Federal Reserve Bulletin, 1976-01

JANUARY 1976 FEDERAL RESERVE BULLETIN V Recent Labor Market Developments Industrial Electric Power Use An Assessment of Bank Holding Companies Changes in Time and Savings Deposits, April-July 1975 Foreign Exchange Operations: Interim Report 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, its possessions, Canada, and Mexico 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 NUMBER 1 • VOLUME 62 • JANUARY 1976 CONTENTS 1 Recent Labor Market Developments A1 Financial and Business Statistics 11 Industrial Electric Power Use A1 Contents A2 U.S. Statistics 15 Staff Economic Study: An Assessment A58 International Statistics of Bank Holding Companies A76 Board of Governors and Staff 22 Changes in Time and Savings Deposits at Commercial Banks, A78 Open Market Committee and Staff; April-July 1975 Federal Advisory Council 29 Foreign Exchange Operations: A79 Federal Reserve Banks and Branches Interim Report A80 Federal Reserve Board Publications 31 Membership of the Board of Governors of the Federal Reserve System A82 Index to Statistical Tables 33 Statement to Congress A84 Map of Federal Reserve System 38 Record of Policy Actions Inside Back Cover: of the Federal Open Market Committee Guide to Tabular Presentation Statistical Releases: Reference 45 Law Department 65 Announcements 69 Industrial Production PUBLICATIONS COMMITTEE Lyle E. Gramley Joseph R. Coyne John M. Denkler George B. Henry Frederic Solomon 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 R. Rowe. Editorial support is furnished by the Economic Editing Unit headed by Elizabeth B. Sette. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Labor Market Developments This article was prepared in the Wages, Prices, to June 1975. From June to December 1975 and Productivity Section of the Division of Re- employment recovered three-fifths of this loss. search and Statistics. Expectations significantly influenced the size and timing of the employment cycle. It seems During the past year and a half, developments likely that many employers were misled—in in the labor market have reflected the severe part by rising prices and consequently high recession that began in late 1973 and the recov- inventory profits—into believing that the ery in economic activity under way since the weakness of final sales in 1974 was only a spring of 1975. The rate of decline in payroll temporary pause associated with the oil ememployment during the cyclical downswing was bargo. Recalling the shortages that had characless than that in 1957-58, but growth in the terized the end of the 1970-73 expansion, firms labor force remained uncharacteristically strong typically maintained employment and consefor a recessionary period and unemployment quently built up their stocks in anticipation of reached a postwar high. While the subsequent a quick return to strong demand. increase in employment was about normal for It was not until late 1974, when it finally the initial phase of a recovery, unemployment was clear that the weakness in economic was still extensive at the end of the year. Nev- activity was becoming widespread, that emertheless, this substantial slack did little to re- ployers dramatically reduced orders and produce the rapid rate of wage increases. The duction in an effort to cut costs. Jobs were unusual behavior of both wages and the labor eliminated at a rapid rate during this period, force appears to have been in large part a signaling a special effort to reduce inventory response to the record postwar inflation that had holdings. This strategy met with success as final seriously eroded real incomes. sales picked up early in 1975; the pace of Nonfarm payroll employment fell 2.5 mil- inventory liquidation in the second quarter lion, seasonally adjusted, from September 1974 reached the highest rate, relative to gross na- Selected economic indicators Millions of persons Per cent Percentage change from year earlier 12 9 7 10 5 j i i i 1973 1974 1975 1973 1974 1975 1973 1974 1975 BLS data, seasonally adjusted. Civilian labor force, em- data. Consumer price and hourly earnings indexes represent 4 ployment, and unemployment rates are monthly household percentage change from same month a year earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 Federal Reserve Bulletin • January 1976 Real Real tended to lag behind the rapid increase in prices, final sales business inventories and pressure grew for catch-up adjustments. Percentage change Change, billions of 1958 dollars Consequently, wage gains continued to be large in late 1974 and throughout 1975. Unit labor costs also rose rapidly until the second half of 1975 when productivity growth rebounded in the initial phase of the recovery. EMPLOYMENT Late in 1974 when the expected recovery in sales failed to materialize, firms responded with 10 20 massive layoffs. Private nonfarm payroll emt r t 1973 1974 1975 1973 1974 1975 ployment declined sharply, by more than 2.9 Commerce Dept. data, seasonally adjusted. Real final sales million from September 1974 to June 1975—the represents percentage change at an annual rate. Real total largest absolute 9-month drop of the postwar business inventories represents absolute change at an annual rate. period. The job loss occurred almost wholly among industrial workers since the trade and tional product, of the period since World service industries were less affected by the War H. downturn in demand. In contrast to the decline On the supply side, the labor market also was in the private sector, public employment rose affected by the rapid pace of inflation—chiefly by nearly 400,000 over the same period—only through the erosion of real earnings. At least slightly less than in the previous 9 months. The two facets of the resulting trends were somewhat increase was wholly among State and local unexpected with slack business conditions. governments, and more than half of this gain First, labor force participation remained near was the result of the Federally funded publicits postwar peak, and gains in the labor force service jobs program. remained unusually large during the recession The industrial pattern of the decline in emwhen discouragement about bleak job prospects ployment was determined largely by a low level would normally reduce job-search activity. This of demand for new residential housing and aucontinued high level of participation was in tomobiles. A change in demand in either inlarge part due to the general erosion of real dustry has a pervasive impact on employment. income since late 1973. puring 1974-75 partic- For every job in the housing industry, it is ipation increased among second earners in the estimated that there are 1.5 associated jobs household, who were apparently attempting to elsewhere in the economy; for each job in motor supplement real family incomes that had been vehicle manufacturing, there are about 1.75 reduced by inflation and in many instances by related jobs in other industries. the loss of employment by the principal wage The contraction of the construction industry earner. The role that relatively high participation as a whole dates from early 1973 when the in the secondary labor force played in raising effects of increased costs, tight credit, and the unemployment rate is evidenced by the fact overbuilding began to be felt, particularly in the that, while the over-all rate was higher, the residential sector. The economic downturn exjobless rate for adult males in 1975 remained acerbated the situation, bringing the residential below its peak level reached in 1958. building industry to a more depressed level than Second, despite widespread unemployment, in any other postwar recession. By the end of workers demanded and often received excep- 1974 housing starts had fallen to a 30-year low. tionally large wage increases. Wages, which More than one-half million jobs in contract normally do not change more than once a construction were lost in the 9 months between year and often are set by multiyear contracts, September 1974 and June 1975; employment in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Labor Market Developments 3 the building trades had already fallen by nearly Cyclical comparisons in employment 180,000 in the previous 9-month period. Millions of persons The decline in auto sales also began in late 21 1973, due to a complex of causes including caution resulting from the energy crisis and prospective fuel shortages, substantial price increases, and falling real incomes. As sales dropped further in late 1974, auto stocks rose accordingly, to more than 100 days' supply in November or nearly twice the level typically considered desirable. The auto makers responded to the decline in demand by cutting production, and jobs in the motor vehicle industry were reduced by nearly 300,000—about a quarter of that industry's total labor force— from late 1973 to the winter of 1975. As is characteristic of cyclical declines in i i i i i » i t i t i t i \ i » i i t i i t i i » t Auto and construction employment Months before Peak Months after Millions of units Millions of persons BLS monthly payroll employment data, seasonally adjusted. economic activity, reductions in employment 1.0 were concentrated in manufacturing. From September 1974 to the following June, the number of factory jobs fell by 2 million—a sharper 9-month rate of decline than in the 1957-58 recession. The relative severity of the 1974-75 decline was due to an exceptionally large adjustment by manufacturers of nondurable goods. Employment in this sector fell by nearly 600,- 000 over the 9 months, about twice the rate of decline over a comparable period in 1957-58. Millions of units Millions of persons While more than half of the total 2.5 million net decline in total payroll employment between Construction employment September and June occurred in durable goods manufacturing, the rate of decrease in this sector was less than in 1957-58. Losses were widespread by industry ; only the petroleum and coal products and tobacco industries escaped significant reductions in employment. In contrast to the employment declines in the Total housing starts goods-producting sectors, the number of jobs in the service-producing sectors remained relatively stable. The rate of increase of employment in services decelerated in late 1974, and 1973 J97£. 1975 there were modest declines in several other industries—particularly trade and transportation Employment data from BLS payroll survey. Motor vehicle employment represents quarterly averages, not seasonally ad- and public utilities. However, steadily expandjusted; construction employment represents seasonally adjusted quarterly averages. New auto sales are F.R. data, seasonally ing government employment offset those losses. adjusted at an annual rate. Total private housing starts are Dept. of Commerce data, seasonally adjusted at an annual rate. Part of the increase in government payrolls was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 Federal Reserve Bulletin • January 1976 due to an estimated net addition of more than were widespread by industry. In contrast, the a quarter of a million jobs in State and local building industry remained depressed, and congovernments after the passage of the Emergency struction employment showed virtually no re- Jobs and Unemployment Assistance Act in De- covery in 1975. cember 1974. In contrast, service-producing Employment in service businesses continued employment actually had declined in the to expand in 1975. Among private services, 1957-58 recession when there was no Federally medical and health care payrolls experienced the sponsored jobs program. most rapid growth—about 200,000 jobs over the year. In the public sector, the New York City fiscal crisis may have dampened somewhat the Composition of employment changes growth of State and local government payrolls Millions of persons late in the year. However, bolstered by publicservice employment, State and local jobs continued to expand at a rate that, while below the Services unusually rapid pace of 1972-74, was similar Government to growth during the 1969-71 period. anufacturing: Durable Nondurable LABOR SUPPLY Construction AND UNEMPLOYMENT Trade Other private Total labor force participation did not decline during or immediately after the economic contraction, as would have been expected from past BLS monthly payroll employment data, seasonally adjusted. "Construction" in the recovery period included in "Other experience, even though the unemployment rate private." reached 8.9 per cent in the second quarter of During the second quarter of 1975 the econ- 1975—a postwar record high. Between the omy began to recover. Increased retail sales— stimulated by price rebates and concessions Annual rates of growth of the labor force early in 1975 and further bolstered by the Tax Per cent Reduction Act passed in the spring—reduced 74 Q4 -75 Q4 inventories; as a result, production, and subse- ~ '69 Q4 -'74 Q4 quently jobs, began to increase. The over-all increase of 1.5 million in total payroll employment between the June 1975 low and the end of the year was comparable in relative terms to the 1.0 million rise in jobs recorded in the first 6 months after the employment trough in 1958. Employment gains among goods producers occurred first in nondurable manufacturing and later in durable manufacturing. Between the low point in March 1975 and the end of the year, more than half of the 660,000 jobs that had been lost in nondurable manufacturing were regained—led by substantial increases in textiles and apparel. By year-end, employment in factories producing durable goods had increased by BLS household data, seasonally adjusted. Rates of change from 1969 Q4 to 1974 Q4 and from 1952 Q4 to 1957 Q4 almost 230,000 from its low in July 1975, less are compounded annual rates. Total is persons aged 16 and over; men, males aged 20 and over; women, females aged than a fifth of the recession loss, as modest gains 20 and over; and teenagers, both sexes aged 16 to 19 years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Labor Market Developments 5 fourth quarter of 1974 and the fourth quarter cational opportunities may have been a signifiof 1975, the civilian labor force grew by 1.6 cant influence. However, discouragement about per cent. Although this rate of growth was poor employment prospects probably explains below recent trends, it was well above the rate the bulk of the 1975 drop in the labor force during 1957-58. Unlike that earlier period when participation rate for adult men. the economic decline slowed the labor force Continued rapid growth in the labor force in growth of all major age-sex groups, an acceler- a period of declining demand for labor pushed ation in the labor force growth among adult the unemployment rate to its highest level of women occurred in 1975. the postwar period. The jobless rate began to A likely explanation of this unusual behavior rise rapidly at the end of 1974 in the initial phase is the erosion of average real income that re- of the inventory cycle, and it peaked at 8.9 per sulted from the rapid inflation—real per capita cent in the second quarter of 1975. From the disposable income declined by 6 per cent from third quarter of 1974 to the second quarter of the fourth quarter of 1973 to the first quarter 1975 the unemployment rate rose 3.4 percentage of 1975. If lower family living standards are points. This was slightly more than the increase to be avoided, the adjustments potentially open from peak to trough during the deep recession to households experiencing such a decline are of 1957-58. threefold: to reduce family assets, to increase As the recent contraction in business activity borrowing, and to increase family participation progressed, the make-up of unemployment in the labor force. The first two of these options changed. Typical of a recession, the proportion are not readily available to many households, of the unemployed who had lost their last job but the third adjustment often is. A recession rose to over a half while the proportions of job accompanied by large price increases therefore leavers, entrants, and re-entrants fell. The decan be expected to induce increased partici- mographic characteristics of the unemployed pation of secondary labor force groups, perhaps were determined largely by the composition of offsetting the tendency in times of high job- the growth of the labor force and by the induslessness for people to become discouraged and trial impact of the recession. Although jobless to stop looking for work. rates nearly doubled for the more stable and The desire to augment falling real income experienced members of the labor force—as may thus account for the further rise in the labor represented by adult men—they were still below force participation of women during the recent their 1957-58 peaks. In contrast, the jobless recession. Women aged 25 and over entered the rates among second earners in the household— labor force more rapidly than any other group as illustrated by adult women and teenagers— of workers in 1975, and a similar pattern held reached postwar highs. for women in their early twenties. For teen- As noted earlier, the manufacturing and conagers, on the other hand, lack of job opportu- struction industries were most severely affected nities did curtail labor market activity. Although by the economic downturn. Therefore, bluethe size of the 16- to 19-year-old labor force collar workers experienced a dramatic rise in fluctuated widely during 1974 and 1975, it dis- unemployment—from 6 per cent in the first played a downward trend in the period of con- quarter of 1974 to 12.9 per cent during the tracting business activity. second quarter of 1975. The rise in white-collar The rate of participation in the labor force joblessness, on the other hand, was moderate. by adult males continued to fall over the Unemployment rates were highest during the 1974-75 period—especially among black and 1974-75 recession among those labor force older men. Although the reasons for this decline groups traditionally at the end of the job queue. are not clear, some hypotheses may be offered. The jobless rate among teenagers, which has Recent improvements in public and private been drifting upward over the past two decades, pension plans may account for an early depar- reached one-fifth of all 16- to 19-year-olds in ture of older men from the labor force. Among the labor force in 1975. Rates of job loss during young black men, more readily available edu- the recession were relatively greatest among Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Labor Market Developments 10 PRODUCTIVITY Productivity and costs AND LABOR COSTS change from previous quarter Growth in output per hour typically decelerates toward the end of an expansion as production bottlenecks appear; in a recession, outright declines are frequently encountered as employment cutbacks lag reductions in production. Many firms are reluctant to make large cutbacks in their work forces for several reasons—the high cost of employment cuts, technical requirements of production, and imperfect information. The decline in productivity from 1973 to early 1975, however, is without precedent in the postwar period. Output per hour in the private nonfarm sector fell for eight consecutive quarters ending with the first quarter of 1975, for a total decline of 4.8 per cent, leaving labor productivity well below its long-term trend. While this long decline may have been exaggerated by a possible overdeflation of real output BLS data, seasonally adjusted. Percentage change from in the national accounts, it is likely that a previous quarter at compounded annual rate. significant portion was due to the large degree of labor "hoarding" during late 1973 and 1974. Firms may have retained workers in the face in an outright decline in the third—the first drop of reduced demand in part because the typical in unit labor costs since the second quarter of inducement in a recession to cut costs—falling 1972. Because the growth in output per hour profits—was weakened by the impact of rapidly moderated in the fourth quarter and labor comrising prices on nominal profits. In addition, the pensation continued to increase strongly, unit decline in output per hour may have been ex- labor costs resumed their rise toward the end acerbated directly by the energy crisis. Since of 1975, albeit at a slower pace than in the compensation per hour was increasing rapidly previous year. throughout this period of falling productivity, unit labor costs rose sharply—up by a postwar record of 14 per cent in the private nonfarm WAGES economy in 1974. In the initial phase of a recovery, however, Perhaps the most glaring labor market anomaly the reverse of the process described above of the past year has been simultaneous high occurs; that is, both workers and equipment are unemployment and continued rapid wage inused more intensively, and productivity rises. creases. Even though the jobless rate averaged As a result, output per hour rose sharply with 8.5 per cent in 1975, the average hourly earnthe recovery in the second and third quarters ings index for production or nonsupervisory of 1975—up at annual rates of 5.7 per cent and workers in the private nonfarm sector—adjusted 11.1 per cent, respectively. The turnabout in for changes in the interindustry distribution of productivity growth, coupled with a somewhat employment and in manufacturing overtime— more moderate increase in compensation, re- rose by 8.1 per cent. Although this rate of wage sulted in a substantial deceleration in the rise gain was moderately below the 9.3 per cent of unit labor costs in the second quarter and recorded in 1974, it remained well above that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 Federal Reserve Bulletin • January 1976 of any other year since the series was begun While it is clear that wages are quite sensitive in 1964. This high rate of wage increase even to movements in prices, high unemployment did in a severe recession illustrates the importance appear to exert some downward pressure on of prices in a wage-determination process in wages in 1975. Although wages in manufacwhich many workers receive full cost-of-living turing continued to increase rapidly, up 8.8 per wage adjustments regardless of the state of the cent last year, the rate of gain decelerated from labor market. Backing up demands for catch-up the 10.3 per cent rate in 1974. In the conwage adjustments are factors such as the exer- struction industry, where the jobless rate cise of collective power, management's fears of averaged 19 per cent in 1975, wages moderated falling morale among workers with consequent more significantly. Largely in response to this lost productivity, and employer habit. unemployment and to union fears of nonunion Strong trade unions, for example, are likely competition, the earnings index in construction to be able to maintain real wage rates—albeit rose by 5.9 per cent in 1975, down from the often after a significant delay—in periods of 7.8 per cent rate in 1974. simultaneous high joblessness and rapid infla- In contrast, unemployment in mining was low tion. Wage increases in major collective bar- because of the resurgence in the demand for gaining agreements—those covering 1,000 or coal, which helped the mine workers achieve more workers and typically negotiated by the a large wage settlement in December 1974. more powerful labor organizations—were Consequently, the hourly earnings index for this somewhat larger in 1975 than in the previous industry rose by more than 12 per cent in 1975. year despite the dramatic rise in unemployment. While wage pressures were also strong in the For the first three quarters of 1975 wage adjust- trade and service industries—the less organized ments averaged 10.3 per cent for the first con- sectors of the labor market—wages increased tract year and 7.8 per cent annually (excluding at a slower rate than in the more unionized cost-of-living escalation) over the life of the sectors. Furthermore, the combined increase for agreement; these compared with 9.8 per cent trade and services of 7.7 per cent last year was (first year) and 7.3 per cent (life of contract) smaller than their 9 per cent rise in 1974. in all of 1974. Sectoral wage changes Fringe benefits continued to rise faster than wages in 1975; first-year wages and benefits Hourly earnings index combined (in contracts covering 5,000 or more Percentage change from year earlier workers) increased by 11 per cent over the first three quarters—up slightly from 10.7 per cent the previous year. However, since relatively few Manufacturing workers bargained during 1975, negotiated first-year wage increases did not exert so large an impact on average wages as they had in the previous year. Less than 3 million workers were covered by major negotiations conducted in 1975, whereas the total for 1974 had been 5 million. The rapid inflation also caused union leaders to look ahead, and there was a movement toward the greater use of cost-of-living escalators. In the first three quarters of 1975, new escalator clauses were negotiated in 76 agreements covering 586,000 workers, primarily in 1973 1974 1975 the railroad industry. Escalator clauses now BLS data, seasonally adjusted. Percentage change from same cover about 58 per cent of all workers in major month a year earlier. Average hourly earnings of production bargaining units. or nonsupervisory workers adjusted for overtime in manufacturing and interindustry employment shifts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Labor Market Developments 9 PERSONAL INCOME fourth quarter of 1973 to the first quarter of 1975. Then it rose 3 per cent over the remainder Despite the severity of the recent recession, of the year, principally because of the Tax nominal personal income has risen by 9 per cent Reduction Act passed in the spring, the recovery over the past year. Price-induced wage increases in economic activity, and some moderation in dampened the decline in wage and salary disthe rate of inflation. In the 1957-58 recession bursements that usually accompanies a severe the movements in real per capita disposable contraction in business activity and checks the income had been less severe; from the third growth in personal income. Private wage and quarter of 1957 to the trough in the second salary payments, which fell by more than 4 per quarter of 1958, this measure of income fell 2.2 cent during the 1957-58 recession, dropped at per cent. only half that rate during the current cycle. The With inflation continuing to decelerate from behavior of interest receipts and transfer payits extraordinary pace in 1974-75, the recovery ments also contributed to the relatively strong in real income that began last year should properformance of personal income in this recesceed into 1976. Such a recovery in income, sion. Due to inflation-induced high nominal along with a lessening of consumer and business rates, interest receipts rose at a 15.1 per cent caution that typically accompanies rapid inflaannual rate from September 1974 to June 1975 tion, should encourage a further expansion of compared with an increase of 5.0 per cent economic activity and a consequent reduction between August 1957 and April 1958. Transfer in unemployment. payments have doubled in importance as a component of personal income over the past two decades, and between September 1974 and July MAJOR 1975 these payments rose at an annual rate of GOVERNMENT PROGRAM 25 per cent. Finally, government wages and RESPONSES TO THE RECESSION salaries, which represent a larger proportion of total income than in 1957, served to maintain Countercyclical policy initiatives on the part of personal income over the recent downturn. State the Federal Government played a significant role and local government employment continued to in mitigating the severity of the 1974-75 recesrise over the 1974-75 period, and public dis- sion. New or enlarged programs to create new bursements in nominal terms increased more public service jobs for the unemployed, to exrapidly than in 1957-58. tend the duration and coverage of unemploy- When personal income is adjusted for the rise ment insurance, and to cut taxes were promptly in consumer prices, however, its movement authorized and implemented, and these strongly over the recent cycle more closely resembles buttressed the automatic increases in transfer the 1957-58 experience. Real personal income payments triggered by rising unemployment. fell over the downswing of the cycle and then evidenced growth in the recovery period. From JOB CREATION September 1974 to June 1975, personal income in constant dollars fell at an annual rate of 0.4 The first major antirecession bill was the Emerper cent; from June to the end of the year, it gency Jobs and Unemployment Assistance Act rose by 1.3 per cent. of December 1974, which authorized expendi- It is noteworthy that the income tax system, tures of an additional $2.5 billion for public which normally acts as an automatic countercy- service jobs. Together with money available clical influence on income, failed to have that under the Comprehensive Employment and effect during the 1974-75 downturn as nominal Training Act of 1973, this authorization permitincome—and therefore taxes—continued to ted the staffing of some 320,000 public service rise. Real per capita disposable income, which jobs in State and local governments. Even asadjusts for the effects of taxes, prices, and popu- suming a generous allowance for offsets to norlation growth, declined 6 per cent from the mal hiring, this program probably accounted for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 Federal Reserve Bulletin • January 1976 half of the rise of 570,000 in State and local 1975. Between the third quarter of 1974 and jobs during 1974. the third quarter of 1975 disbursements to unemployed workers nearly tripled from an annual rate of $6.5 billion to $18.7 billion. Because UNEMPLOYMENT BENEFITS joblessness remained high after the recovery The Emergency Jobs and Unemployment As- began, over-all payments of unemployment sistance Act also temporarily broadened cover- benefits had declined only moderately by the end age and extended benefits available under the of the year. unemployment insurance system. The maximum duration of benefits was temporarily ex- TAX CUT tended, first to 52 weeks and later to 65 weeks. By year-end, more than 1.1 million persons, The second major initiative to combat recession who otherwise would have exhausted their ben- was the Tax Reduction Act of 1975, which efits, were continuing to receive income support reduced Federal income tax rates for 1975, under the extended benefits programs. Also, provided a one-time rebate on 1974 income individuals with work experience not covered taxes, and provided a $50 cash payment to under existing State laws were granted tempo- social insurance recipients. The cash payments rary eligibility for up to 39 weeks of unemploy- boosted personal income and stimulated conment insurance benefits. Extended coverage sumer spending during the second and third provided assistance to almost 700,000 workers quarters of the year. at the peak and still involved payments to about Together with other public and private activi- 300,000 workers at year-end. ties, the major programs outlined above pro- The large volume of unemployment insurance vided support during the contraction, shortened outlays had a visible impact in sustaining over- its duration, and, ultimately, encouraged and all income and purchasing power throughout strengthened the rebound. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 Industrial Electric Power Use New monthly data The Federal Reserve System's monthly series tute (EEI), and the Federal Power Commission on industrial electric power are described in this (FPC). The data represent a sample that acarticle. The data underlying these series will be counted for about 80 per cent of total known published regularly, following the Standard In- industrial use of electricity in 1967—the most dustrial Classification (SIC), as a supplement to recent period for which comprehensive data are the Federal Reserve monthly release on Indus- available on use of electric power by industrial trial Production (G.12.3). These series were establishments. developed to strengthen the current statistics To develop these data as indicators of proavailable for analyzing and measuring changes duction in IP, it has been necessary to collect in industrial production (IP) and were intro- statistics on total monthly kilowatt-hours (kwh) duced in the IP compilations during the 1971 used by U.S. industry—manufacturing, mining, general revision.1 and utility establishments. The statistics are In addition to their use in the IP index, the based on reports of power sold by electric utilipower data provide current measures of changes ties (including large cooperatives and governin national resource utilization and are of special ment agencies—such as Bonneville, the Teninterest because of the major shifts in the energy nessee Valley Authority, and municipally situation over the past 3 years. Total electricity owned utilities—as well as investor-owned generation, of which the portion consumed for companies), of power used by utilities, and of industrial purposes accounts for approximately power generated by industrial plants. These data one-half, absorbs about one-fifth of total U.S. have been coded by type of industrial establishgross energy input. ment according to the 1967 edition of the SIC and compared with Census Bureau reports and other comprehensive sources for adequacy of ELECTRIC POWER REPORTS coverage. Monthly movements in these data are re- Basic reports on electric power have been under viewed and edited to eliminate irregular changes development since the late 1950's by the staffs due to inappropriate reports, and the results are of the Board of Governors and of the 12 Federal available by early in the second month following Reserve Banks in cooperation with electric utilthe reference month. The preliminary individual ities, industrial plants, the Edison Electric Insti- IP series—based on physical products, kwh, and manhours—are published the middle of the NOTE.—This article was written by James Moyers, and Clayton Gehman, Chief, of the Business Conditions month. These preliminary series are available Section of the Board's Division of Research and Statis- one month after the release of the advance tics. estimates of IP, which provide data only for the 1A description of the 55 individual monthly electric major market and industry groups and for the power series used, their characteristics, and adjustments in IP appeared in Industrial Production—1971 Edition total index.2 (Board of Governors of the Federal Reserve System, Washington, D C., Nov. 1972), pp. 32-37. An advance showing of the entire F.R. electric power sample, pro- 2 The monthly kwh series used in IP as production viding quarterly averages by major market groups, ap- indicators include less than two-fifths of the total F.R. peared in a staff study of U.S. energy (Dec. 1973 F.R. data on electric power. The kwh series used in the IP BULLETIN, Chart 16). Since that time these power index are compiled with individual adjustment factors figures for individual industries have been extensively to independent annual production levels, and their patreviewed and edited, and they are being used in another tern of behavior is often different from fluctuations in general revision of IP now under way. the total electric power data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 Federal Reserve Bulletin • January 1976 Electric power Ratio scale, 1963=100 IP is the currently published index converted to a 1963 base. The total electric power series is a combination of power sold and power used by utilities, and power generated by industrial plants excluding sales to utilities, shown in the lower panel for monthly and quarterly intervals. Data are seasonally adjusted, latest monthly data, September 1975; quarterly, 1975 Q3. The new total electric power series is shown less than 0.2 per cent of the total revised IP in the accompanying chart with separate data in 1967. for electric utility sales and power generated by Utility sales to industry (lower panel of chart) industrial plants for their own use. In general, have shown substantial growth and cyclical total electric power use has moved similarly to variation. Industrial generation—accounted for IP, as shown in the top panel of the chart. The largely by the heavy power-using establishments correspondence is closer when allowance is made in the aluminum, cement, chemical, paper, and for the behavior of power used by the Energy steel industries—has shown relatively little Research and Development Administration growth over the period 1963-74, although it has (ERDA) to produce nuclear materials.3 Power exhibited some of the same general cyclical consumption by ERDA, which has at times movements as the utility component. During the moved quite differently from other industrial recent economic downturn, however, the indususe, is an important component of total electric trial generation series showed a relatively larger power—5.3 per cent in 1967. However, produc- decline as a result of the sharpest curtailments tion by ERDA of nuclear materials (classified in output of industrial materials since the in the chemical industry—SIC 2819) represented 1957-58 recession. Data on sales by utilities to industrial users in 1967 accounted for about four-fifths of the 3 These movements will be even more similar when Federal Reserve electric power sample data. the results of the general revision of the IP index are published. Detailed comparative data and the discussion These sales data are reported by utilities on the of relative changes in production and kwh use are basis of their monthly kwh billings to major provided in F.R. staff studies and in Census Bureau industrial plants, and in general the sales are benchmark production index publications relating to the years 1954, 1958, 1963, and 1967. classified separately for each of the SIC 3-digit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Electric Power Use 13 and for five of the largest 4-digit power-using they would amount to about 1 per cent. The industries. The remaining portion of the electric' monthly FPC reports by industry are for total power data is based on monthly reports of industrial generation, however, so review of the industrial plants—also classified by SIC—that individual series is necessary to reduce the posgenerate their own power. Data from both the sible overstatement of generation by industrial electric utilities and most industrial generators plants for their own use. are reported on a broad geographic basis to the In order to minimize downward bias, which 12 Federal Reserve Banks.4 can develop in a statistical series because of the under-reporting of new establishments, utilities are requested to add reports for any new indus- SCOPE AND LEVELS trial plants that begin to consume large amounts The utility component of the Federal Reserve of electricity. Annual average changes in the electric power data constitutes more than three- combined Federal Reserve data for utility sales fourths of the total amount of electricity pur- and for industrial generation by manufacturing chased by industrial establishments in 1967. establishments are sufficiently representative of This component, however, is not equivalent to the totals reported by the Census Bureau's Anthe monthly data reported by the FPC for utility nual Survey of Manufactures that adjustments sales to "industrial" customers. The FPC clas- are not required. sification is assigned to large accounts of pri- All combinations of data to be regularly pubvately operated customers and includes large lished, as noted later, are based on the aggregate commercial and irrigation accounts that are ex- amounts of kwh used. The indexes shown in pressly excluded from the Federal Reserve the chart and for detailed publication are thus monthly data reported by utilities. Small, pri- "self-weighted" without adjustment for difvately operated industrial accounts are included ferences in coverage. in the FPC classification for utility sales to 4 4 commercial'' customers. CLASSIFICATIONS The industrial generation component of the Federal Reserve electric power data comprises About 5 per cent of the utilities that report in more than 90 per cent of the total industrial the Federal Reserve sample do not now classify generation figures reported annually by the FPC. their data below the 2-digit SIC level for manu- The larger figures reported by the FPC reflect facturing and mining establishments; therefore, the inclusion of data for facilities other than data from these reports are included only in the mining and manufacturing, such as trans- 2-digit and higher levels of aggregation. Over portation and agriculture, as well as for smaller time, as additional utilities have classified their industrial facilities for which current monthly customers below the 2-digit levels, the Federal data are not available. Sales by electric utilities Reserve historical data have been modified to include some electric power purchased from provide comparability with current figures. industrial generating plants, which is reported These data were originally reported on the monthly by the EEI as "Purchases from Indus- basis of the 1967 SIC, but the 1972 SIC codes trial Sources." These purchases are not included have sometimes erroneously been used in the in the total Federal Reserve power series where reports to the Federal Reserve as new customers are added. For some series the use of the 1972 4Data for Alaska and Hawaii, however, which ac- codes has meant that the Federal Reserve has count for less than 0.1 per cent of total industrial electric had to develop procedures to link old and new power, are not included in the utility portion of the F.R. classifications in order to provide comparable, data. Data by individual district are maintained by the detailed series on a 1967 basis. staff of the Board of Governors as well as by the Banks. The Chicago, Minneapolis, and Philadelphia Banks Classifications of power use by major markets publish monthly data by major groups of industries for are designed to approximate the more detailed all or part of their districts, and the Atlanta, Dallas, categories used in the IP index and are based and San Francisco Banks* include data for their districts in compilations of regional production indexes. on the assignment of the 3-digit data by primary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 Federal Reserve Bulletin • January 1976 importance. For example, the total use of kwh received.5 The data are subject to continuing by motor vehicles and parts establishments (SIC review and edit programs for these and other 371) is classified as consumer goods. irregular monthly movements, as described in Industrial Production—1971 Edition (page 48). MONTHLY MOVEMENTS IN THE SERIES PUBLICATION PLANS The Federal Reserve electric power data are seasonally adjusted by using the Census X-ll The Federal Reserve electric power data will method at all industry and market levels, and be published as index numbers (1967=100) to the seasonal factors for the industry series are facilitate comparisons among the various IP generally based on the computer results without market and industry categories and with other review. Seasonal adjustments for major market economic measures in real terms. The kwh data groups are reviewed and revised for exceptional will not be published separately to minimize influences. As in the case of IP, the total of confusion arising from differences in universe the Federal Reserve data is based on the sum estimates from various sources. of the seasonally adjusted market groups. Ad- The monthly release on electric power will justments of the monthly data for variation in provide data for the latest months and quarters the number of working days are not necessary and an annual average for the previous year, prior to seasonal adjustment since electric power and will be distributed as part of the Board's sales by utilities are subject to variations in monthly statistical release on Industrial Producbilling dates (cycle billing), which tend to min- tion (G.12.3). A reprint of all historical data imize these differences. Working-day variations beginning January 1963 is available.6 in the industrial generation component appear The selection of individual series to be pubto be insignificant, although the monthly move- lished monthly has been based on the imporments will continue to be monitored. tance and magnitude of the kwh data repre- Abrupt movements in the Federal Reserve sented. Indexes for all SIC 2-digit industries, data that cannot be accounted for by known except anthracite, will be shown separately; data developments—such as work stoppages, power for most 3- and 4-digit industries are generally shortages, or cyclical movements—are some- published if their 1967 kwh use totaled 1 billion times evident in the individual series. A typical or more. In addition, about 15 summary indexes reporting problem occurs when a large cus- will be published for major market and industry tomer's billing is not available for the latest categories for a total of about 130 monthly month and is included a month later. Such series. • problems usually can be detected and adjustments made. Another reporting-related problem 5 Data reported directly by the FPC—comprising 40 per cent of the sample's industrial generation portion— is the late receipt of data for which Federal are typically several months late. Each month's F.R. Reserve estimates must be substituted. Although data also include estimates for delayed reports from utilities. it does not appear that these estimates have 6Direct requests to Publications Services, Division of significantly biased the data, figures for earlier Administrative Services, Board of Governors of the months must be revised after reported data are Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

15 Staff Economic Study From time to time the Federal Reserve BULLE- are responsible for the analyses and conclusions TIN publishes in full staff studies that are of set forth, and the views expressed do not necesgeneral interest to the economics profession and sarily indicate concurrence by the Board of to others. Governors, the Federal Reserve Banks, or As in all staff economic studies, the authors members of their staffs. AN ASSESSMENT OF BANK HOLDING COMPANIES ROBERT J. LAWRENCE AND SAMUEL H. TALLEY—Staff, Board of Governors Since passage of the Bank Holding Company The problems in the BHC movement have Act of 1956, scholars, bank regulatory authori- developed subsequent to the 1970 amendments ties, and legislators have shown considerable to the Bank Holding Company Act. These interest in the performance of bank holding amendments had two primary purposes. The companies (BHC's). The primary areas of con- first was to bring previously unregulated onecern, as defined in the Act, are competition, bank holding companies under the Act. Prior concentration of resources, community welfare, to that time, there had been no restrictions on and bank safety. the nonbanking activities of these companies. Most of the research on multibank holding The second purpose was to allow all BHC's to companies between 1956 and 1970 focused on expand into certain nonbanking activities deterthe performance of these companies from the mined by the Board of Governors of the Federal standpoint of the provision of banking services Reserve System to be "closely related to bankto the community and the efficiency with which ing." This provision, which was contained in those services were provided. Extensive re- Section 4(c)(8), meant that multibank holding search on competition in banking markets, companies could expand into a wider range of though not specifically directed at BHC's, was activities than previously allowed, while onealso relevant. During this period, however, little bank holding companies would henceforth be research was done on the effects of BHC ex- limited to only permissible nonbanking activipansion on the soundness of banks. It was ties, except where entitled to "grandfather" generally assumed that multibank holding com- privileges under the Act. panies contributed to increased soundness of the banking system through better access to the capital markets, reduced risk through diversifi- ASSESSMENT cation, and improved bank management. From an historical perspective this assumption appears The assessment of BHC's in this study generally valid because no subsidiary bank of a multibank follows the criteria embodied in the BHC Act: holding company failed between 1956 and competition, convenience and needs, efficiency, 1970. bank soundness, and concentration of resources. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 Federal Reserve Bulletin • January 1976 COMPETITION acquired banks more effective competitors, one would expect that the market shares of the Bank holding company expansion is very likely acquired banks would increase after their acquito have procompetitive effects in banking and sition. Although the results of these studies other product markets if such expansion is should not be regarded as conclusive, the evilargely de novo or if the firms acquired by dence is that increases in market shares gener- BHC's become more vigorous competitors in ally did occur. their markets. Economists in general think that Available empirical evidence, therefore, supde novo and "foothold"1 acquisitions are more ports the view that BHC expansion in banking likely to result in procompetitive effects than has had some procompetitive impact. acquisitions of one of the leading firms in a BHC expansion does not appear to have remarket area. sulted in significant anticompetitive effects in De novo expansion in banking by BHC's has local banking markets. The Federal Reserve had some, though not substantial, procompeti- Board must approve all BHC acquisitions of tive effects. Between 1956 and 1969 there was existing banks, and a review of past decisions very little de novo expansion. Since 1969, the indicates that the Board has consistently turned number of de novo banks formed by BHC's has down proposed acquisitions that involve signifincreased significantly. About two-thirds of icant horizontal competitive effects. Also, on a these new banks, however, have been estabnumber of occasions the Board has denied conlished in markets where the organizing BHC solidations that involve large banks operating was already represented. Such expansion is not in different geographic markets on the grounds believed to have an important procompetitive of elimination of potential or future competiimpact because it does not increase the number tion.3 of competitors in the market, though it may There is much less evidence on the competiheighten competition in a given area of the tive effects of BHC expansion in the various market. BHC's point out that de novo entry into nonbanking activities permitted under Section markets where a BHC is not currently repre- 4(c)(8). The amount of de novo expansion, sented is often not feasible because this method including de novo entry into new markets, of entry is very expensive and requires considhowever, has been considerable. For example, erable time to establish a meaningful presence. since 1970, BHC's have established about 385 Foothold entry into new banking markets has new facilities in consumer finance and 250 in been much more prevalent than de novo entry. mortgage banking. Two likely reasons for this In many cases BHC's regard foothold entry as are: (1) the Federal Reserve has drawn its reguthe only feasible means, considering that they lations so as to make de novo expansion admindo not find de novo entry attractive and that the istratively easier than expansion via the acquisi- Federal Reserve Board in most cases will not tion of existing firms; and (2) other regulatory permit large BHC's to acquire the leading banks barriers to de novo expansion are lower for the in major markets. Available empirical evidence, nonbanking industries than they are for banking. moreover, supports the conclusion that BHC Thus, while there is as yet no direct empirical foothold entries are, on average, procompetitive. Two recent studies investigated the effects of BHC foothold entry on the market shares of "Multiple Office Banking and the Structure of Banking acquired banks.2 If such acquisitions made the Markets, the New York and Virginia Experience," Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, June 1973, pp. 30^3. Acquisitions of firms that have a very small share 3 Potential competition refers to situations in which of the market. the threat of entry by firms outside a market limits the 2J. A. Berkowicz, "Bank Holding Company Con- market power of firms in that market. Future competiduct, Structural Change, and the Performance of tion refers to the likelihood that firms outside a market Banks" (unpublished Ph.D. dissertation, University of will actually enter that market in the future, thereby Maryland, 1973), pp. 97-100; and Bernard Shull, increasing competition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Assessment of Bank Holding Companies 17 evidence that BHC expansion in the nonbanking Bank observations as to whether BHC's have industries has been procompetitive, the struc- in fact introduced the services that were inditural changes taking place as a result of sub- cated in their applications. These observastantial de novo expansion suggest that BHC tions—never formally presented—have been entry into these industries has increased compe- mixed. That is, some Reserve Bank investigatition in markets throughout the Nation. tions have concluded that certain BHC's have made few changes whereas others have fostered CONVENIENCE AND NEEDS significant improvements in the facilities and the services of acquired banks. Most BHC applications to acquire banking or Over all, the evidence suggests that the prinonbanking firms contain lengthy statements mary benefit of BHC entry into a community about the changes, beneficial to the public, that hinges on the more aggressive lending policies BHC's plan to introduce following acquisition. of BHC banks. This can be an important benefit In banking, these usually include such factors because it means that individuals and businesses as the introduction of trust services, internain the community will be able to obtain more tional services, and new types of loans. In bank credit than they would if BHC's were not nonbanking, the arguments are similar; the present. usual plan is to acquire a financial institution offering a narrow range of services and convert it to one offering a wide range of lending and EFFICIENCY other financial services. The subject of efficiency in banking has com- Some of the evidence included under com- manded the attention of economists for years. petitive effects is relevant to the discussion of Though an enormous amount of effort has been convenience and needs. If BHC's do in fact committed to studies in this area, the results are improve the range and quality of services being inconclusive. The early studies of economies of offered, their subsidiaries would be expected to scale in banking suggested that significant outperform unaffiliated firms in terms of growth. economies existed for banks whose deposit size As noted, the evidence in banking suggests that was up to about $25 million or $50 million in foothold entry by BHC's does lead to improved deposit size.5 Later studies, however, indicate performance by the acquired bank. In nonbank- that economies of scale have been disappearing ing, there has been no systematic evidence to over time.6 The over-all conclusion from such date, principally because BHC entry into these studies is that economies of large size are not activities has occurred only recently. important in banking. If they exist at all, it is Studies of BHC's have shown conclusively, in the smaller size ranges, probably for banks however, that their banks tend to make more with less than $50 million in deposits. credit available to the local community than do Most of the studies of scale economies have comparable independent banks.4 BHC banks dealt with individual banks. Little has been done hold more loans and obligations of States and directly concerning the economies associated political subdivisions than independent banks, and they hold less Federal Government securities and correspondent balances. 5George J. Benston, "Economies of Scale and Mar- The only other evidence on convenience and ginal Costs in Banking Operations," National Banking needs relates to banking and is based on Reserve Review, June 1965, pp. 507-49; and Frederick W. Bell and Neil B. Murphy, Costs in Commercial Banking: A Quantitative Analysis of Bank Behavior and Its 4Robert J. Lawrence, The Performance of Bank Relation to Bank Regulation (Federal Reserve Bank of Holding Companies (Washington, D.C.: Board of Boston, Research Report 41), 1968. Governors of the Federal Reserve System), June 1967; 6Neil B. Murphy, "A Reestimation of Benston-Belland Samuel H. Talley, The Effect of Holding Company Murphy Cost Functions for a Larger Sample with Acquisitions on Bank Performance (Board of Governors Greater Size and Geographical Dispersion," Journal of of the Federal Reserve System, Staff Economic Study Financial and Quantitative Analysis (December 1972), 69), 1972. pp. 2097-106. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 Federal Reserve Bulletin • January 1976 with a BHC. A study by Dugger7 indicates that quently utilized their substantial financial rebanks acquired by BHC's experience an in- sources to inject equity capital into these banks, crease in the efficiency of their operations for thus improving their financial condition. about 2 years but then the gains in efficiency In other instances, banks acquired by holding disappear. A study by Mullineaux8 concludes companies either had unsatisfactory managethat BHC acquisitions of unit banks result in ment or faced management succession probno statistically significant increase in efficiency, lems. Frequently, holding companies have been while BHC acquisitions of branch banks pro- able to tap their extensive managerial resources duce a loss of efficiency, presumably because to solve these problems, thereby adding stability of the increased administrative costs that stem to the banking system. from adding the BHC organization to the branch On the other hand, recent empirical studies system. On the other hand, a study by Schweit- show that holding companies tend to increase zer9 suggests that some economies of holding the risk exposure of acquired banks. First, accompany affiliation exist for banks with deposits quired banks tend to shift out of low-yielding, of less than $25 million. low-risk assets such as U.S. Government se- Over all, there is little empirical evidence that curities into higher-yielding, higher-risk assets BHC expansion has produced any lasting gains such as consumer loans.10 In most cases, howin operating efficiencies in the banking system. ever, these portfolio adjustments have not pro- Indeed, given the limited scale economies that duced a substantial increase in risk, and have apparently exist in banking, it is extremely often resulted in BHC banks providing addiunlikely that BHC affiliation would make a tional credit to the community. Second, recent significant contribution in this area. studies also indicate that banks affiliated with There has been no systematic study of the BHC's tend to operate with lower capital ratios effects of BHC affiliation on the efficiency of than do independent banks.11 One reason for this firms in the various nonbanking industries that is that BHC banks, on average, pay out a higher BHC's have been permitted to enter. portion of their earnings in dividends. In recent years, many BHC's have substan- BANK SOUNDNESS tially increased the leverage of their banks. Bank holding companies have had both favor- Some have then attempted to reduce this leverable and unfavorable impacts on the stability age by having the parent sell debt and pass the of the banking and financial system. However, proceeds down to the bank in the form of equity. only within the last 2 or 3 years have the While this procedure (frequently referred to as unfavorable effects emerged to any significant 44double leveraging") does increase the bank's degree. equity capital, it also poses potential problems In the last two decades, BHC's have acquired because the parent must usually service its debt hundreds of independent banks, most of which out of dividends from the bank. If the bank were relatively small. Prior to acquisition, some should encounter an earnings problem, it may of these banks were undercapitalized and had not be able to pass dividends up to the parent. only limited access to capital markets. Follow- In this event, the parent might default on its ing acquisition, holding companies have fre- debt, thereby undermining public confidence in the parent and probably in the bank. 7Robert H. Dugger, "The Impact of Holding Company Affiliation on the Operating Efficiency of Commercial Banks" (paper presented at Econometric Soci- 10 See the Lawrence and Talley studies cited in footety meetings), December 1974. note 4. 8Donald J. Mullineaux, Branch Versus Unit Bank- 11 John J. Mingo, "Managerial Motives, Market ing: An Analysis of Relative Costs (Department of Structure and the Performance of Holding Company Research, Federal Reserve Bank of Philadelphia). Banks," Economic Inquiry (forthcoming); Arnold A. 9Stuart A. Schweitzer, "Economies of Scale and Heggestad and John J. Mingo, "Capital Management Holding Company Affiliation in Banking," Southern by Holding Company Banks," The Journal of Business Economic Journal (October 1972), pp. 258-64. (October 1975), pp. 500-05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Assessment of Bank Holding Companies 19 Since 1970, holding companies have moved CONCENTRATION OF RESOURCES into a variety of nonbanking activities, some of The term "concentration of resources" refers which require substantial funding. Preliminary to a measure of broad economic power as conevidence on holding company participation in trasted to "market concentration"—a measure two of these activities—mortgage banking and of market power. A high concentration of reconsumer finance—indicates that BHC's, on sources could give a relatively small number of average, are leveraging their operations beyond firms inordinate economic power, which if used industry standards. Moreover, a few BHC's in the political process could pose a threat to appear to be leveraging their affiliates in these our democratic traditions. In addition, the activities far beyond prudent limits. As to earnemergence of very large firms—especially in an ings, BHC performance has generally been unindustry such as banking—raises the social costs impressive. In 1974, BHC consumer finance associated with the failure or near-failure of a subsidiaries, in aggregate, had a much lower firm. In banking, a measure of concentration of rate of return on assets and on equity than the resources would be, for example, the share of average for the industry. In mortgage banking, deposits in the United States—or in a single BHC subsidiaries, in aggregate, also had a rate State—held by, say, the 5 or 10 largest banks. of return on equity that was below the industry While the BHC movement has the potential average. Assessment of other aspects of BHC for increasing the concentration of resources in performance in these industries, such as pricing the financial sector of the economy, recent evibehavior and operating efficiency, is not possidence indicates that it is not doing so to any ble from studies completed to date. More comimportant degree. A 1974 Federal Reserve prehensive studies of BHC performance in the Board staff study found that, on a nationwide nonbanking activities are currently under way. basis, aggregate concentration in banking (de- Some BHC's have also exposed themselves fined as the percentage of total domestic deposits to risk by sponsoring and advising real estate held by the Nation's 100 largest banking orgainvestment trusts (REIT's). While no REIT that nizations) actually fell from 49.0 to 47.0 per is advised by a holding company has as yet cent between 1968 and 1973.12 This decline failed, several are in serious financial difficulty. occurred even though the BHC's included Because a REIT frequently carries a name that among the 100 largest banking organizations closely identifies it with the sponsoring BHC, had acquired banks over the 5-year period that failure of the REIT could have an adverse imheld, in aggregate, almost $17 billion of depospact on public confidence in the holding comits in 1973. If these BHC acquisitions had not pany and its bank subsidiaries. taken place, nationwide concentration would There have been several instances in the last have declined another 2.3 percentage points 2 or 3 years where excessive risk-taking by a over the period from 1968-73. BHC parent or a nonbank affiliate has resulted On a statewide basis, between 1968 and 1973 in serious damage to a bank affiliate. In one aggregate concentration (defined as the percentcase—Beverly Hills Bancorp—the parent comage of total domestic deposits held by the five pany engaged in imprudent lending and subselargest banking organizations in the State) inquently failed. This failure resulted in runs on creased in 28 States, declined in 22, and rethe subsidiary bank, which then had to be mained constant in 1. Both the mean and the merged under emergency conditions. In several median changes in statewide concentration for other cases, mortgage banking affiliates of the 50 States and the District of Columbia BHC's encountered serious problems due to amounted to slightly less than 1 percentage risky real estate loans. In an attempt to avoid failure, these mortgage companies sold large 12 Samuel H. Talley, The Impact of Holding Company Acquisitions on Aggregate Concentration in Banking amounts of questionable assets to their bank (Board of Governors of the Federal Reserve System, affiliates. Staff Economic Study 80), 1974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 Federal Reserve Bulletin • January 1976 point. Acquisitions by holding companies branching and restrictions on the types of percaused concentration to increase in 24 States, missible activities. These constraints have imwith increases in excess of 10 percentage points paired the ability of banks to allocate funds in occurring in 6 States. an optimal manner, though devices such as In sum, BHC acquisitions of banks in recent participation loans through the correspondent years have only slowed down a decline in na- banking system have tended to mitigate the tionwide concentration resulting from the problem. By forming holding companies, banks slower-than-average internal domestic growth of can now engage in banking operations over a the Nation's largest banking organizations. On wider geographic area and can enter into a a statewide basis, holding company acquisitions variety of activities closely related to banking. of banks have increased concentration sharply This added freedom has increased the ability of in only about a half-dozen States. None of these banking organizations to search out those assets States, however, is now in the group that is yielding the highest returns adjusted for risk and considered to have high levels of concentration. thereby has provided for a better allocation of Moreover, in those States characterized by high funds in the economy. concentration, BHC acquisitions had no effect on the level of concentration during the period SUMMARY covered by the study. Since passage of the 1970 amendments, This review of the evidence on BHC's indicates BHC's have moved aggressively into a number that the holding company movement is producof nonbanking activities and now constitute a ing some significant public benefits. To some major factor in some of these industries. In extent holding companies have increased com- 1974, BHC's controlled 27 of the 86 largest petition in banking and in nonbanking activities noncaptive finance companies, 34 of the top 100 by entering new markets de novo, and there is mortgage banking companies, and 13 of the some evidence that BHC foothold entries into largest 30 factoring firms.13 This strong move- banking markets are procompetitive. In addiment into certain nonbanking activities, how- tion, holding companies have increased the ever, has not resulted in a significant increase quantity and quality of various services provided in the amount of financial assets under BHC to the public. In some instances holding comcontrol. One reason is that the aggregate total panies have contributed to financial stability by assets in most of the nonbanking industries into increasing the capital of or providing better which BHC's have moved are small. Another management for banks that they have acquired. reason is that BHC's have frequently limited Finally, there is some evidence that holding their acquisitions to relatively small companies company affiliation improves the operational in an industry, as in consumer finance. This efficiency of acquired banks, at least tempoorientation toward acquisitions of small compa- rarily. However, the evidence on economies nies is, in part, due to the Federal Reserve's associated with BHC affiliation is, as yet, inreluctance to approve acquisitions of large ones. conclusive. On the negative side, some BHC's in recent ALLOCATION OF FUNDS years have engaged in practices that have tended to increase financial instability. These practices There is reason to believe that use of the BHC include increasing the portfolio risk and dedevice has improved the allocation of funds in creasing the capital ratios of acquired banks, the economy. For many years banks in the "double leveraging," and leveraging nonbank United States have operated under significant affiliates significantly beyond industry standlegal constraints, such as restrictions on ards. Also, some holding companies have exposed themselves to risk by sponsoring and 13 It should be noted that some relatively large mortadvising REIT's that are currently in serious gage banking and factoring companies are also controlled by bank subsidiaries of holding companies. financial difficulties. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Assessment of Bank Holding Companies 21 Since mid-1974, most BHC's have been try- BHC's to concentrate on strengthening existing ing to reduce their risk exposure and have been operations. At the same time, the Board stepped concentrating on improvement of existing up its monitoring of BHC financial developoperations rather than further expansion. More- ments. Also, in order to prevent bank affiliates over, since mid-1974, financial markets have from being harmed by unsound financial pracbeen exercising far more discipline over BHC's tices of the parent company or its nonbank than in previous years. This market discipline subsidiaries, the Board requested and obtained is shown by the low multiples accorded BHC congressional authority to bring cease and desist stocks and by the relatively high interest rates actions, if necessary, against any of these BHC that BHC's must pay on long-term debt in units. Finally, the Board has recently proposed comparison with industrial companies that have changes in the Bank Holding Company Act. the same rating. These proposals include granting the Board dis- The Federal Reserve has also taken a number cretion to impose civil penalties for violations of steps designed to promote BHC soundness. of the Act and to order divestiture of a nonbank In mid-1974, the Board of Governors instituted subsidiary or termination of a nonbanking aca "go slow" policy that has attempted to reduce tivity that endangers the safety of subsidiary the rate of BHC expansion and to encourage banks. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 Changes in Time and Savings Deposits at Commercial Banks, April-July 1975 The rate of growth of time and savings deposits and the Federal Deposit Insurance Corporation, issued to individuals, partnerships, and cor- total time and savings deposits increased 3 per porations (IPC's) at insured commercial banks cent or $11 billion, not seasonally adjusted, rose moderately during the 3 months ended July during the period from April through July, after 31, 1975. According to quarterly surveys con- having expanded by less than 1 per cent between ducted jointly by the Federal Reserve System January and April. Nevertheless, the growth rate was the lowest recorded for an April-July interval since 1969. NOTE.—John R. Williams and Virginia Lewis of the Between the end of April and the end of July Board's Division of Research and Statistics prepared this article. banks experienced a surge in deposit inflows TABLE 1 Types of time and savings deposits of individuals, partnerships, and corporations held by insured commercial banks on survey dates, October 31, 1974-July 31, 1975 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits 1974 1975 1974 (quarterly rate) Type of deposit Jan. 31- Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Apr. 30 Total time and savings deposits. . 14,138 14,204 14,263 14,305 350,995 361,388 364,736 375,731 .9 Savings 13,857 13,989 14,052 14,088 132,449 135,856 144,250 151,965 6.2 Time deposits in denominations of less than $100,000—Total 14,033 14,085 14,148 14,194 114,125 117,985 123,550 128,771 4.7 Accounts with original maturity of— Less than 1 year 13,487 13,464 13,570 13,587 34,621 34,628 36,329 37,443 4.9 1 up to 2Vi years 13,820 13,792 13,851 13,858 38,744 37,240 36,203 35,872 -2.8 2 l/i up to 4 years 12,099 12,285 12,573 12,592 15,865 17,365 18,568 19,500 6.9 4 up to 6 years 11,336 11,844 12,047 24,895 27,016 30,027 32,658 11.1 6 years and over: Negotiable deposits . .. 2,749 3,860 4,371 1,026 1,157 1,464 12.8 Nonnegotiable deposits 1,417 1.885 2,098 710 1,266 1,834 78.3 All maturities: Open accounts—Passbook or statement form 2 3,620 3.769 3,902 3,866 28,643 28,581 30,714 31,125 7.5 Time deposits in denominations of $100,000 or more 8,253 8,295 8,363 8,442 98,516 102,082 91,378 89,008 -10.5 Negotiable CD's 4,217 3,993 3,969 3,976 70,353 71,718 64,298 62,830 -10.3 Nonnegotiable CD's and open account 4,553 4,763 4,929 4,943 28,163 30,364 27,080 26,178 -10.8 Christmas savings and other special funds 8.770 1.7 7,994 9,044 9,039 5,905 5,465 5,558 5,987 1 Less than .05 per cent. Corporation. For Jan. 31, Apr. 30, and July 31, 1975, the in- 2 Includes time deposits, open account, issued in passbook, state- formation was reported by a probability sample of all insured commerment, or other forms that are direct alternatives for regular savings cial banks; for Oct. 31, 1974, the data for member banks were reported accounts. Most of these are believed to be in accounts totaling less by virtually all such banks and for insured nonmember banks by the than $100,000. The figures shown on this line are included above in same sample of these banks reporting in earlier surveys. the appropriate maturity category. Some deposit categories include a small amount of deposits outstanding 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

Changes in Time and Savings Deposits 23 TABLE 2 Small-denomination time and savings deposits, IPC, held by insured commercial banks on April 30, 1975, and July 31, 1975, 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) Deposit group, All banks All banks and distribution of deposits by most Less than 100 100 and over Less than 100 100 and over common rate July 31 Apr. 30 July 31 Apr. 30 July 31 Apr. 30 July 31 Apr. 30 July 31 Apr. 30 July 31 Apr. 30 Amount of deposits (in millions of dollars), Number of banks, or percentage distribution or percentage distribution Savings deposits: Issuing banks 14,088 14,052 13,260 13,248 828 804 151,965 144,250 61,755 58,897 90,210 85,353 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 4.00 or less 6.8 7.1 6.8 7.1 7.0 7.2 4.5 5.3 3.9 4.5 5.0 5.8 4.01-4.50 6.8 7.4 6.5 7.0 11.7 13.8 11.1 19.4 8.4 9.4 12.9 26.3 4.51-5.00 86.4 85.5 86.7 85.9 81.3 79.0 84.4 75.3 87.7 86.1 82.1 67.9 Memo: paying ceiling rate2 86.4 85.5 86.7 85.9 80.9 78.6 84.1 75.1 87.1 86.0 81.7 67.5 Time deposits in denominations of less than $100,000: Maturing in— less than 1 year: Issuing banks 13,587 13,570 12,757 12,765 830 805 37,443 36,329 17,612 17,591 19,831 18,738 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 5.00 or less 6.5 7.8 6.6 7.9 5.3 6.7 7.2 8.6 5.5 6.9 8.8 10.2 5.01-5.50 93.5 92.2 93.4 92.1 94.7 93.3 92.8 91.4 94.5 93.1 91.2 89.8 Memo: paying ceiling rate2 92.7 91.4 92.6 91.3 93.9 92.6 91.7 90.6 93.8 92.0 90.0 89.3 1 up to 2l/z years: Issuing banks 13,958 13,851 13,140 13,056 818 795 35,872 36,203 24,098 24,342 11,774 11,861 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 5.50 or less 2.0 2.7 2.0 2.7 1.5 1.7 2.4 2.4 1.7 1.7 3.9 3.9 5.51-6.00 98.0 97.3 98.0 97.3 98.5 98.3 97.6 97.6 98.3 98.3 96.1 96.1 Memo: paying ceiling rate2 96.5 94.9 96.6 94.9 96.1 94.7 96.2 95.3 97.3 96.3 94.1 93.2 2Vi up to 4 years: Issuing banks 12,592 12,573 11,800 11,806 792 767 19,500 18,568 12,134 11,633 7,366 6,935 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 5 5 . .5 5 0 1- o 6 r .0 l 0 e ss 1 . . 1 3 2. . 0 1 1 . . 1 3 0) 2 .0 <?.9 2. . 4 3 1 . . 1 7 2. . 0 1 . . 1 7 (V.i 0) 3 .4 3. . 5 1 6.01-6.50 98.6 97.9 98.6 98.0 98.1 97.3 98.2 97.9 99.2 98.9 96.6 96.4 Memo: paying ceiling rate2 98.1 97.5 98.1 97.6 97.2 96.3 97.4 97.2 98.3 98.2 96.1 95.4 4 up to 6 years: Issuing banks 12,047 11,844 11,255 11,079 792 765 32,657 30,027 16,228 14,834 16,429 15,193 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 6.50 or less 1.6 1.4 1.4 1.3 3.1 3.2 1.7 1.4 .7 .5 2.7 2.3 6.51-7.00 16.3 18.6 16.8 19.1 10.5 11.1 9.9 10.4 13.2 14.4 6.6 6.4 7.01-7.25 82.1 80.0 81.8 79.6 86.4 85.7 88.4 88.2 86.1 85.1 90.7 91.3 Memo: paying ceiling rate2 81.7 79.7 81.4 79.3 86.3 85.4 88.0 88.0 85.4 84.8 90.6 91.1 6 years and over— Negotiable deposits: Issuing banks 4,371 3,860 4,128 3,636 243 224 1,464 1,157 802 595 662 562 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 6.00 or less .4 .5 .3 .4 1.2 3.0 10.6 17.4 1.7 2.8 21.6 32.9 6.01-7.00 1.8 1.8 1.7 1.6 3.0 3.2 1.4 3.3 2.4 3.8 2.7 7.01-7.50 97.8 97.7 98.0 98.0 95.8 93.8 88.0 79.3 95.9 93.4 78^3 64.4 Memo: paying ceiling rate2 95.1 93.6 95.4 94.1 89.7 85.4 84.8 73.4 94.4 86.0 73.1 59.9 6 years and over—Nonnegotiable deposits: Issuing banks 2,098 1,885 1,666 1,471 432 414 1,834 1,266 472 319 1,362 947 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 6 6 . . 0 0 1 0 - o 7 r .0 l 0 e ss 1 1 . . 3 2 . . 4 6 1 1 . . 5 0 . . 4 2 1 . . 4 7 2. . 0 7 1.7 2. . 1 1 . . 3 2 0) .8 2.1 2.5 7.01-7.50 97.5 99.0 97.5 99.4 97.9 97.3 98.2 97.8 99.5 99.2 97.8 97.4 Memo: paying ceiling rate2 94.9 95.1 94.7 95.2 95.7 94.6 96.0 92.0 93.8 90.6 96.8 92.5 For notes, see p. 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 Federal Reserve Bulletin • January 1976 to passbook savings deposits and small-denom- successive 3-month period. In view of continued ination (less than $100,000) time deposits. A weak demand for bank credit, increased inflows large part of these inflows appeared to stem from to savings deposits, and a desire to improve their cash disbursements by the Treasury in the form liquidity positions, commercial banks apof tax rebates, seasonal tax refunds, and sup- parently felt content to permit these moneyplemental payments to social security recipients. market certificates of deposit (CD's) to run off. Offsetting part of the growth in consumer-type Interest rates paid by commercial banks on deposits, large-denomination ($ 100,000 or consumer-type time and savings deposits were more) time deposits declined for the second generally maintained at the ceiling levels set by TABLE 3 Average of most common interest rates paid on various categories of time and savings deposits, IPC, at insured commercial banks, July 31, 1975 Time deposits in denominations of less than $100,000 SSSaaavvviiinnngggsss aaannnddd Maturing in— BBBaaannnkkk lllooocccaaatttiiiooonnn aaannnddd sssmmmaaallllll--sssiiizzzeee ooofff bbbaaannnkkk dddeeennnooommm--- SSSaaavvviiinnngggsss (((tttoootttaaalll dddeeepppooosssiiitttsss iiinnn iiinnnaaatttiiiooonnn 6 years ari d over— mmmiiilllllliiiooonnnsss ooofff dddooollllllaaarrrsss))) tttiiimmmeee TToottaall dddeeepppooosssiiitttsss Le 1 s s y e t a h r a n 2l 1 A u y p e a to r s 2i 4 /2 y u e p ar t s o 4 6 u y p ea t r o s Negotiable Nonnegodeposits tiable deposits All banks: All size groups 5.52 4.90 6.26 5.46 5.98 6.49 7.21 7.31 7.48 Less than 10 5.76 4.90 6.18 5.48 5.99 6.49 7.19 7.50 7.47 10-50 5.64 4.92 6.26 5.47 5.99 6.50 7.21 7.48 7.48 50-100 5.54 4.92 6.28 5.47 5.99 6.49 7.21 7.27 7.48 100-500 5.45 4.87 6.27 5.47 5.98 6.49 7.21 7.47 7.49 500 and over 5.40 4.89 6.26 ^.44 5.97 6.47 7.22 6.88 7.47 Banks in— Selected large SMSA's1: All size groups 5.42 4.90 6.26 5.45 5.97 6.48 7.21 7.11 7.47 Less than 10 5.56 4.90 6.20 5.47 5.98 6.48 7.19 7.49 7.50 10-50 5.47 4.92 6.28 5.47 5.97 6.49 7.20 7.45 7.50 50-100 5.46 4.92 6.27 5.46 5.99 6.49 7.22 7.03 7.49 100-500 5.41 4.89 6.24 5.47 5.98 6.50 7.21 7.46 7.49 500 and over 5.40 4.90 6.26 5.44 5.97 6.46 7.21 6.77 7.47 All other SMSA's: All size groups 5.52 4.86 6.27 5.47 5.99 6.49 7.21 7.49 7.48 Less than 10 5.68 4.84 6.33 5.49 5.99 6.50 7.19 7.50 7.38 10-50 5.64 4.89 6.31 5.48 5.99 6.50 7.22 7.50 7.44 50-100 5.53 4.90 6.22 5.46 5.99 6.49 7.19 7.49 7.49 100-500 5.46 4.85 6.27 5.48 5.98 6.48 7.20 7.48 7.49 500 and over 5.44 4.79 6.23 5.48 5.99 6.50 7.25 7.50 7.50 Banks outside SMSA's: All size groups 5.71 4.92 6.24 5.47 5.99 6.49 7.21 7.50 7.49 Less than 10 5.79 4.91 6.17 5.48 5.99 6.49 7.20 7.50 7.50 10-50 5.72 4.93 6.24 5.47 5.99 6.50 7.21 7.50 7.50 50-100 5.68 4.93 6.34 5.50 6.00 6.50 7.22 7.50 7.44 100-500 5.58 4.90 6.32 5.45 5.99 6.49 7.22 7.47 7.50 500 and over 55..7755 55..0000 66..3355 55..5500 66..0000 66..5500 77..2255 77..5500 i The selected large Standard Metropolitan Statistical Areas, as defined by the Office of Management and Budget and arranged by size of population in the 1970 Census, are as follows: New York City Minneapolis-St. Paul San Jose Albany-Schenectady-Troy Richmond Los Angeles-Long Beach Seattle-Everett New Orleans Akron Jacksonville Chicago Milwaukee Tampa-St. Petersburg Hartford Flint Philadelphia Atlanta Portland Norfolk-Portsmouth Tulsa Detroit Cincinnati Phoenix Syracuse Orlando San Francisco-Oakland Paterson-Clifton-Passaic Columbus Gary-Hammond-E. Chicago Charlotte Washington, D.C. Dallas Rochester Oklahoma City Wichita Boston Buffalo San Antonio Honolulu West Palm Beach Pittsburgh San Diego Dayton Ft. Lauderdale-Hollywood Des Moines St. Louis Miami Louisville Jersey City Ft. Wayne Baltimore Kansas City Sacramento Salt Lake City Baton Rouge Cleveland Denver Memphis Omaha Rockford Houston San Bernardino-Riverside Ft. Worth Nashville-Davidson Jackson, Miss. Newark Indianapolis Birmingham Youngstown-Warren NOTE.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits 25 Federal regulatory authorities. Despite banks' months since 1969. The large deposit inflow of obvious willingness to allow large CD's to run such time deposits was concentrated primarily off, the increase in market rates of interest that among deposits maturing in more than 2Vi began about midyear was paralleled by a small years, in part because regulations permit payincrease in rates on large-denomination time ment of higher interest rates on longer-maturity deposits; the rates on such deposits had declined time deposits. Deposits maturing in 1 to 2Vi the previous year in line with market rates. years showed an absolute decline despite a rise in the proportion of banks paying ceiling rates. Outstanding small-denomination time deposits with maturities of less than 1 year—though CONSUMER-TYPE subject to a maximum interest rate of only 5.5 TIME AND SAVINGS DEPOSITS per cent—increased moderately. Most are Inflows of passbook savings deposits remained thought to be 90-day-notice accounts, which extremely strong for the second consecutive may be held by some customers as substitutes 3-month period, rising 5.3 per cent during the for passbook savings. 3 months ended July 31, 1975. Since the beginning of 1968, when comparable survey data first became available, the largest expansion in sav- LARGE-DENOMINATION ings deposits between the April and July surveys TIME DEPOSITS had been 1.9 per cent in 1970. With about 86 per cent of all banks paying the maximum rate The decline in the volume of large-denomion savings accounts at a time when yields on nation time deposits that began early in the year market instruments were relatively low, savings continued at a reduced pace between the end deposits apparently represented an attractive of April and the end of July. Exceptionally short-term (perhaps even temporary) form of strong growth in relatively inexpensive coninvestment for recipients of the various Treasury sumer-type deposits apparently supplied banks payments, distribution of which began in May. with more than sufficient funds to satisfy the Even though yields on savings accounts were weak demand for bank credit. Rates paid on somewhat below those on market instruments, large CD's, after having declined steadily since the fact that a growing proportion of banks pay July 1974, leveled off at most banks and even interest on a day-of-deposit to day-of-with- rose modestly at some banks. In July, more than drawal basis enables customers to shift quickly 80 per cent of all large-denomination CD's were and without penalty into higher paying invest- held at banks paying interest rates greater than ments if market yields change. 6 per cent, compared with the April survey Small-denomination time deposits registered when about two-thirds of the outstanding large a growth of 4.2 per cent during the April-July CD's were held at banks paying 6 per cent or period, the highest growth rate for those 3 less. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 Federal Reserve Bulletin • January 1976 APPENDIX TABLES 1. Savings deposits Most common interest rates paid by insured commercial banks on new deposits, July 31, 1975 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 4.00 Memo: 4.00 Memo : or 4.50 5.00 ceiling or 4.50 5.00 ceiling less rate 3 less rate 3 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 14,088 956 958 12,174 12,171 151,965 6,963 16,815 128,187 127,824 Size of bank (total deposits in millions of dollars): Less than 10 4,735 571 117 4,047 4,047 5,470 442 129 4,899 4,899 10-50 7,359 280 649 6,430 6,430 38,659 1,377 3,489 33,793 33,793 50-100 1,165 47 94 1,024 1,024 17,626 590 1,572 15,464 15,464 100-500 654 44 71 539 537 33,342 2,124 3,915 27,303 (2) 500 and over 175 14 27 134 133 56,868 2,430 7,710 46,728 (2) 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, July 31, 1975 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 5.00 Memo: 5.00 Memo: or 5.50 ceiling or 5.50 ceiling less rate 3 less rate 3 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 13,587 883 12,704 12,596 37,443 2,707 34,736 34,354 Size of bank (total deposits in millions of dollars): Less than 10 4,456 355 4,101 4,098 1,746 83 1,663 1,663 10-50 7,146 426 6,720 6,634 10,957 641 10,316 10,258 50-100 1,155 58 1,097 1,086 4,909 239 4,670 4,595 100-500 655 33 622 617 8,234 425 7,809 7,706 500 and over 175 11 164 161 11,597 1,319 10,278 10,132 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, July 31, 1975 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 5.50 Memo: 5.50 Memo: or 6.00 ceiling or 6.00 ceiling less rate 3 less rate 3 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 13,958 279 13,679 13,473 35,872 873 34,999 34,524 Size of bank (total deposits in millions of dollars): Less than 10 4,729 130 4,599 4,557 5,814 118 5,696 5,642 10-50 7,254 126 7,128 7,001 15,095 275 14,820 14,673 50-100 1,157 11 1,146 1,130 3,189 22 3,167 3,136 100-500 646 8 638 624 4,810 97 4,713 4,584 500 and over 172 4 168 161 6,964 361 6,603 6,489 For notes to Appendix Tables 1-8, see p. 28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits 27 4. Time deposits, IPC, in denominations of less than $100,000— Maturing in 2\ years up to 4 years Most common interest rates paid by insured commercial banks on new deposits, July 31, 1975 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 6.00 Memo: 6.00 Memo: or 6.50 ceiling or 6.50 ceiling less rate 3 less rate3 NUMBER OF BANKS MILLIONS OF DOLLARS AH banks 12,593 175 12,418 12,348 19,500 344 19,156 19,002 Size of bank (total deposits in millions of dollars): Less than 10 3,871 64 3,807 3,800 1,892 46 1,846 1,846 10-50 6,806 53 6,753 6,700 8,038 22 8,016 7,908 50-100 1,123 43 1,080 1,078 2,203 24 2,179 2,172 100-500 629 12 617 613 2,790 48 2,742 2,731 500 and over 164 3 161 157 4,577 204 4,373 4,345 5. Time deposits, IPC, in denominations of less than $100,000— Maturing in 4 years up to 6 years Most common interest rates paid by insured commercial banks on new deposits, July 31, 1975 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 6.50 Memo: 6.50 Memo: or 7.00 7.25 ceiling or 7.00 7.25 ceiling less rate 3 less rate 3 NUMBER OF BANKS MILLIONS OF DOLLARS AH banks 12,047 188 1,969 9,890 9,843 32,658 558 3,229 28,871 28,740 Size of bank (total deposits in milli ons of dollars): Less than 10 3,615 21 888 2,706 2,706 1,595 1 345 1,249 1,249 10-50 6,541 109 885 5,547 5,506 10,341 66 1,358 8,917 8,813 50-100 1,099 34 113 952 948 4,293 54 434 3,805 3,795 100-500 625 19 72 534 533 6,772 127 679 5,966 (2) 500 and over 167 5 11 151 150 9,657 310 413 8,934 (2) 6. Time deposits, IPC, in denominations of less than $100,000— Maturing in 6 years or more: negotiable and nonnegotiable deposits Most common interest rates paid by insured commercial banks on new deposits, July 31, 1975 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 6.50 Memo: 6.50 Memo: or 7.00 7.50 ceiling or 7.00 7.25 ceiling less rate 3 less rate 3 NUMBER OF BANKS MILLIONS OF DOLLARS AH banks.. 6,469 63 83 6,323 6,149 3,298 202 6 3,090 3,062 Size of bank (total deposits in millions of dollars): Less than 10 1,422 33 1,389 1,359 124 O) 124 123 10-50 3,553 43 41 3,469 3,372 801 4 5 792 758 50-100.... 819 10 809 786 349 26 323 319 100-500... 518 4 9 505 484 727 3 1 723 685 500 and o ver 157 6 151 148 1,297 169 1,128 1,117 For notes to Appendix Tables 1-8, see p. 28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 Federal Reserve Bulletin • January 1976 APPENDIX TABLES—Continued 7. Negotiable CD's, IPC, in denominations of $100,000 or more Most common interest rates paid by insured commercial banks on new deposits, July 31, 1975 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp TToottaall TToottaall 6.00 More 6.00 More or 6.50 7.00 7.50 8.00 8.50 than or 6.50 7.00 7.50 8.00 8.50 than less 8.50 less 8.50 NUMBER OF BANKS MILLIONS OF DOLLARS AAllll bbaannkkss 3333,,,,999977776666 1111,,,,222244442222 1111,,,,111177774444 666644444444 555588882222 111888444 111199 31 66662222,,,,888833330000 11111111,,,,333333336666 33333333,,,,555500009999 11110000,,,,999988886666 6666,,,,333344444444 111333444 114422 379 SSiizzee ooff bbaannkk ((ttoottaall ddee-ppoossiittss iinn mmiilllliioonnss ooff ddoollllaarrss)):: LLeessss tthhaann 1100 777700007777 111155559999 111155557777 111177775555 111133332222 333111 5533 111199996666 33339999 66667777 44444444 22224444 111000 1122 10-50 2222,,,,333377773333 777744440000 666600000000 333399997777 444422222222 111444444 6633 777 2222,,,,666677770000 666699996666 888888885555 555511112222 333333339999 999888 9977 444333 50-100 444444446666 111166661111 222211113333 33336666 7777 888 222111 1111,,,,999966661111 555599999999 777799998888 222288886666 77774444 222555 111777999 100-500 222299995555 111133336666 111122227777 11114444 11112222 3 222 5555,,,,555511113333 1111,,,,666655558888 3333,,,,333322229999 222277779999 ((((2222)))) (((222))) 33 (((222))) 500 and over . ... 111155555555 44446666 77777777 22222222 9999 111 55552222,,,,444499990000 8888,,,,333344444444 22228888,,,,444433330000 9999,,,,888866665555 ((((2222)))) (((222))) 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, July 31, 1975 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 5.50 More 5.50 More or 6.00 6.50 7.00 7.50 8.00 than or 6.00 6.50 7.00 7.50 8.00 than less 8.00 less 8.00 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 4,943 704 1,395 1,478 564 593 176 33 26,178 1,978 4,628 11,447 4,185 3,565 319 56 Size of bank (total deposits in millions of dollars): Less than 10 471 60 184 85 24 118 134 29 30 12 59 10-50 3,093 395 750 937 427 410 150 3,167 173 833 991 651 378 131 10 50-100 724 124 258 244 47 30 16 2,304 217 649 1,170 204 39 (2) (2) 100-500 508 95 174 161 46 19 10 6,026 378 2,057 2,568 620 201 164 58 500 and over 147 30 29 51 20 16 14,547 (2) 1,060 6,688 2,698 (2) NOTES TO APPENDIX TABLES 1-8: 1 Less than $500,000. Figures exclude banks that reported no interest rate paid and 2 Omitted to avoid individual bank disclosure. that held no deposits on the survey dates, and they also exclude 3 See p. A-8 for maximum interest rates payable on time and savings a few banks that had discontinued issuing these instruments but deposits at the time of each survey. Note that the ceiling rate is still had some deposits outstanding on the survey date. Dollar amounts included in the rate interval in the column to the left. may not add to totals because of rounding. NOTE.—Data were compiled from information reported by a In the headings of these tables under "Most common rate paid probability sample of member and insured nonmember commercial (per cent)" the rates shown are those being paid by nearly all reporting banks. The data were expanded to provide universe estimates. banks. However, for the relatively few banks that reported a rate in between those shown, the bank was included in the next higher rate. NOTES TO TABLE 2: 1 Less than .05 per cent. that period, the rate reported was the rate prevailing on the largest 2 See p. A-8 for maximum interest rates payable on time and dollar volume of inflows from the time of the last rate change to the savings deposits at the time of each survey. Note that the ceiling rate survey date. is included in rate interval in the line above. While rate ranges of % or l/i of a percentage point are shown in NOTE.—The most common interest rate for each instrument refers this and other tables, the most common rate reported by most banks to the basic stated rate per annum (before compounding) in effect on was the top rate in the range; for example, 4.00, 4.50, etc. Some the survey date that was generating the largest dollar volume of de- deposit categories exclude a small amount of deposits outstanding in posit inflows. If the posted rates were unchanged during the 30-day a relatively few banks that no longer issue these types of deposits and period just preceding the survey date, the rate reported as the most are not included in the number of issuing banks. common rate was the rate in effect on the largest dollar volume of Figures may not add to totals because of rounding. deposit inflows during the 30-day period. If the rate changed during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

