Federal Reserve Bulletin, 1976-10

OCTOBER 1976 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A copy of the Federal Reserve BULLETIN is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $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 10 • VOLUME 62 • OCTOBER 1976 CONTENTS 815 Recent Growth in Activities A1 Financial and Business Statistics of U.S. Offices of Foreign Banks A1 Contents 825 Changes in Time and Savings A2 U.S. Statistics Deposits at Commercial Banks, A58 International Statistics January-April 1976 A76 Board of Governors and Staff 833 Statement to Congress A78 Open Market Committee and Staff; 837 Record of Policy Actions Federal Advisory Council of the Federal Open Market Committee A79 Federal Reserve Banks and Branches 849 Law Department A80 Federal Reserve Board Publications 879 Announcements A82 Index to Statistical Tables 884 Industrial Production A84 Map of Federal Reserve System Inside Back Cover: Guide to Tabular Presentation and Statistical Releases PUBLICATIONS COMMITTEE Lyle E. Gramley Joseph R. Coyne John M. Denkler Stephen H. Axilrod Janet O. Hart 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

815 Recent Growth in Activities of U.S. Offices of Foreign Banks This article was prepared in the International cial and industrial loans made by U.S. offices Banking Section of the Division of Internation- of foreign banks amounted to one-fifth of the al Finance. loans made by large U.S. banks to domestic and foreign borrowers. The rapid expansion of activities of foreign bank U.S. offices of foreign banks have also beoffices in the United States in recent years con- come major participants in the U.S. Federal stitutes an increasingly important phase in the funds market, where they place short-dated widespread growth of international banking. funds or borrow for liquidity needs. Many of- Assets of U.S. banking offices of foreign banks fices actively arbitrage between the U.S. Federal have increased more than two and a half times funds market and foreign markets, especially since November 1972, when the Federal Re- Euro-currency markets. Thus, these offices, serve first began collecting monthly balance acting as extensions of their parent banks, have sheet data on their operations. Although a few increasingly served as channels through which foreign banks have made highly publicized ac- economic and financial conditions in their home quisitions of existing U.S. banks, most of the countries influence U.S. financial markets and growth has resulted from the expansion in size vice versa. Consequently, their growth, which and number of their U.S. banking offices. has paralleled the rapid expansion in assets of Foreign bank offices are located in major U.S. banks' foreign branches and overseas submoney market centers, primarily in New York sidiaries, has contributed significantly to the and California. In addition, the number of integration of international financial markets. foreign bank offices in Illinois has expanded The rapid growth and current scale of operasignificantly since passage of State legislation tions of foreign bank offices in the United States in 1973 permitting the establishment of branches have drawn attention to their increasing signifiin one part of downtown Chicago, but total cance in U.S. banking and credit markets and assets held by these offices are still relatively have highlighted major differences in the legal small. Foreign banks have a few offices in and regulatory treatment of these offices as certain other States and in Puerto Rico and the compared with domestic U.S. banks. In recog- Virgin Islands. Most States, however, either nition of these differences, the Board of Govermake no legal provisions concerning foreign nors of the Federal Reserve System in late 1974 bank offices or specifically prohibit such banks proposed legislation that would establish unifrom conducting a banking business through form national treatment for foreign banks in the offices within their respective jurisdictions. United States, thereby placing them on a non- As of August 1976, 194 U.S. offices of discriminatory basis vis-a-vis U.S. banks. The foreign banks reported $61.9 billion in total Congress has held hearings on this and other assets—equal to about 12 per cent of total assets proposals but has not passed legislation. held at domestic offices of the large U.S. banks with which they compete most actively in money market operations, in the transfer of FORMS OF ORGANIZATION funds for international payments, and in the financing of international trade. (Large U.S. Foreign banks conduct their U.S. banking acbanks hold more than half of the assets of all tivities primarily through agencies, branches, U.S. cormnerical banks.) Moreover, commer- and U.S.-chartered bank subsidiaries. The se- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 816 Federal Reserve Bulletin • October 1975 lection of organizational forms reflects the type CHART 1 of business in which the foreign bank is engaged Growth in U.S. ofTices and the legal and regulatory differences pertainof foreign banks by type of office ing to the establishment, powers, and regulation of each type of office. Billions of dollars AGENCIES Although individual State laws permitting the establishment of agencies and branches of foreign banks differ, agencies are considered to be banking offices that lend and transfer funds but do not accept deposits from domestic residents; however, they may accept credit bal- Investment companies ^^ ances, which resemble deposits in important t respects. In California, agencies of foreign Number banks may accept deposits from foreigners upon NUMBER OF OFFICES receipt of written authorization from the State banking authorities. As seen in Chart 1, agencies are the most important form of organization for U.S.-based Investment companies ^ foreign banking offices both in the number of 72 1973 "1974 1975 1976 offices and in total volume of assets. In New F.R. data. York State, agencies are established by Canadian banks and by banks of other countries that Agency assets expanded rapidly from late are unable to operate branches there because of 1972 to mid-1974; thereafter, these assets have New York State reciprocity requirements. (The remained relatively stable despite a steady inreciprocity requirements preclude a foreign bank crease in the number of agency offices. This from establishing a branch in New York unless pattern primarily reflects changes in the growth New York-chartered banks are permitted to con- of Japanese agencies, which account for twoduct specified banking activities through offices thirds of all agency assets. in the country under whose laws the foreign bank is authorized.) Japanese banks in New York, with BRANCHES two exceptions, also use the agency form. The absence of limits on the amount of loans and In States where they are permitted, branches of credits that an agency may make to an individual foreign banks conduct a full-service banking borrower enables Japanese agencies to finance the business, including the acceptance of deposits needs of their large customers with less difficulty. from domestic and foreign residents. Branches Agencies are also the dominant form of are limited in the amount of credit they can foreign bank organization in California because provide to an individual borrower, but these under California State law foreign branches limits are not uniform in all States. For example, cannot accept domestic deposits that are not in New York such limits are determined by the insured by the Federal Deposit Insurance Cor- capital and surplus of the parent bank, whereas poration. Current Federal law does not provide in Illinois, loan limits are more complex but FDIC insurance for any deposits of U.S. large loans to individual customers may be made branches of foreign banks. California agencies if funded by borrowings from related instituare also not subject to loan limits to individual tions. borrowers unless they accept deposits from for- Branch office assets have almost quadrupled eigners. since the initiation of monthly reports in No- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Growth in Activities of U.S. Offices of Foreign Banks 817 vember 1972. Although starting from a much sidiaries has increased by only eight since Nosmaller base, this increase has exceeded that of vember 1972. However, assets of foreign bank agencies. The expansion of continental Euro- subsidiaries have tripled since then, for a gain of pean bank branches in New York has accounted nearly $9 billion. Almost half of this gain resulted for the major portion of this growth. from several large, highly publicized acquisitions of assets of existing U.S. banks. SUBSIDIARIES OTHER Foreign banks also own banks chartered in the United States. Virtually all bank subsidiaries of A limited number of European banks have choforeign banks have a State charter because of sen to establish so-called investment companies the requirement in U.S. law that all directors chartered under New York State law. These of nationally chartered banks be U.S. citizens. companies resemble agencies in their activities, A number of these subsidiaries serve the needs including the maintenance of credit balances in of particular ethnic groups associated with the lieu of deposits, but in addition they have home country of the parent bank. Since their powers to deal in securities, subject to certain deposits are insured by the FDIC, subsidiaries limitations. The assets of investment compafrequently engage in a deposit and loan business nies, currently five in number, have grown very with consumers and small businesses. Subsidi- little. aries provide trust services, primarily in States Recently a Japanese bank utilized a new form where a foreign bank cannot open a branch. of entry by establishing under Section 25 of the Lending limits for subsidiaries, as for domestic Federal Reserve Act an Agreement corporation U.S. banks, are based on their own capital. Sev- to conduct international banking activities in eral subsidiaries are members of the Federal Re- Texas, where the bank did not have the option serve System. of establishing a banking subsidiary, branch, or In order to acquire or establish a bank sub- agency. sidiary, foreign banks must receive the approval Many foreign banks also have representative of the Board of Governors of the Federal Re- offices in several States. These offices act as serve System under the Bank Holding Company sales and information-gathering posts for their Act. That Act subjects a foreign bank holding head offices but do not make loans or accept company to restrictions against owning char- deposits. Some representative offices are eventered banks in more than one State, although tually upgraded to branch or agency status in several foreign banks own subsidiaries in two States that permit branch or agency operations. States under "grandfather" provisions. How- Representative offices are generally exempt ever, foreign banks, regardless of whether they from banking regulation. However, the State of own a U.S. banking subsidiary, may have California requires them to obtain a license from branches or agencies in more than one State, the State Superintendent of Banking. Although provided such offices are permitted under State two-thirds of these offices are located in New law. The Bank Holding Company Act also York, significant numbers are in California, restricts foreign bank holding companies from Illinois, and Texas. acquiring significant interests in U.S. conmiercial enterprises, including securities firms. Consequently, a few foreign banks that have wanted NATURE AND to maintain U.S. securities firms as affiliates GROWTH OF ACTIVITIES have avoided the bank subsidiary form of operation. Foreign banks may own securities Several factors have contributed to the marked affiliates in conjunction with U.S. branches or growth of foreign banks in the United States agencies, however. and to the specialized nature of their operations. The number of U.S.-based foreign bank sub- The increase—more than fourfold—in the size Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 818 Federal Reserve Bulletin • October 1975 of the Euro-dollar market since 1970 and, gen- CHART 3 erally, the use of the U.S. dollar as a vehicle Total assets and clearing balances for international transactions have spurred banks held by U.S. offices of foreign banks in major industrial countries to establish a presence in the United States in order to clear the Ratio scale, billions of dollars wmmmmmmTi progressively larger volume of dollar transac- - 50 tions generated by their expanding international Total assets activities, to manage their liquidity positions, and to take advantage of arbitrage opportunities Balances: Due from directly in international money markets. i related institutions 10 Foreign banks have also established U.S. offices to finance trade and working capital needs and to provide foreign exchange, pay- i ^^ Due from .^V other liiiil /"^mjr ^ ments, and other corporate services for large home-country corporations that have invested in 1 1 1 the United States. These investments have in- 72 1973 1974 1975 1976 creased significantly since 1971. In addition, F.R. data. Balances due from other banks include cash items foreign banks compete with U.S. banks in fi- in process of collection, demand deposits due from U.S. banks (with reciprocal demand deposits reported on a net basis) and nancing trade of U.S. businesses with their deposits due from foreign banks (with reciprocal demand home countries and in meeting the financing deposits reported on a gross basis). Balances due from directly related institutions include all claims on directly related instineeds of multinational companies. tutions in the United States and abroad including deposit balances, overdrafts, or loans. ASSETS over the same period. Growth in both number and U.S. affiliates of foreign banks increased their assets of U.S.-based foreign bank offices—espeassets by $37 billion, or more than 150 per cent, cially agencies and branches—^has been based in the past 4 years (Chart 2). In comparison, primarily on the expansion of clearing transacassets at domestic offices of large U.S. banks tions, money market activities, and conmiercial increased by $107 billion, or about 28 per cent. lending. As shown in Chart 3, the major importance of these offices in clearing international payments and in engaging in foreign exchange CHART 2 transactions has resulted in a rising volume of Total assets of US. oflfices collection items and working balances due from of foreign banks and large U.S. banks other banks, including related institutions here Ratio scale, billions of dollars and abroad. Such items constitute a significant proportion of activities on both sides of their balance sheets. Compared with large U.S. banks, U.S. offices of foreign banks also have a higher proportion of interbank claims relative to nonbank loans, vividly illustrating the role that these offices have assumed in managing the liquid dollar assets of their parent bank networks. As a result of operations in both the U.S. Federal funds and the Euro-dollar markets, interbank money market claims of these offices currently equal about half those of large U.S. 1976 banks (Chart 4). F.R. data. Large U.S. banks consist of member banks that Interbank claims expanded rapidly during the report weekly to the Federal Reserve. Assets of four foreignowned banks are included in both groups. first half of 1974 and in 1975 as U.S. offices Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Growth in Activities of U.S. Offices of Foreign Banks 819 CHART 4 of 1976, they also suffered a decline. This pattern suggests that both groups of banks were Interbank money market assets affected, although to a different degree, by the Ratio scale, billions of dollars weaker loan demand resulting from the reces- 30 sion in the United States, a slowdown in the growth of world trade, and a shift of corporate borrowers from bank credit to other sources of funds. U.S. branches and agencies of foreign banks hold only limited amounts of U.S. Government and tax-exempt securities, whereas such securities comprise approximately one-fifth of the asset portfolios of large U.S. banks. However, U.S. subsidiaries of foreign banks include a significant portion of these securities among their total assets (see Appendix Table). In fact, F.R. data. Includes all loans, advances, and time deposits the asset portfolios of U.S. subsidiaries of that represent claims on U.S. and foreign commercial banks. foreign banks, which tend to conduct a more of continental European banks significantly in- diversified banking business than agencies andj creased their placements in the United States branches, resemble the portfolios of large U.S. of dollar balances received from parent bank banks. networks and foreign customers. The continued expansion of interbank assets in 1976, however, CHART 5 reflected a growing volume of interbank place- Nonbank loans and credits ments in the Euro-dollar market by U.S. branches of continental European banks. This Ratio scale, billions of dollars "Urie^uTiSmTiks:' expansion of interbank claims counterbalanced 300 a slowdown and subsequent decline in growth . .. 200 of commercial and industrial and other nonbank loans. 100 Commercial and industrial The structure of the asset portfolio of U.S. offices of foreign banks also reflects their large- 50 scale lending to multinational customers. Thus, U.S. offices of foreign banks: as seen in Chart 5, more than 80 per cent of Total the loan portfolios of these offices consist of i 20 commercial and industrial loans. In comparison, approximately half of the nonbank loans made - 10 by large U.S. banks consist of such diverse credits as mortgages, consumer loans, and agri- 72 1973 1974 1975 1976 cultural loans. Moreover, greater than 20 per cent of the commercial and industrial loans of F.R. data. Nonbank loans and credits include commercial and industrial, mortgage, agricultural, and other loans made U.S. offices of foreign banks consist of claims to nonbanks and foreign official institutions, but exclude sales on foreigners, compared with less than 5 per of Federal funds and loans for purchasing or carrying securities. cent of such loans of large U.S. banks. In contrast to the decline in commercial and LIABILITIES industrial loans at large U.S. banks since early 1975, U.S. offices of foreign banks continued The specialized nature of the activities of U.S. to expand such loans to both domestic and offices of foreign banks also results in sharp foreign borrowers throughout 1975, albeit at a contrasts between the structure of their liabilities slower pace than earlier. But in the first half and that of large U.S. banks. Reflecting the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 820 Federal Reserve Bulletin • October 1975 wholesale activities of agencies and branches, CHART 6 U.S. offices of foreign banks fund only US. ofTices of foreign banks: sources of funds a third of their total assets with deposits and other borrowings from nonbanks, whereas Billions of dollars large U.S. banks fund about two-thirds of their total assets in this manner. Nevertheless, as seen in Chart 6, deposits and borrowings from nonbanks have risen from approximately $6 billion in November 1972 to more than $20 billion as of August 1976, constituting the single most important source of funds for U.S. offices of foreign banks. The growth in deposits and borrowings from nonbanks has stemmed from two quite different sources (see Appendix Table). U.S. agencies and branches of foreign banks have accounted for $7.3 billion of the increase; nearly twothirds of this amount was derived from foreign sources, mostly in the form of foreign corporate and foreign official time deposits and other non- F.R. data. Deposits and borrowings consist of credit balances, deposits, and all other borrowings from nonbanks and bank foreign borrowings .U.S. branches of contiofficial institutions. Net interbank borrowings consist of domestic nental European banks provided an active channel and foreign interbank money market liabilities less domestic and foreign interbank money market assets. Net advances from for shifting funds from the Euro-dollar market to directly related institutions abroad include all liabilities to these the United States following the highly publicized institutions less all claims due from them. collapse in mid-1974 of a German bank heavily engaged in foreign exchange activities. Subsequently, these banks continued to receive funds U.S. banks, which also fund a significant share from foreign nonbank customers that wished to of their activities through advances from their maintain dollar balances in the United States for parent banks and affiliated organizations. U.S. reasons related to favorable interest differentials subsidiaries of foreign banks, on the other hand, between U.S. and foreign money markets, or transfer more limited amounts of funds to and portfolio diversification, or exchange controls from parent banks. From a low of about $5 imposed by other countries. billion in early 1973, net advances to all U.S. U.S. banking subsidiaries of foreign banks offices of foreign banks from their parent orgaaccounted for about $6.8 billion of the increase nizations increased to $SV2 billion through late in deposits and other borrowings from non- 1974, but have changed relatively little since. banks. This increase, however, consisted This stable pattern in aggregate net advances largely of domestic liabilities; domestic non- from related institutions abroad conceals conbank demand deposits increased about $1.9 bil- siderable diversity among offices of different lion and domestic time deposits and other bor- national origin, however. For specific groups of rowings from nonbanks about $4.3 billion. Such branches and agencies, net flows vis-a-vis parent deposits increased considerably as a result of banks and affiliated organizations abroad fluctuacquisitions of several existing large U.S. banks ate in response to changing interest rate difby foreign banks during this period. ferentials between U.S. and foreign money U.S. agencies and branches of foreign banks markets and to regulatory policies of central also rely heavily on net borrowings from parent banks. banks and other related institutions abroad to Nevertheless, over the long run, U.S. fund their lending activities. This dependency branches and agencies of all foreign banks have parallels the behavior of foreign branches of manifested a strong tendency to depend signifi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Growth in Activities of U.S. Offices of Foreign Banks 821 cantly on their parent bank organizations for The activities and growth of these offices are funding their U.S. activities. shaped not only by economic and financial con- U.S. offices of foreign banks—while very ditions in the United States but also by economic active in both lending and borrowing interbank and financial conditions and by banking and funds—have consistently relied on other banks exchange regulations in the home countries of as an additional net source of funds, except in the parent banks. Reflecting responses to a wide recent months. Net interbank borrowing rose variety of conditions abroad, the composition slowly from approximate balance in November of foreign bank activities by country of parent 1972 to a peak of $4 billion in February 1975, bank has changed markedly since November then tapered off, and since May 1976 has been 1972 (Chart 7). in near balance. The aggregate trend of net interbank borrow- JAPAN ing, as in the case of net borrowing from directly related foreign institutions, reflects a composite Japanese bank offices in this country have conof very diverse patterns among U.S. banking centrated on financing Japanese trade both with offices of different national origins. U.S. the United States and with other countries, and branches of banks of continental Western on financing U.S. subsidiaries of Japanese cor- Europe, especially Switzerland, and to a lesser porations. Commercial and industrial loans of extent the United Kingdom, have persistently these offices—currently accounting for about increased the volume of their gross and net half the total for all foreign banks—rose from interbank placements. An especially marked in- $5.4 billion in November 1972 to $10.8 billion crease occurred in mid-1974, when a number in December 1974. Thereafter, these commerof foreign banks shifted assets from the Euro- cial loans declined gradually as a result of the dollar market to their U.S. affiliates in the wake sharp drop-off in U.S.-Japanese bilateral trade of severe strains in international financial mar- and Japanese trade with other countries. kets. U.S. agencies of Canadian banks have also U.S. offices of Japanese banks have remained been significant net interbank lenders, although heavily dependent upon net interbank borrowing the levels of both gross and net interbank place- from U.S. banks and on net advances from ments have declined over the period. related foreign institutions for funding their U.S. agencies of Japanese banks, on the other lending operations. A substantial proportion of hand, have accounted for most of the net inter- advances from related institutions abroad reprebank borrowing of all U.S. offices of foreign sents funds borrowed from U.S. banks in the banks. In fact, the increase in their net interbank name of parent Japanese banks and then reborrowing from $1 billion in late 1972 to $6.5 corded as advances by parent banks to their New billion at the end of 1974 and the decline there- York agencies. Similarly, agencies of Japanese after to a level of around $5 billion since April banks also raise funds from U.S. banks that are 1976 has been a dominant influence on the recorded as liabilities of Japanese agencies in over-all trend of net interbank borrowing of California, which in turn show these funds as U.S. offices of foreign banks. advances to affiliated agencies in New York. Following a request by the Board of Governors of the Federal Reserve System in June 1973 that U.S. agencies and branches of foreign NATIONAL ORIGIN banks voluntarily maintain reserves on increases Although, as a group, U.S. offices of foreign in net borrowings from foreign banks above banks engage in a more specialized range of base-period levels, net advances from related operations than large U.S. banks, offices of institutions abroad have remained stable; on the different national origin reveal considerable di- other hand, advances from California agencies vergence in patterns of growth and in the spe- of Japanese banks to their New York and other cific types of activities in which they engage. U.S. affiliates have risen to more than $4 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 822 Federal Reserve Bulletin • October 1975 CHART 7 and Euro-dollar markets large amounts of funds received from nonbank deposits and from re- U.S. offices of foreign banks lated offices abroad. Two-thirds of these nonby national origin bank deposits are due to foreigners. Billions of dollars U.S. offices of banks in continental Western TOTAL ASSETS • l l l l. Europe have nearly quadrupled their assets from $5 billion in November 1972 to $19 billion as of August 1976, with their share of assets of all U.S.-based foreign bank offices increasing from 21 per cent to 31 per cent. U.S. offices of Swiss banks have accounted for a major share Resf of world of this growth; currently they account for about United Kingdom Canada one-third of the total assets of this group. U.S. Continental Europe offices whose parent banks are located in Ger- Japan many, Italy, France, and—to a lesser extent— the Netherlands have also reached significant levels of activity. NUMBER OF OFFICES In contrast to the preference of Japanese banks for the agency form of organization for Rest of world conducting their U.S. operations, continental United Kingdom European banks have relied primarily on Canada Continental Europe branches for expanding their activities in the Japan United States. These branches more than tripled 72 73 74 75 in number from November 1972 to August F.R. data: 1972-75, November; 1976, August. 1976, with an especially sharp expansion in 1974, and their total assets rose by more than Total assets of U.S. offices of Japanese $10 billion. Assets of U.S. subsidiaries also banks increased by $2 billion in the past 2 years increased by $3 billion, about half of which compared with an increase of $11 billion in the reflected an acquisition of assets of a large New previous year and three-quarters (Chart 7). This York bank that failed in late 1974. marked change in trend reflected a decline in During 1975 branches of continental Western Japanese agency assets beginning in early 1975, European banks continued to expand their balfollowing earlier rapid increases. As a result, ance sheets in response to a more rapid decline Japanese banks' share of assets of all U.S. in European than in U.S. short-term interest offices of foreign banks shrank moderately, from rates—^resulting in continued inflows of funds 45 per cent in November 1972 to 40 per cent through these branches into the U.S. interbank ($24.8 billion) in August 1976. market—and in response to the growth in activities of branches newly established in 1974. In 1976, however, as the level of foreign deposits CONTINENTAL WESTERN EUROPE and advances from related banks abroad failed U.S. offices of continental Western European to expand further, branches increased their net banks concentrate heavily on money market and interbank placements at a slower pace. clearing activities and engage in less trade financing than do U.S. offices of Japanese banks. CANADA This is evidenced by large clearing and interbank items on their balance sheets and by the U.S. offices of Canadian banks, long active in smaller volume of commercial and industrial the U.S. money markets, have concentrated on loans relative to total assets. Moreover, these managing and clearing U.S. dollar balances for offices supply on a net basis to the Federal funds their parent banks, which derive dollar balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Growth in Activities of U.S. Offices of Foreign Banks 823 from a wide variety of sources, including Cana- conmiercial and industrial loans to U.S. cusdian subsidiaries of U.S. corporations, U.S. and tomers of U.K. subsidiaries in the United States Canadian residents, offices in the Caribbean, and added significantly to their nonbank demand and Euro-dollar operations. These balances are and time deposits. Most of the remaining exinvested in the U.S. interbank market and in pansion reflected a steady growth of commercial the Euro-dollar market. The money market po- and industrial loans and of net lending in intersition of these offices fluctuates quite sharply in bank markets by branch offices. This asset growth the short run as Canadian banks shift funds was funded by net advances from related offices among U.S., Canadian, Euro-dollar, and other abroad and by a significant increase in foreign time short-term money markets. Over the longer run, deposits. however, the volume of net liabilities to parent banks in Canada has not increased; this may OTHER COUNTRIES reflect in part a higher effective cost of these funds resulting from the request that reserves be held U.S. offices of banks in other countries inagainst increases in net borrowings from foreign creased their total assets by $3.3 billion, to $4.4 banks and related institutions abroad. While billion as of August 1976. Banks from 5 Latin their money market operations have remained American countries, 10 Asian countries, and relatively stable, U.S. offices of Canadian banks Australia have participated in this increase. have steadily increased their commercial and These banks have relied on agency and branch industrial loans to a current level of $2.2 billion. offices much more than on subsidiaries for con- Since the end of 1973, total assets of these ducting their U.S. activities. U.S. agencies of offices have ranged mostly between $6.5 billion these banks have expanded commercial and and $7.5 billion. industrial and other loans as well as their net lending to parent banks and overseas affiliates. This growth in assets has been accompa- UNITED KINGDOM nied by an expansion of foreign credit balances U.S. offices of banks in the United Kingdom and interbank borrowing. U.S. branches of held $6.4 billion in assets as of August 1976, these banks have been active in expanding an increase of $4.4 billion from November conmiercial and industrial loans and are net 1972. Of this increase, $1.4 billion represented interbank lenders. They rely primarily on the acquisition of a major banking network in foreign deposits and net borrowing from parent California. That acquisition substantially aug- banks and affiliates for funding their operamented retail loans and, to a lesser extent, tions. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 824 Federal Reserve Bulletin • October 1975 APPENDIX TABLE Assets and liabilities of U.S. offices of foreign banks, August 1976 In millions of dollars Item rep A or ll t ers Agencies Branches Com ba m n e k r s c ial i N n e ve w s t Y m o e r n k t companies ASSETS Total. 61,921 25,868 21,221 13,245 1,586 STANDARD BANKING ASSETS 44,125 16,925 14,467 11,448 1,285 Loans and credits 23,806 10,276 6,157 6,798 575 Commercial and industrial 19,608 9,755 5,645 3,783 425 U.S 14,976 7,990 3,444 3,243 299 Foreign 4,632 1,765 2,201 540 126 Other loans 4,198 521 512 3,015 150 Money market assets 11,851 3,374 7,209 975 293 Interbank loans and deposits 11,161 3,018 6,977 874 293 U.S 7,270 2,383 4,048 738 100 Foreign 3,892 634 2,929 136 193 Loans for purchasing or carrying securities. 690 357 232 101 Securities 3,729 659 456 2,436 179 Miscellaneous 4,738 2,616 646 1,239 237 CLEARING BALANCES 4,902 1,059 2,342 1,354 148 DUE FROM DIRECTLY RELATED INSTITUTIONS. 12,894 7,884 4,412 443 154 U.S 5,384 4,451 758 121 54 Foreign 7,510 3,433 3,655 323 100 LL^BILITIES Total. 61,921 25,868 21,221 13,245 1,586 STANDARD BANKING LIABILITIES 35,782 12,567 11,274 11,097 845 Liabilities to nonbanks 20,356 2,082 8,001 9,732 541 Demand deposits and credit balances 4,652 498 961 3,030 163 U.S 3,591 272 474 2,784 61 Foreign 1,062 226 487 246 102 Time and savings deposits and other borrowings. 15,704 1,584 7,040 6,702 378 U.S 9,407 458 2,918 6,008 22 Foreign 6,298 1,126 4,122 694 356 Interbank 11,210 7,871 2,643 593 102 U.S 10,268 7,769 1,877 525 97 Foreign 942 101 767 68 6 Miscellaneous 4,216 2,614 629 111 202 CLEARING LIABILITIES 3,196 1,107 1,323 454 312 DUE TO DIRECTLY RELATED INSTITUTIONS. 20,942 11,872 8,458 348 264 U.S 5,771 3,040 2,499 212 19 Foreign 15,172 8,832 5,960 135 244 CAPITAL ACCOUNTS AND RESERVES. 2,001 322 166 1,347 166 NOTE.—Details may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

825 Changes in Time and Savings Deposits at Commercial Banks, January-April 1976 For the 3 months ending April 30, 1976, the the average rates offered on specific types of growth of time and savings deposits of individ- deposits. However, the largest banks, because uals, partnerships, and corporations (IPC) at they hold proportionately more savings than insured commercial banks proceeded at approx- consumer-type time deposits, pay a lower overimately the same moderate pace observed during all average rate on the total of consumer-type the three previous survey quarters. The most time and savings deposits. recent survey conducted jointly by the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC) indicates that time and SAVINGS DEPOSITS savings deposits, IPC, rose at a 9.6 per cent annual rate to a level of $401 billion, not sea- With yields on market securities relatively low, sonally adjusted, after having risen at a 9.2 per offering rates on banks' savings deposits—a cent rate in the previous 3 months. With interest significant volume of which earn interest from rates paid on consumer-type time and savings day of deposit to day of withdrawal—were deposits remaining near the maximum allowable particularly attractive, and such deposits exrates at most banks and with short-term Treasury panded at an annual rate of about 30 per cent bill issues yielding below 5 per cent during most over the February to April interval. This inof the period, savings deposits and small de- crease—the largest since the survey began in nomination (less than $100,000) time deposits 1968—was mainly a reaction to the rate advanexpanded sharply for the second consecutive tage of commercial bank savings deposits relaquarter. In contrast, large-denomination tive to money market assets; in early January ($100,000 and over) certificates of deposit the 3-month Treasury bill rate dropped below (CD's)—both negotiable and nonnego- the ceiling on commercial bank savings deposits tiable—declined in absolute volume, as banks for the first time in more than 3 years. cut offering rates to slow inflows of such depos- In addition to the inducement offered by relaits in light of other strong deposit inflows and tively attractive rates, regulatory changes in the continuing weak demand for business November 1975 permitting profitmaking orgaloans. ^ nizations to hold savings deposits also contrib- The aggregate weighted-average interest cost uted to the acceleration in growth of such deon savings and small-denomination time depos- posits. For the 3 months ending in April, savits remained at 5.54 per cent—the result of a ings balances of businesses at the approximately balancing in the growth of low-cost savings 320 large commercial banks for which data are deposits and relatively higher-cost consumer- available accounted for about one-fifth of the type time deposits. The survey data also indicate total savings deposit inflows at those banks. that neither bank size nor location is related to According to a survey conducted by the Federal Reserve, a significant proportion of the rise in NOTE.—Virginia Lewis and John R. Williams of the business savings during the November-De- Board's Division of Research and Statistics prepared cember 1975 period probably reflected transfers this article. from demand balances. However, in view of ^Business loans at all commercial banks declined the rate incentives that prevailed during the $1.7 billion, not seasonally adjusted, during the February-April period. February-April period, a substantial portion of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 826 Federal Reserve Bulletin • October 1975 the funds deposited in business accounts during increased from 3.8 to 32.7 per cent in April that period probably represented a substitution 1976. For the previous survey year alone, these of savings deposits for relatively low-yielding longer-maturity, small-denomination time dealternative market assets. posits increased their relative share of consumer-type time deposits by more than 6.0 percentage points. Nevertheless, after having declined absolutely in late 1975, small-denomi- SMALL-DENOMINATION nation time deposits maturing in less than 1 year TIME DEPOSITS displayed positive growth for the second con- Growth in the outstanding volume of small-de- secutive quarter, perhaps reflecting use of such nomination time deposits remained strong over deposits as temporary investments while yields the January-April interval, registering about a on market instruments remained low. 14.0 per cent annual rate of growth. Deposits with original maturities greater than 4 years recorded the sharpest percentage increase, in LARGE-DENOMINATION large part because Regulation Q permits higher TIME DEPOSITS rates to be paid on longer-maturity deposits. Since certificates maturing in 4 years or more Between January and April commercial banks were fifst offered in mid-1973, their proportion allowed a substantial volume of large-denomiof total small-denomination time deposits has nation time deposits to run off, reflecting pro- TABLE 1 Types of time and savings deposits of individuals, partnerships, and corporations held by insured commercial banks on survey dates, July 31, 1975-April 30, 1976 Number of issuing banks Amount (in millions of dollars) PPeerrcceennttaaggee cchhaannggee iinn ddeeppoossiittss 1975 1976 1975 1976 ((qquuaarrtteerrllyy rraattee)) TTTyyypppeee ooofff dddeeepppooosssiiittt Oct. 31- Jan. 31- July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 Jan. 31 Apr. 30 Total time and savings deposits.. 14,305 14,378 14,369 14,449 375,731 383,485 392,385 401,673 2.3 2.4 Savings 14,088 14,214 14,206 14,287 151,965 154,282 165,470 178,190 7.3 7.7 Time deposits in denominations of less than $100,000—Total 1144,,119944 1144,,228800 14,266 14,347 112288,,777711 131,580 113366,,995533 141,868 4.1 3.6 Accounts with original maturity of— Less than 1 year 13,587 13,719 13,699 13,824 37,443 31,262 38,424 40,019 3.1 4.2 1 up to 2Vi years 13,858 14,003 14,024 14,129 35,872 35,397 36,006 36,093 1.7 • .2 up to 4 years 12,592 12,659 12,732 12,829 19,500 20,318 20,453 19,357 .7 -5.4 4 up to 6 years 12,047 12,188 12,296 12,471 32,658 34,553 36,773 39,785 6.4 8.2 6 years and over: Negotiable deposits 4,371 4,623 5,230 5,491 1,464 1,664 2,150 2,648 29.2 23.2 Nonnegotiable deposits. 2,098 2,296 2,534 2,729 1,834 2,386 3,147 3,966 31.9 26.0 All maturities: Open accounts—Passbook or statement form i 3,866 3,921 3,898 3,990 31,125 31,820 32,622 33,876 2.5 3.8 Time deposits in denominations of $100,000 or more 8,442 8,699 8,684 8,719 89,008 92,241 85,049 76,047 -7.8 -10.6 Negotiable CD's 3,976 33,,996600 3,808 3,758 62,830 64,895 5588,,884400 5522,,772255 -9.3 -10.4 Nonnegotiable CD's and open account 4,943 5,230 5,357 5,502 26,178 27,346 26,209 23,322 -4.2 -11.0 Christmas savings and other special funds 9,039 8,226 8,826 9,011 5,987 5,382 4,913 5,568 -8.7 13.3 1 Includes time deposits, open account, issued in passbook, state- Corporation. The information was reported by a probability sample ment, or other forms that are direct alternatives for regular savings of all insured commercial banks. accounts. Most of these are believed to be in accounts totaling less Some deposit categories include a small amount of deposits outthan $100,000. The figures shown on this line are included above in standing in a relatively few banks that no longer issue these types of the appropriate maturity category. deposits and are not included in the number of issuing banks. Dollar amounts may not add to totals because of rounding. NOTE.—Data were compiled jointly by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits 827 TABLE 2 Small-denomination time and savings deposits, IPC, held by insured commercial banks on January 31, 1976 and April 30, 1976, 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 ccoommmmoonn rraattee Apr. 30 Jan. 31 Apr. 30 Jan. 31 Apr. 30 Jan. 31 Apr. 30 Jan. 31 Apr. 30 Jan. 31 Apr. 30 Jan. 31 Amount of deposits (in millions of dollars), Number of banks, or percentage distribution or percentage distribution Savings deposits: Issuing banks 1144,,228877 1144,,220066 13,369 1133,,225544 918 952 178,190 165,470 69,092 65,208 109,098 100,262 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 4.00 or less 5.3 5.9 5.3 5.8 6.3 6.1 4.0 4.0 3.0 3.3 4.8 4.6 4.01-4.50 5.5 5.6 5.1 5.2 11 .6 11 .6 8.2 9.1 5.2 6.1 10.0 11 .0 4.51-5.00 89.2 88.5 89.6 89.0 82.1 82.3 87.8 86.9 91 .8 90.6 85.2 84.4 MEMO: paying ceiling rate 2 89.1 88.5 89.6 88.9 81.6 82.1 87.3 86.6 91 .7 90.4 84.6 84.1 Time deposits in denominations of less than $100,000: Maturing in— Less than 1 year: Issuing banks 1133,,882244 1133,,669999 1122,,990055 1122,,774488 919 951 40,019 38,424 17,348 17,129 22,671 21,295 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 5.00 or less 6.5 7.7 6.6 7.8 6.0 6.1 4.6 6.4 2.7 5.3 6.1 7.3 5.01 5.50 93.5 92.3 93.4 92.2 94.0 93.9 95.4 93.6 97.3 94.7 93.9 92.7 MEMO: paying ceiling rate2 92.3 91.7 92.3 91 .5 92.1 93.2 93.5 93.0 95.7 94.1 91.7 92.0 1 up to 2VI years: 14,129 1144,,002244 13,218 13,083 911 941 36,093 36,006 23,763 23,854 12,330 12,152 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 5.50 or less 1.8 1 .7 1.8 1 .7 1 .6 1 .7 2.2 1 .7 1 .6 1 .0 3.2 3.0 5.51-6.00 98.2 98.3 98.2 98.3 98.4 98.3 97.8 98.3 98.4 99.0 96.8 97.0 MEMO: paying ceiling rate 2 97.4 97.2 97.4 97.2 96.7 96.6 97.0 97.1 97.9 98.0 95.4 95.1 lYi up to 4 years: Issuing banks 1122,,882299 12,732 11,946 11,815 883 917 19,357 20,453 11,726 12,357 7,631 8,096 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 5.50 or less . 1 .1 0) .1 . 1 .1 .2 .1 (1) 5.51-6.00 1 .2 1 .2 1.0 1 .6 1 .6 1 .2 .5 2.3 2.1 6.01 6.50 98.7 98.9 98.7 99.0 98.3 98.3 98.7 98.9 99.3 99.6 97.6 97.9 MEMO: paying ceiling rate 2 98.3 98.7 98.4 98.5 97.2 97.7 98.0 98.4 98.6 98.8 97.0 97.7 4 up to 6 years: Issuing banks 12,471 12,296 11,593 11,382 878 914 39,785 36,773 20,100 18,076 19,685 18,697 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 6,50 or less 1 .2 1.1 1 .2 1.1 1.7 I .7 1.3 .3 .5 .3 2.2 .5 6.51-7.00 15.4 15.1 15.8 15.5 10.4 10.0 9.5 10.0 11.3 11.3 7.6 8.7 7.01-7.25 83.4 83.8 83.0 83.4 87.9 88.3 89.2 89.7 88.2 88.4 90.2 90.8 MEMO: paying ceiling rate 2 83.2 83.5 8822..88 8833..11 8877..33 8877..99 88.9 89.3 87.8 87.8 90.1 90.7 6 years and over— Negotiable deposits: 55,,449911 5,230 55,,117788 44,,992233 313 307 2,648 2,150 1 ,614 1 ,308 1 ,034 842 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 6.00 or less .4 .3 .3 .2 2.7 1 .0 .2 .4 .2 .6 .3 .1 6.01-7.00 .9 1 .0 .7 .9 3.6 2.7 1 .7 1 .6 2.1 2.1 .9 .6 7.01-7.50 98.7 98.7 99.0 98.9 93.7 96.3 98.1 98.0 97.7 97.3 98.8 99.3 MEMO: paying ceiling rate 2 94.8 95.9 95.0 96.1 90.7 92.5 93.0 92.0 96.1 96.0 88.0 85.7 6 years and over—Nonnegotiable deposits: Issuing banks 22,,772299 22,,553344 2,242 22,,001111 487 523 3,966 3,147 1,095 776 2,871 2,371 Distribution: Total 100 100 100 100 100 100 100 100 100 100 100 100 6.00 or less .8 1 .2 .8 1 .4 .4 .6 .2 .1 .5 .3 .1 6.01-7.00 .6 .7 .2 .4 2.6 1 .6 2.7 4.3 .2 (1) 3.6 5.'6 7.01-7.50 98.6 98.1 99.0 98.2 97.0 97.8 97.1 95.6 99.3 99.7 96.3 94.3 MEMO: paying ceiling rate 2 96.5 96.0 97.0 96.3 9944..00 94.8 95.6 92.3 96.8 94.6 95.1 91.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 828 Federal Reserve Bulletin • October 1975 longed weak business loan demand, coupled categories declining approximately 25 per cent. with the rapid growth in consumer-type time and With yields on commercial paper and on other savings deposits. This continues the pattern that money market instruments dropping from 10 to began in early 1975; between January 1975 and 25 basis points, rates of interest on large-de- April 1976 the outstanding volume of large-de- nomination time deposits also declined during nomination time deposits—including negotiable the 3 months ending in April. At the end of and nonnegotiable CD's and open accounts— April, three-fourths of all large CD's outstandcontracted by $26.0 billion. Moreover, the de- ing were at banks offering rates of less than 5.5 cline was proportionally divided between nego- per cent; the proportion in January was about tiable and nonnegotiable deposits, with both three-fifths. • TABLE 3 Average of most common interest rates paid on various categories of time and savings deposits, IPC, at insured commercial banks on April 30, 1976 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 aii d over— mmmiiilllllliiiooonnnsss ooofff dddooollllllaaarrrsss))) tttiiimmmeee TToottaall dddeeepppooosssiiitttsss Less than 1 up to up to 4 up to 1 year 21/2 years 4 years 6 years Negotiable Nonnegodeposits tiable deposits All banks: All size groups 5.54 4.92 6.32 5.47 5.99 6.49 7.21 7.47 7.47 Less than 10 5.77 4.91 6.23 5.47 5.99 6.50 7.20 7.50 7.49 10-50 5.69 4.94 6.35 5.49 5.99 6.49 7.22 7.49 7.49 50-100 5.57 4.96 6.35 5.48 5.99 6.49 7.22 7.41 7.48 100 500 5.49 4.90 6.33 5.47 5.99 6.49 7.21 7.47 7.48 500 and over 5.40 4.90 6.31 5.46 5.98 6.49 7.21 7.43 7.46 Banks in— Selected large SMSA's i: All size groups 5.44 4.92 6.32 5.47 5.98 6.48 7.21 7.44 7.46 Less than 10 5.62 4.93 6.30 5.48 5.98 6A1 7.18 7.50 7.48 10-50 5.50 4.94 6.35 5.48 5.98 6.41 7.20 7.48 7.48 50-100 5.51 4.95 6.35 5.48 5.98 6.49 7.22 7.35 7.44 100-500 5.45 4.91 6.31 5.47 5.99 6.50 7.22 7.49 7.47 500 and over 5.40 4.91 6.31 5.46 5.97 6.48 7.21 7.41 7.46 All other SMSA's: All size groups 5.53 4.87 6.33 5.48 5.99 6.49 7.22 7.48 7.49 Less than 10 5.68 4.86 6.34 5.48 6.00 6.50 7.20 7.50 7.50 10-50 5.66 4.90 6.38 5.48 5.99 6.49 7.23 7.49 7.48 50-100 5.58 4.94 6.34 5.48 6.00 6.50 7.22 7.50 7.50 100-500 5.49 4.88 6.32 5.46 5.99 6.49 7.21 7.45 7.48 500 and over 5.37 4.75 6.27 5.49 6.00 6.50 7.20 7.50 7.50 Banks outside SMSA's: All size groups 5.75 4.95 6.32 5.48 5.99 6.50 7.22 7.50 7.50 Less than 10 5.79 4.91 6.22 5.47 5.99 6.50 7.21 7.49 7.50 10-50 5.77 4.95 6.34 5.49 5.99 6.50 7.22 7.50 7.50 50-100 5.70 4.99 6.37 5.48 6.00 6.50 7.23 7.50 7.50 100-500 5.61 4.89 6.39 5.47 5.96 6.45 7.21 7.48 7.50 500 and over 55..7799 55..0000 66..4455 55..5500 66..0000 66..5500 77..2255 77..5500 1 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 829 APPENDIX TABLES 1. Savings deposits Most common interest rates paid by insured commercial banks on'new deposits on April 30, 1976 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 14,287 764 785 12,738 12,728 178,190 7,226 14,561 156,403 155,634 Size of bank (total deposits in millions of aoiiarsj: Less than 10 4,444 423 131 3,890 3,890 5,655 406 123 5,126 5,126 10-50 7,673 254 489 6,930 6,925 43,272 1,209 2,587 39,476 39,369 50-100 1,252 29 59 1,164 1,164 20,164 434 894 18,836 18,836 100-500 736 45 83 608 605 38,915 1,981 3,796 33,138 32,903 500 and over 182 13 23 146 144 70,184 3,196 7,161 59,827 59,400 2. Time deposits, IPC, in denominations of less than $100,000— Maturing in less than 1 year Most common interest rates paid by insured commercial banks on new deposits on April 30, 1976 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 13,824 902 12,922 12,759 40,019 1,845 38,174 37,403 Size of bank (total deposits in millions of dollars): Less than 10 4,276 354 3,922 3,901 1,651 78 1,573 1,530 10-50 7,387 439 6,948 6,881 10,813 251 10,562 10,522 50-100 1,242 54 1,188 1,131 4,884 139 4,745 4,553 100-500 737 40 697 683 9,221 514 8,707 8,551 500 and over 182 15 167 163 13,450 863 12,587 12,247 3. Time deposits, IPC, in denominations of less than $100,000— Maturing in 1 up to 2Vi years Most common interest rates paid by insured commercial banks on new deposits on April 30, 1976 Most common rate paid (per cent) Most common rate paid (per cent) Group 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 14,129 256 13,873 13,758 36,093 784 35,309 35,017 Size of bank (total deposits in millions of dollars): Less than 10 4,363 80 4,283 4,279 5,052 66 4,986 4,984 10-50 7,607 143 7,464 7,384 15,400 282 15,118 15,039 50-100 1,248 19 1,229 1,215 3,311 36 3,275 3,235 100-500 730 9 721 710 5,064 97 4,967 4,885 500 and over 181 5 176 170 7,266 303 6,963 6,874 For notes to Appendix Tables 1-8, see p. 831. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 Federal Reserve Bulletin • October 1976 4. Time deposits, IPC, in denominations of less than $100,000— Maturing in years up to 4 years Most common interest rates paid by insured commercial banks on new deposits on April 30, 1976 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 6.00 Memo: 6.00 Memo: or 6.50 ceiling or 6.50 ceiling less rate 3 less rate 3 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,829 170 12,659 12,614 19,357 260 19,097 18,968 Size of bank (total deposits in millions of dollars): Less than 10 3,569 33 3,536 3,536 1,684 9 1,675 1,675 10-50 7,162 76 7,086 7,053 7,970 53 7,917 7,839 50 100 1,215 45 1,170 1,167 2,072 15 2,057 2,050 100-500 712 14 698 691 2,945 (2) (2) 2,867 500 and over 171 2 169 167 4,686 (2) (2) 4,537 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 on April 30, 1976 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 All banks 12,471 149 1,926 10,396 10,369 39,785 514 3,769 35,502 35,383 Size of bank (total deposits in millions of dollars): Less than 10 3,454 22 780 2,652 2,652 1,849 5 327 1,517 1,517 10-50 6,944 81 957 5,906 5,884 13,294 53 1,515 11,726 11,631 50-100 1,196 32 97 1,067 1,067 4,957 29 434 4,494 4,494 100-500 704 10 77 617 612 8,435 127 743 7,565 7,541 500 and over 173 4 15 154 154 11,250 300 750 10,200 10,200 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 on April 30, 1976 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp TToottaall TToottaall 6.50 Memo: 6.50 Memo: or 7.00 7.50 ceiling or 7.00 7.50 ceiling less rate 3 less rate 3 NUMBER OF BANKS MILLIONS OF DOLLARS AAllll bbaannkkss 88,,221199 78 31 88,,111100 77,,883355 66,,661144 75 88 66,,445511 66,,225533 SSiizzee ooff bbaannkk ((ttoottaall ddeeppoossiittss iinn mmiilllliioonnss ooff ddoollllaarrss)):: LLeessss tthhaann 1100 11,,667700 11,,667700 11,,557722 118844 118844 118800 10-50 44,,779922 42 7 44,,774433 44,,661144 11,,778855 5 11,,778800 11,,773377 50-100 995588 16 10 993322 990088 774400 33 770000 669944 100 500 662266 16 12 559988 558800 11,,448888 (2) (2) 11,,446622 11,,443344 500 and over 117733 4 2 116677 116611 22,,441177 (2) (2) 22,,332255 22,,220088 For notes to Appendix Tables 1-8, see p. 831. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits 400 7. Negotiable CD's, IPC, in denominations of $100,000 or more Most common interest rates paid by insured commercial banks on new deposits on April 30, 1976 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 5.00 7.50 5.00 7.50 or 5.50 6.00 6.50 7.00 or or 5.50 6.00 6.50 7.00 or less more less more NUMBER OF BANKS MILLIONS OF DOLLARS All banks 3,758 676 838 919 359 242 724 52,725 23,808 15,714 ,6,323 2,922 2,712 1,246 Size of bank (total deposits in millions of dollars): Less than 10 646 56 164 216 45 28 137 174 16 35 68 15 12 28 10-50 2,224 291 472 548 232 144 537 2,401 399 473 596 298 120 515 50-100 413 126 68 84 39 59 37 1,717 295 344 368 352 82 276 100-500 318 129 92 48 31 8 10 4,712 1,969 1,536 598 447 48 114 500 and over 157 74 42 23 12 3 3 43,721 21,129 13,326 4,693 1,810 2,450 313 Nonnegotiable CD's and open account deposits, IPC, in denominations of $100,000 or more Most common interest rates paid by insured commercial banks on new deposits on April 30, 1976 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 5.00 7.50 5.00 7.50 or 5.50 6.00 6.50 7.00 or or 5.50 6.00 6.50 7.00 or less more less more NUMBER OF BANKS MILLIONS OF DOLLARS All banks 5,502 1,278 1,365 1,260 578 531 490 23,322 7,106 9,990 4,003 1,078 657 488 Size of bank (total deposits in millions of dollars): Less than 10 667 217 91 163 69 27 100 168 51 15 26 25 33 18 10-50 3,264 585 752 736 421 446 324 3,022 632 643 778 323 388 258 50-100 860 222 277 255 34 37 35 2,264 556 1,109 382 45 129 43 100-500 553 201 186 86 42 18 20 5,879 1,875 2,422 908 498 78 98 500 and over 158 53 59 20 12 3 11 11,989 3,992 5,801 1,909 187 29 71 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. In the headings of these tables under "Most common rate paid NOTE.—Data were compiled from information reported by a (per cent)" the rates shown are those being paid by nearly all reporting probability sample of member and insured nonmember commercial banks. However, for the relatively few banks that reported a rate in banks. The data were expanded to provide universe estimates. between those shown, the bank was included in the next higher rate. NOTES TO TABLE 2: 1 Less than .05 per cent. deposit inflows during the 30-day period. If the rate changed during 2 See p. A-8 for maximum interest rates payable on time and that period, the rate reported was the rate prevailing on the largest savings deposits at the time of each survey. Note that the ceiling rate dollar volume of inflows from the time of the last rate change to the is included in rate interval in the line above. survey date. While rate ranges of V4 or Y2 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

401 Statement to Congress Statement by Philip C. Jackson, Jr., Member, by the 12 Federal Reserve Banks, which main- Board of Governors of the Federal Reserve tain a force of examining personnel who per- System, before the Subcommittee on Commerce, form annual examinations of the State member Consumer, and Monetary Affairs of the Com- banks. mittee on Government Operations, U.S. House Compliance by State member banks is moniof Representatives, September 16, 1976. tored through a review of each bank's formal policies and procedures, as well as an examina- I welcome the opportunity to testify today be- tion of the actual practices followed. To illusfore the Subcommittee on Commerce, Con- trate, compliance with Truth in Lending resumer, and Monetary Affairs regarding the issue quirements is verified through review of the of enforcement of the Truth in Lending Act. bank's policies and procedures in granting direct The Board of Governors appreciates your inter- and indirect consumer loans, the disclosure est in our enforcement efforts. As you are forms used in connection with those loans, and aware, the Board's staff and members of the copies of its advertising. Violations are called subcommittee staff have met on a number of to the attention of management with a view occasions during the last few weeks in prepara- toward informing the bank of the law's requiretion for these hearings. I would like to begin ments, obtaining correction, and getting the by presenting an overview of the Federal Re- bank to adopt measures to prevent future occurserve System's previous effort at enforcement rences. Violations and the bank management's of Truth in Lending and the new plan for en- plan for correction are also noted on a separate forcement of all consumer laws and regulations page in the Examination Report. Depending in the future. upon the nature and seriousness of the violation, The Federal Reserve System has a dual re- the Federal Reserve Bank, in transmitting a sponsibility under the Truth in Lending Act. copy of the Examination Report to the bank, First, the Board of Governors has the respon- may highlight the violation and ask for mansibility to issue regulations to implement the agement's response by a given date as to the Act. To this end, the Board issued Regulation action taken to prevent recurrences of the viola- Z in 1969. These regulations apply to all per- tion. Of course, during any subsequent examisons and entities who regularly extend consumer nation, a determination is made as to whether credit. This task also includes the issuance of violations previously cited have been corrected. numerous amendments and interpretations de- Enforcement of the Truth in Lending Act is signed to resolve uncertainties as to the impact also carried out through the investigation of of the legislation. The staff has also issued more consumer complaints concerning the State than 1,100 public position letters regarding the member banks. During the first half of 1976, Regulation. the 12 Federal Reserve Banks handled 1,131 While the Board's emphasis has been on complaints. Two-thirds of these complaints rulewriting, the Federal Reserve System also were investigated by the Reserve Banks, as they has responsibility to enforce the Regulation related to State member banks. The remaining among some 1,050 State chartered banks that one-third involved creditors not under the Sysare members of the System. This enforcement tem's direct supervision and were forwarded to responsibility is carried out in the first instance the appropriate enforcement agency. Where Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 402 Federal Reserve Bulletin • October 1975 violations of the Act have been found, the banks The Board believes that education of creditors are told to correct them. The Board is made is an important device in preventing noncomaware of compliance deficiencies at State mem- pliance problems. As an example of this educaber banks by the Reserve Banks, which prepare tional program, following the passage of the a quarterly report for the Board summarizing recent Fair Credit Billing Amendments to the the consumer complaint activity. Act and the Board's issuance of implementing The Board and the Federal Reserve Banks amendments to Regulation Z, the Board's staff have taken a number of steps to provide exam- participated in numerous meetings and seminars iners with the training and investigatory tools for the purpose of explaining to creditors the needed to perform effective Truth in Lending new provisions and requirements. Approxicompliance reviews. Before Regulation Z be- mately 6,200 creditors attended these meetings, came effective (July 1, 1969), members of the which were held throughout the United States Board's staff conducted seminars for examiners during 1975. at the Federal Reserve Banks explaining the The System has also distributed more than requirements of the Regulation. This program two million copies of a pamphlet that contains was repeated in 1973. In addition, the Board provisions of both the Act and Regulation Z, prepared an extensive examination manual and as well as questions and answers concerning checklist on Truth in Lending designed to be compliance matters. In addition, more than SVi used by examiners for enforcing Regulation Z. million copies of a leaflet explaining the basics In connection with the Fair Credit Billing Act, of Truth in Lending to consumers have been the Board conducted intensive reviews of the distributed, including more than a half-million new requirements for both the key examination copies of a Spanish language version. Our staff personnel of the Reserve Banks and for persons is developing similar pamphlets on the provifrom the other Federal enforcement agencies. sions of the Fair Credit Billing and Equal Credit In addition, the Federal Reserve Banks have Opportunity Acts. held numerous training sessions for examiners, Up to this point, the System has been able particularly newly appointed examiners. to utilize the standard bank examination process Each System examiner attends our Assistant to determine State member bank compliance Examiner and Examiner Schools, which devote with Truth in Lending. However, with the time to explaining Regulation Z and to training growth of consumer credit legislation, we recexaminers to determine whether State member ognize the need for expanding our enforcement banks are in compliance with the law. It should efforts. These new consumer-oriented laws, all be noted that some examiners from State bank- of which have been enacted during the past 2 ing departments also attend the System's years, include the Fair Credit Billing Act, Equal schools. Credit Opportunity Act, Consumer Leasing Act, Since enactment of the Truth in Lending Act Home Mortgage Disclosure Act, Real. Estate in 1968, the Board has conducted an extensive Settlement Procedures Act, and the provisions consumer and creditor educational program re- of the Federal Trade Commission Improvement lating to the Act and to Regulation Z. Education Act relating to unfair and deceptive acts and to assist the consumer in understanding the practices by banks. In recognition of this exinformation and other benefits that the legisla- pansion, the Board has recently approved the tion is intended to provide is regarded as very following program. important. Newspaper articles, interviews, and 1. The establishment of a special consumer radio appearances continue to be used in our compliance examination school to be held in efforts to acquaint the general public with the Washington, D.C. This school will acquaint Truth in Lending Act. Consumer affairs liaison examiners more fully with the requirements of officers and staff at the Federal Reserve Banks the many consumer credit regulations and the also conduct frequent meetings and seminars for methods for enforcing them. The first school is creditor and consumer groups. scheduled to begin September 27, 1976, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress 835 additional schools will be scheduled thereafter. approach to examinations of commercial banks. 2. Institution of an intensive educational and To date, the product of this effort includes advisory service in each Federal Reserve Bank development of examination manuals, report to assist State member banks in their efforts pages, training manuals, and interagency intoward compliance. Each Reserve Bank is es- structors for the agencies' consumer regulations tablishing a team of specialists to assist State training schools. member banks in complying with the Board's The subcommittee also requested that the consumer regulations. Board present its position on the merits of three 3. Special examination of State member issues relating to noncompliance disclosure. banks shortly to be initiated by bank exam- These issues are: (1) notification to individual iners who have received special training in the borrowers that their loan transaction may conconsumer credit regulations. These examina- tain a violation of some section of the Truth tions ordinarily would be conducted and sched- in Lending regulations; (2) disclosure through uled to coincide with the regular commercial the media of the degree of individual bank examinations, but they may, at times, be noncompliance with Truth in Lending regulascheduled separately. After the first 24 months tions; and (3) the relationship of disclosure to of the program (December 31, 1978), a the self-enforcing nature of the Truth in Lending thorough evaluation of the program would be Act. conducted. The Board believes it would be premature to 4. The immediate formation of a special task take positions on these issues prior to receipt force, comprised of representatives from the of the task force report mentioned earlier. These Board and the examining departments of the issues involve numerous and difficult consid- Federal Reserve Banks, to study and promptly erations that the Board believes need the results report to the Board on the following issues: of further analysis and experience before being a. The implementation of specific exami- decided. I can assure you, however, that the nation procedures to carry out consumer regula- Board will give these matters the attention they tion compliance. deserve, and I would be happy to report to you b. The appropriate sample size needed to when the Board finally adopts its positions. measure a bank's compliance with the regula- However, in order to be as helpful to this tions, for example, the quantity of disclosure subcommittee as possible, I would like to now forms, finance charge computations, and annual raise some of our primary concerns with the percentage rate calculations to be reviewed. points you mention. c. The determination of what steps should As the Board has repeatedly indicated both be taken when violations are discovered. in testimony and reports to the Congress, the d. The expansion of the System's public majority of violations of the Truth in Lending education program to inform creditors and con- Act are purely technical in nature. Given the sumers about the new consumer legislation. highly complex nature of the Regulation, tech- 5. A plan to involve the new Consumer nical violations will occur due to unintentional Advisory Council to the fullest extent possible and inevitable human error. An example of such in bringing to its attention Truth in Lending an error would be the failure to denote a prepaid abuses. finance charge as such (although it is disclosed The efforts outlined above should result in as a finance charge). In most violations, the an even more effective enforcement program. customer is neither overcharged nor misled. It In this connection, the Comptroller of the Cur- may be unwarranted to notify borrowers and/or rency and the Federal Deposit Insurance Cor- the media that a bank has committed such techporation have also been evaluating existing pro- nical violations. Such a procedure may unduly cedures. During the last 3 months, the staff of encourage a proliferation of civil actions to be the Board has been working with the staffs of brought against the offending bank even when these two agencies toward developing a uniform only technical violations have occurred. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 404 Federal Reserve Bulletin • October 1975 Much of the present complexity of the Act seem to be genuinely helpful in this regard. and Regulation Z reflects the impact of the civil These probably include the annual percentage liability considerations. The threat of severe rate, the finance charge, the amount financed, penalties for relatively minor technical viola- and the repayment schedule. Perhaps only mations has led many creditors to seek greater terial misstatements of these terms should be certainty by requesting official Board amend- brought to the attention of consumers and civil ments and interpretations, which further com- liability should attach only when such misstateplicate the Regulation. Although private causes ments have occurred. This would leave techniof action provide an important enforcement tool cal violations to be dealt with by administrative for the Act, the Board believes that the Congress remedies. Under present law, a creditor may be should carefully review the present civil liability penalized for purely technical violations of provisions to determine whether modification of which the consumer may have been unaware them might reduce needless litigation and the at the time and which in no way entered into resulting regulatory complications. the decision to accept or reject the credit terms The Board has taken one action and is con- offered. This situation lends itself to abuse and sidering another that may assist in reducing has overburdened some courts with Truth in unnecessary litigation. The Board has adopted Lending litigation. procedures implementing the provisions of From 1972 through September 1975, approx- Public Laws 94-222 and 94-239, which provide imately 6,100 suits were filed in Federal District a defense for creditors relying upon letters is- courts alleging violations of the Truth in Lendsued by duly authorized officials of the Board ing Act. This indicates to some degree that the in connection with Regulations B and Z. In self-enforcement mechanism within the Act is addition, the Board is considering the develop- being exercised. Many of these suits, however, ment of standardized Truth in Lending disclo- were the result of technical violations being sure forms, or portions of forms, on which committed and were not initiated solely on the creditors could rely in complying with the Act. basis of a violation of the Act, but as a part It is hoped that these forms will prove especially of a bankruptcy or other collection proceeding; beneficial to those creditors, such as small re- thus, it would appear that the thrust of civil tailers, who do not have access to, or cannot actions brought under the Act has not been afford, specialized legal counsel to design their directed to improving those pertinent disclosure own forms. items that assist consumers in shopping for While these measures should reduce the credit. The Board shares the concern of the present volume of litigation and help alleviate Congress that these issues concerning compliconfusion resulting from the complexity of the ance with Truth in Lending and other con- Act and the Regulation, the Board has asked sumer-oriented regulations must be resolved. that the Congress also study the possibility of The Board sincerely appreciates the opportulimiting the penalty provisions of the statute to nity to come before this subcommittee and to violations that actually interfere with the con- be of assistance to it in its oversight responsumer's ability to make meaningful comparisons sibilities. I would be more than glad to answer of credit terms. Only a limited number of terms any questions you may have. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

405 Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON AUGUST 17, 1976 1. Domestic Policy Directive Preliminary estimates of the Commerce Department indicated that growth in real output of goods and services had slowed to a rate of 4.4 per cent in the second quarter from the rate of 9.2 per cent to which it had accelerated in the first quarter. The preliminary estimates also indicated that the fixed-weighted price index for gross domestic business product^ had risen at an annual rate of 4.6 per cent in the second quarter, up from the relatively low rate of 3.7 per cent in the first quarter. Staff projections continued to suggest that real GNP would expand at a moderate pace in the current quarter and that moderate growth in output would continue well into 1977. The projections also suggested that average prices in the current quarter and in subsequent quarters would rise somewhat faster than they had during the second quarter. Retail sales, which had declined in May and then rebounded in June, fell again in July and in current dollars were no higher than in March. In July sales were particularly weak at automobile outlets and at food and general merchandise stores. Sales of automobiles apparently picked up in early August, owing in part to special sales incentives provided by manufacturers. In contrast with the recent behavior of consumer demands, business demands for plant and equipment appeared to be gaining some momentum. New orders for nondefense capital goods rose in June for the sixth consecutive month. While orders in real terms were still below the pre-recession peak in the summer of 1974, they were up substantially from the level of last December. Unfilled orders for nondefense capital goods, which had declined persist- ^ Gross domestic business product (GDBP) includes product originating in farm and nonfarm businesses. It excludes product originating in government, in households and nonprofit institutions, and in the rest of the world (and accruing to U.S. residents). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 406 Federal Reserve Bulletin • October 1975 ently since the summer of 1974, stabilized in May and June. In addition, contract awards for commercial and industrial buildings (measured in terms of floor space) advanced in June. More significantly, from the first to the second quarter, contract awards expanded sharply to the highest level since the first quarter of 1975. The index of industrial production increased only a little in July. As in June, output of both durable and nondurable consumer goods was about unchanged. The expansion in production of business equipment slowed more in June than had been indicated at first, and the rise continued at a reduced rate in July. Over-all output of materials increased slightly, reflecting further gains among durable goods materials. Capacity utilization in the materialsproducing industries registered 81 per cent, the same as in May and June. Over the 4-month period April through July the rise in industrial production slowed to an annual rate of about 5 per cent from a rate of about 12 per cent over the first 3 months of the year. This retardation apparently was in response to an accumulation of nondurable goods inventories beyond desired levels as well as to the easing in consumer demands. Over-all output of nondurable goods grew no further after March. Output of durable goods continued to advance, but the rise was somewhat less rapid than earlier in the year and was concentrated in production of steel and other durable goods materials. In manufacturing, both employment (adjusted for strikes) and the average workweek continued to change little in July. However, employment gains were large in State and local government, trade, and services. In consequence, total nonfarm payroll employment rose substantially after 2 months of little change. The civilian labor force, as well as total employment, apparently increased sharply, and the unemployment rate rose further—to 7.8 per cent in July from 7.5 per cent in June. From May to July unemployment rates for adult males and for household heads rose along with the rate for females. The employment gains in July suggested that wage and salary disbursements had risen, after having fallen in June for the first time in 16 months. In addition, a large increase in transfer payments was anticipated, owing to a cost-of-living increase of 6.4 per cent in social security payments. As a result, the expansion in total Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 839 personal income—which had slowed in June—was estimated to have accelerated considerably in July. Private housing starts were little higher in the second quarter than in the first, as had been reported at the time of the July meeting of the Committee; data for July were not yet available at the time of the August meeting. In June, the latest month for which figures were reported, total mortgage debt financed by savings and loan associations reached a new high, and their outstanding mortgage commitments were near a record level at the end of the month. The ready availability of mortgage credit was helping to keep mortgage interest rates from rising significantly even though demands for such credit were increasing. The index of average hourly earnings for private nonfarm production workers advanced more in July than in June. Over the first 7 months of this year, however, the rise in the index was somewhat below the rapid rate of increase during 1975. In the second quarter, productivity in the private business sector of the economy continued to improve at a good pace, and the rate of increase in labor costs per unit of output remained moderate. The wholesale price index for all commodities continued to rise at a moderate rate in July. Prices of industrial commodities, which had risen more in June than on the average during the first 4 months of the year, rose at a somewhat higher rate in July. The advance was accounted for in large part by increases in prices for three major groups of commodities: fuels and power, metals and metal products, and lumber and plywood. At the same time, average prices of farm products and foods declined, reflecting mainly decreases in prices of livestock and meats. The consumer price index rose at an annual rate of about 6 per cent in June and also over the second quarter, compared with a rate of only 3 per cent over the first quarter and more than 7 per cent over the second half of 1975. The sharp first-quarter deceleration and the subsequent acceleration were attributable in large part to prices of foods and petroleum products: Foods advanced throughout the second quarter after having declined throughout the first, and gas and oil increased in May and June after having declined for 5 months. Staff projections for the second half of 1976 differed little from those of 4 weeks earlier; they continued to suggest that the slack- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 408 Federal Reserve Bulletin • October 1975 ening in economic growth in recent months would prove to be temporary. It was expected that expansion in business fixed investment would accelerate and that business investment in inventories would increase further as manufacturers and distributors endeavored to maintain stocks in line with rising sales. It was anticipated that disposable personal income and personal consumption expenditures would grow at faster rates than they had in the second quarter and that residential construction activity would continue to recover. Projected growth in State and local government expenditures for goods and services was a little stronger now than a month earlier. The U.S. foreign trade balance—which had remained in deficit in May, according to revised figures—was in still larger deficit in June, reflecting an upsurge in imports of fuels from a reduced level. In the second quarter as a whole, however, the deficit in the trade balance was slightly below that in the first quarter. Exports of agricultural products rose considerably in the latest quarter, and exports of other commodities continued their upward trend in response to further recovery in economic activity abroad. However, the gain in exports was offset by an expansion in imports of fuels, which reflected rising business activity in this country and declining domestic production of fuels. Imports of other commodities were about unchanged after having risen sharply in the first quarter. The average value of the dollar against leading foreign currencies changed little in the interval between the July and August meetings of the Committee. On balance, the dollar remained close to the level reached in April following the rise of some 15 per cent during the previous 12 months. Late in the inter-meeting period, a rise in the German mark, triggered by substantial orders for marks just before the monthend, revived market expectations that the relatively low rate of inflation in Germany would eventually require a revaluation of the mark. The mark's rise exerted pressure on the exchange-rate margins maintained among certain European currencies; this pressure subsided in the wake of significant increases in interest rates in Belgium and the Netherlands. Total loans and investments at U.S. commercial banks increased further during July. For the first time in many months, most of the gain in the total was accounted for by an increase in loans. Outstanding business loans rose, on a seasonally adjusted basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 839 and with outstanding commercial paper of nonfinancial businesses continuing to expand, total short-term business credit advanced for the third consecutive month. Bank holdings of securities changed little during July. While holdings of U.S. Government securities declined—in contrast to the preceding 18 months when acquisitions of Treasury securities had accounted for the bulk of the expansion in total bank credit— holdings of other securities, chiefly short-term State and local government notes, increased. The narrowly defined money stock (Mi) grew at a seasonally adjusted annual rate of nearly 7 per cent in July, after the mild contraction in June that had resulted in part from a large increase in U.S. Treasury cash balances. Much of the renewed growth in July appears to have reflected a reversal of the earlier build-up in Treasury balances. Over the first 7 months of this year the annual growth rate of Mi averaged about 5% per cent. Growth of M2 and M3 accelerated in July—to annual rates of 12.5 and 13.2 per cent, respectively—reflecting not only the rebound in Ml but also increased flows into savings and consumertype time deposits at commercial banks and thrift institutions. Savings accounts at commercial banks, which had held steady in June after several months of rapid growth, expanded rapidly in July. Inflows at thrift institutions, which had fallen off somewhat in June, resumed the strong growth evident over the first 5 months of the year. The bank credit proxy expanded at a much slower rate in July, following the surge that had developed in June when banks, partly to increase deposit totals on their midyear statements, raised the outstanding amount of negotiable CD's by nearly $2.5 billion. In July banks resumed net redemptions of CD's, reducing their amounts outstanding by about $1 billion. System open market operations since the July meeting had been guided by the Committee's decision to seek bank reserve and money market conditions consistent with moderate growth in the monetary aggregates over the period ahead. As the inter-meeting period progressed, incoming data suggested that in the July-August period growth in Mi and M2 would be close to the midpoints of the ranges specified by the Committee. In these circumstances. System open market operations were directed toward maintaining conditions of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 410 Federal Reserve Bulletin • October 1975 reserve availability consistent with a Federal funds rate of about 5V4 per cent—the rate prevailing at the time of the July meeting and the midpoint of the operating range that the Committee had specified for the inter-meeting period. With the Federal funds rate holding at about 5V4 per cent, with money growth remaining moderate, and with other data suggesting less economic strength than had been generally anticipated, interest rates declined somewhat further during the inter-meeting period. In short-term markets these declines ranged from about 10 to 20 basis points; the market yield on 3-month Treasury bills was 5.14 per cent on the day before this meeting compared with 5.23 per cent on the day before the July meeting. In early August major commercial banks responded to the further declines in short-term market rates by cutting the rate on their prime business loans from IV4 to 1 per cent. In markets for longer-term securities, rate declines during the inter-meeting period also ranged up to nearly 20 basis points. Investor demand was strong for the new securities offered in the Treasury's large mid-August refinancing. Three new Treasury issues were involved: $2 billion of a 3-year note, auctioned on August 3 to yield 6.91 per cent; $1 billion of a 25-year bond, auctioned on August 6 to yield 8.01 per cent; and $4 billion—or more, at the discretion of the Treasury—of an 8 per cent, 10-year note, sold at par on subscriptions accepted through August 4. Subscriptions for the 10-year note were heavy, and the Treasury announced that it had made allotments totaling $7.6 billion. Accordingly, new cash raised in the refinancing amounted to $6.1 billion, instead of the $2.5 billion originally announced. Even so, prices of the new Treasury securities—particularly the two longerterm issues—rose to a premium in the secondary market. Prices also rose in the markets for corporate and municipal bonds. The volume of new debt offerings in those markets declined about seasonally in July and was expected to remain relatively modest in August. The unexpectedly large sale of 10-year notes by the Treasury boosted its net cash borrowing in July and the first half of August to $11.5 billion. As a result. Treasury cash needs for the remainder of the third quarter were expected to be covered with no difficulty. At its July meeting, the Committee had agreed that from the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 839 second quarter of 1976 to the second quarter of 1977 average rates of growth in the monetary aggregates within the following ranges appeared to be consistent with broad economic aims: Mi, AV2 to 7 per cent; M2, IV2 to 9V2 per cent; and M3, 9 to 11 per cent. The associated range for growth in the bank credit proxy was 5 to 8 per cent. It was agreed that the longer-term ranges, as well as the particular aggregates for which such ranges were specified, would be subject to review and modification at subsequent meetings. It also was understood that short-run factors might cause growth rates from month to month to fall outside the ranges contemplated for annual periods. In the discussion of current policy at this meeting, it was brought out that the accelerated expansion in Mi since early this year, taken in conjunction with the reduced rate of growth in nominal GNP and with relatively little change in interest rates, could indicate that the downward shift in the demand for money that was so evident in the latter part of 1975 was proceeding much more slowly. It was also suggested that Mi and M2 might grow at moderate rates over the August-September period, although wide fluctuations in Treasury deposits could have an impact on the rate of monetary growth from month to month. With respect to M2, inflows to banks of time and savings deposits other than money market CD's might be temporarily restrained in August by payments for the new 8 per cent, 10-year note sold by the Treasury. It was anticipated that demands in credit markets would be modest in the weeks ahead. The monthly volume of corporate and of State and local government bonds offered to the public in the August-September period was expected to be well below the average in the first 6 months of this year. However, dealers in Government securities held a large volume of U.S. Government and Federal agency issues that had yet to be distributed to ultimate holders. During the Committee's discussion at this meeting no member expressed substantial disagreement with the staff projection of moderate growth in real GNP, although several members did stress the elements of weakness that had developed in the past few months. It was felt that uncertainty about the precise course of economic developments had increased, and a few members who earlier had viewed the outlook as somewhat stronger than suggested Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 412 Federal Reserve Bulletin • October 1975 by the staff projections no longer did so. One member who had been concerned about the possibility of a boom during the next 12 months—with attendant shortages, bottlenecks, and intensified upward price pressures—now regarded that as unlikely. While agreeing that moderate growth in the economy was the most likely outcome, a few members suggested that one could place more emphasis on the elements of current and potential weakness in the situation. With respect to consumer demands, for example, one could note that retail sales of automobiles had been stimulated to a degree by extension of maturities on instalment credit, which could not be counted on as a continuing stimulus; that sales of other consumer goods had not been especially buoyant; and that the rapid rise in prices of various consumer services might be dampening growth in sales of goods. It was also noted that questions could be raised about the outlook for residential construction, for purchases of goods and services by State and local governments, and for business fixed investment. With respect to the last, while the expansion in new orders for nondefense capital goods was promising, one member noted that it did not seem to be confirmed by reports from machine tool producers. Moreover, one member observed that business attitudes toward both fixed and inventory investment might be more conservative in this expansion than in the past because of the severe impact of the preceding recession on many businessmen who had forgotten about the business cycle. It was repeatedly pointed out, however, that the current lull in the expansion had not lasted long enough to suggest that a decline in economic activity was imminent. In this connection it was stressed that detailed studies of business cycles in the United States and other industrial countries had revealed that the expansion phase was frequently characterized by retardation in growth of activity or even a brief minor decline at some time during its second year. Afterwards growth accelerated again. In large part, those subcyclical movements reflected minor and transitory inventory adjustments. The notion that a business cycle expansion is a continuous upward movement at a constant or gradually diminishing rate does not conform to experience. In general. Committee members felt that the pace of expansion in over-all economic activity would soon pick up again. Business Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 839 fixed investment was seen to be recovering, even if at a slower pace than had been anticipated. It was noted that, in addition to the rise in new orders for nondefense capital goods over the first 6 months of the year, the physical volume of contracts for commercial and industrial buildings was increasing for the first time in this business expansion, and that construction of pipelines, power plants, and refineries for some time had been an expansive force. Moreover, corporate profits had experienced a considerable recovery. It was observed that business confidence had been badly shaken by the severity of the recession—especially because many businessmen had come to believe that fluctuations in business activity could be prevented or at least minimized—but that now confidence was gradually reviving and business fixed investment was again becoming the driving force of the economy. The caution that now existed, it was noted, assured avoidance of excesses and promised continuance of the expansion. As to policy for the period immediately ahead, Committee members in general advocated continuation of the current stance. Most members favored directing operations toward maintaining about the current Federal funds rate. Accordingly, they preferred to give more weight than usual to money market conditions in formulating the operating instructions contained in the last paragraph of the domestic policy directive, and they advocated specifying a relatively narrow range for the Federal funds rate centered on the prevailing rate of 5V4 per cent. A range of 5 to per cent was suggested. Some members preferred to specify a somewhat wider range for the Federal funds rate and to continue to base operating decisions in the period immediately ahead primarily on the behavior of the monetary aggregates. However, the range they favored—4% to 5% per cent—also was centered on the prevailing rate of 5V4 per cent. One or two members indicated that, whereas a case might be made for a slight easing in money market conditions in reaction to the elements of weakness in the business expansion, they were not prepared to urge that case. A number of reasons were advanced by various members against such a course at this time: Liquidity already was ample to finance a good rate of expansion; the degree of easing that was being contemplated was too slight to have a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 414 Federal Reserve Bulletin • October 1975 beneficial effect in the short run, and the pace of expansion in activity probably would have picked up long before the easing would have had much effect; and any easing at this time might be misinterpreted—perhaps increasing rather than allaying uncertainties and making business attitudes still more cautious. There was near unanimity in the preferences expressed for ranges of growth in the monetary aggregates over the August-September period. The members favored a 2-month range of 4 to 8 per cent for Ml and either IV2 to llVi or 7 to 11 per cent for Mg. At the conclusion of the discussion the Committee decided to seek to maintain prevailing bank reserve and money market conditions over the period immediately ahead, provided that monetary aggregates appeared to be growing at about the rates now expected. Specifically, the Committee concluded that growth in Mi and M^ over the August-September period at annual rates within ranges of 4 to 8 per cent and 7V2 to liy2 per cent, respectively, would be appropriate. As at other recent meetings, the Committee decided that, in assessing the behavior of the aggregates, approximately equal weight should be given to Mi and Mg. It was agreed that System operations until the next meeting would be directed toward maintaining the weekly-average Federal funds rate at about its current level of per cent. The members also agreed that, if growth in the aggregates should appear to be deviating significantly from the rates expected, the weekly-average Federal funds rate might be expected to vary in an orderly fashion within a range of 5 to 5V2 per cent. As customary, it was understood that the Chairman might call upon the Committee to consider the need for supplementary instructions before the next scheduled meeting if significant inconsistencies appeared to be developing among the Committee's various objectives. The following domestic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that growth in real output of goods and services is remaining moderate in the current quarter. In July industrial production changed little, but total employment expanded by a substantial amount. The civilian labor force also increased sharply, and the unemployment rate rose from 7.5 to 7.8 per cent. Retail sales declined in July, following the rebound in June. The rise in the wholesale price index for all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of FOMC 839 commodities remained moderate, as average prices of farm products and foods declined. However, average prices of industrial commodities rose more than in other recent months. So far this year the advance in the index of average wage rates has been somewhat below the rapid rate of increase during 1975. The average value of the dollar against leading foreign currencies has remained relatively steady in recent weeks, despite some disturbances in exchange markets for European currencies. In June the U.S. foreign trade deficit increased, but the deficit for the second quarter as a whole was somewhat smaller than that for the first quarter. Ml, which had declined slightly in June, expanded appreciably in July. Inflows of the time and savings deposits included in the broader aggregates were considerably stronger than in June, and growth in Mg and M3 was rapid. Market interest rates have declined somewhat further in recent weeks. 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 expansion, while resisting inflationary pressures and contributing to a sustainable pattern of international transactions. To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to maintain prevailing bank reserve and money market conditions over the period immediately ahead, provided that monetary aggregates appear to be growing at about the rates currently expected. Votes for this action: Messrs. Burns, Volcker, Black, Coldwell, Gardner, Jackson, Kimbrel, Lilly, Partee, Wallich, Winn, and Guffey. Absent and not voting: Mr. Balles. (Mr. Guffey voted as alternate for Mr. Balles.) 2. Open Market Operations in Federal Agency Issues At this meeting the Committee reviewed its current practices with regard to System operations in Federal agency issues. In the discussion it was noted that operations in such securities had proved to be useful in achieving the Committee's reserve objectives. At the conclusion of the discussion, the members agreed to continue the System's participation in the markets for the securities of the various agencies. 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 a month after the meeting and are subsequently published in the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

