 337 345 322 Greece 15 40 21 28 28 35 51 87 76 69 Italy 121 116 133 143 150 202 239 330 409 432 Netherlands 109 125 114 104 114 84 112 103 126 143 Norway 14 9 9 8 10 16 18 22 35 32 Portugal 4 13 24 17 20 19 50 112 101 69 Spain 81 77 68 56 56 157 244 414 420 425 Sweden 13 48 43 52 40 57 71 74 106 97 Switzerland 105 103 94 114 105 82 101 90 78 155 Turkey 4 18 26 28 38 48 34 41 46 41 United Kingdom 1,107 932 1,123 1,219 1,405 1,223 1,543 1,835 1,869 1,767 Yugoslavia 7 28 31 36 34 12 49 30 41 39 Other Western Europe 2 3 3 6 7 12 15 19 23 20 Eastern Europe 3 31 26 31 78 42 104 79 97 89 Total 2,013 2,103 2,371 2,712 3,062 2,561 3,437 4,232 4,571 4,438 Canada 215 255 320 294 287 965 1,245 1,526 1,573 1,567 La B A B C C P C P N V O M O U ti e a a r r u h o e e n r t t e r a n g h h h n u t l b i x u o l z h e a e e a A e g a e i i m n r r . m m z c u l m t u o A a b L L i a a e n e y i n s a . l a r a A a 1 t t i i i c . n l a l r e : A e s p m a u n e b d r li i c c S s a u rinam 3 2 9 4 2 2 3 1 1 1 9 1 4 5 1 6 5 4 7 7 8 8 1 0 41 4 2 2 6 2 3 5 1 1 9 4 0 2 9 4 2 2 6 1 1 * 5 3 20 4 4 7 7 3 1 1 1 1 6 5 5 2 8 6 3 * 7 5 8 7 4 8 3 1 2 0 7 6 3 5 2 1 1 1 2 2 9 7 1 0 6 6 9 5 * 1 9 8 3 1 4 2 2 1 6 5 5 6 1 1 1 9 1 7 2 5 3 6 9 0 • 0 3 5 3 6 1 1 9 6 9 3 8 3 3 7 8 3 7 1 2 4 2 5 6 5 4 9 9 1 4 2 3 1 2 6 2 2 1 1 1 4 4 4 4 3 3 3 1 3 2 3 1 7 7 2 0 3 0 5 4 5 4 0 4 1 2 4 2 7 1 1 1 1 0 4 6 6 7 6 5 7 3 5 7 1 9 4 0 5 8 0 6 2 8 6 1 8 2 2 9 2 5 1 1 1 1 9 6 6 6 2 5 5 8 7 3 7 1 2 4 3 0 3 1 2 7 5 1 6 2 1 6 4 2 5 1 1 1 1 1 1 4 4 8 1 5 9 2 5 8 8 1 8 0 9 6 6 8 6 5 2 9 9 2 5 1 Total 615 719 564 745 793 1,527 1,892 2,330 2,692 2,236 Asia: H I I I P C C J K T O n s n a h h h h r t o o d d p M h i a a i i r n l i o a n n e e i i a e g a p l n n r a a l a a i p e , , n n K A s i R P d l n i s o a a e e e i n n a o s p d g p . ) l o e f 's (T R a e i p w u a b n li ) c of (China 2 1 2 2 3 2 5 1 1 1 1 6 1 2 4 7 5 2 6 9 6 2 2 1 4 4 2 9 3 3 7 1 1 1 1 2 5 7 4 7 6 8 4 4 7 2 3 2 2 7 5 7 3 3 1 1 0 4 9 3 2 4 8 1 7 4 3 4 3 2 4 0 7 3 7 3 1 1 1 2 5 1 2 9 4 9 7 9 9 3 4 3 2 2 4 7 3 6 3 5 1 1 1 3 8 0 2 0 6 8 3 9 0 0 4 2 4 6 2 6 0 5 6 3 3 3 8 8 3 5 6 9 7 4 1 3 * 2 8 1 1 4 3 8 2 7 5 3 3 2 0 n 8 9 8 8 3 4 7 8 1 5 1,2 2 1 1 1 8 6 3 3 6 0 5 3 8 2 7 4 8 1 8 5 9 1 6 4 9 3 1 1 8 4 7 1 3 6 3 6 1 2 6 3 0 3 7 7 1 8 3 9 4 1,0 3 11 1 1 8 8 3 0 6 33 5 3 0 2 6 88 1 7 9 1 11 3 3 8 3 Total 530 705 855 1,050 1,089 1,035 1,642 2,087 1,860 2,030 Af E Z S O ri o a g t c u h i a y r e t : e p h r t A A .. f f . r r . i i c c a a 6 3 2 2 8 1 12 1 1 1 5 9 4 0 1 2 2 3 3 1 2 5 4 1 2 5 1 1 4 6 2 5 1 3 1 1 6 5 4 7 9 5 1 3 8 2 6 1 6 2 1 9 2 7 8 1 2 6 5 0 9 9 5 1 8 9 1 1 5 5 3 7 2 9 0 1 1 0 2 3 6 Total 104 168 212 206 172 170 216 253 310 321 Other countries: 45 118 134 94 128 83 97 110 117 134 Australia 14 12 22 24 32 23 25 31 39 44 All other 59 130 156 117 160 107 123 142 157 178 Total * # 29 63 125 1 * 1 1 1 International and regional 3,536 4,080 4,507 5,188 5,688 6,366 8,556 10,570 11,165 10,772 Grand total Data exclude claims held through U.S. banks, and intercompany accounts i Includes Bermuda through Dec. 1972. between U.S. companies and their foreign affiliates. NOTE.—Reported by exporters, importers, and industrial and commercial 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. • FEBRUARY 1975 24. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area End of period Total liabilities Total K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m t a 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 l e l r 1970—Sept... '2,786 2,885 157 720 620 180 63 586 144 284 73 58 Dec... 3,102 2,950 146 708 669 183 60 618 140 292 71 64 1971—Mar... 3,177 2,983 154 688 670 182 63 615 161 302 77 72 June.. 3,172 2,982 151 687 677 180 63 625 138 312 75 74 Sept... 2,939 3,019 135 672 765 178 60 597 133 319 85 75 Dec.i . 3 3 , , 1 1 3 5 8 9 '3 3 , , 0 1 6 1 8 8 1 1 2 2 8 8 '7 7 0 0 4 5 '7 7 1 6 7 1 1 1 7 7 4 4 6 6 0 0 6 65 5 3 2 1 1 4 3 1 6 3 3 2 2 7 5 8 8 6 6 8 8 4 5 1972—Mar... 3,093 '3,141 129 713 '737 175 60 665 137 359 81 85 June.. 3,300 '3,206 108 '712 '748 188 61 671 161 377 86 93 Sept.'. 3,448 3,187 128 695 757 177 63 662 132 390 89 96 Dec. i' 3 3, , 6 5 3 4 1 0 3 3, , 4 3 0 1 9 2 1 19 6 1 3 7 7 5 1 5 5 7 79 7 3 5 1 1 8 8 7 4 6 6 4 0 6 6 5 9 8 2 1 1 5 3 6 4 4 3 0 9 6 5 8 8 7 6 1 1 0 1 9 1 1973—Mar.r. 3,818 3,553 156 814 864 165 63 783 124 410 105 125 June.'. 3,833 3,622 179 818 819 146 65 813 130 413 108 131 Sept.'. 4,066 3,788 216 839 836 147 73 822 140 471 108 137 Dec.'. 3,946 3,857 290 782 890 145 79 816 128 342 115 142 1974—Mar... •"3,863 4,045 '368 '756 '927 194 81 796 123 469 119 147 June.. 3,549 3,965 362 717 947 184 138 734 122 492 122 148 Sept.*. 3,341 4,084 369 720 992 181 145 779 118 529 118 133 1 Data on the 2 ines 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- TTrreeaassuurryy Day-to- Treasury Day-to- Private bills, day bank bills, day banks' day bbiillllss,, day bills, day discount 3 months1 mmoonneeyy 22 bills, 3 months mmoonneeyy deposit money3 60-90 money 5 3 months money rate 3 months rates days4 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 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 July. 8.88 8.52 13.21 11.20 8.70 9.50 13.75 5.63 9.13 7.50 8.57 7.00 Aug. 8.76 8.83 12.80 11.24 11.11 9.50 13.68 5.63 9.05 7.50 7.09 7.00 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 11.88 5.63 8.25 6.69 6.96 1975—Jan.. 66..6655 66..8822 1111..9933 1100..5599 88..4400 99..3300 1111..2200 77..5544 66..6600 66..1188 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 A-73 RESPECTIVELY: 1 Cayman Islands included beginning Aug. 1973. For a given month, total assets may not equal total liabilities because 2 Total assets and total liabilities payable in U.S. dollars amounted to some branches do not adjust the parent's equity in the branch to reflect $27,391 million and $27,421 million, respectively, on Oct. 31, 1974. unrealized paper profits and paper losses caused by changes in exchange rates, which are used to convert foreign currency values into equivalent NOTE.—Components may not add to totals due to rounding. dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Jan. 31, 1975 Rate as of Jan. 31, 1975 Country Country Per Month Per Month cent effective cent effective Argentina 18.0 Feb. 1972 Italy 8.0 Dec. 1974 Austria 6.50 May 1974 Japan 9.0 Dec. 1973 Belgium 8.75 Feb. 1974 Mexico 4.5 June 1942 Brazil 18.0 Feb. 1972 Netherlands 7.0 Oct. 1974 Canada 8.25 Jan. 1975 Norway 5.5 Mar. 1974 Denmark 9.0 Jan. 1975 Sweden 7.0 Aug. 1974 France 12.0 Jan. 1975 Switzerland 5.5 Jan. 1974 Germany, Fed. Rep. of. 6.0 Dec. 1974 United Kingdom 11.0 Jan. 1975 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 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 SVz 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 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 1975-—Jan 132.95 5.9477 2.8190 100.526 17.816 22.893 42.292 12.300 236.23 .15504 .33370 Malaysia Mexico Nether- New Norway Portugal South Spain Sweden Switzer- United Period (dollar) (peso) lands Zealand (krone) (escudo) Africa (peseta) (krona) land Kingdom (guilder) (dollar) (rand) (franc) (pound) 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 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 1975-—Jan 43.359 8.0000 40.715 131.72 19.579 4.0855 145.05 1.7800 24.750 39.571 236.23 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 • FEBRUARY 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, End of mated Mone- United mated Algeria Argen- Aus- Aus- Bel- Canada Rep. of Den- Egypt period total tary States rest of tina tralia tria gium (Taiwan) mark world1 Fund world 1970. 41,275 4,339 11,072 25,865 191 140 239 714 1,470 791 82 64 85 1971. 41,160 4,732 10,206 26,220 192 90 259 729 1,544 792 80 64 85- 1972. 44,890 5,830 10,487 28,575 208 152 281 792 1,638 834 87 69 92 1973—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 77 103 July... 6,478 11,652 231 169 312 882 1,781 927 97 76 103 Aug.. . 6,478 11,652 231 169 312 882 1,781 927 97 76 103 Sept... ^49,830 6,478 11,652 ^i^oo" 231 169 312 882 1,781 927 97 76 103 Oct.... 6,478 11,652 231 169 312 882 1,781 927 97 76 Nov... 6,478 11,652 231 312 882 1,781 927 97 76 Dec.f. 6,478 11,652 231 312 882 1,781 927 97 76 Ger- End of France many, Greece India Iran Iraq Italy Japan Kuwait Leb- Libya Mexi- Netherperiod Fed. anon co lands Rep. of 1970 3,532 3,980 117 243 131 144 2,887 532 86 288 85 176 1,787 1971 3,523 4,077 98 243 131 144 2,884 679 87 322 85 184 1,909 1972 3,826 4,459 133 264 142 156 3,130 801 94 350 93 188 2,059 1973—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 Apr 4,262 4,966 149 293 159 173 3,483 891 118 389 103 155 2,294 Ma v 4,262 4,966 149 293 159 173 3,483 891 142 389 103 154 2,294 June 4,262 4,966 150 293 159 173 3,483 891 130 389 103 154 2,294 July 4,262 4,966 150 293 158 173 3,483 891 130 389 105 154 2,294 Aug 4,262 4,966 150 293 158 173 3,483 891 130 389 107 154 2,294 Sept 4,262 4,966 150 293 158 173 3,483 891 130 389 103 154 2,294 Oct 4,262 4,966 150 293 158 173 3,483 891 138 389 103 2,294 Nov 444,,,222666222 444,,,999666666 115500 229933 111555888 117733 333,,,444888333 888999111 113388 333888999 111000333 222,,,222999444 Dec.** 444,,,222666222 444,,,999666666 111555888 333,,,444888333 888999111 333888999 111000333 222,,,222999444 United Bank End of Paki- Portu- Saudi South Spain Sweden Switzer- Thai- Turkey King- Uru- Vene- for Intl. period stan gal Arabia Africa land land dom guay zuela Settlements2 1970 54 902 119 666 498 200 2,732 92 126 1,349 162 384 -282 1971 55 921 108 410 498 200 2,909 82 130 775 148 391 310 1972 60 1,021 117 681 541 217 3,158 89 136 800 133 425 218 1973—Dec 67 1,163 129 802 602 244 3,513 99 151 886 148 472 235 1974—Jan 67 1,167 129 793 602 244 3,513 99 151 886 148 472 271 Feb 67 1,171 129 783 602 244 3,513 99 151 886 148 472 277 Mar 67 1,176 129 780 602 244 3,513 99 151 886 148 472 274 Apr 67 1,180 129 780 602 244 3,513 99 151 886 148 472 271 May 67 1,180 129 777 602 244 3,513 99 151 886 148 472 247 June 67 1,180 129 781 602 244 3,513 99 151 886 148 472 259 July 67 1,180 129 788 602 244 3,513 99 151 886 148 472 259 Aug 67 1,180 129 778 602 244 3,513 99 141 886 148 472 255 Sept 67 1,180 129 778 602 244 3,513 99 151 886 148 472 259 Oct 67 1,180 129 786 602 244 3,513 99 151 886 148 472 271 Nov 67 11,,118800 129 774 660022 244 3,513 99 151 886 472 251 Dec.p 6677 112299 777711 224444 33,,551133 9999 115511 888866 447722 225500 1 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