29 Treasury and Federal Reserve Foreign Exchange Operations: Interim Report This interim report, covering the period August market operations between late 1974 and early through October 1975, is the sixth of a series 1975. providing information on Treasury and System During August the immediate optimism for foreign exchange operations to supplement the the dollar waned somewhat, particularly after regular series of semiannual reports that are release of discouraging consumer and wholesale usually issued each March and September. It price figures for the United States. Following was prepared by Alan R. Holmes, Manager, the previous sharp run-up, profit-taking shaved System Open Market Account, and Executive some 1 to 2 per cent from dollar exchange rates Vice President of the Federal Reserve Bank of early in the month. The undertone was never- New York, and Scott E. Pardee, Deputy Man- theless firm, and over subsequent weeks the ager for Foreign Operations of the System Open dollar continued to be bolstered by the sizable Market Account and a Vice President of the U.S. trade surplus and by favorable interest Federal Reserve Bank of New York. arbitrage differentials. In fact, the exchange markets remained in rough balance through the Coming into August, the exchange markets rest of August and early September. were bullish for the dollar. By that time the U.S. Toward mid-September bullish exchange trade account had moved decisively into sur- market sentiment for the dollar resurfaced. plus. Growing signs of a U.S. economic recov- While the economic picture remained little ery also helped to bolster confidence in the changed abroad, the U.S. recovery was, in the dollar, while a firming of U.S. interest rates that initial stages at least, progressing much more had begun in late June added to interest dif- strongly than had been previously expected. ferentials favoring short-term dollar placements. Consequently, a renewed rise in some U.S. In contrast, economic recovery abroad was still money market rates prompted expectations of lagging, and the market had come to expect even further increases in dollar interest rates. additional stimulative measures, including In response, traders resumed heavy bidding for lower interest rates, in several foreign countries. dollars in the exchanges, and dollar rates ad- These considerations had gradually erased the vanced across the board. To moderate the daymarket's previous extreme pessimism toward to-day rise, foreign central banks sold sizable the dollar and had prompted a ground swell of amounts of dollars in their respective markets. demand for dollars in June and July, as earlier The Federal Reserve bought modest amounts of speculative positions against the dollar were German marks to add to working balances, unwound, adverse leads and lags were reversed, accumulating $59.3 million equivalent since and arbitrage and investment funds were drawn early August. Moreover, when the Belgian franc into New York and the Euro-dollar market. By dropped very sharply, the System took the opthe end of July the dollar had climbed against portunity to purchase $6 million equivalent of the German mark by some 9% per cent from francs to hold in balances. Demand for the mid-May and by almost 11V2 per cent from the dollar crested on September 22 and 23, when lows of last February. As previously reported, dollar rates reached a level some 4 to 5 per cent the Federal Reserve has taken advantage of this above their highs in late July. recovery to acquire sufficient currencies to repay The mood of the market shifted abruptly in in full all remaining swap debt incurred in late September, however, as the long-brewing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 Federal Reserve Bulletin • January 1976 controversy over how to resolve New York TABLE 2 City's fiscal difficulties began to influence the Drawings and repayments exchanges. By then, each new development was on Federal Reserve System under receiving widespread attention in the world reciprocal currency arrangements press, and although very little of New York City debt is held abroad, an increasing number of In millions of dollars foreign businessmen and officials were express- Drawings, ing concern over the broader implications of a or re- Drawings payments Drawings possible default by the city. These concerns at Banks drawing on on (-) on System System, Aug. 1 System, first prompted precautionary selling of dollars July 31, through Oct. 31, by some traders, leading to a slippage of dollar 1975 Oct. 31 1975 1975 rates. Then, in early October U.S. interest rates turned down once again and, amidst scattered Bank of Mexico 360.0 360.0 indications that the pace of the U.S. economic Bank for International recovery might have slowed, some dealers Settlements (against J 58.01 shifted to expect further declines. German marks) \ —58.0J Meanwhile, new forecasts of a near-term Total J 418.01 360.0 \-58.0] pick-up of some European economies raised the prospect of a hardening of interest rates abroad. In this atmosphere of uncertainty, the dollar lost ances. Thereafter, the dollar leveled off around buoyancy and dollar rates were pushed sharply 4 to 5 per cent below late-September highs. lower in sporadic bouts of selling pressures. In Exchange rates still fluctuated widely, howan effort to maintain order and to resist the ever, as the market reacted to each new twist decline, foreign central banks entered the mar- and turn in the New York City fiscal situation. ket as buyers of dollars, on some days in sizable On balance, foreign central banks continued to amounts. The New York market also turned buy dollars through the month-end. In New unsettled on several occasions in early October, York, although the Federal Reserve remained and the Federal Reserve, operating on 4 days prepared to intervene, the market was generally between October 1 and October 15, sold a total quiet and there was no further need for sales of $50.1 million equivalent of marks from bal- of foreign currencies. During periods of dollar buoyancy in October, the System purchased $36 TABLE 1 million equivalent of marks for future contingencies. Federal Reserve System In sum, during the period August-October the drawings and repayments Federal Reserve purchased in the market and under reciprocal currency arrangements from correspondents a total of $95.3 million of In millions of dollars equivalent German marks and $6 million of Belgian francs. Sales of currencies in the market, which oc- Drawings, System or re- System curred in early October, amounted to $50.1 swap payments swap million equivalent of marks. There were no new commit- (-) commit- Transactions with— ments Aug. 1 ments swap drawings by the Federal Reserve. July 31, through Oct. 31, 1975 Oct. 31, 1975 On August 29 the swap line between the 1975 Federal Reserve and the Bank of Mexico was increased by $180 million to $360 million. The National Bank of Belgium .. 261.8 261.8 Swiss National Bank 337711..22 337711..22 full amount was subsequently drawn by the Bank for International Settle- Bank of Mexico in late September and early ments (Swiss francs) .. 600.0 600.0 October to meet temporary needs, and these Total 11,,223322..99 11,,223322..99 drawings remained outstanding at the end of the period. • NOTE.—Discrepancies in totals are due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

31 Membership of the Board of Governors of the Federal Reserve System, 1913-76 APPOINTIVE MEMBERS1 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Charles S. Hamlin Boston Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, when his successor took office. Paul M. Warburg New York ... do. Term expired Aug. 9, 1918. Frederic A. Delano Chicago do. Resigned July 21, 1918. W. P. G. Harding Atlanta do. Term expired Aug. 9, 1922. Adolph C. Miller San Francisco do. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, when his successor took office. Albert Strauss New York Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah ... Chicago Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Piatt New York June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills Cleveland Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell Minneapolis May 12, 1921 Resigned May 12, 1923. Milo D. Campbell Chicago Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger Cleveland May 1, 1923 Resigned Sept. 15, 1927. George R. James St. Louis May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, when his successor took office. Edward H. Cunningham .. Chicago do. Died Nov. 28, 1930. Roy A. Young Minneapolis Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee Kansas City May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961. J. J. Thomas Kansas City do. Served until Feb. 10, 1936, when his successor took office. Marriner S. Eccles San Francisco ..Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. 3, 1936 Resigned Sept. 30, 1937. John K. McKee Cleveland do Served until Apr. 4, 1946, when his successor took office. Ronald Ransom Atlanta ... do Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison Dallas Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis Richmond June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. 30, 1938 Served until Sept. 1, 1950, when his successor took office. 14, 1942 Served until Aug. 13, 1954, when his successor took office. James K. Vardaman, Jr. .. St. Louis Apr. 4, 1946 Resigned Nov. 30, 1958. Lawrence Clayton Boston Feb. 14, 1947 Died Dec. 4, 1949. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton Atlanta Sept. 1, 1950 Resigned Jan. 31, 1952. Oliver S. Powell Minneapolis do Resigned June 30, 1952. For notes see p. 32. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 Federal Reserve Bulletin • January 1976 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Apr. 2, 1951 Reappointed for term beginning Feb. 1, 1956. Term expired Jan. 31, 1970. Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965. J. L. Robertson Kansas City do Reappointed for term beginning Feb. 1, 1964. Resigned Apr. 30, 1973. Paul E. Miller Minneapolis Aug. 13, 1954 Died Oct. 21, 1954. Aug. 12, 1954 Served through Feb. 28, 1966. Mar. 17, 1955 Retired Apr. 30, 1967. G. H. King, Jr Atlanta Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. George W. Mitchell Chicago AAuugg . 31, 1961 Reappointed for term beginning Feb. 1, 1962. J. Dewey Daane Richmond . Nov. 29, 1963 Served until Mar. 8, 1974, when his successor took office. Sherman J. Maisel San Francisco Apr. 30, 1965 Served through May 31, 1972. Mar. 9, 1966 Resigned Aug. 31, 1974. William W. Sherrill Dallas May 1, 1967 Reappointed for term beginning Feb. 1, 1968. Resigned Nov. 15, 1971. Arthur F. Burns New York ... Jan. 31, 1970 Term began Feb. 1, 1970. John E. Sheehan St. Louis Jan. 4, 1972 Resigned June 1, 1975. Jeffrey M.,Bucher San Francisco June 5, 1972 Resigned Jan. 2, 1976. Robert C. Holland Kansas City .. June 11, 1973 Henry C. Wallich Boston Mar. 8, 1974 Philip E. Coldwell Dallas Oct. 29, 1974 Philip C. Jackson, Jr Atlanta July 14, 1975 Jan. 5, 1976 CHAIRMEN3 VICE CHAIRMEN3 Charles S. Hamlin ...Aug. 10, 1914-Aug. 9,1916. Frederic A. Delano... Aug. 10, 1914-Aug. 9, 1916 W. P. G. Harding ...Aug. 10, 1916-Aug. 9,1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918 Daniel R. Crissinger May 1, 1923-Sept. 15,1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920 Roy A. Young Oct. 4, 1927-Aug. 31,1930. Edmund Piatt July 23, 1920-Sept. 14, 1930 Eugene Meyer Sept. 16, 1930-May 10,1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936 Eugene R. Black May 19, 1933-Aug. 15,1934. Ronald Ransom Aug. 6, 1936-Dec. 2, 1947 Marriner S. Eccles ..Nov. 15, 1934-Jan. 31,1948. C. Canby Balderston Mar. 11, 1955-Feb. 28, 1966 Thomas B. McCabe..Apr. 15, 1948-Mar. 31,1951. J. L. Robertson Mar. 1, 1966-Apr. 30, 1973 Wm. McC. Martin, Jr. Apr. 2, 1951-Jan. 31,1970. George W. Mitchell.. May 1, 1973- Arthur F. Burns Feb. 1, 1970- EX-OFFICIO MEMBERS1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918 John Skelton Williams Feb. 2, 1914-Mar. 2, 1921 Carter Glass Dec. 16, 1918-Feb. 1, 1920 DanielR.Crissinger ..Mar. 17, 1921-Apr. 30, 1923 David F. Houston ...Feb. 2, 1920-Mar. 3, 1921 Henry M.Dawes ....May 1, 1923-Dec. 17, 1924 Andrew W. Mellon ..Mar. 4, 1921-Feb. 12, 1932 JosephW.Mcintosh ..Dec. 20, 1924-Nov. 20, 1928 Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933 J. W. Pole Nov. 21, 1928-Sept. 20, 1932 WilliamH.Woodin ..Mar. 4, 1933-Dec. 31, 1933 J. F. T. O'Connor ..May 11, 1933-Feb. 1, 1936 Henry Morgenthau, Jr. Jan. 1, 1934-Feb. 1, 1936 1 Under the provisions of the original Federal Reserve Act the members; that the Secretary of the Treasury and the Comptroller Federal Reserve Board was composed of seven members, in- of the Currency should continue to serve as members until Feb. cluding five appointive members, the Secretary of the Treasury, 1, 1936; that the appointive members in office on the date of who was ex-officio chairman of the Board, and the Comptroller that Act should continue to serve until Feb. 1, 1936, or until of the Currency. The original term of office was 10 years, and their successors were appointed and had qualified; and that the five original appointive members had terms of 2, 4, 6, 8, thereafter the terms of members should be 14 years and that the and 10 years, respectively. In 1922 the number of appointive designation of Chairman and Vice Chairman of the Board should members was increased to six, and in 1933 the term of office be for a term of 4 years. was increased to 12 years. The Banking Act of 1935, approved 2 Date after words "Resigned" and "Retired" denotes final Aug. 23, 1935, changed the name of the Federal Reserve Board day of service. to the Board of Governors of the Federal Reserve System and 3 Chairman and Vice Chairman were designated Governor and provided that the Board should be composed of seven appointive Vice Governor before Aug. 23, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

33 Statement to Congress Statement by Robert C. Holland, Member, views have been evolving, and they are contin- Board of Governors of the Federal Reserve uing to develop. In the course of these deliber- System, before the Subcommittee on Financial ations our positions on two of the tentative Institutions Supervision, Regulation, and In- conclusions offered last July have solidified. surance of the Committee on Banking, Cur- Our first and foremost conclusion is that the rency, and Housing, U.S. House of Repre- Federal Reserve, as the Nation's central bank, sentatives, December 17, 1975. needs to be closely involved in the process of bank regulation and supervision. Our second conclusion is that some improvement in the I am pleased to appear before this committee present structure of the Federal bank regulatory on behalf of the Board of Governors of the agencies is desirable. Let me explain how we Federal Reserve System to discuss Title IV of have reached each of these conclusions and the FINE "Discussion Principles" relating to relate our thinking to the distinctive features of the regulatory agencies. the proposals put forth in the FINE Discussion We at the Board are impressed, Mr. Chair- Principles. man, with the thoughtful approach that your The place to begin as we see it, is with the committee is employing in its study of Financial relationship between monetary policy and regu- Institutions in the Nation's Economy. Your latory policy. Now, more than ever, the Federal study wisely recognizes the interrelation of ef- Reserve's role as monetary policy-maker and as forts to restructure financial institutions with lender of last resort interacts with the effects questions relating to housing, holding company of prevailing bank supervisory and regulatory operations, international banking activities, and policies. Each of these areas of public policy the role of the regulatory agencies. The Board increasingly influences the effectiveness of the hopes that it will be able to contribute to your other. To divorce them is to weaken both. comprehensive efforts in a meaningful way. Because of the importance we attach to this Turning to the Discussion Principles relating particular issue, let me give you some concrete to the regulatory agencies, I note that Title IV examples of our concern. Fundamentally, monstarts with a reference to Chairman Burns' etary policy works by affecting the liquidity speech before the American Bankers Associa- position of banks and the financial system. Good tion in October 1974. You will recall that I also bank supervision should, and will, examine the used that speech as a starting point in my liquidity of individual banks and urge the cortestimony before this committee last July. As rection of inappropriately thin or exposed liqui- I indicated at that time, the Federal Reserve, dity positions. But if bank supervisory policy for more than a year, has been making detailed is set without full understanding of broad ecostudies of the problems highlighted in that nomic developments or the trend of monetary speech and what might be done to help correct policy, the supervisor can be impelling ill-timed them. As a part of those efforts, we have given banking actions. The enforced write-downs of careful thought to the structure of Federal bank bank assets to the unrealistically depressed supervision and regulation. market values reached during the Great Depres- In my testimony last July, I offered certain sion were among the most unfortunate examples tentative conclusions reached by the Board. of such too-narrow supervisory vision. Since that time our studies have continued, our On the other hand, if the bank supervisor sets Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 Federal Reserve Bulletin • January 1976 too-low liquidity standards, or none at all, or agement and participation in various types of changes them at an inopportune moment, he can credit markets. This kind of information prodilute or frustrate for a time the thrust of mone- vides valuable supplements to the meaning of tary policy. For example, the bulge of the past the quantitative statistics on monetary and credit few years in loan commitments—that is, in bank aggregates. promises to lend money upon request, made When one turns to the regulation and superchiefly to businesses—both slowed and skewed vision of international banking activities, more the restraining effects of monetary policy and monetary implications ensue. Changes in bank thereby helped worsen our inflation. Those ad- rules or examiner standards can generate flows verse effects could have been considerably of funds into or out of this country that markedly worse, were it not for the fact that the Federal alter the international balance of payments and Reserve, drawing upon its supervisory as well the foreign exchange value of the dollar. Simias monetary responsibilities, took the initiative larly, such changes can create financial probin expressing concern to bankers regarding the lems for other countries and adversely affect the large build-ups in their commitments. With the relations between our country and others. benefit of hindsight, however, I wish our coun- In all these supervisory and regulatory matter-measures could have been more vigorous. ters, the standards of objective examiner pro- Bank capital standards set by supervisors also fessionalism need to be respected, but such interact with both national economic and mone- standards need to take account of their broader tary policy. Supervisory rules that require banks domestic and international consequences. To to raise their capital ratios or that make it more our mind, this reasoning argues decisively for difficult for banks to raise capital can reduce a close relation between monetary policy and the availability of bank funds to prospective supervisory and regulatory considerations. borrowers and thus slow the rate of growth of The Board's deliberations have led to the bank credit and money. These are matters of conclusion that an optimum system of bank significance to monetary policy. For example, regulation and supervision is one that would right now, in the wake of several years of strong achieve three main objectives: (1) to keep banks bank credit expansion and some recent loan safe and sound, (2) to protect the legitimate reverses, a strengthening of capital positions of interest of present and would-be bank custommany banks is most desirable. But supervisory ers, and (3) to be attentive to over-all monetary pressure for improving capital ratios should not considerations. be overdone in this environment, as it could It might seem logical to pursue these various deter bank willingness to lend to the extent of objectives by consolidating all the public ageninterfering with the financing of recovery. Nor, cies concerned with them under one roof. That for the same reason, should supervisory pressure would amount to centralizing all banking and be such as to inhibit the ability and willingness monetary powers in one agency. of banks to go to the market to raise needed However, experience with regulation in incapital. dustries other than banking suggests that placing There are two other important aspects of all regulatory authority in a single agency does interaction between supervisory and monetary not necessarily result in sound regulatory policy. considerations that should be accented. Too much centralization entails substantial Bank supervisory activities provide a flow of risks. To the extent that the possibilities of information concerning detailed developments criticism and constructive differences of view inside the banking system that can be of inesti- from within the regulatory structure are elimimable value to monetary policy-makers. Exam- nated, the benefits of knowledgeable checks and iner asset evaluations supply first-hand knowl- balances are diminished. The stimuli to initiaedge of the changing quality of credit, and of tive and innovation are reduced. A sole bank the quality of bank management that is admin- supervisory agency, not subject to challenge istering that credit. Important insights are gained from sister agencies, could tend to become also into bank policies regarding liability man- inflexible, or even ossified. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress 35 In addition, any supervisory agency design as it may appear, combining the regulation of needs to take careful account of the danger of all depositary institutions in one supervisory the development of an unhealthy relation be- authority at one stroke would be too potentially tween the supervised and the supervisors. I disruptive a step to take. believe Federal Government agencies generally Third, your Discussion Principles implicitly make a sincere effort to avoid either dominating recognize that there is a problem in consolior becoming captives of the industries they dating five Federal supervisory authorities into regulate. However, the necessary closeness of one by suggesting a 3-year transition period. the relationship creates opportunities for undue The Board agrees that any change of the charinfluence that must be guarded against. acter proposed would have to be made gradu- As we have weighed these risks against the ally. In our view, however, it is preferable to improvements upon recent performance that start with less sweeping substantive changes in could realistically be expected to flow from the structure of depositary regulation and then complete centralization of Federal bank regula- to introduce further reforms as necessary, tory authority, we have concluded that the gains building on the experience gained from the are not worth the risks, at least at the present actions previously taken. I shall be making more stage of experience. For similar reasons, we explicit comments in this vein later on in my have concluded that there are not such critical statement. shortcomings in our present regulatory system We are led to recommend this more moderas to call for the kind of drastic overhaul pro- ate, step-at-a-time approach by our analyses of posed in the FINE Discussion Principles. Cer- the banking problems that have surfaced in tain special features of the FINE proposals, recent years. Our studies indicate that many of however, call for some added comment. such banking problems would probably have First, the regulatory commission proposed in occurred regardless of what structure of Federal the Discussion Principles would include as a supervisory agencies was in place, and that most member of the five-man commission the Vice of them can be dealt with without a drastic Chairman of the Board of Governors. We are restructuring of the banking agencies. pleased with this recognition of the need for the In the light of recent experience, many nec- Board's representation on a commission regu- essary or desirable corrective measures have lating depositary institutions. However, for the already been introduced by both banks and bank reasons I set forth in the first part of my state- supervisors. Banks in general have been sobered ment, the Board believes that the relation be- by the problems they have faced and are taking tween monetary policy and bank supervision a more prudent posture both in pursuing new and regulation should be strengthened father activities and in monitoring possible excesses. than weakened as it would be under the FINE The agencies, on their part, have launched a proposal. number of important remedial measures to im- Second, the FINE proposal would include prove bank examination, supervision, and reguunder the jurisdiction of the new Federal De- lation. Some of those measures I mentioned in pository Institutions Commission not just com- my testimony here last summer. Without taking mercial banks but also all Federally insured the time to repeat and expand upon them, I will savings and loan associations, mutual savings simply attach as an appendix to this testimony banks, and credit unions. We agree that there a list of some of the significant changes and is some logic in this proposal. As the activities proposals that the Federal Reserve itself has of other depositary institutions are permitted to made.1 take on more of the attributes of banking, the Surveying all these and similar changes, we distinctions between the different types of insti- believe they promise a substantial and responsitutions become increasingly blurred and the need to coordinate their regulation and supervi- 1 Available upon request from Publications Services, sion grows correspondingly stronger. At this Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. time, however, the Board believes that, logical 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 Federal Reserve Bulletin • January 1976 ble improvement in the banking environment. sponsibilities, but the supervision and regulation But I am not here to try to lull this committee of those branches rests with the Comptroller; into inaction with a claim that "Everything is the Board authorizes Edge Act corporations, but fine." On the contrary, we believe there are many of the banks with whom those corporacertain problem areas where current progress is tions are associated are supervised by the not good enough, or fast enough, or uniform Comptroller. enough to be satisfactory. Accordingly, the The examination and supervision of national Board has concluded that some change in the and State member banks could be integrated Federal bank supervisory structure, designed to efficiently. At the same time, the continued improve performance in those particular areas, existence of the Federal Deposit Insurance Corwould be worthwhile. To be specific, the objec- poration would provide another Federal banking tives that we have in mind are: (1) to more agency to check or stimulate the supervisory and efficiently and uniformly modernize bank ex- regulatory actions of the Federal Reserve. amination and surveillance procedures, (2) to If the Congress should make such a change provide for more vigorous and consistent fol- in bank regulatory structure, it would then seem low-up procedures when bank examinations re- appropriate to have the incumbent of the Office veal weaknesses, (3) to attain greater consis- of the Comptroller of the Currency added as tency in some regulations, and (4) to improve an eighth member of the Board of Governors the coordination of bank supervision with mon- until the next Board vacancy occurred, at which etary policy. time he would be appointed to fill that vacancy. What agency changes would do most to foster The second reform proposal that has develthese objectives while avoiding the pitfalls cited oped strong support within the Board is one I earlier in this testimony? The answer to that outlined to you in July, namely, the creation question is, in the end, a matter of personal of a Federal Bank Examination Council. Such judgment. On balance, no one proposal for a Council would be focused on the areas that agency reform has gained the support of a strong we believe are most in need of improvemajority of the Board at this time. Two different ment—that is, efficient and uniform modernireform proposals, however, have developed zation of bank examination and vigorous and strong support within the Board. consistent follow-up procedures when bank The first, and perhaps the simplest, is to weaknesses are revealed. Such a Council could consolidate the functions of the Office of the be established administratively or by statute. Its Comptroller of the Currency within the Federal statutory authorization would undoubtedly give Reserve System. This change would eliminate more impetus to the establishment of such a some of the anomalies pointed out in the Dis- Council, and would also provide it with more cussion Principles. Indeed, it could accomplish clear-cut authority to take definitive action a good deal of what is claimed would be ac- within its statutorily defined areas of adminiscomplished by a complete consolidation of tration. Federal bank supervisory functions, without The Federal Bank Examination Council some of the dangers of complete unification. should have authority to establish standards and There is logic in this proposal because all procedures for bank surveillance, examination, national banks are required to be members of and follow-up, applicable to all the Federal the Federal Reserve System and thus subject to banking agencies, and it should review signifiits regulations, but their primary examination cant problem cases when and as they develop. and supervision lies with the Comptroller; the All three Federal banking agencies should be Board has supervisory responsibility for all bank represented on the Council. Because of the holding companies, and yet many of the major importance of close coordination between bank bank subsidiaries of such holding companies are supervision and monetary policy, we would national banks; the Board must approve the favor appointing a member of the Board as our opening of foreign branches of national banks Council representative and making him Chairconsistent with its international monetary re- man of the Council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress 37 Establishment of a Federal Bank Examination proposals that I have sketched should help to Council of this kind would be consistent with reduce instances of "competition in laxity" an experimental and evolutionary course of ac- such as were noted by Chairman Burns in his tion. Experience with the Council would con- October 1974 address. They would, at the same ceivably lead in time to the conclusion that some time, continue a system of checks and balances further consolidation of banking regulatory and that, as Chairman Burns also observed, "is the related authorities would be desirable. If so, that traditional way of guarding against arbitrary or decision would be based upon actual experience capricious exercise of authority." and a greater practical awareness of the difficul- The Board recognizes that reasonable men ties to be overcome than we now have. This differ on the scope and desirability of revisions, step-by-step approach to reform in bank regula- if any, in the regulatory structure. As I have tory structure could, we believe, bring about tried to indicate, we are not wedded to the status significant improvements in bank supervision quo. We look forward to continued work with without risking the potential disruption that your committee in developing the most practicould accompany more sweeping changes. cable and desirable revisions in the regulation The adoption of either of the two reform and supervision of depositary institutions. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON NOVEMBER 18, 1975 Domestic Policy Directive The information reviewed at this meeting suggested that output of goods and services—which had increased at an annual rate of 11 per cent in the third quarter—was expanding more moderately in the current quarter and that prices were continuing to rise at a relatively fast pace. Staff projections continued to suggest that growth would moderate further in the first half of 1976 and that the rate of increase in prices would slow somewhat over the period to mid-1976. In October retail sales had risen somewhat, according to the advance report, after 2 months of little net change from the higher levels reached in July. Industrial production continued to recover, although at a considerably less rapid pace than in the preceding 4 months. Recovery in nonfarm payroll employment also was less rapid than in earlier months, and the average workweek in manufacturing was unchanged. The unemployment rate rose from 8.3 to 8.6 per cent, reflecting a sizable increase in the civilian labor force. The index of average hourly earnings for private nonfarm production workers rose substantially in October. The rise in average wholesale prices of industrial commodities—which had accelerated in August and September—was even more rapid in October, reflecting in part previously announced increases in prices of 1976-model automobiles and of steel. The index for farm and food products rose sharply further, but after mid-October—the date used for the index—prices of many agricultural products declined. In September the consumer price index had risen moderately; increases in prices of new automobiles and of transit fares in New York City accounted for much of the rise. Staff projections for the fourth quarter and for the first half of 1976 were similar to those of 4 weeks earlier. They suggested that growth in personal consumption expenditures would be considerable—although less than in the third quarter—and that business Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 39 inventories would shift from substantial liquidation in the third quarter to small accumulation in the fourth quarter and then to moderate accumulation. It was also anticipated that residential construction would continue to expand and that business fixed investment would begin to recover. However, growth in State and local government purchases of goods and services—which had slowed in the third quarter—was expected to remain at a reduced rate over the current and next two quarters. In addition, exports were projected to rise less than imports. The exchange value of the dollar had moved in a narrow range in recent weeks. In September both U.S. merchandise exports and imports increased, and the foreign trade surplus remained substantial; the surplus for the third quarter as a whole was nearly as great as the average surplus for the first two quarters. Private capital transactions reported by banks, which had shown net inflows in July and August, apparently shifted back to a net outflow in September. The volume of offerings of new foreign bonds in the U.S. market has been at record levels this year. Total loans and investments at U.S. commercial banks expanded moderately in October, on a seasonally adjusted basis. Outstanding loans to business—which had declined in most months earlier this year—rose appreciably; however, the increase in total short-term business borrowing was small as the outstanding volume of commercial paper issued by nonfinancial corporations declined further. Banks reduced their holdings of Treasury securities, but they increased their holdings of Federal agency and other securities by an almost equivalent amount. In late October and early November most banks reduced the prime rate applicable to large business borrowers from 8 to IV2 per cent, and one major bank reduced it to 1XA per cent. M grew at an annual rate of 6.9 per cent from the average x level during the second quarter to the average level during the third quarter, but it rose relatively little in the months of the third quarter and declined in October. Inflows of consumer-type time and savings deposits to banks and to nonbank thrift institutions remained moderate in October, and growth in M and M slowed 2 3 further. From the second-quarter average to the third-quarter average, M and M grew at annual rates of 10.4 per cent and 2 3 13.1 per cent, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 Federal Reserve Bulletin • January 1976 System open market operations since the October 21 meeting had been guided by the Committee's decision to seek bank reserve and money market conditions consistent with moderate growth in monetary aggregates over the months ahead. It had been understood that operations would be directed toward moving the Federal funds rate down from the prevailing level of around 5% per cent to 5 Vi per cent by the end of the statement week following the meeting, unless new data suggested that growth in the monetary aggregates in the October-November period would exceed the rates expected at the time of the meeting. The new data that became available shortly after the meeting did suggest that monetary growth would be somewhat stronger than had been expected, and operations to ease bank reserve and money market conditions were delayed. Subsequently, however, new data suggested less strength in monetary growth, so System operations were directed toward some easing in the Federal funds rate. In the days immediately preceding this meeting, the rate was around 5VA per cent. Short-term market interest rates declined further over the intermeeting period, in response to the decline in the Federal funds rate and to increased demands for high-grade liquid assets. On the day before this meeting, the market rate on 3-month Treasury bills was 5.45 per cent, down from 5.90 per cent on the day before the October meeting and from 6.50 per cent just before the September meeting. Yields on longer-term Treasury and corporate securities also declined during most of the inter-meeting period, in response to the easing in short-term markets. However, yields on State and local government securities were subject to the influence of shifting expectations concerning resolution of New York's financial problems; they rose in late October and early November and then eased somewhat. Despite the adverse impact of the New York situation, the volume of offerings of municipal bonds was relatively large in October. At its previous meeting, the Committee had agreed that growth in the monetary aggregates on the average over the period from the third quarter of 1975 to the third quarter of 1976 at rates within the following ranges appeared to be consistent with its broad economic aims: M 5 to IVi per cent; M , IV2 to lO1/^ per l9 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 41 cent; and M , 9 to 12 per cent. The associated range for growth 3 in the bank credit proxy was 6 to 9 per cent. It was understood that the longer-term ranges, as well as the particular list of aggregates for which such ranges were specified, would be subject to review and modification at subsequent meetings. It also was understood that, as a result of short-run factors, growth rates from month to month might well fall outside the ranges contemplated for annual periods. In the discussion of current policy at this meeting, the Committee took note of a staff analysis suggesting that, in view of the projected expansion in GNP, M was likely to grow substantially faster over x the months ahead than it had over the immediately preceding months. In addition, inflows of time and savings deposits to banks and nonbank thrift institutions were expected to pick up somewhat over the weeks ahead from the pace in late summer and early fall, in response to the decline in market interest rates that had occurred since that time. During the discussion reference was made to the uncertain strength of the economic recovery over the quarters ahead and to the persistence of inflationary pressures. In addition, the unresolved financial problems of New York were recognized as a potential source of disturbance in financial markets that might have significant effects on the course of the recovery. Some Committee members took the position that the objective of open market operations in the period immediately ahead should be to maintain prevailing money market conditions. Among the reasons advanced for this course were the sensitive state of financial markets and the judgment that changing relationships tended to make monetary growth rates unreliable guides to monetary policy at present. Other members, who preferred to continue to base operating decisions in the period immediately ahead primarily on the behavior of the monetary aggregates, expressed concern about their sluggish growth over recent months. In general, these members were willing to see some further easing in money market conditions, should that prove to be necessary in the pursuit of moderate monetary growth over the months immediately ahead. They also were willing to accept some tightening in money market conditions, in the event that the monetary aggregates began to grow at excessive rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 Federal Reserve Bulletin • January 1976 At the conclusion of the discussion the Committee decided to seek bank reserve and money market conditions consistent with moderate growth in the monetary aggregates over the months ahead, while taking more than usual account of developments in domestic and international financial markets. Specifically, the members agreed that, in light of the low rates of increase in recent months, growth in M and M over the November-December period at x 2 annual rates within ranges of tolerance of 6 to 10 per cent and IVi to \0Vi per cent, respectively, would be acceptable. It was thought that such growth rates would be likely to involve an annual rate of growth in reserves available to support private nonbank deposits (RPD's) within a range of AV2 to SV2 per cent. The members agreed that until the next meeting the weekly average for the Federal funds rate might be expected to vary in an orderly fashion within a range of 4V2 to 5V2 per cent. It was contemplated that System operations would be directed toward moving the Federal funds rate down to the middle of that range if the data becoming available in the weeks ahead suggested that the several monetary aggregates were growing at rates close to the midpoints of their ranges of tolerance. The following domestic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that output of goods and services—which had increased sharply in the third quarter—is expanding more moderately in the current quarter. Retail sales are reported to have risen in October, after 2 months of little net change. Industrial production and nonfarm payroll employment continued to recover, although at a less rapid rate than in the summer months. The unemployment rate rose to 8.6 per cent from 8.3 per cent in September, reflecting a sizable increase in the civilian labor force. Average wholesale prices of industrial commodities increased more in October than in the immediately preceding months, and prices of farm and food products rose sharply further. However, since mid-October prices of many agricultural products have declined. The advance in average wage rates in October was substantial. Since mid-October the exchange value of the dollar against leading foreign currencies has moved in a narrow range. The U.S. foreign trade surplus in September remained substantial, as both exports and imports rose moderately. Bank-reported private capital Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 43 flows appear to have shifted to net outflows since September, and the volume of offerings of new foreign bonds in the U.S. market has been at record levels. M rose at a 6.9 per cent annual rate from the average level x during the second quarter to the average level during the third quarter. However, M grew relatively little in the months of the t third quarter and it declined in October. Inflows of consumer-type time and savings deposits to banks and to nonbank thrift institutions remained moderate in October, and growth in M and M slowed 2 3 further. Most short- and long-term interest rates have declined further in recent weeks. Conditions in markets for State and local government securities have continued to be adversely affected by New York's financial problems. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions that will encourage continued economic recovery, while resisting inflationary pressures and contributing to a sustainable pattern of international transactions. To implement this policy, while taking more than usual account of developments in domestic and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with moderate growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Baughman, Bucher, Coldwell, Holland, MacLaury, Mayo, Mitchell, and Wallich. Votes against this action: Messrs. Volcker, Eastburn, and Jackson. Messrs. Volcker and Jackson dissented from this action because they thought prevailing money market conditions should be maintained for the time being, in part because of current uncertainties about the short-run relationship between monetary growth and interest rates. In addition, Mr. Volcker indicated that he would prefer to avoid any significant tightening in money market conditions because of uncertainties about the economic outlook and the sensitivity of financial markets to New York and other problems, and to avoid any significant easing simply in response to the recent declines in the money supply, which were expected to be reversed before long. In the opinion of Mr. Jackson, performance of the broader monetary aggregates—such as M —and general conditions 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 Federal Reserve Bulletin • January 1976 in credit markets were about right in the context of the current economic situation. Mr. Eastburn dissented because he believed that the System should be more aggressive in supplying reserves in order to compensate for recent shortfalls in the rate of monetary expansion from the Committee's longer-run growth ranges. He indicated that he would place less weight on the Federal funds rate constraint because, in his judgment, too much emphasis on money market conditions had misled the Committee in the past. Accordingly, he preferred a range of tolerance for the Federal funds rate that was lower than the range adopted by the Committee and a directive with less emphasis on money market conditions. He * * * * 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

45 Law Department Statutes, regulations, interpretations, and decisions Reserves of Member Banks maturity of 180 days or more but less than 4 years; 3 per cent of its time deposits up to $5 million, The Board of Governors has amended its Reguoutstanding on or issued after October 16, 1975, lation D to reduce by V2 percentage point reserves that have an initial maturity of less than 180 days, required to be maintained on time deposits having plus 6 per cent of such deposits in excess of $5 an initial maturity of 180 days or more but less million. than four years that are outstanding on or issued Provided, however, That in no event shall the after December 25, 1975. reserves required on its aggregate amount of time Effective December 25, 1975, sections and savings deposits be less than 3 per cent. 204.5(a)(l)(ii) and 204.5(a)(2) are amended to read as follows: Membership of State Banking Section 204.5—Reserve Requirements Institutions in the Federal Reserve System (a) The Board of Governors of the Federal Reserve (1) If not in a reserve city— System has amended its Regulation H to implement the grace period provided in section 303 of the Emergency Housing Act of 1975 concerning (ii) 1 per cent of its time deposits outstanding certain real estate loans made by State member on or issued after October 16, 1975, that have banks in identified flood hazard areas of commuan initial maturity of 4 years or more; 2¥z per nities that are not participating in the National cent of its time deposits outstanding on or issued Flood Insurance Program. after December 25, 1975, that have an initial Effective December 30, 1975, section maturity of 180 days or more but less than 4 years; 208.8(e)(5) is amended by adding a new sentence 3 per cent of its time deposits up to $5 million, to the end thereof to read as follows: outstanding on or issued after October 16, 1975, Section 208.8—Banking Practices that have an initial maturity of less than 180 days, plus 6 per cent of such deposits in excess of $5 million. Provided, however, That in no event shall the (e) Loans by State member banks in identified Reserves required on its aggregate amount of time flood hazard areas. and savings deposits be less than 3 per cent. (5) ***Provided, That the prohibition contained (2) If in a reserve city (except as to any bank in this section shall not apply to any loan made located in such a city that is permitted by the Board prior to January 1, 1976, if the loan is made to of Governors of the Federal Reserve System, pur- finance the acquisition of a previously occupied suant to § 204.2(a)(2), to maintain the reserves residential dwelling. specified in subparagraph (1) of this paragraph)— Interest on Deposits (ii) 1 per cent of its time deposits outstanding The Board of Governors has amended its Reguon or issued after October 16, 1975, that have lation Q to facilitate the offering of Individual an initial maturity of 4 years or more; IVi per Retirement Accounts by member banks. cent of its time deposits outstanding on or issued Effective December 4, 1975, Regulation Q is after December 25, 1975, that have an initial amended as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 Federal Reserve Bulletin • January 1976 1. A new sentence is added to paragraph (d) Effective December 31, 1975, section 265 is of §217.4 as follows: amended by deleting the word "banking" preceding the word "services" in § 265.2(a)(12)(iv), and Section 217.4—Payment of by revising § 265.2(a)(9)(d) and adding new § Time Deposits Before Maturity 265.2(f)(34) to read as follows: Section 265.2—Specific (d) Penalty for early withdrawals. * * * Functions Delegated to Board Where a time deposit representing funds con- Employees and to Federal Reserve Banks tributed to an Individual Retirement Account es- (a) The Secretary of the Board (or, in his abtablished pursuant to 26 U.S.C. (I.R.C. 1954) § sence, the Acting Secretary) is authorized: 408 is paid before maturity when the individual for whose benefit the account is maintained attains age 59Vi or is disabled (as defined in 26 U.S.C. (I.R.C. 1954) 72(m)(7)) or thereafter, a member bank may pay all or a portion of such time deposit (9) * * * without a reduction or forfeiture of interest as (d) Such acquisition does not result, either diprescribed by this paragraph. rectly or indirectly, in the acquisition by such bank or corporation of effective control of any such company except that this condition need not be 2. Footnote 2 to section 217.7(d) is redesignated met if (1) the company is to perform nominee, as footnote 3 and a new footnote is added to fiduciary, or other services incidental to the activisection 217.7(b)(2) and (3) as follows: ties of a foreign branch or affiliate of such bank or corporation, or (2) the stock is being acquired Section 217.7—Maximum by such bank or corporation from its parent bank Rates of Interest Payable by or bank holding company, or subsidiary Edge or Agreement corporation, as the case may be, and Member Banks on Time and Savings Deposits such selling parent or subsidiary holds such stock with the consent of the Board pursuant to Parts 211, 213, or 225 of this chapter (Regulations K, (b) Time deposits of less than $100,000 M, and Y). (2) Member banks may pay interest on any time (f) Each Federal Reserve Bank is authorized, deposit of $1,000 or more, with a maturity of four years or more, at a rate not to exceed 1XA per as to member banks or other indicated organicent.2 zations headquartered in its district, or under subparagraph (25) of this paragraph as to its officers: (3) Investment Certificates—Member banks may pay interest on any time deposit of $1,000 or more, with a maturity of six years or more, at a rate not to exceed IVi per cent.2 (34) Under § 213.4(a) of this chapter (Regulation M) to extend the time in which a member bank must divest itself of stock or other evidences 2 The $1,000 minimum denomination requirement does not of ownership in a foreign bank acquired in satisapply to time deposits representing funds contributed to an faction of a debt previously contracted. Individual Retirement Account established pursuant to 26 U.S.C. (I.R.C. 1954) § 408. Interpretation of Regulation B Rules Regarding Delegation of Authority Equal Credit Opportunity The Board of Governors has amended its Rules Section 202.7(a) of this Part which becomes Regarding Delegation of Authority to delegate effective on January 31, 1976, provides, with authority for approval of certain foreign applica- certain exceptions not applicable to the present tions. question, that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 47 4 4. . .a creditor may not require the signature program.) The Federal Reserve Banks are acting of a spouse or other person on a credit as fiscal agents of the Treasury Department for instrument unless such a requirement is im- the recurring payments program and the Board of posed without regard to sex or marital status Governors, after review of all comments received, on all similarly qualified applicants who has adopted interim guidelines for the delivery of apply for a similar type and amount of such recurring payments under the Treasury credit." Department's program by the Federal Reserve Regulations of certain States require that the Banks. signature of both spouses be obtained in connec- The Board believes its interim position is costtion with credit guaranteed under student loan effective, operationally feasible, and affords all programs administered by the Department of financial institutions a number of options for re- Health, Education and Welfare. It appears that it ceiving payments on an equitable basis. From the may not be possible effectively to amend these comments received and reviewed by the Board regulations in order to eliminate this requirement regarding its June 10th proposal, a clear majority until the end of January 1976. Therefore, a ques- of each class of all financial institutions favored tion has arisen whether creditors extending credit the proposal on delivery of payments in the form in connection with such programs may continue adopted by the Board. Federal Reserve Bank repuntil January 31, 1976 to obtain the signatures of resentatives will, of course, be able to discuss both spouses upon instruments connected with the features of this proposal further with individual loan. institutions. In deferring the effective date of section The interim guidelines announced today may be 202.7(a), the Board of Governors explained that modified in the future to conform to the position it had done so because public comment on the finally adopted by the Board on sending and reregulations as proposed for comment on Sep- ceiving commercial payments on magnetic tape. tember 10, 1975 (40 FR 42030) 4'stated that cred- The Federal Reserve is currently in the process itors would need a few months to adapt their of reviewing the comments received on its June application procedures and re-train their employ- 10, 1975, proposal. It should be recognized also ees as to the situations in which a creditor may that the findings and recommendations of the Narequest or require the signature of a spouse or other tional Commission on Electronic Fund Transfers person." Accordingly, in extending credit prior could call for some further modification in these to January 31, 1976, in connection with student interim guidelines. loan programs administered by the Department of The guidelines adopted by the Board provide Health, Education and Welfare a creditor may for the delivery of Federal recurring payments by continue to require the signature of both spouses Federal Reserve Banks in the following fashion: upon instruments connected with the loan. (1) Payments to beneficiaries maintaining accounts at a financial institution offering demand Delivery of "Federal Recurring deposit accounts may be delivered directly to that Payments" to Financial Institutions institution in the same manner that checks are presented. On June 10, 1975, the Board of Governors of (2) Payments to beneficiaries maintaining acthe Federal Reserve System requested comments counts at a financial organization not offering deregarding use of Federal Reserve facilities for mand deposit accounts may be delivered directly clearing and settling of payment instruments evi- to that institution provided such institution receives denced by information contained in magnetic tape sufficient volume of such payments to warrant and other media (40 Federal Register 25641). The separate delivery and is located on an existing proposal pertained to the delivery of items to check courier route. institutions belonging to private associations ex- (3) Payments may be delivered to a data prochanging such payments instruments as well as the cessing service bureau provided the service bureau program of the United States Department of the receives sufficient volume of such payments to Treasury involving the processing of "Federal warrant separate delivery and is located on an recurring payments." (See 40 Federal Regis- existing check courier route. ter 47492 for an explanation of the Treasury's (4) Any financial organization may pick up Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 Federal Reserve Bulletin • January 1976 payments at the local Federal Reserve office pro- ceives checks directly from the Federal Reserve vided that volume is sufficient to warrant the office (i.e., the pass-through method). separate sort required. (6) Payments may be mailed to any financial (5) Any financial organization may have pay- organization by the Federal Reserve regardless of ments delivered to an endpoint that currently re- its location. BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS Orders Under Section 3 cantly adverse effect upon either existing or poof Bank Holding Company Act tential competition within the relevant market. The Board has indicated on previous occasions Allen Bancshares, Inc., that it believes that a holding company should Allen, Oklahoma constitute a source of financial and managerial strength to its subsidiary bank(s), and that the Order Denying Board will closely examine the condition of an Formation of Bank Holding Company applicant in each case with this consideration in Allen Bancshares, Inc., Allen, Oklahoma mind. While the Board considers the managerial ("Applicant"), has applied for the Board's ap- resources of Applicant and Bank to be adequate, proval under § 3(a)(1) of the Bank Holding Com- the Board notes that Applicant would incur a pany Act (12 U.S.C. § 1842(a)(1)) of formation sizable debt in connection with the proposed acof a bank holding company through acquisition quisition. Applicant proposes to service this debt of 90 per cent or more of the voting shares of over a 13-year period through dividends to be declared by Bank and the tax benefit to be derived Farmers State Bank, Allen, Oklahoma, ("Bank"). from filing consolidated tax returns. In the Board's Notice of the application, affording opportunity view, the debt servicing obligation to be incurred for interested persons to submit comments and by Applicant would significantly limit Applicant's views, has been given in accordance with § 3(b) ability to meet unforeseen financial problems that of the Act. The time for filing comments and views might arise, and thereby potentially impair Bank's has expired, and none has been received. The overall ability to continue to serve its community. Board has considered the application in light of Accordingly, the Board views the sizable acquisithe factors set forth in § 3(c) of the Act (12 U.S.C. tion debt to be incurred by Applicant as a signifi- § 1842(c)). cantly adverse factor in the consideration of the Applicant is a nonoperating corporation orgasubject proposal and finds that the considerations nized under the laws of the State of Oklahoma relating to financial resources and future prospects for the purpose of becoming a bank holding comweigh against approval of the application. pany through the acquisition of shares of Bank. As indicated above, the proposed formation Upon acquisition of Bank, Applicant would essentially involves the reorganization of the ownhold .05 per cent of total deposits in commercial ership interests of Bank. No significant changes banks in that State. Bank, with deposits of approximately $4.8 million,1 is the fourth largest of in Bank's operations or in the services offered to customers of Bank are anticipated. Consequently, 5 commercial banks in the relevant banking market2 and holds 5.1 per cent of total deposits in considerations relating to the convenience and needs of the community to be served lend no commercial banks in the market. Inasmuch as this weight toward approval of the application. proposal represents merely a reorganization of existing ownership interests, the acquisition of On the basis of the circumstances concerning Bank by Applicant would not have any signifi- this application, the Board concludes that the banking considerations involved in this proposal present adverse factors bearing upon the financial condition and future prospects of both Applicant JA11 banking data are as of June 30, 1975. and Bank. Such adverse factors are not outweighed 2 The relevant banking market is approximated by Pontotoc by any procompetitive effects, managerial re- County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 49 sources, or by benefits that would result in serving in have been determined by the Board to be closely the convenience and needs of the community. related to banking (12 CFR 225.4(a)(1)). Accordingly, it is the Board's judgment that ap- Notice of the applications, affording opportunity proval of the application would not be in the public for interested persons to submit comments and interest and that the application should be denied. views, has been given in accordance with §§3 On the basis of the facts of record, the applica- and 4 of the Act (40 Federal Register 43095). The tion is denied for the reasons summarized above. time for filing comments and views has expired, By order of the Board of Governors, effective and the applications and all comments received December 23, 1975. have been considered by the Board in light of the factors set forth in § 3(c) of the Act, and the Voting for this action: Vice Chairman Mitchell and considerations specified in § 4(c)(8) of the Act. Governors Holland, Wallich, Coldwell, and Jackson. Absent and not voting: Chairman Burns and Governor Applicant was organized by the directors of Bucher. Bank for the purpose of becoming a bank holding (Signed) THEODORE E. ALLISON, company through acquisition of Bank. Bank, with [SEAL] Secretary of the Board. deposits of approximately $62 million, holds approximately 1 per cent of the total commercial bank deposits in Oregon2 and, based on June 30, 1974, branch deposit data, is the second largest Citizens Bancorp, of 5 banks located in the relevant banking market.3 Albany, Oregon Inasmuch as Applicant has no existing subsidiary banks and the proposal represents merely a res- Order Approving Formation of tructuring of Bank's ownership, the acquisition of Bank Holding Company and Acqui- Bank by Applicant would have no adverse effects sition of Citizens Development Company on competition within the area served by Bank. Citizens Bancorp, Albany, Oregon, has applied Accordingly, it is concluded that competitive confor the Board's approval under § 3(a)(1) of the siderations are consistent with approval of the Bank Holding Company Act (12 U.S.C. 1842 application. (a)(1)) of formation of a bank holding company The financial condition, managerial resources, through acquisition of 100 per cent of the voting and prospects of Bank are regarded as satisfactory shares (less directors' qualifying shares) of the and consistent with approval of the application. successor by merger to Citizens Valley Bank, The management of Applicant is satisfactory, and Albany, Oregon ("Bank"). The bank into which Applicant's financial condition and prospects, Bank is to be merged has no significance except which are dependent upon the profitable operations as a means to facilitate the acquisition of the voting of both Bank and CDC, appear favorable. Acshares of Bank. Accordingly, the proposed acqui- cordingly, consideration relating to banking facsition of the shares of the successor organization tors are consistent with approval of the application. is treated herein as the proposed acquisition of Considerations relating to the convenience and shares of Bank. needs of the communities to be served are also Applicant has also applied, pursuant to § 4(c)(8) regarded as being consistent with approval of the of the Act (12 U.S.C. 1843(c)(8)) and § application to acquire Bank. It is the Board's 225.4(b)(2) of the Board's Regulation Y, for the judgment that consummation of the proposal to Board's approval to acquire 100 per cent of the form a bank holding company would be consistent voting shares of the successor by merger to Citi- with the public interest and the application should zens Development Company, Albany, Oregon be approved. ("CDC"), a company that presently engages in Applicant has also applied to the Board to making loans; purchasing notes and contracts; and acquire all the voting shares of CDC pursuant to owning and leasing real and personal property.1 § 225.4(a)(1) of Regulation Y. CDC was organ- The activities that Applicant proposes to engage ized by directors of Bank in 1960, and CDC and 1 Applicant will discontinue the owning and leasing of certain 2 All banking data are as of June 30, 1975, unless otherwise real and personal property within the period of two years from indicated. the date it becomes a bank holding company. 3The market is approximated by Linn County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 Federal Reserve Bulletin • January 1976 Bank have been affiliated through identical share- ant to delegated authority. The determination as holders and identical boards of directors since the to Applicant's proposed non-banking activities is formation of CDC in 1960. The proposed subsidi- subject to the conditions set forth in section ary would engage in the activities of making 224.4(c) of Regulation Y and the Board's authority personal and industrial loans, including loans on to require reports by, and make examination of, a participation basis with Bank, and purchasing holding companies and their subsidiaries and to discount contracts and mortgages. Such activities require such modification or termination of the are to be conducted on the premises of Bank and activities of a bank holding company or any of of its branch offices. Applicant states that the other its subsidiaries as the Board finds necessary to activities presently engaged in by CDC involving assure compliance with the provisions and purthe ownership and leasing of certain real and poses of the Act and the Board's regulations issued personal property will be discontinued and such thereunder, or to prevent evasion thereof. properties disposed of within a period of two years By order of the Board of Governors, effective from the date as of which Applicant becomes a December 9, 1975. bank holding company, as required by § 4(a)(2) of the Act.4 It does not appear that the acquisition Voting for this action: Chairman Burns, Governors Bucher, Coldwell, and Jackson. Absent and not voting: of CDC would have any significant effect on Governors Mitchell, Holland, and Wallich. existing or future competition. On the other hand, (Signed) THEODORE E. ALLISON, approval of the application would assure residents [SEAL] Secretary of the Board. of the area of the continuance of a convenient source of the services described above, which factor the Board regards as being in the public First Penn Corporation, interest. Furthermore, there is no evidence in the Oklahoma City, Oklahoma record indicating that consummation of the pro- Order Approving posal would result in any undue concentration of resources, unfair competition, conflicts of inter- Formation of Bank Holding Company ests, unsound banking practices or other adverse First Penn Corporation, Oklahoma City, Oklaeffects on the public interest. homa, has applied for the Board's approval under Based on the foregoing and other considerations § 3(a)(1) of the Bank Holding Company Act (12 reflected in the record, the Board has determined U.S.C. 1842(a)(1)) of formation of a bank holding that the considerations affecting the competitive company through acquisition of an additional 50,factors under § 3(c) of the Act and the balance 929 shares of Penn Square Bank, N.A., Oklahoma of the public interest factors the Board must con- City, Oklahoma ("Bank"). Upon consummation sider under § 4(c)(8) both favor approval of Ap- of the proposal, Applicant would own 80.4 per plicant's proposals. cent of the voting shares of Bank.1 Accordingly, the applications are approved for Notice of the application, affording opportunity the reasons summarized above. The acquisition of for interested persons to submit comments and Bank shall not be made before the thirtieth calen- views, has been given in accordance with § 3(b) dar day following the effective date of this Order; of the Act. The time for filing comments and views and neither the acquisition of Bank nor com- has expired, and the Board has considered the mencement of the proposed non-banking activities application and all comments received in light of shall be accomplished later than three months after the factors set forth in § 3(c) of the Act (12 U.S.C. the effective date of this Order, unless such period 1842(c)). is extended for good cause by the Board, or by Applicant, a recently formed corporation with the Federal Reserve Bank of San Francisco pursu- no subsidiaries, was organized for the purpose of becoming a bank holding company through the acquisition of Bank (deposits of $34.3 million).2 4CDC has also, from time to time, sold debentures to the Bank is the 15th largest of 69 banks in the relevant general public, the proceeds of which were invested in loan participations. In connection with this application, Applicant has indicated that, in the future, debentures will not be sold by Bank's employees nor on the premises of Bank. Moreover, debentures issued in the future will clearly indicate that they 1On February 28, 1975, Applicant acquired 7.6 per cent are not obligations of any bank, are not guaranteed by any of the shares of Bank. bank, and are not covered by FDIC deposit insurance. 2 All banking data are as of June 30, 1975. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 51 banking market3 and controls 1.1 per cent of the Dissenting Statement total commercial bank deposits therein. Upon of Vice Chairman Mitchell consummation of the proposal, Applicant would I would deny the application of First Penn control the 45th largest of 463 banks in Oklahoma, Corporation to become a bank holding company holding 0.36 per cent of total commercial bank through acquisition of Penn Square £ank, N.A. deposits in the State. Since this proposal represents ("Bank"). In my view, the debt to be assumed a corporate reorganization of the existing ownerby Applicant in connection with its acquisition of ship of Bank, consummation of the proposal would Bank is high in relation to Applicant's equity. not eliminate existing or potential competition, nor Moreover, the high level of dividend pay-out rehave an adverse effect on other area banks. quired of Bank for Applicant to service such debt The financial and managerial resources and fucould inhibit growth in Bank's capital at a rate ture prospects of Applicant, which are dependent compatible with its projected asset growth and on those of Bank, are considered to be generally could place an undue strain on the financial condisatisfactory and consistent with approval of the tion of Bank, thereby impeding Bank's ability to application. The debt to be assumed by Applicant provide adequate banking services to the commuas a result of the proposal appears to be serviceable nity. from the income to be derived from Bank without For these reasons, I do not regard the proposal having an adverse effect on the financial condition as being in the public interest, and I would deny of either Applicant or Bank. Accordingly, banking the application. factors are regarded as being consistent with approval. Although consummation of the transaction Gallatin Bancshares, Inc., would have no immediate effect on the area's banking needs, considerations relating to the con- Gallatin, Tennessee venience and needs of the community to be served Order Approving are consistent with approval of the application. It Formation of Bank Holding Company is the Board's judgment that consummation of the proposed transaction would be consistent with the Gallatin Bancshares, Inc., Gallatin, Tennessee, public interest and that the application to acquire has applied for the Board's approval under § Bank should be approved. 3(a)(1) of the Bank Holding Company Act (12 On the basis of the record, the application is U.S.C. § 1842(a)(1)) of formation of a bank approved for the reasons set forth above. The holding company through acquisition of 80 per transaction shall not be made (a) before the thir- cent of the voting shares of Bank of Gallatin, tieth calendar day following the effective date of Gallatin, Tennessee ("Bank"). this Order or (b) later than three months after the Notice of the application, affording opportunity effective date of this Order, unless such period for interested persons to submit comments and is extended for good cause by the Board, or by views, has been given in accordance with § 3(b) the Federal Reserve Bank of Kansas City pursuant of the Act. The time for filing comments and views to delegated authority. has expired and none has been received. The By order of the Board of Governors, effective application has been considered in light of the December 23, 1975. factors set forth in § 3(c) of the Act (12 U.S.C. § 1842(c)). Applicant, a nonoperating corporation with no Voting for this action: Governors Holland, Wallich, subsidiaries, was recently organized for the pur- Coldwell, and Jackson. Voting against this action: Vice Chairman Mitchell. Absent and not voting: Chairman pose of becoming a bank holding company through Burns and Governor Bucher. acquisition of shares of Bank ($20.4 million in deposits).1 Bank is the 122nd largest banking (Signed) THEODORE E. ALLISON, organization in Tennessee and holds 0.2 per cent [SEAL] Secretary of the Board. of the total deposits held by commercial banks in the State. Bank competes in the Nashville banking 3The relevant banking market is approximated by the Oklahoma City SMS A which consists of Canadian, Cleveland, McClain, Oklahoma and*Pottawatomie Counties. 1A11 banking data are as of December 31, 1974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 Federal Reserve Bulletin • January 1976 market,2 and is the 12th largest banking organi- Absent and not voting: Chairman Burns and Governor zation therein with approximately 0.64 per cent Bucher. of the total deposits in commercial banks in the (Signed) THEODORE E. ALLISON, market. Since the subject proposal represents [SEAL] Secretary of the Board. merely a restructuring of existing ownership interests of Bank, and in view of Bank's relative size First Bancshares of Florida, Inc., in the market, consummation of the proposal Boca Raton, Florida herein would not eliminate existing or potential Order Conditionally competition nor have an adverse effect on other Approving Acquisition of Bank banks in the area. Accordingly, from the facts of record, the Board regards competitive consid- First Bancshares of Florida, Inc., Boca Raton, erations as being consistent with approval of the Florida, a bank holding company within the application. meaning of the Bank Holding Company Act, has The financial and managerial resources and fu- applied for the Board's approval under § 3(a)(3) ture prospects of Applicant, which are dependent of the Act (12 U.S.C. 1842(a)(3)) to acquire 90 upon those same factors in Bank, are considered per cent of the voting shares of Vero Beach Nato be generally satisfactory, particularly in view tional Bank, Vero Beach, Florida ("Bank"), a of Applicant's commitment to inject $900,000 in proposed new bank. additional equity capital into Bank and the com- Notice of the application, affording opportunity mitment by Applicant's principal to personally for interested persons to submit comments and support the additional capital injection. The Board views, has been given in accordance with § 3(b) has relied on these commitments and, based upon of the Act. The time for filing comments and views these and other facts of record, the Board con- has expired, and the Board has considered the cludes that considerations relating to banking fac- application and all comments received in light of tors are consistent with approval of the application. the factors set forth in § 3(c) of the Act (12 U.S.C. Although consummation of the proposal would 1842(c)). have no immediate effect on the banking services Applicant, the thirteenth largest banking orgaoffered by Bank, considerations relating to the nization in Florida, controls 14 banks with aggreconvenience and needs of the community to be gate deposits of $486 million, representing apserved are consistent with approval of the applica- proximately 2 per cent of the total deposits in tion. It is the Board's judgment that consummation commercial banks in the State. (All banking data of the proposed transaction would be in the public are as of June 30, 1975.) Since Bank is a proposed interest and that the application should be ap- new bank, its acquisition would not increase the proved. concentration of banking resources in Florida nor On the basis of the record, the application is change Applicant's rank in the State. approved for the reasons summarized above. The Applicant is seeking to make its initial entry transaction shall not be made (a) before the thir- into the Indian River County banking market. All tieth calendar day following the effective date of of the six banks in the market are subsidiaries of this Order, or (b) later than three months after the multibank holding companies, with the two largest effective date of this Order, unless such period banks controlling approximately 70 per cent of the is extended for good cause by the Board or by deposits therein. Applicant's closest subsidiary the Federal Reserve Bank of Atlanta pursuant to bank is located about 15 miles south of Bank in delegated authority. a separate banking market. Since Bank is a new By order of the Board of Governors, effective bank, consummation of the proposal would not December 24, 1975. eliminate any existing competition; nor does it appear from the record that consummation of the Voting for this action: Vice Chairman Mitchell and transaction would have an adverse effect on po- Governors Holland, Wallich, Coldwell, and Jackson. tential competition. On the other hand, Applicant's establishment of Bank should stimulate competi- 2The Nashville banking market is approximated by David- tion in the market by introducing an additional son, Wilson, Rutherford, and Williamson Counties, the south- banking alternative to compete with the two largest ern three-quarters of Robertson County, and all but the northorganizations in the market. On the basis of the ermost portion of Sumner County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 53 facts of record, the Board concludes that the com- Michigan National Corporation, petitive considerations of the transaction are con- Bloomfield Hills, Michigan sistent with approval of the application. Order Approving Acquisition of Bank The financial and managerial resources and future prospects of Applicant and its subsidiary Michigan National Corporation, Bloomfield banks are regarded as generally satisfactory, par- Hills, Michigan ("Applicant"), a bank holding ticularly in view of Applicant's commitment to company within the meaning of the Bank Holding inject $500,000 as additional equity capital into Company Act, has applied for the Board's apone of its subsidiary banks, Sunrise American proval under § 3(a)(3) of the Act (12 U.S.C. National Bank of Fort Lauderdale, Fort Lauder- 1842(a)(3)) to acquire 100 per cent of the voting dale, Florida. Bank, as a proposed new bank, has shares (less directors' qualifying shares) of the no financial or operating history; however, its successor by merger to Commercial National future prospects as a subsidiary of Applicant ap- Bank, Cassopolis, Michigan ("Bank"). The bank pear favorable. These considerations relating to into which Cassopolis Bank is to be merged has oanking factors are consistent with approval of the no significance except as a means to facilitate the application. In regard to convenience and needs acquisition of the voting shares of Cassopolis considerations, Applicant indicates that Bank will Bank. Accordingly, the proposed acquisition of offer the maximum rates of interest on savings shares of the successor organization is treated deposits, as well as longer banking hours than are herein as the proposed acquisition of the shares presently available in the area. Furthermore, of Bank. Bank's formation and acquisition by Applicant Notice of the application, affording opportunity will provide an alternative source of banking servfor interested persons to submit comments and ices for customers in the market. Accordingly, views, has been given in accordance with § 3(b) considerations relating to the convenience and of the Act. The time for filing comments and views needs of the community to be served lend some has expired, and the Board has considered the weight toward approval of the application. It is application and all comments received in light of the Board's judgment that the proposed acquisition the factors set forth in § 3(c) of the Act (12 U.S.C. would be in the public interest and that the appli- 1842(c)). cation should be approved, conditioned upon the Applicant, the second largest banking organiaforementioned injection of additional equity capzation and bank holding company in Michigan, ital into Sunrise American National Bank of Fort controls 15 banks with aggregate deposits of ap- Lauderdale within 120 days from the effective date proximately $2.7 billion, representing about 9.4 of this Order. per cent of the total commercial bank deposits in On the basis of the record, the application is the State.1 Acquisition of Bank would increase conditionally approved for the reasons summarized Applicant's share of Statewide deposits by 0.16 above. The transaction shall not be made (a) before of one per cent and would not result in a significant the thirtieth calendar day following the effective increase in the concentration of banking resources date of this Order or (b) later than three months in Michigan. after that date and (c) Vero Beach National Bank Bank holds deposits of $47.5 million and shall be opened for business not later than six operates a total of eight offices, which are located months after the effective date of this Order. Each in three banking markets. In the South Bendof the periods described in (b) and (c) may be Elkhart market, Bank holds 1.2 per cent of the extended for good cause by the Board or by the total deposits in commercial banks and ranks as Federal Reserve Bank of Atlanta pursuant to delethe 12th largest of 17 banks; in the Cass County gated authority. market, Bank holds 26.3 per cent of total deposits, By order of the Board of Governors, effective ranking as the largest of five banks operating December 19, 1975. therein; and in the St. Joseph County market, Bank holds 10.9 per cent of deposits, ranking as the Voting for this action: Vice Chairman Mitchell and Governors Bucher, Holland, Wallich, Coldwell, and Jackson. Absent and not voting: Chairman Burns. (Signed) THEODORE E. ALLISON, 30, 1 U 1 n 9 l 7 e 5 s , s o an th d e r r w ef i l s e e c t i n b d a i n c k at e h d o , ld a i l n l g b a c n o k m in p g a n d y a ta f o a r r m e a a t s i o o n f s J a u n n d e [SEAL] Secretary of the Board. acquisitions approved through November 30, 1975. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 Federal Reserve Bulletin • January 1976 fourth largest of nine banks.2 The office of one of the communities to be served lend weight of Applicant's subsidiary banks nearest to an office toward approval of the application. Accordingly, of Bank is located 35 miles away. In view of the it is the Board's judgment that consummation of distances involved and the number of intervening the proposal to acquire Bank would be in the banks, it appears that no meaningful competition public interest and that the subject application presently exists between any of Applicant's sub- should be approved. sidiary banks and Bank, nor is any such competi- On the basis of the record, the application is tion likely to develop in the foreseeable future. approved for the reasons summarized above. The Therefore, the Board concludes that consumma- transaction shall not be made (a) before the thirtion of the proposal would not have any significant tieth calendar day following the effective date of adverse effects on existing or potential competition this Order or (b) later than three months after the in any relevant area and that the competitive con- effective date of this Order, unless such period siderations are consistent with approval of the is extended for good cause by the Board, or by application. the Federal Reserve Bank of Chicago pursuant to By its Order of May 27, 1975, the Board denied delegated authority. Applicant's earlier application to acquire Bank. At By order of the Board of Governors, effective that time, Applicant proposed to incur a debt of December 22, 1975. approximately $6 million in order to finance the cash acquisition of Bank. The Board stated that Voting for this action: Vice Chairman Mitchell and Governors Bucher, Holland, Wallich, Coldwell, and the financial conditions of Applicant and its sub- Jackson. Absent and not voting: Chairman Burns. sidiaries appeared to be generally satisfactory; (Signed) THEODORE E. ALLISON, however, in the Board's view, for Applicant to [SEAL] Secretary of the Board. incur such a sizable debt at a time when certain of its subsidiaries were in need of capital was an Popular Bancshares Corporation, inappropriate use of Applicant's resources. Since Miami, Florida that time, Applicant has continued to show meaningful progress in strengthening the overall capital Order Denying Acquisition of Bank positions of the holding company and its subsidiaries. Moreover, the subject proposal does not Popular Bancshares Corporation, Miami, involve any acquisition debt. Rather, Applicant Florida, a bank holding company within the proposes to purchase Bank's shares through the meaning of the Bank Holding Company Act, has use of internally-generated funds. Considerations applied for the Board's approval under § 3(a)(3) relating to the financial condition and managerial of the Act (12 U.S.C. § 1842(a)(3)) to acquire resources and future prospects of Applicant, its 97.42 per cent of the voting shares of The Security subsidiaries, and Bank are satisfactory and con- State Bank of Pompano Beach, Pompano Beach, sistent with approval of the application. Florida ("Bank"). Applicant proposes to broaden Bank's lending Notice of the application, affording opportunity program to include additional forms of lending, for interested persons to submit comments and improve its physical facilities, initiate Saturday views, has been given in accordance with § 3(b) banking hours, and provide trust services. It is the of the Act. The time for filing comments and views Board's view that public benefits in the form of has expired, and the Board has considered the greater convenience and expanded banking ser- application and the views of the Comptroller of vices will result from Applicant's proposed Florida in light of the factors set forth in § 3(c) changes in Bank's services. Therefore, the con- of the Act (12 U.S.C. § 1842(c)). siderations relating to the convenience and needs Applicant, the twenty-first largest banking organization in Florida, controls four banks with aggregate deposits of approximately $150 million, 2The relevant geographic markets for purposes of analyzing the competitive effects of the proposed acquisition are de- representing approximately 0.6 of 1 per cent of scribed as follows: the South Bend—Elkhart market is approxi- the total deposits in commercial banks in Florida.1 mated by the South Bend-Elkhart, Indiana RMA and some contiguous rural areas; the Cass County market is approximated by all of Cass County, Michigan excepting therefrom the southwest portion; and the St. Joseph County market is ap- *A11 banking data are as of June 30, 1975, and reflect bank proximated by all of St. Joseph County, Michigan. Market holding company formations and acquisitions approved through data are as of December 31, 1974. November 30, 1975. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 55 Acquisition of Bank (deposits of $4.5 million) were this acquisition completed, additional comwould increase Applicant's share of the total com- mitments to inject capital would have to be met.3 mercial bank deposits in the State by less than Therefore, it is the Board's view that the proposed 0.1 of 1 per cent and would not significantly acquisition under present circumstances would increase the concentration of banking resources in place too severe a drain on the financial and Florida. managerial resources of Applicant. Accordingly, Bank is the nineteenth largest of 23 banking the Board concludes that considerations relating organizations in the North Broward County bank- to banking factors lend substantial weight for deing market2 and controls approximately 0.3 of 1 nial of the subject application. per cent of the total deposits in commercial banks In regard to considerations relating to the conin the market. Applicant's subsidiary bank closest venience and needs of the community to be served, to Bank is located approximately 40 miles south it may be that Bank's affiliation with Applicant of Bank in a separate banking market, and there would result in some improvements in Bank's is no meaningful existing competition between any services. However, Applicant's inability to proof Applicant's banking subsidiaries and Bank; nor vide assistance without significantly adversely afdoes it appear likely that such competition would fecting its own financial and managerial resources develop in the future in view of the distances and those of its existing subsidiary banks substaninvolved. Ease of entry into the market would not tially negates any weight toward approval that be significantly diminished by the proposed acqui- convenience and needs factors might carry. sition since a number of other small banks would On the basis of all the circumstances concerning remain as potential entry points. Also, Bank's this application, the Board concludes that the relatively small size precludes it from being con- banking considerations involved in this proposal sidered as the potential lead bank of a holding present adverse factors bearing upon the financial company structure. Therefore, the Board con- condition and prospects of Applicant, its subsidicludes that consummation of the proposal would aries, and Bank. Such adverse factors are not not have a significant adverse effect on existing outweighed by any other favorable considerations or potential competition in any relevant area. reflected in the record. Accordingly, it is the The overall financial condition of Applicant and Board's judgment that approval of the application its subsidiaries could be regarded as generally would not be in the public interest and that the satisfactory after Applicant's plans to inject application should be denied. $750,000 of additional equity capital into its lead On the basis of the facts of record, the applicabank subsidiary have been consummated. The tion is denied for the reasons summarized above. managerial resources of Applicant and its subsidi- By order of the Board of Governors, effective aries are also regarded as generally satisfactory. December 23, 1975. Bank is relatively new, having been formed February 15, 1973, and has yet to establish profitable Voting for this action: Vice Chairman Mitchell and Governors Holland, Wallich, Coldwell, and Jackson. operations. It has, since its opening, experienced Absent and not voting: Chairman Burns and Governor continuing management changes and a poor earn- Bucher. ings record. It appears that additional equity capi- (Signed) THEODORE E. ALLISON, tal and better management are needed. Applicant [SEAL] Secretary of the Board. could provide Bank with the financial and managerial assistance needed to remedy its problems, but it appears the acquisition would divert Applicant's financial and managerial resources from current demands being made on those resources by Applicant's existing subsidiaries. Applicant is already obligated to contribute at least $750,000 3In addition to Applicant's obligation to add $750,000 in additional equity capital to its lead bank and, additional equity capital into its lead bank, Applicant, if it consummates the proposed acquisition of Bank, would be required to add another $750,000 additional equity capital into its lead bank pursuant to a condition in the Certificate of Approval issued by the Comptroller of Florida relating to the 2The North Broward County banking market is approximated proposed acquisition of Bank. Another condition of the aforeby the northern two-thirds of Broward County lying north of mentioned Certificate of Approval requires the addition of the Dania Canal. $750,000 equity capital into Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 Federal Reserve Bulletin • January 1976 Texas Commerce Bancshares, Inc., Similarly, it appears from the record that the Houston, Texas proposal would not have significant adverse effects on existing or potential competition. Applicant's Order Approving Acquisition of Bank closest existing subsidiary bank is located some 130 miles west of Bank, and none of Applicant's Texas Commerce Bancshares, Inc., Houston, subsidiaries derives any significant amount of Texas, a bank holding company within the meanbusiness from the Longview market. Moreover, ing of the Bank Holding Company Act, has apit appears unlikely that Applicant would choose plied for the Board's approval under § 3 of the to enter the relevant market de novo. The growth Bank Holding Company Act (12 U.S.C. 1842) to of the Longview market has lagged behind that acquire all of the voting shares (less directors' of the State as a whole for several years and it qualifying shares) of Longview National Bank, does not appear that this trend will be altered in Longview, Texas ("Bank"), through the acquisithe near future.3 Other economic characteristics of tion of First Texas Bancshares Corporation, the area, such as per capita deposits and the Houston, Texas, the parent holding company for population per banking office ratio, also indicate Bank. that de novo entry is unlikely. Accordingly, on Notice of the application, affording opportunity the basis of the facts of record, including the fact for interested persons to submit comments and that the second largest bank in the market is a views, has been given in accordance with § 3(b) subsidiary of one of the larger banking organiof the Act. The time for filing comments and views zations in the State, that the market does not has expired, and the Board has considered the appear particularly concentrated, and that Bank's application and all comments received in light of share of market deposits does not appear excesthe factors set forth in § 3(c) of the Act (12 U.S.C. sive, the Board concludes that consummation of 1842(c)). the proposal would not have significant adverse Applicant, the third largest banking organization effects on existing or potential competition and that in Texas, controls 31 banks with aggregate deposcompetitive considerations are consistent with apits of $2.9 billion, representing 6.7 per cent of proval of the application. total commercial bank deposits in Texas.1 Acqui- The financial condition, managerial resources, sition of Bank ($71.6 million in deposits) would and future prospects of Bank, Applicant, and its increase Applicant's share of Statewide commersubsidiaries are generally satisfactory and regarded cial bank deposits by 0.2 per cent and would not as consistent with approval of the application. change Applicant's ranking in Texas. Considerations relating to the convenience and Bank is the largest of 21 banks operating in the needs of the communities to be served are also Longview banking market (the relevant banking market)2 and controls 16 per cent of the market's consistent with approval of the application as affiliation with Applicant will enable Bank to offer deposits. The second largest bank in the market, to its customers a broader range of banking sera subsidiary of the State's fifth largest banking vices. It is the Board's judgment that consummaorganization, controls about 12 per cent of market tion of the proposed acquisition would be in the deposits. The market does not appear to be particpublic interest and that the application should be ularly concentrated. The three largest banks in the approved. market control 37.8 per cent of the deposits, and On the basis of the record, the application is of the remaining eighteen banks in the market approved for the reasons summarized above. The several hold between 5 and 10 per cent of the transaction shall not be made (a) before the thirmarket's deposits. Accordingly, the Board is of tieth calendar day following the effective date of the view that consummation of the proposal would this Order, or (b) later than three months after the not appreciably affect the structure of banking effective date of this Order, unless such period within the market. is extended for good cause by the Board, or by the Federal Reserve Bank of Dallas pursuant to delegated authority. XA11 banking data are as of December 31, 1974, and reflect bank holding company formations and acquisitions approved through November 30, 1975. 3The Longview banking market experienced a 3.4 per cent 2 The Longview banking market is approximated by the population growth from 1970-1974, as compared to 7.6 per Texas Counties of Gregg, Harrison, and Rusk. cent for the entire State (based on Census Bureau data). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 57 By order of the Board of Governors, effective parent holding company of Merchants-Produce December 29, 1975. Bank. Upon consummation of the transaction herein, Orwig will control 78 per cent of the voting Voting for this action: Vice Chairman Mitchell and shares of the parent of The University Bank and Governors Holland, Wallich, Cold well, and Jackson. Absent and not voting: Chairman Burns and Governor 53 per cent of the voting shares of the parent of Bucher. Merchants-Produce Bank. (Signed) THEODORE E. ALLISON, Merchants-Produce Bank and The University [SEAL] Secretary of the Board. Bank operate in the Kansas City bank market at locations approximately 10 miles apart.3 Mer- Orwig and Company, Inc., chants-Produce Bank holds deposits of approximately $62 million, representing 1.3 per cent of Kansas City, Missouri the commercial bank deposits in the market, and Order Approving ranks thereby as the fourteenth largest bank in the Merger of Bank Holding Companies market. The University Bank holds deposits of approximately $27.6 million, representing .6 per Orwig and Company, Inc., Kansas City, Miscent of the total market deposits, and ranks as the souri ("Orwig"), a bank holding company within thirtieth largest bank in the market. the meaning of the Bank Holding Company Act Orwig and Merchants Investors are each owned ("Act"), has applied for the Board's approval in equal proportions by members of the same under § 3(a)(5) of the Act (12 U.S.C. 1842(a)(5)) family. The purpose of the proposed transaction to merge with Merchants Investors, Inc., Kansas is to simplify the ownership of Merchants-Produce City, Missouri ("Merchants Investors"), under Bank and The University Bank by consolidating the title and charter of Orwig. their control under one corporation. Since the Notice of the application, affording opportunity transaction is essentially a corporate reorganization for interested persons to submit comments and with no change in the management or operations views, has been given in accordance with § 3(b) of either bank, consummation of the proposal of the Act. The time for filing comments and views would not have an adverse effect on existing or has expired, and the Board has considered the potential competition, nor would it increase the application and all comments received in light of concentration of banking resources in any relevant the factors set forth in § 3(c) of the Act (12 U.S.C. market area or have an adverse effect on any other 1842(c)). bank. Thus, the competitive considerations are Orwig, the twentieth largest banking organiregarded by the Board as being consistent with zation in Missouri, controls Merchants-Produce approval of the application. Bank and The University Bank (both located in Kansas City, Missouri), which together hold aggregate deposits of approximately $89.6 million, representing .6 per cent of the total commercial bank depostis in the State.1 Orwig's control of 2 Material submitted in connection with this application indicates that, since December 31, 1970 (the date of the enactment these two banks arises from the fact that it controls of the 1970 Amendments to the Act), the parent holding 36 per cent of the voting shares of the parent companies of Merchants-Produce Bank and The University Bank have each redeemed a portion of their outstanding shares, holding company of Merchants-Produce Bank and thus resulting in Orwig and Merchants Investors increasing 39 per cent of the voting shares of the parent their proportionate interests in such holding companies and holding company of The University Bank.2 Mer- their respective subsidiary banks. Such actions were taken without the prior approval of the Board, as required by section chants Investors is also deemed to control The 3 of the Act. However, it appears that neither Orwig nor University Bank by virtue of its ownership of 39 Merchants Investors was aware that such transactions required per cent of the voting shares of that bank's parent the Board's approval. Accordingly, the Board has viewed the subject application as including a request by Orwig and Merholding company. In addition, Merchants Inves- chants Investors for permission to continue the increased tors holds 17 per cent of the voting shares of the proportionate interests in the parents of Merchants-Produce Bank and The University Bank and, on the basis of the facts of record, has concluded that such request should be, and is hereby, granted. 3The Kansas City banking market, the relevant geographic *A11 banking data are as of December 31, 1974, and reflect market for purposes of analyzing the competitive effects of bank holding company formations and acquisitions as of Sep- the proposal, is approximated by the Kansas City SMSA, tember 30, 1975. excluding therefrom Ray County and the southern portion of 2 See opposite column for footnote. Cass County, Missouri. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 Federal Reserve Bulletin • January 1976 The financial condition and managerial re- thirtieth calendar day following the effective date sources of Orwig, Merchants-Produce Bank and of this Order or (b) later than three months after The University Bank are considered satisfactory the effective date of this Order, unless such period and the future prospects for each appear favorable. is extended for good cause by the Board, or by Thus, the banking factors are consistent with ap- the Federal Reserve Bank of Kansas City pursuant proval of the application. Although consummation to delegated authority. of the proposal would effect no changes in the By order of the Board of Governors, effective service offered by either bank, the considerations December 1, 1975. relating to the convenience and needs of the communities to be served are also consistent with Voting for this action: Chairman Burns and Governors Mitchell, Bucher, Holland, Wallich, and Jackson. approval of the application. It is the Board's judg- Absent and not voting: Governor Coldwell. ment that consummation of the proposed transac- (Signed) THEODORE E. ALLISON, tion would be consistent with the public interest [SEAL] Secretary of the Board. and that the application should be approved. In conjunction with the proposed transaction, Orwig proposes to continue to engage in its nonbanking activities, as well as those presently engaged in by Merchants Investors, which activities include operating an insurance agency, selling real Orders Under Section 4 property, leasing personal and real property, ex- Of Bank Holding Company Act tending short term business loans and performing data processing services. Orwig relies on § 4(c)(ii) of the Act as authority for continuing to engage Mellon National Corporation, in these nonbanking activities.4 Whether Orwig is Pittsburgh, Pennsylvania in fact entitled to such exemption is still under Order Amending consideration by the Board. Absent a favorable Requirement for Divestiture of determination by the Board on that question, Ownership of Certain Real Estate Orwig would be prohibited from engaging in the nonbanking activities acquired from Merchants By Order of December 20, 1974, the Board Investors, Inc., as a result of this merger, although approved an application of Mellon National Cor- Orwig could continue its present nonbanking ac- poration, Pittsburgh, Pennsylvania, a bank holding tivities until at least December 31, 1980, on the company within the meaning of the Bank Holding basis of the ten-year authority in § 4(a)(2) of the Company Act, to retain the assets of Allomon Act. Thus, the Board's action herein is subject Corporation, McKees Rocks, Pennsylvania, and to the condition that the transaction may not be its subsidiaries. The Board's Order required diconsummated unless the Board determines that vestiture by November 28, 1975, of certain real Orwig is entitled to the exemption in § 4(c)(ii) property held by two of Allomon Corporation's of the Act, or until Merchants Investors, Inc., subsidiaries, 3826 Euclid Avenue Corporation and terminates or divests its nonbanking activities. Clark Development Company, both of Cleveland, On the basis of the record, the application is Ohio. Applicant has divested all the property reapproved for the reasons summarized above and quired to be divested except an office building subject to the condition set forth above. Further, owned by 3826 Euclid Avenue Corporation. the transaction shall not be made (a) before the By letter dated November 7, 1975, Applicant requested that the Board grant an extension during which time the remaining property could be divested. Applicant, since 1972, has endeavored to sell the property. The Board has concluded that the request should 4 Section 4(c)(ii) of the Act provides that the prohibitions be granted. Accordingly, the Board's Order of of § 4 of the Act shall not apply to any bank holding company December 20, 1974, is hereby amended to authorwhich is "... a company covered in 1970 more than 85 ize retention of the remaining real estate subject per centum of the voting stock of which was collectively owned on June 30, 1968, and continuously thereafter, directly or to the condition that Applicant divest such real indirectly, by or for members of the same family, or their property at the earliest possible date, but in no spouses, who are lineal descendants of common ancesevent later than November 28, 1976. tors . . . ." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 59 By order of the Board of Governors, effective which to divest its nonbank activities or, in the December 17, 1975. alternative, to apply to the Board for approval to retain them. In this proposal, Applicant has ap- Voting for this action: Vice Chairman Mitchell and plied to retain the shares of Company. The Board Governors Bucher, Holland, Coldwell, and Jackson. Absent and not voting: Chairman Burns and Governor regards the standards under § 4(c)(8) of the Act Wallich. for retention of shares to be the same as the standards for a proposed acquisition. (Signed) THEODORE E. ALLISON, Applicant, the 4th largest banking organization [SEAL] Secretary of the Board. in Texas, controls three subsidiary banks with aggregate deposits of approximately $2.8 billion, Republic Of Texas Corporation, representing approximately 6.5 per cent of the total Dallas, Texas deposits in commercial banks in the State.1 Applicant engages in mortgage banking activities Order Approving through its three subsidiary banks; however, Retention of Republic National Republic Bank's mortgage lending activities are Mortgage Corporation of Texas essentially conducted through Company at the Republic of Texas Corporation, Dallas, Texas, present time. In addition, Applicant engages india bank holding company within the meaning of rectly through a group of corporations referred to the Bank Holding Company Act, has applied for collectively under the name of Howard Corporathe Board's approval, under section 4(c)(8) of the tion, in various nonbanking activities which are Act and § 225.4(b)(2) of the Board's Regulation described in a Board determination dated Sep- Y, to retain indirect ownership through its trusteed tember 10, 1973, relating to the grandfather beneaffiliate, Republic Enterprises Corporation, of the fits of Republic Bank. The Board has previously voting shares of Republic National Mortgage Cor- ruled that Applicant would not be a successor to poration of Texas ("Company"), both of Dallas, the grandfather benefits of Republic Bank, and Texas. Company engages in mortgage banking Applicant has committed, and is required, to activities, including originating, selling, and serv- dispose of the nonpermissible activities within the icing mortgage loans. Such activities have been two-year statutory period prescribed in § 4(a)(2) determined by the Board to be closely related to of the Act. banking (12 CFR 225.4(a)(1) and (3)). Company, established de novo in September, Notice of the application, affording opportunity 1972, operates one office in Dallas, Texas. for interested persons to submit comments and Through June 30, 1975, Company originated views on the public interest factors, has been duly $18.2 million in mortgage loans, primarily for the published (40 Federal Register 47540). The time account of Republic Bank and three other permafor filing comments and views has expired, and nent investors. In addition, Company serviced a the Board has considered all comments received mortgage loan portfolio for investors (principally in the light of the public interest factors set forth Republic National Bank) of $43 million, 80 per in section 4(c)(8) of the Act (12 U.S.C. 1843(c)). cent of which were permanent mortgage loans on By Order dated October 25, 1973, the Board single family residences, the remaining 20 per cent approved the formation of Applicant for the pur- of which were commercial mortgages. Company's pose of becoming a bank holding company through mortgage loans are originated primarily from the the acquisition of Republic National Bank of Dallas-Ft. Worth area. In view of Company's Dallas, Dallas, Texas ("Republic Bank"). small size and limited scope of operations, the fact Republic Bank was itself a bank holding company that it was organized de novo, and the large by virtue of the 1970 Amendments to the Act, number of alternative sources for mortgage loans and owned various bank and nonbank interests. in the Dallas-Ft. Worth area, the Board concludes At the time of its formation, Applicant also ob- that Applicant's retention of Company would not tained indirect control of Republic Bank's various result in any adverse effects on competition in any interests, including Company which was estab- relevant area. lished as a de novo subsidiary pursuant to approval granted on July 12, 1972, by the Federal Reserve Bank of Dallas. Pursuant to the provisions of § 4(a)(2) of the Act, Applicant has two years in 1 Banking data are as of December 31, 1974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 60 Federal Reserve Bulletin • January 1976 There is no evidence in the record to indicate agent, depository, and related functions for public that the proposed retention of Company by Appli- and private issuers of securities. Such activities cant would lead to an undue concentration of have been determined by the Board to be closely resources, unfair competition, conflicts of inter- related to banking (12 CFR § 225.4(a)(4)). ests, unsound banking practices, or other adverse Notice of the application, affording opportunity effects. Company's continued affiliation with Ap- for interested persons to submit comments and plicant is likely to result in increased competition views on the public interest factors, has been duly in the Dallas-Ft. Worth mortgage loan market, published (40 Federal Register 23544 (1975)). The since Applicant proposes to expand Company's time for filing comments and views has expired, access to institutional sources of mortgage funds and the Board has considered all comments reand to expand Company's activities to include ceived in the light of the public interest factors making additional types of real estate loans. set forth in section 4(c)(8) of the Act (12 U.S.C. Based upon the foregoing and other consid- § 1843(c)(8)). erations reflected in the record, the Board has Applicant (total deposits of $12.1 billion and determined that the balance of the public interest total assets of $13.6 billion)1 is chartered pursuant factors the Board is required to consider under § to the laws of Canada and maintains its corporate 4(c)(8) is favorable, and the application should be headquarters in Toronto, Ontario, Canada. In approved. Accordingly, the application is hereby Canada, Applicant maintains 874 branch banking approved. This determination is subject to the offices, as well as interests in various other affiliconditions set forth in section 225.4(c) of Regula- ates. It also maintains international branch banking tion Y and to the Board's authority to require such offices and affiliates overseas. In addition to Commodification or termination of the activities of a pany, Applicant maintains a commercial banking holding company or any of its subsidiaries as the subsidiary,2 two banking agencies,3 and three rep- Board finds necessary to assure compliance with resentative offices4 in the United States. the provisions and purposes of the Act and the By Order dated May 20, 1971 [57 Federal Board's regulations and orders issued thereunder, Reserve BULLETIN 534 (1971); 36 Federal Regisor to prevent evasion thereof. ter 9684 (1971)], the Board, pursuant to section By order of the Board of Governors, effective 3(a)(1) of the Act [12 U.S.C. § 1842(a)(1)], December 3, 1975. granted its approval for Applicant to become a bank holding company through the acquisition of Voting for this action: Chairman Burns and Gover- 99.1 per cent of the voting shares of Toronto nors Mitchell, Bucher, Holland, Wallich, Coldwell, and Jackson. Dominion Bank of California, San Francisco, California, a de novo bank. The acquisition was (Signed) THEODORE E. ALLISON, consummated on June 28, 1971, and Applicant [SEAL] Secretary of the Board. registered with the Board as a bank holding company on October 31, 1971. At the time of the The Toronto-Dominion Bank, Board's approval Order, Applicant owned Com- Toronto, Ontario, Canada pany, which was organized de novo on December 19, 1960, and whose shares were acquired by Order Approving Retention Applicant on that same date. The trust company of The Toronto-Dominion Bank Trust Company activities of Company at that time included acting The Toronto-Dominion Bank, Toronto, On- as paying agent or co-paying agent for municitario, Canada, a bank holding company within the palities and corporations; acting as transfer agent, meaning of the Bank Holding Company Act, has applied for the Board's approval, under section 4(c)(8) of the Act and section 225.4(b)(2) of the Board's Regulation Y, to retain 99.3 per cent of *A11 banking data are as of October 31, 1975, unless the voting shares of The Toronto-Dominion Bank otherwise indicated. Trust Company, New York, New York ("Com- 2Toronto Dominion Bank of California, San Francisco, California, with total deposits of $33 million, as of September pany"), a company that engages in the activities 30, 1975. of a trust company, including the performance of 3One each in New York, New York, and San Francisco, services as paying agent, co-paying agent, transfer California. 4One each in Chicago, Illinois; Houston, Texas; and Los agent, custodian, registrar, dividend disbursing Angeles, California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 61 custodian, registrar, dividend disbursing agent and noted, however, that it would not be permissible depository in connection with securities issues for Company to participate in commercial loans made by Applicant's Agency.6 and, related thereto, receiving funds for the payment of principal of, or interest or dividends on, Inasmuch as Applicant has continuously owned securities, which funds are carried by Company Company since the latter's formation in Deuntil disbursed; and investing excess funds in cember, 1960, this application merely represents "call" loans to brokers. Inasmuch as Company Applicant's request to continue the trust company was considered to be a nonbanking subsidiary of activities of Company that are permissible for a Applicant, the Board required that Applicant apply bank holding company pursuant to section to the Board within a period of two years from 225.4(a)(4) of Regulation Y. Inasmuch as Applithe date of the above-mentioned Order for ap- cant only proposes to continue to engage in activiproval to retain Company, pursuant to section ties previously engaged in for a number of years 4(c)(8) of the Act and the regulations promulgated through Company, and as Applicant neither enthereunder. Pursuant to section 4(a)(2) of the Act, gaged in the past nor engages in the present in the Board granted an extension of time to Appli- trust company activities in New York7 (other than cant for the purpose of making its application. those for which it now seeks approval to retain), Company (total deposits of $395,000 and total Applicant's acquisition of Company in 1960 did assets of $3 million) continues to engage in the not eliminate any existing or potential competition limited trust activities described above, principally and its continued retention of Company would not in connection with Canadian securities that are have any significantly adverse effects on either held in the United States. In addition, Company actual or potential competition. Furthermore, in occasionally invests excess funds (received as in- view of the fact that Company would be offering come from its operations and the sale of capital investments) in participations in "call" loans made to brokers by Applicant's New York City Agency ("Agency"). These excess funds are invest in Agency's "call" loans and Company remits this derived principally from monies that Company amount to Agency, which then advises Company of the identity receives from its corporate and municipal custom- and terms of the loan that Company will participate in for a given period. Agency's brokers' loans, which are considered ers in order to meet their maturing interest and to be on a daily renewable basis, may be terminated or principal obligations on issues of which Company decreased at the request of either Agency or the broker. Agency acts as trustee. accrues, collects, and remits, at the appropriate time, all participation interest owing to Company. Through the use of Under section 225.4(a)(4)(iii) of Regulation Y, a blanket collateral agreement, Agency handles all aspects of a trust company in which a bank holding company the brokers' loans, including the custody of the loan collateral. Thus, Company, as a loan participant, merely has the role has an interest may engage in making "call" loans of a passive investor in these brokers' loans originated by to securities dealers or purchasing money market Applicant's Agency. As of the fiscal year ending October 31, instruments such as certificates of deposit, com- 1974, the daily average participation in "call" loans was $614,000 (18.19 per cent of Company's average funds), and mercial paper, government or municipal securities, fiscal year "call" loan revenue was $71,708.33 (34.82 per and bankers' acceptances (such authorized loans cent of total revenue). 6 Canadian agencies have long been active in the New York and investments, however, may not be used as market for "call" loans to securities dealers and brokers. a method of channeling funds to nonbanking affil- "Call" loans have been very attractive to Canadian agencies iates of the trust company). In the Board's judg- because they can be terminated at any time and thus constitute an excellent source of dollar liquidity. Canadian agencies have, ment, Company's participation in brokers' "call" however, been making increasing use of alternative sources loans made by Applicant's New York Agency is of United States dollar liquidity, notably the Federal funds and a permissible method of investing its temporarily Eurodollar markets. They have, however, also been expanding their commercial loan activities including working capital loans idle funds within the scope of section for the financing of a variety of short- and long-term capital 225.4(a)(4)(iii) of Regulation Y.5 It should be expenditures and revolving credits for general purposes. 7 Applicant's Agency has not been able to exercise fiduciary powers in New York because of specific prohibitions in New York law (N.Y. Bank. Law § 202-a). Since Applicant's acquisition of Company, however, New York has enacted provisions allowing for the establishment of branches of foreign 5 As its participations in Agency's brokers' "call" loans are banks in New York, and such branches may with the Superinpresently structured, Company neither deals directly with the tendent's approval, exercise certain fiduciary powers (N.Y. brokers nor do the brokers have knowledge of Company's Bank. Law § 201-b). Applicant cannot establish a branch, participation in Agency's loans. Agency is advised by Com- however, because of reciprocity requirements in New York pany of the amount of funds that the latter would desire to law (N.Y. Bank. Law § 202-a). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 Federal Reserve Bulletin • January 1976 only a limited type of financial service in the highly produce benefits to the public that outweight poscompetitive New York financial markets, it does sible adverse effects. Accordingly, the application not appear that consummation of this proposal is hereby approved. This determination is subject would result in any adverse effects such as undue to the conditions set forth in section 225.4(c) of concentration of resources, decreased or unfair Regulation Y and to the Board's authority to competition, conflicts of interests, or unsound require such modification or termination of the banking practices. activities of a holding company, or any of its Approval of this application would allow Ap- subsidiaries, as the Board finds necessary to assure plicant to continue to engage in the permissible compliance with the provisions and purposes of trust activities of Company and would enable the Act and the Board's regulations and orders Company to continue to provide a convenient and issued thereunder, or to prevent evasion thereof. efficient source of trust services to those members By order of the Board of Governors, effective of the public who are located in the United States December 23, 1975. and who hold Canadian securities. Voting for this action: Vice Chairman Mitchell and Based upon the foregoing and other consid- Governors Holland, Wallich, Coldwell, and Jackson. eration reflected in the record, the Board has Absent and not voting: Chairman Burns and Governor determined, in accordance with the provisions of Bucher. section 4(c)(8) of the Act, that Applicant's reten- (Signed) THEODORE E. ALLISON, tion of Company can reasonably be expected to [SEAL] Secretary of the Board. ORDERS APPROVED UNDER BANK HOLDING COMPANY ACT— By the Board of Governors During December 1975, the Board of Governors approved the applications listed below. The orders have been published in the Federal Register, and copies are available upon request to Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Section 3 Board action Federal (effective Register Applicant Bank(s) date) citation Citizens Bancshares, First State Bank, 12/31/75 41 F.R. 1818 Crosbyton, Texas Petersburg, Texas 1/12/76 Empire Bancorp, Inc., Empire State Bank, 12/31/75 41 F.R. 1545 Kansas City, Missouri Kansas City, Missouri 1/8/76 Section 4 Board action Federal Nonbanking company (effective Register Applicant (or activity) date) citation First National Hold- First Atlanta Life 12/19/75 40 F.R. 59784 ing Corp., Atlanta, Insurance Company, 12/30/75 Georgia Phoenix, Arizona Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 63 Sections 3 and 4 Board action Federal Nonbanking company (effective Register Applicant Bank(s) (or activity) date) citation Valparaiso Enter- Oak Creek Valley Valparaiso Insurance 12/1/75 40 F.R. 57399 prises, Inc., Bank, Valpar- Agency, Valparaiso, 12/9/75 West Point, aiso, Nebraska Nebraska Nebraska By Federal Reserve Banks During December 1975, applications were approved by the Federal Reserve Banks as listed below. The orders have been published in the Federal Register, and copies are available upon request to the Reserve Bank. Section 3 Federal Reserve Effective Register Applicant Bank(s) Bank date citation Suburban Bancorpora- The Thurmont Bank, Richmond 12/18/75 40 F.R. 59785 tion, Hyattsville, Thurmont, Maryland 12/30/75 Maryland Section 4 Nonbanking Federal company Reserve Effective Register Applicant (or activity) Bank date citation Southern Bancorpora- F&I Finance Company, Richmond 12/15/75 40 F.R. 59377 tion, Greenville, Inc., Tyler, Texas 12/23/75 South Carolina Order Approved Under Bank Merger Act Federal Reserve Effective Register Applicant Bank(s) Bank date citation Catoctin First Com- The Thurmont Bank, Richmond 12/18/75 40 F.R. 59784 pany, Thurmont, Thurmont, Maryland 12/30/75 Maryland Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 Federal Reserve Bulletin • January 1976 PENDING CASES INVOLVING THE BOARD OF GOVERNORS* National Computer Analysts, Inc. v. Decimus Curvin I. Trone v. United States, filed April Corporation, et al., filed November 1975, 1975, U.S. Court of Claims. U.S.D.C. for the District of New Jersey. Richard S. Kaye v. Arthur F. Burns, et al., Peter E. Blum v. First National Holding Cor- filed April 1975, U.S.D.C. for the Southern poration, filed November 1975, U.S.D.C. for District of New York. the Northern District of Georgia. Louis I. Roussel v. Board of Governors, filed Harlan National Co. v. Board of Governors, April 1975, U.S.D.C. for the Eastern District filed November 1975, U.S.C.A. for the of Louisiana. Eighth Circuit. **Coofc, et al. v. Board of Governors, filed March Peter E. Blum v. Morgan Guaranty Trust Co., 1975, U.S.D.C. for the District of Columbia, et al., filed October 1975, U.S.D.C. for the appeal pending, U.S.C.A. for the District of Northern District of Georgia. Columbia Circuit. A.R. Martin-Trigona v. Board of Governors, **Tri-State Bancorp oration, Inc. v. Board of et al, filed September 1975, U.S.D.C. for Governors, filed November 1974, U.S.C.A. the Northern District of Illinois. for the Seventh Circuit, petition for recon- A.R. Martin-Trigona v. Board of Governors, sideration denied. ef al., filed September 1975, U.S.D.C. for Georgia Association of Insurance Agents, et the Northern District of Illinois. al. v. Board of Governors, filed October Reserve Enterprises, Inc. v. Arthur F. Burns, 1974, U.S.C.A. for the Fifth Circuit. et al., filed September 1975, U.S.D.C. for Alabama Association of Insurance Agents, et the District of Minnesota. al., v. Board of Governors, filed July 1974, Logan v. Secretary of State, et al., filed Sep- U.S.C.A. for the Fifth Circuit. tember 1975, U.S.D.C. for the District of **Investment Company Institute v. Board of Gov- Columbia. ernors, dismissed July 1975, U.S.D.C. for Ellsworth v. Burns, filed September 1975, the District of Columbia, appeal pending, U.S.D.C. for the District of Arizona. U.S.C.A. for the District of Columbia Cir- Florida Association of Insurance Agents, Inc., cuit. v. Board of Governors, and National Asso- George Brice, Ir., et al., v. Board of Goverciation of Insurance Agents, Inc. v. Board nors, filed April 1974, U.S.C.A. for the of Governors, filed August 1975, actions Ninth Circuit. consolidated in U.S.C.A. for the Fifth Cir- East Lansing State Bank v. Board of Govercuit. nors, filed December 1973, U.S.C.A. for the Henry M. Smith v. National Bank of Boulder, Sixth Circuit. et al., filed June 1975, U.S.D.C. for the **7owa Independent Bankers v. Board of Gover- Northern District of Texas. nors, filed September 1973, U.S.C.A. for the Bank of Boulder v. Board of Governors, et al., District of Columbia Circuit, petition for cerfiled June 1975, U.S.C.A. for the Tenth Cir- tiorari filed. cuit. **Consumers Union of the United States, Inc., tDavid R. Merrill, etal. v. Federal Open Market et al., v. Board of Governors, filed Sep- Committee of the Federal Reserve System, tember 1973, U.S.D.C. for the District of filed May 1975, U.S.D.C. for the District of Columbia. Columbia. Bankers Trust New York Corporation v. Board of Governors, filed May 1973, U.S.C. A. for the Second Circuit. *This list of pending cases does not include suits against Federal Reserve Banks in which the Board of Governors is not named as a party. tThe Board of Governors is not named as a party in this **Decisions have been handed down in these cases, subject action. to appeals noted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