849 Law Department Statutes, regulations, interpretations, and decisions Such sum need not be included in the adjusted Credit by Brokers and Dealers debit balance when there is held in the account The Board of Governors has adopted amend- any of the following: ments to its Regulation T instituting a uniform (i) The underlying security in the case of a margin requirement in connection with options call or a short position in the underlying security writing. in the case of a put; 1. Effective January 1, 1977, section 220.3(d) (ii) Securities immediately convertible into or is amended and a new paragraph (i) is added as exchangeable for the underlying security without follows: restriction or the payment of money in the case of a call, provided that the right to convert or Section 220.3—General Account exchange does not expire on or before the expiration date of the option; (iii) An agreement under which a bank, which (d) Adjusted debit balance. For the purpose is holding the underlying securities or the required of this part, the adjusted debit balance of a general cash, is obligated to deliver, in the case of a call, account, special bond account, or special convert- or accept, in the case of a put, the underlying ible debt security account shall be calculated by securities against payment of the exercise price taking the sum of the following items: upon exercise of the option; (iv) A long position in a call on the same number of shares of the same underlying security (5) The amount of margin as provided for which does not expire before the expiration date in paragraph (i) of this section and section 220.8 of the call issued, endorsed or guaranteed, pro- (the Supplement to Regulation T) for each trans- vided that there is also added to the adjusted debit action involving the issuance, endorsement or balance the amount, if any, by which the exercise guarantee of any put, call or combination thereof. price of such long position exceeds the exercise price of the call issued, endorsed or guaranteed; (v) A long position in a put on the same (i) Options. (1) The amount to be included in number of shares of the same underlying security the adjusted debit balance of an account as the which does not expire before the expiration date margin required for each transaction involving the of the put issued, endorsed or guaranteed, proissuance, endorsement or guarantee of any put or vided that there is also added to the adjusted debit call shall be such amount as the Board shall balance the amount, if any, by which the exercise prescribe from time to time in section 220.8 (the price of the put issued, endorsed or guaranteed Supplement to Regulation T) as the margin re- exceeds the exercise price of such long position; quired for the writing of options, increased by any or unrealized loss on each such commitment, or re- (vi) A warrant to purchase the underlying duced by any excess of the exercise price over security, in the case of a call, which does not the current market value of the underlying security expire on or before the expiration date of the call, in the case of a call or any excess of the current provided that there is also added to the adjusted market value of the underlying security over the debit balance the amount, if any, by which the exercise price in the case of a put. Such sum, exercise price of the warrant exceeds the exercise however, shall not exceed the current market value price of the call, issued, endorsed or guaranteed. of the underlying security in the case of a call, A warrant used in lieu of the required margin under or the exercise price in case of a put, nor be less this provision shall have no loan value in the than $250 in the case of either a call or a put. account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 850 Federal Reserve Bulletin • October 1975 (2) When a security held in the account serves which a margin debt security held in the account in lieu of the margin required for a call, such is convertible, and put options may be issued, security shall be valued at no greater than the endorsed or guaranteed in this account on the exercise price of the call. number of shares of an underlying security sold (3) When a short position held in the account short in the account. Such option positions may serves in lieu of the margin required for a put, be carried in the account in conformity with the the amount prescribed by paragraph (d)(3) of this requirements of section 220.3(d) and (i). section as the amount to be added to the adjusted 3. Effective January 1, 1977, a new paragraph debit balance in respect of short sales shall be (j) is added to section 220.8 as set forth below: increased by any unrealized loss on the position. Section 220.8—Supplement (4) When both a put and a call are issued, endorsed or guaranteed in a general account, special bond account or special convertible debt security account on the same number of shares of (j) Margin required for the writing of opthe same underlying security with the same expi- tions. The amount to be included in the adjusted ration date and the same exercise price (a straddle), debit balance of a general account, special bond the amount of margin required shall be the margin account or special convertible debt security acon either the put or the call whichever is greater count pursuant to paragraphs (d)(5) and (i) of plus any unrealized loss on the other option. section 220.3, as the margin required for the issuance, endorsement or guarantee of any put or (5) Any security position held in the account call shall be 30 per cent of the current market value which serves in lieu of the margin required for of the underlying security with an adjustment for a put or a call shall be unavailable to support any any applicable increase or reduction. other option transaction in the account. (6) The customer may either designate at the Unfair or Deceptive Acts or Practices time the option order is entered which security position held in the account is to serve in lieu of The Federal Trade Commission Act as amended the margin required or have a standing agreement (Public Law 93-637) requires each of the Federal with the creditor as to the method to be used for bank supervisory agencies to establish a separate making the determination on any given day as to division of consumer affairs and to institute a which security position will be used in lieu of the procedure for handling consumer complaints remargin to support an option transaction. garding unfair or deceptive acts or practices of 2. Effective January 1, 1977, section 220.4(i) banks under their jurisdiction. Pursuant to § 18(f) is amended and a new subparagraph (6) is added of that Act, the Board of Governors has instituted to paragraph (j) as set forth below: a procedure for receiving and handling consumer Section 220.4—Special Accounts complaints regarding State-chartered banks that are members of the Federal Reserve System. Effective September 27, 1976, the Board of (i) Special bond account. In a special bond Governors amends 12 CFR Chapter II by adding account a creditor may effect and finance transac- a new Part 227, to read as follows: tions in exempted securities and registered non- Section 227.1—Definitions equity securities for any customer.^ Call options may be issued, endorsed or guaranteed in this For the purposes of this Part,^ unless the context account on shares of any underlying equity secuindicates otherwise, the following definitions rity which is held in this account because it is apply: an exempted security. (a) Board means the Board of Governors of the (j) Special convertible debt security ac- Federal Reserve System. count.*** (b) Consumer complaint means an allegation (6) Without regard to the margin required for by or on behalf of an individual, group of individthe writing of options in section 220.8(j) (Supplement to Regulation T), call options may be issued, endorsed or guaranteed in this account on the ^The words "this Part," as used herein, mean Title 12, Chapter II, Part 227 of the Code of Federal Regulations, cited number of shares of an underlying security into as 12 CFR 227 and designated as Regulation AA. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 851 uals, or other entity that a particular act or practice Federal Reserve Bank of Richmond of a State member bank is unfair or deceptive, 100 North Ninth Street or in violation of a regulation issued by the Board Richmond, Virginia 23261 pursuant to a Federal statute, or in violation of any other Act or regulation under which the bank Federal Reserve Bank of Atlanta must operate. 104 Marietta Street, N.W. (c) State member bank means a bank that is Atlanta, Georgia 30303 chartered by a State and is a member of the Federal Reserve System. Federal Reserve Bank of Chicago (d) Unless the context indicates otherwise, 230 South LaSalle Street "bank" shall be construed to mean a "State Chicago, Illinois 60690 member bank," and "complaint" to mean a ''consumer complaint.'' Federal Reserve Bank of St. Louis 411 Locust Street Section 227.2—Consumer Complaint Procedure St. Louis, Missouri 63166 (a) Submission of complaints. (1) Any consumer having a complaint regarding a State mem- Federal Reserve Bank of Minneapolis ber bank is invited to submit it to the Federal 250 Marquette Street Reserve System. The complaint should be submit- Minneapolis, Minnesota 55480 ted in writing, if possible, and should include the following information: Federal Reserve Bank of Kansas City (i) a description of the act or practice that 925 Grand Avenue is thought to be unfair or deceptive, or in violation Kansas City, Missouri 64198 of existing law or regulation, including all relevant facts; Federal Reserve Bank of Dallas (ii) the name and address of the bank that 400 South Akard Street is the subject of the complaint; and Dallas, Texas 75222 (iii) the name and address of the complainant. Federal Reserve Bank of San Francisco (2) Consumer complaints should be made to: 400 Sansome Street (i) the Director, Division of Consumer Af- San Francisco, California 94120 fairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or (b) Response to complaints. Within 15 busi- (ii) the Federal Reserve Bank of the District ness days of receipt of a written complaint by the in which the bank is located. The addresses of Board or a Federal Reserve Bank, a substantive the Federal Reserve Banks are as follows: response or an acknowledgment setting a reasonable time for a substantive response will be sent Federal Reserve Bank of Boston to the individual making the complaint. 30 Pearl Street (c) Referrals to other agencies. Complaints Boston, Massachusetts 02106 received by the Board or a Federal Reserve Bank regarding an act or practice of an institution other Federal Reserve Bank of New York than a State member bank will be forwarded to 33 Liberty Street the Federal agency having jurisdiction over that New York, New York 10045 institution. Rules Regarding Delegation of Authority Federal Reserve Bank of Philadelphia 100 North 6th Street The Board of Governors has delegated to the Philadelphia, Pennsylvania 19105 Committee on Federal Reserve Bank Activities certain responsibilities with respect to supervision Federal Reserve Bank of Cleveland of the sale by Federal Reserve Banks of real 1455 East Sixth Street property in connection with construction pro- Cleveland, Ohio 44101 grams. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 852 Federal Reserve Bulletin • October 1975 1. Effective September 8, 1976, paragraph 6 of general Reserve Bank expansion or building prosection 265.1a is amended to read as follows: gram in connection with which the real property is being sought or disposed of and provided that Section 265.1a—Specific each proposed acquisition requires commitment of Functions Delegated to Board Members no more than one million dollars ($1,000,000). (a) The Committee on Federal Reserve Bank The Board of Governors has delegated to the Activities, consisting of at least three members Secretary of the Federal Open Market Committee of the Board designated by the Chairman, is au- authority to approve policy record entries for inthorized, to act upon matters as set forth in this clusion in the annual report if no Board member section pursuant to the twenty-second paragraph has asked for review at a Board meeting of a draft of section 4 and ll(j) of the Federal Reserve Act distributed for review by Board members individ- (12 U.S.C. §§ 307 and 248(j)) and subject to such ually. general guidelines as may be prescribed by the Board. With respect to any approval action taken 2. Effective September 1, 1976 section 265.2 by the Committee pursuant to authority delegated is amended by adding a new paragraph (i) to read herein involving a controversial matter, a policy as follows: consideration, or an expenditure of funds exceeding $500,000, the Committee will inform the Section 265.2—Specific Functions Delegated to Board by memo before giving notice of its ap- Board Employees and to Federal Reserve Banks proval to the Reserve Bank. For a period of three days, any member of the Board may request that the matter be scheduled for review by the Board. The Committee is authorized: (i) The Secretary of the Federal Open Market Committee (or, in his absence, the Deputy Secretary) is authorized: To approve for inclusion in the Board's annual (6) To approve or disapprove specific Reserve report to Congress records of policy actions of the Bank proposals to acquire or dispose of real prop- Federal Open Market Committee. erty for current or future building purposes, provided that the Board has previously authorized the BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS Orders Under Section 3 of the Act. The time for filing comments and views of Bank Holding Company Act has expired. The Board has considered the application and all comments received, including those Agri-Bank Corporation, of the Comptroller of the Currency, in light of Webster City, Iowa the factors set forth in § 3(c) of the Act (12 U.S.C. § 1842(c)). Order Approving Applicant, a nonoperating corporation with no Formation of Bank Holding Company subsidiaries, was organized for the purpose of Agri-Bank Corporation, Webster City, Iowa, becoming a bank holding company through the has applied for the Board's approval under § acquisition of Bank. Bank, with deposits of $32.2 3(a)(1) of the Bank Holding Company Act (12 million,^ is the largest of six banking organizations U.S.C. § 1842(a)(1)) of formation of a bank and controls approximately 41 per cent of the total holding company through acquisition of 80 per deposits in the relevant banking market.^ Upon cent or more of the voting shares of The Farmers acquistion of Bank, Applicant would control the National Bank of Webster City, Webster City, 66th largest banking organization in Iowa, holding Iowa C'Bank"). Notice of the application, affording opportunity for interested persons to submit comments and ^All banking data are as of December 31, 1975. ^The relevant banking market is approximated by Hamilton views, has been given in accordance with § 3(b) County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 853 .27 per cent of the total commercial bank deposits Governors Coldwell, Jackson, Partee, and Lilly. Absent in the State. Inasmuch as the proposed transaction and not voting: Chairman Burns and Governor Wallich. is merely a reorganization whereby the share- (Signed) GRIFFITH L. GARWOOD, holders who presently control Bank directly will [SEAL] Assistant Secretary of the Board. control Bank indirectly through Applicant, and since Applicant presently has no subsidiaries nor First Wewoka Bancorporation, Inc., engages in any activities, consummation of the Wewoka, Oklahoma proposal would not eliminate existing or potential competition or increase the concentration of bank- Order Denying ing resources in the relevant market. Therefore, Formation of Bank Holding Company competitive considerations are consistent with ap- First Wewoka Bancorporation, Inc., Wewoka, proval of the application. Oklahoma, has applied for the Board's approval The financial and managerial resources of Apunder § 3(a)(1) of the Bank Holding Company Act plicant, which are dependent upon those of Bank, (12 U.S.C. § 1842(a)(1)) C'Act") of formation are considered to be generally satisfactory, and of a bank holding company through acquisition their future prospects appear favorable. Although of 80 per cent or more of the voting shares of Applicant will incur some debt as a result of this First National Bank in Wewoka, Wewoka, Oklaproposal, it appears that the projected earnings to homa ("Bank"). be derived from Bank by way of dividends should Notice of the application, affording opportunity provide Applicant with sufficient revenue to meet for interested persons to submit comments and its debt service requirements and preferred stock views, has been given in accordance with § 3(b) dividends without adversely affecting the financial of the Act. The time for filing comments and views position of Bank. While the principals of Applihas expired, and the Board has considered the cant have certain interests in and relationships with application and all comments received, including other banking organizations in the State of Iowa, those submitted by the Comptroller of the Curthe financial and managerial resources of such rency recommending denial of the application, in organizations are such that they may be regarded light of the factors set forth in § 3(c) of the Act as generally consistent with approval of the appli- (12 U.S.C. § 1842(c)). cation. Accordingly, considerations relating to Applicant is a nonoperating company formed for banking factors are consistent with approval of the the express purpose of becoming a bank holding application. While no major changes are contemcompany through the acquistion of Bank. The plated in Bank's services, considerations relating proposed transaction involves the transfer of conto the convenience and needs of the community trol of Bank from individuals to a corporation to be served are consistent with approval of the owned by the same individuals. Bank holds deapplication. Accordingly, it is the Board's judgposits of approximately $11.3 million,^ reprement that the proposed transaction would be consenting 20.9 per cent of the total deposits in sistent with the public interest and that the applicommercial banks in the Seminole County banking cation should be approved. market,2 and ranks as the second largest of six On the basis of the record, the application is banks operating in the market. Since the subject approved for the reasons summarized above. The proposal is essentially a corporate reorganization transaction shall not be made (a) before the thirand Applicant has no subsidiaries, it does not tieth calendar day following the effective date of appear that consummation of the proposal would this Order or (b) later than three months after the have any adverse effects on existing or potential effective date of this Order, unless such period competition, increase the concentration of banking is extended for good cause by the Board, or by resources, or have other adverse effects on any the Federal Reserve Bank of Chicago pursuant to other banks in any relevant area. Thus, the Board delegated authority. By order of the Board of Governors, effective September 29, 1976. ^All banking data are as of December 31, 1975. ^The Seminole County banking market, the relevant geographic market for purposes of analyzing the competitive effects of the subject proposal, is approximated by all of Voting for this action: Vice Chairman Gardner and Seminole County, Oklahoma. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 854 Federal Reserve Bulletin • October 1975 concludes that competitive considerations are con- not be in the public interest and that the application sistent with approval of the application. should be denied. Under § 3(c) of the Act, the Board is required By order of the Board of Governors, effective to consider the financial and managerial resources September 22, 1976. and future prospects of the proposed bank holding Voting for this action: Chairman Burns and Govercompany and the bank to be acquired. With respect nors Gardner, Wallich, Coldwell, Jackson, and Lilly. to the subject application, it appears that the future Absent and not voting: Governor Partee. prospects of Applicant are entirely dependent upon the profitable operations of Bank. In this regard. (Signed) RICHARD D. ABRAHAMSON, Applicant proposes to service a debt of more than [SEAL] Assistant Secretary of the Board. $430,000,^ which it will incur as part of this transaction, over a twelve-year period primarily First Bank System, Inc., through dividends from Bank. In view of Bank's operating history, the Board is unable to conclude Minneapolis, Minnesota that Applicant's projected earnings for Bank are Order Approving Acquisition of Bank reasonable or attainable. The Board is of the view that the future earnings of Bank would not provide First Bank System, Inc., Minneapolis, Minne- Applicant with the financial flexibility necessary sota, a bank holding company within the meaning to meet its debt servicing requirements as well as of the Bank Holding Comany Act, has applied for any unexpected problems that might arise at Bank. the Board's approval under § 3(a)(3) of the Act Furthermore, the dividends involved in the subject (12 U.S.C. § 1842(a)(3)) to acquire all of the proposal may not provide Applicant with the nec- voting shares, less directors' qualifying shares, of essary financial strength to service its acquisition First National Bank of Burnsville, Burnsville, debt while maintaining Bank's capital position. On Minnesota (''Bank"), a proposed new bank. the basis of the foregoing and other facts of record, Notice of the application, affording opportunity the Board concludes that the considerations relat- for interested persons to submit comments and ing to the banking factors weigh against approval views, has been given in accordance with § 3(b) of the application.'^ of the Act. The time for filing comments and views As stated previously, the proposed formation of has expired, and the Board has considered the Applicant merely represents a restructuring of application and all comments received, including Bank's ownership with no changes in Bank's those of the Minnesota Commissioner of Banks operations or services. Consequently, consid- and the Independent Bankers Association of Minerations relating to the convenience and needs of nesota C'Protestants"), in light of the factors set the community to be served lend no weight toward forth in § 3(c) of the Act (12 U.S.C. § 1842(c)). approval of the application. Moreover, in view of Applicant controls 49 banks in Minnesota with Applicant's debt servicing requirements, consum- aggregate deposits of $3.9 billion,^ representing mation of the subject proposal could diminish approximately 26.4 per cent of the total commer- Bank's ability to continue to serve the area as a cial bank deposits in Minnesota, and is the largest viable banking alternative. banking organization in the State.^ Since Bank is On the basis of all of the facts of record, it a proposed new bank, its acquisition by Applicant is the Board's judgment that the subject proposal would not immediately increase Applicant's share would result in a bank holding company with of commercial bank deposits in the State. financial resources that would be inadequate to Bank is a new bank which has received prelimservice its debt while maintaining Bank's capital inary charter approval from the Comptroller of the account. Accordingly, the Board concludes that Currency and is to be located in Burnsville, a consummation of the proposed transaction would suburban community within the Minneapolis-St. Paul banking market.^ With 16 subsidiaries in the ^Two hundred thousand dollars of the total indebtedness is ^In all, Applicant controls a total of 86 banks located in to be injected into BaiJc to strengthen its capital. five States with aggregate deposits of $5.7 billion. ^The Comptroller of the Currency recommended denial of ^Unless otherwise noted, banking data are as of December this application primarily on the basis of the financial consid- 31, 1975. erations involved. When given an opportunity to respond to ^The Minneapolis-St. Paul market is approximated by the the Comptroller's comments, Applicant did not do so. RMA, adjusted to include all of Carver County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 855 Minneapolis-St. Paul market (the relevant market), mitted by Protestants in support of the issues they Applicant controlled, as of June 30, 1975, deposits have raised and, for the reasons set forth hereinof $2.8 billion, representing about 39 per cent of after, it is the Board's judgment that the issues the market deposits, and was the largest banking raised by Protestants are not sufficient to warrant organization in the market. The second and third denial of the subject application. largest banking organizations in the market con- With respect to the first issue, the Board distrolled, respectively, about 28.7 per cent and 3.4 agrees with Protestants' assessment of the adverse per cent of the market deposits. Since Bank is a effects that the proposal would have on the viabilproposed new bank, consummation of Applicant's ity of the two new banks in the proposed service proposal would not eliminate any existing compe- area of the Bank. The only bank in Burnsville tition, nor would it have any immediate effect on opened in 1972 and in 1975 became a subsidiary Applicant's share of commercial bank deposits in of American Bancorporation, the third largest the market. Although Applicant is the largest banking organization in the market with total debanking organization in the market, it is noted that posits of $243 million. This bank has total deposits its growth in the market in the recent past has of $6.4 million and appears to be well established been primarily internal; it has acquired only one in the market. The second new bank in the probank in the market since 1956. Since that time, posed service area of Bank has obtained $5.9 37 charters for new banks within the market have million of deposits since it opened in 1974, and been issued, and Applicant's market share has has become profitable in its second year of operadeclined slightly from 43.0 per cent to 39.0 per tion. On the basis of the record, the Board concent. In the market. Applicant faces competition cludes that the attractive growth of the Burnsville from over 100 commercial banking organizations. area in recent years^ and the corresponding de- In its analysis of the subject application, the mand for banking services will continue to support Board has also considered the comments and re- existing banks, and Applicant's new bank will not quests for a hearing submitted by Protestants. seriously threaten their viability. Generally speaking, Protestants contend that the Similarly, the Board is unable to conclude that proposal would have anticompetitive effects and Protestants' assessment of the effects that this have requested a hearing to discuss the impact this acquisition would have on the concentration of proposal would have upon competition and the financial resources in the relevant market is corconcentration of financial resources in the relevant rect. On the contrary, the record indicates that the market. Protestants argue that the area to be served Minneapolis-St. Paul area has been experiencing by Bank cannot support another bank at this time substantial economic growth. As noted above, this and that the acquistion of Bank by Applicant will growth has resulted in new banking entrants and adversely affect the viability of two new banks has reduced Applicant's market share of total in the proposed service area of Bank. deposits. Furthermore, there is no evidence in the The Board has examined the records of the record to suggest that Applicant is using its size hearings held in connection with the chartering of and resources to the disadvantage of other banking Bank, the written submissions of Protestants, and organizations to preempt a desirable future bankthe responses thereto by Applicant and concludes ing location before a new bank is needed, or that that a formal hearing would not add significant this acquisition in and of itself would significantly new information or raise issues not already dis- affect the trend towards deconcentration of financussed at length in the written submissions of cial resources in the relevant market. On the basis Protestants and Applicant and in the record of the of the facts of record, including the records of hearings held by the Comptroller of the Currency the two chartering hearings, the submissions of in December 1973 and November 1974. In view Protestants, and the submissions of Applicant, the of the failure of Protestants to present new infor- Board concludes that, given the growth of the mation, raise new issues or demonstrate that a market, the large number of competing organihearing would elicit new information or present zations, and the propensity for deconcentration. new issues, the Board concludes that the record is sufficiently complete to enable it to make an informed judgment. Accordingly, Protestants' re- ^The population of Dakota County, which includes Burnsquests for a formal hearing are hereby denied. ville, has increased 53.6 per cent from 1960-1970. The population for this county is estimated to have increased an addi- The Board has analyzed the information sub- tional 12.0 per cent from 1970-1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 856 Federal Reserve Bulletin • October 1975 consummation of this proposal would not result abstaining: Governor Lilly. Absent and not voting: in a concentration of financial resources in the Chairman Burns and Governor Partee. relevant market or adversely affect competition in (Signed) GRIFFITH L. GARWOOD, the relevant market. [SEAL] Assistant Secretary of the Board. Accordingly, on the basis of the facts of record and having considered the comments of Protestants, the Board concludes that consummation of The First National Bancorporation, Inc., the proposed acquisition would not have signifi- Denver, Colorado cant adverse effects on existing or potential competition and that competitive considerations are Order Approving Acquisition of Bank consistent with approval of the application. The First National Bancorporation, Inc., The financial and managerial resources of Ap- Denver, Colorado, a bank holding company within plicant and its subsidiaries are regarded as generthe meaning of the Bank Holding Company Act, ally satisfactory based upon the information in the has applied for the Board's approval under § record, including all bank examination information 3(a)(3) of the Act [12 U.S.C. § 1842(a)(3)] to available to the Board. Bank, a proposed new acquire 80 per cent or more of the voting shares bank, has no financial or operating history; howof The First National Bank of Montrose, Montever, its prospects as a subsidiary of Applicant rose, Colorado ("Bank"). appear favorable. Considerations relating to bank- Notice of the application, affording opportunity ing factors, therefore, are consistent with approval for interested persons to submit comments and of the application. views, has been given in accordance with § 3(b) Bank will serve as an additional full service of the Act. The time for filing comments and views banking facility to the residents of the area, inhas expired, and the Board has considered the cluding the businesses and customers of the new application and all comments received, including shopping center in which Bank will be located. those submitted by the Attorney General of the Applicant has proposed that Bank will offer some State of Colorado and by the Comptroller of the services not being comparably offered by nearby Currency,^ in light of the factors set forth in § banks and Bank will be open more hours than the 3(c) of the Act [12 U.S.C. § 1842(c)]. other banks in the service area. Accordingly, Applicant, the largest banking organization in these considerations relating to the convenience Colorado, controls 11 banks (including the largest and needs of the community to be served lend bank in the State) with aggregate deposits of $1.2 some weight toward approval of the application. billion, representing approximately 16 per cent of It is the Board's judgment that the proposed acthe total deposits held by commercial banks in that quisition would be in the public interest and that State.^ Colorado currently has 10 multi-bank the application should be approved. holding companies that collectively control ap- On the basis of the record, the application is proximately 67 per cent of the total deposits and approved for the reasons summarized above. The 34 per cent of all the banks in the State. The five transaction shall not be made (a) before the thirlargest banking organizations (all multi-bank tieth calendar day following the effective date of holding companies) control approximately 57 per this Order or (b) later than three months after that cent of total deposits and 25 per cent of all banks date, and (c) First National Bank of Burnsville, Burnsville, Minnesota, shall be opened for business not later than six months after the effective date of this Order. Each of the periods described ^In a letter to the Board, dated March 30, 1976, the Comptroller of the Currency recommended approval of this applicain (b) and (c) may be extended for good cause tion stating that it was in the public interest. The Attorney by the Board, or by the Federal Reserve Bank of General of Colorado, in a letter to the Board, dated March Minneapolis, pursuant to delegated authority. 17, 1976, while not recommending denial of the application, requested that the Board consider issues pertaining to concen- By order of the Board of Governors, effective tration in the Colorado banking industry, competition in both September 15, 1976. the State and relevant banking markets, convenience and needs of the community to be served, and public benefits to be derived from consummation of the proposal. The Board's conclusions with respect to these issues as they relate to this application are herein set forth. Voting for this action: Vice Chairman Gardner and ^All banking data are as of June 30, 1975, unless otherwise Governors Wallich, Coldwell, and Jackson. Present and indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 857 in Colorado. Acquisition of Bank^ by Applicant novo entry in the future. In light of the future would contribute to some extent to increasing economic prospects for the Montrose area and deposit concentration in Colorado; however, the Applicant's ability to effect an alternative means Board regards the effects upon concentration to of entry into the area, consummation of this probe only slight inasmuch as Applicant's share of posal would eliminate Applicant as a potential de State deposits would increase by no more than novo entrant into the relevant market. However, approximately four-tenths of one per cent. the effects of this elimination are minimized by Bank (deposits of $30 million) is the larger of the existence of several other potential entrants two banks^ in the relevant banking market^ and into the relevant market, including several Colocontrols approximately 63 per cent of the total rado multi-bank holding companies that have not deposits in that market. Applicant has no subsidi- entered the market but have the resources to do aries operating in the relevant banking market, and so. Inasmuch as the relevant market is only marits closest bank subsidiary to Bank is located 61 ginally attractive for de novo entry in the future miles to the northwest of Montrose. It appears that and there exist other potential entrants into that no meaningful competition currently exists be- market, it is the Board's judgment that, on baltween Bank and any of Applicant's subsidiary ance, consummation of Applicant's proposal banks, and that it is unlikely that significant com- would have only slightly adverse effects upon petition between these institutions would develop potential competition. in the future in view of the distances involved. The financial and managerial resources and fu- On the basis of the facts of record, the Board ture prospects of Applicant, its subsidiaries, and concludes that consummation of the proposal Bank are considered to be generally satisfactory would not have any significant adverse effect upon based upon information in the record, including existing competition in the relevant banking mar- all bank examination information available to the ket. Board. In addition. Applicant's overall financial Applicant, as the largest banking organization condition will enable it to augment the capital of in Colorado, appears to possess the financial and any of its subsidiaries should there be a need to managerial resources necessary to establish a de do so in the future. Accordingly, the Board regards novo bank in the relevant market and, thereby, the banking factors as being consistent with apto increase the number of banking alternatives proval of the application. operating therein. Although population per bank- Affiliation of Bank with Applicant would enable ing office for the market is 7,800,® compared to Bank to receive Applicant's financial and manage- 9,300 for the State, and deposits per bank in the rial expertise and would provide a variety of addimarket^ are below the average deposits per bank tional services to the market. In view of the for the entire State, Montrose is growing rapidly increase in economic activity that is expected in and exhibits good prospects for continued growth the Montrose area, it appears that the provision in population, income, and employment opportu- of these additional services by Applicant, through nities.^ As a result, the Montrose banking market Bank, will have some beneficial effect upon the may be regarded as marginally attractive for de area in providing for its convenience and needs for banking services. Accordingly, the Board concludes that the considerations relating to the convenience and needs of the community to be served =^Bank is the 18th largest independent bank and the 50th lend weight toward approval of the application and largest of the 277 banks in Colorado. ^The smaller bank is a subsidiary of the second largest are sufficient to outweigh any slightly adverse banking organization in Colorado. In addition, a new bank effects that the proposal may have on potential opened on August 30, 1976, in Olathe, which is ten miles north of Montrose. competition. It is the Board's judgment that con- ^The relevant banking market is approximated by the eastern summation of the proposed acquisition would be portion of Montrose County, which is divided in half by the in the public interest and that the application Uncompahgre Forest. ®This figure is reduced to 5,200 when the new bank in Olathe should be approved. is taken into account. On the basis of the record, the application is ^Nevertheless, the market's average for deposits per bank approved for the reasons summarized above. The is nearly double that of any of the three adjacent counties. ®From 1970-1975, the populations of Montrose County and transaction shall not be made (a) before the thirtown, respectively, increased 13.6 and 25.9 per cent. In tieth calendar day following the effective date of addition, the average household income for Montrose County increased 85.6 per cent during the same period. this Order or (b) later than three months after the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 858 Federal Reserve Bulletin • October 1975 effective date of this Order, unless such period organization to acquire Bank, and, thereby, to is extended for good cause by the Board, or by continue what I regard as an undesirable trend the Federal Reserve Bank of Kansas City pursuant toward increased concentration of banking reto delegated authority. sources in Colorado. This result is further exacer- By order of the Board of Governors, effective bated by the fact that Applicant has chosen the September 30, 1976. largest bank as a means of expanding into a new market. Voting for this action: Vice Chairman Gardner and In addition to the adverse effects upon concen- Governors Wallich, Jackson, and Lilly. Voting against this action: Governor Cold well. Absent and not voting: tration and banking structure in Colorado, I am Chairman Burns and Governor Partee. concerned about the impact that the proposal would have upon potential competition in the (Signed) GRIFFITH L. GARWOOD, relevant market. The Board's majority concludes, [SEAL] Assistant Secretary of the Board. and the record supports the conclusion, that the market is somewhat attractive for de novo entry. It is clear that Applicant possesses the capabilities Dissenting Statement of Governor Coldwell to enter the Montrose area through the establish- I would deny the application of The First Na- ment of a new banking organization and that tional Bancorporation, Inc., to acquire The First Applicant must be perceived as a likely entrant National Bank of Montrose ("Bank"), since I into that market. Accordingly, consummation of believe that the proposal would have significant this proposal would eliminate Applicant as a poadverse effects upon both concentration of banking tential entrant into the market and, since the proresources in the State of Colorado and potential posal involves the largest bank in that market, that competition in the relevant banking market. In my elimination would have significant adverse effects view, such adverse effects are not clearly out- upon potential competition. weighed by other considerations reflected in the Therefore, in view of the rapidly increasing record and, therefore, the application should be concentration of banking resources in Colorado, denied. the aggressive expansion of Applicant, and the Colorado is a State whose banking resources are adverse effects of this proposal upon potential becoming more concentrated, as is evidenced by competition, the application should be denied the fact that ten multi-bank holding companies unless the anticompetitive effects of the proposal control approximately 67 per cent of the total are clearly outweighed in the public interest by deposits held by commercial banks in the State the probable effect of the transaction in meeting and 34.3 per cent of all the banks in the State. the convenience and needs of the community to The five largest banking organizations (all multi- be served. bank holding companies) control approximately 57 The Board's majority has concluded that the per cent of total deposits and 25.6 per cent of all anticompetitive effects of this proposal are outthe banks. Furthermore, among the nation's unit weighed by benefits that would accrue to the banking States, Colorado ranks as one of the most public. I disagree with that conclusion. Bank apconcentrated in terms of commercial bank deposits pears to be a strong, well-capitalized, independent and among those shows the highest rate of con- institution that is already maintaining its competicentration over the past seven years. Applicant, tive standing against the other Montrose bank, the largest bank holding company (controlling the which is a subsidiary of the State's second largest largest bank) in Colorado, has 11 subsidiary banks bank holding company. The benefits to the public and controls approximately 15.8 per cent of the that may result from this acquisition are, in my total deposits held by commercial banks in that view, weak and insufficient to outweigh the anti- State. Applicant has been engaged in an aggressive competitive effects inherent in this acquisition. If plan of expansion since its formation in 1968 and the affiliation of Bank with another banking orgathe present proposal represents a further effort by nization is thought to be desirable and beneficial Applicant to entrench its leading position in the to the public, such affiliation should be with an- State through the acquisition of a market's leading other banking organization that is not one of the banking organization. Bank holds 63 per cent of larger banking organizations in Colorado. the deposits in its market. Approval of this appli- For the foregoing reasons, I would deny the cation would enable the State's largest banking application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 859 IB&T Corp., As a result of consummation of this proposal. Pocatello, Idaho Bank's financial and managerial resources and future prospects will be strengthened. Accord- Order Approving Acquisition of Bank ingly, considerations relating to banking factors IB&T Corp., Pocatello, Idaho, a bank holding lend weight toward approval of the application. company within the meaning of the Bank Holding While no major changes are contemplated in Company Act, has applied for the Board's ap- Bank's services, the proposal will improve Bank's proval under § 3(a)(3) of the Act (12 U.S.C. § ability to continue to serve its customers and the 1842(a)(3)) to acquire 80 per cent of more of the community. Therefore, considerations relating to voting shares of First Bank of Troy, Troy, Idaho convenience and needs of the community to be ("Bank"). served are consistent with, and lend some weight toward, approval of the application. Accordingly, Notice of the application, affording opportunity it is the Board's judgment that the proposed acfor interested persons to submit comments and quisition would be in the public interest and should views, has been given in accordance with § 3(b) be approved. of the Act. The time for filing comments and views has expired, and the application and all comments On the basis of the record, the application is received, including those of the Idaho Department approved for the reasons summarized above. The of Finance recommending approval of the subject transaction shall not be made (a) before the thirapplication, have been considered by the Board tieth calendar day following the effective date of in light of the factors set forth in § 3(c) of the this Order or (b) later than three months after the Act (12 U.S.C. § 1842(c)). effective date of this Order, unless such period is extended for good cause by the Board, or by Applicant, the fourth largest banking organithe Federal Reserve Bank of San Francisco pursuzation in Idaho, controls one bank with total deant to delegated authority. posits of $209 million, representing 7.94 per cent of the total deposits in commercial banks in the By order of the Board of Governors, effective State.^ Acquisition of Bank (deposits of $22 mil- September 10, 1976. lion) would increase Applicant's share of State- Voting for this action: Chairman Burns and Governors Gardner, Wallich, and Cold well. Absent and not wide deposits by .82 of one per cent. Consummavoting: Governors Jackson, Partee, and Lilly. tion of the proposed transaction would not result in a significant increase in the concentration of (Signed) GRIFFITH L. GARWOOD, banking resources in Idaho, nor would it alter [SEAL] Assistant Secretary of the Board. Applicant's Statewide ranking. Bank is the second largest of four banks located Lisco State Company, in the Moscow-Troy, Idaho banking market (the Lisco, Nebraska relevant banking market for purposes of this proposal), and controls 35 per cent of market deposits. Order Approving Applicant's nearest office is 33 miles from Bank Formation of a Bank Holding Company and no significant competition exists between them. Under Idaho banking law. Applicant could Lisco State Company, Lisco, Nebraska ("Apbranch de novo into the Moscow-Troy market but plicant"), has applied for prior approval pursuant such entry appears unlikely in view of the fact to section 3(a)(1) of the Bank Holding Company that the area has been growing less rapidly than Act of 1956 (12 U.S.C. 1842(a)(1)) and section other parts of the State. In view of the foregoing 225.3(a) of Regulation Y (12 CFR 225.3(a)) to and other factors of record, the Board concludes become a bank holding company through the acthat approval of this application would not have quisition of 89 per cent or more of the voting any significant adverse effects upon competition. shares of Lisco State Bank, Lisco, Nebraska The financial and managerial resources of Ap- ("Bank"). plicant and its subsidiary are considered satis- Notice of the application, affording an opportufactory and their future prospects appear favorable. nity for interested persons to submit conmients and views, has been given in accordance with section 3(b) of the Act (41 Federal Register 30068). Time for filing comments and views has expired and the ^Unless otherwise indicated, all banking data are as of December 31, 1975. application and all conmients received have been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 860 Federal Reserve Bulletin • October 1975 considered in light of the factors set forth in section such period is extended for good cause by the 3(c) of the Act (12 U.S.C. 1842(c)). Board of Governors or by the Federal Reserve Upon acquisition of Bank (deposits of $3.6 Bank of Kansas City pursuant to delegated aumillion), Applicant would control the 356th largest thority. bank in Nebraska, holding .05 per cent of total By order of the Secretary of the Board, acting deposits in commercial banks in the State.^ Bank pursuant to delegated authority from the Board of is the smallest of the three banks located in Garden Governors, effective September 16, 1976. County, which approximates the relevant banking market, and controls 20.52 per cent of deposits (Signed) GRIFFITH L. GARWOOD, therein. Acquisition of Bank would result in no [SEAL] Assistant Secretary of the Board. immediate change in banking services available in the relevant market. M & S BanCorp, Applicant's principal shareholder has ownership Janesville, Wisconsin interests in one Colorado and two Nebraska one- Order Approving Acquisition of Bank bank holding companies. The subsidiary banks of these holding companies are located considerable M & S BanCorp, Janesville, Wisconsin, a bank distances from Bank and operate in different holding company within the meaning of the Bank banking markets. Inasmuch as the proposal to form Holding Company Act, has applied for the Board's a bank holding company represents a restructuring approval under § 3(a)(3) of the Act (12 U.S.C. of the existing ownership of Bank into corporate § 1842(a)(3)) to acquire 98.83 per cent of the form, consummation of the proposal would elimi- voting shares of Merchants Bank of Evansville, nate neither existing nor potential competition, nor Evansville, Wisconsin ("Bank"). does it appear that there would be any adverse Notice of the application, affording opportunity effects on other banks in the trade area. for interested persons to submit comments and The financial and managerial resources and fu- views, has been given in accordance with § 3(b) ture prospects of Applicant, which are dependent of the Act. The time for filing comments and views on those of Bank, are considered satisfactory and has expired, and the Board has considered the consistent with approval. The debt to be incurrred application and all comments received in light of by Applicant appears to be serviceable from the the factors set forth in § 3(c) of the Act (12 U.S.C. income derived from Bank without having an § 1842(c)). adverse effect on the financial condition of either Applicant, the seventeenth largest banking or- Applicant or Bank. Accordingly, considerations ganization in Wisconsin, controls two banks with relating to banking factors are consistent with aggregate deposits of approximately $84 million, approval of the application. representing 0.6 per cent of the total deposits in Although consummation of the proposal would commercial banks in the State.^ Acquisition of cause no changes in the banking services offered Bank, which opened for business on May 3, 1976, by Bank, considerations relating to the conven- would neither immediately increase Applicant's ience and needs of the community to be served share of commercial bank deposits in Wisconsin are consistent with approval. It has been deter- nor result in a significant increase in the concenmined that consummation of the transaction would tration of banking resources in the State. be in the public interest and that the application Bank recently commenced operations in Evansshould be approved. ville, a city located in the south-central portion On the basis of the record, the application is of Wisconsin, with a population of approximately approved for the reasons summarized above. The 3,OCX) persons, according to the 1970 Census. transaction involving acquisition of shares of Bank Prior to Bank's entry a few months ago, only one shall not be consummated before the thirtieth cal- other bank operated in Evansville. Applicant, endar day following the effective date of this Order through its two existing subsidiary banks, is the and Bank should not be acquired later than three largest of 14 banking organizations in the relevant months after the effective date of this Order, unless ^All banking data are as of June 30, 1975, and reflect bank ^Unless otherwise indicated, all banking data are as of holding company formations and acquisitions approved through December 31, 1975. August 31, 1976. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 861 banking market^ and controls approximately 21 per nors Gardner, Wallich, Coldwell, Jackson and Lilly. cent of total deposits in that market. The second Absent and not voting: Governor Partee. largest banking organization therein controls 19 (Signed) RICHARD D. ABRAHAMSON, per cent of total deposits in the market. The office [SEAL] Assistant Secretary of the Board. of Applicant's banking subsidiary closest to Bank is in Janesville, 16 miles southwest of Evansville. National Detroit Corporation, However, neither of Applicant's subsidiary banks may branch into Evansville because of the "home Detroit, Michigan office protection" afforded by Wisconsin's restric- Order Approving Acquisition of Bank tive branching laws. Accordingly, in view of the fact that this proposal involves the acquisition of National Detroit Corporation, Detroit, Michiessentially a de novo bank, it appears that the gan, a bank holding company within the meaning proposed transaction would have no significant of the Bank Holding Company Act, has applied adverse effects on existing or potential competi- for the Board's approval under § 3(a)(3) of the tion. Therefore, based upon all facts of record, Act (12 U.S.C. § 1842(a)(3)) to acquire all of the the Board has determined that competitive consid- voting shares, less directors' qualifying shares, of erations are consistent with approval of the appli- National Bank of Port Huron, Port Huron, Michication. gan ("Bank"), a proposed new bank. The financial and managerial resources and fu- Notice of the application, affording opportunity ture prospects of Applicant, its subsidiary banks, for interested persons to submit comments and and Bank are regarded as generally satisfactory. views, has been given in accordance with § 3(b) Therefore, considerations relating to banking fac- of the Act. The time for filing comments and views tors are consistent with approval of the application. has expired, and the Board has considered the The addition of a second banking alternative in application and all comments received, including Evansville should enhance banking competition those of The Commercial and Savings Bank of and thus increase services to the residents of the St. Clair County, St. Clair, Michigan ("Commerarea. In fact, apparently in response to Bank's cial Bank") and the Peoples Bank of Port Huron, formation, the other competing bank has increased Port Huron, Michigan ("Peoples Bank"), in light both the interest paid on savings accounts and its of the factors set forth in § 3(c) of the Act (12 banking hours to include Saturday morning bank- U.S.C. § 1842(c)). ing services. Accordingly, considerations relating Applicant controls five banks in Michigan with to the convenience and needs of the community aggregate deposits of $4.9 billion, representing to be served lend weight toward approval of the approximately 16.7 per cent of the total commerapplication. It is the Board's judgment that the cial bank deposits in Michigan, and is the largest proposed acquisition would be in the public inter- banking organization in the State.^ Since Bank is est and that the application should be approved. a proposed new bank, its acquisition by Applicant On the basis of the record, the application is would not immediately increase Applicant's share approved for the reasons summarized above. The of commercial bank deposits in the State. transaction shall not be made (a) before the thir- Applicant is seeking to make its initial entry tieth calendar day following the effective date of into the Port Huron banking market (the relevant this Order or (b) later than three months after the market),^ and Bank will be located in the city of effective date of this Order, unless such period Port Huron. Applicant has no offices within the is extended for good cause by the Board, or by relevant market and the nearest office of any of the Federal Reserve Bank of Chicago pursuant to Applicant's subsidiary banks to Bank's proposed delegated authority. location is 40 miles southwest of Bank in the By order of the Board of Governors, effective Detroit banking market. September 22, 1976. In its consideration of the subject application, the Board has also considered the comments sub- Voting for this action: Chairman Burns and Gover- ^Unless otherwise indicated, all banking data are as of December 31, 1975. 2The Port Huron market is approximated by St. Clair 2 The Janesville-Beloit banking market is the relevant market County, excluding a small western portion that includes the in this case and is approximated by Rock County, Wisconsin. town of Capac. All market data are as of June 30, 1975. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 862 Federal Reserve Bulletin • October 1975 mitted by the two Protestants. Generally speaking, Peoples Bank increased its deposits 13.6 per cent Protestants contend that the proposal would have between year-end 1974 and 1975, that its return anticompetitive effects and would adversely affect on assets for 1975 was far in excess of the Statethe viability of existing banks in the market. The wide average for like-sized banks, and that it was Board has analyzed the information submitted by better capitalized during 1975 than the average each of the Protestants and, for the reasons set like-sized banks in Michigan. forth below, it is the Board's judgment that the The second Protestant, Peoples Bank, contends issues raised by Protestants are not sufficient to that the Port Huron area has experienced signifiwarrant denial of the subject application.^ cant economic deterioration since the hearings held The first Protestant, Commercial Bank, prin- by the Comptroller of the Currency in connection cipally argues that consummation of the proposal with the chartering of Bank, and therefore, the would (1) increase market concentration, (2) Port Huron area could not now support an addihinder market deconcentration and (3) adversely tional bank. The record shows that the population affect Peoples Bank. Commercial Bank contends of St. Clair County increased 7.4 per cent from that the relevant market for analyzing the compet- 1970-1975. At the same time, the banking organiitive effects of this proposal encompasses the six- zations with their head offices in St. Clair County county area of Wayne, Oakland, Macomb, Wash- increased their deposits at almost twice the average tenaw, Livingston and St. Clair counties. It is the rate for all banks in the State for the period June Board's opinion, however, that Protestant Com- 1974 to December 1975. Similarly, the record mercial Bank's definition of the relevant market does not support Peoples Bank's assessment of the is too broad as it includes the Detroit banking effect this acquisition would have on the existing market and portions of several other banking mar- banks in the market. With the exception of a small kets'^ and that the correct market for purposes of branch of a bank whose main office is located analyzing the competitive effects of this proposal outside of the relevant market, the banking orgais the Port Huron market as defined above (see nizations in the market are well established instifootnote two). It is the Board's view that consum- tutions, and as noted above, those banking ormation of this proposal, would add an additional ganizations with their head offices in St. Clair full service banking competitor to this highly con- County have experienced significant deposit centrated market in which the three largest bank- growth. As already noted. Peoples Bank itself has ing organizations hold approximately 86 per cent experienced above average growth of deposits and of the total commercial bank deposits and would an above average return on its assets. On the basis increase the likelihood of eventual market de- of the above and other facts of record, the Board concentration. Finally, the Board disagrees with is of the view that the Port Huron banking market Commercial Bank's assessment of the adverse will continue to support the existing banks in the effect that consummation of the proposal would market and that Bank will not have a serious have on Peoples Bank. The Board notes that adverse effect upon those institutions. Having considered the comments of the Protestants and all of the facts of record, the Board concludes that consummation of the proposed, ac- 3Protestant Peoples Bank, in its original submission, re- quisition would not have an adverse effect on quested that the Board hold a hearing on the application. Under future competition and that Applicant's acquisition § 3(b) of the Act, the Board is required to hold a hearing of Bank can be reasonably expected to stimulate only when the primary supervisor of the bank to be acquired recommends disapproval of the application (12 U.S.C. § competition in this highly concentrated market by 1842(b)). In this case, the Comptroller of the Currency issued introducing an additional banking alternative a preliminary charter approval on October 21, 1975 and has not subsequently recommended that the application be denied. without significantly adversely affecting any of the Thus, there was no statutory requirement that a hearing be existing banks in the market. Therefore, for the held. Protestant Peoples Bank submitted written material in reasons summarized above, the Board concludes support of its protest and by letter of May 27, 1976, withdrew its request for a formal hearing. that competitive considerations are consistent ''In conjunction with its consideration of a recent application with, and lend some weight toward, approval of by Michigan National Corporation, Bloomfield Hills, Michi- the application. gan, to acquire Peoples Bank and Trust, N.A., Trenton, Michigan. (Board Order of August 24, 1976), the Board had The financial and managerial resources and fuoccasion to consider the proper definition of the Detroit banking ture prospects of Applicant and its subsidiaries are market and found that it was approximated by the counties of Macomb, Oakland and Wayne. regarded as satisfactory. As a proposed new bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 863 Bank has no financial or operating history; how- for the Board's approval under § 3(a)(3) of the ever, its prospects as a subsidiary of Applicant Act (12 U.S.C. § 1842(a)(3)) to acquire an addiappear favorable. Considerations relating to bank- tional 4.6 per cent of the voting shares of The State ing factors, therefore, are consistent with approval Bank of Delphos, Delphos, Kansas ("Bank"). of the application. Notice of the application, affording opportunity Bank will serve as an additional full service for interested persons to submit comments and banking alternative to the residents of Port Huron, views, has been given in accordance with § 3(b) increasing the number of banks in that city from of the Act. The time for filing comments and views two to three. Bank will offer all services normally has expired, and the Board has considered the considered to be full service banking including application and all comments received in light of trust services, selected week-day evening hours, the factors set forth in § 3(c) of the Act (12 U.S.C. and Saturday hours. Accordingly, these consid- § 1842(c)). erations relating to the convenience and needs of Applicant currently owns 22.2 per cent of the the community to be served lend some weight voting shares of Bank,^ and also engages in insurtoward approval of the application. It is the ance activities.^ Bank, with total deposits of ap- Board's judgment that the proposed acquisition proximately $4.5 million,^ controls approximately would be in the public interest and that the appli- .05 per cent of the total deposits in commercial cation should be approved. banks in the State and is the fourth largest of the On the basis of the record, the application is five banks in the relevant market with approxiapproved for the reasons summarized above. The mately 15.2 per cent of the total deposits in the transaction shall not be made (a) before the thir- market.^ Applicant proposes to acquire 23 shares tieth calendar day following the effective date of of Bank from a principal shareholder of Bank and this Order or (b) later than three months after that Applicant. date, and (c) National Bank of Port Huron, Port The proposed acquisition of additional shares Huron, Michigan, shall be opened for business not of Bank would have no effect on competition, later than six months after the effective date of since Applicant and its officers, directors and this Order. Each of the periods described in (b) principal shareholders together already control a and (c) may be extended for good cause by the majority of Bank's outstanding voting shares. Board, or by the Federal Reserve Bank of Chicago Thus, competitive considerations are consistent pursuant to delegated authority. with approval of the application. By order of the Board of Governors, effective The financial condition and managerial re- September 27, 1976. sources of Applicant and Bank are considered satisfactory. Applicant will not incur any debt in Voting for this action: Chairman Burns and Goverconnection with this acquisition and the banking nors Gardner, Wallich, Jackson, Partee, and Lilly. Absent and not voting: Governor Coldwell. factors are consistent with approval. Although there will be no immediate change in the services (Signed) GRIFFITH L. GARWOOD, or facilities of Bank as a result of this acquisition [SEAL] Assistant Secretary of the Board. of additional voting shares, considerations relating to the convenience and needs of the community Roger Billings, Incorporated Delphos, Kansas Order Approving Acquisition of ^Applicant acquired additional shares of Bank during 1973 and 1974 without the prior approval of the Board. At the Additional Shares of Bank request of the Federal Reserve Bank of Kansas City, Applicant divested those shares and filed this application to reacquire Roger Billings, Incorporated, Delphos, Kansas, them. a registered bank holding company,^ has applied ^Applicant claims § 4(c)(ii) as authority for its continuing to engage in its nonbanking activities. In the event the Board determines that Applicant is not entitled to that exemption. ^Applicant registered as a bank holding company in 1971 Applicant has agreed to either file an application pursuant to at the request of the Federal Reserve Bank of Kansas City. § 4(c)(8) or divest itself of the shares of Bank it has applied Under § 225.2(b) of the Board's Regulation Y (12 CFR § to acquire and thus reduce its holdings of Bank's stock to less 225.2(b)) a rebuttable presumption exists that Applicant con- than 25 per cent of the outstanding voting shares. trols The State Bank of Delphos, Delphos, Kansas; however, ^All banking data are as of December 31, 1975. the Board has not previously made a determination that Appli- ^The relevant market is approximated by northern Ottawa cant controls that bank. and southern Cloud Counties. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 864 Federal Reserve Bulletin • October 1975 to be served are consistent with approval of the is favorable. Accordingly, the application is application. Therefore, it is the Board's judgment hereby approved for the reasons set forth in the that the proposed transaction is consistent with the Board's Statement, which will be released at a public interest and that the application should be later date. This determination is subject to the approved. conditions set forth in § 225.4(c) of Regulation On the basis of the record, the application is Y and to the Board's authority to require such approved for the reasons summarized above. The modification or termination of the activities of a transaction shall not be made (a) before the thir- holding company or any of its subsidiaries as the tieth calendar day following the effective date of Board finds necessary to assure compliance with this Order or (b) later than three months after the the provisions and purposes of the Act and the effective date of this Order, unless such period Board's regulations and orders issued thereunder, is extended for good cause by the Board or the or to prevent evasion thereof. Federal Reserve Bank of Kansas City. The transaction shall be made not later than By order of the Board of Governors, effective three months after the effective date of this Order, September 14, 1976. unless such period is extended for good cause by the Board or by the Federal Reserve Bank of New Voting for this action: Chairman Burns and Gover- York. nors Gardner, Coldwell, Jackson and Lilly. Absent and not voting: Governors Wallich and Partee. By order of the Board of Governors, effective August 27, 1976. (Signed) GRIFFITH L. GARWOOD, Voting for this action: Vice Chairman Gardner and [SEAL! Assistant Secretary of the Board. Governors Wallich, Coldwell, Partee, and Lilly. Absent and not voting: Chairman Burns and Governor Jackson. (Signed) THEODORE E. ALLISON, Orders Under Section 4 [SEAL] Secretary of the Board. Of Bank Holding Company Act C.I.T. Financial Corporation, New York, New York Statement by Board of Governors of the Federal Reserve System regarding the Order Approving Acquisition of Assets application by C.I.T. Financial Corporation C.I.T. Financial Corporation, New York, New for approval to acquire assets of Guardian York, has applied for the Board's approval under Commercial Corporation § 4(c)(8) of the Bank Holding Company Act C'Act") (12 U.S.C. § 1843(c)(8)) and § C.I.T. Financial Corporation, New York, New 225.4(b)(2) of the Board's Regulation Y (12 CFR York, a bank holding company within the meaning § 225.4(b)(2)), to acquire substantially all of the of the Bank Holding Company Act, applied for assets of Guardian Commercial Corporation, Ros- the Board's approval, under § 4(c)(8) of the Act lyn. Heights, New York, a company that engages (12 U.S.C. § 1843(c)(8)) and § 225.4(b)(2) of the in consumer finance activities. Such activities have Board's Regulation Y (12 CFR § 225.4(b)(2)), to been determined by the Board to be closely related acquire substantially all of the assets of 27 subsidto banking (12 CFR § 225.4(a)(1)). iary consumer finance offices of Guardian Com- Notice of the application, affording opportunity mercial Corporation ("Guardian"), Roslyn for interested persons to submit comments and Heights, New York. Consumer finance activities views on the public interest factors has been duly have been determined by the Board to be closely published (41 Federal Register 2169). The time related to banking (12 CFR § 225.4(a)(1)). By for filing comments and views has expired, and Order of August 27, 1976, the Board acted to the Board has considered the applications and all approve the application for the reasons that are comments received in light of the public interest set forth in this Statement. factors set forth in § 4(c)(8) of the Act (12 U.S.C. Applicant controls one bank. National Bank of § 1843(c)(8)). North America ("Bank"). Bank, with total do- On the basis of the record, the Board has deter- mestic deposits of $2.2 billion, representing 1.6 mined that the balance of the public interest factors per cent of the total commercial bank deposits in the Board is required to consider under § 4(c)(8) the State, is a full-service commercial bank with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 865 141 offices in the New York City metropolitan area thermore, the facts of record of this application and is the tenth largest bank in New York State.^ indicate that the consumer finance activities of Applicant has total assets of about $7 billion and Guardian have not been profitable due to its high engages in four principal lines of activity: business cost of obtaining operating funds. This situation and consumer finance, banking, manufacturing has necessitated a contraction of Guardian's conand merchandising, and insurance.^ Applicant, sumer finance business and the closing of nuwith approximately 1,000 consumer and business merous loan offices. Unless the operating difficulfinance offices located throughout the United ties in the consumer finance business of Guardian States, Puerto Rico and Canada, is one of the are overcome, FJNC may find it more expedient largest diversified finance companies in the United to liquidate additional finance offices than to con- States. Business and consumer finance activities tinue to incur the losses associated with such comprise approximately 50 per cent of Applicant's operations. On the basis of these considerations, assets and 56 per cent of Applicant's net income. the Board concludes, with respect to existing Guardian, with total assets of approximately $36 competition, that Guardian does not have a signifmillion, is a subsidiary of First Jersey National icant competitive presence in the markets it serves. Corporation ("FJNC"), Jersey City, New Jersey, With respect to potential and future competition, a registered bank holding company, and engages the facts of record show that Applicant has the through its three direct subsidiaries. Guardian financial and managerial capabilities to open addi- Loan Company, Tilden Commercial Alliance, and tional offices in markets where it presently com- Tilden Life Insurance, in consumer and sales fi- petes with Guardian and to expand on a de novo nancing, automobile and equipment lease financ- basis into other attractive areas presently served ing, the sale of credit life and credit accident and by Guardian. However, in view of Guardian's health insurance in connection with extensions of uncertain viability as a competitor in the markets credit, and the reinsuring of credit life and credit it serves and the unsuccessful attempt by FJNC disability insurance. Applicant proposed to acquire over the last three years to sell Guardian, it does approximately $12 million of Guardian's assets, not appear that any significant competition berepresenting substantially all of the assets relating tween Applicant and Guardian would be likely to to the consumer finance business of 27 subsidiary develop in the future absent approval of this apoffices of Guardian located in the four States of plication. The Board further notes that Guardian's Pennsylvania, New Jersey, Delaware and Con- uncertain future, past operating performance, and necticut. These assets include consumer finance relatively wide geographic diversification within and sales finance receivables, customer lists, fur- Pennsylvania and New Jersey, tend to lessen its niture, fixtures, and leasehold interests. attractiveness as a "going concern" acquisition Applicant and Guardian operate one office each vehicle for bank holding companies that have not in the Wilmington and Harrisburg markets. Appli- yet entered the consumer finance field. In light of cant and Guardian operate two offices and five the foregoing and other facts of record, it appears offices, respectively, in the Philadelphia-Camden conjectural whether Applicant's acquisition of market. Accordingly, consummation of this ac- Guardian would foreclose an amount of future or quisition would result in the elimination of some potential competition that would be regarded as existing competition. However, in each of these significant. markets the share of the estimated total dollar Under § 4(c)(8) of the Act, the Board is required volume of direct consumer loans outstanding held to consider the public benefits that are likely to by Applicant and Guardian combined is less than be derived from the acquisition of a nonbanking 1 per cent, and a large number of small loan concern by a bank holding company and, in the companies operate in each of the markets. Fur- context of this application, the Board believes that some public benefit may reasonably be expected to result from consummation of the proposal. Consummation of the proposal would insure a ^All banking data are as of December 31, 1975. 2Certain of Applicant's nonbanking activities are subject to continuity of services to Guardian's existing loan review under § 4(a)(2) of the Act. It is anticipated that this customers, while relieving FJNC of the necessity review will be completed shortly. Pending completion of this review. Applicant may not comingle the assets of Guardian of funding Guardian's consumer finance business with assets that might be subject to divestiture or for which and enabling FJNC to retain Guardian's other, Applicant may be required to file an application to retain more profitable activities, particularly its leasing pursuant to § 4(c)(8) of the Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 866 Federal Reserve Bulletin • October 1975 activities. In addition, Applicant has committed pand the activities of its indirect subsidiary Gateto expand the services offered to current and way Life Insurance Company ("Gateway"), prospective customers by making available larger Phoenix, Arizona.^ Gateway, a subsidiary of Aploans (where permitted by State law) and real plicant's consumer finance subsidiary. Nationwide estate loans, and by offering additional credit in- Financial Services Corporation ("Nationwide"), surance coverage. Applicant would bring to the St. Louis, Missouri, currently engages in the acmarkets served by Guardian its substantial finan- tivity of underwriting, as reinsurer, credit life and cial and managerial resources and broadened, credit accident and health insurance directly remore sophisticated, financing services. While the lated to extensions of credit by Nationwide in the Board is concerned about some aspects of this 13 States in which Nationwide operated at the time proposal to which adverse weight has been ac- of its acquisition by Applicant in 1973.^ If the corded in previous Orders dealing with similar instant proposal is approved, Applicant proposes proposals by other bank holding companies,^ the to expand Gateway's reinsurance activities de novo Board concludes that, on balance, this proposal to include Applicant's lending subsidiaries in 13 can be expected to result in benefits to the public additional States^ and the Commonwealth of that are sufficient to outweigh possible adverse Puerto Rico. Applicant further proposes to modify effects. the scope of Gateway's underwriting activities by Board of Governors of the Federal Reserve causing Gateway to act as a direct underwriter, System, September 23, 1976. rather than as reinsurer, in those States in which it has developed the greatest reinsurance experi- (Signed) THEODORE E. ALLISON, ence. This modification of the activity would be [SEAL] Secretary of the Board. instituted on a selective State-by-State basis. The Board has previously determined that the activity of direct underwriting or underwriting as reinsurer ^The Board has previously indicated that it will view a of credit life and credit accident and health insurproposed acquisition of a going concern as offering substanance which is directly related to extensions of tially diminished returns to the public interest where the Applicant is a leading bank holding company with a substantial credit by the bank holding company system is and growing consumer finance subsidiary that has achieved closely related to banking.^ a significant presence in the industry and where the Applicant has the expertise, managerial talent, and financial resources Notice of the application, affording opportunity to expand its operations by means other than acquisition (see for interested persons to submit comments and the Board's Order denying Citicorp's applications to acquire Amfac Credit Corporation, West Coast Credit Corporation and views on the public interest factors, has been duly Federal Discount Corporation, 61 Federal Reserve BULLETIN published (41 Federal Register 32668 (1976)). 896 (1975)). Although some of these elements are present in The time for filing comments and views has exthe proposed acquisition, the Board notes that Applicant is a diversified corporation that engages primarily in nonbanking pired, and the Board has considered the application activities and already derives the majority of its income from consumer and business finance activities. Accordingly, this proposal does not present the possibility that the resources of its bank may give the holding company some competitive advantage in the performance of the nonbanking activity; and, ^By Order dated September 11, 1973, the Board approved there is otherwise no evidence in the record to indicate that Applicant's application to acquire Gateway and thereby to consummation of this proposal, in and of itself, would result engage in underwriting/reinsuring activities [38 Federal Regin any undue concentration of resources, conflicts of interests, ister 26507 (1973)]. or unsound banking practices. ^These States are: Arizona, California, Colorado, Georgia, Louisiana, Missouri, Nevada, New Mexico, Oklahoma, Oregon, Utah, Washington, and Wyoming. ^The additional States are: Alabama, Florida, Idaho, In- Citicorp, diana, Maryland, Mississippi, Montana, Nebraska, New York, North Carolina, South Dakota, Texas, and Virginia. New York, New York ^By Order dated May 21, 1973, the Board approved the application of Northwest Bancorporation, Minneapolis, Min- Order Approving De Novo Expansion of the nesota, to acquire Banco Credit Life Insurance Company [38 Activities of Gateway Life Insurance Company Federal Register 14205 (1973)]. In that Order, the Board stated: Citicorp, New York, New York, a bank holding In adopting Section 225.4(a)(10), the Board did not consider the underwriting of long term, high value decreasing company within the meaning of the Bank Holding term life insurance where age is a factor in the rate to be Company Act, has applied for the Board's ap- charged. Accordingly, underwriting insurance of this type, proval, under § 4(c)(8) of the Act and § which is commonly offered in connection with real estate mortgage loans, is not regarded as having been determined 225.4(b)(2) of the Board's Regulation Y, to exto be closely related to banking under Section 225.4(a)(10). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 867 and all comments received in the light of the public showing would be made by a projected reducinterest factors set forth in § 4(c)(8) of the Act tion in rates or increase in policy benefits due (12 U.S.C. § 1843(c)(8)). to bank holding company performance of this Applicant, the largest banking organization in service. (12 CFR § 225.4(a)(10) n. 7) New York State and the second largest banking Applicant's proposal involves two aspects: (1) organization in the United States, controls two the expansion of reinsurance activities into 13 subsidiary banks with aggregate domestic deposits additional States and the Commonwealth of Puerto of approximately $19.5 billion, representing about Rico, and (2) the conversion of some of the 14.4 per cent of the total deposits in commercial existing reinsurance activities into direct unbanks in New York State.^ Applicant engages in derwriting activities. Applicant has stated that fola variety of permissible nonbank activities through lowing approval of this proposal, Gateway will 85 direct and indirect domestic nonbank subsidi- offer at reduced permiums the several types of aries. Applicant's nonbank activities include credit insurance policies that it will reinsure in the mortgage banking activities,® leasing activities, additional areas it proposes to enter. Applicant's consumer and sales finance activities, and insur- proposed rate reductions vary according to the ance agency activities for the sale of insurance various prima facie rates established in each of which is directly related to extensions of credit. the respective additional States and in Puerto Rico. Gateway's activities will be limited to acting Thus, Applicant's proposal involves rate reducas direct underwriter or as reinsurer of credit life tions for credit life insurance ranging from 2.3 per and credit accident and health insurance directly cent to 15 per cent below the maximum allowable related to extensions of credit by Nationwide and premium rates established in each respective State Applicant's other lending subsidiaries. Since this and Puerto Rico, and rate reductions for credit proposal essentially involves a de novo expansion accident and health insurance of 5 per cent below and modification of Applicant's existing under- the maximum allowable rate established in each writing/reinsuring activities, approval of this pro- respective State and Puerto Rico. The Board is posal would not have any adverse effects on either of the view that these reductions in insurance existing or potential competition in any relevant premiums which Applicant proposes to establish market. are procompetitive and in the public interest. With Credit life and credit accident and health insur- regard to the portion of Applicant's proposal reance is generally made available by banks and lating to the conversion of reinsurance activities other lenders and is designed to assure repayment into direct underwriting activities in those States of a loan in the event of death or disability of where Applicant has already gained reinsurance the borrower. In connection with its addition of experience, the Board regards this change as being the underwriting of such insurance to the list of primarily a change in form which will not materipermissible activities for bank holding companies, ally alter the facts considered by the Board in the Board stated: connection with the original approval of Appli- To assure that engaging in the underwriting of cant's acquisition of Gateway. In this regard. credit life and credit accident and health insur- Applicant will maintain the public benefits to ance can reasonably be expected to be in the which it was previously committed. public interest, the Board will only approve Based upon the foregoing and other considapplications in which an applicant demonstrates erations reflected in the record, including a comthat approval will benefit the consumer or result mitment by Applicant to maintain on a continuing in other public benefits. Normally, such a basis the public benefits that the Board has found to be reasonably expected to result from this proposal and upon which the approval of this proposal is based, the Board has determined that the balance ^All banking data are as of December 31, 1975. of the public interest factors the Board is required ^Applicant engages in mortgage banking activities through Advance Mortgage Company ("Advance"), Southfield, Mich- to consider under § 4(c)(8) is favorable. Accordigan, a nonbank subsidiary which Applicant acquired on June ingly, the application is hereby approved. This 15, 1970. Under the provisions of § 4(a)(2) of the Act, determination is subject to the conditions set forth Applicant may not retain the shares of Advance beyond December 31, 1980, without Board approval. By order dated in § 225.4(c) of Regulation Y and to the Board's December 26, 1973, the Board denied Applicant's application authority to require such modification or terminato retain Advance pursuant to § 4(c)(8) of the Act [60 Federal tion of the activities of a holding company or any Reserve BULLETIN 50], Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 868 Federal Reserve Bulletin • October 1975 of its subsidiaries as the Board finds necessary to Voting for this action: Vice Chairman Gardner and assure compliance with the provisions and pur- Governors Wallich, Coldwell, Jackson, and Lilly. Absent and not voting: Chairman Burns and Governor poses of the Act and the Board's regulations and Partee. orders issued thereunder, or to prevent evasion thereof. (Signed) GRIFFITH L. GARWOOD, The transaction shall be made not later than [SEAL] Assistant Secretary of the Board. three months after the effective date of this Order, unless such period is extended for good cause by Hampton Bankshares Corporation, Clayton the Board or by the Federal Reserve Bank of New York, pursuant to authority hereby delegated. Bancshares Corporation, and Crestwood Bank By order of the Board of Governors, effective Shares Corporation, St. Louis, Missouri September 20, 1976. Order Approving Voting for this action: Chairman Burns and Gover- Retention of Clayton Trust Company nors Gardner, Wallich, Jackson, and Lilly. Absent and Hampton Bankshares Corporation, Clayton not voting: Governors Cold well and Partee. Bancshares Corporation, and Crestwood Bank (Signed) RICHARD D. ABRAHAMSON, Shares Corporation, all of St. Louis, Missouri, [SEAL] Assistant Secretary of the Board. bank holding companies within the meaning of the Bank Holding Company Act, have each applied for the Board's approval, under § 4(c)(8) of the First Security Corporation, Act and § 225.4(b)(2) of the Board's Regulation Salt Lake City, Utah Y, to retain indirectly 32.8 percent^ of the voting shares of Clayton Trust Company, Clayton, Mis- Order Amending Requirement souri ("Company"), a company that engages in for Filing a Plan of Divestiture activities that may be carried on by a trust com- By Order dated July 30, 1976, the Board denied pany including providing services of a trust, fidufurther extensions of time for divestiture by First ciary, agency, or custodian nature. Such activities Security Corporation, Salt Lake City, Utah have deen determined by the Board to to be closely ("FSC"), of First Security Savings and Loan related to banking (12 CFR § 225.4(a)(4)). Association, Pocatello, Idaho ("FSS&L"), a Notice of the applications, affording opportunity company engaged in the business of operating a for interested persons to submit comments and savings and loan association, and determined not views on the public interest factors, has been duly to process FSC's tendered application to retain published (41 Federal Register 27133). The time FSS&L pursuant to § 4(c)(8) of the Bank Holding for filing comments and views has expired, and Company Act. The Board's Order required FSC the Board has considered all comments received to divest itself of any and all direct or indirect in the light of the public interest factors set forth interest in and control over FSS&L by no later in section 4(c)(8) of the Act (12 U.S.C. § than November 1, 1976. FSC was further directed 1843(c)(8)). to file a plan of divestiture with the Board by no Each Applicant is a separate one-bank holding later than September 15, 1976. company and each controls a different bank; Ap- By letter dated August 25, 1976, and attach- plicants are affiliated with each other through ments thereto, FSC has requested that the Board common ownership. Their three subsidiary banks grant reconsideration of its July 30 Order. The have aggregate deposits of approximately $272.4 Board expects to act on such petition shortly and million.^ Company, which commenced operations has determined that pending its action it is appro- in 1973, was organized by the individual who priate to extend the deadline by which FSC is to serves as chief executive officer and is principal file a plan of divestiture with the Board. Accord- shareholder of each of Applicants. In 1974, the ingly, in the event the Board acts to deny the shares of Company were placed in a voting trust petition, FSC is hereby directed to file a plan of divestiture no later than two weeks subsequent to the date of such Board action. ^Applicants have applied to retain in the aggregate 98.32 By order of the Board of Governors, effective per cent of Company's outstanding voting shares. September 15, 1976. ^All banking data are as of December 31, 1975. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 869 and voting trust certificates were issued to Appli- provide benefits to the public by assuring a concants' three subsidiary banks. As a result, each venient and continued source of trust and related Applicant controls approximately 32.8 per cent of services. There is no evidence in the record indithe voting shares of Company.^ Company had total cating that retention of Company would lead to trust assets of approximately $12.5 million as of any undue concentration of resources, unfair com- April 30, 1976. petition, conflicts of interests, unsound banking In acting on applications submitted pursuant to practices, or other adverse effects on the public § 4(c)(8) of the Act, the Board analyzes an appli- interest. cation to retain a company engaged in § 4(c)(8) Based upon the foregoing and other considactivities by the same standards that it analyzes erations reflected in the record, the Board has an application to acquire a company engaged in determined that, in accordance with the provisions such activities. In addition, the Board analyzes the of section 4(c)(8), retention of shares of Company competitive effects of a proposal both at the time by Applicants can reasonably be expected to result of the acquisition and at the time of the application in benefits to the public that outweigh possible for retention. Applicants acquired their interests adverse effects. Accordingly, the applications are in Company from Company's organizer through hereby approved. This determination is subject to the above-described voting trust arrangement. That the conditions set forth in section 225.4(c) of transaction was essentially a reorganization in Regulation Y and to the Board's authority to which control of voting shares of Company was require such modification or termination of the transferred from an individual to companies, not activities of a holding company or any of its then engaged directly or indirectly in providing subsidiaries as the Board finds necessary to assure trust services, but controlled by the same individ- compliance with the provisions and purposes of ual and the transaction does not appear to have the Act and the Board's regulations and orders had any significant adverse effects on competition issued thereunder, or to prevent evasion thereof. at that time. At present. Company competes with By order of the Board of Governors, effective several other companies offering similar services September 27, 1976. in the St. Louis market.^ Voting for this action: Chairman Burns and Gover- The retention of Company by Applicants should nors Gardner, Wallich, Jackson, Partee, and Lilly. Absent and not voting: Governor Coldwell. (Signed) GRIFFITH L. GARWOOD, [SEAL] Assistant Secretary of the Board. ^Section 2(g)(2) of the Act provides in pertinent part that for purposes of the Act "shares held or controlled directly or indirectly by trustees for the benefit of ... a company Philadelphia National Corporation, . . . shall be deemed to be controlled by such company." The shares of Company that are subject to the voting trust Philadelphia, Pennsylvania are held for the benefit of Applicants' subsidiary banks and thus are deemed to be controlled indirectly by Applicants. Order Approving Acquisitions It is the Board's judgment that Applicants, by acquiring of Liberal Finance Company and control of Company without prior Board approval, violated the Act. It appears, however, from the facts of record that Liberal Consumer Discount Company such violations resulted from a misunderstanding of the statutes applicable to nonbanking activities of bank holding companies Philadelphia National Corporation, Philaand were inadvertent. Applicants mistakenly believed that delphia, Pennsylvania, a bank holding company control of shares of Company was permissible without Board approval under section 4(c)(5) and 4(c)(1)(C) of the Act. The within the meaning of the Bank Holding Company Board has scrutinized the underlying facts surrounding the Act, has applied for the Board's approval, under acquisition of shares of Company without prior Board ap- § 4(c)(8) of the Act (12 U.S.C. § 1843(c)(8)) and proval. In particular, the Board notes that Company's activities are in every respect permissible under section 4(c)(8) of the § 225.4(b)(2) of the Board's Regulation Y (12 Act and that Applicants took prompt action in bringing their CFR § 225.4(b)(2)), to purchase, through Signal activities into compliance with the Act by applying for Board Finance Corporation, Pittsburgh, Pennsylvania approval upon being advised by the Federal Reserve Bank of Kansas City of the violations. Upon an examination of all the ("Signal"), a wholly-owned indirect subsidiary of facts of record, the Board believes that the facts are such that Applicant engaged in the consumer finance busithey do not warrant denial of the application to retain shares of Company. ness, all the outstanding shares of Liberal Finance ''The St. Louis market is approximated by the City and Company and Liberal Consumer Discount Com- County of St. Louis, portions of St. Charles and Jefferson pany ("Liberal Companies"), both of Edwards- Counties, Missouri, and portions of Madison and St. Clair ville, Pennsylvania, both of which engage in the Counties in Illinois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 870 Federal Reserve Bulletin • October 1975 activities of making instalment loans for personal, insurance. Applicant's direct subsidiary. Finanfamily or household purposes; purchasing sales cial, conducts through its subsidiaries including finance contracts in connection with the sale of Signal, substantially the same activities as the personal, family or household goods or services; Liberal Companies. Bank is also active in conselling credit life insurance and credit disability sumer lending and credit insurance sales. The insurance (both of which will be reinsured by Liberal Companies' only office is located in the existing subsidiaries of Applicant) and casualty Wilkes-Barre market;^ within that market, 25 insurance in connection with personal instalment consumer finance companies operate 36 offices. In loans made and sales contracts purchased, and addition, 16 commercial banks operate 46 offices generally engaging in the business of a consumer and there are at least 7 large credit unions active finance company. Upon approval of these applica- in consumer lending. tions, the name of the Liberal Companies will be Financial operates offices in northeastern Pennchanged to "Signal Consumer Discount Com- sylvania, its office nearest to that of the Liberal pany." All of the above activities have been Companies is 21 miles distant. However, they determined by the Board to be closely related to operate in separate geographic markets and service banking (12 CFR § 225.4(a)(1) and (9)). area overlap is minimal. Bank does not maintain Notice of the applications, affording opportunity an office in the Wilkes -Barre market and has not for interested persons to submit comments and originated or purchased a significant amount of views on the public interest factors, has been duly consumer loans in the market. Accordingly, the published (41 Federal Register 141). The time for proposal would not eliminate significant existing filing comments and views has expired, and the competition. Board has considered the applications and all Applicant, through Financial, is a potential encomments received in the light of the public inter- trant into the Wilkes-Barre market. However, est factors set forth in § 4(c)(8) of the Act (12 there are also numerous other entrants. Of the U.S.C. § 1843(c)(8)). more than 200 consumer finance organizations in Applicant, the third largest banking organization Pennsylvania alone, only 25 are currently reprein Pennsylvania, controls The Philadelphia Na- sented in the Wilkes-Barre market. The Wilkestional Bank (''Bank") with total domestic deposits Barre market is considered competitive with no of $2.4 billion.^ Signal Financial Corporation, significant barriers to entry known to exist. Hence, Pittsburgh, Pennsylvania ("Financial"), is a no adverse effects on potential competition in the holding company and direct parent of Signal, the Wilkes-Barre market are expected. The current corporation through which Applicant will acquire owners of the Liberal Companies have committed the Liberal Companies, and is a wholly-owned themselves to the sale of their business and subsesubsidiary of Applicant.^ Financial's subsidiaries quent retirement. Since the Liberal Companies are engaged in consumer lending and, to a lesser appear to be so small and nonaggressive, the extent, the sale of credit related life, disability, probability of their branching is minimal. Hence, and property insurance to its customers through the Liberal Companies are not considered likely 73 consumer loan offices in twelve States, two entrants to other markets and their disappearance insurance companies, and a thrift and loan associ- is not likely to affect potential competition. ation in California. The proposed acquisition of the Liberal Com- The Liberal Companies with total assets of $1.6 panies through Signal is expected to yield public million together are engaged at a common location benefits. Applicant intends to market aggressively in Edwardsville, Pennsylvania, in the general the larger and longer term loans permissible under consumer finance business including the extension the Pennsylvania Consumer Discount Act. Appliof direct personal loans, the purchase of retail cant also plans the introduction of reduced rate instalment paper and the sale of credit-related loans to select customers within a year. Upon consummation of this proposal, credit insurance rates at the Edwardsville office of Signal Consumer ^All banking data are as of December 31, 1975, unless otherwise indicated. 2Applicant acquired Financial with Board authorization by ^The Wilkes-Barre market encompasses the northern half Board Order of June 18, 1973 (38 Federal Register 16679 of Luzerne County, the southwestern half of Wyoming County (1973)). At that time. Financial was known as Signet Corpora- below the Susquehanna River, and the southern tip of Lacktion. awanna County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 871 Discount Company would be reduced from the Harlan National Company, maximums permitted by Pennsylvania law.^ Fur- Harlan, Iowa thermore, it is expected that customers will be Order Approving Formation afforded greater expedience in insurance claims handling because Applicant owns the reinsurer of of Bank Holding Company and insurance that would be sold at that office. More- Engaging in Insurance Agency Activities over, there is no evidence in the record indicating that consummation of the proposed transaction Harlan National Company, Harlan, Iowa, has would result in any undue concentration of re- applied for the Board's approval under § 3(a)(1) sources, unfair competition, conflicts of interest, of the Bank Holding Company Act (12 U.S.C. unsound banking practices or other adverse effects § 1842(a)(1)) of formation of a bank holding on the public interest. company through acquisition of 98.2 per cent of Based on the foregoing and other considerations the voting shares of The Harlan National Bank, reflected in the record, the Board has determined, Harlan, Iowa ("Bank"). in accordance with the provisions of section At the same time. Applicant has applied, pur- 4(c)(8) of the Act, that consummation of the suant to § 4(c)(8) of the Bank Holding Company proposal can reasonably be expected to produce Act (12 U.S.C. § 1843(c(8)) and § 225.4(b)(2) benefits to the public that outweigh possible ad- of the Board's Regulation Y (12 CFR § verse effects. Accordingly, the applications are 225.4(b)(2)), for permission to acquire voting hereby approved. This determination is subject to shares of Bank Insurance Agency, Harlan, Iowa the conditions set forth in § 225.4(c) of Regulation ("Agency"), and thereby engage as agent in the Y (12 CFR § 225.4(c)) and to the authority of sale of credit life and credit accident and health the Board to require such modification or termina- insurance directly related to extensions of credit tion of the activities of a holding company or any or the provision of other financial services by Bank of its subsidiaries as the Board may find necessary and Applicant. Such activities have been deterto assure compliance with the provisions and pur- mined by the Board in §225.4(a)(9)(ii) (a) and (b) poses of the Act and the Board's regulations or of Regulation Y to be permissible for bank holding orders issued thereunder, or to prevent evasion companies, subject to Board approval of individual thereof. proposals in accordance with procedures of The transaction shall be made not later than § 225.4(b). three months after the effective date of this Order Notice of the applications, affording opportunity unless such period is extended for good cause by for interested persons to submit comments and the Board or by the Federal Reserve Bank of views, has been given in accordance with §§3 Philadelphia, pursuant to authority hereby dele- and 4 of the Act (41 Federal Register 26077). gated. The time for filing comments and views has ex- By order of the Board of Governors, effective pired, and the Board has considered the applica- September 24, 1976. tions and all comments received in light of the factors set forth in § 3(c) of the Act and the Voting for this action: Chairman Burns and Goverconsiderations specified in § 4(c)(8) of the Act. nors Wallich, Jackson, Partee, and Lilly. Present and By Order dated October 31, 1975, the Board abstaining: Governor Gardner. Absent and not voting: Governor Coldwell. of Governors denied the application of Harlan National Company to become a bank holding (Signed) GRIFFITH L. GARWOOD, company through the acquisition of Bank (40 [SEAL] Assistant Secretary of the Board. Federal Register 52440).^ Thereafter, Applicant filed a Request for Reconsideration pursuant to § 262.3(g)(5) of the Board's Rules of Procedure (12 CFR § 262.3(g)(5)). By Order dated June 11, 1976 (41 Federal Register 26077), the Board agreed to ^ Board Order of June 18, 1973, approving the acquisition reconsider the application. of Financial by Applicant was conditioned on Financial's commitment to sell credit-related insurance at rates below those that would otherwise apply to such insurance sold by the underwriter. Premiums on credit life insurance will be reduced by 3.3 per cent and premiums on credit disability insurance ^In view of this action, the Board considered the application by 5 per cent. to acquire Agency to be moot. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 872 Federal Reserve Bulletin • October 1975 Applicant is a nonoperating corporation organ- position and Mr. Home's personalf inancialc onized for the purposes of becoming a bank holding dition. The strengthened financial condition of company through acquisition of Bank and of ac- Bank and Mr. Home and the recent actions of Mr. quiring the insurance agency business of the Home to reduce to an acceptable level the acquiprincipal shareholders of Bank. Bank ($24.6 mil- sition debt involved in the Missouri Valley formalion in deposits) controls .2 of 1 per cent of the tion causes the Board to believe that the acquisition total commercial bank deposits in Iowa. Bank is debt involved in both the proposed formation of the largest of seven commercial banks operating Applicant and in the Missouri Valley formation in the Shelby County banking market (the relevant can now be serviced by both holding companies market),^ holding approximately 30 per cent of the as well as by the resources of Mr. Home without total commercial bank deposits in the market. adversely affecting the subsidiary banks. Inasmuch as the proposal represents merely a Accordingly, the Board is of the view that restructuring of Bank's ownership from individ- considerations relating to the financial and manauals to a corporation owned by the same individ- gerial resources and future prospects of Appliuals and Applicant has no other subsidiary banks, cant's proposal are now consistent with approval acquisition of Bank by Applicant would have no of the application. The Board, however, reiterates adverse effects on competition in any relevant its concern with holding company formations inarea. Accordingly, the Board concludes that com- volving substantial acquisition debt where, as petitive considerations are consistent with approval here, the owner or owners are already principals of the application. in one or more other bank holding companies In its earlier Order denying the application, the whose formations likewise involved a considerable Board noted that the financial and managerial amount of acquisition debt incurred by both the resources and future prospects of Bank were gen- proposed holding company and the principals. As erally satisfactory but expressed concern over such it has previously stated,^ the Board believes it factors as applied to Applicant. In the Board's advisable to apply to such cases the more restricview. Applicant lacked the necessary financial tive standards regularly applied in analyzing mulflexibility and resources to meet its annual debt tibank holding company proposals. servicing requirements as well as any unforeseen With respect to convenience and needs considfinancial problems that might arise at Bank. This erations, Applicant proposes to increase business situation was aggravated by the substantial acqui- and installment loans and to host local seminars sition debt involved in the formation of another for area farmers. These considerations are consistbank holding company. First National Company ent with approval of the application. Accordingly, of Missouri Valley, Inc., Missouri Valley, lowa,^ it is the Board's view that consummation of the also wholly owned by Applicant's sole owner, Mr. proposal to form a bank holding company would Fred R. Home, Jr., and the apparent lack of be consistent with the public interest and that the sufficient financial resources on Mr. Home's part application to acquire Bank should be approved. to retire the personal debt associated with both the With respect to the proposed acquisition of previously approved formation and the instant Agency, there is no evidence in the record indiproposal without adversely affecting the resources cating that proposal would result in any undue of the subsidiary banks. concentration of resources, unfair competition, In connection with its Request for Recon- conflicts of interests, unsound banking practices, sideration, Applicant has submitted current infor- or other adverse effects on the public interest. On mation with respect to the financial conditions of the other hand, approval of the application would Bank, Mr. Home and the First National Company allow the continued convenience to Bank's cusof Missouri Valley. This new information indi- tomers of a readily accessible source of creditcates that Applicant will have significantly greater related insurance services. This result is regarded financial resources and flexibility as a result of the as being in the public interest. improvement in both Bank's capital and earnings Based on the foregoing and other considerations 2All banking data are as of December 31, 1975. ^BHCo. Inc., Hardin, Montana, 60 Federal Reserve BUL- ^Approved by the Board, February 20, 1973, 3S Federal LETIN 123 (1974); Nebraska Banco, Inc., Ord, Nebraska, 62 Register 5512 (March 1, 1973). Federal Reserve BULLETIN 638 (1976). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 873 reflected in the record, it is the Board's judgment a State bank charter and engaging in a commercial that considerations relating to the factors under § banking business. After denial of its initial appli- 3(c) of the Act and the balance of the public cation for a State bank charter. Applicant reapplied interest factors under § 4(c)(8) of the Act both and its application was approved by the State favor approval of Applicant's proposals. Banking Department of Alabama by letter dated Accordingly, the applications are approved for July 11, 1975. Approval of Applicant's charter the reasons summarized above. The acquisition of was conditioned, in part, upon Applicant obtaining Bank shall not be made before the thirtieth calen- insurance coverage for its deposits from the Feddar day following the effective date of this Order. eral Deposit Insurance Corporation C'FDIC"). The acquisition of Bank and the commencement Consequently, Applicant filed an application for of insurance agency activities shall be made not insurance pursuant to section 5 of the Federal later than three months after the effective date of Deposit Insurance Act [12 U.S.C. 1815]. That this Order, unless such period is extended for good application was denied by the FDIC on the basis cause by the Board, or by the Federal Reserve of the FDIC's unfavorable findings with regard to Bank of Chicago pursuant to delegated authority. the future earnings prospects of Applicant and the The determination as to Applicant's insurance ac- convenience and needs of the community to be tivities is subject to the conditions set forth in served. §225.4(c) of Regulation Y and to the Board's Under section 9 of the Federal Reserve Act, the authority to require reports by, and make exami- Board, in acting upon an application to become nations of, holding companies and their subsidi- a member of the Federal Reserve System, is rearies and to require such modification or termina- quired to consider the financial condition of the tion of the activities of a bank holding company applying bank, the general character of its manor any of its subsidiaries as the Board finds neces- agement, and whether or not the corporate powers sary to assure compliance with the provisions and of the institution are consistent with the purposes purposes of the Act and the Board's regulations of the Federal Reserve Act. In addition, under and orders issued thereunder, or to present evasion section 4(b) of the Federal Deposit Insurance Act thereof. [12 U.S.C. 1814], the admission to membership By order of the Board of Governors, effective in the Federal Reserve System of an uninsured September 20, 1976. State bank automatically confers deposit insurance upon the bank from the time the Board certifies Voting for this action: Chairman Burns and Gover- to the FDIC that the bank is a member of the nors Gardner, Wallich, Coldwell, Jackson, and Lilly. Federal Reserve System. The Board's certificate Absent and not voting: Governor Partee. to the FDIC is required to state that the Board (Signed) RICHARD D. ABRAHAMSON, has given consideration to the factors enumerated [SEAL] Assistant Secretary of the Board. in section 6 of the Federal Deposit Insurance Act [12 U.S.C. 1816], namely, the financial history and condition of the bank; the adequacy of its capital structure; the bank's future earnings prospects; the general character of its management; First Progressive Bank, the convenience and needs of the community to Brewton, Alabama be served by the bank; and whether or not the bank's corporate powers are consistent with the Order Approving Application to Become a purposes of the Federal Deposit Insurance Act. Member of the Federal Reserve System The Board has considered the subject applica- First Progressive Bank, Brewton, Alabama tion and all comments received with respect ("Applicant"), a proposed new bank chartered thereto, including those submitted by First Naunder the laws of the State of Alabama, has tional Bank of Brewton, Brewton, Alabama, and applied, pursuant to section 9 of the Federal Re- by Bank of Brewton, Brewton, Alabama (hereinserve Act [12 U.S.C. 321-338] and the Board's after referred to as "Protestants"), in light of the Regulation H [12 CFR 208], to become a member statutory factors enumerated above, and, on the of the Federal Reserve System. basis of the record, the Board makes the following Applicant, which has not opened for business, findings. was organized in 1974 for the purpose of obtaining Brewton is located in southwestern Alabama Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 874 Federal Reserve Bulletin • October 1975 and is the seat of Escambia County (population community to be served by Applicant are consist- 34,906). The population of Brewton and contig- ent with approval of the subject application. uous East Brewton was 9,083 as of the 1970 Applicant has no operating history, and its fu- Census. According to Applicant, its proposed ture earnings prospects are, of course, related to service area would include the eastern three-quar- the amount of deposits Applicant will be able to ters of Escambia County, Alabama, the southern attract. The FDIC, in denying Applicant's appliportion of adjacent Conecuh County, Alabama, cation for deposit insurance, questioned whether and fringe areas of Santa Rosa and Escambia Applicant could attract sufficient deposits to Counties, Florida. The economic base of the area achieve profitability within a reasonable time. The is diversified, consisting of agricultural, forest and FDIC's uncertainty as to Applicant's ability to manufacturing production, as well as service ac- achieve profitability in a reasonable period of time tivities related to Brewton's position as the county was apparently due, at least in part, to the FDIC's seat. In recent years the area has derived signifi- view of the prevailing economic conditions in the cant economic benefit from newly developed oil area. The Board views the local economic condifields, and it is estimated that the residents of the tions and prospects of the area as generally favor- Jay, Florida-Brewton, Alabama, area will derive able to the introduction of an additional banking significant income from future oil production. On alternative. The Board's assessment of the prosbalance, it appears that the area has experienced pects for the area is based on the information of moderate though steady growth. Between 1970 record, including some financial and population and 1973, the per capita income of Escambia data that were not available to the FDIC in No- County increased by approximately 20 per cent. vember 1975, the time of the FDIC's action. Personal income for the same period increased by Applicant would be located about five blocks an even greater percentage. Retail sales in the from the main business section of Brewton. Al- Brewton-East Brewton area increased from $48.9 though removed somewhat from the principal area million in 1970 to $72 million in 1974. During of commercial activity, Applicant should benefit the first nine months of 1975 retail sales in by its ability to provide ample parking facilities Escambia County increased by 5.5 per cent while not currently available in the downtown area. Statewide retail sales declined by 2.7 per cent. Businesses currently operating in the vicinity and Deposits in Escambia County, Alabama, commer- the establishment of new businesses nearby should cial banks increased from $48 million in 1968 to further enhance Applicant's profitability. In gen- $107 million in 1974, an increase of 121 per cent. eral, it appears that Applicant's location, while it From 1974 to 1975, deposits in First National may not be optimum, is sufficiently attractive to Bank of Brewton and Bank of Brewton, the only enable Applicant to operate at a profitable level. banks in Brewton, grew by 16.6 per cent and 10.5 Furthermore, as mentioned previously, there are per cent, respectively. Based on the foregoing and indications in the record of strong community other information in the record, it is apparent that support for a new bank in the area of Brewton. the economy of the area that would be served by Applicant's initial stock offering of $1 million was Applicant has expanded in recent years, and in oversubscribed. According to Applicant, the 260 the Board's view, it is reasonable to conclude that subscribers to its stock (none of whom will own it will continue to expand in the foreseeable future. more than 5 per cent of the stock) have each Presently Protestants operate five banking offices pledged to bring all of his or her banking business in the Brewton area. Despite the fact that most to Applicant. From the list provided by Applicant, of the services that would be provided by Appli- it appears that many of its subscribers are owners cant are currently being offered by Protestants, the of businesses or self employed professionals who record reflects a desire on the part of a significant will be able to provide Applicant with an initial number of local residents for a locally owned bank nucleus of customers to serve. In the Board's such as Applicant. Approval of the subject appli- judgment, such expressions of local support for cation would result in an additional banking alter- the proposal are a positive factor not only with native being made available to residents of the respect to the convenience and needs of the comarea. Based on the local economic conditions and munity but also with respect to the future earnings the apparent local support the Applicant would prospects of Applicant. enjoy, the Board concludes that considerations In assessing the future earnings prospects of with regard to the convenience and needs of the Applicant, the Board has also considered the views Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 875 of the staff of the State Banking Department,^ the factors that must be considered by the Board, and staff of the FDIC, the Federal Reserve Bank of it has accordingly considered the subject applica- Atlanta and the Board's staff, all of which project tion de novo. that Applicant will achieve profitability by the end The Board recognizes that in seeking memberof its third year of operation. Protestants have ship in the Federal Reserve System Applicant was averred that Applicant would not achieve profita- following an alternative means of obtaining FDIC bility in that period due primarily to lower deposit insurance after the FDIC itself had denied such projections and higher operating and fixed expense insurance. However, Applicant's motive in filing projections than were used by the above organi- this application is not a relevant statutory considzations. It is the Board's judgment that the Protes- eration. The proposal before the Board is an aptant's projections with regard to deposits and ex- plication for membership in the Federal Reserve penses of Applicant are overly pessimistic and System and only incidentally may it be considered therefore do not accurately reflect the likely prof- an application for Federal deposit insurance. Such itability of Applicant. Based on the above infor- membership provides certain benefits to member mation and other information in the record, the banks but also carries with it certain obligations Board has concluded that Applicant's future earn- not applicable to insured nonmember banks. Fedings prospects are consistent with approval of the eral banking laws reflect the judgment of Congress subject application. that a State bank, in order to obtain Federal deposit While Applicant has no operating or financial insurance, need not become a member of the history, it appears that it would open with adequate Federal Reserve System, but that if a State bank capital structure. The general character of Appli- chooses to become a member and thereby subject cant's management also appears satisfactory, par- itself to all of the laws and regulations applicable ticularly in view of the fact that Applicant's exec- to member banks, then the deposits of such bank utive vice president would be an experienced will automatically be subject to Federal deposit banker familiar with the area. The corporate insurance.^ Congress has required the Board, when powers of Applicant are consistent with the Fed- passing on a membership application, to consider eral Reserve Act and the Federal Deposit Insurance the same statutory factors as does the FDIC in Act. passing upon an insurance application. Implicit in In view of the foregoing discussion and having this statutory structure is the potential for differing considered the facts of record and all the comments judgments by the two agencies on similar facts. of Protestants in light of the statutory factors the The Board's responsibility, however, is to exercise Board must consider under section 9 of the Federal its independent judgment with respect to the sub- Reserve Act and section 6 of the Federal Deposit ject application after giving due regard to the Insurance Act, it is the Board's judgment that the recommendations and findings of other agencies application should be approved. and organizations, and, based on the record, it is Protestant, First National Bank of Brewton, has the Board's judgment that the application should expressed the opinion that the decision of the FDIC be, and it is, hereby approved for the reasons denying deposit insurance for Applicant creates a summarized herein. presumption against the Applicant in this proceed- By order of the Board of Governors, effective ing such that the Board must deny the present September 27, 1976. application unless the Applicant can produce evi- Voting for this action: Vice Chairman Gardner and dence that overcomes that presumption. In acting Governors Wallich, Jackson, Partee, and Lilly. Absent on the subject application, the Board has carefully and not voting: Chairman Burns and Governor Coldconsidered the findings of the FDIC. The Board well. does not believe, however, that those findings (Signed) GRIFFITH L. GARWOOD, create any presumption as to the relevant statutory [SEAL] Assistant Secretary of the Board. ^Under applicable State law, the Superintendent of the State Banking Department, before granting a certificate, is required to satisfy himself that there is sufficient business to support the proposed bank in the community, Code of Alabama, Tit. 2 Congress has similarly provided that a decision of the 5, § 88. Approval of Applicant's charter application therefore Comptroller of the Currency to charter a national bank will reflects a favorable determination by State authorities with carry with it both membership in the Federal Reserve System regard to the future earnings prospects of Applicant. and Federal deposit insurance [12 U.S.C. 222, 501a]. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 876 Federal Reserve Bulletin • October 1975 ORDERS APPROVED UNDER BANK HOLDING COMPANY ACT By the Board of Governors During September 1976, 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 FAM Financial Incorporated, The Farmers and Merchants 9/7/76 41 F.R. 39388 Macksville, Kansas State Bank, Macksville, 9/15/76 Kansas First City Bancorporation Red Bird National Bank, 9/15/76 41 F.R. 41970 of Texas, Inc., Houston, Dallas, Texas 9/24/76 Texas Fishback Insurance Agency, Inc. First National Bank in 9/17/76 41 F.R. 41971 Brookings, South Dakota Brookings, Brookings, 9/24/76 South Dakota King Ranch, Inc., Kingsville, Kleberg First National 9/27/76 41 F.R. 43960 Texas Bank of Kingsville, 10/5/76 Kings ville, Texas Lawrence Bancshares, Inc., Lawrence National Bank 9/21/76 41 F.R. 42992 Lawrence, Kansas and Trust Company, 9/29/76 Lawrence, Kansas ORDER APPROVED UNDER THE BANK MERGER ACT— Board action Federal (effective Register Applicant Bank(s) date) citation Bankers Trust New York Bankers Trust of Suffolk, 9/7/76 41 F.R. 41967 Corporation, New York, New National Association, 9/24/76 York and Bankers Trust Patchogue, New York and Company of Western New York, Bankers Trust Company of Jamestown, New York Rochester, Rochester, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department 877 PENDING CASES INVOLVING THE BOARD OF GOVERNORS* Michigan National Corporation v. Board of Helen C.- Hatten, et al. v. Board of Governors, Governors, September 1976, U.S.C.A. for filed January 1976, U.S.D.C. for the District the 6th Circuit. of Connecticut. First Security Corporation v. Board of Gover- International Bank v. Board of Governors, filed nors, filed August 1976, U.S.C.A. for the December 1975, U.S.C.A. for the District of 10th Circuit. Columbia. Anthony R. Martin-Trigona v. Board of Gov- Roberts Farms, Inc. v. Comptroller of the Curernors, filed August 1976, U.S.C.A. for the rency, er a/., filed November 1975, U.S.D.C. District of Columbia. for the Southern District of California. First State Bank of Clute, Texas, etal v. Board National Computer Analysts, Inc. v. Decimus of Governors, filed July 1976, U.S.C.A. for Corporation, et al., filed November 1975, the 5th Circuit. U.S.D.C. for the District of New Jersey. International Bank v. Board of Governors, et tPeter E. Blum v. First National Holding Coral, filed July 1976, U.S.D.C. for the District poration, filed November 1975, U.S.D.C. for of Columbia. the Northern District of Georgia. North Lawndale Economic Development Cor- tPeter E. Blum v. Morgan Guaranty Trust Co., poration V. Board of Governors, filed June et al., filed October 1975, U.S.D.C. for the 1976, U.S.C.A. for the 7th Circuit. Northern District of Georgia. Central Wisconsin Bankshares, Inc. v. Board tLogan V. Secretary of State, et al., filed Sepof Governors, filed June 1976, U.S.C.A. for tember 1975, U.S.D.C. for the District of the 7th Circuit. Columbia. A.R. Martin-Trigona v. Board of Governors, Florida Association of Insurance Agents, Inc. et al., filed June 1976, U.S.D.C. for the V. Board of Governors, and National Asso- District of Columbia. ciation of Insurance Agents, Inc. v. Board National Urban League, et al. v. Office of the of Governors, filed August 1975, actions Comptroller of the Currency, et al., filed consolidated in U.S.C.A. for the Fifth Cir- April 1976, U.S.D.C. for the District of cuit. Columbia Circuit. •ftDavidR. Merrill, etal. v. Federal Open Market Farmers & Merchants Bank of Las Cruces, Committee of the Federal Reserve System, New Mexico v. Board of Governors, filed filed May 1975, U.S.D.C. for the District of April 1976, U.S.C.A. for the District of Columbia, appeal pending, U.S.C.A. for the Columbia Circuit. District of Columbia. United States ex rel. A.R. Martin-Trigona v. Curvin I. Trone v. United States, filed April Arthur F. Burns, et al., March 1976, 1975, U.S. Court of Claims. U.S.D.C. for the District of Columbia. Louis J. Roussel v. Board of Governors, filed Grandview Bank & Trust Company v. Board April 1975, U.S.D.C. for the Eastern District of Governors, filed March 1976, U.S.C.A. of Louisiana. for the Eighth Circuit. Georgia Association of Insurance Agents, et al. Association of Bank Travel Bureaus, Inc. v. V. Board of Governors, filed October 1974, Board of Governors, filed February 1976, U.S.C.A. for the Fifth Circuit. U.S.C.A. for the Seventh Circuit. Alabama Association of Insurance Agents, et Memphis Trust Company v. Board of Gover- al. V. Board of Governors, filed July 1974, nors, filed February 1976, U.S.D.C. for the U.S.C.A. for the Fifth Circuit. Western District of Tennessee. Investment Company Institute v. Board of Gov- First Lincolnwood Corporation v. Board of ernors, dismissed July 1975, U.S.D.C. for Governors, filed February 1976, U.S.C.A. for the Seventh Circuit. tDecisions have been handed down in these cases, subject *This list of pending cases does not include suits against to appeals noted. the Federal Reserve Banks in which the Board of Governors $The Board of Governors is not named as a party in this is not named a party. action. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 878 Federal Reserve Bulletin • October 1975 the District of Columbia, appeal pending, ^Consumers Union of the United States, Inc., U.S.C.A. for the District of Columbia Cir- et al. V. Board of Governors, filed September cuit. 1973, U.S.D.C. for the District of Columbia. East Lansing State Bank v. Board of Gover- Bankers Trust New York Corporation v. Board nors, filed December 1973, U.S.C.A. for the of Governors, filed May 1973, U.S.C.A. for Sixth Circuit. the Second Circuit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