A 80 FEDERAL RESERVE BANKS, 1974 • FEBRUARY 1975 EARNINGS AND EXPENSES (In Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current earnings Loans 116666,,007711,,118811 5,326,387 6644,,001133,,774444 6,934,854 7,237,280 15,331,149 15,441,482 2299,,778822,,221199 2299,,778822,,221199 66,,004433,,557744,,997722 274,123,162 11,,555599,,449944,,334455 328,474,022 460,596,897 448,313,740 327,835,311 77,,553333,,883300 279,668 22,,445511,,111177 334,213 600,280 381,877 498,217 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 3333,,112288,,776633 95,497 3300,,992288,,224477 107,921 205,371 145,097 257,921 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 6,280,090,965 279,824,714 1,686,669,672 335,851,010 468,639,828 464,171,863 344,032,931 CCCCCCCCCCCCCuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss SSSSSSSSSSSSSaaaaaaaaaaaaalllllllllllllaaaaaaaaaaaaarrrrrrrrrrrrriiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss::::::::::::: OOOOOOOOOOOOOffffffffffffffffffffffffffiiiiiiiiiiiiiccccccccccccceeeeeeeeeeeeerrrrrrrrrrrrrsssssssssssss 19,263,555 1,266,230 4,160,351 1,122,580 1,045,589 1,787,556 1,674,925 EEEEEEEEEEEEEmmmmmmmmmmmmmpppppppppppppllllllllllllloooooooooooooyyyyyyyyyyyyyeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssss 253,213,339 16,566.663 62,354,294 12,929,961 14,746,342 20,200,840 22,634,858 RRRRRRRRRRRRReeeeeeeeeeeeetttttttttttttiiiiiiiiiiiiirrrrrrrrrrrrreeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr bbbbbbbbbbbbbeeeeeeeeeeeeennnnnnnnnnnnneeeeeeeeeeeeefffffffffffffiiiiiiiiiiiiitttttttttttttsssssssssssss 45,638,036 3,161,080 10,558,371 2,356,578 2,760,163 3,586,509 3,907,846 FFFFFFFFFFFFFeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssss—————————————DDDDDDDDDDDDDiiiiiiiiiiiiirrrrrrrrrrrrreeeeeeeeeeeeeccccccccccccctttttttttttttooooooooooooorrrrrrrrrrrrrsssssssssssss aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrrsssssssssssss 4,297,661 158,328 1,493,042 231,223 241,289 162,605 218,957 TTTTTTTTTTTTTrrrrrrrrrrrrraaaaaaaaaaaaavvvvvvvvvvvvveeeeeeeeeeeeellllllllllllliiiiiiiiiiiiinnnnnnnnnnnnnggggggggggggg eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss 4,649,188 355,458 858,188 171,745 331,530 347,275 496,285 67,150,817 3,695,044 9,172,306 2,762,928 6,048,277 7,041,004 .7,743,027 7,617,920 388,460 1,665,858 307,556 419,357 655,877 869,094 24,549,244 1,502,169 4,481,925 1,109,265 1,240,193 2,381,565 3,046,161 951,337 54,086 190,771 33,724 74,974 71,628 101,216 TTTTTTTTTTTTTaaaaaaaaaaaaaxxxxxxxxxxxxxeeeeeeeeeeeeesssssssssssss ooooooooooooonnnnnnnnnnnnn rrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaalllllllllllll eeeeeeeeeeeeessssssssssssstttttttttttttaaaaaaaaaaaaattttttttttttteeeeeeeeeeeee 11,644,304 2,522,650 1,966,215 271,610 725,705 367,634 522,814 6,791,504 143,662 464,436 76,596 1,237,844 601,638 429,509 LLLLLLLLLLLLLiiiiiiiiiiiiiggggggggggggghhhhhhhhhhhhhttttttttttttt,,,,,,,,,,,,, hhhhhhhhhhhhheeeeeeeeeeeeeaaaaaaaaaaaaattttttttttttt,,,,,,,,,,,,, pppppppppppppooooooooooooowwwwwwwwwwwwweeeeeeeeeeeeerrrrrrrrrrrrr,,,,,,,,,,,,, aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd wwwwwwwwwwwwwaaaaaaaaaaaaattttttttttttteeeeeeeeeeeeerrrrrrrrrrrrr 6,145,303 397,962 1,341,332 290,223 704,135 469,547 501,036 3,631,350 155,063 482,408 123,451 218,739 305,195 450,122 MMMMMMMMMMMMMaaaaaaaaaaaaaiiiiiiiiiiiiinnnnnnnnnnnnnttttttttttttteeeeeeeeeeeeennnnnnnnnnnnnaaaaaaaaaaaaannnnnnnnnnnnnccccccccccccceeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd rrrrrrrrrrrrreeeeeeeeeeeeepppppppppppppaaaaaaaaaaaaaiiiiiiiiiiiiirrrrrrrrrrrrrsssssssssssss 6,726,121 1,117,010 3,463,436 466,737 158,131 259,388 562,971 FFFFFFFFFFFFFuuuuuuuuuuuuurrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiitttttttttttttuuuuuuuuuuuuurrrrrrrrrrrrreeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd eeeeeeeeeeeeeqqqqqqqqqqqqquuuuuuuuuuuuuiiiiiiiiiiiiipppppppppppppmmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt::::::::::::: 9,013,098 492,181 1,719,257 246,291 421,202 787,560 1,363,933 38,027,730 3,154,647 5,376,328 2,486,795 2,749,572 3,349,353 3,434,241 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr RRRRRRRRRRRRReeeeeeeeeeeeennnnnnnnnnnnntttttttttttttaaaaaaaaaaaaalllllllllllllsssssssssssss 9,670,874 910,227 2,237,872 467,338 643,429 682,754 468,051 82,432 -1,709,874 141,035 248,217 -327,168 236,800 SSSSSSSSSSSSSuuuuuuuuuuuuubbbbbbbbbbbbbtttttttttttttoooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 518,981,381 36,123,352 110,276,516 25,595,636 34,014,688 42,730,760 48,661,846 30,190,288 1,771,466 6,457,174 2,293,659 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} 1,660,700 10,517,000 2,008,600 3,623,000 2,287,600 3,045,400 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 590,288,269 39,555,518 127,250,690 29,897,896 39,484,215 48,713,298 54,787,850 LLLLLLLLLLLLLeeeeeeeeeeeeessssssssssssssssssssssssss rrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiimmmmmmmmmmmmmbbbbbbbbbbbbbuuuuuuuuuuuuurrrrrrrrrrrrrssssssssssssseeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt fffffffffffffooooooooooooorrrrrrrrrrrrr ccccccccccccceeeeeeeeeeeeerrrrrrrrrrrrrtttttttttttttaaaaaaaaaaaaaiiiiiiiiiiiiinnnnnnnnnnnnn fffffffffffffiiiiiiiiiiiiissssssssssssscccccccccccccaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaagggggggggggggeeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss 42,746,795 2,468,201 9,024,014 1,924,181 3,266,796 2,839,432 3,907,911 547,541,474 37,087,317 118,226,676 27,973,715 36,217,419 45,873,866 50,879,939 PPPPPPPPPPPPPrrrrrrrrrrrrrooooooooooooofffffffffffffiiiiiiiiiiiiittttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd lllllllllllllooooooooooooossssssssssssssssssssssssss CCCCCCCCCCCCCuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss 5,732,549,488 242,737,397 1,568,442,996 307,877,294 432,422,408 418,297,997 293,152,992 AAAAAAAAAAAAAddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss tttttttttttttooooooooooooo cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 6,081,271 652,640 1,252,160 151,266 672,939 135,857 159,633 6,081,271 652,640 1,252,160 151,266 672,939 135,857 159,633 DDDDDDDDDDDDDeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss fffffffffffffrrrrrrrrrrrrrooooooooooooommmmmmmmmmmmm cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: LLLLLLLLLLLLLooooooooooooosssssssssssssssssssssssssseeeeeeeeeeeeesssssssssssss ooooooooooooonnnnnnnnnnnnn sssssssssssssaaaaaaaaaaaaallllllllllllleeeeeeeeeeeeesssssssssssss ooooooooooooofffffffffffff UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvvttttttttttttt,,,,,,,,,,,,, ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss............. 41,794,562 2,058,264 10,575,644 2,291,456 3,165,279 3,071,997 2,262,100 LLLLLLLLLLLLLooooooooooooosssssssssssssssssssssssssseeeeeeeeeeeeesssssssssssss ooooooooooooonnnnnnnnnnnnn fffffffffffffooooooooooooorrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiigggggggggggggnnnnnnnnnnnnn eeeeeeeeeeeeexxxxxxxxxxxxxccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaannnnnnnnnnnnngggggggggggggeeeeeeeeeeeee tttttttttttttrrrrrrrrrrrrraaaaaaaaaaaaannnnnnnnnnnnnsssssssssssssaaaaaaaaaaaaaccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 33,964,764 1,392,555 8,661,015 1,664,273 2,988,899 1,902,027 2,479,428 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 8,809,179 519,243 1,598,928 2,253,557 434,655 471,146 441,915 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll dddddddddddddeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 84,568,505 3,970,062 20,835,587 6,209,286 6,588,833 5,445,170 5,183,443 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt dddddddddddddeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnn fffffffffffffrrrrrrrrrrrrrooooooooooooommmmmmmmmmmmm (((((((((((((—————————————))))))))))))) cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss....................................... -78,487,234 -3,317,423 -19,583,427 -6,058,020 -5,915,894 -5,309,312 -5,023,810 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss bbbbbbbbbbbbbeeeeeeeeeeeeefffffffffffffooooooooooooorrrrrrrrrrrrreeeeeeeeeeeee pppppppppppppaaaaaaaaaaaaayyyyyyyyyyyyymmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss tttttttttttttooooooooooooo UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrryyyyyyyyyyyyy.......................... 5,654,062,254 239,419,975 1,548,859,569 301,819,274 426,506,514 412,988,684 288,129,182 52,579,643 2,085,834 13,627,935 2,489,537 4,631,401 2,936,699 3,968,021 PPPPPPPPPPPPPaaaaaaaaaaaaayyyyyyyyyyyyymmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss tttttttttttttooooooooooooo UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrryyyyyyyyyyyyy (((((((((((((iiiiiiiiiiiiinnnnnnnnnnnnnttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrreeeeeeeeeeeeesssssssssssssttttttttttttt ooooooooooooonnnnnnnnnnnnn FFFFFFFFFFFFF.............RRRRRRRRRRRRR............. nnnnnnnnnnnnnooooooooooooottttttttttttteeeeeeeeeeeeesssssssssssss))))))))))))) 5,549,999,411 236,641,641 1,515,542,484 298,993,487 418,281,863 407,257,185 277,674,711 51,483,200 692,500 19,689,150 336,250 3,593,250 2,794,800 6,486,450 844,023,350 34,357,750 214,962,750 41,591,600 74,328,050 46,898,000 62,004,400 SSSSSSSSSSSSSuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss,,,,,,,,,,,,, DDDDDDDDDDDDDeeeeeeeeeeeeeccccccccccccceeeeeeeeeeeeemmmmmmmmmmmmmbbbbbbbbbbbbbeeeeeeeeeeeeerrrrrrrrrrrrr 33333333333331111111111111 895,506,550 35,050,250 234,651,900 41,927,850 77,921,300 49,692,800 68,490,850 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • FEDERAL RESERVE BANKS, 1974 A 81 OF FEDERAL RESERVE BANKS dollars) Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Item Current earnings 14,400,307 4,300,074 2,773,174 6,711,604 7,493,763 16,107,363 957,845,827 225,240,678 125,726,545 233,507,713 265,390,908 837,025,824 UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvvttttttttttttt,,,,,,,,,,,,, ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 1,071,903 231,909 156,875 279,668 375,117 872,986 448,604 117,292 271,122 178,506 124,080 249,105 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 973,766,641 229,889,953 128,927,716 240,677,491 273,383,868 854,255,278 CCCCCCCCCCCCCuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss SSSSSSSSSSSSSaaaaaaaaaaaaalllllllllllllaaaaaaaaaaaaarrrrrrrrrrrrriiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss::::::::::::: 1,781,779 1,332,643 995,747 1,314,765 1,135,828 1,645,562 32,994,794 14,707,326 9,496,159 14,296,698 11,718,967 20,566,437 5,813,691 2,738,027 1,669,041 2,744,324 2,156,493 4,185,913 RRRRRRRRRRRRReeeeeeeeeeeeetttttttttttttiiiiiiiiiiiiirrrrrrrrrrrrreeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr bbbbbbbbbbbbbeeeeeeeeeeeeennnnnnnnnnnnneeeeeeeeeeeeefffffffffffffiiiiiiiiiiiiitttttttttttttsssssssssssss 408,140 168,871 185,037 132,532 124,033 773,604 496,136 265,735 261,766 286,215 256,693 522,162 8,487,571 5,220,668 2,609,847 3,990,235 3,555,268 6,824,642 943,132 373,178 303,074 603,902 506,002 582,430 3,268,318 1,750,872 925,460 1,622,821 1,084,118 2,136,377 103.575 62,227 30,275 50,812 51,547 126,502 1,537,754 443,754 1,564,171 561,558 419,100 741,339 484,619 573,369 1,565,942 660,008 314,681 239,200 753,628 413,978 333,696 396,096 255,829 287,841 321.576 703,188 266,835 160,938 90,273 353,562 451,980 111,231 137 20,469 3,819 110,812 RRRRRRRRRRRRReeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt FFFFFFFFFFFFFuuuuuuuuuuuuurrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiitttttttttttttuuuuuuuuuuuuurrrrrrrrrrrrreeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd eeeeeeeeeeeeeqqqqqqqqqqqqquuuuuuuuuuuuuiiiiiiiiiiiiipppppppppppppmmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt::::::::::::: 842,805 850,683 361,790 652,587 477,548 797,261 4,915,900 2,542,181 1,495,878 2,587,142 2,617,556 3,318,137 1,625,764 297,037 439,586 365,054 901,334 633,791 AAAAAAAAAAAAAiiiiiiiiiiiiilllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 465,164 115,822 75,845 130,917 168,068 371,379 65,696,326 32,670,790 22,580,286 30,577,073 25,837,157 44,216,951 2,827,823 1,348,230 1,076,282 1,376,585 1,469,198 2,947,802 AAAAAAAAAAAAAsssssssssssssssssssssssssseeeeeeeeeeeeessssssssssssssssssssssssssmmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss fffffffffffffooooooooooooorrrrrrrrrrrrr BBBBBBBBBBBBBoooooooooooooaaaaaaaaaaaaarrrrrrrrrrrrrddddddddddddd ooooooooooooofffffffffffff GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvveeeeeeeeeeeeerrrrrrrrrrrrrnnnnnnnnnnnnnooooooooooooorrrrrrrrrrrrrsssssssssssss::::::::::::: 6,422,600 1,385,100 966,500 1,702,600 2,244,000 5,253,500 74,946,749 35,404,120 24,623,068 33,656,258 29,550,355 52,418,253 LLLLLLLLLLLLLeeeeeeeeeeeeessssssssssssssssssssssssss rrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiimmmmmmmmmmmmmbbbbbbbbbbbbbuuuuuuuuuuuuurrrrrrrrrrrrrssssssssssssseeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt fffffffffffffooooooooooooorrrrrrrrrrrrr ccccccccccccceeeeeeeeeeeeerrrrrrrrrrrrrtttttttttttttaaaaaaaaaaaaaiiiiiiiiiiiiinnnnnnnnnnnnn fffffffffffffiiiiiiiiiiiiissssssssssssscccccccccccccaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaagggggggggggggeeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd 6,574,313 2,672,075 1,183,229 2,716,089 1,382,209 4,788,345 68,372,436 32,732,045 23,439,839 30,940,169 28,168,146 47,629,908 PPPPPPPPPPPPPrrrrrrrrrrrrrooooooooooooofffffffffffffiiiiiiiiiiiiittttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd lllllllllllllooooooooooooossssssssssssssssssssssssss 905,394,205 197,157,908 105,487,877 209,737,322 245,215,722 806,625,370 AAAAAAAAAAAAAddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss tttttttttttttooooooooooooo cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: 394,831 415,781 152,422 1,844,730 96,935 152,077 394,831 415,781 152.422 1,844,730 96,935 152,077 6,681,914 1,563,903 869,243 1,617,958 1,842,937 5,793,867 5,332,468 1,154,802 781,190 1,392,555 1,868,062 4,347,490 1,905,001 111,426 207,304 129,893 162,691 573,420 13,919,383 2,830,131 1,857,737 3,140,406 3,873,690 10,714,777 DDDDDDDDDDDDDeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss fffffffffffffrrrrrrrrrrrrrooooooooooooommmmmmmmmmmmm cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: -13,524,552 -2,414,350 -1,705,315 -1,295,676 -3,776,755 -10,562,700 891,869,653 194,743,558 103,782,562 208,441,646 241,438,967 796,062,670 8,130,874 1,763,500 1,261,592 2,187,849 2,851,470 6,644,931 878,637,779 191,433,108 100,438,520 203,752,847 235,544,447 785,801,339 5,101,000 1,546,950 2,082,450 2,500,950 3,043,050 3,616,400 132,422,100 28,484,650 19,648,300 34,902,100 46,116,200 108,307,450 PPPPPPPPPPPPPaaaaaaaaaaaaayyyyyyyyyyyyymmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss tttttttttttttooooooooooooo UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrryyyyyyyyyyyyy (((((((((((((iiiiiiiiiiiiinnnnnnnnnnnnnttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrreeeeeeeeeeeeesssssssssssssttttttttttttt ooooooooooooonnnnnnnnnnnnn FFFFFFFFFFFFF.............RRRRRRRRRRRRR............. 137,523,100 30,031,600 21,730,750 37,403,050 49,159,250 111,923,850 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 BANKING OFFICES • FEBRUARY 1975 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks MMuuttuuaall ssaavviinnggss bbaannkkss AAAllllll Member Nonmember TTTyyypppeee ooofff oooffffffiiiccceee aaannnddd tttyyypppeee ooofff ccchhhaaannngggeee bbbaaannnkkksss TToottaall Total Na- State Total Insured Non- Insured 2 Nontional 1 insured insured Banks (head office): Dec. 31, 1934 111111666666,,,,,,000000666666333333 111111555555,,,,,,444444888888444444 66,,444422 55,,446622 998800 99999999,,,,,,,,000000004444444422222222 77,,669999 111,,,333444333 6688 511 Dec. 31, 1941 111111444444,,,,,,888888222222666666 111111444444,,,,,,222222777777888888 66,,661199 55,,111177 11,,550022 77777777,,,,,,,,666666666666666622222222 66,,881100 888555222 5522 496 Dec. 31, 1947 3 111111444444,,,,,,777777111111444444 111111444444,,,,,,111111888888111111 66,,992233 55,,000055 11,,991188 77777777,,,,,,,,222222226666666611111111 66,,447788 777888333 119944 339 Dec. 31, 1951 111111444444,,,,,,666666111111888888 111111444444,,,,,,000000888888999999 66,,884400 44,,993399 11,,990011 77777777,,,,,,,,222222225555555522222222 66,,660022 666555000 220022 327 Dec. 31, 1965 111111444444,,,,,,333333000000999999 111111333333,,,,,,888888000000444444 66,,222211 44,,881155 11,,440066 77777777,,,,,,,,555555558888888833333333 77,,332200 222666333 332288 177 Dec. 31, 1970 111111444444,,,,,,111111888888111111 111111333333,,,,,,666666888888888888 55,,776688 44,,662211 11,,114477 77777777,,,,,,,,999999992222222200000000 77,,773355 111888555 332288 165 Dec. 31, 1971 111111444444,,,,,,222222777777333333 111111333333,,,,,,777777888888444444 55,,772288 44,,660000 11,,112288 88888888,,,,,,,,000000005555555566666666 77,,887755 111888111 332266 163 Dec. 31, 1972 111111444444,,,,,,444444111111333333 111111333333,,,,,,999999222222888888 55,,770055 44,,661133 11,,009922 88888888,,,,,,,,222222222222222233333333 88,,001177 222000666 332255 160 Dec. 31, 1973 111111444444,,,,,,666666555555333333 111111444444,,,,,,111111777777222222 55,,773377 44,,666611 11,,007766 88888888,,,,,,,,444444443333333355555555 88,,222299 222000666 332211 160 Dec. 31, 1974 111111444444,,,,,,999999333333666666 111111444444,,,,,,444444555555777777 55,,778822 44,,771100 11,,007722 88888888,,,,,,,,666666667777777755555555 88,,443388 222333777 331199 160 Branches, additional offices, and facilities: Dec. 31, 1934 333333,,,,,,111111333333333333 333333,,,,,,000000000000777777 22,,222244 11,,224433 998811 777777778888888833333333 77!!333 333 ii::2 6 Dec. 31, 1941 333333,,,,,,666666999999999999 333333......555555666666444444 22,,558800 11,,556655 11,,001155 999999998888888844444444 993322 555222 3322 103 Dec. 31, 1947 3 444444,,,,,,333333333333222222 444444,,,,,,111111666666111111 33,,005511 11,,887700 11,,118811 11111111,,,,,,,,111111111111111100000000 11,,004433 666777 112244 47 Dec. 31, 1951 555555,,,,,,333333888888333333 555555,,,,,,111111555555333333 33,,883377 22,,337700 11,,446677 11111111,,,,,,,,333333331111111166666666 11,,227755 444111 116655 65 Dec. 31, 1965 111111666666,,,,,,444444777777111111 111111555555,,,,,,777777555555666666 1122,,229988 88,,996644 33,,333344 33333333,,,,,,,,444444445555555588888888 33,,440044 555444 558833 132 Dec. 31, 1970 222222222222,,,,,,777777222222777777 222222111111,,,,,,666666444444333333 1166,,119911 1122,,553366 33,,665555 55555555,,,,,,,,444444445555555522222222 55,,440044 444888 889911 193 Dec. 31, 1971 222222444444,,,,,,222222999999999999 222222333333,,,,,,111111000000444444 1177,,008855 1133,,227722 33,,881133 66666666,,,,,,,,000000001111111199999999 55,,997799 444000 998833 212 Dec. 31, 1972 222222555555,,,,,,999999777777777777 222222444444,,,,,,666666222222222222 1177,,995544 1133,,997744 33,,998800 66666666,,,,,,,,666666666666666688888888 66,,662233 444555 11,,111133 242 Dec. 31, 1973 222222777777,,,,,,999999444444666666 222222666666,,,,,,444444555555444444 1188,,996666 1144,,991166 44,,005500 77777777,,,,,,,,444444448888888888888888 77,,444422 444666 11,,224411 251 Dec. 31, 1974 333333000000,,,,,,000000777777666666 222222888888,,,,,,444444333333444444 1199,,994466 1155,,773344 44,,221122 88888888,,,,,,,,444444448888888888888888 88,,444400 444888 11,,338877 255 Changes Jan.