Federal Reserve Bulletin, 1982-09

VOLUME 68 • NUMBER 9 • SEPTEMBER 1982 FEDERAL RESERVE BULLETIN Board of Governors of the Federal Reserve System Washington, D.C. PUBLICATIONS COMMITTEE Joseph R. Coyne, Chairman • Stephen H. Axilrod • Michael Bradfield John M. Denkler • Griffith L. Garwood • James L. Kichline • Edwin M. Truman Naomi P. Salus, Coordinator 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. It is assisted by the Economic Editing Unit headed by Mendelle T. Berenson, the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Helen L. Hulen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table of Contents 527 APPLYING THE THEORY OF PROBABLE the period from the fourth quarter of 1981 to FUTURE COMPETITION the fourth quarter of 1982 and gave preliminary consideration to objectives for mone- Recent legal developments will have a subtary growth that might be appropriate for stantial effect on the manner in which the 1983. The Committee concluded its discus- Board applies the theory of probable future sion and reached a decision on longer-run competition in analyzing the competitive ranges during a telephone conference on effects of proposed mergers and acquisi- July 15, 1982. The Committee reaffirmed tions. the following ranges for growth of the monetary aggregates over the year from the 535 INDUSTRIAL PRODUCTION fourth quarter of 1981 to the fourth quarter of 1982 that it had adopted in early Febru-2 Output declined about 0.5 percent in Auary: for Ml, 2Vi to 5Vi percent; for M2, 6 to gust. 9 percent; and for M3, 6'/2 to 91/2 percent. The associated range for bank credit was 6 537 ANNOUNCEMENTS to 9 percent. At the same time, the Committee agreed that growth in the monetary and Changes in the discount rate. credit aggregates around the top of the Amendment to Regulation Y to clarify and indicated ranges would be acceptable in the expand the data processing activities per- light of the relatively low base period for the missable for bank holding companies. Ml target and other factors, and that it would tolerate for some period of time Interpretation of Regulation Q concerning growth somewhat above the target range arrangements a member bank may enter should unusual precautionary demands for into in helping to provide a secondary marmoney and liquidity be evident in the light ket for negotiable time deposits issued by of current economic uncertainties. The the bank; amendments to Regulation Q to Committee indicated that for 1983 it was conform it with recent actions of the Depostentatively planning to continue the current itory Institutions Deregulation Committee. ranges for 1982, but would review that Participation in a multilateral financial tran- decision carefully in the light of developsition program with Mexico. ments over the remainder of 1982. Exemption of Maine and Connecticut from At the meeting on June 30-July 1, the certain parts of the Truth in Lending Act. Committee agreed to seek behavior of reserve aggregates associated with growth of Changes in Board staff. Ml and M2 from June to September at annual rates of about 5 percent and about 9 Admission of one state bank to membership percent respectively. It decided that somein the Federal Reserve System. what more rapid growth would be acceptable depending on evidence that economic 541 RECORD OF POLICY ACTIONS OF THE and financial uncertainties were leading to FEDERAL OPEN MARKET COMMITTEE exceptional liquidity demands. It was also noted that seasonal uncertainties, together At its meeting on June 30-July 1, 1982, the with increased social security payments and Committee reviewed its ranges for growth the initial impact of the tax cut on cash of the monetary and credit aggregates for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

balances, might lead to a temporary bulge in A69 GUIDE TO TABULAR PRESENTATION, the monetary aggregates, particularly Ml. STATISTICAL RELEASES, AND SPECIAL The intermeeting range for the federal funds TABLES rate, which provides a mechanism for initiating further consultation of the Committee, A70 BOARD OF GOVERNORS AND STAFF was continued at 10 to 15 percent. A72 FEDERAL OPEN MARKET COMMITTEE AND STAFF; ADVISORY COUNCILS 551 LEGAL DEVELOPMENTS Amendments to Regulations A, D, Q, and A73 FEDERAL RESERVE BANKS, Y; various bank holding company orders; BRANCHES, AND OFFICES and pending cases. A74 FEDERAL RESERVE BOARD PUBLICATIONS AI FINANCIAL AND BUSINESS STATISTICS A3 Domestic Financial Statistics A76 INDEX TO STATISTICAL TABLES A46 Domestic Nonfinancial Statistics A54 International Statistics A78 MAP OF FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Applying the Theory of Probable Future Competition This article was prepared by Anthony S. Winer, The various positions expressed in past of the Board's Legal Division. Footnotes appear months by the federal court, the Board, public at the end of the article. commentors, and the Department of Justice differ not so much on the substance of the theory as The theory of probable future competition is one on methods of applying it. This article reviews of the few analytic tools with which to examine the recent developments in the application of the the competitive effects of mergers and acquisi- theory of probable future competition and detions involving firms not competing in the same scribes the positions of the parties involved in market. If patterns of bank expansion continue those developments. The discussion begins with to evolve along their present course, the frequen- a brief description of the theory and related cy of such mergers and acquisitions, often called background. market-extension mergers, may well increase. The degree to which the Board of Governors of the Federal Reserve System directly influences Two THEORIES OF COMPETITION changes in the structure of banking in the coming years may therefore depend in part on the man- The Bank Merger Act and the Bank Holding ner in which it applies this theory. Company Act require the Board to consider the Recent developments have had a substantial impact of certain banking mergers, acquisitions, effect on the Board's application of the theory of consolidations, assumptions of liabilities, and probable future competition. In the early months acquisitions of assets (collectively, "mergers") of 1981, a federal appellate court rejected the on competition in the banking industry.1 In par- Board's method of employing the theory with ticular, the statutes generally prohibit the Board respect to applications submitted by two bank from approving a merger whose effect may be holding companies. In light of the appellate court substantially to lessen competition in any section actions, the Board reversed its original determi- of the country. In analyzing merger proposals, nations and approved both applications early this the Board relies chiefly on two distinct theories year. Shortly thereafter, the Board determined of competition: the theory of existing competithat a public statement of the ways in which it tion and the theory of probable future competiwill apply the theory would be helpful. Accord- tion. ingly, the Board issued for public comment a proposed policy statement containing guidelines that would define the range of applications that Existing Competition would be rigorously scrutinized under the theory. On June 14, 1982, the Department of Justice The theory of existing competition applies only released its own long-awaited new Merger to mergers involving firms in the same market. Guidelines, which contained a section addressing The theory focuses on the concentration of the the theory of probable future competition that market in which the firms compete and the varied substantially from the Board's proposal. market shares held by the combining firms. A Against this background the Board is expected to merger that produces a firm controlling an undue issue the final version of its own guidelines in the percentage share of the market and results in a fall of 1982. significant increase in market concentration Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 Federal Reserve Bulletin • September 1982 should in most cases be prohibited because it of probable future competition applies only in would eliminate substantial "existing" competi- markets that are oligopolistic before the merger, tion between the two firms.2 Although the valid- while the theory of existing competition can ity of the theory has been accepted by the federal apply to cases involving any type of market, courts, its applicability is limited to cases of whether oligopolistic or competitive. combinations of firms operating in the same market. When the Board must assess the competitive impact of a merger involving firms in THE TEXAS CASES different markets—a market-extension merger— it often employs the theory of probable future The way the Board applies the theory of probacompetition. ble future competition recently emerged as an issue in judicial consideration of two bank holding company mergers in Texas. In April 1980, the Probable Future Competition Board denied the application of Mercantile Texas Corporation, Dallas, Texas, to acquire by Although the theory of probable future competi- merger Pan National Group, Inc., El Paso, Textion provides a framework for analyzing some as; and in August of the same year, it denied the market-extension mergers, it is not applicable to application of Republic of Texas Corporation, all such mergers. The theory applies only when Dallas, Texas, to acquire the Citizens National the firm to be acquired competes in an oligopolis- Bank of Waco, Waco, Texas.4 The Board based tic market—that is, a market in which a small its denials largely on the ground that the mergers group of firms possesses the power to determine would substantially lessen competition under the price. If a firm outside the market acquires one of theory of probable future competition. the oligopolistic firms, according to the theory, Mercantile and Republic each petitioned the the acquiring firm will take the acquiree's place U.S. Court of Appeals for the Fifth Circuit for in the oligopoly structure and the market will review of the Board's denials. In both cases, the continue to experience oligopoly pricing. If the court vacated the Board's order and remanded merger is prevented, the outside firm will in the application for further consideration by the some cases enter the market through a toehold Board and further findings of fact.5 The court acquisition or by establishing a new—often called a declared that, to deny a merger application on de novo—office. The theory concludes that the the basis of the theory of probable future competoehold or de novo entrant might then actively tition, the Board must make four findings of fact, compete with the oligopolistic firms and thereby and that with the Order denying each application help to improve the market's performance. the Board had not sustained this burden. Consummation of the merger would eliminate this opportunity for improvement and could also solidify the anticompetitive structure of the mar- Required Findings ket. To the extent that the merger would lessen the "probability" that the outside firm would With respect to their delineation of issues associprovide "competition" in the "future," the the- ated with the theory of probable future competiory of probable future competition would sup- tion, the court's opinions in the Texas cases were port prohibition of the merger. substantially identical. Each opinion specified The theory of probable future competition can the same four criteria the Board would have to be distinguished from the theory of existing satisfy to deny an application on the basis of the competition in two important respects. First, the theory. Supreme Court has never explicitly approved the First, the court required the Board to show theory of probable future competition. Indeed, that the market of the firm to be acquired was on two occasions, the Court discussed the the- concentrated. A finding that a market is concenory's validity under the antitrust laws but de- trated frequently serves as a proxy for a determiclined to resolve the issue.3 Second, the theory nation that the market is oligopolistic, which is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Applying the Theory of Probable Future Competition 529 difficult to prove directly.6The Board has usually that such entry could occur. The Board stated measured concentration in a market by calculat- similar findings in the Republic order, but the ing the total percentage of the market's deposits court viewed both sets of findings as insufficient. held by the four organizations in the market that The court suggested an alternative analysis that hold the four largest shares of deposits. This involves comparing the expected profitability of measure is called the four-firm concentration independent entry with that of other investment ratio. opportunities, to determine whether the former In its orders denying the Texas applications, is great enough to draw the applicant into the the Board noted that the four-firm concentration market de novo or by a toehold acquisition. ratios were 86.1 and 73.8 percent for the two Finally, if the Board is to deny an application, markets in the Mercantile proposal and 72.4 the court required it to find that independent percent for the market in the Republic proposal. entry will be substantially likely to bring about The Board concluded that each of the markets deconcentration of the market or other signifiwas concentrated. The court indicated that the cant procompetitive effects. While allowing the Board's use of the four-firm concentration ratios Board appreciable latitude in defining such efhad satisfied its first evidentiary requirement. fects, the court suggested that the Board could The court's second criterion required the satisfy this requirement only if it determined at Board to determine whether the pool of potential what point in time the outside firm would be entrants into the market was so large as to likely to enter the market, and if it found that "vitiate" the importance of the acquiring firm as consummation of the proposed merger at that a potential competitor.7 The statutes direct the point would result in illegal anticompetitive ef- Board to deny any application that may substan- fects. The Board could not, for example, deny a tially lessen competition. The court believed that firm entry through acquisition or merger on the a lessening of competition would be substantial grounds that sometime in the remote future the under the theory only if there were a small firm would enter the market in such a way as to number of other potential entrants. promote competition there. In both cases, the court viewed the Board's findings on this point as insufficient. In the Mercantile opinion, the court said that there Reconsideration of the Applications were likely to be other potential competitors in Texas and that a significant number of large In July 1981, the court remanded the two Texas Texas bank holding companies remained as pos- applications to the Board for additional findings sible entrants. In the same opinion, however, it of fact. To obtain the type of evidence that could left "to the Board's expertise the task of de- support the findings delineated by the court's veloping standards for determining the number opinion, the Board requested additional informaand importance of the other potential competi- tion from the holding companies involved. tors."8 The Board's requests for information were Third, the court's opinions directed the Board broadly drawn, and the materials submitted in to develop a "persuasive rationale" that, upon response were voluminous. Republic submitted denial of a merger or acquisition, an institution about 1,200 pages, and Mercantile's submission would prefer the opportunity to enter the market numbered more than 1,500 pages. The submisindependently—either de novo or through a toe- sions consisted of, among other things, minutes hold acquisition—to some other investment.9 of executive committee and board of directors This requirement reflects the assumption, im- meetings, internal staff memoranda and letters, posed by the theory, that if the proposed merger financial statements, letters among financial inis prevented, the outside firm will enter the stitutions, feasibility studies and research remarket independently. In its original order the ports, various types of market information, pub- Board determined that Mercantile possessed the lished articles and periodical information taken financial and managerial resources for de novo or from other sources, operating and administrative toehold entry and that the evidence suggested circulars and telegrams, and advocacy materials Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 Federal Reserve Bulletin • September 1982 prepared especially for the Board's review in the cant, that would determine whether the pool of context of the submissions. applicants was large enough to "vitiate" the After thorough consideration, a majority of the importance of the applicant as a potential com- Board concluded that the evidence submitted petitor. The Board acknowledged that no single could not justify denial under the evidentiary number could be a true indicator in all circumstandards established by the court, and so the stances, and that it intended six as a general Board—with some dissent—approved both ap- guideline. This criterion also defined a probable plications.10 In each case, however, the majority future entrant as any commercial banking organireserved judgment on the appropriateness of zation not already in the market that either was applying the court's analysis in all circum- one of the state's four largest or was a lowerstances. ranking organization with assets of $1 billion or more (or $500 million or more if the state had no lower-ranking organization with at least $1 billion in assets). THE BOARD S PROPOSED GUIDELINES The third criterion presented difficult issues During reconsideration of the Republic and Mer- because it addressed the subjective question of cantile cases, it became apparent that the re- the intent of an applicant to enter the market quirements for information under the theory of independently. Because that intent is difficult to probable future competition could become ex- measure objectively, the Board determined to tremely burdensome for applicants. According- use the attractiveness of the market involved as a ly, the Board proposed for public comment proxy for the likelihood that the applicant would guidelines designed to determine whether a case enter independently. Accordingly, the third crishould be subject to intensive examination from terion required that the firm to be acquired be in the standpoint of the theory.11 a standard metropolitan statistical area (SMSA) The guidelines consisted of four criteria, each and be in a market that had more than $250 responsive to one of the requirements that the million in deposits and had a rate of growth of appellate court had imposed. For a proposal to deposits in the two most recent years at least warrant intensive examination under the guide- matching that for its state or the country as a lines, it would usually have to fit the descriptions whole. in all four of the proposed criteria. However, the Finally, the Board required that the firm to be guidelines were not rigid: the Board reserved the acquired be a "market leader," defined as any right to require intensive examination of some firm that ranks among the top three firms in a cases that did not fall fully within the guidelines, market, in terms of deposit holdings, and acand to excuse from such examination some appli- counts for 10 percent or more of the market's cations that did. Moreover, the guidelines spoke deposits. This criterion addressed the court's merely to procedure—to ways of deciding requirement of a finding that alternative entry by whether a case would be subject to intensive an applicant would likely result in deconcentraexamination—and not directly to the disposition tion or have other significant procompetitive of the case. effects. The first of the four criteria required that the The Board decided that a finding that the firm firm to be acquired be located in a highly concen- to be acquired is a market leader could serve as a trated market, defined as one for which the proxy for a finding of likely procompetitive efthree-firm concentration ratio was at least 75 fects for two reasons. First, the preservation as percent. The proposed criterion contained a foot- an independent organization of a leading firm note indicating that the Board would take into would likely have a significant procompetitive account, on a case-by-case basis, the competi- effect, particularly for concentrated markets that tive effects exerted by thrift institutions and satisfied the other criteria. Second, given that the other near-banks on market concentration. acquiring firm intended to enter the market, this Second, the Board set at six the number of criterion would encourage it to seek entry probable future entrants, apart from the appli- through toehold acquisitions, or at least to enter Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Applying the Theory of Probable Future Competition 531 on a smaller scale. The point again was to number would be unsatisfactory, given the wide encourage competition by preserving strong differences in banking markets throughout the competitors. country. The Department of Justice suggested that the Board consider lowering the threshold level when the Board became able accurately to Public Reaction to the Proposal predict the likelihood of alternative entry. Two aspects of the market-attractiveness cri- The Board received thirty-three responses to its terion were most frequently criticized. First, request for comment on its proposed guidelines, many commentors criticized the requirement the most detailed of which was submitted by the that the market be in an SMS A, asserting that Department of Justice. Sixteen commentors sup- non-SMSA markets can be highly concentrated ported the concept of objective guidelines, not- and that the opportunity for oligopoly behavior is ing such beneficial effects as the reduction of greater in smaller markets. Second, several comuncertainty on the part of prospective applicants mentors criticized the use of a countrywide concerning permissible mergers and acquisi- growth rate in judging deposit growth in the tions, and increases in efficiency and reductions subject market. The usual ground for objection in cost in the processing of applications. No was that because banking organizations are gencommentors disapproved of the guidelines con- erally prevented from expanding beyond state cept. boundaries, a comparison with national growth Most pervasive among the comments was the rates would not illuminate the issue of alternative argument that the Board should increase the possibilities for acquisitions. extent to which thrift institutions and nonbank The Department of Justice expressed both organizations offering banking services are con- these views and also advocated elimination of sidered banks. Commentors made this point with the market-attractiveness criterion. It mainregard not only to the market-concentration cri- tained that the court's requirement in this area terion, but also to the probable-future-entrants might be so stringent as to make it questionable criterion and the market-attractiveness criterion. whether the court's version of the doctrine could The Department of Justice supported the ap- be invoked successfully in actual litigation. The proach the Board adopted in its proposal: the department stated that, for the purposes of inclusion of thrift institutions and other organiza- guidelines, the applicant's attempt to enter the tions as warranted on a case-by-case basis. market through merger or acquisition seemed Several comments regarding the market-con- sufficient indication that the applicant found the centration criterion asserted that the three-firm market attractive. concentration ratio of 75 percent was too high, or The department also requested the Board to that the Board should adopt the Herfindahl- refrain from adopting a final version of its guide- Hirschman Index (HHI) as a measure of concen- lines until the department's own new merger tration.12 The Department of Justice, for exam- guidelines were issued, on the ground that those ple, advocated the use of the HHI as "a more guidelines would establish an analytical apsensitive barometer" of market structure than proach that the Board should have an opportuniconcentration ratios, and considered the Board's ty to consider before taking its final action. 75 percent three-firm concentration ratio to be "inexplicably" high. Many commentors expressed dissatisfaction Department of Justice Merger Guidelines with the Board's use of the number six to define the pool of potential entrants that would trigger On June 14, 1982, the Department of Justice intensive examination. Some preferred a number released its new Merger Guidelines.13 The guidebetween one and three, claiming that a larger lines addressed a broad range of issues, including number was unrealistic, or not required under definition of product and geographic markets, the theory of probable future competition. Oth- measurement of concentration, ease of entry, ers maintained that the choice of any single and defenses. In one section, the department Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 Federal Reserve Bulletin • September 1982 addressed the theory of probable future competi- creases below three and as the extent of the entry tion and established a list of four "objective advantage increases. factors" designed to identify mergers that the The final factor the department will consider is department would be likely to challenge. The the market share of the acquired firm. Under the guidelines indicate that the department will con- guidelines, the department is unlikely to chalsider any "specific evidence" presented by par- lenge a market-extension merger when the acties proposing to merge showing that the infer- quired firm has a market share of 5 percent or ence of competitive harm drawn from the less; is increasingly likely to challenge as the objective factors is unreliable.14 Although the share increases; and is likely to challenge any structures are similar, the department's guide- merger satisfying the other factors in which the lines differ from the Board's proposed guidelines acquired firm's market share is 20 percent or in several respects. more. The Board's fourth criterion is roughly The department's first criterion sets an HHI of similar, but uses a 10 percent threshold and 1,800 as the threshold concentration level. The requires that the firm to be acquired hold one of department adds that, other things being equal, a the three largest shares in the market. challenge is increasingly likely as this threshold is exceeded. The Board's proposal measured market concentration through a three-firm con- CONCLUSION centration ratio, rather than the HHI. The department's second criterion addresses The Board's determination of the final form of its the question of whether new entry into the market-extension guidelines will greatly affect acquired firm's market can be accomplished by the Board's application of the theory of probable firms without any specific entry advantage. The future competition. The determination may department's new guidelines define ease of entry thereby significantly influence the future strucin a relatively complicated manner, involving the ture of banking in the United States. In reaching extent to which hypothetical increases in price this determination, the Board will consider critiwould encourage outside firms to enter. The cisms and suggestions from various sources, Board's proposed guidelines did not explicitly including the Department of Justice, public comaddress ease of entry and contained no hypo- mentors, and federal court decisions. The Board thetical test of this kind. will therefore be balancing such considerations According to the third criterion, the depart- as the burden on banking organizations of comment is unlikely to challenge a market-extension piling applications, the conformity of administramerger if three or more other firms have the tive practice with competitive theory, complientry advantage ascribed to the acquiring firm. ance with legal authority, and uniformity of As a general matter, the department will be enforcement practices—all within the context of increasingly likely to challenge a merger as the fulfilling the Board's statutory responsibilities to number of other similarly situated firms de- preserve competition in banking. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Applying the Theory of Probable Future Competition 533 FOOTNOTES 1. See 12 U.S.C. 1828(c)(5), 1842(c) respectively. 8. 638 F.2d 1268. 2. The Supreme Court stated a standard for existing- 9. 638 F.2d 1269, 649 F.2d 1047. competition analysis that uses the "significant increase" in 10. Mercantile Texas Corporation, FEDERAL RESERVE concentration and the "undue percentage share" language in BULLETIN, vol. 68 (January 1982), p. 53, (March 1982), p. United States v. Philadelphia National Bank, 374 U.S. 321, 191; Republic of Texas Corporation, FEDERAL RESERVE 363 (1963). BULLETIN, vol. 68 (January 1982), p. 60 (March 1982), p. 195. 3. See United States v. Marine Bancorporation, 418 U.S. Governor Teeters dissented from both decisions, and Gover- 602, 639 (1974); United States v. FalstaffBrewing Corp., 410 nor Rice dissented from the approval of Mercantile's applica- U.S. 526, 537 (1973). tion. Governor Teeters stated in each case that the standards 4. Mercantile Texas Corporation, FEDERAL RESERVE BUL- set by the court require evidence so subjective that the Board LETIN, vol. 66 (May 1980), p. 423; Republic of Texas Corpo- would have great difficulty in enforcing them, and that the ration, FEDERAL RESERVE BULLETIN, vol. 66 (September facts of record, when viewed realistically, were sufficient to 1980), p. 787. support denial of the applications (ibid., pp. 193, 196). 5. Mercantile Texas Corporation v. Board of Governors, Governor Rice shared some of Governor Teeters' concerns 638 F.2d 1255 (5th Circuit, 1981); Republic of Texas Corpora- regarding Mercantile's application, but discerned distinctions tion v. Board of Governors, 649 F.2d 1026 (5th Circuit, 1981). between the two applications that in his view compelled 6. The courts appear to view evidence of high concentra- approval of Republic's application (ibid., p. 193). tion ratios as establishing a prima facie case that market 11. Federal Register, vol. 47 (1982), p. 9017. participants engage in anticompetitive behavior. See United 12. The Herfindahl-Hirschman Index of a particular mar- States v. Marine Bancorporation, 418 U.S. 630-31. See also, ket is equal to the sum of the squares of the market shares of for example, Mercantile Texas Corporation v. Board of all firms competing in the market. Governors, 638 F.2d 1266-67, and Republic of Texas Corpo- 13. Federal Register, vol. 47 (1982), p. 38493. ration v. Board of Governors, 649 F.2d 1044-46. 14. Ibid., p. 38499-500. 7. 638 F.2d 1268, 649 F.2d 1047. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

535 Industrial Production Released for publication September 15 month earlier were each revised upward 0.2 percentage point. At 138.0 percent of the 1967 Industrial production declined an estimated 0.5 average, the index for August was down 10.3 percent in August, reflecting continued cutbacks percent from its recent high in July 1981 and at in production of business equipment and a sharp the lowest level since May 1977. cut in output of motor vehicles. The decline in In market groupings, output of consumer August followed an increase of 0.1 percent in goods declined 1.2 percent in August, following July and a decline of 0.5 percent in June. The gains in each of the preceding three months that percentage changes in June and July estimated a averaged 0.9 percent. In recent months, auto 1969-70=100 Annual rate, millions of units 180 18 190 140 14 -MANUFACTURING Nondurable 170 \ r 150 /y Durable \ Domestic assemblies 130 J I I L 110 1976 1978 1980 1982 1976 1978 1980 1982 All series are seasonally adjusted and are plotted on a ratio scale. Auto sales and stocks include imports. Latest figures: August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 Federal Reserve Bulletin • September 1982 1967 = 100 Percentage change from preceding month PPPeeerrrccceeennntttaaagggeee ccchhhaaannngggeee,,, GGGrrrooouuupppiiinnnggg 1982 1982 AAAuuuggg... 111999888111 tttooo AAAuuuggg... Julyp Aug.e Apr. May June July Aug. 111999888222 Major market groupings Total industrial production 138.7 138.0 -1.1 -.7 -.5 .1 -.5 -10.2 Products, total 142.0 140.9 -.6 -.4 -.4 .1 -.8 -7.7 Final products 142.0 140.6 -.5 -.3 -.2 .1 -1.0 -7.2 Consumer goods 145.7 144.0 .4 1.1 .7 .8 -1.2 -3.7 Durable 137.7 132.6 2.0 1.5 2.0 1.8 -3.7 -6.9 Nondurable 148.9 148.6 -.1 .9 .3 .3 -.2 -2.6 Business equipment 153.6 151.4 -2.4 -3.0 -2.2 -1.8 -1.4 -17.9 Defense and space 109.1 110.0 .2 .5 .2 1.1 .8 7.0 Intermediate products 142.0 142.0 -1.0 -.8 -1.1 .6 .0 -9.4 Construction supplies 123.4 123.6 -1.6 -1.1 .7 .3 .2 -14.2 Materials 133.4 133.4 -1.7 -1.4 -.5 -.2 .0 -14.0 Major industry groupings Manufacturing 137.9 137.2 -1.0 -.6 -.2 .2 -.5 -10.4 Durable 125.9 124.5 -1.2 -.5 -.5 .3 -1.1 -13.2 Nondurable 155.3 155.4 -.8 -.7 .0 .2 .1 -7.1 Mining 120.6 119.1 -2.9 -3.9 -4.0 -2.6 -1.2 -18.4 Utilities 169.8 169.7 .6 -.1 -1.1 .4 -.1 -1.3 p Preliminary. e Estimated. NOTE. Indexes are seasonally adjusted. production has exceeded sales, resulting in ex- Production of materials was unchanged in Aucess dealers' inventories; in August, auto assem- gust, following small declines in June and July. blies were reduced more than 16 percent to an Production of parts for consumer durable goods annual rate of 5.5 million units from a rate of 6.6 and for equipment was reduced, as was output of million units in July. Production of consumer energy materials; in contrast, production of nongoods other than autos declined slightly in Au- durable materials rose. gust. Output of business equipment was reduced In industry groupings, manufacturing output 1.4 percent further in August and has now de- was reduced 0.5 percent in August, following an clined 18 percent since its peak in July 1981; this increase of 0.2 percent in July. Production of decline compares with a reduction of 14.2 per- durables was reduced 1.1 percent, reflecting cutcent in the 1974-75 recession. Output of con- backs in motor vehicles, machinery, and metals. struction supplies edged up again in August, but Nondurable manufacturing was virtually unremained more than 14 percent below a year changed in August, as was utility output. Howearlier. ever, mining was again reduced sharply. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

537 Announcements CHANGES IN DISCOUNT RATE of an application by Citicorp to engage in similar expanded data processing activities. The Board's The Federal Reserve Board approved a reduc- order approving the Citicorp application and its tion in the basic discount rate from 11 percent to amendment of Regulation Y reflect the Board's 101/2 percent, effective August 16, 1982. As in consideration of public comment, a public hearother recent changes, the action was taken ing, and the findings of the administrative law against the background of moderate growth in judge who conducted the hearings. money, some indication of reduced credit de- The Board's actions are set forth in an official mands at banks, and declines in market interest notice and are related to previous provisions of rates. Regulation Y, previous Board bank holding com- The Board acted on requests from the direc- pany actions, the amendment of Regulation Y as tors of the Federal Reserve Banks of Boston, proposed for comment, and the law judge's de- New York, Philadelphia, Cleveland, Richmond, terminations. Highlights are as follows: Atlanta, Chicago, St. Louis, Minneapolis, Kan- 1. For the internal operations of the bank sas City, Dallas, and San Francisco. holding company or the internal operations of its The Federal Reserve Board later approved a subsidiaries, services provided may include data reduction in the basic discount rate from IOV2 processing and data transmission, including propercent to 10 percent, effective August 27, 1982. vision of data processing hardware, software, The action was taken to bring the discount rate documentation, and operating personnel. into better alignment with short-term market 2. For others, a bank holding company may interest rates. provide—when certain specified conditions are The Board acted on requests from the direc- met—data processing and transmission services, tors of the Federal Reserve Banks of Boston, facilities (defined to include hardware, software, New York, Philadelphia, Richmond, Atlanta, documentation, and operating personnel), or Chicago, St. Louis, Minneapolis, Kansas City, data bases provided by any technologically feasi- Dallas, and San Francisco. Subsequently, the ble means, on condition that the data to be pro- Board approved similar action by the directors of cessed are financial, banking, or economic data. the Federal Reserve Bank of Cleveland, effective August 30, 1982. In an accompanying interpretation, the Board The discount rate is the interest rate that specified that in providing packaged data proapplies to borrowings from the District Federal cessing and transmission facilities a bank holding Reserve Banks. company should provide facilities only for the performance of banking functions, such as check collection and the like, for depository or similar REGULATION Y. AMENDMENT institutions, such as mortgage companies. The Board interpreted its regulation expanding per- The Federal Reserve Board has amended its missible data processing services to include as Regulation Y (Bank Holding Companies and incidental activities the provision of excess data Change in Bank Control) and a related interpre- processing capacity under specified restrictions, tation to clarify and expand the data processing and the provision of by-products of permissible activities permissible for bank holding compa- data processing and transmission activities when nies, effective September 25, 1982. they are not designed or appreciably enhanced The Board's action followed approval in July for marketing purposes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 Federal Reserve Bulletin • September 1982 REGULATION Q on August 30, 1982, announced their participation in an arrangement, in cooperation with the Interpretation central banks of other Group of Ten countries, Spain, and Switzerland, under the aegis of the The Federal Reserve Board on August 24, 1982, Bank for International Settlements, designed to published an interpretation of its Regulation Q provide short-term financing to the Banco de (Interest on Deposits) concerning arrangements Mexico.1 Financing available under the multilata member bank may enter into in helping to eral arrangement totals $1.85 billion, of which provide a secondary market for negotiable time the Treasury will provide $600 million and the deposits issued by the bank. Federal Reserve $325 million through swap ar- Under the interpretation a member bank may rangements. do the following: The multilateral financing is in support of 1. Act on behalf of a depositor to find a Mexico's efforts to strengthen its economic and purchaser of the depositor's time deposit. financial position. It provides for drawings by 2. Enter into arrangements with an unaffiliat- Mexico in line with progress toward agreement ed third party who stands ready to purchase between the Mexican government and the Internegotiable time deposits issued by the bank. national Monetary Fund on an economic adjust- (Under such arrangements, payment of a fee or ment program that will enable Mexico to qualify provision of interim financing at other than mar- for drawings under the IMF's Extended Fund ket terms by a member bank is prohibited.) Facility. 3. Not enter into a reciprocal arrangement The multilateral arrangement for short-term with other depository institutions under which financing is part of an interrelated program of each institution stands ready to purchase time short-term and longer-term credits for Mexico. deposits issued by the others. The total program involves not only the BIS and The Board believes the two types of transac- the IMF, but also Mexican discussions with tions approved are not devices to avoid the international banks regarding Mexico's external interest penalty required for payment of a time debts. deposit before maturity, while the third type of This multilateral effort is designed to provide transaction would constitute such a device. an orderly transition to an economic adjustment program that the Mexican government has announced it is developing. Amendments The Board on September 2, 1982, issued notice EXEMPTIONS FROM of several amendments to its Regulation Q (Inter- TRUTH IN LENDING REQUIREMENTS est on Deposits). One amendment permits member banks to The Federal Reserve Board has granted exempissue all time deposits in book-entry form (com- tions, effective October 1, 1982, from certain puter recorded) as an alternative to using paper parts of the federal Truth in Lending Act to the instruments. states of Maine and Connecticut. Exemptions The other amendments are technical changes were granted on the grounds that consumer in the regulation to conform it to recent actions credit protection legislation in these states met concerning deposits by the Depository Institu- the standards of the act for exemptions. The tions Deregulation Committee (DIDC). Board also asked for public comment on requests for exemptions from the states of Massachusetts, Oklahoma, and Wyoming. MULTILATERAL FINANCING FOR MEXICO As part of a multilateral financial transition pro- 1. The Group of Ten includes Belgium, Canada, France, gram being arranged with Mexico, the U.S. Germany, Italy, Japan, the Netherlands, Sweden, the United Treasury Department and the Federal Reserve Kingdom, and the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 539 CHANGES IN BOARD STAFF Director, Division of Federal Reserve Bank Operations. Mr. Dennis was with the Federal Re- The Federal Reserve Board has announced the serve Bank of Minneapolis before joining the following changes in its official staff, effective Board's staff in 1976. He holds a B.A. from August 30, 1982. Minneapolis Metropolitan State University and George E. Livingston, Assistant Controller, an M.B.A. from Southern University. has been named Controller. David L. Robinson, Assistant Director, Divi- The Board has also announced the retirement sion of Federal Reserve Bank Operations, has of J. Cortland G. Peret, Deputy Associate Direcbeen promoted to Associate Director in the Divi- tor, Division of Research and Statistics, effective sion. September 18, 1982. C. William Schleicher, Jr., Assistant Director, Division of Data Processing, has been made Associate Director, Division of Federal Reserve SYSTEM MEMBERSHIP: Bank Operations. ADMISSION OF STATE BANK Anne M. DeBeer has been appointed Assistant Director, Division of Federal Reserve Bank Op- The following bank was admitted to membership erations. Ms. DeBeer, a member of the Board's in the Federal Reserve System during the period staff since 1974, holds a B.A. from the University August 11 through September 10, 1982: of Toronto and an M.A. and a D.P.A. from George Washington University. Texas Jack Dennis, Jr., has been named Assistant Fulshear Fulshear State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

541 Record of Policy Actions of the Federal Open Market Committee Meetings Held on termination of most purchase-incen- June 30-July 1, 1982, tive programs. and on July 15, 19821 The index of industrial production edged down 0.2 percent in May, Domestic Policy Directive following declines of 0.8 percent in The information reviewed at this each of the two preceding months. meeting suggested that real GNP had Output of business equipment conchanged little in the second quarter, tinued to drop sharply, and producafter declining at an annual rate of tion of durable goods materials also 3.7 percent in the first quarter, as declined further. But production of business inventory liquidation mod- consumer durable goods rose markerated from an extraordinary rate. edly for the second month in a row, The rise in average prices, as mea- reflecting primarily an appreciable sured by the fixed-weight price in- increase in automobile assemblies. dex for gross domestic business Nonfarm payroll employment was product, appeared to have slowed essentially unchanged in May, after somewhat from the annual rate of having declined substantially in about 43A percent in the first quarter. March and April. In manufacturing, The nominal value of retail sales job losses were appreciably less in rose IV2 percent further in May, ac- May than in the earlier months, and cording to the advance report. Sales the average workweek edged up 0.1 gains were widespread and were es- hour to 39.1 hours. In contrast to the pecially strong at automotive, gener- payroll data, the survey of houseal merchandise, and apparel outlets. holds indicated a substantial in- Unit sales of new domestic automo- crease in employment; but growth in biles rose about I6V2 percent to an the civilian labor force was even annual rate of 6.4 million units. Auto greater, and the unemployment rate sales dropped sharply in the first 20 edged up 0.1 percentage point to 9.5 days of June, however, following the percent. The Department of Commerce survey of business spending plans 1. At its meeting on June 30-July 1, 1982, in accordance with the Full Employment and taken in late April and May suggest- Balanced Growth Act of 1978 (the Humphrey- ed that current-dollar expenditures Hawkins Act), the Committee reviewed its for plant and equipment would rise ranges for growth of the monetary and credit only 2lA percent in 1982, compared aggregates for the period from the fourth with IVA percent reported in the Febquarter of 1981 to the fourth quarter of 1982 and gave preliminary consideration to the ruary survey and an actual expanobjectives for monetary growth that might be sion of about 83/ percent in 1981. 4 appropriate for 1983. The conclusion of the The survey results implied a year-to- Committee's consideration of the ranges was year decline of about 2Vi percent in deferred until July 15, 1982, owing to the long interval before the date of Chairman real terms. Volcker's testimony in conjunction with the Private housing starts rose appre- Board's midyear report under the act, which ciably in May to an annual rate of 1.1 was scheduled for July 20 before the Senate million units, exceeding a rate of 1 Committee on Banking, Housing, and Urban Affairs. The Board's report also was transmit- million units for the first time since ted to the Congress on July 20. last July. Most of the May increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 Federal Reserve Bulletin • September 1982 was in the more volatile multifamily these objectives should be evaluated sector: multifamily starts rose nearly in light of changes in the relative 50 percent, compared with an in- importance of NOW accounts as a crease of about 9 percent in single- savings vehicle. The intermeeting family starts. Sales of new homes range for the federal funds rate, increased substantially in May, which provides a mechanism for iniwhile sales of existing homes were tiating further consultation of the unchanged; total home sales were Committee, was set at 10 to 15 pernearly 25 percent below the level of cent. a year earlier. Ml declined at an annual rate of The producer price index for fin- about 2 percent in May, following ished goods changed little in May, as expansion at an annual rate of about sharp declines in prices of energy- 103/ percent in April. The contrac- 4 related items about offset increases tion was attributable to a sizable in prices of food and other consumer decline in other checkable deposits, goods and capital equipment. Over which had exhibited extraordinary the first five months of the year, the growth over the preceding six index was virtually stable. The con- months. M2 grew at an annual rate sumer price index, which had regis- of about IOV2 percent in May, a little tered a small net increase over the above the rate in April. first four months of the year, rose 1 Total credit outstanding at U.S. percent in May, reflecting sharp in- commercial banks grew at an annual creases in the volatile homeowner- rate of about 8V2 percent in May, ship and energy components of the down slightly from the pace in April. index and a considerable rise in food Growth in business loans, at an anprices. Through May, the rise in the nual rate of nearly 19 percent, acindex of average hourly earnings counted for much of the rise in bank was at a significantly less rapid pace credit, as most other categories of than during 1981. loans and investments registered In foreign exchange markets the only moderate growth or contractrade-weighted value of the dollar tion. Business demands for credit, against major foreign currencies had especially short-term credit, were risen about 7 percent over the period exceptionally strong in May, as nonsince the last FOMC meeting, to its financial businesses also issued a highest level since early 1971. The sizable volume of commercial paper. strength of the dollar reflected a rise Nonborrowed reserves, adjusted in U.S. interest rates relative to for- to include extended credit from Fedeign rates as well as heightened con- eral Reserve Banks, expanded subcerns because of hostilities in the stantially in May, after having Middle East. The U.S. foreign trade changed little in April. Total redeficit in the first five months of 1982 serves grew moderately, however, was at a rate substantially less than as borrowing from Federal Reserve that in the fourth quarter of last year, Banks for purposes of adjusting reas imports declined more than ex- serve positions (including seasonal ports. borrowing) declined appreciably. In At its meeting on May 18, the the two statement weeks ending Committee had reaffirmed the objec- June 23, such borrowing averaged tives for monetary growth estab- about $875 million, compared with lished at its meeting at the end of an average of about $940 million in March; thus, it had decided to seek May. behavior of reserve aggregates asso- The federal funds rate averaged ciated with growth of Ml and M2 about 14^4 percent in the two statefrom March to June at annual rates ment weeks ending June 23, comof about 3 percent and 8 percent pared with around 14!/2 percent in respectively. The Committee had the days immediately preceding the also agreed that deviations from Committee meeting on May 18. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 543 rate moved toward 15 percent in the several members commented that days just before this meeting, influ- the principal risks of a deviation enced by the approach of the June 30 from the projection of moderate statement date. Most other interest growth in real GNP were on the rates rose about xh to 1 Vz percentage downside, and some expressed conpoints over the intermeeting period. cern that any recovery could falter. The failure of one dealer in U.S. Business and consumer sentiment government securities and difficul- was reported to have deteriorated ties being experienced by another further, reflecting, among other dealer heightened concerns about things, greater uneasiness about the credit risks throughout the securities effects of high interest rates, inmarkets and induced some widening creased bankruptcies, and difficulof risk premiums.2 The prime rate ties affecting certain financial and charged by most commercial banks industrial institutions. In these ciron short-term business loans re- cumstances, business and consumer mained at I6V2 percent. Average demands for liquidity might inrates on new commitments for fixed- crease, rather than decline as many rate mortgage loans at savings and expected, extending the contraction loan associations edged up slightly. in business capital expenditures and The staff projections presented at limiting consumer outlays for housthis meeting suggested that real GNP ing and durable goods. Concerning would grow at a moderate pace over the prospective behavior of consumthe year ahead but that the unem- ers, most statistical measures sugployment rate would remain near its gested that their liquidity was imrecent high level. The rise in prices, proving. The point was made, as measured by the price index for however, that rapidly rising prices of gross domestic business product, existing houses and readily available was expected to pick up somewhat mortgages, which were characterisin the second half of 1982 from the tic of earlier years, were no longer substantially reduced rate in the first providing stimulus for spending. half, but continued improvement in Starting in 1983, a significant volume the underlying trend was anticipat- of balloon payments on earlier ed. house-purchase loans would mature. Views of Committee members Moreover, the recovery in activity concerning prospects for economic could be impeded by weak expanactivity and the behavior of prices sion abroad, by import-financing generally were similar in character problems of some major trading to the staff projections. Consump- partners of the United States, and by tion seemed likely to rise in response the deterioration in the competitiveto the 10 percent reduction in federal ness of U.S. exports associated with income taxes at midyear, the con- the sharp rise in the foreign-excurrent cost-of-living increase in so- change value of the dollar. cial security payments, and other It was stressed during the meeting factors; and the extraordinary rate of that considerable uncertainty reliquidation of business inventories in mained about the size of the federal the first half of 1982 also seemed budget deficit for fiscal 1983, as well likely to contribute to some econom- as for later years, although the reic growth. cent congressional action on a bud- As had been the case at the May get resolution for the coming fiscal meeting of the Committee, however, year represented progress toward a more restrained fiscal policy. To implement the resolution, a great deal 2. Neither of these firms was on the Feder- remained to be done in legislating al Reserve Bank of New York's list of priappropriations and additional revemary dealers in U.S. government securities nues. Several Committee members that file reports on their operations with the Bank's Market Reports Division. observed, moreover, that the deficit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 Federal Reserve Bulletin • September 1982 would be considerably larger than in 1982 might acceptably be in the that contained in the resolution, only upper part of its range. The Commitin part because the latter was based tee also contemplated that growth of on relatively optimistic assumptions M2 was likely to be high within its concerning the performance of the range. economy. The degree of progress in At this meeting, the Committee reducing prospective federal deficits reviewed its ranges for growth of the would have a major impact on pres- monetary and credit aggregates for sures in financial markets and thus the period from the fourth quarter of on the performance of such credit- 1981 to the fourth quarter of 1982 sensitive sectors as homebuilding and gave preliminary consideration and business fixed investment. In to objectives for monetary growth the absence of significant progress, that might be appropriate for 1983. private investment outlays of all With respect to the current year, the types would be less than otherwise. Committee noted that the levels of With respect to prices, the mem- the monetary aggregates in June bers noted that considerable pro- were slightly above the upper ends gress had been made in reducing the of their ranges for 1982. The upsurge rate of increase but that the risks of in Ml in January was followed by exacerbating inflationary expecta- quite slow growth on average over tions remained serious. In any case, the next five months, and from the the underlying rate of inflation was fourth quarter of 1981 to June, Ml not so low as might be inferred from had increased at an annual rate of 5.7 the recent behavior of major indexes percent. Over the same period, M2 of prices, and the rise in those index- and M3 had grown at annual rates of es was generally expected to pick up 9.4 percent and 9.7 percent respecsomewhat from the substantially re- tively. duced pace of 1982 to date. Although the growth of Ml was At its meeting on February 1-2, moderate over the first half of 1982, 1982, the Committee had adopted it considerably exceeded the growth the following ranges for growth of of nominal GNP; in the first quarter, the monetary aggregates over the the decline in the income velocity of year from the fourth quarter of 1981 Ml was extraordinarily sharp. Simito the fourth quarter of 1982: for Ml, larly, the income velocity of the 2Vi to 5Vi percent; for M2, 6 to 9 broader monetary aggregates was percent; and for M3, 6V2 to 9V2 per- unusually weak in the first half. Givcent. The associated range for bank en the persistence of relatively high credit was 6 to 9 percent. In setting interest rates, the behavior of velocithe range for Ml, the Committee ty in the first half suggested a heightrecognized that the level of that ag- ened demand for Ml and M2. gregate in January was well above The unusual demand for Ml in the the average in the fourth quarter of first half was concentrated in NOW 1981 but that it was too early to accounts and other interest-bearing judge conclusively the extent to checkable deposits, which have which the recent upsurge in growth some characteristics of traditional reflected temporary influences rath- savings deposits. The enlarged share er than a basic change in the amount of these accounts in Ml had made of money needed to finance growth this aggregate more sensitive to of nominal GNP. On the assumption changes in the public's desire to hold that the relationship between growth highly liquid assets. of Ml and the expansion of nominal Growth of M2 as well as that of GNP was likely to be closer to nor- Ml appeared to have been bolstered mal than it had been in 1981, and in the first half of 1982 by increased given the relatively low base in the preferences for holding highly liquid fourth quarter of 1981, the Commit- financial assets. Conventional savtee contemplated that growth of Ml ings deposits actually increased, af- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 20 ter having contracted in the preced- ment was expressed for small uping four years, and money market ward adjustments in the ranges. Sevmutual funds continued to expand eral members observed that any strongly, although less so than in increase in the ranges might well be 1981. Altogether, the nontransaction misinterpreted as a relaxation of the component of M2 (M2 less Ml) grew Committee's commitment to the at an annual rate of IOV2 percent long-run objective of restraining monfrom the fourth quarter of 1981 to etary growth and contributing to a June. further reduction in the rate of infla- In reconsidering the ranges for tion, thereby adversely affecting in- 1982, Committee members remained flationary expectations and longin agreement on the need to maintain term interest rates. It was also noted the commitment to the long-standing that minor adjustments in the ranges goal of restraining growth of money might seem to suggest an unrealistic and credit in order to contribute to a degree of precision with which monfurther reduction in the rate of infla- etary growth could be controlled and tion and provide the basis for resto- might not be sufficient in any case to ration of economic stability and sus- allow for a temporary bulge related tainable growth in output. At the to exceptional demands for liquidity, same time, the Committee took ac- should they develop. count of the need to provide suffi- With respect to 1983, most memcient monetary growth to encourage bers felt that the current ranges for recovery in economic activity over 1982 could appropriately be rethe months ahead. Growth consis- tained; but they recognized that, in tent with the current longer-run light of all the current uncertainties ranges, quite possibly around the surrounding the economic, financial, upper end, was thought to be ade- and federal budgetary outlook, quate in view of the sizable rise in ranges adopted at this time would be the velocity of money that generally especially tentative. The current developed in the early stages of a ranges would be consistent with a cyclical recovery in economic activi- reduction in monetary growth in ty. Still, the members recognized 1983 if, as seemed likely, growth of that regulatory actions and changes the monetary aggregates in 1982 was in the public's preferences for vari- around the upper ends of their ous assets, as well as shifts in liquid- ranges. Some sentiment was exity demands generally, would tend to pressed for a reduction in the ranges affect the velocity of money and for 1983, particularly if those for would need to be taken into account 1982 were raised, in line with the in evaluating the behavior of the general objective of reducing monemonetary aggregates. To the extent tary growth gradually over time. that precautionary demands for The implications for monetary money remained strong, for exam- policy of the recent congressional ple, growth of the major monetary action on a budget resolution were aggregates near, or possibly some- considered at some length. Commitwhat above, the upper ends of their tee members generally felt that a ranges for 1982 might well be con- firm follow-through in current efforts sistent with the Committee's general to reduce budgetary deficits should policy objectives. contribute to easing financial market In the Committee's discussion at strains within the context of the curthis meeting, almost all members rent ranges for monetary growth; to preferred retention of the previously help assure that result, in their view, established ranges for growth of the it was important that action beyond monetary aggregates in 1982, with the magnitude incorporated in the the understanding that growth first budget resolution be taken afaround the upper ends of the ranges fecting future years. It was not would be acceptable, but some senti- thought that the budgetary effort it- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 Federal Reserve Bulletin • September 1982 self would warrant even greater the public's liquidity preferences growth in the monetary aggregates could not be predicted with much than was being contemplated. Ex- confidence, especially in the current cessive monetary growth would tend environment of financial strains. to work against the benefits of an Given these problems, most memimproved budgetary outlook in curb- bers stressed the need for flexibility ing inflation and inflationary expec- in interpreting the behavior of the tations. The Committee concluded monetary aggregates in the period its discussion and reached a decision ahead. Thus, while still aiming to on the longer-run ranges during a provide moderate monetary growth telephone conference on July 15, consistent with the objectives for 1982. growth over the year, those mem- The Committee considered policy bers would be willing to tolerate a for the period from June to Septem- bulge early in the period to the exber in light of the apparent consen- tent that it appeared to be a temposus for retaining the previously es- rary effect of the tax reduction and tablished ranges for growth of the increased social security payments, monetary aggregates over the year, perhaps compounded by seasonal with the understanding that growth adjustment problems. They would near, or for a time somewhat above, also accept somewhat faster growth the upper ends of those ranges over the quarter as a whole if it would be acceptable depending on appeared that demands for liquidity emerging strength of liquidity de- and precautionary balances were not mands in a period of economic un- easing as anticipated. In general, certainty. The data becoming avail- they wished to guard against the able at the time of the meeting possibility that short-term aberraindicated that growth of Ml had tions in the behavior of money or weakened appreciably after mid- exceptional demands for liquidity in June and that growth of both Ml and circumstances of unusual uncertain- M2 over the whole period from ty would generate financial market March to June apparently had been pressures that would impede the in line with the Committee's objec- prospective recovery in output. tives for growth over that period at A few members of the Committee annual rates of about 3 percent and 8 were concerned that accommodapercent respectively. The levels of tion of much of a bulge in monetary Ml and M2 in June, as noted earlier, growth in July or a relatively rapid were just slightly above the upper expansion over the summer months ends of their ranges for 1982. as a whole might jeopardize pros- Evaluating the behavior of Ml and pects for achieving the monetary obimplementing policy in the period jectives for the year and thus would immediately ahead would be compli- risk exacerbating inflationary expeccated by a number of special influ- tations. Accordingly, they believed ences. The midyear reduction in that tendencies toward such monewithholding rates for federal income tary growth rates in the months taxes and the cost-of-living increase ahead should be met by increased in social security payments were pressures on bank reserve positions generally expected to lead to some and in the money market. bulge in monetary growth in July. It On the other hand, one member was also expected, however, that advocated a strategy directed toany such bulge would be offset in ward a prompt easing of money marensuing months. More fundamental- ket conditions with a view to proly, some easing in demands for li- moting reductions in short-term quidity and precautionary balances, interest rates. It was also suggested and a concomitant increase in the by one member that the Committee income velocity of money, was an- adopt an effective ceiling of 15 perticipated over the months ahead, but cent for fluctuations in the federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 547 funds rate over the weeks until the a relatively slow rate in the second quarnext scheduled meeting, in an effort ter. Over the first five months of this year the producer price index for finto avoid any significant backing up ished goods was virtually stable, and the of interest rates in the current envi- advance in the index of average hourly ronment and to strengthen prospects earnings remained at a reduced pace. for the anticipated recovery in eco- The consumer price index rose sharply nomic activity. Several members ob- in May, after a small net increase over the preceding four months. served, however, that such a strate- The weighted average value of the gy was more likely to be viewed as a dollar against major foreign currencies fundamental change in the Commit- has risen sharply over the past month, tee's approach to targeting monetary reaching its highest level since early growth and would have adverse mar- 1971, in response to a rise in U.S. interest rates relative to foreign rates as well ket reactions because of its potential as to hostilities in the Middle East. The for producing an unduly rapid ex- U.S. foreign trade deficit in the first five pansion in bank reserves and mon- months of 1982 was at a rate substantialey. ly less than in the fourth quarter of last year, as imports declined more than ex- At the conclusion of the discusports. sion, the Committee agreed to seek Ml declined somewhat in May, after behavior of reserve aggregates asso- its sharp rise in April, while growth of ciated with growth of Ml and M2 M2 remained substantial. Business demands for credit, especially short-term from June to September at annual credit, were exceptionally strong. Shortrates of about 5 percent and about 9 term market interest rates and bond percent respectively. It decided that yields generally have risen since late somewhat more rapid growth would May, and mortgage interest rates have be acceptable depending on evi- increased. The Federal Open Market Committee dence that economic and financial seeks to foster monetary and financial uncertainties were leading to excepconditions that will help to reduce inflational liquidity demands. It was also tion, promote a resumption of growth in noted that seasonal uncertainties, to- output on a sustainable basis, and congether with increased social security tribute to a sustainable pattern of international transactions. At its meeting in payments and the initial impact of early February, the Committee agreed the tax cut on cash balances, might that its objectives would be furthered by lead to a temporary bulge in the growth of Ml, M2, and M3 from the monetary aggregates, particularly fourth quarter of 1981 to the fourth quar- Ml. The intermeeting range for the ter of 1982 within ranges of 2Vz to 5Vz percent, 6 to 9 percent, and 6V2 to 9'/2 federal funds rate, which provides a percent respectively. The associated mechanism for initiating further conrange for bank credit was 6 to 9 percent. sultation of the Committee, was con- These ranges were under review at this tinued at 10 to 15 percent. meeting. In the short run, the Committee seeks The following domestic policy di- behavior of reserve aggregates consistrective was transmitted to the Feder- ent with growth of Ml and M2 from June al Reserve Bank of New York: to September at annual rates of about 5 percent and about 9 percent respective- The information reviewed at this meet- ly. Somewhat more rapid growth would ing suggests that real GNP changed little be acceptable depending on evidence in the second quarter, after the apprecia- that economic and financial uncertainties ble further decline in the first quarter, as are leading to exceptional liquidity debusiness inventory liquidation moderat- mands and changes in financial asset ed from an extraordinary rate. In May holdings. It was also noted that seasonal the nominal value of retail sales contin- uncertainties, together with increased ued to pick up, while industrial produc- social security payments and the initial tion declined only a little further and impact of the tax cut on cash balances, nonfarm payroll employment was essen- might lead to a temporary bulge in the tially unchanged. The unemployment monetary aggregates, particularly Ml. rate edged up 0.1 percentage point to 9.5 The Chairman may call for Committee percent. Housing starts rose appreciably consultation if it appears to the Manager from a depressed level. for Domestic Operations that pursuit of The price index for gross domestic the monetary objectives and related rebusiness product appears to have risen at serve paths during the period before the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 Federal Reserve Bulletin • September 1982 next meeting is likely to be associated time, the Committee agreed that growth with a federal funds rate persistently in the monetary and credit aggregates outside a range of 10 to 15 percent. around the top of the indicated ranges would be acceptable in the light of the Votes for this action: Messrs. relatively low base period for the Ml Volcker, Solomon, Balles, Gramley, target and other factors, and that it Martin, Partee, Rice, and Keehn. would tolerate for some period of time Votes against this action: Messrs. growth somewhat above the target range Black, Ford, Mrs. Teeters, and Mr. should unusual precautionary demands Wallich. Mr. Keehn voted as alter- for money and liquidity be evident in the nate for Mrs. Horn. light of current economic uncertainties. Messrs. Black, Ford, and Wallich Votes for this action: Messrs. Volcker, Solomon, Balles, Black, dissented from this action because Ford, Mrs. Horn, Messrs. Martin, they favored a policy for the period and Partee. Vote against this action: immediately ahead that was firmly Mrs. Teeters. Absent and not voting: directed toward bringing growth of Messrs. Gramley, Rice, and Wallich. Ml down to its range for 1982 by the end of the year. They were con- Mrs. Teeters dissented from this cerned that accommodation of rela- action because she favored an extively rapid growth over the summer plicit statement that growth of Ml months might jeopardize achieve- above the upper end of the Commitment of the monetary objectives for tee's range for 1982 by 1 percentage the year and thus would risk exacer- point, or even as much as IV2 perbating inflationary expectations. Ac- centage points, might be acceptable. cordingly, they believed that tenden- In her opinion, it was important to cies toward rapid monetary ex- indicate the acceptable degree of pansion in the months immediately growth of Ml above the range in ahead should be met by greater pres- order to foster market behavior that sures on bank reserve positions and would lower interest rates and enin the money market. hance the prospects for sustaining Mrs. Teeters dissented from this recovery in output and employment. action because she favored specifi- The Committee indicated that for 1983 cation of somewhat higher rates for it was tentatively planning to continue monetary growth during the third the current ranges for 1982, but would review that decision carefully in the light quarter along with an approach to of developments over the remainder of operations early in the period that 1982. would clearly signal an easing in policy. In her opinion, policy at this Votes for this action: Messrs. point should be directed toward ex- Volcker, Solomon, Balles, Black, Ford, Mrs. Horn, Messrs. Martin, erting downward pressure on short- Partee, and Mrs. Teeters. Votes term interest rates in order to proagainst this action: None. Absent and mote recovery in output and not voting: Messrs. Gramley, Rice, employment. and Wallich. At a telephone meeting on July 15, the Committee concluded its review Shortly afterwards, Messrs. of the ranges for growth of the mone- Gramley, Rice, and Wallich, who tary aggregates in 1982 and the tenta- had been unable to attend the meettive ranges for 1983 and took the ing on July 15 but who had been following actions. present for the main discussion of the longer-run ranges for monetary The Committee reaffirmed the followgrowth held at the meeting on June ing ranges for growth of the monetary aggregates over the year from the fourth 30-July 1, associated themselves quarter of 1981 to the fourth quarter of with the Committee in its actions 1982 that it had adopted in early Febru- with respect to the ranges for both ary: for Ml, 2V2 to 5V2 percent; for M2, 6 1982 and 1983. to 9 percent; and for M3, 6V2 to 9Vi percent. The associated range for bank Following the Committee's accredit was 6 to 9 percent. At the same tions on July 15, the next to last Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 549 paragraph of the domestic policy di- of these ranges at its meeting on June 30rective adopted at its meeting on July 1, and at a meeting on July 15, it reaffirmed the targets for the year set in June 30-July 1 read as follows: February. At the same time the Commit- The Federal Open Market Committee tee agreed that growth in the monetary seeks to foster monetary and financial and credit aggregates around the top of conditions that will help to reduce infla- the indicated ranges would be acceptable tion, promote a resumption of growth in in the light of the relatively low base output on a sustainable basis, and con- period for the Ml target and other factribute to a sustainable pattern of inter- tors, and that it would tolerate for some national transactions. At its meeting in period of time growth somewhat above early February, the Committee had the target range should unusual precauagreed that its objectives would be fur- tionary demands for money and liquidity thered by growth of Ml, M2, and M3 be evident in the light of current economfrom the fourth quarter of 1981 to the ic uncertainties. The Committee also infourth quarter of 1982 within ranges of dicated it was tentatively planning to 2Vi to 5V2 percent, 6 to 9 percent, and 6V2 continue the current ranges for 1983, but to W2 percent respectively. The associat- would review that decision carefully in ed range for bank credit was 6 to 9 the light of developments over the repercent. The Committee began a review mainder of 1982. 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 made available a few days after the next regularly scheduled meeting and are later published in the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

551 Legal Developments AMENDMENTS TO REGULATION A Federal Reserve Bank of Rate Effective The Board of Governors of the Federal Reserve Sys- Boston 10'/2 Aug. 16, 1982 New York 101/2 Aug. 16, 1982 tem has amended its Regulation A Extensions of Philadelphia 10>/2 Aug. 16, 1982 Credit by Federal Reserve Banks (12 CFR Part 201), Cleveland 101/2 Aug. 16, 1982 Richmond 101/2 Aug. 16, 1982 for the purpose of adjusting discount rates with a view Atlanta 101/2 Aug. 16, 1982 of accommodating commerce and business in accord- Chicago 101/2 Aug. 16, 1982 St. Louis 101/2 Aug. 16, 1982 ance with other related rates and the general credit Minneapolis 10'/2 Aug. 16, 1982 situation of the country. Kansas City 10'/2 Aug. 16, 1982 Dallas 10'/2 Aug. 16, 1982 Effective July 20, 1982, the Board acted to amend San Francisco 101/2 Aug. 16, 1982 Regulation A to reduce the discount rate to 11 xh per cent. On August 2, 1982, the Board amended Regula- (b) The rates for other extended credit provided to tion A to reduce the discount rate to 11 per cent. depository institutions under sustained liquidity pres- Effective August 16, 1982, sections 201.51 and sures or where there are exceptional circumstances or 201.52 of Regulation A were amended as set forth practices involving a particular institution under below: § 201.3(b)(2) of Regulation A are: Federal Reserve Bank of Rate Effective Part 201—Extensions of Credit by Federal Reserve Banks Boston 101/2 Aug. 16, 1982 New York 10'/2 Aug. 16, 1982 Philadelphia 101/2 Aug. 16, 1982 Cleveland 10'/2 Aug. 16, 1982 Section 201.51—Short Term Adjustment Credit Richmond 10'/2 Aug. 16, 1982 for Depository Institutions Atlanta 10'/2 Aug. 16, 1982 Chicago 10'/2 Aug. 16, 1982 St. Louis 101/2 Aug. 16, 1982 The rates for short term adjustment credit provided to Minneapolis 101/2 Aug. 16, 1982 Kansas City 10'/2 Aug. 16, 1982 depository institutions under § 201.3(a) of Regulation Dallas 101/2 Aug. 16, 1982 San Francisco lOi/2 Aug. 16, 1982 A are: Note. These rates apply for the first 60 days of borrowing. A 1 per cent surcharge applies for borrowing during the next 90 days, and a 2 per cent surcharge applies for borrowing thereafter. Federal Reserve Bank of Rate Effective Boston \m Aug. 16, 1982 New York 101/2 Aug. 16, 1982 AMENDMENTS TO REGULATION D Philadelphia 10'/2 Aug. 16, 1982 Cleveland 10'/2 Aug. 16, 1982 Richmond 10'/2 Aug. 16, 1982 The Board of Governors of the Federal Reserve Sys- Atlanta 10'/2 Aug. 16, 1982 Chicago \m Aug. 16, 1982 tem has amended its Regulation D—Reserve Require- St. Louis 101/2 Aug. 16, 1982 ments of Depository Institutions (12 CFR Part 204) to Minneapolis 101/2 Aug. 16, 1982 Kansas City 10'/2 Aug. 16, 1982 define the new 7 to 13 day deposit category authorized Dallas 10'/2 Aug. 16, 1982 by the Depository Institutions Deregulation Commit- San Francisco 10'/2 Aug. 16, 1982 tee ("DIDC") as a "time deposit" for purposes of Regulation D. Accordingly, these deposits will be subject to no basic reserve requirements if they are Section 201.52—Extended credit to personal time deposits and to a 3 per cent reserve Depository Institutions requirement if they are nonpersonal time deposits. All other deposit categories, with original maturities or (a) The rates for seasonal credit extended to deposi- notice periods of less than 14 days, will continue to be tory institutions under § 201.3(b)(1) of Regulation A defined as "demand deposits" and subject to transacare: tion account reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 Federal Reserve Bulletin • September 1982 Effective September 1, 1982, subparagraph 204.2 a transaction account under section 204.2(e) of (b)(2) is amended, and subparagraphs 204.2(c)(1) this Part. (i)(E) and (ii) are revised and a new subparagraph (iii) is added as set forth below: AMENDMENT TO REGULATION Q Part 204—Reserve Requirements of Depository Institutions The Board of Governors of the Federal Reserve System has amended Regulation Q—Interest on Deposits Section 204.2—Definitions (12 CFR Part 217) to permit member banks to issue automatically renewable repurchase agreements on U.S. government or agency securities ("RPs") of less (b) * * * than $100,000 with maturities of 89 days or less exempt (2) A "demand deposit" does not include (i) checks from Federal interest rate ceilings. In addition, memor drafts drawn by the depository institution on the ber banks will be permitted to issue small denomina- Federal Reserve or on another depository institu- tion RPs with maturities of 90 days or more exempt tion; (ii) a deposit or account issued pursuant to from interest rate ceilings. 12 CFR 1204.121, including those with an original Effective August 23, 1982, subparagraph 217.1(f)(2) maturity or required notice period of seven to 13 is amended to read as follows: days; or (iii) for depository institutions not subject to the rules of the Depository Institutions Deregula- Part 217—Interest on Deposits tion Committee under 12 U.S.C. § 3501 et seq., a deposit or account issued with an original maturity Section 217.1—Definitions or required notice period of 7 to 13 days if such deposit or account is nonnegotiable, subject to a minimum balance of $20,000, and not otherwise a (f) * * * transaction account under section 204.2(e) of this (2) Evidences an indebtedness arising from a trans- Part. fer of direct obligations of, or obligations that are fully guaranteed as to principal and interest by, the United States or any agency thereof that the bank is obligated to repurchase; (1) * * * ^••j * * * (E) that constitute a "savings deposit" which AMENDMENT TO REGULATION Y is not regarded as a "transaction account;" (ii) borrowings, regardless of maturity, repre- The Board of Governors of the Federal Reserve Syssented by a promissory note, an acknowledgment tem is amending its Regulation Y—Bank Holding of advance, or similar obligation described in Companies and Change in Bank Control (12 CFR section 204.2(a)(l)(vii) that is issued to any office Part 225) to clarify and expand the scope of permissilocated outside the United States of another de- ble data processing activities in which a bank holding pository institution or Edge or agreement corpo- company may engage. The revised interpretation deration organized under the laws of the United scribes certain activities the Board considers inciden- States, to any office located outside the United tal to permissible data processing and data transmis- States of a foreign bank, or to institutions whose sion activities. time deposits are exempt from interest rate limita- Effective September 25, 1982, section 225.4 is tions under section 217.3(g) of Regulation Q amended by revising paragraph (a)(8) to read as fol- (12 CFR 217.3(g)); and lows: (iii) a deposit or account issued pursuant to 12 CFR § 1204.121, including those with an origi- Part 225—Bank Holding Companies and nal maturity or required notice period of 7 to 13 Change in Bank Control days; or for depository institutions not subject to the rules of the Depository Institutions Deregula- Section 225.4—Nonbanking Activities tion Committee under 12 U.S.C. § 3501 et seq., a deposit or account issued with an original maturi- (a) * * * ty or required notice period of 7 to 13 days if such (8)(i) Providing data processing and data transmisdeposit or account is nonnegotiable, subject to a sion services, data bases or facilities (including data minimum balance of $20,000, and is not otherwise processing and data transmission hardware, soft- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 553 ware, documentation, and operating personnel) for tion in Colorado, with consolidated deposits of $168.6 the internal operations of the holding company or its million representing 1.2 percent of total deposits in subsidiaries; commercial banks in the state. Upon consummation of (ii) Providing to others data processing and trans- the proposed transaction, Applicant would become the mission services, facilities, data bases or access to third largest banking organization in Colorado, and its such services, facilities, or data bases by any tech- share of total deposits in commercial banks in the state nologically feasible means, where: would increase to 11.2 percent. While the size of the (A) Data to be processed or furnished are fi- organizations involved is significant, consummation of nancial, banking or economic, and the services this proposal will not significantly affect statewide are provided pursuant to a written agreement so concentration or statewide banking structure. describing and limiting the services; Bank is the second largest banking organization in (B) The facilities are designed, marketed, and the Colorado Springs banking market and controls operated for the processing and transmisison of 17.7 percent of that market's commercial bank deposfinancial, banking or economic data; and its.2 Because Applicant does not currently operate in (C) Hardware in connection therewith is of- this market, consummation of the proposed transacfered only in conjunction with software designed tion would not increase the concentration of banking and marketed for the processing and transmission resources or reduce the number of competitors in the of financial, banking or economic data, and where market. Accordingly, the Board concludes that the the general purpose hardware does not constitute proposed transaction would have no adverse effects on more than 30 percent of the cost of any packaged existing competition in the market. offering. The Board has also considered the effects that this acquisition will have on probable future competition in light of its proposed guidelines for assessing the com- BANK HOLDING COMPANY AND BANK MERGER petitive effects of bank holding company acquisitions ORDERS ISSUED BY THE BOARD OF GOVERNORS and mergers.3 Under these guidelines, the Board will make an intensive examination of a proposed acquisi- Orders Under Section 3 of Bank Holding tion's effects on potential competition where the mar- Company Act ket involved is concentrated, where there are only a small number of probable future entrants into the Colorado National Bankshares, Inc., market, where the market is attractive for entry, and Denver, Colorado the firm to be acquired is a market leader. Two of the four criteria established under the guidelines are pres- Order Approving Acquisition of Bank ent in this case. Bank, the second largest banking organization in the market with a 17.7 percent share of Colorado National Bankshares, Inc., Denver, Colora- total market commercial banking deposits, is a domido ("Applicant"), a bank holding company within the nant competitor in the market. Moreover, the banking meaning of the Bank Holding Company Act, has structure of Colorado is such that there are no more applied for the Board's approval under section 3(a)(3) than four banking organizations in the state that are potential market entrants. However, other relevant of the act (12 U.S.C. § 1842(a)(3)) to acquire 100 market data do not satisfy the remaining criteria. The percent of The Exchange National Bank of Colorado Colorado Springs market, with a three-firm deposit Springs, Colorado Springs, Colorado ("Bank"). concentration ratio of 56.4 percent and a Herfindahl Notice of this application, affording opportunity for index of 1338, is not considered a highly concentrated interested persons to submit comments and views, has banking market. Furthermore, the market is not atbeen given in accordance with section 3(b) of the act. tractive for de novo entry as defined under the guide- The time for filing comments and views has expired, lines because the average growth rate of market deposand the Board has considered the application and all comments received in light of the factors set forth in section 3(c) of the act (12 U.S.C. § 1842(c)). Applicant, the fourth largest commercial banking 2. The Colorado Springs banking market is approximated by the organization in Colorado, controls 21 subsidiary banks Colorado Springs RMA. with consolidated deposits of $1.2 billion, representing 3. "Policy Statement of the Board of Governors of the Federal 10.0 percent of total deposits in commercial banks in Reserve System in Assessing Competitive Factors Under the Bank the state.1 Bank, is the tenth largest banking organiza- Merger Act and the Bank Holding Company Act", 47 Federal Register 9017 (March 3, 1982). Although the proposed policy statement has not been approved by the Board, the Board is applying the policy guidelines to all applications to determine whether further scrutiny is warranted for anticompetitive effects. See, "Shawmut 1. All banking data as of December 31, 1981. Corporation", 68 FEDERAL RESERVE BULLETIN 309 (May 1982). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 Federal Reserve Bulletin • September 1982 its during the last two years (9.3 percent) is less than been given in accordance with section 3(b) of the act. the corresponding national rate (9.6 percent) and the The time for filing comments and views has expired corresponding Colorado rate (16.6 percent). In light of and the Board has considered the applications and all all the facts of the record the Board does not consider comments received in light of the factors set forth in that consummation of the proposed acquisition will section 3(c) of the act. have such adverse effects on probable future competi- Applicants are non-operating corporations orgation in the Colorado Springs market as to warrant nized for the purpose of becoming bank holding comdenial. panies by acquiring Bank. Financing, a corporation The financial and managerial resources and future organized under the laws of Panama, owns 90 percent prospects of Applicant, its subsidiaries and Bank are of the outstanding stock of Holding, which is orgaregarded as generally satisfactory. Considerations re- nized under the laws of New Jersey. Upon acquisition lating to banking factors are consistent with approval. of Bank (deposits of $47.1 million), Applicants will Moreover, considerations relating to the convenience control the 68th largest commercial bank in New and needs of the community to be served are consist- Jersey with 0.2 percent of the total deposits in coment with approval. mercial banks in that state.1 On the basis of the record, this application is ap- Bank is the 20th largest of 37 commercial banks in proved for the reasons summarized above. The trans- the relevant banking market2 and controls 0.7 percent action shall not be made before the thirtieth calender of the total deposits in commercial banks in the local day following the effective date of this Order, or later market. Inasmuch as Applicants and their principals than three months after the effective date of this control no other banks in the United States, consum- Order, unless such period is extended for good cause mation of the proposed transaction would have no by the Board or by the Federal Reserve Bank of adverse effects on either existing or potential competi- Kansas City acting pursuant to delegated authority. tion in the market, and would not increase the concen- By Order of the Board of Governors, effective tration of resources in any relevant area. Therefore, August 31, 1982. competitive considerations are consistent with approval of the applications. Voting for this action: Chairman Volcker and Governors The financial and managerial resources of Appli- Martin, Wallich, Teeters, and Gramley. Absent and not cants and Bank are considered generally satisfactory voting: Governors Partee and Rice. and the future propsects of each appear favorable, especially in light of the additional capital that Appli- (Signed) WILLIAM W. WILES, cants intend to furnish Bank. Thus, considerations [SEAL] Secretary of the Board. relating to banking factors lend some weight to approval of the applications. Applicants also propose to increase commercial lending by Bank to mid-sized Em Kay Financing Corp., businesses and to expand Bank's branch network. Panama, Panama Therefore, considerations relating to the convenience and needs of the community to be served also lend Em Kay Holding Corp., some weight toward approval of these applications. New York, New York Accordingly, the Board has determined that consummation of the transaction would be in the public Order Approving Formation of Bank Holding interest and that the applications should be approved. Companies On the basis of the record, the applications are approved for the reasons summarized above. The Em Kay Financing Corp. ("Financing"), Panama, transaction shall not be made before the thirtieth Panama, and its 90 percent-owned subsidiary, Em Kay calendar day following the effective date of this Order, Holding Corp. ("Holding"), New York, New York or later than three months after the effective date of (collectively referred to as "Applicants"), have ap- this Order, unless such period is extended for good plied for the Board's approval under section 3(a)(1) of cause by the Board or by the Federal Reserve Bank of the Bank Holding Company Act (12 U.S.C. New York, pursuant to delegated authority. § 1842(a)(1)) to become bank holding companies by acquiring 67 percent or more of the voting shares of Village Bank of New Jersey ("Bank"), South Orange, New Jersey. 1. Banking data are as of June 30, 1980. 2. The relevant market is the Greater Newark market which is Notice of the applications, affording opportunity for approximated by all or part of Bergen, Essex, Hudson, Morris, and interested persons to submit comments and views, has Union Counties, New Jersey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 555 By order of the Board of Governors, effective ket, and the Mt. Pleasant market and controls 0.2, 2.3, August 30, 1982. and 9.1 percent of the markets' deposits in commercial banks, respectively.2 Because Applicant currently Voting for this action: Chairman Volcker and Governors does not operate in these markets, consummation of Martin, Wallich, Teeters, and Gramley. Absent and not the proposal would have no adverse effects on compevoting: Governors Partee and Rice. tition in any relevant market and would not increase the concentration of resources in any relevant area. (Signed) WILLIAM W. WILES, Accordingly, the Board concludes that competitive [SEAL] Secretary of the Board. considerations are consistent with approval. The financial and managerial resources and future propsects of Applicant, its subsidiary banks, and Bank First American Bank Corporation, are considered generally satisfactory and consistent Kalamazoo, Michigan with approval. While some new or expanded services may result from approval of this proposal, there is no Order Approving Merger of Bank Holding evidence in the record indicating that the banking Companies needs of the community to be served are not being met. Considerations relating to the convenience and First American Bank Corporation, Kalamazoo, Michi- needs of the community to be served are consistent gan ("Applicant"), has applied for the Board's ap- with approval. Accordingly, the Board has determined proval under section 3(a)(5) of the Bank Holding that consummation of the transaction would be con- Company Act (12 U.S.C. § 1842(a)(5)) to merge with sistent with the public interest and that the application Mid Michigan Bank Corporation, Gladwin, Michigan should be approved. ("Mid Michigan"), and thereby acquire its subsidiary On the basis of the record, the application is apbank, Mid Michigan Bank, Gladwin, Michigan proved for the reasons summarized above. The trans- ("Bank"). Upon approval of the merger, Mid Michi- action shall not be made before the thirtieth calendar gan would cease to exist, and Bank would become a day following the effective date of this Order or later subsidiary of Applicant. than three months after the effective date of this Notice of the application, affording an opportunity Order, unless such period is extended for good cause for interested persons to submit comments and views, by the Board or by the Federal Reserve Bank of has been given in accordance with section 3(b) of the Chicago, acting pursuant to delegated authority. act. The time for filing comments and views has By order of the Board of Governors, effective expired, and the Board has considered the application August 30, 1982. and all comments received in light of the factors set forth in section 3(c) of the act (12 U.S.C. § 1842(c)). Voting for this action: Chairman Volcker and Governors Applicant, the fifth largest banking organization in Martin, Wallich, Teeters, and Gramley. Absent and not voting: Governors Partee and Rice. the state of Michigan, controls 27 subsidiary banks with aggregate deposits of $3.06 billion, representing 7.04 percent of total deposits in commercial banks in (Signed) WILLIAM W. WILES, that state. Bank is the 117th largest commercial bank [SEAL] Secretary of the Board. in Michigan, controlling total deposits of $63.0 million, representing 0.15 percent of commercial bank deposits in the state. Consummation of this proposal would Harris Bankcorp, Inc., increase Applicant's aggregate deposits statewide to Chicago, Illinois approximately $3.12 billion, or 7.19 percent of total commercial bank deposits in the state1 and Applicant Order Approving Acquisition of Bank would retain its ranking as the fifth largest commercial banking organization in Michigan. Thus, the Board Harris Bankcorp, Inc., Chicago, Illinois, a bank holdconcludes that consummation of the transaction would ing company within the meaning of the Bank Holding have no significant effects upon the concentration of Company Act, has applied for the Board's approval banking resources in Michigan. Bank competes in three banking markets, the Stan- 2. The Standish-West Branch market is approximated by Arenac dish-West Branch market, the Bay City-Saginaw mar- and Ogemaw Counties, the western half of Iosco County, and Curtis Township in Alcona County, Michigan. The Bay City-Saginaw market includes Bay, Midland, and Gladwin Counties, plus the northern three-fourths of Saginaw County, Michigan. The Mt. Pleasant market 1. All banking data are as of June 30, 1981. is defined as Isabella and Clare Counties, Michigan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 Federal Reserve Bulletin • September 1982 under section 3(a)(3) of the act (12 U.S.C. § 1842(a)(3)) Bank. However, the adverse competitive conseto acquire 100 percent of the voting shares of the quences associated with consummation of this propossuccessor by merger to Roselle State Bank and Trust al are mitigated by the following and other facts by Company, Roselle, Illinois ("Bank"). record. First, upon consummation of this proposal, Notice of the application, affording opportunity for Applicant would continue to rank third in the Chicago interested persons to submit comments and views, has banking market and Applicant's market share, includbeen given in accordance with section 3(b) of the act ing deposits of Argo Bank, would only increase to 5.83 (12 U.S.C. § 1842(b)). The time for filing comments percent of total bank deposits in the market. Second, and views has expired, and the Board has considered there are numerous competitors in the market and the the application and all comments received in light of Chicago banking market is not considered highly conthe factors set forth in section 3(c) of the act centrated since the four largest banking organizations (12 U.S.C. § 1842(c)). control only 56.43 percent of total market deposits. Applicant, the third largest bank holding company in Finally, as multibank holding companies have been Illinois, controls one subsidiary bank, Harris Trust permitted in Illinois only since January 1, 1982, most and Savings Bank, Chicago, Illinois ("Harris Bank"). other commercial banks are not affiliated with multi- Harris Bank, the third largest commercial bank in bank holding companies and remain in the market as Illinois, has total deposits of $3,499.5 million, repre- possible acquisition candidates. Accordingly, on the senting 3.85 percent of all commercial bank deposits in basis of the above and other facts of record, the Board the state.1 In addition, on June 25, 1982, Applicant's believes that the proposal will not have any significant proposal to acquire a second bank, Argo State Bank, adverse effects on existing or potential competition or Summit, Illinois ("Argo Bank"),2 having total depos- on the concentration of resources in the relevant its of $42.1 million, was approved but has not yet been market. consummated. Bank is the 102nd largest commercial The financial and managerial resources and future bank in Illinois and has deposits of $111.7 million, prospects of Applicant, its subsidiary bank, and Bank representing 0.12 percent of all commercial bank de- are considered generally satisfactory and consistent posits in Illinois. Upon consummation of the aquisition with approval. In addition, Bank's affiliation with of Argo Bank and approval of the instant proposal, Applicant will enable Bank to avail itself of Appli- Applicant's total deposits would increase to approxi- cant's expertise and resources, particularly in the mately $3,653.3 million, or 4.02 percent of the state's specialized financing and fiduciary areas. Accordingcommercial bank deposits, and Applicant would retain ly, considerations relating to the convenience and its rank as the third largest banking organization in needs of the community to be served lend slight weight Illinois. Thus, the Board concludes that consumma- toward approval and outweigh any adverse competition of the proposal would have no significant effects tive effects that may result from consummation of the upon the concentration of banking resources in Illi- proposal. Accordingly, the Board has determined that nois. consummation of the transaction would be consistent Bank competes in the Chicago banking market3 and with the public interest and that the application should ranks 67th out of 369 commercial banks in that market, be approved. controlling 0.18 percent of total commercial bank On the basis of the record, the application is apdeposits therein. Harris Bank also operates in the proved for the reasons summarized above. The trans- Chicago banking market and is the third largest bank- action shall not be made before the thirtieth calendar ing organization therein, holding 5.58 percent of total day following the effective date of this Order, unless market deposits. Argo Bank also operates in the such period is extended for good cause by the Board or Chicago banking market, and Applicant's share of by the Federal Reserve Bank of Chicago, acting pursutotal market deposits would increase to 5.65 percent ant to delegated authority. upon consummation of its aquisition of Argo. Thus, By order of the Board of Governors, effective consummation of the instant application would elimi- August 30, 1982. nate some existing competition between Applicant and Voting for this action: Chairman Volcker and Governors Martin, Wallich, Teeters, and Gramley. Absent and not voting: Governors Partee and Rice. 1. All deposit data are as of December 31, 1981. 2. See Order dated June 25, 1982, by the Federal Reserve Bank of Chicago. (Signed) WILLIAM W. WILES, 3. The Chicago banking market is defined as Cook, Du Page, and Lake Counties, all in Illinois. [SEAL] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 557 ORDERS APPROVING APPLICATIONS UNDER THE BANK HOLDING COMPANY ACT AND BANK MERGER ACT By the Board of Governors During August 1982, the Board of Governors approved the applications listed below. Copies are available upon request to Publications Services, Division of Support Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Section 3 Board action Applicant Bank(s) (effective date) First American Bank Corporation, Huron County Bank, August 30, 1982 Kalamazoo, Michigan Harbor Beach, Michigan Mercantile Texas Corporation, Abilene National Bank, August 6, 1982 Dallas, Texas Abilene, Texas Security Pacific Corporation, Postal Financial Corporation, August 17, 1982 Los Angeles, California Sioux City, Iowa Texas Commerce Bancshares, Inc., Texas Commerce Bank-Westlake Park, August 16, 1982 Houston, Texas N.A., Houston, Texas U.S. Bancorp, Pueblo Beneficial Industrial Bank, August 31, 1982 Portland, Oregon Pueblo, Colorado Colorado Springs Beneficial Industrial Bank, Colorado Springs, Colorado Trinidad Beneficial Industrial Bank, Trinidad, Colorado By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of the orders are available upon request to the Reserve Banks. Section 3 Reserve Effective Applicant Bank(s) Bank date Affiliated Bankshares of Colorado, The Littleton National Bank, Kansas City July 29, 1982 Inc., Littleton, Colorado Boulder, Colorado Allied Bancshares, Inc., Irving American Bancshares Corp. Dallas August 23, 1982 Houston, Texas Irving, Texas Allied Irving Bancshares, Inc., Houston, Texas American Security Bancshares, American Bank, Atlanta July 29, 1982 Inc., Welsh, Louisiana Welsh, Louisiana AmSouth Bancorporation, Citizens Bank of Talladega, Atlanta August 20, 1982 Birmingham, Alabama Talladega, Alabama Amsterdam Bancshares, Inc., Citizens Bank, Kansas City August 17, 1982 Amsterdam, Missouri Amsterdam, Missouri Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 Federal Reserve Bulletin • September 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Antioch Holding Company, Wesco Investment Corporation, Chicago July 30, 1982 Antioch, Illinois La Grange, Illinois The Banc of San Jacinto County The Bank of San Jacinto County, Dallas August 6, 1982 Bancshares, Inc., Coldspring, Texas Coldspring, Texas Birnamwood Bancshares, Inc., The Bank of Birnamwood, Chicago August 16, 1982 Birnamwood, Wisconsin Birnamwood, Wisconsin BOS Bancshares, Inc., Bank of the South, Atlanta August 9, 1982 Metairie, Louisiana Metairie, Louisiana Bridgeport Banshares, Inc., The Bridgeport State Bank, Kansas City August 19, 1982 Bridgeport, Nebraska Bridgeport, Nebraska Cal Coast Bancorp, Mariners Bank, N.A., San Francisco August 12, 1982 San Clemente, California San Clemente, California Capitol Bancorporation, Inc., First National Bank in Pierre, Minneapolis August 11, 1982 Pierre, South Dakota Pierre, South Dakota Carthage Bancshares, Inc., First National Bank of Beckville, Dallas August 6, 1982 Carthage, Texas Beckville, Texas Celeste Bancshares, Inc., The First National Bank of Celeste, Dallas August 11, 1982 Celeste, Texas Celeste, Texas Central Bancorporation, Inc., Cen- General Bancorporation, Inc., Kansas City July 28, 1982 tral Colorado Company, C.C.B., Broomfield, Colorado Inc., Denver, Colorado Central Bancshares, Inc., Central Bank & Trust Company, Atlanta July 30, 1982 Glenmora, Louisiana Glenmora, Louisiana Central Wisconsin Bankshares, Tri-County State Bank of Marsh- Chicago August 16, 1982 Inc., field, Wausau, Wisconsin Marshfield, Wisconsin Charter Bancorporation, Inc., Stoughton State Bank, Chicago July 29, 1982 Newport, Minnesota Stoughton, Wisconsin Chillicothe Bancshares, Inc., Community Bank, Kansas City July 29, 1982 Chillicothe, Missouri Chillicothe, Missouri City Bancorp Inc., The City National Bank of Mur- St. Louis July 30, 1982 Murphysboro, Illinois phy sboro, Murphy sboro, Illinois Clark County Bancshares, Inc., Peoples Bank of Wyaconda, St. Louis August 4, 1982 Wyaconda, Missouri Wyaconda, Missouri Colonial Bancshares, Inc., The Colonial Bank, St. Louis August 16, 1982 Des Peres, Missouri Des Peres, Missouri Columbus Corporation, Columbus Bank and Trust Chicago August 13, 1982 Columbus, Indiana Company, Columbus, Indiana Commercial Bancshares, Inc., Commercial Bank, Cleveland August 4, 1982 West Liberty, Kentucky West Liberty, Kentucky Dunlap Iowa Holding Co., Dunlap Savings Bank, Chicago August 16, 1982 Dunlap, Iowa Dunlap, Iowa Eastern Iowa Secured Bancshares Security State Trust and Savings Chicago August 20, 1982 Corporation, Bank, Bettendorf, Iowa Bettendorf, Iowa Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 559 Section 3—Continued Reserve AApppplliiccaanntt BBaannkk((ss)) Bank Edmonton Bancshares, Inc., Edmonton State Bank St. Louis August 20, 1982 Edmonton, Kentucky Edmonton, Kentucky FBT Bancshares, Inc., Fidelity Bank and Trust Company, Atlanta August 6, 1982 Slidell, Louisiana Slidell, Louisiana F.C.B., Inc., First National Bank of Alachua, Atlanta August 4, 1982 Alachua, Florida Alachua, Florida Farmers & Merchants Bancshares, Farmers & Merchants Bank, Minneapolis August 13, 1982 Inc., Beach, North Dakota Beach, North Dakota Farmers State Corporation of Men- Farmers State Bank, Chicago August 12, 1982 tone, Mentone, Indiana Mentone, Indiana Finlayson Bancshares, Inc., Farmers State Bank of Russell, Minneapolis August 25, 1982 Finlayson, Minnesota Russell, Minnesota First Alabama Bancshares, Inc., Cordova-Citizens Bank, Atlanta August 23, 1982 Montgomery, Alabama Cordova, Alabama First Bancorp of Kansas, First National Bank in Wichita Kansas City August 19, 1982 Wichita, Kansas Wichita, Kansas First Bank Holding Company, First Bank of Pinellas County, Atlanta August 13, 1982 Treasure Island, Florida Treasure Island, Florida First Bancorp of Belleville, Inc., Dupo State Savings Bank, St. Louis August 4, 1982 Belleville, Illinois Dupo, Illinois First Busey Corporation, Roberts State Bank, Chicago August 16, 1982 Urbana, Illinois Roberts, Illinois First Hogansville Bankshares, Inc., The Citizens Bank Atlanta August 3, 1982 Hogansville, Georgia Hogansville, Georgia First La Porte Financial Corp., First National Bank and Trust Chicago August 16, 1982 La Porte, Indiana Company of La Porte, La Porte, Indiana First National Bancshares of Win- The First National Bank of Win- Kansas City August 13, 1982 field, Inc., field, Winfield, Kansas Winfield, Kansas First National Hoffman Bancorp, First National Bank of Hoffman Es- Chicago August 2, 1982 Inc., tates, Hoffman Estates, Illinois Hoffman Estates, Illinois First Railroad & Banking Company First South Bankcorp, Atlanta August 12, 1982 of Georgia, Columbus, Georgia Augusta, Georgia Frost BanCorporation, Inc., State Bank of Frost, Minneapolis July 30, 1982 Frost, Minnesota Frost, Minnesota General Bancshares Corporation, Belleville National Bank, St. Louis August 18, 1982 St. Louis, Missouri Belleville, Illinois Gibbon Bancorporation, Inc., Citizens State Bank of Gibbon, Minneapolis August 6, 1982 Gibbon, Minnesota Gibbon, Minnesota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 Federal Reserve Bulletin • September 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Guardian Banshares, Inc., Bridgeport Banshares, Inc., Kansas City August 19, 1982 Alliance, Nebraska Bridgeport, Nebraska Hemingford Banshares, Inc., Hemingford, Nebraska Hyannis Banshares, Inc., Hyannis, Nebraska Mullen Banshares, Inc., Mullen, Nebraska Thedford Banshares, Inc., Thedford, Nebraska Hardee Banking Corporation, First National Bank of Wauchula, Atlanta August 13, 1982 Wauchula, Florida Wauchula, Florida Harleysville National Corporation, Harleysville National Bank and Philadelphia August 13, 1982 Harleysville, Pennsylvania Trust Company, Harleysville, Pennsylvania Hawkeye Bancorporation, State Bank of Allison, Chicago August 17, 1982 Des Moines, Iowa Allison, Iowa Hillsboro Capital Corporation, The First National Bank, Kansas City August 20, 1982 Hillsboro, Kansas Hillsboro, Kansas HNB Corporation, The Huntsville National Bank, Dallas August 20, 1982 Huntsville, Texas Huntsville, Texas Hoosier Bancshares, Inc., The Bloomington National Bank, Chicago July 30, 1982 Bloomington, Indiana Bloomington, Indiana Illini Community Bancgroup, Inc., American State Bank of Spring- Chicago August 13, 1982 Springfield, Illinois field, Springfield, Illinois Illowa Bancorp, Inc., The National Bank of Savanna, Chicago August 17, 1982 Savanna, Illinois Savanna, Illinois Kansas State Investments, Inc., Kansas State Bancshares, Inc., Kansas City August 4, 1982 Manhattan, Kansas Manhattan, Kansas Kentucky Southern Bancorp, Inc., The Citizens National Bank of St. Louis August 4, 1982 Bowling Green, Kentucky Bowling Green, Bowling Green, Kentucky LaPlace Bancshares, Inc., Bank of LaPlace of St. John the Atlanta August 3, 1982 LaPlace, Louisiana Baptist Parish, LaPlace, Louisiana La Porte Bancorp, Inc., La Porte Bancorp, Inc., Chicago August 23, 1982 Hammond, Indiana Hammond, Indiana Lexington Bancshares, Inc., Lexington State Bank and Trust Kansas City August 11, 1982 Lexington, Nebraska Company, Lexington, Nebraska London Bancshare, Inc., London Bank & Trust Company, Cleveland August 25, 1982 London, Kentucky London, Kentucky Lower Rio Grande Valley Banc- The First National Bank of La Fe- Dallas July 30, 1982 shares, Inc., ria, La Feria, Texas La Feria, Texas The First National Bank of Mercedes, Mercedes, Texas Valley National Bank, Harlingen, Texas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 561 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Midstate Financial Corp., Hendricks County Bank and Trust Chicago July 28, 1982 Brownsburg, Indiana Company, Brownsburg, Indiana Monte Vista Bank Corp., Bank of Monte Vista, Kansas City July 26, 1982 Monte Vista, Colorado Monte Vista, Colorado Mt. Zion Bancorp, Inc., The Hight State Bank, Chicago August 13, 1982 Mt. Zion, Illinois Dalton City, Illinois NAPSUB Corporation, The First Bank, Naperville, Chicago August 24, 1982 Chicago, Illinois Naperville, Illinois NBC Bancorporation, Inc., National Bank of Commerce in Minneapolis July 29, 1982 Newport, Minnesota Mankato, Mankato, Minnesota NCNB Corporation, Gulfstream Banks, Inc., Richmond August 4, 1982 Charlotte, North Carolina Boca Raton, Florida National City Corporation, Ohio Citizens Bancorp, Inc., Cleveland August 6, 1982 Cleveland, Ohio Toledo, Ohio New Great Lakes Financial, Inc., Union Bancorp, Inc., Chicago August 20, 1982 Grand Rapids, Michigan Grand Rapids, Michigan New Mexico Banquest Corpora- The Bank of Northern New Kansas City August 16, 1982 tion, Mexico, Santa Fe, New Mexico Las Vegas, New Mexico Northern Trust Corporation, NAPSUB Corporation, Chicago August 24, 1982 Chicago, Illinois Chicago, Illinois Oaklawn Financial Corporation, Oaklawn Bank, Dallas August 16, 1982 Texarkana, Texas Texarkana, Texas Olla Bancshares, Inc., The Olla State Bank, Dallas August 5, 1982 011a, Louisiana Olla, Louisiana Peoples Bancshares, Inc., Peoples Bank of Clifton, Atlanta August 17, 1982 Clifton, Tennessee Clifton, Tennessee Perry Bancshares, Inc., Exchange Bank and Trust Kansas City July 27, 1982 Perry, Oklahoma Company, Perry, Oklahoma Provident Bancorp, Inc., The Midwest Bank and Trust Com- Cleveland August 26, 1982 Cincinnati, Ohio pany, Cleveland, Ohio Purdue National Corporation, Purdue National Bank of Lafayette, Chicago August 12, 1982 Lafayette, Indiana Lafayette, Indiana Royal Bancshares, Inc., Home State Bank, Chicago August 20, 1982 Royal, Iowa Royal, Iowa Salem Arkansas Bancshares Corpo- Bank of Salem, St. Louis August 12, 1982 ration, Salem, Arkansas Salem, Arkansas Savanna Bancorp, Inc., Savanna State Bank, Chicago July 30, 1982 Savanna, Illinois Savanna, Illinois Seafirst Corporation, Western National Bank, San Francisco August 6, 1982 Seattle, Washington Bothell, Washington Security Bancorp, Inc., Security Bank St. Clair Shores, Chicago August 9, 1982 Southgate, Michigan St. Clair Shores, Michigan Sonny Wright, Peoples National Bank of Com- Atlanta August 25, 1982 Miami, Florida merce, Miami, Florida Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 Federal Reserve Bulletin • September 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date SouthTrust Corporation, Citizens Bank of Northport, Atlanta August 9, 1982 Birmingham, Alabama Northport, Alabama Southwest Bancshares, Inc., The First National Bank of Dallas August 25, 1982 Houston, Texas Brenham, Brenham, Texas Southwest Florida Banks, Inc., Peoples Bank of Pasco County, Atlanta August 11, 1982 Fort Myers, Florida Elfers, Florida State Bank of Bottineau Holding State Bank of Bottineau, Minneapolis August 13, 1982 Company, Bottineau, North Dakota Bottineau, North Dakota State National Bancorp, Inc., The State National Bank of Cleveland August 11, 1982 Maysville, Kentucky Maysville, Maysville, Kentucky Sunflower Bancshares, Inc., The Riley State Bank of Riley, Kansas City August 19, 1982 Riley, Kansas Riley, Kansas Terry Bancshares, Inc., State Bank of Terry, Minneapolis August 13, 1982 Terry, Montana Terry, Montana Town and Country Banshares, Inc. Town and Country Bank—Maple- Minneapolis July 29, 1982 Newport, Minnesota wood, Maplewood, Minnesota Treynor Bancshares, Inc., Treynor State Bank, Chicago August 6, 1982 Treynor, Iowa Treynor, Iowa Trust Company of Georgia, The Farmers Bank of Douglas, Atlanta August 24, 1982 Atlanta, Georgia Douglas, Georgia The Farmers Bank of Locust Grove, Locust Grove, Georgia Union Bancshares Corp., The Union Bank & Savings Cleveland August 12, 1982 Bellevue, Ohio Company, Bellevue, Ohio United Bancorporation of Alabama, The Bank of Atmore, Atlanta August 9, 1982 Inc., Atmore, Alabama Atmore, Alabama Peoples Bank of Frisco City, Frisco City, Alabama West Alabama Bancshares, Inc., Merchants & Farmers Bank Atlanta August 3, 1982 Millport, Alabama, Millport, Alabama Western Indiana Bancorp, Bank of Western Indiana, Chicago August 2, 1982 Covington, Indiana Covington, Indiana Worland Holding Company, The First National Bank in Kansas City August 9, 1982 Worland, Wyoming Worland, Worland, Wyoming Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 563 Sections 3 and 4 Nonbanking Reserve Effective Applicant Bank(s) company Bank date (or activity) First National Corpora- The First National to engage in the sale, Atlanta July 29, 1982 tion of Jacksonville, Bank of Jacksonville, as agent, of credit Jacksonville, Ala- Jacksonville, Ala- life and credit accibama bama dent and health insurance directly related to extensions of credit Pine River Holding Pine River State Bank to engage in general in- Minneapolis August 4, 1982 Company, Pine River, Minne- surance activities in a Pine River, Minne- sota community with a sota population not exceeding 5,000 Section 4 Nonbanking Reserve Effective Applicant company Bank date (or activity) Citizens and Southern Georgia Lloyd of Louisiana Finance Com- Atlanta July 30, 1982 Corporation, pany, Inc., Atlanta, Georgia Harvey, Louisiana Maryland National Corporation, Central Industrial Bank, Richmond August 30, 1982 Baltimore, Maryland Aurora, Colorado Moore Financial Group, FMA Thrift and Loan, San Francisco August 4, 1982 Boise, Idaho Salt Lake City, Utah Tekamah Agency Company, Wagner Data Center, Inc., Kansas City August 13, 1982 Tekamah, Nebraska Schuyler, Nebraska ORDERS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Reserve Effective Applicant Bank(s) Bank date American Bank and Trust Company, American Bank of Perry, Chicago August 11, 1982 Lansing, Michigan Perry, Michigan The Connecticut Bank and Trust Orange National Bank, Boston August 13, 1982 Company, Orange, Connecticut Hartford, Connecticut Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 Federal Reserve Bulletin • September 1982 PENDING CASES INVOLVING THE BOARD OF GOVERNORS* *This list of pending cases does not include suits Option Advisory Service, Inc. v. Board of Governors, against the Federal Reserve Banks in which the Board filed September 1981, U.S.C.A. for the Second of Governors is not named a party. Circuit (two cases). Bank Stationers Association, Inc., et al. v. Board of Association of Data Processing Service Organiza- Governors, filed July 1981, U.S.D.C. for the Northtions, Inc., et al. v. Board of Governors, filed ern District of Georgia. August 1982, U.S.C.A. for the District of Columbia. Public Interest Bounty Hunters v. Board of Gover- The Philadelphia Clearing House Association, et al. v. nors, et al., filed June 1981, U.S.D.C. for the Board of Governors, filed July 1982, U.S.D.C. for Northern District of Georgia. the Eastern District of Pennsylvania. Edwin F. Gordon v. John Heimann, et al., filed May Richter v. Board of Governors, et al., filed May 1982, 1981, U.S.C.A. for the Fifth Circuit. U.S.D.C. for the Northern District of Illinois. First Bank & Trust Company v. Board of Governors, Montgomery v. Utah, et al., filed May 1982, U.S.D.C. filed February 1981, U.S.D.C. for the Eastern Disfor the District of Utah. trict of Kentucky. Wyoming Bancorporation v. Board of Governors, filed 9 to 5 Organization for Women Office Workers v. May 1982, U.S.C.A. for the Tenth Circuit. Board of Governors, filed December 1980, First Bancorporation v. Board of Governors, filed U.S.D.C. for the District of Massachusetts. April 1982, U.S.C.A. for the Tenth Circuit. Securities Industry Association v. Board of Gover- Charles G. Vick v. Paul A. Volcker, et al., filed March nors, et al., filed October 1980, U.S.D.C. for the 1982, U.S.D.C. for the District of Columbia. District of Columbia. Jolene Gustafson v. Board of Governors, filed March Securities Industry Association v. Board of Gover- 1982, U.S.C.A. for the Fifth Circuit. nors, et al., filed October 1980, U.S.C.A. for the Christian Educational Association, Inc. v. Federal District of Columbia. Reserve System, filed January 1982, U.S.D.C. for A. G. Becker, Inc. v. Board of Governors, et al., filed the Middle District of Florida. October 1980, U.S.D.C. for the District of Colum- Option Advisory Service, Inc. v. Board of Governors, bia. filed December 1981, U.S.C.A. for the Second A. G. Becker, Inc. v. Board of Governors, et al., filed Circuit. October 1980, U.S.C.A. for the District of Colum- Edwin F. Gordon v. Board of Governors, et al., filed bia. October 1981, U.S.C.A. for the Eleventh Circuit A. G. Becker, Inc. v. Board of Governors, et al., filed (two consolidated cases). August 1980, U.S.D.C. for the District of Columbia. Wendall Hall v. Board Governors, et al., filed Septem- Berkovitz, et al. v. Government of Iran, et al., filed ber 1981, U.S.D.C. for the Northern District of June 1980, U.S.D.C. for the Northern District of Georgia. California. Allen Wolfson v. Board of Governors, filed September 1981, U.S.D.C. for the Middle District of Florida. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A1 Financial and Business Statistics CONTENTS WEEKLY REPORTING COMMERCIAL BANKS Assets and liabilities Domestic Financial Statistics A18 All reporting banks A19 Banks with assets of $1 billion or more A3 Monetary aggregates and interest rates A20 Banks in New York City A4 Reserves of depository institutions, reserve, A21 Balance sheet memoranda bank credit A22 Branches and agencies of foreign banks A5 Reserves and borrowings of depository A23 Commercial and industrial loans institutions A24 Gross demand deposits of individuals, A6 Federal funds and repurchase agreements of partnerships, and corporations large member banks FINANCIAL MARKETS FOLIC Y INS TR UMENTS A25 Commercial paper and bankers dollar A7 Federal Reserve Bank interest rates acceptances outstanding A8 Depository institutions reserve requirements A26 Prime rate charged by banks on short-term A9 Maximum interest rates payable on time and business loans savings deposits at federally insured institutions A26 Terms of lending at commercial banks A10 Federal Reserve open market transactions All Interest rates in money and capital markets A28 Stock market—Selected statistics A29 Selected financial institutions—Selected assets FEDERAL RESERVE BANKS and liabilities All Condition and Federal Reserve note statements A12 Maturity distribution of loan and security FEDERAL FINANCE holdings A30 Federal fiscal and financing operations A31 U.S. budget receipts and outlay MONETARY AND CREDIT AGGREGATES A32 Federal debt subject to statutory limitation A32 Gross public debt of U.S. Treasury—Types and A12 Bank debits and deposit turnover ownership A13 Money stock measures and components A33 U.S. government marketable securities— A14 Aggregate reserves of depository institutions Ownership, by maturity and monetary base A34 U.S. government securities dealers— A15 Loans and securities of all commercial banks Transactions, positions, and financing A35 Federal and federally sponsored credit agencies—Debt outstanding COMMERCIAL BANKS A16 Major nondeposit funds A17 Assets and liabilities, last Wednesday-of-month series Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 Federal Reserve Bulletin • September 1982 SECURITIES MARKETS AND International Statistics CORPORATE FINANCE A54 U.S. international transactions—Summary A36 New security issues—State and local A55 U.S. foreign trade governments and corporations A55 U.S. reserve assets A37 Open-end investment companies—Net sales and A55 Foreign official assets held at Federal Reserve asset position Banks A37 Corporate profits and their distribution A56 Foreign branches of U.S. banks—Balance sheet A38 Nonfinancial corporations—Assets and data liabilities A58 Selected U.S. liabilities to foreign official A38 Total nonfarm business expenditures on new institutions plant and equipment A39 Domestic finance companies—Assets and liabilities; business credit REPORTED BY BANKS IN THE UNITED STATES A58 Liabilities to and claims on foreigners REAL ESTATE A59 Liabilities to foreigners A61 Banks' own claims on foreigners A40 Mortgage markets A62 Banks' own and domestic customers' claims on A41 Mortgage debt outstanding foreigners A62 Banks' own claims on unaffiliated foreigners A63 Claims on foreign countries—Combined CONSUMER INSTALLMENT CREDIT domestic offices and foreign branches A42 Total outstanding and net change A43 Extension and liquidations REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES FLOW OF FUNDS A64 Liabilities to unaffiliated foreigners A65 Claims on unaffiliated foreigners A44 Funds raised in U.S. credit markets A45 Direct and indirect sources of funds to credit markets SECURITIES HOLDINGS AND TRANSACTIONS A66 Foreign transactions in securities Domestic Nonfinancial Statistics A67 Marketable U.S. Treasury bonds and notes— Foreign holdings and transactions A46 Nonfinancial business activity—Selected measures A46 Output, capacity, and capacity utilization INTEREST AND EXCHANGE RATES A47 Labor force, employment, and unemployment A48 Industrial production—Indexes and gross value A67 Discount rates of foreign central banks A50 Housing and construction A68 Foreign short-term interest rates A51 Consumer and producer prices A68 Foreign exchange rates A52 Gross national product and income A53 Personal income and saving A69 Guide to Tabular Presentation, Statistical Releases, and Special Tables Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Domestic Financial Statistics A3 1.10 MONETARY AGGREGATES AND INTEREST RATES 1981 1982 1982 Item Q3 Q4 Q1 Q2 Mar. Apr. May June July Monetary and credit aggregates (annual rates of change, seasonally adjusted in percent)1 Reserves of depository institutions 1 Total 3.4 3.1 7.5 .6 2.9 2.4 2.2 2.2 -1.6 2 Required 2.4 3.5 7.1 1.1 1.1 5.2 -.5 3.8 -1.8 3 Nonborrowed 7.5 10.9 -.9 4.2 10.8 2.1 17.0 -.5 14.8 4 Monetary base2 3.7 2.7 7.8 7.1 4.0 9.3 8.6 7.7 2.8 Concepts of money and liquid assets3 5 Ml .3 5.7 10.4 3.3 2.7 11.0 -2.4 -.3 -.5 6 M2 8.3 8.9 9.8 9.5 11.2 10.0 10.7 6.6 9.7 7 M3 11.2 9.3 8.7 10.7 11.3 12.0 11.3'" 8.7r 12.7 8 L 11.9 10.7 10.3 n.a. 12.0 15.7 n.a. n.a. n.a. Time and savings deposits Commercial banks 9 Total 18.4 8.3 7.5 17.0 19.9 15.7 18.1 17.2 22.9 10 Savings4 -22.7 -11.9 8.7 2.0 13.6 -.7 -1.5 -4.5 -21.8 11 Small-denomination time5 24.3 20.8 9.7 23.8 25.1 28.8 20.8 15.8 29.1 12 Large-denomination time6 36.0 5.4 4.6 16.8 17.6 8.7 24.0 29.2 36.7 13 Thrift institutions7 2.6 2.7 3.1 6.6 7.4 5.3 9.9 3.8 10.3 14 Total loans and securities at commercial banks8 8.7 3.6 2.6 8.6 8.2 8.8 8.2 5.6r 6.4 1981 1982 1982 Q3 Q4 Q1 Q2 Apr. May June July Aug. Interest rates (levels, percent per annum) Short-term rates 15 Federal funds9 17.58 13.59 14.23 14.52 14.94 14.45 14.15 12.59 10.12 16 Discount window borrowing10 14.00 13.04 12.00 12.00 12.00 12.00 12.00 11.81 10.68 17 Treasury bills (3-month market yield)1 15.05 11.75 12.81 12.42 12.70 12.09 12.47 11.35 8.68 18 Commercial paper (3-month)1 lr2.... 16.78 13.04 13.81 13.81 14.06 13.42 13.96 12.94 10.15 Long-term rates Bonds 19 U.S. government13 14.51 14.14 14.27 13.74 13.57 13.46 14.18 13.76 12.91 20 State and local government14 12.11 12.54 13.02 12.33 12.59 11.95 12.45 12.28 11.23 21 Aaa utility (new issue)15 16.82 15.67 15.71 15.73 15.83 15.22 15.92 15.61 13.95 22 Conventional mortgages16 17.50 17.33 17.10 16.63 16.65 16.50 16.75 16.50 15.40 1. Unless otherwise noted, rates of change are calculated from average amounts 5. Small-denomination time deposits—including retail RPs—are those issued in outstanding in preceding month or quarter. amounts of less than $100,000. 2. Includes reserve balances at Federal Reserve Banks in the current week plus 6. Large-denomination time deposits are those issued in amounts of $100,000 or vault cash held two weeks earlier used to satisfy reserve requirements at all deposi- more. tory institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, 7. Savings and loan associations, mutual savings banks, and credit unions. the vaults of depository institutions, and surplus vault cash at depository institu- 8. Changes calculated from figures shown in table 1.23. Beginning December tions. 1981, growth rates reflect shifts of foreign loans and securities from U.S. banking 3. Ml: Averages of daily figures for (1) currency outside the Treasury, Federal offices to international banking facilities. Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of non- 9. Averages of daily effective rates (average of the rates on a given date weighted bank issuers; (3) demand deposits at all commercial banks other than those due by the volume of transactions at those rates). to domestic banks, the U.S. government, and foreign banks and official institutions 10. Rate for the Federal Reserve Bank of New York. less cash items in the process of collection and Federal Reserve float; and (4) 11. Quoted on a bank-discount basis. negotiable order of withdrawal (NOW) and automatic transfer service (ATS) ac- 12. Unweighted average of offering rates quoted by at least five dealers. counts at banks and thrift institutions, credit union share draft (CUSD) accounts, 13. Market yields adjusted to a 20-year maturity by the U.S. Treasury. and demand deposits at mutual savings banks. 14. Bond Buyer series for 20 issues of mixed quality. M2: Ml plus savings and small-denomination time deposits at all depository 15. Weighted averages of new publicly offered bonds rated Aaa, Aa, and A by institutions, overnight repurchase agreements at commercial banks, overnight Eu- Moody's Investors Service and adjusted to an Aaa basis. Federal Reserve comrodollars held by U.S. residents other than banks at Caribbean branches of member pilations. banks, and balances of money market mutual funds (general purpose and broker/ 16. Average rates on new commitments for conventional first mortgages on new dealer). homes in primary markets, unweighted and rounded to nearest 5 basis points, from M3: M2 plus large-denomination time deposits at all depository institutions and Dept. of Housing and Urban Development. term RPs at commercial banks and savings and loan associations and balances of institution-only money market mutual funds. NOTE. Revisions in reserves of depository institutions reflect the transitional L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents phase-in of reserve requirements as specified in the Monetary Control Act of 1980. other than banks, bankers acceptances, commercial paper, Treasury bills and other liquid Treasury securities, and U.S. savings bonds. 4. Savings deposits exclude NOW and ATS accounts at commercial banks and thrifts and CUSD accounts at credit unions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 DomesticN onfinancial Statistics • September 1982 1.11 RESERVES OF DEPOSITORY INSTITUTIONS, RESERVE BANK CREDIT Millions of dollars Monthly averages of daily figures Weekly averages of daily figures for week ending 1982 1982 June July Aug. July 14 July 21 July 28 Aug. 4 Aug. 11 Aug. 18 Aug. 25 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 152,140 153,521 153,812 153,060 155,478 152,591 153,431 153,769 154,854 153,812 2 U.S. government securities1 130,737 132,400 132.787 131,678 134,155 132,219 131,952 131,844 133,776 133,282 3 Bought outright 130,408 131,540 132,666 131,200 133,214 132,219 131,952 131,647 133,607 133,282 4 Held under repurchase agreements 329 860 121 478 941 0 0 197 169 0 5 Federal agency securities 9,077 9,223 9,004 9,120 9.312 9,001 9,001 9,061 9,006 8,955 6 Bought outright 9,004 9,001 8,969 9,001 9,001 9,001 9,001 8,988 8,955 8,955 7 Held under repurchase agreements 73 222 35 119 311 0 0 73 51 0 8 Acceptances 149 300 56 96 488 0 0 102 66 0 9 Loans 1,211 670 510 559 595 548 679 369 482 609 10 Float 2,227 2,024 1,961 2,866 2,011 1,766 2,215 2,345 1,909 1,866 11 Other Federal Reserve assets 8,739 8,904 9,494 8,742 8,916 9,057 9,584 10,048 9,615 9,100 12 Gold stock 11,149 11,149 11,148 11,149 11,149 11,149 11,149 11,149 11,148 11,148 13 Special drawing rights certificate account... 3,818 3,895 4,018 3,818 3,875 4,018 4,018 4,018 4,018 4,018 14 Treasury currency outstanding 13,774 13,785 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 ABSORBING RESERVE FUNDS 15 Currency in circulation 146,504 147,850 148,218 148,804 147,916 147,124 147,485 148,558 148,763 148,098 16 Treasury cash holdings 464 429 416 432 424 419 417 416 414 416 Deposits, other than reserves, with Federal Reserve Banks 17 Treasury 3,303 3,319 3.310 3,349 3,181 3,358 3,644 3,950 2,973 2,872 18 Foreign 296 311 314 258 278 261 586 243 283 295 19 Other 506 615 646 571 563 670 713 756 623 576 20 Required clearing balances 205 220 234 213 218 221 221 231 234 237 21 Other Federal Reserve liabilities and capital 5,373 5,280 5.246 5,195 5,449 5,330 5,364 5,267 5,284 5,210 22 Reserve accounts2 24,230 24,326 24,380 22,991 26,260 24.160 23,955 23,302 25,233 25,059 End-of-month figures Wednesday figures 1982 1982 June July Aug. July 14 July 21 July 28 Aug. 4 Aug. 11 Aug. 18 Aug. 25 SUPPLYING RESERVE FUNDS 23 Reserve Bank credit outstanding 149,003 153,768 153,643 152,031 154,190 154,673 155,130 154,688 154,669 156,689 24 U.S. government securities' 127,005 132,640 132,858 131,126 132,907 132,934 130,661 132,628 133,189 134,738 25 Bought outright 127,005 132,640 131,669 131,126 132,907 132.934 130,661 132,628 133,189 134,738 26 Held under repurchase agreements 0 0 1,189 0 0 0 0 0 0 0 27 Federal agency securities 9,002 9,001 9,184 9,001 9,001 9.001 9,001 8,955 8,955 8,955 28 Bought outright 9,002 9,001 8,955 9,001 9,001 9,001 9,001 8,955 8,955 8,955 29 Held under repurchase agreements 0 0 229 0 0 0 0 0 0 0 30 Acceptances 0 0 565 0 0 0 0 0 0 0 31 Loans 1,638 458 449 651 750 1,470 2,209 416 935 1,637 32 Float 2,545 1,713 1,446 2,326 2,474 2,093 3,250 2,501 2,477 2,156 33 Other Federal Reserve assets 8,813 9,956 9,141 8.927 9,058 9,175 10,009 10,188 9,113 9,203 34 Gold stock 11,149 11,149 11,148 11,149 11,149 11,149 11,149 11,148 11,148 11,148 35 Special drawing rights certificate account... 3,818 4,018 4.018 3,818 4,018 4,018 4,018 4,018 4,018 4,018 36 Treasury currency outstanding 13,781 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 ABSORBING RESERVE FUNDS 37 Currency in circulation 147,134 147,051 148,310 148,856 147,747 147,547 148,345 149,259 148,824 148,132 38 Treasury cash holdings 460 418 418 426 421 418 415 415 414 416 Deposits, other than reserves, with Federal Reserve Banks 39 Treasury 4,099 3,275 3,234 2,880 3,844 2,927 5,762 2,759 3,147 3,541 40 Foreign 586 982 348 239 238 301 308 204 310 319 41 Other 437 663 502 519 671 630 770 694 587 598 42 Required clearing balances 213 221 247 220 218 221 222 226 234 237 43 Other Federal Reserve liabilities and capital 4,837 5.359 4,791 4,990 5,214 5,127 5,116 5,005 5,084 5,042 44 Reserve accounts2 19,985 24,752 24,745 22,654 24,790 26,455 23,145 25,078 25,021 27,356 1. Includes securities loaned—fully guaranteed by U.S. government securities 2. Excludes required clearing balances, pledged with Federal Reserve Banks—and excludes (if any) securities sold and scheduled to be bought back under matched sale-purchase transactions. NOTE. For amounts of currency and coin held as reserves, see table 1.12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Depository Institutions A5 1.12 RESERVES AND BORROWINGS Depository Institutions Millions of dollars Monthly averages of daily figures RReesseerrvvee ccllaassssiiffiiccaattiioonn 1980 1981 1982 Dec. Dec. Jan. Feb. Mar. Apr. May June July Aug./" 1 Reserve balances with Reserve Banks' .... 26,664 26,163 26,721 25,963 24,254 24,565 24,207 24,031 24,273 24,380 2 Total vault cash (estimated) 18,149 19,538 20,284 19,251 18,749 18,577 19,048 19,318 19,448 19,502 3 Vault cash at institutions with required reserve balances2 12,602 13,577 14,199 13,082 12,663 12,709 12,972 13,048 13,105 13,256 4 Vault cash equal to required reserves at other institutions 704 2,178 2,290 2,235 2,313 2,284 2,373 2,488 2,486 2,449 5 Surplus vault cash at other institutions3 . 4,843 3,783 3,795 3,934 3,773 3,584 3,703 3,782 3,857 3,797 6 Reserve balances + total vault cash4 44,940 45,701 47,005 45,214 43,003 43,142 43,255 43,349 43,721 43,883 7 Reserve balances + total vault cash used to satisfy reserve requirements4-5 40,097 41,918 43,210 41,280 39,230 39,558 39,552 39,567 39,864 40,086 8 Required reserves (estimated) 40,067 41,606 42,785 40,981 38,873 39,284 39,192 39,257 39,573 39,861 9 Excess reserve balances at Reserve Banks4-6 30 312 425 299 357 274 360 310 291 225 10 Total borrowings at Reserve Banks 1,617 642 1,526 1,713 1,611 1,581 1,105 1,205 669 510 11 Seasonal borrowings at Reserve Banks 116 53 75 132 174 167 237 239 225 119 12 Extended credit at Reserve Banks.... n.a. 149 197 232 309 245 177 103 46 94 Weekly averages of daily figures for week ending 1982 June 23 June 30 July 7 July 14 July 21 July 28 Aug. 4 Aug. 11 Aug. 18 Aug. 25p 13 Reserve balances with Reserve Banks1.... 24,634 24,460 23,850 22,991 26,238 24,148 23.955 23,302 25,233 25,059 14 Total vault cash (estimated) 18,664 19,690 19,660 20,246 17,932 20,252 19,846 20,172 19,227 18,834 15 Vault cash at institutions with required reserve balances2 12,824 13,380 13,292 13,456 12,238 13,623 13,520 13,372 13,003 12,889 16 Vault cash equal to required reserves at other institutions 2,327 2,492 2,578 2,663 2,179 2,597 2,520 2,814 2,397 2,362 17 Surplus vault cash at other institutions3 . 3,513 3,818 3,790 4,127 3,515 4,032 3,806 3,986 3,827 3,583 18 Reserve balances + total vault cash4 43,298 44,150 43,510 43,237 44,170 44,400 43,801 43,474 44,460 43,894 19 Reserve balances + total vault cash used to satisfy reserve requirements4-5 39,785 40,332 39,720 39,110 40,655 40,368 39,995 39,488 40,633 40,311 20 Required reserves (estimated) 39,565 39,804 39,220 38,926 40,388 40,057 39,701 39,162 40,314 40,042 21 Excess reserve balances at Reserve Banks4-6 220 528 500 184 267 311 294 326 319 269 22 Total borrowings at Reserve Banks 1,014 1,616 1,070 559 594 548 679 369 482 609 23 Seasonal borrowings at Reserve Banks 253 268 251 231 239 188 166 133 131 94 24 Extended credit at Reserve Banks.... 96 93 87 70 33 24 20 64 123 118 1. As of Aug. 13, 1981, excludes required clearing balances of all depository existing member bank, or when a nonmember bank joins the Federal Reserve institutions. System. For weeks for which figures are preliminary, figures by class of bank do 2. Before Nov. 13, 1980, the figures shown reflect only the vault cash held by not add to total because adjusted data by class are not available. member banks. 5. Reserve balances with Federal Reserve Banks, which exclude required clear- 3. Total vault cash at institutions without required reserve balances less vault ing balances plus vault cash at institutions with required reserve balances plus vault cash equal to their required reserves. cash equal to required reserves at other institutions. 4. Adjusted to include waivers of penalties for reserve deficiencies in accordance 6. Reserve balances with Federal Reserve Banks, which exclude required clearwith Board policy, effective Nov. 19, 1975, of permitting transitional relief on a ing balances plus vault cash used to satisfy reserve requirements less required graduated basis over a 24-month period when a nonmember bank merged into an reserves. (This measure of excess reserves is comparable to the old excess reserve concept published historically.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 DomesticN onfinancial Statistics • September 1982 1.13 FEDERAL FUNDS AND REPURCHASE AGREEMENTS Large Member Banks1 Averages of daily figures, in millions of dollars 1982, week ending Wednesday By maturity and source June 30 July 7 July 14 July 21 July 28 Aug. 4 Aug. 11 Aug. 18 Aug. 25 One day and continuing contract 1 Commercial banks in United States 49,784 57,255 59,875 55,069 52,886r 56,000 57,841 5555,,554433 5533,,558877 2 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 21,892 21,520 23,108 24,862 23,332r 22,528 22,420 22,172 22,720 3 Nonbank securities dealers 4,219 3,877 3,721 3,644 4,102 5,023 5,932 4,996 4,800 4 All other 22,321 21,118r 22,446 22,990 22,316r 22,441 21,577 22,031 22,766 All other maturities 5 Commercial banks in United States 4,690 4,431 4,460 4,366 4,566 4,730 4,448 4,549 4,622 6 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 9,594 9,467 9,353 9,249 8,900r 8,432 8,718 8,761 8,573 7 Nonbank securities dealers 3,525r 3,404r 3,181 3,546 3,759r 4,306 4,567 4,486 4,620 8 All other 9,074' 8,716r 8,711 8,817 10,039' 9,924 9,672 10,274 9,574 MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract Y Commercial banks in United States 17.864 19,389 20,610 20,415 21,930r 24,491 23,906 23,823 25,607 10 Nonbank securities dealers 4,426 4,029 3,831 4,327 4,114r 4,725 4,409 4,521 5,101 1. Banks with assets of $1 billion or more as of Dec. 31, 1977. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per annum Current and previous levels Extended credit1 SShhoorrtt--tteerrmm aaddjjuussttmmeenntt ccrreeddiitt aanndd sseeaassoonnaall ccrreeddiitt First 60 days Next 90 days FFFeeedddeeerrraaalll RRReeessseeerrrvvveee of borrowing of borrowing After 150 days BBBaaannnkkk EEffffeeccttiivvee ddaattee ffoorr ccuurrrreenntt rraatteess Rate on Effective Previous Rate on Previous Rate on Previous Rate on Previous 8/31/82 date rate 8/31/82 rate 8/31/82 rate 8/31/82 rate Boston 10 8/27/82 10.5 10 10.5 11 11.5 12 12.5 8/27/82 New York 8/27/82 8/27/82 Philadelphia 8/27/82 8/27/82 Cleveland 8/30/82 8/30/82 Richmond 8/27/82 8/27/82 Atlanta 8/27/82 8/27/82 Chicago 8/27/82 8/27/82 St. Louis 8/27/82 8/27/82 Minneapolis 8/27/82 8/27/82 Kansas City 8/27/82 8/27/82 Dallas 8/27/82 8/27/82 San Francisco 10 8/27/82 10.5 10 10.5 11 11.5 12 12.5 8/27/82 Range of rates in recent years2 Range (or F.R. Range (or F.R. Range (or F.R. Effective date A le ll v e F l) . — R. Ba o n f k Effective date A le ll v e F l) . — R. Ba o n f k Effective date A le ll v e F l) . — R. Ba o n f k Banks N.Y. Banks N.Y. Banks N.Y. V/2 In effect Dec. 31, 1973, 7 '/> 1978— Jan. 9. 6-61/5 6V5 1980— June 13 11-12 11 1974— Apr. 25 7W-8 20. 61/5 6>/5 16 11 11 3 0 8 May 11. 6V5-7 7 JJuullyy 28 10-11 10 Dec. 9 73/4-8 73/4 12. 7 7 29 10 10 16 73/4 73/4 July 3. 7-71/4 7'/4 Sept. 26 11 11 10. 71/4 71/4 Nov. 17 12 12 1975— Jan. 6 7V4-73/4 73/4 Aug. 21. 73/4 73/4 Dec. 5 12-13 13 10 71/4-73/4 71/4 Sept. 22. 8 8 8 13 13 Feb. 2 5 4 63/ 7 4 1 - / 7 4 ' /4 7 6 1 3 / / 4 4 Oct. 2 16 0 . . 8m-8 1/5 8 8 ' > /5 /2 1981— MMaayy 5 13-14 14 7 63/4 63/4 Nov. 1. 81/5-9V5 91/5 8 14 14 Mar. 10 61/4-63/4 61/4 3. 9i/> 9i/> Nov. 2 13-14 13 14 6'/4 61/4 6 13 13 May 16 6-61/4 6 1979— July 20. 10 10 Dec. 4 12 12 23 6 6 Aug. 17. 10-101/5 10'/5 197fr- Jan. 1 2 9 3 5 V 5 5 1 -6 A 5 51 i/ / > 5 Sept. 2 19 0 . . 10 1 1 0 / 1 5 / - 5 1 1 1 1 0 1 V 5 1982— JJuullyy 2 2 3 0 11 1 . 1 5 . - 5 1 2 1 1 1 1 . . 5 5 Nov. 22 5W-5V5 51/4 21. 11 11 AAuugg.. 2 11-11.5 11 26 51/4 51/4 Oct. 8. 11-12 12 3 11 11 10. 12 12 16 10.5 10.5 1977— Aug. 30 51/4-53/4 51/4 27 10-10.5 10 3 1 51/4-53/4 53/4 1980— Feb. 15. 12-13 13 30 10 10 Sept. 2 5% 53/4 19, 13 13 Oct. 26 6 6 May 29, 12-13 13 30, 12 12 In effect Aug. 31, 1982 10 10 1. Applicable to advances when exceptional circumstances or practices involve In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adonly a particular depository institution and to advances when an institution is under justment credit borrowings by institutions with deposits of $500 million or more sustained liquidity pressures. See section 201.3(b)(2) of Regulation A. that had borrowed in successive weeks or in more than 4 weeks in a calendar 2. Rates for short-term adjustment credit. For description and earlier data see quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, the following publications of the Board of Governors: Banking and Monetary 1980. There was no surcharge until Nov. 17, 1980, when a 2 percent surcharge was Statistics, 1914-1941 and 1941-1970; Annual Statistical Digest, 1970-1979, and 1980. adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective Sept. 22. 1981, and to 2 percent effective Oct. 12. As of Oct. 1, the formula for applying the surcharge was changed from a calendar quarter to a moving 13-week period. The surcharge was eliminated on Nov. 17, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 Domestic Nonfinancial Statistics • September 1982 1.15 DEPOSITORY INSTITUTIONS RESERVE REQUIREMENTS1 Percent of deposits Member bank requirements Depository institution requirements before implementation of the after implementation of the TTyyppee ooff ddeeppoossiitt,, aanndd ddeeppoossiitt iinntteerrvvaall Monetary Control Act TTyyppee ooff ddeeppoossiitt,, aanndd Monetary Control Act5 iinn mmiilllliioonnss ooff ddoollllaarrss ddeeppoossiitt iinntteerrvvaall Percent Effective date Percent Effective date Net demand2 Net transaction accounts6 7 0-2 7 12/30/76 $0-$26 million 3 11/13/80 2-10 12/30/76 1122 1111//1133//8800 10-100 IP/4 12/30/76 100-400 123/4 12/30/76 Nonpersonal time deposits8 Over 400 16'/4 12/30/76 By original maturity Less than 3'/2 years 3 4/29/82 TTiimmee aanndd ssaavviinnggss22,,33 33''//>> yyeeaarrss oorr mmoorree 0 4/29/82 Savings 3 3/16/67 Eurocurrency liabilities TTiimmee44 AAllll ttyyppeess 3 11/13/80 0-5, by maturity 30-179 days 3 3/16/67 180 days to 4 years 2'/i 1/8/76 4 years or more 1 10/30/75 Over 5. by maturity 30-179 days 6 12/12/74 180 days to 4 years 21/! 1/8/76 4 years or more 1 10/30/75 1. For changes in reserve requirements beginning 1963, see Board's Annual government and federal agency securities, federal funds borrowings from non- Statistical Digest, 1971-1975 and for prior changes, see Board's Annual Report for member institutions, and certain other obligations. In general, the base for the 1976. table 13. Under provisions of the Monetary Control Act. depository insti- marginal reserve requirement was originally the greater of (a) $100 million or (b) tutions include commercial banks, mutual savings banks, savings and loan asso- the average amount of the managed liabilities held by a member bank. Edge ciations, credit unions, agencies and branches of foreign banks, and Edge Act corporation, or family of U.S. branches and agencies of a foreign bank for the two corporations. statement weeks ending Sept. 26. 1979. For the computation period beginning Mar. 2. Requirement schedules are graduated, and each deposit interval applies to 20, 1980, the base was lowered by (a) 7 percent or (b) the decrease in an institution's that part of the deposits of each bank. Demand deposits subject to reserve re- U.S. office gross loans to foreigners and gross balances due from foreign offices quirements were gross demand deposits minus cash items in process of collection of other institutions between the base period (Sept. 13-26, 1979) and the week and demand balances due from domestic banks. ending Mar. 12,1980. whichever was greater. For the computation period beginning The Federal Reserve Act as amended through 1978 specified different ranges of May 29,1980. the base was increased by 7V5 percent above the base used to calculate requirements for reserve city banks and for other banks. Reserve cities were des- the marginal reserve in the statement week of May 14-21, 1980. In addition, ignated under a criterion adopted effective Nov. 9, 1972. by which a bank having beginning Mar. 19, 1980, the base was reduced to the extent that foreign loans and net demand deposits of more than $400 million was considered to have the character balances declined. of business of a reserve city bank. The presence of the head office of such a bank 5. For existing nonmember banks and thrift institutions at the time of impleconstituted designation of that place as a reserve city. Cities in which there were mentation of the Monetary Control Act, the phase-in period ends Sept. 3. 1987. Federal Reserve Banks or branches were also reserve cities. Any banks having net For existing member banks the phase-in period is about three years, depending on demand deposits of $400 million or less were considered to have the character of whether their new reserve requirements are greater or less than the old requirebusiness of banks outside of reserve cities and were permitted to maintain reserves ments. For existing agencies and branches of foreign banks, the phase-in ends Aug. at ratios set for banks not in reserve cities. 12, 1982. New institutions have a two-year phase-in beginning with the date that Effective Aug. 24. 1978, the Regulation M reserve requirements on net balances they open for business, except for those institutions having total reservable liabilities due from domestic banks to their foreign branches and on deposits that foreign of $50 million or more. branches lend to U.S. residents were reduced to zero from 4 percent and 1 percent 6. Transaction accounts include all deposits on which the account holder is respectively. The Regulation D reserve requirement on borrowings from unrelated permitted to make withdrawals by negotiable or transferable instruments, payment banks abroad was also reduced to zero from 4 percent. orders of withdrawal, and telephone and preauthorized transfers (in excess of three Effective with the reserve computation period beginning Nov. 16. 1978, domestic per month) for the purpose of making payments to third persons or others. deposits of Edge corporations were subject to the same reserve requirements as 7. The Monetary Control Act of 1980 requires that the amount of transaction deposits of member banks. accounts against which the 3 percent reserve requirement will apply be modified 3. Negotiable order of withdrawal (NOW) accounts and time deposits such as annually to 80 percent of the percentage increase in transaction accounts held by Christmas and vacation club accounts were subject to the same requirements as all depository institutions on the previous June 30. At the beginning of 1982 the savings deposits. amount was accordingly increased from $25 million to $26 million. The average reserve requirement on savings and other time deposits before 8. In general, nonpersonal time deposits are time deposits, including savings implementation of the Monetary Control Act had to be at least 3 percent, the deposits, that are not transaction accounts and in which the beneficial interest is minimum specified by law. held by a depositor that is not a natural person. Also included are certain trans- 4. Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent was ferable time deposits held by natural persons, and certain obligations issued to imposed on large time deposits of $100,000 or more, obligations of affiliates, and depository institution offices located outside the United States. For details, see ineligible acceptances. This supplementary requirement was eliminated with the section 204.2 of Regulation D. maintenance period beginning July 24, 1980. The category of time deposit authorized by the Depository Institutions Dereg- Effective with the reserve maintenance period beginning Oct. 25, 1979, a mar- ulation Committee (DIDC). effective Sept. 1. 1982 (original maturity or required ginal reserve requirement of 8 percent was added to managed liabilities in excess notice period of 7 to 31 days, required minimum deposit balance of $20,000, and of a base amount. This marginal requirement was increased to 10 percent beginning ceiling rate tied to the 91-day Treasury bill rate), is classified as a time deposit for Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980. and was reduced reserve requirement purposes. to zero beginning July 24, 1980. Managed liabilities are defined as large time deposits. Eurodollar borrowings, repurchase agreements against U.S. NOTE. Required reserves must be held in the form of deposits with Federal Reserve Banks or vault cash. After implementation of the Monetary Control Act, nonmembers may maintain reserves on a pass-through basis with certain approved institutions. NOTES TO TABLE 1.16 NOTE. Before Mar. 31, 1980. the maximum rates that could be paid by federally 18. Effective Dec. 1, 1981, depository institutions were authorized to offer time insured commercial banks, mutual savings banks, and savings and loan associations deposits not subject to interest rate ceilings when the funds are deposited to the were established by the Board of Governors of the Federal Reserve System, the credit of, or in which the entire beneficial interest is held by, an individual pursuant Board of Directors of the Federal Deposit Insurance Corporation, and the Federal to an IRA agreement or Keogh (H.R. 10) plan. Such time deposits must have a Home Loan Bank Board under the provisions of 12 CFR 217, 329, and 526 reminimum maturity of 18 months, and additions may be made to the time deposit spectively. Title II of the Depository Institutions Deregulation and Monetary Conat any time before its maturity without extending the maturity of all or a portion trol Act of 1980 (P.L. 96-221) transferred the authority of the agencies to establish of the balance of the account. maximum rates of interest payable on deposits to the Depository Institutions De- 19. Effective May 1, 1982, depository institutions were authorized to offer ne- regulation Committee. The maximum rates on time deposits in denominations of gotiable or nonnegotiable time deposits with a minimum original maturity of 3'/2 $100,000 or more with maturities of 30—89 days were suspended in June 1970; such years or more that are not subject to interest rate ceilings. Such time deposits have deposits maturing in 90 days or more were suspended in May 1973. For information no minimum denomination, but must be made available in a $500 denomination. regarding previous interest rate ceilings on all types of accounts, see earlier issues Additional deposits may be made to the account during the first year without of the FEDERAL RESERVE BULLETIN, the Federal Home Loan Bank Board Journal, extending its maturity. and the Annual Report of the Federal Deposit Insurance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.16 MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions Percent per annum Savings and loan associations and Commercial banks mutual savings banks (thrift institutions) Type and maturity of deposit In effect August 31, 1982 Previous maximum In effect August 31, 1982 Previous maximum Effective Effective Effective Percent Percent date date date 1 Savings 5'/4 7/1/79 7/1/73 51/5 7/1/79 51/4 2 Negotiable order of withdrawal accounts 2 .. 51/4 12/31/80 1/1/74 51/4 12/31/80 5 Time accounts 3 Fixed ceiling rates by maturity 4 3 14-89 days' 51/4 8/1/79 5 7/1/73 C) (6) 4 90 days to 1 year 53/4 1/1/80 51/2 7/1/73 6 1/1/80 53/4 6 5 2 1 t t o o 2 2 V y i e y a e rs a r ' s 7 6 7/1/73 5 5 1 3/ / 4 2 1 1 / / 2 2 1 1 / / 7 7 0 0 6'/i 0) 6 5 3/4 7 2lA to 4 years 7 61/5 7/1/73 53/4 1/21/70 63/4 (») 6 8 9 6 4 t t o o 8 6 y y e e a a r r s s 8 8 7 7 1 1 /4 A 12 1 / 1 2 / 3 1 / / 7 7 4 3 71/4 11/1/73 7 73 !h /4 12 1 / 1 2 / 3 1 / / 7 7 4 3 7'/2 10 8 years or more 8 73/4 6/1/78 6/1/78 11 Issued to governmental units (all maturities) 10 6/1/78 73/4 12/23/74 73/4 12 Individual retirement accounts and Keogh 6/1/78 (H.R. 10) plans (3 years or more) 10-fl 6/1/78 73/4 7/6/77 73/4 o 6/1/78 ( ) Special variable ceiling rates by maturity 13 91-day time deposits'3 o(w ) o < * () 14 6-month money market time deposits 14.. $ O 1 1 5 6 A 2 1 1 c 2 / c 2 - o m u y n o e t n a s t r h s t w a o l i l t h l s e a s n s v o e t r h s c a e n c il e in 3 r g V t i i f i y c ra e a t a t e e r s s s 1 " 6 (.6) C7) ( ( C 7 ) ) ) O (16 ) 17 Individual retirement accounts and Keogh (H.R. 10) plans (18 months or more) 18 18 V/2 years or more time deposits 19 1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loans. beginning Nov. 1, 1981, depository institutions may pay rates of interest on these 2. For authorized states only. Federally insured commercial banks, savings and deposits indexed to the higher of (1) the rate for 26-week Treasury bills established loan associations, cooperative banks, and mutual savings banks in Massachusetts immediately before the date of deposit (bill rate) or (2) the average of the four and New Hampshire were first permitted to offer negotiable order of withdrawal rates for 26-week Treasury bills established for the 4 weeks immediately before (NOW) accounts on Jan. 1, 1974. Authorization to issue NOW accounts was ex- the date of deposit (4-week average bill rate). Ceilings are determined as follows: tended to similar institutions throughout New England on Feb. 27, 1976, in New York State on Nov. 10, 1978, and in New Jersey on Dec. 28, 1979. Authorization Bill rate or 4-week Commercial bank ceiling to issue NOW accounts was extended to similar institutions nationwide effective average bill rate Dec. 31, 1980. 7.50 percent or below 7.75 percent 3. For exceptions with respect to certain foreign time deposits see the BULLETIN Above 7.50 percent 'A of 1 percentage point plus the higher of for October 1962 (p. 1279), August 1965 (p. 1084), and February 1968 (p. 167). the bill rate or 4-week average bill rate 4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts at savings and loan associations was decreased to 14 days and the minimum maturity Thrift ceiling period for time deposits at savings and loan associations in excess of $100,000 was 7.25 percent or below 7.75 percent decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity or notice Above 7.25 percent, but below '/S of 1 percentage point plus the higher of period for time deposits was decreased from 30 to 14 days at mutual savings banks. 8.50 percent the bill rate or 4-week average bill rate 5. Effective Oct. 30, 1980, the minimum maturity or notice period for time 8.50 percent or above, but below 9 percent deposits was decreased from 30 to 14 days at commercial banks. 8.75 percent 6. No separate account category. 8.75 percent or above 1/4 of 1 percentage point plus the higher of 7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was the bill rate or 4-week average bill rate required for savings and loan associations, except in areas where mutual savings banks permitted lower minimum denominations. This restriction was removed for The maximum allowable rates in August for commercial banks and thrifts based deposits maturing in less than 1 year, effective Nov. 1, 1973. on the bill rate were as follows: August 3, 10.921; August 10, 11.190; August 17, 8. No minimum denomination. Until July 1, 1979, the minimum denomination 10.071; August 24 , 9.238; August 31, 9.996. The maximum allowable rates in was $1,000 except for deposits representing funds contributed to an individual August for commercial banks and thrifts based on the 4-week average bill rate retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the were as follows: August 3, 11.614; August 10, 11.357; August 17, 10.952; August Internal Revenue Code. The $1,000 minimum requirement was removed for such 24, 10.355; August 31, 10.123. accounts in December 1975 and November 1976 respectively. 15. Effective Oct. 1, 1981, depository institutions are authorized to issue all savers certificates (ASCs) with a 1-year maturity and an annual investment yield 9. Between July 1, 1973, and Oct. 31, 1973, certificates maturing in 4 years or equal to 70 percent of the average investment yield for 52-week U.S. Treasury bills more with minimum denominations of $1,000 had no ceiling; however, the amount as determined by the auction of 52-week Treasury bills held immediately before of such certificates that an institution could issue was limited to 5 percent of its the calendar week in which the certificate is issued. A maximum lifetime exclusion o to f t l a e l ss t i t m h e a n a n $ d 1 , s 0 a 0 v 0 i , n w gs e d re e p li o m si i t t s e . d S to a l t e h s e i n 6 l/ e i x p c e e r s c s e o n f t t c h e a i t l i a n m g o on u n ti t, m a e s d w e e p l o l s a i s t s c e m rt a i t f u ic ri a n t g es o in f te $ r 1 e , s 0 t 0 i 0 n c ($ o 2 m , e 0 0 f 0 r o o m n A a S j C oi s n . t T r h e e t u a r n n n ) u f a r l o m in v g e r s o t s m s e i n n t co m yi e e l i d s f g o e r n A er S a C ll s y is a s u u t e h d o r in iz e A d u g fo u r s t in 2Vi years or more. Effective Nov. 1,1973, ceilings were reimposed on certificates (in percent) was as follows: August 8, 8.96. maturing in 4 years or more with minimum denomination of $1,000. There is no limitation on the amount of these certificates that banks can issue. 16. Effective Aug. 1, 1981, commercial banks may pay interest on any variable 10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum denom- ceiling nonnegotiable time deposit with an original maturity of 2 V5 years to less ination requirements. than 4 years at a rate not to exceed 1/4 of 1 percent below the average 2'/2-year yield for U.S. Treasury securities as determined and announced by the Treasury 11. Effective Jan. 1, 1980, commercial banks are permitted to pay the same rate Department immediately before the date of deposit. Effective May 1, 1982, the as thrifts on IRA and Keogh accounts and accounts of governmental units when maximum maturity for this category of deposits was reduced to less than 3Vi years. such deposits are placed in the new 2'/2-year or more variable-ceiling certificates Thrift institutions may pay interest on these certificates at a rate not to exceed the or in 26-week money market certificates regardless of the level of the Treasury bill average 2'/5 -year yield for Treasury securities as determined and announced by rate. the Treasury Department immediately before the date of deposit. If the announced 12. Must have a maturity of exactly 26 weeks and a minimum denomination of average 2'^-year yield for Treasury securities is less than 9.50 percent, commercial $10,000, and must be nonnegotiable. banks may pay 9.25 percent and thrift institutions 9.50 percent for these deposits. 13. Effective May 1, 1982, depository institutions were authorized to offer time These deposits have no required minimum denomination, and interest may be deposits that have a minimum denomination of $7,500 and a maturity of 91 days. compounded on them. The ceiling rates of interest at which they may be offered The ceiling rate of interest on these deposits is indexed to the discount rate (auction vary biweekly. The maximum allowable rates in August (in percent) for commercial average) on most recently issued 91-day Treasury bills for thrift institutions and banks were as follows: August 3, 13.20; August 17, 12.75; August 31, 11.70, and the discount rate minus 25 basis points for commercial banks. The rate differential for thrifts: August 3, 13.45; August 17, 13.00; August 13, 11.95. ends 1 year from the effective date of these instruments and is suspended at any time the Treasury bill discount rate is 9% or below for four consecutive auctions. 17. Between Jan. 1, 1980, and Aug. 1, 1981, commercial banks, and thrifts were a A T s h u e f g o u l m s lo t a w x 3 i s 1 m : , A u 8 m u .6 g 0 u a 4 l s ; l t o a 3 w n , a d 9 b . l f 3 e o 8 r 3 r ; a t h t A e r s i u ft g i n u i n s A t s t u 1 i g t 0 u u , t s i 9 t o .7 n ( 7 s in : 5 ; p A A er u u c g g e u u n s s t t t ) 1 3 f 7 o , , r 9 8 c . . 6 o 3 3 m 6 3 6 m ; ; e A A r u c u g i g a u u l s s t t 2 1 b 4 0 a , , n 7 k 1 s . 0 4 . 9 w 0 8 2 e ; 5 r ; e a m 1 u , i t n 1 h i 9 o m 8 r 0 u iz , m e t d h d e t e o n m o o a m f x f i i e n m r a u v t m i a o r n i r a a b a t l e n e d f c o w e r i i l t c i h n o g m m n m a o t e u n r r n c i e i t a i g l e o s ti b a o a b f n le k 2 s l/ t i i w m y a e s e a 3 d r / e 4 s p p o o r e s r i m c ts e o n w r t e a i . t g h e E n f p o fe o c i r n t e i t q ve u b i e r J l e a o d n w . August 17, 8.616; August 24, 7.748; August 31, 8.854. the average yield on 21^-year U.S. Treasury securities; the ceiling rate for thrifts was '/4 percentage point higher than that for commercial banks. Effective Mar. 1, 14. Commercial banks and thrift institutions were authorized to offer money 1980, a temporary ceiling of ll3/4 percent was placed on these accounts at commarket time deposits effective June 1, 1978. These deposits have a minimum de- mercial banks and 12 percent on these accounts at savings and loans. Effective nomination requirement of $10,000 and a maturity of 26 weeks. The ceiling rate June 2, 1980, the ceiling rates for these deposits at commercial banks and savings of interest on these deposits is indexed to the discount rate (auction average) on and loans was increased Vi percentage point. The temporary ceiling was retained, Digitized for FmRosAt SrecEeRntl y issued 26-week U.S. Treasury bills. Interest on these certificates may and a minimum ceiling of 9.25 percent for commercial banks and 9.50 percent for not be compounded. Effective for all 6-month money market certificates issued thrifts was established. http://fraser.stlouisfed.org/ NOTES are continued on opposite page. Federal Reserve Bank of St. Louis

A10 Domestic Nonfinancial Statistics • September 1982 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS Millions of dollars 1982 TTyyppee ooff ttrraannssaaccttiioonn 11997799 11998800 11998811 Jan. Feb. Mar. Apr. May June July U.S. GOVERNMENT SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 15,998 7.668 13,899 0 1,017 474 4,149 595 1,559 1,905 2 Gross sales 6,855 7,331 6,746 2,756 868 995 0 519 0 1,175 3 Exchange 0 0 0 0 0 0 0 0 200 -200 4 Redemptions 2,900 3,389 1,816 600 0 600 0 400 0 200 Others within 1 year1 5 Gross purchases 3,203 912 317 0 20 0 132 0 0 71 6 Gross sales 0 0 23 0 0 0 0 0 0 0 7 Maturity shift 17,339 12,427 13,794 542 2,633 900 333 1,498 988 382 8 Exchange -11,308 -18,251 - 12,869 0 -940 -1,479 -525 -2,541 -1,249 0 9 Redemptions 2,600 0 0 0 0 0 0 0 0 0 1 to 5 years 10 Gross purchases 2,148 2,138 1,702 0 50 0 570 0 0 691 11 Gross sales 0 0 0 0 0 0 0 0 0 0 12 Maturity shift -12,693 -8,909 -10,299 -542 -974 -900 -333 -1,000 -988 -382 13 Exchange 7,508 13,412 10,117 0 765 1,479 525 1,600 1,049 200 5 to 10 years 14 Gross purchases 523 703 393 0 0 0 81 0 0 113 15 Gross sales 0 0 0 0 0 0 0 0 0 0 16 Maturity shift -4.646 -3,092 -3,495 0 -1,659 0 0 -498 0 0 1/ Exchange 2,181 2.970 1,500 0 100 0 0 941 0 0 Over 10 years 18 Gross purchases 454 811 379 0 0 0 52 0 0 123 19 Gross sales 0 0 0 0 0 0 0 0 0 0 20 Maturity shift 0 -426 0 0 0 0 0 0 0 0 21 Exchange 1,619 1,869 1,253 0 75 0 0 0 0 0 All maturities1 22 Gross purchases 22,325 12,232 16,690 0 1,087 474 4,984 595 1,559 2,903 23 Gross sales 6,855 7.331 6,769 2,756 868 995 0 519 0 1,175 24 Redemptions 5,500 3,389 1,816 600 0 600 0 400 0 200 Matched transactions 25 Gross sales 627,350 674.000 589,312 51,132 28,033 38,946 44,748 36,047 41,509 54,646 26 Gross purchases 624,192 675,496 589,647 51,717 28,258 38,650 44,759 36,790 37,548 58,753 Repurchase agreements 27 Gross purchases 107,051 113,902 79,920 12,962 18,656 8,595 18,396 10,155 5,332 18,267 28 Gross sales 106,968 113,040 78,733 12,914 21,919 6,998 14.724 15,424 5,332 18,267 29 Net change in U.S. government securities 6.896 3.869 9,626 -2.724 -2,820 179 8.667 -4,850 -2,402 5,636 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases 853 668 494 0 0 0 0 0 0 0 31 Gross sales 399 0 0 0 0 0 0 0 0 0 32 Redemptions 134 145 108 68 32 13 5 1 6 1 Repurchase agreements 33 Gross purchases 37,321 28,895 13,320 800 872 554 2.033 1,305 831 4,389 34 Gross sales 36,960 28,863 13.576 935 1,006 471 1.119 2,301 831 4,389 35 Net change in federal agency obligations 681 555 130 -203 -166 70 909 -997 -6 -1 BANKERS ACCEPTANCES 36 Repurchase agreements, net 116 73 -582 402 -597 488 280 -768 0 0 37 Total net change in System Open Market Account 7,693 4,497 9,175 -2,524 -3,583 737 9,856 -6,615 -2,408 5,634 1. Both gross purchases and redemptions include special certificates created NOTE. Sales, redemptions, and negative figures reduce holdings of the System when the Treasury borrows directly from the Federal Reserve, as follows (millions Open Market Account; all other figures increase such holdings. Details may not of dollars): March 1979, 2,600. add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Reserve Banks All 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 1982 1982 July 28 Aug. 4 Aug. 11 Aug. 18 Aug. 25 June July Aug. Consolidated condition statement ASSETS 1 Gold certificate account 11,149 11,149 11,148 11,148 11,148 11,149 11,149 11,148 2 Special drawing rights certificate account 4,018 4,018 4.018 4.018 4.018 3.818 4.018 4,018 3 Coin 425 421 424 425 426 415 432 432 Loans 4 To depository institutions 1,470 2,209 416 935 1.637 1,638 458 449 5 Other 0 0 0 0 0 0 0 0 Acceptances 6 Held under repurchase agreements 0 0 0 0 00 00 00 556655 Federal agency obligations 7 Bought outright 9,001 9.001 8,955 8.955 8,955 9,002 9.001 88,,995555 8 Held under repurchase agreements 0 0 0 0 0 0 0 229 U.S. government securities Bought outright 9 Bills 52,652 50,379 52,346 52,907 54,456 47,921 52.358 5511,,338877 10 Notes 62,018 62,018 62.018 62,018 62,018 60,943 62,018 62,018 11 Bonds 18,264 18,264 18,264 18,264 18,264 18,141 18,264 18,264 12 Total1 132,934 130,661 132,628 133.189 134,738 127,005 132,640 131,669 13 Held under repurchase agreements 0 0 0 0 0 0 0 1,189 14 Total U.S. government securities 132,934 130,661 132,628 133.189 134,738 127,005 132,640 132,858 15 Total loans and securities 143,405 141,871 141,999 143,079 145,330 137,645 142,099 143,056 16 Cash items in process of collection 7,743 9,744 8,057 8.533 8,046 9,603 8.220 9,680 17 Bank premises 529 528 531 530 534 521 528 534 Other assets 18 Denominated in foreign currencies2 4.604 5,406 5,427 5.435 5,439 4,779 5,405 4,959 19 All other3 4,042 4,075 4,230 3,148 3,230 3,513 4,023 3,648 20 Total assets 175,915 177,212 175,834 176,316 178,171 171,443 175,874 177,475 LIABILITIES 21 Federal Reserve notes 134,604 135,395 136,312 135.877 135,188 134,228 134,115 135,374 Deposits 22 Depository institutions 26,676 23,367 25,305 25,255 27.594 20,198 24,974 2244,,999933 23 U.S. Treasury—General account 2,927 5,762 2,759 3,147 3,541 4,099 3,275 3,234 24 Foreign—Official accounts 301 308 204 310 319 586 982 348 25 Other 630 770 693 587 597 437 662 501 26 Total deposits 30,534 30,207 28,961 29,299 32,051 25,320 29,893 29,076 27 Deferred availability cash items 5,650 6,494 5,556 6.056 5,890 7,058 6,507 8,234 28 Other liabilities and accrued dividends4 2,149 2,066 2,029 2,113 2,065 2,079 2,197 1,805 29 Total liabilities 172,937 174,162 172,858 173,345 175,194 168,685 172,712 174,489 CAPITAL ACCOUNTS 30 Capital paid in 1.334 1,333 1,336 1.336 1,337 1.327 1.336 1,337 31 Surplus 1,278 1,278 1,278 1.278 1.278 1.278 1,278 1,278 32 Other capital accounts 366 439 362 357 362 153 548 371 33 Total liabilities and capital accounts 175,915 177,212 175,834 176,316 178,171 171,443 175,874 177,475 34 MEMO: Marketable U.S. government securities held in custody for foreign and international account 95,851 97.888 95,821 95,158 94.497 96.122 95,684 94,780 Federal Reserve note statement 35 Federal Reserve notes outstanding (issued to bank) .... 155,083 155,353 155,380 155.426 155,690 154,036 155,017 155,800 36 LESS: Held by bank5 20,479 19,958 19,068 19.549 20,502 19,808 20,902 20,426 37 Federal Reserve notes, net 134,604 135,395 136,312 135.877 135,188 134,228 134,115 135,374 Collateral for Federal Reserve notes 38 Gold certificate account 11,149 11,149 11,148 11,148 11,148 11,149 11,149 11,148 39 Special drawing rights certificate account 4,018 4,018 4,018 4.018 4,018 3,818 4,018 4,018 JO Other eligible assets 0 0 0 0 0 39 0 0 • 1 U.S. government and agency securities 119,437 120,228 121.146 120.711 120,022 119,222 118,948 120,208 42 Total collateral 134,604 135,395 136,312 135,877 135,188 134,228 134,115 135,374 1. Includes securities loaned—fully guaranteed by U.S. government securities 3. Includes special investment account at Chicago of Treasury bills maturing pledged with Federal Reserve Banks—and excludes (if any) securities sold and within 90 days. scheduled to be bought back under matched sale-purchase transactions. 4. Includes exchange-translation account reflecting the monthly revaluation at 2. Includes U.S. government securities held under repurchase agreement against market exchange rates of foreign-exchange commitments. receipt of foreign currencies and foreign currencies warehoused for the U.S. Treas- 5. Beginning September 1980, Federal Reserve notes held by the Reserve Bank ury. Assets shown in this line are revalued monthly at market exchange rates. are exempt from the collateral requirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 DomesticN onfinancial Statistics • September 1982 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holdings Millions of dollars Wednesday End of month Type and maturity groupings 1982 July 28 Aug. 4 Aug. 11 Aug. 18 Aug. 25 June 30 July 31 Aug. 31 1 Loans—Total 1.470 2,209 416 935 1,637 1,638 458 449 2 Within 15 days 1,432 2,108 342 920 1.612 1,585 383 411 3 16 days to 90 days 38 99 74 15 25 53 75 38 4 91 days to 1 year 0 2 0 0 0 0 0 0 5 Acceptances—Total 0 0 0 0 0 0 0 565 6 Within 15 days 0 0 0 0 0 0 0 565 7 16 days to 90 days 0 0 0 0 0 0 0 0 8 91 days to 1 year 0 0 0 0 0 0 0 0 9 U.S. government securities—Total 132,934 130.661 132,628 133,189 134.738 127,005 132.640 132,858 10 Within 15 days1 6,006 7,401 7,614 5.424 8,316 2,316 4,374 3,911 11 16 days to 90 days 26.242 21,963 24,845 25,296 23.832 25,432 27,562 25,870 12 91 days to 1 year 34,756 34,643 33,514 37.873 37,994 34,454 34,775 38,554 13 Over 1 year to 5 years 38,217 38,941 38,942 36.047 36.047 37,326 38,216 35,974 14 Over 5 years to 10 years 10.830 10,830 10,830 12,267 12,267 10,717 10.830 12,267 15 Over 10 years 16,883 16,883 16,883 16.282 16,282 16,760 16,883 16,282 16 Federal agency obligations—Total 9.001 9,001 8.955 8,955 8.955 9.002 9.001 9,184 17 Within 15 days1 174 47 117 197 81 184 174 345 18 16 days to 90 days 524 607 491 410 410 443 524 407 19 91 days to 1 year 1.593 1.637 1,637 1.638 1.861 1,629 1,593 1,829 20 Over 1 year to 5 years 5.305 5,305 5,305 5.305 5.228 5,316 5,305 5,228 21 Over 5 years to 10 years 902 902 902 902 872 927 902 872 22 Over 10 years 503 503 503 503 503 503 503 503 1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 1.20 BANK DEBITS AND DEPOSIT TURNOVER Debits are shown in billions of dollars, turnover as ratio of debits to deposit. Monthly data are at annual rates. 