879 Announcements R E G U L A T I ON AA sumer Affairs to administer consumer legislation for which the Board writes regulations or has other The Board of Governors of the Federal Reserve responsibilities. These laws now include the Truth System on September 28, 1976, published its in Lending Act, the Fair Credit Billing Act, the procedures for handling complaints by consumers Equal Credit Opportunity Act, the Home Mortgage alleging unfair or deceptive practices by banks. Disclosure Act, the Consumer Leasing Act, the The Board embodied its consumer complaint Fair Credit Reporting Act, and the provisions procedures in a new Regulation AA, effective against unfair and deceptive practices by banks in immediately. The regulation formalizes proce- recent amendments to the Federal Trade Commisdures for handling consumer complaints, in use sion Act. since early this year, under statutes for which the The Board said its procedures for dealing with Congress has given the Board implementing re- consumer complaints are designed to: sponsibilities. 1. Assure consumers of prompt and responsive In an announcement the Board emphasized that action on complaints involving State member any consumer having a complaint regarding an banks, and prompt referral of complaints involving unfair or deceptive practice by a bank, or a viola- other banks. tion of law or regulation, can obtain an investiga- 2. Through records kept of complaints, and of tion of the complaint by submitting it, preferably findings concerning them, provide the means to in writing, to the Director of the Division of single out banking practices or acts that are wide- Consumer Affairs at the Board of Governors of spread or frequent enough to require possible regthe Federal Reserve System, Washington, D.C. ulatory action by the Board. 20551. Complaints may also be registered at the The Board obtains quarterly reports from the Federal Reserve Bank for the district in which the FDIC and the Comptroller on the number and bank is located. nature of complaints they receive. The Board said the complaint should describe In announcing procedures by which consumers the bank practice or action objected to, give the can get the assistance of the Federal Reserve in name and address of the bank concerned, and investigating complaints alleging unfair or decepfurnish the name and address of the person com- tive practices by banks, the Board said the followplaining. ing: The Board will attempt to make a substantive The Board's complaint procedure is not reply within 15 days; if that is not possible, the limited to those persons who are customers Board will acknowledge the complaint within 15 of the State member bank in question, nor days and set a reasonable time within which a to those acts or practices which are already substantive reply will be made. the subject of Federal regulation. Any person with knowledge of an act or practice The Board will receive complaints regarding which that person considers unfair or decepany bank. For banks other than State-chartered tive may utilize the complaint procedure. banks that are members of the Federal Reserve System, complaints will be referred to the relevant Similarly, while a consumer complaint may arise under an existing Federal statute or Federal bank regulator (Comptroller of the Cur- Board regulation, a complaint may also be rency for national banks and Federal Deposit In- directed at an act or practice which is either surance Corporation for State-chartered banks that expressly authorized, or not prohibited, by are not members of the Federal Reserve System). current Federal or State laws or regulation. The Board noted that more than 2 years ago However, the complaint procedure does not it established a separate Office of Saver and Con- apply to requests for general information or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 880 Federal Reserve Bulletin • October 1975 publications such as statistical data. Nor ment of the major stock exchanges, and it is not does it apply to complaints regarding such anticipated that the amendment will require matematters as monetary policy, fiscal policy, or rial changes in current industry practices. Treasury issues. No margin will be required where the option is covered, that is, where the security itself or its equivalent is held in the option writer's account. REGULATION F: Amendment The amendment specifies what the Board regards as adequate cover. The Board of Governors has amended Regulation The amendment will apply to brokers and F (Securities of Member State Banks) to make its dealers when they effect transactions in options reporting requirements conform to comparable written by their customers. Under a previous rules of the Securities and Exchange Commission, Board ruling no credit could be extended by effective November 15, 1976. brokers and dealers to their customers for the The Board acted under the Depository Institupurchase of options. tions Act of 1974 that requires the Board to make its Regulation F conform to like SEC rules unless the Board determines that such changes are unnecessary or inappropriate. REGULATION Y: Ruling Under the amended regulation, State member The Board of Governors announced on October banks that are subject to Regulation F will file 13, 1976, that it will continue to allow automobile expanded quarterly reports to include a condensed leasing to be an activity permissible to bank holdbalance sheet, a summary statement of changes ing companies under the conditions of its existing in financial position, a narrative analysis of results personal property leasing regulation. of company operations, and additional financial disclosures deemed appropriate by management. The Board issued public notice on November The amended regulation provides also for certain 11, 1975, of a request for comment on the question changes in accounting procedures—including re- of whether automobile leasing should continue to vised reporting treatment of a bank's reserve for be a permissible activity for bank holding compaloan losses, of subordinated debt, of unearned nies and, if so, under what conditions and limitaincome on loans, and of direct loan financing— tions. The Board also held a public hearing on and for specified additional information in the the question last March 23. annual financial reports of certain larger member These actions were taken after the National banks subject to Regulation F. Automobile Dealers Association had sought judicial review of the Board's leasing regulation inso- The amendment as adopted was substantially far as it permitted bank holding companies to similar to changes in Regulation F proposed by engage in auto leasing. The case had been rethe Board in February, except that the due date manded to the Board for further study. of the new quarterly report will be 45 days after Automobile leasing has been a permissible acthe end of the quarter, instead of 30 days. tivity since April 17, 1974, when the Board permitted bank holding companies to engage in,the REGULATION T: Amendment general activity of leasing real or personal property under certain conditions. The Board of Governors has adopted an amend- On the basis of the record before it, the Board ment to its Regulation T (Credit by Brokers and concluded that automobile leasing by bank holding Dealers), effective January 1, 1977. The amend- companies is essentially financial rather than comment is designed to prevent the excessive use of mercial, is equivalent to a bank's lending funccredit in connection with the issuance, endorse- tions, does not cause unfair competition, and is ment, or guarantee of puts and calls, which are not contrary to the provisions of the Consumer options to sell or buy stock. Leasing Act of 1976. The principal effect of the amendment to Regu- The Board also added a footnote to the regulalation T will be to set the level of margin required tion providing a more specific definition of the for the writing of uncovered options at 30 per cent requirement that a lease may only be made by a of the market value of the underlying security, bank holding company on a nonoperating basis. with additional adjustment for unrealized losses The definition specifies, among other things, that and gains. This is the current minimum require- for the purposes of automobile leasing . .the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 881 bank holding company may not, directly or indi- The main disclosures required are as follows: rectly, provide for the servicing, repair or mainte- 1. A brief description of the leased property nance of the leased vehicle (or) provide for the adequate to identify it to both parties to the lease. loan of an automobile during servicing of the 2. The total amount of any payment or payments leased vehicle; purchase insurance for the the lessee is to pay at the consummation of the lessee. . . ." lease, such as a refundable security deposit, advance payment, or the like. 3. The number, amount, and due dates of peri- REGULATION Z: Amendments odic payments and their total. 4. The total amount of taxes, fees, and other The Board of Governors has announced adoption charges involved. of regulatory amendments to carry out provisions 5. Identification of those responsible for mainof the Consumer Leasing Act of 1976 requiring taining or servicing the leased property. disclosure of terms under which personal property 6. The means by which any penalty or delinis leased. quency charge will be determined, and the The amendments to Regulation Z (Truth in amount. Lending) will become effective March 23, 1977, 7. A statement as to whether the lessee has an when the Consumer Leasing Act becomes effecoption to purchase the property at the end of the tive. The Act requires accurate, meaningful dislease term, or earlier, and at what price. closure of the terms of leases of personal property, 8. A statement of the conditions under which basically automobiles and furniture, leased prieither party to the lease may terminate it, and the marily for personal, family, or household use, for method used in determining any penalty or other more than 4 months and for which the total concharge. tractual obligation is less than $25,000. Enforce- 9. A statement that the lessee shall be responsiment will be the responsibility of the same agenble for the difference between the estimated value cies that enforce the Truth in Lending Act.^ of the property leased and its realized value at the The disclosures required by the Consumer end of the lease or upon earlier termination, if Leasing Act have been added as a new section such liability exists. (Section 226.15) of Regulation Z. Other amend- 10. A statement that in an open-end lease the ments have been made elsewhere in the regulation lessee may obtain a professional appraisal of the to comply with the Act, including the provisions property by an independent third party at the end of sections dealing with general disclosures, defiof the lease or upon earlier termination, and that nitions, advertising, and exemptions of States with this appraisal will be binding. substantially similar laws. 11. When the lessee's liability at the end of the To assist in compliance with the new law the lease term is based upon the estimated value of Board will propose sample disclosure forms for the property: use with leases of personal property subject to the —A statement of the value of the property Act. Proper use of these forms will ensure comat the consummation of the lease, the itemized pliance with the Board's regulation. total lease obligation at the end of the lease, and The amendments to Regulation Z reflect conthe difference between them. sideration of written suggestions and comment —When the estimated value of the leased received by the Board following publication of property exceeds three times the average monthly proposed consumer leasing disclosure rules on July lease payment for the property concerned, a state- 1, 1976, and consideration of testimony received ment that there is a rebuttable presumption that in a hearing held by the Board on August 3, 1976. the estimated value is unreasonable and can only be collected by legal action of the lessor, taken ^Enforcement agencies are: Comptroller of the Cur- at his expense, with certain exceptions. rency, Board of Directors of the Federal Deposit Insurance Corporation, Federal Home Loan Bank Board The final regulation permits lessors to understate (acting directly or through the Federal Savings and Loan the estimated value of the property in leases with Corporation), Administrator of the National Credit a purchase option as a safety factor in open-end Union Administration, Civil Aeronautics Board, Secreautomobile leasing. tary of Agriculture, Farm Credit Administration, Board At the same time, the Board exempted from the of Governors of the Federal Reserve System, and the Federal Trade Commission. amendments many applications of the Act to leases Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 882 Federal Reserve Bulletin • October 1975 of personal property that are incidental to the lease TIN; henceforth these materials to be published of real property, such as furniture in a rented, only in the Digest. The Digest is designed to furnished apartment. provide a convenient source of economic, and In letters to the Senate and House banking especially financial, data for a broad range of committees, the Board said neither the Act nor users. The availability of such a publication is its legislative history mentions combined leases of considered to be of particular importance in view real and personal property. After considering all of the changes that are expected to be made soon comments received on this question, the Board in the statistical section of the BULLETIN. concluded that an exemption provides the most Many of the series in the Digest represent conequitable solution pending specific legislative ac- tinuations of series that appear in Banking and tion, and imposes the smaller burden on consumers Monetary Statistics, 1941-70. In such cases, the and lessors. table in the Digest usually overlaps its counterpart A new paragraph has been added to the adver- table in Banking and Monetary Statistics by tising requirements of the regulation to permit the repeating the last week or month of the data for use of merchandise tags without full advertising 1970. disclosures when a number of items are being Copies of the Digest are available from Publileased, so long as the tags clearly and conspic- cations Services, Division of Administrative Servuously refer to a posted schedule of required ices, Board of Governors of the Federal Reserve disclosures. System, Washington, D.C. 20551. The cost is The requirement in the July 1 proposal that all $5.00 per copy except for each paid BULLETIN disclosures be made on a single page has been subscription the cost is $4.00 per copy. eliminated. The consumer leasing requirements do not apply to: INDUSTRIAL PRODUCTION 1. Transactions over $25,000. DATA AVAILABILITY 2. Agricultural credit transactions. 3. Leases of personal property that are incident The four major industrial production series (1976 to the lease of real property and that provide that revision) that were published for the period the lessee (a) has no liability for the value of the 1963-75 in the June 1976 BULLETIN—total, conproperty at the end of the lease other than for sumer goods, business equipment, and materiabnormal wear and tear and (b) has no option to als—are now available for the period 1954-75 purchase the property leased. with corrected rounding and have been mailed with the October 1976 G.12.3 release. Also, the data that are obtainable in computer PROPOSED AMENDMENT tape form (page 812, September BULLETIN) have been printed out for noncomputer users and may The Board of Governors has proposed to ease its be ordered at a cost of $28.80 from Publications rules to permit interlocking relationships between Services, Division of Administrative Services, a member bank and a minority bank (Regulation Board of Governors of the Federal Reserve Sys- L—Interlocking Bank Relationships under the tem, Washington, D.C. 20551. These printed Clayton Act). The Board will receive comment data—both seasonally adjusted and not seasonally through November 15, 1976. adjusted—generally begin in 1954 and end in March 1976; a listing in ascending F.R. code order is also included. NEW PUBLICATION Annual Statistical Digest CHANGES IN BOARD STAFF The first issue of the Annual Statistical Digest, which covers the period 1971-75, is now avail- The Board's Office of Saver and Consumer Affairs able. The purpose of the Digest is twofold: First, was changed to the Division of Consumer Affairs to provide historical data for many of the tables effective October 1, 1976. This redesignation rein the statistical section of the Federal Reserve flects the expanding responsibilities of this BULLETIN. Second, to make available materials department within the Board's organizational that are no longer being published in the BULLE- framework. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 883 Robert S. Plotkin, Assistant Director of the in the Federal Reserve System during the period Office of Saver and Consumer Affairs, has been September 16, 1976, through October 15, 1976: named Assistant Director, Division of Banking Supervision and Regulation, effective September Ohio 28, 1976. Canal Winchester The Central Trust Company of Canal Winchester Illinois SYSTEM MEMBERSHIP: Northbrook Bank of the North Shore Admission of State Banks Utah Salt Lake City Tracey-Collins The following banks were admitted to membership Bank & Trust Company Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 Industrial Production Released for publication October 15 Materials production was about unchanged in September as some renewed increases in nondura- Industrial production is estimated to have been ble materials production, notably chemicals, were unchanged in September, following increases of offset by declines in steel and automotive parts. 0.5 per cent in each of the two preceding months. In September, production losses from the auto Seasonally adjusted, ratio scale, 1967=100 strike more than offset post-strike gains in the _ TOTAL INDEX - 160 rubber and bituminous coal industries; the net 140 effect of these strike developments reduced the 120 total index by an estimated 0.3 per cent. In September, at 131.3 per cent of the 1967 average, BUSINESS EQUIPMENT total industrial production remained slightly below its peak of 131.9 per cent reached in June 1974. Energy^yy' Output of consumer goods declined by approximately 0.7 per cent, reflecting the effects of the Durable CONSUMER GOODS: auto strike. Auto assemblies, at a 7.7-million-unit Durable ./I annual rate in September, were down from an 8.8 million rate in August. Production of consumer durable goods other than autos and utility vehicles expanded further in September, and output of 16 _ MANUFACTURING: _ nondurable consumer goods rose somewhat. Pro- 12 - Nondurable 1 14.0 duction of business equipment is estimated to have 10 increased 0.3 per cent in September, after having 8 • 1 ^^^ Dura 1 ble X V K 120 increased slightly in August (based on revised 6 data). Output of construction products and busi- F.R. indexes, seasonally adjusted. Latest figures: September. ness supplies increased further. *Auto sales and stocks include imports. Seasonally adjusted, 1967 = = 100 PPeerr cceenntt cchhaannggeess ffrroomm—— 1976 IIInnnddduuussstttrrriiiaaalll ppprrroooddduuuccctttiiiooonnn June July Aug.P Sept.^ Month Year Q2 to ago ago Q3 Total 130.1 130.7 131.3 131.3 .0 7.5 1.3 Products, total 129.5 129.7 130.2 130.2 .0 6.0 .9 Final products 127.6 127.7 128.4 128.1 -.2 5.4 .8 Consumer goods 137.8 137.3 138.3 137.3 -.7 6.4 .4 Durable goods 144.2 142.2 145.1 140.8 -3.0 6.5 — 1 Nondurable goods 135.1 135.4 135.4 135.9 .4 6.5 .7 Business equipment 135.0 136.3 136.5 136.9 .3 6.0 1.5 Intermediate products 135.9 136.9 137.1 137.8 .5 8.0 1.6 Construction products 131.8 132.9 133.1 133.8 .5 9.4 2.4 Materials 131.1 132.3 133.0 133.1 .1 10.0 1.9 ^Preliminary. '^Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 A40 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 A8 Maximum interest rates; margin unemployment requirements A9 Open market account A53 Consumer prices AlO 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

A2 BANK RESERVES AND RELATED ITEMS • OCTOBER 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, securities! Special ury Drawing cur- Gold Rights rency Held Other stock certificate out- Bought under Loans Float F.R. Total 3 stand- Total out- repur- assets ing right 2 chase agreement Averages of daily figures 1969—De c 57,500 57,295 205 1,086 3.235 2,204 64,100 10,367 6,841 1970—De c 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 7,145 1971—De c 69,158 68,868 290 107 3,905 982 74,255 10,132 400 7,611 1972—De c 71,094 70,790 304 1,049 3.479 1,138 76,851 10,410 400 8,293 1973—De c 79,701 78,833 868 1,298 3,414 1,079 85,642 11,567 400 8,668 1974—De c 86,679 85,202 1,477 703 2,734 3,129 93,967 11,630 400 9,179 1975—Sep t 89,191 87,531 1,660 396 1,823 3,060 95,277 11,599 500 9,797 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 61 2.480 3,481 97,817 11,599 500 10,010 Dec 92,108 91,225 883 127 3,029 3,534 99,651 11,599 500 10,094 1976—Ja n 92,998 91,524 1,474 79 2,684 3,505 100,172 11,599 500 10,177 Feb 94,610 92,812 1,798 76 2,375 3,384 101,369 11,599 500 10,267 Mar 94,880 93,503 1,377 58 2,204 3,412 101 ,336 11,599 500 10,436 93,243 92,187 1,056 44 2.236 4,144 100,317 11,599 500 10,501 May 95,967 94,049 1,918 121 2,071 4,051 102,951 11,599 500 10,552 June 95,592 94,289 1,303 120 2,678 4,069 103,106 11,598 530 10,623 July 97,105 96,210 895 123 2,721 4,375 104,799 11,598 700 10,648 Aug 98,458 96,058 2,400 104 2,512 3,739 105,393 11,598 700 10,690 Sept.J' 98,797 96,689 2,108 76 2,895 3,681 105,896 11,598 703 10,737 Week ending— 1976—July 7 99,935 97,531 2,404 126 2,461 4,566 107,883 11,598 700 10,641 95,804 95,804 176 3,448 4,460 104,239 11,598 700 10,641 2U 96,359 95,988 371 59 2,680 4,579 104,046 11,598 700 10,656 96,352 95,794 558 159 2,471 4,087 103,424 11,598 700 10,664 28 98,096 95,387 2,709 157 2,450 4.020 105,395 11 ,598 700 10,658 Aug. 4 94,828 94,828 122 2,513 4,239 102,015 11,598 700 10,681 97,336 95,714 1 ,622 85 2,754 3,587 104,231 11,598 700 10,695 2\s5'. 101,312 96,996 4,316 68 2,274 3,388 107,745 11,598 700 10,698 Sept. 1 100,655 97,203 3,452 93 2,573 3,657 107,748 11,598 700 10,702 8 97,388 97,277 111 45 2,441 3,505 103,645 11,598 700 10,720 15 93,935 93,935 61 3,467 3,709 101,426 11,598 700 10,735 223^ 99,629 97,086 2,543 44 3,136 3,693 107,051 11 ,598 700 10,741 293' 103,069 98,252 4,817 2,425 3,675 109,860 11 ,598 700 10,753 Daily figures for— End of month 1976—July 97,524 95,316 2,208 48 2,211 3,946 104,385 11,598 700 10,602 Aug 100,949 96,660 4,289 64 1,984 3,665 107,470 11 ,598 700 10,645 103,507 98,405 5,102 323 2,275 3,800 110,743 11,598 800 10,757 Sept.® Wednesday 98,386 96,985 1,401 71 3,038 4,538 106,593 11,598 700 10,641 1976—July 7 96,809 96,809 ,013 3,862 4,400 106,427 11,598 700 10,644 14 96,286 96,286 125 3,546 4,411 104,708 11,598 700 10,661 21 98,125 95,247 2,878 676 2,965 3,941 106,157 11,598 700 10,667 28 Aug. 4 100,262 95,341 4,921 770 3,596 4,088 109,515 11,598 700 10,667 92,795 92,795 599 3,367 4,209 101,270 11,598 700 10,692 IS.'.'.'.'.'.'.'.'.'. 101,719 96,220 5,499 286 3,825 3,105 109,619 11,598 700 10,698 25 100,787 97,607 3,180 73 3,300 4,041 108,750 11,598 700 10,698 Sept. 1 102,282 96.408 5,874 271 3,186 4,528 111 ,135 11.598 700 10,715 8 97,098 96,320 778 40 2,844 3,622 103,925 li;598 700 10,733 15, 94,006 94,006 167 4,283 3,587 102,288 11 ,598 700 10,738 22P 101,363 98.409 2,954 51 3,341 3,669 108,850 11,598 700 10,750 29P 106,276 98,076 8,200 324 2,904 3,749 113,972 11,598 700 10,757 1 Includes Federal agency issues held under repurchase agreements 3 Includes acceptances. For holdings of acceptances on Wed. and endbeginning Dec. 1, 1966, and Federal agency issues bought outright be- of-month dates, see p. A-10. ginning Sept. 29, 1971. 4 Beginning July 1973, this item includes certain deposits of domestic 2 Includes, beginning 1969, securities loaned—fully guaranteed by U.S. nonmember banks and foreign-owned banking institutions held with Govt, securities pledged with F.R. Banks—and excludes (if any) securities member banks and redeposited in full with F.R. Banks in connection sold and scheduled to be bought back under matched sale-purchase transactions. Notes continued on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • BANK RESERVES AND RELATED ITEMS A3 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 F.R. Period or date m cash liacir- hold- bilities cula- iinnggss and With Curtion Treas- For- Other 4 ccaappiittaall F.R. rency Total 6 ury eign Banks and coin 5 Averages of daily figures 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 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 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. 81,907 362 3,415 308 798 3,169 27,215 7,431 34,646 1975—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 27,215 7,356 34,571 Nov. 85,810 452 3,955 259 906 3,247 27,215 7,773 34,989 84,625 496 5,903 287 916 3,225 26,995 8,445 35,575 1976—Jan. 84,002 527 8,811 280 716 3,231 26,168 7,646 33,953 Feb. 85,014 511 7,653 264 810 3,252 26,366 7,456 33,967 Mar. 86,565 524 5,211 254 815 3,203 26,345 7,568 34,063 87,389 507 7,215 286 655 3,314 26,236 7,838 34,228 May 88,547 510 6,778 252 784 3,275 25,711 7,903 33,774 89,423 469 7,404 262 945 3,310 25,933 8,064 34,146 89,548 454 7,797 275 979 3,326 26,001 7,989 34,141 89,872 434 8,270 249 1 ,071 3,315 25,724 8,114 33,994 Sept.2' Week ending— 89,231 510 10,415 257 1,025 3,232 26,153 8,220 34,521 89,971 476 7,121 255 772 3,212 25,370 8,400 33,919 :..i4 89,582 443 5,622 282 945 3,286 26,842 7,429 34,420 21 89,077 456 6,218 250 1,043 3,427 25,915 8,155 34,219 89,226 443 7,623 288 1,023 3,398 26,351 8,190 34,691 89,759 439 5,416 224 934 3,136 25,088 8,324 33,562 11 89,897 436 6,067 352 909 3,253 26,311 7,946 34,408 18 89,484 432 10,135 240 943 3,394 26,111 7,556 33,818 25 89,273 423 10,126 259 1,245 3,538 25,884 8,017 34,052 SSeepptt.. 11 89,917 419 6,735 267 1,062 3,095 25,168 8,242 33,564 88 90,355 410 3,768 262 1,197 3,206 25,261 8,414 33,835 15 89,883 425 9,316 229 953 3,371 25,913 7,432 33,501 22^' 89,450 425 12,303 220 914 3,529 26,069 8,360 34,586 29P Daily figures for— End of month 88,948 454 8,739 295 953 3,525 24,371 8,190 32,712 July 89,494 412 10,795 254 962 3,716 24,782 8,017 32,950 89,636 425 13,296 393 1,024 3,625 25,499 8,275 33,923 Sept.f Wednesday 90,014 492 7,478 260 800 3,134 27,354 8,220 35,722 90,120 446 6,987 234 743 3,246 27,593 8,400 36,142 :..i4 89,529 431 5,042 277 1,142 3,309 27,937 7,429 35,515 21 89,297 432 6,320 227 1,134 3,523 28,189 8,155 56,493 28 89,662 427 5,856 264 1,063 3,145 32,062 8,190 40,402 90,181 431 4,666 199 921 3,136 24,726 8,324 33,200 .11 89,961 419 9,323 222 815 3,390 28,485 7,946 36,582 18 89,513 419 10,167 219 1,873 3,512 26,043 7,556 33,750 .25 89,683 412 9,959 216 2,227 3,410 28,241 8,017 36,409 SSeepptt,, 11 90,590 416 3,421 292 967 3,123 28,148 8,242 36,544 88 90,349 414 5,684 327 1,112 3,283 24,155 8,414 32,729 15 89,826 425 10,841 230 877 3,363 26,336 7,432 33,449 22P 89,769 425 12,212 245 920 3,649 29,807 8,360 34,324 29P with voluntary participation by nonmember institutions in the F.R. Sys- reserve deficiencies on which F.R, Banks were allowed to waive penalties tem's program of credit restraint. for transition period associated with bank adaptation to Regulation J, As of Dec. 12, 1974, the amount of voluntary nonmember bank and as amended effective Nov. 9, 1972. For 1973, allowable deficiencies inforeign-agency and branch deposits at F.R. Banks that are associated cluded are (beginning with first statement week of quarter): Ql, $279 with marginal reserves are no longer reported. However, two amounts are million; Q2, $172 million; Q3, $112 million; Q4, $84 million. For 1974, reported: (1) deposits voluntarily held as reserves by agencies and branches Ql, $67 million, Q2, $58 million. Transition period ended after 1974, Q2. of foreign banks operating in the United States; and (2) Euro-dollar Beginning with week ending Nov, 19, 1975, adjusted to include waivers liabilities. of penalties for reserve deficiencies in accordance with Board policy, 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed effective Nov. 19, 1975, of permitting transitional relief on a graduated thereafter. Beginning Jan. 1963, figures are estimated except weekly basis over a 24-month period when a nonmember bank merges into an averages. Beginning Sept. 12, 1968, amount is based on close-of-business existing member bank, or when a nonmember bank joins the Federal figures for reserve period 2 weeks previous to report date. Reserve System. 6 Beginning with week ending Nov. 15, 1972, includes $450 million of For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 BANK RESERVES AND RELATED ITEMS • OCTOBER 1976 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Large banks 2 All other banks Period Reserves Borrowings New York City City of Chicago Other Total Re- Excess 1 Total Sea- Excess Borrow- Excess Borrow- Excess Borrow- Exci Borrowheldi quired sonal ings ings ings ings 1965—Dec. 22,719 22,267 452 454 41 111 15 67 228 330 92 1967—Dec. 25,260 24,915 345 238 18 40 50 105 267 80 1968—Dec. 27,221 26,766 455 765 100 230 15 90 270 250 180 1969—Dec. 28,031 27,774 257 1,086 56 259 18 6 479 177 321 1970—Dec. 29,265 28,993 272 321 34 25 7 42 264 189 28 1971—Dec, 31,329 31,164 165 107 25 35 1 -35 22 174 42 1972—Dec. 31,353 31,134 219 1,049 -20 301 13 -42 429 -160 264 1973—Dec,, 35,068 34,806 262 1,298 41 -23 74 43 28 761 133 435 1974_Dec. 36,941 36,602 339 703 32 132 80 5 39 323 163 282 1975—Sept. 34,646 34,447 199 396 61 17 68 27 23 141 132 185 Oct 34,567 34,411 156 191 65 42 31 -23 3 32 134 128 Nov 34,571 34,281 290 61 28 50 7 34 42 5 164 49 Dec 34,989 34,727 262 127 13 64 63 -18 89 26 127 38 1976—Jan.. 35,575 35,366 209 79 52 9 -18 3 13 172 40 Feb,, 33,953 33,939 14 76 -147 20 -14 -2 16 177 39 Mar. 33,967 33,531 436 58 177 21 36 108 14 115 21 Apr.. 34,063 33,974 89 44 2 -4 -47 15 138 21 May. 34,228 33,846 382 121 13 29 -69 297 33 141 57 June, 33,774 33,657 117 120 22 26 91 -125 22 129 65 July, 34,146 34,076 70 123 -41 37 -18 -27 11 156 62 Aug. 34,141 33,844 297 104 58 28 59 61 20 119 50 Sept. P 33,994 33,690 304 76 43 22 -3 -90 4 124 47 Week ending— 11997755__SSeepptt.. 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 24 34,617 34,584 33 395 64 -66 • -79 • -2 28 115 73 201 1976—Mar. 34,088 33,678 410 85 98 31 11 122 14 179 29 10 33,379 33,276 103 48 53 26 -18 -67 3 135 19 17 33,710 33,509 201 40 26 21 13 22 141 18 24 33,562 33,451 111 78 -27 36 -13 70 23 81 19 31 34,236 33,838 398 36 105 10 109 14 174 22 AApprr.. 7 33,587 33,464 123 24 -13 -16 17 4 135 20 14 33,762 33,589 173 61 29 8 -15 32 151 14 21 34,447 34,317 130 40 -4 -22 41 2 115 20 28 34,384 34,272 112 54 16 27 -43 26 112 28 MMaayy 5 35,296 34,855 441 30 65 3 6 216 154 27 12 33,720 33,753 -33 55 9 -43 34 3 -112 2 119 16 2 1 6 9 3 34 3 , , 1 5 3 9 6 7 3 33 3 , , 5 8 1 9 9 1 24 7 5 8 1 1 2 3 2 6 1112 -5 4 3 0 4 5 0 3 -1 3 4 0 8 1 0 0 3 3 4 2 1 9 3 1 9 4 5 2 1 June 2 33,825 33,372 453 242 17 60 -15 244 79 164 149 9 33,127 33,197 -70 93 14 -42 36 -13 -153 5 138 35 16 33,971 33,400 571 49 16 118 68 210 11 175 38 23 33,594 33,774 -180 165 21 -106 62 -30 -134 45 90 58 30 34,866 34,341 525 165 28 95 14 37 213 24 180 127 JJuullyy 7 34,521 33,959 562 126 26 317 50 22 173 104 14 33,919 33,890 29 176 23 -93 -28 57 24 3 126 38 21 34,420 34,192 228 59 23 88 19 -20 10 141 49 28 34,219 34,187 32 159 27 -129 63 -6 52 33 115 63 AAuugg.. 4 34,691 34,255 436 157 22 86 53 113 16 184 55 11 33,562 33,598 -36 122 26 -74 41 -38 24 -53 18 129 39 18 34,408 34,071 337 85 27 119 21 2 13 37 184 46 25 33,818 33,700 118 68 29 -22 5 64 15 71 53 SSeepptt.. 1 34,052 33,762 290 93 32 45 30 4 81 6 160 57 8 33,564 33,291 273 45 29 82 30 -6 1 167 44 15 33,835 33,576 259 61 28 62 -20 14 60 6 157 41 2 2 2 9 ^ P ^ 3 3 3 4 , , 5 5 0 8 1 6 3 3 3 4 , , 4 3 4 7 9 4 2 5 1 2 2 4 8 4 8 2 3 9 4 -1 - 0 6 0 -4 6 4 3 -2 -5 2 3 5 1 4 2 2 2 5 4 2 3 1 Beginning with week ending Nov. 15, 1972, includes $450 million of existing member bank, or when a nonmember bank joins the Federal reserve deficiencies on which F.R. Banks are allowed to waive penalties Reserve System. for a transition period in connection with bank adaptation to Regulation J 2 Beginning Nov. 9, 1972, designation of banks as reserve city banks as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies for reserve-requirement purposes has been based on size of bank (net included are (beginning with first statement week of quarter): Ql, $279 demand deposits of more than $400 million), as described in the BULLETIN million; Q2, $172 million; Q3, $112 million; Q4, $84 million. Beginning for July 1972, p. 626. Categories shown here as "Large" and "All other" 1974, ()1, $67 million; Q2, $58 million. Transition period ended after parallel the previous "Reserve city" and "Country" categories, respectively second quarter, 1974. For weeks for which figures are preliminary, figures (hence the series are continuous over time). by class of bank do not add to the total because adjusted data by class are not available. NOTE.—Monthly and weekly data are averages of daily figures within Beginning with week ending Nov. 19, 1975, adjusted to include waivers the month or week, respectively. of penalties for reserve deficiencies in accordance with Board policy, Borrowings at F. R. Banks: Based on closing figures. effective Nov. 19, 1975, of permitting transitional relief on a graduated Effective Apr. 19, 1973, the Board's Regulation A, which governs lendbasis over a 24-month period when a nonmember bank merges into an ing by F.R. Banks, was revised to assist smaller member banks to meet the seasonal borrowing needs of their communities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • MONEY MARKET BANKS A5 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 Less- 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 trans- chases Sales to ings loans serves 1 rowings bank Amount avg. Pur- Sales actions 2 of net of net dealers 3 from at F.R. Federal required chases buying selling dealers 4 Banks funds reserves banks banks trans. Total—46 banks 1976—Aug. 4 178 12,589 -12,506 82.3 19,498 6,909 4,615 14,883 2,294 2,202 1,357 845 -58 16,357 -16,490 111 .4 22,636 6,279 4,326 18,310 1 ,952 3,337 1,168 2,169 18.'.'! 55 15,043 -15,002 99.0 21,530 6,487 4,408 17,122 2,079 2,734 1,392 I ,342 25 145 13,555 -13,410 91 .8 20,425 6,869 4,362 16,063 2,507 2,319 1,321 998 Sept. 1 151 13,301 -13,180 89.8 20,840 7,539 4,621 16,219 2,918 2,617 980 1,638 8 120 16,843 -16,723 115.6 24,246 7,404 4,548 19,698 2,855 3,728 848 2,881 15 179 17,798 -17,633 119.9 23,809 6,011 4,160 19,648 1,851 4,916 1,155 3,760 22 -9 14,964 -14,973 104.4 21,509 6,545 4,537 16,971 2,008 3,220 892 2,328 29 56 13,114 -13,094 87.7 20,643 7,529 4,176 16,468 3,354 2,298 1,131 1,167 8 in New York City 1976—Aug. 4 3- 3,514 -3,598 59.0 4,712 1,198 1,195 3.518 1,290 309 981 -45 5,083 -5,170 87.5 5,886 803 803 5,083 1 ,910 301 1,609 18.'.'.'; 56 4,630 -4,575 75.0 5,487 857 856 4,631 1,783 228 1,556 25 41 4,510 -4,469 76.8 5,216 706 706 4,510 1 ,580 322 1,258 Sept. 1 58 30 5,192 -5,165 87.7 5,881 688 689 5,192 1,885 226 1,659 8 104 7,180 -7,075 123.1 7,726 547 546 7,180 2,290 300 1,990 15 144 6,109 -5,965 102.7 6,558 448 448 6,109 2,230 292 1,937 22 21 4,519 -4,498 80.3 5,230 71 71 4.519 1,968 287 1,681 29 -4 5,323 -5,357 90.8 6,080 758 758 5,323 1,400 146 1,254 38 outside New York City 1976—Aug. 4. 176 9,075 -8,908 97.9 14,786 5,711 3,420 11,365 2,291 912 1,048 -136 11 . -13 11,274 -11,321 127.3 16,750 5,475 3,523 13,226 1,952 1,427 867 561 18. -1 10,413 -10,428 115.3 16,043 5,630 3,552 12,491 2,079 951 1,165 -214 25. 104 9,045 -8,941 101 .7 15,209 6,164 3,656 11,553 2,507 739 999 -260 Sept. 1. 93 8,109 -8,016 91.2 14,959 6,850 3,932 11,027 2,918 732 753 -21 8. 15 9,663 -9,647 110.6 16,520 6,857 4,002 12,518 2,855 1,439 548 891 15. 35 14 11,688 -11,668 131.2 17,251 5,563 3,712 13,539 1,851 2,686 863 1,823 22. -30 10,445 -10,474 119.8 16,279 5,834 3,826 12,453 2,008 1,251 605 647 29. 60 7,791 -7,737 85.7 14,563 6,772 3,418 11,145 3,354 985 -87 5 in City of Chicago 1976—Aug. 4. 65 5,430 -5,364 355.0 6,037 607 607 5,430 345 450 -105 11 . -13 6,248 -6,284 417.0 6,808 560 560 6,248 459 413 46 18. 11 5,661 -5,652 361 .0 6,291 630 615 5,676 306 444 -138 25. 31 5,267 -5,237 350.3 5,902 635 606 5,296 244 525 -281 Sept. 1. 5,458 -5,440 361.9 6,200 743 716 5,485 27 227 351 -124 8. 6,234 -6,198 423.4 6,851 618 618 6,234 480 259 221 15. 14 6,420 -6,435 405.9 6,973 553 553 6,420 674 174 500 22. 5,834 -5,833 390.6 6,475 641 641 5,834 422 256 165 29. 5,204 -5,167 345.3 5,854 650 650 5,204 272 542 -270 33 others 1976—Aug. 4... 111 3,645 -3,544 46.7 8,749 5,104 2,813 5,936 2,291 567 597 -31 11 ... -1 5,026 -5,037 68.2 9,942 4,915 2,963 6,979 1,952 968 453 515 18... -12 4,752 -4,776 63.8 9,752 5,000 2,937 6,815 2,063 645 720 -75 25... 74 3,778 -3,705 50.8 9,307 5,529 3,050 6,257 2,478 495 473 21 Sept. 1. 76 2,651 -2,576 35.4 8,759 6,108 3,217 5,542 2,891 505 402 103 8. -21 3,429 -3,450 47.5 9,669 6,239 3 384 6,284 2,855 959 289 669 15. 35 5,268 -5,233 71.6 10,278 5,010 3,159 7,119 1,851 2,012 689 1,323 22. -30 4,611 -4,641 64.0 9,804 5,193 3,185 6,619 2,008 830 348 481 29. 23 2,587 -2,570 34.1 8,709 6,121 2,768 5,941 3,354 626 443 183 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. Beginning with week ending Jan. 7, 1976, adjusted to clearing banks, reverse repurchase agreements (sales of securities to include waivers of penalties for reserve deficiencies in accordance with dealers subject to repurchase), resale agreements, and borrowings secured Board policy change effective Nov. 19, 1975. by Govt, or other issues. 2 Derived from averages for individual banks for entire week. Figure NOTE.—Weekly averages of daily figures. For description of series for each bank indicates extent to which the bank's weekly average pur- and back data, see Aug. 1964 BULLETIN, pp. 944-74. Revised data for chases and sales are offsetting. Jan. 1976 may be obtained from the Public Information Office, Office of 3 Federal funds loaned, net funds supplied to each dealer by clearing the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C.20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 F.R. BANK INTEREST RATES • OCTOBER 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 13ai last par. Sec. 134 Federal Reserve Bank Regular rate Special rate 3 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous 9/30/76 date rate 9/30/76 date rate 9/30/76 date 3 rate 9/30/76 date rate Boston 1/19/76 1/19/76 1/19/76 1/19/76 New York 1/19/76 1/19/76 1/19/76 1/19/76 Philadelphia.. 1/19/76 1/19/76 61/2 1/19/76 1/19/76 Cleveland 1/19/76 1/19/76 II 1/19/76 1/19/76 Richmond 1/19/76 1/19/76 1/19/76 1/19/76 Atlanta 1/19/76 1/19/76 I 1/19/76 1/19/76 Chicago 1/19/76 1/19/76 1/19/76 1/19/76 St. Louis 1/23/76 1/23/76 1/23/76 1/23/76 Minneapolis. . 1/19/76 1/19/76 61/2 1/19/76 1/19/76 Kansas City. . 1/19/76 1/19/76 1/19/76 1/19/76 Dallas 1/19/76 1/19/76 1/19/76 1/19/76 San Francisco 1/19/76 1/19/76 61/2 1/19/76 1/19/76 1 Discounts of eligible paper and advances secured by such paper or by 3 Applicable to special advances described in Section 201.2(e)(2) of U.S. Govt, obligations or any other obligations eligible for F.R. Bank Regulation A. purchase. 4 Advances to individuals, partnerships, or corporations other than 2 Advances secured to the satisfaction of the F.R. Bank. Advances member banks secured by direct obligations of, or obligations fully secured by mortgages on 1- to 4-family residential property are made at guaranteed as to principal and interest by, the U.S. Govt, or any the Section 13 rate. agency thereof. SUMMARY OF EARLIER CHANGES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31. 1955 21/2 21/2 1964—Nov. 24 31/2-4 4 1971—Nov. 11 43443-54 5 1956— A A u p g r. . 2 2 3 1 4 0 1 3 2 2 2 1 3 3 / 3 4 4 2 - - - 3 3 3 2 2 3 3 3 3 4 4 1965—Dec. 3 1 6 0 3 4 4 4 1 - 4 /2 1 /2 4 4 4 1 1 / / 2 2 Dec. 2 1 1 1 4 3 9 7 41/2 4 4 4 4 1 1 3 3 / / 4 4 2 2 1957— D N A e o u c g v . . . 2 1 2 9 3 5 3 3 3 ^ - 1 - 3 3 / 1 2 1 / / 2 2 3 3 3 31 /2 1 1 9 9 6 6 7 8 — — N A M o p a v r r . . . 2 1 2 2 1 0 7 5 7 2 4 4 4 4 1 4 4 /2 1 - - - 4 4 /2 5 1 1 / / 2 2 4 4 4 41 1 / / 2 2 1973— A M M F Ja e p a a n b r y r . . . . 2 2 1 2 4 3 6 5 5 5 51 5 5 / 5 5 4 2 - 1 3 5 - - / 5 4 6 2 1 3 / 2 4 I 6 5 5 I 3 /4 1958— M J A a p a n r r . . . 2 1 2 2 1 7 2 8 1 4 3 2 2 2 2 3 1 3 1 2 / 4 4 4 4 1 - - - - 2 4 3 3 3 3 4 2 2 2 2 3 1 3 1 1 1 3 4 4 4 4 4 A A D u p ec g r. . . 1 1 2 2 1 3 6 9 6 0 8 0 , 5 5 1 5 ^ /4 - 1 5 - 4 ^ 1 / /2 2 5 5 5 5 1 1 1 1 / / / 4 2 2 2 J A Ju u u n l g y e . 1 i 2 1 1 2 s 4 1 3 5 ! !!!!!!!!!! 6 7 6 7 6 7 1 1 - - 7 / / 6 2 2 1 I / / 2 2 7 6 6 6 7 1 1 1 1 / / / / 2 2 2 2 May 9 134-214 Aug. 15 iy4 1969—Apr. 4 5V.-6 6 1974—Apr. 25 71/2-8 Sept. 12 8 6 30 8 23 IV4 Dec. 9 734-8 O No ct v . . 2 7 4 2 2 221 /2 1970—Nov. 1 1 1 1 6 3 5 5 3 3 5 4 4 3 - - 4 6 6 6 5533 44 1975—Jan. 1 6 6 714 73 -7 4 3 4 7 7 3 3 4 4 1959—Mar. 6 2 -21/2 3 Dec. 1 51/2-534 10 714-734 May 2 1 9 6 2 3 1 2/2 ^ 1-/ - 2 3 3 1 /2 3 31 /2 1 4 1 51/ 5 2 1 - / 5 2 3 4 51/2 Feb. 2 5 4 63 7 4 1 7 4 1 4 7 6 1 3 4 4 J S u e n p e t. 1 1 2 1 31 3 /2 1 - /2 4 4 31 /2 1971—Jan. 8 514-51/2 514 Mar. 10 7 61/ 0 4 / - 4 6 34 6 ei 3 / 18 4 4 15 514 14 614 614 1960—June 1 1 0 3 4 31/2-4 4 2 2 1 9 2 9 4 5 5 34 - - - 5 5 5 1 1 4 4 5 5 5 May 1 2 6 3 6 6 -614 6 6 S A e u p g t . . 1 9 2 3 ^-31/2 3 3 J F u e l b y . 1 1 1 6 3 9 43443-45 5 4 34 1976—Jan. 2 1 3 9 51/2 1963—July 17 5 5 In effect, Sept. 30, 1976.... 5'A 5Vi 26 31/2 NOTE.—Rates under Sees. 13 and 13a (as described in table and notes above). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • RESERVE REQUIREMENTS A7 RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS (Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.) Net demand 2 Time 3 (all classes of banks) EEEffffffeeeccctttiiivvveee dddaaattteee 111 Reserve city Other Other time SSaavviinnggss 0-5 Over 5 0-5 Over 5 0-5 Over 5 In effect Jan. 1, 1963 161/2 12 44 1966—July 14,21 44 44 555 Sept 8 15 666 1967 Mar. 2 fff///... Mar 16 1968—Jan. 11,18 1177 1122 1969—Anr 17. 117711//22 112211//22 1970—Oct. 1 55 Beginning Nov. 9, 1972 Net demand 2,4 Time 3 Other time EEEEffffffffeeeeccccttttiiiivvvveeee ddddaaaatttteeee 0-5, maturing in— Over 5 5, maturing in— 000---222 222---111000 111000---111000000 111000000--- OOOvvveeerrr SSSaaavvviiinnngggsss 444000000 444000000 180 180 30-179 days to 4 years 30-179 days to 4 years days 4 years or more days 4 years or more 1972—Nov. 9 8 10 12 171/2 73 73 75 Nov. 16 1973 July 19 110011//ii 112211//22 111333111///222 11118888 1974 Dec. 12 111177771111////2222 66 33 1975—Feb. 13 mm 1100 1122 1133 111166661111////iiii Oct 30 88 11 333 88 11 1976 Jan 8 ... 33 88 2211//22 888 222111///222 In effect Sept. 30, 1976. ... m 10 12 13 161/2 3 33 88 2211//22 8 1 6 888 222111^^^ 8 1 Present legal limits: Minimum Maximum Net demand deposits, reserve city banks 10 22 Net demand deposits, other banks 7 14 Time deposits 3 10 1 When two dates are shown, the first applies to the change at reserve member bank will maintain reserves related to the size of its net demand city banks and the second to the change at country banks. For changes deposits. The new reserve city designations are as follows: A bank having prior to 1963 see Board's Annual Reports, net demand deposits of more than $400 million is considered to have the 2 (a) Demand deposits subject to reserve requirements are gross de- character of business of a reserve city bank, and the presence of the head mand deposits minus cash items in process of collection and demand office of such a bank constitutes designation of that place as a reserve balances due from domestic banks. city. Cities in which there are F.R. Banks or branches are also (b) Requirement schedules are graduated, and each deposit interval reserve cities. Any banks having net demand deposits of $400 million or applies to that part of the deposits of each bank. less are considered to have the character of business of banks outside of (c) Since Oct. 16, 1969, member banks have been required under reserve cities and are permitted to maintain reserves at ratios set for banks Regulation M to maintain reserves against foreign branch deposits not in reserve cities. For details, see Regulation D and appropriate supcomputed on the basis of net balances due from domestic offices to their plements and amendments. foreign branches and against foreign branch loans to U.S. residents. 5 A marginal reserve requirement was in effect between June 21, 1973, Since June 21, 1973, loans aggregating $100,000 or less to any U.S. resident and Dec. 11, 1974, against increases in the aggregate of the following types have been excluded from computations, as have total loans of a bank to of obligations: (a) outstanding time deposits of $100,000 or more, (b) U.S. residents if not exceeding $1 million. Regulation D imposes a similar outstanding funds obtained by the bank through issuance by a bank's reserve requirement on borrowings from foreign banks by domestic offices affiliate of obligations subject to existing reserve requirements on time of a member bank. The reserve percentage applicable to each of these deposits, and (c) beginning July 12, 1973, funds from sales of finance bills. classifications is 4 per cent. The requirement was 10 per cent originally, The requirement applied to balances above a specified base, but was not was increased to 20 per cent on Jan. 7, 1971, was reduced to 8 per cent applicable to banks having obligations of these types aggregating less effective June 21, 1973, and was reduced to the current 4 per cent effective than $10 million. For details, including percentages and maturity classifi- May 22, 1975. Initially certain base amounts were exempted in the com- cations, see "Announcements" in BULLETINS for May, July, Sept., and putation of the requirements, but effective Mar. 14, 1974, the last of these Dec. 1973 and Sept. and Nov. 1974. reserve-free bases were eliminated. For details, see Regulations D and M. 6 The 16Vi per cent requirement applied for one week, only to former 3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve city banks. For other banks, the 13 per cent requirement was club accounts became subject to same requirements as savings deposits. continued in this deposit interval. Beginning Nov. 10, 1975, profitmaking businesses may maintain savings 7 See columns above for earliest effective date of this rate. deposits of $150,000 or less at member banks. For details of 1975 action, 8 The average of reserves on savings and other time deposits must be see Regulations D and Q, and also BULLETINS for Oct. 1975, p. 708, and at least 3 per cent, the minimum specified by law. For details, see Regu- Nov. 1975, p. 769. lation D. Notes 2(b) and 2(c) above are also relevant to time deposits. 4 Effective Nov. 9, 1972, a neW criterion was adopted to designate re- NOTE.—Required reserves must be held in the form of deposits with serve cities, and on the same date requirements for reserves against net F.R. Banks or vault cash. demand deposits of member banks were restructured to provide that each Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 MAXIMUM INTEREST RATES; MARGIN REQUIREMENTS • OCTOBER 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, Dec. 23, of deposit 1966 1966 1968 1970 of deposit 1973 1973 1974 1974 Savings deposits 4V2 Savings deposits Other time deposits :i Other time deposits (multiple- Multiple maturity:2 and single-maturity):!, 2 30-89 days 4 41/2 Less than $100,000: 90 days to 1 year. 5 30-89 days 5 5 5 5 2 1 - y 2 e a y r e s a o rs r more... 5 5 5 1 3 / 4 2 9 1 0 -2 d 1/ a 2 y s y e to a rs 1 year 6 51 /2 6 5» /2 I''' Single-maturity: 2Vi years or more 61/2 61/2 61/2 61/2 Less than $100,000: Minimum denomination 30 days to 1 year. of $1,000:4 1-2 years 5^/2 4-6 years (5) 71/4 71/4 7V4 $1 2 0 0 y , e 0 a 0 r 0 s o o r r m m o o r r e e : . . Go 6 v e ye rn a m rs e o n r t a m l o u r n e it . s (6) (6) 71/2 7 71 V /2 4 3 60 0 - - 8 5 9 9 d d a a y y s s S 53 V / i 4 ( ( 3 3 ) ) $100,000 or more (3) O) (3) 9 1 0 80 -1 d 7 a 9 y s d a t y o s 1 year SVz SVz 6 6 1^ (3) 1 year or more... (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 6i^ 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 71^ 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- 6 3 0 0 - - 8 5 9 9 d d a a y y s s 6 6 V V i a p p e e r r c c e e n n t t June 24, 1970 t g i o o v n e Q rn m ce e i n lin ta g l s u o n n i ts r at w e e s re p a p y e a r b m le i t w te e d r e t o c o h n o ce ld r n s e a d v . in E g ff s e c d t e iv p e o s N it o s v . a n 2 d 7 , c 1 o 9 u 74 ld , 90-179 days 6^ 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 71/i per cent 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-maturing 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. (LR.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. 1945—Feb. 4 40 50 1945—Feb. 5 July 4 50 50 July 5 1946—Jan. 20 75 75 1946—Jan. 21 1947—Jan. 31 100 100 1947—Feb. 1 1949_Mar. 29 75 75 1949_Mar. 30 1951—Jan. 16 50 50 1951—Jan. 17 1953—Feb. 19 75 75 1953—Feb. 1955—Jan. 3 50 50 1955—Jan. Apr. 22 60 60 Apr. 1958—Jan. 15 70 70 1958—Jan. Aug. 4 50 50 Aug, Oct. 15 70 70 Oct. 1960—July 27 90 90 1960—July 1962—July 9 70 70 1962—July 1963—Nov. 5 50 50 1963—Nov. 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