65 Announcements APPOINTMENT OF delphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, Dallas, and San Fran- MR. PARTEE AS A MEMBER cisco, reducing the discount rates of those Banks OF THE BOARD OF GOVERNORS from 6 per cent to 5V2 per cent, effective January 19. President Ford on December 5, 1975, announced The action is intended to bring the discount rate his intention to appoint J. Charles Partee as a into better alignment with other short-term interest member of the Board of Governors of the Federal rates that have recently declined. The discount rate Reserve System. Mr. Partee's appointment was is the interest rate charged member commercial subsequently confirmed by the Senate on Debanks when they borrow from their district Federal cember 19 and his oath of office was administered Reserve Banks. on January 5, 1976. The text of the White House announcement follows: EARNINGS AND EXPENSES The President has announced his intention OF FEDERAL RESERVE BANKS to nominate J. Charles Partee, of Great IN 1975 Falls, Virginia, to be a member of the Board of Governors of the Federal Reserve System. Preliminary figures indicate that during 1975 the He will succeed Jeffrey M. Bucher who resigned effective January 2, 1976. gross current earnings of the Federal Reserve Mr. Partee is presently the Managing Direc- Banks amounted to $6,258 million, as shown in tor for Research and Economic Policy at the the accompanying table. Net expenses totaled Federal Reserve Board. He has been on the $585 million, leaving current net earnings of staff of the Board since 1962, serving suc- $5,673 million. cessively as Chief of the Capital Markets Section, Adviser in charge of financial research, Associate Director and then Director of the Division of Research and Statistics. In thousands of dollars Prior to coming to Washington, Mr. Partee Item— was associated with the Northern Trust 1975 1974 Company of Chicago as Second Vice President and Associate Economist of the Bank. Current earnings 6,257,937 6,280,091 From 1949 to 1956 he was an economist Current expenses 585,066 547,541 on the research staff of the Federal Reserve Current net earnings 5,672,871 5,732,550 Bank of Chicago. Net deduction from current Mr. Partee was born on October 21, 1927, net earnings -202,370 -78,487 in Defiance, Ohio. He attended Indiana University and received his B.S. degree in Net earnings before payments to U.S. Treasury 5,470,501 5,654,063 1948 and his M.B.A. in 1949. He also did additional graduate work at the University Dividends paid 54,609 52,580 of Chicago. Payments to U.S. Treasury (interest on F.R. notes) 5,382,064 5,549,999 Mr. Partee is married to the former Gail Voeglin. Transferred to surplus 33,828 51,484 CHANGE IN DISCOUNT RATE There was a $202 million net deduction in the The Board of Governors on January 16, 1976, profit and loss account primarily because of a $242 approved actions by Xhe directors of the Federal million net loss on foreign exchange transactions Reserve Banks of Boston, New York, Phila- and profits of $37 million on sales of U.S. Gov- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 66 Federal Reserve Bulletin • January 1976 ernment securities. In foreign exchange transac- The National Archives will furnish microfilm tions, losses of $250 million resulted from a re- copies of the FOMC minutes for a fee. The minvaluation of outstanding pre-August 1971 swap utes through 1968 are now available in this form, drawings to reflect devaluation of the dollar in and those for 1969 and 1970 will be available later. December 1971 and February 1973 and revalua- Release of the minutes since 1962 has presented tion of the Belgian franc in December 1971. This special problems involving international financial was partially offset by an $8 million profit on relationships. A number of passages have been foreign exchange operations during the year. deleted from the minutes for 1962 through 1970, Net earnings before payments to the U.S. with a footnote in each case indicating the general Treasury were $5,471 million. Payments to the nature or subject of the deleted matter. United States as interest on Federal Reserve notes amounted to $5,382 million; statutory dividends RESERVE REQUIREMENTS ON to member banks, $55 million; and additions to MEMBER BANK TIME DEPOSITS surplus accounts, $34 million. Under the policy adopted by the Board of Gov- The Board of Governors on December 24, 1975, ernors at the end of 1964, all net earnings after announced another structural change in reserve the statutory dividend to member banks and addi- requirements on member bank time deposits. tions to surplus to bring it to'the level of paid-in Under the action, reserve requirements on time capital were paid to the U.S. Treasury as interest deposits maturing in 180 days to 4 years will be on Federal Reserve notes. reduced from 3 per cent to 2¥z per cent. In no Compared with 1974, gross earnings were down case, however, may the average of reserves re- $22 million; net expenses were up $38 million or quired on the total of time and savings deposits 6.9 per cent. The principal changes in earnings at each bank be less than the 3 per cent minimum were as follows: on U.S. Government securities, specified by law. The action will release about an increase of $37 million; on discounts and ad- $340 million in reserves to the banking system. vances, a decrease of $154 million; on accept- The change is in line with previous Board deciances, an increase of $26 million; and on all other, sions that are designed to encourage member banks an increase of $70 million. to lengthen the structure of their deposit liabilities. A reduction in reserve requirements from 3 per cent to 1 per cent on time deposits of 4 years or FEDERAL OPEN MARKET more was announced by the Board last October COMMITTEE MINUTES 15. The new ratio of 2Vi per cent will apply to the The Federal Reserve announced on January 16, level of deposits beginning the week of December 1976, that minutes of discussions and actions at 25 and will affect required reserves beginning the the meetings of the Federal Open Market Comweek of January 8. mittee during 1970 were being transferred to the National Archives. These minutes are contained in approximately INTERIM GUIDELINES FOR 1,150 pages of typed material. Their transfer has DIRECT DEPOSIT been arranged with the understanding that the OF FEDERAL PAYMENTS National Archives will make them available for inspection by interested persons under its usual The Board of Governors on December 18, 1975, rules and procedures. Similar records for earlier approved interim guidelines for the delivery of years are already available at the National Ar- electronically recorded payments to financial instichives on the same basis. tutions of all types participating in the Treasury Copies of the minutes for 1970 will also be Department's program for direct deposit of Federal made available later for public inspection at the payments that are made on a recurring basis. Board's offices in Washington and at each Federal In the electronic payments phase of the Treas- Reserve Bank and branch, the same procedure ury's direct deposit program, payments are made followed with respect to earlier records. Mean- by magnetic tape through Federal Reserve offices. while, a work copy is available for inspection at The Reserve offices sort the payments by computer the Board's offices, and another at the Federal according to the financial institutions involved, Reserve Bank of New York. carry out the necessary accounting, and deliver to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 67 the financial institutions the payments instructions cessing of such payments effective January 1, concerning them. The financial institutions credit 1976. the accounts of their customers. In February 1976, in cooperation with this phase CHANGES IN of the Treasury program, the Federal Reserve will FINANCIAL REPORTS begin distributing, according to the terms of the guidelines announced, social security payments to The Board of Governors, together with the other beneficiaries who have elected to have their bene- Federal bank regulatory agencies, on December fits deposited directly in financial institutions. 17, 1975, announced the detailed changes that will Beneficiaries who prefer to receive social security be required next year in two basic financial reports payments as they had previously rr\ay continue to by banks. These are the Report of Condition and do so. Since November 1974 the Federal Reserve the Report of Income filed by all insured commerhas been distributing electronically recorded cial banks, large and small. payroll deposits to financial institutions on behalf One objective of the revisions in these reports of U.S. Air Force personnel who have elected is to provide the public with improved information direct deposit of their pay. as to the financial situation of banks. All parts of The cost of issuing, clearing, and transporting the revised reports will be available to the public a check is many times greater than making pay- upon request. ments by electronic means. Since the Federal A document,1 mailed to all State member banks, Government issues hundreds of millions of checks lists the changes being made in each of these annually, there is a potential in electronic handling reports, and describes the changes in detail. New of payments for large savings. instructions for completing the revised reports, For recipients of Government payments, direct including definitions for items involved in the deposit reduces the risk of theft and offers the revisions, will be mailed to banks after the first convenience of an automatic deposit of funds in of the year. a financial institution. On December 3 the Federal bank regulators In general, the guidelines provide that financial postponed the effective date of the revised reports institutions currently receiving checks on a Federal from December 31, 1975, to March 31, 1976. The Reserve courier route will also have direct deposit postponement means that the year-end 1975 repayments information delivered to them by ports of condition and income will be in the current courier. Payments to financial institutions and formats. processing centers not currently served by courier Proposals for revising the universal Report of may have payments information delivered by Condition and Report of Income were issued for courier if the payments volume is sufficient and comment October 1, 1975. The revisions that have if the institutions are located on a courier route. been adopted were made in the light of comment Other financial institutions may receive direct de- received, and differ in a number of respects from posit payments instructions by mail, through a the proposals. correspondent or a processing center, or by picking up the payments information at a Federal Reserve REVISION OF CONSUMER office. CREDIT INFORMATION The Board indicated that the announced guidelines are of an interim nature since they may be The Board of Governors has revised the format modified in the future as this program develops. of its presentation of consumer credit data and has In approving the guidelines the Board took action adjusted sample-based estimates to reflect recent on the Government payments section of its probenchmarks and computation of new seasonal facposal of June 10, 1975, regarding access to Federal tors. Data in the tables on pages A-45 and A-46 Reserve facilities used to clear payments instrucof this issue reflect with greater precision on-going tions recorded on magnetic tape. Further action developments in consumer credit markets and in on access to Federal Reserve facilities for private payments will be considered later. 1 Available on request from Publications Services, The Board action on delivery of direct deposit Division of Administrative Services, Board of Gover- Federal payments followed issuance by the Treasnors of the Federal Reserve System, Washington, D.C. ury Department of regulations governing the pro- 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 Federal Reserve Bulletin • January 1976 the structure of the consumer credit industry. Only Mr. Hamilton holds a B.S. degree from Ball State instalment credit data will be included regularly University and has done graduate work at Indiana in these statistics. Figures for noninstalment credit University and Ball State. He joined the Minholdings will be published from time to time. neapolis Bank in 1972, prior to which he was with The revised historical data for the consumer the Detroit Allison Division of General Motors in credit tables will not be published in the BULLE- Indianapolis. TIN, but will be available on request from the The Board has also announced the appointment Mortgage and Consumer Finance Section, Divi- of Jared J. Enzler, Senior Economist, as Assistant sion of Research and Statistics, Board of Gover- Adviser in the Division of Research and Statistics, nors of the Federal Reserve System, Washington, effective January 5, 1976. Mr. Enzler holds a B.A. D.C. 20551. from Washington State University and an M.A. from the University of Pennsylvania. He joined CHANGES IN BOARD STAFF the Board's staff in 1966 after having served as a Research Fellow and Instructor at the University The Board of Governors has announced the fol- of Pennsylvania. lowing promotions in the Legal Division, effective In addition the Board announced the retirement January 4, 1976: of John J. Hart, Special Assistant to the Board, on December 31, 1975. Baldwin B. Tuttle, Assistant General Counsel, to Deputy General Counsel. Robert E. Mannion, Adviser, to Assistant Gen- ADMISSION OF STATE BANKS eral Counsel. TO MEMBERSHIP IN SYSTEM Allen L. Raiken, Adviser, to Assistant General Counsel. The following banks were admitted to membership Gary M. Welsh, Adviser, to Assistant General in the Federal Reserve System during the period Counsel. December 16, 1975, through January 15, 1976: In addition the Board has announced the ap- Florida pointment of Albert R. Hamilton, Vice President, North Miami .. North Miami First State Bank Federal Reserve Bank of Minneapolis, as Asso- Illinois ciate Director and Chief Federal Reserve Examiner Vernon Hills .. Hawthorne Center State Bank in the Division of Federal Reserve Bank Exami- New York nations and Budgets, effective in February 1976. Buffalo Bank of Buffalo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

69 Industrial Production Released for publication January 16 have now recovered most of the 20 per cent decline that ended in March 1975. The textile, paper, and Industrial production increased by an estimated 1 chemical group has advanced an estimated 30 per per cent in December, following a rise of 0.4 per cent since the spring low. With the recent recovery cent in October and an upward revised 0.5 per in materials, inventory reduction of these goods cent increase in November. At 118.5 per cent of has apparently ended and some accumulation is the 1967 average, the total index is about 8 per under way in selected industries. cent above the low in April 1975 and 9 per cent below September 1974. Gains during December Seasonally adjusted,i 4rQa tio scale,il967=100 were strong and widespread among consumer MATERIALS goods, business equipment, and materials. Output of durable consumer goods increased ^ | TOTAL | | ' further in December, reflecting some rise in autos 1 1 1 1 1 1 and continued strength in home goods such as appliances and household furnishings. Auto assemblies were at an annual rate of 7.8 million units in December, and production in the first quarter of 1976 is currently scheduled to be raised to an 8.0-million-unit annual rate. Output of nondurable consumer goods declined more in this cycle than usual but has more than recovered its 5 per cent loss. Production of business equipment also rose strongly in December, but the level remains only slightly above the springtime low. Output of construction products is estimated to have advanced further in December. Production of durable goods materials, including steel, increased in December from a November level that was revised upward substantially. 1969 1971 1973 1975 1969 1971 1973 1975 F.R. indexes, seasonally adjusted. Latest figures: December. Nondurable goods materials advanced further and *Auto sales and stocks include imports. Seasonally adjusted 1967 = 100 PPeerr cceenntt cchhaannggeess ffrroomm—— IInndduussttrriiaall pprroodduuccttiioonn 1975 Sept. Oct. Nov.p Dec.e Month Year Q3 to ago ago Q4 Total 116.2 116.7 117.3 118.5 1.0 .9 2.9 Products, total 116.9 117.0 117.8 118.9 .9 .2 1.6 Final products 116.9 116.9 117.6 118.6 .9 .3 1.3 Consumer goods 126.8 127.2 128.3 129.6 1.0 5.0 1.9 Durable goods 118.3 118.0 118.6 120.1 1.3 9.1 1.8 Nondurable goods 130.2 130.6 132.0 133.2 .9 3.7 1.9 Business equipment 115.6 115.5 116.2 117.2 .9 -7.8 1.3 Intermediate products 116.6 117.2 118.4 120.0 1.4 - .4 2.7 Construction products 112.0 112.4 113.1 114.5 1.2 -3.2 3.2 Materials 115.1 116.4 116.7 117.9 1.0 2.7 5.3 pPreliminary. Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 1 Financial and Business Statistics CONTENTS INSIDE BACK COVER A32 Federal finance A34 U.S. Government securities Guide to Tabular Presentation A37 Federally sponsored credit agencies Statistical Releases: Reference A38 Security issues A41 Business finance U.S. STATISTICS A42 Real estate credit A2 Member bank reserves, Reserve Bank A45 Consumer credit credit, and related items A48 Industrial production A5 Federal funds—Money market banks A50 Business activity A6 Reserve Bank interest rates A50 Construction A7 Reserve requirements A52 Labor force, employment, and AS Maximum interest rates; margin unemployment requirements A9 Open market account A53 Consumer prices A10 Federal Reserve Banks A53 Wholesale prices All Bank debits A54 National product and income A12 Money stock A56 Flow of funds A13 Bank reserves; bank credit A14 Commercial banks, by classes INTERNATIONAL STATISTICS A18 Weekly reporting banks A58 U.S. balance of payments A23 Business loans of banks A59 Foreign trade A24 Demand deposit ownership A59 U.S. reserve assets A25 Loan sales by banks A60 Gold reserves of central banks and A25 Open market paper governments A26 Interest rates A61 International capital transactions A29 Security markets of the United States A29 Stock market credit A74 Open market rates A30 Savings institutions A75 Central bank rates A75 Foreign exchange rates A82 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 BANK RESERVES AND RELATED ITEMS • JANUARY 1976 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 Float 3 F.R. Totals stand- Total out- repur- assets4 ing right 2 chase agreement 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 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1969—De c 57,500 57,295 205 3.235 2,204 64,100 10,367 6,841 1970—De c 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 7,145 1971—De c 69,158 68,868 290 107 3,905 982 74,255 10,132 400 7,611 1972—De c 71,094 70,790 304 1,049 3,479 1,138 76,851 10,410 400 8,293 1973—De c 79,701 78,833 868 1,298 3,414 1,079 85,642 11,567 400 8,668 1974—De c 86,679 85,202 1,477 703 2,734 3,129 93,967 11,630 400 9,179 1975—Ja n 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 1,877 3,039 97,845 11,620 429 9,464 June 88,912 87,618 1,294 271 2,046 3,098 95,119 11,620 500 9,536 July 88,166 87,882 284 261 1,911 3,100 94,144 11,620 500 9,616 Aug 86,829 86,348 481 211 1,691 2,953 92,395 11,604 500 9,721 Sept 89,191 87,531 1,660 396 1,823 3,060 95,277 11,599 500 r9,797 Oct 90,476 89,547 929 191 1,945 3,521 96,931 11,599 500 9,877 Nov.® 90,934 89,560 1,374 62 2,546 3,481 97,884 11,599 500 10,010 Dec.? 92,108 91,225 883 129 3,142 3,534 99,766 11,599 500 10,091 Week ending— 1975—Oct. 1 93,192 89,312 3,880 581 1,620 3,145 99,535 11,599 500 9,836 8 90,561 89,392 1,169 239 1,645 3,348 96,657 11,599 500 9,857 15 88,782 88,782 172 2,029 3,452 95,144 11,599 500 9,873 22 89,674 88,949 725 232 2,174 3,578 96,409 11,599 500 9,887 29 92,027 90,717 1,310 94 1,811 3,666 98,415 11,599 500 9,893 Nov. 5 92,251 89,755 2,496 67 2,213 3,714 99,245 11,599 500 9,909 12 87,911 87,449 462 39 2,265 3,752 94,725 11,599 500 9,955 19 90,116 89,465 651 58 2,867 3,474 97,311 11,599 500 10,049 26 92,992 90,992 2,000 73 2,295 3,116 99,393 11,599 500 10,061 Dec. 1 3 0 f f 9 89 1 , , 5 9 3 6 1 1 9 89 0 , , 0 8 0 8 9 7 1,0 5 7 2 4 2 6 3 7 0 2 2 , , 3 7 5 0 6 0 3 3 , , 4 2 8 7 6 9 9 98 6 , , 8 |8 9 1 0 1 1 1 1 , , 5 5 9 9 9 9 5 5 0 0 0 0 1 10 0 , ,1 0 0 81 2 17 P 90,625 90,625 45 2,631 3,557 97,591 11,599 500 10,087 24 p 94,134 92,580 1,554 220 3,167 3,356 101,744 11,599 500 10,099 31? 94,468 92,978 1,490 257 4,683 3,466 103,860 11,599 500 10,103 End of month 1975—Oct 93,426 90,324 3,102 73 1,127 3,939 99,612 11,599 500 9,906 N De o c v . . f ? 9 9 1 4 , , 2 1 0 2 9 4 9 9 1 2 , , 2 78 0 9 9 i ^335 2 4 2 6 9 2 3 , , 9 71 6 5 2 3 3, , 3 2 1 5 2 2 1 9 0 8 2 , , 1 5 9 0 6 6 1 1 1 1 , , 5 5 9 9 9 9 5 5 0 0 0 0 1 1 0 0 , , 1 1 3 1 8 2 Wednesday 1975—Oct. 1 92,963 89,660 3,303 615 2,685 3,246 100,446 11,599 500 9,819 8 87,150 87,150 156 2,435 3,386 93,830 11,599 500 9,858 15 87,772 87,772 481 3,172 3,620 95,743 11,599 500 9,882 22 91,633 89,120 2,513 941 2,835 3,663 99,936 11,599 500 9,893 29 93,366 90,317 3,049 98 1,915 3,675 99,951 11,599 500 9,893 Nov. 5 85,676 85,022 654 52 2,639 3,723 93,066 11,599 500 9,916 12 90,976 87,737 3,239 70 3,430 3,803 99,159 11,599 500 10,033 19 91,967 90,372 1,595 91 3,086 3,082 99,163 11,599 500 10,056 26 96,041 90,956 5,085 184 2,247 3,221 102,816 11,599 500 10,068 Dec. 3 P 90,231 89,597 634 66 2,639 3,370 97,244 11,599 500 10,077 10 p 88,758 88,758 33 3,333 4,302 97,150 11,599 500 10,087 17 * 89,885 89,885 65 3,479 3,631 97,786 11,599 500 10,087 24 p 94,459 92,777 1,682 1,264 4,688 3,366 104,747 11,599 500 10,099 31 P 94,124 92,789 1,335 229 3,715 3,312 102,506 11,599 500 10,112 1 Includes Federal agency issues held under repurchase agreements 4 Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. beginning Dec. 1, 1966, and Federal agency issues bought outright be- liabilities and capital" are shown separately; formerly, they were netted ginning Sept. 29, 1971. together and reported as "Other F.R. accounts." 2 Includes, beginning 1969, securities loaned—fully guaranteed by U.S. 5 Includes industrial loans and acceptances until Aug. 21, 1959, when Govt, securities pledged with F.R. Banks, and excludes (if any), securities industrial loan program was discontinued. For holdings of acceptances sold and scheduled to be bought back under matched sale-purchase on Wed. and end-of-month dates, see table on F.R. Banks on p. A-10. transactions. See also note 3. 3 Beginning with I960 reflects a minor change in concept; see Feb. 1961 BULLETIN, p. 164. Notes continued on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 Deposits, 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 liacir- hold- ac- bilities cula- iinnggss counts4 and With Curtion Treas- For- OOtthheerr 33,,66 ccaappiittaall44 F.R. rency Total 8 ury eign Banks and coin? Averages of daily figures 7,609 2,402 616 731 9 248 11,473 11,473 . 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 .1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 .1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 .1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 .1960—Dec. 53,591 656 1 ,194 146 458 2,192 23,071 4,960 28,031 .1969—Dec. 57,013 427 849 145 735 2,265 23,925 5,340 29,265 .1970—Dec. 61,060 453 1 .926 290 728 2,287 25,653 5,676 31,329 .1971—Dec. 66,060 350 1,449 272 631 2,362 24,830 6,095 31,353 . 1972—Dec. 71,646 323 1,892 406 717 2,942 28,352 6,635 35,068 . 1973—Dec. 78,951 220 1.741 357 874 3,266 29,767 7,174 36,941 . 1974—Dec. 77,780 221 2,087 336 884 3,264 29,713 7,779 37,492 . 1975—Jan. 76,979 236 2,374 317 711 3,358 28,503 7,062 35,565 Feb. 77,692 277 1,887 363 958 3,076 27,948 6,831 34,779 Mar. 78,377 309 3,532 307 718 3,137 28,264 6,870 35,134 Apr. 79,102 326 8,115 262 746 3,231 27,576 6,916 34,492 May 80,607 355 3,353 272 989 3,191 28,007 6,969 34,976 June 81,758 358 2,207 269 711 3,135 27,442 7,213 34,655 July 81,822 368 818 274 660 3,096 27,183 7,299 34,482 Aug. r81,907 r362 3,415 308 798 3,169 27,215 7,431 34.646 Sept. 82,215 387 4,940 271 632 3,208 27,254 7,313 34,567 Oct. 83,740 415 4,333 297 649 3,276 27,282 7,365 34.647 Nov.f 85,819 440 3,955 259 906 3,247 27,330 7,771 9 35,102 Dec. P Week ending— 81,411 374 7,413 277 650 3,463 27,883 7,561 35,444 . .. 1975—Oct. 1 81,853 371 5,863 235 570 3,044 26,678 7,582 34,260 82,561 381 3,091 340 617 3,091 27,036 7,618 34,654 . 15 82,451 382 3,575 245 656 3,221 27,866 6,710 34,576 .22 82,075 411 6,148 265 664 3,375 27,470 7,245 34,715 .29 82,404 412 6,755 288 652 3,382 27,362 7,524 34,886 . Nov. 5 83,457 427 2,868 273 583 3,109 26,061 7,693 33,754 12 84,021 410 3,321 315 566 3,202 27,624 7,117 34,741 19 84,145 432 5,010 277 635 3,385 27,670 7,014 34,684 26 84,742 460 4,124 305 877 3,297 27,285 7,575 34,860 • Dec. 3p 85,222 462 1,865 243 921 3,044 26,605 7,825 34,430 . 10f 85,685 449 1,943 244 979 3,158 27,318 7,824 35,142 .17* 86,140 425 5,533 254 866 3,355 27,369 7,488 34,857 .24* 86,577 425 6,777 293 891 3,477 27,622 8,030 9 35,658 .31? End of month 82,163 409 8,517 297 594 3,498 26,140 7,524 33,664 . 1975—Oct. 84,545 463 4,919 347 888 3,403 25,864 7,575 33,439 NOV.P 86,499 425 7,285 353 1,090 2,968 26,097 8,030 9 34,133 Dec. v Wednesday 81,671 383 7,637 283 824 3,417 28,149 7,561 35,710 1975—Oct. 1 82,425 374 3,691 234 568 3,046 25,449 7,582 33,031 82,876 384 2,703 877 642 3,129 27,114 7,618 34,732 .15 82,467 384 6,074 214 817 3,317 28,655 6,710 35,365 .22 82,329 407 6,124 236 594 / 3,446 28,807 7,245 36,052 .29 83,001 426 3,066 355 692 3,063 24,478 7,524 32,002 .Nov. 5 84,147 421 2,577 222 642 3,115 30,167 7,693 37,860 12 84,228 424 4,175 244 566 3,325 28,356 7,117 35,473 19 84,630 442 4,327 324 978 3,455 30,827 7,014 37,841 26 85,146 478 2,289 229 796 3,011 27,471 7,575 35,046 .Dec. 3 p 85,773 460 1,032 238 1,846 3,093 26,894 7,825 34,719 10? 86,033 438 4,007 226 897 3,214 25,157 7,824 32,981 17 p 86,617 425 6,491 253 925 3,471 28,763 7,488 36,251 24 p 86,499 425 7,285 353 1,090 2,968 26,097 8,030 9 34,133 31* 6 Includes certain deposits of domestic nonmember banks and foreign- 8 Beginning with week ending Nov. 15, 1972, includes $450 million of owned banking institutions held with member banks and redeposited in reserve deficiencies on which F.R. Banks are allowed to waive penalties full with F.R. Banks in connection with voluntary participation by non- for a transition period in connection with bank adaptation to Regulation J member institutions in the Federal Reserve System's program of credit as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies restraint. included are (beginning with first statement week of quarter): Ql, $279 As of Dec. 12, 1974, the amount of voluntary nonmember and foreign million; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning agency and branch deposits at F.R. Banks that are associated with margi- 1974, Ql, $67 million, Q2, $58 million. Transition period ended after nal reserves are no longer reported. However, deposits voluntarily held second quarter, 1974. by agencies and branches of foreign banks operating in the United States 9 Beginning with week ending Nov. 19, 1975, adjusted to include as reserves and Euro-dollar liabilities are reported. waivers of penalties for reserve deficiencies in accordance with Regula- 7 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed tion D change effective Nov. 19, 1975. thereafter. Beginning Jan. 1963, figures are estimated except for weekly Digitized for FRavAerSaEgeRs. Beginning Sept. 12, 1968, amount is based on close-of-business For other notes see opposite page. http://fraser.stlfoiguuisrefes dfo.or rrges/ erve period 2 weeks previous to report date. Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS • JANUARY 1976 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks2 All other banks Period Reserves Borrowings New York City City of Chicago Other Total Re- Total Sea- Excess Borrow- Excess Borrow- Excess Borrow- Excess Borrowheld1 quired sonal ings ings ings ings 1939—Dec 11,473 6,462 5,011 3 2,611 540 1,188 671 3 1941—Dec 12,812 9,422 3,390 5 989 295 1,303 1 804 4 1945—Dec 16,027 14,536 1,491 334 48 192 14 418 96 1,011 46 1950—Dec 17,391 16,364 1,027 142 125 58 232 50 663 29 1960—Dec 19,283 18,527 756 87 29 19 4 100 20 623 40 1965—Dec 22,719 22,267 452 454 41 111 15 67 228 330 92 1967—De c 25,260 24,915 345 238 18 40 8 50 105 267 80 1968—De c 27,221 26,766 455 765 100 230 15 90 270 250 180 1969—De c 28,031 27,774 257 1,086 56 259 18 6 479 177 321 1970—De c 29,265 28,993 272 321 34 25 7 42 264 189 28 1971—De c 31,329 31,164 165 107 25 35 1 -35 22 174 42 1972—De c 31,353 31,134 219 1,049 -20 301 13 -42 429 -160 264 35,068 34,806 262 1,298 -23 74 43 28 761 133 435 1973—De c 36,941 36,602 339 703 32 132 80 39 323 163 282 1974—De c 37,492 37,556 -64 390 13 -119 156 -16 -91 87 162 131 1975—Ja n 35,565 35,333 232 147 10 31 37 17 41 29 143 71 M Fe a b r 3 3 5 4, , 7 1 7 3 9 4 3 3 5 4 , , 0 51 1 3 4 216260 1 1 0 10 6 7 7 5 3 3 2 2 2 5 2 -2 2 3 0 - 5 4 6 2 3 8 8 1 1 3 1 7 5 4 3 6 3 Apr 34,492 34,493 60 9 -28 24 -21 -89 13 137 23 May 34,976 34,428 548 271 11 142 90 47 217 114 142 65 J J u u n ly e 3 3 4 4 , , 6 4 5 8 5 2 3 34 4 , , 2 6 6 8 5 7 - 2 3 1 2 7 226111 3 1 8 7 - -1 22 8 5 1 4 4 -24 5 -11 9 8 8 6 5 2 1 1 1 3 3 2 2 1 1 4 2 5 2 Aug 34.646 34,447 199 396 61 17 68 27 23 141 132 185 Sept 34,567 34,411 156 191 65 42 31 -23 3 32 134 128 Oct 34.647 34,294 353 62 28 -12 8 35 20 5 107 49 Nov.? 35,102 34,716 386 129 14 -2 63 -18 -22 27 160 39 Dec.? Week ending— 1974—Dec. 4 3 3 6 6 , , 9 2 6 9 1 3 3 3 6 6 , , 6 4 7 5 8 2 -1 2 5 8 9 3 1,0 6 7 4 0 8 5 3 1 5 -1 1 7 4 3 1 22 7 6 3 -36 4 - - 1 5 6 0 4 2 5 8 0 1 1 1 5 0 4 0 2 3 6 9 8 4 36,762 36,545 217 818 31 59 60 23 -39 417 174 287 2is5' .'.'.'.'.'.'. 36,845 36,416 429 662 29 137 72 52 89 333 151 257 1975—June 4 34,511 34,177 334 84 9 18 61 19 137 160 23 11 33,707 33,743 -36 38 11 -76 -32 -55 127 25 18 34,937 34,603 334 77 10 80 49 12 69 173 28 2 5 34,706 34,615 91 188 11 19 97 -4 5 38 71 53 July 2 35,481 35,085 396 871 15 57 189 39 117 468 183 214 9 34,612 34,479 133 222 13 18 -20 -20 90 155 132 16 34,864 34,791 73 202 15 -72 78 2 54 6 16 137 54 2 3 34,898 34,695 203 382 19 107 151 9 50 -13 57 100 124 30 34,999 34,718 281 253 23 82 15 67 91 117 162 Aug. 6 34,553 34,354 199 180 29 13 10 31 14 145 166 2 1 0 3 3 3 4 4 , , 1 6 6 2 3 9 3 3 4 4 , , 1 4 4 1 7 8 21161 2 1 0 7 4 9 3 3 5 7 -4 -4 6 -2 1 2 9 -4 7 5 3 7 1 7 8 1 1 2 2 9 3 1 1 2 0 7 8 27 34,470 34,174 296 272 40 127 15 -7 48 87 128 170 Sept. 3 34,529 34,228 301 222 50 28 24 81 58 168 164 10 34,098 34,104 -6 385 53 -45 215 -31 -66 34 136 136 17 34,552 34,285 267 327 60 79 19 17 174 152 142 2 4 34,617 34,584 33 395 64 -66 79 -2 28 115 73 201 Oct. 1 35,444 34,982 462 581 73 149 2 147 304 164 277 8 34,260 34,284 -24 239 74 -83 -16 -52 51 127 188 15 34,654 34,358 296 172 65 -9 39 33 94 12 178 121 22 34,576 34,577 232 63 -8 97 -18 -35 22 60 113 29 34,715 34,437 278 94 60 102 15 33 7 128 87 Nov. 5 34,886 34,082 804 67 41 355 18 240 191 67 12 33,754 33,791 -37 39 26 -119 -6 -71 4 159 35 19 34,741 34,567 174 58 26 34 7 11 134 47 2 6 34,684 34,500 184 73 26 3 20 55 3 106 54 Dec. 3? 34,860 34,531 329 67 22 60 -39 29 6 116 45 10? 34,430 34,264 166 30 15 -77 34 -32 2 107 28 17? 35,142 34,895 247 45 14 -17 -25 -59 11 483 34 24? 34,857 34,597 260 220 12 -1 141 -6 8 42 64 37 31? 335,658 35,188 470 257 12 -44 141 44 -152 59 114 57 1 Beginning with week ending Nov. 15, 1972, includes $450 million of for July 1972, p. 626. Categories shown here as "Large" and "All other" reserve deficiencies on which F.R. Banks are allowed to waive penalties parallel the previous "Reserve city" and "Country" categories, respectively for a transition period in connection with bank adaptation to Regulation J (hence the series are continuous over time). as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies 3 Beginning with week ending Nov. 19, 1975, adjusted to include $6 included are (beginning with first statement week of quarter): Ql, $279 waivers of penalties for reserve deficiencies in accordance with Regulamillion; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning tion D change effective Nov. 19, 1975. 1974, Ql, $67 million; Q2, $58 million. Transition period ended after second quarter, 1974. For weeks for which figures are preliminary, figures NOTE.—Monthly and weekly data are averages of daily figures within by class of bank do not add to the total because adjusted data by class are the month or week, respectively. not available. Borrowings at F.R. Banks: Based on closing figures. 2 Beginning Nov. 9, 1972, designation of banks as reserve city banks Effective Apr. 19, 1973, the Board's Regulation A, which governs lendfor reserve-requirement purposes has been based on size of bank (net ing by F.R. Banks, was revised to assist smaller member banks to meet demand deposits of more than $400 million), as described in the BULLETIN the seasonal borrowing needs of their communities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 Net surplus, or deficit (-) Gross transactions Net transactions Reporting banks and Total Borweek ending— Excess Net Per cent two-way Pur- Loans row- Net re- Bor- inter- of Pur- trans- chases Sales to ings loans serves 1 rowings bank avg. chases Sales actions2 of net of net dealers3 from at F.R. Federal required buying selling dealers4 Banks funds banks banks trans. Total—46 banks 1975—Nov. 5 589 11,954 -11,365 73.4 18,355 6,402 4,798 13,557 ,604 2,862 635 2,192 1 1 9 2 -10 9 1 1 6 4 , , 6 3 6 8 7 8 - - 1 1 6 4 , , 6 3 7 8 7 4 1 9 0 0 8 . . 4 5 2 2 0 1 , , 0 4 7 3 8 3 4 5 , , 7 6 6 9 6 0 4 4, , 9 4 8 7 5 4 1 15 6 , , 0 9 9 5 3 9 2 70 9 6 2 4 3 , , 6 0 2 1 3 4 2 41 9 7 8 4 2 , , 3 5 2 9 5 8 26 3 12,954 -12,966 83.0 18,224 5,271 4,387 13,837 885 2,778 417 2,360 Dec. 3 102 13,121 -13,035 83.4 18,808 5,687 4,964 13,844 723 3,507 381 3,126 10 200 15,748 -15,548 100.3 20,128 4,380 4,161 15,967 218 3,918 300 3,619 17 137 14,329 -14,192 88.7 18,973 4,644 4,205 14,768 439 3,509 400 3,109 24 168 168 12,217 -12,218 78.5 17,708 5,491 4,681 13,027 810 3,601 495 3,105 31 174 174 11,054 -11,054 69.2 17,683 6,629 5,306 12,378 ,324 3,610 665 2,946 8 in New York City 1975—Nov. 1 5 2 4 - 0 9 2 2 5 , , 8 0 9 3 9 6 - -5 2 , , 0 4 4 9 5 7 3 8 9 1 . . 7 6 5 3 , , 6 8 6 4 7 2 6 9 3 4 1 4 6 8 3 8 1 2 2 5 , , 9 0 6 3 1 6 62 1 1 , , 7 4 8 1 5 9 2 1 9 0 4 2 1 1 , , 6 1 8 2 3 6 19 5 3,751 -3,746 57.2 4,966 1,215 1,215 3,751 1,580 156 1,424 26 16 3,340 -3,340 53.7 4,271 931 794 3,477 138 1,343 139 1,205 Dec. 3 106 16 3,500 -3,409 54.6 4,451 952 815 3,637 137 1,700 133 1,567 10 29 3,978 -3,948 63.5 4,854 876 876 3,978 1,587 119 1,468 17 113 3,292 -3,179 49.5 4,278 986 828 3,450 158 1,840 147 1,693 24 83 140 1,981 -2,039 32.9 3,443 1,462 1,190 2,253 272 1,912 185 1,726 31 44 140 1,938 -2,034 31.4 3,563 1,625 1,123 2,440 502 1,891 372 1,519 38 outside New York City 1975—Nov. 5 187 9,055 -8,868 96.4 14,513 5,458 3,916 10,597 1,542 1,407 341 1,066 12 11,631 -11,632 126.6 15,766 4,134 3,842 11,923 292 2,838 197 2,642 19 4 10,637 -10,638 113.7 15,112 4,475 3,770 11,342 706 1,434 261 1,173 26 -12 9,614 -9,626 102.3 13,954 4,340 3,594 10,360 747 1,434 278 1,156 Dec. 3 -4 9,621 -9,625 102.5 14,357 4,736 4,149 10,207 586 1,806 248 1,558 1 17 0 1 2 7 4 1 1 1 1 1 , , 7 0 7 3 1 7 - -1 1 1 1 , , 0 6 1 0 3 0 1 11 2 4 5 . . 9 0 1 1 4 5 , , 6 2 9 7 6 4 3 3 , , 5 65 0 9 4 3 3 , , 2 37 8 8 6 1 1 1 1 , , 9 3 8 1 9 8 221881 2 1 , , 3 6 3 7 1 0 2 1 5 8 3 0 2 1 , , 1 4 5 1 1 6 24 85 10,236 -10,179 108.7 14,266 4,029 3,491 10,775 538 1,689 310 1,379 31 129 9,116 -9,020 95.0 14,121 5,005 4,183 9,938 822 1,719 293 1,427 5 in City of Chicago 1975—Nov. 5 4,214 -4,180 251 .9 5,274 1,060 ,045 4,229 511 511 12 4,664 -4,669 285.5 5,459 795 788 4,671 525 525 19 4.876 -4,881 291.4 5,681 805 786 4,895 522 522 26 4,381 -4,351 268.0 5,235 854 827 4,409 517 517 Dec. 3 4,199 -4,205 257.9 4,940 741 715 4,225 664 664 10 4.877 -4,844 299.9 5,618 740 732 4,885 674 674 17 4,619 -4,620 268.4 5,291 672 667 4,624 660 660 24 4,381 -4,386 274.9 5,192 811 811 4,381 635 635 31 4,162 -4,133 246.8 5,094 932 913 4,182 594 594 33 others 1975—Nov. 5 153 4,841 -4,688 62.2 9,239 4,398 2,871 6,368 ,527 896 341 555 12 4 6,968 -6,963 92.2 10,307 3,339 3,054 7,253 285 2,313 197 2,116 19 9 5,761 -5,757 74.9 9,431 3,670 2,983 6,448 687 913 261 652 26 5,233 -5,275 67.8 8,718 3,485 2,767 5,952 719 917 278 639 -42 Dec. 3 5,422 -5,420 69.8 9,417 3,994 3,434 5,983 560 1,142 248 894 10 3 6,893 -6,756 88.2 9,657 2,763 2,553 7,104 210 1,658 180 1,477 17 137 6,418 -6,393 81.3 9,404 2,987 2,711 6,693 276 1,010 253 756 24 25 5,856 -5,793 74.6 9,074 3,218 2,680 6,394 538 1,054 310 744 31 90 4,954 -4,887 62.5 9,026 4,073 3,270 5,756 802 1,125 293 832 101 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 • JANUARY 1976 CURRENT RATES (Per cent per annum) Loans to member banks— Under Sec. 10(b) 2 Loans to all others under Under Sees. 13 and 13a i last par. Sec. 13 4 Federal Reserve Bank Regular rate Special rate3 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous 12/31/75 date rate 12/31/75 date rate 12/31/75 date 3 rate 12/31/75 date rate K S C C D P A S M N R B a t h h l a t o a e i . e i n l c i w l s n i n a v l l c t L h a s a n n e o F a a d m s l t o e Y n g a r s a e a o a u n o o l p C n p d i n r o c s h i d k l i t . i s i y . . . a s c . . . . . . . . . o . . , 5 5 5 5 5 5 5 5 5 5 5 5 / / / / / / / / / / / / 1 1 1 1 1 1 1 1 2 1 1 1 6 6 6 6 6 6 6 6 3 6 6 6 / / / / / / / / / / / / 7 7 7 7 7 7 7 7 7 7 7 7 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 6 6 1 1 1 1 1 1 1 i 1 1 1 V / / / / / / / / / 4 4 4 4 4 4 4 4 4 4 4 4 6 6 6 6 6 6 6 6 6 6 6 6 * 1 1 I 1 I 1 1 I I y I / / / / / / / / / / / 2 2 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 5 5 5 / / / / / / / / / / / / 1 1 1 1 1 1 1 2 1 1 1 1 6 6 6 6 6 6 6 3 6 6 6 6 / / / / / / / / / / / / 7 7 7 7 7 7 7 7 7 7 7 7 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 6 6 3 3 3 % 3 3 3 % % 3 3 3 / / / ^ ^ 4 4 4 4 4 4 4 6 7 6 6 6 6 6 7 6 6 7 / / 6 / 1 2 2 / / / / / / / / / 9 9 9 3 5 2 9 9 9 4 9 4 / / / / / / / / / / / / 7 7 7 7 7 7 7 7 7 7 7 7 5 5 5 5 5 5 5 5 5 5 5 5 7 7 7 7 7 7 7 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 1 1 / / / / / / / / / / / / 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 / / / / / / / / / / / / 1 1 1 1 1 1 1 1 1 1 1 1 0 0 4 0 4 0 0 0 0 4 0 0 / / / / / / / / / / / / 7 7 7 7 7 7 7 7 7 7 7 7 5 5 5 5 5 5 5 5 5 5 5 5 9 9 9 9 9 9 9 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 / / / / / / / / / / / / 2 2 2 2 2 2 2 2 2 2 2 2 1 Discounts of eligible paper and advances secured by such paper or by 3 Applicable to special advances described in Section 201.2(e)(2) of U.S. Govt, obligations or any other obligations eligible for F.R. Bank Regulation A. purchase. 4 Advances to individuals, partnerships, or corporations other than 2 Advances secured to the satisfaction of the F.R. Bank. Advances member banks secured by direct obligations of, or obligations fully secured by mortgages on 1- to 4-family residential property are made at guaranteed as to principal and interest by, the U.S. Govt, or any the Section 13 rate. agency thereof. SUMMARY OF EARLIER CHANGES (Per cent per annum) Ef d fe a c t t e i ve (o A r R l l l a e n F v g e .R l e ) — . B F a o .R n f k . Ef d fe a c t t e i ve (o A r R l l l a e n F v g e .R e l) . — B F a o .R n f k . Ef d fe a c t t e i ve (o A r R l l l a e n F v g e .R e l) — . B F a o .R n f k . Banks N.Y. Banks N.Y. ' Banks N.Y. 1956—Apr. 13 21/ 2 2 1 - / 3 2 2 2 1 34 /2 1964—Nov. 3 2 0 4 . . 3i/ 4 2 -4 4 4 1971— D N e o c v . . 1 1 1 9 3 1 4 41 3 / 4 4 2 3 - - 5 4 4 3 4 4 4 5 3 3 / 4 4 Aug. 2 2 0 4 2 23 3 / 4 3 4 - - 3 3 2 3 3 3 4 1965—Dec. 13 6 . . 4 4 - 1 4 /2 1/ 2 4 4 1 1 / / 2 2 2 1 4 7 41/ 4 2 1 - / 4 2 3 4 4 4 1 1 / / 2 2 1957— D A N u e o c g v . . . 2 1 2 3 5 3 3 3 31 - - / 3 3 2 i i / / 2 2 3 3 3 31 /2 1 1 9 9 6 6 8 7 — — M N Ap o a r v r . . . 2 2 1 1 7 0 4 5 7 . . . . . 4 4 4 1 / 4 4 2 - 1 - 4 - 4 / 1 2 5 1/ / 2 2 4 4 4 4 4 1 1 1 / / / 2 2 2 1973—J M A F M a e p a n a b r r y . . . . 2 2 1 4 6 2 3 5 . , 5 51 / 5 5 5 2 1 - 3 - 5 4 / 5 2 1 3 / 4 2 5 5 5 5 5 1 1 1 % / / / 2 2 2 1958—J A M M a p n a a r y r . . . 2 2 2 1 2 4 1 7 3 2 2 2 2 l3 3 3 1 1 / / 4 / 4 2 4 i 4 4 3 - - 1 - - 4 2 3 3 4 - 3 1 2 3 /4 4 2 2 2 2 3 l 1 3 1 1 1 3 3 4 4 / / / 4 4 4 4 A A D U p ec R r . . . 2 2 2 3 1 1 1 0 2 6 0 8 6 9 . . . . . . . , 5 5 5 V ^ 5 5 5 5 - a - 1 1 5 1 5 - / / S 4 1 2 1 2 / / 1 2 / 2 2 5 5 5 5 5 5 5 1 1 1 1 1 1 / / / / / / 2 4 2 2 2 2 J J A u u u n ly g e . 1 2 1 1 1 2 3 1 8 4 5 , , , , , 6 7 5 3 7 6 7 6 4 1 1 - - - 7 / / 6 6 2 2 1 i / / 2 2 6 7 6 6 7 6 7 1 1 1 1 / / / / 2 2 2 2 S A e u p g t . . 1 1 5 2 l l 3 3 4 4 - - 2 2 2 1 34 1969—Apr. 4. 51/ 6 2 -6 6 6 1974—Apr. 2 30 5 , 7i/ 32- 8 8g O No ct v . . 2 2 3 7 4 2 2 21 - 2 /2 1 /2 2 2 2 1 /2 1970—Nov. 1 1 3 1 . 5 5 3 3 4 4 - - 6 6 5 6 3 4 Dec. 1 9 6 73 7 4 3 - 4 8 7 73 34 4 1959—M M a a r y . 29 6 2 3 1 / 3 2 - - 3 3 1 /2 3 3 3 1 /2 Dec. 1 4 1 6 5 5 1 !/ / 2 5 5 2 1 - 3 - 5 / 5 4 2 3 3 / /4 4 5 5 5 5 1 3 1 3/ / / / 4 4 2 2 1975—J F a e n b . . 2 1 4 5 0 6 7 7 1 3 1 / 4 / 7 4 4 - 1 - - 7 7 7 4 1 3 3 / / 4 4 4 7 7 6 7 1 1 3 3 / / / 4 4 4 4 J S u e n p e t. 1 1 1 8 2 1 31 4 / 3 2 1 - / 4 2 4 4 31 /2 -Jan. 15 8 514 51 -5 /4 1 /2 5 5 1 1 / / 4 4 Mar. 1 1 7 0 4 61 6 4 6 1 3 - / 6 4 4 3 4 6 6 6 1 3 1 / 4 4 4 1960—June 3 31/2-4 4 19 5 -51/4 51/4 May 16 6 -61/4 6 S A e u p g t . . 1 1 1 9 2 0 4 3 3 ,1 / 3 23 - - 3 14 1 / / 2 2 3 3 3 3 1 1 / / 2 2 J F u e l b y . 2 2 1 1 1 2 9 6 9 3 4 4 5 3 3 5 4 4 4 3 - - - 5 5 5 4 1 4 5 5 5 5 4 3 4 In effect, Dec 2 . 3 3 1, 1975.... 6 6 6 6 1963—July 17 3 -3I/2 31/2 23 5 5 31/2 31/2 NOTE.—Rates under Sees. 13 and 13a (as described in table and notes above). For data before 1956, see Banking and Monetary Statistics, 1943, pp. 439-42, and Supplement to Section 12, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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) EEEffffffeeeccctttiiivvveee dddaaattteee iii Reserve city Other Other time SSaavviinnggss 0-5 Over 5 0-5 Over 5 0-5 Over 5 In effect Jan. 1, 1963 16Vi 12 44 1966 July 14,21 44 44 555 Sept. 8,15 666 1967—Mar. 2 333111///222 333111///222 Mar. 16 333 333 1968—Jan. 11,18 111666111///222 111777 111222 111222%%% 1969—Apr. 17 111777 111777111///222 111222111///222 111333 1970—Oct. 1 55 Beginning Nov. 9, 1972 Net demand2,4 Time3 Other time EEEEffffffffeeeeccccttttiiiivvvveeee ddddaaaatttteeee 000---222 222---111000 111000---111000000 111000000---444000000 OOOvvveeerrr SSSaaavvviiinnngggsss 0-5, maturing in— Over 55, maturing in— 444000000 Less than 4 years 30-179 180 days 4 years 4 years or more days to 4 years or more 1972—Nov. 9 8 10 12 666 III666III///222 171/2 7 3 7 3 75 Nov 16 111333 1973—July 19 IIOOII//22 112211//22 111333111///222 11118888 1974 Dec. 12 111177771111////2222 66 33 1975 Feb 13 7711//22 1100 1122 1133 111166661111////2222 Oct 30 33 88 11 33 88 11 In effect Dec. 31, 1975 9 71/2 10 12 13 I6I/2 3 33 88 11 6 33 88 11 Present legal limits: Minimum Maximum Net demand deposits, reserve city banks 10 22 Net demand deposits, other banks 7 14 Time deposits 3 10 1 When two dates are shown, the first applies to the change at reserve deposits. The new reserve city designations are as follows: A bank having city banks and the second to the change at country banks. For changes net demand deposits of more than $400 million is considered to have the prior to 1963 see Board's Annual Reports. character of business of a reserve city bank, and the presence of the head 2 (a) Demand deposits subject to reserve requirements are gross de- office of such a bank constitutes designation of that place as a reserve mand deposits minus cash items in process of collection and demand city. Cities in which there are F.R. Banks or branches are also balances due from domestic banks. reserve cities. Any banks having net demand deposits of $400 million or (b) Requirement schedules are graduated, and each deposit interval less are considered to have the character of business of banks outside of applies to that part of the deposits of each bank. reserve cities and are permitted to maintain reserves at ratios set for banks (c) Since Oct. 16, 1969, member banks have been required under not in reserve cities. For details, see Regulation D and appropriate sup- Regulation M to maintain reserves against foreign branch deposits plements and amendments. computed on the basis of net balances due from domestic offices to their 5 A marginal reserve requirement was in effect between June 21, 1973, foreign branches and against foreign branch loans to U.S. residents. and Dec. 11, 1974, against increases in the aggregate of the following types Since June 21, 1973, loans aggregating $100,000 or less to any U.S. resident of obligations: (a) outstanding time deposits of $100,000 or more, (b) have been excluded from computations, as have total loans of a bank to outstanding funds obtained by the bank through issuance by a bank's U.S. residents if not exceeding $1 million. Regulation D imposes a similar affiliate of obligations subject to existing reserve requirements on time reserve requirement on borrowings from foreign banks by domestic offices deposits, and (c) beginning July 12, 1973, funds from sales of finance bills. of a member bank. The reserve percentage applicable to each of these The requirement applied to balances above a specified base, but was not classifications is 4 per cent. The requirement was 10 per cent originally, applicable to banks having obligations of these types aggregating less was increased to 20 per cent on Jan. 7, 1971, was reduced to 8 per cent than $10 million. For details, including percentages and maturity classifieffective June 21, 1973, and was reduced to the current 4 per cent effective cations, see "Announcements" in BULLETINS for May, July, Sept., and May 22, 1975. Initially certain base amounts were exempted in the com- Dec. 1973 and Sept. and Nov. 1974. putation of the requirements, but effective Mar. 14, 1974, the last of these 6 The 16Vi per cent requirement applied for one week, only to former reserve-free bases were eliminated. For details, see Regulations D and M. reserve city banks. For other banks, the 13 per cent requirement was 3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation continued in this deposit interval. club accounts became subject to same requirements as savings deposits. 7 See columns above for earliest effective date of this rate. Beginning Nov. 10, 1975, profitmaking businesses may maintain savings 8 The average of reserves on savings and other time deposits must be deposits of $150,000 or less at member banks. For details of 1975 action, at least 3 per cent, the minimum prescribed by law. For details, see Regulasee Regulations D and Q, and also BULLETINS for Oct. and Nov., p. 708 tion D and also BULLETINS for Oct. and Nov. 1975, p. 705 and p. 769. and p. 769. 9 For change in reserves required to be maintained beginning Jan. 8, Notes 2(b) and 2(c) above are also relevant to time deposits. 1976, see "Announcements," p. 66. 4 Effective Nov. 9, 1972, a new criterion was adopted to designate reserve cities, and on the same date requirements for reserves against net NOTE.—Required reserves must be held in the form of deposits with demand deposits of member banks were restructured to provide that each F.R. Banks or vault cash. member bank will maintain reserves related to the size of its net demand Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAXIMUM INTEREST RATES; MARGIN REQUIREMENTS • JANUARY 1976 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, of deposit 1966 1966 1968 1970 of deposit 1973 1973 1974 Savings deposits 41/2 Savings deposits Other time deposits:1 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 1-2 years 5^2 90 days to 1 year 51/2 5Vi 51/2 2 years or more... 53/4 l-2Vi years 6 6 6 Single-maturity: 5 2Vi years or more 61/2 6V2 6Vi Less than $100,000: Minimum denomination 30 days to 1 year., 5 of$1,000:4 $1 2 0 1 0 - y 2 , e 0 a 0 y r 0 e s a o o r r r s m m o o re r : e .., 51/2 5 5V % 4 Go 4 6 v - e 6 y r e n a y m r e s a e r o n s r ta m l o u r n e it s ( ( 6 5) ) I ( V 6 A ) 7 7 1 1 / / 4 2 3 6 0 0 - - 5 8 9 9 d d a a y y s s 5Vi ( ( 3 3 ) ) $100,000 or more (3) (3) (3) 90-179 days 5V2 6 (3) 1 1 8 y 0 e a d r a y o s r t m o o 1 r e y ear 5% 6 6V V 4 a ( ( 3 3 ) ) 1 For exceptions with respect to certain foreign time deposits, see 5 per cent of its total time and savings deposits. Sales in excess of that BULLETIN for Feb. 1968, p. 167. amount were subject to the 6Vi per cent ceiling that applies to time de- 2 Multiple-maturity time deposits include deposits that are automati- posits maturing in 2Vi years or more. cally renewable at maturity without action by the depositor and deposits Effective Nov. 1, 1973, a ceiling rate of llA per cent was imposed on that are payable after written notice of withdrawal. certificates maturing in 4 years or more with minimum denominations 3 Maximum rates on all single-maturity time deposits in denominations of $1,000. There is no limitation on the amount of these certificates that of $100,000 or more have been suspended. Rates that were effective banks may issue. Jan. 21, 1970, and the dates when they were suspended are: 6 Prior to Nov. 27, 1974, no distinction was made between the time deposits of governmental units and of other holders, insofar as Regula- 3 6 0 0 - - 5 8 9 9 d d a a y y s s 6 6 l V /4 i p p e e r r c c e e n n t" t ! f June 24, 1970 t g i o o v n e r Q n m ce e i n li t n a g l s u o n n i ts r a w te e s r p e a p y e a r b m le i t w te e d r e t c o o n h c o e ld rn e s d av . i E ng ff s e c d ti e v p e o N sit o s v . a n 27 d , c 1 o 9 u 7 l 4 d , 90-179 days 61/4 per cent] receive interest rates on time deposits with denominations under $100,000 180 days to 1 year 7 per cent [ May 16, 1973 irrespective of maturity, as high as the maximum rate permitted on such 1 year or more l]/2 per cent J deposits at any Federally insured depositary institution. Rates on multiple-maturity time deposits in denominations of $100,000 NOTE.— Maximum rates that may be paid by member banks are estabor more were suspended July 16, 1973, when the distinction between lished by the Board of Governors under provisions of Regulation Q; single- and multiple-maturity deposits was eliminated. however, a member bank may not pay a rate in excess of the maximum 4 Effective Dec. 4, 1975, the $1,000 minimum denomination does not rate payable by State banks or trust companies on like deposits under apply to time deposits representing funds contributed to an Individual the laws of the State in which the member bank is located. Beginning Retirement Account established pursuant to 26 U.S.C. (I.R.C. 1954) §408. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 5 Between July 1 and Oct. 31, 1973, there was no ceiling for certificates commercial banks, as established by the FDIC, have been the same as maturing in 4 years or more with minimum denominations of $1,000. those in effect for member banks. The amount of such certificates that a bank could issue was limited to For previous changes, see earlier issues of the BULLETIN. MARGIN REQUIREMENTS (Per cent of market value) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending % On short sales date date (T) 1937--Nov. 1 1945—Feb. 4, 40 50 1945--Feb. 5 July 4 50 50 July 5 1946—Jan. 20. 75 75 1946--Jan. 21 1947—Jan. 100 100 1947--Feb. 1 1949—Mar. 29. 75 75 1949--Mar. 30 1951—Jan. 50 50 1951--Jan. 17 1953—Feb. 19. 75 75 1953--Feb. 20 1955—Jan. 3. 50 50 1955--Jan. 4 Apr. 22, 60 60 Apr. 23 1958—Jan. 15. 70 70 1958--Jam. 16 Aug. 4. 50 50 Aug. 5 Oct. 15, 70 70 Oct. 16 1960—July 27. 90 90 1960—July 28 1962—July 9. 70 70 1962--July 10 1963—Nov. 5. 50 50 1963-—Nov. 6 1968—Mar. 10. 70 70 1968-—Mar. 11 June 7. 70 50 70 June 8 1970—May 5. 80 60 80 1970-—May 6 1971—Dec. 3 . 65 50 65 1971--Dec. 6 1972—Nov. 22 55 50 55 1972--Nov. 24 1974—Jan. 2 65 50 65 Effective Jan. 3, 1974. 50 50 50 NOTE.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11, 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 year 2 1-5 years 5-10 years Over 10 years PPeerriioodd Exch., Gross Gross Redemp- Gross Gross maturity Gross Gross Exch. or Gross Gross Exch. or Gross Gross Exch. or pur- sales tions pur- sales shifts, or pur- sales maturity pur- sales maturity pur- sales maturity chases chases redemp- chases shifts chases shifts chases shifts tions 1970 1111111111111111111111111111,,,,,,,,,,,,,,000000000000007777777777777744444444444444 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222211111111111111111114444444444444444444 2222222222222222222,,,,,,,,,,,,,,,,,,,111111111111111111166666666666666666660000000000000000000 999999999999999999 --------33333333,,,,,,,,444444448888888833333333 888888888888444444444444888888888888 55555555,,,,,,,,444444443333333300000000 222222222222444444444444999999999999 -------1111111,,,,,,,888888844444445555555 999999999999333333333333 -------111111100000002222222 1971 88888888888888,,,,,,,,,,,,,,888888888888889999999999999966666666666666 3333333333333333333,,,,,,,,,,,,,,,,,,,666666666666666666644444444444444444442222222222222222222 1111111111111111111,,,,,,,,,,,,,,,,,,,000000000000000000066666666666666666664444444444444444444 111111111,,,,,,,,,000000000333333333666666666 --------66666666,,,,,,,,444444446666666622222222 111111111111,,,,,,,,,,,,333333333333333333333333888888888888 44444444,,,,,,,,666666667777777722222222 999999999999333333333333333333333333 666666688888885555555 333333333333111111111111111111111111 111111155555550000000 1972 88888888888888,,,,,,,,,,,,,,555555555555552222222222222222222222222222 6666666666666666666,,,,,,,,,,,,,,,,,,,444444444444444444466666666666666666667777777777777777777 2222222222222222222,,,,,,,,,,,,,,,,,,,555555555555555555544444444444444444445555555555555555555 111111111222222222555555555 22222222,,,,,,,,999999993333333333333333 777777777777888888888888999999999999 --------11111111,,,,,,,,444444440000000055555555 555555555555333333333333999999999999 -------2222222,,,,,,,000000099999994444444 111111111111666666666666777777777777 222222255555550000000 1973 1111111111111155555555555555,,,,,,,,,,,,,,555555555555551111111111111177777777777777 4444444444444444444,,,,,,,,,,,,,,,,,,,888888888888888888888888888888888888880000000000000000000 3333333333333333333,,,,,,,,,,,,,,,,,,,444444444444444444400000000000000000005555555555555555555 111111111,,,,,,,,,333333333999999999666666666 --------111111114444444400000000 555555555555777777777777999999999999 --------22222222,,,,,,,,000000002222222288888888 555555555555000000000000000000000000 888888899999995555555 111111111111222222222222999999999999 88888887777777 1974 1111111111111111111111111111,,,,,,,,,,,,,,666666666666666666666666666600000000000000 5555555555555555555,,,,,,,,,,,,,,,,,,,888888888888888888833333333333333333330000000000000000000 4444444444444444444,,,,,,,,,,,,,,,,,,,555555555555555555555555555555555555550000000000000000000 444444444555555555000000000 --------11111111,,,,,,,,333333331111111144444444 777777777777999999999999777777777777 --------666666669999999977777777 444444444444333333333333444444444444 1111111,,,,,,,666666677777775555555 111111111111999999999999666666666666 222222200000005555555 111999777444———NNNooovvv............ 11111111111111,,,,,,,,,,,,,,444444444444442222222222222222222222222222 222222222222222222277777777777777777773333333333333333333 111111111111111111100000000000000000007777777777777777777 111111111444444444888888888 --------11111111,,,,,,,,666666662222222233333333 999999999999222222222222 11111111,,,,,,,,777777775555555577777777 777777777777888888888888 -------444444466666665555555 222222222222555555555555 222222200000000000000 DDDeeeccc 999999999999997777777777777733333333333333 444444444444444444422222222222222222226666666666666666666 6666666666666666666 888888888555555555 111111112222222266666666 111111111111222222222222333333333333 --------111111112222222266666666 555555555555333333333333 222222222222000000000000 111999777555 jjj aaannn 333333333333334444444444444411111111111111 999999999999999999944444444444444444445555555555555555555 666666666666666666600000000000000000000000000000000000000 111111111444444444 333333333333000000000000555555555555 666666666666111111111111 222222222222666666666666 FFFFFFeeeeeebbbbbb 333333333333335555555555555577777777777777 444444444444444444466666666666666666660000000000000000000 999999999999999999900000000000000000000000000000000000000 222,,,444333777 111111111111222222222222999999999999 ---222,,,888333666 111111111111111111111111333333333333 224499 777777777777444444444444 115500 MMMMMMaaaaaarrrrrr........................ 777777777777776666666666666600000000000000 111111111111111111155555555555555555556666666666666666666 |||||||||||||||||||444444444444444444488888888888888888887777777777777777777 11111 .....555557777799999 ---111,,,444999444 333333333333666666666666111111111111 111999444 444444444444555555555555000000000000 222222222222111111111111222222222222 AAAAAApppppprrrrrr........................ 22222222222222,,,,,,,,,,,,,,111111111111111111111111111199999999999999 333333333333333333311111111111111111118888888888888888888 555555555555555555500000000000000000006666666666666666666 111114444488888 444444444444888888888888555555555555 222222222222777777777777444444444444 111111111111666666666666444444444444 MMMMMMaaaaaayyyyyy.................. 999999999999990000000000000033333333333333 333333333333333333355555555555555555554444444444444444444 444444444444444444400000000000000000007777777777777777777 5555500000 ---333,,,111333111 666,,,666333555 --33,,880011 229988 JJJJJJuuuuuunnnnnneeeeee.................. 444444444444442222222222222211111111111111 111111111111111111166666666666666666661111111111111111111 666666666666666666611111111111111111112222222222222222222 2222200000 666999111 448888 ---555222999 118800 iioo99 JJJJJJuuuuuullllllyyyyyy 1111111111111111111,,,,,,,,,,,,,,,,,,,555555555555555555500000000000000000005555555555555555555 888888888888888888800000000000000000000000000000000000000 AAAuuuggg 333331111122222 222222222222222222288888888888888888882222222222222222222 444444444444444444400000000000000000000000000000000000000 22,,000022 -----22222,,,,,111114444444444 111555000 11111,,,,,222229999999999 666444 --11,,444444 444777 330000 SSSeeepppttt............ 22222,,,,,111111111188888 222222222222222222200000000000000000000000000000000000000 222227777788888 555666222 -----222227777788888 111333777 111222444 OOOcccttt 11111,,,,,222226666633333 """""""""""""""""""'''''''''''''''''''777777777777777777766666666666666666666666666666666666666 444444444444444444400000000000000000000000000000000000000 4444488888 -----4444488888 NNoovv 999998888833333 666666666666666666655555555555555555552222222222222222222 999999999999999999911111111111111111119999999999999999999 4433 -----222226666655555 226677 -----111113333355555 115555 330000 224444 110000 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 G o U v . t S , . Outright R c e h p a u se r - cha N n e g t e * 3 securi- agree- Repur- Gross Gross Gross ties Gross Sales or ments, chase pur- Gross Redemp- Gross pur- pur- Gross pur- redemp- net Out- agreechases sales tions sales chases chases sales chases tions right ments 12,362 5,214 2,160 12,177 12,177 33,859 33,859 4,988 -6 12,515 3,642 2,019 16,205 16,205 44,741 43,519 8,076 485 101 22 181 10,142 6,467 2,862 23,319 23,319 31,103 32,228 -312 1,197 370 -88 -9 -145 18,121 4,880 4,592 45,780 45,780 74,755 74,795 8,610 865 239 29 -2 -36 13,537 5,830 4,682 64,229 62,801 71,333 70,947 1,984 3,087 322 469 511 420 1,765 273 238 6,880 6,404 6,990 6,121 1.647 331 369 174 218 1,254 426 6 8,855 7,962 11,470 11,895 -498 360 142 188 201 746 945 600 9,237 10,367 9,260 8,748 844 -409 103 -136 673 460 900 7,167 6,634 11,267 10,305 -258 376 246 -12 39 3,362 156 1,788 15,933 16,763 5,011 6,928 332 210 -347 -5 — 323. 3,189 318 506 12,375 12,216 12,774 8,551 6,428 883 24 496 1,2 9 1 5 7 3 3 1 5 6 4 1 4 4 5 0 0 7 1 2 2 , , 9 9 9 1 6 4 1 3 3 , , 0 0 4 2 4 6 1 1 9 5 , , 4 2 8 1 9 9 2 1 1 6 , , 9 8 5 1 2 0 -2 - , 8 2 7 2 3 4 - - 2 5 5 6 5 7 -6 5 2 5 - - 1 3 2 7 1 5 2^574 1,5 2 0 8 5 2 2,3 8 8 0 9 0 1 1 4 5 , ,5 2 3 3 2 4 1 1 3 5 , ,1 7 3 3 9 0 5 8, , 1 9 4 7 6 7 6 6, ,1 8 4 8 6 1 -2,8 6 6 6 6 3 353 -6 9 1 0 -1 3 156 2,940 200 19,931 19,835 16,664 14,857 4,451 394 203 14 94 1,263 "'766 400 15,886 16,113 13,699 13,838 186 284 -124 49 50 1,693 652 919 14,442 15,207 14,342 17,275 -2,047 -169 -21 -300 1 Before Nov. 1973 BULLETIN, included matched sale-purchase trans- 3 Net change in U.S. Govt, securities, Federal agency obligations, and actions, which are now shown separately. bankers acceptances. 2 Includes special certificates acquired when the Treasury borrows NOTE.—Sales, redemptions, and negative figures reduce System holddirectly from the Federal Reserve, as follows: June 1971, 955; Sept. 1972, ings; all other figures increase such holdings. Details may not add to 38; Aug. 1973, 351 ; Sept. 1973, 836; Nov. 1974, 131 ; Mar. 1975, 1,560; totals because of rounding. Aug. 1975, 1,989. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 FEDERAL RESERVE BANKS • JANUARY 1976 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1975 1975 1974 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Dec. 31 Nov. 30 Dec. 31 Assets 11,599 11,599 11,599 11,599 11,599 11,599 11,599 11,652 500 500 500 500 500 500 500 400 347 363 364 363 361 347 375 240 Loans: 229 1,264 65 33 66 229 46 299 Other Acceptances: 777444111 777444555 726 724 777222999 777444111 727 555777999 333888555 222222555 222000999 333888555 444222000 Federal agency obligations: 666,,,000777222 666,,,000777222 6,072 6,072 666,,,000777222 666,,,000777222 6,072 444,,,777000222 111111888 111333555 111555222 111111888 555111111 U.S. Govt, securities: Bought outright: Bills 333777,,,222000777 333777,,,111999555 34,600 33,473 333444,,,333111222 333777,,,222000777 35,924 333666,,,777666555 Other 43,989 43,989 43,765 43,765 43,765 43,989 43,765 40,009 5,521 5,521 5,448 5,448 5,448 5,521 5,448 3,284 TToottaall bboouugghhtt oouuttrriigghhtt ii 8866,,771177 ii 8866,,770055 i 83,813 i 82,686 ii 8833,,552255 ii 8866,,771177 i 85,137 ii 8800,,005588 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 11,,221177 11,,554477 448822 11,,221177 444433 8877,,993344 8888,,225522 8833,,881133 8822,,668866 8844,,000077 8877,,993344 8855,,113377 80,501 9955,,447799 9966,,669933 9900,,667766 8899,,551155 9911,,223355 9955,,447799 9911,,998822 87,012 pp 99,,221100 PP 1100,,226633 PP 99,,447744 ** 88,,330055 PP 88,,009977 PP 99,,221100 ** 77,,555522 8,329 331199 331199 331188 331199 331177 331199 331166 263 OOppeerraattiinngg eeqquuiippmmeenntt .. 1133 1122 1122 1122 1122 1133 1122 OOOOOttttthhhhheeeeerrrrr aaaaasssssssssseeeeetttttsssss::::: 8800 8800 443355 443333 442255 8800 442233 2 22,,990000 22,,995555 22,,886666 33,,553388 22,,661166 22,,990000 22,,550011 2,930 P 120,447 P 122,784 P 116,244 p 114,584 * 115,162 * 120,447 P 115,260 110,828 LLLLLiiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss 77,159 77,306 76,748 76,509 75,908 77,159 75,249 70,916 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: * 26,097 * 28,763 * 25,157 P 26,894 P 27,471 P 26,097 * 25,864 25,843 7,285 6,491 4,007 1,032 2,289 7,285 4,919 3,113 353 253 226 238 229 353 347 418 OOOOOttttthhhhheeeeerrrrr::::: AAAAAllllllllll ooooottttthhhhheeeeerrrrr22222 1,090 925 897 1,846 796 1,090 888 1,275 * 34,825 P 36,432 * 30,287 * 30,010 P 30,785 P 34,825 * 32,018 30,649 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss..... 5,495 5,575 5,995 4,972 5,458 5,495 4,590 6,328 1,110 1,228 1,084 1,075 1,101 1,110 1,101 1,141 P 118,589 PP 112200,,554411 ** 111144,,111144 ** 111122,,556666 PP 111133,,225522 P 118,589 PP 111122,,995588 109,034 CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 929 992299 992288 992222 992211 929 992200 897 929 889977 889977 889977 889977 929 889977 897 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 441177 330055 119999 9922 448855 * 120,447 * 122,784 P 116,244 * 114,584 P 115,162 P 120,447 P 115,260 110,828 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr 998811 Marketable U.S. Govt, securities held in custody foi 41,871 41,889 41,732 42,189 41,935 1 41,871 41,973 3322,,883366 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 81,877 81,677 81,066 80,585 80,158 81,877 79,975 75,116 Collateral held against notes outstanding: Gold certificate account 11,596 11,596 11,596 11,596 11,596 11,596 11,596 3,055 Special Drawing Rights certificate account 302 302 302 302 302 302 302 93 Acceptances 550 U.S. Govt, securities 71,510 71,120 70,750 70,630 70,180 71,510 69,980 72,555 Total collateral 83,408 83,018 82,648 82,528 82,078 83,408 c 81,878 76,253 1 See note 2 on p. A-2. 2 See note 6 on p. A-3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 1975 1975 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Dec. 31 Nov. 30 Loans—Total 229 1,264 65 33 66 229 46 Within 15 days. .. 228 1 ,263 63 21 55 228 43 16-90 days 1 2 12 1 3 91 days to 1 year.. Acceptances—Total. 1,126 970 726 724 938 1 ,126 727 Within 15 days. .. 470 298 54 59 286 470 70 16-90 days 409 407 377 340 327 409 334 91 days to 1 year. 247 265 295 325 325 247 323 U.S. Govt, securities—Total. 87,934 88,252 83,813 82,686 84,007 87,934 85,137 Within 15 days1 6,205 6,695 3,090 2,896 4,188 6,205 2,430 16-90 days 19,245 19,453 19,444 19,229 18,571 19,245 21,460 91 days to 1 year 21,703 21,295 20,737 20,019 20,706 21,703 20,596 1-5 years 30,273 30,301 30,183 30,183 30,183 30,273 30,292 5-10 years 6,426 6,426 6,348 6,348 6,348 6,426 6,348 Over 10 years 4,082 4,082 4,011 4,011 4,011 4,082 4,011 Federal agency obligations—Total. 6,190 6,207 6,072 6,072 6,224 6,190 6,072 Within 15 days1. 134 151 197 134 107 16-90 days 184 184 2.00 136 136 184 108 91 days to 1 year 873 873 873 937 802 873 745 1-5 years 3,149 3,149 3,149 3,149 3,208 3,149 3,222 5-10 years 1,254 1,254 1,254 1,254 1,285 1 ,254 1,294 Over 10 years 596 596 596 596 596 596 596 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity o fthe 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 233 (excl. other 233 (excl. SMSA's N.Y. 6 others2 N.Y.) SMSA's SMSA's N.Y. 6 others2 N.Y.) 1974—No v 22,918.7 10,538.9 5,160.2 12,379.8 7,219.6 131.8 324.6 131.5 87.5 Dec 22.192.4 9,931.8 5.152.7 12,260.6 7,107.9 128.0 312.8 131.8 86.6 1975—Ja n 21.856.3 10.157.8 4,868.4 11.698.4 6,830.1 127.3 321.8 125.9 83.4 Feb 22,952.7 10.918.0 4.992.8 12.034.7 7,041.9 133.3 343.2 127.4 85.8 Mar 22,182.9 10.241.1 4.899.9 11.941.8 7,041.9 125.1 320.4 118.2 82.2 Apr 22.707.5 10,810.3 4,770.6 11,897.2 7,126.9 127.8 330.3 115.5 82.1 May 22,739.7 10,826.1 4,852.6 11.913.6 7,016.0 129.2 333.9 121.3 83.0 June 22,504.2 10.612.2 4.755.2 11,892.0 7,136.9 124.6 328.6 115.5 80.2 J A u u ly g 2 2 2 3 . . 8 2 3 6 0 9 . . 2 4 1 1 0 0 , ,6 7 2 0 8 9. . 5 8 4 5, , 1 8 2 4 5 1 . . 1 1 1 1 2 2 . . 6 1 4 2 0 0 . . 5 7 r7 7 , , 5 27 1 9 5 . . 5 4 1 1 3 2 0 6 . . 4 4 3 3 3 3 1 5 . . 0 0 1 1 2 1 4 6 . . 4 4 8 8 6 1 . . 2 7 Sept 23,181.9 10,585.0 5,153.0 12.596.9 r7,443.8 128.8 330.7 123.8 85.1 Oct r24,138.1 11,801.5 4.921.3 12,336.2 r7,415.3 134.0 364.0 118.7 83.5 Nov 24.068.3 11.529.9 4,932.3 12,538.4 7,601.0 134.0 360.8 119.5 84.9 1 Excludes interbank and U.S. Govt, demand deposit accounts. NOTE.—Total SMSA's include some cities and counties no tdesignated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA's. Los Angeles-Long Beach. For back data see pp. 634-35 of the July 1972 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 MONEY STOCK • JANUARY 1976 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Mi M-i Mi Mi Ms M\ M2 Mi Mi Mh 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—Nov 283.6 611.6 976.9 697.1 1,062.4 285.1 609.7 972.8 696.8 1,059.9 Dec 284.4 613.5 981.7 703.7 1,072.0 292.3 618.6 985.0 709.0 1,075.5 1975—Jan 281.6 614.8 986.3 707.6 1,079.1 288.6 620.7 991.7 712.7 1,083.6 Feb 282.4 619.1 994.4 711.2 1,086.5 219 A 616.7 992.1 705.9 1,081.4 Mar 285.0 625.1 1,005.9 714.8 1,095.7 282.2 624.6 1,007.3 712.7 1,095.4 Apr 285.8 628.9 1,015.7 717.3 1,104.1 287.3 633.3 1,022.4 719.1 1,108.2 May 288.5 635.9 1,028.3 721.5 1,113.9 283.7 634.1 1,028.2 718.2 1,112.3 June 293.0 646.1 1,045.3 730.1 1,129.4 291.1 645.5 1,047.1 727.9 1,129.4 July 293.5 650.5 1,055.9 732.6 1,138.0 293.1 650.1 1,057.5 731.4 1,138.8 Aug 294.2 653.7 1,064.2 731.7 1,142.2 290.9 650.0 1,060.2 731.1 1,141.3 Sept 294.7 656.3 1,071.1 735.4 1,150.2 292.8 652.7 1,066.5 735.4 1,149.3 Oct 294.1 658.6 1,077.7 739.9 1,158.9 293.6 656.6 1,074.3 740.3 1,158.0 Nov 297.1 665.7 1,088.8 747.1 1,170.2 298.8 663.6 1,084.4 746.4 1,167.3 NOTE.—Composition of the money stock measures is as follows: Mi: Mi plus mutual savings bank deposits, savings and loan shares, and credit union shares (nonbank thrift). Mi: Averages of daily figures for (I) demand deposits of commercial Mn Mi 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, A/2, and Mi, 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. Mi\ Averages of daily figures for M\ plus savings deposits, time de- Latest monthly and weekly figures including revisions since Oct. 1974 posits open account, and time certificates other than negotiable CD's of are available from the Board's Sept. 18, 1975, H.6 release. Back data are $100,000 of large weekly reporting banks. available from the Banking Section, Division of 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 NNNooonnn--- Demand deposits Time and savings NNNooonnn--- UUU...SSS... PPPeeerrriiioooddd deposits bbbaaannnkkk deposits bbbaaannnkkk GGGooovvvttt,,, CCCuuurrr--- DDee-- ttthhhrrriiifffttt CCCuuurrr--- ttthhhrrriiifffttt dddeee--rrreeennn--- mmaanndd iiinnnssstttiii--- rrreeennn--- iiinnnssstttiii--- pppooosss--cccyyy ddee-- tttuuu--- cccyyy Do- tttuuu--- iiitttsss 333 ppooss-- tttiiiooonnnsss222 mes- tttiiiooonnnsss222 iittss CD's1 Other Total Total Mem- tic CD's1 Other Total ber nonmember 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—Nov 67.4 216.2 85.5 328.0 413.5 365.3 67.9 217.3 156.0 57.7 87.1 324.6 411 .7 363.0 3.4 Dec 67.9 216.5 90.3 329.1 419.3 368.2 69.0 223.3 160.4 58.9 tO. 5 326.3 416.7 366.5 4.9 1975—Jan 68.2 213.4 92.7 333.2 426.0 371.5 67.8 220.9 158.8 58.5 91.9 332.1 424.0 371.0 4.0 Feb 68.7 213.7 92.1 336.7 428.8 375.3 67.8 211.6 152.3 56.1 89.2 337.3 426.5 375.4 3.3 Mar 69.4 215.6 89.8 340.1 429.9 380.8 68.8 213.4 153.9 56.2 88.1 342.4 430.5 382.7 3.8 Apr 69.5 216.3 88.4 343.1 431.5 386.8 69.1 218.2 157.5 57.7 85.8 345.9 431.8 389.1 4.0 May 70.2 218.3 85.5 347.4 432.9 392.4 70.0 213.7 154.0 56.9 84.1 350.4 434.5 394.1 4.1 June 71.1 221.9 84.1 353.1 437.1 399.2 71.2 219.9 157.7 59.2 82.3 354.4 436.7 401.5 4.1 July 71.4 222.1 82.1 357.0 439.1 405.4 71.9 221.1 158.3 59.8 81.3 357.0 438.3 407.4 3.3 Aug 71.9 222.3 78.0 359.4 437.4 410.5 72.2 218.7 156.3 59.5 81.1 359.1 440.2 410.2 2.6 Sept 72.0 222.7 79.1 361.7 440.7 414.8 71.9 220.9 157.5 60.3 82.7 359.9 442.6 413.8 3.8 Oct 72.5 221.5 81.3 364.6 445.8 419.0 72.5 221.1 157.2 60.9 83.7 363.1 446.8 417.7 3.3 Nov 73.4 223.7 81.4 368.6 450.0 423.1 73.9 224.8 159.6 62.1 82.9 364.8 447.7 420.8 3.5 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