-Dec. 31, 1974 Banks: New banks 444444000000666666 444444000000555555 113322 9977 3355 222222227777777733333333 223311 444222 11 Ceased banking operations ------333333 ------333333 --------33333333 ---333 Reopening of suspended bank 111111 Consolidations and absorptions: Banks converted into branches ------111111000000666666 ------111111000000555555 -----5555533333 ----44441111 ---111222 --------5555555522222222 ------555555222222 Other ------111111555555 ------111111333333 -----44444 ----2222 ---222 --------99999999 ------777777 --22 ---222 Interclass changes: Nonmember to national 88888 8888 --------88888888 ------888888 Nonmember to State member 1111100000 11110000 --------1111111100000000 ------999999 --11 State member to national 77 ----7777 State member to nonmember ---222888 ----22228888 222888 222222222888888888 National to nonmember ---222000 --2200 222000 222222222000000000 Noninsured to insured 555555555 ---555 Net change 222288883333 222288885555 444444555555 4444499999 ----4444 222222444444000000 222222222000000000999999999 333111 --22 Number of banks, Dec. 31, 1974 11114444,,,,999933336666 11114444,,,,444455557777 555555,,,,,,777777888888222222 44444,,,,,777771111100000 1111,,,,000077772222 888888,,,,,,666666777777555555 888888888,,,,,,,,,444444444333333333888888888 222333777 331199 160 Branches and additional offices: De novo 2222,,,,222200007777 2222,,,,000011117777 111111,,,,,,111111666666777777 999993333322222 222233335555 888888555555000000 888888888444444444777777777 333 118855 5 Banks converted 111100006666 111100006666 666666777777 5555577777 11110000 333333999999 333333333999999999 Sale of branch ----1111 ---- 8888 4444 1111 ----1111 ---- 4444 4444 8888 ------111111 ------ 111111 555555 666666 -----88888 -----11111 77777 ----2222 ----4444 9999 ------333333222222 111111 ---------333333333111111111 111111111 -1 -32 -1 Interclass changes: Nonmember to national 555555666666 5555566666 ------555555666666 ---------555555555666666666 Nonmember to State member 111111111111444444 111111111144444 ------111111111111444444 ---------111111111111111111444444444 State member to national 114422 -----111114444422222 State member to nonmember --5522 -----5555522222 5522 5522 National to State member ----------22222222226666666666 2222266666 National to nonmember --------222222226666666611111111 ----------222222222266666666661111111111 226611 226611 Insured mutual to national 666666 66666666 6666666666 ---666 Other 66666 777777 55555555 66 222222 222222 Facilities reclassified as branches 22222 222222 11111111 111111 Net change 888888888811111111118888888888 164 111111,,,,,,000000000000222222 2 146 4 Number of branches and additional offices, Dec. 22222,,,,,111113333366666 111111,,,,,,999999888888666666 999999998888888822222222 111111,,,,,,000000000000444444 31,1974 11111111115555555555,,,,,,,,,,555555555577777777778888888888 4,202 888888,,,,,,444444000000999999 48 1,387 255 2222299999,,,,,888887777799999 222222888888,,,,,,222222333333777777 1111111199999999,,,,,,,,777777778888888800000000 888888,,,,,,444444555555777777 Banking facilities:4 Facilities reclassified as branches -----22222 ------222222 --------11111111 ----------1111111111 Discontinued -----44444 ------444444 --------22222222 ----------2222222222 ------222222 ------222222 Interclass changes: Nonmember to national 1111111111 ------111111 State member to national 2222222222 ----2222 Net change ---666 ---666 ---222 ----2222 ---444 ---444 Number of facilities, Dec. 31, 1974 111999777 111999777 111666666 115566 11110000 333111 333111 1 National bank figures include 1 bank in Puerto Rico and 1 bank in 4 Provided at military and other Govt, establishments through arrange- Virgin Islands. ments made by the Treasury Dept. 2 Insured mutual savings banks figures include 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, not reflected in total commercial NOTE.—Beginning with 1959, figures include all banks in Alaska and bank figures. Hawaii, but nonmember banks in territories and possessions are excluded. 3 Series revised as of June 30, 1947. The revision resulted in an addition of 115 banks and 9 branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • BANKING OFFICES A 83 NUMBER OF PAR AND NONPAR BANKING OFFICES Par TToottaall Nonpar (nonmember) F.R. district, Total Member Nonmember State, or other area Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices Total, including other areas: Dec. 31, 1973 14,062 26,687 13,915 26,594 5,737 19,015 8,178 7,579 147 93 Dec. 31, 1974 14,334 28,684 14,247 28,627 5,782 j 20,012 8,465 8,615 87 57 F.R. districts, Dec. 31, 1974 Boston 376 1,972 376 1,972 203 1,270 173 702 New York1 484 4,405 484 4,405 322 3,826 162 579 Philadelphia 404 2,088 404 2,088 265 1,362 139 726 Cleveland 767 2,459 767 2,459 458 1,967 309 492 Richmond 787 4,088 782 4,088 401 2,459 381 1,629 5 Atlanta 1,941 2,396 1,900 2,353 645 1,362 1,255 991 41 43 Chicago 2,682 2,939 2,682 2,939 935 1,870 1,747 1,069 St. Louis 1,420 1,362 1,420 1,362 430 681 990 681 Minneapolis 1,394 371 1,394 371 504 196 890 175 Kansas City 2,169 571 2,169 571 821 300 1,348 271 Dallas 1,465 419 1,424 405 658 204 766 201 41 14 San Francisco 445 5,614 445 5,614 140 4,515 305 1,099 State or area, Dec. 31, 1974: Alabama 293 417 293 417 112 291 181 126 Alaska 10 81 10 81 5 70 5 11 Arizona 17 425 17 425 4 292 13 133 Arkansas 259 281 259 281 83 162 176 119 California 186 3,485 186 3,485 63 2,995 123 490 Colorado 263 50 263 50 144 30 119 20 Connecticut 71 547 71 547 26 331 45 216 Delaware 17 130 17 130 5 4 12 126 District of Columbia 16 126 16 126 14 116 2 10 Florida 710 121 710 121 315 38 395 83 Georgia. .. 444477 656 447 656 73 393 374 263 Hawaii 88 148 8 148 2 10 6 138 Idaho 24 191 24 191 10 161 14 30 Illinois 1,197 193 1,197 193 491 110 706 83 Indiana... 409 842 409 842 172 493 237 349 Iowa 664 385 664 385 146 115 518 270 Kansas..., 613 127 613 127 198 62 415 65 Kentucky. 342 471 342 471 91 273 251 198 Louisiana. 249 542 177 485 61 269 116 216 72 57 Maine 45 277 45 277 23 157 22 120 Maryland 114 703 114 703 47 428 67 275 Massachusetts... 152 885 152 885 91 658 61 227 Michigan 347 1,481 347 1,481 210 1,191 137 290 Minnesota 744 32 744 32 230 18 514 14 Mississippi 181 502 181 502 45 231 136 271 Missouri 696 262 696 262 175 84 521 178 Montana 152 14 152 14 99 9 53 5 Nebraska 444488 83 448 83 129 45 319 38 Nevada 88 105 8 105 5 89 3 16 New Hampshire. 80 98 80 98 48 80 32 18 New Jersey 218 1,335 218 1,335 145 1,130 73 205 N Ne e w w M Yo e r x k i co 29 7 9 6 3,0 1 8 8 7 9 29 7 9 6 3,0 1 8 8 7 9 2 4 2 1 4 2,9 1 1 1 3 5 3 7 5 5 1 7 7 4 4 1 North Carolina, 91 1,547 91 1,547 28 761 63 786 North Dakota.. 170 80 170 80 47 20 123 60 Ohio 498 1,613 498 1,613 331 1,337 167 276 Oklahoma 456 96 456 96 208 60 248 36 Oregon 49 420 49 420 8 290 41 130 Pennsylvania.... 403 2,192 403 2,192 265 1,513 138 679 Rhode Island... 16 214 16 214 5 114 11 100 South Carolina. 91 582 86 582 24 299 62 283 South Dakota.. 158 115 158 115 58 82 100 33 Tennessee 337 727 337 727 90 399 247 328 Texas 1,312 123 1,302 123 607 31 695 92 10 Utah 54 186 54 186 16 132 38 54 Vermont 33 131 33 131 17 46 16 85 Virginia 288 1,112 288 1,112 174 843 114 269 Washington 92 661 92 661 28 542 64 119 West Virginia.. 214 26 214 26 129 16 85 10 W W i y s o c m on in si g n 62 7 0 4 326 2 62 7 0 4 32 2 6 1 5 6 7 1 104 1 45 1 9 7 222 1 Other areas: A G m ua e m ri c 2 a n Samoa2. j 1 2 5 1 1 2 5 9 1 2 6 P V u ir e g r i t n o I R sl i a c n o d 3 s 3.... 1 8 4 21 2 4 9 1 8 4 21 2 4 9 1 1 2 2 2 8 1 7 3 192 1 1 Includes 19 New York City branches of 3 insured nonmember Puerto are included aoove in me laoie as nunmeinuci uaiuia, aim nuiimtuiuw Rican banks. branches in Puerto Rico include 8 branches of Canadian banks. 2 American Samoa and Guam assigned to the San Francisco District for check clearing and collection purposes. All member branches in NOTE.—Includes all commercial banking offices in the United States. Guam are branches of California and New York Banks. Puerto Rico, and the Virgin Islands on which checks are drawn, including 3 Puerto Rico and the Virgin Islands assigned to the New York District 197 banking facilities. Number of banks and branches differs from that for purposes of Regulation J, "Check Clearing and Collection." Member in the table on page A-82 of the Feb. 1975 BULLETIN, because this table branches in Puerto Rico and all except 7 in the Virgin Islands are branches includes banks in Puerto Rico and the Virgin Islands but excludes banks of banks located in California, New York and Pennsylvania. Certain and trust companies on which no checks are drawn. branches of Canadian banks (2 in Puerto Rico and 5 in Virgin Islands Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 INTEREST RATES, 1974 • FEBRUARY 1975 MONEY MARKET RATES (Per cent per annum) U.S. Government securities5 Finance commercial CO. Prime Fedpaper1 paper bankers' eral 3-month bills 6 6-month bills6 9- to 12-month issues Period, placed accept- funds 3- to 5oorr wweeeekk eennddiinngg directly, ances, rate4 year 90-119 4- to 6- 3- to 6- 9900 ddaayyss33 Rate Market Rate Market 1-year issues7 days months months2 on new yield on new yield bill (mar- Other 7 issue issue ket yield) <> 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 r7.83 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 1973—Dec. 29.... 9.19 9.00 8.00 8.75 9.52 7.346 7.50 7.315 7.46 6.84 7.41 6.83 1974—Jan. 5.... 9.13 8.88 8.00 8.75 9.87 7.406 7.49 7.371 7.48 6.94 7.37 6.83 12.... 8.85 8.65 7.80 8.75 9.76 7.615 7.72 7.560 7.66 7.07 7.41 6.88 19.... 8.95 8.75 7.90 8.75 9.77 7.983 7.89 7.867 7.79 7.04 7.52 6.94 26.... 8.90 8.68 8.00 8.75 9.60 7.995 7.99 7.819 7.81 7.07 7.58 7.06 Feb. 2.... 8.45 8.38 7.93 8.55 9.47 7.778 7.55 7.516 7.31 6.80 7.33 6.94 9.... 8.15 7.93 7.53 7.85 9.13 6.951 7.03 6.747 6.91 6.52 6.87 6.74 16.... 7.94 7.75 7.38 7.75 8.93 7.081 7.06 6.882 6.86 6.41 6.83 6.70 23.... 7.84 7.69 7.31 7.75 9.07 7.018 7.07 6.787 6.87 6.42 6.87 6.76 Mar. 2.... 8.00 7.88 7.30 7.85 8.81 7.188 7.36 7.081 7.27 6.71 7.15 6.93 9.... 8.20 8.00 7.50 8.00 8.98 7.675 7.71 7.566 7.53 6.96 7.34 7.06 16.... 8.43 8.18 7.75 '8.10 9.03 7.920 7.82 7.637 7.59 7.06 7.59 7.16 23.... 8.73 8.50 7.85 8.60 9.33 8.047 8.06 7.882 8.02 7.56 8.15 7.48 30.... 9.30 9.10 8.00 9.10 9.61 8.300 8.35 8.231 8.24 7.84 8.49 7.69 Apr. 6 9.53 9.38 8.25 9.30 9.93 8.358 8.51 8.211 8.31 7.95 8.48 7.91 13.... 9.70 9.60 8.40 9.50 10.02 8.648 8.49 8.393 8.34 8.05 8.55 7.98 20.... 9.88 9.73 8.50 9.50 10.36 8.051 8.05 8.084 8.18 8.05 8.61 7.94 27.... 10.23 10.13 8.50 9.85 10.78 7.857 8.10 7.995 8.27 8.14 8.82 8.04 MMaayy 44........ 10.85 10.73 8.70 10.35 11.17 8.909 8.81 8.796 8.73 8.45 9.10 8.29 1111........ 11.00 10.83 8.90 10.70 11.29 9.036 8.60 9.006 8.71 8.46 9.21 8.51 18.... 11.00 10.80 9.00 10.75 11.46 8.023 8.00 8.031 8.12 8.11 8.79 8.20 25.... 10.63 10.38 9.00 10.75 10.95 8.197 7.90 8.440 8.28 7.99 8.39 8.09 June 1.... 10.56 10.31 9.00 10.75 11.54 7.983 8.04 8.205 8.26 8.06 8.46 8.07 8.. .. 10.78 10.53 9.00 10.75 11.45 8.300 8.05 8.426 8.16 8.15 8.61 8.06 15.... 10.98 10.75 9.00 10.75 11.60 8.260 8.23 8.324 8.32 8.14 8.68 8.06 22.... 11.33 11.10 9.00 10.75 11.85 8.177 7.88 8.175 8.04 8.10 8.66 8.09 29.... 11.65 11.48 9.00 10.90 11.97 7.841 7.45 8.003 7.96 8.24 8.88 8.33 July 6 12.00 11.81 9.00 11.31 13.55 7.808 7.53 8.055 8.15 8.38 9.09 8.47 13.... 12.18 11.95 9.00 12.00 13.34 7.892 7.45 8.480 8.05 8.13 9.09 8.60 20.... 12.15 11.95 9.00 12.00 13.04 7.702 7.72 7.876 7.83 7.80 8.67 8.35 27.... 11.73 11.50 9.00 12.00 12.60 7.604 7.43 7.700 7.64 7.81 8.62 8.08 Aug. 3 11.43 11.23 9.00 12.00 12.29 7.698 7.84 8.055 8.38 8.38 9.19 8.55 10.... 11.60 11.48 9.00 12.00 12.09 8.505 8.75 8.660 8.82 8.49 9.27 8.59 17.... 11.73 11.63 9.05 12.08 12.02 8.763 8.75 8.719 8.78 8.50 9.33 8.58 24.... 11.95 11.80 9.65 12.16 12.23 8.846 9.29 8.899 9.41 9.25 9.7t 8.69 31.... 12.00 11.85 9.65 12.10 11.84 9.908 9.37 9.930 9.61 9.38 9.93 8.69 Sept. 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 Oct. 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 Nov. 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 average of the range of rates on a given day weighted by the volume of dealers. transactions at these rates. 2 Averages of the most representative daily offering rate published by 5 Except for new bill issues, yields are averages computed from daily finance companies, for varying maturities in the 90-179 day range. closing bid prices. 3 Beginning Aug. 15, 1974, the rate is the average of the midpoint of 6 Bills quoted on bank-discount-rate basis. the range of daily dealer closing rates offered for domestic issues; prior 7 Selected note and bond issues. data are averages of the most representative daily offering rate quoted by dealers. NOTE.—Figures for Treasury bills are the revised series described on p. 4 Seven-day averages for week ending Wednesday, based on the daily A-35 of the Oct. 1972 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND AND STOCK YIELDS A 85 (Per cent per annum) Government bonds Corporate bonds Stocks State and local Aaa utility BByy sseelleecctteedd BByy DDiivviiddeenndd// Earnings / rraattiinngg ggrroouupp pprriiccee rraattiioo price ratio PPPPPeeeeerrrrriiiiioooooddddd,,,,, UUUUnnnniiiitttteeeedddd TTToootttaaalll iii ooooorrrrr wwwwweeeeeeeeeekkkkk eeeeennnnndddddiiiiinnnnnggggg SSSSttttaaaatttteeeessss ((((lllloooonnnngggg---- RRReee--- Aaa Baa Indus- Rail- Public tttteeeerrrrmmmm)))) TTToootttaaalll iii AAAaaaaaa BBBaaaaaa NNNeeewww ccceeennntttlllyyy trial road utility PPrree-- CCoomm-- Comiiissssssuuueee oooffffffeeerrreeeddd ffeerrrreedd mmoonn mon Seasoned issues 1974—Jan.. 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 8.34 8.44 7.56 3.65 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 6.31 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 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 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 9.44 9.59 10.11 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 1973—Dec. 29. 6.47 5.11 4.85 5.40 8.10 8.08 7.73 8.52 7.87 8.31 8.21 7.90 3.64 1974—Jan. 5. 6.52 5.16 4.90 5.50 8.14 8.10 7.73 8.54 7.87 8.35 8.22 7.81 3.56 12. 6.57 5.24 5.05 5.50 8.17 8.25 8.12 7.77 8.56 7.92 8.37 8.23 7.55 3.73 19. 6.57 5.24 5.05 5.45 8.27 8.21 8.16 7.85 8.58 7.98 8.35 8.26 7.51 3.65 26. 6.57 5.28 5.10 5.50 8.25 8.26 8.18 7.88 8.60 8.02 8.31 8.32 7.49 3.60 Feb. 2, 6.55 5.24 5.05 5.50 8.11 8.18 8.18 7.87 8.58 8.01 8.29 8.33 7.62 3.65 9. 6.50 5.18 4.95 5.45 8.13 8.19 8.16 7.82 8.57 7.99 8.28 8.31 7.54 3.81 16. 6.50 5.24 5.05 5.45 8.05 8.25 8.17 7.85 8.59 8.00 8.28 8.33 7.49 3.92 23. 6.56 5.28 5.10 5.50 8.10 8.24 8.18 7.87 8.61 8.03 8.26 8.34 7.47 3.82 MMaarr.. 2, 6.62 5.29 5.10 5.55 8.30 8.29 8.18 7.87 8.59 8.03 8.25 8.35 7.39 3.70 9, 6.71 5.31 5.10 5.55 8.37 8.27 8.21 7.92 8.29 8.05 8.28 8.38 7.39 3.64 16. 6.75 5.38 5.15 5.65 8.33 8.37 8.25 7.99 8.31 8.08 8.33 8.41 7.50 3.58 23. 6.88 5.46 5.26 5.75 8.59 8.52 8.30 8.05 8.35 8.14 8.37 8.46 7.63 3.67 30. 6.93 5.61 5.35 5.90 8.64 8.67 8.36 8.11 8.44 8.22 8.39 8.53 7.72 3.71 8.96 AApprr.. 6. 7.02 5.73 5.40 6.00 8.78 8.75 8.43 8.17 8.79 8.30 8.42 8.62 7.75 3.80 13. 7.04 5.83 5.50 6.15 9.13 8.92 8.49 8.25 8.87 8.36 8.48 8.69 7.81 3.88 20. 6.99 5.69 5.40 6.00 8.91 8.95 8.51 8.26 8.89 8.41 8.51 8.66 7.83 3.80 27. 7.07 5.80 5.51 6.10 8.98 9.08 8.55 8.28 8.94 8.45 8.57 8.71 7.91 3.95 MMaayy 4. 7.11 6.00 5.80 6.25 9.27 9.15 8.62 8.34 8.99 8.52 8.64 8.76 8.04 3.90 11. 7.09 6.11 5.90 6.40 9.27 9.11 8.64 8.38 9.02 8.54 8.69 8.77 8.08 3.91 18. 7.02 6.06 5.90 6.30 9.23 9.13 8.67 8.36 9.07 8.53 8.73 8.83 8.12 3.96 25. 7.08 6.06 5.90 6.30 9.34 9.10 8.71 8.38 9.16 8.56 8.77 8.89 8.10 4.12 June j 7.06 6.09 5.95 6.30 9.09 9.15 8.75 8.39 9.23 8.60 8.81 8.95 8.20 4.13 8! 7.04 6.03 5.90 6.25 9.23 9.14 8.78 8.40 9.26 8.61 8.85 9.00 8.25 3.98 15. 6.99 6.11 5.95 6.30 9.28 9.18 8.81 8.40 9.29 8.64 8.88 9.02 8.19 3.91 22. 7.01 6.18 5.96 6.39 9.49 9.45 8.87 8.49 9.36 8.72 8.90 9.10 8.24 4.06 29. 7.07 6.35 6.00 6.70 9.50 9.82 8.94 8.57 9.44 8.80 8.93 9.19 8.32 4.14 10.30 JJuullyy 6. 7.12 6.61 6.20 7.00 9.79 8.99 8.62 9.47 8.85 8.95 9.25 8.22 4.30 13. 7.23 6.90 6.50 7.25 10.25 10.16 9.04 8.66 9.49 8.90 9.01 9.30 8.29 4.54 20. 7.24 6.80 6.50 7.15 10.10 10.02 9.10 8.71 9.55 8.95 9.09 9.36 8.43 4.35 27. 7.12 6.48 6.15 7.00 10.09 9.16 8.77 9.61 9.02 9.16 9.40 8.52 4.29 AAuugg.. 3. 7.24 6.69 6.40 7.05 10.31 10.28 9.23 8.86 9.67 9.07 9.23 9.48 8.55 4.61 10. 7.31 6.60 6.25 7.00 9.82 10.15 9.29 8.93 9.70 9.11 9.27 9.57 8.50 4.47 17. 7.35 6.64 6.30 7.05 10.10 10.02 9.34 8.98 9.74 9.12 9.30 9.67 8.52 4.82 24. 7.30 6.71 6.35 7.15 10.26 10.28 9.39 9.03 9.78 9.17 9.30 9.77 8.64 5.05 31. 7.36 6.88 6.60 7.25 9.99 10.26 9.47 9.07 9.86 9.25 9.34 9.87 8.76 5.24 SSeepptt.. 7. 7.33 6.86 6.60 7.20 10.31 10.24 9.53 9.13 9.95 9.32 9.37 9.96 9.02 5.40 14. 7.31 6.79 6.50 7.20 10.27 10.30 9.61 9.20 10.05 9.40 9.43 10.05 8.92 5.42 21. 7.31 6.76 6.45 7.20 10.37 10.26 9.69 9.29 10.17 9.49 9.47 10.14 8.94 5.49 28. 7.27 6.68 6.40 7.10 10.46 10.27 9.75 9.32 10.26 9.52 9.53 10.24 8.78 5.50 14.58 OOcctt.. 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 8.88 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 8.93 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 8.68 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 8.61 5.24 NNoovv.. 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 8.78 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 8.69 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 8.61 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 8.57 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 8.53 5.23 DDeecc.. 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 8.61 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 8.77 5.42 21. 6.70 7.07 6.70 7.50 9.52 9.59 9.55 8.85 10.56 9.21 9.58 10.02 8.78 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 8.87 5.50 1 Includes bonds rated Aa and A, data for which are not shown sep- offered" Aaa utility bonds, weekly averages compiled by the Board of arately. Because of a limited number of suitable issues, the number Governors of the Federal Reserve System and rates for seasoned issues, of corporate bonds in some groups has varied somewhat. As of Dec. averages of daily figures from Moody's Investors Service. 23, 1967, there is no longer an Aaa-rated railroad bond series. Stocks: Standard and Poor's corporate series. Dividend/price ratios NOTE.—Annual yields are averages of monthly or quarterly data. based on Wed. figures. Earnings/price ratios as of end of period. Pre- Bonds: Monthly and weekly yields are computed as follows: (1) U.S. ferred stock ratio based on 8 median yields for a sample of noncallable Govt., averages of daily figures for bonds maturing or callable in 10 years issues—12 industrial and 2 public utility. Common stock ratios on the or more, from Federal Reserve Bank of New York; (2) State and local 500 stocks in the price index. Quarterly earnings are seasonally adjusted govt., general obligations only, based on Thurs. figures, from Moody's at annual rates. Investors Service; (3) Corporate, rates for "New issue" and "Recently Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 86 STOCK MARKET CREDIT • FEBRUARY 1975 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS AT BROKERS CARRYING MARGIN ACCOUNTS, JUNE 30, 1967-741 (In millions of dollars) Item 1967 1968 1969 1970 1971 1972 1973 1974 DEBIT BALANCES Cash on hand and in banks 686 879 1,003 746 633 591 582 440 Securities— 805 1,361 1,247 668 888 1,030 840 762 Sold, delivery pending (failed to deliver) 1,588 3,843 22,,226688 804 11,,441133 1,089 745 543 Net debit balances due from member firms of national securities ex- 291 507 524 224 318 344 253 217 Debit balances due from all other customers, exclusive of exchange members or allied exchange members in reporting firms—Total.. 66,,223322 2 9,287 8,356 5,615 7,142 10,438 8,567 6,876 In stock margin accounts 6,150 5,002 3,836 4,743 7,689 6,131 5,025 101 162 198 208 243 212 168 105 85 48 41 36 20 9 In cash accounts 2,690 2,682 1,162 1,842 1,866 1,558 1,083 224411 442244 337722 330088 660044 664455 559911 Net debit balances in individual investment and trading accounts of exchange members or allied exchange members in reporting firms.. 109 102 133 81 120 144 81 66 Debit balances in— Firm investment accounts 477 682 743 665 647 642 490 422 Firm trading and underwriting accounts 1,618 1,801 22,,447711 22,,665511 3,615 5,225 44,,114499 2,664 Commodity margins on deposit with banks, and commodity guaranty funds on deposit 49 67 83 74 83 80 157 146 All other debit balances 1,024 1,112 1,429 1,313 1,313 1,380 1,648 1,397 Total 12,880 19,640 18,258 12,841 16,172 2b,963 17,522 13,534 CREDIT BALANCES Money borrowed—Total 3 33,,669900 44,,114444 44,,339944 3,872 44,,999955 9,145 7,139 44,,445500 From banks and trust companies: 2,215 2,460 2,780 2,083 2,924 5,463 4,117 2,607 Elsewhere in the United States 903 966 825 892 989 2,393 2,163 1,417 From U.S. agencies of foreign banks 494 601 517 303 337 441111 197 81 From other lenders (not including members of national securities exchanges) 79 117 272 594 746 887788 662 344 Securities— 674 1,544 1,357 704 931 1,071 800 587 Bought, delivery pending (failed to receive) 1,660 4,127 22,,448855 894 1,548 1,161 789 636 Net credit balances due to member firms of national securities ex- 309 446 396 203 288 423 252 274 Credit balances due to other customers exclusive of exchange members or allied exchange members in reporting firms—Total 3,363 5,499 5,398 3,642 3,925 33,,664400 3,370 2,987 In free credit balances in cash accounts } 2,932 2,563 1,761 2,045 1,870 1,443 1,363 In free credit balances in stock and convertible bond margin accounts... 619 718 512 401 312 299 261 In credit balances in short accounts . 1 072 931 633 585 603 593 586 In other net credit balances 1 1,100 1,186 736 895 855 1,035 777 Credit balances and money borrowed which are subordinated to general creditors under approved agreements 190 248 381 454 504 663344 729 646 Net credit balances in the individual investment and trading accounts of exchange members or allied exchange members in reporting firms.. 81 112 134 121 87 7744 84 79 Credit balances in firm investment and trading accounts 556 616 752 595 769 1,020 1,064 646 Net balance in capital accounts 4 and profit and loss accounts and general partners' or voting stockholders' drawing accounts 1,353 1,748 1,987 1,639 2,023 22,,553300 2,257 2,097 All other credit balances 704 1,052 973 717 1,103 1,266 1,040 1,131 Total 12,880 19,471 18,258 12,841 16,172 21,963 17,522 13,533 MEMO: Money borrowed, according to collateral: Secured by customers' collateral: Entirely by obligations of U.S. Govt, or its agencies 13 63 127 31 25 6600 66 37 Entirely by bonds other than convertible bonds and U.S. Govt. securities 103 30 56 53 50 199 101 35 By nonexempt securities or mixed collateral 2,184 2,817 2,868 1,971 2,215 4,922 3,729 2,478 Secured by collateral of the firm or of exchange members or allied exchange members in reporting firms: Entirely by obligations of U.S. Govt, or its agencies 336 142 302 805 1,514 11,,888844 11,,660099 222222 Entirely by bonds other than convertible bonds and U.S. Govt. securities 127 102 109 283 296 598 336688 336611 B U y n s n e o cu n r e e x d em b p or t r s o e w cu in r g it i o e t s h o er r t m ha ix n e s d u c b o o l r la d t i e n r a a t l e d to general creditors... 9261 97 1 2 6 90 3 3 0 70 1 9 9 8 2 7 1 4 1,41 6 4 7 1,16 9 6 9 1,23 8 3 4 Total 3,690 4,144 4,394 3,872 4,995 9,145 7,139 4,450 Amount to be repaid for securities sold under repurchase agreements... 326 450 550 1,223 1,197 1,926 1,585 1,087 Number of firms 326 365 371 363 313 310 279 244 1 Member firms of either NYSE or AMEX. Prior to 1968, annual totals monthly in the table on Stock Market Customer Financing, p. A-31, do not include data for firms which were members of AMEX but not but the data differ somewhat because of sampling error in the monthly NYSE. series, statistical discrepancies in reporting, and differences in the date 2 Because of a change in reporting format in 1968, the items "debit of reporting. balances due from all other customers exclusive of general partners or 3 Excluding subordinated borrowing. voting stockholders" and "credit balances of other customers ex- 4 Excluding subordinated indebtedness included in the item "Credit clusive of general partners or voting stockholders" for prior years are not balances and money borrowed, etc.," above. comparable with those for 1968. The difference results essentially from a change in the procedure of netting credit balances against debit balances NOTE.—End-of-month figures. For a discussion of customer debit for customers with more than one account at a brokerage firm. The sub- balances and other figures in this table, see, respectively, "Margin Account item of debit balances "in stock margin accounts" is conceptually equiva- Credit," June 1968 BULLETIN, and "Statistics on Margin Accounts," lent to credit extended to margin customers by brokers, as reported Sept. 1936 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1975 • STOCK MARKET CREDIT A 87 SECURITY CREDIT REPORTED BY LENDERS SUBJECT TO MARGIN REGULATIONS, JUNE 30, 1974 (In millions of dollars) Regulation T Regulation U1 TTyyppee ooff ccrreeddiitt RReegguullaa-- TToottaall NYSE Other Commercial Other ttiioonn GG members brokers and Total banks banks 3 Total dealers2 Margin credit: Subject to margin requirements: Margin stock4 555,,,000111555 777000 555,,,000888555 999000888 4 999111222 161 666666,,,,,,111111555555888888 Convertible bonds 111666777 555 111777222 333444 333444 222222000000666666 Subscription issues 999 111 111000 111000 22 111222 222222222222 "Plan lenders"5 6644 666666444444 Total (5,191) (76) (5,267) (((999555222))) (((666))) (((999555888))) ((222255)) ((((((666666,,,,,,444444555555000000)))))) Not subject to margin requirements: Nonmargin stock ® 222,,,000777000 222 222,,,000777222 222222,,,,,,000000777777222222 Total (5,191) (76) (5,267) (((333,,,000222222))) (((888))) (((333,,,000333000))) (225) ((((((888888,,,,,,555555222222222222)))))) At banks reporting less than $250,000 n.e.c.7. .. 222666555 222 222666777 222222666666777777 Total 5,191 76 5,267 333,,,222888777 111000 333,,,222999777 225 888888,,,,,,777777888888999999 1 Excludes loans to brokers and dealers. 5 Credit extended to finance purchases through qualified stock option 2 Includes data for firms that are members of the American Stock and employee stock purchase plans. Exchange but not of the New York Stock Exchange that report directly 6 Loans to purchase or carry over-the-counter (OTC) stock not on the to the Board of Governors of the Federal Reserve System and for other Federal Reserve Board's OTC margin stock list and secured by restricted broker-dealers reporting voluntarily to the National Association of collateral in whole or in part. Securities Dealers. 7 Security credit extended under Regulation U by banks reporting less 3 Includes U.S. agencies of foreign banks and mutual savings banks. than $250,000 of such loans, not, included in detail above. 4 Includes bank loans for which part of the collateral was not restricted. Such loans may contain some credit to purchase or carry convertible NOTE.—Details may not add to totals due to rounding. bonds. MARGIN CREDIT BY SOURCE SECURITY CREDIT AT BANKS BY TYPE1 (In millions of dollars) (In millions of dollars) Outstanding on Brokers Banks Others Total June 30 June 30 Category 1972 1973 1974 1969 5555555,,,,,,,222222233333333333333 1970 4444444,,,,,,,111111111111117777777 222222,,,,,,000000444444666666 222222444444555555 666666,,,,,,444444000000888888 1971 5555555,,,,,,,000000055555550000000 222222,,,,,,000000333333555555 222222666666666666 777777,,,,,,333333555555111111 Loans to purchase or carry margin stock, 1972 8888888,,,,,,,000000066666661111111 222222,,,,,,555555555555222222 222222555555444444 111111000000,,,,,,888888666666777777 secured by— 1973 6666666,,,,,,,444444433333332222222 333333,,,,,,111111333333999999 222222111111333333 999999,,,,,,777777888888444444 a. Stocks (except as described in (c) below). 840 885 912 1974 5555555,,,,,,,222222266666667777777 333333,,,,,,222222888888777777 222222222222555555 888888,,,,,,777777888888999999 b. Convertible bonds 51 53 34 c. Stocks acquired with subscription rights. , 15 15 12 d. Restricted collateral, in part 49 61 80 NOTE.—See footnotes to table above. Total 955 1,014 1,038 Loans to purchase or carry nonmargin stock, secured by a. Bank stock, entirely or in part2 958 1,262 1,412 b. Other restricted collateral, entirely 528 542 504 c. Other restricted collateral, in part 158 169 156 Total 1,644 1,973 2,072 All other loans to purchase or carry securities3 1,274 Total 3,873 2,987 3,110 1 Includes all banks reporting total security credit of $250,000, or more. 2 Series available beginning June 1972. 3 Series discontinued June 1973. NOTE.—Details may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

> 00 00 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 G J D O O A H a R N N n D I d E O M L N P . r M B o D . . g E r D N G a O m K R Y I L M L E D W E R i , , r O e M D O ct D e a o p , n r u a t g A y f i o s n r s M g is a ta n D n a t g i r i e n c D g t o ir r e D ct i o re r c tor J J R O O O S H B E N E P R H S T . R S R . O I C P L P O O E Y M Y N O , E N , , A A A s s d s s i v i s s i t t s a a e n n r t t t t o t o o t t h t h h e e e B B B o o o a a a r r r d d d J S S . A TE C M P H U H A E E R L N L B E H S . . C P A H A X A R I T S L E E R , E O , J D R M , ., a A n A d a v d g i v s i i e n s r g e r to D t o i t r h e t e h c e to B r B o a o r a d r d Contingency Planning JOHN J. HART, Special Assistant to the Board ARTHUR L. BROIDA, Assistant to the Board WILLIAM W. LAYTON, Director of Equal FRANK O'BRIEN, JR., Special Assistant to the MURRAY ALTMANN, Special Assistant to the Board Board Employment Opportunity BRENTON C. LEAVITT, Program Director for DONALD J. WINN, Special Assistant to the 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 ALLEN L. RAIKEN, Adviser JAMES B. ECKERT, Associate Adviser RONALD G. BURKE, Director GARY M. WELSH, Adviser E R D O W BE A R R T D J. C . LA ET W T R I E N N , C A E s , so A c s i s a o te c iat A e dvi A s d er v iser JAMES R. KUDLINSKI, Associate Director E. MAURICE MCWHIRTER, Associate Director OFFICE OF SAVER AND ELEANOR J. STOCKWELL, Associate Adviser WALTER A. ALTHAUSEN, Assistant Director CONSUMER AFFAIRS ROBERT M. FISHER, Assistant Adviser HARRY A. GUINTER, Assistant Director J. CORTLAND G. PERET, Assistant Adviser 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 WILLIAM H. WALLACE, Assistant Director JANET O. HART, Deputy Director LEVON H. GARABEDIAN, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIVISION OF DATA PROCESSING OFFICE OF THE SECRETARY DIVISION OF INTERNATIONAL FINANCE CHARLES L. HAMPTON, Director 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 ROBERT F. GEMMILL, Adviser ROBERT J. ZEMEL, Assistant Director GRIFFITH L. GARWOOD, Assistant Secretary REED J. IRVINE, Adviser HELEN B. JUNZ, Adviser DIVISION OF PERSONNEL DIVISION OF BANKING SUPERVISION BERNARD NORWOOD, Adviser AND REGULATION SAMUEL PIZER, Adviser KEITH D. ENGSTROM, Director GEORGE B. HENRY, Associate Adviser CHARLES W. WOOD, Assistant Director BRENTON C. LEAVITT, Director CHARLES J. SIEGMAN, Assistant Adviser FREDERICK R. DAHL, Assistant Director EDWIN M. TRUMAN, Assistant Adviser OFFICE OF THE CONTROLLER JACK M. EGERTSON, Assistant Director JOHN N. LYON, Assistant Director JOHN KAKALEC, Controller JOHN T. MCCLINTOCK, Assistant Director TYLER E. WILLIAMS, JR., Assistant Controller THOMAS A. SIDMAN, Assistant Director WILLIAM W. WILES, Assistant Director JOHN E. RYAN, Adviser DIVISION OF ADMINISTRATIVE SERVICES 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 90 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 PETER D. STERNLIGHT, Deputy Manager for Domestic Operations SCOTT E. PARDEE, Deputy Manager for Foreign Operations Federal Advisory Council THOMAS I. STORRS, FIFTH FEDERAL RESERVE DISTRICT, President DONALD E. LASATER, EIGHTH FEDERAL RESERVE DISTRICT, Vice President GEORGE B. ROCKWELL, FIRST FEDERAL WILLIAM F. MURRAY, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT ELLMORE C. PATTERSON, SECOND FEDERAL GEORGE H. DIXON, NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JAMES F. BODINE, THIRD FEDERAL EUGENE H. ADAMS, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT CLAIR E. FULTZ, FOURTH FEDERAL BEN F. LOVE, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT LAWRENCE A. MERRIGAN, SIXTH FEDERAL HAROLD A. ROGERS, TWELFTH 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 91 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 H. Davis Donald L. Henry Memphis 38101 Jeanne L. Holley L. Terry Britt MINNEAPOLIS 55480 Bruce B. Dayton Bruce K. MacLaury James P. McFarland Clement A. Van Ni£e 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 Loran 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 92 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 1964. 260 pp. $1.00 each; 10 or more to one FUNCTIONS. 1974. 125 pp. $1.00each; 10 or more address, $.85 each. to one address, $.75 each. THE PERFORMANCE OF BANK HOLDING COMPANIES. ANNUAL REPORT 1967. 29 pp. $.25 each; 10 or more to one address, FEDERAL RESERVE BULLETIN. Monthly. $20.00 per $.20 each. year or $2.00 each in the United States and its THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 possessions, and in Bolivia, Canada, Chile, Co- each; 10 or more to one address, $.85 each. lombia, Costa Rica, Cuba, Dominican Republic, TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 Ecuador, Guatemala, Haiti, Republic of Honduras, each; 10 or more to one address, $.85 each. Mexico, Nicaragua, Panama, Paraguay, Peru, El U.S. TREASURY ADVANCE REFUNDING, JUNE Salvador, Uruguay, and Venezuela; 10 or more of 1960-JULY 1964. 1966. 65 pp. $.50 each; 10 or same issue to one address, $18.00 per year or $1.75 more to one address, $.40 each. each. Elsewhere, $24.00 per year or $2.50 each. BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND 102 pp. $1.00 each; 10 or more to one address, BUSINESS STATISTICS. Monthly. Subscription in- $.85 each. cludes one issue of Historical Chart Book. $12.00 INTEREST RATE EXPECTATIONS: TESTS ON YIELD per year or $1.25 each in the United States and SPREADS AMONG SHORT-TERM GOVERNMENT SEthe countries listed above; 10 or more of same issue CURITIES. 1968. 83 pp. $.50 each; 10 or more to to one address, $1.00 each. Elsewhere, $15.00 per one address, $.40 each. year or $1.50 each. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- HISTORICAL CHART BOOK. Issued annually in Sept. SUMERS. 1966. 166 pp. $1.00 each; 10 or more Subscription to monthly chart book includes one to one address, $.85 each. issue. $1.25 each in the United States and countries SURVEY OF CHANGES IN FAMILY FINANCES. 1968. 321 listed above; 10 or more to one address, $1.00 pp. $1.00 each; 10 or more to one address, $.85 each. Elsewhere, $1.50 each. each. THE FEDERAL RESERVE ACT, as amended through De- REPORT OF THE JOINT TREASURY-FEDERAL RESERVE cember 1971, with an appendix containing provi- STUDY OF THE U.S. GOVERNMENT SECURITIES sions of certain other statutes affecting the Federal MARKET. 1969. 48 pp. $.25 each; 10 or more to Reserve System. 252 pp. $1.25. one address, $.20 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE JOINT TREASURY-FEDERAL RESERVE STUDY OF THE FEDERAL RESERVE SYSTEM. GOVERNMENT SECURITIES MARKET: STAFF STUD- PUBLISHED INTERPRETATIONS OF THE BOARD OF GOV- IES—PART 1. 1970. 86 pp. $.50 each; 10 or more ERNORS, as of June 30, 1974. $2.50. to one address, $.40 each. PART 2. 1971. 153 pp. SUPPLEMENT TO BANKING AND MONETARY STATISTICS. and PART 3. 1973. 131 pp. Each volume $1.00; Sec. 1. Banks and the Monetary System. 1962. 10 or more to one address, $.85 each. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 OPEN MARKET POLICIES AND OPERATING PROCEpp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. DURES—STAFF STUDIES. 1971. 218 pp. $2.00; 10 Sec. 6. Bank Income. 1966. 29 pp. $.35. Sec. or more to one address, $1.75 each. 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT 10. Member Bank Reserves and Related Items. MECHANISM, Vol. 1. 1971. 276 pp. Vol. 2. 1971. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 173 pp. Vol. 3. 1972. 220 pp. Each volume $3.00 pp. $.35. Sec. 12. Money Rates and Securities each; 10 or more to one address, $2.50 each. Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1962. THE ECONOMETRICS OF PRICE DETERMINATION CON- 24 pp. $.35. Sec. 15. International Finance. 1962. FERENCE, October 30-31, 1970, Washington, D.C. 92 pp. $.65. Sec. 16 (New). Consumer Credit. 1972. 397 pp. Cloth ed. $5.00 each; 10 or more 1965. 103 pp. $.65. to one address, $4.50 each. Paper ed. $4.00 each; INDUSTRIAL PRODUCTION—1971 EDITION. 1972. 383 10 or more to one address, $3.60 each. pp. $4.00 each; 10 or more to one address, $3.50 FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE each. FLUCTUATIONS IN HOUSING CONSTRUCTION,. 1972. 487 pp. $4.00 each; 10 or more to one BANK MERGERS & THE REGULATORY AGENCIES: APaddress, $3.60 each. PLICATION OF THE BANK MERGER ACT OF 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 93 LENDING FUNCTIONS OF THE FEDERAL RESERVE MEASURES OF SECURITY CREDIT. 12/70. BANKS: A HISTORY, by Howard H. Hackley. 1973. MONETARY AGGREGATES AND MONEY MARKET CON- 271 pp. $3.50 each; 10 or more to one address, DITIONS IN OPEN MARKET POLICY. 2/71. $3.00 each. INTEREST RATES, CREDIT FLOWS, AND MONETARY AG- GREGATES SINCE 1964. 6/71. INDUSTRIAL PRODUCTION—REVISED AND NEW MEAS- STAFF ECONOMIC STUDIES URES. 7/71. REVISED MEASURES OF MANUFACTURING CAPACITY Studies and papers on economic and financial subjects UTILIZATION. 10/71. that are of general interest in the field of economic REVISION OF BANK CREDIT SERIES. 12/71. research. ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS. 2/72. SUMMARIES ONLY PRINTED IN THE BULLETIN BANK DEBITS, DEPOSITS, AND DEPOSIT TURNOVER— 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. THE IMPACT OF HOLDING COMPANY ACQUISITIONS ON REVISION OF CONSUMER CREDIT STATISTICS. 10/72. AGGREGATE CONCENTRATION IN BANKING, by ONE-BANK HOLDING COMPANIES BEFORE THE 1970 Samuel H. Talley. Feb. 1974. 24 pp. AMENDMENTS. 12/72. OPERATING POLICIES OF BANK HOLDING COMPANIES— YIELDS ON RECENTLY OFFERED CORPORATE BONDS. PART II: NONBANKING SUBSIDIARIES, by Robert J. 5/73. Lawrence. Mar. 1974. 59 pp. FEDERAL FISCAL POLICY, 1965-72. 6/73. SHORT-RUN VARIATIONS IN THE MONEY STOCK—SEA- CAPACITY UTILIZATION IN MAJOR MATERIALS INDUS- SONAL OR CYCLICAL? by Herbert M. Kaufman and TRIES. 8/73. Raymond E. Lombra. June 1974. 27 pp. CREDIT-CARD AND CHECK-CREDIT PLANS AT COMMER- HOUSEHOLD-SECTOR ECONOMIC ACCOUNTS, by David CIAL BANKS. 9/73. F. Seiders. Jan. 1975. 84 pp. RATES ON CONSUMER INSTALMENT LOANS. 9/73. NEW SERIES FOR LARGE MANUFACTURING CORPORA- PRINTED IN FULL IN THE BULLETIN TIONS. 10/73. MONEY SUPPLY IN THE CONDUCT OF MONETARY Staff Economic Studies shown in list below. POLICY. 11/73. U.S. ENERGY SUPPLIES AND USES, Staff Economic Study by Clayton Gehman. 12/73. REPRINTS RECENT DEVELOPMENTS IN THE U.S. BALANCE OF (Except for Staff Papers, Staff Economic Studies, and PAYMENTS. 4/74. some leading articles, most of the articles reprinted do CHANGES IN BANK LENDING PRACTICES, 1973. 4/74. not exceed 12 pages.) CAPACITY UTILIZATION FOR MAJOR MATERIALS: RE- SEASONAL FACTORS AFFECTING BANK RESERVES. 2/58. VISED MEASURES. 4/74. MEASURES OF MEMBER BANK RESERVES. 7/63. OPEN MARKET OPERATIONS IN 1973. 5/74. RESEARCH ON BANKING STRUCTURE AND PERFORM- NUMERICAL SPECIFICATIONS OF FINANCIAL VARIABLES ANCE, Staff Economic Study by Tynan Smith. AND THEIR ROLE IN MONETARY POLICY. 5/74. 4/66. BANKING AND MONETARY STATISTICS, 1973. Selected A REVISED INDEX OF MANUFACTURING CAPACITY, series of banking and monetary statistics for 1973 Staff Economic Study by Frank de Leeuw with only. 3/74 and 7/74. Frank E. Hopkins and Michael D. Sherman. 11/66. INFLATION AND STAGNATION IN MAJOR FOREIGN IN- U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN DUSTRIAL COUNTRIES. 10/74. 1960-67. 4/68. REVISION OF THE MONEY STOCK MEASURES AND MEM- EURO-DOLLARS: A CHANGING MARKET. 10/69. BER BANK DEPOSITS. 12/74. RECENT CHANGES IN STRUCTURE OF COMMERCIAL CHANGES IN TIME AND SAVINGS DEPOSITS AT COM- BANKING. 3/70. MERCIAL BANKS, APRIL-JULY 1974. 1/75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 Index to Statistical Tables References are to pages A-4 through A-87 although the prefix "A" is omitted in this index (For list of tables published periodically, but not monthly, see page A-3) ACCEPTANCES, bankers, 11, 27, 29, 84 DEBITS to deposit accounts, 13 Agricultural loans of commercial banks, 18, 20 Debt (See specific types of debt or securities) Assets and liabilities (See also Foreigners): Demand deposits: Banks, by classes, 16, 18, 19, 20, 32 Adjusted, commercial banks, 13, 15, 19 Federal Reserve Banks, 12 Banks, by classes, 16, 19, 22, 23 Nonfinancial corporations, current, 43 Ownership by individuals, partnerships, and Automobiles: corporations, 26 Consumer instalment credit, 47, 48, 49 Subject to reserve requirements, 15 Production index, 50, 51 Turnover, 13 Deposits (See also specific types of deposits): BANK credit proxy, 15 Accumulated at commercial banks for payment of Bankers balances, 18, 19, 22 personal loans, 26 {See also Foreigners, claims on, and liabilities to) Banks, by classes, 16, 19, 22, 23, 32 Banking and monetary statistics for 1974, 84, 85 Federal Reserve Banks, 12, 74 Banking offices: Subject to reserve requirements, 15 Changes in number, 82 Discount rates (See Interest rates) Par and nonpar, number, 83 Discounts and advances by Reserve Banks (See Loans) Banks for cooperatives, 40 Dividends, corporate, 43 Bonds (See also U.S. Govt, securities): New issues, 40, 41, 42 EARNINGS and expenses, Federal Reserve Banks, 80 Yields and prices, 30, 31, 85 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, 23, 29, 84 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: Earnings, expenses, and dividends, 80 Commercial banks, 15, 18, 27 U.S. Govt, securities held, 4, 12, 13, 36, 37 Weekly reporting banks, 20-24, 25 Federal Reserve credit, 4, 6, 12, 13 Commercial banks: Federal Reserve notes, 12, 80 Assets and liabilities, 15, 16, 18, 19, 20 Federally sponsored credit agencies, 39, 40 Banking offices, changes in number, 82 Finance companies: Consumer loans held, by type, 47 Loans, 20, 48, 49 Deposits at, for payment of personal loans, 26 Paper, 27, 29, 84 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, 44^6 Foreign: Commercial paper, 25, 27, 29, 84 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, 85 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, 86 Gross national product, 56, 57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 95 References are to pages A-4 through A-87 although the 44A" is omitted in this index HOUSING permits, 52 Production, 50, 51, 52 Housing starts, 53 Profits, corporate, 43 INCOME, national and personal, 56, 57 REAL estate loans: Industrial production index, 50, 51, 52 Banks, by classes, 18, 20, 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, 19, 26, 82 mortgaged, 44-46 Interbank deposits, 16, 22 Reserve position, basic, member banks, 7 Interest rates: Reserve requirements, member banks, 9 Bond and stock yields, 30, 85 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, 84 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, 20, 21, 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, 22 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, 21, 32 Savings and loan assns., 33 Yields and prices of securities, 30, 31, 85 State member banks, 17, 26, 82 MANUFACTURERS: Stock market credit, 31, 32, 86 Capacity utilization, 52 Stocks (See also Securities): Production index, 51, 52 New issues, 41, 42 Margin requirements, 10 Yields and prices, 30, 31, 85 Member banks: Assets and liabilities, by classes, 16, 18, 19 TAX receipts, Federal, 35 Banking offices, changes in number, 82 Time deposits, 10, 15, 16, 19, 23, 24 Borrowings at Federal Reserve Banks, 6, 12 Treasury currency, Treasury cash, 4, 5 Number, by classes, 16 Treasury deposits, 5, 12, 34 Reserve position, basic, 7 Treasury operating balance, 34 Reserve requirements, 9 Reserves and related items, 4, 6, 15 UNEMPLOYMENT, 54 Mining, production index, 51 U.S. balance of payments, 60 Mobile home shipments, 53 U.S. Govt, balances: Money market rates (See Interest rates) Commercial bank holdings, 19, 23 Money stock and related data, 14 Member bank holdings, 15 Mortgages (See Real estate loans and Residential mortgage Treasury deposits at Reserve Banks, 5, 12, 34 loans) U.S. Govt, securities: Mutual funds (See Investment companies) Bank holdings, 16, 18, 21, 32, 36, 37 Mutual savings banks, 23, 32, 36, 37, 44, 46, 82 Dealer transactions, positions, and financing, 38 Federal Reserve Bank holdings, 4, 12, 13, 36, 37 NATIONAL banks, 16, 26, 82 Foreign and international holdings, 12, 68, 70, 74 National defense expenditures, 35 International transactions, 68, 70 National income, 56, 57 New issues, gross proceeds, 41 Nonmember banks, 17, 18, 19, 26, 82 Open market transactions, 11 Outstanding, by type of security, 36, 37 OPEN market transactions, 11 Ownership, 36, 37 Yields and prices, 30, 31, 85 PAR and nonpar banking offices, number, 83 Utilities, production index, 51 Payrolls, manufacturing index, 52 Personal income, 57 VETERANS Administration, 44, 45, 46 Prices: Consumer and wholesale commodity, 52, 55 WEEKLY reporting banks, 20-24 Security, 31 Prime rate, commercial banks, 28 YIELDS (See Interest rates) 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^1, CHie* OmaU* "chaAotU JilshvUU Dallas Drawn hy H.W. Cart 02 tHiii II 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