OCTOBER 1976 • OPEN MARKET ACCOUNT A9 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity (excluding matched sale-purchase transactions) Treasury bills i Others within 1 year2 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 1111111111111111111111111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000007777777777777777777744444444444444444444 55555555555,,,,,,,,,,,222222222221111111111144444444444 2222222222222222222,,,,,,,,,,,,,,,,,,,111111111111111111166666666666666666660000000000000000000 9999999999999999 ------------333333333333,,,,,,,,,,,,444444444444888888888888333333333333 888888888444444444888888888 555555555555,,,,,,,,,,,,444444444444333333333333000000000000 222222222444444444999999999 --------11111111,,,,,,,,888888884444444455555555 999999999333333333 --------111111110000000022222222 1971 88888888888888888888,,,,,,,,,,,,,,,,,,,,888888888888888888889999999999999999999966666666666666666666 33333333333,,,,,,,,,,,666666666664444444444422222222222 1111111111111111111,,,,,,,,,,,,,,,,,,,000000000000000000066666666666666666664444444444444444444 11111111,,,,,,,,000000003333333366666666 ------------666666666666,,,,,,,,,,,,444444444444666666666666222222222222 111111111,,,,,,,,,333333333333333333888888888 444444444444,,,,,,,,,,,,666666666666777777777777222222222222 999999999333333333333333333 666666668888888855555555 333333333111111111111111111 111111115555555500000000 1972 88888888888888888888,,,,,,,,,,,,,,,,,,,,555555555555555555552222222222222222222222222222222222222222 66666666666,,,,,,,,,,,444444444446666666666677777777777 2222222222222222222,,,,,,,,,,,,,,,,,,,555555555555555555544444444444444444445555555555555555555 111111112222222255555555 222222222222,,,,,,,,,,,,999999999999333333333333333333333333 777777777888888888999999999 ------------111111111111,,,,,,,,,,,,444444444444000000000000555555555555 555555555333333333999999999 --------22222222,,,,,,,,000000009999999944444444 111111111666666666777777777 222222225555555500000000 1973 1111111111111111111155555555555555555555,,,,,,,,,,,,,,,,,,,,555555555555555555551111111111111111111177777777777777777777 44444444444,,,,,,,,,,,888888888888888888888800000000000 3333333333333333333,,,,,,,,,,,,,,,,,,,444444444444444444400000000000000000005555555555555555555 11111111,,,,,,,,333333339999999966666666 ------------111111111111444444444444000000000000 555555555777777777999999999 ------------222222222222,,,,,,,,,,,,000000000000222222222222888888888888 555555555000000000000000000 888888889999999955555555 111111111222222222999999999 8888888877777777 1974 1111111111111111111111111111111111111111,,,,,,,,,,,,,,,,,,,,666666666666666666666666666666666666666600000000000000000000 55555555555,,,,,,,,,,,888888888883333333333300000000000 4444444444444444444,,,,,,,,,,,,,,,,,,,555555555555555555555555555555555555550000000000000000000 444444445555555500000000 ------------111111111111,,,,,,,,,,,,333333333333111111111111444444444444 777777777999999999777777777 ------------666666666666999999999999777777777777 444444444333333333444444444 11111111,,,,,,,,666666667777777755555555 111111111999999999666666666 222222220000000055555555 1975 1111111111111111111111111111111111111111,,,,,,,,,,,,,,,,,,,,555555555555555555556666666666666666666622222222222222222222 55555555555,,,,,,,,,,,555555555559999999999999999999999 6666666666666666666,,,,,,,,,,,,,,,,,,,444444444444444444433333333333333333331111111111111111111 33333333,,,,,,,,888888888888888866666666 ------------333333333333,,,,,,,,,,,,555555555555555555555555333333333333 222222222,,,,,,,,,888888888666666666333333333 444444444444,,,,,,,,,,,,222222222222777777777777555555555555 111111111,,,,,,,,,555555555111111111000000000 --------44444444,,,,,,,,666666669999999977777777 111111111,,,,,,,,,000000000777777777000000000 888888884444444488888888 111999777555___AAAuuuggg............ 333333333333333333331111111111111111111122222222222222222222 222222222228888888888822222222222 444444444444444444400000000000000000000000000000000000000 22222222,,,,,,,,000000000000000022222222 ------------222222222222,,,,,,,,,,,,111111111111444444444444444444444444 111111111555555555000000000 111111111111,,,,,,,,,,,,222222222222999999999999999999999999 666666666444444444 --------11111111,,,,,,,,444444444444444444444444 444444444777777777 333333330000000000000000 SSSeeepppttt............ 22222222222222222222,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111188888888888888888888 222222222222222222200000000000000000000000000000000000000 222222222222777777777777888888888888 555555555666666666222222222 ------------222222222222777777777777888888888888 111111111333333333777777777 111111111222222222444444444 OOOcccttt 11111111111111111111,,,,,,,,,,,,,,,,,,,,222222222222222222226666666666666666666633333333333333333333 '''''''''''"""""""""""777777777776666666666666666666666 444444444444444444400000000000000000000000000000000000000 444444444444888888888888 ------------444444444444888888888888 NNNooovvv............ 999999999999999999998888888888888888888833333333333333333333 666666666665555555555522222222222 999999999999999999911111111111111111119999999999999999999 44444443333333 ------------222222222222666666666666555555555555 222222266666667777777 ------------111111111111333333333333555555555555 111111155555555555555 330000 222222244444444444444 110000 DDDeeeccc............ 11111111111111111111,,,,,,,,,,,,,,,,,,,,999999999999999999998888888888888888888844444444444444444444 222222222222222222200000000000000000000000000000000000000 33333331111111 222222222222888888888888 111111111111118888888 ------------222222222222888888888888 77777778888888 77777771111111 111999777666———JJJaaannn 222222222222222222224444444444444444444433333333333333333333 11111111,,,,,,,,222222223333333399999999 666666666666666666600000000000000000000000000000000000000 33333337777777 111111111111110000000 111111100000000000000 77777773333333 FFFFFFFFeeeeeeeebbbbbbbb................ ................ 11111111111111111111,,,,,,,,,,,,,,,,,,,,666666666666666666666666666666666666666644444444444444444444 333333333333333333388888888888888888889999999999999999999 44444440000000 --------iiiiiiii,,,,,,,,iiiiiiii5555555533333333 111111177777777777777 111111117777777744444444 66666663333333 996688 55555559999999 220000 MMMMMMMMaaaaaaaarrrrrrrr................................ 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666699999999999999999999 """"""""''''''''ssssssssiiiiiiiiiiiiiiii 666666666666666666600000000000000000000000000000000000000 33333338888888 333333334444444499999999 111111188888885555555 111000777 --------333333334444444499999999 66666663333333 22222224444444 J J J J J J J J J J J J J J J J AAAAAAAA MMMMMMMM uuuuuuuu uuuuuuuu pppppppp aaaaaaaa llllllll nnnnnnnn rrrrrrrr yyyyyyyy yyyyyyyy eeeeeeee ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 22222222222222222222 22222222222222222222 11111111111111111111 ,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,, 77777777777777777777 88888888888888888888 33333333333333333333 22222222222222222222 11111111111111111111 66666666666666666666 33333333333333333333 77777777777777777777 99999999999999999999 99999999999999999999 55555555555555555555 99999999999999999999 11111111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ,,,,,,,, ,,,,,,,, ,,,,,,,, 44444444 33333333 22222222 55555555 11111111 55555555 22222222 22222222 33333333 55555555 44444444 44444444 1111111111111111111,,,,,,,,,,,,,,,,,,,0000000000000000000 4444444444444444444 3333333333333333333 8888888888888888888 0000000000000000000 0000000000000000000 7777777777777777777 5555555555555555555 0000000000000000000 3333333333333333333 5555555555555555555 0000000000000000000 2222222 8 7777777 3 22222222 -------- ,,,,,,,, 44444444 66666666 44444444 00000000 55555555 77777777 22222222 99999999 22222222 99999999 66 2222222 11 4444444 77 9999999 777000 --------33333333,,,,,,,,11111111 - - - - - - - - - - - - - - - - 44444444 55555555 77777777 00000000 44444444 99999999 22222222 55555555 99999999 1199 5555555 55 1111111 441188 99 3333333 66 8888888 8855 AAAAAAAAuuuuuuuugggggggg 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111110000000000000000000000000000000000000000 4422 --------11111111,,,,,,,,555555552222222255555555 330011 --------7777777799999999 7722 11,,335544 6655 225500 Matched sale-purchase Repurchase Federal agency obligations Bankers Total outright! transactions agreements Net acceptances, (U.S. Govt, (U.S. Govt, change net securities) securities) in U.S. Outright Repur- Net Period Govt, chase change ^ 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 197 0 12,362 5,214 2,160 12,177 12,177 33,859 33,859 4,988 -6 4,982 197 1 12,515 3,642 2,019 16,205 16,205 44,741 43,519 8,076 485 101 22 181 8,866 197 2 10,142 6,467 2,862 23,319 23,319 31,103 32,228 -312 1,197 370 -88 -9 -145 272 197 3 18,121 4,880 4,592 45,780 45,780 74,755 74,795 8,610 865 239 29 -2 -36 9,227 197 4 13,537 5,830 4,682 64,229 62,801 71,333 70,947 1,984 3,087 322 469 511 420 6,149 197 5 20,892 5,599 9,559 151,205 152,132 140,311 139,538 7,434 1,616 246 -392 163 -35 8,539 1975—Aug.. 2,574 282 2,389 14,234 13,730 8,146 6,881 663 353 40 90 -1 156 1,222 Sept.. 2,940 200 19,931 19,835 16,664 14,857 4,451 394 203 14 94 5,155 Oct.. 1,263 ""766 400 15,886 16,113 13,699 13,838 186 284 -124 49 50 445 Nov. 1,693 652 919 14,442 15,207 14,342 17,275 -2,047 -169 -21 -300 -2,537 Dec.. 2,281 200 10,559 10,058 8,464 7,247 2,797 118 15 385 3,315 1976—Jan.. 563 1,239 600 11,407 11,503 18,135 14,919 2,037 239 187 5 98 2,567 Feb.. 2,003 200 7,551 7,957 17,753 20,943 -982 297 -236 -70 -109 -1,101 Mar. . 1,380 618 600 12,697 12,082 16,000 14,783 763 217 -138 -31 812 3,233 1,425 1,000 15,138 14,899 17,456 15,963 2,061 -155 -50 162 2,019 mly. 1,335 1,224 403 12,417 12,355 20,355 21,203 -1,202 240 22 -51 -69 -1,080 June., 3,709 524 350 20,973 21,205 14,409 13,643 3,834 123 -78 229 4,086 July. 279 1,413 875 10,522 10,468 12,947 14,657 -3,773 -231 -31 -339 -4,375 Aug.. 1,579 16,389 16,180 26,641 24,655 3,357 27 95 -68 220 3,577 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 directly from the Federal Reserve, as follows (millions of dollars): June NOTE.—Sales, redemptions, and negative figures reduce System hold- 1971, 955; Sept. 1972, 38; Aug. 1973, 351; Sept. 1973, 836; Nov. 1974, ings; all other figures increase such holdings. Details may not add to 131; Mar. 1975, 1,560; Aug. 1975, 1,989. totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AlO FEDERAL RESERVE BANKS • OCTOBER 1976 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1976 1976 1975 Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. 1 Sept. 30 Aug. 31 Sept. 30 Gold certificate account 11,598 ,598 11,598 11,598 11,598 11,598 11,598 1,599 Special Drawing Rights certificate account. 700 700 700 700 700 800 700 500 Cash 365 360 360 350 362 370 365 403 Loans: Member bank borrowings 324 51 167 40 271 323 64 283 Other Acceptances: Bought outright 212 225 245 258 258 207 262 698 Held under repurchase agreements. 507 201 63 610 631 546 250 Federal agency obligations: Bought outright 6,757 6,757 6,757 6,778 6,778 6,757 6,778 5,789 Held under repurchase agreements. 295 70 25 220 323 141 293 U.S. Govt, securities: Bought outright: 38,372 38,705 34,923 37,216 37,304 38,245 37,556 35,422 Certificates—Special. Other.. Notes 46,482 46,482 45,915 45,915 45,915 46,897 45,915 43,400 Bonds 6,465 6,465 6,411 6,411 6,411 6,506 6,411 5,104 Total bought outright i 91,319 91,652 87,249 89,542 89,630 91,648 89,882 83,926 Held under repurchase agreements. 7,905 2,884 753 5,654 4,779 4,148 3,072 Total U.S. Govt, securities. 99,224 94,536 87,249 90,295 95,284 96,427 94,030 86,998 T C o as ta h l i l t o e a m n s s i a n n p d r o s c e e c s u s r it o ie f s c ollection... 1 f 0 8 7 , , 1 3 7 1 4 9 1 P 01 8 , ,8 8 6 40 6 9 1 4 0 , , 4 4 1 9 8 7 97 8 , ,7 4 1 5 5 9 10 8 3 , , 5 4 4 2 1 1 1 ^ 0 7 4 , , 0 6 4 6 6 8 10 7 1 , , 5 8 7 2 6 1 9 6 4 , , 7 31 2 1 0 Bank premises 354 353 353 352 350 354 350 306 Operating equipment 26 22 22 22 22 26 22 4 Other assets: Denominated in foreign currencies. 638 646 664 660 645 738 645 247 All other 2,731 2,648 2,548 2,588 3,511 2,682 2,648 2,702 Total assets. ^'l 31,905 ^127,033 121,160 122,444 129,150 3'128,282 125,725 116,792 Liabilities F.R. notes 79,802 79,861 80,385 80,622 79,742 79,674 79,624 72,563 Deposits: Member bank reserves 2'29,807 ^26,336 24,155 28,148 28,241 f25,499 24,782 25,913 U.S. Treasury—General account. 12,212 10,841 5,684 3,421 9,959 13,296 10,795 8,075 Foreign 245 230 327 292 216 393 254 324 Other: All other 2 920 877 1,112 967 2,227 1,024 962 616 Total deposits. ^'43,184 ^>38,284 31,278 32,828 40,643 2^40,212 36,793 34,928 Deferred availability cash items 5,270 5,525 6,214 5,871 5,355 4,771 5,592 5,829 Other liabilities and accrued dividends. 1,248 1,081 1,117 1,065 1,037 1,205 1,276 1,165 Total liabilities. f129,504 2^124,751 118,994 120,386 126,777 f125,862 123,285 114,485 Capital accounts Capital paid in 965 965 965 965 965 965 965 914 Surplus 929 929 929 929 929 929 929 897 Other capital accounts 507 388 272 164 479 526 546 496 Total liabilities and capital accounts Pi 31,905 f127,033 121,160 122,444 129,150 ^128,282 125,725 116,792 Marketable U.S. Govt, securities held in custody for foreign and international accounts 49,219 49,835 49,856 49,519 48,540 49,690 48,294 41,360 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R. notes outstanding (issued to Bank) 85,571 85,653 85,538 85,315 85,446 85,526 85,209 78,643 Collateral held against notes outstanding: Gold certificate account 11,595 11,596 11,596 11,596 11,595 11,595 11,597 11,596 Special Drawing Rights certificate account. 394 394 394 394 394 421 394 302 Acceptances U.S. Govt, securities 75,230 75,230 75,180 74,930 74,930 75,230 74,930 69,330 Total collateral. 87,219 87,220 87,170 86,920 86,919 87,246 86,921 81,228 1 See note 2 on p. A-2. 2 See note 4 on p. A-2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • FEDERAL RESERVE BANKS; BANK DEBITS All MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1976 1976 1975 Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. 1 Sept. 30 Aug. 31 Sept. 30 Loans—Total 324 51 168 41 271 323 64 283 Within 15 days... 311 41 156 36 248 299 46 251 16-90 days 13 10 12 5 23 24 18 32 91 days to 1 year.. Acceptances—Total. 719 426 245 321 868 838 948 Within 15 days... 569 284 54 112 645 691 585 353 16-90 days 109 135 151 165 175 105 174 288 91 days to 1 year. 41 7 40 44 48 42 49 307 U.S. Govt, securities—Total. 99,224 94,536 87,249 90,295 95,284 96,427 94,030 86,998 Within 15 daysi 12,142 7,663 4,022 4,640 8,428 6,688 5,643 5,608 16-90 days 17,066 16,908 14,672 16,256 17,428 17,269 18,713 19,533 91 days to 1 year 26,061 26,010 25,181 26,025 26,054 27,864 26,300 22,198 1-5 years 29,034 29,034 28,694 28,694 28,694 29,559 28,694 30,099 5-10 years 9,896 9,896 9,709 9,709 9,709 9,981 9,709 5,893 Over 10 years 5,025 5,025 4,971 4,971 4,971 5,066 4,971 3,667 Federal agency obligations—Total. 7,052 6,827 6,757 6,803 6,998 7,080 6,919 6,082 Within 15 daysi 327 102 106 301 355 275 303 16-90 days 383 383 •••'4i5' 276 208 383 208 201 91 days to 1 year 967 967 967 981 1,049 967 996 613 1-5 years 3,267 3,267 3,267 3,245 3,245 3,267 3,245 3,073 5-10 years 1,415 1,415 1,415 1,502 1,502 1,415 1,502 1,310 Over 10 years 693 693 693 693 693 693 693 582 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts i Turnover of demand deposits (billions of dollars) PPPeeerrriiioooddd Leading SMSA's TToottaall 223322 Leading SMSA's TToottaall 223322 TToottaall SSMMSSAA''ss 222266 TToottaall SSMMSSAA''ss 222266 223333 ((eexxccll.. ootthheerr 223333 ((eexxccll.. ootthheerr SSMMSSAA''ss N.Y. 6 others 2 NN..YY..)) SSMMSSAA''ss SSMMSSAA''ss N.Y. 6others2 NN..YY..)) SSMMSSAA''ss 1975—Aug 23,269.4 10,628.8 5,125.1 12,640.5 7,515.4 130.4 335.0 124.4 86.2 71.2 Sept 23,181.9 10,585.0 5,153.0 12,596.9 7,443.8 128.8 330.7 123.8 85.1 70.0 Oct 24,137.1 11,801.5 4,921.3 12,335.6 7,414.3 134.0 364.0 118.7 83.5 69.8 Nov 24,067.7 11,529.9 4,937.3 12,537.8 7,600.5 134.0 360.8 119.5 84.9 71.5 Dec 23,565.1 10,970.9 4,932.5 12,594.2 7,661.8 131.0 351.8 118.4 84.7 71.6 1976_Jan 23,845.0 11,517.7 4,789.0 12,327.3 7,538.3 132.4 366.0 115.4 82.9 70.3 Feb 25,528.4 12,212.0 5,324.6 13,316.4 7,991.8 140.9 375.4 128.1 89.6 74.6 Mar 26,474.4 12,629.6 5,560.9 13,844.8 8,283.9 144.6 377.5 131.4 92.5 77.2 Apr 25,792.8 12,482.8 5,302.4 13,310.0 8,007.7 140.3 374.9 124.6 88.4 74.2 May 25,490.9 12,179.0 5,327.1 13,311.9 7,984.7 139.3 380.2 126.9 88.2 73.3 June ''26,625.6 12,844.3 5,561.2 '•13,781 .3 8,220.1 145.0 400.8 131.9 90.9 75.1 July '•27,102.3 13,354.2 '•5,497.7 '•13,748.1 '•8,250.4 145.9 405.0 128.7 89.9 74.9 Aug 27,877.1 13,221.1 5,935.8 14,656.0 8,720.2 144.8 400.6 138.2 91.9 74.8 1 Excludes interbank and U.S. Govt, demand deposit accounts. NOTE.—Total SMSA's include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA's. Los Angeles-Long Beach. For back data see pp. 634-35 of the July 1972 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 MONEY STOCK • OCTOBER 1976 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Ml M2 Mz Ma M5 Ml M2 Ms Mi Ms Composition of measures is described in the NOTE below. 1973—Dec 270.5 571.4 919.5 634.9 982.9 278.3 576.5 921.8 640.5 985.8 1974—Dec 283.1 612.4 981 .6 702.2 1,071.4 291.3 617.5 983.8 708.0 1,074.3 1975—Aug 293.2 650.6 1,060.6 129.Z 1,139.3 290.0 647.2 1,057.1 728.4 1,138.3 Sept 293.6 652.9 1,068.1 731 .9 1,147.1 291.7 649.5 1,062.8 732.2 1,145.5 Oct 293.4 655.8 1,075.8 736.7 1,156.6 292.3 653.2 1,070.4 736.9 1,154.1 Nov 295.6 662.1 1,086.5 743.9 1,168.3 297.4 660.2 1,080.6 743.0 1,163.5 Dec 294.8 664.3 1,092.9 747.2 1,175.8 303.2 669.3 1,094.6 752.8 1,178.1 1976—Jan 295.1 670.2 1,103.7 749.4 1,182.9 301.0 675.3 1,107.1 753.7 1,185.6 Feb 296.5 678.5 1,117.2 753.8 1,192.6 292.9 675.3 1,113.3 748.4 1,186.3 Mar 298.0 683.4 1,127.4 756.5 1,200.5 295.2 683.3 1,129.0 755.1 1,200.8 Apr 301 .7 691.9 1,141.2 763.4 1,212.7 303.3 696.7 1,149.4 766.1 1,218.7 May 303.3 697.2 1,151.5 765.4 1,219.7 298.4 695.6 1,152.4 763.0 1,219.7 June 303.1 700.3 1,159.2 770.9 1,229.8 302.4 701 .7 1,164.1 770.8 1,233.2 July 304.8 707.6 '•1,172.0 777.2 '•1,241 .6 305.1 708.0 '•1,175.9 776.9 '•1,244.8 Aug 306.3 713.4 1,184.8 777.7 1,249.1 303.0 710.0 1,181.3 776.3 1,247.6 NOTE.—Composition of the money stock measures is as follows: of mutual savings banks, savings and loan shares, and credit union shares (nonbank thrift). Mw Averages of daily figures for (1) demand deposits of commercial Mm MZ plus large negotiable CD's. banks other than domestic interbank and U.S. Govt., less cash items in Ms: Ms plus large negotiable CD's. process of collection and F.R. float; (2) foreign demand balances at F.R. For a description of the latest revisions in Mi, M2, Ms, M4, and Ms, see Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of "Revision of Money Stock Measures" on pp. 82-87 of the Feb. 1976 commercial banks. BULLETIN. Beginning Oct. 1975, money stock measures and related data Mr. Averages of daily figures for M\ plus savings deposits, time de- have been revised to incorporate benchmark data from the Dec. 31, 1975, posits open account, and time certificates of deposit other than negoti- call report. able CD's of $100,000 of large weekly reporting banks. Latest monthly and weekly figures are available from the Board's H.6 Ma: A/2 plus the average of the beginning and end-of-month deposits release. Back data are 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 555 ppooss-- tttiiiooonnnsss 222 mes- tttiiiooonnnsss 222 iittss CD'si Other Total Mem- tic Total 4 CD'si Other Total ber nonmember 3 1973—Dec 61 .5 209.0 63.5 300.9 364.4 348.0 62.7 156.5 56.3 215.7 64.0 298.2 362.2 345.3 6.3 1974—Dec 67.8 215.3 89.8 329.3 419.1 369.2 69.0 159.7 58.5 222.2 90.5 326.3 416.7 366.3 4.9 1975—Aug 71.9 221.3 78.8 357.4 436.2 410.0 72.1 155.8 59.0 217.8 81.1 357.3 438.4 409.9 2.7 Sept 72.0 221.6 79.1 359.2 438.3 415.2 71.9 157.0 59.7 219.9 82.7 357.7 440.4 413.3 3.9 Oct 72.6 220.8 80.9 362.4 443.3 420.0 72.5 156.6 60.3 219.9 83.7 360.8 444.5 417.2 3.4 Nov 73.4 222.1 81.8 366.5 448.3 424.4 73.9 159.0 61 .4 223.5 82.9 362.8 445.6 420.4 3.5 Dec 73.7 221.0 82.9 369.6 452.4 428.6 75.1 162.1 62.6 228.1 83.5 366.2 449.6 425.3 4.1 1976—Jan 74.2 220.8 79.2 375.2 454.4 433.5 73.8 162.0 62.1 227.2 78.5 374.3 452.8 431.9 3.8 Feb 75.1 221.5 75.4 381.9 457.3 438.8 74.1 155.7 59.9 218.8 73.0 382.5 455.5 438.0 4.5 Mar 75.7 222.3 73.1 385.4 458.5 444.0 75.1 156.8 60.2 220.1 71.8 388.1 459.9 445.7 3.9 Apr 76.7 225.0 71.4 390.2 461.7 449.3 76.3 161.7 62.3 227.0 69.4 393.4 462.8 452.6 3.8 May 77.4 226.0 68.2 393.9 462.1 454.3 77.2 157.1 61.0 221.2 67.4 397.2 464.6 456.7 3.7 June 77.6 225.5 70.6 397.3 467.9 458.9 77.8 159.1 62.3 224.6 69.1 399.3 468.4 462.4 4.7 July 78.2 226.6 69.6 402.8 472.4 '•464.4 78.8 160.1 62.7 226.3 68.9 403.0 471.8 '•467.9 3.4 Aug 78.6 227.6 64.4 407.1 471.5 471.4 78.9 158.3 62.4 224.1 66.3 407.0 473.3 471.3 3.6 1 Negotiable time certificates of deposit issued in denominations of 4 Total deposits include, in addition to the member and domestic non- $100,000 or more by large weekly reporting commercial banks. member deposits shown, deposits due to foreign and international in- 2 Average of the beginning and end-of-month figures for deposits of stitutions at F. R. Banks and Mi type balances at agencies and branches mutual savings banks, for savings capital at savings and loan associations, of foreign banks. and for credit union shares. 5 At all commercial banks. 3 Based on most recent call report single-day observations. See also NOTE above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • BANK RESERVES; BANK CREDIT A13 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bia nk reser S.A.i Deposit abject to reserve req[ uirements TToott;; aall mmeemmbbeerr bbaann kk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss 44 PPPPeeeerrrriiiioooodddd NNNooonnn--- TTToootttaaalll bbbooorrr--- RRR AAAvvvaaaiiilll--- Demand Demand rrrooowwweeeddd qqquuuiii rrreeeddd aaabbbllleee 222 TTiimmee TTiimmee TToottaall aanndd TToottaall aanndd SS..AA.. NN..SS..AA.. ssaavviinnggss Private U.S. ssaavviinnggss Private U.S. Govt. Govt. 1973—Dec.... 34.98 33,. 69 34 .68 32 .78 442.8 279 .7 158. 1 5,. 0 447,, 5 278.5 164,. 0 5,, 0 449,. 4 454.0 1974—Dec. 1.. 36.63 35,. 90 36 .37 34,. 42 486.9 322,. 9 160.. 6 3,. 4 491,, 8 321.7 166,, 6 3., 5 495,. 3 500.1 1975—Aug.... 34.88 34,. 67 34 .69 32 .77 496.3 328,. 4 165,, 1 2,. 8 494,, 8 330.5 162,. 3 2,, 0 503,, 3 501 .8 Sept.... 34.99 34,. 59 34 .80 32 .77 498.4 329 .8 165,, 6 3,. 0 499, 1 332.2 164 .0 2,, 9 505,. 5 506.1 Oct.i.. 34.79 34,. 60 34 .58 32,. 61 500.1 333 .1 164,, 0 3,. 0 500,. 4 334.7 163 .3 2, ,5 508,. 0 508.3 Nov.... 34.73 34,. 67 34 .44 32 .43 505.9 336 .1 165,. 9 3,. 9 503,, 6 334.3 166 .7 2,, 6 514,. 1 511 .9 Dec.... 34.75 34,. 62 34 .49 32,. 44 506.0 338,. 7 164,, 4 3,. 0 510,, 9 337.2 170 .7 3,, 1 514,. 4 519.3 1976—Jan. 1. . 34.32 34,. 24 34 .08 32,. 17 506.2 338,. 9 164,. 7 2,. 6 511 ,1 337.9 170 .3 2,. 9 514,. 1 519.0 Feb.... 34.05 33,. 97 33 .83 31 .,8 5 507.6 339,. 5 165,, 5 2,. 6 504,' .2 337.5 163 .4 3,. 4 515., 6 512.2 Mar.... 34.00 33,. 95 33 .78 31 .75 507.8 339 .4 165,, 8 2,. 5 506,. 4 339.6 163 .9 2,. 9 516,. 0 514.7 Apr.... 34.02 33., 98 33,. 87 31,, 87 509.8 340,, 2 167.. 2 2,. 5 511., 9 340.2 168,. 8 2.. 9 517., 3 519.4 May... 34.14 34., 02 33,. 93 31,, 95 507.8 338., 3 167., 2 2,, 3 506. 0 339.9 163,. 4 2., 8 515., 3 513.6 June... 34.34 34 .21 34 .12 32 .01 513.9 342 .3 167,. 9 3 .7 512,. 7 342.5 166 .7 3,. 6 522,. 3 521 .2 July. .. 34.39 34 .25 34 .15 32 .19 514.9 344 .2 168 .0 2 .7 513,. 9 343.7 167 .7 2,, 5 523,. 6 522.7 Aug.... 34.53 34 .43 34 .32 32 .17 513.6 341 .1 168 .7 3 .9 511 .,3 342.7 165 .9 2,. 7 522,. 5 520.2 1 Averages of daily figures. Member bank reserve series reflect actual 3 Averages of daily figures. Deposits subject to reserve requirements reserve requirement percentages with no adjustment to eliminate the include total time and savings deposits and net demand deposits as defined effect of changes in Regulations D and M. There are break by Regulation D. Private demand deposits include all demand deposits because of change; irements effective Dec. 12, 1974, Feb. except those due to the U.S. Govt., less cash items in process of collection 13, May 22, and Oct. 30, 1975, a id Jan. 8, 1976. In addition, effective and demand balances due from domestic commercial banks. Jan. 1, 1976, statewide branching n New York was instituted. The sub- 4 "Total member bank deposits" subject to reserve requirements, plus sequent merger of a number of ba: iks raised required reserves because of Euro-dollar borrowings, loans sold to bank-related institutions, and higher reserve requirements on aggrr(e gate deposits at these banks, certain other nondeposit items. This ries for deposits is referred to as 2 Reserves available to support pi •ivate nonbank deposits are defined "the adjusted bank credit proxy." ; (1) required reserves for (a) pi' te demand deposits, (b) total time NOTE.—Back data and estimates of the imp; t of req •ed reserve and savings deposits, and (c) idepo 5it source; bject reser re- changes may be obtained from the Bann king Sectio D] • • f Research quirements, and (2) excess resei •ves. This series excli ides requ ired rese ves and Statistics, Board of Governors of the Federal Resei System, Washfor net interbank and U.S. Goy •t. demand deposits. ington, D.C. 20551. LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS (In billions of dollars) Season ally ai djt isted Nots ;easo nally adjusted Loans Secui• ities Loans Securities TTToootttaaalll TTToootttaaalll 111 DDDDaaaatttteeee llloooaaannnsss Co mmercia I llloooaaannnsss Commercial aaannnddd and industria il3 aaannnddd and industrial 3 iiinnnvvveeesssttt--- PPlluuss UU..SS.. iiinnnvvveeesssttt PPlluuss UU..SS.. mmmeeennntttsss 111 TToottaall 11 llooaannss Plus TTrreeaass-- OOtthhee;; rr44 mmmeeennntttsss TToottaall 11 llooaannss iPlus TTrreeaass-- OOtthheerr44 ssoolldd22 Total loans uurryy ssoolldd 22 Total loans uurryy sold2 SOld2 1971—Dec. 31 485.. 7 320.. 9 323.7 116. 1 117. 7 60.6 104.. 2 497., 9 328,. 3 331 . 1 118.5 120.2 64.9 104.7 1972—Dec. 31 558., 0 378., 9 381.5 130., 2 131., 9 62.6 116.. 5 571., 4 387,. 3 389 .9 132.7 134.4 67.0 117.1 1973—Dec. 31 633., 4 449,, 0 453.3 156., 4 159.. 0 54.5 129,, 9 647,. 3 458,. 5 462 .8 159.4 162.0 58.3 130.6 1974—Dec. 315. . . 690., 4 500.. 2 505.0 183., 3 186. 0 50.4 139., 8 705., 6 510,. 7 515 .5 186.8 189.6 54.5 140.5 1975—Sept. 24 712., 7 491,, 5 496.0 175. 4 178., 2 76.7 144., 5 712., 5 492,. 8 497 .3 175.8 178.6 75.4 144.3 Oct. 29 716., 3 495,. 0 499.7 176., 3 179., 2 76.0 145., 3 714., 6 493,. 7 498 .4 175.3 178.2 75.9 144.9 Nov. 26 722.. 2 498,. 5 503.2 177., 1 179.. 9 76.8 146., 9 722., 4 497,. 6 502 .3 176.5 179.3 79.4 145.4 Dec. 31 721,. 1 496,. 9 501.3 176,, 0 178., 5 79.4 144., 8 737., 0 507,. 4 511 .8 179.3 181.8 84.1 145.5 1976—Jan. 2BP... 723,, 3 497,. 3 501.6 176,, 6 179,, 1 81.0 145. 0 721. 4 492,, 6 496 .9 174.4 176.9 84.8 144.0 Feb. 25P... 726,. 7 497,. 8 502.3 175,, 1 177,, 8 84.4 144., 5 720. 8 491,, 9 496 .4 173.5 176.2 85.4 143.6 Mar. 731,. 2 499 .7 503.9 171,. 4 174,. 0 88.2 143. 3 729. 6 496,, 9 501 .1 171.3 173.9 89.3 143.5 Apr. 28f. . . 734,. 5 500 .5 504.7 170,. 5 173,. 1 90.0 144., 0 732. 1 496,, 7 500 .9 170.6 173.2 90.2 145.2 May 26®... 737 .6 500 .6 505.0 170,. 7 173,. 4 93.0 144. 0 735. 1 500,, 0 504 .4 170.8 173.5 90.5 144.6 June 30». . . 738,. 8 500 .7 505.2 170,. 2 173,. 0 94.0 144. 1 743. 3 507., 2 511,. 7 172.4 175.2 90.8 145.3 July 282'... 743 .1 504 .7 509.2 171 .0 173 .8 92.7 145,. 7 740,. 3 505, 509 .7 170.7 173.5 89.5 145.6 A Se u p g t . . 2 2 5 9 P V .. .... 7 7 5 4 2 8 . . 7 5 5 5 0 1 7 1 . . 6 4 5 5 1 1 1 5. . 3 6 1 1 7 7 1 2 . . 0 0 1 1 7 7 3 4 . . 5 5 9 9 5 4 . . 0 0 1 1 4 4 6 7 , , , 1 7 7 4 5 6 2 , , . . 1 9 5 5 0 1 8 3 , , ! . 5 3 5 51 1 7 2 . . 5 2 1 17 7 2 0 . . 5 3 1 1 7 7 2 5 . . 8 0 9 91 2 .6 .8 1 1 4 4 5 7 . . 8 0 1 Adjusted to exclude domestic: commercial interbank loans, As of Oct. 31, 1974, "Total loans and investme ts" of all commercial 2 Loans sold are those sold < utright to banks' own foreign branches, bank: were reduced by $1.5 billion in connectioi with the liquidation nonconsolidated nonbank afhlica tes of the banks, the banks' holding of or ; large bank. Reductions in other items wer : "Total loans," $1.0 company (if not a bank), and : nconsolidated nonbank subsidiaries of billio I (of which $0.6 billion was in "Commercial ; nd industrial loans"), the holding company. Prior to Aug. 28, 1974, the institutions included and ' 'Other securities," $0.5 billion. In late Novembe; Commercial and had been defined somewhat differently, and the reporting panel of banks indus trial loans" were increased by $0.1 billion as £ esult of loan rewas also different. On the new basis, both "Total loans" and "Com- ;lassifications 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.—Tota/ loans and investments: Back data for 1959-75 available about $400 million as of June 30, 1972 and by about $1.2 billion as of from Banking Section, Division of Research and Statistics; for 1948-58, March 31, 1976. see Aug. 1968 BULLETIN, pp. A-94—A-97. For description of seasonally 4 Farmers Home Administration nsured notes included in "Other adjusted series for total loans and investments, see Dec. 1971 BULLETIN, securities" rather than in loans begii] ing June 30, 1971, when such notes pp. 971-73 and for commercial and industrial loans, see July 1972 BULtotaled about $700 million. LETIN, p. 683. Data are for last Wed. of month except for June 30 and Dec. 5 Data beginning June 30, 1974, ir elude one large mutual savings 31; data are partly or wholly estimated except when June 30 and Dec. bank that merged with a nonmember c ommercial bank. As of that date 31 are call dates. there were increases of about $500 millior in loans, $100 million in "Other securities," and $600 million in "Total lo ms and investments." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 COMMERCIAL BANKS • OCTOBER 1976 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loi ans and ii ivestments Total Deposits assets- Total Classification by Secur ities lia- Interbank 3 Other Total Num- FRS membership Cash bilities Bor- capital ber and FDIC assets 3 and row- ac- of insurance Total Loans capital Total 3 Demand ings counts6 banks 1 U.S. Other De- Treas- 2 counts^ mand Time Times ury U.S. Other Govt. Last-Wednesday-of-month series 7 AH commercial b anks: 1941—Dec. 31... 50 ,746 21 ,714 21 ,808 7,, 225 26 ,551 79,. 104 71,. 283 10.982 44 ,349 15 ,952 23 7 ,173 14,278 1947_Dec. 31 8.. 116 ,284 38 ,057 69 ,221 9 ,006 37 ,502 155;, 377 144,, 103 12 ,792 240 1 ,343 94 ,367 35 ,360 65 10 ,059 14,181 I960—Dec. 31... 199 ,509 117 ,642 61 ,003 20 ,864 52 ,150 257,, 552 229 ,843 17 ,079 1,799 5 ,945 133 ,379 71 ,641 163 20 ,986 13,472 1970—Dec. 319.. 461 ,194 313 ,334 61 ,742 86,, 118 93 ,643 576,, 242 480,, 940 30 ,608 1,975 7 ,938 209 ,335 231 ,084 19 ,375 42,, 958 13,686 1971—Dec. 31... 516 ,564 346 ,930 64 ,930 104,, 704 99 ,832 640,, 255 537,, 946 32 ,205 2,908 10 ,169 220 ,.375 212., 289 25 ,912 47 ,211 13,783 1972—Dec. 31... 598 ,808 414 ,696 67 ,028 117;, 084 113 ,128 739 ,033 616;. 037 33 ,854 4,194 10 ,875 252 ,223 314 ,891 38 ,083 52 ,658 13,927 1973—Dec. 31... 683 ,799 494 ,947 58 ,277 130;. 574 118 ,276 835:, 224 681,, 847 36 ,839 6,773 9 ,865 263 ,367 365 ,002 58 ,994 58 ,128 14,171 1974_Dec. 31... 744 ,107 549 ,183 54 ,451 140,, 473 128 ,042 919;, 552 747;, 903 43 ,483 11,496 4 ,807 267 ,506 420 ,611 58 ,369 63 ,650 14,465 1975—Sept. 24... 743 ,970 524 ,270 75 ,360 144,, 340 106 ,220 906 ,410 726,, 840 31 ,330 10,990 3 ,180 240 ,570 440 ,770 61 ,030 66 ,980 14,612 Oct. 29... 747 ,250 526:, 420 75 ,940 144;, 890 110 ,670 915 ,890 736;, 870 31 ,900 11,210 2 ,650 247 ,590 443 ,520 60 ,640 67 ,550 14,628 Nov. 26... 151 ,450 532;, 660 79 ,400 145;, 390 123 ,150 939;, 310 753;, 000 34 ,560 11,160 3 ,530 257 ,640 446 ,110 66 ,780 68 ,000 14,624 Dec. 31... 115 ,794 546;, 172 84:, 119 145;, 503 133 ,614 964;, 918 786;, 252 41 ,811 12,020 3 ,114 278 ,692 450 ,615 60 ,224 69 ,125 14,633 1976—Jan. 28... 756 ,630 527,, 820 84 ,770 144,, 040 112 ,720 927 ,140 743 ,140 32 ,110 11,540 3 ,790 245 ,600 450 ,100 67 ,25C 68 ,870 14,611 Feb. 28... 757 ,540 528:, 560 85 ,420 143;. 560 111 ,470 928 ,540 741 ,230 31 ,560 11,370 4 ,010 242 ,810 451 ,480 68 ,49C 69 ,110 14,624 Mar. 31 10. 767 ,260 534;, 530 89 ,260 143;. 470 120 ,870 934 ,440 766 ,680 37 ,510 11,860 2 ,430 256 ,930 457 ,950 63 ,42c 70 ,070 14,628 Apr. 28... 765 ,550 530;, 170 90 ,180 145:, 200 113 ,210 926 ,370 753 ,150 32 ,280 10,990 4 ,120 250 ,200 455 ,560 68 ,480 70 ,610 14,632 May 26 766 ,760 531:, 780 90 ,430 144;, 550 111 ,710 927 ,690 754 ,070 33 ,100 10,530 3 ,520 247 ,550 459 ,370 66 ,160 71 ,400 14,637 June 30'•f. 779 ,820 543 ,740 90 ,800 145 ,280 125 ,170 957 ,130 782 ,850 38 ,270 10,580 4 ,660 266 ,450 462 ,890 65 ,87C 72 ,090 14,636 July 28'-.. 772 ,540 537 ,550 89 ,490 145 ,500 111 ,530 934 ,250 761 ,180 33 ,100 10,160 3 ,540 250 ,590 463 ,790 66 ,79C 72 ,190 14,635 Aug. 25... 782 ,080 544 ,460 91 ,800 145 ,820 109 ,110 940 ,510 759 ,400 33 ,380 9,650 3 ,710 247 ,400 465 ,260 72 ,25C 72 ,550 14,649 Sept. 29... 790 ,400 550;, 820 92 ,630 146 ,950 118 ,660 960 ,030 773 ,320 35 ,180 9,520 5 ,840 252 ,890 469 ,890 77 ,520 73 ,140 14,649 Members of F.R. System: 1941—Dec. 31... 43 ,521 18 ,021 19 ,539 5 ,961 23 ,113 68 ,121 61 ,717 10 ,385 140 1 ,709 37 ,136 12 ,347 4 5 ,886 6,619 1947—Dec. 31... 97 ,846 32 ,628 57 ,914 7,, 304 32 ,845 132 ,060 122 ,528 12 ,353 50 1 ,176 80 ,609 28 ,340 54 8 ,464 6,923 1960—Dec. 31... 165 ,619 99 ,933 49 ,106 16 ,579 45 ,756 216 ,577 193 ,029 16 ,437 1,639 5 ,287 112 ,393 57 ,273 130 17 ,398 6,174 1970—Dec. 319.. 365 ,940 253 ,936 45 ,399 66:, 604 81 ,500 465;, 644 384 ,596 29 ,142 1,733 6 ,460 168 ,032 179 ,229 18 ,578 34 ,100 5,767 1971—Dec. 31... 405 ,087 211., 717 47 ,633 79;, 738 86 ,189 511;, 353 425 ,380 30 ,612 2,549 8 ,427 174 ,385 209 ,406 25 ,046 37 ,279 5,727 1972—Dec. 31... 465 ,788 329 ,548 48 ,715 87,, 524 96 ,566 585 ,125 482 ,124 31 ,958 3,561 9 ,024 197 ,817 239 ,763 36 ,357 41 ,228 5,704 1973—Dec. 31... 528 ,124 391 ,032 41 ,494 95;, 598 100 ,098 655 ,898 526 ,837 34 ,782 5,843 8 ,273 202 ,564 275 ,374 55 ,611 44 ,741 5,735 1974_Dec. 31... 568 ,532 429^, 537 38 ,921 100,, 073 106 ,995 715,, 615 575,, 563 41 ,062 10,052 3 ,183 204 ,203 317 ,064 52 ,850 48 ,240 5,780 1975—Sept. 24... 555 ,096 400 ,695 54 ,355 100 ,046 88 ,004 689 ,717 546 ,360 29 ,150 9,360 2 ,343 181 ,340 324 ,167 54 ,929 50 ,543 5,792 Oct. 29... 556 ,383 401 ,492 54 ,546 100:, 345 91 ,397 695 ,312 552:, 649 29 ,568 9,578 1 ,952 186 ,851 324 ,700 54 ,250 50 ,963 5,796 Nov. 26... 564 ,023 405 ,805 57 ,471 100:, 747 102 ,103 714;, 112 564;, 835 32 ,064 9,527 2 ,708 194 ,492 326 ,044 60 ,162 51 ,199 5,791 Dec. 31... 578 ,560 416;, 366 61 ,519 100;, 675 108 ,489 733;, 635 590;, 776 38 ,569 10,015 2 ,255 210 ,824 329 ,113 53 ,646 52 ,078 5,788 1976—Jan. 28... 563 ,387 402,, 020 61 ,704 99,. 663 93,, 808 705,, 093 556 ,274 29 ,712 9,529 2 ,908 185 ,773 328 ,352 61 ,022 52 ,167 5,765 Feb. 28.. . 562:, 940 401;, 731 61 ,869 99,. 340 91:, 914 704;. 357 552;, 942 29 ,145 9,357 2 ,977 183 ,458 328 ,005 62 ,051 52 ,300 5,768 Mar. 3110. 569;, 913 406:, 148 64 ,636 99;, 129 100;, 455 710;. 228 573;, 878 34 ,934 9,848 1 ,769 194 ,932 332 ,395 57 ,470 53 ,191 5,778 Apr. 28... 561 ,384 402;, 147 64 ,892 100,, 345 93:, 743 702;, 130 561;, 110 29 ,923 8,978 3 ,281 189 ,361 329 ,567 62 ,002 53 ,753 5,775 May 26 561., 050 402:, 319 65 ,037 99:, 694 92:, 323 702;, 269 561;, 220 30 ,675 8,517 2 ,701 187 ,038 332 ,289 59 ,588 54 ,450 5,777 June 30^. 511 ,509 411;, 707 65 ,626 100;, 176 104;, 036 126.. 826 585;, 345 35 ,595 8,570 3 ,669 202 ,131 335 ,380 59 ,302 54 ,987 5,776 July 28^. 510., 060 405 ,282 64 ,442 100;, 336 92;, 277 106.. 225 565;. 107 30 ,720 8,150 2 ,720 188 ,636 334 ,881 60 ,343 55 ,051 5,762 Aug. 25f.. 578 ,200 410:, 790 66 ,747 100;, 663 89:, 366 710:. 710 562;. 360 30 ,943 7,642 2 ,793 185 ,915 335 ,067 65 ,878 55 ,372 5,771 Sept. 29... 583:, 553 415;. 076 66;, 973 101;, 504 98;. 897 726 i. 823 573;. 939 32 ,659 7,521 4 ,349 191 ,011 338 ,399 70 ,636 55:, 740 5,771 Ca 11 date seier s Insured banks: iotai. 1941—Dec. 31... 49 ,290 21 ,259 21,, 046 6,, 984 25 ,788 76 ,820 69 ,411 10,(5 54 1 ,762 41.. 298 15, 699 10 6, ,844 13,426 1947—Dec. 31... 114 ,274 37;, 583 67,, 941 8., 750 36 ,926 152 ,733 141 ,851 12,, 615 54 1;, 325 92,, 975 34, 882 61 9, ,734 13,398 I960—Dec. 31... 198 ,011 117,, 092 60,, 468 20;, 451 51 ,836 255 ,669 228 ,401 16,, 921 1,667 5;, 932 132., 533 71, 348 149 20,, 628 13,119 1970—Dec. 319.. 458 ,919 312;, 006 61,, 438 85,, 475 92 ,708 572 ,682 479 ,174 30,, 233 1,874 7,, 898 208;, 037 231, 132 19,, 149 42,, 427 13,502 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 13,721 1973—Dec. 31... 678 ,113 490;, 527 57,, 961 129,, 625 116 ,266 827 ,081 677 ,358 36, 248 6,429 9;, 856 261,, 530 363, 294 57, 531 57,, 603 13,964 1974—Dec. 31... 734,, 516 541,, 111 54,, 132 139,, 272 125;, 375 906 ,325 741 ,665 42, 587 10,693 4,, 799 265,, 444 418, 142 55, 988 63,, 039 14,216 1975—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 14,320 Dec. 31... 162,, 400 535,, 170 83, 629 143, 602 128;, 256 944;, 654 775 ,209 40, 259 10,733 3,, 108 276,, 384 433, 352 56, 775 68,, 474 14,372 1976—Mar. 31... 758,, 753 527,, 718 85, 372 145,, 663 119 ,026 919 ,546 759 ,615 36, 123 10,420 2, ,474 256,, 356 454, 241 61, 716 67, 300 14,368 National member: 1941—Dec. 31... 27,, 571 11 ,=7 25 12, 039 3,, 806 14 ,977 43 ,433 39 ,458 6,786 1,, 088 23,, 262 8, 322 4 3, 640 5,117 1947—Dec. 31... 65;, 280 21,, 428 38, 674 5,, 178 22;, 024 88;, 182 82 ,023 8, 375 35 795 53,, 541 19, 278 45 5, 409 5,005 I960—Dec. 31... 107., 546 63,, 694 32, 712 11,, 140 28;, 675 139;, 261 124 ,911 9, 829 611 3, ,265 71,, 660 39, 546 111 11, 098 4,530 1970—Dec. 319.. 271;, 760 187,, 554 34, 203 50, 004 56;, 028 340;, 764 283 ,663 18, 051 982 4, ,740 122,, 298 137, 592 13, 100 24, ,868 4,620 1972—Dec. 31... 350,, 743 247,, 041 37, 185 66, 516 67,. 390 434,, 810 359 ,319 19, 096 2,155 6, 646 146,, 800 184, 622 26, 706 30, 342 4,612 1973—Dec. 31... 398,, 236 293,, 555 30, 962 73, 718 70,. 711 489 ,470 395 ,767 20, 357 3,876 5, 955 152, 705 212, 874 39, 696 33, 125 4,659 1974—Dec. 31... 428,, 433 321,, 466 29, 075 77, 892 76;, 523 534,. 207 431 ,039 23, 497 6,750 2, 437 154, 397 243, 959 39, 603 35, 815 4,706 1975—June 30... 428,, 167 312,, 229 37, 606 78, 331 75,, 686 536,. 836 431 ,646 21, 096 6,804 1, 723 152, 576 242, 492 41, 954 37, 483 4,730 Dec. 31... 441,, 135 315,, 738 46, 799 78, 598 78,, 026 553,. 285 447 ,590 22, 305 7,302 1, 788 159, 840 250, 493 40, 875 38, 969 4,741 1976—Mar. 31... 435,, 453 308,, 481 46, 726 80, 246 73,, 103 536,, 191 435 ,144 19, 406 6,590 441 147, 557 260, 151 44, 112 38, 468 4,748 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • COMMERCIAL BANKS 15 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Lo ans and investments Deposits Total assets- Classification by Secu rities Total Interl ?ank3 Other Total Num- FRS membership Cash lia- Bor- capital ber and FDIC assets 3 bilities row- ac- of insurance Total Loans U.S. and Total 3 Demand ings counts 6 banks 1 Treas- Other capital De- Time ury 2 ac- mand Time 5 counts 4 U.S. Other Govt. Call date series Insured banks (cont.): State member: 1941_Dec. 31.... 15,950 6 ,295 7 ,500 2 ,155 8,145 24 ,688 22,259 3,739 621 13 ,874 4 ,025 1 2 ,246 1,502 1947—Dec. 31.... 32,566 11 ,200 19 ,240 2 ,125 10,822 43 ,879 40,505 3,978 15 381 27 ,068 9 .062 9 3 ,055 1,918 1960—Dec. 31.... 58,073 36 ,240 16 ,394 5 ,439 17,081 77 ,316 68,118 6,608 1 ,028 2,022 40 ,733 17 ,727 20 6 ,299 1,644 1970_Dec. 319... 94,760 66 ,963 11 ,196 16 ,600 25,472 125 ,460 101,512 11,091 750 1 ,720 45 ,734 42 .218 5 ,478 9 ,232 1,147 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—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 1975—Dec. 31 . .. 137,620 100 ,823 14 ,720 22 ,077 30,451 180 ,495 143,409 16 ,265 2 ,712 467 50 ,984 61 ,656 12 ,771 13 .105 1,046 1976_Mar. 31.... 135,853 98 ,568 14 ,641 22 ,644 28,670 175 ,394 139,011 15 ,438 3 ,086 356 47 ,425 12, ,705 14 ,706 12 ,598 1,030 Nonmember: 1941—Dec. 31.... 5,776 3 ,241 1 ,509 1 ,025 2,668 8 ,708 7,702 129 53 4 ,162 3 .360 6 959 6,810 1947—Dec. 31.... 16,444 4 .958 10 ,039 1 ,448 4,083 20 ,691 19,342 262 4 149 12 ,366 6 ,558 7 1 ,271 6,478 1960—Dec. 31.... 32,411 17 .169 11 ,368 3 ,874 6,082 39 ,114 35,391 484 27 645 20 ,140 14 .095 19 3 ,232 6,948 1970—Dec. 319... 92,399 51 ,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 in; ,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—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 1975—Dec. 31. .. 183,645 118 ,609 22 .109 42 ,927 19,778 210 .874 184,210 1 ,689 719 853 65 .560 115 ,203 3 ,128 16 ,400 8,585 1976—Mar. 31.... 187,448 i2o; ,669 24; ,006 42 .773 17,253 207 .960 185,460 1 ,280 743 676 61 ,374 121;, 386 2 ,898 16 ,234 8,590 Noninsured nonmember: 1941—Dec. 31.... 1,457 455 761 241 763 2 ,283 1,872 329 1,291 253 13 329 852 1947—Dec. 318... 2,009 474 1:, 280 255 576 2; ,643 2,251 177 185 18 1 .392 478 4 325 783 I960—Dec. 31.... 1,498 550 535 413 314 1 ,883 1,443 159 132 13 846 293 14 358 352 1970_Dec. 319... 3,079 2, ,132 304 642 934 4; ,365 2,570 375 101 40 1 ,298 756 226 532 184 1971—Dec. 31.... 3,147 1. .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 I ,201 2,667 13;, 616 6,627 897 803 8 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 11 2, ,124 3,, 320 3 ,110 570 253 1975—Dec. 31 .. . 13,674 11;, 283 490 1;, 902 5,359 20, ,544 11,323 ,552 1 ,291 6 2;, 308 5; ,115 3:, 449 651 261 Total nonmember: 1941—Dec. 31.... 7,233 3 =,6 96 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 =,4 32 11 ,318 1 .703 4,659 23; ,334 21,591 439 190 167 13 .758 7; ,036 12 1;, 596 7,261 1960—Dec. 31... 33,910 17,, 719 11;, 904 4; ,287 6,396 40. ,997 36,834 643 160 657 20 ,986 14;, 388 33 3; ,590 7,300 1970—Dec. 319... 95,478 59. ,621 16;, 342 19 .514 12,143 no; ,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 1975_Dec. 31 .. . 197,319 129, 892 22, ,599 44; ,829 25,137 231; ,418 195,533 3;, 241 2,010 859 61, ,868 120, ,318 6; ,577 17, 051 8,846 1 Loans to farmers directly guaranteed by CCC were reclassified as figures for all bank-premises subsidiaries and other significant majoritysecurities and Export-Import Bank portfolio fund participations were owned domestic subsidiaries) and (2) reporting of figures for total loans reclassified from loans to securities effective June 30, 1966. This reduced and for individual categories of securities on a gross basis—that is, before "Total loans" and increased "Other securities" by about $1 billion. deduction of valuation reserves—rather than net as previously reported. "Total loans" include Federal funds sold, and beginning with June 1967 10 See last paragraph of note 1, second paragraph of note 4, and securities purchased under resale agreements, figures for which are in- note 6. cluded in "Federal funds sold, etc.," on p. A-16. Effective June 30, 1971, Farmers Home Administration notes were NOTE.—Data are for all commercial banks in the United States (including classified as "Other securities" rather than "Loans." As a result of this Alaska and Hawaii, beginning with 1959). Commercial banks represent change, approximately $300 million was transferred to "Other securities" all commercial banks, both member and nonmember; stock savings for the period ending June 30, 1971, for all commercial banks. banks; nondeposit trust companies; and U.S. branches of foreign banks. Effective Mar. 31, 1976, includes "reserves for loan losses" and "un- Figures for member banks before 1970 include mutual savings banks earned income on loans." as follows: 3 before Jan. 1960 and 2 through Dec. 1960. Those banks See also table (and notes) at the bottom of p. A-24. are not included in insured commercial banks 2 See first 2 paragraphs of note 1. Effective June 30, 1969, commercial banks and member banks exclude 3 Reciprocal balances excluded beginning with 1942. a small national bank in the Virgin Islands; also, member banks exclude, 4 Includes items not shown separately. See also note 1. and noninsured commercial banks include, through June 30, 1970, a small Effective Mar. 31, 1976, "reserves for loan losses" and u ned income member bank engaged exclusively in trust business; beginning 1973, on loans," which for all commercial banks are estimated to • be approx- exclude 1 national bank in Puerto Rico. imately $14.5 billion, have been netted against "other assets" " nd "other Beginning Dec. 31, 1973, June 30, 1974, Dec. 31, 1974, June 30, 1975, liabilities" and, therefore, against "total assets/liabilities." and March 31, 1976, respectively, member banks exclude and noninsured 5 See third paragraph of note 1 above. nonmember banks include 1, 2, 3, 4, and 5 noninsured trust companies 6 Effective Mar. 31, 1976, includes "reserves for securities" and a that are members of the Federal Reserve System. portion of "reserves for loan losses." Comparability of figures for classes of banks is affected somewhat by ^ For the last-Wednesday-of-the-month series, figures for call dates changes in F.R. membership, deposit insurance status, and by mergers are shown for June and December as soon as they became available. etc. 8 Beginning with Dec. 31, 1947, the series was revised; for description, Figures are partly estimated except on call dates. see note 4, p. 587, May 1964 BULLETIN. For revisions in series before June 30, 1947, see July 1947 BULLETIN, 9 Figure takes into account the following changes, which became pp. 870-71. effective June 30, 1969: (1) inclusion of consolidated reports (including Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 COMMERCIAL BANKS • OCTOBER 1976 ASSETS BY CLASS OF BANK, MARCH 31, 1976 (Assets and liabilities are shown in millions of dollars.) Member banks i IIInnnsssuuurrreeeddd NNNooonnn--- AAAsssssseeetttsss cccooommmmmmeeerrrccciiiaaalll Large banks mmmeeemmmbbbeeerrr bbbaaannnkkksss bbbaaannnkkksssiii TToottaall AAllll ootthheerr New York City of Other City Chicago large Cash bank balances, items in process 119,026 101,773 26,340 4,185 39,319 31,929 17,260 Currency and coin 11,216 8,440 714 158 2,845 4,723 22,,777766 Reserves with F.R. Banks 28,525 28,525 4,702 2,065 11,946 9,812 Demand balances with banks in U.S 27,671 17,248 6,704 102 3,187 7,255 ""16^436' Other balances with banks in U.S 6,586 4,267 40 16 1,593 2,618 2,319 Balances with banks in foreign countries 2,910 2,530 169 41 1,465 856 379 Cash items in process of collection 42,119 40,763 14,010 1,803 18,283 6,666 1,356 Total securities held—Book value 229,529 162,998 17,581 77,,445599 53,826 84,131 6666,,553344 U.S. Treasury—Total 4 Other U.S. Govt, agencies—Total 4 States and political subdivisions 4 All other securities 4 Unclassified total 4 Trading account securities 5^664' 5;584' 22^^336644'' 772* 2;i89' 259* 19 U.S. Treasury 4 Other U.S. Govt, agencies 4 States and political subdivisions 4 All other trading acct. securities 4 Unclassified 4 Bank investment portfolios '"'223;865' '"i57!4i4" ""is^ii-?' 6;687" ""5i^637' ••"83;872' ""66,454 U.S. Treasury 85,372 61,367 7,315 3,137 20,840 30^074 24,007 Other U.S. Govt, agencies 32,946 20,181 873 324 5,869 13,115 12,765 States and political subdivisions 100,143 72,384 6,666 3,083 24,090 38,545 27,759 All other portfolio securities 5,404 3,482 363 143 838 2,138 1,923 F.R. stock and corporate stock 1,506 1,259 243 82 457 478 248 Federal funds sold and securities resale agreement 36,012 27,144 1,684 1,484 13,321 10,655 8,893 Commercial banks 31,447 22,809 979 1,110 10,490 10,231 8,663 Brokers and dealers 3,200 3,019 352 344 2,008 314 181 Others 1,365 1,316 354 30 824 109 49 Other loans, gross 491,706 379,905 68,332 20,815 143,842 146,916 111,801 Less: Unearned income on loans 11,218 7,829 407 83 2,741 4,599 3,388 Reserves for loan loss 6,063 4,858 1,081 331 1,812 1,634 1,205 Other loans, net 474,425 367,217 66,844 2200,,440011 139,289 114400,,668833 110077,,220077 Gross other loans, by category: Real estate loans—Total 138,288 98,569 8,778 2,007 36,408 51,377 39,719 Construction and land development 15,933 13,096 3,203 502 6,177 3,214 2,836 Secured by farmland 6,111 2,644 6 15 287 2,336 3,466 Secured by residential 78,347 56,662 3,953 923 20,954 30,831 21,686 One to four family residences 73,858 53,354 3,509 827 19,709 29,309 20,504 FHA insured 8,212 7,108 560 52 3,888 2,608 1,104 Conventional 65,646 46,246 2,949 775 15,821 26,700 19,400 Multi-family residences 4,489 3,308 444 96 1,244 1,522 1,182 FHA insured 431 365 126 25 100 113 66 Conventional 4,058 2,943 318 71 1,144 1,409 1,115 Secured by other properties 37,897 26,167 1,615 567 8,990 14,996 11,731 Loans to financial institutions 37,463 35,574 13,065 4,772 14,761 2,975 1,887 Loans to real estate investment trusts 10,381 10,072 3,877 1,536 3,930 728 309 Loans to domestic commercial banks 3,069 2,407 799 111 1,066 431 662 Loans to banks in foreign countries 5,687 5,560 2,526 327 2,299 408 126 Loans to other depository institutions 2,408 2,281 601 15 1,495 170 126 Loans to other financial institutions 15,918 15,254 5,262 2,783 5,971 1,238 664 Loans to security brokers and dealers 6,125 6,017 4,085 627 1,182 122 108 Other loans to purch./carry securities 3,868 3,238 405 315 1,619 900 630 Loans to farmers—except real estate 20,433 11,379 78 170 2,607 8,525 9,054 Commercial and industrial loans 167,013 138,858 34,725 10,642 54,574 38,917 28,155 Loans to individuals—Total 105,656 74,974 4,846 1,604 27,304 41,220 30,681 Instalment loans 83,121 58,674 3,291 903 21,703 32,777 24,447 Passenger automobiles 34,120 22,443 489 157 6,895 14,902 11,677 Residential-repair/modernize 5,853 4,175 261 35 1,739 2,140 1,678 Credit cards and related plans 11,923 10,519 1,080 511 6,032 2,897 1,403 Charge account credit cards 9,216 8,270 772 481 4,828 2,190 946 Check and revolving credit plans 2,707 2,249 308 30 1,204 707 457 Other retail consumer goods 15,122 10,491 183 92 3,836 6,380 4,631 Mobile homes 8,628 6,187 107 36 2,279 3,765 2,441 Other 6,494 4,304 76 56 1,557 2,615 2,190 Other instalment loans 16,103 11,046 1,278 108 3,201 6,458 5,057 Single payment loans to individuals 22,535 16,300 1,555 701 5,601 8,443 6,234 All other loans 12,859 11,293 2,350 678 5,386 2,879 1,565 Total loans and securities, net 741,472 558,618 86,352 29,426 206,893 235,947 182,881 Direct lease financing 4,200 3,988 636 129 2,619 604 212 Fixed assets—Buildings, furniture, real estate 17,832 13,368 1,454 560 5,437 5,916 4,466 Investment in unconsolidated subsidiaries 1,982 1,958 810 152 925 71 24 Customer acceptances outstanding 9,731 9,440 4,814 350 3,992 284 291 Other assets 25,301 22,440 7,940 1,677 9,061 3,761 2,907 Total assets 919,546 711,585 128,347 36,481 268,246 278,512 208,043 1 Member banks exclude and nonmember banks include 5 noninsured 4 Not available. trust companies that are members of the Federal Reserve System, and member banks exclude 2 national banks outside the continental United NOTE.—Data include consolidated reports, including figures for all States. bank-premises subsidiaries and other significant majority-owned domestic 2 See table (and notes). Deposits Accumulated for Payment of Personal subsidiaries. Figures for total loans are shown on a gross basis before Loans, p. 24. deduction of valuation reserve and on a net basis after deduction of 3 Demand deposits adjusted are demand deposits other than domestic valuation reserve. Securities are reported on a gross basis only. commercial interbank and U.S. Govt., less cash items reported as in Back data in lesser detail were shown in previous BULLETINS. process of collection. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • COMMERCIAL BANKS A17 LIABILITIES AND CAPITAL BY CLASS OF BANK, MARCH 31, 1976 (Assets and liabilities are shown in millions of dollars.) Member banks i IIInnnsssuuurrreeeddd NNNooonnn--- LLLiiiaaabbbiiillliiitttiiieee aaannnddd cccaaapppiiitttaaalll cccooommmmmmeeerrrccciiiaaalll Large banks mmmeeemmmbbbeeerrr AAAccccccooouuunnntttsss bbbaaannnkkksss bbbaaannnkkksssiii TToottaall AAllll ootthheerr New York City of Other City Chicago large Demand deposits 294,953 231,623 52,202 8,997 83,922 86,501 63,331 Mutual savings bank 1,033 941 432 2 222 284 92 Other individuals, partnerships, and corporations 228,651 173,801 29,202 6,577 65,625 72,397 54,849 U.S. Government 2,474 1,798 121 25 661 990 676 States and political subdivisions 15,860 11,183 502 191 3,471 7,019 4,677 Foreign governments, central banks, etc 1,434 1,388 1,168 18 172 30 47 Commercial banks in United States 29,608 28,550 13,167 1,756 10,215 3,413 1,058 Banks in foreign countries 5,482 5,353 4,089 136 1,011 117 130 Certified and Officers' checks, etc 10,410 8,610 3,522 291 2,545 2,252 1,801 Time deposits 285,241 213,442 33,200 13,467 78,372 88,403 71,799 Accumulated for oersonal loan oavments 197 152 12 139 45 Mutual savings banks 553 537 297 2 193 45 16 Other individuals, partnerships, and corporations 219,140 161,988 22,954 9,460 58,504 71,069 57,152 U.S. Government 618 478 91 1 201 186 141 States and political subdivisions 46,328 32,819 1,032 1,442 14,147 16,198 13,508 Foreign governments, central banks, etc 8,550 8,337 5,122 1,136 2,047 33 213 Commercial banks in United States 8,504 7,843 3,001 1,340 2,786 716 661 Banks in foreign countries 1,351 1,288 703 86 482 17 63 179,421 129,091 8,650 2,706 47,534 70,201 50,330 Individuals and nonprofit organizations 170,989 123,059 8,247 2,616 45,430 66,767 47,930 Corporations and other profit organizations 5,437 3,978 192 66 1,677 2,042 1,459 U.S. Government 2,925 1,988 161 23 418 1,385 938 All other 68 65 50 8 7 3 Total deposits 759,615 574,155 94,053 25,169 209,828 245,105 185,460 Federal funds purchased and securities sold under agreements to repurchase 57,248 54,654 11,733 7,536 27,819 7,566 2,594 Commercial banks 35,330 34,269 6,625 5,261 18,388 3,995 1,061 Brokers and dealers 5,608 5,408 751 1,001 2,967 689 200 Others 16,309 14,976 4,357 1,273 6,464 2,881 1,333 Other liabilities for borrowed money 4,467 4,164 1,913 58 1,872 321 304 Mortgage indebtedness 770 554 53 16 304 182 216 Bank acceptances outstanding 10,385 10,094 5,431 352 4,026 285 291 Other liabilities 15,212 13,223 4,266 897 5,164 2,897 2,065 Total liabilities 847,697 656,844 117,448 34,028 249,013 256,355 190,930 Subordinated notes and debentures 4,549 3,676 916 84 1,698 978 873 Equity capital 67,300 51,065 9,983 2,368 17,535 21,178 16,240 Preferred stock 53 34 10 24 20 Common stock 15,699 11,631 2,259 570 3,875 4,928 4,070 Surplus 27,112 20,277 3,906 1,149 7,279 7,944 6,836 Undivided profits 22,710 17,906 3,745 600 5,962 7,600 4,807 Other capital reserves 1,725 1,218 75 50 410 684 508 Total liabilities and equity capital 919,546 711,585 128,347 36,481 268,246 278,512 208,043 Demand deposits adjusted 220,752 160,512 24,904 5,413 54,763 75,432 60,241 Average for last 15 or 30 days: Average cash and due from bank 111177,,446600 101,147 2266,,991188 44,,225555 3388,,993355 31,039 16,316 Average Federal funds sold and securities purchased under agreements to resell 36,716 27,406 1,767 1,379 12,856 11,404 9,340 Average total loans 486,101 371,737 68,027 20,768 140,866 142,077 114,363 Average time deposits of $100,000 or more 144,427 120,645 30,152 11,156 50,764 28,574 23,781 Average total deposits 751,437 567,916 91,522 25,125 207,676 243,593 183,520 Average Federal funds purchased and securities sold under agreements to repurchase 59,318 56,753 14,503 7,312 27,223 7,715 2,565 Average other liabilities for borrowed money 4,093 3,813 1,666 47 1,815 286 280 Standby letters of credit outstanding 9,756 9,304 4,800 950 2,940 614 452 Time deposits of $100,000 or more 123,946 103,711 26,372 9,098 42,807 25,434 20,235 Certificates of deposit 119,853 99,898 24,706 9,051 40,992 25,148 19,955 Other time deposits 23,301 20,501 5,253 2,159 9,478 3,610 2,800 Number of banks 14,368 5,778 11 9 155 5,603 8,595 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 WEEKLY REPORTING BANKS • OCTOBER 1976 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA (In millions of dollars) Loans Federal funds sold, etc. 2 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 mmeennttss!! com- To mer- Agri- Total mer- US. Other others Total 1 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 1975 Sept. 3 386,194 16,941 14,762 1,190 477 512 274,570 119,213 3,642 696 3,486 99 2,274 9,274 19,870 59,279 10 389,312 18,754 14,989 2,549 619 597 274,529 119,245 3,637 1,118 3,514 96 2,276 9,037 19,763 59,285 1 7 387,843 16,705 13,065 2,359 671 610 275,220 119,481 3,648 1,602 3,628 94 2,270 9,099 19,526 59,337 2 4 383,948 14,503 12,177 1,310 392 624 273,886 119,243 3,643 763 3,239 81 2,272 9,022 19,395 59,351 1976 Aug. 4 388,969 18,946 15,929 1,611 715 691 268,089 110,953 4,176 1,058 6,395 79 2,527 7,049 17,607 61,875 11 390,949 20,533 15,758 3,189 817 769 268,658 111,033 4,173 1,717 6,507 82 2,544 6,961 17,501 61,911 1 8 391,647 19,412 15,613 2,198 719 882 269,133 110,782 4,173 1,204 7,020 83 2,539 7,159 17,455 61,960 2 5 390,049 19,356 15,914 2,110 594 738 267,602 110,673 4,179 1,170 6,637 82 2,551 6,855 17,304 61,958 Sept. 1 393,119 20,705 17,536 1,635 653 881 269,475 111,137 4,191 1,613 6,815 78 2,554 6,887 17,316 62,055 8 395,136 23,455 19,584 2,424 752 695 268,911 111,238 4,203 1,632 6,391 79 2,537 6,800 17,276 62,082 15 397,347 23,315 18,190 3,608 701 816 270,748 111 ,853 4,205 2,224 6,463 78 2,536 6,884 17,297 62,260 22 392,506 18,791 15,574 1,819 622 776 270,243 112,166 4,202 1,226 6,714 76 2,532 6,624 17,110 62,362 29 392,830 18,689 15,701 1,685 517 786 270,430 112,347 4,247 1,035 6,368 81 2,558 6,636 17,131 62,423 New York City 1975 Sept. 3 90,051 2,608 2,428 30 150 70,409 37,216 107 603 2,198 29 414 3,193 7,796 8,928 10 90,074 1,196 982 26 188 70,865 37,387 108 1,023 2,258 29 412 3,230 7,715 8,931 1 7 90,164 1,523 1,267 54 202 70,999 37,346 109 1,308 2,319 29 408 3,225 7,655 8,975 2 4 89,591 2,151 1,849 36 72 194 70,063 37,311 109 707 1,948 15 408 3,214 7,519 9,026 1976 Aug. 4 86,431 1,726 1,292 147 62 225 65,614 32,551 85 867 3,686 13 388 2,415 6,589 9,277 11 86,762 2,257 1,613 337 75 232 66,035 32,634 81 1,497 3,734 14 390 2,420 6,500 9,251 1 8 88,221 2,201 1,186 570 78 367 66,485 32,477 79 1,028 4,278 16 393 2,578 6,511 9,280 2 5 87,261 2,554 1,792 482 68 212 65,503 32,309 79 1,042 3,970 16 396 2,345 6,504 9,233 Sept. 1 87,758 1,701 946 356 81 318 66,564 32,604 81 1,499 3,960 15 394 2,457 6,548 9,249 8 86,242 1,266 851 277 81 57 65,932 32,626 82 1,513 3,636 15 392 2,382 6,415 9,211 15 88,070 2,505 1,658 572 78 197 66,583 32,796 80 1,618 3,737 15 389 2,512 6,453 9,240 22 86,769 1,526 956 387 69 114 65,743 32,725 81 1,074 3,754 14 386 2,251 6,374 9,211 29 85,768 1,177 689 258 32 198 65,360 32,864 83 909 3,520 14 386 2,245 6,298 9,181 Outside New York City 1975 Sept. 3 296,143 14,333 12,334 1,160 477 362 204,161 81,997 3,535 93 1,288 70 1,860 6,081 12,074 50,351 10 299,238 17,558 14,007 2,523 619 409 203,664 81,858 3,529 95 1,256 67 1,864 5.807 12,048 50,354 1 7 297,679 15,182 11,798 2,305 671 408 204,221 82,135 3,539 294 1,309 65 1,862 5,874 11,871 50,362 2 4 294,357 12,352 10,328 1,274 320 430 203,823 81,932 3,534 56 1,291 66 1,864 5.808 11,876 50,325 1976 Aug. 4 302,538 17,220 14,637 1,464 653 466 202,475 78,402 4,091 191 2,709 66 2,139 4,634 11,018 52,598 11 304,187 18,276 14,145 2,852 742 537 202,623 78,399 4,092 220 2,773 68 2,154 4,541 11,001 52,660 1 8 303,426 17,211 14,427 1,628 641 515 202,648 78,305 4,094 176 2,742 67 2,146 4,581 10,944 52,680 2 5 302,788 16,802 14,122 1,628 526 526 202,099 78,364 4,100 128 2,667 66 2,155 4,510 10,800 52,725 Sept. 1 305,361 19,004 16,590 1,279 572 563 202,911 78,533 4,110 114 2,855 63 2,160 4,430 10,768 52,806 8 308,894 22,189 18,733 2,147 671 638 202,979 78,612 4,121 119 2,755 64 2,145 4,418 10,861 52,871 15 309,277 20,810 16,532 3,036 623 619 204,165 79,057 4,125 606 2,726 63 2,147 4.372 10,844 53,020 22 305,737 17,265 14,618 1,432 553 662 204,500 79,441 4,121 152 2,960 62 2,146 4.373 10,736 53,151 29 307,062 17,512 15,012 1,427 485 588 205,070 79,483 4,164 126 2,848 67 2,172 4,391 10,833 53,242 A Effective with changes in New York State branch banking laws, reported data for "Outside New York City" (total assets, by about $4.0 beginning Jan. 1,1976, three large New York City banks are now reporting billion). combined totals for previously affiliated banks that have been converted Historical data (from Jan. 1972) on a basis comparable with 1976 data to branches. are available from the Public Information Department of the Federal The principal effects of these changes were to increase the reported data Reserve Bank of New York on request. for New York City (total assets, by about $5.5 billion) and to decrease the For other notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • WEEKLY REPORTING BANKS A19 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities Other securities To commer- Notes and bonds cial banks maturing— Obligations Other bonds, Loan of States corp. stocks, Wednesday loss and and Con- For- reserve political securities sumer eign All and un subdivisions instal- govts.! other earned Total Bills Total Do- For- ment income mes- eign on Within 1 to After tic loans 1 1 yr. 5 yrs. 5 yrs. Tax Certif. war- All of rants 4 other partici- All pations other 6 Large banks— Total 1975 2,286 5,846 34,742 1,530 18,123 5,790 34,432 9,056 4,972 17,361 3,043 60,251 6,262 40,045 2,376 11,568 Sept. 3 2,334 5,785 34,774 1,432 18,043 5,810 35,388 9,644 5,331 17,393 3,020 60,641 6,500 40,084 2,396 11,661 10 2,434 5,713 34,840 1,414 17,939 5,805 35,158 9,845 5,386 17,045 2,882 60,760 6,552 40,253 2,374 11,581 17 2,473 5,864 34,904 1,452 17,992 35,160 10,076 5,354 16,862 2,r- 60,399 6,462 39,938 2,349 11,650 24 1976 1,996 5,973 37,042 1,809 18,094 8,544 42,745 11,918 6,443 21,106 3,278 59,189 5,864 40,069 2,476 10,780 1,878 5,827 37,101 1,804 18,218 8,599 42,376 11,533 6,351 21,091 3,401 59,382 6,122 40,168 2,455 10,637 Aug. 4 2,016 6,130 37,208 1,749 18,287 8,632 43,546 11,012 6,240 22,000 4,294 59,556 6,152 40,217 2,459 10,728 '.'as 1,785 5,887 37,377 1,806 17,956 8,618 43,385 11,397 6,142 21,546 4,300 59,706 6,073 40,199 2,509 10,925 25 1,915 5,999 37,559 1,847 18,143 8,634 43,141 10,791 6,141 22,128 4,081 59,798 6,130 40,250 2,656 10,762 Sept. 1 1,654 5,899 37,655 1,928 18,203 8,666 42,632 10,585 6,162 21,823 4,062 60,138 6,578 40,354 2,545 10,661 8 1,838 5,818 37,725 1,943 18,312 8,688 43,267, 10,978 6,238 22,001 4,050 60,017 6,298 40,305 2,560 10,854 15 1,759 6,168 37,849 1,851 18,305 8,701 43,603 11,331 6,194 22,038 4,040 59,869 6,210 40,126 2,648 10,885 22 1,904 6,111 37,969 1,879 18,379 8,638 43,422 10,934 6,127 22,238 4,123 60,289 6,410 40,319 2,400 11,160 29 New York City 1975 1.032 2,568 3,552 614 3,961 1,802 7,630 1,880 598 4,309 843 9,404 1,371 5,875 173 1,985 Sept. 3 1.033 2,506 3,558 535 3,950 1,810 8,524 2,533 631 4,550 810 9,489 1,402 5,922 177 1,988 10 1,063 2,407 3,564 529 3,863 1,801 7,843 2,318 607 4,231 687 9,799 1,550 6,167 178 1,904 17 1,054 2,536 3,568 530 3,920 1,802 7,756 2,265 650 4,136 705 9,621 1,513 6,025 173 1,910 24 1976 744 2,634 3,814 545 3,670 1,664 9,756 3,224 924 4,618 990 9,335 1,594 6,092 185 1,464 Aug. 4 627 2,443 3,821 495 3,812 1,684 9,123 2,765 91 4,451 996 9,347 1,590 6,118 188 1,451 11 753 2,663 3,836 504 3,786 1,697 10,229 2,709 1,004 5,123 1 ,393 9,306 1,498 6,162 203 1,443 18 637 2,541 3,866 548 3,707 1,690 9,978 2,838 954 4,948 1,238 9,226 1,431 6,139 192 1,464 25 746 2,619 3,870 548 3,699 1,725 10,221 2,735 1,026 5,274 1,186 9,272 1,442 6,175 281 1,374 Sept. 1 667 2,469 3,864 603 3,773 1,716 9,749 2,511 997 5,051 1,190 9,295 1,490 6,187 280 1,338 8 816 2,416 3,884 567 3,784 1,724 9,656 2,678 1,025 4,829 1,124 9,326 1,467 6,226 280 1,353 15 689 2,692 3,935 518 3,766 1,727 10,312 3,448 970 4,843 1,051 9,188 1,423 6,130 290 1,345 22 791 2,621 3,934 525 3,644 1,655 9,969 2,904 930 5,009 1,126 9,262 1,437 6,166 290 1,369 29 Outside New York City 1975 1,254 3.278 31,190 916 14,162 3,988 26,802 7,176 4,374 13,052 2,200 50,847 4,891 34,170 2,203 9,583 .Sept. 3 1,301 3.279 31,216 897 14,093 4,000 26,864 7,111 4,700 12,843 2,210 51,152 5,098 34,162 2,219 9,673 10 1,371 3,306 31,276 885 14,076 4,004 27,315 7,527 4,779 12,814 2,195 50,961 5,002 34,086 2,196 9,677 17 1,419 3,328 31,336 922 14,072 4,006 27,404 7,811 4,704 12,726 2,163 50,778 4,949 33,913 2,176 9,740 24 1976 1,252 3,339 33,228 1,264 14,424 6,880 32,989 8,694 5,519 16,488 2,288 49,854 4,270 33,977 2,291 9,316 . Aug. 4 1,251 3,384 33,280 1,309 14,406 6,915 33,253 8,768 5,440 16,640 2,405 50,035 4,532 34,050 2,267 9,186 11 1,263 3,467 33,372 1,245 14,501 6,935 33,317 8,303 5,236 16,877 2,901 50,250 4,654 34,055 2,256 9,285 18 1,148 3,346 33,511 1,258 14,249 6,928 33,407 8,559 5,188 16,598 3,062 50,480 4,642 34,060 2,317 9,461 25 1,169 3,380 33,689 1,299 14,444 6,909 32,920 8,056 5,115 16,854 2,895 50,526 4,688 34,075 2,375 9,388 .Sept. 1 987 3,430 33,791 1,325 14,430 6,950 32,883 8,074 5,165 16,772 2,872 50,843 5,088 34,167 2,265 9,323 1,022 3,402 33,841 1,376 14,528 6,964 33,611 8,300 5,213 17,172 2,926 50,691 4,831 34,079 2,280 9,501 .15 1,070 3,476 33,914 1,333 14,539 6,974 33,291 7,883 5,224 17,195 2,989 50,681 4,787 33,996 2,358 9,540 .22 1,113 3,490 34,035 1,354 14,735 6,983 33,453 8,030 5,197 17,229 2,997 51,027 4,973 34,153 2,110 9,791 .29 For notes see pp. A-18 and A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 WEEKLY REPORTING BANKS • OCTOBER 1976 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA-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. ccooiinn mestic ies not liabil- and collec- Banks banks consol- ities! polit- Fortion idated ical U.S. eign Total IPC sub- Govt. Com- Mutual govts.. divi- mer- sav- etc. 3 sions cial ings Large banks— Total 1975 Sept. 3 37,023 22,697 4,836 11,750 1,752 37,483 501,735 165,982 120,825 6,271 1,255 24,638 795 1,215 10 31,811 21,040 4,967 10,723 1,753 38,337 497,943 160,562 119,082 6,161 1,485 21,680 725 1,144 17 32,397 18,735 5,004 11,264 1,751 37,868 494,862 162,191 118,751 5,921 2,777 22,177 713 1,297 2 4 28,676 22,445 5,067 11,609 1,747 38,071 491,563 154,991 114,055 6,140 1,454 21,616 663 1,038 1976 Aug. 4 36,692 25,324 4,838 11,253 2,124 45,880 515,080 167,253 119,730 6,210 3,084 24,470 879 1,193 32,998 18,588 5,216 11,556 2,151 44,701 506,159 161,392 118,537 5,573 1,643 22,001 788 1,193 nV.V.V.V.'.V.V. 33,295 21,653 5,348 11,612 2,155 45,133 510,843 161,896 118,387 5,570 2,621 22,214 778 1,028 2 5 31,131 18,838 5,421 11,674 2,114 44,937 504,164 158,539 115,471 5,445 1,797 23,040 734 1,126 Sept. 1 35,358 21,805 5,308 12,176 2,136 45,773 515,675 166,689 120,365 6,346 1,127 24,617 845 1,023 8 36,446 22,214 5,209 11,550 2,119 46,255 518,929 166,596 121,168 5,788 1,701 24,829 849 1,011 15 39,051 17,964 5,444 12,028 2,116 46,157 520,107 175,122 126,196 6,148 4,737 24,031 764 1,176 22 33,460 19,404 5,474 10,502 2,120 45,277 508,743 162,256 117,377 6,010 2,603 23,142 744 1,138 29 35,985 23,215 5,615 11,885 2,116 46,035 517,681 166,042 119,195 5,601 2,694 24,000 761 1,017 New York City 1975 Sept. 3 11,349 6,392 675 4,800 798 12,871 126,936 46,748 27,193 616 126 11,005 463 996 10 10,557 6,791 705 4,596 790 13,525 127,038 44,898 26,893 547 234 10,096 411 929 1 7 10,759 4,377 684 4,952 791 12,703 124,430 45,913 26,832 567 321 10,692 407 1,014 2 4 9,554 6,212 693 5,533 799 12,896 125,278 44,348 25,539 654 204 10,923 377 828 1976 Aug. 4 12,442 7,475 691 4,489 946 15,865 128,339 47,113 26,565 607 567 11,335 481 925 11 11,436 5,373 718 4,917 954 14,717 124,877 45,601 25,888 526 214 10,337 422 978 1 8 11,245 7,009 733 4,759 956 15,259 128,182 45,664 26,523 495 455 10,286 425 796 2 5 11,047 5,288 722 5,285 949 15,062 125,614 45,420 25,871 465 307 11,064 388 898 Sept. 1 11,991 7,080 740 5,409 954 15,640 129,572 47,476 26,540 596 83 11,623 479 798 8 11,479 7,877 746 4,737 951 16,183 128,215 45,572 26,149 482 138 10,908 457 778 15 12,263 5,086 735 5,388 949 15,730 128,221 49,614 28,074 523 1,354 11,284 400 946 22 11,845 5,373 755 4,422 949 15,169 125,282 45,736 25,068 651 399 11,514 391 907 29 14,181 6,949 766 5,046 956 15,906 129,572 48,704 26,585 515 386 11,930 405 780 Outside New York City 1975 Sept. 3 25,674 16,305 4,161 6,950 954 24,612 374,799 119,234 93,632 5,655 1,129 13,633 332 219 10 21,254 14,249 4,262 6,127 963 24,812 370,905 115,664 92,189 5,614 1,251 11,584 314 215 1 7 21,638 14,358 4,320 6,312 960 25,165 370,432 116,278 91,919 5,354 2,456 11,485 306 283 2 4 19,122 16,233 4,374 6,076 948 25,175 366,285 110,643 88,516 5,486 1,250 10,693 286 210 1976 Aug. 4 24,250 17,849 4,147 6,764 1,178 30,015 386,741 120,140 93,165 5,603 2,517 13,135 398 268 11 21,562 13,215 4,498 6,639 1,197 29,984 381,282 115,791 92,649 5,047 1,429 11,664 366 215 1 8 22,050 14,644 4,615 6,853 1,199 29,874 382,661 116,232 91,864 5,075 2,166 11,928 353 232 2 5 20,084 13,550 4,699 6,389 1,165 29,875 378,550 113,119 89,600 4,980 1,490 11,976 346 228 Sept. 1 23,367 14,725 4,568 6,767 1,182 30,133 386,103 119,213 93,825 5,750 1,044 12,994 366 225 8 24,967 14,337 4,463 6,813 1,168 30,072 390,714 121,024 95,019 5,306 1,563 13,921 392 233 15 26,788 12,878 4,709 6,640 1,167 30,427 391,886 125,508 98,122 5,625 3,383 12,747 364 230 22 21,615 14,031 4,719 6,080 1,171 30,108 383,461 116,520 92,309 5,359 2,204 11,628 353 231 29 21,804 16,266 4,849 6,839 1,160 30,129 388,109 117,338 92,610 5,086 2,308 12,070 356 237 For notes see pp. A-18 and A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • WEEKLY REPORTING BANKS A21 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA-Continued (In millions of dollars) Deposits (cont.) Borrowings from— Demand (cont.) Time and savings Total Fed- equity eral Other capital IPC funds liabili- and sub, For- Certi- States pur- ties, notes/ Wednesday eign fied and Do- chased, etc. 9 debencom- and polit- mes- For- etc. 8 F.R. tures 10 mer- offi- Total 7 ical tic eign Banks Other cial cers' Sav- Other sub- inter- govts. 3 banks checks ings divi- bank sions Large banks— Total 1975 5,024 5,959 223,614 65,645 114,958 22,483 7,815 11,409 49,065 85 4,036 22,99: 35,961 Sept. 3 4,651 5,634 224,118 65,622 115,413 22,213 7,742 11,798 48,051 1,589 4,075 23,604 35,944 10 4,941 5,614 223,787 65,607 115,204 22,144 7,770 11,782 45,215 201 4,014 23,579 35,875 17 5,034 4,991 225,853 65,613 116,585 22,271 7,999 11,985 45,895 1,182 4,023 23,665 35,954 24 1976 5,303 6,384 221,988 80,379 105,516 20,029 6,344 8,126 59,805 707 3,889 21,428 40,010 Aug. 4 5,290 6,367 221,959 80,515 105,419 20,093 6,338 8,006 56,904 562 3,885 21,451 40,006 5,265 6,033 221,548 80,555 105,316 19,966 6,242 7,924 60,453 213 3,941 22,879 39,913 5,117 5,809 221,780 80,777 105,450 20,141 6,004 7,870 57,959 3,847 22,076 39,963 25 5,095 7,271 221,423 80,937 105,378 19,824 6,002 7,776 61,621 210 3,941 21,681 40,110 Sept. 1 5,398 5,852 221,432 81,340 105,046 19,765 5,932 7,885 65,778 3,790 21,279 40,054 8 5,390 6,680 221,052 81,280 104,932 19,659 5,863 7,856 57,515 131 4,042 22,205 40,040 15 5,344 5,898 222,285 81,593 105,704 19,672 5,915 7,919 58,824 24 3,801 21,492 40,061 22 5,742 7,032 223,647 82,061 106,371 19,778 5,926 7,944 62,488 259 3,786 21,332 40,127 29 New York City 1975 3,747 2,602 47,799 7,291 27,562 1,552 3,454 7,110 12,221 1,941 8,330 9,897 Sept. 3 3,358 2,430 47,810 7,282 27,374 1,552 3,310 7,421 12,481 1,502 1,913 8,514 9,920 10 3,637 2,443 47,597 7,268 27,212 1,539 3,208 7,528 10,726 1,895 8,415 9,884 17 3,768 2,055 48,096 7,263 27,457 1,517 3,227 7,674 11,879 "'568 1,890 8,572 9,925 24 1976 3,922 2,711 42,045 8,956 22,938 1,303 2,838 5,051 15,968 600 1,731 9,465 11,417 Aug. 4 3,962 3,274 41,853 8,953 22,918 1,256 2,829 4,967 14,614 287 1,783 9,296 11,443 4,000 2,684 41,762 8.942 22,921 1,291 2,788 4,916 16,774 1,754 10,781 11,447 3,834 2,593 41,528 8,930 23,033 1,281 2,592 4,848 15,755 1,603 9,844 11,464 25 3,773 3,584 41,390 8,901 23,009 1,227 2,600 4,805 18,232 210 1,528 9,280 11,456 Sept. 1 4,097 2,563 41,070 8.943 22,772 1,197 2,533 4,813 19,602 1,567 8,930 11,474 8 3,938 3,095 40,676 8,940 22,507 1,164 2,479 4,781 15,051 1,422 9,970 11,488 15 4,017 2,789 40,707 8,968 22,537 1,159 2,457 4,759 16,293 1,642 9,420 11.484 22 4,349 3,754 40,903 9,024 22,519 1,227 2,456 4,754 16,991 215 1,664 9,610 11.485 29 Outside New York City 1975 1,277 3,357 175,815 58,354 87,396 20,931 4,361 4,299 36,844 85 2,095 14,662 26,064 Sept. 3 1,293 3,204 176,308 58,340 88,039 20,661 4,432 4,377 35,570 87 2,162 15,090 26,024 10 1,304 3,171 176,190 58,339 87,992 20,605 4,562 4,254 34,489 201 2,119 15,164 25,991 17 1,266 2,936 177,757 58,350 89,128 20,754 4,772 4,311 34,016 614 2,133 15,093 26,029 24 1976 1,381 3,673 179,943 71,423 82,578 18,726 3,506 3,075 43,837 107 2.158 11,963 28,593 Aug. 4 1,328 3,093 180,106 71,562 82,501 18,837 3,509 3,039 42,290 275 2,102 12,155 28,563 11 1,265 3,349 179,786 71,613 82,395 18,675 3,454 3,008 43,679 213 2,187 12,098 28,466 18 1,283 3,216 180,252 71,847 82,417 18,860 3,412 3,022 42,204 2,244 12,232 28,499 25 1,322 3,687 180,033 72.036 82,369 18,597 3,402 2,971 43,389 2,413 12,401 28,654 Sept. 1 1,301 3,289 180,362 72,397 82,274 18,568 3,399 3,072 46,176 2,223 12,349 28,580 8 1,452 3,585 180,376 72,340 82,425 18,495 3,384 3,075 42,464 131 2,620 12,235 28,552 15 1,327 3,109 181,578 72,625 83,167 18,513 3,458 3,160 42,531 24 2.159 12,072 28,577 22 1,393 3,278 182,744 73.037 83,852 18,551 3,470 3,190 45,497 44 2,122 11,722 28,642 29 For notes see pp. A-18 and A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 WEEKLY REPORTING BANKS • OCTOBER 1976 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA—Continued (In millions of dollars) Memoranda Large negotiable Savings ownership categories time CD's All other large Total included in time time deposits 14 Gross Wednesday Total loans De- and savings deposits 13 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 justedii (gross) justed 12 Issued Issued Issued Issued profit cor- mental other 16 their ad- Total to to Total to to orga- pora- units foreign justed" IPC's others IPC's others niza- tions for branches tions profit 15 Large banks—Total 1975 Sept. 3. 280,253 374,936 103,066 81,897 55,266 26,631 33,381 18,099 15,282 65,645 2,327 10. 281,770 377,799 105,586 82,456 55,665 26,791 33,395 18,152 15,243 65,622 2,353 17. 282,231 378,149 104,840 82,161 55,376 26,785 33,311 18,235 15,076 65,607 2,613 24. 279,547 375,106 103,245 84,263 56,808 27,455 33,305 18,217 15,088 65,613 2,304 1976 Aug. 4. 277,654 379,588 103,007 66,672 44,211 22,461 28,097 15,343 12,754 76,154 3,240 897 88 3,781 11. 280,154 381,912 104,750 66,534 44,092 22,442 28,003 15,306 12,697 76,206 3,301 919 89 4,211 18. 279,548 382,650 103,766 65,963 43,777 22,186 27,993 15,397 12,596 76,181 3,335 955 84 5,763 25. 277,877 380,968 102,571 65,937 43,857 22,080 28,117 15,448 12,669 76,294 3,420 984 79 4,708 Sept. 1. 279,363 382,302 105,587 65,382 43,360 22,022 27,711 15,412 12,299 76.413 3,453 998 73 3,583 8. 279,794 382,564 103,620 65,120 43,134 21,986 27,701 15,384 12,317 76,682 3,543 1,010 105 3,427 15. 282,723 386,007 107,303 64,618 42,755 21,863 27,608 15,408 12,200 76,672 3,506 1,019 83 4,698 22. 280,402 383,874 103,051 65,543 43,463 22,080 27,383 15,219 12,164 76,901 3,534 1,074 84 4,123 29. 280,152 383,863 103,363 66,017 43,703 22,314 27,664 15,518 12,146 77,265 3,603 1,120 73 4,633 New York City 1975 Sept. 3. 71,359 88,393 24,268 29,062 19,267 9,795 8,051 5,005 3,046 7,291 ::::::: 1,528 10. 71,856 89,869 24,011 29,111 19,126 9,985 8,065 5,000 3,065 7,282 ::::::: 1,605 17. 71,993 89,635 24,141 28,903 18,951 9,952 7,995 4,974 3,021 7,268 1,765 24. 71,113 88,490 23,667 29,570 19,356 10,214 7,870 4,850 3,020 7,263 1,482 11997766 Aug. 4. 66,968 86,059 22,769 23,099 14,752 8,347 6,014 4,262 1,752 8,432 297 163 64 2,909 67,736 86,206 23,614 23,056 14,793 8,263 5.877 4,211 1,666 8,423 309 157 64 3,332 18: 68,444 87,979 23,678 22,815 14,690 8,125 5,987 4,262 1,725 8,414 309 157 62 4,949 25. 67,318 86,522 23,002 22,718 14,867 7,851 5.878 4,210 1,668 8,407 317 151 55 3,792 Sept. 1. 68,298 87,791 23,779 22,519 14,685 7,834 5,913 4,306 1,607 8,386 317 150 48 2,828 8. 67,396 86,440 23,047 22,177 14,505 7,672 5,948 4,291 1,657 8,396 325 143 79 2,488 15. 68,338 87,320 24,713 21,704 14,134 7,570 5,984 4,350 1,634 8,403 325 155 57 3,970 22. 67,351 86,851 21,978 21,770 14,246 7,524 5,881 4,229 1,652 8,405 331 174 58 3,342 29. 66,712 85,943 22,207 21,766 14,162 7,604 6,003 4,275 1,728 8,459 333 183 49 3,616 Outside New York City 1975 Sept. 3. 208,894 286,543 78,798 52,835 35,999 16,836 25,330 13,094 12,236 58,354 ::::::: ::::::: 799 10. 209,914 287,930 81,575 53,345 36,539 16,806 25,330 13,152 12,178 58,340 748 17. 210,238 288,514 80,699 53,258 36,425 16,833 25,316 13,261 12,055 58,339 848 24. 208,434 286,616 79,578 54,693 37,452 17,241 25,435 13,367 12,068 58,350 822 11997766 Aug. 4. 210,686 293,529 80,238 43,573 29,459 14,114 22,083 11,081 11,002 67,722 2,943 734 24 872 212,418 295,706 81,136 43,478 29,299 14,179 22,126 11,095 11,031 67,783 2,992 762 25 879 18! 211,104 294,671 80,088 43,148 29,087 14,061 22,006 11,135 10,871 67,767 3,026 798 22 814 25. 210,559 294,446 79,569 43,219 28,990 14,229 22,239 11,238 11,001 67,887 3,103 833 24 916 Sept. 1. 211,065 294,511 81,808 42,863 28,675 14,188 21,798 11,106 10,692 68,027 3,136 848 25 755 8. 212,398 296,124 80,573 42,943 28,629 14,314 21,753 11,0^3 10,660 68,286 3,218 867 26 939 15. 214,385 298,687 82,590 42,914 28,621 14,293 21,624 11,058 10,566 68,269 3,181 864 26 728 22. 213,051 297,023 81,073 43,773 29,217 14,556 21,502 10,990 10,512 68,496 3,203 900 26 781 29. 213,440 297,920 81,156 44,251 29,541 14,710 21,661 11,243 10,418 68,806 3,270 937 24 1,017 A See p. A-18. 11 Exclusive of loans and Federal funds transactions with domestic 1 Loan loss reserve and unearned income on loans had been reported commercial banks. as liability items through Mar. 24, 1976. Since then the item is netted 12 All demand deposits except U.S. Govt, and domestic commercial against total loans, and therefore against total assets also. As a proxy for banks, less cash items in process of collection. this item prior to Mar. 31, 1976, reserves for loans have been used to 13 Certificates of deposit issued in denominations of $100,000 or more. calculate year-ago figures. 14 All other time deposits issued in denominations of $100,000 or more 2 Includes securities purchased under agreements to resell. (not included in large negotiable CD's). 3 Includes official institutions and so forth. 15 Other than commercial banks. 16 Domestic and foreign com- 4 Includes short-term notes and bills. mercial banks, and official international organizations. 5 Federal agencies only. 6 Includes corporate stocks. NOTE.—Effective Mar. 24, 1976, in the city of Chicago and Mar. 31, 7 Includes U.S. Govt, and foreign bank deposits, not shown separately. 1976, in the San Francisco District reclassification of loans resulted in the 8 Includes securities sold under agreements to repurchase. following major revisions: commercial and industrial, —$1,168 million; 9 Includes minority interest in consolidated subsidiaries. Beginning other nonbank financial institutions, -|-$185 million; real estate, +$783 Mar. 31, 1976, also includes deferred tax portion of reserves for loans. million; other loans, +$200 million. These reclassifications are not 10 Includes reserves for securities. Beginning Mar. 31, 1976, also reflected for earlier dates. includes contingency portion of reserves for loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • BUSINESS LOANS OF BANKS A23 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1976 1976 1976 1976 1975 IInndduussttrryy Sept. Sept. Sept. Sept. Sept. 1st 2nd 29 22 15 8 1 Sept. Aug. July III II I half half Durable goods manufacturing: Primary metals 2,059 2,042 2,038 1,955 1,946 106 -69 -16 -39 73 -48 25 50 Machinery 4,645 4,690 4,669 4,719 4,727 -95 -132 -162 -389 -429 -296 -725 -1,668 Transportation equipment 2,428 2,410 2,376 2,367 2,405 35 -111 -108 -250 -315 -52 -367 -465 Other fabricated metal products... 1,689 1,711 1,713 1,713 1,708 -11 -10 -32 -53 -144 -87 -231 -750 Other durable goods 33,,550066 33,,555566 3,567 33,,554422 3,524 1 22 -129 -106 106 53 159 -688 Nondurable goods manufacturing: Food, liquor, and tobacco 3,394 3,376 3,299 3,267 3,268 -126 119 38 31 92 -509 -417 468 Textiles, apparel, and leather 3,505 3,546 3,603 3,589 3,562 -32 135 81 184 235 395 630 -532 Petroleum refining 2,503 2,488 2,280 2,211 2,220 382 -120 -62 200 79 -138 -59 -116 Chemicals and rubber 2,534 2,522 2,545 2,575 2,552 -1 -13 64 50 -167 -40 -207 -431 Other nondurable goods 1,883 1,909 1,902 1,902 1,918 -22 -24 14 -32 17 90 107 -415 Mining, including crude petroleum and natural gas 6,963 6,946 6,894 6,899 66,,881199 310 19 -97 232 330 448 778 , 1,065 Trade: Commodity dealers 1,562 1,478 1,514 1,396 1,451 132 -88 -250 -206 121 65 186 All Other wholesale 6,032 6,004 5,976 5,947 5,945 76 -2 114 188 48 357 405 -181 Retail 6,302 6,221 6,012 6,163 6,232 44 54 -113 -15 392 133 525 -517 Transportation 5,162 5,196 5,215 5,225 5,265 -125 -73 -320 -518 -157 -231 -388 3 Communication 1,487 1,476 1,537 1,540 1,554 -82 -50 -133 -265 57 -289 -232 -158 Other public utilities 5,699 5,730 5,807 5,752 5,759 -110 -379 -37 -526 113 -885 -772 -198 Construction 4,221 4,263 4,265 4,208 4,247 -52 38 -7 -21 -177 -706 -883 -436 Services 10,407 10,458 10,458 10,41^ 10,439 35 -29 -178 -172 -309 69 -240 -15 All other domestic loans 7,420 7,342 7,298 7,225 7,308 223 -48 270 445 -862 -2,566 -3,428 643 Bankers acceptances 33,,553388 3,368 33,,440077 3,265 33,,000055 739 147 -306 580 -337 --11,,665500 -1,987 22,,668855 Foreign commercial and industrial loans 5,619 5,722 5,790 5,696 5,744 -141 317 -231 -55 304 82 386 757 Total classified loans 9922,,555588 9922,,445544 9922,,116655 91,575 91,598 1,286 -363 -1,660 -737 -930 -5,805 -6,735 -422 Comm. paper included in total classsiiffiieedd llooaannss''^^ 332266 5500 --9977 --9955 --114422 2244 7 3311 119977 Total commercial and industrial loans of large commercial banks 112,347 112,166 111,853 111,238 111,137 1,674 -287 -1,807 -420 -893 -6,994 -7,887 -942 For notes see table below. TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1976 1976 1975 1976 Sept. Aug. July June May Apr. Mar. Feb. Jan. 1st 29 25 28 30 26 28 31 25 28 III II I IV half Durable goods manufacturing: Primary metals 1,214 1,146 1,191 1,241 1,293 1,283 1,291 1,335 1,341 -27 -50 -81 34 -131 Machinery 2,675 2,748 2,901 3,029 3,088 3,055 3,144 3,072 3,117 -354 -115 -169 -424 -284 Transportation equipment. 1,381 1,357 1,399 1,505 1,488 1,632 1,691 1,643 1,686 -124 -186 76 -78 -110 Other fabricated metal products 756 765 767 799 879 919 909 1,035 1,041 -43 -110 -115 -244 -225 Other durable goods 1,736 1,758 1,763 1,815 1,843 1,871 1,793 1,838 1,874 -79 22 -30 -189 -8 Nondurable goods manufacturing: Food, liquor, and tobacco. 1,435 1,463 1,444 1,403 1,334 1,366 1,391 1,536 1,547 32 12 -187 107 -175 Textiles, apparel, and leather 1,144 1,159 1,123 1,116 1,075 1,044 993 1,055 1,032 28 112233 -2 -108 121 Petroleum refining 1,908 1,606 1,659 1,707 1,781 1,785 1,685 1,886 1,859 201 22 -146 -136 -124 Chemicals and rubber 1,464 1,460 1,444 1,466 1,462 1,495 1,540 1,603 1,588 -2 -74 -82 -43 -156 Other nondurable goods.. 935 948 982 986 961 979 962 942 925 -51 24 74 -168 98 Mining, including crude petroleum and natural gas. 5,342 5,144 5,125 5,227 5,117 5,015 4,904 4,731 4,528 115 332233 442200 637 774433 Trade: Commodity dealers.. 209 186 191 207 206 180 190 182 196 2 17 18 22 35 Other wholesale 1,394 1,340 1,308 1,308 1,355 1,312 1,344 1,279 1,290 86 -36 68 -43 32 Retail 2,134 2,080 2,061 2,032 2,031 2,036 2,008 1,987 2,007 102 24 12 -157 36 3,934 3,941 4,032 4,237 4,246 4,252 4,250 4,329 4,291 -303 -13 -140 -1 -153 Communication 903 948 937 990 1,008 984 998 1,095 1,101 -87 -8 -83 -51 -91 Other public utilities 3,604 3,689 3,895 3,908 3,811 3,770 3,898 3,940 3,995 -304 10 -81 13 -71 Construction 1,696 1,716 1,690 1,744 1,755 1,876 1,915 2,141 2,258 -48 -171 -266 -178 -437 Services 4,967 4,917 4,948 5,097 5,240 5,317 5,368 5,147 5,038 -130 -271 233 13 -38 All other domestic loans .... 22,,441199 2,356 22,,441155 22,,335500 22,,334499 2,507 2,700 3,093 3,396 69 -350 -599 55 -949 Foreign commercial and industrial loans 3,522 3,462 3,141 3,157 3,121 3,085 2,984 3,001 2,999 365 173 63 158 236 Total loans 44,772 44,189 44,416 45,324 45,443 45,763 45,958 46,870 47,109 -552 -634 -1,017 -781 -1,651 1 Reported the last Wednesday of each month. Commercial and industrial "term" loans are all outstanding loans with NOTE.—For description of series see article "Revised Series on Com- an original maturity of more than 1 year and all outstanding loans panted mercial and Industrial Loans by Industry," Feb. 1967 BULLETIN, p. 209. under a formal agreement—revolving credit or standby—on which the original maturity of the commitment was in excess of 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 DEMAND DEPOSIT OWNERSHIP • OCTOBER 1976 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS' (In biUions of dollars) Type of holder TToottaall CCllaassss ooff bbaannkk,, aanndd qquuaarrtteerr oorr mmoonntthh ddeeppoossiittss,, F b i u n s a in n e c s ia 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 IIPPCC All insured commercial banks: 1970—Dec 17.3 92.7 53.6 1.3 10.3 175.1 1971—Dec 18.5 98.4 58.6 1.3 10.7 187.5 1972 Dec 18.9 109.9 65.4 1.5 12.3 208.0 1973 June 18.6 106.6 67.3 2.0 11.8 206.3 Sept 18.8 108.3 69.1 2.1 11.9 210.3 Dec 19.1 116.2 70.1 2.4 12.4 220.1 1974_Mar 18.9 108.4 70.6 2.3 11.0 211.2 June 18.2 112.1 71.4 2.2 11.1 215.0 Sept 17.9 113.9 72.0 2.1 10.9 216.8 Dec 19.0 118.8 73.3 2.3 11.7 225.0 1975—Mar 18.6 111 .3 73.2 2.3 10.9 216.3 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 Dec 20.1 125.1 78.0 2.4 11.3 236.9 1976—Mar 19.9 116.9 77.2 2.4 11.4 227.9 June 20.3 121.2 78.8 2.5 11.4 234.2 Weekly reporting banks: 1971 Dec 14.4 58.6 24.6 1.2 5.9 104.8 1972—Dec 14.7 64.4 27.1 1.4 6.6 114.3 1973—Dec 14.9 66.2 28.0 2.2 6.8 118.1 1974—Dec 14.8 66.9 29.0 2.2 6.8 119.7 1975_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 Dec 15.6 69.9 29.9 2.3 6.6 124.4 1976—Jan 15.2 68.0 30.3 2.2 6.7 122.4 Feb 15.3 65.6 29.2 2.2 6.4 118.7 Mar 15.4 65.2 30.8 1.8 6.2 119.5 Apr 15.1 65.5 33.6 1.8 6.0 122.0 May 15.7 67.8 26.4 2.2 6.1 118.2 June 16.1 67.3 31.2 2.0 6.1 122.6 July 16.3 64.8 33.3 2.3 5.8 122.5 AugP 15.0 61.4 29.2 1.8 5.6 112.9 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, June 30, Dec. 31, Mar. 31, Class of Dec. 31, June 30, Dec. 31, Mar. 31, bank 1974 1975 1975 1976 bank 1974 1975 1975 1976 All commercial.... 389 338 280 All member—Cont. Insured 387 335 280 197 Other large, banks i 69 74 76 12 National member 236 223 188 117 All other member i 206 186 146 139 State member.... 39 36 35 35 All nonmember 115 79 58 All member 275 260 223 152 Insured 112 76 58 45 Noninsured 3 3 1 Beginning Nov. 9,1972, designation of banks as reserve city banks for NOTE.—Hypothecated deposits, as shown in this table, are treated one reserve-requirement purposes has been based on size of bank (net demand way in monthly and weekly series for commercial banks and in another deposits of more than $400 million), as described in the BULLETIN for way in call-date series. That is, they are excluded from "Time deposits" July 1972, p. 626. Categories shown here as "Other large" and "All other and "Loans" in the monthly (and year-end) series as shown on 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-18-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-13. 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