JANUARY 1976 • 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 requirements3 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss44 PPPPeeeerrrriiiioooodddd NNNooonnn--- TTToootttaaalll bbbooorrr--- RRReee--- AAAvvvaaaiiilll--- Demand Demand rrrooowwweeeddd qqquuuiiirrreeeddd aaabbbllleee222 TTiimmee TTiimmee TToottaall aanndd TToottaall aanndd SS..AA.. NN..SS..AA.. ssaavviinnggss Private U.S. ssaavviinnggss Private U.S. Govt. Govt. 1972—Dec 31.46 30.41 31.17 29.09 402.0 242.0 154.5 5.6 406.8 240.7 160.5 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—Nov 36.88 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 33.61 489.2 328.9 159.7 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 May.... 34.63 34.56 34.47 32.80 493.7 329.0 162.6 2.1 491.8 329.8 159.0 3.0 501.2 499.2 June.... 34.87 34.65 34.67 33.00 500.5 330.8 165.9 3.8 497.5 330.2 164.2 3.1 507.5 504.5 July 34.99 34.69 34.80 32.94 498.5 330.8 165.2 2.5 497.2 330.2 164.5 2.5 505.3 504.0 Aug.. .. 34.57 34.36 34.37 32.77 496.0 327.9 165.3 2.9 494.8 330.5 162.3 2.0 503.0 501.8 Sept 34.68 34.28 34.49 32.79 498.8 330.1 165.6 3.1 499.1 332.2 164.0 2.9 505.8 506.1 Oct 34.59 34.40 34.39 32.68 500.0 333.5 163.7 2.9 500.4 334.7 163.3 2.5 507.9 508.3 Nov.?.. 34.61 34.55 34.32 32.51 505.1 335.7 165.9 3.6 503.6 334.3 166.7 2.6 513.3 511.9 1 Averages of daily figures. Member bank reserve series reflects actual by Regulation D. Private demand deposits include all demand deposits reserve requirement percentages with no adjustment to eliminate the except those due to the U.S. Govt., less cash items in process of collection effect of changes in Regulations D and M. Required reserves were in- and demand balances due from domestic commercial banks. creased by $660 million effective Apr. 16, 1969, and $400 million effective 4 "Total member bank deposits" subject to reserve requirements, plus Oct. 16, 1969; were reduced by $500 million (net) effective Oct. 1, 1970. Euro-dollar borrowings, loans sold to bank-related institutions, and Required reserves were reduced by approximately $2.5 billion, effective certain other nondeposit items. This series for deposits is referred to as Nov. 9, 1972; by $1.0 billion, effective Nov. 15; and increased by $300 "the adjusted bank credit proxy." million effective Nov. 22. NOTE.— For description of revised series and for back data, see article 2 Reserves available to support private nonbank deposits are defined "Revision of Money Stock Measures and Member Bank Reserves and as (1) required reserves for (a) private demand deposits, (b) total time Deposits" on pp. 817-27 of the Dec. 1974 BULLETIN. and savings deposits, and (c) nondeposit sources subject to reserve re- Due to changes in Regulations M and D, member bank reserves include quirements, and (2) excess reserves. This series excludes required reserves reserves held against nondeposit funds beginning Oct. 16, 1969. Back data for net interbank and U.S. Govt, demand deposits. may be obtained from the Banking Section, Division of Research and 3 Averages of daily figures. Deposits subject to reserve requirements Statistics, Board of Governors of the Federal Reserve System, Washington, include total time and savings deposits and net demand deposits as defined D.C. 20551. LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans Securities Loans Securities TTToootttaaalll TTToootttaaalll DDDDaaaatttteeee llloooaaannnsss Commercial llloooaaannnsss Commercial aaannnddd and industrial3 aaannnddd and industrial3 iiinnnvvveeesssttt--- PPlluuss UU..SS.. iiinnnvvveeesssttt--- PPlluuss UU..SS.. mmmeeennntttsss 111 TToottaall ii llooaannss Plus TTrreeaass-- OOtthheerr44 mmmeeennntttsss 111 TToottaall ii llooaannss Plus TTrreeaass-- OOtthheerr44 ssoolldd 22 Total loans uurryy ssoolldd 22 Total loans uurryy sold2 sold 2 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—Dec. 31 5 6. . 687.1 498.2 503.0 182.6 185.3 48.8 140.1 705.6 510.7 515.5 186.8 189.6 54.5 140.5 1975—Jan. 29 690.0 501.3 505.9 184.1 186.8 48.7 140.0 689.1 496.5 501.1 181.9 184.6 53.5 139.1 Feb. 26.... 692.6 498.9 503.4 182.5 185.2 53.2 140.5 686.8 492.8 497.3 180.7 183.4 54.6 139.5 Mar. 26 697.0 498.3 503.0 180.9 183.7 58.5 140.2 692.5 492.3 496.9 180.5 183.3 59.3 140.9 Apr. 30 699.1 495.0 499.6 180.5 183.2 64.0 140.1 698.1 493.1 497.7 181.1 183.8 63.3 141.7 May 28 702.0 492.8 497.5 179.1 181.9 68.2 141.0 698.3 491.6 496.3 178.7 181.5 65.0 141.7 June 30 705.0 489.9 494.6 176.3 179.2 72.4 142.7 709.3 497.2 501.9 179.0 181.9 68.2 143.9 July 30p.... 706.4 489.6 494.1 177.6 180.4 73.4 143.4 704.9 491.7 496.2 177.5 180.3 69.6 143.6 Aug. 27 f.... 710.4 490.7 495.2 177.5 180.3 75.6 144.1 705.6 489.7 494.2 176.0 178.8 72.1 143.8 Sept. 24*.... 711.6 490.4 494.9 176.4 179.2 77.1 144.1 711.5 491.7 496.2 176.8 179.6 75.4 144.3 Oct. 29 P.... 715.0 494.1 498.8 177.9 180.8 75.1 145.8 713.3 492.4 497.1 176.6 179.5 76.1 144.8 Nov. 26*.... 721.3 498.0 502.7 178.9 181.7 76.3 147.0 720.9 496.0 500.7 177.8 180.6 79.6 145.3 Dec. 31 .. 717.2 494.7 499.1 177.7 180.3 77.9 144.6 734.4 505.1 509.5 181.1 183.7 84.2 145.1 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 rewas 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. 1959about $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 • JANUARY 1976 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Total Deposits assets— Total CCllaassssiiffiiccaattiioonn bbyy Securities lia- Interbank3 Other Total Num- FFRRSS mmeemmbbeerrsshhiipp Cash bilities Bor- capital ber aanndd FFDDIICC assets3 and row- ac- of iinnssuurraannccee Total Loans capital Total3 Demand ings counts banks l U.S. Other ac- De- Treas- 2 counts4 mand Time Times ury U.S. Other Govt. Last-Wednesday-of-month series 6 All commercial banks: 1941—Dec. 31.. 50,746 21,714 21,808 225 26,551 79,104 71,283 10,982 44,349 15,952 23 1947—Dec. 31 7. 116,284 38,057 69,221 006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 1960—Dec. 31.. 199,509 117,642 61,003 ,864 52,150 257,552 229,843 17,079 1,799 5,945 133,379 71,641 163 1970—Dec. 318. 461,194 313,334 61,742 ,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 1971—Dec. 31.. 516,564 346,930 64,930 ,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 1972—Dec. 31.. 598,808 414,696 67,028 ,084 113,128 739,033 616,037 33,854 4,194 10,875 252,223 314,891 38,083 1973—Dec. 31.. 683.799 494,947 58,277 ,574 118,276 835,224 681,847 36,839 6,773 9,865 263,367 365,002 58,994 1974—Dec. 31.. 744,107 549,183 54,451 ,473 128,042 919,552 747,903 43,483 11,496 4,807 267,506 420,611 58.369 1975—Jan. 29.. 724,820 532,230 53,500 ,090 101,670 875,020 702,170 29,980 11,740 4,520 233,880 422,050 61,460 Feb. 26.. 725,480 531,390 54,550 ,540 103,880 879,080 702,500 29,930 10,440 2,630 234,610 424,890 64,290 A M p a r r . . 2 3 6 0. . . . 7 7 3 3 1 1 , , 1 6 0 9 0 0 5 5 2 3 6 1 , , 1 4 2 4 0 0 5 6 9 3 , , 3 2 3 8 0 0 , , 9 7 2 0 0 0 1 1 0 1 5 4 , , 8 1 5 4 0 0 8 8 8 9 9 9 , , 3 1 7 1 0 0 7 7 1 2 2 3 , , 5 0 2 6 0 0 3 3 0 3 , , 4 1 1 4 0 0 "1 1 680 7 3 , , 9 9 1 5 0 0 2 2 3 4 6 2 , , 9 5 0 8 0 0 4 4 2 2 9 7 , , 5 5 8 5 0 0 6 6 3 1 . , 3 34 7 0 0 May 28.. 733,690 527,030 65,000 ,660 114,400 901,280 725,590 32,510 i;200 2,950 246,410 432,520 61,700 June 30.. 747,551 535,493 68,191 ,868 128,716 930,719 754,324 42,582 1,209 3,117 264,027 433,389 62,420 July 30*. 738,850 525,640 69,620 ,590 106,780 900,210 724,350 33,160 10,830 2,230 243,470 434,660 61,800 Aug. 27*. 740,590 524,700 72,060 ,830 104,030 898,940 723,090 31,510 10,570 2,850 242,290 435,870 59,770 Sept. 24*. 742,300 522,580 75,440 ,280 105,160 903,440 724,490 31,280 10,990 3,220 240,080 438,920 60,790 Oct. 29*. 745,150 524,260 76,050 ,840 109,140 911,930 733,730 31,830 11,210 2,700 247,030 440,960 60,310 Nov. 26*. 754.800 529,910 79,550 ,340 121,350 934,410 749,140 34,480 11,160 3,600 256,960 442,940 66,360 Dec. 31*. 771,410 542,120 84,220 ,070 128.280 958,450 781,770 41,660 11,830 3,170 278,280 446,830 58,100 Members of F.R. System: 1941—Dec. 31.. 43,521 18,021 19,539 ,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 1947—Dec. 31.. 97,846 32,628 57,914 ,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 1960—Dec. 31.. 165,619 99,933 49,106 579 45,756 216,577 193,029 16,437 1,639 5,287 112,393 57,273 130 1970—Dec. 318. 365,940 253,936 45,399 604 81,500 465,644 384,596 29,142 1,733 6,460 168,032 179,229 ,578 1971—Dec. 31.. 405,087 277,717 47,633 738 86,189 511,353 425,380 30,612 2,549 8,427 174,385 209,406 ,046 1972—Dec. 31.. 465,788 329,548 48,715 524 96,566 585,125 482,124 31,958 3,561 9,024 197,817 239,763 ,357 1973—Dec. 31.. 528,124 391,032 41,494 598 100,098 655,898 526,837 34,782 5,843 8,273 202,564 275,374 ,611 1974—Dec. 31.. 568,532 429,537 38,921 073 106,995 715,615 575,563 41,062 10,052 3,183 204,203 317,064 ,850 1975—Jan. 29 550,220 414,419 37,549 152 86,350 676,898 536,256 28,31 10,299 3,247 177,701 316,698 56,105 Feb. 26.. 549,144 412,076 38,628 440 88,430 678,970 535,250 28,157 8,991 1,989 178,596 317,517 58,868 Mar. 26.. 552,957 411,446 42,544 967 89,685 685,906 542,076 28,564 10,231 2,794 180,214 320,273 58,030 Apr. 30.. 550,756 406,676 45,142 938 96,694 692,147 549,824 31,102 10,433 6,212 184,693 317,384 55,738 May 28.. 551,264 405,803 46,918 543 96,455 691,485 549,996 30,191 9,751 2,178 187,439 320,437 56,140 June 30.. 562,667 412,939 49,610 118 107,152 716,364 573,382 39,847 9,576 2,166 201,197 320,596 56,334 July 30.. 553,545 403,742 50,050 753 89,898 688,756 547,222 30,980 9,198 1,541 184,595 320,908 56,094 Aug. 27.. 554,007 402,281 51,899 827 87,208 686,266 545,021 29,335 8,932 2,099 183,283 321,372 54,175 Sept. 24.. 555,096 400,695 54,355 046 88,004 689,717 546,360 29,150 9,360 2,343 181,340 324,167 54,929 Oct. 29.. 556,383 401,492 54,546 345 91,397 695,312 552,649 29,568 9,578 1,952 186,851 324,700 54,250 Nov. 26.. 564,069 405,843 57,476 750 102,101 714,136 564,856 32,072 9,527 2,712 194,489 326,056 60,169 Dec. 31*. 577,694 416,055 61,238 401 107,211 733,283 591,358 38,595 10,197 2,226 211,418 328,922 52,756 Call date series Insured banks: Total: 1941—Dec. 31... 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 1947—Dec. 31... 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 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 1970—Dec. 318.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 1972—Dec. 31... 594,502 411,525 66,679 116,298 111,333 732,519 612,822 33,366 4,113 10,820 250,693 313,830 37,556 52,166 1973—Dec. 31... 678,113 490,527 57,9611129,625 116,266 827,081 677,358 36,248 6,429 9,856 261,530 363,294 57,531 57,603 1974—Dec. 31... 734,516 541,111 54,1321139,272 125,375 906,325 741,665 42,587 10,693 4,799 265,444 418,142 55,988 63,039 1975—Apr. 16... 733,913 529,350 59,5401145,023 110,950 893,141 720,607 31,291 10,845 4,628 249,373 424,470 65,274 64,578 June 30... 736,164 526,272 67,833(142,060 125,181 914,781 746,348 41,244 10,252 3,106 261,903 416,962 59,310 65,986 National member: 1941—Dec. 31... 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 1947—Dec. 31... 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 1960—Dec. 31... 107,546 63,694 32,712 11,140 28,675 139,261 124,911 9,829 611 3,265 71,660 39,546 111 11,098 1970—Dec. 318.. 271,760 187.554 34,203 50,004 56,028 340,764 283,663 18,051 982 4,740 122,298 137,592 13,100 24,868 1972—Dec. 31... 350,743 247,041 37,185 66,516 67,390 434,810 359,319 19,096 2,155 6,646 146,800 184,622 26,706 30,342 1973—Dec. 31... 398,236 293.555 30,962 73,718 70,711 489,470 395,767 20,357 3,876 5,955 152,705 212,874 39,696 33,125 1974—Dec. 31... 428,433 321,466 29,0751 77,892 76,523 534,207 431,039 23,497 6,750 2,437 154,397 243,959 39,603 35,815 1975—Apr. 16... 425,928 312,844 32,503j 80,581 66,841 523,006 416,620 17,146 7,157 2,809 144,014 245,494 44,405 36,652 June 30... 428,167 312,229 37,6061 78,331 75,686 536,836 -431,646 21,096 6,804 1,723 152,576 242,492 41,954 37,483 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 Other Total Num- FRS membership Cash lia- Bor- capital ber and FDIC assets 3 bilities row- ac- of insurance Total Loans U.S. and Total3 Demand ings counts banks Treas- Other capital De- Time ury ac- mand Time 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 I960—Dec. 31.... 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40.733 17,727 20 6,299 1,644 1970—Dec. 318... 94,760 66,963 11,196 16,600 25,472 125,460 101,512 11,091 750 1,720 45.734 42,218 5,478 9,232 1,147 1972—Dec. 31.... 115,426 82,889 11,530 21,008 29,176 150,697 123,186 12,862 1,406 2,378 51,017 55,523 9,651 10,886 1,092 1973—Dec. 31.... 130,240 97,828 10,532 21,880 29,387 166,780 131,421 14,425 1,968 2,318 49,859 62,851 15,914 11,617 1,076 1974—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 1975—Apr. 16.... 136,425 102,992 10,127 23,306 29,358 177,453 135,949 12,984 3,047 735 46,287 72,895 17,988 12,586 1,066 1975—June 30. . . 134,759 100,968 12,004 21,787 31,466 179,787 141,995 18,751 2,771 443 48,621 65,654 14,380 12,773 1,064 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 6,81o 1947—Dec. 31.... 16,444 4,958 10,039 1,448 4,083 20,691 19,342 262 4 149 12,366 6,558 7 1,271 6,478 1960—Dec. 31.... 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 27 645 20,140 14,095 19 3,232 6,948 1970—Dec. 318... 92,399 57,489 16,039 18,871 11,208 106,457 93,998 1,091 141 1,438 40,005 51,322 571 8,326 7,735 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—Dec. 31.... 165,709 111,300 15,211 39,199 18,380 190,435 165,827 1,525 642 1,616 61,240 100,804 3,138 14,799 8,436 1975—Apr. 16.... 171,559 113,513 16,909 41,136 14,750 192,682 168,039 1,161 641 1,084 59,071 106,082 2,881 15,339 8,488 1975—June 30. . . 173,238 113,074 18,223 41,942 18,029 198,157 172,707 1,397 676 940 60,706 108,816 2,976 15,730 8,526 Noninsured nonmember: 1941—Dec. 31.... 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1947—Dec. 317... 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1960—Dec. 31.... 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 14 358 352 1970—Dec. 318... 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—Dec. 31.... 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—Dec. 31.... 4,865 3,731 349 785 1,794 7,073 3,775 488 81 55 1,530 1,620 527 491 206 1973—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—Dec. 31.... 9,981 8,461 319 1,201 2,667 13,616 6,627 897 803 2,062 2,857 2,382 611 249 1975—June 30. . . 11,725 9,559 358 1,808 3,534 16,277 8,314 1,338 957 2,124 3,320 3,110 570 253 Total nonmember: 1941—Dec. 31.... 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1947—Dec. 31.... 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 16"7 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. 318... 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1971—Dec. 31.... 111,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 1972—Dec. 31.... 133,198 85,325 18,313 29,559 16,562 154,085 134,091 1,895 633 1,850 54,406 75,305 1,726 11,429 8,223 1973—Dec. 31.... 155,830 104,070 16,783 34,976 18,177 179,480 155,165 2,057 930 1,592 60,802 89,784 3,383 13,386 8,436 1974—Dec. 31.... 175,690 119,761 15,530 40,400 21,047 204,051 172,454 2,422 1,445 1 ,624 63,302 103,661 5,520 15,410 8,685 1975—June 30. . . 184,963 122,633 18,581 43,750 21,563 214,434 181,021 2,735 1,633 951 62,830 112,136 6,086 16,300 8,779 1 Loans to farmers directly guaranteed by CCC were reclassified as 9 Member bank data for Oct. exclude assets of $3.6 billion of one large securities and Export-Import Bank portfolio fund participations were bank. 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-16. banks; nondeposit trust companies; and U.S. branches of foreign banks. 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. exclude 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, June 30, 6 For the last-Wednesday-of-the-month series, figures for call dates 1975, respectively, member banks exclude and noninsured nonmember are shown for June and December as soon as they became available. banks include 1,2, 3, and 4 noninsured trust companies that are member 7 Beginning with Dec. 31, 1947, the series was revised; for description, of the Federal Reserve System. see note 4, p. 587, May 1964 BULLETIN. Comparability of figures for classes of banks is affected somewhat by 8 Figure takes into account the following changes, which became changes in F.R. membership, deposit insurance status, and by mergers effective June 30, 1969: (1) inclusion of consolidated reports (including etc. figures for all bank-premises subsidiaries and other significant majority- Figures are partly estimated except on call dates. owned domestic subsidiaries) and (2) reporting of figures for total loans For revisions in series before June 30, 1947, see July 1947 BULLETIN, and for individual categories of securities on a gross basis—that is, before pp. 870-71. deduction of valuation reserves—rather than net as previously reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 COMMERCIAL BANKS • JANUARY 1976 ASSETS BY CLASS OF BANK, JUNE 30, 1975 (Assets and liabilities shown in millions of dollars) Member banks1 All Insured Large banks commercial commercial banks banks Total New City of Other All other York Chicago large City Cash bank balances, items in process 128,716 125,181 107,152 29,694 4,419 38,925 34,114 21,564 Currency and coin 10,102 10,079 7,546 569 121 2,520 4,335 22,,555566 Reserves with F.R. Banks 26,890 26,890 26,890 5,656 1,800 10,084 9,350 Demand balances with banks in United States... 34,278 31,788 19,722 6,940 165 3,710 8,906 14,556 Other balances with banks in United States 5,727 5,276 3,647 94 115 1,153 2,284 2,080 Balances with banks in foreign countries 2,296 1,833 1,738 438 78 938 285 558 Cash items in process of collection 49,422 49,315 47,610 15,997 2,139 20,518 8,955 1,813 Total securities held—Book value 212,058 209,893 149,728 16,808 5,879 49,992 77,049 62,330 U.S. Treasury 68,191 67,833 49,610 7,368 2,189 17,061 22,992 18,581 Other U.S. Govt, agencies 33,882 33,490 21,213 1,754 570 6,348 12,540 12,669 States and political subdivisions 101,472 101,091 73,762 7,030 2,828 25,087 38,817 27,711 All other securities 8,513 7,479 5,144 657 291 1.496 2,699 3,370 Trade-account securities 6.198 6,188 6,136 2,468 556 2,896 217 62 U.S. Treasury 2.945 2.934 2,909 1,399 344 1.078 88 35 Other U.S. Govt, agencies 941 941 934 239 27 633 35 7 States and political subdivisions 1.907 1,907 1,893 736 117 952 89 14 All other 406 406 400 95 68 233 5 6 Bank investment portfolios 205,860 203,705 143,592 14,340 5,323 47,096 76,832 U.S. Treasury 65,246 64,899 46,701 5,969 1,845 15,983 22,904 Other U.S. Govt, agencies 32,941 32,549 20,279 1,515 544 5,715 12,505 States and political subdivisions 99,566 99,184 71,869 6,294 2,711 24,135 38,729 All other 8,108 7,073 4,743 562 224 1,264 2,694 Federal funds sold and securities resale agreements 38,841 37,383 28,951 1,747 1,263 14,807 11,133 C Br o o m k m er e s r c a i n a d l b d a ea n l k e s r s 3 3 4 , ,0 0 8 5 3 4 3 3 2 , , 0 6 5 2 4 5 2 2 4 , , 9 29 7 6 7 8 1 5 0 2 8 1,0 2 4 0 1 3 1 2 1 , , 1 8 9 0 5 0 10,6 4 0 7 4 1 Others 1,704 1,704 1,677 787 19 812 59 Other loans 496,990 488,888 384,247 75,339 22,512 142,424 143,973 Real estate loans 131,445 131,246 94,442 7.951 1,332 35,526 49,633 Secured by farmland 6,105 6,090 2,676 5 2 327 2,342 Secured by residential 81,360 81,233 59,898 4,265 894 23,532 31,207 1- to 4-family residences 74,612 74,489 54,377 3,150 839 20,932 29,456 FHA insured 5.626 5,610 4,875 233 55 2,632 1,955 VA guaranteed 3,167 3,147 2,713 181 20 1,418 1,094 Other 65,818 65,732 46,790 2,736 764 16,882 26,407 Multifamily 6,748 6,744 5,521 1,115 55 2,600 1,751 FHA insured 762 761 706 136 25 331 214 Other 5,986 5,983 4,815 978 30 2,269 1,537 Secured by other properties 43,981 43,923 31,868 3,681 436 11,667 16,084 Loans to domestic and foreign banks 11,155 8,644 8,075 3,543 504 3,252 776 Loans to other financial institutions 32,413 32,164 30,964 11,756 4,720 12,175 2,314 Loans on securities to brokers and dealers 5,534 5,447 5,373 3,931 659 649 134 Other loans for purch./carry securities 3,836 3,818 3,177 516 277 1.497 887 Loans to farmers 19,071 19,054 10,768 88 190 2,554 7,935 Commercial and industrial loans 178,993 174,436 147,242 39,616 12,517 55,802 39,307 Loans to individuals 101,816 101,512 72,806 4,942 1,540 25,865 40,458 Instalment loans 79,246 79,033 56,275 3,062 804 20,229 32,180 Passenger automobilies 32,128 32,026 21,423 421 151 6,621 14,230 Residential-repair/modernize 5.627 5,611 4,077 202 49 1,717 2,109 Credit cards and related plans 10,835 10,835 9,551 1,015 399 5,320 2,818 Charge-account credit cards 8,240 8,240 7,389 742 369 4,181 2,096 Check and revolving credit plans 2,595 2,594 2,162 273 29 1,139 722 Other retail consumer goods 15,273 15,242 10,661 160 104 3,765 6,632 Mobile homes 8,807 8,801 6,340 100 48 2,276 3,916 Other 6,466 6,441 4,321 60 56 1,489 2,716 Other instalment loans 15,383 15,318 10,563 1,265 101 2,807 6,390 Single-payment loans to individuals 22,570 22,479 16,531 1,880 736 5,636 8,278 All other loans 12,726 12,568 11,400 2,995 773 5,103 2,529 Total loans and securities 747,889 736,164 562,926 93,894 29,654 207,223 232,155 Fixed assets—Buildings, furniture, real estate 16,254 16,175 12,183 1,263 500 4,894 5,526 Investments in subsidiaries not consolidated 1,820 1,798 1,777 797 146 754 81 Customer acceptances outstanding 9,462 9,223 8,993 4,795 427 3,438 332 Other assets 26,917 26,239 23,592 8,889 1,122 9,756 3,825 Total assets 931,057 914,781 716,623 139,333 36,268 264,990 276,032 Number of banks 14,573 14,320 5,794 12 155 5,618 1 Member banks exclude and nonmember banks include 4 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

JANUARY 1976 • COMMERCIAL BANKS A 17 LIABILITIES AND CAPITAL BY CLASS OF BANK, JUNE 30, 1975 (Assets and liabilities shown in millions of dollars) Member banks1 All Insured Large banks Non- Account commercial commercial member banks banks Total All other banks1 New City of Other York Chicago large City Demand deposits 309,726 306,253 243,210 57,475 9,911 85,372 90,453 66,516 Mutual savings banks 1,279 1,151 1,057 483 1 210 362 223 Other individuals, partnerships, and corporations.. 232,079 231,121 177,344 29,687 7,668 65,847 74,142 54,735 U.S. Government 3,117 3,106 2,166 118 42 725 1,280 951 States and political subdivisions 18,217 18,079 13,074 758 186 3,883 8,247 5,143 Foreign governments, central banks, etc 1,555 1,310 1,280 11,,008888 18 167 6 275 Commercial banks in United States 34,345 34,019 32,823 1166,,998866 1,593 10,482 3,762 1,522 Banks in foreign countries 6,957 6,074 5,967 4,662 152 1,058 95 990 Certified and officers' checks, etc 12,176 11,393 9,499 3,691 250 2,999 2,558 2,677 444,936 440,096 330,431 46,693 16,362 119,708 147,669 114,505 151,744 151,463 109,037 6,995 2,385 38,455 61,202 42,708 338 335 259 74 186 79 Mutual savings banks 648 627 611 287 17 265 42 37 Other individuals, partnerships, and corporations.. 219,489 216,619 163,751 25,801 10,371 59,106 68,473 55,738 U.S. Government 492 492 360 10 1 184 165 132 States and political subdivisions 48,219 48,052 34,739 1,421 1,324 15,062 16,932 13,480 Foreign governments, central banks, etc 13,445 12,882 12,710 7,956 1,374 3,337 43 735 8,449 8,334 7,716 3,205 842 3,048 621 733 Banks in foreign countries 2,111 1,291 1,248 1,018 48 178 5 863 Total deposits 754,662 746,348 573,641 104,167 26,272 205,080 238,122 181,021 Federal funds purchased and securities sold under agreements to repurchase 56,529 54,835 52,184 13,367 5,845 25,865 77,,110066 4,345 Other liabilities for borrowed money 5,891 4,475 4,150 1,362 26 2,370 392 1,741 Mortgage indebtedness 763 761 550 64 4 313 169 213 Bank acceptances outstanding 10,060 9,814 9,583 5,375 430 3,447 332 477 Other liabilities 27,627 23,645 18,960 3,535 929 7,789 6,706 8,667 Total liabilities 855,533 839,879 659,069 127,870 33,507 244,864 252,827 196,464 Minority interest in consolidated subsidiaries 5 4 j 1 4 Total reserves on loans/securities 8,963 8,912 7,297 1,685 525 2,761 2,325 1,666 Reserves for bad debts (IRS) 8,659 8,614 7,110 1,685 525 2,682 2,218 1,549 Other reserves on loans 121 119 69 1 17 50 53 Reserves on securities 182 179 119 61 57 64 Total capital accounts 66,557 65,986 50,257 9,777 2,236 17,365 20,878 16,300 Capital notes and debentures 4,347 4,287 3,467 782 81 1,656 948 880 62,210 61,699 46,790 8,995 2,155 15,710 19,930 15,421 Preferred stock 50 42 24 10 13 27 Common stock 15,176 15,077 11,187 2,163 568 3,614 4,842 3,989 Surplus 25,968 25,816 19,500 3,667 1,143 6,976 7,713 6,468 20,053 19,859 15,441 3,166 399 4,845 7,031 4,613 Other capital reserves 996633 990055 663388 4444 226644 330 324 Total liabilities, reserves, minority interest, capital 931,057 914,781 716,623 139,333 36,268 264,990 227766,,003322 221144,,443344 Demand deposits adjusted 3 222,842 219,813 160,611 24,373 6,136 53,646 76,456 62,231 Average total deposits (past 15 days) 734,017 726,164 555,860 96,313 25,508 199,612 234,427 178,157 Average total loans (past 15 days) 506,945 497,466 385,936 74,863 22,484 143,273 145,316 121,009 Selected ratios: Percentage of total assets CCaasshh aanndd bbaallaanncceess wwiitthh ootthheerr bbaannkkss 13.8 13.7 15.0 21.3 1122..22 1144..77 1122..44 1100..11 22.8 22.9 20.9 12.1 16.2 18.9 27.9 29.1 Total securities held Trading account securities . ................ .7 .7 ..99 11..88 1.5 U S Treasury .. .3 .3 .4 1.0 .9 'A States and political subdivisions .2 .2 .3 .5 .3 .4 All other trading account securities .... .2 .2 .3 .3 22.1 22.3 20.0 10.3 14.7 17.8 27.8 29.0 U.S. Treasury . 7.0 7.1 6.5 4.3 5.1 6.0 8.3 8.6 10.7 10.8 10.0 4.5 7.5 9.1 14.0 12.9 All other portfolio securities 4.4 4.3 3.5 1.5 2.1 2.6 5.5 7.5 57.6 57.5 57.7 55.3 65.6 59.3 56.2 57.2 5.8 5.8 6.5 11.3 6.1 7.1 3.5 3.7 80.3 80.5 78.6 67.4 81.8 78.2 84.1 86.3 Reserves for loans and securities 1.0 1.0 1.0 1.2 1.4 1.0 ..88 .8 6.7 6.7 6.5 6.5 5.9 5.9 77..22 7.2 Total capital accounts 7.1 7.2 7.0 7.0 6.2 6.6 7.6 7.6 Number of banks 14,573 14,320 5,794 12 9 155 5,618 8,779 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 WEEKLY REPORTING BANKS • JANUARY 1976 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- US. 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 sees. ury sees. finance ties sees. sees. COS., etc. Large banks— Total 1974 Dec. 4 406,133 19,979 15,172 2,660 1,178 969 301,397 130,278 3,653 2,251 4,331 86 2,595 10,464 21,559 60,137 11 405,609 18,877 15,357 1,519 1,169 832 300,334 130,430 3,642 1,060 4,248 84 2,569 10,615 21,827 60,194 18 407,992 18,129 14,563 1,411 1,328 827 302,395 131,527 3,623 981 4,293 82 2,559 11,153 21,915 60,178 2 5 406,253 17,693 14,107 1,309 1,437 840 301,522 131,386 3,602 772 3,673 86 2,582 11,051 21,763 60,225 31 (Tues.)... 410,229 20,275 15,899 1,937 1,401 1,038 303,129 131,966 3,650 784 4,185 91 2,563 10,978 22,098 60,441 1975 Nov. 5 400,238 22,822 17,160 3,778 650 1,234 279,896 118,643 3,573 1,829 3,885 79 2,268 8,322 18,892 59,485 12 398,080 21,100 16,144 3,180 744 1,032 279,588 118,879 3,575 838 4,284 78 2,279 8,561 18,833 59,508 19 394,878 18,353 14,861 1,833 845 814 278,974 118,591 3,561 1,134 4,269 78 2,285 8,377 18,792 59,571 2 6 395,291 17,317 14,048 1,842 897 530 279,806 119,156 3,538 835 4,639 77 2,300 8,554 18,720 59,525 Dec. 3 397,103 18,391 14,428 2,287 922 754 280,443 119,311 3,545 1,221 4,619 76 2,290 8,560 18,750 59,482 10 398,980 18,874 14,398 2,754 819 903 280,184 119,543 3,546 1,184 4,522 70 2,297 8,608 18,635 59,492 1 7 402,384 18,764 14,603 2,078 1,023 1,060 282,792 120,116 3,593 1,451 5,466 72 2,300 8,680 18,591 59,453 2 4 401,519 18,678 14,914 1,943 844 977 282,907 120,455 3,580 1,497 4,727 70 2,300 8,493 18,382 59,400 31 404,053 19,809 15,987 1,974 901 947 283,899 120,661 3,640 1,059 5,498 70 2,306 8,628 18,552 59,530 New York City 1974 Dec. 4 94,067 1,453 1,232 152 69 77,578 39,999 115 1,767 2,959 19 549 3,806 8,476 7,450 11 93,729 1,365 1,183 114 68 77,028 40,340 108 925 2,956 19 538 3,857 8,444 7,494 1 8 95,603 1,618 1,394 122 102 77,695 40,667 106 807 2,976 18 536 4,142 8,534 7,473 2 5 94,507 1,606 1,383 99 124 77,320 40,917 102 680 2,437 19 555 4,003 8,401 7,504 31 (Tues.).. . 95,377 1,962 1,689 48 225 78,425 41,384 115 641 2,853 25 540 3,899 8,572 7,507 1975 Nov. 5 88,577 1,799 1,031 334 434 69,346 36,097 87 1,540 2,504 17 399 2,837 7,141 7,907 12 88,063 2,086 1,557 64 465 69,042 36,314 87 785 2,704 15 399 3,006 7,153 7,911 19 87,671 1,346 918 56 372 68,661 36,088 87 1,063 2,768 14 399 2,826 7,151 7,938 26 89,329 2,249 1,985 124 12 128 68,917 36,289 87 760 3,031 14 398 2,993 7,069 7,936 Dec. 3 87,748 951 714 135 102 69,236 36,426 86 1,122 2,824 18 398 2,928 7,088 7,890 10 88,031 1,482 1,114 131 237 69,067 36,611 86 1,096 2,708 16 399 2,967 7,055 7,888 1 7 89,528 1,617 1,379 65 173 70,364 36,660 100 1,306 3,575 17 398 2,982 6,946 7,907 2 4 89,784 2,396 2,121 96 179 70,246 36,762 85 1,372 3,074 16 396 2,845 6,886 7,906 31 90,010 2,603 2,170 91 10 332 70,085 36,710 90 999 3,427 17 394 2,860 6,857 7,890 Outside New York City 1974 Dec. 4 312,066 18,526 13,940 2,508 1,178 900 223,819 90,279 3,538 484 1,372 67 2,046 6,658 13,083 52,687 11 311,880 17,512 14,174 1,405 1,169 764 223,306 90,090 3,534 135 1,292 65 2,031 6,758 13,383 52,700 1 8 312,389 16,511 13,169 1,289 1,328 725 224,700 90,860 3,517 174 1,317 64 2,023 7,011 13,381 52,705 2 5 311,746 16,087 12,724 1,210 1,437 716 224,202 90,469 3,500 92 1,236 67 2,027 7,048 13,362 52,721 31 (Tues.)..., 314,852 18,313 14,201 1,889 1,401 813 224,704 90,582 3,535 143 1,332 66 2,023 7,079 13,526 52,934 1975 Nov. 5 311,661 21,023 16,129 3,444 650 800 210,550 82,546 3,486 289 1,381 62 1,869 5,485 11,751 51,578 12 310,017 19,014 14,587 3,116 744 567 210,546 82,565 3,488 53 1,580 63 1,880 5,555 11,680 51,597 19 307,207 17,007 13,943 1,777 845 442 210,313 82,503 3,474 71 1,501 64 1,886 5,551 11,641 51,633 2 6 305,962 15,068 12,063 1,718 885 402 210,889 82,867 3,451 75 1,608 63 1,902 5,561 11,651 51,589 Dec. 3 309,355 17,440 13,714 2,152 922 652 211,207 82,885 3,459 99 1,795 58 1,892 5,632 11,662 51,592 10 310,949 17,392 13,284 2,623 819 666 211,117 82,932 3,460 88 1,814 54 1,898 5,641 11,580 51,604 17 312,856 17,147 13,224 2,013 1,023 887 212,428 83,456 3,493 145 1,891 55 1,902 5,698 11,645 51,546 24 311,735 16,282 12,793 1,847 844 789 212,661 83,693 3,495 125 1,653 54 1,904 5,648 11,496 51,494 31 314,043 17,206 13,817 1,883 891 615 213,814 83,951 3,550 60 2,071 53 1,912 5,768 11,695 51,640 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • WEEKLY REPORTING >ETS A LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments U.S. Treasury securities Other securities Notes and bonds maturing— Obligations Other bonds, of States corp, stocks, and and >r- political securities ;n A! subdivisions ts.2 oth Bills Total Within 1 to After 1 yr. 5 yrs. 5 yrs. Tax Certif. war- All of rants 3 other participation4 ,570 20, 3,692 3,529 11,867 3,914 61,755 6,560 40,622 ,611 19, 4,412 3,538 11,840 3,881 62,727 6,907 41,025 ,515 19, 4,993 3,533 11,733 3,800 63,409 6,861 41,528 ,458 20, 4,846 3,531 11,716 3,770 63,175 6,733 41,278 ,487 20, 4,519 3,611 12,196 3,605 62,894 6,549 41,240 ,495 18, 9,686 5,796 18,475 2,868 60,695 6,742 39,743 ,461 18, 9,371 5,736 18,526 2,777 60,982 6,889 39,930 ,451 18, 9,993 5,840 18,009 3,215 60,494 6,802 39,685 ,501 18, 10,602 6,157 17,664 3,070 60,675 6,840 39,735 ,488 18, 11,279 6,663 16,971 2,946 60,410 6,806 39,533 ,568 17, 12,638 6,602 16,779 2,991 60,912 7,164 39,768 ,606 18, 14,273 6,543 16,581 2,909 60,522 6,775 39,660 ,551 19, 13,609 6,629 16,382 2,900 60,414 6,61 39,596 ,556 19, 13,714 6,71 16,959 2.794 60,167 6,539 39,491 883 4, 952 393 2,239 1,319 10,133 1,847 5,478 919 4, 1,072 434 2,193 1,251 10,386 1,933 5,547 835 4, 1,654 403 2,169 1,246 10,818 2,156 5,797 859 4, 1,223 377 2,113 1,216 10,652 2,064 5,630 828 4, 562 306 2,402 1,138 10,582 2,006 5,618 575 4, 2,296 741 4,582 685 9,128 1,308 5,415 547 4, 1,776 717 4,448 654 9,340 1.403 5,561 519 3, 2,408 747 4,391 940 9,178 1,344 5,471 568 3, 2,865 813 4,400 864 9,221 1,372 5,412 551 3, 2,745 977 3,995 734 9,110 1,341 5,390 580 3, 2,695 860 3,851 807 9,269 1.404 5,512 595 3, 3,281 832 3,651 750 9,033 1,281 5,421 600 4, 2,913 856 3,645 761 8,967 1,194 5,398 597 4, 3,100 840 3,836 716 8,830 1,168 5,377 687 15, 2,740 3,136 9,628 2,595 51,622 4,713 35,144 692 15, 3,340 3,104 9,647 2,630 52,341 4,974 35,478 680 15, 3,339 3,130 9,564 2,554 52,591 4,705 35,731 599 15, 3,623 3,154 9,603 2,554 52,523 4,669 35,648 659 15, 3,957 3,305 9,794 2,467 52,312 4,543 35,622 920 14. 7,390 5,055 13,893 2.183 51,567 5,434 34,328 914 14; 7,595 5,019 14,078 2,123 51.642 5,486 34,369 932 14! 7,585 5,093 13,618 2,275 51,316 5,458 34,214 933 14; 7,737 5,344 13,264 2,206 51,454 5,468 34,323 937 14 8,534 5,686 12,976 2,212 51,300 5,465 34,143 988 14; 9,943 5,742 12,928 2.184 51.643 5,760 34,256 ,011 14 10,992 5,711 12,930 2,159 51,489 5,494 34,239 951 14 10,696 5,773 12,737 2,139 51,447 5,417 34,198 959 14 10,614 5,871 13,123 2,078 51,337 5,371 34,114 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 WEEKLY REPORTING BANKS • JANUARY 1976 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Cash Bal- Investitems Re- Cur- ances ments Total in serves rency with in sub- Other assets/ Domestic Wednesday process with and do- sidiar- assets total States interbank of F.R. coin mestic ies not liabil- and collec- Banks banks consol- tites polit- Fortion idated Total ical U.S. eign 6 IPC sub- Covt. Com- Mutual govts., divi- mer- sav- etc. 2 sions cial ings Large banks— Total 1974 Dec. 4 33,788 19,483 4,525 11,809 1,604 32,585 509,927 164,190 118,105 6,071 2,213 24,565 659 1,245 11 33,648 24,015 4,971 11,191 1,630 33,112 514,176 162,876 118,140 6,181 1,496 22,116 738 1,313 18 34,481 25,564 4,996 11,182 1,648 32,232 518,095 166,790 119,151 6,204 3,619 23,329 610 1,529 2 5 35,245 24,369 4,886 11,268 1,647 32,683 516,351 163,663 119,774 6,331 2,327 22,738 655 1,273 31 (Tues.) 41,956 19,653 5,410 16,445 1,699 34,067 529,459 185,215 129,449 7,039 1 ,471 31,807 932 1,838 1975 Nov. 5 37,333 18,722 4,387 14,366 1,812 38,622 515,480 173,281 121,843 6,403 2,286 29,169 884 1,129 12 41,739 23,657 5,008 13,498 1,820 39,995 523,797 175,008 125,789 6,187 1,374 27,803 795 1,126 19 33,004 21,532 5,126 11,533 1,836 38,866 506,775 161,454 118,009 6,095 2,237 22,750 672 1,037 2 6 38,846 24,147 4,850 12,270 1,827 38,249 515,480 167,918 121,336 6,313 1,876 24,351 677 1,180 Dec. 3 36,107 21,071 5,068 12,408 1,853 37,715 511,325 167,015 121,317 5,860 2,425 24,163 728 1,208 10 31,970 20,859 5,356 13,551 1,827 38,574 511,117 164,838 120,771 6,058 1,518 23,731 680 1,151 1 7 37,380 19,317 5,403 13,465 1,823 37,470 517,242 171,910 124,551 6,242 3,053 24,514 634 1,144 2 4 36,815 22,095 5,003 12,853 1,904 38,367 518,556 168,253 123,657 6,630 1,489 23,535 642 1,230 31 41,342 19,587 5,497 15,249 1,919 39,740 527,387 184,174 132,245 6,967 1,386 29,322 893 1,563 New York City 1974 Dec. 4 10,906 6,328 533 4,383 725 11,194 128,136 46,549 26,081 327 375 11,901 341 1,003 11 12,691 7,300 557 4,738 730 11,610 131,355 47,306 26,759 312 231 10,609 440 1,099 1 8 12,409 7,481 571 4,472 730 11,185 132,451 48,864 27,293 379 677 11,395 327 1,300 2 5 10,557 7,591 536 4,107 748 11,134 129,180 45,235 26,509 455 271 10,445 394 981 31 (Tues.) 14,437 4,637 578 "'7,695 748 11,868 135,340 54,353 29,922 473 147 14,685 545 1,433 1975 Nov. 5 12,700 7,834 506 5,666 804 12,197 128,284 49,440 26,527 389 309 14,316 453 904 12 14,525 7,766 567 6,427 805 12,894 131,047 50,163 27,066 292 177 14,375 397 913 19 10,588 5,748 601 4,898 810 11,790 122,106 43,233 24,800 188 342 10,674 325 842 2 6 13,605 6,548 549 5,282 807 12,227 128,347 47,365 26,196 232 324 12,119 342 960 Dec. 3 11,366 6,975 629 5,096 818 11,555 124,187 45,389 26,023 211 488 10,885 359 980 10 9,938 5,916 625 6,071 819 12,287 123,687 44,914 25,734 263 234 11,300 344 960 17 12,766 5,348 661 5,406 817 11,067 125,593 47,759 27,632 299 267 11,677 296 936 2 4 12,049 5,897 594 4,945 819 11,458 125,546 45,808 26,911 470 183 10,778 320 1,002 31 13,628 3,151 674 6,813 845 12,340 127,461 52,710 29,733 586 109 14,089 482 1,308 Outside New York City 1974 Dec. 4 22,882 13,155 3,992 7,426 879 21,391 381,791 117,641 92,024 5,744 1,838 12,664 318 242 20,957 16,715 4,414 6,453 900 21,502 382,821 115,570 91,381 5,869 1,265 11,507 298 214 is'Y.YYYYYYYYYY. 22,072 18,083 4,425 6,710 918 21,047 385,644 117,926 91,858 5,825 2,942 11,934 283 229 2 5 24,688 16,778 4,350 7,161 899 21,549 387,171 118,428 93,265 5,876 2,056 12,293 261 292 31 (Tues.) 27,519 15,016 4,832 8,750 951 22,199 394,119 130,862 99,527 6,566 1,324 17,122 387 405 1975 Nov. 5 2 2 7 4 , , 2 63 1 3 4 1 1 5 0 , , 8 8 9 8 1 8 4 3 , , 4 8 4 8 1 1 7 8 , , 0 7 7 0 1 0 1 1 , , 0 0 1 0 5 8 2 27 6 , , 1 4 0 2 1 5 3 3 8 9 7 2 , , 1 7 9 5 6 0 1 1 2 23 4 , , 8 8 4 4 1 5 9 98 5 , , 7 3 2 1 3 6 5 6 , , 8 0 9 1 5 4 1 1 , , 1 9 9 7 7 7 1 1 3 4 , , 4 8 2 5 8 3 4 3 3 9 1 8 2 22 1 5 3 12 22,416 15,784 4,525 6,635 1,026 27,076 384,669 118,221 93,209 5,907 1,895 12,076 347 195 19 25,241 17,599 4,301 6,988 1,020 26,022 387,133 120,553 95,140 6,081 1,552 12,232 335 220 2 6 Dec. 3 24,741 14,096 4,439 7,312 1,035 26,160 387,138 121,626 95,294 5,649 1,937 13,278 369 228 10 22,032 14,943 4,731 7,480 1,008 26,287 387,430 119,924 95,037 5,795 1,284 12,431 336 191 17 24,614 13,969 4,742 8,059 1,006 26,403 391,649 124,151 96,919 5,943 2,786 12,837 338 208 24..\ 24,766 16,198 4,409 7,908 1,085 26,909 393,010 122,445 96,746 6,160 1,306 12,757 322 228 31 27,714 16,436 4,823 8,436 1,074 27,400 399,926 131,464 102,512 6,381 1,277 15,233 411 255 For notes see page A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • WEEKLY REPORTING BANKS A 21 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits (cont.) Borrowings Reserves from— for— Demand (cont.) Time and savings Federal Other Total IPC funds liabili- Secur- capital Certi- States pur- ties, Loans ities Wednesday fied and Do- chased, etc. 8 and polit- mes- For- etc. 7 F.R. offi- Total 6 ical tic eign Banks Other cers' Sav- Other sub- inter- govts.: checks ings divi- bank Large banks— Total 191A 6,031 219,316 57,920 117,923 23,713 7,369 10,458 53,828 122 4,896 28,187 5,234 34,076 Dec. 4 7,501 221,705 57,890 119,284 24,012 7,702 10,843 56,532 926 4,886 27,836 5,222 34,131 6,971 224,104 57,916 120,248 24,785 7,774 11,346 54,315 ,093 4,616 27,866 5,196 34,049 .'.YYYYY.YY'Y.n 5,140 225,947 57,947 121,044 25,236 8,098 11,631 53,992 207 4,557 28,656 5,144 34,123 25 6,575 228,045 58,485 122,201 25,434 8,158 11,761 44,303 152 4,268 27,981 5,273 34,162 (Tues.) 31 1975 6 6, , 7 5 3 5 9 4 2 2 2 2 3 4 , , 6 4 4 3 1 5 6 6 6 6 , , 0 5 4 6 5 9 1 1 1 15 4 , , 2 8 8 0 1 9 2 2 1 1 , ,6 9 1 04 2 7 8 , , 7 0 9 3 2 0 1 1 1 1 , , 7 6 6 4 0 4 4 5 8 3 , , 7 8 3 6 8 0 30 3 3 , , 7 8 7 5 3 2 2 2 4 3, , 7 3 5 5 3 0 5 5 , , 8 80 2 8 2 3 3 6 6 , , 3 3 9 8 7 3 Nov. 5 5,927 224,722 67,001 115,310 21,596 8,025 11,479 50,076 45 3,925 24,391 5,805 36,283 12 7,240 225,499 67,226 115,785 21,546 8,077 11,578 51,871 130 4,034 23,975 5,770 36,199 19 26 6,413 225,877 67,550 116,064 21,487 8,146 11,400 48,467 26 4,203 23,416 5,820 36,430 Dec. 3 5,868 226,082 67,749 116,119 21,577 8,212 11,194 49.308 4,367 24,154 5,878 36,418 10 6,998 226,181 67,838 115,550 21,951 8,271 11,270 47,821 22 4,411 24,701 5,830 36,295 17 6,039 227,406 67,947 116,009 22,343 8,441 11,216 50.309 1,214 4,472 24,705 5,720 36,395 24 6,202 227,729 68,445 115,961 22,228 8,502 11,164 44,074 143 4,332 24,727 5,582 36,544 31 New York City 1974 2,487 46,699 4.993 28,051 1,815 4,174 6,282 13,301 1,938 9,264 1,465 8.920 Dec. 4 3,780 47,206 4.994 28,367 1 ,768 4,259 6,412 15,047 1,930 9,211 1,452 8,943 3,483 47,950 4,987 28,619 1,743 4,219 6,922 14,422 1,686 9,151 1,443 8,935 YYY.'.'YYYYYYY.n 2,145 48,320 4,999 28,607 1 ,732 4,341 7,157 13,599 1,695 9,977 1,433 8.921 25 2,638 49,237 5,059 29,445 1 ,663 4,329 7,233 9,856 75 1,623 9,882 1,397 8,917 (Tues.) 31 1975 2 3 , , 8 1 4 1 6 4 4 4 4 4 , , 2 4 8 3 5 5 5 5 , , 7 7 2 9 2 4 2 25 5 , , 7 8 9 6 1 3 1,0 9 3 4 0 8 3 3, , 3 3 2 0 1 8 7 7, , 6 5 8 8 5 2 1 1 4 2, , 8 5 1 8 5 0 1 1 , , 8 9 3 4 5 2 8 8 , , 3 4 9 0 6 3 1 1 . . 6 6 8 8 3 4 9 9, , 8 8 4 2 6 2 Nov. 5 2,641 44,033 5,823 25,561 965 3,270 7,591 12,776 2,001 8,533 1.689 9,840 12 3,605 44,118 5,830 25,652 978 3,189 7,667 14,625 110 2,078 8,545 1.678 9,827 19 26 2,956 44,315 5,860 25,869 1,070 3,166 7,561 12,506 2,291 8,146 1.679 9,860 Dec. 3 2,467 43,872 5,883 25,617 1,077 3,096 7,397 12,344 2,453 8,505 1,717 9,881 10 3,404 43,441 5,918 25,330 980 3,118 7,212 11,049 2,534 9,256 1.690 9,863 17 2,616 43,617 5,927 25,471 951 3,147 7,163 11,985 983 2,616 8,984 1,684 9,868 24 2,491 43,140 5,981 25,142 847 3,136 7,061 8,591 2,583 8,905 1,613 9,91" 31 Outside New York City 1974 3,544 172,617 52,927 89,872 21,898 3,195 4,176 40,527 122 2,958 18,923 3.769 25,156 Dec. 4 3,721 174,499 52,896 90,917 22,244 3,443 4,431 41,485 666 2,956 18,625 3.770 25,188 11 3,488 176,154 52,929 91,629 23,042 3,555 4,424 39,893 ,093 2,930 18,715 3,753 25,114 18 2,995 177,627 52,948 92,437 23,504 3,757 4,474 40,393 207 2,862 18,679 3,71' 25,202 25 3,937 178,808 53,426 92,756 23,771 3,829 4,528 34,447 77 2,645 18,099 3,876 25,245 (Tues.) 31 1975 3,708 179,356 60,323 89,018 20,874 4,484 4,178 35,923 1,938 15,350 4.139 26,575 Nov. 5 3,625 180,000 60,775 89,418 20,664 4,709 3,959 39,280 30 1,910 15,954 4,124 26,537 12 3,286 180,689 61,178 89,749 20,631 4,755 3,888 37,300 45 1,924 15,858 4,116 26,443 19 3,635 181,381 61,396 90,133 20,568 4,888 3,911 37,246 20 1,956 15,430 4,092 26,372 26 3,457 181,562 61,690 90,195 20,417 4,980 3,839 35,961 26 1,912 15,270 4,141 26,570 Dec. 3 3,401 182,210 61,866 90,502 20,500 5,116 3,797 36,964 1,914 15,649 4,161 26,537 10 3,594 182,740 61,920 90,220 20,971 5,153 4,058 36,772 22 1,877 15,445 4.140 26,432 17 3,423 183,789 62,020 90,538 21,392 5,294 4,053 38,324 231 1,856 15,721 4,036 26,527 24 3,711 184,589 62,464 90,819 21,381 5,366 4,103 35,483 143 1,749 15,822 3,969 26,626 31 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 WEEKLY REPORTING BANKS • JANUARY 1976 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Memoranda Large negotiable Savings ownership categories time CD's All other large Total included in time time deposits12 Gross Wednesday Total loans De- and savings deposits11 Individ- Part- liabililoans and mand uals ner- Do- ties of (gross) invest- deposits and ships mestic banks ad- ments ad- non- and govern- All to justed 9 (gross) justed i o Issued Issued Issued Issued profit cor- mental other14 their ad- Total to to Total to to orga- pora- units foreign justed 9 IPC's others IPC's others niza- tions for branches tions profit Large banks— Total 1974 Dec. 4 302,943 387,700 103,624 8888888888,,,,,000002222211111 6666600000,,,,,888883333344444 2277,,118877 57,920 3,352 11 300,561 386,959 105,616 8888899999,,,,,888880000055555 6666622222,,,,,000004444499999 2277,,775566 57,890 3,245 18 302,589 390,057 105,361 9999900000,,,,,999999999966666 6666622222,,,,,888883333333333 222888,,,111666333 57,916 3,751 2 5 301,804 388,842 103,353 9999922222,,,,,333335555599999 6666633333,,,,,555553333311111 222888,,,888222888 57,947 3,997 31 (Tues.) 304,318 391,143 109,981 9999922222,,,,,888883333300000 6666644444,,,,,222226666644444 222888,,,555666666 37,167 20,397 16,770 58,485 3,553 1975 Nov. 5 283,255 380,775 104,493 82,106 55,308 26,798 33,332 18,490 14,842 66,045 3,413 12 282,185 379,577 104,092 82,860 55,836 27,024 33,023 18,495 14,528 66,189 77 245 3,145 19 280,252 377,803 103,463 82,716 55,804 26,912 32,913 18,457 14,456 66,426 231 281 3,922 2 6 280,784 378,952 102,845 83,345 56,295 27,050 32,807 18,401 14,406 66,500 413 245 3,356 Dec. 3 282,104 380,373 104,320 83,597 56,615 26,982 32,557 18,336 14,221 66,686 548 243 2,911 10 282,484 382,406 107,619 83,623 56,687 26,936 32,446 18,251 1.4,195 66,708 674 288 3,298 1 7 284,858 385,686 106,963 83,316 56,224 27,092 32,718 18,051 14,667 66,725 765 274 5,162 2 4 284,474 384,408 106,414 83,545 56,389 27,156 33,366 18,115 15,251 66,775 859 251 4,136 31 285,499 385,844 112,124 83,088 56,037 27,051 33,382 18,245 15,137 67,225 905 252 4,066 New York City 1974 Dec. 4 76,255 91,291 23,367 3300,,113333 2222200000,,,,,111119999988888 99999,,,,,999993333355555 4.993 1,249 11 75,605 90,941 23,775 3300,,667755 2222200000,,,,,555552222266666 1111100000,,,,,111114444499999 4.994 1,374 1 8 76,254 92,544 24,383 31,271 2222200000,,,,,888880000055555 1111100000,,,,,444446666666666 4,987 1,710 2 5 75,961 91,542 23,962 3311,,770077 2222200000,,,,,888885555577777 1111100000,,,,,888885555500000 4,999 2,204 31 (Tues.) 77,102 92,092 25,084 3322,,224455 2222211111 ,,,,,555551111144444 1111100000,,,,,777773333311111 9,324 5,554 3,770 5,059 1,712 1975 Nov. 5 69,203 86,635 22,115 29,118 18,940 10,178 7,217 4,636 2,581 5,722 2,313 12 68,645 85,580 21,086 29,407 19,050 10,357 7,017 4,602 2,415 5,741 2,202 19 68,211 85,875 21,629 29,026 18,817 10,209 6,952 4,533 2,419 5,758 2,885 2 6 68,283 86,446 21,317 29,138 18,865 10,273 6,890 4,546 2,344 5,752 2,340 Dec. 3 68,621 86,182 22,650 29,267 18,977 10,290 6,914 4,637 2,277 5,777 2,161 10 68,631 86,113 23,442 28,872 18,738 10,134 6,839 4,623 2,216 5,772 2,311 1 7 69,776 87,323 23,049 28,375 18,382 9,993 6,814 4,628 2,186 5,817 4,072 2 4 69,719 86,861 22,798 28,556 18,604 9,952 6,730 4,478 2,252 5,826 3,218 31 69,695 87,017 24,884 27,957 18,146 9,811 6,779 4,590 2,189 5,879 3,169 Outside New York City 1974 Dec. 4 226,688 296,409 80,257 57,888 4444400000,,,,,666663333366666 1111177777,,,,,222225555522222 52,927 2,103 11 224,956 296,018 81,841 59,130 4444411111,,,,,555552222233333 1111177777,,,,,666660000077777 52,896 1,871 1 8 226,335 297,513 80,978 555999,,,777222555 4444422222,,,,,000002222288888 1111177777,,,,,666669999977777 52,929 2,041 2 5 225,843 297,300 79,391 666000,,,666555222 4444422222,,,,,666667777744444 1111177777,,,,,999997777788888 52,948 1,793 31 (Tues.) 227,216 299,051 84,897 666000,,,555888555 4444422222,,,,,777775555500000 1111177777,,,,,888883333355555 27,843 14,843 13,000 53,426 1,841 1975 Nov. 5 214,052 294,140 82,378 52,988 36,368 16,620 26,115 13.854 12,261 60,323 1,100 12 213,540 293,997 83,006 53,453 36,786 16,667 26,006 13,893 12,113 60,448 76 222 943 19 212,041 291,928 81,834 53,690 36,987 16,703 25,961 13,924 12,037 60,668 227 251 1,037 2 6 212,501 292,506 81,528 54,207 37,430 16,777 25,917 13.855 12,062 60,748 402 214 1,016 Dec. 3 213,483 294,191 81,670 54,330 37,638 16,692 25,643 13,699 11,944 60,909 531 219 750 10 213,853 296,293 84,177 54,751 37,949 16,802 25,607 13,628 11,979 60,936 651 247 987 17 215,082 298,363 83,914 54,941 37,842 17,099 25,904 13,423 12,481 60,908 737 241 1,090 24 214,755 297,547 83,616 54,989 37,785 17,204 26,636 13,637 12,999 60,949 827 223 918 31 215,804 298,827 55,131 37,891 17,240 26,603 13,655 12,948 61,346 870 226 897 1 Includes securities purchased under agreements to resell. 10 All demand deposits except U.S. Govt, and domestic commercial 2 Includes official institutions and so forth. banks, less cash items in process of collection. 3 Includes short-term notes and bills. 11 Certificates of deposit issued in denominations of $100,000 or more. 4 Federal agencies only. 12 All other time deposits issued in denominations of $100,000 or more 5 Includes corporate stocks. (not included in large negotiable CD's). 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 13 Other than commercial banks. 7 Includes securities sold under agreements to repurchase. 14 Domestic and foreign commercial banks, and official international 8 Includes minority interest in consolidated subsidiaries. organizations. 9 Exclusive of loans and Federal funds transactions with domestic commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • BUSINESS LOANS OF BANKS A 23 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- 1975 1975 1975 Industry Dec. Dec. Dec. Dec. Dec. 2nd 1st 31 24 17 10 3 Dec. IV III half half Durable goods manufacturing: Primary metals 2,072 2,110 2,110 2,068 2,039 18 75 -31 62 -13 -23 49 18 T M r a a c n h s i p n o e r r t y a tion equipment 5 3 , , 7 0 3 8 8 9 5 3 , ,1 7 22 5 3 , , 7 32 7 3 4 5 3 , , 7 2 7 8 6 6 5 3 , ,2 8 0 1 1 2 - - 1 1 0 8 7 3 -21221 2 - - 4 16 7 2 4 - -2 8 2 02 3 - - 8 1 8 9 7 8 - - 6 29 4 6 2 -1 - , 4 6 2 8 1 9 -1 - , 3 3 0 1 2 4 Other fabricated metal products... 2,014 2,070 2,097 2,065 2,069 -90 -168 -174 -432 -277 -21 -709 -188 Other durable goods 3,454 3,507 3,550 3,582 3,597 -150 -155 -208 -513 -174 -316 -687 -718 Nondurable goods manufacturing: Food, liquor, and tobacco 3,742 3,750 3,668 3,595 3,597 203 170 44 417 13 -519 430 -1,609 Textiles, apparel, and leather 2,718 2,731 2,756 2,805 2,846 -158 -80 -212 -450 -55 -148 -505 -287 Petroleum refining 2,354 2,396 2,400 2,368 2,545 -155 -51 -36 -242 118 283 -124 228 Chemicals and rubber 2,694 2,655 2,641 2,703 2,642 43 -169 -49 -175 -253 -321 -428 -260 Other nondurable goods 1,797 1,889 1,876 1,869 -68 -73 -137 -278 -148 10 -426 -283 Mining, including crude petroleum and natural gas 5,925 5,690 5,608 5,591 5,328 663 -39 137 761 285 109 1,046 -158 Trade: Commodity dealers 1,564 1,524 1,490 1,517 1,494 20 170 132 322 137 -328 459 -972 Other wholesale 5,418 5,537 5,545 5,535 5,521 -96 -67 39 -124 -78 -534 -202 -1,108 Retail 5,821 6,027 6,084 6,218 6,231 -563 13 372 -178 -310 -212 -488 -398 Transportation 6,054 5,972 5,929 5,920 5,897 135 -46 24 113 -122 -142 -9 -323 Communication 1,980 1,986 1,975 1,967 1,990 -5 -34 -14 -53 -111 17 -164 -355 Other public utilities 6,961 6,924 6,926 6,979 7,084 30 35 -68 -3 -231 -404 -234 -1,423 Construction 5,158 5,176 5,130 5,137 5,196 -92 -145 -109 -346 -57 -77 -403 -622 Services 10,786 10,646 10,594 10,543 10,562 229 59 -41 247 -295 -388 -48 -1,120 All other domestic loans 10,248 10,046 9,934 9,765 9,575 727 190 -444 473 15 -65 488 -372 Bankers acceptances 4,977 4,805 4,697 4,339 4,345 960 1,395 532 2,887 -170 28 2,717 599 T Fo o r ta e l l i o g c a n l n a c s s o si m fi m ed e r lo ci a a n l s and industrial 9 5 9 , , 0 56 0 7 3 9 5 9 , , 2 5 1 6 2 3 9 5 9 , , 1 2 7 9 5 4 9 5 8 , , 1 8 6 0 5 0 9 5 8 , , 1 5 2 6 9 9 - , 1 2 3 3 1 0 1,06 8 8 7 -8 -1 9 9 8 1 - , 6 4 3 0 0 -2,2 5 7 3 6 5 -3,9 2 4 3 6 3 -8 4 7 7 6 2 -10, 2 6 9 7 4 3 Comm. paper included in total classified loans1 415 Total commercial and industrial loans of large commercial banks 120,661 120,455 120,116 119,543 119,31 ,505 961 -811 1,655 -2,879 -3,845 1,224 -10,081 For notes see table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1975 1975 Dec. Nov. Oct. Sept. Aug. July June May Apr. 2nd 31 26 29 24 27 30 25 28 30 IV III II I half Durable goods manufacturing: M Pr a im ch a i r n y e r m y etals p\ 3 , , 3 3 1 7 3 3 3 1 , , 4 3 5 8 1 1 3 1 , , 5 3 3 2 8 0 3 1 , , 7 3 3 3 7 8 3 1 , , 8 2 2 8 5 6 3 1 , , 8 2 6 6 4 9 3 1 , , 9 2 7 8 7 8 4 1 , , 2 2 6 8 9 0 4 1 , , 3 3 0 2 2 3 -42 3 4 5 -24 5 0 0 -94 4 -7 7 4 4 -66 8 4 5 Transportation equipment. 1,623 1,727 1,624 1,693 1,722 1,725 1,740 1,726 1,705 -70 -47 68 -117 Other fabricated metal products 1,035 1,087 1,175 1,268 1,228 1,196 1,222 1,245 1,280 -233 46 -90 115 -187 Other durable goods 1,818 1,905 1,950 2,012 2,042 2,058 2,090 2,122 2,210 -194 -78 -161 -140 -272 Nondurable goods manufacturing: Food, liquor, and tobacco. 1,572 1,544 1,451 1,471 1,461 1,440 1,514 1,616 1,571 101 -43 -47 -202 58 T C O Pe e h t l t h x e e r t e m a o i r l t l e i h e c n s u e a , o r m l n s d a r a u e n p r f d i p a n b a r i r n l u e e g b l , b g e o r o a d n s d . . 1 1 , , 8 6 9 8 3 2 9 8 2 2 2 8 1 1 1 , , , 5 0 8 9 4 7 6 5 9 2 0 5 1 1 1, , , 6 0 9 9 0 7 1 9 5 4 4 5 1 1 1 1 , , , , 6 1 9 0 6 0 6 5 5 3 7 6 1 1 1 1 , , , , 8 0 6 0 8 2 4 7 9 3 5 7 1 1 1 1 , , , , 6 0 8 1 8 7 2 1 5 8 8 6 1 1 1 1 , , , , 1 7 7 0 0 4 6 9 9 3 2 5 1 1 1 1 , , , , 1 6 7 0 1 1 8 7 1 4 4 5 1 1 1 1 , , , , 0 1 8 6 9 2 1 1 1 6 4 7 - - - 1 1 1 -4 1 3 6 3 1 5 8 - - 2 8 9 5 7 7 8 8 - - 2 8 6 2 1 4 3 6 3 -1 - - 3 3 0 1 2 5 5 3 - - - 2 1 1 1 5 0 4 2 5 3 0 3 Mining, including crude petroleum and natural gas. 4,437 3,867 3,896 3,847 3,754 3,801 3,734 3,646 3,626 590 113 197 -164 703 Trade: Commodity dealers.. 172 168 162 150 148 152 148 140 142 22 2 -2 -5 24 Other wholesale 1,267 1,308 1,403 1,319 1,371 1,344 1,329 1,344 1,387 -52 -10 -121 -42 -62 Retail 1,986 2.115 2,150 2,153 2,139 2,111 2,136 2,143 2,192 -167 17 -147 -311 -150 Transportation 4,435 4,324 4,420 4,391 4,405 4,399 4,425 4,424 4,492 44 -34 -99 -26 10 Communication 1,077 1,112 1,122 1,132 1,149 1,136 1,133 1,159 1,148 -55 -2 53 -56 Other public utilities 3,985 3,942 4,027 3,966 3,902 4,018 4,045 4,047 4,017 19 -79 11 71 -60 Construction 2,165 2,207 2,267 2,359 2,367 2,360 2,314 2,291 2,272 -194 45 117 -97 -149 Services 5,109 5,082 5,097 5,122 5,010 5,155 5,140 5,246 5,352 -13 -18 -290 -102 -31 All other domestic loans 3,307 3.116 3,054 3,244 3,257 3,232 3,258 3,186 3,210 63 -14 176 -142 49 Foreign commercial and industrial loans 2,898 2,851 2,834 2,763 2,695 2,676 2,594 2,547 2,596 135 169 66 71 304 Total loans. 46,906 46,623 47,078 47,756 47,395 47,643 47,796 48,015 48,473 -850 -40 -322 -1,081 -890 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 • JANUARY 1976 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holdei Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s in in a e n s c s i al Consumer Foreign o A th l e l r IPC All insured commercial banks: 1970—Dec 17.3 92.7 53.6 1.3 10.3 175.1 1971 Sept 17.9 91.5 57.5 1.2 9.7 177.9 Dec 18.5 98.4 58.6 1.3 10.7 187.5 1972 Mar 20.2 92.6 54.7 1.4 12.3 181.2 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 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 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 June 19.4 115.1 74.8 2.3 10.6 222.2 Sept 19.0 118.7 76.5 2.2 10.6 227.0 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—Nov 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 May 14.2 63.1 29.2 2.3 6.2 115.0 June 15.1 65.1 29.5 2.2 6.2 118.1 July 15.0 65.3 29.8 2.2 6.5 118.7 Aug 14.4 64.6 29.1 2.0 5.9 116.1 Sept 14.7 65.5 29.6 2.1 6.2 118.1 Oct 15.1 66.7 29.0 2.2 6.3 119.3 Nov.* 15.4 68.1 29.4 2.2 6.4 121.6 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 NOTE.—Daily-average balances maintained during month as estimated BULLETIN, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec, 31, Apr. 16, June 30, Class of Dec. 31, Dec, 31, Apr. 16, bank 1973 1974 1975 1975 bank 1973 1974 1975 All commercial.... 507 389 338 All member—Cont. Insured 503 387 363 335 Other large banks 1 58 69 73 National member 288 236 224 223 All other member 1 294 206 188 State member.... 64 39 37 36 All nonmember 155 115 102 All member 352 275 261 260 Insured 152 112 102 Noninsured 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-14; 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 deposits" 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

JANUARY 1976 • 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 and estate industrial 1975—Sept. 3, 4,420 2,703 198 10, 4,446 2,741 198 17. 4,479 2,775 198 24, 4,496 2,761 199 Oct. 1 4,541 2,814 198 8, 4,655 2,825 199 15, 4,674 2,867 199 22, 4.741 2,908 198 29 4.742 2,930 198 Nov. 5, 4,771 2,893 197 1 To bank's own foreign branches, nonconsolidated non- 12 4,716 2,869 205 bank affiliates of the bank, the bank's holding company (if 19 4,740 2,877 205 not a bank), and nonconsolidated nonbank subsidiaries of 26, 4,701 2,846 205 the holding company. NOTE.—Series changed on Aug. 28,1974. For a comparison Dec. 3, 4,677 2,800 201 of the old and new data for that date, see p. 741 of the Oct. 10, 4,441 2,597 207 1974 BULLETIN. Revised figures received since Oct. 1974 17, 4,416 2,575 207 that affect that comparison are shown in note 2 to this table 24, 4,488 2,650 204 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- Non- All finan- Accepting banks F.R. Banks issuers cial Total Im- Ex- Dealer- Di- com- Dealer- Di- Others ports ports placed 2 rectly- panies4 placed rectly- into from placed 3 placed Own Bills Own eign United United bills bought acct. corr.6 States States 13,645 2,332 10,556 757 3,603 1,198 983 215 193 191 2,022 997 829 17,085 2,790 12,184 2,111 4,317 1,906 1,447 459 164 156 2,090 1,086 989 21,173 4,427 13,972 2,774 4,428 1,544 1,344 200 58 109 2,717 1,423 952 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 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 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 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 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 51,490 5,242 32,245 14,003 1,970 6,484 16,882 3,291 2,872 419 218 2,037 11,335 3,793 3,759 51,954 4,860 32,562 14,532 1,875 6,769 17,553 3,789 3,290 499 611 1,756 11,398 3,810 3,709 49,144 4,61' 31,839 12,694 1,800 6,518 18,484 4,226 4,685 542 999 1,109 12,150 4,023 4,067 51,675 5,029 31,998 14,648 1,799 6,774 18,602 4,357 3,903 454 966 560 12,718 4,120 4,314 52,403 5,167 32,504 14,732 1,778 7.305 18,579 4,864 4,370 494 993 325 12,398 3,974 4,210 50,811 5,342 31.205 14,264 1,673 7,256 18,730 4.773 4,085 688 665 263 13,029 3,845 4,296 51,605 5,461 32,126 14,018 1,601 6,984 18,727 4,485 3,900 585 1,185 235 13,034 3,690 4,206 51,297 5,889 32,801 12,607 1,529 7,075 18,108 4,450 3,892 558 865 234 12,559 3,665 4,186 48,742 5,604 31,093 12,045 1,547 7,207 17,740 4.774 4,224 550 682 319 11,965 3.466 4,080 49,331 6,018 31,241 12,072 1,635 7,016 16,930 4,778 4,275 503 685 329 11,138 3,474 3,865 49,783 5,645 32,145 11,993 1,493 7,365 16,456 4,546 3,988 558 840 304 r10,766 3,305 3,806 48,246 5,574 30,485 12,187 1,514 7.306 16,790 5,002 4,190 812 948 302 10,538 3,313 3,783 50,437 6,360 32,351 11,726 1,590 7,157 17,304 5,013 4,288 924 1,047 284 10,760 3.467 3,947 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, manufacsales, 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 6 Beginning November 1974, the Board of Governors terminated the with investors. System guarantee on acceptances purchased for foreign official accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 INTEREST RATES • JANUARY 1976 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Effective date Rate Effective date Rate Monthly average rate 1974—A M p a r y . 2 1 1 6 5 2 1 9 1 1i \ i o o 0 i 0 1 y % /2 4 1975—J F a e n b . . 2 2 1 3 9 5 0 8 , , 1 1 0 9 9 9 0 1 1 1 3 / / / / 4 4 2 4 1975—J S A u e u l p y g t . . 2 1 1 1 8 8 2 5 7 77 7 8 1 11 3 / // 4 4 22 1 1 9 9 7 7 4 5 — — O N S J D a e o c e p n t c v . t . . . . 1 1 1 1 1 0 1 2 0 0 . . . . . 8 6 0 0 5 3 8 5 0 0 10 11% 10, 9 Feb. 8.96 17 111/2 18, 8V4 Oct. 27 773344 Mar. 7.93 June 26 113/ 4 24, 81/2 Nov. 5 7 Vi A M p a r y . 7 7 . . 5 4 0 0 July 5 12 Mar. 1 5 0 8 81 /4 Dec. 2 m J Ju u n ly e 7 7 . . 0 1 7 5 18, 734 Aug. 7.66 Oct. 7 11% 24, 71/2 Sept. 7.88 21 11% Oct. 7.96 28 111/4 May 20, 71/4 Nov. 7.53 Dec. 7.26 Nov. 4 June 9 7 14 1034 25 101/2 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. Rate shown is the predominant rate," this table shows only the "large-business prime rate," which is the prime rate quoted by a majority of large "money market" banks to large range of rates charged by commercial banks on short-term loans to large businesses. businesses with the highest credit standing. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) Ail sizes -9 10-99 100-499 500-999 1,000 and over Center Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1975 1975 1975 1975 1975 1975 1975 1975 1975 1975 1975 1975 Short-term 35 centers 8.22 8.16 9.42 9.57 9.02 9.10 8.48 8.52 8.29 8.18 8.00 7.90 New York City 8.00 7.88 9.28 9.27 8.89 9.02 8.44 8.55 7.93 7.86 7.93 7.76 7 Other Northeast 8.43 8.37 9.83 10.00 9.33 9.34 8.71 8.63 8.67 8.51 8.01 7.95 8 North Central 8.12 8.00 9.01 9.11 8.79 8.82 8.39 8.32 8.25 7.91 7.94 7.82 3 Southeast 8.41 8.70 9.58 9.86 9.21 9.40 8.57 8.97 8.32 8.67 7.94 8.15 8 Southwest 8.28 8.34 9.21 9.35 8.76 8.89 8.27 8.32 8.32 8.24 8.06 8.15 4 West Coast 8.45 8.33 9.67 9.72 9.21 9.23 8.51 8.58 8.28 8.23 8.37 8.18 Revolving credit 35 centers 8.17 7.95 9.73 9.59 9.06 8.91 8.45 8.58 8.68 8.23 8.07 7.84 New York City 8.37 7.92 8.91 9.04 8.94 8.94 8.41 8.37 8.30 8.16 8.37 7.88 7 Other Northeast 8.09 7.92 10.11 10.45 9.01 8.66 8.01 8.21 8.78 7.56 7.98 7.91 8 North Central 8.27 8.20 9.70 9.78 9.58 10.01 8.81 9.24 8.56 8.12 8.12 8.03 7 Southeast 7.82 8.41 10.07 9.90 9.47 8.61 8.35 8.68 7.50 7.97 7.50 8.40 8 Southwest 8.41 8.40 9.36 9.44 8.88 8.66 8.46 8.51 8.11 8.47 8.49 8.29 4 West Coast 8.02 7.84 9.27 8.91 8.84 8.54 8.39 8.44 9.10 8.40 7.83 7.69 Long-term 35 centers 8.89 8.22 9.45 9.94 9.47 9.36 9.01 8.83 8.54 8.47 8.89 8.05 New York City 8.77 8.38 8.80 9.92 8.53 9.50 8.86 8.69 8.01 9.02 8.80 8.31 7 Other Northeast 8.96 8.53 9.35 9.99 10.09 9.76 9.56 9.41 9.28 7.96 8.60 8.28 8 North Central 9.45 7.22 9.71 9.06 9.24 8.68 8.50 8.64 8.23 8.09 9.81 6.80 7 Southeast 8.91 8.91 8.87 10.94 9.66 9.14 9.54 7.93 8.04 9.47 8.30 9.50 8 Southwest 8.41 8.47 9.69 10.74 9.38 9.86 8.67 8.37 8.62 8.68 8.18 8.28 4 West Coast 8.57 8.71 9.60 9.15 9.24 9.20 9.28 9.06 8.47 8.67 8.47 8.66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • INTEREST RATES A 27 MONEY MARKET RATES (Per cent per annum) U.S. Government securities 5 PPrriimmee FFFiiinnnaaannnccceee PPPeeerrriiioooddd ccoomm ppaa mm pp ee ee rr rr cc 11 ii aall pppaaa CCC ppp OOO... eee rrr bbbaaa PPP nnn rrriii kkk mmm eeerrr eee sss ''' FFF eeerrr eee aaa ddd lll --- 3-month bills 6 6-month bills 6 9- to 12-month issues ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee444 yyeeaarr 90-119 4 to 6 333 tttooo 666 999000 dddaaayyysss 333 Rate Market Rate Market 1 -year iissssuueess77 days months mmmooonnnttthhhsss222 on new yield on new yield bill (mar- Other 7 issue issue ket yield) 6 1967 55555.....1111100000 44444.....8888899999 44444.....7777755555 44444.....2222222222 44444.....333332222211111 44444.....2222299999 44444.....666663333300000 44444.....6666611111 44444.....7777711111 44444.....8888844444 55555.....0000077777 1968 55555.....9999900000 55555.....6666699999 55555.....7777755555 55555.....6666666666 55555.....333333333399999 55555.....3333344444 55555.....444447777700000 55555.....4444477777 55555.....4444466666 55555.....6666622222 55555.....5555599999 1969 77777.....8888833333 77777.....1111166666 77777.....6666611111 88888.....2222211111 66666.....666667777777777 66666.....6666677777 66666.....888885555533333 66666.....8888866666 66666.....7777799999 77777.....0000066666 66666.....8888855555 1970 77777.....7777722222 77777.....2222233333 77777.....3333311111 77777.....1111177777 66666.....444445555588888 66666.....3333399999 66666.....555556666622222 66666.....5555511111 66666.....4444499999 66666.....9999900000 77777.....3333377777 1971 55555.....1111111111 44444.....9999911111 44444.....8888855555 44444.....6666666666 44444.....333334444488888 44444.....3333333333 44444.....555551111111111 44444.....5555522222 44444.....6666677777 44444.....7777755555 55555.....7777777777 1972 4.66 4.69 4.52 4.47 4.44 4.071 4.07 4.466 4.49 4.77 4.86 5.85 1973 8.20 8.15 7.40 8.08 8.74 7.041 7.03 7.178 7.20 7.01 7.30 6.92 1974 10.05 9.87 8.62 9.92 10.51 7.886 7.84 7.926 7.95 7.71 8.25 7.81 1975 6.26 6.33 6.16 6.30 5.82 5.838 5.80 6.122 6.11 6.30 6.70 7.55 1974—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 r7.35 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 June. 5.67 5.79 5.53 5.70 5.55 5.193 5.34 5.463 5.61 5.86 6.26 7.26 July 6.32 6.44 r6.02 6.40 6.10 6.164 6.13 6.492 6.50 6.64 7.07 7.72 Aug., 6.59 6.70 6.39 6.74 6.14 6.463 6.44 6.940 6.94 7.16 7.55 8.12 Sept 6.79 6.86 6.53 6.83 6.24 6.383 6.42 6.870 6.92 7.20 7.54 8.22 Oct,. 6.35 6.48 6.43 6.28 5.82 6.081 5.96 6.385 6.25 6.48 6.89 7.80 Nov., 5.78 5.91 5.79 5.79 5.22 5.468 5.48 5.751 5.80 6.07 6.40 7.51 Dec.. 5.88 5.97 5.86 5.72 5.20 5.504 5.44 5.933 5.85 6.16 6.51 7.50 Week ending— 11997755——SSeepptt.. 6 6.75 6.75 6.50 6.82 6.06 6.381 6.38 6.866 6.89 7.07 7.43 8.07 13 6.75 6.75 6.50 6.85 6.15 6.389 6.43 6.889 6.88 7.14 7.51 8.26 20 6.85 6.93 6.50 6.82 6.28 6.444 6.45 6.901 6.97 7.31 7.64 8.34 27 6.78 6.95 6.58 6.81 6.29 6.316 6.38 6.824 6.90 7.21 7.52 8.18 OOcctt.. 4 6.85 6.93 6.70 6.79 6.36 6.547 6.46 6.980 6.91 7.16 7.61 8.21 11 6.70 6.88 6.75 6.59 6.06 6.239 6.23 6.571 6.53 6.74 7.20 7.97 18,. , 6.44 6.59 6.56 6.38 5.82 6.045 6.01 6.243 6.25 6.51 6.88 7.87 25., ,. 6.08 6.23 6.23 6.04 5.73 5.887 5.73 6.156 6.06 6.29 6.66 7.67 NNoovv.. 1 5.88 6.00 6.00 5.83 5.65 5.685 5.58 5.974 5.82 6.02 6.42 7.50 8 5.88 6.03 6.00 5.79 5.17 5.602 5.50 5.792 5.71 5.89 6.30 7.41 15 ... 5.75 5.88 5.63 5.77 5.24 5.279 5.37 5.483 5.65 5.96 6.27 7.38 22 5.75 5.88 5.78 5.79 5.24 5.471 5.49 5.796 5.85 6.17 6.47 7.60 29 5.75 5.88 5.78 5.80 5.28 5.520 5.54 5.933 5.98 6.24 6.54 7.62 DDeecc.. 6 5.85 5.98 5.88 5.80 5.25 5.550 5.57 5.995 6.04 6.30 6.65 7.59 13 5.98 6.03 5.95 5.81 5.26 5.633 5.60 6.144 6.06 6.43 6.79 7.67 20 5.95 6.03 5.95 5.72 5.17 5.491 5.44 5.914 5.85 6.20 6.54 7.50 27 5.84 5.94 5.75 5.65 5.18 5.340 5.28 5.678 5.60 5.91 6.25 7.37 Jan. 3 .. .. 5.69 5.81 5.69 5.52 5.18 5.208 5.19 5.507 5.49 5.77 6.11 7.28 1 Averages of the most representative daily offering rate quoted by rates. Prior to this date, the daily effective rate was the rate considered dealers. most representative of the day's transactions, usually the one at which 2 Averages of the most representative daily offering rate published by most transactions occurred. finance companies, for varying maturities in the 90-179 day range. 5 Except for new bill issues, yields are averages computed from daily 3 Beginning Aug. 15, 1974, the rate is the average of the midpoint of closing bid prices. the range of daily dealer closing rates offered for domestic issues; prior 6 Bills quoted on bank-discount-rate basis. data are averages of the most representative daily offering rate quoted by 7 Selected note and bond issues. dealers. 4 Seven-day averages of daily effective rates for week ending Wednesday. Since July 19, 1973, the daily effective Federal funds rate is an average of NOTE.—Figures for Treasury bills are the revised series described on p. the rates on a given day weighted by the volume of transactions at these A-35 of the Oct. 1972 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 INTEREST RATES • JANUARY 1976 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State and local Aaa utility By selected BByy DDiivviiddeenndd// EEaarrnniinnggss// ratine ggrroouupp pprriiccee rraattiioo pprriiccee rraattiioo PPeerriioodd UUnniitteedd TToottaall 11 SSttaatteess ((lloonngg-- RRee-- Aaa Baa Indus- Rail- Public tteerrmm)) Total i Aaa Baa NNeeww cceennttllyy trial road utility PPrree-- CCoomm-- CCoomm-iissssuuee ooffffeerreedd ffeerrrreedd mmoonn mmoonn Seasoned issues 1970 6666....55559999 6666....44442222 6666....11112222 666666......777777555555 888888......666666888888 888888......777777111111 888888......555555111111 888888......000000444444 999999......111111111111 888888......222222666666 888888......777777777777 888888......666666888888 777777......222222222222 333333......888888333333 666666......444444666666 1971 5555....77774444 5555....66662222 5555....22222222 555555......888888999999 777777......666666222222 777777......666666666666 777777......999999444444 777777......333333999999 888888......555555666666 777777......555555777777 888888......333333888888 888888......111111333333 666666......777777555555 333333......111111444444 555555......444444111111 1972 5555....66663333 5555....33330000 5555....00004444 555555......666666000000 777777......333333111111 777777......333333444444 777777......666666333333 777777......222222111111 888888......111111666666 777777......333333555555 777777......999999999999 777777......777777444444 777777......222222777777 222222......888888444444 555555......555555000000 1973 6666....33330000 5555....22222222 4444....99999999 555555......444444999999 777777......777777444444 777777......777777555555 777777......888888000000 777777......444444444444 888888......222222444444 777777......666666000000 888888......111111222222 777777......888888333333 777777......222222333333 333333......000000666666 777777......111111222222 1974 66..9999 66..1199 55..8899 666666......555555333333 999999......333333333333 999999......333333444444 888888......999999888888 888888......555555777777 999999......555555000000 888888......777777888888 888888......999999888888 999999......222222777777 888888......222222333333 444444......444444777777 111111111111......666666000000 1974—Dec. 66..7788 77..0044 66..6655 77..5500 99..5533 99..5566 99..5566 88..8899 1100..5555 99..2233 99..5599 1100..0022 88..7788 55..4433 1122..9977 1975—Jan. 6.68 6.89 6.39 7.45 9.36 9.45 9.55 8.83 10.62 9.19 9.52 10.10 88888.....4444411111 5555555555555.............00000000000007777777777777 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 88888.....0000077777 4444444444444.............66666666666661111111111111 Mar 6.73 6.70 6.28 77..2255 99..3355 99..3388 99..2288 88..6677 1100..2299 99..0055 99..2255 99..6677 88888.....0000044444 4444444444444.............44444444444442222222222222 1100..1100 Apr 7.03 6.95 6.46 77..4433 99..6677 99..6655 99..4499 88..9955 1100..3344 99..3300 99..3399 99..8888 88888.....2222277777 4444444444444.............33333333333334444444444444 May 6.99 6.95 6.42 7.48 9.63 9.65 9.55 8.90 10.46 9.37 9.49 9.93 88888.....5555511111 4444444444444.............00000000000008888888888888 June 6.86 66..9966 66..2288 77..4488 99..2255 99..3322 99..4455 88..7777 1100..4400 99..2299 99..4400 99..8811 88888888........3333333344444444 4444444444444.............00000000000002222222222222 88..2288 July. 6.89 77..0077 66..3399 77..6600 99..4411 99..4422 99..4433 88..8844 1100..3333 99..2266 99..3377 99..8811 88888888........2222222244444444 4444444444444.............00000000000002222222222222 Aug 7.06 7.12 6.40 7.71 9.46 9.49 9.51 8.95 10.35 9.29 9.41 9.93 88888888........4444444411111111 4444444444444.............33333333333336666666666666 Sept 7.29 7.40 6.70 7.96 9.68 9.57 9.55 8.95 10.38 9.35 9.42 9.98 88888888........5555555566666666 4444444444444.............33333333333339999999999999 Oct 7.29 7.40 6.67 8.01 9.45 9.43 9.51 8.86 10.37 9.32 9.40 9.94 88888888........5555555588888888 4444444444444.............22222222222222222222222222 Nov 7.21 7.41 6.64 8.08 9.20 9.26 9.44 8.78 10.33 9.27 9.36 9.83 88888888........5555555500000000 4444444444444.............00000000000007777777777777 Dec 7.17 7.29 6.50 7.96 9.36 9.21 9.45 8.79 1100..3355 99..2266 99..3377 99..8877 88888888........5555555577777777 4444444444444.............11111111111114444444444444 Week ending— 1975—Nov. 1.. 7.18 7.36 6.60 8.00 9.22 9.33 9.46 8.78 10.36 9.28 9.38 9.86 8.42 4.14 88.... 7.17 7.50 6.74 8.15 9.10 9.24 9.43 8.76 10.32 9.25 9.36 9.82 8.56 4.14 1155.... 7.17 7.40 6.62 8.07 9.11 9.24 9.43 8.75 10.34 9.27 9.35 9.82 8.52 4.03 22.. 7.25 7.37 6.59 8.04 9.40 9.30 9.44 8.81 10.31 9.29 9.34 9.81 8.48 4.08 29.. 7.24 7.37 6.59 8.04 9.25 9.46 8.81 10.34 9.28 9.37 99..8855 88..4433 44..0044 Dec. 6.. 7.23 7.30 6.52 7.97 9.46 9.34 9.47 8.83 10.35 9.30 9.36 99..8877 88..6699 44..2200 13.. 7.26 7.31 6.53 7.98 9.37 9.25 9.49 8.86 10.37 9.30 9.37 9.91 8.74 4.17 20.. 7.17 7.28 6.49 7.95 9.24 9.19 9.46 8.81 10.36 9.26 9.38 9.89 8.46 4.12 27.. 7.09 7.28 6.49 7.95 9.13 9.42 8.72 10.33 9.22 9.36 9.84 888...444999 44..1111 1976—Jan. 7.05 7.26 6.45 7.92 99..1100 99..4400 88..6666 1100..3333 99..2211 99..3366 99..7799 888...444888 44..0088 Number of issues2 1155 2200 5 5 112211 2200 3300 4411 3300 4400 1144 550000 550000 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 pedian 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 daily or weekly figures. Monthly 1 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 an assumed 3 per cent, 20-year for member firms of the New York Stock Exchange. June data for banks bond. Municipal and corporate bonds, derived from average yields as are universe totals; all other data for banks represent estimates for all computed by Standard and Poor's Corp., on basis of a 4 per cent, 20- commercial banks based on reports by a reporting sample, which acyear bond; Wed. closing prices. Common stocks, derived from com- counted for 60 per cent of security credit outstanding at banks on June 30, ponent common stock prices. Average daily volume of trading, 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

JANUARY 1976 • SECURITY MARKETS A 29 SECURITY PRICES Common stock prices VVVooollluuummmeee ooofff BBBooonnnddd ppprrriiiccceeesss New York Stock Exchange AAAmmmeeerrr--- tttrrraaadddiiinnnggg iiinnn (((pppeeerrr ccceeennnttt ooofff pppaaarrr))) iiicccaaannn ssstttoooccckkksss SSStttoooccckkk (((ttthhhooouuusssaaannndddsss ooofff PPPPeeeerrrriiiioooodddd Standard and Poor's index New York Stock Exchange index EEExxx--- ssshhhaaarrreeesss))) (1941-43= 10) (Dec. 31, 1965 = 50) ccchhhaaannngggeee tttoootttaaalll iiinnndddeeexxx ( G t l U e o o r . n m v S g t . ) - , S l a o t n c a a d 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 i u al s - T p t o r i a r o t n n a s - - Utility na F n i- ce 111 ((( 999 AAA 111 333 777 000 uuu 111 333 000 ,,, ggg ))) === ... NYSE AMEX 1970. 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 96.63 10,532 3,376 1971 67.73 80.0 65.0 98.29 108.35 41.94 59.33 54.22 57.92 44.35 39.53 70.38 113.40 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--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 11997755--—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 June 58.33 69.8 56.7 92.40 103.68 38.97 43.65 49.21 54.61 30.79 32.78 52.20 90.57 r21,286 2,743 July 58.09 68.5 56.6 92.49 103.84 38.04 43.67 49.54 54.96 32.88 32.98 52.51 93.28 20,076 2,750 Aug 56.84 68.3 55.6 85.71 96.21 35.13 41 .04 45.71 50.71 30.14 31 .02 46.55 85.74 13,404 1 ,476 Sept 55.23 66.1 55.8 84.62 94.96 34.94 40.53 44.97 50.05 29.46 30.65 43.38 84.26 12,717 1,439 Oct 55.23 66.1 56.0 88.57 99.29 36.92 42.59 46.87 52.26 30.79 31 .87 44.36 83.46 15,893 1,629 Nov 55.77 66.2 56.3 90.07 100.86 37.81 43.77 47.64 52.91 32.15 32.83 47.48 85.60 16,795 1,613 Dec 56.03 67.4 56.1 88.74 94.89 37.07 43.25 46.78 63.70 31 .61 32.75 43.86 82.50 15,859 1,977 Week ending— Dec. 6, 55.60 66.9 55.9 88.65 99.49 36.95 43.25 46.72 51.83 31 .43 32.60 44.15 83.51 17,146 1,754 13 55.39 66.9 55.6 87.62 98.11 36.44 42.69 46.17 51.22 30.90 32.42 43.01 81.64 14,854 1,738 20 56.07 67.5 55.9 88.88 99.55 37.09 43.14 46.83 51.97 31.43 32.79 43.58 82.45 16,926 2,004 27 56.64 67.8 56.4 89.13 99.78 37.32 43.43 47.01 52.13 32.08 32.90 44.07 82.15 13,565 1,848 1976--Jan. 3 56.95 68.1 56.5 90.25 100.97 37.92 44.16 47.65 52.76 32.94 33.41 45.17 83.22 15,080 2,423 For notes see opposite page. STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated : Unregulated 3 Free credit balances at brokers 4 End of period By source By type Margin stock Convertible Subscription Nonmargin bonds issues stock Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin accts. 1974--No v.. 4,994 4,103 891 3,960 851 139 2,054 410 Dec.. 4,836 3,980 856 3,840 815 137 2,064 411 1975—Jan... 4,934 4,086 848 3,950 806 134 919 410 Feb.. 5,099 4,269 830 4,130 783 136 897 480 Mar.. 5,164 4,320 844 4,180 800 134 882 515 Apr.. 5,327 4,503 824 4,360 781 138 885 505 May. 5,666 4,847 819 4,700 779 140 883 520 June. 5,140 4,990 146 520 July.. 5,446 5,300 143 555 Aug.. 5,365 5,220 142 515 Sept.. 5,399 5,250 145 470 Oct.. 5,448 5,300 144 545 Nov.. 5,519 5,370 146 490 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 • JANUARY 1976 EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, except as noted) (Per cent of total, except as noted) TToottaall Equity class (per cent) Equity class of accounts (( dd mm eebb iill tt -- NNeett in debit status Total EEnndd ooff lliioonnss End of period ccrreeddiitt balance ppeerriioodd dd oo oo ff ll -- m 80 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 e r ssttaattuuss 60 o r p e m r o c r e e n t 6 L 0 e p ss e r t h c a e n n t of ( m d i o l l l l i a o r n s s ) llaarrss))!! 1974—Nov. 40.0 34.6 25.3 6,926 1974—Nov.. 4,040 4.2 5.1 8.5 14.8 24.4 42.8 Dec. 41.1 32.4 26.5 7,013 Dec.. 3,910 4.3 4.6 8.8 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 Mar. 44.4 40.1 15.5 7,277 Mar.. 4,180 6.5 8.0 15.3 27.6 25.8 16.9 Apr. 45.2 41.1 13.7 7,505 Apr.. 4,360 7.1 8.7 16.1 28.7 23.5 15.9 May 44.5 43.2 12.3 7,601 May. 4,700 7.0 9.1 16.7 31.5 21 .0 13.4 June 45.9 43.1 11.0 7,875 June. 4,990 7.4 9.9 18.3 32.7 20.4 11.4 July. 45.6 41.1 13.1 7,772 July.. 5,300 6.0 8.3 13.9 23.6 30.4 17.9 Aug. 43.5 40.6 16.0 7,494 Aug.. 5,220 5.5 6.8 11.3 20.7 31.0 24.7 Sept. 45.3 38.9 15.8 7,515 Sept.. 5,250 5.1 7.3 10.6 19.6 31.0 26.5 Oct.. 44.4 40.1 15.5 7,362 Oct... 5,300 5.5 6.7 11.2 21.8 29.7 25.2 Nov. 45.3 40.2 14.5 7,425 Nov.. 5,370 5.2 6.7 12.2 23.2 28.6 24.0 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 End of period M ga o g r e t- Other G U o . v S t . . S l a o t n c a a d te l C r a o a n r t d p e o - Cash O as t s h e e ts r li T a a t o b i n e t i d s a li l - De i p ts o s- l O ia t t i b h e i s e l i r - G r c e o e a s u n e c e n r - r v t a s e l classi ( f i i n e d m b o y n t m h a s) t urity govt. otheri general 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 ,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 ,624 4,539 197 3 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 ,008 3,261 197 4 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—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 Apr... 75,259 4,407 3,419 1,121 24,994 1,841 2,780 113,821 102,902 2,849 8,071 913 335 312 538 2,098 May.. 75,440 4,593 3,616 1,137 25,579 2,077 2,811 115,252 104,056 3,080 8,116 955 383 300 573 2,211 June.. 75,763 4,492 3,744 1,240 26,470 2,088 2,954 116,751 105,993 2,594 8,164 973 510 195 565 2,243 July.. 76,097 4,396 3,965 1,436 26,976 1,835 3,004 117,709 106,533 2,970 8,208 957 463 266 526 2,212 Aug... 76,310 4,405 4,187 1,451 27,104 1,730 3,067 118,254 106,745 3,255 8,254 981 431 237 573 2,222 Sept.. 76,429 4,487 4,279 1,495 27,033 1,783 3,136 118,643 107,560 2,778 8,304 1,011 372 256 499 2,138 Oct... 76,655 4,481 4,368 1,523 27,106 1,805 3,152 119,089 107,812 2,950 8,328 950 368 275 394 1,987 1 Also includes securities of foreign governments and international were net of valuation reserves. For most items, however, the differences organizations and nonguaranteed issues of U.S. Govt, agencies. are relatively small. 2 Commitments outstanding of banks in New York State as reported to the Savings Banks Assn. of the State of New York. Data include building NOTE.—NAM SB data; figures are estimates for all savings banks in loans. 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

JANUARY 1976 • SAVINGS INSTITUTIONS A 31 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign1 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s 197 1 222,102 11,000 4,455 3,363 3,182 99,805 79.198 20,607 75,496 6,904 17,065 11,832 197 2 239,730 11,372 4,562 3,367 3,443 112.985 86,140 26,845 76,948 7,295 18,003 13,127 197 3 252,436 11,403 4,328 3,412 3,663 117,715 91,796 25.919 81,369 7,693 20,199 14,057 197 4 263,817 11,890 4,396 3,653 3,841 119,580 97,430 22,150 86,258 8,249 22,899 14,941 1974—Oct.. 261,183 11,804 4,344 3,620 3,840 119,225 96,815 22,410 85,016 8,140 22,473 14,525 Nov. 262,253 11,871 4,394 3,626 3,851 119,246 97.199 22,047 85,481 8,207 22,676 14,772 Dec. 263,349 11,965 4,437 3,667 3,861 118,572 96,652 21.920 86,234 8,331 22,862 15,385 1975—Jan.. 266,823 12,065 4,461 3,669 3,935 121.986 98,876 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 Mar. 272,143 12,338 4,581 3,712 4,045 125,512 100,116 25,399 87,187 8,582 23,391 15,133 Apr. 273,523 12,374 4,608 3,719 4,047 126,256 99,725 26,531 87,638 8,782 23,459 15,014 May 275,816 12,464 4,678 3,739 4,047 127,847 100,478 27,369 87,882 8,843 23,570 15,210 June 278,343 12,560 4,738 3,762 4,060 129,838 101,238 28,600 88,035 8,989 23,675 15,246 July. 279,354 12,814 4,843 3,902 4,069 130,298 102,675 27,623 88,162 9,058 23,794 15,228 Aug. 280,482 13,022 4,895 4,039 4,088 130,659 103,496 27,163 88,327 9,112 23,919 15,443 Sept. 281,847 13,150 4,914 4,122 4,114 131,524 104,529 26,995 88,445 9,210 24,048 15,470 Oct.. 284,829 13,793 5,505 4,148 4,140 133,237 105,473 27,764 88,655 9,356 24,171 15,617 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 all life insurance values are not made on each item separately but are included, in total in companies in the United States. "Other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Mortgage Total loan com- End of period M ga o g r e t s - I s i n m e t v i c e e e u n s s r 1 t t - - Cash Other l a ia s T b s o e il t t i s a t — i l e s S c a a v p i i n ta g l s w N or e t t h 2 m r B o o w n o e r e y - d 3 Loans Other ou m a p t t s i e t t e r m a n i n o d e d d n i o t 4 n s f g 197 1 174,250 18,185 2,857 10,731 206,023 174,197 13,592 8,992 5,029 4,213 7,328 197 2 206,182 21,574 2,781 12,590 243,127 206,764 15,240 9,782 6,209 5,132 11,515 19735 231,733 21,055 19,117 271,905 226,968 17,056 17,172 4,667 6,042 9,526 1974r 249,293 23,240 22,991 295,524 242,959 18,436 24,780 3,244 6,105 7,454 1974—Nov.. 248,699 23,255 23,222 295,176 239,567 18,675 24,510 3,479 8,945 7,723 Dec... 249,293 23,240 22,991 295,524 242,959 18,436 24,780 3,244 6,105 7,454 1975—Jan... 249,719 25,390 23,252 298,361 246,227 18,586 23,355 3,057 7,136 7,887 Feb... 250,828 27,003 23,669 301,500 249,524 18,816 21,895 3,049 8,216 8,787 Mar.. 252,442 28,304 24,210 304,956 256,017 18,654 20,373 3,275 6,637 10,050 Apr... 254,727 29,047 24,868 308,642 258,875 18,882 19,845 3,608 7,432 11,653 May.. 257,911 30,648 25,520 314,079 262,770 19,128 19,317 4,105 8,759 12,557 June.. 261,336 30,880 25,786 318,003 268,978 18,992 18,881 4,446 6,706 12,363 July.. 264,458 32,054 26,311 322,823 272,032 19,266 18,765 4,771 7,989 12,611 Aug.. 267,717 31,694 27,127 326,538 273,504 19,495 19,237 4,995 9,307 12,673 Sept.. 270,600 30,786 27,745 329,131 277,201 19,414 20,052 5,128 7,336 12,585 Oct... 273,596 31,652 28,145 333,393 279,465 19,663 20,327 5,207 8,731 11,748 Nov.? 275,903 32,480 28,607 336,990 281,691 19,917 20,425 5,157 9,800 11,554 1 Excludes stock of the Federal Home Loan Bank Board. Compensating in other assets. The effect of this change was to reduce the mortgage changes have been made in "Other" assets. total by about $0.6 billion. 2 Includes net undistributed income, which is accrued by most, but not Also, GNMA-guaranteed, mortgage-backed securities of the passall, associations. through type, previously included in "Cash" and "Investment securities" 3 Advances from FHLBB and other borrowing. are included in "Other" assets. These amounted to about $2.4 billion at 4 Data comparable with those shown for mutual savings banks (on the end of 1972. opposite page) except that figures for loans in process are not included above but are included in the figures for mutual savings banks. NOTE.—FHLBB data; figures are estimates for all savings and loan 5 Beginning 1973, participation certificates guaranteed by the Federal assns. in the United States. Data are based on monthly reports of insured Home Loan Mortgage Corporation, loans and notes insured by the assns. and annual reports of noninsured assns. Data for current and Farmers Home Administration, and certain other Govt.-insured mortgage- preceding year are preliminary even when revised. type investments, previously included in mortgage loans, are included Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 32 FEDERAL FINANCE • JANUARY 1976 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Borrowings from the public Less: Cash and monetary assets Other means Period Surplus Less: Invest- of Receipts Outlays or Public ments by Govt, Trea- financdeficit debt Agency accounts * Less: Equals: sury ing, (-) securi- securi- Special Total operat- Other net 3 ties ties notes 2 ing Special Other balance issues Fiscal year: 197 2 208,649 231,876 -23,227 29,131 -1,269 6,796 1,623 19,442 1,362 1,108 6,255 197 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 -3,417 889 -2,077 197 5 280,997 324,601 -43,604 58,953 -1,069 8,112 -1,081 50,853 -1,570 1,891 -6,928 Half year: 1973—July-Dec. 124,256 130,362 -6,106 11,756 478 5,376 845 6,014 -2,202 -319 -2,429 1974—Jan.-June 140,676 138,032 2,647 5,162 426 8,297 295 -3,004 -1,215 1,089 231 July-Dec. 139,807 153,399 -13,591 18,429 -646 2,840 150 14,794 -3,228 248 -4,183 1975—Jan.-June, 141,190 171,202 -30,012 40,524 -423 5,272 -1,231 36,059 1,658 1,643 -2,746 Month: 1974—No v r22,265 r24,923 -2,658 5,139 '-32 653 -31 ••4,485 816 '124 '-887 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 J M u a n y e 3 1 1 2 , , 8 7 1 9 7 3 2 3 8 0 , ,2 1 9 8 6 6 -15 1 , , 3 5 9 2 4 1 1 5 1 , 0 ,4 3 1 0 8 -5 -6 5 4 3 , , 1 2 3 9 1 6 -4 2 4 7 0 6 8,5 5 5 6 6 7 -5 - , 9 7 4 5 9 7 -73 5 2 6 -2, . 9 3 8 4 1 9 July 20,055 31,107 -11,052 5,051 -23 -2,427 -346 7,800 -3,390 -1,373 -1,511 Aug 23,604 30,654 -7,050 9,472 6 2,384 -94 7,189 -630 -263 -1,032 Sept 28,615 29,044 -429 1,935 9 -2,151 -367 8,463 6,961 446 -627 Oct 19,316 32,425 -13,109 8,352 -5 -3,656 260 11,743 -203 -348 815 Nov 21,745 29,401 -7,656 4,800 -3 -749 -390 5,936 -3,844 392 -1,732 Selected balances Treasury operating balance Borrowing from the public. End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n n ts d t O a e r p th i o e e s s r i 4 - Total se P c d u u e b r b i l t t i i c e s se A c g u e r n it c i y es Sp G I e o n c v v ia t e , l s t a m cc e o n u ts n t o s f 1 S n L p o e e t c s e i s s a : 2 l E T q o u t a a l l s: s c p p o G r o N r i n o v p o s v a s w o t . t — r . e - e 5 d issues Fiscal year: 197 1 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 37,086 197 2 2,344 7,634 139 10,117 427,260 10,894 89,536 24,023 825 323,770 41,814 197 3 4,038 8,433 106 12,576 458,142 11,109 101,248 24,133 825 343,045 51,325 197 4 2,919 6,152 9,159 475,060 12,012 114,921 25,273 825 346,053 65,411 197 5 5,773 1,475 7,591 533,188 10,943 123,033 24,192 (6) 396,906 76,092 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—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-Ja n 3,541 2,115 220 5,876 494,139 11,343 115,588 25,380 364,514 76,921 Feb 2,885 410 220 3,515 499.710 11,037 116,812 23,886 369,049 75,964 Mar.... 4,271 2,142 220 6,633 509,659 11,042 115,596 24,807 380,298 76,392 Apr 8,364 5,415 521 14,299 516,740 11,004 115,606 24,355 387,783 77,124 May.... 7,040 984 521 8,545 528,158 10,998 118,902 23,915 396,339 75,140 June.... 5,773 1,475 343 7,591 533,188 10,943 123,033 24,192 396,906 76,092 July.... 2,776 878 444 4,098 538,240 10,920 120,606 23,847 404,707 77,173 Aug 2,349 1,214 -141 3,423 547.711 10,926 122,990 23,752 411,895 76,659 Sept '8,074 '2,162 529 10,765 553,647 10,935 120,839 23,385 420,358 77,026 Oct 8,517 1 ,251 559 10,327 561,999 10,931 117,183 23,645 432,102 78,016 Nov... . 4,919 1,558 9 6,485 566,799 10,928 116,434 23,255 438,037 1 With the publication of the Oct. 1974 Federal Reserve BULLETIN, taries" (deposits in certain commercial depositaries that have been conthese series have been corrected (beginning in fiscal year 1971) to exclude verted from a time to a demand basis to permit greater flexibility in special issues held by the Federal home loan banks and the General Treasury cash management). Services Adm. Participation Certificate Trust, which are not Govt, ac- 5 Includes debt of Federal home loan banks, Federal land banks, R.F.K. counts. Stadium Fund, FNMA (beginning Sept. 1968), and Federal intermediate 2 Represents non-interest-bearing public debt securities issued to the credit banks and banks for cooperatives (both beginning Dec. 1968). International Monetary Fund and international lending organizations. 6 Beginning July 1974, public debt securities excludes $825 million of New obligations to these agencies are handled by letters of credit. notes issued to International Monetary Fund to conform with Office of 3 Includes net outlays of off-budget Federal agencies, accrued interest Management and Budget's presentation of the budget. payable on public debt securities, deposit funds, miscellaneous liability and asset accounts, and seigniorage. 4 As of Jan. 3, 1972, the Treasury operating balance was redefined to NOTE.—Half years may not add to fiscal year totals due to revisions in exclude the gold balance and to include previously excluded "Other deposi- series that are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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- ceipts 3 Fund i| roll empl. taxes Fiscal year: 197 2 208,649 83,200 25,679 14,143 94,737 34,926 2,760 144, ( 2,032 4,357 3,437 53,914 15,477 3,287 5,436 3,633 197 3 232,225 98,093 27,017 121,866 103,246 39,045' 2,893| 52,505 2,371 6,05l! 3,614| 64,542 16,2601 3,188 4,917' 3,921 197 4 264,932 112,092 28 30,812 23,952 118,952[ 41,744| 3,125 62,878 3,008 6,8371 4,051 76,780 16,844 3,3341 5,035 5,369 197 5 280,997 122,071 "34,328 34,013 122,386 45,747 5,125I 71,789 3,4171 6,770 4,4661 86,441 16,551 3,676 4,611 6,711 Half year: 1973—July-Dec.. 124,256 52,964 6,207 999 58,172 16,589 1,494 29,965 201 2,974 1,967 35,109 8,966 1,633 2,514 2,768 1974—Jan.-June. 140,676 59,100 28 |24,605 122,953 60,782 125,155 1,631 32,919 2,807 3,862 2,084 41,671 7,878 1,701 2,521 2,601 July-Dec.. 139,807 61,377 7,099 1,016 67,460 18,247! 2,016| 34,418 254| 2,914 2,187 39,774 8,761 1,958 2,284 3,341 1975—Jan.-June. 141,190 60,694 127,198 132,997 54,926 27,500 3,109 37,371 3,163 3,856 2,279 46,667 7,7901 1,718 2,3271 3,370 Month: 1974—No v r22,265 r10,634| 305 111 '10,827 1,111 314 6,633 762 353 7,748 1,474| 319 350] r749 Dec 24,946 10,428 461 90 10,799 6,458 190 4,9821 14| 89 356 5,441 1,489 307 341 301 1975—Ja n 25,020 10,253 5,366| 132 15,487 1,745 557 802 223 245| 402 5,673 1,351 307 385 629 Feb 19,975, 10,964 1,046 4,264 7,747 1,275 4961 670 2251 732 352 8,979 1,2771 260 399 535 Mar 20,134 9,624 2,661 8,152 4,134 7,228 649 268 2081 21 373 6,870| 1,160 295 356] 741 Apr 31,451 9,558 12,7661 6,258 16,065 5,819 726 438 1,743 557 3881 8,126 1,166' 286 317 399 May 12,793| 10,300| 819| 12,749 -1,630 1,192 18! 689 340] 2,209 350| 10,588 1,373 270 459 559 June 31,817| 10,027| 4,541 1,444) 13,123 10,241 664 5521 373 92 413 6,431 1,464 301 412] 508 July 20,055 9,205 908 4981 9,615 1 ,838| 471 309 444 374 6,128 1,514 313 503 615 Aug 23,604| 10,246 488 331 10,403' 1,045' 425 085 1,257 372 9,713 1,394 302 430| 743 Sept 28,615 9,182 4,809 382| 13,609 6,277 264| 555 251 75 400 6,280| 1,430 312 431 539 Oct 19,316| 9,983 589 -81 10,653 1,6941 821 5521 2591 395 5,206 1,462 343 396] 382 Nov. 21,745 10,195 283 1241 10,354 1,072 3991 ;9oo 716 3771 7,9941 1,486 319 436 511 Budget outlays5 Gen- Nat- Educa- Gen- Reveral ural Com- tion, eral enue Undis- Na- sci- Agri- re- Com- mun. man- Health Govt., shar. trib. Period tional Intl. ence, cul- sources, merce and power, and Vet- Inter- law and offde- affairs space, ture envir., and region, and wel- erans est en- fiscal setting fense and and transp. devel- social fare force., assist- retech. energy opment! serv. and ance ceipts 6 justice Fiscal year: 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 7 7,222 -12,318 197 4 268,392 78,569 3,593' 4,154l 2,230 6,390] 13,100 4,910 11,600 106,505 13,386 28,072' 5,789 6,746 -16,652 197 5 324,601 88,238 4,198 4,154 1,991 7,92l' 15,566 4,410 15,110 136,333 16,595 31,019 6,464 6,700 -14,098 19768 358,900] 94,1001 5,5001 4,600 2,000 10,300| 15,700| 6,100 16,800 151,800] 17,100 6,500 7,300 -20,000 Month: 1975—Mar. 27,986 7,435 503 379 347 723 1,415 1,519 1,209 12,154| 1,81 2,656 568 3 -1,236 Apr. 29,601 7,555 109 368 275 611 1,088 309 1,838 12,379 1,466 2,716 416 1,524 -1,053 May 28,186 8,000 408 384 42 679 995 383 1,647' 11,968 1,468 2,607 479 -873 June 30,2961 7,854 557 256 179 788 1,289 453 1,684 14,158 1,412 2,521 759 * * — i4 -1,601 July. 31,107 7,307 531 476 2701 821 2,256 402 1,237 13,092 1,367 2 593 1,625 -1,094 Aug. 30,6541 8,229 448 402 117 770 2,165 568 1,690 12,431 1,447 2; 672 553 213 -1,071 Sept. 29,044| 6,923 47 398 507 844 1,899 453 1,684 12,738 1,334 2,859 548 4 -1,068 Oct.. 32,425 8,192 362 398 3121 740 1,965 462 896 13,575 1,518 2,957 492 1,592 -1,035 Nov. 29,401 7,533 419 405 196 786 1,203 315 1,653 12,612 1,624 2 531 15 -887 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 nonwithheld 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 Mid-Session Review of the 1976 Budget, May accounts. 30, 1975. 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 payretirement contributions. ments totaling $6,800 million for fiscal 1976 are not included. 4 Deposits of earnings by F. R. Banks and other miscellaneous receipts. 5 Budget outlays reflect the new functional classification of outlays presented in the 1976 Budget. For a description of these functions, see NOTE.—Half years may not add to fiscal year totals due to revisions in Budget of the U.S. Government, Fiscal Year 1976, pp. 64-65. series that are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 U.S. GOVERNMENT SECURITIES • JANUARY 1976 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues (interest-bearing) Total End of period p d g u e r b b o t l s i s c i Total Total Bills Ma C r c e k a r t e t e t if s a i b - le Notes Bonds 2 b C v i o e b o n r l n e d t- - s Total N 3 o nm F is o s a u r r e e k i s g e t n 4 a bl S e b a o a v n n in d d g s s i S ss p u e e c s ia 5 l notes 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—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 June 533.2 408.8 315.6 128.6 150.3 36.8 2.3 90.9 23.2 65.9 123.3 July. 538.2 416.3 323.7 133.4 153.6 36.7 2.3 90.4 22.2 66.3 120.9 Aug. 547.7 423.5 331.1 138.1 155.2 37.8 2.3 90.1 21.6 66.6 123.3 S O e c p t t . . , 5 5 5 6 3 2 . . 6 0 4 43 4 1 3 . . 6 5 3 3 5 3 0 8 . . 9 9 1 1 4 4 7 2 . . 1 8 1 1 5 6 8 6 . . 5 3 3 3 7 7. . 7 6 2 2 . . 3 3 9 9 0 0 . . 5 3 2 21 1 . .5 2 6 6 6 7 . . 9 2 1 1 2 1 1 7 . . 1 4 Nov. 566.8 447.5 355.9 151.1 166.1 36.7 2.3 89.3 21.3 67.6 116.7 Dec. 576.6 457.1 363.2 157.5 167.1 38.6 2.3 91.7 21.6 67.9 118.5 1 Includes non-interest-bearing debt (of which $614 million on Dec. 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 io o d f p T g d u r o e b o t b l a s t i s l c ag G t U a e r o n n u .S v c d s t . i t e . s B F a . n R k . s Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c i e e r - s - r c O a o t t r i h p o e o n r - s g S l a o o t n c v a a d t te s l . Savi I n n g d s i v idu O a t ls h er n F a i o t n a i r t n o e e n d i r g a - n l 1 t O i m o n r t v i h s s e c e s 2 . r funds bonds securities 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—Oct... 480.2 138.4 79.4 262.5 52.7 2.5 5.9 11.2 28.8 62.8 21.0 56.6 21.1 Nov.. 485.4 139.0 81.0 265.3 53.7 2.5 5.9 11.0 28.7 63.2 21.1 58.3 20.8 Dec.. 492.7 141.2 80.5 271.0 55.6 2.5 6.1 11.0 29.2 63.4 21.5 58.4 23.2 1975—Jan... 494.1 139.0 81.3 273.8 54.6 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 56.5 2.7 6.2 11.4 30.5 64.0 21.3 64.6 21.6 Mar.. 509.7 138.5 81.4 289.8 61.8 2.9 6.6 12.0 29.7 64.4 21.4 65.0 26.1 Apr.. 516.7 138.0 87.8 290.9 64.1 3.2 6.7 12.5 29.8 64.7 21.4 64.9 23.6 May. 528.2 140.9 85.6 301.7 67.7 3.4 6.9 13.7 29.8 65.1 21.5 66.8 26.8 June. 533.2 145.3 84.7 303.2 69.2 3.5 7.1 13.2 29.6 65.5 21.6 66.0 27.4 July.. 538.2 142.5 81.9 313.8 71.4 3.7 7.3 16.2 31.3 65.9 21.8 66.7 29.5 Aug.. 547.2 144.8 82.5 320.4 75.4 3.9 7.4 16.0 31.2 66.2 22.6 67.3 30.5 Sept.. 553.6 142.3 87.0 324.4 78.4 4.0 7.6 15.0 32.2 66.5 23.0 65.5 32.3 Oct.?, 562.0 138.8 87.2 336.0 80.5 4.2 7.9 17.5 33.8 66.8 23.2 66.9 35.2 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the 2 U C n o i n te si d s t S s ta o t f e s. s avings and loan assns., nonprofit institutions, cor- c M u a ri r t . i es 1 96 an 9 d BU (2 L ) L E r T em IN o . v T e h f e r o n m e w U c .S o . n c G ep o t v s t , (1 a ) g e e n x c c i l e u s d e a n g d u a t r r a u n s t t e e f d u n s d e s 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

JANUARY 1976 • U.S. GOVERNMENT SECURITIES A 35 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) VV ithin 1 yeair Type of holder and date Total y 1 ea -5 r s y 5 e - a 1 r 0 s 1 y 0 ea -2 r 0 s 20 O y v e e a r r s 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 Sept. 30 338,946 180,165 142,803 37,362 109,540 25,436 14,370 9,435 Oct. 31 350,906 185,994 147,053 38,941 115,727 25,432 14,338 9,415 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 Sept. 30 19,702 2,883 241 2,642 6,632 3,951 4,233 2,002 Oct. 31 19,936 2,968 296 2,672 6,753 3,973 4,239 2,003 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 Sept. 30 86,998 46,641 37,559 9,082 30,685 5,971 1,490 2,210 Oct. 31 87,184 46,776 37,675 9,101 30,810 5,919 1,462 2,216 Held by private investors: 1972—Dec. 31 180,243 91,063 73,451 17,612 5577,,664499 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 Sept. 30 232,246 130,641 105,003 25,638 72,223 15,514 8,647 5,223 Oct. 31 243,786 136,250 109,082 27,168 78,164 15,540 8,637 5,196 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 Sept. 30 60,459 24,943 14,023 10,920 30,637 3,994 622 263 Oct. 31 61,250 24,479 13,097 11,382 31,996 3,927 607 241 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 Sept. 30 2,882 651 317 334 1,447 437 232 115 Oct. 31 2,970 717 355 362 1,501 416 233 103 Insurance companies: 1972 Dec. 31 5,220 799 444488 335511 11,,119900 976 11,,559933 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—Sept. 30 6,085 945 529 416 1,836 1,781 1,151 372 Oct. 31 6,208 1,007 571 436 1,899 1,785 1,154 365 Nonfinancial corporations: 1972 Dec. 31 4,948 3,604 11,,119988 2,406 11,,119988 112211 2255 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 Sept. 30 5,904 3,799 3,017 782 1,856 160 64 25 Oct. 31 6,835 4,682 3,807 875 1,899 149 71 34 Savings and loan associations: 2,873 820 498 322 11,,114400 605 222266 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 Sept. 30 2,805 902 578 324 1,509 267 104 23 Oct. 31 2,815 888 525 363 1,542 261 101 23 State and local governments: 1972 Dec. 31 10,904 6,159 55,,220033 956 22,,003333 881166 11,,229988 559988 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 Sept. 30 9,303 5,426 4,565 861 1,749 765 842 521 Oct. 31 9,392 5,441 4,504 937 1,829 769 820 533 All others: 1972 Dec. 31 101,249 61,014 55,506 5,508 23,171 8,906 5,290 2,868 101,261 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 Sept. 30 144,809 93,975 81,974 12,001 33,190 8,110 5,630 3,903 Oct. 31 154,316 99,035 86,223 12,812 37,498 8,234 5,651 3,897 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 730 insurance companies combined, each about 90 per cent; Ownership. (2) 459 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) 501 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) 5,549 commercial banks, 472 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 U.S. GOVERNMENT SECURITIES • JANUARY 1976 DAILY-AVERAGE DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer UUU...SSS... GGGooovvvttt,,, PPPeeerrriiioooddd aaagggeeennncccyyy TToottaall ssseeecccuuurrriiitttiiieeesss 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—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 4,467 2,812 994 464 197 671 1 ,183 1 ,198 1,415 928 Apr 5,197 3,682 "1 ,096 285 134 704 1 ,450 1 ,242 1 ,801 904 May 6,419 4,181 1,615 466 158 981 1,917 1,454 2,067 1,049 June 5,732 3,745 1,484 372 132 801 1,689 1 ,336 1,906 1 ,217 July 4,675 3,301 1 ,131 172 71 669 1 ,294 1 ,100 1,613 778 Aug 5,183 3,375 1,340 333 134 742 1,405 1,185 1,851 r845 Sept 5,566 4,032 1,315 128 91 931 1,405 1,198 2,033 787 Oct 8,714 5,929 2,332 309 144 rl,271 r2,675 1,839 r2,929 rl,251 Nov 7,594 5,519 1,353 534 189 1,070 2,176 1,875 2,474 1,217 Week ending— 1975—Nov. 5 9,526 6,023 2,083 1,130 291 1,199 2,807 2,456 3,065 842 12 9,398 6,385 1,939 849 224 1,317 3,017 2,130 2,933 1,831 19 7,571 5,423 1,368 567 213 1,103 2,197 1,756 2,515 '1,197 26 7,070 5,529 1,064 341 136 1,004 1,892 1,839 2,335 '1,101 Dec. 3 5,977 4,691 930 273 83 994 1,543 1,628 1,812 855 10 6,196 4,945 893 292 66 962 1,847 1,517 1,871 794 17 8,722 7,267 1,015 265 174 1,587 2,728 2,126 2,280 913 24 7,513 5,480 1,584 292 158 1,064 2,135 2,075 2,239 1,539 31 8,322 6,266 1,739 225 93 1,169 2,378 2,317 2,458 1,033 1 Since Jan. 1972 has included transactions of dealers and brokers in They do not include allotments of, and exchanges for, new U.S. Govt, securities other than U.S. Govt. securities, redemptions of called or matured securities, or purchases or sales of securities under repurchase agreement, reverse repurchase (resale), NOTE.—The transactions data combine market purchases and sales of or similar contracts. Averages of daily figures based on the number of U.S. Govt, securities dealers reporting to the F.R. Bank of New York. trading days in the period. DAILY-AVERAGE DEALER POSITIONS DAILY-AVERAGE DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period m t a A i t e l u s l r i- W y i e t 1 a h r in y 1 ea -5 r s y 5 ea -1 r 0 s y O e 1 v a 0 e r r s a s G e g t c e o i u e n v s r c t i , y - Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o i r o p n o s r 1 a- o A th l e l r 1974—No v 4,478 2,998 714 602 163 1,530 1974—No v 5,626 1,466 1,245 561 2,355 Dec 4,821 3,100 974 553 175 1,803 Dec 6,904 2,061 1,619 691 2,534 1975—Ja n 4,634 2,689 1,236 600 113 1,578 1975—Ja n 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 May 6,332 4,917 1,094 248 73 896 May.... 6,656 1,684 1,567 452 2,953 June 6,768 5,923 748 100 -3 790 June.... 7,682 1,955 1,979 737 3,012 July.... 5,736 4,978 775 47 -64 626 July 6,594 1,365 1,435 929 2,865 Aug 5,501 4,491 609 262 138 610 Aug 6,167 1,009 1,148 ,120 2,890 Sept 5,718 5,214 410 56 39 529 Sept 6,576 1,160 1,640 972 2,804 Oct 7,322 6,019 1,091 111 102 498 Oct 6,940 1,658 1,792 817 2,673 Nov.. . . 6,752 5,011 640 594 506 953 Nov 7,215 1 ,958 1,393 991 2,873 Week ending— Week ending— 1975—Oct. 1 5,196 4,833 326 7 30 450 1975—Oct. 1. 6,185 1,051 1,424 566 3,145 8 6,704 5,942 719 -13 54 339 8. 6,319 1,329 1,373 576 3,041 15 8,684 7,236 1,309 34 106 435 15. 8,319 2,053 2,981 798 2,487 22. 7,971 6,314 1,518 48 91 554 22. 7,304 1,753 2,028 875 2,648 29 6,647 5,436 1,095 51 65 570 26. 6,057 1,542 1,029 1,059 2,427 Nov. 5 7,741 5,392 878 914 557 839 Nov. 5. 7,235' 1,897 1,249 792 3,298 12. 6,689 4,506 735 776 672 906 12. 6,589 2,031 1,413 956 2,189 19 6,847 5,105 664 570 507 887 19. 6,977 1,720 1,517 1,107 2,634 26 6,340 5,107 505 410 319 1,070 26. 7,573 1,786 1,390 1,051 3,347 NOTE.—The figures include all securities sold by dealers under repur- i All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than NOTE to the table on the left. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • FEDERALLY SPONSORED CREDIT AGENCIES A 37 OUTSTANDING ISSUES OF FEDERALLY SPONSORED CREDIT AGENCIES, NOVEMBER 30, 1975 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks Federal National Mortgage Banks for cooperatives Bonds: Association—Cont. Bonds: 6/21/74- 2/25/76 8.70 400 Debentures: 6/2/75 - 12/1/75.. 5.80 8/25/71 - 2/25/76 7.38 300 3/10/72 - 12/10/75 5.70 500 7/1/75 - 1/5/76. .. 5.65 8/27/73 - 2/25/76 8.75 300 9/10/73 - 12/10/75 8.25 300 8/4/75-2/2/76. .. 6.80 8/26/74-2/25/76 9.20 600 3/11/71 - 3/10/76 5.65 500 9/2/75 - 3/1/76. .. 7.40 6/22/73 - 5/25/76 7.20 600 6/12/73 - 3/10/76 7.13 400 10/1/75 -4/1/76.. 7.50 11/27/73 - 5/25/76 7.45 300 6/10/71 -6/10/76 6.70 250 11/3/75 -5/3/76. . 6.75 7/25/73 - 8/25/76 7.80 500 2/10/72 -6/10/76 5.85 450 10/1/73 -4/4/77.. 7.70 9/25/74-8/25/76 9.55 700 9/10/74 - 6/10/76 10.00 700 10/1/75 - 10/2/78. 8.55 10/25/74- 11/26/76.... 8.60 600 11/10/71 - 9/10/76 6.13 300 12/2/74 - 10/1/79. 8.00 7/25/74 - 11/26/76 9.55 500 6/12/72-9/10/76 5.85 500 10/25/73 -2/25/77 7.20 500 12/10/74 - 9/10/76 7.50 200 11/25/74-2/25/77 8.05 500 7/12/71 - 12/10/76 7.45 300 Federal intermediate 6/21/74- 5/25/77 8.70 500 12/11/72- 12/10/76 6.25 500 credit banks 6/25/71 -5/25/77 6.95 200 6/10/74-12/10/76 8.45 600 Bonds: 4/12/73 - 8/25/77 7.15 300 3/13/62 - 2/10/77 4.50 198 3/3/75-12/1/75. 6.15 5/28/74-8/25/77 8.80 600 9/11/72 - 3/10/77 6.30 500 3/1/73 - 1/5/76. 6.65 2/26/73 - 11/25/77 6.75 300 3/11/74 - 3/10/77 7.05 400 4/1/75 - 1/5/76. 6.05 11/27/73 - 11/25/77.... 7.45 300 9/10/75-3/10/77 8.30 450 5/1/75 -2/2/76. 6.60 8/26/74- 11/25/77 9.15 700 12/10/70 - 6/10/77 6.38 250 6/2/75 - 3/1/76. 6.15 11/25/75 -2/27/78 7.25 800 5/10/71 -6/10/77 6.50 150 7/1/75 -4/1/76. 5.80 9/25/74 - 2/27/78 9.38 400 12/10/73 -6/10/77 7.20 500 8/4/75 -5/3/76. 7.00 9/21/73 - 5/25/78 7.60 500 9/10/71 -9/12/77 6.88 300 9/2/75-6/1/76. 7.60 8/26/74- 11/27/78 9.10 500 9/10/73 - 9/12/77 7.85 400 10/1/75 - 7/1/76 7.70 6/21/74 - 2/26/79 8.65 600 7/10/73 - 12/12/77 7.25 500 11/3/75-8/2/76 6.90 9/25/74-2/26/79 9.45 600 10/1/73 - 12/12/77 7.55 500 7/2/73 - 1/3/77. 7.10 10/25/74-5/25/79 8.65 500 6/10/74-3/10/78 8.45 650 7/1/74-4/4/77. 8.70 5/28/74 - 5/25/79 8.75 400 3/10/75-3/10/78 6.70 350 1/2/74 - 1/3/78. 7.10 7/25/74 - 8/27/79 9.50 500 6/12/73 - 6/12/78 7.15 600 1/2/75 - 1/2/79. 7.40 11/25/74- 11/26/79 8.15 500 6/10/75 -6/12/78 7.45 400 7/1/75 -1/2/80. 7.40 12/23/74 - 11/26/79.... 7.50 500 3/11/74 -9/11/78 7.15 550 3/25/70 - 2/25/80 7.75 350 10/12/71 - 12/11/78 6.75 300 2/25/74-2/25/80 7.05 300 7/10/74- 12/11/78 8.95 450 Federal land banks 10/15/70- 10/15/80.... 7.80 200 12/10/73 - 3/12/79 7.25 500 Bonds: 11/25/75 -11/25/80 7.75 600 9/10/73 - 6/11/79 7.85 300 4/20/72- 1/20/76... 6.25 10/27/71 - 11/27/81. . . 6.60 200 9/10/74 - 6/11/79 9.80 600 7/22/74 - 1/20/76... 9.20 10/25/74- 11/25/81 8.65 400 6/12/72 -9/10/79 6.40 300 2/21/66 - 2/24/76. . 5.00 8/25/75 - 2/25/82 8.63 500 12/10/74 - 9/10/79 7.80 700 1/22/73 -4/20/76... 6.25 4/12/73 -5/25/83 7.30 183 10/10/75 - 10/10/79 8.50 400 4/22/74 - 4/20/76... 8.25 2/25/75 - 11/25/83 7.38 400 12/10/71 - 12/10/79 6.55 350 7/20/66 - 7/20/76.. 5.38 5/28/74 -5/25/84 8.75 300 6/10/75 - 12/10/79 7.75 650 1/21/74-7/20/76... 7.05 11/25/75 - 11/25/85 8.10 400 2/10/72 - 3/10/80 6.88 250 4/23/73 - 10/20/76.. 7.15 10/25/73 - 11/26/93 7.38 400 3/10/75-3/10/80 7.25 750 4/21/75 - 1/20/77... 7.45 4/1/75 -4/10/80 7.63 300 7/21/75 -10/20/76.. 7.20 Federal Home Loan 6/10/74-6/10/80 8.50 600 4/22/74 -4/20/77... 8.25 Mortgage Corporation 2/16/73 - 7/31/80 5.19 1 7/20/73 -7/20/77... 7.50 Bonds: 2/16/73 - 7/31/80 3.18 9 10/20/71 - 10/20/77. 6.35 5/29/73 - 8/25/76 7.05 400 10/1/73 -9/10/80 7.50 400 10/21/74- 1/23/78. . 8.70 5/11/72 - 2/25/77 6.15 350 9/10/75-9/10/80 8.75 650 2/20/63 - 2/20/73-78 4.13 11/19/70- 11/27/95 8.60 140 1/16/73 - 10/30/80 4.46 5 5/2/66 - 4/20/78 ... 5.13 7/15/71 - 8/26/96 7.75 150 12/11/72 - 12/10/80 6.60 300 1 /20/75 - 4/20/78 . .. 7.60 5/11/72 - 5/26/97 7.15 150 6/29/72- 1/29/81 6.15 156 7/20/72 - 7/20/78. . 6.40 Certificates: 3/12/73 - 3/10/81 7.05 350 7/22/74 - 7/20/78... 9.15 Fede 2 1 r / a 1 2 l / 5 2 N / 5 7 / a 5 7 t 5 io - n - 3 9 a / l / 1 1 5 M 5 /0 / o 0 5 r 5 t gage 8 8. . 7 2 5 0 2 3 0 0 0 0 4 3 3 / / / 1 2 2 8 1 1 / / / 7 7 7 3 3 3 - - - 3 5 5 / / / 1 1 1 0 / / 8 8 / 1 8 1 1 4 6 5 . . . 5 5 7 9 0 7 2 1 6 2 8 9 2 1 1 / / 0 / 1 2 2 / 5 0 2 1 / / 3 7 6 / / 7 2 7 7 4 3 - - - - 4 1 1 / / / 1 2 2 2 0 3 2 2 / / / / 1 7 7 7 9 9 9 9 / . . 7 . 8 . . . . . . . 6 7 7 5 . . . . 8 1 3 0 5 0 5 0 Association— 1/21/71 - 6/10/81 7.25 250 10/20/75 - 4/23/79.. 8.55 Secondary market 9/10/71 -9/10/81 7.25 250 2/20/74 - 7/23/79... 7.15 Disco o u p n er t a n ti o o t n e s s 2,123 9 3 / /1 1 1 0 / / 7 7 4 4 - - 9 1 /1 2 0 /1 / 0 8 / 1 8 1 9 7 . . 7 3 0 0 2 3 5 0 0 0 1 1/ 0 2 / 2 2 / 3 7 / 3 7 2 - - 1 1 /2 0 1 /2 / 3 8 / 0 7 . 9 .. . 6 6 . .7 8 0 0 Capital debentures: 7/10/74-3/10/82 8.88 300 7/20/73 - 7/21/80... 7.50 9/30/71 - 10/1/96 4.38 248 6/28/72-5/1/82 5.84 58 10/21/74- 10/20/80. 8.70 10/2/72 - 10/1/97 7.40 250 2/10/71 -6/10/82 6.65 250 2/23/71 -4/20/81... 6.70 M 9 o 6 6 3 3 3 3 3 r / / / / / / / / 1 2 2 1 1 1 1 2 tg / 1 1 4 4 / / 9 7 7 7 a / / / / / 3 7 7 7 7 3 3 g 7 3 3 3 3 e - 0 - - - 8 - - - - b - 3 / 1 a 3 1 7 7 / 0 1 1 c 1 0 1 / / / / / k 1 1 / 1 1 3 / / 8 e 1 / 5 / 5 1 8 6 d 8 8 / / / / 4 9 8 8 2 2 8 0 1 1 5 b onds: 3 5 5 5 5 5 5 8 . . . . . . . . 4 5 8 5 4 9 6 7 8 8 5 0 9 2 3 4 2 7 0 5 3 2 8 1 4 1 0 3 5 1 0 0 6 9 7 6 4 3 1 1 1 1 / / / / / / 1 0 2 2 1 1 1 1 1 1 / / / / 0 2 0 1 1 2 1 1 1 1 / / / / / / 0 0 0 7 7 7 7 7 7 0 / / / 1 1 5 7 5 3 2 7 7 /7 1 5 3 - - - - - - 4 7 6 6 - - - - 9 6 1 / 9 / / 9 1 / 1 / 1 2 1 1 / / 1 1 0 1 / 1 0 1 2 0 0 0 1 / 2 / 0 / / / / / 2 1 8 1 8 8 8 8 / / / 0 4 1 3 8 8 4 2 3 8 / / 4 3 3 8 8 2 2 . , , , 6 6 6 8 7 6 7 8 7 8 . . . . . . . . . . 7 2 7 9 3 6 3 2 8 0 5 5 5 5 5 0 0 0 0 0 2 2 2 2 3 3 3 3 3 3 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7 6 4 4 4 7 1 1 1 / / / / / / 0 0 2 2 2 2 2 / 2 / / 2 1 1 3 3 2 2 2 0 0 / / / / 0 3 / 7 7 7 / 7 / 7 / / 7 7 5 5 3 4 7 7 5 5 2 3 5 - - - - - - - - - 7 4 4 1 7 1 1 / / / 1 1 0 / 2 2 / 2 / 2 2 0 0 / 0 2 0 0 2 0 2 / / 0 / / 2 2 / / 0 / 8 8 8 / 8 1 0 8 / 8 2 3 8 1 / 2 / 5 2 8 8 . 2 . . . . 5 . 3 . . . . . . . . . . . . . . . . 9 7 6 7 8 8 7 8 8 . . . . . . . . . 1 8 1 3 9 2 3 8 1 0 0 0 5 0 0 0 0 0 12/10/71 - 12/10/84 6.90 250 3/10/75-3/11/85 : 7.65 500 3/10/72 - 3/10/92 7.00 200 6/12/72-6/10/92 7.05 200 12/11/72 - 12/10/97-82. . 7.10 200 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table at top ©f p. A-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 FEDERALLY SPONSORED CREDIT AGENCIES • JANUARY 1976 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 Mortto ments de- and de- stock gage and cooper- Bonds dis- Bonds gage Bonds mem- posits notes posits loans notes atives counts loans bers (A) (L) (A) (L) (A) (L) (A) (L) 197 0 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 6,395 197 1 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,063 197 2 7,979 2,225 129 6,971 1,548 1,756 19,791 19,238 2,298 1,944 6,094 5,804 9,107 8,012 197 3 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—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 20,754 3,025 2,677 29,870 28,420 3,741 3,439 9,303 8,703 14,641 13,021 Apr.. 17,528 6,836 98 20,738 2,651 2,660 29,931 28,257 3,650 3.329 9,520 9,061 14,917 13,571 May. 17,145 5,745 98 19,463 2,708 2,656 29,977 27,714 3,499 2,982 9,763 9,231 15,180 13,571 June. 16,803 6,259 134 19,396 2,831 2,653 30,136 28,237 3,371 2,948 10,031 9,357 15,437 13,961 July. 16,685 6,174 119 19,446 2,436 2,656 30,453 28,419 3,520 2,914 10,163 9,556 15,654 14,351 Aug.. 16,945 4,680 89 18,736 2,281 2,660 30,881 28,718 3,738 3,004 10,176 9,715 15,851 14,351 Sept.. 17,482 4,247 114 18,720 2,275 2,679 31,157 28,933 3,847 3,109 10,100 9,657 16,044 14,351 Oct.. 17,578 4,368 70 18,766 2,291 2,685 31,466 29,373 4,087 3,453 9,933 9,505 16,247 14,774 Nov. 17,606 4,439 87 18,874 2,527 2,690 31,647 29,919 4,041 3,664 8,784 9,319 16,380 14,774 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- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t t n a r d t i . c t Other2 Total c E at d i u o - n b R r a o id n a g d d e s s i U ti t e i s l- 4 H in o g u s s - V a e a n t i e d s r ' - O p p o t u h s r e e - s r gations auth. 197 1 24,963 15,220 8,681 1,000 5,999 8,714 10,246 24,495 5,278 2,642 5,214 2,068 9,293 197 2 23,653 13,305 9,332 959 4,991 9,496 9,165 19,959 4,981 1,689 4,638 1,910 6,741 197 3 23,969 12,257 10,632 1,022 4,212 9,505 10,249 22,397 4,311 1,458 5,654 2,639 8,335 197 4 24,315 13,563 10,212 461 4,784 8,638 10,817 23,508 4,730 768 5,634 1,064 11,312 1974—Nov.. 2,487 1,110 1,374 689 1 ,005 789 2,403 698 4 866 9 826 Dec... 1,500 761 717 222 558 700 1,475 297 64 424 53 637 1975--Jan... , 2,367 1,364 997 372 702 1,293 2,332 710 49 644 172 757 Feb..., 2,392 1,723 664 877 629 880 2,353 478 209 425 105 1,136 Mar.., 2,137 1,284 851 376 717 1,048 2,083 471 94 474 35 1,009 Apr 2,413 1,501 905 368 880 1,161 2,316 405 61 734 38 1,078 May.. 2,905 1,885 1,015 811 1,197 889 2,784 419 211 559 25 1,570 June.. 3,066 1,772 1,292 938 1,137 989 2,840 430 164 821 28 1,397 July., 3,586 1,371 2,209 1,577 1,063 941 3,554 400 123 879 37 2,115 Aug.r 2,786 1,058 1,725 376 1,665 747 2,561 379 55 626 67 1,434 Sept. r, 2,171 907 1,252 357 1,185 614 2,123 279 134 447 48 1,215 Oct.r. 2,283 1,118 1,151 482 951 828 2,192 210 60 468 20 1,434 Nov.. 2,335 1,019 1,312 470 1,227 635 2,292 212 88 602 28 1,362 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 4 Water, sewer, and other utilities. by contract requiring the Housing Assistance Administration to make 5 Includes urban redevelopment loans. annual contributions to the local authority. 2 Municipalities, counties, townships, school districts. NOTE.—Security Industries Assn. data; par amounts of long-term issues 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser based on date of sale unless otherwise indicated. and payment to issuer, which occurs after date of sale. Components may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • SECURITY ISSUES A 39 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate PPPPeeeerrrriiiioooodddd Bonds Stock TTToootttaaalll GG UU oo .. vv SS tt .. .. 22 aa GG gg UU ee oo nn .. vv SS cc tt .. yy ,, 33 aa (( nn UU SS dd tt .. aa SS lloo tt .. ee cc )) 44 aa ll OOtthheerr 55 TToottaall Total P o u ff b e l r ic e l d y P p ri l v a a ce te d l y Preferred Common 197 1 105,233 17,235 16,283 24,370 2,165 444444444444444444444444444444,,,,,,,,,,,,,,,999999999999999111111111111111444444444444444 333333333333333111111111111111,,,,,,,,,,,,,,,999999999999999999999999999999999999999999999 222222222222222444444444444444,,,,,,,,,,,,,,,777777777777777999999999999999000000000000000 777777777777777,,,,,,,,,,,,,,,222222222222222000000000000000999999999999999 333333333333333,,,,,,,,,,,,,,,666666666666666777777777777777999999999999999 999999999999999,,,,,,,,,,,,,,,222222222222222333333333333333666666666666666 197 2 96,522 17,080 12,825 23,070 1,589 444444444444444000000000000000,,,,,,,,,,,,,,,777777777777777888888888888888777777777777777 222222222222222777777777777777,,,,,,,,,,,,,,,777777777777777222222222222222777777777777777 111111111111111888888888888888,,,,,,,,,,,,,,,333333333333333444444444444444777777777777777 999999999999999,,,,,,,,,,,,,,,333333333333333777777777777777888888888888888 333333333333333,,,,,,,,,,,,,,,333333333333333777777777777777333333333333333 999999999999999,,,,,,,,,,,,,,,666666666666666888888888888888999999999999999 197 3 100,417 19,057 23,883 22,700 1,385 333333333333333333333333333333,,,,,,,,,,,,,,,333333333333333999999999999999111111111111111 222222222222222222222222222222,,,,,,,,,,,,,,,222222222222222666666666666666888888888888888 111111111111111333333333333333,,,,,,,,,,,,,,,666666666666666444444444444444999999999999999 888888888888888,,,,,,,,,,,,,,,666666666666666222222222222222000000000000000 333333333333333,,,,,,,,,,,,,,,333333333333333777777777777777222222222222222 777777777777777,,,,,,,,,,,,,,,777777777777777555555555555555000000000000000 197 4 333333333333333777777777777777,,,,,,,,,,,,,,,888888888888888333333333333333777777777777777 333333333333333111111111111111,,,,,,,,,,,,,,,555555555555555555555555555555111111111111111 222222222222222555555555555555,,,,,,,,,,,,,,,333333333333333333333333333333777777777777777 666666666666666,,,,,,,,,,,,,,,222222222222222111111111111111444444444444444 222222222222222,,,,,,,,,,,,,,,222222222222222555555555555555333333333333333 444444444444444,,,,,,,,,,,,,,,000000000000000333333333333333333333333333333 1974—Oct 444444444444444,,,,,,,,,,,,,,,666666666666666000000000000000999999999999999 333333333333333,,,,,,,,,,,,,,,777777777777777777777777777777888888888888888 333333333333333,,,,,,,,,,,,,,,444444444444444222222222222222333333333333333 333333333333333555555555555555555555555555555 111111111111111999999999999999666666666666666 666666666666666333333333333333555555555555555 Nov 333333333333333,,,,,,,,,,,,,,,777777777777777444444444444444666666666666666 333333333333333,,,,,,,,,,,,,,,333333333333333444444444444444666666666666666 333333333333333,,,,,,,,,,,,,,,000000000000000111111111111111666666666666666 333333333333333333333333333333000000000000000 999999999999999333333333333333 333333333333333000000000000000777777777777777 Dec 333333333333333,,,,,,,,,,,,,,,555555555555555000000000000000555555555555555 333333333333333,,,,,,,,,,,,,,,000000000000000555555555555555222222222222222 222222222222222,,,,,,,,,,,,,,,111111111111111777777777777777222222222222222 888888888888888888888888888888000000000000000 111111111111111555555555555555222222222222222 333333333333333000000000000000111111111111111 1975—Jan.r 555555555555555,,,,,,,,,,,,,,,333333333333333666666666666666444444444444444 444444444444444,,,,,,,,,,,,,,,777777777777777999999999999999111111111111111 333333333333333...............666666666666666555555555555555777777777777777 111111111111111,,,,,,,,,,,,,,,111111111111111333333333333333444444444444444 222222222222222333333333333333555555555555555 333333333333333333333333333333888888888888888 Feb.r 444444444444444,,,,,,,,,,,,,,,555555555555555222222222222222888888888888888 333333333333333,,,,,,,,,,,,,,,999999999999999000000000000000666666666666666 333333333333333,,,,,,,,,,,,,,,222222222222222000000000000000111111111111111 777777777777777000000000000000555555555555555 111111111111111777777777777777333333333333333 444444444444444444444444444444999999999999999 Mar.r.... 555555555555555,,,,,,,,,,,,,,,333333333333333777777777777777888888888888888 444444444444444,,,,,,,,,,,,,,,444444444444444888888888888888111111111111111 333333333333333,,,,,,,,,,,,,,,999999999999999777777777777777111111111111111 555555555555555111111111111111000000000000000 222222222222222555555555555555333333333333333 666666666666666444444444444444444444444444444 Apr.r 444444444444444,,,,,,,,,,,,,,,222222222222222999999999999999333333333333333 333333333333333,,,,,,,,,,,,,,,111111111111111999999999999999333333333333333 222222222222222,,,,,,,,,,,,,,,777777777777777777777777777777111111111111111 444444444444444222222222222222222222222222222 333333333333333444444444444444999999999999999 777777777777777555555555555555111111111111111 May r 555555555555555,,,,,,,,,,,,,,,666666666666666222222222222222888888888888888 444444444444444,,,,,,,,,,,,,,,222222222222222999999999999999888888888888888 333333333333333,,,,,,,,,,,,,,,777777777777777999999999999999666666666666666 555555555555555000000000000000222222222222222 333333333333333444444444444444666666666666666 999999999999999888888888888888444444444444444 Juner 555555555555555,,,,,,,,,,,,,,,666666666666666111111111111111888888888888888 444444444444444,,,,,,,,,,,,,,,666666666666666111111111111111333333333333333 333333333333333,,,,,,,,,,,,,,,999999999999999444444444444444333333333333333 666666666666666777777777777777000000000000000 222222222222222333333333333333000000000000000 777777777777777777777777777777555555555555555 July r 444444444444444,,,,,,,,,,,,,,,333333333333333888888888888888888888888888888 333333333333333,,,,,,,,,,,,,,,777777777777777333333333333333111111111111111 222222222222222...............666666666666666555555555555555888888888888888 111111111111111,,,,,,,,,,,,,,,000000000000000777777777777777333333333333333 111111111111111999999999999999888888888888888 444444444444444555555555555555999999999999999 Aug 222222222222222,,,,,,,,,,,,,,,333333333333333999999999999999999999999999999 111111111111111,,,,,,,,,,,,,,,888888888888888333333333333333666666666666666 111111111111111,,,,,,,,,,,,,,,333333333333333555555555555555666666666666666 444444444444444888888888888888000000000000000 111111111111111222222222222222999999999999999 444444444444444333333333333333444444444444444 Sept 222222222222222,,,,,,,,,,,,,,,888888888888888333333333333333000000000000000 111111111111111,,,,,,,,,,,,,,,999999999999999999999999999999444444444444444 111111111111111,,,,,,,,,,,,,,,444444444444444111111111111111444444444444444 555555555555555888888888888888000000000000000 333333333333333000000000000000888888888888888 555555555555555222222222222222888888888888888 Oct 444444444444444,,,,,,,,,,,,,,,555555555555555777777777777777333333333333333 333333333333333,,,,,,,,,,,,,,,000000000000000222222222222222666666666666666 222222222222222,,,,,,,,,,,,,,,333333333333333888888888888888999999999999999 666666666666666333333333333333777777777777777 333333333333333333333333333333222222222222222 111111111111111,,,,,,,,,,,,,,,222222222222222111111111111111555555555555555 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd ea f l i r ( Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds 197 1 9,551 2,102 2,158 2,370 2,006 434 7,576 4,201 4,222 1,596 6,484 197 2 4,796 1,812 2,669 2,878 1,767 187 6,398 4,967 3,680 1,127 8,415 197 3 4,329 643 1,283 1,559 1,881 43 5,585 4,661 3,535 1,369 5,661 197 4 9,890 543 1,851 956 983 22 8,872 3,964 3,710 222 6,241 1974—Oct.. . 725 3 102 29 306 1,414 695 439 36 791 Nov.., 1,697 2 116 100 336 739 225 62 31 397 Dec... 1,456 196 180 23 14 435 194 150 25 817 1975—Jan. 1,901 3 179 58 84 764 507 933 5 931 A F M J M J u u e p a n a l b y r r e y . . . r r r r ' r . . . . . , 2 2 2 1 1 1 , , , , , , 1 2 3 4 6 1 9 6 6 9 3 1 5 8 6 8 1 6 2 2 1 1 4 3 1 6 2 1 4 3 4 4 3 1 2 2 2 2 3 9 2 4 7 8 6 3 9 2 1 4 5 2 2 1 1 3 1 6 7 4 9 1 4 1 1 4 0 2 4 3 3 9 1 3 7 8 1 7 5 8 5 3 1,4 7 8 8 8 7 7 3 9 2 4 1 1 8 4 8 5 3 7 6 4 5 3 6 0 4 8 8 2 7 4 0 6 6 4 9 2 3 3 3 1 1 5 5 6 1 5 2 4 4 2 7 3 6 26 6 0 1 1 1,0 3 6 6 5 1 8 7 0 3 1 5 1 9 3 9 4 6 A S O e u c p g t t . . . . . . . . , 7 6 5 3 1 8 1 0 3 1 1 1 4 0 0 2 6 1 3 1 2 4 5 1 1 7 1 7 3 5 0 7 2 6 1 2 5 1 5 1 7 7 7 5 1 2 5 9 0 0 5 6 3 4 7 0 1 6 5 2 3 4 9 7 9 3 1 5 4 5 1 8 9 5 2 4 2 2 3 5 7 4 5 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 • JANUARY 1976 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 46,687 9,507 37,180 31,917 8,190 23,728 14,769 1,318 13,452 42,306 10,224 32,082 27,065 8.003 19,062 15,242 2,222 13,018 33,559 11,804 21,754 21,501 8,810 12,691 12,057 2,993 9,064 39,334 9,935 29,399 31,554 6,255 25,098 7,980 3,678 4,302 8,452 2,985 5,467 6,611 1,225 5,386 1,841 1,759 82 12,272 2,871 9,401 10,086 2.004 8,082 2,186 866 1,319 15,211 2,088 13,123 12,759 1 ,587 11,172 2,452 501 1 ,951 15,602 3,211 12,390 11,460 2,336 9,124 4,142 875 3,266 9,079 2,576 6,503 6,654 2,111 4,543 2,425 465 1,960 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 1974—111 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 1975—1 5,134 262 373 77 1 1 2,653 1,569 1,269 24 1,742 18 II 4,574 500 483 490 429 7 1,977 1,866 810 359 852 43 Ill 1,442 412 221 108 147 53 1,395 1,043 472 97 866 247 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—Nov... 619 335 284 36,366 5,804 30,562 1964 3,404 1,875 1,528 29,116 1,329 27,787 Dec... 736 411 325 35,777 5,637 30,140 1965 4,359 1,962 2,395 35,220 1.803 33,417 1975—Jan... 1,067 428 639 37,407 3,889 33,518 11996666 4,671 2,005 2,665 34,829 2,971 31,858 Feb... 889 470 419 39,330 4,006 35,324 1967 4,670 2,745 1,927 44,701 2,566 42,135 Mar. . 847 623 224 40,449 3,870 36,579 1968 6,820 3,841 2,979 52,677 3,187 49,490 Apr.. . 808 791 17 42,353 3,841 38,512 May.. 677 735 -58 43,832 3,879 39,953 11996699 6,717 3,661 3,056 48,291 3,846 44,445 June.. 705 811 -108 45,538 3,640 41,898 1970 4,624 2,987 1,637 47,618 3,649 43,969 July... 763 981 -239 42,896 3,591 39,305 1971 5,145 4,751 394 55,045 3,038 52,007 Aug... 753 788 -35 41,672 3,660 38,012 Sept... 760 874 -114 40,234 3,664 36,570 1972 4,892 6,563 -1,671 59,831 3,035 56,796 Oct. .. 914 995 -81 41,860 3,601 38,259 1973 4,358 5,651 -1,261 46,518 4,002 42,516 Nov... 787 911 -124 42,443 3,731 38,712 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 memcontractual 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