1982 BBaannkk ggrroouupp,, oorr ttyyppee ooff ccuussttoommeerr 11997799 11998800 11998811 Feb. Mar. Apr. May June Debits to demand deposits1 (seasonally adjusted) 1111 AAAAllllllll ccccoooommmmmmmmeeeerrrrcccciiiiaaaallll bbbbaaaannnnkkkkssss 49.775.0 63.013.4 80.059.7 85,274.3 83.617.4 83,404.1 87,488.1 88,259.6 2222 MMMMaaaajjjjoooorrrr NNNNeeeewwww YYYYoooorrrrkkkk CCCCiiiittttyyyy bbbbaaaannnnkkkkssss 18.512.7 25.192.5 33,642.7 35.983.8 34,218.3 35.238.0 37,379.7 37,016.6 3333 OOOOtttthhhheeeerrrr bbbbaaaannnnkkkkssss 31,262.3 37.820.9 46,417.0 49,290.5 49,399.1 48.166.1 50,108.4 51,243.0 Debits to savings deposits2 (not seasonally adjusted) 4444 AAAATTTTSSSS////NNNNOOOOWWWW3333 83.3 158.4 741.3 836.7 935.4 1.072.5 929.0 1,069.9 5555 BBBBuuuussssiiiinnnneeeessssssss4444 77.3 93.4 112.1 95.2 115.4 103.0 90.2 107.6 6666 OOOOtttthhhheeeerrrrssss5555 515.2 605.3 582.2 534.8 586.9 609.6 570.4 593.4 7777 AAAAllllllll aaaaccccccccoooouuuunnnnttttssss 675.8 857.2 1,435.6 1.466.7 1,637.6 1.785.1 1.589.6 1,770.9 Demand deposit turnover1 (seasonally adjusted) 8 All commercial banks 163.5 201.6 281.4 307.1 304.7 301.3 315.8 322.7 9 Major New York City banks 646.2 813.7 1,100.5 1,252.1 1.211.7 1.255.3 1,292.8 1.326.4 10 Other banks 113.3 134.3 182.8 198.0 200.7 193.7 202.0 208.6 Savings deposit turnover2 (not seasonally adjusted) 11 ATS/NOW3 7.8 9.7 14.2 13.0 14.2 15.4 14.0 15.8 1? Business4 7.2 9.3 12.3 12.1 14.6 13.2 11.4 13.5 n Others5 2.7 3.4 3.7 3.6 3.9 4.0 3.8 3.9 14 All accounts 3.1 4.2 6.6 6.6 7.3 7.8 7.1 7.8 1. Represents accounts of individuals, partnerships, and corporations, and of commercial banks but including savings and loan associations, mutual savings banks, states and political subdivisions. credit unions, the Export-Import Bank, and federally sponsored lending agencies). 2. Excludes special club accounts, such as Christmas and vacation clubs. 5. Savings accounts other than NOW; business; and, from December 1978, ATS. 3. Accounts authorized for negotiable orders of withdrawal (NOW) and accounts authorized for automatic transfer to demand deposits (ATS). ATS data availability NOTE. Historical data for the period 1970 through June 1977 have been estimated; starts with December 1978. these estimates are based in part on the debits series for 233 SMSAs, which were 4. Represents corporations and other profit-seeking organizations (excluding available through June 1977. Back data are available from Publications Services, Board of Governors of the Federal Reserve System, Washington. D.C. 20551. Debits and turnover data for savings deposits are not available before July 1977. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary Aggregates A13 1.21 MONEY STOCK MEASURES AND COMPONENTS Billions of dollars, averages of daily figures 1982 IItteemm D 19 e 7 c 8 . D 19 e 7 c 9 . D 19 e 8 c 0 . D 19 e 8 c 1 . Mar. Apr. May June July Seasonally adjusted MEASURES1 1 Ml 363.2 389.0 414.5 440.9 448.3 452.4 451.5 451.4' 451.2 2 M2 1,403.9 1,518.9 1,656.2 1,822.7 1,865.2 1,880.7 1,897.5 1,907.9' 1,923.3 3 M3 1,629.0 1,779.4 1,963.1 2,188.1 2,235.8 2,258.1 2,279.3R 2,295.9' 2,320.2 4 L2 1,938.9 2,153.9 2,370.4 2,642.8 2,716.8 2,752.3 n.a. n.a. n.a. SELECTED COMPONENTS 5 Currency 97.4 106.1 116.2 123.1 125.1 126.3 127.4 128.4 128.8 6 Traveler's checks3 3.5 3.7 4.2 4.3 4.4 4.4 4.5 4.5 4.4 7 Demand deposits 253.9 262.2 267.2 236.4 233.0 233.0 232.7' 231.0 230.6 8 Other checkable deposits7 8.4 16.9 26.9 77.0 85.8r 88.6 87.0 87.5 87.4 9 Savings deposits4 479.9 421.7 398.9 343.6 350.7 350.5 350.9 349.9 344.0 10 Small-denomination time deposits5 533.9 652.6 751.7 854.7 869.9 881.6 894.1 900.9' 919.7 11 Large-denomination time deposits6 194.6 221.8 257.9 300.3 312.6 317.2r 321.6' 328.3 ' 335.5 Not seasonally adjusted MEASURES' 12 Ml 372.5 398.8 424.6 451.2 440.0 455.5 445.1 450.5' 454.0 13 M2 1,408.5 1,524.7 1,662.5 1,829.4 1,861.9 1,887.9 1,888.9 1,906.3' 1,924.7 14 M3 1,637.5 1,789.2 1,973.9 2,199.9 2,237.4 2,266.1 2.269.3' 2,290.0r 2,314.1 15 L2 1,946.6 2,162.8 2,380.2 2,653.8 2,722.8 2,762.9 n.a. n.a. n.a. SELECTED COMPONENTS 16 Currency 99.4 108.2 118.3 125.4 123.8 125.6R 127.2 128.3 129.8 17 Traveler's checks3 3.3 3.5 3.9 4.1 4.2 4.2 4.3 4.7 4.9 18 Demand deposits 261.5 270.1 275.1 243.3 228.2 236.1 228.3 230.4' 231.5 19 Other checkable deposits7 8.4 17.0 27.2 78.4 83.8 89.5 85.4 87.2' 87.9 20 Overnight RPs and Eurodollars8 24.1 26.3 35.0 38.1 43.0 40.4 42.8 43.0' 43.4 21 Savings deposits4 478.0 420.5 398.0 343.0 346.1 348.1 347.4 347.9 348.3 22 Small-denomination time deposits5 531.1 649.7 748.9 851.7 879.6 888.1 895.3 902.3 914.1 Money market mutual funds 23 General purpose and broker/dealer 7.1 34.4 61.9 151.2 159.2 161.9 164.3 168.6 171.3 24 Institution only 3.1 9.3 13.9 33.7 31.5 31.5 32.8 33.7 36.7 25 Large-denomination time deposits6 198.6 226.0 262.3 305.4 317.4 317.9 320.3r 323.8 328.0 1. Composition of the money stock measures is as follows: 5. Small-denomination time deposits—including retail RPs—are those issued in Ml: Averages of daily figures for (1) currency outside the Treasury, Federal amounts of less than $100,000. Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of non- 6. Large-denomination time deposits are those issued in amounts of $100,000 bank issuers; (3) demand deposits at all commercial banks other than those due or more and are net of the holdings of domestic banks, thrift institutions, the U.S. to domestic banks, the U.S. government, and foreign banks and official institutions government, money market mutual funds, and foreign banks and official instituless cash items in the process of collection and Federal Reserve float; and (4) tions. negotiable order of withdrawal (NOW) and automatic transfer service (ATS) ac- 7. Includes ATS and NOW balances at all institutions, credit union share draft counts at banks and thrift institutions, credit union share draft (CUSD) accounts, balances, and demand deposits at mutual savings banks. and demand deposits at mutual savings banks. 8. Overnight (and continuing contract) RPs are those issued by commercial M2: Ml plus savings and small-denomination time deposits at all depository banks to other than depository institutions and money market mutual funds (general institutions, overnight repurchase agreements at commercial banks, overnight Eu- purpose and broker/dealer), and overnight Eurodollars are those issued by Carodollars held by U.S. residents other than banks at Caribbean branches of member ribbean branches of member banks to U.S. residents other than depository instibanks, and balances of money market mutual funds (general purpose and broker/ tutions and money market mutual funds (general purpose and broker/dealer). dealer). M3: M2 plus large-denomination time deposits at all depository institutions, term NOTE. Latest monthly and weekly figures are available from the Board's H.6 RPs at commercial banks and savings and loan associations, and balances of in- (508) release. Back data are available from the Banking Section, Division of Restitution-only money market mutual funds. search and Statistics, Board of Governors of the Federal Reserve System, Wash- 2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents ington, D.C. 20551. other than banks, bankers acceptances, commercial paper. Treasury bills and other liquid Treasury securities, and U.S. savings bonds. 3. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. 4. Savings deposits exclude NOW and ATS accounts at commercial banks and thrift institutions and CUSDs at credit unions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • September 1982 1.22 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 1981 1982 11997788 11997799 11998800 IItteemm DDeecc.. DDeecc.. DDeecc.. Dec. Jan. Feb. Mar. Apr. May June July Aug. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 35.08 36.37 39.01 40.53 41.28 40.93 41.09 41.18 41.33 41.44 41.45 41.85 2 Nonborrowed reserves 34.22 34.90 37.32 39.89 39.76 39.14 39.53 39.61 40.21 40.24 40.75 41.34 3 Required reserves 34.85 36.04 38.49 40.21 40.86 40.62 40.73 40.91 40.97 41.13 41.12 41.54 4 Monetary base4 134.7 145.0 158.0 165.8 167.4 167.9 168.5 169.8 171.0 172.1 172.6 173.7 Not seasonally adjusted 5 Total reserves3 35.66 36.97 39.70 41.26 42.70 40.74 40.53 41.09 40.98 40.88 41.31 41.50 6 Nonborrowed reserves 34.80 35.50 38.01 40.63 41.18 38.95 38.98 39.52 39.87 39.68 40.61 40.99 7 Required reserves 35.43 36.65 39.19 40.94 42.28 40.44 40.18 40.81 40.63 40.57 40.98 41.18 8 Monetary base4 137.4 147.9 161.0 168.9 168.5 166.1 166.5 168.9 170.4 171.5 173.4 173.9 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS5 9 Total reserves3 41.68 43.91 40.66 41.92 43.20 41.29 39.23 39.56 39.55 39.57 39.99 40.19 10 Nonborrowed reserves 40.81 42.43 38.97 41.29 41.69 39.50 37.68 37.99 38.43 38.36 39.29 41.50 11 Required reserves 41.45 43.58 40.15 41.60 42.78 40.98 38.88 39.28 39.19 39.26 39.65 39.87 12 Monetary base4 144.6 156.2 162.4 169.7 169.1 166.8 165.4 167.6 169.2 170.4 172.4 172.9 1. Reserve measures from November 1980 to date reflect a one-time increase— 5. Reserves of depository institutions series reflect actual reserve requirement estimated at $550 million to $600 million—in required reserves associated with the percentages with no adjustments to eliminate the effect of changes in Regulation reduction of week-end avoidance activities of a few large banks. D, including changes associated with the implementation of the Monetary Control 2. Reserve aggregates include required reserves of member banks and Edge Act Act. Includes required reserves of member banks and Edge Act corporations and, corporations and other depository institutions. Discontinuities associated with the beginning Nov. 13, 1980, other depository institutions. Under the transitional phaseimplementation of the Monetary Control Act, the inclusion of Edge Act corporation in program of the Monetary Control Act of 1980, the net changes in required reserves, and other changes in Regulation D have been removed. reserves of depository institutions have been as follows: effective Nov. 13, 1980, 3. Reserve balances with Federal Reserve Banks (which exclude required clear- a reduction of $2.8 billion; Feb. 12, 1981, an increase of $245 million; Mar. 12, ing balances) plus vault cash at institutions with required reserve balances plus 1981, an increase of $75 million; May 14, 1981, an increase of $245 million; Aug. vault cash equal to required reserves at other institutions. 13, 1981. an increase of $245 million; Sept. 3, 1981, a reduction of $1.3 billion; 4. Includes reserve balances and required clearing balances at Federal Reserve and Nov. 19, 1981. an increase of $220 million. Banks in the current week plus vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. NOTE. Latest monthly and weekly figures are available from the Board's H.3(502) Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus statistical release. Back data and estimates of the impact on required reserves and vault cash at depository institutions. changes in reserve requirements are available from the Banking Section, Division of Research and Statistics. 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

Monetary Aggregates A15 1.23 LOANS AND SECURITIES All Commercial Banks1 Billions of dollars; averages of Wednesday figures 1981 1982 1981 1982 Dec.2 Mar.2 Apr.2 May2 June2 July2 Dec.2 Mar.2 Apr.2 May2 June2 July2 Seasonally adjusted Not seasonally adjusted 1 Total loans and securities3 1,316.3 1,342.5s 1,352.6 1,361.9 1,368.7 1,376.1 1,326.1 1,337.3s 1,351.4 1,355.9 1,366.2 1,370.4 2 U.S. Treasury securities 111.0 114.45 116.6 116.3 115.8 116.5 111.4 116.I5 118.7 115.8 116.1 115.6 3 Other securities 231.4 233.15 234.0 234.9 235.9 235.9 232.8 232.6s 234.0 235.1 235.6 234.7 4 Total loans and leases3 973.9 995.05 1,002.0 1,010.7 1.017.0 1.023.7 981.8 988.65 998.7 1,005.0 1,014.5 1,020.1 5 Commercial and industrial loans 358.0 370.0 373.1 378.8 383.4 386.7 360.1 369.0 375.2 378.9 382.7 385.5 6 Real estate loans 285.7 292.3s 293.9 295.5 297.3 297.5 286.8 291.5s 293.0 294.4 295.8 296.6 7 Loans to individuals 185.1 186.4 186.9 187.4 188.3 189.2 186.4 184.7 185.6 186.2 187.5 188.3 8 Security loans 21.9 20.9 20.9 20.6 19.5 21.0 22.7 20.3 20.9 19.8 20.5 20.5 9 Loans to nonbank financial institutions 30.2 32.7 33.3 33.2 33.6 33.9 31.2 32.2 33.0 32.8 33.1 33.3 10 Agricultural loans 33.0 34.3 34.4 34.5 34.5 34.7 33.0 33.6 33.8 34.3 34.7 35.1 11 Lease financing receivables.... 12.7 13.1 13.1 13.1 13.1 13.2 12.7 13.1 13.1 13.1 13.1 13.2 12 All other loans 47.2 45.3 46.5 47.5 47.4 47.4 49.2 44.2 44.1 45.5 47.1 47.7 MEMO: 13 Total loans and securities plus loans sold3-7 1,319.1 11,,334455..33ss 1,355.4 1,364.7 1,371.6 1,378.9 1,328.9 1,340.1s 1,354.2 1,358.7 1,369.2 1,374.2 14 Total loans plus loans sold3-7 .... 976.7 997.9s 1,004.8 1,013.5 1,020.0 1,026.5 984.7 991.5s 1,001.5 1,007.8 1,017.5 1,023.0 15 Total loans sold to affiliates7 .... 2.8 2.8 2.8 2.8 3.0 2.8 2.8 2.8 2.8 2.8 3.0 2.8 16 Commercial and industrial loans plus loans sold7 360.2 372.2 375.3 381.1 385.8 389.0 362.3 371.3 377.5 381.1 385.1 387.8 17 Commercial and industrial loans sold7 2.2 2.2 2.3 2.2 2.4 2.3 2.2 2.2 2.3 2.2 2.4 2.3 18 Acceptances held 8.9 9.6 10.3 10.1 9.1 8.7 9.8 9.2 9.5 9.5 9.2 8.6 19 Other commercial and industrial loans 349.1 360.4 362.8 368.8 374.3 378.0 350.3 359.8 365.7 369.4 373.5 376.8 20 To U.S. addressees8 334.9 347.7 350.1 355.2 360.1 364.7 334.3 347.2 352.9 356.7 360.6 363.9 21 To non-U.S. addressees 14.2 12.7 12.7 13.5 14.2 13.3 16.1 12.6 12.8 12.7 13.0 13.0 22 Loans to foreign banks 19.0 16.1 15.2 15.0 14.7 14.8 20.0 15.7 14.6 14.4 14.2 14.5 1. Includes domestically chartered banks; U.S. branches and agencies of foreign 6. Beginning June 2, 1982, total loans and securities, total loans and leases, and banks. New York investment companies majority owned by foreign banks, and loans ,to individuals were increased $0.5 billion due to acquisition of loans by a Edge Act corporations owned by domestically chartered and foreign banks. commercial bank from a nonbank institution. 2. Beginning December 1981, shifts of foreign loans and securities from U.S. 7. Loans sold are those sold outright to a bank's own foreign branches, nonbanking offices to international banking facilities (IBFs) reduced the levels of consolidated nonbank affiliates of the bank, the bank's holding company (if not a several items. Seasonally adjusted data that include adjustments for the amounts bank), and nonconsolidated nonbank subsidiaries of the holding company. shifted from domestic offices to IBFs are available in the Board's G.7 (407) sta- 8. United States includes the 50 states and the District of Columbia. tistical release (available from Publications Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551). NOTE. Data are prorated averages of Wednesday estimates for domestically 3. Excludes loans to commercial banks in the United States. chartered banks, based on weekly reports of a sample of domestically chartered 4. The merger of a commercial bank with a mutual savings bank beginning Feb. banks and quarterly reports of all domestically chartered banks. For foreign-related 24, 1982, increased total loans and securities $1.0 billion; U.S. Treasury securities, institutions, data are averages of month-end estimates based on weekly reports $0.1 billion; other securities, $0.1 billion; total loans and leases, $0.8 billion; and from large agencies and branches and quarterly reports from all agencies, branches, real estate loans, $0.7 billion. investment companies, and Edge Act corporations engaged in banking. 5. The merger of a commercial bank with a mutual savings bank beginning Mar. 17, 1982, increased total loans and securities $0.6 billion; U.S. Treasury securities, $0.1 billion; other securities $0.1 billion; total loans and leases, $0.4 billion; and real estate loans, $0.4 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 DomesticN onfinancial Statistics • September 1982 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1 Monthly averages, billions of dollars 1980 1981 1982 SSoouurrccee Dec. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total nondeposit funds 1 Seasonally adjusted2 122.0 119.8 116.3 116.2 98.5 89.5 88.0 83.8 83.5 82.1 84.4 80.0 2 Not seasonally adjusted 122.6 125.0 118.2 120.7 98.9 87.9 88.5 84.8 84.3 85.6 86.5 82.1 Federal funds, RPs, and other borrowings from nonbanks3 3 Seasonally adjusted 111.1 108.2 109.0 110.0 114.2 116.2 113.8 113.6 113.1 113.2 113.8 114.3 4 Not seasonally adjusted 111.6 113.3 111.1 114.6 114.6 114.6 114.3 114.6 113.9 116.6 115.9 116.3 5 Net balances due to foreign-related institutions, not seasonally adjusted 8.2 8.9 4.5 3.4 -18.6 -29.6 -28.6 -32.6 -32.5 -33.9 -32.4 -37.1 6 Loans sold to affiliates, not seasonally adjusted4 2.7 2.7 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 3.0 2.8 MEMO 7 Domestically chartered banks net positions with own foreign branches, not seasonally adjusted5 -14.7 -12.3 -15.4 -14.9 -22.5 -27.1 -25.9 -28.8 -29.8 -29.8 -29.1 -32.7 8 Gross due from balances 37.5 44.5 45.5 47.9 54.9 55.1 55.0 56.7 57.4 58.1 57.6 60.3 9 Gross due to balances 22.8 32.2 30.1 32.9 32.4 28.0 29.1 27.9 27.6 28.3 28.5 27.6 10 Foreign-related institutions net positions with directly related institutions, not seasonally adjusted6 22.9 21.2 19.9 18.4 3.9 -2.5 -2.7 -3.8 -2.7 -4.1 -3.3 -4.4 11 Gross due from balances 32.5 40.1 38.3 39.1 48.1 50.0 50.5 50.0 49.1 49.4 50.2 52.7 12 Gross due to balances 55.4 61.3 58.2 57.4 52.0 47.5 47.9 46.2 46.4 45.4 46.9 48.3 Security RP borrowings 13 Seasonally adjusted7 64.0 63.0 64.9 65.0 70.0 73.0 71.0 71.4 71.9 69.0 69.1 69.3 14 Not seasonally adjusted 62.3 65.9 64.7 67.3 68.2 69.2 69.1 70.0 70.4 70.0 68.7 68.9 U.S. Treasury demand balances8 15 Seasonally adjusted 9.5 9.3 11.1 12.1 11.8 13.4 22.1 17.5 13.6 15.3 9.9 8.4 16 Not seasonally adjusted 9.0 10.9 13.3 9.7 11.2 14.5 20.0 15.5 13.8 15.4 10.8 8.3 Time deposits, $100,000 or more9 17 Seasonally adjusted 267.0 324.7 324.8 323.4 324.0 324.3 327.2 332.0 334.4 341.1 349.4 360.1 18 Not seasonally adjusted 272.4 320.2 322.6 324.6 330.3 330.6 335.3 337.2 335.6 340.0 344.6 350.4 1. Commercial banks are those in the 50 states and the District of Columbia 8. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at with national or state charters plus agencies and branches of foreign banks. New commercial banks. Averages of daily data. York investment companies majority owned by foreign banks, and Edge Act cor- 9. Averages of Wednesday figures. porations owned by domestically chartered and foreign banks. 2. Includes seasonally adjusted federal funds, RPs, and other borrowings from NOTE. Beginning December 1981, shifts of foreign assets and liabilities from U.S. nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. In- banking offices to international banking facilities (IBFs) reduced levels of several cludes averages of Wednesday data for domestically chartered banks and averages items as follows: lines 1 and 2, $22.4 billion; lines 3 and 4, $1.7 billion; line 5, of current and previous month-end data for foreign-related institutions. $20.7 billion; line 7, $3.1 billion; and line 10, $17.6 billion. 3. Other borrowings are borrowings on any instrument, such as a promissory For January 1982, levels were reduced as follows: lines 1 and 2, $29.6 billion; note or due bill, given for the purpose of borrowing money for the banking business. lines 3 and 4. $2.4 billion; line 5, $27.2 billion; line 7, $4.8 billion; and line 10, This includes borrowings from Federal Reserve Banks and from foreign banks, $22.5 billion. For February the levels were reduced as follows: lines 1 and 2, $30.4 term federal funds, overdrawn due from bank balances, loan RPs, and participa- billion; lines 3 and 4, $2.4 billion; line 5, $28.0 billion; line 7, $4.9 billion; and line tions in pooled loans. Includes averages of daily figures for member banks and 10, $23.1 billion. For March the levels were reduced as follows: lines 1 and 2, $30.9 averages of current and previous month-end data for foreign-related institutions. billion; lines 3 and 4, $2.4 billion; line 5, $28.5 billion; line 7, $4.9 billion; and line 4. Loans initially booked by the bank and later sold to affiliates that are still 10, $23.6 billion. For April the levels were reduced as follows: lines 1 and 2, $31.3 held by affiliates. Averages of Wednesday data. billion; lines 3 and 4, $2.4 billion; line 5, $29.0 billion; line 7, $5.0 billion; and line 5. Averages of daily figures for member and nonmember banks. 10, $24.0 billion. For May the levels were reduced as follows: lines 1 and 2, $31.7 6. Averages of daily data. billion; lines 3 and 4, $2.4 billion; line 5, $29.3 billion; line 7. $5.0 billion; and line 7. Based on daily average data reported by 122 large banks. 10, $24.3 billion. For June the levels were reduced as follows: lines 1 and 2, $31.9 billion; lines 3 and 4, $2.4 billion; line 5, $29.5 billion; line 7, $5.0 billion; and line 10, $24.5 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A17 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS Last-Wednesday-of-Month Series Billions of dollars except for number of banks 1981 1982 AAccccoouunntt Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. DOMESTICALLY CHARTERED COMMERCIAL BANKS' 1 Loans and securities, excluding interbank 1,239.9 1,249.4 1,267.4 1,261.2 1,271.2 1,285.8 1,292.6 1,300.7 1.315.4 1,313.2 1.318.8 2 Loans, excluding interbank 902.9 912.8 926.4 920.1 929.1 939.9 947.2 954.3 969.1 966.6 970.6 3 Commercial and industrial 308.5 312.6 320.3 321.0 325.6 332.4 336.7 341.9 348.7 346.4 346.2 4 Other 594.3 600.2 606.0 599.1 603.5 607.5 610.5 612.4 620.4 620.3 624.3 5 U.S. Treasury securities 110.0 106.7 109.8 111.5 112.3 114.5 113.0 111.5 113.4 113.4 113.7 6 Other securities 227.1 229.9 231.3 229.6 229.8 231.4 232.4 234.9 232.9 233.2 234.5 7 Cash assets, total 149.8 162.8 173.1 155.3 151.6 164.5 153.6 153.0 165.4 154.5 160.8 8 Currency and coin 19.7 18.3 22.0 19.8 19.7 18.9 19.9 20.0 20.1 20.5 20.3 9 Reserves with Federal Reserve Banks 25.3 26.1 28.0 30.2 24.8 25.7 25.5 21.7 18.2 25.1 26.1 10 Balances with depository institutions . 49.3 52.0 54.5 50.3 51.0 55.9 52.4 54.9 59.6 55.4 58.8 11 Cash items in process of collection ... 55.5 66.4 68.6 55.0 56.1 64.0 55.8 56.3 67.4 53.6 55.5 12 Other assets2 175.5 194.4 211.2 197.0 201.9 219.3 206.6 209.9 223.2 224.2 231.4 13 Total assets/total liabilities and capital... 1,565.2 1,606.7 1,651.8 1,613.5 1,624.7 1,669.5 1,652.9 1,663.6 1,704.0 1,692.0 1,711.0 14 Deposits 1,177.1 1,206.0 1,240.3 1,205.8 1.213.7 1,250.8 1,231.0 1,244.0 1.284.8 1,266.4 1,279.2 15 Demand 324.0 339.2 363.9 322.3 316.7 338.3 315.5 315.4 345.2 314.4 315.5 16 Savings 214.0 217.9 222.4 223.0 222.5 229.9 226.6 227.6 228.9 227.1 229.5 17 Time 639.1 648.9 654.0 660.5 674.4 682.6 688.9 701.0 710.7 724.8 734.2 18 Borrowings 174.5 179.3 190.2 191.9 191.0 196.4 201.1 195.1 189.7 195.4 196.0 19 Other liabilities 89.3 95.2 91.7 89.7 92.5 94.4 92.4 93.9 96.6 99.1 103.9 20 Residual (assets less liabilities) 124.3 126.2 129.6 126.1 127.5 128.0 128.4 130.6 133.0 131.1 131.9 MEMO: 21 U.S. Treasury note balances included in borrowing 13.9 5.6 13.6 16.7 17.1 10.9 16.6 7.1 7.5 8.0 5.9 22 Number of banks 14,740 14,743 14,744 14,690 14,702 14,709 14,710 14.722 14,736 14,752 14,770 ALL COMMERCIAL BANKING INSTITUTIONS3 23 Loans and securities, excluding interbank 1,324.7 1,335.5 1,330.0 1.321.6 1,331.5 1,345.8 1,350.7 1,358.5 1,374.3 1,370.5 1,376.6 24 Loans, excluding interbank 983.6 994.7 984.5 975.8 984.4 995.1 1,000.6 1,007.6 1.023.7 1,020.0 1,024.6 25 Commercial and industrial 361.7 365.5 360.8 360.3 364.6 372.4 374.7 379.3 386.7 383.8 384.5 26 Other 621.9 629.2 623.7 615.5 619.7 622.7 625.8 628.3 636.9 636.3 640.0 27 U.S. Treasury securities 111.9 108.8 112.5 114.5 115.5 117.6 116.1 114.3 116.2 115.8 115.9 28 Other securities 229.2 232.0 233.0 231.4 231.6 233.1 234.1 236.6 234.4 234.7 236.1 29 Cash assets, total 165.4 179.3 188.1 170.0 165.8 178.8 168.1 167.7 180.3 169.4 176.2 30 Currency and coin 19.7 18.3 22.0 19.8 19.7 18.9 19.9 20.0 20.2 20.5 20.4 31 Reserves with Federal Reserve Banks 26.6 27.5 29.3 31.3 26.1 26.9 26.8 23.0 19.6 26.4 27.5 32 Balances with depository institutions . 62.5 66.0 67.1 62.7 63.0 68.0 64.6 67.3 72.2 68.0 71.9 33 Cash items in process of collection ... 56.6 67.4 69.6 56.1 57.1 65.0 56.8 57.3 68.4 54.6 56.5 34 Other assets2 244.0 267.0 288.7 274.2 278.1 295.2 280.3 285.9 300.1 299.6 306.9 35 Total assets/total liabilities and capital... 1,734.0 1,781.7 1,806.8 1,765.8 1,775.5 1,819.9 1,799.1 1,812.1 1,854.7 1,839.6 1,859.7 36 Deposits 1,224.6 1,254.1 1,288.7 1,251.5 1,258.3 1,295.0 1,272.7 1,286.2 1,325.8 1,307.4 1,321.8 37 Demand 337.1 352.6 377.7 335.1 329.4 350.8 327.9 327.9 357.4 326.7 327.8 38 Savings 214.3 218.1 222.6 223.2 222.8 230.2 226.9 227.8 229.1 227.4 229.8 39 Time 673.1 683.4 688.3 693.1 706.2 714.0 717.9 730.4 739.3 753.3 764.3 40 Borrowings 236.8 246.2 250.8 253.5 255.9 260.0 260.8 255.3 253.2 258.3 260.0 41 Other liabilities 146.4 153.3 135.6 132.8 131.8 135.0 135.3 138.2 140.8 140.9 144.1 42 Residual (assets less liabilities) 126.3 128.1 131.5 128.1 129.4 129.9 130.3 132.5 134.9 133.0 133.8 MEMO: 43 U.S. Treasury note balances included in borrowing 13.9 5.6 13.6 16.7 17.1 10.9 16.6 7.1 7.5 8.0 5.9 44 Number of banks 15,209 15,212 15.213 15,185 15,201 15,214 15,215 15,235 15,235 15,271 15,289 1. Domestically chartered commercial banks include all commercial banks in the NOTE. Figures are partly estimated. They include all bank-premises subsidiaries United States except branches of foreign banks; included are member and non- and other significant majority-owned domestic subsidiaries. Data for domestically member banks, stock savings banks, and nondeposit trust companies. chartered commercial banks are for the last Wednesday of the month. Data for 2. Other assets include loans to U.S. commercial banks. other banking institutions are for the last day of the quarter until June 1981; 3. Commercial banking institutions include domestically chartered commercial beginning July 1981, these data are estimates made on the last Wednesday of the banks, branches and agencies of foreign banks. Edge Act and Agreement corpo- month based on a weekly reporting sample of foreign-related institutions and quarterrations. and New York State foreign investment corporations. end condition report data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • September 1982 1.26 ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on December 31, 1977, Assets and Liabilities, 1982 Millions of dollars, Wednesday figures July 30 July 7 July 14 July 21 July 28p Aug. 4P Aug. IIP Aug. 18? Aug. 25p 1 Cash items in process of collection 53,432 52,897 46,416 43,965 42,639 48,793 43,068 45,076 44,471 2 Demand deposits due from banks in the United States.. 7,234 8,489 6,440 6,382 6.639 6,804 6,470 6,296 6,616 3 All other cash and due from depository institutions .... 28,589 34,203 32,616 33,100 35.156 32,537 34,505 34,204 36,778 4 Total loans and securities 624,814 624,950 622,637 620,349 622,868 633,119 628,446 631,097 627,061 Securities 5 U.S. Treasury securities 36,998 36,885 36.525 36,649 37,659 38,662 39,148 38,752 37,399 6 Trading account 7,801 7.640 7,497 7,517 8,701 9,348 9,485 8,764 7,685 7 Investment account, by maturity 29,197 29,246 29,027 29,132 28,957 29,314 29,663 29,988 29,714 8 One year or less 9,819 10,208 10,009 9,999 9,743 9.656 9,935 10,574 10,180 9 Over one through five years 16,991 16,651 16,502 16,758 16,902 17.345 17,441 17,185 17,444 10 Over five years 2,387 2,387 2,517 2,375 2,312 2,313 2,286 2,228 2,090 11 Other securities 78,138 78,998 78.173 77,906 77,745 78,226 79,603 77,970 78,074 12 Trading account 2,846 4,028 3.366 3,466 3.168 3,906 5,402 3,495 3,519 13 Investment account 75,292 74,969 74.807 74,439 74.577 74,320 74,201 74,475 74,555 14 U.S. government agencies 15,578 15,498 15.401 15,361 15.516 15,444 15,397 15,563 15,613 15 States and political subdivisions, by maturity 56,517 56,436 56,413 56.053 55.992 55,842 55,734 55,841 55,851 16 One year or less 7,695 7.750 7.770 7,530 7.274 7,340 7,171 7,142 7,073 17 Over one year 48,822 48.686 48,642 48.522 48,718 48,502 48,562 48,699 48,779 18 Other bonds, corporate stocks and securities 3.197 3,035 2,993 3,025 3,069 3,034 3,070 3,071 3,091 Loans 19 Federal funds sold1 36.476 35,754 35,203 34.696 36,056 42,224 37,842 40,033 39,512 20 To commercial banks 25,134 25.410 25,523 24,324 25.686 30,461 27,269 28,859 28,286 21 To nonbank brokers and dealers in securities 8.388 7,295 6,967 7,659 7,677 8,737 7,663 8,164 8,690 22 To others 2,953 3.049 2,713 2,713 2,693 3,026 2,909 3,010 2,536 23 Other loans, gross 486,320 486,448 485,878 484,248 484,579 487,244 485,143 487,656 485,351 24 Commercial and industrial 212,392 212,391 212,112 210.426 210,496 210,940 211,312 211,068 210,308 25 Bankers acceptances and commercial paper 4,170 3,813 4,323 3.918 4.215 4,143 4.457 3,996 4,241 26 All other 208,222 208.578 207,789 206,508 206,281 206,797 206,855 207,071 206,067 27 U.S. addressees 200,997 201,406 200,624 199.490 199,219 199,856 199,988 200,214 199,037 28 Non-U.S. addressees 7,225 7,172 7,165 7,018 7.062 6,941 6,867 6,857 7,030 29 Real estate 129,684 129,762 130,114 130,277 130.082 130,216 130,387 130,562 130,838 30 To individuals for personal expenditures 72,680 72,560 72,470 72.592 72.816 72,826 72,728 72,896 73,117 To financial institutions 31 Commercial banks in the United States 6,888 6,855 6.538 6,662 6,764 6,687 6,970 7,059 6,991 32 Banks in foreign countries 7.161 7,797 7,572 6,866 7.221 7,278 7,169 7,047 6,884 33 Sales finance, personal finance companies, etc 11,293 11.478 11,324 11,298 11.206 11,354 11,225 11,138 11,276 34 Other financial institutions 16,311 16,361 16,250 16,316 16,167 16,160 16,253 16,370 16,093 35 To nonbank brokers and dealers in securities 6,144 5.167 6,078 6,496 6,902 8,060 5,931 7,939 6,409 36 To others for purchasing and carrying securities2 2,559 2,545 2,505 2,519 2.519 2,573 2,578 2,598 2,573 37 To finance agricultural production 6,270 6.335 6,368 6,418 6,510 6,552 6,546 6,551 6,498 38 All other 14.938 15.198 14,547 14,378 13,896 14,599 14,043 14,428 14,363 39 LESS: Unearned income 5,890 5,865 5,915 5,886 5.873 5,826 5,855 5,856 5,833 40 Loan loss reserve 7,227 7,270 7,226 7,264 7,298 7,413 7,434 7,458 7,442 41 Otherloans.net 473,203 473,313 472,736 471,098 471,408 474,006 471,853 474,342 472,076 42 Lease financing receivables 11,126 11,149 11,139 11,167 11,170 11,053 11,045 11,046 11,028 43 All other assets 115,795 117.336 120,049 120,105 119.862 125,294 124,723 125,781 126,077 44 Total assets 840,990 849,023 839,298 835,068 838,335 857,601 848,258 853,501 852,032 Deposits 45 Demand deposits 178,547 176,409 165,274 158,794 158,878 167,617 160,863 160,990 160,153 46 Mutual savings banks 620 742 540 550 501 640 592 552 503 47 Individuals, partnerships, and corporations 133,229 131,489 126,831 121,537 120.287 123,784 122,536 122,154 120,755 48 States and political subdivisions 5,710 4,830 4,130 4,582 4.594 4,952 4,844 4,350 4,519 49 U.S. government 2,350 1,194 1,797 986 1.575 3,290 1,851 2,556 1,444 50 Commercial banks in the United States 20,445 23,415 17,638 17,228 17,299 18,619 17,375 17,714 17,951 51 Banks in foreign countries 6,666 6,900 6,875 6,852 7,078 6,993 6,235 6,026 5,846 52 Foreign governments and official institutions 1,700 1,030 1,206 1,141 1,092 1,029 870 1,004 1,091 53 Certified and officers' checks 7,829 6,807 6,257 5,918 6,450 8,310 6,558 6,633 8,043 54 Time and savings deposits 385.125 386,338 387,990 391,391 393.402 397,362 395,572 399,508 400,998 55 Savings 79.646 81,105 79,916 79,463 78.899 80,658 80,183 79,956 79,820 56 Individuals and nonprofit organizations 76.160 77,744 76.634 76,226 75.624 77,360 76,855 76,656 76,478 57 Partnerships and corporations operated for profit .. 2.778 2.789 2,740 2,715 2.748 2,748 2,739 2,733 2,791 58 Domestic governmental units 683 549 518 499 496 525 565 542 533 59 All other 24 22 24 23 31 24 24 25 19 60 Time 305,479 305.233 308,073 311,928 314,503 316,704 315,389 319,552 321,177 61 Individuals, partnerships, and corporations 269,391 269.454 271,258 274,645 276,274 278,272 277,046 279,874 281,180 62 States and political subdivisions 20,012 19,922 20,322 20,510 20,807 20,631 20,849 21,059 21,429 63 U.S. government 576 543 535 451 441 444 427 451 583 64 Commercial banks in the United States 10,878 10,645 11,198 11,646 12,140 12,423 12,242 13,104 12,912 65 Foreign governments, official institutions, and banks 4,621 4,669 4,760 4,676 4,840 4,934 4,824 5,063 5,073 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 326 60 84 275 1,052 1,869 60 575 1,240 67 Treasury tax-and-loan notes 4,502 887 2,875 4,274 5,187 1,531 2,971 3,105 4,022 68 All other liabilities for borrowed money3 139,392 154,672 150,677 146,292 144.047 150,384 149,715 148,572 144,822 69 Other liabilities and subordinated notes and debentures 76,828 74,375 76,102 77,852 79.671 82,434 82,570 84,326 84,320 70 Total liabilities 784,720 792,741 783,001 778,878 782,237 801,196 791,751 797,076 795,556 71 Residual (total assets minus total liabilities)4 56.270 56,282 56,297 56,189 56,098 56,405 56,507 56,425 56,476 1. Includes securities purchased under agreements to resell. NOTE. Beginning in the week ending Dec. 9. 1981, shifts of assets and liabilities 2. Other than financial institutions and brokers and dealers. to international banking facilities (IBFs) reduced the amounts reported in some 3. Includes federal funds purchased and securities sold under agreements to items, especially in loans to foreigners and to a lesser extent in time deposits. Based repurchase; for information on these liabilities at banks with assets of $1 billion or on preliminary reports, the large weekly reporting banks shifted $4.7 billion of more on Dec. 31, 1977, see table 1.13. assets to their IBFs in the five weeks ending Jan. 13, 1982. Domestic offices net 4. Not a measure of equity capital for use in capital adequacy analysis or for positions with IBFs are now included in net due from or net due to related instiother analytic uses. tutions. More detail will be available later. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Banks A19 1.27 LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1 Billion or More on December 31, 1977, Assets and Liabilities Millions of dollars, Wednesday figures, 1982 June 30 July 7 July 14 July 21 July 28 p Aug. 4p Aug. 11? Aug. 18? Aug. 25p 1 Cash items in process of collection 50,358 49,685 43,687 41,442 40,192 45,901 40,624 42,539 42,098 2 Demand deposits due from banks in the United States.... 6,611 7,674 5,904 5,751 6,058 6,179 5,824 5,695 6,015 3 All other cash and due from depository institutions 26,084 31,907 30,213 30,767 32,562 30,075 31,997 31,658 34,038 4 Total loans and securities 585,103 585,401 583,331 581,162 583,669 593,054 588,594 591,301 587,596 Securities 5 U.S. Treasury securities 33,838 33,727 33,458 33,560 34,639 35,558 35,963 35,567 34,186 6 Trading account 7,690 7,523 7,407 7,382 8,612 9,238 9,378 8,629 7,525 7 Investment account, by maturity 26,148 26,204 26,051 26,178 26,028 26,320 26,585 26,938 26,660 8 One year orless 8,819 9,182 8,993 9,027 8,783 8,629 8,914 9,520 9,111 9 Over one through five years 15,218 14,898 14,805 15,039 15,196 15,640 15,648 15,452 15,720 10 Over five years 2,112 2,123 2,253 2,111 2,048 2,050 2,023 1,966 1,830 11 Other securities 71,811 72,637 71,852 71,585 71,402 71,874 73,279 71,576 71,677 12 Trading account 2,762 3,896 3,274 3,374 3,057 3,778 5,290 3,345 3,378 13 Investment account 69,050 68,741 68,578 68,210 68,345 68,096 67,989 68,231 68,299 14 U.S. government agencies 14,371 14,297 14.187 14,144 14,313 14,249 14,216 14,380 14,436 15 States and political subdivision, by maturity 51,678 51,605 51.594 51,240 51,170 51,025 50,913 50,996 50,994 16 One year or less 6,951 7,007 7,032 6,804 6,559 6,619 6,451 6,402 6,343 17 Over one year 44,727 44,598 44,561 44,436 44,611 44,406 44,462 44,593 44,651 18 Other bonds, corporate stocks and securities 3,000 2,839 2,797 2,827 2,862 2,821 2,860 2,856 2,869 Loans 19 Federal funds sold1 32,475 31,822 31,328 31,041 32,302 37,748 33,606 36,041 35,830 20 To commercial banks 21,994 22,156 22,426 21,433 22,666 26,682 23,710 25,601 25,177 21 To nonbank brokers and dealers in securities 7,642 6,715 6,308 6,987 7,022 8,127 7,072 7,510 8,159 22 To others 2,839 2,952 2,594 2,620 2,614 2,938 2,824 2,929 2,493 23 Other loans, gross 459,071 459,324 458,808 457,097 457,468 460,083 458,001 460,396 458,144 24 Commercial and industrial 201,823 201,889 201,692 199,932 200,014 200,444 200,814 200,502 199,750 25 Bankers acceptances and commercial paper 4,038 3,696 4,210 3,778 4,039 3,962 4,253 3,783 4,020 26 All other 197,785 198,192 197,481 196,154 195,975 196,482 196,562 196,719 195,730 27 U.S. addressees 190,684 191,142 190,443 189,272 189.044 189,669 189,820 189,999 188,825 28 Non-U.S. addressees 7,101 7,051 7,038 6,882 6.931 6,813 6,741 6,720 6,905 29 Real estate 122,473 122.570 122,871 123,046 122,845 122,958 123.131 123,279 123,530 30 To individuals for personal expenditures 62,237 65,175 65,119 65,219 65,420 65,442 65,333 65,503 65,720 To financial institutions 31 Commercial bank, in the United States 6,707 6,676 6,359 6,477 6,612 6,549 6,829 6,925 6,844 32 Banks in foreign countries 7,078 7,716 7,491 6,797 7,152 7,204 7,082 6,973 6,807 33 Sales finance, personal finance companies, etc 11,106 11,284 11,136 11,112 11,021 11,178 11,041 10,954 11,100 34 Other financial institutions 15,893 15,937 15,825 15,872 15,727 15,723 15,827 15,942 15,682 35 To nonbank brokers and dealers in securities 6,091 5,119 6,035 6,449 6,862 8,019 5,894 7,903 6,380 36 To others for purchasing and carrying securities2 2,344 2,327 2,288 2,302 2,299 2,342 2,348 2,362 2,338 37 To finance agricultural production 6,102 6,164 6,194 6,244 6,335 6,371 6,356 6,362 6,314 38 All other 14,214 14,466 13,796 13,646 13,180 13,852 13,345 13,688 13,680 39 LESS: Unearned income 5,241 5,216 5,266 5,235 5,223 5,182 5.209 5,207 5,186 40 Loan loss reserve 6,851 6,892 6,849 6,886 6,919 7,027 7,048 7,071 7,056 41 Other loans, net 446,978 447,215 446,693 444,975 445,326 447,874 445,745 448,118 445,903 42 Lease financing receivables 10,795 10,818 10,808 10,836 10,840 10,722 10,715 10,716 10,700 43 All other assets 111,857 113,418 116,213 116,327 116,063 121,447 120,908 121,884 122,185 44 Total assets 790,808 798,903 790,156 786,286 789,385 807,378 798,663 803,795 802,631 Deposits 45 Demand deposits 166,354 164,103 153,835 147,647 147,928 155,947 149,875 149,985 149,259 46 Mutual savings banks 599 715 523 535 485 616 574 535 489 47 Individuals, partnerships, and corporations 123,890 121,967 117,863 112,736 111,737 114,842 113,907 113,530 112,150 48 States and political subdivisions 5,069 4,302 3,604 4,062 4,030 4,454 4,405 3,891 4,018 49 U.S. government 2,138 1,019 1,598 870 1,428 3,020 1,678 2,319 1,305 50 Commercial banks in the United States 18,934 21,736 16,260 15,876 15,962 17,065 15,986 16,375 16,623 51 Banks in foreign countries 6,559 6,834 6,811 6,788 7,019 6,931 6,184 5,977 5,794 52 Foreign governments and official institutions 1,699 1,029 1,200 1,135 1,085 1,024 865 1,003 1,087 53 Certified and officers' checks 7,464 6,500 5,976 5,646 6,182 7,994 6,277 6,354 7,792 54 Time and savings deposits 361,373 362,508 364,035 367,259 369,172 373,049 371,279 375,302 376,786 55 Savings 73,513 74,849 73,730 73,331 72,797 74,432 73,997 73,769 73,658 56 Individuals and nonprofit organizations 70,305 71,746 70,715 70,353 69,778 71,395 70,933 70.722 70,581 57 Partnerships and corporations operated for profit 2,563 2.570 2,518 2,502 2.530 2,528 2,519 2,516 2,574 58 Domestic governmental units 620 511 473 454 457 485 521 506 484 59 All other 24 22 24 23 31 24 24 25 19 60 Time 287,860 287,660 290,304 293,928 296,376 298,616 297,282 301,533 303,129 61 Individuals, partnerships, and corporations 253,738 253,760 255,505 258,744 260,315 262,356 261,179 264,083 265,331 62 States and political subdivisions 18,421 18,397 18,732 18,869 19,105 18,861 18,987 19,174 19,551 63 U.S. government 514 486 477 393 386 393 371 393 524 64 Commercial banks in the United States 10,567 10,348 10,830 11,245 11,731 12,072 11,920 12,819 12,650 65 Foreign governments, official institutions, and banks 4,621 4,669 4,760 4,676 4,840 4,934 4,824 5,063 5,073 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 182 40 50 275 1,027 1,865 5 525 1,103 67 Treasury tax-and-loan notes 4,005 804 2,686 3,935 4,780 1,388 2,756 2,858 3,745 68 All other liabilities for borrowed money3 131,449 146,414 142,763 138,836 136,399 141,962 141,355 140,121 136,694 69 Other liabilities and subordinated notes and debentures 74,673 72,245 74,004 75,632 77,487 80,274 80,377 82,049 82,054 70 Total liabilities 738,036 746,114 737,374 733,533 736,794 754,483 745,647 750,839 749,642 71 Residual (total assets minus total liabilities)4 52,772 52,789 52,782 52,703 52,591 52,895 53,016 52,955 52,989 1. Includes securities purchased under agreements to resell. 4. Not a measure of equity capital for use in capital adequacy analysis or for 2. Other than financial institutions and brokers and dealers. other analytic uses. 3. Includes federal funds purchased and securities sold under agreement to repurchase; for information on these liabilities at banks with assets of $1 billion or more on Dec. 31, 1977, see table 1.13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Nonfinancial Statistics • September 1982 1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities Millions of dollars, Wednesday figures, 1982 June 30 July 7 July 14 July 21 July 28P Aug. 4p Aug. 11'' Aug. 18? Aug. 25p 1 Cash items in process of collection 16.444 13,229 13,452 12.428 12,652 14,644 12,759 13,494 14,923 2 Demand deposits due from banks in the United States 1,370 1.363 1,189 1.088 1,236 1,336 1,160 1,302 1,248 3 All other cash and due from depository institutions 4,324 8,220 5.664 4,990 6.269 6,262 6,877 5,953 6,812 4 Total loans and securities' 138,540 138,102 138,242 135,406 137,986 139,746 136,605 138,920 140,826 Securities 5 U.S. Treasury securities2 6 Trading account2 7 Investment account, by maturity 6.032 6,097 5,834 6.063 6.055 6,428 6,313 6,447 6,374 8 One year or less 909 1,238 1,138 1,126 1,123 1,064 1,047 1,222 1,096 9 Over one through five years 4,397 4,132 3,973 4.292 4,345 4,776 4,703 4,672 4,790 10 Over five years 726 726 723 644 587 587 563 553 488 11 Other securities2 12 Trading account2 13 Investment account 14.785 14,662 14,637 14,370 14,335 14,245 14,123 14,116 14,168 14 U.S. government agencies 2,006 2,006 2,024 2.053 2,003 2,003 2,003 2,010 2,059 15 States and political subdivision, by maturity .. 11,669 11,727 11,724 11,375 11.359 11,314 11,199 11,169 11,172 16 One year or less 2,034 2,084 2,094 1,855 1,654 1,664 1,514 1,470 1,454 17 Over one year 9.635 9,642 9,630 9,521 9,706 9,650 9,685 9,698 9,717 18 Other bonds, corporate stocks and securities.. 1,111 930 888 941 972 928 922 937 938 Loans 19 Federal funds sold 3 9,073 8,112 7,976 7,232 9,374 9,400 8,087 8,850 11,467 20 To commercial banks 4.360 3,680 4,307 3,361 5,322 4,314 3,709 4,004 6,150 21 To nonbank brokers and dealers in securities ... 3,324 2,935 2.465 2,668 2,795 3,664 3,163 3,619 4,347 22 To others 1.388 1,498 1,204 1,203 1,257 1,421 1,215 1,227 969 23 Other loans, gross 112,372 112.958 113,536 111.480 111,964 113,425 111,855 113,283 112,599 24 Commercial and industrial 59,868 60,371 60,779 59.468 59,315 59,412 59,291 59,249 59,057 25 Bankers acceptances and commercial paper... 1.457 1.162 1,575 1,163 1,296 1,139 1,314 1,305 1,250 26 All other 58,412 59.209 59,204 58,305 58,019 58,273 57.977 57,944 57,807 27 U.S. addressees 56,893 57,708 57,667 56.818 56,561 56,899 56,663 56,642 56,399 28 Non-U.S. addressees 1,518 1.501 1,537 1,486 1.459 1,374 1,314 1,302 1,408 29 Real estate 18,336 18,344 18,394 18,467 18,432 18,463 18,462 18,507 18,769 30 To individuals for personal expenditures 11,172 11.222 11,257 11,288 11,298 11,364 11,386 11,434 11,460 31 To financial institutions Commercial banks in the United States 2,121 2.259 1,905 1,859 1,952 1,842 2,068 1,946 1,928 32 Banks in foreign countries 2,895 3.484 3,237 2,562 2,712 2,884 2,775 2,748 2,501 33 Sales finance, personal finance companies, etc. 4.924 5.040 4,957 4,900 4,860 4,911 4,777 4,674 4,851 34 Other financial institutions 4,704 4.788 4,788 4,751 4,704 4,720 4,794 4,863 4,829 35 To nonbank brokers and dealers in securities ... 3,644 2.610 3,582 3,638 3,904 4,929 3,548 5,001 4,262 36 To others for purchasing and carrying securities4 619 617 568 584 590 620 625 644 612 37 To finance agricultural production 337 338 320 327 436 440 432 432 426 38 All other 3,750 3,885 3.748 3,636 3,760 3,838 3,696 3,783 3,902 39 LESS: Unearned income 1,501 1,488 1,523 1,517 1,512 1,496 1,511 1,513 1,510 40 Loan loss reserve 2,221 2,239 2,217 2,221 2.230 2,255 2,262 2,263 2,270 41 Other loans, net 108,649 109,231 109,796 107,742 108,222 109,673 108,082 109,507 108,818 42 Lease financing receivables 2,269 2,267 2,266 2,262 2,254 2,119 2,118 2,119 2,104 43 All other assets5 44,348 46,704 48,362 48,059 47,875 51,020 50,739 50,169 50,111 44 Total assets 207,295 209,885 209,176 204,234 208,273 215,128 210,259 211,957 216,025 Deposits 45 Demand deposits 49,228 46,274 43,522 41,072 41,650 43,804 42,555 42,244 44,762 46 Mutual savings banks 293 394 267 308 237 320 323 283 231 47 Individuals, partnerships, and corporations 32,610 30,177 29,458 27,782 27,620 27,589 28,529 28,319 29,311 48 States and political subdivisions 756 625 464 552 426 679 848 432 452 49 U.S. government 541 239 426 216 355 830 496 662 381 50 Commercial banks in the United States 5,032 5,779 3,881 3,468 3,702 3,669 3,858 4,011 4,740 51 Banks in foreign countries 4,938 5,370 5,297 5,308 5,526 5,499 4,813 4,637 4,398 52 Foreign governments and official institutions.... 1.498 786 944 885 809 788 627 754 806 53 Certified and officers' checks 3,561 2,905 2,786 2,552 2,975 4,431 3,060 3,146 4,443 54 Time and savings deposits 70,010 69,995 69,652 70,270 71,825 73,775 73,437 75,063 75,469 55 Savings 9,682 9,766 9,616 9,546 9,473 9,633 9,626 9,599 9,560 56 Individuals and nonprofit organizations 9,303 9,426 9,291 9,231 9,156 9,293 9,259 9,246 9,228 57 Partnerships and corporations operated for profit 234 233 230 226 227 232 231 231 235 58 Domestic governmental units 143 106 94 87 88 105 134 120 96 59 All other 2 2 2 2 2 2 2 2 2 60 Time 60,328 60,229 60,036 60,724 62,352 64,143 63,811 65,464 65,909 61 Individuals, partnerships, and corporations ... 52,070 51,885 51,384 52,003 52,876 54,188 54,024 55,071 55,429 62 States and political subdivisions 1,935 1,984 2,017 2,033 2,192 2,289 2,330 2,386 2,350 63 U.S. government 127 98 82 85 74 78 77 94 190 64 Commercial banks in the United States 3,971 4,009 4,247 4,473 4,968 5,255 5,148 5,659 5,688 65 Foreign governments, official institutions, and banks 2,225 2,253 2,306 2,130 2,242 2,333 2,232 2,254 2,252 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 275 400 440000 552255 117755 67 Treasury tax-and-loan notes 1,171 180 925 1,295 1,538 228800 947 883377 11,,226688 68 All other liabilities for borrowed money6 39,433 47,728 48,749 44,738 45,534 4499,,000055 45,742 4444,,770044 4466,,001177 69 Other liabilities and subordinated notes and debentures 29,722 28,063 28,573 28,849 29,779 30,034 29,673 30,686 30,517 70 Total liabilities 189,565 192,240 191,422 186,500 190,726 197,298 192,354 194,061 198,209 71 Residual (total assets minus total liabilities)7 17,730 17,645 17,754 17,734 17,546 17,829 17,905 17,896 17,816 1. Excludes trading account securities. 5. Includes trading account securities. 2. Not available due to confidentiality. 6. Includes federal funds purchased and securities sold under agreements to 3. Includes securities purchased under agreements to resell. repurchase. 4. Other than financial institutions and brokers and dealers. 7. Not a measure of equity capital for use in capital adequacy analysis or for other analytic uses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Banks A21 1.29 LARGE WEEKLY REPORTING COMMERCIAL BANKS Balance Sheet Memoranda Millions of dollars, Wednesday figures, 1982 Account June 30 July 7 July 14 July 21 July 28 p Aug. 4p Aug. IIP Aug. 18P Aug. 25 p BANKS WITH ASSETS OF $750 MILLION OR MORE 1 Total loans (grossl and securities adjusted1 605,910 605,820 603,717 602,513 603,590 609,209 607,496 608,492 605,059 2 Total loans (gross) adjusted1 490,774 489,937 489,019 487,958 488,186 492,321 488,746 491,770 489,586 3 Demand de|x>sits adjusted2 102,321 98,903 99,423 96,615 97,364 96,915 98,568 95,642 96,287 4 Time deposits in accounts of $100,000 or more 193,847 193,160 195,393 198,757 200,986 202,763 201,316 205,139 206,666 5 Negotiable CDs 138,756 138,202 140,105 142,789 144,868 146,289 144,794 148,640 149,798 6 Other time deposits 55,090 54,958 55,288 55,968 56,118 56,474 56,522 56,499 56,867 7 Loans sold outright to affiliates3 3,057 2,853 2,855 2,812 2,817 2,804 2,795 2,822 2,881 8 Commercial and industrial 2,326 2,315 2,304 2,256 2,264 2,261 2,256 2,278 2,318 9 Other 731 537 552 556 553 542 540 544 563 BANKS WITH ASSETS OF $1 BILLION OR MORE 10 Total loans (gross) and securities adjusted1 568,494 568,678 566,660 565,373 566,533 572,031 570,312 571,053 567,816 11 Total loans (gross) adjusted1 462,845 462,315 461,351 460,228 460,492 464,599 461,069 463,910 461,953 12 Demand deposits adjusted2 94,924 91,662 92,290 89,459 90,346 89,960 91,587 88,752 89,233 13 Time deposits in accounts of $100,000 or more 185,095 184,516 186,609 189,782 191,914 193,765 192,325 196,176 197,693 14 Negotiable CDs 133,437 132,909 134,709 137,264 139,247 140,752 139,294 143,277 144,503 15 Other time deposits 51,658 51,607 51,900 52,518 52,666 53,013 53,031 52,899 53,190 16 Loans sold outright to affiliates3 2,971 2,763 2,768 2,726 2,724 2,714 2,708 2,736 2,800 17 Commercial and industrial 2,262 2,248 2,240 2,192 2,192 2,194 2,191 2,215 2,260 18 Other 709 515 528 534 532 520 516 521 540 BANKS IN NEW YORK CITY 19 Total loans (gross) and securities adjusted1-4 135,780 135,891 135,770 133,924 134,454 137,341 134,601 136,746 136,528 20 Total loans (gross) adjusted1 114,962 115,132 115,300 113,491 114,064 116,668 114,165 116,183 115,986 21 Demand deposits adjusted2 27,211 27,028 25,764 24,959 24,941 24,661 25,442 24,078 24,719 22 Time deposits in accounts of $100,000 or more 46,209 45,907 45,685 46,337 47,914 49,601 49,264 50,831 51,250 23 Negotiable CDs 35,396 35,039 34,846 35,329 36,922 38,358 37,938 39,772 40,227 24 Other time deposits 10,813 10,868 10,839 11,008 10,993 11,244 11,325 11,059 11,023 1. Exclusive of loans and federal funds transactions with domestic commercial 3. Loans sold are those sold outright to a bank's own foreign branches, nonbanks. consolidated nonbank affiliates of the bank, the bank's holding company (if not a 2. All demand deposits except U.S. government and domestic banks less cash bank), and nonconsolidated nonbank subsidiaries of the holding company, items in process of collection. 4. Excludes trading account securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 Domestic Nonfinancial Statistics • September 1982 1.291 LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS Assets and Liabilities Millions of dollars, Wednesday figures, 1982 Account June 30 July 7 July 14 July 21 July 28p Aug. 4P Aug. 11? Aug. 18? Aug. 25p 1 Cash and due from depository institutions 6,400 6,243 5,973 6,260 6,231 6,416 6,589 6,788 6,644 2 Total loans and securities 46,916 45,538 45,489 45,732 45,352 45,352 45,170 45,855 45,330 3 U.S. Treasury securities 2,324 2,025 1,924 1,935 1,911 1,851 1,878 1,776 1,735 4 Other securities 778 780 796 793 835 849 847 849 856 5 Federal funds sold' 4,962 4,066 3,486 3,756 2,715 2,658 3,187 3,270 2,631 6 To commercial banks in United States.. 4,627 3,832 3,242 3,510 2,554 2,490 33,,009988 3,048 2,508 7 To others 335 234 244 245 161 168 8899 222 123 8 Other loans, gross 38,851 38,666 39,284 39,248 39,891 39,994 39,258 39,959 40,108 9 Commercial and industrial 18,890 18,729 18,851 18,605 18,839 18,877 18,664 18,648 19,054 10 Bankers acceptances and commercial paper 3,362 3,236 3,222 3,056 3,034 3,047 3,077 2,893 3,099 11 All other 15,528 15,494 15,629 15,549 15,805 15,830 15,587 15,755 15,954 12 U.S. addressees 13,363 13,367 13,597 13,517 13,786 13,816 13,542 13,793 13,780 13 Non-U.S. addressees 2,164 2,127 2,032 2,033 2,018 2,013 2,045 1,962 2,174 14 To financial institutions 15,202 15,267 15,650 15,756 15,974 16,242 15,865 16,214 16,162 15 Commercial banks in United States .. 11,889 12,096 12,553 12,679 12,946 13,197 12,831 13,116 13,180 16 Banks in foreign countries 2,582 2,511 2,434 2,455 2,390 2,413 22,,442266 2,488 2,368 17 Nonbank financial institutions 731 660 664 623 637 631 660088 611 614 18 For purchasing and carrying securities .. 389 273 430 562 738 582 455 557 413 19 All other 4,371 4,398 4,353 4,324 4,340 4,293 4,274 4,540 4,480 20 Other assets (claims on nonrelated parties) 12,578 12,630 13,096 12,924 12,946 12,898 12,941 13,030 12,712 21 Net due from related institutions 12,591 10,631 11,066 10,976 11,767 11,582 11,956 12,405 12,197 22 Total assets 78,485 75,042 75,624 75,893 76,296 76,247 76,655 78,078 76,884 23 Deposits or credit balances2 21,887 21,074 21,459 20,965 20,885 21,425 21,448 22,568 22,226 24 Credit balances 262 198 226 275 237 201 192 230 214 25 Demand deposits 2,319 2,018 2,074 1,903 2,022 1,913 1,760 1,940 1,813 26 Individuals, partnerships, and corporations 955 770 738 721 753 811 710 770 763 27 Other 1,364 1,248 1,335 1,181 1,270 1,102 1,050 1,170 1,050 28 Total time and savings 19,306 18,858 19,160 18,787 18,626 19,311 19,496 20,398 20,199 29 Individuals, partnerships, and corporations 15,941 15,600 15,710 15,786 15,532 16,224 16,352 17,010 16,808 30 Other 3,364 3,258 3,449 3,001 3,094 3,087 3,145 3,388 3,391 31 Borrowings3 32,203 30,332 30,627 32,089 33,213 33,756 33,707 34,448 32,934 32 Federal funds purchased4 7,810 6,309 6,297 7,788 8,358 8,684 8,621 9,447 7,910 33 From commercial banks in United States 6,852 5,429 5,601 6,906 7,435 7,747 7,746 8,625 7,045 34 From others 957 880 696 882 923 937 875 822 865 35 Other liabilities for borrowed money ... 24,393 24,022 24,330 24,301 24,855 25,073 25,086 25,001 25,024 36 To commercial banks in United States 22,040 21,709 21,965 21,888 22,406 22,643 22,595 22,600 22,564 37 To others 2,353 2,314 2,366 2,413 2,449 2,430 2,491 2,401 2,460 38 Other liabilities to nonrelated parties 12,556 12,693 12,921 13,030 13,034 13,033 12,829 12,857 12,518 39 Net due to related institutions 11,840 10,944 10,617 9,809 9,164 8,033 8,671 8,205 9,206 40 Total liabilities 78,485 75,042 75,624 75,893 76,296 76,247 76,655 78,078 76,884 MEMO 41 Total loans (gross) and securities adjusted' 30,400 29,610 29,694 29,543 29,852 29,664 29,241 29,691 29,642 42 Total loans (gross) adjusted5 27,298 26,804 26,975 26,814 27,106 26,965 26,516 27,065 27,051 1. Includes securities purchased under agreements to resell. NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities 2. Balances due to other than directly related institutions. to international banking facilities (IBFs) reduced the amounts reported in some 3. Borrowings from other than directly related institutions. items, especially in loans to foreigners and to a lesser extent in time deposits. Based 4. Includes securities sold under agreements to repurchase. on preliminary reports, the large weekly reporting branches and agencies shifted 5. Excludes loans and federal funds transactions with commercial banks in United $22.2 billion of assets to their IBFs in the six weeks ending Jan. 13,1982. Domestic States offices net positions with IBFs are now included in net due from or net due to related institutions. More detail will be available later. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Banks A23 1.30 LARGE WEEKLY REPORTING COMMERCIAL BANKS Domestic Classified Commercial and Industrial Loans Millions of dollars Outstanding Net change during IIInnnddduuussstttrrryyy ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1982 1982 Apr. 28 May 26 June 30 July 28 Aug. 25 Q1 Q2 June July Aug. 1 Durable goods manufacturing 29,086 28,842 29,104 28.543 29.155 1.720 465 262 -560 611 2 Nondurable goods manufacturing 23,577 23,998 25,297 24.819 24,890 1,364 2.135 1,299 -478 71 3 Food, liquor, and tobacco 4,816 4,784 4,807 4.681 4.584 346 256 22 -126 -96 4 Textiles, apparel, and leather 4,654 4.722 4,864 5.068 5.064 353 329 142 204 -4 5 Petroleum refining 4,409 4.677 5,087 4,840 4.717 -418 638 410 -247 -123 6 Chemicals and rubber 5,187 5,232 5.551 5,198 5.548 795 413 319 -353 350 7 Other nondurable goods 4,512 4.581 4.988 5.032 4,976 287 498 406 44 -56 8 Mining (including crude petroleum and natural gas) 26,792 28,246 28.257 27.987 27,330 1,486 2,406 11 -270 -657 9 Trade 28,642 28,704 29,166 28.580 28,304 747 345 462 -586 -276 10 Commodity dealers 1,858 1,873 1,861 1.648 1,788 30 -460 -12 -214 140 11 Other wholesale 13,558 13,489 13.775 13,634 13,482 559 249 286 -141 -152 12 Retail 13,225 13.342 13,529 13,298 13,035 158 556 187 -231 -263 13 Transportation, communication. and other public utilities 23,686 23,703 25,015 24,964 24,752 462 1,372 1,311 -51 -211 14 Transportation 9,101 9,070 9,228 8,868 8.961 540 74 158 -360 93 15 Communication 4,471 4,559 4,779 4,832 4,904 287 538 220 52 72 16 Other public utilities 10,114 10,074 11,008 11,263 10,887 -365 760 934 256 -376 17 Construction 7,413 7,690 7,765 7.926 7,835 14 513 75 161 -91 18 Services 27,359 27,956 28,780 28,863 28.987 553 1,639 825 83 124 19 All other1 16,942 17,133 17,301 17,362 17,572 188 40 168 61 210 20 Total domestic loans 183,496 186,271 190,684 189,044 188,825 6,533 8,914 4,413 -1,640 -219 21 MEMO: Term loans (original maturity more than 1 year) included in domestic loans. 88,277 89,282 89,849 87,247 87,050 1,917 2,646 568 -2,602 -196 1. Includes commercial and industrial loans at a few banks with assets of $1 NOTE. New series. The 134 large weekly reporting commercial banks with dobillion or more that do not classify their loans. mestic assets of $1 billion or more as of Dec. 31. 1977, are included in this series. The series is on a last-Wednesday-of-the-month basis. Partly estimated historical data are available from the Banking Section, Division of Research and Statistics. 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

A24 Domestic Nonfinancial Statistics • September 1982 1.31 GROSS DEMAND DEPOSITS of Individuals, Partnerships, and Corporations1 Billions of dollars, estimated daily-average balances Commercial banks TTyyppee ooff hhoollddeerr 1980 1981 1982 11997788 1199779922 DDeecc.. DDeecc.. Dec. Mar.3 June4 Sept. Dec. Mar. June 1 All holders—Individuals, partnerships, and corporations 294.6 302.2 315.5 280.8 277.5 288.9 268.9 271.5 f 2 Financial business 27.8 27.1 29.8 30.8 1 28.2 28.0 27.8 28.6 3 Nonfinancial business 152.7 157.7 162.3 144.3 n.a. 148.6 154.8 138.7 141.4 4 Consumer 97.4 99.2 102.4 86.7 1 82.1 86.6 84.6 83.7 5 Foreign 2.7 3.1 3.3 3.4 1 3.1 2.9 3.1 2.9 6 Other 14.1 15.1 17.2 15.6 T 15.5 16.7 14.6 15.0 Weekly reporting banks 1980 1981 1982 11997788 1199779955 DDeecc.. DDeecc.. Dec. Mar.3 June4 Sept. Dec. Mar. June 7 All holders—Individuals, partnerships, and corporations 147.0 139.3 147.4 133.2 131.3 137.5 126.8 127.9 4 8 Financial business 19.8 20.1 21.8 21.9 1 20.7 21.0 20.2 20.2 9 Nonfinancial business 79.0 74.1 78.3 69.8 n.a. 71.2 75.2 67.1 67.7 10 Consumer 38.2 34.3 35.6 30.6 1 28.7 30.4 29.2 29.7 11 Foreign 2.5 3.0 3.1 3.2 t1 2.9 2.8 2.9 2.8 12 Other 7.5 7.8 8.6 7.7 7.9 8.0 7.3 7.5 1. Figures include cash items in process of collection. Estimates of gross deposits 4. Demand deposit ownership survey estimates for June 1981 are not yet available are based on reports supplied by a sample of commercial banks. Types of depositors due to unresolved reporting errors. in each category are described in the June 1971 BULLETIN, p. 466. 5. After the end of 1978 the large weekly reporting bank panel was changed to 2. Beginning with the March 1979 survey, the demand deposit ownership survey 170 large commercial banks, each of which had total assets in domestic offices sample was reduced to 232 banks from 349 banks, and the estimation procedure exceeding $750 million as of Dec. 31, 1977. See "Announcements," p. 408 in the was modified slightly. To aid in comparing estimates based on the old and new May 1978 BULLETIN. Beginning in March 1979, demand deposit ownership estireporting sample, the following estimates in billions of dollars for December 1978 mates for these large banks are constructed quarterly on the basis of 97 sample have been constructed using the new smaller sample; financial business, 27.0; banks and are not comparable with earlier data. The following estimates in billions nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and other, 15.1. of dollars for December 1978 have been constructed for the new large-bank panel; 3. Demand deposit ownership data for March 1981 are subject to greater than financial business, 18.2; nonfinancial business, 67.2; consumer, 32.8; foreign, 2.5; normal errors reflecting unusual reporting difficulties associated with funds shifted other, 6.8. to negotiable order of withdrawal (NOW) accounts authorized at year-end 1980. For the household category, the $15.7 billion decline in demand deposits at all commercial banks between December 1980 and March 1981 has an estimated standard error of $4.8 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits and Commercial Paper A25 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING Millions of dollars, end of period 1982 1977 1978 19791 1980 1981 Dec. Dec. Dec. Dec. Dec. Feb. Mar. Apr. May' June July Commercial paper (seasonally adjusted) 1 All issuers 65,051 83,438 112,803 124,5241 165,508 165,110' 166,726' 171,866' 176,210' 178,842' 180,669 Financial companies2 Dealer-placed paper3 2 Total 8,796 12,181 17,359 19,790 30,188 30,057 31,574 32,848 34,683 36,685' 37,961 3 Bank-related (not seasonally adjusted) 2,132 3,521 2,784 3,561 6,045 6,556' 77,,005555'' 7,905' 88,,000033 7,188' 6,427 Directly placed paperA 4 Total 40,574 51,647 64,757 67,854 81.660 79,526' 78,322' 81,585' 82,390 84,774' 85,684 5 Bank-related (not seasonally adjusted) 7,102 12,314 17,598 22,382 26,914 27,591' 27,579' 29.434' 30,576 30,828' 31,141 6 Nonfinancial companies-' 15,681 19,610 30,687 36,880 53.660 55,527 56,830 57,433 59,137 57,383 57,024 Bankers dollar acceptances (not seasonally adjusted unless noted otherwise) 7 Total 25,450 33,700 45,321 54,744 69,226 70,468 71,619 71,128 71,601 71,765 Holder 8 Accepting banks 10,434 8,579 9,865 10,564 10.857 11.953 12,964 12,675 11,104 10,362 9 Own bills 8,915 7,653 8.327 8,963 9.743 10,928 11,139 11,409 9,879 9,175 10 Bills bought 1,519 927 1,538 1,601 1,115 1,025 1,825 1.266 1,225 1,188 Federal Reserve Banks 11 Own account 954 1 704 776 0 0 0 0 0 0 n. a. 12 Foreign correspondents 362 664 1,382 1,791 1,442 1,530 1,379 1,329 1,234 1,348 13 Others 13,700 24,456 33,370 41,614 56,926 56,985 57,276 57,124 59,262 60,054 Basis 14 Imports into United States 6,378 8.574 10,270 11,776 14,765 15,430 14,877 15,303 14,979 15,213 15 Exports from United States 5,863 7,586 9,640 12.712 15,400 16,119 16,835 16,887 16,255 15,649 16 All other 13,209 17,540 25,411 30,257 39,061 38,919 39,907 38,937 40,458 40,842 1. A change in reporting instructions results in offsetting shifts in the dealer- 3. Includes all financial company paper sold by dealers in the open market. placed and directly placed financial company paper in October 1979. 4. As reported by financial companies that place their paper directly with inves- 2. Institutions engaged primarily in activities such as, but not limited to, com- tors. mercial, savings, and mortgage banking; sales, personal, and mortgage financing; 5. Includes public utilities and firms engaged primarily in such activities as comfactoring, finance leasing, ana other business lending; insurance underwriting; and munications, construction, manufacturing, mining, wholesale and retail trade, other investment activities. transportation, and services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 DomesticN onfinancial Statistics • September 1982 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per annum Effective date Rate Effective Date Rate Month Average rate 1981—Sept. 15 20.00 1982—Feb. 2 . 16.50 1981—Jan. 20.16 1981—Dec 22 19.50 18. 17.00 Feb. 19.43 Oct. 5 19.00 23. 16.50 Mar. 18.05 1982—Jan 13 18.00 July 20. 16.00 .Apr. 17.15 Feb Nov. 3 17.50 29. 15.50 May 19.61 Mar 9 17.00 Aug. 2 15.00 June 20.03 Apr 17 1 17 6 . . 0 5 0 0 - 1 1 6 8 1 1 4 4 . . 5 0 0 0 J A u u ly g . 2 2 0 0 . . 3 5 9 0 J M u a n y e 20 16.50 23. 13.50 Sept. 20.08 July 24 16.00 Oct. 18.45 Aug Dec. 1 15.75 Nov. 16.84 1.34 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 3-8, 1982 Size of loan (in thousands of dollars) All sizes 1,000 1-24 25-49 and over SHORT-TERM COMMERCIAL AND INDUSTRIAL LOANS 1 Amount of loans (thousands of dollars) 36,600,259 885,940 501,046 707.807 2,349,121 1,198,641 30,957,703 2 Number of loans 161,197 115,667 14,935 11.137 13,022 1,848 4,588 3 Weighted-average maturity (months) 1.2 3.4 3.8 3.4 3.6 2.4 .9 4 Weighted-average interest rate (percent per annum) 17.11 18.51 18.56 18.06 17.77 17.98 16.94 5 Interquartile range1 16.58-17.51 17.42-19.51 17.55-19.25 17.62-18.50 17.00-18.67 17.00-18.97 16.57-17.30 Percentage of amount of loans 6 With floating rate 29.8 39.2 48.4 44.8 52.3 50.8 26.3 7 Made under commitment 51.7 36.2 40.3 49.3 63.7 51.2 51.5 8 With no stated maturity 14.4 12.8 14.8 24.9 19.9 24.0 13.4 LONG-TERM COMMERCIAL AND INDUSTRIAL LOANS 9 Amount of loans (thousands of dollars) 3.705,382 253,640 410,817 164,045 2,876,880 10 Number of loans 20,575 18,222 1,547 244 562 11 Weighted-average maturity (months) 49.8 29.9 50.1 43.3 51.8 12 Weighted-average interest rate (percent per annum) 16.96 18.80 17.59 17.29 16.69 13 Interquartile range1 16.50-17.51 17.79-19.56 17.50-17.81 16.50-18.00 16.00-17.32 Percentage of amount of loans 14 With floating rate 71.7 38.6 45.9 83.5 77.7 15 Made under commitment 72.1 28.9 36.2 82.8 80.4 CONSTRUCTION AND LAND DEVELOPMENT LOANS 16 Amount of loans (thousands of dollars) 1,921,308 182,396 228,405 166,690 427,520 916,297 17 Number of loans 31,454 18,881 6,446 2,273 3,050 805 18 Weighted-average maturity (months) 11.1 7.2 12.3 8.3 14.1 10.6 19 Weighted-average interest rate (percent per annum) 17.80 19.13 18.81 17.97 18.45 16.96 20 Interquartile range1 16.07-19.10 18.54-20.15 17.00-19.82 16.72-19.25 18.13-19.59 16.07-17.88 Percentage of amount of loans 21 With floating rate 28.8 37.7 22.5 47.1 20.7 29.0 22 Secured by real estate 85.0 74.1 82.1 80.6 97.9 82.8 23 Made under commitment 32.9 55.5 65.6 19.3 18.4 29.6 24 With no stated maturity .9 1.9 1.1 2.7 1.4 .0 Type of construction 25 1- to 4-family 30.0 40.0 54.0 40.8 26.0 21.9 26 Multifamily 4.8 3.2 1.1 4.9 2.7 7.1 27 Nonresidential 65.2 56.8 44.9 54.3 71.3 71.0 All 250 sizes 1-9 10-24 50-99 100-249 and over LOANS TO FARMERS 28 Amount of loans (thousands of dollars) 1,224,054 172,901 214,006 167.333 190,019 193,183 286,611 29 Number of loans 70,983 46,365 15,091 4.919 2,781 1,363 465 30 Weighted-average maturity (months) 7.6 6.6 6.4 7.6 5.3 9.3 9.4 31 Weighted-average interest rate (percent per annum) 17.76 17.63 17.59 17.59 18.01 17.76 17.91 32 Interquartile range1 17.18-18.39 17.00-18.39 17.18-18.27 17.06-18.13 17.25-18.68 17.17-18.27 17.25-18.77 By purpose of loan 33 Feeder livestock 17.81 17.89 17.73 17.69 18.56 17.84 17.56 34 Other livestock 17.51 17.75 17.57 17.34 17.42 17.97 35 Other current operating expenses 17.66 17.46 17.61 17.57 17.83 17.65 17.59 36 Farm machinery and equipment 18.19 18.14 17.31 17.30 37 Other 17.85 18.21 17.70 17.68 17.98 1. Interest rate range that covers the middle 50 percent of the total dollar amount NOTE. For more detail, see the Board's E.2 (111) statistical release, of loans made. Digitized for FR2. AFSewEerR th an 10 sample loans. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Markets A27 1.35 INTEREST RATES Money and Capital Markets Averages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted. 1982 1982, week ending IInnssttrruummeenntt 11997799 11998800 11998811 May June July Aug. Aug. 6 Aug. 13 Aug. 20 Aug. 27 Sept. 3 MONEY MARKET RATES 1 Federal funds1'2 11.19 13.36 16.38 14.45 14.15 12.59 10.12 11.15 10.90 10.11 9.04 10.15 Commercial paper3-4 2 1-month 10.86 12.76 15.69 13.79 13.95 12.62 9.50 10.49 10.70 8.80 8.17 9.58 3 3-month 10.97 12.66 15.32 13.42 13.96 12.94 10.15 10.99 11.23 9.38 9.12 10.10 4 6-month 10.91 12.29 14.76 13.02 13.79 13.00 10.80 11.44 11.67 9.98 10.10 10.84 Finance paper, directly placed3,4 5 1-month 10.78 12.44 15.30 13.49 13.79 12.42 9.32 10.41 10.55 8.51 77..9933 99..5522 6 3-month 10.47 11.49 14.08 12.75 13.09 12.24 9.62 10.42 10.52 9.07 8.64 9.44 7 6-month 10.25 11.28 13.73 12.61 12.69 12.15 9.93 10.82 10.77 9.45 8.94 9.47 Bankers acceptances4,5 8 3-month 11.04 12.78 15.32 13.29 14.00 12.90 10.34 11.18 11.18 9.61 9.54 10.12 9 6-month n.a. n.a. 14.66 12.90 13.76 12.91 10.90 11.56 11.54 10.14 10.35 10.99 Certificates of deposit, secondary market6 10 1-month 11.03 12.91 15.91 13.95 14.18 12.88 10.07 10.95 11.00 9.40 9.04 9.98 11 3-month 11.22 13.07 15.91 13.80 14.46 13.44 10.61 11.43 11.63 9.77 9.73 10.42 12 6-month 11.44 12.99 15.77 13.77 14.66 13.80 11.53 12.18 12.37 10.65 10.86 11.64 13 Eurodollar deposits, 3-month2 11.96 14.00 16.79 14.53 15.45 14.37 11.57 12.68 12.69 11.58 10.36 11.26 U.S. Treasury bills4 Secondary market7 14 3-month 10.07 11.43 14.03 12.09 12.47 11.35 8.68 9.80 9.70 7.88 7.50 8.31 15 6-month 10.06 11.37 13.80 12.16 12.70 11.88 9.88 10.78 10.70 9.17 8.99 9.59 16 1-year 9.75 10.89 13.14 11.98 12.57 11.90 10.37 11.13 11.06 9.71 9.68 10.12 Auction average8 17 3-month 10.041 11.506 14.077 12.148 12.108 11.914 9.006 9.633 10.025 8.616 7.748 8.604 18 6-month 10.017 11.374 13.811 12.220 12.310 12.236 10.105 10.671 10.940 9.821 8.988 9.746 1199 99..881177 1100..774488 1133..115599 1122..119944 1122..117733 1122..331188 1111..119955 1111..119955 CAPITAL MARKET RATES U.S. Treasury notes and bonds9 Constant maturities10 20 1-year 10.67 12.05 14.78 13.34 14.07 13.24 11.43 12.32 12.23 10.63 10.63 11.12 21 2-year 10.12 11.77 14.56 13.78 14.47 13.80 12.32 12.99 13.01 11.75 11.67 11.93 ~r> 2-V2-yearn 13.00 11.95 23 3-year 9.71 11.55 14.44 13.77 14.48 14.00 12.62 13.26 13.24 12.07 12.00 12.25 7.4 5-year 9.52 11.48 14.24 13.75 14.43 14.07 13.00 13.62 13.59 12.53 12.38 12.54 25 7-year 9.48 11.43 14.06 13.74 14.47 14.07 13.14 13.69 13.66 12.68 12.62 12.77 26 10-year 9.44 11.46 13.91 13.62 14.30 13.95 13.06 13.63 13.57 12.60 12.51 12.69 27 20-year 9.33 11.39 13.72 13.46 14.18 13.76 12.91 13.48 13.38 12.50 12.40 12.48 28 30-year 9.29 11.30 13.44 13.24 13.92 13.55 12.77 13.28 13.19 12.39 12.30 12.38 Composite12 29 Over 10 years (long-term) 8.74 10.81 12.87 12.67 13.32 12.97 12.15 12.67 12.61 11.79 11.64 11.76 State and local notes and bonds Moody's series13 30 Aaa 5.92 7.85 10.43 11.05 11.55 11.47 10.68 11.40 11.20 10.80 9.30 9.40 31 Baa 6.73 9.01 11.76 12.63c 12.74c 13.17 12.36 12.75 12.75 12.20 11.75 12.00 32 Bond Buyer series14 6.52 8.59 11.33 11.95 12.45 12.28 11.23 11.87 11.86 10.82 10.38 10.74 Corporate bonds Seasoned issues15 33 All industries 10.12 12.75 15.06 15.34 15.77 15.70 15.06 15.44 15.43 14.91 14.60 14.60 34 Aaa 9.63 11.94 14.17 14.26 14.81 14.61 13.71 14.22 14.14 13.48 13.15 13.24 35 Aa 9.94 12.50 14.75 14.77 15.26 15.21 14.48 14.91 14.92 14.29 13.97 14.03 36 A 10.20 12.89 15.29 15.70 16.07 16.20 15.70 15.95 15.95 15.63 15.41 15.34 37 Baa 10.69 13.67 16.04 16.64 16.92 16.80 16.32 16.69 16.71 16.26 15.86 15.77 Aaa utility bonds16 38 10.03 12.74 15.56 15.22 15.92 15.61 13.95 14.15 13.75 39 Recently offered issues 10.02 12.70 15.56 15.24 15.84 15.61 14.47 15.16 15.11 14.00 13.92 13.88 MEMO: Dividend/price ratio17 40 Preferred stocks 9.07 10.57 12.36 12.58 12.96 13.24 12.78 13.20 13.02 12.55 12.36 12.78 41 Common stocks 5.46 5.25 5.41 5.97 5.97 6.31 6.32 6.48 6.69 6.30 5.81 5.80 1. Weekly and monthly figures are averages of all calendar days, where the 11. Each weekly figure is calculated on a biweekly basis and is the average of rate for a weekend or holiday is taken to be the rate prevailing on the preceding five business days ending on the Monday following the calendar week. The biweekly business day. The daily rate is the average of the rates on a given day weighted rate is used to determine the maximum interest rate payable in the following twoby the volume of transactions at these rates. week period on small saver certificates. (See table 1.16.) 2. Weekly figures are statement week averages—that is, averages for the week 12. Unweighted averages of yields (to maturity or call) for all outstanding notes ending Wednesday. and bonds neither due nor callable in less than 10 years, including several very low 3. Unweighted average of offering rates quoted by at least five dealers (in the yielding "flower" bonds. case of commercial paper), or finance companies (in the case of finance paper). 13. General obligations only, based on figures for Thursday, from Moody's Before November 1979, maturities for data shown are 30-59 days, 90-119 days, Investors Service. and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and 150- 14. General obligations only, with 20 years to maturity, issued by 20 state and 179 days for finance paper. local governmental units of mixed quality. Based on figures for Thursday. 4. Yields are quoted on a bank-discount basis, rather than an investment yield 15. Daily figures from Moody's Investors Service. Based on yields to maturity basis (which would give a higher figure). on selected long-term bonds. 5. Dealer closing offered rates for top-rated banks. Most representative rate 16. Compilation of the Federal Reserve. Issues included are long-term (20 years (which may be, but need not be, the average of the rates quoted by the dealers). or more). New-issue yields are based on quotations on date of offering; those on 6. Unweighted average of offered rates quoted by at least five dealers early in recently offered issues (included only for first 4 weeks after termination of underthe day. writer price restrictions), on Friday close-of-business quotations. 7. Unweighted average of closing bid rates quoted by at least five dealers. 17. Standard and Poor's corporate series. Preferred stock ratio based on a sample 8. Rates are recorded in the week in which bills are issued. of ten issues: four public utilities, four industrials, one financial, and one trans- 9. Yields are based on closing bid prices quoted by at least five dealers. portation. Common stock ratios on the 500 stocks in the price index. 10. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields are read from a yield curve at fixed maturities. Based on only recently issued, actively traded securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic Nonfinancial Statistics • September 1982 1.36 STOCK MARKET Selected Statistics 1981 1982 I A" tnr 11997799 11998800 11998811 Dec. Jan. Feb. Mar. Apr. May June July Aug. Prices and trading (averages of daily figures) Common stock prices 1 New York Stock Exchange (Dec. 31, 1965 - 50) 55.67 68.06 74.02 71.81 67.91 66.16 63.86 66.97 67.07 63.10 62.82 62.91 2 Industrial 61.82 78.64 85.44 81.70 76.85 74.78 71.51 75.59 75.97 71.59 71.37 70.98 3 Transportation 45.20 60.52 72.61 68.27 62.04 59.09 55.19 57.91 56.84 53.07 53.40 53.98 4 Utility 36.46 37.35 38.90 40.22 39.30 38.32 38.57 39.20 39.40 37.34 37.20 38.19 5 Finance 58.65 64.28 73.52 74.74 70.99 70.50 69.08 71.44 69.16 63.19 61.59 62.84 6 Standard & Poor's Corporation (1941-43 = 10)1... 107.94 118.71 128.05 123.79 117.41 114.50 110.84 116.31 116.35 109.70 109.38 109.65 7 American Stock Exchange (Aug. 31, 1973 - 100) 186.56 300.94 343.58 322.65 296.49 275.10 255.08 271.15 272.88 254.72 250.63 253.54 Volume of trading (thousands of shares) 8 New York Stock Exchange 32,233 44.867 46,967 43,598 48.419 51.169 55,227 54,116 51.328 50,481 54,530r 76,031 9 American Stock Exchange 4,182 6,377 5,346 4,992 4,497 4,400 4,329 3,937 4,292 3.720 3,611 5,567 Customer financing (end-of-period balances, in millions of dollars) 10 Regulated margin credit at brokers-dealers2 11,619 14,721 14,411 14,411 13,441 13,023 12,095 12,202 12,237 11,783 11,729 11 Margin stock3 11,450 14,500 14,150 14,150 13,190 12,770 11,840 11,950 11.990 11,540 11,470 12 Convertible bonds 167 219 259 259 249 251 249 251 246 242 258 n a. 13 Subscription issues 2 2 2 2 2 2 6 1 1 1 1 Free credit balances at brokers4 14 Margin-account 1,105 2,105 3,515 3,515 3,455 3,755 3,895 4,145 4,175 4,215r 4,410 15 Cash-account 4,060 6,070 7,150 7,150 6,575 6,595 6,510 6,270 6,355 6,345r 6,560 Margin-account debt at brokers (percentage distribution, end of period) 16 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 By equity class (in percent)5 17 Under 40 16.0 14.0 37.0 37.0 37.0 44.0 39.0 34.0 40.0 43.0 45.0 18 40-49 ... 29.0 30.0 21.0 24.0 24.0 22.0 24.0 25.0 24.0 21.0 23.0 19 50-59 . 27.0 25.0 22.0 17.0 16.0 15.0 16.0 18.0 15.0 16.0 13.0 20 60-69 14.0 14.0 10.0 10.0 10.0 8.0 10.0 10.0 9.0 9.0 8.0 21 70-79 8.0 9.0 6.0 6.0 7.0 6.0 6.0 7.0 6.0 6.0 6.0 77..00 8.0 6.0 6.0 6.0 5.0 5.0 6.0 5.0 5.0 5.0 I T Special miscellaneous-account balances at brokers (end of period) 1166,,115500 2211,,669900 2255,,887700 2255,,887700 2266,,008800 2266,,885500 2288,,003300 2288,,225522 2288,,552211 2299,,779988 2299,,777733 f DDiissttrriibbuuttiioonn bbyy eeqquuiittyy ssttaattuuss ((ppeerrcceenntt)) 44.2 47.8 58.0 58.0 58.0 58.0 59.0 57.0 58.0 59.0 59.0 Debt status, equity of 47.0 44.4 31.0 31.0 31.0 30.0 28.0 29.0 29.0 28.0 26.0 1 88..88 7.7 11.0 11.0 1111..00 12.0 13.0 13.0 1133..00 13.0 14.0 1 T Margin requirements (percent of market value and effective date)7 Mar. 11, 1968 June 8, 1968 May 6. 1970 Dec. 6. 1971 Nov. 24, 1972 Jan. 3. 1974 27 Margin stocks 70 80 65 55 65 50 28 Convertible bonds 50 60 50 50 50 50 29 Short sales 70 80 65 55 65 50 1. Effective July 1976, includes a new financial group, banks and insurance 5. Each customer's equity in his collateral (market value of collateral less net companies. With this change the index includes 400 industrial stocks (formerly debit balance) is expressed as a percentage of current collateral values. 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60). and 40 6. Balances that may be used by customers as the margin deposit required for financial. additional purchases. Balances may arise as transfers based on loan values of other 2. Margin credit includes all credit extended to purchase or carry stocks or related collateral in the customer's margin account or deposits of cash (usually sales proequity instruments and secured at least in part by stock. Credit extended is end- ceeds) occur. of-month data for member firms of the New York Stock Exchange. 7. Regulations G, T, and U of the Federal Reserve Board of Governors, pre- In addition to assigning a current loan value to margin stock generally. Regu- scribed in accordance with the Securities Exchange Act of 1934. limit the amount lations T and U permit special loan values for convertible bonds and stock acquired of credit to purchase and carry margin stocks that may be extended on securities through exercise of subscription rights. as collateral by prescribing a maximum loan value, which is a specified percentage 3. A distribution of this total by equity class is shown on lines 17-22. of the market value of the collateral at the time the credit is extended. Margin 4. Free credit balances are in accounts with no unfulfilled commitments to the requirements are the difference between the market value (100 percent) and the brokers and are subject to withdrawal by customers on demand. maximum loan value. The term "margin stocks" is defined in the corresponding regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Institutions A29 1.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1981 1982 Account 1979 1980 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner JulyP Savings and loan associations 1 Assets 578,962 630,712 659,073 660,326 663,844 667,600 671,895 678,039 681,368 686,942 692,245 696,425 2 Mortgages 475,688 503,192 519,248 519,146 518,350 517,493 516,284 515,896 514,475 513,807 512,746 510.036 3 Cash and investment securities1 46,341 57,928 61,517 61,369 62,756 64,089 66,585 67,758 67,859 69,931 70,451 72,367 4 Other 56,933 69,592 78,308 79,811 82,738 86,018 89,026 94,835 99,034 103,204 109,228 114,022 5 Liabilities and net worth 578,962 630,712 659,073 660,326 663,844 667,600 671,895 678,039 681,368 686,942 692,425 696,425 6 Savings capital 470,004 511,636 519,288 519,777 524,374 526,382 529,064 535,566 532,899 534,517 537,965 538,850 7 Borrowed money 55,232 64,586 86,108 86,255 89,097 89,099 89,465 91,013 93,883 94,440 97,177 98,586 8 FHLBB 40,441 47,045 62,000 61,922 62,794 62,581 62,690 63,639 65,347 65,216 66,925 66,794 9 Other 14,791 17,541 24,108 24,333 26.303 26,518 26,775 27,374 28,536 29,224 30,252 31,792 10 Loans in process 9,582 8,767 6,757 6,451 6,369 6,249 6,144 6,399 6,550 6,748 7,087 7,207 11 Other 11,506 12,394 17,506 19,101 15,612 18,356 20,145 18,574 22,012 25,819 24,732 26,958 12 Net worth2 32,638 33,329 29,414 28,742 28,392 27,514 27,077 26,487 26,024 25,418 25,454 24,824 13 MEMO: Mortgage loan commitments outstanding3 16,007 16,102 15,733 15,758 15,225 15,131 15,397 15,582 16,375 16,622 16.828 15,589 Mutual savings banks4 14 Assets 163,405 171,564 175,693 175,258 175,728 175,938 175,763 174,776 174,813 174,952 175,091 Loans 15 Mortgage 98,908 99,865 99,903 99,879 99,997 99,788 98,838 97,464 97,160 96,334 96,346 16 Other 9,253 11,733 14,725 15,073 14,753 15,029 15,604 16,514 16,424 17,409 16,546 Securities 17 U.S. government5 7,658 8,949 9,765 9,508 9,810 9,991 9,966 10,072 10,146 9,968 10,112 18 State and local government 2,930 2,390 2,394 2,271 2,288 2,290 2,293 2,276 2,269 2,259 2,253 19 Corporate and other6 37,086 39,282 38,108 37,874 37,791 37,849 37,781 37,379 37,473 37,486 36,958 7,0 3,156 4,334 5,118 5,039 5,442 5,210 5,412 5,219 5,494 5,469 6,040 21 Other assets 4,412 5,011 5,681 5,615 5,649 5,781 5,869 5,852 5,846 6,027 6,836 22 Liabilities 163,405 171,564 175,693 175,258 175,728 175,938 175,763 174,776 174,813 174,952 175,091 n a. 23 Deposits 146,006 154,805 154,066 153,809 155,110 154,843 154,626 154,022 153,187 153,354 154,273 24 Regular7 144,070 151,416 151,975 151,787 153,003 152,801 152,616 151,979 151,021 151,253 152,030 25 Ordinary savings 61,123 53,971 48,238 48,456 49,425 48,898 48,297 48,412 47,733 47,895 47,942 76 Time 82,947 97,445 103,737 103,331 103,578 103,903 104,318 103,567 103,288 103,358 104,088 77 Other 1,936 2,086 24,806 2,023 2,108 2,042 2,010 2,043 2,166 2,101 2,243 78 Other liabilities 5,873 6,695 11,513 11,434 10,632 11,280 11,464 11,132 12,141 12,246 11,230 29 General reserve accounts 11,525 11,368 10,114k ,-17.610,01 5 9,986 9,814 9,672 9,622 9,485 9,352 9,588 30 MEMO: Mortgage loan commitments outstanding8 3,182 1,476 1,140 1,207 1,293 916 950 978 953 998 1,010 Life insurance companies 31 Assets 432,282 479,210 515,079 519,281 521,354 525,331 526,573 530,014 533,810 537,281 547,075 Securities 37 Government 338 21,378 24,621 25,200 25,310 26,157 26,847 27,322 27,691 28,023 28,243 33 United States9 4,888 5,345 7,846 8,321 8,578 9,204 9,887 10,236 10,465 10,698 10,403 34 State and local 6.428 6,701 7,129 7,148 6,968 7,063 7,043 7,069 7,139 7,193 7,643 35 Foreign10 9,022 9,332 9,646 9,731 9,764 9,890 9,917 10,017 10,087 10,132 10,197 36 Business 222,332 238,113 253,976 255.632 254,978 257,614 257,318 257,452 260,034 261,521 265,080 37 Bonds 178,371 190,747 208,004 209,194 208,587 211,686 212,685 213,217 214,984 216,972 219,006 n a. 38 Stocks 39,757 47,366 45,972 46,438 46,391 45,928 44,633 44,235 45,050 44,549 46,074 39 Mortgages 118,421 131,080 137,736 138,433 139,046 139,596 139,777 140,259 140,688 141,023 139,539 40 Real estate 13,007 15,033 18,382 18,629 19,157 19,276 18,999 19,472 19,947 20,186 19,959 41 Policy loans 34,825 41,411 47,731 48,275 48,741 49,092 49,535 50,083 50,640 51,059 51,438 42 Other assets 27,563 31,702 32,633 33,112 34,122 33,288 34,097 35,426 34,810 35,469 42,816 Credit unions 43 Total assets/liabilities and capital 65,854 71,709 76,123 76,830 77,682 78,012 78,986 81,055 81,351 82,858 84,107 84,423 44 Federal 35,934 39,801 41,727 42,025 42,382 42,512 43.111 44,263 44,371 45,077 45,705 45,931 45 State 29,920 31,908 34,396 34,805 35,300 35,500 35,875 36,792 36,980 37,781 38,402 38,492 46 Loans outstanding 53,125 47,774 51,029 50,631 50,448 49,949 49,610 49,668 49,533 49,556 49,919 50,133 47 Federal 28,698 25,627 27,686 27,508 27,458 27,204 27,051 27,119 27,064 27,073 27,295 27,351 48 State 24,426 22,147 23,343 23,123 22,990 22,745 22,559 22,549 22,469 22,483 22,624 22,782 49 Savings 56,232 64,399 67,625 67,981 68,871 69,432 70,227 72,218 72,569 73,602 74,834 75,088 50 Federal (shares) 35,530 36,348 37,015 37,261 37,574 37,875 38,331 39,431 39,688 40,213 40,710 40,969 51 State (shares and deposits) 25,702 28,051 30,610 30,720 31,297 31,557 31,896 32,787 32,881 33,389 34,124 34,119 For notes see bottom of page A30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 DomesticN onfinancial Statistics • September 1982 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars Calendar year Fiscal Fiscal Fiscal Type of account or operation year year year 1981 1982 1982 1979 1980 1981 HI H2 HI May June July U.S. budget 1 Receipts' 463,302 517,112 599,272 317.304 301,777 322,478 36,753 66,353 44,675 2 Outlays1-2 490,997 576,675 657,204 333.115 358,558 348,678 55,683 59,629 64,506 3 Surplus, or deficit (-) -27,694 -59,563 -57,932 -15.811 -56,780 -26,200 -18,930 6,724 -19,831 4 Trust funds 18,335 8,801 6,817 5.797 -8,085 -17,690 1,958 5,192 -6,171 5 Federal funds3 -46.030 -68,364 -64,749 -21,608 -48,697 -43,889 -20,888 1.532 -13,660 OOffff--bbuu((dd--gg))ee))tt eennttiittiieess ((ssuurrpplluuss,, oorr ddeeffiicciitt 66 FFeeddeerraall FFiinnaanncciinngg BBaannkk oouuttllaayyss -13,261 - 14,549 -20,769 - 11,046 -8,728 - 7.942 -2,459 -2,052 -939 77 OOtthheerr44 793 303 -236 -900 -1,752 227 -34 -216 -192 U.S. budget plus off-budget, including Federal Financing Bank 8 Surplus, or deficit (-) -40,162 -73,808 -78,936 -27,757 -67,260 -33,914 -21,424 4,457 -20,962 Source or financing 9 Borrowing from the public 33,641 70.515 79,329 33.213 54,081 41.728 3,187 3,260 14,348 10 Cash and monetary assets (decrease, or increase (-)) -408 -355 -1,878 2.873 -1,111 -408 15,700 3,489 1,061 11 Other6 6,929 3,648 1,485 -8,328 14,290 -7,405 2,537 -4,228 5,553 MEMO: 12 Treasury operating balance (level, end of period) 24.176 20,990 18,670 16,389 12,046 10,999 7,947 10,999 10,398 13 Federal Reserve Banks 6.489 4,102 3,520 2,923 4,301 4,099 2,540 4,099 3,275 14 Tax and loan accounts 17,687 16,888 15.150 13,466 7.745 6,900 5.407 6,900 7,123 1. The Budget of the U.S. Government, Fiscal Year 1983, has reclassified sup- 5. Includes U.S. Treasury operating cash accounts; special drawing rights; gold plemental medical insurance premiums and voluntary hospital insurance premiums, tranche drawing rights; loans to International Monetary Fund; and other cash and previously included in other social insurance receipts, as offsetting receipts in the monetary assets. health function. 6. Includes accrued interest payable to the public; allocations of special drawing 2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was re- rights; deposit funds; miscellaneous liability (including checks outstanding) and classified from an off-budget agency to an on-budget agency in the Department of asset accounts; seigniorage; increment on gold; net gain/loss for U.S. currency Labor. valuation adjustment; net gain/loss for IMF valuation adjustment; and profit on 3. Half-year figures are calculated as a residual (total surplus/deficit less trust the sale of gold. fund surplus/deficit). 4. Other off-budget includes Postal Service Fund; Rural Electrification and Tele- SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. phone Revolving Fund; and Rural Telephone Bank; it also includes petroleum Government." Treasury Bulletin, and the Budget of the United States Government, acquisition and transportation and strategic petroleum reserve effective November Fiscal Year 1983. 1981. NOTES TO TABLE 1.37 1. Holdings of stock of the Federal Home Loan Banks are included in "other 10. Issues of foreign governments and their subdivisions and bonds of the Inassets." ternational Bank for Reconstruction and Development. 2. Includes net undistributed income, which is accrued by most, but not all, associations. NOTE. Savings and loan associations: Estimates by the FHLBB for all associations 3. Excludes figures for loans in process, which are shown as a liability. in the United States. Data are based on monthly reports of federally insured 4. The NAMSB reports that, effective April 1979, balance sheet data are not associations and annual reports of other associations. Even when revised, data for strictly comparable with previous months. Beginning April 1979, data are reported current and preceding year are subject to further revision. on a net-of-valuation-reserves basis. Before that date, data were reported on a Mutual savings banks: Estimates of National Association of Mutual Savings gross-of-valuation-reserves basis. Banks for all savings banks in the United States. 5. Beginning April 1979, includes obligations of U.S. government agencies. Be- Life insurance companies: Estimates of the American Council of Life Insurance fore that date, this item was included in "Corporate and other." for all life insurance companies in the United States. Annual figures are annual- 6. Includes securities of foreign governments and international organizations statement asset values, with bonds carried on an amortized basis and stocks at and. before April 1979, nonguaranteed issues of U.S. government agencies. year-end market value. Adjustments for interest due and accrued and for differ- 7. Excludes checking, club, and school accounts. ences between market and book values are not made on each item separately but 8. Commitments outstanding (including loans in process) of banks in New York are included, in total, in "other assets." State as reported to the Savings Banks Association of the state of New York. Credit unions: Estimates by the National Credit Union Administration for a 9. Direct and guaranteed obligations. Excludes federal agency issues not guar- group of federal and state-chartered credit unions that account for about 30 percent anteed, which are shown in the table under "Business" securities. of credit union assets. Figures are preliminary and revised annually to incorporate recent benchmark data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A31 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS Millions of dollars Calendar year FFFiiissscccaaalll FFFiiissscccaaalll FFFiiissscccaaalll SSSooouuurrrccceee ooorrr tttyyypppeee yyyeeeaaarrr yyyeeeaaarrr yyyeeeaaarrr 1981 1982 1982 111999777999 111999888000 111999888111 HI H2 HI May June July RECEIPTS 1 All sources' 463,302 517,112 599,272 317,304 301,777 322,478 36,753 66,353 44,675 2 Individual income taxes, net 217,841 244,069 285,917 142,889 147,035 150,565 9,576 32,273 23,987 3 Withheld 195,295 223,763 256,332 126,101 134,199 133,575 20,965 21,912 23,769 4 Presidential Election Campaign Fund... 36 39 41 36 5 34 7 4 4 Nonwithheld 56,215 63,746 76,844 59,907 17,391 66,174 1,183 11,774 2,233 6 Refunds 33,705 43,479 47,299 43,155 4,559 49,217 12,580 1,417 2,019 Corporation income taxes 7 Gross receipts 71,448 72,380 73,733 44,048 31,056 37,836 2,159 11,943 2,445 8 Refunds 5,771 7,780 12,596 6,565 738 8,028 957 1,354 1,844 9 Social insurance taxes and contributions, net 138,939 157,803 182,720 101,316 91,592 108,079 20,483 17,572 14,874 10 Payroll employment taxes and contributions2 115,041 133,042 156,953 83,851 82,984 88,795 14,650 16,189 13,860 11 Self-employment taxes and contributions3 5,034 5,723 6,041 6,240 244 7,357 502 828 -649 12 Unemployment insurance 15,387 15,336 16,129 9,205 6,355 9,809 5,004 217 1,292 13 Other net receipts1-4 3,477 3,702 3,598 2,020 2,009 2,119 327 336 370 14 Excise taxes 18,745 24,329 40,839 21,945 22,097 17,525 2,848 2,768 2,774 15 Customs deposits 7,439 7,174 8,083 3.926 4,661 4,310 683 771 773 16 Estate and gift taxes 5,411 6,389 6,787 3,259 3,742 4,208 613 745 624 17 Miscellaneous receipts5 9,252 12,748 13,790 6.487 8,441 7,984 1,349 1,634 1,042 OUTLAYS 18 All types1,6 490,997 576,675 657,204 333,115 358,558 346,286 55,683 59,629 64,506 19 National defense 117,681 135,856 159,765 80,005 87,421 93,154 15,204 16,419 16,757 20 International affairs 6,091 10,733 11,130 5,999 4,655 5,183 559 402 460 21 General science, space, and technology ... 5,041 5,722 6,359 3,314 3,388 3,370 613 543 552 22 Energy 6,856 6,313 10,277 5.677 4,394 2,814 486 601 171 23 Natural resources and environment 12,091 13,812 13,525 6,476 7,296 5,636 849 1,041 1,161 24 Agriculture 6,238 4,762 5,572 3,101 5,181 7,087 -400 53 831 25 Commerce and housing credit 2,579 7,788 3,946 2,073 1,825 1,410 -129 4 996 26 Transportation 17,459 21,120 23,381 11,991 10,753 9,915 1,425 1,752 1,608 27 Community and regional development.... 9,542 10,068 9,394 4,621 4,269 3,193 457 557 502 28 Education, training, employment, social services 29,685 30,767 31,402 15,928 13,878 12,595 1,996 1,997 1,838 29 Health1 46,962 55,220 65,982 33,113 35,322 37,213 6,019 6,772 6,275 30 Income security6 160,159 193,100 225,099 113,490 129,269 112,782 20,269 20,812 22,385 31 Veterans benefits and services 19,928 21,183 22,988 10,531 12,880 10,865 753 1,927 3,099 32 Administration of justice 4,153 4,570 4,698 2,344 2,290 2,334 364 353 376 33 General government 4,093 4,505 4,614 2,692 2,311 2,410 433 393 207 34 General-purpose fiscal assistance 8,372 8,584 6,856 3,015 3,043 3,325 352 204 1,165 35 Interest 52,566 64,504 82,537 41,178 47,667 50,070 7,720 13,787 7,158 36 Undistributed offsetting receipts7 -18,488 -21,933 -30,320 -12,432 -17,281 -14,680 -1,286 -7,989 -1,036 1. The Budget of the U.S. Government, Fiscal Year 1983 has reclassified sup- 5. Deposits of earnings by Federal Reserve Banks and other miscellaneous replemental medical insurance premiums and voluntary hospital insurance premiums, ceipts. previously included in other social insurance receipts, as offsetting receipts in the 6. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was rehealth function. classified from an off-budget agency to an on-budget agency in the Department of 2. Old-age, disability, and hospital insurance, and railroad retirement accounts. Labor. 3. Old-age, disability, and hospital insurance. 7. Consists of interest received by trust funds, rents and royalties on the outer 4. Federal employee retirement contributions and civil service retirement and continental shelf, and U.S. government contributions for employee retirement. disability fund. SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. Government" and the Budget of the U.S. Government, Fiscal Year 1983. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A32 Domestic Financial Statistics • September 1982 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars 1980 1981 1982 IItteemm June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 1 Federal debt outstanding 884.4 914.3 936.7 970.9 977.4 1,003.9 1,034.7 1,066.4 1,084.7 2 Public debt securities 877.6 907.7 930.2 964.5 971.2 997.9 1,028.7 1,061.3 1,079.6 3 Held by public 682.7 710.0 737.7 773.7 771.3 789.8 825.5 858.9 867.9 4 Held by agencies 194.9 197.7 192.5 190.9 199.9 208.1 203.2 202.4 211.7 5 Agency securities 6.8 6.6 6.5 6.4 6.2 6.1 6.0 5.1 5.0 6 Held by public 5.3 5.1 5.0 4.9 4.7 4.6 4.6 3.9 3.9 7 Held by agencies 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.2 1.1 8 Debt subject to statutory limit 878.7 908.7 931.2 965.5 972.2 998.8 1,029.7 1,062.2 1,080.5 9 Public debt securities 877.0 907.1 929.6 963.9 970.6 997.2 1,028.1 1,060.7 1,079.0 10 Other debt1 1.7 1.6 1.6 1.6 1.6 1.6 1.6 1.5 1.5 11 MEMO: Statutory debt limit 925.0 925.0 935.1 985.0 985.0 999.8 1,079.8 1.079.8 1,143.1 1. Includes guaranteed debt of government agencies, specified participation cer- NOTE. Data from Treasury Bulletin (U.S. Treasury Department), tificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership Billions of dollars, end of period 1982 TTyyppee aanndd hhoollddeerr 11997788 11997799 11998800 11998811 Apr. May June July Aug. 1 Total gross public debt 789.2 845.1 930.2 1,028.7 1,065.7 1,071.7 1,079.6 1,089.6 1,109.2 By type 2 Interest-bearing debt 782.4 844.0 928.9 1,027.3 1,064.5 1,066.4 1,078.4 1,083.3 1,108.1 3 Marketable 487.5 530.7 623.2 720.3 755.8 755.7 764.0 774.1 801.4 4 Bills 161.7 172.6 216.1 245.0 254.9 256.1 256.0 262.0 273.1 5 Notes 265.8 283.4 321.6 375.3 399.7 398.4 406.9 411.1 427.4 6 Bonds 60.0 74.7 85.4 99.9 101.3 101.2 101.1 101.0 100.9 7 Nonmarketable1 294.8 313.2 305.7 307.0 308.7 310.7 314.4 309.2 306.7 8 2.2 2.2 9 State and local government series 24.3 24.6 23.8 23.0 23.2 23.4 23.4 23.4 23.5 10 Foreign issues3 29.6 28.8 24.0 19.0 19.4 18.4 17.5 16.6 15.6 11 Government 28.0 23.6 17.6 14.9 15.4 14.8 13.8 13.6 12.5 12 Public 1.6 5.3 6.4 4.1 4.1 3.6 3.6 3.1 3.1 13 Savings bonds and notes 80.9 79.9 72.5 68.1 67.3 67.3 67.4 67.4 67.4 14 Government account series4 157.5 177.5 185.1 196.7 198.5 201.3 206.0 201.5 119.9 15 Non-interest-bearing debt 6.8 1.2 1.3 1.4 1.1 5.3 1.2 1.1 1.1 By holder5 16 U.S. government agencies and trust funds 170.0 187.1 192.5 203.3 204.3 206.7 211.7 17 Federal Reserve Banks 109.6 117.5 121.3 131.0 134.3 129.4 127.0 18 Private investors 508.6 540.5 616.4 694.5 727.1 735.2 740.9 19 Commercial banks 93.2 96.4 116.0 109.4 110.1 109.4 117.0 20 Mutual savings banks 5.0 4.7 5.4 5.2 5.6 5.7 5.7 21 Insurance companies 15.7 16.7 20.1 19.1 21.2 21.5r 22.2 22 Other companies 19.6 22.9 25.7 37.8 36.5 38.8 38.9 n a. n.a. 23 State and local governments 64.4 69.9 78.8 85.6 88.5 91.8 91.2 Individuals 24 Savings bonds 80.7 79.9 72.5 68.0 67.3 67.4 67.4 75 Other securities 30.3 36.2 56.7 75.6 78.4 78.8 78.8 26 Foreign and international6 137.8 124.4 127.7 141.4 139.4 138.9 141.9 27 Other miscellaneous investors7 58.9 90.1 106.9 152.3 180.0 182.9 177.8 1. Includes (not shown separately): Securities issued to the Rural Electrification 5. Data for Federal Reserve Banks and U.S. government agencies and trust Administration, depository bonds, retirement plan bonds, and individual retire- funds are actual holdings; data for other groups are Treasury estimates. ment bonds. 6. Consists of investments of foreign balances and international accounts in the 2. These nonmarketable bonds, also known as Investment Series B Bonds, may United States. be exchanged (or converted) at the owner's option for IV2 percent, 5-year mar- 7. Includes savings and loan associations, nonprofit institutions, corporate penketable Treasury notes. Convertible bonds that have been so exchanged are re- sion trust funds, dealers and brokers, certain government deposit accounts, and moved from this category and recorded in the notes category (line 5). government sponsored agencies. 3. Nonmarketable dollar-denominated and foreign currency-denominated series held by foreigners. NOTE. Gross public debt excludes guaranteed agency securities. 4. Held almost entirely by U.S. government agencies and trust funds. Data by type of security from Monthly Statement of the Public Debt of the United States (U.S. Treasury Department); data by holder from Treasury Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A33 1.42 U.S. GOVERNMENT MARKETABLE SECURITIES Ownership, by maturity Par value; millions of dollars, end of period 1982 1982 T f , . , 11998800 May June May June All maturities 1 to 5 years 1 All holders 623,186 720,293 755,688 763,995 197,409 228,550 245,598 249,021 2 U.S. government agencies and trust funds 9,564 8,669 7,994 7,994 1,990 1,906 1,906 1,775 3 Federal Reserve Banks 121,328 130,954 128,996 127,005 835 38,223 37,423 37,484 4 Private investors 492,294 580,671 618,699 628,997 159,585 188,422 206,269 209,762 5 Commercial banks 77,868 74,618 75,964 82,431 44,482 39,021 39,456 41,479 6 Mutual savings banks 3,917 3,971 4,417 4,415 1,925 1,870 2,010 2,063 7 Insurance companies 11,930 12,090 13,026 13,453 4,504 5,596 6,116 6,342 8 Nonfinancial corporations 7,758 4,214 3,665 3,710 2,203 1,146 911 929 9 Savings and loan associations 4,225 4,122 4,817 5,062 2,289 2,260 2,693 2,852 10 State and local governments 21,058 18,991 22,865 22,631 4,595 4,278 4,845 4,696 11 All others 365,539 462,663 493,946 497,294 99,577 134,251 150,238 151,401 Total, within 1 year 5 to 10 years 12 All holders 297,385 340,082 354,741 355,611 56,037 63,483 63,044 67,108 13 U.S. government agencies and trust funds 830 647 14 144 1,404 779 779 779 14 Federal Reserve Banks 56,858 64,113 64,254 62,202 13,548 11,854 10,559 10,559 15 Private investors 239,697 275,322 290,474 293,264 41,175 50,851 51,706 55,770 16 Commercial banks 25,197 29,480 30,586 33,944 5,793 4,496 2,838 3,978 17 Mutual savings banks 1,246 1,569 1,864 1,794 455 238 201 220 18 Insurance companies 1,940 2,201 2,034 2,244 3,037 2,507 2,667 2,682 19 Nonfinancial corporations 4,281 2,421 1,665 1,694 357 344 270 277 20 Savings and loan associations 1,646 1,731 1,890 1,927 216 98 111 141 21 State and local governments 7,750 7,536 7,456 7,622 2,030 2,365 2,468 2,606 22 All others 197,636 230,383 244,980 244,040 29,287 40,804 43,150 45,867 Bills, within 1 year 10 to 20 years 23 All holders 216,104 245,015 256,114 256,007 36,854 44,744 46,295 46,246 24 U.S. government agencies and trust funds 1 * 1 1 3,686 3,996 3,952 3,952 25 Federal Reserve Banks 43,971 49,679 50,123 47,921 5,919 6,692 6,642 6,642 26 Private investors 172,132 195,335 205,990 208,085 27,250 34,055 35,701 35,651 27 Commercial banks 9,856 9,667 10,084 13,556 1,071 873 1,293 1,351 28 Mutual savings banks 394 423 631 586 181 151 189 182 29 Insurance companies 672 760 652 762 1,718 1,119 1.418 1,367 30 Nonfinancial corporations 2,363 1,173 1.046 998 431 131 405 481 31 Savings and loan associations 818 363 709 760 52 16 25 29 32 State and local governments 5,413 5,126 4,727 4,789 3,597 2,824 5,209 4,814 33 All others 152,616 177,824 188,142 186,634 20,200 28,940 27,160 27,428 Other, within 1 year Over 20 years 34 All holders 81,281 95,068 98,627 99,604 35,500 43,434 46,010 46,010 35 U.S. government agencies and trust funds 829 647 12 143 1,656 1,340 1,343 1,343 36 Federal Reserve Banks 12,888 14,433 14,131 14,281 9,258 10,073 10,118 10,118 37 Private investors 67,565 79,987 84,484 85,180 24,587 32,020 34,549 34,549 38 Commercial banks 15,341 19,814 20,502 20,388 1,325 749 1,791 1,679 39 Mutual savings banks 852 1,146 1,233 1,208 110 144 152 156 40 Insurance companies 1,268 1.442 1,382 1,481 730 666 790 819 41 Nonfinancial corporations 1,918 1,248 618 696 476 172 414 329 42 Savings and loan associations 828 1,368 1,181 1,167 21 17 99 114 43 State and local governments 2,337 2,410 2,729 2,833 3,086 1,988 2,886 2,893 44 All others 45,020 52,560 56,838 57,406 18,838 28,285 28,417 28,559 NOTE. Direct public issues only. Based on Treasury Survey of Ownership from and 726 insurance companies, each about 80 percent; (2) 406 nonfinancial cor- Treasury Bulletin (U.S. Treasury Department). porations and 464 savings and loan associations, each about 50 percent; and (3) Data complete for U.S. government agencies and trust funds and Federal Reserve 488 state and local governments, about 40 percent. Banks, but data for other groups include only holdings of those institutions that "All others," a residual, includes holdings of all those not reporting in the report. The following figures show, for each category, the number and proportion Treasury Survey, including investor groups not listed separately. reporting as of June 30,1982: (1) 5,283 commercial banks, 439 mutual savings banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 DomesticN onfinancial Statistics • September 1982 1.43 U.S. GOVERNMENT SECURITIES DEALERS Transactions Par value; averages of daily figures, in millions of dollars 1982 1982, week ending Wednesday IItteemm 11997799 11998800 11998811 May June July July 28 Aug. 4 Aug. 11 Aug. 18 Aug. 25 Immediate delivery1 1 U.S. government securities 13,183 18,331 24,728 31,556 27,136 33,328 34,358 41,487 32,394 51,517 40,165 By maturity ? Bills 7,915 11.413 14,768 16,674 16,831 20,675 20,298 25,936 18,555 29,875 24,169 3 Other within 1 year 454 421 621 764 646 1,011 1,378 1,252 857 1,321 1,037 4 1-5 years 2,417 3,330 4,360 7,402 4,438 5,899 7,522 8,040 5,360 11,033 8,175 5 5-10 years 1,121 1,464 2,451 3.384 2,821 3,558 3,056 3,567 4,784 5,089 3,426 6 Over 10 years 1,276 1,704 2,528 3,333 2,400 2,186 2,104 2,691 2,837 4,200 3,359 By type of customer 7 U.S. government securities dealers 1,448 1,484 1,640 1,730 1,693 2,095 2,241 1,963 1,366 2,152 2,293 8 U.S. government securities brokers 5,170 7,610 11,750 15,507 13,061 16,106 16,322 18,921 15,070 25,698 19,327 9 All others2 6,564 9,237 11,337 14,319 12.382 15,127 15,796 20,604 15,958 23,667 18,545 10 Federal agency securities 2,723 3,258 3,306 3,918 3,237 4,011 4,368 4,686 3,470 6,188 5,778 11 Certificates of deposit 1,764 2,472 4.477 5,437 5,518 6,068 5,950 6,464 4,086 6,882 5,662 17 Bankers acceptances 1.807 2,454 2,250 2,915 2,900 3,193 2,715 3,211 2,399 13 Commercial paper 6,128 7,975 8,131 7,308 7,188 7,956 7,207 8,006 7,754 Futures transactions3 14 Treasury bills 3,523 5,630 4,629 4,969 5,474 6,345 5,271 7,412 6,564 15 Treasury coupons 1,330 1,970 1,215 1,033 982 1,331 1,195 1,898 1,455 16 Federal agency securities n .a. n a. 234 276 267 285 368 220 166 474 348 Forward transactions4 17 U.S. government securities 365 807 692 482 805 949 1,597 295 437 18 Federal agency securities 1,370 571 537 610 586 744 552 853 856 1. Before 1981, data for immediate transactions include forward transactions. date of the transaction for government securities (Treasury bills, notes, and bonds) 2. Includes, among others, all other dealers and brokers in commodities and or after 30 days for mortgage-backed agency issues. securities, nondealer departments of commercial banks, foreign banking agencies, NOTE. Averages for transactions are based on number of trading days in the and the Federal Reserve System. period. 3. Futures contracts are standardized agreements arranged on an organized ex- Transactions are market purchases and sales of U.S. government securities dealchange in which parties commit to purchase or sell securities for delivery at a future ers reporting to the Federal Reserve Bank of New York. The figures exclude date. allotments of, and exchanges for, new U.S. government securities, redemptions of 4. Forward transactions are agreements arranged in the over-the-counter market called or matured securities, purchases or sales of securities under repurchase in which securities are purchased (sold) for cdelivery after 5 business days from the agreement, reverse repurchase (resale), or similar contracts. 1.44 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing Averages of daily figures, in millions of dollars 1982 1982, week ending Wednesday IItteemm 11997799 11998800 11998811 May June July June 30 July 7 July 14 July 21 July 28 Positions Net immediate1 1 U.S. government securities. 3,223 4,306 9,033 14,103 11,075 9,161 6,648 7,089 10,678 9,891 9,743 2 Bills 3,813 4,103 6,485 7,390 7,284 7,163 4,661 4,183 7,757 6,611 5,185 3 Other within 1 year -325 -1,062 -1,526 -295 -462 -2,027 -648 -558 -662 -609 -486 4 1-5 years -455 434 1,488 4,083 2,206 2,552 1,687 2,284 2,023 2,307 3,474 5 5-10 years 160 166 292 -20 -254 -417 -1,085 -367 -365 -349 -444 6 Over 10 years 30 665 2,294 2,946 2,301 1,890 2,033 1,548 1,926 1,930 2,015 7 Federal agency securities.. 1,471 797 2.277 3,117 2,976 2,878 2.526 2,436 2,991 2,910 2,886 8 Certificates of deposit 2,794 3,115 3.435 4,950r 5,580 7,728 6,924 6,894 7,607 7,584 8,305 9 Bankers acceptances l i 1,746 2,719 2,666 3,023 2.525 2,545 2,811 2,888 3,437 10 Commercial paper 2,658 3,455r 3,503 3,779 3.396 3,487 3,837 3,644 4,124 11 Fu T tu r r e e a s s u p r o y si b t i i l o ls n s 1 1 - 8,934 - 9,985r -6,067 -1,542 -5,879 -5,793 -3,993 -1,051 1,605 12 Treasury coupons n.a. n.a. -2,733 -3,791' -2,045 -2,878 -2,036 -2,285 -2,777 -3,212 -3,190 13 Federal agency securities.. 1 1 522 -579 73 295 389 571 249 183 229 Forward positions 1 1 4 5 U Fe .S d . e r g a o l v a e g r e n n m cy e n s t e s c e u c r u it r i i e ti s e . s . T 1 t 1 - -4 6 5 0 1 3 -1 - , 7 13 0 0 4 r -1 - . 7 4 6 5 0 2 -1 - , 4 2 4 2 4 7 -1 - , 3 5 3 1 0 4 -1 - , 4 3 4 7 9 2 -1 - , 5 2 0 9 2 0 -1 - , 3 3 3 6 4 5 - - 4 9 6 3 9 8 Financing2 Reverse repurchase agreements3 16 Overnight and continuing .... 14.568 28,801 25,655 27,391 31.687 30,667 25,322 25,937 17 Term agreements 32,048 45,253 39,795 44,136 39.250 39,104 42,756 45,673 Repurchase agreements4 18 Overnight and continuing .... 35,919 58,415 42,038 54,660 57,117 57.750 53,580 52,904 19 Term agreements 29.449 40,142 35,525 37,821 32,898 32,352 35,331 38,678 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A35 1.45 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1981 1982 AAggeennccyy 11997788 11997799 11998800 Dec. Jan. Feb. Mar. Apr. May June 1 Federal and federally sponsored agencies' 137,063 163,290 193,229 227,210 226,418 226,539 228,749 232,274 234,593 238,787 2 Federal agencies 23,488 24,715 28.606 31.806 31,053 30,806 31,408 31,613 31,551 32,274 3 Defense Department2 968 738 610 484 470 460 454 447 434 419 4 Export-Import Bank3-4 8,711 9,191 11.250 13.339 13,135 12,861 13.421 13,475 13,416 13,939 5 Federal Housing Administration5 588 537 477 413 406 397 382 376 363 358 6 Government National Mortgage Association participation certificates6 3,141 2,979 2.817 2,715 2,191 2,165 2,165 2,165 2,165 2,165 7 Postal Service7 2,364 1,837 1,770 1.538 1.538 1,538 1,538 1,538 1,471 1,471 8 Tennessee Valley Authority 7,460 8,997 11.190 13,115 13,115 13,187 13,250 13,410 13,500 13,715 9 United States Railway Association7 356 436 492 202 198 198 198 202 202 207 10 Federally sponsored agencies1 113,575 138,575 164.623 195,404 195,365 195,733 197,341 200,661 203,042 206,513 11 Federal Home Loan Banks 27,563 33,330 41,258 58,090 57,387 57,743 58,839 59,937 60,772 61,883 12 Federal Home Loan Mortgage Corporation 2,262 2,771 2,536 2,604 2,604 2,604 2,500 2,500 2,500 3;099 13 Federal National Mortgage Association 41,080 48,486 55,185 58,749 58,860 59,018 59,270 60,478 61,996 62,660 14 Federal Land Banks 20,360 16,006 12,365 9,717 8,717 8,717 8,717 8,217 8,217 8,217 15 Federal Intermediate Credit Banks 11,469 2,676 1,821 1,388 1,388 1,388 1,388 926 926 926 16 Banks for Cooperatives 4,843 584 584 220 220 220 220 220 220 220 17 Farm Credit Banks1 5,081 33,216 48,153 60,034 61,187 61,041 61,405 63,381 63,409 64,506 18 Student Loan Marketing Association8 915 1,505 2,720 4,600 5,000 5,000 5,000 5.000 5,000 5,000 19 Other 2 1 1 2 2 2 2 2 2 2 MEMO: 20 Federal Financing Bank debt1,9 51,298 67,383 87,460 110,698 111,965 112,367 113,567 114,961 117,475 120,241 Lending to federal and federally sponsored agencies 21 Export-Import Bank4 6,898 8,353 10,654 12,741 12,741 12,741 13,305 13,305 13,305 13,829 22 Postal Service7 2,114 1,587 1.520 1,288 1,288 1,288 1,288 1.288 1,221 1,221 23 Student Loan Marketing Association8 915 1,505 2.720 4,600 5,000 5,000 5,000 5,000 5,000 5,000 24 Tennessee Valley Authority 5,635 7,272 9.465 11,390 11,435 11,462 11,525 11,685 11,775 11,990 25 United States Railway Association7 356 436 492 202 198 198 198 202 202 207 Other Lending10 26 Farmers Home Administration 23,825 32,050 39,431 48.821 49,026 49,081 48,681 49,356 51,056 52,346 27 Rural Electrification Administration 4,604 6,484 9,196 13,516 13,836 13,989 14,452 14,716 15,046 15,454 28 Other 6,951 9,696 13,982 18,140 18,441 18,608 19,118 19,409 19,870 20,194 1. In September 1977 the Farm Credit Banks issued their first consolidated bonds, of Housing and Urban Development; Small Business Administration; and the and in January 1979 they began issuing these bonds on a regular basis to replace Veterans Administration. the financing activities of the Federal Land Banks, the Federal Intermediate Credit 7. Off-budget. Banks, and the Banks for Cooperatives. Line 17 represents those consolidated 8. Unlike other federally sponsored agencies, the Student Loan Marketing Asbonds outstanding, as well as any discount notes that have been issued. Lines 1 sociation may borrow from the Federal Financing Bank (FFB) since its obligations and 10 reflect the addition of this item. are guaranteed by the Department of Health, Education, and Welfare. 2. Consists of mortgages assumed by the Defense Department between 1957 and 9. The FFB, which began operations in 1974, is authorized to purchase or sell 1963 under family housing and homeowners assistance programs. obligations issued, sold, or guaranteed by other federal agencies. Since FFB incurs 3. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. debt solely for the purpose of lending to other agencies, its debt is not included in 4. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter. the main portion of the table in order to avoid double counting. 5. Consists of debentures issued in payment of Federal Housing Administration 10. Includes FFB purchases of agency assets and guaranteed loans; the latter insurance claims. Once issued, these securities may be sold privately on the se- contain loans guaranteed by numerous agencies with the guarantees of any particcurities market. ular agency being generally small. The Farmers Home Administration item consists 6. Certificates of participation issued prior to fiscal 1969 by the Government exclusively of agency assets, while the Rural Electrification Administration entry National Mortgage Association acting as trustee for the Farmers Home Admin- contains both agency assets and guaranteed loans. istration; Department of Health, Education, and Welfare; Department NOTES TO TABLE 1.44 1. Immediate positions are net amounts (in terms of par values) of securities 3. Includes all reverse repurchase agreements, including those that have been owned by nonbank dealer firms and dealer departments of commercial banks on arranged to make delivery on short sales and those for which the securities obtained a commitment, that is, trade-date basis, including any such securities that have have been used as collateral on borrowings, i.e., matched agreements. been sold under agreements to repurchase (RPs). The maturities of some repur- 4. Includes both repurchase agreements undertaken to finance positions and chase agreements are sufficiently long, however, to suggest that the securities "matched book" repurchase agreements. involved are not available for trading purposes. Securities owned, and hence dealer positions, do not include securities to resell (reverse RPs). Before 1981, data for NOTE. Data for positions are averages of daily figures, in terms of par value, immediate positions include forward positions. based on the number of trading days in the period. Positions are shown net and 2. Figures cover financing involving U.S. government and federal agency secu- are on a commitment basis. Data for financing are based on Wednesday figures, rities, negotiable CDs, bankers acceptances, and commercial paper. in terms of actual money borrowed or lent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • September 1982 1.46 NEW SECURITY ISSUES of State and Local Governments Millions of dollars 1981 1982 TTyyppee ooff iissssuuee oorr iissssuueerr,, oorr uussee 11997799 11998800 11998811 Dec. Jan. Feb. Mar. Apr. May June 1 All issues, new and refunding1 43,365 48,367 47,732 4,744 3,875 3,720 5,653 6,690 5,569 5,728 Type of issue 2 General obligation 12,109 14,100 12,394 749 1,038 1,054 1.733 2,210 1,498 1,780 3 U.S. government loans2 53 38 34 1 2 0 9 10 10 16 4 Revenue 31,256 34,267 35,338 3,995 2,837 2,666 3,920 4,480 4,071 3,948 5 U.S. government loans2 67 57 55 3 4 6 5 32 38 45 Type of issuer 6 State 4,314 5,304 5.288 315 514 234 433 1,061 601 1,074 7 Special district and statutory authority 23,434 26,972 27,499 3,308 2,135 2,187 2.992 3.880 2,959 2,863 8 Municipalities, counties, townships, school districts 15.617 16,090 14,945 1,120 1,226 1,299 2.228 1,749 2,009 1,791 9 Issues for new capital, total 41,505 46,736 46,530 4,683 3,718 3,679 4,790 6,668 5,438 5,640 Use of proceeds 10 Education 5.130 4,572 4,547 561 236 266 405 460 483 711 11 Transportation 2,441 2,621 3,447 355 144 207 362 282 292 289 12 Utilities and conservation 8,594 8,149 10,037 955 1,189 1,284 746 1,329 1,354 824 13 Social welfare 15,968 19,958 12,729 1,813 892 837 1,773 2,337 1,992 2,254 14 Industrial aid 3.836 3,974 7,651 523 467 501 636 667 342 386 15 Other purposes 5.536 7,462 8,119 476 790 584 868 1,593 975 1,176 1. Par amounts of long-term issues based on date of sale. SOURCE. Public Securities Association. 2. Consists of tax-exempt issues guaranteed by the Farmers Home Administration. 1.47 NEW SECURITY ISSUES of Corporations Millions of dollars 1981 1982 TTyyppee ooff iissssuuee oorr iissssuueerr,, oorr uussee 11997799 11998800 11998811 Dec. Jan. Feb. Mar. Apr. May June 1 All issues' 51,533 73,694 69,283 5,908 2,954 3,294 6,436 4,384 6,120 4,030 2 Bonds 40,208 53,206 44,643 3,893 1,278 1,879 4,512 2,352 3,980 2,836 Type of offering 3 Public 25.814 41,587 37,653 3,576 614 1,464 3.540 2,100 3,788 2,398 4 Private placement 14,394 11,619 6.989 317 664 415 972 252 192 438 Industry group 5 Manufacturing 9,678 15,409 12,325 954 283 262 708 445 593 211 6 Commercial and miscellaneous 3,948 6,693 5,229 850 230 59 691 124 466 329 7 Transportation 3.119 3.329 2.054 82 43 3 224 16 65 79 8 Public utility 8,153 9.557 8.963 582 493 345 1.568 846 977 699 9 Communication 4.219 6,683 4.280 106 8 364 84 4 315 174 10 Real estate and financial 11,094 11,534 11.793 1.319 221 845 1.236 917 1.563 1,344 11 Stocks 11,325 20,489 24,642 2,015 1,676 1,415 1,924 2,032 2,140 1,194 Type 12 Preferred 3,574 3.631 1,796 80 199 185 199 147 813 67 13 Common 7,751 16,858 22,846 1.935 1,477 1.230 1.725 1.885 1.327 1,127 Industry group 1144 Manufacturing 1,679 4,839 4,838 258 129 67 394 102 156 53 15 Commercial and miscellaneous 2.623 5,245 7,436 456 723 426 653 787 543 339 16 Transportation 255 549 735 23 25 73 27 15 35 52 17 Public utility 5,171 6,230 5.486 604 449 743 547 731 401 242 18 Communication 303 567 1,778 95 58 2 3 3 30 8 19 Real estate and financial 1,293 3,059 4,371 580 292 104 301 394 975 499 1. Figures, which represent gross proceeds of issues maturing in more than one 1933, employee stock plans, investment companies other than closed-end, intrayear, sold for cash in the United States, are principal amount or number of units corporate transactions, and sales to foreigners. multiplied by offering price. Excludes offerings of less than $100,000. secondary offerings, undefined or exempted issues as defined in the Securities Act of SOURCE. Securities and Exchange Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Corporate Finance A37 1.48 OPEN-END INVESTMENT COMPANIES Net Sales and Asset Position Millions of dollars 1981 1982 IItteemm 11998800 11998811 Dec. Jan. Feb. Mar. Apr. May Juner July INVESTMENT COMPANIES1 1 Sales of own shares2 15,266 20,596 3,032 2,049 2,049 3,325 2,754 2,345 3,061 3,304 2 Redemptions of own shares3 12,012 15,866 1,769 1,475 1,456 2,056 2,293 1,854 2,038 2,145 3 Net sales 3,254 4,730 371 1,557 593 1,269 461 491 1,023 1,159 4 Assets4 58,400 55,207 55,207 54,347 52,695 53,001 56,026 54,889 54,238 54,592 5 Cash position5 5,321 5,277 5,277 5,424 5,540 5,752 6,083 5,992 6,298 5,992 6 Other 53,079 49,930 49,930 48,923 47,155 47,249 49,943 48,896 47,940 48,600 1. Excluding money market funds. 5. Also includes all U.S. government securities and other short-term debt se- 2. Includes reinvestment of investment income dividends. Excludes reinvestment curities. of capital gains distributions and share issue of conversions from one fund to another in the same group. NOTE. Investment Company Institute data based on reports of members, which 3. Excludes share redemption resulting from conversions from one fund to an- comprise substantially all open-end investment companies registered with the Seother in the same group. curities and Exchange Commission. Data reflect newly formed companies after 4. Market value at end of period, less current liabilities. their initial offering of securities. 1.49 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1980 1981 1982 AAccccoouunntt 11997799 11998800 11998811 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1 Corporate profits with inventory valuation and capital consumption adjustment 194.8 181.6 190.6 177.8 181.2 200.3 185.1 193.1 183.9 157.1 2 Profits before tax 252.7 242.4 232.1 238.1 245.9 253.1 225.4 233.3 216.5 171.6 3 Profits tax liability 87.6 84.6 81.2 82.2 87.8 91.5 79.2 82.4 71.6 55.8 4 Profits after tax 165.1 157.8 150.9 155.9 158.1 161.6 146.2 150.8 144.9 115.9 5 Dividends 52.7 58.1 65.1 58.7 59.6 61.5 64.0 66.8 68.1 68.8 6 Undistributed profits 112.4 99.7 85.8 97.3 98.5 100.1 82.2 84.1 76.9 47.0 7 Inventory valuation -43.1 -43.0 -24.6 -41.1 -45.5 -35.5 -22.8 -23.0 -17.1 -4.4 8 Capital consumption adjustment -14.8 -17.8 -16.8 -19.3 -19.2 -17.3 -17.5 -17.1 -15.5 -10.1 SOURCE. Survey of Current Business (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic Nonfinancial Statistics • September 1982 1.50 NONFINANCIAL CORPORATIONS Current Assets and Liabilities Billions of dollars, except for ratio 1981 1982 AAccccoouunntt 11997766 11997777 11997788 11997799 11998800 Q1 Q2 Q3 Q4 Q1 1 Current assets 827.4 912.7 1,043.7 1,218.2 1,336.1 1,374.6 1,385.9 1,405.7 1,419.3 1,413.2 2 Cash 88.2 97.2 105.5 118.0 127.3 126.9 126.7 125.7 132.1 122.0 3 U.S. government securities 23.5 18.2 17.3 17.0 19.9 19.8 20.5 18.6 18.6 17.6 4 Notes and accounts receivable 292.9 330.3 388.0 461.1 509.0 524.2 528.3 535.4 527.9 526.0 5 Inventories 342.5 376.9 431.6 505.5 540.2 555.4 559.3 569.8 578.5 584.4 6 Other 80.3 90.1 101.3 116.7 139.6 148.4 151.0 156.3 162.2 163.1 7 Current liabilities 495.1 557.1 669.3 807.8 886.8 916.1 921.6 954.1 964.1 966.3 8 Notes and accounts payable 282.1 317.6 382.9 461.2 508.3 510.3 513.1 533.6 544.2 533.4 9 Other 213.0 239.6 286.4 346.6 378.5 405.8 408.4 420.5 419.9 432.8 10 Net working capital 332.4 355.5 374.4 410.5 449.3 458.5 464.3 451.7 455.1 446.9 11 MEMO: Current ratio 1 1.671 1.638 1.559 1.508 1.507 1.500 1.504 1.473 1.472 1.463 1. Ratio of total current assets to total current liabilities. All data in this table reflect the most current benchmarks. Complete data are available upon request from the Flow of Funds Section, Division of Research and NOTE. For a description of this series, see "Working Capital of Nonfinancial Statistics. Corporations" in the July 1978 BULLETIN, pp. 533-37. SOURCE. Federal Trade Commission. 1.51 TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1981 1982 IInndduussttrryy11 11998800 11998811 1199882211 Q2 Q3 Q4 Q1 Q2 Q31 Q41 1 Total nonfarm business 295.63 321.49 323.66 316.73 328.25 327.83 327.72 323.22 320.24 324.47 Manufacturing 2 Durable goods industries 58.91 61.84 59.50 63.10 62.58 60.78 60.84 59.03 59.98 58.80 3 Nondurable goods industries 56.90 64.95 64.74 62.40 67.53 66.14 67.48 64.74 63.10 64.09 Nonmanufacturing 4 Mining 13.51 16.86 16.48 16.80 17.55 16.81 17.60 16.56 15.66 16.02 Transportation .S Railroad 4.25 4.24 4.51 4.38 4.18 4.18 4.56 4.73 4.10 4.64 6 Air 4.01 3.81 3.86 3.29 3.34 4.82 3.20 3.54 3.79 4.85 7 Other 3.82 4.00 3.95 4.04 4.09 4.12 4.23 4.06 3.50 4.07 Public utilities 8 Electric 28.12 29.74 32.29 29.32 30.54 31.14 30.95 32.26 32.67 33.15 9 Gas and other 7.32 8.65 8.61 8.53 9.01 8.60 9.17 9.14 7.87 8.50 10 Trade and services 81.79 86.33 87.40 85.88 87.55 88.33 87.80 88.85 86.71 86.07 11 Communication and other2 36.99 41.06 42.33 39.02 41.89 42.92 41.89 40.33 42.85 44.09 1. Anticipated by business. SOURCE. Survey of Current Business (U.S. Dept. of Commerce). 2. "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Corporate Finance A39 1.52 DOMESTIC FINANCE COMPANIES Assets and Liabilities Billions of dollars, end of period 1981 1982 AAccccoouunntt 11997777 11997788 11997799 11998800 Q1 Q2 Q3 Q4 Q1 Q2 ASSETS Accounts receivable, gross 1 Consumer 44.0 52.6 65.7 73.6 76.1 79.0 84.5 85.5 85.1 88.0 2 Business 55.2 63.3 70.3 72.3 72.7 78.2 76.9 80.6 80.9 82.6 3 Total 99.2 116.0 136.0 145.9 148.7 157.2 161.3 166.1 166.0 170.6 4 LESS: Reserves for unearned income and losses .... 12.7 15.6 20.0 23.3 24.3 25.7 27.7 28.9 29.1 30.2 5 Accounts receivable, net 86.5 100.4 116.0 122.6 124.5 131.4 133.6 137.2 136.9 140.4 6 Cash and bank deposits 2.6 3.5 \ 7 Securities .9 1.3 }• 24.91 27.5 30.8 31.6 34.5 34.2 35.0 37.3 8 All other 14.3 17.3 J 9 Total assets 104.3 122.4 140.9 150.1 155.3 163.0 168.1 171.4 171.9 177.8 LIABILITIES 10 Bank loans 5.9 6.5 8.5 13.2 13.1 14.4 14.7 15.4 15.4 14.5 11 Commercial paper 29.6 34.5 43.3 43.4 44.2 49.0 51.2 51.2 46.2 50.3 Debt 12 Short-term, n.e.c 6.2 8.1 8.2 7.5 8.2 8.5 11.9 9.6 9.0 9.3 13 Long-term, n.e.c 36.0 43.6 46.7 52.4 51.6 52.6 50.7 54.8 59.0 60.3 14 Other 11.5 12.6 14.2 14.3 17.3 17.0 17.1 17.8 19.0 18.9 15 Capital, surplus, and undivided profits 15.1 17.2 19.9 19.4 20.9 21.5 22.4 22.8 23.3 24.5 16 Total liabilities and capital 104.3 122.4 140.9 150.1 155.3 163.0 168.1 171.4 171.9 177.8 1. Beginning Q1 1979, asset items on lines 6, 7, and 8 are combined. NOTE. Components may not add to totals due to rounding. 1.53 DOMESTIC FINANCE COMPANIES Business Credit Millions of dollars, seasonally adjusted except as noted Changes in accounts Extensions Repayments receivable AAAccccccooouuunnntttsss rrreeeccceeeiiivvvaaabbbllleee TTTyyypppeee ooouuutttssstttaaannndddiiinnnggg JJJuuunnneee 333000,,, 1982 1982 1982 111999888222111 Apr. May June Apr. May June Apr. May June 1 Total 82,629 120 50 1,064 19,110 20,033 21,335 18,990 19,983 20,271 2 Retail automotive (commercial vehicles) 12,395 100 362 149 935 1,235 1,056 835 873 907 3 Wholesale automotive 13,328 11 -199 1,020 5,759 5,269 6,364 5,748 5,468 5,344 4 Retail paper on business, industrial, and farm equipment.... 27,644 -231 -74 -184 1,181 1,503 1,331 9,174 1,577 1,515 5 Loans on commercial accounts receivable and factored commercial accounts receivable 9,329 260 171 -111 9,434 10,151 10,611 9,174 9,980 10,722 6 All other business credit 19,933 -20 -210 190 1,801 1,875 1,973 1,821 2,085 1,783 1. Not seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • September 1982 1.54 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1982 Item 11997799 11998800 11998811 Jan. Feb. Mar. Apr. May June July Terms and yields in primary and secondary markets PRIMARY MARKETS Conventional mortgages on new homes Terms1 1 Purchase price (thousands of dollars) 74.4 83.4 90.4 102.6 97.3 90.0 95.7 86.4 89.4 2 Amount of loan (thousands of dollars).... 53.3 59.2 65.3 71.3 71.1 65.4 70.4 64.8 66.2 3 Loan/price ratio (percent) 73.9 73.2 74.8 73.5 76.5 75.7 77.2 77.4 77.0 4 Maturity (years) 28.5 28.2 27.7 27.4 28.1 27.4 28.6 25.9 27.4 5 Fees and charges (percent of loan amount)- 1.66 2.09 2.67 2.55 3.01 2.90 3.28 3.16 3.00 6 Contract rate (percent per annum) 10.48 12.25 14.16 14.66 14.44 14.93 15.13 15.11 14.74 Yield (percent per annum) 7 FHLBB series5 10.77 12.65 14.74 15.25 15.12 15.67 15.84 15.89 15.40 8 HUD series4 11.15 13.95 16.52 17.30 17.20 16.80 16.65 16.50 16.75 SECONDARY MARKETS Yield (percent per annum) 9 FHA mortgages (HUD series)5 10.92 13.44 16.29 17.38 17.10 16.41 16.31 16.19 16.73 10 GNMA securities6 10.22 12.55 15.29 16.19 16.21 15.54 15.40 15.30 15.84 FNMA auctions7 11 Government-underwritten loans 11.17 14.11 16.70 17.80 18.00 17.29 16.27 16.22 12 Conventional loans 11.77 14.43 16.64 17.33 17.91 17.09 16.33 16.73 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 13 Total 48,050 55,104 58,675' 61,721 62,112 62,544 63,132 63,951 65,008 66,158 14 FHA/VA-insured 33,673 37,365 39,341' 39,937 39,926 39,893 39,834 39,808 39,829 39,853 15 Conventional 14,377 17,725 19,334' 21,784 22,185 22,654 23,298 24,143 25,179 26,305 Mortgage transactions (during period) 16 Purchases 10,812 8,099 6,112 430 519 604 755 1,006 1,223 1,354 17 Sales 0 0 2 0 0 0 0 0 0 0 Mortgage commitments8 18 Contracted (during period) 10,179 8,083 9,331 813 1,174' 1,903' 2.482 1,550 1,583 2,016 19 Outstanding (end of period) 6,409 3,278 3,717 3,536 3,857 4,990 6,586 7,016 7,206 7,674 Auction of 4-month commitments to buy Government-underwritten loans 20 Offered 8,860.4 8,605.4 2,487.2 41.5 41.7 45.7 7.0 35.7 33.1 8.9 21 Accepted 3.920.9 4.002.0 1,478.0 30.8 23.4 29.6 0.0 7.4 7.4 0.0 Conventional loans 22 Offered 4,495.3 3,639.2 2.524.7 31.7 28.6 65.0 29.5 37.8 59.0 37.2 23 Accepted 2,343.6 1,748.5 1.392.3 11.5 19.6 32.3 22.0 23.0 33.1 23.6 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)9 24 Total 3,543' 4,362r 5,245' 5,240' 5,342 5,320 5,274 5,279 5,295 5,309 25 FHA/VA 1,995' 2,116' 2,236' 2,209' 2,218' 2,227' 2,226' 2,232' 2,225' 2,232 26 Conventional 1,549r 2,246' 3,010' 3,032' 3,124' 3,094' 3.048' 3,047' 3,069' 3,017 Mortgage transactions (during period) 27 Purchases 5,717 3,723 3,789 1,628 1,228 1,479 2.143 1,214 1,581 2,237 28 Sales 4,544 2,527 3,531 1,629 1,115 1,564 2,177 1,194 1,562 2,204 Mortgage commitments10 29 Contracted (during period) 5,542 3,859 6,974 3,280 565 2,523 2,824 2,692 3,166 2,189 30 Outstanding (end of period) 797 447 3,518 5,033 4,336 5.461 6,041 7,420 8,970 8,544 1. Weighted averages based on sample surveys of mortgages originated by major assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying institutional lender groups. Compiled by the Federal Home Loan Bank Board in the prevailing ceiling rate. Monthly figures are unweighted averages of Monday cooperation with the Federal Deposit Insurance Corporation. quotations for the month. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower 7. Average gross yields (before deduction of 38 basis points for mortgage seror the seller) to obtain a loan. vicing) on accepted bids in Federal National Mortgage Association's auctions of 3. Average effective interest rates on loans closed, assuming prepayment at the 4-month commitments to purchase home mortgages, assuming prepayment in 12 end of 10 years. years for 30-year mortgages. No adjustments are made for FNMA commitment 4. Average contract rates on new commitments for conventional first mortgages, fees or stock related requirements. Monthly figures are unweighted averages for rounded to the nearest 5 basis points; from Department of Housing and Urban auctions conducted within the month. Development. 8. Includes some multifamily and nonprofit hospital loan commitments in ad- 5. Average gross yields on 30-year, minimum-downpayment, Federal Housing dition to 1- to 4-family loan commitments accepted in FNMA's free market auction Administration-insured first mortgages for immediate delivery in the private sec- system, and through the FNMA-GNMA tandem plans. ondary market. Any gaps in data are due to periods of adjustment to changes in 9. Includes participation as well as whole loans. maximum permissible contract rates. 10. Includes conventional and government-underwritten loans. 6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Real Estate Debt A41 1.55 MORTGAGE DEBT OUTSTANDING Millions of dollars, end of period 1981 1982 TTyyppee ooff hhoollddeerr,, aanndd ttyyppee ooff pprrooppeerrttyy 11997799 11998800 11998811 Q2 Q3 Q4 Q1 Q2 1 All holders 1,337,797' 1,471,835' 1,587,079' 1,533,914' 1,564,724' 1,587,079' 1,606,615' 1,625,610' 2 1- to 4-family 891,115' 987,028' 1,063,234' 1,028.452' 1,049.653' 1.063,234' 1,075,896' 1,090,988' 3 Multifamily 128,433 137.134 141.457 139,388 140,376 141,457 142.592 141.496' 4 Commercial 235,572 255,655 280,585 268,562 274,666 280,585 284,098 287.217 5 Farm 82,677 92,018 101,803 97,512 100.029 101,803 104,029 105,909 6 Major financial institutions 938,567 997,168 1,044,019 1,023,793 1,036,880 1,044,019 1,045.045 1,045.098 7 Commercial banks1 245,187 263,030 286,626 273,225 281.126 286,626 291.426 295.126 8 1- to 4-family 149,460 160,326 172,549 164,873 169.378 172.549 175,326 177.508 9 Multifamily 11,180 12,924 14,905 13,800 14.478 14,905 15.126 15,205 10 Commercial 75,957 81,081 90.717 86.091 88.836 90.717 92,499 93,923 II Farm 8,590 8,699 8.455 8,461 8.434 8,455 8,475 8.490 12 Mutual savings banks 98,908 99,865 99.997 99,993 99.994 99,997 97,464 95,914 13 1- to 4-family 66,140 67,489 68.187 68,035 68.116 68,187 66.383 65.318 14 Multifamily 16.557 16,058 15.960 15,909 15.939 15.960 15.448 15,102 15 Commercial 16,162 16,278 15.810 15.999 15.909 15,810 15,594 15,446 16 Farm 49 40 40 50 30 40 39 48 17 Savings and loan associations 475,688 503,192 518,350 515,256 518.778 518.350 515.896 512,399 18 1- to 4-family 394,345 419,763 432,978 430.702 433.750 432,978 430.928 427,907 19 Multifamily 37,579 38.142 37,684 38.077 37,975 37.684 37.506 36,851 20 Commercial 43,764 45.287 47,688 46.477 47,053 47.688 47.462 47,641 21 Life insurance companies 118.784 131,081 139,046 135.319 136,982 139.046 140.259 141,659 22 1- to 4-family 16,193 17,943 17,382 17,646 17.512 17.382 17,281 17,483 23 Multifamily 19,274 19,514 19.486 19,603 19,592 19.486 19,419 19.668 24 Commercial 71,137 80,666 89,089 85.038 86,742 89.089 90.555 91.498 25 Farm 12,180 12.958 13.089 13.032 13.136 13,089 13.004 13.010 26 Federal and related agencies 97,084 114,300 126.112 119,124 121.772 126,112 128.721 132,981 27 Government National Mortgage Association 3,852 4.642 4,765 4.972 4.382 4.765 4.438 4,668 28 1- to 4-family 763 704 693 698 696 693 689 685 29 Multifamily 3,089 3,938 4.072 4,274 3.686 4,072 3.749 3,983 30 Farmers Home Administration 1,274 3,492 2,235 2,662 1.562 2,235 2,469 2,780 31 1- to 4-family 417 916 914 1.151 500 914 715 815 32 Multifamily 71 610 473 464 242 473 615 665 33 Commercial 174 411 506 357 325 506 499 510 34 Farm 612 1,555 342 690 495 342 640 790 35 Federal Housing and Veterans Administration 5,555 5,640 5,999 5.895 6.005 5,999 6.003 5.960 36 1- to 4-family 1,955 2,051 2.289 2,172 2,240 2,289 2.266 2.210 37 Multifamily 3,600 3.589 3.710 3,723 3,765 3,710 3,737 3.750 38 Federal National Mortgage Association 51,091 57.327 61,412 57,657 59.682 61.412 62.544 65.008 39 1- to 4-family 45,488 51.775 55.986 52,181 54,227 55,986 57.142 59.631 40 Multifamily 5,603 5,552 5,426 5.476 5.455 5.426 5.402 5.377 41 Federal Land Banks 31,277 38,131 46.446 42.681 44,708 46.446 47,947 49.270 42 1- to 4-family 1,552 2.099 2.788 2.401 2,605 2.788 2.874 2.954 43 Farm 29,725 36.032 43,658 40,280 42,103 43.658 45.073 46,316 44 Federal Home Loan Mortgage Corporation 4,035 5,068 5,255 5,257 5.433 5.255 5.320 5,295 45 1- to 4-family 3,059 3,873 4,018 4,025 4.166 4.018 4.075 4,042 46 Multifamily 976 1.195 1,237 1.232 1.267 1.237 1.245 1,253 47 Mortgage pools or trusts2 118,664 142,258 162.990 152.308 158.140 162.990 172.292 179,507 48 Government National Mortgage Association 75,787 93,874 105,790 100,558 103.750 105.790 108.592 111,459 49 1- to 4-family 73,853 91,602 103,007 98.057 101.068 103.007 105.701 108.487 50 Multifamily 1,934 2,272 2,783 2,501 2.682 2.783 2.891 2,972 51 Federal Home Loan Mortgage Corporation 15.180 16,854 20.560' 17.565 17.936 20.560' 26.745' 30.665' 52 1- to 4-family 12,149 13.471 16,605' 14.115 14.401 16,605' 21.781' 27.193' 53 Multifamily 3,031 3,383 3,955 3,450 3.535 3.955 4.964 3,472' 54 Federal National Mortgage Association3 n.a. n.a. 717 n.a. n.a. 717 2.786 4,556 55 1- to 4-family n.a. n.a. 717 n.a. n.a. 717 2,786 4,556 56 Farmers Home Administration 27.697 31.530 36,640 34,185 36.454 36.640 36.955 37,383 57 1- to 4-family 14,884 16,683 18.378 17.165 18.407 18.378 18.740 18,890 58 Multifamily 2.163 2.612 3,426 3,097 3,488 3.426 3.447 3,472 59 Commercial 4.328 5,271 6,161 5,750 6,040 6.161 6.351 6,371 60 Farm 6.322 6,964 8.675 8,173 8.519 8.675 8.417 8.650 61 Individual and others4 183,482' 218,109' 253.958' 238.689' 247.932' 253,958' 260.557' 268.024' 62 1- to 4-family5 110.857' 138,333' 167.460' 155.231 ' 162.587' 167,460' 171.995' 177.865' 63 Multifamily 23.376 27.345 28,340 27.782 28.272 28,340 29.043 29.726 64 Commercial 24,050 26,661 30,614 28.850 29.761 30,614 31,138 31.828 65 Farm 25.199 25,770 27.544 26.826 27.312 27.544 28.381 28.605 1. Includes loans held by nondeposit trust companies but not bank trust de- NOTE. Based on data from various institutional and governmental sources, with partments. some quarters estimated in part by the Federal Reserve in conjunction with the 2. Outstanding principal balances of mortgages backing securities insured or Federal Home Loan Bank Board and the Department of Commerce. Separation guaranteed by the agency indicated. of nonfarm mortgage debt by type of property, if not reported directly, and in- 3. Outstanding balances on FNMA's issues of securities backed by pools of terpolations and extrapolations when required, are estimated mainly by the Federal conventional mortgages held in trust. The program was implemented bv FNMA Reserve. Multifamily debt refers to loans on structures of five or more units. in October 1981. 4. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and U.S. agencies for which amounts are small or for which separate data are not readily available. 5. Includes a new estimate of residential mortgage credit provided by individuals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 DomesticN onfinancial Statistics • September 1982 1.56 CONSUMER INSTALLMENT CREDIT' Total Outstanding, and Net Change Millions of dollars 1982 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 11997799 11998800 11998811 Jan. Feb. Mar. Apr. May June July Amounts outstanding (end of period) 1 Total 312,024 313,472 333,375 330,135 327,435 327,131 328,363 329,338 331,851 332,471 By major holder 2 Commercial banks 154,177 147,013 149,300 148.162 146,922 146,454 146.616 146,147 146,775 146,745 3 Finance companies 68,318 76,756 89,818 88.925 89,009 89,591 90,674 91,958 93,009 93,353 4 5 C R r e e t d ai it l e u rs n 2 i ons 2 46 8 , , 5 1 1 1 7 9 4 2 4 8 , . 0 4 4 4 1 8 4 2 5 9 . , 9 5 5 5 4 1 4 2 5 8 , , 9 1 0 7 7 9 4 2 5 7 , , 5 0 8 1 6 3 4 2 5 6 , , 6 5 3 3 2 0 4 2 5 6 , . 4 5 5 3 0 7 2 45 6 , , 4 5 7 3 2 6 4 2 5 6 , , 8 6 8 4 2 5 4 2 5 6 , , 6 71 9 0 8 6 Savings and loans 8,424 9.911 11.598 11.668 11,738 11.926 12,081 12,202 12,312 12,520 7 Gasoline companies.... 3.729 4.468 4,403 4,541 4.433 4.229 4,227 4,218 4,398 4,600 8 Mutual savings banks .. 2,740 2.835 2.751 2.753 2.734 2.769 2,778 2,805 2,830 2,845 By major type of credit 9 Automobile 116,362 116.838 126,431 125,525 125,294 125,559 126,201 127,220 128,415 128.359 10 Commercial banks... 67,367 61.536 59,181 58.849 58,604 58,510 58,458 58,099 58,140 58,131 11 Indirect paper 38.338 35,233 35,097 35,029 34,920 34,888 34,920 34,791 34,903 34,979 12 Direct loans 29,029 26.303 24,084 23,820 23,684 23,622 23,538 23,308 23,237 23,152 13 Credit unions 22.244 21.060 21,975 21,953 21.799 21,821 21,733 21,744 21,940 21,852 14 Finance companies . . 26,751 34,242 45,275 44,723 44,891 45.228 46.010 47,377 48.335 48,376 15 Revolving 56,937 58,352 63,049 61,433 59,514 58.491 58,641 58,647 59,302 59,824 16 Commercial banks... 29,862 29,765 33.110 32,643 31,923 31.532 31,638 31,619 31,974 32,205 17 Retailers 23,346 24.119 25,536 24,249 23,158 22,730 22,776 22,810 22,930 23,019 18 Gasoline companies . 3,729 4,468 4,403 4,541 4.433 4,229 4,227 4,218 4,398 4,600 19 Mobile home 16.838 17,322 18,486 18,397 18,343 18,363 18,402 18,479 18,543 18,601 20 Commercial banks... 10,647 10.371 10,300 10.206 10,111 10,037 9,974 9,960 9,924 9,857 21 Finance companies .. 3,390 3.745 4,494 4,481 4,506 4,548 4,608 4,666 4,731 4,801 22 Savings and loans. .. . 2,307 2.737 3,203 3,222 3,241 3,293 3,336 3,369 33,,440000 33,,445588 23 Credit unions 494 469 489 488 485 486 484 484 448888 448866 24 Other 121,887 120,960 125,409 124,780 124,284 124,718 125,119 124,992 125,591 125,687 25 Commercial banks... 46,301 45,341 46,709 46,464 46,284 46,375 46,546 46,469 46,737 46,552 26 Finance companies .. 38.177 38,769 40,049 39,721 39,612 39,815 40,056 39,915 39,943 40,176 27 Credit unions 23,779 22,512 23,490 23.466 23.302 23,326 23,233 23,244 23,454 23.360 28 Retailers 4,773 4,329 4,015 3,930 3,855 3,800 3,761 3,726 3,715 3,691 29 Savings and loans. . .. 6,117 7.174 8,395 8.446 8,497 8,633 8,745 8,833 8,912 9.063 30 Mutual savings banks 2,740 2,835 2.751 2.753 2,734 2,769 2,778 2,805 2,830 2,845 Net change (during period)3 31 Total 38,381 1,448 19,894 443 75 990 1,175 1,399 1,349 570 By major holder 32 Commercial banks.... 18.161 -7.163 2,284 10 -171 166 96 -13 -100 -66 33 Finance companies .. . 14.020 8.438 13.062 -597 307 673 544 1,126 874 195 3 3 4 5 C R r e e ta d i it l e u rs n 2 i ons 2 2, , 1 1 3 8 2 5 -2.4 3 7 2 5 9 1 1 , , 9 1 1 0 3 3 68 2 9 7 - - 1 1 3 2 5 4 -1 1 2 7 2 1 1 1 3 8 2 1 -3 6 9 8 30 3 4 8 - 2 6 9 9 7 36 Savings and loans 1,327 1.485 1,682 172 173 251 205 221 187 196 37 Gasoline companies... 509 739 -65 39 36 -150 -6 -20 38 3 38 Mutual savings banks . 47 95 -85 103 -11 1 23 56 8 14 By major type of credit 39 Automobile 14,715 477 9,595 -121 -56 -28 233 959 655 61 40 Commercial banks.. 6,857 -5.830 -2,355 103 -180 -248 -159 -305 -240 101 41 Indirect paper. 4,488 -3.104 -136 232 -141 -130 2 -52 -52 225 42 Direct loans 2,369 -2,726 -2,219 -129 -39 -118 -161 -253 -188 -124 43 Credit unions 1,044 -1,184 914 345 -59 -55 54 -34 28 -26 44 Finance companies . 6.814 7,491 11,033 -569 183 275 338 1,298 867 -14 45 Revolving 8,628 1,415 4,697 -196 -155 307 499 537 507 612 46 Commercial banks... 5,521 -97 3,345 -276 -65 296 285 436 219 266 47 Retailers 2,598 773 1,417 41 - 126 161 220 121 250 343 48 Gasoline companies . 509 739 -65 39 36 -150 -6 -20 38 3 49 Mobile home 1,603 483 1,161 -26 -44 15 51 70 67 63 50 Commercial banks... 1,102 -276 -74 -74 -110 -82 -48 -41 -58 -57 51 Finance companies .. 238 355 749 6 56 52 53 44 64 73 52 Savings and loans.... 240 430 466 30 14 47 43 67 60 47 53 Credit unions 23 -25 20 12 -4 -2 3 0 1 0 54 Other 13,435 -927 4,441 786 330 696 392 -167 120 -166 55 Commercial banks... 4,681 -960 1.368 257 184 200 18 -103 -21 -376 56 Finance companies .. 6,968 592 1,280 -34 68 346 153 -216 -57 136 57 Credit unions 1,118 -1,266 975 332 -72 -65 75 -5 9 -43 58 Retailers -466 -444 -314 -14 2 10 -39 -53 54 -46 59 Savings and loans. .. . 1,087 1,056 1,217 142 159 204 162 154 127 149 60 Mutual savings banks 47 95 -85 103 -11 1 23 56 8 14 1. The Board's series cover most short- and intermediate-term credit extended 3. Net change equals extensions minus liquidations (repayments, charge-offs and to individuals through regular business channels, usually to finance the purchase other credit); figures for all months are seasonally adjusted. of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to be repaid (or with the option of repayment) in two or more NOTE: Total consumer noninstallment credit outstanding—credit scheduled to installments. be repaid in a lump sum, including single-payment loans, charge accounts, and 2. Includes auto dealers and excludes 30-day charge credit held by travel and service credit—amounted to, not seasonally adjusted $71.3 billion at the end of entertainment companies. 1979, $74.8 billion at the end of 1980. and $80.2 billion at the end of 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Debt A43 1.57 CONSUMER INSTALLMENT CREDIT Extensions and Liquidations Millions of dollars; monthly data are seasonally adjusted. 1982 Holder and tune nf rrpHit 11997799 Jan. Feb. Mar. Apr. May June July Extensions 1 Total 324,777 306,076 336,341 26,888 27,150 27,462 28,648 29,197 29,737 27,514 By major holder 2 Commercial banks 154,733 134,960 146,186 11,775 12,431 12,519 12,790 12,765 13,460 12,485 3 Finance companies 61,518 60,801 66,344 4,433 4,857 5,002 5,343 6,135 5,700 4,607 4 Credit unions 34,926 29,594 35,444 3,326 2,695 2,631 3,010 2,902 2,887 2,711 5 Retailers1 47,676 49,942 53,430 4,385 4,254 4.536 4.618 4,449 4,762 4,785 6 Savings and loans 5,901 6,621 8,142 716 754 788 823 841 785 803 7 Gasoline companies 18,005 22,253 24,902 2,000 2,007 1,835 1,915 1,880 1,969 1,944 8 Mutual savings banks 2,018 1,905 1,893 253 152 151 185 225 174 179 By major type of credit 9 Automobile 93,901 83,454 94,404 7,474 7,283 7,183 7.871 8,429 8,182 7,332 10 Commercial banks 53,554 41,109 42,792 3,696 3,415 3,393 3,499 3,317 3,404 3,687 11 Indirect paper 29,623 22,558 24,941 2,293 1,875 1,875 2,079 1,954 2,036 2,324 12 Direct loans 23,931 18,551 17,851 1,403 1,540 1,518 1,420 1,363 1,368 1,363 13 Credit unions 17,397 15,294 18,084 1.702 1,363 1,420 1,542 1,483 1,497 1,389 14 Finance companies 22,950 27,051 33,527 2.076 2,505 2,370 2,830 3,629 3,281 2,256 15 Revolving 120,174 128,068 140,135 11.070 11,730 12,143 12.416 12,528 13,361 12,551 16 Commercial banks 61,048 61,593 67,370 5,135 5,928 6,235 6.309 6,604 7,141 6,237 17 Retailers 41,121 44,222 47,863 3,935 3,795 4,073 4,192 4,044 4,251 4,370 18 Gasoline companies 18,005 22,253 24,902 2,000 2,007 1,835 1.915 1,880 1,969 1,944 19 Mobile home 6,471 5,093 6,028 434 364 411 544 478 459 441 20 Commercial banks 4,542 2,937 3,106 188 136 156 253 201 180 173 21 Finance companies 797 898 1,313 99 117 120 122 114 129 133 22 Savings and loans 948 1,146 1,432 122 102 126 151 151 137 123 23 Credit unions 184 113 176 25 9 9 18 12 13 12 24 Other 104,231 89,461 95,774 7,910 7,773 7,725 7,853 7,762 7,735 7,190 25 Commercial banks 35,589 29,321 32,918 2.756 2,952 2,735 2,729 2,643 2,735 2,388 26 Finance companies 37,771 32,852 31,504 2,258 2,235 2,512 2,391 2,392 2,290 2,218 27 Credit unions 17,345 14,187 17,182 1,599 1,323 1,202 1,450 1,407 1,377 1,310 28 Retailers 6,555 5,720 5,567 450 459 463 426 405 511 415 29 Savings and loans 4,953 5,476 6,710 594 652 662 672 690 648 680 30 Mutual savings banks 2,018 1,905 1,893 253 152 151 185 225 174 179 Liquidations 31 Total 286,396 304,628 316,447 26,445 27,075 26,472 27,509 27,798 28,388 26,944 By major holder 32 Commercial banks 136,572 142,123 143,902 11,765 12,602 12,353 12,694 12,778 13,560 12,551 33 Finance companies 47,498 52,363 53,282 5,030 4,550 4,329 4,799 5,009 4,826 4,412 34 Credit unions 32,741 32,069 33,531 2,637 2,830 2,753 2,878 2,941 2,849 2,780 35 Retailers' 45,544 49,613 52,327 4.358 4,378 4,365 4,437 4,381 4,458 4,488 36 Savings and loans 4,574 5,136 6,640 544 581 537 618 620 598 607 37 Gasoline companies 17,496 21,514 24,967 1,961 1,971 1,985 1,921 1,900 1,931 1,941 38 Mutual savings banks 1,971 1,810 1,978 150 163 150 162 169 166 165 By major type of credit 39 Automobile 79,186 82,977 84,809 7,595 7,339 7,211 7,638 7,470 7,527 7,271 40 Commercial banks 46,697 46,939 45,147 3,593 3,595 3,641 3,658 3,622 3,644 3,586 41 Indirect paper 25,135 25,662 25,077 2,061 2,016 2,005 2,077 2,006 2,088 2,099 42 Direct loans 21,562 21,277 20.070 1,532 1,579 1,636 1,581 1,616 1,556 1,487 43 Credit unions 16,353 16,478 17,169 1,357 1,422 1,475 1,488 1,517 1,469 1,415 44 Finance companies 16,136 19,560 22,494 2,645 2,322 2,095 2,492 2,331 2,414 2,270 45 Revolving 111,546 126,653 135,438 11,266 11,885 11,836 11,917 11,991 12,854 11,939 46 Commercial banks 55,527 61,690 64,025 5,411 5,993 5,939 6,024 6,168 6,922 5,971 47 Retailers 38,523 43,449 46,446 3,894 3,921 3,912 3,972 3,923 4,001 4,027 48 Gasoline companies 17,496 21,514 24,967 1,961 1,971 1,985 1,921 1,900 1,931 1,941 49 Mobile home 4,868 4,610 4,867 460 408 396 493 408 392 378 50 Commercial banks 3,440 3,213 3,180 262 246 238 301 242 238 230 51 Finance companies 559 543 564 93 61 68 69 70 65 60 52 Savings and loans 708 716 966 92 88 79 108 84 77 76 53 Credit unions 161 138 156 13 13 11 15 12 12 12 54 Other 90,796 90,388 91,333 7,124 7,443 7,029 7.461 7,929 7,615 7,356 55 Commercial banks 30,908 30,281 31,550 2,499 2,768 2,535 2,711 2,746 2,756 2,764 56 Finance companies 30,803 32,260 30,224 2,292 2,167 2,166 2,238 2,608 2,347 2,082 57 Credit unions 16,227 15,453 16,207 1,267 1,395 1,267 1,375 1,412 1,368 1,353 58 Retailers 7,021 6,164 5,881 464 457 453 465 458 457 461 59 Savings and loans 3,866 4,420 5,493 452 493 458 510 536 521 531 60 Mutual savings banks 1,971 1,810 1,978 150 163 150 162 169 166 165 1. Includes auto dealers and excludes 30-day charge credit held by travel and entertainment companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 DomesticN onfinancial Statistics • September 1982 1.58 FUNDS RAISED IN U.S. CREDIT MARKETS Billions of dollars; half-yearly data are at seasonally adjusted annual rates. 1979 1980 1981 TTrraannssaaccttiioonn ccaatteeggoorryy,, sseeccttoorr 11997766 11997777 11997788 11997799 11998800 11998811 HI H2 HI H2 HI H2 Nonfinancial sectors 1 Total funds raised 273,6 336.6 395.6 387.0 371.9 376.0 385.0 389.0 339.0 404.9 418.4 333.6 2 Excluding equities 262.8 333.5 396.3 394.0 357.0 387.4 394.7 393.3 330.1 383.8 416.9 358.0 fly sector and instrument 3 U.S. government 69.0 56.8 53.7 37.4 79.2 87.4 30.0 44.7 66.5 91.9 86.1 88.6 4 Treasury securities 69.1 57.6 55.1 38.8 79.8 87.8 32.3 45.2 67.2 92.4 86.7 89.0 Agency issues and mortgages -.1 -.9 - 1.4 -1.4 -.6 -.5 -2.3 -.5 -.6 -.6 -.5 -.4 6 All other nonfinancial sectors 204.6 279.9 342.0 349.6 292.7 288.6 355.0 344.3 272.5 313.0 332.3 244.9 7 Corporate equities 10.8 3.1 -.6 -7.1 15.0 -11.5 -9.8 -4.3 8.9 21.0 1.5 -24.5 8 Debt instruments 193.8 276.7 342.6 356.7 277.8 300.1 364.7 348.6 263.6 292.0 330.7 269.4 y Private domestic nonfinancial sectors 185.0 266.0 308.7 328.6 263.4 264.1 341.0 316.1 241.3 285.6 297.1 231.2 10 Corporate equities 10.5 2.7 -.1 -7.8 12.9 -11.5 -9.6 -6.1 6.9 18.8 .9 -23.8 11 Debt instruments 174.5 263.2 308.8 336.4 250.6 275.6 350.6 322.2 234.4 266.2 296.2 255.0 12 Debt capital instruments 123.7 172.2 193.7 200.1 179.4 147.8 203.0 197.2 177.0 181.9 171.1 124.5 13 State and local obligations 15.7 21.9 26.1 21.8 26.9 25.8 20.9 22.7 21.6 32.1 28.8 22.8 14 Corporate bonds 22.8 21.0 20.1 21.2 30.4 20.2 21.7 20.7 35.3 25.6 22.8 17.6 Mortgages 1155 Home mortgages 64.0 96.3 108.5 113.7 81.7 62.2 117.6 109.8 76.5 87.0 77.3 47.2 16 Multifamily residential 3.9 7.4 9.4 7.8 8.5 4.6 8.0 7.6 8.2 8.8 5.0 4.2 17 Commercial 11.6 18.5 22.1 24.4 22.4 25.3 23.4 25.4 24.8 19.9 28.4 22.1 18 Farm 5.7 7.1 7.5 11.3 9.5 9.8 11.6 11.0 10.6 8.4 8.9 10.7 19 Other debt instruments 50.7 91.0 115.1 136.3 71.1 127.8 147.6 125.0 57.4 84.9 125.1 130.4 20 Consumer credit 25.4 40.2 47.6 46.3 2.3 25.3 50.9 41.6 -5.1 9.7 29.5 21.1 21 Bank loans n.e.c 4.4 26.7 37.1 49.2 37.3 50.1 55.5 42.8 13.5 61.2 42.0 58.3 22 Open market paper 4.0 2.9 5.2 11.1 6.6 19.2 8.0 14.2 24.8 -11.6 16.0 22.3 23 Other 16.9 21.3 25.1 29.7 24.9 33.2 33.1 26.4 24.1 25.6 37.6 28.7 24 By borrowing sector 185.0 266.0 308.7 328.6 263.4 264.1 341.0 316.1 241.3 285.6 297.1 231.2 2b State and local governments 15.2 17.3 20.9 18.4 25.3 23.1 17.9 18.9 19.7 30.9 26.2 20.0 26 Households 89.6 139.1 164.3 170.6 101.7 103.6 179.1 162.1 94.2 109.1 124.3 82.8 27 Farm 10.2 12.3 15.0 20.8 14.5 16.4 21.2 20.4 17.9 11.1 22.7 10.0 28 Nonfarm noncorporate 5.7 12.7 15.3 14.0 15.8 13.8 13.5 14.5 11.0 20.6 16.1 11.6 29 Corporate 64.3 84.6 93.2 104.8 106.1 107.3 109.3 100.2 98.4 113.8 107.8 106.7 30 Foreign 19.6 13.9 33.2 21.0 29.3 24.4 14.0 28.1 31.2 27.4 35.1 13.8 31 Corporate equities .3 .4 -.5 .8 2.1 * -.2 1.7 1.9 2.2 .6 -.7 32 Debt instruments 19.3 13.5 33.8 20.3 27.2 24.5 14.1 26.4 29.2 25.2 34.5 14.4 33 Bonds 8.6 5.1 4.2 3.9 .8 5.6 2.8 4.9 2.0 -.4 3.3 7.8 34 Bank loans n.e.c 5.6 3.1 19.1 2.3 11.5 .8 2.1 2.4 6.1 17.0 5.7 -4.1 3b Open market paper 1.9 2.4 6.6 11.2 10.1 13.9 6.1 16.3 15.7 4.5 20.6 7.1 36 U.S. government loans 3.3 3.0 3.9 3.0 4.7 4.2 3.1 2.8 5.4 4.0 4.9 3.6 Financial sectors 37 Total funds raised 23.4 51.4 76.8 84.3 66.7 88.6 87.8 80.8 59.8 73.5 92.6 84.6 By instrument 38 U.S. government related 15.1 21.9 36.7 48.2 43.0 44.4 43.7 52.8 44.7 41.3 40.6 48.2 39 Sponsored credit agency securities 3.3 7.0 23.1 24.3 24.4 30.1 21.2 27.3 25.1 23.7 24.0 36.1 40 Mortgage pool securities 12.2 16.1 13.6 24.0 18.6 14.3 22.5 25.5 19.6 17.6 16.5 12.1 41 Loans from U.S. government -.4 -1.2 0 0 0 0 0 0 0 0 0 0 42 Private financial sectors 8.2 29.5 40.1 36.0 23.7 44.2 44.1 28.0 15.2 32.2 52.0 36.4 43 Corporate equities -.2 2.6 1.8 2.5 6.2 8.3 3.6 1.4 7.1 5.2 9.7 7.0 44 Debt instruments 8.4 26.9 38.3 33.6 17.5 35.9 40.6 26.6 8.1 27.0 42.3 29.4 4b Corporate bonds 9.8 10.1 7.5 7.8 7.1 -.8 8.2 7.5 10.1 4.2 -2.0 .3 46 Mortgages 2.1 3.1 .9 -1.2 -.9 -2.9 .3 -2.6 -5.8 4.0 -2.9 -2.9 47 Bank loans n.e.c -3.7 -.3 2.8 -.4 -.5 2.5 -1.4 .6 » -.9 4.6 .3 48 Open market paper and RPs 2.2 9.6 14.6 18.2 4.6 20.9 25.4 10.9 -.8 10.1 24.6 17.3 49 Loans from Federal Home Loan Banks -2.0 4.3 12.5 9.2 7.1 16.2 8.2 10.1 4.6 9.6 18.0 14.5 By sector bO Sponsored credit agencies 2.9 5.8 23.1 24.3 24.4 30.1 21.2 27.3 25.1 23.7 24.0 36.1 51 Mortgage pools 12.2 16.1 13.6 24.0 18.6 14.3 22.5 25.5 19.6 17.6 16.5 12.1 52 Private financial sectors 8.2 29.5 40.1 36.0 23.7 44.2 44.1 28.0 15.2 32.2 52.0 36.4 53 Commercial banks 2.3 1.1 1.3 1.6 .5 .4 1.3 1.8 .8 .3 .2 .5 54 Bank affiliates 5.4 2.0 7.2 6.5 6.9 8.3 8.0 4.9 5.8 8.0 6.9 9.7 55 Savings and loan associations .1 9.9 14.3 11.4 6.9 13.1 11.1 11.7 -1.4 15.2 17.2 8.9 56 Other insurance companies .9 1.4 .8 .9 .9 .9 .9 .9 .9 .9 .9 .9 5/ Finance companies 4.3 16.9 18.1 16.8 5.8 14.4 22.7 10.9 5.2 6.3 18.3 10.6 b8 REITs -2.2 -2.3 -1.1 -.4 -1.7 -.7 -.6 -.2 -1.4 -2.0 -.8 -.5 59 Open-end investment companies -2.4 .4 -.5 -.6 4.4 7.8 .7 -1.9 5.3 3.4 9.3 6.3 All sectors 60 Total funds raised, by instrument 297.0 388.0 472.5 471.3 438.6 464.6 472.8 469.7 398.8 478.4 511.0 418.2 61 Investment company shares -2.4 .4 -.5 -.6 4.4 7.8 .7 -1.9 5.3 3.4 9.3 6.3 62 Other corporate equities 13.1 5.3 1.7 -4.0 16.8 -11.0 -6.9 -1.0 10.7 22.8 1.9 -23.8 63 Debt instruments 286.4 382.3 471.3 475.8 417.5 467.7 479.0 472.6 382.9 452.1 499.8 435.6 64 U.S. government securities 84.6 79.9 90.5 85.7 122.3 131.9 73.8 97.6 111.3 133.2 126.8 136.9 6b State and local obligations 15.7 21.9 26.1 21.8 26.9 25.8 20.9 22.7 21.6 32.1 28.8 22.8 66 Corporate and foreign bonds 41.2 36.1 31.8 32.8 38.4 24.9 32.6 33.0 47.4 29.5 24.1 25.7 6/ Mortgages 87.2 132.3 148.3 155.9 121.1 98.8 160.6 151.1 114.2 128.0 116.6 81.1 68 Consumer credit 25.4 40.2 47.6 46.3 2.3 25.3 50.9 41.6 -5.1 9.7 29.5 21.1 69 Bank loans n.e.c 6.2 29.5 59.0 51.0 48.4 53.4 56.2 45.8 19.6 77.2 52.3 54.5 70 Open market paper and RPs 8.1 15.0 26.4 40.5 21.4 54.0 39.5 41.5 39.7 3.1 61.3 46.7 71 Other loans 17.8 27.4 41.5 41.9 36.7 53.7 44.4 39.3 34.1 39.3 60.5 46.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A45 1.59 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates 1979 1980 1981 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11997766 11997777 11997788 11997799 11998800 11998811 HI H2 HI H2 HI H2 1 Total funds advanced in credit markets to nonfinancial sectors 262.8 333.5 396.3 394.0 357.0 387.4 394.7 393.3 330.1 383.8 416.9 358.0 By public agencies and foreign 2 Total net advances 49.8 79.2 101.9 74 0 92.1 91.2 49.6 98.5 102.9 81.3 103.6 78.8 3 U.S. government securities 23.1 34.9 36.1 -6.2 15.6 17.2 -27.1 14.7 23.2 8.0 24.3 10.1 4 Residential mortgages 12.3 20.0 25.7 36 7 31.1 22.7 35.7 37.8 33.3 28.9 20.8 24.6 5 FHLB advances to savings and loans -2.0 4.3 12.5 9 2 7.1 16.2 8.2 10.1 4.6 9.6 18.0 14.5 6 Other loans and securities 16.4 20.1 27.6 34 3 38.2 35.0 32.8 35.8 41.7 34.8 40.5 29.6 Total advanced, by sector 7 U.S. government 7.9 10.0 17.1 19.0 23.7 24.1 19.8 18.3 25.4 22.1 27.7 20.5 8 Sponsored credit agencies 16.8 22.4 39.9 53.4 43.8 45.3 47.8 58.9 42.4 45.2 42.2 48.3 9 Monetary authorities 9.8 7.1 7.0 7.7 4.5 9.2 -.9 16.2 12.1 -3.1 -7.3 25.6 10 Foreign 15.2 39.6 38.0 -6.1 20.0 12.6 - 17.2 5.1 23.0 17.0 40.9 -15.7 11 Agency borrowing not included in line 1 15.1 21.9 36.7 48.2 43.0 44.4 43.7 52.8 44.7 41.3 40.6 48.2 Private domestic funds advanced 12 Total net advances 228.1 276.2 331.0 368.2 307.9 340.6 388.9 347.6 271.9 343.8 353.8 327.5 13 U.S. government securities 61.5 45.1 54.3 91.9 106.7 114.7 101.0 82.9 88.1 125.3 102.6 126.8 14 State and local obligations 15.7 21.9 26.1 21.8 26.9 25.8 20.9 22.7 21.6 32.1 28.8 22.8 15 Corporate and foreign bonds 30.5 22.2 22.4 24.0 26.2 21.0 24.0 24.0 32.5 19.9 19.6 22.5 16 Residential mortgages 55.5 83.7 92.1 84.6 59.1 44.0 89.8 79.5 51.2 66.9 61.4 26.6 17 Other mortgages and loans 62.9 107.7 148.6 155.1 96.2 151.4 161.4 148.7 83.1 109.3 159.5 143.2 18 LESS: Federal Home Loan Bank advances -2.0 4.3 12.5 9.2 7.1 16.2 8.2 10.1 4.6 9.6 18.0 14.5 Private financial intermediation 19 Credit market funds advanced by private financial institutions 191.4 260.9 302.4 292.5 270.3 302.5 316.9 268.0 246.1 294.4 318.9 286.2 20 Commercial banking 59.6 87.6 128.7 121.1 99.7 99.8 130.3 112.0 58.5 140.9 101.6 98.0 21 Savings institutions 70.5 82.0 73.5 55.9 58.4 24.1 59.6 52.2 35.5 81.3 38.4 9.8 22 Insurance and pension funds 49.7 67.8 75.0 66.4 79.8 81.9 72.3 60.5 89.2 70.3 79.3 84.5 23 Other finance 11.6 23.4 25.2 49.0 32.4 96.7 54.8 43.3 62.8 1.9 99.5 93.9 24 Sources of funds 191.4 260.9 302.4 292.5 270.3 302.5 316.9 268.0 246.1 294.4 318.9 286.2 25 Private domestic deposits 124.4 138.9 140.8 143.2 171.1 204.8 135.1 151.2 158.7 183.6 203.6 206.1 26 Credit market borrowing 8.4 26.9 38.3 33.6 17.5 35.9 40.6 26.6 8.1 27.0 42.3 29.4 27 Other sources 58.5 95.1 123.2 115.7 81.6 61.8 141.2 90.3 79.4 83.8 73.0 50.7 28 Foreign funds -4.7 1.2 6.3 25.6 -22.3 - 10.4 45.6 5.6 -22.8 -21.9 -6.5 -14.4 29 Treasury balances -.1 4.3 6.8 .4 -2.6 -1.1 5.0 -4.2 -2.3 -2.8 10.8 -13.0 30 Insurance and pension reserves 34.3 50.1 62.2 47.8 64.1 71.4 52.3 43.4 70.0 58.1 62.7 80.1 31 Other, net 29.0 39.5 48.0 41.9 42.4 2.0 38.4 45.4 34.5 50.4 6.0 -1.9 Private domestic nonfinancial investors 32 Direct lending in credit markets 45.1 42.2 67.0 109.3 55.1 74.0 112.5 106.1 33.9 76.4 77.3 70.7 33 U.S. government securities 16.4 24.1 35.6 62.8 32.6 44.8 71.0 54.5 19.3 45.8 37.1 52.4 34 State and local obligations 3.3 -.8 1.4 1.4 3.1 15.5 2.6 .2 -1.8 7.9 20.6 10.5 35 Corporate and foreign bonds 11.8 -3.8 -2.9 10.3 3.6 -10.4 4.6 16.0 4.8 2.3 -10.2 -10.6 36 Commercial paper 1.9 9.6 16.5 11.4 -3.8 4.3 11.4 11.4 -4.5 -3.1 4.9 3.8 37 Other 11.7 13.2 16.4 23.5 19.7 19.7 22.9 24.0 16.0 23.3 24.8 14.6 38 Deposits and currency 133.4 148.5 152.1 152.6 182.3 213.7 149.3 155.9 167.6 197.1 209.5 217.9 39 Currency 7.3 8.3 9.3 7.9 10.3 9.5 9.0 6.9 8.5 12.1 4.7 14.3 40 Checkable deposits 10.4 17.2 16.3 19.2 4.2 16.9 16.6 21.9 -1.5 9.9 28.9 4.9 41 Small time and savings accounts 123.7 93.5 63.5 61.7 80.9 40.7 66.5 56.9 66.7 95.2 14.6 66.8 42 Money market fund shares * .2 6.9 34.4 29.2 107.5 30.2 38.6 61.9 -3.4 104.1 110.8 43 Large time deposits -12.0 25.8 46.6 21.2 50.3 36.8 3.3 39.1 26.3 74.2 48.3 25.3 44 Security RPs 2.3 2.2 7.5 6.6 6.5 .3.0 18.5 -5.3 5.3 7.8 7.7 -1.7 45 Foreign deposits 1.7 1.3 2.0 1.5 .9 -.6 5.2 -2.3 .4 1.3 1.2 -2.5 46 Total of credit market instruments, deposits and currency 178.5 190.7 219.1 261.9 237.5 287.7 261.8 262.0 201.5 273.4 286.8 288.6 47 Public support rate (in percent) 19.0 23.7 25.7 18.8 25.8 23.5 12.6 25.0 31.2 21.2 24.9 22.0 48 Private financial intermediation (in percent)... 83.9 94.4 91.3 79.4 87.8 88.8 81.5 77.1 90.5 85.6 90.1 87.4 49 Total foreign funds 10.5 40.8 44.3 19.5 -2.3 2.2 28.4 10.7 .2 -4.8 34.5 -30.1 MEMO: Corporate equities not included above 50 Total net issues 10.6 5.7 1.2 -4.6 21.1 -3.1 -6.2 -2.9 16.0 26.3 11.2 -17.5 51 Mutual fund shares -2.4 .4 -.5 -.6 4.4 7.8 .7 -1.9 5.3 3.4 9.3 6.3 52 Other equities 13.1 5.3 1.7 -4.0 16.8 -11.0 -6.9 -1.0 10.7 22.8 1.9 -23.8 53 Acquisitions by financial institutions 12.5 7.4 4.5 10.6 17.7 22.4 7.1 14.0 10.5 24.9 26.4 18.4 54 Other net purchases -1.9 -1.6 -3.4 -15.1 3.4 -25.5 -13.4 -16.9 5.5 1.4 -15.2 -35.9 NOTES BY LINE NUMBER. 31. Mainly retained earnings and net miscellaneous liabilities. 1. Line 2 of table 1.58. 32. Line 12 less line 19 plus line 26. 2. Sum of lines 3-6 or 7-10. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 includes 6. Includes farm and commercial mortgages. mortgages. 11. Credit market funds raised by federally sponsored credit agencies, and net 39. Mainly an offset to line 9. issues of federally related mortgage pool securities. 46. Lines 32 plus 38, or line 12 less line 27 plus 39 and 45. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum 47. Line 2/line 1. of lines 27, 32, and 38 less lines 39 and 45. 48. Line 19/line 12. 17. Includes farm and commercial mortgages. 49. Sum of lines 10 and 28. 25. Line 38 less lines 39 and 45. 50. 52. Includes issues by financial institutions. 26. Excludes equity issues and investment company shares. Includes line 18. 28. Foreign deposits at commercial banks, bank borrowings from foreign branches, NOTE. Full statements for sectors and transaction types quarterly, and annually and liabilities of foreign banking agencies to foreign affiliates. for flows and for amounts outstanding, may be obtained from Flow of Funds 29. Demand deposits at commercial banks. Section, Division of Research and Statistics. Board of Governors of the Federal 30. Excludes net investment of these reserves in corporate equities. Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A46 Domestic Nonfinancial Statistics • September 1982 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures 1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted. 1981 1982 MMeeaassuurree 11997799 11998800 11998811 Dec. Jan. Feb. Mar. Apr. May' June July? Aug. 1 Industrial production1 152.5 147.0 151.0 143.4 140.7 142.9 141.7 140.2 139.2 138.5 138.7 138.0 Market groupings 2 Products, total 150.0 146.7 150.6 146.2 142.9 144.6 143.7 142.9 142.3 141.8 142.0 140.9 3 Final, total 147.2 145.3 149.5 146.3 142.8 144.1 143.3 142.6 142.2 141.9 142.0 140.6 4 Consumer goods 150.8 145.4 147.9 142.0 139.6 141.8 141.5 142.1 143.6 144.6 145.7 144.0 5 Equipment 142.2 145.2 151.5 152.1 147.2 147.3 145.9 143.4 140.4 138.3 137.0 136.0 6 Intermediate 160.5 151.9 154.4 145.9 143.4 146.3 145.2 143.7 142.6 141.1 142.0 142.0 7 Materials 156.4 147.6 151.6 139.0 137.2 140.4 138.5 136.2 134.3 133.6 133.4 133.4 Industry groupings 8 Manufacturing 153.6 146.7 150.4 142.0 138.5 140.9 140.1 138.7 137.9 137.6 137.9 137.2 Capacity utilization (percent)1-2 9 Manufacturing 85.7 79.1 78.5 73.1 71.1 72.2 71.6 70.8 70.2 69.9 69.9 69.4 10 Industrial materials industries 87.4 80.0 79.9 72.4 71.4 72.9 71.8 70.5 69.4 68.9 68.7 68.5 11 Construction contracts (1977 = 100)3 121.0 106.0 107.0 112.0 118.0' 97.0 105.0 88.0 94.0 111.0 98.0 n.a. 12 Nonagricultural employment, total4 136.5 137.6 139.1 137.7 137.5 137.5 137.2 136.9 137.0 136.5 136.3 135.9 13 Goods-producing, total 113.5 110.3 110.2 106.9 105.9 105.7 104.9 104.2 104.1 102.9 102.5 101.8 14 Manufacturing, total 108.2 104.4 104.2 101.2 100.4 100.0 99.3 98.6 98.3 97.3 96.9 9966..33 15 Manufacturing, production-worker 105.3 99.4 98.5 94.3 93.2 92.9 92.1 91.2 90.9 89.8 89.4 8888..88 16 Service-producing 149.1 152.6 155.0 154.7 154.8 154.9 155.0 154.8 155.1 154.9 154.8 154.7 17 Personal income, total 309.7' 342.9 383.5r 396.4 396.7 399.0 399.8 402.5 405.9 407.5 411.5 18 Wages and salary disbursements 289.8 317.6 349.9 358.4 359.6 362.2 361.3 362.2 365.4 365.9 367.6 19 Manufacturing 249.0 264.3 288.1 286.9 286.1 289.0 286.4 286.3 288.1 288.4 288.1 20 Disposable personal income5 301.2r 332.9 370.3 383.8 385.0 386.5 387.7 392.0' 393.4 394.2 402.4 n.a. 21 Retail sales" 281.6 303.8 330.6 334.1 326.0 334.9 333.5 337.4 347.1 336.4 340.4 337.4 Prices7 22 Consumer 217.4 246.8 272.4 281.5 282.5 283.4 283.1 284.3 287.1 290.6 292.2 23 Producer finished goods 217.7 247.0 269.8 275.4 277.9 277.9 277.3' 276.9 277.7 279.9 281.7 n.a. 1. The industrial production and capacity utilization series have been revised 6. Based on Bureau of Census data published in Survey of Current Business. back to January 1979. 7. Data without seasonal adjustment, as published in Monthly Labor Review. 2. Ratios of indexes of production to indexes of capacity. Based on data from Seasonally adjusted data for changes in the price indexes may be obtained from Federal Reserve, McGraw-Hill Economics Department, and Department of Com- the Bureau of Labor Statistics, U.S. Department of Labor. merce. 3. Index of dollar value of total construction contracts, including residential, NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5, and nonresidential, and heavy engineering, from McGraw-Hill Information Systems 6, and indexes for series mentioned in notes 3 and 7 may also be found in the Company, F. W. Dodge Division. Survey of Current Business. 4. Based on data in Employment and Earnings (U.S. Department of Labor). Figures for industrial production for the last two months are preliminary and Series covers employees only, excluding personnel in the Armed Forces. estimated, respectively. 5. Based on data in Survey of Current Business (U.S, Department of Commerce). 2.11 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION Seasonally adjusted 1981 1982 1981 1982 1981 1982 SSeerriieess Q3 Q4 Q1 Q2' Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2' Output (1967 = 100) Capacity (percent of 1967 output) Utilization rate (perce nt) 1 Manufacturing 152.5 145.0 139.8 138.1 192.4 193.9 195.2 196.4 79.3 74.8 71.6 70.3 2 Primary processing 155.8 143.5 137.1 132.3 196.3 197.5 198.6 199.5 79.4 72.7 69.1 66.3 i Advanced processing 150.7 145.8 141.6 141.1 190.4 192.0 193.5 194.9 79.2 75.9 73.2 72.4 4 Materials 154.3 144.0 138.7 134.7 190.3 191.5 192.6 193.7 81.1 75.2 72.0 69.6 5 Durable goods 152.8 140.2 130.9 127.1 194.2 195.3 196.4 197.3 78.7 71.8 66.7 64.4 6 Metal materials 114.2 99.5 90.9 76.9 141.9 142.1 142.3 142.4 80.5 70.1 63.9 54.0 7 Nondurable goods 175.8 164.5 161.0 156.8 211.2 213.1 214.6 216.1 83.3 77.2 75.0 72.6 8 Textile, paper, and chemical 182.8 169.4 164.5 160.5 221.7 223.9 225.6 227.3 82.5 75.7 72.9 70.6 9 Textile 115.5 106.8 101.3 101.6 141.0 141.6 142.1 142.4 81.8 75.4 71.3 71.4 10 Paper 152.2 147.0 146.1 142.2 161.9 162.8 163.8 164.6 94.1 90.3 89.2 86.4 11 Chemical 224.9 206.2 200.0 194.0 281.0 284.4 287.3 289.6 80.0 72.5 69.6 67.0 12 Energy materials 131.6 127.9 129.8 125.6 155.0 155.8 156.5 157.0 84.9 82.1 82.9 80.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Labor Market A47 2.11 Continued Previous cycle1 Latest cycle2 1981 1982 High Low High Low Aug. Dec. Jan. Feb. Mar. Apr. May' Juner July' Aug. Capacity utilization rate (percent) 13 Manufacturing 88.0 69.0 87.2 74.9 79.6 73.1 71.1 72.2 71.6 70.8 70.2 69.9 69.9 69.4 14 Primary processing 93.8 68.2 90.1 71.0 79.9 69.6 68.5 70.0 68.6 67.2 66.1 65.7 65.6 65.5 15 Advanced processing.... 85.5 69.4 86.2 77.2 79.4 75.0 72.8 73.6 73.2 72.6 72.5 72.2 72.2 71.5 16 Materials 92.6 69.4 88.8 73.8 81.6 72.4 71.4 72.9 71.8 70.5 69.4 68.9 68.7 68.5 17 Durable goods 91.5 63.6 88.4 68.2 79.4 68.5 66.2 67.4 66.4 65.0 64.2 64.1 63.7 63.5 18 Metal materials 98.3 68.6 96.0 59.6 83.0 65.5 65.8 64.7 61.1 56.2 53.9 52.0 50.8 n.a 19 Nondurable goods 94.5 67.2 91.6 77.5 83.0 74.1 73.2 76.5 75.3 74.4 72.5 70.9 70.6 70.8 20 Textile, paper, and chemical 95.1 65.3 92.2 75.3 82.3 72.2 70.7 74.4 73.7 72.5 70.6 68.8 68.4 68.8 21 Textile 92.6 57.9 90.6 80.9 82.3 72.0 68.6 71.9 73.5 73.4 71.5 69.2 69.1 n.a. 22 Paper 99.4 72.4 97.7 89.3 93.6 86.5 87.6 90.7 89.4 87.4 86.1 85.6 85.5 n.a. 23 Chemical 95.5 64.2 91.3 70.7 79.7 69.0 67.4 71.3 70.2 69.0 66.9 65.0 64.5 n.a. 24 Energy materials 94.6 84.8 88.3 82.7 85.6 81.6 83.7 83.2 81.8 80.2 79.9 79.8 80.5 79.9 1. Monthly high 1973; monthly low 1975. 2. Preliminary; monthly highs December 1978 through January 1980; monthly lows July 1980 through October 1980. 2.12 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data are seasonally adjusted. Exceptions noted. 1982 CCaatteeggoorryy 11997799 11998800 11998811 Feb. Mar. Apr. May' June July Aug HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 166,951 169,847 172,272 173,657 173,842 174,019 174,201 174,363 174,544 174,707 2 Labor force (including Armed Forces)1 ... 107,050 109,042 110,812 111,333 111,521 111,823 112,841 112,364 112,702 112,840 3 Civilian labor force 104,962 106,940 108,670 109,165 110099,,334466 109,648 110,666 110,191 111100,,552222 111100,,664444 Employment 4 Nonagricultural industries2 95,477 95,938 97,030 96,217 96,144 96,032 96,629 96,406 96,272 96,404 5 Agriculture 3,347 3,364 3,368 3,373 3,349 3,309 3,488 3,357 3,460 3,435 Unemployment 6 Number 6,137 7,637 8,273 9,575 9,854 10,307 10,549 10,427 10,790 10,805 7 Rate (percent of civilian labor force) . 5.8 7.1 7.6 8.8 9.0 9.4 9.5 9.5 9.8 9.8 8 Not in labor force 59,901 60,805 61,460 62,324 62,321 62,196 61,360 61,999 61,842 61,867 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 89,823 90,564 91,548 90,459 90,304 90,083 90,166 89,839' 89,662' 89,451 10 Manufacturing 21,040 20,300 20,264 19,454 19,319 19,169 19,115 18,930' 18,844' 18,729 11 Mining 958 1,020 1,104 1,203 1,197 1,182 1,152 L,124R 1,107' 1,099 12 Contract construction 4,463 4,399 4,307 3,974 3,934 3,938 3,988 3,940R 3,929' 3,902 13 Transportation and public utilities 5,136 5,143 5,152 5,115 5,100 5,094 5,101 5,078' 5,041' 5,038 14 Trade 20,192 20,386 20,736 20,670 20,655 20,584 20,652 20,595R 20,613' 20,531 15 Finance 4,975 5,168 5,330 5,326 5,336 5,335 5,342 5,352' 5,358' 5,375 16 Service 17,112 17,901 18,598 18,867 18,904 18,929 18,963 18,988' 19,057' 19,077 17 Government 15,947 16,249 16,056 15,850 15,859 15,852 15,853 15,832' 15,713' 15,700 1. Persons 16 years of age and over. Monthly figures, which are based on sample 3. Data include all full- and part-time employees who worked during, or data, relate to the calendar week that contains the 12th day; annual data are received pay for, the pay period that includes the 12th day of the month, and averages of monthly figures. By definition, seasonality does not exist in population exclude proprietors, self-employed persons, domestic servants, unpaid family workfigures. Based on data from Employment and Earnings (U.S. Department of La- ers, ancl members of the Armed Forces. Data are adjusted to the March 1979 bor). benchmark and only seasonally adjusted data are available at this time. Based on 2. Includes self-employed, unpaid family, and domestic service workers. data from Employment and Earnings (U.S. Department of Labor). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 Domestic Nonfinancial Statistics • September 1982 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value Monthly data are seasonally adjusted. Grouping p 1 p 9 o ro 6 r- - 7 aa 1 vv 9 ee 8 rr 1 -- 1981 1982 tion age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr June JulyP Index (1967 100) MAJOR MARKET 1 Total index 100.00 151.0 153.6 151.6 149.1 146.3 143.4 140.7 142.9 141.7 140.2 139.2 138.5 138.7 2 Products 60.71 150.6 152.6 151.0 149.4 147.5 146.2 142.9 144.6 143.7 142.9 142.3 141.8 142.0 3 Final products 47.82 149.5 151.5 150.0 148.9 147.2 146.3 142.8 144.1 143.3 142.6 142.2 141.9 142.0 4 Consumer goods 27.68 147.9 149.6 147.8 146.5 144.0 142.0 139.6 141.8 141.5 142.1 143.6 144.6 145.7 5 Equipment 20.14 151.8 154.0 152.9 152.1 151.5 152.1 147.2 147.3 145.9 143.4 140.4 138.3 137.0 6 Intermediate products 12.89 154.4 156.8 154.6 151.4 148.7 145.9 143.4 146.3 145.2 143.7 142.6 141.1 142.0 7 Materials 39.29 151.6 155.2 152.5 148.5 144.6 139.0 137.2 140.4 138.5 136.2 134.3 133.6 133.4 Consumer goods 8 Durable consumer goods 7.89 140.5 142.5 140.4 136.3 129.7 123.2 120.1 125.9 128.1 130.7 132.6 135.2 137.7 9 Automotive products 2.83 137.9 137.6 139.1 132.8 121.7 119.2 109.2 117.5 125.0 129.9 138.9 143.3 150.9 10 Autos and utility vehicles 2.03 111.2 107.8 110.0 101.7 88.9 87.5 71.6 82.0 93.6 100.5 111.8 117.1 127.7 11 Autos 1.90 103.4 104.0 103.3 92.5 81.1 78.1 61.3 70.5 79.8 87.2 96.1 101.9 114.6 12 Auto parts and allied goods.... 80 205.6 213.1 212.9 211.8 205.0 199.7 204.4 207.8 204.5 204.6 207.6 209.6 209.9 13 Home goods 5.06 142.0 145.3 141.1 138.2 134.1 125.4 126.3 130.6 129.9 131.1 129.1 130.7 130.4 14 Appliances, A/C, and TV 1.40 119.6 126.8 119.0 116.7 107.7 85.7 100.6 103.5 97.0 102.7 100.5 106.3 103.6 15 Appliances and TV 1.33 121.2 128.9 121.4 118.7 108.7 86.6 101.6 104.1 97.4 103.1 101.5 108.8 107.1 16 Carpeting and furniture 1.07 158.0 160.1 158.6 152.6 146.9 144.4 137.9 147.8 151.3 151.8 145.9 147.5 147.9 17 Miscellaneous home goods 2.59 147.4 149.2 145.8 143.9 143.2 139.1 135.4 138.1 138.9 138.0 137.7 137.1 137.6 18 Nondurable consumer goods 19.79 150.9 152.5 150.8 150.5 149.7 149.5 147.4 148.1 146.8 146.6 147.9 148.4 148.9 19 Clothing 4.29 119.8 121.9 119.3 117.8 116.1 113.8 106.0 158.1 20 Consumer staples 15.50 159.5 161.0 159.5 159.6 159.0 159.4 158.9 159.2 149.6 158.3 159.0 159.6 159.6 21 Consumer foods and tobacco .. 8.33 150.3 150.6 149.5 150.7 150.4 150.9 150.0 151.1 168.0 148.1 149.9 150.9 22 Nonfood staples 7.17 170.0 173.0 171.1 169.9 169.1 169.3 169.1 168.7 217.8 170.0 169.5 169.7 170.3 23 Consumer chemical products. 2.63 223.1 227.7 227.5 223.0 220.3 220.1 220.1 218.2 127.8 218.3 216.6 218.3 218.4 24 Consumer paper products .. 1.92 127.9 128.9 127.7 126.9 125.7 127.2 127.0 130.2 147.6 128.7 126.7 125.9 125.3 25 Consumer energy products .. 2.62 147.7 150.4 146.4 148.2 149.4 149.1 148.9 147.2 170.4 151.9 153.6 153.2 155.0 26 Residential utilities 1.45 166.3 169.7 162.8 166.2 167.4 167.5 172.3 171.6 169.0 174.5 173.7 171.3 Equipment 27 Business 12.63 181.1 184.8 182.7 180.5 179.0 179.0 172.2 171.6 151.2 164.9 159.9 156.4 153.6 28 Industrial 6.77 166.4 170.2 168.9 166.9 165.1 164.0 158.1 155.9 256.9 145.9 138.9 134.0 131.1 29 Building and mining 1.44 286.2 293.0 293.6 295.6 293.8 294.6 289.0 274.9 116.3 242.2 224.4 209.0 200.0 30 Manufacturing 3.85 127.9 130.8 129.3 125.7 123.6 122.0 116.9 116.8 139.0 114.0 109.7 107.5 105.8 31 Power 1.47 149.7 152.7 150.4 148.4 147.1 145.5 137.4 141.1 189.5 134.8 131.5 129.9 129.7 32 Commercial transit, farm 5.86 198.0 200.9 198.5 196.2 195.0 196.3 188.5 189.9 257.8 186.9 184.1 182.2 179.5 33 Commercial 3.26 258.7 264.3 264.2 259.8 260.6 262.9 256.1 256.4 110.5 253.1 247.7 246.1 244.3 34 Transit 1.93 125.4 124.6 121.0 120.6 116.6 117.5 109.0 110.4 84.9 110.9 110.9 108.3 106.4 35 Farm 67 112.0 111.8 102.1 104.6 101.7 98.9 88.4 95.1 107.0 83.5 85.8 84.1 75.4 36 Defense and space 7.51 102.7 102.8 103.0 104.5 105.3 107.0 105.2 106.5 125.6 107.2 107.7 107.9 109.1 Intermediate products 37 Construction supplies 6.42 141.9 144.0 139.7 135.2 130.1 127.0 124.2 127.5 164.6 123.6 122.2 123.0 123.4 38 Business supplies 6.47 166.7 169.5 169.4 167.5 167.1 164.6 162.4 165.1 184.5 163.7 162.8 159.1 160.5 39 Commercial energy products 1.14 176.4 176.6 174.2 174.3 177.0 177.3 181.7 184.1 130.7 183.5 180.3 177.0 180.7 Materials 40 Durable goods materials 20.35 149.1 154.3 150.4 145.6 141.0 134.0 129.7 132.4 130.7 128.1 126.6 126.6 126.1 41 Durable consumer parts 4.58 114.5 121.8 114.5 107.6 102.8 92.9 86.9 92.2 94.1 94.7 98.9 103.2 102.0 42 Equipment parts 5.44 191.2 194.7 192.7 190.3 188.7 183.3 177.2 180.1 177.5 173.9 170.0 168.4 168.1 43 Durable materials n.e.c 10.34 142.3 147.4 144.1 138.9 132.9 126.1 123.6 125.1 122.2 118.8 116.1 115.1 114.6 44 Basic metal materials 5.57 112.0 117.4 113.1 106.5 101.6 94.8 94.5 94.3 88.6 82.3 79.4 77.2 75.7 45 Nondurable goods materials 10.47 174.6 175.4 175.5 170.6 164.7 158.3 156.8 164.2 162.0 160.3 156.6 153.6 153.3 46 Textile, paper, and chemical materials 7.62 181.4 182.4 182.5 176.4 169.9 161.9 159.1 167.9 166.6 164.4 160.4 156.7 156.2 47 Textile materials 1.85 113.0 116.0 114.9 111.6 106.9 102.0 97.3 102.2 104.5 104.5 101.8 98.6 98.7 48 Paper materials 1.62 150.6 151.5 155.1 149.6 150.2 141.2 143.2 148.5 146.7 143.5 141.8 141.2 141.3 49 Chemical materials 4.15 224.0 224.1 223.4 215.9 205.8 196.8 193.0 204.9 202.2 199.3 193.9 188.8 187.8 50 Containers, nondurable 1.70 169.3 169.4 170.9 166.7 163.5 161.9 162.4 166.7 161.3 159.8 157.2 158.5 157.7 51 Nondurable materials n.e.c 1.14 137.4 137.8 136.2 137.1 131.9 128.6 132.4 136.0 132.4 134.2 130.6 125.2 126.8 52 Energy materials 8.48 129.0 132.6 128.9 128.3 128.1 127.4 130.9 130.3 128.2 125.8 125.4 125.5 126.7 53 Primary energy 4.65 115.0 120.9 117.4 116.4 115.6 115.9 119.2 119.5 119.2 117.3 116.9 116.5 116.9 54 Converted fuel materials 3.82 145.9 146.9 142.9 142.8 143.4 141.4 145.1 143.4 139.1 136.1 135.7 136.5 138.5 Supplementary groups 55 Home goods and clothing 9.35 131.8 134.5 131.1 128.8 125.9 120.1 117.0 120.1 118.9 118.9 119.5 120.2 121.0 56 Energy, total 12.23 137.4 140.5 136.8 136.9 137.2 136.7 139.5 138.9 137.6 136.7 136.5 136.2 137.7 57 Products.... 3.76 156.4 158.4 154.8 156.1 157.8 157.7 158.8 158.4 158.8 161.5 161.7 160.4 162.8 58 Materials 8.48 129.0 132.6 128.9 128.3 128.1 127.4 130.9 130.3 128.2 125.8 125.4 125.5 126.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Output A49 2.13 Continued 1967 SIC pro- 1981 Grouping code por- avg.' tion Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May' June July? Aug Index (1967 = 100) MAJOR INDUSTRY 1 Mining and utilities 12.05 155.0 158.2 155.8 156.1 155.4 154.7 157.4 155.6 153.1 151.6 148.8 145.2 143.8 143.0 2 Mining 6.36 142.2 146.0 145.0 145.3 143.3 142.6 144.5 142.4 138.1 134.1 128.9 123.8 120.6 119.1 3 Utilities 5.69 169.1 171.9 167.8 168.1 168.9 168.2 171.8 170.4 170.0 171.0 170.9 169.1 169.8 169.7 4 Electric 3.88 190.9 194.2 188.3 189.4 190.9 190.2 195.2 192.5 191.7 193.1 193.4 191.2 192.2 192.1 5 Manufacturing 87.95 150.4 153.2 151.1 148.0 145.0 142.0 138.5 140.9 140.1 138.7 137.9 137.6 137.9 137.2 6 Nondurable 35.97 164.8 167.3 165.9 162.8 160.3 157.4 155.1 157.8 157.3 156.1 155.0 155.0 155.3 155.4 7 Durable 51.98 140.5 143.4 140.9 137.8 134.4 131.3 127.1 129.3 128.2 126.7 126.1 125.5 125.9 124.5 Mining 8 Metal 10 .51 123.1 124.1 121.5 119.8 115.4 110.9 121.3 120.8 109.9 108.8 90.0 71.4 56.2 9 Coal 11.12 .69 141.3 167.4 161.9 166.9 160.8 145.5 147.9 156.0 155.6 146.2 149.2 144.4 140.3 144.1 10 Oil and gas extraction 13 4.40 146.8 148.2 148.8 148.9 148.4 150.5 151.5 146.6 141.4 137.7 132.7 129.2 126.6 123.7 11 Stone and earth minerals 14 .75 129.4 128.2 123.4 122.0 116.7 115.7 115.8 120.5 121.6 119.6 114.6 109.4 111.0 Nondurable manufactures 12 Foods 20 8.75 152.1 151.9 150.7 151.4 153.0 152.8 151.1 151.7 150.8 149.7 150.5 151.0 13 Tobacco products 21 .67 122.2 123.8 122.4 124.3 119.6 112.6 112.7 126.7 126.7 116.1 118.6 123.6 14 Textile mill products 22 2.68 135.7 140.7 136.3 132.5 126.1 122.8 120.0 125.8 126.0 126.3 123.5 123.0 124.3 15 Apparel products 23 3.31 120.4 122.6 122.5 117.8 113.8 114.1 105.7 16 Paper and products 26 3.21 155.0 156.7 158.6 153.3 152.6 146.6 148.3 151.5 150.6 149.8 146.5 145.6 144.3 147.0 17 Printing and publishing 27 4.72 144.2 146.1 145.9 145.6 143.4 145.3 145.6 146.4 145.9 144.2 143.8 141.2 141.9 142.2 18 Chemicals and products 28 7.74 215.6 219.2 216.3 208.8 204.6 199.8 196.7 201.3 200.3 198.6 193.6 193.2 192.4 19 Petroleum products 29 1.79 129.7 130.4 129.1 128.3 128.0 128.3 123.3 119.5 121.3 120.8 122.2 125.9 128.0 121.2 20 Rubber and plastic products 30 2.24 274.0 286.7 282.2 276.0 264.1 247.3 244.7 251.8 253.4 255.1 257.0 259.0 258.0 21 Leather and products 31 .86 69.3 69.6 69.7 71.2 70.8 65.6 63.1 64.0 61.2 60.6 61.1 62.3 64.2 Durable manufactures 22 Ordnance, private and government .. 19.91 3.64 81.1 81.8 82.3 82.5 84.3 85.5 84.1 83.8 83.8 85.2 86.3 86.5 86.5 87.8 23 Lumber and products 24 1.64 119.1 119.1 113.2 109.6 104.7 104.8 99.2 104.9 103.5 106.2 110.6 111.7 113.0 24 Furniture and fixtures 25 1.37 157.2 163.3 159.9 157.2 153.7 149.4 144.3 148.4 150.2 151.8 151.1 149.9 152.2 25 Clay, glass, stone products 32 2.74 147.9 148.2 147.3 143.4 135.9 131.5 128.5 135.0 131.5 127.0 125.0 125.7 126.5 26 Primary metals 33 6.57 107.9 113.1 108.6 102.3 96.6 89.6 89.7 88.5 83.0 76.4 75.2 72.6 73.8 71.3 27 Iron and steel 331.2 4.21 99.8 105.1 99.2 92.2 87.2 79.2 79.6 78.5 73.0 65.1 62.4 57.9 58.0 28 Fabricated metal products 34 5.93 136.4 140.0 136.8 133.8 130.2 126.1 120.7 121.4 121.1 119.1 115.8 115.4 116.1 115.1 29 Nonelectrical machinery 35 9.15 171.2 176.4 173.9 169.7 167.9 167.4 160.9 160.0 157.3 153.7 150.0 146.8 145.5 144.2 30 Electrical machinery 36 8.05 178.4 182.6 180.0 179.6 175.7 170.7 168.2 172.9 172.6 172.2 170.9 171.3 171.7 170.7 31 Transportation equipment 37 9.27 116.1 115.4 114.2 110.6 106.1 103.7 96.6 102.0 104.4 105.9 110.0 111.6 113.1 108.3 32 Motor vehicles and parts 371 4.50 122.3 123.1 120.4 113.8 105.5 100.4 90.4 98.6 105.6 110.7 119.8 124.0 127.4 118.0 33 Aerospace and miscellaneous transportation equipment 372-9 4.77 110.2 108.2 108.5 107.5 106.8 106.8 102.4 105.3 103.2 101.3 100.8 99.9 99.7 99.2 34 Instruments 38 2.11 170.3 172.3 169.7 168.6 167.1 166.8 162.2 164.5 163.0 162.8 163.8 164.6 165.2 165.1 35 Miscellaneous manufactures 39 1.51 154.7 158.6 154.2 151.5 151.7 147.9 144.9 144.5 145.3 144.6 141.7 139.2 138.1 139.0 Gross value (billions of 1972 dollars, annual rates) MAJOR MARKET 36 Products, total. 507.4' 612.3 616.5 611.5 605.0 597.6 592.8 577.4 588.1 586.8 582.1 586.1 584.9 586.0 575.0 37 Final 390.91 474.1 476.4 473.0 470.1 465.2 462.3 448.8 457.1 456.6 453.5 458.3 458.2 458.4 447.7 38 Consumer goods. 277.51 318.0 319.3 317.7 314.3 310.5 307.2 298.9 306.3 306.9 306.7 312.3 314.8 316.9 307.6 39 Equipment 113.4' 156.1 157.1 155.3 155.8 154.7 155.1 149.9 150.8 149.7 146.8 146.0 143.4 141.6 140.1 40 Intermediate 116.6' 138.2 140.1 138.4 134.9 132.4 130.5 128.7 131.1 130.2 128.6 127.8 126.7 127.6 127.3 1. 1972 dollar value. NOTE. Published groupings include some series and subtotals not shown separately. For description and historical data, see Industrial Production—1976 Revision (Board of Governors of the Federal Reserve System: Washington, D.C.), December 1977. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A50 Domestic Nonfinancial Statistics • September 1982 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1981 1982 IItteemm 11997799 11998800 11998811 Dec. Jan. Feb. Mar. Apr. Mayr Juner July Private residential real estate activity (thousands of un its) NEW UNITS 1 Permits authorized 1,552 1,191 986 797 803 792 851 879 944 929 1,103 2 1-family 981 710 564 454 450 436 460 450 488 516 499 3 2-or-more-family 570 480 421 343 353 356 391 429 456 413 604 4 Started 1,745 1,292 1,084 882 885 945 931 882 1,066 906 1,211 5 1-family 1,194 852 705 550 592 568 621 566 631 616 614 6 2-or-more-family 551 440 379 306 293 377 310 316 435 290 597 7 Under construction, end of period1 1,140 896 682 705 684 688 682 673' 665 665 n.a. 8 1-family 639 515 382 391 394 400 399 393r 382 386 n.a. 9 2-or-more-family 501 382 301 298 291 288 283 280r 283 279 n.a. 10 Completed 1,855 1,502 1,266 1,114 1.063 920 926 962' 1,135 911 n.a. 11 1-family 1,286 957 818 676 640 545 585 596r 686 565 n.a. 12 2-or-more-family 569 545 447 438 423 375 341 366' 449 346 n.a. 13 Mobile homes shipped 277 222 241 206 211 251 252 255 246 257 n.a. Merchant builder activity in 1-family units 14 Number sold 709 545 436 456 399 376 380 335r 398 371 353 15 Number for sale, end of period1 402 342 278 272 275 274 269 264 259 254 250 PPrriiccee ((tthhoouussaannddss ooff ddoollllaarrss))22 MMeeddiiaann 1166 UUnniittss ssoolldd 62.8 64.7 68.8 68.4 66.2 65.7 67.2 70.2r 69.0 70.8 73.6 AAvveerraaggee 1177 UUnniittss ssoolldd 71.9 76.4 83.1 82.8 78.0 80.7 83.7 85.0r 85.9 86.3 91.1 EXISTING UNITS (1-family) 18 Number sold 3,701 2,881 2,350 1,940 1.860 1,950 1,990 1,910 1,900 1,980 1,860 Price of units sold (thousands of dollars)2 19 Median 55.5 62.1 66.1 66.6 66.4 66.9 67.0 67.1 67.8 69.4 69.2 20 Average 64.0 72.7 78.0 78.6 79.8 78.8 79.1 79.4 80.6 82.3 81.9 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 230,412 230,748 238,198 228,755 225,086 222,615 224,583 226,172 227,745 230,243 228,549 ?? 181,622 175,701 185,221 176,562 175,493 173,026 173,605 175,318 179,254 181,581 179,711 73 Residential 99,028 87,261 86,566 75,829 73.737 69,161 70,040 72,406 75,610 75,417 76,739 24 Nonresidential, total 82,594 88,440 98,655 100,733 101,756 103,865 103,565 102,912 103,644 106,164 102,972 Buildings 75 14,953 13,839 17,031 16,622 17.113 17,211 16,641 15,882 17,118 18,424 1166,,664477 76 24,919 29,940 34,243 36,382 36.161 36,841 38,362 38,437 36,818 38,048 37,344 77 Other 7,427 8,654 9,543 9,223 9.558 10,002 9,880 9,897 10,427 10,579 10,130 28 Public utilities and other 35,295 36,007 37.838 38,506 38.924 39,811 38.682 38,696 39,281 39,113 38,851 ">q Public 48,790 55,047 52,977 52,193 49.593 49,589 50,978 50,854 48,491 48,662 48,838 30 1,648 1,880 1,966 1,955 2.092 1,459 2,317 1,895 2,102 1,906 1,993 31 Highway 11,997 13,808 13,304 12,732 11.479 12,422 13,307 12,113 11,655 13.073 14,398 37 Conservation and development 4,586 5,089 5,225 4,884 5.232 5,301 5,056 5.180 4,911 4,763 4,759 33 Other 30,559 34,270 32,482 32,622 30.790 30,407 30,298 31.666 29,823 28,920 27,688 1. Not at annual rates. NOTE. Census Bureau estimates for all series except (a) mobile homes, which 2. Not seasonally adjusted. are private, domestic shipments as reported by the Manufactured Housing Institute 3. Value of new construction data in lecent periods may not be strictly comparable and seasonally adjusted by the Census Bureau, and (b) sales and prices of existing with data in prior periods because of changes by the Bureau of the Census in its units, which are published by the National Association of Realtors. All back and estimating techniques. For a description of these changes see Construction Reports current figures are available from originating agency. Permit authorizations are (C-30-76-5),' issued by the Bureau in July 1976. those reported to the Census Bureau from 16,000 jurisdictions beginning with 1978. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Prices A51 2.15 CONSUMER AND PRODUCER PRICES Percentage changes based on seasonally adjusted data, except as noted 12 months to 3 months (at annual rate) to 1 month to IIInnndddeeexxx llleeevvveeelll JJJuuulllyyy 1981 1982 1982 111999888222 11998811 11998822 (((111999666777 JJuullyy JJuullyy === 111000000)))''' Sept. Dec. Mar. June Mar. Apr. May June July CONSUMER PRICES2 1 All items 10.7 6.5 12.8 5.4 1.0 9.3 -.3 .2 1.0 1.0 .6 292.2 2 Commodities 8.9 4.5 8.5 3.6 -.8 7.8 -.5 -.3 .9 1.3 .6 266.5 3 Food 8.4 4.5 7.7 1.7 3.9 7.3 -.4 .3 .8 .6 -.1 288.5 4 Commodities less food 9.2 4.5 9.0 4.3 -2.6 7.9 -.5 -.5 .9 1.5 .8 253.5 5 Durable 9.4 6.6 10.8 1.2 3.5 14.1 .2 .6 1.4 1.3 .3 244.7 6 Nondurable 8.8 2.1 4.6 3.8 -4.9 1.9 -.7 -2.2 .7 2.0 1.1 263.0 7 Services 13.4 9.1 19.2 7.8 3.5 11.3 .0 .9 .9 .8 .6 337.0 8 Rent 8.2 8.2 10.2 9.0 5.9 5.6 .5 .2 .8 .4 1.0 224.8 9 Services less rent 14.1 9.3 20.4 7.6 3.3 11.9 .0 1.0 1.0 .9 .5 358.5 Other groupings 10 All items less food 11.3 6.9 13.9 6.2 .9 9.7 -.2 .2 1.0 1.2 .7 291.5 11 All items less food and energy . 11.1 7.6 15.0 5.6 3.0 10.6 .0 .8 .9 .9 .6 278.7 12 Homeownership 13.5 7.4 21.5 .3 -2.4 19.8 -.9 1.3 1.8 1.4 .4 384.5 PRODUCER PRICES 13 Finished goods 9.0 3.6 3.4 5.5 .3 4.7 -.3 .1 .0 1.0 .6 281.7 14 Consumer 8.7 3.1 2.8 4.5 -.1 4.3 -.5 .0 -.1 1.9 .6 282.0 15 Foods 6.6 1.2 1.6 -3.9 6.0 11.7 -.2 1.6 .7 .5 -1.5 260.7 16 Excluding foods 9.5 3.9 3.2 7.8 -2.2 1.3 -.6 -.7 -.4 1.4 1.5 288.7 17 Capital equipment 10.3 5.8 5.7 9.7 2.1 6.5 .4 .4 .4 .8 .5 280.9 18 Intermediate materials3 10.2 1.2 5.2 2.7 -1.4 -1.8 -.2 -.8 .0 ..3 .5 316.4 Crude materials 19 Nonfood 24.7 -3.5 1.1 -6.0 -18.1 8.7 -2.0 -.2 1.7 .6 1.0 470.0 20 Food 1.4 -4.4 -18.2 -25.5 23.3 24.3 .2 3.5 2.7 -.6 -2.7 255.5 1. Not seasonally adjusted. 3. Excludes intermediate materials for food manufacturing and manufactured 2. Figures for consumer prices are those for all urban consumers. animal feeds. SOURCE. Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A52 Domestic Nonfinancial Statistics • September 1982 2.16 GROSS NATIONAL PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates. 1981 1982 AAccccoouunntt 11997799 11998800 11998811 Q2 Q3 Q4 Q1 Q2R GROSS NATIONAL PRODUCT 1 Total 2,417.8 2,633.1 2,937.7 2,901.8 2,980.9 3,003.2 2,995.5 3,041.2 By source Personal consumption expenditures 1,507.2 1,667.2 1,843.2 1,819.4 1,868.8 1,884.5 1,919.4 1,945.8 3 Durable goods 213.4 214.3 234.6 230.4 241.2 229.6 237.9 240.2 4 Nondurable goods 600.0 670.4 734.5 729.6 741.3 746.5 749.1 755.0 5 Services 693.7 782.5 874.1 859.4 886.3 908.3 932.4 950.6 6 Gross private domestic investment 423.0 402.4 471.5 475.5 486.0 468.9 414.8 429.7 / Fixed investment 408.8 412.4 451.1 450.9 454.2 455.7 450.4 447.0 8 Nonresidential 290.2 309.2 346.1 341.3 353.0 360.2 357.0 351.9 9 Structures 98.3 110.5 129.7 127.0 132.7 139.6 141.4 143.9 1U Producers' durable equipment 191.9 198.6 216.4 214.3 220.2 220.6 215.6 208.0 11 Residential structures 118.6 103.2 105.0 109.5 101.2 95.5 93.4 95.2 12 Nonfarm 114.0 98.3 99.7 104.7 95.6 89.4 87.9 89.2 13 Change in business inventories 14.3 -10.0 20.5 24.6 31.8 13.2 -35.6 -17.4 14 Nonfarm 8.6 -5.7 15.0 19.3 24.6 6.0 -36.0 -16.2 15 Net exports of goods and services 13.2 25.2 26.1 23.7 25.9 23.5 31.3 35.1 lb Exports 281.4 339.2 367.3 368.9 367.2 367.9 359.9 365.3 1/ Imports 268.1 314.0 341.3 345.1 341.3 344.4 328.6 330.2 18 Government purchases of goods and services 474.4 538.4 596.9 583.2 600.2 626.3 630.1 630.6 19 Federal 168.3 197.2 229.0 218.2 230.0 250.5 249.7 244.5 20 State and local 306.0 341.2 368.0 365.0 370.1 375.7 380.4 386.0 By major type of product 2211 Final sales, total 2,403.5 2,643.1 2,917.3 2,877.2 2,949.1 2,989.9 3,031.1 3,058.5 22 Goods 1,065.6 1,141.9 1,289.2 1,276.0 1,317.0 1,298.5 1,269.4 1,284.9 23 Durable 464.8 477.3 528.1 538.2 547.3 504.9 482.4 505.4 24 Nondurable 600.8 664.6 761.1 737.8 769.7 793.6 787.0 779.5 2B Services 1,089.7 1,225.6 1,364.3 1,340.2 1,382.1 1,421.5 1,444.4 1,470.7 26 Structures 262.5 265.7 284.2 285.6 281.9 283.3 281.7 285.6 27 Change in business inventories 14.3 -10.0 20.5 24.6 31.8 13.2 -35.6 -17.4 28 Durable goods 10.5 -5.2 8.7 18.5 19.8 -5.6 -30.9 -8.0 29 Nondurable goods 3.8 -4.8 11.8 6.1 12.0 18.9 -4.8 -9.4 30 MEMO: Total GNP in 1972 dollars 1,479.4 1,474.0 1,502.6 1,502.2 1,510.4 1,490.1 1,470.7 1,475.3 NATIONAL INCOME 31 Total 1,966.7 2,117.1 2,352.5 2,324.4 2,387.3 2,404.5 2,396.9 2,425.1 32 Compensation of employees 1,458.1 1,598.6 1,767.6 1,750.0 1,789.1 1,813.4 1,830.8 1,850.6 33 Wages and salaries 1,237.4 1,356.1 1,494.0 1,479.4 1,512.6 1,531.1 1,541.5 1,556.5 34 Government and government enterprises 236.2 260.2 283.1 279.8 284.0 292.3 296.3 300.0 35 Other 1,001.4 1,095.9 1,210.9 1,199.6 1,228.6 1,238.8 1,245.2 1,256.5 36 Supplement to wages and salaries 220.7 242.5 273.6 270.6 276.5 282.3 289.3 244.1 37 Employer contributions for social insurance 105.8 115.3 133.2 132.1 134.3 136.5 140.2 141.6 38 Other labor income 114.9 127.3 140.4 138.4 142.2 145.8 149.1 152.5 39 Proprietors' income1 132.1 116.3 124.7 123.8 127.5 124.1 116.4 118.1 40 Business and professional1 100.2 96.9 100.7 101.2 100.4 99.5 98.6 100.1 41 Farm1 31.9 19.4 24.0 22.5 27.1 24.6 17.8 18.0 42 Rental income of persons2 27.9 32.9 33.9 34.0 33.6 33.6 33.9 34.2 43 Corporate profits1 194.8 181.6 190.6 185.1 193.1 183.9 157.1 154.9 44 Profits before tax3 252.7 242.5 232.1 225.4 233.3 216.5 171.6 168.7 45 Inventory valuation adjustment -43.1 -43.0 -24.6 -22.8 -23.0 -17.1 -4.4 -7.8 46 Capital consumption adjustment -14.8 -17.8 -16.8 -17.5 -17.1 -15.5 -10.1 -5.9 47 Net interest 153.8 187.7 235.7 231.6 244.0 249.5 258.7 267.4 1. With inventory valuation and capital consumption adjustments. 3. For after-tax profits, dividends, and the like, see table 1.49. 2. With capital consumption adjustment. SOURCE. Survey of Current Business (Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Income Accounts A53 2.17 PERSONAL INCOME AND SAVING Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted. 1981 1982 AAccccoouunntt 11997799 11998800 11998811 Q2 Q3 Q4 Q1 Q2r PERSONAL INCOME AND SAVING 1 Total personal income 1,943.8 2,160.2 2,404.1 2,380.6 2,458.2 2,494.6 2,510.5 2,553.5 2 Wage and salary disbursements 1,237.6 1,356.1 1,493.9 1,479.4 1,512.3 1,531.2 1,541.6 1,556.5 3 Commodity-producing industries 438.4 468.0 510.8 507.2 519.3 517.7 514.3 513.6 4 Manufacturing 333.9 354.4 386.4 386.9 392.9 388.7 385.1 385.7 5 Distributive industries 303.4 330.5 361.4 358.7 366.5 368.3 371.4 375.3 6 Service industries 259.7 297.5 338.6 333.7 342.8 352.8 359.5 367.6 7 Government and government enterprises 236.2 260.2 283.1 279.8 283.8 292.4 296.5 300.0 8 Other labor income 114.9 127.3 140.4 138.4 142.2 145.8 149.1 152.5 9 Proprietors' income1 132.1 116.3 124.7 123.8 127.5 124.1 116.4 118.1 10 Business and professional1 100.2 96.9 100.7 101.2 100.4 99.5 98.6 100.1 11 31.9 19.4 24.0 22.5 27.1 24.6 17.8 18.0 12 Rental income of persons2 27.9 32.9 33.9 34.0 33.6 33.6 33.9 34.2 N Dividends 50.8 55.9 62.5 61.5 64.1 65.2 65.8 66.1 14 Personal interest income 209.6 256.3 308.5 320.6 339.6 351.0 359.7 372.0 Transfer payments 250.3 297.2 336.3 327.0 344.8 350.7 354.6 365.4 16 Old-age survivors, disability, and health insurance benefits 131.8 154.2 182.0 173.7 190.6 192.8 194.7 197.5 17 LESS: Personal contributions for social insurance 81.1 88.7 104.9 104.1 106.1 107.0 110.6 111.4 18 EQUALS: Personal income 1,943.8 2,160.2 2,404.1 2,380.6 2.458.2 2,494.6 2,510.5 2,553.5 19 LESS: Personal tax and nontax payments 301.0 336.3 386.7 384.2 398.1 393.2 393.4 399.0 20 EQUALS: Disposable personal income 1,650.2 1.824.1 2,029.2 1,996.5 2,060.0 2.101.4 2,117.1 2,154.5 21 LESS: Personal outlays 1,553.5 1,717.9 1,898.9 1,874.5 1,925.7 1,942.7 1,977.9 2,005.1 22 EQUALS: Personal saving 96.7 106.2 130.2 122.0 134.4 158.6 139.1 149.4 MEMO: Per capita (1972 dollars) 7.3 Gross national product 6,572 6.474 66..553366 6,544 66,,556633 66,,445588 66,,336600 66,,336677 24 Personal consumption expenditures 4,120 4.087 4,122 4,115 4,134 4,088 4,104 4,117 25 Disposable personal income 4,512 4.472 4,538 4,516 4,557 4,559 4,527 4,558 26 Saving rate (percent) 5.9 5.8 6.4 6.1 6.5 7.5 6.6 6.9 GROSS SAVING 27 Gross saving 422.8 406.3 477.5 482.4 490.0 476.3 428.8 444.9 28 Gross private saving 407.3 438.3 504.7 488.9 513.4 547.7 520.3 535.0 29 Personal saving 96.7 106.2 130.2 122.0 134.4 158.6 139.1 149.4 30 Undistributed corporate profits' 54.5 38.9 44.4 42.0 43.9 44.3 32.5 31.9 31 Corporate inventory valuation adjustment -43.1 -43.0 -24.6 -22.8 -23.0 -17.1 -4.4 -7.8 Capital consumption allowances 37 Corporate 157.5 181.2 206.2 202.9 220099..77 221166..00 218.9 222233..33 33 Noncorporate 98.6 112.0 123.9 122.1 125.5 128.7 129.8 130.5 34 Wage accruals less disbursements .0 .0 .0 .0 .0 .0 .0 .0 35 Government surplus, or deficit (-), national income and product accounts 14.3 -33.2 -28.2 -7.6 -24.5 -72.5 -91.6 -90.1 36 Federal - 16.1 -61.4 -60.0 -40.5 -58.0 -101.7 -119.3 -122.4 37 State and local 30.4 28.2 31.7 32.9 33.5 29.1 27.7 32.3 38 Capital grants received by the United States, net 1.1 1.2 1.1 1.1 1.1 1.1 .0 .0 39 Gross investment 421.2 410.1 475.6 477.8 489.1 469.0 421.3 441.7 40 Gross private domestic 423.0 402.4 471.5 475.5 486.0 468.9 414.8 429.7 41 Net foreign -1.8 7.8 4.1 2.3 3.1 0.1 6.5 12.0 42 Statistical discrepancy -1.5 3.9 -1.9 -4.6 -0.8 -7.2 -7.5 -3.3 1. With inventory valuation and capital consumption adjustments. SOURCE. Survey of Current Business (Department of Commerce). 2. With capital consumption adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 International Statistics • September 1982 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data are seasonally adjusted except as noted.1 1981 1982 IItteemm ccrreeddiittss oorr ddeebbiittss 11997799 11998800 11998811 Q1 Q2 Q3 Q4 Q1P 1 Balance on current account -466 1,520 4,471 33,,224455 11,,339999 775511 --992277 1,180 33,,003377 11,,997755 --11,,883344 11,,229933 844 3 Merchandise trade balance2 -27,346 -25,338 -27,889 -4,312 -6,547 -7,845 -9,185 -6,059 4 Merchandise exports 184,473 224,237 236,254 60,683 60,284 57,694 57,593 55,610 5 Merchandise imports -211,819 -249,575 -264,143 -64,995 -66,831 -65,539 -66,778 -61,669 6 Military transactions, net -2,035 -2,472 -1,541 -487 -587 61 -528 213 7 Investment income, net3 31,215 29,910 33,037 8,123 8,201 8,183 8,529 6,980 8 Other service transactions, net 3,262 6,203 7,472 1,343 1,842 2,160 2,127 2,036 9 Remittances, pensions, and other transfers -2,011 -2,101 -2,104 -462 -524 -558 -562 -525 10 U.S. government grants (excluding military) -3,549 -4,681 -4,504 -960 -986 -1,250 -1,308 -1,465 11 Change in U.S. government assets, other than official reserve assets, net (increase, -) -3,743 -5,126 -5,137 -1,375 -1,518 - 1,257 -987 -909 12 Change in U.S. official reserve assets (increase, -) -1,133 -8,155 -5,175 -4,529 -905 -4 262 -1,089 13 Gold -65 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -1,136 -16 -1,823 1,441 -23 -225 -134 -400 15 Reserve position in International Monetary Fund -189 -1,667 -2,491 -707 -780 -647 -358 -547 16 Foreign currencies 257 -6,472 -861 -2,381 -102 868 754 -142 17 Change in U.S. private assets abroad (increase, -)3 -59,469 -72,746 -98,982 -16,892 -19,143 -15,996 -46,952 -36,225 18 Bank-reported claims -26,213 -46,838 -84,531 -11,634 -14,998 -15,254 -42,645 -34,685 19 Nonbank-reported claims -3,307 -3,146 -331 -3,148 2,470 855 -508 n.a. 20 U.S. purchase of foreign securities, net -4,726 -3,524 -5,429 -458 -1,511 -618 -2,843 -408 21 U.S. direct investments abroad, net3 -25,222 -19,238 -8,691 -1,652 -5,104 -979 -956 -1,132 22 Change in foreign official assets in the United States (increase, +) -13,697 15,442 4,785 5,361 -2,860 -5,835 8,119 -3,173 23 U.S. Treasury securities -22,435 9,708 4,983 7,242 -2,063 -4,635 4,439 -1,347 24 Other U.S. government obligations 463 2,187 1,289 454 536 545 -246 -296 25 Other U.S. government liabilities4 -73 561 -69 -55 48 -337 275 -305 26 Other U.S. liabilities reported by U.S. banks 7,213 -159 -4,083 -3,109 -2,028 -2,382 3,436 -1,441 27 Other foreign official assets5 1,135 3,145 2,665 829 647 974 215 216 28 Change in foreign private assets in the United States (increase, + )' 52,157 39,042 73,136 3,109 16,324 22,715 30,988 29,001 29 U.S. bank-reported liabilities 32,607 10,743 41,262 -3,793 7,663 16,916 20,476 25,477 30 U.S. nonbank-reported liabilities 1,362 6,530 532 147 -162 1,006 -457 n.a. 31 Foreign private purchases of U.S. Treasury securities, net 4,960 2,645 2,932 1,390 750 -446 1,238 1,124 32 Foreign purchases of other U.S. securities, net 1,351 5,457 7,109 2,419 3,533 761 396 1,363 33 Foreign direct investments in the United States, net3 .... 11,877 13,666 21,301 2,946 4,540 4,478 93,316 10,317 34 Allocation of SDRs 1,139 1,152 1,093 1,093 0 0 0 0 35 Discrepancy 25,212 28,870 25,809 9,988 6,703 -374 9,497 11,214 -829 503 -2,144 2,474 -875 37 Statistical discrepancy in recorded data before seasonal adjustment 25,212 28,870 25,809 10,817 6.200 1,770 7,023 12,089 MEMO: Changes in official assets 38 U.S. official reserve assets (increase, ") -1,133 -8,155 -5,175 -4,529 -905 -4 262 -1,089 39 Foreign official assets in the United States (increase, +) -13,624 14,881 4,854 5,416 -2,908 -5,498 7,844 -2,868 40 Change in Organization of Petroleum Exporting Countries official assets in the United States (part of line 22 above) 5,543 12,769 13,314 5,364 2,786 2,935 2,230 4,940 41 Transfers under military grant programs (excluded from lines 4, 6, and 10 above) 465 631 602 192 214 132 64 93 1. Seasonal factors are no longer calculated for lines 12 through 41. 4. Primarily associated with military sales contracts and other transactions ar- 2. Data are on an international accounts (IA) basis. Differs from the Census ranged with or through foreign official agencies. basis data, shown in table 3.11, for reasons of coverage and timing; military exports 5. Consists of investments in U.S. corporate stocks and in debt securities of are excluded from merchandise data and are included in line 6. private corporations and state and local governments. 3. Includes reinvested earnings of incorporated affiliates. NOTE. Data are from Bureau of Economic Analysis, Survey of Current Business (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trade and Reserve and Official Assets A55 3.11 U.S. FOREIGN TRADE Millions of dollars; monthly data are seasonally adjusted. 1982 IItteemm 11997799 11998800 11998811 Jan. Feb. Mar. Apr. May June July 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments 181,860 220,626 233,677 18,737 18,704 18,602 17,843 18,218 18,822 18,026 2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 209,458 244,871 261,305 22,829 19,090 20,349 17,387 20,558 21,310 19,559 3 Trade balance -27,598 -24,245 -27,628 -4,092 -387 -1,747 456 -2,340 -2,488 -1,532 NOTE. The data through 1981 in this table are reported by the Bureau of Census not covered in Census statistics, and (2) the exclusion of military sales (which are data on a free-alongside-ship (f.a.s.) value basis—that is, value at the port of export. combined with other military transactions and reported separately in the "service Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in the Census account" in table 3.10, line 6). On the import side, additions are made for gold, basis trade data; this adjustment has been made for all data shown in the table. ship purchases, imports of electricity from Canada and other transactions; military Beginning with 1982 data, the value of imports are on a customs valuation basis. payments are excluded and shown separately as indicated above. The Census basis data differ from merchandise trade data shown in table 3.10. U.S. International Transactions Summary, for reasons of coverage and timing. On SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade" the export side, the largest adjustments are: (1) the addition of exports to Canada (U.S. Department of Commerce, Bureau of the Census). 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 1982 TTyyppee 11997799 11998800 11998811 Feb. Mar. Apr. May June July Aug. / 1 Total1 18,956 26,756 30,075 30,060 29,944 31,552 30,915 30,671 31,227 31,233 2 Gold stock, including Exchange Stabilization Fund1 11,172 11,160 11.151 11.150 11,150 11,149 11,149 11.149 11,149 11,148 3 Special drawing rights2-3 2,724 2.610 4.095 4.359 4,306 4,294 4,521 4,461 4,591 4,601 4 Reserve position in International Monetary Fund2 1,253 2,852 5.055 5,275 5,367 6,022 6,099 6.062 6,386 6,433 5 Foreign currencies4-5 3,807 10,134 9.774 9,276 9,121 10,097 9,146 8,999 9,101 9.051 1. Gold held under earmark at Federal Reserve Banks for foreign and inter- 3. Includes allocations by the International Monetary Fund of SDRs as follows: national accounts is not included in the gold stock of the United States: see table $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1, 3.13. 1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093 2. Beginning July 1974, the IMF adopted a technique for valuing the SDR based million on Jan. 1. 1981; plus net transactions in SDRs. on a weighted average of exchange rates for the currencies of member countries. 4. Beginning November 1978, valued at current market exchange rates. From July 1974 through December 1980, 16 currencies were used; from January 5. Includes U.S. government securities held under repurchase agreement against 1981, 5 currencies have been used. The U.S. SDR holdings and reserve position receipt of foreign currencies, if any. in the IMF also are valued on this basis beginning July 1974. 3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS Millions of dollars, end of period 1982 AAsssseettss 11997799 11998800 11998811 Feb. Mar. Apr. May June July Aug.P 1 Deposits 429 411 505 416 421 966 308 585 982 347 Assets held in custody 2 U.S. Treasury securities' 95,075 102,417 104,680 103,557 103,964 102,346 102.112 103,292 106,696 104,136 3 Earmarked gold2 15,169 14,965 14.804 14,791 14,798 14.788 14.778 14,777 14,762 14,761 1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S. NOTE. Excludes deposits and U.S. Treasury securities held for international and Treasury securities payable in dollars and in foreign currencies. regional organizations. Earmarked gold is gold held for foreign and international 2. The value of earmarked gold increased because of the changes in par value accounts and is not included in the gold stock of the United States, of the U.S. dollar in May 1972 and in October 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • September 1982 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data Millions of dollars, end of period 1981 1982 AAsssseett aaccccoouunntt 1199778811 11997799 11998800 Dec. Jan. Feb. Mar' Apr. May June'' All foreign countries 1 Total, all currencies 306,795 364,409 401,135 462,790 459,998 461,249 463,663 460,225 461,591 458,570 2 Claims on United States 17,340 32,302 28,460 63.540 69,794 69,539 75,745 77,914 79,606 83,437 3 Parent bank 12.811 25,929 20,202 43.064 49.206 47,996 51,978 54,563 56,152 56,562 4 Other 4,529 6,373 8,258 20.476 20,588 21,543 23,767 23,351 23,454 26,875 5 Claims on foreigners 278.135 317.330 354.960 379.102 370.124 371,644 368,678 362,690 362,271 356,282 6 Other branches of parent bank 70.338 79,662 77,019 87.840 89,010 88,637 86,853 86.186' 88,468 87,258 7 Banks 103.111 123,420 146,448 150.892 145,528 146,317 146,960 142,387' 139,416 137,451 8 Public borrowers2 23.737 26,097 28.033 28.197 26,568 26,851 26,333 25,590 24,989 25,226 9 Nonbank foreigners 80.949 88,151 103,460 112.173 109,018 109.839 108,532 108,527 109,398 106,347 10 Other assets 11.320 14,777 17,715 20.148 20,080 20,066 19,240 19,621 19,714 18,851 11 Total payable in U.S. dollars 224,940 267,713 291,798 350,678' 351,125 353,001 355,535 351,349 351,757 353,545 12 Claims on United States 16,382 31,171 27,191 61.939 68,241 67,983 74.226 76,410 78,000 81,870 13 Parent bank 12.625 25,632 19,896 42.518 48,623 47,402 51,389 54,107 55,667 56,065 14 Other 3,757 5,539 7,295 19.421 19,618 20,581 22,837 22,303 22,333 25,805 15 Claims on foreigners 203,498 229,120 255.391 277,085 ' 270,696 272,903 269,548 263,047 261,822 260,423 16 Other branches of parent bank 55,408 61,525 58.541 69,403' 71,999 72,094 70,377 69,409 70,795 70,439 17 Banks 78,686 96,261 117.342 122.253 117,148 118,227 117,371 113,673 110,799 110,153 18 Public borrowers2 19,567 21,629 23,491 22,877' 21,180 21,483 20,632 20,170' 19,579 19,944 19 Nonbank foreigners 49,837 49.705 56,017 62.552r 60,369 61,099 61,168 59,795 60,649 59,887 20 Other assets 5,060 7,422 9,216 11,654' 12,188 12,115 11,761 11,892 11,935 11,252 United Kingdom 21 Total, all currencies 106,593 130,873 144,717 157,229 157,892 162,351 161,471 159,481 161,036 158,466 22 Claims on United States 5,370 11,117 7,509 11.823 13,935 15,884 16,343 17,676 20,155 20,744 23 Parent bank 4,448 9.338 5.275 7.885 10,264 12,044 12,446 13,750 15,854 15,556 24 Other 922 1,779 2.234 3.938 3,671 3,840 3,897 3,926 4,301 5,188 25 Claims on foreigners 98,137 115,123 131,142 138.888 137,953 140,197 139,292 135,634 134,845 131,881 26 Other branches of parent bank 27,830 34,291 34.760 41.367 41,468 40,935 41,186 39,811 39,621 37,696 27 Banks 45,013 51.343 58,741 56.315 56,164 57,975 56,940 55,545 54,690 54,727 28 Public borrowers2 4,522 4,919 6,688 7.490 7.249 7,370 7,541 6,822 6,663 6,595 29 Nonbank foreigners 20,772 24,570 30,953 33.716 33,072 33,917 33,625 33,456 33,871 32,863 30 Other assets 3,086 4,633 6,066 6.518 6,004 6,270 5,836 6,171 6,063 5,841 31 Total payable in U.S. dollars 75,860 94,287 99,699 115,188 116,870 121,432 120,432 117,914 119,586 120,002 32 Claims on United States 5,113 10,746 7,116 11,246 13,438 15,391 15,842 17,182 19.608 20,256 33 Parent bank 4,386 9,297 5,229 7.721 10,098 11,881 12,293 13,623 15,663 15,387 34 Other 727 1,449 1,887 3.525 3,340 3.510 3,549 3,559 3,945 4,869 35 Claims on foreigners 69,416 81,294 89,723 99.850 99.473 101,861 100.500 96,595 95,926 95,878 36 Other branches of parent bank 22,838 28,928 28,268 35.439 35,875 35,697 36,055 34,240 33,922 32,567 37 Banks 31.482 36,760 42,073 40.703 40.610 42,453 40,732 40,070 39,609 40,479 38 Public borrowers2 3,317 3,319 4.911 5.595 5,423 5,467 5,360 4,717 4,507 4,655 39 Nonbank foreigners 11,779 12.287 14.471 18.113 17.565 18,244 18,353 17.568 17,888 18,177 40 Other assets 1,331 2,247 2,860 4.092 3,959 4,180 4,090 4,137 4,052 3,868 Bahamas and Caymans 41 Total, all currencies 91,735 108,977 123,837 149,051 146,585 142,853 143,795 142,941 139,836 141,607 42 Claims on United States 9,635 19,124 17,751 46,343 50,647 49,060 54,019 55,533 54,316 56,555 43 Parent bank 6.429 15.196 12,631 31.440 35,453 32,704 35,311 37,013 36,099 35,777 44 Other 3,206 3,928 5,120 14.903 15,194 16,356 18,708 18,520 18,217 20,778 45 Claims on foreigners 79.774 86.718 101,926 98.205 91,538 89,405 85,465 83,124 81,191 81,055 46 Other branches of parent bank 12.904 9,689 13,342 12.951 14,084 14,384 12,035 12,640 14,248 15,479 47 Banks 33,677 43.189 54.861 55.299 50,754 48,951 47,867 45,768 43,165 42,620 48 Public borrowers2 11,514 12.905 12,577 10.010 8,713 8,584 7,980 7,847 7,348 7,314 49 Nonbank foreigners 21,679 20,935 21.146 19.945 17,987 17,486 17,583 16,869 16,430 15,642 50 Other assets 2,326 3.135 4,160 4.503 4,400 4,388 4,311 4,284 4,329 3,997 51 Total payable in U.S. dollars 85,417 102,368 117,654 143,686 141,447 137,842 138,748 137,840 134,925 136,639 1. In May 1978 the exemption level for branches required to report was increased, 2. In May 1978 a broader category of claims on foreign public borrowers, inwhich reduced the number of reporting branches. eluding corporations that are majority owned by foreign governments, replaced the previous, more narrowly defined claims on foreign official institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Overseas Branches A57 3.14 Continued 1981 1982 1199778811 11997799 11998800 Dec. Jan.' Feb.' Mar.r Apr.' May June? All foreign countries 52 Total, all currencies 306,795 364,409 401,135 462,790 459,998 461,249 463,663 460,225 461,591 458,570 53 To United States 58,012 66,689 91,079 137,712 144,175 145,487 150,837 153,064 156,103 160,961 54 Parent bank 28,654 24,533 39,286 56,143 56.047 55,378 58,766 56,881 56,234 59,002 55 Other banks in United States 12,169 13,968 14,473 19,343 19,886 22,652 24,431 26,026 27,680 29,733 56 Nonbanks 17,189 28,188 37,275 62,226 68,242 67,457 67,640 70,157 72,189 72,226 57 To foreigners 238,912 283,510 295,411 305,630 296,183 296,188 293,369 286,969 284,373 278,136 58 Other branches of parent bank 67,496 77,640 75,773 86,406 85,644 84,351 85,581 84,150 85,631 84,542 59 Banks 97,711 122,922 132,116 124,896 118,512 118,939 117,069 111,660 107,337 104,892 60 Official institutions 31,936 35,668 32,473 25,997 25,124 24,625 23,039 22,340 22,703 19,909 61 Nonbank foreigners 41,769 47,280 55,049 68,331 66,903 68,273 67,680 68,819 68,702 68,793 62 Other liabilities 9,871 14,210 14,690 19,448 19,640 19,574 19,457 20,192 21,115 19,473 63 Total payable in U.S. dollars 230,810 273,857 303,281 364,390 364,005 366,885 369,503 366,655 368,327 369,284 64 To United States 55,811 64,530 88,157 134,645 141,163 142,521 147,790 149,960 152,973 157,774 65 Parent bank 27,519 23,403 37,528 54.291 53,969 53,355 56,701 54,820 54,272 56,984 66 Other banks in United States 11,915 13,771 14,203 19.029 19,759 22,441 24,190 25,689 27,265 29,397 67 Nonbanks 16,377 27,356 36,426 61.325 67,435 66,725 66,899 69,451 71,436 71,393 68 To foreigners 169,927 201,514 206,883 217.602 210,860 212,915 210,267 204,984 202,547 200,116 69 Other branches of parent bank 53,396 60,551 58,172 69.309 69,149 68,187 69,497 68,047 68,540 68,533 70 Banks 63,000 80,691 87,497 79,584 74,293 76,101 73,181 69,276 66,627 65,728 71 Official institutions 26,404 29,048 24,697 20,288 19,937 19,322 18,120 17,491 17,900 15,378 72 Nonbank foreigners 27,127 31,224 36,517 48,421 47,481 49,305 49,469 50,170 49,480 50,477 73 Other liabilities 5,072 7,813 8,241 12,143 11,982 11,449 11,446 11,711 12,807 11,394 United Kingdom 74 Total, all currencies 106,593 130,873 144,717 157,229 157,892 162,351 161,471 159,481 161,036 158,466 75 To United States 9,730 20,986 21,785 38,022 40,768 43,358 42,481 41,886 43,882 44,171 76 Parent bank 1,887 3,104 4,225 5,444 6,413 6,765 6,313 8,006 6,694 6,329 77 Other banks in United States 4,189 7,693 5,716 7,502 7,313 8,973 8,607 8,345 8,972 9,985 78 Nonbanks 3,654 10,189 11,844 25,076 27,042 27,620 27,561 25,535 28,216 27,857 79 To foreigners 93,202 104,032 117,438 112,255 110,036 111,417 111,262 109,629 109,199 106,586 80 Other branches of parent bank 12,786 12,567 15,384 16,545 16,270 16,546 17,245 18,358 19,412 17,771 81 Banks 39,917 47,620 56,262 51,336 49,622 49,937 49,616 47,549 46,204 46,628 82 Official institutions 20,963 24,202 21,412 16,517 16,110 15,965 14,608 13,908 14,119 11,746 83 Nonbank foreigners 19,536 19,643 24,380 27,857 28,034 28,969 29,793 29,814 29,464 30,441 84 Other liabilities 3,661 5,855 5,494 6,952 7,088 7,576 7,728 7,966 7,955 7,709 85 Total payable in U.S. dollars 77,030 95,449 103,440 1120,277 121,407 127,029 126,359 124,248 126,901 125,859 86 To United States 9,328 20,552 21,080 37,332 40,276 42,809 41,885 41,198 43,143 43,402 87 Parent bank 1,836 3,054 4,078 5,350 6,296 6,660 6,211 7,907 6,624 6,212 88 Other banks in United States 4,101 7,651 5,626 7,249 7,289 8,884 8,489 8,167 8,755 9,806 89 Nonbanks 3,391 9,847 11,376 24,733 26,691 27,265 27,185 25,124 27,764 27,384 90 To foreigners 66,216 72,397 79,636 79,034 77,463 80,581 80,825 79,444 79,914 78,715 91 Other branches of parent bank 9,635 8,446 10,474 12,048 11,900 12,254 13,130 14,102 14,958 13,903 92 Banks 25,287 29,424 35,388 32,298 30,995 32,249 32,090 30,415 29,965 30,557 93 Official institutions 17,091 20,192 17,024 13,612 13,497 13,418 12,196 11,568 11,829 9,843 94 Nonbank foreigners 14,203 14,335 16,750 21,076 21,071 22,660 23,409 23,359 23,162 24,412 95 Other liabilities 1,486 2,500 2,724 3,911 3,668 3,639 3,649 3,606 3,844 3,742 Bahamas and Caymans 96 Total, all currencies 91,735 108,977 123,837 149,051 146,585 142,853 143,795 142,941 139,836 141,607 97 To United States 39,431 37,719 59,666 85,704 89,032 87,429 91,808 94,166 94,421 97,705 98 Parent bank 20,482 15,267 28,181 39,250 37,777 36,682 39,146 35,806 36,395 39,225 99 Other banks in United States 6,073 5,204 7,379 10,620 11,208 12,211 14,285 15,907 16,834 17,415 100 Nonbanks 12,876 17,248 24,106 35,834 40,047 38,536 38,377 42,453 41,192 41,065 101 To foreigners 50,447 68,598 61,218 60,012 54,494 52,333 49,005 45,773 42,032 41,147 102 Other branches of parent bank 16,094 20,875 17,040 20,641 20,721 19,814 18,614 17,365 15,888 15,890 103 Banks 23,104 33,631 29,895 23,202 18,624 18,221 16,418 14,723 13,457 12,622 104 Official institutions 4,208 4,866 4,361 3,498 3,149 2,505 2,607 2,512 2,448 2,466 105 Nonbank foreigners 7,041 9,226 9,922 12,671 12,000 11,793 11,366 11,173 10,239 10,169 106 Other liabilities 1,857 2,660 2,953 3,335 3,059 3,091 2,982 3,002 3,383 2,755 107 Total payable in U.S. dollars 87,014 103,460 119,657 145,227 142,793 139,247 140,115 139,461 136,504 138,369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • September 1982 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1982 IItteemm 11998800 11998811 Jan. Feb. Mar. Apr. May June? JulyP 1 Total1 164,578 169,697 167,975 166,209 166,757 165,526 166,993 168,343 169,967 By type 2 Liabilities reported by banks in the United States2 30,381 26,567 24.115 24,713 25,051 26,326 27,723 28,420 25,550 3 U.S. Treasury bills and certificates3 56,243 52,389 52,306 48,174 47,048 43,850 42,741 43,509 45,824 U.S. Treasury bonds and notes 4 Marketable 41,455 53,150 53,992 56,333 57,647 58,459 59,933 60,251 63,068 5 Nonmarketable4 14,654 11,791 11,791 11,291 11,291 11,050 10,750 10,150 9,750 6 U.S. securities other than U.S. Treasury securities5 21,845 25,800 25,771 25,698 25,720 25,841 25,846 26,013 25,775 By area 7 Western Europe1 81,592 65,479 63,058 62,049 60,364 57,393 57,382 58,025 58,782 8 Canada 1,562 2,403 2,369 1,669 1,647 1,721 1,329 1,568 1,519 9 Latin America and Caribbean 5,688 6,954 5,930 6,308 6,562 7.124 7,248 7,708 7,253 10 70,784 91,790 94,137 93,559 95,247 94.866 95,908 95,494 97,135 11 4,123 1,829 1,649 1,474 1,337 1,823 1,381 1,437 1,479 12 Other countries6 829 1,242 832 1,150 1,600 2,599 3,745 4,110 3,800 1. Includes the Bank for International Settlements. 5. Debt securities of U.S. government corporations and federally sponsored 2. Principally demand deposits, time deposits, bankers acceptances, commercial agencies, and U.S. corporate stocks and bonds. paper, negotiable time certificates of deposit, and borrowings under repurchase 6. Includes countries in Oceania and Eastern Europe. agreements. 3. Includes nonmarketable certificates of indebtedness (including those payable NOTE. Based on Treasury Department data and on data reported to the Treasury in foreign currencies through 1974) and Treasury bills issued to official institutions Department by banks (including Federal Reserve Banks) and securities dealers in of foreign countries. the United States. 4. Excludes notes issued to foreign official nonreserve agencies. Includes bonds and notes payable in foreign currencies. 3.16 LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in Foreign Currencies Millions of dollars, end of period 1981 1982 IItteemm 11997799 11998800 11998811 Sept. Dec. Mar.' Junep 1 Banks' own liabilities 1,918 3,748 3,798 2,878 3,798 4,326 4,640 2 Banks' own claims' 2,419 4.206 5,220 4,078 5,220 5,612 6,363 3 Deposits 994 2,507 3,398 2,409 3,398 3,796 3,560 4 Other claims 1,425 1,699 1,822 1.669 1,822 1,816 2,803 5 Claims of banks' domestic customers2 580 %2 971 248 971 944 924 1. Includes claims of banks' domestic customers through March 1978. NOTE. Data on claims exclude foreign currencies held by U.S. monetary au- 2. Assets owned by customers of the reporting bank located in the United States thorities. that represent claims on foreigners held by reporting banks for the accounts of their domestic customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A59 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States Payable in U.S. dollars Millions of dollars, end of period 1982 HHoollddeerr aanndd ttyyppee ooff lliiaabbiilliittyy 11997799 11998800 11998811'' Jan. Feb. Mar. Apr. May' June' July? 1 All foreigners 187,521 205,297 242,981 250,799 254,520 261,219 266,256 274,341 284,943 284,557 2 Banks' own liabilities 117.196 124.791 162,755 171.338 179,819 187.559 194.898 203,120 211,666 208,702 3 Demand deposits 23,303 23,462 19,677 18.334 17,808 16,498 18,161 16,550 17,292 17,132 4 Time deposits' 13.623 15,076 28,816 31.363 36,555 43,597 48,552 53,414 55,896 59,490 5 Other2 16.453 17,583 17,418 16.466 17,235 18,989 18.570 21,171 22,121 20,368 6 Own foreign offices3 63.817 68,670 96,844 105.175 108,221 108,475 109,616 111,984 116.358 111,711 7 Banks' custody liabilities4 70,325 80,506 80,225 79,460 74,701 73,660 71,358 71,222 73,277 75,855 8 U.S. Treasury bills and certificates5 48,573 57,595 55,312 55,131 51,142 50,152 47,353 46,476 48,817 5511,,221111 9 Other negotiable and readily transferable instruments6 19.396 20,079 18,944 18,842 18.718 18,901 19,326 20,751 20,455 20,649 10 Other 2,356 2,832 5,970 5.487 4,842 4,607 4,679 3,995 4,004 3,995 11 Nonmonetary international and regional organizations7 2,356 2,344 2,721 2,148 2,091 2,045 2,043 3,039 4,001 4,082 12 Banks' own liabilities 714 444 638 373 298 445 603 1,272 1,233 2,246 13 Demand deposits 260 146 262 130 135 209 149 185 300 343 14 Time deposits' 151 85 58 86 76 141 286 471 586 633 15 Other2 303 212 318 156 87 96 168 616 347 1,271 16 Banks' custody liabilities4 1,643 1,900 2.083 1.775 1,792 1.599 1,439 1.767 2,768 1.835 17 U.S. Treasury bills and certificates 102 254 541 217 277 109 142 253 1.425 487 18 Other negotiable and readily transferable instruments6 1.538 1.646 1,542 1.558 1,515 1,490 1.297 1.514 1,343 1,349 19 Other 2 0 0 0 0 0 0 0 0 0 20 Official institutions8 78,206 86,624 78,957 76,422 72,886 72,099 70,176 70,464 71,929 71,374 21 Banks' own liabilities 18.292 17,826 16,808 14.643 14,959 15,326 17,112 17,626 18.925 16,008 22 Demand deposits 4.671 3,771 2,612 2.404 2,385 2,277 3,241 2,156 3,167 2,782 23 Time deposits' 3,050 3.612 4,146 3.686 4,261 4,866 5,623 5.769 5,486 6,155 24 Other2 10,571 10,443 10,050 8.553 8,312 8,183 8,248 9,702 10,272 7,071 25 Banks' custody liabilities4 59,914 68,798 62,149 61,778 57,927 56,773 53.064 52,838 53,004 55,366 26 U.S. Treasury bills and certificates5 47,666 56,243 52,389 52.306 48,174 47,048 43.850 42,741 43,509 4455,,882244 27 Other negotiable and readily transferable instruments6 12.196 12,501 9,712 9.445 9,717 9.685 9,029 10,057 9,461 9,507 28 Other 52 54 47 27 37 40 185 40 33 36 29 Banks9 88,316 96,415 135,355 145,926 151,420 157,787 161,176 165,642 172,468 171,482 30 Banks' own liabilities 83,299 90,456 123,640 134,040 140,669 146.591 148,456 153,081 159,762 157,824 31 Unaffiliated foreign banks 19,482 21.786 26.796 28,865 32,448 38.116 38,840 41,097 43,405 46,113 32 Demand deposits 13,285 14,188 11.614 10,893 10,444 9,267 9,915 9,697 9,281 9,392 33 Time deposits' 1,667 1,703 8.654 10.672 13,653 18,653 19,260 21,248 23,403 25,474 34 Other2 4.530 5,895 6.528 7.299 8,350 10,195 9,664 10,152 10.721 11.247 35 Own foreign offices3 63,817 68,670 96,844 105.175 108,221 108,475 109.616 111,984 116,358 111,711 36 Banks' custody liabilities4 5,017 5,959 11,715 11.886 10,751 11,197 12,720 12,562 12,706 13,657 37 U.S. Treasury bills and certificates 422 623 1.683 1.853 1,876 2.213 2,592 2,698 2,926 3,872 38 Other negotiable and readily transferable instruments6 2,415 2,748 4,421 4,858 4,405 4,729 5,968 6,097 6,527 6,661 39 Other 2,179 2.588 5,611 5,176 4,470 4,255 4,160 3.766 3,253 3,124 40 Other foreigners 18,642 19,914 25,947 26,303 28,124 29,288 32,861 35,196 36,545 37,620 41 Banks' own liabilities 14.891 16.065 21,669 22,282 23,893 25,196 28,727 31,140 31,745 32.623 42 Demand deposits 5.087 5.356 5,189 4.906 4,843 4,745 4.855 4,512 4,544 4,615 43 Time deposits 8.755 9,676 15,958 16.918 18,564 19,936 23,383 25,926 26,420 27,229 44 Other2 1.048 1,033 523 458 485 515 489 702 781 779 45 Banks' custody liabilities4 3.751 3,849 4,278 4.021 4,231 4,092 4,134 4,055 4,800 4,996 46 U.S. Treasury bills and certificates 382 474 698 755 815 782 769 784 957 11,,002288 47 Other negotiable and readily transferable instruments6 3,247 3,185 3,268 2.981 3,081 2,997 3,032 3,082 3,125 3,133 48 Other 123 190 312 284 335 313 334 189 718 835 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 10,984 10,745 10,672 10.451 10,916 11,169 11,673 12,652 12,878 12,962 1. Excludes negotiable time certificates of deposit, which are included in "Other 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued negotiable and readily transferable instruments." Data for time deposits before to official institutions of foreign countries. April 1978 represent short-term only. 6. Principally bankers acceptances, commercial paper, and negotiable time cer- 2. Includes borrowing under repurchase agreements. tificates of deposit. 3. U.S. banks: includes amounts due to own foreign branches and foreign sub- 7. Principally the International Bank for Reconstruction and Development, and sidiaries consolidated in "Consolidated Report of Condition" filed with bank reg- the Inter-American and Asian Development Banks. ulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign 8. Foreign central banks and foreign central governments and the Bank for banks: principally amounts due to head office or parent foreign bank, and foreign International Settlements. branches, agencies or wholly owned subsidiaries of head office or parent foreign 9. Excludes central banks, which are included in "Official institutions." bank. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 International Statistics • September 1982 3.17 Continued 1982 AArreeaa aanndd ccoouunnttrryy 11997799 11998800 11998811AA Jan. Feb. Mar. Apr. Mayr Juner July? 1 Total 187,521 205,297 242,981 250,799 254,520 261,219 266,256 274,341 284,943 284,557 2 Foreign countries 185,164 202,953 240,259 248,651 252,430 259,174 264,213 271,302 280,942 280,475 3 Europe 90,952 90,897 90,942 89,804 91,957 93,541 91.890 97,484 102,549 107,300 4 Austria 413 523 587 719 647 545 472 454 434 501 5 Belgium-Luxembourg 2,375 4,019 4,117 3,954 3,254 3,002 2,898 3.075 2,869 2,957 6 Denmark 1,092 497 333 512 524 514 613 608 510 450 1 Finland 398 455 296 157 292 273 229 212 181 162 8 France 10,433 12,125 8,486 8.078 8,047 7,792 6,737 6,312 9,226 8,618 9 Germany 12.935 9,973 7,665 6.953 6,668 7,698 6.555 6,954 6,221 5,624 1U Greece 635 670 463 469 535 472 457 549 512 506 11 Italy 7.782 7,572 7,290 7.104 6,497 4,300 3,695 3,420 4,720 5,760 12 Netherlands 2,337 2,441 2,823 2.838 3,027 3,111 2,963 2,719 2.836 2,762 13 Norway 1,267 1,344 1,457 1.245 1,129 1,518 1.666 1,981 1,370 1,339 14 Portugal 557 374 354 301 275 272 272 276 365 365 15 Spain 1,259 1,500 916 1.024 946 1,136 1.055 1,114 1,191 1,133 16 Sweden 2,005 1,737 1,545 1,274 1,480 1.358 1,373 1,425 1,411 1,637 17 Switzerland 17,954 16,689 18,723 18,872 18,515 19,199 20.339 21,651 22,451 23,632 18 Turkey 120 242 518 336 216 283 364 204 168 1,364 19 United Kingdom 24,700 22,680 28,288 30,649 34,073 35.146 35,452 39,893 41,159 44,103 20 Yugoslavia 266 681 375 215 219 223 259 237 314 320 21 Other Western Europe1 4,070 6,939 6,165 4,765 5,279 6,256 6.106 6,000 6,048 5,624 22 U.S.S.R 52 68 49 68 52 44 37 30 44 41 23 Other Eastern Europe2 302 370 493 271 284 400 350 371 521 400 24 Canada 7,379 10,031 10,250 11.572 11,105 10,780 12,298 10,619 11.541 11,167 25 Latin America and Caribbean 49,686 53,170 84,685 92.474 94,715 98,073 103.809 105,507 108,774 103,386 26 Argentina 1.582 2,132 2,445 2.879 2,897 3,037 2.729 2,203 2,030 2,095 27 Bahamas 15,255 16,381 34,400 43,627 43,675 44,689 45.608 44,819 43,669 39,240 28 Bermuda 430 670 765 680 865 1,113 1.165 1,350 1,300 1,315 29 Brazil 1,005 1,216 1,568 1,608 1,803 1,352 1.462 1,615 1,838 1,830 30 British West Indies 11,138 12,766 17,794 17.924 18,847 18,844 19.623 19,690 22,838 21,693 31 Chile 468 460 664 771 815 951 992 1,224 1,124 1,525 32 Colombia 2,617 3.077 2.993 2.861 2.924 2,654 2,639 2,515 2,700 2,699 33 Cuba 13 6 9 7 10 7 6 6 6 7 34 Ecuador 425 371 434 355 370 513 491 465 559 527 35 Guatemala3 414 367 479 485 519 590 569 583 580 613 36 Jamaica3 76 97 87 120 100 129 133 104 100 139 37 Mexico 4,185 4,547 7.163 6.668 7,246 7,646 8,533 8.992 8,793 9,649 38 Netherlands Antilles 499 413 3,182 3.145 3,234 3,434 3.474 3,449 3,891 3,598 39 Panama 4,483 4.718 4.847 3.480 3,357 4,190 4,238 4,338 5,400 4,877 40 Peru 383 403 694 594 531 532 620 753 1,069 932 41 Uruguay 202 254 367 481 479 323 410 561 542 607 42 Venezuela 4,192 3,170 4.245 4.557 4,578 5,120 8.061 9,421 9,310 9,127 43 Other Latin America and Caribbean 2,318 2,123 2,548 2.232 2.464 2,948 3.056 3,419 3,023 2,915 44 33,005 42,420 49,784 50.658 50,409 52,607 50.362 5511,,006666 5511,,000011 5511,,885500 China 45 Mainland 49 49 158 183 215 257 331 284 244 261 46 Taiwan 1,393 1,662 2,082 2.227 2.253 2,213 2,291 2,372 2,334 2,371 47 Hong Kong 1,672 2,548 3.950 3.946 4,302 4,195 4,587 4,737 4,842 4,734 48 India 527 416 385 512 414 435 544 603 540 551 49 Indonesia 504 730 640 1.230 1.241 1,127 837 784 583 722 50 Israel 707 883 592 546 507 449 539 562 610 476 51 Japan 8,907 16,281 20,550 20.051 20.778 21,955 19,307 19,008 18,895 19,833 52 Korea 993 1,528 2,013 2.146 2,162 2.138 2.355 2,191 1,863 1,934 53 Philippines 795 919 874 757 739 671 691 758 839 660 54 Thailand 277 464 534 369 494 340 517 474 485 450 55 Middle-East oil-exporting countries4 15,300 14,453 13,154 13,623 13,569 14,799 14,347 14,400 14,268 14,242 56 Other Asia 1,879 2,487 4,852 5,068 3,735 4,028 4,016 4,893 5,498 5,617 57 Africa 3,239 5,187 3,180 3,065 2,814 2,398 3,111 2,629 2,677 2,686 58 Egypt 475 485 360 571 339 297 411 382 448 430 59 Morocco 33 33 32 36 35 36 52 37 59 52 60 South Africa 184 288 420 252 368 330 308 305 335 339 61 Zaire 110 57 26 33 40 69 41 27 37 25 62 Oil-exporting countries5 1,635 3,540 1,395 1.207 1,112 627 1,144 846 901 1,025 63 Other Africa 804 783 946 966 920 1,039 1,156 1,031 896 815 64 Other countries 904 1,247 1,419 1.078 1.430 1,775 2,743 3,997 4,400 4,085 65 Australia 684 950 1,223 853 1,204 1,550 2.542 3,752 4,172 3,831 66 All other 220 297 196 225 226 225 201 245 228 254 67 Nonmonetary international and regional organizations 2,356 2,344 2.721 2,148 2.091 2,045 2,043 3,039 4,001 4,082 6688 International 1,238 1,157 1,661 1,072 1,082 1,081 1,269 2,064 2,860 3,064 6 70 9 L O a t t h in er A re m g e io ri n c a a l n 6 regional 8 3 0 1 6 3 8 2 9 9 0 6 7 3 1 5 0 0 7 3 1 6 2 4 7 3 0 0 6 3 6 3 3 3 0 4 4 3 5 2 0 3 6 3 6 1 1 4 6 4 9 4 4 6 6 4 0 1 6 2 1. Includes the Bank for International Settlements. Beginning April 1978, also 6. Asian, African, Middle Eastern, and European regional organizations, except includes Eastern European countries not listed in line 23. the Bank for International Settlements, which is included in "Other Western 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Dem- Europe." ocratic Republic, Hungary, Poland, and Romania. ^ Liabilities and claims of banks in the United States were increased, beginning 3. Included in "Other Latin America and Caribbean" through March 1978. in December 1981, by the shift from foreign branches to international banking 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and facilities in the United States of liabilities to, and claims on, foreign residents. United Arab Emirates (Trucial States). 5. Comprises Algeria. Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A61 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1982 AArreeaa aanndd ccoouunnttrryy 11997799 11998800 11998811AA Jan. Feb. Mar. Apr. May Juner JulyP 1 Total 133,943 172,592 251,029 255,822 266,483 276,924 287,562 299,979' 312,574 321,219 2 Foreign countries 133,906 172,514 250,973 255,771 266,435 276,868 287,522 299,936r 312,531 321,173 3 Europe 28,388 32,108 49,047 51,844 54,695 56,937 59,319 62,009' 63,362 67,178 4 Austria 284 236 121 198 172 130 200 201 140 189 5 Belgium-Luxembourg 1,339 1,621 2,843 2,819 3,280 3,778 3,848 3,669 3,745 4,098 6 Denmark 147 127 188 226 253 285 286 276' 287 308 7 Finland 202 460 547 555 573 574 525 638 736 699 8 France 3,322 2,958 4,126 4,707 4,951 5,579 5,042 5,508 6,397 5,923 9 Germany 1,179 948 936 1,080 870 1,123 1,483 1,512 1,758 1,736 10 Greece 154 256 333 380 321 325 279 262 297 294 11 Italy 1,631 3,364 5,240 5,496 5,644 5,333 5,099 5,842R 6,030 6,291 12 Netherlands 514 575 686 763 814 956 750 917R 1,009 1,114 13 Norway 276 227 384 384 437 447 452 416 429 538 14 Portugal 330 331 529 584 666 724 813 797 938 988 15 Spain 1,051 993 2,100 2,166 2,507 2,619 2,499 2,624 3,086 3,308 16 Sweden 542 783 1,206 1,329 1,504 1,550 1,441 1,692 1,632 1,518 17 Switzerland 1,165 1,446 2,213 1,849 2,001 1,709 1,564 1,557 1,602 1,601 18 Turkey 149 145 424 464 522 496 487 573 584 641 19 United Kingdom 13,795 14,917 23,645 25,136 26,665 27,784 31,081 31,974' 31,074 34,339 20 Yugoslavia 611 853 1,224 1,211 1,243 1,200 1,238 1,202 1,294 1,266 21 Other Western Europe1 175 179 209 220 192 317 282 386 267 280 22 U.S.S.R 268 281 367 455 262 218 195 251 296 266 23 Other Eastern Europe2 1,254 1,410 1,725 1,820 1,817 1,790 1,755 1,711 1,761 1,782 24 Canada 4,143 4,810 9,164 9,600 9,925 10,970 11,805 11,323 12,687 13,038 25 Latin America and Caribbean 67,993 92,992 138,114 143,022 148,003 152,875 158,097 166,757' 172,608 177,815 26 Argentina 4,389 5,689 7,522 8,622 8,827 8,928 10,896 10,816 11,012 10,966 27 Bahamas 18,918 29,419 43,437 44,886 45,860 47,586 47,606 48,730' 51,788 52,306 28 Bermuda 496 218 346 481 452 401 575 396 414 402 29 Brazil 7,713 10,496 16,918 17,329 17,878 18,723 19,380 20,413' 21,013 21,417 30 British West Indies 9,818 15,663 21,913 21,106 22,031 22,975 22,739 25,469' 25,824 27,834 31 Chile 1,441 1,951 3,690 4,157 4,363 4,513 4,590 4,884 5,268 5,223 32 Colombia 1,614 1,752 2,018 2,108 2,067 2,018 2,146 2,265 2,554 2,592 33 Cuba 4 3 3 7 9 3 137 37 3 8 34 Ecuador 1,025 1,190 1,531 1,703 1,752 1,837 1,879 1,852 2,022 2,020 35 Guatemala3 134 137 124 119 119 106 116 112 124 147 36 Jamaica3 47 36 62 177 115 151 130 781 124 578 37 Mexico 9,099 12,595 22,407 23,025 24,301 25,174 26,087 28,321 29,435 29,624 38 Netherlands Antilles 248 821 1,076 953 1,150 873 886 880 1,025 1,027 39 Panama 6,041 4,974 6,780 6,927 7,306 7,509 8,246 8,318 8,372 9,376 40 Peru 652 890 1,218 1.432 1,433 1,518 1,589 1,672 2,047 2,051 41 Uruguay 105 137 157 262 240 232 316 346 381 413 42 Venezuela 4,657 5,438 7,069 7,237 7,727 8,085 8,560 9,172 9,138 9,727 43 Other Latin America and Caribbean 1,593 1,583 1,844 2,491 2,374 2,245 2,220 2,295 2,064 2,104 44 30,730 39,078 49,770 46,023 48,211 50,107 52,115 53,117R 56,966 56,085 China 45 Mainland 35 195 107 85 65 84 98 68 124 139 46 Taiwan 1,821 2,469 2,461 2,654 2,215 2,300 2,275 2,114 2,048 1,972 47 Hong Kong 1,804 2,247 4,126 4,092 4,287 5,434 5.344 5,978 6,086 6,124 48 India 92 142 123 148 188 212 195 185 252 266 49 Indonesia 131 245 346 317 330 356 308 315 288 294 50 Israel 990 1,172 1,562 1,318 1,467 1,241 1,160 1,391 1,835 1,637 51 Japan 16,911 21,361 26,757 24,093 26,081 25,972 27,358 26,732' 29,268 28,908 52 Korea 3,793 5,697 7,324 6,540 6,272 6,564 6,953 7,103 7,119 6,796 53 Philippines 737 989 1,817 1,764 1,989 2,270 2,266 2,459 2,605 2,605 54 Thailand 933 876 564 527 559 513 565 502 459 406 55 Middle East oil-exporting countries4 1,548 1,432 1,575 1,624 1,991 2,021 2,411 2,613 2,546 2,660 56 Other Asia 1,934 2,252 3,009 2,860 2,766 3,139 3,182 3,656 4,337 4,279 57 1,797 2,377 3,503 3,819 4,019 4,203 4,383 4,768 4,851 5,029 58 Egypt 114 151 238 259 293 327 345 400 416 378 59 Morocco 103 223 284 273 273 294 312 278 334 314 60 South Africa 445 370 1,011 948 1,249 1,426 1,344 1,387 1,467 1,623 61 Zaire 144 94 112: 98 93 89 100 81 84 81 62 Oil-exporting countries5 391 805 657 783 593 637 725 839 799 846 63 Other 600 734 1,201 1,458 1,518 1,429 1,557 1,783 1,751 1,787 64 Other countries 855 1,150 1,376 1,463 1,583 1,777 1,803 1,961 2,056 2,028 65 Australia 673 859 1,203 1,280 1,385 1,501 1,560 1,655 1,752 1,700 66 All other 182 290 172 183 198 276 243 306 305 328 67 Nonmonetary international and regional organizations6 36 78 56 51 47 57 40 43 43 45 1. Includes the Bank for International Settlements. Beginning April 1978, also 5. Comprises Algeria, Gabon, Libya, and Nigeria. includes Eastern European countries not listed in line 23. 6. Excludes the Bank for International Settlements, which is included in "Other 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Dem- Western Europe." ocratic Republic, Hungary, Poland, and Romania. NOTE. Data for period prior to April 1978 include claims of banks' domestic 3. Included in "Other Latin America and Caribbean" through March 1978. customers on foreigners. 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and /L Liabilities and claims of banks in the United States were increased, beginning United Arab Emirates (Trucial States). in December 1981, by the shift from foreign branches to international banking facilities in the United States of liabilities to, and claims on, foreign residents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 International Statistics • September 1982 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1982 TTyyppee ooff ccllaaiimm 11997799 11998800 11998811AA Jan. Feb. Mar. Apr. May June' July? 1 Total 111111155555554444444,,,,,,,000000033333330000000 111111199999998888888,,,,,,,666666699999998888888 222222288888888888888,,,,,,,222222288888882222222 333333322222220000000,,,,,,,000000077777778888888''''''' 333333355555554444444,,,,,,,888888800000004444444 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 111111133333333333333,,,,,,,999999944444443333333 111111177777772222222,,,,,,,555555599999992222222 222222255555551111111,,,,,,,000000022222229999999 255,822 266,483 222222277777776666666,,,,,,,999999922222224444444 287,562 299,979' 333333311111112222222,,,,,,,555555577777774444444 321,219 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 11111115555555,,,,,,,999999933333337777777 22222220000000,,,,,,,888888888888882222222 33333331111111,,,,,,,111111199999993333333 33,153 33,460 33333333333333,,,,,,,777777700000005555555 35,203 37,593' 44444440000000,,,,,,,000000000000007777777 40,535 44 OOwwnn ffoorreeiiggnn ooffffiicceess11 44444447777777,,,,,,,444444422222228888888 66666665555555,,,,,,,000000088888884444444 99999996666666,,,,,,,666666633333339999999 96,476 98,305 111111100000001111111,,,,,,,777777711111110000000 106,115 107,618' 111111111111112222222,,,,,,,222222244444440000000 112,976 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 44444440000000,,,,,,,999999922222227777777 55555550000000,,,,,,,111111166666668888888 77777774444444,,,,,,,000000099999991111111 76,304 82,946 88888887777777,,,,,,,222222288888888888888 90,760 97,112' 111111100000001111111,,,,,,,444444400000007777777 108,020 66 DDeeppoossiittss 6666666,,,,,,,222222277777774444444 8888888,,,,,,,222222255555554444444 22222222222222,,,,,,,666666688888889999999 23,947 26,259 22222228888888,,,,,,,777777700000009999999 29,152 33,432 33333335555555,,,,,,,444444499999994444444 39,770 77 OOtthheerr 33333334444444,,,,,,,666666655555554444444 44444441111111,,,,,,,999999911111114444444 55555551111111,,,,,,,444444400000003333333 52,357 56,686 55555558888888,,,,,,,555555577777779999999 61,607 63,679' 66666665555555,,,,,,,999999911111113333333 68,249 88 AAllll ootthheerr ffoorreeiiggnneerrss 22222229999999,,,,,,,666666655555550000000 33333336666666,,,,,,,444444455555559999999 44444449999999,,,,,,,111111100000005555555 49,889 51,772 55555554444444,,,,,,,222222222222222222222 55,484 57,657' 55555558888888,,,,,,,999999922222220000000 59,689 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss22 .... 22222220000000,,,,,,,000000088888888888888 22222226666666,,,,,,,111111100000006666666 33333337777777,,,,,,,222222255555553333333 44444443333333,,,,,,,111111155555554444444rrrrrrr 44444442222222,,,,,,,222222233333330000000 999999955555555555555 888888888888885555555 1111111,,,,,,,333333377777778888888 1111111,,,,,,,555555511111112222222 1111111,,,,,,,444444422222226666666 11 Negotiable and readily transferable 11111113333333,,,,,,,111111100000000000000 11111115555555,,,,,,,555555577777774444444 22222225555555,,,,,,,777777755555552222222 33333332222222,,,,,,,333333322222228888888 33333331111111,,,,,,,999999966666666666666 12 Outstanding collections and other 6666666,,,,,,,000000033333332222222 9999999,,,,,,,666666644444448888888 11111110000000,,,,,,,111111122222223333333 9999999,,,,,,,333333311111114444444rrrrrrr 8888888,,,,,,,888888833333338888888 13 MEMO: Customer liability on 11111118888888,,,,,,,000000022222221111111 22222222222222,,,,,,,777777711111114444444 22222229999999,,,,,,,555555566666665555555 33333330000000,,,,,,,444444488888880000000''''''' 33333332222222,,,,,,,999999922222229999999 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States5 22,265 24,381 39,556 42,367 43,781 40,806 41,362 43,934 44,292 n.a. 1. U.S. banks: includes amounts due from own foreign branches and foreign 4. Data for March 1978 and for period before that are outstanding collections subsidiaries consolidated in "Consolidated Report of Condition" filed with bank only. regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign 5. Includes demand and time deposits and negotiable and nonnegotiable certifbanks: principally amounts due from head office or parent foreign bank, and foreign icates of deposit denominated in U.S. dollars issued by banks abroad. For descripbranches, agencies, or wholly owned subsidiaries of head office or parent foreign tion of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550. bank. A Liabilities and claims of banks in the United States were increased, beginning 2. Assets owned by customers of the reporting bank located in the United States in December 1981, by the shift from foreign branches to international banking that represent claims on foreigners held by reporting banks for the account of their facilities in the United States of liabilities to, and claims on, foreign residents. domestic customers. NOTE. Beginning April 1978, data for banks' own claims are given on a monthly 3. Principally negotiable time certificates of deposit and bankers acceptances. basis, but the data for claims of banks' own domestic customers are available on a quarterly basis only. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1979 1980 1981 1982 MMaattuurriittyy ;; bbyy bboorrrroowweerr aanndd aarreeaa Dec. Dec. June Sept Dec.^ Mar.' June? 1 86,181 106,748 117,610 122,477 153,932 174,403 199,743 By borrower 2 Maturity of 1 year or less1 65,152 82,555 92,124 94,957 115,895 132,875 151,417 3 Foreign public borrowers 7,233 9,974 11,752 12,990 15,196 16,344 19,308 4 All other foreigners 57,919 72,581 80,372 81,967 100,699 116,531 132,110 5 Maturity of over 1 year1 21,030 24,193 25,486 27,520 38,037 41,528 48,326 6 Foreign public borrowers 8,371 10,152 11,177 12,564 15,648 16,851 20,003 7 All other foreigners 12,659 14,041 14,309 14,956 22,389 24,678 28,322 By area Maturity of 1 year or less1 8 Europe 15,235 18,715 21,149 23,015 27,886 34,228 39,076 9 Canada 1,777 2,723 3,314 3,959 4,634 5,791 6,579 10 Latin America and Caribbean 24,928 32,034 33,584 35,590 48,463 58,144 67,444 11 21,641 26,686 31,509 29,295 31,513 30,578 33,788 n Africa 1,077 1,757 1,768 2,324 2,457 2.884 3,309 13 All other2 493 640 801 774 943 1.249 1,220 Maturity of over 1 year1 14 Europe 4,160 5,118 6,312 6,424 8,099 8,435 9,340 15 Canada 1,317 1,448 1,317 1,347 1,774 1,863 2,345 16 Latin America and Caribbean 12,814 15,075 15,458 17,478 25,096 27,623 32,340 17 1,911 1,865 1,679 1,550 1,902 2,236 2,455 18 655 507 559 548 899 1,056 1,275 19 All other2 173 179 161 172 267 315 571 1. Remaining time to maturity. ^ Liabilities and claims of banks in the United States were increased, beginning 2. Includes nonmonetary international and regional organizations. in December 1981, by the shift from foreign branches to international banking facilities in the United States of liabilities to, and claims on, foreign residents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A63 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1 Billions of dollars, end of period 1980 1981 1982 AArreeaa oorr ccoouunnttrryy 1199778822 11997799 June Sept. Dec. Mar. June Sept. Dec. Mar. JuneP 1 Total 266.2 303.9 328.8 339.3 352.0 372.1 382.8 399.8 412.3 411.0 419.2 2 G-10 countries and Switzerland 124.7 138.4 154.2 158.8 162.1 168.5 168.3 172.2 173.9 172.1 170.3 3 Belgium-Luxembourg 9.0 11.1 13.1 13.6 13.0 13.6 13.8 14.1 13.3 13.1 13.8 4 France 12.2 11.7 14.1 13.9 14.1 14.5 14.7 16.0 15.3 15.8 16.3 5 Germany 11.3 12.2 12.7 12.9 12.1 13.3 12.1 12.7 12.9 12.4 12.6 6 Italy 6.7 6.4 6.9 7.2 8.2 7.7 8.4 8.6 9.8 8.9 8.8 7 Netherlands 4.4 4.8 4.5 4.4 4.4 4.6 4.2 3.7 4.0 4.0 4.0 8 Sweden 2.1 2.4 2.7 2.8 2.9 3.2 3.1 3.4 3.7 4.0 3.9 9 Switzerland 5.3 4.7 3.3 3.4 5.0 5.1 5.2 5.1 5.5 5.3 5.1 10 United Kingdom 47.3 56.4 64.4 66.7 67.4 68.5 67.0 68.8 69.1 68.7 66.4 11 Canada 6.0 6.3 7.2 7.7 8.4 8.9 10.8 11.8 11.0 11.4 10.9 12 Japan 20.6 22.4 25.5 26.1 26.5 29.1 28.9 28.0 29.4 28.4 28.5 13 Other developed countries 19.4 19.9 20.3 20.6 21.6 23.5 24.8 26.4 28.4 30.5 31.6 14 Austria 1.7 2.0 1.8 1.8 1.9 1.8 2.1 2.2 1.9 2.1 2.1 15 Denmark 2.0 2.2 2.2 2.2 2.3 2.4 2.3 2.5 2.3 2.5 2.6 16 Finland 1.2 1.2 1.3 1.2 1.4 1.4 1.3 1.4 1.7 1.6 1.6 17 Greece 2.3 2.4 2.5 2.6 2.8 2.7 3.0 2.9 2.8 2.8 2.5 18 Norway 2.1 2.3 2.4 2.4 2.6 2.8 2.8 3.0 3.1 3.2 3.2 19 Portugal .6 •i .6 .7 .6 .6 .8 1.0 1.1 1.1 1.5 20 3.5 3.5' 3.9 4.2 4.4 5.5 5.7 5.8 6.6 7.1 7.2 21 Turkey 1.5 1.4 1.4 1.3 1.5 1.5 1.4 1.5 1.4 1.5 1.4 22 Other Western Europe 1.3 1.4 1.6 1.7 1.7 1.8 1.8 1.9 2.1 2.2 2.2 23 South Africa 2.0 1.3 1.5 1.2 1.1 1.5 1.9 2.5 2.8 3.2 3.4 24 Australia 1.4 1.3 1.2 1.2 1.3 1.5 1.7 1.9 2.5 3.1 3.8 25 OPEC countries3 22.7 22.9 20.9 21.4 22.7 21.7 22.2 23.5 24.4 24.7 25.3 26 Ecuador 1.6 1.7 1.8 1.9 2.1 2.0 2.0 2.1 2.2 2.3 2.3 27 Venezuela 7.2 8.7 7.9 8.5 9.1 8.3 8.8 9.2 9.6 9.4 9.4 28 Indonesia 2.0 1.9 1.9 1.9 1.8 2.1 2.1 2.5 2.5 2.7 2.7 29 Middle East countries 9.5 8.0 6.9 6.7 6.9 6.7 6.8 7.1 7.6 8.2 8.6 30 African countries 2.5 2.6 2.5 2.4 2.8 2.6 2.6 2.6 2.5 2.2 2.3 31 Non-OPEC developing countries 52.6 63.0 67.7 73.0 77.4 82.2 84.8 90.2 95.8 94.0 100.0 Latin America 32 Argentina 3.0 5.0 5.6 7.6 7.9 9.5 8.5 9.3 9.3 9.3 8.9 33 Brazil 14.9 15.2 15.3 15.8 16.2 17.0 17.5 17.7 19.0 18.9 20.2 34 Chile 1.6 2.5 2.7 3.2 3.7 4.0 4.8 5.5 5.8 5.6 6.0 35 Colombia 1.4 2.2 2.2 2.4 2.6 2.4 2.5 2.5 2.6 2.2 2.5 36 Mexico 10.8 12.0 13.6 14.4 15.9 17.0 18.2 20.0 21.5 22.1 23.9 37 Peru 1.7 1.5 1.4 1.5 1.8 1.8 1.7 1.8 2.0 1.8 2.3 38 Other Latin America 3.6 3.7 3.6 3.9 3.9 4.7 3.8 4.2 4.1 4.0 3.9 Asia China 39 Mainland .0 .1 .1 .1 .2 .2 .2 .2 .2 .2 .3 40 Taiwan 2.9 3.4 3.8 4.1 4.2 4.4 4.6 5.1 5.1 5.1 5.8 41 .2 .2 .2 .2 .3 .3 .3 .3 .3 .5 .5 42 1.0 1.3 1.2 1.1 1.5 1.3 1.8 1.5 2.0 1.6 2.1 43 Korea (South) 3.9 5.4 7.1 7.3 7.1 7.7 8.8 8.6 9.4 8.6 8.8 44 Malaysia .6 1.0 1.1 1.1 1.1 1.2 1.4 1.4 1.7 1.7 1.8 45 Philippines 2.8 4.2 4.6 4.8 5.1 4.8 5.1 5.6 6.0 5.8 6.2 46 Thailand 1.2 1.5 1.5 1.5 1.6 1.6 1.5 1.4 1.5 1.3 1.3 47 Other Asia .2 .5 .5 .5 .6 .5 .7 .8 1.0 1.0 1.2 Africa 48 Egypt .4 .6 .8 .6 .8 .8 .7 1.0 1.1 1.3 1.3 49 Morocco .6 .6 .5 .6 .7 .6 .5 .7 .7 .7 .7 50 .2 2 .2 .2 .2 .2 .2 .2 .2 .2 .2 51 Other Africa4 1.4 1.7 1.9 2.1 2.1 2.2 2.1 2.2 2.3 2.3 2.3 52 Eastern Europe 6.9 7.3 7.2 7.3 7.4 7.7 7.7 7.7 7.7 7.0 6.4 53 U.S.S.R 1.3 .7 .5 .5 .4 .4 .5 .4 .6 .4 .4 54 Yugoslavia 1.5 1.8 2.1 2.1 2.3 2.4 2.5 2.5 2.5 2.4 2.3 55 Other 4.1 4.8 4.5 4.7 4.6 4.8 4.8 4.7 4.7 4.2 3.7 56 Offshore banking centers 31.0 40.4 44.3 44.6 47.0 53.7 59.3 61.7 63.6 64.5 67.3 57 Bahamas 10.4 13.7 13.7 13.2 13.7 15.5 17.9 21.3 18.9 19.8 22.5 58 Bermuda .7 .8 .6 .6 .6 .7 .7 .8 .7 .7 .7 59 Cayman Islands and other British West Indies 7.4 9.4 9.8 10.1 10.6 11.9 12.6 12.1 12.6 11.6 11.6 60 Netherlands Antilles .8 1.2 1.2 1.3 2.1 2.3 2.4 2.2 3.2 3.2 3.0 61 Panama5 3.0 4.3 4.9 5.6 5.4 6.5 6.9 6.7 7.5 7.0 6.8 62 Lebanon .1 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 63 Hong Kong 4.2 6.0 6.9 7.5 8.1 8.4 10.3 10.3 11.8 12.8 13.0 64 Singapore 3.9 4.5 5.9 5.6 5.9 7.3 8.1 8.0 8.6 9.2 99..55 65 Others6 .5 .4 .4 .4 .3 .9 .3 .1 .1 .1 ..11 66 Miscellaneous and unallocated7 9.1 11.7 14.3 13.7 14.0 14.9 15.7 18.2 18.7 18.2 18.3 1. The banking offices covered by these data are the U.S. offices and foreign in this table include only banks' own claims payable in dollars. For earlier dates branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks. the claims of the U.S. offices also include customer claims and foreign currency Offices not covered include (1) U.S. agencies and branches of foreign banks, and claims (amounting in June 1978 to $10 billion). (2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are ad- 3. In addition to the Organization of Petroleum Exporting Countries shown justed to exclude the claims on foreign branches held by a U.S. office or another individually, this group includes other members of OPEC (Algeria, Gabon, Iran, foreign branch of the same banking institution. The data in this table combine Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates) as foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims well as Bahrain and Oman (not formally members of OPEC). of U.S. offices in table 3.18 (excluding those held by agencies and branches of 4. Excludes Liberia. foreign banks and those constituting claims on own foreign branches). However, 5. Includes Canal Zone beginning December 1979. see also footnote 2. 6. Foreign branch claims only. 2. Beginning with data for June 1978, the claims of the U.S. offices 7. Includes New Zealand, Liberia, and international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 International Statistics • September 1982 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States' Millions of dollars, end of period 1981 1982 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11997788 11997799 11998800 June Sept. Dec. Mar.'' 1 Total 14,952 17,385 21,990 21,404 22,948 21,604 20,720 2 Payable in dollars 11,523 14,310 18.281 18,123 19,853 18,088 18.062 3 Payable in foreign currencies2 3,429 3,075 3.709 3,281 3.095 3,515 2.658 B\ type 4 Financial liabilities 6,368 7,485 11,153 11,465 12,512 11,325 11,190 5 Payable in dollars 3,853 5,215 8,381 9,099 10.227 8,851 9,320 6 Payable in foreign currencies 2,515 2,270 2.772 2,366 2,285 2,474 1,870 7 Commercial liabilities 8,584 9.900 10,837 9,939 10,436 10,278 9,530 8 Trade payables 4.001 4,585 4,934 4,460 4,351 4,647 3,961 9 Advance receipts and other liabilities 4.583 5.315 5,903 5,479 6,085 5,631 5,569 10 Payable in dollars 7,670 9,095 9,900 9,024 9,626 9,237 88,,774422 11 Payable in foreign currencies 914 805 936 915 810 1,041 778888 Bv area or country Financial liabilities 12 Europe 3.971 4,658 6,338 5,997 7,494 6,404 7,067 13 Belgium-Luxembourg 293 345 487 532 492 452 496 14 France 173 175 327 367 825 636 822 15 Germany 366 497 582 451 430 491 503 16 Netherlands 391 829 681 763 651 738 730 17 Switzerland 248 170 354 345 465 715 707 18 United Kingdom 2.167 2,463 3,772 3,422 4.478 3,246 3,704 19 Canada 247 532 964 978 977 958 914 20 Latin America and Caribbean 1.357 1,483 3,103 3,592 3,195 3,099 2,744 21 Bahamas 478 375 964 1,272 1,019 1,279 1.095 22 Bermuda 4 81 1 1 0 7 6 23 Brazil 10 18 23 20 20 22 27 24 British West Indies 194 514 1,452 1,534 1,363 1,045 1.016 25 Mexico 102 121 99 98 107 102 67 26 Venezuela 49 72 81 91 90 98 97 27 784 804 723 869 814 838 450 28 Japan 717 726 644 750 696 673 293 29 Middle East oil-exporting countries3 32 31 38 29 30 47 40 30 Africa 5 4 11 5 3 3 2 31 Oil-exporting countries4 2 1 1 0 1 0 0 32 All other5 5 4 15 24 29 24 12 Commercial liabilities 33 Europe 3.047 3,701 4.396 3,959 3,955 3,771 3,421 34 Belgium-Luxembourg 97 137 90 72 78 67 50 3b France 321 467 582 558 575 573 504 36 Germany 523 545 679 617 590 545 473 37 Netherlands 246 227 219 225 238 221 232 38 Switzerland 302 310 493 375 563 424 400 39 United Kingdom 824 1.077 1,209 1,011 925 884 824 40 Canada 667 924 876 731 823 870 857 41 Latin America 997 1,323 1,259 1,149 1,087 986 770 42 Bahamas 25 69 8 4 3 2 22 43 Bermuda 97 32 75 72 113 67 71 44 Brazil 74 203 111 54 61 67 83 45 British West Indies 53 21 35 34 11 2 27 46 Mexico 106 257 326 319 345 293 176 4/ Venezuela 303 301 319 290 273 276 194 48 2,927 2,991 3,034 2,803 3,221 3,285 3,214 49 Japan 448 583 802 867 775 1,094 1,081 50 Middle East oil-exporting countries3 1,518 1,014 890 837 881 910 816 51 Africa 743 728 817 676 757 703 664 52 Oil-exporting countries4 312 384 517 392 355 344 247 53 All other5 203 233 456 622 593 664 604 1. For a description of the changes in the International Statistics tables, see July 3. Comprises Bahrain. Iran. Iraq. Kuwait, Oman. Qatar. Saudi Arabia, and 1979 BULLETIN, p. 550. United Arab Emirates (Trucial States). 2. Before December 1978, foreign currency data include only liabilities denom- 4. Comprises Algeria, Gabon, Libya, and Nigeria. inated in foreign currencies with an original maturity of less than one year. 5. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A65 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States' Millions of dollars, end of period 1981 1982 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11997788 11997799 11998800 June Sept. Dec.r Mar.P 1 Total 28,001 31,341 34,597 35,341 34,348 35,737 30,059 2 Payable in dollars 24,998 28,148 31,663 32,424 31,380 32,167 27,452 3 Payable in foreign currencies2 3,003 3,193 2,933 2,917 2,968 3,571 2,607 By type 4 Financial claims 16,644 18,449 19,924 20,156 19,415 20,859 17,675 5 Deposits 11,201 12,813 14,087 14,530 13,628 14,675 12,638 6 Payable in dollars 10,133 11,897 13,312 13,805 12,902 14,060 12,181 7 Payable in foreign currencies 1.068 916 775 725 726 615 457 8 Other financial claims 5,443 5,637 5,837 5,625 5,787 6,185 5,037 9 Payable in dollars 3,874 3,810 4,154 3,988 4,102 3,744 3,408 10 Payable in foreign currencies 1,569 1,826 1,683 1,638 1,686 2,440 1,629 11 Commercial claims 11,357 12,892 14,673 15,185 14,933 14,878 12,384 12 Trade receivables 10,798 12,188 13,947 14,338 14,047 13,938 11,449 13 Advance payments and other claims 559 704 726 847 886 940 935 14 Payable in dollars 10,991 12,441 14,197 14,631 14,376 14,362 11,864 15 Payable in foreign currencies 366 450 476 554 556 516 520 By area or country Financial claims 16 Europe 5,225 6,167 6,116 5,156 4,822 4,566 4,570 17 Belgium-Luxembourg 48 32 195 174 26 43 16 18 France 178 177 337 377 348 325 452 19 Germany 510 409 230 139 320 244 217 20 Netherlands 103 53 51 52 68 50 79 21 Switzerland 98 73 59 116 86 73 39 22 United Kingdom 4,031 5,111 4,968 3,952 3,649 3,493 3,524 23 Canada 4,549 4,987 5,060 6,162 6,013 6,617 4,874 24 Latin America and Caribbean 5,714 6,293 7,768 7,987 7,621 8,575 7,359 25 Bahamas 3,001 2,765 3,448 3.330 3,253 3,902 3,444 26 Bermuda 80 30 135 33 15 18 94 27 Brazil 151 163 96 20 66 30 49 28 British West Indies 1,291 2,011 2,731 3,397 3.195 3,500 2,751 29 Mexico 162 157 208 162 271 299 281 30 Venezuela 157 143 137 143 143 148 130 31 920 706 710 599 621 882 680 32 Japan 305 199 177 99 109 363 267 33 Middle East oil-exporting countries3 18 16 20 19 29 37 36 34 181 253 238 216 222 168 159 35 Oil-exporting countries4 10 49 26 39 41 46 43 36 All other5 55 44 32 37 116 51 34 Commercial claims 37 Europe 3,983 4,909 5,512 5,470 5,347 5,327 4,342 38 Belgium-Luxembourg 144 202 233 235 220 234 245 39 France 609 727 1,129 784 767 776 696 40 Germany 399 589 591 572 580 554 444 41 Netherlands 267 298 318 308 308 303 227 42 Switzerland 198 272 353 474 404 427 354 43 United Kingdom 824 901 928 1,067 1,032 965 1,057 44 Canada 1,094 859 914 1,016 1,017 967 939 45 Latin America and Caribbean 2,546 2,879 3,765 3,804 3,726 3,464 2,904 46 Bahamas 109 21 21 29 18 12 80 47 Bermuda 215 197 108 192 241 223 212 48 Brazil 628 645 861 824 726 668 417 49 British West Indies 9 16 34 34 13 12 23 50 Mexico 505 708 1,101 1,121 983 1,020 759 51 Venezuela 291 343 410 420 454 422 394 52 3,108 3,451 3.512 3,785 3,674 3,910 3,151 53 Japan 1,006 1,177 1,045 1,218 1,104 1,244 1,158 54 Middle East oil-exporting countries3 713 765 822 934 828 898 757 55 Africa 447 554 653 705 717 750 584 56 Oil-exporting countries4 136 133 153 137 154 152 142 57 All other5 178 240 318 404 451 459 463 1. For a description of the changes in the International Statistics tables, see July 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and 1979 BULLETIN, p. 550. United Arab Emirates (Trucial States). 2. Prior to December 1978, foreign currency data include only liabilities denom- 4. Comprises Algeria, Gabon, Libya, and Nigeria. inated in foreign currencies with an original maturity of less than one year. 5. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 International Statistics • September 1982 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1982 1982 TTrraannssaaccttiioonnss,, aanndd aarreeaa oorr ccoouunnttrryy 11998800 11998811 Jan- July Jan. Feb. Mar. Apr. May June July? U.S. corporate securities STOCKS 1 Foreign purchases 40.298 40,603 16.970 2.016 2,524 2,635 2.359 2,622R 2,166' 2,647 2 Foreign sales 34,870 34,835 15.040 1.748 1,988 2,506 2,101 2,186 1,863' 2,648 3 Net purchases, or sales (—) 5,427 5,768 1,930 268 536 129 258 436' 303' -1 4 Foreign countries 5,409 5,743 1,896 263 537 120 252 429 299 -6 5 Europe 3.116 3,606 1.668 231 347 166 167 306' 158' 292 6 France 492 892 -95 0 -6 -51 33 -48 -25 2 7 Germany 169 -28 177 15 17 42 29 43 11' 21 8 Netherlands -328 39 93 3 38 1 -9 36 23 2 9 Switzerland 310 280 -229 40 -33 -60 -66 6 -85 -31 10 United Kingdom 2,528 2,209 1,685 169 317 223 176 279 225' 297 11 Canada 887 783 -196 -45 20 -118 0 -10 2 -45 1 1 3 2 M La i t d in d le A m Ea e s r t i 1 c a and Caribbean 1.2 1 0 4 6 8 1 - ,1 3 4 0 0 3 3 7 0 8 -1 5 3 1 1 3 3 1 7 -1 8 9 4 6 5 1 3 1 2 0 2 4 7 2 3 5 - - 1 6 3 9 3 14 Other Asia 16 284 -37 40 -6 4 -40 -21 39 -54 lb Africa -1 7 -4 0 1 -3 0 1 -3 1 lb Other countries 38 -46 57 -1 6 6 12 27 6 0 17 Nonmonetary international and regional organizations 18 24 34 5 -1 9 6 6 4' 5 BONDS2 18 Foreign purchases 15.425 17,290 10,856 946 929 1,619 2.217 1,929 1,483 1,732 19 Foreign sales 9,964 12,247 8,647 778 930 1.481 1.485 1,199 1,153 1,623 20 Net purchases, or sales (-) 5,461 5,043 2,208 168 -1 138 733 730 330 110 21 Foreign countries 5,526 4,976 2,104 154 10 144 674 690 356 75 22 Europe 1.576 1,356 2.003 144 16 169 540 704 244 185 23 France 129 11 133 15 14 12 20 46 23 3 24 Germany 212 848 1.684 88 104 225 396 500 115 256 2b Netherlands -65 70 45 2 0 17 14 11 5 -4 26 Switzerland 54 108 126 19 8 15 46 48 12 -22 27 United Kingdom 1,257 181 -48 3 -102 -102 59 91 67 --6633 28 Canada 135 -12 163 29 15 29 46 23 21 11 3 2 0 9 M La i t d in d le A m Ea e s r t i 1 c a and Caribbean 3,4 1 9 8 9 5 3,4 1 6 3 5 2 -2 1 2 1 5 5 -89 1 7 - -1 6 1 3 -4 2 1 6 1 -8 2 6 -11 1 2 5 6 2 1 2 -68 1 7 31 Other Asia 117 44 68 53 52 -29 -18 61 9 -60 32 Africa 5 -1 -19 0 0 -6 -13 0 0 0 33 Other countries 10 -7 0 0 2 -3 1 0 -1 0 34 Nonmonetary international and regional organizations -65 66 104 14 -11 -6 59 40 -26 35 Foreign securities 35 Stocks, net purchases, or sales (-) -2,136 -39 157 145 38 31 -65 -115 79 44 36 Foreign purchases 7.893 9,261 3,656 522 509 692 383 486 619' 444 37 Foreign sales 10.029 9,300 3,499 377 471 661 448 601 540' 400 38 Bonds, net purchases, or sales (-) -1.001 -5.436 -1,623 -106 -99 -540 -33 461 -762' -544 39 Foreign purchases 17,084 17,540 14,613 1.222 1,513 2,549 2.254 2,755 2,033' 2,288 40 Foreign sales 18,086 22,976 16.237 1,327 1,612 3.089 2.287 2,294 2.795' 2,832 41 Net purchases, or sales (-), of stocks and bonds . -3,138 -5,475 -1,467 39 -62 -509 -98 346 -684' -500 42 Foreign countries -4,014 -4,463 -1,353 11 -121 -525 -32 126r -305' -507 43 Europe -1,108 -681 -429 132 -58 109 -127 -40 -425 -21 44 Canada -1,948 -3,698 -1,046 -164 -102 -628 120 76 -81' -266 4b Latin America and Caribbean 86 170 679 67 67 96 202 144' 76' 26 46 Asia -1,147 -291 -530 -3 -21 -115 -209 -53 127 -255 47 Africa 24 -53 -34 -15 -1 -5 -17 -1 0 3 48 Other countries 79 90 8 -5 -7 17 0 -1 -2 6 49 Nonmonetary international and regional organizations 876 -1,012 -113 28 60 16 -66 219 -379 7 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, 2. Includes state and local government securities, and securities of U.S. gov- Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). ernment agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Investment Transactions and Discount Rates A67 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Holdings and Transactions Millions of dollars 1982 1982 Country or area 1980 1981 Jan.- July Jan. Feb. Mar. Apr. May June JulyP Holdings (end of period)1 1 Estimated total2 57,549 70,201 71,487 73,800 75,794 77,268 77,836' 78,199' 79,655 2 Foreign countries2 52,961 64,530 65.850 68,273 70,251 71,925 72,950' 73,005' 75,363 3 Europe2 24,468 23,976 24,373 25.332 26,085 26.393 26,021' 25,738' 26,454 4 Belgium-Luxembourg 77 543 614 363 539 709 340 152 155 5 Germany2 12,327 11,861 11.898 12,845 13,055 13,231 12,974 13,022 13,535 6 Netherlands 1,884 1,955 1,998 2,038 2,052 2,139 2,152 2,176 2,147 7 Sweden 595 643 644 635 697 662 655 652 650 8 Switzerland2 1,485 846 904 984 1,025 1,157 1,134 1,039 1,016 9 United Kingdom 7,323 6,709 6,800 6,931 7,037 6.737 6,811 6,674' 6,923 10 Other Western Europe 777 1,419 1,514 1,535 1.680 1,757 1,954 2.023 2,028 11 Eastern Europe 0 0 0 0 0 0 0 0 0 12 Canada 449 514 533 499 458 473 506 410 445 13 Latin America and Caribbean 999 736 721 728 760 886 938 910' 848 14 Venezuela 292 286 286 286 286 306 296 253 229 15 Other Latin America and Caribbean 285 319 321 337 370 383 437' 432' 402 16 Netherlands Antilles 421 131 113 104 103 196 204 224 217 17 Asia 26,112 38,671 39,700 41,310 42,531 43.750 45,060 45,516' 47,189 18 Japan 9,479 10,780 10,844 11,022 11,203 11.381 11,396 11,137 11,289 19 Africa 919 631 519 400 401 403 405 405 405 20 All other 14 2 3 5 17 22 21 26 23 21 Nonmonetary international and regional organizations 4,588 5,671 5.637 5,527 5,543 5,343 4,886 5,194' 4,292 22 International 4,548 5,637 5,603 5.493 5,529 5,278 4,822 5,123 4,167 23 Latin American regional 36 1 1 -4 -4 -4 -4 -6' -6 Transactions (net purchases, or sales -) during period) 24 Total2 6,066 12,652 9,454 1,286 2,313 1,994 1,474 568' 362' 1,457 25 Foreign countries2 6,906 11,568 10.833 1,320 2,423 1,978 1,674 1,025' 54' 2,358 26 Official institutions 3,865 11,694 9,918 841 2,343 1,314 812 1,474 318' 2,817 27 Other foreign2 3,040 -127 914 478 80 664 862 -448' -264' -458 28 Nonmonetary international and regional organizations.. -843 1,085 -1,378 -33 -110 16 -200 -457' 309' -903 MEMO: Oil-exporting countries 29 Middle East3 7,672 11,156 6,912 1,019 1,373 470 906 907 924 1,313 30 Africa4 327 -289 -227 -112 -119 0 2 2 0 0 1. Estimated official and private holdings of marketable U.S. Treasury securities 2. Beginning December 1978, includes U.S. Treasury notes publicly issued to with an original maturity of more than 1 year. Data are based on a benchmark private foreign residents denominated in foreign currencies. survey of holdings as of Jan. 31, 1971, and monthly transactions reports. Excludes 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign United Arab Emirates (Trucial States). countries. 4. Comprises Algeria, Gabon, Libya, and Nigeria. 3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS Percent per annum Rate on Aug. 31, 1982 Rate on Aug. 31, 1982 Rate on Aug. 31, 1982 Country Country Country Per- Month Per- Month Per- Month cent effective cent effective cent effective Argentina 226.0 Aug. 1982 France1 14.25 Aug. 1982 Sweden 10.0 Mar. 1982 Austria .. 6.25 Aug. 1982 Germany, Fed. Rep. of 7.0 Aug. 1982 Switzerland 5.0 Aug. 1982 Belgium.. 13.0 Aug. 1982 Italy 18.0 Aug. 1981 United Kingdom2 Brazil 49.0 Mar. 1981 Japan 5.5 Dec. 1981 Venezuela Aug. 1981 Canada .. 13.95 Aug. 1982 Netherlands 7.0 Aug. 1982 Denmark. 11.00 Oct. 1980 Norway 9.0 Nov. 1979 1. As of the end of February 1981, the rate is that at which the Bank of France discounts or makes advances against eligible commercial paper and/or discounts Treasury bills for 7 to 10 days. government commercial banks or brokers. For countries with 2. Minimum lending rate suspended as of Aug. 20, 1981. more than one rate applicable to such discounts or advances, the rate shown is the one at which it is understood the central bank transacts the NOTE. Rates shown are mainly those at which the central bank either largest proportion of its credit operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 International Statistics • September 1982 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per annum, averages of daily figures 1982 CCoouunnttrryy,, oorr ttyyppee 11997799 11998800 11998811 Feb. Mar. Apr. May June July Aug. 1 Eurodollars 11.96 14.00 16.79 15.75 14.90 15.20 14.53 15.45 14.37 11.57 2 United Kingdom 13.60 16.59 13.86 14.47 13.53 13.69 13.31 12.96 12.35 11.08 3 Canada 11.91 13.12 18.84 15.25 15.67 15.74 15.46 16.84 16.23 14.76 4 Germany 6.64 9.45 12.05 10.22 9.84 9.30 9.12 9.22 9.41 8.94 5 Switzerland 2.04 5.79 9.15 8.29 6.37 4.96 3.80 5.39 4.32 4.07 6 Netherlands 9.33 10.60 11.52 10.06 8.90 8.20 8.62 8.75 8.95 8.66 7 France 9.44 12.18 15.28 14.58 15.21 16.36 16.17 15.67 14.64 14.43 8 Italy 11.85 17.50 19.98 21.34 20.63 20.62 20.59 20.51 20.18 19.52 9 Belgium 10.48 14.06 15.28 14.89 14.02 14.95 15.00 15.38 15.22 14.00 10 Japan 6.10 11.45 7.58 6.38 6.43 6.57 6.80 7.14 7.15 7.14 NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper: Belgium, 3-month Treasury bills; and Japan. Gensaki rate. 3.28 FOREIGN EXCHANGE RATES Currency units per dollar 1982 CCoouunnttrryy//ccuurrrreennccyy 11997799 11998800 11998811 Mar. Apr. May June July Aug. 1 Argentina/peso n.a. n.a. n.a. 10795.65 11761.36 13942.50 15025.00 19671.43 21172.73 2 Australia/dollar1 111.77 114.00 114.95 106.03 105.15 105.94 103.23 101.09 97.83 3 Austria/schilling 13.387 12.945 15.948 16.711 16.853 16.274 17.114 17.342 17.431 4 Belgium/franc 29.342 29.237 37.194 44.379 45.292 43.666 46.183 47.029 47.483 5 Brazil/cruzeiro n.a. n.a. 92.374 144.07 151.03 159.08 167.70 177.97 188.25 6 Canada/dollar 1.1603 1.1693 1.1990 1.2205 1.2252 1.2336 1.2756 1.2699 1.2452 / Chile/peso n.a. n.a. n.a. 39.100 39.407 39.537 43.373 47.228 54.941 8 China, P.R./yuan n.a. n.a. 1.7031 1.8429 1.8565 1.8123 1.9014 1.9300 1.9432 9 Colombia/peso n.a. n.a. n.a. 60.956 61.057 62.365 63.318 65.539 65.179 10 Denmark/krone 5.2622 5.6345 7.1350 8.0396 8.1591 7.8444 8.3481 8.5402 8.6482 11 Finland/markka 3.8886 3.7206 4.3128 4.5663 4.6097 4.5045 4.6763 4.7278 4.7515 12 France/franc 4.2566 4.2250 5.4396 6.1428 6.2457 6.0237 6.5785 6.8560 6.9285 13 Germany/deutsche mark 1.8342 1.8175 2.2631 2.3800 2.3970 2.3127 2.4292 2.4662 2.4813 14 Greece/drachma n.a. n.a. n.a. 61.769 63.541 62.892 67.795 69.434 70.165 15 Hong Kong/dollar n.a. n.a. 5.5678 5.8298 5.8270 5.7549 5.8669 5.9025 6.0598 16 India/rupee 8.1555 7.8866 8.6807 9.2935 9.3923 9.2965 9.4668 9.5633 9.5741 17 Indonesia/rupiah n.a. n.a. n.a. 649.00 651.14 653.67 654.98 659.18 662.11 18 Iran/rial n.a. n.a. 79.324 n.a. n.a. n.a. n.a. n.a. n.a. 19 Ireland/pound1 204.65 205.77 161.32 147.25 144.22 149.60 141.92 139.48 138.54 20 Israel/shekel n.a. n.a. n.a. 18.766 20.014 21.184 23.179 25.320 26.940 21 Italy/lira 831.10 856.20 1138.60 1293.29 1321.60 1283.37 1358.43 1382.26 1392.60 22 Japan/yen 219.02 226.63 220.63 241.23 244.11 236.96 251.20 255.03 259.04 23 Malaysia/ringgit 2.1721 2.1767 2.3048 2.3265 2.3395 2.2907 2.3392 2.3554 2.3528 24 Mexico/peso 22.816 22.968 24.547 45.366 46.152 46.903 47.716 48.594 90.187 25 Netherlands/guilder 2.0072 1.9875 2.4998 2.6186 2.6594 2.5709 2.6848 2.7239 2.7295 26 New Zealand/dollar1 102.23 97.34 86.848 77.698 76.562 77.025 74.951 73.990 73.217 27 Norway/krone 5.0650 4.9381 5.7430 6.0255 6.0820 5.9675 6.1869 6.3557 6.6785 28 Peru/sol n.a. n.a. n.a. 561.08 591.29 622.87 656.11 693.56 730.97 29 Philippines/peso n.a. n.a. 7.8113 8.3291 8.3565 8.4016 8.4511 8.4802 8.5142 30 Portugal/escudo 48.953 50.082 61.739 70.488 72.493 70.610 78.477 84.514 85.914 31 Singapore/dollar n.a. n.a. 2.1053 2.1213 2.1329 2.0886 2.1379 2.1464 2.1594 32 South Africa/rand/1 118.72 128.54 114.77 97.930 94.880 94.010 89.57 87.20 86.77 33 South Korea/won n.a. n.a. n.a. 714.67 721.03 724.35 738.30 743.06 744.45 34 Spain/peseta 67.158 71.758 92.396 104.53 106.15 102.987 109.215 111.57 112.079 35 Sri Lanka/rupee 15.570 16.167 18.967 20.700 20.575 20.365 20.750 20.895 20.895 36 Sweden/krona 4.2892 4.2309 5.0659 5.8361 5.9144 5.7888 6.0244 6.1159 6.1441 37 Switzerland/franc 1.6643 1.6772 1.9674 1.8886 1.9624 1.9500 2.0789 2.0960 2.1119 38 Thailand/baht n.a. n.a. 21.731 23.050 23.025 23.000 23.000 23.000 23.000 39 United Kingdom/pound1 212.24 232.58 202.43 180.53 177.20 181.03 175.63 173.54 172.50 40 Venezuela/bolivar n.a. n.a. 4.2781 4.3012 4.3023 4.2991 4.2953 4.2951 4.2981 MEMO: United States/dollar2 88.09 87.39 102.94 112.45 114.07 111.03 116.97 118.91 119.63 1. Value in U.S. cents. revised as of August 1978. For description and back data, see "Index of 2. Index of weighted-average exchange value of U.S. dollar against cur- the Weighted-Average Exchange Value of the U.S. Dollar: Revision" on page rencies of other G-10 countries plus Switzerland. March 1973 = 100. 700 of the August 1978 BULLETIN. Weights are 1972-76 global trade of each of the 10 countries. Series NOTE. Averages of certified noon buying rates in New York for cable transfers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A69 Guide to Tabular Presentation, Statistical Releases, and Special Tables GUIDE TO TABULAR PRESENTATION Symbols and Abbreviations c Corrected 0 Calculated to be zero e Estimated n.a. Not available p Preliminary n.e.c. Not elsewhere classified r Revised (Notation appears on column heading when IPCs Individuals, partnerships, and corporations about half of the figures in that column are changed.) REITs Real estate investment trusts * Amounts insignificant in terms of the last decimal place RPs Repurchase agreements shown in the table (for example, less than 500,000 when SMSAs Standard metropolitan statistical areas the smallest unit given is millions) Cell not applicable General Information Minus signs are used to indicate (1) a decrease, (2) a negative obligations of the Treasury. "State and local government" figure, or (3) an outflow. also includes municipalities, special districts, and other politi- "U.S. government securities" may include guaranteed cal subdivisions. issues of U.S. government agencies (the flow of funds figures In some of the tables details do not add to totals because of also include not fully guaranteed issues) as well as direct rounding. STATISTICAL RELEASES List Published Semiannually, with Latest Bulletin Reference Issue Page Anticipated schedule of release dates for periodic releases June 1981 A78 SPECIAL TABLES Published Irregularly, with Latest Bulletin Reference Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 1982 July 1982 A76 Commercial bank assets and liabilities, June 30, 1981 October 1981 A74 Commercial bank assets and liabilities, September 30, 1981 January 1982 A70 Commercial bank assets and liabilities, December 31, 1981 April 1982 A72 Commercial bank assets and liabilities, March 31, 1982 July 1982 A70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Federal Reserve Board of Governors PAUL A. VOLCKER, Chairman HENRY C. WALLICH PRESTON MARTIN, Vice Chairman J. CHARLES PARTEE OFFICE OF BOARD MEMBERS OFFICE OF STAFF DIRECTOR FOR MONETARY AND FINANCIAL POLICY JOSEPH R. COYNE, Assistant to the Board DONALD J. WINN, Assistant to the Board STEPHEN H. AXILROD, Staff Director FRANK O'BRIEN, JR., Deputy Assistant to the Board EDWARD C. ETTIN, Deputy Staff Director ANTHONY F. COLE, Special Assistant to the Board MURRAY ALTMANN, Assistant to the Board WILLIAM R. MALONI, Special Assistant to the Board STANLEY J. SIGEL, Assistant to the Board NAOMI P. SALUS, Special Assistant to the Board NORMAND R.V. BERNARD, Special Assistant to the Board WILLIAM R. JONES, Manager, Operations Review Program DIVISION OF RESEARCH AND STATISTICS LEGAL DIVISION JAMES L. KICHLINE, Director MICHAEL BRADFIELD, General Counsel JOSEPH S. ZEISEL, Deputy Director ROBERT E. MANNION, Deputy General Counsel MICHAEL J. PRELL, Associate Director J. VIRGIL MATTINGLY, JR., Associate General Counsel JARED J. ENZLER, Senior Deputy Associate Director GILBERT T. SCHWARTZ, Associate General Counsel DONALD L. KOHN, Senior Deputy Associate Director RICHARD M. ASHTON, Assistant General Counsel ELEANOR J. STOCKWELL, Senior Deputy Associate Director NANCY P. JACKLIN, Assistant General Counsel J. CORTLAND G. PERET, Deputy Associate Director MARYELLEN A. BROWN, Assistant to the General Counsel HELMUT F. WENDEL, Deputy Associate Director MARTHA BETHEA, Assistant Director JOE M. CLEAVER, Assistant Director OFFICE OF THE SECRETARY ROBERT M. FISHER, Assistant Director DAVID E. LINDSEY, Assistant Director WILLIAM W. WILES, Secretary LAWRENCE SLIFMAN, Assistant Director BARBARA R. LOWREY, Associate Secretary FREDERICK M. STRUBLE, Assistant Director JAMES MCAFEE, Associate Secretary STEPHEN P. TAYLOR, Assistant Director *DOLORES S. SMITH, Assistant Secretary PETER A. TINSLEY, Assistant Director LEVON H. GARABEDIAN, Assistant Director (Administration) DIVISION OF CONSUMER AND COMMUNITY AFFAIRS DIVISION OF INTERNATIONAL FINANCE GRIFFITH L. GARWOOD, Director EDWIN M. TRUMAN, Director JERAULD C. KLUCKMAN, Associate Director ROBERT F. GEMMILL, Associate Director GLENN E. LONEY, Assistant Director CHARLES J. SIEGMAN, Associate Director LARRY J. PROMISEL, Senior Deputy Associate Director DALE W. HENDERSON, Deputy Associate Director DIVISION OF BANKING SAMUEL PIZER, Staff Adviser SUPERVISION AND REGULATION MICHAEL P. DOOLEY, Assistant Director RALPH W. SMITH, JR., Assistant Director JOHN E. RYAN, Director FREDERICK R. DAHL, Associate Director DON E. KLINE, Associate Director WILLIAM TAYLOR, Associate Director JACK M. EGERTSON, Assistant Director ROBERT A. JACOBSEN, Assistant Director ROBERT S. PLOTKIN, Assistant Director THOMAS A. SIDMAN, Assistant Director SIDNEY M. SUSSAN, Assistant Director SAMUEL H. TALLEY, Assistant Director LAURA M. HOMER, Securities Credit Officer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A71 and Official Staff NANCY H. TEETERS LYLE E. GRAMLEY EMMETT J. RICE OFFICE OF OFFICE OF STAFF DIRECTOR FOR STAFF DIRECTOR FOR MANAGEMENT FEDERAL RESERVE BANK ACTIVITIES JOHN M. DENKLER, Staff Director THEODORE E. ALLISON, Staff Director EDWARD T. MULRENIN, Assistant Staff Director JOSEPH W. DANIELS, SR., Director of Equal Employment Opportunity DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF DATA PROCESSING CLYDE H. FARNSWORTH, JR., Director LORIN S. MEEDER, Associate Director CHARLES L. HAMPTON, Director DAVID L. ROBINSON, Associate Director BRUCE M. BEARDSLEY, Deputy Director C. WILLIAM SCHLEICHER, JR., Associate Director ULYESS D. BLACK, Associate Director WALTER ALTHAUSEN, Assistant Director GLENN L. CUMMINS, Assistant Director CHARLES W. BENNETT, Assistant Director NEAL H. HILLERMAN, Assistant Director ANNE M. DEBEER, Assistant Director ROBERT J. ZEMEL, Assistant Director JACK DENNIS, Assistant Director RICHARD B. GREEN, Assistant Director EARL G. HAMILTON, Assistant Director DIVISION OF PERSONNEL ELLIOTT C. MCENTEE, Assistant Director IHOWARD F. CRUMB, Acting Adviser DAVID L. SHANNON, Director JOHN R. WEIS, Assistant Director CHARLES W. WOOD, Assistant Director OFFICE OF THE CONTROLLER GEORGE E. LIVINGSTON, Controller DIVISION OF SUPPORT SERVICES DONALD E. ANDERSON, Director ROBERT E. FRAZIER, Associate Director WALTER W. KREIMANN, Associate Director *On loan from the Division of Consumer and Community Affairs. tOn loan from the Federal Reserve Bank of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A72 Federal Reserve Bulletin • September 1982 FOMC and Advisory Councils FEDERAL OPEN MARKET COMMITTEE PAUL A. VOLCKER, Chairman ANTHONY M. SOLOMON, Vice Chairman JOHN J. BALLES LYLE E. GRAMLEY J. CHARLES PARTEE ROBERT P. BLACK KAREN N. HORN EMMETT J. RICE WILLIAM F. FORD PRESTON MARTIN NANCY H. TEETERS HENRY C. WALLICH STEPHEN H. AXILROD, Staff Director RICHARD G. DAVIS, Associate Economist MURRAY ALTMANN, Secretary EDWARD C. ETTIN, Associate Economist NORMAND R. V. BERNARD, Assistant Secretary MICHAEL W. KERAN, Associate Economist NANCY M. STEELE, Deputy Assistant Secretary DONALD L. KOCH, Associate Economist MICHAEL BRADFIELD, General Counsel JAMES PARTHEMOS, Associate Economist JAMES H. OLTMAN, Deputy General Counsel MICHAEL J. PRELL, Associate Economist ROBERT E. MANNION, Assistant General Counsel CHARLES J. SIEGMAN, Associate Economist JAMES L. KICHLINE, Economist EDWIN M. TRUMAN, Associate Economist JOHN M. DAVIS, Associate Economist JOSEPH S. ZEISEL, Associate Economist PETER D. STERNLIGHT, Manager for Domestic Operations, System Open Market Account SAM Y. CROSS, Manager for Foreign Operations, System Open Market Account FEDERAL ADVISORY COUNCIL DONALD C. PLATTEN, Second District, President ROBERT M. SURDAM, Seventh District, Vice President WILLIAM S. EDGERLY, First District RONALD TERRY, Eighth District JOHN H. WALTHER, Third District CLARENCE G. FRAME, Ninth District JOHN G. MCCOY, Fourth District GORDON E. WELLS, Tenth District VINCENT C. BURKE, JR., Fifth District T. C. FROST, JR., Eleventh District ROBERT STRICKLAND, Sixth District JOSEPH J. PINOLA, Twelfth District HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Associate Secretary CONSUMER ADVISORY COUNCIL CHARLOTTE H. SCOTT, Charlottesville, Virginia, Chairman MARGARET REILLY-PETRONE, Upper Montclair, New Jersey, Vice Chairman ARTHUR F. BOUTON, Little Rock, Arkansas SHIRLEY T. HOSOI, LOS Angeles, California JULIA H. BOYD, Alexandria, Virginia GEORGE S. IRVIN, Denver, Colorado ELLEN BROADMAN, Washington, D.C. HARRY N. JACKSON, Minneapolis, Minnesota GERALD R. CHRISTENSEN, Salt Lake City, Utah F. THOMAS JUSTER, Ann Arbor, Michigan JOSEPH N. CUGINI, Westerly, Rhode Island ROBERT J. MCEWEN, S. J., Chestnut Hill, Massachusetts RICHARD S. D'AGOSTINO, Wilmington, Delaware STAN L. MULARZ, Chicago, Illinois SUSAN PIERSON DE WITT, Springfield, Illinois WILLIAM J. O'CONNOR, Buffalo, New York JOANNE S. FAULKNER, New Haven, Connecticut WILLARD P. OGBURN, Boston, Massachusetts MEREDITH FERNSTROM, New York, New York JANET J. RATHE, Portland, Oregon ALLEN J. FISHBEIN, Washington, D.C. RENE REIXACH, Rochester, New York E. C. A. FORSBERG, SR., Atlanta, Georgia PETER D. SCHELLIE, Washington, D.C. LUTHER R. GATLING, New York, New York NANCY Z. SPILLMAN, LOS Angeles, California VERNARD W. HENLEY, Richmond, Virginia CLINTON WARNE, Cleveland, Ohio JUAN J. HINOJOSA, MCAllen, Texas FREDERICK T. WEIMER, Chicago, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A73 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 Robert P. Henderson Frank E. Morris Thomas I. Atkins James A. Mcintosh NEW YORK* 10045 Robert H. Knight, Esq. Anthony M. Solomon Boris Yavitz Thomas M. Timlen Buffalo 14240 Frederick D. Berkeley, III John T. Keane PHILADELPHIA 19105 Jean A. Crockett Edward G. Boehne Robert M. Landis, Esq. Richard L. Smoot CLEVELAND* 44101 J. L. Jackson Karen N. Horn William H. Knoell Vacancy Cincinnati 45201 Clifford R. Meyer Robert E. Showalter Pittsburgh 15230 Milton G. Hulme, Jr. Harold J. Swart RICHMOND* 23219 Steven Muller Robert P. Black Paul E. Reichardt Jimmie R. Monhollon Baltimore 21203 Edward H. Covell Robert D. McTeer, Jr. Charlotte 28230 Naomi G. Albanese Stuart P. Fishburne Culpeper Communications and Records Center 22701 Albert D. Tinkelenberg ATLANTA 30301 William A. Fickling, Jr. William F. Ford John H. Weitnauer, Jr. Robert P. Forrestal Birmingham 35202 William H. Martin, III Hiram J. Honea Jacksonville 32231 Copeland D. Newbern Charles D. East Miami 33152 Eugene E. Cohen Patrick K. Barron Nashville 37203 Cecelia Adkins Jeffrey J. Wells New Orleans 70161 Leslie B. Lampton James D. Hawkins CHICAGO* 60690 John Sagan Silas Keehn Stanton R. Cook Daniel M. Doyle Detroit 48231 Russell G. Mawby William C. Conrad ST. LOUIS 63166 Armand C. Stalnaker Lawrence K. Roos W. L. Hadley Griffin Donald W. Moriarty, Jr. Little Rock 72203 Richard V. Warner John F. Breen Louisville 40232 James F. Thompson Donald L. Henry Memphis 38101 Donald B. Weis Randall C. Sumner MINNEAPOLIS 55480 William G. Phillips E. Gerald Corrigan John B. Davis, Jr. Thomas E. Gainor Helena 59601 Ernest B. Corrick Betty J. Lindstrom KANSAS CITY 64198 Paul H. Henson Roger Guffey Doris M. Drury Henry R. Czerwinski Denver 80217 Vacancy Wayne W. Martin Oklahoma City 73125 Christine H. Anthony William G. Evans Omaha 68102 Robert G. Lueder Robert D. Hamilton DALLAS 75222 Gerald D. Hines Robert H. Boykin John V. James William H. Wallace El Paso 79999 A. J. Losee Joel L. Koonce, Jr. Houston 77001 Jerome L. Howard J. Z. Rowe San Antonio 78295 Lawrence L. Crum Thomas H. Robertson SAN FRANCISCO 94120 Caroline L. Ahmanson John J. Balles Alan C. Furth John B. Williams Los Angeles 90051 Bruce M. Schwaegler Richard C. Dunn Portland 97208 John C. Hampton Angelo S. Carella Salt Lake City 84130 Wendell J. Ashton A. Grant Holman Seattle 98124 John W. Ellis Gerald R. Kelly •Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, New Jersey 07016; Jericho, New York 11753; Utica at Oriskany, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A74 Federal Reserve Board Publications Copies are available from PUBLICATIONS SERVICES, payable to the order of the Board of Governors of the Federal Room MP-510, Board of Governors of the Federal Reserve Reserve System. Remittance from foreign residents should System, Washington, D.C. 20551. When a charge is indicat- be drawn on a U.S. bank. Stamps and coupons are not ed, remittance should accompany request and be made accepted. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNC- Each volume $1.00; 10 or more to one address, $.85 TIONS. 1974. 125 pp. each. ANNUAL REPORT. OPEN MARKET POLICIES AND OPERATING PROCEDURES— FEDERAL RESERVE BULLETIN. Monthly. $20.00 per year or STAFF STUDIES. 1971. 218 pp. $2.00 each; 10 or more to $2.00 each in the United States, its possessions, Canada, one address, $1.75 each. and Mexico; 10 or more of same issue to one address, REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT MECHA- $18.00 per year or $1.75 each. Elsewhere, $24.00 per NISM. Vol. 1. 1971. 276 pp. Vol. 2. 1971. 173 pp. Vol. 3. year or $2.50 each. 1972. 220 pp. Each volume $3.00; 10 or more to one BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint address, $2.50 each. of Part I only) 1976. 682 pp. $5.00. THE ECONOMETRICS OF PRICE DETERMINATION CONFER- BANKING AND MONETARY STATISTICS, 1941-1970. 1976. ENCE, October 30-31, 1970, Washington, D.C. 1972. 397 1,168 pp. $15.00. pp. Cloth ed. $5.00 each; 10 or more to one address, ANNUAL STATISTICAL DIGEST $4.50 each. Paper ed. $4.00 each; 10 or more to one 1971-75. 1976. 339 pp. $5.00 per copy. address, $3.60 each. 1972-76. 1977. 377 pp. $10.00 per copy. FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE 1973-77. 1978. 361 pp. $12.00 per copy. FLUCTUATIONS IN HOUSING CONSTRUCTION. 1972. 487 1974-78. 1980. 305 pp. $10.00 per copy. pp. $4.00 each; 10 or more to one address, $3.60 each. 1970-79. 1981. 587 pp. $20.00 per copy. LENDING FUNCTIONS OF THE FEDERAL RESERVE BANKS. 1980. 1981. 241 pp. $10.00 per copy. 1973. 271 pp. $3.50 each; 10 or more to one address, FEDERAL RESERVE CHART BOOK. Issued four times a year in $3.00 each. February, May, August, and November. Subscription IMPROVING THE MONETARY AGGREGATES: REPORT OF THE includes one issue of Historical Chart Book. $7.00 per ADVISORY COMMITTEE ON MONETARY STATISTICS. year or $2.00 each in the United States, its possessions, 1976. 43 pp. $1.00 each; 10 or more to one address, $.85 Canada, and Mexico. Elsewhere, $10.00 per year or each. $3.00 each. ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— HISTORICAL CHART BOOK. Issued annually in Sept. Subscrip- Regulation Z) Vol. I (Regular Transactions). 1969. 100 tion to Federal Reserve Chart Book includes one issue. pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each $1.25 each in the United States, its possessions, Canada, volume $1.00; 10 or more of same volume to one and Mexico; 10 or more to one address, $1.00 each. address, $.85 each. Elsewhere, $1.50 each. FEDERAL RESERVE MEASURES OF CAPACITY AND CAPACITY SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SE- UTILIZATION. 1978. 40 pp. $1.75 each; 10 or more to one RIES OF CHARTS. Weekly. $15.00 per year or $.40 each in address, $1.50 each. the United States, its possessions, Canada, and Mexico; THE BANK HOLDING COMPANY MOVEMENT TO 1978: A 10 or more of same issue to one address, $13.50 per year COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to or $.35 each. Elsewhere, $20.00 per year or $.50 each. one address, $2.25 each. THE FEDERAL RESERVE ACT, as amended through December IMPROVING THE MONETARY AGGREGATES: STAFF PAPERS. 1976, with an appendix containing provisions of certain 1978. 170 pp. $4.00 each; 10 or more to one address, other statutes affecting the Federal Reserve System. 307 $3.75 each. pp. $2.50. 1977 CONSUMER CREDIT SURVEY. 1978. 119 pp. $2.00 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FED- FLOW OF FUNDS ACCOUNTS. 1949-1978. 1979. 171 pp. $1.75 ERAL RESERVE SYSTEM. each; 10 or more to one address, $1.50 each. BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 INTRODUCTION TO FLOW OF FUNDS. 1980. 68 pp. $1.50 each; pp. $1.00 each; 10 or more to one address, $.85 each. 10 or more to one address, $1.25 each. REPORT OF THE JOINT TREASURY-FEDERAL RESERVE STUDY PUBLIC POLICY AND CAPITAL FORMATION. 1981. 326 pp. OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. $13.50 each. 48 pp. $.25 each; 10 or more to one address, $.20 each. NEW MONETARY CONTROL PROCEDURES: FEDERAL RE- JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOV- SERVE STAFF STUDY, 1981. ERNMENT SECURITIES MARKET; STAFF STUDIES—PART SEASONAL ADJUSTMENT OF THE MONETARY AGGREGATES: 1. 1970. 86 pp. $.50 each; 10 or more to one address, $.40 REPORT OF THE COMMITTEE OF EXPERTS ON SEASONAL each. PART 2, 1971. 153 pp. and PART 3, 1973. 131 pp. ADJUSTMENT TECHNIQUES. 1981. 55 pp. $2.75 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A75 FEDERAL RESERVE REGULATORY SERVICE. Looseleaf; updat- STAFF STUDIES• Summaries Only Printed in the ed at least monthly. (Requests must be prepaid.) Bulletin Consumer and Community Affairs Handbook. $60.00 per Studies and papers on economic and financial subjects year. that are of general interest. Requests to obtain single copies Monetary Policy and Reserve Requirements Handbook. of the full text or to be added to the mailing list for the series $60.00 per year. may be sent to Publications Services. Securities Credit Transactions Handbook. $60.00 per year. Federal Reserve Regulatory Service. 3 vols. (Contains all PERFORMANCE AND CHARACTERISTICS OF EDGE CORPORAthree Handbooks plus substantial additional material.) TIONS, by James V. Houpt. Feb. 1981. 56 pp. $175.00 per year. BANKING STRUCTURE AND PERFORMANCE AT THE STATE Rates for subscribers outside the United States are as LEVEL DURING THE 1970s, by Stephen A. Rhoades. Mar. follows and include additional air mail costs: 1981. 26 pp. Federal Reserve Regulatory Service, $225.00 per year. FEDERAL RESERVE DECISIONS ON BANK MERGERS AND AC- Each Handbook, $75.00 per year. QUISITIONS DURING THE 1970s, by Stephen A. Rhoades. WELCOME TO THE FEDERAL RESERVE, December 1980. Aug. 1981. 16 pp. BELOW THE BOTTOM LINE: THE USE OF CONTINGENCIES AND COMMITMENTS BY COMMERCIAL BANKS, by Benjamin Wolkowitz and others. Jan. 1982. 186 pp. CONSUMER EDUCATION PAMPHLETS MULTIBANK HOLDING COMPANIES: RECENT EVIDENCE ON Short pamphlets suitable for classroom use. Multiple COMPETITION AND PERFORMANCE IN BANKING MARcopies available without charge. KETS, by Timothy J. Curry and John T. Rose. Jan. 1982. 9 pp. Alice in Debitland Consumer Handbook to Credit Protection Laws COSTS, SCALE ECONOMIES, COMPETITION, AND PRODUCT MIX IN THE U.S. PAYMENTS MECHANISM, by David B. Dealing with Inflation: Obstacles and Opportunities Humphrey. Apr. 1982. 18 pp. The Equal Credit Opportunity Act and . . . Age The Equal Credit Opportunity Act and . . . Credit Rights in DIVISIA MONETARY AGGREGATES: COMPILATION, DATA, Housing AND HISTORICAL BEHAVIOR, by William A. Barnett and Paul A. Spindt. May 1982. 82 pp. The Equal Credit Opportunity Act and . . . Doctors, Lawyers, Small Retailers, and Others Who May Provide THE COMMUNITY REINVESTMENT ACT AND CREDIT ALLO- CATION, by Glenn Canner. June 1982. 8 pp. Incidental Credit The Equal Credit Opportunity Act and . . . Women INTEREST RATES AND TERMS ON CONSTRUCTION LOANS AT Fair Credit Billing COMMERCIAL BANKS, by David F. Seiders. July 1982. 14 pp. Federal Reserve Glossary Guide to Federal Reserve Regulations STRUCTURE-PERFORMANCE STUDIES IN BANKING: AN UP- How to File A Consumer Credit Complaint DATED SUMMARY AND EVALUATION, by Stephen A. If You Borrow To Buy Stock Rhoades. Aug. 1982. 15 pp. If You Use A Credit Card Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System REPRINTS The Federal Open Market Committee Most of the articles reprinted do not exceed 12 pages. Federal Reserve Bank Board of Directors Federal Reserve Banks Revision of Bank Credit Series. 12/71. Monetary Control Act of 1980 Rates on Consumer Installment Loans. 9/73. Organization and Advisory Committees Industrial Electric Power Use. 1/76. Truth in Leasing Revised Series for Member Bank Deposits and Aggregate U.S. Currency Reserves. 4/76. What Truth in Lending Means to You Federal Reserve Operations in Payment Mechanisms: A Summary. 6/76. Perspectives on Personal Saving. 8/80. The Impact of Rising Oil Prices on the Major Foreign Industrial Countries. 10/80. Federal Reserve and the Payments System: Upgrading Electronic Capabilities for the 1980s. 2/81. Survey of Finance Companies, 1980. 5/81. Bank Lending in Developing Countries. 9/81. U.S. International Transactions in 1981. 4/82. The Commercial Paper Market since the Mid-Seventies. 6/82. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A76 Index to Statistical Tables References are to pages A3 through A68 although the prefix "A" is omitted in this index ACCEPTANCES, bankers, 10, 25, 27 Demand deposits—Continued Agricultural loans, commercial banks, 18, 19, 20, 26 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners) corporations, 24 Banks, by classes, 17, 18-21 Turnover, 12 Domestic finance companies, 39 Depository institutions Federal Reserve Banks, 11 Reserve requirements, 8 Foreign banks, U.S. branches and agencies, 22 Reserves and related items, 3, 4, 5, 14 Nonfinancial corporations, 38 Deposits (See also specific types) Savings institutions, 29 Banks, by classes, 3, 17, 18-21, 29 Automobiles Federal Reserve Banks, 4, 11 Consumer installment credit, 42, 43 Turnover, 12 Production, 48, 49 Discount rates at Reserve Banks and at foreign central banks (See Interest rates) BANKERS balances, 17, 18-20 (See also Foreigners) Discounts and advances by Reserve Banks (See Loans) Banks for Cooperatives, 35 Dividends, corporate, 37 Bonds (See also U.S. government securities) New issues, 36 Rates, 3 EMPLOYMENT, 46, 47 Branch banks, 15, 21, 22, 56 Eurodollars, 27 Business activity, nonfinancial, 46 Business expenditures on new plant and equipment, 38 Business loans (See Commercial and industrial loans) FARM mortgage loans, 41 Federal agency obligations, 4, 10, 11, 12, 34 Federal credit agencies, 35 CAPACITY utilization, 46 Federal finance Capital accounts Debt subject to statutory limitation and types and Banks, by classes, 17 ownership of gross debt, 32 Federal Reserve Banks, 11 Receipts and outlays, 30, 31 Central banks, 67 Treasury financing of surplus, or deficit, 30 Certificates of deposit, 21, 27 Treasury operating balance, 30 Commercial and industrial loans Federal Financing Bank, 30, 35 Commercial banks, 15, 17, 22, 26 Federal funds, 3, 6, 18, 19, 20, 27, 30 Weekly reporting banks, 18-22, 23 Federal Home Loan Banks, 35 Commercial banks Federal Home Loan Mortgage Corporation, 35, 40, 41 Assets and liabilities, 17, 18-21 Federal Housing Administration, 35, 40, 41 Business loans, 26 Federal Intermediate Credit Banks, 35 Commercial and industrial loans, 15, 17, 22, 23, 26 Federal Land Banks, 35, 41 Consumer loans held, by type, 42, 43 Federal National Mortgage Association, 35, 40, 41 Loans sold outright, 21 Federal Reserve Banks Nondeposit funds, 16 Condition statement, 11 Number, by classes, 17 Discount rates (See Interest rates) Real estate mortgages held, by holder and property, 41 U.S. government securities held, 4, 11, 12, 32, 33 Time and savings deposits, 3 Federal Reserve credit, 4, 5, 11, 12 Commercial paper, 3, 25, 27, 39 Federal Reserve notes, 11 Condition statements (See Assets and liabilities) Federally sponsored credit agencies, 35 Construction, 46, 50 Finance companies Consumer installment credit, 42, 43 Assets and liabilities, 39 Consumer prices, 46, 51 Business credit, 39 Consumption expenditures, 52, 53 Loans, 18, 19, 20, 42, 43 Corporations Paper, 25, 27 Profits and their distribution, 37 Financial institutions Security issues, 36, 66 Loans to, 18, 19, 20 Cost of living (See Consumer prices) Selected assets and liabilities, 29 Credit unions, 29, 42, 43 Float, 4 (See also Thrift institutions) Flow of funds, 44, 45 Currency and coin, 5, 17 Foreign banks, assets and liabilities of U.S. branches and Currency in circulation, 4, 13 agencies, 22 Customer credit, stock market, 28 Foreign currency operations, 11 Foreign deposits in U.S. banks, 4, 11, 18, 19, 20 DEBITS to deposit accounts, 12 Foreign exchange rates, 68 Debt (See specific types of debt or securities) Foreign trade, 55 Demand deposits Foreigners Adjusted, commercial banks, 12 Claims on, 56, 58, 61, 62, 63, 65 Banks, by classes, 17, 18-21 Liabilities to, 21, 55, 56-60, 64, 66, 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All GOLD Production, 46, 48 Certificate account, 11 Profits, corporate, 37 Stock, 4, 55 Government National Mortgage Association, 35, 40, 41 REAL estate loans Gross national product, 52, 53 Banks, by classes, 18-20, 41 Rates, terms, yields, and activity, 3, 40 Savings institutions, 27 HOUSING, new and existing units, 50 Type of holder and property mortgaged, 41 Repurchase agreements and federal funds, 6, 18, 19, 20 INCOME, personal and national, 46, 52, 53 Reserve requirements, 8 Industrial production, 46, 48 Reserves Installment loans, 42, 43 Commercial banks, 17 Insurance companies, 29, 32, 33, 41 Depository institutions, 3, 4, 5, 14 Interbank loans and deposits, 17 Federal Reserve Banks, 11 Interest rates U.S. reserve assets, 55 Bonds, 3 Residential mortgage loans, 40 Business loans of banks, 26 Retail credit and retail sales, 42, 43, 46 Federal Reserve Banks, 3, 7 Foreign central banks and foreign countries, 67 SAVING Money and capital markets, 3, 27 Flow of funds, 44, 45 Mortgages, 3, 40 National income accounts, 53 Prime rate, commercial banks, 26 Savings and loan assns., 9, 29, 33, 41, 42, 43, 44 Time and savings deposits, 9 (See also Thrift institutions) International capital transactions of United States, 54-67 Savings deposits (See Time and savings deposits) International organizations, 58, 59-61, 64-67 Securities (See specific types) Inventories, 52 Federal and federally sponsored credit agencies, 35 Investment companies, issues and assets, 37 Foreign transactions, 66 Investments (See also specific types) New issues, 36 Banks, by classes, 17, 29 Prices, 28 Commercial banks, 3, 15, 17, 18-20 Special drawing rights, 4, 11, 54, 55 Federal Reserve Banks, 11, 12 State and local governments Savings institutions, 29, 41 Deposits, 18, 19, 20 Holdings of U.S. government securities, 32, 33 New security issues, 36 LABOR force, 47 Ownership of securities issued by, 18, 19, 20, 29 Life insurance companies (See Insurance Rates on securities, 3 companies) Stock market, 28 Loans (See also specific types) Stocks (See also Securities) Banks, by classes, 17, 18-21 New issues, 36 Commercial banks, 3, 15, 17, 18-21, 22, 26 Prices, 28 Federal Reserve Banks, 3, 4, 5, 7, 11, 12 Insured or guaranteed by United States, 40, 41 TAX receipts, federal, 31 Savings institutions, 29, 41 Thrift institutions, 3 (See also Credit unions, Mutual savings banks, and Savings and loan MANUFACTURING associations) Capacity utilization, 46 Time and savings deposits, 3, 9, 12, 17, 18-21 Production, 46, 49 Trade,foreign, 55 Margin requirements, 28 Treasury currency, Treasury cash, 4 Member banks (See also Depository institutions) Treasury deposits, 4, 11, 30 Federal funds and repurchase agreements, 6 Treasury operating balance, 30 Reserve requirements, 8 Mining production, 49 UNEMPLOYMENT, 47 Mobile home shipments, 50 U.S. international transactions, 54-67 Monetary and credit aggregates, 3, 14 U.S. government balances Money and capital market rates (See Interest Commercial bank holdings, 18, 19, 20 rates) Treasury deposits at Reserve Banks, 4, 11, 30 Money stock measures and components, 3,13 U.S. government securities Mortgages (See Real estate loans) Bank holdings, 17, 18-20, 32, 33 Mutual funds (See Investment companies) Dealer transactions, positions, and financing, 34 Mutual savings banks, 9, 18-20, 29, 32, 33, 41, 42, 43 Federal Reserve Bank holdings, 4, 11, 12, 32, 33 (See also Thrift institutions) Foreign and international holdings and transactions, 11, 32, 67 NATIONAL defense outlays, 31 Open market transactions, 10 National income, 52 Outstanding, by type and ownership, 32, 33 Ownership of securities issued by, 29 Rates, 3, 27 OPEN market transactions, 10 Utilities, production, 49 PERSONAL income, 53 VETERANS Administration, 40, 41 Prices Consumer and producer, 46, 51 WEEKLY reporting banks, 18-23 Stock market, 28 Wholesale (producer) prices, 46, 51 Prime rate, commercial banks, 26 Producer prices, 46, 51 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A78 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories battle Helen Minneapolis®1 Detroit MfU^mmmm - i" ( A/itfK" \S°'r Lake City Omaha^^ W & Wn F r° n c i sc I Denver A ^ U / Vf ir. W c 'S Jr*" (s) — 1 Vv C~T jfkarWte) W a B S g ® ^ ^ ^ ^ ^ ^™ {Oklahoma City, Roc.k Birminxhanfi®ian fa • * ^ Dallas & k Houston kSan Antonio 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