OCTOBER 1976 • LOAN SALES BY BANKS; OPEN MARKET PAPER A25 LOANS SOLD OUTRIGHT BY LARGE COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To selected related institutions! By type of loan DDDaaattteee TToottaall Commercial Real All and estate other industrial 1976—June 2 4,432 2,757 204 1,471 9 4,424 2,767 205 1,452 16 4,478 2,839 205 1,434 23 4,442 2,810 205 1,427 30 4,491 2,837 206 1,448 July 7 4,530 2,862 219 1,449 14 4,518 2,826 212 1,480 21 4,549 2,825 207 1,517 28 4,529 2,823 209 1,497 1 To bank's own foreign branches, nonconsolidated non- Aug. 4 4,598 2,886 209 1,503 bank affiliates of the bank, the bank's holding company (if 11 4,298 2,613 209 1,476 not a bank), and nonconsolidated nonbank subsidiaries of 18 4,103 2,538 211 1,354 the holding company. 25 3,990 2,508 213 1,269 NOTE.—Series changed on Aug. 28,1974. For a comparison SSeepptt.. 11 3,952 2,491 210 1,251 of the old and new data for that date, see p. 741 of the Oct. 88 3,935 2,426 213 1,296 1974 BULLETIN. Revised figures received since Oct. 1974 15 3,818 2,354 213 1,251 that affect that comparison are shown in note 2 to this table 22 3,826 2,386 211 1,229 in the Dec. 1974 BULLETIN, p. A-27. 29 3,920 2,463 222 1,235 COMMERCIAL PAPER AND BANKERS ACCEPTANCES OUTSTANDING an millions of dollars) Commercial paper Dollar acceptances Financial Bank-related 5 Held by- Based on- End companies i of Nonperiod All finan- Accepting banks F.R. Banks issuers cial Total Im- Ex- Dealer- Di- com- Dealer- Di- Others ports ports All placed 2 rectly- panies placed rectly- For- into from other placed 3 placed Total Own Bills. Own eign United United bills bought acct. corr.6 States States 196 6 13,645 2,332 10,556 757 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 17,085 2,790 12,184 2,111 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 21,173 4.427 13,972 2,774 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 32,600 6,503 20,741 5,356 1,160 3,134 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 197 0 33,071 5,514 20,424 7,133 352 1,997 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 197 1 32,126 5,297 20,582 6,247 524 1,449 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 197 2 34,721 5,655 22,098 6,968 1,226 1,411 6,898 2,706 2,006 700 106 179 3,907 2,531 1,909 2,458 197 3 41,073 5,487 27,204 8,382 1,938 2,943 8,892 2,837 2,318 519 68 581 5,406 2,273 3,499 3,120 1974 49,144 4,611 31,839 12,694 1,814 6,518 18,484 4,226 3,685 542 999 1,109 12,150 4,023 4,067 10,394 1975-July. 49,352 6,018 31,263 12,072 1,649 7,038 16,930 4,778 4,275 503 685 329 11,138 3,474 3,865 9,591 Aug. 49,810 5,645 32,172 11,993 i,5r 7,392 16,456 4,546 3,988 558 840 304 10,766 3,305 3,806 9,344 Sept., 48,257 5,574 30,496 12,187 1,482 7,316 16,790 5,002 4,190 812 948 302 10,538 3,313 3,783 9,693 Oct.. 50,394 6,360 32,308 11,726 1,634 7,114 17,304 5,213 4,288 924 1,047 284 10,760 3,467 3,947 9,890 Nov., 49,512 6,389 32,003 11,120 1,715 6,974 17,875 6,497 5,684 813 727 279 10,372 3,545 3,888 10,443 Dec. 47,690 6,239 31,276 10,175 1,762 6,892 18,727 7,333 5,899 1,435 1,126 293 9,975 3,726 4,001 11,000 1976-Jan.. 48,858 6,072 31,305 11,481 1.657 6,918 18,677 6,294 5,367 927 1,230 248 10,904 3,891 3,906 10,880 Feb.. 49,927 6,401 31,534 11,992 1,567 6,753 19,060 5,950 5,255 695 1,051 231 11,827 3,977 4,039 11,044 Mar. 49,300 6.428 31,239 11,633 1.654 6,773 18,901 6,340 5,651 689 883 245 11,433 4,027 4,193 10,681 49,572 6,246 31,143 12,183 1.658 6,304 19,559 6,126 5,305 821 995 344 12,094 4,258 4,258 11,043 May.' 50,537 6,443 31,866 12,228 1,724 5,974 19,681 6,175 5,397 778 875 440 12,147 4,267 4,304 11,110 June. 50,011 6,075 31,198 12,738 1,710 6,297 19,783 6,171 5,378 793 1,027 427 12,157 4,384 4,308 11,091 July. 51,138 6,187 32,513 12,438 1.655 5,936 19,544 5,473 5,255 218 656 447 12,968 4,611 4,327 10,606 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 <» 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

A26 INTEREST RATES • OCTOBER 1976 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Rate Monthly average rate 1974—Apr. 11 10 1975—Jan. 9 10V4 1975—July 18. 71/4 1975—July 7.15 19 iOV4 15, 10 28. m Aug. 7.66 25 lOi/i 20, Sept. 7.88 May 2 1034 28, Aug. 12. mm N O o ct v . . 7 7 . . 9 5 6 3 6 11 Feb. 3. 9V4 Sept. 15. 8 Dec. 7.26 10 1114 10. 9 17 lUA 18. Oct. 27., mm 1976—Jan. 7.00 24. m Feb. 6.75 June 26 1134 Nov. 5. mm Mar. 6.75 Mar. 5. 734 Apr. 6.75 July 5 12 10. Dec. 2. mm May 6.75 18. June 7.20 Oct. 7 24. m 1976—Jan. 12., 7 July 7.25 21 21., evA Aug. 7.01 28 1134 May 20. I 7 V a June y Sept. 7.00 Nov. 4 June 9. 7. m 14 25 Aug. 2. 7 ik RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Center Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1976 1976 1976 1976 1976 1976 1976 1976 1976 1976 1976 1976 Short-term 35 centers 7.80 7.44 9.06 8.91 8.58 8.38 7.99 7.78 7.84 7.52 7.61 7.18 New York City 7.48 6.99 8.85 8.84 8.40 8.29 7.91 7.65 7.77 7.29 7.36 6.83 7 Other Northeast 8.18 7.79 9.41 9.24 8.84 8.58 8.25 7.99 8.16 7.95 7.98 7.45 8 North Central 7.70 7.44 8.65 8.39 8.50 8.21 7.85 7.62 7.71 7.46 7.55 7.29 7 Southeast 7.95 7.66 9.33 9.20 8.76 8.65 8.00 7.84 7.85 7.20 7.54 7.25 8 Southwest 7.75 7.51 8.83 8.75 8.24 8.13 7.80 7.71 7.61 7.48 7.55 7.11 4 West Coast 8.15 7.75 9.26 9.14 8.79 8.51 8.28 8.00 8.06 7.71 8.05 7.61 Revolving credit 35 centers 7.87 7.36 8.70 9.23 8.33 8.12 8.02 7.59 7.80 7.35 7.88 7.32 New York City... 8.14 7.42 7.25 8.26 7.73 7.70 7.49 7.56 7.29 8.19 7.43 7 Other Northeast 7.59 7.78 8.00 '•8.'92" 8.22 7.84 7.67 7.44 8.36 7.58 7.47 7.83 8 North Central.. 7.96 7.48 8.94 9.19 9.03 8.69 8.50 7.99 7.74 7.74 7.90 7.34 7 Southeast 7.48 8.01 8.75 9.85 8.40 8.95 8.16 8.35 8.15 7.13 7.69 8 Southwest 7.81 7.50 8.74 8.93 8.09 8.23 8.20 7.67 7.47 7.23 7.80 7.48 4 West Coast 7.73 7.15 9.10 8.61 8.08 7.84 7.95 7.39 7.91 7.14 7.68 7.12 Long-term 35 centers 8.45 8.02 9.61 9.21 9.02 8.80 8.55 8.16 8.60 8.33 8.40 7.92 New York City. . , 8.52 7.85 7.68 8.27 8.45 8.05 8.45 8.44 8.51 8.56 7.76 7 Other Northeast 8.62 7.35 ••9.'46'" 9.10 9.43 9.19 8.93 8.52 7.50 8.10 8.70 6.64 8 North Central.. 8.05 8.59 8.83 8.38 9.07 8.28 8.26 7.94 8.36 9.08 7.92 8.65 7 Southeast 8.88 8.03 9.60 9.49 9.08 8.90 9.88 7.70 8.18 7.75 8.06 8.01 8 Southwest 8.42 7.89 10.85 10.53 9.04 8.92 8.23 8.40 8.69 7.64 8.30 7.74 4 West Coast.... 8.67 8.23 9.28 9.43 8.58 8.97 8.81 7.73 10.00 8.29 8.46 8.26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • INTEREST RATES A27 MONEY MARKET RATES (Per cent per annum) U.S. Government securities^ PPrriimmee FFFiiinnnaaannnccceee ccoommmmeerrcciiaall CCCOOO... PPPrrriiimmmeee FFFeeeddd--- PPPeeerrriiioooddd ppaappeerr 11 pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' eeerrraaalll 3-month bills 6 6-month bills « 9- to 12-month issues ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee 444 yyeeaarr 90-119 4 to 6 333 tttooo 666 999000 dddaaayyysss333 Rate Market Rate Market 1-year iissssuueess 77 days months mmmooonnnttthhhsss 222 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 1975—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 1976_Jan 5.15 5.27 5.16 5.08 4.87 4.961 4.87 5.238 5.14 5.44 5.71 7.18 Feb 5.13 5.23 5.09 4.99 4.77 4.852 4.88 5.144 5.20 5.53 5.78 7.18 Mar 5.25 5.37 5.27 5.18 4.84 5.047 5.00 5.488 5.44 5.82 6.12 7.25 Apr 5.08 5.23 5.14 5.03 4.82 4.878 4.86 5.201 5.18 5.54 5.85 6.99 May 5.44 5.54 5.38 5.53 5.29 5.185 5.20 5.600 5.62 5.98 6.36 7.35 June 5.83 5.94 5.78 5.77 5.48 5.443 5.41 5.784 5.77 6.12 6.52 7.40 Jirfy 5.54 5.67 5.53 5.50 5.31 5.278 5.23 5.597 5.53 5.82 6.21 7.24 Aug 5.35 5.47 5.46 5.32 5.29 5.153 5.14 5.416 5.40 5.64 5.99 7.04 Sept 5.33 5.45 5.31 5.28 5.25 5.075 5.08 5.311 5.30 5.50 5.79 6.84 Week ending— 1976—June 5 5.88 6.00 5.78 5.92 5.54 5.578 5.53 5.952 5.90 6.27 6.66 7.52 12 5.88 6.00 5.88 5.82 5.44 5.459 5.44 5.768 5.75 6.11 6.55 7.42 19 5.90 6.00 5.88 5.74 5.47 5.380 5.38 5.695 5.74 6.07 6.50 7.38 26 5.78 5.90 5.75 5.69 5.48 5.356 5.34 5.722 5.71 6.06 6.44 7.32 July 3 5.70 5.80 5.50 5.69 5.58 5.368 5.36 5.754 5.75 6.08 6.46 7.36 10 5.72 5.81 5.63 5.66 5.37 5.412 5.34 5.768 5.61 5.90 6.35 7.30 17 5.53 5.65 5.53 5.48 5.27 5.190 5.15 5.430 5.44 5.72 6.13 7.18 24 5.48 5.65 5.50 5.47 5.30 5.226 5.23 5.536 5.54 5.84 6.17 7.26 31 5.38 5.50 5.50 5.34 5.28 5.194 5.17 5.497 5.45 5.74 6.12 7.21 Aug. 7 5.38 5.50 5.50 5.34 5.36 5.151 5.16 5.473 5.46 5.72 6.11 7.12 14 5.38 5.50 5.50 5.34 5.25 5.181 5.17 5.422 5.42 5.65 6.04 7.06 21 , . 5.38 5.50 5.50 5.33 5.29 5.143 5.15 5.390 5.40 5.64 5.95 7.04 28.. 5.30 5.43 5.40 5.30 5.28 5.138 5.11 5.380 5.35 5.59 5.92 6.98 Sept. 4 5.35 5.45 5.35 5.28 5.28 5.091 5.09 5.351 5.35 5.56 5.88 6.91 11 5.38 5.50 5.34 5.31 5.25 5.087 5.11 5.333 5.31 5.53 5.83 6.88 18 , , 5.38 5.50 5.35 5.30 5.22 5.099 5.10 5.309 5.31 5.52 5.79 6.84 25... , 5.28 5.38 5.25 5.26 5.21 5.028 5.05 5.236 5.27 5.43 5.72 6.80 Oct. 2 5.25 5.38 5.25 5.25 5.32 5.072 5.06 5.325 5.30 5.48 5.74 6.80 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

A28 INTEREST RATES • OCTOBER 1976 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State and local Aaa utility By selected By Dividend/ Earnings/ rating group price ratio price ratio Period United Total 1 ( S t l e o ta r n m te g ) s - Total 1 Aaa Baa New ce R n e t - ly Aaa Baa In t d ri u a s l - R ro a a i d l- P u u ti b li l t i y c Pre- Com- Comissue offered ferred mon mon Seasoned issues 1970 6.59 6.42 6.12 6.75 8.68 8.71 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.46 1971 5.74 5.62 5.22 5.89 7.62 7.66 7.94 7.39 8.56 7.57 8.38 8.13 6.75 3.14 5.41 1972 5.63 5.30 5.04 5.60 7.31 7.34 7.63 7.21 8.16 7.35 7.99 7.74 7.27 2.84 5.50 1973 6.30 5.22 4.99 5.49 7.74 7.75 7.80 7.44 8.24 7.60 8.12 7.83 7.23 3.06 7.12 1974 6.99 6.19 5.89 6.53 9.33 9.34 8.98 8.57 9.50 8.78 8.98 9.27 8.23 4.47 11.60 1975 6.98 7.05 6.42 7.62 9.40 9.41 9.46 8.83 10.39 9.25 9.39 9.88 8.38 4.31 9.03 1975—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 8.56 4.39 9.12 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 8.58 4.22 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 8.50 4.07 Dec.. 7.17 7.29 6.50 7.96 9.36 9.21 9.45 8.79 10.35 9.26 9.37 9.87 8.57 4.14 8.61 1976—Jan.. 6.94 7.08 6.22 7.81 8.70 8.79 9.33 8.60 10.24 9.16 9.32 9.68 8.16 3.80 '•8.26 Feb .. 6.92 6.94 6.04 7.76 8.63 8.63 9.23 8.55 10.10 9.12 9.25 9.50 8.00 3.67 Mar.. 6.87 6.90 5.99 7.72 8.62 8.61 9.18 8.52 9.99 9.10 9.16 9.43 8.07 3.65 Apr.. 6.73 6.61 5.68 7.50 8.48 8.52 9.04 8.40 9.83 8.98 9.05 9.27 8.04 3.66 May. 6.99 6.85 5.88 7.75 8.82 8.77 9.06 8.58 9.76 9.00 8.96 9.31 8.06 3.76 June. 6.92 6.83 5.85 7.75 8.72 8.73 9.05 8.62 9.72 8.96 8.88 9.36 8.10 3.75 July. 6.85 6.71 5.71 7.64 8.63 8.63 8.97 8.56 9.63 8.90 8.81 9.26 8.08 3.64 Aug., 6.79 6.53 5.51 7.48 8.52 8.50 8.85 8.45 9.49 8.79 8.75 9.07 7.99 3.74 Sept., 6.70 6.42 5.40 7.36 8.29 8.33 8.72 8.38 9.30 8.66 8.66 8.91 7.90 3.71 Week ending— 11997766——AAuugg.. 7.. 6.80 6.57 5.54 7.52 8.60 8.60 8.92 8.51 9.58 8.85 8.80 9.16 8.01 3.70 14.. 6.75 6.53 5.50 7.47 8.49 8.49 8.87 8.48 9.50 8.82 8.75 9.10 8.02 3.73 21.. 6.82 6.53 5.52 7.47 8.46 8.82 8.42 9.45 8.77 8.75 9.02 8.01 3.71 28.. 6.79 6.50 5.49 7.44 •8.'47 8.44 8.42 9.44 8.74 8.71 9.02 7.90 3.81 SSeepptt.. 4.. 6.77 6.43 5.42 7.38 8.38 8.38 8.78 8.41 9.41 8.72 8.69 8.98 7.93 3.74 11.. 6.73 6.43 5.40 7.38 8.28 8.35 8.75 8.38 9.35 8.67 8.71 8.95 7.97 3.71 18.. 6.70 6.41 5.40 7.35 8.28 8.30 8.73 8.39 9.31 8.66 8.67 8.92 7.90 3.74 25.. 6.66 6.42 5.40 7.35 8.23 8.29 8.68 8.36 9.24 8.63 8.63 8.85 7.85 3.64 Oct. 2.. 6.69 6.40 5.40 7.34 8.29 8.29 8.68 8.37 9.22 8.63 8.60 8.86 7.84 3.72 Number of issues2.. 16 20 5 5 121 20 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- govt., general obligations only, based on Thurs. figures, from Moody's arately. Because of a limited number of suitable issues, the number Investors Service. (3) Corporate, rates for "New issue" and "Recently of corporate bonds in some groups has varied somewhat. As of Dec. oflFered" Aaa utility bonds, weekly averages compiled by the Board of 23, 1967, there is no longer an Aaa-rated railroad bond series. Governors of the Federal Reserve System; and rates for seasoned issues, 2 Number of issues varies over time; figures shown reflect most recent averages of daily figures from Moody's Investors Service. count. Stocks: Standard and Poor's corporate series. Dividend/price ratios are based on Wed. figures. Earnings/price ratios as of end of period. NOTE.—Annual yields are averages of weekly, monthly, or quarterly Preferred stock ratio based on 8 median yields for a sample of nondata. callable issues—12 industrial and 2 public utility. Common stock ratios Bonds: Monthly and weekly yields are computed as follows: (1) U.S. on the 500 stocks in the price index. Quarterly earnings are seasonally Govt., averages of daily figures for bonds maturing or callable in 10 years adjusted at annual rates. or more; from Federal Reserve Bank of New York. (2) State and local NOTES TO TABLES ON OPPOSITE PAGE: Security Prices: Stock Market Customer Financing: 1 Standard and Poor's corporate series. Effective July 1976, Standard 1 Margin credit includes all credit extended to purchase or carry stocks and Poor added a new financial group, including banks and insurance or related equity instruments and secured at least in part by stock (Dec. companies, to the index. Stocks in this revised group are 400 industrials 1970 BULLETIN, p. 920). Credit extended by brokers is end-of-month data (formerly 425), 20 transportation (formerly 15 rail), 40 public utility for member firms of the New York Stock Exchange. June data for banks (formerly 60), and 40 financial. are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which ac- NOTE.—Annual data are averages of daily or weekly figures. Monthly counted for 60 per cent of security credit outstanding at banks on June 30, and weekly data are averages of daily figures unless otherwise noted and are 1971. computed as follows: U.S. Govt, bonds, derived from average market 2 In addition to assigning a current loan value to margin stock generally. yields in table on p. A-28 on basis of an assumed 3 per cent, 20-year Regulations T and U permit special loan values for convertible bonds and bond. Municipal and corporate bonds, derived from average yields as stock acquired through exercise of subscription rights. computed by Standard and Poor's Corp., on basis of a 4 per cent, 20- 3 Nonmargin stocks are those not listed on a national securities exchange year bond; Wed. closing prices. Common stocks, derived from com- and not included on the Federal Reserve System's list of over the counter ponent common stock prices. Average daily volume of trading, presently margin stocks. At banks, loans to purchase or carry nonmargin stocks are conducted 5 days per week for 6 hours per day. 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

OCTOBER 1976 • SECURITY MARKETS A29 SECURITY PRICES Common stock prices Volume of trading in Bond prices New York Stock Exchange Amer- stocks foer cent of oar) ican (thousands Stock of shares) Period Standard and Poor's index New York Stock Exchange index Ex- (1941-43= 10) (Dec. 31, 1965=50) change total index U.S. State Cor- Trans- Trans- (Aug. Govt. and po- Total Indus- porta- Public Fi- Total Indus- por- Utility Fi- 31, NYSE AMEX (long- local rate trial tion utility nance trial ta- nance 1973 = term) AAA tion 100) 197 0 60.52 72.3 61.6 83.22 91.29 54.48 45.72 48.03 32.14 37.24 54.64 96.63 10,532 3,376 197 1 67.73 80.0 65.0 98.29 108.35 59.33 54.22 57.92 44.35 39.53 70.38 113.40 15,381 4,234 197 2 68.71 84.4 65.9 109.20 121.79 56.90 60.29 65.73 50.17 38.48 78.35 129.10 16,487 4,447 197 3 62.80 85.4 63.7 107.43 120.44 53.47 57.42 63.08 37.74 37.69 70.12 103.80 16.374 3,003 197 4 57.45 76.3 58.8 82.85 92.91 38.91 43.84 48.08 31.89 29.82 49.67 79.97 13,883 1,908 197 5 57.44 68.9 56.2 85.17 96.15 41.21 45.73 51.88 30.73 31.45 46.62 83.15 18,568 2,150 1975—Sep t 55.23 66.1 55.8 84.62 94.96 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 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 43.77 47.64 52.91 32.09 32.99 45.10 85.60 16.795 1,613 Dec 56.03 67.4 56.1 88.74 94.89 43.25 46.78 51.89 31.61 32.75 43.86 82.50 15,859 1,977 1976—Ja n 57.75 69.7 57.0 96.86 108.45 46.99 51.31 57.00 35.78 35.23 48.83 91.47 32,794 3,070 Feb 57.86 68.8 57.1 100.64 113.43 47.22 53.73 59.79 38.53 36.12 52.06 100.58 31.375 4,765 Mar 58.23 69.2 57.3 101.08 113.73 45.67 54.01 60.30 39.17 35.43 52.61 104.04 23,069 3,479 Apr 59.33 71.3 58.2 101.93 114.67 46.07 54.28 60.62 38.66 35.69 52.71 103.00 18,770 2,368 May 57.38 69.1 56.5 101.16 113.76 45.70 53.87 60.22 39.71 35.40 50.99 103.65 17.796 2,127 June 57.86 69.3 56.8 101.78 114.50 45.61 54.23 60.70 40.41 35.16 51.82 103.57 18,965 2,177 July 58.38 71.1 57.1 104.20 117.01 i4!94' 47.48 ii!83' 55.70 62.10 42.12 36.49 54.06 105.24 18,977 2,280 Aug 58.88 74.1 57.9 103.29 115.63 14.47 48.81 11.97 55.06 61.09 40.63 37.56 54.22 102.79 15,758 1,605 Sept. 59.54 74.8 58.8 105.45 117.87 14.32 50.50 11.96 56.16 62.2 40.33 38.47 54.37 102.82 18,406 1,856 Week ending— 1976—Sept. 4... 59.03 74.7 58.5 103.45 115.80 14.32 49.24 11.92 55.21 61.11 40.27 37.84 54.09 102.23 15,492 1,510 11... 59.33 75.1 58.8 104.76 117.27 14.38 50.28 12.0 55.91 61.89 40.33 37.47 54.51 102.94 17,383 1,825 18... 59.59 74.6 58.8 104.81 117.36 14.21 50.73 12.0 55.96 61.91 40.04 38.78 54.10 102.48 17,974 1,696 25... 59.86 74.6 59.2 107.06 120.05 14.43 51.31 12.07 57.14 63.32 40.79 39.35 55.07 103.81 21,786 2,416 For notes see opposite page. STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks J Regulated 2 Unregulated 3 Free credit balances at brokers ^ End of period By source By type Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. 1975_Aug. 6,197 5,365 832 5,220 791 142 30 11 2,457 515 1,500 Sept. 6,251 5,399 852 5,250 811 145 30 10 2,520 470 1,455 Oct. 6,455 5,448 1.007 5,300 956 144 36 15 2,311 545 1,495 Nov. 6,527 5,519 1.008 5,370 958 146 37 13 2,270 490 1,470 Dec. 6,500 5,540 960 5,390 909 147 36 15 2,281 475 1,525 1976—Jan.. 6,568 5,568 1,000 5,420 946 146 34 20 2,321 655 1,975 Feb. 7,152 6,115 1,037 5,950 984 162 34 20 2,333 685 2,065 Mar. 7,617 6,575 1,042 6,410 988 162 34 20 2,355 595 1,935 7,932 6,856 1,076 6,690 1,023 163 32 21 2,325 570 1,740 May 8,110 7,103 1,007 6,940 957 161 31 19 2,357 540 1,655 June 8,276 7,248 1,028 7,080 976 166 33 19 2,368 540 1,680 July. 8,417 7,519 898 7,340 854 176 28 16 2,317 530 1,635 Aug. 8,683 7,622 1,061 7,450 1,008 167 34 19 2,368 555 1,605 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 STOCK MARKET CREDIT; SAVINGS INSTITUTIONS • OCTOBER 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 ddeebbtt NNeett in debit status TToottaall EE ppee nndd rrii oo oo dd ff ll (( dd ii mm oo oo oo nn ff ii ll ll -- ss -- m 80 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 e r EEnndd ooff ppeerriioodd ss cc tt rr aa ee tt dd uu ii ss tt 60 o r p e m r o c r e e n t 6 L 0 e p ss e r th c a e n n t ooff (( bb mm dd aa oo ii ll ll aa ll llll ii nn aa oo cc rr nn ee ss ss )) llaarrss))!! 1975—Aug 43.5 40.6 16.0 7,494 1975—Aug.. 5,220 5.5 6.8 11.3 20.7 31.0 24.7 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 45.3 40.2 14.5 7,425 Nov.. 5,370 5.2 6.7 12.2 23.2 28.6 24.0 Dec 43.8 40.8 15.4 7,290 Dec.. 5,390 5.3 6.9 11.6 22.3 28.8 25.0 45.8 44.0 10.3 7,770 1976—Jan... 5,420 7.0 9.4 18.3 21.3 28.8 15.5 Feb 44.4 44.7 10.9 8,040 Feb.. 5,950 6.8 8.9 17.4 29.0 22.6 15.3 44.0 46.0 10.4 8,050 Mar.. 6,410 6.0 8.7 16.0 29.0 25.0 16.0 Apr 43.0 45.0 12.0 7,990 Apr.. 6,690 6.1 7.7 12.9 27.7 30.2 15.4 May 41.4 46.2 12.4 8,030 May. 6,940 5.8 7.2 12.4 23.8 34.2 16.6 June 40.6 49.0 10.4 8,150 June. 7,080 6.3 7.7 14.4 32.2 25.4 14.1 July 40.5 48.7 10.8 8,300 July.. 7,340 6.1 8.0 13.0 27.7 31.1 14.0 42.1 46.5 11.4 8,320 Aug.. 7,450 6.0 7.0 13.0 28.0 32.1 18.0 NOTE.—Special miscellaneous accounts contain credit balances that 1 Note 1 appears at the bottom of p. A-28. may be uisseeid 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 TTToootttaaalll MMoorrttggaaggee llooaann aaasssssseeetttsss——— ccoommmmiittmmeennttss 22 EEEnnnddd ooofff pppeeerrriiioooddd MM ggaa oo gg rr ee tt-- OOtthheerr GG UU oo ..SS vvtt .. .. gg SS ll aa oo oo tt nn cc aa vv dd aa tt tt ee .. ll oo CC tt rr aa oo hh aa nn rr ee tt dd pp ee rr oo 11 -- CCCaaassshhh OOO aaasss ttt sss hhh eee eee tttsss rrr ggg llliii TTT eee aaa aaa ttt ooo nnn iii bbb eee nnn eee ttt iii sss ddd aaa lll rrr iii aaa --- lll lll DDDeee iiittt ppp sss ooo sss--- lll OOO iiiaaa ttt ttt iii bbb eee hhh iii sss eee lll iii rrr --- GGG rrr ccc eee ooo eee sss aaa uuu nnn eee ccc nnn eee rrr --- vvv ttt rrr sss aaa eee lll ccllaassssii (( ff ii ii nn ee dd mm bb oo yy nn tt mm hhss aa )) tt uurriittyy rrreeessseeerrrvvveee aaacccccctttsss... 3 or 3-6 6-9 Over Total less 9 1971 62,069 2,808 3,334 385 17,674 1,389 1,711 89,369 81,440 1,810 6,118 1,047 627 463 1,310 3,447 19723 67,563 2,979 3,510 873 21,906 1,644 2,117 100,593 91,613 2,024 6,956 1,593 713 609 1,624 4,539 1973 73,231 3,871 2,957 926 21,383 1,968 2,314 106,651 96,496 2,566 7,589 1,250 598 405 1,008 3,261 1974 74,891 3,812 2,555 930 22,550 2,167 2,645 109,550 98,701 2,888 7,961 664 418 232 726 2,040 1975 77,127 4,028 4,777 1,541 27,964 2,367 3,195 120,999 109,796 2,770 8,433 896 301 203 403 1,803 1975—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 Nov.. . 76,855 4,550 4,601 1,551 27,421 1,872 3,223 120,073 108,480 3,215 8,378 972 323 222 379 1,896 Dec.... 77,221 4,023 4,740 1,545 27,992 2,330 3,205 121,056 109,873 2,755 8,428 896 301 203 403 1,803 1976—Jan.... 77,308 4,839 4,918 1,581 28,473 1,961 3,245 122,325 110,979 2,892 8,455 923 315 195 426 1,859 Feb... 77,413 5,243 5,211 1,765 29,035 1,853 3,301 123,821 112,019 3,275 8,527 930 352 184 401 1,867 Mar... 77,738 5,366 5,452 1 ,867 30,043 1,740 3,321 125,526 114,090 2,859 8,577 1,092 360 251 427 2,130 Apr... 78,046 5,027 5,533 2,149 30,707 1,647 3,361 126,470 114,752 3,106 8,612 1,175 398 281 436 2,290 May... 78,286 5,103 5,660 2,318 31,179 1,539 3,385 127,470 115,521 3,296 8,654 1,237 419 290 480 2,426 June... 78,735 5,158 5,578 2,357 31,537 1,532 3,425 128,324 116,774 2,847 8,703 1,174 438 215 575 2,402 JulyP.. 79,328 5,363 5,585 2,395 32,071 1,512 3,457 129,712 117,782 3,165 8,764 1,201 423 185 624 2,433 1 Also includes securities of foreign governments and international tion-reserves basis. The data differ somewhat from balance sheet data organizations and nonguaranteed issues of U.S. Govt, agencies. previously reported by National Assn. of Mutual Savings Banks, which 2 Commitments outstanding of banks in New York State as reported to were net of valuation reserves. For most items, however, the differences the Savings Banks Assn. of the State of New York. Data include building are relatively small. loans. 3 Balance sheet data beginning 1972 are reported on a gross-of-valua- NOTE.—NAMSB estimates for all savings banks in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 o SAVINGS INSTITUTIONS A31 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort- Real Policy Other End of period assets Total S U t n at i e te s d 1 Sta lo te c a a l n d Foreign 2 Total Bonds Stocks gages estate loans assets 197 1 222,102 10,373 3,828 3,363 3,182 100,432 79,825 20,607 75,496 6,904 17,065 11,832 197 2 239,730 10,637 3,827 3,367 3,443 113,720 86,875 26,845 76,948 7,295 18,003 13,127 197 3 252,436 10,519 3,444 3,412 3,663 118,599 92,680 25.919 81,369 7,693 20,199 14,057 197 4 263,349 10,900 3,372 3,667 3,861 119,637 97,717 21.920 86,234 8,331 22,862 15,385 197 5 289,304 13,758 4,736 4,508 4,514 135,317 107,256 28,061 89,167 9,621 24,467 16,974 1975—July. 279,550 11,894 3,788 3,934 4,172 131,130 103,586 27,544 88,060 9,048 23,892 15,589 Aug.. 280,700 12,140 3,819 4,106 4,215 131,473 104,434 27,039 88,208 9,104 23,963 15,812 Sept., 282,065 12,253 3,821 4,165 4,267 132,037 105,440 26,597 88,331 9,197 24,099 16,148 Oct.. 285,015 12,858 4,342 4,193 4,323 133,865 106,250 27,615 88,481 9,342 24,242 16,227 Nov., 287,122 13,243 4,613 4,260 4,370 134,961 107,040 27,921 88,657 9,450 24,343 16,468 Dec.. 289,304 13,758 4,736 4,508 4,514 135,317 107,256 28,061 89,167 9,621 24,467 16,974 1976_Jan.. 293,870 14,036 5,102 4,652 4,282 140.309 109,474 30,835 89,395 9,661 24,498 15,971 Feb.. 296,479 14,816 5,132 4,790 4,894 141,658 110,647 31,011 89,543 9,726 24,633 16,103 Mar.. 298,625 15,701 5,093 5,016 5,592 142.310 110,816 31,494 89,474 9,798 24,754 16,588 Apr.. 299,983 15,917 5,198 5,100 5,619 143,197 111,757 31,440 89,489 9,852 24,873 16.655 May. 301,754 15,975 5,141 5,146 5,688 144,496 113,087 31,409 89,529 9,909 24,978 16,867 June. 304,728 15,947 4,863 5,196 5,888 147,193 114,583 32,610 89,691 10,004 25,142 16,751 JulyP 307,005 16,672 5,150 5,263 6,259 148,617 116,101 32,516 89,753 10,050 25,257 16.656 1 Direct and guaranteed obligations. Excludes Federal agency securities, NOTE.—Estimates of the American Council of Life Insurance for all which are included here with business securities. life insurance companies in the United States. Figures are annual statement 2 Issues of foreign governments and their subdivisions and bonds of values, with bonds carried on an amortized basis and stocks at market the International Bank for Reconstruction and Development. value. SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities MMoorrttggaaggee TToottaall llooaann ccoomm-- EEnndd ooff ppeerriioodd M ga o g r e t s - I s n i m t e v ie c e e s u n s r t 1 t - - Cash Other llii aa aa ss TT bb ss oo ii ee ll tt ii tt tt aa ss ii —— ll ee ss S c a a v p i i n t g a s l wo N r e th t 2 m ro B o w n o e e r- y d 3 p L r o o i c a n e n s s s Other oouu mm aa pp tt tt ss ii ee tt ee tt mm rr aa nn iioo nn ee dd dd dd nn ii oo tt 44 nn ss ff gg 1971. 174,250 18,185 2,857 10,731 206,023 174,197 13,592 8,992 5,029 4,213 7,328 1972. 206,182 21,574 2,781 12,590 243,127 206,764 15,240 9,782 6,209 5,132 11,515 19735 231,733 21,055 19,117 271,905 226,968 17,056 17,172 4,667 6,042 9,526 1974. 249,293 23,: 240 22,991 295,524 242,959 18,436 24,780 3,244 6,105 7,454 1975 278,693 30,900 28,802 338,395 286,042 19,776 20,730 5,187 6,659 10,675 1975--Aug 267,717 31,694 27,127 326,538 273,504 19,495 19,216 4,995 9,328 12,673 Sept 270,600 30,786 27,745 329,131 277,201 19,414 20,031 5,128 7,357 12,585 Oct 273,596 31,652 28,145 333,393 279,465 19,663 20,306 5,207 8,752 11,748 Nov 275,919 32,498 28,610 337,027 281,711 19,919 20,413 5,164 9,820 11,365 Dec 278,693 30,900 28,802 338,395 286,042 19,776 20,709 5,187 6,680 10,675 1976--Jan 280,071 34,271 29,716 344,058 291,418 19,948 19,630 5,051 8,011 11,111 Feb 282,487 36, 128 30,251 348,866 295,364 20,162 18,746 5,134 9,460 12,878 Mar 286,556 36,722 30,462 353,740 302,436 20,211 18,220 5,379 7,494 14,445 Apr 290,727 36,437 30,663 357,827 305,234 20,475 17,759 5,787 8,572 15,512 May 294,759 37.005 31,268 363,032 308,284 20,688 17,670 6,156 10,234 16,620 June 299,574 35,: 316 31,708 366,598 313,326 20,761 18,251 6,464 7,796 16,639 July 303,815 36.029 32,112 371,956 316,510 20,997 18,439 6,640 9,370 16,328 Aug. J' 308,035 35,18 52 32,459 376,346 318,668 21,262 18,944 6,702 10,770 15,826 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

A32 FEDERAL FINANCE • OCTOBER 1976 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Borrowings from the public Less: Cash and monetary assets OOOttthhheeerrr mmmeeeaaannnsss PPPeeerrriiioooddd SSSuuurrrpppllluuusss Less: Invest- ooofff RRReeeccceeeiiippptttsss OOOuuutttlllaaayyysss ooorrr PPuubblliicc ments by Govt, TTrreeaa-- fffiiinnnaaannnccc--dddeeefffiiiccciiittt ddeebbtt AAggeennccyy accounts LLeessss:: EEqquuaallss:: ssuurryy iiinnnggg,,, (((---))) sseeccuurrii-- sseeccuurrii-- SSppeecciiaall TToottaall ooppeerraatt-- OOtthheerr nnneeettt 222 ttiieess ttiieess nnootteess 11 iinngg S is p s e u c e ia s l Other bbaallaannccee Fiscal year: 1973 232,225 246,526 -14,301 30,881 216 11,712 109 19,275 2,459 -1,613 -4,129 1974 264,932 268,392 -3,460 16,918 903 13,673 1,140 3,009 -3,417 889 -2,077 1975 280,997 324,601 -43,604 58,953 -1,069 8,112 -1,081 50,853 -1,570 1,890 -6,920 1976 300,005 365,610 -65,605 87,244 -90 6,581 -2,239 82,813 7,246 550 -9,412 Half year: 1974_July-Dec 139,607 153,147 -13,540 18,429 -689 2,840 150 14,751 -3,228 557 -3,881 1975—Jan.-June 141,189 171,202 -30,013 40,524 -423 5,272 -1,231 36,059 1,657 1,643 -2,746 July-Dec 139,453 184,545 -45,092 43,460 -39 -4,739 -1,186 49,347 866 -980 -4,368 1976—Jan.-June 160,552 181,066 -20,513 43,784 -51 11,320 -1,053 33,466 6,380 1,530 -5,044 Month: 1975—Aug '•23,604 '•30,654 -7,050 9,472 6 2,384 -94 7,189 -630 '•-262 -1,032 Sept 28,615 29,044 -429 5,935 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 Dec 25,995 31,792 -5,797 9,850 -24 1,860 -249 8,215 1,971 166 -281 1976—Jan 25,634 30,725 -5,091 7,757 -2 -393 328 7,820 3,532 114 918 Feb 20,845 29,833 -8,987 9,465 5 1,062 -564 8,972 64 -125 -46 Mar 20,431 29,054 -8,623 6,620 -6 -623 -83 7,320 -4,032 -288 -3,018 Apr 33,348 32,476 872 1,483 -32 50 4 1,398 3,517 545 1,792 May 22,679 28,410 -5,731 8,699 -9 5,130 -549 4,109 -3,383 502 -1,259 June 37,615 30,567 7,048 9,760 -8 6,094 -189 3,847 6,682 782 -3,431 July 22,660 33,906 -11,247 4,114 -139 -1,645 -345 5,964 -4,784 -229 270 Aug 27,360 29,571 -2,211 8,782 353 1,711 -1,310 8,733 1,658 299 -4,565 Selected balances Treasury operating balance Borrowing from the public. End MMeemmoo:: of Less: DDeebbtt ooff period BB FF aa .. nn RR kk .. ss aacc ll cc TT aa oo oo nn aa aa uu dd xx nn nn ttss dd tt OO aa ee rr pp tt ii hh ee oo ee ss ss rr ii 33 -- TToottaall se P c d u u e b r b i l t i t i c e s s A e g cu e r n it c ie y s S is p s I G e n u c o v e i e v s a t s l , tm ac e c n o ts O u n t o h ts f e r SS nn LL pp oo ee ee ttee ss cc ss ss iiaa :: 11 ll EE TT qq oo uu tt aa aa ll ll ss :: ss cc p pp oo GG r oo N rr i nn oo v pp o a ss vv ss w oo t tt .. e —— .. rr -- ee 4 dd 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 88 9,159 475,060 12,012 114,921 25,273 825 346,053 65,411 197 5 5,773 1,475 343 7,591 533,188 10,943 123,033 24,192 (5) 396,906 76,092 197 6 11,972 2,856 7 14,835 620,432 10,853 129,614 21,952 479,719 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 2,745 70 5,928 492,664 11,323 117,761 25,423 (5) 360,804 76,459 197 5 7,286 1,159 7 8,452 576,649 10,904 118,294 23,006 446,253 78,842 Month: 1975—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 78,451 Dec 7,286 1,159 7 8,452 576,649 10,904 118,294 23,006 446,253 78,842 1976—Jan 10,077 1,899 7 11,982 584,405 10,902 117,901 23,333 454,072 79,355 Feb 10,350 1,682 7 12,039 584,405 10,902 117,901 23,333 463,045 78,359 Mar 7,145 864 7 8,016 600,490 10,901 118,340 22,686 470,365 78,712 Apr 9,808 1,723 7 11,537 601,973 10,870 118,390 22,690 471,763 80,039 May 6,746 1,407 7 8,159 610,672 10,861 123,520 22,140 475,872 77,665 June 11,972 2,856 7 14,835 620,432 10,853 129,614 21,952 479,719 79,325 July 8,739 1,312 10,051 624,546 10,714 127,969 21,607 485,683 80,123 Aug 10,795 914 11,709 633,328 11,066 129,680 20,297 494,417 1 Represents non-interest-bearing public debt securities issued to the taries" (deposits in certain commercial depositaries that have been con- International Monetary Fund and international lending organizations. verted from a time to a demand basis to permit greater flexibility in New obligations to these agencies are handled by letters of credit. Treasury cash management). 2 Includes accrued interest payable on public debt securities until June 4 Includes debt of Federal home loan banks, Federal land banks, R.F.K. 1973 and total accrued interest payable to the public thereafter; deposit Stadium Fund, FNMA (beginning Sept. 1968), and Federal intermediate funds; miscellaneous liability (includes checks outstanding) and asset credit banks and banks for cooperatives (both beginning Dec. 1968). accounts; seigniorage; increment on gold; fiscal 1974 conversion of in- 5 Beginning July 1974, public debt securities excludes $825 million of terest receipts of Govt, accounts to an accrual basis; gold holdings, gold notes issued to International Monetary Fund to conform with Office of certificates and other liabilities, and gold balance beginning Jan. 1974; Management and Budget's presentation of the budget. and net gain/loss for U.S. currency valuation adjustment beginning June 1975. 3 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

OCTOBER 1976 • FEDERAL FINANCE A33 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 contribution! Un- Other taxes toms and re- With- tion with- Re- Net re- Re- empl. net Net gift ceipts 3 held cam- held funds total ceipts funds insur. re- total paign Pay- Self- ceipts 2 fund roll empl. taxes Fiscal year: 197 3 232,225 98,093 27,017 21,866 103,246 39,045 2,893 52,505 2,371 6,051 3,614 64,542 16,260 3,188 4,917 3,921 197 4 264,932 112,092 30.812 23,952 118,952 41,744 3,125 62,878 3,008 6,837 4,051 76,780 16,844 3,334 5,035 5,369 197 5 280,997 122,071 34,296 34,013 122,386 45,747 5,125 71,789 3,417 6,770 4,466 86,441 16,551 3,676 4,611 6,711 197 6 300,005 123,408 35,528 27,367 131,603 46,783 5,374 76,391 3,518 8,054 4,752 92,714 16,963 4,074 5,216 8,026 Half year: 1974_July-Dec.. 139,607 61,378 7,098 ,016 67,461 18,247 2,016 34,418 254 2,914 2,187 39,774 8,761 1,958 2,284 3,140 1975—Jan.-June. 141,190 60,694 27,198 32,997 54,926 27,500 3,109 37,371 3,163 3,856 2,279 46,667 7,790 1,718 2,327 3,370 July-Dec.. 139,453 59,549 7,649 1,362 65,835 18,810 2,735 35,443 268 2,861 2,314 40,886 8,759 1,927 2,573 3,397 1976—Jan.-June. 160,552 63,859 33 27,879 26,004 65,767 27,973 2,639 40,947 3,250 5,193 2,438 51,828 8,204 2,147 2,643 4,630 Month: 1975—Au g '•23,604 10,246 488 331 10,403 1,045 425 8,085 1,257 372 9,713 1,394 302 430 '•742 Sept 28,615 9,182 4,809 382 13,609 6,277 264 5,555 251 75 400 6,280 1 ,430 312 431 539 Oct 19,316 9,983 589 -81 10,653 1,694 821 4,551 259 395 5,206 1,462 343 396 382 Nov 21,745 10,195 283 124 10,354 1,072 399 6,900 716 377 7,994 1,476 310 428 511 Dec 25,995 10,738 571 109 11,200 6.884 354 5,043 17 110 395 5,565 1,482 347 386 485 1976—Ja n 25,634 9,518 5,843 86 15,276 1,771 218 5,540 225 223 442 6,430 1,335 348 401 292 Feb 20,845 10,938 933 4,100 7,778 1,203 422 8,330 237 693 370 9,631 1,354 288 475 538 Mar 20,431 11,377 2,532 8,646 5,272 6,485 621 5,796 275 129 435 6,635 1,344 384 450 482 Apr 33,348 10,029 12,723 7,512 15,248 6,727 607 6,179 1,832 952 386 9,349 1,353 357 387 535 May 22,679 10,749 573 5,171 6,157 1,396 380 9,132 359 2,940 380 12,811 1,329 349 489 528 June 37,615 11,249 5,275 490 16,037 10,391 391 5,969 322 254 425 6,971 1,489 421 442 2,255 July 22,660 10,731 1,018 549 11,201 1.885 372 5,937 723 408 7,068 1,510 389 454 524 Aug 27,360 11,813 542 267 12,088 1,111 422 9,328 1,822 464 11,614 1,476 394 547 552 Budget outlays Gen- Nat- Educa- Gen- Reveral ural Com- tion, eral enue Undis- Na- sci- Agri- re- Com- mun. training, Health Govt., shar. trib. Period Total tional Intl. ence. cul- sources, merce and employ- and Vet- Inter- law and offde- affairs space. ture envir., and region. ment. wel- erans est en- fiscal setting fense and and transp. devel- and fare force.. assist- retech. energy opment social and ance ceipts 4 serv. justice Fiscal year: 1974 268,392 78,569 3,593 3,977 2,230 6,571 13,096 4,911 11,598 106,505 13,386 28,072 5,789 6,746 -16,651 1975 324,601 86,585 4,358 3,989 1,660 9,537 16,010 4,431 15,248 136,252 16,597 30,974 6,031 7,005 -14,075 1976 365,610 90,216 4,462 4,197 1,994 11,674 17,239 5,023 17,678 160,497 18,444 35,500 6,277 7,114 -14,704 TQ5,6 102,100 26,000 2,000 1,200 900 3,900 5,300 1,700 4,900 42,100 4,400 9,500 1,800 2,000 -3,600 19775 400,000 101,600 7,100 4,500 1,800 15,100 16,400 6,000 18,400 172,700 17,800 40,200 6,900 7,400 -16,800 Month: 1975—Aug. 30,654 8,248 433 376 85 813 2,173 570 1,658 12,453 1,457 2,672 549 237 -1,071 Sept 29,044 6,923 47 398 507 844 1,899 440 1,571 12,738 1,334 2,859 548 4 -1,068 Oct 32,425 8,192 362 398 312 740 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 2,996 531 15 -887 Dec 31,792 7,981 290 409 175 814 1,994 433 1,515 13,721 1,704 2,820 1,154 1 -1,221 1976—Jan 30,725 6,915 351 336 228 718 1,819 421 1,478 13,714 1,626 2,813 121 1,627 -1,441 Feb 29,833 6,120 320 413 315 1,833 900 421 1,530 13,360 1,696 3,143 570 53 -841 Mar 29,054 7,752 320 379 44 935 -672 270 1,809 14,382 1,659 3,407 567 16 -1,814 Apr 32,476 7,994 249 360 -51 984 1,610 464 1,606 13,679 1,652 3,356 420 1,605 -1,452 May 28,410 7,136 292 348 270 924 466 448 1,258 13,229 1,555 3,220 617 96 -1,449 June 30,567 8,134 1,077 371 -181 929 1,238 528 1,738 13,501 1,248 2,652 668 32 -1,368 July 33,906 7,462 902 403 99 1,313 2,056 450 1,348 14,066 1,367 3,298 502 11,,777766 -1,136 Aug 29,571 7,268 395 417 130 1,106 651 531 1,473 13,885 1,385 2,831 601 -1,213 1 Old-age, disability, and hospital insurance, and Railroad Retirement civilian agency pay raises totaling $800 million for fiscal year 1977, and accounts. therefore do not add to totals. 2 Supplementary medical insurance premiums and Federal employee 6 Effective in calendar year 1976, the fiscal year for the U.S. Govt, is retirement contributions. being changed from July 1-June 30 to Oct. 1-Sept. 30. The period July 1- 3 Deposits of earnings by F. R. Banks and other miscellaneous receipts. Sept. 30 of 1976, data for which are shown separately from fiscal year ^ Consists of interest received by trust funds, rents and royalties on the 1976 and fiscal year 1977 totals, will be a transition quarter. Outer Continental Shelf, and Govt, contributions for employee retirement. 5 Estimates presented in Mid-session Review of the 1977 Budget^ July NOTE.—Half years may not add to fiscal year totals due to revisions in 16, 1976. Figures for outlay categories exclude special allowances for series that are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 U.S. GOVERNMENT SECURITIES • OCTOBER 1976 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues (interest-bearing) End of period p d T g u e r o b o b t l s t a i c s l 1 Total Total Bills Ma C r c e k a e r t t e t i a f s i - ble Notes Bonds 2 b C v i o b e o n l r n e d t- - s Total N 3 onm F is o s a u r r e e k i s e g t n 4 a ble S 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—Sept.. 553.6 431.5 338.9 142.8 158.5 37.7 2.3 90.3 21.5 66.9 121.1 Oct.. 562.0 443.6 350.9 147.1 166.3 37.6 2.3 90.5 21.2 67.2 117.4 Nov.. 566.8 447.5 355.9 151.1 166.1 38.7 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 l976_Jan 584.4 463.8 369.3 159.6 171.1 38.6 2.3 92.2 21.6 68.2 118.1 Feb. 593.9 473.7 378.8 162.1 177.6 39.1 2.3 92.7 21.7 68.6 119.2 Mar.. 600.5 480.7 385.3 163.1 183.1 39.0 2.3 93.1 21.7 69.0 118.5 602.0 482.4 386.4 161.8 185.8 38.9 2.3 93.6 21 .6 69.4 118.6 May! 610.7 484.4 388.0 161 .8 186.5 39.7 2.3 94.1 21 .5 69.8 123.7 June. 620.4 489.5 392.6 161 .2 191 .8 39.6 2.3 94.6 21 .5 70.1 129.8 July. 624.5 495.5 397.7 161 .4 197.2 39.1 2.3 95.5 21.4 70.8 128.1 Aug.. 633.3 502.5 404.3 161 .4 203.0 39.9 2.3 95.9 21.0 71.5 129.8 Sept.. 634.7 505.7 407.7 161 .5 206.3 39.8 2.3 95.8 20.8 71.2 127.9 1 Includes non-interest-bearing debt (of which $613 million on August 31, 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 1976, was not subject to statutory debt limitation). Treasury foreign series and foreign-currency-series issues. 2 Includes Treasury bonds and minor amounts of Panama Canal and 5 Held only by U.S. Govt, agencies and trust funds and the Federal postal savings bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds. 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 nd ri o o d f p T g d u r o e o b t b s l a i t s c l ag G t U e a r o u n n .S v c s d t i . t e , s B F a . n R k . s Total m C b e a o r n m c k i - a s l M s b a a u v n t in u k g s a s l p I c n a a o n s n m c u ie e r - s - r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d t a t s e l . Sav I in n g d s iv idu O al t s h er n F a i o n t a i r t o n e e n d i r g - a n l 1 t i O m o n r v t i s h s e c e s 2 . r funds bonds securities 1968—Dec 358.0 76.6 52.9 228.5 66.0 3.8 8.4 14.2 24.9 51.9 23.3 14.3 21.9 1969—Dec 368.2 89.0 57.2 222.0 56.8 3.1 7.6 10.4 27.2 51.8 29.0 11.2 25.0 1970—Dec 389.2 97.1 62.1 229.9 62.7 3.1 7.4 7.3 27.8 52.1 29.1 20.6 19.9 1971—Dec 424.1 106.0 70.2 247.9 65.3 3.1 7.0 11.4 25.4 54.4 18.8 46.9 15.6 1972—Dec 449.3 116.9 69.9 262.5 67.7 3.4 6.6 9.8 28.9 57.7 16.2 55.3 17.0 1973—Dec 469.9 129.6 78.5 261.7 60.3 2.9 6.4 10.9 29.2 60.3 16.9 55.6 19.3 1974—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—July 538.2 142.5 81.9 313.8 .8 3.7 '•7.4 16.2 31 .3 65.9 21.8 66.7 '•27.6 Aug 547.2 144.8 82.5 320.4 '•74.8 3.9 '•7.5 16.0 31.2 66.2 22.6 67.3 ^•29.1 Sept 553.6 142.3 87.0 324.4 '•78.3 4.0 '•7.7 15.0 32.2 66.5 23.0 65.5 '•31.1 Oct 562.0 138.8 87.2 336.0 '•79.3 4.2 7.9 17.5 33.8 66.8 '•23.8 66.9 ^•32.2 Nov 566.8 137.7 85.1 343.9 '•82.2 4.4 8.8 20.0 33.9 67.1 '•23.9 66.1 '•35.5 Dec 576.6 139.3 87.9 349.4 '•85.1 4.5 9.3 20.2 33.8 67.3 '•24.0 66.5 '•38.6 I976_jan 584.4 139.3 89.8 355.3 '•86.0 4.7 '•10.0 21.2 34.6 67.7 '•24.0 68.3 '•38.9 Feb 593.9 139.7 89.0 365.1 '•87.2 4.9 noA 23.2 36.4 68.0 '•25.8 69.6 '•39.9 Mar 600.5 139.1 89.8 371.7 '^91.9 5.1 10.4 23.0 37.8 68.4 '•26.0 68.1 '•40.8 Apr 602.0 139.1 91.8 371.0 '•91 .7 5.1 '•10.3 23.8 37.7 68.8 '•25.8 70.2 '•37.4 May 610.7 143.7 90.5 376.4 '•91.6 5.3 ^10.4 26.0 37.6 69.2 '•26.6 71.0 '•38.7 June 620.4 149.6 94.4 376.4 '•91.8 5.1 10.5 25.0 39.5 69.6 ne.s 69.8 ''38.2 July J' 624.5 147.6 90.7 386.2 94.0 5.3 11.1 27.0 37.2 70.3 26.8 72.8 41.9 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pensions trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately owned agencies and certain Govt, deposit NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and accounts. Beginning in July 1974, total gross public debt includes Federal trust funds; Treasury estimates for other groups. Financing Bank bills and excludes notes issued to the IMF ($825 million). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • U.S. GOVERNMENT SECURITIES A35 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) \ Vithin 1 yea r 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other All holders: 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—Dec. 31 363,191 199,692 157,483 42,209 112,270 26,436 14,264 10;530 1976—July 31 397,719 207,463 161,399 46,064 126,716 38,063 13,742 11,735 Aug. 31 404,314 204,787 161,433 43,354 128,994 44,010 13,260 13,263 U.S. Govt, agencies and trust funds: 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—Dec. 31 19,347 2,769 207 2,562 7,058 3,283 4,233 2,053 1976_July 31 18,001 2,415 436 1,979 6,474 3,015 4,090 2,007 Aug. 31 16,657 2,291 512 1,779 5,784 2,556 3,676 2,350 Federal Reserve Banks: 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 Dec. 31 87,934 46,845 38,018 8,827 30,518 6,463 1,507 , 2,601 1976—July 31 90,673 48,453 37,897 10,556 29,200 8,354 1,593 3,073 Aug. 31 94,030 49,192 40,161 9,031 29,814 9,932 1,598 3,495 Held by private investors: 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—Dec. 31 255,860 150,078 119,258 30,820 74,694 16,690 8,524 5,876 1976_July 31 289,045 156,595 123,066 33,529 91,042 26,694 8,059 6,655 Aug. 31 293,627 153,304 121,306 31,998 93,396 31,522 7,986 7,418 Commercial banks: 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 Dec. 31. 64,398 29,875 17,481 12,394 29,629 4,071 552 271 1976_July 31 71,256 28,795 16,334 12,461 36,287 5,417 491 266 Aug. 31 70,015 26,926 14,791 12,135 36,165 6,002 487 435 Mutual savings banks: 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_Dec. 31 3,300 983 554 429 1,524 448 232 112 1976—July 31 3,890 1,041 407 634 2,014 570 192 73 Aug. 31 4,032 1,059 391 668 2,102 602 188 80 Insurance companies: 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—Dec. 31 7,565 2,024 1,513 511 2,359 1,592 1,154 436 1976—July 31 9,237 1,775 1,189 586 3,576 2,197 1,140 549 Aug. 31 9,749 2,003 1,349 654 3,748 2,300 1,134 564 Nonfinancial corporations: 1973 Dec 31 4,905 3,295 1,695 1,600 1,281 226600 54 15 1974_Dec. 31 4,246 2,623 1,859 764 1,423 115 26 59 1975 Dec. 31 9,365 7,105 5,829 1,276 1,967 175 61 57 1976—July 31 14,749 11,707 9,784 1,923 2,653 298 61 29 Aug. 31 15,182 11,244 9,766 1,478 3,595 241 63 39 Savings and loan associations: 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 Dec. 31 2,793 914 518 396 1,558 216 82 22 1976—July 31 4,436 1,963 1,345 618 2,170 206 78 19 Aug. 31 4,393 1,963 1,348 615 2,169 171 72 19 State and local governments: 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—Dec. 31 9,285 5,288 4,566 722 1,761 782 896 558 1976—July 31 10,896 6,029 4,922 1,107 2,215 1,078 790 784 Aug. 31 11,298 6,472 5,239 1,233 2,252 1,103 766 706 All others: 1973 Dec. 31 101,261 64,606 55,493 9,113 22,076 6,372 5,189 3,023 1974—Dec. 31 118,253 77,210 69,330 7,880 25,760 6,664 5,479 3,141 1975—Dec. 31 159,154 103,889 88,797 15,092 35,894 9,405 5,546 4,420 1976—July 31 174,580 105,285 89,085 16,200 42,126 16,927 5,308 4,933 Aug. 31 178,957 103,637 87,876 15,761 43,366 21,103 5,277 5,576 NOTE.—^Direct public issues only. Based on Treasury Survey of banks, and 728 insurance companies combined, each about 80 per cent; Ownership. (2) 451 nonfinancial corporations and 500 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) 500 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) 5,511 commercial banks, 471 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 U.S. GOVERNMENT SECURITIES • OCTOBER 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 1 dealers brokers banks 1975—Aug 5,183 3,375 1,340 333 134 742 1,405 1,185 1,851 845 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 1,271 2,675 1,839 2,929 1,250 Nov 7,594 5,519 1,353 534 189 1,070 2,176 1,875 2,474 1,217 Dec 7,586 5,919 1,270 278 120 1,190 2,217 1,977 2,202 1,059 1976—Jan 9,509 7,049 1,765 569 126 1,265 3,118 2,192 2,935 1,417 Feb 8,329 5,863 1,553 755 158 951 2,389 2,196 2,793 1,163 Mar 9,044 6,763 1,807 358 116 1,308 2,777 2,276 2,683 1,185 Apr 10,293 7,667 2,186 306 134 1,341 3,154 2,426 3,372 1,665 May 8,557 6,002 1,593 700 263 952 2,907 2,128 2,571 1,131 June 8,582 6,415 1,616 426 126 1,312 2,543 1,983 2,743 1,118 July 9,663 6,846 1,771 946 99 1,356 3,230 2,078 2,999 1,371 Aug 10,579 6,170 2,548 1,498 363 1,401 3,284 2,355 3,539 1,557 Week ending— 1976—Aug. 4 9,175 5,972 2,235 856 113 1,041 3,004 2,035 3,096 946 11 10,757 5,581 2,208 2,522 446 1,478 3,106 2,454 3,719 1,432 18 11,018 6,034 2,754 1,777 453 1,488 3,289 2,557 3,684 1,499 25 11,111 7,066 2,750 1,003 293 1,370 3,542 2,409 3,791 1,949 SSeepptt.. 11 10,417 6,081 2,979 980 377 1,479 3,267 2,393 3,278 1,740 88 7,776 4,495 2,295 774 211 1,066 2,248 1,892 2,570 1,321 15 7,259 4,204 2,098 743 215 852 2,048 1,817 2,541 1,319 22 11,839 7,519 2,852 1,103 365 1,498 3,922 2,674 3,745 2,368 29 10,118 6,417 2,395 1,024 283 1,387 3,237 2,230 3,265 1,265 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 UU..SS.. PPeerriioodd m t a A ie t l u l s r i- W y i e t 1 h a r in y 1 ea -5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e r s r aa ss GG gg ee ttii ee oo cc ee nn uu vv ss cc rr tt ii ,, yy -- PPeerriioodd ssoo AA uurr ll cc ll eess Y N C o e it r w y k w E h ls e e r - e CC tt oo iioo rr nn pp ss oo 11 rraa -- oo AA tthh ll ee ll rr 1975 Aug 5,501 4,491 609 262 138 610 1975—Aug 6,167 1,009 1,148 1,120 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 1,091 111 102 491 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 Dec 6,061 5,274 322 218 247 982 Dec 7,107 2,001 1,304 1,086 2,716 1976—Jan 6,305 5,287 449 398 170 694 1976_Jan 6,766 1,757 1,337 1,147 2,526 Feb 6,263 5,477 381 224 183 602 Feb 6,700 1,705 850 1,017 3,128 Mar 6,884 6,360 286 122 116 537 Mar 7,175 1,865 1,138 1,225 2,947 Apr 6,733 6,328 190 131 84 508 Apr 7,587 1,966 1,734 1,126 2,761 May 5,272 4,852 232 126 62 183 May 6,089 1,346 1,026 975 2,742 June 5,895 5,489 251 144 11 335 June 7,326 1,819 1,494 1,258 2,756 July 7,118 6,370 254 466 29 568 July 7,772 1,496 1,522 1,569 3,185 Aug 8,511 6,948 493 624 446 806 Aug 9,264 1,671 1,600 1,879 4,114 Week ending— Week ending— 1976—July 7 6,971 5,915 75 975 6 481 1976—July 7... 6,614 1,276 1,170 1,170 2,998 14 , ,, 7,014 6,184 163 609 58 517 14... 7,852 1,947 1,802 1,577 2,526 21 6,800 6,304 186 272 38 703 21... 8,280 1,572 1,748 1,494 3,464 28 7,626 6,935 461 209 21 558 28... 7,870 1,263 1,335 1,807 3,466 Aug. 4 7,800 6,951 568 284 -2 519 Aug. 4... 8,781 1,225 1,555 1,974 4,026 11 8,783 6,885 607 853 437 753 11... 8,951 1,751 1,950 1,897 3,353 18 8,199 6,370 399 781 649 771 18... 8,919 1,661 1,637 1,810 3,812 25 8,211 6,696 488 514 514 894 25... 9,150 1,618 1,344 1,793 4,396 NOTE.—The figures include all securities sold by dealers under repur- Average of daily figures based on number of trading days in the period. chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more NOTE.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. See also dealer trading positions. NOTE to the table on the left. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • FEDERALLY SPONSORED CREDIT AGENCIES A37 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 ppeerriioodd 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- ppoossiittss notes ppoossiittss loans notes atives counts loans bers (A) (L) (A) (L) (A) (L) (A) (L) 1970 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 6,395 1971 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,063 1972 7,979 2,225 129 6,971 1,548 1,756 19,791 19,238 2,298 1,944 6,094 5,804 9,107 8,012 1973 15,147 3,537 157 15,362 1,745 2,122 24,175 23,001 2,577 2,670 7,198 6,861 11,071 9,838 1974 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—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 29,319 4,041 3,664 8,784 9,319 16,380 14,774 Dec... 17,845 4,376 109 18,863 2,701 2,705 31,916 29,963 3,979 3,643 9,947 9,211 16,564 14,773 1976—Jan.. . 17,106 5,549 97 18,850 2,971 2,802 31,866 29,809 4,356 3,793 9,944 9,201 16,746 15,243 Feb... 16,380 5,286 69 17,738 3,085 2,829 31,704 29,758 4,546 3,878 10,013 9,254 16,930 15,120 Mar. . 15,757 6,063 110 17,714 3,182 2,827 31,564 30,021 4,656 3,918 10,272 9,812 17,264 15,120 Apr... 15,336 6,394 113 17,713 2,990 2,829 31,468 30,148 4,590 3,921 10,762 9,877 17,514 15,834 May.. 15,215 5,585 97 17,114 2,891 2,836 32,113 29,805 4,470 3,761 10,823 10,034 17,731 15,834 June.. 15,274 3,739 118 17,136 2,949 2,839 32,090 29,863 4,413 3,733 11,188 9,998 17,979 15,834 July. . 15,403 5,626 103 17,101 2,907 2,848 32,075 29,845 4,420 3,757 11,417 10,531 18,202 16,340 Aug... 15,751 5,292 95 17,112 3,073 2,854 32,131 30,429 4,360 3,908 11,555 10,643 18,390 16,340 NOTE.—Data from Federal Home Loan Bank Board, Federal National offered securities (excluding, for FHLB's, bonds held within the FrlLB Mortgage Assn., and Farm Credit Admin. Among omitted balance System) are not guaranteed by the U.S. Govt. Loans are gross of valuation sheet items are capital accounts of all agencies, except for stock of FHLB's. reserves and represent cost for FNMA and unpaid principal for other Bonds, debentures, and notes are valued at par. They include only publicly agencies. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total G o e b a n l l e i- r- R n e u v e e - HAAl G l U o o a .S v n t s . , State di S a s t n t a r d t i , c t Other2 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U tie ti s l - 4 H in o g u s s - V a e a n t i e d s r ' - O p t u h r e - 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 ^2,079 4,981 1,689 '•4,714 1,910 '•8,785 197 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 1974 24,315 13,563 10,212 461 4,784 8,638 10,817 23,508 4,730 768 5,634 1,064 11,312 197 5 30,607 16,020 14,511 7,438 12,441 10,660 29,495 4,689 1,277 7,209 647 15,673 1975—Aug.. 2,786 1,058 1,725 376 1,665 747 2,561 379 55 626 67 1,434 Sept.. 2,171 907 1,252 357 1,185 614 2,123 279 134 447 48 1,215 Oct.. . 2,337 1,120 1,203 482 979 855 2,241 212 60 487 44 1,438 Nov.. 2,385 1,040 1,341 470 1,244 667 2.318 219 88 618 28 1,365 Dec... 2,062 995 1,057 434 1,043 576 1,990 287 29 495 20 1,159 1976—Jan.'-. 2,358 1,136 1,211 639 1,073 638 2,274 432 95 601 88 1,058 Feb.^ 2,722 1,332 1,375 446 1,449 810 2,622 360 135 574 130 1,423 Mar.. 3,346 2,173 1,166 1,254 824 1,262 3,180 439 215 710 692 1,124 Apr. 2,440 1,211 1,218 457 1,227 746 2.319 356 26 679 367 891 May. 3,490 1,866 1,611 824 1,400 1,256 3,303 710 384 956 70 1,183 June 3,028 1,689 1,324 590 1,097 1,331 2,807 414 75 745 113 1,460 July.. 2,581 1,164 1,408 307 1,219 1,048 2,363 264 19 963 160 957 Aug... 2,684 1,251 1,426 669 1,116 894 2,447 363 95 781 102 1,106 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

A38 SECURITY ISSUES • OCTOBER 1976 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues i Noncorporate Corporate PPPeeerrriiioooddd Bonds Stock TTToootttaaalll GG UU oo .. vv SS tt .. .. 22 aa GG gg UU ee oo .. nn SS vv cc tt .. yy ,, 33 aa (( nn UU SS dd .. tt SS aa lloo tt .. ee )) cc 44 aa ll OOtthheerrss TToottaall Total P o u ff b e l r i e cl d y P p ri l v a a c t e e d l y Preferred Common 1972 888444,,,777999222 111777,,,000888000 111222,,,888222555 222333,,,000777000 111,,,555888999 444444444444444444000000000000000000,,,,,,,,,,,,,,,,,,222222222222222222222222222222222222888888888888888888 222222222222222222666666666666666666,,,,,,,,,,,,,,,,,,111111111111111111333333333333333333222222222222222222 111111111111111111777777777777777777,,,,,,,,,,,,,,,,,,444444444444444444222222222222222222555555555555555555 888888888888888888,,,,,,,,,,,,,,,,,,777777777777777777000000000000000000666666666666666666 333333333333333333,,,,,,,,,,,,,,,,,,333333333333333333777777777777777777000000000000000000 111111111111111111000000000000000000,,,,,,,,,,,,,,,,,,777777777777777777222222222222222222555555555555555555 1973 999999,,,000555000 111999,,,000555777 222333,,,888888333 222222,,,777000000 111,,,333888555 333333333333333333222222222222222222,,,,,,,,,,,,,,,,,,000000000000000000222222222222222222555555555555555555 222222222222222222111111111111111111,,,,,,,,,,,,,,,,,,000000000000000000444444444444444444999999999999999999 111111111111111111333333333333333333,,,,,,,,,,,,,,,,,,222222222222222222444444444444444444444444444444444444 777777777777777777,,,,,,,,,,,,,,,,,,888888888888888888000000000000000000222222222222222222 333333333333333333,,,,,,,,,,,,,,,,,,333333333333333333333333333333333333777777777777777777 777777777777777777,,,,,,,,,,,,,,,,,,666666666666666666444444444444444444222222222222222222 1974 333333333333333333888888888888888888,,,,,,,,,,,,,,,,,,333333333333333333111111111111111111111111111111111111 333333333333333333222222222222222222,,,,,,,,,,,,,,,,,,000000000000000000666666666666666666666666666666666666 222222222222222222555555555555555555,,,,,,,,,,,,,,,,,,999999999999999999000000000000000000333333333333333333 666666666666666666,,,,,,,,,,,,,,,,,,111111111111111111666666666666666666000000000000000000 222222222222222222,,,,,,,,,,,,,,,,,,222222222222222222555555555555555555333333333333333333 333333333333333333,,,,,,,,,,,,,,,,,,999999999999999999999999999999999999444444444444444444 1975'- 555555555555555555333333333333333333,,,,,,,,,,,,,,,,,,666666666666666666444444444444444444444444444444444444 444444444444444444222222222222222222,,,,,,,,,,,,,,,,,,777777777777777777888888888888888888111111111111111111 333333333333333333222222222222222222,,,,,,,,,,,,,,,,,,666666666666666666000000000000000000333333333333333333 111111111111111111000000000000000000,,,,,,,,,,,,,,,,,,111111111111111111777777777777777777777777777777777777 333333333333333333,,,,,,,,,,,,,,,,,,444444444444444444555555555555555555888888888888888888 777777777777777777,,,,,,,,,,,,,,,,,,444444444444444444000000000000000000555555555555555555 1975 May 555555555555555555,,,,,,,,,,,,,,,,,,777777777777777777999999999999999999888888888888888888 444444444444444444,,,,,,,,,,,,,,,,,,222222222222222222999999999999999999888888888888888888 333333333333333333,,,,,,,,,,,,,,,,,,777777777777777777999999999999999999666666666666666666 555555555555555555000000000000000000222222222222222222 333333333333333333444444444444444444666666666666666666 111111111111111111,,,,,,,,,,,,,,,,,,111111111111111111555555555555555555444444444444444444 June 555555555555555555,,,,,,,,,,,,,,,,,,555555555555555555999999999999999999666666666666666666 444444444444444444,,,,,,,,,,,,,,,,,,555555555555555555999999999999999999444444444444444444 333333333333333333,,,,,,,,,,,,,,,,,,999999999999999999444444444444444444333333333333333333 666666666666666666555555555555555555111111111111111111 222222222222222222333333333333333333000000000000000000 777777777777777777777777777777777777222222222222222222 July 444444444444444444,,,,,,,,,,,,,,,,,,333333333333333333222222222222222222777777777777777777 333333333333333333,,,,,,,,,,,,,,,,,,666666666666666666777777777777777777333333333333333333 222222222222222222,,,,,,,,,,,,,,,,,,666666666666666666555555555555555555888888888888888888 111111111111111111,,,,,,,,,,,,,,,,,,000000000000000000111111111111111111444444444444444444 111111111111111111999999999999999999888888888888888888 444444444444444444555555555555555555666666666666666666 Aug. 222222222222222222,,,,,,,,,,,,,,,,,,444444444444444444000000000000000000555555555555555555 111111111111111111,,,,,,,,,,,,,,,,,,888888888888888888444444444444444444222222222222222222 111111111111111111,,,,,,,,,,,,,,,,,,333333333333333333555555555555555555666666666666666666 444444444444444444888888888888888888666666666666666666 111111111111111111222222222222222222999999999999999999 444444444444444444333333333333333333444444444444444444 Sept 222222222222222222,,,,,,,,,,,,,,,,,,888888888888888888333333333333333333666666666666666666 111111111111111111,,,,,,,,,,,,,,,,,,999999999999999999999999999999999999999999999999999999 111111111111111111,,,,,,,,,,,,,,,,,,444444444444444444111111111111111111444444444444444444 555555555555555555888888888888888888555555555555555555 333333333333333333000000000000000000888888888888888888 555555555555555555222222222222222222999999999999999999 Oct 444444444444444444,,,,,,,,,,,,,,,,,,777777777777777777000000000000000000555555555555555555 333333333333333333,,,,,,,,,,,,,,,,,,111111111111111111555555555555555555888888888888888888 222222222222222222,,,,,,,,,,,,,,,,,,333333333333333333888888888888888888999999999999999999 777777777777777777666666666666666666999999999999999999 333333333333333333333333333333333333222222222222222222 111111111111111111,,,,,,,,,,,,,,,,,,222222222222222222111111111111111111555555555555555555 Nov 444444444444444444,,,,,,,,,,,,,,,,,,000000000000000000666666666666666666888888888888888888 333333333333333333,,,,,,,,,,,,,,,,,,222222222222222222999999999999999999666666666666666666 111111111111111111,,,,,,,,,,,,,,,,,,666666666666666666666666666666666666666666666666666666 111111111111111111,,,,,,,,,,,,,,,,,,666666666666666666333333333333333333000000000000000000 444444444444444444444444444444444444444444444444444444 333333333333333333222222222222222222444444444444444444 Dec.'^ 444444444444444444,,,,,,,,,,,,,,,,,,333333333333333333222222222222222222555555555555555555 333333333333333333,,,,,,,,,,,,,,,,,,555555555555555555222222222222222222888888888888888888 111111111111111111,,,,,,,,,,,,,,,,,,777777777777777777666666666666666666111111111111111111 111111111111111111,,,,,,,,,,,,,,,,,,777777777777777777666666666666666666777777777777777777 444444444444444444666666666666666666222222222222222222 333333333333333333333333333333333333555555555555555555 1976—Jan 333333333333333333,,,,,,,,,,,,,,,,,,333333333333333333777777777777777777333333333333333333 222222222222222222,,,,,,,,,,,,,,,,,,888888888888888888000000000000000000444444444444444444 222222222222222222,,,,,,,,,,,,,,,,,,111111111111111111888888888888888888999999999999999999 666666666666666666111111111111111111444444444444444444 111111111111111111333333333333333333999999999999999999 444444444444444444333333333333333333111111111111111111 Feb. 333333333333333333,,,,,,,,,,,,,,,,,,888888888888888888222222222222222222777777777777777777 222222222222222222,,,,,,,,,,,,,,,,,,999999999999999999000000000000000000000000000000000000 222222222222222222,,,,,,,,,,,,,,,,,,111111111111111111222222222222222222777777777777777777 777777777777777777777777777777777777333333333333333333 111111111111111111777777777777777777333333333333333333 777777777777777777555555555555555555444444444444444444 Mar 666666666666666666,,,,,,,,,,,,,,,,,,666666666666666666333333333333333333222222222222222222 444444444444444444,,,,,,,,,,,,,,,,,,555555555555555555777777777777777777777777777777777777 333333333333333333,,,,,,,,,,,,,,,,,,222222222222222222333333333333333333888888888888888888 111111111111111111,,,,,,,,,,,,,,,,,,333333333333333333444444444444444444777777777777777777 444444444444444444444444444444444444333333333333333333 111111111111111111,,,,,,,,,,,,,,,,,,666666666666666666000000000000000000444444444444444444 Apr 333333333333333333,,,,,,,,,,,,,,,,,,444444444444444444888888888888888888222222222222222222 222222222222222222,,,,,,,,,,,,,,,,,,999999999999999999666666666666666666111111111111111111 222222222222222222,,,,,,,,,,,,,,,,,,333333333333333333555555555555555555000000000000000000 666666666666666666111111111111111111111111111111111111 555555555555555555888888888888888888 444444444444444444666666666666666666333333333333333333 May 444444444444444444,,,,,,,,,,,,,,,,,,111111111111111111222222222222222222444444444444444444 222222222222222222,,,,,,,,,,,,,,,,,,999999999999999999333333333333333333444444444444444444 111111111111111111,,,,,,,,,,,,,,,,,,999999999999999999555555555555555555999999999999999999 999999999999999999777777777777777777555555555555555555 222222222222222222999999999999999999111111111111111111 888888888888888888999999999999999999999999999999999999 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e ll r a c n ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 197 2 4,560 1,833 2,526 2,786 1,258 148 6,349 4,966 3.709 1,126 7,728 3,242 197 3 4,199 638 1,318 1,532 1,084 26 5,578 4,691 3,523 1,348 5,344 2,745 197 4 9,867 544 1,845 940 1,550 22 8,873 3,964 3.710 217 6,218 562 1975'- 17,006 1,670 2,757 1,470 3,439 1 9,658 6,235 3,464 1,002 6,459 488 1975—May 2,266 384 242 141 415 845 704 153 260 379 10 June 2,195 123 384 194 211 838 640 362 603 45 July. 1,056 64 229 227 338 715 324 254 16 1,081 22 Aug, 580 101 147 70 17 719 305 93 19 286 68 Sept. 512 107 57 37 154 723 541 249 48 304 105 Oct., 810 142 335 152 626 571 676 373 555 443 23 Nov. 874 229 81 53 1,000 851 424 45 10 444 57 Dec. 1,295 130 473 193 339 539 363 205 27 679 83 1976—Jan.. 1,025 39 330 87 299 662 435 16 472 9 Feb., 733 435 319 132 650 487 302 151 20 559 37 Mar. 1,840 405 221 84 323 747 1,411 577 1 876 146 Apr. 507 60 630 115 329 329 312 448 718 35 May 1,176 484 199 136 118 643 505 10 790 63 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 preceding 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

OCTOBER 1976 • SECURITY ISSUES A39 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers i PPeerriioodd All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 1972 42,306 10,224 32,082 27,065 8,003 19,062 15,242 2,222 13,018 1973 33,559 11,804 21,754 21,501 8,810 12,691 12,057 2,993 9,064 1974 39,334 9,935 29,399 31,554 6,255 25,098 7,980 3,678 4,302 1975 53,255 10,991 42,263 40,468 8,583 31,886 12,787 2,408 10,377 1975—1 15,211 2,088 13,123 12,759 1,587 11,172 2,452 501 1,951 II 15,602 3,211 12,390 11,460 2,336 9,124 4,142 875 3,266 Ill 9,079 2,576 6,503 6,654 2,111 4,543 2,425 465 1,960 IV 13,363 3,116 10,247 9,595 2,549 7,047 3,768 567 3,200 1976—1 13,671 2,315 11,356 9,404 1,403 8,001 4,267 912 3,355 Type of issues Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial i PPeerriioodd Bonds Bonds Bonds Bonds Bonds Bonds and Stocks and Stocks and Stocks and Stocks and Stocks and Stocks notes notes notes notes notes notes 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 1975 13,219 1,607 1,605 1,137 2,165 65 7,236 6,015 2,980 1,084 4,682 468 1975--I 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 IV 2,069 433 528 462 1,588 4 1,211 1,537 429 604 1,222 160 1976--I 2,966 838 203 149 985 5 1,820 2,174 498 47 1,530 203 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 4 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 1975—Aug... 753 788 -35 41,672 3,660 38,012 1964 3,404 1,875 1,528 29,116 1,329 27,787 Sept... 760 874 -114 40,234 3,664 36,570 1965 4,359 1,962 2,395 35,220 1,803 33,417 Oct.... 914 995 -81 41,860 3,601 38,259 Nov... 786 911 -125 42,460 3,733 38,727 1966 4,671 2,005 2,665 34,829 2,971 31,858 Dec... 1,040 1,093 -53 42,179 3,748 38,431 1967 4,670 2,745 1,927 44,701 2,566 42,135 1968 6,820 3,841 2,979 52,677 3,187 49,490 l976_Jan.... 411 538 -47 46,529 3,287 43,242 Feb... 262 577 -315 46,540 3,084 43,546 1969 6,717 3,661 3,056 48,291 3,846 44,445 Mar... 326 677 -351 46,866 2,881 43,985 1970 4,624 2,987 1,637 47,618 3,649 43,969 Apr... 305 620 -315 45,956 2,683 42,273 1971 5,145 4,751 394 55,045 3,038 52,007 May.. 241 589 -348 45,122 2,769 42,353 June.. 321 599 -278 46,801 2,679 44,122 1972 4,892 6,563 -1,671 59,831 3,035 56,796 July... 281 596 -315 45,986 2,547 43,439 1973 4,358 5,651 -1,261 46,518 4,002 42,516 AAuugg...... 256 536 -280 45,457 2,561 42,896 1974 5,346 3,937 1,409 35,777 5,637 30,140 1975 10,057 9,571 486 42,179 3,748 38,431 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. 4 Beginning Jan. 1976, sales and redemption figures exclude money market funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 BUSINESS FINANCE • OCTOBER 1976 SALES, REVENUE, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS (In millions of dollars) 1974 1975 1976 Industry 11997733 11997744 11997755 I II III IV I II III IV QI Total (170 corps.) :• Sales 442,351 564,724 586,813 126,812 143,077 145,054 149,781 138,322 145,872 147,986 154,633 159,291 Total revenue 448,919 573,136 595,205 128,711 145,227 147,251 151,947 140,411 147,785 149,820 157,189 161,734 Profits before taxes 53,845 67,737 60,286 16,596 18,218 17,860 15,063 12,895 14,859 15,493 17,039 16,710 Profits after taxes 28,767 32,531 27,004 7,739 9,292 8,428 7,072 5,551 6,707 7,094 7,652 8,537 Memo: PAT unadj.i 28,798 32,720 27,775 7,627 9,222 8,497 7,374 5,667 6,596 7,046 8,466 8,558 Dividends 11,516 12,421 12,442 2,912 2,928 3,073 3,508 3,128 3,032 3,072 3,210 3,183 Nondurable goods industries (86 corps.) Sales 210,216 309,033 323,136 68,782 77,193 80,543 82,515 77,297 78,656 82,361 84,822 86,987 Total revenue 214,028 314,584 328,502 70,066 78,654 82,021 83,843 78,616 79,940 83,595 86,351 88,231 Profits before taxes 30,211 46,446 40,905 11,887 11,998 12,618 9,943 9,378 9,989 10,924 10,614 10,638 Profits after taxes 15,537 20,568 16,303 5,055 5,740 5,473 4,300 3,586 3,919 4,441 4,357 4,775 Memo: PAT unadj.i 15,415 20,465 16,719 4,958 5,689 5,398 4,420 3,572 3,900 4,439 4,808 4,794 Dividends 6,104 6,873 7,228 1,626 1,645 1,720 1,882 1,815 1,784 1,803 1,826 1,879 Durable goods industries (84 corps.): 3 Sales 232,135 255,691 263,677 58,030 65,884 64,511 67,266 61,025 67,216 65,625 69,811 72,304 Total revenue 234,891 258,552 266,703 58,645 66,573 65,230 68,104 61,795 67,845 66,225 70,838 73,503 Profits before taxes 23,634 21,291 19,381 4,709 6,220 5,242 5,120 3,517 4,870 4,569 6,425 6,072 Profits after taxes 13,230 11,963 10,701 2,684 3,552 2,955 2,772 1,965 2,788 2,653 3,295 3,762 Memo: PAT unadj.i 13,383 12,255 11,056 2,669 3,533 3,099 2,954 2,095 2,696 2,607 3,658 3,764 Dividends 5,412 5,548 5,214 1,286 1,283 1,353 1,626 1,313 1,248 1,269 1,384 1,304 Selected industries: Food and kindred products (28 corps.): Sales 42,629 52,753 57,149 11,885 12,729 13,663 14,476 13,490 14,117 14,600 14,942 14,762 Total revenue 43,198 53,728 58,156 12,110 12,996 13,939 14,683 13,708 14,356 14,844 15,248 14,986 Profits before taxes 3,957 4,602 5,025 1,046 1,190 1,289 1,077 1,066 1,190 1,385 1,384 1,448 Profits after taxes 2,062 2,298 2,496 529 607 645 517 502 607 919 668 643 Memo: PAT unadj.i 2,073 2,329 2,601 533 610 646 540 526 615 745 715 644 Dividends 936 1,011 1,100 243 248 253 267 268 271 274 287 307 Chemical and allied products (22 corps.): Sales 43,208 55,083 57,735 12,507 13,892 14,606 14,078 13,618 14,329 14,660 15,128 15,816 Total revenue 43,785 55,676 58,376 12,667 14,066 14,778 14,165 13,756 14,503 14,791 15,326 15,958 Profits before taxes 6,264 8,263 7,082 1,856 2,293 2,194 1,920 1,647 1,622 1,858 1,955 2,166 Profits after taxes 3,505 4,876 3,889 1,044 1,247 1,223 1,362 932 929 1,035 993 1,232 Memo: PAT unadj.i 3,469 4,745 4,015 1,031 1,245 1,180 1,289 927 937 1,028 1,123 1,213 Dividends 1,496 1,647 1,723 383 405 422 437 430 425 429 439 444 Petroleum refining (15 corps): Sales 93,504 165,150 172,645 36,103 41,362 42,747 44,938 41,988 41,342 43,873 45,442 46,656 Total revenue 95,722 168,680 175,915 36,913 42,261 43,659 45,847 42,851 42,100 44,633 46,331 47,407 Profits before taxes 17,493 30,657 26,305 8,296 7,564 8,339 6,458 6,227 6,612 6,961 6,505 6,254 Profits after taxes 8,551 11,775 8,551 3,098 3-, 349 3,181 2,147 1,905 2,078 2,300 2,268 2,481 Memo: PAT unadj.i 8,505 11,746 8,712 3,011 3,304 3,132 2,299 1,871 2,040 2,268 2,533 2,512 Dividends 3,146 3,635 3,801 864 853 899 1,019 966 937 949 949 971 Primary metals and products (23 corps.): Sales 42,400 54,044 48,578 11,888 13,976 14,285 13,895 12,482 12,393 12,274 11,429 12,733 Total revenue 43,103 55,048 49,534 12,045 14,171 14,504 14,328 12,782 12,604 12,479 11,669 12,904 Profits before taxes 3,221 5,579 2,921 973 1,586 1,791 1,229 1,015 711 487 708 633 Profits after taxes 1,966 3,199 1,822 589 927 1,028 655 633 478 396 315 409 Memo: PAT unadj.i 2,039 3,485 2,003 607 942 1,137 799 639 485 381 498 416 Dividends 789 965 945 221 209 238 297 273 227 216 229 218 Machinery (27 corps.): Sales , 65,040 73,894 78,914 16,830 18,836 18,853 19,375 18,245 19,881 19,764 21,024 20,375 Total revenue . 65,925 74,725 79,868 17,012 19,023 19,075 19,615 18,464 20,104 19,956 21,344 20,928 Profits before taxes 7,670 7,661 8,665 1,829 2,074 1,943 1,815 1,727 2,089 2,219 2,630 2,445 Profits after taxes 4,236 4,210 4,801 1,006 1,149 1,074 981 971 1,178 1,224 1,428 1,344 Memo: PAT unadj.i.... 4,209 4,149 4,864 996 1,137 1,096 920 975 1,173 1,231 1,485 1,343 Dividends 1,607 1,957 2,015 441 441 476 599 483 485 519 528 529 Motor vehicles and equipment (9 corps.): Sales . 83,017 80,386 85,863 18,467 20,979 19,443 21,497 18,866 22,275 21,005 23,717 26,395 Total revenue . 83,671 80,881 86,475 18,597 21,146 19,593 21,545 19,011 22,341 21,083 24,040 26,702 Profits before taxes 7,429 2,920 3,077 636 1,115 231 938 -98 854 590 1,731 1,794 Profits after taxes 3,991 1,686 1,471 369 657 133 527 -127 451 328 819 1,331 Memo: PAT unadj.i 4,078 1,742 1,604 361 648 147 586 -12 455 280 881 1,337 Dividends 2,063 1,537 1,121 384 382 386 385 294 276 274 277 285 ^ Historical data covering revisions for the textile, apparel, and leather NOTE—Data are obtained from published reports of companies and industry, as well as total nondurables and all manufacturing, are available reports made to the Securities and Exchange Commission. Sales are net upon request from the Capital Markets Section, Division of Research and of returns, allowances, and discounts, and exclude excise taxes paid di- Statistics, Board of Governors of the Federal Reserve System, Washing- rectly by the company. Total revenue data include, in addition to sales, ton, D.C. 20551. income from nonmanufacturing operations and nonoperating income. 1 Profits after taxes unadjusted are as reported by the individual com- Profits are before dividend payments and have been adjusted to exclude panies. These data are not adjusted to eliminate differences in accounting special charges and credits to surplus reserves and extraordinary items not treatments of special charges, credits, and other nonoperating items. related primarily to the current reporting period. Income taxes (not 2 Includes 21 corporations in groups not shown separately. shown) include Federal, State and local government, and foreign. 3 Includes 25 corporations in groups not shown separately. Previous series last published in June 1972 BULLETIN, p. A-50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 D BUSINESS FINANCE A41 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Profits In- Profits Cash Undis- Profits In- Profits Cash Undis- Year before come after divi- tributed Quarter before come after divi- tributed taxes taxes taxes dends profits taxes taxes taxes dends profits 1968, 85.6 39.3 46.2 21.9 24.2 126.3 50.5 75.8 29.9 45.9 1969, 83.5 39.7 43.8 22.6 21.2 II 126.4 53.0 73.3 30.7 42.6 1970, 71.5 34.5 37.0 22.9 14.1 138.6 57.6 81.0 31.3 49.7 IV 119.2 48.6 70.6 31.1 39.5 1971, 82.0 37.7 44.3 23.0 21.3 1972 96.2 41.4 54.6 24.6 30.0 1975-1 94.2 40.2 54.0 31.7 22.3 1973 115.8 48.7 67.1 27.8 39.3 105.8 44.8 61.0 31.9 29.1 1974, 127.6 52.4 75.2 30.8 44.4 Ill 126.9 54.8 72.1 32.6 39.5 1975, 114.5 49.2 65.3 32.1 33.2 IV 131.3 57.2 74.2 32.2 41.9 1976—1 141.1 61.4 79.7 33.1 46.6 NOTE.—^Dept. of Commerce estimates. Quarterly data are at seasonally adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G e o cu v r t i , - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t. . 1 Other G U o . v S t . . i Other taxes 1970.... 187.4 492.3 50.2 7.7 4.2 201.9 193.3 35.0 304.9 6.6 204.7 10.0 83.6 197 1 203.6 529.6 53.3 11.0 3.5 217.6 200.4 43.8 326.0 4.9 215.6 13.1 92.4 197 2 221.3 574.4 57.5 10.2 3.4 240.0 215.2 48.1 352.2 4.0 230.4 15.1 102.6 1973_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 III 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 III 271.8 716.5 65.6 14.3 3.3 294.7 279.6 59.0 444.7 6.2 273.4 19.4 145.6 IV 274.1 731.6 68.1 19.4 3.6 294.6 285.8 60.0 457.5 6.4 281.6 20.7 148.8 1976—1.. 287.6 753.5 68.4 21.7 3.6 307.3 288.8 63.6 465.9 6.4 280.5 23.9 155.0 1 Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—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 C n C nii oo ccaa mm ttii mm oonn uu ss -- OOtthheerr 11 TT AA ((SS oo ..RR .. tt AA aa ..)) .. ll 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 1975 111111112222....77778888 22221111....88884444 22226666....11111111 3333....77779999 2222....55555555 1111....88884444 3333....11118888 11117777....00000000 3333....11114444 11112222....77774444 22220000....66660000 1974—11 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 IV 30.74 5.99 7.30 .97 .62 .43 .93 4.85 .85 3.26 5.52 111.80 1976—1 25.87 4.78 6.18 .92 .49 .26 .72 4.18 .62 2.92 4.82 114.72 II 29.70 5.61 7.05 .99 .68 .42 1.02 4.74 .76 3.21 5.21 118.12 III2 30.54 5.90 7.35 .95 .54 .34 .96 4.90 .98 8.62 122.96 1 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

A42 REAL ESTATE CREDIT • OCTOBER 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 1975 1976 1972 1973 1974 II III IV I II ALL HOLDERS 603,417 682,321 742,522 766,839 782,581 800,440 815,113 837,180 1 - to 4-famiIy 372,793 416,883 449,937 467,747 479,540 492,191 502,812 519,531 Multifamily 82,572 92,877 99,851 99,202 99,246 99,374 99,768 99,944 Commercial 112,294 131,308 146,428 150,424 153,530 157,628 159,783 163,158 Farm 35,758 41,253 46,306 49,466 50,265 51,247 52,750 54,547 MAJOR FINANCIAL INSTITUTIONS... 450,000 505,400 542,552 558,179 570,049 581,486 592,061 609,169 Commercial banks i 99,314 119,068 132,105 133,012 134,514 136,186 137,986 141,086 1- to 4-family 57,004 67,998 74,758 75,356 76,149 77,018 78,218 80,218 Multifamily 5,778 6,932 7,619 6,816 6,363 5,915 5,515 5,115 Commercial 31,751 38,696 43,679 44,598 45,694 46,882 47,812 49,112 Farm 4,781 5,442 6,049 6,242 6,308 6,371 6,441 6,641 Mutual savings banks 67,556 73,230 74,920 75,796 76,490 77,249 77,738 78,735 1- to 4-family 46,229 48,811 49,213 49,458 49,719 50,025 50,344 50,989 Multifamily 10,910 12,343 12,923 13,262 13,523 13,792 13,876 14,030 Commercial 10,355 12,012 12,722 13,024 13,194 13,373 13,456 13,653 Farm 62 64 62 52 54 59 62 63 Savings and loan associations 206,182 231,733 249,293 261,336 270,600 278,693 286,556 299,657 1 - to 4-family 167,049 187,750 201,553 211,290 218,483 224,710 231,337 242,213 Multifamily 20,783 22,524 23,683 24,409 24,976 25,417 25,990 27,029 Commercial 18,350 21,459 24,057 25,637 27,141 28,566 29,229 30,415 Life insurance companies 76,948 81,369 86,234 88,035 88,445 89,358 89,781 89,691 1- to 4-family 22,315 20,426 19,026 18,377 17,964 17,602 17,321 16,861 Multifamily 17,347 18,451 19,625 19,795 19,756 19,708 19,726 19,374 Commercial 31,608 36,496 41,256 43,287 44,085 45,288 45,907 46,456 Farm 5,678 5,996 6,327 6,576 6,640 6,760 6,827 7,100 FEDERAL AND RELATED AGENCIES.. 40,157 46,721 58,320 61,470 64,464 66,891 66,760 66,158 Government National Mortgage Association 5,113 4,029 4,846 5,610 6,534 7,438 7,619 5,557 1- to 4-family 2,513 1,455 2,248 2,787 3,692 4,728 4,886 3,165 Multifamily 2,600 2,574 2,598 2,823 2,842 2,710 2,733 2,392 Farmers Home Administration 1,019 1,366 1,432 1,169 1,118 1,109 650 623 1- to 4-family 279 743 759 367 343 208 97 70 Multifamily 29 29 167 268 134 215 23 23 Commercial 320 218 156 176 181 190 96 96 Farm 391 376 350 358 460 496 434 434 Federal Housing and Veterans Administration 3,338 3,476 4,015 4,297 4,681 4,970 5,143 5,443 1- to 4-family 2,199 2,013 2,009 1,915 1,951 1,990 1,922 1,981 Multifamily 1,139 1,463 2,006 2,382 2,730 2,980 3,221 3,462 Federal National Mortgage Association 19,791 24,175 29,578 30,015 31,055 31,824 31,482 32,028 1- to 4-family 17,697 20,370 23,778 23,988 25,049 25,813 25,562 26,112 Multifamily 2,094 3,805 5,800 6,027 6,006 6,011 5,920 5,916 Federal land banks 9,107 11,071 13,863 15,435 16,043 16,563 17,264 17,978 1- to 4-family 13 123 406 497 525 549 563 575 Farm 9,094 10,948 13,457 14,938 15,518 16,014 16,701 17,403 Federal Home Loan Mortgage Corporation 1,789 2,604 4,586 4,944 5,033 4,987 4,602 4,529 1- to 4-family 1,754 2,446 4,217 4,543 4,632 4,588 4,247 4,166 Multifamily 35 158 369 401 401 399 355 363 MORTGAGE POOLS OR TRUSTS 2.. .. 14,404 18,040 23,799 29,550 31,483 34,653 37,684 40,803 Government National Mortgage Association 5,504 7,890 11,769 15,437 16,595 18,772 20,479 22,967 1- to 4-family 5,353 7,561 11,249 14,856 15,924 18,014 19,693 22,086 Multifamily 151 329 520 581 671 758 786 881 Federal Home Loan Mortgage Corporation 441 766 757 1,193 1,323 1,598 1,999 2,153 1- to 4-family 331 617 608 1,008 1,105 1,349 1,698 1,831 Multifamily 110 149 149 185 218 249 301 322 Farmers Home Administration 8,459 9,384 11,273 12,920 13,565 14,283 15,206 15,683 1 - to 4-family 5,017 5,458 6,782 8,112 8,563 9,194 9,516 9,818 Multifamily 131 138 116 116 296 295 542 563 Commercial 867 1,124 1,473 1,687 1,765 1,948 2,122 2,195 Farm 2,444 2,664 2,902 3,005 2,941 2,846 3,026 3,107 INDIVIDUALS AND OTHERS 3 98,856 112,160 117,851 117,640 116,585 117,410 118,608 121,050 1- to 4-family 45,040 51,112 53,331 55,193 55,441 56,403 57,408 59,446 Multifamily 21,465 23,982 24,276 21,m 21,330 20,925 20,780 20,474 Commercial 19,043 21,303 23,085 22,015 21,470 21,381 21,161 21,231 Farm 13,308 15,763 17,159 18,295 18,344 18,701 19,259 19,899 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 Outstanding principal balances of mortgages backing securities in- with the Federal Home Loan Bank Board and the Dept. of Commerce. sured or guaranteed by the agency indicated. Separation of nonfarm mortgage debt by type of property, if not re- 3 Other holders include mortgage companies. Real Estate Investment ported directly, and interpolations and extrapolations where required, are Trusts, State and local credit agencies. State and local retirement funds, estimated mainly by Federal Reserve. Multifamily debt refers to loans on noninsured pension funds, credit unions, and U.S. agencies for which structures of 5 or more units. amounts are small or separate data are not readily available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • REAL ESTATE CREDIT A43 FEDERAL NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORPORATION- SECONDARY MORTGAGE MARKET ACTIVITY (In millions of dollars) FNMA FHLMC Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage End of holdings transactions commitments holdings transactions commitments period (during period) (during period) Total 1 F su H in re A - d - a g V n u t A e a - e r- d c P ha u s r e - s Sales p d M e u a r r i i d o n e d g st O i a n u n g d t - - Total F V H A A - t C v io e o n n n a - - l c P ha u s r e - s Sales p d M e u a r r i i d o n e d g s O t i a n u n g t d - - 197 1 17,791 12,68f 5,110 3,574 336 9,828 6,497 968 821 147 778 64 182 197 2 19,791 14,624 5,112 3,699 211 8,797 8,124 1,789 1,503 286 1,297 409 1,606 198 197 3 24,175 16,852 6,352 6,127 71 8,914 7,889 2,604 1,743 861 1,334 409 1,629 186 197 4 29,578 19,189 8,310 6,953 5 10,765 7,960 4,586 1,904 2,682 2,191 52 4,553 2,390 197 5 31,824 19,732 9,573 4,263 2 6,106 4,126 4,987 1,824 3,163 1,716 1,020 982 111 1975—Aug.. 30,777 19,507 8,942 594 814 5,888 4,942 1,863 3,080 98 145 132 509 Sept.. 31,055 19,560 9,122 488 575 5,399 5,033 1,852 3,181 148 31 79 403 Oct.. 31,373 19,641 9,309 508 282 4,685 5,119 1,843 3,276 176 59 45 201 Nov.. 31,552 19,648 9.430 372 332 4,385 4,971 1,834 3,137 104 225 50 124 Dec.. 31,824 19,732 9,573 451 517 4,126 4,987 1,824 3,163 69 30 71 111 1976—Jan.. 31,772 19,674 9,554 76 189 3,170 4,958 1,816 3,142 47 57 42 99 Feb.. 31,618 19,541 9,521 56 55 355 3,201 4,686 1,802 2,884 51 296 43 87 Mar. 31,482 19,431 9,473 85 22 405 3,120 4,602 1,787 2,815 95 98 93 128 Apr.. 31,389 19,368 9.431 103 184 213 2,788 4,520 1,768 2,752 43 86 209 289 May. 32,052 19,296 9.390 877 1,305 3,732 4,486 1,752 2,735 73 64 178 376 June. 32,028 19,238 9.391 240 857 4,153 4,529 1,729 2,801 163 75 72 285 July. 32,011 19,184 9,388 210 597 584 4,245 4,551 1,713 2,838 152 84 39 154 Aug.. 32,069 19,180 9,394 277 689 492 4,335 1 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 guaranteed 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. FEDERAL NATIONAL MORTGAGE ASSOCIATION AUCTIONS OF COMMITMENTS TO BUY HOME MORTGAGES Date of auction Item 1976 May 3 May 17 June 1 June 14 June 28 July 12 July 26 Aug. 9 Aug. 23 Sept. 7 Sept. 20 Oct. 4 Amounts (millions of dollars): Govt.-underwritten loans Offered 1 483.3 634.3 349.5 146.6 261.2 148.3 311.8 190.1 171.3 121.9 99.1 124.3 Accepted 222.3 321.4 224.7 98.8 157.5 88.4 212.0 107.4 107.0 68.8 49.1 61.8 Conventional loans Offered 1 110.7 128.8 131.4 77.3 93.6 90.7 130.5 136.7 162.1 170.6 151.1 153.8 Accepted 60.1 68.9 90.5 70.3 59.2 82.0 105.2 93.4 115.3 117.8 107.6 94.4 Average yield (per cent) on shortterm commitments 2 Govt.-underwritten loans 8.94 9.13 9.20 9.14 9.12 9.05 9.04 9.01 8.97 8.92 8.84 8.80 9.09 9.24 9.31 9.30 9.31 9.27 9.23 9.17 9.14 9.13 9.09 9.07 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 REAL ESTATE CREDIT • OCTOBER 1976 MAJOR HOLDERS OF FHA-INSURED AND VA-GUARANTEED RESIDENTIAL MORTGAGE DEBT (End of period, in billions of dollars) Sept. 30, Dec. 31, Mar. 31, June 30, Sept. 30, Dec. 31, Mar. 31, Holder 1974 1974 1975 1975 1975 1975 1976 All holders 138.6 140.3 142.0 143.0 144.9 147.0 148.3 FHA 84.1 84.1 84.3 85.0 85.1 85.4 85.4 VA 54.5 56.2 57.7 58.0 59.8 61.6 62.9 Commercial banks 10.7 10.4 10.5 9.6 9.7 9.4 9.5 FHA 7.4 7.2 7.2 6.4 6.4 6.3 6.3 VA 3.3 3.2 3.3 3.2 3.3 3.1 3.2 Mutual savings banks 27.8 27.5 27.3 27.2 27.0 27.4 27.7 FHA 15.0 14.8 14.7 14.7 14.5 14.7 14.7 VA 12.8 12.7 12.6 12.5 12.5 12.7 13.0 Savings and loan assns V F A H A }}} 222999...999 }}} 222999...999 }}} 222999...999 }}} 333000...222 }}} 333000...444 \\\ 333000...666 / \ Life insurance cos 111222...999 111222...777 111222...555 111222...222 111222...111 111111...888 11.6 FHA 888...777 888...666 888...444 888...222 888...111 777...999 7.8 VA 444...222 444...222 444...111 444...000 444...000 333...999 3.8 Others 555777...444 555999...999 666111...666 666222...222 666555...777 666777...888 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 (( ii dd mm llll oo ii mm oo llllaa nn iitt rr ss tt ss ee )) dd oo ff ( o th f a o m L d u o o o s l a u l a a n n n r t d s s ) ( C p in o e r t n r e a t r c t r e e a e s n c t t t ) (y M rs a . t / u m r o it s y . ) (p t L o e r o r a - v a t c a io e n l n - ue t) C (p a t e p io r i t n a c l e r iz a n a t t e ) - co D r v a e e t r i b o a t g e P co e n r s c t e a n n t t 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 1975 599 1,717.0 2,866 10.22 21/9 73.8 10.8 1.33 11.2 1975--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 July 53 178.6 3,370 10.19 20/7 74.6 10.9 1.31 11.3 Aug 44 106.5 2,420 10.26 21/2 72.7 10.8 1.32 11.4 Sept 57 123.8 2,172 10.24 22/8 73.6 10.7 1.37 11.1 Oct 57 144.7 2,538 10.29 20/10 74.3 10.7 1.28 11.3 Nov 47 252.8 5,378 iO.24 22/7 72.7 10.9 1.35 11.2 Dec 52 159.4 3,065 10.15 23/4 73.7 11.0 1.34 11.0 1976--Jan 32 99.2 3,099 10.25 20/11 74.3 10.7 1.29 11.2 Feb 40 140.2 3,506 10.08 20/6 74.2 10.5 1.26 11.0 Mar 71 294.6 4,150 10.04 21/11 73.8 10.6 1.30 11.0 Apr 78 292.1 3,745 9.88 23/1 73.0 10.4 1.31 10.8 May 104 294.8 2,834 9.80 21/2 74.4 10.4 1.30 11.1 June 104 297.2 2,858 9.90 20/9 73.9 10.1 1.31 10.6 NOTE.—American Life Insurance Association data for new commitments to cases where information was available or estimates could be made: of $100,000 and over each on mortgages for multifamily and nonresidential capitalization rate (net stabilized property earnings divided by property nonfarm properties located largely in the United States. The 15 companies value); debt coverage ratio (net stabilized earnings divided by debt service); account for a little more than one-half of both the total assets and the and per cent constant (annual level payment, including principal and nonfarm mortgages held by all U.S. life insurance companies. Averages, interest, per $100 of debt). All statistics exclude construction loans, which are based on number of loans, vary in part with loan composition increases in existing loans in a company's portfolio, reapprovals, and loans by type and location of property, type and purpose of loan, and loan secured by land only. amortization and prepayment terms. Data for the following are limited Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • REAL ESTATE CREDIT AND CONSUMER CREDIT 45 TERMS AND YIELDS ON NEW HOME MORTGAGES Conventional mortgages FFFHHHAAA--- Terms 1 Yields (per cent) in iiinnnsssuuurrreeeddd Drimarv market llloooaaannnsss———YYYiiieeelllddd Period iiinnn ppprrriiivvvaaattteee C ra o c te n e t n ( r t p a ) e c r t (p F c e e h r e a s c r g e a e n n s t) d 2 M (y a e t a u r r s it ) y L ( o pe a r r n a / t c p io e r n ic t e ) p o r P i f c u e d r c o ( h l t l h a a o s rs e u ) s . (t a d h m L o o l o u o la a s u r n . n s o ) t f F s H er L ie B s B 3 s H er U ie D s 4 sss mmm eeeccc aaa ooo rrr nnn kkk ddd eee aaa tttsss rrryyy 197 1 7.60 .87 26.2 74.3 36.3 26.5 7.74 7.75 7.70 197 2 7.45 .88 27.2 76.8 37.3 28.1 7.60 7.64 7.53 197 3 7.78 1.11 26.3 77.3 37.1 28.1 7.95 8.30 8.19 197 4 8.71 1.30 26.3 75.8 40.1 29.8 8.92 9.22 9.55 197 5 8.75 1.54 26.8 76.1 44.6 33.3 9.01 9.10 9.19 1975_Aug.. 8.63 1.56 26.7 77.0 44.6 33.7 8.89 9.15 9.32 Sept.. 8.70 1.46 26.7 75.9 45.6 34.1 8.94 9.25 9.74 Oct.. . 8.75 1.59 27.3 77.5 43.9 33.2 9.01 9.25 9.53 Nov.. 8.74 1.65 27.6 76.5 46.4 34.8 9.01 9.20 9.41 Dec... 8.74 1.65 27.8 76.9 45.9 34.7 9.01 9.15 9.32 1976—Jan.. . 8.71 1 .74 27.4 76.9 47.2 35.4 8.99 9.05 9.06 Feb... 8.67 1.56 26.0 75.1 45.2 33.4 8.93 9.00 9.04 Mar.. 8.67 1.60 27.1 76.4 46.8 35.0 8.93 8.95 Apr... 8.67 1.52 27.3 75.3 48.5 35.8 8.92 8.90 8.82 May.. 8.75 1.35 26.5 77.5 46.3 35.3 8.97 9.00 9.03 June.. 8.69 1.27 26.5 75.1 48.9 36.2 8.89 9.05 9.05 July. . 8.76 1.29 27.1 75.8 49.4 36.7 8.97 9.05 8.99 Aug.f 8.81 1.56 27.8 76.0 49.0 36.5 9.03 9.05 8.93 1 Weighted averages based on probability sample survey of character- (as shown in first column of this table) and an assumed prepayment at istics of mortgages originated by major institutional lender groups (in- end of 10 years. cluding mortgage companies) for purchase of single-family homes, as 4 Rates on first mortgages, unweighted and rounded to the nearest compiled by Federal Home Loan Bank Board in cooperation with Federal 5 basis points. Deposit Insurance Corporation. Data are not strictly comparable with 5 Based on opinion reports submitted by field offices of prevailing earlier figures beginning Jan. 1973. local conditions as of the first of the succeeding month. Yields are derived 2 Fees and charges—related to principal mortgage amount—include from weighted averages of private secondary market prices for Sec. 203, loan commissions, fees, discounts, and other charges, but exclude closing 30-year mortgages with minimum downpayment and an assumed precosts related solely to transfer of property ownership. payment at the end of 15 years. Any gaps in data are due to periods of 3 Effective rate, reflecting fees and charges as well as contract rates adjustment to changes in maximum permissible contract interest rates. FINANCE RATES ON SELECTED TYPES OF INSTALMENT CREDIT (Per cent per annum) Commercial banks Finance companies Month New Mobile Other Personal Credit- Automobiles Other automo- homes consumer loans card Mobile consumer Personal biles (84 mos.) goods (12 mos.) plans homes goods loans (36 mos.) (24 mos.) New Used 1974—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 13.43 19.31 20.87 Oct.. 11.53 11.94 13.28 13.60 17.17 12.97 17.78 Nov. 11.57 11.87 13.16 13.47 17.16 13.06 17.88 i3;66' 'i9.'49" ii'M' 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 19.80 21.09 Feb.. 11.51 12.14 13.20 13.44 17.24 13.07 17.39 Mar. 11.46 11.66 13.07 13.40 17.15 13.07 17.52 'i3.'59' '20.00 '20.S2 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 19.63 20.72 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 'is.ik' 'i9!87' '26.'93' 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 'iy.is 'i9!69' '2i!i6' Oct.. 11.24 12.05 13.00 13.38 17.11 13.15 17.79 Nov. 11.24 11.76 12.96 13.40 17.06 13.17 17.82 'i3!43' 'i9.'66' '2i.'69' Dec. 11.25 11.83 13.11 13.46 17.13 13.19 17.86 1976—Jan.. 11.21 11.76 13.14 13.40 17.08 13.18 17.25 Feb.. 11.18 11.77 13.02 13.24 17.14 13.14 17.37 13.18 19.58 21.13 Mar. 11.13 11.82 13.02 13.13 16.99 13.13 17.48 11.08 11.66 12.95 13.16 17.04 13.13 17.58 May! 11.00 11.61 12.96 13.27 17.02 13.15 17.64 'l3.'35' 'i9!37' 'io.sY June 11.02 11.82 12.99 13.32 17.04 13.17 17.68 July. 11.06 11.80 13.02 13.38 16.91 13.16 17.71 Aug. 11.07 11.84 13.02 13.31 17.01 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

A46 CONSUMER CREDIT • OCTOBER 1976 INSTALWIENT CREDIT-TOTAL OUTSTANDING, AND NET CHANGE (In millions of dollars) 1976 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 1973 1974 1975 Feb. Mar. Apr. May June July Aug. ' g (( d f pen•o ) TOTAL 146,434 155,384 162,237 160,402 160,729 162,334 164,101 166,664 168,674 171,160 By holder: Commercial banks 71,871 75,846 78,703 77,957 78,039 78,982 79,785 80,850 81,930 82,961 35,4(H 36,208 36,695 36,458 36,450 36,745 37,022 37,490 38,026 38,398 Credit unions 19,609 22,116 25,354 25,492 26,025 26,403 26,975 27,842 28,234 28,956 Retailers! 16,395 17,933 18,002 16,769 16,375 16,448 16,465 16,633 16,660 16,911 Others 2 3,155 3,281 3,483 3,726 3,840 3,756 3,854 3,849 3,824 3,934 By type of credit: Automobile, total 50,065 50,392 53,028 53,044 53,650 54,572 55,484 56,667 57,659 58,665 Commercial banks 31,502 30,994 31,534 31,322 31,580 32,162 32,664 33,269 33,877 34,414 Purchased 18,997 18,687 18,353 18,135 18,200 18,472 18,671 18,912 19,151 19,404 Direct 12,505 12,306 13,181 13,187 13,381 13,690 13,993 14,358 14,726 15,010 Finance companies 10,718 10,618 11,439 11,579 11,695 11,903 12,080 12,333 12,573 12,748 7,456 8,414 9,653 9,704 9,908 10,051 10,269 10,601 10,749 11,024 Others 389 366 402 439 467 456 471 464 460 479 Mobile homes: Commercial banks 8,340 8,972 8,704 8,532 8,485 8,439 8,408 8,390 8,384 8,379 Finance companies 3,358 3,524 3,451 3,384 3,363 3,351 3,336 3,343 3,333 3,323 6,950 7,754 8,004 7,973 8,026 8,089 8,209 8,367 8,452 8,562 4,083 4,694 4,965 4,907 4,924 4,978 5,048 5,129 5,192 5,263 Revolving credit: Bank credit cards 6,838 8,281 9,501 9,408 9,221 9,343 9,402 9,531 9,725 9,924 Bank check credit 2,254 2,797 2,810 2,803 2,769 2,775 2,777 2,805 2,835 2,870 AU other, total 68,629 73,664 76,738 75,258 75,215 75,765 76,485 77,561 78,286 79,438 18,854 20,108 21,188 20,985 21,060 21,285 21,486 21,726 21,917 22,112 Personal loans 12,873 13,771 14,629 14,549 14,578 14,743 14,871 15,034 15,148 15,308 Finance companies, total 20,914 21,717 21,655 21,348 21,247 21,350 21,466 21,675 21,983 22,192 Personal loans 16,483 16,961 17,681 17,500 17,434 17,528 17,631 17,811 18,079 18,275 Credit unions 11,564 13,037 14,937 15,020 15,333 15,557 15,894 16,402 16,635 17,060 Retailers 16,395 17,933 18,002 16,769 16,375 16,448 16,465 16,633 16,660 16,911 Others 902 869 956 1,136 1,200 1,125 1,174 1,125 1,091 1,163 Net change (during period) 3 TOTAL 19,676 8,952 6,843 1,123 1,473 1,427 1,474 1,330 1,303 1,403 By holder: Commercial banks 11,001 3,975 2,851 467 552 575 713 409 619 518 4,006 806 483 160 282 326 157 230 264 169 Credit unions 2,696 2,507 3,238 420 514 392 521 482 365 386 Retailers 1,632 1,538 69 58 108 177 5 214 116 183 Others 341 126 202 17 16 -42 78 -5 -61 148 By type of credit: Automobile, total 5,968 327 2,631 614 663 732 652 526 556 621 Commercial banks 4,197 -508 535 303 237 356 340 229 327 377 Purchased 2,675 -310 -340 35 99 162 110 32 60 159 Direct 1,523 -198 875 267 138 194 230 197 267 218 740 -100 821 146 240 224 122 116 108 62 Credit unions 1,024 958 1,239 165 192 151 181 186 135 136 Other.. 7 --2233 3366 — 6 2 9 —4 --1133 4466 Mobile homes: Commercial banks 1,933 632 -268 -53 -18 -52 -37 -42 -28 -35 Finance companies 444 168 -73 — 35 — 11 — 17 * —9 -16 Home improvement, total 1,033 804 248 58 69 39 70 79 19 39 Commercial banks 482 611 271 29 41 26 36 29 22 25 Revolving credit: Bank credit cards 1,430 1,443 1,220 132 192 139 193 98 171 86 Bank check credit 478 543 14 18 16 35 44 14 27 -6 All other, total 8,389 5,036 3,072 389 550 546 570 655 567 714 Commercial banks, total 2,480 1,255 1,080 40 84 70 138 81 101 71 Personal loans 1,492 898 858 27 51 69 112 86 70 46 Finance companies, total 2,564 803 -64 50 43 119 53 115 170 126 Personal loans 1,746 479 717 128 62 116 21 95 143 106 1,591 1,473 1,900 241 307 228 326 282 220 240 Retailers 1,632 1,538 69 58 108 177 5 214 116 183 Others 122 -33 87 1 7 -49 48 -38 -39 96 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • CONSUMER CREDIT A47 INSTALMENT CREDIT EXTENSIONS AND LIQUIDATIONS (In millions of dollars) 1976 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 1973 1974 1975 Feb. Mar. Apr. May June July Aug. Extensions! TOTAL 160,228 160,008 163,483 15,045 15,521 15,003 15,041 15,592 15,240 15,685 By holder: Commercial banks 72,216 72,605 77,131 7,196 7,352 6,989 7,223 7,289 7,358 7,487 Finance companies 38,922 35,644 32,582 3,018 2,945 2,913 2,776 2,986 2,861 2,965 Credit unions 21,143 22,403 24,151 2,248 2,389 2,386 2,448 2,456 2,329 2,313 Retailers 2 25,440 27,034 27,049 2,347 2,596 2,544 2,313 2,650 2,533 2,548 Others 3 2,507 2,322 2,570 236 238 171 280 211 159 372 By type of credit: Automobile, total 46,105 43,209 48,103 4,523 4,689 4,583 4,471 4,600 4,477 4,712 Commercial banks 29,369 26,406 28,333 2,672 2,699 2,677 2,616 2,660 2,680 2,762 Purchased 17,497 15,576 15,761 1,435 1,514 1,475 1,413 1,386 1,417 1,480 Direct 11,872 10,830 12,572 1 ,238 1,185 1,202 1,204 1,274 1,263 1,282 Finance companies 9.303 8,630 9,598 930 990 975 914 935 891 937 Credit unions 7;009 7,788 9,702 881 964 891 892 968 879 928 Others 424 385 470 40 35 40 49 36 27 84 Mobile homes: Commercial banks 4,438 3,486 2,681 211 233 186 182 204 223 186 1,573 1,413 771 55 63 61 49 68 59 54 4,414 4,571 4,398 405 414 413 385 410 381 400 Commercial banks 2,487 2,789 2,722 244 253 259 233 235 240 242 Revolving credit: 13,863 17,098 20,428 2,012 2,118 1,985 2,103 2,088 2,152 2,183 Bank check credit 3,373 4,227 4,024 392 380 394 422 435 401 413 All other, total 86,462 86,004 83,079 7,447 7,624 7,382 7,429 7,786 7,546 7,937 18,686 18,599 18,944 1,665 1,669 1,489 1,667 1,666 1,661 1,702 Personal loans 12,928 13,176 13,386 1,179 1,182 1,081 1,203 1,221 1,174 1,197 27,627 25,316 22,135 2,030 1,890 1,874 1,810 1,981 1,907 1,970 Personal loans 17,885 16,691 17,333 1,685 1,551 1,545 1,465 1,641 1,535 1,607 13,768 14,228 13,992 1,319 1,376 1,446 1,511 1,440 1,403 1,338 Retailers 25,440 27,034 27,049 2,347 2,596 2,544 2,313 2,650 2,533 2,548 941 827 959 86 93 29 127 50 43 180 Liquidations 1 TOTAL 140,552 151,056 156,640 13,923 14,048 13,576 13,566 14,261 13,937 14,282 By holder: Commercial banks 61,215 68,630 74,280 6,729 6,800 6,414 6,510 6,879 6,739 6,970 Finance companies 34,916 34,838 32,099 2,858 2,663 2,587 2,619 2,756 2,597 2,796 18,447 19,896 20,913 1,828 1,875 1,994 1,927 1,974 1,964 1,927 Retailers 2 23,808 25,496 26,980 2,289 2,488 2,367 2,308 2,436 2,417 2,365 2,166 2,196 2,368 219 222 214 202 216 220 224 By type of credit: Automobile, total 40,137 42,883 45,472 3,909 4,026 3,851 3,819 4,074 3,922 4,090 Commercial banks 25,172 26,915 27,798 2,370 2,463 2,321 2,276 2,432 2,354 2,385 Purchased 14,823 15,886 16,101 1,399 1,416 1,313 1,303 1,354 1,357 1,321 Direct 10,349 11,029 11,697 970 1,047 1,008 973 1,077 996 1,064 8,563 8,730 8,777 783 750 751 792 819 784 874 5,985 6,830 8,463 716 772 740 711 783 745 792 Others 417 408 434 40 42 39 39 40 39 39 Mobile homes:. 2,505 2,854 2,949 264 251 237 219 247 251 222 Finance companies 1,129 1,245 844 89 63 72 67 68 68 70 Home improvement, total 3,381 3,767 4,150 348 344 374 314 330 362 361 Commercial banks 2,005 2,178 2,451 216 212 232 197 206 218 216 Revolving credit: Bank credit cards 12,433 15,655 19,208 1,881 1,926 1,846 1,911 1,990 1,981 2,097 Bank check credit 2,894 3,684 4,010 374 364 359 378 421 374 419 All other, total 78,072 80,969 80,007 7,058 7,074 6,836 6,859 7,132 6,979 7,023 Commercial banks, total 16,205 17,345 17,864 1,625 1,584 1,418 1,529 1,585 1,560 1,631 Personal loans 11,435 12,278 12,528 1,151 1,131 1,012 1,091 1,135 1,104 1,151 Finance companies, total 25,063 24,513 22,199 1,981 1,846 1,756 1,758 1,866 1,737 1,844 Personal loans 16,139 16,212 16,616 1,556 1,489 1,429 1,445 1,546 1,392 1,501 Credit unions 12,177 12,755 12,092 1,077 1,069 1,218 1,185 1,158 1,183 1,098 Retailers 23,808 25,496 26,980 2,289 2,488 2,367 2,308 2,436 2,417 2,365 Others 819 860 872 86 86 77 79 87 82 85 1 Monthly figures are seasonally adjusted. 3 Mutual savings banks, savings and loan associations, and auto dealers. 2 Excludes 30-day charge credit held by retailers, oil and gas companies and travel and entertainment companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 INDUSTRIAL PRODUCTION • OCTOBER 1976 INDUSTRIAL PRODUCTION—1976 REVISION (Seasonally adjusted, 1967 = 100) 1967 1975 1975 1976 pro- aver- Grouping por- age tion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.f Sept.® Major market groupings Total index 100.00 117.8 122.1 122.2 123.5 124.4 125.7 127.3 128.1 128.4 129.6 130.1 130.7 131.3 131.3 Products, total 60.71 119.3 122.8 122.4 123.8 124.9 126.0 127.4 128.1 128.0 128.9 129.5 129.7 130.2 130.2 Final products 47.82 118.2 121.5 120.9 122.3 123.5 123.9 125.3 126.4 126.3 127.3 127.6 127.7 128.4 128.1 Consumer goods 27.68 124.0 129.0 128.7 131.1 132.3 133.1 134.9 136.1 136.1 137.4 137.8 137.3 138.3 137.3 Equipment 20.14 110.2 111.3 110.0 110.0 111.5 111.2 112.1 112.9 112.9 113.5 113.8 114.5 115.0 115.4 Intermediate products 12.89 123.1 127.6 128.0 129.3 129.9 133.6 135.3 134.9 134.7 135.0 135.9 136.9 137.1 137.8 Materials 39.29 115.5 121.0 122.0 123.1 123.3 125.3 127.3 128.2 129.2 130.6 131.1 132.3 133.0 133.1 Consumer goods Durable consumer goods 7.89 121.4 132.2 131.9 132.5 134.0 134.7 137.9 140.3 141.1 143.2 144.2 142.2 145.1 140.8 Automotive products 2.83 125.9 142.1 140.8 143.2 147.7 142.8 148.9 155.2 155.2 154.0 156.6 155.8 160.1 146.6 Autos and utility vehicles 2.03 113.7 133.9 133.6 134.7 140.0 133.4 142.0 149.5 152.1 153.4 156.6 155.9 159.4 139.0 Autos 1.90 101.1 118.5 119.1 120.9 122.8 118.9 125.8 133.6 134.3 134.3 137.5 135.0 138.5 120.8 Auto parts and allied goods .80 156.6 162.7 159.0 164.9 167.0 167.4 166.5 169.5 163.1 155.6 156.9 155.7 162.1 165.9 Home goods 5.06 118.8 126.7 127.0 126.5 126.4 130.3 131.7 132.0 133.1 137.2 137.4 134.6 136.9 137.5 Appliances, A/C, and TV 1.40 98.0 107.0 105.3 100.9 101.1 107.8 112.6 114.6 117.2 123.5 123.8 110.7 120.3 120.4 Appliances and TV 1.33 100.2 111.0 109.3 103.7 104.4 110.6 115.2 117.1 119.6 126.4 126.7 114.6 123.2 124.0 Carpeting and furniture 1.07 126.8 141.1 141.9 144.7 142.0 144.8 145.6 141.4 143.0 142.6 142.5 143.0 144.8 Misc. home goods 2.59 126.9 131.4 132.6 132.9 133.6 136.6 136.3 137.9 137.8 142.5 142.6 144.0 142.6 1*43 .'5 Nondurable consumer goods 19.79 125.1 127.6 127.4 130.6 131.5 132.5 133.9 134.4 134.0 135.1 135.1 135.4 135.4 135.9 Clothing 4.29 111.6 116.8 120.4 123.2 123.9 127.4 127.6 130.1 129.6 132.1 127.9 127.6 Consumer staples 15.50 128.8 130.7 129.3 132.5 133.6 133.9 135.7 135.6 135.2 135.8 137.1 137.6 'i37'.8 'i38'.4 Consumer foods and tobacco... 8.33 122.8 125.2 125.3 127.6 127.2 128.5 129.9 129.0 128.4 129.8 130.8 131.7 131.6 Nonfood staples 7.17 135.8 137.1 133.8 138.2 141.0 140.2 142.3 143.3 143.3 142.7 144.5 144.6 145.1 145.3 Consumer chemical products.. 2.63 151.3 150.4 149.8 157.8 159.7 157.3 161.1 163.6 162.1 161.4 165.4 166.2 166.5 Consumer paper products 1.92 107.0 108.0 104.4 107.5 113.4 113.3 113.9 113.4 114.2 113.8 112.3 112.8 113.9 Consumer energy products 2.62 141.6 145.0 139.2 140.9 142.8 142.4 144.3 145.0 145.9 145.1 147.2 146.4 146.1 Residential utilities 1.45 152.3 154.1 148.6 152.0 152.0 154.5 153.7 153.7 153.2 Equipment Business equipment 12.63 128.2 129.2 128.8 129.6 131.6 131.0 132.6 134.0 134.1 134.6 135.0 136.3 136.5 136.9 Industrial equipment 6.77 121.2 121.9 122.1 123.0 124.5 123.5 124.0 125.6 125.3 126.9 127.4 127.2 127.7 127.9 Building and mining equip 1.44 168.3 170.5 172.9 174.9 172.9 171.4 171.5 172.1 170.7 174.6 174.9 176.1 176.9 177.4 Manufacturing equipment 3.85 99.9 100.7 100.5 99.9 101.3 101.2 102.7 104.4 105.4 106.4 106.5 106.7 107.5 108.0 Power equipment 1.47 130.8 129.5 128.9 132.3 137.6 134.6 133.1 135.6 132.7 134.0 135.4 132.6 132.2 131.6 Commercial transit, farm equip.... 5.86 136.3 137.8 136.4 137.2 139.7 139.7 142.4 143.7 144.6 143.7 143.8 146.9 146.9 147.3 Commercial equipment 3.26 157.8 160.4 158.5 159.5 164.4 165.0 166.6 168.5 170.0 169.5 171.4 173.2 173.4 174.0 Transit equipment 1.93 101.9 104.4 102.4 102.8 102.9 100.2 103.7 104.7 105.6 104.2 102.9 107.0 106.2 105.8 Farm equipment .67 130.6 123.7 126.6 127.7 125.6 131.5 135.3 134.7 132.7 133.1 128.0 134.6 135.4 Defense and space equipment 7.51 80.0 81.2 78.5 77.3 77.7 78.0 77.6 77.4 77.3 78.2 78.3 78.0 79.0 79.1 Intermediate products Construction supplies 6.42 116.3 122.3 122.1 123.1 124.1 126.8 129.6 128.7 128.0 130.9 131.8 132.9 133.1 133.8 Business supplies 6.47 129.8 132.8 133.3 135.4 135.9 140.3 140.9 141.2 141.3 139.0 140.1 140.9 141.2 Commercial energy products 1.14 150.6 150.9 147.5 149.8 147.9 158.1 154.0 157.6 156.8 157.1 156.1 157.8 157.1 Materials Durable goods materials 20.35 109.1 114.5 114.6 115.2 115.5 118.3 121.6 122.4 124.5 126.8 127.0 130.4 131.3 130.5 Durable consumer parts 4.58 97.7 110.8 107.2 109.3 111.6 111.7 116.7 118.5 119.2 123.0 123.1 125.5 125.6 122.0 Equipment parts 5.44 118.9 119.0 120.6 122.3 123.9 125.7 127.5 128.5 130.5 133.0 134.0 136.3 137.3 138.0 Durable materials n.e.c 10.34 109.0 113.7 114.8 114.0 112.9 117.4 120.7 121.0 123.5 125.2 125.0 129.5 130.6 130.4 Basic metal materials 5.57 99.1 100.0 99.5 99.5 96.1 101.9 105.1 104.0 107.8 113.2 111 .3 117.5 119.3 Nondurable goods materials 10.47 126.6 138.8 140.3 141.3 142.6 142.9 145.5 146.7 146.9 146.2 147.5 146.5 147.5 148.2 Textile, paper, and chem. mat 7.62 129.0 142.9 144.9 146.2 147.9 147.5 150.5 152.7 152.2 150.9 151.8 151 .3 152.3 153.0 Textile materials 1.85 100.6 118.2 117.3 118.4 118.9 117.8 116.2 115.5 114.1 116.4 116.1 115.5 114.9 Paper materials 1.62 113.2 120.4 121.6 124.4 125.9 126.5 130.0 130.1 132.1 131.2 134.2 133.8 133.4 Chemical materials 4.15 147.9 162.7 166.3 167.2 169.5 168.9 173.9 178.0 177.2 173.9 174.7 174.1 176.5 Containers, nondurable 1.70 127.9 140.2 137.3 134.8 136.1 139.0 142.2 141.3 141.9 140.7 146.6 142.6 143.2 Nondurable materials n.e.c 1.14 108.3 109.1 114.3 118.4 116.7 118.3 117.3 115.1 120.4 123.2 119.6 119.6 120.7 Energy materials 8.48 117.2 114.5 117.0 119.7 118.7 120.6 118.8 119.6 118.8 120.6 120.6 119.4 119.7 '{20.3 Primary energy 4.65 108.3 106.0 109.6 110.5 107.3 107.7 105.4 106.2 105.0 106.2 107.5 106.8 106.4 Converted fuel materials 3.82 128.0 124.8 125.9 130.8 132.3 136.3 135.2 136.0 135.7 138.1 136.7 134.8 136.0 Supplementary groups Home goods and clothing 9.35 115.5 122.1 124.0 125.0 125.2 129.9 129.8 131.1 131.5 134.9 133.0 131 .4 132.3 132.7 Energy, total 12.23 125.5 124.5 124.5 127.1 126.6 128.8 127.5 128.6 128.2 129.3 129.7 128.9 128.8 129.5 Products 3.76 144.3 146.8 141.8 143.7 144.5 147.2 147.1 148.8 149.3 148.8 149.9 149.9 149.5 149.9 Materials 8.48 117.2 114.5 117.0 119.7 118.7 120.6 118.8 119.6 118.8 120.6 120.6 119.4 119.7 120.3 For NOTES see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 o INDUSTRIAL PRODUCTION A49 INDUSTRIAL PRODUCTION—1976 REVISION (Seasonally adjusted, 1967 = 100) 11996677 1975 1976 SSIICC pprroo-- 11997755 GGrroouuppiinngg ccooddee ppoorr-- aavveerr-ttiioonn aaggee Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.^' Sept.® Gross value of products in market structure (Annual rates, in billions of 1972 dollars) Products, total me. 3 505.9 521.5 521.1 527.1 528.4 531.9 544.3 546.0 545.0 551.5 552.4 552.3 556.6 553.2 Final products ^221.4 393.3 405.3 404.0 409.7 410.6 410.9 421.7 423.0 421.8 427.5 428.3 427.9 432.6 427.0 Consumer goods. 1156.3 274.4 284.3 285.0 290.5 292.0 292.3 300.6 299.7 299.9 303.7 305.5 303.5 306.3 302.3 Equipment 165.3 119.0 121.0 119.1 119.3 118.9 119.1 121.1 123.6 122.1 123.7 123.1 124.2 126.2 124.6 Intermediate products. 164.9 112.6 116.1 116.6 117.6 117.9 120.8 122.8 122.6 123.0 123.7 124.1 124.1 124.2 126.0 Major industry groupings Mining and utilities. 12.05 128.5 127.2 127.9 130.5 129.2 131.8 131.5 131.6 131.2 132.0 131.9 130.7 130.9 131.8 Mining 6.36 112.8 111.6 113.8 114.2 112.9 113.6 112.7 113.9 113.5 113.0 114.4 112.3 113.7 114.4 Utilities 5.69 146.0 144.6 143.8 148.8 147.2 152.0 152.5 151.4 150.8 153.0 151.2 151 .4 149.9 151.2 Electric 3.88 160.8 159.0 157.3 165.5 162.3 167.4 168.7 167.3 165.7 169.8 167.2 Manufacturing. 87.95 116.3 121.4 121.2 122.7 123.6 125.2 127.0 127.9 128.5 129.6 130.2 131.2 131.7 131.6 Nondurable. 35.97 126.4 132.9 133.6 136.2 136.9 138.4 140.2 140.7 140.7 140.9 141.3 141.4 141.7 142.4 Durable 51.98 109.3 113.5 112.7 113.4 114.4 115.8 117.9 119.0 120.1 121.7 122.3 124.1 124.9 124.0 Mining Metal mining 10 .51 115.8 113.5 112.5 118.1 117.9 122.2 124.2 122.3 124.3 118.3 118.3 121 .6 126.5 Coal 11,12 .69 113.4 112.6 122.2 125.6 109.9 111.2 109.6 114.4 114.4 119.2 122.7 104.8 112.6 121.4 Oil and gas extraction 13 4.40 113.3 III.8 113.1 112.3 113.1 112.5 110.1 III.9 111.3 no.8 112.3 111 .7 112.4 III.6 Stone and earth minerals 14 .75 107.0 108.0 110.9 112.1 111.5 117.1 120.0 119.3 117.5 116.7 116.5 116.5 114.2 Nondurable manufactures Foods 20 8.75 123.4 126.2 126.4 128.8 128.5 129.2 130.8 128.3 129.2 131.2 130.5 130.9 131.2 Tobacco products 21 .67 111.8 114.1 113.9 118.5 116.0 117.3 118.8 122.4 115.4 114.5 115.4 113.9 Textile mill products. 22 2.68 122.3 138.3 137.5 141.6 139.0 137.6 138.7 136.4 135.7 138.0 138.1 136.8 136.5 Apparel products 23 3.31 107.6 111.5 115.9 118.3 121.2 123.8 128.0 126.3 126.1 130.3 126.8 125.9 Paper and products.., 26 3.21 116.3 124.5 126.5 127.7 129.5 130.3 133.0 132.2 133.9 130.4 139.1 131.8 '134 .'4 •i33!9 Printing and publishing 27 4.72 113.4 114.7 113.2 115.4 118.4 120.0 121.0 121.0 122.0 120.5 119.7 122.0 121.0 119.8 Chemicals and products.... 28 7.74 147.3 154.4 157.5 161.9 163.3 162.9 167.6 170.6 168.7 166.6 170.0 168.5 170.1 Petroleum products 29 1.79 124.1 130.8 125.1 124.9 126.3 125.7 129.1 131.8 131.6 132.7 135.1 134.6 132.2 131.6 Rubber & plastic products. 30 2.24 166.7 187.6 185.1 185.2 185.3 188.4 196.7 203.5 198.2 185.6 189.1 190.7 194.0 Leather and products 31 .86 76.5 80.9 85.8 87.7 83.2 86.0 86.1 86.0 87.7 91.4 84.0 86.8 78.8 Durable manufactures Ordnance, pvt. & govt,.. 19,91 3.64 76.6 75.9 72.0 70.0 70.1 69.9 69.5 69.5 69.1 71.4 73.1 74.0 74.8 73.5 Lumber and products.. 24 1.64 107.6 115.8 116.8 114.1 116.4 123.5 123.9 121.1 122.8 123.0 120.3 125.2 122.8 Furniture and fixtures. . 25 1.37 118.2 128.4 127.9 128.7 130.3 132.7 134.1 130.6 131.7 131.0 130.1 131.6 133.1 Clay, glass, stone prod. 32 2.74 117.9 126.4 127.8 127.5 129.4 128.6 128.5 133.7 132.7 133.9 136.1 137.0 139.0 Primary metals 33 6.57 96.4 97.9 95.4 98.1 92.6 98.1 103.9 I0I.4 105.4 113.2 III.5 116.9 118.2 116.3 Iron and steel 4.21 95.8 93.4 92.0 96.5 89.1 92.9 100.9 97.7 103.5 110.7 110.0 115.3 116.2 112.8 Fabricated metal prod... 34 5.93 109.9 115.3 114.4 116.3 117.3 116.6 120.9 120.2 121.5 121.4 124.0 124.8 126.5 125.9 Nonelectrical machinery. 35 9.15 125.1 125.5 125.4 126.6 128.6 129.0 131.5 132.9 133.5 134.0 133.5 134.8 135.1 134.8 Electrical machinery 36 8.05 116.5 120.2 120.1 120.1 122.7 124.7 126.5 127.8 130.0 131.8 132.0 131.0 132.1 129.9 Transportation equip 37 9.27 97.4 105.9 104.4 104.7 106.7 105.8 109.0 111.2 110.6 112.9 112.6 112.8 114.7 106.4 Motor vehicles & pts 4.50 III 1 126.8 126.5 127.1 130.1 126.7 135.2 140.8 141.3 144.3 146.5 147.3 149.8 132.1 Aerospace «& misc. tr. eq.. 4.77 84.5 86.3 83.6 83.6 84.7 86.1 84.3 83.3 81.7 83.3 80.7 80.3 81.7 82.3 Instruments ""38 2.11 132.3 135.1 136.0 136.4 140.9 142.0 141.8 144.4 145.4 149.0 149.5 151.3 150.0 148.9 Miscellaneous mfrs 39 1.51 128.3 132.1 134.6 137.6 137.3 139.5 140.7 142.5 140.7 145.5 145.9 148.5 142.0 143.7 1 1972 dollars. N.B. Published groupings include some series and subtotals not shown separately. For summary description and historical data, see BULLETIN for June 1976, pp. 470-79. Availability of detailed descriptive and historical data will be announced in a forthcoming BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A50 BUSINESS ACTIVITY; CONSTRUCTION • OCTOBER 1976 SELECTED BUSINESS INDEXES (1967= 100, except as noted) IInndduussttrriiaall pprroodduuccttiioonn Manu- Prices 4 facturing 2 IInn-- CCCCaaaa---- MMaarrkkeett dduussttrryy ppppaaaacccciiiittttyyyy NNNNoooonnnnaaaagggg---uuuuttttiiiilllliiiizzzzaaaa---- CCCCoooonnnn---- rrrriiiiccccuuuullll---- PPPPeeeerrrriiiioooodddd Products ttttiiiioooonnnn ssssttttrrrruuuucccc---- ttttuuuurrrraaaallll TTTToooottttaaaallll WWWhhhooollleee--- TTTToooottttaaaallll iiiinnnn mmmmffffgggg,,,, ttttiiiioooonnnn eeeemmmm---- EEEmmm--- PPPaaayyy--- rrrreeeettttaaaaiiiillll CCCooonnn--- sssaaallleee Final ((((1111999966667777 ccccoooonnnn---- ppppllllooooyyyy---- pppllloooyyy--- rrrooollllllsss ssssaaaalllleeeessss 3333 sssuuummmeeerrr cccooommm--- MMaattee-- MMaannuu-- oooouuuuttttppppuuuutttt ttttrrrraaaaccccttttssss mmmmeeeennnntttt———— mmmeeennnttt mmmooodddiiitttyyy Total Inter- rriiaallss ffaaccttuurr-- ==== 111100000000)))) TTTToooottttaaaallll 1111 Con- Equip- mediate iinngg Total sumer ment goods 1955. 58, .5 56 .7 55 .4 59 .0 50 .4 61 .6 61 .3 58 .2 90 .0 76.9 92 .9 61 .1 59 80.2 87.8 1956. 61 .1 59 .9 58 .6 61 .2 55 .3 64 .4 62 .9 60 .5 88 .2 79.6 93 .9 64 .6 61 81.4 90.7 1957. 61 .9 61 .2 60 .4 62 .7 57, .5 64 .4 62 .8 61 .2 84 .5 80.3 92 .2 65 .4 64 84.3 93.3 1958. 57, .9 58 .7 57, .6 62 , 1 51, .5 62, .9 56 .6 56 .9 75 .1 78.0 83 .9 60 .3 64 86.6 94.6 1959. 64 .8 64 .5 63 .2 68 '.1 56 .5 69 .5 65 .3 64 .1 81 .4 81.0 88 .1 67 .8 69 87.3 94.8 1960. 66, .2 66 .3 65 .3 70 .7 58 .0 69 .9 66 .1 65, .4 80 .1 68.6 82.4 88 .0 68 .8 70 88.7 94.9 1961. 66, .7 67 .0 65 .8 72 .2 57 .3 71, .3 66 .2 65, .6 77 .6 70.2 82.1 84 .5 68 .0 70 89.6 94.5 1962. 72, .2 72 .3 71, .4 77 1 63 .7 75, .7 72 . 1 71, .5 81 .4 78.1 84.4 87 .3 73 .3 75 90.6 94.8 1963. 76, ,5 76 .4 75, .5 81 .3 67, .5 79, .9 76 .7 75, .8 83 .0 86.1 86.1 87 .8 76 .0 79 91.7 94.5 1964. 81,. 7 80 .9 79, .8 85 .8 71 .4 85 .2 82 .9 81 .0 85 .5 89.4 88.6 89 .3 80 .1 83 92.9 94.7 1965. 89,. 8 88,. 2 87, .6 92 .6 80 .7 90, .6 92 .4 89 .7 89 .0 93.2 92.3 93 .9 88 .1 90 94.5 96.6 1966. 97, .7 95 .9 95 .9 97 .3 94 .0 96 .2 100 .7 97, .9 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. 106, ,3 106 .2 106,. 2 105 .9 106 .5 106 .3 106 .5 106 .4 87 .7 113.2 103.2 101 .4 108 .3 109 104.2 102.5 1969. 111,. 1 110 .3 109 .6 109 .8 109 .3 112,. 9 112 .5 111,. 0 86 .5 123.7 106.9 103 .2 116 .6 114 109.8 106.5 1970. 107. ,8 106 .9 105 .3 109 .0 100 .1 112,, 9 109 .2 106,. 4 78,. 3 123.1 107.7 98 1 114,. 1 119 116.3 110.4 1971. 109,, 6 108,. 5 106 .3 114 .7 94 .7 116,. 7 111 .3 108,. 2 75, .0 145.4 108.1 94 '.2 116,. 7 130 121.2 113.9 1972. 119., 7 118 .0 115 .7 124 .4 103 .8 126,. 5 122 .3 118,. 9 78,. 6 165.3 111.9 97 .6 131,. 5 142 125.3 119.8 1973. 129. ,8 127,. 1 124,. 4 131 .5 114,. 5 137,. 2 133 .9 129,. 8 83 .0 179.5 116.8 103 .2 149 .2 160 133.1 134.7 1974. 129,, 3 127 .3 125,. 1 128 .9 120 .0 135,. 3 132 .4 129,. 4 78, .9 169.7 119.1 102 I 157,. 1 171 147.7 160.1 1975. 117., 8 119 .3 118,. 2 124 .0 110 .2 123,. 1 115,. 5 116,. 3 68, .7 166.0 116.9 91 '.4 151,. 0 186 161.2 174.9 1975—Sept 122,, 1 122,. 8 121,, 5 129 .0 111 .3 127,. 6 121 .0 121,. 4 69 .0 157.0 117.4 92 .0 157,. 0 189 163.6 177.7 Oct 122., 2 122,. 4 120,. 9 128 .7 110 .0 128,. 0 122 .0 121 ,,2 166.0 117.8 92, .5 158,. 4 192 164.6 178.9 Nov 123. ,5 123,. 8 122,. 3 131 .1 110,. 0 129,. 3 123 .1 122,. 7 70 .7 148.0 117.8 92 .4 158,. 9 192 165.6 178.2 Dec 124,, 4 124,. 9 123,. 5 132 .3 111,. 5 129,. 9 123 .3 123., 6 137.0 118.1 93 .0 162,. 3 198 166.3 178.7 1976--Jan 125,. 7 126 .0 123,. 9 133 .1 111,. 2 133,. 6 125 .3 125, .2 183.0 118.7 94 .0 165,. 9 197 166.7 179.3 Feb 127,. 3 127 .4 125,. 3 134 .9 112,. 1 135,. 3 127,. 3 127,. 0 • 72,. 1 170.0 119.0 94 .3 165,. 4 201 167.1 179.3 Mar 128, 1 128 .1 126,. 4 136 .1 112,. 9 134,, 9 128,. 2 127, ,9 185.0 119.4 94 .9 167,. 4 204 167.5 179.6 Apr 128,A 128 .0 126,. 3 136 .1 112,. 9 134,. 7 129 .2 128,, 5 189.0 119.9 95 .5 166 .1 205 168.2 181.3 May 129.. 6 128,. 9 127,. 3 137 .4 113,. 5 135,. 0 130 .6 129, ,6 73, .0 205.0 119.8 95 .4 170,. 7 202 169.2 181.8 June 130,, 1 129,. 5 127,. 6 137 .8 113 .8 135, .9 131 .1 130, ,2 187.0 119.9 95 .3 171,. 6 206 170.1 183.1 July 130,, 7 129 .7 127,. 7 137 .3 114, .5 136, .9 132 .3 131, .2 184.0 120.2 95 .1 173,. 2 206 171.1 184.3 Aug 131,, 3 130 .2 128,. 4 138 .3 115,. 0 137, .1 133 .0 131, .7 73, .6 162.0 120.4 95 .3 175,. 7 210 171.9 183.7 Sept 131. .3 130 .2 128, .1 137 .3 115, .4 137, ,8 133,. 1 131, .6 120.8 96 .1 177, .6 184.7 A Revised data for 1955-62, comparable to the revised data beginning Capacity utilization: Based on data from Federal Reserve, McGraw- 1963 shown below, will be published later. Hill Economics Department, and Dept. of Commerce. 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; NOTE.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1975 1976 Type of ownership and 1974 1975 type of construction Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total construction contracts i 93,685 90,237 10,037 7,692 7,767 5,573 5,431 6,390 6,149 8,908 9,408 9,836 10,533 9,774 8,505 By type of ownership: Public 32,062 31,415 3,040 2,725 2,544 1,597 1,724 1,655 1,719 2,192 2,383 3,915 3,136 3,246 2,505 Private i 61,623 58,822 6,997 4,967 5,223 3,976 3,708 4,734 4,430 6,716 7,025 5,921 7,397 6,528 5,999 By type of construction: Residential building i 33,567 31,347 2,784 2,966 3,189 2,404 2,233 2,157 2,546 3,618 4,003 3,955 4,166 4,149 4,099 Nonresidential building 33,131 30,577 2,666 2,526 2,629 1,859 1,865 1,939 1,996 2,561 2,741 2,819 2,805 3,031 2,536 Nonbuilding 26,988 28,313 4,587 2,200 1,949 1,309 1,334 2,294 1,608 2,729 2,664 3,062 3,562 2,594 1,869 Private housing units authorized... 1,074 926 995 1,092 1,111 1,127 1,091 1,147 1,165 1,188 1,082 1,158 1,150 '•1,215 1,298 (In thousands, S.A., A.R.) 1 Because of improved procedures for collecting data for I -family homes, NOTE.—Dollar value of construction contracts as reported by the some totals are not strictly comparable with those prior to 1968. To im- McGraw-Hill Informations Systems Company, F.W. Dodge Division. prove comparability, earlier levels may be raised by approximately 3 per Totals of monthly data may differ from annual totals because adjustments cent for total and private construction, in each case, and by 8 per cent for are made in accumulated monthly data after original figures have been residential building. published. Private housing units authorized are Census Bureau series for 14,000 reporting areas with local building permit systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • CONSTRUCTION A51 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public 1 Nonresidential Period Total 1 Total d R e e n s ti i- al Total Indus- Bu C il o d m in - gs b O u th il e d r - P u i a u t t i n b e i d l l s - i c Total M ta i r l y i- H w ig ay h - d C e v m o v a a n e e n ti s l d n o o e t n p r - - Other trial mercial ings 2 other 196 7 78,082 52,546 25.564 26,982 25,536 695 8,591 2,124 14,126 196 8 87,093 59,488 30.565 28,923 6,021 7,761 4,382 10,759 27,605 808 9,321 1,973 15,503 196 9 93,917 65,953 33,200 32,753 6,783 9,401 4,971 11,598 27,964 879 9,250 1,783 16,052 197 0 94,855 66,759 31,864 34,895 6,518 9,754 5,125 13,498 28,096 718 9,981 1,908 15,489 197 1 109,950 80,079 43,267 36,812 5,423 11,619 5,437 14,333 29,871 901 10,658 2,095 16,217 197 2 124,085 93,901 54,288 39,613 4,676 13,464 5,898 15,575 30,184 1,087 10,429 2,172 16,496 197 3 137,917 105,412 59,727 45,685 6,243 15,453 5,888 18,101 32,505 1,166 10,505 2.313 18,521 197 4 138,526 100,179 50,378 49,801 7,902 15,945 5,797 20,157 38,347 1,188 12,069 2,741 22,349 197 5 132,043 93,034 46,476 46,558 8,017 12,804 5.585 20,152 39,009 1,391 10,345 3,227 24,046 1975_Aug.. 132,178 92.062 46,332 45,730 8,045 12,365 5,581 19,739 40,116 1,403 11,010 3,454 24,249 Sept.. 136,310 95,365 48,375 46,990 7,895 12,369 5,820 20,906 40,945 1.597 10,738 3,429 25,181 Oct... 136,204 95,561 49,396 46,165 7,591 12,418 5,604 20,552 40,643 1,500 10,425 3.314 25,404 Nov.. 138,040 97,346 50,409 46,937 7,720 12,420 5,754 21,043 40,694 1,617 10,389 3,575 25,113 Dec.. 137,833 98.063 52,061 46,002 7,582 12,209 5,608 20,603 39,770 1,583 10,423 3.670 24,094 1976—Jan.'-. 136,713 99,345 52,755 46,590 7,522 11,479 5,843 21,746 37,368 1,505 9,808 3,295 22,760 Feb.^ 139,030 102,635 55,227 47,408 7,842 12,762 6,024 20,780 36,395 1.598 9,018 3,751 22,028 Mar.*" 145,085 107,068 58,119 48,949 7,605 13,346 5,957 22,041 38,017 1,454 9,632 3,385 23,546 Apr.r 143,901 106,004 58,398 47,606 7,227 12,604 5,567 22,208 37,897 1,522 10,575 3,774 22,026 May''. 142,840 106,626 58,346 48,280 6,967 12,331 5,967 23,015 36,214 1,423 9,901 3,546 21,344 June 146,444 107,528 59,555 47,973 6,738 12,006 6,499 22,730 38,916 1,368 10,292 3,674 23,582 July.. 145,174 108,408 60,589 47,819 6,097 12,574 6,178 22,970 36,766 1,446 8,030 3.671 23,619 Aug.f 146,410 109,143 60,248 48,895 6,543 12,324 6.586 23,442 37,267 1,439 1 Data beginning Jan. 1976 are not strictly comparable with prior data 2 Includes religious, educational, hospital, institutional, and other buildbecause of change by Census Bureau in its procedure for estimating con- ings. struction outlays of State and local governments. Such governments accounted for 86 per cent of all public construction expenditures in 1974. NOTE.—Census Bureau data; monthly series at seasonally adjusted annual rates. PRIVATE HOUSING ACTIVITY (In thousands of units) Starts Completions Under construction New 1-family homes sold (end of period) and for sale i Median prices Units (in thousands MMMooobbbiiillleee of dollars) of PPPeeerrriiioooddd hhhooommmeee units 11-- 22--oorr-- 11-- 22--oorr-- 11-- 22--oorr-- ssshhhiiippp--- TToottaall ffaammiillyy mmoorree TToottaall ffaammiillyy mmoorree TToottaall ffaammiillyy mmoorree mmmeeennntttsss ffaammiillyy ffaammiillyy ffaammiillyy For sale For Sold (end of Sold sale period) 1967 11,,229922 884444 444488 224400 448877 119900 2222..77 2233..66 1968 11,,550088 889999 660088 1,320 859 461 331188 449900 221188 2244..77 2244 66 1969 1,467 811 656 1,399 807 591 885 350 535 413 448 228 25.6 27.0 1970 1,434 813 621 1,418 802 617 922 381 541 401 485 227 23.4 26.2 1971 2,052 1,151 901 1,706 1,014 692 1,254 505 749 497 656 294 25.2 25.9 1972 2,357 1,309 1,047 1,971 1,143 828 1,586 640 947 576 718 416 27.6 28.3 1973 2,045 1,132 913 2,014 1,174 840 1,599 583 1,016 567 620 456 32.5 32.9 1974 1,338 888 450 1,692 931 760 1,189 516 673 329 501 407 35.9 36.2 1975 1,160 892 268 1,297 866 430 1,003 531 472 216 544 383 39.3 38.9 1975—Aug 1,264 979 285 1,267 880 387 1,033 526 507 225 573 378 38.2 37.8 Sept 1,304 966 338 1,315 969 346 1,033 528 505 228 571 384 39.7 38.2 Oct 1,431 1,093 338 1,115 738 377 1,057 556 501 235 610 389 40.7 38.4 Nov 1,381 1,048 333 1,386 992 394 1,056 560 496 230 660 381 41.1 38.6 Dec 1,283 962 321 1,329 993 336 1,041 558 482 224 641 378 42.1 38.9 1976—Jan 1,236 957 279 1,213 926 287 1,042 564 478 263 573 379 41.6 39.1 Feb 1,547 1,295 252 1,299 953 346 1,053 584 469 287 679 384 42.7 39.3 Mar 1,417 1,110 307 1,399 1,032 367 1,057 594 463 244 573 389 43.6 39.6 Apr 1,367 1,055 312 1,266 986 280 1,061 599 462 237 '•628 394 '•43.3 39.8 May 1,422 1,065 357 '^1,360 '•934 '•426 '•1,055 '^603 452 260 541 '•399 '•43.8 40.2 June 1,510 1,139 371 1,355 1,039 316 1,066 611 455 233 582 406 46.2 40.5 July 1,391 1,130 261 1,248 991 257 1,070 620 450 224 609 410 45.1 40.7 Aug. 11,,554422 11,,119955 334477 224444 1 Merchant builders only. for mobile homes, which are private, domestic shipments as reported by the Mobile Home Manufactured Housing Institute and seasonally ad- NOTE.—All series except prices, seasonally adjusted. Annual rates for justed by Census Bureau. Data for units under construction seasonally starts, completions, mobile home shipments, and sales. Census data except adjusted by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A52 EMPLOYMENT o OCTOBER 1976 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) PPPeeerrriiioooddd iii ppp nnn TTT ((( ooo sss ooo NNN ttt ppp ttt iii aaa ... ttt uuu SSS uuu lll lllaaa ttt ... nnn iii AAA ttt ooo ooo iii ... nnn ooo ))) nnn nnn aaa --- lll lllaaa ((( bbb NNN NNN ooo ... ooo rrr SSS ttt ... fff AAA ooo iiinnn rrr ... ))) ccc eee TTT l ( l ( l ( fff aaa SSS ooo ooo bbb rrr ... ttt ccc AAA ooo aaa eee rrr ... lll ))) TToottaall Total E In in m c d n u p u o l l t s o n u t y a r r e i a g e d l r s i - i agric In u lture UU ppll nn oo ee yy mm eedd -- UUU ((( nnn ppp eee mmm rrr eee SSS aaa mmm rrr ... eee ttt ccc AAA eee ppp nnn eee ... 222 ttt ))) lll nnn ooo ttt yyy ;;; --- 1970 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1971 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 1972 145,775 56,785 88,991 86,542 81,702 78,230 3,472 4,840 5.6 1973 148,263 57,222 91,040 88,714 84,409 80,957 3,452 4,304 4.9 1974 150,827 57,587 93,240 91,011 85,935 82,443 3,492 5,076 5.6 1975 153,449 58,655 94,793 92,613 84,783 81,403 3,380 7,830 8.5 1975 Sept 154,052 59,087 95,298 93,128 85,158 81,646 3,512 7,970 8.6 Oct 154,256 58,825 95,377 93,213 85,151 81,743 3,408 8,062 8.6 Nov 154,476 59,533 95,272 93,117 85,178 81,877 3,301 7,939 8.5 Dec 154,700 59,812 95,286 93,129 85,394 82,158 3,236 7,735 8.3 1976—Jan 154,915 60,110 95,624 93,484 86,194 82,851 3,343 7,290 7.8 Feb 155,106 60,163 95,601 93,455 86,319 83,149 3,170 7,136 7.6 Mar 155,325 60,065 95,866 93,719 86,692 83,513 3,179 7,027 7.5 Apr 155,516 59,898 96,583 94,439 87,399 83,982 3,417 7,040 7.5 May 155,711 59,988 96,699 94,557 87,697 84,368 3,329 6,860 7.3 June 155,925 57,674 96,780 94,643 87,500 84,206 3,294 7,143 7.5 July 156,142 56,817 97,473 95,333 87,907 84,566 3,341 7,426 7.8 Aug 156,367 57,530 97,634 95,487 87,981 84,557 3,424 7,506 7.9 Sept 156,595 59,476 97,348 95,203 87,819 84,533 3,286 7,384 7.8 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 fa g c- Mining c C o o n t n i s o t t r n r a u c c t - Tr t a i p o n u n s b p a l o ic n r d ta - Trade Finance Service G m ov e e n r t n utilities 70,920 19,349 623 3,536 4,504 15,040 3,687 11,621 12,561 71,216 18,572 603 3,639 4,457 15,352 3,802 11,903 12,887 73,711 19,090 622 3,831 4,517 15,975 3,943 12,392 13,340 1973 76,896 20,068 644 4,015 4,644 16,674 4,091 13,021 13,739 1974 78,413 20,046 694 3,957 4,696 17,017 4,208 13,617 14,177 1975 76,987 18,342 745 3,462 4,499 16,949 4,473 13,996 14,771 SEASONALLY ADJUSTED 1975—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 77,574 18,482 766 3,409 4,496 17,010 4,248 14,188 14,975 Dec 77,796 18,568 769 3,406 4,477 17,080 4,2.64 14,229 15,003 1976—Jan 78,179 18,722 764 3,428 4,494 17,233 4,266 14,307 14,965 Feb 78,368 18,763 763 3,375 4,517 17,326 4,266 14,360 14,998 Mar 78,630 18,877 770 3,366 4,498 17,386 4,276 14,422 15,035 Apr 78,963 18,973 772 3,399 4,510 17,444 4,293 14,498 15,074 May 78,923 18,964 773 3,386 4,498 17,439 4,278 14,514 15,071 June 78,943 18,950 779 3,362 4,477 17,460 4,297 14,557 15,061 July 79,176 18,933 788 3,373 4,500 17,567 4,303 14,623 15,089 Aug 79,317 18,968 749 3,344 4,500 17,611 4,315 14,696 15,134 Sept.2' 79,561 19,113 788 3,331 4,495 17,641 4,345 14,755 15,093 NOT SEASONALLY ADJUSTED 1975—Sept 77,614 18,694 758 3,659 4,503 17,084 4,243 14,113 14,560 Oct 78,193 18,687 763 3,620 4,503 17,136 4,238 14,185 15,061 Nov 78,339 18,635 763 3,522 4,509 17,313 4,235 14,174 15,188 Dec 78,527 18,584 763 3,338 4,477 17,737 4,243 14,158 15,227 1976—Jan 77,091 18,495 756 3,061 4,440 17,026 4,223 14,049 15,041 Feb 77,339 18,545 752 3,014 4,445 16,926 4,228 14,188 15,241 Mar 77,906 18,679 759 3,103 4,462 17,028 4,246 14,307 15,322 Apr 78,688 18,813 766 3,270 4,474 17,295 4,276 14,498 15,296 May 79,115 18,872 775 3,386 4,494 17,405 4,278 14,616 15,289 June 79,900 19,117 795 3,523 4,531 17,552 4,344 14,775 15,168 July 78,891 18,821 804 3,582 4,540 17,517 4,368 14,784 14,475 Aug 79,170 19,160 763 3,611 4,527 17,552 4,371 14,814 14,372 Sept.f 79,859 19,396 794 3,511 4,531 17,681 4,349 14,755 14,802 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

OCTOBER 1976 • PRICES A53 CONSUMER PRICES (1967 = 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m i e p e r - - F c a o o u n i a l e d l l tr e G a i l c e n a i d c s t - y o n F p i a n i u e s n g r h d r s - a - - A u p p a p k n e a d e r e p l T p t r o i a o r n t n a s - - Total M c ic a e a r d e l - s c P o a e n r r e a - l r R e a i c e n n r a g e d d a - - g O s a o e t n o h r d v d e - s r tion tion ices 1929 51.3 48.3 76.0 48.5 1933 38.8 30.6 54.1 36.9 1941 44.1 38.4 "53.'7' 57.2 "46.'5' 44.8 "44;2' "37.'6' "ii.'i" "47 .'7' "49 .'2' 1945 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56.9 1960 88.7 88.0 90.2 91.7 "86.'3' 89.2 98.6 "9^*8' 89.6 89.6 "ssli' 79.1 90.1 87.3 87.8 1965 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 95.9 94.2 196 6 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 97.5 97.2 196 7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 196 8 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 196 9 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 197 0 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 197 1 121.3 118.4 124.3 115.2 133.7 117.5 114.7 118.1 119.8 118.6 122.2 128.4 116.8 119.3 120.9 197 2 125.3 123.5 129.2 119.2 140.1 118.5 120.5 121.0 122.3 119.9 126.1 132.5 119.8 122.8 125.5 1973...., 133.1 141.4 135.0 124.3 146.7 136.0 126.4 124.9 126.8 123.8 130.2 137.7 125.2 125.9 129.0 197 4 147.7 161.7 150.6 130.6 163.2 214.6 145.8 140.5 136.2 137.7 140.3 150.5 137.3 133.8 137.2 197 5 161 .2 175.4 166.8 137.3 181.7 235.3 169.6 158.1 142.3 150.6 153.5 168.6 150.7 144.4 147.4 1975—Aug 162.8 178.1 167.7 138.0 182.8 235.7 171.2 158.8 142.3 153.6 154.6 170.9 151.4 144.7 148.1 Sept 163.6 177.8 168.9 138.4 183.9 238.7 174.0 160.1 143.5 155.4 155.4 172.2 152.1 146.0 148.0 Oct 164.6 179.0 169.8 139.3 184.8 243.3 174.2 160.9 144.6 156.1 156.3 173.5 152.9 146.6 148.5 Nov 165.6 179.8 171.3 139.9 186.8 246.5 176.8 161.6 145.5 157.4 156.5 173.3 153.6 147.0 148.9 Dec 166.3 180.7 172.2 140.6 187.8 248.7 179.0 162.0 145.2 157.6 157.5 174.7 154.6 147.5 149.8 1976—Jan 166.7 180.8 173.2 141.2 188.8 248.9 179.5 163.7 143.3 158.1 158.6 176.6 155.7 148.2 150.5 Feb 167.1 180.0 173.8 142.1 188.6 249.4 181.9 165.2 144.0 158.5 159.7 178.8 157.0 148.5 151.3 Mar 167.5 178.7 174.5 142.7 188.7 247.6 183.7 166.6 145.0 159.8 160.6 180.6 157.4 149.0 151.8 168.2 179.2 174.9 143.2 188.9 246.6 184.4 167.4 145.7 161.3 161.4 181.6 158.3 149.5 152.5 uly 169.2 180.0 175.6 143.8 189.6 246.2 186.1 167.9 146.8 163.5 162.1 182.6 158.9 150.3 152.9 June 170.1 180.9 176.5 144.4 190.7 247.3 187.9 168.5 146.9 165.9 162.8 183.7 159.8 150.9 153.2 July 171.1 182.1 177.5 145.0 192.2 248.1 189.6 168.9 146.5 167.6 163.9 185.5 160.5 151.2 153.6 Aug 171 .9 182.4 178.4 145.6 193.4 249.3 190.3 169.1 148.1 168.5 164.4 186.8 161.6 151.4 153.8 NOTE.—Bureau of Labor Statistics index for city wage earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities AAllll PPrroo-- PPeerriioodd mm cc tt oo ii oo ee mm dd ss ii -- -- pp FF uu rr aa cc oo rr tt dd mm ss -- cc ff ff ee oo ee aa ss oo ee nn ss dd dd dd ee ss ss dd Total t T e il e t e c x s . - , H e id tc e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u e tc b r . , - L b e u e t m c r . , - P e a t p c e . r, M e a t e ls c t , . - e c m M a q e h e n u r i a y n d n i - p - t - F t u e u t r r c e n . , i - N t e m m a r o i l a e l n n i l - c s - - T e p m t r q o i a e o u r n n n t i a p s t! - - - n c M e e o i ll s u a - s - 1960. 94. .9 97.2 89.5 95 .3 99.5 90,. 8 96.1 101.8 103.1 95.3 98.1 92 .4 92.0 99.0 97.2 93.0 1965. 96. ,6 98.7 95.5 96 .4 99.8 94,. 3 95.5 99.0 95.9 95.9 96.2 96 .4 93.9 96.9 97.5 95.9 1966. 99. .8 105.9 101.2 98 .5 100.1 103,. 4 97.8 99.4 97.8 100.2 98.8 98 .8 96.8 98.0 98.4 97.7 1967. 100,. 0 100.0 100.0 100 .0 100.0 100 .0 100.0 100.0 100.0 100.0 100.0 100 .0 100.0 100.0 100.0 100.0 1968. 102.. 5 102,. 5 102.2 102 .5 103.7 103,. 2 98.9 99.8 103.4 113.3 101.1 102 .6 103.2 102.8 103.7 102.2 1969. 106., 5 109 107.3 106 .0 106.0 108 .9 100.9 99.9 105.3 125.3 104.0 108 .5 106.5 104.9 107.7 100.8 105.2 1970. 110.A 111,. 0 112.0 110 .0 107.2 110 .1 105.9 102.2 108.6 113.7 108.2 116 .7 111.4 107.5 113.3 104.5 109.9 1971 . 113.. 9 112,. 9 114.3 114 .0 108.6 114,. 0 114.2 104.2 109.2 127.0 110.1 119 .0 115.5 109.9 122.4 110.3 112.8 1972. 119,, 1 125.. 0 120.8 117 .9 113.6 131 .3 118.6 104.2 109.3 144.3 113.4 123 .5 117.9 111.4 126.1 113.8 114.6 1973. 134.. 7 176.. 3 148.1 125 .9 123.8 143 .1 134.3 110.0 112.4 177.2 122.1 132 .8 121.7 115.2 130.2 115.1 119.7 1974. 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 1975. 174,. 9 186.. 7 182.6 171 .5 137.9 148 .5 245.1 181.3 150.2 176.9 170.4 185 .9 161.4 139.7 174.0 141.5 147.7 1975—Sept 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 Oct 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 Nov 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 Dec 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 1976—Jan 179,. 3 192,. 8 179.4 177 .3 145.1 157,. 5 257.3 184.2 152.4 190.5 174.8 187 .7 167.0 143.1, 181.1 148.7 151.8 Feb 179,. 3 191 .0 176.4 178 .0 146.3 159 .9 255.7 184.9 154.2 196.0 175.8 189 .2 167.7 143.4 181.3 148.8 152.1 Mar 179,. 6 187,. 2 175.8 178 .9 146.7 162,. 0 255.7 185.6 155.5 202.3 176.9 190,. 6 168.2 143.9 182.5 149.1 152.6 Apr 181., 3 192.. 9 178.0 180.. 0 147.4 165,. 4 256.9 187.1 156.7 203.3 178.5 192., 9 168.9 144.4 185.2 149.2 152.4 May 181,. 8 192,. 6 179.9 180 .4 147.0 169,. 6 257.2 186.9 157.1 202.3 179.2 194,. 0 169.4 144.8 185.6 149.0 152.7 June 183,. 1 196 .5 181.8 181 .3 148.1 167 .4 260.3 187.1 157.2 199.8 179.5 196,. 4 170.2 145.3 186.0 149.1 154.4 July 184,. 3 196 .9 182.6 182 .6 149.0 169 .8 265.0 187.0 158.2 203.7 180.5 198,. 7 170.9 145.7 186.9 149.2 153.8 Aug 183 .7 189 .3 176.8 183 .6 149.2 171 .3 269.1 187.7 161.0 207.5 181.0 199,. 0 171.4 146.1 187.7 150.2 153.5 Sept 184 .7 191 .8 177.1 184 .7 149.0 173 .6 270.9 188.5 163.6 212.7 181.6 200, ,0 172.9 146.5 188.2 151.0 153.9 1 Dec. 1968= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 NATIONAL PRODUCT AND INCOME • OCTOBER 1976 GROSS NATIONAL PRODUCT (In billions of dollars) 1975 1976 Item 1950 1970 1972 1973 1974 1975 III IV Gross national product. 286.2 982.4 1,171.1 1,306.6 1,413.2 1,516.3 1,482.3 1,548.7 1,588.2 1,636.2 1,675.2 Final purchases 279.4 978.6 1,161.7 1,288.6 1,402.5 1,531.0 1,512.3 1,550.6 1,592.5 1,621.4 1,659.2 Personal consumption expenditures. 192.0 618.8 733.0 809.9 887.5 973.2 960.3 987.3 1,012.0 1,043.6 1,064.7 Durable goods 30.8 84.9 111.2 123.7 121.6 131.7 127.0 136.0 141.8 151.4 155.0 Nondurable goods 98.2 264.7 299.3 333.8 376.2 409.1 405.8 414.6 421.6 429.1 434.8 Services 63.0 269.1 322.4 352.3 389.6 432.4 427.4 436.7 448.6 463.2 474.9 Gross private domestic investment 53.8 140.8 188.3 220.0 215.0 183.7 164.4 196.7 201.4 229.6 239.2 Fixed investment 47.0 137.0 178. 202.1 204.3 198.3 194.3 198.6 205.7 214.7 223.2 Nonresidential 27.1 100.5 116.8 136.0 149.2 147.1 145.8 146.1 148. 153.4 157.9 Structures 9.3 37.7 42.5 49.0 54.1 52.0 51.2 51.8 52. 53.2 54.9 Producers' durable equipment. 17.8 62.8 74.3 87.0 95.1 95.1 94.6 94.3 96.6 100.2 103.0 Residential structures 19.9 36.6 62.0 66.1 55.1 51.2 48.6 52.6 57.0 61.3 65.3 Nonfarm 18.7 35.1 60.3 64.3 52.7 49.0 46.7 50.2 54.2 58.6 62.9 Change in business inventories 6.8 3.8 9.4 17.9 10.7 -14.6 -30.0 -2.0 -4.3 14.8 16.0 Nonfarm 6.0 3.7 14.7 12.2 -17.6 -31.2 -4.2 -9.5 12.7 17.3 Net exports of goods and services. 1.9 3.9 -3.3 7.1 7.5 20.5 24.4 21.4 21.0 8.4 9.3 Exports 13.9 62.5 72.7 101.6 144.4 148.1 142.9 148.2 153.7 154.1 160.3 Imports 12.0 58.5 75.9 94.4 136.9 127.6 118.5 126.8 132.7 145.7 151.0 Government purchases of goods and services. 38.5 218.9 253.1 269.5 303.3 339.0 333.2 343.2 353. 354.7 362.0 Federal 18.7 95.6 102.1 102.2 111.6 124.4 122.4 124.6 130.4 129.2 131.2 National defense 14.0 73.5 73.5 73.5 77.3 84.3 83.4 84.6 87.1 86.2 86.0 Other 4.7 22. 28.6 28.7 34.3 40. 39.0 40.0 43.2 42.9 44.2 State local 19.8 123.2 151.0 167.3 191.6 214.5 210.9 218.6 223. 225.5 230.9 Gross national product in 1972 dollars 533.5 1,075.3 1,171.1 1,235.0 1,214.0 1,191.7 1,177.1 1,209.3 1,219.2 1,246.3 1,260.0 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series, see the Survey of Current Business, Jan. 1976. NATIONAL INCOIVIE (In billions of dollars) 1975 1976 IItteemm 11995500 11997700 11997722 11997733 11997744 11997755 II III IV I II National income 236.2 798.4 951.9 1,064.6 1,135.7 1,207.6 1,182.7 1,233.4 1,264.6 1,304.7 1,337.4 Compensation of employees 154.8 609.2 715.1 799.2 875.8 928.8 912.9 935.2 963.1 994.4 1,017.2 Wages and salaries 147.0 546.5 633.8 701.2 764.5 806.7 792.8 811.7 836.4 861.5 881.1 Private 124.4 430.5 496.2 552.6 604.1 630.8 619.0 634.4 654.1 676.1 692.4 Government and govt, enterprises 22.6 116.0 137.6 148.6 160.4 175.8 173.8 177.3 182.2 185.4 188.7 Supplements to wages and salaries 7.8 62.7 81.4 98.0 111.3 122.1 120.1 123.5 126.7 132.9 136.2 Employer contributions for social insurance 4.2 30.7 39.4 49.3 55.8 59.7 58.7 60.2 61.6 65.9 67 A 3.7 32.0 42.0 48.7 55.5 62.5 61.4 63.3 65.2 67.1 69.0 Proprietors' income with inventory valuation and capital consumption adjustments 38.4 65.1 76.1 92.4 86.9 90.2 86.8 95.5 97.2 93.2 100.3 24.9 51.2 58.1 60.4 61.1 65.3 62.7 66.3 69.0 71.4 72.8 Farm 13.5 13.9 18.0 32.0 25.8 24.9 24.1 29.2 28.3 21.9 27.5 Rental income of persons with capital consumption adjustment 7.1 18.6 21.5 21.6 21.0 22.4 22.3 22.4 22.9 23.3 23.1 Corporate profits and inventory valuation adjustment and without capital consumption adjustment 3377..66 66.4 89.6 97.2 87.8 103.1 97.9 117.9 119.1 129.6 131.8 Profits before tax 42.6 71.5 96.2 115.8 127.6 114.5 105.8 126.9 131.3 141.1 146.2 Profits tax liability 17.9 34.5 41.5 48.7 52.4 49.2 44.8 54.8 57.2 61.4 63.5 Profits after tax 24.7 37.0 54.6 67.1 75.2 65.3 61.0 72.1 74.1 79.7 82.7 Dividends 8.8 22.9 24.6 27.8 30.8 32.1 31.9 32.6 32.2 33.1 34.4 Undistributed profits 15.9 14.1 30.0 39.3 44.4 33.2 29.1 39.5 41.9 46.6 48.3 Inventory valuation adjustment -5.0 -5.1 -6.6 -18.6 -39.8 -11.4 -7.8 -9.0 -12.3 -11.5 -14.4 -4.0 1.5 2.5 1.9 -3.0 -11.6 -11.4 -12.6 -13.5 -14.5 -15.4 Net interest 2.3 37.5 47.0 52.3 67.1 74.6 74.0 74.9 75.8 78.6 80.3 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

OCTOBER 1976 • NATIONAL PRODUCT AND INCOME A55 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1975 1976 Item 1950 1970 1972 1973 1974 1975 III IV Gross national product 286.2 982.4 1,171.1 1,306.6 1,413.2 1,516.3 1,482.3 1,548.7 1,588.2 1,636.2 1,675.2 Less: Capital consumption allowances with capital consumption adjustment 23.9 90.8 105.4 117.7 137.7 161.4 158.7 164.4 169.5 173.6 177.7 Indirect business tax and nontax liability 23.4 94.0 111.0 120.2 128.4 138.7 136.5 141.5 144.1 144.9 148.2 Business transfer payments .8 4.0 4.7 5.4 5.6 6.3 6.2 6.4 6.6 6.8 7.0 Statistical discrepancy 2.0 -2.1 1.7 2.6 6.6 4.4 .1 5.1 6.1 7.2 5.8 Plus: Subsidies less current surplus of government enterprises .1 2.7 3.6 3.9 2.0 1.9 2.1 2.7 .9 .7 Equals: National income 236.2 798.4 951.9 1,064.6 1,135.7 1,207.6 1,182.7 1,233.4 1,264.6 1,304.7 1,337.4 Less: Corporate profits with inventory valuation and capital consumption adjustments 33.7 67.9 92.1 99.1 84.8 91.6 86.6 105.3 105.6 115. 116.4 Net interest 2.3 37.5 47.0 52.3 67.1 74.6 74.0 74.9 75.8 78.6 80.3 Contributions for social insurance 7.1 58.7 73.6 91.5 103.4 109.7 108. 110.3 112.6 119.3 121.4 Wage accruals less disbursements Plus: Government transfer payments to persons. 14.4 75.9 99.4 113.5 134.6 168.9 169.3 172.7 176.0 181.8 180.6 Personal interest income 8.9 64.3 74.6 84. 101.4 110.7 109.0 111.0 114.4 118.0 120.7 Dividends 22.9 24.6 27.8 30.8 32.1 31.9 32.6 32.2 33.1 34.4 Business transfer payments 4.0 4.7 5.4 5.6 6.3 6.2 6.4 6.6 6.8 7.0 Equals: Personal income 226.1 801.3 942.5 ,052.4 ,153.3 ,249.7 ,230.3 ,265.5 ,299.7 ,331.3 L,362.0 Less: Personal tax and nontax payments. 20.6 115.3 141.2 150.8 170.4 168.8 142.2 174.0 179.8 183.8 189.5 Equals: Disposable personal income 205.5 685.9 801.3 901.7 982.9 ,080.9 ,088.2 ,091.5 ,119.9 ,147.6 [,172.5 Less: Personal outlays 194.7 635.4 751.9 831.3 910.7 996.9 983.6 ,011.1 ,036.2 ,068.0 ,089.6 Personal consumption expenditures 192.0 618.8 733.0 809.9 887.5 973.2 960.3 987.3 ,012.0 ,043.6 ,064.7 Interest paid by consumer to business 2.3 15.5 17.9 20.2 22.2 22.8 22.4 22.8 23.3 23.4 23.9 Personal transfer payments to foreigners (Net) .4 1.1 1.0 1.3 1.0 .9 .9 .9 .9 1.0 1.0 Equals: Personal saving 10.8 50.6 49.4 70.3 72.2 84.0 104.5 80.5 83.7 79.5 82.9 Disposable personal income in (1972) dollars. 361.9 741.6 801.3 854.7 855.5 869.7 857.1 867.5 880.4 890.5 NOTE.—Dept. of Commerce estimates. Quarterly data seasonally adjusted totals at annual rates. See also NOTE to table at top of opposite page. PERSONAL INCOME (In billions of dollars) 1975 1976 Item 1974 1975 Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug.^ Total personal income. 1153.3 1249.7 1267.5 1277.1 1290.8 1300.2 1308.2 1320.8 1331.4 1341.9 1352.5 1362.9 1370.4 1383.4 1389.5 Wage and salary disbursements 765.0 806.7 813.0 819. 828.5 836.6 844.0 854.2 861.4 868.8 876.9 883.3 883.1 892.0 896.5 Commodity-producing industries.. 273.9 275.3 276.4 279. 282.9 285.7 288.6 292.8 294.9 298.4 301.7 303.5 303. 306.5 306.6 Manufacturing only 211.4 211.7 212.9 215, 218.1 220.1 222.8 227.2 229.4 2J2.2 234.8 235.8 236.2 238.0 239.1 Distributive industries 184.4 195.6 197.9 198. 200.9 202.5 203.5 206.5 208.8 209.8 212.3 213.9 212.4 214.9 215.7 Service industries 145.9 159.9 161.6 162. 163.6 166.0 168.8 170.8 172.4 174.1 175.3 177.2 177.7 179.9 182.4 Government 160.9 175.8 177.1 178. 181.1 182.4 183.2 184.2 185.4 186.6 187.6 188.7 189.6 190.7 191.7 Other labor income 55.5 62.5 63.3 63.9 64.5 65.2 65.8 66.4 67. 67.7 68.4 69.0 69.7 70.4 71.1 Proprietors' income with inventory valuation and capital consumption adjustments 86.9 90.2 96.1 97.5 97.1 97.2 95.2 92.4 92.2 96.0 100.0 105.0 103.1 99.8 Business and professional 61.1 65.3 66.5 68.3 68.7 69.9 70.6 71.3 72.2 72.7 72.5 73.4 73.8 74.0 Farm 25.8 24.9 29.6 29.2 28.4 27.3 24.6 21.1 20.0 23.3 27.5 31.6 29.2 25.7 Rental income of persons with capital consumption aaddjjuussttmn ent 21.0 22.4 22.5 22. 22.9 22.9 22.9 23.2 23.4 23.3 23.3 23.4 22.7 23.4 23.2 Dividends 30.8 32. 32.6 32. 32.9 32.9 30.8 32.9 33.3 33.0 33.4 33.9 35.9 35.2 35.4 Personal interest income 101.4 110.7 110.9 112. 113.2 114.4 115.5 116.7 117.9 119.3 120.0 120.7 121.5 123.0 125.8 Transfer payments 140.3 175.2 179.3 180. 182.1 182.1 183.4 185.3 189.2 191.3 188.7 187.1 186.8 191.3 192.9 Less: Personal contributions for social insurance 47.6 50.0 50.2 50.4 50.7 51.0 51.4 53.1 53.4 53.7 54.1 54.4 54.3 54.9 55.1 Nonagricultural income. 1117.3 1213.4 1226.5 1236. 1249.9 1260.0 1269.1 1284.4 1298.6 1310.1 1317.3 1323.3 1326.6 1341.8 1351.2 Agricultural income.... 36.0 36.3 41.0 41. 40.9 40.2 39.1 36. 32.8 31.8 35.2 39.6 43.8 41.6 38.3 NOTE.—Dept. of Commerce estimates. Monthly data 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

A56 FLOW OF FUNDS • OCTOBER 1976 SUMMARY OF FUNDS RAISED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1975 1976 Transaction category, or sector 1967 1968 1969 1970 1971 1972 1973 1974 1975 HI H2 HI Credit market funds raised by nonfinancial sectors 1 Total funds raised by nonfinaneia] sectors 83. 8 98.0 93.9 100.6 150.9 176. 8 197. 6 187. 1 211. 6 185. 1 238.1 245. 6 1 2 Excluding equities 81., 3 98.0 90.0 94.8 139.5 166., 3 190. 0 183. 3 201. 6 174,. 6 228.7 232. 3 2 3 U.S. Government 13., 0 13.6 -3.7 11.9 24.7 15., 2 8. 3 12. 0 85., 2 81,, 0 89.4 74. 6 3 4 Public debt securities 8,, 9 10.5 -1.3 12.9 26.0 14., 3 7. 9 12. 0 85. 8 82,. 2 89.5 74. 7 4 5 Agency issues and mortgages 4,, 1 3.1 -2.4 -1.0 -1.3 1., 0 4 * —. 6 — 1.,2 —, 1 — 1 5 6 All other nonfinancial sectors 70,. 8 84.5 97.5 88.7 126.2 161. 6 189! 4 175. 1 126. 4 104 .1 148.6 171. 0 6 7 Corporate equities 2,. 4 * 3.9 5.8 11.5 10., 5 7. 7 3. 8 9.. 9 10,. 5 9.4 13. 3 7 8 Debt instruments 68.. 3 84.5 93.7 83.0 114.7 151., 7 181.. 7 777. 3 116.. 4 93 .6 139.2 757.. 8 8 9 Private domestic nonfinancial sectors 66 .7 81.6 93.9 86.0 121.0 157. 6 183. 1 159. 8 113,, 5 95 .5 131.4 155. 9 9 10 Corporate equities 2,. 4 -.2 3.4 5.7 11.4 10., 9 7. 9 4. 1 9,, 9 10 .3 9.5 12.. 9 10 11 Debt instruments 64 .4 8J.8 90.5 80.3 109.6 146.. 7 775,. 3 755.. 7 103.. <5 85 .2 121.9 142.. 9 11 12 Debt capital instruments 46.. 0 51.6 52.9 60.2 86.7 102,, 7 106., 7 101.. 2 101,. 5 97 .0 106.0 116,. 8 12 13 State and local obligations 7,. 8 9.5 9.9 11.2 17.5 15,A 16., 3 19. 6 17,. 3 16 .2 18.4 17.. 9 13 14 Corporate bonds 14,. 7 12.9 12.0 19.8 18.8 12,. 2 9., 2 19., 7 27,, 2 33 .4 21.0 24,. 7 14 15 Home mortgages 13 .3 16.9 J8.4 14.3 28.5 42.. 5 46.. 4 34. .6 41. 34 .5 48.3 56.. 7 15 16 Multifamily residential mortgages 3 .6 3.S 4.9 6.9 9.7 12.. 7 10.. 4 7.. 0 — .5 -1 .3 .3 .8 16 17 Commercial mortgages 4 .7 6.6 5.8 7.1 9.8 16 .4 18.. 9 15., 7 10.. 9 8 .6 13.2 10.. 4 17 18 Farm mortgages 2 .0 2.2 1.8 .8 2.4 3.. 6 5., 5 5., 7 5.. 2 5 .6 4.7 6.. 3 18 19 Other debt instruments 18 .4 30.2 37.6 20.1 22.8 44,. 0 68., 6 54., 6 2.. 1 -11 .8 16.0 26., 2 19 20 Consumer credit 4,. 5 10.0 10.4 5.9 11.6 18,. 6 21., 7 9., 8 8,. 5 1 .1 16.0 19,, 4 20 21 Bank loans n.e.c 9 .6 13.8 15.5 6.7 6.5 18,. 1 34,, 8 26., 2 -14, .0 -23 .2 -4.8 -13. ,6 21 22 Open market paper 1 .7 1.5 1.8 2.6 -.4 .8 2., 5 6., 8 -2, .2 — .2 -4.2 8., 5 22 23 Other 2,. 6 5.0 9.9 5.0 5.1 6.. 5 9., 6 11., 8 9,. 7 10 .4 9.0 11., 9 23 24 By borrowing sector 66 .7 81.6 93.9 86.0 121.0 157,. 6 183. 159., 8 113,. 5 95 .5 131.4 155., 9 24 25 State and local governments 7 .9 9.8 10.7 11.3 17.8 15,. 2 14.! 8 18. 1 15,. 1 14 .2 16.1 16., 4 25 26 Households 22 .2 31.7 34.1 25.2 42.0 64,. 7 73., 5 45.. 2 50,, 3 40 .0 60.6 74., 4 26 27 Farm 3 .3 2.8 3.1 2.3 4.5 5,. 8 9., 7 7. 9 9,. 3 9 .4 9.3 10.. 7 27 28 Nonfarm noncorporate 4 .4 5.3 7.5 5.7 10.4 13,. 1 12., 3 6., 7 1,. 2 .8 3.3 5,. 7 28 29 Corporate 28 .9 32.0 38.6 41.5 46.3 58,. 8 72.. 9 81., 9 37,. 4 32 .8 42.1 48,. 7 29 30 Foreign 4 .0 2.8 3.7 2.7 5.2 4 .0 6., 2 15., 3 12 .9 8 .6 17.2 15 .1 30 31 Corporate equities . 1 .2 .5 . 1 * — .4 —, ,2 — .2 * 1 -.1 .3 31 32 Debt instruments 4 .0 2.7 3.2 2.7 5.2 4 .4 6.. 4 75,, 5 12 .9 8 .5 17.3 14 32 33 Bonds 1 .2 1.1 1.0 .9 .9 1 .0 1., 0 2., 1 6,. 2 5 .7 6.7 7.. 6 33 34 Bank loans n.e.c — .3 -.5 -.2 -.3 2.1 3 .0 2,, 8 4. ,7 4,. 0 .6 7.4 4., 0 34 35 Open market paper .5 -.2 .3 .8 .3 — 1. 0 ,9 7. 1 — .1 -1 .2 1.0 ,4 35 36 U.S. Government loans 2 .6 2.2 2.1 1.3 1.8 1 .5 1 .7 1., 6 2,. 8 3 .4 2.2 2., 8 36 37 Memo: U.S. Govt, cash balance 1 .2 -1.2 .5 2.8 3.2 —, .3 -i. .7 -4. .6 2,. 9 .5 5.2 10., 5 37 Totals net of changes in U.S. Govt, cash balances:. 38 Total funds raised 82 .6 99.2 93.4 97.8 147.7 177 .1 199,. 3 191,. 7 208,. 7 184 .5 232.9 235., 1 38 39 By U.S. Government 11 .8 14.8 -4.1 9.1 21.6 15 .5 9,. 9 16., 6 82,. 3 80 .4 84.2 64,. 1 39 Credit market funds raised by financial sectors 1 Total funds raised by financial sectors 2.0 17., 2 35,, 2 17.8 18.0 29.1 56.7 44,, 6 15.2 14.3 16.1 24.2 1 2 Sponsored credit agencies . 1 4.. 0 9,. 5 9.8 5.9 8.4 19.9 23, 1 14.1 14.0 14.2 16.2 2 3 U.S. Government securities -.6 3., 2 9,. 1 8.2 1.1 3.5 16.3 16,. 6 2.3 1.4 3.3 3.9 3 4 Mortgage pool securities .7 ,5 .7 1.6 4.8 4.9 3.6 5,. 8 10.9 11.5 10.2 12.3 4 5 Loans from U.S. Government -.1 ,2 —, .3 .7 .9 1.1 .6 * 5 6 Private financial sectors 2.0 13!, 2 25,. 8 ""8.0 "ii.'i "26 .'7 "36." 8 21!. 5 1.1 .3 2.0 8.0 6 7 Corporate equities 3.1 6., 5 6,. 3 4.8 3.5 2.8 1.5 .0 1.0 1.0 .3 7 8 Debt instruments -7.7 6., 7 19.. 5 3.2 8.6 18.0 35.3 20.. 5 .7 1.0 7.7 8 9 Corporate bonds .7 ,4 .8 2.7 3.8 5.1 3.5 2,, 1 2.9 2.5 3.3 6.1 9 10 Mortgages 1.0 ,4 .2 .7 2.1 1.7 -1.2 — 1.,3 2.3 1.2 3.4 1.2 10 11 Bank loans n.e.c -2.0 1.. 5 1,. 5 3.5 6.8 14.0 7,. 5 -3.9 -4.7 -3.2 -3.2 11 12 OOppeenn mmaarrkkeett ppaappeerr aanndd RRPP''ss 1.8 3.. 4 12,. 9 -1.5 1.9 4.4 11.8 5,, 5 2.8 7.6 -1.9 5.9 12 13 LLooaannss ffrroomm FFHHLLBB''ss -2.5 .9 4,. 0 1.3 -2.7 * 7.2 6,. 7 -4.0 -7.3 -.6 -2.3 13 14 TToottaall ffuunnddss rraaiisseedd,, bbyy sseeccttoorr 2.0 17!. 2 35,. 2 17.8 18.0 29.1 56.7 44 ,6 15.2 14.3 16.1 24.2 14 15 SSppoonnssoorreedd ccrreeddiitt aaggeenncciieess -.6 3,. 5 8,. 8 8.2 3.5 16.3 17,, 3 3.2 2.5 4.0 3.9 15 16 Mortgage pools .7 ,5 .7 1.6 4!8 4.9 3.6 5,, 8 10.9 11.5 10.2 12.3 16 17 Private financial sectors 2.0 13!, 2 25!. 8 8.0 12.1 20.7 36.8 21,, 5 1.1 .3 2.0 8.0 17 18 Commercial banks * .8 2,. 4 * 3.4 4.8 8.1 .5 1.7 5.7 -2.3 8.4 18 19 Bank affihates • 4,. 3 -1.9 -.4 .7 2.2 3!. 5 .3 .9 -.3 -1.3 19 20 Foreign banking agencies .2 , 1 1.6 .8 5.1 2,. 9 -.3 -.9 .2 -1.5 20 21 Savings and loans associations -1.7 1!. 1 A.. 1 1.8 —. 1 2.0 6.0 6,. 3 -2.1 -7.8 3.6 -.7 21 22 Other insurance companies . 1 .2 .5 .4 .6 .5 .5 .9 .8 .8 .8 .7 22 23 Finance companies .6 4!. 4 .0 2.1 2.5 6.2 9.4 4!. 5 1.1 -.8 3.0 8.0 23 24 REIT's • .7 1,. 4 2.7 3.1 6.3 6.5 1,. 1 -2.4 -1.6 -3.1 -3.4 24 25 OOppeenn eenndd iinnvveessttmmeenntt ccoommppaanniieess 3.0 5!. 9 4 .9 2.8 1.3 -.5 -1.2 —, .5 .8 1.5 .1 -1.4 25 26 MMoonneeyy mmaarrkkeett ffuunnddss 2, .4 1.3 2.6 » -.7 26 Total credit market funds raised, all sectors, by type 1 Total funds raised 85.8 115.3 129.1 118.3 169.0 206.0 254.3 231.7 226.8 199.3 254.2 269.8 1 2 Investment company shares 3.0 5.9 4.9 2.8 1.3 -.5 -1.2 .5 .8 1.5 -1.4 2 3 Other corporate equities 2.5 .6 5.2 7.7 13.7 13.8 10.4 5.4 10.2 10.0 1O!3 15.0 3 4 Debt instruments 80.2 108 .7 119.0 107.8 154.0 192.7 245.2 226 .8 215.8 187.8 243.8 256.2 4 5 U.S. Government securities 13.2 17.4 6.2 21.7 30.7 23.7 28.3 34.5 98.5 93.7 103.2 90.7 5 6 State and local obligations 7.8 9,. 5 9.9 11.2 17.5 15.4 16.3 19.6 17.3 16.2 18.4 17.9 6 7 Corporate and foreign bonds 16.6 14.4 13,. 8 23.3 23.5 18.4 13.6 23.9 36.3 41.6 31.0 38.4 7 8 Mortgages 24.5 29., 5 31,. 1 29.8 52.4 76.7 79.9 60.5 59.2 48.7 69.8 75.4 8 9 Consumer credit 4.5 10.0 10.4 5.9 11.6 18.6 21.7 9.. 8 8.5 1.1 16.0 19.4 9 10 Bank loans n.e.c 7.3 14.8 16,. 8 6.3 12.1 27.8 51.6 38.4 -13.9 -27.3 -.6 -12.8 10 11 Open market paper and RP's 3.9 4.8 15,. 1 1.9 1.8 4.1 15.2 19.4 .5 6.2 -5.1 14.9 11 12 Other loans 2.5 8.3 15,. 8 7.7 4.2 8.0 18.5 20. 8 9.4 7.6 11.2 12.4 12 NOTE.—Full statements for sectors and transaction types quarterly, and Flow of Funds Section, Division of Research and Statistics, Board of annually for flows and for amounts outstanding, may be obtained from Governors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 d FLOW OF FUNDS A57 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1975 1976 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11996677 11996688 11996699 11997700 11997711 11997722 11997733 11997744 11997755 HI H2 HI 1 Total funds advanced in credit markets to nonfinancial sectors 81.3 98.0 90.0 94.8 139.5 166.3 190.0 183.3 201.6 174.6 228.7 232.3 1 By public agencies and foreign 2 Total net advances 12.0 13.0 16.5 29.2 43.4 19.8 34.2 51.0 44.2 50.1 38.2 51.5 2 3 U.S. Government securities 6.9 3.3 .5 15.1 34.4 7.6 9.6 11.9 22.5 32.6 12.4 26.7 3 4 Residential mortgages 2.6 3.3 5.1 6.5 7.0 7.0 8.2 14.7 16.7 15.9 17.6 9.3 4 5 FHLB advances to S&L's -2.5 .9 4.0 1.3 -2.7 » 7.2 6.7 -4.0 -7.3 -.6 -2.3 5 6 Other loans and securities 5.2 5.5 6.9 6.2 4.6 5.1 9.2 17.8 8.9 8.9 8.8 17.8 6 Totals advanced, by sector 7 U.S. Government 4.7 5.2 3.1 2.8 2.8 1.8 2.8 8.1 15.7 15.7 15.7 4.8 7 8 Sponsored credit agencies .6 3.8 9.4 11.1 5.2 9.2 21.4 25.6 15.1 15.9 14.2 18.1 8 9 Monetary authorities 4.8 3.7 4.2 5.0 8.9 .3 9.2 6.2 8.5 6.9 10.1 13.7 9 10 Foreign 2.0 .3 -.3 10.3 26.4 8.4 .7 11.2 4.8 11.6 -1.9 14.9 10 11 Agency borrowing not included in line 1 .1 4.0 9.5 9.8 5.9 8.4 19.9 23.1 14.1 14.0 14.2 16.2 11 Private domestic funds advanced 12 Total net advances 69.3 89.0 82.9 75.4 102.0 154.9 175.7 155.3 171.6 138.4 204.7 197.0 12 13 U.S. Government securities 6.3 14.1 5.6 6.6 -3.7 16.1 18.7 22.6 76.0 61.2 90.8 64.0 13 14 State and local obligations 7.8 9.5 9.9 11.2 17.5 15.4 16.3 19.6 17.3 16.2 18.4 17.9 14 15 Corporate and foreign bonds 16.0 13.8 12.5 20.0 19.5 13.1 10.0 20.9 32.8 38.9 26.7 31.3 15 16 Residential mortgages 14.3 17.0 18.1 14.6 31.1 48.0 48.5 26.9 24.1 17.4 30.8 48.3 16 17 Other mortgages and loans 22.4 35.5 40.8 24.4 35.0 62.3 89.3 71.9 17.4 -2.5 37.3 33.3 17 18 Less: FHLB advances -2.5 .9 4.0 1.3 -2.7 4> 7.2 6.7 -4.0 -7.3 -.6 -2.3 18 Private financial intermediation 19 Credit market funds advanced by private financial institutions 63.6 75.9 57.4 77.0 109.7 149.4 163.8 126.2 116.7 99.2 134.3 132 A 19 20 Commercial banks 35.8 38.7 18.6 35.0 50.6 70.5 86.5 64.6 27.6 13.6 41.5 21.3 20 21 Savings institutions 15.0 15.4 14.6 17.4 39.1 47.2 36.0 27.0 52.0 51.3 52.7 66.7 21 22 Insurance and pension funds 12.9 13.8 13.3 17.1 14.2 17.8 23.8 30.1 38.9 36.4 41.3 42.0 22 23 Other finance -.1 8.0 10.8 7.5 5.9 13.8 17.4 4.5 -1.7 -2.2 -1.3 2.4 23 24 Sources of funds 63.6 75.9 57.4 77.0 109.7 149.4 163.8 126.2 116.7 99.2 134.3 132.4 24 25 Private domestic deposits 49.8 45.9 2.3 60.7 89.4 96.9 86.4 73.4 91.5 90.6 92.3 90.6 25 26 Credit market borrowing -1.1 6.7 19.5 3.2 8.6 18.0 35.3 20.5 . 1 -.8 1.0 7.7 26 27 Other sources 14.9 23.3 35.6 13.1 11.6 34.5 42.1 32.2 25.1 9.3 41.0 34.1 27 28 Foreign funds 2.3 2.6 9.6 -8.1 -3.9 5.3 6.9 14.5 -.4 -5.7 5.0 -.8 28 29 Treasury balances .2 -.2 2.9 2.2 .7 -1.0 -5.1 -1.7 -3.5 .1 3.1 29 30 Insurance and pension reserves 11.4 11.4 10.8 13.3 8.6 11.6 18.4 26.0 29.9 27.4 32.5 31.5 30 31 Other, net 1.0 9.5 15.1 5.1 4.7 16.8 17.8 -3.2 -2.7 -9.0 3.5 .2 31 Private domestic nonfinancial investors 32 Direct lending in credit markets 4.6 19.8 45.0 1.6 .9 23.6 47.2 49.6 55.0 38.5 71.4 72.4 32 33 U.S. Government securities -1.1 8.6 17.5 -7.1 -10.8 4.2 19.4 17.9 23.6 4.4 42.8 28.6 33 34 State and local obligations -2.6 -.1 8.2 -1.3 .5 3.1 7.5 12.2 9.7 10.5 8.9 9.2 34 35 Corporate and foreign bonds 3.8 3.8 5.4 9.5 8.3 4.2 .9 5.3 10.1 12.6 7.5 11.8 35 36 Commercial paper 1.8 4.2 10.0 -3.1 -.1 3.0 12.5 6.2 4.3 6.0 2.7 6.9 36 37 Other 2.6 3.3 4.0 3.6 3.1 9.1 6.9 8.1 7.2 5.0 9.4 15.8 37 38 Deposits and currency 51.8 48.5 5.1 64.2 92.8 101.3 90.3 79.7 97.7 96.0 99.4 94.9 38 39 Time and saving accounts 38.8 33.7 -2.2 55.3 79.1 83.7 76.2 67.4 84.8 75.0 94.6 81.8 39 40 Large negotiable CD's 4.3 3.5 -13.7 15.0 7.7 8.7 18.4 23.6 -9.7 -22.3 2.9 -23.1 40 41 Other at commercial banks 17.9 17.2 3.1 23.6 31.8 29.7 29.4 21.4 35.4 34.4 36.4 39.0 41 42 At savings institutions 16.6 13.0 8.4 16.6 39.6 45.4 28.4 22.4 59.2 63.0 55.4 65.9 42 43 Money 13.0 14.8 7.3 8.9 13.7 17.6 14.1 12.3 12.8 21.0 4.7 13.1 43 44 Demand deposits 11.0 12.3 4.5 5.4 10.4 13.2 10.2 6.0 6.6 15.6 -2.4 8.8 44 45 Currency 2.0 2.5 2.8 3.5 3.4 4.4 3.9 6.3 6.2 5.3 7.1 4.3 45 46 Total of credit market instr., deposits, and currency. 56.5 68.3 50.2 65.8 93.8 124.9 137.5 129.3 152.6 134.5 170.7 167.2 46 47 Private support rate (in per cent) 14.8 13.3 18.4 30.8 31.1 11.9 18.0 27.8 21.9 28.7 16.7 22.2 47 48 Private financial intermediation (in per cent).... 91.7 85.3 69.2 102.1 107.5 96.4 93.2 81.2 68.0 71.6 65.6 67.2 48 49 Total foreign funds 4.3 2.9 9.4 2.2 22.5 13.7 7.6 25.7 4.5 6.0 3.0 14.2 49 Corporate equities not included above 1 Total net issues 5.6 6.5 10.1 10.5 15.0 13.3 9.2 4.9 11.0 11.5 10.4 13.6 2 Mutual fund shares 3.0 5.9 4.9 2.8 1.3 -.5 -1.2 -.5 .8 1.5 .1 -1.4 3 Other equities 2.5 .6 5.2 7.7 13.7 13.8 10.4 5.4 10.2 10.0 10.3 15.0 4 Acquisitions by financial institutions. 9.3 11.3 13.0 10.6 17.8 15.3 13.3 5.5 8.3 9.2 7.4 11.5 5 Other net purchases -3.7 -4.8 -2.9 -.1 -2.9 -2.1 -4.1 -.7 2.6 2.3 3.0 2.1 Notes 29. Demand deposits at commercial banks. Line 30. Excludes net investment of these reserves in corporate equities. 1. Line 2 of p. A-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 45. Mainly an offset to line 9. security issues backed by mortgage pools. 46. Lines 32 plus 38 or line 12 less line 27 plus line 45. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 47. Line 2/line 1. Also sum of lines 27, 32, 39, and 44. 48. Line 19/line 12. 17. Includes farm and commercial mortgages. 49. Lines 10 plus 28. 25. Lines 39 plus 44. 26. Excludes equity issues and investment company shares. Includes Corporate equities line 18. Lines 1 and 3. Includes issues by financial institutions. 28. Foreign deposits at commercial banks, bank borrowings from foreign branches, and liabilities of foreign banking agencies to foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 U.S. INTERNATIONAL TRANSACTIONS • OCTOBER 1976 1. U.S. INTERNATIONAL TRANSACTIONS—SUMMARY (In millions of dollars. Quarterly figures are seasonally adjusted except as noted.^ 1975'- 1976 Line Credits (+), debits (-) 1973 1974 1975'- II III IV IP Merchandise exports 71,410 98,310 107,088 25,851 26,562 27,657 26,836 28,450 Merchandise imports 70,499 103,679 98,058 22,568 24,483 25,437 28,510 29,735 Merchandise trade balance 2. 911 -5,369 9,030 3,283 2,079 2,220 -1,674 -1,285 Military transactions, net -2,287 -2,083 -883 -378 -115 12 -5 -13 Investment income, net 5,178 10,227 6,007 1,531 1,682 1,670 2,279 2,157 Other service transactions, net. 102 812 2,163 648 619 455 458 715 Balance on goods and services ' 3,905 3,586 16,316 5,084 4,265 4,357 1,058 1,574 Unilateral transfers -3,883 -7,185 -4,620 -1,146 -1,044 -1,251 -1,118 -872 Remittances, pensions, and other transfers .. -1,945 -1,710 -1,727 -434 -429 -433 -483 -441 U.S. Government grants (excluding military). -1,938 -5,475 -2,893 -712 -615 -818 -635 -431 Balance on current account. 22 -3,598 11,697 3,938 3,221 3,106 -60 702 Not seasonally adjusted. . 3,934 513 4,305 1,479 625 13 U.S. Govt, capital transactions, other than official reserve assets, net (outflow,-) -1,492 1,089 -1,731 -422 -401 -453 798 -234 14 Change in U.S. official reserve assets (increase,—). 209 -1,434 -607 -29 -342 89 -773 -1,578 15 Gold 16 SDK's -172 -66 -16 -25 -21 -45 14 17 Reserve position in IMF -33 -1,265 -466 -7 -95 -57 -237 -798 18 Foreign currencies 233 3 -75 -6 -222 167 -491 -794 19 Change in U.S. private assets abroad (increase,—). -13,998 -32,323 -27,523 -7,074 -3,297 -10,375 -8,615 -6,228 20 Bank-reported claims -5,980 -19,494 -13,487 -3,820 -617 -5,348 -3,582 -4,665 21 Long-term -933 -1,183 -2,373 -381 -608 -943 -250 -338 22 Short-term -5,047 -18,311 -11,114 -3,439 -9 -4,405 -3,332 -4,327 23 Nonbank-reported claims -2,378 -3,221 -1,521 59 -972 -972 -751 -579 24 Long-term -396 -474 -441 55 -139 -379 -187 233 25 Short-term -1,982 -2,747 -1,081 4 -833 -593 -564 -812 26 U.S. purchase of foreign securities, net -671 -1,854 -6,206 -979 -938 -2,361 -2,525 -1,448 27 U.S. direct investments abroad, net -4,968 -7,753 -6,307 -2,334 -770 -1,694 -1,757 463 28 Change in foreign official assets in the United States (increase,+). 5,145 10,257 5,166 1,913 -1,977 2,272 2,460 3,162 29 U.S. Treasury securities 114 3,282 4,338 818 -2,847 1,069 1,998 2,151 30 Other U.S. Govt, obligations 582 902 891 65 25 307 68 316 31 Other U.S. liabilities reported by U.S. banks 4,126 5,818 -2,158 591 320 134 -275 4 32 Other foreign official assets 323 254 2,095 439 525 762 669 691 33 Change in foreign private assets in the United States (increase,+). 12,220 21,452 8,427 1,576 4,313 3,103 1,454 3,197 34 U.S. bank-reported liabilities 4,702 1166,,001177 647 776 1,639 691 675 3,586 35 Long-term 227 99 -300 -287 -114 146 -91 23 36 Short-term 4,475 16,008 947 1,063 1,753 545 766 3,563 37 U.S. nonbank-reported liabilities 1,035 1,615 171 58 -141 -68 24 -479 38 Long-term 298 -212 345 77 -99 10 -332 -308 39 Short-term 737 1,827 -174 -19 -42 -78 356 -171 40 Foreign private purchases of U.S. Treasury securities, net.... -214 697 2,667 -423 2,125 213 453 -586 41 Foreign purchases of other U.S. securities, net 4,041 378 2,505 385 738 1,038 1,030 130 42 Foreign direct investments in the United States, net 2,656 2,745 2,437 780 -48 1,229 -728 547 43 Allocations of SDR's 44 Discrepancy -2,107 4,557 4,570 98 -1,517 2,258 4,736 979 45 Owing to seasonal adjustments -39 -2,561 1,275 1,348 -108 46 Statistical discrepancy in recorded data before seasonal adjustment -2,107 4,557 4,570 137 1,044 983 3,388 1,087 Memoranda: Changes in official assets: U.S. official reserve assets (increase,—) 209 -1,434 -607 -29 -342 89 -773 -1,578 Foreign official assets in the U.S. (increase,-f-) 5,145 10,257 5,166 1,913 -1,977 2,272 2,460 3,162 Transfers under military grant programs (excluded from lines 1, 4, and 10 above) 2,809 1,817 2,232 1,202 56 177 50 95 1 Seasonal factors are no longer calculated for capital transactions— excludes special military sales from exports and U.S. Govt, interest paylines 14 through 49. ments from imports. 2 Adjusted to a balance of payments basis; among other adjustments, excludes military transactions and includes imports into the Virgin NOTE.—Data are from U.S. Dept. of Commerce, Bureau of Economic Islands. Analysis, Survey of Current Business. A detailed description of items in 3 Differs from the definition of "net exports of goods and services" in this revised format of U.S. International Transactions will appear in a the national income and product (GNP) account. The GNP definition future issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • FOREIGN TRADE; U.S. RESERVE ASSETS A59 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports 1 Imports 2 Trade balance 1973 1974 1975 1976 1973 19743 1975 1976 1973 19743 1975 1976 Month: Jan..., 4,955 7,150 9,374 9,103 5,244 6,498 9,633 9,176 -289 +652 -259 -73 Feb.. . 5,070 7,549 8,756 8,800 5,483 7,318 7,927 8,941 -413 +231 +829 -141 Mar... 5,311 7,625 8,681 8,956 5,414 7,742 7,467 9,607 -103 -117 + 1,215 -651 5,494 8,108 8,649 9,394 5,360 8,025 7,959 9,596 + 133 +83 +690 -202 M?y!! 5,561 7,652 8,222 9,578 5,703 8,265 7,263 9,182 -142 -612 +958 +396 June.. 5,728 8,317 8,716 9,716 5,775 8,577 7,103 10,094 -47 -260 +1,613 -377 July... 5,865 8,307 8,871 10,022 5,829 8,922 7,832 10,849 +37 -615 +1,039 -827 Aug... 6,042 8,379 8,980 9,688 6,011 9,267 7,877 10,446 +32 -888 + 1,103 -758 Sept... 6,420 8,399 9,104 5,644 8,696 8,196 +776 -297 +908 Oct.. . 6,585 8,673 9,226 5,996 8,773 8,169 + 589 -100 + 1,056 Nov... 6,879 8,973 9,409 6,684 8,973 8,201 + 195 + 1,208 Dec... 6,949 8,862 9,250 6,291 9,257 8,522 +658 -395 +728 Quarter: I 15,336 22,325 26,811 26,859 16,140 21,558 25,026 27,723 -804 +767 +1,785 -864 I I 16,783 24,077 25,586 28,688 16,839 24,867 22,325 28,872 -56 -790 +3,261 -184 III.... 18,327 25,085 26,955 17,483 26,885 23,904 +844 -1,800 + 3,051 IV.... 20,413 26,508 27,885 18,972 27,003 24,892 + 1,441 -495 +2,993 Year4... 70,823 97,908 107,130 69,476 100,251 96,116 + 1,347 -2,343 11,014 1 Exports of domestic and foreign merchandise (f.a.s. value basis); basis. For calendar 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) E y n e d a r o f Total Tot G a o l2 l d st T o r c e k a 1 s ury v c fo e u C c r r r o i e t r e i e n i b s g - n l n e - pp RR oo II ee ss MM ss iinn ii ee FF tt ii rr oo vv nn ee SDR's3 E m n o d n t o h f TToottaall Tota G l2 o ld s T to re c a k sury vv cc ffoo ee CC uu cc rr rr rr oo ee ii tt rr ee ii ee nn ii bb ss gg -- nn ll nn ee -- pp RR oo II ee ss MM ss iinn ii ee FF tt ii rr oo vv nn ee SSDDRR''ss 33 1961.. 18,753 16,947 16,889 116 1,690 1975— 1962.. 17,220 16,057 15,978 99 1,064 Sept.... 16,291 11,599 11,599 247 2,144 2,301 1963.. 16,843 15,596 15,513 212 1,035 Oct.... 16,569 11,599 11,599 413 2,192 2,365 1964.. 16,672 15,471 15,388 432 769 Nov.... 16,592 11,599 11,599 423 2,234 2,336 Dec.... 16,226 11,599 11,599 80 2,212 2,335 1965.. 15,450 13,806 13,733 781 863 1966.. 14,882 13,235 13,159 1,321 326 1976— 1967.. 14,830 12,065 11,982 2,345 420 Jan 16,622 11,599 11,599 333 2,314 2,376 1968.. 15,710 10,892 10,367 3,528 1,290 Feb.... 16,661 11,599 11,599 296 2,390 2,376 1969.. 416,964 11,859 10,367 42,781 2,324 Mar.... 16,941 11,599 11,599 571 2,420 2,351 17,437 11,598 11,598 936 2,578 2,325 1970.. 14,487 11,072 10,732 629 1,935 851 May'! 17,958 11,598 11,598 938 3,113 2,309 1971 .. 512,167 10,206 10,132 5 276 585 1,100 June... 18,477 11,598 11,598 1,365 3,198 2,316 19726. 13,151 10,487 10,410 241 465 1,958 July. . . 18,246 11,598 11,598 864 3,466 2,318 19737 . 14,378 11,652 11,567 8 552 2,166 Aug 18,586 11,598 11,598 845 3,818 2,325 1974. . 15,883 11,652 11,652 5 1,852 2,374 Sept.... 818,946 11,598 11,598 1,039 8 3,952 82,357 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 September amounted to $2,453 million, reserve position in IMF, $4,034 5 Includes $28 million increase in dollar value of foreign currencies million, and total U.S. reserves assets, $19,124. 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 6 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 GOLD RESERVES • OCTOBER 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 $42.22 thereafter) Esti- Intl. Esti- China, End of mated Mone- United mated Algeria Argen- Aus- Aus- Bel- Canada Rep. of Den- Egypt period total tary States rest of tina tralia tria gium (Taiwan) mark world 1 Fund world 1970. 41,275 4,339 11,072 25,865 191 140 239 707 1,470 791 82 65 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 28,575 208 152 281 791 1,638 834 87 69 92 1973. 49,850 6,478 11,652 31,720 231 169 312 881 1,781 927 97 77 103 1974. 49,800 6,478 11,652 31,670 231 169 312 882 1,781 927 97 76 103 1975—Sept.. 49,750 6,478 11,599 31,675 231 169 312 882 1,781 927 97 76 103 Oct.. 6,478 11,599 231 169 312 882 1,781 927 97 76 103 Nov., 6,478 11,599 231 169 312 882 1,781 927 97 76 103 Dec.. 49,740 6,478 11,599 31,665 231 169 312 882 1,781 927 97 76 103 1976—Jan.... 6,478 11,599 231 169 312 882 1,781 927 97 76 103 Feb.... 6,478 11,599 231 169 312 882 1,781 927 97 76 103 Mar... 49,490 6,478 11,599 31,415 231 169 312 882 1,781 916 94 76 103 6,478 11,598 231 169 312 882 1,781 916 94 76 103 May.' ; 6,478 11,598 231 169 312 882 1,781 916 94 76 103 June.. ^49,565 6,448 11,598 P31,520 231 169 312 882 1 ,781 916 98 76 103 July... 6,412 11,598 231 312 882 1,781 916 98 76 Aug.f. 6,412 11,598 231 312 882 1,781 916 76 End of France Ger- Greece India Iran Iraq Italy Japan Kuwait Leb- Libya Mexi- Netherperiod many anon co lands 197 0 3,532 3,980 117 243 131 144 2,887 532 86 288 85 176 1,787 197 1 3,523 4,077 98 243 131 144 2,884 679 87 322 85 184 1,909 197 2 3,826 4,459 133 264 142 156 3,130 801 94 350 93 188 2,059 197 3 4.261 4,966 148 293 159 173 3,483 891 120 388 103 196 2,294 197 4 4.262 4,966 152 293 158 173 3,483 891 148 389 103 154 2,294 1975—Sept.. 4,262 4,966 153 293 158 173 3,483 891 160 389 103 154 2,294 Oct... 4,262 4,966 153 293 158 173 3,483 891 160 389 103 154 2,294 Nov.. 4,262 4,966 153 293 158 173 3,483 891 160 389 103 154 2,294 Dec... 4,262 4,966 153 293 158 173 3,483 891 169 389 103 154 2,294 1976_Jan... 4,262 4,966 153 293 158 173 3,483 891 169 389 103 152 2,294 Feb.., 4,262 4,966 153 293 158 173 3,483 891 176 103 152 2,294 Mar.. 4,262 4,966 153 293 158 173 3,483 891 176 103 152 2,294 Apr.. 4,262 4,966 153 293 158 173 3,483 891 183 103 2,294 May. 4.262 4,966 153 293 158 173 3,483 891 214 103 2,294 June. 4.263 4,966 153 293 158 173 3,483 891 192 103 2,294 July.. 4,266 4,966 154 158 173 3,483 891 192 103 2,294 Aug.f 4,266 4,966 154 158 3,483 891 192 103 2,294 United Bank End of Paki- Portu- Saudi South SSppaaiinn Sweden Switzer- Thai- TTuurrkkeeyy King- Uru- Vene- for Intl. period stan gal Arabia Africa land land dom gguuaayy zuela Settlements 2 1970 54 902 119 666 498 200 2,732 82 126 1,348 162 384 -282 1971 55 921 108 410 498 200 2,909 82 130 777 148 391 310 1972 60 1 ,021 117 681 541 217 3,158 89 136 801 133 425 218 1973 67 1,163 129 802 602 244 3,513 99 151 887 148 472 235 1974 67 1,175 129 771 602 244 3,513 99 151 888 148 472 250 1975—Sept 67 1,175 129 762 602 244 3,513 99 151 888 135 472 254 Oct 67 1,175 129 754 602 244 3,513 99 151 888 135 472 256 Nov 67 1,175 129 752 602 244 3,513 99 151 888 135 472 259 Dec 67 1,170 129 749 602 244 3,513 99 151 888 135 472 246 1976—Jan 67 1,170 129 753 602 244 3,513 99 151 888 135 472 213 Feb 67 1,170 129 749 602 244 3,513 99 151 888 135 472 205 Mar 67 1,170 129 3543 602 244 3,513 99 151 888 135 472 206 Apr 69 1,170 129 539 602 244 3,513 99 151 888 135 472 231 May 69 1,170 129 538 602 244 3,513 99 151 888 135 472 245 June 69 1,170 129 540 602 244 3,514 99 151 888 135 472 290 July 69 129 540 660022 244 3,514 99 151 472 229988 Aug.^* 6699 112299 554444 224444 33,,551177 9999 115511 447722 1 Includes reported or estimated gold holdings of international and the Bank's gold assets net of gold deposit liabilities. This procedure regional organizations, central banks and govts, of countries listed in avoids the overstatement of total world gold reserves since most of the this table, and also of a number not shown separately here, and gold to be gold deposited with the BIS is included in the gold reserves of individual distributed by the Tripartite Commission for the Restitution of Monetary countries. Gold; excludes holdings of the U.S.S.R., other Eastern European coun- 2 Net gold assets of BIS, i.e., gold assets minus gold deposit liabilities. tries, and People's Republic of China. 3 Reflects South African Reserve Bank sale of gold spot and repurchase The figures included for the Bank for International Settlements are forward. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A61 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 institutions 2 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 <> by bonds zations 8 banks and and ties 5 banks and in notes 3 notes 4 in notes 3,7 U.S. U.S. 1964. 29,364 800 15,786 13,220 1,125 1,283 158 7,303 3,753 3,377 376 1,722 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 1 4 4 , , 8 8 9 4 5 0 1 1 2 2 , ,5 4 3 8 9 4 8 8 6 6 0 0 5 5 8 8 3 3 9 91 1 3 3 1 9 0 , , 9 1 3 1 6 6 4 4 . . 2 2 7 7 2 1 3 3 . .7 7 4 4 3 4 5 5 2 2 8 8 9 9 0 0 5 6 19679. / 1 3 3 5 5 , , 8 6 1 6 9 7 1 1 , , 0 0 3 3 3 3 1 1 8 8 , , 1 2 9 0 4 1 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 0 7 5 5 5 5 8 8 6 67 9 7 1 19689. (38,687 1,030 17,407 11,318 529 3,219 2,341 14,472 5,053 4,444 609 725 138,473 1,030 17,340 11,318 462 3,219 2,341 14,472 4,909 4,444 465 722 19699. '0/45,755 1,109 1015,975 11,054 346 10 3,070 1,505 23,638 4,464 3,939 525 659 145,914 1,019 15,998 11,077 346 3,070 1,505 23,645 4,589 4,064 525 663 1970—Dec.. / 1 4 4 7 6 , , 0 9 0 6 9 0 5 5 6 6 6 6 2 2 3 3 , , 7 7 7 8 5 6 1 1 9 9 , , 3 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 1 7 7 , , 1 1 6 3 9 7 4 4 , , 6 6 7 0 6 4 4 4 , , 0 0 2 3 9 9 6 5 4 6 7 5 8 84 4 6 4 1971—Dec. 11 / 1 6 6 7 7 , , 6 8 8 0 1 8 5 5 4 4 4 4 5 5 0 1, , 2 6 0 5 9 1 3 3 9 9 , , 0 6 1 7 8 9 1 1 , , 9 9 5 5 5 5 9 9, , 5 4 3 3 4 1 1 1 4 4 4 4 1 10 0 , , 9 2 4 6 9 2 4 4, , 1 1 3 4 8 1 3 3, , 6 6 9 9 4 1 4 4 4 4 7 7 1 1, , 5 5 2 2 3 8 1972—De c 82,862 61,526 40,000 5,236 15,747 543 14,666 5,043 4,618 425 1.627 1973—De c 92,490 66,861 1243,923 5,701 1215,564 1,673 17,694 5,932 5,502 430 2,003 [119,240 76,801 53,057 5,059 16,339 2,346 30,314 8,803 8,305 498 3,322 1974—Dec. 9 ill9,204 76,823 53,079 5,059 16,339 2,346 30,146 8,913 8,415 498 3,322 1975—Au g 124,843 79,911 50,150 6,472 19,466 3,999 30,422 9,621 8,950 671 4,889 123,949 78,762 48,594 6,644 19,666 4,030 30,360 9,854 9,153 701 4,973 Sept 124,101 80,676 50,111 6,485 19,666 4,255 28,527 9,971 9,232 739 4,927 Oct 127,208 80,198 49,634 6,640 19,976 4,353 32,266 10,200 9,490 710 4,544 N De o c v 126,593 80,650 49,513 6,599 19,976 4,521 29,556 10,759 10,028 731 5.628 1976—Ja n 128,196 81,198 49,487 6,851 20,051 4,809 30,964 10,504 9,766 738 5,530 Feb 131,841 82,326 50,429 7,027 20,051 4,819 33,149 10,808 10,060 748 5,558 Mar 129,724 82,561 49,634 7,757 20,051 5,119 30,512 10,922 10,118 804 5,729 Apr 136,714 84,205 50,538 8,187 20,151 5,329 35,256 11,579 10,758 821 5,674 May 139,126 85,630 51,606 8,450 20,151 5,423 36,476 11,361 10,557 804 5,659 June 135,234 85,129 50,023 9,167 20,251 5,688 32,654 11,504 10,646 858 5,947 JulyP 139,135 85,815 50,467 9,417 20,151 5,780 34,762 11,820 10,932 888 6,738 Aug.p 138,759 86,679 51,289 9,737 19,801 5,852 32,833 12,206 11,238 968 7,039 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 Bank for International Settlements; also includes European tain accounts previously classified as official institutions are included Fund through Dec. 1972. with banks; a number of reporting banks are included in the series for 3 Derived by applying reported transactions to benchmark data. the first time; and U.S. Treasury securities payable in foreign currencies * 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 8 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

A62 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976 6. U.S. LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) Total Western Latin Other foreign Europe i American countries 2 End of period countries Canada republics Asia Africa 197 2 61,526 34,197 4,279 1,733 17,577 777 2,963 197 3 66,861 45,764 3,853 2,544 10,887 788 3,025 /76,801 44,328 3,662 4,419 18,604 3,161 2,627 1974—Dec. 3 \76,823 44,328 3,662 4,419 18,626 3,161 2,627 1975—Aug... 79,911 44,301 2,929 4,937 21,379 3,392 2,973 Sept... 78,762 43,858 3,003 4,840 21,153 3,145 2,763 Oct... 80,676 45,354 3,044 4,254 22,406 3,018 2,600 Nov... 80,198 45,095 3,218 4,056 22,263 2,951 2,615 Dec... 80,650 45,676 3,132 4,448 22,514 2,983 1,897 1976—Jan.. . 81,198 45,741 3,416 3,552 23,780 2,724 1,985 Feb... 82,326 45,091 3,645 3,377 25,462 2,731 2,020 Mar... 82,561 45,583 3,663 3,779 26,911 2,718 1,907 Apr... 84,205 43,581 3,600 3,850 28,596 2,805 1,773 May.. 85,630 43,247 3,590 3,827 30,047 3,141 1,777 June.. 85,130 42,425 3,578 4,104 29,879 3,245 1,898 Julyf. 85,815 42,321 3,410 3,980 30,904 3,134 2,066 Aug.p. 86,679 41,503 3,230 4,379 32,572 3,098 1,897 1 Includes Bank for International Settlements; also includes European institutions of foreign countries, as reported by banks in the United States; Fund 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 7. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations 5 IMF Payable in dollars gold Deposits Payable invest- U.S. End of period in ment Treasury Other Total 1 Deposits U.S. Other foreign Total bills and short- Treasury short- cur- certifi- term Total bills and term rencies Demand Time 2 cates liab.6 Demand Time 2 certifi- liab.4 cates 3 197 2 60,696 60,200 8,290 5,603 31,850 14,457 496 1,412 86 202 326 799 197 3 69,074 68,477 11,310 6,882 31,886 18,399 597 1,955 101 83 296 1,474 197 4 94,811 94,044 14,051 9,932 35,662 34,399 766 3,171 139 111 497 2,424 1975—Aug. 94,325 93,763 12,211 10,394 38,529 32,629 562 4,804 110 148 3,156 1,389 Sept. 93,008 92,454 13,402 10,170 36,653 32,230 554 4,901 107 127 3,008 1,659 Oct.. 92,453 91,818 12,128 10,259 37,728 31,702 635 4,583 132 150 2,397 1,903 Nov. 95,861 95,221 12,810 10,076 37,268 35,068 637 4,471 145 156 1,605 2,563 Dec. 94,390 93,833 13,564 10,348 37,414 32,506 549 5,293 139 148 2,554 2,451 1976—Jan.. 95,151 94,542 12,271 10,483 38,789 32,998 600 4,933 114 217 2,498 2,103 Feb.. 98,159 97,505 13,350 10,222 39,763 34,169 642 4,520 118 162 2,435 1,806 Mar. 95,033 94,462 13,091 10,488 37,977 32,907 565 4,768 130 192 2,495 1,952 102,070 101,303 14,244 10,235 39,430 37,394 763 5,519 140 193 2,739 2,446 May 104,151 103,419 13,846 10,104 40,258 39,211 727 5,512 91 185 2,876 2,361 June 98,688 97,997 14,135 9,973 38,257 35,632 687 5,360 258 160 2,236 2,706 July. 101,832 101,159 14,714 10,261 39,653 36,530 673 5,671 483 192 3,137 1,860 Aug. 100,999 100,305 14,227 10,210 40,974 34,894 686 5,631 379 148 3,475 1,629 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A63 7. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE-Continued (Amounts outstanding; in millions of dollars) Total to official, banks and other foreigners To official institutions 8 Payable in dollars Payable in dollars Payable End of period m Payable Total Deposits U.S. Other foreign Total Deposits U.S. Other in Treasury short- cur- Treasury short- foreign bills and term rencies bills and term currencies Demand Time 2 certifi- liab.4 Demand Time 2 certifi- liab.6 cates 3 cates 3 1973 67,119 11,209 6,799 31,590 16,925 597 43,923 2,125 3,911 31,511 6,248 127 1974_Dec.7 /91,676 13,928 9,995 35,165 31,822 766 53,057 2,951 4,257 34,656 11,066 127 \91,640 13,912 9,821 35,165 31,975 766 53,079 2,951 4,167 34,656 11,178 127 1975—Aug.. 89,522 12,101 10,245 35,373 31,240 562 50,150 2,493 4,102 35,102 8,453 Sept.. 88,107 13,295 10,043 33,645 30,571 554 48,594 2,444 3,886 33,339 8,925 Oct.. 87,870 11,996 10,109 35,330 29,800 635 50,111 2,448 3,877 35,004 8,782 Nov.. 91,390 12,665 9,920 35,663 32,506 637 49,634 2,242 3,579 35,242 8,571 Dec.. 89,097 13,426 10,200 34,860 30,063 549 49,513 2,644 3,423 34,182 9,264 1976_Jan... 90,217 12,158 10,266 36,291 30,903 600 49,487 2,445 3,291 35,645 8,106 Feb.. 93,638 13,233 10,060 37,328 32,376 642 50,429 2,695 2,908 36,761 8,066 Mar.. 90,264 12,962 10,296 35,482 30,959 565 49,634 2,671 2,767 34,989 9,207 Apr.. 96,551 14,104 10,042 36,691 34,951 763 50,538 2,782 2,319 36,196 9,241 May. 98,638 13,755 9,919 37,382 36,855 727 51,606 2,799 2,400 36,859 9,547 June. 93,323 13,877 9,813 36,021 32,925 687 50,023 2,632 2,392 35,532 9,468 July.. 96,161 14,231 10,069 36,517 34,677 667 50,402 2,912 2,251 35,964 9,275 Aug.. 95,360 13,848 10,062 37,499 33,265 686 51,289 2,410 2,224 36,983 9,673 To banks9 To other foreigners TTTToooo bbbbaaaannnnkkkkssss Payable in dollars aaaannnndddd ooootttthhhheeeerrrr ffffoooorrrreeeeiiiiggggnnnneeeerrrrssss:::: EEEEnnnndddd ooooffff ppppeeeerrrriiiioooodddd TTTToooottttaaaallll PPPPaaaayyyyaaaabbbblllleeee iiiinnnn Deposits UU..SS.. OOtthheerr Deposits UU..SS.. OOtthheerr ffffoooorrrreeeeiiiiggggnnnn TTrreeaassuurryy sshhoorrtt-- TTrreeaassuurryy sshhoorrtt-- ccccuuuurrrr---- TToottaall bbiillllss aanndd tteerrmm TToottaall bbiillllss aanndd tteerrmm rrrreeeennnncccciiiieeeessss Demand Time 2 cceerrttiiffii-- lliiaabb..44 Demand Time 2 cceerrttiiffii-- lliiaabb..66 ccaatteess ccaatteess 1973 23,196 17,224 6,941 529 11 9,743 5,502 2,143 2,359 68 933 469 l1Qy—IA JJT^eoc/^. ' 7 / 1 3 3 8 8 , , 6 5 1 6 9 0 2 29 9 , , 6 5 7 0 6 7 8 8, , 2 2 4 3 8 1 1 1 , , 9 9 4 1 2 0 2 2 3 3 2 2 1 1 9 9 , , 2 1 5 3 4 4 8 8, , 3 4 0 1 4 4 2 2 , , 7 7 2 2 9 9 3 3, , 7 7 9 4 6 4 2 27 7 7 7 1 1 , , 5 6 0 6 2 4 6 6 3 3 9 9 1975—Aug 39,371 29,860 6,903 1,623 88 21,245 8,950 2,705 4,520 183 1,542 562 Sept 39,513 29,806 7,962 1,656 89 20,099 9,153 2,889 4,501 217 1,547 554 Oct 37,759 27,891 6,780 1,565 100 19,446 9,232 2,769 4,666 226 1,572 635 Nov 41,756 31,630 7,584 1,544 135 22,367 9,490 2,839 4,797 287 1,568 637 Dec 39,584 29,006 7,534 1,942 335 19,195 10,029 3,248 4,835 342 1,604 549 1976—Jan 40,730 30,364 6,809 1,979 369 21,208 9,766 2,904 4,996 277 1,588 600 Feb 43,209 32,507 7,418 2,036 275 22,777 10,060 3,120 5,116 293 1,532 642 Mar 40,630 29,947 7,248 2,268 217 20,215 10,118 3,044 5,261 276 1,538 565 Apr 46,014 34,493 7,883 2,317 134 24,160 10,757 3,439 5,406 361 1,551 763 May 47,033 35,749 7,737 2,092 151 25,769 10,557 3,219 5,427 372 1,538 727 June 43,300 31,967 8,100 1,882 154 21,831 10,647 3,146 5,539 335 1,626 687 July 45,760 34,096 8,012 2,278 155 23,651 10,997 3,307 5,541 398 1,751 667 Aug 44,070 32,147 7,933 2,206 163 21,845 11,238 3,505 5,632 353 1,747 686 1 Data exclude IMF holdings of dollars. with those shown for the preceding date; figures on the second line are 2 Excludes negotiable time certificates of deposit, which are included comparable with those shown for the following date. in "Other short-term liabilities." 8 Foreign central banks and foreign central govts, and their agencies. 3 Includes nonmarketable certificates of indebtedness and Treasury Bank for International Settlements, and European Fund through Dec. bills issued to official institutions of foreign countries. 1972. 4 Includes liabilities of U.S. banks to their foreign branches, liabilities 9 Excludes central banks, which are included in "Official institutions." of U.S. agencies and branches of foreign banks to their head offices and foreign branches, bankers' acceptances, commercial paper, and negotiable NOTE.—"Short term" obligations are those payable on demand or having time certificates of deposit. an original maturity of 1 year or less. For data on long-term liabilities 5 Principally the International Bank for Reconstruction and Develop- reported by banks, see Table 9. Data exclude International Monetary Fund ment and the Inter-American and Asian Development Banks. holdings of dollars; these obligations to the IMF constitute contingent 6 Principally bankers' acceptances, commercial paper, and negotiable liabilities, since they represent essentially the amount of dollars available time certificates of deposit. for drawings from the IMF by other member countries. Data exclude also 7 Data on the 2 lines shown for this date differ because of changes in U.S. Treasury letters of credit and nonnegotiable, noninterest-bearing reporting coverage. Figures on the first line are comparable in coverage special U.S. notes held by the Inter-American Development Bank and the International Development Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 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 1976 Area and country Dec.i Nov. Dec. Jan. Feb. Mar. Apr. May June July^' Aug.^ Europe: Austria 607 607 682 754 749 715 581 585 577 549 589 412 Belgium-Luxembourg. .. 2,506 2,506 2,919 2,898 2,678 2,440 2,395 2,332 2,213 2,336 1,977 1,971 Denmark 369 369 361 332 375 434 678 681 649 452 322 440 Finland 266 266 385 391 309 313 334 350 403 405 446 435 France 4,287 4,287 7,159 7,733 7,499 6,480 6,210 4,856 4,529 4,776 4,408 4,214 Germany 9,420 9,429 4,841 4,357 3,823 4,468 4,195 5,830 5,206 4,932 4,961 4,738 Greece 248 248 313 284 263 340 261 289 299 346 361 350 Italy 2,617 2,617 1,042 1,112 1,052 1,044 1,338 1,504 1,418 1,560 2,263 2,646 Netherlands 3,234 3,234 3,579 3,411 3,409 3,828 3,397 3,281 3,111 2,256 2,182 2,194 Norway 1,040 1,040 970 996 888 925 798 915 797 807 900 684 Portugal 310 310 190 195 243 221 209 213 189 196 250 257 Spain 382 382 402 426 445 400 386 462 392 446 416 419 Sweden 1,138 1,138 2,251 2,286 2,266 2,312 2,287 2,352 2,437 2,435 2,384 2,227 Switzerland 9,986 10,139 8,049 8,514 8,611 8,648 8,854 8,965 9,129 10,125 9,551 9,245 T U u n r i k te e d y Kingdom 7,5 1 5 5 9 2 7,5 1 8 5 4 2 7,1 1 8 2 6 0 6,8 1 8 18 6 7,60 8 6 8 8,2 1 3 0 1 4 6,7 1 2 0 6 6 6,5 1 8 1 9 3 7,0 1 9 0 6 1 6,43 9 0 5 6,28 8 9 0 6,1 1 3 0 9 0 Yugoslavia 183 183 175 126 83 178 222 179 174 182 128 142 Other Western Europe2 . 4,073 4,073 2,375 2,970 2,313 2,116 2,144 2,002 2,250 2,079 2,163 2,139 O U. t S he .S r . E R a stern Europe... 20 8 6 2 20 8 6 2 12 3 8 8 20 4 0 0 1 4 6 5 0 20 4 1 3 15 3 9 8 16 3 1 4 1 4 5 5 3 1 4 8 0 8 20 3 9 5 21 3 5 4 Total. 48,667 48,853 43,167 44,028 42,906 43,441 41,320 41,692 41,168 40,587 39,912 38,999 Canada. 3,517 3,520 4,091 3,076 3,885 4,721 4,126 4,173 4,997 3,789 3,995 3,808 Latin America: Argentina 886 886 1,150 1,147 1,208 1.134 1,169 1,238 1,368 1,398 1,407 1,510 Bahamas 1,448 1,054 2,989 1,827 3.190 2,940 1,715 4,600 5,162 2,905 4,835 2,993 Brazil 1,034 1,034 1,075 1,227 1.191 1.135 1,320 1,475 1,176 1,271 1,308 1,196 Chile 276 276 266 317 248 248 273 310 367 369 301 303 Colombia 305 305 387 417 484 536 516 582 629 686 762 772 Mexico 1,770 1,770 2,183 2,078 1,899 2,048 2,004 2,133 2,218 2,158 2,110 2,301 Panama 488 510 840 1,099 1,145 953 779 961 1,098 1,207 1,052 1,387 Peru 272 272 249 244 219 223 235 219 230 221 235 239 Uruguay 147 165 175 172 185 204 242 216 215 229 219 231 Venezuela 3,413 3,413 3,188 3,289 2,711 2,571 2,574 2,742 2,757 2,643 2,747 3,092 Other Latin American republics 1,316 1,316 1,369 1,500 1,437 1,456 1,640 1,713 1,671 1,836 1,796 1,710 Netherlands Antilles and Surinam 158 158 118 129 129 142 119 121 125 129 135 149 Other Latin America 526 596 2,191 1,507 1,620 2,448 1,735 2,530 1,881 1,533 2,057 1,717 Total. 12,038 11,754 16,181 14,954 15,665 16,037 14,322 18,839 18,897 16,593 18,963 17,600 Asia: China, People's Rep. of (China Mainland) 50 50 93 123 263 224 101 120 139 63 42 45 China, Republic of (Taiwan).. 818 818 1,051 1,025 1,015 1,072 1,100 1,134 1,130 1,182 1,070 1,131 Hong Kong 530 530 683 623 667 682 741 709 803 747 788 842 India 261 261 181 126 203 324 338 423 632 845 938 1,072 Indonesia 1,221 1,221 418 369 762 583 498 920 1,121 706 1,122 1,002 Israel 386 389 342 386 325 312 346 323 324 316 298 351 Japan 10,897 10,931 10,790 10,218 10,556 11,764 12,265 12,789 13,246 12,847 13,631 14,194 Korea 384 384 386 390 395 382 361 360 327 343 346 369 Philippines 747 747 593 698 601 616 605 525 593 742 636 663 Thailand 333 333 193 252 279 224 225 244 218 261 244 249 Middle East oil-exporting countries 3 4,633 4,623 6,157 6,461 6,444 6,993 7,723 8,008 8,543 7,290 7,286 8,102 Other 813 845 885 867 969 933 967 1,017 984 1,250 1,122 1,376 Total. 21,073 21,130 21,774 21,539 22,480 24,109 25,271 26,570 28,061 26,591 27,522 29,396 Africa: Egypt 103 103 255 343 177 180 314 231 197 211 236 200 South Africa 130 130 108 169 218 133 186 177 202 161 123 164 Oil-exporting countries 4. 2,814 2,814 2,372 2,239 2,135 2,208 1,919 2,256 2,423 2,567 2,443 2,368 Other 504 504 643 623 562 609 680 598 651 652 672 736 Total. 3,551 3,551 3,377 3,373 3,091 3,131 3,099 3,262 3,472 3,591 3,473 3,469 Other countries: Australia 2,742 2,742 2,713 2,014 2,046 2,070 2,001 1,931 1,950 2,066 2,185 1,964 All other 89 89 87 114 143 131 125 84 93 107 111 122 Total 2,831 2,831 2,800 2,128 2,190 2,201 2,126 2,015 2,043 2,173 2,296 2,087 Total foreign countries. 91,676 91,640 91,390 89,097 90,217 93,638 90,264 96,551 98,638 93,323 96,161 95,360 International and regional: International 5 2,900 2,900 4,217 5,064 4,629 4,188 4,459 5,269 5,247 5,063 5,383 5,285 Latin American regional.. 202 202 193 187 219 262 182 141 156 176 176 168 Other regional 6 69 69 61 42 86 70 128 108 109 126 112 186 Total 3,171 3,171 4,471 5,293 4,933 4,520 4,769 5,519 5,512 5,365 5,671 5,639 Grand total. 94,847 94,811 95,861 94,390 95,151 98,159 95,033 102,070 104,151 98,688 101,832 100,999 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A65 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY-Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 7 1974 1975 1976 1974 1975 1976 Area and country AArreeaa aanndd ccoouunnttrryy Apr. Dec. Apr. Dec. Apr.f Apr. Dec. Apr. Dec. Apr.P Other Western Europe: Other Asia—Cont.: Cyprus 1100 7 17 6 3388 Cambodia 4 4 4 4 Iceland 1111 21 20 33 Jordan 6 22 30 39 20 Ireland, Rep. of 53 29 29 75 39 3 3 5 2 2 Lebanon 68 126 180 117 Other Latin American republics: Malaysia 40 63 92 77 "ios' Bolivia 102 96 93 110 104 108 91 118 74 89 Costa Rica 88 118 120 125 69 Singapore 165 245 215 255 Dominican Republic 137 128 214 169 149 Sri Lanka (Ceylon) 13 14 13 13 9 Ecuador 90 122 157 120 Vietnam 9988 112266 7700 62 3333 El Salvador 129 129 144 171 128 Guatemala 245 219 255 260 177 Haiti 28 35 34 38 36 Honduras 71 88 92 99 69 Other Africa: Jamaica 52 69 62 41 49 Ethiopia (incl. Eritrea) 118 95 76 60 70 Nicaragua 119 127 125 133 89 Ghana 22 18 13 23 Paraguay 40 46 38 43 43 20 31 32 19 37 Trinidad and Tobago 2211 110077 3311 113311 Liberia 2299 39 33 53 6611 Southern Rhodesia 11 2 3 1 Other Latin America: Sudan 2 4 14 12 17 Bermuda 201 116 100 170 Tanzania 12 11 21 30 18 British West Indies 335544 444499 662277 11,,331111 Tunisia 17 19 23 29 3333 11 13 38 22 Other Asia: Zambia 6666 2222 1188 7788 Afghanistan 11 18 19 41 54 Burma 42 65 49 31 All other: New Zealand 33 47 36 42 29 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). 9. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To intl. End of period Total and Official Other United Total All regional Total institu- Banks 1 foreign- Ger- King- Total Latin Middle Other other tions ers many dom Europe America East2 Asia 3 countries 197 2 1,018 580 439 93 259 87 165 63 260 136 33 10 197 3 1,462 761 700 310 291 100 159 66 470 132 83 16 1974 1,285 822 464 124 261 79 146 43 227 115 94 20 1975—Aug.. 1,586 372 1,214 871 263 81 120 61 222 123 839 23 Sept.. 1,608 395 1,213 873 261 79 118 61 221 121 841 23 Oct... 1,525 311 1,212 868 261 83 118 61 226 126 832 24 Nov.. 1,561 297 1,263 894 286 83 115 66 231 147 857 24 Dec.. 1,812 415 1,395 931 364 100 214 66 331 140 894 24 1976—Jan... 1,935 306 1,627 1,027 477 123 314 70 448 142 990 16 41 Feb... 1,919 286 1,631 1,050 473 107 312 69 444 141 1,009 12 26 Mar.. 2,132 182 1,949 1,342 492 115 306 78 443 147 1,305 16 40 Apr... 2,137 197 1,938 1,372 435 131 309 87 457 108 1,335 14 25 May. 2,134 135 1,997 1,429 431 137 306 87 453 104 1,399 16 26 June. 2,255 189 2,065 1,490 434 141 308 88 459 107 1,458 16 26 Julyf. 2,308 235 2,072 1,479 450 143 307 89 463 117 1,448 17 28 Aug.f 2,275 246 2,024 1,423 452 149 311 92 469 122 1,394 15 28 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