JANUARY 1976 • BUSINESS FINANCE A 41 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e r i s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e s ts - d co c a n a t l s l i p o o u i n w t m a - l p - Quarter P b t e r a f o x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s - d co c a n t a l i s p l o o u n it w m a - l p ances 1 ances 1 1968 87.6 39.9 47.8 23.6 24.2 46.8 1973—IV... 122.7 49.5 73.2 30.7 42.5 73.1 1969 84.9 40.1 44.8 24.3 20.5 51.9 1970 74.0 34.8 39.3 24.7 14.6 56.0 1974—1. 135.4 52.2 83.2 31.6 51.6 74.1 1971 83.6 37.5 46.1 25.0 21.1 60.4 II. . . 139.0 55.9 83.1 32.5 50.5 75.7 1972 99.2 41.5 57.7 27.3 30.3 66.3 III... 157.0 62.7 94.3 33.2 61.1 77.6 1973 122.7 49.8 72.9 29.6 43.3 71.2 IV... 131.5 52.0 79.5 33.3 46.2 79.3 1974 140.7 55.7 85.0 32.7 52.4 76.7 1975—I. ... 101.2 39.0 62.3 33.8 28.5 81 .2 II.... 113.3 43.0 70.3 34.0 36.3 83.0 III*. . 134.1 51 .9 82.2 34.5 47.7 85.2 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 NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rr ee iiee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . , i Other G U o . v S t . , i Other ttaaxxeess 1970 187.4 492.3 50.2 7.7 4.2 201.9 193.3 35.0 304.9 6.6 204.7 10.0 83.6 1971 203.6 529.6 53.3 11.0 3.5 217.6 200.4 43.8 326.0 4.9 215.6 13.1 92.4 1972 221 .3 573.5 57.5 9.3 3.4 240.0 215.2 48.1 352.2 4.0 230.4 15.1 102.6 1973—11 235.4 608.2 59.0 10.0 2.9 255.4 230.1 50.8 372.7 4.5 241.7 15.0 111 .6 Ill 239.5 625.3 58.9 9.7 3.0 264.4 238.0 51.3 385.8 4.4 250.2 16.5 114.7 IV 242.3 643.2 61.6 11.0 3.5 266.1 246.7 54.4 401.0 4.3 261.6 18.1 117.0 1974—1 250.1 666.2 59.4 12.1 3.2 276.2 258.4 56.9 416.1 4.5 266.5 20.6 124.5 II 253.9 685.4 58,8 10.7 3.4 289.8 269.2 53.5 431.5 4.7 278.5 19.0 129.1 Ill 259.5 708.6 60.3 11.0 3.5 295.5 282.1 56.1 449.1 5.1 287.0 22.7 134.3 IV 261 .5 712.2 62.7 11.7 3.5 289.7 288.0 56.6 450.6 5.2 287.5 23.2 134.8 1975—1 260.4 698.4 60.6 12.1 3.2 281.9 285.2 55.4 438.0 5.3 271.2 21.8 139.8 II 269.0 703.2 63.7 12.7 3.3 284.8 281.4 57.3 434.2 5.8 270.1 17.7 140.6 i Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—Based on Securities and Exchange Commission estimates, offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities PPeerriioodd TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and G a o s th er nn CC ii oo cc mm aatt mm iioonn uu ss -- OOtthheerr ii T A T A ((SS oo .. .. RR tt AA aa ..)) ll .. 1971 88881111....22221111 11114444....11115555 11115555....88884444 2222....11116666 1111....66667777 1111....88888888 1111....33338888 11112222....88886666 2222....44444444 11110000....77777777 11118888....00005555 1972 88888888....44444444 11115555....66664444 11115555....77772222 2222....44445555 1111....88880000 2222....44446666 1111....44446666 11114444....44448888 2222....55552222 11111111....88889999 22220000....00007777 1973 99999999....77774444 11119999....22225555 11118888....77776666 2222....77774444 1111....99996666 2222....44441111 1111....66666666 11115555....99994444 2222....77776666 11112222....88885555 22221111....44440000 1974 111111112222....44440000 22222222....66662222 22223333....33339999 3333....11118888 2222....55554444 2222....00000000 2222....11112222 11117777....66663333 2222....99992222 11113333....99996666 22222222....00005555 1973—III 25.04 4.84 4.78 .69 .48 .57 .44 4.04 .77 3.19 5.24 100.90 IV 28.48 5.84 5.59 .71 .56 .60 .47 4.54 .82 3.53 5.83 103.74 1974—1 24.10 4.74 4.75 .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 II 28.43 5.59 6.55 .97 .71 .47 .77 4.15 .79 3.22 5.19 112.46 Ill 27.79 5.16 6.51 .94 .62 .50 .85 4.16 .91 3.14 5.00 112.16 IV2 31 .45 6.20 7.46 1.00 .61 .43 .65 4.88 1.00 9.21 114.80 * Includes trade, service construction, finance, and insurance. NOTE.—Dept. of Commerce estimates for corporate and noncorporate 2 Anticipated by business. 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 • JANUARY 1976 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 1971 1972 1973 IIIr III ALL HOLDERS 499,758 564,825 634,954 678,598 688,546 694,989 708,947 724,367 1- to 4-family '307,241 '345,349 '384,613 407,492 411,601 414,760 424,326 435,029 Multifamily '67,341 '76,690 '85,421 89,912 91,683 91,989 92,333 93,350 Commercial '92,318 '107,349 '125,572 138,002 140,965 142,701 145,353 148,035 Farm 32,858 35,437 39,348 43,192 44,297 45,539 46,935 47,953 PRIVATE FINANCIAL INSTITUTIONS.. 394,239 450,000 505,400 537,430 542.552 546,689 558,179 569,514 1- to 4-family '253,581 '288,018 '320,420 338,166 340,007 342,313 350,198 358,276 Multifamily '52,472 '59,398 '64,750 67,486 68,161 68,095 68,453 69,023 Commercial '78,330 '92,063 '108,735 119,465 121,948 123,684 126,634 129,216 Farm 9,856 10,521 11,495 12,313 12,436 12,597 12,894 12,999 Commercial banks1 82,515 99,314 119,068 130,582 132,105 131,903 133,012 134,025 1- to 4-family 48,020 57,004 67,998 73,987 74,758 74,696 75,356 75,979 Multifamily 3,984 5,778 6,932 7,496 7,619 7,176 6,816 6,701 Commercial 26,306 31,751 38,696 43,092 43,679 43,924 44,598 45,032 Farm 4,205 4,781 5,442 6,007 6,049 6,107 6,242 6,313 Mutual savings banks 61,978 67,556 73,230 74,809 74,920 75,157 75,796 76,429 1- to 4-family 38,641 41,650 44,246 44,604 44,670 44,795 45,175 45,552 Multifamily 14,386 15,490 16,843 17.208 17,234 17,291 17,433 17,579 Commercial 8,901 10,354 12,084 12,938 12,956 12,996 13,112 13,221 Farm 50 62 57 59 60 75 76 77 Savings and loan associations 174,250 206,182 231, 733 247,612 249,293 252,442 261,336 270,583 1- to 4-family 142,275 167,049 187,750 200,343 201.553 204,099 211,290 218,767 Multifamily 17,355 20,783 22,524 23,573 23,683 23,831 24,409 24,972 Commercial 14,620 18,350 21,459 23,696 24,057 24,512 25,637 26,844 Life insurance companies 75,496 76,948 81,369 84,427 86,234 87,187 '88,035 88,477 1- to 4-family '24,645 '22,315 '20,426 19,232 19,026 18,723 18,377 17,978 Multifamily '16,747 '17,347 '18,451 19.209 19,625 19,797 19,795 19,771 Commercial '28,503 '31,608 '36,496 39,739 '41,256 42,252 43,287 44,119 Farm 5,601 5,678 5,996 6,247 6,327 6,415 6,576 6,609 FEDERAL AND RELATED AGENCIES.. 39,357 45,790 55,664 67,828 72,274 75,830 79,696 84,031 1- to 4-family 26,453 30,147 35,454 43,187 45,755 47,608 50,389 53,314 Multifamily 4,555 6,086 8,489 10,644 11,790 12,662 12,898 13,645 Commercial 11 Farm 9,557 11,721 13,997 14,729 15,560 16,409 17,072 8,338 Government National Mortgage Association 5,113 4,029 4,052 4,848 5,584 5,612 6,537 1- to 4-family 52,,3n2o3 2,490 1,330 1,337 1 ,600 1,843 1,852 2,157 Multifamily 2,542 2,623 2,699 2,715 3,248 3,741 3,760 4,380 Commercial 11 Farmers Home Administration 819 837 1,200 ,500 ,600 1,700 1,800 1,900 1- to 4-family 398 387 550 688 734 780 826 872 Farm 421 450 650 812 866 920 974 1 ,028 Federal Housing and Veterans Administrations 3,389 3,338 3,476 3,764 3,907 3,882 4,039 4,187 1- to 4-family 2,517 2,199 2,013 2,036 2,090 1,976 2,044 2,103 Multifamily 872 1,139 1,463 1,728 1 ,817 1,906 1 ,995 2,084 Federal National Mortgage Association 17,791 19,791 24,175 28,641 29,578^ 29,754 30,015 31,055 1- to 4-family 16,681 17,697 20,370 23,258 23,778 23,743 23,988 25,049 Multifamily 1,110 2,094 3,805 5,383 5,800 6,011 6,027 6,006 Federal land banks (farm only) 7,917 9,107 11,071 13,185 13,863 14,640 15,435 16,044 Federal Home Loan Mortgage Corporation, 964 1,789 2,604 3,713 4,586 4,608 4,944 5,033 1 - to 4-family 934 1,754 2,446 3,414 4,217 4,231 4,543 4,632 Multifamily 30 35 158 299 369 377 401 401 GNMA Pools 3,154 5,815 9,109 12,973 13,892 15,662 17,851 19,275 1- to 4-family 3,153 5,620 8,745 12,454 13,336 15,035 17,136 18,501 Multifamily 1 195 364 519 556 627 715 774 INDIVIDUALS AND OTHERS2 66,162 69,035 73,890 73,340 '73,720 72,470 71,072 70,822 1- to 4-family 27,207 27,184 28,739 26,139 25,839 24,839 23,739 23,439 Multifamily 10,314 11,206 12,182 11,782 11,732 11,232 10,982 10,682 Commercial 13,977 15,286 16,837 18,537 19,017 19,017 18,719 18,819 Farm 14,664 15,359 16,132 16,882 17,132 17,382 17,632 17,882 1 Includes loans held by nondeposit trust companies but not bank trust NOTE.—Based on data from various institutional and Govt, sources, departments. with some quarters estimated in part by Federal Reserve in conjunction 2 Includes some U.S. agencies for which amounts are small or separate with the Federal Home Loan Bank Board and the Dept. of Commerce. data are not readily available. Separation of nonfarm mortgage debt by type of property, where not reported directly, and interpolations and extrapolations where required, estimated mainly by Federal Reserve. Multifamily debt refers to loans on structures of 5 or more units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 EEEnnnddd ooofff holdings transactions commitments holdings transactions commitments pppeeerrriiioooddd (during period) (during period) Total1 F su H in re A - d - a g V n u t A a e r e - - d c P h u as r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g d t - - Total F V H A A - t C v io e o n n n a - - l c P h u as r e - s Sales p d M e u r r a i i d o n e d g s O t i a n u n g t d - - 1971 111777,,,777999111 111222,,,666888111 555,,,111111000 333,,,555777444 333366 999,,,888222888 666,,,444999777 996688 882211 114477 777788 6644 118822 119977 22 111999,,,777999111 111444,,,666222444 555,,,111111222 333,,,666999999 221111 888,,,777999777 888,,,111222444 11,,778899 11,,550033 228866 11,,229988 440088 1,606 119988 119977 33 222444,,,111777555 111666,,,888555222 666,,,333555222 666,,,111222777 7711 888,,,999111444 777...888888999 22,,660044 11,,774433 886611 11,,333344 440099 1,629 118866 119977 44 222999,,,555777888 111999,,,111888999 888,,,333111000 666,,,999555333 111000,,,777666555 777,,,999666000 44,,558866 11,,990044 22,,668822 22,,119911 5522 4,553 22,,339900 11997744——NNoovv...... 222999,,,444000777 111999,,,000888333 888,,,222999111 333777999 222000111 888,,,555333222 44,,335522 11,,990088 22,,444455 227700 1122 28 22,,662211 DDeecc...... 222999,,,555777888 111999,,,111888999 888,,,333111000 222777888 222333111 777,,,999666000 44,,558866 11,,990044 22,,668822 226666 1166 34 22,,339900 11997755——JJaann...... 222999,,,666777000 111999,,,222333111 888,,,333111888 222000888 55 111444666 777,,,222888555 44,,774444 11,,990000 22,,884455 119999 2266 26 22,,119900 FFeebb...... 222999,,,777111888 111999,,,222555666 888,,,333111333 111666999 111333777 666,,,666777222 44,,553333 11 ,,889933 22,,664400 111133 330099 21 22,,007700 MMaarr.... 222999,,,777555444 111999,,,222777777 888,,,333000444 111555111 666333999 666,,,666333666 44,,660088 11,,888877 22,,772222 111133 1199 52 11 ,,004400 AApprr...... 222999,,,888111555 111999,,,222888222 888,,,333333777 222111111 999111333 666...888999000 44,,663344 11 ,,889900 22,,774444 112211 7711 297 11,,116611 MMaayy.... 222999,,,888555888 111999,,,222555111 888,,,333999555 222444777 666222111 666,,,666111555 44,,777733 11,,992200 22,,885544 220033 3388 42 996699 JJuunnee.... 333000,,,000111555 111999,,,222888222 888,,,444999888 333222666 555555777 666,,,555444999 44,,994444 11,,993366 33,,000088 221100 55 28 770000 JJuullyy.. .. 333000,,,333555111 111999,,,333888555 888,,,666999333 555333888 555777555 666,,,111111999 55,,001155 11,,994433 33,,007722 116611 6633 139 553300 AAuugg...... 333000,,,777777777 111999,,,555000777 888,,,999444222 555999444 11 888111444 555,,,888888888 44,,994422 11,,886633 33,,008800 9988 114455 132 550099 SSeepptt...... 333111,,,000555555 111999,,,555666000 999,,,111222222 444888888 555777555 555,,,333999999 55,,003333 11,,885522 33,,118811 114488 3311 79 440033 OOcctt...... 333111,,,333777333 111999,,,666444111 999,,,333000999 555000888 222888222 444,,,666888555 55,,111199 11,,884433 33,,227766 117766 5599 45 220011 NNoovv.. 333111,,,555555222 111999,,,666444888 999,,,444333000 333777222 333333222 444,,,333888555 i Includes conventional loans not shown separately. For FHLMC: Holdings and transactions cover participations as well as NOTE.—Data from FNMA and FHLMC, respectively. whole loans. Holdings include loans used to back bond issues guranteed For FNMA: Holdings include loans used to back bond issues guaranteed by GNMA. Commitments cover the conventional and Govt.-underby GNMA. Commitments include some multifamily and nonprofit written loan programs. hospital loan commitments in addition to 1- to 4-family loan commitments accepted in FNMA's free market auction system, and through the FNMA- GNMA Tandem Plans. TERMS AND YIELDS ON NEW HOME MORTGAGES Conventional mortgages Terms1 Yields (per cent) in primary market Loan C ra o c t n e e n tr ( t p a ) e c r t (p F c e e h r e a s c r e g a n e n s t d ) 2 M (y a e t a u r r s it ) y L (p o e a r r n a / t c p i e o r n ic t) e p o r P i f c u e d r o c ( l h t l h a a o s r e u s ) s . (t a d h m o o l u o la u s r . n s t o ) f F s H er L ie B s B 3 s H er U ie D s 4 7.60 .87 26.2 74.3 36.3 26.5 7.74 7.75 7.45 .88 27.2 76.8 37.3 28.1 7.60 7.64 7.78 1.11 26.3 77.3 37.1 28.1 7.95 8.30 8.71 1.30 26.3 75.8 40.1 29.8 8.92 9.22 9.04 1.40 26.2 73.6 41.3 30.2 9.27 9.55 9.13 1 .44 27.5 75.5 42.4 31.3 9.37 9.45 9.09 1.51 26.7 73.8 43.2 31.6 9.33 9.15 8.88 1 .44 26.8 76.5 44.4 33.0 9.12 9.05 8.79 1 .61 26.5 75.1 45.9 33.7 9.06 8.90 8.71 1 .53 26.5 76.4 44.5 33.4 8.96 9.00 8.63 1 .63 27.0 75.5 43.5 32.2 8.90 9.05 8.73 1.42 26.5 76.4 43.1 32.4 8.96 9.00 8.66 1 .40 26.0 75.9 44.1 32.9 8.89 9.00 8.63 1.56 26.7 77.0 44.6 33.7 8.89 9.15 8.70 1.46 26.7 75.9 45.6 34.1 8.94 9.25 8.75 1.59 27.3 77.5 43.9 33.2 9.01 9.25 8.75 1.56 27.5 76.3 46.2 34.6 9.01 9.20 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 Rate? on first mortgages, unweighted and rounded to the nearest compiled by Federal Home Loan Bank Board in cooperation with Federal 5 basis points. Deposit Insurance Corporation. Data are not strictly comparable with 5 Based on opinion reports submitted by field offices of prevailing earlier figures beginning Jan. 1973. local conditions as of the first of the succeeding month. Yields are derived 2 Fees and charges—related to principal mortgage amount—include from weighted averages of private secondary market prices for Sec. 203, loan commissions, fees, discounts, and other charges, but exclude closing 30-year mortgages with minimum downpayment and an assumed precosts related solely to transfer of property ownership. payment at the end of 15 years. Any gaps in data are due to periods of 3 Effective rate, reflecting fees and charges as well as contract rates adjustment to changes in maximum permissible contract interest rates. NOTE TO TABLE AT BOTTOM OF PAGE A-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 • JANUARY 1976 FEDERAL NATIONAL MORTGAGE ASSOCIATION AUCTIONS OF COMMITMENTS TO BUY HOME MORTGAGES Date of auction Item 1975 July 28 Aug. 11 Aug. 25 Sept. 8 Sept. 22 Oct. 6 Oct. 20 Nov. 3 Nov. 17 Dec. 1 Dec. 15 Dec. 29 Amounts (millions of dollars): Govt.-underwritten loans Offered i 415.8 578.7 643.1 530.1 293.6 198.5 43.2 69.8 293.1 255.9 287.1 95.3 Accepted 247.7 365.5 223.0 197.7 142.0 143.0 23.2 41.7 180.6 138.5 158.8 52.7 Conventional loans Offered i 56.5 96.9 98.5 96.9 68.8 27.5 9.7 19.6 68.6 73.9 69.7 41.8 Accepted 34.5 48.9 31.0 43.9 35.2 23.5 9.2 15.2 34.6 40.5 31.2 11.8 Average yield (per cent) on shortterm commitments2 Govt.-underwritten loans 9.17 9.32 9.50 9.70 9.86 9.95 9.65 9.32 9.33 9.32 9.31 9.29 Conventional loans 9.26 9.38 9.55 9.75 9.92 10.02 9.81 9.54 9.40 9.38 9.36 9.35 1 Mortgage amounts offered by bidders are total bids received. period of 12 years for 30-year loans, without special adjustment for 2 Average accepted bid yield (before deduction of 38 basis-point fee FNMA commitment fees and FNMA stock purchase and holding requirepaid for mortgage servicing) for home mortgages assuming a prepayment ments. Commitments mature in 4 months. MAJOR HOLDERS OF FHA-INSURED AND VA-GUARANTEED RESIDENTIAL MORTGAGE DEBT (End of period, in billions of dollars) Dec. 31, Mar. 31, June 30, Sept. 30, Dec. 31, Mar. 31, June 30, Holder 1973 1974 1974 1974 1974 1975 1975 All holders 135.0 136.7 137.8 138.6 140.3 142.0 143.0 FHA 85.0 85.0 84.9 84.1 84.1 84.3 85.0 VA 50.0 51.7 52.9 54.5 56.2 57.7 58.0 Commercial banks 11.5 11.1 11.0 10.7 10.4 10.5 10.6 FHA 8.2 7.8 7.6 7.4 7.2 7.2 7.3 VA 3.3 3.3 3.4 3.3 3.2 3.3 3.3 Mutual savings banks 28.4 28.2 27.9 27.8 27.5 27.6 27.8 FHA 15.5 15.3 15.1 15.0 14.8 14.8 14.9 VA 12.9 12.9 12.8 12.8 12.7 12.8 12.9 Savings and loan assns V FH A A 1 29.7 } 29.8 } 29.7 } '29.9 } '29.9 } 29.9 } 30.2 Life insurance cos J 13.6 J 13.3 J 13.1 12.9 12.7 12.5 12.2 FHA 9.2 9.0 8.8 8.7 8.6 8.4 8.2 VA 4.4 4.3 4.3 4.2 4.2 4.1 4.0 Others 52.1 54.3 56.1 57.4 59.9 61.6 62.2 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 TToottaall aammoouunntt PPeerriioodd oo NN ff uu ll mm ooaa bb nn ee ss rr (( cc mm oo (( mm ii dd ll oo ll mm ii ll oo llaa ii nn tt rr tt ss ss ee )) dd oo ff ( o t f a h m o L d u o o o s l a u l a n a n n r t d s ) s ( C p in o e r n t r e a t r c t r e e e a s n c t t t ) (y M rs a . t / u m r o it s y .) (p t L e o r r - o a v a t c a i e n o l n - u t e ) C (p a t p e io r it n a c l e r i n z a a t t ) e - co D r v a e e t r b i a o t g e P co e n r s c ta en n t t 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 1,166 2,603.0 2,232 9.47 21/3 74.3 10.1 1.29 10.6 1974—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 Apr 32 108.4 3,386 10.02 23/0 75.6 10.8 1.36 10.8 May 73 227.5 3,116 10.23 20/9 74.7 10.8 1.30 11.1 June 61 167.5 2,745 10.11 21/9 73.0 10.5 1.29 11.2 See NOTE on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • CONSUMER CREDIT A 45 INSTALMENT CREDIT—TOTAL OUTSTANDING, AND NET CHANGE (In millions of dollars) 1975 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 1972 1973 1974 May June July Aug. Sept. Oct. Nov. Amounts outstanding (end of period) TOTAL 127,448 148,273 158,101 153,411 154,283 155,419 156,765 157,720 158,391 159,200 By holder: 60,870 71,871 75,846 73,345 73,687 74,232 74,701 75,024 75,287 75,174 Finance companies 32,088 37,243 38,925 37,711 37,828 38,177 38,340 38,375 38,411 38,642 Credit unions 16,913 19,609 22,116 22,674 23,186 23,507 24,043 24,510 24,706 24,934 14,763 16,395 17,933 16,238 16,079 15,963 16,172 16,232 16,444 16,860 Others2 2,814 3,155 3,281 3,443 3,503 3,540 3,509 3,579 3,543 3,590 By type of credit: 44,293 51,274 52,209 50,978 51,453 52,088 52,545 52,852 53,286 53,479 27,305 31,502 30,994 29,534 29,633 29,923 30,000 30,031 30,259 30,235 Finance companies 10,174 11,927 12,435 12,406 12,571 12,793 12,982 13,066 13,203 13,325 6,432 7,456 8,414 8,627 8,823 8,945 9,149 9,329 9,403 9,491 Others 382 389 366 411 426 427 414 426 421 428 Mobile homes: Commercial banks 6,406 8,340 8,972 8,659 8,639 8,606 8,583 8,566 8,519 8,502 Finance companies 2,916 3,378 3,570 3,507 3,508 3,503 3,498 3,499 3,498 3,519 6,258 7,453 8,398 8,136 8,202 8,272 8,329 8,372 8,374 8,361 Commercial banks 3,601 4,083 4,694 4,581 4,632 4,695 4,757 4,797 4,824 4,827 Revolving credit: Bank credit cards 5,408 6,838 8,281 7,942 8,015 8,088 8,259 8,414 8,450 8,500 Bank check credit 1,775 2,254 2,797 2,751 2,741 2,765 2,793 2,826 2,834 2-, 822 All other 60,390 68,736 73,874 71,437 71,727 72,097 72,757 73,192 73,430 74,018 Commercial banks, total 16,373 18,854 20,108 19,877 20,029 20,155 20,308 20,391 20,401 20,289 Personal loans 11,380 12,873 13,771 13,578 13,659 13,731 13,856 13,935 14,005 13,943 Finance companies, total 18,501 21,021 21,927 20,965 20,942 21,103 21,119 21,104 21,037 21,158 Personal loans 14.912 16,587 17,176 16,650 16,654 16,845 16,868 16,858 16,822 16,942 9,973 11,564 13,037 13,365 13,665 13,855 14,170 14,443 14,559 14,692 Retailers 14,763 16,395 17,933 16,238 16,079 15,963 16,172 16,232 16,444 16,860 Others 780 902 869 992 1,012 1,021 988 1,022 989 1 ,019 Net change (during period) 3 TOTAL 15,784 20,826 9,824 -366 205 887 636 761 829 803 By holder: Commercial banks 9,261 11,002 3,971 -336 -40 303 209 295 311 233 Finance companies 3,205 5,155 1,682 -184 9 197 20 96 36 156 Credit unions 2,143 2,696 2,507 126 272 315 290 428 256 270 Retailers 838 1,632 1,538 -2 -102 -14 181 -107 258 84 Others 337 341 126 30 66 86 -64 49 -29 60 By type of credit: 5,492 6,980 935 -164 2 384 212 386 390 404 Commercial banks 4,054 4,196 -508 -244 -139 135 8 117 164 163 Finance companies 597 1,753 508 20 58 128 126 92 103 144 Credit unions 819 1,024 958 39 76 122 85 154 122 91 Other 22 7 -23 21 7 -1 -7 23 1 5 Mobile homes: Commercial banks 1,773 1,933 634 -44 -49 -32 --2244 --1177 --6622 -6 Finance companies 355 462 192 -12 -2 -17 -11 -10 -7 25 Home improvement, total 852 1,196 946 -21 10 38 -4 19 -5 38 Commercial banks 372 483 612 0 6 31 24 27 24 41 Revolving credit: Bank credit cards 919 1,428 1,442 9 102 70 111133 110066 7799 2299 Bank check credit 315 479 543 -24 -13 15 12 14 17 2 All other 6,088 8,344 5,141 -110 155 429 338 263 418 311 Commercial banks, total 1,838 2,479 1,257 -33 53 84 76 48 89 2 Personal loans 1,318 1,491 900 -23 37 31 48 45 119 -6 Finance companies, total 2,003 2,520 906 -158 -21 115 -58 49 -27 18 Personal loans 1,466 1,675 589 -60 -21 161 -38 59 -7 15 Credit unions 1,260 1,591 1,473 79 180 184 188 260 128 173 Retailers 838 1,632 1,538 -2 -102 -14 181 -107 258 84 Others 149 122 -33 4 45 60 -49 13 -28 34 1 Excludes 30-day charge credit held by retailers, oil and gas companies, 3 Figures for all months are seasonally adjusted and equal extensions and travel and entertainment companies. minus liquidations (repayments, charge-offs, and other credits). 2 Mutual savings banks, savings and loan associations, and auto dealers. NOTE.—Table contains major changes as described on p. 67. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 CONSUMER CREDIT • JANUARY 1976 INSTALMENT CREDIT EXTENSIONS AND REPAYMENTS (In millions of dollars) 1975 Holder, and type of credit 1972 1973 1974 May June July Aug. Sept. Oct. Nov. Extensions1 TOTAL 142,862 164,527 166,170 12,993 13,618 14,322 14,426 14,555 14,831 14,877 By holder: Commercial banks 60,684 72,216 72,602 5,713 5,939 6,311 6,362 6,529 6,518 6,600 Finance companies 38,464 43,221 41,809 2,985 3,316 3,424 3,386 3,459 3,412 3,712 Credit unions 18,497 21,143 22,403 1,846 1,900 2,097 2,055 2,156 2,187 1,995 Retailers1 22,845 25,440 27,034 2,227 2,199 2,208 2,479 2,164 2,531 2,302 Others2 2,372 2,507 2,322 222 264 282 144 247 183 268 By type of credit: Automobile, total 40,447 46,486 43,431 3,554 3,753 4,124 4,031 4,235 4,189 4,218 Commercial banks 25,195 29,368 26,407 2,036 2,132 2,371 2,355 2,346 2,434 2,460 Finance companies 8,879 9,685 8,851 731 787 868 805 865 836 831 Credit unions 5,940 7,009 7,788 731 789 847 840 873 878 885 Others 433 424 385 56 45 38 31 61 41 42 Mobile homes: Commercial banks 3,703 4,437 3,486 194 185 227 211 222 198 233 Finance companies 1,430 1,673 1,627 80 85 81 82 83 81 97 Home improvement, total.. 4,094 4,828 4,854 343 378 395 363 288 392 409 Commercial banks 2,278 2,489 2,790 198 204 222 219 224 238 243 Revolving credit: Bank credit cards 10,390 13,862 17,098 1,517 1,606 1,618 1,689 1,737 1,698 1,752 Bank check credit 2,489 3,373 4,228 340 327 346 353 350 357 348 All other 80,310 89,864 91,455 6,965 7,284 7,531 7,697 7,540 7,915 7,819 Commercial banks, total. 16,630 18,683 18,602 1,428 1,485 1,527 1,535 1,560 1,592 1,562 Personal loans 11,708 12,927 13,177 1,007 1,049 1,026 1,083 1,105 1,144 1,076 Finance companies, total 27,720 31,032 30,764 2,157 2,418 2,454 2,482 2,489 2,474 2,770 Personal loans 17,539 18,915 18,827 1,363 1,596 1,621 1,653 1,624 1,613 1,674 Credit unions 12,230 13,768 14,228 1,078 1,065 1,210 1,169 1,238 1,269 1,074 Retailers 22,845 25,440 27,034 2,227 2,199 2,208 2,479 2,164 2,531 2,302 Others 885 941 827 75 117 132 32 89 48 111 Repayments1 TOTAL 127,078 143,701 156,346 13,359 13,413 13,435 13,790 13,794 14,002 14,074 By holder: Commercial banks 51,423 61,214 68,631 6,049 5,979 6,008 6,153 6,234 6,209 6,367 Finance companies 35,259 38,066 40,127 3,169 3,307 3,227 3,366 3,363 3,376 3,556 Credit unions 16,354 18,447 19,896 1,720 1,628 1,782 1,765 1,728 1,932 1,725 Retailers 22,007 23,808 25,496 2,229 2,301 2,222 2,298 2,271 2,273 2,218 Others2 2,035 2,166 2,196 192 198 196 208 198 212 208 By type of credit: Automobile, total 34,955 39,506 42,496 3,718 3,751 3,740 3,819 3,849 3,799 3,814 Commercial banks 21,141 25,172 26,915 2,280 2,271 2,236 2,347 2,319 2,270 2,297 Finance companies 8,282 7,932 8,343 711 729 740 679 773 733 687 Credit unions 5,121 5,985 6,830 692 713 725 755 719 756 794 Others 411 417 408 35 38 39 38 38 40 37 Mobile homes:. Commercial banks 1,930 2,504 2,852 238 234 259 235 239 260 239 Finance companies 1,075 1,211 1,435 92 87 98 93 93 88 72 Home improvement, total.. 3,242 3,632 3,908 364 368 357 367 369 398 371 Commercial banks 1,906 2,006 2,178 198 198 191 195 197 214 202 Revolving credit: Bank credit cards 9,471 12,434 15,656 1,508 1,504 1,548 1,576 1,631 1,619 1,723 Bank check credit 2,174 2,894 3,685 364 340 331 341 336 340 346 All other 74,222 81,520 86,314 7,075 7,129 7,102 7,359 7,277 7,497 7,508 Commercial banks, total. 14,792 16,204 17,345 1,461 1,432 1,443 1,459 1,512 1,505 1,560 Personal loans 10,390 11,436 12,277 1,030 1,012 995 1,035 1,060 1,025 1,082 Finance companies, total 25,717 28,512 29,858 2,315 2,439 2,339 2,540 2,440 2,501 2,752 Personal loans 16,073 17,240 18,238 1,423 1,617 1,460 1,691 1,565 1,620 1,659 Credit unions 10,970 12,177 12,755 999 885 1,026 981 978 1,142 901 Retailers 22,007 23,808 25,496 2,229 2,301 2,222 2,298 2,271 2,273 2,218 Others 736 819 860 71 72 72 81 76 76 77 1 Monthly figures are seasonally adjusted. NOTE.—Table contains major changes as described on p. 67. 2 Mutual savings banks, savings and loan associations, and auto dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • CONSUMER CREDIT A 47 FINANCE RATES ON SELECTED TYPES OF INSTALMENT CREDIT (Per cent per annum) Commercial banks Finance companies Month New Mobile Other Personal Credit- Automobiles Other automo- homes consumer loans card Mobile consumer Personal biles (84 mos.) goods (12 mos.) plans homes ggooooddss loans (36 mos.) (24 mos.) New Used 1973—Nov 10.49 11.19 12.75 12.94 17.23 12.40 17.21 13.12 1188..7777 2200..6655 Dec 10.49 11.07 12.86 13.12 17.24 12.42 17.31 1974—Jan 10.55 11.09 12.78 12.96 17.25 12.39 16.56 13.24 18.90 2200..6688 Feb 10.53 11.25 12.82 13.02 17.24 12.33 16.62 Mar 10.50 10.92 12.82 13.04 17.23 12.29 16.69 13.15 18.69 2200..5577 Apr 10.51 11.07 12.81 13.00 17.25 12.28 16.76 May 10.63 10.96 12.88 13.10 17.25 12.36 16.86 13.07 18.90 2200..5577 June 10.81 11.21 13.01 13.20 17.23 12.50 17.06 July 10.96 11.46 13.14 13.42 17.20 12.58 17.18 i3.i1 19.24 2200..7788 Aug 11.15 11.71 13.10 13.45 17.21 12.67 17.32 Sept 11.31 11.72 13.20 13.41 17.15 12.84 17.61 13.42 19.30 20.93 Oct 11.53 11.94 13.28 13.60 17.17 12.97 17.78 Nov 11.57 11.87 13.16 13.47 17.16 13.06 17.88 13.60 19.49 2211..1166 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 1199..8800 2211..0099 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 20.00 2200..8866 Apr 11 .44 11 .78 13.22 13.55 17.17 13.07 17.58 May 11.39 11.57 13.11 13.41 17.21 13.09 17.65 13.57 1199..6633 2200..7755 June 11.26 12.02 13.10 13.40 17.10 13.12 17.67 July 11 .30 11.94 13.13 13.49 17.15 13.09 17.69 13.78 19.87 20.97 Aug 11 .31 11 .80 13.05 13.37 17.14 13.10 17.70 Sept 11.33 11.99 13.06 13.41 17.14 13.18 17.73 13.78 19.69 2211..1144 Oct 11.24 12.05 13.00 13.38 17.11 1133..1155 1177..7799 Nov 11.24 1111..7766 1122..9966 1133..4400 1177..0066 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

A 48 INDUSTRIAL PRODUCTION: S.A. • JANUARY 1976 MARKET GROUPINGS (Seasonally adjusted, 1967 = 100) 1967 pro- 1974 1974 1975 Grouping p ti o o r n - age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct. Nov.f Dec.' Total index 100.0 124.8 117.4 113.7 111.2 110.0 109.9 110.1 111.1 112.2 114.2 116.2 116.7 117.3 118.5 Products, total 62.21 123.1 118.7 115.4 113.7 112.4 112.9 113.4 114.2 115.3 115.8 116.9 117.0 117.8 118.9 Fin C a o l n p s r u o m du e c r t s g oods 2 48 8 . . 9 5 5 3 1 1 2 2 1 8 . . 7 8 1 1 1 2 8 3 . . 2 4 1 11 2 4 0 . . 9 1 1 1 1 1 3 8 . . 3 8 i : 1 1 1 12 8 . . 2 2 1 1 1 1 2 9 . . 6 6 1 1 1 2 3 1 . . 7 2 • ; 12 ii 3 4 . . 3 5 1 1 1 2 5 5 . . 7 5 1 1 1 2 5 5 . . 9 7 1 1 1 2 6 6 . . 9 8 1 1 1 2 6 7 . . 9 2 1 1 1 2 7 8 . . 6 3 1 1 1 2 8 9 . . 6 6 Equipment 20.42 111.7 110.7 107.8 105.3 103.9 103.0 102.9 102.2 102.2 102.3 102.8 102.6 102.7 103.3 Intermediate products 13.26 128.3 120.5 117.6 115.2 j 112.7 113.4 112.4 112.8 114.3 115.4 116.6 117.2 118.4 120.0 Materials 37.79 127.4 114.8 110.5 107.4 105.9 105.2 104.9 106.0 106.8 111.5 115.1 116.4 116.7 117.9 Consumer goods Durable consumer goods 7.86 127.9 110.1 104.0 101.0 103.1 107.8 110.5 113.2 115.9 116.1 118.3 118.0 118.6 120.1 Automotive products 2.84 110.0 87.5 80.3 78.2 86.8 93.6 97.6 103.4 106.9 105.9 106.7 108.9 109.2 110.2 Autos 1.87 94.9 69.8 62.6 58.9 73.1 82.4 86.3 93.2 97.7 96.8 97.9 101.2 100.0 101.6 Auto parts and allied goods... .97 139.0 121.5 114.4 115.5 113.2 115.2 119.3 122.8 124.8 123.2 123.5 123.9 126.9 127.2 Home goods 5.02 138.0 123.0 117.5 114.0 112.3 115.9 117.8 118.8 121.0 121.9 125.0 123.4 123.9 125.6 Appliances, TV, and radios... 1.41 132.0 102.5 94.4 89.0 85.0 96.7 102.4 103.5 104.7 106.5 108.4 105.3 104.6 110066..66 Appliances and A/C .92 148.8 119.8 108.0 104.8 99.1 114.2 118.4 118.3 118.9 122.2 124.1 123.3 122.8 TV and home audio .49 Carpeting and furniture 1.08 153.5 143.8 135.1 132.3 127.9 127.8 128.6 131.1 135.5 136.0 137.6 137.9 138.7 Misc. home goods 2.53 134.7 125.5 123.0 120.1 121.0 121.4 121.7 122.1 124.0 124.5 128.9 127.3 128.5 130.1 Nondurable consumer goods 20.67 129.2 128.4 126.3 125.5 124.1 124.0 125.3 127.2 129.0 129.4 130.2 130.6 113322..00 113333..22 Clothing 4.32 109.0 102.0 95.0 94.5 90.9 89.2 94.4 97.7 101.6 102.0 101.5 104.5 Consumer staples 16.34 134.5 135.5 134.5 133.6 132.7 133.3 133.5 134.9 136.3 136.6 137.8 137.5 139.1 140.0 Consumer foods and tobacco.. 8.37 125.4 125.3 123.3 123.2 120.7 122.7 122.4 124.1 125.5 125.8 126.3 126.2 128.3 128.6 Nonfood staples 7.98 144.0 146.2 146.4 144.5 145.3 144.3 145.3 146.4 147.7 148.0 149.9 149.2 150.4 152.1 Consumer chemical products 2.64 158.4 159.1 160.6 157.1 158.2 157.6 158.4 159.2 161.2 160.4 161.6 161.2 164.0 Consumer paper products..., 1.91 125.2 126.7 122.0 121.9 120.9 118.4 122.8 123.3 124.1 126.7 127.7 126.2 126.3 Consumer fuel and lighting., 3.43 143.8 147.3 149.2 147.2 149.0 148.6 147.8 149.4 150.4 150.3 153.2 153.0 115533..33 Residential utilities 2.25 153.7 159.0 159.9 159.7 163.1 161.9 160.9 161.3 160.5 161.1 164.8 165.1 Equipment Business equipment 12.74 129.4 127.1 122.3 119.3 117.0 115.4 115.0 113.9 113.9 114.9 115.6 115.5 116.2 117.2 Industrial equipment 6.77 128.7 126.7 122.9 120.4 118.8 116.4 115.3 114.0 113.3 113.4 114.5 115.4 116.0 116.7 Building and mining equip. 1.45 136.0 137.4 138.4 137.0 137.7 132.3 131.7 127.7 126.9 128.3 129.7 133.1 135.0 136.9 Manufacturing equipment. 3.85 121.7 116.5 111.8 109.4 106.6 105.6 105.0 104.3 105.5 105.1 104.5 104.0 102.9 103.0 Power equipment 1.47 139.9 142.6 136.6 132.1 131.8 128.9 126.2 125.8 120.3 120.8 125.7 127.9 131.3 132.2 Commercial, transit, farm equip.. 5.97 130.3 127.6 121.6 118.0 115.1 114.2 114.7 113.9 114.6 116.5 116.9 115.9 116.4 117.8 Commercial equipment 3.30 141.1 139.3 135.2 130.4 127.8 123.2 121.5 120.7 123.0 123.4 122.6 123.3 122.9 123.0 Transit equipment 2.00 109.6 102.9 91.8 91 .5 88.8 92.2 98.6 98.0 98.0 101.5 105.0 100.4 101.8 110055..22 Farm equipment .67 138.7 143.7 143.8 135.9 130.2 135.7 129.0 127.3 122.9 127.7 124.3 126.0 128.3 Defense and space equipment 7.68 82.3 83.4 83.8 82.4 82.1 82.4 82.7 82.9 82.6 81.4 81.6 81.1 80.3 80.3 Military products 5.15 81.2 81.3 81.5 80.7 80.3 80.7 82.0 82.0 82.1 80.6 80.7 80.2 78.5 78.3 Intermediate products Construction products 5.93 129.6 118.3 115.7 112.1 109.1 110.1 107.6 106.8 108.0 109.3 112.0 112.4 113.1 111144..55 7.34 127.3 122.5 119.2 118.4 115.6 116.1 116.2 117.5 119.3 120.3 120.3 121.0 122.5 Misc. intermediate products Materials 20.91 127.3 114.2 110.3 107.0 104.7 101.6 100.2 99.8 100.3 106.1 108.7 110.4 111. 0 113.1 Durable goods materials 4.75 112.1 91.7 83.7 82.1 84.7 86.0 87.7 90.8 92.8 101.7 103.0 102.4 101.8 103.5 Consumer durable parts. 5.41 123.8 118.3 116.9 112.0 108.7 104.6 102.1 97.3 96.8 100.7 102.4 105.2 106.6 109.3 E D q u u ra ip b m le e n m t a p te a r r i t a s l s n.e.c 10.75 135.9 122.9 118.8 115.4 111.4 106.9 104.7 105.1 ^105.3 111.0 114.5 116.7 117.3 119.3 Nondurable goods materials 13.99 128.5 116.2 109.2 105.7 105.3 107.9 109.5 112.3 114.0 118.2 123.4 124.4 124.5 125.6 Textile, paper, and chem. mat.... 8.58 139.8 122.9 112.9 108.5 106.2 110.4 113.2 117.0 118.9 126.0 133.9 135.3 136.6 137.9 Nondurable materials n.e.c 5.41 110.6 105.7 103.3 101.1 103.9 104.0 103.7 105.1 106.2 106.0 106.7 107.2 105.5 106.1 Fuel and power, industrial 2.89 122.6 113.0 117.8 118.2 118.0 117.5 118.0 119.5 121.1 118.4 121.3 121.4 119.8 116.3 Supplementary groups Home goods and clothing 9.34 124.6 113.2 107.1 105.0 102.3 103.6 106.9 109.1 112.0 112.8 114.2 114.6 115.2 111177..33 Containers 1.82 139.4 120.3 126.1 119.9 122.3 124.2 124.3 128.4 132.8 133.5 142.7 137.6 133.8 Gross value of products in market structure (In billions of 1963 dollars) Products, total 286.3 426.7 416.4 410.1 405.1 409.6 408.6 414.5 416.1 418.1 425.9 426.2 428.5 432.5 Final products 221.4 331.0 322.3 317.7 315.3 319.0 319.4 325.0 325.2 326.3 332.9 333.1 334.8 337.2 Consumer goods 156.3 222.3 216.4 213.7 213.2 217.6 217.8 223.6 224.9 225.4 230.8 231.6 233.2 235.3 Equipment 65.3 108.8 105.9 103.9 102.2 101.4 101.5 101.3 100.5 100.9 102.3 101.6 101.7 102.0 Intermediate products 64.9 95.8 94.3 92.3 90.0 90.5 89.2 89.6 91.1 92.9 93.0 93.2 93.8 95.7 For NOTE see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • INDUSTRIAL PRODUCTION: S.A. A 49 INDUSTRY GROUPINGS (Seasonally adjusted, 1967 = 100) 11 pp 99 rr 66 oo 77 -- 11997744 1974 1975 ppoorr-- aavveerr-- GGrroouuppiinngg ttiioonn aaggee Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Nov.f Dec.® 88.55 124.4 116.1 111.7 109.2 107.7 107.9 108.2 109.5 110.6 112.8 114.7 115.6 116.3 117.5 Durable 52.33 120.7 112.2 108.2 104.8 103.5 103.3 102.5 103.2 103.5 105.4 107.0 107.7 108.0 109.3 Nondurable 36.22 129.7 121.9 117.0 115.6 113.7 114.8 116.1 118.6 120.8 123.4 125.7 127.0 128.3 129.5 Mining and utilities 11.45 127.3 125.7 127.0 127.3 128.8 128.1 126.5 126.8 127.4 127.0 127.8 128.3 128.3 127.3 Mining 6.37 109.3 104.4 107.0 108.6 108.9 108.5 105.9 106.3 106.4 105.0 105.3 105.8 105.4 103.7 Utilities 5.08 149.9 152.6 153.0 150.9 154.0 153.1 152.3 152.6 153.7 154.6 156.1 156.6 157.0 156.9 Durable manufactures Primary and fabricated metals 12.55 127.5 116.0 112.4 107.7 105.1 103.2 99.8 100.8 100.7 104.1 106.1 106.4 108.2 109.6 Primary metals 6.61 124.1 108.6 107.2 102.1 98.1 95.0 89.9 91.8 92.8 96.5 97.2 98.0 101.0 102.6 Iron and steel, subtotal 4.23 119.9 107.9 110.6 105.0 103.1 99.4 90.1 88.7 87.0 90.4 91 .3 93.3 96.0 97.9 Fabricated metal products 5.94 131.4 124.1 118.2 113.7 112.9 112.4 100.9 110.9 109.7 112.7 116.1 115.9 116.2 117.4 32.44 116.3 109.6 105.4 102.4 101.5 101.9 101.7 102.3 102.4 103.7 105.0 105.8 105.8 107.0 Machinery 17.39 128.1 124.8 119.6 115.6 112.2 110.8 109.0 108.2 108.4 110.0 111 .7 112.9 113.6 114.8 Nonelectrical machinery 9.17 133.8 132.5 126.7 123.6 119.3 116.9 113.7 112.3 112.9 115.1 116.7 117.7 118.0 119.1 Electrical machinery 8.22 125.2 116.3 111.5 106.6 104.3 104.0 103.8 103.8 103.4 104.4 106.1 107.6 108.9 110.2 Transportation equipment 9.29 96.9 83.6 78.9 77.1 81.0 84.7 87.6 90.5 91.0 92.9 94.3 94.7 94.1 95.9 Motor vehicles and parts 4.56 113.2 86.4 78.2 77.6 85.4 93.1 95.0 100.0 103.2 107.2 110.1 111 .0 109.6 111.5 Aerospace and misc. trans, eq... 4.73 81.1 80.9 79.5 76.6 76.7 76.6 80.4 81.3 79.3 79.1 79.2 79.0 79.2 80.8 Instruments 2.07 143.9 139.5 139.1 134.2 130.6 131.1 129.7 130.9 132.4 132.1 134.5 134.7 137.2 137.9 3.69 86.1 86.6 86.2 86.9 86.7 86.7 86.7 87.7 86.4 84.3 84.2 83.9 81.6 80.9 Lumber, clay, and glass 4.44 123.6 111.0 109.6 104.6 102.6 104.8 105.9 107.0 108.3 110.6 113.1 114.3 114.1 114.7 Lumber and products 1.65 120.1 101.3 99.9 99.6 99.8 104.1 108.0 110.3 112.0 114.5 115.5 116.8 117.0 Clay, glass, and stone products 2.79 125.7 116.9 115.3 107.8 104.2 105.4 104.7 105.1 106.2 108.3 111 .7 112.8 112.3 Furniture and miscellaneous 2.90 136.1 128.4 120.0 119.6 118.7 117.6 119.7 120.1 121.2 123.1 124.3 124.6 122.9 125.2 Furniture and fixtures 1.38 126.9 120.4 110.6 110.6 106.7 105.6 109.6 107.9 109.4 109.6 110.6 110.8 110.7 Miscellaneous manufactures .... 11..5522 114444..44 113355..77 112288..99 112288..00 112299..77 112288..55 112299..00 113311..11 113311..88 113355..33 113366..77 113377..22 113344..22 Nondurable manufactures Textiles, apparel, and leather 6.90 108.9 96.3 88.9 89.6 87.5 90.4 93.2 94.9 97.4 100.2 104.0 106.0 107.6 109.5 Textile mill products 2.69 122.7 102.9 95.6 93.3 96.8 100.4 103.8 106.9 110.7 115.0 121 .2 123.1 112244..22 Apparel products 3.33 105.4 98.0 94.0 92.6 86.4 88.2 90.9 91 .5 92.9 95.8 96.1 98.0 Leather and products .88 77.3 69.7 66.1 66.7 63.5 68.0 70.0 71.2 73.5 71.7 81.2 83.8 83.4 7.92 121.0 112.3 108.2 106.6 104.2 102.4 103.9 107.3 107.3 110.8 113.9 114.6 114.9 116.3 Paper and products 3.18 134.0 116.1 114.3 109.5 104.5 105.8 105.8 109.5 111 .7 116.4 124.0 126.5 127.5 4.74 112.3 109.8 104.1 104.7 104.0 100.2 102.6 105.9 104.4 107.1 107.1 106.5 106.5 Chemicals, petroleum, and rubber.... 11.92 151.7 141.6 136.5 132.4 130.2 131.0 132.5 136.2 140.2 143.6 146.2 148.3 149.7 151.1 Chemicals and products 7.86 154.3 143.1 139.0 134.6 133.6 132.8 135.7 138.2 143.4 146.3 148.8 152.0 153.7 155.2 Petroleum products 1.80 124.0 125.8 126.8 123.7 120.1 120.2 118.5 122.4 124.6 126.7 127.1 126.5 128.1 129.8 Rubber and plastics products 2.26 164.4 148.9 135.4 132.0 126.8 133.5 132.7 140.1 141.6 147.8 152.0 153.1 152.9 9.48 124.8 123.5 120.0 121.3 120.0 122.4 122.4 123.5 124.8 125.2 126.0 126.1 127.5 127.9 Foods 8.81 126.2 125.7 121.2 122.3 121.3 122.9 123.8 125.1 126.3 126.7 127.4 127.1 128.7 129.1 Tobacco products ..6677 110066..44 9966..22 110044..77 110088..44 102.6 115.9 110033..88 110022..22 110044..88 110055..77 110099..33 111111..99 Mining Metal, stone and earth minerals 1.26 117.2 117.9 119.1 116.2 113.4 113.3 106.2 101.5 105.0 107.2 107.2 108.0 110.1 110.9 Metal mining .51 129.2 134.7 133.8 131.1 125.4 125.8 114.8 110.6 110.3 119.2 118.5 119.8 123.2 Stone and earth minerals .76 109.1 106.4 109.0 106.1 105.1 104.7 100.4 95.3 101.4 98.9 99.5 100.0 101.1 Coal, oil, and gas 5.11 107.3 101.1 103.9 106.8 107.7 107.4 105.8 107.6 106.7 104.4 104.8 105.3 104.3 102.0 Coal .69 105.1 85.3 111.3 117.5 117.4 112.2 113.6 120.4 120.6 105.7 113.6 114.6 119.9 113.7 Oil and gas extraction 4.42 107.7 103.6 102.9 105.0 106.1 106.6 104.5 105.5 104.5 104.2 103.4 103.8 101 .9 100.2 Utilities Electric ...... ..... ......... 3.90 159.5 116633..00 116622..55 116611 ..11 165.4 116644..11 116633..00 163.3 116644..77 116655..88 167.8 168.4 Gas ....... 11..1177 111177..99 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 Industrial Production release. System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 BUSINESS ACTIVITY; CONSTRUCTION • JANUARY 1976 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu- Prices4 facturing2 In- Ca- Market dustry pacity Nonagutiliza- Con- ricul- PPPPeeeerrrriiiioooodddd Products tion struc- tural Total Whole- TTToootttaaalll in mfg. tion em- Em- Pay- retail Con- sale Final (1967 con- ploy- ploy- rolls sales3 sumer com- TToottaall MMaattee-- MMaannuu-- output tracts ment— ment mmooddiittyy Inter- rriiaallss ffaaccttuurr-- = 100) Total 1 Con- Equip- mediate iinngg Total sumer ment goods 1955. 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956. 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 1957. 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 1958. 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 1959. 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 1960. 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 68.6 82.4 88.0 68.8 70 88.7 94.9 1961. 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 70.2 82.1 84.5 68.0 70 89.6 94.5 1962. 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 78.1 84.4 87.3 73.3 75 90.6 94.8 1963. 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 87.8 76.0 79 91.7 94.5 1964., 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 89.3 80.1 83 92.9 94.7 1965. 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 93.9 88.1 90 94.5 96.6 1966. 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 99.9 97.8 97 97.2 99.8 1967. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 1968. 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.2 101.4 108.3 109 104.2 102.5 1969. 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.9 103.2 116.6 114 109.8 106.5 1970. 106.6 106.0 104.5 110.3 96.3 111.7 107.7 105.2 78.3 123.1 107.7 98.1 114.1 119 116.3 110.4 1971. 106.8 106.4 104.7 115.7 89.4 112.6 107.4 105.2 75.0 145.4 108.1 94.2 116.7 130 121.2 113.9 1972. 115.2 113.8 111.9 123.6 95.5 121.1 117.4 114.0 78.6 165.3 111.9 97.6 131.5 142 125.3 119.8 1973. 125.6 123.4 121 .3 131 .7 106.7 131.1 129.3 125.2 83.0 179.7 116.8 103.2 149.2 160 133.1 134.7 1974. 124.8 123.1 121.7 128.8 111 .7 128.3 127.4 124.4 78.9 168.6 119.1 102.1 157.1 171 147.7 160.1 1974—- D N e o c v 1 1 2 1 1 7 . . 7 3 1 12 1 1 8 . . 7 4 1 12 1 0 8 . . 9 2 1 12 2 6 3 . . 3 4 1 1 1 1 0 3 . . 7 2 1 1 2 2 0 3 . . 5 0 1 12 1 2 4 . . 1 8 1 1 1 2 6 0 . . 1 9 | 575 7 1 1 7 5 6 4 . . 0 0 1 1 1 1 9 8 . . 0 0 9 9 6 9 . . 5 3 1 1 5 5 7 3 . . 5 2 1 17 7 1 0 1 1 5 5 4 5 . . 3 4 1 1 7 7 1 1 . . 9 5 —Jan 113.7 115.4 114.9 120.1 107.8 117.6 110.5 111 .7 135.0 117.4 93.9 149.5 176 156.1 171.8 Feb 111 .2 113.7 113.3 118.8 105.3 115.2 107.4 109.2 • 68.2 139.0 116.6 91.2 143.5 179 157.2 171.3 Mar 110.0 112.4 112.2 118.2 103.9 112.7 105.9 107.7 153.0 116.1 90.3 143.3 176 157.8 170.4 Apr 109.9 112.9 112.6 119.6 103.0 113.4 105.2 107.9 189.0 116.1 89.9 144.7 179 158.6 172.1 May 110.1 113.4 113.7 121.2 102.9 112.4 104.9 108.2 67.0 182.0 116.2 90.1 144.7 184 159.3 173.2 June 111.1 114.2 114.5 123.3 102.2 112.8 106.0 109.5 174.0 115.9 89.8 146.4 186 160.6 173.7 July 112.2 115.3 115.7 125.5 102.2 114.3 106.8 110.6 165.0 116.4 89.7 148.7 190 162.3 175.7 Aug 114.2 115.8 115.9 125.7 102,3 115.4 111.5 112.8 r68.9 208.0 116.9 90.9 154.2 191 162.8 176.7 Sept.' 116.2 116.9 116.9 126.8 102.8 116.6 115.1 114.7 157.0 117.4 92.0 157.0 189 163.6 177.7 Oct.r 116.7 117.0 116.9 127.2 102.6 117.2 116.4 115.6 160.0 117.8 92.5 158.4 192 164.6 178.9 Nov.r. . .. 117.3 117.8 117.6 128.3 102.7 118.4 116.7 116.3 • 70.8 117.8 92.4 158.7 192 165.6 178.2 Dec 118.5 118.9 118.6 129.6 103.3 120.0 117.9 117.5 111188..11 9922..99 116611..88 119999 117788..77 1 Employees only: excludes personnel in the Armed Forces. Construction contracts; McGraw-Hill Informations Systems Company 2 Production workers only. Revised back to 1973. 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; 5 Figure is for 4th quarter 1974. includes data for Alaska and Hawaii beginning with 1959. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. Capacity utilization: Based on data from Federal Reserve, McGraw- 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. rotal construction contracts 1 99,304 93,076 6,179 7,304 5,100 4,955 6,574 9,598 9,143 9,324 9,044 10,037 7,692 7,767 5,573 By type of ownership: Public 26,563 32,209 2,391 2,496 2,254 2,031 2,182 2,768 2,875 3,891 3,784 3,040 2,725 2,544 1,597 Private 1 72,741 60,867 3,788 4,809 2,846 2,924 4,393 6,830 6,268 5,432 5,260 6,997 4,967 5,223 3,976 By type of construction: Residential building * 45,696 34,174 1,931 1,715 1,562 1,583 2,316 3,029 3,073 3,116 3,093 2,784 2,966 3,189 2,404 Nonresidential building 31,534 33,859 2,618 2,451 2,233 2,199 2,402 2,987 2,877 3,169 3,165 2,666 2,526 2,629 1,859 Nonbuilding 22,074 25,042 1,630 3,139 1,305 1,172 1,856 3,582 3,193 3,040 2,786 4,587 2,200 1,949 1,309 Private housing units authorized... 1,820 1,074 770 837 689 701 677 837 912 949 1,042 995 1,095 '1,079 1,118 (In thousands, S.A., A.R.) i Because of improved procedures for collecting data for 1 -family homes, NorE.—Dollar value of construction contracts as reported by the some totals are not strictly comparable with those prior to 1968. To im- McGraw-Hill Informations Systems Company, F.W. Dodge Division. prove comparability, earlier levels may be raised by approximately 3 per Totals of monthly data 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

JANUARY 1976 a CONSTRUCTION A 51 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public 2 Nonresidential Total Total dd RR eenn ee tt ss ii ii aa -- ll Total Buildings Other TToottaall M ta i r l y i- H w ig a h y - d C v e o a a v n t n e i s l d o e o n r p - - OOtthheerr Indus- Com- Other ment trial mercial b in u g i s ld 1 - 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 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 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 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 94,167 66,071 31,864 34,207 6,538 9,754 5,125 12,790 28,096 718 9,981 1,908 15,489 109,950 80,079 43,267 36,812 5,423 11,619 5,437 14,333 29,871 901 10,658 2,095 16,217 124,077 93,893 54,288 39,605 4,676 13,462 5,898 15,569 30,184 1,087 10,429 2,172 16,496 135,456 102,894 57,623 45,271 6.243 15,453 5,888 17,687 32,562 1,170 10,559 2,313 18,520 135,246 96,836 55,212 41,624 7,843 16,050 5,895 11,836 38,426 1,188 12,093 2,781 22,364 131,948 93,795 42,503 51,292 8,890 15,939 5,697 20,766 38,153 1,102 11,140 2,999 22,912 134,047 92,529 41,060 51,469 9,006 15,842 5,571 21,050 41,518 1,169 11,973 3,358 25,018 132,274 999999111111,,,,,,111111666666999999 3399,,555566 555555111111,,,,,,666666111111333333 888888,,,,,,444444111111222222 111111555555,,,,,,666666444444666666 555555,,,,,,999999000000333333 222222111111,,,,,,666666555555222222 444444111111,,,,,,111111000000555555 111111,,,,,,222222222222333333 12,356 2,842 24,684 128,862 888888999999,,,,,,000000222222333333 3388,,552233 555555000000,,,,,,555555000000000000 888888,,,,,,777777222222444444 111111444444,,,,,,999999777777111111 555555,,,,,,888888888888333333 222222000000,,,,,,999999222222222222 333333999999,,,,,,888888333333999999 111111,,,,,,333333111111999999 11,993 3,329 23,198 125,501 888888555555,,,,,,666666888888777777 3377,,999999 444444777777,,,,,,666666888888888888 777777,,,,,,888888666666999999 111111333333,,,,,,000000333333222222 555555,,,,,,333333666666333333 222222111111,,,,,,444444222222444444 333333999999,,,,,,888888111111444444 111111,,,,,,333333333333777777 11,377 3,024 24,076 121,027 888888444444,,,,,,777777444444222222 3377,,557744 444444777777,,,,,,111111666666888888 777777,,,,,,555555000000000000 111111222222,,,,,,777777666666555555 555555,,,,,,666666333333666666 222222111111,,,,,,222222666666777777 333333666666,,,,,,222222888888555555 111111,,,,,,444444777777333333 10,963 2,769 21,080 121,698 888888444444,,,,,,222222555555222222 3388,,553311 444444555555,,,,,,777777222222111111 888888,,,,,,111111999999777777 111111222222,,,,,,111111000000999999 555555,,,,,,222222666666888888 222222000000,,,,,,111111444444777777 333333777777,,,,,,444444444444666666 111111,,,,,,111111888888000000 12,227 3,132 20,907 126,884 888888444444,,,,,,999999888888222222 4400,,443311 444444444444......555555555555111111 777777,,,,,,666666777777777777 111111111111,,,,,,777777555555666666 555555,,,,,,444444111111555555 111111999999,,,,,,777777000000333333 444444111111,,,,,,999999000000222222 111111,,,,,,111111222222000000 12,251 3,529 25,002 128,776 888888888888,,,,,,111111444444333333 4433,,333300 444444444444,,,,,,888888111111333333 777777,,,,,,777777111111444444 111111111111,,,,,,999999777777888888 555555,,,,,,333333111111999999 111111999999,,,,,,888888000000222222 444444000000,,,,,,666666333333333333 111111,,,,,,333333000000999999 111113333322222.....111110000011111 999999000000,,,,,,555555999999000000 4455,,335544 444444555555,,,,,,222222333333666666 777777,,,,,,666666222222111111 111111222222,,,,,,555555888888666666 555555,,,,,,666666111111111111 111111999999,,,,,,444444111111888888 444444111111,,,,,,555555111111111111 111111,,,,,,333333888888333333 111113333377777.....111110000022222 999999222222,,,,,,555555222222444444 45,972 444444666666......555555555555222222 777777,,,,,,888888888888999999 111111222222,,,,,,444444333333111111 555555,,,,,,888888444444333333 222222000000,,,,,,333333888888999999 444444444444,,,,,,555555777777888888 111111,,,,,,666666666666222222 111113333355555,,,,,000009999900000 999999333333,,,,,,222222666666111111 444666,,,555000333 444444666666,,,,,,777777555555888888 777777,,,,,,444444777777000000 111111222222,,,,,,555555000000666666 555555,,,,,,555555888888999999 222222111111,,,,,,111111999999333333 444444111111,,,,,,888888222222999999 111111,,,,,,444444999999222222 111113333399999,,,,,444442222211111 999999666666,,,,,,000000999999555555 444777,,,555444000 444444888888,,,,,,555555555555555555 777777,,,,,,555555777777555555 111111222222,,,,,,555555444444333333 555555,,,,,,555555333333444444 222222222222,,,,,,999999000000333333 444444333333,,,,,,111111444444666666 111111,,,,,,666666555555777777 1 Includes religious, educational, hospital, institutional, and other build- NOTE.—Census Bureau data; monthly series at seasonally adjusted ings. annual rates. 2 By type of ownership, State and local accounted for 86 per cent of public construction expenditures in 1974. PRIVATE HOUSING ACTIVITY (In thousands of units) Starts Completions Under construction New 1-family homes sold (end of period) and for sale 1 Units Mobile Period home 1- 2-or- 2-or- 1- 2-or- ship- Total family more Total family more Total family more ments family family family For sale Sold (end of period) 196 6 1,165 779 386 217 461 196 196 7 1,292 844 448 240 487 190 196 8 1,508 899 608 1,320 859 461 318 490 218 196 9 1,467 811 656 1,399 807 591 885 350 535 413 448 228 197 0 1,434 813 621 1,418 802 617 922 381 541 401 485 227 197 1 2,052 1,151 901 1,706 1,014 692 1,254 505 749 497 656 294 197 2 2,357 1,309 ,047 1,971 1,143 828 1,586 640 947 576 718 416 197 3 2,045 1,132 913 2,014 1,174 840 1,599 583 1,016 567 620 456 197 4 1,338 888 450 1,692 931 760 1,189 516 673 r329 501 407 1974—Nov.. 1,017 802 215 1,657 893 763 rl,261 541 r720 204 435 404 Dec... 880 682 198 1,606 852 754 r1,228 545 r683 195 382 400 1975—Jan... 999 739 260 1,535 964 571 rl,182 522 r660 185 404 404 Feb... 1,000 733 267 1,320 770 550 rl, 153 522 r631 219 411 409 Mar.. 985 775 210 1,305 734 571 rl, 118 520 r598 199 463 396 Apr... 980 762 218 1,211 756 455 rl ,088 515 r573 194 570 388 May.. 1,130 887 243 1,276 832 444 '1,064 518 r546 224 586 383 June.. 1,094 884 210 1,165 785 380 P1,044 515 r529 210 556 378 July.. 1,235 935 300 1,269 901 368 P1,041 522 r519 225 553 383 Aug... 1,269 987 282 1,267 881 386 P1,035 527 r508 235 r574 r379 Sept.r 1,269 931 338 1,272 955 317 rl ,033 527 r506 215 579 382 Oct... 1,457 1,102 355 1,094 717 377 r1,069 562 r507 229 577 385 Nov.** 1,375 1,026 349 235 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 • JANUARY 1976 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 t p t i a t u u l l a t n i t o i o n o n n a - l lab N or o t f i o n r ce T l f a o o b r t o c a e r l Employed1 Une m r m a e t n p e2 t l oy- (N.S.A.) (N.S.A.) (S.A.) Total Total In c u n l o t n u a ra g l r i- In U pl n o e y m ed - (pe S r . A ce .) n t; industries agriculture 196 9 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 197 0 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 197 1 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 197 2 145,775 56,785 88,991 86,542 81,702 78,230 3,472 4,840 5.6 197 3 148,263 57,222 91,040 88,714 84,409 80,957 3,452 4,304 4.9 197 4 150,827 57,587 93,240 91,011 85,935 82,443 3,492 5,076 5.6 1974—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 June 153,278 57,087 94,518 92,340 84,444 81,140 3,304 7,896 8.6 July. 153,585 56,540 95,102 92,916 85,078 81,628 3,450 7,838 8.4 Aug. 153,824 57,331 95,331 93,146 85,352 81,884 3,468 7,794 8.4 Sept. 154.052 59,087 95,361 93,191 85.418 81,872 3,546 7,773 8.3 Oct., 154,256 58,825 95,607 93,443 85,441 82,019 3,422 8,002 8.6 Nov. 154,476 59,533 95,134 92,979 85,278 81,986 3,292 7,701 8.3 Dec. 154,700 59,812 95,436 93,279 85,511 82,270 3,241 7,768 8.3 1 Includes self-employed, unpaid family, and domestic service workers. to the calendar week that contains the 12th day; annual data are averages 2 Per cent of civilian labor force. of monthly figures. Description of changes in series beginning 1967 is NOTE.—Bureau of Labor Statistics. Information relating to persons 16 available from Bureau of Labor Statistics. years of age and over is obtained on a sample basis. Monthly data relate EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g a c- Mining c C o o n t n i s o t t r r n a u c c t - Tr ti a p o n u n s b p a l o i n c r d ta - Trade Finance Service G m ov e e n r t n utilities 196 9 70,442 20,167 619 3,525 4,435 14,704 3,562 11,228 12,202 197 0 70,920 19,349 623 3,536 4,504 15,040 3,687 11,621 12,561 197 1 71,216 18,572 603 3,639 4,457 15,352 3,802 11,903 12,887 197 2 73,711 19,090 622 3,831 4,517 15,975 3,943 12,392 13,340 197 3 76,896 20,068 644 4,015 4,644 16,674 4,091 13,021 13,739 197 4 78,413 20,046 694 3,957 4,696 17,017 4,208 13,617 14,177 SEASONALLY ADJUSTED 1974—De c 77,723 19,190 686 3,770 4,659 16,935 4,229 13,833 14,421 1975—Ja n 77,319 18,798 723 3,749 4,603 16,903 4,219 13,857 14,467 Feb 76.804 18,375 724 3,592 4,565 16,879 4,210 13,865 14,594 Mar 76,468 18,226 729 3,467 4,506 16,851 4.207 13,864 14,618 Apr 76.462 18,155 732 3,441 4,508 16,1847 4,209 13,878 14,692 May 76 ^ 510 18,162 738 3,439 4,491 16,857 4.208 13,889 14,726 June 76,343 18,100 741 3,392 4,469 16,877 4.202 13,871 14,691 July 76,679 18,084 743 3,395 4,464 16,984 4.203 13,990 14,816 Aug 77,023 18,254 749 3,415 4.466 17,016 4,218 14,054 14,855 Sept 77,310 18,417 752 3,432 4.467 17,045 4,239 14,113 14,845 Oct 77,555 18,493 774 3.402 4,476 17,043 4,246 14,157 14,964 Nov.p 77,558 18,471 767 3.403 4,501 17,020 4,248 14,189 14,959 Dec.f 77,798 18,551 772 3,389 4,481 17,096 4,259 14,251 14,999 NOT SEASONALLY ADJUSTED 1974—De c 78,462 19,209 681 3,695 4,659 17,608 4,208 13,764 14,638 1975—Ja n .207 18,573 715 3,348 4,548 16,700 4.177 13,608 14,538 Feb ,772 18,165 714 3,208 4.492 16,493 4,172 13,699 14,829 Mar ,778 18,037 719 3,197 4,470 16,530 4.178 13,753 14,894 Apr 177 18,000 726 3,310 4,472 16,691 4,192 13,878 14,908 May 689 18,071 740 3,439 4,487 16,819 4,208 13,986 14,939 June 183 18,255 756 3,555 4,523 16,971 4,248 14,079 14,796 July 439 18,007 758 3,605 4,504 16,936 4,266 14,144 14,219 Aug 900 18,450 763 3,688 4.493 16,959 4,273 14,162 14,112 Sept 614 18,694 758 3,659 4,503 17,084 4,243 14,113 14,560 Oct 193 18,687 763 3,620 4,503 17,136 4,238 14,185 15,061 D NO e V c .P . » 5 3 2 2 9 4 1 1 8 8 , , 5 6 6 2 7 5 7 76 6 6 4 3 3 , , 3 5 2 1 1 5 4 4 , ,4 5 8 1 1 5 1 1 7 7 , , 7 3 5 2 3 3 4 4 , , 2 2 3 3 5 8 1 1 4 4 , , 1 1 7 8 5 0 1 1 5 5 , , 2 1 2 7 3 2 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 1973, series has been adjusted to Mar. 1974 benchmark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • PRICES A 53 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur- Apparel Trans- Period it A em ll s Food Total H ow s o h n m i e p e r - - F a o n u il d e l e G a l n e a c d s - n i a n i n s g h d s - up a k n e d e p p t o i r o t n a - M c i a c e a r d e l - s c P o a e n r r a e - l coal tricity operation 1979 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 1945 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 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 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 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 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 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 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 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 lc<71, 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 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 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 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 1974—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 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 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 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 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 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 May 159.3 171.8 165.3 136.4 180.1 230.2 167.3 157.4 141.8 147.4 152.6 166.8 149.9 June 160.6 174.4 166.4 136.9 181.4 230.6 169.4 158.1 141 .4 149.8 153.2 168.1 150.3 July 162.3 178.6 167.1 137.3 182.3 234.1 170.4 158.3 141.1 152.6 154.0 169.8 151.2 Aug 162.8 178.1 167.7 138.0 182.8 235.7 171.2 158.8 142.3 153.6 154.6 170.9 151.4 Sept 163.6 177.8 168.9 138.4 183.9 238.7 174.0 160.1 143.5 155.4 155.4 172.2 152.1 Oct 164.6 179.0 169.8 139.3 184.8 243.3 174.2 160.9 144.6 156.1 156.3 173.5 152.9 Nov 165.6 179.8 171.3 139.9 186.8 246.5 176.8 161.6 145.5 157.4 156.5 173.3 153.6 NOTE.—Bureau of Labor Statistics index for city wage earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities Prom c t o A 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 o a e s n o e s d d d ed s s Total t T e il t e e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c M q a e h n r u i a y n d i - p - - F t u e u t r r c n e . , i - N t e m m a r o l i a e l n n i l - c s - - T e p m t q r o i e a u o r n n n i t p a t s 1 - - - n c M e e l o i l s u a - - s ment 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 , 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 113.9 12.9 14.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 119.1 125.0 120.8 117.9 113.6 131.3 118.6 104.2 109.3 144.3 113.4 123.5 117.9 111.4 126.1 113.8 114.6 134.7 176.3 148.1 125.9 123.8 143.1 134.3 110.0 112.4 177.2 122.1 132.8 121.7 115.2 130.2 115.1 119.7 160.1 187.7 170.9 153.8 139.1 145.1 208.3 146.8 136.2 183.6 151.7 171.9 139.4 127.9 153.2 125.5 133.1 171.5 183.7 188.2 166.1 138.4 143.2 229.0 174.0 149.4 165.4 167.2 184.6 154.0 137.7 164.3 137.0 142.4 171.8 179.7 186.4 167.5 137.5 142.1 232.2 176.0 149.6 164.7 169.8 185.5 156.6 138.8 168.5 137.1 145.5 171 .3 174.6 182.6 168.4 136.5 141.7 232.3 178.1 150.0 169.3 169.8 186.3 157.7 139.1 170.3 138.2 146.4 170.4 171.1 177.3 168.9 134.3 143.2 233.0 181.8 149.7 169.6 170.0 186.1 158.8 138.5 170.8 139.5 146.8 172.1 177.7 179.4 169.7 134.4 147.5 236.5 182.4 149.4 174.9 169.7 185.7 159.7 138.5 173.0 139.9 147.3 173.2 184.5 179.0 170.3 135.2 147.7 238.8 182.1 148.9 183.0 169.8 185.1 160.4 138.6 173.1 139.9 147.5 173.7 186.2 179.7 170.7 135.9 148.7 243.0 181.2 148.6 181.0 169.8 184.5 161.0 139.0 173.3 140.1 147.5 175.7 193.7 184.6 171 .2 136.8 149.3 246.6 181 .4 150.1 179.6 170.0 183.4 161.7 139.2 174.7 140.1 147.7 176.7 193.2 186.3 172.2 137.6 149.3 252.4 182.1 150.0 179.7 170.0 184.3 162.2 139.8 175.8 140.5 147.8 177.7 197.1 186.1 173.1 138.4 151.3 254.9 182.2 150.8 179.9 170.3 185.5 163.1 140.1 176.1 141.1 148.2 178.9 197.3 186.2 174.7 141.3 152.4 256.5 182.3 151.5 179.1 170.9 187.2 164.1 141.1 177.1 146.6 147.6 178.2 191 .7 182.6 175.4 143.2 154.4 257.0 182.9 151 .8 178.3 171 .3 187.0 165.3 141 .5 177.7 147.2 148.6 178.7 193.8 181.0 176.1 144.0 154.6 258.0 183.4 151.9 183.1 173.1 187.1 165.8 142.0 178.0 147.5 151.1 1 Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 NATIONAL PRODUCT AND INCOME • JANUARY 1976 GROSS NATIONAL PRODUCT (In billions of dollars) 1974 1975 Item 1929 1933 1941 1950 1970 1971 1972 1973 1974 III IV Gross national product. 103.1 55.6 124.5 284.8 977.1 1,054.9 1,158.0 1,294.9 1,397.4 1,416.3 1,430.9 1,416.6 1,440.9 1,504.4 Final purchases 101.4 57.2 120.1 278.0 972.6 1,048.6 1,149.5 1,279.6 1,383.2 1,407.6 1.413.1 1.435. 1,471.9 1,509.8 Personal consumption expenditures. 77.2 45.8 80.6 191.0 617.6 667.1 729.0 805.2 876.7 901.3 895.8 913.2 938.6 968.8 Durable goods 9.2 3.5 9.6 30.5 91.3 103.9 118.4 130.3 127.5 136.1 120.7 124.9 130.6 138.6 Nondurable goods 37.7 22.3 42.9 98.1 263.8 278.4 299.7 338.0 380.2 389.0 391.7 398.8 410.1 422.7 Services 30.3 20.1 28.1 62.4 262.6 284. 310.9 336.9 369.0 376.2 383.5 389.5 397.9 407.5 Gross private domestic investment 16.2 1.4 17.9 54.1 136.3 153.7 179.3 209.4 209.4 205.8 209.4 163.1 148.1 179.1 Fixed investment 14.5 3.0 13.4 47.3 131.7 147. 170.8 194.0 195.2 197.1 191.6 182.2 179.1 184.6 Non re side n tial 10.6 2.4 9.5 27.9 100.6 104.6 116.8 136.8 149.2 150.9 151.2 146.9 142.7 143.6 Structures 5.0 .9 2.9 9.2 36.1 37.9 41.1 47.0 52.0 51.0 53.7 52. 49.1 49.6 Producers' durable equipment. 5.6 1.5 6.6 18.7 64.4 66.6 75.7 89.8 97.1 99.9 97.5 94.2 93.6 94.0 Residential structures 4.0 .6 3.9 19.4 31.2 42.8 54.0 57.2 46.0 46.2 40.4 35.3 36.4 41.0 Nonfarm 3.8 .5 3.7 18.6 30.7 42.3 53.4 56.7 45.2 45.4 39.7 34. 35.6 40.0 Change in business inventories.... 1.7 -1.6 4.5 6.8 4.5 6.3 8.5 15.4 14.2 8.7 17. -19.2 -31.0 -5.5 Nonfarm 1.8 -1.4 4.0 6.0 4.3 4.9 7.8 11.4 11.9 6.6 17.5 -17.8 -30.6 -7.2 Net exports of goods and services. 1.1 .4 1.3 1.8 3.6 -.2 -6.0 3.9 2.1 -3.1 1.9 8.8 16.2 13.0 Exports 7.0 2.4 5.9 13.8 62.9 65.4 72.4 100.4 140.2 143.6 147.5 142.2 136.0 142.7 Imports 5.9 2.0 4.6 12.0 59.3 65.6 78.4 96.4 138.1 146.7 145.7 133.4 119.8 129.8 Government purchases of goods and services 8.5 8.0 24.8 37.9 219.5 234.2 255.7 276.4 309.2 312.3 323.8 331.6 338.1 343.5 Federal 1.3 2.0 16.9 18.4 96.2 97.6 104.9 106.6 116.9 117.2 124.5 126.5 128.4 130.5 National defense 13.8 14.1 74.6 71.2 74.8 74.4 78.7 78.4 84.0 84.7 84.8 86.1 Other 3.1 4.3 21.6 26.5 30.1 32.2 38.2 38.8 40.6 41. 43.6 44.4 State local 7.2 6.0 7.9 19.5 123.3 136.6 150.8 169.8 192.3 195.1 199.3 205. 209.7 213.0 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 722.5 746.3 792.5 839.2 821.2 823.1 804.0 780.0 783.6 808.6 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 IItteemm 11992299 11993333 11994411 11995500 11997700 11997711 11997722 11997733 11997744 III IV National income 86.8 40.3 104.2 241.1 800.5 857.7 946.5 1,065.6 1,142.5 1,155.5 1,165.4 1,150.7 1,175.4 1,227.5 Compensation of employees 51.1 29.5 64.8 154.6 603.9 643.1 707.1 786.0 855.8 868.2 877.7 875.6 885.4 906.6 Wages and salaries 50.4 29.0 62.1 146.8 542.0 573.6 626.8 691.6 750.7 761.5 769.2 765.1 773.0 791.4 Private 45.5 23.9 51.9 124.4 426.9 449.5 491.4 545.1 592.4 602.5 605.1 597.4 601.9 617.5 Military .3 .3 1.9 5.0 19.6 19.4 20.5 20.6 21.2 20.8 22.0 22.0 21.9 21.9 Government civilian 4.6 4.9 8.3 17.4 95.5 104.7 114.8 126.0 137.1 138.2 142.1 145.7 149.2 152.0 Supplements to wages and salaries... .7 .5 2.7 7.8 61.9 69.5 80.3 94.4 110055..11 110066..77 110088..66 110.5 112.4 115.2 Employer contributions for social insurance . 1 .1 2.0 4.0 29.7 33.1 38.6 48.4 53.6 54.5 54.6 55.2 55.7 57.0 Other labor income .6 .4 .7 3.8 32.2 36.4 41.7 46.0 51.4 52.3 54.0 55.3 56.7 58.2 Pr B o F p a u r r s i m i e n t e o s r s s ' a i n n d co p m r e o fessional 1 9 6 5 . . . 0 2 1 5 2 3 . . . 9 3 6 1 1 6 7 1 . . . 4 5 1 3 2 1 7 4 3 . . . 5 0 5 6 5 1 6 0 6 . . . 9 0 9 6 5 1 9 2 7 . . . 2 0 2 7 5 2 5 4 1 . . . 9 9 0 9 5 3 6 7 8 . . . 1 6 5 9 6 3 3 1 1 . . . 0 2 8 9 6 2 2 9 2 . . . 8 1 3 9 6 2 1 9 2 . . . 1 6 5 8 6 2 2 4 2 . . . 7 9 2 2 6 8 2 3 6 . . . 7 4 1 9 6 29 4 4 . . . 9 7 6 Rental income of persons 5.4 2.0 3.5 9.4 23.9 25.2 25.9 26.1 26.5 26.6 26.8 27.0 27.1 27.4 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 69.2 78.7 92.2 105.1 105.6 105.8 103.4 94.3 104.9 123.0 Profits before tax 10.0 1.0 17.7 42.6 74.0 83.6 99.2 122.7 140.7 157.0 131.5 101.2 113.3 134.6 P P r ro o f f i i t t s s t a a f x te r li a ta b x il ity 8 1 . . 6 4 . . 5 4 1 7 0. . 1 6 2 1 4 7 . . 9 8 3 3 9 4 . . 3 8 4 3 6 7 . . 1 5 5 4 7 1. . 5 7 4 7 9 2. . 9 8 8 5 5 5 . . 0 7 9 6 4 2 . . 3 7 5 79 2 . . 5 0 6 3 2 9 . . 3 0 4 70 3 . . 3 0 8 5 2 2 . . 6 0 Dividends 5.8 2.0 4.4 8.8 24.7 25.0 27.3 29.6 32.7 33.2 33.3 33.8 34.0 34.5 Undistributed profits 2.8 -1.6 5.7 16.0 14.6 21.1 30.3 43.3 52.4 61.1 46.2 28.5 36.3 48.1 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -4.8 -4.9 -7.0 -17.6 -35.1 -51.2 -28.1 -7.0 -8.4 -11.7 Net interest 4.7 4.1 3.2 2.0 36.5 41.6 45.6 52.3 61.6 62.8 65.9 68.9 71.9 75.9 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

JANUARY 1976 • NATIONAL PRODUCT AND INCOME A 55 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1975 1929 1933 1941 1950 1970 1971 1972 1973 1974 III IV III Gross national product 103.1 55.6 124.5 284.8 977.1 1.054.9 1,158.0 1,394.9 1.397.4 1,416.3 1,430.9 1.416.6 1,440.9 1.504.4 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 87.3 93.7 102.9 110.8 119.5 120.7 122.9 125.2 127.4 130.0 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 93.5 102.7 110.0 119.2 126.9 129.5 129.8 132.2 135.4 139.6 Business transfer payments .6 .7 .5 .8 4.0 4.3 4.6 4.9 5.2 5.3 5.3 5.4 5.5 5.5 Statistical discrepancy .7 .6 .4 1.5 -6.4 -2.3 -3.8 -5.0 .4 3.0 4 1.6 -4.4 .4 Plus: Subsidies less current surplus of government enterprises .1 .2 1.7 2.3 .6 -2.9 -2.4 -2.7 -1.6 -1.6 -1.3 Equals: National income. 86.8 40.3 104.2 241.1 800.5 857.7 946.5 1,065.6 1.143.5 1,155.5 1,165.4 1.150.7 1.175.4 1.227.5 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 69.2 78.7 92.2 105. 105.6 105. 103.4 94.3 104.9 123.0 Contributions for social insurance .2 .3 2 6.9 57.7 63 73.0 91.2 101.5 103.0 103.2 104.6 105.4 107.7 Excess of wage accruals over disbursements .0 .6 .0 -.5 -1.5 .0 .0 .0 .0 Plus: Government transfer payments. . 1.5 2.6 14.3 75.1 89.0 98.6 113.0 134.6 138.7 145. 158.7 170.9 172.6 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 42.7 43.6 43.7 45.0 45.8 Dividends 5. 2.0 4.4 8.8 24.7 25.0 27.3 29.6 32.7 33.2 33.3 33. 34.0 34.5 Business transfer payments .7 .5 .8 4.0 4.3 4.6 4.9 5.2 5.3 5.3 5.4 5.5 5.5 Equals: Personal income. 85.9 47.0 96.0 227.6 808.3 864.0 944.9 1,055.0 1,150.5 1,168.2 1,186.9 1.193.4 1.220.5 1,255.2 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 116.6 117.6 142.4 151.3 170. 175.1 178.1 178.0 142.0 175.6 Equals: Disposable personal income. . 83.3 45.5 92.7 206.9 691.7 746.4 802.5 903.7 979.7 993.1 1,008.8 1.015.5 1,078.5 1.079.6 Less: Personal outlays 79 46.5 81.7 193.9 635.5 685.9 749.9 829.4 902.7 927.6 922.3 939.5 964.7 995.0 Personal consumption expenditures 77.2 45.8 80.6 191.0 617.6 667.1 729.0 805.2 876.7 901.3 895.8 913.2 938.6 968.8 Consumer interest payments.. 1.5 .5 .9 2.4 17.7 19.8 22.9 25.0 25.5 25.2 25.4 Personal transfer payments to 16.8 25.3 25.4 foreigners .3 .2 .2 .5 1.1 1.1 1.3 1.0 .9 .9 .8 1.0 .9 .9 Equals: Personal saving. 4.2 -.9 11.0 13.1 60.5 52.6 74.4 77.0 86.5 113.8 84.6 56.2 65.5 75.9 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 534.8 555.4 580.5 619.6 602.8 602.9 594.8 591.0 620.2 611.4 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 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.2' Total personal income 1,055. 01 150.5 ,184.5 ,191.0 ,191.1 1,193.4 ,195.7 ,203.1 1,314. 1,344. 1238. 1,355.9 ,270.9 ,279.2 ,290.1 Wage and salary disbursements. 691.7 751.2 767.8 766.6 765.7 763.6 766.0 768.0 772. 778. 782. 792.3 799.6 807.1 814.3 Commodity-producing industries 251.9 270.9 272.3 269.3 266.4 260.7 260.5 261.2 262. 264. 266. 271.4 275. 277.4 280.1 Manufacturing only 196.6 211.3 214.2 209.7 206.4 202.9 203.1 203.8 204. 206. 208, 212.9 216.0 218.2 219.7 Distributive industries. . ., 165. 178.9 183.9 183.8 183.2 184.0 183.8 184.3 186. 187. 187. 190.4 191.3 192.7 193.9 Service industries 128.2 142.6 147.4 148.3 149.8 151.2 152.6 152.4 153. 154. 155. 156.7 158.2 159.4 161.7 Government 146.6 158. 164.2 165.2 166.2 167.6 169.2 170.3 171. 171. 173, 173.8 175.0 177.6 178.7 Other labor income. 46.0 51.4 54.0 54.5 54.9 55.3 55.7 56.2 56.7 57.2 57.7 58.2 58.7 59.2 59.7 Proprietors' income 96.1 93.0 91.6 91.5 88.7 85.0 80.9 83.6 86. 91, 94.7 97.3 96.3 95.1 Business and professional... 57.6 61.2 62.5 62.5 62.7 62. 62.5 63.0 63. 63. 64. 64.8 65.2 65.7 66.1 Farm 31.8 29. 29.0 26.0 22.2 18.4 20.6 23. 24. 27. 32.1 30.6 29.0 38.5 29.9 Rental income 26. 26.5 26. 26 27.0 27.0 27.0 27.1 27. 27. 27 27.4 27.7 28.0 28.3 Dividends 32.7 33.6 32.7 33.9 33. 33.7 33.9 34. 34. 34 34.8 34.8 34.8 29.6 34.5 Personal interest income. 103. 109.5 111, 111.9 112.5 113.3 114.8 116. 119. 119 123 125.9 128.9 90.6 121.4 Transfer payments 139.8 149. 156, 158.6 165.5 168.3 168.9 169. 190. 176 180.0 179.4 180.9 117. 178.0 Less: Personal contributions for social insurance.... 42. 47.9 48.5 48.4 49.5 49.2 49.3 49.4 49.7 50.0 50.2 50.7 51.1 51.4 51.8 Nonagricultural income. 1,008.01,109.01 ,145.2 1,151.41,154.3 1,160.1 1,166.2 ,171.1 1,179.7 1,307.9 1199.5 1,314.0 1,226.6 1,236.3 1,248.7 Agricultural income 47.0 41.5 39.3 39.5 36.8 33.3 29.6 32.1 34.6 36.2 39.4 42.0 44.3 42.9 41.4 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 • JANUARY 1976 SUMMARY OF FUNDS RAISED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1974 1975 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1966 1967 1968 1969 1970 1971 1972 1973 1974 HI H2 HI Credit market funds raised by nonfinancial sectors J 67.9 82.4 96.0 91.8 98.2 147.4 169.4 187.4 180.1 187.3 172.4 188.4 1 2 66.9 80.0 96.0 87.9 92.4 135.9 158.9 180.1 176.2 181.9 170.0 179.6 2 3 U.S. Government 3.6 13.0 13.4 -3.7 12.8 25.5 17.3 9.7 12.0 5.1 18.9 81.4 3 4 Public debt securities 2.3 8.9 10.4 -1.3 12.9 26.0 13.9 7.7 12.0 3.9 20.2 82.6 4 5 Agency issues and mortgages 1.3 4.1 3.1 -2.4 -.1 -.5 3.4 2.0 * 1.2 -1.3 -1.2 5 6 64.3 69.4 82.6 95.5 85.4 121.9 152.1 177.7 168.1 182.2 153.4 107.0 6 7 Corporate equities 1.0 2.4 * 3.9 5.8 11.5 10.5 7.2 3.8 5.4 2.3 8.8 7 8 Debt instruments 63.3 67.0 82.6 91.6 79.7 110.4 141.6 170.4 164.2 176.8 151.1 98.2 8 Private domestic 9 Nonfinancial sectors 62.7 65.4 79.7 91.8 82.7 117.3 147.8 170.1 152.7 162.2 142.6 100.1 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 8.7 10 11 Debt instruments 61.5 63.0 79.9 88.4 77.0 105.8 136.9 162.7 148.6 156.6 140.0 91.4 11 12 Debt capital instruments 38.2 44.5 49.5 49.6 56.7 83.2 93.8 96.1 92.9 99.6 86.2 106.9 12 13 State and local obligations 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 17.4 18.3 16.5 17.4 13 14 Corporate bonds 10.2 14.7 12.9 12.0 19.8 18.8 12.2 9.2 19.7 18.1 21.3 38.2 14 15 Home mortgages 11.7 11.5 15.1 15.7 12.8 26.1 39.6 43.3 31.7 35.8 27.6 34.3 15 16 Multifamily residential mortgages 3.1 3.6 3.4 4.7 5.8 8.8 10.3 8.4 7.8 7.3 8.2 6.2 16 17 Commercial mortgages 5.7 4.7 6.4 5.3 5.3 10.0 14.8 17.0 11.5 15.7 7.2 5.7 17 18 Farm mortgages 1.8 2.3 2.2 1.9 1.8 2.0 2.6 4.4 4.9 4.5 5.4 5.1 18 19 Other debt instruments 23.3 18.5 30.4 38.8 20.3 22.6 43.0 66.6 55.6 57.0 53.8 -15.4 19 20 Consumer credit 6.4 4.5 10.0 10.4 6.0 11.2 19.2 22.9 9.6 12.7 6.1 -.6 20 21 Bank loans n.e.c 10.9 9.8 13.6 15.5 6.7 7.8 18.9 35.8 27.3 32.6 21 .9 -16.1 21 22 Open-market paper 1.1 1.7 1.8 3.0 3.0 -1 .2 -.5 -.4 6.6 5.1 8.2 -1.5 22 23 Other 5.0 2.6 5.0 9.9 4.6 4.8 5.5 8.3 12.1 6.6 17.5 2.8 23 24 By borrowing sector: 62.7 65.4 79.7 91.8 82.7 117.3 147.8 170.1 152.7 162.2 142.6 100.1 24 25 State and local governments 6.3 7.9 9.8 10.7 11.3 17.8 14.2 12.3 16.6 16.4 16.7 14.0 25 26 Households 22.7 19.3 30.0 31.7 23.4 39.8 63.1 72.8 44.0 47.5 40.0 37.5 26 27 Farm 3.1 3.6 2.8 3.2 3.2 4.1 4.9 8.6 7.8 7.7 7.9 6.9 27 28 Nonfarm noncorporate 5.4 5.0 5.6 7.4 5.3 8.7 10.4 9.3 7.2 7.1 7.3 3.2 28 29 Corporate 25.3 29.6 31.6 38.9 39.5 46.8 55.3 67.2 77.1 83.5 70.7 38.6 29 30 Foreign 1.5 4.0 2.8 3.7 2.7 4.6 4.3 7.5 15.4 20.0 10.9 6.9 30 31 Corporate equities -.3 .1 .2 .5 .1 * -.4 -.2 -.3 -.2 -.3 .1 31 32 Debt instruments 1.8 4.0 2.7 3.2 2.7 4.6 4.7 7.7 15.7 20.2 11.1 6.8 32 33 Bonds .7 1.2 1.1 1.0 .9 .9 1.0 1.0 2.2 2.1 2.3 5.0 33 34 Bank loans n.e.c -.2 -.3 -.5 -.2 -.3 1 .6 2.9 2.8 4.7 9.6 -.2 -.5 34 35 Open-market paper -.1 .5 -.2 .3 .8 .3 -1.0 2.2 7.1 7.0 7.1 -.4 35 36 U.S. Government loans 1 .3 2.6 2.2 2.1 1.3 1.8 1.8 1.7 1.7 1.5 1.8 2.7 36 37 Memo: U.S. Govt, cash balance -.4 1.2 -1.1 .4 2.8 3.2 -.3 -1.7 -4.6 -2.0 -7.1 3.1 37 Totals net of changes in U.S. Govt, cash balances— 38 Total funds raised 68.3 81.3 97.1 91.4 95.5 144.2 169.7 189.0 184.7 189.3 179.5 185.3 38 39 By U.S. Government 4.0 11.8 14.6 -4.1 10.0 22.3 17.6 11.4 16.6 7.1 26.0 7b.? 39 Credit market funds raised by financial sectors ! Total funds raised by financial sectors 11.7 2.0 18.3 33.7 12.6 16.5 28.9 52.0 38.0 40.8 35.2 4.2 1 2 Sponsored credit agencies 4.8 -.6 3.5 8.8 8.2 3.8 6.2 19.6 22.1 16.8 27.4 8.0 2 3 U.S. Government securities 5.1 -.6 3.2 9.1 8.2 3.8 6.2 19.6 21.4 16.8 26.0 66..99 3 4 Loans from U.S. Government -.2 -.1 .2 -.3 .7 1.4 11..11 4 5 Private financial sectors 6.9 2.6 14.9 24.9 4.3 12.7 22.8 32.4 15.9 24.1 7.8 -3.8 5 6 Corporate equities 3.7 3.0 6.4 6.1 4.6 3.3 2.4 .8 1.7 .5 3.0 3.8 6 7 Debt instruments 3.2 -.4 8.5 18.8 -.3 9.3 20.3 31.6 14.2 23.6 4.8 — 7.6 7 8 Corporate bonds .9 1.3 1.1 1.5 3.1 5.1 7.0 2.3 1.4 2.0 .9 2.3 8 9 Mortgages -.9 1.0 .4 .2 .7 2.1 1.7 -1*2 -1.3 1 -2.7 1.7 9 10 Bank loans n.e.c -1 .0 -2.0 2.5 2.3 -.5 3.0 6.8 13.5 7.5 S'.9 6.2 -8.8 10 11 Open-market paper and RP's 3.3 1 .9 3.6 10.7 -5.0 1.8 4.9 9.8 5.8 -6.0 5.3 11 12 Loans from FHLB's .9 -2.5 .9 4.0 1.3 -2.7 * 7.2 6.7 6.8 6.5 -8.1 12 13 Total funds raised, by sector 11.7 2.0 18.3 33.7 12.6 16.5 28.9 52.0 38.0 40.8 35.2 4.2 13 14 Sponsored credit agencies 4.8 -.6 3.5 8.8 8.2 3.8 6.2 19.6 22.1 16.8 27.4 8.0 14 15 Private financial sectors 6.9 2.6 14.9 24.9 4.3 12.7 22.8 32.4 15.9 24.1 7.8 -3.8 15 16 Commercial banks -.1 . 1 1.2 1 .4 -3.1 2.5 4.0 4.5 -1.9 2.6 -6.4 5.8 16 1177 Bank affiliates 4.2 -1.9 -.4 ..77 2.2 2.4 4.1 .7 .9 17 1188 Foreign banking agencies .1 * .1 .2 .1 1.6 ..88 5.1 2.9 2.7 3.1 -.9 18 19 Savings and loan associations .1 -1.7 1.1 4.1 1.8 -.1 2.0 6.0 6.3 8.6 4.0 -8.0 19 20 Other insurance companies 1 .1 .2 .5 .4 .6 .5 .5 .4 .4 .3 .3 20 21 Finance companies 3.1 1.2 5.7 8.3 1 .6 4.2 9.3 9.4 3.9 3.6 4.2 -3.4 21 22 REITS .7 1.3 2.7 33..00 6.1 6.3 1.0 2 8 — 9 -1 3 22 23 Open-end investment companies 3.7 3.0 5.8 4.8 2.6 11..11 -.7 -1.6 1.0 -.8 2.8 2.9 23 Total credit market funds raised, all sectors, by type 1 Total funds raised 79.6 84.4 114.3 125.5 110.8 163.9 198.3 239.4 218.1 228.1 207.6 192.6 1 2 Investment company shares 3.7 3.0 5.8 4.8 2.6 1.1 -.7 -1.6 1.0 -.8 2.8 2.9 2 3 Other corporate equities 1.1 2.5 .6 5.2 7.7 13.6 13.6 9.6 4.6 6.7 2.5 9.7 3 4 Debt instruments 74.9 79.0 107.9 115.5 100.4 149.1 185.4 231.3 212.5 222.2 202.3 179.9 4 5 U.S. Government securities 8.8 12.5 16.7 5.5 21.1 29.4 23.6 29.4 33.5 21.9 45.1 88.2 5 6 State and local obligations 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 17.4 18.3 16.5 17.4 6 7 Corporate and foreign bonds 11.8 17.2 15.0 14.5 23.8 24.8 20.2 12.5 23.3 22.2 24.5 45.5 7 8 Mortgages 21.3 23.0 27.4 27.8 26.4 48.9 68.8 71.9 54.5 63.4 45.6 52.9 8 9 Consumer credit 6.4 4.5 10.0 10.4 6.0 11.2 19.2 22.9 9.6 12.7 6.1 -.6 9 10 Bank loans n.e.c 9.7 7.5 15.7 17.6 5.8 12.4 28.5 52.1 39.5 51.1 27.9 -25.4 10 11 Open-market paper and RP's 4.4 4.0 5.2 14.1 -1.2 .9 3.3 11.6 13.6 17.8 9.4 3.3 11 12 Other loans 6.9 2.5 8.3 15.8 7.3 4.0 7.4 17.2 21.1 14.9 27.2 -1.5 12 NOTE.—Full statements for sectors and transaction types quarterly, and Flow of Funds Section, Division of Research and Statistics, Board of Digitized for FRaAnSnuEaRlly for flows and for amounts outstanding, may be obtained from Governors of the Federal Reserve System, Washington, D.C. 20551. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 57 JANUARY 1976 • FLOW OF FUNDS DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1974 1975 Transaction category, or sector 11996666 11996677 11996688 11996699 11997700 11997711 11997722 11997733 11997744 , HI H2 HI 1 Total funds advanced in credit markets to nonfinancial sectors 66.9 80.0 95.9 88.0 92.5 135.9 158.9 180.1 176.2 181.9 170.0 179.6 By public agencies and foreign 2 Total net advances 11.9 11.3 12.2 15.7 28.1 41.7 18.3 33.2 49.2 39.5 58.9 36.1 2 3 U.S. Government securities 3.4 6.8 3.4 .7 15.9 33.8 8.4 11.0 8.6 6.9 10.4 27.6 3 4 Residential mortgages 2.8 2.1 2.8 4.6 5.7 5.7 5.2 7.6 13.8 11.7 15.9 16.8 4 5 FHLB advances to S&L's .9 -2.5 .9 4.0 1.3 -2.7 * 7.2 6.7 6.8 6.5 -8.1 5 6 Other loans and securities 4.8 4.9 5.1 6.3 5.2 4.9 4.6 7.5 20.1 14.1 26.1 -.3 6 By agency— 7 U.S. Government 4.9 4.6 4.9 2.9 2.8 3.2 2.6 3.0 7.4 2.4 12.4 12.3 7 8 Sponsored credit agencies 5.1 _ i 3.2 8.9 10.0 3.2 7.0 20.3 24.1 20.5 27.6 10.1 8 9 Monetary authorities 3.5 4.8 3.7 4.2 5.0 8.9 .3 9.2 6.2 6.1 6.2 6.9 9 10 Foreign -1.6 2.0 .3 -.3 10.3 26.4 8.4 .7 11.6 10.5 12.6 6.8 10 11 Agency borrowing not included in line-1 4.8 -.6 3.5 8.8 8.2 3.8 6.2 19.6 22.1 16.8 27.4 8.0 11 Private domestic funds advanced 12 Total net advances 59.8 68.1 87.2 81.1 72.6 98.1 146.7 166.5 149.1 159.2 138.5 151.5 12 13 U.S. Government securities 5.4 5.7 13.3 4.8 5.2 -4.4 15.2 18.4 24.9 15.0 34.7 60.6 13 14 State and local obligations. 5.6 7.8 9.5 9.9 11.2 17.6 14.4 13.7 17.4 18.3 16.5 17.4 14 15 Corporate and foreign bonds 10.3 16.0 13.8 12.5 20.0 19.5 13.2 10.1 20.6 19.2 21.9 43.1 15 16 Residential mortgages 12.0 13.0 15.5 15.7 12.8 29.1 44.6 44.1 25.6 31.4 19.8 23.6 16 17 Other mortgages and loans 27.4 23.1 35.9 42.2 24.6 33.7 59.5 87.4 67.4 82.1 52.2 -1.3 17 18 Less: FHLB advances .9 -2.5 .9 4.0 1.3 -2.7 * 7.2 6.7 6.8 6.5 -8.1 18 Private financial intermediation 19 Credit market funds advanced by private financial institutions 45.4 63.5 75.3 55.3 74.9 110.7 153.4 158.8 131.5 155.7 106.9 115.0 19 20 Commercial banking 17.5 35.9 38.7 18.2 35.1 50.6 70.5 86.6 64.6 87.5 41.3 17.4 20 21 Savings institutions 7.9 15.0 15.6 14.5 16.9 41.4 49.3 35.1 26.9 35.4 18.3 61.6 21 22 Insurance and pension funds 15.5 12.9 14.0 12.7 17.3 13.3 17.7 22.1 34.3 29.1 39.4 34.8 22 23 Other finance 4.5 -.3 7.0 9.9 5.7 5.3 15.8 15.0 5.7 3.7 7.9 1.1 23 24 Sources of funds 45.4 63.5 75.3 55.3 74.9 110.7 153.4 158.8 131.5 155.7 106.9 115.0 24 25 Private domestic deposits 22.5 50.0 45.9 2.6 63.2 90.3 97.5 84.9 72.5 93.7 51.1 98.6 25 26 Credit market borrowing 3.2 -.4 8.5 18.8 -.3 9.3 20.3 31.6 14.2 23.6 4.8 -7.6 26 27 Other sources 19.8 13.9 21.0 34.0 12.0 11.0 35.5 42.4 44.8 38.4 50.9 24.0 27 28 Foreign funds 3.7 2.3 2.6 9.3 -8.5 -3.2 5.2 6.5 13.6 10.7 16.4 -5.4 28 29 Treasury balances -.5 .2 -.2 * 2.9 2.2 .7 -1.0 -5.1 -2.1 -8.1 -1.9 29 30 Insurance and pension reserves 13.6 12.0 11.4 10.8 13.1 9.1 13.1 16.7 27.9 22.7 33.2 26.5 30 31 Other.net 3.0 -.6 7.2 13.8 4.4 2.9 16.5 20.2 8.4 7.1 9.4 4.7 31 Private domestic nonfinancial investors 32 Direct lending in credit markets 17.6 4.2 20.4 44.5 -2.6 -3.2 13.7 39.3 31.8 27.0 36.4 28.9 32 33 U.S. Government securities 8.4 -1.4 8.1 17.0 -9.0 -14.0 1.6 18.8 18.1 13.7 22.6 -5.0 33 34 State and local obligations 2.6 -2.5 -.2 8.7 -1.2 .6 2.1 4.4 10.8 8.3 13.3 13.5 34 35 Corporate and foreign bonds 2.0 4.6 4.7 6.6 10.7 9.3 5.2 1.1 -1.7 -1.4 -1.9 14.9 35 36 Commercial paper 2.3 1.9 5.8 10.2 -4.4 -.6 4.0 11.3 1.6 4.3 -1.0 2.7 36 37 Other 2.3 1.7 2.1 2.0 1.4 1.5 .8 3.8 2.9 2.2 3.5 2.8 37 38 Deposits and currency 24.4 52.1 48.3 5.4 66.6 93.7 101.9 88.8 78.8 102.3 55.2 105.9 38 39 Time and savings accounts 20.3 39.3 33.9 -2.3 56.1 81.0 85.2 76.3 71.9 89.0 54.8 87.7 39 40 Large negotiable CD's -.2 4.3 3.5 -13.7 15.0 7.7 8.7 18.5 23.6 30.0 17.2 -22.0 40 41 Other at commercial banks 13.3 18.3 17.5 3.4 24,2 32.9 30.6 29.5 26.6 32.4 20.7 39.3 41 42 At savings institutions 7.3 16.7 12.9 8.0 16.9 40.4 45.9 28.2 21.8 26.6 16.9 70.4 42 43 Money 4.1 12.8 14.5 7.7 10.5 12.7 16.7 12.6 6.8 13.3 .4 18.1 43 44 Demand deposits 2.1 10.6 12.1 4.8 7.1 9.3 12.3 8.6 .5 4.8 -3.7 10.9 44 45 Currency 2.0 2.1 2.4 2.8 3.5 3.4 4.4 3.9 6.3 8.5 4.1 7.3 45 46 Total of credit market instr., deposits, and currency 42.0 56.3 68.7 49.9 64.1 90.5 115.7 128.1 110.5 129.3 91.6 134.8 46 47 Public support rate (in per cent) 17.9 14.1 12.7 17.8 30.4 30.7 11.5 18.4 27.9 21.7 34.6 20.1 47 48 Private financial intermediation (in per cent).... 75.9 93.2 86.4 68.3 103.1 112.8 104.5 95.4 88.2 97.8 77.2 75.9 48 49 Total foreign funds 2.1 4.3 2.9 9.1 1.8 23.2 13.6 7.2 25.1 21.2 29.0 1.4 49 Corporate equities not included above 1 Total net issues 4.8 5.5 6.4 10.0 10.4 14.8 12.9 8.0 5.6 5.9 5.3 12.7 2 Mutual fund shares 3.7 3.0 5.8 4.8 2.6 1.1 -.7 -1.6 1.0 -.8 2.8 2.9 3 Other equities 1.1 2.5 .6 5.2 7.7 13.6 13.6 9.6 4.6 6.7 2.5 9.7 4 Acquisitions by financial institutions, 6.0 9.1 10.8 12.2 11.4 19.3 16.0 13.4 6.1 8.5 3.6 11.1 5 Other net purchases -1.2 -3.6 -4.4 -2.2 -1.0 -4.5 -3.1 -5.4 -.5 -2.7 1.7 1.6 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 affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 U.S. BALANCE OF PAYMENTS • JANUARY 1976 1. U.S. BALANCE OF PAYMENTS SUMMARY (In millions of dollars. Quarterly figures are seasonally adjusted unless shown in italics.) 1974 1975 Credits (+)» debits (-) 1972 1973 1974 III IV III Merchandise trade balance 1. -6,409 955 -5,277 -2,315 -1,380 1,830 3,378 2,026 Exports 49,388 71,379 98,309 25,034 26,593 27,188 25,692 26,716 Imports -55,797 -70,424 -103,568 27,349 -27,973 -25,358 -22,314 -24,690 Military transactions, net -3,621 -2,317 -2,158 -513 -498 -349 -405 128 Travel and transportation, net. -3,024 -2,862 -2,692 -721 -741 -572 -393 -480 Investment income, net 2 4,321 5,179 10,121 2,354 2,559 1,176 1,392 U.S. direct investments abroad 2 6,416 8,841 17,679 4,700 4,080 2,156 2,171 Other U.S. investments abroad 3,746 5,157 8,389 2,354 2,358 2,148 2,075 Foreign investments in the United States 2 . -5,841 -8,819 -15,946 -4,700 -3,879 -3,128 -2,854 Other services, net 2 2,803 3,222 3,830 960 1,049 1,093 1,043 Balance on goods and services 3. -5,930 4,177 3,825 -235 989 3,178 5,015 Not seasonally adjusted -2,871 2,348 4,230 5,234 Remittances, pensions, and other transfers. -1,606 -1,903 -1,721 -457 -439 -462 Balan N c o e t o s n e a g s o o o n d a s ll , y s e a r d v ju ic s e t s e , d and remittances. -7,537 2,274 2,104 -3,-364902 550 2,730 4,553 3,812 U.S. Government grants (excluding military). -2,173 -1,938 4-5,461 1,904 4,762 -727 Balance on current account... -9,710 335 4-3,357 -1,500 -649 -721 Not seasonally adjusted.. -4,104 1,-29899 32,,007053 33,,987332 U.S. Government capital flows excluding nonscheduled No r n e s p c a h y e m d e u n le t d s, r n e e p t a 5 y ments of U.S. Government assets -1,7 1 0 3 6 7 -2,9 2 3 8 3 9 4408 -195 -985 -1,015 -821 U.S. Government nonliquid liabilities to other than foreign official reserve agencies 234 1,154 710 278 125 541 467 Long-term private capital flows, net -69 177 -8,463 -2,157 -5,570 -2,199 -2,431 U.S. direct investments abroad -3,530 -4,968 -7,455 -1,828 -3,310 -1,041 -2,304 Foreign direct investments in the United States 6 380 2,656 2,224 -653 340 679 Foreign securities -618 -759 -1,990 -304 -726 -2,021 -1,001 U.S. securities other than Treasury issues 6 4,507 4,055 672 204 -663 653 678 Other, reported by U.S. banks -1,158 -706 -1,166 48 -285 -437 -648 Other, reported by U.S. nonbanking concerns 351 -101 -748 -276 67 307 165 Balance on current account and long-term capital 5. -11,113 -977 -10,702 -3,574 -6,529 -670 1,047 Not seasonally adjusted -6,097 -4,616 -134 1,116 Nonliquid short-term private capital flows, net -1,542 -4,238 -12,936 -1,458 -2,305 1,929 -970 Claims reported by U.S. banks -1,457 -3,886 -12,173 -1,614 -2,406 1,733 -1,008 Claims reported by U.S. nonbanking concerns -306 -1,183 -2,603 -276 -137 250 -167 Liabilities reported by U.S. nonbanking concerns. 221 831 1,840 432 238 -54 205 Allocations of Special Drawing Rights (SDR's) 710 Errors and omissions, net -1,884 -2,436 4,698 1,135 1,236 2,067 843 Net liquidity balance -13,829 -7,651 18,940 -3,897 -7,598 3,326 920 Not seasonally adjusted., -5,538 -6,475 4,471 774 Liquid private capital flows, net 3,475 2,343 10,543 4,014 2,730 -6,587 -2,634 Liquid claims -1,247 -1,951 -6,267 -249 -2,101 -4,744 -2,287 Reported by U.S. banks -742 -1,161 -6,134 -753 -1,732 -5,062 -2,413 Reported by U.S. nonbanking concerns -505 -790 -133 504 -369 318 126 Liquid liabilities— 4,722 4,294 16,810 4,263 4,831 -1,843 -347 Foreign commercial banks 3,717 3,028 12,621 3,178 2,730 -2,818 175 International and regional organizations 103 377 1,319 215 1,308 871 -666 Other foreigners 902 889 2,870 870 793 104 144 Official reserve transactions balance, financed by changes in- -10,354 -5,308 -8,397 117 -4,868 -3,261 -1,714 Not seasonally adjusted -1,684 -4,070 -2,214 -1,290 Liquid liabilities to foreign official agencies 9,734 4,456 ,503 Other readily marketable liabilities to foreign official agen- 751 3,886 2,751 1,423 399 1,118 673 Nonliquid liabilities to foreign official reserve agencies re- 136 630 841 321 ported by U.S. Govt 189 -475 655 215 U.S. official reserve assets, net 32 209 ,434 ,003 137 -3 - 2 6 5 -29 Gold 547 C SD on R v ' e s r tible currencies -70 3 3 5 233 9 -172 3 - - 1 1 2 5 3 2 - 2 2 4 0 1 -1 -4 4 - - 1 6 6 Gold tranche position in IMF 153 -33 -1,265 -728 -84 -307 -7 Memoranda: Transfers under military grant programs (excluded from lines 2, 4, and 14) 4,492 2,809 1,811 352 490 787 1,244 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20) 4,521 8,124 7,508 53 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21) 548 945 1,554 Balances excluding allocations of SDR's: 54 Net liquidity, not seasonally adjusted., -14,539 -7,651 -18,940 -5,538 -6,475 4,471 774 55 Official reserve transactions, N.S.A... -11,064 -5,308 -8,397 -1,684 -4,070 -2,214 -1,290 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 1972 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 6,498 9,622 -361 -289 +652 -211 Feb... 3,824 5,070 7,549 8,789 4,473 5,483 7,318 7,872 -649 -413 +231 +917 Mar... 3,869 5,311 7,625 8,716 4,515 5,414 7,742 7,336 -647 -103 -117 + 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 8,145 4,486 5,703 8,265 7,093 -604 -142 -612 + 1,052 June.. 3,971 5,728 8,317 8,692 4,468 5,775 8,577 6,954 -497 -47 -260 + 1,737 July... 4,074 5,865 8,307 8,885 4,565 5,829 8,922 7,908 -491 + 37 -615 +977 Aug... 4,191 6,042 8,379 8,996 4,726 6,011 9,267 7,961 -535 + 32 -888 + 1,035 Sept... 4,176 6,420 8,399 9,165 4,612 5,644 8,696 8,189 -436 +776 -297 +976 Oct.. . 4,312 6,585 8,673 9,288 4,738 5,996 8,773 8,212 -426 +589 -100 + 1,076 Nov... 4,468 6,879 8,973 9,409 5,148 6,684 8,973 8,299 -680 + 195 + 1,110 Dec... 4,553 6,949 8,862 5,002 6,291 9,257 -449 +658 -395 Quarter: I 11,767 15,336 22,325 26,917 13,424 16,140 21,558 24,830 -1,657 -804 +767 +2,087 I I 11,673 16,783 24,077 25,406 13,370 16,839 24,867 22,060 -1,697 -56 -790 +3,346 III.... 12,442 18,327 25,085 27,046 13,903 17,483 26,885 24,057 -1,461 + 844 -1,800 +2,989 TV.... 13,333 20,413 26,508 14,888 18,972 27,003 -1,555 + 1,441 -495 Year 4.. 49,199 70,823 97,908 55,583 69,476 100,251 -6,384 + 1,347 -2,343 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 $100.3 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. See also note 3. 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 beactions value basis; prior data are reported on a Customs import value cause of rounding. 3. U.S. RESERVE ASSETS (In millions of dollars) EE yy nn ee dd aa rr oo ff Total To G ta o l2 l d st T o r c e k a i s ury v c fo u e C c r r r i o t e r e i n i e b s g n - l n e - p R o I e s M s i i n e t F r i o v n e SDR's 3 E m n o d n t o h f Total Tot G al o 2 l d s T to r c e k a sury v c fo u e C c r r r o i e t r e i n i e b s g n - l n e - p R o e I s M s i i n e t r i F o v n e SDR's 3 1961... 18,753 16,947 16,889 116 1,690 1974 1962... 17,220 16,057 15,978 99 1,064 Dec 15,883 11,652 11,652 1,852 2,374 1963... 16,843 15,596 15,513 212 1,035 1964... 16,672 15,471 15,388 432 769 1975— Jan 15,948 11,635 11,635 2 1,908 2,403 1965... 15,450 13,806 13,733 781 863 Feb 16,132 11,621 11,621 2 2,065 2,444 1966... 14,882 13,235 13,159 1,321 326 Mar 16,256 11,620 11,620 19 2,194 2,423 1967... 14,830 12,065 11,982 2,345 420 Apr 16,183 11,620 11,620 2 2,168 2,393 1968.. . 15,710 10,892 10,367 3,528 1,290 May 16,280 11,620 11,620 4 2,218 2,438 1969.. . 4 16,964 11,859 10,367 42,781 2,324 June.... 16,242 11,620 11,620 25 2,179 2,418 July 16,084 11,618 11,618 2 2,135 2,329 1970... 14,487 11,072 10,732 629 1,935 851 Aug 16,117 11,599 11,599 28 2,169 2,321 1971... 512,167 10,206 10,132 5 276 585 1,100 Sept 16,291 11,599 11,599 247 2,144 2,301 19726. . 13,151 10,487 10,410 241 465 1,958 Oct 16,569 11,599 11,599 413 2,192 2,365 19737 . . 14,378 11,652 11,567 8 552 2,166 Nov 16,592 11,599 11,599 423 2,234 2,336 1974.. . 15,883 11,652 11,652 5 1,852 2,374 Dec 816,226 11,599 11,599 80 82,212 82,335 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 7 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: 8 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 Includes gain of $67 million resulting from revaluation of the German in the IMF are also valued on this basis beginning July 1974. At valuamark in Oct. 1969, of which $13 million represents gain on mark holdings tion used prior to July 1974 (SDR 1 = $1.20635) SDR holdings at end at time of revaluation. of Dec. amounted to $2,404 million reserve position in IMF, $2,283 5 Includes $28 million increase in dollar value of foreign currencies million, and total U.S. reserve assets, $16,366. 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 « 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; among other adjustments, 4 Includes under U.S. Government grants $2 billion equivalent, repexcludes military transactions and includes imports into the U.S. Virgin resenting the refinancing of economic assistance loans to India; a cor- Islands. 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 some transactions of foreign official agencies. ment income and included in "Other services." 7 Includes changes in long-term liabilities reported by banks in the 3 Differs from the definition of "net exports of goods and services" in United States and in investments by foreign official agencies in debt the national income and product (GNP) account. The GNP definition securities of U.S. Federally sponsored agencies and U.S. corporations. excludes special military sales to Israel from exports and excludes U.S. Govt, interest payments from imports. NOTE.—Data are from U.S. Department of Commerce, Bureau of Economic 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 • JANUARY 1976 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 $42.2 t2hereafter) Esti- Intl. Esti- China, End of mated Mone- United mated Algeria Argen- Aus- Aus- Bel- Canada Rep. of Den- EEggyypptt period total tary States rest of tina tralia tria gium ((TTaaiiwwaann)) 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—Nov.. 6,478 11,652 231 169 312 882 1,781 927 97 76 103 Dec.. 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 76 103 Feb.... 6,478 11,621 231 169 312 882 1 ,781 927 97 76 103 Mar... 49,760 6,478 11,620 31,660 231 169 312 882 1,781 927 97 76 103 Apr 6,478 11,620 231 169 312 882 1,781 927 97 76 103 May. . 6,478 11,620 231 169 312 882 1,781 927 97 76 103 June.. 49,755 6,478 11,620 31,655 231 169 312 882 1,781 927 97 76 103 July... 6,478 11,618 231 169 312 882 1,781 927 97 76 103 Aug.. . 6,478 11,599 231 169 312 882 1,781 927 97 76 103 Sept.. . ^49 j 740 6,478 11,599 p31,660 231 169 312 882 1,781 927 97 76 103 Oct.... 6,478 11,599 231 312 882 1,781 927 9977 76 Nov.f. 6,478 11,599 223311 331122 888822 11,,778811 992277 7766 End of France Ger- Greece India Iran Iraq Italy Japan Kuwait Leb- Libya Mexi- Netherperiod many anon co lands 1970 3,532 3,980 117 243 131 144 2,887 532 86 288 85 176 1,787 1971 3,523 4,077 98 243 131 144 2,884 679 87 322 85 184 1,909 1972 3,826 4,459 133 264 142 156 3,130 801 94 350 93 188 2,059 1973 4,261 4,966 148 293 159 173 3,483 891 120 388 103 196 2,294 1974—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 3,483 891 140 389 103 154 2,294 Mar 4,262 4,966 150 293 158 173 3,483 891 154 389 103 154 2,294 Apr 4,262 4,966 150 293 158 173 3,483 891 154 389 103 154 2,294 May 4,262 4,966 150 293 158 173 3,483 891 175 389 103 154 2,294 June 4,262 4,966 150 293 158 173 3,483 891 154 389 103 154 2,294 July 4,262 4,966 150 293 158 173 3,483 891 154 389 103 154 2,294 Aug 4,262 4,966 150 293 158 173 3,483 891 154 389 103 2,294 Sept 4444,,,,222266662222 4444,,,,999966666666 111155550000 229933 111155558888 111177773333 3333,,,,444488883333 888899991111 111166660000 338899 111100003333 2,294 Oct 4444,,,,222266662222 4444,,,,999966666666 111155550000 111155558888 111177773333 3333,,,,444488883333 888899991111 111166660000 111100003333 2,294 Nov.p 4444,,,,222266662222 4444,,,,999966666666 111155550000 111155558888 111177773333 3333,,,,444488883333 888899991111 111166660000 111100003333 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 Settlements 2 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—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 99 151 886 148 472 265 Feb 67 1,175 129 759 602 244 3,513 99 151 886 148 472 272 Mar 67 1,175 129 755 602 244 3,513 99 151 886 148 472 259 Apr 67 1,175 129 747 602 244 3,513 99 151 886 148 472 260 May 67 1,175 129 742 602 244 3,513 99 151 886 148 472 239 June 67 1,175 129 734 602 244 3,513 99 151 886 148 472 262 July 67 1,175 129 742 602 244 3,513 99 151 886 135 472 264 Aug 67 1,175 129 744 602 244 3,513 99 151 886 135 472 264 Sept 67 1,175 129 762 602 244 3,513 99 151 886 135 472 254 Oct 67 11,,117755 754 660022 244 3,513 99 151 472 256 Nov.2' 6677 775522 224444 33,,551133 9999 115511 447722 225599 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 People's Republic of China. 2 Net gold assets of BIS, i.e., gold assets minus gold deposit liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 61 5. U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions of dollars) Liabilities to foreign countries Liquid Liquid Official institutions2 Liquid liabilities to other liabililiabili- foreigners ties to ties to non- End IMF Liquid moneof Total arising Short- liabili- Short- tary period from term Market- Non- Other ties term Market- intl. gold liabili- able market- readily to com- liabili- able and retrans- ties re- U.S. able U.S. market- mercial ties re- U.S. gional actions 1 Total ported Treas. Treas. able banks Total ported Treas. organiby bonds bonds liabili- abroad 6 by bonds zations 8 banks and and ties 5 banks and in notes 3 notes 4 in notes3,7 U.S. U.S. 1963 26,394 800 14,425 12,467 1,183 766 9 5,817 3,387 3,046 341 1,965 19649 J \2 2 9 9 , , 3 3 6 1 4 3 8 8 0 0 0 0 1 1 5 5 , , 7 7 8 9 6 0 1 1 3 3 , , 2 2 2 2 4 0 1 1 , , 1 1 2 2 5 5 1 1 , , 2 2 8 8 3 3 1 15 5 8 8 7 7 , ,2 3 7 0 1 3 3 3 , , 7 7 5 3 3 0 3 3, , 3 3 7 5 7 4 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 1965 29,568 834 15,825 13,066 1,105 1,534 120 7,419 4,059 3,587 472 1,431 19669 / 1 3 3 1 1 , , 1 0 4 1 4 9 1 1 , , 0 0 1 1 1 1 1 14 4 , , 8 8 9 4 5 0 1 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 5 5 8 8 3 3 9 9 1 1 3 3 1 9 0 , , 9 1 3 1 6 6 4 4 . . 2 2 7 7 1 2 3 3 . .7 7 4 4 3 4 5 5 2 2 8 8 9 9 0 0 5 6 19679 \ [ 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 14 4 , , 0 0 2 3 7 4 9 9 0 0 8 8 1 1 , , 4 4 5 5 2 2 1 1, , 8 8 0 0 7 7 1 1 1 1 , , 2 0 0 8 9 5 4 4 , , 6 6 7 8 8 5 4 4 , ,1 1 2 2 7 0 5 55 5 8 8 6 6 9 7 1 7 19689 / 1 3 3 8 8 , , 6 4 8 7 7 3 1 1 , , 0 0 3 3 0 0 1 1 7 7 , , 4 3 0 4 7 0 1 1 1 1 , , 3 3 1 1 8 8 4 5 6 2 2 9 3 3 , , 2 2 1 1 9 9 2 2 , , 3 3 4 4 1 1 1 1 4 4 , , 4 4 7 7 2 2 4 5 , , 9 0 0 5 9 3 4 4 , , 4 4 4 4 4 4 4 6 6 0 5 9 7 7 2 2 2 5 19699 '0 1 /4 4 5 5 , , 7 9 5 1 5 4 1 1 , , 1 0 0 1 9 9 10 1 1 5 5 , , 9 9 9 7 8 5 1 11 1 , , 0 0 7 5 7 4 3 3 4 4 6 6 10 3 3 , , 0 0 7 7 0 0 1 1 , , 5 5 0 0 5 5 2 2 3 3 , , 6 6 3 4 8 5 4 4 , ,5 4 8 6 9 4 4 3 , , 0 93 6 9 4 5 52 2 5 5 6 6 5 6 9 3 1970—Dec. . J 1 4 4 7 6 , , 0 9 0 6 9 0 5 5 6 6 6 6 2 23 3 , , 7 7 7 8 5 6 1 1 9 9 , , 3 3 3 3 3 3 2 3 9 0 5 6 3 3, , 4 4 5 5 2 2 6 6 9 9 5 5 1 17 7 , , 1 1 6 3 9 7 4 4 , , 6 6 7 0 6 4 4 4 , , 0 0 2 3 9 9 6 5 4 6 7 5 8 84 4 6 4 J67,681 544 51,209 39,679 1,955 9,431 144 10,262 4,138 3,691 447 1,528 1971—Dec. ii \67,808 544 50,651 39,018 1,955 9,534 144 10,949 4,141 3,694 447 1,523 1972—Dec... 82,862 61,526 40,000 5,236 15,747 543 14,666 5,043 4,618 425 1,627 1973—Dec... 1292,456 1266,827 1243,923 5,701 1215,530 1,673 17,694 5,932 5,502 430 2,003 1974—Nov... 115,698 75,200 51,860 4,906 16,196 2,238 29,782 8,336 7,855 481 2,503 Dec. 9. \ / 1 I1 1 9 9 , , 0 0 9 1 7 0 7 7 6 6 , , 6 6 6 5 5 8 5 5 3 3 , ,0 0 5 6 7 4 5 5 , , 0 05 5 9 9 1 1 6 6 , , 1 1 9 9 6 6 2 2 , , 3 3 4 4 6 6 3 3 0 0 , ,0 3 7 1 9 4 8 8 , , 8 9 0 4 3 3 8 8 , , 3 4 0 4 5 5 4 4 9 9 8 8 3 3 , , 3 3 2 2 2 2 1975—Jan.... 118,036 75,960 51,832 5,177 16,324 2,627 29.135 8,752 8,244 508 4,189 Feb.. . 119,332 78,689 54,310 5,279 16,324 2,776 27,297 9,093 8,483 610 4.253 Mar... 119,854 79,210 53,696 6,003 16,324 3,187 27,404 9,047 8.411 636 4,193 Apr.. . 120,810 79,085 53,521 5,941 16,365 3,258 28,794 8,843 8,188 655 4,088 May. . 122,078 79,799 52,395 6,064 17,925 3,415 28,910 9,115 8,492 623 4.254 June.. 121,388 80,533 51,879 6,119 19,027 3,508 28.136 9,192 8,538 654 3,527 July... 122,268 79,705 50,318 6,160 19,474 3,753 29,157 9,122 8.412 710 4,284 Aug.. . 123,629 79,259 49,917 6,276 19,324 3,742 30,364 9,651 8,980 671 4,355 Sept. P. 122,853 77,921 48,075 6,452 19,524 3,870 30,310 9,904 9,203 701 4,718 Oct.P.. 123,174 79,778 49,572 6,624 19,524 4,058 28,462 10,021 9,283 738 4,913 Nov.". 125,631 79,150 49,045 6,454 19,524 4,067 32,203 10,275 9,567 708 4,003 1 Includes (a) liability on gold deposited by the IMF to mitigate the shown for the preceding date; figures on second line are comparable with impact on the U.S. gold stock of foreign purchases for gold subscriptions those shown for the following date. to the IMF under quota increases, and (b) U.S. Treasury obligations at 10 Includes $101 million increase in dollar value of foreign currency cost value and funds awaiting investment obtained from proceeds of sales liabilities resulting from revaluation of the German mark in Oct. 1969. of gold by the IMF to the United States to acquire income-earning assets. 11 Data on the second line differ from those on first line because cer- 2 Includes BIS, and European Fund through Dec. 1972. tain accounts previously classified as official institutions are included 3 Derived by applying reported transactions to benchmark data; with banks; a number of reporting banks are included in the series for breakdown of transactions by type of holder estimated for 1963. the first time; and U.S. Treasury securities payable in foreign currencies 4 Excludes notes issued to foreign official nonreserve agencies. issued to official institutions of foreign countries have been increased in 5 Includes long-term liabilities reported by banks in the United States value to reflect market exchange rates as of Dec. 31, 1971. and debt securities of U.S. Federally sponsored agencies and U.S. cor- 12 Includes $ 162 million increase in dollar value of foreign currency porations. liabilities revalued to reflect market exchange rates, as follows: short- 6 Includes short-term liabilities payable in dollars to commercial banks term liabilities, $15 million; and nonmarketable U.S. Treasury notes, abroad and short-term liabilities payable in foreign currencies to commer- $147 million. cial banks abroad and to other foreigners. 7 Includes marketable U.S. Treasury bonds and notes held by commer- NOTE.—Based on Treasury Dept. data and on data reported to the cial banks abroad. Treasury Dept. by banks and brokers in the United States. Table excludes « Principally the International Bank for Reconstruction and Develop- IMF holdings of dollars, and U.S. Treasury letters of credit and nonment and the Inter-American and Asian Development Banks. negotiable, non-interest-bearing special U.S. notes held by other inter- 9 Data on the 2 lines shown for this date differ because of changes national and regional organizations. in reporting coverage. Figures on first line are comparable with those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1976 6. U.S. 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 66,827 45,730 3,853 2,544 10,887 788 3,025 1974—Nov.. 75,200 43,193 3,705 3,768 18,673 3,204 2,657 Dec. 3 f76,658 44,185 3,662 4,419 18,604 3,161 2,627 \76,665 44,185 3,662 4,419 18,611 3,161 2,627 1975—Jan... 75,960 43,331 3,621 3,659 19,555 3,232 2,562 Feb.. , 78,689 44,770 3,616 4,223 20,274 3,356 2,450 Mar.. 79,210 45,776 3,546 4,390 19,441 3,433 2,624 Apr... 79,085 45,063 3,251 4,506 20,062 3,493 2,710 May.. 79,799 45,310 3,101 4,600 20,423 3,448 2,917 June.. 80,533 45,276 3,008 4,723 20,457 3,800 3,269 July.. 79,705 44,241 2,966 4,748 21,299 3,319 3,132 Aug.., 79,259 44,068 2,929 4,924 20,972 3,392 2,974 Sept.., 77,921 43,359 3,011 4,830 20,819 3,137 2,763 Oct. P. 79,778 44,866 3,049 4,244 21,999 3,018 2,602 NOV.P 79,150 44,540 3,223 4,046 21,776 2,951 2,614 1 Includes Bank for International Settlements, and European Funds institutions of foreign countries, as reported by banks in the United States; through 1972. 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 nonpean dependencies in Latin America. marketable notes issued to foreign official nonreserve agencies; and in- 3 See note 9 to Table 5. vestments by foreign official reserve agencies in debt securities of U.S. Federally sponsored agencies and U.S. corporations. NOTE.—Data represent short- and long-term liabilities to the official 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. in ment 5 Treasury Total i Deposits U.S. Other foreign Total bills and Treasury short- cur- certifi- Total bills and term rencies Demand Time2 cates Demand Time2 certifi- liab.4 cates 3 55,428 55,036 6,459 4,217 33,025 11,335 392 1,367 73 192 210 60,696 60,200 8,290 5,603 31,850 14,457 496 1,412 86 202 326 69,074 68,477 11,310 6,882 31,886 18,399 597 1,955 101 83 296 91,835 91,091 12,860 9,567 35,212 33,452 744 2,339 128 95 285 f94,847 94,081 14,068 10,106 35,662 34,246 766 3,171 139 111 497 \94,760 93,994 14,064 10,010 35,662 34,258 766 3,171 139 111 497 93,132 92,412 12,284 10,053 38,108 31,966 721 3,921 123 111 1,234 94,065 93,332 12,135 10,202 40,428 30,567 733 3,976 118 102 1,260 93,006 92,325 12,319 10,043 40,094 29,869 682 3,496 189 116 777 94,103 93,362 11,691 10,390 40,424 30,857 742 3,601 99 126 781 93,651 92,986 11,925 10,374 40,628 30,059 665 3,853 115 133 1,994 92,006 91,423 12,595 10,536 38,265 30,026 584 3,453 106 133 996 92,002 91,442 12,215 10,372 38,553 30,301 560 4,115 146 134 2,518 93,515 92,953 12,215 10,804 38,518 31,416 562 4,253 110 148 3,156 92,219 91,665 13,422 10,518 36,642 31,083 554 4,631 107 127 3,008 91,871 91,236 12,141 10,587 37,749 30,760 635 4,554 132 150 2,397 94,705 94,066 12,822 10,341 37,289 33,614 636 3,887 145 156 1,605 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 63 SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) Total to official, banks and other foreigners To official institutions9 Payable in dollars Payable in dollars Payable End of period in Total Deposits U.S. Other foreign Total Deposits U.S. Other Treasury short- cur- Treasury shortbills and term rencies bills and term Demand Time2 certifi- liab.4 Demand Time2 certifi- liab.7 cates 3 cates 3 197 2 59,284 8,204 5,401 31,523 13,659 496 40,000 1,591 2,880 31,453 3,905 197 3 67,119 11,209 6,799 31,590 16,925 597 43,923 2,125 3,911 31,511 6,248 1974—Nov.. 89,497 12,732 9,472 34,927 31,622 744 51,860 2,472 4,058 34,467 10,736 Dec. 8 \ ( 9 9 1 1 , , 5 6 8 7 9 6 1 13 3 , , 9 9 2 2 5 8 9 9 , , 9 8 9 9 5 9 3 3 5 5 , , 1 1 6 6 5 5 3 3 1 1 , , 8 8 3 2 4 2 7 7 6 6 6 6 5 5 3 3 , , 0 0 5 6 7 4 2 2 , , 9 9 5 5 1 1 4 4 , , 1 2 6 5 7 7 3 3 4 4 , , 6 65 5 6 6 1 11 1 , ,0 16 6 3 6 1975—Jan... 89,211 12,161 9,942 36,874 29,513 721 51,832 2,185 4,201 36,531 8,916 Feb.. . 90,090 12,016 10,100 39,169 28,072 733 54,310 2,058 4,206 38,840 9,206 Mar.. 89,511 12,130 9,927 39,316 27,456 682 53,696 2,323 4,203 39,015 8,154 Apr.., 90,503 11,592 10,264 39,643 28,263 742 53,521 2,147 4,193 39,316 7,864 May. 89,797 11,811 10,241 38,634 28,448 665 52,395 2,175 4,331 38,372 7,517 June. 88,553 12,490 10,403 37,269 27,807 584 51,879 2,564 4,321 36,994 8,000 July.. 87,887 12,070 10,238 36,035 28,984 560 50,318 2.492 4,098 35,803 7,925 Aug.., 89,261 12,104 10,656 35,362 30,576 562 49,917 2.493 4,239 35,055 8,130 Sept.., 87,588 13,315 10,391 33,634 29,694 554 48,075 2,452 3,987 33,284 8,352 Oct.f. 87,317 12,009 10,436 35,351 28,885 635 49,572 2,447 3,939 34,983 8,203 Nov.", 90,815 12,677 10,185 35,684 31,633 636 49,045 2,243 3,604 35,247 7,951 To banksio To other foreigners Payable in dollars End of period Total Deposits U.S. Other Deposits U.S. Other Treasury short- Treasury short- Total bills and term Total bills and term Demand Time2 certifi- liab.4 Demand Time2 certifi- liab.7 cates cates 197 2 19,284 14,340 4,658 405 5 9,272 4,618 1,955 2,116 65 481 197 3 23,196 17,224 6,941 529 11 9,743 5,502 2,143 2,359 68 933 1974—Nov.. 37,637 29,166 7,622 1.807 253 19,484 7,855 2,638 3,608 207 1,402 Dec. 8 \ f 3 3 8 8 , , 5 6 2 1 5 9 2 2 9 9 , , 4 6 4 7 1 6 8 8 , , 2 2 4 4 8 4 1 1, , 9 9 3 4 6 2 2 2 3 3 2 2 1 1 9 9, , 0 2 2 5 9 4 8 8 , , 4 3 4 0 5 4 2 2 , , 7 7 2 2 9 9 3 3 , , 7 7 9 9 6 6 2 2 7 7 7 7 1 1 ,6 ,5 4 0 3 2 1975—Jan... 37,379 28,414 7,351 1,982 172 18,909 8,244 2,625 3,760 171 1,688 Feb.. , 35,780 26,564 7,138 2,033 155 17,238 8,483 2,820 3,861 174 1,628 Mar.. 35,815 26,722 7,067 1.808 101 17,747 8.411 2,740 3,916 200 1,555 Apr.. 36,982 28,052 6,889 2,102 120 18,941 8,189 2,556 3,969 207 1.457 May. . 37,403 28,245 6,852 1,821 105 19,466 8,493 2,784 4,089 156 1,465 June. , 36,674 27,553 7,067 1,949 99 18,438 8,537 2,859 4,133 176 1,369 July. . 37,569 28,596 6,882 2,033 80 19,601 8.412 2,696 4,107 152 1.458 Aug.., 39,344 29,803 6,907 1,824 77 20,994 8,980 2,705 4,592 230 1,452 Sept... 39,512 29,756 7,982 1,799 78 19,897 9,203 2,881 4,605 272 1,445 Oct.*3. 37,744 27,827 6,793 1,790 92 19,151 9,282 2,769 4,708 276 1.530 Nov.f, 41,770 31,566 7,595 1,694 127 22,151 9,567 2,839 4,886 311 1.531 1 Data exclude IMF holdings of dollars. 8 Data on the 2 lines shown for this date differ because of changes in 2 Excludes negotiable time certificates of deposit, which are included reporting coverage. Figures on the first line are comparable in coverage in "Other short-term liabilities." with those shown for the preceding date; figures on the second line are 3 Includes nonmarketable certificates of indebtedness and Treasury comparable with those shown for the following date. bills issued to official institutions of foreign countries. 9 Foreign central banks and foreign central govts, and their agencies, 4 Includes liabilities of U.S. banks to their foreign branches, liabilities Bank for International Settlements, and European Fund through Dec. of U.S. agencies and branches of foreign banks to their head offices and 1972. foreign branches, bankers' acceptances, commercial paper, and negotiable 10 Excludes central banks, which are included in "Official institutions." time certificates of deposit. 5 U.S. Treasury bills and certificates obtained from proceeds of sales of NOTE.—"Short term" obligations are those payable on demand or having gold by the IMF to the United States to acquire income-earning assets. an original maturity of 1 year or less. For data on long-term liabilities Upon termination of investment, the same quantity of gold was reac- reported by banks, see Table 9. Data exclude International Monetary Fund quired by the IMF. holdings of dollars; these obligations to the IMF constitute contingent 6 Principally the International Bank for Reconstruction and Develop- liabilities, since they represent essentially the amount of dollars available ment and the Inter-American and Asian Development Banks. for drawings from the IMF by other member countries. Data exclude also Includes difference between cost value and face value of securities in U.S. Treasury letters of credit and nonnegotiable, noninterest-bearing IMF gold investment account. special U.S. notes held by the Inter-American Development Bank and 7 Principally bankers' acceptances, commercial paper, and negotiable the International* Development Association. time certificates of deposit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1976 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1974 1975 Area and country Dec.1 Apr. May June July Aug. Sept. Oct.* Europe: Austria 607 607 624 599 629 627 627 661 667 688 604 Belgium-Luxembourg 2,506 2,506 2,647 2,539 2,810 2,875 3,070 2,982 2,891 2,865 2,918 Denmark 369 369 324 370 340 323 355 325 308 311 327 Finland 266 266 204 202 212 181 365 361 406 391 367 France 4,287 4,287 4,035 4,226 4,600 4,982 5,403 5,515 5,493 5,950 6,608 Germany 9,420 9,429 10,806 11,240 10,229 8,203 6,460 5,440 5,277 4,797 5,047 Greece 248 248 242 192 202 273 254 299 307 361 331 Italy 2,617 2,617 2,260 2,449 2,498 2,157 2,298 1,426 1,056 1,426 1,398 Netherlands 3,234 3,234 3,197 3,414 3,302 3,351 3,535 3,539 3,301 3,059 3,199 Norway 1,040 1,040 826 843 827 846 945 1,118 1,052 982 886 Portugal 310 310 303 288 247 267 264 279 268 207 236 Spain 382 382 320 358 361 341 362 392 288 459 414 S T S w w ur i e t k d z e e e y r n l and 9 1 , , 9 1 1 8 3 5 6 8 2 10 1 , , 1 1 1 3 3 5 7 8 2 9 1 , , 5 2 1 4 1 3 7 5 1 8 1 , , 9 2 2 3 0 4 8 9 3 8 1 , , 8 4 1 1 7 0 7 7 3 8 1 , , 6 6 1 9 8 5 7 7 8 1 , , 4 8 1 4 4 2 5 7 4 2 7, , 9 0 1 4 1 0 1 0 6 2 8 , , 2 3 1 0 5 3 3 0 4 2 8 , , 1 1 1 9 0 1 5 4 6 2 8, , 2 2 1 0 5 2 5 2 8 Y O O U U u . t t n S h h g it . e e o S e r r s d . l R W E a a v e K s i s a t t e i e n r r n g n d E o E u m u r r o o p p e e 2 7 4 , , 5 0 2 1 5 7 0 8 8 9 3 3 2 6 7 4, , 0 5 2 1 7 8 0 8 8 3 4 3 6 2 2 6 , ,2 9 1 1 1 3 5 6 2 9 4 9 8 0 2 7 , , 6 0 2 1 4 3 1 3 5 1 9 5 8 8 7 2, , 5 0 1 1 1 5 3 2 2 6 3 4 3 2 2 6 , , 5 9 1 1 1 9 6 4 2 1 4 8 1 6 2 6 , , 5 4 3 1 2 6 7 8 7 7 0 3 2 2 6, , 4 5 1 1 6 3 2 8 0 1 5 9 1 6 2 8 , , 2 3 1 1 6 4 5 0 6 2 6 0 4 0 2 6 , , 4 2 2 1 6 0 7 2 3 8 2 1 9 8 2 6 , , 4 7 1 1 2 2 4 3 5 8 2 2 8 3 Total R48,667 48,852 46,180 47,200 46,502 44,666 43,817 41,706 42,924 41,020 42,403 Canada 3,517 3,520 3,783 3,448 3,946 3,951 3,617 3,921 3,637 3,944 3,567 Latin America: Argentina 886 886 894 822 886 964 989 1,061 1,054 984 1,135 Bahamas 1,448 1,054 1,557 1,248 1,946 2,288 1,691 1,991 2,187 1,503 2,221 B C r h a il z e i l 1,0 2 3 7 4 6 1,0 2 3 7 4 6 9 28 27 1 1,0 2 6 5 5 8 1,0 2 7 7 7 8 2 9 6 84 0 1,0 2 8 89 1 8 30 5 1 3 9 2 2 8 1 0 1,0 2 1 93 6 1,0 2 8 7 3 0 Colombia 305 305 317 326 313 307 400 376 367 379 365 Mexico 1,770 1,770 1,814 1 ,668 1,727 1,876 1,819 1,794 1,811 1,862 1,946 P P U e a r r n u u a g m ua a y 4 2 1 8 7 4 8 2 7 5 2 1 7 1 6 2 0 5 5 2 1 3 0 7 8 3 8 5 2 1 2 2 7 5 8 7 6 2 1 9 1 8 5 7 3 2 5 1 0 7 6 9 6 8 5 2 1 1 4 5 9 9 5 6 2 1 5 2 9 7 0 8 2 6 1 0 4 6 5 8 0 2 7 2 4 0 5 5 2 8 2 7 1 4 6 6 7 5 8 Venezuela 3,413 3,413 3,351 3,501 3,559 3,866 3,726 3,964 4,242 4,247 3,531 Other Latin American re publics 1,316 1,316 1,263 1,348 1,401 1,353 1,506 1,410 1,364 1,462 1,399 Netherlands Antilles and Surinam 158 158 133 143 113 123 134 104 105 119 113 Other Latin America 526 596 505 507 761 905 998 1,496 1,513 1,904 1,052 Total 12,038 1,754 11,961 11,817 13,158 13,881 13,557 14,858 14,973 14,294 Asia: China, People's Rep. of Ch ( i C n h a, i n R a e M pu a b in li l c a n o d f ) ( Taiwan)., 8 5 1 0 8 8 5 1 0 8 1,01 7 5 3 1,03 6 7 2 1,03 6 8 3 99 5 9 6 1,07 6 1 5 1,01 5 5 0 1,05 5 4 5 1,05 9 8 4 1,0 1 6 0 1 4 Hong Kong 530 530 546 528 543 596 598 540 577 741 684 India 261 261 177 183 127 168 145 133 214 214 194 Indonesia 1,221 1,221 1,083 497 582 279 365 527 289 234 612 Israel 386 389 476 511 493 538 472 369 343 322 364 Japan 10,897 10,897 10,909 11,390 10,993 11,109 11,223 11,669 11,218 11,128 9,940 Korea 384 384 327 311 345 341 361 366 374 342 386 Philippines 747 747 642 745 660 662 697 632 669 604 580 Thailand 333 333 327 455 446 342 370 284 255 207 194 Middle East oil-exporting Ot c h o e u r n tries 3 4,6 8 3 1 3 3 4,6 8 3 2 3 0 5,2 9 1 2 3 3 3,6 9 7 7 3 8 3,9 9 2 0 2 5 4,3 8 1 6 5 1 3,8 9 5 0 0 6 4,4 7 4 6 7 7 4,8 9 1 1 9 9 5,1 9 0 7 1 0 5,7 9 7 2 5 5 Total 21,073 21,082 21,710 20,371 20,114 20,265 20,122 20,800 20,785 21,015 20,821 Africa : Egypt 103 103 106 92 112 113 514 253 295 183 185 O So il u - t e h x p A o f r r t i i c n a g countries4 2,8 1 1 3 4 0 2,8 1 1 3 4 0 2,9 1 4 8 3 8 3,0 1 4 9 1 1 3,0 1 7 5 0 9 3,0 1 0 7 9 9 2,9 1 6 4 5 1 2,7 1 8 3 5 2 2,8 1 7 4 3 7 2,6 2 4 5 9 4 2,4 1 4 7 7 7 Other 504 504 574 524 526 594 572 558 553 560 575 Total 3,551 3,551 3,812 3,848 3,867 3,895 4,192 3,727 3,866 3,646 3,385 Other countries: A A l u l s o tr t a h l e i r a 2,74 8 2 9 2,74 8 2 9 2,56 7 8 6 2,76 6 1 6 2,85 6 6 0 3,06 7 9 1 3,18 6 5 4 3,23 7 1 7 3,11 7 4 5 2,91 78 2 2,76 8 6 0 Total 2,831 2,831 2,644 2,828 2,916 3,140 3,249 3,308 3,189 2,989 2,846 Total foreign countries 91,676 91,589 90,090 89,511 90,503 89,797 88,553 87,887 89,261 87,588 87,317 International and regional: International5 2,900 2,900 3,683 3,222 3,291 3,600 3,205 3,844 3,950 4,351 4,275 Latin American regional 202 202 236 229 220 169 155 181 215 186 204 Other regional 6 69 69 57 44 90 84 94 90 88 94 76 Total 3,171 3,171 3,976 3,496 3,601 3,853 3,453 4,115 4,254 4,631 4,554 Grand total 94,847 94,760 94,065 93,006 94,103 93,651 92,006 92,002 93,515 92,219 91,871 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 data7 1973 1974 1975 1973 1974 1975 Area and country AArreeaa aanndd ccoouunnttrryy Apr. Dec. Apr. Dec. Apr. Apr. j Dec. Apr. Dec. Apr. I Other Western Europe: Other Asia—Cont.: Cyprus 9 19 10 7 17 Cambodia 3 2 4 4 Iceland 12 8 11 21 20 4 ! 6 6 22 30 Ireland, Rep. of 22 62 53 29 29 3 ! 3 3 3 5 55 ! 62 68 r126 180 Other Latin American republics: Malaysia 59 ! 58 40 63 92 Bolivia 65 68 102 96 93 93 i 105 108 91 118 Costa Rica 75 86 88 117 120 Singapore 53 I 141 165 r245 215 Dominican Republic 104 118 137 127 214 Sri Lanka (Ceylon) 6 ! 13 13 14 13 Ecuador 109 92 90 122 157 98 88 98 126 70 El Salvador 86 90 129 129 144 Guatemala 127 156 245 214 255 Haiti 25 21 28 35 34 Honduras 64 56 71 88 92 Other Africa: Jamaica 32 39 52 69 62 Ethiopia (incl. Eritrea) 75 i 79 118 95 76 Nicaragua 79 99 119 127 125 28 1 20 22 18 13 Paraguay 26 29 40 46 38 19 : 23 20 31 32 Trinidad and Tobago 1177 1177 2211 110077 3311 i 42 2299 39 33 Southern Rhodesia 11 ! 2 11 2 3 Other Latin America: 3 1 3 2 4 14 Bermuda 127 242 201 107 100 Tanzania 16 ! 12 12 11 21 British West Indies 100 109 354 r449 r627 11 7 17 19 23 19 6 11 13 Other Asia: 37 ; 22 66 22 18 Afghanistan 19 22 11 18 19 Burma 17 12 42 65 All other: New Zealand 34 j 39 33 47 ?6 1 Data in the 2 columns shown for this date differ because of changes 4 Comprises Algeria, Gabon, Libya, and Nigeria. in reporting coverage. Figures in the first column are comparable in 5 Data exclude holdings of dollars of the International Monetary Fund. coverage with those for the preceding date; figures in the second column 6 Asian, African, and European regional organizations, except BIS, are comparable with those shown for the following date. which is included in "Europe." 2 Includes Bank for International Settlements. 7 Represent a partial breakdown of the amounts shown in the other 3 Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, categories (except "Other Eastern Europe"). and United Arab Emirates (Trucial States). LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To intl. End of period Total and Official Other United Total All regional institu- Banks i foreign- Ger- King- Total Latin Middle Other other tions ers many dom Europe America East 2 Asia3 countries 197 2 1,018 580 439 93 259 87 165 63 260 136 10 197 3 1,462 761 700 310 291 100 159 66 470 132 16 1974— D N e o c v .. . . . , ,2 3 8 5 5 4 9 8 0 2 5 2 4 4 4 6 9 4 1 1 1 2 2 4 2 26 6 1 2 7 7 5 9 1 1 5 4 2 6 4 4 3 3 2 2 2 2 7 7 1 11 16 5 r94 2 1 0 7 1975—Jan.. . 406 846 560 223 266 71 144 58 218 118 189 21 Feb... 441 776 666 336 264 66 141 57 211 119 304 21 Mar.. 548 800 748 426 255 67 131 57 202 120 394 21 Apr.. , 414 626 788 466 253 68 129 57 205 121 429 22 May. , 450 585 865 548 248 69 123 57 201 121 514 22 June. , 411 518 893 576 247 70 120 59 197 121 544 23 July. . 399 438 960 641 242 77 121 61 201 121 609 24 Aug.. 352 378 974 651 243 81 120 61 202 123 619 23 Sept.. 484 401 1,083 763 241 79 118 61 201 121 731 23 Oct.*\ 401 317 1,082 758 241 83 118 61 206 126 722 24 NOV.P 424 305 1,117 761 273 84 115 61 208 147 722 24 1 Excludes central banks, which are included with "Official institutions." Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial 2 Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, States). 3 Until Dec. 1974 includes Middle East oil-exporting countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 66 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1976 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End of period; in millions of dollars) 1974 1975 AArreeaa aanndd ccoouunnttrryy Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.** Nov.f EEEEuuuurrrrooooppppeeee:::: 10 10 11 12 14 14 14 14 14 14 14 14 12 GGGGeeeerrrrmmmmaaaayyyy 9 9 9 9 208 209 209 209 209 210 217 216 216 SSSSwwwweeeeddddeeeennnn 276 251 252 252 252 252 251 252 252 278 275 275 275 SSSSwwwwiiiittttzzzzeeeerrrrllllaaaannnndddd 30 30 31 30 29 32 34 37 37 41 44 54 59 OOOO UUUU tttt nnnn hhhh iiii eeee tttteeee rrrr dddd WWWW KKKK eeee iiii ssss nnnn tttteeee gggg rrrr dddd nnnn oooo mmmm EEEE uuuurrrrooooppppeeee 4 r8 9 9 8 4 r8 9 8 3 5 r8 2 0 9 5 H 7 A 8 5 r 9 7 9 9 6 r9 1 5 1 5 r9 6 7 4 5 9 2 7 2 5 9 3 8 6 5 1 2 0 0 2 5 1 0 1 1 4 4 1 4 5 1 2 4 1 1 5 4 5 EEEEaaaasssstttteeeerrrrnnnn EEEEuuuurrrrooooppppeeee 5 5 5 5 5 5 5 5 5 5 5 5 4 TTTToooottttaaaallll 917 885 916 959 1,186 1,217 1,174 1,135 1,151 1,169 1,170 1,157 1,135 CCCCaaaannnnaaaaddddaaaa 711 713 697 584 588 460 412 412 408 406 404 399 400 LLLLaaaattttiiiinnnn AAAAmmmmeeeerrrriiiiccccaaaa:::: 11 12 11 11 11 11 13 13 13 13 13 33 NNNNeeeetttthhhheeeerrrrllllaaaannnnddddssss AAAAnnnnttttiiiilllllllleeeessss aaaannnndddd SSSSuuuurrrriiiinnnnaaaammmm.... .... 60 83 82 142 130 125 118 134 178 149 149 158 160 OOOOtttthhhheeeerrrr LLLLaaaattttiiiinnnn AAAAmmmmeeeerrrriiiiccccaaaa 2 5 6 6 5 4 4 5 5 5 5 6 6 TTTToooottttaaaallll 74 100 99 159 147 140 133 152 196 167 168 177 199 AAAAssssiiiiaaaa:::: JJJJaaaappppaaaannnn 3,498 3,498 3,498 3,496 3,496 3,496 3,496 3,496 3,496 3,496 3,502 3,520 3,269 OOOOtttthhhheeeerrrr AAAAssssiiiiaaaa 12 212 325 541 1,071 1,121 1,291 1,397 1,418 1,498 1,648 1,798 1,849 TTTToooottttaaaallll 33,,550099 3,709 3,822 4,037 4,567 4,617 4,787 4,893 4,914 4,994 5,149 5,319 5,118 AAAAffffrrrriiiiccccaaaa 115511 151 151 151 151 161 181 181 201 211 261 311 311 AAAAllllllll ooootttthhhheeeerrrr 2255 TToottaall ffoorreeiiggnn ccoouunnttrriieess 55,,338877 5,557 5,685 5,889 6,639 6,596 6,687 6,773 6,870 6,945 7,153 7,362 7,162 * IInntteerrnnaattiioonnaall aanndd rreeggiioonnaall:: IInntteerrnnaattiioonnaall 110066 97 215 226 627 419 342 29 128 66 52 324 84 LLaattiinn AAmmeerriiccaann rreeggiioonnaall 5599 53 53 51 71 69 57 44 40 35 35 35 29 TToottaall 165 150 268 277 699 488 399 74 169 101 87 359 113 GGrraanndd ttoottaall 5,552 5,708 5,953 6,167 7,337 7,084 7,087 6,847 7,039 7,048 7,240 7,721 7,275 NOTE.—Data represent estimated official and private holdings of mar- year, and are based on a benchmark survey of holdings as of Jan. 31,1971, ketable U.S. Treasury securities with an original maturity of more than 1 and monthly transactions reports (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 Total CCoolllleecc-- ances govt, setions made Deposits curities, TToottaall Official out- for acct. Other Total with for- coml. Other Total institu- Banksi Others2 stand- of for- eigners and fitions ing eigners nance paper 1971 13,272 12,377 3,969 231 2,080 1,658 2,475 4,254 1,679 895 548 173 174 19723 fl5,471 14,625 5,674 163 2,975 2,535 3,269 3,204 2,478 846 441 223 182 115,676 14,830 5,671 163 2,970 2,538 3,276 3,226 2,657 846 441 223 182 1973 20,723 20,061 7,660 284 4,538 2,838 4,307 4,160 3,935 662 428 119 115 1974—Nov.. 36,848 35,820 10,999 446 7,121 3,433 5,345 10,724 8,752 1,028 515 283 229 Dec.. , 39,030 37,835 11,301 381 7,342 3,579 5,637 11,237 9,659 1,195 668 289 238 1975—Jan... 39,074 37,800 10,207 361 6,289 3,557 5,565 11,062 10,966 1,274 719 351 204 Feb... 39,863 38,689 10,288 379 6,384 3,525 5,346 11,127 11,927 1,175 609 336 229 Mar.. 42,274 41,127 9,606 310 5,659 3,637 5,418 11,341 14,762 1,147 626 290 231 Apr... 42,748 41,646 10,637 362 6,494 3,780 5,342 11,441 14,226 1,102 619 241 242 May. . 45,831 44,775 11,839 366 7,622 3,852 5,537 10,959 16,440 1,056 478 301 277 June.. 45,705 44,492 11,344 494 6,793 4,057 5,345 10,639 17,165 1,212 591 335 286 July.. 45,537 44,362 11,700 572 6,835 4,292 5,383 10,204 17,076 1,175 608 296 271 Aug.. 45,439 44,291 13,082 626 7,960 4,497 5,314 9,977 15,917 1,148 610 240 298 Sept.. 45,564 44,433 12,706 572 7,520 4,614 5,314 10,071 16,342 1,130 576 236 319 Oct.*\ 47,696 46,392 12,697 636 7,543 4,518 5,484 10,118 18,093 1,304 732 231 341 NOV.P 48,064 46,768 13,071 670 7,926 4,475 5,362 10,610 17,724 1,297 641 340 316 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

JANUARY 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S.A 1 39 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1974 1975 Area and country Dec. Apr. May June July Aug. Sept. Oct.f Europe: Austria 21 38 22 16 19 17 16 28 20 19 Belgium-Luxembourg. , 384 591 550 674 647 600 620 598 536 553 Denmark 46 53 41 53 49 64 62 60 46 50 Finland 122 136 137 147 137 133 143 143 130 127 France 673 893 896 859 726 584 666 741 906 1,326 Germany 589 435 387 399 389 428 482 448 443 490 Greece 64 42 46 54 37 37 46 50 54 56 Italy 345 277 287 334 329 339 363 336 363 441 N N e o t r h w e a r y la nds 3 1 4 1 8 9 2 1 1 0 0 6 1 1 8 0 7 4 1 1 5 1 7 4 2 1 2 2 1 6 21 98 8 28 91 8 3 1 3 0 8 6 3 1 1 0 3 2 2 1 6 0 5 2 Portugal 20 39 32 26 25 25 27 22 18 15 Spain 196 166 150 234 251 235 257 214 245 252 Sweden 180 99 72 101 132 115 155 185 182 152 Switzerland 335 267 230 227 277 252 254 290 214 277 Turkey 15 17 19 37 30 40 26 43 56 54 United Kingdom 2,570 ,860 2,984 3,261 3,712 3,476 3,458 4,067 3,724 3,791 Yugoslavia 22 18 16 28 39 31 36 40 37 44 Other Western Europe. 22 27 24 31 25 22 22 62 23 22 O U t .S he .S r . R E astern Europe. 13 4 1 6 1 4 0 8 0 11 34 0 1 5 1 1 3 11 8 7 3 1 7 1 7 8 13 8 0 0 1 7 1 9 0 1 1 0 10 6 16 8 3 7 Total. 6,245 6,421 6,327 6,918 7,373 6,910 7,222 7,960 7,630 8,285 Canada 2,776 2,628 2,919 2,896 3,081 2,837 2,651 2,340 2,626 2,738 Latin America: Argentina 720 808 869 958 1,007 1,111 1,105 1,115 1,219 1,344 Bahamas 3,398 4,699 ,926 5,714 7,723 8,658 7,813 6,627 6,432 7,240 Brazil 1,415 1,345 ,266 1,299 1,272 1,184 1,390 1,505 1,491 1,533 Chile 290 351 395 433 422 429 472 435 405 351 Colombia 713 679 695 710 702 687 666 667 684 664 Mexico 1,972 2,006 ,120 2,245 2,383 2,548 2,676 2,762 2,705 2,628 Panama 503 458 546 524 671 527 581 578 721 897 Peru 518 531 555 606 590 623 626 646 624 597 Uruguay ^ 63 86 104 116 100 85 90 73 54 52 Venezuela 704 747 736 757 745 791 902 956 1,109 1,046 Other Latin American republics 852 902 902 954 960 953 1,043 992 998 1,027 Netherlands Antilles and Surinam. 62 39 39 36 44 83 62 54 57 60 Other Latin America 1,156 1,557 ,603 1,744 2,240 1,843 1,692 2,104 1,700 2,215 Total. 12,366 14,206 15,758 16,096 18,859 19,521 19,118 18,516 18,199 19,653 Asia: China, People's Rep. of (China Mainland) 4 65 19 11 12 9 13 13 11 11 China, Republic of (Taiwan) 500 473 500 448 434 483 463 503 600 609 Hong Kong 223 184 291 210 288 315 201 190 231 257 India 14 22 17 21 17 20 23 38 21 17 Indonesia 157 159 145 134 119 115 113 88 91 86 Israel 255 284 322 299 287 312 362 358 398 388 Japan 12,514 1,246 11,605 10,887 10,603 10,245 10,308 10,292 10,400 10,267 Korea 955 1,286 1,356 1,503 1,415 1,523 1,462 1,502 1,515 1,539 Philippines 372 342 353 398 455 478 481 410 340 335 Thailand 458 374 406 413 374 441 461 494 474 501 Middle East oil-exporting countries1 330 336 369 563 411 418 527 493 624 445 Other 441 457 477 444 554 489 541 572 651 707 Total. 16,222 15,228 15,860 15,330 14,969 14,848 14,955 14,954 15,357 15,162 Africa: Egypt 111 114 122 142 138 149 134 141 125 127 South Africa 329 396 413 458 475 498 489 492 504 509 Oil-exporting countries 2. 115 108 108 95 128 120 144 134 190 207 Other 300 236 232 278 276 302 296 347 343 380 Total. 855 853 875 973 1,018 10,68 11,14 ,162 1,223 Other countries: Australia 466 431 436 428 440 428 446 466 509 529 All other 99 95 99 107 89 81 80 80 105 Total 565 526 535 535 528 509 526 554 589 635 Total foreign countries.... 39,030 39,863 42,274 42.747 45,829 45,694 45.536 45,436 45,562 47.695 International and regional. 1 1 1 2 11 1 3 Grand total 39,030 39,863 42,274 42.748 45,831 45,705 45.537 45,439 45,564 47.696 1 Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, made to, and acceptances made for, foreigners; drafts drawn against and United Arab Emirates (Trucial States). foreigners, where collection is being made by banks and bankers for 2 Comprises Algeria, Gabon, Libya, and Nigeria. their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and NOTE.—Short-term claims are principally the following items payable their customers in the United States. Excludes foreign currencies held on demand or with a contractual maturity of not more than 1 year: loans 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. • JANUARY 1976 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 Total Total Middle Other All Other foreign Europe Canada Latin Japan East 3 Asia4 other long- curren- America coun- Official Other term cies tries2 Total institu- Banks i foreign- claims tions ers2 197 2 5,063 4,588 844 430 3,314 435 853 406 2,020 353 918 514 197 3 5,996 5,446 1,160 591 3,694 478 1,272 490 2,116 251 1,331 536 1974—No v 7,260 6,570 1 ,383 933 4,253 618 72 1,991 506 2,574 260 1,395 534 Dec 7,171 6,482 1,333 931 4,219 609 1,907 501 2,602 258 384 977 542 1975—Ja n 7,284 6,631 1,370 972 4,289 583 69 1 ,992 490 2,603 248 373 1,019 560 Feb 7,480 6,799 1,378 1,035 4,386 611 69 2,096 500 2,675 248 388 972 601 Mar 7,569 6,900 1,399 1,063 4,438 598 70 2,126 500 2,695 247 385 1,024 592 Apr 7,598 6,915 1,239 1,110 4,566 605 78 2,188 505 2,786 242 247 1,002 630 May.... 7,885 7,194 1,282 1,192 4,720 610 81 2,325 491 2,851 254 242 1,042 679 June 7,930 7,118 1,269 1 ,204 4,645 719 92 2,285 461 2,841 264 241 1,135 684 July 8,221 7,339 1,286 1,290 4,763 792 90 2,344 471 2,985 270 241 1,204 707 Aug 8,257 7,386 1,276 1,336 4,774 787 85 2,387 438 3,003 259 237 1,204 728 Sept 8,539 7,637 1,345 1,364 4,929 809 93 2,426 508 3,132 265 237 1,195 775 Oct.f... 8,859 7,905 1,263 1,516 5,127 840 114 2,534 595 3,167 292 222 1,214 835 Nov.f... 9,043 8,024 1,259 1,563 5,202 899 120 2,528 562 3,281 295 249 1,221 908 1 Excludes central banks, which are included with "Official institutions." Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 2 Includes international and regional organizations. (Trucial States). 3 Comprises Middle East oil-exporting countries as follows: Bahrain, 4 Until Dec. 1974 includes Middle East oil-exporting countries. 14. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) Marketable U.S. Treas. bonds and notes 1 U.S. corporate Foreign bonds 3 Foreign stocks3 securities 2,3 NNeett ppuurree hases or sales ( —) PPPeeerrriiioooddd PPuurr-- NNeett ppuurr-- PPuurr-- NNeett ppuurr-- PPuurr-- NNeett ppuurr-- IInnttll.. Foreign cchhaasseess SSaalleess cchhaasseess oorr cchhaasseess SSaalleess cchhaasseess SSaalleess SSaalleess cchhaasseess 0011 TToottaall aanndd ssaalleess (( ——)) ssaalleess (( ——)) ssaalleess ((——]] rreeggiioonnaall Total4 Official Other 1973. 305 -165 470 465 6 18,574 13,810 4,764 1,474 2,467 -993 1,729 1,554 176 1974. -472 101 -573 -642 69 16,183 14,677 1,506 1,045 3,284 -2,240 1,907 1,721 185 1975--Jan.-Nov.f 1,567 -37 1,605 1,395 210 18,476 14,260 4,216 2,107 7,262 -5,154 1,380 1,621 241 1974--Nov 91 16 76 25 50 1,414 1,518 -104 92 170 -78 124 102 22 Dec 156 -15 171 153 17 1,101 1,246 -145 101 524 -423 117 87 30 1975--Jan 245 118 127 118 9 1,246 913 333 131 1,207 -1,076 147 156 -9 Feb 214 9 205 102 102 1,699 1,445 254 118 554 436 134 173 -39 Mar 1,171 421 749 724 25 1,760 1,155 604 197 647 -450 148 159 -11 Apr -254 -210 -43 -62 20 1,640 1 ,397 243 167 341 -174 155 141 14 May 3 -89 92 123 -31 1,846 1,679 167 172 345 -173 145 157 -12 June -240 -326 86 56 31 1,754 1,332 422 215 855 -640 129 143 -15 July 192 95 96 41 56 2,251 1,278 973 315 1,011 -696 109 119 -10 Aug 9 -67 77 117 -40 1,421 1,338 82 158 353 -195 89 256 -167 Sept 192 -14 206 175 31 1,257 1,124 133 194 287 -93 91 79 11 Oct.* 481 272 209 173 37 2,023 1,362 662 195 678 -484 137 161 -24 Nov.f -446 -246 -199 -171 -29 1,580 1,236 344 248 984 -736 97 76 21 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to 1975 Middle East Africa official institutions of foreign countries. 2 Includes State and local govt, securities, and securities of U.S. Govt, Jan.-Nov.f 1,598 160 agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments Jan. 100 abroad. Feb. 209 3 Includes transactions of international and regional organizations. Mar. 525 4 Includes transactions (in millions of dollars) of oil-exporting countries Apr. 50 10 in Middle East and Africa as shown in the tabulation in the opposite May 175 20 column: June 106 July 1 io' Aug. 80 10 Sept. 150 50 Oct.? 150 50 Nov.f 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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 Total Total Middle Other Period chases Sales chases or many lands land King- Europe Canada America East1 Asia2 Other 3 sales (—) dom Latin 197 3 12,767 9,978 2,790 439 2 339 686 366 2,104 99 4 577 5 197 4 7,634 7,095 540 203 39 330 36 -377 281 -6 -33 288 10 13,711 9,914 3,797 235 295 775 537 2,167 254 ,201 127 1975—Jan.-Nov.f 210 1974—DNeoc v 4 6 5 0 0 4 6 4 1 2 6 9 -1 2 3 1 1 5 3 131 -2 2 0 - - 3 10 5 - - 5 7 1 6 - - 7 3 7 0 -2 1 4 -5 1 0 7 2 0 7 1975—Ja n 748 554 193 36 17 42 111 12 -15 86 -3 2 Feb 1,420 891 529 21 25 14 115 147 331 20 13 153 -4 15* Mar 1.152 913 240 12 15 40 39 38 150 15 -5 85 -6 Apr 1,318 1,058 259 -15 23 26 44 54 136 -5 2 119 2 5 May.... 1,527 1,149 378 -6 4 27 100 59 193 36 1 113 36 -2 June 1,321 1,063 258 32 1 19 71 36 152 21 8 87 9 -19 July.... 1,669 1,080 589 55 31 80 139 75 396 20 13 153 2 6 Aug 1.153 712 441 52 52 47 83 38 302 21 -6 82 26 16 Sept 882 642 240 10 7 22 64 7 123 20 -15 72 32 8 Oct.f.. . 1,407 1,042 365 16 -7 17 36 48 142 59 7 130 21 6 Nov."... 1,114 809 304 22 40 -5 42 44 132 36 122 12 4 1 Comprises Middle East oil-exporting countries as follows: Bahrain, 2 Until 1975 includes Middle East oil-exporting countries. Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 3 Includes international and regional organizations. (Trucial States). 16. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Ger- Nether-Switzer- United Total Total Middle Other Total Other Intl. anc Period Total France many lands land Kingdom Europe Canada Latin East1 Asia2 Africa countries regional America 1973 11,,994488 201 -33 -19 307 275 11,,220044 49 44 588 * 10 52 1974 999933 96 27 183 96 329 667722 50 43 632 8 10 -456 1975—Jan.-Nov.f 420 80 -12 40 109 24 42 121 24 1,246 -30 4 1 -989 1974—Nov . .. -65 4 -2 21 2 -1 -13 6 1 399 * * 457 Dec -166 1 * -4 64 66 -4 17 9933 * * -337 1975—Jan 140 2 3 * 6 59 94 14 -1 151 11 * * -120 Feb -275 -4 3 * 3 -91 -87 16 * 35 1 * -241 Mar 365 _1 10 23 32 4 -4 341 -19 * * 10 Apr -16 1 2 -26 35 -99 -100 5 3 80 1 * * -6 May -212 3 1 -1 7 -81 -72 7 1 81 -11 * * -218 June 164 9 * 8 5 32 58 4 * 65 _1 * * 38 July 384 27 16 6 35 80 183 33 1 179 4 * * -17 Aug -358 13 -3 -18 -6 -69 -73 6 1 -1 1 * * -292 Sept -107 --1133 6 25 -7 121 -19 -5 5 82 * * -162 Oct.P 296 11 -50 2 12 89 51 38 11 209 —4 3 * -11 Nov.p 39 39 8 -17 9 -41 -25 -2 6 25 4 1 * 31 1 See note 1 to Table 15. NOTE.—Statistics include State and local govt, securities, and securities 2 See note 2 to Table 15. of U.S. Govt, agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. 17. NET PURCHASES OR SALES BY FOREIGNERS OF 18. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Intl. Total Latin Other Credit Debit Period Total and foreign Eu- Canada Amer- Asia Af- coun- End of balances balances re- coun- rrooppee ica rica tries period (due to (due from gional tries foreigners) foreigners) 1973.. —818 139 -957 -141 -569 -120 -168 3 37 1973—Mar 310 364 1974 --22,,005544 -60 --11,,999955 -546 --11,,552299 -93 144 7 22 June 316 243 290 255 1975— 333 231 Jan.-Nov.f --55,,339955 -1,386 --44,,001100 -127 --22,,887799 -315 -549 16 -155 1974—Mar 383 225 1974—Nov.... -56 3 -59 -21 -8 -14 -21 2 3 354 241 Dec -393 -95 -298 -27 -190 -25 -67 12 * Sept 298 178 293 194 1975—Jan -1,085 -572 -514 -41 -405 -28 -60 20 * Feb -475 -147 -328 19 -159 -97 -94 2 * 1975—Mar 349 209 Mar.... -462 -106 -356 -66 -175 -3 -112 -2 1 June? 380 233 Apr.. . . -160 -57 -103 -57 -6 17 -59 * 2 Sept.? 258 343 May. . . -185 31 -216 39 -168 * -88 -2 2 June... -655 * -655 -22 -478 * -30 2 -127 July.... -706 -475 -231 -26 -116 -25 -69 * 4 NOTE.—Data represent the money credit balances and Aug -362 -21 -341 24 -204 -164 1 1 2 money debit balances appearing on the books of reporting Sept.... -82 18 -100 -19 -131 25 24 — l 1 brokers and dealers in the United States, in accounts of Oct.* .. -508 5 -513 48 -460 -48 -56 -3 6 foreigners with them, and in their accounts carried by Nov.p.. -715 -62 -653 -27 -577 6 -6 -2 -48 foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1976 19a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) Claims on U.S. Claims on foreigners Location and currency form Month-end Total Other Offi- Non- Total Parent Other Total branches Other cial bank bank of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies 1972—Dec.. 78,202 4,678 2,113 2,565 71,304 11,504 35,773 1,594 1973—Dec.. 121,866 5,091 1,886 3,205 111,974 19,177 56,368 2,693 1974—Oct.. 145,906 4,661 2,027 2,634 135,284 26,958 59,617 3,849 Nov.. 150,274 7,751 5,159 2,592 136,442 28,366 58,727 4,019 Dec.. 151,905 6,898 4,464 2,434 138,713 27,559 60,283 4,077 1975—Jan... 151,140 7,029 4,360 2,669 138,143 27,894 58,863 4,152 Feb.. 151,662 5,486 2,882 2,604 140,345 28,969 58,794 4,246 Mar.. 155,204 5,326 2,638 2,688 143,750 28,330 61,611 4,407 Apr.. 155,616 5,831 3,052 2,779 143,949 29,195 60,292 4,353 May. 156,909 ''7,726 4,889 2,837 143,101 27,581 60,330 4,494 June. 162,342 5,538 2,342 3,196 150,516 30,870 63,710 4,836 J A u u ly g . . r , 1 1 6 6 5 0 , , 8 7 3 0 5 3 9 5, ,1 9 0 18 0 2 6, , 0 7 4 8 8 8 3 3 , ,1 0 2 5 9 2 1 1 4 5 8 0 , , 2 1 2 9 5 7 3 3 1 0 , , 2 1 8 5 3 3 6 6 2 2 , , 4 4 5 3 5 8 4 4 , , 8 79 9 6 2 Sept.. 166,075 6,572 3,267 3,305 153,171 31,506 65,011 4,861 Oct.* 169,384 7,917 4,891 3,026 154,721 32,596 64,021 5,219 Payable in U.S. dollars. 1972—Dec.. 52,636 4,419 2,091 2,327 47,444 7,869 26,251 1,059 1973—Dec.. 79,445 4,599 1,848 2,751 73,018 12,799 39,527 1,777 1974—Oct.. 101,977 4,379 1,970 2,409 94,650 19,785 44,832 3,006 Nov.. 105,066 7,445 5,105 2,340 94,581 20,623 43,741 3,192 Dec.. 105,969 6,602 4,428 2,174 96,210 19,688 45,067 3,289 1975—Jan.. 105,776 6,706 4,318 2,387 95,989 20,448 43,151 3,370 Feb.. 104,360 5,141 2,839 2,302 96,327 20,827 42,672 3,431 Mar.. 107,519 5,012 2,607 2,405 99,637 19,836 46,118 3,604 Apr.. 108,399 5,466 3,009 2,456 100,231 20,993 45,172 3,599 May. 111,638 7,316 4,825 2,491 101,384 21,281 45,403 3,685 June. 117,296 5,112 2,280 2,832 109,181 24,529 49,132 3,949 July. 117,268 5,511 2,737 2,774 108,281 24,180 48,572 3,929 Aug.' 121,478 8,776 5,995 2,782 109,425 25,071 48,063 4,148 Sept.. 123,119 6,236 3,210 3,025 113,926 25,444 51,470 4,040 Oct.? 125,801 7,499 4,817 2,682 114,869 26,476 49,840 4,356 IN UNITED KINGDOM Total, all currencies 1972—Dec.. 43,467 2.234 1,138 1.096 40,214 5,659 23,842 606 1973—Dec.. 61,732 1,789 738 1,051 57,761 8,773 34.442 735 1974—Oct..' 68,123 1,325 502 823 64,462 12,386 33,608 887 Nov.. 69,137 3,387 2,568 818 63,571 13,122 32,128 753 Dec.. 69,804 3,248 2,472 776 64,111 12,724 32,701 788 1975—Jan.. 68,451 2,633 1,902 731 63,527 12,873 32,057 854 Feb.. 67,038 1,818 1,023 796 63,250 13,246 31,641 848 Mar.. 69,654 1,798 982 817 65,693 12,806 34,260 929 Apr.. 69,248 2,017 1,126 891 65,330 13.314 33,079 919 May. 68,707 2,535 1,689 845 64,269 12,491 32.443 920 June. 70,751 1,834 641 1,192 66,868 13,765 34,634 948 July.. 70,382 1,904 807 1.097 66,277 14,414 33,431 923 Aug.. 72.455 3,795 2.698 1,097 66,428 15,213 32,998 948 Sept.. 72,120 2,042 1,076 967 67,923 15,249 34,759 825 Oct.* 72,742 2,681 1.699 982 67,631 16,555 32,806 830 Payable in U.S. dollars. 1972—Dec.. 30,257 2,146 1,131 1,015 27,664 4,326 17,331 543 1973—Dec.. 40,323 1,642 730 912 37,816 6,509 23,389 510 1974—Oct.. 47,968 1.235 479 756 45,421 10,234 24,499 734 Nov.. 48,710 3,277 2,546 730 44,198 10,796 22,936 615 Dec.. 49,211 3,146 2,468 678 44,693 10,265 23,716 610 1975—Jan.. 47,769 2,542 1,892 650 43,959 10,421 22,610 661 Feb.. 46,019 1,697 1,017 680 43,244 10,615 21,918 657 Mar.. 48,939 1,687 974 713 46,039 10,373 24,874 736 Apr.. 48,797 1,885 1,109 776 45,923 10,995 23,990 721 May. 48,506 2,404 1,671 733 45,180 10,656 23,320 698 June. 51,365 1,669 623 1,045 48,713 12,054 25,761 721 July.. 51,665 1,742 793 949 48,787 12,664 25,143 713 Aug.. 53.456 3,661 2,681 980 48,763 13.315 24,540 740 Sept.. 54,256 1,910 1,054 856 51,369 13,488 27,008 596 Oct.* 54,192 2,552 1,687 865 50,494 14,654 24,691 592 IN BAHAMAS AND CAYMANS* Total, all currencies 1972—Dec.. 12,642 1,486 214 1,272 10,986 725 5,507 431 1973—Dec.. 23,771 2,210 317 1,893 21,041 1,928 9,895 1,151 1974—Oct.. 30,071 2,206 711 1,495 27,075 3,178 11,347 1,756 Nov.. 32,313 3,299 1,816 1,484 28,130 3,829 11,371 1,993 Dec.. 31,733 2,463 1,081 1,382 28,455 3,478 11,354 2,022 1975—Jan.. 33,131 3,223 1,594 1,629 29,070 3,644 11,194 2,027 Feb.. 33,534 2,563 1,072 1,491 30,137 3,855 11,474 2,060 Mar.. 33,793 2,405 839 1,567 30,671 3,568 11,634 2,393 Apr.. 35,666 2,587 1,006 1,581 32,359 4,320 12,229 2,419 J M u a n y e . r 3 3 8 9 , , 1 6 9 4 8 6 4 2 , , 1 6 2 3 5 3 2,4 9 6 8 8 7 1 1 , , 6 6 4 5 5 7 3 3 3 6 , , 2 1 1 8 5 2 4 5, , 8 2 3 7 1 0 1 1 3 3 , , 7 18 4 1 7 2 2, , 5 7 3 7 1 2 July. 39,614 2,786 1,134 1,652 35,678 5,015 14,065 2,747 Aug.' 41,624 4,115 2,580 1,535 36,556 5,222 14,117 2,891 Sept.. 41,601 3,188 1,289 1,899 37,481 5,220 14,604 3,020 Oct P 244,166 3,988 2,295 1,692 38,971 5,526 15,277 3,308 For notes see p. A-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • 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- forbank tutions eigners IN ALL FOREIGN COUNTRIES 3,501 997 2,504 72,121 11,121 41,218 8,351 11,432 2,580 . 1972—Dec. ... Total, all currencies 5,610 1,642 3,968 111,615 18.213 65,389 10,330 17,683 4,641 . 1973—Dec. 10,449 5,853 4,596 128,910 26,619 62,606 18,171 21,514 6,548 . 1974—Oct. 11,901 6,249 5,652 131,619 27,717 63,596 19,979 20,327 6,755 Nov. 11,982 5,809 6,173 132,990 26,941 65,675 20,185 20,189 6,933 Dec. 11,831 6,356 5,476 132,775 27,019 64,147 21,683 19,926 6,533 . 1975—Jan. 12,561 6,607 5,954 132,594 28,185 63,402 21,951 19,057 6,507 Feb. 15,407 8,849 6,557 133,540 28.214 63,419 22,577 19,330 6,257 Mar. 14,935 8,703 6,233 134,594 29,192 62,287 23,236 19,879 6,( Apr. 16,861 10,366 6,494 133,806 26,725 64.700 22,223 20,158 6,243 May 18,618 12,204 6,414 137,189 30,412 64.955 21,106 20,715 6,535 June 17,704 11,542 6,162 136,808 30,233 65.956 20,371 20,249 6,191 July 17,183 10,021 7,162 142,327 30,582 70,161 21,093 20,492 6,326 Aug.' 18,776 10,800 7,976 141,102 30,314 70,756 19,744 20,289 6,197 Sept. 19,592 11,139 8,453 143,207 31,728 70,007 20,626 20,846 6,585 Oct.f 3,050 847 2,202 50,406 7,955 29,229 6,781 6,441 1,422 . 1972—Dec. .•Payable in U.S. dollars 5,027 1,477 3,550 73,189 12,554 43,641 7,491 9,502 2,158 . 1973—Dec. 9,905 5,650 4,255 90,136 19,481 42,690 15,076 12,889 3,893 .1974—Oct. 11,215 6,023 5,192 92,233 20,242 43,147 16,789 12.054 3,979 Nov. 11,437 5,641 5,795 92,503 19,330 43,656 17,444 12,072 3,951 Dec. 11,368 6,204 5,164 93,044 19,999 42,854 18,343 11,848 3,778 . 1975—Jan. 12,063 6,460 5,603 90,426 20,109 40.701 18,708 10,907 3,636 Feb. 14,795 8,660 6,135 91,338 19,880 41,216 19,303 10,939 3,368 Mar. 14,277 8,517 760 92,715 20,683 40,999 19,909 11,123 3,414 Apr. 16,256 10,189 067 94,452 20,521 43,863 18,928 11,139 3,397 May 17,998 12,008 990 97,828 23,969 44,202 17,968 11,689 3,560 June 17,090 11,335 755 99,013 24,112 45,897 17,393 11,611 3,216 July 16,538 9,840 698 103,987 24,435 49,418 18,080 12.055 3,381 Aug.' 18,145 10,597 548 104,062 24,477 50,682 16,777 12,126 3,235 Sept. 18,916 10,936 980 105,168 25,772 49,378 17,475 12,544 3,777 Oct.? IN UNITED KINGDOM 1,453 113 1,340 41,020 2.961 24,596 6,433 7.030 994 .1972—Dec. .. .Total, all currencies 2,431 136 2,295 57.311 3,944 34,979 8,140 10,248 1,990 .1973—Dec. 3,227 683 2,544 62,621 5,237 30,621 14,051 12,712 2,275 .1974—Oct. 4,376 889 3,487 62,397 5.071 30,352 15,454 11,521 2,363 Nov. 3,978 510 3,468 63,409 4,762 32,040 15,258 11,349 2,418 Dec. 3.804 873 2,931 62,360 4,567 30,266 16,419 11,108 2,287 .1975—Jan. 4,376 913 3,462 60,546 4,693 29,207 16,517 10,127 2,117 Feb. 5,095 1,224 3,871 62,363 4,630 29,990 17,305 10,438 2,196 Mar. 4,596 1,342 3,254 62,625 5,394 28,666 17,812 10,753 2,026 Apr. 4,772 1,337 3,435 61,772 5,325 28,957 16,726 10,764 2,164 May 4,668 1,451 3,217 63,857 7,030 30,030 15,524 11,274 2,226 June 4,679 1,718 2,961 63,501 6,475 30,636 15,312 11,077 2,203 July 5,251 1,904 3,348 65,012 6,260 32,097 15,617 11,038 2,194 Aug. 5,612 1,833 3,779 64,462 6,396 33,130 14,486 10,450 2,046 Sept. 5.486 1,766 3,720 65,119 6,746 32,334 14,909 11,130 2,138 Oct.f 1,272 72 1,200 29,002 2,008 17,379 5,329 4,287 535 .1972—Dec. .Payable in U.S. dollars 2,173 113 2,060 36,646 2,519 22,051 5,923 6,152 870 .1973—Dec. 2,988 651 2,337 44,033 3,690 20,203 11,444 8,696 1,294 .1974—Oct. 4,037 865 3.172 44,256 3,557 20,200 12,808 7,691 1,375 Nov. 3,744 484 3,261 44,594 3,256 20,526 13,225 7,587 1,328 Dec. 3,599 854 2,744 43,578 3,172 19,061 13,736 7,609 1,313 .1975—Jan. 4,164 895 3,269 41,350 3,266 17,673 13,932 6,479 1,184 Feb. 4.805 1,189 3,616 43,546 3.072 19,128 14,688 6,658 1,183 Mar. 4,297 1.313 2,984 43,758 3,886 17,997 15,158 6,717 1,122 Apr. 4.487 1.314 3.173 43,784 4,220 18,640 14,135 6,789 1,208 May 4,369 1,412 2,957 46.312 5.962 20,039 13,083 7,228 1,167 June 4,421 1,684 2,737 46,217 5,478 20,775 12,915 7,049 1 ,188 July 4,975 1,873 3,103 47,912 5,288 22,087 13,249 7,287 1,129 Aug. 5,389 1,808 3,581 48,314 5,456 23,645 12,182 7.031 980 Sept. 5,276 1,735 3,541 48,079 5,708 22,452 12,500 7,419 1,123 Oct.P IN BAHAMAS AND CAYMANS i 1,220 312 908 11,260 1,818 7,875 230 1,338 163 1972—Dec. .. .Total, all currencies 1,573 307 1,266 21,747 5,508 14,071 492 1,676 451 1973—Dec. 4,311 2,706 1,605 24,995 7,211 13,669 1,980 2,135 765 1974—Oct. 4,426 2,699 1,727 27,107 8,538 14,132 2,296 2,141 779 Nov. 4,815 2,636 2,180 26,140 7,702 14,050 2,377 2,011 778 Dec. 5,036 2,926 2,111 27,343 8,269 14,259 2,595 2,220 752 1975—Jan. 5,243 3,281 1,962 27,498 8,975 13,550 2,711 2,262 793 Feb. 7,228 5,081 2,147 25,875 8,498 12,614 2,520 2,243 690 Mar. 7,420 5,083 2,337 27,536 8,756 13,694 2,769 2,318 711 Apr. 9,090 6,766 2,324 28,309 6,872 16,018 2,977 2,441 799 May 10,866 8,322 2,544 27,987 8,075 14,482 3,036 2,393 793 June 9,991 7,407 2,584 28,933 8,401 15,539 2,500 2,492 690 July 8,800 5,715 3,085 31,913 9,128 17,317 2,860 2,607 911 Aug.r 9,928 6,490 3,439 30,861 8,918 16,834 2,570 2,540 812 Sept. 10,833 7,056 3,778 32,009 9,672 17,007 2,774 2,556 1,323 Oct.? For notes see p. A-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1976 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 int custody End of EEnndd ooff UUnniitteedd period Deposits U se . c S u . r T it r i e e a s1 s . Ear g m o a ld rk ed ppeerriioodd TToottaall Deposits S in t h e v o r e m r s t t - - Deposits S in t h e v o r e m r s t t - - KK dd ii oo nn mm gg-- CCaannaaddaa ments 1 ments 1 1972 325 50,934 215,530 1973 251 52,070 217,068 1971 1,507 1,078 127 234 68 580 443 1974 418 55,600 16,838 1974—Dec.. . 418 55,600 16,838 19722 / 1 I 2 , , 9 3 6 7 5 4 1 1 , , 4 9 4 1 6 0 1 5 6 5 9 3 34 0 0 7 4 6 2 8 9 7 1 0 1 2 4 5 8 3 5 6 1973 3,162 2,588 37 427 109 1,118 770 1975—Jan.... 391 58,001 16,837 M A F p e a b r r . . . . . . 4 4 2 0 0 7 9 2 0 6 6 6 0 0 0 , , , 7 6 8 2 1 6 9 8 4 1 1 1 6 6 6 , , , 8 8 8 1 1 1 8 8 8 1 974— D N O e o c c v t 2 2 3 , , , 6 9 3 9 1 9 8 1 8 2 2 2 , , , 1 5 3 3 8 8 2 2 0 2 5 1 5 6 5 4 3 3 1 2 2 2 5 6 2 2 2 1 6 7 6 1 7 1 1 1 , , , 1 2 3 2 8 5 2 5 0 9 9 8 5 4 3 1 1 5 May. . 310 61,539 16,818 J J A O N S D u u e u o c e n p l t c v g y e t . . . . . . . . . . . . . . . . . . . . . . 2 3 3 3 3 3 3 9 6 7 4 4 5 2 7 9 3 2 6 2 4 6 6 6 6 6 6 5 1 0 0 0 0 0 8 , , , , , , , 4 9 0 3 1 5 4 9 0 1 0 2 1 2 9 6 9 7 0 2 0 1 1 1 1 1 1 1 6 6 6 6 6 6 6 , , , , , , , 7 7 8 8 7 8 7 4 5 0 0 4 0 9 5 1 3 3 5 3 5 1975— J J J A F M M u a u e p n a a l n b y r r y e 3 3 3 3 3 3 3 , , , , , , , 2 1 1 3 2 3 2 2 8 3 6 8 7 7 1 8 8 8 3 6 5 2 2 2 2 2 2 2 , , , , , , , 2 2 4 2 4 5 5 4 7 5 2 3 2 1 1 8 8 1 4 0 5 1 4 9 4 1 6 5 5 7 5 8 8 7 2 0 4 4 3 3 3 3 3 2 6 0 9 9 1 5 0 9 3 3 5 4 9 4 4 4 3 5 5 3 0 3 0 8 2 5 4 5 3 6 8 7 0 5 1 1 1 1 , , , , 0 0 1 0 9 9 9 8 6 4 6 0 0 7 8 4 5 5 4 8 4 1 1 1 1 1 1 1 , , , , , , , 1 1 2 2 1 1 1 0 2 7 3 3 4 1 9 8 9 6 4 0 7 Aug 3,438 2,334 129 453 522 1,017 1,309 deb 1 te M d a n r e k ss e , t a n b o le t es U , .S an . d T r b e o a n s d u s r y an b d il ls n , on ce m r a ti r f k ic e a t t a e b s le o f U i . n S - . S O e c p t t .* .p 5. .. . 3 3 , ,4 6 1 0 1 2 2 2 , ,5 5 8 2 1 2 1 1 7 2 9 5 4 4 5 1 6 0 4 24 9 1 9 1 1 ,1 ,1 0 7 4 8 1 1 , , 1 2 2 5 7 2 Treasury securities payable in dollars and in foreign cur 2 r e T n h c e ie v s. a lue of earmarked gold increased because of the or 1 h a N v e i g n o g t i a a b c l o e n t a r n a d c tu o a th l e m r a r t e u a r d i i t l y y o t f r a n n o s t f e m ra o b r l e e t f h o a r n ei g 1 n y o ea b r li g fr a o ti m on t s h e p a d y a a t b e le o n o n w h d i e c m h a t n h d e changes in par value of the U.S. dollar in May 1972, and obligation was incurred by the foreigner. in Oct. 1973. 2 Data on the 2 lines for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage with those shown for the preceding NOTE.—Excludes deposits and U.S. Treasury securities date; figures on the second line are comparable with those shown for the following date. held for international and regional organizations. Earmarked gold is gold held for foreign and international NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in accounts and is not included in the gold stock of the the United States. They are a portion of the total claims on foreigners reported by United States. nonbanking concerns in the United States and are included in the figures shown in Table 22. 22. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amount outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies EEnndd ooff ppeerriioodd Payable Payable Payable Total in in Total in dollars foreign dollars Deposits with currencies banks abroad Other in reporter's name 1971 Dec l / \ 2 2 , , 7 7 6 0 3 4 2 2, , 3 2 0 2 1 9 4 46 7 3 5 5 5 , ,1 0 8 0 5 0 4 4 , ,4 5 6 3 7 5 2 3 8 1 9 8 2 33 4 3 4 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 Dec i / 3,119 2,635 484 5,721 5,074 410 237 1 3,397 2,928 469 6,304 5,645 393 267 1973—Mar 3,308 2,836 472 7,019 6,150 456 414 June 3,283 2,760 523 7,292 6,451 493 349 Sept 3,567 2,919 648 7,627 6,701 528 399 Dec 3,964 3,257 707 8,463 7,553 485 425 1974—Mar 4,373 3,564 809 10,458 9,525 400 533 June 5,101 4,158 943 11,022 10,104 420 498 Sept 5,567 4,634 933 10,681 9,720 419 543 Dec 5,769 4,855 914 11,233 10,190 455 587 1975—Mar 5,734 4,868 866 10,878 9,744 441 692 i Data on the 2 lines shown for this date differ preceding date; figures on the second line are compabecause of changes in reporting coverage. Figures on rable with those shown for the following date, the first line are comparable with those shown for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 73 23. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period. Amounts outstanding; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1974 1975 1974 1975 June Sept. Dec. Mar. June June Sept. Dec. Mar. j June Europe: Austria 12 18 20 26 22 17 15 2266 1155 13 Belgium-Luxembourg 419 501 516 474 334 139 114 128 137 96 Denmark 18 22 24 23 14 27 25 42 35 22 Finland 9 12 16 16 12 80 91 120 77 87 France 170 157 202 151 138 509 461 430 328 287 Germany 211 240 313 350 466 343 326 339 276 346 Greece 28 28 39 25 27 76 69 65 59 69 Italy 121 129 125 109 110 393 413 397 309 300 Netherlands 104 120 117 121 141 126 144 148 157 135 Norway 8 10 9 9 8 35 32 36 35 41 Portugal 17 20 19 13 13 101 69 81 42 32 Spain 42 46 56 54 59 409 414 369 359 324 Sweden 52 40 38 32 30 106 97 89 66 74 Switzerland 112 106 140 157 170 78 154 136 86 113 Turkey 11 20 8 12 14 28 24 26 33 28 United Kingdom 1,239 1,408 1,222 1,110 1,006 1,865 1,763 1,853 1,642 1,534 Yugoslavia 18 17 40 52 45 23 23 22 33 32 Other Western Europe 6 7 5 5 4 23 20 21 23 16 Eastern Europe 34 80 70 54 49 97 90 142 114 154 Total 2,632 2,981 2,979 2,794 2,664 4,476 4,344 4,469 3,825 3,704 Canada 311 296 298 258 274 1,577 1,571 1,610 1,860 1,950 Latin America: Argentina 19 28 36 31 30 53 59 69 76 65 Bahamas 307 325 281 299 279 977 518 594 615 630 Brazil 125 160 118 121 127 523 419 461 376 349 Chile 10 14 22 23 15 64 124 106 69 57 Colombia 22 13 14 11 11 51 49 51 51 47 Cuba * * * * * 1 1 1 1 1 Mexico 76 64 63 72 74 263 287 297 325 307 Panama 19 21 28 18 27 84 114 132 110 128 Peru 11 15 14 18 16 60 40 44 46 50 Uruguay 2 2 2 3 3 5 6 5 15 5 Venezuela 43 53 49 39 44 172 190 190 180 166 Other L.A. republics 60 63 83 65 67 172 182 193 195 180 Neth. Antilles and Surinam 7 8 24 48 52 17 14 20 16 13 Other Latin America 59 50 81 114 144 157 169 147 196 159 Total 761 818 816 862 889 2,599 2,169 2,308 2,271 2,155 Asia: China, People's Republic of (China Mainland) 39 23 17 8 6 3 8 17 19 32 China, Rep. of (Taiwan) 72 72 93 102 100 118 127 137 121 125 Hong Kong 19 18 19 19 30 68 64 63 83 85 India 13 10 7 10 21 31 37 37 32 39 Indonesia 22 38 60 63 87 67 81 85 110 142 Israel. 39 40 50 62 62 37 53 44 46 60 Japan 374 352 348 327 274 1,029 1,158 1,218 1,307 1,224 Korea 45 66 75 47 43 124 123 201 165 178 Philippines 19 28 25 19 17 86 108 93 82 91 Thailand 7 10 10 9 6 22 23 24 30 25 Other Asia 404 431 536 645 845 314 311 387 398 469 Total 1,054 1,087 1,239 1,312 1,492 1,899 2,093 2,307 2,392 2,471 Africa: Egypt 12 6 3 5 34 13 16 15 24 15 South Africa 24 35 43 54 65 85 90 101 104 102 Zaire 15 17 18 17 9 17 13 24 18 17 Other Africa 156 114 129 142 215 199 205 234 242 227 Total 206 172 193 217 323 314 325 374 387 362 Other countries: Australia 51 57 56 60 37 117 134 116 97 101 All other 24 32 30 31 18 39 44 49 45 39 Total 74 89 86 91 55 157 178 165 141 141 International and regional 63 125 158 201 257 1 1 * 1 Grand total 5,101 5,567 5,769 5,734 5,954 11,022 10,681 11,233 10,878 10,784 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. • JANUARY 1976 24. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area End of period Total liabilities Total K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa o A th l e l r 1971—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 / 1 3 3 , , 1 1 5 3 9 8 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 7 4 4 6 6 0 0 6 65 5 3 2 1 1 4 3 1 6 3 3 2 2 7 5 8 8 6 6 8 8 4 5 1972—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 J \ '3 3 , , 6 54 0 0 0 3 3 , , 3 2 1 8 2 4 1 1 9 6 1 3 7 7 4 1 5 5 7 7 5 7 9 5 1 1 8 8 7 4 6 6 4 0 6 7 5 0 8 3 1 1 3 5 3 6 4 3 0 7 6 8 8 8 7 6 1 3 0 8 9 1973—Mar.. '3,777 3,421 156 802 775 165 63 796 123 393 105 45 June. '3,779 3,472 180 805 782 146 65 825 124 390 108 48 Sept.. '3,993 3,632 216 822 800 147 73 832 134 449 108 51 Dec.. '3,878 r3,693 290 '761 854 145 79 824 122 450 115 53 1974—Mar.. '3,827 '3,814 '369 737 888 194 81 800 118 448 119 61 June. '3,524 3,809 363 696 907 184 138 742 117 477 122 61 Sept.. '3,356 3,932 370 702 943 181 145 776 114 523 118 59 Dec.. '3,707 4,114 364 640 '977 187 143 1 ,018 107 505 121 54 1975—Mar.. 3,954 4,128 340 652 ,020 182 160 961 102 527 130 54 June* 4,072 4,073 299 631 ,029 181 154 939 98 536 138 68 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 money 3 60-90 money 5 3 months mmoonneeyy 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—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 3.38 5.32 3.82 1.98 6.50 June 6.96 6.88 9.72 9.43 7.00 6.25 7.31 3.38 4.91 2.78 1.37 6.50 July 7.22 7.17 9.86 9.71 7.34 6.25 7.25 3.38 3.98 2.98 1 .99 6.50 Aug 7.72 7.42 10.59 10.43 8.59 6.43 7.16 3.38 1.93 2.90 1 .51 6.00 Sept 8.37 7.74 10.43 10.36 9.40 6.50 6.91 3.38 4.25 2.60 .94 5.50 Oct 8.28 7.92 11.38 11.42 9.88 6.93 6.53 3.13 3.27 4.22 4.35 5.50 Nov 8.44 8.29 11.21 11.10 11.34 7.00 6.74 3.13 3.36 4.67 4.19 5.50 Dec 88..5599 88..6666 1100..8888 1100..8822 77..0000 66..4422 33..1133 33..8844 44..8888 44..3344 55..5500 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 $40,952 million and $40,933 million, respectively, on Oct. 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

JANUARY 1976 • 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 December 31, 1975 Rate as of December 31, 1975 Country Country Per Month Per Month cent effective cent effective Argentina 18.0 Feb. 1972 Italy 6.0 Sept. 1975 Austria 6.0 Apr. 1975 Japan 6.5 Oct. 1975 Belgium 6.0 Aug. 1975 Mexico 4.5 June 1942 Brazil 18.0 Feb. 1972 Netherlands 4.5 Sept. 1975 Canada 9.0 Sept. 1975 Norway 5.0 Oct. 1975 Denmark 7.5 Aug. 1975 Sweden 6.0 Aug. 1975 France 8.0 Sept. 1975 Switzerland 3.0 Oct. 1975 Germany, Fed. Rep. of. 3.5 Sept. 1975 United Kingdom [1.25 Dec. 1975 Venezuela 5.0 Oct. 1970 NOTE.—Rates shown are mainly those at which the central bank either Japan—Penalty rates (exceeding the basic rate shown) for borrowings discounts or makes advances against eligible commercial paper and/or from the central bank in excess of an individual bank's quota; govt, securities for commercial banks or brokers. For countries with United Kingdom—The Bank's minimum lending rate, which is the more than one rate applicable to such discounts or advances, the rate average rate of discount for Treasury bills established at the most recent shown is the one at which it is understood the central bank transacts tender plus one-half per cent rounded to the nearest one-quarter per cent the largest proportion of its credit operations. Other rates for some of above; these countries follow: Venezuela—2 per cent for rediscounts of certain agricultural paper, 4Vi 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) 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 1975 130.77 5.7467 2.7253 98.297 17.437 23.354 40.729 11.926 222.16 .15328 .33705 1974--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 June 133.55 6.0338 2.8603 97.426 18.392 24.971 42.726 12.210 228.03 .15982 .34077 July 130.95 5.7223 2.7123 97.004 17.477 23.659 40.469 T1.777 218.45 .15387 .33741 Aug 128.15 5.4991 2.6129 96.581 16.783 22.848 38.857 11.379 211.43 .14963 .33560 Sept 128.87 5.4029 2.5485 97.437 16.445 22.367 38.191 11.281 208.34 .14740 .33345 Oct 126.26 5.4586 2.5662 97.557 16.601 22.694 38.737 11.244 205.68 .14745 .33076 Nov 126.26 5.4535 2.5618 98.631 16.564 22.684 38.619 11.238 204.84 .14721 .33053 Dec 125.38 5.3986 2.5311 98.627 16.253 22.428 38.144 11.134 202.21 .14645 .32715 Malaysia Mexico Nether- New Norway Portugal South Spain Sweden Switzer- United Period (dollar) (peso) lands Zealand (krone) (escudo) Africa ((ppeesseettaa)) (krona) land Kingdom (guilder) (dollar) (rand) (franc) (pound) 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 1975 .41.753 8.0000 39.632 121.16 19.180 3.9286 136.47 1.7424 24.141 38.743 222.16 1974—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 Mar 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 June 43.856 8.0000 41.502 130.86 20.393 4.1124 146.31 1.7922 25.532 40.086 228.03 July 41.442 8.0000 39.154 127.73 19.241 3.9227 139.75 1.7446 24.213 38.272 218.45 Aug 39.779 8.0000 37.887 111.79 18.304 3.7700 139.72 1.7140 23.174 37.332 211.43 Sept 38.219 8.0000 37.229 105.50 17.834 3.7048 131.40 1.6914 22.501 36.905 208.35 Oct 38.931 8.0000 37.658 104.74 18.089 3.7359 114.84 1.6883 22.769 37.555 205.68 Nov 38.929 8.0000 37.638 104.75 18.116 3.7318 114.69 1.6869 22.788 37.683 204.84 Dec 38.670 8.0000 37.234 103.77 17.988 3.6836 114.75 1.6765 22.685 37.970 202.21 NOTE.—Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

> <1 as Board of Governors of the Federal Reserve System ARTHUR F. BURNS, Chairman GEORGE W. MITCHELL, Vice Chairman ROBERT C. HOLLAND HENRY C. WALLICH PHILIP E. COLDWELL PHILIP C. JACKSON, JR. J. CHARLES PARTEE 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 STEPHEN H. AXILROD, Adviser to the Board ROBERT J. LAWRENCE, Deputy Managing ROBERT SOLOMON, Adviser to the Board ARTHUR L. BROIDA, Assistant to the Board Director JOSEPH R. COYNE, Assistant to the Board STANLEY J. SIGEL, Assistant to the Board GORDON B. GRIMWOOD, Assistant Director KENNETH A. GUENTHER, Assistant to the Board MURRAY ALTMANN, Special Assistant to the qnd Program Director for JAY PAUL BRENNEMAN, Special Assistant to the Board Contingency Planning Board NORM AND R. V. BERNARD, Special Assistant to WILLIAM W. LAYTON, Director of Equal FRANK O'BRIEN, JR., Special Assistant to the the Board Employment Opportunity Board BRENTON C. LEAVITT, Program Director for DONALD J. WINN, Special Assistant to the Banking Structure Board DIVISION OF RESEARCH AND STATISTICS PETER E. BARNA, Program Director for Bank Holding Company Analysis LYLE E. GRAMLEY, Director JAMES L. KICHLINE, Associate Director JOSEPH S. ZEISEL, Associate Director EDWARD C. ETTIN, Adviser JOHN H. KALCHBRENNER, Adviser LEGAL DIVISION PETER M. KEIR, Adviser JAMES B. ECKERT, Associate Adviser JOHN D. HAWKE, JR., General Counsel JOHN J. MINGO, Associate Adviser BALDWIN B. TUTTLE, Deputy General ELEANOR J. STOCKWELL, Associate Adviser DIVISION OF FEDERAL RESERVE BANK Counsel HELMUT F. WENDEL, Associate Adviser OPERATIONS ROBERT E. MANNION, Assistant General JAMES R. WETZEL, Associate Adviser Counsel JARED J. ENZLER, Assistant Adviser JAMES R. KUDLINSKI, Director ALLEN L. RAIKEN, Assistant General Counsel ROBERT M. FISHER, Assistant Adviser WALTER A. ALTHAUSEN, Assistant Director GARY M. WELSH, Assistant General Counsel J. CORTLAND G. PERET, Assistant Adviser BRIAN M. CAREY, Assistant Director CHARLES R. MCNEILL, Assistant to the STEPHEN P. TAYLOR, Assistant Adviser HARRY A. GUINTER, Assistant Director General Counsel LEVON H. GARABEDIAN, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIVISION OF FEDERAL RESERVE BANK OFFICE OF SAVER AND CONSUMER AFFAIRS DIVISION OF INTERNATIONAL FINANCE EXAMINATIONS AND BUDGETS FREDERIC SOLOMON, Assistant to the *RALPH C. BRYANT, Director WILLIAM H. WALLACE, Director Board and Director JOHN E. REYNOLDS, Acting Director CLYDE H. FARNSWORTH, JR., Assistant Director JANET O. HART, Deputy Director ROBERT F. GEMMILL, Adviser THOMAS E. MEAD, Assistant Director JERAULD C. KLUCKMAN, Assistant Director REED J. IRVINE, Adviser P. D. RING, Assistant Director ROBERT S. PLOTKIN, Assistant Director *HELEN B. JUNZ, Adviser SAMUEL PIZER, Adviser DIVISION OF DATA PROCESSING GEORGE B. HENRY, Associate Adviser OFFICE OF THE SECRETARY CHARLES J. SIEGMAN, Associate Adviser CHARLES L. HAMPTON, Director EDWIN M. TRUMAN, Associate Adviser BRUCE M. BEARDSLEY, Associate Director THEODORE E. ALLISON, Secretary GLENN L. CUMMINS, Assistant Director GRIFFITH L. GARWOOD, Assistant Secretary WARREN N. MINAMI, Assistant Director ROBERT J. ZEMEL, Assistant Director DIVISION OF BANKING SUPERVISION AND REGULATION DIVISION OF PERSONNEL BRENTON C. LEAVITT, Director FREDERICK R. DAHL, Assistant Director KEITH D. ENGSTROM, Director JACK M. EGERTSON, Assistant Director CHARLES W. WOOD, Assistant Director JOHN N. LYON, Assistant Director JOHN T. MCCLINTOCK, Assistant Director OFFICE OF THE CONTROLLER JOHN E. RYAN, Assistant Director THOMAS A. SIDMAN, Assistant Director JOHN KAKALEC, Controller WILLIAM W. WILES, Assistant Director TYLER E. WILLIAMS, JR., Assistant Controller DIVISION OF ADMINISTRATIVE SERVICES WALTER W. KREIMANN, Director DONALD E. ANDERSON, Assistant Director JOHN D. SMITH, Assistant Director *On leave of absence. > <1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 Federal Open Market Committee ARTHUR F. BURNS, Chairman PAUL A. VOLCKER, Vice Chairman ERNEST T. BAUGHMAN ROBERT C. HOLLAND GEORGE W. MITCHELL PHILIP E. COLDWELL PHILIP C. JACKSON, JR. J. CHARLES PARTEE DAVID P. EASTBURN BRUCE K. MACLAURY HENRY C. WALLICH ROBERT P. MAYO ARTHUR L. BROIDA, Secretary ROBERT SOLOMON, Economist MURRAY ALTMANN, Deputy' Secretary (International Finance) NORM AND R. V. BERNARD, Assistant EDWARD G. BOEHNE, Associate Economist Secretary *RALPH C. BRYANT, Associate Economist THOMAS J. O'CONNELL, General Counsel RICHARD G. DAVIS, Associate Economist EDWARD G. GUY, Deputy General Counsel RALPH T. GREEN, Associate Economist STEPHEN H. AXILROD, Economist JOHN KAREKEN, 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 *On leave of absence. Federal Advisory Council RICHARD D. HILL, FIRST FEDERAL WILLIAM F. MURRAY, SEVENTH RESERVE DISTRICT FEDERAL RESERVE DISTRICT ELLMORE C. PATTERSON, SECOND EDWIN S. JONES, EIGHTH FEDERAL FEDERAL RESERVE DISTRICT RESERVE DISTRICT JAMES F. BODINE, THIRD FEDERAL GEORGE H. DIXON, NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT M. BROCK WEIR, FOURTH FEDERAL EUGENE H. ADAMS, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN H. LUMPKIN, FIFTH FEDERAL BEN F. LOVE, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT LAWRENCE A. MERRIGAN, SIXTH GILBERT F. BRADLEY, TWELFTH FEDERAL RESERVE DISTRICT FEDERAL 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 79 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 Frank R. Milliken Paul A. Volcker Vacancy Richard A. Debs Buffalo 14240 Rupert Warren Ronald B. Gray PHILADELPHIA 19105 John R. Coleman David P. Eastburn John W. Eckman Mark H. Willes CLEVELAND* 44101 Horace A. Shepard Willis J. Winn Robert E. Kirby Walter H. MacDonald Cincinnati 45201 Lawrence H. Rogers, II Robert E. Showalter Pittsburgh 15230 G. Jackson Tankersley Robert D. Duggan RICHMOND* 23261 E. Angus Powell Robert P. Black E. Craig Wall, Sr. George C. Rankin Baltimore 21203 James G. Harlow Jimmie R. Monhollon Charlotte 28230 Charles W. DeBell Stuart P. Fishburne Culpeper Communications Center 22701 Albert D. Tinkelenberg ATLANTA 30303 H. G. Pattillo Monroe Kimbrel *Clifford M. Kirtland, Jr. Kyle K. Fossum Birmingham 35202 Harold B. Blach, Jr. Hiram J. Honea Jacksonville 32203 Egbert R. Beall Edward C. Rainey Miami 33152 Castle W. Jordan W. M. Davis Nashville 37203 James W. Long Jeffrey J. Wells New Orleans 70161 Edwin J. Caplan George C. Guynn CHICAGO* 60690 Peter B. Clark Robert P. Mayo Robert H. Strotz Daniel M. Doyle Detroit 48231 Tom Killefer William C. Conrad ST. LOUIS 63166 Edward J. Schnuck Darryl R. Francis Vacancy Eugene A. Leonard Little Rock 72203 Ronald W. Bailey John F. Breen Louisville 40201 James H. Davis Donald L. Henry Memphis 38101 Jeanne L. Holley L. Terry Britt MINNEAPOLIS 55480 James P. McFarland Bruce K. MacLaury Stephen F. Keating Clement A. Van Nice Helena 59601 James C. Garlington John D. Johnson 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 J. Luther Davis Fredric W. Reed Houston 77001 Thomas J. Barlow James L. Cauthen San Antonio 78295 Margaret Scarbrough Wilson Carl H. Moore SAN FRANCISCO .. ..94120 O. Meredith Wilson John J. Balles Joseph F. Alibrandi John B. Williams Los Angeles 90051 Joseph R. Vaughan Richard C. Dunn Portland 97208 Loran L. Stewart Angelo S. Carella Salt Lake City 84110 Sam Bennion A. Grant Holman Seattle 98124 Lloyd E. Cooney James J. Curran * 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 80 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 92 pp. $.65. Sec. 16 (New). Consumer Credit. FUNCTIONS. 1974. 125 pp. $1.00each; 10 or more 1965. 103 pp. $.65. to one address, $.75 each. THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 each; 10 or more to one address, $.85 each. ANNUAL REPORT TRADING IN FEDERAL FUNDS. 1965. 116 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, its posses- INDUSTRIAL PRODUCTION—1971 EDITION. 1972. 383 sions, Canada, and Mexico; 10 or more of same pp. $4.00 each; 10 or more to one address, $3.50 issue to one address, $18.00 per year or $1.75 each. each. Elsewhere, $24.00 per year or $2.50 each. THE PERFORMANCE OF BANK HOLDING COMPANIES. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND 1967. 29 pp. $.25 each; 10 or more to one address, BUSINESS STATISTICS. Monthly. Subscription in- $.20 each. cludes one issue of Historical Chart Book. $12.00 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. per year or $1.25 each in the United States, its 102 pp. $1.00 each; 10 or more to one address, possessions, Canada, and Mexico; 10 or more of $.85 each. same issue to one address, $1.00 each. Elsewhere, SURVEY OF FINANCIAL CHARACTERISTICS OF CON- $15.00 per year or $1.50 each. SUMERS. 1966. 166 pp. $1.00 each; 10 or more HISTORICAL CHART BOOK. Issued annually in Sept. to one address, $.85 each. Subscription to monthly chart book includes one SURVEY OF CHANGES IN FAMILY FINANCES. 1968. 321 issue. $1.25 each in the United States, its posses- pp. $1.00 each; 10 or more to one address, $.85 sions, Canada, and Mexico; 10 or more to one each. address, $1.00 each. Elsewhere, $1.50 each. REPORT OF THE JOINT TREASURY-FEDERAL RESERVE CAPITAL MARKET DEVELOPMENTS. Weekly. $15.00 per STUDY OF THE U.S. GOVERNMENT SECURITIES year or $.40 each in the United States, its posses- MARKET. 1969. 48 pp. $.25 each; 10 or more to sions, Canada, and Mexico; 10 or more of same one address, $.20 each. issue to one address, $13.50 per year or $.35 each. JOINT TREASURY-FEDERAL RESERVE STUDY OF THE Elsewhere, $20.00 per year or $.50 each. GOVERNMENT SECURITIES MARKET: STAFF STUD- SELECTED INTEREST AND EXCHANGE RATES—WEEKLY IES—PART 1. 1970. 86 pp. $.50 each; 10 or more SERIES OF CHARTS. Weekly. $15.00 per year or to one address, $.40 each. PART 2. 1971. 153 pp. $.40 each in the United States, its possessions, and PART 3. 1973. 131 pp. Each volume $1.00; Canada, and Mexico; 10 or more of same issue 10 or more to one address, $.85 each. to one address, $13.50 per year or $.35 each. OPEN MARKET POLICIES AND OPERATING PROCE- Elsewhere, $20.00 per year or $.50 each. DURES—STAFF STUDIES. 1971. 218 pp. $2.00 THE FEDERAL RESERVE ACT, as amended through De- each; 10 or more to one address, $1.75 each. cember 1971, with an appendix containing provi- REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT sions of certain other statutes affecting the Federal MECHANISM. Vol. 1. 1971. 276 pp. Vol. 2. 1971. Reserve System. 252 pp. $1.25. 173 pp. Vol. 3. 1972. 220 pp. Each volume $3.00; REGULATIONS OF THE BOARD OF GOVERNORS OF THE 10 or more to one address, $2.50 each. FEDERAL RESERVE SYSTEM THE ECONOMETRICS OF PRICE DETERMINATION CON- PUBLISHED INTERPRETATIONS OF THE BOARD OF GOV- FERENCE, October 30-31, 1970, Washington, D.C. ERNORS, as of June 30, 1975. $2.50. Oct. 1972. 397 pp. Cloth ed. $5.00 each; 10 or SUPPLEMENT TO BANKING AND MONETARY STATISTICS. more to one address, $4.50 each. Paper ed. $4.00 Sec. 1. Banks and the Monetary System. 1962. each; 10 or more to one address, $3.60 each. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. FLUCTUATIONS IN HOUSING CONSTRUCTION, Dec. Sec. 6. Bank Income. 1966. 29 pp. $.35. Sec. 1972. 487 pp. $4.00 each; 10 or more to one 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. address, $3.60 each. 10. Member Bank Reserves and Related Items. LENDING FUNCTIONS OF THE FEDERAL RESERVE 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 BANKS. 1973. 271 pp. $3.50 each; 10 or more pp. $.35. Sec. 12. Money Rates and Securities to one address, $3.00 each. Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1962. INTRODUCTION TO FLOW OF FUNDS. 1975. 64 pp. $.50 24 pp. $.35. Sec. 15. International Finance. 1962. 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 81 IMPROVED FUND AVAILABILITY AT RURAL BANKS (Re- YIELDS ON NEWLY ISSUED CORPORATE BONDS. 9/72. port and study papers of the Committee on Rural RECENT ACTIVITIES OF FOREIGN BRANCHES OF U.S. Banking Problems). June 1975. 133 pp. $1.00; 10 BANKS. 10/72. or more to one address, $.85 each. REVISION OF CONSUMER CREDIT STATISTICS. 10/72. ONE-BANK HOLDING COMPANIES BEFORE THE 1970 AMENDMENTS. 12/72. STAFF ECONOMIC STUDIES YIELDS ON RECENTLY OFFERED CORPORATE BONDS. 5/73. Studies and papers on economic and financial subjects CAPACITY UTILIZATION IN MAJOR MATERIALS INDUSthat are of general interest in the field of economic TRIES. 8/73. research. CREDIT-CARD AND CHECK-CREDIT PLANS AT COMMER- CIAL BANKS. 9/73. SUMMARIES ONLY PRINTED IN THE BULLETIN RATES ON CONSUMER INSTALMENT LOANS. 9/73. (Limited supply of mimeographed copies of full NEW SERIES FOR LARGE MANUFACTURING CORPORAtext available upon request for single copies) TIONS. 10/73. MONEY SUPPLY IN THE CONDUCT OF MONETARY HOUSEHOLD-SECTOR ECONOMIC ACCOUNTS, by David POLICY. 11/73. F. Seiders. Jan. 1975. 84 pp. U.S. ENERGY SUPPLIES AND USES, Staff Economic Study by Clayton Gehman. 12/73. THE PERFORMANCE OF INDIVIDUAL BANK HOLDING COMPANIES, by Arthur G. Fraas. Aug. 1975. CAPACITY UTILIZATION FOR MAJOR MATERIALS: RE- 27 pp. VISED MEASURES. 4/74. NUMERICAL SPECIFICATIONS OF FINANCIAL VARIABLES AND THEIR ROLE IN MONETARY POLICY. 5/74. PRINTED IN FULL IN THE BULLETIN INFLATION AND STAGNATION IN MAJOR FOREIGN IN- Staff Economic Studies shown in list below. DUSTRIAL COUNTRIES. 10/74. REVISION OF THE MONEY STOCK MEASURES AND MEM- BER BANK DEPOSITS. 12/74. REPRINTS U.S. INTERNATIONAL TRANSACTIONS IN 1974. 4/75. (Except for Staff Papers, Staff Economic Studies, and MONETARY POLICY IN A CHANGING FINANCIAL ENVIsome leading articles, most of the articles reprinted do RONMENT: OPEN MARKET OPERATIONS IN 1974. not exceed 12 pages.) 4/75. SEASONAL FACTORS AFFECTING BANK RESERVES. 2/58. THE STRUCTURE OF MARGIN CREDIT. 4/75. MEASURES OF MEMBER BANK RESERVES. 7/63. CHANGES IN BANK LENDING PRACTICES, 1974. 4/75. RESEARCH ON BANKING STRUCTURE AND PERFORM- NEW STATISTICAL SERIES ON LOAN COMMITMENTS AT ANCE, Staff Economic Study by Tynan Smith. SELECTED LARGE COMMERCIAL BANKS. 4/75. 4/66. RECENT TRENDS IN FEDERAL BUDGET POLICY. 7/75. A REVISED INDEX OF MANUFACTURING CAPACITY, BANKING AND MONETARY STATISTICS, 1974. Selected Staff Economic Study by Frank de Leeuw with series of banking and monetary statistics for 1974 Frank E. Hopkins and Michael D. Sherman. 11/66. only. 2/75, 3/75, 4/75 and 7/75. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN CHANGES IN TIME AND SAVINGS DEPOSITS AT COM- 1960-67. 4/68. MERCIAL BANKS. January-April 1975. 10/75. MEASURES OF SECURITY CREDIT. 12/70. RECENT DEVELOPMENTS IN INTERNATIONAL FINANCIAL MONETARY AGGREGATES AND MONEY MARKET CON- MARKETS. 10/75. DITIONS IN OPEN MARKET POLICY. 2/71. MINNIE: A SMALL VERSION OF THE REVISED MEASURES OF MANUFACTURING CAPACITY MIT-PENN-SSRC ECONOMETRIC MODEL, Staff UTILIZATION. 10/71. Economic Study by Douglas Battenberg, Jared J. REVISION OF BANK CREDIT SERIES. 12/71. Enzler and Arthur M. Havenner. 11/75. ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF AN ASSESSMENT OF BANK HOLDING COMPANIES, Staff U.S. BANKS. 2/72. Economic Study by Robert J. Lawrence and BANK DEBITS, DEPOSITS, AND DEPOSIT TURNOVER— Samuel H. Talley. 1/76. REVISED SERIES. 7/72. INDUSTRIAL ELECTRIC POWER USE. 1/76. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 Federal Reserve Bulletin • January 1976 Index to Statistical Tables References are to pages A-2 through A-75 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 Banks, by classes, 14, 17, 20, 21, 30 BANK credit proxy, 13 Federal Reserve Banks, 10, 72 Bankers balances, 16, 17, 20 Subject to reserve requirements, 13 (See also Foreigners) 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 Federal Home Loan Mortgage Corporation, 37, 42, 43 CAPACITY utilization, 50 Federal Housing Administration, 42, 43, 44 Capital accounts: Federal intermediate credit banks, 37, 38 Banks, by classes, 14, 17, 22 Federal land banks, 37, 38, 42 Federal Reserve Banks, 10 Federal National Mortgage Assn., 37, 38, 42, 43, 44 Central banks, 60, 75 Federal Reserve Banks: Certificates of deposit, 22 Condition statement, 10 Commercial and industrial loans: U.S. Govt, securities held, 2, 10, 11, 34, 35 Commercial banks, 13, 16 Federal Reserve credit, 2, 4, 10, 11 Weekly reporting banks, 18, 23 Federal Reserve notes, 10 Commercial banks: Federally sponsored credit agencies, 37, 38 Assets and liabilities, 13, 14, 16, 17, 18 Finance companies: Consumer loans held, by type, 45, 46, 47 Loans, 18, 45, 46, 47 Deposits at, for payment of personal loans, 24 Paper, 25, 27 Loans sold outright, 25 Financial institutions, loans to, 16, 18 Number, by classes, 14 Float, 2 Real estate mortgages held, by type of holder and Flow of funds, 56, 57 property, 42^4-4 Foreign: Commercial paper, 23, 25, 27 Currency operations, 10 Condition statements (See Assets and liabilities) Deposits in U.S. banks, 3, 10, 17, 21, 72 Construction, 50, 51 Exchange rates, 75 Consumer instalment credit, 45, 46, 47 Trade, 59 Consumer price indexes, 50, 53 Foreigners: Consumption expenditures, 54, 55 Corporations: Claims on, 66, 67, 68, 72, 73, 74 Liabilities to, 22, 61, 62, 64, 65, 72, 73, 74 Profits, taxes, and dividends, 41 Security issues, 39, 40 GOLD: Security yields and prices, 28, 29 Certificates, 10 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 Customer credit, stock market, 29, 30 Government National Mortgage Assn., 42 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 83 References are to pages A-2 through A-75 although i prefix "A" is omitted in this index INCOME, national and personal, 54, 55 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 Insured commercial banks, 14, 16, 17, 24 mortgaged, 42-44 Interbank deposits, 14, 20 Reserve position, basic, member banks, 5 Interest rates: Reserve requirements, member banks, 7 Bond and stock yields, 28 Reserves: Business loans of banks, 26 Central banks and govts., 60 Federal Reserve Banks, 6 Commercial banks, 17, 20, 22 Foreign countries, 74, 75 Federal Reserve Banks, 10 Money market rates, 27 Member banks, 3, 4, 13, 17 Mortgage yields, 43, 44 U.S. reserve assets, 59 Prime rate, commercial banks, 26 Residential mortgage loans, 43, 44 Time and savings deposits, maximum rates, 8 Retail credit, 45, 46 International capital transactions of U.S., 61-74 Retail sales, 50 International institutions, 60-64, 66, 67-69, 73 Inventories, 54 SAVING: Investment companies, issues and assets, 40 Flow of funds series, 56, 57 Investments (See also specific types of investments): National income series, 54, 55 Banks, by classes, 14, 16, 19, 30 Savings and loan assns., 31, 35, 42, 44 Commercial banks, 13 Savings deposits (See Time deposits) Federal Reserve Banks, 10, 11 Savings institutions, principal assets, 30, 31 Life insurance companies, 31 Securities (See also U.S. Govt, securities): Savings and loan assns., 31 Federally sponsored agencies, 37, 38 International transactions, 68, 69 LABOR force, 52 New issues, 38, 39, 40 Life insurance companies (See Insurance companies) Yields and prices, 28, 29 Loans (See also specific types of loans): Special Drawing Rights, 2, 10, 58, 59 Banks, by classes, 14, 16, 18, 30 State and local govts.: Commercial banks, 13, 14, 16, 18, 23, 25, 26 Deposits, 17, 20 Federal Reserve Banks, 2, 4, 6, 10, 11 Holdings of U.S. Govt, securities, 34, 35 Insurance companies, 31, 44 New security issues, 38, 39 Insured or guaranteed by U.S., 42, 43, 44 Ownership of securities of, 16, 19, 30 Savings and loan assns., 31 Yields and prices of securities, 28, 29 State member banks, 15, 24 MANUFACTURERS: Stock market credit, 29, 30 Capacity utilization, 50 Stocks (See also Securities): Production index, 49, 50 New issues, 39, 40 Margin requirements, 8 Yields and prices, 28, 29 Member banks: Assets and liabilities, by classes, 14, 16, 17 TAX receipts, Federal, 33 Borrowings at Federal Reserve Banks, 4, 10 Time deposits, 8, 13, 14, 17, 21, 22 Number, by classes, 14 Treasury currency, Treasury cash, 2, 3 Reserve position, basic, 5 Treasury deposits, 3, 10, 32 Reserve requirements, 7 Treasury operating balance, 32 Reserves and related items, 2, 4, 13 Mining, production index, 49 UNEMPLOYMENT, 52 Mobile home shipments, 51 U.S. balance of payments, 58 Money market rates (See Interest rates) U.S. Govt, balances: Money stock and related data, 12 Commercial bank holdings, 17, 20 Mortgages (See Real estate loans and Residential Member bank holdings, 13 mortgage loans) Treasury deposits at Reserve Banks, 3, 10, 32 Mutual funds (See Investment companies) U.S. Govt, securities: Mutual savings banks, 20, 30, 34, 42, 44 Bank holdings, 14, 16, 19, 30, 34, 35 Dealer transactions, positions, and financing, 36 NATIONAL banks, 14, 24 Federal Reserve Bank holdings, 2, 10, 11, 34, 35 National defense expenditures, 33 Foreign and international holdings, 10, 66, 68, 72 National income, 54, 55 International transactions, 66, 68 Nonmember banks, 15, 16, 17, 24 New issues, gross proceeds, 39 Open market transactions, 9 OPEN market transactions, 9 Outstanding, by type of security, 34, 35 Ownership, 34, 35 PAYROLLS, manufacturing index, 50 Yields and prices, 28, 29 Personal income, 55 Utilities, production index, 49 Prices: Consumer and wholesale commodity, 50, 53 VETERANS Administration, 43, 44 Security, 29 Prime rate, commercial banks, 26 WEEKLY reporting banks, 18-22 Production, 48, 49, 50 Profits, corporate, 41 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories ALASKA LEGEND Boundaries of Federal Reserve Districts ® Federal Reserve Bank Cities Boundaries of Federal Reserve Branch • Federal Reserve Branch Cities Territories Federal Reserve Bank Facility Q Board of Governors of the Federal Reserve System Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations P Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rP Revised preliminary L Liabilities I, II, S Sources of funds III, IV Quarters U Uses of funds * Amounts insignificant in terms of the particn.e.c. Not elsewhere classified ular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) also include not fully guaranteed issues) as well as direct a negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt." A heavy vertical rule is used in the following in- also includes municipalities, special districts, and other stances: (1) to the right (to the left) of a total when political subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals that total (totals separated by ordinary rules include because of rounding. more components than those shown), (2) to the right The footnotes labeled NOTE (which always appear (to the left) of items that are not part of a balance sheet, last) provide (1) the source or sources of data that do (3) to the left of memorandum items. not originate in the System; (2) notice when figures 4'U.S. Govt, securities" may include guaranteed are estimates; and (3) information on other characissues of U.S. Govt, agencies (the flow of funds figures teristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Sales, revenue, profits, and Banks and branches, number, dividends of large manuby class and State Apr. 1975 A-76—A-77 facturing corporations Dec. 1975 A-76 Semiannually Flow of funds: Banking offices: Assets and liabilities: Number in the 1962-73 Oct. 1974 A-59.14—A-59.28 United States Aug. 1975 A-76 Number of par and nonpar Aug. 1975 A-77 Flows: 1965-73 Oct. 1974 A-58—A-59.13 Annually Bank holding companies: Income and expenses: Banking offices and depos- Federal Reserve Banks Feb. 1975 A-80—A-81 its of group banks, Dec. Insured commercial banks June 1975 A-80—A-81 31, 1974 June 1975 A-76—A-79 Member banks: Banking and monetary statistics: Calendar year June 1975 A-80—A-89 1974 Feb. 1975 A-8 4—A-85 Income ratios June 1975 A-90—A-95 Mar. 1975 A-79—A-82 Operating ratios Sept. 1975 A-76—A-81 Apr. 1975 A-78—A-85 May 1975 337 July 1975 A-77 Stock market credit Feb. 1975 A-86—A-87 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases Dec. 1975 A-83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis