Federal Reserve Bulletin, 1975-06

JU N E 1975 FEDERAL RESERVE BULLETIN F IN A N C IA L D E V E L O P M E N T S IN T H E F IR S T Q U A R T E R O F 1975 M E M B E R B A N K IN C O M E IN 1974 C H A N G E S IN T IM E A N D S A V IN G S D E P O S IT S , JU L Y -O C T O B E R 1974 F O R E IG N E X C H A N G E O P E R A T IO N S : IN T E R IM R E P O R T Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $10.00 annual rate. The regular subscription price in the United States and its possessions, and in Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $20.00 per annum or $2.00 per copy; elsewhere, $24.00 per annum or $2.50 per copy. Group subscriptions in the United States for 10 or more copies to one address, $1.75 per copy per month, or $18.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons are not accepted.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN NUM BER 6 □ VOLUM E 61 □ JUNE 1975 C O N T E N T S 341 Financial Developments A 1 Financial and Business Statistics in the First Quarter of 1975 A 1 Contents 349 Member Bank Income in 1974 A 2 U.S. Statistics A 58 International Statistics 356 Changes in Time and Savings Deposits at Commercial Banks, A 96 Board of Governors and Staff July-October 1974 A 98 Open Market Committee and Staff ; 364 Treasury and Federal Reserve Foreign Federal Advisory Council Exchange Operations: Interim Report A 99 Federal Reserve Banks and Branches 368 Record of Policy Actions A100 Federal Reserve Board Publications of the Federal Open Market Committee A104 Index to Statistical Tables 375 Law Department A106 Map of Federal Reserve System 389 Announcements Inside Back Cover: 392 Industrial Production Guide to Tabular Presentation Statistical Releases: Reference PU B L IC A T IO N S C O M M IT T E E J. Charles Partee Lyle E. Gramley John M. Denkler Ralph C. Bryant Joseph R. Coyne John D. Hawke, Jr. James L. Kichline, Staff Director The Federal Reserve Bulletin is issued monthly under the direction of the staff publications 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. Editorial support is provided by the Economic Editing Unit headed by Elizabeth B. Sette. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Developments in the First Quarter of 1975 This report, which was sent to the Joint Eco­ The narrowly defined money stock grew more nomic Committee of the U.S. Congress on May slowly in the first quarter of 1975 than in the 22, 1975, highlights the important developments fourth quarter of 1974, reflecting primarily a in financial markets during the winter and early sharp contraction in January. However, most of spring. the broader money stock measures posted more rapid rates of increase. Growth in nearly all of Short-term market rates of interest declined fur­ the aggregates accelerated as the quarter pro­ ther in the first quarter of 1975, as the continued gressed. weakness of the economy reduced credit de­ mands and prompted additional easing actions MONETARY by the Federal Reserve System. The Federal funds rate—the rate banks pay when they bor­ AGGREGATES AND row reserve funds from one another—fell almost MEMBER BANK RESERVES 3 percentage points over the quarter, and other private short-term rates registered similar de­ Measured on an end-month-of-quarter basis, the clines. In long-term securities markets, rate narrow money stock—Mr—expanded at a 2.4 movements were mixed. After dropping signifi­ per cent seasonally adjusted annual rate in the cantly early in the quarter, bond yields moved first quarter, as compared to the 5.3 per cent upward in response to a record volume of new rate of the preceding 3 months. The further issues and concerns about the credit market sharp drop in economic activity during the impact of the prospective Federal budget deficit. quarter and the weak expansion of credit limited Rates on residential mortgages in the primary demands for cash balances. market trended downward during most of the As in most months of 1974, the growth of quarter, mainly reflecting record inflows of sav­ currency in the first 3 months of 1975 was ings to nonbank thrift institutions; in late March consistently more rapid than that of demand and early April, however, mortgage rates firmed deposits. For the quarter as a whole the currency in reflection of the movements of other long­ component of Mt rose at a 9.4 per cent annual term rates. rate, while the demand deposit component in­ Because of the continued decline in economic creased at a 0.2 per cent rate. Demand deposits activity, the Federal Reserve sought during the in fact declined absolutely in January before quarter to foster further easing of credit condi­ moving upward strongly in February and tions and more rapid growth in the monetary March. A significant element in the strength of aggregates than had occurred, on average, over demand deposits late in the quarter appears to earlier months. The System reduced required have been the early payment of a large volume reserves by about $1.1 billion in January in of Federal income tax refunds, which individ­ order to improve member bank liquidity, and uals may have placed temporarily in checking the discount rate was lowered in three steps from accounts pending use in the purchase of goods 7% per cent in January to 6V* per cent in March. or earning assets. The System also bought substantial quantities The decline in interest rates did have a no­ of longer-term Treasury securities in the course ticeable impact on the growth of broader money of its open market operations, particularly in stock measures that include consumer-type time March when there was a large overhang of and savings deposits. As the spread between securities in the capital markets. rates on market instruments and those on thrift Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 Federal Reserve Bulletin □ June 1975 TABLE 1 Changes in selected monetary aggregates1 In per cent, seasonally adjusted annual rates NOTES: 1974 1975 Item 1973 1974 1 Incorporates revisions in money stock and related measures based on Q2 Q3 04 Ql new benchmark data for nonmember banks from the December 31, 1974, Member bank reserves: reports of condition and revisions in Total .............................................................. 7.8 8.6 20.5 8.3 3.6 -8.3 seasonal adjustment factors. (First Required reserves ..................................... 7.8 8.8 19.8 8.4 2.9 -7.7 published on May 22, 1975). Nonborrowed ............................................... 7.2 10.8 -.1 5.6 35.9 -1.4 2Total reserves less required re­ Available to support private serves for U.S. Government and in­ nonbank deposits2 ................................. 9.2 8.9 19.1 9.1 .8 -4.7 terbank deposits. Concepts of money3 calculated from: 3Mt is currency plus private de­ End-month of quarter— mand deposits adjusted. JVf2 is Mx Mx ................................................................ 6.1 4.8 7.0 1.0 5.3 2.4 plus bank time and savings deposits M2 ................................................................ 8.8 7.2 7.9 4.2 6.7 8.4 adjusted other than large CD’s. M3 m3 ................................................................ 8.8 6.8 6.8 3.8 6.9 10.4 is M2 plus deposits at mutual savings m4 ................................................................ 11.6 10.7 15.3 5.8 9.1 7.0 banks and savings and loan associa­ m5 ................................................................ 10.6 9.0 11.6 4.9 8.4 9.3 tions and credit union shares. M4 is M2 plus large negotiable CD’s. M5 Quarterly average— Mx ................................................................ 6.3 5.3 7.3 3.5 3.9 1.0 is M3 plus large negotiable CD’s. M2 ................................................................ 8.9 7.9 8.3 6.0 6.2 6.4 4Savings and loan associations, m3 ................................................................ 9.0 7.2 7.6 5.2 5.8 8.3 mutual savings banks, and credit M4 ................................................................ 12.0 10.8 13.9 9.0 7.3 8.1 unions. m5 ................................................................ 11.1 9.1 11.2 7.2 6.6 9.1 5 Total member bank deposits plus funds provided by Euro-dollar bor­ Time and savings deposits at: rowings and bank-related commer­ Commercial banks (other than large CD’s) ............................................. 11.4 9.4 8.8 7.1 7.9 13 6 cial paper. Nonbank thrift institutions4 ................. 8.9 6.0 4.9 3.1 7.4 13.6 Note.—Changes are calculated from the average amounts outstand­ Bank credit proxy, adjusted5 ................... 10.4 10.2 20.4 6.7 4.2 3.1 ing in the last month of each quarter, except the quarterly-average calcula­ tions of concepts of money, which Memo (change in billions of dollars, seasonally adjusted): are based on changes in the average Large CD’s ................................................... 19.9 26.5 13.3 3.5 5.5 — .5 amounts outstanding for a quarter. U.S. Govt, demand deposits at all Annual rates of growth have been member banks ....................................... -1.7 -2.0 2.1 1.0 -4 4 -1.2 adjusted for changes in reserve re­ quirements. deposits narrowed, an increasing share of funds ity has trended upward during the postwar flows was directed into banks and nonbank period—reflecting the secular rise in interest depositary institutions. Time and savings de­ rates, economies of scale in transactions re­ posits other than large negotiable certificates of quirements, and improvements in cash manage­ deposit (CD’s) at commercial banks rose at a ment by individuals and firms—some decline in 13.6 per cent annual rate between December and velocity typically has occurred during signifi­ March, up from the 7.9 per cent rate of the cant recessions. The decline in yields on alter­ preceding 3-month period. At nonbank deposi­ native assets during such periods lowers the tary institutions—savings and loan associations, relative costs of holding larger cash balances mutual savings banks, and credit unions—the or thrift deposits, and the greater economic pick-up in deposit growth was even more sub­ uncertainty tends to increase precautionary de­ stantial, from 7.4 per cent in the fourth quarter mands for deposits; thus businesses and house­ to 13.6 per cent in the first. Thus, the strength holds hold larger money balances relative to in interest-bearing accounts was great enough transactions needs, and the turnover rate falls. to offset the weakness in and to generate As these factors reverse themselves and as con­ larger rates of growth in M2 and M3 than during fidence develops during the recovery phase of the preceding quarter. the business cycle, velocity normally rises at The income velocity of money, defined as the an above-trend rate. ratio of gross national product to Mx or M2, In view of the strength in other time deposits fell sharply in the first quarter. Although veloc- and the weakness in loan demand during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Developments, Ql 1975 343 reduction in total reserves because required re­ serves also fell at about an 8 per cent annual rate. The reduced use of nondeposit sources of funds released reserves to support growth of deposits; in addition, the average ratio of re­ quired reserves to deposits fell because of a shift in the composition of time deposits toward longer maturities, which are subject to lower reserve requirements, and because lagged re­ serve requirement accounting reduced the need for reserves during the quarter, given the par­ ticular pattern of deposit growth that occurred. BANK CREDIT AND COMMERCIAL PAPER During the first quarter of 1975, total loans and investments at commercial banks, measured from the end of December to the last Wednesday of March, rose at a seasonally adjusted annual rate of about 4.4 per cent. Virtually all of the expansion was due to the increase in bank TABLE 2 Data are at seasonally adjusted annual rates of growth. Rate spreads and changes in first quarter, banks reduced interest rates paid business loans and commercial paper1 on new large CD’s and permitted some run-offs Change in maturing CD’s. Consequently, the growth in M4, which is the sum of M2 plus large negotia­ Rate In billions of dollars3 ble CD’s, was somewhat less rapid in the first spread Annual quarter than in the preceding 3-month period. Period (basis rate for points)2 total For the same reason, the acceleration in the rate B n u es s s i­ Com cia m l er­ Total c ( e p n e t r ) of growth of M5, which is the sum of M3 plus loans4 paper5 large negotiable CD’s, was less marked than 1974that of M3. With total member bank deposits Q2 9.6 1.4 11.0 24.9 expanding at a slower pace, the adjusted credit Q3 r6.8 2.3 r9.1 r19.4 Q4 rl .6 .5 r2.1 r4.3 proxy increased at a slower rate than in the 1975- October-December period. Ql -2.1 .8 -1.3 -2.6 Total reserves declined at an 8 per cent annual Jan. 260 1.3 1.0 2.3 13.9 rate between December and March. Most of the Feb. 259 -1.8 -.1 -1.9 -11.4 Mar. 191 -1.6 -.1 -1.7 -10.3 drop was attributable to repayments of member bank borrowing from the Federal Reserve. Such incorporates revisions based on Dec. 31, 1974, reports of borrowings averaged $100 million in March, as condition. 2Prime rate less 30- to 59-day commercial paper rate. compared with $700 million in December 1974. 3Seasonally adjusted. Nonborrowed reserves, meanwhile, declined 4At all commercial banks based on last-Wednesday-ofmonth data; adjusted for outstanding amounts of loans sold slightly during the quarter. to affiliates. The substantial first-quarter growth in the 5Nonfinancial company paper measured from end-of-month to end-of-month. monetary aggregates was possible despite the rRevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 Federal Reserve Bulletin □ June 1975 Components of Major categories of continuation of generally cautious bank lending bank credit bank loans policies and the reduced demand for short-term business credit associated with the liquidation Change, billions of dollars of inventories and sale of long-term securities 12 in the first quarter. 8 Interest rates on commercial paper dropped 4 from 9 per cent in December 1974 to about 6 + 0 per cent in February, and, after some further easing, returned to that level in late March and 8 early April. The commercial bank prime rate 4 also fell 3 percentage points—from IOV2 per cent in early January to 7V2 per cent at most 0 banks in March—so the spread of the prime rate 4 over commercial paper rates remained at an + 0 historically high level throughout the quarter. Thus, prime borrowers probably continued to 4 shift some of their credit demands from banks to the commercial paper market. Still, the out­ 4 standing volume of commercial paper issued by + 0 nonfinancial companies increased only moder­ 4 ately over the quarter as a whole, and with business loans at commercial banks declining, Ql Q2 Q3 Q4 Ql Ql Q2 Q3 Q4 Ql the total volume of short-term business credit 1974 1975 1974 1975 outstanding showed a small absolute reduction Seasonally adjusted. Total loans and business loans adjusted for the first time since 1971. for transfers between banks and their holding companies, affiliates, subsidiaries, or foreign branches. holdings of U.S. Government securities. Treas­ NONBANK ury borrowing rose sharply, particularly in March; partly in the exercise of their normal INTERMEDIARIES AND THE underwriting function, but primarily because of MORTGAGE MARKET weak loan demand and a desire to improve liquidity, banks increased their holdings of Deposit inflows at nonbank intermediaries that Treasury securities by $10 billion. Bank hold­ are important residential mortgage lenders con­ ings of other securities declined slightly on a tinued to improve over the first quarter. Deposits seasonally adjusted basis. at savings and loan associations and mutual Total loans outstanding declined somewhat savings banks expanded at a seasonally adjusted further in the January-March period. The annual rate of 14.9 per cent. As market interest growth of real estate loans at commercial banks rates declined further from their late summer remained sluggish—reflecting, in part, banks’ highs, these institutions recorded steadily im­ concern about liquidity. Consumer loans at proved deposit flows, with March inflows the banks also remained weak, on balance, as de­ highest for any month on record at both savings mands of households for durable goods were and loan associations and mutual savings banks. limited and banks remained cautious in their Time certificates were favored by savers early consumer lending policies. in the quarter, but passbook accounts recorded Business loans expanded at a progressively sizable inflows in late February and March as slower pace during the latter half of 1974 and many investors chose to emphasize maximum then declined by $2.1 billion, seasonally ad­ liquidity in their acquisitions and as short-term justed, in the first quarter of this year. The interest rates declined to levels that made pass­ weakness in business loans reflected both the book rates more attractive. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Developments, Ql 1975 345 In response to these strong inflows, the non­ The increase in net mortgage debt formation bank thrift institutions continued to rebuild their by the nonbank intermediaries was more than liquid asset portfolios and to repay borrowings. offset, however, by a reduction at commercial Savings and loan associations reduced their in­ banks. Overall, the expansion in net mortgage debtedness to Federal home loan banks at a debt in the first quarter declined to the lowest seasonally adjusted annual rate of $5 billion level since 1970, although there was a modest over the quarter, the first decline in 11 quarters. rise in the residential component. Many com­ These institutions also repaid short-term bank mercial banks, already facing possible losses on loans, and the surge in deposits led the Federal loans related to real estate finance, maintained Home Loan Bank Board (FHLBB) to raise the relatively restrictive lending policies in the face required liquidity ratio from 5 per cent to 5Vi of generally slack demands for both permanent per cent, effective April 1, 1975, and then to mortgages and construction loans. 6 per cent on May 1. Residential mortgage yields in the primary market continued to move lower throughout the first quarter. Average interest rates on new commitments by savings and loan associations TABLE 3 for conventional home mortgages dropped Net change in mortgage debt outstanding below 9 per cent in early April, more than 1 In billions of dollars, seasonally adjusted annual rates percentage point under the peak reached last October. Mortgage yields in the secondary 1974 1975 market also declined further in January and Change— February, and the downtrend prompted another Ql Q2 Q3 Q4 Qle reduction in the ceiling rate on mortgages that are insured by the Federal Housing Administra­ By type of debt: Total ........................................... 59 65 50 39 35 tion (FHA) or guaranteed by the Veterans Ad­ Residential ................................. 40 44 r36 r24 26 Other1 ........................................... 19 21 r14 r15 9 ministration (VA) from SV2 to 8 per cent in early At selected institutions: March. However, the decline in secondary Commercial banks ................. 14 17 r9 7 2 mortgage market yields halted in mid-March, Savings and loans .................. 22 r23 14 rll 17 Mutual savings banks .......... 4 3 2 (2) 2 and yields moved upward slightly for the first Insurance companies ............ r5 6 5 5 4 FNMA-GNMA ....................... 2 8 8 r7 5 time since September. The rise led to a reversal in late April of the earlier FHA-VA action. Memo: FHLB advances to S&L’s 6 10 6 4 -5 Deposits of savings and loans and of includes commercial and other nonresidential as well as mutual savings banks farm properties. 2Less than $500 million. Annual rate of change,per cent ePartially estimated. r Revised. • iih : Reflecting the pick-up in new commitment activity that began in the final quarter of 1974, net mortgage lending by savings and loans and mutual savings banks increased substantially in the first quarter of 1975. With the improvement Ql Q2 Q3 Q4 Ql in flows of funds to the depositary institutions, 1974___________75 direct and indirect support of the mortgage Seasonally adjusted. Changes based on month-end figures. market by the Federally sponsored credit agen­ cies generally declined in the first quarter, al­ though purchases of loans by the Government SECURITIES MARKETS National Mortgage Association (GNMA) under rate-subsidy programs enacted last year re­ New issues of long-term corporate debt rose to mained large. a seasonally adjusted annual rate of $61 billion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 Federal Reserve Bulletin □ June 1975 Interest rates SHORT-TERM LONG-TERM Federal fundsA Aaa utility New issue Conventional mortgages j HUD / Treasury bills 3-month F.R.discount rate State and local government * Level of series was affected by issue of new 20-year U.S. to nearest 5 basis points, from Dept, of Housing and Urban Government bond in January 1973. Development; Corporate bonds, weighted averages on new Monthly averages except for conventional mortgages (based publicly offered bonds rated Aaa, Aa, and A by Moody’s on quotations for one day each month). Yields: U.S. Treasury Investors Service and adjusted to an Aaa utility basis; U.S. bills, market yields on 3-month issues; Prime commercial Govt, bonds, market yields adjusted to 20-year constant matu­ paper, dealer offering rates; Conventional mortgages, rates on rity by U.S. Treasury; State and local govt, bonds (20 issues, first mortgages in primary markets, unweighted, and rounded mixed quality), Bond Buyer. in the first quarter of 1975, the largest gross porate offerings, and a leveling-off of short-term volume for any 3-month period on record. In­ rates, which created some uncertainty in the dustrial corporations were the principal bor­ market about the future course of monetary rowers—accounting for approximately two- policy. thirds of the total—as these companies sought Although long-term interest rates were little long-term funds with which to reduce their changed at the end of March from their levels short-term liabilities and to finance capital ex­ at the end of 1974, stock prices had increased penditures. The record volume in the first quar­ about 20 per cent over the quarter. The surge ter continued the upsurge in bond financing that in equity prices resulted in an increase in stock began last fall when interest rates started to issuance, almost entirely by public utilities. decline from their record high levels. Nevertheless, new stock offerings during the Corporate bond yields moved lower during quarter remained below levels recorded in pre­ January and into February despite the large vious years. volume of new issues. The average rate on new Yields in the municipal bond market moved Aaa-rated utility bonds fell more than one-half sharply lower in concert with other long-term of a percentage point from year-end 1974 to less interest rates in January, but the rally ended than 9 per cent by mid-February, but the decline abruptly in mid-February and yields returned to was erased as yields rose over the remainder near-record levels by the end of March. A pall of the quarter. Contributing to this reversal in was cast over the municipal market in late bond yields were the apprehensions of investors February when the New York Urban Develop­ about the size and impact of the Federal deficit, ment Corporation (UDC) defaulted on a short­ the continued sizable volume of long-term cor- term note issue and bank loan. This default Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Developments, Ql 1975 347 caused municipal investors to become increas­ TABLE 5 ingly quality-conscious, especially towards so- Federal Government borrowing and cash called “moral obligation” bonds, which have balance been issued during the past decade by a number In billions of dollars, quarterly totals not seasonally adjusted of State and local agencies such as UDC. These bonds do not have the full faith and credit pledge 1974 1975 of a State government in the loan agreement, Item but instead include a clause indicating that the Ql Q2 Q3 Q4 Ql State is morally committed to budget sufficient funds for debt service in the event that the Treasury financing: Budget surplus, or issuing authority is unable to meet its obliga­ deficit .................... -7.1 9.7 - 1.6-12.0 --18.0 tions. In addition, the municipal market contin­ Net cash borrow­ ings, or ued to be disturbed by the financial problems repayments (—).. 3.4 -6.4 4.5 10 3 19.4 of a number of major cities. Other means of financing1 ............ 1.7 -2.5 -3.4 -1.1 -.7 Yields on short-term Treasury issues dropped Change in cash approximately one percentage point in January, balance .................. -2.0 .8 -.5 -2.8 .7 along with other short-term interest rates, in Federally sponsored response to sharply reduced short-term credit agencies, net cash borrowings2 ........ 5.5 7.7 3.4 -.1 demands and the further easing in money market conditions. They then fluctuated in a relatively Memo (net cash narrow range over the remainder of the quarter borrowings): and into April. Yields on longer-term Treasury By Treasury ............ 4 11 18 15 68 By Federally coupon issues also moved lower in the first half sponsored credit of the quarter, but then backed up to levels only agenciesp ....... 7 20 25 15 7 slightly below last fall’s peak. 1 Checks issued less checks paid, outlays of off-budget Fed­ As noted earlier, one of the factors contribut­ eral agencies, accrued items, and other transactions. ing to the reversal in long-term rates at mid­ 2 Includes debt of the Federal Home Loan Mortgage Cor­ poration, Federal home loan banks, Federal land banks, Federal quarter was increasing concern by market par­ intermediate credit banks, banks for cooperatives, and Federal ticipants over the impact of the rising Federal National Mortgage Association (including discount notes and securities guaranteed by the GNMA). deficit. As the quarter progressed, estimates of p Preliminary. the deficit were increased in part because of the passage of contracyclical fiscal measures that Reduction Act of 1975, enacted in late March, added to the deficit. For example, the Tax added approximately $13 billion to the deficit for fiscal 1975. The Treasury met its cash requirements over TABLE 4 the quarter by increasing the supply of Treasury bills by $4.2 billion and of coupon issues by Offerings of new security issues $12.9 billion. The coupon issues were concen­ In billions of dollars, seasonally adjusted annual rates trated in maturities of less than 7 years. A large portion of the sizable increase in Treasury debt 1974 1975 during the first quarter was purchased by com­ Type of issue mercial banks, thrift institutions, and foreign Ql Q2 Q3 Q4 Qle official institutions. Nations that are not mem­ bers of the Organization of Petroleum Exporting Corporate securities: Total ....................................... 38 34 36 r43 61 Countries (OPEC) bought substantial amounts Bonds ........................................... 30 29 r30 r37 52 Stocks ......................................... 8 5 r6 r6 9 of Treasury debt in February and March, as they State and local govt. invested dollars acquired in foreign exchange bonds ....................................... r24 r28 19 r24 25 market operations intended to limit the appreci­ ation of their currencies relative to the dollar. eEstimated. rRevised. The dollar was under downward pressure during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 Federal Reserve Bulletin □ June 1975 most of the first quarter, owing in part to the end of December and the end of March, the effects on capital flows of the greater decline System increased its holdings of Treasury and in U.S. than in foreign interest rates. Acquisi­ Federal agency coupon issues by more than $2.3 tions of Treasury securities by oil-exporting billion, while reducing its holdings of shortercountries declined, reflecting continued efforts term Treasury bills by about $2 billion. The by these nations to diversify their investments. Federal Reserve acquired an additional $2.4 The Federal Reserve System also purchased billion of Treasury debt in April, when it was large amounts of Treasury and Federal agency a net purchaser of both short-term and long-term coupon issues during the quarter. Between the Treasury securities. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

349 Member Bank Income in 1974 Member banks continued to increase their net reflected a somewhat smaller rise in time deposit income in 1974, but the rate of growth of 7 liabilities than in 1973 but a larger rise in per cent was only about half as large as in 1973. average rate of interest paid for such deposits. Substantial increases in holdings of earning Other interest costs—interest on Federal funds assets, especially loans, were accompanied by purchased and securities sold under repurchase a sharp rise in the rate of return on both loans agreements, on other borrowed money, and on and investments. Revenues and expenses both capital notes and debentures—also increased grew at rapid rates, but the increases were substantially, but in general far less than in slightly less than the record growth rates of 1973. 1973. For the second consecutive year member Salaries and wages, which are the second banks recorded small net losses on securities. largest expense item, increased nearly half again as fast as in 1973. Rates of increase in other expense items varied widely. The largest in­ SUMMARY crease was in provision for loan losses, which rose 87 per cent—nearly three times the rate Operating income at member banks continued recorded in 1973—as many member banks at­ to increase at a near-record rate in 1974. Reve­ tempted to bolster their loan loss reserves in nues from loans were an especially important view of expanded loan portfolios, larger actual element in the increase—accounting for 88 per current net losses, and uncertain economic con­ cent of the total. With short-term interest rates ditions in some industries. Actual net loan losses reaching high levels and with generally strong recorded for the year were substantial—increas­ demands for credit, member banks were able ing at more than twice the rate of the previous to realize sharply increased rates of return on year. their expanding loan portfolios. Investment in­ Reflecting these changes, income before in­ come also added appreciably to growth in reve­ come taxes and net securities gains or losses nues, as both the average amount of investments expanded 5.1 per cent, significantly less than and the average rate of return on investments in 1973. Somewhat larger net after-tax losses increased. Although increases in average hold­ on securities in 1974 had a further negative ings of both loans and investments were some­ effect on income during the year. A decrease what less than in 1973, the increases in the rates in applicable income taxes on current opera­ of return on these assets were greater. tions, however, partially offset this influence, In 1974 operating expenses of member banks and net income for the year reached a record increased very rapidly, although at a somewhat $5,364 million, 7.0 per cent more than in 1973. slower rate than in 1973. Nearly all expense The ratio of member bank net income to categories recorded rapid rates of increase. As equity capital plus reserves decreased in 1974 in other recent years interest paid on time and after having risen substantially during the pre­ savings deposits represented the largest single vious year but remained above the level of other expense item for member banks; in fact it ac­ recent years. Cash dividends declared increased counted for more than half of the rise in total in 1974 at a rate faster than that of net income; operating expenses during 1974. The increase thus, the ratio of cash dividends declared to net income increased. Note.—This article was prepared by Anthony W. Unlike 1972 and 1973, the most rapid rise Cyrnak of the Board’s Division of Research and Statis­ tics. in net income was at large member banks in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 Federal Reserve Bulletin □ June 1975 Chicago rather than New York, but in the last lion—$12,120 million, or 29 per cent, over the 2 years the differences between banks in the two 1973 level (Table 1). As in other recent years, cities have been relatively small. Net income most of this increase—88 per cent in 1974—was at other large member banks rose far less rapidly attributable to higher revenues on loans. Al­ than at New York and Chicago banks, but faster though income from securities rose somewhat than at smaller banks. faster than in 1973 and 1972, income from this source continued to decline as a proportion of OPERATING INCOME total operating income. Interest and fees on loans (including Federal The second consecutive year of rapid increase funds sold and securities purchased under resale in total operating income at member banks agreements) increased $10,669 million, or 35.4 brought such revenue in 1974 to $53,828 mil­ per cent, in 1974, somewhat less rapidly than TABLE 1 Consolidated report of income for 1970-74 for all member banks Amounts shown in millions of dollars Change Amount 1973-74 Item Per­ 1970 1971 1972 1973 1974 Amount centage Operating income—Total ................................................................ 27,913 28,670 31,335 41,708 53,828 12,120 29.1 Loans: Interest and fees ........................................................................... 18,706 18,317 19,997 28,261 38,055 9,794 34.7 Federal funds sold and securities purchased under resale agreement ................................................................ 781 677 794 1,847 2,722 875 47.4 Securities (excluding trading account income) Total: ................................................................................. 4,832 5,662 6,086 6,531 7,237 706 10.8 U.S. Treasury securities .......................................................... 2,208 2,434 2,412 2,392 2,343 - 49 - 2.0 U.S. Govt, agencies and corporations .................................. 415 578 730 943 1,268 325 34.5 States and political subdivisions ............................................ 2,090 2,468 2,709 2,927 3,301 374 12.8 Other securities ............................................................................ 118 182 234 268 325 57 21.3 Trust department .............................................................................. 1,075 1,182 1,269 1,344 1,379 35 2.6 Service charges on deposit accounts ......................................... 868 896 904 940 1,022 82 8.7 Other charges, fees, etc................................................................... 681 795 864 998 1,151 153 15.3 Other operating income: On trading account (net) ........................................................... 346 340 254 338 425 87 25.7 Other .............................................................................................. 625 802 1,168 1,449 1,836 387 26.7 Operating expenses—Total ............................................................ 22,193 23,346 25,639 35,027 46,806 11,779 33.6 Salaries and wages of officers and employees ....................... 5,282 5,666 6,020 6,571 7,426 855 13.0 Officer and employee benefits ..................................................... 876 973 1,073 1,234 1,406 172 13.9 Interest on: Time and savings deposits ....................................................... 8,139 9,426 10,513 15,377 21,806 6,429 41.8 Federal funds purchased and securities sold under repurchase agreements ......................................... 1,365 1,073 1,387 3,765 5,714 1,949 51.8 Other borrowed money .............................................................. 444 127 102 474 872 398 84.0 Capital notes and debentures ................................................... 90 123 184 204 217 13 6.4 Net occupancy expense .................................................................. 1,013 1,130 1,259 1,408 1,603 195 13.8 Furniture, equipment, etc................................................................ 722 797 848 924 1,036 112 12.1 Provision for loan losses .............................................................. 534 681 767 994 1,857 863 86.8 Other operating expenses .............................................................. 3,728 3,348 3,486 4,078 4,869 791 19.4 Income before income taxes and securities gains or losses ... 5,720 5,325 5,696 6,681 7,021 340 5.1 Applicable income taxes ................................................................ 1,775 1,349 1,356 1,654 1,591 - 63 - 3.8 Income before securities gains or losses ....................................... 3,945 3,976 4,340 5,027 5,431 404 8.0 Net securities gains or losses (—) after tax ............................ -107 144 46 - 30 - 69 - 39 Extraordinary charges (—) or credits after taxes ................... - 15 - 3 • 14 15 3 - 12 Less minority interest in consolidated subsidiaries ................ C) C1) 0) C1) C) 0) (') Net income ............................................................................................ 3,823 4,117 4,400 5,012 5,364 352 7.0 Cash dividends declared2 .................................................................. 1,754 1,908 1,839 2,018 2,270 252 12.5 ^ess than $500,000. 2On common and preferred stock. Note.—Figures may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Income in 1974 351 in 1973 but substantially faster than in any other Average holdings of loans at member banks recent year. The rapid growth in loan revenues increased $51.3 billion, or 14.2 per cent. was associated with a generally strong expan­ Growth in holdings was rapid early in 1974, sion of outstandings in most categories of loans then moderated as economic conditions became and a rise in the average rate of return to the increasingly less favorable. For the year, the highest level on record (Tables 2 and 3). commercial and industrial loan category was the only major loan category that expanded faster than in 1973, and its increase, which amounted TABLE 2 to 17.7 per cent, accounted for more than two- Changes in average loans, investments, fifths of the increase in average total loans. deposits, and capital outstanding The needs of businesses to finance rising of member banks inventories at higher prices provided a stimulus Amounts shown in millions of dollars for bank credit expansion throughout much of 1974. And with the bank prime lending rate Average amount1 Change rising less rapidly than the cost of other short­ Item term financing, many business borrowers shifted their short-term credit demands from other Per­ 1973 1974 Amount centage sources—such as commercial paper—to bank credit. Later in the year, as a less restrictive Total loans and invest­ ments, gross2 495,184 549,348 54,164 10.9 monetary policy and decreasing aggregate de­ Total average loans mand caused a general easing in credit condi­ outstanding ............ 360,866 412,202 51,336 14.2 Federal funds sold and tions, other short-term rates declined more rap­ securities purchased under resale agree­ idly than the prime rate, and this induced some ment ........................... 21,931 27,114 5,183 23.6 shifting of loan demand away from banks. Other loans ....................... 338,935 385,088 46,153 13.6 Commercial and in­ Real estate loans, while increasing 14.0 per dustrial ....................... 124,565 146,633 22,068 17.7 Agricultural ................. 9,396 10,539 1,143 12.2 cent during 1974, expanded less rapidly as the Real estate ................... 79,992 91,228 11,236 14.0 year progressed, along with the decline in con­ For purchasing and carrying securities .. 12,368 9,424 -2,944 -23.8 struction of new homes. Nonetheless, the To financial institu­ tions ........................... 33,490 41,226 7,736 23.1 proportion of total loan growth accounted for Other loans to indi­ viduals ....................... 68,867 73,951 5,084 7.4 by such loans in 1974 remained the same as All other ....................... 10,255 12,088 1,833 17.9 in 1973—21.9 per cent. The slower growth in U.S. Treasury securities3 41,226 36,672 -4,554 -11.0 consumer loans—7.4 per cent, or about half the U.S. Govt, agency and corporation securi­ 1973 rate—reflected a decline in real spending ties3 ............................. 15,212 18,767 3,555 23.4 for both durable and nondurable goods. Loans States and political sub­ division securities3 67,900 69,993 2,093 3.1 for purchasing and carrying securities, after Other securities3 .............. 3,892 4,125 233 6.0 Trading account securi­ having risen slightly in 1973, declined sharply ties ............................... 6,089 7.589 1,500 24.6 in 1974 and provided a further dampening effect Total deposits ................... 498,946 550,145 51,199 10.3 on over-all loan expansion. Time deposits .................. 264.168 305,620 41,452 15.7 Savings ........................... 93,910 95,935 2,025 2.2 Faced with strong loan demand during much Other time I.P.C.......... 127,116 157,161 30,045 23.6 All other time .............. 43,142 52,524 9,382 21.7 of the year, member banks added only slightly—2.1 per cent—to their holdings of se­ Equity capital4 .................. 39,668 43,252 3,584 9.0 Total capital accounts5 43,023 46,644 3,621 8.4 curities, compared with a 3 per cent increase Reserves on loans and securities ................... 6,004 6,680 676 11.3 in 1973. Although holdings of longer-term Total equity capital and reserves ..................... 45,672 49,933 4.261 9.3 Treasury issues rose, aggregate holdings of Treasury securities declined 11.0 per cent. 'Average of figures for three call dates—the end of the preceding year and the June 30 and December 31 call dates However, an increase of 59 basis points in the for the calendar year. rate of return on these securities limited the 2Includes securities held in trading account. 3Excludes securities held in trading account. decline in income from this source to $49 mil­ 4Includes common stock, preferred stock, surplus, undivided lion, or 2.0 per cent. Sizable increases in the profits, and reserves for contingency and other capital reserves. ’Includes equity capital plus capital notes and debentures. rate of return on other securities, coupled with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 Federal Reserve Bulletin □ June 1975 TABLE 3 increases were large in nearly all expense cate­ gories—especially in interest paid on time and Selected member bank income ratios savings deposits—reflecting high interest rates, In per cent the impact of inflation on other elements of cost, and growth in the volume of banking operations. Ratios 1970 1971 1972 1973 1974 Interest paid on time and savings deposits rose $6,429 million, or 41.8 per cent, in 1974, Ratios to equity capital close to the rate in 1973. The growth of time (including reserves)— Income before securi­ and savings deposits during the year, while ties gains or losses 10.75 10.22 10.38 11.00 10.88 Net income ................... 10.44 10.60 10.54 10.97 10.75 substantial, was slightly below the rate in 1973. Cash dividends Savings deposits in particular grew more declared1 ................... 4.79 4.91 4.40 4.41 4.55 slowly, increasing at only about half the modest Rates of return on— Loans, gross ................ 7.91 7.18 6.90 8.34 9.90 4.2 per cent rate in 1973, and growth in con­ U.S. Treasury securities2 .................. 5.62 5.61 5.41 5.80 6.39 sumer-type time certificates also was modest. U.S. Govt, agencies This slow growth reflected in part the diversion and corporations2 ... 6.55 6.20 6.08 6.20 6,76 State and local govt. of consumer savings to market instruments obligations2 .............. 4.23 4.17 4.11 4.31 4.72 Other securities2 ........ 6.30 7.10 6,67 6.89 7.88 yielding higher returns. On the other hand, large negotiable certificates of deposit (CD’s) again Interest on time deposits to total time deposits 4.98 4.77 4.61 5.82 7.14 expanded at a rapid rate as banks relied heavily JOn common and preferred stock. on this source of funds to meet strong credit 2Excludes securities held in trading account. demands. Note.—These ratios were computed from aggregate dollar amounts of income and expense items. The capital, deposits, However, average interest paid on all time loans, and securities items on which the ratios were based were deposits increased even more sharply in 1974 averages for two call dates in the calendar year and the last call date in the preceding year. than in 1973 to 7.14 per cent, a level substan­ tially above that of any previous year. As in expanded holdings, enabled member banks to 1973, most of the over-all rate increase was record a $706 million, or 10.8 per cent, increase attributable to the general advance in rates paid in revenue from investments in 1974 as com­ on negotiable CD’s, which continued into the pared with a 7.3 per cent rise in 1973. third quarter of 1974, reflecting the combined Income from trust departments, service effects of monetary restraint and strong demands charges on deposit accounts, and other charges for credit. An additional factor pushing up rates and fees in the aggregate increased $270 mil­ in the spring and summer was the concern in lion, or 8.2 per cent. This compares with an financial markets associated with the publicized increase of $245 million, or 8.1 per cent, in difficulties and eventual failure of a large do­ 1973. “Other operating income,” which in­ mestic bank and a few smaller foreign banks. cludes net income from the trading account, and These developments led to further upward pres­ from Edge Act subsidiaries and foreign sure on CD rates, as banks sought increased branches, increased $474 million, or 26.5 per funds to meet the credit demands of customers cent, in 1974. This growth, which was about that had been squeezed out of securities markets the same as in 1973, reflected a continued ex­ and as investors became more quality conscious pansion in the overseas activities of member and required increased although varying rate banks. Trading-account income also increased premiums over those of certain other types of strongly again, although a little less than in securities such as Treasury bills as an induce­ 1973. ment to invest in CD’s. It was not until mid-July that CD rates started to decline, but even at OPERATING EXPENSES year-end, rates on shorter maturities were still around 9 per cent at prime banks. Operating expenses of member banks in 1974 Interest paid for Federal funds purchased and again increased rapidly, although somewhat securities sold under repurchase agreements in­ below the record rate reached in 1973. The creased substantially in 1974, but the rise was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Income in 1974 353 significantly less than the very sharp increase vision for loan losses if such action seems that had occurred in 1973. Such expenses, prudent under existing economic circumstances. which rose $1,949 million, or 51.8 per cent, The uncertainties in the economy during 1974 during the year, derived both from a greater did in fact prompt numerous member banks to volume of these funds and from significantly increase their loan-loss provisions beyond the higher interest rates paid for them. In 1974, for prescribed amounts. example, the weekly average interest paid for “Provision for loan losses” in 1974 also Federal funds was 10.51 per cent compared with increased somewhat faster than actual net loan 8.74 per cent in 1973. losses, which rose $651 million, or 69.2 per Interest paid on “other borrowed money,” cent. With total loans outstanding increasing which includes interest on Euro-dollar borrow­ 14.2 per cent, the ratio of net loan losses to ings and on loans from Federal Reserve Banks, average loans outstanding at member banks in­ rose $398 million in 1974, a slightly larger creased to 0.39 per cent; this was a substantial absolute but much smaller percentage increase increase over the 0.25 per cent figure in 1973 than had occurred in 1973. Interest expenses and significantly higher than for any other recent resulting from the issuance of capital notes and year. debentures also increased in 1974, but both the The remaining minor expense items, includ­ dollar amount and the percentage increase were ing net occupancy expense, furniture and less than in 1973. equipment expense, and other operating ex­ Salaries and wages (including benefits) typi­ penses, all increased substantially during 1974. cally represent the second most important cate­ Contributing significantly to such growth were gory of member bank expense; in 1974 these inflationary pressures and, especially for other costs rose $1,027 million, or 13.2 per cent. This operating expenses, the cost of Euro-dollar bor­ increase, which compares with a 10 per cent rowings, which some banks report in this figure. rise in 1973, reflects for the most part higher wage and salary rates and other employee bene­ fits, but the number of employees also rose by OTHER TRANSACTIONS 4.7 per cent. Member banks raised their provision for loan Member banks recorded net losses on securities losses by $863 million, or 86.8 per cent, in for the second consecutive year in 1974, and 1974—nearly four times the increase in 1973 although these losses were more than twice as and more than six times the 1974 rate of increase great as in 1973, the $69 million loss in 1974 in total loans outstanding. Since nearly all banks had little effect on the aggregate net income of operate on a loan-loss reserve-accounting basis, member banks. Similarly, extraordinary charges the current provision for loan losses in most or credits after taxes, which declined in 1974, cases is an estimate of losses that the bank may had a negligible impact on net income. reasonably expect to incur on its loan portfolio (minimum provisions are prescribed by super­ visory authorities).1 For accounting purposes, INCOME TAXES this item is classified as an operating expense affecting net income in the current year. Al­ After having increased in 1972 and 1973, ap­ though the minimum amount that a bank must plicable income taxes of member banks declined provide each year for such expense is deter­ $63 million, or 3.8 per cent, in 1974. This mined by prescribed methods, bank manage­ compares with a 5.1 per cent increase in income ment may designate a larger-than-required pro- before income taxes and net securities gains or losses, and it reverses the relationship that had 1 All member banks that do not provide for loan losses existed between these two accounting items in on a reserve basis must use their actual net loan losses 1973, a year in which applicable income taxes each year as a minimum “provision for loan losses.” rose faster than income before income taxes and Other banks may use this method if they do so on a regular basis. net securities gains or losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 Federal Reserve Bulletin □ June 1975 NET INCOME AND 0.22 percentage point. In 1973 this ratio had CASH DIVIDENDS risen 0.43 percentage point. Member banks increased their cash dividends Net income of member banks, as previously declared by 12.5 per cent to $2,270 million in mentioned, rose $352 million, or 7.0 per cent, 1974 compared with a 9.7 per cent rise in 1973. in 1974. But because equity capital and reserves The ratio of cash dividends declared to net rose faster than net income, the ratio of net income increased to 42.3 per cent in 1974 after income to equity capital plus reserves declined declining for two consecutive years. In both TABLE 4 Consolidated report of income for 1974 and 1973 for member banks grouped by class In millions of dollars Large banks All member All other Item banks banks New York City City of Chicago Other 1974 1973 1974 1973 1974 1973 1974 1973 1974 1973 Operating income—Total ............................ 53,82841,708 10,299 7,483 3,216 2,147 20,92515,82919,388 16,249 Loans: Interest and fees ......................................... 38,055 28,261 7,840 5,301 2,469 1,525 14,959 10,930 12,787 10,505 Federal funds sold and securities purchased under resale agreement ................. 2,722 1,847 184 147 148 113 1,216 840 1,174 747 Securities (excluding trading-account income): U.S. Treasury securities ....................... 2,343 2,392 278 249 90 79 722 730 1,253 1,334 U.S. Govt, agencies and corporations 1,268 943 97 68 52 20 352 216 767 639 States and political subdivisions ........ 3,301 2,927 362 325 132 128 1,124 997 1,683 1,478 Other securities ........................................... 325 268 45 39 14 11 115 82 152 136 Trust department ............................................. 1,379 1,344 390 381 108 105 549 541 332 318 Service charges on deposit accounts ... 1,023 940 80 79 19 9 383 347 541 504 Other charges, fees, etc................................ 1,151 998 149 134 49 33 557 473 396 358 Other operating income: On trading account (net) ....................... 425 338 166 143 26 11 219 165 14 19 Other .............................................................. 1,836 1,449 708 615 109 113 729 509 290 212 Operating expenses—Total ....................... 46,80635,027 8,817 6,159 2,818 1,826 18,562 13,54816,609 13,494 Salaries and wages of officers and employees 7,426 6,571 1,184 1,051 270 230 2,855 2,504 3,117 2,786 Officer and employee benefits ................. 1,406 1,234 290 242 56 51 515 459 545 482 Interest on: Time and savings deposits ................... 21,806 15,377 3,997 2,434 1,397 858 8,228 5,670 8,184 6,415 Federal funds purchased and securities sold under repurchase agreements ... 5,714 3,765 1,264 974 690 403 2,982 1,889 778 498 Other borrowed money ........................... 872 474 367 157 22 19 392 229 91 68 Capital notes and debentures ............... 217 204 42 46 4 4 106 95 66 59 Net occupancy expense ............................... 1,603 1,408 314 280 57 56 584 506 647 566 Furniture, equipment, etc.............................. 1,036 924 122 116 35 30 388 340 492 438 Provision for loan losses ........................... 1,857 994 516 237 80 44 733 390 529 323 Other operating expenses ........................... 4,869 4,078 723 622 207 131 1,779 1,466 2,160 1,859 Income before income taxes and securities gains or losses ................................. 7,021 6,681 1,482 1,324 397 321 2,363 2,281 2,779 2,754 Applicable income taxes ....................... 1,591 1,654 390 393 114 84 555 593 532 584 Income before securities gains or losses 5,431 5,027 1,093 931 284 237 1,808 1,689 2,246 2,170 Net securities gains or losses ( —) after taxes -69 -30 -17 -14 -4 -4 -29 1 -20 -13 taxes ...................................................... 3 -15 2 1 -7 1 10 12 Less minority interest in consolidated sub­ sidiaries ................................................. C1) C1) 0) C) C) O Net income ........................................................ 5,364 5.012 1,076 919 ”280 233 1,772 1,690 2,237 2,169 Cash dividends declared 2,270 2,018 454 353 132 101 852 828 832 737 Ratios (per cent) to equity capital (incl reserves): Income (after tax or losses ... 10.89 11.00 11.17 10.53 11.60 10.50 10.60 10.68 10.89 11.56 Net income ........ 10.75 10.97 11.00 10.39 11.43 10.34 10.39 10.69 10.85 11.55 *Less than $500,000. Note.—Figures may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Income in 1974 355 1972 and 1973, the increase in dividend dec­ net income, only the largest banks in New York larations by banks had been limited in conform­ and Chicago posted sizable increases in net ance with the dividend restraint guidelines of income during 1974. Member banks in Chicago the Committee on Interest and Dividends, but recorded an increase of $47 million, or 20.2 this program was terminated on April 30, 1974. per cent, while New York banks, which account for a much larger proportion of member bank income, recorded a substantial—but slightly NET INCOME BY smaller—gain of 17.1 per cent. CATEGORY OF BANK Other large banks experienced a rise in net income in 1974 of only 4.9 per cent compared Differences in income and expenses among the with 13.9 per cent in 1973. “All other banks” various categories of member banks were larger reported an increase in 1974 net income of 3.1 in 1974 than in 1973. Whereas in 1973 all of per cent, a sharp contrast to the 12.6 per cent the categories recorded substantial increases in rise recorded by that group in 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 Changes in Time and Savings Deposits at Commercial Banks, July-October 1974 The growth of time and savings deposits issued edged up only 0.3 per cent. The 4-year-and-over to individuals, partnerships, and corporations maturity category, introduced in July 1973, was (IPC’s) by commercial banks slowed markedly once again the area of strongest growth. in the 3 months ended October 31, 1974. Re­ sults of the quarterly survey conducted jointly CONSUMER-TYPE by the Federal Reserve System and the Federal Deposit Insurance Corporation indicate that total TIME AND SAVINGS DEPOSITS IPC time and savings deposits at insured com­ mercial banks registered a gain of only $3.4 Growth in the volume of savings deposits out­ billion—about 1 per cent—in the July-October standing slowed for the second consecutive quarter, rising $0.7 billion in the 3 months period. This was the weakest performance since ended October 31, 1974. Banks paying 4.51 per the absolute decline that occurred between Oc­ cent to 5.00 per cent registered a gain of $3.2 tober 1969 and January 1970. billion, while banks paying rates of 4.50 or less All major categories of accounts showed lost $2.5 billion. Still, more than a quarter of smaller increases between the end of July and all savings deposits outstanding at the end of the end of October than during the preceding October were at the 16 per cent of banks that 3 months, but the sharpest deceleration occurred offered rates of 4.50 or less, and the average in negotiable certificates of deposit and other rate paid by all insured banks was 4.82 per cent. time deposits with minimum denominations of Large West Coast banks that maintained pass­ $100,000. These deposits, which had paced the book rates at 4.50 per cent continued to account advance in total IPC time and savings deposits for a large proportion of savings accounts hav­ during the earlier part of the year, rose only ing rates less than the 5 per cent regulatory moderately in the late summer and early fall ceiling. when the economic downturn broadened and The high level of interest rates available on business loan growth began to abate. Interest alternative investments during the August-Ocrates paid for such funds declined substantially tober period was clearly reflected in the small after July, moving in step with yields on other increase in consumer-type time deposits. In ad­ private short-term instruments. Still, the general level of market rates of dition to such traditional vehicles as Treasury securities (which in some instances were sold interest was high by historical standards, and in denominations as small as $1,000), small given the Federal regulatory ceilings on rates investors were able to purchase certain new payable for smaller-denomination accounts, types of assets. Among these were shares in banks encountered some difficulty in attracting money market mutual funds—mutual funds in­ consumer-type time and savings deposits. Al­ vesting in large CD’s, commercial paper, and though most Federally insured banks continued other money market instruments—and floatingto offer the highest rates permitted on conrate notes issued primarily by bank holding sumer-type accounts, passbook savings ex­ companies. panded only 0.6 per cent and time certificates Small-denomination time deposits maturing in less than 2Vi years dropped $3.7 billion in the 3 months ended October 31. The decline Note.—Michael Prell and Virginia Lewis of the in these accounts had been evident since the Board’s Division of Research and Statistics prepared this article. revision of deposit rate ceilings in July 1973; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits 357 in the five quarters between July 31, 1973, and with a $10.7 billion gain in the preceding 3 October 31, 1974, such deposits decreased al­ months. During the summer months the demand most $18 billion. Total consumer-type time de­ for business loans began to ease as the economy posits expanded throughout this period, how­ weakened further; at the same time many banks ever, as accounts with longer maturities regis­ adopted more restrictive lending policies in tered strong gains. During the most recent sur­ order to husband their liquidity and to prevent vey period, growth in deposits with maturities further deterioration in capital/asset ratios. of IVi years or more slowed somewhat, but was Consequently, banks bid less aggressively for still substantial. The higher rate ceilings appli­ negotiable CD’s and other large-denomination cable to such accounts made them relatively time deposits. more competitive with market instruments. The July 31, 1974, survey had indicated that banks holding nearly 90 per cent of outstanding negotiable CD’s were paying rates in excess of LARGE-DENOMINATION 10 per cent on such deposits. In the October TIME DEPOSITS 31 survey, this percentage fell to about 15 per cent, with the bulk of negotiable CD’s issued The volume of large-denomination time deposits by banks paying between 8.50 and 9.50 per outstanding rose $2.7 billion between the end cent. Rates on nonnegotiable CD’s and open of July and the end of October, as compared accounts recorded similar declines. TABLE 1 Types of time and savings deposits of individuals, partnerships, and corporations held by insured commercial banks on survey dates, Jan. 31-Oct. 31, 1974 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits 1974 1974 (quarterly rate) Type of deposit Apr. 30- July 31- Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 July 31 Oct. 31 Total time and savings deposits 13,915 14,013 14,099 14,138 318,593 333,090 347,555 350,995 4.3 1.0 Savings......................................... 13,619 13,709 13,810 13,857 126,175 129,928 131,701 132,449 1.4 .6 Time deposits in denomina­ tions of less than $100,000—Total................ 13,698 13,898 13,957 14,033 109,891 112,245 113,803 114,125 1.4 .3 Accounts with original maturity of— Less than 1 year................ 13,200 13,456 13,421 13,487 38,638 37,592 36,107 34,621 -4.0 -4.1 1 up to 2 l/i years............... 13,351 13,558 13,656 13,820 45,037 42,670 41,006 38,744 -3.9 -5.5 2Yi up to 4 years 1........... 11,008 11,485 11,889 12,099 13,262 14,759 15,663 16,151 6.1 3.1 4 years and over in de­ nominations of $1,000 or more......... 8,931 9,560 10,493 11,024 12,954 17,224 21,027 24,609 22.1 17.0 All maturities, open accounts—passbook or statement form2................ 3.704 3,682 3,793 3,620 29,629 29,125 29,653 28,643 1.8 -3.4 Time deposits in denominations of $100,000 or more........ 7,490 7,533 7,855 8,253 77,056 85,130 95,855 98,516 12.6 2.8 Negotiable CD’s................... 3,776 3.908 3,957 4,217 53,509 60,273 68,212 70,353 13.2 3.1 Nonnegotiable CD’s and 4.297 4.228 4,407 4,553 23.547 24,857 27.643 28,163 11.2 1.9 Christmas savings and other special funds............................... 8,637 8,832 8,935 7,994 5,471 5,787 6,196 5,905 7.1 -4.7 1 Includes a small amount of deposits in accounts with maturities Corporation. For Jan. 31, Apr. 30, and July 31, 1974, the information of 4 years or more and minimum denominations of less than $1,000. was reported by a probability sample of all insured commercial 2 Includes time deposits, open account, issued in passbook, state­ banks; for Oct. 31, 1974, the data for member banks were reported ment, or other forms that are direct alternatives for regular savings by virtually all such banks and for insured nonmember banks by the accounts. Most of these are believed to be in accounts totaling less same sample of these banks reporting in earlier surveys. than $100,000. The figures shown on this line are included above in Some deposit categories include a small amount of deposits out­ the appropriate maturity category. standing in a relatively few banks that no longer issue these types of Note.—Data were compiled jointly by the Board of Governors of deposits and are not included in the number of issuing banks. Dollar the Federal Reserve System and the Federal Deposit Insurance amounts may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 Federal Reserve Bulletin □ June 1975 TABLE 2 Small-denomination time and savings deposits, IPC, held by insured commercial banks on July 31 and October 31, 1974, by type of deposit, by most common rate paid on new deposits in each category, and by size of bank Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over Oct. 31 July 31 Oct. 31 July 31 Oct. 31 July 31 Oct. 31 July 31 Oct. 31 July 31 Oct. 31 July 31 Number of banks, or percentage distribution Amount o o r f p d e e r p c o e s n i t t a s g ( e in d m is i t l r l i i b o u n t s i o o n f dollars), Savings deposits: Issuing banks................... 13,857 13,810 13,090 13,053 767 757 132,449 131,701 55,031 54,289 77,418 77,412 Percentage distribution by most common rate paid on new deposits: Total.............................. 100 100 100 100 100 100 100 100 100 100 100 100 3.50 or less............... 2.0 1.8 2.1 1.8 1.0 1.1 .6 .7 .8 .8 .4 .6 3.51-4.00................... 6.0 6.6 5.9 6.5 7.9 8.6 5.9 6.8 4.4 5.1 7.1 8.0 4.01-4.50................... 8.3 8.9 7.8 8.5 15.8 16.2 21.1 22.1 10.0 11.2 28.9 29.8 4.51-5.00................... 83.7 82.7 84.2 83.2 75.3 74.1 72.4 70.4 84.8 82.9 63.6 61.6 Time deposits in denomina­ tions of less than $100,000: Maturities less than 1 year: Issuing banks................... 13,487 13,421 12,723 12,663 764 758 34,621 36,107 16,564 17,676 18,057 18,431 Percentage distribution by most common rate paid on new deposits: Total.............................. 100 100 100 100 100 100 100 100 100 100 100 100 4.00 or less............... 0) 0) 0) O) 0) 0) 0) O) O) O) 0) O) 4.01-4.50................... .1 .2 .1 .2 .1 O) O) O) O) O) 0) 0) 4.51-5.00................... 9.4 10.3 9.5 10.4 7.7 8.2 8.3 7.8 6.6 8.4 9.8 7.2 5.01-5.50................... 90.5 89.5 90.4 89.4 92.2 91.8 91.7 92.2 93.4 91.6 90.2 92.8 Maturities of 1 up to 2Vi years: Issuing banks................... 13,820 13,655 13,060 12,905 760 750 38,744 41,006 25,849 27,309 12,895 13,697 Percentage distribution by most common rate paid on new deposits: Total.............................. 100 100 100 100 100 100 100 100 100 100 100 100 4.50 or less............... 0) 0) (!) O) 0) O) 0) O) O) O) O) 0) 4.51-5.00................... .4 .2 .4 .2 .4 .3 .2 . 1 .1 0) .2 . 1 5.01-5.50................... 2.2 2.7 2.2 2.8 1.2 1.4 1.5 1.4 2.0 1.9 .5 .5 5.51-6.00................... 97.4 97.1 97.4 97.0 98.4 98.3 98.3 98.5 97.9 98.1 99.3 99.4 Maturities of 2Vi up to 4 years: Issuing banks................... 12,099 11,888 11,364 11,169 735 719 15,865 15,326 9,765 9,395 6,100 5,931 Percentage distribution by most common rate paid on new deposits: Total.............................. 100 100 100 100 100 100 100 100 100 100 100 100 5.00 or less............... .1 0) .1 0) .3 .1 . 1 0) O) 0) .1 0) 5.01 5.50................... O) .2 O) .3 .1 .1 .2 .2 O) O) .6 .6 5.51-6.00................... 2.0 2.1 1.9 2.0 2.7 2.8 3.1 3.9 1.4 2.0 5.8 6.8 6.01-6.50................... 97.9 97.7 98.0 97.7 96.9 97.0 96.6 95.9 98.6 98.0 93.5 92.6 Maturities of 4 years and over (minimum denomination of $1,000): Issuing banks................... 11,024 10,493 10,290 9,777 734 716 24,609 21,027 11,603 9,786 13,006 11,241 Percentage distribution by most common rate paid on new deposits: Total.............................. 100 100 100 100 100 100 100 100 100 100 100 100 6.00 or less............... .5 .6 .5 .7 .2 0) .1 .2 . 1 .4 O) I1) 6.01-6.50................... 1.1 1.2 1.1 1.1 1.9 2.7 .3 .2 .4 .4 .3 . 1 6.51-7.00................... 23.9 28.4 24.6 29.0 13.8 23.2 13.8 17.3 17.8 22.5 10.2 12.8 7.01-7.25.................. 74.5 69.8 73.8 69.2 84.1 74.1 85.8 82.3 81.7 76.7 89.5 87.1 1 Less than . 05 per cent. For Note, see p. 363. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits 359 TABLE 3 Average of most common interest rates paid on various categories of time and savings deposits, IPC, at insured commercial banks on October 31, 1974 Time deposits in denominations of less than $100,000 Maturing in— Bank location and Savings size of bank and small- (total deposits in denomination Savings 4 years or more, millions of dollars) time Total in denominations of— deposits Less than 1 up to 2 Vi up to 1 year 2 Vi years 4 years Less than $1,000 or $1,000 more All banks: All size groups..................... 5.44 4.82 6.16 5.46 5.98 6.48 6.04 7.21 Less than 10..................... 5.67 4.86 6.08 5.43 5.98 6.50 6.48 7.17 10-50.................................. 5.57 4.89 6.15 5.47 5.98 6.49 6.33 7.20 50-100................................ 5.50 4.89 6.18 5.47 5.97 6.49 5.18 7.21 100-500.............................. 5.38 4.82 6.18 5.46 5.98 6.49 5.91 7.22 500 and over..................... 5.29 4.75 6.16 5.44 5.99 6.43 6.07 7.22 Banks in— Selected large SMSA’s1: All size groups................. 5.33 4.80 6.17 5.45 5.98 6.46 6.03 7.22 Less than 10................. 5.48 4.90 6.13 5.47 5.99 6.47 6.47 7.20 10-50.............................. 5.43 4.91 6.18 5.46 5.97 6.49 6.30 7.20 50-100........................... 5.41 4.88 6.18 5.46 5.99 6.49 5.13 7.22 100-500......................... 5.32 4.80 6.17 5.46 5.97 6.50 6.08 7.22 500 and over................. 5.28 4.76 6.17 5.44 5.99 6.44 6.07 7.22 All other SMSA’s: All size groups................. 5.45 4.81 6.16 5.46 5.99 6.48 6.01 7.21 Less than 10................. 5.56 4.79 6.18 5.43 5.99 6.50 6.50 7.17 10-50.............................. 5.52 4.81 6.18 5.47 5.99 6.50 6.26 7.20 50-100............................ 5.48 4.89 6.14 5.47 5.98 6.49 5.99 7.19 100-500......................... 5.42 4.82 6.18 5.45 5.99 6.49 5.49 7.23 500 and over................. 5.32 4.72 6.12 5.47 5.99 6.37 6.42 7.22 Banks outside SMSA’s: All size groups..................... 5.65 4.90 6.13 5.47 5.98 6.49 6.32 7.20 Less than 10..................... 5.71 4.87 6.07 5.45 5.98 6.50 6.17 7.17 10-50.................................. 5.65 4.91 6.14 5.47 5.98 6.49 6.40 7.20 50-100................................ 5.61 4.93 6.19 5.48 5.94 6.49 5.53 7.23 100-500.............................. 5.51 4.86 6.22 5.46 5.99 6.48 6.42 7.22 500 and over..................... 5.71 5.00 6.26 5.50 6.00 6.50 6.50 7.25 1 The selected large Standard Metropolitan Statistical Areas, as defined by the Office of Management and Budget and arranged by size of popula­ tion in the 1970 Census, are as follows: New York City Minneapolis-St. Paul San Jose Albany-Schenectady-Troy Richmond Los Angeles-Long Beach Seattle-Everett New Orleans Akron Jacksonville Chicago Milwaukee Tampa-St. Petersburg Hartford Flint Philadelphia Atlanta Portland Norfolk-Portsmouth Tulsa Detroit Cincinnati Phoenix Syracuse Orlando San Francisco-Oakland Paterson-Clifton-Passaic Columbus Gary-Hammond-E. Chicago Charlotte Washington, D.C. Dallas Rochester Oklahoma City Wichita Boston Buffalo San Antonio Honolulu West Palm Beach Pittsburgh San Diego Dayton Ft. Lauderdale-Hollywood Des Moines St. Louis Miami Louisville Jersey City Ft. Wayne Baltimore Kansas City Sacramento Salt Lake City Baton Rouge Cleveland Denver Memphis Omaha Rockford Houston San Bernardino-Riverside Ft. Worth Nashville-Davidson Jackson, Miss. Newark Indianapolis Birmingham Y oungstown-W arren Note.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. survey confirms what had been found pre­ DEPOSITS viously—namely, that businesses hold only a HELD BY BUSINESSES minor share (less than 8 per cent) of small-de­ nomination deposits outstanding, but that they As part of the October surveys of time and hold the bulk of the large-denomination deposits savings deposits, Federal Reserve member (Table 4). The October 1974 survey also indi­ banks are asked to report the percentage of their cates that the business share of each type of IPC time deposits held by businesses within the time deposit declined over the preceding year. various maturity and denomination classifica­ The proportion of small-denomination depos­ tions. The information obtained in the latest its held by businesses has fallen with each Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 Federal Reserve Bulletin □ June 1975 TABLE 4 Estimated percentage of time deposits, IPC, held by businesses at member banks on October 31, 1974 Time deposits in denominations of— Less than $100,000 $100,00 or more All time Maturing indeposits Group (excluding Nonne­ passbook Nego­ gotiable savings) Total 4 years or more, in tiable CD’s Less 1 up to denominations of— CD’s and open than 2 Vl years 2 Vi up to accounts 1 year 4 years Less than $1,000 or $1,000 more All banks reporting information.... 46.0 7.6 10.1 5.9 6.5 9.1 5.8 75.0 48.5 Size oi bank (total deposits in millions of dollars): Under 10.......................................... 14.7 7.4 11.1 6.3 5.4 9.8 6.7 68.8 62.6 10-50................................................. 14.1 6.5 8.7 5.8 4.9 2.4 5.5 50.2 49.0 50-100............................................... 20.8 7.1 9.5 6.3 5.2 13.5 5.1 50.7 56.1 100-500............................................. 31.7 8.3 10.7 7.2 5.8 4.2 6.1 60.5 54.3 500 and over.................................... 57.1 8.0 10.6 5.1 8.3 9.4 6.0 77.6 45.7 Note.—Data are for member banks of the Federal Reserve System 60 per cent of the total deposits of these types in all member banks. only. No insured nonmember banks reported this information, Passbook savings and Christmas savings and other special funds are and there was some nonreporting among member banks. Never­ excluded. theless, the member banks that did report accounted for more than succeeding survey. Between October 1972 and for other large-denomination time deposits fell October 1974, the percentage dropped from from 56 per cent to 48.5 per cent. However, 11.3 to 7.6. This trend has manifested itself in despite these trends, between October 1973 and all maturity categories. Among large-denomi­ October 1974 the proportion of all IPC time nation deposits the declines in the relative im­ deposits (other than savings) held by businesses portance of business holdings also have been actually rose from 43.4 per cent to 46.0 per marked—the proportion of business ownership cent, as large-denomination deposits, most of of negotiable CD’s fell from 82.3 per cent to which are held by businesses, grew more rapidly 75.0 per cent over the 1972-74 span, while that than consumer-type time deposits. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits 361 A P P E N D IX T A B L E S APPENDIX TABLE 1 Savings deposits Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 5.00 or 4.00 4.50 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks................................................................... 13,857 286 828 1,147 11,596 132,449 800 7,851 27,897 95,901 Size of bank (total deposits in millions of dollars): Less than 10........................................................ 5,430 186 488 247 4,509 5,981 107 419 346 5,109 10-50..................................................................... 6,572 85 228 661 5,598 32,433 265 1,329 3,317 27,522 50-100................................................................... 1,088 8 51 118 911 16,617 93 661 1,842 14,021 100-500................................................................. 596 6 46 84 460 28,280 (2) (2) 4,742 20,840 500 and over........................................................ 171 1 15 37 118 49,138 (2) (2) 17,650 28,409 APPENDIX TABLE 2 Time deposits, IPC, in denominations of less than $100,000—maturing in less than 1 year Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974 Most common rate paid Most common rate paid (per cent) (per cent) Group Total Total 5.00 5.00 or 5.50 or 5.50 Less Less NUMBER OF BANKS MILLIONS OF DOLLARS All banks....................................... 13,487 1,282 12,205 34,621 2,874 31,747 Size of bank (total deposits in millions of dollars): Less than 10............................. 5,238 534 4,704 2,158 197 1,961 10-50.......................................... 6,404 607 5.797 9,578 625 8,953 50-100....................................... 1,081 82 999 4,828 277 4,551 100-500..................................... 592 41 551 7,245 588 6,657 500 and over............................ 172 18 154 10,812 1,187 9,625 APPENDIX TABLE 3 Time deposits, IPC, in denominations of less than $100,000—maturing in 1 up to 2\ years Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 5.00 5.00 or 5.50 6.00 or 5.50 6.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks..................................................................... 13,820 62 298 13,460 38,744 65 589 38,090 Size of bank (total deposits in millions of dollars): Less than 10........................................................... 5,513 17 106 5,390 6,493 10 162 6,321 10-50....................................................................... 6,465 40 164 6,261 15,014 24 318 14,672 50-100..................................................................... 1,082 2 19 1,061 4,342 6 47 4,289 100-500................................................................... 592 1 6 585 5,409 (2) (2) 5,348 500 and over.......................................................... 168 2 3 163 7,486 (2) (2) 7,460 For notes to Appendix Tables l-7; see p. 363. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 Federal Reserve Bulletin □ June 1975 APPENDIX TABLE 4 Time deposits, IPC, in denominations of less than $100,000—maturing in 2\ years or more excluding deposits with minimum maturity of 4 years in denominations of $1,000 to $100,000 Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974 Most common rate paid Most common rate paid (per cent) (per cent) Group Total Total 6.00 6.00 or 6.50 or 6.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks....................................... 12,099 252 11,847 IS,865 541 15,324 Size of bank (total deposits in millions of dollars): Less than 10............................. 4,417 39 4,378 1,675 11 1,664 10-50.......................................... 5,921 149 5,772 6,147 105 6,042 50-100....................................... 1.026 41 985 1,943 26 1,917 100-500..................................... 573 11 562 2,307 26 2,281 500 and over............................. 162 12 150 3,793 373 3,420 APPENDIX TABLE 5 Time deposits, IPC, in denominations of $1,000 to $100,000—maturing in 4 years or more Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 6.50 6.50 or 7.00 7.25 or 7.00 7.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks..................................................................... 11,024 177 2,630 8,217 24,609 102 3,388 21,119 Size of bank (total deposits in millions of dollars): Less than 10........................................................... 3,744 21 1,101 2,622 1,226 3 371 852 10-50....................................................................... 5,526 107 1,263 4,156 6,811 37 1,266 5,508 50-100..................................................................... 1,020 33 165 822 3,566 22 426 3,118 100-500................................................................... 569 11 80 478 5,305 6 500 4,799 500 and over........................................................... 165 5 21 139 7,701 34 825 6,842 APPENDIX TABLE 6 Negotiable CD’s, IPC, in denominations of $100,000 or more Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 7.00 More 7.00 More or 7.50 8.00 8.50 9.00 9.50 10.00 than or 7.50 8.00 8.50 9.00 9.50 10.00 than less 10.00 less 10.00 NUMBER OF BANKS MILLIONS OF DOLLARS 4,217 417 364 278 416 815 745 595 58770,3531,870 309 3693,04223,76923,9407,039 10,015 Size of bank (total de­ posits in millions of dollars): Less than 10..................... 972 170 129 39 147 123 155 76 133 359 36 26 13 39 54 67 30 94 10-50.................................. 2,288 220 218 200 193 409 354 377 317 2,932 131 187 142 186 540 679 573 494 50-100................................ 491 18 11 32 46 128 114 72 70 2,562 47 14 144 69 793 685 400 410 100-500............................. 308 5 3 6 19 111 77 53 34 7,034 55 (2) (2) 305 2,341 2,225 1,292 769 500 and over..................... 158 4 3 1 11 44 45 17 3357,466 1,601 (2) (2) 2,44320,041 20,2844,744 8,248 For notes to Appendix Tables 1-7, see p. 363. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits 363 APPENDIX TABLE 7 Nonnegotiable CD’s and open account deposits, IPC, in denominations of $100,000 or more Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 7.00 More 7.00 More or 7.50 8.00 8.50 9.00 9.50 10.00 than or 7.50 8.00 8.50 9.00 9.50 10.00 than less 10.00 less 10.00 NUMBER OF BANKS MILLIONS OF DOLLARS AH banks............................... 4,553 714 482 358 359 794 674 601 57128,1631,650 372 4671,047 10,0735,0366,4413,077 Size of bank (total de­ posits in millions of dollars): Less than 10..................... 658 151 102 31 76 109 57 64 68 199 46 20 11 14 46 22 22 18 10-50.................................. 2,706 403 307 275 202 388 425 386 320 2.745 199 159 207 173 554 537 453 463 50-100................................ 632 63 50 24 45 147 107 83 113 2,286 84 44 59 127 604 439 429 500 100-500.............................. 428 71 13 22 28 119 64 56 55 6,110 155 19 94 301 2,034 1,132 1,174 1,201 500 and over..................... 129 26 10 6 8 31 21 12 1516,823 1,166 130 96 432 6,8352,9064,363 895 NOTE TO TABLE 2: Note.—The most common interest rate for each instrument refers While rate ranges of 1/a or l/i of a percentage point are shown in to the basic stated rate per annum (before compounding) in effect on this and other tables, the most common rate reported by most banks the survey date that was generating the largest dollar volume of de­ was the top rate in the range; for example, 4.00, 4.50, etc. Some posit inflows. If the posted rates were unchanged during the 30-day deposit categories exclude a small amount of deposits outstanding in period just preceding the survey date, the rate reported as the most a relatively few banks that no longer issue these types of deposits and common rate was the rate in effect on the largest dollar volume of are not included in the number of issuing banks. deposit inflows during the 30-day period. If the rate changed during Figures may not add to totals because of rounding. that period, the rate reported was the rate prevailing on the largest dollar volume of inflows from the time of the last rate change to the survey date. NOTES TO APPENDIX TABLES 1-7: 1 Less than $500,000. a few banks that had discontinued issuing these instruments but 2 Omitted to avoid individual bank disclosure. still had some deposits outstanding on the survey date. Dollar amounts Note.—Data were compiled from information reported by all may not add to totals because of rounding. member banks and by a probability sample of all insured nonmember In the headings of these tables under “Most common rate paid commercial banks. The latter were expanded to provide universe (per cent)” the rates shown are those being paid by nearly all reporting estimates. banks. However, for the relatively few banks that reported a rate in Figures exclude banks that reported no interest rate paid and between those shown, the bank was included in the next higher rate. that held no deposits on the survey dates, and they also exclude Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 Treasury and Federal Reserve Foreign Exchange Operations: Interim Report This interim report, covering the period Febru­ lars in their markets. But with markets becom­ ary through April 1975, is the fifth of a series ing increasingly nervous and unsettled, a more providing information on Treasury and System forceful intervention approach was clearly foreign exchange operations to supplement the needed to avoid disorderly conditions, and dur­ regular series of semiannual reports that are ing the last week of January the Federal Reserve usually issued each March and September. It and the German Federal Bank stiffened their was prepared by Alan R. Holmes, Manager, resistance to the further decline in dollar rates. System Open Market Account, and Executive By January 31 the Federal Reserve’s swap debt Vice President of the Federal Reserve Bank of incurred in market operations since October New York, and Scott E. Pardee, Deputy Man­ 1974 had accumulated to $412.5 million equiv­ ager for Foreign Operations of the System Open alent, of which $382.7 million was in German Market Account and a Vice President of the marks, $26.6 million in Swiss francs, and $3.2 Federal Reserve Bank of New York. million in Dutch guilders. Over the weekend of February 1-2 senior As previously reported, in late 1974-early 1975 officials of the Federal Reserve, the German the exchange markets had been subject to an Federal Bank, and the Swiss National Bank met almost unremitting diet of bearish news for the in London to conclude details of a coordinated, dollar, and market forces drove dollar rates more forceful intervention approach. On Mon­ persistently lower. The economic downturn and day, February 3, the German Federal Bank and the slide of interest rates in the United States the Swiss National Bank countered renewed had reinforced expectations of a further widen­ selling pressure on the dollar through sizable ing of interest differentials already adverse to dollar purchases while several other central the dollar. Gloomy forecasts emerging in the banks joined in as buyers of dollars. The Federal debates over economic and energy policies in Reserve followed up in New York with large Washington had further depressed the market. offerings of marks, Swiss francs, Dutch With individual oil-producing countries report­ guilders, and Belgian francs. Drawing on the edly growing restive over the dollar’s deprecia­ respective swap lines, the Federal Reserve sold tion, market fears of an accelerated diversifica­ in 2 days a total of $139.4 million equivalent tion of oil proceeds to other currencies had of currencies: $74.4 million of marks, $28 mil­ intensified. In addition, reports that the market lion of Swiss francs, $26.9 million of Dutch might be left short of some continental European guilders, and $10 million of Belgian francs. currencies as a result of the failure of several This concerted operation, and its confirmation financial institutions last year had triggered fur­ by Chairman Burns and by officials of the Ger­ ther bidding for foreign currencies. In this at­ man Federal Bank and the Swiss National Bank, mosphere, the market had ignored favorable prompted a recovery for the dollar of some 4 news for the dollar, such as the underlying per cent against the mark and the Swiss franc. improvement in the U.S. trade balance and the Subsequent events, however, served to rein­ slackening in our rate of inflation. force the bearish sentiment toward the dollar. As the dollar rates fell, the Federal Reserve During the first weeks of February the cut in had intervened in modest amounts on a day-to- Federal Reserve discount rates, subsequent re­ day basis to cushion the decline, while other ductions in prime rates, and the release of major central banks also intervened to buy dol­ sharply higher unemployment figures seemed to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Exchange Operations: Interim Report 365 reconfirm market expectations that the decline By then, interest rate differentials were shift­ in U. S. interest rates would continue to outpace ing in favor of the dollar, as the decline in U.S. those of other countries. In fact, the easing of interest rates slackened further while interest most money market rates in the United States rates elsewhere continued to fall. In addition, was more gradual in February than before and reports of disagreements within OPEC eased in line with the downturn of rates already some of the immediate concerns in the market emerging in most European centers. Never­ that the group would collectively cut production theless, in the absence of strong domestic credit or boost prices further. Moreover, a number of demand, U.S. banks continued to substantially statements by U.S. officials emphasizing the increase their loans and reduce their liabilities fundamental strengths in this country’s trade and to foreigners. Moreover, market concern over payments position and rejecting a “benign ne­ the possibility of large-scale diversification into glect” policy toward the dollar helped to harden continental European currencies was heightened the market’s view that dollar exchange rates by repeated statements from OPEC (Organi­ were about to bottom out. The market’s pessi­ zation of Petroleum Exporting Countries) mism began to lift and dollar rates staged a officials that they were seeking ways to protect tentative recovery. Meanwhile, the Federal Re­ the value of their oil receipts from a further serve had acquired $102.3 million of German decline in dollar rates. marks from the Bank of Italy in connection with Against this background the dollar came an Italian drawing on the International Mone­ under renewed and occasionally heavy selling tary Fund and repaid $25 million of swap debt pressure that persisted through most of February with the German Federal Bank. Using the re­ and drove dollar rates back to the late January mainder of these marks, the Federal Reserve lows and beyond. The Federal Reserve, the continued to intervene to resist a backsliding in German Federal Bank, and the Swiss National rates that threatened to undermine a more solid Bank remained prepared to intervene forcefully, recovery, selling in the first 4 days of March as necessary, to avoid the outbreak of disorderly $63.3 million of marks from balances and $9.5 conditions but without holding exchange rates million of Swiss francs financed by further swap at any particular level. The Federal Reserve drawings. intervened on 10 of the 14 business days be­ Thereafter, Federal Reserve intervention tween February 5 and February 26, selling a tapered off sharply and was limited to resisting total of $278.2 million of German marks and sudden sharp drops in dollar rates that might $74.4 million of Swiss francs, all drawn on the rekindle more generalized selling pressure. The swap lines with the respective central banks. System operated on only 5 of the 12 business Market pessimism was nevertheless so en­ days between March 7 and March 24 to sell trenched that, when on February 27 the United $55.8 million of marks, of which $47.1 million States released clearly improved trade figures was financed by new swap drawings and the for January, the dollar failed to rise and the New rest by balances. The Federal Reserve discount York market was soon flooded with speculative rate cut announced on March 7 had little ex­ selling out of Europe. The Federal Reserve change market impact, as it followed official quickly countered with offerings of foreign cur­ lending rate cuts in several European centers. rencies, selling $56.7 million equivalent of As time passed, the market became more resist­ marks, $20.9 million equivalent of Swiss ant to unexpectedly adverse developments. The francs, $20 million equivalent of guilders, and news on March 25 of King Faisal’s assassi­ $6.6 million of Belgian francs, all financed by nation, for example, only temporarily unsettled drawings on the respective swap lines. This the markets; although the Federal Reserve of­ operation was followed up with sustaining in­ fered several currencies that day to avoid an tervention the next day, amounting to $23.7 abrupt decline in dollar rates, it sold only $2.1 million of German marks drawn on the Federal million of Dutch guilders before the dollar Bank, and helped set the stage for an improved steadied. market atmosphere beginning early in March. By this time the Federal Reserve had in­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 Federal Reserve Bulletin □ June 1975 creased its swap drawings by a net of $653.6 Federal Reserve System drawings and million to finance intervention in February and repayments under reciprocal currency March, bringing total market-related indebt­ arrangements edness to a peak of $1,066.2 million. Of this, In millions of dollars equivalent $837.8 million was in marks, $159.4 million in Swiss francs, $52.2 million in Dutch Drawings, guilders, and $16.7 million in Belgian francs. or re­ System payments System Nevertheless, with market conditions becoming Transactions with— swap (-) swap generally more settled, the Federal Reserve had commit­ Feb. 1 commit­ ments through ments begun to make modest daily purchases of cur­ Jan. 31, Apr. 30, Apr. 30, 1975 1975 1975 rencies needed to repay that debt. The dollar’s tentative recovery gradually gave 16.71 NationalTJank of Belgium 261.8 261.8 way to a more generalized advance that contin­ - 16.7J 491.71 German Federal Bank ......... 382.7 604.7 ued through most of April, as market sentiment [-269.6] improved further and outstanding short positions Netherlands Bank .................. 3.2 49. Oj 52.2 132.81 were covered. Underpinning the dollar’s rise Swiss National Bank ........... 397.8 371.2 1 — 159.4 J was mounting evidence of a basic improvement Bank for International Settle­ ments (Swiss francs) ....... 600.0 600.0 in U.S. trade and price performance, high­ lighted by news of successive record monthly Total ......................................... 1,645.4 1,889.9 trade surpluses in February and March. More­ over, U.S. interest rates leveled off, in antici­ Note.—Discrepancies in totals are due to rounding. pation of the U.S. Treasury’s large borrowing needs in 1975, and the outflow of bank funds 3 days between April 23 and April 29—to slowed. cushion sharp declines in dollar rates. These As the dollar strengthened, the Federal Re­ sales, in marks only, amounted to $42.6 million serve was able to make progress in repaying equivalent, of which $31 million was from swap debt. In late March and April the System balances and the remainder drawn on the swap acquired sufficient marks both in the market here line with the German Federal Bank. In each and abroad and directly from correspondents to instance, however, the dollar soon resumed its repay $244.6 million of swap drawings. More­ recovery. By the end of April the dollar had over, the Federal Reserve purchased from the advanced by 4 to 6 per cent from its lows against Swiss National Bank the francs needed to repay the German mark and the Swiss franc and by $159.4 million of swap drawings incurred since similar amounts against most other major Euro­ December 1974. The System also purchased in pean currencies. On balance, the Federal Re­ the market the Belgian francs needed to liqui­ serve reduced its outstanding swap debt incurred date the $16.7 million of swap drawings with since October 1974 by $409.2 million to $657 the National Bank of Belgium incurred in Feb­ million on April 30. ruary. With the Dutch guilder at or near the In summary, in exchange market intervention upper limit of the European “snake” arrange­ during the 3-month period, the Federal Reserve ment, however, the Federal Reserve refrained sold a total of $793.2 million equivalent of from purchasing guilders in the market. foreign currencies. Of these, $594.7 million Despite the dollar’s greater buoyancy the equivalent was in German marks, $491.7 mil­ markets remained sensitive to potential diversi­ lion financed by drawings under the swap ar­ fication of OPEC funds into continental Euro­ rangement with the German Federal Bank and pean currencies not only out of dollars but also the rest from balances. The System acquired in out of sterling, which came under heavy selling the market and from central bank corre­ pressure on several occasions during the month. spondents sufficient mark balances to repay When these concerns surfaced, the dollar occa­ $269.6 million of swap drawings, leaving sionally came on offer, but the Federal Reserve $604.7 million equivalent of mark debt out­ intervened only four times—on April 8 and on standing on April 30. Intervention in Swiss Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Exchange Operations: Interim Report 367 francs amounted to $132.8 million equivalent, exchange market operations since October all of which was drawn on the swap line with 1974, the Federal Reserve had $971.2 million the National Bank and fully repaid, along with equivalent of Swiss franc and $261.8 million $26.6 million carried over from December-Jan- equivalent of Belgian franc swap commitments uary, by means of direct purchases of francs outstanding since August 1971. from the National Bank. In guilders, the System As described in the December 1974 and sold a further $49 million equivalent during the March 1975 reports, on September 26 of last period, raising its swap drawings to $52.2 mil­ year the Federal Reserve Bank of New York lion equivalent. Finally, in Belgian francs, the acquired the $725 million equivalent of for­ $16.7 million equivalent of swap drawings on ward-exchange commitments of the Franklin the National Bank of Belgium to finance ex­ National Bank. During the 3-month period change market intervention during the period under review, the aggregate of outstanding for­ was fully repaid through acquisitions in the ward contracts was further reduced by some­ market. On April 30, in addition to the $657 what over $300 million to only $10.5 million million equivalent of swap debt remaining from on April 30. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON APRIL 14-15, 19751 Domestic Policy Directive The information reviewed at this meeting suggested that real output of goods and services had continued to fall sharply in the first quarter of 1975, that the rise in prices had moderated, and that nominal GNP had declined. Staff projections suggested that real economic activity would recede only a little further in the second quarter and would turn up later in the year, and that the rise in prices would continue to moderate. In March economic activity continued to decline but at a less rapid pace than in the immediately preceding months. Decreases in both industrial production and nonfarm employment, although still substantial, were not so large as in the 4 months from November through February. The rate of unemployment increased from 8.2 to 8.7 per cent, as the civilian labor force expanded after having declined sharply in February. Total retail sales were esti­ mated to have changed little in March; although sales of automo­ biles declined following termination of price rebates, the reduction was offset by a further increase in sales of other consumer items. In the first quarter as a whole, total sales were appreciably higher than in the fourth quarter of 1974, and it appeared that inventory liquidation at all levels of business had been substantial. The advance in the index of average hourly earnings for private nonfarm production workers accelerated in March, but over the first quarter it was less rapid than during the spring and summer of 1974. The wholesale price index declined in March for the fourth consecutive month, as prices of farm and food products fell sharply 1This meeting was held over a 2-day period, beginning on the afternoon of April 14. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 369 further and prices of industrial commodities increased only slightly. In February, as in December and January, the rise in the consumer price index had not been so large as in most months in 1974. In late March the President signed the Tax Reduction Act of 1975, which provided for rebates of 1974 personal income taxes and for reductions in both personal and corporate income taxes in 1975. New withholding schedules for personal income tax payments would take effect May 1. The Act also provided for one-time cash payments to recipients of social security benefits and a further lengthening of the benefit period for payment of unemployment compensation. Staff projections suggested that in the second quarter the decline in real GNP would be considerably smaller than had been expected 4 weeks earlier and that nominal GNP would turn up. In large part, the improvement in the outlook for the second quarter reflected the expectation that inventory liquidation, while remaining rapid, would moderate from the exceptional pace now estimated for the first quarter. It was anticipated that business fixed investment would decline further, but that personal consumption expenditures would expand slightly in real terms and that residential construction would increase. Exchange rates for the dollar against leading foreign currencies had risen since early March, as short-term interest rates abroad continued to decline relative to rates in the United States, and as market attitudes toward the dollar improved in response to indica­ tions of moderation in the rise in U.S. prices and of improvement in the U.S. foreign trade balance. For the first 2 months of the year the balance was in surplus; compared with fourth-quarter rates, exports of agricultural commodities were up and imports of com­ modities other than fuels were down. Moreover, net outflows of capital reported by banks—which had continued large in Febru­ ary—apparently diminished in March. On April 9 the Board of Governors announced a reduction, from 8 to 4 per cent, in reserve requirements on foreign borrowings by member banks. Total loans and investments at U.S. commercial banks expanded relatively little from the end of February to the end of March, and virtually all of the expansion reflected increases in bank holdings of Treasury securities and in loans to securities dealers. Outstanding loans to businesses declined further; business demands Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 Federal Reserve Bulletin □ June 1975 for short-term credit remained weak both at banks and in the commercial paper market. The narrowly defined money stock (Mx)2 expanded substantially in March, in part because demand deposits were increased by accelerated distribution of Federal tax refunds. Net inflows of consumer-type time and savings deposits to banks remained strong and those to nonbank thrift institutions were extremely large, in part because of the tax refunds but mainly because of relatively attractive interest rates available on such deposits. Consequently, growth in broader measures of the money stock (M23 and M34) was rapid. Over the first quarter M1? M2, and M3 were estimated to have expanded at annual rates of 3.9, 8.5, and 10.2 per cent, respectively. In March, as in February, banks reduced the out­ standing volume of their large-denomination CD’s in response to the growth in other deposits and the weakness in loan demand. The bank credit proxy over the first quarter grew at an annual rate of 3.2 per cent.5 System open market operations after the March 18 meeting had been guided initially by the Committee’s decision to seek bank reserve and money market conditions consistent with more rapid growth in monetary aggregates over the months ahead than had occurred in recent months, while taking account of developments in domestic and international financial markets. In the first statement week after the meeting, the System purchased a substantial volume of Treasury coupon and Federal agency issues in the course of reserve-supplying operations undertaken to offset the effects of a sharp rise in Treasury balances at Reserve Banks. On March 27 available data suggested that in the March-April period the annual rates of growth in both Mx and M2 would be above the upper limits of the ranges of tolerance that had been specified by the Committee. During the previous statement week the Federal funds rate had averaged about 5lh per cent. In light 2Private demand deposits plus currency in circulation. 3Mi plus commercial bank time and savings deposits other than large-denomi­ nation CD’s. 4M2 plus time and savings deposits at mutual savings banks and at savings and loan associations. 5Daily-average member bank deposits, adjusted to include funds from nondeposit sources. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 371 of the behavior of the aggregates, the System Account Manager would, under normal circumstances, have permitted the weekly average Federal funds rate to rise to the upper limit of its range of tolerance—namely, to 53A per cent. However, a majority of Committee members concurred in the Chairman’s recommendation of March 27 that, in view of the weakness in the economy and of the sensitive conditions in financial markets, particularly the bond markets, the Manager be instructed to treat 5V4 per cent as the approximate upper limit for the weekly average funds rate for the time being. The funds rate fluctuated around that level until the statement week ending April 9, when a sharp decline in the Treasury balance supplied a large volume of reserves and the funds rate slipped to about 51/i per cent. Short-term market interest rates rose somewhat over the inter­ meeting period, apparently because of growing expectations that the decline in interest rates was at or near an end for the time being; accelerated growth in the monetary aggregates and stability in the Federal funds rate strengthened the view that the System would not ease money market conditions further, and enactment of the tax reductions made it clear that near-term Treasury financing needs would be enlarged and also strengthened expectations of economic recovery later in the year. At the time of this meeting the market rate on 3-month Treasury bills was 5.53 per cent, compared with 5.39 per cent on the day before the last meeting. Bond yields, which had turned up before the March meeting, increased further during the inter-meeting period. The bond markets were affected not only by the large volume of current and expected securities offerings but also by concern over the financial positions of some State and local governmental entities. Public offerings of corporate bonds were heavy in March, and a continued large volume was in prospect for April despite many cancellations and postponements of planned issues. Yields on home mortgages de­ clined only slightly further in the primary market and turned up in the secondary market. The Treasury was expected to announce the terms of its mid-May financing on May 1. Of the maturing issues, $3.8 billion were held by the public. At this meeting the Committee reviewed its procedures for specifying desired longer-run growth rates in monetary and credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 Federal Reserve Bulletin □ June 1975 aggregates and concluded that at present it should formulate such growth rates for four aggregates—M1? M2, M3, and the bank credit proxy—in terms of ranges for annual periods. It was the consensus of the Committee that growth in these aggregates over the period from March 1975 to March 1976 at rates within the following ranges presently appeared to be consistent with its broad economic objectives: Mu 5 to lVi per cent; M2, SVi to IOV2 per cent; M3, 10 to 12 per cent; and the bank credit proxy, 6V2 to 9Vi per cent.6 It was understood that these ranges, as well as the particular list of aggregates for which such ranges were specified, were subject to review and modification at subsequent meetings. In considering current policy, the Committee took note of a staff analysis suggesting that the monetary aggregates would grow at relatively rapid rates in the April-May period if prevailing money market conditions persisted. Relatively rapid growth was expected in large part because of the temporary effects of large tax rebates scheduled to begin in May, at a time when the demand for money was also being influenced by the continuing impact of earlier declines in short-term interest rates and by the rise in nominal GNP anticipated for the second quarter. Any further upward pressures on market interest rates most likely would be confined to the market for Treasury securities. It was expected that business, mortgage, and consumer demands for bank credit would remain relatively weak. Against the background of this analysis and of its longer-run objectives for monetary and credit aggregates, the Committee decided to seek growth in Mx and M2 over the April-May period at annual rates with ranges of tolerance of 6V2 to 9 per cent and 9V2 to 113A per cent, respectively. The members concluded that such growth rates would be likely to involve growth in reserves available to support private nonbank deposits (RPD’s) within a 6Mr. Eastburn preferred to focus on the aggregates that he believed were most closely linked with economic activity—M1? M2, and perhaps the bank credit proxy—and he favored employing ranges not more than one percentage point in width. In Mr. MacLaury’s view, the outlook for the economy over the coming year—specifically the expected patterns of performance of employment and prices—called for somewhat faster growth of the aggregates over the year, indexed by a 7 per cent growth rate for M1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 373 range of IV2 to 4% per cent. They agreed that in the period until the next meeting the weekly average Federal funds rate might be expected to vary in an orderly fashion in a range of 4% to 5% per cent, if necessary in the course of seeking monetary growth rates within the ranges specified. The members also agreed that in the conduct of operations, account should be taken of the forthcoming Treasury financing and of developments in domestic and international financial markets. 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 fell sharply in the first quarter. However, retail sales strengthened during the quarter, and the rate of decline in over-all activity has slowed in recent weeks. In March industrial production and employment declined less than they had on average in the preceding 4 months, but the unemployment rate increased from 8.2 to 8.7 per cent, as the civilian labor force grew. Average wholesale prices of industrial commodities rose little in March and prices of farm and food products declined sharply. The advance in average wage rates during the first quarter was large, but it was still below the increases of last spring and summer. The prospect of an upturn in economic activity has been strength­ ened by enactment of the Tax Reduction Act of 1975, which will be adding soon to growth in disposable personal income. The foreign exchange value of the dollar has risen since early March, as short-term interest rates abroad have declined further and market attitudes toward the dollar have continued to improve. In January-February the U.S. foreign trade balance was in surplus, as agricultural exports reached a new high and the volume of imports other than fuels declined. Net outflows of funds through banks continued large in February but appear to have diminished in March. In early April reserve requirements on foreign borrowings by mem­ ber banks were reduced from 8 to 4 per cent. The narrowly defined money stock rose moderately on balance over the first quarter, while broader measures of the money stock expanded more rapidly. Growth was substantial in March, ap­ parently in part because of the effects of accelerated tax refunds on deposits at banks and nonbank thrift institutions. Business de­ mands for short-term credit remained weak, both at banks and in the commercial paper market, while demands in the long-term market continued exceptionally strong. Since mid-March short-term Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 Federal Reserve Bulletin □ June 1975 market interest rates have increased somewhat and longer-term yields have risen considerably further. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions con­ ducive to stimulating economic recovery, while resisting inflationary pressures and working toward equilibrium in the country’s balance of payments. To implement this policy, while taking account of the forthcoming Treasury financing and of developments in domestic and interna­ tional financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with somewhat more rapid growth in monetary aggregates over the months ahead than has occurred on average in recent months. Votes for this action: Messrs. Burns, Hayes, Baughman, Coldwell, Holland, MacLaury, Mayo, Mitchell, and Wallich. Vote against this action: Mr. Eastburn. Absent and not voting: Messrs. Bucher and Sheehan. Mr. Eastburn dissented from this action because he preferred to retain the previous 5V2 per cent upper limit on the inter-meeting range for the Federal funds rate. While he believed that firmer money market conditions might prove to be necessary later on in the year, he thought any such firming would be inappropriate at this time, given the sensitive state of financial markets, the contin­ ued weakness in the economy, and his preference for seeking more rapid growth in the monetary aggregates in the near term than would be desirable over the longer run. 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 45 days after the meeting and are subsequently published in the Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

375 Law Department S ta tu te s, re g u la tio n s, in te rp re ta tio n s, an d d ecisio n s INTERPRETATION OF REGULATION Z N otw ithstanding the provisions of § 226.8(a)(1), the form precludes the inclusion of the promissory note or other instrument evidencing the obligation. Notwithstanding the provisions of The Real Estate Settlement Procedures Act of § 226.6(c)(2), the form precludes the inclusion of 1974 (P.L. 93-533) requires the Department of any inconsistent State disclosure requirements. Housing and Urban Development to prescribe a Notwithstanding the provisions of § 226.8(a), standardized form for the disclosure of settlement itemization and disclosure of charges excludable costs, which must be given to home buyers in from the finance charge under § 226.4(b) may be transactions which involve Federally related mort­ made on the settlement costs portion of the com­ gage loans. Section 4 of the statute specifically bined form. requires that such form include all information and The form, when properly completed in accor­ data required to be disclosed by the Federal Truth dance with Regulation Z and the instructions pro­ In Lending Act. A Truth In Lending disclosure vided with the form, constitutes compliance with form (hereinafter referred to as “form”) and in­ the provisions of § 226.6(a) relating to “clear, structions to be used in completing such form have conspicuous, and meaningful sequence” disclo­ been prescribed as a part of the standardized form. sure requirements. (Under § 226.6(a) creditors Because of the unavoidable complexity inherent must continue to disclose more conspicuously the in combining settlement and credit costs into one terms “annual percentage rate” and “ finance form, the requirements relating to the use of the charge” as well as making numeric disclosures standardized form differ to some degree from the under the type size requirements specified.) The requirements imposed under Regulation Z. It is instructions accompanying the form permit credi­ the purpose of this interpretation to eliminate any tors to delete inapplicable disclosures, to substitute confusion as to the steps creditors must take in more pertinent disclosures for those presently in­ complying with the Truth In Lending disclosure cluded, to provide for additional space or language requirements in completing the form and to clarify where necessary to satisfy full disclosure, and to the interrelationship between the Truth In Lending make additional disclosures not presently included Act and the Real Estate Settlement Procedures where such are required. Such permissive changes Act. to the form should be made in compliance with Sections 226.6(b), 226.8(c), and 226.8(d) of § 226.6(a). Regulation Z characterize credit transactions as The form provides for the optional disclosure loans or credit sales and require differing disclo­ of the simple annual rate of contract interest. The sures for each. The form is designed for the disclosure of such rate does not constitute a viola­ disclosure of both credit sales and loans. The form tion of § 226.6(c). should be used for consumer credit transactions The definition of “federally related mortgage subject to the Real Estate Settlement Procedures loan” provided in § 3 of the Real Estate Settlement Act regardless of whether the transaction may be Procedures Act (12 U.S.C. §2602) could be inter­ characterized as a loan or a credit sale and such preted as requiring settlement cost disclosures in use shall not constitute a violation of the Truth transactions which are exempt under § 226.3. In In Lending Act. such cases, the form need not be provided. BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 Federal Reserve Bulletin □ June 1975 ORDERS UNDER SECTION 3 OF BANK view of the history of common ownership and the HOLDING COMPANY ACT relative size of The Wymore National Bank and Pickrell State Bank, it is concluded that consum­ Beatrice National Corporation, mation of the proposal would not eliminate any Beatrice, Nebraska existing or potential competition, increase the concentration of banking resources, nor have any Order Approving Formation of Bank adverse effects on the other banks in the relevant Holding Company market. Beatrice National Corporation, Beatrice, Ne­ The future prospects of Applicant are entirely braska, has applied for the Board’s approval under dependent upon the financial resources of Bank. § 3(a)(1) of the Bank Holding Company Act (12 Applicant proposes to service the debt incurred U.S.C. 1842(a)(1)) for formation of a bank hold­ over a 12-year period through dividends of Bank. ing company through the acquisition of 80 per cent In light of the past earnings of Bank and its or more of the voting shares of The Beatrice anticipated growth, the projected earnings of Bank National Bank and Trust Company, Beatrice, Ne­ appear to provide Applicant with the necessary braska (“Bank”). financial flexibility to meet its annual debt servic­ Notice of the application, affording opportunity ing requirements and to maintain an adequate for interested persons to submit comments and capital position for Bank. Therefore, consid­ views, has been given in accordance with § 3(b) erations relating to banking factors are consistent of the Act. The time for filing comments and views with approval of the application. has expired, and the application and all comments Although consummation of the proposal would received have been considered in light of the effect no changes in the banking services offered factors set forth in § 3(c) of the Act (12 U.S.C. by Bank, considerations relating to the conven­ 1842(c)). ience and needs of the community to be served Applicant, a nonoperating corporation with no are consistent with approval. It has been deter­ subsidiaries, was organized for the purpose of mined that the proposed acquisition would be in becoming a bank holding company through the the public interest and that the application should acquisition of Bank. Upon acquisition of Bank be approved. (deposits of $26.2 million), Applicant would con­ On the basis of the record, the application is trol the 33rd largest bank in Nebraska, holding approved for the reasons summarized above. The 0.49 per cent of total commercial bank deposits transaction shall not be made (a) before the thir­ in the State.1 tieth calendar day following the effective date of Bank is the largest of three banks in Beatrice, this Order or (b) later than three months after the a community in the southeast corner of Nebraska, effective date of this Order unless such period is and is the largest of twelve banks in the Gage extended for good cause by the Board of Gover­ County banking market (the relevant banking nors or by the Federal Reserve Bank of Kansas market) controlling approximately 34.9 per cent City pursuant to delegated authority. of the total commercial bank deposits therein. The By order of the Acting Secretary of the Board, principals of Applicant are also the principals of acting pursuant to delegated authority from the Wymore, Inc., Wymore, Nebraska, and Pickrell, Board of Governors, effective May 1, 1975. Inc., Pickrell, Nebraska, both registered one-bank (Signed) G riffith L. Garwood, holding companies which control, respectively, [seal] Assistant Secretary of the Board. The Wymore National Bank ($5.1 million in de­ posits), Wymore, and Pickrell State Bank ($2.0 million in deposits), Pickrell. Both of these banks International Bancshares, Inc, are located in the Gage County banking market Gladstone, Missouri with the closest being 14 miles from Bank. Since Order Approving Formation of Bank this proposal represents merely a reorganization Holding Company of Bank’s ownership from individuals to a cor­ poration owned by the same individuals, and in International Bancshares, Inc., Gladstone, Mis­ souri, has applied for the Board’s approval under § 3(a)(1) of the Bank Holding Company Act (12 1A11 banking data are as of June 30, 1974, and reflect bank U.S.C. 1842(a)(1)) of formation of a bank holding holding company formations and acquisitions approved through March 31, 1975. company through acquisition of 82.76 per cent or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 377 more of the voting shares of the First National prospects of Applicant and banks are considered Bank of Gladstone, Gladstone, Missouri (“Glad­ generally satisfactory, and consistent with ap­ stone Bank”), and of 96.10 per cent or more of proval. Applicant proposes, as part of this appli­ the voting shares of Citizens Bank and Trust cation, to expand banking services and the amount Company of Smithville, Smithville, Missouri of credit available to community residents. Ac­ (“Smithville Bank”). cordingly, considerations relating to the conven­ Notice of the application, affording opportunity ience and needs of the communities to be served for interested persons to submit comments and are consistent with approval. It is the Board’s views, has been given in accordance with § 3(b) judgment that consummation of the proposal of the Act. The time for filing comments and views would be in the public interest and that the appli­ has expired, and the Board has considered the cation should be approved. application and all comments received in light of On the basis of the record, the application is the factors set forth in § 3(c) of the Act (12 U.S.C. approved for the reasons summarized above. The 1842(c)). transactions shall not be made (a) before the thir­ Applicant was recently organized for the pur­ tieth calendar day following the effective date of pose of becoming a bank holding company through this Order or (b) later than three months after the acquisition of Gladstone Bank (about $20.5 mil­ effective date of this Order, unless such period lion in deposits)1 through an exchange of shares is extended for good cause by the Board, or by and of Smithville Bank (about $6.0 million in the Federal Reserve Bank of Kansas City pursuant deposits) through an assumption of debt from the to delegated authority. principals of Applicant. Upon consummation of By order of the Board of Governors, effective the proposed transaction, Applicant would become May 5, 1975. the 66th largest bank holding company in Missouri and would control approximately 0.2 of 1 per cent Voting for this action: Chairman Burns and Gover­ of the total commercial bank deposits in Missouri. nors Bucher, Holland, Wallich, and Coldwell. Voting against this action: Governor Mitchell. Absent and not Gladstone Bank is the 52nd largest banking voting: Governor Sheehan. organization in the Kansas City banking market,2 where it controls approximately .47 per cent of (Signed) G riffith L. G arw ood, the total deposits in commercial banks in that [seal] Assistant Secretary of the Board. market. Smithville Bank is the 117th largest banking organization in the Kansas City banking market, where it controls approximately .14 per Dissenting Statement of Governor Mitchell I would deny the application of International cent of market deposits. The proposed transaction Bancshares, Inc., to become a bank holding com­ would result in the combination of two small banks pany through acquisition of the First National into an organization controlling approximately .61 Bank of Gladstone (“Gladstone Bank”) and the per cent of the market deposits. The five largest Citizens Bank and Trust Company of Smithville banking organizations in the market control ap­ (“ Smithville Bank”). In my view, the acquisition proximately 44.0 per cent of market deposits. debt to be assumed by Applicant in connection While Gladstone Bank and Smithville Bank are with the acquisition is high in relation to its equity. located in the same banking market, both banks The high level of dividend pay-out from Smithville are under common control and do not appear to Bank necessary for Applicant to service such debt be in significant competition with one another. could inhibit growth in Smithville Bank’s capital Accordingly, consummation of the subject pro­ at a rate compatible with its projected asset growth posal would not have an adverse effect on compe­ and thus impair Smithville Bank’s financial condi­ tition in any relevant area. On the basis of the tion and its ability to remain a viable banking facts of record, the Board concludes that the com­ organization in meeting the banking needs of the petitive considerations are consistent with approval community it serves. of the application. Moreover, other than the enhancement of the The financial, managerial resources and future corporate interest, it is my opinion that the record in this case supports the inference that the indirect XA11 banking data are as of June 30, 1974. effects of the proposal are likely to be negative so far as the public interest is concerned. 2The Kansas City banking market is approximated by Clay, Jackson, Platte, and the northern part of Cass Counties in For the above reasons, I would deny the appli­ Missouri and Johnson and Wyandotte Counties in Kansas. cation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 Federal Reserve Bulletin □ June 1975 SYB Corporation, The future prospects of Applicant are primarily Oklahoma City, Oklahoma dependent upon the financial resources of Bank. In this regard, Applicant proposes to service the Order Approving Formation of Bank debt which it assumes as an incident to this pro­ Holding Company posal over a 12-year period through dividends SYB Corporation, Oklahoma City, Oklahoma, from Bank. In light of Bank’s past earnings and has applied for the Board’s approval under § its anticipated growth, the projected earnings of 3(a)(1) of the Bank Holding Company Act (12 Bank appear to provide Applicant with the neces­ U.S.C. 1842(a)(1)) of formation of a bank holding sary financial flexibility to meet its annual debt company through acquisition of 80 per cent or servicing requirements while maintaining Bank’s more of the voting shares of Stock Yards Bank, capital at an acceptable level. The managerial Oklahoma City, Oklahoma (“Bank”). resources of Applicant and Bank are considered Notice of the application, affording opportunity satisfactory and the future prospects for each ap­ for interested persons to submit comments and pear favorable. Thus, the considerations relating views, has been given in accordance with § 3(b) to the banking factors are consistent with approval of the Act. The time for filing comments and views of the application. Although consummation of the has expired, and the Board has considered the proposal would effect no immediate changes in the application and all comments received in light of services offered by Bank, the considerations relat­ the factors set forth in § 3(c) of the Act (12 U.S.C. ing to the convenience and needs of the community 1842(c)). to be served are consistent with approval of the Applicant is a recently organized corporation application. Therefore, it is the Board’s judgment formed for the express purpose of becoming a bank that the proposed transaction would be in the holding company through the acquisition of Bank. public interest and that the application should be Upon acquisition of Bank, Applicant would con­ approved.3 trol approximately 0.6 per cent of the total deposits On the basis of the record, the application is in commercial banks in Oklahoma.1 Bank holds approved for the reasons summarized above. The deposits of approximately $48 million, repre­ transaction shall not be made (a) before the thir­ senting 1.7 per cent of the total deposits in the tieth calendar day following the effective date of Oklahoma City banking market, and thereby ranks this Order or (b) later than three months after the as the ninth largest of 66 banks operating therein.2 effective date of this Order, unless such period One of the principals of Applicant has a substantial is extended for good cause by the Board or by voting interest in three other banks and another the Federal Reserve Bank of Kansas City pursuant of the principals has a voting interest and acts as to delegated authority. a director of a fourth bank, all of which are located By order of the Board of Governors, effective within the relevant market. It appears that con­ May 6, 1975. summation of the proposal would not materially alter the competitive relationship between Bank Voting for this action: Governors Sheehan, Bucher, Holland, and Wallich. Absent and not voting: Chairman and the other five banks in the market in which Burns and Governors Mitchell and Coldwell. principals of Applicant have interests. Moreover, since Applicant has no present subsidiaries and the (Signed) G riffith L. Garwood, proposal involves the transfer of control of Bank [seal] Assistant Secretary of the Board. from individuals to a corporation owned by the same individuals, consummation of the transaction would not have a significantly adverse effect on existing or potential competition, nor would it increase the concentration of banking resources in 3Under a trust arrangement, shareholders of Bank are the any relevant area. Therefore, the Board concludes beneficial owners of 20 per cent of the shares of Oklahoma Bankers Life Insurance Company, Oklahoma City, Oklahoma that the competitive considerations are consistent (“OBLIC”). Under §§ 2(g)(1) and 2(g)(2) of the Act, control with approval of the application. of these shares would be attributed to Applicant upon its acquisition of Bank. The activities of OBLIC have not been determined to be permissible under § 4(c)(8) of the Act and, therefore, the indirect control of these shares by Applicant *A11 banking data are as of June 30, 1974. would be prohibited by § 4 of the Act. Accordingly, upon the acquisition of Bank, Applicant is required to divest itself 2 The relevant geographic market is approximated by the of its indirect interest in OBLIC within the applicable time Oklahoma City SMSA. period provided in § 4(a)(2) of the Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 379 Citibanc Group, Inc., summation of the proposal would not have signif­ Alexander City, Alabama icant adverse effects on existing or potential com­ petition in any relevant area, and that the compet­ Order Approving Acquisition of Bank itive considerations are consistent with approval of the application. Citibanc Group, Inc., Alexander City, Ala­ The financial and managerial resources and fu­ bama, a bank holding company within the meaning ture prospects of Applicant, its subsidiaries and of the Bank Holding Company Act, has applied Bank are considered generally satisfactory. In its for the Board’s approval under § 3(a)(3) of the Order of December 22, 1972, approving the for­ Act (12 U.S.C. 1842(a)(3)) to acquire 51 per cent mation of Applicant as a bank holding company, or more of the voting shares of Peoples Bank, the Board noted that a substantial debt was being Anniston, Alabama. assumed by a principal of Applicant and the Board Notice of the application, affording opportunity viewed the proposal as if the debt was in fact being for interested persons to submit comments and assumed by Applicant since the funds required to views, has been given in accordance with § 3(b) service the debt would be derived primarily from of the Act. The time for filing comments and views Applicant. The principal of Applicant has made has expired, and the Board has considered the some efforts in reducing this debt; however, the application and all comments received in light of Board expects that additional measures will be the factors set forth in § 3(c) of the Act (12 U.S.C. instituted promptly to assure that the debt is retired 1842 (c)). in a timely manner. In connection with this pro­ Applicant, the eighth largest of nine multibank posal, Applicant will be incurring acquisition debt holding companies in Alabama, controls five banks directly. It appears that the projected earnings of with aggregate deposits of $57.7 million, repre­ Applicant are sufficient to service this debt without senting .7 of one per cent of total deposits in impairing the financial condition of Applicant, its commercial banks in the State.1 Acquisition of present subsidiaries, and Bank. Accordingly, the Bank (deposits of $1.7 million) would increase Board is of the view that considerations relating Applicant’s share of deposits by .02 of one per to the banking factors are consistent with approval cent and would not result in a significant increase of the application. in the concentration of banking resources in Ala­ With respect to convenience and needs consid­ bama. erations, affiliation with Applicant will make Bank is the smallest of 12 commercial banking available to Bank the expertise of Applicant’s organizations in the Calhoun County banking subsidiaries in the areas of specialized loans and market (approximated by Calhoun County, plus investment portfolio analysis, and such services the city of Heflin) and controls less than 1 per should benefit the residents of the relevant market. cent of the total commercial bank deposits in the These considerations relating to convenience and market. Three of the State’s four largest multibank needs are consistent with approval of the applica­ holding companies are already represented in the tion. It is the Board’s judgment that the proposed market with one bank each, and together they transaction would be in the public interest and that control approximately 49 per cent of market de­ the application should be approved. posits. Applicant’s closest subsidiary is located On the basis of the record, the application is approximately 34 miles from Bank in a separate approved for the reasons summarized above. The banking market. There does not appear to be any transaction shall not be made (a) before the thir­ significant existing competition between Bank and tieth calendar day following the effective date of any of Applicant’s banking or non-banking sub­ this Order or (b) later than three months after the sidiaries. Furthermore, it does not appear that any effective date of this Order, unless such period significant competition between Applicant’s banks is extended for good cause by the Board, or by and Bank is likely to develop due to Alabama’s the Federal Reserve Bank of Atlanta pursuant to restrictive branching laws. Nor does the record delegated authority. indicate that it is likely that Applicant would enter By order of the Board of Governors, effective this market de novo. Therefore, on the basis of May 19, 1975. the facts of record, the Board concludes that con­ Voting for this action: Vice Chairman Mitchell and XA11 banking data are as of June 30, 1974, and reflect bank Governors Bucher, Holland, and Coldwell. Absent and holding company formations and acquisitions approved through not voting: Chairman Burns and Governors Sheehan and March 1, 1975. Wallich. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 Federal Reserve Bulletin □ June 1975 (Signed) G riffith L. G arw ood, (1) South Bend—Elkhart RMA, including some [seal] Assistant Secretary of the Board. contiguous “rural” areas; (2) all of Cass County, except for the southwest portion included in the South Bend—Elkhart RMA; and (3) St. Joseph Michigan National Corporation, County, Michigan. Cassopolis Bank ranks as the 12th largest of 17 banks in the South Bend— Bloomfield Hills, Michigan Elkhart market with 1.1 per cent of the deposits; Order Denying Acquisition of Bank the largest of five banks in the Cass County market with 30.7 per cent of the deposits; and the fifth Michigan National Corporation, Bloomfield largest of eight banking organizations competing Hills, Michigan (“Applicant”), a bank holding in the St. Joseph County market with 9.8 per cent company within the meaning of the Bank Holding of the deposits.3 Applicant’s banking office nearest Company Act, has applied for the Board’s ap­ to any office of Cassopolis Bank is 35 miles away, proval under § 3(a)(3) of the Act (12 U.S.C. and there is no significant competition between 1842(a)(3)) to acquire 100 per cent of the voting Cassopolis Bank and any of Applicant’s subsidi­ shares (less directors’ qualifying shares) of the aries that would be eliminated as a result of con­ successor by merger to Commercial National summation of the proposal. Furthermore, the ef­ Bank, Cassopolis, M ichigan (“ Cassopolis fects of the proposal on potential competition do Bank”). The bank into which Cassopolis Bank is not appear to be serious inasmuch as none of the to be merged has no significance except as a means markets in which Cassopolis Bank competes ap­ to facilitate the acquisition of the voting shares pears particularly attractive for de novo entry. of Cassopolis Bank. Accordingly, the proposed Accordingly, based on the foregoing and other acquisition of shares of the successor organization facts of record, the Board concludes that competi­ is treated herein as the proposed acquisition of the tive considerations are consistent with approval of shares of Cassopolis Bank. the application.4 Notice of the application, affording opportunity The financial and managerial resources and fu­ for interested persons to submit comments and ture prospects of Cassopolis Bank are satisfactory views, has been given in accordance with § 3(b) and consistent with approval of the application. of the Act. The time for filing comments and views The financial and managerial resources of Appli­ has expired, and the Board has considered the cant and its subsidiaries appear to be generally application and all comments received, including satisfactory; however, in acting on other applica­ a letter of protest filed on behalf of First National tions by this Applicant, the Board has noted that Bank of Southwestern Michigan, Niles, Michigan certain of Applicant’s subsidiary banks were in (“Protestant”), in light of the factors set forth in need of capital. Applicant has made meaningful § 3 (c) of the Act (12 U.S.C. 1842(c)). progress in strengthening the overall capital posi­ Applicant, the second largest banking organi­ tions of the holding company and its subsidiaries. zation and bank holding company in Michigan, Notwithstanding the progress that has been made controls 13 banks with aggregate deposits of ap­ to date, the Board is of the view that further proximately $2.6 billion, representing about 9.5 improvement is needed and that Applicant’s fi­ per cent of the total commercial bank deposits in nancial resources should be used primarily for the State.1 Acquisition of Cassopolis Bank would strengthening those subsidiaries still in need of increase Applicant’s share of Statewide deposits capital rather than for expansion purposes. Under by 0.16 of one per cent and would not result in this proposal, Applicant proposes to incur a debt a significant increase in the concentration of bank­ of approximately $6 million in order to finance ing resources in Michigan. the cash acquisition of shares of Cassopolis Bank. Cassopolis Bank ($44.9 million in deposits),2 In the Board’s view, the incurring of such a sizable the larger of two banks in Cass County, operates 6 branches and competes in three banking markets: 3 All market data are as of December 31, 1973. 1 All banking data, unless otherwise indicated, are as of June 4In its analysis of the application, the Board also considered 30, 1974, and reflect bank holding company formations and Protestant’s submission in which Protestant argues generally acquisitions approved through March 31, 1975. In a separate that the application should be denied because of competitive action the Board approved the application of Michigan National considerations. The Board is of the view that the record does Corporation to acquire West Oakland Bank, National Associa­ not support denial of the application on such grounds; however, tion, Novi, Michigan ($14.5 million in deposits). in view of the Board’s action herein with respect to the subject application, a discussion of Protestant’s argument appears 2Deposit data for Cassopolis Bank are as of June 30, 1974. unnecessary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 381 debt by this Applicant when certain of its subsidi­ application and all comments received in light of aries are in need of capital is an inappropriate use the factors set forth in § 3(c) of the Act (12 U.S.C. of Applicant’s resources and detracts from Appli­ 1842(c)). cant’s overall ability to serve as a source of finan­ Applicant, the second largest banking organi­ cial strength for its subsidiaries. Accordingly, in zation and bank holding company in Michigan, the absence of any meaningful benefits to the controls 13 banks with aggregate deposits of ap­ public flowing from the proposal, the Board con­ proximately $2.6 billion, representing about 9.5 cludes that considerations relating to the banking per cent of the total commercial bank deposits in factors warrant denial of the application. the State.1 Acquisition of Novi Bank would in­ In regard to considerations relating to the con­ crease Applicant’s share of Statewide deposits by venience and needs of the communities to be less than one-tenth of one per cent and would not served, Applicant proposes to broaden Cassopolis result in a significant increase in the concentration Bank’s lending program, improve its physical fa­ of banking resources in Michigan. cilities, and provide trust services. While these Novi Bank ($14.5 million in deposits), located considerations are consistent with approval of the in a northwestern suburb of Detroit, competes in application, they are not sufficient, in the Board’s the Detroit banking market (the relevant banking view, to outweigh the other adverse effects of market)2 and ranks 35th in the market, holding Applicant’s proposal. Accordingly, it is the only 0.1 of one per cent of total market deposits.8 Board’s judgment that consummation of the pro­ Applicant presently controls five banks in the De­ posal to acquire Cassopolis Bank would not be troit banking market, which hold in the aggregate in the public interest and that the application about 8.3 per cent of market deposits, and Appli­ should be denied. cant ranks thereby as the fourth largest banking On the basis of the record, the application to organization in the market. The three larger bank­ acquire Cassopolis Bank is denied for the reasons ing organizations in the Detroit market— which are summarized above. also three of the State’s four largest banking orga­ By order of the Board of Governors, effective nizations— control, respectively, 31.0, 15.7 and May 27, 1975. 15.5 per cent of market deposits. Acquisition of Novi Bank would not significantly increase Appli­ Voting for this action: Governors Bucher, Holland, Wallich, and Coldwell. Present and abstaining: Gover­ cant’s share of the deposits in the relevant banking nor Sheehan. Absent and not voting: Chairman Burns market, nor would it result in Applicant becoming and Governor Mitchell. a dominant organization in the market. To the extent that Novi Bank and certain of Applicant’s (Signed) G riffith L. Garwood, banking subsidiaries operate in the same banking [seal] Assistant Secretary of the Board. market, consummation of the proposal would eliminate some existing competition; however, in the context of the banking structure in the Detroit Michigan National Corporation, market, the elimination of such competition would Bloomfield Hills, Michigan not appear to be significant. Furthermore, while Applicant may be capable of expanding in the Order Approving Acquisition of Bank relevant market de novo, Novi Bank is not a substantial competitor in the market, and Appli­ Michigan National Corporation, Bloomfield cant’s overall competitive position in the Detroit Hills, Michigan (“Applicant” ), a bank holding banking market will not be materially affected company within the meaning of the Bank Holding through its acquisition of Novi Bank. Moreover, Company Act, has applied for the Board’s ap­ the effects of the proposal on competition are proval under § 3(a)(3) of the Act (12 U.S.C. mitigated further by the fact that certain principals 1842(a)(3)) to acquire 100 per cent of the voting shares (less directors’ qualifying shares) of West *A11 banking data, unless otherwise indicated, are as of June Oakland Bank, National Association, Novi, 30, 1974, and reflect bank holding company formations and Michigan (“Novi Bank”). acquisitions approved through March 31, 1975. In a separate action the Board denied the application of Michigan National Notice of the application, affording opportunity Corporation to acquire the successor by merger to Commercial for interested persons to submit comments and National Bank, Cassopolis, Michigan ($44.9 million in depos­ views, has been given in accordance with § 3(b) its). 2The Detroit banking market is approximated by the Michi­ of the Act. The time for filing comments and views gan counties of Wayne, Oakland and Macomb. has expired, and the Board has considered the 3All market data are as of December 31, 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 Federal Reserve Bulletin □ June 1975 of Applicant were involved in the de novo forma­ United Banks of Colorado, Inc., tion of Novi Bank. Accordingly, on the basis of Denver, Colorado the facts of record, the Board concludes that, on balance, competitive considerations are consistent Order Approving Acquisition of Bank with approval of the application. United Banks of Colorado, Inc., Denver, Colo­ The financial and managerial resources of Ap­ rado, a bank holding company within the meaning plicant and its subsidiaries appear to be generally of the Bank Holding Company Act, has applied satisfactory; however, in acting on previous appli­ for the Board’s approval under § 3(a)(3) of the cations by this Applicant, the Board has noted that Act (12 U.S.C. § 1842(a)(3)) to acquire 80 per certain of Applicant’s subsidiary banks were in cent or more of the voting shares of South Platte need of capital. Applicant has adopted a program National Bank, LaSalle, Colorado (“Bank”). to strengthen the overall capital positions of the Notice of the application, affording opportunity holding company and its subsidiaries and to date for interested persons to submit comments and meaningful progress has been made along those views, has been given in accordance with § 3(b) lines. Nevertheless, the Board remains of the view of the Act. The time for filing comments and views that additional improvement in this area is needed has expired, and the Board has considered the and, accordingly, expects Applicant to continue application and all comments received in light of to direct its resources toward strengthening the the factors set forth in § 3(c) of the Act (12 U.S.C. capital position of its subsidiaries. In this connec­ § 1842(c)). tion, the present proposal involves an exchange Applicant is the second largest banking organi­ of Applicant’s shares for shares of a relatively zation and multi-bank holding company in Colo­ small bank and, therefore, would not involve a rado by virtue of its control of 16 banks with significant diversion of Applicant’s financial re­ aggregate deposits of $918.6 million, representing sources for expansion purposes. Accordingly, the approximately 13.7 per cent of the total commer­ Board is of the view that considerations relating cial bank deposits in the State.1 Acquisition of to the banking factors are consistent with approval Bank would increase Applicant’s share of com­ of the application. mercial bank deposits in the State by approxi­ Considerations relating to the convenience and mately one-tenth of one per cent while Applicant’s needs of the communities to be served, in the rank among Colorado banking organizations Board’s judgment, lend weight toward approval would remain unchanged. of the application to acquire Novi Bank in view Bank (deposits of $6.1 million) is the seventh of Applicant’s proposal to expand and to improve largest of twelve commercial banks in the Weld the services offered by Novi Bank. Accordingly, County banking market and controls approxi­ it is the Board’s judgment that consummation of mately 2.4 per cent of the total deposits in that the transaction to acquire Novi Bank would be in market.2 Bank is situated in the small community the public interest and that the application should of LaSalle, which is five miles south of Greeley, be approved. Colorado, and is presently the sole banking sub­ On the basis of the record, the application is sidiary of Greeley-LaSalle Investment Company, approved for the reasons summarized above. The LaSalle, Colorado (“Company” ), a registered transaction shall not be made (a) before the thir­ one-bank holding company. With one subsidiary tieth calendar day following the effective date of bank in Greeley, Applicant already operates in the this Order or (b) later than three months after the Weld County banking market and is the third effective date of this Order, unless such period largest banking organization in that market by is extended for good cause by the Board, or by virtue of its control of approximately 17.9 per cent the Federal Reserve Bank of Chicago pursuant to of total market deposits. Inasmuch as one of Ap­ delegated authority. plicant’s subsidiary banks and Bank operate in the By order of the Board of Governors, effective same market, consummation of the proposal would May 27, 1975. Voting for this action: Governors Bucher, Holland, and Wallich. Present and abstaining: Governor Shee­ *A11 banking data are as of June 30, 1974 and reflect bank han. Absent and not voting: Chairman Burns and Gov­ holding company formations and acquisitions approved through ernors Mitchell and Coldwell. January 31, 1975. 2The Weld County banking market is defined as Weld (Signed) Griffith L. Garwood, County less the northern and northeastern sections as well as [seal] Assistant Secretary of the Board. the southern one-quarter of the county. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 383 eliminate some competition between the two or­ effective date of this Order, unless such period ganizations. However, upon consummation of the is extended for good cause by the Board, or by proposal herein, Applicant would remain the third the Federal Reserve Bank of Kansas City pursuant largest banking organization in the market, with to delegated authority. the first and second largest banking organizations By order of the Board of Governors, effective (both of which are multi-bank holding companies) May 5, 1975. controlling much larger percentages of the total Voting for this action: Chairman Burns and Gover­ deposits in the market. In addition, subsidiaries nors Mitchell, Sheehan, and Coldwell. Voting against of two other large multi-bank holding companies this action: Governor Holland. Absent and not voting: would continue as competitors in the relevant Governors Bucher and Wallich. market. Accordingly, on the basis of the record (Signed) G riffith L. G arw ood, and, given the present structure of banking in the [seal] Assistant Secretary of the Board. market, the Board does not view the effects of the proposal on competition as being significant. Dissenting Statement of Governor Holland Moreover, the competitive effects of the proposal must be examined in light of the financial, mana­ I would deny the application of United Banks gerial, and convenience and needs considerations of Colorado, Inc., to acquire South Platte National discussed below. Bank, since I believe the proposal would have The financial and managerial resources and fu­ adverse effects on the concentration of banking ture prospects of Applicant and of its subsidiaries resources in the Weld County banking market as are regarded as generally satisfactory. While the well as on existing and future competition in that management of Bank appears capable, the capital market. In my view, such adverse effects are not ratios of Bank have declined recently due to the outweighed by other considerations reflected in the need for Bank to declare dividends to retire an record and, accordingly, the application should be outstanding debt of Bank’s parent holding com­ denied. pany. Affiliation of Bank with Applicant should Applicant now owns one bank in the relevant strengthen Bank’s overall financial condition and market and controls approximately 17.9 per cent assure that its capital ratios will be maintained at of total market deposits, making it the third largest acceptable levels. These considerations relating to banking organization in that market. South Platte financial factors lend weight toward approval of National Bank, a comparatively young and wellthe application. With respect to convenience and managed organization, holds approximately 2.4 needs considerations, the Weld County market is per cent of the market’s deposits and ranks as the primarily an agriculturally-oriented community, as seventh largest of twelve banks in the market. In is evidenced by the large volume of agricultural view of the already high level of deposit concen­ loans made by banks in the area. Bank’s ability tration in the market (the three largest banking to serve the financial needs of its immediate service organizations control approximately 85 per cent area is limited, and affiliation with Applicant of the deposits), I am concerned about the further should enhance Bank’s overall ability to meet the increase in the level of concentration that would expanding financial needs of that area. Accord­ result from this proposal. ingly, convenience and needs considerations also In addition to the adverse effects on banking lend weight toward approval of the application. concentration, the proposal would result in the Therefore, on the basis of the facts of the case, elimination of direct competition, as well as fore­ the Board is of the view that the convenience and close future competition, between Applicant’s needs factors, considered with the financial factors subsidiary bank and South Platte National Bank. discussed above, outweigh in the public interest It appears from the record that there is a meaning­ any adverse effects the proposal may have on ful degree of overlap in the deposits and loans competition. It is the Board’s judgment that con­ that each organization derives from the service summation of the proposed transaction would be area of the other and, absent consummation of the in the public interest and that the application proposal, the amount of direct competition be­ should be approved. tween the two organizations would increase. On the basis of the record, the application is The majority has concluded that the anticompet­ approved for the reasons summarized above. The itive aspects of the proposal are outweighed by transaction shall not be made (a) before the thir­ benefits that would accrue to the communities to tieth calendar day following the effective date of be served. I disagree with that conclusion. The this Order or (b) later than three months after the three largest banking organizations in the State— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 Federal Reserve Bulletin □ June 1975 one of which is Applicant— are already repre­ zation in the Boulder banking market (the relevant sented in the relevant market. The combination market), with two subsidiary banks controlling of Applicant and South Platte, each of which has about 2.4 per cent of the total market deposits.3 operated as an effective independent competitor in Since Bank is a new bank, consummation of the this market in the past, cannot be expected, in proposal would not eliminate any existing compe­ my judgment, to result in substantial benefits to tition. Nor does it appear that the transaction the public. If the affiliation of South Platte National would have adverse effects on the development Bank with another banking organization is thought of competition in the future. Accordingly, com­ to be desirable and beneficial to the public, such petitive considerations are regarded by the Board affiliation should be with another banking organi­ as being consistent with approval of the applica­ zation that is not presently represented in the tion. market. The financial and managerial resources and fu­ For the above reasons, I would deny the appli­ ture prospects of Applicant and its subsidiaries are cation. regarded as generally satisfactory. Bank, as a proposed new bank, has no financial or operating Westland Banks, Inc., history; however, its future prospects as a subsidi­ Lakewood, Colorado ary of Applicant appear favorable. These consid­ erations relating to the banking factors are con­ Order Approving Acquisition of Bank sistent with approval of the application. Westland Banks, Inc., Lakewood, Colorado, a In its consideration of the subject application, bank holding company within the meaning of the the Board has considered the comments submitted Bank Holding Company Act, has applied for the on behalf of Protestant, a bank located 3.8 miles Board’s approval under § 3(a)(3) of the Act (12 from the proposed site of Bank. Protestant, the U.S.C. 1842(a)(3)) to acquire 100 per cent of the ninth largest bank in the market, contends gener­ voting shares (less directors’ qualifying shares) of ally that the economy of the area to be served Gunbarrel National Bank, Boulder, Colorado, a by Bank will not support an additional bank and, proposed new bank. since the proposed service area of Bank is sub­ Notice of the application, affording opportunity stantially similar to that served by Protestant, the for interested persons to submit comments and establishment of Bank would have an adverse views, has been given in accordance with § 3(b) impact on Protestant. The Board is of the view of the Act. The time for filing comments and views that the record, including the submissions by has expired, and the Board has considered the Protestant, does not warrant denial of the applica­ application and all comments received, including tion. those submitted on behalf of Bank of Boulder, The Boulder market has been one of the fastest Boulder, Colorado (“Protestant”), in light of the growing areas in the State, as reflected in a popu­ factors set forth in § 3(c) of the Act (12 U.S.C. lation growth of about 78 per cent during the past 1842(c)). decade. Moreover, based on projections, it is Applicant, the ninth largest banking organi­ reasonable to conclude that the area’s population zation in Colorado, controls six banks with aggre­ growth will continue to surpass the rate of growth gate deposits of about $73.3 million, representing for the State as a whole. While the level of approximately 1.1 per cent of the total deposits economic activity in the area may have slowed in commercial banks in the State of Colorado.1 recently, the Board is of the view that the popula­ Since Bank is a proposed new bank, consumma­ tion and the prospects for growth in the area are tion of the proposed acquisition would not imme­ favorable and indicate that the market could sup­ diately increase Applicant’s share of commercial port an additional banking alternative. Further­ bank deposits in the State. more, although the introduction of a new bank into Bank is to be located in Gunbarrel, a suburban the market may moderate Protestant’s rate of area three miles northeast of Boulder, Colorado.2 growth, the Board is unable to conclude that the Applicant is the eighth largest banking organi­ establishment of Bank by Applicant, which does not occupy a significant position in the market, would have an adverse impact on Protestant’s 1A11 banking data are as of June 30, 1974, and reflect bank holding company formations and acquisitions approved through overall prospects. November 30, 1974. 3The Boulder market area is defined as Boulder County 2The Comptroller of the Currency has granted preliminary excluding the Broomfield area and including the Erie area in charter approval for Bank. the southwestern corner of Weld County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 385 On the other hand, it appears the proposal would the factors set forth in § 3(c) of the Act (12 U.S.C. result in benefits to the convenience and needs of 1842(c)). the community. At the present time, there are no Pan American, the tenth largest banking orga­ banks in the city of Gunbarrel, and the area to nization in Florida, controls 15 banks with aggre­ be served by Bank contains approximately 100 gate deposits of approximately $558 million, rep­ businesses. This proposal would result in an addi­ resenting 2.4 per cent of the total deposits in tional and a more convenient source of full bank­ commercial banks in the State.1 GFS is the 22nd ing services to the businesses and residents of the largest banking organization in the State and con­ area. Accordingly, the Board concludes that con­ trols four banks (one of which has not yet opened venience and needs considerations lend weight for business) with aggregate deposits of approxi­ toward approval of the application. It is the mately $201 million or 0.9 per cent of the total Board’s judgment that the proposed acquisition deposits in commercial banks in the State. In would be in the public interest and that the appli­ addition, GFS owns from 15.1 to 24.9 per cent cation should be approved. of the voting shares of six other banks (hereafter On the basis of the record, the application is referred to as non-subsidiary banks.)2 Upon con­ approved for the reasons summarized above. The summation of the proposed merger, Pan American transaction shall not be made (a) before the thir­ would control 3.3 per cent of the total State tieth calendar day following the effective date of deposits and would become the eighth largest this Order or (b) later than three months after that banking organization in Florida. date, and (c) Gunbarrel National Bank, Boulder, Pan American’s subsidiary banks are located in Colorado, shall be opened for business not later seven different banking markets as follows: seven than six months after the effective date of this in the greater Miami market, two in each of the Order. Each of the periods described in (b) and North Broward and Orlando markets, and one in (c) may be extended for good cause by the Board each of the Daytona Beach, Sarasota, Tampa and or by the Federal Reserve Bank of Kansas City West Volusia markets.3 GFS’s three operating pursuant to delegated authority. subsidiary banks (First National Bank and Trust By order of the Board of Governors, effective Company of Lake Worth, Lake Worth with de­ May 7, 1975. posits of approximately $91.5 million, First Voting for this action: Chairman Burns and Gover­ Marine Bank & Trust Company of the Palm nors Mitchell, Sheehan, Bucher, Holland, and Wallich. Beaches, Riviera Beach with deposits of approxi­ Absent and not voting: Governor Coldwell. mately $71 million, and First National Bank & (Signed) G riffith L. G arw ood, Trust Company Jupiter/Tequesta, Tequesta with [seal] Assistant Secretary of the Board. deposits of approximately $39.2 million) are all located in the West Palm Beach market, and its Pan American Bancshares, Inc., *A11 banking data are as of June 30, 1974, and reflect holding Miami, Florida company formations and acquisitions approved through Febru­ ary 28, 1975. Order Approving M erger of Bank 2This Order does not constitute a determination that any of Holding Companies the six non-subsidiary banks is or may become a subsidiary of Pan American; nor is this Order any indication that Pan Pan American Bancshares, Inc., Miami, Florida American would be permitted to acquire direct or indirect control of any additional shares of any said banks. Further­ (“Pan American” ), a bank holding company more, the determination herein does not preclude the Board within the meaning of the Bank Holding Company from determining that Pan American exercises a controlling Act, has applied for the Board’s approval under influence over the management or policies of any of the six nonsubsidiary banks within the meaning of § 2(a)(2)(C) of the § 3(a)(5) of the Act (12 U.S.C. 1842(a)(5)) to Act. merge with General Financial Systems, Inc., Ri­ 3The greater Miami market is approximated by all of Dade County and the Hollywood area of Broward County; the North viera Beach, Florida (“GFS”), under the title and Broward market is approximated by the northern two-thirds charter of Pan American. of Broward County; the Orlando market is approximated by Notice of the application, affording opportunity all of Orange County and the southern half of Seminole County; the Daytona Beach market is approximated by the for interested persons to submit comments and coastal half of Volusia County north of Ponce de Leon Inlet; views, has been given in accordance with § 3(b) the Sarasota market is approximated by the northern half of of the Act. The time for filing comments and views Sarasota County; the Tampa market is approximated by all of Hillsborough County and the town of Land O’Lakes in Pasco has expired, and the Board has considered the County; and the West Volusia market is approximated by the application and all comments received in light of inland half of Volusia County, all in Florida. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 Federal Reserve Bulletin □ June 1975 subsidiary bank which has not yet opened for effect with respect to such loans would not be business is located in the Jacksonville market.4 significant. Neither Pan American nor GFS has any subsidiary In light of the foregoing and facts of record, banks located within the same market; and neither the Board concludes that consummation of the has any subsidiary banks located in adjacent mar­ proposal would not have any significant adverse kets. Moreover, none of GFS’s non-subsidiary effects on existing or potential competition in any banks are located within the same markets where relevant area and that the competitive consid­ Pan American’s subsidiary banks are located. erations are consistent with approval of the appli­ Thus, it appears that no meaningful competition cation. presently exists between any of the banking sub­ The financial condition and managerial re­ sidiaries of Pan American and those of GFS, nor sources of Pan American, GFS and their respective is any such competition likely to develop in view subsidiaries are considered generally satisfactory, of the market separation and Florida’s branching and the future prospects for each appear favorable. laws. Furthermore, Pan American has committed itself Although consummation of the proposed merger to maintain an adequate capital position for the would foreclose the possibility that either Pan subsidiary banks which it will acquire as a result American or GFS would enter the banking markets of this proposal. Thus, the banking factors lend of the other, the Board believes that there is little weight toward approval of the application. Al­ likelihood of significant potential competition de­ though there is no evidence to indicate that the veloping between the two banking organizations banking needs of the residents of the relevant in the absence of the subject proposal. It does not markets are not presently being met, Pan American appear from the facts of record that GFS has the proposes to provide GFS’s present subsidiary necessary financial resources to expand geo­ banks with international services and increase the graphically in the foreseeable future. Although Pan lending limits of these banks. Accordingly, con­ American does appear to possess the financial siderations relating to the convenience and needs capability to enter the West Palm Beach market of the communities to be served lend some weight de novo, that market appears only moderately toward approval of the application. Therefore, it attractive for such entry due in part to the market’s is the Board’s judgment that consummation of this population per banking office ratio being below transaction would be in the public interest and that the State average. the application should be approved. In the West Palm Beach market, Pan American On the basis of the record, the application is operates an office of a mortgage banking subsidiary approved for the reasons summarized above. The which makes loans secured by one-to-four unit transaction shall not be made (a) before the thir­ residential properties. In addition to GFS’s three tieth calendar day following the effective date of subsidiary banks, 27 other commercial banks, 7 this Order or (b) later than three months after the savings and loan associations and 20 mortgage effective date of this Order, unless such period banking companies also make such loans in this is extended for good cause by the Board, or by market. After consummation of the proposal, Pan the Federal Reserve Bank of Atlanta pursuant to American would control less than 4.3 per cent of delegated authority. the total loans originated in the market which are By order of the Board of Governors, effective secured by one-to-four unit residential properties. May 14, 1975. Thus, it appears that any adverse competitive Voting for this action: Vice Chairman Mitchell and Governors Holland, Wallich, and Coldwell. Absent and not voting: Chairman Burns and Governors Sheehan and 4The West Palm Beach banking market is approximated by Bucher. the northern three-quarters of Palm Beach County; and the Jacksonville market is approximated by all of Duval County (Signed) Griffith L. Garwood, and the town of Orange Park in Clay County, all in Florida. [seal] Assistant Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 387 ORDERS NOT PRINTED IN THIS ISSUE ORDERS APPROVED BY THE BOARD OF GOVERNORS During May 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- APPLICATION FOR FORMATION OF BANK HOLDING COMPANY Board action Federal (effective Register Applicant Bank(s) date) citation Clinton Bancshares, Inc. First National Bank 5/9/75 40 F.R. 21539 Clinton, Oklahoma in Clinton, Clinton, 5/16/75 Oklahoma Vici Bancorporation, Bank of Vici, Vici, 5/16/75 40 F.R. 23545 Vici, Oklahoma Oklahoma 5/30/75 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 Alabama Bancshares, The Citizens Bank, 5/5/75 40 F.R. 20861 Inc., Birmingham, Alabama Moulton, Alabama 5/13/75 Westland Banks, Inc., Castle Rock National 5/7/75 40 F.R. 21540 Lakewood, Colorado Bank, Castle Rock, 5/16/75 Colorado ORDERS UNDER SECTIONS 3 AND 4 OF BANK HOLDING COMPANY ACT— APPLICATIONS TO FORM BANK HOLDING COMPANY AND ENGAGE IN NONBANKING ACTIVITIES Nonbanking Federal company Effective Register Applicant Bank(s) (or activity) date citation Pfister, Inc., Clifton, The First National Pfister Insurance, 5/12/75 40 F.R. 22046 Kansas Bank of Clifton, Clifton, Kansas 5/20/75 Clifton, Kansas Westgate Bancshares, Westgage State Certain types of 5/5/75 40 F.R. 20862 Inc., Kansas City, Bank, Wyandotte credit 5/13/75 Kansas County, Kansas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 Federal Reserve Bulletin □ June 1975 ORDERS APPROVED BY THE SECRETARY OF THE BOARD During May 1975, applications were approved by the Secretary of the Board 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 Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT— APPLICATION FOR FORMATION OF BANK HOLDING COMPANY Board action Federal (effective Register Applicant Bank(s) date) citation First Union Corporation, The First National Bank and 5/28/75 40 F.R. 24771 Stillwater, Oklahoma Trust of Stillwater, Stillwater, 6/10/75 Oklahoma Peoples State Holding Peoples State Bank, Westhope, 5/5/75 40 F.R. 21076 Company, Westhope, North Dakota 5/15/75 North Dakota West Point First National Co. The First National Bank 5/12/75 40 F.R. 22318 Lincoln, Nebraska of West Point, West Point, 5/22/75 Nebraska ORDERS APPROVED BY FEDERAL RESERVE BANKS During May 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. 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 First Community Bancorpora­ The McDonald County Kansas City 5/9/75 40 F.R. 22045 tion, Joplin, Missouri Bank, Pineville, 5/20/75 Missouri First National Bankshares First National Bank Atlanta 5/27/75 40 F.R. 23934 of Florida, Inc., Pompano of New Smyrna 6/3/75 Beach, Florida Beach, New Smyrna Beach, Florida Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

389 Announcements PUBLICATIONS COMMITTEE of System purchases without undue impact on yields or other market relationships. On June 6, the Board of Governors approved the In another action, the Committee authorized the establishment of a Publications Committee to re­ open market trading desk at the Federal Reserve place the staff Editorial Committee. Bank of New York to make repurchase agreements All external publications of the Board have been with bank dealers in Government securities, as had placed under the administration of the Publications been authorized previously for nonbank dealers. Committee, which is charged with over-all plan­ Such repurchase agreements are made on the basis ning of the Board’s publications program; admin­ of competitive bidding. istration of the production process; budgeting and budgetary controls; and coordination of all aspects AMENDMENTS TO REGULATION Q of publications costs, charges, and distribution. Membership of the Publications Committee is The Board of Governors announced on June 4, as follows: 1975, two amendments to its Regulation Q (Inter­ — The Managing Director for Research and est on Deposits) that will provide greater conven­ Economic Policy. ience for banking customers. — The Managing Director for Operations. The changes will: — The Director of the Division of Research and 1. Permit member banks to redeem a time de­ Statistics. posit before maturity without penalty in case of — The Director of the Division of International death of the depositor or a co-depositor. This Finance. amendment was effective June 5. Earlier rules had — The Board’s senior officer in the public affairs permitted payment of a time deposit before matu­ field. rity only if a substantial interest penalty were — The Board’s General Counsel. imposed; namely, the loss of 3 months’ interest and the payment of interest on the withdrawn funds OPERATIONS IN at the passbook rate. FEDERAL AGENCY SECURITIES 2. Effective September 1, require member banks to print or stamp a conspicuous statement The Federal Open Market Committee announced on the face of a time deposit that no interest will on June 17, 1975, a change in its rules that will be paid after the maturity date. The statement must permit greater flexibility of operations in Federal provide the renewal terms in the case of an auto­ agency securities. matically renewable time deposit. The rule change, effective immediately, will At the same time, the Board urged member permit the System to hold up to 30 per cent of banks to mail notices to their customers of the any one Federal agency issue of securities and up impending maturity of a time deposit. The Board to 15 per cent of the total amount outstanding for said that a mailed notice is most effective when any one agency. it is received by the customer about 30 days prior Under previous guidelines for Federal Reserve to the maturity date and that such a notice is purchase of Federal agency securities, System particularly desirable when the time deposit has holdings of any one issue could not exceed 20 an initial maturity greater than 1 year. per cent of the total outstanding. Also, aggregate holdings of the issues of any one agency could MEMBER BANKS AS not exceed 10 per cent of the total amount of all TRUSTEES OF RETIREMENT PLANS outstanding issues of that agency. Experience gained over the past 3V2 years of The Board of Governors announced on May 21, operation in agency issues has shown that the 1975, that State member banks not exercising trust market is capable of absorbing a larger volume powers may act as trustees of individual retirement Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 Federal Reserve Bulletin □ June 1975 accounts and self-employed retirement plans in 1. Surveillance cameras are not always installed certain circumstances, without prior Board ap­ where needed and are often not well enough proval. maintained to get useful pictures. The Employee Retirement Income Security Act 2. Frequently “bait money” is not provided for of 1974 provides that individuals not covered by each teller in a bank, or its identification (denomi­ an employer retirement plan, a self-employed re­ nation, serial number, etc.) is not adequate to tirement plan, or a charitable annuity may establish make it good evidence in a trial. individual retirement accounts into which they 3. Many alarm systems are not tested and serv­ may deposit, for retirement purposes, tax-free iced adequately, with the result that they often fail contributions up to $1,500 yearly. The Self- to work when needed. Employed Individuals Retirement Act of 1962 4. Regulations under the Bank Protection Act, (Keogh Act) provides the same benefits, for con­ including the Board’s Regulation P, seek to reduce tributions up to $7,500 annually, for self- bank losses to robbers by requiring that teller cash employed individuals and their employees. Both be kept at a reasonable minimum. Reports indicate plans require that a bank, or other person or substantial losses due to failure to meet this re­ institution capable of administering such plans quirement. according to the Act, be appointed trustee. 5. In almost all cases of larceny (criminal re­ State member banks permitted by this action of moval of personal property), valuables stolen are the Board to act as trustees for such retirement reported to have been exposed and not sufficiently plans may invest these funds only in a savings guarded. account or in a time deposit of the bank. The 6. Reports indicate that an appropriate and authority is limited to cases where it is not contrary continual training program for tellers could result to State law. in substantial assistance in catching and convicting The Comptroller of the Currency has also criminals. granted similar authority to national banks. The Board’s letter added that bank security officers need to receive better cooperation and BANK SECURITY more encouragement from top management. In connection with the statistics showing rising In view of the mounting number of crimes against crime against banks, the Justice Department has banks, the Board of Governors on June 9, 1975, suggested stronger regulations dealing with bank urged the banks under its supervision to strengthen security. their security programs. The Board identified six common weaknesses NEW PUBLICATION: Improved Fund in bank protection and distributed a questionnaire intended to update the Board’s information on Availability at Rural Banks security devices being used by State member Improved Fund Availability at Rural Banks is now banks. available for distribution. This volume presents the The Board’s statements were in a letter ad­ report of the special committee appointed in Jan­ dressed to the chief executive officer of each State uary 1970 by the Board of Governors of the member bank. The letter said: Federal Reserve System to study agricultural credit The Federal Bureau of Investigation (FBI) has problems with particular attention to possibilities reported to the Board that in Fiscal Year 1974 'for improvement in the marketability of bank ag­ (ended June 30, 1974) external crime against Fed­ ricultural paper. The research papers prepared for erally insured and regulated financial institutions the committee are also included. involved 2,817 robberies, 359 burglaries and 309 larcenies, totalling a new high of 3,485 offenses Part 1 consists of the Report of the Committee (compared to 3,172 in the previous year). The FBI on Rural Banking Problems “Improved Fund also said that reports for the first half of Fiscal Availability at Rural Banks.” Part 2 comprises the 1975 (through December 1974) “indicated a fur­ study papers prepared for the committee grouped ther large increase.” according to subject: Overview of the research FBI reports, and a “Report of Crime” submit­ program— “Financial Markets for Rural Bank ted to the Federal Reserve by each State member Paper: Report on Research for a System Commit­ bank under Regulation P (Bank Protection) when tee” by Emanuel Melichar. Access to financial a crime is attempted or perpetrated, have disclosed markets— “Use of National Money Markets by the following principal weaknesses in bank secu­ Rural Banks” by Irwin D. Sandberg; “Nondeposit rity: Sources of Funds for Rural Banks: An Examiner’s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 391 View” by Lester G. Gable; “A New Market for be obtained from Publications Services, Division Financial Instruments of Rural Banks” by Ray­ of Administrative Services, Board of Governors mond J. Doll; and “Marketing of Negotiable In­ of the Federal Reserve System, Washington, D.C. struments of Deposit Issued by Small Commercial 20551. Banks” by Roby L. Sloan. Discount services from Federal intermediate credit banks— “ Bank Dis­ CHANGES IN BOARD STAFF counting of Agricultural Loans at Federal Inter­ mediate Credit Banks” by Thomas E. Snider and The Board of Governors has announced the fol­ “Federal Intermediate Credit Bank Discount lowing changes in its official staff, effective June Services to Rural Banks: Experience and Pros­ 23, 1975: pects” by John R. Brake. Correspondent credit John M. Denkler has been named Managing services— “Loan Participations and Fund Flows in Director for Operations, replacing Daniel M. Correspondent Banking” by Robert E. Knight and Doyle who resigned to become First Vice Pres­ “Correspondent Banking in Illinois: Credit Flows ident, Federal Reserve Bank of Chicago; and and Pricing Practices” by Gary Benjamin. Influ­ Robert J. Lawrence, Associate Director in the ence of banking organization on rural credit serv­ Division of Research and Statistics, has succeeded ices— “Effect of Bank Structure on Performance Mr. Denkler as Deputy Managing Director for and Implications for Agricultural Lending” by Operations. Richard J. Herder; “Branch Banking Systems and John J. Mingo has been named an Associate Rural Credit Services” by Donald Snodgrass; Adviser in the Division of Research and Statistics. “Impact of Banking Structure on Farm Lending: Prior to joining the Board’s staff in June 1972, An Examination of Aggregate Data for States” Mr. Mingo was an Assistant Professor of Eco­ by Emanuel Melichar; “ Branch Banking and Loan nomics at the University of Montana. He holds Portfolio Changes: The Virginia Experience” by a B.A. from Yale University and a Ph.D. from Thomas E. Snider; “The Impact of Limited Brown University. Branch Banking on Agricultural Lending by Banks in Wisconsin” by Harvey Rosenblum; “ Impact ADMISSION OF STATE BANK of Multibank Holding Companies on Banking TO MEMBERSHIP IN THE Services to Agriculture in the Upper Midwest” FEDERAL RESERVE SYSTEM by David B. Arnold; “ Impact of Holding Compa­ nies on Farm Lending by Banks in Florida” by The following bank was admitted to membership Gene D. Sullivan; and “Change in Banking in the Federal Reserve System during the period Structure in Ohio: Impact on Agricultural Credit” May 16, 1975, through June 15, 1975: by Richard L. Gady and Richard D. Carter. The price is $1.00; in quantities of 10 or more Wyoming sent to the same address, 85 cents. Copies may Moorcroft ........................... Moorcroft State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 Industrial Production Released for publication June 16 materials such as equipment parts and basic metals. Production of steel declined 10 per cent Industrial production declined 0.3 per cent in in May, and production of nondurable materials May—the same as in April— to 109.2 per cent of in May edged up slightly more. The sharp decline the 1967 average, according to preliminary esti­ in total output of industrial materials relative to mates. In May industrial production was 13 per total products indicated a further rapid liquidation cent below the September 1974 peak, its recent of materials inventories. high. Output of consumer goods increased again, but this gain was more than offset by additional INDUSTRIAL PRODUCTION Seasonally adjusted, ratio scale, 1967=100 sizable cuts in business equipment and in their 1 140 main supplying industries, which together account for about one-fourth of the total index. Durable consumer goods increased further by 2Vi per cent in May. Auto assemblies rose 5 per cent to a 6.6-million-unit annual rate, and output of appliances, TV sets, carpeting, and furniture are estimated to have risen more. Auto production schedules indicate some additional increase in June, and the current levels of dealers’ stocks relative to sales may result in sharper or more prolonged cutbacks than usual during the model changeover period. Output of nondurable con­ sumer goods rose about 1 per cent further in May. Production of business equipment in May de­ clined about 1 xh per cent and was 5 per cent below the first-quarter average and 14 per cent below last September. Output of construction products has changed little since February and remains 20 per cent below the 1973 peak. Output of materials declined by nearly 1 xh per F.R. indexes, seasonally adjusted. Latest figures: May. cent with sharp cutbacks continuing in durable *Auto sales and stocks include imports. Seasonally adjusted Per cent Per cent changes, annual rate 1967 = 100 changes from— Industrial production 1975 1974 1975 Month Year ago ago Mar. Apr. v May e Q3 Q4 Ql Total ..................................................... 109.8 109.5 109.2 - .3 -13.1 - .3 -13.1 -32.0 Products, total .............................................. 112.3 112.6 113.1 .4 - 8.6 .6 - 8.7 -23.8 Final products .......................................... 112.2 1 12.5 113.2 .6 - 7.5 2.0 - 6.5 -23.2 Consumer goods .................................. 118.5 119.5 121.5 1.7 - 6.3 .0 -10.8 -21.9 Durable goods ................................ 103.1 106.9 110.7 3.6 -16.6 -4.5 -37.0 -54.2 Nondurable goods ......................... 124.4 124.4 125.6 1.0 - 2.3 2.2 - 1.2 -10.3 Business equipment ........................... 116.5 115.4 113.5 -1.6 -12.9 4.0 - 2.4 -32.6 Intermediate products ............................ 112.7 113.0 112.9 - .1 -12.6 -3.7 -15.9 -25.1 Construction products ....................... 109.6 110.4 109.7 - .6 -16.1 -7.7 -21.6 -28.1 Materials ......................................................... 105.8 104.5 103.0 -1.4 -20.2 - .9 -21.5 -45.4 Preliminary. eEstimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 1 Financial and Business Statistics CONTENTS GUIDE TO TABULAR PRESENTA­ A 52 Labor force, employment, and TION ON INSIDE BACK COVER unemployment A 53 Consumer prices STATISTICAL RELEASES: REFER­ A 53 Wholesale prices ENCE ON INSIDE BACK COVER A 54 National product and income A 56 Flow of funds U.S. STATISTICS: INTERNATIONAL STATISTICS: A 2 Member bank reserves, Federal Reserve Bank credit, and related items A 58 U.S. balance of payments A 5 Federal funds—Money market banks A 59 Foreign trade A 6 Reserve Bank interest rates A 59 U.S. reserve assets A 7 Reserve requirements A 60 Gold reserves of central banks and A 8 Maximum interest rates; margin governments requirements A 61 International capital transactions of the A 9 Open market account United States A 10 Federal Reserve Banks A 74 Open market rates A 11 Bank debits A 75 Central bank rates A 12 Money stock A 75 Foreign exchange rates A 13 Bank reserves; bank credit A 14 Commercial banks, by classes A 18 Weekly reporting banks TABLES PUBLISHED PERIODICALLY A 23 Business loans of banks A 24 Demand deposit ownership A 76 Banking offices and deposits of banks A 25 Loan sales by banks in holding company groups, December A 25 Open market paper 31, 1974 A 26 Interest rates Insured commercial banks, 1974: A 29 Security markets A 80 Income, expenses, and dividends A 29 Stock market credit Member banks, 1974: A 30 Savings institutions Income, expenses, and dividends: A 32 Federal finance A 80 By class of bank A 34 U.S. Government securities A 82 By Federal Reserve district A 37 Federally sponsored credit agencies A 88 By size of bank A 38 Security issues A 90 Income ratios, by class of bank A 41 Business finance and Federal Reserve district A 42 Real estate credit A 45 Consumer credit A 48 Industrial production A 104 INDEX TO STATISTICAL TABLES A 50 Business activity A 50 Construction Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 BANK RESERVES AND RELATED ITEMS □ JUNE 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, securities1 Special ury Drawing cur­ Gold Rights rency Held Other stock certificate out­ Bought under Loans Float3 F.R. Totals account stand­ Total out­ repur­ assets4 ing right2 chase agree­ ment Averages of daily figures 1939—Dec............................... 2,510 2,510 8 83 2,612 17,518 2,956 1941—Dec............................... 2,219 2,219 5 170 2,404 22,759 3^239 1945—Dec............................... 23,708 23,708 381 652 24,744 20,047 4*322 1950—Dec............................... 20,345 20,336 9 142 1,117 21,606 22,879 4*629 I960—Dec............................... 27,248 27,170 78 94 1,665 29,060 17,954 5^396 1969—Dec............................... 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 6,841 1970—Dec............................... 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 7,145 1971—Dec............................... 69,158 68,868 290 107 3,905 982 74,255 10,132 400 7,611 1972—Dec............................... 71,094 70,790 304 1,049 3,479 1,138 76,851 10,410 400 8,293 1973—Dec............................... 79,701 78,833 868 1,298 3,414 1,079 85,642 11,567 400 8,668 1974—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 Aug............................... 84,493 84,221 272 3,351 1,983 1,258 91,367 11,567 400 8,951 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 2,456 3,391 93,002 11,647 400 9,235 Feb............................... 84,744 83,843 901 147 2,079 3,419 91,168 11,626 400 9,284 Mar.............................. 84,847 84,398 449 106 1,994 3,142 90,819 11,620 400 9,362 Apr............................... 87,080 86,117 963 110 2,061 3,237 93,214 11,620 400 9,410 May?........................... 91,918 89,355 2,563 60 1,890 3,039 97,858 11,620 429 9,457 Week ending— 1975—Mar. 5....................... 85,505 84,207 1,298 70 1,666 3,071 91,159 11,621 400 9,352 12....................... 82,658 82,658 60 2,098 3,085 88,571 11,620 400 9,341 19....................... 83,345 83,345 167 1,993 3,217 89,381 11,620 400 9,344 26....................... 86,867 85,854 1,013 155 1,685 3,197 92,719 11,620 400 9,386 Apr. 2....................... 86,518 86,518 51 2,356 3,083 92,679 11,620 400 9,400 9....................... 84,508 84,508 30 2,504 3,086 90,793 11,621 400 9,399 16....................... 85,109 84,705 404 22 1,857 3,125 90,796 11,620 400 9,407 23....................... 87,465 86,682 783 165 2,075 3,315 93,730 11,620 400 9,415 30....................... 91,411 88,467 2,944 241 1,765 3,281 97,557 11,620 400 9,437 May 7....................... 92,125 88,923 3.202 34 1,681 3,424 98,377 11,620 400 9,435 14....................... 91,358 89,449 1,909 17 1,750 3,347 97,446 11,620 400 9,456 2\v..................... 92,529 89,494 3,035 122 2,227 2,629 98,466 11,620 400 9,462 2823..................... 92,156 89,724 2,432 84 1,831 2,735 97,616 11,620 486 9,469 End of month 1975—Mar.............................. 86,608 86,608 60 2,132 3,072 92,537 11,620 400 9,453 Apr............................... 93,917 88,812 5,105 1,539 1,942 3,297 101,880 11,620 400 9,531 May**........................... 91,029 88,953 2,076 23 1,698 2,984 96,599 11,620 500 9,475 Wednesday 1975—Mar. 5....................... 83,282 83,282 58 2,561 3,156 89,733 11,620 400 9,339 12....................... 80,626 80,626 87 2,306 3,170 86,856 11,620 400 9,343 18....................... 83,955 83,955 854 2,637 3,161 91,262 11,620 400 9,348 26........................ 88,078 85,991 2,087 813 2,163 3,139 95,221 11,620 400 9,389 Apr. 2....................... 86,358 86,358 42 2,278 3,067 92,422 11,621 400 9,396 9....................... 83,810 83,810 14 3,035 3,134 90,643 11,620 400 9,403 16....................... 87,741 84,915 2,826 48 2,922 3,146 94,736 11,620 400 9,412 23....................... 88,387 86,977 1,410 1.068 2,860 3,260 96,341 11,620 400 9,419 30....................... 93,917 88,812 5,105 1,539 1,942 3,297 101,880 11,620 400 9,531 May 7....................... 91,579 89,209 2,370 21 2,188 3,319 98,051 11,620 400 9,453 14....................... 91,356 89,655 1,701 20 2,342 3,417 98,079 11,620 400 9,460 21*..................... 95,465 89,505 5,960 729 1,947 2,672 101,823 11,620 400 9,468 28?..................... 94,337 89,640 4,697 485 1,952 2,939 100,589 11,620 500 9,475 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-10. 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 Includes, beginning 1969, securities loaned—fully guaranteed by U.S. owned banking institutions held with member banks and redeposited in Govt, securities pledged with F.R. Banks, and excludes (if any), securities full with F.R. Banks in connection with voluntary participation by nonsold and scheduled to be bought back under matched sale-purchase member institutions in the Federal Reserve System’s program of credit transactions. restraint. 3 Beginning with 1960 reflects a minor change in concept; see Feb. As of Dec. 12, 1974, the amount of voluntary nonmember and foreign 1961 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 netted by agencies and branches of foreign banks operating in the United States 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 FRinAduSsEtrRial loan program was discontinued. For holdings of acceptances Notes continued on opposite page. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ BANK RESERVES AND RELATED ITEMS A 3 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS— Continued (In millions of dollars) Factors absorbing reserve funds Desposits, other than member bank Member bank Cur­ Treas­ reserves Other reserves rency ury with F.R. Banks Other F.R. Period or date in cash F.R. lia­ cir­ hold­ ac­ bilities cula­ ings counts4 and With Cur­ tion capital4 F.R. rency Banks and coin 7 Averages of daily figures 7,609 2,402 248 11,473 11,473 .......................1939—Dec. 10,985 2,189 292 12,812 12,812 .......................1941—Dec. 28,452 2,269 493 16,027 16,027 .......................1945—Dec. 27,806 1,290 739 17,391 17,391 .......................1950—Dec. 33,019 408 1,029 16,688 2,595 19,283 .......................1960—Dec. 53,591 656 2,192 23,071 4,960 28,031 .......................1969—Dec. 57,013 427 2.265 23,925 5,340 29,265 .......................1970—Dec. 61,060 453 2,287 25,653 5,676 31,329 ........................1971—Dec. 66,060 350 2,362 24,830 6,095 31,353 ....................... 1972—Dec. 71,646 323 2,942 28,352 6,635 35,068 ....................... 1973—Dec. 72,876 286 3,168 29,861 6,600 36,519 .......................1974—May 73,749 293 3,187 29,672 6,668 36,390 ...................................June 74,556 275 3,216 30,514 6,824 37,338 ..................................July 74,709 283 3,240 30.264 6,765 37,029 ..................................Aug. 75,098 303 3,345 30,156 6,920 37,076 .................................Sept. 75,654 315 3,260 29,985 6,811 36,796 ..................................Oct. 77,029 302 3,149 29,898 6,939 36,837 ..................................Nov. 78,951 220 3.266 29,767 7,174 36,941 ..................................Dec. 77,780 221 3,264 29,713 7,779 37,492 ....................... 1975—Jan. 76,979 236 3,358 28,503 7,062 35,565 ..................................Feb. 77,692 277 3,076 27,948 6,831 34,779 ...................................Mar. 78,377 309 3,137 28.264 6,870 35,134 ...................................Apr. 79,114 307 3,231 27,589 6,923 34,512 ...................................May** Week ending— 77,022 255 2,845 340 988 3,238 27,845 6,950 34,795 ...................1975—Mar. 5 77,715 258 590 309 923 2.952 27,186 7,296 34,482 .......................................12 77,874 272 386 332 994 3,006 27,883 6,627 34,510 .......................................19 77,767 294 3,424 376 843 3,088 28,333 6,486 34,819 .......................................26 78,030 307 2,826 476 1,039 3,160 28,261 6,826 35,087 .............................Apr. 2 78,355 309 1,919 359 646 2.952 27,671 6,992 34,663 .........................................9 78,672 318 976 267 642 3,093 28,254 7,041 35,295 .......................................16 78,384 306 3,523 289 660 3,194 28,809 6,440 35,249 .......................................23 78,137 302 7,902 279 576 3,342 28,477 7,018 35,495 .......................................30 78,405 307 8,960 232 688 3,141 28,098 7,139 35,237 .............................May 7 79,095 323 8,419 277 472 3,125 27,212 7,305 34,517 .......................................14 79,203 324 7,947 258 697 3,278 28,241 6,491 34,732 .......................................21 p 79,472 300 7,474 266 911 3,313 27,454 6,758 34,212 .......................................28 p End of month 78,062 307 4,269 402 709 3,120 27,139 6,826 33,965 ........................1975—Mar. 78,443 301 8,363 270 573 3,452 32,028 7,018 39,046 ...................................Apr. 79,641 320 7,036 310 1,159 3,396 26,332 6,922 33,254 ...................................May** Wednesday 77,474 261 956 277 867 2,951 28,308 6,950 35,258 ...................1975—Mar. 5 78,058 271 * 314 989 2,893 25,695 7,296 32,991 .......................................12 77,980 297 1,795 321 870 2,971 28.396 6,627 35,023 .......................................19 78,033 306 3,554 428 792 3.080 30,437 6,486 36,923 .......................................26 78,322 312 2,430 429 795 2,908 28,642 6,826 35,468 .............................Apr. 2 78,764 329 467 267 595 3,030 28,614 6,992 35,606 .........................................9 78,749 308 1,638 296 615 3,166 31.396 7,041 38,437 .......................................16 78,380 308 6.191 249 640 3,261 28,751 6,440 35,191 .......................................23 78,443 301 8,363 270 573 3,452 32,028 7,018 39,046 .......................................30 78,989 330 9,162 257 482 3.080 27,223 7,139 34,362 ...........................May 7 79,382 329 6,871 253 482 3,187 29,055 7,305 36,360 .......................................14 79,400 338 7,017 253 694 3,342 32,267 6,491 38,758 ......................................21 p 79,993 300 7,687 294 1,318 3,392 29,200 6,758 35,958 ......................................28 p 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

AND RELATED ITEMS □ JUNE 1975 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks 2 Reserves Borrowings New York City City of Chicago Other Re­ Excess1 Total Sea­ Excess Borrow­ Excess Borrow­ Excess rowquired sonal ings ings gs 6,462 5,011 3 2,611 540 1,188 3 9,422 3,390 5 989 295 1,303 4 14,536 1,491 334 48 192 14 418 46 16,364 1,027 142 125 58 8 232 29 18,527 756 87 29 19 4 100 40 22,267 452 454 41 111 15 23 67 92 24,915 345 238 18 40 13 50 80 26,766 455 765 100 230 15 85 90 180 27,774 257 1,086 56 259 18 27 6 321 28,993 272 321 34 25 7 4 42 28 31,164 165 107 25 35 1 8 -35 42 31,134 219 1,049 -20 301 13 55 -42 264 34,806 262 1,298 41 -23 74 43 28 28 435 36,325 194 2,580 102 -20 772 29 20 -4 849 36,259 131 3,000 130 -26 1,303 -8 51 26 847 37,161 177 3,308 149 45 1,457 19 70 -12 933 36,851 178 3,351 165 -58 1,464 6 23 78 ,004 36,885 191 3,287 139 133 1,662 20 17 -77 816 36,705 91 1,793 117 -49 502 -18 36 36 686 36,579 258 1,285 67 -8 257 38 14 90 448 36,602 339 703 32 132 80 5 18 39 282 37,556 -64 390 13 -119 156 -16 16 -91 131 35,333 232 147 10 31 37 17 10 41 71 34,513 266 106 7 53 22 20 10 56 46 35,014 120 110 7 32 25 -23 14 -4 33 34,503 9 60 9 -168 24 -33 -390 23 36,668 177 2,157 74 62 176 -47 -34 824 36,201 135 1,616 82 -57 134 41 10 646 36,470 176 1,977 94 83 506 -39 -63 703 36,487 129 3,090 113 -55 993 57 -9 959 36,170 179 3,606 114 32 1,449 -17 -10 ,067 36,672 323 1,125 78 54 68 32 105 632 36,335 144 1,097 70 -15 188 -29 40 399 36,785 27 1,367 64 -16 465 8 -87 378 36,459 310 1,479 63 69 243 27 87 422 36,678 283 1,070 51 141 226 4 -16 394 36,452 -159 648 35 -173 73 -36 -50 268 36,545 217 818 31 59 60 23 -39 287 36,416 429 662 29 137 72 52 89 257 37,011 577 561 24 83 61 223 260 37,175 137 311 18 55 36 -27 -26 168 38,249 -42 609 12 -130 317 1 69 -89 115 38,079 186 594 12 29 328 1 45 136 37,066 174 142 10 71 -13 -24 109 36,579 395 98 11 133 33 84 86 35,970 59 90 10 -37 6 -20 -5 69 34,960 158 229 11 140 -22 -18 69 34,447 159 180 10 29 39 35 70 34,386 409 70 9 117 4 90 60 34,252 230 60 7 122 15 -20 41 34,490 20 167 6 -96 -37 10 43 34,675 144 155 7 54 16 -12 45 34,808 279 51 -30 7 99 43 34,552 111 30 62 15 -51 23 35,076 219 22 25 -14 36 18 35,179 70 165 -3 42 16 -23 21 35,306 189 241 -11 67 1 56 66 34,926 311 34 177 21 -5 34 34,518 -1 17 -106 -26 -17 16 34,647 85 122 -324 98 1 -212 22 34,051 161 84 30 9 10 -161 21 Nov. 15, 1972, includes $450 million of for reserve-requirement purposes has been : (net L. Banks are allowed to waive penalties demand deposits of more than $400 million) LETIN 3n with bank adaptation to Regulation J for July 1972, p. 626. Categories shown here ther” Beginning 1973, allowable deficiencies parallel the previous “Reserve city” and “Coi tively t statement week of quarter): Ql, $279 (hence the series are continuous over time). 112 million; Q4, $84 million. Beginning million. Transition period ended after Note.—Monthly and weekly data are ave within 'or which figures are preliminary, figures the month or week, respectively. ; total because adjusted data by class are Borrowings at F.R. Banks: Based on closir Effective Apr. 19, 1963, the Board’s Regul lendignation of banks as reserve city banks ing by F.R. Banks, was revised to assist sm meet the seasonal borrowing needs of their commi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ MONEY MARKET BANKS A 5 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net- Gross transactions Net transactions Reporting banks and Total Bor­ week ending— Excess Net Per cent two-way Pur­ Loans row­ Net re­ Bor­ inter­ Surplus of Pur­ trans­ chases Sales to ings loans serves 1 rowings bank or avg. chases Sales actions2 of net of net dealers 3 from at F.R. Federal deficit required buying selling dealers4 Banks funds reserves banks banks trans. Total—46 banks 1975—Apr. 2. 100 14,360 -14,260 87.3 21,992 7,631 6,068 15,924 1,563 3,700 526 3,175 9. 72 17,178 -17,106 105.7 23,124 5,946 5,304 17,820 641 3,674 552 3,122 16. 68 4 16,414 -16,350 98.8 22,696 6,282 5,779 16,917 503 3.577 635 2,942 23. 11 83 14,411 -14,483 88.3 20,699 6,288 5,149 15,550 1,139 2.577 442 2,135 30. 69 142 9,755 -9,827 60.2 17,254 7,499 5,192 12,062 2,307 2,120 1,363 757 May 7. 207 11,983 -11,777 73.1 18,600 6,616 4,919 13,680 1,697 2,408 603 1,806 14. 35 1 14,339 -14,305 88.7 20,190 5,851 4,295 15,896 1,556 2,327 622 1,705 21 . -48 100 14,144 -14,291 88.7 19,856 5,712 4,726 15,131 987 3,022 767 2,255 28. -30 38 13,223 -13,292 85.4 18,233 5,010 4,530 13,703 480 3,361 685 2,676 8 in New York City 1975—Apr. -7 4,635 -4,643 68.5 6,434 1.798 1,472 4,962 327 1,745 304 1,441 37 5,753 -5,716 84.5 6,612 859 854 5,757 4 1,436 362 1,074 35 5,060 -5,025 72.9 6,744 1,684 1,361 5,384 324 1,492 308 1,184 1 3,555 -3,590 52.5 5,473 1,918 1,286 4,187 632 1,243 295 948 -3 1,687 -1,757 26.1 3,932 2,245 1,616 2,317 630 995 393 602 May 7. 164 2,765 -2,601 39.2 4,564 1.799 1,074 3,490 724 1,130 391 740 14. 15 4,758 -4,743 71.0 6,049 1,291 717 5,332 575 1,177 381 796 21 . -33 3,962 -4,093 60.9 5,627 1,665 1,156 4,471 509 1,504 362 1,143 28. 22 4,003 -3,990 63.2 5,113 1,110 891 4,222 219 1,269 264 1,005 38 outside New York City 1975—Apr. 2. 108 9,725 -9,617 100.6 15,558 5,833 4,596 10,962 1,237 1,955 221 1,733 9. 35 11,425 -11,390 120.8 16,512 5,088 4,450 12,062 637 2,237 190 2,047 16. 33 11,354 -11,326 117.2 15,952 4,598 4,419 11,533 179 2,085 326 1,759 23. 10 10,856 -10,893 113.9 15,226 4,371 3,864 11,363 507 1,334 147 1,187 30. 72 8,068 -8,070 84.2 13,322 5,254 3.577 9,745 1,677 1,126 970 155 May 7. 43 9,218 -9,175 96.8 14,036 4,817 3,845 10,190 973 1,278 212 1,066 14. 21 9,582 -9,562 101.1 14,141 4,560 3.578 10,564 982 1,150 241 909 21 . -14 10,182 -10,198 108.5 14,230 4,047 3,570 10,660 477 1,518 406 1,112 28. -52 9,220 -9,302 100.5 13,121 3,901 3,640 9,481 261 2,092 420 1 ,671 5 in City of Chicago 1975—Apr. 41 3,587 -3,546 202.6 4,514 926 923 3,591 440 440 29 4,334 -4,305 250.2 5,094 760 760 4,334 444 444 -4 4,026 -4,030 222.5 4,930 904 904 4,026 318 318 14 4,065 -4,051 231.8 4,981 916 916 4,065 313 313 11 36 3,532 -3,557 204.1 4,499 968 967 3,532 291 291 May 7.. 30 3,631 -3,601 208.4 4,584 954 954 3,631 267 267 14.. -4 4,081 -4,085 234.2 4,925 844 844 4,081 332 332 21 .. -11 4,989 -5,000 286.5 5,665 676 676 4,989 377 377 28.. 3,876 -3,876 229.3 4,700 824 824 3,876 370 370 33 others 1975—Apr. 2.. 67 6,138 -6,071 77.7 11,045 4,907 3,673 7,371 1,233 1,514 221 1,293 9.. 6 7,090 -7,084 91.9 11,418 4,327 3,689 7,728 637 1,794 190 1,604 16.. 37 7,328 -7,296 92.9 11,022 3,515 3,515 7,507 179 1,767 326 1,440 23.. 4 6,791 -6,842 87.5 10,245 3,454 2,947 7,298 507 1,021 147 874 30.. 62 4,536 -4,513 57.6 8,823 4,287 2,609 6,213 1,677 835 970 -136 May 7. 13 5,588 -5,575 71.9 9,451 3,864 2,891 6,560 973 1,012 212 800 14. 24 5,501 -5,477 71.0 9,217 2,734 2,734 6,482 982 818 241 577 21 . -4 5,193 -5,199 67.9 8,564 3,371 2,894 5,671 477 1,141 406 735 28. -52 5,345 -5,426 71.9 8,421 3,076 2,815 5,605 261 1,722 420 1,301 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 6 F.R. BANK INTEREST RATES □ JUNE 1975 CURRENT RATES (Per cent per annum) Loans to member banks— Under Sec. 10(b)2 Loans to all others under Under Secs. 13 and 13a1 last par. Sec. 134 Federal Reserve Bank Regular rate Special rate3 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous 5/31/75 date rate 5/31/75 date rate 5/31/75 date3 rate 5/31/75 date rate Boston..................... 6 5/16/75 614 61/2 5/16/75 63/4 71/2 5/16/75 8 9 3/10/75 91/2 New York............... 6 5/16/75 614 61/2 5/16/75 63/4 71/2 5/16/75 8 9 3/10/75 9i/i Philadelphia........... 6 5/16/75 61/4 61/2 5/16/75 63/4 71/2 5/16/75 8 9 3/10/75 91/2 Cleveland................ 6 5/16/75 614 61/2 5/16/75 63/4 71/2 5/16/75 8 9 3/10/75 91/2 R A i t c la h n m ta o . n ... d .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 5 5 / / 1 1 6 6 / / 7 7 5 5 6 6 1 1 / / 4 4 6 61 !/ /2 2 5 5 / / 1 1 6 6 / / 7 7 5 5 6 6 3 3 / / 4 4 m 7*4 5 5 / / 1 1 6 6 / / 7 7 5 5 8 8 9 9 3 3/ /1 1 0 0 / /7 75 5 9 91 1 / / 2 2 Chicago................... 6 5/16/75 61/4 61/2 5/16/75 63/4 71/2 5/16/75 8 9 3/14/75 91/2 St. Louis................. 6 5/16/75 61/4 61/2 5/16/75 634 71/2 5/16/75 8 9 3/14/75 91/2 Minneapolis............ 6 5/23/75 6i/2 61/2 5/23/75 63/4 71/2 5/23/75 8 9 3/10/75 9i/i Kansas City............ 6 5/16/75 61/4 61/2 5/16/75 63/4 71/2 5/16/75 8 9 3/10/75 91/2 Dallas....................... 6 5/16/75 61/4 6V2 5/16/75 63/4 7 Vi 5/23/75 8 9 3/14/75 91/2 San Francisco........ 6 5/16/75 61/4 61/2 5/16/75 63/4 lVi 5/16/75 8 9 3/10/75 91/2 1 Discounts of eligible paper and advances secured by such paper or by 3 Applicable to special advances described in Section 201.2(e)(2) of U.S. Govt, obligations or any other obligations eligible for F.R. Bank Regulation A. purchase. 4 Advances to individuals, partnerships, or corporations other than 2 Advances secured to the satisfaction of the F.R. Bank. Advances member banks secured by direct obligations of, or obligations fully secured by mortgages on 1- to 4-family residential property are made at guaranteed as to principal and interest by, the U.S. Govt, or any the Section 13 rate. agency thereof. SUMMARY OF EARLIER CHANGES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R of date All F.R of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1955. 2Vi 21/2 1964—Nov. 24. 31/2-4 4 1971—Nov. 11..................... 434-5 5 30. 4 4 434 434 1956—Apr. 13. 21/2-3 23/4 Dec. 4*4-4% 43/4 20. 2V4-3 23/4 1965—Dec. 6. 4 -41/2 41/2 41/2-434 4i/2 Aug. 24. 2%-3 3 13. 41/2 41/2 24..................... 4i/i 41/2 31. 3 3 1967—Apr. 7. 4 -41/2 4 1973—Jan. 15..................... 5 5 1957—Aug. 9., 3 -31/2 3 14. 4 4 Feb. 5 -5% 51/i Nov. 2 1 3 5. . , 3 3 - V 3 i 1/2 3 3 1/2 Nov. 2 20 7 . . 4 41 - / 4 2 i/2 . 4 41 1 / /2 2 M Ap a r r . . 2 2 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 514 51 - / 5 2 34 5 5 V V i l Dec. 2. 3 3 1968—Mar. 15. 41/2-5 41/2 May 4..................... 534 534 22. 5 5 11..................... 534-6 6 1958—Jan. 2 2 4 2 . . , , 2 23 % /4 - - 3 3 2 3 3/4 Apr. 2 1 6 9. . 5 51 -5 /2 1/2 5 5 1 1 / / 2 2 June 11..................... 6 6 -61/2 6 61/i Mar. 7. 2*4-3 21/4 Aug. 16. 514-51/2 51/2 15..................... 61/2 61/2 2 1 1 3. . 2^ 2 - 1 2 /4 34 2 2 1 1 / / 4 4 Dec. 3 1 0 8. . 51/ 5 4 1 - / 5 4 1/2 5 5 1 1 / / 4 2 J A u u ly g. 1 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 -71/2 7 71/2 A M p a r y . 1 9 8 . . 134 13 - / 2 4 14 1 1 3 3 / / 4 4 20. 51/2 51/2 23..................... 71/2 71/2 Aug. 15. 13/4-2 13/4 1969—Apr. 4, 51/2-6 6 1974—Apr. 25..................... 71/2-8 8 Sept. 12. 134-2 2 8, 6 6 30.................... 8 8 23. 2 2 Dec. 734-8 734 O N c o t v . . 2 7 4. . 2 21 - /2 21/2 2 21/2 1970—Nov. 1 1 3 1 , , 5 5 3 3 4 4 - - 6 6 6 534 16..................... 734 734 16, 5 3/4 53/4 1975—Jan. 6..................... 71/4-73/4 73/4 1959—Mar. 6. 21/2-3 3 Dec. 1 51/2-53/4 5 3/4 10..................... 71/4-734 714 16. 3 3 4, 51/2-53/4 51/2 24..................... 71/4 71/4 May 29. 3 -31/2 31/2 11, 51/2 51/2 Feb. 5................... 634-714 634 June 12. 31/2 31/2 7..................... 634 634 Sept. 11. 31/2-4 4 1971—Jan. 8, 51/4-51/2 51/4 Mar. 10.................... 614-634 61/4 18. 4 4 15. 51/4 51/4 14..................... 61/4 61/4 1960—J S A u e u p n g t e . . 1 1 1 9 3 0 2 4 . . . . . 3 3 3 1 1 / / 3 3 2 2 1 - - - 3 / 4 2 4 1 /2 4 3 3 3 3 1 1 / / 2 2 J F u e l b y . 2 2 1 1 1 1 9 2 9 6 9 3 , , , 5 5 4 4 3 3 / / 5 4 4 4 3 - - - - 4 5 5 5 5 1 1 / / 4 4 5 5 5 5 5 4 1 3 / 4 4 In effec M t, a M y a 2 y i 6 3 3 . . . . 1 . . . . , . . . . 1 . . . . . . 9 . . . . 7 . . . . . . 5 . . . . . . . . . . . . . . . . . . 6 6 6 -6i/4 6 6 6 1963—July 17. 3 -31/2 3i/i 23 5 5 26. 31/2 3V4 Note.—Rates under Secs. 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

JUNE 1975 □ RESERVE REQUIREMENTS A 7 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) Effective date 1 Reserve city Other Other time Savings 0-5 Over 5 0-5 Over 5 0-5 Over 5 In effect Jan. 1, 1963.......... 16% 12 4 1966—July 14,21 4 4 5 Sept. 8,15.... 6 1967—Mar. 2............ 3% 3% Mar. 16.......... 3 3 1968—Jan. 11,18.... 16% 17 12 12% 1969—Apr. 17.......... 17 17% 12% 13 1970—Oct. 1............. 5 Beginning Nov. 9, 1972 Net demand 2,4 Time 3 Other time Effective date 0-2 2-10 10-100 100-400 Over Savings Over 5 5, maturing in— 400 0-5 30-179 180 days days and over 1972—Nov. 9............ 8 10 12 « 16% 17% 7 3 7 3 75 Nov. 16.......... 13 1973_july 19............ 10% 12% 13% 18 1974—Dec. 12.......... 17% 6 3 1975—Feb. 13.......... 7% 10 12 13 16% In effect May 31, 1975 7% 10 12 13 16% 3 3 6 3 Present legal limits: Minimum Maximum Net demand deposits, reserve city banks.......... 10 22 Net demand deposits, other banks................... 7 14 3 10 1 When two dates are shown, the first applies to the change at reserve member bank will maintain reserves related to the size of its net demand city banks and the second to the change at country banks. For changes deposits. The new reserve city designations are as follows: A bank having prior to 1963 see Board’s Annual Reports. net demand deposits of more than $400 million is considered to have the 2 (a) Demand deposits subject to reserve requirements are gross de­ character of business of a reserve city bank, and the presence of the head mand deposits minus cash items in process of collection and demand office of such a bank constitutes designation of that place as a reserve balances due from domestic banks. city. Cities in which there are F.R. Banks or branches are also (b) Requirement schedules are graduated, and each deposit interval reserve cities. Any banks having net demand deposits of $400 million or applies to that part of the deposits of each bank. less are considered to have the character of business of banks outside of (c) Since Oct. 16, 1969, member banks have been required under reserve cities and are permitted to maintain reserves at ratios set for banks Regulation M to maintain reserves against foreign branch deposits not in reserve cities. For details, see Regulation D and appropriate sup­ computed on the basis of net balances due from domestic offices to their plements and amendments. foreign branches and against foreign branch loans to U.S. residents. 5 A marginal reserve requirement was in effect between June 21, 1973, Since June 21, 1973, loans aggregating $100,000 or less to any U.S. resident and Dec. 11, 1974, against increases in the aggregate of the following types have been excluded from computations, as have total loans of a bank to of obligations: (a) outstanding time deposits of $100,000 or more, (b) U.S. residents if not exceeding $ 1 million. Regulation D imposes a similar outstanding funds obtained by the bank through issuance by a bank’s reserve requirement on borrowings from foreign banks by domestic offices affiliate of obligations subject to existing reserve requirements on time of a member bank. The reserve percentage applicable to each of these deposits, and (c) beginning July 12, 1973, funds from sales of finance bills. classifications is 4 per cent. The requirement was 10 per cent originally, The requirement applied to balances above a specified base, but was not was increased to 20 per cent on Jan. 7, 1971, was reduced to 8 per cent applicable to banks having obligations of these types aggregating less effective June 21, 1973, and was reduced to the current 4 per cent effective than $10 million. For details, including percentages and maturity classifi­ May 22, 1975. Initially certain base amounts were exempted in the com­ cations, see “Announcements” in Bulletins for May, July, Sept., and putation of the requirements, but effective Mar. 14, 1974, the last of these Dec. 1973 and Sept. and Nov. 1974. reserve-free bases were eliminated. For details, see Regulations D and M. 6 The 16 Vi per cent requirement applied for one week, only to former 3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve city banks. For other banks, the 13 per cent requirement was club accounts became subject to same requirements as savings deposits. continued in this deposit interval. For other notes see 2(b) and 2(c) above. 7 See columns above for earliest effective date of this rate. 4 Effective Nov. 9, 1972, a new criterion was adopted to designate re­ serve cities, and on the same date requirements for reserves against net Note.—Required reserves must be held in the form of deposits with demand deposits of member banks were restructured to provide that each F.R. Banks or vault cash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAXIMUM INTEREST RATES; MARGIN REQUIREMENTS □ JUNE 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 and size July 20, Sept. 26, Apr. 19, Jan. 21, Type and size July 1, Nov. 1, Nov. 27, Dec. 23. of deposit 1966 1966 1968 1970 of deposit 1973 1973 1974 1974 Savings deposits............. 41/2 Savings deposits..................... Other time deposits:* Other time deposits (multiple- Multiple maturity:2 and single-maturity):1, 2 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 5% 90 days to 1 year............ 51/2 5% 5% 5% 2 years or more... 5% years..................... 6 6 6 6 Single-maturity: 2Vi years or more.......... 6% 61/2 6V2 6% 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 . m .... o .. r .. e .. . . . SVi 5 5 1 V / 4 2 4 6 - y 6 e a y r e s a r o s r . . m .... o .. r .. e .. . . .. . . . . . .. . . . . . .. . . . . (4) 71/4 IVa 7 7* % 4 $100,000 or more: Governmental units.......... (5) (5) 71/2 7% 30-59 days.......... SVi (3) $100,000 or more.................. (3) (3) (3) (3) 60-89 days.......... sy4 (3) 90-179 days......... 51/2 51/2 6 (3) 180 days to 1 year 61/4 (3) 1 year or more... 6V4 (3) 1 For exceptions with respect to certain foreign time deposits, see amount were subject to the 6x/i per cent ceiling that applies to time de­ Bulletin for Feb. 1968, p. 167. posits maturing in 2 Vi years or more. 2 Multiple-maturity time deposits include deposits that are automati­ Effective Nov. 1, 1973, a ceiling rate of 7*4 per cent was imposed on cally renewable at maturity without action by the depositor and deposits certificates maturing in 4 years or more with minimum denominations that are payable after written notice of withdrawal. of $1,000. There is no limitation on the amount of these certificates that 3 Maximum rates on all single-maturity time deposits in denominations banks may issue. of $100,000 or more have been suspended. Rates that were effective 5 Prior to Nov. 27, 1974, no distinction was made between the time Jan. 21, 1970, and the dates when they were suspended are: deposits of governmental units and of other holders, insofar as Regula­ tion 0 ceilings on rates payable were concerned. Effective Nov. 27, 1974, 6 3 0 0 - - 8 5 9 9 d d a a y y s s 6 6 1 V 4 2 p p e e r r c c e en n t t l j June 24, 1970 g re o c v e e iv rn e m in e t n e t r a e l s t u r n a i t t e s s w on e r t e i m p e e r d m ep it o te s d it s to w it h h o l d d e n s o a m vi i n n g a s t i d o e n p s o u s n it d s er a n $ d 1 0 c 0 o ,0 u 0 ld 0 90-179 days 61/4 per cent I irrespective of maturity, as high as the maximum rate permitted on such 180 days to 1 year 7 per cent [ May 16, 1973 deposits at any Federally insured depositary institution. 1 year or more 7 Vi per centj Note.— Maximum rates that may be paid by member banks are estab­ Rates on multiple-maturity time deposits in denominations of $100,000 lished by the Board of Governors under provisions of Regulation Q; or more were suspended July 16, 1973, when the distinction between however, a member bank may not pay a rate in excess of the maximum single- and multiple-maturity deposits was eliminated. rate payable by State banks or trust companies on like deposits under 4 Between July 1 and Oct. 31, 1973, there was no ceiling for certificates the laws of the State in which the member bank is located. Beginning maturing in 4 years or more with minimum denominations of $1,000. Feb. 1, 1936, maximum rates that may be paid by nonmember insured The amount of such certificates that a bank could issue was limited to commercial banks, as established by the FDIC, have been the same as 5 per cent of its total time and savings deposits. Sales in excess of that those in effect for member banks. For previous changes, see earlier issues of the Bulletin. MARGIN REQUIREMENTS (Per cent of market value) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or barlks) On margin stocks On convertible bonds Beginning Ending On short sales date date (T) 1937—Nov. 1 1945—Feb. 4 40 50 1945—Feb. 5 July 50 50 July 5 1946—Jan. 20. 75 75 1946—Jan. 21 1947—Jan. 100 100 1947—Feb. 1 1949—Mar. 29. 75 75 1949—Mar. 30 1951—Jan. 50 50 1951—Jan. 17 1953—Feb. 75 75 1953—Feb. 20 1955—Jan. 3. 50 50 1955—Jan. 4 Apr. 60 60 Apr. 23 1958—Jan. 15, 70 70 1958—Jan. 16 Aug. 50 50 Aug. 5 Oct. 15. 70 70 Oct. 16 1960—July 27. 90 90 1960—July 28 1962—July 9. 70 70 1962—July 10 1963—Nov. 5 50 50 1963—Nov. 6 1968—Mar. 10 70 70 1968—Mar. 11 June 70 50 70 June 8 1970—May 5, 80 60 80 1970—May 6 1971—Dec. 65 50 65 1971—Dec. 6 1972—Nov. 22, 55 50 55 1972—Nov. 24 1974—Jan. 65 50 65 Eflfective Jan,. 3, 1974..................... 50 50 50 Note.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11, 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ OPEN MARKET ACCOUNT A 9 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 bills1 Others within 1 year2 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 197 0 11,074 5,214 2,160 99 -3,483 848 5,430 249 -1,845 93 -102 197 1 8,896 3,642 1,064 1,036 -6,462 1,338 4,672 933 685 311 150 197 2 8,522 6,467 2,545 125 2,933 789 -1,405 539 -2,094 167 250 197 3 15,517 4,880 3,405 1,396 -140 579 -2,028 500 895 129 87 197 4 11,660 5,830 4,550 450 -1,314 797 -697 434 1,675 196 205 1974—Apr.. 1,237 49 407 172 May. 737 100 112 2,563 26 -2,663 100 June. 614 954 204 48 34 July.. 988 211 27 53 Aug.. 1,652 850 -2,867 1.057 1,940 -130 Sept.. 717 565 786 22 -200 65 200 53 37 Oct... 547 1,110 1,063 Nov.. 1.422 273 107 148 -1,623 92 1,757 78 -465 25 200 Dec.. 973 426 6 85 126 123 -126 53 20 1975—Jan... 341 945 600 14 305 61 26 Feb.. 357 460 900 2,437 129 -2,836 113 249 74 150 Mar.. 760 156 487 1,579 -1,494 361 194 450 212 Apr.. 2,119 318 506 148 485 274 164 Matched sale-purchase Repurchase Federal agency obligations Bankers Total outright1 transactions agreements Net acceptances, (U.S. Govt, (U.S. Govt, change net securities) securities) in U.S. Outright Repur­ Net Period Govt, chase change 3 securi­ agree­ Repur­ Gross Gross Gross ties Gross Sales or ments, chase pur­ Gross Redemp­ Gross pur­ pur­ Gross pur­ redemp­ net Out­ agree­ chases sales tions sales chases chases sales chases tions right ments 197 0 12.362 5,214 2,160 12,177 12,177 33,859 33,859 4,988 -6 4,982 197 1 12,515 3,642 2,019 16,205 16,205 44,741 43,519 8,076 485 101 22 181 8,866 197 2 10,142 6,467 2,862 23,319 23,319 31,103 32,228 -312 1,197 370 -88 -9 -145 272 197 3 18,121 4,880 4,592 45,780 45,780 74,755 74,795 8,610 865 239 29 -2 -36 9,227 197 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 1974—Apr.. 1,409 49 407 8,069 8,498 524 360 48 33 8 —89 789 May. 944 100 4.586 4,586 9,192 8,648 1,388 201 15 424 16 142 2,155 June. 790 954 204 4,580 4,580 6,124 6,667 -911 309 72 -372 -70 -1,115 July. 1,113 211 2.587 4,269 4,965 -2,381 761 35 -270 121 -207 -2,011 Aug.., 1,652 850 9,061 * ii,287 2.096 2,096 3,028 238 3 59 3,322 Sept. 893 565 786 9,420 9,782 3,551 3.551 -96 207 16 40 187 322 Oct.., 547 1,110 1,063 12,574 12,516 4,618 4,618 -1,684 -100 -185 -1,970 Nov.. 1,765 273 238 6,880 6.404 6.990 6,121 1,647 331 369 174 218 2,739 Dec.. 1,254 426 6 8.855 7,962 11,470 11,895 -498 360 142 188 201 393 1975—Jan.. 746 945 600 9,237 10,367 9,260 8,748 844 -409 103 -136 387 Feb.. , 673 460 900 7,167 6,634 11,267 10,305 -258 376 246 -12 39 309 Mar. 3.362 156 1,788 15,933 16,763 5,011 6,928 332 210 -347 -5 -323 -136 Apr.., 3,189 318 506 12,375 12.216 12,774 8.551 6,428 883 24 496 7,829 1 Before Nov. 1973 Bulletin, included matched sale-purchase trans­ 3 Net change in U.S. Govt, securities, Federal agency obligations, and actions, which are now shown separately. bankers’ acceptances. 2 Includes special certificates acquired when the Treasury borrows Note.—Sales, redemptions, and negative figures reduce System hold­ directly from the Federal Reserve, as follows: June 1971, 955; Sept. 1972, ings; all other figures increase such holdings. Details may not add to 38; Aug. 1973, 351; Sept. 1973, 836; Nov. 1974, 131; Mar. 1975, 1,560. totals because of rounding. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) Pounds Belgian Canadian French German Italian Japanese Mexico Nether­ Swiss End of period Total sterling francs dollars francs marks lire yen pesos lands francs guilders 1970........................................ 257 154 * * 98 1 * 4 1971........................................ 18 3 * 2 1 8 1P72......................................... 192 * * * 164 1 20 6 1973 ..................... 4 * * * 1 3 1974—Mar .. 6 * 5 * * 1 Apr................... 6 * 5 * * 1 May. . 63 * 5 * 57 1 June.......... 90 * 5 * 84 1 Julv.............................. 8 * 1 * 6 1 Aug......... 220 * * * 39 1 180 Sept............. 242 * * * 61 1 180 Oct........ 190 * 1 * g 1 180 Nov. . 40 * * * 38 1 Dec. . .. 2 * * * 1 1 1975—Jan.............. 2 * * * 1 1 Feb 2 * * * 1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 FEDERAL RESERVE BANKS o JUNE 1975 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1975 1975 1974 May 28 May 21 May 14 May 7 Apr. 30 May 31 Apr. 30 May 31 Assets Gold certificate account................................. 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,460 Special Drawing Rights certificate account. 500 400 400 400 400 500 400 400 Cash...................................................... 357 360 360 352 347 366 347 223 Loans: Member bank borrowings.............. 485 729 20 21 1,539 23 1,539 3,298 Other................................................ Acceptances: Bought outright............................... 740 736 728 699 689 744 689 97 Held under repurchase agreements. 136 274 216 245 496 121 496 276 Federal agency obligations: Bought outright................................ 5,091 5,162 5,162 5,162 5,189 5,091 5,189 2,621 Held under repurchase agreements. 449 662 280 431 882 316 882 642 U.S. Govt, securities: Bought outright: Bills........................... 38,098 37,892 38,042 37,646 37,222 37,411 37,222 37,818 Certificates—Special. Other.. Notes..................... 42,038 42,038 42,538 42,488 42,488 42,038 42,488 39,533 Bonds....................... 4,413 4,413 3,913 3,913 3,913 4,413 3,913 2,805 Total bought outright..................... 184,549 184,343 184,493 184,047 183,623 183,862 183,623 180,156 Held under repurchase agreements. 4,248 5,298 1,421 1,939 4,223 1,760 4,223 1,239 Total U.S. Govt, securities. 88,797 89,641 85,914 85,986 87,846 85,622 87,846 81,395 Total loans and securities................... 95,698 97,204 92,320 92,544 96,641 91,917 96,641 88,329 Cash items in process of collection... *>7,570 *>7,118 7,931 7,122 7,034 *>6,214 7,034 6,966 Bank premises..................................... 281 281 281 279 277 284 277 236 Operating equipment........................... 2 2 2 2 2 2 2 Other assets: Denominated in foreign currencies. 3 24 10 2 2 4 2 63 All other........................................... 2,653 2,365 3,124 3,036 3,016 2,694 3,016 716 Total assets. p118,684 *119,374 116,048 115,357 119,339 *113,601 119,339 108,393 Liabilities F.R. notes........................................... 71,175 70,630 70,611 70,219 69,561 70,852 69,561 64,732 Deposits: Member bank reserves.................. *29,200 *32,267 29,055 27,223 32,028 *26,332 32,028 31,012 U.S. Treasury—General account. 7,687 7,017 6,871 9,162 8,363 7,036 8,363 3,133 Foreign........................................... 294 253 253 257 270 310 270 429 Other: All other2................................... 1,318 482 482 1,159 Total deposits. *38,499 *40,231 36,661 37,124 41,234 *34,837 41 ,234 35,241 Deferred availability cash items........... 5,618 5,171 5,589 4,934 5,092 4,516 5,092 5,041 Other liabilities and accrued dividends. 1 ,151 1,205 1,156 1,159 1,192 1,099 1,192 1,160 Total liabilities........................................ *116,443 *117,237 114,017 113,436 117,079 *111,304 117,079 106,174 Capital accounts Capital paid in.............................................................. 907 908 909 907 906 908 906 874 Surplus.......................................................................... 897 897 897 897 897 897 897 844 Other capital accounts................................................. 437 332 225 117 457 492 457 501 Total liabilities and capital accounts.......................... *118,684 *119,374 116,048 115,357 119,339 *113,601 119,339 108,393 Contingent liability on acceptances purchased for foreign correspondents............................................. 2 2 2 732 Marketable U.S. Govt, securities held in custody for foreign and international accounts...................... 39,541 38,766 38,111 37,980 38,174 40,502 38,174 28,454 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)......... 75,526 75,363 75,165 74,945 74,871 75,777 74,871 68,827 Collateral held against notes outstanding: Gold certificate account................................ 9,103 7,409 7,128 3,415 2,587 9,876 2,587 2,235 Special Drawing Rights certificate account. 170 138 138 138 138 190 138 Acceptances.................................................... U.S. Govt, securities..................................... 70,430 70,430 70,175 73,960 73,930 69,850 73,930 67,515 Total collateral. 79,703 77,977 77,441 77,513 76,655 79,916 76,655 69,750 1 See note 2 on p. A-2. 2 See note 6 on p. A-2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ FEDERAL RESERVE BANKS; BANK DEBITS A 11 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 May 28 May 21 May 14 May 7 Apr. 30 May 31 Apr. 30 May 31 Loans—Total.......... 485 729 21 21 1,538 23 1,538 3,298 Within 15 days... 480 724 14 17 1,536 20 1,536 3,210 16-90 days............ 5 5 7 4 2 3 2 91 days to 1 year.. Acceptances—Total. 876 1,010 944 944 1,185 865 1,185 373 Within 15 days. .. 226 351 331 377 594 229 594 295 16-90 days............ 389 390 356 345 366 394 366 78 91 days to 1 year. 261 269 257 222 225 242 225 U.S. Govt, securities—Total. 88,797 89,641 85,914 85,986 87,846 85,622 87,846 81,395 Within 15 days1................. 9,356 10,615 11,146 11,420 13,679 5.087 13,679 5,397 16-90 days........................... 20,657 20,005 17,550 17,510 17,837 21,911 17,837 25,065 91 days to 1 year................ 20,277 20,514 21,897 21,735 21,009 20,117 21,009 21,227 1-5 years............................. 28,463 28,463 21,772 21,772 21,772 28,463 21,772 19,879 5-10 years........................... 6,957 6,957 10,759 10,759 10,759 6,957 10,759 7,867 Over 10 years.................... 3,087 3,087 2,790 2,790 2,790 3.087 2,790 1,960 Federal agency obligations—Total. 5,540 5,824 5,442 5,593 6,071 5,407 6,071 3,263 Within 15 days1........................... 523 770 351 431 926 390 926 714 16-90 days..................................... 189 110 147 218 192 189 192 46 91 days to 1 year.......................... 529 607 607 607 616 529 616 312 1-5 years....................................... 2,529 2,567 2,567 2,567 2,567 2,529 2,567 1,074 5-10 years..................................... 1,209 1,209 1,209 1,209 1,209 1,209 1,209 746 Over 10 years................................ 561 561 561 561 561 561 561 371 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period Leading SMSA’s Total 232 Leading SMSA’s Total 232 Total SMSA’s 226 Total SMSA’s 226 233 (excl. other 233 (excl. other SMSA’s N.Y. 6 others2 N.Y.) SMSA’s SMSA’s N.Y. 6 others2 N.Y.) SMSA’s 1974—Apr............................... 20,062.3 8,637.9 4,747.6 11,424.3 6,676.7 115.4 274.6 119.7 80.2 65.0 May............................. 20,564.7 8,970.1 4,820.8 11,594.6 6,773.8 117.1 275.3 122.3 81.1 65.4 June........................... 20,457.3 9,065.7 4,768.0 11,391.6 6,623.6 116.9 279.9 120.0 79.8 64.3 July............................... 20,899.6 9,140.4 4,892.1 11,759.2 6,867.1 119.8 282.1 123.5 82.8 67.0 Aug.............................. 21,481.7 9,240.8 5,173.0 12,241.0 7,068.0 123.4 286.4 132.0 86.3 68.9 Sept.............................. 22,017.5 9,970.8 5,092.1 12,046.7 6,954.7 125.1 310.5 127.5 83.8 66.9 Oct................................ 22,348.8 10,271.1 5,084.7 12,077.6 6,993.0 127.0 316.8 127.3 84.1 67.5 Nov.............................. 22,918.7 10,538.9 5,160.2 12,379.8 7,219.6 131.8 324.6 131.5 87.5 70.6 Dec............................... 22,192.4 9,931.8 5,152.7 12,260.6 7,107.9 128.0 312.8 131.8 86.6 69.3 1975—Jan................................ 21,856.3 10,157.8 4,868.4 11,698.4 6,830.1 127.2 321.8 125.9 83.4 67.3 Feb............................... 22,952.7 10,918.0 4,992.8 12,034.7 7,041.9 133.3 343.2 127.4 85.8 69.6 Mar.............................. r22,182.9 10,241.1 r4,899.9 *•71,941.8 >•7,041.9 ’•125.0 318.3 ’-118.2 >•82.2 r67.8 Apr............................... 22,682.6 10,810.3 4,766.8 11,872.4 7,105.6 127.5 328.2 115.4 81.9 68.6 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s include 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 12 MONEY STOCK □ JUNE 1975 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Mi M2 Mz Mt. Mb Mi M2 Mi Mt Ms Composition of measures is described in the Note below. 1972—Dec............................... 255.8 525.7 844.9 569.7 888.8 263.0 530.7 848.0 574.9 892.2 1973—Dec............................... 271.5 572.2 919.6 636.0 983.4 279.1 577.3 922.8 641.3 986.8 1974—Apr............................... 276.6 589.4 945.9 663.3 1019.8 278.2 593.5 952.2 665.3 1024.0 May............................. 277.6 59J.6 948.8 670.2 1027.3 272.9 589.7 948.3 666.9 1025.5 June............................. 280.0 597.1 955.9 '678.4 1037.2 278.2 '596.5 957.4 676.2 1037.0 July r............................ 280.4 599.6 959.8 683.2 1043.4 280.0 599.2 961.1 681.9 1043.8 Aug.'........................... 280.5 601.9 962.7 685.7 1046.4 277.3 598.4 958.7 685.5 1045.8 Sept.'........................... 280.7 603.4 965.0 688.2 1049.9 278.9 600.3 960.8 689.0 1049.5 Oct.r............................ 281.6 607.6 970.7 693.8 1056.9 281.2 605.7 967.4 694.5 1056.2 Nov.'........................... 283.6 611.6 976.9 697.1 1062.4 285.1 609.8 972.8 696.8 1059.9 Dec.'........................... 284.4 613.5 981.7 703.8 1072.0 292.3 618.6 985.1 709.1 1075.5 1975—Jan.r............................ 282.2 615.5 987.0 708.3 1079.8 289.3 621.5 992.4 713.4 1084.4 Feb. '............................ 283.5 620.3 995.6 712.4 1087.6 280.4 617.9 993.3 707.1 1082.5 Mar.'........................... 286.1 626.4 1007.2 716.2 1097.0 283.3 625.9 1008.6 714.0 1096.7 Apr............................... 287.1 630.4 1017.1 718.8 1105.4 288.7 634.8 1023.7 720.6 1109.5 Note.—Composition of the money stock measures is as follows: Mt: M2 plus mutual savings bank deposits, savings and loan shares, and credit union shares (nonbank thrift). Mi: Averages of daily figures for (1) demand deposits of commercial Mi: M2 plus large negotiable CD’s. banks other than domestic interbank and U.S. Govt., less cash items in Ms: Mz plus large negotiable CD’s. process of collection and F.R. float; (2) foreign demand balances at F.R. For a description of the latest revisions in Mi, M2, and Mz, see “Revi­ Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of sion of Money Stock Measures and Member Bank Reserves and Deposits” commercial banks. on pp. 817-27 of the Dec. 1974 Bulletin. M2: Averages of daily figures for Mi plus savings deposits, time de­ Latest monthly and weekly figures are available from the Board’s H.6 posits open account, and time certificates other than negotiable CD’s of release. Back data are available from the Banking Section, Division of $100,000 of large weekly reporting banks. Research and Statistics. COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks Time and savings Non­ Demand deposits Time and savings Non­ U.S. Period deposits bank deposits bank Govt. Cur­ De­ thrift Cur­ thrift de­ ren­ mand insti­ ren­ insti­ pos­ cy de­ tu­ cy Do­ tu­ its3 pos­ tions2 mes­ tions2 its CD’s1 Other Total Total Mem­ tic CD’s1 Other Total ber nonmem­ ber 1972—Dec............... 56.9 198.9 43.9 269.9 313.8 319.1 57.9 205.1 152.4 51.4 44.2 267.6 311.8 317.3 7.4 1973—Dec............... 61.6 209.9 63.8 300.7 364.5 347.4 62.7 216.4 157.0 56.6 64.0 298.2 362.2 345.6 6.3 1974—Apr............... 63.9 212.8 73.9 312.7 386.7 356.5 63.5 214.7 155.8 56.2 71.8 315.3 387.1 358.7 6.0 May.............. 64.3 213.3 78.5 314.0 392.5 357.1 64.1 208.8 151.3 54.8 77.2 316.7 393.9 358.7 7.6 June.............. 64.6 215.4 81.3 317.1 398.4 358.8 64.8 213.5 153.6 56.1 79.6 318.3 397.9 360.8 6.1 July............... 64.8 '215.6 83.6 319.2 402.8 360.2 65.3 '214.7 154.4 '56.5 82.8 319.2 402.0 361.9 5.4 Aug............... 65.5 '215.0 83.8 321.5 405.2 360.7 65.7 '211.6 152.3 '56.1 87.1 321.1 408.2 360.3 4.0 Sept............... 65.9 '214.8 84.8 322.7 407.5 361.6 65.8 '213.1 153.3 '56.6 88.7 321.3 410.1 360.5 5.5 Oct................ 66.5 '215.2 86.2 325.9 412.1 363.1 66.4 '214.7 154.4 '57.1 88.8 324.6 413.3 361.7 3.7 Nov.'............ 67.4 216.2 85.5 328.0 413.6 365.3 67.9 217.3 156.0 57.7 87.1 324.6 411.7 363.0 3.4 Dec.'............ 67.9 216.5 90.3 329.1 419.4 368.3 69.0 223.3 160.4 58.9 90.5 326.3 416.8 366.5 4.9 1975—Jan.'............. 68.2 214.0 92.7 333.3 426.0 371.5 67.8 221.5 158.9 58.7 91.9 332.2 424.1 371.0 4.0 Feb.'............ 68.8 214.7 92.1 336.8 428.9 375.3 67.9 212.6 152.4 56.6 89.2 337.4 426.6 375.4 3.4 Mar.r............ 69.5 216.6 89.8 340.3 430.0 380.8 68.9 214.5 154.1 57.1 88.1 342.6 430.6 382.7 3.9 Apr................ 69.6 217.5 88.4 343.3 431.7 386.6 69.2 219.5 157.6 58.8 85.8 346.1 432.0 388.9 4.2 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, for savings capital at savings and loan associations, and for credit union shares. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ BANK RESERVES; BANK CREDIT A 13 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements 3 Total member bank deposits plus nondeposit S.A. N.S.A. items4 Period Non­ Total bor­ Re­ Avail­ Demand Demand rowed quired able2 Time Time Total and Total and S.A. N.S.A. savings Private U.S. savings Private U.S. Govt. Govt. 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—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 34.26 467.1 302.3 159.1 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 6.3 479.7 317.2 158.3 4.2 489.2 488.2 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...... 36.91 36.18 36.65 34.64 485.9 323.4 160.7 1.9 491.8 321.7 166.6 3.5 494.3 500.1 1975—Jan.. 36.91 36.51 36.76 34.41 488.2 328.5 159.0 0.7 495.1 327.2 165.0 2.9 495.8 502.6 Feb , , , 35.46 35.32 35.27 r33.61 489.2 328.9 159.7 0.6 487.0 326.5 158.0 2.4 495.7 493.5 Mar.... 34.85 34.74 34.65 33.03 491.6 329.2 161.7 0.7 491.6 328.9 159.8 2.8 498.1 498.1 Apr....... 35.08 34.97 34.93 33.11 493.5 329.7 161.7 2.1 495.4 329.1 163.2 3.1 500.2 502.2 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 Total Total Date loans Commercial loans Commercial and and industrial and and industrial invest­ Plus U.S. invest­ Plus U.S. ments 1 Total i loans Plus Treas­ Other4 ments 1 Total i loans Plus Treas­ Other4 sold2 Total loans ury sold2 Total loans ury sold2 sold2 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—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....... 687.5 494.8 500.2 178.0 180.9 55.9 136.8 686.3 497.2 502.6 178.4 181.3 52.2 136.9 Aug. 28....... 693.9 501.5 506.8 181.0 183.9 55.3 137.1 689.4 500.6 505.9 179.4 182.3 52.0 136.8 Sept. 25....... 689.9 500.2 505.5 181.4 184.2 52.3 137.4 689.5 501.2 506.5 181.5 184.3 50.7 137.6 Oct. 30....... 690.8 502.0 507.2 183.2 186.0 49.8 139.0 689.5 500.7 505.9 182.0 184.8 50.7 138.1 Nov. 27«.... 692.5 503.8 508.7 184.3 187.0 49.1 139.6 692.2 502.0 506.9 183.2 185.9 52.1 138.1 Dec. 31....... 687.0 498.2 503.0 182.6 185.3 48.7 140.1 705.5 510.6 515.4 186.8 189.5 54.4 140.5 1975—Jan. 29p.... 689.3 500.7 505.3 183.9 186.6 48.8 139.8 688.3 495.9 500.5 181.7 184.4 53.6 138.9 Feb. 26*\... 691.0 497.6 502.1 182.1 184.8 53.3 140.1 685.3 491.5 496.0 180.3 183.0 54.7 139.1 Mar. 26*.... 694.7 496.4 501.1 180.4 183.2 58.7 139.6 690.2 490.3 495.0 180.0 182.8 59.6 140.3 Apr. 30p... 696.2 492.4 497.0 179.8 182.5 64.5 139.3 695.2 490.6 495.2 180.4 c183.1 63.7 140.9 May 28».... 698.3 489.6 494.3 178.2 181.0 68.8 139.9 694.7 488.4 493.1 177.8 180.6 65.6 140.6 1 Adjusted to exclude domestic commercial interbank loans. 6 As of Oct. 31, 1974, “Total loans and investments” of all commercial 2 Loans sold are those sold outright for banks’ own foreign branches, banks were reduced by $1.5 billion in connection with the liquidation nonconsolidated nonbank affiliates of the bank, the banks’ holding of one large bank. Reductions in other items were: “Total loans,” $1.0 company (if not a bank), and nonconsolidated nonbank subsidiaries of billion (of which $0.6 billion was in “Commercial and industrial loans”), the holding company. Prior to Aug. 28, 1974, the institutions included and “Other securities,” $0.5 billion. In late November “Commercial and had been defined somewhat differently, and the reporting panel of banks industrial loans” were increased by $0.1 billion as a result of loan re­ was also different. On the new basis, both “Total loans” and “Com­ classifications at another large bank. mercial and industrial loans” were reduced by about $100 million. 3 Reclassification of loans at one large bank reduced these loans by Note.—Total loans and investments: For monthly data, Jan. 1959— about $400 million as of June 30, 1972. June 1973, see Nov. 1973 Bulletin, pp. A-96-A-97, and for 1948-58, 4 Farmers Home Administration insured notes included in “Other Aug. 1968 Bulletin, pp. A-94-A-97. For a description of the current securities” rather than in loans beginning June 30, 1971, when such notes seasonally adjusted series see the Nov. 1973 Bulletin, pp. 831-32, and totaled about $700 million. the Dec. 1971 Bulletin, pp. 971-73. Commercial and industrial loans: 5 Data beginning June 30, 1974, include one large mutual savings For monthly data, Jan. 1959-June 1973, see Nov. 1973 Bulletin, pp. bank that merged with a nonmember commercial bank. As of that date A-96-A-98; for description see July 1972 Bulletin, p. 683. Data are for there were increases of about $500 million in loans, $100 million in “Other last Wednesday of month except for June 30 and Dec. 31; data are partly securities,” and $600 million in “Total loans and investments.” or wholly estimated except when June 30 and Dec. 31 are call dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 COMMERCIAL BANKS □ JUNE 1975 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Total Deposits assets— Total Classification by Securities lia­ Interbank3 Other Total Num­ FRS membership Cash bilities Bor­ capital ber and FDIC assets 3 and row­ ac­ of insurance Total capital Total3 Demand ings counts banks U.S. Other ac­ De­ Treas­ counts4 mand Time Times ury U.S. Other Govt. 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 7,173 14,278 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 10,059 14,181 1960—Dec. 31... 199,509 117,642 61,003 20,864 52,150 257,552 229,843 17,079 1,799 5,945 133,379 71,641 163 20,986 13,472 1970—Dec. 31... 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 42,958 13,686 1971—Dec. 31... 516,564 346,930 64,930104,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 47,211 13,783 1972—Dec. 31... 598,808 414,696 67,028117,084113,128 739,033 616,037 33,854 4,194 10,875 252,223 314,891 38,083 52,658 13,927 1973—Dec. 31... 683,799 494,947 58,277130,574118,276 835,224 681,847 36,839 6,773 9,865 263,367 365,002 58,994 58,128 14,171 1974—May 29... 703,820 514,280 54,080 460115,575 857,695 683,175 34,870 8,200 5,940 238,215 395,950 69,910 60,330 14,290 June 30... 718,713 528,951 52,114 648126,487 884,295 709,917 42,016 8,903 8,367 252!434 398,197 67,548 61,623 14,337 July 31... 720,730 531,580 52,230 920107,850 872,560 695,230 33,580 9,680 4,360 243 870 403,740 68,030 61.530 14,367 Aug. 28... 722,110 533,320 52,010 780100,610 865,740 688,490 30,530 9,970 4,070 235 780 408,140 67,230 61.530 14,383 Sept. 25... 721,160 532,890 50,690 580107,390 873,710 692,830 29,76010,610 7,380 236 550 408,530 67.920 61,850 14,398 Oct. 30... 723,330 534,520 50,730 080110,770 880,750 700,420 33,15010,180 3,080 243 090 410,920 68,350 62,180 14,422 Nov. 27... 729,640 539,400 52,140 100116,220 894,530 708,150 34,23010,310 3,910 248; 730 410,970 71,470 62,210 14,440 Dec. 31... 743,998 549,101 54,411 486128,015 919,381 747,727 43,48311,496 4,807 267 463r420,479 58,373 63,654 14,465 1975—Jan. 29*.. 724,080 531,630 53,560138,890101,400 873,940 701,390 29,90011,740 4,530 233,730 421,490 61,320 64,010 14,475 Feb. 26*.. 724,010 530,160 54.720 139,130103,470 877,120 701,120 29,77010,440 2,640 234,380 423,890 63.920 64,460 14,497 Mar. 26*.. 729,500 529,590 59,620140,290105,230 886,450 710,440 30,16011,680 3,970 236,540 428,090 62,830 65,100 14,523 Apr. 30r*. 728,300 523,680 63.720 140,900113,280 895,310 720,410 32,79011,880 7,950 242,150 425,640 60,620 64,940 14.535 May 28*.. 730,170 523,950 65,580140,640113,340 896,550 722,290 32,03011,200 2,980 245,960 430,120 60,810 64,890 14.535 Members of F.R. System: 1941—Dec. 31... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 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 17,398 6,174 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 34,100 5,767 1971—Dec. 31... 405.087 277,717 47,633 79,738 86,189 511,353 425,380 30,612 2,549 8,427 174,385 209,406 25,046 37,279 5,727 1972—Dec. 31... 465,788 329,548 48,715 87,524 96,566 585,125 482,124 31,958 3,561 9,024 197,817 239,763 36,357 41,228 5,704 1973—Dec. 31... 528,124 391,032 41,494 95,598100,098 655,898 526.837 34,782 5,843 8,273 202,564 275,374 55,611 44.741 5,735 1974—May 29... 538,801 403,619 37,282 99,155 669,357 524.837 32,452 7,274 4,746 182,060 298.305 64,820 46,090 5,763 June 30... 550,388 415,061 35,934 108,971 692,199 547,031 39,211 7,818 6,624 193,979 299,400 62,836 46,946 5,761 July 31... 552,643 418,088 35,858 91.430 680,511 533,807 31,153 8,598 3,180 186,360 304.516 63,042 46,907 5.766 Aug. 28... 552,845 418,727 35,878 84,947 673,296 527,573 28,487 8,887 2,958 179,429 307,812 61,781 46,816 5.766 Sept. 25... 550,843 417,631 34,683 91,002 679,160 531,194 27,831 9,522 5,782 180,114 307,945 62,166 47,054 5.774 Oct. 308.. 548,622 415,941 34,813 93,674 680,173 535,128 31,043 9,089 2,117 184,573 308.306 60,803 47,131 5.775 Nov. 27... 556.088 421,428 36,394 98,603 694,743 542,515 32,422 9,222 2,859 189,688 308,324 65,411 47,320 5,774 Dec. 31... 568,577 429,557 38,924 107,008 715,675 575,612 41,06210,052 3,183 204,232 317,083 52,856 48,244 5,780 1975—Jan. 29... 550.264 414,426 37,549 98,289 86,321 676.905 536,256 28,31110,299 3,247 177,701 316,698 56,136 48,411 5,783 Feb. 26... 549,144 412,076 38,628 98,440 88.430 678,970 535,250 28,157 8,991 1,989 178,596 317.517 58,868 48.741 5.785 Mar. 26... 552,957 411,446 42,544 98,967 89,685 685.906 542,076 28,56410,231 2,794 180,214 320,273 58,030 49,219 5.785 Apr. 30r*. 550,756 406,676 45,142 98,938 96,694 692,147 549,824 31,10210,433 6,212 184,693 317,384 55,738 49,267 5.789 May 28*.. 551.264 405,803 46,918 98,543 96,455 691,485 549,996 30,191 9,751 2,178 187,439 320,437 56,140 49,188 5.789 Call date series Insured banks: Total: 1941—Dec. 31... 49,290 21,259 21,046 6,984 25,788 76,820 69,411 I0I 54 1,762 41,298 15,699 10 6,844 13,426 1947—Dec. 31... 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1960—Dec. 31... 198,011 117,092 60,468 20,451 51,836 255,669 228,401 16,921 1,667 5,932 132,533 71,348 149 20,628 13,119 1970—Dec. 319.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 13,502 1971—Dec. 31... 514,097 345,386 64,691104,020 98,281 635,805 535,703 31,824 2,792 10,150 219,102 271,835 25,629 46,731 13,602 1972—Dec. 31... 594,502 411,525 66,679116,298111,333 732,519 612,822 33,366 4,113 10,820 250,693 313,830 37,556 52,166 13,721 1973—Dec. 31... 678,113 490,527 57,961129,625116,266 827,081 677,358 36,248 6,429 9,856 261,530 363,294 57,531 57,603 13,964 1974—June 30... 709,904 521,424 51,832136,648123,536 871,986 703,767 40,534 8,427 8,355 250,225 396,226 65,514 61,003 14,108 Dec. 31... 734,406 541,029 54,093139,285125,348 906,154 741,489 42,58610,692 4,799 265,401 418,011 55,992 63,043 14,216 National member: 1941—Dec. 31... 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1947—Dec. 31... 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1960—Dec. 31... 107,546 63,694 32,712 11,140 28,675 139,261 124,911 9,829 611 3,265 71,660 39,546 111 11,098 4,530 1970—Dec. 319.. 271,760 187,554 34,203 50,004 56,028 340,764 283,663 18,051 982 4,740 122,298 137,592 13,100 24,868 4,620 1971—Dec. 31... 302,756 206,758 36,386 59,612 59,191 376,318 314,085 17,511 1,828 6,014 128,441 160,291 18,169 27,065 4,599 1972—Dec. 31... 350,743 247,041 37,185 66,516 67,390 434,810 359,319 19,096 2,155 6,646 146,800 184,622 26,706 30,342 4,612 1973—Dec. 31... 398,236 293,555 30,962 73,718 70,711 489,470 395,767 20,357 3,876 5,955 152,705 212,874 39,696 33,125 4,659 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 34,966 4,693 Dec. 31... 428,479 321,486 29,078 77,915 76,535 534,267 431,088 23,497 6,750 2,437 154,425 243,978 39,608 35,820 4,706 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ COMMERCIAL BANKS A 15 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other Total Num­ FRS membership Cash lia­ Bor­ capital ber and FDIC assets 3 bilities row­ ac­ of insurance Total Loans U.S. and Total 3 Demand ings counts banks l Treas­ Other capital De­ Time ury 2 ac­ mand Time 5 counts4 U.S. Other Govt. Call date series Insured banks (cont.): State member: 1941—Dec. 31.... 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,'739 621 13,874 4,025 1 2,246 1,502 1947—Dec. 31.... 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1960—Dec. 31.... 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40.733 17,727 20 6,299 1,644 1970—Dec. 319... 94,760 66,963 11,196 16,600 25,472 125,460101,512 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 26,998 135,517111,777 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 29,176 150,697123,186 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 Dec. 31.... 140,373 108,346 9,846 22,181 30,473 181,683 144,799 17,565 3,301 746 49,807 73,380 13,247 12,425 1 ,074 Nonmember: 1941—Dec. 31.... 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1947—Dec. 31.... 16,444 4,958 10.039 1,448 4,083 20,691 19,342 262 4 149 12,366 6,558 7 1,271 6,478 1960—Dec. 31.... 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 27 645 20,140 14,095 19 3,232 6,948 1970—Dec. 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 12,092 123,970109,841 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 Dec. 31.... 165,555 111,197 15,168 39,189 18,340190,204165,602 1 ,524 640 1,616 61 ,169100,653 3,136 14,799 8,436 Noninsured nonmember: 1941—Dec. 31.... 1,457 455 761 241 763 2,283 1,872 329 i,:291 253 13 329 852 1947—Dec. 317... 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1960—Dec. 31.... 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 14 358 352 1970—Dec. 319... 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—Dec. 31.... 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—Dec. 31.... 4,865 3,731 349 785 1,794 7,073 3,775 488 81 55 1,530 1,620 527 491 206 1973—Dec. 31.... 6,192 4,927 316 949 2,010 8,650 4,996 591 344 9 1,836 2,215 1,463 524 207 1974—June 30.... 9,269 7,987 282 1,001 2,951 12,770 6,610 1,481 476 12 2,209 2,432 2,033 620 229 Dec. 31.... 9,981 8,461 319 1,201 2,667 13,616 6,627 897 803 8 2,062 2,857 2,382 611 249 Total nonmember: 1941—Dec. 31.... 7,233 3,696 2,270 1,266 3,431 10,992 9,573 157 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.... 111,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 1972—Dec. 31.... 133,198 85,325 18,313 29,559 16,562 154,085 134,091 1,895 633 1,850 54,406 75,305 1,726 11,429 8,223 1973—Dec. 31.... 155,830 104,070 16,783 34,976 18,177 179,480155,165 2,057 930 1,592 60,802 89,784 3,383 13,386 8,436 1974—June 30___ 168,456 114,020 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 Dec. 31.... 175,536 119,658 15,487 40,390 21,007203,820172,229 2,421 1,443 1,624 63,231 103,510 5,518 15,410 8,685 1 Loans to farmers directly guaranteed by CCC were reclassified as and for individual categories of securities on a gross basis—that is, before securities and Export-Import Bank portfolio fund participations were deduction of valuation reserves—rather than net as previously reported. reclassified from loans to securities effective June 30, 1966. This reduced “Total loans” and increased “Other securities” by about $1 billion. Note.—Data are for all commercial banks in the United States (includ­ “Total loans” include Federal funds sold, and beginning with June 1967 ing Alaska and Hawaii, beginning with 1959). Commercial banks represent securities purchased under resale agreements, figures for which are in­ all commercial banks, both member and nonmember; stock savings cluded in “Federal funds sold, etc.,” on p. A-l 6. banks; and nondeposit trust companies. Effective June 30, 1971, Farmers Home Administration notes were Figures for member banks before 1970 include mutual savings banks classified as “Other securities” rather than “Loans.” As a result of this as follows: 3 before Jan. 1960 and 2 through Dec. 1960. Those banks change, approximately $300 million was transferred to “Other securities” are not included in insured commercial banks. for the period ending June 30, 1971, for all commercial banks. Effective June 30, 1969, commercial banks and member banks exclude See also table (and notes) at the bottom of p. A-24. a small national bank in the Virgin Islands; also, member banks exclude, 2 See first 2 paragraphs of note 1. and noninsured commercial banks include, through June 30, 1970, a small 3 Reciprocal balances excluded beginning with 1942. member bank engaged exclusively in trust business; beginning 1973, 4 Includes items not shown separately. See also note 1. excludes 1 national bank in Puerto Rico. 5 See third paragraph of note 1 above. Beginning Dec. 31, 1973, June 30, 1974, and Dec. 31, 1974, respectively, 6 For the last-Wednesday-of-the-month series, figures for call dates member banks exclude and noninsured nonmember banks include 1, 2, are shown for June and December as soon as they became available. and 3 noninsured trust companies that are members of the Federal Re­ 7 Beginning with Dec. 31, 1947, the series was revised; for description, serve 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. owned domestic subsidiaries) and (2) reporting of figures for total loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 COMMERCIAL BANKS □ JUNE 1975 ASSETS BY CLASS OF BANK, DECEMBER 31, 1974 (Amounts in millions of dollars) Member banks1 All Insured Large banks Account commercial commercial Non­ banks banks member Total New City of Other All other banks1 c York Chicago large City Cash bank balances, items in process................... 128,055 125,388 107,008 27,604 4,816 40,126 34,462 21,047 Currency and coin.............................................. 11,659 11,633 8,846 691 198 2,889 5,068 2,812 Reserves with F.R. banks................................... 27,112 27.112 27,112 4,960 1,783 10,356 10,013 Demand balances with banks in United States. 36,083 34,327 21,695 7.265 357 4,382 9,692 14^388 Other balances with banks in United States... 4,173 3,872 2,602 62 275 853 1,413 1,571 Balances with banks in foreign countries.......... 1,751 1,331 1,165 412 89 532 132 586 Cash items in process of collection................... 47,278 47.113 45,588 14,214 2,115 21,115 8,144 1,690 Total securities held—Book value. 194,949 193,430 139,020 16,412 5,612 47,254 69,741 55,929 U.S. Treasury............................. 54,453 54,135 38,924 5,332 1,820 13,323 18,448 15,529 Other U.S. Govt, agencies.......... 32,842 32,380 20,859 2,005 874 6,450 11,529 11,984 States and political subdivisions. 100,397 100,032 74,283 8,288 2,706 25,761 37,528 26,115 All other securities..................... 7,256 6,883 4,954 787 212 1,719 2,236 2,302 Trade-account securities.................. 7,989 7,984 7,916 3,040 831 3,805 240 74 U.S. Treasury............................... 2,548 2,543 2,521 970 461 1,037 53 27 Other U.S. Govt, agencies.......... 1,352 1,352 1,347 541 120 637 49 4 States and political subdivisions. 3,370 3,370 3,337 1,341 250 1,612 135 34 All other....................................... 719 719 710 188 519 3 9 Bank investment portfolios........... 186,960 185,446 131,105 13,372 4,781 43,449 69,502 55,855 U.S. Treasury............................... 51.905 51,592 36,403 4,362 1,360 12,286 18,396 15,502 Other U.S. Govt, agencies.......... 31,490 31,028 19,511 1,464 753 5,813 11,480 11,979 States and political subdivisions. 97,027 96,661 70,946 6,947 2,456 24,150 37,393 26,081 All other....................................... 6,537 6,164 4,244 599 212 1,200 2,233 2,293 Federal funds sold and securities resale agreements. 40,035 38,873 29,841 1,887 985 14,741 12,228 10,194 Commercial banks.................................................. 33,800 32,638 23,715 1,052 698 10,628 11,338 10,084 Brokers and dealers................................................ 4,386 4,386 4,330 615 253 2.815 647 56 Others....................................................................... 1,849 1,849 1,795 220 35 1,298 243 54 Other loans................................... 509,558 502,258 399,990 82,049 24,261 149,804 143,876 109,567 Real estate loans....................... 130.593 130,309 94,584 8,184 1,325 35,945 49,131 36,009 Secured by farmland............ 5,904 5,887 2,634 14 2 345 2,274 3.270 Secured by residential.......... 81,610 81,408 60,577 4,567 887 24,133 30,991 21,033 1- to 4-family residences. . 74,039 73,863 54,316 3,135 827 21,198 29,155 19,723 FHA insured................. 5,914 5,870 5,110 254 40 2.815 2,000 805 VA guaranteed............... 3,191 3,147 2,703 188 20 1,401 1 ,094 488 Other.............................. 64,933 64,846 46,503 2,693 766 16,982 26,061 18,430 Multifamily....................... 7,572 7,545 6,262 1,432 59 2,934 1,836 1,310 FHA insured................. 941 925 823 166 27 355 275 118 Other............................. 6,631 6,620 5,439 1.266 32 2,579 1,561 1,192 Secured by other properties. 43.078 43,015 31,372 3,602 437 11,467 15,866 11,706 Loans to domestic and foreign banks.......... 12,265 10,017 9,500 4,731 679 3,628 462 2,765 Loans to other financial institutions............ 35.236 35,012 33,627 12,911 5,009 13,047 2,661 1,609 Loans on securities to brokers and dealers. 5,241 5,193 5,073 3,597 550 763 161 169 Other loans for purch./carry securities........ 4,026 4,001 3,343 566 329 1,527 921 683 Loans to farmers........................................... 18.237 18,216 10,501 120 252 2,457 7,672 7,735 Commercial and industrial loans................. 186,839 182,815 156,354 43,095 13,408 60,473 39,378 30,485 Loans to individuals................................ 103,215 102,956 74,465 5,213 1,558 26,751 40,943 28,750 Instalment loans................................... 80,245 80,036 57,443 3,177 835 20,819 32,611 22,802 Passenger automobilies................... 32,849 32,765 22,127 462 161 6,954 14,551 10,722 Residential-repair/modemize.......... 5,546 5,536 4,075 206 39 1,734 2,096 1,472 Credit cards and related plans........ 11.078 11,077 9,807 1,113 388 5,479 2,828 1.271 Charge-account credit cards........ 8,281 8,280 7,430 665 358 4,273 2,134 851 Check and revolving credit plans. 2,797 2,797 2,377 447 30 1,206 694 420 Other retail consumer goods........... 15,381 15,357 10,831 155 118 3,799 6,758 4,549 Mobile homes............................... 8,998 8,996 6,520 97 54 2,353 4,017 2,477 Other............................................. 6,383 6,362 4,311 59 64 1,447 2,741 2,072 Other instalment loans..................... 15,391 15,300 10,602 1 ,242 129 2,853 6,379 4,789 Single-payment loans to individuals.. 22,970 22,921 17,022 2,036 723 5,932 8,332 5,948 All other loans......................................... 13.906 13,738 12,544 3,631 1,152 5,214 2,546 1,362 Total loans and securities................................. 744,542 734,561 568,852 100,348 30,859 211,799 225,845 175,690 Fixed assets—Buildings, furniture, real estate. 15,106 15,027 11,374 1,116 448 4,622 5,189 3,732 Investments in subsidiaries not consolidated.. 1,763 1,739 1 ,723 768 134 752 69 41 Customer acceptances outstanding.................. 10,857 10,648 10,364 5,629 451 3,912 372 493 Other assets........................................................ 19,678 19,022 16,629 5,104 872 7,132 3,520 3,049 Total assets. 920,001 906,385 715,950 140,569 37,581 268,343 269,457 204,051 Number of banks. 14,465 14,216 5,780 13 155 5,603 8,685 1 Member banks exclude and nonmember banks include 3 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 2 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. 24. 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

JUNE 1975 □ COMMERCIAL BANKS A 17 LIABILITIES AND CAPITAL BY CLASS OF BANK, DECEMBER 31, 1974 (Amounts in millions of dollars) Member banks1 All Insured Large banks Non­ Account commercial commercial member banks c banksc Total All other banks1c New City of Other York Chicago large City Demand deposits............................................................ 315,825 312,858 248,477 55,556 11,307 88,451 93,163 67,348 Mutual savings banks................................................. 1,363 1,197 1,121 559 3 190 370 242 Other individuals, partnerships, and corporations.. 235,802 234,808 180,819 30,816 7,538 67,111 75,354 54,982 U.S. Government........................................................ 4,807 4,799 3,183 226 36 815 2,106 1,624 States and political subdivisions................................ 18,615 18,485 13,126 666 218 3,889 8,354 5,489 Foreign governments, central banks, etc................... 2,124 1,882 1,855 1,465 24 357 8 269 Commercial banks in United States.......................... 35,316 35,053 33,824 14,399 3,039 11,985 4,401 1,492 Banks in foreign countries......................................... 6,804 6,336 6,116 4,593 198 1,192 134 688 Certified and officers’ checks, etc............................... 10,993 10,298 8,432 2,833 251 2,912 2,436 2,562 Time and savings deposits.............................................. 432,516 428,855 327,410 51,799 17,491 119,486 138,634 105,106 Savings deposits.......................................................... 135,608 135,364 97,596 6,061 2,060 34,273 55,202 38,012 Accumulated for personal loan payments2.............. 389 387 275 69 206 115 Mutual savings banks................................................. 479 463 451 261 3 171 16 28 Other individuals, partnerships, and corporations.. 221,752 219,947 170,180 30,329 11,996 62,467 65,388 51,572 U.S. Government........................................................ 477 477 352 39 6 146 160 125 States and political subdivisions................................ 50,110 49,939 37,065 2,060 1,307 16,494 17,205 13,046 Foreign governments, central banks, etc................... 12,683 12,049 11,891 7,369 1,315 3,174 32 792 Commercial banks in United States......................... 8,611 8,417 7,858 4,119 775 2,546 418 753 Banks in foreign countries......................................... 2,406 1,814 1,742 1,561 29 145 7 663 748,341 741,713 575,887 107,355 28,799 207,936 231,797 172,454 Federal funds purchased and securities sold under agreements to repurchase........................................... 52,326 51,141 48,351 10,048 4,295 26,357 7,651 3,976 Other liabilities for borrowed money........................... 6,049 4,852 4,505 1,571 63 2,406 464 1,544 Mortgage indebtedness.................................................. 715 712 509 77 4 259 169 206 Bank acceptances outstanding....................................... 11,433 11,221 10,936 6,155 469 3,938 373 497 Other liabilities............................................................... 28,788 25,047 20,426 4,397 1,346 8,029 6,653 8,362 847,652 834,687 660,614 129,603 34,977 248,927 247,107 187,038 Minority interest in consolidated subsidiaries.............. 6 5 2 2 3 Total reserves on loans/securities.................................. 8,689 8,650 7,089 1,594 488 2,668 2,338 1,600 Reserves for bad debts (IRS)..................................... 8,402 8,366 6,909 1,593 488 2,598 2,230 1,493 Other reserves on loans.............................................. 116 115 70 1 17 51 46 Reserves on securities................................................. 171 169 110 53 57 60 Total capital accounts.................................................... 63,655 63,043 48,244 9,372 2,115 16,748 20,010 15,410 Capital notes and debentures..................................... 4,290 4,227 3,423 755 61 1,673 933 868 Equity capital.............................................................. 59,364 58,817 44,822 8,616 2,054 15,076 19,076 14,542 Preferred stock........................................................ 54 43 24 10 13 30 Common stock........................................................ 14,821 14,724 11,015 2,188 568 3,560 4,699 3,806 Surplus..................................................................... 25,397 25,223 19,227 3,720 1,140 6,840 7,526 6,170 Undivided profits.................................................... 18,124 17,920 13,908 2,704 301 4,398 6,504 4,216 Other capital reserves.............................................. 968 904 649 4 44 267 334 319 Total liabilities, reserves, minority interest, capital accounts....................................................................... 920,001 906,385 715,950 140,569 37,581 268,343 269,457 204,051 Demand deposits adjusted 3........................................... 228,424 225,893 165,881 26,717 6,117 54,535 78,512 62,542 Average total deposits (past 15 days)........................... 724,464 717,857 555,930 103,014 27,229 199,287 226,400 168,534 Average total loans (past 15 days)................................. 519,219 510,838 401,694 81,665 24,493 150,485 145,050 117,525 Selected ratios: Percentage of totai assets Cash and balances with other banks......................... 13.9 13.8 14.9 19.6 12.8 15.0 12.8 10.3 21.2 21.3 Total securities held.................................................... 19.4 11.7 14.9 17.6 25.9 27.4 Trading account securities...................................... .9 .9 1.1 2.2 2.2 1.4 .1 U.S. Treasury...................................................... .3 .3 .4 .7 1.2 .4 States and political subdivisions......................... .4 .4 .5 1.0 .7 .6 All other trading account securities................... .2 .2 .3 .5 .3 .4 Bank investment portfolios.................................... 20.3 20.5 18.3 9.5 12.7 16.2 25.8 27.4 U.S. Treasury...................................................... 5.6 5.7 5.1 3.1 3.6 4.6 6.8 7.6 States and political subdivisions......................... 10.5 10.7 9.9 4.9 6.5 9.0 13.9 12.8 All other portfolio securities.............................. 4.1 4.1 3.3 1.5 2.6 2.6 5.1 7.0 Other loans and Federal funds sold.......................... 59.7 59.7 60.0 59.7 67.2 61.3 57.9 58.7 5.2 5.1 5.6 9.0 5.1 6.1 3.4 3.6 Total loans and securities.......................................... 80.9 81.0 79.5 71.4 82.1 78.9 83.8 86.1 Reserves for loans and securities............................... .9 1.0 1.0 1.1 1.3 1.0 .9 .8 Equity capital—Total................................................. 6.5 6.5 6.3 6.1 5.5 5.6 7.1 7.1 Total capital accounts................................................ 6.9 7.0 6.7 6.7 5.6 6.2 7.4 7.6 Number of banks............................................................ 14,465 14,216 5,780 13 9 155 5,603 8,685 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 WEEKLY REPORTING BANKS □ JUNE 1975 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities To nonbank Total involving— financial loans institutions Wednesday and To brokers To invest­ To Com­ and dealers others ments com­ To mer­ Agri­ Total mer­ U.S. Other others Total cial cul­ Real cial Treas­ se­ and tural Pers. estate banks ury curi­ indus­ U.S. U.S. and se­ ties trial Treas­ Other Treas­ Other sales Other curi­ ury secs. ury secs. finan. ties secs. secs. COS., etc. Large banks— Total 1974 May 1.................... 388,378 16,559 14,964 956 271 368286,801 121,332 3,804 434 5,078 124 2,781 9,634 20,105 56,905 8.................... 385,349 15,089 13,514 938 262 375284,996 121,444 3,803 334 4,586 125 2,769 9,351 19,940 57,008 15.................... 386,476 15,719 14,019 974 342 384285,881 121,503 3,815 392 4,739 118 2,755 9,183 20,178 57,322 22.................... 385,669 15,661 12,702 1,924 464 571286,039 121,041 3,812 1,052 4,771 134 2,767 8,989 20,136 57,478 29.................... 385,201 15,268 13,401 1,025 402 440286,180120,913 3,835 336 4,735 123 2,733 9,442 20,253 57,616 1975 Apr. 2.................... 397,163 21,607 17,153 2,364 1,285 805286,813 125,970 3,395 1,341 3,036 82 2,359 9,622 20,282 59,474 9.................... 398,004 21,643 16,744 2,995 1,158 746286,078125,874 3,406 1,440 2,884 82 2.351 9,360 20,280 59,440 16.................... 397.450 20,463 16,633 1,828 1 ,255 747286,527126,056 3,414 855 2,715 81 2.352 9,821 20,341 59,489 23.................... 389,432 16,613 13,199 1,848 954 612284,255 125,291 3,435 742 2,476 79 2,349 9,118 20,256 59,459 30.................... 390,592 16,853 13,597 1,538 993 725284,878 125,349 3,420 606 2,585 77 2,329 9,276 20,273 59,385 May 7*.................. 391,578 17,292 14,163 1,631 868 630284,748125,158 3,432 1,066 2,646 78 2,342 9,356 20,224 59,201 14 p.................. 389,853 17,142 14,024 1,555 842 721283,112 124,398 3,422 949 2,645 81 2,333 9,120 20,122 59,211 p.................. 388,845 16,201 13,045 1,755 828 21 573282,635 123,590 3,395 894 2,926 79 2,351 9,105 20,142 59,231 28p.................. 389,820 18,025 14,521 1,984 915 605281,932 122,801 3,397 735 3,198 77 2,340 9,237 20,172 59,273 New York City 1974 Mav 1.................... 85,767 2,869 2,862 7 68,712 34,878 153 337 3,057 32 596 3,546 7,040 6,539 8.................... 82,992 1,468 1,449 9 10 67,198 34,841 149 260 2,643 33 594 3,261 6,979 6,578 15.................... 84,291 2,507 2,479 9 19 67,620 34,931 147 320 2,861 28 578 3,130 7,093 6,647 22.................... 83,698 1,919 1,909 10 68,055 34,770 144 983 2,896 37 553 3,007 7,116 6,684 29.................... 83,353 1,642 1,603 39 67,989 34,944 141 272 2,843 28 561 3,248 7,171 6,716 1975 Apr. 2.................... 90,579 2,711 2,480 94 137 72,360 38,716 101 1,206 2,125 19 468 3,359 7,963 7,459 9.................... 89,659 1,928 1,688 95 145 71,817 38,474 101 1,145 2,084 20 463 3,273 7,903 7,447 16.................... 90,362 3,134 2,886 86 162 71,477 38,523 101 751 1,841 21 468 3,488 7,857 7,483 23.................... 87,420 2,568 2,436 108 24 70,114 38,195 100 583 1,687 19 465 3,112 7,821 7,462 30.................... 87,975 2,975 2,756 69 10 140 70,570 38,254 100 503 1,747 18 457 3,205 7,781 7,474 May 7*.................. 87,135 1.604 1,446 96 62 70,750 38,308 100 886 1,843 19 457 3,207 7,832 7,416 14p.................. 86,730 1.605 1,444 18 143 69,938 37,975 98 809 1,778 19 451 3,100 7,822 7,401 21 p.................. 87,078 1,804 1,662 24 118 69,833 37,639 92 813 2,015 17 469 3,098 7,809 7,413 28*.................. 86,011 968 773 24 171 69,670 37,355 91 588 2,215 18 460 3,242 7,874• 7,442 Outside New York City 1974 May 1.................... 302,611 13,690 12,102 949 271 368218,089 86,454 3,651 97 2,021 92 2,185 6,088 13,065I 50,366 8.................... 302,357 13,621 12,065 929 262 365217,798 86,603 3,654 74 1,943 92 2,175 6,090 12,961 50,430 15.................... 302,185 13,212 11,540' 965 342 365218,261 86,572 3,668 72 1,878 90| 2,177 6,053 13,085i 50,675 22.................... 301,971 13,742 10,793 1,924 464 561217,984 86,271 3,668 69 1,875 97 2,214 5,982 13,02C 1 50,794 29.................... 301,848 13,626 11,798; 1,025 402 401218,191 85,969 3,694 64 1,892 95 2,172. 6,194 13,0821 50,900 1975 Apr. 2.................... 306,584 18,896 14,673I 2,27C> 1,285 6681214,453 87,254> 3,294 135 911 63 1,891 6,263 12,319> 52,015 9.................... 308,345 19,715 15,056> 2,90C1 1,158 ! 601214,261 ’87,400I 3,305 295 800I 62 1,888: 6,087 12,377' 51,993 16.................... 307,088 17,329 13,741' 1,742' 1,255 i 585215,050 87,533i 3,313 104> 874l 60i 1,884 ■ 6,333 12,484t 52,006 23.................... 302,012 14,045 10,7621 1,74C) 95 A^ 588! 214,141 87,096» 3,335 159> 789' 60i 1,884 6,006 12,435: 51,997 30.................... 302,617 13,878 10,841 1,46$> 9821 585i 214,308 87,095i 3,32C► 1031 838: 59' 1,872: 6,071 12,492’ 51,911 May 7 p................ 304,443 15,688 12,711J 1,53f> 86$* 56S1 213,998 86,85C) 3,332: 18C> 8031 59» 1,885 : 6,149 12,392 I 51,785 14*.................. 303,123 15,537 12,5 8() 1,53'r 84^I 5781 213,174 86,4231 3,324^ 14C► 867 62: 1,882! 6,020i 12,30C ) 51,810 21*................ 301,767 14,397 ii,38:5 1,731 82i} 455! 212,802 85,951 3,3031 81 911 62: 1,882: 6,007 12,3331 51,818 28*....................... 303,80S» 17,051r 13,74*i 1,96() 91!> 43A1 212,262 85,446> 3,306» 147r 9831 59' 1,88C> 5,995 12,2981 51,831 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ WEEKLY REPORTING BANKS A 19 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 and and Con­ For­ political securities sumer eign All Certif­ subdivisions instal­ govts. other Total Bills icates Total Do­ For­ ment 2 mes­ eign Within 1 to After tic 1 yr. 5 yrs. 5 yrs. Tax Certif. war­ All of All rants 3 other partici­ others pation* Large banks— Total 1974 4,141 6,364 33,225 1,873 21,001 22,960 2,690 4,284 11,954 4,032 62,058 ,621 40,939 2,392 11,106 ...............May 1 4,006 6,205 33,249 1,839 20,337 22,847 2,669 4,282 11,910 3,986 62,417 ,680 41,393 2,385 10,959 ......................... 8 3,979 6,186 33,326 1,900 20,485 22,262 2,349 3,361 12,545 4,007 62,614 ,801 41,338 2,433 11,042 .........................15 4,049 6,452 33,408 1,877 20,073 22,186 2,400 3,691 12,176 3,919 61,783 ,490 40,995 2,384 10,914 .........................22 4,060 6,323 33,501 1,898 20,412 21,850 2,120 3,585 12,253 3,892 61,903 ,483 40,905 2,394 11,121 .........................29 1975 2,794 5,131 33,915 1,329 18,083 27,855 4,844 4,027 15,194 3,790 60,888 5,904 39,885 2,416 12,683 ...............Apr. 2 2,651 5,125 33,841 1,268 18,076 29,146 5,264 4,054 15,969 3,859 61,137 6,196 39,869 2,452 12,620 ......................... 9 2,690 5,193 33,881 1,343 18,296 28,969 5,267 3,986 15,947 3,769 61,491 6,543 39,932 2,475 12,541 .........................16 2,607 5.236 33,876 1,209 18,122 27,931 4,807 4,025 15,494 3,605 60,633 6,276 39,641 2,459 12,257 .........................23 2,610 5.236 33,891 1,319 18,522 28,524 4,999 3,974 16,016 3,535 60,337 6,081 39,596 2,418 12,242 .........................30 2,657 5,387 33,833 1,435 17,933 29,314 5,953 4,034 15,875 3,452 60,224 6,107 39,620 2,400 12,097 ...............May Ip 2,509 5,271 33,851 1,229 17,971 29,511 6,052 4,151 15,864 3,444 60,088 5,908 39,367 2,433 12,380 ........................14p 2,467 5,289 33,821 1,328 18,017 29,794 5,891 4,211 16,077 3,615 60,215 6,039 39,549 2,451 12,176 .........................21* 2,338 5,354 33,861 1,316 17,833 30,163 5,796 4,294 16,504 3,569 59,700 6,212 39,214 2,412 11,862 .........................28 p New York City 1974 1,436 2,962 2,349 811 4,976 4,116 502 597 1,750 1,267 10,070 2,138 5,378 543 2,011 ...............May 1 1,453 2,803 2,358 786 4,460 3,919 308 596 1,718 1,297 10,407 2,152 5,709 545 2,001 ......................... 8 1,447 2,708 2,357 798 4,575 3,727 68 351 2,003 1,305 10,437 2,142 5,688 541 2,066 .........................15 1,507 2,929 2,376 743 4,310 3,607 54 393 1,897 1,263 10,117 2,036 5,532 539 2,010 .........................22 1,567 2,890 2,386 738 4,484 3,598 37 392 1,909 1,260 10,124 2,017 5,469 551 2,087 .........................29 1975 1,394 2,565 2.575 668 3,742 5,999 783 497 3,456 1,263 9,509 1,604 4,900 526 2,479 ...............Apr. 2 1,344 2,4561 2,566 609 3,932 6,502 852 540 3,809 1,301 9,412 1,583 4,879 525 2,425 ........................ 9 1,357 2,504 2.575 648 3,860 6,107 704 438 3,736 1,229 9,644 1,757 4,985 557 2,345 .........................16 1,253 2,519 2,588 526 3,784 5,514 624 484 3,320 1,086 9,224 1,709 4,722 533 2,260 .........................23 1,301 2,472 2.586 614 4,058 5,397 478 428 3,458 1,033 9,033 1,564 4,662 531 2,276 .........................30 1 1 , , 2 22 9 1 3 2 2 , , 5 3 3 9 3 9 2 2 , , 5 5 7 8 7 0 6 55 7 3 6 3 3 , , 6 7 0 3 3 2 5 6, , 3 8 1 8 1 9 1 1 , , 4 22 73 3 5 4 3 3 5 0 3 3 , , 2 2 9 8 3 3 1,0 9 2 4 0 3 8 8 , , 8 8 9 7 2 6 1 1 , , 5 5 6 4 2 0 4 4, , 6 6 3 8 7 9 5 5 1 1 6 6 2 2 , , 1 1 2 8 5 3 . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . M .... a .. y .. ..1 I 4 p * 1 1 , , 1 0 6 9 8 7 2 2 , , 3 4 8 4 3 7 2 2. .5 57 8 5 6 6 61 0 7 8 3 3 , , 7 6 2 4 3 9 6 6 , , 4 5 1 1 8 9 1 1 , ,1 3 7 2 5 3 5 59 53 9 3 3 , , 5 7 3 5 0 4 1,0 9 1 91 2 9 8 , , 0 8 2 5 3 4 1 1 , , 6 5 0 1 9 2 4 4 , , 7 7 7 6 7 6 5 5 1 1 4 4 2 2, ,0 12 6 3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 21 8 p p Outside New York City 1974 2,705 3.402 30,876 1,062 16,025 18,844 2,188 3,687 10,204 2,765 51,988 5,483 35,561 1,849 9,095 ...............May 1 2,553 3.402 30,891 1,053 15,877 18,928 2,361 3,686 10,192 2,689 52,010 5,528 35,684 1,840 8,958 ......................... 8 2,532 3,478 30,969 1,102 15,910 18,535 2,281 3,010 10,542 2,702 52,177 5,659 35,650 1,892 8,976 .........................15 2,542 3,523 31,032 1,134 15,763 18,579 2,346 3,298 10,279 2,656 51,666 5,454 35,463 1,845 8,904 .........................22 2,493 3,433 31,115 1,160 15,928 18,252 2,083 3,193 10,344 2,632 51,779 5,466 35,436 1,843 9,034 .........................29 1975 1,400 2,566 31,340 661 14,341 21,856 4,061 3,530 11,738 2,527 51,379 4,300 34,985 1,890 10,204 ...............Apr. 2 1,307 2,669 31,275 659 14,144 22.644 4,412 3,514 12,160 2,558 51,725 4,613 34,990 1,927 10.195 ......................... 9 1,333 2,689 31,306 695 14,436 22,862 4,563 3,548 12,211 2,540 51,847 4,786 34,947 1,918 10.196 .........................16 1,354 2,717 31,288 683 14,338 22,417 4,183 3,541 12,174 2,519 51,409 4,567 34,919 1,926 9,997 .........................23 1,309 2,764 31,305 705 14,464 23,127 4,521 3,546 12,558 2,502 51,304 4,517 34,934 1,887 9,966 .................30 1,364 2,854 31,256 759 14,330 23,425 4,730 3,604 12,582 2,509 51,332 4,545 34,931 1,884 9,972 ...............May 7* 1,288 2,872 31,271 676 14,239 23,200 4,579 3,616 12,581 2,424 51,212 4,368 34,730 1,917 10.197 .........................14* 1 1, , 2 2 4 9 1 9 2 2 . . 9 9 0 0 7 6 3 3 1 1 , , 2 2 3 8 5 6 6 7 9 2 9 0 1 1 4 4 , , 1 2 8 9 4 4 2 23 3 . , 6 37 4 6 4 4 4, , 6 5 2 6 1 8 3 3 , , 6 6 9 5 5 8 1 1 2 2 , , 5 7 4 5 7 0 2 2 , , 6 5 0 7 3 8 5 5 0 1 , , 8 1 4 92 6 4 4 , , 4 7 3 0 0 0 3 34 4 , , 7 44 72 8 1 1 , , 9 8 3 9 7 8 1 9 0 , , 8 0 0 53 0 . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . 2 2 9 1 * p For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DRTING BANKS □ JUNE 1975 > AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continue (In millions of dollars) Deposits Demand Bal­ Invest­ Cur­ ances ments Total rency with in sub­ Other assets/ and do­ sidiar­ assets total coin mestic ies not liabil­ States banks consol­ ities and idated Total polit­ 6 IPC ical sub­ divi­ sions 4,270 10,467 1,530 23,968 486,040 166,949 114,478 7,167 774 4,131 11,239 1,557 23,758 479,429 108,537 6,201 700 4,370 12,979 1,566 23,934 489,981 113,946 7,366 675 4,453 12,865 1,574 23,493 479,353 109,023 5,883 659 4,693 12,339 1,581 24,230 489,799 161,068 112,819 6,042 657 4,499 11,647 1,700 35,575 506,302 162,031 117,808 6,418 899 4,455 12,750 1,732 35,751 504,972 115,412 5,787 795 4,649 11,974 1,707 35,224 509,263 119,324 6,300 783 4,770 10,952 1,754 35,216 494,505 113,769 5,589 722 4,699 12,755 1,728 36,112 504,814 115,788 6,714 800 4,303 12,011 1.741 35,432 496,382 111,552 6,106 872 4,684 11,789 1.741 35,186 499,452 116,568 5,949 674 : 4,655 11,416 1,765 34,369 497,307 113,372 5,953 676 4,952 11,846 1,735 34,713 501,877 117,375 5,970 767 i 481 4,111 710 7,325 116,717 25,810 425 394 ! 504 5,516 725 7,280 115,887 23,421 380 361 > 486 6,891 723 7,431 119,994 24,649 626 335 503 7,095 731 7,086 115,683 23,580 340 357 i 510 6,251 731 7,489 120,806 25,207 300 328 ► 485 4,666 782 12,481 127,272 26,600 583 532 r 507 6,253 781 12,593 128,173 25,161 309 445 1 506 5,292 793 12,361 128,386 26,550 498 442 I 512 4,491 797 12,352 123,774 25,026 286 403 i 499 6,203 804 12,428 126,664 ) 26,466 490 432 5 511 5,242 798 12,109 124,044 1 24,546 338 515 \ 507 4,988 807 11,809 124,013 I 26,364 438 353 I 521 4,629 807 11,175 123,092 I 25,408 383 357 ) 538 4,865 784 11,437 124,396 5 26,576 355 433 1 3,789 6,356 820 16,643 369,323 I 88,668 6.742 380 I 3,627 5,723 832 16,478 363,542 I 85,116 5,821 339 5 3,884 6,088 843 16,503 369,987 5 89,297 6,740 340 5 3,950 5,770 843 16,407 363,670 5 85,443 5,543 302 ) 4,183 6,088 850 16,741 368,993 3 87,612 5.742 329 5 4,014 6,981 918 23,094 379,030 5 91,208 5,835 367 1 3,948 6,497 951 23,158 376,799 7 90,251 5,478 350 3 4,143 6,682 914 22.863 380,877 ) 92,774 5,802 341 7 4,258 6,461 957 22.864 370,731 5 88,743 5,303 319 5 4,200I 6,552 924 23,684 378,150 I 89,322 6,224 368 9 3,792 1 6,769 ' 943i 23,323 372,338 3 87,006 5,768 357 5 4,m' 6,801 934f 23,377 375,439 5 90,204 5,511 321 7 4,134t 6,787 958! 23,194 374,215 5 87,964 5,570 319 8 4,414^ 6,981 951 23,276 377,481 * 90,799 5,615 334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ WEEKLY REPORTING BANKS A 21 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Deposits (cont.) Borrowings from— Demand (cont.) Time and savings Fed­ eral Other Foreign IPC funds liabili­ Certi­ States pur­ ties, Wednesday fied and Do­ chased, etc.8 and polit­ mes­ For­ etc. 7 F.R. Com­ offi­ Total <5 ical tic eign Banks Others Govts., mer­ cers’ Sav­ Other sub­ inter­ govts.2 etc.2 cial checks ings divi­ bank banks sions Large banks— Total 1974 1,449 4,692 8,597 203,689 57,827 106,218 24,921 5,881 8,201 50,142 1,366 6,011 19,856 ...............May 1 1,368 4,777 7,045 205,600 57,923 107,799 25.053 6,102 8,077 51,132 1,487 6,474 19.841 ........................... 8 1,310 4,786 7,791 206,596 57,865 108,759 25.053 6,123 8,176 50,733 3,004 6,551 20,714 ...........................15 1,075 4,897 8,395 208,781 57,863 110,321 25,397 6,305 8,262 47,583 2,349 6,509 20.533 ...........................22 1,114 4,862 6,939 209,557 57,841 111,057 25,466 6,570 7,927 50,241 3,968 6.170 20.880 .........................29 1975 1,281 4,650 7,260 226,136 62,238 117,469 24,322 8,292 11,814 50,786 3,712 23,120 .................Apr. 2 1,373 4,637 7,060 225,326 62,508 116,371 24,387 8,279 11,822 52,706 3,662 23,379 ......................... 9 1,260 4,707 6,566 224,220 62,272 114,667 25,067 8,449 11,837 53,687 24 3,773 23.260 ...........................16 1,178 4,777 7,147 224,297 62,327 114,434 25,292 8,549 11,780 45,198 1,041 3.623 23,619 .........................23 1,367 5,097 6,369 223,520 62,396 113,639 25,110 8,483 12,017 47,271 1,384 3.624 23,825 .........................30 1,300 5,014 6,297 223,743 62,726 113,310 25,299 8,172 12,345 49,408 2 3,670 23,152 ...............May 7* 1,025 5,013 5,565 225,188 63,011 114,525 25,294 8,054 12,467 49,768 5 3,674 23,021 .........................14* 1,062 4,670 6,362 225,318 63,392 114,059 25,552 8,092 12,453 49,601 711 3,584 23,107 .........................21* 1,199 4,725 7,196 225,929 64,644 113,594 25,449 8,061 12,578 48,423 459 3,253 21,956 .........................28* New York City 1974 1,216 3,424 4,600 38,060 5.061 22,925 1,683 3,683 4,534 10,706 2,730 7,283 ...............May 1 1,167 3,432 3,707 38,642 5,064 23,372 1,686 3,811 4,531 11,718 645 2,823 6,880 ......................... 8 1,103 3,549 4,289 39,139 5,073 23,601 1,809 3,899 4,577 11,353 870 2,789 7,313 .........................15 888 3,628 5,196 40,032 5.062 24,238 1,831 4,025 4,647 9,001 2,711 7,022 .........................22 887 3,467 3,672 40,409 5,067 24,560 1,823 4,231 4,456 11,285 1,425 2,583 7,102 .........................29 1975 1,069 3,358 3,384 47,219 5,497 27,608 1,301 3,921 7,405 13,746 1,626 7,905 ..................Apr. 2 1,170 3,210 3,539 46,759 5.541 27,163 1,284 3,891 7,431 15,006 1,441 8,543 ......................... 9 1,067 3,417 2,827 46,428 5,543 26,672 1,320 3,937 7,534 15,022 1,538 8,763 .........................16 1,005 3,387 3,921 46,172 5.542 26,554 1,279 3,893 7,482 11,321 295 1,484 8,506 .........................23 1,167 3,597 2,840 45,839 5,550 26,168 1,262 3,777 7,684 11,464 470 1,424 8,796 .........................30 1,093 3,691 2,783 45,684 5,580 25,957 1,278 3,685 7,796 13,454 1,420 8,324 ...............May 7* 844 3,651 2,392 45,721 5,638 25,978 1,251 3,639 7,876 13,600 1,433 8,327 .........................14* 882 3,409 3,027 45,209 5,678 25,562 1,264 3,618 7,778 13,199 685 1,400 8,326 .........................21* 1,024 3,330 3,773 44,766 5,718 25,212 1,246 3,602 7,894 13,781 62 1,273 7,330 .........................28* Outside New York City 1974 233 1,268 3,997 165,629 52,766 83,293 23,238 2,198 3,667 39,436 1,366 3,281 12,573 ...............May 1 201 1,345 3,338 166,958 52,859 84,427 23,367 2,291 3,546 39,414 842 3,651 12,961 ......................... 8 207 1,237 3,502 167,457 52,792 85,158 23,244 2,224 3,599 39,380 2,134 3,762 13,401 .........................15 187 1,269 3,199 168,749 52,801 86,083 23,566 2,280 3,615 38,582 2,349 3,798 13,511 .........................22 227 1,395 3,267 169,148 52,774 86,497 23,643 2,339 3,471 38,956 2,543 3,587 13,778 .........................29 1975 212 1,292 3,876 178,917 56,741 89,861 23.021 4,371 4,409 37,040 2,086 15,215 ................Apr. 2 203 1,427 3,521 178,567 56,967 89,208 23,103 4,388 4,391 37,700 2,221 14,836 ......................... 9 193 1,290 3,739 177,792 56,729 87,995 23,747 4,512 4,303 38,665 24 2,235 14,497 .........................16 173 1,390 3,226 178,125 56.785 87,880 24,013 4,656 4,298 33,877 746 2,139 15,113 .........................23 200 1,500 3,529 177,681 56,846 87,471 23,848 4,706 4,333 35,807 914 2,200 15,029 .........................30 207 1,323 3,514 178,059 57,146 87,353 24.021 4,487 4,549 35,954 2 2,250 14,828 ...............May 7* 181 1,362 3,173 179,467 57,373 88,547 24,043 4,415 4,591 36,168 5 2,241 14,694 .........................14* 180 1,261 3,335 180,109 57,714 88,497 24,288 4,474 4,675 36,402 26 2,184 14,781 .........................21* 175 1,395 3,423 181,163 58,926 88,382 24,203 4,459 4,684 34,642 397 1,980 14,626 .........................28* For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 WEEKLY REPORTING BANKS □ JUNE 1975 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Reserves Memoranda for— Total Total Large negotiable Gross capital loans time CD’s All other large liabili­ Wednesday ac­ Total and De­ included in time time deposits12 ties of Secur­ counts loans invest­ mand and savings deposits11 banks Loans ities (gross) ments deposits to ad­ (gross) ad­ their justed 9 ad­ justed 10 Issued Issued Issued Issued foreign justed 9 Total to to Total to to branches IPC’s others IPC’s others Large banks— Total 1974 May 1................... 5,039 32,922 284,255 369,273 102,013 74,288 51,633 22,655 2,709 8................. 5,032 32,980 282,565 367,829 98,130 75,979 52,954 23,025 3,025 1 5 5,020 32,908 283,602 368,478 99,444 76,879 53,774 23,105 3,080 22................. 5,035 32,883 284,949 368,918 98,535 78,837 55,179 23,658 3,418 2 9 5,038 32,812 283,987 367,740 96,754 79,583 55,873 23,710 2,988 1975 Apr. 2................. 5,661 34.788 288,473 377,216 104,863 87,397 59,135 28,262 35,774 19,402 16,372 1,950 9................. 5,653 34,859 288,326 378,609 104,982 86,545 58,260 28,285 35,580 19,166 16,414 2,834 1 6 5,674 34,771 287,667 378,127 105,614 85,264 56,776 28,488 35,859 18,851 17,008 2,738 23................. 5,665 34.788 285,062 373,626 102,518 85,017 56,581 28,436 36,055 18.799 17,256 2,175 3 0 5,697 35,056 285,524 374,385 102,619 84,216 55,682 28,534 36,156 18,748 17,408 2,672 May 7*................ 5,723 35,046 285,220 374,758 101,119 83,810 55,222 28,588 36,368 18,752 17,616 2,322 14*................ 5,721 34,898 283,721 373,320 101,773 84,872 56,221 28,651 36,321 18.799 17,522 2,098 21*............... 5,711 34,895 283,324 373,333 101,633 84,212 55,606 28,606 36,426 18,839 17,587 3,212 28*............... 5,725 34,894 283,098 372,961 101,759 83,580 55,098 28,482 35,823 18,697 17,126 2,609 New York City 1974 May 1................... 1,399 8,562 67,283 81,469 23,712 23,452 15,936 7,516 1,801 8................. 1,401 8,592 65,764 80,090 20,983 24,007 16,389 7,618 1,666 1 5 1,396 8,590 66,201 80,365 21,479 24,434 16,579 7,855 1,589 22................. 1,406 8,561 66,558 80,282 22,076 25,244 17,182 8,062 1,956 2 9 1,415 8,549 66,461 80,183 20,575 25,598 17,511 8,087 1,454 1975 Apr. 2................. 1.615 9,068 71,197 86,705 24,057 30,409 19,954 10,455 8,582 5,194 3,388 1,151 9................. 1,602 9,120 70,713 86,627 22,951 30,101 19,647 10,454 8,538 5,153 3,385 2,086 1 6 1,608 9,091 70,368 86,119 23,232 29,811 19,210 10,601 8,453 5,047 3.406 1,803 23................. 1.615 9,101 68,993 83,731 22,406 29,625 19,154 10,471 8,357 4,964 3,393 1,341 3 0 1,631 9,190 69,488 83,918 23,133 29,362 18,700 10,662 8,323 4,931 3,392 1,642 May 7*............... 1,651 9,194 69,615 84,396 22,383 29,216 18,521 10,695 8,397 4.990 3.407 1,606 14*............... 1.656 9.192 68,878 84,065 22,093 29,243 18,538 10,705 8,369 4.991 3,378 1,504 21*............... 1.657 9,172 68,807 84,248 22,722 28,660 18,116 10,544 8,351 4,971 3,380 2,228 28*............... 1,666 9.192 68,768 84,141 23,050 28,228 17,812 10,416 7,897 4,912 2,985 1,682 Outside New York City 1974 May 1................... 3,640 24,360 216,972 287,804 78,301 50,836 35,697 15,139 908 8................. 3,631 24,388 216,801 287,739 77,147 51,972 36,565 15,407 1,359 1 5 3,624 24,318 217,401 288,113 77,965 52,445 37,195 15,250 1,491 22................. 3,629 24,322 218,391 288,636 76,459 53,593 37,997 15,596 1,462 2 9 3,623 24,263 217,526 287,557 76,179 53,985 38,362 15,623 1,534 1975 Apr. 2................. 4,046 25,720 217,276 290,511 80,806 56,988 39,181 17,807 27,192 14,208 12,984 799 9................. 4,051 25,739 217,613 291,982 82,031 56,444 38,613 17,831 27,042 14,013 13,029 748 1 6 4.066 25,680 217,299 292,008 82,382 55,453 37,566 17,887 27,406 13,804 13,602 935 23................. 4,050 25,687 216,069 289,895 80,112 55,392 37,427 17,965 27,698 13,835 13,863 834 3 0 4.066 25,866 216,036 290,467 79,486 54,854 36,982 17,872 27,833 13,817 14,016 1,030 May 7*............. 4,072 25,852 215,605 290,362 78,736 54,594 36,701 17,893 27,971 13,762 14,209 716 14*............. 4,065 25,706 214,843 289,255 79,680 55,629 37,683 17,946 27,952 13,808 14,144 594 21*............. 4,054 25,723 214,517 289,085 78,911 55,552 37,490 18,062 28,075 13,868 14,207 984 28*............. 4,059 25,702 214,330 288,820 78,709 55,352 37,286 18,066 27,926 13,785 14,141 927 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

JUNE 1975 □ BUSINESS LOANS OF BANKS A 23 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1975 1975 1975 1974 1974 May May May May Apr. 2nd 1st 28 21 14 7 30 May Apr. Mar. I IV III half half Durable goods manufacturing: Primary metals................................. 2,002 1,988 2,085 2,120 2,085 -83 41 72 39 77 63 140 56 Machinery......................................... 7,941 8,059 8,150 8,190 8,113 -172 25 -228 -653 -127 349 222 1,848 Transportation equipment.............. 3,603 3,588 3,557 3,629 3,640 -37 -165 -112 -7 365 340 705 587 Other fabricated metal products... 2,753 2,795 2,842 2,863 2,885 -132 -45 94 19 -178 253 75 503 Other durable goods........................ 4,297 4,300 4,455 4,429 4,448 -151 10 -79 -421 -265 512 247 909 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 3,530 3,563 3,549 3,593 3,654 -124 -175 -157 -1,092 484 500 984 -220 Textiles, apparel, and leather.......... 3,232 3,267 3,324 3,346 3,305 -73 -54 49 -151 -725 107 -618 909 Petroleum refining........................... 2,386 2,368 2,390 2,415 2,428 -42 229 28 -51 473 494 967 -108 Chemicals and rubber..................... 3,248 3,275 3,293 3,325 3,317 -69 -132 79 67 -55 311 256 610 Other nondurable goods................. 2,168 2,158 2,216 2,205 2,204 -36 -7 51 -295 -135 158 23 338 Mining, including crude petroleum and natural gas........................... 4,800 4,723 4,779 4,792 4,855 -55 90 -8 -272 556 290 846 387 Trade: Commodity dealers................. 1,167 1,219 1,217 1,267 1,331 -164 -98 -179 -648 703 -195 508 -273 Other wholesale....................... 5,710 5,728 5,787 5,878 5,834 -124 -341 120 -553 349 135 484 829 Retail........................................ 6,469 6,439 6,465 6,552 6,535 -66 21 102 -193 -246 -219 -465 1,099 Transportation..................................... 6,037 6,085 6,123 6,139 6,209 -172 -27 38 -150 261 22 283 139 Communication................................... 2,224 2,274 2,283 2,365 2,306 -82 176 -118 -369 90 -92 -2 475 Other public utilities............................ 7,264 7,329 7,331 7,479 7,484 -220 -116 -17 -1,018 609 1,088 1,697 1,044 Construction......................................... 5,583 5,642 5,644 5,621 5,618 -35 -24 11 r—460 -276 231 -45 594 Services.................................................. 10,834 10,896 10,915 10,968 11,011 -177 -245 -202 -698 171 133 304 594 All other domestic loans..................... 9,649 9,783 9,881 9,893 10,040 -391 198 6 -290 387 357 744 1,117 Bankers acceptances........................... 2,168 2,205 2,185 2,193 2,089 79 -143 -134 571 309 -365 -56 443 Foreign commercial and industrial loans.............................................. 4,322 4,302 4,335 4,306 4,339 -17 49 -108 63 -249 -208 -457 611 Total classified loans........................... 101,387101,986102,806103,568103,730 -2,343 -733 -692 r- 6.562 2,578 4,264 6,842 12,491 Comm, paper included in total clas­ sified loans1 ............. ... . 224 Total commercial and industrial loans of large commercial banks.......... 122,801 123,590124,398125,158125,349 -2,548 -404 -652 -6,122 3,468 4,795 8,263 13,491 For notes see table below. “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1975 1974 1975 1974 1974 May Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. 2nd 28 30 26 26 29 31 27 30 25 I IV III II half Durable goods manufactur­ ing: 1,280 1,323 1,284 1,237 1,249 1,210 1,176 1,107 1,133 74 77 28 41 105 Machinery.......................... 4,269 4,302 4,071 4,117 4,138 4,145 4,049 3,970 3,896 -74 249 610 172 859 Transportation equipment. 1,726 1.705 1,672 1,712 1,737 1,673 1,586 1,570 1,535 -1 138 125 45 263 Other fabricated metal products.......................... 1,245 1,280 1,312 1,323 1,243 1,197 1,113 1,093 1,066 115 131 112 43 243 Other durable goods.......... 2,122 2,210 2,251 2,256 2,288 2,391 2,361 2,339 2,268 -140 123 161 192 284 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 1,616 1,571 1,561 1,614 1,703 1,763 1,674 1,661 1,649 -202 114 78 42 192 Textiles, apparel, and leather............................. 1,075 1,091 1,158 1,083 1,124 1,145 1,179 1,187 1,151 13 -6 23 39 17 Petroleum refining............. 1,611 1,617 1,483 1,458 1,542 1,518 1,272 1,208 1,097 -35 421 134 18 555 Chemicals and rubber....... 1,784 1,814 1,846 1,812 1,839 1,878 1,818 1,820 1,778 -32 100 41 134 141 Other nondurable goods.. 1,114 1,126 1,130 1,119 1,221 1,235 1,170 1,187 1,204 -105 31 33 32 64 Mining, including crude pe­ troleum and natural gas. 3,646 3,626 3,537 3,446 3,523 3,701 3,620 3,468 3,339 -164 362 209 -115 571 Trade: Commodity dealers.. 140 142 150 153 169 155 171 157 139 -5 16 -2 1 14 Other wholesale........ 1,344 1,387 1,450 1,420 1,472 1,492 1,431 1,488 1,449 -42 43 43 83 86 Retail......................... 2,143 2,192 2,283 2,298 2,369 2,594 2,602 2,578 2,527 -311 67 99 -52 166 Transportation....................... 4,424 4,492 4,524 4,505 4,455 4,550 4,379 4,370 4,349 -26 201 -76 8 125 Communication..................... 1,159 1,148 1,135 1,125 1,158 1,082 1,076 1,047 1,029 53 53 -1 64 52 Other public utilities............. 4,047 4,017 4,034 3,870 3,885 3,963 3,987 3,810 3,672 71 291 229 289 520 Construction.......................... 2,291 2,272 2,197 2,191 2,224 2,294 2,281 2.237 2,272 -97 22 142 232 164 Services................................... 5,246 5,352 5,430 5,370 5,320 5,532 5,417 5,340 5,350 -102 182 77 197 259 All other domestic loans .... 3,186 3,210 3,082 3,144 3,079 3,224 3,255 3,215 3,122 -142 102 105 209 207 Foreign commercial and in­ dustrial loans.................. 2,547 2,596 2,528 2,544 2,524 2,457 2,473 2,487 2,401 71 56 -147 198 -91 Total loans............................. 48,015 48,473 48,118 47,797 48,262 49,199 48,090 47,339 46,426 -1,081 2,773 2,023 1,872 4,796 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 24 DEMAND DEPOSIT OWNERSHIP □ JUNE 1975 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holder Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s i i n n a e n s c s ial Consumer Foreign o A th l e l r IPC All insured commercial banks: 1970—Dec.................................................................................. 17.3 92.7 53.6 1.3 10.3 175.1 1971—June................................................................................ 18.1 89.6 56.2 1.3 10.5 175.8 Sept................................................................................. 17.9 91.5 57.5 1.2 9.7 177.9 18.5 98.4 58.6 1.3 10.7 187.5 1972—Mar................................................................................. 20.2 92.6 54.7 1.4 12.3 181.2 June............................................................................... 17.9 97.6 60.5 1.4 11.0 188.4 18.0 101.5 63.1 1.4 11.4 195.4 Dec................................................................................. 18.9 109.9 65.4 1.5 12.3 208.0 1973—Mar................................................................................. 18.6 102.8 65.1 1.7 11.8 200.0 June................................................................................ 18.6 106.6 67.3 2.0 11.8 206.3 Sept................................................................................. 18.8 108.3 69.1 2.1 11.9 210.3 Dec.................................................................................. 19.1 116.2 70.1 2.4 12.4 220.1 1974—Mar................................................................................. 18.9 108.4 70.6 2.3 11.0 211.2 June................................................................................ 18.2 112.1 71.4 2.2 11.1 215.0 Sept................................................................................. 17.9 113.9 72.0 2.1 10.9 216.8 Dec.................................................................................. 19.0 118.8 73.3 2.3 11.7 225.0 1975—Mar................................................................................. 18.6 111.3 73.2 2.3 10.9 216.3 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—May................................................................................ 14.2 62.3 28.0 2.1 6.1 112.7 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 13.9 64.4 28.4 2.0 6.3 115.0 Oct.................................................................................. 14.7 64.4 28.4 2.0 6.4 115.8 14.6 65.9 28.7 2.1 6.5 117.7 Dec................................................................................. 14.8 66.9 29.0 2.2 6.8 119.7 1975—Jan.................................................................................. 14.8 65.6 29.2 2.2 6.6 118.3 Feb.................................................................................. 14.4 63.1 27.9 2.3 6.2 113.9 Mar................................................................................. 14.1 63.2 28.2 2.2 6.4 114.1 15.0 63.3 30.1 2.2 6.5 117.0 i Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 Note.—Daily-average balances maintained during month as estimated Bulletin, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, June 30, Dec, 31, Class of Dec. 31, Dec. 31, June 30, Dec, 31, bank 1972 1973 1974 1974 bank 1972 1973 1974 1974 All commercial......................... 559 507 460 389 All member—Cont. Insured................................... 554 503 457 387 Other large banks 1........... 69 58 63 69 National member.................. 311 288 265 236 All other member 1............ 313 294 267 206 State member......................... 71 64 65 39 All nonmember...................... 177 155 130 115 All member............................... 381 352 330 275 172 152 127 112 Noninsured......................... 5 3 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 p. A-l 4; member” parallel the previous “Reserve City” (other than in New York from the figures for weekly reporting banks as shown on pp. A-l 8-A-22 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-l 3. But they are included in the figures for “Time de­ posits” and “Loans” for call dates as shown on pp. A-14-A-17. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ LOAN SALES BY BANKS; OPEN MARKET PAPER A 25 LOANS SOLD OUTRIGHT BY LARGE COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To selected related institutions1 By type of loan Date Total Commercial Real All and estate other industrial 1975—Feb. 5......................... 4,475 2,630 181 1,664 12......................... 4,609 2,755 175 1,679 19......................... 4,510 2,661 174 1,675 26......................... 4,545 2,707 179 1,659 Mar. 5......................... 4,688 2,741 201 1,746 12......................... 4,721 2,800 201 1,720 19......................... 4,693 2,769 204 1,720 26......................... 4,677 2,791 204 1,682 Apr. 2......................... 4,584 2,714 202 1,668 9......................... 4,587 2,748 201 1,638 i To bank’s own foreign branches, nonconsolidated non­ 16......................... 4,529 2,715 201 1,613 bank affiliates of the bank, the bank’s holding company (if 23......................... 4,519 2,704 197 1,618 not a bank), and nonconsolidated nonbank subsidiaries of 30......................... 4,587 2,744 204 1,639 the holding company. Note.—Series changed on Aug. 28,1974. For a comparison May 7......................... 4,582 2,813 199 1,570 of the old and new data for that date, see p. 741 of the Oct. 14......................... 4,612 2,808 200 1,604 1974 Bulletin. Revised figures received since Oct. 1974 21......................... 4,625 2,776 202 1,647 that affect that comparison are shown in note 2 to this table 28......................... 4,665 2,820 201 1,644 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 comnanies 1 of Non­ period All finan­ Accepting banks F.R. Banks issuers cial Total Im- Ex­ Dealer- Di- com­ Dealer- Di­ Others ports ports All placed2 rectly- panies4 placed rectly- For­ into from other placed3 placed Total Own Bills Own eign United United bills bought acct. corr. States States 1966 .... 13,645 2,332 10,556 757 3,603 1,198 983 215 193 191 2,022 997 829 1,778 1967 ........ 17,085 2,790 12,184 2,111 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 1968 .......... 21,173 4,427 13,972 2,774 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 1969........... 32,600 6,503 20,741 5,356 1,160 3,134 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 1970........... 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 2,895 197 1 32,126 5,297 20,582 6,247 524 1,449 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 197 2 34,721 5,655 22,098 6,968 1,226 1,411 6,898 2,706 2,006 700 106 179 3,907 2,531 1,909 2,458 1973........... 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-Mar... 44,690 6,571 28,869 9,250 2,137 3,908 10,166 2,986 2,413 573 296 684 6,200 2,827 2,979 4,361 Apr... 44,677 6,228 28,752 9,697 2,270 4,564 10,692 3,232 2,744 488 216 700 6,544 2,900 2,833 4,959 May.. 46,171 5,699 30,426 10,046 1,978 5,106 11,727 3,089 2,642 447 373 732 7,532 2,952 2,899 5,876 June.. 44,846 4,970 29,908 9,968 1,579 5,373 13,174 3,535 3,066 469 304 795 8,540 3,287 3,219 6,668 July.. 45,561 4,655 30,344 10,562 1,465 5,585 15,686 3,499 2,983 516 218 1,023 10,947 3,589 3,774 8,323 Aug... 47,967 5,308 31,774 10,885 2,425 6,350 16,167 3,388 2,866 522 277 1,202 11,300 3,585 3,933 8,649 Sept.. 49,087 5,333 31,095 12,659 2,185 6,446 16,035 3,347 2,942 405 504 1,459 10,724 3,526 3,806 8,703 Oct... 51,754 5,242 32,509 14,003 2,046 6,408 16,882 3,291 2,872 419 218 2,037 11,335 3,793 3,759 9,330 Nov.. 51,883 4,860 32,491 14,532 1,947 6,697 17,553 3,789 3,290 499 611 1,702 11,452 3,810 3,709 10,035 Dec.. 49,070 4,611 31,765 12,694 1,874 6,444 18,484 4,226 3,685 542 999 981 12,278 4,023 4,067 10,394 1975—Jan.. 51,528 5,029 31,851 14,648 1,946 6,625 18,602 4,357 3,903 454 966 384 12,894 4,120 4,314 10,168 Feb.. 52,325 5,167 32,426 14,732 1,854 7,228 18,579 4,864 4,370 494 993 130 12,593 3,974 4,210 10,396 Mar. 50,745 5,342 31,139 14,264 1,738 7,190 18,730 4,773 4,085 688 665 37 13,255 3,845 4,296 10,589 1 Financial companies are institutions engaged primarily in activities 4 Nonfinancial companies include public utilities and firms engaged such as, but not limited to, commercial, savings, and mortgage banking; primarily in activities such as communications, construction, manufac­ sales, personal, and mortgage financing; factoring, finance leasing, and turing, mining, wholesale and retail trade, transportation, and services. other business lending; insurance underwriting; and other investment 5 Included in dealer- and directly-placed financial company columns. activities. Coverage of bank-related companies was expanded in Aug. 1974. Most 2 As reported by dealers; includes all financial company paper sold in of the increase resulting from this expanded coverage occurred in directlythe open market. placed paper. 3 As reported by financial companies that place their paper directly with investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 INTEREST RATES o JUNE 1975 PRIME RATE CHARGED BY BANKS (Per cent per annum) Eflfective date Rate Effective date Rate Effective date Rate Effective date Rate 1974—Apr. 11, 934 1 — 0 9 b 8/io_ 1974—June 3. 1 li 1 /i 1 b % -11 e/x0- 1974—Oct. 28. 10 1 3 1 4 * -1 4 1 « - - 1975--Feb. 3. 8 9 3 * 4 4 - - 9 9 - 3 9 4 * 4«- 15 IOb-IOVio- 7. 1 li^-l 1%b- 11*4 4. 8 %-9-9 *4" 1014 ll«/io 10. 834-9b 19, 10—10l/io— 10. Nov. 4. 1034-1 1b- 18. 8*4-334 .-9 10V4. 21. 11*..4 -W1 Am 11*4 24. 8*4 *-834 24. H^b-113^ 11. 10*4-1034- Apr. 23. 101.4 ■-1O4/10 11b Mar. 3. 8 *4-8*4 ■ 24. 1014 b- 25. n*4*-n%- 14. 10*4-1034. 5. 8*4-8*4 ICX/10- 118/10 11 6. 734-8 i/4b- 10*4 26. uu-uy4m- 18. 10-10*4- 8*4 25. ioy4-io*ho- 118/10 1034- 10. 734-8.-814 101,4. 28. 1134b-118/10 19. 10-10*4- 17. 734-8b 26. 104/10- 10*4- 18, 7*4-734.-8 10*4b- July 3, 11 34 B-11 ®/l0” 1034- 24, 7*4 .-734-8 1034-11 12 25. 10-10*4- 25, 7*4--734 30. lovi-- 5, 118/io-12b 10*4- 31, 7 *4-7*4.- 10«/io- 9, 12b-12*4 734 1034-11 23, 103^-1 2b— Dec. 2. 934-10-10*4 May 2. 10 1 % 0 - 3 1 ^ 0 b « - / 1 i 1 o - Aug. 20, 10 1 ^ 2 4 1 - /4 12b 1975—Jan. 9, 9* - 4 1 - 0 1 * 0 4 - - May 2 2 0 6 , , 7 7* -7 4 * b 4 -7 b * -7 4 *4 3. 106/io-1034b 101/4B- -11 Sept. 26, IO34-H14- 10*4 6. 10«/io-1034- 1134-12B 13, 9*4-934-10- 11b I0i4« 7. 11b Oct. 7, 1034-11*4- 15 9*4-934- 10, 11-11*4« 1134B-12 1 Ob-1 0*4 13. 111.4 B-ll 4/10 15, 1034-11*4- 20 9*4-934 B-10 17, 11%-11-Vio 11*4- 28 9*4«-934-10 -11*4- 1134p 29 914b-934 20 11%B-11% 21, 1034-1114- 11*4" 1134 Note.—Beginning Nov. 1971, several banks adopted a floating prime Effective Apr. 16, 1973, with the adoption of a two-tier or “dual prime rate keyed to money market variables, b denotes the predominant prime rate,” this table shows only the “large-business prime rate,” which is the rate quoted by commercial banks to large businesses. range of rates charged by commercial banks on short-term loans to large businesses with the highest credit standing. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1--9 10-99 100-499 500-999 1,000 and over Center Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. 1975 1974 1975 1974 1975 1974 1975 1974 1975 1974 1975 1974 Short-term 35 centers..................................... 9.94 11.64 10.94 11.81 10.73 12.04 10.25 11.97 9.93 11.80 9.73 11.44 New York City........................ 9.61 11.35 10.82 12.31 10.60 12.11 10.14 12.05 9.74 11.56 9.50 11.21 7 Other Northeast................... 10.31 12.22 12.07 13.03 11.31 12.84 10.64 12.46 10.09 12.34 9.96 11.91 8 North Central....................... 9.87 11.66 10.55 11.54 10.49 11.99 10.09 11.93 9.85 11.77 9.74 11.53 7 Southeast............................... 10.24 11.52 10.59 11.44 10.52 11.34 10.21 11.43 10.22 11.62 10.12 11.62 8 Southwest.............................. 10.01 11.56 10.36 10.87 10.47 11.64 10.11 11.77 9.83 11.74 9.84 11.36 4 West Coast............................ 9.99 11.48 11.23 12.26 10.75 11.99 10.22 11.86 10.05 11.56 9.84 11.32 Revolving credit 35 centers..................................... 9.20 11.60 11.03 12.71 10.56 12.00 10.14 11.99 10.18 11.60 8.98 11.56 New York City........................ 7.84 11.60 10.98 12.25 10.59 11.97 9.98 11.89 9.87 11.77 7.61 11.57 7 Other Northeast................... 10.83 12.26 12.05 12.08 10.60 11.98 9.97 11.68 10.98 11.75 10.90 12.50 8 North Central....................... 10.32 11.82 11.77 13.34 11.14 12.29 10.97 12.57 10.24 11.79 10.22 11.72 7 Southeast............................... 9.77 11.53 10.61 10.41 11.41 10.35 13.09 9.00 10.98 9.76 11.25 8 Southwest.............................. 10.54 12.06 11.61 13.03 11.18 12.33 10.57 12.28 10.75 11.82 10.37 12.06 4 West Coast............................ 9.52 11.39 10.67 12.70 10.13 11.89 9.77 11.68 10.17 11.57 9.40 11.33 Long-term 35 centers..................................... 10.26 12.16 10.54 11.74 10.55 12.04 10.57 12.09 10.16 11.71 10.21 12.23 New York City........................ 9.62 11.96 9.27 8.87 10.82 11.45 10.46 12.37 9.78 12.02 9.53 11.93 7 Other Northeast................... 10.48 12.35 10.99 12.66 10.77 12.52 10.51 11.98 10.20 11.55 10.49 12.61 8 North Central....................... 11.33 12.29 10.32 10.90 10.25 11.89 10.17 11.90 9.45 11.75 11.81 12.44 7 Southeast............................... 10.42 13.81 9.67 11.21 10.47 11.45 11.11 12.14 11.95 12.02 9.16 17.29 8 Southwest.............................. 9.87 12.27 11.99 12.39 10.12 12.18 10.46 12.28 10.09 12.68 9.60 12.49 4 West Coast............................ 10.07 12.01 8.36 12.75 10.77 11.99 11.28 12.04 10.94 11.60 9.78 12.06 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ INTEREST RATES A 27 MONEY MARKET RATES (Per cent per annum) U.S. Government securities5 Prime Finance commercial CO. Prime Fed­ Period paper1 paper bankers’ eral 3-month bills6 6-month bills 6 9- to 12-month issues placed accept­ funds 3- to 5directly, ances, rate4 year 90-119 4 to 6 3 to 6 90 days 3 Rate Market Rate Market 1 -year issues7 days months months2 on new yield on new yield bill (mar­ Other 7 issue issue ket yield)6 1967. 5.10 4.89 4.75 4.22 4.321 4.29 4.630 4.61 4.71 4.84 5.07 1968. 5.90 5.69 5.75 5.66 5.339 5.34 5.470 5.47 5.46 5.62 5.59 1969. 7.83 7.16 7.61 8.21 6.677 6.67 6.853 6.86 6.79 7.06 6.85 1970. 7.72 7.23 7.31 7.17 6.458 6.39 6.562 6.51 6.49 6.90 7.37 1971. 5.11 4.91 4.85 4.66 4.348 4.33 4.511 4.52 4.67 4.75 5.77 1972. 4.66 4.69 4.52 4.47 4.44 4.071 4.07 4.466 4.49 4.77 4.86 5.85 1973. 8.20 8.15 7.40 8.08 8.74 7.041 7.03 7.178 7.20 7.01 7.30 6.92 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 1974—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 1975—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 Feb.. 6.36 6.33 6.24 6.35 6.24 5.583 5.50 5.674 5.62 5.56 5.97 6.85 Mar.. 6.06 6.06 6.00 6.22 5.54 5.544 5.49 5.635 5.62 5.70 6.10 7.00 Apr.. 6.11 6.15 5.97 6.15 5.49 5.694 5.61 6.012 6.00 6.40 6.83 7.76 May. 5.70 5.82 5.74 5.76 5.22 5.315 5.23 5.649 5.59 5.91 6.31 7.49 Week ending— 1975—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 6.50 6.45 6.25 6.34 6.46 5.669 5.61 5.736 5.65 5.51 5.95 6.91 15. 6.38 6.34 6.25 6.47 6.28 5.800 5.65 5.800 5.70 5.60 6.06 6.92 22. 6.31 6.28 6.25 6.26 6.29 5.408 5.25 5.483 5.43 5.44 5.84 6.71 Mar. 1., 6.25 6.25 6.23 6.33 6.15 5.455 5.47 5.675 5.66 5.67 6.04 6.83 8., 6.25 6.25 6.18 6.37 5.88 5.637 5.57 5.742 5.68 5.69 6.07 6.86 15., 6.08 6.08 6.05 6.29 5.44 5.622 5.46 5.655 5.56 5.62 6.03 6.88 22., 5.95 5.95 5.90 6.11 5.38 5.376 5.41 5.473 5.54 5.66 6.06 7.05 29. 5.91 5.91 5.88 6.11 5.53 5.542 5.53 5.669 5.69 5.81 6.20 7.19 Apr. 5. 6.03 6.03 5.88 6.15 5.59 5.562 5.62 5.786 5.90 6.20 6.58 7.47 12. 6.18 6.23 5.95 6.20 5.28 6.021 5.74 6.351 6.09 6.48 6.94 7.74 19. 6.15 6.20 6.00 6.11 5.44 5.538 5.44 5.843 5.86 6.30 6.76 7.75 26. 6.13 6.13 6.00 6.16 5.54 5.653 5.66 6.067 6.09 6.49 6.91 7.90 May 3........ 6.03 6.15 6.00 6.07 5.71 5.716 5.51 6.158 5.95 6.36 6.81 7.87 10........ 5.98 6.08 6.00 6.00 5.42 5.356 5.41 5.724 5.77 6.13 6.52 7.64 17........ 5.78 5.93 5.78 5.83 5.20 5.182 5.04 5.481 5.51 5.81 6.20 7.45 24........ 5.48 5.60 5.55 5.58 5.13 5.115 5.16 5.412 5.45 5.74 6.15 7.34 31........ 5.38 5.50 5.50 5.45 5.14 5.206 5.23 5.469 5.50 5.80 6.21 7.38 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 trans­ finance 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 28 INTEREST RATES □ JUNE 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 States ( t l e o r n m g ) ­ Aaa Baa New ce R n e tl ­ y Aaa Baa In tr d i u al s­ R ro a a i d l­ P u u ti b li l t i y c Pre­ Com­ Com­ issue offered ferred mon mon Seasoned issues 197 0 6.59 6.42 6.12 6.75 8.68 8.71 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.46 197 1 5.74 5.62 5.22 5.89 7.62 7.66 7.94 7.39 8.56 7.57 8.38 8.13 6.75 3.14 5.41 197 2 5.63 5.30 5.04 5.60 7.31 7.34 7.63 7.21 8.16 7.35 7.99 7.74 7.27 2.84 5.50 1973 6.30 5.22 4.99 5.49 7.74 7.75 7.80 7.44 8.24 7.60 8.12 7.83 7.23 3.06 7.12 197 4 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 *•11.56 1974—Ma y 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 '10.16 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 rl 4.35 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 r\2.95 1975—Ja.............n 6.68 6.89 6.39 7.45 9.36 9.45 9.55 8.83 10.62 9.19 9.52 10.10 8.41 5.07 Feb.......... 6.61 6.40 5.96 7.03 8.97 9.09 9.33 8.62 10.43 9.01 9.32 9.83 8.07 4.61 Mar......... 6.73 6.70 6.28 7.25 9.35 9.38 9.28 8.67 10.29 9.05 9.25 9.67 8.04 4.42 Apr.......... 7.03 6.95 6.46 7.43 9.67 9.65 9.49 8.95 10.34 9.30 9.39 9.88 8.27 4.34 May........ 6.99 6.95 6.42 7.48 9.63 9.65 9.55 8.90 1C.46 9.37 9.49 9.93 8.51 4.08 Week ending— 1975—Apr. 5. 6.88 6.89 6.45 7.40 9.80 9.70 9.38 8.87 10.28 9.19 9.35 9.75 8.08 4.49 12. 7.05 6.99 6.55 7.40 9.65 9.60 9.46 8.94 10.32 9.26 9.38 9.83 8.20 4.47 19. 7.03 6.92 6.40 7.40 9.51 9.55 9.50 8.95 10.34 9.32 9.38 9.90 8.35 4.26 26, 7.08 6.99 6.45 7.50 9.66 9.71 9.53 8.97 10.37 9.36 9.41 9.94 8.29 4.28 May 7.09 6.94 6.40 7.45 9.80 9.69 9.57 9.01 10.43 9.38 9.45 10.00 8.42 4.22 6.98 6.87 6.35 7.35 9.65 9.60 9.56 8.96 10.45 9.38 9.47 9.97 8.49 4.13 6.94 6.88 6.35 7.35 9.54 9.61 9.55 8.88 10.47 9.36 9.52 9.94 8.52 3.98 6.98 7.03 6.50 7.50 9.61 9.66 9.53 8.85 10.46 9.37 9.50 9.89 8.44 4.12 7.03 7.03 6.50 7.75 9.62 9.70 9.55 8.90 10.47 9.38 9.49 9.90 8.50 4.10 Number of issues2.. . 14 20 121 20 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ govt., general obligations only, based on Thurs. figures, from Moody’s arately. Because of a limited number of suitable issues, the number 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 weekly, monthly, or quarterly Preferred stock ratio based on 8 median yields for a sample of nondata. callable issues—12 industrial and 2 public utility. Common stock ratios Bonds: Monthly and weekly yields are computed as follows: (1) U.S. on the 500 stocks in the price index. Quarterly earnings are seasonally Govt., averages of daily figures for bonds maturing or callable in 10 years adjusted at annual rates. or more; from Federal Reserve Bank of New York. (2) State and local NOTES TO TABLES ON OPPOSITE PAGE: Security Prices: Stock Market Customer Financing: Note.—Annual data are averages of weekly or monthly figures. Monthly * Margin credit includes all credit extended to purchase or carry stocks and weekly data are averages of daily figures unless otherwise noted and are or related equity instruments and secured at least in part by stock (Dec. computed as follows: U.S. Govt, bonds, derived from average market 1970 Bulletin, p. 920). Credit extended by brokers is end-of-month data yields in table on p. A-28 on basis of ah 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 ac­ year 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, presently 1971. conducted 5 days per week for 6 hours per day. 2 In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan values for convertible bonds and 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

JUNE 1975 □ SECURITY MARKETS A 29 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange Amer­ trading in (per cent of par) 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 e U o o r . n m v S g t . ) . ­ S l a o t n c a d a te l p A C o A r o a r A t ­ e Total In tr d ia u l s­ R ro a a i d l­ P u u ti b li l t i y c Total In tr d ia u l s­ T p t o r i a o r n t n a s ­ ­ Utility na F n i c ­ e 1 ( 9 A 1 7 0 u 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 15,381 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 1974......................... 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—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 76.2 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 1,808 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 1,880 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................ 59.70 70.9 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 Feb................ 60.27 74.1 56.6 80.10 89.29 37.80 40.37 42.48 46.00 30.21 31.31 47.59 76.08 22,311 2,545 Mar............... 59.33 70.9 56.2 83.78 93.90 38.35 39.55 44.35 48.63 31.62 31.04 47.83 79.15 22,680 2,665 Apr................ 57.05 69.5 55.8 84.72 95.27 38.55 38.19 44.91 49.74 31.70 30.01 47.35 82.03 20,334 2,302 May.............. 57.40 69.6 56.6 90.10 101.05 38.92 39.69 47.76 53.22 32.28 31.02 49.97 86.94 21,785 2,521 Week ending— 1975—May 3........ 56.63 69.3 55.8 87.30 98.39 39.64 38.05 46.23 51.51 32.45 30.00 47.84 84.23 19,904 2,276 10 57.45 70.2 56.5 89.58 101.02 39.68 38.99 47.41 52.81 32.38 30.87 50.64 86.28 24,290 2,820 17 57.72 70.3 56.6 91.26 102.91 37.30 40.34 48.34 53.82 32.52 31.59 50.25 87.49 24,146 2,542 24 57.47 69.0 56.8 89.93 101.35 38.21 39.81 47.72 53.19 32.10 30.88 50.16 87.18 17,860 2,022 31 57.11 68.8 56.5 90.22 101.62 38.40 38.40 47.94 53.46 31.94 31.01 50.45 87.97 20,035 2,738 For notes see opposite page. STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated 2 Unregu­ lated 3 Free credit balances at brokers 4 End of period By source By type Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. 1974—Mar.. 6,527 5,519 1,008 5,330 944 180 48 1,869 425 1,583 Apr.. 6,567 5,558 1,009 5,370 952 179 44 1,868 415 1,440 May. 6,381 5,361 1,020 5,180 963 172 44 1,858 395 1,420 June. 6,297 5,260 1,037 5,080 991 172 34 2,072 395 1,360 July.. 5,948 4,925 1,023 4,760 978 158 33 2,091 402 1,391 Aug.. 5,625 4,672 953 4,510 912 156 29 2,119 429 1,382 Sept.. 5,097 4,173 924 4,020 881 148 31 2,060 437 1,354 Oct.. 4,996 4,080 916 3,930 872 145 32 2,024 431 1,419 Nov.. 4,994 4,103 891 3,960 851 139 29 2,054 410 1,447 Dec.. 4,836 3,980 856 3,840 815 137 30 2,064 411 1,424 1975—Jan... 4,934 4,086 848 3,950 806 134 29 1,919 410 1,446 Feb.. 5,099 4,269 830 4,130 783 136 34 1,897 478 1,604 Mar.1 5,245 4,400 845 4,260 801 134 30 1,948 514 1,764 Apr.. 4,440 505 1,790 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 STOCK MARKET CREDIT; SAVINGS INSTITUTIONS □ JUNE 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) Total Equity class (per cent) Equity class of accounts E pe n r d i o o d f l ( d d i m o o e o n b f i l l ­ s t ­ 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 4 d 0 er End of period s c t N r a e t e d u t i s t 60 o r p e m in r o c d r e e e n b t i t 6 L s 0 t e a p s t s u e r s t h c a e n n t of ( b m d T a o i l o l a l l t n l i a a o c l r n e s s ) lars)! 1974—Apr....................... 39.6 42.3 19.4 6,526 1974—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 Aug...................... 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 41.1 32.4 26.5 7,013 Dec.. 3,840 4.3 4.6 13.9 23.0 45.4 1975—Jan........................ 41.1 39.3 19.8 7,185 1975--Jan. . 3,950 5.6 7.3 13.5 24.6 28.1 21.2 Feb....................... 42.2 40.1 17.8 7,303 Feb.. 4,130 5.9 7.2 14.6 25.4 28.5 18.4 44.4 40.1 15.5 7,277 Mar.. 4,260 6.5 8.0 15.3 27.6 25.8 16.9 45.2 41 .1 13.7 7,505 Apr.. 4,440 7.1 8.7 16.1 28.7 23.5 15.9 Note.—Special miscellaneous accounts contain credit balances that i Note 1 appears at the bottom of p. A-28. 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 Total Other General classified by maturity End of period M ga o g r e t­ Other G U o . v S t . . S l a o t n a c d a te l C r a o a n r t d p e o­ Cash O as t s h e e ts r l g i e a a t n b i n e e i d s l r i a ­ l De it p s os­ lia ti b e i s li­ r c e o a s u e c n r ­ v ts e (in months) govt. other1 reserve accts. 3 or 3-6 6-9 Over Total less 9 1971............... 62,069 2,808 3,334 385 17,674 1,389 1,711 89,369 81,440 1,810 6,118 1,047 627 463 1,310 3,447 19723............. 67,563 2,979 3,510 873 21,906 1,644 2,117 100,593 91,613 2,024 6,956 1,593 713 609 1,624 4,539 1973............... 73,231 3,871 2,957 926 21,383 1,968 2,314 106,651 96,496 2,566 7,589 1,250 598 405 1,008 3,261 1974............... 74,891 3,812 2,555 930 22,550 2,167 2,645 109,550 98,701 2,888 7,961 664 418 232 726 2,040 1974—Mar... 73,957 4,825 2,851 934 22,302 1,634 2,373 108,876 98,557 2,595 7,724 1,302 525 413 929 3,168 Apr.... 74,181 4,425 2,852 951 22,366 1,601 2,347 108,722 98,035 2,943 7,744 1,214 584 401 994 3,193 May... 74,011 4,388 2,750 893 22,241 1,656 2,355 108,295 97,391 3,173 7,731 1,129 608 400 1,014 3,151 June... 74,281 4,274 2,758 880 22,324 1,651 2,488 108,654 98,190 2,688 7,776 1,099 602 328 1,001 3,031 July... 74,541 4,311 2,650 884 22,383 1,402 2,487 108,660 97,713 3,144 7,803 990 586 316 1,076 2,968 Aug.... 74,724 4,031 2,604 879 22,292 1,334 2,519 108,383 97,067 3,475 7,841 949 496 417 977 2,839 Sept.. . 74,790 4,087 2,574 876 22,218 1,303 2,573 108,420 97,425 3,089 7,906 932 382 450 904 2,668 Oct.... 74,835 3,981 2,525 870 22,190 1,303 2,608 108,313 97,252 3,158 7,904 775 374 360 792 2,301 Nov— 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 Dec__ 74,891 3,812 2,555 930 22,550 2,167 2,645 109,550 98,701 2,888 7,961 664 418 232 726 2,040 1975—Jan.... 74,957 4,287 2,571 967 22,979 1,706 2,663 110,130 99,211 2,948 7,971 726 400 225 620 1,971 Feb.. . 75,057 4,658 2,677 1,017 23,402 1 ,856 2,709 111,376 100,149 3,211 8,016 654 360 217 579 1,810 Mar.. . 75,127 4,736 2,975 1,095 24,339 2,101 2,672 113,045 102,285 2,712 8,049 824 312 294 564 1,994 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

JUNE 1975 □ SAVINGS INSTITUTIONS A 31 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort­ Real Policy Other End of period assets gages estate loans assets United State and Foreign1 Total Bonds Stocks Total States local 1971......................................... 222,102 11,000 4,455 3,363 3,182 99,805 79,198 20,607 75,496 6,904 17,065 11,832 1972......................................... 239,730 11,372 4,562 3,367 3,443 112,985 86,140 26,845 76,948 7,295 18,003 13,127 1973......................................... 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......................................... 263,817 11,890 4,396 3,653 3,841 119,580 97,430 22,150 86,258 8,249 22,899 14,941 1974—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 Nov.............................. 262,738 11,820 4,363 3,618 3,839 120,176 92,892 22,284 85,529 8,143 22,710 14,360 Dec............................... 263,817 11,890 4,396 3,653 3,841 119,580 97,430 22,150 86,258 8,249 22,899 14,941 1975—Jan................................ 266,823 12,065 4,461 3,669 3,935 121,986 93,690 23,110 86,526 8,313 23,058 14,875 Feb............................... 269,715 12,161 4,512 3,686 3,960 124,158 99,571 24,587 86,929 8,402 23,224 14,841 l Issues of foreign governments and their subdivisions and bonds of Figures are annual statement asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. Adjustments for interest due and accrued and for differences between market and book Note.—Institute of Life Insurance estimates for aft* life insurance values are not made on each item separately but are included, in total in companies in the United States. “Other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Mortgage Total loan com­ assets— mitments End of period Invest­ Total Bor­ Loans outstanding Mort­ ment Cash Other liabilities Savings Net rowed in Other at end of gages secur­ capital worth2 money 3 process period4 ities 1 1971.................................. 174,250 18,185 2,857 10,731 206,023 174,197 13,592 8,992 5,029 4,213 7,328 1972.................................. 206,182 21,574 2,781 12,590 243,127 206,764 15,240 9,782 6,209 5,132 11,515 19735................................ 231,733 21,055 19,117 271,905 226,968 17,056 17,172 4,667 6,042 9,526 1974.................................. 249,306 23,235 23,075 295,616 242,914 18,435 24,824 3,205 6,238 7,454 1974—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 9,851 247,624 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 Dec........................ 249,306 23,235 23,075 295,616 242,914 18,435 24,824 3,205 6,238 7,454 1975—Jan......................... 249,734 25,382 23,338 298,454 246,182 18,585 23,398 3,022 7,267 7,887 Feb........................ 250,845 26,995 23,754 301,594 249,480 18,815 21,938 3,015 8,346 8,787 Mar....................... 252,463 28,293 24,295 305,051 255,973 18,653 20,417 3,239 6,769 10,050 Apr.*..................... 254,757 29,054 24,945 308,756 258,828 18,894 19,899 3,574 7,561 11,680 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 pass­ all, 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 32 FEDERAL FINANCE □ JUNE 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 financ­ deficit debt Agency accounts 1 Less: Equals: sury ing* (-) securi­ securi­ Special Total operat­ Other net3 ties ties notes 2 ing S is p s e u c e ia s l Other balance Fiscal year: 197 1 188,392 211,425 -23,033 27,211 -347 6,616 801 19,448 710 -710 3,587 197 2 208,649 231,876 -23,227 29,131 -1,269 6,796 1,623 19,442 1,362 1,108 6,003 197 3 232,225 246,526 -14,301 30,881 216 11,712 109 19,275 2,459 -1,613 -4,129 197 4 264,932 268,392 — 3,460 16,918 903 13,673 1,140 3,009 -3,417 898-2,063 Half year: 1973—Jan.-June 126,164 127,947 -1,784 8,843 -661 5,716 577 1,889 1,503 -93 1,305 July-Dee. 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 1,089 231 July-Dee. 139,870 153,399 -13,591 18,429 -646 2,840 150 14,794 -3,228 248 -4,183 Month: 1974—Ap r 29,660 r22,219 r7,441 -2,597 36 -93 35 -2,503 3,125 1,319 r_494 May........ 19,243 23,981 -4,739 2,773 -28 2,947 -211 8 -5,032 -1,120 -1,423 June........ 31,259 24,172 7,087 385 29 4,178 121 -3,886 2,711 239 -252 July......... 20,939, 24,411 -3,472 1,109 -126 -858 198 1,644 -2,705 -658 -1,534 Aug......... 23,620 25,408 -1,787 6,447 -56 4,133 -25 2,283 -1,012 83 -1,425 Sept......... 28,377 24,712 3,666 -326 -167 -1,311 250 569 3,244 797 -194 Oct.......... 19,633 26,460 -6,827 -1,242 -242 -2,053 -152 721 -6,445 -338 -677 Nov......... 22,292 24,965 -2,673 5,139 -17 653 -31 4,500 816 96 -915 Dec......... 24,946 27,442 -2,496 7,300 -38 2,276 -90 5,077 2,874 268 561 1975—Ja.............n 25,020 28,934 -3,914 1,475 -23 -2,173 -42 3,667 -58 319 508 Feb........... 19,975 26,200 -6,225 5,571 -306 1,224 -495 4,535 -2,359 -132 801 Mar......... 20,134 27,986 -7,852 9,949 5 -1,216 -79 11,249 3,115 285 3 Apr......... 31,451 29,601 1,850 7,081 -37 10 -451 7,485 7,666 1,847 178 Selected balances Treasury operating balance Borrowing from the public. End Memo: of Less: Debt of period B F a . n R k . s acc l T a o o n a a u d x n nts d t O a e r p t i h o e e s s r i 4 ­ Total se P c d u u e b r b i l t i t i c es s A ec g u e r n it c ie y s 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 i S n L p o e e te s c s s ia : 2 l E T q o u t a a l l s: s c p p o G r o N r i n o v p o s v a s w o t t .— . e r - 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 88 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: 1974—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 6,448 474,675 11,984 110,743 25,152 825 349,939 62,650 June. 2,919 6,152 9,159 475,060 12,012 114,921 25,273 825 346,053 65,411 July.. 3,822 2,544 88 6,454 6 475,344 11,895 114,063 25,471 (6) 347,706 68,243 Aug.. 3,304 2,049 91 5,443 481,792 11,831 118,196 25,446 349,980 69,951 Sept.. 3,211 5,384 92 8,687 481,466 11,664 116,885 25,696 350,549 73,068 Oct... 789 1,381 71 2,241 480,224 11,422 114,832 25,544 351,270 75,343 Nov.. 1,494 1,571 3,066 485,364 11,404 115,485 25,513 355,770 75,706 Dec.. 3,113 2,745 70 5,928 492,664 11,367 117,761 25,423 360,847 76,459 1975—Jan.. 3,541 2,115 220 5,876 494,139 11,343 115,588 25,380 364,514 76,921 Feb.. 2,884 410 220 3,514 499,710 11,037 116,812 24,886 369,049 75,964 Mar., 4,269 2,140 220 6,629 509,659 11,042 115,596 24,807 380,298 Apr.. 8,363 5,411 521 14,295 516,740 11,004 115,606 24,355 387,783 1 With the publication of the Oct. 1974, Federal Reserve Bulletin, taries” (deposits in certain commercial depositaries that have been con­ these 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

JUNE 1975 □ FEDERAL FINANCE A 33 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes Corporation Social insurance taxes income taxes and contributions Period Employment Total Pres. taxes and Excise Cus­ Estate Misc. Elec­ Non­ Gross contribution2 Un- Other taxes toms and re­ With­ tion with­ Re­ Net re­ Re­ empl. net Net gift ceipts4 held Cam­ held funds total ceipts funds insur. re­ total paign Pay­ Self- ceipts3 Fund1 roll empl. taxes Fiscal year: 197 1 188,39276,490 24,26214,52286,23030,320 3,53539,751 1,948 3,673 3,20648,578 16,614 2,591 3,735 3,858 197 2 208,64983,200 25,679 14,14394,73734,926 2,76044,088 2,032 4,357 3,43753,914 15,477 3,287 5,436 3,633 197 3 232,22598,093 27,01721,866 103,24639,045 2,89352,505 2,371 6,051 3,61464,542 16,260 3,188 4,917 3,921 197 4 264,932 112,064 30,81223.952 118,95241,744 3,125 62,886 3,008 6,837 4,051 76,78016,844 3,334 5,035 5,368 Half year: 1973—Jan.-June 126,16452,037 21,23321,179 52,09423,730 1,43430,013 2,206 3.616 1.841 37,657 8,016 1,637 2,584 1,861 July-Dee., 124,25652,964 6,207 99958,172 16,589 1,49429.965 201 2.974 1,96735,109 8,966 1,633 2,514 2,768 1974—Jan.-June 140,67959,103 24,60522.953 60,78225,156 1,631 32,919 2,808 3,862 2,08241,672 7,878 1,701 2,521 2,601 July-Dee. 139,80761,377 7,099 1,01667,460 18,247 2,01634,418 254 2.914 2,18739,774 8,761 1,958 2,284 3,341 Month: 1974—Apr.r.... 29,660 9,946 11,117 6,313 14,764 5,893 430 4,390 1 ,603 552 351 6,896 1 ,275 286 371 604 May........ 19,243 10,083 1,204 5,651 5,641 1,318 218 7,196 311 2,190 339 10,036 1,391 295 437 343 June........ 31,259 10,611 4,077 46214,231 9,269 237 4,757 281 18 329 5,386 1,423 301 370 517 July........ 20,939 10,227 957 378 10,806 1,796 310 5,005 418 358 5,781 1,517 325 418 607 Aug........ 23,620 10,223 491 229 10,485 1,084 256 7,813 1,363 368 9,544 1,415 355 453 540 Sept........ 28,377 9,754 4,323 13013,947 6,082 435 5,428 240 62 389 6,119 1,465 305 352 543 Oct......... 19,633 10,106 561 7810,590 1,717 511 4,558 221 363 5,142 1,401 347 370 578 Nov........ 22,292 10,638 305 111 10,832 1,111 314 6,633 762 353 7,748 1 ,474 319 350 773 Dec......... 24,946 10,428 461 9010,799 6,458 190 4,982 14 89 356 5,441 1,489 307 341 301 1975—Ja n 25,020 10,252 5,366 13215,487 1,745 557 4,802 223 245 402 5,673 1,351 307 385 629 Feb......... 19,975 10,957 1,046 4,264 7,747 1,275 496 7,670 225 732 352 8,979 1,277 260 399 535 Mar........ 20,134 9,617 2,661 8,152 4,134 7,228 649 6,268 208 21 373 6,870 1 ,160 295 356 741 Apr......... 31,451 9,542 1512,781 6,258 16,065 5,819 726 5,438 1 ,743 557 388 8,126 1 ,166 286 317 399 Budget outlays 5 Gen­ Nat­ Educa­ Gen­ Rev­ eral ural Com- tion, eral enue Undis- Na­ sci­ Agri­ re­ Com­ mun. man­ Health Govt., shar. trib. Period Total tional Intl. ence, cul­ sources, merce and power, and Vet­ Inter­ law and off­ de­ affairs space, ture envir., and region. and wel­ erans est en­ fiscal setting fense and and transp. devel­ social fare force., assist­ re­ tech. energy opment serv. and ance ceipts6 justice Fiscal year: 197 2 231,876 77,356 3,723 4,299 5,279 5,019 10,601 4,699 11,696 81,382 10,730 20,582 4,116 531 -8,137 197 3 246,526 75,072 2,956 4,169 4,855 5,461 9,938 5,869 11,874 91,790 12,013 22,813 4,813 77,222 -12,318 197 4 268,392 78,569 3,593 4,154 2,230 6,390 13,100 4,910 11,600106,505 13,386 28,072 5,789 6,746 -16,651 1975 8.................. 313,446 85,276 4,853 4,183 1,773 9,412 11,796 4,887 14,714133,188 15,466 31,331 5,672 7,033 -16,839 19768 ................. 349,372 94,027 6,294 4,581 1,816 10,028 13,723 5,920 14,623 146,774 15,592 34,419 6,468 7,249 -20,193 Month: 1975—Feb.......... 26,200 7,528 382 350 156 468 666 rl 99 1,024 11,174 rl ,993 2,618 467 -826 Mar......... 27,986 7,435 503 379 347 723 1,415 19 1,209 12,154 1,811 2,656 568 3 -1,236 Apr.......... 29,601 7,555 109 368 275 611 1,088 309 1,838 12,379 1 ,466 2,716 152 1,524 -1,053 1 Collections of these receipts, totaling $2,427 million for fiscal year 6 Consists of interest received by trust funds, rents and royalties on the 1973, were included as part of non withheld income taxes prior to Feb. Outer Continental Shelf, and Govt, contributions for employee retirement. 1974. 7 Contains retroactive payments of $2,617 million for fiscal 1972. 2 Old-age, disability, and hospital insurance, and Railroad Retirement 8 Estimates presented in Budget of the U.S. Government, Fiscal Year accounts. 1976. Breakdowns do not add to totals because special allowances for 3 Supplementary medical insurance premiums and Federal employee contingencies, civilian agency pay raises, and energy tax equalization pay­ retirement contributions. ments totaling $700 million for fiscal 1975 and $8,050 million for fiscal 4 Deposits of earnings by F. R. Banks and other miscellaneous receipts. 1976 are not included. 5 Budget outlays have been revised to reflect the new functional classi­ fication of outlays presented in the 1976 Budget. For a description of these Note.—Half years may not add to fiscal year totals due to revisions in functions, see Budget of the U.S. Government, Fiscal Year 1976, pp. series that are not yet available on a monthly basis. 64-65. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 U.S. GOVERNMENT SECURITIES a JUNE 1975 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues (interest-bearing) End of period p T g u r o b o t l s a i s l c Marketable Con­ Nonmarketable i S ss p u e e c s i a 5 l debt 1 Total Total Bills C c e a r t t e if s i­ Notes Bonds 2 b v i o b e n l r e d t­ s Total 3 F is o su re e i s g n 4 S b a o a v n n in d d g s s notes 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—May 474.7 361.5 269.6 107.9 128.4 33.2 2.3 89.6 26.0 62.1 111.3 June 475.1 357.8 266.6 105.0 128.4 33.1 2.3 89.0 25.0 62.4 115.4 July. 475.3 359.7 268.8 107.3 128.4 33.0 2.3 88.7 24.4 62.7 114.6 Aug. 481.8 362.0 272.1 110.6 127.7 33.9 2.3 87.6 23.2 62.8 118.7 Sept. 481.5 362.7 272.6 111.1 127.7 33.8 2.3 87.8 23.2 63.0 117.4 Oct., 480.2 363.9 273.5 112.1 127.7 33.8 2.3 88.1 23.1 63.3 115.3 Nov. 485.4 368.2 277.5 114.6 129.6 33.3 2.3 88.4 23.1 63.6 115.9 Dec. 492.7 373.4 282.9 119.7 129.8 33.4 2.3 88.2 22.8 63.8 118.2 1975—Jan.. 494.1 377.1 286.1 120.0 131.8 33.3 2.3 88.8 23.0 64.2 116.0 Feb. 499.7 381.5 289.8 123.0 132.7 34.1 2.3 89.4 23.3 64.5 117.2 Mar. 509.7 392.6 300.0 124.0 141.9 34.1 2.3 90.4 24.0 64.8 116.0 Apr. 516.7 399.8 307.2 127.0 145.0 35.3 2.3 90.3 23.6 65.2 116.0 May 528.2 407.8 314.9 131.5 146.5 36.8 2.3 90.6 23.5 65.5 119.2 1 Includes non-interest-bearing debt (of which $624 million on May 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 Monthly Statement of the Public Debt of the United ment bonds, and Treasury deposit funds. States, published by U.S. Treasury. See also second paragraph in Note to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors E pe n r d i o o d f p T g d u r o e b o t b l s a i t s l c ag G t U e a r o n n u .S v c d s i t . t e . s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r n t o e e d n i r g ­ a n l1 t O i m o n r v t i s h s e c e s 2 . r ­ funds bonds securities 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—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 Nov............... 485.4 139.0 81.0 265.3 54.5 2.5 5.9 11.0 28.7 63.2 21.1 58.3 20.1 Dec................ 492.7 141.2 80.5 271.0 56.5 2.5 6.1 11.0 29.2 63.4 21.5 58.4 22.4 1975—Jan................. 494.1 139.0 81.3 273.8 54.5 2.6 6.2 11.3 30.0 63.7 21.6 61.5 22.3 Feb................ 499.7 139.8 81.1 278.9 56.9 2.7 6.2 11.4 30.5 64.0 21.3 64.6 21.3 Mar.*............ 509.7 138.5 81.4 289.8 62.0 2.9 6.6 12.0 29.7 64.4 21.4 65.0 25.9 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 pensions 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

JUNE 1975 □ U.S. GOVERNMENT SECURITIES A 35 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 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—Dec. 31........................................................ 282,891 148,086 119,747 28,339 85,311 27,897 14,833 6,764 1975—Mar. 31........................................................ 299,989 158,046 123,972 34,074 90,362 29,255 15,476 6,850 Apr. 30........................................................ 307,202 160,981 126,907 34,074 93,444 29,254 16,688 6,835 U.S. Govt, agencies and trust funds: 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—Dec. 31................................................ 21,391 2,400 588 1,812 7,823 4,721 4,670 1,777 1975—Mar. 31................................................ 20,841 2,519 511 2,008 7,871 3,998 4,802 1,651 Apr. 30................................................ 20,499 2,397 440 1,957 7,722 3,968 4,802 1,610 Federal Reserve Banks: 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—Dec. 31................................................ 80,501 45,388 36,990 8,399 23,282 9,664 1,453 713 1975—Mar. 31................................................ 81,418 47,019 36,087 10,932 21,288 10,485 1,507 1,119 Apr. 30................................................ 87,846 49,764 38,329 11,435 24,052 11,077 1,705 1,248 Held by private investors: 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-Dec. 31................................................ 180,999 100,298 82,168 18,130 54,206 13,512 8,710 4,274 1975—Mar. 31............................................ 197,730 108,508 87,374 21,134 61,203 14,772 9,167 4,080 Apr. 30................................................ 198,857 108,820 88,138 20,682 61,670 14,209 10,181 3,977 Commercial banks: 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—Dec. 31......................................... 42,755 14,873 6,952 7,921 22,717 4,151 733 280 1975—Mar. 31......................................... 48,840 16,217 6,976 9,241 26,503 5,126 722 272 Apr. 30......................................... 49,282 16,183 7,351 8,832 27,211 4,900 731 257 Mutual savings banks: 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—Dec. 31......................................... 1,477 399 207 192 614 174 202 88 1975—Mar. 31......................................... 1,751 385 152 233 743 285 195 143 Apr. 30......................................... 2,106 436 191 245 918 365 261 125 Insurance companies: 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—Dec. 31......................................... 4,741 722 414 308 1,061 1,310 1,297 351 1975—Mar. 31......................................... 5,119 720 405 315 1,357 1,357 1,336 348 Apr. 30........................................ 5,303 683 386 297 1,440 1,412 1,421 348 Nonfinancial corporations: 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—Dec. 31......................................... 4,246 2,623 1,859 764 1,423 115 26 59 1975—Mar. 31........................................ 4,911 2,777 2,011 766 1,805 264 23 41 Apr. 30......................................... 5,278 2,803 2,013 790 2,107 230 98 40 Savings and loan associations: 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—Dec. 31......................................... 1,663 350 87 263 835 282 173 23 1975—Mar. 31......................................... 1,969 511 240 271 995 278 166 19 Apr. 30......................................... 2,083 562 294 268 1,034 289 178 19 State and local governments: 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—Dec. 31......................................... 7,864 4,121 3,319 802 1,796 815 800 332 1975_Mar. 31......................................... 8,189 4,793 4,078 715 1,590 545 918 343 Apr. 30......................................... 8,245 4,647 3,908 739 1,719 543 980 356 All others: 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—Dec. 31......................................... 118,253 77,210 69,330 7,880 25,760 6,664 5,479 3,141 1975—Mar. 31......................................... 126,952 83,105 73,512 9,593 28,210 6,918 5,806 2,914 Apr. 30........................................ 126,560 83,505 73,994 9,511 27,240 6,470 6,512 2,833 Note.—Direct public issues only. Based on Treasury Survey of banks, and 733 insurance companies combined, each about 90 per cent; Ownership. (2) 458 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) 502 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) 5,561 commercial banks, 475 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 U.S. GOVERNMENT SECURITIES □ JUNE 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 i dealers brokers banks 1974—Apr............................... 3,338 2,682 438 173 45 614 836 951 937 710 May............................. 3,542 2,645 693 133 72 711 905 991 936 861 June............................. 3,084 2,549 385 110 41 693 759 877 755 978 July............................... 2,566 2,114 348 66 38 490 685 681 710 1,044 Aug.............................. 3,097 2,407 389 238 64 554 876 789 878 856 Sept.............................. 4,114 3,327 472 265 50 683 1,351 1,022 1,058 1,227 Oct................................ 3,543 2,802 498 193 50 607 1,087 928 920 1,150 Nov.............................. 3,977 2,872 635 384 86 560 1,049 1,144 1,224 1,186 Dec............................... 4,111 3,126 550 369 67 671 1,196 1,120 1,124 1,087 1975—Jan................................ 5,415 3,495 1,514 303 104 887 1,549 1,503 1,478 1,244 Feb............................... 5,770 3,353 1,521 711 185 698 2,044 1,511 1,518 1,233 Mar.............................. r4,467 2,812 r994 r464 197 r671 1,183 rl, 198 1,415 928 Apr............................... 5,197 3,682 1,096 285 134 704 1,450 1,242 1,801 904 Week ending— 1975—Apr. 2....................... 4,541 2,988 1,092 265 196 560 1,050 1,188 1,743 752 9....................... 6,147 4,313 1,273 402 159 851 1,908 1,424 1,965 1,219 16....................... 5,694 4,394 959 235 107 893 1,507 1,459 1,835 838 23....................... r4,486 3,127 1,270 ’349 140 609 1,308 1,134 rl ,834 909 30....................... 4,170 3,100 788 162 120 550 1,109 941 1,570 715 May 7....................... 6,442 4,611 1 ,465 252 115 1,011 1,872 1,395 2,164 853 14....................... 7,593 4,508 1 ,927 903 254 1,100 2,373 1,931 2,190 952 21....................... 6,584 4,244 1,755 430 156 1,036 2,063 1,449 2,037 1,126 28....................... 5,044 3,290 1,341 311 102 777 1,427 1,022 1,818 1,351 i Since Jan. 1972 has included transactions of dealers and brokers in They do not include allotments of, and exchanges for, new U.S. Govt, securities other than U.S. Govt. securities, redemptions of called or matured securities, or purchases or sales of securities under repurchase agreement, reverse repurchase (resale), Note.—The transactions data combine market purchases and sales of or similar contracts. Averages of daily figures based on the number of U.S. Govt, securities dealers reporting to the F.R. Bank of New York. trading days in the period. DAILY-AVERAGE DEALER POSITIONS DAILY-AVERAGE DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period m t a A i t e l u s l ri­ W y i e 1 th ar in y 1 e - a 5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e rs r a s G e g t c e o ie u 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 l a­ o A th l e l r 1974—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............ 4,70S* 1,312 1,247 480 1,671 Oct................. 2,870 2,149 430 260 31 1,445 4,621 1,194 1,003 571 1,853 Nov................ 4,513 2,999 728 618 169 1,531 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 1975—Jan.................. 4,634 2,689 1,236 600 113 1,578 1975—Jan............. 6,185 1,455 1,277 864 2,590 Feb................. 5,588 3,658 1,180 536 213 1,469 Feb............ 6,295 1,672 1,077 714 2,832 Mar................ 5,737 3,435 1,486 618 198 1,444 Mar........... 6,881 1,879 1,650 838 2,513 Apr................. 4,453 3,123 1,036 218 77 937 Apr............ 5,696 1,655 1,326 583 2,132 Week ending— Week ending— 1975—Mar. 5......... 5,458 3,438 1,434 435 151 1,479 1975—Mar. 5... 6,784 1,826 1,147 709 3,102 12......... 5,520 3,598 1,271 497 154 1,426 12... 7,097 1,968 1,741 954 2,433 19......... 6,063 3,438 1,518 940 167 1,419 19... 7,148 2,018 1,885 828 2,417 26......... 5,876 3,306 1,709 576 285 1,487 26... 6,506 1,689 1,499 786 2,532 Apr. 2........ 5,840 3,541 1,568 498 233 1,277 Apr. 2... 6,764 2,027 1,906 832 1,998 9........ 5,599 3,564 1,437 446 152 1,084 9. .. 7,128 2,426 1,759 843 2,101 16........ 4,742 3,149 1,171 319 103 941 16. .. 5,979 2,005 1,340 670 1,964 23, , , 3,643 2,647 870 87 39 793 23... 5,033 1,376 1,033 399 2,225 30........ 3,011 2,725 422 -90 -46 838 30... 4,368 627 988 383 2,371 Note.—The figures include all securities sold by dealers under repur­ i All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of Note.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than Note to the table on the left. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 o FEDERALLY SPONSORED CREDIT AGENC A IING ISSUES OF FEDERALLY SPONSORED CREDIT AGENCIES, APRIL 30, Cou­ Amount Cou­ Amount nour pon (millions Agency, and date of issue pon (millions Agency, and date of issue illioi rate of dollars) and maturity rate of dollars) and maturity Lollai Federal National Mortgage Banks for cooperatives Association—Cont. Bonds: 7.15 700 Debentures: 11/4/74-5/1/75.. 683 8.05 265 4/12/71 -6/10/75.......... 5.25 500 12/2/74-6/2/75. . 542 6.80 300 10/13/70 - 9/10/75.... 7.50 350 1/2/75 -7/1/75. . . 493 7.95 300 3/12/73 - 9/10/75.......... 6.80 650 2/3/75 - 8/4/75 . . . 478 7.88 500 3/10/72 - 12/10/75.... 5.70 500 3/3/75-9/2/75 407 7.15 400 9/10/73 - 12/10/75........ 8.25 300 4/1/75 - 10/1/75.. 326 6.50 350 3/11/71 - 3/10/76.......... 5.65 500 10/1/73 -4/4/77.. 200 7.05 600 6/12/73 -3/10/76.......... 7.13 400 12/2/74 - 10/1/79. 201 9.10 700 6/10/71 -6/10/76.......... 6.70 250 8.70 400 2/10/72 - 6/10/76.......... 5.85 450 7.38 300 9/10/74-6/10/76.......... 10.00 700 Federal intermediate 8.75 300 11/10/71 - 9/10/76........ 6.13 300 credit banks 9.20 600 6/12/72-9/10/76.......... 5.85 500 Bonds: 7.20 600 12/10/74 - 9/10/76........ 7.50 200 8/1/74-5/1/75........ 784 7.45 300 7/12/71 - 12/10/76. 7.45 300 9/3/74-6/2/75........ 714 7.80 500 12/11/72- 12/10/76. 6.25 500 10/1/74-7/1/75.... 769 9.55 700 6/10/74--1--2-/-1--0-/-7--6. 8.45 600 1/3/72-7/1/75........ 302 8.60 600 3/13/62 - 2/10/77.. 4.50 198 11/4/74-8/4/75. ... 758 9.55 500 9/11/72-3/10/77... 6.30 500 12/2/74-9/2/75. ... 783 7.20 500 3/11/74 - 3/10/77... 7.05 400 1/2/75 -10/1/75. ... 538 8.05 500 12/10/70 - 6/10/77. 6.38 250 2/3/75 - 11/3/75.... 804 8.70 500 5/10/71 -6/10/77... 6.50 150 3/3/75-12/1/75........ 897 6.95 200 12/10/73 -6/10/77.. 7.20 500 3/1/73 - 1/5/76........ 261 7.15 300 9/10/71 -9/12/77... 6.88 300 4/1/75 - 1/5/76........ ,079 8.80 600 9/10/73 -9/12/77... 7.85 400 7/2/73 - 1/3/77........ 236 6.75 300 7/10/73 - 12/12/77. 7.25 500 7/1/74-4/4/77........ 321 7.45 300 10/1/73 - 12/12/77. 7.55 500 1/2/74- 1/3/78........ 406 9.15 700 6/10/74--3-/-1--0-/-7--8 8.45 650 1/2/75 -1/2/79........ 410 9.38 400 3/10/75-3/10/78.............. 6.70 350 7.60 500 6/12/73 -6/12/78............ 7.15 600 9.10 500 3/11/74-9/11/78............ 7.15 550 Federal land banks 8.65 600 10/12/71 - 12/11/78.... 6.75 300 Bonds: 9.45 600 7/10/74- 12/11/78.......... 8.95 450 2/15/72-7/21/75... 5.70 425 8.65 500 12/10/73 -3/12/79.......... 7.25 500 4/22/74-7/21/75... 8.30 300 8.75 400 9/10/73 -6/11/79............ 7.85 300 7/20/71 - 10/20/75.. 7.20 300 9.50 500 9/10/74-6/11/79............ 9.80 600 10/23/73 - 10/20/75. 7.40 362 8.15 500 6/12/72-9/10/79............ 6.40 300 4/20/72- 1/20/76... 6.25 300 7.50 500 12/10/74 - 9/10/79.......... 7.80 700 7/22/74 - 1/20/76... 9.20 650 7.75 350 12/10/71 - 12/10/79. ... 6.55 350 2/21/66 - 2/24/76.. 5.00 123 7.05 300 2/10/72 - 3/10/80............ 6.88 250 1/22/73 -4/20/76... 6.25 373 7.80 200 3/10/75-3/10/80.............. 7.25 750 4/22/74-4/20/76... 8.25 400 6.60 200 4/I/75 -4/10/80.............. 7.63 300 7/20/66 - 7/20/76.. 5.38 150 8.65 400 6/10/74-6/10/80............ 8.50 600 1/21/74 - 7/20/76... 7.05 360 7.30 183 2/16/73 -7/31/80............ 5.19 1 4/23/73 - 10/20/76.. 7.15 450 7.38 400 2/16/73 -7/31/80............ 3.18 9 4/21 /75 - 1 /20/77... 7.45 750 8.75 300 10/1/73 - 9/10/80............ 7.50 400 4/22/74 - 4/20/77... 8.25 565 7.38 400 1/16/73 - 10/30/80.......... 4.46 5 7/20/73 - 7/20/77... 7.50 550 12/11/72 - 12/10/80........ 6.60 300 10/20/71 - 10/20/77. 6.35 300 6/29/72 - 1/29/81............ 6.15 156 10/21/74-1/23/78.. 8.70 546 3/12/73 - 3/10/81............ 7.05 350 2/20/63 - 2/20/73-78 4.13 148 4/18/73 - 3/10/81............ 6.59 26 5/2/66 - 4/20/78... 5.13 150 7.05 400 3/21/73 - 5/1/81.............. 4.50 18 1/20/75-4/20/78. .. 7.60 713 6.15 350 3/21/73 - 5/1/81.............. 5.77 2 7/20/72 - 7/20/78.. 6.40 269 8.60 140 1/21/71 - 6/10/81.......... 7.25 250 7/22/74 - 7/20/78... 9.15 350 7 7 . . 7 15 5 1 15 5 0 0 9 9/ / 1 1 0 0 /7 /7 1 4 - - 9 9 / / 1 1 0 0 / / 8 8 1 1. . . . . . . . . . . . . . . . . . . . . . . . 9 7 . . 7 25 0 2 3 5 0 0 0 2 1 / 0 2 / 0 2 / 3 6 /7 7 3 - - 1 1 /2 0 2 /1 / 9 7 / 9 7 . 8 .. . 7 5 . . 3 0 5 0 2 5 8 5 5 0 3/11/74-12/10/81.......... 7.30 250 1/21/74- 1/22/79... 7.10 300 8.20 300 7/10/74-3/10/82............ 8.88 300 9/15/72-4/23/79... 6.85 235 6/28/72-5/1/82.............. 5.84 58 2/20/74 - 7/23/79. .. 7.15 389 2/10/71 - 6/10/82............ 6.65 250 10/23/72 - 10/23/79. 6.80 400 9/11/72-9/10/82............ 6.80 200 1/22/73 - 1/21/80... 6.70 300 12/10/73 - 12/10/82........ 7.35 300 7/20/73 -7/21/80... 7.50 250 2,759 3/11/71 -6/10/83............ 6.75 200 10/21/74 - 10/20/80. 8.70 400 6/12/73 -6/10/83............ 7.30 300 2/23/71 -4/20/81... 6.70 224 4.38 248 11/10/71 -9/12/83.......... 6.75 250 7/22/74 - 7/20/81... 9.10 265 7.40 250 4/12/71 -6/11/84............ 6.25 200 1 /20/75 - 1120/82 . .. 7.80 400 12/10/74-9/10/84.......... 7.95 300 4/20/72 - 4/20/82... 6.90 200 12/10/71 - 12/10/84___ 6.90 250 4/21/75 -4/20/82... 8.15 300 8.38 250 3/10/75-3/11/85.............. 7.65 500 4/23/73 - 10/20/82.. 7.30 239 3.58 53 3/10/72 - 3/10/92.......... 7.00 200 10/23/73 - 10/20/83. 7.30 300 5.48 5 6/12/72 - 6/10/92............ 7.05 200 5.85 71 12/11/72 - 12/10/97-82. . 7.10 200 5.92 35 5.50 10 5.49 21 5.74 81 8.63 200 not guaranteed by the U.S. Govt.; see also note to table at top of p. A-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 FEDERALLY SPONSORED CREDIT AGENCIES □ JUNE 1975 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period Ad­ Cash Mem­ Deben­ Loans Loans vances Invest­ and Bonds ber Capital Mort­ tures to and Mort­ to ments de­ and de­ stock gage and cooper­ Bonds dis­ Bonds gage Bonds mem­ posits notes posits loans notes atives counts loans bers (A) (L) (A) (L) (A) (L) (A) (L) 1970............. 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 6,395 1971............. 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,063 1972............. 7,979 2,225 129 6,971 1,548 1,756 19,791 19,238 2,298 1,944 6,094 5,804 9,107 8,012 1973............. 15,147 3,537 157 15,362 1,745 2,122 24,175 23,001 2,577 2,670 7,198 6,861 11,071 9,838 1974—Apr... 16,020 1,615 82 13,902 2,067 2,337 25,264 23,668 2,891 2,810 7,850 7,403 11,878 10,843 May.. 17,103 1,956 96 14,893 2,215 2,376 25,917 25,089 2,694 2,674 8,195 7,585 12,142 10,843 June.. 17,642 2,564 115 16,393 2,158 2,413 26,559 25,232 2,733 2,449 8,479 7,860 12,400 10,843 July.. 18,582 2,578 150 17,390 1,954 2,450 27,304 25,878 3,008 2,477 8,706 8,212 12,684 11,782 Aug... 19,653 2,052 80 18,759 1,935 2,495 28,022 26,639 3,026 2,622 8,548 8,381 12,941 11,782 Sept... 20,772 2,681 135 20,647 2,160 2,543 28,641 27,312 3,092 2,835 8,931 8,502 13,185 11,782 Oct... 21,409 3,224 105 22,058 2,129 2,580 29,139 27,543 3,598 2,855 8,838 8,482 13,418 12,427 Nov. . 21,502 2,568 106 21,474 2,182 2,603 29,407 28,024 3,573 3,295 8,700 8,441 13,643 12,427 Dec... 21,804 3,094 144 21,878 2,484 2,624 29,709 28,201 3,575 3,561 8,848 8,400 13,643 12,427 1975—Jan.. . 20,728 4,467 113 21,778 2,612 2,699 29,797 28,030 3,910 3,653 8,888 8,419 14,086 13,020 Feb... 19,460 4,838 99 20,822 2,819 2,698 29,846 27,730 3,821 3,592 9,031 8,484 14,326 13,021 Mar.. 18,164 6,415 154 18,453 3,025 2,677 29,870 28,420 3,741 3,440 9,303 8,703 14,641 13,021 Apr... 17,528 6,836 98 18,448 2,651 2,660 29,931 28,257 3,650 3.329 9,520 8,277 14,917 13,571 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 ered3 Total G o e b a n l l e i­ r­ J _ K n e u v e e- HAAi G l U o o a . v S n t . s . State di s a s t n t a r d t i . ct Other2 Total c E a d ti u o ­ n b R r a i o d n a g d d e s s i U ti t e i s l­ 4 H in o g u s s­ V a a e n i t d e s r ’ ­ O p p o t u h s r e e ­ s r gations auth. 1971............... r24,963 15,220 8,681 1,000 62 5,999 8,714 10,246 24,495 5,278 2,642 5,214 2,068 9,293 1972............... '23,653 13,305 9,332 959 57 4,991 9,496 9,165 '19,959 4,981 1,689 4,638 1,910 6,741 1973............... r23,968 12,257 10,632 1,022 r57 4,212 r9,505 10,249 r22,397 4,311 1,458 5,654 2,639 8,335 1974r............. 24,315 13,563 10,212 461 79 4,784 8,638 10,817 23,508 4,730 768 5,634 1,064 11,312 1974—Apr.... 2,406 1,708 689 9 360 862 1,177 2,361 516 9 595 178 1,063 May... 2,313 1,101 1,203 9 451 1,097 756 2,237 442 1 711 8 1,058 June... 2,171 1,075 856 234 6 580 721 864 2,079 220 62 664 334 799 July. .. 1,466 859 600 7 540 158 761 1,456 314 58 154 930 Aug... 1,109 576 529 4 141 400 565 1,067 228 85 257 15 482 Sept... 1,705 869 832 4 448 641 611 1,669 251 11 380 21 1,006 Oct.... 2,865 1,707 1,153 5 328 974 1,558 2,738 343 110 236 110 1,939 Nov.. . 2,487 1,110 1,374 3 689 1,005 789 2,403 698 4 866 9 826 Dec.... 1,500 761 717 22 222 558 700 1,475 297 64 424 53 637 1975—Jan.r.. 2,363 1,364 993 6 372 702 1,288 2,328 710 49 644 172 753 Feb.r.. 2,327 1,720 602 5 877 582 861 2,287 432 206 417 105 1,127 Marr.. 2,084 1,286 796 2 376 673 1,038 2,029 467 94 471 35 962 Apr__ 2,338 1,551 780 7 368 865 1,103 2,260 389 69 715 38 1,049 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 4 Water, sewer, and other utilities. by contract requiring the Housing Assistance Administration to make 5 Includes urban redevelopment loans. annual contributions to the local authority. 2 Municipalities, counties, townships, school districts. Note.—Security Industries Assn. data; par amounts of long-term issues 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser based on date of sale unless otherwise indicated. and payment to issuer, which occurs after date of sale. Components may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 a SECURITY ISSUES A 39 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . .2 ag G U e o n .S v c t . y . 3 a ( n U S d t . a S lo t . e ) c 4 al Others Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d ly Preferred Common 1971r 105,233 17,235 16,283 24,370 2,165 44,914 31.999 24,790 7.209 3,679 9,236 1972r 96,522 17,080 12,825 23,070 1,589 40,787 27,727 18.347 9,378 3,373 9,689 1973. 100,417 19,057 23,883 22,700 1,385 33,391 22,268 13,649 8,620 3,372 7,750 1974 r 37,842 31,542 25,337 6,205 2,253 4,046 1974—-Feb.. 2,687 2,101 1,683 418 268 318 Mar.. 3,217 2,457 2,020 437 398 362 Apr.r 3,059 2,259 1,594 665 355 445 May. 3,164 2,957 2.350 607 65 142 June. 2,981 2,455 1,939 516 113 413 July.. 3,260 2,706 2,086 620 228 327 Aug.. 2,668 2,341 2,042 299 107 218 Sept.1 1,620 1.205 897 308 126 289 Oct.. 4,625 3,793 3,423 370 196 636 Nov.. 3,762 3,352 3,016 336 93 317 Dec.r 3,471 3,018 2,172 846 152 301 1975—Jan.r 5,275 4,685 3.657 1.028 235 341 Feb.. 4,519 3,909 3,201 708 180 430 Gross proceeds,, major groups of corporate issuers Period Manufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 1971^............................................ 9,551 2,102 2,158 2,370 2,006 434 7,576 4,201 4,222 1,596 6,484 2,204 1972'............................................ 4,796 1,812 2,669 2,878 1,767 187 6,398 4,967 3,680 1,127 8,415 2,096 1973.............................................. 4,329 643 1,283 1,559 1,881 43 5,585 4,661 3,535 1,369 5,661 2,860 1974r............................................ 9,883 547 1,865 958 993 22 8,868 3,964 3,716 222 6,252 598 1974 Feb..................................... 354 36 55 143 2 1 536 293 372 25 783 87 Mar.................................... 479 161 52 71 76 850 449 310 21 691 58 Apr.................................... 1,193 9 238 56 6 446 r684 r283 5 95 47 May................................... 847 15 332 71 44 837 75 660 3 239 44 June................................... 434 44 311 139 5 15 859 288 355 1 491 39 July.................................... 1,051 43 257 93 62 1 318 300 242 53 777 65 Aug.................................... 601 4 38 62 14 862 216 364 462 44 186 2 46 47 r40 5 384 296 331 18 218 48 Oct..................................... 740 3 102 29 306 1,414 695 439 36 791 70 Nov.................................... 1,696 2 124 100 336 739 224 62 31 397 54 Dec.................................... rl,422 r196 r180 23 14 431 194 150 25 823 15 1975—jan.r.................................. 1,845 3 153 75 84 792 507 927 5 914 Feb..................................... 1,669 51 63 60 74 1,465 466 106 1 532 32 1 Gross proceeds are derived by multiplying principal amounts or 5 Foreign governments and their instrumentalities, International Bank number of units by offering price. for Reconstruction and Development, and domestic nonprofit organ­ 2 Includes guaranteed issues. izations. 3 Issues not guaranteed. 4 See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 SECURITY ISSUES a JUNE 1975 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 Period All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 1971....................... 46,687 9,507 37,180 31,917 8,190 23,728 14,769 1,318 13,452 1972....................... 42,306 10,224 32,082 27,065 8,003 19,062 15,242 2,222 13,018 1973....................... 33,559 11,804 21,754 21,501 8,810 12,691 12,057 2,993 9,064 1974....................... 39,334 9,935 29,399 31,554 6,255 25,098 7,980 3,678 4,302 1973—IV............... 10,711 4,378 6,334 7,013 3,786 3,227 3,698 591 3,107 1974—1................. 8,973 2,031 6,942 6,810 1,442 5,367 2,163 588 1,575 II................ 9,637 2,048 7,589 7,847 1,584 6,263 1,790 465 1,326 Ill............... 8,452 2,985 5,467 6,611 1,225 5,386 1,841 1,759 82 IV............... 12,272 2,871 9,401 10,086 2,004 8,082 2,186 866 1,319 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 1974....................... 7,404 17 1,116 -135 341 -20 7,308 3,834 3,499 398 5,428 207 1973—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 IV............... 3,098 126 240 -47 342 9 2,079 1,107 628 107 1,695 17 1 Excludes investment companies. exclude foreign sales and include sales of securities held by affiliated com­ 2 Extractive and commercial and miscellaneous companies. panies, special offerings to employees, and also new stock issues and cash 3 Railroad and other transportation companies. proceeds connected with conversions of bonds into stocks. Retirements are defined in the same way and also include securities retired with in­ Note.—Securities and Exchange Commission estimates of cash trans­ ternal funds or with proceeds of issues for that purpose. actions only. As contrasted with data shown on preceding page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Redemp­ Net Total 2 Cash Other Sales 1 Redemp­ Net Total 2 Cash Other tions sales position 3 tions sales position 3 1963.............. 2,460 1,504 952 25,214 1,341 23,873 1974—Apr... 262 327 -65 42,679 4,426 38,253 1964.............. 3,404 1,875 1,528 29,116 1,329 27,787 May.. 323 320 3 41,015 4,389 36,626 1965.............. 4,359 1,962 2,395 35,220 1,803 33,417 June.. 337 276 61 40,040 4,461 35,579 July. . 442 352 90 37,669 4,609 33,060 1966.............. 4,671 2,005 2,665 34,829 2,971 31,858 Aug... 446 339 127 35,106 4,953 30,153 1967.............. 4,670 2,745 1,927 44,701 2,566 42,135 Sept... 499 292 207 31,985 5,078 26,907 1968.............. 6,820 3,841 2,979 52,677 3,187 49,490 Oct... 816 311 505 37,115 5,652 31,463 Nov... 619 335 284 36,366 5,804 30,562 1969.............. 6,717 3,661 3,056 48,291 3,846 44,445 Dec... 736 411 325 35,777 5,637 30,140 1970.............. 4,624 2,987 1,637 47,618 3,649 43,969 1971.............. 5,145 4,751 394 55,045 3,038 52,007 1975—Jan... 1,067 428 639 3,7407 3,889 33,518 Feb... 889 470 419 39,330 4,006 35,324 1972.............. 4,892 6,563 -1,671 59,831 3,035 56,796 Mar.. 847 623 224 40,449 3,870 36,579 1973.............. 4,358 5,651 -1,261 46,518 4,002 42,516 Apr... 808 791 17 42,353 3,841 38,512 1974.............. 5,346 3,937 1,409 35,777 5,637 30,140 1 Includes contractual and regular single-purchase sales, voluntary and Note.—Investment Company Institute data based on reports of mem­ contractual accumulation plan sales, and reinvestment of investment in­ bers, which comprise substantially all open-end investment companies come dividends; excludes reinvestment of realized capital gains dividends. registered with the Securities and Exchange Commission. Data reflect 2 Market value at end of period less current liabilities. newly formed companies after their initial offering of securities. 3 Cash and deposits, receivables, all U.S. Govt, securities, and other short-term debt securities, less current liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ BUSINESS FINANCE A 41 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i e t s s d ­ co c a n a t l s i l p o o u i n w t m a ­ l p­ Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d fi t i t e s s ­ d co c a t n a l i s l o p o u n i w t m a ­ l p ­ ances1 ances 1 1968.............. 87.6 39.9 47.8 23.6 24.2 46.8 1973—1___ 120.4 48.9 71.5 28.7 42.8 69.2 1969.............. 84.9 40.1 44.8 24.3 20.5 51.9 II.... 124.9 50.9 74.0 29.1 44.9 70.8 1970.............. 74.0 34.8 39.3 24.7 14.6 56.0 III... 122.7 49.9 72.9 29.8 43.1 71.6 1971.............. 83.6 37.5 46.1 25.0 21.1 60.4 IV... 122.7 49.5 73.2 30.7 42.5 73.1 1972.............. 99.2 41.5 57.7 27.3 30.3 66.3 1973.............. 122.7 49.8 72.9 29.6 43.3 71.2 1974—1___ 135.4 52.2 83.2 31.6 51.6 74.1 1974............... 140.7 55.7 85.0 32.7 52.4 76.7 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 IV... 131.5 52.0 79.5 33.3 46.2 79.3 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . . 1 Other taxes 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 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Based on Securities and Exchange Commission estimates, offset against each other on corporations’ books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Period Total Durable du N r o a n bl ­ e Mining R ro a a i d l­ Air Other Electric and G a o s th er n C i o c m ati m on u s ­ Other1 T A (S o . . R t A a . . ) l 1971....................... 81.21 14.15 15.84 2.16 1.67 1.88 1.38 12.86 2.44 10.77 18.05 1972....................... 88.44 15.64 15.72 2.45 1.80 2.46 1.46 14.48 2.52 11.89 20.07 1973................... 99.74 19.25 18.76 2.74 1.96 2.41 1.66 15.94 2.76 12.85 21.40 1974........................ 112.40 22.62 23.39 3.18 2.54 2.00 2.12 17.63 2.92 13.96 22.05 1973—1.................. 21.50 3.92 3.88 .63 .46 .52 .32 3.45 .50 2.87 4.94 96.19 II................. 24.73 4.65 4.51 .71 .46 .72 .43 3.91 .68 3.27 5.40 97.76 Ill............... 25.04 4.84 4.78 .69 .48 .57 .44 4.04 .77 3.19 5.24 100.90 IV............... 28.48 5.84 5.59 .71 .56 .60 .47 4.54 .82 3.53 5.83 103.74 1974—1.................. 24.10 4.74 4.75 .68 .50 .47 .34 3.85 .52 3.19 5.05 107.27 II................ 28.16 5.59 5.69 .78 .64 .61 .49 4.56 .75 3.60 5.46 111.40 Ill............... 28.23 5.65 5.96 .80 .64 .43 .58 4.42 .78 3.39 5.57 113.99 IV................ 31.92 6.64 6.99 .91 .78 .48 .71 4.80 .87 3.78 5.97 116.22 1975—1.................. 25.82 5.10 5.74 .91 .59 .44 .62 3.84 .58 3.11 4.88 114.57 II2............... 28.63 5.42 6.46 .94 .81 .54 .63 4.38 .75 8.1'2 113.39 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 42 REAL ESTATE CREDIT a JUNE 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 1974 1975 1970 1971 1972 ALL HOLDERS. 451,726 499,758 564,825 645,948 664,337 678,037 687,484 694,162 1- to 4-family... 280,175 307,200 345,384 391,770 402,165 409,725 414,344 418,033 Multifamily1... 58,023 67,367 76,496 86,591 88,269 90,183 91,893 92,853 Commercial.... 82,292 92,333 107,508 127,384 132,122 134,967 136,977 137,821 Farm................. 31,236 32,858 35,437 40,203 41,781 43,162 44,270 45,455 PRIVATE FINANCIAL INSTITUTIONS. 355,929 394,239 450,000 513,946 528,212 536,868 541,497 545,719 1- to 4-family.............................................. 231,317 253,540 288,053 326,863 335,442 340,398 342,757 345,443 Multifamily1.............................................. 45,796 52,498 59,204 65,386 66,594 67,757 68,371 68,959 Commercial................................................ 68,697 78,345 92,222 110,047 114,185 116,430 117,960 118,804 Farm........................................................... 10,119 9,856 10,521 11,650 11,991 12,283 12,409 12,513 Commercial banks2. 73,275 82,515 99,314 121,882 127,320 129,943 131,043 130,943 1- to 4-family. 42,329 48,020 57,004 69,374 72,253 73,539 74,162 74,114 Multifamily1------ 3,311 3,984 5,778 7,046 7,313 7,415 7,478 7,464 Commercial......... 23,284 26,306 31,751 39,855 41,926 43,011 43,375 43,342 Farm.................... 4,351 4,205 4,781 5,607 5,828 5,978 6,028 6,023 Mutual savings banks. 57,948 61,978 67,556 73,957 74,264 74, 792 74,890 75,126 1- to 4-family......... 37,342 38,641 41,650 44,462 44,426 44,593 44,649 44,775 Multifamily 1.......... 12,594 14,386 15,490 17,011 17,081 17,202 17,225 17,279 Commercial............ 7,893 8,901 10,354 12,425 12,698 12,938 12,956 12,997 Farm....................... 119 50 62 59 59 59 60 75 Savings and loan associations. 150,331 174,250 206,182 236,136 243,400 247,624 249,306 252,463 1- to 4-family....................... 124,970 142,275 167,049 191,223 197,008 200,352 201,564 204,116 Multifamily1....................... 13,830 17,355 20,783 22,763 23,342 23,574 23,684 23,934 Commercial......................... 11,531 14,620 18.350 22,150 23,050 23,698 24,058 24,413 Life insurance companies. 74,375 75,496 76,948 81,971 83,228 84,509 86,258 87,187 1- to 4-family............... 26,676 24,604 22.350 21,804 21,755 21,914 22,382 22,438 Multifamily1................ 16,061 16,773 17,153 18,566 18,858 19,566 19,984 20,282 Commercial................. 25,989 28,518 31,767 35,617 36,511 36,783 37,571 38,052 Farm............................ 5,649 5,601 5,678 5,984 6,104 6,246 6,321 6,415 FEDERAL AND RELATED AGENCIES. 32.992 39,357 45,790 58,262 62,585 67,829 72,267 75,973 1- to 4-family.............................................. 21.993 26,453 30,147 37,168 39,784 43,1“ 45,748 47,751 Multifamily1.............................................. 3,359 4,555 6,086 8,923 9,643 10,644 11,790 12,662 Commercial................................................ 16 11 Farm........................................................... 7,624 8,338 9,557 12,171 13,158 13,997 14,729 15,560 Government National Mortgage Association 5,222 5,323 5,113 3,604 3,618 4,052 5,584 1- to 4-family........................................ 2,902 2,770 2,490 1,189 1,194 1,337 1,600 1,843 Multifamily1........................................ 2,304 2,542 2,623 2,415 2,424 2,715 3,248 3,741 Commercial......................................... 16 11 Farmers Home Administration. 767 819 837 1,300 ,400 1,500 ,600 1,700 1- to 4-family........................ 330 398 387 596 642 688 734 780 Farm...................................... 437 421 450 704 758 812 866 920 Federal Housing and Veterans Administra­ tions ...................................................... 3,505 3,389 3,338 3,514 3,619 3,765 3,900 4,025 1- to 4-family........................................... 2,111 2,517 2,199 1,964 1,980 2,037 2,083 2,119 Multifamily1............................................ 734 872 1,139 H,550 1,639 1,728 1,817 1,906 Federal National Mortgage Association... 15,502 17,791 19,791 24,875 26,559 28,641 29,578 29,754 1- to 4-family.......................................... 15,181 16,681 17,697 20,516 21,691 23,258 23,778 23,743 Multifamily1.......................................... 321 1,110 2,094 4,359 4,868 5,383 5,800 6,011 Federal land banks (farm only)................. 7,187 7,917 9,107 12,400 13,185 13,863 14,640 Federal Home Loan Mortgage Corporation. 357 964 1,789 r2,637 3,191 3,713 4,586 4,608 1- to 4-family............................................ 357 934 1,754 2,472 2,951 3,414 4,217 4,231 Multifamily1............................................ 30 35 165 240 299 369 377 GNMA Pools.... 452 3,154 5,815 10,865 11,798 12,973 13,892 15,662 1- to 4-family. 452 3,153 5,620 10,431 11,326 12,454 13,336 15,035 Multifamily1., 1 195 434 472 519 556 627 INDIVIDUALS AND OTHERS3. 62,805 66,162 69,035 73,740 73,540 73,340 73,720 72,470 1- to 4-family................................ 26,865 27,207 27,184 27,739 26,939 26,139 25,839 24,839 Multifamily1................................. 8,868 10,314 11,206 12,282 12,032 11,782 11,732 11,232 Commercial................................... 13,579 13,977 15,286 17,337 17,937 18,537 19,017 19,017 Farm.............................................. 13,493 14,664 15,359 16,382 16,632 16,882 17,132 17,382 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

JUNE 1975 □ REAL ESTATE CREDIT A 43 FEDERAL NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORPORATION- SECONDARY MORTGAGE MARKET ACTIVITY (In millions of dollars) FNMA FHLMC Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage End of holdings transactions commitments holdings transactions commitments period (during period) (during period) FHA- VA- Pur­ Made Out­ FHA- Con­ Pur­ Made Out­ Total i in- guar- chases Sales during stand­ Total VA ven­ chases Sales during stand­ sured anteed period ing tional period ing 197 1 17.791 12,681 5,110 3,574 336 9,828 6,497 968 821 147 778 64 182 197 2 19.791 14,624 5,112 3,699 211 8,797 8,124 1,789 1,503 286 1,298 408 1,606 198 197 3 24,175 16,852 6,352 6,127 71 8,914 7.889 2,604 1,743 861 1,334 409 1,629 186 197 4 29.578 19.189 8.310 6,953 5 10,765 7.960 4.586 1.904 2,682 2,191 52 4,553 2.390 1974—Apr.. 25,263 17,450 6,503 526 2,154 9,292 2,722 1,756 967 101 400 1,037 May. 25,917 17,725 6,794 821 1,145 9,475 2,986 1,827 1,159 281 1,486 2,221 June. 26,559 17.966 7,079 770 537 9,019 3,191 1,877 1,314 222 628 2,598 July. 27,304 18,250 7,384 886 1,175 9,044 3,309 1,883 1,426 129 1,127 3,583 Aug.. 28,022 18,526 7,704 868 1,202 9,115 3,451 1,886 1,565 155 81 3,500 Sept. 28,641 18,758 7,994 760 997 9,043 3,713 1,896 1,817 273 69 3,278 Oct.. 29,139 18.966 8,206 612 878 8,987 4,107 1,910 2,197 410 7 30 2,871 Nov.. 29,407 19,083 8,291 379 201 8,532 4,352 1,908 2,445 270 12 28 2,621 Dec.. 29.578 19.189 8.310 278 231 7.960 4.586 1.904 2,682 266 16 34 2.390 1975—Jan.. 29,670 19,231 8,318 208 146 7,285 4,744 1,900 2,845 199 26 26 2,190 Feb.. 29,718 19,256 8,313 169 137 6,672 4,533 1,893 2,640 113 309 21 2,070 Mar. 29,754 19,277 8,304 151 639 6,636 4,608 1,887 2,722 113 19 52 1,040 Apr.. 29,815 19,282 8,337 211 913 6.890 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 FHA- Terms * Yields (per cent) in insured primary market loans—Yield Period in private Contract Fees and Loan/price Purchase Loan secondary rate (per charges Maturity ratio price (thous. amount market5 cent) (per cent)2 (years) (per cent) of dollars) (thous. of FHLBB HUD dollars) series 3 series4 1971........................... 7.60 .87 26.2 74.3 36.3 26.5 7.74 7.75 7.70 1972........................... 7.45 .88 27.2 76.8 37.3 28.1 7.60 7.64 7.53 1973........................... 7.78 1.11 26.3 77.3 37.1 28.1 7.95 8.30 8.19 1974........................... 8.71 1.30 26.3 75.8 40.1 29.8 8.92 9.22 9.55 1974—Apr................. 8.47 1.21 26.1 77.3 38.5 29.2 8.67 8.90 9.17 8.55 1.20 25.8 76.8 37.9 28.8 8.74 9.15 9.46 June............... 8.65 1.25 26.3 76.9 39.7 30.1 8.85 9.25 9.46 July................ 8.75 1.28 26.1 74.4 40.5 29.6 8.96 9.40 9.85 Aug................ 8.87 1.32 26.4 75.3 40.2 29.5 9.09 9.60 10.30 Sept................ 8.97 1.30 26.1 74.8 42.4 31.1 9.19 9.80 10.38 Oct................. 8.95 1.37 26.7 74.7 42.3 30.7 9.17 9.70 10.13 Nov................ 9.04 1.40 26.2 73.6 41.3 30.2 9.27 9.55 Dec................. 9.13 1.44 27.5 75.5 42.4 31.3 9.37 9.45 9.51 1975—Jan................. 9.09 1.51 26.7 73.8 43.2 31.6 9.33 9.15 8.99 Feb................. 8.88 1 .44 26.8 r76.5 44.4 33.0 9.12 9.05 8.84 Mar................ 8.79 1 .61 26.5 75.1 45.9 33.7 9.06 8.90 8.69 Apr.?............. 8.76 1 .48 26.3 75.8 44.7 33.4 9.00 9.00 1 Weighted averages based on probability sample survey of character­ (as shown in first column of this table) and an assumed prepayment at istics of mortgages originated by major institutional lender groups (in­ end of 10 years. cluding mortgage companies) for purchase 'of single-family homes, as 4 Rates on first mortgages, unweighted and rounded to the nearest compiled by Federal Home Loan Bank Board in cooperation with Federal 5 basis points. Deposit Insurance Corporation. Data are not strictly comparable with 5 Based on opinion reports submitted by field offices of prevailing earlier figures beginning Jan. 1973. local conditions as of the first of the succeeding month. Yields are derived 2 Fees and charges—related to principal mortgage amount—include from weighted averages of private secondary market prices for Sec. 203, loan commissions, fees, discounts, and other charges, but exclude closing 30-year mortgages with minimum downpayment and an assumed pre­ costs related solely to transfer of property ownership. payment at the end of 15 years. Any gaps in data are due to periods of 3 Effective rate, reflecting fees and charges as well as contract rates adjustment to changes in maximum permissible contract interest rates. NOTE TO TABLE AT BOTTOM OF PAGE A-44: 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 44 REAL ESTATE CREDIT a JUNE 1975 FEDERAL NATIONAL MORTGAGE ASSOCIATION AUCTIONS OF COMMITMENTS TO BUY HOME MORTGAGES Date of auction Item 1974 1975 Dec. 30 Jan. 13 Jan. 27 Feb. 10 Feb. 24 Mar. 10 Mar. 24 Apr. 7 Apr. 21 May 5 May 19 June 2 Amounts (millions of dollars): Govt.-underwritten loans Offered1................................. 35.7 25.3 41.4 24.6 36.2 99.2 460.5 551.6 470.9 525.5 165.6 172.5 Accepted............................... 31.8 21.2 28.6 18.1 23.8 60.1 321.4 277.2 247.3 280.4 115.0 80.4 Conventional loans Offered1................................. 17.2 17.9 11.1 14.8 20.0 34.4 60.7 99.8 79.2 69.8 46.4 51.2 Accepted............................... 10.1 14.9 10.6 9.1 9.1 21.1 35.8 44.6 51.3 43.9 38.4 27.1 Average yield (per cent) on short­ term commitments2 Govt.-underwritten loans........ 9.47 9.37 9.12 8.98 8.87 8.78 8.85 8.98 9.13 9.29 9.25 9.14 Conventional loans.................. 9.59 9.50 9.39 9.20 9.04 8.96 9.00 9.13 9.26 9.43 9.41 9.26 1 Mortgage amounts offered by bidders are total bids received. period of 12 years for 30-year loans, without special adjustment for 2 Average accepted bid yield (before deduction of 38 basis-point fee FNMA commitment fees and FNMA stock purchase and holding require­ paid for mortgage servicing) for home mortgages assuming a prepayment ments. Commitments mature in 4 months. MAJOR HOLDERS OF FHA-INSURED AND VA-GUARANTEED RESIDENTIAL MORTGAGE DEBT (End of period, in billions of dollars) June 30, Sept. 30, Dec. 31, Mar. 31, June 30, Sept. 30, Dec. 31, Holder 1973 1973 1973 1974 1974 1974 1974 All holders................................................... 133.6 133.8 135.0 136.7 137.8 138.6 140.3 FHA......................................................... 86.4 85.6 85.0 85.0 84.9 84.1 84.1 VA............................................................ 47.2 48.2 50.0 51.7 52.9 54.5 56.2 Commercial banks...................................... 11.7 11.7 11.5 11.1 11.0 10.8 9.8 FHA......................................................... 8.5 8.4 8.2 7.8 7.6 7.4 6.5 VA............................................................ 3.2 3.3 3.3 3.3 3.4 3.4 3.2 Mutual savings banks................................. 28.7 28.6 28.4 28.2 27.9 27.7 27.3 FHA......................................................... 15.8 15.7 15.5 15.3 15.1 14.9 14.7 VA............................................................ 12.9 12.9 12.9 12.9 12.8 12.8 12.6 Savings and loan assns............................... FHA......................................................... VA............................................................ } 29.8 } 30.1 } 29.7 } 29.8 1 29.7 } 29.8 } 29.8 Life insurance cos........................................ 14.0 13.7 13.6 13.3 13.1 12.9 12.7 FHA........................................................ 9.5 9.3 9.2 9.0 8.8 8.7 8.6 VA............................................................ 4.5 r4.5 r4.4 4.3 4.3 4.2 4.2 Others.......................................................... 49.4 50.0 52.1 54.3 56.1 57.4 60.7 FHA........................................................ VA............................................................ Note.—VA-guaranteed residential mortgage debt is for 1- to 4-family Detail by type of holder partly estimated by Federal Reserve for first properties while FHA-insured includes some debt in multifamily structures. and third quarters, and for most recent quarter. COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Total Period N of u l m oa b n e s r ( c m o ( a i d m m l o l m i l o o l u a i n t r n s t s e t ) o d f ( o t a h f m o L d u o o o s l a u a l n a n n r t d s ) s ( C p in o e r t n r a e t c r t r e e e a s n c t t t ) (y M rs a ./ t m ur o it s y .) (p t L o e r r a - o v t c a i a e n o l n - u t e ) C ( a p t p e io i r t n a c l e r i n z a t a t ) e ­ co D r v a e e t r i b o a t ge P co e n r s c t e a n n t t 1970. 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 11.1 1971. 1,664 3.982.5 2,393 9.07 22/10 74.9 10.0 1.29 10.4 1972. 2,132 4.986.5 2,339 8.57 23/3 75.2 9.6 1.29 9.8 1973. 2,140 4,833.3 2,259 8.76 23/3 74.3 9.5 1.29 10.0 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 Oct.. 57 108.3 1,899 10.29 19/7 74.6 10.6 1.25 11.5 Nov.. 47 79.7 1,695 10.37 18/4 74.0 10.7 1.26 11.6 Dec.. 37 140.0 3,784 10.28 19/10 74.8 11.0 1.33 11.3 1975—Jan.. 31 43.8 1,414 10.44 18/4 71.9 11.0 1 .33 11.9 Feb.. 46 94.6 2,057 10.08 22/11 74.3 10.9 1.34 11.0 Mar., 46 109.6 2.382 10.37 23/1 74.1 11.3 1.34 11.3 See Note on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ CONSUMER CREDIT A 45 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Home Charge accounts Auto­ consumer improve­ Personal Single­ Service Total mobile goods ment loans Total payment credit paper paper loans1 loans Retail Credit outlets cards2 196 5 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 5,724 706 4,889 196 6 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 5,812 874 5,336 196 7 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 6,041 1,029 5,727 196 8 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 5,966 1,227 6,300 196 9 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 5.936 1,437 6,921 197 0 127,163 102,064 35,184 31,465 5,070 30,345 25.099 9.675 6,163 1,805 7,456 197 1 138,394 111,295 38,664 34,353 5,413 32,865 27.099 10,585 6,397 1,953 8,164 197 2 157,564 127,332 44.129 40,080 6,201 36,922 30,232 12,256 7,055 1,947 8,974 197 3 180,486 147,437 51.130 47,530 7,352 41,425 33,049 13,241 7,783 2,046 9,979 197 4 190,121 156.124 51.689 52.009 8,162 44.264 33.997 12.979 8,012 2,122 10.884 1974—Apr. 179,495 147,047 50,606 47,017 7,573 41,851 32,448 13,315 6,556 1,878 10,699 May 181,680 148,852 51,076 47,588 7,786 42,402 32,828 13,331 6,948 1,999 10,550 June 183,425 150.615 51,641 48.099 7,930 42,945 32,810 13.311 7.002 2,104 10,393 July. 184,805 152,142 . 52,082 48,592 8,068 43,400 32,663 13,192 6.936 2,204 10,331 Aug. 187,369 154,472 52,772 49,322 8,214 44,164 32,897 13,202 (5,983 2,282 10,430 Sept. 187,906 155,139 52,848 49,664 8,252 44,375 32,767 13,131 6.876 2,277 10,483 Oct.. 188,023 155,328 52,736 49,986 8,287 44,319 32,695 13,003 7,027 2,156 10,509 Nov. 188,084 155,166 52,325 50,401 8,260 44,180 32,918 12,950 7,174 2,144 10,650 Dec. 190,121 156.124 51.689 52.009 8,162 44.264 33.997 12.979 8,012 2,122 10.884 1975—Jan.. 187,080 153,952 50.947 51.142 8.048 43.815 33,128 12.675 7.162 2,153 11.138 Feb. 185,381 152,712 50,884 50,136 7,966 43,726 32,669 12,560 6,468 2,074 11,567 Mar. 184,253 151,477 50,452 49,391 7,925 43,709 32,776 12,542 6.452 2,033 11,749 Apr. 184,344 151,271 50,360 49,247 7,880 43,784 33,073 12,526 6.735 2,062 11 ,750 1 Holdings of financial institutions; holdings of retail outlets are in­ Note.—Consumer credit estimates cover loans to individuals for cluded in “Other consumer goods paper.” household, family, and other personal expenditures, except real estate 2 Service station and miscellaneous credit-card accounts and home- mortgage loans. For back figures and description of the data, see “Con­ heating-oil accounts. sumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, and Bulletins for Dec. 1968 and Oct. 1972. CONSUMER CREDIT HELD BY COMMERCIAL BANKS (In millions of dollars) Instalment Nonin­ stalment End of period Total Automobile paper Other consumer goods paper Home Personal loans improve­ Single­ Total ment payment Purchased Direct Mobile Credit Other loans Check Other loans homes cards credit 196 5 35,652 28,962 10,209 5,659 4,166 2,571 6,357 6,690 196 6 38,265 31,319 11,024 5,956 4,681 2,647 7,011 6,946 196 7 40,630 33,152 10,972 6,232 5,469 2,731 7,748 7,478 196 8 46,310 37,936 12,324 7,102 1,307 5,387 2,858 798 8,160 8,374 196 9 50,974 42,421 13,133 7,791 2,639 6,082 2,996 1,081 8,699 8,553 197 0 53,867 45,398 12,918 7,888 3,792 7,113 3,071 1,336 9,280 8,469 197 1 60,556 51,240 13,837 9,277 4^423 4,419 4,501 3,236 1,497 10,050 9,316 197 2 70,640 59,783 16,320 10,776 5,786 5,288 5,122 3,544 1,789 11,158 10,857 197 3 81,248 69,495 19,038 12,218 7,223 6,649 6,054 3,982 2,144 12,187 11,753 197 4 84,010 72,510 18,582 11,787 7,645 8,242 6,414 4,458 2,424 12,958 11,500 1974—Apr... 81,750 69,944 18,896 12,039 7,399 6,761 6,208 4,028 2,180 12,433 11,806 May., 82,527 70,721 19,037 12,100 7,491 6,887 6,323 4,135 2,199 12,549 11,806 June., 83,417 71,615 19,220 12,169 7,564 7,076 6,420 4.224 2,230 12,712 11,802 July.. 84,078 72,384 19,377 12,250 7,623 7,222 6,484 4,316 2,266 12,846 11,694 Aug.. 84,982 73,302 19,511 12,344 7,681 7,491 6,541 4,409 2,312 13,013 11,680 Sept.. 85,096 73,455 19,389 12,314 7,706 7,638 6,527 4,445 2,348 13,088 11,641 Oct... 84,887 73,372 19,246 12,195 7,709 7,749 6,530 4,480 2,376 13,087 11,515 Nov.. 84,360 72,896 18,981 12,031 7,700 7,846 6,469 4,490 2,362 13,017 11,464 Dec.. 84,010 72,510 18,582 11,787 7,645 8,242 6,414 4,458 2,424 12,958 11,500 1975—Jan... 82,986 71,776 18,230 11,581 7,587 8,325 6,323 4,399 2,448 12,883 11,210 Feb.. 82,229 71,151 18,104 11,497 7,522 8,149 6,272 4,359 2,447 12,801 11,078 Mar.. 81 ,201 70,183 17,754 11 ,377 7,459 7,890 6,272 4,318 2,403 12,710 11,018 Apr.. 81,155 70,134 17,613 11,387 7,417 7,909 6,312 4,318 2,411 12,767 11,021 See Note to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 CONSUMER CREDIT □ JUNE 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 Total mobile retail paper ment loans unions lenders i dealers outlets Mobile Other loans homes 1965. 23,851 9,218 4,343 232 10,058 8,289 7,324 965 9,791 315 9,476 1966. 24,796 9,342 4,925 214 10,315 9,315 8,255 1,060 10,815 277 10,538 1967. 24,576 8,627 5,069 192 10,688 10,216 9,003 1,213 11,484 287 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 1974—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 1975—Jan... 38,340 12,315 3,559 4,642 967 16,857 25,032 21,966 3,066 18,804 282 18,522 Feb.. 38,194 12,406 3.539 4,580 923 16,746 25,213 22,089 3,124 18,154 280 17,874 Mar.. 37,910 12,371 3,519 4,427 903 16,690 25,506 22,227 3,279 17,878 276 17,602 Apr.. 37,746 12,349 3,513 4,366 867 16,651 25,623 22,415 3,208 17,768 275 17,493 i Savings and loan associations and mutual savings banks. See also Note to table at top of preceding page. FINANCE RATES ON SELECTED TYPES OF INSTALMENT CREDIT (Per cent per annum) Commercial banks Finance companies Month New Mobile Other Personal Credit- Automobiles Other automo­ homes consumer loans card Mobile consumer Personal biles (84 mos.) goods (12 mos.) plans homes goods loans (36 mos.) (24 mos.) New Used 1973—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 'Yi.iY *i8*.93* *2o!55* Aug. 10.25 10.95 12.66 12.84 17.22 12.13 16.86 Sept. 10.44 11.06 12.67 12.96 17.23 12.28 16.98 12.90 18.69 20.52 Oct.. 10.53 10.98 12.80 13.02 17.23 12.34 17.11 Nov. 10.49 11.19 12.75 12.94 17.23 12.40 17.21 * ii!ii' *i8l77* *2o!65* Dec. 10.49 11.07 12.86 13.12 17.24 12.42 17.31 1974—Jan.. 10.55 11.09 12.78 12.96 17.25 12.39 16.56 13.24 18.90 20.68 Feb. 10.53 11.25 12.82 13.02 17.24 12.33 16.62 Mar. 10.50 10.92 12.82 13.04 17.23 12.29 16.69 'i3lis' ’18*. 69* * 20*. 57* 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 20.57 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 ’i3*ii’ *i9!24* ’26!78* 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 *i3:66‘ * i9^49 '21.16 Dec. 11.62 11.71 13.27 13.60 17.21 13.10 17.89 1975—Jan.. 11.61 11.66 13.28 13.60 17.12 13.08 17.27 13.60 r19.80 '21.09 Feb. 11.51 12.14 13.20 13.44 17.24 13.07 17.39 Mar, 11.46 11.66 13.07 13.40 17.15 13.07 17.52 13.59 ‘io.'oo* 2o!83 Apr. 11.45 11.78 13.22 13.56 17.11 Note.—Rates are reported on an annual percentage rate basis as specified maturities; finance company rates are weighted averages for specified in Regulation Z (Truth in Lending) of the Board of Governors. purchased contracts (except personal loans). For back figures and descrip- Commercial bank rates are “most common” rates for direct loans with tion of the data, see Bulletin for Sept. 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ CONSUMER CREDIT A 47 INSTALMENT CREDIT EXTENDED AND REPAID (In millions of dollars) Period Total Automobile Other Home Personal Commercial Finance Other Retail paper consumer improve­ loans banks companies financial outlets goods paper ment loans lenders Extensions 1967. 87,171 26,320 29,504 2,369 28,978 31,382 26,461 11,238 18,090 1968. 99,984 31,083 33,507 2,534 32,860 37,395 30,261 13,206 19,122 1969. 109,146 32,553 38,332 2,831 35,430 40,955 32,753 15,198 20,240 1970. 112,158 29,794 43,873 2,963 35,528 42,960 31,952 15,720 21,526 1971. 124,281 34,873 47,821 3,244 38,343 51,237 32,935 17,966 22,143 1972. 142,951 40,194 55,599 4,006 43,152 59,339 38,464 20,607 24,541 1973. 165,083 46,453 66,859 4,728 47,043 69,726 43,221 23,414 28,722 1974 166,478 42,756 71,077 4,650 47,995 69,554 41,809 24,510 30,605 1974—Apr................. 14,179 3,545 6,034 447 4,153 5,838 3,671 2,054 2,616 14,669 3,769 6,156 468 4,276 6,023 3,832 2,140 2,674 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 1975-—Jan................. 12,859 3,348 5,430 289 3,792 5,368 3,068 2,048 2,375 Feb................. 13,465 3,856 5,561 302 3,746 5,649 3,195 2,104 2,517 Mar................ 12,797 3,419 5,535 339 3,504 5,357 2,872 2,044 2,524 Apr................. 13,181 3,454 5,584 313 3,830 5,457 3,145 2,142 2,437 Repayments 1967. 83,988 26,534 27,847 2,202 27,405 29,549 26,681 10,337 17,421 1968, 91,667 27,931 31,270 2,303 30,163 32,611 28,763 11,705 18,588 1969. 99,786 29,974 34,645 2,457 32,710 36,470 30,981 13,193 19,142 1970. 107,199 30,137 40,721 2,506 33,835 40,398 31,705 14,354 20,742 1971. 115,050 31,393 44,933 2,901 35,823 45,395 31,730 16,033 21,892 1972. 126,914 34,729 49,872 3,218 39,095 50,796 35,259 18,117 22,742 1973. 144,978 39,452 59,409 3,577 42,540 60,014 38,066 20,358 26,540 1974 157,791 42,197 66,598 3,840 45,156 66,539 40,127 21,861 29,264 1974—Apr................. 13,026 3,498 5,483 312 3,733 5,470 3,375 1,784 2,397 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 Oct................. 13,224 3,470 5,499 321 3,934 5,542 3,250 1,962 2,470 Nov................ 13,009 3,423 5,561 325 3,700 5,671 2,981 1 ,860 2,497 Dec................. 13,516 3,668 6,037 341 3,470 5,803 3,308 1,822 2,583 1975-—Jan................. 13,260 3,534 5,549 336 3,841 5,669 3,331 1,827 2,433 Feb................. 13,228 3,605 5,632 350 3,641 5,747 3,134 1,824 2,523 Mar................ 13,234 3,772 5,708 357 3,397 5,924 2,971 1 ,782 2,557 Apr................. 13,423 3,719 5,632 369 3,703 5,769 3,263 1,947 2,444 Net change 1967........................... 3,183 -214 1,657 167 1,573 1,833 -220 901 669 1968........................... 8,317 3,152 2,237 231 2,697 4,784 1,498 1,501 534 1969........................... 9,360 2,579 3,687 374 2,720 4,485 1,772 2,005 1,098 1970........................... 4,959 -343 3,152 457 1,693 2,977 -168 1,366 784 1971........................... 9,231 3,480 2,888 343 2,520 5,842 1,205 1,933 251 1972........................... 16,037 5,465 5,727 788 4,057 8,543 3,205 2,490 1,799 1973........................... 20,105 7,001 7,450 1,151 4,503 9,712 5,155 3,056 2,182 1974........................... 8,687 559 4,479 810 2,839 3,015 1,682 2,649 1,341 1974—Apr................. 1,153 47 551 135 420 368 296 270 219 May............... 1,262 168 549 153 392 450 304 285 223 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 1975—Jan................. -401 -186 -119 -47 -49 -301 -263 221 -58 Feb................. 237 251 -71 -48 105 -98 61 280 -6 Mar................ -437 -353 -173 -18 107 -567 -99 262 -33 Apr................ -242 -265 -48 -56 127 -312 -118 195 -7 Note.—Monthly estimates are seasonally adjusted and include adjust­ stalment paper, and certain other transactions may increase the amount ments for differences in trading days. Annual totals are based on data of extensions and repayments without affecting the amount outstanding. not seasonally adjusted. For back figures and description of the data, see “Consumer Credit,” Estimates are based on accounting records and often include finance Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, charges. Renewals and refinancing of loans, purchases and sales of in­ and Bulletins for Dec. 1968 and Oct. 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 INDUSTRIAL PRODUCTION: S.A. □ JUNE 1975 MARKET GROUPINGS (1967 = 100) 1967 pro­ 1974 1974 1975 por­ aver­ Grouping tion age May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.® May* Total index................................... 100.0 124.8 125.7 125.8 125.5 125.2 125.6 124.8 121.7 117.4 113.7 111.2 109.8 109.5 109.2 Products, total................................. 62.21 123.1 123.8 124.0 124.0 123.5 123.6 122.9 121.4 118.7 115.4 113.7 112.3 112.6 113.1 Final products............................... 48.95 121.7 122.4 122.6 122.8 122.1 122.6 122.3 120.9 118.2 114.9 113.3 112.2 112.5 113.2 Consumer goods....................... 28.53 128.8 129.7 130.2 130.0 129.8 128.8 128.2 126.3 123.4 120.1 118.8 118.5 119.5 121.5 Equipment................................ 20.42 111.7 112.2 112.0 113.0 111.4 113.8 114.0 113.2 110.7 107.8 105.3 103.5 102.9 101.6 Intermediate products................. 13.26 128.3 129.2 128.9 127.8 128.6 127.6 125.3 123.0 120.5 117.6 115.2 112.7 113.0 112.9 Materials.......................................... 37.79 127.4 129.1 128.8 128.0 128.5 129.3 128.1 122.1 114.8 110.5 107.4 105.8 104.5 103.0 Consumer goods Durable consumer goods.................. 7.86 127.9 132.8 133.5 131.6 131.8 129.1 126.5 119.7 110.1 104.0 101.0 103.1 106.9 110.7 Automotive products................... 2.84 110.0 116.1 117.3 113.5 114.9 111.6 114.7 102.1 87.5 80.3 78.2 86.8 93.7 97.1 Autos......................................... 1.87 94.9 100.3 99.6 101.5 103.1 99.6 108.4 91.0 69.8 62.6 58.9 73.1 82.4 86.3 Auto parts and allied goods... .97 139.0 146.5 151.3 136.9 137.6 134.5 126.9 123.6 121.5 114.4 115.5 113.2 115.7 117.7 Home goods..................................... 5.02 138.0 142.3 142.7 141.8 141.2 139.0 133.2 129.7 123.0 117.5 114.0 112.3 114.3 118.4 Appliances, TV, and radios........ 1.41 132.0 137.7 141.2 139.3 139.1 133.2 120.9 115.3 102.5 94.4 89.0 85.0 90.1 Appliances and A/C............ .92 148.8 152.6 155.3 151.7 156.2 150.2 139.5 131.9 119.8 108.0 104.8 99.1 103.5 TV and home audio............. .49 Carpeting and furniture.............. 1.08 153.5 157.4 157.2 155.3 157.1 155.4 151.8 144.7 143.8 135.1 132.3 127.9 128.2 Misc. home goods....................... 2.53 134.7 138.3 137.4 137.3 135.8 135.3 132.2 131.4 125.5 123.0 120.1 121.0 122.0 123.5 Nondurable consumer goods............ 20.67 129.2 128.5 129.0 129.4 129.1 128.7 128.9 128.8 128.4 126.3 125.5 124.4 124.4 125.6 Clothing........................................ 4.32 109.0 107.0 108.9 108.6 106.4 106.0 104.5 103.1 102.0 95.0 94.5 91 .9 Consumer staples......................... 16.34 134.5 134.2 134.3 134.9 135.1 134.8 135.4 135.6 135.5 134.5 133.6 133.0 132.9 134.0 Consumer foods and tobacco.. 8.37 125.4 124.7 124.7 125.5 124.4 124.4 125.2 126.2 125.3 123.3 123.2 122.7 122.9 123.8 Nonfood staples........................ 7.98 144.0 144.3 144.4 144.7 146.5 145.7 146.1 145.3 146.2 146.4 144.5 143.7 143.4 144.6 Consumer chemical products 2.64 158.4 157.5 156.8 154.6 159.0 157.7 159.8 155.2 159.1 160.6 157.1 156.2 157.4 Consumer paper products..., 1.91 125.2 124.7 123.9 124.4 129.5 130.9 128.5 127.4 126.7 122.0 121.9 120.9 119.5 Consumer fuel and lighting.. 3.43 143.8 145.1 146.0 148.4 146.2 144.6 145.4 147.9 147.3 149.2 147.2 146.6 145.7 Residential utilities...........< 2.25 153.7 153.2 155.3 157.8 155.4 156.2 155.5 159.3 159.0 159.9 159.7 159.2 Equipment Business equipment............................ 12.74 129.4 130.2 130.2 131.3 128.8 132.3 132.0 131.0 127.1 122.3 119.3 116.5 115.4 113.5 Industrial equipment..................... 6.77 128.7 129.6 129.0 130.3 129.6 132.0 130.9 129.3 126.7 122.9 120.4 118.0 116.3 113.8 Building and mining equip. 1.45 136.0 135.0 137.4 136.2 136.5 139.8 141.2 140.1 137.4 138.4 137.0 134.3 131.8 128.7 Manufacturing equipment 3.85 121.7 124.1 121.9 124.9 123.1 124.4 122.5 119.4 116.5 111.8 109.4 106.6 105.2 101.9 Power equipment...................... 1.47 139.9 138.4 139.0 138.4 139.6 144.2 142.8 144.5 142.6 136.6 132.1 131.8 130.0 129.7 Commercial, transit, farm equip.. 5.97 130.3 130.9 131.5 132.5 127.6 132.8 133.2 132.9 127.6 121.6 118.0 114.9 114.3 113.0 Commercial equipment............. 3.30 141.1 141.5 142.7 143.5 134.0 143.3 144.1 143.1 139.3 135.2 130.4 127.8 124.4 121.8 Transit equipment..................... 2.00 109.6 110.2 110.4 111.4 109.3 111.8 111.2 109.8 102.9 91.8 91.5 88.8 92.0 92.5 Farm equipment....................... .67 138.7 140.2 140.6 141.4 150.5 144.1 145.4 151.9 143.7 143.8 135.9 128.1 130.9 Defense and space equipment.......... 7.68 82.3 82.2 81.7 82.6 82.7 83.1 84.1 83.7 83.4 83.8 82.4 82.1 82.2 81.8 Military products......................... 5.15 81.2 81.2 79.7 81.4 81.5 82.3 82.5 81.8 81.3 81.5 80.7 80.3 80.3 79.9 Intermediate products Construction products..................... 5.93 129.6 130.8 129.6 128.2 128.0 127.4 123.5 121.3 118.3 115.7 112.1 109.6 110.4 109.7 Misc. intermediate products........... 7.34 127.3 127.9 128.4 127.5 129.2 127.8 126.8 124.2 122.5 119.2 118.4 115.9 116.0 Materials Durable goods materials................... 20.91 127.3 128.3 127.5 125. 128.1 129.2 129.3 123.5 114.2 110.3 107.0 103.9 101.3 98.4 Consumer durable parts.............. 4.75 112.1 114.7 114.1 117.2 117.5 117.2 115.2 104.1 91.7 83.7 82.1 81.4 82.1 86.0 Equipment parts........................... 5.41 123.8 122.5 122.1 120.6 125.8 125.0 124.0 122.2 118.3 116.9 112.0 108.4 105.1 103.5 Durable materials nec................. 10.75 135.9 137.2 136.2 132.3 133.9 136.6 138.3 132.7 122.9 118.8 115.4 111 .6 108.0 101.4 Nondurable goods materials............. 13.99 128.5 130.9 131.3 131.1 130.4 129.3 126.8 122.1 116.2 109.2 105.7 105.9 106.6 107.2 Textile, paper, and chem. mat... 8.58 139.8 143.3 143.6 143.6 143.2 142.2 138.1 131.1 122.9 112.9 108.5 106.9 107.2 108.5 Nondurable materials n.e.c......... 5.41 110.6 111.4 111.9 111.3 110.0 108.9 108.9 107.8 105.7 103.3 101.1 104.5 105.6 105. t Fuel and power, industrial.............. 2.89 122.6 124.7 126.3 128.0 123.5 129.0 126.4 112.7 113.0 117 118.2 119.1 117.5 116.0 Supplementary groups Home goods and clothing............... 9.34 124.6 126.0 127.1 126.4 125.0 123.8 120.0 117.4 113.2 107.1 105.0 102.8 104.0 107.1 Containers........................................ 1.82 139.4 141.5 141.6 142.1 140.4 136.7 131.5 127.6 120.3 126.1 119.9 123.3 124.1 Gross value of products in market structure (In billions of 1963 dollars) Products, total................. 286.3 449.5 449.7 448.1 446.9 447.1 445.7 439.0 426.7 416.4 410.1 406.2 408.9 409.5 Final products............ 221.4 347.2 347.7 346.6 345.0 346.1 346.5 341.3 331.0 322.3 317.7 315.8 318.4 319.4 Consumer goods 156.3 235.9 236.6 235.0 235.1 233.1 233.7 228.9 222.3 216.4 213.7 214.2 217.2 219.4 Equipment............... 65.3 111.2 111.2 111.6 109.9 112.8 112.7 112.4 108.8 105.9 103.9 101.9 101.2 100.1 Intermediate products. 64.9 102.2 102.0 101.2 102.1 101.0 99.4 97.4 95.8 94.3 92.3 90.3 90.6 90.1 For Note see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ INDUSTRIAL PRODUCTION: S.A. A 49 INDUSTRY GROUPINGS (1967 = 100) 1 p 9 r 6 o 7 ­ 1974 1974 1975 Grouping p ti o o r n ­ a a v g e e r­ May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.* May6 Manufacturing...................................... 88.55 124.4 125.7 125.6 125.2 125.2 125.5 124.6 120.9 116.1 Ill .7 109.2 107.6 107.5 107.3 Durable............................................. 52.33 120.7 122.1 122.1 121.6 121.6 122.1 121.6 117.9 112.2 108.2 104.8 103.0 102.7 101.2 Nondurable....................................... 36.22 129.7 130.9 130.8 130.8 130.4 130.5 128.9 125.4 121.9 117.0 115.6 114.2 114.6 116.0 Mining and utilities............................. 11.45 127.3 128.0 128.1 128.9 127.4 128.7 128.5 125.9 125.7 127.0 127.3 127.6 126.7 126.2 6.37 109.3 111.0 110.2 110.2 107.3 109.2 110.5 105.0 104.4 107.0 108.6 109.3 108.6 107.8 5.08 149.9 149.2 150.6 152.4 152.6 153.1 151.2 152.3 152.6 153.0 150.9 150.6 149.7 149.4 Durable manufactures 12.55 127.5 128.1 .128.4 126.9 126.5 127.2 127.6 124.4 116.0 112.4 107.7 105.0 103.1 99.9 Primary metals................................. 6.61 124.1 124.6 124.7 123.2 121.9 123.0 126.0 121.0 108.6 107.2 102.1 98.0 95.1 89.7 Iron and steel, subtotal................ 4.23 119.9 118.0 118.5 119.9 120.7 119.1 123.9 117.7 107.9 110.6 105.0 103.1 99.4 92.6 Fabricated metal products.............. 5.94 131.4 131.9 132.5 131.1 131.5 132.0 129.6 128.2 124.1 118.2 113.7 112.8 112.3 111.3 Machinery and allied goods................. 32.44 116.3 117.5 117.7 117.3 117.8 118.8 118.4 114.9 109.6 105.4 102.4 100.9 101.1 99.9 17.39 128.1 129.7 130.4 129.9 130.5 132.5 131.1 128.9 124.8 119.6 115.6 112.3 110.4 10S.4 Nonelectrical machinery.............. 9.17 133.8 131.9 131.7 131.1 136.4 137.8 137.4 135.1 132.5 126.7 123.6 119.2 116.7 112.5 Electrical machinery.................... 8.22 125.2 127.4 129.0 128.4 123.7 126.4 124.0 121.7 116.3 111.5 106.6 104.6 103.4 103.9 Transportation equipment.............. 9.29 96.9 100.6 99.4 98.7 99.9 100.4 102.1 93.7 83.6 78.9 77.1 78.6 83.1 83.1 Motor vehicles and parts............ 4.56 113.2 119.6 116.9 117.3 117.8 118.6 123.0 107.1 86.4 78.2 77.6 85.4 93.5 95.6 Aerospace and misc. trans. eq... 4.73 81.1 82.4 82.6 80.9 82.6 82.8 81.9 80.9 80.9 79.5 76.6 72.0 73.0 71 .0 Instruments....................................... 2.07 143.9 146.1 147.5 146.7 146.7 144.9 142.0 142.3 139.5 139.1 134.2 130.6 130.8 127.7 Ordnance, private and Govt........... 3.69 86.1 86.1 86.4 87.2 87.1 87.5 87.2 86.6 86.6 86.2 86.9 86.6 86.5 86.1 Lumber, clay, and glass....................... 4.44 123.6 128.0 126.4 125.5 123.4 120.6 117.8 113.7 111.0 109.6 104.6 102.8 102.7 103.4 Lumber and products...................... 1.65 120.1 126.8 125.6 121.6 121.5 116.6 109.3 105.2 101.3 99.9 99.6 99.1 99.7 Clay, glass, and stone products.... 2.79 125.7 128.7 126.9 127.7 124.6 123.0 122.9 118.8 116.9 115.3 107.8 104.9 104.5 Furniture and miscellaneous................. 2.90 136.1 138.9 138.5 139.7 140.1 138.8 136.7 129.0 128.4 120.0 119.6 117.4 117.5 119.2 Furniture and fixtures..................... 1.38 126.9 129.7 131.1 131.6 130.5 129.4 125.5 120.5 120.4 110.6 110.6 106.7 106.5 Miscellaneous manufactures........... 1.52 144.4 147.3 145.3 147.1 148.8 147.5 146.9 136.9 135.7 128.9 128.0 127.1 127.7 Nondurable manufactures 6.90 108.9 109.8 108.5 108.1 107.4 106.5 105.1 101.9 96.3 88.9 89.6 87.5 90.3 94.4 Textile mill products....................... 2.69 122.7 124.0 125.1 125.3 124.3 121.9 119.1 112.8 102.9 95.6 93.3 96.6 99.1 Apparel products............................. 3.33 105.4 105.0 102.1 102.7 102.5 102.5 102.8 100.1 98.0 94.0 92.6 86.4 Leather and products...................... .88 77.3 83.9 81.6 75.7 73.4 74.2 70.6 74.7 69.7 66.1 66.7 64.1 71.9 Paper and printing............................... 7.92 121.0 121.3 122.3 122.4 121.0 122.7 120.8 115.7 112.3 108.2 106.6 103.8 103.0 102.7 Paper and products......................... 3.18 134.0 135.1 136.7 136.1 132.2 135.3 133.9 124.3 116.1 114.3 109.5 104.5 106.2 Printing and publishing................... 4.74 112.3 111.9 112.7 113.4 113.4 114.4 111.9 110.0 109.8 104.1 104.7 103.4 100.9 "99.6 Chemicals, petroleum, and rubber.... 11.92 151.7 153.0 153.7 153.9 154.4 154.7 152.4 146.5 141.6 136.5 132.4 131.4 131.3 132.1 Chemicals and products.................. 7.86 154.3 156.2 156.9 155.8 156.7 158.3 155.9 148.3 143.1 139.0 134.6 134.4 133.1 134.0 Petroleum products......................... 1.80 124.0 126.1 126.2 127.9 125.8 121.9 125.4 127.0 125.8 126.8 123.7 123.4 122.2 122.3 Rubber and plastics products...... 2.26 164.4 163.7 164.5 167.2 169.0 168.6 161.8 155.7 148.9 135.4 132.0 127.2 131 .5 Foods and tobacco................................ 9.48 124.8 126.5 125.3 124.8 124.8 124.3 123.7 123.8 123.5 120.0 121.3 120.7 120.9 122.5 Foods................................................ 8.81 126.2 127.8 127.1 126.6 126.3 125.7 124.8 125.4 125.7 121.2 122.3 122.0 122.4 124.1 Tobacco products............................ .67 106.4 109.4 102.9 101.5 104.2 106.0 110.3 103.8 96.2 104.7 108.4 102.6 Mining Metal, stone, and earth minerals......... 1.26 117.2 117.9 112.4 113.5 109.9 115.4 121.3 120.7 117.9 119.1 116.2 113.2 111.3 106.9 Metal mining............................... .51 129.2 128.1 121.1 120.3 110.0 130.5 141.4 136.8 134.7 133.8 131.1 125.2 124.7 Stone and earth minerals......... .75 109.1 111.0 106.4 108.8 109.9 105.0 107.5 109.8 106.4 109.0 106.1 105.1 102.2 Coal, oil, and gas................................. 5.11 107.3 109.2 109.7 109.4 106.7 107.7 107.8 101.2 101.1 103.9 106.8 108.4 107.9 108.0 Coal.................................................. .69 105.1 112.4 118.3 115.6 99.4 112.1 110.3 67.6 85.3 111.3 117.5 117.5 112.0 119.1 Oil and gas extraction..................... 4.42 107.7 108.8 108.4 108.4 107.9 107.1 107.4 106.4 103.6 102.9 105.0 106.8 107.3 106.2 Utilities Electric.................................................. 3.91 159.5 159.0 160.3 162.7 162.8 162.4 161.2 162.9 163.0 162.5 161.1 160.9 Gas..................................................... 1.17 117.9 1 Note.—Data for the complete year of 1972 are available in a pamphlet Published groupings include series and subtotals not shown sepa- Industrial Production Indexes 1972 from Publications Services, Division rately. Figures for individual series and subtotals are published in the of Administrative Services, Board of Governors of the Federal Reserve monthly Business Indexes release. System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 BUSINESS ACTIVITY; CONSTRUCTION □ JUNE 1975 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu­ Prices4 facturing2 In­ Ca­ Market dustry pacity Nonagutiliza­ Con­ ricul- Products tion struc­ tural Total Whole­ Total in mfg. tion em­ Em­ Pay­ retail Con­ sale (1967 con­ ploy­ ploy­ rolls sales3 sumer com­ Total Mate­ Manu­ output tracts ment— ment modity Inter­ rials factur­ = 100) Total i Con­ Equip mediate ing Total sumer ment goods 195 5 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 195 6 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 195 7 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 195 8 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 195 9 64. 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. 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. 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. 105. 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.2 101.4 108.3 109 104.2 102.5 196 9 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 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 83.0 181.3 116.7 103.1 148.9 133.1 134.7 197 4 124 123.1 121.7 128.8 111.7 128.3 127.4 124.4 78.9 168.6 118.9 102.1 156.6 147.7 160.1 1974—Apr. 124.9 122.7 120.8 128.5 110.1 129.4 128.7 124.8 167.0 118.8 103.0 150.4 169 143.9 152.7 May 125.7 123.8 122.4 129.7 112.2 129.2 129.1 125.7 80.1 188.0 119.0 103.0 156.2 172 145.5 155.0 June 125. 124.0 122.6 130.2 112.0 128.9 128.8 125.6 166.0 119.1 103.2 157.9 170 146.9 155.7 July. 125.5 124.0 122.8 130.0 113.0 127.8 128.0 125.2 177.0 119.2 103.0 159.5 177 148.0 161.7 Aug. 125.2 123.5 122.1 129.8 111.4 128.6 128.5 125.2 79.4 170.0 119.4 102.6 161.5 180 149.9 167.4 Sept. 125.6 123.6 122.6 128.8 113.8 127.6 129.3 125.5 187.0 119.7 102.5 162.0 176 151.7 167.2 Oct.. 124. 122.9 122.3 128.2 114.0 125.3 128.1 124.6 148.0 119.8 101.7 162.1 175 153.0 170.2 Nov. 121.7 121.4 120.9 126.3 113.2 123.0 122.1 120.9 75.7 154.0 119.1 99.4 157.0 170 154.3 171.9 Dec. 117.3 118.7 118.2 123.4 110.7 120.5 114.8 116.1 176.0 118.0 96.3 152.6 171 155.4 171.5 1975—Jan.. 113.7 115.4 114.9 120.1 107.8 117.6 110.5 111 .7 135.0 117.3 93.6 148.9 176 156.1 171.8 Feb.. 111 .2 113.7 113.3 118.8 105.3 115.2 107.4 109.2 68.3 135.0 116.5 90.8 143.0 179 157.2 171 .3 Mar. 109.8 112.3 112.2 118.5 103.5 112.7 105.8 107.6 153.0 116.0 89.9 142.8 176 157.8 170.4 Apr., 109.5 112.6 112.5 119.5 102.9 113.0 104.5 107.5 189.0 116.0 89.7 144.0 178 158.6 172.1 May. 109.2 113.1 113.2 121 .5 101 .6 112.9 103.0 107.3 116.1 89.8 143.8 182 173.2 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. 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) 1974 1975 Type of ownership and 1973 1974 type of construction Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total construction contracts 1........ 99,304 93,076 8,92910,158 8,480 9,295 8,416 8,359 7,227 6,179 7,304 5,100 4,955 6,574 9,598 By type of ownership: Public........................................ 26,563 32,209 2,336 3,082 2,968 3,242 3,311 3,273 2,720 2,391 2,496 2,254 2,031 2,182 2,768 72,741 60,867 6,593 7,076 5,512 6,053 5,105 5,689 4,508 3,788 4,809 2,846 2,924 4,393 6,830 By type of construction: Residential building 1.............. 45,696 34,174 3,924 3,862 3,546 3,350 3,060 2,503 2,457 1,931 1,715 1,562 1,583 2,316 3,029 Nonresidential building........... 31,534 33,859 2,842 3,120 2,989 3,698 3,246 3,320 2,710 2,618 2,451 2,233 2,199 2,402 2,987 Nonbuilding............................. 22,074 25,042 2,163 3,176 1,945 2,247 2,110 2,536 2,061 1,630 3,139 1,305 1,172 1,856 3,582 Private housing units authorized... 1,829 1,053 1,296 1,120 1,106 1,017 900 823 782 730 822 682 714 r706 897 (In thousands, S.A., A.R.) 1 Because of improved procedures for collecting data for 1-family homes, Note.—Dollar value of construction contracts as reported by the some totals are not strictly comparable with those prior to 1968. To im­ McGraw-Hill Informations Systems Company, F.W. Dodge Division. prove comparability, earlier levels may be raised by approximately 3 per Totals of monthly data may differ from annual totals because adjustments cent for total and private construction, in each case, and by 8 per cent for are made in accumulated monthly data after original figures have been residential building. 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

JUNE 1975 p CONSTRUCTION A 51 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser­ Period Total Total d R en e t s i i a ­ l Total In tr d ia u l s­ B m u C i e l o r d c m i i n a ­ g l s b O u t i h l e d r ­ Other Total M ta i r l y i­ H w ig ay h­ d v e m a v a t n e e i d n l o o t n p­ Other 2 ings 1 1965 . 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 2,019 11,663 1966 . 76,002 51,995 25,715 26,280 6,679 6,879 5,037 7,685 24,007 727 8,405 2,194 12,681 1967 77,503 51,967 25,568 26,399 6,131 6,982 4,993 8,293 25,536 695 8,591 2,124 14,126 1968 86,626 59,021 30,565 28,456 6,021 7,761 4.382 10,292 27,605 808 9,321 1.973 15,503 1969 93,728 65.404 33,200 32,204 6,783 9,401 4,971 11,049 27,964 879 9,250 1,783 16,052 197 0 94,167 66,071 31,864 34,207 6,538 9,754 5,125 12,790 28,096 718 9,981 1,908 15,489 197 1 109,950 80,079 43,267 36,812 5,423 11,619 5,437 14,333 29,871 901 10,658 2,095 16,217 197 2 124,077 93,893 54,288 39,605 4.676 13,462 5,898 15,569 30,184 1,087 10,429 2,172 16,496 197 3 135,456 102,894 57,623 45,271 6,243 15,453 5,888 17,687 32,562 1,170 10,559 2,313 18,520 1974r........... 134,814 96,388 55,020 41,368 7,745 16,029 5,951 11,643 38,426 1,188 12,105 2,781 22,352 1974—Apr.. 136,399 97,445 48,164 49,281 6.920 16,296 6,264 19,801 38.954 1,505 12.209 2,665 22,575 May. 138,163 97,889 47,971 49,918 7,606 16,408 5,890 20,014 40,274 1,181 12,322 2,692 24,079 June. 136,889 98.404 48,269 50,135 8,027 16,425 6,034 19,649 38,485 1,169 11,475 3,310 22,531 July.. 137,879 97,924 48,875 49,049 7,158 15,953 5,915 20,023 39.955 1,131 12,518 2,581 23,725 Aug.. 134,425 96,225 48,208 48,017 7,616 15.053 5,691 19,657 38,200 978 11,968 2,568 22,686 Sept.. 133,028 94,728 46,005 48,723 7.677 15,668 5,776 19,602 38,300 1,167 13,334 2,886 20,913 Oct... 134,046 95,180 44,285 50,895 8,294 16,300 5,799 20,502 38,866 1,065 12,566 3,070 22,165 Nov.. 131,133 93,532 42,341 51,191 8,670 16,037 5,854 20,630 37,601 r10,842 ’2,871 Dec.. 132,761 90,865 40,145 50,720 8,774 15,372 5,781 20,793 41,896 12.210 3,446 1975—Jan... 130,256 88,471 37,665 50,806 8,525 15.053 5,779 21,449 41,785 1,305 12,718 2.974 24,788 Feb.. 126,953 86,658 36,282 50,376 8,734 15,249 5,844 20,549 40,295 1,440 Mar.. 121,039 83,417 35,724 47,693 7,981 13,289 5.382 21,041 37,622 1,545 Apr.® 121,731 82,669 35,879 46,790 7,681 12,679 5,371 21,059 39,062 1,469 1 Includes religious, educational, hospital, institutional, and other build­ Note.—Census Bureau data; monthly series at seasonally adjusted ings. annual rates. 2 Sewer and water, formerly shown separately, now included in “Other.” PRIVATE HOUSING ACTIVITY (In thousands of units) Starts Completions Under construction New 1-family homes sold (end of period) and for sale 1 Units Median prices (in thousands Mobile of dollars) of Period home units 1- 2-or- 1- 2-or- 1- 2-or- ship­ Total family more Total family more Total family more ments famiiy family family For sale For Sold (end of Sold sale per­ iod) 1965........................................ 1,473 964 509 217 575 228 20.0 21.3 1966........................................ 1,165 779 386 217 461 196 21.4 22.8 1967........................................ 1,292 844 448 240 487 190 22.7 23.6 1968........................................ 1,508 899 608 1,320 859 461 318 490 218 24.7 24.6 1969........................................ 1,467 811 656 1,399 808 592 * *885 350 ’*’535' 413 448 228 25.6 27.0 1970........................................ 1,434 813 621 1,418 802 617 922 381 541 401 485 227 23.4 26.2 1971........................................ 2,052 1,151 901 1,706 1,014 692 1,254 505 749 497 656 294 25.2 25.9 1972........................................ 2,357 1,309 1,048 1,972 1,143 828 1,586 640 947 576 718 416 27.6 28.3 1973........................................ 2,045 1,132 913 2,014 1,174 840 1,599 583 1,016 567 620 456 32.5 32.9 1974........................................ 1,338 888 450 1,689 930 759 1,194 519 676 371 500 408 35.9 36.2 1974—Apr.............................. 1,580 975 605 1,727 917 809 1,545 600 945 r393 556 450 35.7 34.3 May............................. 1,467 925 542 1,660 889 771 1,512 594 918 r407 569 444 35.7 34.7 June............................. 1,533 1,000 533 1,805 1,053 752 1,480 581 899 '398 524 436 35.1 35.0 July............................. 1,314 920 394 1,655 934 721 1,443 578 865 r340 509 430 36.8 35.3 Aug.............................. 1,156 826 330 1,592 919 674 1,406 570 836 r316 466 425 35.7 35.5 Sept............................. 1,157 845 312 1,562 899 663 1,372 565 807 r252 495 414 36.2 35.7 Oct............................... 1,106 792 314 1,627 908 719 1,322 553 769 '217 433 409 37.2 35.9 Nov............................. 1,017 802 215 1,657 893 763 1,255 541 714 rl 95 435 404 37.3 36.0 Dec.............................. 880 682 198 1,606 852 754 1,229 545 684 '195 '382 400 '37.4 36.2 1975—Jan.'........................... 999 739 260 1,535 964 571 1,176 522 654 185 401 403 37.4 36.5 Feb. '........................... 1,000 733 267 1,319 773 546 1,159 522 637 219 408 407 37.8 36.7 Mar............................. 974 757 217 1,246 708 543 1,117 519 598 199 449 393 38.3 36.6 Apr.**........................... 990 754 236 1 Merchant builders only. for mobile homes, which are private, domestic shipments as reported by the Mobile Home Manufacturers’ Assn. and seasonally adjusted by Note.—All series except prices, seasonally adjusted. Annual rates for Census Bureau. Data for units under construction seasonally adjusted by starts, completions, mobile home shipments, and sales. Census data except Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 EMPLOYMENT □ JUNE 1975 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period i p n T o ( s o N t p t i a u t .S u l l t a . n A i t o o i . o n n ) n a - l la ( b N N o . o r S t . f A i o n . r ) ce T ( l f a S o o b . r A t c o a e r . l ) Total Total E In m c u n p l o l t n o u a y ra g e l r d i 1 ­ agric I u n lture U pl n o e y m ed ­ U (p n e e m r S r a m . e A t c e n p e . 2 t l ) n o t y ; ­ industries 1969........................... 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 1970.......................... 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1971........................... 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 1972........................... 145,775 56,785 88,991 86,542 81,702 78,230 3,472 4,840 5.6 1973........................... 148,263 57,222 91,040 88,714 84,409 80,957 3,452 4,304 4.9 1974........................... 150,827 57,587 93,240 91,011 85,936 82,443 3,492 5,076 5.6 1974—May............... 150,507 58,349 92,982 90,753 86,062 82,565 3,497 4,691 5.2 June............... 150,710 55,952 93,069 90,857 86,088 82,755 3,333 4,769 5.2 July................ 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................. 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................ 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 Feb................. 152,445 59,333 93,709 91,511 84,027 80,701 3,326 7,484 8.2 Mar................ 152,646 59,053 94,027 91,829 83,849 80,584 3,265 7,980 8.7 Apr................ 152,840 59,276 94,457 92,262 84,086 80,848 3,238 8,176 8.9 May............... 153,051 59,101 95,121 92,940 84,402 80,890 3,512 8,538 9.2 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) Contract Transporta­ Period Total M t a u n ri u n f g ac­ Mining con ti s o tr n uc­ ti p o u n b l a i n c d Trade Finance Service G m ov e e n r t n­ utilities 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 71,216 18,572 603 3,639 4,457 15,352 3,802 11,903 12,887 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 78,334 20,016 672 3,985 4,699 17,011 4,173 13,506 14,285 SEASONALLY ADJUSTED 1974—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............................................... 77,690 19,146 662 3,798 4,668 16,912 4,182 13,734 14,588 1975—Jan................................................ 77,227 18,718 700 3,789 4,607 16,863 4,173 13,747 14,630 Feb............................................... 76,708 18,297 702 3,596 4,561 16,832 4,164 13,771 14,785 Mar............................................... 76,368 18,146 706 3,486 4,512 16,799 4,157 13,754 14,808 Apr.*............................................ 76,381 18,101 702 3,470 4,511 16,818 4,164 13,758 14,857 May*............................................ 76,443 18,090 705 3,435 4,499 16,850 4,160 13,788 14,916 NOT SEASONALLY ADJUSTED 1974—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............................................... 78,441 19,175 657 3,722 4,663 17,591 4,161 13,665 14,807 1975—Jan................................................ 76,185 18,538 689 3,372 4,552 16,687 4,131 13,513 14,703 Feb............................................... 75,753 18,132 687 3,229 4,497 16,475 4,127 13,606 15,000 Mar............................................... 75,755 18,005 691 3,218 4,476 16,509 4,132 13,658 15,066 Apr.*........................................... 76,161 17,973 696 3,328 4,479 16,688 4,147 13,772 15,078 May*............................................ 76,654 18,008 706 3,428 4,499 16,821 4,160 13,898 15,134 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 bench­ mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ PRICES A 53 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur­ Apparel Trans­ Period it A em ll s Food Total Rent H ow o n m e e r - - F a o n u i d e l l e G a l n e a c d s ­ n i a n i n s g d h s ­ up a k n e d ep p t o io rt n a­ Total M ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d­ g O a o t n o h d d er s ship coal tricity opera­ care care recrea­ serv­ tion tion ices 1929.......................... 51.3 48.3 76.0 48.5 1933.......................... 38.8 30.6 54.1 36.9 1941.......................... 44.1 38.4 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 47.7 49.2 1945.......................... 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56.9 1960.......................... 88.7 88.0 90.2 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.1 79.1 90.1 87.3 87.8 1965.......................... 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 95.9 94.2 1966.......................... 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 97.5 97.2 1967.......................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968.......................... 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 1969.......................... 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 1970.......................... 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 1971......................... 121.3 118.4 124.3 115.2 133.7 117.5 114.7 118.1 119.8 118.6 122.2 128.4 116.8 119.3 120.9 1972......................... 125.3 123.5 129.2 119.2 140.1 118.5 120.5 121.0 122.3 119.9 126.1 132.5 119.8 122.8 125.5 1973......................... 133.1 141.4 135.0 '124.3 146.7 136.0 126.4 124.9 126.8 123.8 130.2 137.7 125.2 125.9 129.0 1974......................... 147.7 161.7 150.6 130.2 163.2 214.6 145.8 140.5 136.2 137.7 140.3 150.5 137.3 133.8 137.2 1974—Apr............... 143.9 158.6 146.0 128.8 158.2 206.5 141.9 134.0 133.6 133.7 136.3 145.6 133.1 130.4 133.6 May.............. 145.5 159.7 147.6 129.3 159.4 211.0 143.9 137.0 135.0 136.3 137.7 147.2 134.9 132.0 134.4 June.............. 146.9 160.3 149.2 129.8 161.2 214.2 144.5 139.2 135.7 138.8 139.4 149.4 136.5 133.5 135.8 July............... 148.0 160.5 150.9 130.3 163.2 218.5 146.2 141 .4 135.3 140.6 141 .0 151 .4 137.8 134.6 137.7 Aug............... 149.9 162.8 152.8 130.9 165.4 220.9 148.5 143.9 138.1 141 .3 142.6 153.7 139.3 135.2 139.4 Sept............... 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 .2 137.0 140.4 Oct................ 153.0 166.1 156.7 132.2 170.1 225.5 151.5 149.0 141 .1 142.9 145.2 156.3 143.0 137.8 141.4 Nov............... 154.3 167.8 158.3 132.8 171.7 229.2 154.0 151.0 142.4 143.4 146.3 157.5 144.2 138.8 142.7 Dec............... 155.4 169.7 159.9 133.5 174.0 228.8 156.7 152.3 141.9 143.5 147.5 159.0 145.3 139.8 143.9 1975—Jan................ 156.1 170.9 161 .2 134.0 175.6 228.9 160.2 153.2 139.4 143.2 148.9 161 .0 146.5 141 .0 144.8 Feb................ 157.2 171.6 162.7 135.1 177.3 229.5 162.7 154.7 140.2 143.5 150.2 163.0 147.8 141.8 145.9 Mar............... 157.8 171.3 163.6 135.5 178.2 228.3 164.0 155.6 140.9 144.8 151. 1 164.6 148.9 142.0 146.5 Apr............... 158.6 171 .2 164.7 135.9 179.4 229.0 166.3 | 156.8 141 .3 146.2 152.1 165.8 149.5 143.5 146.8 Note.—Bureau of Labor Statistics index for city vvage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities Pro­ Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t d m s ­ c f f e a o e s n e o s d d d e s d s Total 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 et u e c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l c e s, . t­ e c M a q e h n r u i y a d n i ­ p ­ ­ F t e u u t r r c e n . , i­ N t e m m a r l o a i l e n n l i - s c ­ - T e m p t q r o i a e o u r n n n i t p a s t1 ­ ­ ­ n c M e e o l i l u s a ­ s ­ ment 1960............ 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 196 5 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 196 6 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 196 7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 196 8 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 196 9 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 loo's* 105.2 197 0 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 197 1 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 197 2 119.1 125.0 120.8 117.9 113.6 131.3 118.6 104.2 109.3 144.3 113.4 123.5 117.9 111.4 126.1 113.8 114.6 197 3 134.7 176.3 148.1 125.9 123.8 143.1 134.3 110.0 112.4 177.2 122.1 132.8 121.7 115.2 130.2 115.1 119.7 197 4 160.1 187.7 170.9 153.8 139.1 145. 1 208.3 146.8 136.2 183.6 151.7 171.9 139.4 127.9 153.2 125.5 133. 1 1974—May 155.0 180.8 158.9 150.5 139.1 146.3 204.3 137.0 133.7 198.0 146.6 168.7 134.1 124.5 150.7 121.4 133.2 June 155.7 168.6 157.4 153.6 141.7 146.0 210.5 142.8 135.6 192.2 147.5 174.0 137.2 126.1 152.3 122.8 134.3 July. 161.7 180.8 167.6 157.8 142.1 146.6 221.7 148.4 139.5 188.6 153.3 180.3 140.3 128.2 156.4 125.1 135.2 Aug. 167.4 189.2 179.7 161.6 142.3 146.2 226.0 158.5 143.4 183.7 162.9 185.6 144.3 129.8 157.6 126.7 135.4 Sept. 167.2 182.7 176.8 162.9 142:1 148.1 225.0 161.7 145.6 180.4 164.2 187. 1 146.8 132.8 159.8 127.7 136.3 Oct.. 170.2 187.5 183.5 164.8 140.5 145.2 228.5 168.5 147.5 169.4 166.0 186.9 150.0 135.5 162.2 134.2 137.1 Nov. 171.9 187.8 189.7 165.8 139.8 144.5 227.4 172.9 148.5 165.8 166.9 186.7 152.7 136.9 163.4 135.1 140.7 Dec. 171.5 183.7 188.2 166.1 138.4 143.2 229.0 174.0 149.4 165.4 167.2 184.6 154.0 137.7 164.3 137.0 142.4 1975—Jan.. 171.8 179.7 186.4 167.5 137.5 142.1 232.2 176.0 149.6 164.7 169.8 185.5 156.6 138.8 168.5 137.1 145.5 Feb. 171.3 174.6 182.6 168.4 136.5 141 .7 232.3 178.1 150.0 169.3 169.8 186.3 157.7 139.1 170.3 138.2 146.4 Mar. 170.4 171.1 177.3 168.9 134.3 143.2 233.0 181.8 149.7 169.6 170.0 186.1 158.8 138.5 170.8 139.5 146.8 Apr. 172.1 177.7 179.4 169.7 134.4 147.5 236.5 182.4 149.4 174.9 169.7 185.7 159.7 138.5 173.0 139.9 147.3 May 173.2 184.5 179.0 170.3 135.2 147.7 238.8 182.1 148.9 183.0 169.8 185.1 160.4 138.6 173.1 139.9 147.5 i Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 NATIONAL PRODUCT AND INCOME □ JUNE 1975 GROSS NATIONAL PRODUCT (In billions of dollars) 1974 1975 Item 1929 1933 1941 1950 1970 1971 1972 1973 1974 I II III IV I Gross national product..................................... 103.1 55.6 124.5 284.8 977.11,054.91,158.01,294.91,397.41,358.81,383.81,416.31,430.91,417.1 Final purchases................................................. 101.4 57.2 120.1 278.0 972.61,048.61,149.51,279.61,S8S.21.841.91,870.31,407.61,418.11,486.8 77.2 45.8 80.6 191.0 617.6 667.1 729.0 805.2 876.7 840.6 869.1 901.3 895.8 913.2 Durable goods.............................................. 9.2 3.5 9.6 30.5 91.3 103.9 118.4 130.3 127.5 123.9 129.5 136.1 120.7 124.9 Nondurable goods........................................ 37.7 22.3 42.9 98.1 263.8 278.4 299.7 338.0 380.2 364.4 375.8 389.0 391.7 398.8 30.3 20.1 28.1 62.4 262.6 284.8 310.9 336.9 369.0 352.4 363.8 376.2 383.5 389.5 Gross private domestic investment................... 16.2 1.4 17.9 54.1 136.3 153.7 179.3 209.4 209.4 210.5 211.8 205.8 209.4 163.1 Fixed investment........................................... 14.5 3.0 13.4 47.3 131.7 147.4 170.8 194.0 195.2 193.6 198.3 197.1 191.6 182.2 10.6 2.4 9.5 27.9 100.6 104.6 116.8 136.8 149.2 145.2 149.4 150.9 151.2 146.9 Structures.............................................. 5.0 .9 2.9 9.2 36.1 37.9 41.1 47.0 52.0 51.3 52.2 51.0 53.7 52.8 Producers’ durable equipment............. 5.6 1.5 6.6 18.7 64.4 66.6 75.7 89.8 97.1 93.9 97.2 99.9 97.5 94.2 Residential structures............................... 4.0 .6 3.9 19.4 31.2 42.8 54.0 57.2 46.0 48.4 48.8 46.2 40.4 35.3 Nonfarm................................................ 3.8 .5 3.7 18.6 30.7 42.3 53.4 56.7 45.2 47.8 48.0 45.4 39.7 34.8 Change in business inventories................... 1.7 -1.6 4.5 6.8 4.5 6.3 8.5 15.4 14.2 16.9 13.5 8.7 17.8 -19.2 Nonfarm................................................... 1.8 -1.4 4.0 6.0 4.3 4.9 7.8 11.4 11.9 13.1 10.4 6.6 17.5 -17.8 Net exports of goods and services................... 1.1 .4 1.3 1.8 3.6 -.2 -6.0 3.9 2.1 11.3 -1.5 -3.1 1.9 9.3 Exports......................................................... 7.0 2.4 5.9 13.8 62.9 65.4 72.4 100.4 140.2 131.2 138.5 143.6 147.5 143.4 Imports......................................................... 5.9 2.0 4.6 12.0 59.3 65.6 78.4 96.4 138.1 119.9 140.0 146.7 145.7 134.1 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 219.5 234.2 255.7 276.4 309.2 296.3 304.4 312.3 323.8 331.6 Federal.......................................................... 1.3 2.0 16.9 18.4 96.2 97.6 104.9 106.6 116.9 111.5 114.3 117.2 124.5 126.5 National defense...................................... 13.8 14.1 74.6 71.2 74.8 74.4 78.7 75.8 76.6 78.4 84.0 84.7 Other......................................................... 3.1 4.3 21.6 26.5 30.1 32.2 38.2 35.7 37.7 38.8 40.6 41.8 7.2 6.0 7.9 19.5 123.3 136.6 150.8 169.8 192.3 184.8 190.1 195.1 199.3 205.1 Gross national product in constant (1958) dollars........................................................... 203.6 141.5 263.7 355.3 722.5j 746.3 792.5 839.2 821.2 830.5 827.1 823.1 804.0 780.2 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) 1974 1975 Item 1929 1933 1941 1950 1970 1971 1972 1973 1974 I II III IV Ip 86.8 40.3 104.2 241.1 800.5 857.7 946.51,065.6J,142.51,118.81,130.21,155.51,165.41,149.8 Compensation of employees............................. 51.1 29.5 64.8 154.6 603.9 643.1 707.1 786.0 855.8 828.8 848.3 868.2 877.7 875.6 50.4 29.0 62.1 146.8 542.0 573.6 626.8 691.6 750.7 727.6 744.6 761.5 769.2 765.1 Private....................................................... 45.5 23.9 51.9 124.4 426.9 449.5 491.4 545.1 592.4 573.8 588.3 602.5 605.1 597.4 Military..................................................... .3 .3 1.9 5.0 19.6 19.4 20.5 20.6 21.2 21.0 20.9 20.8 22.0 22.0 Government civilian................................. 4.6 4.9 8.3 17.4 95.5 104.7 114.8 126.0 137.1 132.8 135.4 138.2 142.1 145.7 Supplements to wages and salaries............... .7 .5 2.7 7.8 61.9 69.5 80.3 94.4 105.1 101.2 103.7 106.7 108.6 110.5 Employer contributions for social in­ surance .................................................. .1 .1 2.0 4.0 29.7 33.1 38.6 48.4 53.6 52.3 53.2 54.5 54.6 55.2 Other labor income.................................. .6 .4 .7 3.8 32.2 36.4 41.7 46.0 51.4 48.9 50.5 52.3 54.0 55.3 Proprietors’ income.......................................... 15.1 5.9 17.5 37.5 66.9 69.2 75.9 96.1 93.0 98.4 89.9 92.1 91.6 84.9 Business and professional........................... 9.0 3.3 11.1 24.0 50.0 52.0 54.9 57.6 61.2 59.3 60.7 62.3 62.5 62.7 Farm............................................................. 6.2 2.6 6.4 13.5 16.9 17.2 21.0 38.5 31.8 39.1 29.1 29.8 29.1 22.2 Rental income of persons................................. 5.4 2.0 3.5 9.4 23.9 25.2 25.9 26.1 26.5 26.4 26.3 26.6 26.8 27.0 Corporate profits and inventory valuation adjustment..................................................... 10.5 -1.2 15.2 37.7 69.2 78.7 92.2 105.1 105.6 107.7 105.6 105.8 103.4 93.4 Profits before tax.......................................... 10.0 1.0 17.7 42.6 74.0 83.6 99.2 122.7 140.7 135.4 139.0 157.0 131.5 100.3 Profits tax liability.................................... 1.4 .5 7.6 17.8 34.8 37.5 41.5 49.8 55.7 52.2 55.9 62.7 52.0 38.6 8.6 .4 10.1 24.9 39.3 46.1 57.7 72.9 85.0 83.2 83.1 94.3 79.5 61.8 Dividends.............................................. 5.8 2.0 4.4 8.8 24.7 25.0 27.3 29.6 32.7 31.6 32.5 33.2 33.3 33.8 Undistributed profits........................... 2.8 -1.6 5.7 16.0 14.6 21.1 30.3 43.3 52.4 51.6 50.5 61.1 46.2 28.0 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 -4.8 -4.9 -7.0 -17.6 -35.1 -27.7 -33.4 -51.2 -28.1 -7.0 Net interest....................................................... 4.7 4.1 3.2 2.0 36.5 41.6 45.6 52.3 61.6 57.5 60.1 62.8 65.9 68.9 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

JUNE 1975 □ NATIONAL PRODUCT AND INCOME A 55 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1974 1975 Item 1929 1933 1941 1950 1970 1971 1972 1973 1974 I II III IV I p Gross national product..................................... 103.1 55.6 124.5 284.8 977.11,054.91,158.01,294.91,397.41,358.81,383.81,416.31,430.91,417.1 Less: Capital consumption allowances.......... 7.9 7.0 8.2 18.3 87.3 93.7 102.9 110.8 119.5 115.8 118.6 120.7 122.9 125.2 Indirect business tax and nontax lia­ bility.................................................... 7.0 7.1 11.3 23.3 93.5 102.7 110.0 119.2 126.9 122.6 125.9 129.5 129.8 132.2 Business transfer payments................... .6 .7 .5 .8 4.0 4.3 4.6 4.9 5.2 5.1 5.2 5.3 5.3 5.4 Statistical discrepancy........................... .7 .6 .4 1.5 -6.4 -2.3 -3.8 -5.0 .4 -6.3 .3 3.0 4.8 3.0 Plus: Subsidies less current surplus of gov- -.1 .1 .2 1.7 1.1 2.3 .6 -2.9 -2.7 -3.7 -2.4 -2.7 -1.6 Equals: National income.................................. 86.8 40.3 104.2 241.1 800.5 857.7 946.51,065.61,142.51,118.81,130.21,155.51,165.41,149.8 Less: Corporate profits and inventory valu­ ation adjustment................................. 10.5 -1.2 15.2 37.7 69.2 78.7 92.2 105.1 105.6 107.7 105.6 105.8 103.4 93.4 Contributions for social insurance....... .2 .3 2.8 6.9 57.7 63.8 73.0 91.2 101.5 99.1 100.8 103.0 103.2 104.6 Excess of wage accruals over disburse­ ments ................................................... .0 .6 .0 -.1 — .5 .0 -.6 -1.5 .0 .0 Plus: Government transfer payments............ .9 1.5 2.6 14.3 75.1 89.0 98.6 113.0 134.6 123.1 130.6 138.7 145.8 158.7 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 40.8 41.9 42.7 43.6 43.7 Dividends................................................ 5.8 2.0 4.4 8.8 24.7 25.0 27.3 29.6 32.7 31.6 32.5 33.2 33.3 33.8 Business transfer payments................... .6 .7 .5 .8 4.0 4.3 4.6 4.9 5.2 5.1 5.2 5.3 5.3 5.4 85.9 47.0 96.0 227.6 808.3 864.0 944.9 1,055.01,150.51,112.51,134.61,168.21,186.91,193.4 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 116.6 117.6 142.4 151.3 170.8 161.9 168.2 175.1 178.1 178.0 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9 691.7 746.4 802.5 903.7 979.7 950.6 966.5 993.1 1,008.81,015.5 Less: Personal outlays..................................... 79.1 46.5 81.7 193.9 635.5 685.9 749.9 829.4 902.7 866.2 894.9 927.6 922.3 939.5 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 617.6 667.1 729.0 805.2 876.7 840.6 869.1 901.3 895.8 913.2 Consumer interest payments............. 1.5 .5 .9 2.4 16.8 17.7 19.8 22.9 25.0 24.4 24.8 25.3 25.5 25.4 Personal transfer payments to for­ eigners.............................................. .3 .2 .2 .5 1.0 1.1 1.1 1.3 1.0 1.2 1.0 .9 .9 .9 Equals: Personal saving.................................. 4.2 -.9 11.0 13.1 56.2 60.5 52.6 74.4 77.0 84.4 71.5 65.5 86.5 75.9 Disposable personal income in constant (1958) dollars............................................................ 150.6 112.2 190.3 249.6 534.8 555.4 580.5 619.6 602.8 610.3 603.5 602.9 594.8 591.0 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) 1974 1975 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr* Total personal income.............. 1,055.01,150.51,125.21,135.21,143.51,159.51,167.21,178.01,185.01,184.5 1,191.01,191.1 1,193.4 1,195.7 1,202.4 Wage and salary disbursements. 691.7 751.2 737.1 745.3 753.2 759.7 761.6 767.7 773.0 767.8 766.6 765.7 763.6 766.0 767.3 Commodity-producing in­ dustries .......................... 251.9 270.9 267.4 270.0 272.6 273.3 276.5 278.3 279.5 272.3 269.3 266.4 260.7 260.5 260.5 Manufacturing only........... 196.6 211.3 207.8 210.1 212.5 214.0 215.5 217.8 219.4 214.2 209.7 206.4 202.9 203.1 203.1 Distributive industries. . .. 165.1 178.9 175.3 177.8 179.1 180.8 180.7 183.1 183.8 183.9 183.8 183.2 184.0 183.8 183.6 Service industries.................. 128.2 142.6 139.1 141.1 142.6 143.5 144.9 146.4 146.9 147.4 148.3 149.8 151.2 152.6 152.8 Government.......................... 146.6 158.8 155.3 156.3 158.9 162.1 159.5 159.9 162.8 164.2 165.2 166.2 167.6 169.2 170.5 Other labor income.................. 46.0 51.4 49.9 50.5 51.1 51.7 52.3 52.9 53.5 54.0 54.5 54.9 55.3 55.7 56.2 Proprietors’ income................. 96.1 93.0 92.8 89.9 86.9 90.0 93.1 93.2 91.7 91.6 91.5 88.7 85.0 80.9 82.8 Business and professional... 57.6 61.2 60.2 60.8 61.2 61.9 62.5 62.5 62.5 62.5 62.5 62.7 62.8 62.5 62.7 Farm..................................... 38.5 31.8 32.6 29.1 25.7 28.1 30.6 30.7 29.2 29.1 29.0 26.0 22.2 18.4 20.1 Rental income........................... 26.1 26.5 25.5 26.7 26.7 26.6 26.6 26.6 26.7 26.8 26.9 27.0 27.0 27.0 27.1 Dividends.................................. 29.6 32.7 32.1 32.5 33.0 33.1 33.2 33.4 33.5 33.6 32.7 33.9 33.8 33.7 33.9 Personal interest income.......... 90.6 103.8 100.4 102.0 103.5 104.4 105.3 106.9 108.0 109.5 111.1 111.9 112.5 113.3 114.6 Transfer payments................... 117.8 139.8 134.6 135.8 137.0 142.5 143.6 146.0 147.6 149.8 156.1 158.6 165.5 168.3 169.9 Less: Personal contributions for social insurance........ 42.8 47.9 47.2 47.6 47.9 48.5 48.4 48.6 48.9 48.5 48.4 49.5 49.2 49.3 49.3 Nonagricultural income............ 1,008.01,109.01,083.11,096.61,106.81,121.71,126.81,137.41,145.71,145.2 1,151.41,154.31,160.1 1,166.2 1,171.0 Agricultural income.................. 47.0 41.5 42.1 38.6 36.8 37.1 40.4 40.6 39.3 39.3 39.5 36.8 33.3 29.6J 31.4 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 56 FLOW OF FUNDS □ JUNE 1975 SUMMARY OF FUNDS RAISED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1974 Transaction category, or sector 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 HI H2 Credit market funds raised by nonfinancial sectors 1 Total funds raised by nonfinancial sectors................. 69.9 67.9 82.4 96.0 91.8 98.2 147.4 169.4 187.4 179.6 187.3 172.0 1 2 Excluding equities................................................ 69.6 66.9 80.0 96.0 87.9 92.4 135.9 158.9 180.1 175.8 181.9 169.7 2 3 U.S. Government....................................................... 1.8 3.6 13.0 13.4 -3.7 12.8 25.5 17.3 9.7 12.0 5.1 18.9 3 4 Public debt securities............................................. 1.3 2.3 8.9 10.4 -1.3 12.9 26.0 13.9 7.7 12.0 3.9 20.2 4 5 Agency issues and mortgages................................ .5 1.3 4.1 3.1 -2.4 -.1 -.5 3.4 2.0 * 1.2 -1.3 5 6 All other nonfinancial sectors..................................... 68.1 64.3 69.4 82.6 95.5 85.4 121.9 152.1 177.6 167.6 182.2 153.1 6 7 Corporate equities.................................................. .3 1 .0 2.4 * 3.9 5.8 11.5 10.5 7.2 3.9 5.4 2.3 7 8 Debt instruments..................................................... 67.9 63.3 67.0 82.6 91.6 79.7 110.4 141.6 170.4 163.8 176.8 150.8 8 Private domestic 9 Nonfinancial sectors...................................... 65.4 62.7 65.4 79.7 91.8 82.7 117.3 147.8 170.1 152.2 162.3 142.2 9 10 Corporate equities.............................................. * 1.3 2.4 -.2 3.4 5.7 11.4 10.9 7.4 4.1 5.6 2.6 10 11 Debt instruments.................................................. 65.4 61.5 63.0 79.9 88.4 77.0 105.8 136.9 162.7 148.1 156.7 139.6 11 12 Debt capital instruments................................ 38.4 38.2 44.5 49.5 49.6 56.7 83.2 93.8 96.1 92.9 99.6 86.1 12 13 State and local obligations......................... 7.3 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 17.4 18.3 16.5 13 14 Corporate bonds......................................... 5.4 10.2 14.7 12.9 12.0 19.8 18.8 12.2 9.2 19.7 18.1 21.3 14 15 Home mortgages.......................................... 15.4 11.7 11.5 15.1 15.7 12.8 26.1 39.6 43.3 31.6 35.8 27.4 15 16 Multifamily residential mortgages............. 3.6 3.1 3.6 3.4 4.7 5.8 8.8 10.3 8.4 7.8 7.3 8.3 16 17 Commercial mortgages............................... 4.4 5.7 4.7 6.4 5.3 5.3 10.0 14.8 17.0 11.5 15.7 7.3 17 18 Farm mortgages........................................... 2.2 1.8 2.3 2.2 1.9 1.8 2.0 2.6 4.4 4.9 4.5 5.4 18 19 Other debt instruments................................... 27.1 23.3 18.5 30.4 38.8 20.3 22.6 43.0 66.6 55.2 57.1 53.5 19 20 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 20 21 Bank loans n.e.c.......................................... 13.6 10.9 9.8 13.6 15.5 6.7 7.8 18.9 35.8 27.1 32.6 21.6 21 22 Open-market paper.................................... -.3 1.1 1 .7 1.8 3.0 3.0 -1.2 -.5 -.4 6.4 5.2 7.7 22 23 Other............................................................ 4.1 5.0 2.6 5.0 9.9 4.6 4.8 5.5 8.3 12.1 6.6 17.6 23 24 By borrowing sector:......................................... 65.4 62.7 65.4 79.7 91.8 82.7 117.3 147.8 170.1 152.2 162.3 142.2 24 25 State and local governments.......................... 7.7 6.3 7.9 9.8 10.7 11.3 17.8 14.2 12.3 16.6 16.4 16.7 25 26 Households...................................................... 28.3 22.7 19.3 30.0 31.7 23.4 39.8 63.1 72.8 43.5 47.4 39.5 26 27 Farm................................................................ 3.3 3.1 3.6 2.8 3.2 3.2 4.1 4.9 8.6 7.8 7.7 7.9 27 28 Nonfarm noncorporate.................................. 5.7 5.4 5.0 5.6 7.4 5.3 8.7 10.4 9.3 7.3 7.2 7.4 28 29 Corporate........................................................ 20.4 25.3 29.6 31.6 38.9 39.5 46.8 55.3 67.1 77.1 83.6 70.7 29 30 Foreign.................................................................. 2.7 1.5 4.0 2.8 3.7 2.7 4.6 4.3 7.5 15.4 19.9 10.9 30 31 Corporate equities.............................................. .3 -.3 .1 .2 .5 .1 * -.4 -.2 -.2 -.2 -.3 31 32 Debt instruments.................................................. 2.4 1.8 4.0 2.7 3.2 2.7 4.6 4.7 7.7 15.7 20.1 11.2 32 33 Bonds............................................................... .5 .7 1.2 1.1 1.0 .9 .9 1.0 1.0 2.2 2.1 2.3 33 34 Bank loans n.e.c.............................................. .5 -.2 -.3 -.5 -.2 -.3 1.6 2.9 2.8 4.8 9.6 -.1 34 35 Open-market paper......................................... -.1 -.1 .5 -.2 .3 .8 .3 -1.0 2.2 7.0 6.9 7.2 35 36 U.S. Government loans.................................. 1.5 1.3 2.6 2.2 2.1 1.3 1.8 1.8 1.7 1.7 1.5 1.8 36 37 Memo: U.S. Govt, cash balance............................. -1.0 -.4 1 .2 -1.1 .4 2.8 3.2 -.3 -1.7 -4.6 -2.0 -7.1 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 95.5 144.2 169.7 189.0 184.2 189.3 179.1 38 39 By U.S. Government.............................................. 2.8 4.0 11.8 14.6 -4.1 10.0 22.3 17.6 11.4 16.6 7.1 26.0 39 Credit market funds raised by financial sectors 1 Total funds raised by financial sectors..................... 13.3 11.7 2.0 18.3 33.7 12.6 16.5 28.9 52.0 38.2 40.8 35.5 1 2 Sponsored credit agencies...................................... 2.1 4.8 -.6 3.5 8.8 8.2 3.8 6.2 19.6 22.1 16.8 27.4 2 3 U.S. Government securities............................... 1.9 5.1 -.6 3.2 9.1 8.2 3.8 6.2 19.6 21.4 16.8 26.0 3 4 Loans from U.S. Government........................... .2 -.2 -.1 .2 -.3 .7 1.4 4 5 Private financial sectors......................................... 11.2 6.9 2.6 14.9 24.9 4.3 12.7 22.8 32.4 16.1 24.1 8.1 5 6 Corporate equities.............................................. 3.2 3.7 3.0 6.4 6.1 4.6 3.3 2.4 .8 2.0 .5 3.6 6 7 Debt instruments.................................................. 7.9 3.2 -.4 8.5 18.8 -.3 9.3 20.3 31.6 14.1 23.6 4.6 7 8 Corporate bonds............................................. 2.7 .9 1.3 1.1 1.5 3.1 5.1 7.0 2.3 1.4 2.0 .8 8 9 Mortgages........................................................ * -.9 1.0 .4 .2 .7 2.1 1.7 -1.2 -1.3 .1 -2.8 9 10 Bank loans n.e.c.............................................. 2.3 -1 .0 -2.0 2.5 2.3 -.5 3.0 6.8 13.5 7.2 8.9 5.6 10 11 Open-market paper and RP’s........................ 2.3 3.3 1 .9 3.6 10.7 -5.0 1.8 4.9 9.8 .1 5.8 -5.5 11 12 Loans from FHLB’s....................................... .7 .9 -2.5 .9 4.0 1 .3 -2.7 * 7.2 6.7 6.8 6.5 12 13 Total funds raised, by sector...................................... 13.3 11.7 2.0 18.3 33.7 12.6 16.5 28.9 52.0 38.2 40.8 35.5 13 14 Sponsored credit agencies...................................... 2.1 4.8 -.6 3.5 8.8 8.2 3.8 6.2 19.6 22.1 16.8 27.4 14 15 Private financial sectors......................................... 11.2 6.9 2.6 14.9 24.9 4.3 12.7 22.8 32.4 16.1 24.1 8.1 15 16 Commercial banks.............................................. 1.8 -.1 .1 1.2 1 .4 -3.1 2.5 4.0 4.5 -1.9 2.6 -6.4 16 17 Bank affiliates...................................................... 4.2 -1.9 -.4 .7 2.2 2.4 4.1 .7 17 18 Foreign banking agencies................................... * .1 * .1 .2 .1 1.6 .8 5.1 2.9 2.7 3.1 18 19 Savings and loan associations........................... .8 .1 -1.7 1.1 4.1 1.8 -.1 2.0 6.0 6.3 8.6 4.0 19 20 Other insurance companies............................... .1 .1 .1 .2 .5 .4 .6 .5 .5 .4 .4 ;3 20 21 Finance companies............................................. 5.2 3.1 1.2 5.7 8.3 1.6 4.2 9.3 9.4 3.9 3.6 4.1 21 22 REITS................................................................. .7 1.3 2.7 3.0 6.1 6.3 1.2 2.8 -.5 22 23 Open-end investment companies..................... 3.2 3.7 3.0 5.8 4.8 2.6 1.1 -.7 -1.6 1.0 -.8 2.8 23 Total credit market funds raised, all sectors, by type 1 Total funds raised....................................................... 83.2 79.6 84.4 114.3 125.5 110.8 163.9 198.3 239.4 217.8 228.1 207.5 1 2 Investment company shares................................... 3.2 3.7 3.0 5.8 4.8 2.6 1.1 -.7 -1.6 1.0 -.8 2.8 2 3 Other corporate equities......................................... .3 1.1 2.5 .6 5.2 7.7 13.6 13.6 9.6 4.9 6.7 3.1 3 4 Debt instruments...................................................... 79.7 74.9 79.0 107.9 115.5 100.4 149.1 185.4 231.3 211.9 222.2 201.7 4 5 U.S. Government securities............................... 3.7 8.8 12.5 16.7 5.5 21.1 29.4 23.6 29.4 33.5 21.9 45.1 5 6 State and local obligations................................. 7.3 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 17.4 18.3 16.5 6 7 Corporate and foreign bonds............................ 8.6 11.8 17.2 15.0 14.5 23.8 24.8 20.2 12.5 23.3 22.2 24.4 7 8 Mortgages............................................................ 25.6 21.3 23.0 27.4 27.8 26.4 48.9 68.8 71.9 54.4 63.4' 45.4 8 9 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 9 10 Bank loans n.e.c.................................................. 16.4 9.7 7.5 15.7 17.6 5.8 12.4 28.5 52.1 39.1 51.1 27.0 10 11 Open-market paper and RP’s............................ 1.9 4.4 4.0 5.2 14.1 -1.2 .9 3.3 11.6 13.6 17.8 9.4 11 12 Other loans.......................................................... 6.5 6.9 2.5 8.3 15.8 7.3 4.0 7.4 17.2 21.1 14.9 27.3 12 Note.—Full statements for sectors and transaction types quarterly, and Flow of Flmds Section, Division of Research and Statistics, Board of annually for flows and for amounts outstanding, may be obtained from Governors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ FLOW OF FUNDS A 57 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 11974 ' Transaction category, or sector 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 r HI H2 1 Total funds advanced in credit markets to nonfinancial sectors............................................. 69.6 66.9 80.0 95.9 88.0 92.5 135.9 158.9 180.1 175.8 181.9 169.7 1 By public agencies and foreign 2 Total net advances...................................................... 8.9 11.9 11.3 12.2 15.7 28.1 41.7 18.3 33.2 49.3 39.6 59.0 2 3 U.S. Government securities................................... 3.7 3.4 6.8 3.4 .7 15.9 33.8 8.4 11.0 8.6 6.9 10.4 3 4 .4 2.8 2.1 2.8 4.6 5.7 5.7 5.2 7.6 13.8 11.7 15.9 4 5 FHLB advances to S&L’s..................................... .7 .9 -2.5 .9 4.0 1.3 -2.7 * 7.2 6.7 6.8 6.5 5 6 Other loans and securities..................................... 4.1 4.8 4.9 5.1 6.3 5.2 4.9 4.6 7.5 20.2 14.2 26.2 6 By agency— 7 U.S. Government................................................... 2.8 4.9 4.6 4.9 2.9 2.8 3.2 2.6 3.0 7.5 2.4 12.5 7 8 Sponsored credit agencies...................................... 2.2 5.1 -.1 3.2 8.9 10.0 3.2 7.0 20.3 24.1 20.5 27.6 8 9 Monetary authorities.............................................. 3.8 3.5 4.8 3.7 4.2 5.0 8.9 .3 9.2 6.2 6.1 6.2 9 10 Foreign.................................................................... .1 -1.6 2.0 .3 -.3 10.3 26.4 8.4 .7 11.6 10.6 12.7 10 11 Agency borrowing not included in line 1................. 2.1 4.8 -.6 3.5 8.8 8.2 3.8 6.2 19.6 22.1 16.8 27.4 11 Private domestic funds advanced 12 62.8 59.8 68.1 87.2 81.1 72.6 98.1 146.7 166.5 148.6 159.1 138.1 12 13 U.S. Government securities................................... * 5.4 5.7 13.3 4.8 5.2 -4.4 15.2 18.4 24.8 15.0 34.7 13 14 State and local obligations..................................... 7.3 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 17.4 18.3 16.5 14 15 Corporate and foreign bonds................................ 6.0 10.3 16.0 13.8 12.5 20.0 19.5 13.2 10.1 20.5 19.2 21.8 15 16 Residential mortgages............................................ 18.6 12.0 13.0 15.5 15.7 12.8 29.1 44.6 44.1 25.5 31.4 19.6 16 17 Other mortgages and loans................................... 31.6 27.4 23.1 35.9 42.2 24.6 33.7 59.5 87.4 67.0 82.1 52.0 17 18 .7 .9 -2.5 .9 4.0 1.3 -2.7 * 7.2 6.7 6.8 6.5 18 Private financial intermediation 19 Credit market funds advanced by private financial 62.9 45.4 63.5 75.3 55.3 74.9 110.7 153.4 158.8 132.1 155.6 108.6 19 20 Commercial banking.............................................. 28.7 17.5 35.9 38.7 18.2 35.1 50.6 70.5 86.6 64.4 87.5 41.3 20 21 Savings institutions................................................ 14.3 7.9 15.0 15.6 14.5 16.9 41.4 49.3 35.1 27.5 35.1 19.8 21 22 Insurance and pension funds................................. 13.6 15.5 12.9 14.0 12.7 17.3 13.3 17.7 22.1 34.3 29.1 39.4 22 23 6.2 4.5 -.3 7.0 9.9 5.7 5.3 15.8 15.0 6.0 3.8 8.2 23 24 Sources of funds.......................................................... 62.9 45.4 63.5 75.3 55.3 74.9 110.7 153.4 158.8 132.1 155.6 108.6 24 25. Private domestic deposits...................................... 38.4 22.5 50.0 45.9 2.6 63.2 90.3 97.5 84.9 72.0 93.5 50.5 25 26 Credit market borrowing....................................... 7.9 3.2 -.4 8.5 18.8 -.3 9.3 20.3 31.6 14.1 23.6 4.6 26 27 16.6 19.8 13.9 21.0 34.0 12.0 11.0 35.5 42.4 46.0 38.5 53.5 27 28 Foreign funds...................................................... .8 3.7 2.3 2.6 9.3 -8.5 -3.2 5.2 6.5 13.6 11.6 15.5 28 29 Treasury balances............................................... -1.0 -.5 .2 -.2 * 2.9 2.2 .7 -1.0 -5.1 -2.1 -8.1 29 30 Insurance and pension reserves......................... 11.4 13.6 12.0 11.4 10.8 13.1 9.1 13.1 16.7 28.0 23.0 33.0 30 31 5.4 3.0 -.6 7.2 13.8 4.4 2.9 16.5 20.2 9.5 6.0 13.0 31 Private domestic nonfinancial investors 32 7.9 17.6 4.2 20.4 44.5 -2.6 -3.2 13.7 39.3 30.5 27.1 34.0 32 33 2.9 8.4 -1.4 8.1 17.0 -9.0 -14.0 1.6 18.8 18.4 13.9 22.8 33 34 State and local obligations..................................... 2.6 2.6 -2.5 -.2 8.7 -1.2 .6 2.1 4.4 10.7 8.3 13.0 34 35 Corporate and foreign bonds................................ 1.0 2.0 4.6 4.7 6.6 10.7 9.3 5.2 1.1 -2.3 -1.6 -2.9 35 36 1.5 2.3 1.9 5.8 10.2 -4.4 -.6 4.0 11.3 .6 4.3 -3.1 36 37 -.1 2.3 1.7 2.1 2.0 1.4 1.5 .8 3.8 3.2 2.2 4.3 37 38 40.5 24.4 52.1 48.3 5.4 66.6 93.7 101.9 88.8 78.3 102.0 54.6 38 39 32.7 20.3 39.3 33.9 -2.3 56.1 81.0 85.2 76.3 72.0 88.9 55.1 39 40 Large negotiable CD’s....................................... 3.6 -.2 4.3 3.5 -13.7 15.0 7.7 8.7 18.5 23.6 30.0 17.2 40 41 Other at commercial banks............................... 16.0 13.3 18.3 17.5 3.4 24.2 32.9 30.6 29.5 26.6 32.3 21.0 41 42 13.2 7.3 16.7 12.9 8.0 16.9 40.4 45.9 28.2 21.8 26.6 16.9 42 43 7.8 4.1 12.8 14.5 7.7 10.5 12.7 16.7 12.6 6.3 13.1 -.5 43 44 5.6 2.1 10.6 12.1 4.8 7.1 9.3 12.3 8.6 * 4.6 -4.6 44 45 2.1 2.0 2.1 2.4 2.8 3.5 3.4 4.4 3.9 6.3 8.5 4.1 45 46 Total of credit market instr., deposits, and currency. 48.4 42.0 56.3 68.7 49.9 64.1 90.5 115.7 128.1 108.9 129.1 88.6 46 47 Public support rate (in per cent)........................... 12.8 17.9 14.1 12.7 17.8 30.4 30.7 11.5 18.4 28.0 21.8 34.8 47 48 Private financial intermediation (in per cent)........ 100.1 75.9 93.2 86.4 68.3 103.1 112.8 104.5 95.4 88.9 97.8 78.7 48 49 .8 2.1 4.3 2.9 9.1 1.8 23.2 13.6 7.2 25.2 22.2 28.2 49 Corporate equities not included above 1 3.5 4.8 5.5 6.4 10.0 10.4 14.8 12.9 8.0 5.9 5.9 5.9 1 2 Mutual fund shares............................................... 3.2 3.7 3.0 5.8 4.8 2.6 1.1 -.7 -1.6 1.0 -.8 2.8 2 3 .3 1.1 2.5 .6 5.2 7.7 13.6 13.6 9.6 4.9 6.7 3.1 3 4 6.1 6.0 9.1 10.8 12.2 11.4 19.3 16.0 13.4 6.4 8.4 4.4 4 5 Other net purchases.................................................... -2.6 -1.2 -3.6 -4.4 -2.2 -1.0 -4.5 -3.1 -5.4 -.5 -2.5 1.5 5 Notes 29. Demand deposits at commercial banks. Line 30. Excludes net investment of these reserves in corporate equities. 1. Line 2 of p. A-56. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 12 less line 19 plus line 26. 6. Includes farm and commercial mortgages. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 11. Credit market funds raised by Federally sponsored credit agencies. includes mortgages. Included below in lines 13 and 33. Includes all GNMA-guaranteed 39+44. See line 25. security issues backed by mortgage pools. 45. Mainly an offset to line 9. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 46. Lines 32 plus 38 or line 12 less line 27 plus line 45. Also sum of lines 27, 32, 39, and 44. 47. Line 2/line 1. 17. Includes farm and commercial mortgages. 48. Line 19/line 12. 25. Lines 39 + 44. 49. Lines 10 plus 28. 26. Excludes equity issues and investment company shares. Includes line 18. Corporate equities 28. Foreign deposits at commercial banks, bank borrowings from foreign Line 1 and 3. Includes issues by financial institutions. branches, and liabilities of foreign banking agencies to foreign af­ filiates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 U.S. BALANCE OF PAYMENTS □ JUNE 1975 1. U.S. BALANCE OF PAYMENTS SUMMARY (In millions of dollars. Quarterly figures are seasonally adjusted unless shown in italics.) 1973 1974 Line Credits (+), debits (—) 1972 1973 1974* IV III IV* 1 Merchandise trade balance *. -6,986 471 -5,881 1,210 -175 -1,674 -2,474 -1,558 2 Exports........................... 48,768 70,277 97,081 20,216 22,212 23,921 24,731 26,217 3 Imports........................... -55,754 -69,806 -102,962 -19,006 -22,387 -25,595 -27,205 -27,775 4 Military transactions, net...................................... -3,604 -2,266 -2,099 -123 -500 -668 -473 -458 5 Travel and transportation, net............................. -3,055 -2,710 -2,435 -630 -531 -726 -566 -612 6 Investment income, net 2...................................... 4,526 5,291 9,679 1,378 3,104 1,870 2,282 2,422 7 U.S. direct investments abroad 2................. 6,925 9,415 18,240 2,688 4,650 4,546 4,824 4,220 8 Other U.S. investments abroad..................... 3,494 4,569 7,703 1,292 1,499 1,836 2,197 2,170 9 Foreign investments in the United States 2 . -5,893 -8,693 -16,263 -2,602 -3,045 -4,512 -4,739 -3,968 10 Other services, net 2.............................................. 3,110 3,540 3,926 901 918 992 984 1,032 11 Balance on goods and services 3. -6,009 4,327 3,191 2,736 2,816 -206 -247 826 Not seasonally adjusted........ 3,800 3,948 -45 -3,030 2,317 12 Remittances, pensions, and other transfers.... -1,624 -1,943 -1,775 -111 -390 -467 -456 -463 13 Balance on goods, services, and remittances. -7,634 2,383 1,416 2,019 2,426 -673 -703 363 Not seasonally adjusted........................... 3,077 3,584 -514 -3,502 1,848 14 U.S. Government grants (excluding military). -2,173 -1,933 -5,441 -447 4-2,561 -1,435 -772 -673 15 Balance on current account... -9,807 450 -4,025 1,572 4-135 -2,108 -1,475 -310 Not seasonally adjusted., 2,653 1,005 -1,990 -4,239 1,199 16 U.S. Government capital flows excluding nonscheduled repayments, net 5.................................................................... -1,705 -2,938 408 -1,066 41,297 311 -186 -1,014 17 Nonscheduled repayments of U.S. Government assets........... 137 289 1 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies........................................................... 238 1,111 634 204 53 273 189 119 19 Long-term private capital flows, net......................................... -98 62 -7,598 -1,451 504 -1,039 -2,402 -4,661 20 U.S. direct investments abroad.......................................... -3,517 -4,872 -6,801 -1,374 -627 -1,527 -2,047 -2,600 21 Foreign direct investments in the United States............... 383 2,537 2,308 712 1,281 1,677 -89 -561 22 Foreign securities................................................................ -654 -807 -1,951 -525 -646 -313 -306 -686 23 U.S. securities other than Treasury issues........................ 4,507 4,051 1,199 670 687 419 168 -75 24 Other, reported by U.S. banks.......................................... -1,158 -647 -1,186 -504 -21 -902 68 -331 27 Other, reported by U.S. nonbanking concerns................. 341 -200 -1,167 -430 -170 -393 -196 -408 26 Balance on current account and long-term capital 5. -11,235 -1,026 -10,580 -741 1,719 -2,563 -3,874 -5,866 Not seasonally adjusted...................................... 999 2,120 -2,539 -6,441 -3,719 27 Nonliquid short-term private capital flows, net............. -1,541 -4,276 -12,955 -1,253 -3,994 -5,296 -1,427 -2,238 28 Claims reported by U.S. banks................................ -1,457 -3,940 -12,223 -1,119 -2,817 -5,311 -1,653 -2,442 29 Claims reported by U.S. nonbanking concerns -305 -1,240 -2,453 -664 -1,591 -695 -207 40 30 Liabilities reported by U.S. nonbanking concerns. 221 904 1,721 530 414 710 433 164 31 Allocations of Special Drawing Rights (SDR’s)............ 710 32 Errors and omissions, net................................................ -1,790 -2,303 5,197 1,125 1,305 1,463 838 1,592 33 Net liquidity balance.............. -13,856 -7,606 -18,338 -869 -970 -6,396 -4,463 -6,512 Not seasonally adjusted., — 89 -144 -6,784 -5,773 -5,637 34 Liquid private capital flows, net............................... 3,502 2,302 10,268 3,530 2,016 1,874 4,143 2,235 35 Liquid claims...................................................... -1,247 -1,944 -5,464 -493 -2,732 -1,197 133 -1,668 36 Reported by U.S. banks............................ -742 -1,103 -5,445 -472 -2,368 -1,261 -431 -1,385 37 Reported by U.S. nonbanking concerns.. -505 -841 -19 -21 -364 64 564 -283 38 Liquid liabilities—............................................. 4,749 4,246 15,732 4,023 4,748 3,071 4,010 3,903 39 Foreign commercial banks........................ 3,716 2,982 12,655 3,227 4,663 2,161 2,896 2,935 40 International and regional organizations. 104 377 151 384 -530 297 221 163 41 Other foreigners........................................ 929 887 2,926 412 615 613 893 805 42 Official reserve transactions balance, financed by changes in- -10,354 -5,304 -8,070 2,661 1,046 -4,522 -320 -4,277 Not seasonally adjusted.................................................... 2,982 1,495 -4,105 -1,609 -3,851 43 Liquid liabilities to foreign official agencies............................ 9,734 4,452 8,253 -2,145 -557 4,255 1,263 3,295 44 Other readily marketable liabilities to foreign official agen­ cies 6........................................................................................ 399 1,118 596 -354 -277 182 61 630 45 Nonliquid liabilities to foreign official reserve agencies re­ ported by U.S. Govt.............................................................. 189 -475 655 -147 -2 443 -1 215 46 U.S. official reserve assets, net................................................. 32 209 -1,434 -15 -210 -358 -1,003 137 47 Gold.................................................................................... 547 48 SDR’s.................................................................................. -703 9 -172 -29 -123 -20 49 Convertible currencies....................................................... 35 233 3 -1 -85 -152 241 50 Gold tranche position in IMF.......................................... 153 -33 -1,265 -15 -209 -244 -728 -84 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14)................................................................... 4,189 2,772 1,790 487 393 542 352 504 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20)............................ 4,521 8,124 53 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21).................................... 548 945 Balances excluding allocations of SDR’s: 54 Net liquidity, not seasonally adjusted.. -14,566 - 7,606 -18,338 -89 -144 -6,784 -5,773 -5,637 55 Official reserve transactions, N.S.A. -11,064\ -5,304 -8,070 2,982 1,495 -4,105 -1,609 -3,851 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ FOREIGN TRADE; U.S. RESERVE ASSETS A 59 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports 1 Imports 2 Trade balance 197 2 1973 1974 1975 1972 1973 19743 1975 1972 1973 19743 1975 Month: Jan.... 4.074 4,955 7,150 9,412 4,436 5,244 6,497 9,622 -361 -289 +653 -210 Feb... 3,824 5,070 7,549 8,789 4,473 5,483 7,317 7,872 -649 -413 +232 +917 Mar... 3,869 5,311 7,625 8,716 4,515 5,414 7,742 7,336 -647 -103 -116 + 1 ,380 Apr... 3,820 5,494 8,108 8,570 4,417 5,360 8,025 8,013 -596 + 133 + 83 + 557 May.. 3,882 5,561 7,652 4,486 5,703 8,265 -604 -142 -610 June.. 3,971 5,728 8,317 4,468 5,775 8,573 -497 -47 -257 July... 4.074 5,865 8,308 4,565 5,829 8,918 -491 + 37 -611 Aug... 4,197 6,042 8,380 4,726 6,011 9,262 -530 + 32 -882 Sept... 4,176 6,420 8,396 4,612 5,644 8,698 -436 + 776 -302 Oct... 4,316 6,585 8,673 4,738 5,996 8,769 -421 + 589 -96 Nov... 4,473 6,879 8,974 5,148 6,684 8,965 -675 + 195 +9 Dec... 4,558 6,949 8,862 5,002 6,291 9,250 -444 + 658 -388 Quarter: I 11,767 15,337 22,324 26,917 13,403 16,140 21,555 24,830 -1 ,657 -804 + 769 +2,087 I I 11,673 16,783 24,077 13,370 16,838 24,863 -1 ,697 -56 -786 III.... 12,447 18,327 25,084 13,903 17,483 26,878 -1,456 + 845 -1 ,794 IV.... 13,347 20,413 26,509 14,888 18,972 26,984 -1 ,540 + 1 ,441 -475 Year4... 49,208 70,823 97,907 55,555 69,476 "100,218 -6,347 + 1 ,348 c — 2,311 1 Exports of domestic and foreign merchandise (f.a.s. value basis); basis. For calender year 1974, the f.a.s. import transactions value was excludes Department of Defense shipments under military grant-aid $100.2 billion, about 0.7 per cent less than the corresponding Customs programs. import value of $101.0 billion. 2 General imports, which includes imports for immediate consumption 4 Sum of unadjusted figures. plus entries into bonded warehouses. 3 Beginning with 1974 data, imports are reported on an f.a.s. trans­ Note.—Bureau of the Census data. Details may not add to totals be­ actions value basis; prior data are reported on a Customs import value cause of rounding. 3. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r of Total To G ta o l 2 ld st T o c re k a i sury v c fo e u C r r r o e t r i i e n b g n ­ l n e ­ p R o I e M s s i i n e t F i r o v n e SDR’s3 E m n o d n t o h f Total Tota G l o 2 ld s T to re c a k sury v c fo C u e r r r o e t r i i e n b g n ­ l n e ­ p R o e I s M s i i n e ti r F o v n e SDR’s3 cies cies4 1961... 18,753 16,947 16,889 116 1,690 1974 1962... 17,220 16,057 15,978 99 1,064 May... 14,870 11,652 11,567 66 989 2,163 1963... 16,843 15,596 15,513 212 1,035 June... 14,946 11,652 11,567 94 1,005 2,195 1964.. . 16,672 15,471 15,388 432 769 July.... 14,912 11,652 11,567 12 1,021 2,227 Aug... 15,460 11,652 11,567 224 1,384 2,200 1965... 15,450 13,806 13,733 781 863 Sept__ 15,893 11,652 11,567 246 1,713 2,282 1966... 14,882 13,235 13,159 1,321 326 Oct., . . 15,890 11,652 11,567 193 1,739 2,306 1967... 14,830 12,065 11,982 2,345 420 Nov__ 15,840 11,652 11,567 43 1 ,816 2,329 1968... 15,710 10,892 10,367 3,528 1,290 Dec.. .. 15.883 11.652 11.652 5 1,852 2,374 1969.. . 5 16,964 11,859 10,367 52,781 2,324 1975— • 1970... 14,487 11,072 10,732 629 1,935 851 15.948 11,635 11.635 2 1,908 2,403 1971... 612,167 10,206 10,132 6 276 585 1,100 Feb 16.132 11,621 11,621 2 2,065 2,444 19727. . 13.151 10,487 10,410 241 465 1,958 Mar....... 16,256 11,620 11,620 19 2,194 2,423 19738 . . 14,378 11,652 11,567 8 552 2,166 16,183 11,620 11,620 2 2,168 2,393 1974. . . 15,883 11,652 11,652 5 1,852 2,374 May.... 916,279 11,620 11,620 4 9 2,217 9 2,438 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-9. 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 May amounted to $2,381 million, reserve position in IMF, $2,149 at time of revaluation. million, and total U.S. reserve assets, $16,154. 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 cor­ military 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 60 GOLD RESERVES o JUNE 1975 4. 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.......................... 49,850 6.478 11,652 31,720 231 169 311 881 1,781 927 97 77 103 1974—Apr................ 6.478 11,652 231 169 312 882 1.781 927 97 77 103 6.478 11,652 231 169 312 882 1.781 927 97 77 103 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 6.478 11,652 231 169 312 882 1.781 927 97 76 103 49,830 6.478 11.652 31,700 231 169 312 882 1.781 927 97 76 103 6.478 11.652 231 169 312 882 1.781 927 97 76 103 6.478 11.652 231 169 312 882 1.781 927 97 76 103 49,790 6.478 11.652 31,660 231 169 312 882 1.781 927 97 76 103 1975—Jan................. 6.478 11,635 231 169 312 882 1.781 927 97 76 Feb................ 6.478 '11,621 231 169 312 882 1.781 927 97 76 Mar............... *49,770 6.478 '11,620 *31,670 231 312 882 1.781 927 97 76 6.478 11,620 231 312 882 1.781 927 76 Ger­ End of France many, Greece India Iran Iraq Italy Japan Kuwait Leb­ Libya Mexi­ Nether­ period Fed. anon co lands Rep. of 1970.......................... 3,532 3,980 117 243 131 144 2,887 532 86 288 85 176 1,787 .......................... 3,523 4,077 98 243 1311971 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.......................... 4.261 4.966 148 293 159 173 3,483 891 120 388 103 196 2.294 1974—Apr................ 4.262 4.966 149 293 159 173 3.483 891 118 389 103 155 2.294 Mav.............. 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 3.483 891 138 389 103 154 2.294 Nov............... 4.262 4.966 150 293 158 173 3,483 891 138 389 103 154 2.294 Dec................ 4.262 4.966 150 293 158 173 3,483 891 148 389 103 154 2.294 1975—Jan................. 4.262 4.966 150 293 158 173 3.483 891 140 389 103 154 2.294 Feb................ 4.262 4.966 150 293 158 173 3.483 891 140 389 103 2.294 Mar............... 4.262 4.966 150 158 173 3.483 891 154 389 103 2.294 Apr.*............ 4.262 4.966 150 158 3.483 891 154 389 103 2.294 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 Settle­ ments2 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.......................... 67 1,163 129 802 602 244 3,513 99 151 886 148 472 235 1974—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 99 151 886 148 472 255 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 1,180 129 774 602 244 3.513 99 151 886 148 472 251 Dec................ 67 1,180 129 771 602 244 3.513 99 151 886 148 472 250 1975—Jan................. 67 '1,175 129 764 602 244 3.513 99 151 148 472 265 Feb................ 67 '1 ,175 759 602 244 3.513 99 151 148 472 272 Mar............... 67 755 602 244 3.513 99 151 472 259 Apr.*............ 747 244 3.513 99 151 472 260 i Includes reported or estimated gold holdings of international and The figures included for the Bank for International Settlements are regional organizations, central banks and govts, of countries listed in the Bank’s gold assets net of gold deposit liabilities. This procedure this table, and also of a number not shown separately here, and gold to be avoids the overstatement of total world gold reserves since most of the distributed by the Tripartite Commission for the Restitution of Monetary gold deposited with the BIS is included in the gold reserves of individual Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ countries. tries, and China Mainland. 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold assets minus gold deposit liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 o INTL. CAPITAL TRANSACTIONS OF THE U.S. A 61 5. U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions of dollars) Liabilities to foreign countries Official institutions2 Liquid Liquid liabilities to Liquid liabili­ other foreigners liabili­ ties to Liquid ties to E o n f d Total a I ri M sin F g N k o e n ta m bl a e r­ L lia iq b u il i i d ­ m n o o n n e ­ ­ period f g r o o l m d S t h er o m rt ­ Market­ N k o e n ta m bl a e r­ n v o e n rt c ib o l n e ­ r O ea t d h i e l r y to t c ie o s m ­ S t h er o m rt ­ Market­ t i a n r t y i, ac tr t a io n n s s ­ ! Total t p l i i e o a s r b t i e r l e i d ­ ­ T U a r b e .S l a e s . . ve c U r o t . i S n b ­ . le T b U o re n .S a d s . s . m li a a a b r b k l i e l e i t ­ ­ a m b b e a r r o n c a k i d a s l 6 Total t p l i i o e a s b r t i r e l e i d ­ ­ T U a r b e .S l a e . s. o a g n r i g d o a n n r a e i l ­ ­ by bonds Treas. and ties5 by bonds zations 8 ba i n n ks no a t n e d s3 bo ai n i d d s notes4 ba i n n k s no a te n s d 3*7 U.S. notes U.S. 1963............................ 26,394 800 14,425 12,467 1,183 703 63 9 5,817 3,387 3,046 341 1,965 1964 9......................... /29,313 800 15,790 13,224 1,125 1,079 204 158 7,271 3,730 3,354 376 1,722 \29,364 800 15,786 13,220 1,125 1,079 204 158 7,303 3,753 3,377 376 1,722 1965............................ 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 472 1,431 /31,145 1,011 14,841 12,484 860 256 328 913 10,116 4,271 3,743 528 906 1966 9........................ 131,020 1,011 14,896 12,539 860 256 328 913 9,936 4,272 3,744 528 905 1967 9......................... J \3 3 5 5 , . 6 8 6 1 7 9 1 1 , , 0 0 3 3 3 3 1 1 8 8 , , 2 1 0 9 1 4 1 1 4 4, , 0 0 3 2 4 7 9 9 0 08 8 7 7 1 1 1 1 7 7 4 4 1 1 1 1 , , 8 8 0 07 7 1 1 1 1 , , 0 2 8 09 5 4 4 , , 6 6 7 8 8 5 4 4 , , 1 1 2 2 0 7 5 55 5 8 8 6 6 9 7 1 7 1968 9......................... \ / 3 3 8 8 , , 4 6 7 8 3 7 1 1 , , 0 03 3 0 0 1 1 7 7 , , 3 4 4 07 0 1 1 1 1 , , 3 3 1 1 8 8 4 5 6 2 2 9 7 7 0 01 1 2 2, ,5 51 18 8 2 2 , ,3 34 4 1 1 1 1 4 4, ,4 4 7 7 2 2 4 5 , , 9 0 0 53 9 4 4 , , 4 4 4 4 4 4 4 6 6 0 5 9 7 72 2 5 2 1969 9......................... *o \ / 4 4 5 5 , , 9 7 1 5 4 5 1 1 , ,0 0 1 1 9 9 n> 1 1 5 5 , , 9 9 9 7 8 5 1 1 1 1 , , 0 0 5 77 4 3 3 4 46 6 10 5 5 5 5 5 5 10 2 2 , , 5 5 1 1 5 5 1 1 , , 5 5 0 0 5 5 2 23 3 , , 6 6 3 4 8 5 4 4 , , 5 4 8 6 9 4 4 3 , , 0 9 6 3 4 9 5 5 2 2 5 5 6 66 5 3 9 1970—Dec.9............... 1 J4 4 7 6 , , 0 9 0 6 9 0 5 5 6 6 6 6 2 23 3, ,7 77 8 5 6 1 1 9 9 , , 3 3 3 3 3 3 2 3 9 0 5 6 4 4 2 2 9 9 3 3 , , 0 02 2 3 3 6 69 9 5 5 1 17 7 , , 1 1 6 3 9 7 4 4 , , 6 6 0 76 4 4 4 , , 0 0 2 3 9 9 5 6 6 4 5 7 8 8 4 4 6 4 J67,681 544 51,209 39,679 1,955 6,060 3,371 144 10,262 4,138 3,691 447 1,528 1971— Dec. u............. 167,808 544 50,651 39,018 1,955 6,093 3,441 144 10,949 4,141 3,694 447 1,523 1972—Dec.................. 82,862 61,526 40,000 5,236 12,108 3,639 543 14,666 5,043 4,618 425 1,627 1973_Dec.................. 92,404 66,810 43,919 5,701 12,319 3,210 1,661 17,661 5,930 500 430 2,003 1974—Apr.................. 97,825 67,154 45,175 5,020 12.330 3.210 1,419 22,520 6,802 6,385 417 1,349 May................. 101,285 68,150 46,167 5.013 12.330 3.210 1,430 24,639 6,894 6,528 366 1,602 June................ 104,026 69,994 47,430 5.013 12.330 3.655 1,566 25,103 7,159 6,796 363 1,770 July.................. 107,110 71,091 48,429 5.013 12.330 3.655 1,664 26,810 7,338 6,961 377 1,871 Aug................. 109,942 70,970 48,382 4,940 12.330 3.655 1,663 29,355 7,522 7,156 366 2,095 Sept................. 110,628 72,606 50,114 4.880 12.330 3.655 1,627 27,980 8,051 7,658 393 1,991 Oct.................. 111,940 73,718 50,891 4.880 12.330 3.867 1,750 27,970 8,125 7,694 431 2,127 Nov................. 115,616 75,061 51,809 4,906 12.330 3.867 2,149 29,668 8,407 7,926 481 2,480 Dec.................. 118,898 76,570 53,057 5,059 12,330 3.867 2,257 30,248 8,783 8,285 498 3,297 1975—Jan................... 118,022 75,793 51,774 5,177 12.457 3,867 2,518 29,374 8,692 8,184 508 4,163 Feb.................. 119,466 78,552 54,203 5,359 12.457 3,867 2,666 27,649 9,050 8,440 610 4,215 Mar.*.............. 120,079 79,068 53,683 6,003 12.457 3,867 3,058 27,853 9,013 8,405 608 4,145 Apr.*............... 121,206 79,015 53,490 5,938 12.457 3,907 2,223 29,329 8,823 8,199 624 4,039 1 Includes (a) liability on gold deposited by the IMF to mitigate the 1° Includes $101 million increase in dollar value of foreign currency impact on the U.S. gold stock of foreign purchases for gold subscriptions liabilities resulting from revaluation of the German mark in Oct. 1969 as to the IMF under quota increases, and (b) U.S. Treasury obligations at follows: liquid, $17 million, and other, $84 million. cost value and funds awaiting investment obtained from proceeds of sales 11 Data on the second line differ from those on first line because cer­ of gold by the IMF to the United States to acquire income-earning assets. tain accounts previously classified as official institutions are included 2 Includes BIS and European Fund. with banks; a number of reporting banks are included in the series for 3 Derived by applying reported transactions to benchmark data; the first time; and U.S. Treasury securities payable in foreign currencies breakdown of transactions by type of holder estimated for 1963. issued to official institutions of foreign countries have been increased in 4 Excludes notes issued to foreign official nonreserve agencies. value to reflect market exchange rates as of Dec. 31, 1971. 5 Includes long-term liabilities reported by banks in the United States and debt securities of U.S. Federally-sponsored agencies and U.S. cor­ Note.—Based on Treasury Dept, data and on data reported to the porations. Treasury Dept, by banks and brokers in the United States. Data correspond 6 Includes short-term liabilities payable in dollars to commercial banks generally to statistics following in this section, except for the exclusion abroad and short-term liabilities payable in foreign currencies to commer­ of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign cial banks abroad and to other foreigners. official nonreserve agencies, the inclusion of investments by foreign 7 Includes marketable U.S. Treasury bonds and notes held by commer­ official reserve agencies in debt securities of U.S. Federally-sponsored cial banks abroad. agencies and U.S. corporations, and minor rounding differences. Table 8 Principally the International Bank for Reconstruction and Develop­ excludes IMF holdings of dollars, and holdings of U.S. Treasury letters ment and the Inter-American and Asian Development Banks. of credit and nonnegotiable, non-interest-bearing special U.S. notes held 9 Data on the 2 lines shown for this date differ because of changes by other international and regional organizations. in reporting coverage. Figures on first line are comparable with those shown for the preceding date; figures on 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 62 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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 Other foreign Europe1 American countries2 End of period countries Canada republics Asia Africa 197 1 50,651 30,134 3,980 1,429 13,823 415 870 197 2 61,526 34,197 4,279 1,733 17,577 777 2,963 197 3 66,810 45,717 3,853 2,544 10,884 788 3,024 1974—Apr.. . 67,154 42,638 4,309 3,532 12,360 1,402 2,913 May.. 68,150 42,951 4,302 3,384 12,988 1,620 2,905 June.. 69,994 43,200 4,201 4,006 13,992 1,854 2,741 July. . 71,091 43,002 4,125 3,951 15,209 2,055 2,749 Aug... 70,970 42,292 3,953 4,127 15,526 2,272 2,800 Sept... 72,606 42,680 3,819 4,421 16,182 2,850 2,654 Oct... 73,718 43,041 3,809 4,046 17,186 2,947 2,689 Nov... 75,061 43,223 3,710 3,742 18,525 3,204 2,657 Dec... 76,570 44,169 3,665 4,419 18,529 3,161 2,627 1975—Jan.. . 75,793 43,234 3,626 3,659 19,480 3,232 2,562 Feb... 78,552 44,707 3,616 4,224 20,198 3,356 2,451 Mar.p 79,068 45,786 3,546 4,390 19,325 3,433 2,588 Apr.». 79,015 44,983 3,251 4,506 20,072 3,493 2,710 1 Includes Bank for International Settlements and European Fund. foreign official holdings of marketable and nonmarketable U.S. Treasury 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ securities with an original maturity of more than 1 year, except for non­ pean dependencies in Latin America. marketable notes issued to foreign official nonreserve agencies; and in­ vestments by foreign official reserve agencies in debt securities of U.S. Note.—Data represent short- and long-term liabilities to the official Federally-sponsored agencies and U.S. corporations. institutions of foreign countries, as reported by banks in the United States; SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations 6 IMF Payable in dollars gold Deposits Payable invest­ U.S. End of period in ment5 Treasury Other Total i Deposits U.S. Other foreign Total bills and short­ Treasury short­ cur­ certifi­ term Total bills and term rencies Demand Time2 cates liab. 7 Demand Time2 certifi­ liab.4 cates 3 197 1 55,428 55,036 6,459 4,217 33,025 11,335 392 400 1,367 73 192 210 892 197 2 60,697 60,201 8,290 5,603 31,850 14,458 496 1,413 86 202 326 800 197 3 69,022 68,425 11,310 6,863 31,886 18,366 597 1,955 101 83 296 1,474 1974—Apr... 75,244 74,537 11,977 7,303 32,676 22,581 706 1,164 60 57 209 838 May.. 78,721 78,068 11,672 7,609 33,983 24,805 653 1,388 95 53 46 1,194 June.. 80,982 80,190 12,856 8,253 34,038 25,043 792 1,653 106 66 91 1,390 July.. 83,945 83,279 12,222 8,643 34,178 28,235 666 1,745 121 66 51 1,508 Aug.. 86,815 86,069 11,841 9,073 33,179 31,976 746 1,921 81 68 146 1,627 Sept.. 87,652 86,957 12,769 9,222 33,467 31,499 696 1,900 128 69 75 1,629 Oct... 88,552 87,833 11,228 9,789 34,187 32,628 719 1,997 125 89 93 1,690 Nov.. 91,439 90,695 12,860 9,532 35,020 33,283 744 2,036 128 89 94 1,725 Dec... 94,755 93,989 14,054 10,081 35,662 34,192 766 3,165 139 105 497 2,424 1975—Jan... 93,244 92,523 12,298 10,157 38,108 31,960 721 3,911 123 104 1,234 2,450 Feb... 94,247 93,514 12,144 10,322 40,428 30,620 733 3,955 118 95 1,260 2,482 Mar.*> 93,406 92,724 12,321 10,162 40,094 30,148 682 3,465 189 107 777 2,391 Apr.2. 94,597 93,856 11,699 10,383 40,424 31 ,350 742 3,580 99 116 781 2,583 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 63 7. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) Total to official, banks and other foreigners To official institutions 8 Payable in dollars Payable in dollars Payable End of period in Payable Total Deposits U.S. Other foreign Total Deposits U.S. Other in Treasury short­ cur­ Treasury short­ foreign bills and term rencies bills and term currencies Demand Time2 certifi­ liab.4 Demand Time2 certifi­ liab. 7 cates 3 cates 3 1971....................... 53,661 6,386 4,025 32,415 10,443 392 39,018 1,327 2,039 32,311 3,177 165 1972....................... 59,284 8,204 5,401 31,523 13,659 496 40,000 1,591 2,880 31,453 3,905 171 1973....................... 67,067 11,209 6,780 31,590 16,892 597 43,919 2,125 3,911 31,511 6,245 127 1974—Apr............. 74,080 11,917 7,246 32,467 21,742 706 45,175 2,920 3,949 32,312 5,867 127 May............ 77,334 11,577 7,556 33,937 23,611 653 46,167 2,352 4,025 33,731 5,931 127 June............ 79,329 12,750 8,187 33,947 23,652 792 47,430 2,643 4,277 33,745 6,638 127 July............. 82,200 12,102 8,578 34,128 26,727 666 48,429 2,561 4,445 33,749 7,547 127 Aug............. 84,893 11,760 9,005 33,033 30,349 746 48,382 2,473 4,429 32,687 8,665 127 Sept............. 85,752 12,641 9,153 33,392 29,870 696 50,114 2,824 4,313 32,955 9,895 127 Oct.. ........... 86,555 11,104 9,700 34,094 30,938 719 50,891 2,168 4,483 33,634 10,478 127 Nov............. 89,403 12,732 9,443 34,927 31,558 744 51,809 2,472 4,122 34,467 10,621 127 Dec............. 91,590 13,915 9,976 35,165 31,768 766 53,057 2,951 4,324 34,656 10,999 127 1975—Jan.............. 89,332 12,174 10,053 36,874 29,510 721 51,774 2,188 4,351 36,531 8,706 Feb............. 90,292 12,026 10,226 39,169 28,138 733 54,203 2,061 4,306 38,840 8,996 Mar.*.......... 89,941 12,131 10,054 39,316 27,757 682 53,683 2,326 4,284 39,015 8,059 Apr.*.......... 91,018 11,599 10,267 39,643 28,766 742 53,490 2,147 4,203 39,275 7,864 To banks9 To other foreigners To banks Payable in dollars and other foreigners End of period Total Payable in Deposits U.S. Other Deposits U.S. Other foreign Treasury short­ Treasury short­ cur­ Total bills and term Total bills and term rencies Demand Time2 certifi­ liab.4 Demand Time2 certifi­ liab. 7 cates cates 1971....................... 14,643 10,721 3,399 320 8 6,995 3,694 1,660 1,666 96 271 228 1972....................... 19,284 14,340 4,658 405 5 9,272 4,618 1,955 2,116 65 481 325 1973....................... 23,147 17,178 6,941 515 11 9,710 5,500 2,143 2,353 68 936 469 1974—Apr............. 28,905 21,940 6,599 677 63 14,601 6,385 2,398 2,620 92 1,274 579 May............ 31,167 24,113 6,910 788 82 16,334 6,528 2,315 2,744 124 1,346 526 June............ 31,899 24,439 7,689 996 95 15,660 6,795 2,419 2,915 107 1,355 665 July............. 33,771 26,271 7,105 1,165 204 17,797 6,961 2,436 2,967 175 1,383 539 Aug............. 36,511 28,736 6,890 1,426 200 20,220 7,156 2,397 3,150 145 1,464 618 Sept............. 35,639 27,411 7,096 1,576 258 18,481 7,659 2,722 3,264 179 1,495 568 Oct.............. 35,664 27,379 6,361 1,796 268 18,954 7,694 2,574 3,422 193 1,505 591 Nov............. 37,594 29,051 7,622 1,713 253 19,463 7,927 2,638 3,608 207 1,474 617 Dec............. 38,533 29,609 8,253 1,856 232 19,268 8,285 2,710 3,796 277 1,502 639 1975—Jan.............. 37,558 28,654 7,362 1,943 158 19,192 8,184 2,625 3,760 186 1,613 721 Feb............. 36,089 26,916 7,145 2,048 129 17,594 8,441 2,820 3,872 200 1,548 733 Mar.*.......... 36,258 27,171 7,066 1,844 101 18,161 8,405 2,740 3,927 200 1,537 682 Apr.*.......... 37,528 28,587 6,898 2,074 148 19,467 8,200 2,555 3,990 220 1,434 742 1 Data exclude “holdings of dollars” of the IMF. 7 Principally bankers’ acceptances, commercial paper, and negotiable 2 Excludes negotiable time certificates of deposit, which are included time certificates of deposit. in “Other short-term liabilities.” 8 Foreign central banks and foreign central govts, and their agencies, 3 Includes nonmarketable certificates of indebtedness and Treasury and Bank for International Settlements and European Fund. bills issued to official institutions of foreign countries. 9 Excludes central banks, which are included in “Official institutions.” 4 Includes liabilities of U.S. banks to their foreign branches, liabilities of U.S. agencies and branches of foreign banks to their head offices and Note.—“Short term” refers to obligations payable on demand or having foreign branches, bankers’ acceptances, commercial paper, and negotiable an original maturity of 1 year or less. For data on long-term liabilities time certificates of deposit. reported by banks, see Table 9. Data exclude the holdings of dollars 5 U.S. Treasury bills and certificates obtained from proceeds of sales of of the International Monetary Fund; these obligations to the IMF consti­ gold by the IMF to the United States to acquire income-earning assets. tute contingent liabilities, since they represent essentially the amount of Upon termination of investment, the same quantity of gold was reac­ dollars available for drawings from the IMF by other member countries. quired by the IMF. Data exclude also U.S. Treasury letters of credit and nonnegotiable, non- 6 Principally the International Bank for Reconstruction and Develop­ interest-bearing special U.S. notes held by the In ter-American Develop­ ment and the Inter-American Development Bank. ment Bank and the International Development Association. Includes difference between cost value and face value of securities in IMF gold investment account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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) 1973 1974 1975 Area and country Dec. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.* Apr.* 1 Europe: 1 161 484 530 597 568 ! 557 607 597 624 635 629 Belgium-Luxembourg.............................. 1,483 1,828 1,937 1,933 2,047 1 2,295 2,506 2,391 2,647 2,539 2,810 659 239 251 268 285 ! 338 369 369 324 370 340 165 203 229 219 223 i 262 266 204 204 202 212 3,483 3,763 3,611 3,561 3,920 3,822 4,274 4,206 4,035 4,226 4,600 Germany.................................................. 13,227 12,602 11,873 9,337 8,623 9,102 9,420 9,948 10,801 11,236 10,229 Greece...................................................... 389 222 298 293 255 213 248 253 242 192 202 Italy.......................................................... 1,404 1,327 1,101 3,138 2,748 2,192 2,617 2,101 2,260 2,448 2,498 2,886 2,232 2,234 2,498 3,009 3,177 3,234 3,208 3,242 3,459 3,302 965 878 894 1,023 1,131 1,181 1,040 874 826 843 1,827 Portugal.................................................... 534 429 422 435 411 338 310 310 303 288 247 305 362 303 377 347 332 382 379 320 358 361 Sweden...................................................... 1,885 1,160 1,049 1,096 1,071 1,103 1,138 1,132 1,215 1,209 1,477 Switzerland.............................................. 3,377 7,216 7,850 8,393 8,974 9,378 10,007 9,601 9,453 8,862 8,807 Turkey...................................................... 98 134 106 100 121 102 152 169 131 243 103 United Kingdom..................................... 6,148 8,558 9,071 8,709 7,565 8,166 7,501 6,580 6,208 7,053 7,065 Yugoslavia................................................ 86 106 100 151 136 105 183 187 168 158 122 Other Western Europe *.......................... 3,352 2,851 2,829 3,122 3,218 3,432 4,051 3,103 2,859 2,601 2,517 U.S.S.R..................................................... 22 27 26 40 44 33 82 65 59 35 34 Other Eastern Europe............................. 110 133 147 149 136 140 206 172 120 218 122 Total.................................................. 40,742 44,755 44,861 45,438 44,833 46,267 48,595 45,848 46,040 47,176 46,503 Canada.......................................................... 3,627 3,595 3,250 ! 3,754 4,226 3,725 3,503 3,405 3,789 3,456 3,956 Latin America: 924 1,252 1,189 1,105 1,017 938 886 900 894 822 886 824 1,546 3,201 1,216 1,678 1,741 1,452 2,160 2,050 1,757 2,465 Brazil........................................................ 860 778 817 873 894 951 1,034 859 927 1,065 1,077 Chile.......................................................... 158 279 253 266 270 297 276 284 281 258 278 247 264 285 293 292 305 305 319 317 326 313 7 7 6 7 6 7 7 6 6 8 6 1,285 1,411 1,610 1,643 1,731 1,731 1,770 1,747 1,734 1,668 1,727 Panama.................................................... 282 566 445 511 484 474 488 500 476 517 656 Peru.......................................................... 135 197 185 182 177 183 272 256 238 225 217 Uruguay.................................................... 120 122 115 120 128 140 147 152 164 171 174 Venezuela.................................................. 1,468 2,600 2,999 3,217 2,992 2,896 3,413 2,918 3,351 3,501 3,559 884 1,183 1,066 1,214 1,113 1,176 1,316 1,211 1,263 1,348 1,398 Netherlands Antilles and Surinam......... 71 92 103 123 138 135 158 155 133 143 113 Other Latin America............................... 359 672 828 553 508 839 515 892 468 492 737 7,626 10,966 13,101 11,321 11,429 11,815 12,038 12,359 12,302 12,301 13,607 Asia: China, People’s Rep. of (China Mainland) 38 39 40 40 43 45 50 50 73 63 82 China, Republic of (Taiwan)................... 757 772 842 822 797 808 818 977 1,015 1,017 1,038 Hong Kong.............................................. 372 470 490 621 470 551 530 558 546 528 543 India.......................................................... 85 172 131 158 140 156 261 179 177 183 127 Indonesia.................................................. 133 863 785 943 1,600 1,363 1,221 1,327 1,083 497 582 Israel......................................................... 327 226 211 217 218 279 386 417 473 508 490 Japan........................................................ 6,954 9,991 9,912 10,136 10,407 10,891 10,897 10,442 10,909 11,390 11,043 Korea........................................................ 195 215 277 304 313 309 384 315 327 311 345 Philippines................................................ 515 762 715 748 726 731 747 702 642 745 670 Thailand.................................................... 247 451 403 362 328 333 333 337 327 455 451 Other........................................................ 1,202 3,614 4,252 4,726 4,832 5,681 5,446 6,003 6,136 4,651 4,820 10,826 17,576 18,060 19,076 19,874 21,147 21,073 21,307 21,708 20,368 20,170 Africa: Egypt......................................................... 35 91 105 73 109 109 103 105 106 92 112 Morocco................................................... 11 54 63 79 73 59 38 71 81 65 66 South Africa............................................. 114 170 156 157 138 155 130 150 188 191 159 Zaire.......................................................... 87 46 46 43 41 82 84 66 41 38 57 808 2,042 2,258 2,893 2,973 3,199 3,197 3,272 3,392 3,461 3,472 Total.................................................. 1,056 2,403 2,627 3,244 3,333 3,604 3,551 3,664 3,809 3,848 3,867 Other countries: 3,131 2,848 2,926 2,847 2,788 2,759 2,742 2,661 2,568 2,725 2,856 59 58 68 72 71 86 89 88 76 66 60 Total.................................................. 3,190 2,906 2,994 2,918 2,859 2,845 2,831 2,748 2,644 2,792 2,916 Total foreign countries................................ 67,067 82,200 84,893 85,752 86,555 89,403 91,590 89,332 90,292 89,941 91,018 International and regional: International2........................................... 1,627 1,383 1,567 1,534 1,665 1,752 2,894 3,636 3,677 3,214 3,298 Latin American regional......................... 272 253 262 261 232 213 202 226 222 207 202 Other regional3........................................ 57 108 93 103 100 70 69 50 57 44 80 1,955 1,745 1,921 1,900 1,997 2,036 3,165 3,911 3,955 3,465 3,580 Grand total....................................... 69,022 83,945 86,815 87,652 88,552 91,439 94,755 93,244 94,247 93,406 94,597 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 65 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 data4 1972 1973 1974 1972 1973 1974 Area and country Area and country Dec. Apr. Dec. Apr. Dec. Dec. Apr. Dec. Apr. Dec. Other Western Europe; Other Asia—Cont.: Cyprus....................................... 3 9 19 10 7 Laos................................ 2 3 3 3 3 Iceland...................................... 9 12 8 11 21 Lebanon.......................... 55 55 62 68 119 Ireland, Rep. of........................ 17 22 62 53 29 Malaysia.......................... 54 59 58 40 63 Pakistan........................... 59 93 105 108 91 Other Latin American republics: Singapore........................ 77 53 141 165 240 Bolivia...................................... 87 65 68 102 96 Sri Lanka (Ceylon)........ 5 6 13 13 14 Costa Rica................................ 92 75 86 88 117 Vietnam........................... 135 98 88 98 126 Dominican Republic............... 114 104 118 137 127 Oil-producing countries 5 534 486 652 1,331 4,640 Ecuador.................................... 121 109 92 90 122 El Salvador.............................. 76 86 90 129 129 Guatemala................................ 132 127 156 245 214 Haiti......................................... 27 25 21 28 35 Other Africa: Honduras................................., 58 64 56 71 88 Algeria............................. 32 51 111 110 67 Jamaica..................................... 41 32 39 52 69 Ethiopia (incl. Eritrea).., 57 75 79 118 95 Nicaragua................................. 61 79 99 119 127 Ghana.............................. 10 28 20 22 18 Paraguay................................... 22 26 29 40 46 Kenya.............................. 23 19 23 20 Trinidad and Tobago............ 20 17 17 21 107 Liberia............................. 30 ’ 31 42 29 39 Libya................................ 393 312 331 257 Other Latin America: Nigeria............................ 85 140 78 736 Bermuda................................... (2) 127 242 201 116 Southern Rhodesia........ 2 1 2 1 2 British West Indies.................. 36 100 109 354 Sudan............................... 3 3 3 2 4 Tanzania.......................... 11 16 12 12 11 Other Asia: Tunisia............................. 10 11 7 17 19 Afghanistan.............................. 25 19 22 11 18 Uganda............................ 7 19 6 11 13 Burma....................................... 2 17 12 42 Zambia............................ 28 37 22 66 Cambodia................................. 3 3 2 4 4 Jordan....................................... 4 4 6 6 22 All other: New Zealand.................. 30 34 39 33 47 1 Includes Bank for International Settlements and European Fund. 4 Represent a partial breakdown of the amounts shown in the other 2 Data exclude holdings of dollars of the International Monetary Fund. categories (except “Other Eastern Europe”). 3 Asian, African, and European regional organizations, except BIS and 5 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 To inti. End of period Total and Official Other United Total All regional Total institu­ Banks1 foreign­ Ger­ King­ Other Latin Japan Other other tions ers many dom Europe America Asia coun­ tries 1971.............................. 902 446 457 144 257 56 164 52 30 111 3 87 9 1 070 2 /1,000 562 439 93 259 87 165 63 32 136 1 32 10 (1,018 580 439 93 259 87 165 63 32 136 1 32 10 1973.............................. 1,467 761 706 310 296 100 165 66 245 132 5 78 16 1974—Apr.................... 1,690 1,025 665 294 282 89 165 56 227 152 2 50 13 May.................. 1,657 1,005 652 296 282 74 165 56 220 144 2 52 13 June.................. 1,650 974 676 321 283 73 165 56 220 144 2 77 12 July................... 1,689 978 711 337 299 75 171 56 231 142 2 97 13 Aug................... 1,533 1,005 528 136 316 76 170 60 45 141 1 97 13 Sept................... 1,402 920 482 93 316 73 170 60 45 123 1 70 13 Oct.................... 1,332 852 480 111 299 71 170 48 45 116 1 87 13 Nov................... 1,318 832 485 112 298 75 170 48 45 116 1 88 17 Dec.................... 1,320 820 500 124 298 79 170 48 45 115 1 101 20 1975—Jan..................... 1,406 846 560 223 266 71 150 42 26 118 1 200 21 Feb.................... 1 ,441 776 666 336 264 66 147 41 23 119 1 313 21 Mar.p............... 1,523 795 728 406 255 67 137 41 24 120 383 21 Apr.**................. 1 ,401 626 774 462 253 59 134 41 23 116 438 21 1 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 66 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1975 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End of period; in millions of dollars) 1974 1975 Apr. May June July Aug. Sept. Oct.r Nov.r Decr Jan.r Feb. Mar.* Apr.* Europe: 7 7 7 9 9 10 10 10 10 11 12 14 14 Sweden............................................. 260 260 260 260 260 250 250 276 251 252 252 252 252 Switzerland...................................... 33 35 34 35 34 34 30 30 30 31 30 29 32 United Kingdom............................. 457 428 424 426 439 459 485 498 493 529 578 598 611 Other Western Europe................... 89 87 89 97 101 96 102 98 97 89 83 283 292 Eastern Europe............................... 5 5 5 5 5 5 5 5 5 5 3 5 5 Total......................................... 851 823 819 832 849 854 883 917 885 916 959 1,180 1,206 848 849 849 851 756 706 707 711 713 697 584 588 460 Latin America: Latin American republics............... 11 11 11 11 11 11 11 11 12 11 91 11 11 Other Latin America...................... 3 5 5 5 5 17 25 62 88 88 148 114 107 14 16 16 16 16 28 36 74 100 99 239 125 118 Asia: Japan................................................ 3,531 3,499 3,498 3,497 3,498 3,497 3,497 3,498 3,498 3,498 3,496 3,496 3,496 Other Asia....................................... 11 12 12 12 12 12 12 12 212 325 541 1,071 1,121 Total........................................ 3,542 3,510 3,510 3,509 3,510 3,509 3,509 3,509 3,709 3,822 4,037 4,567 4,617 Africa................................................... 157 157 157 156 151 151 151 151 151 151 151 151 161 All other.............................................. 25 25 25 25 25 25 25 25 Total foreign countries....................... 5,437 5,379 5,376 5,390 5,306 5,273 5,311 5,387 5,557 5,685 5,969 6,611 6,562 International and regional: International.................................... 141 174 57 51 102 23 71 71 61 180 190 592 383 Latin American regional.................. 44 41 60 75 71 68 52 67 61 61 59 79 77 Total.......................................... 185 214 117 126 173 91 123 138 122 240 249 671 460 5,622 5,594 5,493 5,516 5,479 5,364 5,434 5,525 5,680 5,925 6,218 7,282 7,022 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 Loans to- Accept­ Foreign End of period Collec­ ances govt, se­ tions made Deposits curities, Total Official out­ for acct. Other Total with for­ coml. Other institu­ Banks1 Others2 stand­ of for­ eigners and fi­ tions ing eigners nance paper 1971............ 13,272 12,377 3,969 229 2,080 1,660 2,475 4,254 1,679 895 548 173 174 19723 .......... 15,471 14,625 5,674 162 2,975 2,537 3,269 3,204 2,478 846 441 223 182 15,676 14,£30 5,671 162 2,970 2,540 3,276 3,226 2.657 846 441 223 182 1973............. 20,698 20,036 7,660 284 4,538 2,839 4,307 4,160 3,910 662 428 119 115 1974—Apr... 26,695 25,838 9,537 354 6,124 3,059 4,805 5,838 5.657 857 589 99 169 May.. 29,874 28,990 9,916 367 6,355 3,194 5,081 6,624 7,369 884 611 113 160 June.. 32,383 31,426 11,450 390 7,726 3,334 5,107 7,599 7,270 957 687 130 141 July.. 33.680 32,677 10,882 480 6,831 3,571 5,152 9,177 7,467 1,003 626 207 170 Aug.. 35,216 34,411 11,590 452 7,792 3,346 5,295 9,459 8,067 805 461 180 164 Sept.. 34,132 33,214 10,598 526 6,719 3,354 5,245 9,538 7,832 918 468 217 233 Oct... 34,250 33,220 10,074 371 6,371 3,332 5,356 10,034 7,756 1,030 547 243 240 Nov.. 36,393 35,365 11,040 439 7,174 3,426 5.345 10,693 8,287 1,028 515 283 229 Dec.., 38.680 37,470 11,342 394 7,389 3,559 5,637 11,190 9,301 1,210 668 289 253 1975—Jan... 38,881 37,592 10,232 361 6,318 3,553 5,565 10,995 10,800 1,289 719 351 219 Feb... 39,721 38,532 10,313 378 6,414 3,521 5.346 11,090 11,783 1,190 609 336 244 Mar.. 41,873 40,713 9,942 309 5,999 3,634 5,415 11,294 14,062 1,160 573 290 297 Apr.* 42,789 41,530 10,659 362 6,519 3,778 5,339 11,441 14,091 1,260 764 241 254 1 Excludes central banks, which are included with “Official institutions.” in reporting coverage. Figures on the first line are comparable in cover­ 2 Includes International and Regional Organizations. age with those shown for the preceding date; figures on the second line 3 Data on the 2 lines shown for this date differ because of changes are comparable with those shown for the following date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 67 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1973 1974 1975 Area and country Dec. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.p Apr.P Europe: 11 18 72 17 21 42 21 18 38 22 16 Belgium-Luxembourg.............................. 148 266 207 164 301 308 384 401 591 550 674 Denmark................................................... 48 45 49 51 59 45 46 54 53 41 53 108 150 151 146 128 107 122 132 136 137 147 621 703 760 637 485 791 673 867 893 849 859 311 372 379 342 332 438 589 390 435 378 399 Greece....................................................... 35 61 66 59 48 57 64 52 42 46 54 316 437 441 354 340 340 345 351 277 287 334 Netherlands.............................................. 133 165 112 130 176 183 348 195 210 187 157 72 103 136 113 94 97 119 115 106 104 114 Portugal.................................................... 23 30 24 26 35 25 20 16 39 32 26 Spain......................................................... 222 392 382 253 227 201 196 184 166 150 234 153 119 139 159 149 160 180 128 99 72 101 Switzerland............................................... 176 386 355 377 277 339 335 252 267 230 227 Turkey....................................................... 10 26 19 15 15 14 15 23 17 19 37 United Kingdom..................................... 1,459 2,362 2,619 2,228 1,852 2,332 2,401 2,663 2,770 2,924 3,174 Yugoslavia................................................ 10 26 25 28 24 28 22 38 18 16 28 Other Western Europe............................. 27 19 22 18 31 38 22 22 27 24 31 46 35 30 21 27 28 46 44 48 34 51 Other Eastern Europe............................. 59 88 89 102 105 86 131 124 100 110 113 3,988 5,804 6,073 5,239 4,724 5,660 6,076 6,067 6,331 6,212 6,831 1,955 2,348 2,111 2,032 2,556 2,517 2,773 2,904 2,643 2,928 2,910 Latin America: 499 686 704 695 679 704 720 783 808 873 960 875 1,558 2,086 2,486 2,763 2,616 3,269 3,737 4,653 5,664 5,743 1,507 1,5229001,534 1,476 1,493 1,415 1,264 1,345 1,266 1,299 Chile.......................................................... 151 224 231 250 256 291 290 303 351 395 433 397 601 679 665 686 675 713 706 679 695 710 12 12 13 14 13 13 14 13 18 15 13 1,373 1,770 1,828 1,706 1,836 1,898 1,972 1,898 2,004 2,112 2,236 266 400 401 410 405 402 503 604 458 546 531 Peru........................................................... 178 353 421 408 433 486 518 504 531 555 606 Uruguay.................................................. 55 59 50 47 46 63 63 75 86 104 116 Venezuela.................................................. 518 644 642 627 557 643 704 795 747 736 757 Other Latin American republics............. 493 690 700 711 724 810 852 873 890 890 954 Netherlands Antilles and Surinam......... 13 38 56 64 61 74 62 45 39 39 36 Other Latin America............................... 140 312 448 370 693 920 1,138 1,451 1,549 1,585 1,675 5,870 8,856 9,781 9,989 10,628 11,088 12,233 13,051 14,156 15,474 16,069 Asia: China, People’s Rep. of (China Mainland) 31 28 22 9 7 5 4 18 65 19 11 China, Republic of (Taiwan).................. 140 403 443 461 496 482 497 524 473 500 448 147 200 271 243 214 238 223 203 184 291 210 16 20 34 17 19 16 14 19 22 17 21 88 117 120 122 128 140 157 142 159 145 134 166 193 192 197 200 208 250 271 284 322 299 Japan........................................................ 6,400 12,395 12,814 12,390 11,714 12,406 12,496 11,811 11,246 11,327 11,028 Korea........................................................ 403 641 706 733 760 835 955 1,116 1,286 1,629 1,503 181 295 348 340 346 324 371 300 342 353 398 273 427 429 436 414 416 441 374 374 406 413 Other......................................................... 394 816 677 669 669 666 771 739 776 841 1,006 8,238 15,534 16,056 15,617 14,966 15,737 16,178 15,516 15,211 15,850 15,471 Africa: 35 68 83 97 93 91 111 106 114 122 142 5 14 10 10 11 12 18 19 15 19 10 129 213 238 243 282 299 329 364 396 413 458 Zaire.......................................................... 60 93 97 94 107 101 96 31 38 31 37 159 286 275 311 312 291 299 265 291 290 326 388 675 702 755 806 795 854 785 853 875 973 Other countries: 243 400 415 422 478 492 466 433 431 435 428 43 63 77 76 91 104 99 125 95 99 107 Total.................................................. 286 463 492 498 569 597 565 558 526 534 535 20,725 33,680 35,215 34,130 34,249 36,392 38,680 38,880 39,721 41,873 42,789 1 1 1 2 1 1 1 1 1 1 20,726 33,680 35,216 34,132 34,250 36,393 38,680 38,881 39,721 41,873 42,789 Note.—Short-term claims are principally the following items payable their own account or for account of their customers in the United States; on demand or with a contractual maturity of not more than 1 year: loans and foreign currency balances held abroad by banks and bankers and made to, and acceptances made for, foreigners; drafts drawn against their customers in the United States. Excludes foreign currencies held foreigners, where collection is being made by banks and bankers for by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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 End of Total Payable period Loans to— in United Other Latin Other All Other foreign King­ Europe Canada America Japan Asia other long­ curren­ dom coun­ Official Other term cies tries 2 Total institu­ Banks1 foreign­ claims tions ers2 1971................. 3,667 3,345 570 315 2,460 300 22 130 593 228 1,458 246 583 429 10*70 3 (4,954 4,539 829 430 3,281 375 40 145 704 406 1,996 319 881 503 \5,063 4,588 840 430 3,319 435 40 150 703 406 2,020 353 918 514 1973................. 5,992 5,442 1,154 591 3,696 478 72 148 1,124 490 2,112 251 1,331 532 1974—Apr....... 6,783 6,140 1,567 751 3,823 567 76 201 1,574 478 2,370 254 1,373 532 May---- 6,830 6,214 1,566 772 3,875 550 67 224 1,559 467 2,434 241 1,381 524 June.... 7,087 6,475 1,619 792 4,064 546 66 222 1,686 496 2,487 244 1,434 518 July___ 7,115 6,502 1,486 909 4,108 545 67 249 1,603 498 2,552 269 1,423 520 Aug....... 7,055 6,448 1,452 913 4,084 539 68 285 1,545 503 2,527 269 1,416 511 Sept.. .. 6,999 6,386 1,416 853 4,116 542 71 266 1,535 543 2,479 247 1,425 505 Oct....... 7,250 6,571 1,438 914 4,220 608 71 333 1,725 523 2,495 264 1,396 515 Nov....... 7,251 6,561 1,370 933 4,258 618 72 339 1,652 506 2,574 257 1,392 531 Dec....... 7,155 6,481 1,327 931 4,223 607 65 329 1,578 486 2,602 258 1,359 534 1975—Jan........ 7,262 6,624 1,364 968 4,293 583 54 323 1,669 475 2,603 248 1,388 552 Feb....... 7,457 6,797 1,374 1,035 4,388 606 54 347 1,749 485 2,675 248 1,355 593 Mar.*\.. 7,555 6,896 1,395 1,062 4,438 603 55 362 1,769 485 2,695 247 1,409 583 Apr.*\.. 7.583 6,896 1 ,253 1,110 4.533 624 63 375 1.813 490 2,786 242 1,249 630 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 2 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) Marketable U.S. Treas. bonds and notes1 U.S. corporate Foreign bonds Foreign stocks securities 2 Net purchases or sales Period Pur­ Net pur­ Pur­ Net pur­ Pur- Net pur­ Intl. Foreign chases Sales chases or chases Sales chases Sales Sales chases or Total and sales sales sales regional Total Official Other 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 1,554 176 197 4 -479 94 -573 -642 69 15,515 13,830 1,684 1,045 3,325 -2,281 1,899 1,718 181 1975—Jan.-Apr.** 1,342 337 1,005 879 126 6,301 4,826 1 ,475 654 2,807 -2,153 584 629 -45 1974—Ap r -237 -82 -155 -172 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 1,049 1,056 -7 94 251 -158 128 116 12 Aug.................. -37 47 -84 -73 -11 1,400 1,132 268 59 214 -155 146 117 29 Sept.................. -116 -82 -33 -60 27 1,361 1,183 178 72 152 -80 145 100 45 Oct................... 70 32 38 38 1,568 1,364 205 86 362 -276 89 152 -63 Nov.................. 132 57 76 ........25* 50 1,415 1,311 103 92 170 -78 124 102 22 Dec.................. 134 -36 171 153 17 927 978 -50 101 524 -423 117 87 30 1975—Jan. r 245 118 127 118 9 1,207 898 309 131 1,207 -1,076 147 156 -9 Feb................... 293 9 285 182 102 1,704 1,385 318 118 554 -436 134 173 -39 Mar.p.............. 1,063 422 642 644 -3 1,752 1,152 600 186 650 -464 148 159 -11 Apr.*5............... -260 -210 -49 -66 17 1,639 1,391 248 220 397 -177 155 141 14 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to sold abroad by U.S. corporations organized to finance direct investments official institutions of foreign countries. abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations. Also includes issues of new debt securities organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 69 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 Other1 sales (—) dom 197 2 14,361 12,173 2,188 372 -51 297 642 561 137 1,958 -78 -32 256 83 197 3 12,762 9,978 2,785 439 2 339 685 366 274 2,104 99 -1 577 5 197 4 7,552 7,095 457 203 39 330 36 -304 50 354 -6 -33 131 10 1975—Jan.-A] 4,579 3,361 1,218 52 74 88 241 231 34 721 42 * 434 19 1974—Apr.... 577 559 19 22 17 35 -3 -14 -35 21 -10 2 3 2 May... 576 591 -15 18 7 29 5 -36 -5 19 -7 -15 -14 2 June... 521 513 8 -15 8 33 11 -18 -3 16 13 -7 -15 2 July.. . 508 510 -2 13 5 39 -9 -49 3 2 10 -2 -14 2 Aug..., 580 502 78 19 18 16 15 7 -11 64 14 9 -10 * Sept.. . 447 445 2 -9 17 21 -6 -22 -3 -3 6 4 -6 1 Oct___ 673 695 -22 17 -30 9 -39 -82 11 -114 3 2 95 -7 Nov.. . 604 616 -12 5 1 -2 -35 -51 4 -77 -2 -5 70 1 Dec__ 450 429 '21 13 13 20 -10 -76 9 -30 14 10 27 * 1975—Jan.. . . 731 541 190 34 15 8 42 -8 15 107 12 -15 84 2 Feb.... 1,383 849 533 21 25 14 115 147 9 331 20 18 150 15 Mar.23. 1,148 913 236 12 11 40 40 38 7 146 15 -5 80 -1 Apr.p. . 1.318 1,058 259 -15 23 26 44 54 4 136 -5 2 121 3 1 Includes international and regional organizations. 16. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia Africa co O u t n h t e ri r es I r n e t g l. i o a n n a d l 197 2 . 1,881 336 77 74 135 367 315 1,303 82 22 323 2 * 148 197 3 . 1,948 201 -33 -19 307 275 473 1,204 49 44 588 * 10 52 197 4 1,395 96 33 183 96 352 -59 702 50 43 557 8 10 34 1975—Jan.-Apr.** 258 1 7 -26 53 -100 -1 -67 39 -1 592 * 1 -306 1974—Ap r 203 60 3 * 8 26 17 114 4 -1 * * * 86 May......... 66 10 * « 28 19 1 59 3 5 3 * ♦ -3 June......... 242 5 3 116 15 64 -17 185 1 4 -3 * * 56 July.......... -5 -1 2 72 2 36 -11 100 1 5 7 * 10 -128 Aug.......... 190 1 * 1 -1 29 -9 21 2 4 199 * « -36 Sept.......... 176 1 1 -t 2 54 -3 55 4 2 -15 * 130 Oct........... 226 10 1 -1 13 6 -5 25 18 5 100 * * 79 Nov.......... 224 4 -1 2 -1 -20 -6 -23 11 1 398 * * -163 Dec........... -11 1 * -4 1 54 5 56 -4 17 93 * * -173 1975—Ja..............n '119 2 3 * 6 59 5 74 14 -1 152 * * ' — 120 Feb........... -215 -4 3 * 3 -83 1 -80 16 * 37 * 1 ' — 189 Mar.**.... 364 1 -1 -1 10 23 1 32 4 -4 322 * * 10 Apr.*7........ -11 1 2 -26 35 -99 -8 -94 5 3 81 * * -7 Note.—Statistics include State and local govt, securities, and securities debt securities sold abroad by U.S. corporations organized to finance di­ of U.S. Govt, agencies and corporations. Also includes issues of new rect investments abroad. 17. NET PURCHASES OR SALES BY FOREIGNERS OF 18. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Intl. Total Latin Other Credit Debit Period Total and foreign Eu­ Canada Amer­ Asia Af­ coun­ End of balances balances re­ coun­ rope ica rica tries period (due to (due from gional tries foreigners) foreigners) 1972................ —622 —90 -532 505 —635 —69 -296 —66 29 1972—June........................... 312 339 1973................ — 818 139 —957 -141 —569 -120 -168 3 37 Sept............................ 286 336 1974.. . -2,058 -60 -1,999 —544 1,529 -93 138 7 22 Dec............................ 372 405 1975— 1973—Mar............................ 310 364 Jan.-Apr.** -2,198 -895 -1,304 -144 -745 -110 -328 20 4 June........................... 316 243 Sept............................ 290 255 1974—Apr.... -144 3 -147 -8 -157 6 12 * * 333 231 May... -66 5 -71 -26 -35 -22 10 * 3 June... -105 3 -107 -75 -121 -6 94 1 * 1974—Mar............................ 383 225 July.... -146 1 -147 -63 -108 -1 24 — 1 3 June........................... 354 241 Aug.... -126 2 -127 -35 -126 -9 42 — 1 1 Sept............................ 298 178 Sept.... -35 12 -47 -41 -37 5 22 1 3 Dec.**......................... 293 193 Oct...... -340 2 -342 -81 -244 # -18 —1 2 Nov.... -56 3 -59 -21 -8 —14 -21 2 3 1975—Mar.*3......................... 349 209 Dec.. .. -393 -95 -298 -27 -190 —25 -67 12 * 1975—J F a e n b ,. .... -1 - ,0 4 8 7 5 5 - - 1 5 4 72 7 - -3 5 2 1 8 4 -4 1 1 9 - - 1 40 5 5 9 - - 9 28 7 - - 9 6 4 0 20 2 * * mo N n o ey te d .— eb D it a b t a a l a r n e c p e r s e s a e p n p t e t a h r e in m g o on n e t y h e c b re o d o i k t s b o al f a r n e c p e o s r t a i n ng d Mar.*7.. -476 -117 -359 -66 -175 -3 -115 -2 1 brokers and dealers in the United States, in accounts of Apr.®.. -163 -59 -103 -57 -6 17 -59 * 2 foreigners with them, and in their accounts carried by foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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 Other Total Parent Other Total branches Other cial bank bank of parent banks insti­ for­ bank tutions eigners IN ALL FOREIGN COUNTRIES 1972—Dec........... 78,202 4,678 2,113 2,565 71,304 11 504 35,773 1 594 22,432 2,220 1973—Dec........... 121,866 5,091 1,886 3,205 111,974 19 * 177 56,368 2’693 33,736 4,802 1974—Mar........... 136,984 7,814 5,336 2,478 123,997 22,397 60,563 3,539 37,497 5,174 Apr........... 140,020 5,980 3,504 2,476 128,823 23,119 62,901 3,753 39,050 5,217 Mayr........ 145,918 8,031 5,465 2,566 132,377 24,583 64,693 3,703 39,398 5,510 Juner........ 147,467 6,839 4,158 2,682 134,891 25,120 64,441 3,610 41,721 5,736 July r........ 145,058 6,402 3,787 2,614 132,945 25,726 61,949 3,689 41,580 5,711 Aug.r........ 148,719 9,366 6,868 2,498 133,473 26,428 60,524 3,423 43,098 5,880 Sept.r....... 147,720 6,267 3,622 2,645 135,272 26,322 61,301 3,721 43,927 6,181 Oct.r........ 145,906 4,661 2,027 2,634 135,284 26,958 59,617 3,849 44,860 5,962 Nov.r....... 150,274 7,751 5,159 2,592 136,442 28,366 58,727 4,019 45,330 6,081 Dec.r........ 151,828 6,898 4,464 2,434 138,639 27,542 60,248 4,077 46,772 6,292 1975—Jan.r........ 151,049 7,029 4,360 2,669 138,055 27,870 58,821 4,152 47,213 5,965 Feb........... 151,550 5,483 2,882 2,601 140,238 28,936 58,742 4,246 48,314 5,829 Mar.p....... 155,135 5,398 2,717 2,681 143,613 28,278 61,547 4,407 49,380 6,125 1972—Dec........... 52,636 4,419 2,091 2,327 47,444 7,869 26,251 1,059 12,264 773 1973—Dec........... 79,445 4,599 1,848 2,751 73,018 12,799 39,527 1,111 18,915 1,828 1974—Mar.......... 92,910 7,396 5,252 2,143 83,572 15,799 43,273 2,487 22,013 1,941 Apr........... 94,292 5,621 3,456 2,165 86,483 16,043 44,919 2,835 22,685 2,188 Mayr........ 100,266 7,685 5,417 2,268 90,066 16,890 47,373 2,841 22,962 2,514 Juner........ 101,704 6,518 4,107 2,410 92,568 17,478 47,819 2,803 24,467 2,619 Julyr........ 101,534 6,110 3,738 2,373 92,733 18,480 46,422 2,889 24,942 2,691 Aug.r....... 105,827 9,055 6,816 2,239 93,893 19,694 45,681 2,780 25,738 2,879 Sept.r....... 104,345 5,990 3,564 2,426 95,304 19,413 46,517 2,873 26,501 3,050 Oct.r........ 101,977 4,379 1 ,970 2,409 94,650 19,785 44,832 3,006 27,027 2,948 Nov.r....... 105,066 7,445 5,105 2,340 94,581 20,623 43,741 3,192 27,026 3,039 Dec.r........ 105,893 6,601 4,428 2,174 96,136 19,671 45,032 3,289 28,143 3,156 1975—Jan.r........ 105,687 6,705 4,318 2,387 95,901 20,425 43,108 3,370 28,998 3,080 Feb........... 104,249 5,139 2,839 2,300 96,221 20,794 42,621 3,431 29,375 2,889 Mar.? 107,456 5,084 2,686 2,399 99,503 19,787 46,054 3,604 30,058 2,869 IN UNITED KINGDOM Total, all currencies............................. 1972—Dec........... 43,467 2,234 1,138 1,096 40,214 5 659 23,842 606 10,106 1,018 1973—Dec........... 61,732 1,789 738 1,051 57,761 8,773 34,442 735 13,811 2,183 1974—Mar.......... 68,076 3,070 2,319 751 63,020 10,706 36,192 887 15,235 1,986 Apr........... 68,959 2,589 1,806 783 64,238 10,819 36,775 1,073 15,572 2,131 May.......... 71,982 3,792 2,969 823 66,008 11,759 37,920 889 15,439 2,183 June.......... 71.305 3,561 2,612 949 65,617 11,886 36,468 812 16,452 2,126 July........... 69,197 3,046 2.205 840 63,974 12,486 34,575 718 16,195 2,177 Aug........... 70,382 3,599 2,858 741 64,496 12,790 33,942 666 17,097 2,287 Sept.......... 70,965 2,860 2,087 774 65,596 12,436 34,959 829 17,372 2,509 Oct............ 68,123 1,325 502 823 64,462 12,386 33,608 887 17,581 2,336 Nov........... 69,137 3,387 2,568 818 63,571 13,122 32,128 753 17,567 2,179 Dec........... 69,804 3,248 2,472 776 64,111 12,724 32,701 788 17,898 2,445 1975—Jan............ 68,451 2,633 1,902 731 63,527 12,873 32,057 854 17,743 2,291 Feb........... 67,038 1,818 1,023 796 63,250 13,246 31,641 848 17,515 1,970 Mar.P....... 69,734 1 ,878 1 ,061 817 65,693 12,806 34,260 929 17,699 2,163 Payable in U.S. dollars........................... 1972—Dec........... 30.257 2,146 27,664 4,326 17,874 5,464 446 1973—Dec........... 40,323 1,642 37,816 6,509 23,899 7,409 865 1974—Mar........... 46,062 2,967 42,212 8,240 25,:365 8,608 882 Apr........... 46,419 2,499 42,895 8,386 25,768 8,741 1,024 May.......... 49,654 3,693 44,825 9,285 26,994 8,546 1,135 June.......... 49,363 3,462 44,774 9,425 26,147 9,203 1,126 July.......... 48,158 2,958 44,061 9,932 24,698 9,432 1,138 Aug........... 49,406 3,507 44,677 10,529 24,512 9,637 1,222 Sept.......... 50.075 2,774 45,960 10,305 25,720 9,937 1,339 Oct............ 47,968 1,235 45,421 10,234 25,233 9,954 1,312 Nov.......... 48,710 3,277 44,198 10,796 23,551 9,852 1,235 Dec.......!. 49,211 3,146 44,693 10,265 24,326 10,102 1,372 1975—Jan............ 47,769 2,542 43,959 10,421 23,271 10,268 1,267 Feb........... 46.019 1,697 43,244 10,615 22,575 10,055 1,077 Mar.'’....... 49,018 1 ,767 46,039 10,373 25,610 10,057 1,212 Y IN BAHAMAS AND CAYMANSi Total, all currencies............................. 1972_Dec ___ 12.642 1,486 214 1,272 10,986 4,322 170 1973—Dec........... 23,771 2,210 317 1,893 21,041 12,974 8,068 520 1974—Mar.......... 28,446 3,360 1,973 1,386 24,475 15,404 9,071 611 Apr........... 28,778 2,390 956 1,434 25,765 16,086 9,679 623 Mayr........ 30,864 3,302 1 ,836 1,467 26,817 17,035 9,782 744 Juner........ 31,219 2,427 981 1,446 28,005 17,643 10,361 787 July »• 30,403 2,380 870 1,510 27,208 16,822 10,386 815 Aue.r....... 32,317 4,624 3,153 1,471 26,914 16,157 10,757 779 Sept.r....... 30,080 2,315 750 1 ,564 26,910 16,014 10,896 856 Oct.r........ 30,071 2,206 711 1,495 27,075 16,280 10,795 790 Nov.r....... 32,313 3,299 1 ,816 1,484 28,130 17,193 10,937 883 Dec.r........ 31 ,731 2,463 1 ,081 1 ,382 28,453 16,854 11,599 815 1975—Jan.r........ 33,129 3,223 1 ,594 1,629 29,068 16,864 12,204 838 Feb........... 33,532 2,563 1 ,072 1,491 30,135 17,389 12,746 834 Mar.^....... 233,791 2,405 839 1,567 30,669 17,595 13,074 716 For notes see p. A-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 71 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 for­ bank tutions eigners IN ALL FOREIGN COUNTRIES 78 3,501 997 2,504 72,121 11,121 41,218 8,351 11,432 2,580 .. 1972—Dec. ... Total, all currencies 121 r5,610 1,642 3,968 111.615 18,213 65,389 10,330 17,683 4,641 .. 1973—Dec. 136 7,100 2,429 4,671 124,887 21,073 71,530 10,849 21,434 4,998 . 1974—Mar. 140; 7,210 2,558 4.652 127,586 22,688 71,232 11,612 22.054 5,224 ............Apr. 145! 8,275 3,218 5,057 131,978 23,941 74,193 12,187 21,657 5,665 ............May 147; 9,028 3,488 5,540 132,328 24,234 71,692 14,388 22,015 6,110 ............June 145; 10,129 4,373 5,757 128.616 25,313 66,855 15,030 21,418 6,312 ............July 148; 9,419 4,123 5,296 132,774 26,007 68,772 16,304 21,690 6,527 ............Aug. 147; 9,981 5,058 4,923 131,016 26,337 66,071 17,488 21,121 6,723 ............Sept. 145; 10,449 5,853 4,596 128,910 26,619 62,606 18,171 21,514 6,548 ............Oct. * 150; 11,901 6,249 5.652 131,619 27,717 63,596 19,979 20,327 6,755 ............Nov.' 151; 11,981 5,807 6,173 132,915 26,903 65,642 20,184 20,187 6,932 ............Dec. 151. 11,830 6,354 5,476 132, ( 26, S 64,093 21,682 19,924 6,532 . 1975—Jan. 151: 12,010 6,606 5,404 133,036 28,154 63,327 21,950 19,605 6,505 ............Feb. 155; 15,405 8,851 6,554 133,476 28,148 63,442 22,567 19,319 6,254 ............Mar.p 54. 3,050 847 2,202 50,406 7,955 29,229 6,781 6,441 1,422 .1972- -Dec. . Payable in U.S. dollars 80, 5,027 1,477 3,550 73,189 12,554 43,641 7,491 9,502 2,158 .1973—-Dec. 93, 6,528 2,227 4,301 84,380 15,071 48,886 8,475 11,947 2,501 . 1974—Mar. 94, 6,640 2,378 4,262 84,619 15,783 47.847 9,195 12,794 2,662 ............Apr. 100, 7,685 3,021 4,664 89,848 16,694 50.848 9,817 12,490 3,181 ............May 102, 8,414 3,279 5,135 90,359 17,070 48,909 11,630 12,750 3,529 ............June 102, 9,494 4,160 5,334 89,264 18,438 45,768 12,337 12,721 3,675 ............July '106 *•8,786 *•3,932 4,853 94,178 19,456 48,394 13,508 12,821 3,945 ............Aug. r106 *•9,294 *•4,833 4,461 92,630 19,599 46,020 14,533 12,478 4,080 ............Sept. no3 *•9,905 *•5,650 4,255 90,136 19,481 42,690 15,076 12,889 3,893 ............Oct: r107 *•11,215 *•6,023 5,192 92,233 20,242 43,147 16,789 12.054 3,979 ............Nov. no7 *•11,435 r5,640 5,795 92,428 19,292 '43,623 r17,443 12,070 3,950 ............Dec. 108, 11,367 6,202 5,164 92,957 19,969 42,800 18,342 11,846 3,776 .1975—Jan.' 106, 11,512 6,458 5,053 90,867 20.079 40.626 18,707 11,455 3,634 ............Feb. 109, 14,794 8,662 6,132 91,287 19;814 41^239 19,302 10,931 3,365 ............Mar.* IN UNITED KINGDOM 43, 1,453 113 1,340 41,020 2,961 24.596 6,433 7.030 994 .1972—Dec. .. .Total, all currencies 61, 2,431 136 2,295 57,311 3,944 34,979 8,140 10,248 1,990 .1973—Dec. 68, 3,167 353 2,814 63.096 4,587 37,700 8,592 12,217 1,813 .1974—Mar. 68, 3,123 409 2,714 63,914 4,975 36,524 9,240 13,175 1,922 ............Apr. 71, 3,729 749 2,979 66,156 4,890 39.596 9,273 12,398 2,097 ............May 71, 3.744 606 3,138 65,429 4,913 36,711 11,289 12,516 2,132 ............June 69, 3,439 611 2,828 63,557 5,099 '34,393 '11,543 12.521 2,201 ............July 70, 3,701 713 2,988 64,309 4,794 33,920 12,737 12,858 2,373 ............Aug. 70, 3,503 635 2,867 64,919 5,428 33,766 13,544 12,181 2,543 ............Sept. 68, 3,227 683 2,544 62,621 5,237 30,621 14,051 12,712 2,275 ............Oct. 69, 4,376 889 3,487 62,397 5.071 30,352 15,454 11.521 2,363 ............Nov. 69, 3,978 510 3,468 63,409 4,762 32,040 15,258 11,349 2,418 ............Dec. 68, 3.804 873 2,931 62,360 4,567 30,266 16,419 11,108 2,287 .1975—Jan. 67, 3,826 913 2,912 61.096 4,693 29.207 16,517 10,677 2,117 ............Feb. 69, 5,095 1,224 3,871 62,443 4,630 30,070 17,305 10,438 2,196 ............Mar.* 30, 1,272 72 1,200 29,002 2,008 17,379 5,329 4,287 535 .1972—Dec. • Payable in U.S. dollars 39, 2,173 113 2,060 36,646 2,519 22,051 5,923 6,152 870 .1973—Dec. 45, 2,927 329 2,598 41,708 3,063 24,164 6,830 7,650 969 .1974—Mar. 46, 2,878 384 2,494 42,453 3,234 23.207 7,401 8,612 992 ............Apr. 49, 3,481 724 2,757 44.625 3,083 26,010 7,468 8,064 1,195 ............May 48, 3,516 579 2,937 44,214 3.255 23,669 9,137 8,155 1,239 ............June 48, 3.176 568 2,608 43,528 3,364 '22,388 '9,450 8,326 1,314 ............July 49, 3,448 692 2,756 44,654 3,278 22,558 10,437 8,382 1,380 ............Aug. 50, 3.177 605 2,572 45,550 3,667 22,818 11,035 8.030 1,486 ............Sept. 48, 2,988 651 2,337 44,033 3,690 20,203 11,444 8,696 1,294 ............Oct. 49, 4,037 865 3,172 44,256 3,557 20,200 12,808 7,691 1,375 ............Nov. 49, 3.744 484 3,261 44,594 3.256 20,526 13,225 7,587 1,328 ............Dec. 48, 3,599 854 2,744 43,578 3,172 19,061 13,736 7,609 1,313 .1975—Jan. 46, 3,614 895 2,719 41,900 3,266 17,673 13,932 7,029 1,184 ............Feb. 49, 4.805 1,189 3,616 43.625 3.072 19.208 14,< 6,658 1,183 ............Mar.p IN BAHAMAS AND CAYMANSi 12, 1,220 11,260 1,818 8,105 1,338 163 .1972—Dec. .. .Total, all currencies 23, 1,573 21,747 5,508 14,563 1,676 451 .1973—Dec. 28, 2,351 25,553 6,608 16,853 2,091 543 . 1974—Mar. 28. 2,283 26,017 7,102 16,809 2,106 479 ............Apr. 30. 2,567 27,706 8,255 17,217 2,233 591 ............May 31. 2,855 27,725 7,642 17,593 2,490 639 ............June 30, 3,684 26,039 7,663 16,223 2,153 681 ............July *•32! *•2,909 r28,670 8,079 18,403 2,188 738 ...........Aug. '30 '3,721 r25,626 7,072 16.259 2,295 73 ............Sept. r30 *•4,311 r24,995 7,211 15,650 2,135 765 ............Oct. '32 *•4,426 *•27,107 8,538 16,427 2,141 799 ............Nov. '31 *•4,815 *■26,138 7,702 16,426 2,011 778 ............Dec. 5,036 27,341 8,269 16,852 2,220 752 . 1975—Jan. 5,243 27,496 8,975 16.260 2,262 793 ...........Feb. 7,228 25,873 8,498 15,132 2,243 690 ...........Mar.p see p. A-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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 End of End of United period Deposits U se .S cu . r T it r i e e a s s 1 . Ear g m o a ld rked period Total Deposits i S n t h e v r o e m r s t t ­ ­ Deposits i S n t h e v r o e m r s t t ­ ­ K d i o n m g­ Canada ments i ments 1 197 2 325 50,934 215,530 197 3 251 52,070 217,068 1,491 1,062 161 183 86 663 534 197 4 418 55.600 16.838 1,141 697 150 173 121 372 443 1974—May. 429 54,195 17,021 19712 / \ 1 1 , , 6 5 4 0 8 7 1 1 , , 0 0 7 9 8 2 2 1 0 2 3 7 2 23 34 4 1 6 2 8 0 5 57 80 7 4 5 4 8 3 7 June.. 384 54,442 17,014 J A u u l g y . . . . 3 37 3 2 0 5 53 4 , , 6 3 8 1 1 7 1 1 6 6 , , 9 9 6 1 4 7 19722................. / 1 l 2 , ,3 9 7 6 4 5 1 1 , , 4 9 4 1 6 0 1 5 6 5 9 3 34 07 0 4 68 2 9 7 1 0 1 2 4 5 8 3 5 6 Sept.. 411 53,849 16,892 1973 r................. 3,160 2,586 37 427 109 1,116 770 Oct... 376 54,691 16,875 Nov.. 626 55,908 16,865 1974—Mar........ 3,678 3,011 99 348 219 1,372 1,027 Dec.. 418 55.600 16.838 Apr......... 3,581 2,967 60 346 209 1,487 930 May........ 3,669 3,037 76 329 227 1,441 980 1975—Jan... 391 58,001 16,837 June........ 3,661 3,049 62 369 181 1,418 927 Feb. . 409 60,864 16,818 July........ 3,771 3,223 74 341 133 1,441 828 Mar.. 402 60,729 16,818 Aug......... 3,504 2,941 51 369 144 1,436 872 Apr... 270 60,618 16,818 Sept......... 3,073 2,491 30 362 189 1,194 864 May. 310 61,539 16,818 Oct.......... 2,696 2,130 25 324 216 1,118 835 Nov......... 2,996 2,378 15 325 277 1,283 942 Dec......... 3,293 2,572 56 403 261 1,340 943 1 Marketable U.S. Treasury bills, certificates of in­ debtedness, notes, and bonds and nonmarketable U.S. 1975—Jan.......... 3,227 2,519 45 316 348 1,134 1,113 Treasury securities payable in dollars and in foreign Feb.?___ 3,328 2,512 48 356 411 1,076 1,134 currencies. Mar.P.... 3,226 2,449 39 347 391 1,053 1,107 2 The value of earmarked gold increased because of the changes in par value of the U.S. dollar in May 1972, and in Oct. 1973. 1 Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than 1 year from the date on which the Note.—Excludes deposits and U.S. Treasury securities obligation was incurred by the foreigner. held for international and regional organizations. Ear­ 2 Data on the 2 lines for this date differ because of changes in reporting coverage. marked gold is gold held for foreign and international Figures on the first line are comparable in coverage with those shown for the preceding accounts and is not included in the gold stock of the date; figures on the second line are comparable with those shown for the following date. United States. Note.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Table 22. 22. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amount outstanding; in millions of dollars) Liabilities Claims Payable in foreign current:ies End of period Payable Payable Payable Total in in Total in dollars foreign dollars Deposits with currencies banks abroad Other in reporter’s name 1971—June..................... 2,375 1,937 438 4,708 4,057 303 348 Sept...................... 2,564 2,109 454 4,894 4,186 383 326 TX 1 J 2,704 2,229 475 5,185 4,535 318 333 1 2,763 2,301 463 5,000 4,467 289 244 1972—Mar...................... 2,844 2,407 437 5,173 4,557 317 300 June..................... 2,925 2,452 472 5,326 4,685 374 268 Sept...................... 2,933 2,435 498 5,487 4,833 426 228 f 3,119 2,635 484 5,721 5,074 410 237 Dec.1 r................. 1 3,452 2,963 490 6,364 5,696 393 274 1973—Mar.r................... 3,377 2,876 501 7,101 6,213 458 429 June r................... 3,370 2,808 562 7,371 6,520 493 358 Sept.r................... 3,668 2,973 694 7,719 6,780 528 411 Dec.r................... 4,094 3,326 768 8,512 7,596 485 431 1974—Mar.r................... 4,523 3,636 887 10,503 9,561 400 542 Juner................... 5,248 4,223 1,024 11,071 10,135 420 516 Sept...................... 5,747 4,690 1,057 10,725 9,748 419 558 Dec.P................... 5,929 4,909 1,020 11,286 10,209 461 616 i Data on the 2 lines shown for this date differ preceding date; figures on the second line are compa­ because 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

JUNE 1975 d INTL. CAPITAL TRANSACTIONS OF THE U.S. A 73 23. SHORTTERM 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 1973 1974 1973 1974 Dec.r Mar.r Juner Sept. De c.p Dec.r Mar.r Juner Sept. Dec.*’ Europe: Austria.................................................... 3 5 12 18 21 17 16 17 15 25 Belgium-Luxembourg........................... 136 226 405 489 516 106 153 139 114 131 Denmark................................................ 9 17 18 22 20 46 37 27 25 40 Finland................................................. 7 8 9 12 16 44 42 80 91 120 168 161 204 192 235 310 413 537 491 458 Germany, Fed. Rep. of......................... 234 238 220 246 314 284 337 345 322 340 Greece.................................................... 40 21 28 28 40 51 87 76 69 65 Italy........................................................ 116 133 143 150 143 244 335 409 431 418 Netherlands............................................ 125 114 104 113 107 112 103 126 144 147 Norway................................................. 9 9 8 10 9 18 22 35 32 36 Portugal.................................................. 13 24 17 20 19 49 112 101 69 81 Spain...................................................... 77 68 56 57 66 244 414 420 424 382 Sweden.................................................... 48 43 52 40 38 71 74 106 97 89 Switzerland............................................ 102 92 112 106 136 101 91 78 154 136 Turkey.................................................... 18 26 28 38 25 34 41 46 41 45 United Kingdom................................. 934 1,132 1,253 1,429 1,235 1,544 1,837 1,8.71 1,768 1,855 Yugoslavia.............................................. 28 31 36 34 60 49 30 41 39 43 Other Western Europe.......................... 3 3 6 7 5 15 19 23 20 22 Eastern Europe...................................... 31 26 31 77 66 104 79 97 90 142 Total................................................ 2,103 2,376 2,742 3,087 3,071 3,444 4,240 4,574 4,438 4,574 Canada....................................................... 260 330 305 297 290 1,245 1,534 1,577 1,570 1,617 Latin America: Argentina................................................ 22 19 19 28 36 47 52 53 59 69 Bahamas................................................. 425 208 307 325 281 626 746 977 518 594 Brazil...................................................... 64 78 125 160 119 231 410 523 419 460 Chile....................................................... 20 6 9 14 20 43 78 64 124 103 Colombia................................................ 9 18 22 13 14 40 44 51 49 50 Cuba....................................................... * * * * * 1 1 1 1 1 Mexico.................................................... 46 77 76 64 64 235 260 263 287 292 Panama.................................................. 13 14 19 21 28 61 94 84 114 132 Peru........................................................ 15 17 11 15 13 47 65 60 40 43 Uruguay................................................. 2 3 2 2 2 5 6 5 6 5 Venezuela............................................... 36 50 43 53 49 134 136 172 190 193 Other L.A. republics............................. 51 45 60 63 83 134 172 172 182 193 Neth. Antilles and Surinam................. 6 5 7 8 25 13 13 16 14 20 Other Latin America............................. 22 37 59 50 81 222 167 157 169 148 Total................................................ 733 577 761 818 815 1,838 2,245 2,599 2,169 2,302 Asia: China, People’s Republic of (China Mainland).......................................... 42 20 39 23 17 11 8 3 8 19 China, Rep. of (Taiwan)....................... 34 52 72 72 94 120 180 119 127 137 Hong Kong............................................ 41 24 19 19 19 49 69 68 64 64 India....................................................... 14 14 13 10 7 37 36 31 37 37 Indonesia................................................ 14 13 22 38 49 54 51 67 81 85 Israel....................................................... 25 31 39 40 51 38 38 37 53 44 Japan...................................................... 297 374 374 352 346 901 1,224 979 1,109 1,154 Korea...................................................... 37 38 45 66 75 105 109 124 123 201 Philippines.............................................. 17 9 19 28 25 73 87 86 108 94 Thailand................................................. 6 7 7 10 10 19 21 22 23 24 Other Asia.............................................. 173 262 404 431 547 239 264 313 311 386 Total................................................ 700 844 1,054 1,089 1,240 1,646 2,089 1,850 2,043 2,246 Africa: Egypt...................................................... 10 35 12 6 3 9 9 13 16 18 South Africa.......................................... 14 22 24 35 43 62 69 85 90 101 Zaire........................................................ 19 21 15 17 18 18 20 17 13 19 Other Africa.......................................... 125 134 156 114 129 127 155 199 205 240 Total................................................ 168 212 206 172 193 216 253 314 325 378 Other countries: Australia................................................ 118 134 94 128 132 97 110 117 134 120 All other................................................. 12 22 24 32 30 25 31 39 44 49 Total............................................... 130 156 117 160 162 123 142 157 178 169 International and regional........................ * 29 63 125 159 * 1 1 1 * Grand total..................................... 4,094 4,523 5,248 5,747 5,929 8,512 10,503 11,071 10,725 11,286 Note.—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States. between U.S. companies and their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1975 24. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims End of period Total Country or area liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e n ic r a Japan O A t s h i e a r Africa o A th l e l r 1971—Mar.. 3,177 2,983 154 688 670 182 63 615 161 302 77 72 June. 3,172 2,982 151 687 677 180 63 625 138 312 75 74 Sept.. 2,939 3,019 135 672 765 178 60 597 133 319 85 75 Dec.1 3 3 , , 1 1 3 5 8 9 3 3 , , 0 1 6 1 8 8 1 1 2 28 8 7 7 0 0 5 4 7 7 6 1 1 7 1 1 7 74 4 6 6 0 0 6 65 5 3 2 1 1 4 3 1 6 3 3 2 2 7 5 86 8 85 4 1972—Mar.. 3,093 3,142 129 713 737 175 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.1 3 3 , , 5 62 4 8 0 3 3 , ,3 3 9 1 1 2 1 1 9 6 1 3 7 71 4 5 4 7 7 9 7 3 5 1 1 8 8 7 4 6 6 4 0 7 6 0 5 3 8 1 1 3 5 3 6 4 3 0 7 6 8 8 8 7 6 1 1 1 0 1 9 1973—Mar.r 3,817 3,534 156 802 807 165 63 796 123 393 105 125 Juner 3,830 3,592 180 805 819 146 65 825 124 390 108 131 Sept.r 4,063 3,755 216 822 836 147 73 832 134 449 108 137 Dec.r 3,945 3,823 290 763 892 145 79 824 122 450 115 143 1974—Mar.r 3,859 3,940 368 736 928 194 81 800 118 448 119 147 Juner 3,550 3,938 363 696 948 184 138 742 117 477 122 149 Sept.. 3,355 4,055 370 702 992 181 145 776 114 523 118 133 Dec.P 3,514 4,231 364 636 1,021 187 143 1,015 107 505 125 129 1 Data on the 2 lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. 25. OPEN MARKET RATES (Per cent per annum) Germany, Switzer­ Canada United Kingdom France Fed. Rep. of Netherlands land Month Treasury Day-to- Prime Treasury Day-to- Clearing Day-to- Treasury Day-to- Treasury Day-to- Private bills, day bank bills, day banks* day bills, day bills, day discount 3 months1 money2 bills, 3 months money deposit money3 60-90 money5 3 months money rate 3 months rates days4 1973....................... 5.43 5.27 10.45 9.40 8.27 7.96 8.92 6.40 10.18 4.07 4.94 5.09 1974....................... 7.63 7.69 12.99 11.36 9.85 9.48 12.87 6.06 8.76 6.90 8.21 6.67 1974—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 5.13 8.25 6.69 6.96 7.00 1975—Jan.............. 6.65 6.82 11.93 10.59 8.40 9.30 11.20 5.13 7.54 6.60 6.18 7.00 Feb.............. 6.34 6.88 11.34 9.88 7.72 9.50 9.91 3.88 4.04 6.56 7.33 7.00 Mar............. 6.29 6.73 10.11 9.49 7.53 8.22 9.06 3.38 4.87 5.94 5.87 7.00 Apr............. 6.59 6.68 9.41 9.26 7.50 7.09 8.34 3.38 4.62 5.53 4.13 6.50 May............ 6.89 6.88 10.00 9.47 7.81 6.25 7.56 5.32 3.82 1.98 6.50 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note.—For description and back data, see “International Finance,” 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. NOTES TO TABLES 19a AND 19b ON PAGES A-70 AND A-71, 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 $30,097 million and $30,233 million, respectively, on Mar. 31, 1975. unrealized paper profits and paper losses caused by changes in exchange rates, which are used to convert foreign currency values into equivalent Note.—Components may not add to totals due to rounding. dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ CENTRAL BANK AND EXCHANGE RATES A 75 26. CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of May 31, 1975 Rate as of May 31, 1975 Country Country Per Month Per Month cent effective cent effective Argentina...................... 18.0 Feb. 1972 Italy................... 7.0 May 1975 Austria.......................... 6.0 Apr. 1975 Japan................. 8.5 Apr. 1975 Belgium......................... 6.5 May 1975 Mexico. ............. 4.5 June 1942 Brazil............................. 18.0 Feb. 1972 Netherlands.... 6.0 Mar. 1975 Canada.......................... 8.25 Jan. 1975 Norway............. 5.5 Mar. 1974 Denmark....................... 8.0 Apr. 1975 Sweden.............. 7.0 Aug. 1974 France........................... 10.0 Apr. 1975 Switzerland........ 4.5 May 1975 Germany, Fed. Rep. of 4.5 May 1975 United Kingdom 10.0 May 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 borromings 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, 4V£ Argentina—3 and 5 per cent for certain rural and industrial paper, de­ per cent for advances against government bonds, and 5l/i per cent for pending on type of transaction; rediscounts of certain industrial paper and on advances against promissory Brazil—8 per cent for secured paper and 4 per cent for certain agricultural notes or securities of first-class Venezuelan companies. paper; 27. 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—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 12.416 233.29 .14992 .33404 131.10 5.5511 2.6529 101.280 16.997 21.384 39.836 12.397 232.52 .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 Feb........... 134.80 6.0400 2.8753 99.957 18.064 23.390 42.981 12.550 239.58 .15678 .34294 Mar.......... 135.85 6.0648 2.9083 99.954 18.397 23.804 43.120 12.900 241.80 .15842 .34731 Apr........... 134.16 5.9355 2.8433 98.913 18.119 23.806 42.092 12.686 237.07 .15767 .34224 May......... 134.04 6.0033 2.8631 97.222 18.299 24.655 42.546 12.391 232.05 .15937 .34314 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—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 Feb........... 44.136 8.0000 41.582 133.30 19.977 4.1139 147.16 1.7784 25.149 40.450 239.58 44.582 8.0000 42.124 134.31 20.357 4.1276 148.70 1.7907 25.481 40.273 241.80 Apr.......... 43.797 8.0000 41.291 132.66 20.049 4.0596 147.01 1.7756 25.171 39.080 237.07 May......... 44.278 8.0000 41.581 131.66 20.198 4.0933 146.69 1.7871 25.422 39.851 232.05 Note.—Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see “International Fi­ nance,” Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 76 BANK HOLDING COMPANY GROUPS □ JUNE 1975 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1974 A. Details for §0 States and District of Columbia Number of offices Assets Deposits Banks andL branches As a As a State, and class of bank Number of percentage percentage companies1 As a In of all In of all Banks Branches percentage millions commercial millions commercial Total of all of dollars bank of dollars bank commercial assets deposits banking offices 50 States and District of Columbia—Total. 1,752 3,462 17,131 20,593 640,082 509,737 Member.................... 1,735 13,830 15,565 566,963 447,156 Nonmember.............. 1,727 3,301 5,028 73,119 62,581 Alabama—Total. 15 63 270 333 47.3 5,687 57.7 4,715 56.4 Member.......... 36 205 241 60.7 4,560 66.0 3,756 64.6 Nonmember... 27 65 92 30.0 1,127 38.3 959 37.6 Alaska—Total. 1 4 5 5.8 111 9.5 100 10.0 Member.... Nonmember. 1 4 5 31.3 111 41.0 100 41.7 Arizona—Total. 6 259 265 59.2 3,870 54.6 3,122 54.7 Member........ 2 137 139 47.3 2,215 42.3 1,729 41.7 Nonmember.. 4 122 126 81.8 1,655 89.2 1,393 89.1 Arkansas—Total. 21 23 54 77 14.2 1,322 21.0 1,104 20.3 Member.......... 10 38 48 19.7 1,035 26.9 858 26.3 Nonmember... 13 16 29 9.7 287 11.7 246 11.3 California—Total. 43 46 3,079 3,125 85.1 90,915 93.8 73,980 93.4 Member............ 16 2,762 2,778 91.4 85,183 97.2 69,226 97.0 Nonmember.... 30 317 347 55.0 5,732 61.5 4,754 60.8 Colorado—Total. 75 144 32 176 47.4 6,781 79.6 5,621 79.3 Member.......... 87 20 107 63.7 5,727 86.1 4,706 85.3 Nonmember... 57 12 69 34.0 1,054 56.3 915 58.3 Connecticut—Total. 14 349 363 58.7 5,934 71.8 5,000 71.6 Member................ 7 233 240 67.2 4,483 81.2 3,770 81.0 Nonmember......... 7 116 123 47.1 1,451 53.0 1,230 52.7 Delaware—Total. 3 32 35 23.6 377 15.9 334 18.2 Member.......... 1 2 3 33.3 12 21.4 11 22.4 Nonmember... 2 30 32 23.0 365 15.8 323 18.0 District of Columbia—Total.. 3 41 44 31.2 993 23.1 851 23.7 Member............................... 2 33 35 27.1 723 18.1 610 18.4 Nonmember......................... 1 8 9 75.0 270 86.8 241 86.4 Florida—Total.. 62 448 74 522 63.4 22,678 80.5 19,290 80.0 Member........ 230 22 252 73.7 15,829 87.6 13,264 87.2 Nonmember.. 218 52 270 56.1 6,849 67.8 6,026 67.7 Georgia—Total. 30 40 343 383 35.1 9,081 58.9 6,702 55.1 Member......... 18 297 315 68.8 8,171 82.4 5,933 79.7 Nonmember.. 22 46 68 10.7 910 16.6 769 16.3 Hawaii—Total., 2 108 110 65.1 1,989 69.0 1,691 68.6 Member Nonmember., 2 108 110 70.1 1,989 72.5 1,691 72.3 Idaho—Total.. 5 111 116 54.2 1,480 53.4 1,288 52.9 Member 2 88 90 52.9 1,130 49.6 997 49.4 Nonmember. 3 23 26 59.1 350 71.6 291 70.0 Illinois—Total. 161 157 42 199 14.3 45,741 62.9 35,848 60.9 Member 62 20 82 13.8 41,860 72.6 32,480 70.2 Nonmember. 95 22 117 14.7 3,881 25.7 3,368 26.7 Indiana—Total. 32 29 261 290 23.2 7,601 38.2 5,670 34.3 Member........ 14 206 220 33.1 6,429 48.5 4,665 43.8 Nonmember.. 15 55 70 11.9 1,172 17.6 1,005 17.1 Iowa—Total..., 147 179 150 329 31.3 5,099 42.0 4,345 40.9 Member........ 52 59 111 42.5 3,032 52.9 2,489 51.5 Nonmember., 127 91 218 27.6 2,067 32.3 1,856 32.1 Kansas—Total. 136 135 49 184 24.9 3,271 35.2 2,732 34.3 Member.... 49 24 73 28.1 2,043 41.1 1,661 40.0 Nonmember. 86 25 111 23.1 1,228 28.4 1,071 28.1 For notes see p. A-79. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ BANK HOLDING COMPANY GROUPS A 77 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1974—Continued A. Details for 50 States and District of Columbia—Continued Number of offices Assets Deposits Banks and branches As a As a State, and class of bank Number of percentage percentage companies1 As a In of all In of all Banks Branches percentage millions commercial millions commercial Total of all of dollars bank of dollars bank commercial assets deposits banking offices Kentucky—Total. 9 97 106 13.1 2,315 21.4 1,676 18.4 Member........... 5 92 97 26.8 2,236 35.5 1,606 31.6 Nonmember... 4 5 9 2.0 79 1.8 70 1.7 Louisiana—Total. 16 17 118 135 17.1 4,900 36.7 3,802 34.5 Member........... 7 76 83 25.4 3,911 47.7 2,986 45.4 Nonmember..., 10 42 52 11.3 989 19.2 816 18.4 Maine—Total.. 26 202 228 70.4 1,541 72.0 1,305 71.4 Member.... 14 101 115 64.6 832 65.2 710 64.5 Nonmember. 12 101 113 77.4 709 82.2 595 81.7 Maryland—Total. 14 24 496 520 64.3 7,136 74.5 5,865 73.2 Member............ 11 328 339 72.1 4,489 79.7 3,577 77.9 Nonmember.... 13 168 181 53.4 2,647 67.1 2,288 66.9 Massachusetts—Total. 33 70 702 772 74.6 16,591 88.9 13,195 88.4 Member................... 42 534 576 77.0 14,550 92.1 11,451 91.4 Nonmember............. 28 168 196 68.3 2,041 71.2 1,744 72.4 Michigan—Total. 45 101 876 977 53.6 24,059 72.6 20,090 71.5 Member.......... 71 785 856 61.7 22,762 79.5 18.940 78.6 Nonmember... 30 91 121 27.8 1,297 28.6 1.150 28.6 Minnesota—Total. Ill 231 26 257 33.0 12,160 71.5 9,549 68.7 Member............ 107 13 120 48.4 9,948 84.6 7,583 82.4 Nonmember.... 124 13 137 25.8 2,212 42.1 1,966 41.8 Mississippi—Total. 4 70 74 10.9 1,541 26.1 1,316 25.6 Member.............. 3 69 72 26.3 1,520 49.6 1,300 49.1 Nonmember. 1 1 2 .5 21 .7 16 .6 Missouri—Total. 98 235 144 379 39.5 14,184 70.6 10.940 67.7 Member.......... 83 56 139 53.7 9,900 83.3 7,231 80.5 Nonmember... 152 88 240 34.2 4,284 52.2 3,709 51.7 Montana—Total. 32 65 8 73 43.7 2,049 68.4 1,775 67.9 Member.......... 43 6 49 45.8 1,777 72.1 1,534 71.4 Nonmember... 22 2 24 40.0 272 51.4 241 51.5 Nebraska—Total. 140 138 50 188 35.1 3,943 58.0 3,219 55.8 Member.......... 41 30 71 40.8 3,040 70.0 2,410 67.3 Nonmember... 97 20 117 32.3 903 36.8 809 37.0 Nevada—Total. 3 74 77 68.1 1,295 64.8 1.151 65.7 Member......... 2 63 65 69.1 1,087 65.7 965 66.6 Nonmember.. 1 11 12 63.2 208 60.6 186 61.0 New Hampshire—Total. 17 30 47 26.0 654 37.5 558 37.1 Member...................... 13 26 39 30.5 436 41.4 367 41.2 Nonmember............... 4 4 8 15.1 218 31.5 191 31.1 New Jersey—Total. 21 63 671 734 47.4 13,303 54.9 11,299 54.1 Member.............. 52 629 681 53.6 12,627 61.3 10,704 60.3 Nonmember........ 11 42 53 19.0 676 18.6 595 19.0 New Mexico—Total. 10 28 114 142 53.4 2,083 68.1 1,794 67.7 Member................ 16 72 88 56.4 1,551 72.4 1,324 71.8 Nonmember.......... 12 42 54 49.1 532 58.1 470 58.2 New York—Total., 46 124 2,485 2,609 76.3 160,944 88.6 124,056 89.8 Member............ 97 2,358 2,455 77.3 155,749 94.0 120,300 93.7 Nonmember.... 27 127 154 63.1 5,195 32.2 3,756 38.8 North Carolina—Total. 10 13 978 991 60.5 10,425 72.3 8,490 71.0 Member...................... 6 656 662 83.9 8,388 89.7 6,726 88.9 Nonmember............... 7 322 329 38.7 2,037 40.2 1,764 40.2 For notes see p. A-79. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 BANK HOLDING COMPANY GROUPS □ JUNE 1975 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1974—Continued A. Details for 50 States and District of Columbia—Continued Number of offices Assets Deposits Banks and branches As a As a State, and class of bank Number of percentage percentage companies i As a In of all In of all nks Branches percentage millions commercial millions commercial Total of all of dollars bank of dollars bank commercial assets deposits banking offices North Dakota—Total. 20 48 29 77 31.0 1,223 42.5 1,055 42.2 Member................... 19 8 27 42.2 770 57.4 653 56.5 Nonmember............. 29 21 50 27.2 453 29.5 402 29.9 Ohio—Total... 37 138 850 988 46.8 23,179 63.4 18,146 61.2 Member 94 713 807 48.5 21,151 65.6 16,427 63.3 Nonmember. 44 137 181 40.8 2,028 47.0 1,719 46.4 Oklahoma—Total. 61 25 86 15.6 5,364 49.6 4,386 47.6 Member............ 26 15 41 15.6 4,744 60.3 3,836 57.9 Nonmember.... 35 10 45 15.6 620 21 .0 550 21.2 Oregon—Total. 6 310 316 67.5 5,811 81.6 4,564 80.8 Member 3 277 280 94.3 5,418 97.4 4,240 97.1 Nonmember. 3 33 36 21.1 393 25.3 324 25.2 Pennsylvania—T otal. 26 28 916 944 36.4 32,044 59.3 23,438 54.9 Member................ 17 811 828 46.6 30,354 72.0 21,940 67.8 Nonmember.......... 11 105 116 14.2 1,690 14.2 1,498 14.5 Rhode Island—Total. 10 10 198 208 90.8 3,652 96.2 3,071 96.2 Member.................. 4 112 116 98.3 2,631 99.6 2.184 99.6 Nonmember............ 6 86 92 82.9 1,021 88.3 887 88.8 South Carolina—Total. 8 304 312 46.9 2,494 53.9 2,035 52.6 Member.................... 4 242 246 76.6 2,131 81 .4 1,722 80.1 Nonmember............. 4 62 66 19.2 363 18.1 313 18.2 South Dakota—Total. 29 41 82 123 45.1 1,778 60.9 1,582 60.5 Member.................. 23 72 95 67.9 1,544 72.9 1 ,370 72.6 Nonmember............ 18 10 28 21.1 234 29.2 212 29.2 Tennessee—Total. 17 72 390 462 43.6 9,384 63.9 7,666 62.3 Member............. 34 266 300 61 .7 7,787 77.8 6,279 76.7 Nonmember.... 38 124 162 28.2 1,597 34.1 1,387 33.6 Texas—Total.. 93 235 30 265 18.7 29,660 58.5 23,934 56.3 Member 131 4 135 21.8 25,848 69.7 20,587 67.5 Nonmember. 104 26 130 16.3 3,812 27.9 3,347 27.8 Utah—Total... 15 163 178 74.8 2,771 81.3 2,393 80.9 Member.... 8 120 128 88.3 2,107 87.8 1,821 87.6 Nonmember. 7 43 50 53.8 664 65.7 572 65.0 Vermont—Total. 3 30 33 20.0 374 26 9 332 26.8 Member.......... Nonmember... 3 30 33 32.4 374 37.4 332 37.3 Virginia—Total. 121 893 1,014 73.1 12,340 79.4 10,262 78.4 Member........ 79 693 772 76.7 10,206 82.4 8,390 81.3 Nonmember.. 42 200 242 63.5 2,134 67.6 1,872 67.6 Washington—Total. 10 398 408 54.6 8,066 69.4 6,222 70.8 Member................ 8 397 405 71.8 8,035 81.1 6,195 80.3 Nonmember.......... 2 1 3 1.6 31 1.8 27 2.5 West Virginia—Total. 9 2 11 4.6 274 4.5 230 4.6 Member.................. 7 2 9 6.2 194 4.4 167 4.8 Nonmember............ 2 2 2.1 80 4.7 63 4.3 Wisconsin—Total. 62 156 112 268 28.2 8,676 52.9 7,143 51.2 Member............ 49 58 107 40.5 5,993 66.2 4,780 64.4 Nonmember.... 107 54 161 23.5 2,683 36.5 2.363 36.2 Wyoming—Total. 22 35 35 46.7 939 57.5 805 56.7 Member...... 28 28 49.1 815 59.4 696 58.4 Nonmember... 7 7 38.9 124 47.7 109 47.6 For notes see p. A-79. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1975 □ BANK HOLDING COMPANY GROUPS A 79 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1974—Continued B. Summary totals and comparisons 50 States and District of Columbia Holding company groups as a per­ Holding All centage of all company commercial commercial groups banks banks Number of banking offices—Total 20,593 42,761 48.2 Banks......................................... 3,462 14,465 Branches................................... 17,131 28,296 Assets (millions of dollars)........... 640,082 920,001 69.6 Deposits (millions of dollars)........ 509,737 748,341 68.1 i Data for individual States represent bank holding companies having Note.—Companies listed include those that have reported to the Board subsidiary banks in the respective States rather than bank holding com­ pursuant to the requirements of the Bank Holding Company Act and panies whose principal offices are located in such States. Total does not include some companies that have filed registration statements but whose equal sum of State figures because it has been corrected for duplications; holding company status has not yet been determined by the Board. that is, holding companies that have subsidiary banks in more than one (A list showing the names, offices, total assets, and total deposits of State are included in the total only once. the subsidiary banks in the holding company groups is available upon request.) C. Multibank and one-bank classifications Number Amount (millions of dollars) Classification Offices Companies Banks Branches Total Assets Deposits 1,752 3,462 17,131 20,593 640,082 509,737 Member.................................................................. 1,735 13,830 15,565 566,963 447,156 N onmember........................................................... 1 ,727 3,301 5,028 73,119 62,581 Multibank.................................................................. 276 2,122 8.887 11,009 358,644 287,381 Member.................................................................. 1,223 7; 307 8,530 321,228 255,254 Nonmember..................................................................... 899 1 ,580 2,479 37,416 32,127 One-bank.................................................................... 1,340 1 ,340 8,244 9,584 281,438 222,356 Member.................................................................. 512 6,523 7,035 245,735 191,902 Nonmember........................................................... 828 1 ,721 2,549 35,703 30,454 All commercial banks............................................... 14,465 28,296 42,761 920,001 748,341 Note.—This table gives a further breakdown of totals into multibank pany. Holding companies that are subsidiaries of other holding companies and one-bank classifications. are eliminated; therefore, the total number of multibank and one-bank Multibank and one-bank classifications are based on the number of companies is lower than the total number of bank holding companies banks controlled, directly or indirectly, by the top-tiered holding com­ shown above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BANKS, 1974 (Income, etc. in thousands, and asset and liability items in millions, of dollars) Largebanks All Insured All Item insured nonmember member All other banks banks banks Total New York City of Other City Chicago Operating income—Total.............................................................. 67,862,198 14,034,681 53,827,517 34,439,932 10,299,336 3,215,743 20,924,823 19,387,585 Loans: Interest and fees.................................................................... 46,934,178 8,879,169 38,055,009 25,268,332 7,839,835 2,469,466 14,959,031 12,786,677 Federal funds sold and securities purchased with resale agreement....................................................................... 3,693,881 971,649 2,722,232 1,548,234 184,116 147,857 1,216,261 1,173,998 Securities—Interest and dividends:1 3,414,239 1,071,709 2,342,530 1,089,328 277,885 89,858 721,585 1,253,202 Other U.S. Govt, securities (agencies and corporations). 2,014,003 745,562 1,268,441 501,518 97,144 52,372 352,002 766,923 Obligations of States and political subdivisions................. 4,449,750 1,149,038 3,300,712 1,618,184 361,912 131,888 1,124.384 1,682,528 All other securities................................................................ 466,171 140,974 325,197 173,231 44,934 13,656 114;641 151,966 Trust department income........................................................ 1,506,035 126,990 1,379,045 1,046,871 390,241 107,696 548,934 332,174 Service charges on deposit accounts....................................... 1,450,258 427,741 1,022,517 481,612 79,556 19,263 382,793 540,905 Other charges, fees, etc............................................................. 1,404,348 252,906 1,151,442 755,516 149,424 48,994 557,098 395,926 Other operating income: 430,325 5,625 424,700 411,095 166,278 25,913 218,904 13,605 2,099,010 263,318 1,835,692 1,546,011 708,041 108,780 729,190 289,681 Operating expenses—Total.......................................................... 58,635,693 11,829,436 46,806,257 30,197,272 8,817,192 2,818,461 18,561,619 16,608,985 Salaries and wages of officers and employees......................... 9,746,093 2,320,170 7,425,923 4,309,153 1,184,221 269,776 2,855,156 3,116,770 Officer and employee benefits.................................................. 1,778,420 372,295 1,406,125 861,245 289,675 56,430 515,140 544,880 Interest paid on: Time and savings deposits.................................................... 27,771,040 5,965,236 21,805,804 13,622,098 3,996,813 1,397,050 8,228,235 8,183,706 Federal funds purchased and securities sold with re­ purchase agreement...................................................... 5,969,465 255,844 5,713,621 4,935,704 1,263,626 690,475 2,981,603 777,917 Other borrowed money........................................................ 912,005 40,306 871,699 781,105 366,687 22,491 391,927 90,594 Capital notes and debentures.............................................. 279,949 62,659 217,290 151,266 41,612 4,082 105,572 66,024 Occupancy expense of bank premises, net............................. 2,040,709 437,895 1,602,814 955,424 314,485 57,183 583,756 647,390 Furniture, equipment, etc......................................................... 1,354,637 318,293 1,036,344 544,214 121,528 34,529 388,157 492,130 Provision for loan losses.......................................................... 2,270,377 412,905 1,857,472 1,328,254 515,514 79,648 733,092 529,218 Other operating expenses.......................................................... 6,512,998 1,643,833 4,869,165 2,708,809 723,031 206,797 1,778,981 2,160,356 Income before income taxes and securities gains or losses............ 9,226,505 2,205,245 7,021,260 4,242,660 1,482,174 397,282 2,363,204 2,778,600 Applicable income taxes.......................................................... 2,083,205 492,595 1,590,610 1,058,381 389.524 113,520 555,337 532,229 Income before securities gains or losses................................. 7,143,300 1,712,650 5,430,650 3,184,279 1,092,650 283,762 1,807,867 2,246,371 Net securities gains or losses (—) after taxes......................... -87,380 -18,100 -69,280 -49,522 -16,743 -4,053 -28,726 -19,758 Extraordinary charges (—) or credits after taxes................... 11,881 8,682 3,199 -6,986 -6,986 10,185 Less minority interest in consolidated subsidiaries............... 357 216 141 96 96 45 Net income..................................................................................... 7,067,444 1,703,016 5,364,428 3,127,675 1,075,907 279,709 1,772,059 2,236,753 Cash dividends declared: On common stock.................................................................... 2,757,928 487,636 2,270,292 1,438,461 454,365 132,242 851,854 831,831 On preferred stock.................................................................... 2,430 1,285 1,145 467 467 678 Memoranda items: Income taxes applicable to 1974 operating income............... 2,083,205 492,595 1,590,610 1,058,381 389,524 113,520 555,337 532,229 Tax effect of: Net securities gains or losses (—), etc................................. -68,303 -8,054 -60,249 -45,760 -16,323 -4,009 -25,428 -14,489 Transfers—Capital accounts to IRS loan loss reserves 2.. -256,051 -42,724 -213,327 -148,848 -47,627 -27,503 -73,718 -64,479 Total provision for income taxes, 1974.................................... 1,758,851 441,817 1,317,034 863,773 325,574 82,008 456,191 453,261 Federal................................................................................... 1,356,661 378,428 978,233 600,328 178,016 76,503 345,809 377,905 State and local....................................................................... 402,190 63,389 338,801 263,445 147,558 5,505 110,382 75,356 A 80 INSURED AND MEMBER BANKS, 1974 □ JUNE 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cent.): Occupancy expense of bank premises, gross........................... 2,424,137 495,833 1,928,304 1,174,509 361,634 70,604 742,271 753,795 Rental income from bank premises...................................... 383,428 57,938 325,490 219,085 47,149 13,421 158,515 106,405 Net security gains or losses (—) before income taxes........... -161,640 -27,910 -133,730 -97,755 -33,066 -8,062 -56,627 -35,975 Extraordinary charges (—) or credits before income tax... 17,838 10,438 7,400 -4,513 -4,513 11,913 Reserves for losses on loans:3 Balance at beginning of year.............................................. 7,581,530 1,336,282 6,245,248 4,129,758 1,388,647 416,633 2,324,478 2,115,490 Additions due to mergers and absorptions..................... 26,807 6,020 20,787 7,276 1,752 5,524 13,511 Recoveries credited to reserves.......................................... 460,428 96,970 363,458 193,630 51,196 11,379 131,055 169,828 Transfers to reserves............................................................. 2,915,380 546,566 2,368,814 1,674,482 625,097 140,614 908,771 694,332 Losses charged to reserves.................................................. 2,406,794 454,857 1,951,937 1,282,287 466,517 79,413 736,357 669,650 Transfers from reserves..................................................... 96,620 28,858 67,762 25,217 5,781 817 18,619 42,545 Balance at end of year........................................................ 8,480,731 1,502,123 6,978,608 4,697,642 1,594,394 488,396 2,614,852 2,280,966 Net loan losses ( —) or recoveries4.......................................... -1,952,744 -361,574 -1,591,170 -1,088,657 -415,321 -68,034 -605,302 -502,513 Reserves on securities: Balance at beginning of year............................................... 172,980 55,984 116,996 58,474 7,487 50,987 58,522 Additions due to mergers and absorptions..................... 23 15 8 8 Recoveries credited to reserves.......................................... 1,651 547 1,104 980 980 124 Transfers to reserves............................................................ 21,852 9,368 12,484 5,049 190 4,859 7,435 Losses charged to reserves.................................................. 3,120 865 2,255 425 425 1,830 Transfers from reserves....................................................... 24,702 6,466 18,236 11,123 1,611 3,446 7,113 Balance at end of year........................................................ 168,684 58,583 110,101 52,955 52,955 57,146 Total net changes in capital accounts........................................ 5,843,843 1,819,750 4,024,093 2,098,592 957,011 126,386 1,015,195 1,925,501 Net income transferred to undivided profits........................... 7,067,444 1,703,016 5,364,428 3,127,675 1,075,907 279,709 1,772,059 2,236,753 Common stock sold (net)........................................................... 478,829 252,709 226,120 79,038 79,038 147,082 Preferred stock, capital notes, and debentures sold............. 354,457 75,388 279,069 199,313 105,000 10,813 83,500 79,756 Premium received on new capital stock sold......................... 561,021 300,815 260,206 30,144 30,144 230,062 Transfers from loan and securities reserves............................ 121,319 35,322 85,997 36,340 5,781 8 j 494 22,065 49,657 Other increases.............................................................................. 1,072,283 231,175 841,108 488,288 358,950 129,338 352,820 Dividends declared........................................................................ 2,760,358 488,921 2,271,437 1,438,928 454,365 132,242 852,321 832,509 Transfers to loan and securities reserve (net of tax effect).. 433,553 111,340 322,213 208,073 61 ,956 33,653 112,464 114,140 Other decreases.............................................................................. 617,599 178,414 439,185 215,205 72,306 6,735 136,164 223,980 Assets, deposits, and capital accounts: Loans gross (includes Federal funds sold and resale purchases)................................................................................ 517,660 105,458 412,202 259,994 77,645 23,879 158,470 152,208 U.S. Treasury securities1........................................................... 52,501 15,829 36,672 17,164 4,083 1,248 11,832 19,508 Other U.S. Govt, securities (agencies and corporations)1.. 29,348 10,581 18,767 7,476 1 ,510 711 5,255 11,291 Obligations of States and political subdivisions1................. 94,435 24,443 69,993 33,688 7,027 2,640 24,021 36,305 All other securities1..................................................................... 5,862 1,737 4,125 2,033 653 204 1,176 2,093 Cast assets....................................................................................... 121,717 16,357 105,359 72,862 29,680 4,294 38,889 32,497 Total assets 5.................................................................................. 868,407 180,164 688,243 425,531 133,183 35,343 257,005 262,712 Time and savings deposits........................................................... 401,026 95,406 305,620 171,489 44,614 15,938 110,936 134,131 Total deposits................................................................................. 707,538 157,392 550,145 324,164 100,861 26,093 197,210 225,981 Total capital accounts plus total reserves................................ 68,691 15,366 53,324 31,783 10,523 2,504 18,756 21,541 Equity capital plus total reserves.............................................. 64,520 14,588 49,933 29,322 9,778 2,446 17,099 20,610 Number of officers and employees................................................ 1,154,234 299,193 855,041 454,967 102,182 25,249 327,536 400,074 Number of banks.............................................................................. 14,216 8,436 5,780 177 13 9 155 5,603 For notes see p. A-87. JUNE 1975 □ INSURED AND MEMBER BANKS, 1974 A 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income, etc. in thousands, and asset and liability items in millions, of dollars) Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Operating income—Total................................................................ 2,082,57513,356,4772,394,7233,675,1522,881,6043,879,1828,335,1321,669,2861,387,4922,228,1692,859,1539,078,572 Loans: 1,500,4589,955,606 1,712,691 2,446,9882,056,6892,598,725 5,881,762 1,045,556 943,313 1,443,320 1,867,5076,602,394 Fed. funds sold and securities purchased with resale agreement........................................................................... 69,991 310,346 118,679 240,854 158,142 282,100 462,144 150,474 67,162 200,723 282,792 378,825 Securities—Interest and dividends:1 U.S. Treasury securities........................................................... 67,735 450,311 102,151 218.726 117,746 176,794 422,296 106,957 80,094 134,461 138,507 326,752 Other U.S. Govt, securities (agencies and corporations)... 37,979 176,697 48,966 101,134 81,876 103,785 247,645 71,640 52,179 56,819 74,543 215,178 Obligations of States and political subdivisions................... 117,598 634,059 164,286 310,917 208,929 308,250 524,380 121,645 98,087 174,512 247,008 391,041 All other securities.................................................................... 8,901 70,766 29,653 20,023 8,234 24,147 85,074 7,085 5,127 6,989 11,872 47,326 Trust department income............................................................ 96,482 460,083 64,128 99,532 59,767 76,708 213,067 29,685 24,518 48,442 55,288 151,345 Service charges on deposit accounts.......................................... 37,501 159,797 34,732 63,148 68,733 110,014 123,226 32,207 29,903 56,207 62,292 244,757 Other charges, fees, etc................................................................ 58,440 200,017 31,663 75,402 62,857 100,083 158,387 38,344 39,551 63,332 60,873 262,493 Other operating income: On trading account (net).......................................................... 14,440 169,228 17,489 27,443 13,583 10,493 33,951 15,733 28,059 8,991 11,413 73,877 Other........................................................................................... 73,050 769,567 70,285 70,985 45,048 88,083 183,200 49,960 19,499 34,373 47,058 384,584 Operating expenses—Total.............................................................. 1,840,25711,529,0372,125,5133,084,2882,465,3763,455,3257,264,1871,452,8981,182,863 1,876,5362,398,4458,131,532 Salaries and wages of officers and employees........................... 347,1641,711,372 326,106 491,455 465,017 584,623 999,468 236,380 172,732 328,932 357,362 1,405,312 Officer add employee benefits...................................................... 68,676 394,352 67,232 86,217 77,068 102,559 185,927 39,858 31,366 53,253 60,177 239,440 Interest paid on: Time and savings deposits....................................................... 729,791 5,256,905 968,105 1,500,973 1,054,383 1,465,8823,669,878 617,770 600,174 841,369 1,105,019 3,995,555 Federal funds purchased and securities sold with repur­ chase agreement................................................................ 214,219 1,425,377 291,599 306,321 245,142 356,814 1,124,216 219,570 135,261 202,213 348,829 844,060 Other borrowed money............................................................ 21,615 379,974 50,333 78,458 21,586 82,639 44,561 12,320 24,975 16,427 35,212 103,599 Capital notes and debentures.................................................. 5,763 52,353 21,863 7,920 14,384 13,625 23,757 4,046 9,290 9,522 7,670 47,097 Occupancy expense of bank premises, net................................. 81,991 456,277 74,914 96,974 88,012 105,127 210,706 46,432 29,773 54,246 55.550 302,812 Furniture, equipment, etc............................................................. 47,621 196,856 48,163 79.066 65,827 100.294 152.525 43.295 27,508 52,853 58,484 163,852 Provision for loan losses.............................................................. 94,227 603,773 70,494 94;409 86,548 177,834 195,765 62,959 25,211 65,081 77,926 303,245 Other operating expenses............................................................. 229,1901,051,798 206,704 342,495 347,409 465,928 657,384 170,268 126,573 252,640 292,216 726,560 Income before income taxes and securities gains or losses............. 242,3181,827,440 269,210 590,864 416,228 423,8571,070,945 216,388 204,629 351,633 460,708 947,040 Applicable income taxes.............................................................. 61,769 428,399 26,393 115,575 99,716 53,052 254.223 48,573 54,150 78,784 98,163 271,813 Income before securities gains or losses..................................... 180,549 1,399,041 242,817 475,289 316,512 370,805 816,722 167,815 150,479 272,849 362,545 675,227 Net securities gains or losses (—) after taxes............................ -4,182 -17,514 -564 -9,067 — 7,418 -3,428 -10,534 -3,113 -1,808 -2,576 -2,693 -6,383 Extraordinary charges (—) or credits after taxes...................... 268 85 541 302 318 396 4,414 -119 596 5,755 1,372 -10,729 Less minority interest in consolidated subsidiaries .............. 4 107 14 19 -11 1 7 Net income......................................................................................... 176,6351,381,608 242,687 466,510 309,412 367,773 810,583 164,594 149,267 276,027 361,217 658,115 Cash dividends declared: On common stock........................................................................ 87,334 622,521 116,450 202,417 134,755 159,271 338,238 65,783 51,108 99,390 96,422 296,603 On preferred stock........................................................................ 31 8 140 356 110 139 33 25 280 23 Memoranda items: Income taxes applicable to 1974 operating income................. 61,769 428,399 26,393 115,575 99,716 53,052 254,223 48,573 54,150 78,784 98,163 271,813 Tax effect of: Net securities gains or losses (—), etc.................................... -3,917 -18,004 77 -7,437 -6,991 -3,363 -8,681 -2,222 -925 229 -2,005 -7,010 Transfers—Capital accounts to IRS loan loss reserves2.. .. -5,593 -57,180 -6,885 -9,262 -11,435 -8,918 -49,208 -5,954 -7,603 -4,487 -9,097 -37,705 Total provision for income taxes, 1974....................................... 52,259 353,215 19,585 98,876 81,290 40,771 196,334 40,397 45,622 74,526 87,061 227,098 Federal....................................................................................... 31,213 192,841 18,360 98,660 73,264 32,562 167,105 38,193 29,567 64,708 86,637 145,123 State and local.......................................................................... 21,046 160,374 1,225 216 8,026 8,209 29,229 2,204 16,055 9,818 424 81,975 A 82 MEMBER BANKS, 1974 □ JUNE 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.)’* Occupancy expense of bank premises, gross............................. 95,768 515,194 83,209 .120,818 108,296 136,300 252,148 53,449 41,290 78,309 97,732 345,791 Rental income from bank premises....................................... 13,777 58,917 8,295 23,844 20,284 31,173 41,442 7,017 11,517 24,063 42,182 42,979 Net securities gains or losses (—) before income taxes............ -8,059 -35,070 -648 -16,695 -14,307 -6,689 -19,770 -5,289 -3,036 -5,426 -5,072 -13,669 Extraordinary charges (—) or credits before income tax.......... 228 -363 702 493 216 294 4,969 -165 899 8,834 1,746 -10,453 Reserves for losses on loans: 3 Balance at beginning of year.................................................... 235,9671,777,289 277,549 402,449 323,197 358,815 1,019,830 170,858 154,331 219,633 292,0071,013,323 Additions due to mergers and absorptions........................ 1,812 4,515 486 1 ,858 3,812 1,244 138 700 70 75 894 5,183 Recoveries credited to reserves........................................... 17,152 72,459 10,596 22,760 19,806 36,129 43,912 17,982 10,146 21,376 27,866 63,274 Transfers to reserves............................................................ 105,372 736,376 87,969 117,816 110,344 202,539 301,843 72,336 42,367 76,230 102,457 413,165 Losses charged to reserves.................................................. 106,351 578,830 76,848 96,916 94,911 200,580 224,464 63,361 36,610 81,739 95,723 295,604 Transfers from reserves....................................................... 5,539 13,910 5,268 4,687 7,351 8,126 10,626 3,667 1,506 2,017 2,742 2,323 Balance at end of year.............................................................. 248,4131,997,899 294,484 443,280 354,897 390,021 1,130,633 194,848 168,798 233,558 324,7591,197,018 Net loan losses (—) or recoveries 4........................................... -89,237 -506,371 -66,252 -74,566 -75,247 -164,578 -180,603 -45,539 -26,504 -61,012 -68,925 -232,336 Reserves on securities: Balance at beginning of year.................................................... 1,066 3,839 835 28,608 3,698 10,324 18,683 12,541 778 2,926 27,556 6,142 Additions due to mergers and absorptions....................... 8 151 26 12 8 250 329 328 Transfers to reserves............................................................ 24 553 100 696 351 598 1,520 i ,577 9 362 5,354 1,340 2 20 8 2 995 304 335 2 64 208 315 661 982 1,124 1,348 8,188 2,890 227 315 2,020 481 Balance at end of year............................................................. 1,239 3,737 927 28,328 1,942 9,278 11,680 11,226 496 3,015 30,904 7,329 Total net changes in capital accounts.............................................. 108,0251,159,645 187,157 280,315 299,553 349,554 545,774 130,580 111,849 209,998 306,700 334,943 Net income transferred to undivided profits............................. 176,635 1,381,608 242,687 466,510 309,412 •’367,773 810,583 164,594 149,267 276,027 361,217 658,115 Common stock sold (net)........................................................... 626 15,431 3,539 3,863 35,020 53,287 19,345 6,719 4,862 10,478 20,022 52,928 Preferred stock, capital notes, and debentures sold................. 15,547 108,580 47,860 3,686 38,791 14,276 16,477 1,175 5,236 3,279 14,065 10,097 Premium received on new capital stock sold............................. 1,027 57,343 10,495 10,602 30,480 61,477 23,145 10,682 6,793 17,894 14,465 15,803 Transfers from loan and securities reserves............................... 5,539 14,571 5,268 5,669 8,475 9,474 18,814 6,557 1,732 2,332 4,762 2,804 Other increases............................................................................. 23,491 445,606 14,231 31,170 48,508 67,900 82,696 23,670 11,114 21,724 49,126 21,872 Dividends declared....................................................................... 87,365 622,529 116,450 202,557 135,111 159,381 338,377 65,816 51,133 99,670 96,422 296,626 Transfers to loan and securities reserves (net of tax effect).... 5,941 75,986 10,690 15,294 13,526 16,944 58,310 9,911 9,685 7,715 22,996 75,215 Other decreases............................................................................. 21,534 164,979 9,783 23,334 22,496 48,308 28,599 7,090 6,337 14,351 37,539 54,835 Assets, deposits, and capital accounts: Loans gross (including Federal funds sold and resale pur- 15,290 102,218 19,452 28,594 22,839 28,469 64,140 12,799 11,021 16,826 21,394 69,161 U.S. Treasury securities 1............................................................ 1,095 6,776 1,657 3,417 1,797 2,821 6,405 1 ,669 1,241 2,052 2,059 5,684 Other U.S. Govt securities (agencies and corporations) 1........ 534 2,939 721 1,400 1,170 1,473 3,505 1,034 742 803 1,083 3,364 Obligations of States and political subdivisions 1..................... 2,544 12,811 3,635 6,608 4,529 6,295 11,099 2,639 2,083 3,769 5,418 8,563 All other securities 1.................................................................... 140 1,035 418 299 124 329 970 110 57 112 169 363 Cash assets.................................................................................... 3,694 34,612 3,614 5,771 5,099 7,240 13,242 3,352 2,242 4,648 6,443 15,402 Total assets 5................................................................................ 24,746 174,661 31,226 48,589 37,107 48,828 104,247 22,652 18,473 29,329 38,194 110,192 Time and savings deposits.......................................................... 9,954 65,061 15,174 23,642 16,476 21,256 52,231 9,507 9,239 12,503 15,447 55,131 Total deposits............................................................................... 20,040 135,833 24,565 38,969 30,325 39,762 83,731 18,146 14,966 24,251 30,964 88,593 Total capital accounts plus total reserves................................. 2,021 14,013 2,552 4,228 3,008 3,922 7,852 1,791 1,406 2,400 2,971 7,160 Equity capital plus total reserves................................................ 1,928 13,096 2,259 4,116 2,814 3,724 7,503 1,720 1,272 2,265 2,854 6,383 Number of officers and employees................................................ 40,417 165,584 40,050 59,237 59,196 84,875 114,211 30,606 20,865 39,118 42,777 158,105 Number of banks............................................................................. 203 320 265 458 401 645 935 430 504 821 658 140 For notes see p. A-87. JUNE 1975 □ MEMBER BANKS, 1974 A 83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF LARGE MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income etc., in thousands, and asset and liability items in millions, of dollars) Federal Reserve District Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Operating income—Total......................................... 867,28910,639,119 1,352,279 2,175,618 1,432,185 1,573,051 5,012,076 864.053 500,733 804,843 1,366,644 7,852,043 Loans: Interest and fees................................................. 607,585 8,102,630 1,007,847 1,469,748 1,058,293 1,123,253 3,747,440 563,173 350,904 549,287 943,833 5,744,339 Federal funds sold and securities purchased with resale agreement................................ 29,698 189,281 72,772 154,080 62,269 116,178 257,140 89,378 27,278 82,341 133,858 333,961 Securities—Interest and dividends:1 U.S. Treasury securities.................................. 25,213 297,951 27,836 85,867 42,615 46,910 176,498 29,997 11,882 29,889 49,733 264,937 Other U.S. Govt, securities (agencies and corporations).............................................. 13.683 100,984 6,403 49,674 24,589 17,023 77,698 17,027 8,449 3,902 7,517 174,569 Obligations of States and political subdivisions 43,875 380,066 67,564 171,304 97,340 84,558 238,801 48,087 20,522 46,906 106,556 312,605 All other securities............................................. 2,209 45,579 8,739 11,373 3,859 11,260 37,585 2,979 1,459 2,050 3,171 42,968 Trust department income..................................... 49.684 395,456 48,583 74,214 40,735 38,343 156,435 20,269 17,884 32,173 39,620 133,475 Service charges on deposit accounts................... 5,272 87,425 17,747 27,175 32,531 32,931 49,608 13,243 4,657 8,883 9,652 192,488 Other charges, fees, etc......................................... 33,385 156,355 19,819 45,917 32,555 40,879 95,222 24,575 18,061 24,638 34,921 229,189 Other operating income: On trading account (net).................................. 9,475 167,612 17,483 27,415 10,882 8,890 33,263 15,483 28,003 9,035 11,195 72,359 Other................................................................... 47,210 715,780 57,486 58,851 26,517 52,826 142,385 39,842 11,634 15,739 26,588 351,153 Operating expenses—Total...................................... 782,401 9,127,651 1,224,176 1,838,480 1,222,073 1,435,798 4,421,842 797,809 433,246 711,737 1,163,937 7,038,122 Salaries and wages of officers and employees.., 123,367 1,230,449 169,730 267,741 224,154 216,833 510,209 114.054 50,691 103,528 133,069 1,165,328 Officer and employee benefits.............................. 25,134 299,498 38,222 48,146 36,770 41,402 100,474 19,568 9,379 17,223 24,948 200,481 Interest paid on: Time and savings deposits............................... 305,698 4,146,052 462,633 852,068 488,733 525,883 2,124,829 268,804 167,889 273,087 492,177 3,514,245 Federal funds purchased and securities sold with repurchase agreement.................. 137,820 1,300,398 278,061 267,290 173,316 241,582 998,347 204,044 116,631 145,958 288,325 783,932 Other borrowed money.................................... 8,423 367,994 41,978 71,844 12,002 71,164 35,365 11,062 22,244 8,029 30,750 100,250 Capital notes and debentures.......................... 3,524 42,641 17,763 4,116 8,999 7,887 11,759 2,728 4,845 4,737 3,859 38,408 Occupancy expense of bank premises, net......... 27,347 329,237 40,746 54,289 43,716 38,517 110,889 23,044 7,234 17,484 11,079 251,842 Furniture, equipment, etc.................................... 15,769 127,013 22,681 39,288 28,276 37,560 74,598 23,231 5,918 18,715 24,557 126,608 Provision for loan losses....................................... 54,824 527,259 52,573 61,061 36,911 86,547 120,655 47,672 8,359 26,607 35,893 269,893 Other operating expenses..................................... 80,495 757,110 99,789 172,637 169,196 168,423 334,717 83,602 40,056 96,369 119,280 587,135 Income before income taxes and securities gains or losses................................................................... 84,888 1,511,468 128,103 337,138 210,112 137,253 590,233 66,244 67,487 93,106 202,707 813,921 Applicable income taxes...................................... 18,003 394,994 10,298 65,431 54,183 16,908 156,208 13,361 22,361 18,114 45,510 243,010 Income before securities gains or losses............. 66,885 1,116,474 117,805 271,707 155,929 120,345 434,025 52,883 45,126 74,992 157,197 570,911 Net securities gains or losses (—) after taxes... -3,059 -16,799 158 -6,951 -4,097 -2,718 -5,217 -2,481 -318 -1,232 -918 -5,890 Extraordinary charges (—) or credits after taxes -418 -26 -669 5,787 -11,660 Less minority interest in consolidated subsi­ diaries ............................................................. 107 -11 Net income. 63,826 1,099,257 117,856 264,756 151,806 117,627 428,139 50,413 44,808 79,546 156,279 553,361 Cash dividends declared: On common stock........ 31,838 471,150 62,865 137,090 73,056 63,903 208,985 34,793 18,940 37,744 39,910 258,187 On preferred stock........ 356 110 1 Memoranda items: Income taxes applicable to 1974 operating in­ come ............................................................... 18,003 394,994 10,298 65,431 54,183 16,908 156,208 13,361 22,361 18,114 45,510 243,010 Tax effect of: Net securities gains or losses (—), etc............. -2,654 -16,725 111 -5,903 -4,026 -2,603 -5,874 -1,525 -370 1,776 -1,243 -6,724 Transfers—Capital accounts to IRS loan loss reserve 2...................................................... -1,623 -49,728 -2,764 -2,253 -7,521 -1,893 -37,622 -2,740 -1,679 -291 -5,758 -34,976 Total provision for income taxes, 1974................ 13,726 328,541 7,645 57.275 42,636 12,412 112,712 9,096 20,312 19,599 38.509 201,310 Federal................................................................ 8,292 179,711 6,516 57.275 37,136 10,647 96,959 8,197 12,732 17,529 38.509 126,825 State and local................................................... 5,434 148,830 1,129 5,500 1,765 15,753 899 7,580 2,070 74,485 A 84 MEMBER BANKS, 1974 □ JUNE 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): Occupancy expense of bank premises, gross.... 33,496 378,445 47,175 71,756 55,796 54,976 133,572 27,513 14,816 33,342 38,020 285,602 Rental income from bank premises................ 6,149 49,208 6,429 17,467 12,080 16,459 22,683 4,469 7,582 15,858 26,941 33,760 Net securities gains or losses (—) before income taxes................................................................ -5,713 -33,183 269 -12,854 -8,099 -5,321 -10,495 -4,006 -688 -2,850 -2,161 -12,654 Extraordinary charges (—) or credits before in­ come taxes...................................................... -759 -50 -1 ,265 9,181 -11,620 Reserves for losses on loans:3 Balance at beginning of year............................. 96,131 1,443,372 147,862 239,977 163,182 141,291 633,424 87,633 54,468 82,580 146,251 893,587 Additions due to mergers and absorptions.. 759 1,752 1 ,990 2,775 Recoveries credited to reserves.................... 8,131 53,934 5,003 10,695 7,806 12,248 18,507 11,406 3,959 5,677 6,748 49,516 Transfers to reserves..................................... 57,241 640,892 58,333 68,344 51,619 91,784 197,726 48,614 12,234 27,211 48,609 371,875 Losses charged to reserves........................... 55,766 484,064 52,974 55,351 41,988 92,712 127,934 43,214 12,465 30,162 37,077 248,580 Transfers from reserves................................. 3,317 6,681 4,182 1,863 1 ,084 2,171 2,152 2,681 594 29 316 147 Balance at end of year...................................... 103,179 1,649,205 154,042 261,802 181,525 150,440 719,571 101,758 57,602 85,277 164,215 1,069,026 Net loan losses ( —) or recoveries 4.................... -47,635 -430,130 -47,971 -44,656 -34,182 -80,464 -109,427 -31 ,808 -8,506 -24,485 -30,329 -199,064 Reserves on securities: Balance at beginning of year............................. 24,000 2,243 7,487 8,987 15,316 441 Additions due to mergers and absorptions.. Recoveries credited to reserves.................... 151 200 301 328 Transfers to reserves..................................... 22 304 100 190 1 ,273 3,105 55 Losses charged to reserves........................... 300 125 Transfers from reserves................................. 304 1 ,195 7,677 1 ,880 66 1 Balance at end of year....................................... 173 24,000 848 8,380 75 18,656 823 Total net changes in capital accounts....................... 42,438 961,578 94,499 116,249 107,673 56,679 242,259 19,112 27,622 55,182 121,663 253,638 Net income transferred to undivided profits.... 63,826 1,099,257 117,856 264,756 151,806 117,627 428,139 50,413 44,808 79,547 156,279 553,361 Common stock sold (net)..................................... 112 11,252 3,325 4,500 10 1 ,250 4,084 5.000 49,505 Preferred stock, capital notes, and debentures sold.................................................................. 15,000 105,000 40,000 21,500 1 ,000 10,813 6.000 Premium received on new capital stock sold.... 287 2,422 7,839 31 2,750 6,720 2,000 8,095 Transfers from loan and securities reserves........ 3,317 6,681 4,182 2,167 1 ,084 3,366 9,829 4,561 594 29 382 148 Other increases...................................................... 8,002 358,950 3,385 5,073 13,096 22,416 47,446 4,520 3,259 10,569 11 ,572 Dividends declared................................................ 31,838 471,150 62,865 137,090 73,412 64,013 208,985 34,793 18,940 37,744 39,910 258,188 Transfers to loan and securities reserves (net of tax effect)........................................................ 1 ,061 63,905 2,996 5,334 7,741 3,443 39,638 4,321 2,196 315 10,063 67,060 Other decreases..................................................... 14,808 73,255 5,063 13,722 12,334 31,438 9,845 1 ,309 644 398 8,594 43,795 Assets, deposits, and capital accounts: Loans gross (includes Federal funds sold and re­ sale purchases)............................................... 5,729 80,401 10,367 16,428 11,030 11,466 38,201 6,533 3,760 5,967 10,281 59,830 U.S. Treasury securities1..................................... 400 4,384 461 1 ,309 637 768 2,569 495 186 411 753 4,723 Other U.S. Govt, securities (agencies and corporations)1................................................ 213 1 ,563 90 655 348 221 1 ,054 250 124 54 118 2,788 Obligations of States and political subdivisions1 914 7,414 1 ,430 3,552 2,077 1 ,706 4,871 1 ,009 421 1 ,021 2,369 6,904 All other securities1.............................................. 46 664 137 171 53 161 337 49 15 35 59 304 Cash assets............................................................. 1 ,533 30,145 2,Ml 3,573 2,790 2,795 8,281 1 ,941 962 1 ,944 3,322 13,399 Total assets5.......................................................... 9,641 137,393 15,975 27,601 17,810 18,265 58,889 11,012 6,250 10,024 17,886 94,786 Time and savings deposits................................... 3,444 46,753 6,020 12,090 7,145 6,816 26,375 3,582 2,098 3,504 6,252 47,409 Total deposits........................................................ 7,255 104,191 11 ,117 20,855 14,134 13,675 44,328 7,904 4,209 7,692 13,293 75,510 Total capital accounts plus total reserves........... 794 10,853 1 ,267 2,413 1 ,414 1 ,414 4,230 807 468 773 1,304 6,047 Equity capital plus total reserves......................... 739 10,092 1 ,029 2,356 1 ,286 1 ,296 4,034 756 397 700 1 ,239 5,400 Number of officers and employees.......................... 12,046 107,797 18,373 28,420 26,372 36,432 51,865 14,249 5,495 11,409 14,226 128,283 Number of banks...................................................... 4 16 6 16 14 20 24 15 8 18 17 19 For notes see p. A-87. JUNE 1975 □ MEMBER BANKS, 1974 A 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF OTHER-THAN-LARGE MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income, etc. in thousands, and asset and liability items in millions, of dollars) Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Operating income—Total................................................................. 1,215,2862,717,3581,042,4441,499,5341,449,4192,306,1313,323,057 805,233 886,7591,423,3261,492,5091,226,529 Loans: Interest and fees........................................................................ 892,873 1,852,976 704,844 977,240 998,396 1,475,4722,134,322 482,383 592,409 894,033 923,674 858,055 Federal funds sold and securities purchased with resale agreement........................................................................... 40,293 121,065 45,907 86,774 95,873 165,922 205,004 61,096 39,884 118,382 148,934 44,864 Securities—Interest and dividends:1 U.S. Treasury securities........................................................... 42,522 152,360 74,315 132,859 75,131 129,884 245,798 76,960 68,212 104,572 88,774 61,815 Other U.S. Govt, securities (agencies and corporations)___ 24,296 75,713 42,563 51,460 57,287 86,762 169,947 54,613 43,730 52,917 67,026 40,609 Obligations of States and political subdivisions................. 73,723 253,993 96,722 139,613 111,589 223,692 285,579 73,558 77,565 127,606 140,452 78,436 All other securities................................................................... 6,692 25,187 20,914 8,650 4,375 12,887 47,489 4,106 3,668 4,939 8,701 4,358 Trust department income............................................................ 46,798 64,627 15,545 25,318 19,032 38,365 56,632 9,416 6,634 16,269 15,668 17,870 Service charges on deposit accounts.......................................... 32,229 72,372 16,985 35,973 36,202 77,083 73,618 18,964 25,246 47,324 52,640 52,269 Other charges, fees, etc................................................................. 25,055 43,662 11,844 29,485 30,302 59,204 63,165 13,769 21,490 38,694 25,952 33,304 Other operating income: On trading account (net).......................................................... 4,965 1,616 6 28 2,701 1,603 688 250 56 -44 218 1,518 Other........................................................................................... 25,840 53,787 12,799 12,134 18,531 35,257 40,815 10,118 7,865 18,634 20,470 33,431 Operating expenses—Total.............................................................. 1,057,8562,401,386 901,3371,245,8081,243,3032,019,5272,842,345 655,089 749,6171,164,799 1,234,5081,093,410 Salaries and wages of officers and employees........................... 223,797 480,923 156,376 223,714 240,863 367,790 489,259 122,326 122,041 225,404 224,293 239,984 Officer and employee benefits...................................................... 43,542 94,854 29,010 38,071 40,298 61,157 85,453 20,290 21,987 36,030 35,229 38,959 Interest paid on: Time and savings deposits....................................................... 424,093 1,110,853 505,472 648,905 565,650 939,999 1,545,049 348,966 432,285 568,282 612,842 481,310 Federal funds purchased and securities sold with repur­ chase agreement................................................................ 76,399 124,979 13,538 39,031 71,826 115,232 125,869 15,526 18,630 56,255 60,504 60,128 Other borrowed money............................................................ 13,192 11,980 8,355 6,614 9,584 11,475 9,196 1,258 2,731 8,398 4,462 3,349 Capital notes and debentures.................................................. 2,239 9,712 4,100 3,804 5,385 5,738 11,998 1,318 4,445 4,785 3,811 8,689 Occupancy expense of bank premises, net................................. 54,644 127,040 34,168 42,685 44,296 66,610 99,817 23,388 22,539 36,762 44,471 50,970 Furniture, equipment, etc............................................................ 31,852 69,843 25,482 39,778 37,551 62,734 77,927 20,064 21,590 34,138 33,927 37,244 Provision for loan losses.............................................................. 39,403 76,514 17,921 33,348 49,637 91,287 75,110 15,287 16,852 38,474 42,033 33,352 148,695 294,688 106,915 169,858 178,213 297,505 322,667 86,666 86,517 156,271 172,936 139,425 Income before income taxes and securities gains or losses............. 157,430 315,972 141,107 253,726 206,116 286,604 480,712 150j144 137,142 258,527 258,001 133,119 Applicable income taxes.............................................................. 43,766 33,405 16,095 50,144 45,533 36,144 98,015 35,212 31,789 60,670 52,653 28,803 Income before securities gains or losses.................................... 113,664 282,567 125,012 203,582 160,583 250,460 382,697 114,932 105,353 197,857 205,348 104,316 Net securities gains or losses (—) after taxes............................ -1,123 -715 -722 -2,116 -3,321 -710 -5,317 -632 -1,490 -1,344 -1,775 -493 Extraordinary charges (—) or credits after taxes...................... 268 503 541 302 344 396 5,083 -119 596 -32 1,372 931 Less minority interest in consolidated subsidiaries.................... 4 14 19 1 7 Net income......................................................................................... 112,809 282,351 124,831 201,754 157,606 250,146 382,444 114,181 104,459 196,480 204,938 104,754 Cash dividends declared: On common stock........................................................................ 55,496 151,371 53,585 65,327 61,699 95,368 129,253 30,990 32,168 61,646 56,512 38,416 On preferred stock........................................................................ 31 8 140 139 33 25 280 22 Memoranda items: Income taxes applicable to 1974 operating income................. 43,766 33,405 16,095 50,144 45,533 36,144 98,015 35,212 31,789 60,670 52,653 28,803 Tax effect of: Net securities gains or losses (—), etc.................................... -1,263 -1,279 -34 -1,534 -2,965 -760 -2,807 -697 -555 -1,547 -762 -286 Transfers—Capital accounts to IRS loan loss reserves2.... -3,970 -7,452 -4,121 -7,009 -3,914 -7,025 -11,586 -3,214 -5,924 -4,196 -3,339 -2,729 Total provision for income taxes, 1974......................................... 38,533 24,674 11,940 41,601 38,654 28,359 83,622 31,301 25,310 54,927 48,552 25,788 Federal........................................................................................ 22,921 13,130 11,844 41,385 36,128 21,915 70,146 29,996 16,835 47,179 48,128 18,298 State and local.......................................................................... 15,612 11,544 96 216 2,526 6,444 13,476 1,305 8,475 7,748 424 7,490 A 86 MEMBER BANKS, 1974 □ JUNE 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): E O N x e c R t c t r u e a s n p e o c t a r a u d n l r i c n i i y t n a i e c e r s o x y m p g c e a h e n i a n s f r r e s g o o o e m s r f ( b l b o — a a s n n s ) k e k o s r p p ( r r c — e e r m e m ) d i b i s i s t e e s e f s s o , b . r . g e . e . f r . o . i o . n . r s . e . c s . . o . . i . . m n . . . . . c . . e . . o . . . . m . t . . . a . . . e . . x . . . . . t e . . a . . s . . . x . . . . . . . . . - 6 2 7 2 , , 3 , 6 2 2 4 2 7 2 6 8 2 8 1 - 3 1 9 6 , , 8 , 7 7 3 8 0 4 9 7 9 9 6 3 1 6 -9 , , 8 0 7 1 6 3 0 7 6 2 4 - 4 3 6 9 ,8 , , 3 0 4 4 7 6 9 1 7 2 3 - 5 6 2 8 ,2 , , 5 2 2 0 0 0 6 8 0 4 6 - 8 1 1 1 4 ,3 , , 3 7 2 6 2 1 9 8 4 4 4 1 - 1 1 9 6 8 8 ,2 , , , 2 5 7 7 3 7 5 5 4 6 9 - 2 1 2 5 - ,2 , , 1 9 5 8 6 4 3 5 3 6 8 - 2 2 3 6 , , 3 , 9 4 8 4 3 7 9 8 5 4 9 - 4 2 8 4 - , , 5 , 3 2 9 7 4 0 6 6 7 5 7 - 5 1 2 9 1 5 ,9 , , , 2 7 7 1 4 1 4 1 1 2 6 - 6 1 9 0 1 , , 0 , , 2 1 1 1 1 8 6 5 9 9 7 Reserves for losses on loans:3 R N e e B B s t e a a l T r T L R A l o l a v a r r o a e d n e a n a s c n s d c n n s c o e i e o e s s l v t s o f f i n a e e e o a s r c t r r n s t s i h s s e e e s e b a s n s c f t e r d r o u d g ( c g o u r i — r e o r n m e i e d t e n f ) d i s t y e i r i t o e n o s e t o e r r : e g a s m v d r e r r o e e e r . e t s f . r s v c o . . y e g . . o e . . e r e . . r v s . . a v r . . . e e . . . s e r . . s . r . . . s . e . . i . a . . . e . . r . . . . . n . . . s . v . . . . . . d . . . . e . . . . . 4 . . . . . s . . . . . a . . . . . . . . . . . . . . . . b . . . . . . . . . . . . . . . s . . . . . . . . . . . . . . o . . . . . . . . . . . . . . r . . . . . . . . . . . . . p . . . . . . . . . . . . . . . . . t . . . . . . . . . . i . . . . . . . . o . . . . . . . . . . . . . . . n . . . . . . . . . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 1 4 1 4 5 4 3 1 2 9 8 0 1 5 9 , , , , , 6 , , , 0 1 2 5 0 2 8 0 2 3 8 2 5 3 3 1 1 2 5 2 4 3 6 - 3 3 7 9 9 4 1 3 6 7 2 4 5 8 8 3 , , 2 , , , , , , 2 7 7 5 6 4 9 4 2 6 2 6 9 8 1 1 9 5 3 6 4 4 7 - 1 1 1 2 2 4 2 8 5 3 1 9 0 9 ,2 , , , , , , 5 0 8 6 4 6 4 8 9 8 7 3 4 8 8 1 6 3 6 4 2 7 6 - 1 1 2 4 4 8 1 6 9 2 1 9 1 1 2 2 , , , , , , , 9 , 8 5 4 0 4 8 4 1 6 2 6 7 7 5 7 0 5 5 4 2 8 8 2 - 1 1 4 5 5 1 7 6 1 6 8 2 1 3 2 0 , , , , 0 , , , , 2 7 9 3 8 0 0 6 2 6 2 7 2 0 1 5 5 7 3 2 2 0 5 - 2 2 1 1 8 2 3 1 0 1 4 5 3 9 7 1 7 0 , , , , , , , , 1 9 8 5 8 5 7 2 1 8 5 8 5 6 4 2 1 5 4 1 5 8 4 4 - 4 3 1 7 2 9 1 8 0 1 8 5 6 1 6 4 , , , , , , , 1 4 4 0 1 5 4 1 7 0 7 1 6 3 0 3 6 5 7 4 2 0 6 8 -1 2 2 9 8 3 6 0 3 3 3 , , , , , , 7 5 1 7 2 0 9 7 3 7 4 2 2 9 8 0 1 7 6 2 5 6 0 0 - 1 1 2 9 3 1 7 6 4 9 0 1 , , , , , , 9 1 1 8 1 1 9 9 4 8 3 6 9 1 7 8 5 7 3 3 6 2 0 - 1 1 3 4 5 4 1 3 6 9 1 1 8 5 7 , , , , , , , 5 0 9 5 2 6 0 2 8 1 7 8 9 5 7 7 1 8 7 9 9 5 3 - 1 1 3 2 5 5 4 6 8 2 1 3 8 5 0 , , , , , , , 5 4 1 8 6 7 5 8 9 2 1 4 4 5 4 9 6 8 6 8 6 6 4 4 - 1 1 3 4 4 1 1 2 3 2 2 1 7 3 9 7 , , , , , , , , 2 1 4 0 2 7 7 9 7 7 0 5 2 9 3 9 2 8 6 8 0 4 6 2 Balance at beginning of year............................................ 1,066 3,839 835 4,608 3,698 8,081 11,196 3,554 778 2,926 12,240 5,701 Additions due to mergers and absorptions................. T L R r o e a s c n s o e s v s f e e r c r i h s e a s t r o c g r e r e d e d s i t e t o r e v d r e e t s s o . e . . r . r . v . e . e s .. e s .. . r . . . . v . . . . e . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 2 2 3 6 0 100 392 2 9 3 9 5 1 1 5 2 498 8 4 1,3 3 3 3 0 5 304 2 6 9 4 3 5 6 8 2 0 3 2,2 3 4 2 1 9 5 8 1,285 Ba T la r n a c n e s f a e t r s e n fr d o o m f y r e e a se r r .. v .. e . s .. . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 1,066 3,7 6 3 61 7 927 4,3 6 2 7 8 8 1 1, , 1 94 2 2 4 8,4 1 3 5 0 3 11,6 5 8 11 0 2 1 , , 8 0 4 1 6 0 2 4 2 9 7 6 2,9 3 4 1 0 5 1 1 2 , , 9 2 5 4 4 8 6,5 4 0 8 6 0 To D T O T O P P C N ta r r r r i o t t e e e a a v h l h m t f m n n i e e n e d i s s r m r e n r i e f f u r t e c e d i n o e m n o c r r e d d n s s h c m c s r a r r s t f s e e e o n e d r t t a o c o o a g e t s e c s m c e r c l e i o e a k s k l v s a s n a , . i e l . r s n . n s o . c d . e o . f . a a . . d c e l a . . o n p . d . a r . n . . n . . i r . p . . d t a . e ( . . . a i . . n n n . d . t . l . . . a s e . e d . . . e . t n . w l . t . . o . ) c . s o a . . . . . . u e . c . t . . c u . . . e c . r c . . . a . n . i . u s . . o . t . p . . , d . . r y . . u . . . i . i i . . . a t . n t . v . . . r a i . . n . . t e . e i . . . l s . . . d d . s s . . . . . s . . e . e . . . . . . . t r d . r . d . . . o . e . . v . . e . . . . . c s . . . e . . p b . . . e . . k . s . . . . e r . . r . . . . . . o . . n v ( . s . . . . . . . n . . f t o e . . . . . u i . . . e . . s l . . t . . . r . d . t . . s . . . . . e . . . . . . . . . . . o . s . . . . . . . . . . . . . . . . f . . . . . . . . s . . . . . . . . . . . . . t . . o . . . . . . a . . . . . . . . . . . l . . . . . x . . . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . e . . . . . . . . . . . . . . . f . . . . . . . . . . . . . . f . . . . . . . . . . e . . . . . . . . . . . . . . . . . . c . . . . . . . . . . . . . . . . t . . . . . . . . . . . ) . . . . . . . . . . 1 6 5 1 1 2 5 6 4 5 1 2 5 , , , , , , , , 2 7 0 5 8 5 8 4 5 6 2 2 2 2 0 8 8 8 4 2 7 2 7 6 9 9 7 7 0 6 2 1 1 8 5 8 9 9 1 1 5 2 7 3 7 6 5 1 8 2 1 , , , , , , , , , , 3 4 3 5 8 6 0 7 0 3 5 3 8 4 5 9 8 2 7 6 1 1 1 3 6 0 9 0 4 7 1 9 5 1 2 1 7 7 4 3 2 3 0 4 1 0 , , , , , , , , , , 8 4 5 8 7 6 6 0 5 8 3 9 8 3 6 5 8 2 4 9 1 5 5 9 6 6 0 8 4 0 2 1 2 6 0 6 1 9 9 3 6 5 3 3 1 0 4 , , , , , , , , , , 7 6 0 4 6 9 5 3 7 0 5 6 1 8 1 9 0 6 5 6 1 5 7 2 7 6 2 0 4 6 1 1 2 2 6 3 1 9 1 5 7 5 8 3 1 5 7 0 1 7 , , , , , , , , , , 3 7 0 2 7 6 4 1 6 8 9 9 8 5 1 6 9 6 0 8 1 1 5 8 2 2 8 9 6 0 2 2 9 4 5 4 5 9 1 1 1 5 6 5 9 3 2 0 3 3 6 , , , , , , , , , , 3 1 5 9 6 4 2 8 1 8 0 0 6 6 3 8 4 7 7 7 1 8 8 6 2 8 5 6 4 0 3 3 1 2 3 0 8 1 1 1 2 5 3 8 4 3 5 2 8 9 8 , , , , , , , , , , 1 9 6 8 5 2 4 6 3 7 4 4 8 6 4 1 7 9 5 5 5 5 5 4 5 4 2 2 0 4 1 1 3 1 1 1 1 6 5 5 1 4 1 1 1 0 9 , , , , , , , , , , 7 1 7 6 5 1 0 9 4 1 8 8 5 0 7 9 2 9 5 6 1 1 1 5 9 3 6 0 0 8 1 8 3 1 0 5 4 7 5 3 4 2 1 1 4 , , , , , , , , , , 2 0 4 6 6 1 1 2 1 4 9 4 3 1 8 9 5 3 1 2 3 3 3 2 6 9 8 4 9 7 1 1 6 1 1 1 5 9 6 2 7 3 1 8 3 6 4 1 , , , , , , , , , , 3 9 3 4 2 4 9 4 1 8 0 7 6 2 9 0 5 7 1 8 5 3 9 6 3 0 4 4 0 6 2 1 5 2 0 3 8 1 1 1 4 8 6 8 4 8 5 2 5 2 , , , , , , , , , , 0 3 9 9 5 4 5 0 9 0 6 4 3 8 6 1 5 2 3 3 5 8 5 5 2 7 0 2 3 7 1 8 1 3 0 1 1 7 2 3 8 1 0 8 4 0 1 , , , , , , , , , , 7 6 4 1 3 0 4 7 3 0 0 5 2 5 0 9 3 5 0 4 5 8 3 6 8 7 5 4 0 0 Assets, deposits, and capital accounts: Loans gross (including Federal funds sold and resale pur­ U.S. c T h r a e s a e s s u ) r .. y .. . s .. e .. c . u ... r . i . t . i . e .. s .. .. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,5 6 6 9 1 5 2 2 1 , , 3 8 9 1 2 7 9 1 , , 0 1 8 9 5 6 1 2 2 , , 1 1 0 65 7 1 1 1 , , 1 8 6 08 0 1 2 7 , , 0 0 5 0 2 2 2 3 5 , , 8 9 3 3 5 9 6 1 , , 2 1 6 7 6 4 7 1 , , 2 0 6 5 1 4 1 1 0 , , 5 8 7 5 5 9 1 1 1 , , 3 1 0 1 6 3 9,3 9 3 6 1 1 Other U.S. Govt securities (agencies and corporations) 1.... 320 1,376 631 746 822 1,252 2,452 784 618 749 965 576 A C T T T O i o o l a b m l s t t l a a i h o e g l l t a a h a d a t s n e i s e o s s r d p e n e o s t t s s e s s s a c . i o v . t 5 u . f s i . . r n . . . . i S . . g . t . . . . i t . . s . a e . . . . . . s t . d . . e . . . . . e . s . 1 . . . . p . . . . . a . . . o . . . . . n . . . . s . . . . d . . . i . . . . . t . . . . . s . . p . . . . . . . . . o . . . . . . . . . . l . . . . . . i . . . . . . t . . . . . . i . . . . . c . . . . . . . . . a . . . . . . . . . . l . . . . . . . . . . . . s . . . . . . . . u . . . . . . . . . . b . . . . . . . . . . d . . . . . . . . . . i . . . . . v . . . . . . . . . . i . . . . . . s . . . . . . . . . i . . . . . o . . . . . . . . . . n . . . . . . . . . . . s . . . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 2 2 1 5 , , , , , 1 5 7 1 6 6 0 8 0 3 9 1 5 5 9 3 0 3 3 1 5 4 1 7 8 , , , , , 3 4 6 2 3 3 9 6 4 6 0 71 7 7 2 8 8 1 1 2 9 5 1 3 , , , , , 2 1 2 4 4 2 5 0 5 3 4 8 1 5 1 7 4 8 2 1 1 2 3 0 1 8 , , , , , 1 5 0 9 1 1 5 9 5 8 1 2 1 8 8 7 4 8 1 1 2 2 9 6 9 , , , , , 3 3 4 2 1 3 5 0 9 9 7 1 9 2 7 1 0 2 3 1 4 6 4 0 4 , , , , , 4 0 5 5 4 1 8 8 4 6 4 6 7 3 8 4 0 8 4 2 3 6 5 5 4 9 , , , , , 9 2 8 3 4 6 6 5 2 0 5 3 1 3 6 8 8 3 1 1 5 1 1 0 1 , , , , , 9 2 4 6 6 4 1 2 3 4 6 1 1 5 1 0 0 1 1 7 1 1 0 2 , , , , , 1 7 2 6 2 4 5 2 6 8 4 1 7 3 2 0 2 1 1 2 2 9 9 6 , , , , , 7 7 0 5 3 4 0 5 0 0 7 8 9 4 6 0 7 2 1 9 0 3 3 7 , , , , , 1 1 0 3 6 1 2 9 4 0 7 1 1 5 8 9 2 0 1 1 2 7 1 5 3 , , , , , 0 7 0 4 6 2 8 0 0 5 5 2 3 6 4 9 9 T otal capital accounts plus total reserves............................... 1 ,227 3,161 1,285 1,815 1,594 2,508 3,622 984 938 1,628 1,667 1,113 Equity capital plus total reserves.............................................. 1,190 3,004 1,230 1,760 1,528 2,428 3,469 964 875 1,565 1,615 983 Number of officers and employees.............................................. 28,371 57,787 21,677 30,817 32,824 48,443 62,346 16,357 15,370 27,709 28,551 29,822 Number of banks........................................................................... 199 304 259 442 387 625 911 415 496 803 641 121 1 Excluding trading account securities. losses charged against reserve for losses on loans over re­ cluded in the time deposit figures used in this table. The 2 Prior to 1969 transfers to IRS reserve for bad debt losses coveries credited to these reserves for banks on a reserve number of officers and employees is as of the end of year. on loans were deducted from operating income; beginning accounting method. Cash assets comprise cash, balances with other banks (in­ in 1969, within prescribed limits, banks may deduct all or 5 Including trading account securities. cluding reserve balances), and cash items in process of col­ part of the transfers to this reserve from income and treat lection. Equity capital and reserves include common and t t r h a e n b sf a e l r a s n c a e re , i e f x a e n m y, p a t s f r a o t m ra n F s e f d e e r r f a r l o i m nc c o a m p e it a ta l x a e c s c . o ) unts. (These the N c o o t n e t .— ine F n ig ta u l r e U s n e it x e c d lu d S e ta t 2 e s m a e n m d b e 3 r n b o an n k in s s u lo re c d a te tr d u s o t u c ts o i m de ­ p fo re r fe c r o r n ed ti ng s e to n c c k ie , s, su o r t p h l e u r s , ca u p n i d ta i l v id re e s d e rv p e r s o , f it a s n d p l r u e s s er r v e e se s rv o e n s loa 3 n s In . cludes reserve for bad debt losses and other reserves on p w a e n r i e e o s b t t h a a in t e a d r e b y S a ta v t e e r a m g e in m g b t e h r e s . a m Ba o l u a n n t c s e s h sh o e w e n t i f n ig e u a r c es h b sh a o n w k’ n s c lo a a p n it s a l a n a d n d se c c a u p r i i t t a ie l s. n o T te o s t a a l n c d a p d i e ta b l e n a t c u c r o e u s. n t D s e i t n a c il l s u d m e a e y q u n i o ty t 4 Sum of the expense item “provision for loan losses” for official condition reports submitted for December 31, 1973, add to totals because of rounding. banks not on a reserve accounting method and the excess of June 30 and December 31, 1974. Savings deposits are in­ JUNE 1975 □ MEMBER BANKS, 1974 A 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—Total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,GOO- 25,000- 50,000- 100,000- 500,000- 2,000 5,000 10,000 25, 000 50,000 100,000 500,000 or more Operating income—Total.................................................................... 53,786,705 5,294 129,796 552,669 2,571,951 2,930,607 3,341,152 8,489,732 35,765,504 Loans: Interest and fees........................................................................... 38,037,111 2,345 67,596 309,827 1,551,865 1,876,695 2,193,836 5,674,203 26,360,744 Federal funds sold and securities purchased with resale agreement.............................................................................. 2,711,486 1,304 20,203 65,622 217,430 192,200 196,682 535,529 1,482,516 Securities—Interest and dividends:2 U.S. Treasury securities.............................................................. 2,338,543 838 17,811 64,911 246,963 220,207 216,967 450,094 1,120.752 Other U.S. Govt, securities (agencies and corporations)........ 1,266,854 271 9,187 37,930 143,893 137,046 144,970 255,118 538,439 Obligations of States and political subdivisions..................... 3,299,381 82 5,170 37,670 230,150 280,230 309,434 686,714 1,749,931 All other securities...................................................................... 324,537 72 970 3,510 18,470 22,536 29,469 67,721 181,789 Trust department income................................................................ 1,376,827 43 482 5,918 24,337 53,379 245,085 1,047,583 Service charges on deposit accounts.............................................. 1,021,646 143 4,412 17,918 85,573 90,999 96,211 204,920 521,470 Other charges, fees, etc.................................................................... 1,150,776 83 2,918 9,146 42,997 51,121 59,048 219,454 766,009 Other operating income: On trading account (net)............................................................ 424,700 21 415 137 14,119 410,008 Other............................................................................................. 1,834,844 156 1,486 5,653 28,671 34,821 41,019 136,775 1,586,263 Operating expenses—Total................................................................. 46,765,018 3,834 105,574 446,858 2,104,554 2,468,152 2,876,309 7,421,980 31,337,757 Salaries and wages of officers and employees............................... 7,416,026 1,423 27,846 101,014 415,681 463,581 528,342 1,344,417 4,533,722 Officer and employee benefits........................................................ 1,405,112 141 3,410 13,999 65,741 77,742 91,200 244,789 908,090 Interest paid on: Time and savings deposits.......................................................... 21,791,977 1,096 43,082 215,550 1,100,211 1,289,113 1,489,192 3,445,976 14,207,757 Federal funds purchased and securities sold with repurchase agreement.................................................................................. 5,713,326 277 1,809 13,858 40,574 84,476 618,584 4,953,748 Other borrowed money............................................................... 871,586 189 838 5’377 7,207 13,806 53,806 790,363 Capital notes and debentures..................................................... 217,290 56 419 4 179 6,982 12,440 33,494 159,720 Occupancy expense of bank premises, net................................... 1,600,501 149 4,514 15,889 72,969 90,379 110,681 296,058 1,009,862 Furniture, equipment, etc............................................................... 1,035,061 141 3,750 13,343 60,783 71,596 82,293 232,008 571,147 Provision for loan losses................................................................. 1,855,566 93 4,049 15,397 67,067 79,257 89,091 233,094 1,367,518 Other operating expenses................................................................ 4,858,573 791 18,401 68,600 298,688 341,721 374,788 919,754 2,835,830 Income before income taxes and securities gains or losses................ 7,021,687 1,460 24,222 105,811 467,397 462,455 464,843 1,067,752 4,427,747 Applicable income taxes.................................................................. 1,590,474 409 7,328 28,842 110,156 93,307 81,601 189,042 1,079,789 Income before securities gains or losses........................................ 5,431,213 1,051 16,894 76,969 357,241 369,148 383,242 878,710 3,347,958 Net securities gains or losses (—) after taxes............................... -69,452 -26 -102 -855 -2,969 -2,637 -2,711 -8,829 -51,323 Extraordinary charges (—) or credits after taxes......................... 3,132 -6 112 463 1,752 917 1,753 3,972 -5,831 Less minority interest in consolidated subsidiaries...................... 141 11 1 16 13 100 Net income............................................................................................ 5,364,752 1,019 16,904 76,577 356,013 367,427 382,268 873,840 3,290,704 Cash dividends declared: On common stock............................................................................ 2,269,901 205 4,009 18,983 89,765 118,307 139,862 378,719 1,520,051 On preferred stock.......................................................................... 1,145 53 131 123 481 357 Memoranda items: Income taxes applicable to 1974 operating income..................... 1,590,474 409 7,328 28,842 110,156 93,307 81,601 189,042 1,079,789 Tax effect of: Net securities gains or losses ( —), etc........................................ -60,428 -8 -71 -357 -2,063 -2,117 -1,873 -7,918 -46,021 Transfers—Capital accounts to IRS loan loss reserves 3........ -213,160 -4 -248 -1,658 -10,447 -11,707 -13,498 -24,983 -150,615 Total provision for income taxes, 1974.......................................... 1,316,886 397 7,009 26,827 97,646 79,483 66,230 156,141 883,153 Federal.......................................................................................... 978,123 365 6,478 24,406 87,351 68,628 53,982 126.370 610,543 State and local.............................................................................. 338,763 32 531 2,421 10,295 10,855 12,248 29;771 272,610 A 88 MEMBER BANKS, 1974 □ JUNE 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): 1,925,943 158 4,748 16,973 77,781 99,986 129,746 366,317 1,230,234 325,442 9 234 1,084 4,812 9,607 19,065 70,259 220,372 Net securities gains or losses (—) before income taxes.............. -134,057 -32 -184 -1,372 -4,871 -5,158 -4,669 -16,434 -101,337 Extraordinary charges (—) or credits before income tax............ 7,309 -8 123 623 1,591 1,321 1,838 3,659 -1,838 Reserves for losses on loans:4 6,244,729 149 6,587 42,704 237,310 310,709 371,888 963,549 4,311,833 Additions due to mergers and absorptions........................... 19,346 12 166 520 589 1 939 6,663 9,457 363,443 15 1,395 6,699 29,908 30,951 27,939 63,093 203,443 2,366,852 27 4,246 20,517 96,742 111,519 122,452 295,358 1,715,991 1,951,512 28 3,941 18,969 91,414 108,426 116,637 283,555 1,328,542 67,420 27 144 763 4,176 7,237 9,221 14,566 31,286 6,975,438 136 8,155 50,354 268,890 338,105 398,360 1,030,542 4,880,896 -1,590,400 -86 -3,108 -12,995 -62,455 -77,497 -88,698 -220,462 -1,125,099 Reserves on securities: Balance at beginning of year....................................................... 116,996 3 251 1,808 8,461 14,572 8,554 29,327 54,020 Additions due to mergers and absorptions........................... 8 8 Recoveries credited to reserves.............................................. 1,104 50 40 26 309 679 12 484 45 207 1,559 1 427 999 3,164 5 083 Losses charged to reserves...................................................... 2,255 335 85 167 216 1,327 125 Transfers from reserves........................................................... 18,236 43 1,220 944 1,424 3,116 11,489 110,101 3 253 1,730 8,755 14,896 7,939 28,357 48,168 Total net changes in capital accounts................................................. 3,835,380 1,083 13,971 65,264 311,637 305,849 293,059 661,991 2,812,526 Net income transferred to undivided profits................................. 5,364,752 1,019 16,904 76,577 * 356,013 361,421 382,268 873,840 3,290,704 Common stock sold (net)............................................................... 155,755 32 674 3,694 13,298 11,268 9,874 43,757 73,158 Preferred stock, capital notes, and debentures sold..................... 279,069 75 150 1,818 12,007 14,407 10,092 42,207 198,313 Premium received on new capital stock sold............................... 196,219 33 1,308 4,279 22,545 24,768 17,245 99,864 26,177 Transfers from loan and securities reserves................................... 85,655 27 187 763 5,397 8,180 10,645 17,681 42,775 Other increases................................................................................. 784,383 421 1,723 9,414 47,993 49,202 46,192 96,708 532,730 Dividends declared......................................................................... 2,271,046 205 4,009 18,983 89,818 118,438 139,985 379,200 1,520,408 Transfers to loan and securities reserves (net of tax effect)........ 321,860 10 918 4,687 22,086 22,469 20,979 42,103 208,608 Other decreases................................................................................ 437,547 309 2,048 7,611 33,712 28,496 22,293 90,763 252,315 Assets, deposits, and capital accounts: Loans gross (includes Federal funds sold and resale purchases).. 429,283,684 41,419 1,003,959 4,375,144 20,854,594 23,941,487 27,200,961 66,802,506 285,063,614 U.S. Treasury securities2............................................................... 36,322,282 10,788 244,142 907,503 3,501,583 3,167,100 3,186,058 6,710,328 18,594,780 Other U.S. Govt, securities (agencies and corporations)2.......... 19,459,575 4,109 152,189 586,836 2,154,378 2,067,491 2,126,270 3,849,864 8,518,438 Obligations of States and political subdivisions 2...................... 70,888,838 2,244 130,612 906,592 5,298,902 6,196,092 6,798,896 15,038,466 36,517,034 All other securities2........................................................................ 4,233,987 714 12,849 46,339 284,096 337,515 451,456 972,006 2,129,012 Cash assets....................................................................................... 106,899,276 10,870 235,866 945,428 4,206.100 4,828,775 5,951,286 16,679,107 74,041,844 Total assets 6................................................................................... 715,048,659 72,220 1,824,090 7,947,021 37,218,631 41,862,891 47,244,601 114,406,685 464,472,520 Time and savings deposits............................................................. 326,982,732 22,570 854,079 4,094,284 20,248,921 22,607,891 25,201,555 55,177,100 198,776,332 Total deposits.................................................................................. 575,207,159 60,657 1,586,162 7,037,096 33,028,463 36,665,995 41,083,095 96,102,219 359,643,472 Total capital accounts plus total reserves..................................... 55,141,294 10,738 201,229 749,272 3,156,660 3,510,390 3,834,050 9,239,265 34,439,690 Equity capital plus total reserves.................................................. 51,718,737 10,663 200,474 742,124 3,096,951 3,411,133 3,668,422 8,774,322 31,814,648 Number of officers and employees.................................................... 853,179 217 3,715 12,769 54,791 60,827 69,130 167,330 484,400 Number of banks.............................................................................. 5,648 40 419 931 2,007 1,045 596 453 157 1 Total is for banks operating during the entire year, except that 2 banks located outside the method and the excess of losses charged against reserve for losses on loans over recoveries continental United States and 1 noninsured trust company that is a State member are excluded. credited to these reserves for banks on a reserve-accounting method. 2 Excluding trading-account securities. 6 Including trading-account securities. inc 3 o P m r e io ; r b t e o g i 1 n 9 n 6 in 9 g a l i l n t r 1 a 9 n 6 s 9 f e w rs it h to in I R pr S e s r c e r s i e b r e v d e l f i o m r i b ts a , d b a d n e k b s t l m os a s y e s d e o d n u l c o t a a n l s l o w r e r p e a d rt e d o u f c th te e d t r f a ro n m s­ an N d o n t u e m .— be T r h o e f f b ig an ur k e s s a f r o e r a a s s s o e f t s th , e d e e p n o d s i o t f s , t h c e a p y i e ta ar l . a E cc q o u u it n y t s c , a n p u it m al b a e n r d o r f e o se ff r i v c e e s r s i n a c n l d u d e e m c p o l m oy m ee o s n , fers to this reserve from income and treat the balance, if any, as a transfer from capital accounts. and preferred stock, surplus, undivided profits plus reserves for contingencies, other (These transfers are exempt from Federal income taxes.) capital reserves, and reserves on loans and securities. 4 Includes reserve for bad debt losses and other reserves on loans. 5 Sum of the expense item “provision for loan losses” for banks not on a reserve accounting Details may not add to totals because of rounding. JUNE 1975 □ MEMBER BANKS, 1974 A 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS BY CUSS OF MEMBER BANK, AND FOR ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Class of bank Federal Reserve district Large All Item member Phila­ Min­ Kan­ San All banks Bos­ New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dal­ Fran­ New City of other ton York phia land mond lanta cago Louis olis City las cisco York Chi­ Other City cago Summary ratios: Percentage of equity capital plus all reserves: Income after taxes and before securities gains (losses)1..................................................................... 11.17 11.60 10.60 10.89 10.88 9.36 10.68 10.74 11.54 11.24 9.95 10.88 9.75 11.83 12.04 12.70 10.65 11.00 11.43 10.39 10.85 10.75 9.16 10.55 10.74 11.33 10.99 9.87 10.80 9.56 11.73 12.18 12.65 10.38 Cash dividends paid..................................................... 4.64 5.40 4.99 4.03 4.55 4.53 4.75 5.15 4.92 4.80 4.28 4.50 3.82 4.02 4.39 3.37 4.68 Percentage of net income: 42.23 47.27 48.09 37.21 42.34 49.46 45.05 47.98 43.41 43.66 43.33 41.74 39.98 34.25 36.10 26.69 45.07 Sources and disposition of income: Percentage of total assets: Total operating expenses............................................. 6.62 7.97 7.24 6.32 6.80 7.43 6.60 6.80 6.34 6.64 7.07 6.96 6.41 6.40 6.39 6.27 7.42 Salaries, wages, and fringe benefits........................ 1.10 .92 1.31 1.39 1.28 1.68 1.20 1.25 1.18 1.46 1.40 1.13 1.21 1.10 1.30 1.09 1.50 Interest on time and savings deposits.................... 3.00 3.95 3.21 3.11 3.17 2.94 3.00 3.10 3.08 2.84 3.00 3.52 2.72 3.24 2.86 2.89 3.64 Occupancy expense of bank premises, net............ .23 .16 .22 .24 .23 .33 .26 .23 . 19 .23 .21 .20 .20 .16 .18 .14 .27 All other operating expenses.................................. 2.29 2.94 2.50 1.58 2.12 2.48 2.14 2.22 1.89 2.11 2.46 2.11 2.28 1.90 2.05 2.15 2.01 7.73 9.09 8.16 7.37 7.82 8.41 7.64 7.66 7.56 7.76 7.94 7.99 7.36 7.51 7.59 7.48 8.29 Income after taxes and before securities gains .82 .80 .70 .85 .78 .72 .80 .77 .97 .85 .75 .78 .74 .81 .93 .94 .61 Net income........................................................... .80 .79 .69 .85 .78 .71 .79 .77 .96 .83 .75 .77 .72 .80 .94 .94 .60 Percentage of total operating income: Interest, fees, and other loan income2...................... 77.90 81.39 77.30 72.00 75.75 75.40 76.86 76.47 73.13 76.86 74.26 76.11 71.64 72.82 73.78 75.20 76.89 Securities—Interest and dividends:3 U.S. Treasury securities.......................................... 2.69 2.79 3.44 6.46 4.35 3.25 3.37 4.26 5.95 4.08 4.55 5.06 6.40 5.77 6.03 4.84 3.59 Other U.S. Govt, securities (agencies and cor­ porations). . .......................................................... .94 1.62 1.68 3.95 2.35 1.82 1.32 2.04 2.75 2.84 2.67 2.97 4.29 3.76 2.55 2.60 2.37 Obligations of States and political subdivisions. . 3.51 4.10 5.37 8.67 6.13 5.64 4.74 6.86 8.45 7.25 7.94 6.29 7.28 7.06 7.83 8.63 4.30 All other securities................................................... .43 .42 .54 .78 .60 .42 .52 1.23 .54 .28 .62 1.02 .42 .36 .31 .41 .52 Service charges on deposit accounts......................... .77 .59 1.82 2.78 1.89 1.80 1.19 1.45 1.71 2.38 2.83 1.47 1.92 2.15 2.52 2.17 2.69 Trust department income........................................... 3.78 3.34 2.62 1.71 2.56 4.63 3.44 2.67 2.70 2.07 1.97 2.55 1.77 1.76 2.17 1.93 1.66 All other operating income......................................... 9.98 5.75 7.23 3.65 6.37 7.04 8.56 5.02 4.77 4.24 5.16 4.53 6.28 6.32 4.81 4.22 7.98 Total operating income................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages....................................................... 11.49 8.38 13.64 16.07 13.79 16.66 12.81 13.61 13.37 16.13 15.07 11.99 14.16 12.44 14.76 12.49 15.47 Officer and employee benefits..................................... 2.81 1.75 2.46 2.81 2.61 3.29 2.95 2.80 2.34 2.67 2.64 2.23 2.38 2.26 2.38 2.10 2.63 Interest on: Time and savings deposits...................................... 38.80 43.44 39.32 42.21 40.51 35.04 39.35 40.42 40.84 36.59 37.78 44.02 37.00 43.25 37.76 38.64 44.01 Borrowed money..................................................... 15.82 22.17 16.12 4.47 12.23 11.32 13.51 14.27 10.46 9.25 11.32 14.02 13.89 11.54 9.81 13.43 10.43 Capital notes and debentures................................. .40 .12 .50 .34 .40 .27 .39 .91 .21 .49 .35 .28 .24 .66 .42 .26 .51 Occupancy expense of bank premises, net................ 3.05 1.77 2.78 3.33 2.97 3.93 3.41 3.12 2.63 3.05 2.71 2.52 2.78 2.14 2.43 1.94 3.33 Provision for loan losses............................................. 5.00 2.47 3.50 2.72 3.45 4.52 4.52 2.94 2.56 3.00 4.58 2.34 3.77 1.81 2.92 2.72 3.34 All other operating expenses...................................... 8.24 7.55 10.39 13.72 11.00 13.34 9.38 10.69 11.52 14.38 14.63 9.76 12.82 11.16 13.74 12.31 9.85 Total operating expenses................................. 85.61 87.65 88.71 85.67 86.96 88.37 86.32 88.76 83.93 85.56 89.08 87.16 87.04 85.26 84.22 83.89 89.57 Income before taxes and securities gains (losses)... 14.39 12.35 11.29 14.33 13.04 11.63 13.68 11.24 16.07 14.44 10.92 12.84 12.96 14.74 15.78 16.11 10.43 Income after taxes and before securities gains 10.60 8.82 8.63 11.58 10.08 8.66 10.47 10.13 12.93 10.98 9.55 9.79 10.05 10.84 12.24 12.68 7.43 Net securities gains or losses (—), after taxes.......... -.16 -.13 -.14 -.10 -.12 -.19 -.13 -.02 -.24 -.26 -.08 -.12 -.19 -.13 -.11 -.09 -.08 All other income (net)................................................. -.03 .05 .01 .02 .01 .01 .05 .04 .25 .04 -.11 Net income................................................................... 10.44 8.69 8.46 11.53 9.96 8.48 10.34 10.13 12.69 10.73 9.48 9.72 9.86 10.75 12.38 12.63 7.24 A 90 MEMBER BANKS, 1974 □ JUNE 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return (per cent): On securities—Interest and dividends:3 U.S. Treasury securities............................................. 6.80 7.19 6.11 6.42 6.39 6.18 6.64 6.16 6.40 6.55 6.26 6.59 6.40 6.45 6.55 6.72 5.77 Other U.S. Govt, securities (agencies and cor­ porations) ................................................................. 6.43 7.36 6.70 6.79 6.76 7.11 6.01 6.79 7.22 6.99 7.04 7.06 6.92 7.03 7.07 6.88 6.41 Obligations of States and political subdivisions.... 5.15 4.99 4.69 4.63 4.72 4.62 4.94 4.51 4.70 4.61 4.89 4.72 4.60 4.70 4.63 4.55 4.60 All other securities...................................................... 6.87 6.70 9.75 7.26 7.88 6.37 6.83 7.09 6.70 6.63 7.34 8.77 6.42 9.00 6.26 7.01 13.07 On loans:2 Interest, fees, and other loan income....................... 10.33 10.96 10.23 9.17 9.90 10.27 10.04 9.41 9.40 9.69 10.11 9.89 9.34 9.16 9.77 10.05 10.16 Net loan losses (—) or recoveries4........................... -.53 -.28 -.38 -.32 -.38 -.58 -.49 -.34 -.25 -.32 -.57 -.28 -.35 -.23 -.35 -.31 -.33 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury securities......................................... 3.06 3.53 4.60 7.42 5.32 4.42 3.87 5.30 7.03 4.84 5.77 6.14 7.36 6.71 6.99 5.39 5.16 Other U.S. Govt, securities (agencies and cor­ porations) ............................................................. 1.13 2.01 2.04 4.29 2.72 2.15 1.68 2.30 2.88 3.15 3.01 3.36 4.56 4.01 2.73 2.83 3.06 Obligations of States and political subdivisions. . 5.27 7.46 9.34 13.81 10.17 10.28 7.33 11.64 13.60 12.20 12.89 10.64 11.65 11.27 12.85 14.18 7.75 All other securities.................................................. .49 .57 .45 .79 .59 .56 .59 1.33 .61 .33 .67 .93 .48 .30 .38 .44 .33 Gross loans2................................................................ 58.29 67.56 61.64 57.93 59.88 61.78 58.52 62.29 58.84 61.54 58.30 61.52 56.50 59.65 57.36 56.01 62.72 Cash assets................................................................... 22.28 12.14 15.14 12.36 15.31 14.92 19.81 11.57 11.87 13.74 14.82 12.70 14.79 12.13 15.84 16.86 14.00 Real estate assets........................................................ .81 1.20 1.70 1.86 1.56 1.97 1.02 1.39 1.45 1.92 2.15 1.49 1.66 1.40 1.76 2.03 1.90 Percentage of gross loans:2 Commercial and industrial loans............................... 49.76 51.91 36.28 25.05 35.58 41.30 44.33 32.04 30.55 28.52 30.25 35.18 28.67 30.04 26.61 34.99 33.85 Loans to farmers......................................................... . 17 .89 1.58 5.04 2.55 .22 .30 .91 .96 1.05 1.07 2.34 3.64 10.40 14.65 5.26 3.57 Real estate loans......................................................... 9.92 5.32 21.87 31.25 22. 12 22.79 15.88 30.11 26.09 25.90 22.07 23.66 23.34 26.04 16.08 14.43 27.69 Loans to individuals for personal expenditures....... 6.75 5.99 16.64 26.86 17.93 19.26 11.05 18.52 23.42 29.17 29.51 15.84 23.38 19.80 22.34 18.98 16.12 All other loans2.......................................................... 33.40 35.89 23.63 11.80 21.82 16.43 28.44 18.42 18.98 15.36 17.10 22.98 20.97 13.72 20.32 26.34 18.77 Other ratios (per cent): Interest on time and savings deposits to time and savings deposits........................................................... 8.95 8.76 7.43 6.10 7.14 7.33 8.07 6.37 6.34 6.39 6.89 7.02 6.49 6.49 6.72 7.15 7.29 Income taxes to net income plus income taxes............ 23.23 22.67 20.47 16.84 19.71 22.83 20.36 7.46 17.48 20.80 9.97 19.49 19.70 23.40 21.25 19.42 25.65 Time and savings deposits to total deposits................. 44.23 61.08 56.24 59.35 55.54 49.66 47.89 61.77 60.66 54.33 53.45 62.37 52.39 61.73 51.55 49.88 62.24 Total capital accounts and reserves to total assets 5... 7.90 7.08 7.30 8.19 7.74 8.16 8.02 8.17 8.70 8.10 8.03 7.53 7.90 7.61 8.18 7.77 6.49 Number of banks 6.............................................................. 13 9 155 5,603 5,780 203 320 265 458 401 645 935 430 504 821 658 140 For notes see p. A-95. JUNE 1975 □ MEMBER BANKS, 1974 A 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS OF OTHER LARGE MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran­ cisco Summary ratios: Percentage of equity capital plus all reserves: Income after taxes and before securities gains (losses)1. 9.05 11.06 11.43 11.53 12.12 9.28 10.75 6.99 11 .37 10.71 12.69 10.66 Net income........................................................................ 8.64 10.89 11 .45 11.23 11 .80 9.07 10.61 6.66 11 .29 11.36 12.61 10.33 Cash dividends paid......................................................... 4.31 4.66 6.10 5.81 5.70 4.94 5.18 4.60 4.77 5.39 3.22 4.82 Percentage of net income: Cash dividends paid. 49.88 42.86 53.34 51.77 48.35 54.42 48.81 69.01 42.26 47.44 25.53 46.65 Sources and disposition of income: Percentage of total assets: Total operating expenses................................................. 8.11 6.64 7.66 6.66 6.86 7.86 7.50 7.24 6.93 7.10 6.50 7.47 Salaries, wages, and fringe benefits............................. 1 .54 1 .11 1.30 1.14 1 .46 1 .41 1 .03 1.21 .96 1.20 .88 1.45 Interest on time and savings deposits......................... 3.17 3.01 2.89 3.08 2.74 2.87 3.60 2.44 2.68 2.72 2.75 3.73 Occupancy expense of bank premises, net................. .28 .23 .25 .19 .24 .21 .18 .20 .11 .17 .06 .26 All other operating expenses....................................... 3.12 2.29 3.22 2.25 2.42 3.37 2.69 3.39 3.18 3.01 2.81 2.03 Total operating income.................................................... 8.99 7.74 8.46 7.88 8.04 8.61 8.51 7.84 8.01 8.02 7.64 8.34 Income after taxes and before securities gains (losses)1 .69 .81 .73 .98 .87 .65 .73 .48 .72 .74 .87 .60 Net income........................................................................ .66 .80 .73 .95 .85 .64 .72 .45 .71 .79 .87 .58 Percentage of total operating income: Interest, fees, and other loan income2.................................. 73.47 77.93 79.91 74.63 78.24 78.79 79.89 75.52 75.52 78.47 78.85 77.41 Securities—Interest and dividends:3...................................... U.S. Treasury securities...................................................... 2.90 2.80 2.05 3.94 2.97 2.98 3.52 3.47 2.37 3.71 3.63 3.37 Other U.S. Govt, securities (agencies and corporations). 1.57 .94 .47 2.28 1 .71 1.08 1 .55 1.97 1 .68 .48 .55 2.22 Obligations of States and political subdivisions............... 5.05 3.57 4.99 7.87 6.79 5.37 4.76 5.56 4.09 5.82 7.79 3.98 All other securities............................................................... .25 .42 .64 .52 .26 .71 .74 .34 .29 .25 .23 .54 Service charges on deposit accounts................................... .60 .82 1.31 1 .24 2.27 2.09 .98 1 .53 .93 1.10 .70 2.45 Trust department income....................................................... 5.72 3.71 3.59 3.41 2.84 2.43 3.12 2.34 3.57 3.99 2.89 1.69 All other operating income.................................................... 10.44 9.81 7.04 6.11 4.92 6.55 5.44 9.27 11 .55 6.18 5.36 8.34 Total operating income. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages....................................... 14.22 11 .56 12.55 12.30 15.65 13.78 10.17 13.19 10.12 12.86 9.73 14.84 Officer and employee benefits..................... 2.89 2.81 2.82 2.21 2.56 2.63 2.00 2.26 1.87 2.13 1.82 2.55 Interest on: Time and savings deposits...................... 35.24 38.96 34.21 39.16 34.12 33.43 42.39 31.10 33.52 33.93 36.01 44.75 Borrowed money..................................... 16.86 15.68 23.66 15.58 12.93 19.88 20.62 24.89 27.73 19.13 23.34 11.26 Capital notes and debentures................. .40 .40 1.31 .18 .62 .50 .23 .31 .96 .58 .28 .48 Occupancy expense of bank premises, net. 3.15 3.09 3.01 2.49 3.05 2.44 2.21 2.66 1.44 2.17 .81 3.20 Provision for loan losses............................. 6.32 4.95 3.88 2.80 2.57 5.50 2.40 5.51 1.66 3.30 2.62 3.43 All other operating expenses...................... 11.14 8.35 9.09 9.79 13.83 13.12 8.21 12.42 9.23 14.34 10.56 9.13 Total operating expenses. 90.22 85.80 90.53 84.51 85.33 91.28 88.23 92.34 86.53 88.44 85.17 89.64 Income before taxes and securities gains (losses).......... 9.78 14.20 9.47 15.49 14.67 8.72 11 .77 7.66 13.47 11.56 14.83 10.36 Income after taxes and before securities gains (losses). 7.71 10.49 8.71 12.48 10.88 7.65 8.65 6.12 9.01 9.31 11.50 7.27 Net securities gains or losses (—), after taxes............... -.36 -.16 -.32 -.29 -.18 -.10 -.29 -.07 -.14 -.07 -.09 All other income (net)..................................................... -.01 .71 -.14 Net income....................................................................... 7.35 10.33 8.71 12.16 10.59 7.47 8.54 5.83 8.94 9.88 11.43 7.04 A 92 MEMBER BANKS, 1974 □ JUNE 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return: On securities—Interest and dividends:3 U.S. Treasury securities.................................................................. 6.29 6.79 6.03 6.55 6.68 6.10 6.86 6.05 6.38 6.26 6.60 5.64 Other U.S. Govt, securities (agencies and corporations)............. 6.41 6.46 7.15 7.58 7.06 7.69 7.37 6.81 6.83 7.18 6.38 6.27 Obligations of States and political subdivisions........................... 4.79 5.12 4.72 4.82 4.68 4.95 4.90 4.76 4.88 4.59 4.49 4.57 All other securities.......................................................................... 4.77 6.86 6.39 6.65 7.21 6.97 11.15 6.05 9.53 5.87 5.33 14.18 On loans:2 Interest, fees, and other loan income............................................ 11.12 10.31 10.42 9.88 10.15 10.80 10.48 9.98 10.05 10.58 10.48 10.24 Net loan losses (—) or recoveries4................................................ -.83 -.53 -.46 -.27 -.30 -.70 -.28 -.48 -.22 -.41 -.29 -.33 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury securities.............................................................. 4.15 3.19 2.88 4.74 3.57 4.20 4.36 4.49 2.97 4.76 4.20 4.98 Other U.S. Govt, securities (agencies and corporations).......... 2.21 1.13 .56 2.37 1.95 1.21 1.78 2.26 1.97 .54 .65 2.95 Obligations of States and political subdivisions....................... 9.48 5.39 8.94 12.86 11.65 9.34 8.27 9.16 6.72 10.18 13.24 7.26 All other securities...................................................................... .47 .48 .85 .61 .30 .88 .57 .44 .24 .34 .33 .32 Gross loans2.................................................................................... 59.42 58.51 64.89 59.52 61.93 62.77 64.86 59.32 60.15 59.53 57.47 63.08 Cash assets....................................................................................... 15.90 21.94 13.62 12.94 15.66 15.30 14.06 17.62 15.39 19.39 18.57 14.16 Real estate assets............................................................................ 1.95 .84 .99 1.28 1.69 2.23 1.39 1.63 1.18 1.74 2.11 1.78 Percentage of gross loans:2 Commercial and industrial loans................................................... 54.74 49.22 40.97 38.23 33.05 34.87 43.74 36.63 43.97 29.65 39.79 35.13 Loans to farmers............................................................................. .04 .18 .07 .02 .34 .23 .67 .48 .79 5.66 1.05 3.11 Real estate loans............................................................................. 8.53 10.54 18.32 19.03 21.71 15.76 14.98 15.25 12.88 14.04 12.27 27.00 Loans to individuals for personal expenditures............................ 10.56 7.22 13.42 17.30 26.11 26.39 9.55 18.67 14.26 20.39 11.80 14.44 All other loans2............................................................................... 26.13 32.84 27.22 25.42 18.79 22.75 31.06 28.97 28.10 30.26 35.09 20.32 Other ratios (per cent): Interest on time and savings deposits to time and savings deposits, 8.87 8.86 7.68 7.04 6.84 7.71 8.05 7.50 8.00 7.79 7.87 7.46 Income taxes to net income plus income taxes................................. 17.69 23.01 6.09 17.78 21.92 9.54 20.83 15.28 31.19 19.76 19.76 26.67 Time and savings deposits to total deposits...................................... 47.47 44.87 54.15 57.97 50.54 49.84 59.50 45.31 49.84 45.54 47.03 62.81 Total capital accounts and reserves to total assets5......................... 8.23 7.89 7.93 8.74 7.94 7.74 7.18 7.32 7.49 7.70 7.29 6.37 Number of banks6.................................................................................... 4 16 6 16 14 20 24 15 8 18 17 19 For notes see p. A-95. JUNE 1975 o MEMBER BANKS, 1974 A 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS OF OTHER-THAN-LARGE MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran­ cisco Summary ratios: Percentage of equity capital plus all reserves: 9.55 9.40 10.16 11 .56 10.51 10.31 11 .03 11 .91 12.03 12.63 12.71 10.61 9.48 9.39 10.15 11 .46 10.31 10.30 11 .02 11 .84 11 .93 12.55 12.68 10.66 4.66 5.03 4.35 3.72 4.03 3.92 3.72 3.21 3.67 3.95 3.49 3.91 Percentage of net income: 49.22 53.61 42.92 32.44 39.14 38.12 33.83 27.17 30.81 31.51 27.57 36.69 Sources and disposition of income: Percentage of total assets: Total operating expenses................................................................................ 7.00 6.44 5.90 5.93 6.44 6.60 6.26 5.62 6.13 6.03 6.07 7.09 Salaries, wages, and fringe benefits........................................................... 1 .76 1 .54 1 .21 1 .24 1 .45 1 .40 1 .26 1 .22 1 .17 1.35 1 .27 1.81 Interest on time and savings deposits....................................................... 2.80 2.98 3.31 3.09 2.93 3.07 3.40 2.99 3.53 2.94 3.01 3.12 Occupancy expense of bank premises net................................................ .36 .34 .22 : .20 .22 .21 .22 .20 .18 .19 .21 .33 All other operating expenses.................................................................... 2.08 1 .58 1.16 1 .40 1 .84 1 .92 1 .38 1 .21 1 .25 1 .55 1 .58 1 .83 Total operating income.................................................................................. 8.04 7.29 6.83 7.14 7.51 7.54 7.32 6.91 7.25 7.37 7.34 7.96 Income after taxes and before securities gains (losses)1.............................. .75 .75 .81 .96 .83 .81 .84 .98 .86 1 .02 1 .01 .67 Net income...................................................................................................... .74 .75 .81 .96 .81 .81 .84 .98 .85 1 .01 1 .00 .67 Percentage of total operating income: Interest, fees, and other loan income2......................................................... 76.78 72.64 72.01 70.95 75.49 71 .17 70.39 67.49 71 .30 71 .13 71 .86 73.61 Securities—Interest and dividends:3............................................................. U.S. Treasury securities............................................................................. 3.49 5.60 7.12 8.86 5.18 5.63 7.39 9.55 7.69 7.34 5.94 5.03 Other U.S. Govt, securities (agencies and corporations)........................ I .99 2.78 4.08 3.43 3.95 3.76 5.11 6.78 4.93 3.71 4.49 3.31 Obligations of States and political subdivisions...................................... 6.06 9.34 9.27 9.31 7.69 9.69 8.59 9.13 8.74 8.96 9.41 6.39 All other securities...................................................................................... .55 .92 2.00 .57 .30 .55 1 .42 .50 .41 .34 .58 .35 Service charges on deposit accounts............................................................. 2.65 2.66 1 .62 2.39 2.49 3.34 2.21 2.35 2.84 3.32 3.52 4.26 Trust department income............................................................................... 3.85 2.37 1 .49 1 .68 1 .31 1 .66 1 .70 1.16 .74 1.14 1 .04 1 .45 All other operating income............................................................................ 4.63 3.69 2.41 2.81 3.59 4.20 3.19 3.04 3.35 4.06 3.16 5.60 Total operating income....................................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages.......................................................................................... 18.41 17.69 15.00 14.91 16.61 15.94 14.72 15.19 13.76 15.83 15.02 19.56 Officer and employee benefits........................................................................ 3.58 3.49 2.78 2.53 2.78 2.65 2.57 2.51 2.47 2.53 2.36 3.17 Interest on: Time and savings deposits......................................................................... 34.89 40.87 48.48 43.27 39.02 40.76 46.49 43.33 48.74 39.92 41 .06 39.24 Borrowed money........................................................................................ 7.37 5.04 2.10 3.04 5.61 5.49 4.06 2.08 2.40 4.54 4.35 5.17 Capital notes and debentures.................................................................... .18 .35 .39 .25 .37 .24 .36 .16 .50 .33 .25 .70 Occupancy expense of bank premises, net................................................... 4.49 4.67 3.27 2.84 3.05 2.88 3.00 2.90 2.54 2.58 2.97 4.15 Provision for loan losses................................................................................ 3.24 2.81 1 .71 2.22 3.42 3.95 2.26 1 .89 1 .90 2.70 2.81 2.71 All other operating expenses......................................................................... 14.89 13.46 12.74 14.02 14.92 15.67 12.08 13.30 12.23 13.41 13.90 14.45 Total operating expenses.................................................................... 87.05 88.38 86.47 83.08 85.78 87.58 85.54 81 .36 84.54 81 .84 82.72 89.15 Income before taxes and securities gains (losses)........................................ 12.95 11 .62 13.53 16.92 14.22 12.42 14.46 18.64 15.46 18.16 17.28 10.85 Income after taxes and before securities gains (losses)................................ 9.35 10.39 11 .99 13.57 11 .07 10.86 11 .51 14.27 11 .88 13.90 13.75 8.50 Net securities gains or losses ( —), after taxes............................................. -.09 -.01 -.07 -.14 -.22 -.03 - .16 - .09 -.17 -.10 -.11 -.03 All other income (net).................................................................................... .02 .01 .05 .02 .02 .01 .15 -.01 .06 .00 .09 .07 Net income...................................................................................................... 9.28 10.39 11 .97 13.45 10.87 10.84 11 .50 14.17 11 .77 13.80 13.73 8.54 A 94 MEMBER BANKS, 1974 □ JUNE 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return: On securities—Interest and dividends:3 U.S. Treasury securities............................................................... 6.12 6.36 6.21 6.30 6.47 6.32 6.40 6.55 6.46 6.64 6.79 6.43 Other U.S. Govt, securities (agencies and corporations)........... 7.58 5.50 6.74 6.90 6.96 6.93 6.93 6.96 7.07 7.06 6.94 7.05 Obligations of States and political subdivisions......................... 4.52 4.70 4.38 4.56 4.55 4.87 4.58 4.51 4.66 4.64 4.60 4.72 All other securities........................................................................ 7.17 6.78 7.43 6.77 6.20 7.69 7.50 6.71 8.80 6.44 7.92 7.39 On loans:2 Interest, fees, and other loan income.......................................... 9.75 9.04 8.26 8.74 9.26 9.65 9.01 8.67 8.70 9.32 9.65 9.67 Net loan losses (—) or recoveries4.............................................. -.43 -.34 -.20 -.23 -.34 -.49 -.27 -.21 -.24 -.32 -.32 -.35 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury securities............................................................ 4.59 6.41 7.84 10.04 6.01 6.71 8.45 10.08 8.62 8.15 6.43 6.23 Other U.S. Govt, securities (agencies and corporations)....... 2.12 3.69 4.13 3.55 4.26 4.09 5.40 6.73 5.05 3.87 4.75 3.73 Obligations of States and political subdivisions..................... 10.78 14.48 14.45 14.56 12.70 15.01 13.73 14.00 13.59 14.23 15.01 10.76 All other securities...................................................................... .61 .99 1.84 .60 .36 .54 1.39 .52 .34 .39 .54 .38 Gross loans2................................................................................... 63.29 58.53 59.56 57.96 61.19 55.63 57.18 53.83 59.40 56.24 54.72 60.56 Cash assets...................................................................................... 14.30 11.98 9.41 10.47 11.96 14.54 10.93 12.11 10.46 14.00 15.36 13.00 Real estate assets........................................................................... 1.98 1.72 1.81 1.69 2.14 2.09 1.62 1.68 1.51 1.77 1.95 2.61 Percentage of gross loans:2 Commercial and industrial loans.................................................. 33.25 26.31 21.86 20.17 24.30 27.14 22.57 20.37 22.83 24.94 30.55 25.71 Loans to farmers............................................................................ .33 .74 1.87 2.22 1.72 1.63 4.81 6.94 15.37 19.59 9.16 6.53 Real estate loans............................................................................. 31.34 35.58 43.57 35.62 29.81 26.33 36.46 31.78 32.85 17.20 16.43 32.09 Loans to individuals for personal expenditures........................... 24.48 25.20 24.34 31.67 32.03 31.61 25.10 28.29 22.67 23.41 25.62 26.79 All other loans2............................................................................. 10.60 12.17 8.36 10.32 12.14 13.29 11.06 12.62 6.28 14.86 18.24 8.88 Other ratios (per cent): Interest on time and savings deposits to time and savings deposits, 6.51 6.06 5.52 5.61 6.06 6.50 5.97 5.88 6.05 6.31 6.66 6.23 Income taxes to net income plus income taxes................................ 25.46 8.03 8.72 17.09 19.69 10.18 17.94 21.51 19.50 21.84 19.15 19.75 Time and savings deposits to total deposits..................................... 50.91 57.85 68.06 63.76 57.63 55.35 65.61 57.85 66.38 54.34 52.03 59.02 Total capital accounts and reserves to total assets5......................... 8.12 8.48 8.42 8.64 8.25 8.20 7.98 8.45 7.67 8.43 8.20 7.22 Number of banks6................................................................................... 199 304 259 442 387 625 911 415 496 803 641 121 1 Excludes minority interest in operating income, if any. 6 Excludes 2 member banks located outside the continen­ on aggregates presented here, the experience of those banks in 2 Loans include Federal funds sold and securities purchased tal United States and 3 noninsured trust companies that are each group whose figures are largest have a much greater in­ under agreements to resell. State members. fluence than that of the many banks with smaller figures. 3 Excludes trading-account securities. Note.—The ratios in this and the preceding 2 tables were Ratios based on aggregates show combined results for the 4 Sum of the expense item “provision for loan losses” for computed from the dollar aggregates shown in preceding banking system as a whole, and, broadly speaking, are the banks not on a reserve accounting method and the excess of tables. Many of these ratios vary substantially from the aver­ more significant for purposes of general analyses of credit losses charged against reserves for losses on loans over re­ age of individual bank ratios, (which will be published in a and monetary problems, while averages of individual ratios coveries credited to these reserves for banks on a reserve- subsequent issue) in which each bank’s figures—regardless of are useful primarily to those interested in studying the financial accounting method. size or amount—are weighted equally and in general have an results of operations of individual banks. 5 Includes capital notes and debentures and all valuation equally important influence on the result. In the ratios based reserves. JUNE 1975 o MEMBER BANKS, 1974 A 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Board of Governors of the Federal Reserve System A rthur F. Burns, Chairman George W. M itchell, Vice Chairman Jeffrey M. Bucher Robert C. H olland Henry C. W allich Philip E. C oldw ell 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 John M. Denkler, Managing Director Chairman J. Charles Partee, Managing Director Robert J. Lawrence, Deputy Managing Robert Solomon, Adviser to the Board Stephen H. Axilrod, Adviser to the Board Director Joseph R. Coyne, Assistant to the Board Samuel B. Chase, Jr., Adviser to the Board * Levon H. Garabedian, Assistant Managing John S. Rippey, Assistant to the Board Arthur L. Broida, Assistant to the Board Director Jay Paul Brenneman, Special Assistant to the Murray Altmann, Special Assistant to the Board Board Gordon B. Grimwood, Assistant Director John J. Hart, Special Assistant to the Board Normand R. V. Bernard, Special Assistant and Program Director for Frank O’Brien, Jr., Special Assistant to the to the Board Contingency Planning Board Wi E l m li p a l m oy m W e . n t L a O y p t p o or n tu , n D it i y r ector of Equal Donald J. Winn, Special Assistant to the DIVISION OF RESEARCH AND STATISTICS Board Brenton C. Leavitt, Program Director for Banking Structure Lyle E. Gramley, Director Peter E. Barn a, Program Director for James L. Pierce, Associate Director Bank Holding Company Analysis Peter M. Keir, Adviser James L. Kichline, Adviser Stanley J. Sigel, Adviser DIVISION OF FEDERAL RESERVE BANK Joseph S. Zeisel, Adviser OPERATIONS LEGAL DIVISION James B. Eckert, Associate Adviser Edward C. Ettin, Associate Adviser Ronald G. Burke, Director John D. Hawke, Jr., General Counsel John H. Kalchbrenner, Associate Adviser James R. Kudlinski, Associate Director John Nicoll, Deputy General Counsel John J. Mingo, Associate Adviser tE. Maurice McWhirter, Associate Director Baldwin B. Tuttle, Assistant General Eleanor J. Stockwell, Associate Adviser William H. Wallace, Associate Director Counsel Robert M. Fisher, Assistant Adviser Walter A. Althausen, Assistant Director Charles R. McNeill, Assistant to the J. Cortland G. Peret, Assistant Adviser Harry A. Guinter, Assistant Director General Counsel Stephen P. Taylor, Assistant Adviser Thomas E. Mead, Assistant Director Allen L. Raiken, Adviser Helmut F. Wendel, Assistant Adviser P. D. Ring, Assistant Director Gary M. Welsh, Adviser Levon H. Garabedian, Assistant Director A 96 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIVISION OF DATA PROCESSING OFFICE OF SAVER AND CONSUMER AFFAIRS DIVISION OF INTERNATIONAL FINANCE Charles L. Hampton, Director Frederic Solomon, Assistant to the Ralph C. Bryant, Director Bruce M. Beardsl ey, Associate Director Board and Director John E. Reynolds, Associate Director Glenn L. Cummins, Assistant Director Janet O. Hart, Deputy Director Robert F. Gemmill, Adviser Warren N. Min ami, Assistant Director Robert S. Plotkin, Assistant Director Reed J. Irvine, Adviser Robert J. Zemel, Assistant Director Helen B. Junz, Adviser Samuel Pizer, Adviser OFFICE OF THE SECRETARY George B. Henry, Associate Adviser DIVISION OF PERSONNEL Charles J. Siegman, Assistant Adviser Keith D. Engstrom, Director T G h r e if o f d it o h r e L . E . G A ar l w li o so o n d , , S A e s c s r is e t t a a n ry t Secretary Edwin M. Truman, Assistant Adviser Charles W. Wood, Assistant Director ^Robert Smith III, Assistant Secretary OFFICE OF THE CONTROLLER DIVISION OF BANKING SUPERVISION John Kakalec, Controller AND REGULATION Tyler E. W illiams, Jr., Assistant Controller Brenton C. Leavitt, Director Frederick R. Dahl, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES Jack M. Egertson, Assistant Director J W D o o h a n l n a t l e D d r . W E S . m . A i K t n h r d , e e A i r m s s s a o i n s n t n a , , n A D t s s i D r is e ir t c a e to n ct r t o D r irector T W J J o o h h h i o l n n l m i a a T N s m . . A M L W . y c . o S C W i n l d , i m i n l A t a e s o n s s c , i , s k A t A a , s s n A s s t i i s s s D s t t a a i i s n n r t e a t t c n D D t t o i i r r D r e e i c c r t t e o o c r r t or John E. Ryan, Adviser * Temporary appointment. $On loan from the Federal Reserve Bank of Dallas. fOn leave of absence. A 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 Federal Open Market Committee A rthur F. B urns, Chairman A lfred H ayes, Vice Chairman E rnest T. Baughm an D avid P. E astburn R obert P. M ayo Jeffrey M. Bucher Robert C. Holland George W . M itchell Philip E. C o ld w ell Bruce K. M acLaury H enry C. W allich Arthur L. Broida, Secretary Robert Solomon, Economist Murray Altmann, Deputy Secretary (International Finance) Normand R. V. Bernard, Assistant Edward G. Boehne, Associate Economist Secretary Ralph C. Bryant, Associate Economist Thomas J. O’Connell, General Counsel Samuel B. Chase, Jr., Associate Economist Edward G. Guy, Deputy General Counsel Richard G. Davis, Associate Economist John Nicoll, Assistant General Counsel Ralph T. Green, Associate Economist J. Charles Partee, Senior Economist John Kareken, Associate Economist Stephen H. Axilrod, Economist James L. Pierce, Associate Economist (Domestic Finance) John E. Reynolds, Associate Economist Lyle E. Gramley, Economist Karl O. Scheld, Associate Economist (Domestic Business) 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 (Vacancy) tw elfth 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 99 Federal Reserve Banks, Branches, and Offices FEDERAL RESERVE BANK, Chairman President Vice President branch, or facility Zip 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 Ronald B. Gray 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, Sr. 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 Daniel M. Doyle 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 Vacancy 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 Nice Helena ................... 59601 William A. Cordingley Howard L. Knous KANSAS CITY 64198 Robert T. Person George H. Clay Harold W. Andersen John T. Boysen Denver ................. 80217 Maurice B. Mitchell J. David Hamilton Oklahoma City 73125 James G. Harlow, Jr. William G. Evans Omaha ................. 68102 Durward B. Varner Robert D. Hamilton DALLAS ................. 75222 John Lawrence Ernest T. Baughman Charles T. Beaird T. W. Plant El Paso ................. 79999 Herbert M. Schwartz Fredric W. Reed Houston ............... 77001 Thomas J. Barlow James L. Cauthen San Antonio ......... 78295 Pete J. Morales, Jr. Carl H. Moore SAN FRANCISCO ....94120 O. Meredith Wilson John J. Balles Joseph F. Alibrandi John B. Williams Los Angeles ......... 90051 Joseph R. Vaughan Gerald R. Kelly Portland ................ 97208 Loran L. Stewart William M. Brown Salt Lake City 84110 Sam Bennion A. Grant Holman Seattle ................... 98124 Malcolm T. Stamper Paul W. Cavan * Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, New Jersey 07016: Jericho, New York 11753; Columbus, Ohio 43216; Columbia, South Carolina 29210; Des Moines, Iowa 50306; Indianapolis. Indiana 46204; and Milwaukee, Wisconsin 53202. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 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 The Performance of Bank Holding Companies. Functions. 1974. 125 pp. $1.00each; 10 or more 1967. 29 pp. $.25 each; 10 or more to one address, to one address, $.75 each. $.20 each. Annual Report The Federal Funds Market. 1959. Ill pp. $1.00 Federal Reserve Bulletin. Monthly. $20.00 per each; 10 or more to one address, $.85 each. year or $2.00 each in the United States and its Trading in Federal Funds. 1965. 116 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, Bank Credit-Card and Check-Credit Plans. 1968. 102 pp. $1.00 each; 10 or more to one address, Ecuador, Guatemala, Haiti, Republic of Honduras, $.85 each. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 or more of Survey of Financial Characteristics of Con­ same issue to one address, $18.00 per year or $1.75 sumers. 1966. 166 pp. $1.00 each; 10 or more to one address, $.85 each. each. Elsewhere, $24.00 per year or $2.50 each. Federal Reserve Chart Book on Financial and Survey of Changes in Family Finances. 1968. 321 pp. $1.00 each; 10 or more to one address, $.85 Business Statistics. Monthly. Subscription in­ each. cludes one issue of Historical Chart Book. $12.00 per year or $1.25 each in the United States and Report of the Joint Treasury-Federal Reserve the countries listed above; 10 or more of same issue Study of the U.S. Government Securities to one address, $1.00 each. Elsewhere, $15.00 per Market. 1969. 48 pp. $.25 each; 10 or more to one address, $.20 each. year or $1.50 each. Historical Chart Book. Issued annually in Sept. Joint Treasury-Federal Reserve Study of The Subscription to monthly chart book includes one Government Securities Market: Staff Stud­ issue. $1.25 each in the United States and countries ies—Part 1. 1970. 86 pp. $.50 each; 10 or more listed above; 10 or more to one address, $1.00 to one address, $.40 each. Part 2. 1971. 153 pp. each. Elsewhere, $1.50 each. and Part 3. 1973. 131 pp. Each volume $1.00; The Federal Reserve Act, as amended through De­ 10 or more to one address, $.85 each. cember 1971, with an appendix containing provi­ Open Market Policies and Operating Proce­ sions of certain other statutes affecting the Federal dures—Staff Studies. 1971. 218 pp. $2.00; 10 Reserve System. 252 pp. $1.25. or more to one address, $1.75 each. Regulations of the Board of Governors of the Reappraisal of the Federal Reserve Discount Federal Reserve System. Mechanism, Vol. 1. 1971. 276 pp. Vol. 2. 1971. Published Interpretations of the Board of Gov­ 173 pp. Vol. 3. 1972. 220 pp. Each volume $3.00 ernors, as of December 31, 1974. $2.50. each; 10 or more to one address, $2.50 each. Supplement to Banking and Monetary Statistics. The Econometrics of Price Determination Con­ Sec. 1. Banks and the Monetary System. 1962. ference, October 30-31, 1970, Washington, D.C. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 Oct. 1972. 397 pp. Cloth ed. $5.00 each; 10 or pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. more to one address, $4.50 each. Paper ed. $4.00 Sec. 6. Bank Income. 1966. 29 pp. $.35. Sec. each; 10 or more to one address, $3.60 each. 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. Federal Reserve Staff Study: Ways to Moderate 1962 . 64 pp. $.50. Sec. 11. Currency. 1963. 11 Fluctuations in Housing Construction, Dec. 1972. 487 pp. $4.00 each; 10 or more to one pp. $.35. Sec. 12. Money Rates and Securities address, $3.60 each. Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1962. 24 pp. $.35. Sec. 15. International Finance. 1962. Lending Functions of the Federal Reserve 92 pp. $.65. Sec. 16 (New). Consumer Credit. Banks: A History, by Howard H. Hackley. 1973. 1965. 103 pp. $.65. 271 pp. $3.50 each; 10 or more to one address, Industrial Production—1971 Edition. 1972. 383 $3.00 each. pp. $4.00 each; 10 or more to one address, $3.50 Introduction to Flow of Funds. 1975. 64 pp. $.50 each. each; 10 or more to one address, $.40 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications A 101 STAFF ECONOMIC STUDIES Revised Measures of Manufacturing Capacity Utilization. 10/71. Studies and papers on economic and financial subjects Revision of Bank Credit Series. 12/71. that are of general interest in the field of economic Assets and Liabilities of Foreign Branches of research. U.S. Banks. 2/72. Bank Debits, Deposits, and Deposit Turnover— Summaries Only Printed in the Bulletin Revised Series. 7/72. (Limited supply of mimeographed copies of full Yields on Newly Issued Corporate Bonds. 9/72. text available upon request for single copies) Recent Activities of Foreign Branches of U.S. Banks. 10/72. 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. Capacity Utilization in Major Materials Indus­ Household-Sector Economic Accounts, by David tries. 8/73. F. Seiders. Jan. 1975. 84 pp. Credit-Card and Check-Credit Plans at Commer­ cial Banks. 9/73. Printed in Full in the Bulletin Rates on Consumer Instalment Loans. 9/73. New Series for Large Manufacturing Corpora­ Staff Economic Studies shown in list below. tions. 10/73. REPRINTS Money Supply in the Conduct of Monetary Policy. 11/73. (Except for Staff Papers, Staff Economic Studies, and U.S. Energy Supplies and Uses, Staff Economic some leading articles, most of the articles reprinted do Study by Clayton Gehman. 12/73. not exceed 12 pages.) Capacity Utilization for Major Materials: Re­ Seasonal Factors A ffecting Bank Reserves. 2/58. vised Measures. 4/74. M easures of Member Bank Reserves. 7/63. Numerical Specifications of Financial Variables Research on Banking Structure and Perform­ and Their Role in Monetary Policy. 5/74. ance, Staff Economic Study by Tynan Smith. Banking and Monetary Statistics, 1973. Selected 4/66. series of banking and monetary statistics for 1973 A Revised Index of Manufacturing Capacity, only. 3/74 and 7/74. Staff Economic Study by Frank de Leeuw with Inflation and Stagnation in Major Foreign In­ Frank E. Hopkins and Michael D. Sherman. 11/66. dustrial Countries. 10/74. U.S. International Transactions: Trends in Revision of the Money Stock Measures and Mem­ 1960-67. 4/68. ber Bank Deposits. 12/74. Euro-Dollars: A Changing Market. 10/69. Changes in Time and Savings Deposits at Com­ Recent Changes in Structure of Commercial mercial Banks, April-July 1974. 1/75. Banking. 3/70. U.S. International Transactions in 1974. 4/75. Measures of Security Credit. 12/70. Monetary Policy in a Changing Financial Envir­ Monetary Aggregates and Money Market Con­ onment: Open Market Operations in 1974. ditions in Open Market Policy. 2/71. 4/75. Interest Rates, Credit Flows, and Monetary Ag­ The Structure of Margin Credit. 4/75. gregates Since 1964. 6/71. Changes in Bank Lending Practices, 1974. 4/75. Industrial Production— Revised and New Meas­ New Statistical Series on Loan Commitments at ures. 7/71. Selected Large Commercial Banks. 4/75. ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES1— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Approximate Date or period to Weekly releases release day which data refer Aggregate Reserves and Member Bank Deposits (H.3) Tuesday Week ended previous Wednesday Applications and Reports Received or Acted on and All Other Actions Friday Week ended previous of the Board (H.2) Saturday Assets and Liabilities of All Commercial Banks in the United Wednesday Wednesday, 2 weeks States (H.8) earlier 1 Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 Federal Reserve Bulletin □ June 1975 Approximate Date or period to Weekly releases (cont.) release day which data refer Capital Market Developments (H.16) Monday Week ended previous Friday Changes in State Member Banks (K.3) Tuesday Week ended previous Saturday Commercial and Industrial Loans Outstanding by Industry (H.12)2 Wednesday Wednesday, 1 week earlier Deposits, Reserves, and Borrowings of Member Banks (H.7) Wednesday Week ended 3 Wed­ nesdays earlier Factors Affecting Bank Reserves and Condition Statement of Federal Thursday Week ended previous Reserve Banks (H.4.1) Wednesday Foreign Exchange Rates (H.10) Monday Week ended previous Friday Money Stock Measures (H.6) Thursday Week ended Wednes­ day of previous week Reserve Positions of Major Reserve City Banks (H.5) Friday Week ended Wednes­ day of previous week Selected Interest and Exchange Rates—Weekly Series of Charts Thursday Week ended previous (H. 13) Saturday U.S. Government Security Yields and Prices (H.15) Monday Week ended previous Saturday Weekly Condition Report of Large Commercial Banks in New Thursday Previous Wednesday York and Chicago (H.4.3) Weekly Condition Report of Large Commercial Banks and Do­ Wednesday Wednesday, 1 week mestic Subsidiaries (H.4.2)3 earlier Weekly Summary of Banking and Credit Measures (H.9) Thursday Week ended previous Wednesday; and week ended Wed­ nesday of previous week Semimonthly and bimonthly releases Finance Rates and Other Terms on Selected Categories of Consumer 20th of month 2nd month previous Instalment Credit Extended by Finance Companies (J.3) Research Library—Recent Acquisitions (J.2) 1st and 16th Period since last re­ of month lease Monthly releases Assets and Liabilities of All Member Banks by Districts (G.7.1) 14th of month Last Wednesday of previous month Automobile Loans by Major Finance Companies (G.25) 7th working day 2nd month previous of month Automobile Instalment Credit Developments (G.26) 6th working day 2nd month previous of month Bank Debits, Deposits, and Deposit Turnover (G.6) 25 th of month Previous month Changes in Status of Banks and Branches (G.4.5) 25th of month Previous month Consumer Credit (G.19) 3rd working 2nd month previous day of month Consumer Instalment Credit at Commercial Banks (G.18) 4th working 2nd month previous day of month Federal Reserve System Memorandum on Exchange Charges (K.14) 5 th of month Period since last re­ lease 2On second Wednesday of month, contains monthly data (H. 12(B)). 3Contains revised H.4.3 data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications A 103 Approximate Date or period to Monthly releases (cont.) release day which data refer Finance Companies (G.20) 5 th working 2nd month previous day of month Finance Rate and Other Terms on New and Used Car Instalment 30th of month Previous month Credit Contracts Purchased from Dealers by Major Auto Fi­ nance Companies (G.ll) Foreign Exchange Rates (G.5) 1st of month Previous month Index Numbers of Wholesale Prices (G.8) 20th of month Previous month Industrial Production (G.12.3) 15th of month Previous month Interdistrict Settlement Fund (G.15) 15 th of month Previous month Interest Rates Charged on Selected Types of Bank Loans (G.10) 15th of month 2nd month previous Loan Commitments at Selected Large Commercial Banks (G.21) 20th of month 2nd month previous Maturity Distribution of Outstanding Negotiable Time Certificates 24th of month Last Wednesday of of Deposit (G.9) previous month Open Market Money Rates and Bond Prices (G.13) 6th of month Previous month Summary of Equity Security Transactions (G.16) Last week of Release date month U.S. Government Security Yields and Prices (G.14) 4th of month Previous month Quarterly releases Bank Rates on Short Term Business Loans (E.2) 18th of 1st 15 days of Febru March, June, ary, May, August, September, November December Capacity Utilization in Manufacturing (E.5) 21st of Jan­ Previous quarter uary, April, July, October Flow of Funds: Seasonally adjusted and unadjusted (Z.l) 'j 15th of Febru­ Previous quarter Seasonally adjusted only (Z.la) ary, May, Volume and Composition of Individuals’ Saving f August, (Flow of funds series) (E.8) J November Sales, Revenue, Profits, and Dividends of Large Manufacturing Corpo­ 10th of March, 2nd quarter previous rations (E.6) July, Septem­ ber, December Semiannual releases Assets and Liabilities of All Commercial Banks, by Class of Bank May and No­ End of previous De­ (E.3.4) vember cember and June Check Collection Services—Federal Reserve System (E.9) February Previous six and July months List of OTC Margin Stocks (E.7) June 30, De­ Release date cember 31 Assets, Liabilities, and Capital Accounts of Commercial and Mutual May and No­ End of previous De­ Savings Banks—Reports of Call (Joint Release of the Federal vember cember and June Deposit Insurance Corp., the Board of Governors of the Federal Reserve System, and Office of the Comptroller of the Currency. Published and distributed by FDIC.) Annual releases Bank Debits and Demand Deposits (C.5 and C.5a) March 25 Previous Year Member Bank Income (C.4) End of May Previous year State Member Banks of Federal Reserve System and Nonmember 1st quarter of End of previous year Banks that Maintain Clearing Accounts with Federal Reserve year Banks (G.4) (Supplements issued monthly) 15th of month Previous month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 Federal Reserve Bulletin □ June 1975 Index to Statistical Tables References are to pages A-2 through A-95 although the prefix “A” is omitted in this index (For list of tables published periodically, but not monthly, see inside back cover) ACCEPTANCES, bankers, 9, 25, 27 Demand deposits: Agricultural loans of commercial banks, 16, 18 Adjusted, commercial banks, 11, 13, 17 Assets and liabilities (See also Foreigners): Banks, by classes, 14, 17, 20, 21 Banks, by classes, 14, 16, 17, 18, 30 Ownership by individuals, partnerships, and cor­ Federal Reserve Banks, 10 porations, 24 Nonfinancial corporations, current, 41 Subject to reserve requirements, 13 Automobiles: Turnover, 11 Consumer instalment credit, 45, 46, 47 Deposits (See also specific types of deposits): Production index, 48, 49 Accumulated at commercial banks for payment of personal loans, 24 BANK credit proxy, 13 Banks, by classes, 14, 17, 20, 21, 30 Bank holding companies, banking offices and deposits Federal Reserve Banks, 10, 72 of group banks, Dec. 31, 1974, 76-79 Subject to reserve requirements, 13 Bankers balances (See also Foreigners) 16, 17, 20 Discount rates at Federal Reserve Banks (See Interest Banks for cooperatives, 38 rates) Bonds (See also U.S. Govt, securities): Discounts and advances by Reserve Banks (See Loans) New issues, 38, 39, 40 Dividends, corporate, 41 Yields and prices, 28, 29 Branch banks: EMPLOYMENT, 50, 52 Assets, foreign branches of U.S. banks, 70 Liabilities of U.S. banks to their foreign branches FARM mortgage loans, 42 and foreign branches of U.S. banks, 22, 71 Federal agency obligations, 9, 10, 11 Brokerage balances, 69 Federal finance: Business expenditures on new plant and equipment, 41 Receipts and outlays, 32, 33 Business indexes, 50 Treasury operating balance, 32 Business loans (See Commercial and industrial loans) Federal funds, 5, 16, 18, 21, 27 Federal home loan banks, 37, 38 CAPACITY utilization, 50 Federal Home Loan Mortgage Corporation, 37, 42, 43 Capital accounts: Federal Housing Administration, 42, 43, 44 Banks, by classes, 14, 17, 22 Federal intermediate credit banks, 37, 38 Federal Reserve Banks, 10 Federal land banks, 37, 38, 42 Central banks, 60, 75 Federal National Mortgage Assn., 37, 38, 42, 43, 44 Certificates of deposit, 22 Federal Reserve Banks: Commercial and industrial loans: Condition statement, 10 Commercial banks, 13, 16 U.S. Govt, securities held, 2, 10, 11, 34, 35 Weekly reporting banks, 18, 23 Federal Reserve credit, 2, 4, 10, 11 Commercial banks: Federal Reserve notes, 10 Assets and liabilities, 13, 14, 16, 17, 18 Federally sponsored credit agencies, 37, 38 Consumer loans held, by type, 45 Finance companies: Deposits at, for payment of personal loans, 24 Loans, 18, 46, 47 Loans sold outright, 25 Paper, 25, 27 Number, by classes, 14 Financial institutions, loans to, 16, 18 Real estate mortgages held, by type of holder and Float, 2 property, 42-44 Flow of funds, 56, 57 Commercial paper, 23, 25, 27 Foreign: Condition statements (See Assets and liabilities) Currency operations, 9, 10 Construction, 50, 51 Deposits in U.S. banks, 3, 10, 17, 21, 72 Consumer credit: Exchange rates, 75 Instalment credit, 45, 46, 47 Trade, 59 Noninstalment credit, 45 Foreigners: Consumer price indexes, 50, 53 Claims on, 66, 67, 68, 72, 73, 74 Consumption expenditures, 54, 55 Liabilities to, 22, 61, 62, 64, 65, 72, 73, 74 Corporations: Profits, taxes, and dividends, 41 GOLD: Security issues, 39, 40 Certificates, 10 Security yields and prices, 28, 29 Earmarked, 72 Cost of living (See Consumer price indexes) Reserves of central banks and govts., 60 Currency and coin, 3, 16 Stock, 2, 59 Currency in circulation, 3, 12 Government National Mortgage Assn., 42 Customer credit, stock market, 29, 30 Gross national product, 54,'55 DEBITS to deposit accounts, 11 HOUSING permits, 50 Debt (See specific types of debt or securities) Housing starts, 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 105 References are to pages A-2 through A-95 although the prefix “A” is omitted in this index INCOME, national and personal, 54, 55 Production, 48, 49, 50 Income and expenses: Profits, corporate, 41 Insured commercial banks, 80 Member banks, 80-95 REAL estate loans: Industrial production index, 48, 49, 50 Banks, by classes, 16, 18, 30, 42 Instalment loans, 45, 46, 47 Mortgage yields, 43, 44 Insurance companies, 31, 34, 35, 42, 44 Type of holder and property mortgaged, 42-44 Insured commercial banks, 14, 16, 17, 24, 80 Reserve position, basic, member banks, 5 Interbank deposits, 14, 20 Reserve requirements, member banks, 7 Interest rates: Reserves: Bond and stock yields, 28 Central banks and govts., 60 Business loans of banks, 26 Commercial banks, 17, 20, 22 Federal Reserve Banks, 6 Federal Reserve Banks, 10 Foreign countries, 74, 75 Member banks, 3, 4, 13, 17 Money market rates, 27 U.S. reserve assets, 59 Mortgage yields, 43, 44 Residential mortgage loans, 43, 44 Prime rate, commercial banks, 26 Retail credit, 45, 46, 47 Time and savings deposits, maximum rates, 8 Retail sales, 50 International capital transactions of U.S., 61-74 International institutions, 60-64, 66, 67-69, 73 SAVINGS: Inventories, 54 Flow of funds series, 56, 57 Investment companies, issues and assets, 40 National income series, 54, 55 Investments (See also specific types of investments): Savings and loan assns., 31, 35, 42, 44 Banks, by classes, 14, 16, 19, 30 Savings deposits (See Time deposits) Commercial banks, 13 Savings institutions, principal assets, 30, 31 Federal Reserve Banks, 10, 11 Securities (See also U.S. Govt, securities): Life insurance companies, 31 Federally sponsored agencies, 37, 38 Savings and loan assns., 31 International transactions, 68, 69 New issues, 38, 39, 40 LABOR force, 52 Yields and prices, 28, 29 Life insurance companies (See Insurance companies) Special Drawing Rights, 2, 10, 58, 59 Loans (See also specific types of loans): State and local govts.: Banks, by classes, 14, 16, 18, 30 Deposits, 17, 20 Commercial banks, 13, 14, 16, 18, 23, 25, 26 Holdings of U.S. Govt, securities, 34, 35 Federal Reserve Banks, 2, 4, 6, 10, 11 New security issues, 38, 39 Insurance companies, 31, 44 Ownership of securities of, 16, 19, 30 Insured or guaranteed by U.S., 42, 43, 44 Yields and prices of securities, 28, 29 Savings and loan assns., 31 State member banks, 15, 24 Stock market credit, 29, 30 MANUFACTURERS: Stocks (See also Securities): Capacity utilization, 50 New issues, 39, 40 Production index, 49, 50 Yields and prices, 28, 29 Margin requirements, 8 Member banks: TAX receipts, Federal, 33 Assets and liabilities, by classes, 14, 16, 17 Time deposits, 8, 13, 14, 17, 21, 22 Borrowings at Federal Reserve Banks, 4, 10 Treasury currency, Treasury cash, 2, 3 Income and expenses, 80-95 Treasury deposits, 3, 10, 32 Number, by classes, 14 Treasury operating balance, 32 Reserve position, basic, 5 Reserve requirements, 7 UNEMPLOYMENT, 52 Reserves and related items, 2, 4, 13 U.S. balance of payments, 58 Mining, production index, 49 U.S. Govt, balances: Mobile home shipments, 51 Commercial bank holdings, 17, 20 Money market rates (See Interest rates) Member bank holdings, 13 Money stock and related data, 12 Treasury deposits at Reserve Banks, 3, 10, 32 Mortgages (See Real estate loans and Residential mort­ U.S. Govt, securities: gage loans) Bank holdings, 14, 16, 19, 30, 34, 35 Mutual funds (See Investment companies) Dealer transactions, positions, and financing, 36 Mutual savings banks, 20, 30, 34, 42, 44- Federal Reserve Bank holdings, 2, 10, 11, 34, 35 Foreign and international holdings, 10, 66, 68, 72 NATIONAL banks, 14, 24 International transactions, 66, 68 National defense expenditures, 33 New issues, gross proceeds, 39 National income, 54, 55 Open market transactions, 9 Nonmember banks, 15, 16, 17, 24, 80 Outstanding, by type of security, 34, 35 Ownership, 34, 35 OPEN market transactions, 9 Yields and prices, 28, 29 Utilities, production index, 49 PAYROLLS, manufacturing index, 50 Personal income, 55 VETERANS Administration, 43, 44 Prices: Consumer and wholesale commodity, 50, 53 WEEKLY reporting banks, 18-22 Security, 29 Prime rate, commercial banks, 26 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories 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