A66 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End of period; in millions of dollars) 1974 1975 1976 Area and country Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb, Mar. Apr. May June JulyJ' Aug.f Europe: Belgium-Luxembourg 10 14 14 14 13 13 13 13 13 14 13 12 11 9 Germany 9 210 217 216 216 215 212 238 247 228 225 227 221 324 Sweden 251 278 275 275 275 276 276 276 276 276 281 291 291 275 Switzerland 30 41 44 54 58 55 68 72 75 89 99 101 132 171 United Kingdom 493 520 501 441 414 363 374 370 386 389 349 380 368 383 Other Western Europe '•88 102 114 152 165 159 209 213 381 465 472 551 577 572 Eastern Europe 5 5 5 5 4 4 4 4 4 4 4 4 4 4 Total 885 1,169 1,170 1,157 1,145 1,085 1,156 1,186 1,382 1,465 1,443 1,566 1,604 1,738 Canada 713 406 404 400 402 395 395 418 419 425 340 340 341 337 Latin America: Latin American republics.. 12 13 13 13 33 33 33 33 33 33 34 34 39 39 Netherlands Antilles i 83 149 149 158 160 161 159 131 121 120 125 141 157 222 Other Latin America 5 5 5 6 6 6 7 7 7 7 7 7 7 10 Total. 100 167 168 177 199 200 200 171 161 160 166 182 203 271 Asia: Japan 3,498 3,496 3,502 3,520 3,269 3,271 3,268 3,212 3,217 3,217 3,074 3,075 3,077 2,952 Other Asia. 212 1,518 1,668 1,818 1,869 2,099 2,229 2,436 2,987 3,330 3,800 4,391 4,578 4,885 Total 3,709 5,014 5,170 5,339 5,138 5,370 5,497 5,648 6,204 6,547 6,874 7,466 7,655 7,838 Africa 151 211 261 311 311 321 340 350 396 411 431 471 501 521 All other Total foreign countries. 5,557 6,967 7,173 7,383 7,195 7,372 7,589 7,775 8,561 9,009 9,254 10,026 10,305 10,705 International and regional: International 97 66 51 324 59 321 593 1,034 957 153 149 583 1,059 1,382 Latin American regional.. 53 20 20 20 14 14 4 4 5 3 -1 -1 9 19 Total 150 86 71 344 73 335 597 1,038 961 155 148 581 1,067 1,400 Grand total. 5,708 7,053 7,245 7,727 7,268 7,707 8,185 8,812 9,521 9,163 9,401 10,607 11,372 12,105 1 Includes Surinam until Jan. 1976. year, and are based on a benchmark survey of holdings as of Jan. 31,1971, NOTE.—Data represent estimated official and private holdings of mar- and monthly transactions reports (see Table 14). ketable U.S. Treasury securities with an original maturity of more than 1 11. SHORT-TERIVI 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— AAcccceepptt-- FFoorreeiiggnn End of period TTToootttaaalll CCoolllleecc-- aanncceess ggoovvtt,, ssee-ttiioonnss mmaaddee DDeeppoossiittss ccuurriittiieess,, TToottaall Official oouutt-- ffoorr aacccctt.. OOtthheerr TToottaall wwiitthh ffoorr-- ccoommll.. OOtthheerr Total institu- Banks 1 Others 2 ssttaanndd-- ooff ffoorr-- eeiiggnneerrss aanndd ffii-tions iinngg eeiiggnneerrss nnaannccee ppaappeerr 197 2 15,676 14,830 5,671 163 2,970 2,538 3,276 3,226 2,657 846 441 223 182 197 3 20,723 20,061 7,660 284 4,538 2,838 4,307 4,160 3,935 662 428 119 115 197 4 39,056 37,859 11,296 381 7,337 3,579 5,637 11,237 9,689 1,196 669 289 238 1975—Aug. 45,962 44,807 13,474 628 8,352 4,495 5,314 9,977 16,040 1,155 616 240 299 Sept. 45,843 44,706 12,822 574 7,638 4,610 5,314 10,071 16,499 1,138 581 236 320 Oct.. 48,169 46,848 12,811 649 7,642 4,519 5,465 10,134 18,438 1,321 749 231 341 Nov. 48,752 47,432 13,562 697 8,392 4,472 5,363 10,610 17,898 1,319 652 340 327 Dec. 50,248 48,938 13,287 614 7,733 4,939 5,467 11,135 19,049 1,309 633 301 376 1976—Jan.. 51,583 50,338 13,495 697 8,147 4,652 5,311 11,047 20,485 1,246 696 263 286 Feb., 54,173 52,773 14,303 754 8,762 4,788 5,191 10,994 22,285 1,401 728 241 431 Mar. 53,580 52,259 13,640 765 8,059 4,817 5,367 11,148 22,105 1,321 794 145 382 Apr., 55,668 54,219 14,549 769 8,824 4,956 5,325 11,297 23,048 1,449 920 156 373 May, 57,658 56,240 15,819 1,014 9,532 5,272 5,379 11,310 23,733 1,419 878 141 399 June 57,924 56,363 15,182 815 9,124 5,243 5,517 11,541 24,124 1,560 916 158 487 July. 59,237 57,779 15,597 737 9,673 5,186 5,542 11,451 25,190 1,457 850 132 475 Aug. 57,750 56,205 15,304 1,038 9,092 5,175 5,495 10,976 24,430 1,546 907 143 496 1 Excludes central banks which are included with "Official institutions." 2 Includes international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A67 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 1976 Area and country Dec. Nov. Dec, Jan. Feb. Mar. Apr. May June Julyf Aug.f Europe: Austria 21 32 15 20 23 22 39 25 35 24 24 Belgium-Luxembourg.. 384 496 352 401 417 430 398 427 537 562 472 Denmark 46 54 49 55 55 55 59 57 62 68 50 Finland 122 133 128 132 120 128 105 109 125 133 176 France 673 1,289 1,471 1,397 1,513 1,256 1,233 1,109 1,145 1,100 928 Germany 589 689 441 486 426 474 452 448 384 432 414 Greece 64 91 49 55 52 53 63 62 53 70 68 Italy 345 418 370 369 402 360 406 492 554 644 617 Netherlands 348 285 300 316 267 269 290 267 318 251 266 Norway 119 92 71 66 63 66 71 76 71 74 78 Portugal 20 19 16 20 20 21 18 32 40 53 57 Spain 196 261 249 274 262 231 241 321 285 302 239 Sweden 180 182 167 124 111 121 105 116 106 97 143 Switzerland 335 337 237 250 278 340 400 355 401 374 442 Turkey 15 121 86 59 82 73 68 90 99 81 77 United Kingdom 2,580 4,117 4,718 4,588 4,778 4,550 5,295 4,987 5,077 5,435 ,105 Yugoslavia 22 55 38 37 49 64 50 47 45 45 40 Other Western Europe. 22 25 27 26 29 29 27 41 57 '42 50 U.S.S.R 46 165 103 101 84 85 63 70 70 69 53 Other Eastern Europe. 131 103 114 125 159 109 107 102 110 147 125 Total. 6,255 8,964 9,000 8,899 9,190 8,737 9,491 9,232 9,572 10,003 9,424 Canada. 2,776 2,751 2,817 3,020 2,983 2,917 3,253 3,364 3,166 3,027 3,031 Latin America: Argentina 720 1,229 1,203 1,246 1,338 1,290 1,374 1,342 1,145 1,143 1,149 Bahamas 3,405 6,887 7,577 8,048 10,048 10,324 10,267 11,104 11,460 12,286 11,522 Brazil 1,418 1,807 2,225 2,157 2,204 2,318 2,351 2,414 2,692 2,633 2,771 Chile 290 381 360 312 343 324 349 352 340 364 352 Colombia 713 649 692 654 586 545 539 518 533 537 501 Mexico 1,972 2,565 2,813 2,783 3,079 3,034 3,236 3,444 3,494 3,562 3,559 Panama 505 904 1,052 1,281 1,193 1,110 787 991 840 697 777 Peru 518 565 588 624 634 597 638 621 623 665 666 Uruguay 63 56 51 68 62 46 39 33 34 31 31 Venezuela 704 980 1,086 1,001 925 1,040 1,077 1,280 1,153 1,237 1,503 Other Latin American republics... 866 969 980 1,055 1,061 986 1,052 1,153 999 1,078 991 Netherlands Antilles and Surinam. 62 46 49 53 43 33 32 32 33 28 29 Other Latin America 1,142 2,659 1,885 3,085 3,264 2,729 3,718 3,996 3,667 4,121 3,751 Total. 12,377 19,698 20,561 22,368 24,781 24,375 25,458 27,280 27,015 28,381 27,600 Asia: China, People's Rep. of (China Mainland) 4 11 22 10 17 22 18 9 10 12 4 China, Republic of (Taiwan) 500 681 737 725 729 775 793 860 863 908 939 Hong Kong 223 258 258 234 225 229 200 228 273 296 251 India 14 16 21 19 26 25 26 34 38 36 36 Indonesia 157 94 105 129 131 162 162 171 160 125 108 Israel 255 387 491 419 365 309 314 285 315 269 331 Japan 12,518 10,429 10,753 10,121 9,870 10,208 10,118 10,004 10,358 10,340 9,872 Korea 955 1,505 1,556 1,605 1,715 1,600 1,713 1,675 1 ,713 1,614 1,551 Philippines 372 347 384 434 507 510 520 559 524 389 459 Thailand 458 499 495 535 516 537 533 491 490 465 437 Middle East oil-exporting countries i. 330 506 524 525 600 646 605 742 746 780 836 Other 441 665 684 734 705 731 632 785 719 665 838 Total. 16,226 15,398 16,029 15,489 15,405 15,756 15,635 15,841 16,209 15,898 15,661 Africa: Egypt 111 130 104 106 101 103 110 106 117 117 115 South Africa 329 540 545 547 546 575 631 672 689 698 695 Oil-exporting countries ^ 115 215 231 213 230 226 210 211 181 185 268 Other 300 410 351 349 330 270 301 336 327 311 317 Total. 855 1,294 1,231 1,215 1,207 1,174 1,252 1,325 1,314 1,310 1,395 Other countries: Australia 466 554 535 503 492 521 498 547 548 542 553 All other 99 91 73 87 113 98 79 67 100 74 85 Total 565 645 609 589 605 619 577 615 647 617 638 Total foreign countries...., 39,055 48.751 50,246 51,581 54.172 53,578 55,666 57.657 57.923 59.236 57,750 International and regional. 1 1 3 2 3 2 1 1 1 Grand total 39,056 48.752 50,248 51,583 54.173 53,580 55,668 57.658 57.924 59.237 57,750 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

A68 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 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 ppeerriioodd Loans to— in Total Total Middle Other All Other foreign EEuurrooppee Canada Latin JJaappaann East 3 Asia 4 other long- curren- America coun- Official Other term cies tries 2 Total institu- Banks 1 foreign- claims tions ers 2 1972 5,063 4,588 844 430 3,314 435 40 853 406 2,020 353 918 514 1973 5,996 5,446 1,160 591 3,694 478 72 1,272 490 2,116 251 1,331 536 1974 7,179 6,490 1,328 931 4,231 609 80 1,907 501 2,614 258 384 977 537 1975—Aug 8,328 7,456 1 ,278 1,343 4,835 787 85 2,432 438 3,010 259 237 1,223 739 Sept 8,607 7,705 1,343 1,371 4,991 809 93 2,459 508 3,139 265 237 1,214 785 Oct 8,948 7,994 1,281 1,536 5,177 840 114 2,567 595 3,175 292 222 1,233 865 Nov 9,158 8,137 1,318 1,567 5,253 903 118 2,562 569 3,287 293 249 1,237 961 Dec 9,550 8,499 1,375 1,712 5,412 934 116 2,695 555 3,497 296 220 1,276 1,011 1976—Jan 9,432 8,369 1,293 1,653 5,423 945 118 2,697 552 3,382 289 205 1,277 1,030 Feb 9,531 8,372 1,268 1,652 5,452 1,012 148 2,622 576 3,471 289 210 1,270 1,093 Mar 9,800 8,641 1,316 1,740 5,584 1,011 149 2,702 570 3,605 292 296 1,195 1,140 Apr 9,980 8,783 1,337 1,842 5,603 1,081 116 2,736 558 3,785 307 196 1,279 1,118 May.... 10,252 9,004 1,381 1,933 5,689 1,133 115 2,831 607 3,973 307 196 1,263 1,075 June 10,216 8,957 1,370 1,961 5,626 1,138 121 2,742 590 4,081 324 182 1,261 1,037 Julyf. .. 10,386 9,098 1,346 2,085 5,667 1,155 133 2,871 575 4,103 337 183 1,290 1,027 Aug.f... 10,961 9,625 1,363 2,132 6,130 1,204 133 3,104 599 4,371 353 187 1,294 1,052 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 i U.S. corporate Foreign bonds 3 Foreign stocks 3 securities 2,3 Net purchases or sales (—) ppeerriioodd Pur- Net pur- Pur- Net pur- Pur- Net pur- Intl. Foreign chases Sales chases or chases Sales chases Sales Sales chases or TToottaall and ssaalleess ((--)) ssaalleess ((--)) ssaalleess ((--)) rreeggiioonnaall TotaH 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 16,207 14,679 1,529 1,036 3,254 -2,218 1,907 1,723 184 1975 1,994 180 1,814 1,596 233 20,741 15,321 5,421 2,383 8,683 -6,301 1,541 1,730 -189 1976—Jan.-Aug.p 4,398 1,065 3,333 3,096 237 16,900 13,352 3,548 2,991 9,024 -6,032 1,295 1,591 -296 1975—Aug 9 -67 77 117 -40 1,466 1,345 121 158 318 -160 90 257 -167 Sept 192 -14 206 175 31 1,288 1,131 157 194 285 -91 91 81 10 Oct 482 272 210 173 38 2,133 1,382 751 195 678 -483 138 162 -24 Nov -459 -270 -189 -159 -29 1,674 1,249 426 248 991 -743 108 79 28 Dec 439 262 177 156 21 1,894 964 930 281 1,471 -1,190 148 97 51 1976—Jan 478 261 217 210 7 2,834 2,078 756 462 800 -339 145 142 3 Feb 627 441 186 176 10 2,503 2,086 417 402 1,547 -1,145 162 222 -60 Mar 709 -77 786 731 55 2,524 1,972 552 360 1,293 -933 193 246 -53 Apr -358 -805 447 430 18 2,260 1,689 571 341 763 -422 182 143 40 May 238 -7 245 263 -18 1,636 1,501 135 373 822 -450 198 240 -42 June 1,205 434 772 717 55 1,820 1,331 489 281 813 -531 162 206 -44 JulyP 765 486 279 249 30 1,901 1,515 386 440 2,173 -1,734 128 257 -129 Aug.?' 733 333 400 320 80 1,460 1,193 267 333 811 -478 123 134 -11 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Middle East Africa official institutions of foreign countries. 2 Includes State and local govt, securities, and securities of U.S. Govt, 1975 1,797 170 agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments 1976—Jan.-Aug.p 2,659 200 abroad. 3 Includes transactions of international and regional organizations. 1975—Aug. 80 10 4 Includes transactions (in millions of dollars) of oil-exporting countries Sept. 150 50 in Middle East and Africa as shown in the tabulation in the opposite Oct. 150 50 column: Nov. 51 Dec. 179 10 1976—Jan. 116 20 Feb. 191 10 Mar. 532 45 Apr. 320 15 May 460 20 June 611 40 JulyP 200 30 Aug.?* 228 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A69 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 France mmaannyy lands land King- Europe Canada America Easti Asia 2 Other3 sales (-) dom Latin 1973 12,767 9,978 2,790 439 2 339 686 366 2,104 99 4 577 5 1974 7,636 7,096 540 203 39 330 36 — 377 281 — 6 — 33 288 17 1975 15,347 10,678 4,669 262 251 359 889 594 2,491 361 -7 1,640 142 33 1976—Jan.-Aug.p 13,290 10,700 2,590 233 82 -72 91 303 643 231 137 1,438 107 33 1975 Aug 1,186 718 468 52 54 47 83 39 304 21 -7 108 25 16 Sept 898 646 252 10 6 22 64 7 122 20 -15 83 34 7 Oct 1,475. 1,047 428 16 -6 17 36 48 143 60 7 190 22 6 Nov 1,155 817 338 22 42 -5 42 44 134 36 -1 157 8 2 Dec 1,380 691 689 28 38 64 122 32 295 103 -9 289 13 -3 1976—Jan 2.087 1,546 541 1 136 -48 -2 88 208 40 76 222 -6 1 Feb 2,095 1,724 371 15 12 -14 63 41 133 48 11 175 5 2 Mar 2,137 1,555 582 79 26 -6 147 69 327 16 28 153 42 13 Apr 1,690 1,279 411 10 10 31 -21 49 84 23 25 254 22 4 May 1,209 1,096 113 3 -44 4 21 20 —11 30 7 67 16 4 June 1,429 1,176 252 24 -27 2 -47 20 -47 5 11 266 20 3 Julyf 1,594 1,361 233 72 -20 -22 -58 5 -32 44 5 209 10 -1 Aug. 2' 1,049 962 88 28 -10 -21 -11 12 -19 35 -25 92 -2 7 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. and Period Total France many lands land Kingdom Europe Canada Latin Easti Asia2 Africa countries regional America 197 3 1,948 201 -33 -19 307 275 1,204 49 44 5 88 10 52 197 4 988 96 33 183 96 395 741 45 43 632 10 -483 197 5 752 82 -11 15 117 87 106 128 31 1,553 -42 1 -1,030 1976—Jan.-Aug, 982 35 59 157 41 56 26 952 -99 -20 14 1975—Aug -347 14 -3 -18 -5 70* -73 6 1 11 1 -293 Sept -94 -14 6 26 -7 -19 -5 5 94 -6 -162 Oct 323 -50 2 12 78 40 38 11 247 -4 3 -11 Nov 88 39 -17 9 -41 -25 -1 6 93 4 1 11 Dec 242 2 3 56 74 6 6 150 -11 1 16 1976_Jan 215 5 -1 1 36 -30 7 29 221 -20 -2 -14 Feb 47 2 -1 2 20 -2 23 4 30 -34 1 18 Mar -31 3 -56 -3 5 -11 -70 9 1 35 -20 4 20 160 3 9 -5 * 4 -26 -25 7 3 179 -13 7 4 May.'.'!!! 22 3 -2 23 19 -2 -3 -3 * 37 6 -13 June 236 6 -1 -2 18 8 29 1 224 -19 JuiyP 153 10 -3 4 35 3 49 2 7 104 -2 Aug.f 179 4 -3 -3 16 23 29 9 9 121 5 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- rope ica rica tries ppeerriioodd (due to (due from gional tries foreigners) foreigners) 1973 -818 139 -957 -141 -569 -120 -168 3 37 1973—Sept 290 255 1974 -2,034 -60 -1,974 -546 -1,508 -93 142 7 22 Dec 333 231 1975 -6,490 -2,192 -4,299 -53 -3,178 -306 -622 15 -155 383 225 1976— 354 241 Jan.-Aug.?*.. -6,328 -1,167 -5,161 -504 -3,812 -34 -624 45 -232 Sept 298 178 Dec 293 194 1975—Aug.... -327 12 -339 24 -202 -164 * 1 2 Sept.... -81 18 -99 -20 -129 25 24 -1 1 349 209 Oct -508 5 -513 48 -460 -48 -55 -3 6 380 233 Nov.... -715 -62 -653 -27 -584 6 2 -2 -48 Sept 343 258 Dec.. . . -1,139 -839 -300 79 -310 9 -79 -1 1 Dec 365 319 1976—Jan -335 94 -429 -109 -304 -9 -7 -3 2 411 333 Feb.. . . -1,205 -139 -1,067 33 -973 5 -113 -4 -14 Mar.... -986 9 -995 -168 -738 -72 -14 -5 2 Apr.. .. -382 -94 -288 * -286 6 -15 4 2 NOTE.—Data represent the money credit balances and May... -491 -158 -333 -19 -233 -39 -77 32 3 money debit balances appearing on the books of reporting June... -576 6 -582 -52 -328 10 12 11 -234 brokers and dealers in the United States, in accounts of July P... -1,862 -819 -1,044 -130 -853 19 -93 9 3 foreigners with them, and in their accounts carried by Aug.?'.. -489 -66 -423 -60 -98 47 -317 1 3 foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 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- Other Total Parent Other Total branches Other cial bank bank of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies 1973—De c 121,866 5,091 1,886 3,205 111,974 19,177 56,368 2,693 33,736 4,802 1974—De c 151,905 6,900 4,464 2,435 138,712 27,559 60,283 4,077 46,793 6,294 1975—Jul y 162,511 5,926 2,795 3,131 149,946 31,055 63,126 4,798 50,967 6,639 Aug 167,672 9,151 6,098 3,054 151,897 32,062 62,974 4,901 51,960 6,623 Sept 167,886 6,575 3,268 3,307 154,905 32,140 65,876 4,863 52,026 6,407 Oct 171,465 7,924 4,896 3,027 156,989 33,496 65,348 5,237 52,908 6,553 Nov 173,736 8,705 5,777 2,928 158,179 34,385 65,296 5,516 52,982 6,852 Dec 176,493 6,743 3,665 3,078 163,391 34,508 69,206 5,879 53,798 6,359 1976—Jan.'- 179,761 8,033 5,045 2,988 165,548 37,064 67,787 6,121 54,576 6,180 Feb.'^ 181,651 8,959 5,926 3,033 166,250 35,200 69,244 6,332 55,473 6,443 Mar,'- 186,870 6,742 3,525 3,217 173,577 38,867 72,404 6,661 55,645 6,551 Apr. 189.437 9,054 6,049 3,005 173,827 39,563 70,652 7,213 56,399 6,557 May 194,592 10,019 6,924 3,095 177,806 39,982 73,619 7,820 56,385 6,767 June 194,482 6,701 3,272 3,429 181,151 40,971 74,404 7,909 57,867 6,629 Julyf 196,753 8,640 5,570 3,071 181,280 41,675 71,752 8,444 59,409 6,832 Payable in U.S. dollars. 1973—De c 79,445 4,599 1,848 2,751 73,018 12,799 39,527 1,777 18,915 1,828 1974—De c 105,969 6,603 4,428 2,175 96,209 19,688 45,067 3,289 28,164 3,157 1975—Jul y 118,558 5,519 2,744 2,776 109,544 25,001 48,874 3,930 31,739 3,495 Aug 122,781 8,827 6,044 2,783 110,654 25,758 48,250 4,148 32,498 3,299 Sept 124,373 6,238 3,211 3,027 115,178 26,043 51,998 4,042 33,095 2,957 Oct 127,355 7,506 4,822 2,684 116,673 27,357 50,820 4.363 34,133 3,176 Nov 130,233 8,350 5,725 2,625 118,603 28,317 51,624 4,646 34,016 3,280 Dec 132,901 6,408 3,628 2,780 123,496 28,478 55,319 4,951 34,748 2,997 1976_Jan.'- 134,713 7,697 5,005 2,692 123,925 30,113 53,370 5,229 35,214 3,091 Feb. 136,307 8,644 5,881 2,763 124,433 28,730 54,497 5.364 35,842 3,230 Mar.'- 138,201 6,464 3,478 2,986 128,629 30,496 56,039 5,719 36,374 3,108 Apr.'' 140,971 8,759 5,980 2,778 129,141 31,510 54,496 6,158 36,978 3,072 May ^ 146.438 9,704 6,848 2,855 133,491 32,121 57,540 6,656 37,175 3,243 June 145,997 6,385 3,203 3,181 136,543 32,856 58,857 6,706 38,125 3,070 Julyf 149,050 8,371 5,525 2,847 137,287 33,786 56,587 7,148 39,766 3,392 IN UNITED KINGDOM Total, all currencies 1973—Dec 61,732 1,789 738 1,051 57,761 8,773 34,442 735 13,811 2,183 1974_Dec 69,804 3,248 2,472 776 64,111 12,724 32,701 788 17,898 2,445 1975—Jul y 70,382 1,904 807 1,097 66,277 14,414 34,090 923 16,851 2,202 Aug 72.455 3,795 2.698 1,097 66,428 15,213 33,486 948 16,780 2.232 Sept 72,120 2,042 1,076 967 67,923 15,249 35,569 825 16,280 2,155 Oct.. , . ... 72,742 2,681 1.699 982 67,631 16,555 33,882 830 16,364 2,430 Nov 73,924 3,112 2,137 975 68,494 17,549 34,077 852 16.017 2,319 Dec 74,883 2,392 1,449 943 70,331 17,557 35,904 881 15,990 2,159 1976—Ja n 73,437 2,253 1,469 784 69,062 18,026 34,152 1,034 15,850 2,123 Feb 72,963 2,947 2,270 677 67,843 16,050 34,887 964 15,941 2,174 Mar 74,668 2,112 1,237 875 70,300 17,363 36,723 927 15,287 2,256 Apr 74,055 2,275 1,447 827 69,555 18,394 34,879 934 15,348 2,226 May 75,926 2,443 1,534 909 71,189 18,619 36,270 851 15,449 2,294 June 74,461 1,702 803 900 70,526 18,138 35,804 888 15,695 2.233 Julyf 73,494 1,862 1,002 860 69,359 18,838 33,593 909 16.018 2,273 Payable in U.S. dollars. 1973—De c 40,323 1,642 730 912 37,816 6,509 23,389 510 7,409 865 1974—De c 49,211 3,146 2,468 678 44,693 10,265 23,716 610 10,102 1,372 1975—Jul y 51,665 1,742 793 949 48,787 12,664 25,428 713 9,983 1,136 Aug 53.456 3,661 2,681 980 48,763 13,315 24,719 740 9,989 1,032 Sept 54,256 1,910 1,054 856 51,369 13,488 27,514 596 9,772 977 Oct 54,192 2,552 1,687 865 50,494 14,654 25,450 592 9,799 1,146 Nov 56,221 2,988 2,123 865 52,145 15,555 26,233 638 9,720 1,087 Dec 57,361 2,273 1,445 828 54,120 15,645 28,224 648 9,604 967 1976—Ja n 55,046 2,141 1,459 683 52,024 15,574 26,008 837 9,606 880 Feb 55,041 2,856 2,261 595 51,266 14,278 26,741 715 9,532 918 Mar 55,115 2,010 1,234 775 52,147 14,450 27,526 691 9,482 958 54,516 2,155 1,434 721 51,469 15,424 25,820 633 9,593 891 May.' 56,667 2,322 1,519 803 53,466 15,860 27,218 635 9,754 879 June 55,363 1,615 796 819 52,902 15,454 27,068 631 9,750 846 JulyP 54,871 1,780 997 783 52,249 16,202 25,371 659 10,018 841 IN BAHAMAS AND CAYMANS i Total, all currencies 1973—De c 23,771 2,210 317 1,893 21,041 1,928 9,895 1,151 8,068 520 1974—De c 31,733 2,464 1,081 1,383 28,453 3,478 11,354 2,022 11,599 815 1975—Jul y 39,614 2,787 1,134 1,653 35,676 5,015 14,065 2,747 13,849 1,150 Aug 41,624 4,117 2,580 1,536 36,555 5,222 14,117 2,891 14,324 953 Sept 41,601 3,189 1,289 1,900 37,479 5,220 14,604 3,020 14,635 933 Oct 44,166 3,989 2,295 1,694 39,225 5,604 15,414 3,308 14,899 952 Nov 44,471 4,544 2,929 1,615 38,973 5,321 15,134 3,434 15,084 954 Dec 45,203 3,229 1,477 1,752 41,040 5,411 16,298 3,576 15,756 933 1976—Ja n 48,694 4,488 2,614 1,874 43,104 6,296 17,195 3,677 15,935 1,102 Feb 50,276 4,765 2,750 2,014 44,396 6,257 17,556 3,908 16,675 1,115 Mar 51,075 3,482 1,485 1,996 46,636 6,745 18,205 4,251 17,434 957 Apr 54,398 5,695 3,835 1,860 47,536 6,437 18,503 4,680 17,917 1,166 May 57,247 6,294 4,424 1,870 49,631 6,435 20,181 5,101 17,915 1,322 June 57,118 3,804 1,636 2,169 52,275 7,254 21,204 5,160 18,657 1,039 Julyf 259,909 5,772 3,865 1,908 52,957 7,149 20,665 5,699 19,444 1,180 For notes see p. A-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1976 • INTL CAPITAL TRANSACTIONS OF THE U.S. A71 19b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) To U.S. To foreigners Total Other Offi- Non- Other Month-end LLooccaattiioonn aanndd ccuurrrreennccyy ffoorrmm Total Parent Other Total branches Other cial bank bank of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES 121,866 5,610 1,642 3,968 111,615 18,213 65,389 10,330 17,683 4,641 1973—Dec. Total, all currencies 151,905 11,982 5,809 6,173 132,990 26,941 65,675 20,185 20,189 6,933 1974—Dec. 162,511 17,771 11,609 6,162 138,458 31,673 65,949 20,387 20,449 6,282 1975—July 167,672 17,335 10,173 7,162 143,926 31,926 70,198 21,114 20,688 6,411 Aug. 167,886 18,502 11,026 7.476 143,182 31,567 70,853 19,780 20,981 6,202 Sept. 171,465 19,154 11,282 7,872 146,066 33,216 70,560 20,642 21,648 6,246 Oct. 173,736 19,858 11,201 8,657 147,011 33,892 70,567 21,200 21,352 6,867 Nov. 176,493 20,221 12,165 8,057 149,815 34,111 72,259 22,773 20,672 6,456 Dec.*^ 179,761 22,571 12,691 9,880 151,212 35,908 72,481 21,710 21,114 5,978 1976—Jan.'- 181,651 24,500 14,091 10,409 151,104 35,257 70,957 23,189 21,700 6,047 Feb.'- 186,870 24,645 15,295 9,350 156,329 37,846 72,769 22,493 23,221 5,896 Mar.'^ 189,437 26,755 14,543 12,212 156,870 38,811 72,720 21,857 23,482 5,812 Apr.*- 194,592 28,272 15,918 12,354 160,261 38,994 75,919 22,467 22,881 6,059 May 194,482 27,968 16,502 11,467 160,364 39,969 75,527 21,605 23,263 6,149 June 196,753 28,606 15,936 12,671 161,536 41,061 74,182 22,233 24,060 6,611 Julyf 80,374 5,027 1,477 3,550 73,189 12,554 43,641 7,491 9,502 2,158 1973—Dec. PPaayyaabbllee iinn UU..SS.. ddoollllaarrss 107,890 11,437 5,641 5,795 92,503 19,330 43,656 17,444 12,072 3,951 1974—Dec. 120,763 17,157 11,402 5,755 100,329 25,422 45,884 17,393 11,630 3,277 1975—July 125,328 16,689 9,992 6,698 105,200 25,646 49,410 18,080 12,064 3,439 Aug. 126,850 17,871 10,823 7,048 105,765 25,607 50,726 16,777 12,654 3,213 Sept. 129,569 18,477 11,078 7,399 107,682 27,118 49,911 17,476 13,177 3,409 Oct. 133,291 19,159 11,008 8,151 110,213 28,030 50,450 18,407 13,326 3,919 Nov. 135,907 19,503 11,939 7,564 112,879 28,217 51,583 19,982 13,097 3,526 Dec.*^ 138,828 21,931 12,519 9,412 113,546 29,682 51,994 18,906 12,965 3,351 1976—Jan. 140,125 23,759 13,846 9,913 112,981 28,659 50,549 20,317 13,457 3,385 Feb.*- 142,348 23,855 15,023 8,831 115,497 30,011 51,654 19,518 14,315 2,995 Mar.'^ 145,817 26,011 14,286 11,725 116,743 31,428 51,679 19,080 14,557 3,063 Apr. 151,124 27,572 15,657 11,914 120,445 31,661 54,559 19,791 14,434 3,107 May- 150,502 27,167 16,229 10,938 120,144 32,757 54,085 19,036 14,265 3,191 June 153,153 27,840 15,681 12,158 121,937 33,850 53,561 19,580 14,947 3,377 Julyf IN UNITED KINGDOM 61,732 2,431 136 2,295 57,311 3,944 34,979 8,140 10,248 1,990 1973—Dec. Total, all currencies 69,804 3,978 510 3,468 63,409 4,762 32,040 15,258 11,349 2,418 1974—Dec. 70,382 4,679 1,718 2,961 63,482 6,475 30,617 15,312 11,077 2,222 1975—July 72,455 5,251 1,904 3,348 64,994 6,260 32,079 15,617 11,038 2,210 Aug. 72,120 5,112 1,833 3,279 64,962 6,396 33,130 14,486 10,950 2,046 Sept. 72,742 4,905 1,766 3,139 65,681 6,746 32,315 14,909 11,711 2,157 Oct. 73,924 5,497 2,028 3,468 66,210 6,470 33,284 15,180 11,275 2,218 Nov. 74,883 5,646 2,122 3,523 67,240 6,494 32,964 16,553 11,229 1,997 Dec. 73,437 5,645 1,749 3,896 65,899 6,444 33,522 15,053 10,879 1,893 1976—Jan. 72,963 5,491 1,914 3,577 65,544 6,648 31,444 16,463 10,989 1,928 Feb. 74,668 5,382 1,549 3,833 67,217 7,099 32,485 15,905 11,729 2,069 Mar. 74,055 6,105 1,764 4,340 65,977 6,898 31,805 15,521 11,752 1,974 Apr. 75,926 6,483 1,796 4,687 67,212 7,030 33,189 15,782 11,212 2,231 May 74,461 5,874 1,562 4,312 66,536 7,288 33,313 14,825 11,111 2,051 June 73,494 5,628 1,727 3,901 65,594 6,927 31,487 15,462 11,718 2,272 Julyf 39,689 2,173 113 2,060 36,646 2,519 22,051 5,923 6,152 870 1973—Dec. PPaayyaabbllee iinn UU..SS.. ddoollllaarrss 49,666 3,744 484 3,261 44,594 3,256 20,526 13,225 7,587 1,328 1974—Dec. 51,826 4,421 1,684 2,737 46,198 5,478 20,756 12,915 7,049 1,207 1975—July 54,017 4,975 1,873 3,103 47,896 5,288 22,071 13,249 7,287 1,146 Aug. 54,683 4,889 1,808 3,081 48,814 5,456 23,645 12,182 7,531 980 Sept. 54,478 4,696 1,735 2,961 48,641 5,708 22,433 12,500 7,999 1,142 Oct. 56,696 5,288 2,009 3,279 50,159 5,478 23,615 12,999 8,066 1,249 Nov. 57,820 5,415 2,083 3,332 51,447 5,442 23,330 14,498 8,176 959 Dec. 55,987 5,446 1,732 3,714 49,609 5,422 23,357 13,070 7,761 932 1976—Jan. 55,848 5,311 1,901 3,410 49,606 5,471 21,911 14,326 7,899 931 Feb. 56,266 5,179 1,509 3,670 50,126 5,969 21,973 13,710 8,474 961 Mar. 55,750 5,880 1,723 4,156 48,992 5,771 21,230 13,450 8,541 877 Apr. 57,923 6,271 1,759 4,513 50,727 5,863 22,544 13,914 8,406 925 May 56,574 5,682 1,546 4,136 50,043 6,218 22,690 13,074 8,061 849 June 55,978 5,443 1,703 3,740 49,691 5,878 21,765 13,604 8,444 844 Julyf IN BAHAMAS AND CAYMANS i 23,771 1,573 307 1,266 21,747 5,508 14,071 492 1,676 451 1973—Dec. Total, all currencies 31,733 4,815 2,636 2,180 26,140 7,702 14,050 2,377 2,011 778 1974—Dec. 39,614 9,991 7,407 2,584 28,933 8,401 15,539 2,500 2,492 690 1975—July 41,624 8,800 5,715 3,085 31,913 9,128 17,317 2,860 2,607 911 Aug. 41,601 9,928 6,490 3,439 30,861 8,918 16,834 2,570 2,540 812 Sept. 44,166 10,833 7,056 3,778 32,372 9,725 17,296 2,775 2,577 961 Oct. 44,471 11,082 6,710 4,372 32,239 10,553 15,972 3,230 2,483 1,150 Nov. 45,203 11,147 7,628 3,520 32,949 10,569 16,825 3,308 2,248 1,106 Dec.'^ 48,694 13,111 8,088 5,023 34,475 11,169 17,724 3,416 2,166 1,109 1976—Jan. 50,276 15,042 9,197 5,845 34,133 10,231 18,130 3,407 2,366 1,100 Feb.'- 51,075 15,494 10,915 4,579 34,905 10,850 18,360 2,998 2,697 676 Mar.*- 54,398 16,872 9,904 6,968 36,553 11,903 18,907 2,970 2,774 972 Apr.'- 57,247 18,286 11,529 6,757 38,112 11,918 20,303 2,950 2,941 849 May 57,118 18,286 12,203 6,083 37,817 12,117 19,724 2,917 3,059 1,016 June 259,909 19,366 11,606 7,760 39,412 13,317 20,351 2,811 2,933 1,131 Julyf Digitized for FRFoAr SnEotRes see p. A-74. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A72 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 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 in custody EE pp nn ee dd rr iioo oo dd ff DDeeppoossiittss U se .S c . u r T it r ie e s a s i . Ear g m o a ld r ked EE ppee nndd rrii oo oo dd ff TToottaall Deposits i S n t h e ve o rm s rt t - - Deposits i S n t h e v o e rm s rt t - - UU KK dd nn ii oo nn iitt mm gg ee -- dd CCaannaaddaa ments 1 ments 1 1972 325 50,934 215,530 1973 251 52,070 217,068 1972 2,374 1,910 55 340 68 911 536 1974 418 55,600 16,838 1973 3,164 2,588 37 435 105 1,118 765 1974 3,357 2,591 68 429 268 1,350 967 1975—Sept... 324 58,420 16,795 Oct.... 297 60,307 16,751 1975—June 3,250 2,177 214 427 432 997 1,142 Nov... 346 60,512 16,745 July 3,334 2,207 246 479 402 925 1,122 Dec.. . 352 60,019 16,745 Aug 3,562 2,291 239 512 520 1,052 1,322 Sept 3,696 2,456 266 478 496 1,139 1,261 1976—Jan.... 294 61,796 16,669 Oct 3,527 2,498 351 429 249 1,199 1,167 Feb.... 412 62,640 16,666 Nov 3,922 2,709 468 461 284 1,308 1,382 Mar... 305 61,271 16,660 Dec 3,782 2,699 332 510 241 1,304 1,148 Apr.... 305 62,527 16,657 May. . 303 63,225 16,647 1976—Jan 4,206 3,081 374 476 274 1,506 1,312 June.. 349 63,212 16,633 Feb 4,416 3,265 377 449 325 1,508 1,357 July... 295 62,955 16,607 Mar 4,410 3,352 393 437 228 1,690 1,325 Aug.. . 254 63,457 16,565 Apr 4,936 3,851 412 435 238 2,061 1,354 Sept... 392 64,215 16,590 May 5,175 4,087 426 455 207 1,912 1,495 JuneP 4,923 3,962 345 435 181 1,910 1,257 JulyP.... 5,190 4,172 380 431 207 2,060 1,415 1 Marketable U.S. Treasury bills, certificates of indebtedness, notes, and bonds and nonmarketable U.S. Treasury securities payable in dollars and in foreign 1 Negotiable and other readily transferable foreign obligations payable on demand currencies. or having a contractual maturity of not more than 1 year from the date on which the 2 The value of earmarked gold increased because of the obligation was incurred by the foreigner. changes in par value of the U.S. dollar in May 1972, and in Oct. 1973. NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by NOTE.—Excludes deposits and U.S. Treasury securities nonbanking concerns in the United States and are included in the figures shown in held for international and regional organizations. Ear- Table 22. marked gold is gold held for foreign and international accounts and is not included in the gold stock of the United States. 22. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amount outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Payable Payable Total in in Total in dollars foreign dollars Deposits with currencies banks abroad Other in reporter's name 1972—Sept 2,933 2,435 498 5,487 4,833 426 228 DT>e c. i1 / \ 3 3 , , 4 1 1 1 7 9 2 2, , 6 9 3 4 5 8 4 4 6 8 9 4 6 5, , 7 3 2 0 1 2 5 5 , , 6 0 4 7 3 4 4 39 1 3 0 2 2 6 3 7 7 1973—Mar 3,320 2,848 472 7,017 6,147 456 414 June 3,295 2,772 523 7,290 6,448 493 349 Sept 3,579 2,931 648 7,625 6,698 528 399 Dec 4,006 3,290 716 8,482 7,569 493 421 1974—Mar 4,414 3,590 823 10,475 9,541 407 526 June 5,139 4,184 955 11,046 10,122 429 496 Sept 5,605 4,656 949 10,698 9,730 430 537 Dec 5,916 5,007 909 11,276 10,219 473 584 1975 Mar 5,930 5,068 862 10,929 9,798 453 678 June 5,924 5,091 834 10,886 9,606 479 801 Sept 5,997 5,149 849 11,712 10,364 529 819 Dec 5,958 5,353 605 12,244 11,069 565 611 1976—Mar.f 6,264 5,598 666 12,808 11,759 487 562 1 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

OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A73 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 1975 1976 1975 1976 Mar. June Sept. Dec. Mar.f Mar. June Sept. Dec, Mar.p Europe: Austria 26 22 18 14 6 15 13 15 16 17 Belgium-Luxembourg 480 340 336 294 291 137 132 131 133 116 Denmark 23 14 8 9 12 35 22 24 39 35 Finland 16 12 14 14 10 77 87 114 91 36 France 151 137 150 148 204 328 287 311 300 372 Germany 352 293 276 151 153 276 346 319 357 306 Greece 25 27 21 19 25 59 69 56 33 40 Italy 109 110 156 173 126 309 300 380 382 408 Netherlands 122 143 154 115 165 157 135 139 172 182 Norway 9 8 13 20 23 35 41 48 41 58 Portugal 13 13 13 4 3 42 32 39 44 45 Spain 55 60 75 82 70 360 324 315 408 514 Sweden 32 30 47 24 25 66 74 100 62 80 Switzerland 155 168 167 130 159 86 113 220 242 207 Turkey 12 14 22 25 14 33 28 31 27 27 United Kingdom 1,192 1,054 945 970 923 1,655 1,555 1,781 1,905 2,291 Yugoslavia 52 45 60 76 91 33 32 24 36 30 Other Western Europe 5 4 5 6 6 23 16 19 14 18 Eastern Europe 45 49 38 31 33 114 154 170 219 186 Total 2,875 2,545 2,518 2,304 2,339 3,838 3,761 4,238 4,519 4,970 Canada 263 283 299 295 314 1,859 1,954 2,102 2,124 2,236 Latin America: Argentina 31 30 28 31 35 76 63 52 58 48 Bahamas 387 357 290 270 376 615 631 686 662 882 Brazil 121 127 116 96 91 378 349 385 403 470 Chile 23 15 13 14 11 69 57 41 38 28 Colombia 12 12 14 17 16 54 50 47 49 47 Cuba * * » * * 1 1 1 1 1 Mexico 69 71 81 82 92 336 322 317 352 331 Panama 18 27 19 24 17 110 128 103 92 86 Peru 18 16 19 23 24 46 50 48 41 36 Uruguay 3 3 2 3 2 15 5 5 4 4 Venezuela 39 45 56 100 163 180 166 153 167 147 Other L.A. republics 65 67 69 71 72 193 179 165 157 167 Neth. Antilles and Surinam 56 60 76 35 58 16 13 12 12 7 Other Latin America 134 145 142 138 214 196 159 192 301 292 Total 975 973 924 903 1,171 2,286 2,171 2,205 2,337 2,546 Asia: China, People's Republic of (China Mainland) 88 6 2 6 5 19 3322 45 65 35 China, Rep. of (Taiwan) 102 100 101 97 111 122 125 152 164 100 Hong Kong 19 30 29 18 24 83 85 85 111 67 India 10 21 22 7 9 32 39 48 39 60 Indonesia 63 87 104 137 137 117 147 137 169 194 Israel 62 62 45 29 23 46 60 63 54 42 Japan 327 273 279 296 308 1,326 1,250 1,269 1,141 1,170 Korea 47 43 63 69 54 165 178 207 265 108 Philippines 19 17 15 14 19 83 91 93 99 106 Thailand 9 6 8 18 18 30 25 21 22 21 Other Asia 642 841 908 1,027 958 394 465 532 555 643 Total 1,308 1,488 1,575 1,717 1,667 2,416 2,497 2,652 2,683 2,546 Africa: Egypt 5 34 34 37 30 24 15 15 22 22 South Africa 54 65 79 100 112 104 104 78 93 79 Zaire 17 9 9 6 7 18 17 22 28 28 Other Africa 137 209 212 240 347 236 218 263 287 239 Total 217 323 341 391 502 387 364 388 440 378 Other countries: Australia 60 37 52 55 47 97 99 79 101 96 All other 31 18 21 17 18 45 39 48 39 37 Total 91 55 73 73 65 141 138 127 140 133 International and regional 201 257 267 276 219 1 1 • 1 1 Grand total 5,930 5,924 5,997 5,958 6,277 10,929 10,886 11,712 12,244 12,810 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

A74 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976 24. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims TTToootttaaalll Country or area EEEnnnddd ooofff pppeeerrriiioooddd llliiiaaabbbiiillliiitttiiieeesss TToottaall K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O m La t e h t r i e n ic r a Japan O A t s h i e a r Africa o A th ll e r 1971—Dec 3,138 3,068 128 704 717 174 60 653 136 325 86 84 1972—Sept 3,448 3,187 128 695 757 177 63 662 132 390 89 96 T-y-- 1 / 3,540 3,312 163 715 775 184 60 658 156 406 87 109 \ 3,603 3,666 191 745 1,141 187 64 703 133 378 86 38 1973—Mar 3,781 3,798 156 802 1,151 165 63 796 123 393 105 45 June 3,785 3,853 180 805 1,163 146 65 825 124 390 108 48 Sept 4,000 3,999 216 822 1,166 147 73 832 134 449 108 51 Dec 3,886 4,057 290 761 1,172 145 79 829 125 488 115 53 1974—Mar 3,836 4,194 369 737 1,210 194 81 809 123 488 122 61 June 3,536 4,191 363 699 1,226 184 138 756 123 515 126 61 Sept 3,371 4,324 370 704 1,256 181 145 796 119 571 122 59 Dec 3,850 4,544 364 644 1,290 187 153 1,045 112 569 127 54 1975—Mar 4,129 4,523 340 655 1,334 182 169 1,008 102 540 139 54 June 4,230 4,454 299 634 1,328 182 161 982 98 556 146 68 Sept 4,180 4,590 366 620 1,347 177 228 930 95 608 154 67 Dec 4,232 4,971 396 589 1,426 171 216 1,251 90 604 168 61 1976—Mar.f 4,046 5,162 348 586 1,474 182 199 1,386 91 621 214 62 1 Data on the 2 lines shown for this data 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 months i money 2 bills. 3 months money deposit money 3 60-90 moneys 3 months money rate 3 months rates days 4 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 1975 7.36 7.34 10.57 10.16 10.13 7.23 7.89 3.51 4.23 4.41 3.65 6.25 1975—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 8.59 8.66 10.88 10.82 9.61 7.00 6.42 3.13 3.84 4.88 4.34 5.50 1976—Jan 8.59 8.75 9.83 9.87 9.08 5.75 6.38 3.13 3.58 4.52 3.76 5.00 Feb 8.70 8.74 8.86 8.81 8.42 6.50 7.27 3.13 3.08 2.86 3.05 5.00 Mar 9.04 9.05 8.66 8.46 6.25 6.50 7.63 3.13 3.62 2.50 2.12 4.78 Apr 8.97 8.65 9.10 8.97 7.69 6.50 7.56 3.13 2.76 2.96 2.50 4.50 May 8.93 8.96 10.31 10.45 10.16 6.50 7.53 3.13 3.68 3.60 3.98 4.50 June 8.99 9.04 11.05 10.94 10.69 6.50 7.63 3.13 4.23 5.68 4.82 4.50 July 9.02 8.98 11.00 10.89 10.88 6.50 8.33 3.13 4.38 6.94 5.22 4.50 Aug 9.12 9.22 10.94 10.88 10.53 6.50 9.50 3.13 4.08 9.27 7.60 4.50 Sept 99..1111 99..2200 1122..0055 1111..8888 99..2255 33..1133 44..2200 44..5500 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Monthly averages based on daily quotations. 3 Rate shown is on private securities. 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 $56,073 million and $56,633 million, respectively, on July 31, 1976. 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

OCTOBER 1976 • CENTRAL BANK AND EXCHANGE RATES A75 26. CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Sept. 30, 1976 Rate as of Sept. 30, 1976 Country Country Per Month Per Month cent effective cent effective Argentina 18.0 Feb. 1972 12.0 Mar. 1976 Austria 4.0 June 1976 6.5 Oct. 1975 Belgium 9.0 Aug. 1976 4.5 June 1942 Brazil : 28.0 May 1976 Netherlands 7.0 Aug. 1976 Canada 9.5 Mar. 1976 6.0 Sept. 1976 Denmark 8.5 Mar. 1976 6.0 June 1976 France 10.5 Sept. 1976 Switzerland 2.0 June 1976 Germany, Fed. Rep. of 3.5 SSeepptt.. 11997755 United Kingdom 13.0 Sept. 1976 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 5\fi per cent for pending on type of transaction; rediscounts of certain industrial paper and on advances against promissory Brazil—^ 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 1975—Sept 126.87 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 1976_Jan 125.65 5.4300 2.5443 99.359 16.231 22.339 38.425 11.178 202.86 .14245 .32826 Feb 125.85 5.4628 2.5554 100.652 16.278 22.351 39.034 11.186 202.62 .13021 .33157 Mar 124.79 5.4383 2.5480 101.431 16.273 21.657 39.064 11.157 194.28 .12113 .33276 Apr 123.72 5.4964 2.5667 101.668 16.553 21.411 39.402 11.123 184.63 .11371 .33433 May , , 123.37 5.4535 2.5517 102.02 16.487 21.272 39.035 11.080 180.79 .11676 .33444 June 122.75 5.4136 2.5220 102.71 16.314 21.109 38.797 10.980 176.40 .11780 .33424 July 123.59 5.4500 2.5182 102.86 16.225 20.651 38.842 11.205 178.50 .11943 .33940 Aug 124.18 5.5645 2.5632 101.49 16.448 20.131 39.538 11.143 178.28 .11936 .34410 Sept 124.25 5.6567 2.6046 102.56 16.694 20.334 40.169 11.036 172.72 .11837 .34800 Malaysia Mexico Nether- New Norway Portugal South Spain Sweden Switzer- United Period (ringgit) (peso) lands Zealand (krone) (escudo) Africa (peseta) (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 1975—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 1976—Jan 38.696 8.0000 37.429 104.06 17.992 3.6562 114.80 1.6751 22.831 38.418 202.86 Feb 38.998 8.0000 37.529 104.25 18.098 3.6394 114.79 1.5523 22.861 38.912 202.62 Mar 39.047 8.0000 37.149 102.42 18.022 3.4987 114.83 1.4947 22.702 38.980 194.28 Apr 39.032 8.0000 37.215 100.19 18.201 3.3759 114.84 1.4864 22.709 39.531 184.63 May, , 39.079 8.0000 36.811 99.33 18.184 3.3195 114.85 1.4788 22.653 40.205 180.79 June 39.148 8.0000 36.524 98.09 18.020 3.2145 114.94 1.4724 22.475 40.484 176.40 July 39.589 8.0000 36.643 99.05 17.899 3.1810 114.83 1.4685 22.379 40.242 178.50 Aug 40.077 8.0000 37.393 99.66 18.150 3.1982 114.84 1.4651 22.660 40.302 178.28 Sept 39.753 5.0286 38.390 98.87 18.427 3.2062 114.77 1.4721 22.998 40.431 172.72 NOTE.—^Averages of certified noon buying rates in New York for cable transfers. 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> Board of Governors of the Federal Reserve System ARTHUR F. BURNS, Chairman STEPHEN S. GARDNER, Vice Chairman HENRY C. WALLICH PHILIP E. COLDWELL PHILIP C. JACKSON, JR. J. CHARLES PARTEE DAVID M. LILLY OFFICE OF OFFICE OF BOARD MEMBERS OFFICE OF STAFF STAFF DIRECTOR FOR MANAGEMENT DIRECTOR FOR MONETARY POLICY THOMAS J. O'CONNELL, Counsel to the JOHN M. DENKLER, Staff Director Chairman STEPHEN H. AXILROD, Staff Director ROBERT J. LAWRENCE, Deputy Staff JOSEPH R. COYNE, Assistant to the Board ARTHUR L. BROIDA, Deputy Staff Director Director KENNETH A. GUENTHER, Assistant to the Board MURRAY ALTMANN, Assistant to the Board GORDON B. GRIMWOOD, Assistant Director JAY PAUL BRENNEMAN, Special Assistant to the PETER M. KEIR, Assistant to the Board and Program Director for Board STANLEY J. SIGEL, Assistant to the Board Contingency Planning FRANK O'BRIEN, JR., Special Assistant to the NORM AND R. V. BERNARD, Special Assistant to WILLIAM W. LAYTON, Director of Equal Board the Board Employment Opportunity DONALD J. WINN, Special Assistant to the BRENTON C. LEAVITT, Program Director for Board DIVISION OF RESEARCH AND STATISTICS Banking Structure LYLE E. GRAMLEY, Director JAMES L. KICHLINE, Associate Director JOSEPH S. ZEISEL, Associate Director EDWARD C. ETTIN, Adviser JOHN H. KALCHBRENNER, Adviser JAMES B. ECKERT, Associate Adviser LEGAL DIVISION t JOHN J. MINGO, Associate Adviser JOHN D. HAWKE, JR., General Counsel ELEANOR J. STOCKWELL, Associate Adviser BALDWIN B. TUTTLE, Deputy General HELMUT F. WENDEL, Associate Adviser Counsel JAMES R. WETZEL, Associate Adviser DIVISION OF FEDERAL RESERVE ROBERT E. MANNION, Assistant General JAMES M. BRUNDY, Assistant Adviser BANK EXAMINATIONS AND BUDGETS Counsel JARED J. ENZLER, Assistant Adviser WILLIAM H. WALLACE, Director ALLEN L. RAIKEN, Assistant General Counsel ROBERT VA. FISHER, Assistant Adviser ALBERT R. HAMILTON, Associate Director GARY M. WELSH, Assistant General Counsel J. CORTLAND G. PERET, Assistant Adviser CLYDE H. FARNSWORTH, JR. , Assistant Director CHARLES R. MCNEILL, Assistant to the STEPHEN P. TAYLOR, Assistant Adviser P. D. RING, Assistant Director General Counsel LEVOK H. GARABEDIAN, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIVISION OF DIVISION OF CONSUMER AFFAIRS DIVISION OF INTERNATIONAL FINANCE FEDERAL RESERVE BANK OPERATIONS JANET O. HART, Director JOHN E. REYNOLDS, Acting Director JAMES R. KUDLINSKI, Director JERAULD C. KLUCKMAN, Assistant Director ROBERT F. GEMMILL, Adviser WALTER A. ALTHAUSEN, Assistant Director REED J. IRVINE, Adviser BRIAN M. CAREY, Assistant Director tHELEN B. JuNZ, Adviser HARRY A. GUINTER, Assistant Director OFFICE OF THE SECRETARY SAMUEL PIZER, Adviser GEORGE B. HENRY, Associate Adviser THEODORE E. ALLISON, Secretary CHARLES J. SIEGMAN, Associate Adviser DIVISION OF DATA PROCESSING * RICHARD D. ABRAHAMSON, Assistant Secretary EDWIN M. TRUMAN, Associate Adviser GRIFFITH L. GARWOOD, Assistant Secretary CHARLES L. HAMPTON, Director BRUCE M. BEARDSLEY, Associate Director UYLESS D. BLACK, Assistant Director DIVISION OF BANKING GLENN L. CUMMINS, Assistant Director SUPERVISION AND REGULATION tOn leave of absence. ROBERT J. ZEMEL, Assistant Director BRENTON C. LEAVITT, Director DIVISION OF PERSONNEL RALPH H. GELDER, Associate Director JOHN E. RYAN, Associate Director CHARLES W. WOOD, Assistant Director WILLIAM W. WILES, Associate Director PETER E. BARNA, Assistant Director OFFICE OF THE CONTROLLER FREDERICK R. DAHL, Assistant Director JACK M. EGERTSON, Assistant Director JOHN KAKALEC, Controller JOHN N. LYON, Assistant Director TYLER E. WILLIAMS, JR., Assistant Controller JOHN T. MCCLINTOCK, Assistant Director THOMAS E. MEAD, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES ROBERT S. PLOTKIN, Assistant Director THOMAS A. SIDMAN, Assistant Director WALTER W. KREIMANN, Director DONALD E. ANDERSON, Assistant Director JOHN D. SMITH, Assistant Director *On loan from the Federal Reserve Bank of Chicago. > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A78 Federal Open Market Committee ARTHUR F. BURNS, Chairman PAUL A. VOLCKER, Vice Chairman JOHN J. BALLES STEPHEN S. GARDNER J. CHARLES PARTEE ROBERT P. BLACK PHILIP C. JACKSON, JR. HENRY C. WALLICH PHILIP E. COLDWELL MONROE KIMBREL WILLIS J. WINN DAVID M. LILLY ARTHUR L. BROIDA, Secretary LYLE E. GRAMLEY, Economist MURRAY ALTMANN, Deputy Secretary (Domestic Business) NORMAND R. V. BERNARD, Assistant HARRY BRANDT, Associate Economist Secretary RICHARD G. DAVIS, Associate Economist THOMAS J. O'CONNELL, General Counsel WILLIAM J. HOCTER, Associate Economist EDWARD G. GUY, Deputy General Counsel MICHAEL W. KERAN, Associate Economist BALDWIN B. TUTTLE, Assistant General JAMES L. KICHLINE, Associate Economist Counsel JAMES PARTHEMOS, Associate Economist STEPHEN H. AXILROD, Economist JOHN E. REYNOLDS, Associate Economist (Domestic Finance) JOSEPH S. ZEISEL, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account PETER D. STERNLIGHT, Deputy Manager for Domestic Operations SCOTT E. PARDEE, Deputy Manager for Foreign Operations Federal Advisory Council ELLMORE C. PATTERSON, SECOND FEDERAL RESERVE DISTRICT. President WILLIAM F. MURRAY, SEVENTH FEDERAL RESERVE DISTRICT, Vice President RICHARD D. HILL, FIRST FEDERAL EDWIN S. JONES, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JAMES F. BODINE, THIRD FEDERAL DONALD R. GRANGAARD, NINTH RESERVE DISTRICT FEDERAL 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

A79 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 Robert H. Knight Thomas M. Timlen Buffalo 14240 Rupert Warren John T. Keane 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 and Records 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 Jordan B. Tatter William C. Conrad ST. LOUIS 63166 Edward J. Schnuck Lawrence K. Roos William B. Walton Eugene A. Leonard Little Rock 72203 Ronald W. Bailey John F. Breen Louisville 40201 William H. Stroube Donald L. Henry Memphis 38101 Robert E. Healy 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 Roger Guffey Harold W. Andersen John T. Boysen Denver 80217 Maurice B. Mitchell Wayne W. Martin 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 INDUSTRIAL PRODUCTION—1971 EDITION. 1972. 383 FUNCTIONS. 1974. 125pp. $1.00each; lOormore pp. $4.00 each; 10 or more to one address, $3.50 to one address, $.75 each. each. ANNUAL REPORT THE PERFORMANCE OF BANK HOLDING COMPANIES. 1967. 29 pp. $.25 each; 10 or more to one address, FEDERAL RESERVE BULLETIN. Monthly. $20.00 per $.20 each. year or $2.00 each in the United States, its possessions, Canada, and Mexico; 10 or more of same BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 pp. $1.00 each; 10 or more to one address, issue to one address, $18.00 per year or $1.75 $.85 each. each. Elsewhere, $24.00 per year or $2.50 each. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- BANKING AND MONETARY STATISTICS, 1914-1941. SUMERS. 1966. 166 pp. $1.00 each; 10 or more (Reprint of Part 1 only) 1976. 682 pp. $5.00. to one address, $.85 each. BANKING AND MONETARY STATISTICS, 1941-1970. 1976. 1,168 pp. $15.00. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. 321 pp. $1.00 each; 10 or more to one address, $.85 ANNUAL STATISTICAL DIGEST, 1970-75. 1976. 339 pp. each. $4.00 per copy for each paid subscription to Federal Reserve Bulletin. All others, $5.00 each. REPORT OF THE JOINT TREASURY-FEDERAL RESERVE FEDERAL RESERVE MONTHLY CHART BOOK. Subscrip- STUDY OF THE U.S. GOVERNMENT SECURITIES tion includes one issue of Historical Chart Book. MARKET. 1969. 48 pp. $.25 each; 10 or more to $12.00 per year or $1.25 each in the United States, one address, $.20 each. its possessions, Canada, and Mexico; 10 or more JOINT TREASURY-FEDERAL RESERVE STUDY OF THE of same issue to one address, $1.00 each. Else- GOVERNMENT SECURITIES MARKET: STAFF STUDwhere, $15.00 per year or $1.50 each. IES—PART 1. 1970. 86 pp. $.50 each; 10 or more HISTORICAL CHART BOOK. Issued annually in Sept. to one address, $.40 each. PART 2. 1971. 153 pp. Subscription to Monthly Chart Book includes one and PART 3. 1973. 131 pp. Each volume $1.00; issue. $1.25 each in the United States, its posses- 10 or more to one address, $.85 each. sions, Canada, and Mexico; 10 or more to one OPEN MARKET POLICIES AND OPERATING PROCEaddress, $1.00 each. Elsewhere, $1.50 each. DURES—STAFF STUDIES. 1971. 218 pp. $2.00 CAPITAL MARKET DEVELOPMENTS. Weekly. $15.00 per each; 10 or more to one address, $1.75 each. year or $.40 each in the United States, its posses- REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT sions, Canada, and Mexico; 10 or more of same MECHANISM. Vol. 1. 1971. 276 pp. Vol. 2. 1971. issue to one address, $13.50 per yeeir or $.35 each. 173 pp. Vol. 3. 1972. 220 pp. Each volume $3.00; Elsewhere, $20.00 per year or $.50 each. 10 or more to one address, $2.50 each. SELECTED INTEREST AND EXCHANGE RATES—WEEKLY THE ECONOMETRICS OF PRICE DETERMINATION CON- SERIES OF CHARTS. Weekly. $15.00 per year or FERENCE, October 30-31, 1970, Washington, D.C. $.40 each in the United States, its possessions, 1972. 397 pp. Cloth ed. $5.00 each; 10 or more Canada, and Mexico; 10 or more of same issue to one address, $4.50 each. Paper ed. $4.00 each; to one address, $13.50 per year or $.35 each. 10 or more to one address, $3.60 each. Elsewhere, $20.00 per year or $.50 each. FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE THE FEDERAL RESERVE ACT, as amended through De- FLUCTUATIONS IN HOUSING CONSTRUCTION. 1972. cember 1971, with an appendix containing provi- 487 pp. $4.00 each; 10 or more to one address, sions of certain other statutes affecting the Federal $3.60 each. Reserve System. 252 pp. $1.25. LENDING FUNCTIONS OF THE FEDERAL RESERVE REGULATIONS OF THE BOARD OF GOVERNORS OF THE BANKS. 1973. 271 pp. $3.50 each; 10 or more FEDERAL RESERVE SYSTEM to one address, $3.00 each. PUBLISHED INTERPRETATIONS OF THE BOARD OF GOV- INTRODUCTION TO FLOW OF FUNDS. 1975. 64 pp. $.50 ERNORS, as of Dec. 31, 1975. $2.50. each; 10 or more to one address, $.40 each. THE FEDERAL FUNDS MARKET. 1959. ILL pp. $1.00 IMPROVED FUND AVAILABILITY AT RURAL BANKS (Reeach; 10 or more to one address, $.85 each. port and study papers of the Committee on Rural TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 Banking Problems). 1975. 133 pp. $1.00 each; 10 each; 10 or more to one address, $.85 each. or more to one address, $.85 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications A 81 IMPROVING THE MONETARY AGGREGATES (Report of the YIELDS ON NEWLY ISSUED CORPORATE BONDS. 9/72. Advisory Committee on Monetary Statistics). RECENT ACTIVITIES OF FOREIGN BRANCHES OF U.S. 1976. 43 pp. $1.00 each; 10 or more to one BANKS. 10/72. address, $.85 each. REVISION OF CONSUMER CREDIT STATISTICS. 10/72. ONE-BANK HOLDING COMPANIES BEFORE THE 1970 STAFF ECONOMIC STUDIES AMENDMENTS. 12/72. Studies and papers on economic and financial subjects YIELDS ON RECENTLY OFFERED CORPORATE BONDS. that are of general interest in the field of economic 5/73. research. CAPACITY UTILIZATION IN MAJOR MATERIALS INDUS- SUMMARIES ONLY PRINTED IN THE BULLETIN TRIES. 8/73. (Limited supply of mimeographed copies of full text CREDIT-CARD AND CHECK-CREDIT PLANS AT COMMERavailable upon request for single copies.) CIAL BANKS. 9/73. RATES ON CONSUMER INSTALMENT LOANS. 9/73. HOUSEHOLD-SECTOR ECONOMIC ACCOUNTS, by David NEW SERIES FOR LARGE MANUFACTURING CORPORA- F. Seiders. Jan. 1975. 84 pp. TIONS. 10/73. THE PERFORMANCE OF INDIVIDUAL BANK HOLDING U.S. ENERGY SUPPLIES AND USES, Staff Economic COMPANIES, by Arthur G. Fraas. Aug. 1975. Study by Clayton Gehman. 12/73. 27 pp. CAPACITY UTILIZATION FOR MAJOR MATERIALS: RE- THE GROWTH OF MULTIBANK HOLDING COMPANIES: VISED MEASURES. 4/74. 1956-73, by Gregory E. Boczar. Apr. 1976. 27 NUMERICAL SPECIFICATIONS OF FINANCIAL VARIABLES pp. AND THEIR ROLE IN MONETARY POLICY. 5/74. EXTENDING MERGER ANALYSIS BEYOND THE SINGLE- INFLATION AND STAGNATION IN MAJOR FOREIGN IN- MARKET FRAMEWORK, by Stephen A. Rhoades. DUSTRIAL COUNTRIES. 10/74. May 1976. 25 pp. THE STRUCTURE OF MARGIN CREDIT. 4/75. SEASONAL ADJUSTMENT OF MI—CURRENTLY PUB- NEW STATISTICAL SERIES ON LOAN COMMITMENTS AT LISHED AND ALTERNATIVE METHODS, by Edward SELECTED LARGE COMMERCIAL BANKS. 4/75. R. Fry. May 1976. 22 pp. RECENT TRENDS IN FEDERAL BUDGET POLICY. 7/75. EFFECTS OF NOW ACCOUNTS ON COSTS AND EARNINGS BANKING AND MONETARY STATISTICS, 1974. Selected OF COMMERCIAL BANKS IN 1974-75, by John D. series of banking and monetary statistics for 1974 Paulus. Sept. 1976. 49 pp. only. 2/75, 3/75, 4/75, and 7/75. RECENT DEVELOPMENTS IN INTERNATIONAL FINANCIAL PRINTED IN FULL IN THE BULLETIN MARKETS. 10/75. Staff Economic Studies shown in list below. M I N N I E: A SMALL VERSION OF THE MIT-PENN-SSRC ECONOMETRIC MODEL, Staff REPRINTS Economic Study by Douglas Battenberg, Jared J. (Except for Staff Papers, Staff Economic Studies, and Enzler, and Arthur M. Havenner. 11/75. some leading articles, most of the articles reprinted do AN ASSESSMENT OF BANK HOLDING COMPANIES, Staff not exceed 12 pages.) Economic Study by Robert J. Lawrence and SEASONAL FACTORS AFFECTING BANK RESERVES. 2/58. Samuel H. Talley. 1/76. MEASURES OF MEMBER BANK RESERVES. 7/63. INDUSTRIAL ELECTRIC POWER USE. 1/76. RESEARCH ON BANKING STRUCTURE AND PERFORM- REVISION OF MONEY STOCK MEASURES. 2/76. ANCE, Staff Economic Study by Tynan Smith. SURVEY OF FINANCE COMPANIES, 1975. 3/76. 4/66. CHANGING PATTERNS IN U.S. INTERNATIONAL TRANS- A REVISED INDEX OF MANUFACTURING CAPACITY, ACTIONS. 4/76. Staff Economic Study by Frank de Leeuw with REVISED SERIES FOR MEMBER BANK DEPOSITS AND Frank E. Hopkins and Michael D. Sherman. 11/66. AGGREGATE RESERVES. 4/76. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN BANK HOLDING COMPANY FINANCIAL DEVELOPMENTS 1960-67. 4/68. IN 1975. 4/76. MEASURES OF SECURITY CREDIT. 12/70. CHANGES IN BANK LENDING PRACTICES, 1975. 4/76. REVISED MEASURES OF MANUFACTURING CAPACITY INDUSTRIAL PRODUCTION—1976 Revision. 6/76. UTILIZATION. 10/71. FEDERAL RESERVE OPERATIONS IN PAYMENT MECHA- REVISION OF BANK CREDIT SERIES. 12/71. NISMS: A SUMMARY. 6/76. ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF CHANGES IN TIME AND SAVINGS DEPOSITS AT COM- U.S. BANKS. 2/72. MERCIAL BANKS, January-April 1976. 10/76. BANK DEBITS, DEPOSITS, AND DEPOSIT TURNOVER— RECENT GROWTH IN ACTIVITIES OF U.S. OFFICES OF REVISED SERIES. 7/72. FOREIGN BANKS. 10/76. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A82 Federal Reserve Bulletin • October 1976 Index to Statistical Tables References are to pages A-2 through A-75 although the prefix "A" is omitted in this index ACCEPTANCES, bankers, 9, 25, 27 Demand deposits: Agricultural loans of commercial banks, 16, 18 Adjusted, commercial banks, 11, 13, 17 Assets and liabilities (See also Foreigners): Banks, by classes, 14, 17, 20, 21 Banks, by classes, 14, 16, 17, 18, 30 Ownership by individuals, partnerships, and cor- Federal Reserve Banks, 10 porations, 24 Nonfinancial corporations, current, 41 Subject to reserve requirements, 13 Automobiles: Turnover, 11 Consumer instalment credit, 45, 46, 47 Deposits (See also specific types of deposits): Production index, 48, 49 Accumulated at commercial banks for payment of personal loans, 24 BANK credit proxy, 13 Banks, by classes, 14, 17, 20, 21, 30 Bankers balances, 16, 17, 20 Federal Reserve Banks, 10, 72 {See also Foreigners) Subject to reserve requirements, 13 Banks for cooperatives, 37 Discount rates at Federal Reserve Banks (See Interest Bonds (See also U.S. Govt, securities): rates) New issues, 37, 38, 39 Discounts and advances by Reserve Banks (See Loans) Yields and prices, 28, 29 Dividends, corporate, 40, 41 Branch banks: Assets, foreign branches of U.S. banks, 70 EMPLOYMENT, 50, 52 Liabilities of U.S. banks to their foreign branches and foreign branches of U.S. banks, 22, 71 FARM mortgage loans, 42 Brokerage balances, 69 Federal agency obligations, 9, 10, 11 Business expenditures on new plant and equipment, 41 Federal finance: Business indexes, 50 Receipts and outlays, 32, 33 Business loans (See Commercial and industrial loans) Treasury operating balance, 32 Federal funds, 5, 16, 18, 21, 27 CAPACITY utilization, 50 Federal home loan banks, 37 Capital accounts: Federal Home Loan Mortgage Corporation, 42, 43 Banks, by classes, 14, 17, 22 Federal Housing Administration, 42, 43, 44, 45 Federal Reserve Banks, 10 Federal intermediate credit banks, 37 Central banks, 60, 75 Federal land banks, 37 Certificates of deposit, 22 Federal National Mortgage Assn., 37, 42, 43 Commercial and industrial loans: Federal Reserve Banks: Commercial banks, 13, 16 Condition statement, 10 Weekly reporting banks, 18, 23 U.S. Govt, securities held, 2, 10, 11, 34, 35 Commercial banks: Federal Reserve credit, 2, 4, 10, 11 Assets and liabilities, 13, 14, 16, 17, 18 Federal Reserve notes, 10 Consumer loans held, by type, 45, 46, 47 Federally sponsored credit agencies, 37 Deposits at, for payment of personal loans, 24 Finance companies: Loans sold outright, 25 Loans, 18, 45, 46, 47 Number, by classes, 14 Paper, 25, 27 Real estate mortgages held, by type of holder and Financial institutions, loans to, 16, 18 property, 42-^4 Float, 2 Commercial paper, 23, 25, 27 Flow of funds, 56, 57 Condition statements (See Assets and liabilities) Foreign: Construction, 50, 51 Currency operations, 10 Consumer instalment credit, 45, 46, 47 Deposits in U.S. banks, 3, 10, 17, 21, 72 Consumer price indexes, 50, 53 Exchange rates, 75 Consumption expenditures, 54, 55 Trade, 59 Corporations: Foreigners: Profits, taxes, and dividends, 41 Claims on, 66, 67, 68, 72, 73, 74 Sales, revenue, profits, and dividends of large Liabilities to, 22, 61, 62, 64, 65, 72, 73, 74 manufacturing corporations, 40 Security issues, 38, 39 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 Government National Mortgage Assn., 42 Customer credit, stock market, 29, 30 Gross national product, 54, 55 DEBITS to deposit accounts, 11 HOUSING permits, 50 Debt (See specific types of debt or securities) Housing starts, 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A83 References are to pages A-2 through A-75 although the 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, 45 Insurance companies, 31, 34, 35, 42, 44 Type of holder and property mortgaged, 42-^4 Insured commercial banks, 14, 16, 17, 24 Reserve position, basic, member banks, 5 Interbank deposits, 14, 20 Reserve requirements, member banks, 7 Interest rates: Reserves: Bond and stock yields, 28 Central banks and govts., 60 Business loans of banks, 26 Commercial banks, 17, 20, 22 Federal Reserve Banks, 6 Federal Reserve Banks, 10 Foreign countries, 74, 75 Member banks, 3, 4, 13, 17 Money market rates, 27 U.S. reserve assets, 59 Mortgage yields, 43, 45 Residential mortgage loans, 43, 44, 45 Prime rate, commercial banks, 26 Retail credit, 46, 47 Time and savings deposits, maximum rates, 8 Retail sales, 50 International capital transactions of U.S., 61-74 International institutions, 60-64, 66, 67-69, 73 SALES, revenue, profits, and dividends of large manu- Inventories, 54 facturing corporations, 40 Investment companies, issues and assets, 39 Saving: Investments {See also specific types of investments): Flow of funds series, 56, 57 Banks, by classes, 14, 16, 19, 30 National income series, 54, 55 Commercial banks, 13 Savings and loan assns., 31, 35, 42, 44 Federal Reserve Banks, 10, 11 Savings deposits (See Time deposits) Life insurance companies, 31 Savings institutions, principal assets, 30, 31 Savings and loan assns., 31 Securities (See also U.S. Govt, securities): Federally sponsored agencies, 37 International transactions, 68, 69 LABOR force, 52 New issues, 37, 38, 39 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 Insurance companies, 31, 44 Holdings of U.S. Govt, securities, 34, 35 Insured or guaranteed by U.S., 42, 43, 44, 45 New security issues, 37, 38 Savings and loan assns., 31 Ownership of securities of, 16, 19, 30 Yields and prices of securities, 28, 29 MANUFACTURERS: State member banks, 15, 24 Capacity utilization, 50 Stock market credit, 29, 30 Production index, 49, 50 Stocks (See also Securities): Margin requirements, 8 New issues, 38, 39 Member banks: Yields and prices, 28, 29 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, 38 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, 40, 41 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A84 Federal Reserve Bulletin • October 1976 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories July 1975 f 1 ALASKA 1 1 f 1 !1 / /' \\ 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 and Statistical Releases SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the particn.e.c. Not elsewhere classified ular unit (e.g., less than 500,(XX) 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 ''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. LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases June 1976 A-82 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis