Federal Reserve Bulletin, 1982-11

VOLUME 68 • NUMBER 11 • NOVEMBER 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 681 INDUSTRIAL PRODUCTION IN ing systems in the treatment of income from RECESSION certain sources and the selection and disclosure of reasons for adverse action on credit Output of consumer durable goods, conapplications. struction supplies, business equipment, and industrial materials has declined markedly Interpretation of Regulation Q regarding in the recession. interest rates on loans secured by a time deposit. 691 REMARKS ON MONETAR Y POLIC Y Study of margin requirements by the Board Paul A. Volcker, Chairman of the Board of staff. Governors, explains that monetary policy is Revision of debits and deposit turnover continuing on the same basic course despite series. adjustments to technical measurement difficulties. Granting of exemptions from Home Mortgage Disclosure Act requirements to certain 693 THE BANKING AFFILIATES ACT OF states. 1982: AMENDMENTS TO SECTION 23A Imposition of civil money penalty on the The Banking Affiliates Act of 1982 makes National Bank of Washington. major changes in section 23 A of the Fed- Changes in Board staff. eral Reserve Act, the section that is designed to prevent misuse of a bank's re- Publication of proceedings of a colloquium, sources resulting from financial transac- "Deregulation of Product Lines." tions between the bank and the companies Amendment to Regulation K to streamline with which it is affiliated. procedures for establishing a U.S. branch of an Edge corporation. 701 INDUSTRIAL PRODUCTION Admission of three state banks to member- Output declined about 0.8 percent in Octoship in the Federal Reserve System. ber. 703 ANNOUNCEMENTS 707 LEGAL DEVELOPMENTS Change in the discount rate. Amendments to Regulations A, D, E, and Proposed changes in procedures that would L; various rules and bank holding company eliminate or subject to pricing Federal Re- and bank merger orders; and pending cases. serve float. Amendments to Regulation O concerning loans by a member bank to its executive Al FINANCIAL AND BUSINESS STATISTICS officers. A3 Domestic Financial Statistics Interpretations of Regulation B on the use A46 Domestic Nonfinancial Statistics by creditors of judgmental and credit-scor- A54 International Statistics Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A69 GUIDE TO TABULAR PRESENTATION, A73 FEDERAL RESERVE BANKS, STATISTICAL RELEASES, AND SPECIAL BRANCHES, AND OFFICES TABLES A74 FEDERAL RESERVE BOARD A70 BOARD OF GOVERNORS AND STAFF PUBLICATIONS MI FEDERAL OPEN MARKET COMMITTEE A76 INDEX TO STATISTICAL TABLES AND STAFF; ADVISORY COUNCILS A78 MAP OF FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production in Recession This paper was prepared by Joan D. Hosley and 2. Production and employment Richard D. Raddock of the Business Conditions Section of the Board's Division of Research and Statistics. Industrial production began to decline in mid- 1981, and by October of this year it had fallen more than 11 percent. The magnitude and duration of this reduction were above the average of previous postwar recessions, although in the contractions of 1957-58 and of 1974-75 industrial production declined more—13 and 15 percent respectively (chart 1). However, the level of activity was already low relative to the postwar trend when this contraction began. The reasons lay in the proximity of the previous economic downturn (in the first half of 1980) as well as in longer-run problems of some U.S. industries, such as prolonged cost escalation and intensifying foreign competition. Thus, during the brief recovery after the 1980 contraction, overall industrial output barely surpassed its 1979 high (chart 2), and some impor- All data are seasonally adjusted. Industrial employment data include all employees in manufacturing and mining, and in electric, gas, tant sectors of the economy, particularly those and sanitary services. SOURCES. Federal Reserve and Bureau of Labor Statistics. 1. Total industrial production Peak=100 related to motor vehicles and housing, recovered only partially in 1981 from their previous curtailments. As a result, the rate of capacity utilization in manufacturing, which had been 87 percent at the peak in 1979, reached only 80 percent at its highest point in 1981, and by October 1982 had fallen to 68 percent, under its postwar low in 1975. Employment in manufacturing, which to- Sept. 1982 taled 18.3 million in October 1982, was down I I I I I I I about 2.7 million from its level in 1979; about 2 12 6 -0+ 6 12 18 24 Months from cyclical peaktj, ..:• million jobs were lost in this sector during the Seasonally adjusted index. The peak shown for the current cycle is latest contraction, and these losses have ac- July 1981. The average cycle is constructed as the average of the counted for the bulk of the reduction in employprevious six postwar recessions as defined by the National Bureau of Economic Research, except for the 1970-75 cycle, for which the ment in the economy. industrial production peak of September 1974 was chosen. The contraction in output was most pro- Latest data for all charts in this article are September 1982 except for light truck production (chart 3). nounced in the second half of 1981, when, in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 Federal Reserve Bulletin • November 1982 1. Industrial production, 1977=100' Percentage change, October 1982 11997799 CCoommppoonneenntt aa aa vv nn ee nn rr uu aa aa gg ll ee JJ 11 uu 99 ll 88 yy 11 JJ 11 aa 99 nn 88 .. 22 OO 1199 cc 88 tt 22 .. a F n 1 r n 9 o u 7 m 9 a l F J r u o ly m F J r a o n m . average 1981 1982 Total 110 111 102 99 -11 -11 -3 Products 109 111 104 101 -7 -9 -2 Final products 108 112 105 102 -6 -9 -3 Consumer goods 104 104 96 98 -5 -5 2 Durable 101 95 78 83 -18 -13 7 Automotive products 95 84 62 70 -26 -16 13 Home goods 105 103 89 92 -13 -11 3 Nondurable 105 107 104 105 0 -3 1 Equipment 116 125 120 108 -6 -14 -10 Business 116 125 117 99 -15 -21 -15 Defense and space 115 126 129 137 19 8 6 Intermediate products 111 108 99 99 -11 -8 0 Construction products 113 103 88 90 -20 -13 1 Materials 113 112 99 95 -16 -16 -4 Durable 116 112 95 89 -23 -21 -6 Nondurable 113 113 101 100 -11 -11 0 Energy materials 104 108 106 100 -4 -7 -5 1. Indexes and percentage changes are rounded to nearest whole The 1977-based index is calculated from the published 1967= 100 number; percentage changes are calculated from unrounded indexes. index. Data are seasonally adjusted. effort to adjust inventories, production was cur- as retail sales failed to pick up; motor vehicle tailed more sharply than final sales. Total indus- production, in particular, was trimmed back trial production fell 8.6 percent between its re- again in midsummer as it became clear that the cent peak in July 1981 and January 1982. The earlier advances in production had surpassed the cuts in output during this period were pervasive. underlying strength of demand. Moreover, the Reductions occurred in four-fifths of the compo- contraction in business investment persisted unnent series of the industrial production index. abated. In addition, demand was weak in world Among major market groupings the sharpest markets, and the sizable appreciation of the declines took place in the output of consumer dollar kept many goods produced in the United durable goods, construction supplies, and indus- States at a competitive disadvantage both at trial materials (other than energy materials). De- home and abroad. Consequently, by October, fense and space equipment stood out as the only total industrial production had declined 3.1 permarket grouping in which production increased cent below the already reduced January level. (table 1). After January 1982, the decline in total production slowed, and the reductions tended to be CONSUMER GOODS AND HOUSING concentrated in business equipment and durable goods materials. The output of consumer goods Weakness in the markets for autos and houses started to recover somewhat, as retail sales stabi- has been a central feature of the performance of lized in the spring and the runoff of business the U.S. economy in recent years. Falling sales inventories began to slacken. In light of these in those sectors have led to production cutbacks positive developments as well as the boost to of cars and houses, and also of construction spendable household income provided by the supplies, related industrial materials, household midyear federal tax cut, it was widely believed durable goods, and some types of business that an upturn in economic activity would ensue equipment. Conditions in those markets reflect during the summer. not only the influence of cyclical declines in Yet industrial activity remained weak. The demand and high interest rates, but also the advance in production of consumer goods eased effects of developments specific to the industries Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production in Recession 683 themselves. Purchases of both autos and dwell- 1979 after the shortage of gasoline that accompaings, of course, are sensitive to cyclical develop- nied the upheaval in Iran and the consequent ments in household income and in the ability to doubling of gasoline prices. Reacting to rapid service debt; this sensitivity is especially great increases in prices of new cars and in the cost of because such purchases can be postponed. Be- operating and financing them, drivers econocause mortgage interest payments are a very mized on automotive expenses by keeping their large component of housing costs, they tend to cars longer and driving them less (table 2). Moreinfluence this market even more than do cyclical over, household budgets also had to accommovariations in income, as evidenced by the prompt date faster-than-average inflation in the prices of upturns in housing activity during several post- necessities, such as food and fuel (chart 4). This war recessions once interest rates had declined development reinforced economies in household and credit availability had improved. While inter- auto expenses. A part of the adjustment was a est rates on installment credit clearly affect auto switch to smaller cars, an area in which imports purchases, they have less impact on this market were markedly competitive. than on housing. Sales and output of domestic autos and lightweight trucks fell each year from a peak of about 12.5 million units in 1978 to a level of about 7.7 Automobiles million units in 1981 (chart 3). In contrast, sales of imported cars and trucks rose after 1978 and During the first ten months of 1982, U.S. auto- fluctuated around 2.8 million units on average in mobile manufacturers produced slightly more the 1979-81 period. Sales of imports have slowed than 5.1 million new cars (at an annual rate), to a rate of 2.5 million units so far in 1982, partly about 45 percent below the relatively high levels because of negotiated restrictions on the exporof 1978 and early 1979. The pattern for output of tation of Japanese cars to the United States. lightweight consumer-use trucks was similar In spite of heavy expenditures by U.S. car (chart 3). makers for the design of more efficient vehicles, The pronounced downtrend in sales and out- in the 1982 model year domestic autos were still put of domestic autos and trucks began during poorly, received by consumers. In the period of 3. Automobiles and light trucks 1967=100 Millions of units Millions of units Millions of units ,„„ DOMESTIC PRODUCTION „ AUTO SALES 180 8.0 L, i| 7-S v r- i > i I T r flHHHHHipi Hi • B i Hi 1978 1980 1982 1978 1980 •> Hjfc 1978 1980 1982 1978 1980 1982 All data are seasonally adjusted and except for auto sales are plotted calculated by the Federal Reserve based on data from Ward's on a ratio scale. "Domestic production" and "auto sales" are plotted Automotive Reports; domestic auto stocks are based on data from at annual rates. Automotive News. SOURCES. Domestic auto and light truck production and auto sales Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 Federal Reserve Bulletin • November 1982 2. Selected statistics on auto transportation Miles Gallons of fuel YYeeaarr ccoonn nn PP ss oo rr uu ii nn cc mm aa ee uu pp oo tt tt oo ii ff oo nn11 AA (( ii cc mm dd vv uu oo ee pp rr rr mm rr oo aa ee rr gg ee nn tt ee ss tt ee tt dd ii pp dd cc rr oo aa ii aa ll cc uu ll nn ee aa tt dd oo rr oo ss ss )) ff (( EE cc ss ee tt nn ii tt mm ss aa pp tt ee ee rr dd mm ccoo iill ss ee tt )) P tr e a r v e p l e e r d s onal passen c g o e n r su v m eh e i d c le, MM ooff ee (( yy dd vv ii ee ee aa aa hh nn rr ii ss cc )) aa ll gg ee ee per year 1972 3,902 19.7 9,969 730 5.7 1977 5,840 30.1 9,613 680 6.2 1978 6,414 33.1 9,812 688 6.3 1979 6,892 38.0 9,245 638 6.4 1980 7,544 44.0 8,865 579 6.6 1981 8,804 50.9 8,758 557 6.9 Index (1972= 100)2 1972. 100 100 100 100 100 100 1977. 139 150 153 96 93 109 1978. 148 164 168 98 94 111 1979. 160 177 193 93 87 112 1980. 175 193 223 89 79 116 1981. 190 226 258 88 76 121 1. Implicit price deflator for personal consumption expenditures operation, financing, and depreciation of intermediate cars kept three less motor vehicles and parts, and gasoline and oil. years and driven 10,000 miles; miles traveled and gallons consumed— 2. Rounded to nearest whole number. Department of Transportation, Federal Highway Administration; SOURCES. Prices—calculated by the Federal Reserve based on age—Motor Vehicles Manufacturers Association. Bureau of Economic Analysis data; cost—Hertz data include cost of sharp recession during the fourth quarter of 1981, tives were available in May, sales rose to an sales of domestic cars reached their lowest level annual rate of 6.4 million units. Meanwhile, in more than 20 years. Consequently, dealers' production continued climbing until July, when it stocks of new cars approached a 100-day supply reached an annual rate of 6.6 million. However, at year-end (a 60-day supply used to be the sales fell sharply in June and July, when price norm), and auto assemblies were progressively concessions expired, and once again dealers' reduced through January 1982, when they stocks were pushed to uncomfortable levels. As reached an annual rate of only 3.6 million units, a result, the auto companies were prompted to the lowest level since 1959. In January 1982, an cut production schedules for the fourth quarter assortment of rebate programs was offered, and of 1982 to about 5 million units at an annual rate. rebate or incentive programs have been in place several times during the year. To stimulate sales, these programs include a time limit for the spe- Home Goods and Construction Supplies cial price; the result is a bunching of purchases alternating with slack sales. When strong incen- House purchases meet needs for shelter and provide an outlet for household investment. De- 4. Consumption expenditures on food, spite very rapid increases in home prices during energy, and housing as percentage of the past decade, housing activity remained vigortotal disposable personal income ous into the late 1970s partly because substantial Percent capital gains were expected from homeownership. Nevertheless, the demand for housing fell sharply in late 1979 and early 1980, when mortgage interest rates rose to very high levels and monthly carrying costs for new owners increased sharply. After a further decline in housing activity during 1981, total single and multifamily housing starts dropped to a cyclical low of 865,000 units (annual rate) in the fourth quarter of 1981; this rate compared with the more than 2 million 1963 1968 1973 1978 1982 units started in 1978. SOURCE. Calculated by Federal Reserve from personal consumption Since the beginning of 1982, residential conexpenditure and disposable personal income data, national income accounts. struction has been on a slow, gradual uptrend Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production in Recession 685 that brought housing starts to a rate of 1.1 million half of 1981, while output was cut more than a units in the third quarter of 1982 (chart 5). This third between August and December 1981. In the uptrend has been supported by a moderation in first nine months of 1982 more than half of the home prices and most recently by substantial production loss has been recovered, but sales declines in mortgage rates; expectations of capi- remain sluggish and inventories continue high tal gains, however, have become less important relative to sales. ip supporting the demand for houses. The output of construction supplies has fallen 16 percent in its recent contraction to the lowest Business Equipment level since 1975. Although large, this decline was much less severe than the one in new residential Output of business equipment dropped sharply construction spending because construction sup- over the first ten months of 1982 and accounted plies also are used for repair and modernization during this period for three-quarters of the deand for nonresidential construction, both of cline in total industrial production. Reductions in which held up well through mid-1982. the output of business equipment began after Production of durable goods for the home, July 1981, but became larger in 1982. The total such as appliances, carpeting, and furniture, has decline from July 1981 to October 1982 was 21 declined since 1979; the drop in sales and pro- percent, compared with a contraction of 11.4 duction was especially sharp between mid-1981 percent for total industrial production (table 3). and early 1982, when producers of such goods The output of business equipment was relascheduled plant closings and reduced hours of tively high at the start of the current contraction. work. In particular, manufacturers' shipments of During the 1970s the production of business major appliances dropped one-fifth in the second equipment had a faster rate of growth than most major components of industrial production, and the business equipment index reached 185 (1967 = 100) in July 1981, compared with a high of 154 5. Housing and related activity in total industrial production at the same date. 1967=100 Billions of 1977 dollars The 1980 curtailment in production of business equipment was mild mainly because output of equipment for building and mining, notably oil well drilling, remained vigorous. And, except for the 1980 dip, output of business equipment followed a strong uptrend until mid-1981. But, in the most recent contraction, firms were faced with extremely low capacity utilization rates, low profits, more intense foreign competition, and high interest rates, all of which contributed Millions of units to business decisions to postpone or cancel capital investment projects. Moreover, in contrast to the experience in 1980, oil well drilling was curtailed sharply in the latest recession. About one-third of the decline in business equipment has reflected weakened output of manufacturing and power-generating equipment, which together fell 22 percent between July 1981 and October 1982 to a level well under the low reached in 1980. Faced with excess capacity, 1970 1974 1978 1982 manufacturers and electric utilities have had less All data are seasonally adjusted and are plotted on a ratio scale. need for investment. Since the spring of 1980, the Residential construction and home sales are plotted at annual rates. SOURCES. New home sales and residential construction—Census manufacturing utilization rate has remained sig- Bureau; existing home sales—National Association of Realtors; home nificantly below the historical average of 83 goods and construction supplies—Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 Federal Reserve Bulletin • November 1982 3. Production of equipment1 Percent change 11998811 October 1982 TTyyppee ooff eeqquuiippmmeenntt pprrooppoorrttiioonn22 July 1980 DDaattee ooff from January 1980 From From hhiigghh July 1981 high3 Total equipment 20.2 -2.3 -13.7 -13.7 July 1981 Business equipment 15.1 -3.3 -21.0 -21.0 July 1981 Building and mining4. 2.7 9.1 -43.6 -44.6 Oct. 1981 Manufacturing 3.3 -5.5 -25.2 -27.2 Feb. 1980 Power . 1.5 -8.1 -16.2 -20.7 Mar. 1979 Commercial 5.6 -4.2 -5.8 -6.0 Aug. 1981 Transit5 1.6 -4.3 -26.6 -39.3 May 1979 Farm .5 -10.3 —37.56 -51.1* July 1979 Defense and space 5.1 .7 8.5 Oct. 1982 1. Data are seasonally adjusted. 4. The October 1982 decline in building and mining equipment was 2. The weight of the series in 1981 expressed as a percent of total exacerbated by a strike at a major producer. industrial production. 5. Includes items such as trucks, commercial airplanes, railroad 3. This change is calculated from the high for the respective series equipment, and ships. since January 1979. 6. Change to September 1982. " > 'r- • - • ' . - ivjj; M; i(„,.i*>1 percent, and by October 1982 it had moved down percent below its high in mid-1979. Despite a to 68.4 percent. At the same time the generating burst of expansion immediately after deregulareserves of electric utilities have grown beyond tion, producers of trucks, railroad equipment, current needs. and commercial aircraft experienced a cut in Another third of the drop in business equiporders because of a cyclical shortfall in freight ment has been accounted for by declines in the and passenger traffic. In addition, much higher output of commercial, transit, and farm equipfuel prices and financing costs have affected ment. By far the largest of these groups is investment in transit equipment. commercial equipment, which includes office The sharpest curtailments in output of transit and computing equipment—until recently one of equipment have been made by producers of the fastest-growing industrial sectors. Output of railroad equipment; between spring 1981 and commercial equipment was maintained at a high September 1982 these companies had cut prolevel until the end of 1981, a resiliency that was duction roughly 69 percent to only 15 percent of due in part to completions of new office buildthe exceptionally high production level of midings; however, output then dropped 5.5 percent 1979. Because of the cutbacks in traffic, substanin the first ten months of 1982. tial numbers of freight cars and locomotives Output of both farm and transit equipment, on remain idle. Consequently, the backlog of orders the other hand, has been depressed for some for freight cars plummeted from 119,000 cars in time. In the farm equipment sector, output January 1980 to only 6,400 in October 1982. plunged 37 percent from July 1981 to September Similarly, the motor carrier industry, which 1982, to a level that was more than 50 percent had greatly expanded its fleet of trucks in the late below the high reached in mid-1979 and was the 1970s, cut investment spending as tonnage shipped lowest in more than a decade. This development by truck began to fall in 1979. Sales of mediumreflected the overall economic weakness in the and heavy-duty trucks have dropped each year farm sector. Since 1979, prices received by farmsince 1978 and in the fall of 1982 were running at ers have declined substantially while farm input less than half the level in 1978. Reflecting this costs have continued to rise; net farm income has weakness in demand, output of business vehicles fallen sharply; and farmers have cut purchases of (mainly trucks) began to drop in 1979 from the equipment dramatically. Consequently, several 1978 record level and in late 1981 and early 1982 producers of farm equipment have halted output reached its lowest level in many years. An invenfor extended periods of time. tory-related increase in production in the spring Output of transit equipment declined 27 per- proved to be temporary, and output has since cent from July 1981 to October 1982, to a point 39 fallen back to the low levels of 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production in Recession 687 Production of commercial aircraft also has rise. This sector currently accounts for about 6 weakened after a strong performance. In 1979, percent of total industrial output. By October domestic and foreign airlines ordered large com- 1982, defense production had increased 8.5 permercial transports in record numbers, and output cent from mid-1981, and manufacturers' unfilled rose rapidly and remained high through early orders for defense capital goods were up sharply. 1981. Since then, traffic has not met expecta- Since 1977, purchases for defense have risen at tions, orders have dropped sharply, and cancel- an average annual rate of 4.3 percent in real lations have increased; as a result, in 1981 more terms, and their share of the gross national than 20 completed aircraft were delivered direct- product has risen from a low of 4.6 percent in ly into storage out of a total of 388 shipped by 1977 to 5.9 percent recently. Moreover, defense producers. About 600 prematurely retired or new outlays in real terms have been accelerating: commercial transport aircraft are estimated to be they increased 7.6 percent in fiscal year 1982— available for purchase or lease from the airlines compared with 3.2 percent in the preceding fiscal and manufacturers. Demand for general aviation year. aircraft, too, was off substantially; consequently, The substantial increase in defense production production of all civilian aircraft, both large over the past year has offset only a small part of transports and smaller planes, fell 30 percent the sharp cyclical contraction elsewhere. At the from early 1981 to September 1982. same time, reduction of utilization rates in the The remaining third of the drop in output of aircraft, electronics, and metals industries have business equipment in the latest recession has helped to provide ample production capacity to been due to the sharp declines associated with meet most defense requirements. reduced output of equipment for construction and mining. The curtailments in metal ore mining and in oil and gas well drilling have been particu- MATERIALS larly precipitous over the past ten months. Iron ore mining has been practically shut down since More than half of the decline in total industrial early summer, and the number of oil well drilling production during the recession can be accountrigs operating in the United States has dropped ed for by the drop of 16 percent in the output of by two-fifths. In the two preceding recessions, industrial materials. Demand for these materials increased drilling activity supported demand for has been affected by the sharp declines in debusiness equipment. From the adoption in 1973 mand for consumer durables, construction supof an aggressive pricing strategy by the Organiza- plies, and business equipment; by inventory liqtion of Petroleum Exporting Countries until uidation; by reductions in demand from abroad 1981, the number of drilling rigs in operation that have been caused partly by the appreciation more than tripled, with most of the increase of the dollar; and in some cases by sharper occurring after the 1979 jump in world crude oil competition from foreign producers of materials prices. The decontrol of U.S. domestic oil in (chart 6). Output of materials tends to fluctuate early 1981 further stimulated drilling. Recent considerably more over the business cycle than curtailments in oil field activity reflect reductions does output of products (the latter includes conin the price of crude oil in early 1982 and the sumer goods and equipment, which are final consequently reduced profits of oil companies, products, and construction and business supas well as a shakeout of inefficient drilling firms plies, which are intermediate products not used that sprang up during the preceding speculative in further industrial processing). Such swings can boom. be especially evident during contractions, when inventory liquidation amplifies the impact of declining final demand on production at earlier DEFENSE AND SPACE EQUIPMENT stages of processing (table 4). As production of materials fell below end use, In contrast to business equipment, production of liquidation of stocks of materials became subdefense and space equipment has continued to stantial in the first quarter of 1982 and it appar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 Federal Reserve Bulletin • November 1982 6. Recent developments in industrial materials Kfixttt change 1967 = 100 Billions of 1972 dollars Percent : from 6 mM^tmAf. 1967-81 average 150 Products tautput 140 10 Capacity 1 . Change in utilization materials materials inventori es V^ Materials outpult \ 15 HSU • • • • Si f - Jtf' mmmfflSmmm 1 I HHBHHMH 1980 1982 1980 1982 Seasonally adjusted except for producer price index. Inventory SOURCES. Producer price index—Bureau of Labor Statistics; all change (annual rate) is calculated by subtracting estimated domestic other—Federal Reserve, materials consumption from new materials supply. ently continued at a rapid rate into the fall. By Durable Goods Materials October, the capacity utilization rate for producers of industrial materials had fallen to 67.2 The output of materials used in the manufacture percent, below the 1975 trough of 69.4 percent. of durable goods is more cyclical than the output With soft demand in the United States and of nondurable goods materials and of industrial abroad, prices of metals, petroleum, industrial fuel and power. By October 1982, output of chemicals, and textiles have weakened, and pro- durable goods materials had dropped 21 percent ducers' profits have dropped. Purchasing manag- from mid-1981 and even further from the peak in ers have shortened their lead time on orders, and mid-1979. This group has accounted for more order backlogs have shrunk. than a third of the decline in total industrial production in the latest contraction, with espe- 4. Cyclical change in output of products and cially sharp reductions in output of primary materials1 metals and in metal mining. The weakness in Percent unless noted otherwise durable goods materials reflected a drop in de- Phase of business cycle Length of mand from the automotive, construction, and Materials Products period and date (months) equipment sectors. As a result, a liquidation of durable materials inventories by manufacturers, Expansions2 Nov. 1970-Sept. 1974 27.3 24.6 46.0 which began in the fourth quarter of 1981, accel- Mar. 1975-Jan. 1980 45.5 31.8 58.0 erated sharply in the first and second quarters of July 1980-July 1981 13.9 7.1 12.0 Average change in six 1982 and apparently continued into September. postwar expansions3... 38.0 28.9 43.5 Both the duration and the amount of this inven- Contractions2 ;JV> ; > tory runoff are unprecedented in the last two Sept. 1974-Mar. 1975 -20.4 -11.5 6.0 Jan. 1980-July 1980 -13.5 -4.8 6.0 decades. July 1981-Oct. 1982 -15.5 -8.8 15.0 Average change in six A sizable part of this liquidation has occurred postwar contractions3 . -13.6 -6.9 8.5 in the steel industry, which has been severely 1. Data are seasonally adjusted. affected in recent years by weak domestic and 2. Cyclical expansions and contractions are as defined by the National Bureau of Economic Research, except for the 1970-75 cycle, international economic conditions as well as by for which the production peak of September 1974 was chosen. underlying structural problems. In October the 3. Includes expansions and contractions since July 1953. Contracindustry was operating at only 41 percent of tions average does not include July 1981 to October 1982 contraction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production in Recession 689 capacity, the lowest rate since the 1930s and 5. Comparison of capacity utilization in materials in almost one-fifth below the July 1980 trough. October 1982 with recent highs and lows' Domestic production has been cut far below use Percent i fc- >.< because of both inventory liquidation and a rela- 1975 1979 1980 Oct. Type of material tively high level of imports. Steel producers, low high low 1982 users, and warehouses reduced their inventories Total 69.4 88.6 73.8 67.2 of steel mill shapes and forms by an estimated 4 Durable goods materials 63.6 87.6 68.2 61.0 million tons, and perhaps more, in the first eight 68.6 92.1 59.6 51.1 Raw steel 68.0 94.7 55.3 41.62 months of 1982. Widespread price cutting due in Nonferrous 57.6 100.8 69.5 61.32 part to worldwide overcapacity of steel, an ap- Consumer durable parts 55.2 91.5 54.7 53.7 preciated dollar, and long-run cost problems of Nondurable goods materials 67.2 90.9 77.5 71.5 Textiles 57.9 90.1 80.2 72.42 domestic producers boosted imports to more Pulp and paper 72.4 97.6 89.3 88.92 than a fifth of estimated supply in the first three Chemicals 64.2 90.9 70.7 64.62 quarters of 1982. Energy materials 84.8 88.3 82.7 78.5 PPeettrroolleeuumm rreeffiinniinngg 82.1 90.3 74.0 73.0 Output of nonferrous metals, which include aluminum and copper, fell one-fifth in the reces- 1. Data are seasonally adjusted. 2. September 1982. sion to its lowest level since 1975. Declines in transportation equipment, construction activity, and net exports were responsible for this reduction. Output of primary aluminum ingot has been dollar had been much lower and price controls on cut more than 30 percent since the spring of 1981. domestic oil and gas feedstocks had acted to hold Producers' stocks of aluminum and copper rose down the prices of man-made fibers and textiles throughout 1981, but a liquidation of such stocks produced in the United States. In the first half of became pronounced in the second quarter of 1982, output of textile materials was down nearly 1982 after a drop in users' inventories and or- a fifth from the high in early 1980. ders. With the low level of orders for fourth- The production of chemical materials, which quarter delivery, some producers of metals con- accounts for about half of nondurable goods tinued to curtail operations. materials, expanded rapidly up to 1979. As in textiles, the controlled prices of domestic petroleum feedstocks apparently played a role in this Nondurable Goods Materials expansion. Since 1979, U.S. net exports of chemicals have declined and output of chemical In the recent contraction, output of nondurable materials has swung much more widely than goods materials dropped about one-eighth, and their use, as inventories have been built up and in October 1982 the operating rate for factories then liquidated. Between June 1981 and October producing these materials declined to 71.5 per-, 1982, output of chemical materials fell about 17 cent. This was low, albeit not so low as the rate percent, and the rate of capacity utilization in of 67.2 percent reached in 1975 (table 5). chemical materials and petroleum refining has Weakness was widespread among all nondura- fallen to very low levels. Reflecting the deble goods materials, but was most pronounced pressed world demand for chemicals, prices of for textile and chemical materials. Demand for basic petrochemicals have been cut sharply. textiles began to drop sharply in the latter months of 1981, largely because of the substantial declines in orders for apparel, carpets, tire Energy Materials and Products cord, and fabrics for curtains and upholstery. Moreover, in 1981, the physical quantity of im- In contrast to the volatile movements of durable ports of textiles and apparel increased while and nondurable goods materials, production of exports dropped substantially. As a result, the total energy (fuel and power) has been virtually net import balance in this sector worsened dra- unchanged in recent years. However, the conmatically compared with its level in 1979 and sumption of energy has declined in the United 1980, when the foreign exchange value of the States since 1979, and so have imports of oil. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 Federal Reserve Bulletin • November 1982 These savings have been achieved partly be- total U.S. energy production fairly steady in cause of the significant cuts in gasoline used in recent years. autos. Also, since 1973 the increases of industrial use of electricity per unit of output have halted, it it it and more recently the overall curtailments in industrial production have sharply reduced the Total U.S. industrial output continued to contotal industrial use of fuel and electricity. tract through October 1982, but slight increases Oil prices doubled after the second oil shock in have been evident in some recent months in the 1979. The effects of the price increases were very output of construction supplies and nondurable different for imported and for domestically pro- materials. With retail sales continuing almost duced oil. Imports of crude oil to the United flat, however, production of consumer goods in States have fallen to 25 percent of the country's general has remained sluggish and output of total supply in the first half of 1982 from a high of business equipment and durable materials has 44 percent in 1977. In contrast, the output of contracted further. domestic crude oil—after declining through most The cyclical contractions in industrial producof the 1970s—has remained steady in recent tion since 1979 reflect an unusually complex set years, as increased output from the Alaskan oil of forces. Among these were the extraordinary fields offset declines in the older fields of the rises in the cost of energy ; the structural problower 48 states. lems of major U.S. industries, such as motor Domestic petroleum refining, which uses both vehicles and steel; the changes in world producimported and domestic oil, has been affected by tion and international competition; and, importhe recession as purchases of fuel and petro- tantly, the mounting pressures of inflation and chemical feedstocks were reduced in the United the policy efforts to relieve them. The confluence States. In the third quarter of 1982, output of of such factors provides the framework for the U.S. petroleum refiners was only 71 percent of intensity and persistence of the production weakcapacity—near the record low. In contrast to the ness. The longer term significance of these direductions in petroleum refining, coal production verse factors should become clearer from the has increased since 1979. This offset has kept perspective of the next recovery. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

691 Remarks on Monetary Policy Excerpted from an informal talk by Paul A. by any single or simple symbol. Headlines can be Volcker, Chairman, Board of Governors of the misleading. Federal Reserve System, to the Business Council I hope we have all learned that the level or at Hot Springs, Virginia, October 9, 1982. direction of interest rates is not, by itself, a reliable test of "ease" or "restraint"—it all depends upon the circumstances. Lower interest As you know, yesterday we made a further rates in an economy in recession are not unusual reduction in the discount rate to 9l/z percent. As and are consistent with the need for recovery. is usually the case, that change was, in an But lower interest rates do not in themselves immediate sense, designed to maintain an appro- indicate a change in basic policy approach. Over priate alignment with short-term market rates. It longer periods of time, achieving and maintaining was, of course, also taken against a background the lower level of interest rates we would all like of continued sluggishness in business activity, to see must, in a sense, be a reward for success in the exceptional recent strength of the dollar on dealing with inflation; artificially forcing the the exchange markets, and indications of strong process would in the end be counterproductive. demands for liquidity in some markets. What is needed is market conviction that the In the light of all the potentially confusing fundamentals are consistent with lower interest comment in the press in recent days, which rates, and I believe that is what we have been seemed to be based on a combination of partial seeing for some months. information and reportorial speculation, it may The emphasis on monetary and credit aggrebe desirable to reiterate what seems to me obvi- gates in conducting and interpreting policy durous: the small reduction in the discount rate—as ing recent years is, of course, useful in part in the case of the four changes of similar magni- because of the unreliability of interest rate meatude in July and August—represents no change sures in gauging the necessary degree of rein the basic thrust of policy. straint. We express policy in terms of broad In assessing economic and financial develop- targets for the various definitions of money on ments over recent months, I would also point out the basic thesis that, over time, the inflationary again what I have said on a number of occasions process is related to excessive growth in money before: there is growing evidence that the infla- and credit. But you have also heard me repeatedtionary momentum has been broken. Indeed, ly express caution about the validity of any single with appropriate policies, the prospects appear measure, or even all the measures in the short good for continuing moderation of inflation in the run. We have to be alert to the possibility that months and years ahead. Continuing progress relationships may be disturbed by technological toward restoring price stability is an essential or regulatory changes in banking or, more broadpart of building a solid base, not just for recovery ly, by shifts in liquidity preferences and velocity. but for sustaining expansion over a long period. We face over the next few months not just the Concern about inflation, and monetary disci- possibility but the virtual certainty of distorpline, is not something we can turn on and off; it tions—distortions growing out of legislation and will be a continuing priority of policy. regulation—in the Ml number that is so widely What does inevitably change is the financial followed in the markets. Right now, and over the and business environment in which we operate. next few weeks, some $31 billion of "all savers Unfortunately from the standpoint of reporting certificates" are maturing, and in large part will and communication, the continuing thrust of not be rolled over. As those funds move to other monetary policy cannot be adequately measured investments, some amount will temporarily pass Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 Federal Reserve Bulletin • November 1982 through checking accounts, or be "parked" in of) market instruments, such as tax-exempt those accounts for a time awaiting new invest- bonds or Treasury bills, the totals would be ment decisions. We know Ml will be affected, affected, but probably to a limited degree. but we simply have no way of measuring the The fact that, for the time being, underlying degree of that shifting. And just as that process is monetary growth and reserve provision cannot expected to unwind over the next month or so, sensibly be gauged by directly observing movethe new "money market fund type" deposit ments in Ml—up or down—is a technical fact of account for banks and thrift institutions will be life; it has no broader policy significance. introduced. Sizable transfers of funds into those It is true that for some time (before the new accounts, which will have considerable check- distortions that will be induced by legislation and able and transaction capabilities, are anticipated, regulation) the various monetary aggregates have including shifts from regular checking and nego- in general been somewhat above the growth tiable order of withdrawal accounts. The result paths targeted for the year. I would also point will probably be to depress Ml growth for a out, though, that indications suggest an appreciawhile—assuming the new accounts are not in- ble recent slowing in growth of both M2 and M3, cluded in Ml. But again we have no way of and it so happens—perhaps fortuitously—that anticipating the magnitude, or even the direction, last week's Ml figure is very close to target. That of impact should the new accounts be tied to is part of the setting of the discount rate change. existing NOW accounts. Both the "ups" and You may recall that, when reiterating our "downs" in Ml reflecting these regulatory annual targets in July, I emphasized that changes will be artificial and virtually meaning- "growth somewhat above the targeted ranges less in gauging underlying trends in "money" would be tolerated for a time in circumstances in and liquidity. The potential problems have been which it appeared that precautionary or liquidity common knowledge in market circles. motivations, during a period of economic uncer- In the circumstances, I do not believe that, in tainty and turbulence, were leading to stronger actual implementation of monetary policy, we than anticipated demands for money. We will have any alternative but to attach much less than look to a variety of factors in reaching that usual weight to movements in Ml over the period judgment, including such technical factors as the immediately ahead. We will, of course, analyze behavior of different components in the money the data carefully to assist us in assessing under- supply, the growth of credit, the behavior of lying trends, but it is likely to take some months banking and financial markets, and more broadbefore new relationships can be judged with any ly, the behavior of velocity and interest rates." I degree of reliability in a world of radically new believe reasoned assessment of recent developdeposit instruments with transaction capability. ments in the light of those factors does suggest Fortunately, while the M2 and M3 aggregates that preferences for liquidity have in general may also be affected by the new deposit instru- been relatively strong, reflected in part in some ments, the impact should be relatively much abnormal pressures in parts of the private credit smaller. Those aggregates are not only much markets. In that light, the fact that some of the larger, but most of the shifts among financial aggregates have tended to run somewhat above instruments are expected to take place within their target ranges has been fully acceptable to those large aggregates. For instance, shifts by the Federal Open Market Committee. individuals among all savers certificates, check- I believe I can speak for all members of the ing accounts, money market certificates, money Committee in saying that those judgments have market mutual funds, and the new account would been reached, and will continue to be reached, in leave M2 unaffected because they are all counted full recognition of the need to maintain the within that aggregate. If the shifts are into (or out heartening progress toward price stability. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

693 The Banking Affiliates Act of 1982: Amendments to Section 23A This paper was prepared by John T. Rose of the that section 23A needed to be tightened. In this Board's Division of Research and Statistics and connection, the House Committee on Banking, Samuel H. Talley of the Division of Banking Currency and Housing incorporated provisions Supervision and Regulation. pertaining to section 23A into its Discussion Principles for Financial Institutions and the Nation's Economy in 1975. The following year On October 15, 1982, President Reagan signed Representative Fernand St Germain introduced into law the Banking Affiliates Act of 1982 as part amendments to section 23A as part of the proof the omnibus Garn-St Germain Depository posed Financial Reform Act of 1976. Finally, in Institutions Act of 1982. The Banking Affiliates mid-1976, Senator William Proxmire asked the Act makes major changes to section 23A of the Federal Reserve Board to provide the Senate Federal Reserve Act and embodies a complete Committee on Banking, Housing, and Urban redrafting of that statute. Section 23A is designed Affairs with draft legislation to amend section to prevent the misuse of a bank's resources 23A. resulting from financial transactions between the In its review of section 23A, the Board considbank and companies with which it is affiliated. In ered not only congressional concern over the the past, section 23A has attempted to shield adequacy of the statute to safeguard banks from bank resources from abuse by placing quantita- abuse but also complaints by bankers that the tive limitations on bank transactions with affili- statute was unduly restrictive and ought to be ates and by requiring that bank loans and exten- liberalized. In particular, bankers advocated libsions of credit to affiliates be fully secured. eralizing the regulation of transactions between Section 23A was originally enacted as part of affiliated banks in a holding company organizathe Banking Act of 1933 (the Glass-Steagall Act), tion (especially federal funds transactions) and and has been amended several times. Initially, expanding the types of collateral that banks the statute applied only to member banks, but in could accept when lending to affiliates. Finally, 1966 the Congress amended the Federal Deposit the Board was sensitive to arguments of bankers Insurance Act to extend coverage to insured and regulators alike that the statute was unduly nonmember banks. Consequently, since 1966, complex, making both compliance and enforcesection 23A has applied to all federally insured ment difficult. As a result, the Board's draft banks. legislation to amend section 23A, which was first In the mid-1970s, section 23A came under submitted to the 95th Congress in 1978, was a review by the banking committees of the Con- complete redrafting of the law. The Board resubgress and the federal bank supervisory authori- mitted its proposal to the 96th Congress in 1979, ties. This review was prompted by the discovery and to the 97th Congress in 1981. This proposal that several relatively large banks had been ad- served as the basis for the Banking Affiliates Act versely affected by transactions with their affili- of 1982. ates. Probably the best-known case involved The Banking Affiliates Act has three major Hamilton National Bank of Chattanooga, which objectives. The first is to liberalize certain undufailed after having purchased a large amount of ly restrictive provisions in section 23A, while low-quality mortgages from a mortgage banking still giving banks adequate protection in transacsubsidiary of the bank's parent company. To tions with affiliates. The second is to close seversome observers, these developments indicated al potentially dangerous loopholes in the statute Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 Federal Reserve Bulletin • November 1982 that could result in serious harm to banks. The The new statute, however, liberalizes signifithird objective is to reorganize and clarify the cantly the treatment of financial transactions statute to facilitate compliance and enforcement. between sister bank subsidiaries of a multibank For purposes of analysis, section 23A can be holding company. In recent years, bankers and viewed as a four-part statute. The first part regulators alike have argued that the restrictions defines the types of companies that are affiliates on transactions between sister banks should be of a bank. The second specifies the types of relaxed in recognition of the operational similartransactions between a bank and its affiliates that ity between a multibank holding company and a are covered by the statute. The third part sets the branch banking system.1 Branch banking organiquantitative limitations on a bank's covered zations face no restrictions on interbranch transtransactions with any single affiliate, and with all actions. Moreover, since 1966, affiliated banks affiliates combined. The last part outlines the have enjoyed exemptions from the restrictions of collateral requirements for certain bank transac- section 23A for certain correspondent-type tions with affiliates. This four-part organization transactions, as well as for the purchase of loans will be followed in this review of the Banking without recourse.2 Affiliates Act. Allowing unlimited transactions between holding company sister banks offers both advantages DEFINITION OF AFFILIATE 1. Banking regulators have long considered multibank holding companies as operationally identical to branch bank- Before enactment of the Banking Affiliates Act, ing organizations for purposes of analyzing the competitive effects of bank mergers and acquisitions. The basis for this the term "affiliate" was defined for purposes of approach is the view that multibank holding companies section 23A to include (1) the parent holding generally attempt to operate their subsidiaries as a single, company of a bank and any other subsidiary of integrated entity. Survey evidence indicates that most holding companies do, in fact, centralize the management of their that parent; (2) any majority-owned subsidiary of subsidiaries, at least to some degree, and that the extent of a bank; and (3) any company interlocked with a centralization within holding companies has generally inbank, either directly through common sharehold- creased over the last decade. For a review of the early literature in this area, see John T. Rose, "Bank Holding ers or directors or indirectly through a trust Companies As Operational Single Entities," in The Bank arrangement—for example, a company con- Holding Company Movement to 1978: A Compendium trolled by trustees for the benefit of the share- (Board of Governors of the Federal Reserve System, 1978), pp. 69-93. More recent evidence is provided by the Associaholders of a bank. The Banking Affiliates Act tion of Bank Holding Companies, Bank Holding Company makes changes with respect to all three catego- Centralization Policies, prepared for the Association by ries of affiliates. In addition, the new law ex- Golembe Associates, Inc. (Washington: 1978), and Gary pands the definition of affiliate to include other Whalen, "The Operational Policies of Multibank Holding Companies," Federal Reserve Bank of Cleveland, Economic types of companies, thereby limiting future Review (Winter 1981-82), pp. 20-31. transactions between banks and these compa- 2. When the Bank Holding Company Act of 1956 was nies. originally enacted, it prohibited a holding company subsidiary bank from lending or extending credit to its parent holding company or any other subsidiary of the parent. The only exemption to this prohibition pertained to certain correspondent-type transactions between sister banks. The 1966 Sister Bank Subsidiaries amendments to the Bank Holding Company Act repealed this in a Holding Company prohibition and substituted for it a provision whereby a holding company bank became subject to section 23A's limitations on transactions with its parent holding company The new statute continues to define the parent and other (bank and nonbank) subsidiaries of the parent. holding company and any other subsidiary of the However, the purchase of loans without recourse from an parent as affiliates of the bank and therefore affiliated bank (along with correspondent-type transactions) was exempted from the restrictions of section 23A. This limits financial transactions between the bank exemption was recommended by the Federal Reserve Board and those units. The rationale for this provision on the grounds that both banks in such transactions would be is to prevent the parent from abusing the bank for under the supervision and examination of the bank supervisory authorities and that such transactions would allow adjustthe benefit of another entity within the holding ments in bank portfolios in response to changes in deposit company system. and loan demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banking Affiliates Act of 1982 695 and disadvantages. The advantages include (1) Subsidiaries of a Bank improved allocative efficiency resulting from a freer movement of funds among affiliated banks, The earlier legislation defined all majority-owned and (2) the opportunity for one or more banks in subsidiaries of a bank as affiliates, but exempted a holding company system to save a financially specific types of subsidiaries from the restrictroubled sister bank from failure without serious- tions of section 23A. By contrast, the new law ly damaging the other banks. The potential disad- generally excludes all subsidiaries of a bank as vantages include (1) multiple bank failures result- affiliates. At the same time, the new statute ing from an unsuccessful rescue operation; (2) a authorizes the Federal Reserve Board to define sequence of transactions to transfer low-quality as an affiliate, and thus make subject to the assets among affiliated banks to avoid criticism restrictions of section 23A, certain subsidiaries by examiners; and (3) transactions designed to of a bank, including certain minority-owned subharm minority shareholders of a subsidiary sidiaries. Two considerations weighed in the bank—for example, if a parent holding company decision to make these changes: one pertaining directed a wholly owned bank subsidiary to to majority-owned subsidiaries of banks and the engage in transactions with a bank subsidiary other to minority-owned subsidiaries. that was less than wholly owned on terms ad- The Federal Reserve Board argued in its proverse to the latter. posal to amend section 23A that any majority- In an effort to capture the advantages of unre- owned subsidiary of a bank should be viewed as stricted transactions among holding company part of its parent bank, and thus transactions banks while mitigating the disadvantages, the between the two should not be restricted. The Congress amended section 23A to allow virtually new law accomplishes this objective by no longer unlimited transactions between subsidiary banks defining majority-owned subsidiaries of a bank that are at least 80 percent owned by the parent.3 as affiliates. As the Board noted, however, this A single exception prohibits a holding company change is not so great a liberalization as it might bank from purchasing low-quality assets from a appear. Member banks are generally prohibited sister bank.4 This prohibition is designed to pre- from purchasing stock, and of the few types of vent a sequence of transactions that could frus- companies whose stock is exempt from the protrate the bank examination process, as well as to hibition, several were already exempt from any minimize the possibility that a rescue operation restrictions on transactions under the old section might backfire and result in multiple bank fail- 23A. ures. Finally, limiting the liberalization to banks The second issue relating to subsidiaries of that are at least 80 percent owned is intended to banks and influencing the statutory changes in protect minority shareholders in subsidiary this area pertains to minority-owned subsidiarbanks that are less than 80 percent owned.'5 ies, particularly minority-owned foreign joint ventures of U.S. banks.6 The Federal Reserve Board noted in its proposal to amend section 23A 3. The liberalized treatment of transactions between sister that the nature of these foreign joint ventures is banks in a holding company system is not extended to bank such that a U.S. bank might extend credit to a transactions with an affiliated foreign bank. This provision foreign company in which it has a minority recognizes that foreign banks can often engage in activities impermissible to domestic banks and therefore should be interest without an arm's-length assessment of treated like nonbank affiliates for purposes of section 23A. the credit risk involved. Such an extension of 4. A low-quality asset is defined in the new statute as any credit might be made to protect the bank's repuasset (1) classified as "substandard," "doubtful," or "loss," or treated as "other loans especially mentioned" in the most recent report of examination prepared by either a federal or a 6. The Federal Reserve Board generally defines a foreign state regulatory agency; (2) carried in a nonaccrual status; (3) joint venture as a situation in which a U.S. banking organizaon which principal or interest payments are more than 30 tion has a minority interest in a foreign company but particidays past due; or (4) whose terms have been renegotiated or pates in the overall management of the company and so has compromised because of the deteriorating financial condition an "active operating interest" in it. The threshold associated of the obligor. with an active operating interest is usually defined by the 5. Holding companies have a tax incentive to own at least Board as 25 percent ownership by the U.S. banking organiza- 80 percent of their subsidiaries and in most cases do so. tion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 Federal Reserve Bulletin • November 1982 tation and to ensure its continued presence in the can be exercised only by a majority of the foreign country. Indeed, it appears that U.S. directors of a company, but often can be exerbanks occasionally have made informal commit- cised by shareholders holding less than a majorments to this effect to obtain a joint-venture ity of the voting shares. In the case of an partner. Recognizing the potential for abuse in interlock relationship, this concept translates these situations, the new statute authorizes the into any situation in which (1) a group of share- Federal Reserve Board to define as an affiliate holders controls 25 percent or more of the shares any company of which a bank owns 25 percent or of both a banking organization and a company, more when transactions with that company could or (2) a majority of the directors of a banking have adverse effects on the bank. organization also constitutes a majority of the directors of a company. Similarly, a company is defined as an affiliate by virtue of a trust arrange- Companies Interlocked ment whenever trustees control 25 percent or with a Banking Organization more of the voting shares of a company (banking organization) for the benefit of shareholders who The earlier statute covered certain types of inter- control 25 percent or more of the voting shares of locks involving common shareholders or direc- a banking organization (company). tors of a company and a bank. This provision was designed to minimize abuses to the bank stemming from transactions arising out of such Companies Added non-arm's-length relationships. At the same to the Affiliate Definition time, the old law omitted any reference to an interlock between a company and a bank holding Finally, the Banking Affiliates Act broadens the company. However, an interlock involving a definition of affiliate to include several new types bank holding company seems to offer the poten- of companies. One is any company that is spontial for abuse of subsidiary banks similar to that sored and advised on a contractual basis by a associated with an interlock directly involving a banking organization. The Congress made this bank. Consequently, in the Banking Affiliates change in view of the difficulties encountered in Act, the Congress defined as an affiliate for the mid-1970s by many real estate investment purposes of section 23A any company that is trusts (REITs) advised by banks. Under the interlocked with either a bank or its parent former law, REITs advised by banks were not holding company. An important effect of this defined as affiliates for purposes of section 23A; change is to define a chain of one-bank holding hence, transactions by banks with REITs they companies as affiliates of each other's subsidiary advised were unrestricted. In several cases, a banks. financially troubled REIT received significant Another statutory change affecting interlocks financial assistance from its advisory bank, prethat are subject to section 23A involves the sumably to prevent damage to the bank's reputadefinition of control. Earlier law was not consis- tion or to forestall lawsuits alleging that the trust tent in this matter, though majority control received "bad" advice from the bank. seems generally to have been intended. The new In its proposal to amend section 23A, the law defines control explicitly as the power (1) to Federal Reserve Board argued that the statute vote 25 percent or more of the voting shares of a should be sufficiently flexible to cover new types company, excluding situations in which the stock of non-arm's-length relationships between banks is controlled in a fiduciary capacity, or (2) to and other companies that should be subject to elect a majority of the directors of a company.7 the restrictions on transactions of section 23A. This definition recognizes that effective control Accordingly, the new law authorizes the Board to add to the list of affiliates any company that the Board determines has a relationship with a 7. This definition is generally consistent with the definition banking organization such that transactions with of control contained in both the Bank Holding Company Act that company could have adverse effects on the and section 22 of the Federal Reserve Act, which deals with bank. insider transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banking Affiliates Act of 1982 697 The last type of company added to the defini- inclusion of guarantees, acceptances, and letters tion of affiliate is any investment company for of credit issued by a bank on behalf of an which a banking organization serves as an invest- affiliate.8 Before passage of the Banking Affiliment adviser. This change was made at the ates Act, section 23A did not expressly cover suggestion of the Department of the Treasury as these three types of transactions. However, regpart of Treasury's proposal for a bank securities ulations issued by the three federal banking affiliate. The Congress rejected the concept of agencies had the effect of bringing standby letters such an affiliate but left this vestige of Treasury's of credit and ineligible acceptances within the proposal in the final bill. scope of section 23A. In amending section 23A, the Congress decided to bring these transactions directly into the statute. Moreover, to safeguard COVERED TRANSACTIONS banks even further, the Congress brought other, similar types of transactions into the statute, Before the recent amendments, section 23A cov- including guarantees, eligible acceptances, and ered four major types of transactions between a letters of credit. bank and its affiliates: (1) making loans or extending credit to an affiliate; (2) investing in the stock, bonds, or other debt obligations of an QUANTITATIVE LIMITATIONS affiliate; (3) purchasing securities or other assets from an affiliate subject to a repurchase agree- The earlier statute placed two limitations on the ment; and (4) purchasing promissory notes and amount of covered transactions that a bank can certain other types of paper from an affiliate. have with its affiliates. The first limited covered The Banking Affiliates Act makes two impor- transactions with any single affiliate to 10 percent tant changes in the types of transactions covered of the bank's capital stock and surplus. The by section 23A, both designed to give banks second limited covered transactions with all affilgreater protection in dealing with affiliates. The iates combined to 20 percent of the bank's capital first change expands the coverage of assets pur- stock and surplus. chased from affiliates. The former statute cov- In setting appropriate limitations on bank ered only the purchase of securities or other transactions with affiliates, there are two conassets subject to a repurchase agreement, and tending considerations. On the one hand, the the purchase of promissory notes and similar limitations should be sufficiently liberal to allow instruments. Purchases of all other assets, in- a bank to have a meaningful amount of transaccluding securities not subject to a repurchase tions. On the other hand, the limitations must be agreement, were not covered and therefore not sufficiently restrictive to prevent a bank from subject to the quantitative limitations of the having so large an amount of potentially adverse statute. As a result of this omission, the financial transactions with affiliates as to threaten the condition of a bank could have been seriously bank's viability. compromised through the purchase from an affil- In recent years both the banking industry and iate of a large amount of low-quality assets. The bank supervisors have seemed satisfied with the Banking Affiliates Act closes this loophole in 10 percent and 20 percent limits. From the indussection 23A by including as a covered transac- try's perspective, these limits allowed large tion purchases of all types of assets, except for banks to have sizable transactions with affiliates. several that expose banks to no danger. More- For example, a typical bank with total assets of over, to give banks additional protection, the $1 billion could have transactions of nearly $7 new law prohibits a bank from purchasing a low- million with any single affiliate and transactions quality asset from an affiliate unless the bank approaching $14 million with all affiliates compreviously had made an independent credit eval- bined. From a supervisory perspective, these uation and committed itself to purchase the as- limits did not appear to be unduly liberal inasset. The second important expansion in the types 8. The term "on behalf of' refers to a transaction in which of transactions covered by section 23A is the the affiliate is the account party. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 Federal Reserve Bulletin • November 1982 much as transactions within the limits had posed leases, and real and personal property. An imno serious banking problems. Given this satisfac- portant effect of this liberalization is that banks tory experience, the Congress retained the 10 in a holding company can now lend to their major percent and 20 percent limits in the new statute. affiliates (such as mortgage, finance, leasing, and However, the Congress did make one change factoring companies), whose principal assets are in the law in an effort to close a loophole in the on the expanded list. application of the limits. Before the Banking In expanding the list of eligible collateral, the Affiliates Act, the quantitative limitations ap- Congress still wanted banks to be well shielded plied only to transactions of the bank with affili- in lending to affiliates. Therefore, the new statute ates, and not to transactions of subsidiaries of requires relatively high ratios of collateral value the bank with affiliates. Consequently, because to loan amount for these new types of collateral. the law also exempted transactions between a For example, when receivables or any of the bank and certain of its subsidiaries, a bank could newly included types of debt instruments are use these subsidiaries as a conduit to transfer pledged, the value of the collateral must be at funds to its affiliates in amounts far in excess of least 120 percent of the loan amount; and when the limits. Such transfers obviously would vio- real or personal property or leases are used, the late the spirit of section 23A and could expose a requirement is at least 130 percent. With these bank to serious harm. To forestall these possibili- high percentages the value of the pledged assets ties, the Congress amended section 23A to apply could shrink considerably before the bank would the quantitative limitations to transactions with be less than fully secured. Finally, as further affiliates by the bank and its subsidiaries com- protection for banks when lending to affiliates, bined, rather than to transactions by the bank the Congress amended section 23A to prohibit a alone. bank from accepting low-quality assets as collateral. COLLATERAL REQUIREMENTS OTHER PROVISIONS Before the recent amendments, section 23A required that any bank loan or extension of credit Several other provisions in the new section 23A to an affiliate be secured by stock, bonds, deben- are worth mentioning. One is a requirement that tures, or other such obligations, or by paper that all bank transactions with affiliates (including is eligible for rediscount or purchase by the transactions covered by the statute and transac- Federal Reserve Banks. In addition, at the time tions specifically exempt) be on terms and condithe loan was made, the market value of the tions that are consistent with safe and sound collateral had to equal at least 100 percent of the banking practices. This provision was not conamount of the loan if secured by U.S. govern- tained in the former statute and was included by ment and certain agency obligations or eligible the Congress at the request of the Federal Repaper; at least 110 percent if secured by obliga- serve Board. When added to the quantitative tions of any state or political subdivision; and at limitations on transactions and the collateral least 120 percent if secured by any other type of requirements on loans, the provision acts as a eligible collateral. second line of defense against adverse transac- For many years bankers complained that sec- tions with affiliates.9 tion 23A effectively prohibited bank lending to most affiliates because these affiliates usually did not possess the required collateral. After consid- 9. The legislative history of the Banking Affiliates Act ering these views, the Congress substantially makes clear that banks that have transactions with affiliates liberalized the collateral provisions of the stat- are not required to collect and maintain data on the terms and ute. Specifically, it expanded the list of eligible conditions of comparable transactions in the market. The Congress undoubtedly recognized that such a requirement collateral to include all types of debt instruments would be time consuming and expensive for banks and could not previously allowed, as well as receivables, cause some banks to forgo transactions with affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banking Affiliates Act of 1982 699 Another provision in the new statute gives the regulate carefully these transactions to shield Board authority to exempt transactions or affili- banks from abuse. ate relationships from the requirements of sec- In originally enacting section 23A in 1933, the tion 23A when the Board believes the exemption Congress chose the middle ground: permitting is in the public interest and consistent with the bank transactions with affiliates, but subjecting purposes of the law. This provision builds into them to quantitative limitations and requiring all the enforcement of the law the flexibility needed loans and extensions of credit to be fully seto deal reasonably with a wide variety of transac- cured. In amending section 23A in 1982, the tions involving different types of affiliates of Congress adhered to this middle ground. It also banks. left in place the two major protective mechanisms contained in the former statute: the quantitative limitations and the collateral requirements. CONCLUSION Moreover, the Congress supplemented these protections with a second line of defense—an From the perspective of public policy, there are explicit statutory requirement that bank transacthree ways to handle financial transactions of tions with affiliates be carried out on terms and banks with their affiliates. The first is to prohibit conditions that are consistent with safe and all such transactions. This approach recognizes sound banking practices. that the non-arm's-length relationship between a The new section 23A also represents a change bank and its affiliates may result in transactions in congressional policy for regulating bank holdthat misuse the bank's resources. Such an abso- ing companies. By allowing virtually unlimited lute prohibition, however, could distort the effi- transactions among sister bank subsidiaries, the cient allocation of funds. At the other extreme, Congress decided to treat banks in a holding public policy could impose no restrictions on company like branches in a branch banking sysbank transactions with affiliates. By allowing a tem—in essence recognizing a group of banks in free flow of funds among all affiliates, this policy a multibank holding company system as a single, would best facilitate an efficient allocation of integrated entity. However, the Congress funds. However, it could expose some banks to showed no inclination to take the next step and considerable abuse for the benefit of affiliates, begin treating all affiliates in a holding comparesult in a significant increase in bank failures, ny—bank and nonbank—as a single entity. Inand thus reduce confidence in the banking sys- stead, it maintained the historic policy of restricttem. The third approach—the middle ground—is ing the flow of funds from a bank to the nonbank to permit bank transactions with affiliates, but to units of a holding company. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

701 Industrial Production Released for publication November 16 peak in July 1981 and has declined in 13 of the last 15 months. Industrial production declined an estimated 0.8 In market groupings, output of consumer percent further in October, primarily because of goods continued to fall in October as autos were curtailments in the output of motor vehicles, assembled at an annual rate of 4.7 million units, business equipment, and related materials. The down sharply from the annual rate of 5.5 million total index, at 136.3 percent of the 1967 average units in both September and August. Production in October, was 11.4 percent below its recent changes in other consumer goods were mixed as CONSUMER GOODS A Nondurable - \ ^ ^ . / \ Construction supplies \j \ 110 110 1969-70=100 Annual rate, millions of units 180 18 -MANUFACTURING Nondurable 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: October. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 Federal Reserve Bulletin • November 1982 1967 = 100 Percentage change from preceding month PPPeeerrrccceeennntttaaagggeee ccchhhaaannngggeee,,, GGGrrrooouuupppiiinnnggg 1982 1982 OOOcccttt... 111999888111 tttooo OOOcccttt... Sept.? Oct.e June July Aug. Sept. Oct. 111999888222 Major market groupings Total industrial production 137.4 136.3 -.4 .1 -.3 -.7 -.8 -8.6 Products, total 140.8 139.6 -.1 .4 -.6 -.7 -.9 -6.6 Final products 140.0 138.5 -.1 .3 -1.0 -.8 -1.1 -7.0 Consumer goods 143.6 142.5 .8 .7 -1.0 -.6 -.8 -2.7 Durable 131.8 127.9 1.5 2.0 -2.8 -1.2 -3.0 -6.2 Nondurable 148.4 148.3 .6 .2 -.3 -.2 -.1 -1.5 Business equipment 149.5 146.0 -2.0 -1.1 -1.2 -2.4 -2.3 -19.1 Defense and space 110.7 111.3 -.1 1.8 -.4 1.5 .5 6.5 Intermediate products 144.0 143.7 -.5 .6 1.2 -.3 -.2 -5.1 Construction supplies 126.2 125.9 .7 .8 2.2 -.5 -.2 -6.9 Materials 132.0 131.2 -.6 -.4 .0 -.8 -.6 -11.7 Major industry groupings Manufacturing 137.2 135.8 -.1 .3 -.1 -.6 -1.0 -8.2 Durable 123.5 121.5 -.5 .3 -.8 -1.1 -1.6 -11.8 Nondurable 156.8 156.5 .2 .3 .7 .0 -.2 -3.9 Mining 114.9 115.7 -4.2 -2.8 -1.7 -2.7 .7 -20.4 Utilities 168.7 169.1 -.9 -1.0 .3 .3 .2 .6 p Preliminary. e Estimated. NOTE: Indexes are seasonally adjusted. output of home goods, such as appliances, rose, parts for consumer durables and for equipment. while production of nondurable consumer goods Output of nondurable materials edged off followedged down again. Output of business equipment ing the large gains in each of the two preceding fell sharply again, as most major components months. Production of energy materials rose registered declines, but the drop in building and almost 1 percent because of an increase in output mining equipment was exacerbated by a strike. of coal following the end of the rail strike. The level of business equipment output in Octo- In industry groupings, output of manufacturing ber was 21 percent below its peak in July 1981. fell 1.0 percent in October because of sharp Production of defense and space equipment rose declines in most durable goods industries, particfurther in October. Output of construction sup- ularly motor vehicles and machinery; production plies, which had shown rises over the summer, of nondurable manufacturing was little changed. fell slightly. Output of utilities edged up again, and output of Production of materials decreased 0.6 percent mining rose 0.7 percent but remained more than in October, mainly reflecting weak demand for 20 percent below a year earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

703 Announcements CHANGE IN DISCOUNT RATE for the education of their children and for home purchase, construction, maintenance, or im- The Federal Reserve Board on October 8, 1982, provement. announced a reduction in the discount rate from 2. Reaffirmation on a temporary basis of the 10 percent to 9Vi percent, effective at the opening limit of $10,000 that may be outstanding at any of the next business day. The change is designed one time for loans by a member bank to executo maintain an appropriate alignment with short- tive officers for other purposes; and the requireterm market rates. ment for advance approval by a majority of the In announcing the reduction, the Board voted board of directors of the bank for loans amounton requests from the directors of the Federal ing to $25,000 or more in the aggregate made to Reserve Banks of Boston, New York, Philadel- the bank's executive officers, directors, or prinphia, Richmond, Atlanta, Chicago, St. Louis, cipal shareholders and their related interests. Minneapolis, Kansas City, Dallas, and San Francisco. Subsequently, the Board approved similar action by the directors of the Federal Reserve REGULATION B: INTERPRETATIONS Bank of Cleveland, effective October 13, 1982. The discount rate is the interest rate that is The Federal Reserve Board has adopted two charged for borrowings from the District Federal interpretations of Regulation B (Equal Credit Reserve Banks. Opportunity), effective April 1, 1983. The first interpretation discusses the use by creditors of judgmental and credit-scoring sys- PROPOSED ACTION tems in the treatment of income from alimony, child support, separate maintenance, part-time The Federal Reserve Board has requested com- employment, retirement benefits, or public asment on proposed changes in procedures that sistance. The regulation requires that creditors would eliminate, or subject to pricing, nearly not discount or exclude such income from con- %\Vi billion of Federal Reserve float. The Board sideration. asked for comment by December 15, 1982. The second interpretation concerns the selection and disclosure of principal reasons for adverse actions on applications for credit. REGULATION O: AMENDMENT In addition, the Board has withdrawn, effec- The Federal Reserve Board has announced, tive October 15, proposed amendments to the effective November 1, 1982, amendments to Reg- business credit provisions of Regulation B. The ulation O (Loans to Executive Officers, Direc- amendments would have affected only the metors, and Principal Shareholders of Member chanical requirements of the regulation, and their Banks) to conform to provisions of the recently withdrawal does not affect the substantive provienacted Garn-St Germain Depository Institu- sions of the regulation prohibiting discrimination tions Act of 1982. in any aspect of a business credit transaction on The amended regulation provides for the fol- the basis of sex, marital status, race, and like lowing: provisions. The Board said that the costs and 1. Removal of the dollar limit on the amount a burdens associated with the proposed amendmember bank may lend to its executive officers ments outweighed their possible benefits, which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 Federal Reserve Bulletin • November 1982 the Board judged to be slight in view of the basic and are adjusted periodically as new condition requirements of the regulation. reports become available. This revision incorporates benchmark corrections derived from condition reports for December 1980, June 1981, and REGULATION Q: INTERPRETATION December 1981, affecting the monthly data back to July 1980. The Federal Reserve Board has announced an Several procedural changes were adopted in interpretation of Regulation Q (Interest on De- this revision for computing the seasonal factors posits) stating that loans made upon the security for the demand deposit series. These include of a time deposit must be made at an interest rate shifting seasonal factor computations from stable at least 1 percentage point higher than the effec- to moving; computation of new trading-day adtive interest rate being paid upon the time depos- justments for both debits and deposit balances; it. This interpretation means that the effect of preadjusting demand deposit data to minimize compounding on the rate of interest paid on the effects of major nonseasonal fluctuations on seatime deposit must be taken into account in deter- sonal factors, as is done in seasonally adjusting mining the minimum rate that must be charged transactions deposits in the money stock (Ml); for a loan for which the time deposit is security. and use of ARIMA forecasts in conjunction with The interpretation is applicable to loans se- the Census X-ll seasonal adjustment procedure cured by a time deposit that are made, extended, in computing seasonal factors. or renewed on or after October 18, 1982, or to As in the past, seasonal adjustments were agreements for such loans entered into on or computed for debits to demand deposits and for after October 18, 1982. average balances in demand deposits at all insured banks and at banks other than eight major New York City banks. Seasonally adjusted data REVISION OF DEBITS AND for New York City banks were derived by sub- DEPOSIT TURNOVER SERIES tracting seasonally adjusted totals for other banks from the all insured bank totals. For all The bank debits and deposit turnover series have three groups of banks, the seasonally adjusted been revised, reflecting new benchmark correc- series for demand deposit turnover was derived tions and revisions in seasonal factors. In addi- by dividing seasonally adjusted annual rates of tion, the format of table 1.22 (page A15 in this debits by corresponding seasonally adjusted BULLETIN) in which these data are published has monthly average deposits. been changed; the business savings series that Seasonally adjusted turnover rates for ATShad been published since July 1977 has been NOW accounts and for savings accounts, availeliminated, and estimates for a redefined savings able for the first time, were derived by applying account that includes business savings but ex- X-ll stable seasonal factor computations directcludes automatic transfer service (ATS) and ne- ly to turnover rates for these accounts. This gotiable order of withdrawal (NOW) accounts method of seasonal adjustment was chosen behave been added. Debits and turnover data for cause of the relatively short period for which ATS and NOW accounts and for demand depos- turnover data for these accounts are available its will be continued, and all series will be shown and because the turnover ratios are affected less both with and without seasonal adjustment. Pre- by major nonseasonal fluctuations than are debviously, seasonally adjusted data were available its and deposit balances. Deposit balances were only for demand deposits. seasonally adjusted by using existing seasonal Annual rates of bank debits and deposit turn- factors for corresponding money stock compoover are estimated each month on the basis of nents. ATS and NOW balances were adjusted by using implicit seasonal factors derived for the data reported by a sample of 300 commercial "other checkable deposit" component of Ml, banks, with sample data blown up to represent and savings balances were adjusted by using all insured banks. Blowup factors are derived existing seasonal factors for the commercial from reports of condition for all insured banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 705 bank savings deposit component of M2. Season- In deciding to assess the civil money penalty ally adjusted debits to ATS-NOW and to savings the Board noted that NBW, in order to increase accounts were computed indirectly by multiply- the level of demand deposits reported in its 1980 ing the seasonally adjusted turnover rates by year-end published financial statement, used the seasonally adjusted average deposit balances. device of paying interest premiums on repur- Table 1.22 in this BULLETIN provides data chase agreements in amounts directly related to from April to September 1982. Back data before the amounts deposited in non-interest-bearing April 1982 may be obtained from the Banking demand accounts. Section, Division of Research and Statistics, The Board views most seriously any arrange- Board of Governors of the Federal Reserve ments by depository institutions for the purpose System, Washington, D.C. 20551. of "window dressing" financial statements particularly when, as here, those transactions involve, in the opinion of the Board, violations of STUDY OF MARGIN REQUIREMENTS the Federal Reserve Act and Regulation Q (Interest on Deposits). The Federal Reserve Board has announced that its staff is engaged in a special study of the effectiveness, scope, and structure of federal EXEMPTIONS FROM DISCLOSURE regulation of margin requirements (maximum REQUIREMENTS loan permissible for purchasing or carrying securities). The Federal Reserve Board has approved appli- The Board's staff is conducting the review in cations for renewal of exemptions from the discooperation with the staffs of the Securities and closure requirements of the Federal Home Mort- Exchange Commission and the Commodities Fu- gage Disclosure Act, as amended in 1980, and of tures Trading Commission. the Board's Regulation C (Home Mortgage Dis- The Board said that federal margin authority closure), which implements the act, to Connectineeds reexamination because of changes that cut, Massachusetts, New Jersey, and New York, have occurred in the structure of financial mar- effective November 5, 1982. The exemptions kets since the inception of margin regulation in were granted based upon the Board's determina- 1934. In addition, it cited the fact that some tion that the states' laws provide for substantially markets for financial futures and options, which similar disclosures and that there are adequate have grown rapidly in recent years, operate provisions for enforcement by these states. under a different regulatory framework from the The Board also terminated the existing exempcash markets on which they are based. tion for California, which discontinued adminis- The Board has requested comment by Decem- tration of the state's mortgage disclosure laws. ber 20, 1982, on the effectiveness of the system, its scope, its administration, and so on. DEREGULATION OF PRODUCT LINES CIVIL MONEY PENALTY The Federal Reserve Board has published the proceedings of a colloquium held at the Board in The Federal Reserve Board announced on No- July on the Deregulation of Product Lines. The vember 2,1982, that it had imposed a civil money colloquium was attended by representatives of penalty against the National Bank of Washington financial institutions and policy planners from (NBW), Washington, D.C., for two violations by federal regulatory agencies to discuss the future NBW of the prohibition against the payment of of bank deregulation. The colloquium format was interest on demand deposits. chosen to encourage an open exchange of infor- NBW has consented to the civil money penalty mation and ideas rather than asking for formal of $2,900, the maximum that can be assessed in comment on specific regulatory proposals. The this case, without admitting any violation. published proceedings and also an eight-page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 Federal Reserve Bulletin • November 1982 executive summary are available on request from branch of an Edge corporation and for making Publications Services, Board of Governors of the certain investments under the regulation. The Federal Reserve System, Washington, D.C. Board also made two technical changes in the 20551. regulation. At the same time, the Board amended its rules regarding availability of information with respect CHANGES IN BOARD STAFF to certain required annual reporting by foreign banking organizations and revised its rules re- The Board of Governors has announced the garding delegation of authority to permit the following changes in its official staff, effective Federal Reserve Banks and Board officials to October 18, 1982. take action on certain applications under Regula- William C. Schneider, Jr., appointed Assistant tion K. Director, Data Services, in the Division of Data The Board acted in the light of experience Processing. Mr. Schneider, who joined the since it revised Regulation K in 1979 to imple- Board's staff in March 1976, holds a B.A. from ment provisions of the International Banking Act Geneva College and an M.B.A. from George of 1978. Mason University. Elizabeth A. Johnson appointed Assistant Director, Data Systems, in the Division of Data SYSTEM MEMBERSHIP: Processing. Ms. Johnson, a member of the ADMISSION OF STATE BANKS Board's staff since October 1970, holds a B.A. from the College of Wooster and has completed The following banks were admitted to membergraduate level work at Stanford, George Wash- ship in the Federal Reserve System during the ington, and American Universities. period October 11 through November 10, 1982: Colorado REGULATION K: AMENDMENTS Littleton Broadway Bank Indiana The Federal Reserve has announced amend- Elkhart Midwest Commerce ments to its Regulation K (International Banking Banking Company Operations), effective November 8, 1982, to Oregon streamline procedures for establishing a U.S. Milton-Freewater . . Bank of Milton-Freewater Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

707 Legal Developments AMENDMENTS TO REGULATION A Federal Reserve Bank Rate Effective The Board of Governors of the Federal Reserve Sys- B N o ew st o Y n ork 9 9 V V i i O O c c t t o o b b e e r r 1 1 2 2 , , 1 1 9 9 8 8 2 2 tem has amended its Regulation A, "Extensions of Philadelphia 91/2 October 12, 1982 Credit by Federal Reserve Banks," for the purpose of Cleveland 91/2 October 13, 1982 Richmond 9Vi October 12, 1982 adjusting discount rates. The action was designed to Atlanta 9Vi October 12, 1982 maintain an appropriate alignment with short-term Chicago 9!/2 October 12, 1982 market interest rates. St. Louis 91/2 October 12, 1982 Minneapolis 91/2 October 12, 1982 Effective on the dates shown in the tables, the Board Kansas City 91/2 October 12, 1982 amends Part 201 as set forth below: Dallas 91/2 October 12, 1982 San Francisco 9'/2 October 11, 1982 (b) The rates for other extended credit provided to Part 201—Extensions of Credit by Federal depository institutions under sustained liquidity pres- Reserve Banks sures or where there are exceptional circumstances or practices involving a particular institution under § 201.3(b)(2) of Regulation A are: Section 201.51—Short Term Adjustment Credit for Depository Institutions Federal Reserve Bank Rate Effective The rates for short term adjustment credit provided to Boston 9'/2 October 12, 1982 depository institutions under § 201.3(a) of Regulation New York 91/2 October 12, 1982 Philadelphia 91/2 October 12, 1982 A are: Cleveland 91/2 October 13, 1982 Richmond 91/2 October 12, 1982 Atlanta 9Vi October 12, 1982 Chicago 91/2 October 12, 1982 St. Louis 9l/2 October 12, 1982 Minneapolis 91/2 October 12, 1982 Kansas City 91/2 October 12, 1982 Federal Reserve Bank Rate Effective Dallas 91/2 October 12, 1982 San Francisco 91/2 October 11, 1982 Boston 9Vi October 12, 1982 New York 9Vi October 12, 1982 Philadelphia 9Vi October 12, 1982 NOTE. These rates apply for the first 60 days of borrowing. A 1 per Cleveland 9Vi October 13, 1982 cent surcharge applies for borrowing during the next 90 days, and a 2 Richmond 9Vi October 12, 1982 per cent surcharge applies for borrowing thereafter. Atlanta 9Vi October 12, 1982 Chicago 9Vi October 12, 1982 St. Louis 9V2 October 12, 1982 AMENDMENTS TO REGULATION D Minneapolis 9Vi October 12, 1982 Kansas City 9Vi October 12, 1982 The Board of Governors of the Federal Reserve Sys- Dallas 9'/2 October 12, 1982 San Francisco 9Vi October 11, 1982 tem has amended Regulation D "Reserve Requirements of Depository Institutions," (12 CFR Part 204) to modify the manner in which depository institutions Section 201.52—Extended Credit to Depository maintain required reserves. The changes adopted by Institutions the Board will introduce contemporaneous reserve requirements on transaction accounts for medium-size and larger depository institutions instead of the lagged (a) The rates for seasonal credit extended to deposi- system now in effect. The Board believes that shortentory institutions under § 201.3(b)(1) of Regulation A ing the lag between the computation and maintenance are: of required reserves on transaction accounts will en- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 Federal Reserve Bulletin • November 1982 hance the conduct of monetary policy by strengthen- (1) A depository institution with total deposits of ing the linkage between the supply of reserves and the less than $15 million shall file a report of deposits money supply. The first reserve maintenance period to once each calendar quarter for a seven-day compuwhich contemporaneous reserve requirements will ap- tation period that begins on the third Tuesday of a ply begins February 2, 1984. given month during the calendar quarter. Each Reserve Bank shall divide the depository institu- Part 204—Reserve Requirements of Depository tions in its District that qualify under this paragraph Institutions into three substantially equal groups and assign each group a different month to report during each calen- 1. In § 204.2(h), footnote 1 is amended by deleting the dar quarter. word "fourth" and inserting in its place the word (2) Required reserves are computed on the basis of "second"; in § 204.3, paragraphs (c), (d), and (h) are the depository institution's daily average deposit revised to read as follows; § 204.4 is amended by balances during the seven-day computation period. revising the schedule in paragraph (a) as follows; and In determining the reserve balance that a depository the third sentence of § 204.7(a)(1) is amended by institution is required to maintain with the Federal deleting the word "computation" and inserting the Reserve, the daily average vault cash held during word "maintenance" in its place: the computation period is deducted from the amount of the institution's required reserves. The reserve Section 204.3—Computation and Maintenance balance that is required to be maintained with the Federal Reserve shall be maintained during a corresponding period that begins on the fourth Thursday (c) Computation of required reserves. following the end of the institution's computation (1) Required reserves are computed on the basis of period and ends on the fourth Wednesday after the daily average balances of deposits and Eurocur- close of the institution's next computation period. rency liabilities during a fourteen-day period ending Such reserve balance shall be maintained in the every second Monday (the "computation period"). amount required on a daily average basis during Reserve requirements are computed by applying the each week of the quarterly reserve maintenance ratios prescribed in section 204.9 to the classes of period. deposits and Eurocurrency liabilities of the institu- * * * tion. The reserve balance that is required to be (4) A depository institution that qualifies under this maintained with the Federal Reserve shall be main- paragraph may elect at the beginning of a calendar tained during a fourteen-day period (the "mainte- year to report deposits on a weekly basis and nance period") which begins on a Thursday and maintain reserves during fourteen-day reserve mainends on the second Wednesday thereafter. tenance periods in accordance with paragraph (c) of (2) A reserve balance shall be maintained during a this section. given maintenance period, based (i) on the daily average net transaction accounts held by the depository institution during the computation period that began immediately prior to (h) Carryover of excesses or deficiencies. the beginning of the maintenance period ; and (1) For a depository institution computing required (ii) on the daily average nonpersonal time depos- reserves under paragraph (c) of this section, any its and daily average Eurocurrency liabilities held excess or deficiency in a required reserve balance by the depository institution during the computa- for any maintenance period that does not exceed the tion period that ended seventeen days prior to the greater of the percentage set forth in the schedule beginning of the maintenance period. below of the institution's required reserves (includ- (3) In determining the reserve balance that is re- ing required clearing balances) or $25,000, shall be quired to be maintained with the Federal Reserve, carried forward to the next maintenance period. the daily average vault cash held during the computation period that ended seventeen days prior to the beginning of the maintenance period is deducted Percentage applied to from the amount of the institution's required re- Reserve maintenance periods determine allowable occurring between carryover serves. February 2, 1984 and August 1, 1984 3 (d) Special rule for depository institutions that have August 2, 1984 and January 30, 1985 2Vi January 31, 1985 and forward 2 total deposits of less than $15 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 709 (2) For a depository institution reporting deposits and adding a new paragraph (4) to § 205.11(c), as and maintaining required reserves under paragraph follows: (d) of this section, any excess or deficiency in a required reserve balance for any maintenance peri- Part 205—Electronic Fund Transfers od that does not exceed the greater of 2 per cent of the institution's required reserves (including re- Section 205.3—Exemptions quired clearing balances) or $25,000, shall be carried forward to the next maintenance period. (3) Any carryover not offset during the next period (g) Preauthorized transfers to small financial may not be carried forward to additional periods. institutions. (1) Any preauthorized transfer to or from an account if the assets of the account-holding financial Section 204.4—Transitional Adjustments institution are $25 million or less on December 31.,a (2) If the account-holding financial institution's assets subsequently exceed $25 million, the institution's exemption for this class of transfers shall terminate one year from the end of the calendar year in which the assets exceed $25 million. Percentage that Reserve maintenance periods occurring computed reserves will be reduced Section 205.9—Documentation of Transfers November 13, 1980 to September 2, 1981 87.5 September 3, 1981 to September 1, 1982 75 (a) Receipts at electronic terminals.*** September 2, 1982 to August 31, 1983 62.5 (3) The type of transfer and the type of the consum- September 1, 1983 to September 12, 1984 50 September 13, 1984 to September 11, 1985 37.5 er's account(s)3*** September 12, 1985 to September 10, 1986 25 September 11, 1986 to September 9, 1987 12.5 September 10, 1987 and forward 0 (c) Documentation for certain passbook accounts. In the case of a consumer's passbook account which may not be accessed by any electronic fund transfers other than preauthorized transfers to the account,93*** AMENDMENTS TO REGULATION E (d) Periodic statements for certain non-passbook ac- The Board is adopting four amendments to Regulation counts. If a consumer's account other than a passbook E, "Electronic Fund Transfers." The amendments account may not be accessed by any electronic fund will (1) exempt from the regulation preauthorized transfers other than preauthorized transfers to the electronic fund transfers to or from accounts at finan- account,93*** cial institutions with assets of $25 million or less; (2) provide that the terminal receipt need not disclose the type of account involved, in an automated teller ma- (h) Periodic statements for certain intra-institutional chine transaction where only one particular account transfers. A financial institution need not provide the can be accessed by the consumer; (3) exempt from periodic statement required by paragraph (b) of this duplicative periodic statement requirements certain section for an account accessed only by electronic transfers between a consumer's accounts held at the fund transfers initiated by the consumer to or from same institution; and (4) modify documentation and another account of the consumer for which the finanerror resolution requirements for the transfers initiated cial institution documents transfers in compliance with outside the United States. These amendments are in paragraph (b) of this section. response to requests from financial institutions, and are designed to reduce regulatory burdens without giving up significant consumer protection. Effective October 12, 1982, the Board amends Regu- la*** lation E, 12 CFR Part 205, by adding a new paragraph 3***The type of account need not be identified if the access device (g) to § 205.3, revising the last sentence of footnote 3 may access only one account at that terminal. 9aAccounts that also are accessible by the intra-institutional transto § 205.9(a)(3), adding a new footnote 9a to § 205.9(c) fers described in paragraph (h) of this section may continue to be and (d), adding new paragraphs (h) and (i) to § 205.9, documented in accordance with paragraph (c) or (d) of this section. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 Federal Reserve Bulletin • November 1982 (i) Documentation for foreign-initiated transfers. Fail- ences a change in circumstances described in paraure to provide the terminal receipt and periodic state- graphs (a) and (b) of § 212.6, and the change rement required by paragraphs (a) and (b) of this section quires the termination of service at the depository for a particular electronic fund transfer shall not be organization of 50 per cent or more of the organizadeemed a failure to comply with this regulation, if: tion's directors or of 50 per cent or more of the total (1) the transfer is not initiated in a state as defined in management officials of the depository organization, § 205.2(k); and such management officials may continue to serve in (2) in accordance with § 205.11, the financial insti- excess of the time periods provided in paragraphs tution treats an inquiry for clarification or documen- 212.6(a) or 212.6(b): Provided that: (i) Each managetation as a notice of error and corrects the error. ment official so affected agrees to sever the prohibited interlocking relationship no later than 30 months after the change in circumstances; (ii) the appropri- Section 205.11—Procedures for Resolving ate Federal supervisory agency or agencies deter- Errors mine that the service by such management officials is necessary to provide management or operating expertise; (iii) the depository organization submits a proposal for the orderly termination of service by (c) Investigation of errors.*** such management officials over the time period (4) If a notice of an error involves an electronic fund provided; and (iv) other conditions in addition to, or transfer that was not initiated in a state as defined in in lieu of, the foregoing may be imposed by the § 205.2(k), the applicable time periods for action in appropriate Federal supervisory agency or agencies subsections (c), (e), and (f) shall be 20 business days in any specific case. in place of 10 business days, and 90 calendar days in place of 45 calendar days. Section 212.4—Permitted Interlocking Relationships. AMENDMENTS TO REGULATION L (c) Diversified savings and loan holding company. The Board of Governors has amended its Regulation Notwithstanding Section 212.3, a person who serves L, "Management Official Interlocks", to reflect recent as a management official of a depository organization changes enacted by Congress in the law. These and a nondepository organization is not prohibited changes permit a management official whose service in from continuing the interlocking service when the an interlocking relationship is grandfathered under the nondepository organization becomes a diversified sav- Act to continue such service for the duration of the ten ings and loan holding company, as defined in Section year grandfather period provided in the Act notwith- 408(a)(1)(F) of the National Housing Act (12 U.S.C. standing changes in circumstances. The changes also § 1730a(a)(l)(F)). This subparagraph shall cease to permit a management official of a depository organiza- operate on November 10, 1988. tion and a nondepository organization to continue such service after the nondepository organization be- Section 212.5—Grandfathered Interlocking comes a diversified savings and loan holding company. Relationships. Effective October 26, 1982, the Board amends section 212.4 by revising subparagraph (b)(5) and adding A person whose interlocking service in a position as a new paragraph (c); section 212.5 is revised; and sec- management official of two or more depository organition 212.6 is amended by removing paragraphs (a)(1) zations began prior to November 10, 1978, and was not and (2) and redesignating paragraphs (b)(1) and (2) as immediately prior to that date in violation of Section 8 (a) and (b), respectively, as set forth below: of the Clayton Act (12 U.S.C. § 19) is not prohibited from continuing to serve in such interlocking positions Part 212—Management Official Interlocks until November 10, 1988. Any management official who has been required to terminate service in one or Section 212.4—Permitted Interlocking more such interlocking positions as a result of a Relationships. change in circumstances defined in 12 CFR Part 212.6(a) as it existed prior to [effective date of this amendment] (12 CFR § 212.6(a) (1981)) but who has (b) *** not terminated such service as of [effective date of this (5) Loss of management officials due to change in amendment] is not prohibited from continuing such circumstances. If a depository organization experi- service until November 10, 1988. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 711 AMENDMENT TO RULES REGARDING in the meaning of the Bank Holding Company Act, DELEGATION OF AUTHORITY 12 U.S.C. § 1841 et seq., has applied for the Board's approval pursuant to section 3(a)(5) of the act, The Board of Governors of the Federal Reserve Sys- 12 U.S.C. § 1842(a)(5), to merge with The Hancock tem has expanded the delegated authority of the Group, Incorporated, Quincy, Massachusetts ("Han- General Counsel to include authority to revoke accep- cock"), also a bank holding company, under the tance of and return a notice filed pursuant to the charter and name of Applicant. Change in Bank Control Act, or to extend the time Notice of the application, affording opportunity for during which action must be taken on such a notice interested persons to submit comments and views, has where the General Counsel has determined, with the been given in accordance with section 3(b) of the act. concurrence of the Board's Director of Banking Su- The time for filing comments and views has expired, pervision and Regulation, that the notice is materially and the Board has considered the application and all incomplete or contains material information that is comments received in light of the factors set forth in substantially inaccurate. section 3(c) of the act, 12 U.S.C. § 1842(c). Effective October 15, 1982, Part 265 is amended by Applicant is the fourth largest commercial banking adding to section 265.2(b), a new subsection (10) as set organization in Massachusetts and controls 11 subsidforth below: iary banks, with aggregate deposits of $2.7 billion, representing 12.3 percent of the total deposits in Part 265—Rules Regarding Delegation of commercial banks in the state.1 Hancock is the fif- Authority teenth largest commercial banking organization in the state and controls one subsidiary bank with aggregate Section 265.2—Specific Functions Delegated to deposits of $138.7 million, representing 0.6 percent of Board Employees and to Federal Reserve the total deposits in commercial banks in Massachu- Banks. setts. Consummation of the proposal would increase Applicant's share of the total deposits in commercial (b) The general counsel of the Board (or, in the banks in the state by 0.6 percent and its rank would general counsel's absence, the acting general counsel) remain unchanged. Accordingly, the Board concludes is authorized: that consummation of the proposed transaction would not have a significant effect on the concentration of banking resources in Massachusetts. (10) To revoke acceptance of and return as incom- Applicant is the fifth largest banking organization in plete a notice filed pursuant to the Change in Bank the Boston banking market2 and operates three subsid- Control Act (12 U.S.C. § 18170)) or to extend the iaries in that market with aggregate deposits of $1.9 time during which action must be taken on a notice, billion, representing 11.4 percent of the total deposits where the general counsel determines, with the in commercial banks in the market.3 Hancock's subconcurrence of the Board's Director of Banking sidiary, Hancock Bank and Trust Company, Quincy, Supervision and Regulation, that the notice is mate- Massachusetts ("Hancock Bank"), also competes in rially incomplete under the Change in Bank Control the Boston banking market and, with deposits of Act or the Board's regulations promulgated thereun- $126.2 million, is the 13th largest banking organization der or contains material information that is substan- in the market, controlling 0.7 percent of the total tially inaccurate. deposits in commercial banks in the market. Upon consummation of the proposed transaction, Appli- BANK HOLDING COMPANY AND BANK MERGER cant's share of the total deposits in commercial banks ORDERS ISSUED BY THE BOARD OF GOVERNORS in the market would increase to 12.1 percent and Applicant would become the fourth largest banking Orders Under Section 3 of Bank Holding organization in the Boston banking market. Company Act This application represents Applicant's second attempt to acquire Hancock Bank. In 1973, the Board Bank of New England Corporation, Boston, Massachusetts 1. Unless otherwise indicated, all banking data are as of March 31, Order Approving Merger of Bank Holding 1982. 2. The Boston banking market is approximated by the Boston RMA Companies which includes all of Suffolk County, most of Middlesex, Norfolk and Plymouth Counties, and small portions of Worcester and Bristol Counties, all in Massachusetts, and a portion of southern New Bank of New England Corporation, Boston, Massa- Hampshire. chusetts ("Applicant"), a bank holding company with- 3. As of June 30, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 Federal Reserve Bulletin • November 1982 denied Applicant's proposal to acquire Hancock acquired is a market leader. Only one of the criteria Bank, based on its conclusion that the affiliation would established under the guidelines is present in this case. eliminate significant competition in the Boston bank- Hancock is represented in the Providence, Rhode ing market, which the Board defined as the Boston Island, banking market, where Applicant is not cur- Standard Metropolitan Statistical Area.4 The Board rently represented.6 Although the Providence banking stated that consummation of the proposal would aggra- market is highly concentrated, it does not appear vate the high level of deposit concentration that exist- attractive for de novo entry or expansion and Applicaed in the Boston banking market. In addition, the tion does not appear reasonably likely to enter the Board indicated that the transaction would eliminate market by alternative means. Moreover, Applicant is one of the more desirable remaining independent only one of a number of probable future entrants into banks in the market as a possible means of entry for a the market. In any event, Hancock, the 16th largest banking organization not represented in the Boston banking organization in the market, holds only $5.1 banking market. million in deposits, representing 0.1 percent of the While consummation of the proposed merger would market's deposits in commercial banks. In light of all eliminate some existing competition in the Boston the facts of record, the Board does not believe that banking market, the Board believes that a number of consummation of the proposed merger would have the facts of record indicate that the anticompetitive such adverse effects on probable future competition in effects associated with the proposed transaction would the Providence banking market as to warrant denial. not be as serious as in 1973. Specifically, in 1974, Accordingly, the Board concludes that competitive based on a study of commuting patterns, demographic considerations are consistent with approval. data and other factors, the Board determined that the The financial and managerial resources and future Boston banking market was better approximated by prospects of Applicant, its subsidiaries and Bank are the significantly larger Boston RMA. Based on this regarded as generally satisfactory and considerations redefinition of the market, the market share of Appli- relating to banking factors are consistent with approvcant and Hancock decreased. Moreover, the four-firm al. Moreover, as a result of consummation, customers concentration ratio in the market decreased from 68.1 of Hancock would benefit from the addition of new in 1973 to 64.8 in 1981; and today the market is only services, including simple interest loans and consumer moderately concentrated. Finally, there is no evidence credit documents in "plain English." In addition, that any other organization has sought to acquire Hancock will offer a one percent reduction on instal- Hancock and, upon consummation of the proposal, ment loans when payment is by automatic deduction numerous banking alternatives would remain in the from a customer's checking account. Further, Hanmarket. Accordingly, the Board does not regard the cock will be able to provide its customers with expandelimination of existing competition at this time to be so ed trust services and will have greater access to the significant as to warrant denial of the application. secondary mortgage market. Thus, considerations re- The Board has also considered the effects of this lating to convenience and needs of the community to acquisition on probable future competition in light of be served are consistent with approval and tend to its proposed quidelines for assessing the competitive outweigh any adverse competitive effects of the transeffects of bank holding company acquisitions and action. Based on the foregoing and other considermergers.5 Under these guidelines, the Board will make ations reflected in the record, the Board's judgment is an intensive examination of a proposed merger's effect that consummation of the transaction would be conon potential competition where the market involved is sistent with the public interest. concentrated, where there are only a small number of On the basis of the record and for the reasons probable future entrants into the market, where the discussed above, the application is hereby approved. market is attractive for entry, and where the firm to be The transaction shall not be consummated before the thirtieth calendar day following the effective date of this Order, or later than three months after the effective date of this Order, unless such period is extended 4. 59 FEDERAL RESERVE BULLETIN 459 (1973). for good cause by the Board or by the Federal Reserve 5. "Policy Statement of the Board of Governors of the Federal Bank of Boston, pursuant to delegated authority. Reserve System in Assessing Competitive Factors Under the Bank 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 6. The Providence, Rhode Island banking market is approximated Corporation," 68 FEDERAL RESERVE BULLETIN 309 (1982); "Colora- by the Providence Standard Metropolitan Statistical Area plus the do National Bankshares, Inc.," FEDERAL RESERVE BULLETIN 553 four Rhode Island towns of West Greenwich, Exeter, Foster, and (1982). Glocester. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 713 By order of the Board of Governors, effective with a 0.4 percent increase in the market share of October 14, 1982. deposits. Thus, consummation of this proposal would eliminate some existing competition between Appli- Voting for this action: Vice Chairman Martin and Gover- cant and Bank. However, any adverse competitive nors Wallich, Partee, Teeters, Rice, and Gramley. Absent consequences are mitigated by the following and other and not voting: Chairman Volcker. facts of record. First, numerous banking organizations compete in the market. Second, the state's largest (Signed) WILLIAM W. WILES, banking organizations are represented in the market. [SEAL] Secretary of the Board. Finally, the Houston market would not be considered a highly concentrated market after consummation of Texas Commerce Bancshares, Inc., this proposal, with a four-firm concentration ratio of Houston, Texas 60.3 percent. In light of the above, the Board finds that the acquisition would not have any significant adverse Order Approving Acquisition of Bank effects on existing or potential competition or on the concentration of resources. Texas Commerce Bancshares, Inc., Houston, Texas The financial and managerial resources and future ("Applicant"), a bank holding company within the prospects of Applicant, its subsidiaries and Bank are meaning of the Bank Holding Company Act, has regarded as generally satisfactory. Considerations reapplied for the Board's approval under section 3(a)(3) lating to banking factors are consistent with approval. of the act (12 U.S.C. § 1842(a)(3)) to acquire 100 Moreover, Bank's affiliation with Applicant will enpercent of Chemical Bank and Trust Company, Hous- able Bank to avail itself of Applicant's resources and ton, Texas ("Bank"). services. Thus, considerations relating to the conve- Notice of the application, affording opportunity for nience and needs of the community to be served lend interested persons to submit comments and views, has slight weight toward approval and outweigh any adbeen given in accordance with section 3(b) of the act. verse competitive effects that may result from con- The time for filing comments and views has expired, summation of the proposal. Accordingly, the Board and the Board has considered the application and all has determined that consummation of the transaction comments received in light of the factors set forth in would be consistent with the public interest and the section 3(c) of the act (12 U.S.C. § 1842(c)). application should be approved. Applicant, the third largest banking organization in On the basis of the record, this application is ap- Texas, controls 50 banking subsidiaries with total proved for the reasons summarized above. The transdeposits of $9.2 billion, representing 8.73 percent of action shall not be made before the thirtieth calendar total deposits in commercial banks in the state.1 Bank, day following the effective date of this Order, or later with deposits of $119 million, is the 61st largest than three months after the effective date of this commercial banking organization in Texas, holding Order, unless such period is extended for good cause 0.11 percent of total deposits in commercial banks in by the Board or by the Federal Reserve Bank of Dallas the state. Upon consummation, Applicant will remain acting pursuant to delegated authority. the third largest banking organization in the state with By order of the Board of Governors, effective 8.84 percent of total commercial deposits in the state. October 4, 1982. Thus, the Board concludes that acquisition of Bank would have no significant effect on the concentration Voting for this action: Chairman Volcker and Governors of banking resources in Texas. Martin, Wallich, Partee, Teeters, Rice, and Gramley. Bank is the 21st largest banking organization in the Houston banking market,2 controlling approximately (Signed) JAMES MCAFEE, 0.4 percent of the total deposits in commercial banks [SEAL] Associate Secretary of the Board. in the market. Applicant also competes in the Houston banking market, and is the second largest banking organization in the relevant market, with about 20.7 United Midwest Bancshares, Inc., percent of total deposits in commercial banks in the Cincinnati, Ohio market. Upon consummation, Applicant would become the largest banking organization in the market, Order Denying Formation of a Bank Holding Company 1. All banking data are as of December 31, 1981. United Midwest Bancshares, Inc., Cincinnati, Ohio, 2. The Houston banking market is approximated by the Houston has applied for the Board's approval under section RMA. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 Federal Reserve Bulletin • November 1982 3(a)(1) of the Bank Holding Company Act (12 U.S.C. which is nonvoting, would pay a cumulative annual § 1842(a)(1)) to form a bank holding company by dividend of 10 percent, as well as an income participaacquiring 100 percent of the voting shares of Southern tion dividend. The Board notes that Baldwin's pre- Ohio Bank, Cincinnati, Ohio ("Bank"). ferred stock investment would represent approximate- Notice of the application, affording opportunity for ly 67 percent of Applicant's total equity.4 interested persons to submit comments and views, has The Board notes that in connection with this proposbeen given in accordance with section 3(b) of the act. al, Applicant would incur a sizable acquisition debt of The time for filing comments and views has expired, $15 million, to be repaid over a thirteen-year period.5 and the Board has considered the application and all Because of the size of the banking organization incomments received in light of the factors set forth in volved, the Board has considered Applicant's propossection 3(c) of the act (12 U.S.C. § 1842(c)). al under the Board's Capital Adequacy Guidelines Applicant, a nonoperating Ohio corporation with no generally applicable to bank holding companies with subsidiaries, was organized for the purpose of becom- consolidated assets of over $150 million.6 Applicant's ing a bank holding company by acquiring Bank, which proposal would not satisfy the financial criteria in holds deposits of $209.6 million. Upon acquisition of those Guidelines. The level of debt in the proposal Bank, Applicant would control the 35th largest bank in greatly exceeds that which the Board considers pru- Ohio and would hold 0.48 percent of the total commer- dent for larger banking organizations. Also, the concial deposits in the state.1 solidated total capital to assets ratio would be below Bank is the 5th largest of 41 banking organizations in the level the Board considers acceptable, particularly the relevant banking market and holds approximately in light of the sizable leverage that would result from 4.25 percent of total deposits in commercial banks in the proposed transaction. the market.2 The proposed transaction is essentially a Applicant believes that the proposed transaction corporate reorganization, consummation of which should be judged on the basis of the Board's financial would not result in any adverse effects upon competi- standards for the formation of small bank holding tion or in an increase in the concentration of banking companies. Under these standards, the Board has resources in any relevant area. Accordingly, the Board allowed such companies to be more highly leveraged concludes that competitive considerations are consist- in order to facilitate the sale of smaller community ent with approval. banks for which no market exists, and to promote local The Board has indicated on previous occasions that ownership of such banks. However, Bank, with total a holding company should serve as a source of finan- assets of $257 million, exceeds the Board's size critericial and managerial strength to its subsidiary bank(s), on of $150 million for the application of these more and that the Board would closely examine the condi- lenient standards. Moreover, it appears that Bank, tion of an applicant in each case with this consider- which is located in Cincinnati, is an attractive investation in mind. In this case, the Board concludes that ment to other potential purchasers. In addition, althe record in this application presents adverse finan- though the purpose of the proposed transaction is to cial considerations that warrant denial of the proposal enable Bank's present management to acquire control to form a bank holding company. of Bank, many of Applicant's investors are nonbank With regard to financial considerations, Applicant firms. Accordingly, the Board does not believe that proposes to become a bank holding company through Applicant has demonstrated unusual circumstances or a purchase of Bank for $30 million. The source of substantial public benefit to warrant an exception to funds for the purchase includes $15 million in bank the small one-bank holding company standards. borrowings, $5 million from the sale of Applicant's common stock and $10 million from the sale of Applicant's preferred stock. All of Applicant's preferred 4. While the Applicant has committed to reduce Baldwin's prestock would be purchased by a subsidiary of Baldwin- ferred stock investment to below 50 percent of total equity within United Corporation, Cincinnati, Ohio ("Baldwin"), a three years of consummation, and to use its "best efforts" to reduce Baldwin's equity interest to 25 percent within five years of consummadiversified financial conglomerate engaged in impertion, the Board notes that Applicant has not provided any specific plan missible nonbanking activities.3 The preferred stock, for fulfilling this commitment. Moreover, it does not appear that Applicant would have sufficient resources to accomplish this commitment. 5. Ten million dollars of the acquisition debt would be repayable over a ten-year period. An additional loan of $5 million, which is due 1. Deposit and state rank data are as of March 31, 1982. on September 30, 1983, will be refinanced by the lending bank if it is 2. The relevant banking market is the Cincinnati Ranally Metro not paid on that date, thereby postponing repayment of the total debt Area. Market data are as of June 30, 1981. for 13 years. 3. Baldwin, which became a bank holding company as a result of 6. Federal Reserve Board and Comptroller of the Currency Press the 1970 Amendments to the Act, divested its banking subsidiaries on Release, dated December 17, 1981, reprinted in Federal Reserve December 31, 1980. Regulatory Service, U 3-1506. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 715 Even if this proposal were considered under the ment was specifically addressed to investments by more liberal one-bank holding company debt stan- bank holding companies in out-of-state banks and dards, however, the Board does not believe that holding companies, the Board believes that the criteria Applicant would possess sufficient financial flexibility contained in the Policy Statement for determining to repay its indebtedness within a reasonable time, when control through a non-voting equity investment while maintaining adequate capital in Bank. Appli- may or may not exist are also relevant to situations cant's projections concerning its ability to meet its where non-banking companies seek to invest in banks debt servicing requirements are based on overly opti- or bank holding companies. mistic assumptions concerning Bank's earnings. Spe- In this case, Baldwin's non-voting preferred stock cifically, Applicant projects that Bank's earnings will investment represents 67 percent of Applicant's total improve and attain levels substantially above histori- equity, a percentage well above the 25 percent guidecal results. line contained in the Policy Statement and specified in In addition, Applicant's ability to service its debt is prior Board cases as an acceptable level for non-voting dependent upon allowing Baldwin's preferred stock equity investments.9 In addition, the facts of record dividends to accumulate for a number of years.7 The reveal that, through the structure of Applicant's capi- Board views the large preferred stock dividend arrear- talization and by contractural arrangements, Baldwin age as a significant burden on Applicant, which would has achieved a number of rights that are otherwise severely restrict Applicant's ability to provide finan- only available through the ownership of voting shares. cial support to Bank, if required. In particular, be- Under Applicant's Articles of Incorporation, Baldwin cause of Applicant's equity structure and the preferred would be able to limit management's ability to issue dividend arrearage, Applicant would be unable to additional equity capital and pay common stock diviissue additional preferred stock in the event Applicant dends. In addition, Applicant is precluded from selling or Bank were to require additional capital. Also, any part of its interest in Bank by a requirement that because the preferred stock dividend arrearage will the purchaser buy out Baldwin. Similarly, under an preclude the payment of dividends to the common agreement with Applicant's shareholders, Baldwin stockholders, Applicant may be effectively prevented would have the ability to affect the disposition of from selling additional common stock to raise capital. control of Applicant through the sale of its voting In sum, the Board's judgment is that the debt common shares by requiring the purchaser to buy out servicing requirements and the substantial arrearage in Baldwin's interest. As noted, under Applicant's curpreferred stock dividends do not allow Applicant rent projections, there will be a substantial arrearage sufficient financial flexibility to serve as a source of of preferred stock dividends, which limits Applicant's financial strength to Bank in the future. In addition, ability to issue additional equity capital and pay com- Applicant's ability to meet its debt servicing require- mon stock dividends and further strengthens Baldments and pay preferred dividends are dependent win's economic leverage over Applicant. Accordingly, upon its overly optimistic projections concerning the Board finds that the size and structure of Bald- Bank's earnings. Accordingly, based on the record in win's proposed preferred stock investment are inconthis case, the Board concludes that considerations sistent with the criteria specified by the Board in its relating to Applicant's financial resources and future Policy Statement and may provide Baldwin with an prospects weigh against approval of this application. incentive and the ability to exercise a controlling The Board is also concerned about the size and influence over Applicant within the meaning of the act. structure of Baldwin's equity investment in Applicant, Since Applicant proposes no changes in Bank's in that it appears to violate the spirit of the Board's services, convenience and needs factors lend no recently adopted Policy Statement regarding non-vot- weight toward approval of this application. ing equity investments.8 Although the Policy State- On the basis of all the facts of record, the Board concludes that the banking considerations involved in this proposal present adverse factors bearing upon the financial resources and future prospects of Applicant 7. Applicant projects that approximately $7 million in preferred and Bank. Such adverse factors are not outweighed by stock dividends will be accumulated during the first nine years of debt servicing to meet its cash flow requirements on its acquisition debt. If less optimistic earnings projections are used, this arrearage could be as high as $11 million at the end of 14 years, the year the acquisition debt would be repaid. 9. See e.g. "Valley View Bancshares" 61 FEDERAL RESERVE 8. 12 CFR § 225.143. The Board has received a protest to this BULLETIN 676 (1975); "Security Bancorp, Inc." 66 FEDERAL REapplication from Huntington Bancshares, Inc. The protest was based SERVE BULLETIN 977 (1980); "Panhandle Aviation, Inc." Board on the size of Baldwin's preferred stock investment and arguments Order, December 23, 1980. See also letter from William W. Wiles, that it would violate the Policy Statement and enable Baldwin to Secretary of the Board, to J. A. Maurer, President, Security Corp., exercise control over Applicant in violation of the act. Duncan, Oklahoma, June 23, 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 Federal Reserve Bulletin • November 1982 any procompetitive effects or by benefits that would considered the application and all comments received result in better serving the convenience and needs of in light of the factors set forth in section (c)(5) the the community. Accordingly, the Board's judgment is Bank Merger Act (12 U.S.C. § 1828(c)(5)). that approval of the application would not be in the Applicant, with deposits of $52.4 million, and Bank, public interest and the application should be denied. with deposits of $12.6 million, are among the smaller On the basis of the facts of record, the application is commercial banks in the state.2 Upon consummation denied for the reasons summarized above. of the proposed transaction, the resulting bank will be By order of the Board of Governors, effective the 38th largest commercial banking organization in October 14, 1982. Alabama, and will control 0.40 percent of the deposits in commercial banks in that state. Accordingly, con- Voting for this action: Vice Chairman Martin and Gover- summation of this proposal would not have an apprenors Wallich, Partee, Teeters, Rice, and Gramley. Absent ciable effect upon the concentration of commercial and not voting: Chairman Volcker. banking resources in Alabama. Applicant is the fourth largest commercial banking (Signed) JAMES MCAFEE, institution in the Florence banking market3 and con- [SEAL] Associate Secretary of the Board. trols 10.2 percent of the deposits in commercial banks in the market. Bank controls 2.5 percent of the market deposits and is the smallest of eight commercial banking institutions in the Florence banking market. Upon Order Under Bank Merger Act consummation of the proposed transaction, the resulting bank would be the third largest commercial bank in First Colbert National Bank, the market and would control 12.7 percent of market Sheffield, Alabama deposits. Thus, consummation of the proposed transaction would result in the elimination of some existing Order Approving Merger of Banks competition in the Florence market. However, the Board notes that Bank was organized by principals of First Colbert National Bank, Sheffield, Alabama Applicant in 1975, and Applicant and Bank have been ("Applicant"), the sole banking subsidiary of Bancln- affiliated by virtue of common ownership and managedependent, Inc., Sheffield, Alabama, a bank holding ment since the establishment of Bank. Thus, initial company within the meaning of the Bank Holding control of Bank did not eliminate any existing competi- Company Act, has applied for the Board's approval tion or increase market concentration, and it appears under the Bank Merger Act (12 U.S.C. § 1828(c)) to that the relationship between Bank and Applicant is merge with the Bank of Florence, Florence, Alabama such that little if any meaningful competition has ever ("Bank"), under the charter and title of Bank Inde- developed between the two banks. In light of this pendent, Sheffield, Alabama. As an incident to the relationship, the Board does not regard the effects of proposed merger, the existing office of Bank would the proposed acquisition on competition within the become a branch office of the resulting bank. Appli- relevant banking market as significant. cant proposes to convert to a state chartered institu- The financial and managerial resources of Applition, and has also applied for membership in the cant, its parent, and Bank are regarded as generally Federal Reserve System.1 satisfactory, and their future prospects appear favor- Notice of this application, affording interested per- able. As a result, considerations relating to banking sons an opportunity to submit comments and views, factors are consistent with approval. Considerations has been given in accordance with the Bank Merger relating to convenience and needs of the community to Act and the Board's Rules of Procedure (12 CFR be served are also consistent with approval. Accord- § 262.3(b)). As required by the Bank Merger Act, ingly, the Board has determined that consummation of reports of the competitive effects of the merger were the transaction would be consistent with the public requested from the United States Attorney General, interest and that the application should be approved. the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. The time for filing comments and views has expired, and the Board has 2. All banking data are as of December 31, 1981. 3. The Florence banking market includes the towns of Muscle Shoals, Sheffield, and Tuscumbia in north central Colbert County, 1. Applicant's request for membership has been reviewed and Alabama, and the town of Florence in south central Lauderdale approved in a separate letter dated October 19, 1982. County, Alabama. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 39 On the basis of the record, the application is ap- By order of the Board of Governors, effective proved for the reasons summarized above. The trans- October 20, 1982. action shall not be consummated before the thirtieth calendar day following the effective date of this Order, Voting for this action: Chairman Volcker and Governors Martin, Wallich, Partee, Teeters, and Gramley. Absent and or later than three months after the effective date of not voting: Governor Rice. this Order, unless such period is extended for good cause by the Board or by the Federal Reserve Bank of (Signed) JAMES MCAFEE, Atlanta acting pursuant to delegated authority. [SEAL] Associate Secretary of the Board. ORDERS APPROVING APPLICATIONS UNDER THE BANK HOLDING COMPANY ACT AND BANK MERGER ACT By the Board of Governors During October 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) Ellis Banking Corporation, Highlands County Bank of Avon Park, October 19, 1982 Bradenton, Florida Avon Park, Florida Mercantile Texas Corporation, Lincoln Centre Bank, N.A., October 22, 1982 Dallas, Texas Dallas, Texas National Bancorp of Alaska, Inc., National Bank of Alaska, October 25, 1982 Anchorage, Alaska Anchorage, Alaska Robuck, Inc., The State Savings Bank, October 29, 1982 South Sioux City, Nebraska Hornick, Iowa Texas American Bancshares, Inc., Texas American Bank/Las Colinas, N.A., October 18, 1982 Fort Worth, Texas Irving, Texas Texas Commerce Bancshares, Inc., Texas Commerce Bank-Northcross, N.A., October 15, 1982 Houston, Texas Austin, Texas U.S. Bancorp, Newport State Bank, October 21, 1982 Portland, Oregon Newport, Oregon Section 4 Nonbanking Applicant company Effective (or activity) date U.S. Bancorp, to acquire the data processing department October 22, 1982 Portland, Oregon of American City Bank, Los Angeles, California Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 Federal Reserve Bulletin • November 1982 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 AApppplliiccaanntt BBaannkk((ss)) Bank date Addison Bancshares, Inc., First Security Bank, Chicago October 26, 1982 Addison, Illinois Addison, Illinois American Banking Corporation, American Bank of Lake Wales, Atlanta October 18, 1982 Lake Wales, Florida Lake Wales, Florida APSB Bancorp, American Pacific State Bank, San Francisco October 14, 1982 North Hollywood, California Sun Valley, California BancSouth, Inc., The Bank of Abbeville, Atlanta October 13, 1982 Abbeville, Alabama Abbeville, Alabama Bank of Cottonwood, Cottonwood, Alabama Bank of Poplar Bluff Bank of Marble Hill, St. Louis October 20, 1982 Bancshares, Inc., Marble Hill, Missouri Poplar Bluff, Missouri Beecher Bancorp, Inc., Farmers State Bank of Beecher, Chicago October 28, 1982 Beecher, Illinois Beecher, Illinois Canadian Bancshares, Inc., First State Bank of Canadian, Dallas September 27, 1982 Canadian, Texas Canadian, Texas Central Dakota Bank Holding Central Dakota Bank, Minneapolis October 22, 1982 Company, Lehr, North Dakota Lehr, North Dakota Central Lakes Bancorporation, The Necedah Bank, Chicago September 29, 1982 Inc., Necedah, Wisconsin Necedah, Wisconsin Central of Illinois, Inc., Mount Morris Bancshares, Inc., Chicago October 22, 1982 Sterling, Illinois Mount Morris, Illinois Citizens State Bank of Mount Morris, Mount Morris, Illinois CharterCorp, Bank of Independence, Kansas City September 27, 1982 Kansas City, Missouri Independence, Missouri Citadel Bankshares, Inc., East Side Bank and Trust, Kansas City October 13, 1982 Wichita, Kansas Wichita, Kansas Citizens Ban-Corporation, The Kingston Bank, Kansas City October 25, 1982 Rock Port, Missouri Kingston, Missouri The Farmers Bank of Sheridan, Sheridan, Missouri Citizens Bank Services, Inc., The Citizens Bank of Abilene, Kansas City October 12, 1982 Abilene, Kansas Abilene, Kansas City Savings Bancshares, Inc., City Savings Bank & Trust Atlanta October 12, 1982 DeRidder, Louisiana Company, DeRidder, Louisiana Clare Bancorporation, Farmers and Merchants Bank, Chicago October 7, 1982 Platteville, Wisconsin Shullsburg, Wisconsin Cloud County Bancshares, Inc., Cloud County Bank and Trust, Kansas City October 13, 1982 Concordia, Kansas Concordia, Kansas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 719 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date CNB Capital Corp., Citizens National Bank, Atlanta October 8, 1982 Pascagoula, Mississippi Pascagoula, Mississippi Dale Bancorp, Inc., The Dale State Bank, St. Louis October 5, 1982 Dale, Indiana Dale, Indiana Drew Bancshares, Inc., Commercial Bank and Trust St. Louis October 25, 1982 Monticello, Arkansas Company, Monticello, Arkansas Falkner Capital Corporation, The Bank of Falkner, St. Louis October 22, 1982 Falkner, Mississippi Falkner, Mississippi Farmersville Bancshares, Inc., First National Bank at Dallas October 22, 1982 Dallas, Texas Farmersville, Farmersville, Texas Financial Future Corporation, First Bank of Ceredo, Richmond October 8, 1982 Ceredo, West Virginia Ceredo, West Virginia First Alabama Bancshares, Inc., South Baldwin Bank, Atlanta October 13, 1982 Montgomery, Alabama Foley, Alabama First Bankshares, Inc., The First Bank of Marianna, Atlanta October 8, 1982 Marianna, Florida Marianna, Florida First Bancshares of Texas, Inc., The Hamilton National Bank, Dallas October 22, 1982 Longview, Texas Hamilton, Texas First Exchange Corp., Jackson Exchange Bank and St. Louis October 22, 1982 Jackson, Missouri Trust Company, Jackson, Missouri First Fletcher Bancshares, Inc., The First National Bank of Kansas City October 18, 1982 Fletcher, Oklahoma Fletcher, Fletcher, Oklahoma First Frankfort Bancshares, Inc., The First National Bank in Kansas City October 14, 1982 Frankfort, Kansas Frankfort, Frankfort, Kansas First Hartford Bancshares, Inc., The First National Bank of Atlanta October 1, 1982 Hartford, Alabama Hartford, Hartford, Alabama First Midwest Bancorp., Inc., The Farmers Bank of Maysville, Kansas City October 15, 1982 St. Joseph, Missouri Maysville, Missouri First Palmetto Bancshares Corp., First Palmetto State Bank & Richmond October 28, 1982 Columbia, South Carolina Trust Company, Columbia, South Carolina First Southern Missouri Banc- Carter County State Bank, St. Louis October 22, 1982 shares, Inc., Van Buren, Missouri Van Buren, Missouri F.M.B. Corporation, Farmers and Merchants Bank, Atlanta October 18, 1982 Monticello, Florida Monticello, Florida Galva Bancshares, Inc., The Farmers State Bank, Kansas City October 15, 1982 Galva, Kansas Galva, Kansas Grand Prairie Bancshares, Inc., Citizens Bank & Trust, St. Louis October 19, 1982 Carlisle, Arkansas Carlisle, Arkansas Green Mountain Bancorporation, Green Mountain Bank, Kansas City October 25, 1982 Inc., Lake wood, Colorado Englewood, Colorado Hampton Park Corporation, The Palwaukee Bank, Chicago September 29, 1982 Romeoville, Illinois Prospect Heights, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 Federal Reserve Bulletin • November 1982 Section 4—Continued Reserve Effective Applicant Bank(s) Bank date Harper Bancshares, Inc., First National Bank in Harper, Kansas City October 15, 1982 Harper, Kansas Harper, Kansas Hedlund Bancshares, Ltd., Montezuma State Bank, Kansas City October 4, 1982 Montezuma, Kansas Montezuma, Kansas Intermountain Bankshares, Inc. Kanawha Banking & Trust Richmond September 30, 1982 Charleston, West Virginia Company, N.A., Charleston, West Virginia The Teays Valley National Bank, Scott Depot, West Virginia Community Bank and Trust, N.A., Fairmont, West Virginia Middletown National Bank, Fairmont, West Virginia National Bank of Monongah, Monongah, West Virginia Mountaineer National Bank, Morgantown, West Virginia Lamesa National Corporation, The Lamesa National Bank, Dallas October 1, 1982 Lamesa, Texas Lamesa, Texas Lebo Bancshares, Inc., The State Bank of Lebo, Kansas City October 14, 1982 Lebo, Kansas Lebo, Kansas Liberty Bancorp of Owasso, Inc., Liberty Bank of Owasso, Kansas City October 4, 1982 Owasso, Oklahoma Owasso, Oklahoma Liberty Bancshares, Inc., Liberty National Bank, Dallas October 22, 1982 Dallas, Texas Dallas, Texas Luling Bancshares, Inc., The First National Bank in Dallas October 8, 1982 Luling, Texas Luling, Luling, Texas Manufacturers Hanover Corpora- Manufacturers Hanover Bank New York October 18, 1982 tion, (Delaware), New York, New York Wilmington, Delaware The Marion National Corpora- American Bank & Trust Chicago October 26, 1982 tion, Company Marion, Indiana Marion, Indiana Meredosia Bancorporation, Inc., The Farmers and Merchants State St. Louis October 8, 1982 Springfield, Illinois Bank of Virden, Virden, Illinois Marshall & Ilsley Corporation, The First National Bank of Chicago October 8, 1982 Milwaukee, Wisconsin West Bend, West Bend, Wisconsin Martinsville Bancshares, Inc., Martinsville State Bank, Chicago September 29, 1982 Martinsville, Illinois Martinsville, Illinois Mid-Central Bancshares Corpora- Ashmore State Bank, Chicago October 15, 1982 tion, Ashmore, Illinois Charleston, Illinois Mid-Citco Incorporated, First National Bank of Morton Chicago October 27, 1982 Chicago, Illinois Grove, Morton Grove, Illinois Missouri Delta Bancshares, Inc., Missouri Delta Bank, St. Louis October 25, 1982 Hayti, Missouri Hayti, Missouri Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 721 Section 3—Continued Reserve Effective AApppplliiccaanntt BBaannkk((ss)) Bank date Moody Bancshares, Inc., The Moody National Bank of Dallas October 15, 1982 Galveston, Texas Galveston, Galveston, Texas Bank of Galveston, N.A., Galveston, Texas Mountain View Bancorporation, The First National Bank of Kansas City October 5, 1982 Inc., Mountain View, Mountain View, Oklahoma Mountain View, Oklahoma Mountcorp Bancshares, Inc., Fentress County Bank, Atlanta October 4, 1982 Jamestown, Tennessee Jamestown, Tennessee Neosho Bancshares, Inc., Bank of Neosho, Kansas City October 7, 1982 Neosho, Missouri Neosho, Missouri Oak Park Bancorp, Inc., The Dunham Bank, Chicago September 29, 1982 Oak Park, Illinois St. Charles, Illinois Permian Bancshares, Inc., Permian Bank & Trust, Dallas September 20, 1982 Odessa, Texas Odessa, Texas Plainview Holding Co., Plainview National Bank, Kansas City October 15, 1982 Plain view, Nebraska Plainview, Nebraska The Resource Companies, Inc., Resource Bank and Trust Co., Minneapolis September 30, 1982 Minneapolis, Minnesota Minnetonka, Minnesota Ridgway Bancorp, Inc., The Bank of West Frankfort, St. Louis October 26, 1982 Ridgway, Illinois West Frankfort, Illinois Drovers State Bank, Vienna, Illinois Rochester Bancshares, Inc., The Home State Bank, Dallas October 15, 1982 Rochester, Texas Rochester, Texas S.B.W. Bancorp, Inc., The State Bank of Waupun, Chicago September 30, 1982 Waupun, Wisconsin Waupun, Wisconsin Second National Bancorp, The Second National Bank and Cleveland October 22, 1982 Lexington, Kentucky Trust Company of Lexington, Lexington, Kentucky Shell Rock Bancorporation, Security State Bank, Chicago October 22, 1982 Shell Rock, Iowa Shell Rock, Iowa Southwest Illinois Bancshares, The First National Bank of St. Louis October 18, 1982 Inc., Coulterville, Coulterville, Illinois Coulterville, Illinois Sudan Bancshares, Inc., The First National Bank of Dallas October 25, 1982 Lubbock, Texas Sudan, Sudan, Texas Summit Bancshares, Inc., Alta Mesa National Bank, Dallas October 12, 1982 Fort Worth, Texas Fort Worth, Texas Three Forks Bancorporation, Security Bank of Three Forks, Minneapolis October 5, 1982 Three Forks, Montana Three Forks, Montana Toledo Trustcorp, Inc., First Buckeye Bank, N.A., Cleveland October 18, 1982 Toledo, Ohio Plymouth, Ohio Union Commerce Corporation, The First National Bank of Cleveland October 1, 1982 Cleveland, Ohio Nelsonville, Nelsonville, Ohio Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 Federal Reserve Bulletin • November 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date United Missouri Bancshares, Platte County Bank of Kansas City October 5, 1982 Inc., Camden Point, Kansas City, Missouri Camden Point, Missouri Victory Bancshares, Inc., Victory National Bank, Kansas City September 28, 1982 Nowata, Oklahoma Nowata, Oklahoma Wakulla Bancorp, Wakulla County State Bank, Atlanta October 12, 1982 Crawfordville, Florida Crawfordville, Florida Section 4 Nonbanking Reserve Effective Applicant company Bank date (or activity) The Hongkong and Shanghai Tozer Kemsley and Millbourn New York October 21, 1982 Banking Corporation, (USA) Holding, Inc., Hong Kong Wilmington, Delaware Tozer Kemsley and Millbourn (USA) Inc., New York, New York TKM Mid Americas, Inc., Coral Gables, Florida United Bancorporation of Jackson State Insurance Kansas City October 15, 1982 Wyoming, Inc., Agency, Jackson, Wyoming Jackson, Wyoming to engage in general insurance activities in a community with a population of less than 5,000. Southern Bancorporation, Inc. Continental Credit Corporation, Richmond September 30, 1982 Greenville, South Carolina Greenville, Texas Sections 3 and 4 Nonbanking Reserve Effective Applicant Bank(s) company Bank date (or activity) Westbrand, Inc., First Western State to continue to sell Minneapolis October 8, 1982 Minot, North Dakota Bank, credit life and acci- Minot, North dent and health in- Dakota surance exclusively to bank customers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 723 ORDERS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Reserve Effective Applicant Bank(s) Bank date First Virginia Bank of First Virginia Bank- Richmond October 21, 1982 the Southwest, Bland County, Christiansburg, Bland, Virginia Virginia 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 Flagship Banks, Inc. v. Board of Governors, filed Governors, filed July 1981, U.S.D.C. for the North- October 1982, U.S.D.C. for the District of Colum- ern District of Georgia. bia. Public Interest Bounty Hunters v. Board of Gover- Association of Data Processing Service Organiza- nors, et al., filed June 1981, U.S.D.C. for the tions, Inc., et al. v. Board of Governors, filed Northern District of Georgia. August 1982, U.S.C.A. for the District of Columbia. Edwin F. Gordon v. John Heimann, et al., filed May The Philadelphia Clearing House Association, et al. v. 1981, U.S.C.A. for the Fifth Circuit. Board of Governors, filed July 1982, U.S.D.C. for First Bank & Trust Company v. Board of Governors, the Eastern District of Pennsylvania. filed February 1981, U.S.D.C. for the Eastern Dis- Richter v. Board of Governors, et al., filed May 1982, trict of Kentucky. U.S.D.C. for the Northern District of Illinois. 9 to 5 Organization for Women Office Workers v. Montgomery v. Utah, et al., filed May 1982, U.S.D.C. Board of Governors, filed December 1980, for the District of Utah. U.S.D.C. for the District of Massachusetts. Wyoming Bancorporation v. Board of Governors, filed Securities Industry Association v. Board of Gover- May 1982, U.S.C.A. for the Tenth Circuit. nors, et al., filed October 1980, U.S.D.C. for the First Bancorporation v. Board of Governors, filed District of Columbia. 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.C.A. for the 1982, U.S.D.C. for the District of Columbia. District of Columbia. Jolene Gustafson v. Board of Governors, filed March A. G. Becker, Inc. v. Board of Governors, et al., filed 1982, U.S.C.A. for the Fifth Circuit. 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. Bodrd 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. Allen Wolf son v. Board of Governors, filed September Berkovitz, et al. v. Government of Iran, et al., filed 1981, U.S.D.C. for the Middle District of Florida. June 1980, U.S.D.C. for the Northern District of California. 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 A19 All reporting banks A20 Banks with assets of $1 billion or more A3 Monetary aggregates and interest rates A21 Banks in New York City A4 Reserves of depository institutions, Reserve A22 Balance sheet memoranda Bank credit A23 Branches and agencies of foreign banks A5 Reserves and borrowings of depository A24 Commercial and industrial loans institutions A25 Gross demand deposits of individuals, A6 Federal funds and repurchase agreements of partnerships, and corporations large member banks FINANCIAL MARKETS POLIC Y INS TR UMENTS A26 Commercial paper and bankers dollar A7 Federal Reserve Bank interest rates acceptances outstanding A8 Depository institutions reserve requirements All Prime rate charged by banks on short-term A9 Maximum interest rates payable on time and business loans savings deposits at federally insured institutions All Terms of lending at commercial banks All Federal Reserve open market transactions A28 Interest rates in money and capital markets A29 Stock market—Selected statistics A30 Selected financial institutions—Selected assets FEDERAL RESERVE BANKS and liabilities A12 Condition and Federal Reserve note statements A13 Maturity distribution of loan and security FEDERAL FINANCE holdings A31 Federal fiscal and financing operations A32 U.S. budget receipts and outlays MONETARY AND CREDIT AGGREGATES A33 Federal debt subject to statutory limitation A33 Gross public debt of U.S. Treasury—Types and A13 Aggregate reserves of depository institutions ownership and monetary base A33 U.S. government marketable securities— A14 Money stock measures and components Ownership, by maturity A15 Bank debits and deposit turnover A34 U.S. government securities dealers— A16 Loans and securities of all commercial banks Transactions, positions, and financing A35 Federal and federally sponsored credit agencies—Debt outstanding COMMERCIAL BANKS A17 Major nondeposit funds A18 Assets and liabilities, last Wednesday-of-month series Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

47 Federal Reserve Bulletin • November 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 Extensions 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 Q4 Q1 02 Q3 May June July Aug. Sept. Monetary and credit aggregates (annual rates of change, seasonally adjusted in percent)1 Reserves of depository institutions 1 Total 3.1 7.5 .6 4.8 2.2 2.2 -1.6 8.8 23.6 2 Required 3.5 7.1 1.1 4.6 -.5 3.8 -1.8 8.9 21.5 3 Nonborrowed 10.9 -.9 4.2 11.2 17.0 -.5 14.8 14.5 10.7 4 Monetary base2 3.8 7.8 7.1 6.5 8.6 7.7 2.8 6.8 12.2 Concepts of money and liquid assets3 5 Ml 5.7 10.4 3.3 3.5 -2.4 -.3 -.3 10.4 14.0 6 M2 8.9 9.8 9.5 9.7 10.7 6.6 9.7 14.3' 4.8 7 M3 9.3 8.7 10.7 12.0 11.3 8.8 12.6 18.4 3.4 8 L 10.7 10.3 11.9 n.a. 12.9' 10.6 14.0 n.a. n.a. Time and savings deposits Commercial banks 9 Total 8.3 7.5 17.1 17.8 18.1 17.3 22.9 16.3 4.0 10 Savings4 -11.9 8.7 2.0 -9.7 -1.5 -4.5 -21.8 -8.4 4.6 11 Small-denomination time5 20.8 9.7 23.8 21.3 20.8 15.8 29.1 20.3 8.8 12 Large-denomination time6 5.4 4.6 17.0 26.7 24.0 29.6 36.4 22.7 -1.6 13 Thrift institutions7 2.7 3.1 6.6 6.8 9.9 3.8 10.4 6.3' -0.3 14 Total loans and securities at commercial banks8 3.6 2.6 8.6 6.0 8.2 5.7' 6.3' 6.2 5.4 1981 1982 1982 Q4 Q1 Q2 Q3 June July Aug. Sept. Oct. Interest rates (levels, percent per annum) Short-term rates 15 Federal funds9 13.59 14.23 14.52 11.01 14.15 12.59 10.12 10.31 16 Discount window borrowing10 13.04 12.00 12.00 10.83 12.00 11.81 10.68 10.00 17 Treasury bills (3-month market yield)11 11.75 12.81 12.42 9.32 12.47 11.35 8.68 7.92 18 Commercial paper (3-month)111^ 13.04 13.81 13.81 11.15 13.96 12.94 10.15 10.36 Long-term rates Bonds 19 U.S. government13 14.14 14.27 13.74 12.94 14.18 13.76 12.91 12.16 20 State and local government14 12.54 13.02 12.33 11.39 12.45 12.28 11.23 10.66 21 Aaa utility (new issue)15 15.67 15.71 15.73 14.25 15.92 15.61 13.95 13.52 22 Conventional mortgages16 17.33 17.10 16.63 15.65 16.75 16.50 15.40 15.05 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 Domestic Nonfinancial Statistics • November 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 Factors 1982 1982 Aug. Sept. Oct.'' Sept. 15 Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20P Oct. 27p SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 153,903 153,324 153,982 153,044 153,823 152,749 153,834 152,566 155,790 153,781 2 U.S. government securities1 132,787 131,920 132,374 131,273 132,089 131,736 132,212 131,389 133,593 132,752 3 Bought outright 132,666 131,436 132,093 131,020 131,319 131,226 131,008 131,389 133,011 132,752 4 Held under repurchase agreements 121 484 281 253 770 510 1,204 0 582 0 5 Federal agency securities 9,004 9,042 9,069 8,973 9,109 9,014 9,537 8,947 9,048 8,943 6 Bought outright 8,969 8,951 8,945 8,950 8,949 8,949 8,949 8,947 8,943 8,943 7 Held under repurchase agreements 35 91 124 23 160 65 588 0 105 0 8 Acceptances 56 159 112 94 330 142 472 0 140 0 9 Loans 506 976 455 1,330 810 753 606 365 515 452 10 Float 2,056 2,123 2,268 2,292 2,282 1,754 1,636 2,291 2,784 1,735 11 Other Federal Reserve assets 9,494 9,104 9,704 9,084 9,203 9,350 9,371 9,574 9,710 9,900 12 Gold stock 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 13 Special drawing rights certificate account... 4,018 4,118 4,218 4,018 4,218 4,218 4,218 4,218 4,218 4,218 14 Treasury currency outstanding 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 ABSORBING RESERVE FUNDS 15 Currency in circulation 148,218 148,631 149,174 149,471 148,425 147,642 148,341 149,828 149,677 148,807 16 Treasury cash holdings 416 415 436 413 413 419 427 436 437 440 Deposits, other than reserves, with Federal Reserve Banks 17 Treasury 3,310 4,062 2,932 3,468 3,611 4,489 4,704 2,819 2,858 2,774 18 Foreign 314 264 262 242 248 287 246 248 287 253 19 Other 646 509 540 582 547 392 536 532 576 550 20 Required clearing balances 234 275 324 275 291 305 310 318 321 338 21 Other Federal Reserve liabilities and capital 5,246 4,836 4,898 4,952 4,897 4,882 4,926 4,982 4,908 4,830 22 Reserve accounts2 24,471 23,385 24,568 22,592 24,543 23,486 23,496 22,555 25,878 24,942 End-of-month figures Wednesday figures 1982 1982 Aug. Sept. Oct.p Sept. 15 Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20p Oct. 21p SUPPLYING RESERVE FUNDS 23 Reserve Bank credit outstanding 153,643 156,502 152,760 154,865 153,665 151,850 150,880 154,442 161,798 154,768 24 U.S. government securities1 132,858 134,393 132,080 129,645 131,205 130,305 129,234 131,459 135,926 132,604 25 Bought outright 131,669 130,591 132,080 129,645 131,205 130,305 129,234 131,459 131,849 132,604 26 Held under repurchase agreements 1,189 3,802 0 0 0 0 0 0 4,077 0 27 Federal agency securities 9,184 9,950 8,943 8,949 8,949 8,949 8,949 8,943 9,680 8,943 28 Bought outright 8,955 8,949 8,943 8,949 8,949 8,949 8,949 8,943 8,943 8,943 29 Held under repurchase agreements 229 1,001 0 0 0 0 0 0 737 0 30 Acceptances 565 813 0 0 0 0 0 0 981 0 31 Loans 449 1,123 438 3,798 1,965 1,154 366 354 1,617 822 32 Float 1,446 550 1,168 3,315 2,110 1,937 2,831 3,945 3,439 2,293 33 Other Federal Reserve assets 9,141 9,673 10,131 9,158 9,436 9,505 9,500 9,741 10,155 10,106 34 Gold stock 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 35 Special drawing rights certificate account... 4,018 4,218 4,218 4,018 4,218 4,218 4,218 4,218 4,218 4,218 36 Treasury currency outstanding 13,786 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 148,310 148,093 148,922 149,343 148,241 148,178 149,342 150,508 149,558 149,195 38 Treasury cash holdings 418 423 444 413 413 421 431 437 435 442 Deposits, other than reserves, with Federal Reserve Banks 39 Treasury 3,234 10,975 2,309 3,565 3,648 8,320 3,756 2,980 3,200 3,169 40 Foreign 348 396 327 305 235 295 229 211 287 220 41 Other 502 405 450 573 410 386 490 516 552 465 42 Required clearing balances 247 300 356 268 279 296 303 312 321 338 43 Other Federal Reserve liabilities and capital 4,791 5,047 4,783 4,716 4,725 4,669 4,688 4,745 4,839 4,653 44 Reserve accounts2 24,745 20,015 24,321 24,634 24,866 18,437 20,793 23,885 31,758 25,438 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 1981 1982 Dec. Feb. Mar. Apr. May June July Aug. Sept. Oct.'' 1 Reserve balances with Reserve Banks1.... 26,163 25,963 24,254 24,565 24,207 24,031 24,273 24,471 23,385 24,568 2 Total vault cash (estimated) 19,538 19,251 18,749 18,577 19,048 19,318 19,448 19,500 19,921 19,579 3 Vault cash at institutions with required reserve balances2 13,577 13,082 12,663 12,709 12,972 13,048 13,105 13,188 13,651 13,736 4 Vault cash equal to required reserves at other institutions 2,178 2,235 2,313 2,284 2,373 2,488 2,486 2,518 2,927 2,610 5 Surplus vault cash at other institutions3 . 3,783 3,934 3,773 3,584 3,703 3,782 3,857 3,794 3,343 3,233 6 Reserve balances + total vault cash4 45,701 45,214 43,003 43,142 43,255 43,349 43,721 43,971 43,306 44,147 7 Reserve balances + total vault cash used to satisfy reserve requirements4,5 41,918 41,280 39,230 39,558 39,552 39,567 39,864 40,177 39,963 40,914 8 Required reserves (estimated) 41,606 40,981 38,873 39,284 39,192 39,257 39,573 39,866 39,579 40,182 9 Excess reserve balances at Reserve Banks4'6 312 299 357 274 360 310 291 311 384 732 10 Total borrowings at Reserve Banks 642 1,713 1,611 1,581 1,105 1,205 669 510 976 455 11 Seasonal borrowings at Reserve Banks 53 132 174 167 237 239 225 119 102 86 12 Extended credit at Reserve Banks.... 149 232 309 245 177 103 46 94 118 141 Weekly averages of daily figures for week ending 1982 Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20p Oct. 27P 13 Reserve balances with Reserve Banks1 25,052 24,614 22,729 22,592 24,543 23,486 23,496 22,555 25,878 24,942 14 Total vault cash (estimated) 18,834 19,579 20,006 20,541 18,744 20,422 20,045 20,327 18,397 19,281 15 Vault cash at institutions with required reserve balances2 12,822 13,397 13,476 13,734 13,251 14,131 13,983 13,762 13,090 13,757 16 Vault cash equal to required reserves at other institutions 2,429 2,417 3,179 3,229 2,460 2,934 2,769 3,032 2,303 2,409 17 Surplus vault cash at other institutions3 . 3,583 3,765 3,351 3,578 3,033 3,357 3,293 3,533 3,004 3,115 18 Reserve balances + total vault cash4 43,886 44,193 42,735 43,133 4433,,228877 4433,,990088 4433,,554411 4422,,888822 44,275 44,223 19 Reserve balances + total vault cash used to satisfy reserve requirements4-5 40,303 40,428 39,384 39,555 40,254 40,551 40,248 39,349 41,271 41,108 20 Required reserves (estimated) 40,043 40,066 38,719 39,235 40,004 40,266 39,737 38,887 40,972 40,778 21 Excess reserve balances at Reserve Banks4'6 260 362 665 320 250 285 511 462 299 330 22 Total borrowings at Reserve Banks 609 507 948 1,330 810 753 606 365 515 452 23 Seasonal borrowings at Reserve Banks 94 95 106 89 100 112 104 70 85 90 24 Extended credit at Reserve Banks.... 118 116 116 116 118 124 123 117 110 179 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 • November 1982 1.13 FEDERAL FUNDS AND REPURCHASE AGREEMENTS Large Member Banks1 Averages of daily figures, in millions of dollars 1982, week ending Wednesday BByy mmaattuurriittyy aanndd ssoouurrccee Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 One day and continuing contract 1 Commercial banks in United States 52,371 58,495 60,900 54,117 50,975' 60,523 62,408 5566,,007733 52,314 2 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 22,401 21,308 22,967 24,836 24,267 24,163 23,153 26,020 25,454 3 Nonbank securities dealers 4,989 5,125 4,886 5,655 4,710' 5,077 5,866 5,878 5,698 4 All other 21,586 22,192 21,615 21,240 20,728' 21,228 22,012 22,814 20,712 All other maturities 5 Commercial banks in United States 4,833 5,020 5,126 4,454 4,400' 4,212 4,461 44,,004444 3,980 6 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 8.491 8,354 8,515 8,480 8,171 8,065 8,740 8,473 8,284 7 Nonbank securities dealers 4,938 4,281 4,634 5,025 5,643' 4,469 4,827 4,838 5,048 8 All other 9,064 8,879 9,068 8,588' 9,289' 8,747 9,165 8,798 8,242 MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract 9 Commercial banks in United States 26,070 26,378 27,213'' 25,451 24,214 28,304 28,045 25,163 24,199 10 Nonbank securities dealers 4,908 4,796 5,257 4,681 4,576 4,870 5,336 5,409 5,311 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 All 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 10/31/82 date rate 10/31/82 rate 10/31/82 rate 10/31/82 rate Boston 9.5 10/12/82 10 9.5 10 10.5 11 11.5 12 10/12/82 New York 10/12/82 10/12/82 Philadelphia 10/12/82 10/12/82 Cleveland 10/13/82 10/13/82 Richmond 10/12/82 10/12/82 Atlanta 10/12/82 10/12/82 Chicago 10/12/82 10/12/82 St. Louis 10/12/82 10/12/82 Minneapolis 10/12/82 10/12/82 Kansas City 10/12/82 10/12/82 Dallas 10/12/82 10/12/82 San Francisco.... 9.5 10/12/82 10 9.5 10 10.5 11 11.5 12 10/12/82 Range of rates in recent years2 Range (or F.R. Range (or F.R. Range (or F.R. Effective date A le l v l e F l) . — R. Ba o n f k Effective date A le l v l e F l) . — R. Ba o n f k Effective date A le l v l e F l) . — R. Ba o n f k Banks N.Y. Banks N.Y. Banks N.Y. I 1 n 9 7 e 4 f — fe ct A D p e r. c . 2 3 5 1 , 1973 7 m V5- 8 8 7V 5 Jan. ?0 9 6 6 - V 6'/ 2 i 6 6 V V 2 2 1980— June 1 1 3 6 11 1 - 1 1 2 1 1 1 1 3 0 May 11 6V5-7 7 July 28 10-11 10 Dec. 9 73/4-8 73/4 1? 1 7 2 9 10 10 16 73/4 73/4 July 3 7-71/4 71/4 Sept. 26 11 11 1975— F Ja e n b . . 2 1 5 6 4 0 6 7 7 1 1 3 / / / I4 4 4 - - V - 7 7 7 3 3 1 / / t / 4 4 4 1 6 7 7 3 3 1/V / / 4 4 4 <\ A S O e u c p t g . t . . 7 ? n I i I 6 I 1 o 7 8 7 8 V V 3 - / 8 4 4 5 V 5 8 7 7 8 8 1 3 V V / / 4 4 2 2 1981— N D M o e a c v y . . 1 5 5 7 8 1 13 2 1 1 - - 2 3 1 1 4 3 1 1 1 1 4 2 3 3 Mar. 1 7 0 6V 6 4 3 -6 /4 3 /4 6 6 3 V / 4 4 Nov. 3 1 81/ 9 5- V 9 V 2 l 9 9 V V 5 l Nov. 2 8 13 1 - 4 1 4 1 1 3 4 14 6V4 61/4 6 13 13 May 16 6-6V4 6 Julv ?n 10 10 Dec. 4 12 12 1976— Jan. 2 2 1 3 3 9 5 V 6 5 5 V -6 5 6S S V V l i A Se u p g t . . 7 1 1 1 9 7 1 1 1 0 0 1 1 - 0 1 /5 0V - V 11 5i l 1 1 O 0 1 V ' /i 5 1982— July 2 2 0 3 11 1 . 1 5 . - 5 1 2 1 1 1 1 . . 5 5 Nov. 22 51/4-5 Vl 51/4 VI 11 11 Aug. 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 5V4-53/4 51/4 27 10-10.5 10 3 1 5!/4-53/4 53/4 Feb. 15 12-13 13 3 0 10 10 Sept. 2 53/4 53/4 19 13 13 Oct. 12 9.5-10 9.5 Oct. 26 6 6 May ?9 12-13 13 Oct. 13 9.5 9.5 3(1 12 12 In effect Oct. 31, 1982 9.5 9.5 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, andl980. 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 Financial Statistics • November 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 9Vi 12/30/76 1122 1111//1133//8800 10-100 113/4 12/30/76 100-400 123/4 12/30/76 Nonpersonal time deposits8 Over 400 16V4 12/30/76 By original maturity Less than 3Vi years 3 4/29/82 TTiimmee aanndd ssaavviinnggss22 33 3Vi years or more 0 4/29/82 Savings 3 3/16/67 Eurocurrency liabilities Time4 AAllll ttyyppeess 3 11/13/80 0-5, by maturity 30-179 days 3 3/16/67 180 days to 4 years 2 Vi 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 2 Vi 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 IVl 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 ended at ratios set for banks not in reserve cities. Aug. 12, 1982. New institutions have a two-year phase-in beginning with the date Effective Aug. 24, 1978, the Regulation M reserve requirements on net balances that they open for business, except for those institutions having total reservable due from domestic banks to their foreign branches and on deposits that foreign liabilities 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments All 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 October 31, 1982 Previous maximum In effect October 31, 1982 Previous maximum Effective Effective Effective Effective date date Percent date date 1 Savings 5V4 7/1/79 7/1/73 5Vi 7/1/79 51/4 0) 2 Negotiable order of withdrawal accounts 2 .. 51/4 12/31/80 1/1/74 5Va 12/31/80 5 1/1/74 Time accounts 3 Fixed ceiling rates by maturity 4 6 3 4 5 2 9 1 1 0 4 t t - o o d 8 a 9 2 2 y V s d y l e a to a y y r e s s 1 a ' r ' v s e 7 a r 6 5 5 V 3/4 4 8 7 1 / / / 1 1 1 / / / 7 7 8 9 3 0 5 5 5 5 3 V V /4 i l 1 1 7 7 / / 2 2 / / 1 1 1 1 / / / / 7 7 7 7 3 3 0 0 6 6 ( V 6) 2 1 ( /1 ') /80 (6) 6 5 5 3 3 / / 4 4 1 1 / / 2 2 ( 1 1 ') / / 7 7 0 0 7 8 9 6 4 2V t t o o l t 6 8 o y y 4 e e y a a r e r s s a r 8 8 s 7 6 7 I 1 V V / 1 4 i 12 1 7 / 1 2 / / 1 3 1 / / / 7 7 7 4 3 3 ( V 5 / 3 4 /4 1 1 / 1 2 / 1 1 / / 7 7 0 3 6 7 7 3 3 V / / i 4 4 12 1 1 1 2 ( / 3 1 ') 1 / 1 7 4 3 ') 6 IV i 1 ii / / 2 l 1 /7 /7 3 0 ' 10 8 years or more 8 73/4 6/1/78 8 6/1/78 11 Issued to governmental units (all maturities) 10 6/1/78 73/4 12/23/74 8 6/1/78 73/4 12/23/74 12 IRAs o r a n m d o r K e e ) ogh (H.R. 10) plans (3 years 6/1/78 73/4 7/6/77 8 6/1/78 73/4 7/6/77 1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loans. 9. Between July 1, 1973, and Oct. 31, 1973, certificates maturing in 4 years or 2. Federally insured commercial banks, savings and loan associations, cooperative more with minimum denominations of $1,000 had no ceiling; however, the amount banks, and mutual savings banks in Massachusetts and New Hampshire were first of such certificates that an institution could issue was limited to 5 percent of its permitted to offer negotiable order of withdrawal (NOW) accounts on Jan. 1,1974. total time and savings deposits. Sales in excess of that amount, as well as certificates Authorization to issue NOW accounts was extended to similar institutions through- of less than $1,000, were limited to the 6Vl percent ceiling on time deposits maturing out New England on Feb. 27, 1976, in New York State on Nov. 10, 1978, New in 2Vl years or more. Effective Nov. 1, 1973, ceilings were reimposed on certificates Jersey on Dec. 28, 1979, and to similar institutions nationwide effective Dec. 31, maturing in 4 years or more with minimum denomination of $1,000. There is no 1980. limitation on the amount of these certificates that banks can issue. 3. For exceptions with respect to certain foreign time deposits see the BULLETIN 10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum denomfor October 1962 (p. 1279), August 1965 (p. 1084), and February 1968 (p. 167). ination requirements. 4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts 11. Effective Jan. 1, 1980, commercial banks are permitted to pay the same rate at savings and loan associations was decreased to 14 days and the minimum maturity as thrifts on IRA and Keogh accounts and accounts of governmental units when period for time deposits at savings and loan associations in excess of $100,000 was such deposits are placed in 2V5-year-or-more variable-ceiling certificates or in 26decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity or notice week money market certificates regardless of the level of the Treasury bill rate. period for time deposits was decreased from 30 to 14 days at mutual savings banks. 5. Effective Oct. 30, 1980, the minimum maturity or notice period for time NOTE. Before Mar. 31, 1980, the maximum rates that could be paid by federally deposits was decreased from 30 to 14 days at commercial banks. insured commercial banks, mutual savings banks, and savings and loan associations 6. No separate account category. were established by the Board of Governors of the Federal Reserve System, the 7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was Board of Directors of the Federal Deposit Insurance Corporation, and the Federal required for savings and loan associations, except in areas where mutual savings Home Loan Bank Board under the provisions of 12 CFR 217, 329, and 526 rebanks permitted lower minimum denominations. This restriction was removed for spectively. Title II of the Depository Institutions Deregulation and Monetary Condeposits maturing in less than 1 year, effective Nov. 1, 1973. trol Act of 1980 (P.L. 96-221) transferred the authority of the agencies to establish 8. No minimum denomination. Until July 1, 1979, the minimum denomination maximum rates of interest payable on deposits to the Depository Institutions Dewas $1,000 except for deposits representing funds contributed to an individual regulation Committee. The maximum rates on time deposits in denominations of retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the $100,000 or more with maturities of 30-89 days were suspended in June 1970; the Internal Revenue Code. The $1,000 minimum requirement was removed for such maximum rates for such deposits maturing in 90 days or more were suspended in accounts in December 1975 and November 1976 respectively. May 1973. For information regarding previous interest rate ceilings on all types of accounts, see earlier issues of the FEDERAL RESERVE BULLETIN, the Federal Home Loan Bank Board Journal, and the Annual Report of the Federal Deposit Insurance Corporation. For deposits subject to variable ceiling rates and deposits not subject to interest rate ceilings see page A10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 DomesticN onfinancial Statistics • November 1982 1.16 Continued TIME DEPOSITS SUBJECT TO VARIABLE CEILING RATES 7- to 31-day time deposits. Effective Sept. 1, 1982, depository institutions are The maximum rates in October 1982 for commercial banks based on the bill rate authorized to issue nonnegotiable time deposits of $20,000 or more with a maturity were as follows: Oct. 5, 9.479; Oct. 13, 7.984; Oct. 19, 8.012; Oct. 26, 8.722; and or required notice period of 7 to 31 days. The maximum rate of interest payable based on the 4-week average bill rate were as follows: Oct. 5, 9.643; Oct. 13,9.150; by thrift institutions is the rate established and announced (auction average on a Oct. 19, 8.730; Oct. 26, 8.549. The maximum allowable rates in October 1982 for discount basis) for U.S. Treasury bills with maturities of 91 days at the auction thrifts based on the bill rate were as follows: Oct. 5, 9.479; Oct., 13, 7.984; Oct. held immediately before the date of deposit or renewal ("bill rate"). Commercial 19, 8.262; Oct. 26, 8.972; and based on the 4-week average bill rate were as follows: banks may pay the bill rate minus 25 basis points. The interest rate ceiling is Oct. 5, 9.643; Oct. 13, 9.150; Oct. 19, 8.980; Oct. 26, 8.799. suspended when the bill rate is 9 percent or below for the four most recent auctions held before the date of deposit or renewal. The interest rate ceiling was suspended 12-month all savers certificates. Effective Oct. 1, 1981, depository institutions are for the entire month of October, 1982. authorized to issue all savers certificates (ASCs) with a 1-year maturity and an annual investment yield equal to 70 percent of the average investment yield for 91-day time deposits. Effective May 1, 1982, depository institutions were au- 52-week U.S. Treasury bills as determined by the auction of 52-week Treasury bills thorized to offer time deposits that have a minimum denomination of $7,500 and held immediately before the calendar week in which the certificate is issued. A a maturity of 91 days. The ceiling rate of interest on these deposits is indexed to maximum lifetime exclusion of $1,000 ($2,000 on a joint return) from gross income the discount rate (auction average) on most recently issued 91-day Treasury bills is generally authorized for interest income from ASCs. The annual investment yield for thrift institutions and the discount rate minimum 25 basis points for commercial for ASCs issued in October 1982 (in percent) was as follows: Oct. 3, 7.48; Oct. banks. The rate differential ends 1 year from the effective date of these instruments 31, 6.66. and is suspended at any time the Treasury bill discount rate is 9 percent or below for four consecutive auctions. The maximum allowable rates in October 1982 (in 2l/2-year to less than 3'/2-year time deposits. Effective Aug. 1, 1981, commercial percent) for commercial banks and thrifts were as follows: Oct. 5, 8.102; Oct. 13, banks are authorized to pay interest on any variable ceiling nonnegotiable time 7.429; Oct. 19, 7.437; Oct. 26, 8.031. deposit with an original maturity of 2Vi years to less than 4 years at a rate not to exceed Va of 1 percent below the average 2'/5-year yield for U.S. Treasury securities Six-month money market time deposits. Effective June 1,1978, commercial banks as determined and announced by the Treasury Department immediately before and thrift institutions were authorized to offer time deposits with a maturity of the date of deposit. Effective May 1, 1982, the maximum maturity for this category exactly 26 weeks and a minimum denomination requirement of $10,000. The ceiling of deposits was reduced to less than 3Vi years. Thrift institutions may pay interest rate of interest on these deposits is indexed to the discount rate (auction average) on these certificates at a rate not to exceed the average 2VS-year yield for Treasury on most recently issued 26-week U.S. Treasury bills. Interest on these certificates securities as determined and announced by the Treasury Department immediately may not be compounded. Effective for all 6-month money market certificates issued before the date of deposit. If the announced average 2Vi-year yield for Treasury beginning Nov. 1, 1981, depository institutions may pay rates of interest on these securities is less than 9.50 percent, commercial banks may pay 9.25 percent and deposits indexed to the higher of (1) the rate for 26-week Treasury bills established thrift institutions 9.50 percent for these deposits. These deposits have no required immediately before the date of deposit (bill rate) or (2) the average of the four minimum denomination, and interest may be compounded on them. The ceiling rates for 26-week Treasury bills established for the 4 weeks immediately before rates of interest at which they may be offered vary biweekly. The maximum althe date of deposit (4-week average bill rate). Ceilings are determined as follows: lowable rates in October 1982 (in percent) for commercial banks were as follows: Oct. 9, 10.85; Oct. 26, 9.95; and for thrifts: Oct. 9, 11.10; Oct. 26, 10.20. Bill rate or 4-week Commercial bank ceiling Between Jan. 1, 1980, and Aug. 1, 1981, commercial banks and thrifts were average bill rate authorized to offer variable ceiling nonnegotiable time deposits with no required 7.50 percent or below 7.75 percent minimum denomination and with maturities of 2Vi years or more. Effective Jan. Above 7.50 percent V4 of 1 percentage point plus the higher of the 1, 1980, the maximum rate for commercial banks was % percentage point below bill rate or 4-week average bill rate the average yield on 2V5-year U.S. Treasury securities; the ceiling rate for thrifts was V4 percentage point higher than that for commercial banks. Effective Mar. 1, Thrift ceiling 1980, a temporary ceiling of ll3/4 percent was placed on these accounts at com- 7.25 percent or below 7.75 percent mercial banks and 12 percent on these accounts at savings and loans. Effective Above 7.25 percent, but below 8.50 Vi of 1 percentage point plus the higher of the June 2, 1980, the ceiling rates for these deposits at commercial banks and savings percent bill rate or 4-week average bill rate and loans were increased Vz percentage point. The temporary ceiling was retained, 8.50 percent or above, but below 9 percent and a minimum ceiling of 9.25 percent for commercial banks and 9.50 percent for 8.75 percent thrifts was established. 8.75 percent or above V4 of 1 percentage point plus the higher of the bill rate or 4-week average bill rate TIME DEPOSITS NOT SUBJECT TO INTEREST RATE CEILINGS, BY MATURITY IRAs and Keogh (H.R.10) plans (18 months or more). Effective Dec. 1, 1981, Time deposits of 3'/2 years or more. Effective May 1,1982, depository institutions depository institutions are authorized to offer time deposits not subject to interest are authorized to offer negotiable or nonnegotiable time deposits with a minimum rate ceilings when the funds are deposited to the credit of, or in which the entire original maturity of 3Vl years or more that are not subject to interest rate ceilings. beneficial interest is held by, an individual pursuant to an IRA agreement or Keogh Such time deposits have no minimum denomination, but must be made available (H.R.10) plan. Such time deposits must have a minimum maturity of 18 months, in a $500 denomination. Additional deposits may be made to the account during and additions may be made to the time deposit at any time before its maturity the first year without extending its maturity. without extending the maturity of all or a portion of the balance of the account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments All 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS Millions of dollars 1982 TTyyppee ooff ttrraannssaaccttiioonn 11997799 11998800 11998811 Mar. Apr. May June July Aug. Sept. U.S. GOVERNMENT SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 15,998 7,668 13,899 474 4,149 595 1,559 1,905 1,721 425 2 Gross sales 6,855 7,331 6,746 995 0 519 0 1,175 651 674 3 Exchange 0 0 0 0 0 0 200 -200 0 0 4 Redemptions 2,900 3,389 1,816 600 0 400 0 200 600 400 Others within 1 year1 5 Gross purchases 3,203 912 317 0 132 0 0 71 0 0 6 Gross sales 0 0 23 0 0 0 0 0 0 0 7 Maturity shift 17,339 12,427 13,794 900 333 1,498 988 382 4,938 733 8 Exchange -11,308 -18,251 -12,869 -1,479 -525 -2,541 -1,249 0 -3,914 -650 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 0 570 0 0 691 0 0 11 Gross sales 0 0 0 0 0 0 0 0 0 0 12 Maturity shift -12,693 -8,909 -10,299 -900 -333 -1,000 -988 -382 -4,938 0 13 Exchange 7,508 13,412 10,117 1,479 525 1,600 1,049 200 3,078 0 5 to 10 years 14 Gross purchases 523 703 393 0 81 0 0 113 0 0 15 Gross sales 0 0 0 0 0 0 0 0 0 0 16 Maturity shift -4,646 -3,092 -3,495 0 0 -498 0 0 601 -733 17 Exchange 2,181 2,970 1,500 0 0 941 0 0 837 650 Over 10 years 18 Gross purchases 454 811 379 0 52 0 0 123 0 0 19 Gross sales 0 0 0 0 0 0 0 0 0 0 20 Maturity shift 0 -426 0 0 0 0 0 0 -601 0 21 Exchange 1,619 1,869 1,253 0 0 0 0 0 0 0 All maturities1 22 Gross purchases 22,325 12,232 16,690 474 4,984 595 1,559 2,903 1,721 425 23 Gross sales 6,855 7,331 6,769 995 0 519 0 1,175 651 674 24 Redemptions 5,500 3,389 1,816 600 0 400 0 200 600 400 Matched transactions 25 Gross sales 627,350 674,000 589,312 38,946 44,748 36,047 41,509 54,646 39,403 51,983 26 Gross purchases 624,192 675,496 589,647 38,650 44,759 36,790 37,548 58,753 37,962 51,554 Repurchase agreements 27 Gross purchases 107,051 113,902 79,920 8,595 18,396 10,155 5,332 18,267 3,755 9,649 28 Gross sales 106,968 113,040 78,733 6,998 14,724 15,424 5,332 18,267 2,567 7,035 29 Net change in U.S. government securities 6,896 3,869 9,626 179 8,667 -4,850 -2,402 5,636 217 1,535 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 13 5 1 6 1 46 5 Repurchase agreements 33 Gross purchases 37,321 28,895 13,320 554 2,033 1,305 831 4,389 1,095 1,997 34 Gross sales 36,960 28,863 13,576 471 1,119 2,301 831 4,389 866 1,225 35 Net change in federal agency obligations 681 555 130 70 909 -997 -6 -1 183 767 BANKERS ACCEPTANCES 36 Repurchase agreements, net 116 73 -582 488 280 -768 0 0 565 248 37 Total net change in System Open Market Account 7,693 4,497 9,175 737 9,856 -6,615 -2,408 5,634 966 2,550 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

A12 Domestic Nonfinancial Statistics • November 1982 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements Millions of dollars Wednesday End of month Account 1982 1982 Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 Aug. Sept. Oct. Consolidated condition statement ASSETS 1 Gold certificate account 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 2 Special drawing rights certificate account 4,218 4,218 4,218 4,218 4,218 4,018 4,218 4,218 3 Coin 446 454 455 456 462 432 450 468 Loans 4 To depository institutions 1,154 366 354 1,617 822 449 1,123 438 5 Other 0 0 0 0 0 0 0 0 Acceptances 6 Held under repurchase agreements 0 0 0 981 0 565 813 0 Federal agency obligations 7 Bought outright 8,949 8,949 8,943 8,943 8,943 8,955 8,949 8,943 8 Held under repurchase agreements 0 0 0 737 0 229 1,001 0 U.S. government securities Bought outright 9 Bills 50,023 48,952 51,177 51,567 52,322 51,387 50,309 51,798 10 Notes 62,018 62,018 62,018 62,018 62,018 62,018 62,018 62,018 11 Bonds 18,264 18,264 18,264 18,264 18,264 18,264 18,264 18,264 12 Total1 130,305 129,234 131,459 131,849 132,604 131,669 130,591 132,080 13 Held under repurchase agreements 0 0 0 4,077 0 1,189 3,802 0 14 Total U.S. government securities 130,305 129,234 131,459 135,926 132,604 132,858 134,393 132,080 15 Total loans and securities 140,408 138,549 140,756 148,204 142,369 143,056 146,279 141,461 16 Cash items in process of collection 7,985 9,796 12,919 10,113 8,509 9,680 6,779 8,352 17 Bank premises 539 541 541 542 543 534 541 544 Other assets 18 Denominated in foreign currencies2 5,041 5,154 5,224 5,252 5,345 4,959 5,116 5,325 19 All other3 3,925 3,805 3,976 4,361 4,218 3,648 4,016 4,262 20 Total assets 173,710 173,665 179,237 184,294 176,812 177,475 178,547 175,778 LIABILITIES 21 Federal Reserve notes 135,259 136,441 137,614 136,663 136,313 135,374 135,197 136,048 Deposits 22 Depository institutions 18,734 21,096 24,224 32,079 25,777 24,993 20,318 24,678 23 U.S. Treasury—General account 8,320 3,756 2,980 3,200 3,169 3,234 10,975 2,309 24 Foreign—Official accounts 295 229 211 287 220 348 396 327 25 Other 385 490 489 552 464 501 394 449 26 Total deposits 27,734 25,571 27,904 36,118 29,630 29,076 32,083 27,763 27 Deferred availability cash items 6,048 6,965 8,974 6,674 6,216 8,234 6,220 7,184 28 Other liabilities and accrued dividends4 1,696 1,698 1,768 1,864 1,671 1,805 2,027 1,669 29 Total liabilities 170,737 170,675 176,260 181,319 173,830 174,489 175,527 172,664 CAPITAL ACCOUNTS 30 Capital paid in 1,340 1,344 1,345 1,348 1,350 1,337 1,341 1,350 31 Surplus 1,278 1,278 1,278 1,278 1,278 1,278 1,278 1,278 32 Other capital accounts 355 368 354 349 354 371 401 486 33 Total liabilities and capital accounts 173,710 173,665 179,237 184,294 176,812 177,475 178,547 175,778 34 MEMO: Marketable U.S. government securities held in custody for foreign and international account 97,939 98,783 100,939 100,219 100,203 94,780 98,192 101,831 Federal Reserve note statement 35 Federal Reserve notes outstanding (issued to bank) .... 156,405 156,523 156,668 157,048 157,281 155,800 156,412 157,348 36 LESS: Held by bank5 21,146 20,082 19,054 20,385 20,968 20,426 21,215 21,300 37 Federal Reserve notes, net 135,259 136,441 137,614 136,663 136,313 113355,,337744 113355,,119977 136,048 Collateral for Federal Reserve notes 38 Gold certificate account 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 39 Special drawing rights certificate account 4,218 4,218 4,218 4,218 4,218 4,018 4,218 4,218 40 Other eligible assets 11 121 69 50 0 0 0 14 41 U.S. government and agency securities 119,882 120,954 122,179 121,247 120,947 120,208 119,831 120,668 42 Total collateral 135,259 136,441 137,614 136,663 136,313 135,374 135,197 136,048 1. Includes securities loaned—rfully 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

Reserve Banks A13 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holdings Millions of dollars Wednesday End of month TTTyyypppeee aaannnddd mmmaaatttuuurrriiitttyyy gggrrrooouuupppiiinnngggsss 1982 1982 Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 Aug. 31 Sept. 30 Oct. 30 1 Loans—Total 1,154 366 354 1,617 822 449 1,123 438 2 Within 15 days 1,110 330 329 1,581 788 411 1,076 398 3 16 days to 90 days 44 36 25 36 34 38 47 40 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Acceptances—Total 0 0 0 981 0 565 813 0 6 Within 15 days 0 0 0 981 0 565 813 0 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 130,305 129,234 131,459 135,926 132,604 132,858 134,393 132,080 10 Within 15 days1 4,211 5,323 2,580 7,706 2,652 3,911 5,743 2,652 11 16 days to 90 days 24,429 23,671 27,478 26,647 28,224 25,870 24,429 28,465 12 91 days to 1 year 37,142 35,800 36,961 37,133 37,288 38,554 39,781 36,523 13 Over 1 year to 5 years 35,974 35,891 35,891 35,891 35,891 35,974 35,891 35,891 14 Over 5 years to 10 years 12,267 12,267 12,267 12,267 12,267 12,267 12,267 12,267 15 Over 10 years 16,282 16,282 16,282 16,282 16,282 16,282 16.282 16,282 16 Federal agency obligations—Total 8,949 8,949 8,943 9,680 8,943 9,184 9.950 8,943 U Within 15 days1 207 151 84 831 83 345 1,208 83 18 16 days to 90 days 407 475 465 381 490 407 407 490 19 91 days to 1 year 1,863 1,836 1,875 1,977 1,966 1,829 1,863 1,966 20 Over 1 year to 5 years 5,087 5,087 5,115 5,053 4,962 5,228 5,087 4,962 21 Over 5 years to 10 years 882 882 886 920 924 872 882 924 22 Over 10 years 503 518 518 518 518 503 503 518 1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 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 Aug. Sept. Oct. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 32.82 34.26 36.46 37.99 38.36 38.43 38.50 38.58 38.52 38.80 39.57 39.89 2 Nonborrowed reserves 31.95 32.79 34.77 37.35 36.80 36.87 37.39 37.37 37.83 38.29 38.63 39.41 3 Required reserves 32.59 33.93 35.95 37.67 37.99 38.16 38.15 38.27 38.21 38.49 39.18 39.47 4 Monetary base4 132.2 142.5 155.0 162.7 165.2 166.5 167.7 168.8 169.2 170.1 171.9 172.9 Not seasonally adjusted 5 Total reserves3 33.37 34.83 37.11 38.66 37,.80 38.33 38.19 38.07 38.43 38.51 39.35 40.10 6 Nonborrowed reserves 32.50 33.35 35.42 38.03 36.24 36.76 37.07 36.86 37.74 38.00 38.42 39.53 7 Required reserves 33.13 34.50 36.59 38.34 37.44 38.06 37.83 37.76 38.12 38.20 38.97 39.59 8 Monetary base4 134.8 145.4 158.0 165.8 163.3 165.6 167.1 168.2 170.0 170.4 171.4 173.0 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS5 9 Total reserves3 41.68 43.91 40.66 41.92 39.24 39.56 39.55 39.57 39.97 40.18 39.96 40.60 10 Nonborrowed reserves 40.81 42.43 38.97 41.29 37.68 37.99 38.43 38.36 39.28 39.66 39.03 40.12 11 Required reserves 41.45 43.58 40.15 41.60 38.87 39.28 39.19 39.26 39.65 39.87 39.58 40.18 12 Monetary base4 144.6 156.2 162.4 169.7 165.4 167.6 169.2 170.4 172.3 172.8 172.3 173.9 For notes see page A14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 DomesticN onfinancial Statistics • November 1982 1.21 MONEY STOCK MEASURES AND COMPONENTS Billions of dollars, averages of daily figures 1982 1978 1979 1980 1981 IItteemm Dec. Dec. Dec. Dec. May June July Aug. Sept. Seasonally adjusted MEASURES1 1 Ml 363.2 389.0 414.5 440.9 451.5 451.4 451.3 455.2 460.5 2 M2 1,403.9 1,518.9 1,656.2 1,822.7 1,897.5 1,907.9 1,923.4 l,946.3r 1,954.1 3 M3 1,629.0 1,779.4 1,963.1 2,188.1 2,279.3 2,296.0 2,320.3r 2,355.7 2,362.3 4 L2 1,938.9 2,153.9 2,370.4 2,642.8 2,773.3r 2,797.9r 2,830.5 n.a. n.a. SELECTED COMPONENTS 5 Currency 97.4 106.1 116.2 123.1 127.4 128.4 128.8 129.5 130.5 6 Traveler's checks3 3.5 3.7 4.2 4.3 4.5 4.5 4.4 4.4 4.4 7 Demand deposits 253.9 262.2 267.2 236.4 232.7 231.0 230.6 231.1 232.6 8 Other checkable deposits7 8.4 16.9 26.9 77.0 87.0 87.5 87.4 90.2 93.0 9 Savings deposits4 479.9 421.7 398.9 343.6 350.9 349.9 344.0 342.1 342.5 10 Small-denomination time deposits5 533.9 652.6 751.7 854.7 894.1 900.9 919.7 930.6' 932.6 11 Large-denomination time deposits6 194.6 221.8 257.9 300.3 321.6 328.3 335.8 339.6r 339.0 Not seasonally adjusted MEASURES1 12 Ml 372.5 398.8 424.6 451.2 445.1 450.5 454.0 454.0 460.5 13 M2 1,408.5 1,524.7 1,662.5 1,829.4 1,888.9 1,906.4 1,924.8 1,938.8' 1,950.4 14 M3 1,637.5 1,789.2 1,973.9 2,199.9 2,269.3 2,290.0 2,314.1r 2,342.3 2,355.0 15 L2 1,946.6 2,162.8 2,380.2 2,653.8 2,766.5'' 2,793.1'' 2,819.0 n.a. n.a. SELECTED COMPONENTS 16 Currency 99.4 108.2 118.3 125.4 127.2 128.3 129.8 130.0 130.2 17 Traveler's checks3 3.3 3.5 3.9 4.1 4.3 4.7 4.9 4.9 4.7 18 Demand deposits 261.5 270.1 275.1 243.3 228.3 230.4 231.5 229.3 232.4 19 Other checkable deposits7 8.4 17.0 27.2 78.4 85.4 87.2 87.9 89.8 93.2 20 Overnight RPs and Eurodollars8 24.1 26.3 35.0 38.1 42.8 43. lr 43.4r 44.5r 43.0 21 Savings deposits4 478.0 420.5 398.0 343.0 347.4 347.9r 348.3 346.2 347.4 22 Small-denomination time deposits5 531.1 649.7 748.9 851.7 895.3 902.3 914. V 920.2r 923.9 Money market mutual funds 23 General purpose and broker/dealer 7.1 34.4 61.9 151.2 164.3 168.6 171.3 180.0 181.9 24 Institution only 3.1 9.3 13.9 33.7 32.8 33.7 36.7 43.1 43.9 25 Large-denomination time deposits6 198.6 226.0 262.3 305.4 320.3 323.9 328.3 333.7r 335.4 1. Composition of the money stock measures is as follows: 3. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank Ml: Averages of daily figures for (1) currency outside the Treasury, Federal issuers. Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of non- 4. Savings deposits exclude NOW and ATS accounts at commercial banks and bank issuers; (3) demand deposits at all commercial banks other than those due thrift institutions and CUSDs at credit unions. to domestic banks, the U.S. government, and foreign banks and official institutions 5. Small-denomination time deposits—including retail RPs—are those issued in less cash items in the process of collection and Federal Reserve float; and (4) amounts of less than $100,000. negotiable order of withdrawal (NOW) and automatic transfer service (ATS) ac- 6. Large-denomination time deposits are those issued in amounts of $100,000 counts at banks and thrift institutions, credit union share draft (CUSD) accounts, or more and are net of the holdings of domestic banks, thrift institutions, the U.S. and demand deposits at mutual savings banks. government, money market mutual funds, and foreign banks and official institu- M2: Ml plus savings and small-denomination time deposits at all depository tions. institutions, overnight repurchase agreements at commercial banks, overnight Eu- 7. Includes ATS and NOW balances at all institutions, credit union share draft rodollars held by U.S. residents other than banks at Caribbean branches of member balances, and demand deposits at mutual savings banks. banks, and balances of money market mutual funds (general purpose and broker/ 8. Overnight (and continuing contract) RPs are those issued by commercial dealer). banks to other than depository institutions and money market mutual funds (general M3: M2 plus large-denomination time deposits at all depository institutions, term purpose and broker/dealer), and overnight Eurodollars are those issued by Ca- RPs at commercial banks and savings and loan associations, and balances of in- ribbean branches of member banks to U.S. residents other than depository instistitution-only money market mutual funds. tutions and money market mutual funds (general purpose and broker/dealer). 2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents NOTE. Latest monthly and weekly figures are available from the Board's H.6 other than banks, bankers acceptances, commercial paper, Treasury bills and other (508) release. Back data are available from the Banking Section, Division of Reliquid Treasury securities, and U.S. savings bonds. search and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. NOTES TO TABLE 1.20 1. Reserve aggregates include required reserves of member banks and Edge Act phase-in program of the Monetary Control Act of 1980, the net changes in required corporations ana other depository institutions. Discontinuities associated with the reserves of depository institutions have been as follows: Effective Nov. 13, 1980, implementation of the Monetary Control Act, the inclusion of Edge Act corporation a reduction of $2.9 billion; Feb. 12, 1981, an increase of $245 million: Mar. 12, reserves, and other changes in Regulation D, have been removed. Beginning with 1981, an increase of $75 million; May 14, 1981, an increase of $245 million; Aug. the week ended December 23, 1981, reserves aggregates have been reduced by 13, 1981, an increase of $230 million; Sept. 3, 1981, a reduction of $1.1 billion; shifts of reservable liabilities to international banking facilities (IBFs). On the basis Nov. 12,1981, an increase of $210 million; Jan. 14,1982, a reduction of $60 million; of reports of liabilities transferred to IBFs by U.S. commercial banks and U.S. Feb. 11, 1982 an increase of $170 million; Mar. 4, 1982, an estimated reduction of agencies and branches of foreign banks, it is estimated that required reserves were $2.0 billion; May 13, 1982, an estimated increase of $150 million; Aug. 12, 1982 lowered on average by $10 million to $20 million in December 1981 and $40 million an estimated increase of $140 million; and Sept. 2, 1982, an estimated reduction to $70 million in January 1982. of $1.2 billion. Beginning with the week ended December 23, 1981, reserve ag- 2. Reserve balances with Federal Reserve Banks (which exclude required clear- gregates have been reduced by shifts of reservable liabilities to IBFs. On the basis ing balances) plus vault cash at institutions with required reserve balances plus of reports of liabilities transferred to IBFs by U.S. commercial banks and U.S. vault cash equal to required reserves at other institutions. agencies and branches of foreign banks, it is estimated that required reserves were 3. Includes reserve balances and required clearing balances at Federal Reserve lowered on average by $60 million to $90 million in December 1981 and $180 Banks in the current week plus vault cash held two weeks earlier used to satisfy million to $230 million in January 1982, mostly reflecting a reduction in reservable reserve requirements at all depository institutions plus currency outside the U.S. Eurocurrency transactions. Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus vault cash at depository institutions. NOTE. Latest monthly and weekly figures are available from the Board's H.3(502) 4. Reserves of depository institutions series reflect actual reserve requirement statistical release. Back data and estimates of the impact on required reserves and percentages with no adjustments to eliminate the effect of changes in Regulation changes in reserve requirements are available from the Banking Section, Division D, including changes associated with the implementation of the Monetary Control of Research and Statistics, Board of Governors of the Federal Reserve System, Act. Includes required reserves of member banks and Edge Act corporations and Washington, D.C. 20551. beginning November 13, 1980, other depository institutions. Under the transitional Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A15 1.22 BANK DEBITS AND DEPOSIT TURNOVER Debits are shown in billions of dollars, turnover as ratio of debits to deposits. Monthly data are at annual rates. 1982 BBaannkk ggrroouupp,, oorr ttyyppee ooff ccuussttoommeerr 19791 19801 19811 Apr. May June July Aug. Sept. Seasonally adjusted DEBITS TO Demand deposits2 1 All insured banks 49,903.0 62,757.8 80,858.7 86,781.3 88,573.8 87,602.3 90,280.7 95,177.9 94,480.0 2 Major New York City banks 18,481.7 25,156.1 33,891.9 37,038.4 37,248.2 35,729.5 36,880.8 39,525.3 37,986.3 3 Other banks 31,421.3 37,601.7 46,966.9 49,742.9 51,325.7 51,872.8 53,399.9 55,652.6 56,493.7 4 ATS-NOW accounts3 84.4 159.3 743.4 915.7 900.5 977.6 1,049.9 1,146.2 1,165.4 5 Savings deposits4 547.9 670.0 672.7 686.4 712.2 698.9 773.8 770.7 707.8 DEPOSIT TURNOVER Demand deposits2 6 All insured banks 162.8 198.7 285.8 311.2 319.3 318.7 325.0 341.6 341.0 7 Major New York City banks 634.2 803.7 1,105.1 1,296.6 1,287.8 1,295.9 1,265.7 1,424.2 1,282.5 8 Other banks 113.3 132.2 186.2 198.8 206.6 209.8 214.8 221.8 228.3 9 ATS-NOW accounts3 7.8 9.7 14.0 13.0 13.1 14.2 15.3 16.2 15.9 10 Savings deposits4 2.7 3.6 4.1 4.3 4.5 4.4 5.0 5.0 4.6 Not seasonally adjusted DEBITS TO Demand deposits2 11 All insured banks 49,777.3 63,124.4 81,197.9 88,169.8 82,913.9 92,867.2 91,318.9 94,968.5 95,557.1 12 Major New York City banks 18,487.8 25,243.1 34,032.0 37,073.9 34,585.7 38,286.7 37,502.5 39,126.7 39,634.0 13 Other banks 31,289.4 37,881.3 47,165.9 51,095.9 48,328.2 54,580.6 53,816.4 55,841.8 55,923.1 14 ATS-NOW accounts3 83.3 158.0 737.6 1,034.1 891.7 1,046.0 1,021.0 1,020.5 1,097.3 15 Savings deposits4 548.1 669.8 672.9 737.5 680.8 694.4 778.2 763.7 695.2 DEPOSIT TURNOVER Demand deposits2 16 All insured banks 163.3 202.3 286.1 315.3 304.5 339.6 328.2 346.9 345.3 17 Major New York City banks 644.1 814.8 1,114.2 1,320.5 1,218.1 1,361.3 1,305.8 1,472.8 1,362.5 18 Other banks 113.4 134.8 186.2 203.1 198.1 222.5 215.7 225.9 225.8 19 ATS-NOW accounts3 7.8 9.7 14.0 14.6 13.2 15.2 14.8 14.4 15.0 20 Savings deposits4 2.7 3.6 4.1 4.7 4.3 4.4 4.9 4.9 4.4 1. Annual averages of monthly figures. NOTE. Historical data for demand deposits are available back to 1970 estimated 2. Represents accounts of individuals, partnerships, and corporations and of in part from the debits series for 233 SMSA's that were available through June states and political subdivisions. 1977. Historical data for ATS-NOW and savings deposits are available back to 3. Accounts authorized for negotiable orders of withdrawal (NOW) and accounts July 1977. Back data are available on request from the Banking Section, Division authorized for automatic transfer to demand deposits (ATS). ATS data availability of Research and Statistics, Board of Governors of the Federal Reserve System, starts with December 1978. Washington, D.C. 20551. 4. Excludes ATS and NOW accounts as well as special club accounts, such as Christmas and vacation clubs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 DomesticN onfinancial Statistics • November 1982 1.23 LOANS AND SECURITIES All Commercial Banks1 Billions of dollars; averages of Wednesday figures 1981 1982 1981 1982 Dec.2 May2 June2 July2 Aug.2 Sept.3 Dec.2 May2 June2 July2 Aug.2 Sept.3 Seasonally adjusted Not seasonally adjusted 1 Total loans and securities3 1,316.3 1,362.0 1,368.8 1,376.1 1,383.1 1,389.4 1,326.1 1,356.0 1,366.3 1,370.4 1,377.7 1,391.0 2 U.S. Treasury asecurities 111.0 116.3 115.8 116.5 117.8 118.2 111.4 115.8 116.1 115.6 116.4 117.8 3 Other securities 231.4 234.9 235.9 235.9 237.1 237.6 232.8 235.1 235.6 234.7 236.4 237.7 4 Total loans and leases3 973.9 1,010.8 1,017.1 1.023.7 1,028.3 1,033.6 981.8 1,005.1 1,014.6 1,020.1 11,,002244..99 1,035.6 5 Commercial and industrial loans 358.0 378.9 383.4 386.7 387.9 392.5 360.1 379.0 382.7 385.5 385.5 392.1 6 Real estate loans 285.7 295.5 297.3 297.5 298.5 299.4 286.8 294.4 295.8 296.6 298.2 300.0 7 Loans to individuals 185.1 187.3 188.2 189.2 189.5 189.6 186.4 186.2 187.4 188.3 189.7 190.9 8 Security loans 21.9 20.6 19.5 21.0 21.4 22.6 22.7 19.8 20.5 20.5 22.0 22.3 9 Loans to nonbank financial institutions 30.2 33.2 33.6 33.9 33.2 32.6 31.2 32.8 33.1 33.3 33.1 32.8 10 Agricultural loans 33.0 34.6 35.4 35.7 36.1 36.2 33.0 34.4 35.5 36.1 36.6 36.7 11 Lease financing receivables.... 12.7 13.1 13.1 13.2 13.1 13.1 12.7 13.1 13.1 13.2 13.1 13.1 12 All other loans 47.2 47.5 46.7 46.4 48.6 47.6 49.2 45.4 46.4 46.7 46.7 47.7 MEMO: 13 Total loans and securities plus loans sold3,7 1,319.1 1,364.7 1,371.7 1,378.9 1,386.0 1,392.3 1,328.9 1,358.8 1,369.3 1,373.2 1,380.5 1,393.8 14 Total loans plus loans sold3,7 .... 976.7 1,013.5 1,020.1 1,026.5 1,031.1 1,036.4 984.7 1,007.9 1,017.6 1,023.0 1,027.7 1,038.4 15 Total loans sold to affiliates7 .... 2.8 2.8 3.0 2.8 2.8 2.8 2.8 2.8 3.0 2.8 2.8 2.8 16 Commercial and industrial loans plus loans sold7 360.2 381.1 385.8 389.0 390.2 394.7 362.3 381.2 385.1 387.8 387.8 394.4 17 Commercial and industrial loans sold7 2.2 2.2 2.4 2.3 2.3 2.3 2.2 2.2 2.4 2.3 2.3 2.3 18 Acceptances held 8.9 10.1 9.1 8.7 9.1 9.3 9.8 9.5 9.2 8.6 8.8 9.4 19 Other commercial and industrial loans 349.1 368.8 374.3 378.1 378.8 383.1 350.3 369.5 373.5 376.9 376.7 382.8 20 To U.S. addressees8 334.9 355.3 360.2 364.7 365.8 369.8 334.3 356.8 360.6 363.9 364.0 369.6 21 To non-U.S. addressees 14.2 13.5 14.2 13.3 13.1 13.3 16.1 12.7 13.0 13.0 12.8 13.1 22 Loans to foreign banks 19.0 14.9 14.7 14.8 14.6 13.8 20.0 14.3 14.2 14.5 14.1 14.2 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 S1.0 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

Commercial Banks A17 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1 Monthly averages, billions of dollars 1980 1981 1982 SSoouurrccee Dec. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total nondeposit funds 1 Seasonally adjusted2 122.0 116.2 98.5 89.5 88.0 83.8 83.5 82.0 84.2 79.8 78.1 71.8 2 Not seasonally adjusted 122.6 120.7 98.9 87.9 88.5 84.8 84.3 85.5 86.3 81.8 82.5 77.5 Federal funds, RPs, and other borrowings from nonbanks3 3 Seasonally adjusted 111.1 110.0 114.2 116.2 113.8 113.6 113.1 113.2 113.8 114.3 116.7 114.8 4 Not seasonally adjusted 111.6 114.6 114.6 114.6 114.3 114.6 113.9 116.6 115.9 116.3 121.1 120.5 5 Net balances due to foreign-related institutions, not seasonally adjusted 8.2 3.4 -18.6 -29.6 -28.6 -32.6 -32.5 -33.9 -32.5 -37.3 -41.4 -45.8 Loans sold to affiliates, not seasonally adjusted4 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 3.0 2.8 2.8 2.8 MEMO 7 Domestically chartered banks net positions with own foreign branches, not seasonally adjusted5 -14.7 -14.9 -22.5 -27.1 -25.9 -28.8 -29.8 -29.9 -29.2 -33.0 -34.4 -38.5 8 Gross due from balances 37.5 47.9 54.9 55.1 55.0 56.7 57.4 58.1 57.7 60.6 65.0 68.3 9 Gross due to balances 22.8 32.9 32.4 28.0 29.1 27.9 27.6 28.3 28.5 27.6 30.6 29.8 10 Foreign-related institutions net positions with directly related institutions, not seasonally adjusted6 22.9 18.4 3.9 -2.5 -2.7 -3.8 -2.7 -4.1 -3.3 -4.4 -7.0 -7.3 11 Gross due from balances 32.5 39.1 48.1 50.0 50.5 50.0 49.1 49.4 50.2 52.7 53.4 54.0 12 Gross due to balances 55.4 57.4 52.0 47.5 47.9 46.2 46.4 45.4 46.9 48.3 46.4 46.7 Security RP borrowings 13 Seasonally adjusted* 64.0 65.0 70.0 73.0 71.0 71.4 71.9 69.0 69.1 69.3 71.9 68.5 14 Not seasonally adjusted 62.3 67.3 68.2 69.2 69.1 70.0 70.4 70.0 68.7 68.9 73.9 71.8 U.S. Treasury demand balances8 15 Seasonally adjusted 9.5 12.1 11.8 13.4 22.1 17.5 13.6 15.3 9.9 8.4 9.2 10.7 16 Not seasonally adjusted 9.0 9.7 11.2 14.5 20.0 15.5 13.8 15.4 10.8 8.3 8.2 12.4 Time deposits, $100,000 or more9 17 Seasonally adjusted 267.0 323.4 324.0 324.3 327.2 332.0 334.4 341.1 349.5 360.1 366.9 366.4 18 Not seasonally adjusted 272.4 324.6 330.3 330.6 335.3 337.2 335.6 340.0 344.6 350.4 359.1 361.4 IBF ADJUSTMENTS FOR SELECTED ITEMS10 19 22.4 29.6 30.4 30.8 31.4 31.7 32.0 32.2 32.4 32.4 2222200000 11111.....77777 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 2222211111 2222200000.....77777 2222277777.....22222 2222288888.....00000 2222288888.....44444 2222299999.....00000 2222299999.....33333 2222299999.....66666 2222299999.....88888 3333300000.....00000 3333300000.....00000 2222222222 33333.....11111 44444.....88888 44444.....99999 44444.....99999 55555.....00000 55555.....00000 55555.....00000 55555.....11111 55555.....11111 55555.....11111 2222233333 Item 10 1111177777.....66666 2222222222.....55555 2222233333.....11111 2222233333.....66666 2222244444.....00000 2222244444.....33333 2222244444.....66666 2222244444.....77777 2222244444.....99999 2222244444.....99999 1. Commercial banks are those in the 50 states and the District of Columbia 4. Loans initially booked by the bank and later sold to affiliates that are still with national or state charters plus agencies and branches of foreign banks. New held by affiliates. Averages of Wednesday data. York investment companies majority owned by foreign banks, and Edge Act cor- 5. Averages of daily figures for member and nonmember banks. porations owned by domestically chartered and foreign banks. 6. Averages of daily data. 2. Includes seasonally adjusted federal funds, RPs, and other borrowings from 7. Based on daily average data reported by 122 large banks. nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. In- 8. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at cludes averages of Wednesday data for domestically chartered banks and averages commercial banks. Averages of daily data. of current and previous month-end data for foreign-related institutions. 9. Averages of Wednesday figures. 3. Other borrowings are borrowings on any instrument, such as a promissory 10. Estimated effects of shifts of foreign assets from U.S. banking offices to note or due bill, given for the purpose of borrowing money for the banking business. international banking facilities (IBFs). This includes borrowings from Federal Reserve Banks and from foreign banks, term federal funds, overdrawn due from bank balances, loan RPs, and participations in pooled loans. Includes averages of daily figures for member banks and averages of current and previous month-end data for foreign-related institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 DomesticN onfinancial Statistics • November 1982 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS Last-Wednesday-of-Month Series Billions of dollars except for number of banks 1981 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. DOMESTICALLY CHARTERED COMMERCIAL BANKS1 1 Loans and securities, excluding interbank 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 1,337.2 1.343.0 2 Loans, excluding interbank 926.4 920.1 929.1 939.9 947.2 954.3 969.1 966.6 970.6 986.0 988.5 3 Commercial and industrial 320.3 321.0 325.6 332.4 336.7 341.9 348.7 346.4 346.2 354.4 355.2 4 Other 606.1 599.1 603.5 607.5 610.5 612.4 620.4 620.3 624.4 631.6 633.3 5 U.S. Treasury securities 109.8 111.5 112.3 114.5 113.0 111.5 113.4 113.4 113.7 115.0 119.4 6 Other securities 231.3 229.6 229.8 231.4 232.4 234.9 232.9 233.2 234.5 236.1 235.1 7 Cash assets, total 173.1 155.3 151.6 164.5 153.6 153.0 165.4 154.5 160.8 157.4 162.0 8 Currency and coin 22.0 19.8 19.7 18.9 19.9 20.0 20.1 20.5 20.3 20.4 20.5 9 Reserves with Federal Reserve Banks 28.0 30.2 24.8 25.7 25.5 21.7 18.2 25.1 26.1 17.0 23.5 10 Balances with depository institutions . 54.5 50.3 51.0 55.9 52.4 54.9 59.6 55.4 58.8 60.4 61.2 11 Cash items in process of collection ... 68.6 55.0 56.1 64.0 55.8 56.3 67.4 53.6 55.5 59.6 56.8 12 Other assets2 211.2 197.0 201.9 219.3 206.6 209.9 223.2 224.2 231.3 234.9 237.0 13 Total assets/total liabilities and capital... 1,651.8 1,613.5 1,624.7 1,669.5 1,652.9 1,663.6 1,704.0 1,692.0 1,710.9 1,729.5 1,742.1 14 Deposits 1,240.3 1,205.8 1,213.7 1,250.8 1,231.0 1,244.0 1,284.8 1,266.4 1,279.1 1,290.7 1,300.2 15 Demand 363.9 322.3 316.7 338.3 315.5 315.4 345.2 314.4 315.5 323.0 326.5 16 Savings 222.4 223.0 222.5 229.9 226.6 227.6 228.9 227.1 229.5 230.9 238.2 17 Time 654.0 660.5 674.4 682.6 688.9 701.0 710.7 724.8 734.1 736.9 735.4 18 Borrowings 190.2 191.9 191.0 196.4 201.1 195.1 189.7 195.4 196.0 202.8 203.7 19 Other liabilities 91.7 89.7 92.5 94.4 92.4 93.9 96.6 99.1 103.9 103.4 106.2 20 Residual (assets less liabilities) 129.6 126.1 127.5 128.0 128.4 130.6 133.0 131.1 131.9 132.6 132.0 MEMO: 21 U.S. Treasury note balances included in borrowing 13.6 16.7 17.1 10.9 16.6 7.1 7.5 8.0 5.9 17.0 11.7 22 Number of banks 14,744 14,690 14,702 14,709 14,710 14,722 14,736 14,752 14,770 14,785 14,797 ALL COMMERCIAL BANKING INSTITUTIONS3 23 Loans and securities, excluding interbank 1,330.0 1,321.6 1,331.5 1,345.8 1,350.7 1,358.5 1,374.3 1,371.3 1,376.6 1,397.4 1,401.7 24 Loans, excluding interbank 984.5 975.8 984.4 995.1 1,000.6 1,007.6 1,023.7 1,020.8 1,024.7 1,042.6 1,042.3 25 Commercial and industrial 360.8 360.3 364.6 372.4 374.7 379.3 386.7 384.4 384.5 395.0 393.1 26 Other 623.7 615.5 619.7 622.7 625.8 628.3 637.0 636.4 640.2 647.5 649.2 27 U.S. Treasury securities 112.5 114.5 115.5 117.6 116.1 114.3 116.2 115.7 115.8 117.2 122.7 28 Other securities 233.0 231.4 231.6 233.1 234.1 236.6 234.4 234.8 236.1 237.7 236.7 29 Cash assets, total 188.1 170.0 165.8 178.8 168.1 167.7 180.3 169.3 176.2 173.7 178.7 30 Currency and coin 22.0 19.8 19.7 18.9 19.9 20.0 20.2 20.5 20.4 20.4 20.5 31 Reserves with Federal Reserve Banks 29.3 31.3 26.1 26.9 26.8 23.0 19.6 26.5 27.5 18.4 25.0 32 Balances with depository institutions . 67.1 62.7 63.0 68.0 64.6 67.3 72.2 67.8 71.8 74.2 75.3 33 Cash items in process of collection ... 69.6 56.1 57.1 65.0 56.8 57.3 68.4 54.6 56.5 60.6 57.8 34 Other assets2 288.7 274.2 278.1 295.2 280.3 285.9 300.0 299.4 306.8 310.3 313.9 3355 Total assets/total liabilities and capital. . . 11,,880066..88 11,,776655..88 11,,777755..55 11,,881199..99 11,,779999..11 11,,881122..11 11,,885544..77 11,,884400..11 1,859.6 1,881.5 11,,889944..22 36 Deposits 1,288.7 1,251.5 1,258.3 1,295.0 1,272.7 1,286.2 1,325.8 1,307.3 1,321.7 1,335.6 1,345.2 37 Demand 377.7 335.1 329.4 350.8 327.9 327.9 357.4 326.8 327.7 335.1 338.9 38 Savings 222.6 223.2 222.8 230.2 226.9 227.8 229.1 227.4 229.7 231.1 238.5 39 Time 688.3 693.1 706.2 714.0 717.9 730.4 739.3 753.1 764.3 769.3 767.8 40 Borrowings 250.8 253.5 255.9 260.0 260.8 255.3 253.2 260.0 260.0 267.6 268.3 41 Other liabilities 135.6 132.8 131.8 135.0 135.3 138.2 140.8 139.8 144.1 143.9 146.9 42 Residual (assets less liabilities) 131.5 128.1 129.4 129.9 130.3 132.5 134.9 133.0 133.8 134.5 133.9 MEMO: 43 U.S. Treasury note balances included in borrowing 13.6 16.7 17.1 10.9 16.6 7.1 7.5 8.0 5.9 17.0 11.7 44 Number of banks 15,213 15,185 15,201 15,214 15,215 15,235 15,235 15,271 15,289 15,311 15,330 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

Weekly Reporting Banks A19 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 Sept. 1 Sept 8 Sept. 15 Sept. 22 Sept. 29? Oct. 6P Oct. 13 p Oct. 20p Oct. 27P 1 Cash items in process of collection 58,074 53,068 56,345 46,100 47,962 47,236 56,479 51,408 45,478 2 Demand deposits due from banks in the United States.. 7,651 7,429 7,716 7,314 7,054 7,296 7,737 7,094 6,800 3 All other cash and due from depository institutions 34,242 31,958 34,643 34,142 28,700 31,208 34,727 39,995 35,216 4 Total loans and securities 635,651 638,439 640,957 634,933 638,174 647,198 649,690 642,409 640,739 Securities 5 U.S. Treasury securities 36,996 38,618 38,690 37,892 37,900 39,552 40,901 40,464 40,890 6 Trading account 6,952 8,056 7,733 7,173 7,205 7,536 8,663 8,132 8,256 7 Investment account, by maturity 30,044 30,563 30,957 30,719 30,695 32,016 32,238 32,332 32,634 8 One year or less 10,313 10,344 10,667 10,645 10,289 10,281 10,299 10,172 10,149 9 Over one through five years 17,630 17,997 18.132 17,984 18,248 19,572 19,794 20,101 20,454 10 Over five years 2,101 2,242 2,158 2,090 2,159 2,163 2,145 2,059 2,031 11 Other securities 78,623 80,114 78,012 77,944 78,471 79,397 78,626 77,860 78,072 12 Trading account 4,152 5,884 3,872 3,655 3,967 5,228 4,329 3,909 4,214 13 Investment account 74,471 74,230 74,140 74,289 74,504 74,169 74,297 73,952 73,857 14 U.S. government agencies 15,579 15,441 15,397 15,421 15,508 15,353 15,438 15,327 15,160 15 States and political subdivisions, by maturity 55,754 55,636 55,631 55,746 55,915 55,754 55,829 55,667 55,723 16 One year or less 7,058 7,067 7,169 7,024 7,044 7,067 7,112 6,912 6,954 17 Over one year 48,696 48,569 48,462 48,722 48,872 48,687 48,717 48,754 48,769 18 Other bonds, corporate stocks and securities 3,138 3,152 3,112 3,122 3,080 3,062 3,030 2,958 2,974 Loans 19 Federal funds sold1 41,583 41,639 43,973 39,302 39,482 43,354 43,970 38,254 39,059 20 To commercial banks 31,060 31,003 33,184 28,479 28,761 31,972 32,679 27,552 28,070 21 To nonbank brokers and dealers in securities 7,986 8,294 8,643 8,695 8,767 8,526 9,149 8,251 8,710 22 To others 2,537 2,341 2,146 2,129 1,954 2,856 2,143 2,451 2,278 23 Other loans, gross 491,760 491,425 493,630 493,118 495,562 497,965 499,258 498,913 495,828 24 Commercial and industrial 212,659 212,946 215,979 216,827 217,310 219,999 218,580 217,794 216,853 25 Bankers acceptances and commercial paper 5,130 4,649 4,982 4,688 4,850 5,104 5,059 4,940 4,850 26 All other 207,529 208,296 210,997 212,139 212,460 214,895 213,521 212,854 212,002 27 U.S. addressees 200,521 201,006 203,756 204,894 205,044 207,542 206,237 205,785 205,031 28 Non-U.S. addressees 7,008 7,290 7,241 7,245 7,416 7,353 7,285 7,069 6,972 29 Real estate 130,883 130,918 131,122 131,447 131,764 131,536 131,836 131,906 131,874 30 To individuals for personal expenditures 73,294 73,187 73,369 73,396 73,503 73,335 73,243 73,279 73,422 To financial institutions 31 Commercial banks in the United States 7,206 8,456 7,059 6,708 6,778 6,672 6,960 7,173 7,103 32 Banks in foreign countries 7,277 7,479 7,498 7,255 6,905 7,041 7,586 7,084 7,120 33 Sales finance, personal finance companies, etc 11,626 11,008 11,026 10,803 11,127 11,076 11,068 11,050 11,139 34 Other financial institutions 16,486 16,186 16,456 16,242 15,892 16,001 16,072 15,946 15,740 35 To nonbank brokers and dealers in securities 7,690 7,167 7,068 6,736 7,892 7,560 9,036 9,770 8,093 36 To others for purchasing and carrying securities2 2,567 2,591 2,530 2,538 2,604 2,608 2,601 2,575 2,564 37 To finance agricultural production 6,565 6,502 6,478 6,514 6,571 6,545 6,544 6,525 6,514 38 All other 15,507 14,985 15,045 14,652 15,215 15,590 15,731 15,810 15,405 39 LESS: Unearned income 5,779 5,775 5,784 5,746 5,744 5,707 5,712 5,708 5,701 40 Loan loss reserve 7,532 7,582 7,564 7,578 7,498 7,362 7,354 7,374 7,409 41 Other loans, net 478,449 478,068 480,282 479,794 482,320 484,896 486,193 485,831 482,718 42 Lease financing receivables 11,067 11,087 11,111 11,089 11,097 11,070 11,075 11,058 11,032 43 All other assets 129,920 130,109 131,800 128,527 128,783 133,018 132,868 131,299 129,394 44 Total assets 876,606 872,090 882,571 862,106 861,769 877,025 892,577 883,263 868,659 Deposits 45 Demand deposits 182,441 176,296 182,342 162,792 164,541 171,131 179,704 173,364 166,343 46 Mutual savings banks 654 666 606 521 526 670 668 605 510 47 Individuals, partnerships, and corporations 136,241 132,459 135,310 122,927 124,068 128,934 134,918 130,354 126,347 48 States and political subdivisions 4,843 4,624 5,568 4,875 4,479 4,950 4,541 4,468 4,532 49 U.S. government 899 1,233 6.131 2,346 1,874 1,544 1.560 2,671 1,902 50 Commercial banks in the United States 20,735 21,355 19,751 17,895 17,963 20,307 21,577 18,485 18,070 51 Banks in foreign countries 5,875 6,771 5,918 6,006 5,793 5,492 6,847 6,142 6,216 52 Foreign governments and official institutions 1,244 1,022 861 959 957 1,366 914 1,080 1,012 53 Certified and officers' checks 11,950 8,164 8,197 7,262 8,881 7,868 8,678 9,559 7,754 54 Time and savings deposits 401,138 401,173 400,671 402,188 401,320 403,591 404,202 403,985 402,527 55 Savings 80,857 81,850 81,891 80,216 79,898 83,425 83,250 83,041 82,742 56 Individuals and nonprofit organizations 77,481 78,439 78,495 76,921 76,565 80,023 79,929 79,744 79,383 57 Partnerships and corporations operated for profit .. 2,808 2,852 2,801 2,752 2,770 2,793 2,762 2,747 2,797 58 Domestic governmental units 548 539 578 523 546 592 542 534 546 59 All Other 20 21 18 20 17 17 17 16 16 60 Time 320,281 319,323 318,780 321,971 321,422 320,166 320,951 320,944 319,785 61 Individuals, partnerships, and corporations 280,302 279,406 278,800 281,856 281,320 280,281 280,813 281,052 279,986 62 States and political subdivisions 21,841 21,774 21,688 21,752 21,659 21,262 21,371 21,388 21,341 63 U.S. government 618 592 573 583 559 576 607 635 627 64 Commercial banks in the United States 12,558 12,648 12,834 12,794 12,948 13,126 13,322 12,975 12,888 65 Foreign governments, official institutions, and banks 4,961 4,903 4,885 4,987 4,936 4,921 4,838 4,894 4,943 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 843 45 3,304 1,356 575 7 12 957 383 67 Treasury tax-and-loan notes 2,281 2,121 3,956 9,432 13,187 9,968 8,950 8,780 8,720 68 All other liabilities for borrowed money3 146,613 153,418 151,255 144,133 141,899 152,645 158,730 153,195 147,412 69 Other liabilities and subordinated notes and debentures 86,455 82,081 84,189 85,525 83,593 82,464 83,658 85,949 86,429 70 Total liabilities 819,772 815,135 825,717 895,425 805,115 819,805 835,255 826,230 811,815 71 Residual (total assets minus total liabilities)4 56,833 56,955 56,854 56,680 56,654 57,220 57,322 57,033 56,844 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

A20 DomesticN onfinancial Statistics • November 1982 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 Account Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29p Oct. 6p Oct. 13 P Oct. 20p Oct. IIP 1 Cash items in process of collection 55,234 49,964 53,255 43,395 45,517 44,564 53,150 48,619 43,012 2 Demand deposits due from banks in the United States.. 6,981 6,704 7,011 6,676 6,376 6,585 6,973 6,418 6,150 3 All other cash and due from depository institutions .... 31,590 29,638 32,049 31,326 26,227 28,658 32,033 36,950 32,517 4 Total loans and securities 595,690 597,974 600,438 594,462 597,772 605,942 608,475 601,587 599,866 Securities 5 U.S. Treasury securities 33,863 35,470 35,378 34,572 34,524 36,211 37,494 37,034 37,435 6 Trading account 6,854 7,965 7,627 7,064 7,110 7,437 8,526 8.020 8,127 7 Investment account, by maturity 27,009 27,506 27,751 27,508 27,414 28,774 28,968 29.014 29,307 8 One year or less 9,238 9,269 9,525 9,492 9,117 9,152 9,158 9.015 9,047 9 Over one through five years 15,931 16,254 16,332 16,191 16,402 17,724 17,930 18,204 18,493 10 Over five years 1,840 1,983 1,894 1,825 1,894 1,898 1,881 1.795 1,767 11 Other securities 72,228 73,659 71,584 71,524 72,083 73,069 72,241 71.475 71,663 12 Trading account 4,004 5,666 3,711 3,539 3,839 5,095 4,178 3.754 4,077 13 Investment account 68,225 67,994 67,873 67,985 68,244 67,974 68,063 67,720 67,586 14 U.S. government agencies 14,409 14,270 14,221 14,235 14,336 14,179 14,274 14,155 13,948 15 States and political subdivision, by maturity 50,910 50,804 50,752 50,838 51,038 50,938 50,959 50,808 50,870 16 One year or less 6,327 6,340 6,383 6,225 6,281 6,328 6,357 6,194 6,224 17 Over one year 44,583 44,464 44,369 44,613 44,757 44,610 44,602 44,615 44,646 18 Other bonds, corporate stocks and securities 2,906 2,920 2,900 2,912 2,870 2,857 2,829 2,757 2,769 Loans 19 Federal funds sold1 37,510 37,161 39,810 35,262 35,745 38,661 39,500 34,254 35,089 20 To commercial banks 27,496 26,947 29,417 25,302 25,575 27,749 28,766 24,075 24,621 21 To nonbank brokers and dealers in securities 7,513 7,909 8,284 7,868 8,250 8,132 8,680 7,811 8,267 22 To others 2,500 2,305 2,109 2,091 1,920 2,780 2,053 2,368 2,201 23 Other loans, gross 464,367 464,006 465,977 465,388 467,628 470,034 471,274 470,874 467,760 24 Commercial and industrial 202,060 202,292 205,153 205,917 206,319 208,944 207,594 206,798 205,843 25 Bankers acceptances and commercial paper 4,905 4,415 4,695 4,316 4,477 4,728 4,725 4,581 4,482 26 All other 197,155 197,877 200,458 201,601 201,842 204,216 202,869 202,216 201,361 27 U.S. addressees 190,275 190,721 193,346 194,488 194,552 196,989 195,711 195,276 194,518 28 Non-U.S. addressees 6,880 7,157 7,112 7,113 7,289 7,227 7,158 6,940 6,843 29 Real estate 123,571 123,627 123,812 124,095 124,370 124,146 124,423 124,470 124,440 30 To individuals for personal expenditures 65,846 65,758 65,919 65,925 65,992 65,812 65,713 6655,,772200 65,863 To financial institutions 31 Commercial banks in the United States 7,028 8,290 6,875 6,555 6,613 6,514 6,752 7,008 6,946 32 Banks in foreign countries 7,193 7,358 7,416 7,168 6,821 6,958 7,492 7,007 7,025 33 Sales finance, personal finance companies, etc 11,450 10,842 10,849 10,628 10,956 10,900 10,896 10,871 10,959 34 Other financial institutions 16,066 15,776 16,041 15,830 15,494 15,586 15,658 15,514 15,306 35 To nonbank brokers and dealers in securities 7,662 7,134 7,033 6,700 7,850 7,523 9,005 9,740 8,066 36 To others for purchasing and carrying securities2 2,338 2,360 2,301 2,309 2,371 2,377 2,373 2,348 2,332 37 To finance agricultural production 6,380 6,318 6,295 6,333 6,390 6,369 6,365 6,345 6,330 38 All other 14,771 14,251 14,283 13,928 14,450 14,906 15,001 15,054 14,649 39 LESS: Unearned income 5,138 5,132 5,140 5,096 5,094 5,064 5,070 5,066 5,062 40 Loan loss reserve 7,141 7,190 7,171 7,187 7,113 6,969 6,964 6,983 7,019 41 Other loans, net 452,088 451,684 453,666 453,104 455,420 458,000 459,240 458,824 455,679 42 Lease financing receivables 10,738 10,753 10,780 10,758 10,760 10,732 10,738 10,720 10,694 43 All other assets 126,024 126,295 128,024 124,786 125,016 129,280 129,067 127,622 125,605 44 Total assets 826,256 821,329 831,558 811,404 811,669 825,762 840,436 831,917 817,845 Deposits 45 Demand deposits 170,394 164,166 169,928 151,283 153,122 159,302 167,127 161,603 154,856 46 Mutual savings banks 636 640 589 506 509 645 648 585 494 47 Individuals, partnerships, and corporations 126,826 123,095 126,026 114,425 115,121 119,764 125,120 121,235 117,375 48 States and political subdivisions 4,316 4,049 5,052 4,242 3,966 4,355 4,098 3,948 4,035 49 U.S. government 803 1,068 5,469 1,920 1,687 1,387 1,415 2,414 1,746 50 Commercial banks in the United States 19,147 19,691 18,205 16,538 16,589 18,795 19,784 17,029 16,624 51 Banks in foreign countries 5,815 6,726 5,856 5,954 5,719 5,446 6,799 6,098 6,170 52 Foreign governments and official institutions 1,239 1,020 847 951 935 1,365 913 1,072 999 53 Certified and officers' checks 11,612 7,877 7,885 6,747 8,595 7,546 8,352 9,222 7,412 54 Time and savings deposits 376,722 376,668 376,036 377,638 376,548 378,766 379,390 379,104 377,644 55 Savings 74,615 75,514 75,538 74,025 73,711 76,950 76,809 76,604 76,303 56 Individuals and nonprofit organizations 71,500 72,370 72,460 70,993 70,642 73,820 73,756 73,575 73,213 57 Partnerships and corporations operated for profit .. 2,585 2,627 2,566 2.530 2,545 2,569 2,534 2,516 2,569 58 Domestic governmental units 509 495 494 482 507 544 502 498 505 59 All other 20 21 18 20 17 17 17 16 16 60 Time 302,108 301,154 300,498 303,613 302,838 301,816 302,581 302,500 301,341 61 Individuals, partnerships, and corporations 264,386 263,486 262,737 265,702 264,957 264,121 264,714 264,894 263,809 62 States and political subdivisions 19,903 19,796 19,743 19,830 19,736 19,376 19,428 19,411 19,390 63 U.S. government 549 524 506 516 496 505 531 567 558 64 Commercial banks in the United States 12,308 12,444 12,626 12,577 12,712 12,893 13,069 1122,,773333 12,641 65 Foreign governments, official institutions, and banks 4,961 4,903 4,885 4,987 4,936 4,921 44,,883388 44,,889944 4,943 Liabilities for borrowed money 836 3,239 11,,229977 535 7 12 957 383 67 Treasury tax-and-loan notes 2,101 1,952 3,678 88,,880066 12,407 9,374 8,420 8,192 8,150 68 All other liabilities for borrowed money3 138,675 145,215 143,290 135,828 134,507 114444,,224444 115500,,220099 114444,,668877 113399,,115566 69 Other liabilities and subordinated notes and debentures 84,214 79,907 82,055 83,387 81,423 80,390 81,503 83,873 84,338 70 Total liabilities 772,942 767,909 778,226 758,240 758,542 772,084 786,661 778,416 764,528 71 Residual (total assets minus total liabilities)4 53,314 53,420 53,332 53,164 53,127 53,678 53,775 53,501 53,317 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

Weekly Reporting Banks A21 1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities Millions of dollars, Wednesday figures, 1982 Account Sept.l Sept. 8 Sept. 15 Sept. 22 Sept. 29p Oct. 6p Oct. 13 p Oct. 20p Oct. 27p 1 Cash items in process of collection 22,531 16,109 18,914 14,156 16,655 14,748 17,746 18,857 15,254 2 Demand deposits due from banks in the United States 1,567 1,200 1,587 1,773 1,191 1,457 1,548 1,469 1,290 3 All other cash and due from depository institutions.. 5,726 5,468 8,967 5,110 4,522 5,166 7,677 6,938 6,276 4 Total loans and securities1 144,483 142,458 143,435 142,802 142,266 144,281 146,298 145,837 144,468 Securities S 6 7 Investment account, by maturity 6,437 6,678 6,708 6,602 6,556 7,786 7,731 7,649 7,689 8 One year or less 1,109 1,016 1,138 1,117 991 1,068 1,062 1,098 1,100 9 Over one through five years 4,839 5,094 5,052 4,982 4,989 6,136 6,088 6,060 6,087 10 Over five years 488 568 518 503 576 581 581 491 502 11 V 13 Investment account 14,191 14,108 13,939 13,908 13,928 13,756 13,705 13,694 13,663 14 U.S. government agencies 2,054 2,042 2,022 2,015 2,084 1,965 1,956 1,962 1,919 15 States and political subdivision, by maturity .... 11,160 11,081 10,951 10,931 10,920 10,865 10,848 10,824 10,825 16 One year or less 1,422 1,431 1,411 1,271 1,253 1,233 1,209 1,160 1,194 17 Over one year 9,738 9,650 9,540 9,660 9,666 9,632 9,639 9,664 9,631 18 Other bonds, corporate stocks and securities 977 984 966 962 924 926 901 907 918 Loans 19 Federal funds sold 3 11,690 9,989 10,524 10,687 8,982 9,019 9,562 8,835 9,924 20 To commercial banks 6,946 4,955 5,321 5,812 4,045 4,277 4,345 4,112 4,978 21 To nonbank brokers and dealers in securities 3,783 4,084 4,300 3,824 4,067 3,931 4,444 3,845 4,070 22 To others 961 950 902 1,051 869 810 773 878 875 23 Other loans, gross 115,956 115,477 116,088 115,418 116,578 117,495 119,085 119,453 117,027 24 Commercial and industrial 59,963 59,890 61,381 61,575 61,222 62,685 62,514 62,005 61,670 25 Bankers acceptances and commercial paper 1,683 1,381 1,482 1,311 1,197 1,545 1,371 1,358 1,410 26 All other 58,280 58,508 59,899 60,264 60,025 61,140 61,143 60,647 60,261 27 U.S. addressees 56,912 57,117 58,528 58,749 58,410 59,640 59,612 59,206 58,787 28 Non-U.S. addressees 1,368 1,391 1,371 1,516 1,615 1,500 1,531 1,441 1,474 29 Real estate 18,812 18,823 18,919 18,969 18,941 18,833 18,861 18,837 18,891 30 To individuals for personal expenditures 11,524 11,535 11,531 11,590 11,594 11,578 11,605 11,619 11,636 31 To financial institutions Commercial banks in the United States 2,019 2,835 1,961 1,879 1,986 2,168 2,168 2,466 2,202 32 Banks in foreign countries 2,848 3,109 3,002 2,764 2,544 2,632 3,162 2,837 2,768 33 Sales finance, personal finance companies, etc... 5,146 4,734 4,781 4,560 4,723 4,609 4,583 4,582 4,821 34 Other financial institutions 5,098 4,849 4,966 4,914 4,902 4,879 5,012 4,885 4,793 35 To nonbank brokers and dealers in securities 5,148 4,750 4,725 4,415 5,516 4,788 5,980 7,004 5,183 36 To others for purchasing and carrying securities4 . 616 642 618 621 649 651 651 660 652 37 To finance agricultural production 491 428 416 413 424 420 419 417 387 38 All other 4,290 3,881 3,786 3,718 4,074 4,250 4,128 4,140 4,023 39 LESS: Unearned income 1,500 1,484 1,491 1,490 1,490 1,491 1,490 1,498 1,511 40 Loan loss reserve 2,292 2,309 2,333 2,325 2,289 2,283 2,294 2,296 2,324 41 Other loans, net 112,164 111,683 112,264 111,604 112,799 113,720 115,300 115,659 113,192 42 Lease financing receivables 2,091 2,090 2,112 2,092 2,093 2,066 2,094 2,093 2,074 43 All other assets5 52,305 52,015 51,595 50,572 50,615 53,243 53,245 52,652 52,291 44 Total assets 228,703 219,340 226,610 216,504 217,342 220,962 228,609 227,846 221,653 Deposits 45 Demand deposits 54,114 48,304 51,336 43,974 45,781 47,270 49,039 50,807 45,960 46 Mutual savings banks 300 306 300 260 249 329 330 286 225 47 Individuals, partnerships, and corporations 34,783 31,976 34,330 29,440 30,445 31,245 32,390 33,546 30,813 48 States and political subdivisions 602 751 1,233 607 519 1,032 648 520 440 49 U.S. government 140 318 1,612 508 474 316 523 616 452 50 Commercial banks in the United States 5,529 4,828 4,491 4,495 3,877 5,294 4,476 4,779 4,408 51 Banks in foreign countries 4,395 5,197 4,613 4,573 4,491 4,198 5,254 4,783 4,850 52 Foreign governments and official institutions 950 759 595 665 686 1,112 653 801 742 53 Certified and officers' checks 7,416 4,171 4,162 3,426 5,042 3,745 4,766 5,475 4,030 54 Time and savings deposits 76,005 75,260 74,528 74,310 72,705 73,271 73,877 74,567 75,236 55 Savings 9,671 9,812 9,834 9,664 9,645 10,128 10,234 10,251 10,295 56 Individuals and nonprofit organizations 9,342 9,475 9,498 9,332 9,311 9,779 9,892 9,907 9,962 57 Partnerships and corporations operated for profit 241 246 237 231 228 225 222 222 227 58 Domestic governmental units 85 88 97 99 105 123 118 120 105 59 All other 2 3 2 1 1 1 1 1 1 60 Time 66,333 65,447 64,694 64,646 63,060 63,143 63,643 64,316 64,941 61 Individuals, partnerships, and corporations 55,851 55,173 54,487 54,692 53,183 52,920 53,275 54,071 54,663 62 States and political subdivisions 2,442 2,384 2,372 2,333 2,300 2,368 2,474 2,443 2,539 63 U.S. government 224 211 197 206 195 199 194 217 216 64 Commercial banks in the United States 5,583 5,526 5,533 5,352 5,376 5,638 5,757 5,554 5,517 65 Foreign governments, official institutions, and banks 2,234 2,153 2,105 2,063 2,006 2,017 1,942 2,030 2,005 Liabilities for borrowed money 66 670 1,855 891 28 675 375 67 Treasury tax-and-loan notes 620 702 1,103 2,805 3,134 2,355 2,221 2,259 2,182 68 All other liabilities for borrowed money6 46,156 47,430 48,651 45,339 47,864 50,398 54,977 50,120 48,340 69 Other liabilities and subordinated notes and debentures 32,992 29,446 30,835 31,002 29,857 29,274 30,074 31,067 31,404 70 Total liabilities 210,557 201,142 208,309 198,321 199,369 202,569 210,188 209,495 203,495 71 Residual (total assets minus total liabilities)7 18,146 18,198 18,301 18,182 17,973 18,393 18,421 18,351 18,158 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

A22 DomesticN onfinancial Statistics • November 1982 1.29 LARGE WEEKLY REPORTING COMMERCIAL BANKS Balance Sheet Memoranda Millions of dollars, Wednesday figures, 1982 Account Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29P Oct. 6P Oct. 13p Oct. 20P Oct. IIP BANKS WITH ASSETS OF $750 MILLION OR MORE 1 Total loans (gross) and securities adjusted1 610,696 612,337 614,063 613,069 615,877 621,623 623,117 620,767 618,675 2 Total loans (gross) adjusted1 495,076 493,605 497,360 497,233 499,506 502,675 503,590 502,442 499,714 3 Demand deposits adjusted2 102,733 100,639 100,115 96,450 96,742 102,044 100,087 100,800 100,893 4 Time deposits in accounts of $100,000 or more 205,821 204,600 203,846 206,517 205,706 205,728 206,260 206,021 204,850 5 Negotiable CDs 148,387 147,230 146,708 148,832 148,198 148,055 148,414 147,832 146,628 6 Other time deposits 57,434 57,370 57,138 57,685 57,508 57,672 57,847 58,189 58,222 7 Loans sold outright to affiliates3 2,833 2,835 2,820 2,855 2,861 2,750 2,815 2,790 2,883 8 Commercial and industrial 2,272 2,280 2,260 2,274 2,281 2,196 2,227 2,244 2,264 9 Other 561 555 560 582 580 554 588 546 619 BANKS WITH ASSETS OF $1 BILLION OR MORE 10 Total loans (gross) and securities adjusted1 573,444 575,060 576,458 574,888 577,792 583,712 584,990 582,554 580,380 11 Total loans (gross) adjusted1 467,353 465,930 469,496 468,792 471,185 474,432 475,255 474,046 471,282 12 Demand deposits adjusted2 95,211 93,444 92,999 89,429 89,329 94,556 92,778 93,542 93,474 £3 Time deposits in accounts of $100,000 or more 196,729 195,528 194,665 197,291 196,287 196,430 196,977 196,706 195,529 14 Negotiable CDs 142,998 141,905 141,309 143,426 142,623 142,585 142,991 142,432 141,180 15 Other time deposits 53,731 53,623 53,355 53,865 53,664 53,846 53,985 54,274 54,349 16 Loans sold outright to affiliates3 2,754 2,751 2,741 2,787 2,784 2,679 2,738 2,716 2,808 17 Commercial and industrial 2,214 2,214 2,196 2,220 2,218 2,136 2,161 2,182 2,201 18 Other 539 537 545 567 566 543 576 534 607 BANKS IN NEW YORK CITY 19 Total loans (gross) and securities adjusted14 139,310 138,462 139,976 138,925 140,013 141,609 143,570 143,053 141,123 20 Total loans (gross) adjusted1 118,682 117,676 119,328 118,414 119,528 120,068 122,133 121,710 119,771 21 Demand deposits adjusted2 25,915 27,050 26,319 24,815 24,776 26,912 26,294 26,556 25,845 22 Time deposits in accounts of $100,000 or more 51,591 50,613 49,866 49,801 48,155 48,339 48,911 49,667 50,341 23 Negotiable CDs 40,411 39,650 39,095 38,798 37,157 37,122 37,500 38,229 38,768 24 Other time deposits 11,180 10,963 10,771 11,003 10,998 11,217 11,411 11,439 11,573 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

Weekly Reporting Banks A23 1.291 LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS Assets and Liabilities Millions of dollars, Wednesday figures, 1982 Account Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29P Oct. 6P Oct. 13P Oct. 20p Oct. 27p 1 Cash and due from depository institutions 6,946 7,112 6,865 7,265 7,253 7,148 7,281 7,582 7,610 2 Total loans and securities 46,072 45,792 46,556 46,164 47,712 46,767 46,024 46,163 46,082 3 U.S. Treasury securities 1,565 1,573 1,743 1,856 1,757 1,860 2,156 2,702 2,715 4 Other securities 859 854 841 840 840 857 855 856 853 5 Federal funds sold' 3,344 3,005 3,760 2,884 4,042 3,287 3,046 2,558 2,943 6 To commercial banks in United States.. 3,115 2,546 3,554 2,824 3,758 2,918 2,822 2,339 2,722 7 To others 229 459 207 60 283 369 224 220 220 8 Other loans, gross 40,304 40,360 40,212 40,584 41,074 40,763 39,966 40,047 39,571 9 Commercial and industrial 19,369 19,579 19,601 19,543 20,136 19,331 18,857 18,918 18,677 10 Bankers acceptances and commercial paper 3,105 3,158 3,145 3,097 3,286 3,060 2,956 2,931 2,826 11 All other 16,264 16,421 16,456 16,447 16,849 16,270 15,901 15,987 15,851 12 U.S. addressees 14,060 14,279 14,455 14,459 14,896 14,340 13,977 13,892 13,832 13 Non-U.S. addressees 2,204 2,142 2,001 1,988 1,953 1,931 1,924 2,095 2,020 14 To financial institutions 15,905 15,948 15,884 16,298 16,169 16,635 16,527 16,493 16,433 15 Commercial banks in United States .. 12,868 13,050 13,072 13,264 13,166 13,523 13,446 13,463 13,175 16 Banks in foreign countries 2,417 2,292 2,198 2,391 2,308 2,447 2,456 2,290 2,562 17 Nonbank financial institutions 619 606 614 643 694 665 625 740 696 18 For purchasing and carrying securities .. 477 233 352 316 433 479 413 351 310 19 All other 4,553 4,600 4,374 4,426 4,336 4,318 4,169 4,284 4,151 20 Other assets (claims on nonrelated parties) 12,606 12,421 12,361 12,068 11,859 11,459 11,772 12,070 12,046 21 Net due from related institutions 12,459 12,514 12,220 12,063 11,153 13,066 12,900 12,401 12,612 22 Total assets 78,083 77,839 78,003 77,560 77,977 78,440 77,976 78,216 78,350 23 Deposits or credit balances2 23,030 22,592 22,454 23,462 23,771 24,192 24,482 24,304 23,487 24 Credit balances 245 239 249 178 212 245 254 206 216 25 Demand deposits 2,048 1,988 2,064 2,081 1,906 2,163 1,985 2,159 1,961 26 Individuals, partnerships, and corporations 731 721 937 860 771 821 932 943 839 27 Other 1,317 1,267 1,126 1,221 1,135 1,342 1,053 1,216 1,122 28 Total time and savings 20,736 20,365 20,141 21,203 21,653 21,784 22,243 21,939 21,310 29 Individuals, partnerships, and corporations 17,303 17,111 16,871 17,930 18,609 18,673 19,057 18,783 18,179 30 Other 3,433 3,254 3,269 3,274 3,044 3,111 3,186 3,156 3,131 31 Borrowings3 34,340 34,360 34,192 33,316 32,624 34,301 31,990 32,406 33,016 32 Federal funds purchased4 9,451 9,690 9,735 8,499 8,058 9,572 8,541 8,374 9,379 33 From commercial banks in United States 8,612 8,758 8,559 7,440 7,227 8,743 7,677 7,412 8,482 34 From others 839 933 1,176 1,059 831 829 864 962 897 35 Other liabilities for borrowed money ... 24,889 24,669 24,457 24,817 24,565 24,728 23,449 24,032 23,637 36 To commercial banks in United States 22,518 22,358 22,158 22,376 22,333 22,582 21,750 21,730 21,537 37 To others 2,371 2,311 2,300 2,440 2,232 2,146 1,699 2,303 2,100 38 Other liabilities to nonrelated parties 12,428 12,159 12,141 11,800 11,629 11,269 11,596 11,638 11,825 39 Net due to related institutions 8,285 8,728 9,216 8,981 9,954 8,679 9,909 9,868 10,022 40 Total liabilities 78,083 77,839 78,003 77,560 77,977 78,440 77,976 78,216 78,350 MEMO 41 Total loans (gross) and securities adjusted' 30,088 30,197 29,931 30,076 30,788 30,326 29,755 30,361 30,184 42 Total loans (gross) adjusted5 27,664 27,770 27,346 27,380 28,190 27,610 26,744 26,803 26,616 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 S22.2 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

A24 Domestic Nonfinancial Statistics • November 1982 1.30 LARGE WEEKLY REPORTING COMMERCIAL BANKS Domestic Classified Commercial and Industrial Loans Millions of dollars Outstanding Net change during IIInnnddduuussstttrrryyy ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1982 1982 June 30 July 28 Aug. 25 Sept. 29 Oct. 27p 02 Q3 Aug. Sept. Oct .p 1 Durable goods manufacturing 29,079 28,520 29,117 31,451 31,258 448 2,372 597 2,334 -193 2 Nondurable goods manufacturing 25,299 24,815 24.866 25,817 24,774 2,137 518 51 951 -1,043 i Food, liquor, and tobacco 4,805 4,679 4.596 4,842 4,639 254 37 -84 246 -203 4 Textiles, apparel, and leather 4,863 5.068 5,064 4,856 4,566 328 -7 -4 -209 -290 5 Petroleum refining 5,095 4,840 4,717 5,323 5,464 647 228 -123 606 141 6 Chemicals and rubber 5,550 5,197 5,518 5,810 5,423 412 260 321 292 -387 7 Other nondurable goods 4,986 5,030 4,971 4,986 4,683 496 1 -60 16 -304 8 Mining (including crude petroleum and natural gas) 28,252 27,983 27,313 28,410 29,338 2,401 158 -669 1,097 928 9 Trade 29,187 28,570 28,320 29,063 28,967 376 -124 -249 742 -96 10 Commodity dealers 1,861 1,648 1,788 1,978 2,036 -461 116 140 190 59 11 Other wholesale 13,773 13,632 13,488 13,978 13,732 257 205 -143 490 -246 12 Retail 13,552 13,290 13,044 13,107 13,198 580 -445 -246 62 92 13 Transportation, communication, and other public utilities 25,002 24,962 24,751 24,917 24,964 1,372 -84 -212 167 46 14 Transportation 9,227 8,868 8,964 8,976 8,913 73 -250 97 12 -63 15 Communication 4,779 4,832 4,905 5,155 5,255 537 376 73 250 101 16 Other public utilities 10,997 11,263 10,882 10,786 10,795 762 -210 -382 -95 9 17 Construction 7,761 7,922 7,825 7,684 7,626 509 -76 -97 -141 -58 18 Services 28,752 28,859 28,960 29,353 29,740 1,611 601 101 393 387 19 All other1 17,246 17,330 17,536 17,857 17,849 -21 611 205 321 -8 20 Total domestic loans 190,577 188,962 188,689 194,552 194,518 8,832 3,975 -273 5,863 -34 21 MEMO: Term loans (original maturity more than 1 year) included in domestic loans . 89,809 87,207 87,010 89,177 89,264 2,606 -632 -196 2,166 87 1. Includes commercial and industrial loans at a few banks with assets of SI 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

Commercial Paper A25 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 11997799ss 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 f 8 Financial business 19.8 20.1 21.8 21.9 I 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 I 2.9 2.8 2.9 2.8 12 Other 7.5 7.8 8.6 7.7 t 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

A26 DomesticN onfinancial Statistics • November 1982 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING Millions of dollars, end of period 1982 Instrument 1977 1978 19791 1980 1981 Dec. Dec. Dec. Dec. Dec. Apr. May June July Aug. Sept. Commercial paper (seasonally adjusted) 1 All issuers 65,051 83,438 112,803 124,524 165,508 171,866 176,210 178,842 180,669 177,182 173,836 Financial companies2 Dealer-placed paper3 2 Total 8,796 12,181 17,359 1199,,779900 30,188 32,848 34,683 36,685 37,961 38,066 36,692 3 Bank-related (not seasonally adjusted) 2,132 3,521 2,784 3,561 6,045 7,905 8,003 7,188 6,427 6,038 5,924 Directly placed paper4 4 Total 40,574 51,647 64,757 67,854 81,660 81,585 82,390 84,774 85,684 81,707 81,347 5 Bank-related (not seasonally adjusted) 7,102 12,314 17,598 22,382 26,914 29,434 30,576 30,828 31,141 28,901 27,761 6 Nonfinancial companies5 15,681 19,610 30,687 36,880 53,660 57,433 59,137 57,383 57,024 57,409 55,797 Bankers dollar acceptances (not seasonally adjusted unless noted otherwise) 7 Total 25,450 33,700 45,321 54,744 69,226 71,128 71,601 71,765 72,559 72,709 Holder 8 Accepting banks 10,434 8,579 9,865 10,564 10,857 12,675 11,104 10,362 11,164 11,805 9 Own bills 8,915 7,653 8,327 8,963 9,743 11,409 9,879 9,175 9,734 10,740 10 Bills bought 1,519 927 1,538 1,601 1,115 1,266 1,225 1,188 1,431 1,065 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 1,329 1,234 1,348 1,250 1,239 13 Others 13,700 24,456 33,370 41,614 56,926 57,124 59,262 60,054 60,145 59,664 Basis 14 Imports into United States 6,378 8,574 10,270 11,776 14,765 15,303 14,979 15,213 15,094 14,921 15 Exports from United States 5,863 7,586 9,640 12,712 15,400 16,887 16,255 15,649 16,167 15,883 16 All other 13,209 17,540 25,411 30,257 39,061 38,937 40,458 40,842 41,298 41,898 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, and 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

Business Lending A27 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per annum Effective date Effective Date Rate Month Average rate 3 17.50 July 20. 16.00 1981—May 19.61 1982—Jan 9 17.00 29. 15.50 June 20.03 Feb 16.50- Aug. 2. 15.00 July 20.39 Mar 17 17.00 16. 14.50 Aug. 20.50 20 16.50 18. 14.00 Sept. 20.08 May 24 1 1 15 6 . . 7 0 5 0 Oct. 2 7 3 . . 1 1 3 3 . . 5 0 0 0 O No ct v . . 1 16 8 . . 8 4 4 5 J Ju u l n y e 2 16.50 14. 12.00 Dec. 15.75 Aug 18 17.00 Sept 23 16.50 Oct 1.34 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 2-7, 1982A Size of loan (in thousands of dollars) All sizes 1,000 1-24 25-49 50-99 100-499 500-999 and over SHORT-TERM COMMERCIAL AND INDUSTRIAL LOANS 1 Amount of loans (thousands of dollars) 37,561,878 936,686 665,314 816,533 1,982,909 911,670 32,248,746 2 Number of loans 165,698 115,899 20,423 12,555 10,543 1,397 4,882 3 Weighted-average maturity (months) 1.2 3.8 4.0 3.8 4.0 3.5 .8 4 Weighted-average interest rate (percent per annum).. 13.27 17.89 17.22 17.25 16.81 15.92 12.66 5 Interquartile range1 11.91-13.62 17.00-18.74 16.99-17.94 16.13-18.00 16.08-18.12 15.25-17.05 11.85-12.83 Percentage of amount of loans 6 With floating rate 23.1 34.0 41.4 50.8 60.7 68.1 18.2 7 Made under commitment 63.6 37.3 32.6 37.3 45.5 67.3 66.7 8 With no stated maturity 9.8 15.0 14.2 21.0 23.2 33.1 7.8 LONG-TERM COMMERCIAL AND INDUSTRIAL LOANS 1-99 9 Amount of loans (thousands of dollars) 3,907,991 272,632 350,030 158,684 3,126,644 10 Number of loans 25,774 23,334 1,637 242 562 11 Weighted-average maturity (months) 46.5 36.0 32.2 34.9 49.6 12 Weighted-average interest rate (percent per annum).. 15.22 18.90 16.78 16.20 14.68 13 Interquartile range1 12.33-16.96 17.23-19.56 16.50-17.35 15.87-17.23 12.16-16.25 Percentage of amount of loans 14 With floating rate 60.0 39.3 93.1 79.9 57.0 15 Made under commitment 61.2 45.0 43.8 81.4 63.5 CONSTRUCTION AND 1-24 25-49 50-99 500 and over LAND DEVELOPMENT LOANS 16 Amount of loans (thousands of dollars) 1,371,559 166,552 80,023 89,757 326,158 709,068 17 Number of loans 32,185 26,780 2,149 1,533 1,453 271 18 Weighted-average maturity (months) 7.9 5.1 5.0 5.9 7.9 9.3 19 Weighted-average interest rate (percent per annum).. 17.19 18.29 17.79 18.59 19.19 15.77 20 Interquartile range1 15.75-18.97 17.55-19.26 17.32-18.12 17.94-19.86 17.81-20.62 14.09-17.69 Percentage of amount of loans 21 With floating rate 63.9 26.3 92.1 21.0 94.0 61.2 22 Secured by real estate 73.7 47.3 93.1 22.1 87.9 77.6 23 Made under commitment 68.6 24.8 91.7 19.7 89.6 72.9 24 With no stated maturity 5.6 .8 3.7 3.4 2.8 8.4 Type of construction 25 1- to 4-family 21.0 37.5 82.7 44.4 9.9 12.3 26 Multifamily 6.7 4.6 2.6 5.4 10.1 6.2 27 Nonresidential 72.4 57.9 14.7 50.2 80.0 81.5 All 250 sizes 1-9 10-24 25-49 50-99 100-249 and over 28 Amount of loans (thousands of dollars) 1,217,411 144,565 158,245 121,973 140,376 194,110 458,141 29 Number of loans 59,556 41,163 10,914 3,734 2,105 1,251 388 30 Weighted-average maturity (months) 5.4 5.6 5.8 5.7 6.4 6.0 4.7 31 Weighted-average interest rate (percent per annum).. 16.81 17.48 17.31 17.66 17.49 17.45 15.72 32 Interquartile range1 16.33-17.99 16.87-18.12 16.63-18.03 17.17-18.28 17.00-17.98 17.05-17.99 15.00-17.23 By purpose of loan 33 Feeder livestock 16.76 1177..6677 17.26 18.18 17.13 17.22 15.87 34 Other livestock 15.56 17.02 17.74 17.47 * * * 35 Other current operating expenses 16.95 17.47 17.27 17.51 17.66 17.38 14.92 36 Farm machinery and equipment 17.27 17.75 16.78 18.22 * * » 37 Other 16.92 17.54 18.02 17.64 17.89 17.84 16.23 1. Interest rate range that covers the middle 50 percent of the total dollar amount A Write to the Banking Section, Division of Research and Statistics, Board of of loans made. Governors of the Federal Reserve System, Washington, D.C. 20551 about the 2. Fewer than 10 sample loans. differences in statistics because of changes in the reporting form. NOTE. For more detail, see the Board's E.2 (111) statistical release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 DomesticN onfinancial Statistics • November 1982 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 July Aug. Sept. Oct. Oct. 1 Oct. 8 Oct. 15 Oct. 22 Oct. 29 MONEY MARKET RATES 1 Federal funds1,2 11.19 13.36 16.38 12.59 10.12 10.31 9.71 10.12 10.77 9.60 9.53 9.44 Commercial paper3,4 2 1-month 10.86 12.76 15.69 12.62 9.50 9.96 9.08 9.86 9.95 8.73 8.63 8.74 3 3-month 10.97 12.66 15.32 12.94 10.15 10.36 9.20 10.17 10.14 8.82 8.70 8.86 4 6-month 10.91 12.29 14.76 13.00 10.80 10.86 9.21 10.45 10.17 8.73 8.67 8.93 Finance paper, directly placed3,4 5 1-month 10.78 12.44 15.30 12.42 9.32 9.89 8.89 9.77 9.80 8.50 8.39 8.57 6 3-month 10.47 11.49 14.08 12.24 9.62 9.65 8.60 9.42 9.28 8.31 8.24 8.36 7 6-month 10.25 11.28 13.73 12.15 9.93 9.63 8.60 9.42 9.28 8.31 8.25 8.36 Bankers acceptances4,5 8 3-month 11.04 12.78 15.32 12.90 10.34 10.40 9.24 10.16 10.09 8.90 8.78 8.93 9 6-month n.a. n.a. 14.66 12.91 10.90 10.82 9.21 10.33 10.00 8.76 8.79 8.99 Certificates of deposit, secondary market6 10 1-month 11.03 12.91 15.91 12.88 10.07 10.23 9.36 10.08 10.15 9.10 8.96 9.01 11 3-month 11.22 13.07 15.91 13.44 10.61 11.66 9.51 10.43 10.46 9.16 9.02 9.14 12 6-month 11.44 12.99 15.77 13.80 11.53 11.46 9.67 10.86 10.62 9.19 9.14 9.42 13 Eurodollar deposits, 3-month2 11.96 14.00 16.79 14.37 11.57 11.74 10.43 11.61 11.59 10.55 10.03 9.95 U.S. Treasury bills4 Secondary market7 14 3-month 10.07 11.43 14.03 11.35 8.68 7.92 7.71 7.52 7.93 7.48 7.54 7.93 15 6-month 10.06 11.37 13.80 11.88 9.88 9.37 8.29 8.85 8.86 7.82 7.93 8.39 16 1-year 9.75 10.89 13.14 11.90 10.37 9.92 8.63 9.51 9.24 8.19 8.28 8.58 Auction average8 17 3-month 10.041 11.506 14.077 11.914 9.006 8.196 7.750 7.801 8.102 7.429 7.437 8.031 18 6-month 10.017 11.374 13.811 12.236 10.105 9.539 8.299 9.196 9.229 7.734 7.762 8.472 1199 99..881177 1100..774488 1133..115599 1122..331188 1111..119955 1100..228866 99..552211 99..552211 CAPITAL MARKET RATES U.S. Treasury notes and bonds9 Constant maturities10 20 1-year 10.67 12.05 14.78 13.24 11.43 10.85 9.32 10.34 10.05 8.82 8.89 9.26 21 2-year 10.12 11.77 14.56 13.80 12.32 11.78 10.19 11.37 10.95 9.80 9.80 9.93 V 2-V2-yearn 11.10 10 20 23 3-year 9.71 11.55 14.44 14.66 12.62 12.03 10.62 11.60 11.19 10.27 10.28 10.52 24 5-year 9.52 11.48 14.24 14.07 13.00 12.25 10.80 11.74 11.29 10.46 10.50 10.73 25 7-year 9.48 11.43 14.06 14.07 13.14 12.36 10.88 11.77 11.32 10.55 10.63 10.84 26 10-year 9.44 11.46 13.91 13.95 13.06 12.34 10.91 11.78 11.33 10.57 10.67 10.87 27 20-year 9.33 11.39 13.72 13.76 12.91 12.16 10.97 11.65 11.35 10.62 10.77 10.97 28 30-year 9.29 11.30 13.44 13.55 12.77 12.07 11.17 11.76 11.56 10.87 10.93 11.16 Composite12 29 Over 10 years (long-term) 8.74 10.81 12.87 12.97 12.15 11.48 10.51 11.18 10.94 10.20 10.27 10.44 State and local notes and bonds Moody's series13 30 Aaa 5.92 7.85 10.43 11.47 10.68 9.76 8.94 10.00 9.30 8.25 8.80 9.40 31 Baa 6.73 9.01 11.76 13.17 12.36 11.75 10.51 11.25 10.70 10.20 10.40 10.75 32 Bond Buyer series14 6.52 8.59 11.33 12.28 11.23 10.66 9.69 10.48 9.75 9.25 9.69 10.05 Corporate bonds Seasoned issues15 33 All industries 10.12 12.75 15.06 15.70 15.06 14.34 13.54 14.09 13.91 13.40 13.35 13.40 34 Aaa 9.63 11.94 14.17 14.61 13.71 12.94 12.12 12.66 12.49 11.94 11.95 12.00 35 Aa 9.94 12.50 14.75 15.21 14.48 13.72 12.97 13.44 13.29 12.86 12.80 12.86 36 A 10.20 12.89 15.29 16.20 15.70 15.07 14.34 14.84 14.66 14.29 14.16 14.15 37 Baa 10.69 13.67 16.04 16.80 16.32 15.63 14.73 15.40 15.21 14.53 14.48 14.57 Aaa utility bonds16 38 New issue 10.03 12.74 15.56 15.61 13.95 13.50 12.20 13.31 12.35 11.77 11.94 12.20 39 Recently offered issues 10.02 12.70 15.56 15.61 14.47 13.57 12.34 13.30 12.43 12.22 12.06 12.15 MEMO: Dividend/price ratio17 40 Preferred stocks 9.07 10.57 12.36 13.24 12.78 12.41 11.71 12.35 12.21 11.60 11.55 11.46 41 Common stocks 5.46 5.25 5.41 6.31 6.32 5.63 5.12 5.66 5.46 5.03 4.93 5.05 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

Securities Markets A29 1.36 STOCK MARKET Selected Statistics 1982 IInnddiiccaattoorr 11997799 11998800 11998811 Feb. Mar. Apr. May June July Aug. Sept. Oct. 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 66.16 63.86 66.97 67.07 63.10 62.82 62.91 70.21 76.10 2 Industrial 61.82 78.64 85.44 74.78 71.51 75.59 75.97 71.59 71.37 70.98 80.08 86.67 3 Transportation 45.20 60.52 72.61 59.09 55.19 57.91 56.84 53.07 53.40 53.98 61.39 66.64 4 Utility 36.46 37.35 38.90 38.32 38.57 39.20 39.40 37.34 37.20 38.19 40.36 42.67 5 Finance 58.65 64.28 73.52 70.50 69.08 71.44 69.16 63.19 61.59 62.84 69.66 80.59 6 Standard & Poor's Corporation (1941^t3 = 10)1... 107.94 118.71 128.05 114.50 110.84 116.31 116.35 109.70 109.38 109.65 122.43 132.66 7 American Stock Exchange (Aug. 31, 1973 = 100) 186.56 300.94 343.58 275.10 255.08 271.15 272.88 254.72 250.63 253.54 286.22 330088..7744 Volume of trading 8 New York Stock Exchange 32,233 44,867 46,967 51,169 55,227 54,116 51,328 50,481 54,530r 76,031 73,710 98,508 9 American Stock Exchange 4,182 6,377 5,346 4,400 4,329 3,937 4,292 3,720 3,611 5,567 5,064 7,828 Customer financing (end-of-period balances, in millions of dollars) 10 Regulated margin credit at brokers-dealers2 11,619 14,721 14,411 13,023 12,095 12,202 12,237 11,783 11,729 11,396 11,208 11 Margin stock3 11,450 14,500 14,150 12,770 11,840 11,950 11,990 11,540 11,470 11,150 10,950 12 Convertible bonds 167 219 259 251 249 251 246 242 258 245 257 13 Subscription issues 2 2 2 2 6 1 1 1 1 1 1 n a. Free credit balances at brokers4 14 Margin-account 1,105 2,105 3,515 3,755 3,895 4,145 4,175 4,215 4,410 4,470 4,990 15 Cash-account 4,060 6,070 7,150 6,595 6,510 6,270 6,355 6,345 6,730 7,550 7,475 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 percentJ5 17 Under 40 16.0 14.0 37.0 44.0 39.0 34.0 40.0 43.0 44.0 30.0 2277..00 18 40-49 29.0 30.0 21.0 22.0 24.0 25.0 24.0 21.0 23.0 26.0 26.0 19 50-59 27.0 25.0 22.0 15.0 16.0 18.0 15.0 16.0 13.0 18.0 20.0 n a. 7.0 60-69 14.0 14.0 10.0 8.0 10.0 10.0 9.0 9.0 9.0 12.0 12.0 J1 21 70-79 8.0 9.0 6.0 6.0 6.0 7.0 6.0 6.0 6.0 8.0 8.0 22 80 or more 7.0 8.0 6.0 5.0 5.0 6.0 5.0 5.0 5.0 6.0 7.0 Special miscellaneous-account balances at brokers (end of period) t 23 Total balances (millions of dollars)6 16,150 21,690 25,870 26,850 28,030 28,252 28,521 29,798 29,773 31,102 31,644 1 Distribution by equity status 24 Net credit status 44.2 47.8 58.0 58.0 59.0 57.0 58.0 59.0 59.0 60.0 61.0 n.a. Debt status, equity of 1 25 60 percent or more 47.0 44.4 31.0 30.0 28.0 29.0 29.0 28.0 26.0 28.0 27.0 \ 26 Less than 60 percent 8.8 7.7 11.0 12.0 13.0 13.0 13.0 13.0 14.0 12.0 12.0 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

A30 Domestic Nonfinancial Statistics • November 1982 1.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1981 1982 Account 1979 1980 Dec. Jan. Feb. Mar. Apr. May June July Aug.' Sept.'' Savings and loan associations 1 Assets 578,962 630,712 663,844 667,600 671,895 678,039 681,368 686,942 692,245 697,354 703,061 692,389 2 Mortgages 475,688 503,192 518,350 517,493 516,284 515,896 514,475 513,807 512,746 510,413 509,500 495,408 3 Cash and investment securities1 46,341 57,928 62,756 64,089 66,585 67,758 67,859 69,931 70,451 72,477 73,761 74,590 4 Other 56,933 69,592 82,738 86,018 89,026 94,835 99,034 103,204 109,228 114,464 119,800 122,391 5 Liabilities and net worth 578,962 630,712 663,844 667,600 671,895 678,039 681,368 686,942 692,425 697,354 703,061 692,389 6 Savings capital 470,004 511,636 524,374 526,382 529,064 535,566 532,899 534,517 537,965 539,127 541,941 546,949 7 Borrowed money 55,232 64,586 89,097 89,099 89,465 91,013 93,883 94,440 97,177 98,762 99,134 100,016 8 FHLBB 40,441 47,045 62,794 62,581 62,690 63,639 65,347 65,216 66,925 67,019 66,374 65,465 9 Other 14,791 17,541 26,303 26,518 26,775 27,374 28,536 29,224 30,252 31,743 32,760 34,551 10 Loans in process 9,582 8,767 6,369 6,249 6,144 6,399 6,550 6,748 7,087 7,231 7,471 f ,002 11 Other 11,506 12,394 15,612 18,356 20,145 18,574 22,012 25,819 24,732 27,433 30,023 21,043 12 Net worth2 32,638 33,329 28,392 27,514 27,077 26,487 26,024 25,418 25,454 24,801 24,492 24,381 13 MEMO: Mortgage loan commitments outstanding3 16,007 16,102 15,225 15,131 15,397 15,582 16,375 16,622 16,828 15,924 16,943 17,264 Mutual savings banks4 14 Assets 163,405 171,564 175,728 175,938 175,763 174,776 174,813 174,952 175,091 175,563 175,563 Loans 15 Mortgage 98,908 99,865 99,997 99,788 98,838 97,464 97,160 96,334 96,346 96,231 94,448 16 Other 9,253 11,733 14,753 15,029 15,604 16,514 16,424 17,409 16,546 17,104 16,919 Securities 17 U.S. government5 7,658 8,949 9,810 9,991 9,966 10,072 10,146 9,968 10,112 10,036 9,653 18 State and local government 2,930 2,390 2,288 2,290 2,293 2,276 2,269 2,259 2,253 2,247 2,214 19 Corporate and other6 37,086 39,282 37,791 37,849 37,781 37,379 37,473 37,486 36,958 36,670 35,956 20 Cash 3,156 4,334 5,442 5,210 5,412 5,219 5,494 5,469 6,040 6,167 6,405 21 Other assets 4,412 5,011 5,649 5,781 5,869 5,852 5,846 6,027 6,836 7,109 7,185 n a. 22 Liabilities 163,405 171,564 175,728 175,938 175,763 174,776 174,813 174,952 175,091 175,563 172,780 23 Deposits 146,006 154,805 155,110 154,843 154,626 154,022 153,187 153,354 154,273 154,204 151,897 24 Regular7 144,070 151,416 153,003 152,801 152,616 151,979 151,021 151,253 152,030 151,845 149,613 25 Ordinary savings 61,123 53,971 49,425 48,898 48,297 48,412 47,733 47,895 47,942 47,534 46,856 26 Time 82,947 97,445 103,578 103,903 104,318 103,567 103,288 103,358 104,088 104,310 102,756 27 Other 1,936 2,086 2,108 2,042 2,010 2,043 2,166 2,101 2,243 2,359 2,285 28 Other liabilities 5,873 6,695 10,632 11,280 11,464 11,132 12,141 12,246 11,230 11,940 11,691 29 General reserve accounts 11,525 11,368 9,986 9,814 9,672 9,622 9,485 9,352 9,588 9,419 21,145 30 MEMO: Mortgage loan commitments outstanding8 3,182 1,476 1,293 916 950 978 953 998 1,010 992 1,056 Life insurance companies 31 Assets 432,282 479,210 525,803 529,094 531,166 535,402 539,801 543,470 547,075 551,124 557,094 Securities 32 Government 338 21,378 25,209 25,916 26,208 26,958 27,346 27,835 28,243 28,694 30,263 33 United States9 4,888 5,345 8,167 8,771 9,019 9,576 9,832 10,187 10,403 10,774 12,214 34 State and local 6,428 6,701 7,151 7,247 7,302 7,369 7,467 7,543 7,643 7,705 7,799 35 Foreign10 9,022 9,332 9,891 9,898 9,887 10,013 10,045 10,105 10,197 10,215 10,250 n a. 36 Business 222,332 238,113 255,769 259,279 259,449 259,770 262,599 264,107 265,080 267,627 270,029 37 Bonds 178,171 190,747 208,098 211,917 213,180 213,683 215,586 217,594 219,006 221,503 221,642 38 Stocks 48,757 47,366 47,670 47,362 46,269 46,087 47,013 46,513 46,074 46,124 48,387 39 Mortgages 119,421 131,030 137,747 138,210 138,372 138,762 139,206 139,455 139,539 140,044 140,244 40 Real estate 13,007 15,063 18,278 18,409 18,702 19,167 19,516 19,713 19,959 20,198 20,176 41 Policy loans 44,825 41,411 48,706 49,059 49,490 50,052 50,573 50,992 51,438 51,867 52,238 42 Other assets 27,563 31,702 40,094 38,121 38,945 40,696 40,561 41,368 42,816 42,694 44,144 Credit unions 43 Total assets/liabilities and capital 65,854 71,709 77,682 78,012 78,986 81,055 81,351 82,858 84,107 84,423 85,102 86,554 44 Federal 35,934 39,801 42,382 42,512 43,111 44,263 44,371 45,077 45,705 45,931 46,310 47,076 45 State 29,920 31,908 35,300 35,500 35,875 36,792 36,980 37,781 38,402 38,492 38,792 39,478 46 Loans outstanding 53,125 47,774 50,448 49,949 49,610 49,668 49,533 49,556 49,919 50,133 50,733 51,047 47 Federal 28,698 25,627 27,458 27,204 27,051 27,119 27,064 27,073 27,295 27,351 27,659 27,862 48 State 24,426 22,147 22,990 22,745 22,559 22,549 22,469 22,483 22,624 22,782 23,074 23,185 49 Savings 56,232 64,399 68,871 69,432 70,227 72,218 72,569 73,602 74,834 75,088 75,331 76,874 50 Federal (shares) 35,530 36,348 37,574 37,875 38,331 39,431 39,688 40,213 40,710 40,969 41,178 41,961 51 State (shares and deposits) 25,702 28,051 31,297 31,557 31,896 32,787 32,881 33,389 34,124 34,119 34,153 34,913 For notes see bottom of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A31 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 1980 1981 1982 HI H2 HI July Aug. Sept. U.S. budget 1 Receipts' 517,112 599,272 617,766 317,304 301,777 322,478 44,675 44,924 59,694 2 Outlays1-2 576,675 657,204 728,424 333,115 358,558 348,678 64,506 59,628 61,403 3 Surplus, or deficit (-) -59,563 -57,932 -110,658 -15,811 -56,780 -26,200 -19,831 -14,704 -1,708 4 Trust funds 8,801 6,817 5,456 5,797 -8,085 -17,690 -6,171 -1,997 10,246 5 Federal funds3 -68,364 -64,749 -116,115 -21,608 -48,697 -43,889 -13,660 -12,707 -11,954 OOffff--bbuuddggeett eennttiittiieess ((ssuurrpplluuss,, oorr ddeeffiicciitt ((--)))) 66 FFeeddeerraall FFiinnaanncciinngg BBaannkk oouuttllaayyss -14,549 -20,769 -14,142 -11,046 -8,728 -7,942 -939 -1,336 -1,371 77 OOtthheerr44 303 -236 -3,190 -900 -1,752 227 -192 -711 -1,495 U.S. budget plus off-budget, including Federal Financing Bank 8 Surplus, or deficit (-) -73,808 -78,936 -127,989 -27,757 -67,260 -33,914 -20,962 -16,751 -4,575 Source or financing 9 Borrowing from the public 70,515 79,329 134,912 33,213 54,081 41,728 14,348 21,086 22,129 10 Cash and monetary assets (decrease, or increase (-))' -355 -1,878 -11,936 2,873 -1,111 -408 1,061 2,338 -20,648 11 Other6 3,648 1,485 5,013 -8,328 14,290 - 7,405 5,553 -6,673 3,094 MEMO: 12 Treasury operating balance (level, end of period) 20,990 18,670 29,164 16,389 12,046 10,999 10,398 8,019 29,164 13 Federal Reserve Banks 4,102 3,520 10,975 2,923 4,301 4,099 3,275 3,234 10,975 14 Tax and loan accounts 16,888 15,150 18,189 13,466 7,745 6,900 7,123 4,785 18,189 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

A32 Domestic Nonfinancial Statistics • November 1982 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 111999888000 111999888111 111999888222 HI H2 HI July Aug. Sept. RECEIPTS 1 AH sources1 517,112 599,272 617,766 317,304 301,777 322,478 44,675 44,924 59,694 2 Individual income taxes, net 244,069 285,917 298,111 142,889 147,035 150,565 23,987 20,867 32,592 3 Withheld 223,763 256,332 267,474 126,101 134,199 133,575 23,769 20,521 21,814 4 Presidential Election Campaign Fund... 39 41 39 36 5 34 4 1 0 5 Nonwithheld 63,746 76,844 85,096 59,907 17,391 66,174 2,233 1,529 11,429 6 Refunds 43,479 47,299 54,498 43,155 4,559 49,217 2,019 1,185 651 Corporation income taxes 7 Gross receipts 72,380 73,733 65,991 44,048 31,056 37,836 2,445 1,694 8,118 8 Refunds 7,780 12,596 16,784 6,565 738 8,028 1,844 1,271 1,972 9 Social insurance taxes and contributions, net 157,803 182,720 201,131 101,316 91,592 108,079 14,874 17,961 15,608 10 Payroll employment taxes and contributions2 133,042 156,953 172,744 83,851 82,984 88,795 13,860 14,823 14,283 11 Self-employment taxes and contributions3 5,723 6,041 7,941 6,240 244 7,357 -649 0 790 12 Unemployment insurance 15,336 16,129 16,234 9,205 6,355 9,809 1,292 2,743 167 13 Other net receipts1-4 3,702 3,598 4,212 2,020 2,009 2,119 370 396 368 14 Excise taxes 24,329 40,839 36,311 21,945 22,097 17,525 2,774 2,828 22,,773322 15 Customs deposits 7,174 8,083 8,854 3,926 4,661 4,310 773 747 668888 16 Estate and gift taxes 6,389 6,787 7,991 3,259 3,742 4,208 624 681 595 17 Miscellaneous receipts5 12,748 13,790 16,161 6,487 8,441 7,984 1,042 1,418 1,333 OUTLAYS 18 All types1,6 576,675 657,204 728,424 333,115 358,558 346,286 64,506 59,628 61,403 19 National defense 135,856 159,765 187,397 80,005 87,421 93.154 16,757 15,318 16,983 20 International affairs 10,733 11,130 9,983 5,999 4,655 5,183 460 395 1,435 21 General science, space, and technology ... 5,722 6,359 7,096 3,314 3,388 3,370 552 620 519 22 Energy 6,313 10,277 4,844 5,677 4,394 2,814 171 256 71 23 Natural resources and environment 13,812 13,525 13,086 6,476 7,296 5,636 1,161 1,172 1,311 24 Agriculture 4,762 5,572 14,808 3,101 5,181 7,087 831 707 1,044 25 Commerce and housing credit 7,788 3,946 3,843 2,073 1,825 1,410 996 -385 -402 26 Transportation 21,120 23,381 20,589 11,991 10,753 9,915 1,608 1,836 2,054 27 Community and regional development.... 10,068 9,394 7.410 4,621 4,269 3,193 502 675 708 28 Education, training, employment, social services 30,767 31,402 25,411 15,928 13,878 12,595 1,838 2,408 1,696 29 Health1 55,220 65,982 74,018 33,113 35,322 37,213 6,275 6,356 6,499 30 Income security6 193,100 225,099 248.807 113,490 129,269 112,782 22,385 20,346 21,612 31 Veterans benefits and services 21,183 22,988 23,973 10,531 12,880 10,865 3,099 997 1,928 32 Administration of justice 4,570 4,698 4,648 2,344 2,290 2,334 376 427 401 33 General government 4,505 4,614 4,833 2,692 2,311 2,410 207 630 365 34 General-purpose fiscal assistance 8,584 6,856 6,161 3,015 3,043 3,325 1,165 38 32 35 Interest 64,504 82,537 100,777 41,178 47,667 50,070 7,158 8,871 6,931 36 Undistributed offsetting receipts7 -21,933 -30,320 -29,261 -12,432 -17,281 -14,680 -1,036 -1,038 -1,785 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

Federal Finance A33 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 96S.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 June July Aug. Sept. Oct. 1 Total gross public debt 789.2 845.1 930.2 1,028.7 1,079.6 1,089.6 1,109.2 1,142.0 1,142.8 By type 2 Interest-bearing debt 782.4 844.0 928.9 1,027.3 1,078.4 1,083.3 1,1() 8.1 1,140.9 1,136.8 3 Marketable 487.5 530.7 623.2 720.3 764.0 774.1 801.4 824.4 824.7 4 Bills 161.7 172.6 216.1 245.0 256.0 262.0 273.1 277.9 283.9 5 Notes 265.8 283.4 321.6 375.3 406.9 411.1 457.4 442.9 438.1 6 Bonds 60.0 74.7 85.4 99.9 101.1 101.0 100.9 103.6 102.7 7 Nonmarketable1 294.8 313.2 305.7 307.0 314.4 309.2 306.7 316.5 312.2 R 2.2 2.2 9 State and local government series 24.3 24.6 23.8 23.0 23.4 23.4 23.5 23.6 23 8 10 Foreign issues3 29.6 28.8 24.0 19.0 17.5 16.6 15.6 14.6 14.6 11 Government 28.0 23.6 17.6 14.9 13.8 13.6 12.5 12.2 12.2 12 Public 1.6 5.3 6.4 4.1 3.6 3.1 3.1 2.4 2.4 13 Savings bonds and notes 80.9 79.9 72.5 68.1 67.4 67.4 67.4 67.5 67.8 14 Government account series4 157.5 177.5 185.1 196.7 206.0 201.5 119.9 210.5 205.7 15 Non-interest-bearing debt 6.8 1.2 1.3 1.4 1.2 1.1 1.1 1.2 6.0 By holder5 16 U.S. government agencies and trust funds 170.0 187.1 192.5 203.3 211.7 206.7 205.8 17 Federal Reserve Banks 109.6 117.5 121.3 131.0 127.0 129.4 18 Private investors 508.6 540.5 616.4 694.5 740.9 749.6 19 Commercial banks 93.2 96.4 116.0 109.4 117.0 110.0 20 Mutual savings banks 5.0 4.7 5.4 5.2 5.7 5.6 21 Insurance companies 15.7 16.7 20.1 19.1 22.2 22.6 22 Other companies 19.6 22.9 25.7 37.8 38.9 39.9 n a. n a. n a. 23 State and local governments 64.4 69.9 78.8 85.6 91.2 88.7 Individuals 24 Savings bonds 80.7 79.9 72.5 68.0 67.4 67.4 25 Other securities 30.3 36.2 56.7 75.6 78.8 79.0 26 Foreign and international6 137.8 124.4 127.7 141.4 141.9 143.3 27 Other miscellaneous investors7 58.9 90.1 106.9 152.3 177.8 193.1 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. 1.42 U.S. GOVERNMENT MARKETABLE SECURITIES Ownership, by maturity—Series discontinued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic Nonfinancial Statistics • November 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 July' Aug.' Sept. Sept. 22' Sept. 29 Oct. 6 Oct. 13 Oct. 20 Immediate delivery1 1 U.S. government securities 13,183 18,331 24,728 34,328 40,729 38,127 41,177 40,467 36,716 46,381 30,005 By maturity 2 Bills 7,915 11,413 14,768 21,385 23,423 21,039 22,122 18,803 20,804 23,467 15,194 3 Other within 1 year 454 421 621 898 1,093 1,179 1,323 1,118 936 1,031 784 4 1-5 years 2,417 3,330 4,360 6,102 8,713 7,344 10,266 8,569 7,393 10,283 6,201 5 5-10 years 1,121 1.464 2,451 3,659 4,181 4,920 3,930 6,498 4,024 6,027 4,102 6 Over 10 years 1,276 1.704 2,528 2,285 3,319 3,644 3,537 5,480 3,559 5,573 3,724 Bv type of customer 7 U.S. government securities dealers 1,448 1.484 1,640 1,867 1,984 1,844 1,908 1,574 1,807 1,576 1,408 8 U.S. government securities brokers 5,170 7,610 11,750 16,766 19,621 17,855 18,698 19,317 18,525 22,771 14,901 9 All others2 6,564 9,237 11,337 15,695 19,123 18,428 20,572 19,577 16,383 22,035 13,696 10 Federal agency securities 2,723 3,258 3,306 4,251 4,977 4,653 4,925 5,356 4,775 7,398 6,005 11 Certificates of deposit 1,764 2,472 4,477 6,395 5,381 4,542 4,808 4,547 4,794 7,738 5,026 12 Bankers acceptances 1,807 3,056 2,787 2,376 2,316 2,471 2,476 3,941 3,173 13 Commercial paper 4 6,128 7,877 7,685 7,669 7,708 6,857 8,315 7,708 7,050 Futures transactions3 14 Treasury bills 3,523 5,271 6,404 5,603 6,382 4,234 4,328 6,261 4,093 15 Treasury coupons 1 1,330 1,094 1,573 2,327 3,363 2,657 2,882 3,583 2,711 16 Federal agency securities n a. n.a. 234 292 331 262 311 225 281 455 298 Forward transactions4 1 1 17 U.S. government securities 365 495 1,043 1,752 2,444 1,744 614 878 713 18 Federal agency securities 1,370 634 815 987 1,104 897 813 1,275 1,162 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 July' Aug.' Sept. Sept. 1' Sept. 8 Sept. 15 Sept. 22 Sept. 29 Positions Net immediate1 1 U.S. government securities 3,223 4,306 9,033 9,214 4,957 2,068 1,215 3,717 3,383 904 1,012 ?. Bills 3,813 4,103 6.485 5,768 1,330 242 -1,642 1,532 3,042 -383 -2,219 3 Other within 1 year 325 -1,062 -1,526 -583 -632 -534 -655 -521 -664 -641 -403 4 1-5 years 455 434 1,488 2,555 2,642 1,419 2,018 741 114 1,677 2,797 5 5-10 years 160 166 292 -417 -264 -327 -25 250 -342 -886 -385 6 Over 10 years 30 665 2,294 1,890 -1,880 1,268 1,518 1,714 1,233 1,137 1,223 7 Federal agency ecurities 1,471 797 2,277 2,872 3,556 4,416 3,423 3,866 4,091 4,509 5,036 8 Certificates of deposit 2,794 3,115 3,435 7,726 7,834 6,467 6,539 6,438 6,462 6,710 6,292 9 Bankers acceptances 1,746 3,026 3,210 2,778 2,988 3,082 2,828 2,644 2,554 10 Commercial paper < i 2.658 3,779 3,658 3,555 3,448 3,513 3,418 3,463 3,642 Futures positions I 11 Treasury bills 1 - 8,934 -1,498 6,200 5,262 7,512 7,830 7,750 3,496 2,486 12 Treasury coupons n.a. n.a. -2,733 -1,983 -2,112 -1,448 -1,863 -1,682 -1,124 -1,286 -1,739 13 Federal agency securities I 522 32 -285 -569 -438 -483 -499 -546 -718 Forward positions 14 U.S. government securities -603 -444 -654 -2,117 -2,001 -2,938 -3,951 -2,639 659 15 Federal agency securities 1 -451 -1,227 -1,222 -1,689 -1,289 -1,202 -1,598 -1,879 -1,997 Financing2 Reverse repurchase agreements3 4 16 Overnight and continuing T 14,568 27,391 29,374 30,477 3322,,004466 28,674 29,207 31,499 30,961 17 Term agreements 1 32,048 44,136 50,497 49,870 49,411 48,508 50,648 51,022 49,760 Repurchase agreements4 n a. n.a. 18 Overnight and continuing 1 35,919 54,660 50,318 45,342 47,107 41,203 45,704 46,568 46,128 19 Term agreements t 29,449 37,821 48,692 50,617 50,409 51,316 50,764 49,980 50,617 For notes see opposite page. 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Federal Finance A35 1.45 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1982 AAggeennccyy 11997788 11997799 11998800 Feb. Mar. Apr. May June July Aug. 1 Federal and federally sponsored agencies1 137,063 163,290 193,229 226,539 228,749 232,274 234,593 238,787 242,565 n.a. 2 Federal agencies 23,488 24,715 28,606 30,806 31,408 31,613 31,551 32,274 32.302 32,280 3 Defense Department2 968 738 610 460 454 447 434 419 408 399 4 Export-Import Bank3'4 8,711 9,191 11,250 12,861 13,421 13,475 13,416 13,939 13,938 13,918 5 Federal Housing Administration5 588 537 477 397 382 376 363 358 353 345 6 Government National Mortgage Association participation certificates6 3,141 2,979 2,817 2,165 2,165 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 1,471 1,471 1,471 1,471 8 Tennessee Valley Authority 7,460 8,997 11,190 13,187 13,250 13,410 13,500 13,715 13,760 13,775 9 United States Railway Association7 356 436 492 198 198 202 202 207 207 207 10 Federally sponsored agencies1 113,575 138,575 164,623 195,733 197,341 200,661 203,042 206,513 210,263 n.a. 11 Federal Home Loan Banks 27,563 33,330 41,258 57,743 58,839 59,937 60,772 61,883 62,058 n.a. 12 Federal Home Loan Mortgage Corporation 2,262 2,771 2,536 2,604 2,500 2,500 2,500 3,099 3,099 n.a. 13 Federal National Mortgage Association 41,080 48,486 55,185 59,018 59,270 60,478 61,996 62,660 65,563 65,733 14 Federal Land Banks 20,360 16,006 12,365 8,717 8,717 8,217 8,217 8,217 7,652 7,652 15 Federal Intermediate Credit Banks 11,469 2,676 1,821 1,388 1,388 926 926 926 926 926 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 61,041 61,405 63,381 63,409 64,506 65,743 65,657 18 Student Loan Marketing Association8 915 1,505 2,720 5,000 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 87,460 112,367 113,567 114,961 117,475 120,241 121,261 122,623 Lending to federal and federally sponsored 21 Export-Import Bank4 6,898 8,353 10,654 12,741 13,305 13,305 13,305 13,829 13,829 13,823 22 Postal Service7 2,114 1,587 1,520 1,288 1,288 1,288 1,221 1,221 1,221 1,221 23 Student Loan Marketing Association8 915 1,505 2,720 5,000 5,000 5,000 5,000 5,000 5,000 5,000 24 Tennessee Valley Authority 5,635 7,272 9,465 11,462 11,525 11,685 11,775 11,990 12,035 12,050 25 United States Railway Association7 356 436 492 198 198 202 202 207 207 207 Other Lending^0 26 Farmers Home Administration 23,825 32,050 39,431 49,081 48,681 49,356 51,056 52,346 52,711 53,311 27 Rural Electrification Administration 4,604 6,484 9,196 13,989 14,452 14,716 15,046 15,454 15,688 15,916 28 Other 6,951 9,696 13,982 18,608 19,118 19,409 19,870 20,194 20,570 21,095 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 DomesticN onfinancial Statistics • November 1982 1.46 NEW SECURITY ISSUES of State and Local Governments Millions of dollars 1982 Type of issue or issuer, 11997799 11998800 11998811 Feb. Mar. Apr. May' June' July' Aug. 1 All issues, new and refunding1 43,365 48,367 47,732 3,720 5,661 6,709' 5,614 5,693 5,527 6,422 Type of issue 2 General obligation 12,109 14,100 12,394 1,054 1,733 2,223' 1,506 1,811 967 1,679 3 U.S. government loans2 53 38 34 0 9 10 10 16 22 25 4 Revenue 31,256 34,267 35,338 2,666 3,928 4,486 4,108 3,882 4,560 4,743 5 U.S. government loans2 67 57 55 6 5 32 38 45 49 52 Type of issuer 6 State 4,314 5,304 5,288 234 432 1,061 601 1,074 257 835 7 Special district and statutory authority 23,434 26,972 27,499 2,187 2,993 3,880' 2,969 2,779 3,696 3,612 8 Municipalities, counties, townships, school districts 15,617 16,090 14,945 1,299 2,236 1,768 2,044 1,840 1,574 1,975 9 Issues for new capital, total 41,505 46,736 46,530 3,679 4,798 6,682 r 5,483 5,603 5,340 5,999 Use of proceeds 10 Education 5,130 4,572 4,547 266 405 460 483 724 288 511 11 Transportation 2,441 2,621 3,447 207 363 284 293 185 117 767 12 Utilities and conservation 8,594 8,149 10,037 1,284 754 1,333 1,362 829 1,271 675 13 Social welfare 15,968 19,958 12,729 837 1,773 2,339 2,021 2,293 2,734 2,460 14 Industrial aid 3,836 3,974 7,651 501 636 667 350 396 493 707 15 Other purposes 5,536 7,462 8,119 584 867 1,599 974 1,176 437 879 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 1982 Type of issue or issuer, or use 11997799 11998800 11998811 Feb. Mar. Apr. May June July Aug. 1 All issues1 51,533 73,694 69,992' 3,519' 6,655 4,819 7,106 4,546 5,428 7,975 2 Bonds 40,208 53,206 44,643 1,879 4,512 2,575 4,420 2,836 3,337 6,003 Type of offering 3 Public 25,814 41,587 37,653 1,464 3,540 2,100 3,973 2,398 2,868 5,357 4 Private placement 14,394 11,619 6,989 415 972 475 447 438 469 646 Industry group 5 Manufacturing 9,678 15,409 12,325 262 708 497 608 211 1,290 1,550 6 Commercial and miscellaneous 3,948 6,693 5,229 59 691 139 490 329 492 1,147 7 Transportation 3,119 3,329 2,054 3 224 26 74 79 40 402 8 Public utility 8,153 9,557 8,963 345 1,568 888 1,186 699 536 813 9 Communication 4,219 6,683 4,280 364 84 16 315 174 75 158 10 Real estate and financial 11,094 11,534 11,793 845 1,236 1,010 1,748 1,344 905 1,933 11 Stocks 11,325 20,489 25,349' 1,640' 2,143' 2,244 2,686 1,710 2,091 1,972 Type 12 Preferred 3.574 3,631 1,797' 185 199 172 888 67 645 622 13 Common 7,751 16,858 23,522' 1,455' 1,944' 2,072 1,798 1,643 1,446 1,350 Industry group 14 Manufacturing 1,679 4,839 5,073' 270' 546' 259 458 444 269 531 15 Commercial and miscellaneous 2,623 5,245 7,557' 448' 657' 770 578 397 615 355 16 Transportation 255 549 779' 73 27 15 35 52 5 62 17 Public utility 5,171 6,230 5,577' 743 600' 766 477 277 267 636 18 Communication 303 567 1,778 2 3 3 44 8 96 31 19 Real estate and financial 1,293 3,059 4,585' 104 310' 431 1,094 532 889 357 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 1982 IItteemm 11998800 11998811 Feb. Mar. Apr. May June July Aug.' Sept. INVESTMENT COMPANIES1 1 Sales of own shares2 15,266 20,596 2,049 3,325 2,754 2,345 3,061 3,304 4,322 4,827 2 Redemptions of own shares3 12,012 15,866 1,456 2,056 2,293 1,854 2,038 2,145 2,335 3,185 3 Net sales 3,254 4,730 593 1,269 461 491 1,023 1,159 1,987 1,642 4 Assets4 58,400 55,207 52,695 53,001 56,026 54,889 54,238 54,592 62,212 63,783 5 Cash position5 5,321 5,277 5,540 5,752 6,083 5,992 6,298 5,992 6,039 5,555 6 Other 53,079 49,930 47,155 47,249 49,943 48,896 47,940 48,600 56,173 58,228 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1 Corporate profits with inventory valuation and capital consumption adjustment 194.8 181.6 190.6 181.2 200.3 185.1 193.1 183.9 157.1 155.4 2 Profits before tax 252.7 242.4 232.1 245.9 253.1 225.4 233.3 216.5 171.6 171.7 3 Profits tax liability 87.6 84.6 81.2 87.8 91.5 79.2 82.4 71.6 56.7 55.3 4 Profits after tax 165.1 157.8 150.9 158.1 161.6 146.2 150.9 144.9 114.9 116.4 5 Dividends 52.7 58.1 65.1 59.6 61.5 64.0 66.8 68.1 68.8 69.3 6 Undistributed profits 112.4 99.7 85.8 98.5 100.1 82.2 84.1 76.8 46.1 47.0 7 Inventory valuation -43.1 -43.0 -24.6 -45.5 -35.5 -22.8 -23.0 -17.1 -4.4 -9.4 8 Capital consumption adjustment -14.8 -17.8 -16.8 -19.2 -17.3 -17.5 -17.1 -15.5 -10.1 -6.9 SOURCE. Survey of Current Business (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 DomesticN onfinancial Statistics • November 1982 1.50 NONFINANCIAL CORPORATIONS Current Assets and Liabilities Billions of dollars, except for ratio 1981 1982 AAccccoouunntt 11997766 11997777 11997788 11997799 11998800 Q2 03 04 Q1 Q2 1 Current assets 827.4 912.7 1,043.7 1,218.2 1,333.5 1,388.3 1,410.9 1,427.1 1,423.6 1,419.4 2 88.2 97.2 105.5 118.0 127.1 126.2 125.1 131.7 121.3 123.4 3 U.S. government securities 23.5 18.2 17.3 17.0 19.3 19.9 18.0 17.9 17.1 17.4 4 Notes and accounts receivable 292.9 330.3 388.0 461.1 510.6 533.1 542.4 536.7 537.8 534.4 5 Inventories 342.5 376.9 431.6 505.5 543.7 565.3 577.0 587.1 593.8 589.2 6 Other 80.3 90.1 101.3 116.7 132.7 143.8 148.3 153.6 153.6 155.0 7 Current liabilities 495.1 557.1 669.3 807.8 890.9 931.5 967.2 980.0 985.7 982.6 8 Notes and accounts payable 282.1 317.6 382.9 461.2 515.2 525.9 549.5 562.9 555.0 554.9 9 Other 213.0 239.6 286.4 346.6 375.7 405.5 417.7 417.1 430.8 427.8 10 Net working capital 332.4 355.5 374.4 410.5 442.6 456.8 443.7 447.1 437.9 436.8 11 MEMO: Current ratio 1 1.671 1.638 1.559 1.508 1.497 1.490 1.459 1.456 1.444 1.445 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 02 Q3 04 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 5 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 J >> 2244..9911 27.5 30.8 31.6 34.5 34.2 35.0 37.3 8 All other 14.3 17.3 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 1982 1982 1982 AAAuuuggg... 333111,,, 111999888222111 June July Aug. June July Aug. June July Aug. 1 Total 81,665 1,064 868 849 21,355 20,284 21,549 20,271 19,416 20,700 2 Retail automotive (commercial vehicles) 12,185 149 -118 24 1,056 802 938 907 920 914 3 Wholesale automotive 12,930 1,020 1,035 1,101 6,364 5,878 6,397 5,344 4,843 5,296 4 Retail paper on business, industrial, and farm equipment.... 27,929 -184 -11 -114 1,331 1,365 1,448 1,515 1,376 1,562 5 Loans on commercial accounts receivable and factored commercial accounts receivable 9,298 -111 85 -9 10,611 10,571 11,163 10,722 10,486 11,172 6 All other business credit 19,323 190 -123 -153 1,973 1,668 1,603 1,783 1,791 1,756 1. Not seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • November 1982 1.54 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1982 Item 11997799 11998800 11998811 Mar. Apr. May June July Aug. Sept. 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 90.0 95.7 86.4 89.4 98.4 91.4 2 Amount of loan (thousands of dollars).... 53.3 59.2 65.3 65.4 70.4 64.8 66.2 73.1 66.5 3 Loan/price ratio (percent) 73.9 73.2 74.8 75.7 77.2 77.4 77.0 77.3 74.1 4 Maturity (years) 28.5 28.2 27.7 27.4 28.6 25.9 27.4 28.4 26.4 5 Fees and charges (percent of loan amount)' 1.66 2.09 2.67 2.90 3.28 3.16 3.00 3.15 2.87 6 Contract rate (percent per annum) 10.48 12.25 14.16 14.93 15.13 15.11 14.74 15.01 15.05 Yield (percent per annum) 7 FHLBB series5 10.77 12.65 14.74 15.67 15.84 15.89 15.40 15.70 15j 8 HUD series4 11.15 13.95 16.52 16.80 16.65 16.50 16.75 16.50 15.40 SECONDARY MARKETS Yield (percent per annum) 9 FHA mortgages (HUD series)5 10.92 13.44 16.29 16.41 16.31 16.19 16.73 16.29 14.61 10 GNMA securities6 10.22 12.55 15.29 15.54 15.40 15.30 15.84 15.56 14.74 FNMA auctions7 11 Government-underwritten loans 11.17 14.11 16.70 17.29 16.27 16.22 15.78 12 Conventional loans 11.77 14.43 16.64 17.09 16.33 16.73 15.78 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 13 Total 48,050 55,104 58,675 62,544 63,132 63,951 65,008 66,158 67,810 68,841 14 FH A/VA-insured 33,673 37,365 39,341 39,893 39,834 39,808 39,829 39,853 39,922 39,871 15 Conventional 14,377 17,725 19,334 22,654 23,298 24,143 25,179 26,305 27,888 28,970 Mortgage transactions (during period) 16 Purchases 10.812 8,099 6,112 604 755 1,006 1,223 1,354 1,931 1,670 17 Sales 0 0 2 0 0 0 0 0 0 0 Mortgage commitments8 18 Contracted (during period) 10,179 8,083 9,331 1,903 2,482 1,550 1,583 2,016 1,820 1,482 19 Outstanding (end of period) 6,409 3,278 3,717 4,990 6,586 7,016 7,206 7,674 6,900 6,587 Auction of 4-month commitments to buy Government-underwritten loans 20 Offered 8,860.4 8,605.4 2,487.2 45.7 7.0 35.7 33.1 8.9 43.3 16.4 21 Accepted 3,920.9 4,002.0 1,478.0 29.6 0.0 7.4 7.4 0.0 5.7 0.0 Conventional loans 22 Offered 4,495.3 3,639.2 2,524.7 65.0 29.5 37.8 59.0 37.2 70.1 27.5 23 Accepted 2.343.6 1,748.5 1,392.3 32.3 22.0 23.0 33.1 23.6 42.9 0.0 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)9 24 Total 3,543 4,362 5,245 5,320 5,274 5,279 5,295 5,309 5,201 5,207 25 FHA/VA 1,995 2,116 2,236 2,227 2,226 2,232 2,225 2,232 2,216 2,225 26 Conventional 1.549 2,246 3,010 3,094 3,048 3,047 3,069 3,017 2,985 2,982 Mortgage transactions (during period) 27 Purchases 5.717 3,723 3,789 1,479 2,143 1,214 1,581 2,237 2,529 1,799 28 Sales 4,544 2,527 3,531 1,564 2,177 1,194 1,562 2,204 2,619 1,923 Mortgage commitments10 29 Contracted (during period) 5,542 3,859 6,974 2,523 2,824 2,692 3,166 2,189 2,768 2,892 30 Outstanding (end of period) 797 447 3,518 5,461 6,041 7,420 8,970 8,544 9,318 10,211 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 03 04 Q1 Q2 03 1 All holders l,337,748r 1,471,786' 1,583,535' 1,533,196' 1,561,606' 1,583,535' 1,603,121' 1,624,169' 1,636,027 2 1- to 4-family 891,066' 986,979' 1,060,469' 1.028,297' 1,047,626' 1,060,469' 1,071,889' 1,085,182' 1,093,094 3 Multifamily 128,433 137,134 141,427' 139,280 140,228 141,427' 142,904' 143,806' 144,852 4 Commercial 235,572 255,655 279,912' 268,095 273,746 279,912' 284,411' 289,690' 291,163 5 Farm 82,677 92,018 101,727' 97,524 100,006 101,727' 103,917' 105,491' 106,918 6 Major financial institutions 938,567 997,168 1,040,630 1,023,133 1,033,825 1,040,630 1,041,487 1,042,663 1,028,840 7 Commercial banks1 245,187 263,030 284,536 273,225 279,017 284,536 289,365 294,022 298,342 8 1- to 4-family 149,460 160,326 170,013 164,873 167,550 170,013 171,350 172,596 175,126 9 Multifamily 11,180 12,924 15,132 13,800 14,481 15,132 15,338 15,431 15,666 10 Commercial 75,957 81,081 91,026 86,091 88,588 91,026 94,256 97,522 99,050 11 Farm 8,590 8,699 8,365 8,461 8,398 8,365 8,421 8,473 8.500 12 Mutual savings banks 98,908 99,865 99,997 99,993 99,994 99,997 97,464 96,346' 94,246 13 1- to 4-family 66,140 67,489 68,187 68,035 68,116 68,187 66,305 65,381 63,955 14 Multifamily 16,557 16,058 15,960 15,909 15,939 15,960 15,536 15,338 15,004 15 Commercial 16,162 16,278 15,810 15,999 15,909 15,810 15,594 15,598 15,258 16 Farm 49 40 40 50 30 40 29 40 29 17 Savings and loan associations 475,688 503,192 518,350 515,256 518,778 518,350 515,896 512,745 495,408 18 1- to 4-family 394,345 419,763 432,978 430,702 433,750 432,978 430,928 428,194 413,715 19 Multifamily 37,579 38,142 37,684 38,077 37,975 37,684 37,506 36,866 35,620 20 Commercial 43,764 45,287 47,688 46,477 47,053 47,688 47,462 47,685 46,073 21 Life insurance companies 118,784 131,081 137,747 134,659 136,036 137,747 138,762 139,539 140,844 22 1- to 4-family 16,193 17,943 17,201 17,549 17,376 17,201 17,086 16,451 16,579 23 Multifamily 19,274 19,514 19,283 19,495 19,441 19,283 19,199 18,982 19,130 24 Commercial 71,137 80,666 88,163 84,571 86,070 88,163 89,529 91,113 92,125 25 Farm 12,180 12,958 13,100 13,044 13,149 13.100 12,948 12,993 13,010 26 Federal and related agencies 97,084 114,300 126,112 119,124 121,772 126,112 128,721 132,188' 137,033 27 Government National Mortgage Association 3,852 4,642 4,765 4,972 4,382 4,765 4,438 4,669 4,697 28 1- to 4-family 763 704 693 698 696 693 689 688 687 29 Multifamily 3,089 3,938 4,072 4,274 3,686 4,072 3,749 3,981 4,010 30 Farmers Home Administration 1,274 3,492 2,235 2,662 1,562 2,235 2,469 2,038 2,188 31 1- to 4-family 417 916 914 1,151 500 914 715 792 842 32 Multifamily 71 610 473 464 242 473 615 198 223 33 Commercial 174 411 506 357 325 506 499 444 469 34 Farm 612 1,555 342 690 495 342 640 604 654 35 Federal Housing and Veterans Administration 5,555 5,640 5,999 5,895 6,005 5,999 6,003 5,908' 5,921 36 1- to 4-family 1,955 2,051 2,289 2,172 2,240 2,289 2,266 2,218' 2,171 37 Multifamily 3,600 3,589 3,710 3,723 3,765 3,710 3,737 3,690' 3,750 38 Federal National Mortgage Association 51,091 57,327 61,412 57,657 59,682 61,412 62,544 65,008 68,841 39 1- to 4-family 45,488 51,775 55,986 52,181 54,227 55,986 57,142 59,631 63,495 40 Multifamily 5,603 5,552 5,426 5,476 5,455 5,426 5,402 5,377 5,346 41 Federal Land Banks 31,277 38,131 46,446 42,681 44,708 46,446 47,947 49,270 50,180 42 1- to 4-family 1,552 2,099 2,788 2,401 2,605 2,788 2,874 2,954 3,030 43 Farm 29,725 36,032 43,658 40,280 42,103 43,658 45,073 46,316 47,150 44 Federal Home Loan Mortgage Corporation . 4.035 5,068 5,255 5,257 5,433 5,255 5,320 5,295 5,206 45 1- to 4-family 3.059 3,873 4,018 4,025 4,166 4,018 4,075 4,042 3,944 46 Multifamily 976 1,195 1,237 1,232 1,267 1,237 1,245 1,253 1,262 47 Mortgage pools or trusts2 118,664 142,258 162,990 152,308 158,140 162,990 172,292 182,945 196,337 48 Government National Mortgage Association 75,787 93,874 105,790 100,558 103,750 105,790 108,592 111,459 114,396 49 1- to 4-family 73,853 91,602 103,007 98,057 101,068 103,007 105,701 108,487 111,348 50 Multifamily 1,934 2,272 2,783 2,501 2,682 2,783 2,891 2,972 3,048 51 Federal Home Loan Mortgage Corporation . 15,180 16,854 19,843 17,565 17,936 19,843 23,959 28,693 35,121 52 1- to 4-family 12,149 13,471 15,888 14,115 14,401 15,888 18,995 22,637 27,553 53 Multifamily 3,031 3,383 3,955 3,450 3,535 3,955 4,964 6,056 7,568 54 Federal National Mortgage Association3 .... n.a. n.a. 717 n.a. n.a. 717 2,786 4,556 8,133 55 1- to 4-family n.a. n.a. 717 n.a. n.a. 717 2,786 4,556 8,133 56 Farmers Home Administration 27,697 31,530 36,640 34,185 36,454 36,640 36,955 38,273 38,687 57 1- to 4-family 14,884 16,683 18,378 17,165 18,407 18,378 18,740 19.056 19,256 58 Multifamily 2,163 2,612 3,426 3,097 3,488 3,426 3,447 4,026 4,076 59 Commercial 4,328 5,271 6,161 5,750 6,040 6,161 6,351 6,574 6,624 60 Farm 6,322 6,964 8,675 8,173 8,519 8,675 8,417 8,581 8,731 61 Individual and others4 183,433r 218,060' 253,803' 238,631' 247,869' 253,803' 260,621' 266,384' 273,817 62 1- to 4-family5 110,808'' 138,284' 167,412' 155,173' 162,524' 167,412' 172,237' 177,499' 183,260 63 Multifamily 23,376 27,345 28,286' 27,782 28,272 28,286' 29,275' 29,636' 30,149 64 Commercial 24,050 26,661 30,558' 28,850 29,761 30,558' 30,720' 30,754' 31,564 65 Farm 25,199 25,770 27,547' 26,826 27,312 27,547' 28,389' 28,495' 28,844 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 by 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 • November 1982 1.56 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change Millions of dollars 1982 11997799 11998800 11998811 Mar. Apr. May June July Aug. Sept. Amounts outstanding (end of period) 1 Total 312,024 313,472 333,375 327,131 328,363 329,338 331,851 332,471 333,808 335,948 By major holder 2 Commercial banks 154,177 147,013 149,300 146,454 146,616 146,147 146,775 146,745 147,275 148,280 3 Finance companies 68,318 76,756 89,818 89,591 90,674 91,958 93,009 93,353 93,207 93,357 4 Credit unions 46,517 44,041 45,954 45,632 45,450 45,472 45,882 45,698 46,154 46,846 5 Retailers2 28,119 28,448 29,551 26,530 26,537 26,536 26,645 26,710 26,751 26,829 6 Savings and loans 8,424 9,911 11,598 11,926 12,081 12,202 12,312 12,520 12,833 13,051 7 Gasoline companies 3,729 4,468 4,403 4,229 4,227 4,218 4,398 4,600 4,714 4,669 8 Mutual savings banks 2,740 2,835 2,751 2,769 2,778 2,805 2,830 2,845 2,874 2,916 By major type of credit 9 Automobile 116,362 116,838 126,431 125,559 126,201 127,220 128,415 128,359 128,281 129,085 10 Commercial banks 67,367 61,536 59,181 58,510 58,458 58,099 58,140 58,131 58,222 58,762 11 Indirect paper 38,338 35,233 35,097 34,888 34,920 34,791 34,903 34,979 34,996 35,449 12 Direct loans 29,029 26,303 24,084 23,622 23,538 23,308 23,237 23,152 23,226 23,313 13 Credit unions 22,244 21,060 21,975 21,821 21,733 21,744 21,940 21,852 22,071 22,402 14 Finance companies 26,751 34,242 45,275 45,228 46,010 47,377 48,335 48,376 47,988 47,921 15 Revolving 56,937 58,352 63,049 58,491 58,641 58,647 59,302 59,824 60,475 60,932 16 Commercial banks 29,862 29,765 33,110 31,532 31,638 31,619 31,974 32,205 32,691 33,104 17 Retailers 23,346 24,119 25,536 22,730 22,776 22,810 22,930 23,019 23,070 23,159 18 Gasoline companies 3,729 4,468 4,403 4,229 4,227 4,218 4,398 4,600 4,714 4,669 19 Mobile home 16,838 17,322 18,486 18,363 18,402 18,479 18,543 18,601 18,741 18,778 20 Commercial banks 10,647 10,371 10,300 10,037 9,974 9,960 9,924 9,857 9,790 9,723 21 Finance companies 3,390 3,745 4,494 4,548 4,608 4,666 4,731 4,801 4,916 4,953 22 Savings and loans 2,307 2,737 3,203 3,293 3,336 3,369 3,400 3,458 3,544 3,604 23 Credit unions 494 469 489 486 484 484 488 486 491 498 24 Other 121,887 120,960 125,409 124,718 125,119 124,992 125,591 125,687 126,311 127,153 2b Commercial banks 46,301 45,341 46,709 46,375 46,546 46,469 46,737 46,552 46,572 46,691 26 Finance companies 38,177 38,769 40,049 39,815 40,056 39,915 39,943 40,176 40,303 40,483 27 Credit unions 23,779 22,512 23,490 23,326 23,233 23,244 23,454 23,360 23,592 23,946 28 Retailers 4,773 4,329 4,015 3,800 3,761 3,726 3,715 3,691 3,681 3,670 29 Savings and loans 6,117 7,174 8,395 8,633 8,745 8,833 8,912 9,063 9,289 9,447 30 Mutual savings banks 2,740 2,835 2,751 2,769 2,778 2,805 2,830 2,845 2,874 2,916 Net change (during period)3 31 Total 38,381 1,448 19,894 990 1,175 1,399 1,349 570 66 1,092 By major holder il Commercial banks 18,161 -7,163 2,284 166 96 -13 -100 -66 -252 481 33 Finance companies 14,020 8,438 13,062 673 544 1,126 874 195 -142 115 34 Credit unions 2,185 -2,475 1,913 -122 132 -39 38 -69 179 346 35 Retailers2 2,132 329 1,103 -124 181 68 304 297 -109 60 36 Savings and loans 1,327 1,485 1,682 251 205 221 187 196 268 181 37 Gasoline companies 509 739 -65 -150 -6 -20 38 3 65 -115 38 Mutual savings banks 47 95 -85 1 23 56 8 14 57 24 By major type of credit 39 Automobile 14,715 477 9,595 -28 233 959 655 61 -402 505 40 Commercial banks 6,857 -5,830 -2,355 -248 -159 -305 -240 101 -146 435 41 Indirect paper 4,488 -3,104 -136 -130 2 -52 -52 225 -129 332 42 Direct loans 2,369 -2,726 -2,219 -118 -161 -253 -188 -124 -17 103 43 Credit unions 1,044 -1,184 914 -55 54 -34 28 -26 65 159 44 Finance companies 6,814 7,491 11,033 275 338 1,298 867 -14 -321 -89 45 Revolving 8,628 1,415 4,697 307 499 537 507 612 143 210 46 Commercial banks 5,521 -97 3,345 296 285 436 219 266 162 243 47 Retailers 2,598 773 1,417 161 220 121 250 343 -84 82 48 Gasoline companies 509 739 -65 -150 -6 -20 38 3 65 -115 49 Mobile home 1,603 483 1,161 15 51 70 67 63 141 10 50 Commercial banks 1,102 -276 -74 -82 -48 -41 -58 -57 -62 -67 51 Finance companies 238 355 749 52 53 44 64 73 108 20 52 Savings and loans 240 430 466 47 43 67 60 47 94 54 53 Credit unions 23 -25 20 -2 3 0 1 0 1 3 54 Other 13,435 -927 4,441 696 392 -167 120 -166 184 367 55 Commercial banks 4,681 -960 1,368 200 18 -103 -21 -376 -206 -130 56 Finance companies 6,968 592 1,280 346 153 -216 -57 136 71 184 57 Credit unions 1,118 -1,266 ' 975 -65 75 -5 9 -43 113 184 58 Retailers -466 -444 -314 10 -39 -53 54 -46 -25 -22 59 Savings and loans 1,087 1,056 1,217 204 162 154 127 149 174 127 60 Mutual savings banks 47 95 -85 1 23 56 8 14 57 24 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 11997799 11998800 11998811 Mar. Apr. May June July Aug. Sept. Extensions 1 Total 324,777 306,076 336,341 27,462 28,648 29,197 29,737 27,514 27,579 28,268 By major holder 2 Commercial banks 154,733 134,960 146,186 12,519 12,790 12,765 13,460 12,485 12,499 12,750 3 Finance companies 61,518 60,801 66,344 5,002 5,343 6,135 5,700 4,607 4,685 4,894 4 Credit unions 34,926 29,594 35,444 2,631 3,010 2,902 2,887 2,711 2,904 3,092 5 Retailers1 47,676 49,942 53,430 4,536 4,618 4,449 4,762 4,785 4,396 4,684 6 Savings and loans 5,901 6,621 8,142 788 823 841 785 803 863 786 7 Gasoline companies 18,005 22,253 24,902 1,835 1,915 1,880 1,969 1,944 2,021 1,876 8 Mutual savings banks 2,018 1,905 1,893 151 185 225 174 179 211 186 By major type of credit y Automobile 93,901 83,454 94,404 7,183 7,871 8,429 8,182 7,332 7,112 7,546 10 Commercial banks 53,554 41,109 42,792 3,393 3,499 3,317 3,404 3,687 3,454 3,702 11 Indirect paper 29,623 22,558 24,941 1,875 2,079 1,954 2,036 2,324 1,957 2,077 12 Direct loans 23,931 18,551 17,851 1,518 1,420 1,363 1,368 1,363 1,497 1,625 13 Credit unions 17,397 15,294 18,084 1,420 1,542 1,483 1,497 1,389 1,499 1,579 14 Finance companies 22,950 27,051 33,527 2,370 2,830 3,629 3,281 2,256 2,159 2,265 15 Revolving 120,174 128,068 140,135 12,143 12,416 12,528 13,361 12,551 12,497 12,464 16 Commercial banks 61,048 61,593 67,370 6,235 6,309 6,604 7,141 6,237 6,512 6,336 17 Retailers 41,121 44,222 47,863 4,073 4,192 4,044 4,251 4,370 3,964 4,252 18 Gasoline companies 18,005 22,253 24,902 1,835 1,915 1,880 1,969 1,944 2,021 1,876 19 Mobile home 6,471 5,093 6,028 411 544 478 459 441 581 452 20 Commercial banks 4,542 2,937 3,106 156 253 201 180 173 194 191 21 Finance companies 797 898 1,313 120 122 114 129 133 193 105 22 Savings and loans 948 1,146 1,432 126 151 151 137 123 181 140 23 Credit unions 184 113 176 9 18 12 13 12 13 16 24 Other 104,231 89,461 95,774 7,725 7,853 7,762 7,735 7,190 7,389 7,806 25 Commercial banks 35,589 29,321 32,918 2,735 2,729 2,643 2,735 2,388 2,339 2,521 26 Finance companies 37,771 32,852 31,504 2,512 2,391 2,392 2,290 2,218 2,333 2,524 27 Credit unions 17,345 14,187 17,182 1,202 1,450 1,407 1,377 1,310 1,392 1,497 28 Retailers 6,555 5,720 5,567 463 426 405 511 415 432 432 29 Savings and loans 4,953 5,476 6,710 662 672 690 648 680 682 646 30 Mutual savings banks 2,018 1,905 1,893 151 185 225 174 179 211 186 Liquidations 31 Total 286,396 304,628 316,447 26,472 27,509 27,798 28,388 26,944 27,513 27,176 By major holder SI Commercial banks 136,572 142,123 143,902 12,353 12,694 12,778 13,560 12,551 12,751 12,269 33 Finance companies 47,498 52,363 53,282 4,329 4,799 5,009 4,826 4,412 4,827 4,779 34 Credit unions 32,741 32,069 33,531 2,753 2,878 2,941 2,849 2,780 2,725 2,746 35 Retailers1 45,544 49,613 52,327 4,365 4,437 4,381 4,458 4,488 4,505 4,624 36 Savings and loans 4,574 5,136 6,640 537 618 620 598 607 595 605 37 Gasoline companies 17,496 21,514 24,967 1,985 1,921 1,900 1,931 1,941 1,956 1,991 38 Mutual savings banks 1,971 1,810 1,978 150 162 169 166 165 154 162 By major type of credit 39 Automobile 79,186 82,977 84,809 7,211 7,638 7,470 7,527 7,271 7,514 7,041 40 Commercial banks 46,697 46,939 45,147 3,641 3,658 3,622 3,644 3,586 3,600 3,267 41 Indirect paper 25,135 25,662 25,077 2,005 2,077 2,006 2,088 2,099 2,086 1,745 42 Direct loans 21,562 21,277 20.070 1,636 1,581 1,616 1,556 1,487 1,514 1,522 43 Credit unions 16,353 16,478 17,169 1,475 1,488 1,517 1,469 1,415 1,434 1,420 44 Finance companies 16,136 19,560 22,494 2,095 2,492 2,331 2,414 2,270 2,480 2,354 45 Revolving 111,546 126,653 135,438 11,836 11,917 11,991 12,854 11,939 12,354 12,254 46 Commercial banks 55,527 61,690 64,025 5,939 6,024 6,168 6,922 5,971 6,350 6,093 47 Retailers 38,523 43,449 46,446 3,912 3,972 3,923 4,001 4,027 4,048 4,170 48 Gasoline companies 17,496 21,514 24,967 1,985 1,921 1,900 1,931 1,941 1,956 1,991 49 Mobile home 4,868 4,610 4,867 396 493 408 392 378 440 442 50 Commercial banks 3,440 3,213 3,180 238 301 242 238 230 256 258 51 Finance companies 559 543 564 68 69 70 65 60 85 85 52 Savings and loans 708 716 966 79 108 84 77 76 87 86 53 Credit unions 161 138 156 11 15 12 12 12 12 13 54 Other 90,796 90,388 91,333 7,029 7,461 7,929 7,615 7,356 7,205 7,439 55 Commercial banks 30,908 30,281 31,550 2,535 2,711 2,746 2,756 2,764 2,545 2,651 56 Finance companies 30,803 32,260 30,224 2,166 2,238 2,608 2,347 2,082 2,262 2,340 57 Credit unions 16,227 15,453 16,207 1,267 1,375 1,412 1,368 1,353 1,279 1,313 58 Retailers 7,021 6,164 5,881 453 465 458 457 461 457 454 59 Savings and loans 3,866 4,420 5,493 458 510 536 521 531 508 519 60 Mutual savings banks 1,971 1,810 1,978 150 162 169 166 165 154 162 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 • November 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 1982 11997766 11997777 11997788 11997799 11998800 H2 HI H2 HI H2 HI Nonfinancial sectors 1 Total funds raised 273.5 334.3 401.7 402.0 397.1 406.9 406.6 363.0 431.2 438.2 375.7 385.2 2 Excluding equities 262.7 331.2 402.3 409.1 382.2 418.4 411.0 354.2 410.2 436.7 400.2 385.6 By sector and instrument 3 U.S. government 69.0 56.8 53.7 37.4 79.2 87.4 46.1 63.3 95.1 81.9 92.9 99.0 4 Treasury securities 69.1 57.6 55.1 38.8 79.8 87.8 46.6 63.9 95.7 82.4 93.2 98.6 5 Agency issues and mortgages -.1 -.9 -1.4 -1.4 -.6 -.5 -.5 -.6 -.6 -.5 -.4 .4 6 All other nonfinancial sectors 204.5 277.5 348.0 364.7 317.9 319.6 360.5 299.8 336.1 356.3 282.8 286.3 7 Corporate equities 10.8 3.1 -.6 -7.1 15.0 -11.5 -4.3 8.9 21.0 1.6 -24.5 -.4 8 Debt instruments 193.6 274.4 348.7 371.7 303.0 331.0 364.9 290.9 315.0 354.8 307.3 286.6 9 Private domestic nonfinancial sectors 184.9 263.6 314.8 343.6 288.7 292.3 332.2 268.8 308.5 321.7 262.9 272.7 10 Corporate equities 10.5 2.7 -.1 -7.8 12.9 -11.5 -6.1 6.9 18.8 .9 -23.8 -.1 11 Debt instruments 174.3 260.9 314.9 351.5 275.8 303.7 338.3 261.9 289.7 320.8 286.7 272.8 12 Debt capital instruments 123.6 169.8 198.7 216.0 204.1 175.0 213.1 203.8 204.4 196.5 153.5 157.6 13 State and local obligations 15.7 21.9 28.4 29.8 35.9 32.9 32.8 30.7 41.0 35.1 30.6 46.8 14 Corporate bonds 22.8 21.0 20.1 22.5 33.2 23.9 22.6 37.3 29.0 24.7 23.0 18.5 Mortgages 15 Home mortgages 63.9 94.3 112.1 120.1 96.7 78.6 113.9 96.5 96.9 95.2 62.0 66.7 16 Multifamily residential 3.9 7.1 9.2 7.8 8.8 4.6 6.9 8.1 9.5 5.1 4.1 5.6 17 Commercial 11.6 18.4 21.7 23.9 20.2 25.3 25.4 20.3 20.1 27.4 23.2 14.0 18 Farm 5.7 7.1 7.2 11.8 9.3 9.8 11.5 10.9 7.8 9.0 10.5 6.1 19 Other debt instruments 50.7 91.1 116.2 135.5 71.7 128.8 125.2 58.1 85.4 124.3 133.2 115.2 20 Consumer credit 25.4 40.2 48.8 45.4 4.9 25.3 41.0 -3.3 13.0 29.4 21.2 16.0 21 Bank loans n.e.c 4.4 26.7 37.1 49.2 35.4 51.1 39.6 18.0 52.7 47.7 54.6 84.6 22 Open market paper 4.0 2.9 5.2 11.1 6.6 19.2 17.4 20.3 -7.1 10.7 27.6 3.4 23 Other 16.9 21.3 25.1 29.7 24.9 33.1 27.2 23.0 26.7 36.5 29.8 11.2 24 By borrowing sector 184.9 263.6 314.8 343.6 288.7 292.3 332.2 268.8 308.5 321.7 262.9 272.7 25 State and local governments 15.2 15.4 19.1 20.2 27.3 22.3 22.5 21.8 32.8 25.1 19.5 34.3 26 Households 89.5 137.3 169.3 176.5 117.5 120.4 165.8 115.2 119.8 141.0 99.9 102.2 27 Farm 80.2 110.9 126.3 146.9 143.9 149.5 143.9 131.8 155.9 155.6 143.5 136.1 28 Nonfarm noncorporate 10.2 12.3 14.6 21.4 14.4 16.4 22.7 15.7 13.0 19.9 12.8 4.8 29 Corporate 15.4 28.3 32.4 34.4 33.8 40.5 37.0 27.5 40.2 41.8 39.3 25.6 30 Foreign 54.5 70.4 79.3 91.2 95.7 92.6 84.2 88.6 102.7 93.9 91.4 105.8 31 Corporate equities 19.6 13.9 33.2 21.0 29.3 27.3 28.3 31.0 27.5 34.6 19.9 13.6 32 Debt instruments .3 .4 -.5 .8 2.1 * 1.7 1.9 2.2 .7 -.7 -.2 33 Bonds 19.3 13.5 33.8 20.2 27.2 27.3 26.6 29.0 25.3 34.0 20.6 13.8 34 Bank loans n.e.c 8.6 5.1 4.2 3.9 .8 5.5 4.9 2.0 -.4 3.3 7.6 2.1 35 Open market paper 5.6 3.1 19.1 2.3 11.5 3.7 2.6 5.9 17.2 5.0 2.3 -2.0 36 U.S. government loans 1.9 2.4 6.6 11.2 10.1 13.9 16.3 15.7 4.5 20.6 7.1 11.3 Financial sectors 37 Total funds raised 22.5 52.2 77.5 83.9 68.5 89.3 78.7 65.1 71.9 95.5 83.0 107.4 By instrument 38 U.S. government related 14.3 21.9 36.7 47.3 43.6 45.1 50.8 47.3 39.8 42.5 47.8 61.1 39 Sponsored credit agency securities 2.5 7.0 23.1 24.3 24.4 30.1 25.8 27.1 21.7 26.9 33.3 21.9 40 Mortgage pool securities 12.2 16.1 13.6 23.1 19.2 15.0 25.0 20.2 18.1 15.6 14.5 39.2 41 Loans from U.S. government 8.2 30.3 40.8 36.6 24.9 44.1 27.9 17.7 32.0 53.0 35.3 46.3 42 Private financial sectors -.2 3.4 2.5 3.2 7.2 8.6 2.6 7.5 6.9 9.7 7.5 16.1 43 Corporate equities 8.4 26.9 38.3 33.4 17.7 35.6 25.3 10.3 25.2 43.4 27.8 30.2 44 Debt instruments 9.8 10.1 7.5 7.8 7.1 -.8 7.7 9.9 4.4 -2.1 .4 -3.3 45 Corporate bonds 2.1 3.1 .9 -1.2 -.9 -2.9 -2.9 -5.3 3.5 -2.3 -3.5 1.7 46 Mortgages -3.7 -.3 2.8 -.4 -.4 2.2 .5 .1 -.9 3.7 .7 2.2 47 Bank loans n.e.c 2.2 9.6 14.6 18.0 4.8 20.9 10.8 -.1 9.7 24.8 17.0 15.8 48 Open market paper and RPs -2.0 4.3 12.5 9.2 7.1 16.2 9.2 5.8 8.5 19.3 13.2 13.8 49 Loans from Federal Home Loan Banks 22.5 52.2 77.5 83.9 68.5 89.3 78.7 65.1 71.9 95.5 83.0 107.4 By sector 50 Sponsored credit agencies 2.1 5.8 23.1 24.3 24.4 30.1 25.8 27.1 21.7 26.9 33.3 21.9 51 Mortgage pools 12.2 16.1 13.6 23.1 19.2 15.0 25.0 20.2 18.1 15.6 14.5 39.2 52 Private financial sectors 8.2 30.3 40.8 36.6 24.9 44.1 27.9 17.7 32.0 53.0 35.3 46.3 53 Commercial banks 2.3 1.1 1.3 1.6 .5 .4 1.8 .8 .3 .2 .5 1.0 54 Bank affiliates 5.4 2.0 7.2 6.5 6.9 8.3 4.9 5.8 8.0 6.9 9.7 9.3 55 Savings and loan associations .1 9.9 14.3 11.4 6.6 13.1 10.2 .1 13.2 19.2 6.9 16.4 56 Other insurance companies .9 1.4 .8 .9 1.1 1.1 .9 1.0 1.1 1.1 1.1 1.0 57 Finance companies 4.3 16.9 18.1 16.6 6.3 14.1 11.0 6.0 6.5 17.3 11.0 4.1 58 REITs -2.2 -1.9 -.9 -.3 -1.5 -.5 -.1 -1.4 -1.7 -.6 -.3 * 59 Open-end investment companies -2.4 .9 -.1 .1 5.0 7.7 -.8 5.5 4.5 8.9 6.5 14.5 All sectors 60 Total funds raised, by instrument 296.0 386.5 479.2 485.9 465.6 496.2 485.3 428.1 503.1 533.7 458.7 492.6 61 Investment company shares -2.4 .9 -.1 .1 5.0 7.7 -.8 5.5 4.5 8.9 6.5 14.5 62 Other corporate equities 13.1 5.6 1.9 -3.9 17.1 -10.6 -.9 10.8 23.4 2.3 -23.5 1.2 63 Debt instruments 285.4 379.9 477.4 489.7 443.5 499.1 487.1 411.8 475.2 522.5 475.7 476.9 64 U.S. government securities 83.8 79.9 90.5 84.8 122.9 132.6 97.0 110.7 135.1 124.5 140.7 160.1 65 State and local obligations 15.7 21.9 28.4 29.8 35.9 32.9 32.8 30.7 41.0 35.1 30.6 46.8 66 Corporate and foreign bonds 41.2 36.1 31.8 34.2 41.1 28.5 35.2 49.3 33.0 26.0 30.9 17.3 67 Mortgages 87.1 129.9 151.0 162.4 134.0 115.2 154.7 130.4 137.7 134.3 96.2 94.0 68 Consumer credit 25.4 40.2 48.8 45.4 4.9 25.3 41.0 -3.3 13.0 29.4 21.2 16.0 69 Bank loans n.e.c 6.2 29.5 59.0 51.0 46.5 57.0 42.7 24.0 69.0 56.4 57.6 84.8 70 Open market paper and RPs 8.1 15.0 26.4 40.3 21.6 54.0 44.5 35.9 7.2 56.2 51.8 30.5 71 Other loans 17.8 27.4 41.5 41.8 36.6 53.7 39.2 34.1 39.2 60.7 46.6 27.4 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 1982 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11997766 11997777 11997788 11997799 11998800 11998811 H2 HI H2 HI H2 HI 1 Total funds advanced in credit markets to nonfinancial sectors 262.7 331.2 402.3 409.1 382.2 418.4 411.0 354.2 410.2 436.7 400.2 385.6 By public agencies and foreign 2 Total net advances 49.8 79.2 101.9 74.6 95.8 95.9 101.0 104.6 87.0 98.7 93.2 91.6 3 U.S. government securities 23.1 34.9 36.1 -6.3 15.7 17.2 16.6 20.5 10.9 15.9 18.5 1.1 4 Residential mortgages 12.3 20.0 25.7 35.8 31.7 23.4 36.7 34.9 28.5 21.4 25.5 47.1 5 FHLB advances to savings and loans -2.0 4.3 12.5 9.2 7.1 16.2 9.2 5.8 8.5 19.3 13.2 13.8 6 Other loans and securities 16.4 20.1 27.6 35.9 41.3 39.1 38.6 43.4 39.1 42.1 36.0 29.7 Total advanced, by sector 7 U.S. government 7.9 10.0 17.1 19.0 23.7 24.2 18.7 24.6 22.8 27.1 21.2 10.6 8 Sponsored credit agencies 16.8 22.4 39.9 52.4 44.4 46.0 56.9 45.2 43.7 44.3 47.7 61.8 9 Monetary authorities 9.8 7.1 7.0 7.7 4.5 9.2 14.0 14.9 -5.9 -3.7 22.1 -6.5 10 Foreign 15.2 39.6 38.0 -4.6 23.2 16.6 11.3 19.9 26.5 30.9 2.2 25.8 11 Agency borrowing not included in line 1 14.3 21.9 36.7 47.3 43.6 45.1 50.8 47.3 39.8 42.5 47.8 61.1 Private domestic funds advanced 12 Total net advances 227.1 273.9 337.1 381.8 329.9 367.6 360.8 296.9 362.9 380.5 354.7 355.1 13 U.S. government securities 60.7 45.1 54.3 91.1 107.2 115.4 80.5 90.2 124.2 108.5 122.3 159.1 14 State and local obligations 15.7 21.9 28.4 29.8 35.9 32.9 32.8 30.7 41.0 35.1 30.6 46.8 15 Corporate and foreign bonds 30.5 22.2 22.4 23.7 25.8 20.6 24.1 31.6 20.1 18.6 22.7 4.4 16 Residential mortgages 55.4 81.4 95.5 92.0 73.7 59.7 84.0 69.6 77.8 78.8 40.5 25.0 17 Other mortgages and loans 62.9 107.6 149.1 154.3 94.4 155.3 148.7 80.6 108.3 158.7 151.8 133.5 18 LESS: Federal Home Loan Bank advances -2.0 4.3 12.5 9.2 7.1 16.2 9.2 5.8 8.5 19.3 13.2 13.8 Private financial intermediation 19 Credit market funds advanced by private financial institutions 190.9 261.7 302.9 292.2 257.9 301.3 260.7 245.4 270.4 326.3 276.3 289.4 20 Commercial banking 59.6 87.6 128.7 121.1 99.7 103.5 108.1 64.7 134.8 107.8 99.2 123.3 21 Savings institutions 70.2 81.6 73.6 55.5 54.1 24.6 48.9 34.9 73.2 43.9 5.3 30.6 22 Insurance and pension funds 49.7 69.0 75.0 66.4 74.4 75.8 60.1 84.3 64.4 75.8 75.8 93.3 23 Other finance 11.4 23.5 25.6 49.2 29.8 97.4 43.6 61.5 -1.9 98.8 95.9 42.3 24 Sources of funds 190.9 261.7 302.9 292.2 257.9 301.3 260.7 245.4 270.4 326.3 276.3 289.4 25 Private domestic deposits 124.4 138.9 141.1 142.5 167.8 211.2 145.9 162.5 173.1 212.0 210.3 172.0 26 Credit market borrowing 8.4 26.9 38.3 33.4 17.7 35.6 25.3 10.3 25.2 43.4 27.8 30.2 27 Other sources 58.0 96.0 123.5 116.4 72.4 54.6 89.5 72.7 72.1 70.9 38.2 87.1 28 Foreign funds -4.7 1.2 6.3 25.6 -23.0 -8.8 3.4 -20.0 -26.0 -.7 -16.8 -30.6 29 Treasury balances -.1 4.3 6.8 .4 -2.6 -1.1 -.7 -6.1 1.0 6.0 -8.2 -5.2 30 Insurance and pension reserves 34.3 51.4 62.2 49.1 65.4 70.8 43.8 70.3 60.5 66.0 75.6 78.5 31 Other, net 28.5 39.1 48.3 41.3 32.6 -6.4 43.0 28.6 36.6 -.4 -12.3 44.4 Private domestic nonfinancial investors 32 Direct lending in credit markets 44.7 39.0 72.5 122.9 89.7 101.9 125.4 61.7 117.7 97.5 106.2 95.9 33 U.S. government securities 15.9 24.6 36.3 61.4 38.3 50.4 54.9 23.3 53.3 43.0 57.7 60.2 34 State and local obligations 3.3 -.8 3.6 9.4 12.6 20.3 11.5 6.2 18.9 22.8 17.8 27.2 35 Corporate and foreign bonds 11.8 -5.1 -2.9 10.2 9.3 -7.9 16.9 7.8 10.8 -9.2 -6.6 -23.0 36 Commercial paper 1.9 9.6 15.6 12.1 -3.4 3.5 14.6 -8.1 1.4 -1.4 8.4 6.9 37 Other 11.8 10.7 19.9 29.8 32.9 35.6 27.6 32.5 33.3 42.3 29.0 24.7 38 Deposits and currency 133.4 148.5 152.3 151.9 179.2 221.0 149.9 172.4 186.1 218.6 223.4 170.0 39 Currency 7.3 8.3 9.3 7.9 10.3 9.5 6.3 9.3 11.3 5.8 13.2 2.0 40 Checkable deposits 10.4 17.2 16.3 19.2 4.2 18.3 22.5 -2.5 11.0 26.5 10.1 7.0 41 Small time and savings accounts 123.7 93.5 63.7 61.0 79.5 46.6 50.7 73.4 85.7 26.9 66.3 90.0 42 Money market fund shares * .2 6.9 34.4 29.2 107.5 38.6 61.9 -3.4 104.1 110.8 39.7 43 Large time deposits -12.0 25.8 46.6 21.2 48.3 36.3 39.4 24.4 72.1 46.8 25.7 48.3 44 Security RPs 2.3 2.2 7.5 6.6 6.5 2.5 -5.3 5.3 7.8 7.7 -2.6 -12.9 45 Foreign deposits 1.7 1.3 2.0 1.5 1.1 .3 -2.3 .6 1.7 .8 -.2 -4.1 46 Total of credit market instruments, deposits and currency 178.1 187.5 224.9 274.8 269.0 322.8 275.3 234.1 303.8 316.1 329.6 265.9 47 Public support rate (in percent) 19.0 23.9 25.3 18.2 25.1 22.9 24.6 29.5 21.2 22.6 23.3 23.8 48 Private financial intermediation (in percent)... 84.0 95.6 89.9 76.5 78.2 82.0 72.3 82.7 74.5 85.8 77.9 81.5 49 Total foreign funds 10.5 40.8 44.3 21.0 .2 7.8 14.8 * .5 30.3 -14.6 -4.7 MEMO: Corporate equities not included above 50 Total net issues 10.6 6.5 1.9 -3.8 22.1 -2.9 -1.7 16.3 27.9 11.2 -17.0 15.7 51 Mutual fund shares -2.4 .9 -.1 .1 5.0 7.7 -.8 5.5 4.5 8.9 6.5 14.5 52 Other equities 13.1 5.6 1.9 -3.9 17.1 -10.6 -.9 10.8 23.4 2.3 -23.5 1.2 53 Acquisitions by financial institutions 12.5 7.4 4.6 10.4 14.6 22.9 14.2 8.6 20.7 25.3 20.5 22.2 54 Other net purchases -1.9 -.8 -2.7 -14.2 7.5 -25.8 -15.9 7.7 7.2 -14.1 -37.5 -6.5 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 • November 1982 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures 1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted. 1982 MMeeaassuurree 11997799 11998800 11998811 Feb. Mar. Apr. May June July' Aug/ Sept.? Oct. 1 Industrial production1 152.5 147.0 151.0 142.9 141.7 140.2 139.2 138.7 138.8 138.4 137.4 136.3 Market groupings 2 Products, total 150.0 146.7 150.6 144.6 143.7 142.9 142.3 142.1 142.6 141.8 140.8 139.6 3 Final, total 147.2 145.3 149.5 144.1 143.3 142.6 142.2 142.1 142.5 141.1 140.0 138.5 4 Consumer goods 150.8 145.4 147.9 141.8 141.5 142.1 143.6 144.8 145.8 144.4 143.6 142.5 Equipment 142.2 145.2 151.5 147.3 145.9 143.4 140.4 138.4 138.0 136.7 135.0 133.0 6 Intermediate 160.5 151.9 154.4 146.3 145.2 143.7 142.6 141.9 142.8 144.5 144.0 143.7 7 Materials 156.4 147.6 151.6 140.4 138.5 136.2 134.3 133.5 133.0 133.0 132.0 131.2 Industry groupings 8 Manufacturing 153.6 146.7 150.4 140.9 140.1 138.7 137.9 137.7 138.1 138.0 137.2 135.8 Capacity utilization (percent)12 9 Manufacturing 85.7 79.1 78.5 72.2 71.6 70.8 70.2 70.0 70.0 69.8 69.2 68.4 10 Industrial materials industries 87.4 80.0 79.9 72.9 71.8 70.5 69.4 68.8 68.5 68.4 67.7 67.2 11 Construction contracts (1977 = 100)3 121.0 106.0 107.0 115.0r 105.0 88.0 94.0 111.0 98.0 112.0 117.0 n.a. 12 Nonagricultural employment, total4 136.5 137.4 138.5 137.5 137.2 136.9 , 137.0 136.5 136.1 135.7 135.5 135.1 13 Goods-producing, total 113.5 110.3 110.2 105.7 104.9 104.2 104.1 102.9 102.3 101.5 101.0 99.9 14 Manufacturing, total 108.2 104.3 103.7 100.0 99.3 98.6 98.3 97.3 96.7 96.0 95.5 94.3 15 Manufacturing, production-worker 105.3 99.4 98.5 92.9 92.1 91.2 90.9 89.8 89.2 88.4 87.9 86.5 16 Service-producing 149.1 152.6 155.0 154.9 155.0 154.8 155.1 154.9 154.6 154.5 154.5 154.5 17 Personal income, total 309.7 342.9 383.5 399.0 399.8 402.5 405.7 407.3 411.4 412.2 413.4 n.a. 18 Wages and salary disbursements 289.8 317.6 349.9 362.2 361.3 362.2 365.4 366.0 367.6 367.6 367.5 n.a. 19 Manufacturing 249.0 264.3 288.1 289.0 286.4 286.3 288.1 288.4 287.7 286.4 284.0 n.a. 2U Disposable personal income5 301.2 332.9 370.3 386.5 387.7 391.7 392.9 393.4 401.2 401.7 403.0 n.a. 21 Retail sales6 281.6 303.8 330.6 334.9 333.5 337.4 347.1 336.4 341.8 338.2 340.2 342.2 Prices7 22 Consumer 217.4 246.8 272.4 283.4 283.1 284.3 287.1 290.6 292.2 292.8 293.3 n.a. 23 Producer finished goods 217.7 247.0 269.8 277.9 277.3 277.3 277.8 279.9 281.7 282.4 281.4 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Output (1967 = 100) Capacity (percent of 1967 output) Utilization rate (percent) 1 Manufacturing 145.0 139.8 138.1 137.8 193.9 195.2 196.4 197.7 74.8 71.6 70.3 69.7 2 Primary processing 143.5 137.1 132.3 132.2 197.5 198.6 199.5 200.4 72.7 69.1 66.3 65.9 3 Advanced processing 145.8 141.6 141.2 140.6 192.0 193.5 194.9 196.2 75.9 73.2 72.5 71.7 4 Materials 144.0 138.7 134.7 132.7 191.5 192.6 193.7 194.6 75.2 72.0 69.6 68.2 5 Durable goods 140.2 130.9 127.1 124.8 195.3 196.4 197.3 198.3 71.8 66.7 64.4 62.9 6 Metal materials 99.5 90.9 77.0 72.7 142.1 142.3 142.4 142.3 70.1 63.9 54.1 51.1 7 Nondurable goods 164.5 161.0 156.8 154.5 213.1 214.6 216.1 217.4 77.2 75.0 72.6 71.0 8 Textile, paper, and chemical 169.4 164.5 160.5 157.4 223.9 225.6 227.3 228.8 75.7 72.9 70.6 68.8 9 Textile 106.8 101.3 101.8 101.9 141.6 142.1 142.4 142.8 75.4 71.3 71.5 71.4 10 Paper 147.0 146.1 142.0 145.0 162.8 163.8 164.6 165.4 90.3 89.2 86.3 87.6 11 Chemical 206.2 200.0 194.0 187.1 284.4 287.3 289.6 291.9 72.5 69.6 67.0 64.1 12 Energy materials 127.9 129.8 125.5 124.8 155.8 156.5 157.0 157.6 82.1 82.9 79.9 79.2 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 Oct. Feb. Mar. Apr. May June July' Aug.' Sept.' Oct. Capacity utilization rate (percent) 13 Manufacturing 88.0 69.0 87.2 74.9 76.6 72.2 71.6 70.8 70.2 70.0 70.0 69.8 69.2 68.4 14 Primary processing 93.8 68.2 90.1 71.0 75.7 70.0 68.6 67.2 66.1 65.7 65.7 66.0 66.1 65.8 15 Advanced processing.... 85.5 69.4 86.2 77.2 77.0 73.6 73.2 72.6 72.5 72.3 72.3 71.8 70.9 69.8 16 Materials 92.6 69.4 88.8 73.8 77.7 72.9 71.8 70.5 69.4 68.8 68.5 68.4 67.7 67.2 17 Durable goods 91.5 63.6 88.4 68.2 74.7 67.4 66.4 65.0 64.2 64.0 63.7 63.1 62.0 61.0 18 Metal materials 98.3 68.6 96.0 59.6 73.9 64.7 61.1 56.2 53.9 52.2 50.7 51.4 51.1 n.a. 19 Nondurable goods 94.5 67.2 91.6 77.5 80.3 76.5 75.3 74.4 72.5 70.9 70.2 71.1 71.8 71.5 20 Textile, paper, and chemical 95.1 65.3 92.2 75.3 79.1 74.4 73.7 72.5 70.6 68.8 68.0 68.8 69.5 69.6 21 Textile 92.6 57.9 90.6 80.9 78.8 71.9 73.5 73.4 71.5 69.6 69.8 71.9 72.4 n.a. 22 Paper 99.4 72.4 97.7 89.3 92.1 90.7 89.4 87.4 86.1 85.3 86.0 88.0 88.9 n.a. 23 Chemical 95.5 64.2 91.3 70.7 76.2 71.3 70.2 69.0 66.9 65.0 63.7 63.9 64.6 n.a. 24 Energy materials 94.6 84.8 88.3 82.7 82.5 83.2 81.8 80.2 79.9 79.8 80.0 79.5 77.9 78.5 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 Apr. May June July Aug' Sept.' Oct.'' HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 166,951 169,847 172,272 174,019 174,201 174,363 174,544 174,707 174,888 175,069 2 Labor force (including Armed Forces)1 ... 107,050 109,042 110,812 111,823 112,841 112,364 112,702 112,840 113,178 112,832 3 Civilian labor force 104,962 106,940 108,670 109,648 110,666 110,191 110,522 110,644 110,980 110,644 Employment 4 Nonagricultural industries2 95,477 95,938 97,030 96,032 96,629 96,406 96,272 96,404 96,352 95,667 5 Agriculture 3,347 3,364 3,368 3,309 3,488 3,357 3,460 3,435 3,368 3,426 Unemployment 6 Number 6,137 7,637 8,273 10,307 10,549 10,427 10,790 10,805 11,260 11,551 7 Rate (percent of civilian labor force) . 5.8 7.1 7.6 9.4 9.5 9.5 9.8 9.8 10.1 10.4 8 Not in labor force 59,901 60,805 61,460 62,196 61,360 61,999 61,842 61,867 61,710 62,237 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 89,823 90,564 91,548 90,083 90,166 89,839 89,535 89,312 89,188 88,925' 10 Manufacturing 21,040 20,300 20,264 19,169 19,115 18,930 18,813 18,672 18,580 18,348'' 11 Mining 958 1,020 1,104 1,182 1,152 1,124 1,100 1,086 1,074 l,064p 12 Contract construction 4,463 4,399 4,307 3,938 3,988 3,940 3,927 3,899 3,881 3,867P 13 Transportation and public utilities 5,136 5,143 5,152 5,094 5,101 5,078 5,044 5,025 5,032 5,022P 14 Trade 20,192 20,386 20,736 20,584 20,652 20,595 20,615 20,550 20,480 20,438p 15 Finance 4,975 5,168 5,330 5,335 5,342 5,352 5,359 5,360 5,370 5,362P 16 Service 17,112 17,901 18,598 18,929 18,963 18,988 19,042 19,048 19,076 19,107? 17 Government 15,947 16,249 16,056 15,852 15,853 15,832 15,635 15,672 15,695 15,717? 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, and 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 • November 1982 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value Monthly data are seasonally adjusted. Grouping 1 p p 9 o ro 6 r- - 7 a 1 v 9 e 8 r 1 - 1982 tion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.? Oct Index (1967 = 100) MAJOR MARKET 1 Total index 100.00 151.0 149.1 146.3 143.4 140.7 142.9 141.7 140.2 139.2 138.7 138.8 138.4 137.4 136.3 2 Products 60.71 150.6 149.4 147.5 146.2 142.9 144.6 143.7 142.9 142.3 142.1 142.6 141.8 140.8 139.6 3 Final products 47.82 149.5 148.9 147.2 146.3 142.8 144.1 143.3 142.6 142.2 142.1 142.5 141.1 140.0 138.5 4 Consumer goods 27.68 147.9 146.5 144.0 142.0 139.6 141.8 141.5 142.1 143.6 144.8 145.8 144.4 143.6 142.5 5 Equipment 20.14 151.8 152.1 151.5 152.1 147.2 147.3 145.9 143.4 140.4 138.4 138.0 136.7 135.0 133.0 6 Intermediate products 12.89 154.4 151.4 148.7 145.9 143.4 146.3 145.2 143.7 142.6 141.9 142.8 144.5 144.0 143.7 7 Materials 39.29 151.6 148.5 144.6 139.0 137.2 140.4 138.5 136.2 134.3 133.5 133.0 133.0 132.0 131.2 Consumer goods 8 Durable consumer goods 7.89 140.5 136.3 129.7 123.2 120.1 125.9 128.1 130.7 132.6 134.6 137.3 133.4 131.8 127.9 9 Automotive products 2.83 137.9 132.8 121.7 119.2 109.2 117.5 125.0 129.9 138.9 143.0 149.7 137.3 136.1 123.5 10 Autos and utility vehicles 2.03 111.2 101.7 88.9 87.5 71.6 82.0 93.6 100.5 111.8 117.1 127.7 109.6 107.7 90.3 11 Autos 1.90 103.4 92.5 81.1 78.1 61.3 70.5 79.8 87.2 96.1 101.9 114.6 96.0 96.3 80.6 12 Auto parts and allied goods... 80 205.6 211.8 205.0 199.7 204.4 207.8 204.5 204.6 207.6 208.6 205.4 207.6 208.1 207.8 13 Home goods 5.06 142.0 138.2 134.1 125.4 126.3 130.6 129.9 131.1 129.1 129.9 130.4 131.3 129.4 130.4 14 Appliances, A/C, and TV .... 1.40 119.6 116.7 107.7 85.7 100.6 103.5 97.0 102.7 100.5 106.4 102.7 104.6 99.6 105.9 15 Appliances and TV 1.33 121.2 118.7 108.7 86.6 101.6 104.1 97.4 103.1 101.5 108.8 106.1 108.6 104.4 16 Carpeting and furniture 1.07 158.0 152.6 146.9 144.4 137.9 147.8 151.3 151.8 145.9 149.0 151.4 152.0 153.0 17 Miscellaneous home goods.... 2.59 147.4 143.9 143.2 139.1 135.4 138.1 138.9 138.0 137.7 134.9 136.7 137.2 135.7 134.9 18 Nondurable consumer goods 19.79 150.9 150.5 149.7 149.5 147.4 148.1 146.8 146.6 147.9 148.8 149.1 148.7 148.4 148.3 19 Clothing 4.29 119.8 117.8 116.1 113.8 20 Consumer staples 15.50 159.5 159.6 159.0 159.4 158.9 159.2 149.6 158.3 159.0 159.9 159.7 159.6 159.0 159.0 21 Consumer foods and tobacco . 8.33 150.3 150.7 150.4 150.9 150.0 151.1 168.0 148.1 149.9 150.9 149.9 149.9 22 Nonfood staples 7.17 170.0 169.9 169.1 169.3 169.1 168.7 217.8 170.0 169.5 170.4 171.2 170.8 170.4 170. i" 23 Consumer chemical products 2.63 223.1 223.0 220.3 220.1 220.1 218.2 127.8 218.3 216.6 219.8 222.3 222.4 219.7 24 Consumer paper products .. 1.92 127.9 126.9 125.7 127.2 127.0 130.2 147.6 128.7 126.7 126.7 128.1 129.4 128.7 25 Consumer energy products . 2.62 147.7 148.2 149.4 149.1 148.9 147.2 170.4 151.9 153.6 152.8 151.4 149.3 151.4 26 Residential utilities 1.45 166.3 166.2 167.4 167.5 172.3 171.6 169.0 174.5 173.7 171.1 167.7 169.7 Equipment 27 Business 12.63 181.1 180.5 179.0 179.0 172.2 171.6 151.2 164.9 159.9 156.7 154.9 153.1 149.5 146.0 28 Industrial 6.77 166.4 166.9 165.1 164.0 158.1 155.9 256.9 145.9 138.9 134.0 131.3 128.6 124.0 118.3 29 Building and mining 1.44 286.2 295.6 293.8 294.6 289.0 274.9 116.3 242.2 224.4 209.0 200.4 190.8 181.3 163.7 30 Manufacturing 3.85 127.9 125.7 123.6 122.0 116.9 116.8 139.0 114.0 109.7 107.5 106.0 104.4 100.9 97.8 31 Power 1.47 149.7 148.4 147.1 145.5 137.4 141.1 189.5 134.8 131.5 129.9 129.6 130.9 128.1 127.1 32 Commercial transit, farm 5.86 198.0 196.2 195.0 196.3 188.5 189.9 257.8 186.9 184.1 183.0 182.2 181.4 179.0 178.0 33 Commercial 3.26 258.7 259.8 260.6 262.9 256.1 256.4 110.5 253.1 247.7 247.5 248.8 250.2 249.4 248.5 34 Transit 1.93 125.4 120.6 116.6 117.5 109.0 110.4 84.9 110.9 110.9 108.3 106.3 102.0 96.7 94.2 35 Farm .67 112.0 104.6 101.7 98.9 88.4 95.1 107.0 83.5 85.8 84.1 76.9 75.8 73.8 36 Defense and space 7.51 102.7 104.5 105.3 107.0 105.2 106.5 125.6 107.2 107.7 107.6 109.5 109.1 110.7 111.3 Intermediate products 37 Construction supplies 6.42 141.9 135.2 130.1 127.0 124.2 127.5 164.6 123.6 122.2 123.1 124.1 126.8 126.2 125.9 38 Business supplies 6.47 166.7 167.5 167.1 164.6 162.4 165.1 184.5 163.7 162.8 160.6 161.4 162.0 161.6 39 Commercial energy products.... 1.14 176.4 174.3 177.0 177.3 181.7 184.1 130.7 183.5 180.3 178.3 179.8 178.0 177.5 Materials 40 Durable goods materials 20.35 149.1 145.6 141.0 134.0 129.7 132.4 130.7 128.1 126.6 126.6 126.0 125.2 123.1 121.4 41 Durable consumer parts 4.58 114.5 107.6 102.8 92.9 86.9 92.2 94.1 94.7 98.9 103.1 103.8 100.7 97.7 94.0 42 Equipment parts 5.44 191.2 190.3 188.7 183.3 177.2 180.1 177.5 173.9 170.0 168.3 166.1 164.1 158.6 156.9 43 Durable materials n.e.c 10.34 142.3 138.9 132.9 126.1 123.6 125.1 122.2 118.8 116.1 115.1 114.8 115.5 115.6 114.8 44 Basic metal materials 5.57 112.0 106.5 101.6 94.8 94.5 94.3 88.6 82.3 79.4 77.4 75.7 76.4 76.5 45 Nondurable goods materials 10.47 174.6 170.6 164.7 158.3 156.8 164.2 162.0 160.3 156.6 153.5 152.3 154.6 156.6 156.2 46 Textile, paper, and chemical materials 7.62 181.4 176.4 169.9 161.9 159.1 167.9 166.6 164.4 160.4 156.7 155.3 157.4 159.5 159.9 47 Textile materials 1.85 113.0 111.6 106.9 102.0 97.3 102.2 104.5 104.5 101.8 99.1 99.6 102.7 103.5 48 Paper materials 1.62 150.6 149.6 150.2 141.2 143.2 148.5 146.7 143.5 141.8 140.7 142.1 145.5 147.3 49 Chemical materials 4.15 224.0 215.9 205.8 196.8 193.0 204.9 202.2 199.3 193.9 188.7 185.4 186.5 189.3 50 Containers, nondurable 1.70 169.3 166.7 163.5 161.9 162.4 166.7 161.3 159.8 157.2 158.5 158.1 162.8 165.3 51 Nondurable materials n.e.c 1.14 137.4 137.1 131.9 128.6 132.4 136.0 132.4 134.2 130.6 124.8 123.4 123.4 124.1 52 Energy materials 8.48 129.0 128.3 128.1 127.4 130.9 130.3 128.2 125.8 125.4 125.4 126.0 125.4 123.0 124.1 53 Primary energy 4.65 115.0 116.4 115.6 115.9 119.2 119.5 119.2 117.3 116.9 116.6 117.2 115.8 111.9 54 Converted fuel materials 3.82 145.9 142.8 143.4 141.4 145.1 143.4 139.1 136.1 135.7 136.0 136.7 137.1 136.4 Supplementary groups 55 Home goods and clothing 9.35 131.8 128.8 125.9 120.1 117.0 120.1 118.9 118.9 119.5 120.2 121.4 121.3 120.5 120.9 56 Energy, total 12.23 137.4 136.9 137.2 136.7 139.5 138.9 137.6 136.7 136.5 136.2 136.4 135.4 134.1 135.4 57 Products 3.76 156.4 156.1 157.8 157.7 158.8 158.4 158.8 161.5 161.7 160.5 160.0 158.0 159.3 58 Materials 8.48 129.0 128.3 128.1 127.4 130.9 130.3 128.2 125.8 125.4 125.4 126.0 125.4 123.0 124.1 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 Sept. Oct. Nov. Dec Feb. Mar. Apr. May June July Aug. Sept.? Oct Index (1967 = 100) MAJOR INDUSTRY 1 Mining and utilities. 12.05 155.0 155.8 156.1 155.4 154.7 157.4 155.6 153.1 151.6 148.8 145.2 142.6 141.8 140.3 141.0 2 Mining 6.36 142.2 145.0 145.3 143.3 142.6 144.5 142.4 138.1 134.1 128.9 123.5 120.1 118.1 114.9 115.7 3 Utilities 5.69 169.1 167.8 168.1 168.9 168.2 171.8 170.4 170.0 171.0 170.9 169.4 167.7 168.2 168.7 169.1 4 Electric 3.88 190.9 188.3 189.4 190.9 190.2 195.2 192.5 191.7 193.1 193.4 191.6 189.2 189.8 190.7 191.4 5 Manufacturing 87.95 150.4 151.1 148.0 145.0 142.0 138.5 140.9 140.1 138.7 137.9 137.7 138.1 138.0 137.2 135.8 6 Nondurable 35.97 164.8 165.9 162.8 160.3 157.4 155.1 157.8 157.3 156.1 155.0 155.3 155.7 156.8 156.8 156.5 7 Durable 51.98 140.5 140.9 137.8 134.4 131.3 127.1 129.3 128.2 126.7 126.1 125.5 125.9 124.9 123.5 121.5 Mining 8 Metal 10 .51 123.1 121.5 119.8 115.4 110.9 121.3 120.8 109.9 108.8 90.0 71.8 58.1 56.8 53.0 9 Coal 11.12 .69 141.3 161.9 166.9 160.8 145.5 147.9 156.0 155.6 146.2 149.2 144.4 140.3 139.9 127.9 145.2 10 Oil and gas extraction ... 13 4.40 146.8 148.8 148.9 148.4 150.5 151.5 146.6 141.4 137.7 132.7 129.1 127.0 124.0 121.7 120.0 11 Stone and earth minerals. 14 .75 129.4 123.4 122.0 116.7 115.7 115.8 120.5 121.6 119.6 114.6 106.6 103.8 105.7 105.6 Nondurable manufactures 12 Foods 8.75 152.1 150.7 151.4 153.0 152.8 151.1 151.7 150.8 149.7 150.5 151.0 151.0 150.5 13 Tobacco products .67 122.2 122.4 124.3 119.6 112.6 112.7 126.7 126.7 116.1 118.6 123.6 121.4 121.4 14 Textile mill products 2.68 135.7 136.3 132.5 126.1 122.8 120.0 125.8 126.0 126.3 123.5 123.7 124.3 125.3 125.1 15 Apparel products 3.31 120.4 122.5 117.8 113.8 114.1 16 Paper and products 3.21 155.0 158.6 153.3 152.6 146.6 148.3 151.5 150.6 149.8 146.5 146.8 147.0 152.4 152.7 17 Printing and publishing 4.72 144.2 145.9 145.6 143.4 145.3 145.6 146.4 145.9 144.2 143.8 142.6 143.9 145.3 144.7 144.6 18 Chemicals and products 7.74 215.6 216.3 208.8 204.6 199.8 196.7 201.3 200.3 198.6 193.6 193.2 194.1 195.6 195.7 19 Petroleum products 1.79 129.7 129.1 128.3 128.0 128.3 123.3 119.5 121.3 120.8 122.2 124.3 124.7 121.4 124.2 125.5 20 Rubber and plastic products. 2.24 274.0 282.2 276.0 264.1 247.3 244.7 251.8 253.4 255.1 257.0 258.9 256.8 261.1 262.0 21 Leather and products 69.3 69.7 71.2 70.8 65.6 63.1 64.0 61.2 60.6 61.1 62.3 62.9 60.8 60.5 Durable manufactures 22 Ordnance, private and government 19.91 3.64 81.1 82.3 82.5 84.3 85.5 84.1 83.8 83.8 85.2 86.3 86.5 87.1 87.8 88.5 23 Lumber and products 24 1.64 119.1 113.2 109.6 104.7 104.8 99.2 104.9 103.5 106.2 110.6 112.2 116.9 119.3 117.8 24 Furniture and fixtures 25 1.37 157.2 159.9 157.2 153.7 149.4 144.3 148.4 150.2 151.8 151.1 152.5 154.5 156.1 155.3 25 Clay, glass, stone products 32 2.74 147.9 147.3 143.4 135.9 131.5 128.5 135.0 131.5 127.0 125.0 126.1 126.9 128.8 130.6 26 Primary metals 33 6.57 107.9 108.6 102.3 96.6 89.6 89.7 88.5 83.0 76.4 75.2 72.8 72.9 72.5 73.3 72.6 27 Iron and steel 331.2 4.21 99.8 99.2 92.2 87.2 79.2 79.6 78.5 73.0 65.1 62.4 58.0 58.1 57.4 56.3 28 Fabricated metal products. 34 5.93 136.4 136.8 133.8 130.2 126.1 120.7 121.4 121.1 119.1 115.8 115.0 115.5 114.2 113.1 111.9 29 Nonelectrical machinery... 35 9.15 171.2 173.9 169.7 167.9 167.4 160.9 160.0 157.3 153.7 150.0 147.4 147.1 146.7 143.2 139.1 30 Electrical machinery 36 8.05 178.4 180.0 179.6 175.7 170.7 168.2 172.9 172.6 172.2 170.9 170.8 170.3 169.9 167.8 167.7 31 Transportation equipment 37 9.27 116.1 114.2 110.6 106.1 103.7 96.6 102.0 104.4 105.9 110.0 111.6 112.7 107.5 105.8 100.7 32 Motor vehicles and parts 371 4.50 122.3 120.4 113.8 105.5 100.4 90.4 98.6 105.6 110.7 119.8 124.0 127.2 117.9 114.1 103.4 33 Aerospace and miscellaneous transportation equipment 372-9 4.77 110.2 108.5 107.5 106.8 106.8 102.4 105.3 103.2 101.3 100.8 99.9 99.0 97.8 97.9 98.1 34 Instruments 38 2.11 170.3 169.7 168.6 167.1 166.8 162.2 164.5 163.0 162.8 163.8 164.8 165.2 165.5 162.2 159.1 35 Miscellaneous manufactures .... 39 1.51 154.7 154.2 151.5 151.7 147.9 144.9 144.5 145.3 144.6 141.7 136.8 134.7 133.7 132.2 132.7 Gross value (billions of 1972 dollars, annual rates) MAJOR MARKET 36 Products, total 507.4 612.3 611.5 605.0 597.6 592.8 577.4 588.1 586.8 582.1 586.1 584.1 585.8 580.4 573.4 570.9 37 Final 390.9 474.1 473.0 470.1 465.2 462.3 448.8 457.1 456.6 453.5 458.3 456.7 457.2 451.5 444.6 442.1 38 Consumer goods 277.5 318.0 317.7 314.3 310.5 307.2 298.9 306.3 306.9 306.7 312.3 313.1 314.9 311.3 307.3 305.6 39 Equipment 113.4 156.1 155.3 155.8 154.7 155.1 149.9 150.8 149.7 146.8 146.0 143.5 142.3 140.2 137.3 136.5 40 Intermediate 116.6 138.2 138.4 134.9 132.4 130.5 128.7 131.1 130.2 128.6 127.8 127.4 128.7 128.9 128.9 128.8 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 • November 1982 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1982 IItteemm 11997799 11998800 11998811 Feb. Mar. Apr. May June July Aug.' Sept. Private residential real estate activity (thousands of units) NEW UNITS 1 Permits authorized 1,552 1,191 986 792 851 879 944 929 1,062 888 1,038 2 1-family 981 710 564' 436 460 450 488 516 500 497 576 3 2-or-more-family 570 480 421 356 391 429 456 413 562 391 462 4 Started 1,745 1,292 1,084 945 931 882 1,066 908 1,193' 1,002 1,146 5 1-family 1,194 852 705 568 621 566 631 621 628' 622 663 6 2-or-more-family 551 440 379 377 310 316 435 287 565r 380 483 7 Under construction, end of period1 1,140 896 682 688 682 673 664 660' 674' 671 n.a. 8 1-family 639 515 382 400 399 393 382 384' 378' 374 n.a. 9 2-or-more-family 501 382 301 288 283 280 282 276' 297 297 n.a. 10 Completed 1,855 1,502 1,266 920 926 962 1,138 939 r 1,007' 991 n.a. 11 1-family 1,286 957 818 545 585 596 684 582' 693r 622 n.a. 12 2-or-more-family 569 545 447 375 341 366 454 357' 314' 369 n.a. 13 Mobile homes shipped 277 222 241 251 252 255 246 257 246 234 n.a. Merchant builder activity in 1-family units 14 Number sold 709 545 436 376 380 335 395 369r 354' 375 464 15 Number for sale, end of period1 402 342 278 274 269 264 259 254' 250 248 246 Price (thousands of dollars)2 Median 16 Units sold 62.8 64.7 68.8 65.7 67.2 70.2 69.3 69.3 ' 70.9' 72.1 69.0 Average 17 Units sold 71.9 76.4 83.1 80.7 83.7 85.0 86.5 84.9r 86.2' 89.1 82.3 EXISTING UNITS (1-family) 18 Number sold 3,701 2,881 2,350 1,950 1,990 1,910 1,900 1,980 1,890 1,820 1,820 Price of units sold (thousands of dollars)1 19 Median 55.5 62.1 66.1 66.9 67.0 67.1 67.8 69.4 69.2 68.9 68.1 20 Average 64.0 72.7 78.0 78.8 79.1 79.4 80.6 82.3 82.0 82.0 81.0 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 230,412 230,748 238,198 222,615 224,583 226,095 228,745 231,589 228,775' 230,204 229,841 22 Private 181,622 175,701 185,221 173,026 173,605 175,142 179,941 182,651 180,336' 179,429 179,437 23 Residential 99,028 87,261 86,566 69,161 70,040 72,300 75,453 75,251 76,234' 76,726 76,734 24 Nonresidential, total 82,594 8888,,444400 9988,,665555 110033,,886655 103,565 110022,,884422 110044,,448888 110077,,440000 110044,,110022'' 110022,,770033 110022,,770033 Buildings 2255 Industrial 14,953 13,839 17,031 17,211 16,641 15,882 17,118 18,424 16,404 16,691 16,464 26 Commercial 24,919 29,940 34,243 36,841 38,362 38,437 36,818 38,048 37,512 36,091 36,348 27 Other 7,427 8,654 9,543 10,002 9,880 9,897 10,427 10,579 10,130 10,499 10,649 28 Public utilities and other 35,295 36,007 37,838 39,811 38,682 38,626 40,125 40,349 40,056' 39,422 39,242 29 Public 48,790 55,047 52,977 49,589 50,978 50,953 48,804 48,938 48,439 50,775 50,404 30 Military 1,648 1,880 1,966 1,459 2,317 1,706 2,140 1,901 1,891 1,997 2,064 31 Highway 11,997 13,808 13,304 12,422 13,307 12,113 11,655 13,073 14,119 13,327 13,671 32 Conservation and development 4,586 5,089 5,225 5,301 5,056 5,493 5,223 5,051 5,060 5,036 4,749 33 Other 30,559 34,270 32,482 30,407 30,298 31,641 29,786 28,913 27,369 30,415 29,920 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 recent 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 ana 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 IIIttteeemmm 1981 1982 1982 SSSeeepppttt... 11998811 11998822 ((( 111 111 999 999 888 666 222 777 SSeepptt.. SSeepptt.. === 111000000)))''' Dec. Mar. June Sept. May June July Aug. Sept. CONSUMER PRICES2 1 All items 11.0 5.0 5.4 1.0 9.3 4.2 1.0 1.0 .6 .3 .2 293.3 2 Commodities 7.8 3.5 3.6 .8 7.8 3.4 .9 1.3 .6 .0 .2 266.6 3 Food 6.5 3.5 1.7 3.9 7.3 .6 .8 .6 .1 .3 .5 287.6 4 Commodities less food 8.3 3.4 4.3 -2.6 7.9 4.7 .9 1.5 .8 .2 .2 253.9 5 Durable 8.0 4.9 1.2 3.5 14.1 1.5 1.4 1.3 .3 .3 -.2 244.1 6 Nondurable 8.8 1.7 3.8 -4.9 1.9 6.1 .7 2.0 1.1 .2 .2 264.6 7 Services 15.5 7.1 7.8 3.5 11.3 5.4 .9 .8 .6 .6 .1 339.7 8 Rent 8.6 7.1 9.0 5.9 5.6 8.0 .8 .4 1.0 .5 .4 226.9 9 Services less rent 16.5 7.1 7.6 3.3 11.9 5.0 1.0 .9 .5 .6 .1 361.3 Other groupings 10 All items less food 11.9 5.3 6.2 .9 9.7 4.9 1.0 1.2 .7 .4 .1 292.9 11 All items less food and energy 11.8 5.9 5.6 3.0 10.6 4.6 .9 .9 .6 .5 .0 280.4 12 Homeownership 15.8 4.1 .3 -2.4 19.8 .4 1.8 1.4 .4 .4 -.7 383.0 PRODUCER PRICES 13 Finished goods 8.0 3.6 5.5 .9 4.1 4.2 -.1 1.0 .6 .6 -.1 281.4 14 Consumer 7.5 3.3 4.5 .6 3.5 4.4 - ,2r 1.0' .6 .6 -.1 282.0 15 Foods 3.6 1.4 -3.9 6.1 11.5 -7.4 .6 .5 -1.5 .1 -.5 259.9 16 Excluding foods 9.2 4.0 7.8 -1.4 .4 9.8 - .5' 1.2r 1.5 .8 .1 289.1 17 Capital equipment 9.7 5.4 9.7 2.4 6.2 3.2 .4 .9' .5 .7 -.4 279.5 18 Intermediate materials3 9.8 .4 2.7 -1.8 -1.4 2.3 .1 .3 .5 -.1 .1 316.0 Crude materials 19 Nonfood 18.6 -2.4 -6.0 -18.0 8.5 8.0 1.7' .6 1.0 .1 1.0 474.3 20 Food -8.4 -4.1 -25.5 23.3 24.3 -26.4 2.8r -,8r -2.7 -1.0 -3.8 242.9 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 • November 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 Q3 Q4 Q1 Q2 Q3 P GROSS NATIONAL PRODUCT 1 Total 2,417.8 2,633.1 2,937.7 2,980.9 3,003.2 2,995.5 3,045.2 3,091.4 By source 2 Personal consumption expenditures 1,507.2 1,667.2 1,843.2 1,868.8 1,884.5 1,919.4 1,947.8 1,989.5 3 Durable goods 213.4 214.3 234.6 241.2 229.6 237.9 240.7 240.6 4 Nondurable goods 600.0 670.4 734.5 741.3 746.5 749.1 755.0 770.8 5 Services 693.7 782.5 874.1 886.3 908.3 932.4 952.1 978.1 6 Gross private domestic investment 423.0 402.4 471.5 486.0 468.9 414.8 431.5 438.5 V Fixed investment 408.8 412.4 451.1 454.2 455.7 450.4 447.7 439.0 8 Nonresidential 290.2 309.2 346.1 353.0 360.2 357.0 352.2 341.6 9 Structures 98.3 110.5 129.7 132.7 139.6 141.4 143.6 140.5 10 Producers' durable equipment 191.9 198.6 216.4 220.2 220.6 215.6 208.6 201.0 11 Residential structures 118.6 103.2 105.0 101.2 95.5 93.4 95.5 97.4 12 Nonfarm 114.0 98.3 99.7 95.6 89.4 87.9 89.6 91.4 13 Change in business inventories 14.3 -10.0 20.5 31.8 13.2 -35.6 -16.2 -.5 14 Nonfarm 8.6 -5.7 15.0 24.6 6.0 -36.0 -15.0 -.5 15 Net exports of goods and services 13.2 25.2 26.1 25.9 23.5 31.3 34.9 13.2 lb Exports 281.4 339.2 367.3 367.2 367.9 359.9 365.8 356.6 17 Imports 268.1 314.0 341.3 341.3 344.4 328.6 330.9 343.4 18 Government purchases of goods and services 474.4 538.4 596.9 600.2 626.3 630.1 630.9 650.2 19 Federal 168.3 197.2 229.0 230.0 250.5 249.7 244.3 257.5 20 State and local 306.0 341.2 368.0 370.1 375.7 380.4 386.6 392.6 By major type of product 21 Final sales, total 2,403.5 2,643.1 2,917.3 2,949.1 2,989.9 3,031.1 3,061.4 3,091.8 22 Goods 1,065.6 1,141.9 1,289.2 1,317.0 1,298.5 1,269.4 1,283.1 1,297.8 23 Durable 464.8 477.3 528.1 547.3 504.9 482.4 505.9 509.5 24 Nondurable 600.8 664.6 761.1 769.7 793.6 787.0 777.2 788.3 25 Services 1,089.7 1,225.6 1,364.3 1,382.1 1,421.5 1,444.4 1,476.7 1,508.9 26 Structures 262.5 265.7 284.2 281.9 283.3 281.7 285.3 284.7 27 Change in business inventories 14.3 -10.0 20.5 31.8 13.2 -35.6 -16.2 -.5 28 Durable goods 10.5 -5.2 8.7 19.8 -5.6 -30.9 -6.6 1.3 29 Nondurable goods 3.8 -4.8 11.8 12.0 18.9 -4.8 -9.6 -1.7 30 MEMO: Total GNP in 1972 dollars 1,479.4 1,474.0 1,502.6 1,510.4 1,490.1 1,470.7 1,478.4 1,481.2 NATIONAL INCOME 31 Total 1,966.7 2,117.1 2,352.5 2,387.3 2,404.5 2,396.9 2,425.2 n.a. 32 Compensation of employees 1,458.1 1,598.6 1,767.6 1,789.1 1,813.4 1,830.8 1,850.7 1,867.8 33 Wages and salaries 1,237.4 1,356.1 1,494.0 1,512.6 1,531.1 1,541.5 1,556.6 1,569.4 34 Government and government enterprises 236.2 260.2 283.1 284.0 292.3 296.3 300.0 303.5 35 Other 1,001.4 1,095.9 1,210.9 1,228.6 1,238.8 1,245.2 1,256.6 1,265.9 36 Supplement to wages and salaries 220.7 242.5 273.6 276.5 282.3 289.3 294.1 298.4 37 Employer contributions for social insurance 105.8 115.3 133.2 134.3 136.5 140.2 141.7 142.8 38 Other labor income 114.9 127.3 140.4 142.2 145.8 149.1 152.5 155.6 39 Proprietors' income1 132.1 116.3 124.7 127.5 124.1 116.4 117.3 120.4 40 Business and professional1 100.2 96.9 100.7 100.4 99.5 98.6 99.9 101.4 41 Farm1 31.9 19.4 24.0 27.1 24.6 17.8 17.4 19.0 42 Rental income of persons2 27.9 32.9 33.9 33.6 33.6 33.9 34.2 34.6 43 Corporate profits1 194.8 181.6 190.6 193.1 183.9 157.1 155.4 n.a. 44 Profits before tax3 252.7 242.5 232.1 233.3 216.5 171.6 171.7 n.a. 45 Inventory valuation adjustment -43.1 -43.0 -24.6 -23.0 -17.1 -4.4 -9.4 -11.4 46 Capital consumption adjustment -14.8 -17.8 -16.8 -17.1 -15.5 -10.1 -6.9 -4.0 47 Net interest 153.8 187.7 235.7 244.0 249.5 258.7 267.5 270.8 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 Q3 Q4 Q1 Q2 Q3 p PERSONAL INCOME AND SAVING 1 Total personal income 1,943.8 2,160.2 2,404.1 2,458.2 2,494.6 2,510.5 2,552.7 2,597.8 2 Wage and salary disbursements 1,237.6 1,356.1 1,493.9 1,512.3 1,531.2 1,541.6 1,556.6 1,569.4 3 Commodity-producing industries 438.4 468.0 510.8 519.3 517.7 514.3 513.6 510.0 4 Manufacturing 333.9 354.4 386.4 392.9 388.7 385.1 385.6 383.6 5 Distributive industries 303.4 330.5 361.4 366.5 368.3 371.4 375.4 378.5 6 Service industries 259.7 297.5 338.6 342.8 352.8 359.5 367.6 377.3 7 Government and government enterprises 236.2 260.2 283.1 283.8 292.4 296.5 300.0 303.5 8 Other labor income 114.9 127.3 140.4 142.2 145.8 149.1 152.5 155.6 9 Proprietors' income1 132.1 116.3 124.7 127.5 124.1 116.4 117.3 120.4 10 Business and professional1 100.2 96.9 100.7 100.4 99.5 98.6 99.9 101.4 11 Farm1 31.9 19.4 24.0 27.1 24.6 17.8 17.4 19.0 12 Rental income of persons2 27.9 32.9 33.9 33.6 33.6 33.9 34.2 34.6 13 Dividends 50.8 55.9 62.5 64.1 65.2 65.8 66.1 67.2 14 Personal interest income 209.6 256.3 308.5 339.6 351.0 359.7 372.0 382.4 15 Transfer payments 250.3 297.2 336.3 344.8 350.7 354.6 365.2 380.7 16 Old-age survivors, disability, and health insurance benefits 131.8 154.2 182.0 190.6 192.8 194.7 197.5 209.3 17 LESS: Personal contributions for social insurance 81.1 88.7 104.9 106.1 107.0 110.6 111.4 112.4 18 EQUALS: Personal income 1,943.8 2,160.2 2,404.1 2,458.2 2,494.6 2,510.5 2,552.7 2,597.8 19 LESS: Personal tax and nontax payments 301.0 336.3 386.7 398.1 393.2 393.4 401.2 395.5 20 EQUALS: Disposable personal income 1,650.2 1,824.1 2,029.2 2,060.0 2,101.4 2,117.1 2,151.5 2,202.3 21 LESS: Personal outlays 1,553.5 1,717.9 1,898.9 1,925.7 1,942.7 1,977.9 2,007.2 2,049.2 22 EQUALS: Personal saving 96.7 106.2 130.2 134.4 158.6 139.1 144.3 153.0 MEMO: Per capita (1972 dollars) 23 Gross national product 6,572 6,474 6,536 6,563 6,458 6,360 6,380 6,376 24 Personal consumption expenditures 4,120 4,087 4,122 4,134 4,088 4,104 4,121 4,125 25 Disposable personal income 4,512 4,472 4,538 4,557 4,559 4,527 4,552 4,566 26 Saving rate (percent) 5.9 5.8 6.4 6.5 7.5 6.6 6.7 6.9 GROSS SAVING 27 Gross saving 422.8 406.3 477.5 490.0 476.3 428.8 441.5 n.a. 28 Gross private saving 407.3 438.3 504.7 513.4 547.7 520.3 529.0 n.a. 29 Personal saving 96.7 106.2 130.2 134.4 158.6 139.1 144.3 153.0 30 Undistributed corporate profits1 54.5 38.9 44.4 43.9 44.3 32.5 30.7 n.a. 31 Corporate inventory valuation adjustment -43.1 -43.0 -24.6 -23.0 -17.1 -4.4 -9.4 -11.4 Capital consumption allowances 32 Corporate 157.5 181.2 206.2 209.7 216.0 218.9 223.4 227.8 33 Noncorporate 98.6 112.0 123.9 125.5 128.7 129.8 130.5 132.6 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 -24.5 -72.5 -90.7 -87.5 n.a. 36 Federal -16.1 -61.4 -60.0 -58.0 -101.7 -118.4 -119.6 n.a. 37 State and local 30.4 28.2 31.7 33.5 29.1 27.7 32.1 n.a. 38 Capital grants received by the United States, net 1.1 1.2 1.1 1.1 1.1 .0 .0 .0 39 Gross investment 421.2 410.1 475.6 489.1 469.0 421.3 442.3 429.1 40 Gross private domestic 423.0 402.4 471.5 486.0 468.9 414.8 431.5 438.5 41 Net foreign -1.8 7.8 4.1 3.1 0.1 6.5 10.8 -9.4 42 Statistical discrepancy -1.5 3.9 -1.9 -0.8 -7.2 -7.5 .8 .8 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 • November 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 Q2 03 Q4 Q1 Q2P 1 Balance on current account -466 11,,552200 44,,447711 1,399 751 -927 1,088 2,062 "> 1 975 -1 834 1 293 742 2 680 3 Merchandise trade balance2 -27,346 -25,338 -27,889 -6,547 -7,845 -9,185 -5,873 -5,784 4 Merchandise exports 184,473 224,237 236,254 60,284 57,694 57,593 55,780 55,094 5 Merchandise imports -211,819 -249,575 -264,143 -66,831 -65,539 -66,778 -61,653 -60,878 6 Military transactions, net -2,035 -2,472 -1,541 -587 61 -528 167 371 7 Investment income, net3 31,215 29,910 33,037 8,201 8,183 8,529 6,861 7,672 8 Other service transactions, net 3,262 6,203 7,472 1,842 2,160 2,127 1,981 1,535 9 Remittances, pensions, and other transfers -2,011 -2,101 -2,104 -524 -558 -562 -575 -662 10 U.S. government grants (excluding military) -3,549 -4,681 -4,504 -986 -1,250 -1,308 -1,473 -1,070 11 Change in U.S. government assets, other than official reserve assets, net (increase, -) -3,743 -5,126 -5,137 -1,518 -1,257 -987 -904 -1,559 12 Change in U.S. official reserve assets (increase, -) -1,133 -8,155 -5,175 -905 -4 262 -1,089 -1,132 13 Gold -65 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -1,136 -16 -1,823 -23 -225 -134 -400 -241 15 Reserve position in International Monetary Fund -189 -1,667 -2,491 -780 -647 -358 -547 -814 16 Foreign currencies 257 -6,472 -861 -102 868 754 -142 -77 17 Change in U.S. private assets abroad (increase, -)3 -59,469 -72,746 -98,982 -19,143 -15,996 -46,952 -29,208 -31,924 18 Bank-reported claims -26,213 -46,838 -84,531 -14,998 -15,254 -42,645 -32,708 -33,866 19 Nonbank-reported claims -3,307 -3,146 -331 2,470 855 -508 4,112 n.a. 20 U.S. purchase of foreign securities, net -4,726 -3,524 -5,429 -1,511 -618 -2,843 -531 -409 21 U.S. direct investments abroad, net3 -25,222 -19,238 -8,691 -5,104 -979 -956 -81 2,351 22 Change in foreign official assets in the United States (increase, +) -13,697 15,442 4,785 -2,860 -5,835 8,119 -3,122 1,935 23 U.S. Treasury securities -22,435 9,708 4,983 -2,063 -4,635 4,439 -1,344 -2,087 24 Other U.S. government obligations 463 2,187 1,289 536 545 -246 -296 258 25 Other U.S. government liabilities4 -73 561 -69 48 -337 275 -182 361 26 Other U.S. liabilities reported by U.S. banks 7,213 -159 -4,083 -2,028 -2,382 3,436 -1,516 3,367 27 Other foreign official assets5 1,135 3,145 2,665 647 974 215 216 36 28 Change in foreign private assets in the United States (increase, + )* 52,157 39,042 73,136 16,324 22,715 30,988 28,203 29,248 29 U.S. bank-reported liabilities 32,607 10,743 41,262 7,663 16,916 20,476 25,423 22,006 30 U.S. nonbank-reported liabilities 1,362 6,530 532 -162 1,006 -457 -982 n.a. 31 Foreign private purchases of U.S. Treasury securities, net 4,960 2,645 2,932 750 -446 1,238 1,277 2,074 32 Foreign purchases of other U.S. securities, net 1,351 5,457 7,109 3,533 761 396 1,319 2,495 33 Foreign direct investments in the United States, net3 .... 11,877 13,666 21,301 4,540 4,478 9,335 1,166 2,673 34 Allocation of SDRs 1,139 1,152 1,093 0 0 0 0 0 35 Discrepancy 25,212 28,870 25,809 6,703 -374 9,497 5,032 1,370 36 550033 --22,,114444 22,,447744 -899 557777 37 Statistical discrepancy in recorded data before seasonal adjustment 25,212 28,870 25,809 6,200 1,770 7,023 5,931 793 MEMO: Changes in official assets 38 U.S. official reserve assets (increase, -1,133 -8,155 -5,175 -905 -4 262 --11,,008899 --11,,113322 39 Foreign official assets in the United States (increase, +) -13,624 14,881 4,854 -2,908 --55,,449988 7,844 --22,,994400 11,,557744 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 2,786 2,935 2,230 44,,998888 3,072 41 Transfers under military grant programs (excluded from lines 4, 6, and 10 above) 465 631 602 214 132 64 93 126 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 Mar. Apr. May June July Aug. Sept. 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments 181,860 220,626 233,677 18,602 17,843 18,218 18,822 18,026 17,498 17,387 2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 209,458 244,871 261,305 20,349 17,387 20,558 21,310 19,559 23,494 20,644 3 Trade balance -27,598 -24,245 -27,628 -1,747 456 -2,340 -2,488 -1,532 -5,996 -3,257 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 Apr. May June July Aug. Sept. Oct. 1 Total1 18,956 26,756 30,075 31,552 30,915 30,671 31,227 31,233 30,993 31,711 2 Gold stock, including Exchange Stabilization Fund1 11,172 11,160 11,151 11,149 11,149 11,149 11,149 11,148 11,148 11,148 3 Special drawing rights2,3 2,724 2,610 4,095 4,294 4,521 4,461 4,591 4,601 4,809 4,801 4 Reserve position in International Monetary Fund2 1,253 2,852 5,055 6,022 6,099 6,062 6,386 6,433 6,406 6,367 5 Foreign currencies4 5 3,807 10,134 9,774 10,097 9,146 8,999 9,101 9,051 8,630 9,395 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 Apr. May June July Aug. Sept. Oct. 1 Deposits 429 411 505 966 308 585 982 347 396 326 Assets held in custody 2 U.S. Treasury securities1 95,075 102,417 104,680 102,346 102,112 103,292 106,696 104,136 106,117 107,636 3 Earmarked gold2 15,169 14,965 14,804 14,788 14,778 14,777 14,762 14,761 14,726 14,706 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 • November 1982 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data Millions of dollars, end of period 1982 AAsssseett aaccccoouunntt 11997799 11998800 11998811 Feb.' Mar' Apr.' May' June' July Aug.'' All foreign countries 1 Total, all currencies 364,409 401,135 462,790 461,486 463,849 460,437 461,800 458,778 465,570 471,435 2 Claims on United States 32,302 28,460 63,540 69,557 75,760 77,932 79,621 83,563 82,241 88,885 3 Parent bank 25,929 20,202 43,064 49,349 51,978 55,713 57,092 58,605 55,583 60,166 4 Other 6,373 8,258 20,476 20,208 23,782 22,219 22,529 24,958 26,658 28,719 5 Claims on foreigners 317,330 354,960 379,102 371,857 368,843 362,877 362,457 356,336 364,083 362,219 6 Other branches of parent bank 79,662 77,019 87,840 88,637 86,853 86,186 88,468 87,254 89,464 91,554 7 Banks 123,420 146,448 150,892 146,473 147,063 142,516 139,527 137,470 142,986 138,516 8 Public borrowers 26,097 28,033 28,197 26,864 26,346 25,603 25,002 25,239 24,654 24,492 9 Nonbank foreigners 88,151 103,460 112,173 109,883 108,581 108,572 109,460 106,373 106,979 107,657 10 Other assets 14,777 17,715 20,148 20,072 19,246 19,628 19,722 18,879 19,246 20,331 11 Total payable in U.S. dollars 267,713 291,798 350,678 353,237 355,721 351,561 351,966 353,753 359,904 366,135 12 Claims on United States 31,171 27,191 61,939 68,001 74,241 76,428 78,015 81,996 80,598 87,260 13 Parent bank 25,632 19,896 42,518 48,755 51,389 55,257 56,607 58,108 54,904 59,468 14 Other 5,539 7,295 19,421 19,246 22,852 21,171 21,408 23,888 25,694 27,792 15 Claims on foreigners 229,120 255,391 277,085 273,115 269,713 263,234 262,008 260,477 267,496 266,469 16 Other branches of parent bank 61,525 58,541 69,403 72,094 70,377 69,409 70,795 70,435 72,498 74,233 17 Banks 96,261 117,342 122,253 118,382 117,474 113,802 110,910 110,172 115,291 111,782 18 Public borrowers 21,629 23,491 22,877 21,496 20,645 20,183 19,592 19,957 19,306 19,043 19 Nonbank foreigners 49,705 56,017 62,552 61,143 61,217 59,840 60,711 59,913 60,401 61,411 20 Other assets 7,422 9,216 11,654 12,121 11,767 11,899 11,943 11,280 11,810 12,406 United Kingdom 21 Total, all currencies 130,873 144,717 157,229 162,351 161,471 159,481 161,036 158,466 164,106 164,523 22 Claims on United States 11,117 7,509 11,823 15,884 16,343 17,676 20,155 20,744 23,962 27,031 23 Parent bank 9,338 5,275 7,885 12,044 12,446 13,750 15,854 16,768 19,680 22,730 24 Other 1,779 2,234 3,938 3,840 3,897 3,926 4,301 3,976 4,282 4,301 25 Claims on foreigners 115,123 131,142 138,888 140,197 139,292 135,634 134,845 131,860 133,964 130,814 26 Other branches of parent bank 34,291 34,760 41,367 40,935 41,186 39,811 39,621 37,696 37,250 36,937 27 Banks 51,343 58,741 56,315 57,975 56,940 55,545 54,674 54,727 56,428 53,582 28 Public borrowers 4,919 6,688 7,490 7,370 7,541 6,822 6,663 6,595 6,456 6,286 29 Nonbank foreigners 24,570 30,953 33,716 33,917 33,625 33,456 33,887 32,842 33,830 34,009 30 Other assets 4,633 6,066 6,518 6,270 5,836 6,171 6,063 5,862 6,180 6,678 31 Total payable in U.S. dollars 94,287 99,699 115,188 121,432 120,432 117,914 119,586 120,002 125,247 126,344 32 Claims on United States 10,746 7,116 11,246 15,391 15,842 17,182 19,608 20,256 23,421 26,514 33 Parent bank 9,297 5,229 7,721 11,881 12,293 13,623 15,663 16,599 19,451 22,496 34 Other 1,449 1,887 3,525 3,510 3,549 3,559 3,945 3,657 3,970 4,018 35 Claims on foreigners 81,294 89,723 99,850 101,861 100,500 96,595 95,926 95,857 97,699 95,293 36 Other branches of parent bank 28,928 28,268 35,439 35,697 36,055 34,240 33,922 32,567 32,007 31,414 37 Banks 36,760 42,073 40,703 42,453 40,732 40,070 39,593 40,479 42,515 40,321 38 Public borrowers 3,319 4,911 5,595 5,467 5,360 4,717 4,507 4,655 4,513 4,336 39 Nonbank foreigners 12,287 14,471 18,113 18,244 18,353 17,568 17,904 18,156 18,664 19,222 40 Other assets 2,247 2,860 4,092 4,180 4,090 4,137 4,052 3,889 4,127 4,537 Bahamas and Caymans 41 Total, all currencies 108,977 123,837 149,051 143,090 143,981 143,153 140,045 141,815 141,036 144,196 42 Claims on United States 19,124 17,751 46,343 49,078 54,034 55,551 54,331 56,687 52,332 56,034 43 Parent bank 15,196 12,631 31,440 34,057 35,311 38,163 37,039 36,623 30,863 32,671 44 Other 3,928 5,120 14,903 15,021 18,723 17,388 17,292 20,064 21,469 23,363 45 Claims on foreigners 86,718 101,926 98,205 89,618 85,630 83,311 81,377 81,124 84,657 83,884 46 Other branches of parent bank 9,689 13,342 12,951 14,384 12,035 12,640 14,248 15,479 17,521 17,721 47 Banks 43,189 54,861 55,299 49,107 47,970 45,897 43,292 42,629 44,487 43,752 48 Public borrowers 12,905 12,577 10,010 8,597 7,993 7,860 7,361 7,327 7,031 7,036 49 Nonbank foreigners 20,935 21,146 19,945 17,530 17,632 16,914 16,476 15,689 15,618 15,375 50 Other assets 3,135 4,160 4,503 4,394 4,317 4,291 4,337 4,004 4,047 4,278 51 Total payable in U.S. dollars 102,368 117,654 143,686 138,078 138,934 138,052 135,134 136,847 135,557 138,766 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Overseas Branches A57 3.14 Continued 1982 T iahilitv armnnt 11997799 11998800 11998811 Feb/ Mar/ Apr/ Mayr Juner July Aug.? All foreign countries 52 Total, all currencies 364,409 401,135 462,790 461,486 463,849 460,437 461,800 458,778 465,570 471,435 53 To United States 66,689 91,079 137,712 145,722 150,975 153,220 156,296 160,870 164,361 167,655 54 Parent bank 24,533 39,286 56,143 55,574 58,876 57,031 56,414 59,177 60,805 64,351 55 Other banks in United States 13,968 14,473 19,343 22,675 24,449 26,022 27,685 29,525 31,540 32,460 56 Nonbanks 28,188 37,275 62,226 67,473 67,650 70,167 72,197 72,168 72,016 70,844 57 To foreigners 283,510 295,411 305,630 296,188 293,416 287,024 284,411 278,434 281,566 283,693 58 Other branches of parent bank 77,640 75,773 86,406 84,278 85,581 84,150 85,631 84,547 86,815 92,153 59 Banks 122,922 132,116 124,896 119,005 117,116 111,715 107,375 105,112 105,925 103,454 60 Official institutions 35,668 32,473 25,997 24,625 23,039 22,340 22,703 19,909 20,234 20,004 61 Nonbank foreigners 47,280 55,049 68,331 68,280 67,680 68,819 68,702 68,866 68,592 68,082 62 Other liabilities .... 14,210 14,690 19,448 19,576 19,458 20,193 21,093 19,474 19,643 20,087 63 Total payable in U.S. dollars 273,857 303,281 364,390 367,119 369,689 366,867 368,544 369,317 376,065 381,856 64 To United States 64,530 88,157 134,645 142,756 147,928 150,116 153,166 157,673 161,106 164,402 65 Parent bank 23,403 37,528 54,291 53,551 56,811 54,970 54,452 57,149 58,824 62,321 66 Other banks in United States 13,771 14,203 19,029 22,464 24,208 25,685 27,270 29,189 31,208 32,182 67 Nonbanks 27,356 36,426 61,325 66,741 66,909 69,461 71,444 71,335 71,074 69,899 68 To foreigners 201,514 206,883 217,602 212,912 210,314 205,039 202,585 200,245 203,740 205,667 69 Other branches of parent bank 60,551 58,172 69,309 68,114 69,497 68,047 68,540 68,547 70,457 75,305 70 Banks 80,691 87,497 79,584 76,167 73,228 69,331 66,665 65,785 66,496 64,012 71 Official institutions 29,048 24,697 20,288 19,322 18,120 17,491 17,900 15,368 15,732 15,642 72 Nonbank foreigners 31,224 36,517 48,421 49,309 49,469 50,170 49,480 50,545 51,055 50,708 73 Other liabilities .... 7,813 8,241 12,143 11,451 11,447 11,712 12,793 11,399 11,219 11,787 United Kingdom 74 Total, ail currencies 130,873 144,717 157,229 162,351 161,471 159,481 161,036 158,466 164,106 164,523 75 To United States 20,986 21,785 38,022 43,358 42,481 41,886 43,882 44,086 46,965 49,001 76 Parent bank 3,104 4,225 5,444 6,765 6,313 8,006 6,694 6,323 6,679 8,022 77 Other banks in United States 7,693 5,716 7,502 8,973 8,607 8,345 8,972 9,985 11,215 11,616 78 Nonbanks 10,189 11,844 25,076 27,620 27,561 25,535 28,216 27,778 29,071 29,363 79 To foreigners 104,032 117,438 112,255 111,417 111,262 109,629 109,199 106,665 109,105 107,268 80 Other branches of parent bank 12,567 15,384 16,545 16,546 17,245 18,358 19,412 17,771 18,010 18,666 81 Banks 47,620 56,262 51,336 49,937 49,616 47,549 46,204 46,628 48,541 47,502 82 Official institutions 24,202 21,412 16,517 15,965 14,608 13,908 14,119 11,746 12,076 12,006 83 Nonbank foreigners 19,643 24,380 27,857 28,969 29,793 29,814 29,464 30,520 30,478 29,094 84 Other liabilities 5,855 5,494 6,952 7,576 7,728 7,966 7,955 7,715 8,036 8,254 85 Total payable in U.S. dollars 95,449 103,440 120,277 127,029 126,359 124,248 126,901 125,859 131,199 132,536 86 To United States 20,552 21,080 37,332 42,809 41,885 41,198 43,143 43,323 46,129 48,266 87 Parent bank 3,054 4,078 5,350 66,,666600 6,211 7,907 6,624 6,212 6,603 7,928 88 Other banks in United States 7,651 5,626 7,249 88,,888844 8,489 8,167 8,755 9,806 11,048 11,510 89 Nonbanks 9,847 11,376 24,733 27,265 27,185 25,124 27,764 27,305 28,478 28,828 90 To foreigners 72,397 79,636 79,034 80,581 80,825 79,444 79,914 78,794 81,207 79,954 91 Other branches of parent bank 8,446 10,474 12,048 12,254 13,130 14,102 14,958 13,903 14,202 14,514 92 Banks 29,424 35,388 32,298 32,249 32,090 30,415 29,965 30,557 32,364 31,898 93 Official institutions 20,192 17,024 13,612 13,418 12,196 11,568 11,829 9,843 10,200 10,322 94 Nonbank foreigners 14,335 16,750 21,076 22,660 23,409 23,359 23,162 24,491 24,441 23,220 95 Other liabilities 2,500 2,724 3,911 3,639 3,649 3,606 3,844 3,742 3,863 4,316 Bahamas and Caymans 96 Total, all currencies 108,977 123,837 149,051 143,090 143,981 143,153 140,045 141,815 141,036 144,196 97 To United States 37,719 59,666 85,704 87,599 91,946 94,322 94,579 97,867 98,574 99,281 98 Parent bank 15,267 28,181 39,250 36,813 39,256 35,956 36,552 39,386 41,096 42,937 99 Other banks in United States 5,204 7,379 10,620 12,234 14,303 15,903 16,827 17,401 17,816 17,929 100 Nonbanks 17,248 24,106 35,834 38,552 38,387 42,463 41,200 41,080 39,662 38,415 101 To foreigners 68,598 61,218 60,012 52,398 49,052 45,828 42,082 41,192 39,714 42,029 102 Other branches of parent bank 20,875 17,040 20,641 19,806 18,614 17,365 15,888 15,890 15,045 17,310 103 Banks 33,631 29,895 23,202 18,287 16,465 14,778 13,507 12,667 11,744 11,653 104 Official institutions 4,866 4,361 3,498 2,505 2,607 2,512 2,448 2,466 2,402 2,288 105 Nonbank foreigners 9,226 9,922 12,671 11,800 11,366 11,173 10,239 10,169 10,523 10,778 106 Other liabilities 2,660 2,953 3,335 3,093 2,983 3,003 3,384 2,756 2,748 2,886 107 Total payable in U.S. dollars 103,460 119,657 145,227 139,481 140,301 139,673 136,713 138,577 137,846 140,738 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • November 1982 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1982 IItteemm 11998800 11998811 Mar.' Apr.' May.' June' July Aug.'' Sept.P 1 Total1 164,578 169,702 166,745 165,506 166,972 168,355 169,835 169,247 170,966 By type 2 Liabilities reported by banks in the United States2 30,381 26,572 25,066 26,333 27,730 28,459 25,469 26,566 26,299 3 U.S. Treasury bills and certificates3 56,243 52,389 47,048 43,850 42,741 43,509 45,824 44,182 44,450 U.S. Treasury bonds and notes 4 Marketable 41,455 53,150 57,647 58,459 59,933 60,251 63,043 63,410 64,990 5 Nonmarketable4 14,654 11,791 11,291 11,050 10,750 10,150 9,750 9,350 9,350 6 U.S. securities other than U.S. Treasury securities5 21,845 25,800 25,693 25,814 25,818 25,986 25,749 25,739 25,877 By area 7 Western Europe1 81,592 65,484 60,379 57,403 57,382 58,079 58,787 61,123 61,264 8 Canada 1,562 2,403 1,647 1,721 1,329 1,568 1,519 1,771 2,057 9 Latin America and Caribbean 5,688 6,954 6,562 7,124 7,248 7,692 7,124 6,742 6,286 10 70,784 91,790 95,220 94,837 95,887 95,466 97,120 94,898 95,861 11 Africa 4,123 1,829 1,337 1,823 1,381 1,437 1,485 1,326 1,303 12 Other countries6 829 1,242 1,600 2,600 3,745 4,113 3,799 3,387 4,196 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.' June 1 Banks' own liabilities 1,918 3,748 3,756' 2,878 3,756' 4,285 4,640 2 Banks' own claims 2,419 4,206 5,220 4,078 5,220 5,574 6,363 3 Deposits 994 2,507 3,398 2,409 3,398 3,532 3,560 4 Other claims 1,425 1,699 1,822 1,669 1,822 2,042 2,803 5 Claims of banks' domestic customers1 580 962 971 248 971 944 924 1. Assets owned by customers of the reporting bank located in the United States NOTE. Data on claims exclude foreign currencies held by U.S. monetary authat represent claims on foreigners held by reporting banks for the accounts of thorities. 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. dolla s Millions of dollars, end of period 1982 HHoollddeerr aanndd ttyyppee ooff lliiaabbiilliittyy 11997799 11998800 11998811AA Mar.' Apr.' May' June July' Aug. Sept.p 1 All foreigners 187,521 205,297 243,010' 261,672 266,483 274,638 285,911 284,226 293,444 296,536 2 Banks' own liabilities 117,196 124,791 162,780' 188,004 195,117 203,259 212,634 208,290 217,886 218,453 3 Demand deposits 23,303 23,462 19,646' 16,177 17,716 16,566 17,285 17,101 15,869 15,397 4 Time deposits1 13,623 15,076 28,816 43,830 48,754 53,667 56,007 59,517 62,175 61,625 5 Other2 16,453 17,583 17,474' 19,105 19,030 21,187 22,146 20,308 24,237 23,415 6 Own foreign offices3 63,817 68,670 96,844 108,893 109,616 111,839 117,196 111,363 115,606 118,016 7 Banks' custody liabilities4 70,325 80,506 80,230' 73,668 71,366 71,379 73,277 75,936 75,558 78,084 8 U.S. Treasury bills and certificates5 48.573 57,595 55,316' 50,160 47,362 46,487 48,817 51,211 49,646 51,572 9 Other negotiable and readily tr insferable instruments6 19.396 20,079 18,944 18,901 19,326 20,751 20,448 20,717 22,134 22,437 10 Other 2,356 2,832 5,970 4,607 4,679 4,141 4,011 4,009 3,778 4,075 11 Nonmonetary international and regional organizations7 2,356 2,344 2,721 2,050 2,048 3,039 4,001 4,082 5,073 4,936 12 Banks' own liabilities 714 444 638 450 608 1,272 1,233 2,246 3,093 2,638 13 Demand deposits 260 146 262 209 149 185 300 343 265 194 14 Time deposits1 151 85 58 146 291 471 586 633 453 734 15 Other2 303 212 318 96 168 616 347 1,271 2,376 1,711 16 Banks' custody liabilities4 1,643 1,900 2,083 1,599 1,439 1,767 2,768 1,835 1,980 2,298 17 U.S. Treasury bills and certificates 102 254 541 109 142 253 1,425 487 328 676 18 Other negotiable and readily tiansferable instruments6 1,538 1,646 1,542 1,490 1,297 1,514 1,343 1,349 1,652 1,621 19 Other 2 0 0 0 0 0 0 0 0 0 20 Official institutions8 78,206 86,624 78,962' 72,114 70,184 70,471 71,968 71,293 70,748 70,749 21 Banks' own liabilities 18,292 17,826 16,813' 15,341 17,122 17,633 18,964 15,887 16,295 16,504 22 Demand deposits 4,671 3,771 2,581' 2,046 2,800 2,162 3,167 2,800 2,006 2,526 23 Time deposits1 3,050 3,612 4,146 4,876 5,623 5,769 5,500 6,061 5,749 5,155 24 Other2 10,571 10,443 10,086' 8,419 8,699 9,702 10,297 7,026 8,541 8,824 25 Banks' custody liabilities4 59,914 68,798 62,149' 56,773 53,063 52,838 53,004 55,406 54,453 54,245 26 U.S. Treasury bills and certificates5 47,666 56,243 52,389 47,048 43,850 42,741 43,509 45,824 44,182 44,450 27 Other negotiable and readily t: ansferable instruments6 12,196 12,501 9,712 9,685 9,029 10,057 9,461 9,547 10,234 9,755 28 Other 52 54 47 40 183 40 33 36 37 39 29 Banks9 88,316 96,415 135,359 158,220 161,229 165,465 173,299 170,998 177,851 180,068 30 Banks' own liabilities 83,299 90,456 123,640 147,018 148,502 152,893 160,594 157,327 163,641 164,244 31 Unaffiliated foreign banks 19,482 21,786 26,796 38,126 38,886 41,054 43,398 45,964 48,036 46,227 32 Demand deposits 13,285 14,188 11,614 9,177 9,912 9,700 9,274 9,384 8,765 8,138 33 Time deposits1 1,667 1,703 8,654 18,871 19,301 21,189 23,403 25,390 26,735 26,275 34 Other2 4,530 5,895 6,528 10,077 9,673 10,165 10,721 11,190 12,536 11,814 35 Own foreign offices3 63,817 68,670 96,844 108,893 109,616 111,839 117,196 111,363 115,606 118,016 36 Banks' custody liabilities4 5,017 5,959 11,718' 11,202 12,727 12,573 12,706 13,671 14,209 15,825 37 U.S. Treasury bills and certificates 422 623 1,687' 2,218 2,598 2,707 2,926 3,872 3,970 4,897 38 Other negotiable and readily transferable instruments6 2,415 2,748 4,421 4,729 5,968 6,100 6,520 6,661 7,102 7,916 39 Other 2,179 2,588 5,611 4,255 4,161 3,766 3,260 3,138 3,138 3,012 40 Other foreigners 18,642 19,914 25,968' 29,288 33,022 35,663 36,642 37,853 39,773 40,783 41 Banks' own liabilities 14,891 16,065 21,689' 25,194 28,885 31,462 31,842 32,829 34,856 35,066 42 Demand deposits 5,087 5,356 5,189 4,745 4,855 4,518 4,544 4,575 4,833 4,539 43 Time deposits 8,755 9,676 15,958 19,936 23,540 26,239 26,518 27,433 29,239 29,461 44 Other2 1,048 1,033 543' 513 490 705 781 822 784 1,066 45 Banks' custody liabilities4 3,751 3,849 4,279' 4,094 4,137 4,201 4,800 5,023 4,916 5,716 46 U.S. Treasury bills and certifi:ates 382 474 699' 784 771 786 957 1,028 1,167 1,548 47 Other negotiable and readily iransferable instruments6 3,247 3,185 3,268 2,997 3,032 3,080 3,125 3,160 3,147 3,146 48 Other 123 190 312 313 334 335 718 835 603 1,023 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 10,984 10,745 10,672 11,169 11,673 12,652 12,878 13,029 13,902 13,538 1. Excludes negotiable time certif cates of deposit, which are included in "Other 6. Principally bankers acceptances, commercial paper, and negotiable time cernegotiable and readily transferable instruments." tificates of deposit. 2. Includes borrowing under rept rchase agreements. 7. Principally the International Bank for Reconstruction and Development, and 3. U.S. banks: includes amounts due to own foreign branches and foreign sub- the Inter-American and Asian Development Banks. sidiaries consolidated in "Consolidated Report of Condition" filed with bank reg- 8. Foreign central banks and foreign central governments and the Bank for ulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign International Settlements. banks: principally amounts due to lead office or parent foreign bank, and foreign 9. Excludes central banks, which are included in "Official institutions." branches, agencies or wholly owneil subsidiaries of head office or parent foreign ^ Liabilities and claims of banks in the United States were increased, beginning bank. in December 1981, by the shift from foreign branches to international banking 4. Financial claims on residents of the United States, other than long-term se- facilities in the United States of liabilities to, and claims on, foreign residents. curities, held by or through reporting banks. 5. Includes nonmarketable certifi:ates of indebtedness and Treasury bills issued to official institutions of foreign countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 International Statistics • November 1982 3.17 Continued 1982 AArreeaa aanndd ccoouunnttrryy 11997799 11998800 11998811AA Mar.' Apr.' May' June July' Aug. Sept.'' 1 Total 187,521 205,297 243,010' 261,672 266,483 274,638 285,911 284,226 293,444 296,536 2 Foreign countries 185,164 202,953 240,289' 259,623 264,435 271,599 281,910 280,144 288,371 291,600 3 Europe 90.952 90,897 90,951' 93,632 91,908 97,469 102,699 106,284 111,980 114,255 4 Austria 413 523 587' 545 472 454 434 501 531 537 5 Belgium-Luxembourg 2,375 4,019 4,117 2,992 2,898 3,075 2,869 2,957 3,218 3,259 6 Denmark 1,092 497 333 514 613 608 510 452 446 149 7 Finland 398 455 296 273 229 212 181 162 266 328 8 France 10,433 12,125 8,486 7,805 6,737 6,312 9,234 8,635 8,156 7,730 9 Germany 12,935 9,973 7,665 7,698 6,556 6,954 6,221 5,624 5,397 5,306 10 Greece 635 670 463 472 457 549 512 506 559 471 11 Italy 7,782 7,572 7,290 4,300 3,695 3,420 4,720 5,760 6,703 6,713 12 Netherlands 2,337 2,441 2,823 3,161 2,963 2,719 2,836 2,789 2,804 2,994 13 Norway 1,267 1,344 1,457 1,518 1,666 1,981 1,370 1,333 1,634 1,774 14 Portugal 557 374 354 272 272 276 365 365 453 386 15 Spain 1,259 1,500 916 1,136 1,055 1,114 1,191 1,133 1,223 1,095 16 Sweden 2,005 1,737 1,545 1,358 1,373 1,425 1,416 1,385 1,278 1,324 17 Switzerland 17,954 16,689 18,726' 19,205 20,346 21,567 22,473 23,851 25,019 26,537 18 Turkey 120 242 518 283 364 204 167 222 287 301 19 United Kingdom 24,700 22,680 28,288 35,163 35,452 39,872 41,159 44,115 46,821 48,391 20 Yugoslavia 266 681 375 223 259 237 314 320 317 307 21 Other Western Europe1 4,070 6,939 6,170r 6,271 6,116 6,090 6,163 5,734 6,381 6,260 22 U.S.S.R 52 68 49 r 44 37 30 44 41 47 47 23 Other Eastern Europe2 302 370 493 400 350 371 521 397 440 346 24 Canada 7,379 10,031 10,250 10,830 12,298 10,621 11,541 11,168 12,194 11,584 25 Latin America and Caribbean 49.686 53,170 84,685 98,222 103,999 105,891 109,452 103,874 107,276 107,292 26 Argentina 1,582 2,132 2,445 3,037 2,729 2,207 2,030 2,088 2,644 3,245 27 Bahamas 15,255 16,381 34,400 44,802 45,608 44,756 44,615 39,482 41,823 41,035 28 Bermuda 430 670 765 1,113 1,165 1,350 1,300 1,302 1,290 1,519 29 Brazil 1,005 1,216 1,568 1,352 1,462 1,615 1,822 1,823 1,944 1,760 30 British West Indies 11,138 12,766 17,794 18,869 19,656 19,749 22,631 22,069 22,801 23,275 31 Chile 468 460 664 951 992 1,224 1,124 1,442 1,165 1,292 32 Colombia 2,617 3,077 2,993 2,654 2,639 2,515 2,700 2,699 2,636 2,487 33 Cuba 13 6 9 7 6 6 6 7 9 7 34 Ecuador 425 371 434 513 491 465 559 527 478 521 35 Guatemala 414 367 479 590 569 583 580 613 616 639 36 Jamaica 76 97 87 129 133 104 100 139 136 120 37 Mexico 4,185 4,547 7,163 7,646 8,533 9,438 8,957 9,643 9,259 8,369 38 Netherlands Antilles 499 413 3,182 3,434 3,474 3,449 3,727 3,602 3,793 3,615 39 Panama 4,483 4,718 4,847 4,190 4,238 4,338 5,357 4,884 4,689 5,972 40 Peru 383 403 694 532 620 753 1,069 931 984 968 41 Uruguay 202 254 367 323 410 561 542 609 665 743 42 Venezuela 4,192 3,170 4,245 5,120 8,218 9,421 9,310 9,139 9,289 8,534 43 Other Latin America and Caribbean 2,318 2,123 2,548 2,960 3,056 3,357 3,022 2,874 3,056 3,189 44 Asia 33.005 42,420 49,805' 52,760 50,378 5500,,999911 5511,,114433 5522,,004411 5500,,881199 5511,,111155 China 45 Mainland 49 49 158 257 331 284 244 261 245 254 46 Taiwan 1,393 1,662 2,082 2,213 2,291 2,378 2,334 2,371 2,253 2,490 47 Hong Kong 1,672 2,548 3,950 4,182 4,587 4,737 4,880 4,918 4,551 4,944 48 India 527 416 385 435 544 603 540 551 655 407 49 Indonesia 504 730 640 1,127 837 789 583 722 593 436 50 Israel 707 883 592 449 537 562 610 476 486 584 51 Japan 8,907 16,281 20,551' 22,087 19,311 18,896 18,994 19,827 19,283 18,906 52 Korea 993 1,528 2,013 2,138 2,356 2,192 1,863 1,934 1,712 1,894 53 Philippines 795 919 874 671 709 785 839 660 728 709 54 Thailand 277 464 534 340 517 474 485 450 369 310 55 Middle-East oil-exporting countries3 15,300 14,453 13,174' 14,825 14,342 14,400 14,267 14,243 14,106 14,029 56 Other Asia 1,879 2,487 4,852' 4,036 4,016 4,891 5,503 5,629 5,838 6,153 57 Africa 3,239 5,187 3,180 2,403 3,111 2,629 2,675 2,692 2,586 2,783 58 Egypt 475 485 360 302 411 382 447 430 405 385 59 Morocco 33 33 32 36 52 37 59 52 47 63 60 South Africa 184 288 420 330 308 305 335 339 341 344 61 Zaire 110 57 26 69 41 27 37 25 25 20 62 Oil-exporting countries4 1,635 3,540 1,395 627 1,144 846 901 1,025 908 1,074 63 Other Africa 804 783 946 1,039 1,156 1,031 896 821 860 897 64 Other countries 904 1,247 1,419 1,775 2,742 3,997 4,400 4,085 3,516 4,572 65 Australia 684 950 1,223 1,550 2,541 3,752 4,172 3,831 3,317 4,355 66 All other 220 297 196 225 201 245 228 254 199 216 67 Nonmonetary international and regional organizations 2,356 2,344 2,721 2,050 2,048 3,039 4,001 4,082 5,073 4,936 68 International 1,238 1,157 1,661 1,081 1,269 2,064 2,860 3,064 3,999 3,820 69 Latin American regional 806 890 710 630 450 661 694 606 713 719 70 Other regional5 313 296 350 339 328 314 446 412 361 397 1. Includes the Bank for International Settlements. Beginning April 1978, also 5. 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. A Liabilities and claims of banks in the United States were increased, beginning 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and in December 1981, by the shift from foreign branches to international banking United Arab Emirates (Trucial States). facilities in the United States of liabilities to, and claims on, foreign residents. 4. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-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 Mar.' Apr.' May' June July' Aug. Sept.P 1 Total 133,943 172,592 251,035' 277,563 288,353 301,247 314,381 322,831 328,159 337,089 2 Foreign countries 133,906 172,514 250,979' 277,506 288,313 301,203 314,338 322,785 328,053 336,994 Europe 28,388 32,108 49,054' 56,991 59,334 62,051 64,115 67,237 70,795 75,903 4 Austria 284 236 121 130 200 201 140 189 186 164 5 Belgium-Luxembourg 1,339 1,621 2,843 3,756 3,848 3,669 3,760 4,102 4,421 4,789 6 Denmark 147 127 188 277 279 276 287 303 323 360 7 Finland 202 460 547 574 525 638 736 699 776 805 8 France 3,322 2,958 4,126 5,599 5,062 5,528 6,405 5,917 5,960 5,793 9 Germany 1,179 948 936 1,123 1,483 1,512 1,758 1,734 1,569 1,591 10 Greece 154 256 333 325 279 262 297 294 270 283 11 Italy 1,631 3,364 5,240 5,328 5,095 5,861 6.024 6,282 6,572 6,728 12 Netherlands 514 575 682' 946 740 917 1,005 1,118 1,085 1,096 13 Norway 276 227 384 447 452 416 429 538 482 576 14 Portugal 330 331 529 724 813 797 938 990 970 998 15 Spain 1,051 993 2,100 2,619 2,502 2,628 3,086 3,308 3,520 3,469 16 Sweden 542 783 1,206 1,550 1,441 1,692 1,638 1,513 1,693 2,404 17 Switzerland 1,165 1,446 2,213 1,709 1,564 1,557 1,596 1,601 1,589 1,858 18 Turkey 149 145 424 496 487 573 584 646 600 605 19 United Kingdom 13,795 14,917 23,645 27,862 31,073 31,974 31,834 34,392 37,162 40,802 20 Yugoslavia 611 853 1,224 1,200 1,238 1,202 1,294 1,266 1,220 1,194 21 Other Western Europe1 175 179 209 317 282 386 247 280 286 317 22 U.S.S.R 268 281 377 218 195 251 296 274 296 249 23 Other Eastern Europe2 1,254 1,410 1,725' 1,790 1,777 1,711 1,761 1,791 1,814 1,821 24 Canada 4,143 4,810 9,164 10,976 11,805 11,349 12,693 13,070 12,083 11,717 25 Latin America and Caribbean 67,993 92,992 138,114 153,445 158,212 167,187 173,201 178,018 181,306 185,721 26 Argentina 4,389 5,689 7,522 8,930 10,896 10,816 11,012 10,971 10,945 10,911 27 Bahamas 18,918 29,419 43,437 47,594 47,875 49,079 51,849 52,403 54,617 55,317 28 Bermuda 496 218 346 401 575 396 414 398 385 430 29 Brazil 7,713 10,496 16,918 18,835 19,217 20,420 21,147 21,557 22,153 23,061 30 British West Indies 9,818 15,663 21,913 22,997 22,741 25,469 25,825 27,914 28,470 29,678 31 Chile 1,441 1,951 3,690 4,514 4,590 4,899 5,268 5,228 5,377 5,338 32 Colombia 1,614 1,752 2,018 2,018 2,146 2,270 2,554 2,612 2,640 2,820 33 Cuba 4 3 3 3 137 37 3 8 3 3 34 Ecuador 1,025 1,190 1,531 1,837 1,879 1,852 2,022 2,027 2,048 2,102 35 Guatemala3 134 137 124 106 116 112 124 121 116 121 36 Jamaica3 47 36 62 151 130 781 124 578 508 387 37 Mexico 9,099 12,595 22,408' 25,625 26,087 28,357 29,547 29,749 29,351 29,566 38 Netherlands Antilles 248 821 1,076 873 887 880 t,028 1,032 778 826 39 Panama 6,041 4,974 6,779' 7,482 8,246 8,321 8,660 9,146 9,558 10,275 40 Peru 652 890 1,218 1,518 1,593 1,672 2,047 2,064 2,062 2,259 41 Uruguay 105 137 157 234 316 347 381 413 457 548 42 Venezuela 4,657 5,438 7,069 8,085 8,561 9,184 9,138 9,691 9,800 9,833 43 Other Latin America and Caribbean 1,593 1,583 1,844 2,245 2,220 2,295 2,057 2,105 2,039 2,247 44 30,730 39,078 49,770 50,109 52,770 53,963 57,368 57,404 57,147 56,317 China 45 Mainland 35 195 107 84 98 68 124 139 127 126 46 Taiwan 1,821 2,469 2,461 2,300 2,275 2,114 2,048 1,977 1,891 1,951 47 Hong Kong 1,804 2,247 4,126 5,442 5,352 6,002 6,390 6,124 6,407 6,713 48 India 92 142 123 212 195 185 252 266 235 268 49 Indonesia 131 245 346 356 308 315 288 294 297 292 50 Israel 990 1,172 1,562 1,252 1,160 1,391 1,835 1,637 1,534 1,624 51 Japan 16,911 21,361 26,757 25,950 27,949 27,549 29,258 30,082 29,518 27,527 52 Korea 3,793 5,697 7,324 6,569 7,007 7,104 7,119 7,046 6,967 7,358 53 Philippines 737 989 1,817 2,270 2,270 2,464 2,605 2,605 2,611 2,506 54 Thailand 933 876 564 513 565 502 459 406 388 410 55 Middle East oil-exporting countries4 1,548 1,432 1,575 2,021 2,411 2,613 2,564 2,493 2,614 2,643 56 Other Asia 1,934 2,252 3,009 3,139 3,180 3,656 4,426 4,335 4,557 4,899 57 Africa 1,797 2,377 3,503 4,209 4,389 4,775 4,851 5,029 4,846 5,199 58 Egypt 114 151 238 327 345 400 416 378 399 390 59 Morocco 103 223 284 294 312 278 334 314 368 376 60 South Africa 445 370 1,011 1,431 1,344 1,389 1,467 1,620 1,574 1,779 61 Zaire 144 94 112 89 100 81 84 81 58 62 62 Oil-exporting countries5 391 805 657 637 730 844 799 849 761 850 63 Other 600 734 1,201 1,429 1,559 1,783 1,751 1,787 1,685 1,742 64 Other countries 855 1,150 1,376 1,777 1,803 1,878 2,111 2,028 1,878 2,137 65 Australia 673 859 1,203 1,501 1,560 1,655 1,806 1,700 1,534 1,803 66 All other 182 290 172 276 243 223 305 328 344 334 67 Nonmonetary international and regional organizations6 36 78 56 57 40 43 43 45 106 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 International Statistics • November 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 Mar.T Apr.r May' June July' Aug/' Sept.? 1 Total 111111155555554444444,,,,,,,000000033333330000000 111111199999998888888,,,,,,,666666699999998888888 222222288888886666666,,,,,,,444444400000004444444 333333311111118888888,,,,,,,888888833333334444444 333333355555556666666,,,,,,,666666611111111111111 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 111111133333333333333,,,,,,,999999944444443333333 111111177777772222222,,,,,,,555555599999992222222 222222255555551111111,,,,,,,000000033333335555555 222222277777777777777,,,,,,,555555566666663333333 288,353 301,247 333333311111114444444,,,,,,,333333388888881111111 322,831 328,159 337,089 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 11111115555555,,,,,,,999999933333337777777 22222220000000,,,,,,,888888888888882222222 33333331111111,,,,,,,222222299999994444444 33333334444444,,,,,,,111111100000006666666 35,039 37,630 44444440000000,,,,,,,000000000000001111111 40,684 41,648 42,302 44 OOwwnn ffoorreeiiggnn ooffffiicceess11 44444447777777,,,,,,,444444422222228888888 66666665555555,,,,,,,000000088888884444444 99999996666666,,,,,,,666666633333339999999 111111100000001111111,,,,,,,777777711111117777777 106,988 108,699 111111111111113333333,,,,,,,777777722222222222222 114,098 118,147 123,959 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 44444440000000,,,,,,,999999922222227777777 55555550000000,,,,,,,111111166666668888888 77777774444444,,,,,,,111111100000004444444 88888887777777,,,,,,,777777700000004444444 90,823 97,175 111111100000001111111,,,,,,,777777755555556666666 108,313 109,165 111,100 66 DDeeppoossiittss 6666666,,,,,,,222222277777774444444 8888888,,,,,,,222222255555554444444 22222222222222,,,,,,,777777700000004444444 22222228888888,,,,,,,999999922222228888888 29,338 33,725 33333335555555,,,,,,,666666666666667777777 40,028 40,983 40,544 77 OOtthheerr 33333334444444,,,,,,,666666655555554444444 44444441111111,,,,,,,999999911111114444444 55555551111111,,,,,,,444444400000000000000 55555558888888,,,,,,,777777777777776666666 61,485 63,450 66666666666666,,,,,,,000000099999990000000 68,285 68,182 70,556 88 AAllll ootthheerr ffoorreeiiggnneerrss 22222229999999,,,,,,,666666655555550000000 33333336666666,,,,,,,444444455555559999999 44444448888888,,,,,,,999999999999998888888 55555554444444,,,,,,,000000033333335555555 55,502 57,743 55555558888888,,,,,,,999999900000001111111 59,736 59,200 59,728 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss22 .... 22222220000000,,,,,,,000000088888888888888 22222226666666,,,,,,,111111100000006666666 33333335555555,,,,,,,333333366666668888888 44444441111111,,,,,,,222222277777771111111 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 8888888,,,,,,,222222233333338888888 7777777,,,,,,,444444433333331111111 8888888,,,,,,,888888833333338888888 13 MEMO: Customer liability on 11111118888888,,,,,,,000000022222221111111 22222222222222,,,,,,,777777711111114444444 22222229999999,,,,,,,555555566666665555555 33333330000000,,,,,,,555555511111114444444 33333332222222,,,,,,,999999922222229999999 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States5 22,305 24,511 39,820 40,806 41,421 43,981 44,292 45,180 43,660 n.a. 1. U.S. banks: includes amounts due from own foreign branches and foreign 4. Includes demand and time deposits and negotiable and nonnegotiable certifsubsidiaries consolidated in "Consolidated Report of Condition" filed with bank icates of deposit denominated in U.S. dollars issued by banks abroad. For descripregulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign tion of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550. banks: principally amounts due from head office or parent foreign bank, and foreign A Liabilities and claims of banks in the United States were increased, beginning branches, agencies, or wholly owned subsidiaries of head office or parent foreign in December 1981, by the shift from foreign branches to international banking bank. facilities in the United States of liabilities to, and claims on, foreign residents. 2. Assets owned by customers of the reporting bank located in the United States NOTE. Beginning April 1978, data for banks' own claims are given on a monthly that represent claims on foreigners held by reporting banks for the account of their basis, but the data for claims of banks' own domestic customers are available on domestic customers. a quarterly basis only. 3. Principally negotiable time certificates of deposit and bankers acceptances. 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-A r Mar.' June 1 Total 86,181 106,748 117,610 122,477 153,932 174,618 199,743 By borrower 2 Maturity of 1 year or less1 65,152 82,555 92,124 94,957' 115,908 133,019 151,417 3 Foreign public borrowers 7,233 9,974 11,752 12,978'' 15,192 16,603 19,308 4 All other foreigners 57,919 72,581 80,372 81,979 100,715 116,416 132,110 5 Maturity of over 1 year1 21,030 24,193 25,486 27,520 38,025 41,598 48,326 6 Foreign public borrowers 8,371 10,152 11,177 12,564 15,645 16,843 20,003 7 All other foreigners 12,659 14,041 14,309 14,956 22,380 24,755 28,322 By area Maturity of 1 year or less1 8 Europe 15,235 18,715 21,149 23,015 27,893 34,246 39,076 9 Canada 1,777 2,723 3,314 3,959 4,634 5,807 6,579 10 Latin America and Caribbean 24,928 32,034 33,584 35,590 48,473 58,243 67,444 11 21,641 26,686 31,509 29,295 31,508 30,585 33,788 12 Africa 1,077 1,757 1,768 2,324 2,457 2,890 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 8,095 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 25,088 27,684 32,340 17 1,911 1,865 1,679 1,550 1,902 2,245 2,455 18 Africa 655 507 559 548 899 1,056 1,275 19 All other2 173 179 161 172 267 315 571 1. Remaining time to maturity. A 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. June? 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 .7 .6 .7 .6 .6 .8 1.0 1.1 1.1 1.5 20 Spain 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 India .2 .2 .2 .2 .3 .3 .3 .3 .3 .5 .5 42 Israel 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 9.5 65 Others6 .5 .4 .4 .4 .3 .9 .3 .1 .1 .1 .1 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 • November 1982 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States1 Millions of dollars, end of period 1981 1982 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11997799 11998800 11998811 Sept. Dec. Mar. June p 1 Total 17,383 22,125 22,001 23,347 22,001 21,711' 20,496 2 Payable in dollars 14,288 18,394 18,367 20,218 18,367 19,026' 17,821 3 Payable in foreign currencies2 3,095 3,731 3,635 3,129 3,635 2,685' 2,675 By type 4 Financial liabilities 7,476 11,282 11,723 12,894 11,723 11,930 9,670 5 Payable in dollars 5,192 8,494 9,130 10,592 9,130 10,043 7,774 6 Payable in foreign currencies 2,284 2,788 2,593 2,302 2,593 1,887 1,896 7 Commercial liabilities 9,906 10,843 10,278 10,453 10,278 9,782' 10,826 8 Trade payables 4,591 4,940 4,647 4,364 4,647 4,022' 4,967 9 Advance receipts and other liabilities 5,315 5,903 5,631 6,089 5,631 5,760' 5,859 10 Payable in dollars 9,095 9,900 9,237 9,626 9,237 8,983' 10,047 11 Payable in foreign currencies 811 943 1,041 827 1,041 798' 779 By area or country Financial liabilities 12 Europe 4,649 6,467 6,667 7,824 6,667 7,584 5,795 13 Belgium-Luxembourg 322 465 431 482 431 534 449 14 France 175 327 636 846 636 856 531 15 Germany 497 582 491 430 491 503 439 16 Netherlands 829 681 738 664 738 735 503 17 Switzerland 170 354 715 465 715 707 661 18 United Kingdom 2,477 3,923 3,531 4,773 3,531 4,143 3,027 19 Canada 532 964 958 977 958 914 758 20 Latin America and Caribbean 1,483 3,103 3,114 3,247 3,114 2,968 2,605 21 Bahamas 375 964 1,279 1,019 1,279 1,095 1,003 22 Bermuda 81 1 7 6 7 6 7 23 Brazil 18 23 22 20 22 27 24 24 British West Indies 514 1,452 1,045 1,395 1,045 1,123 858 25 Mexico 121 99 102 107 102 67 83 26 Venezuela 72 81 98 90 98 97 100 27 804 723 957 814 957 450 498 28 Japan 726 644 792 696 792 293 340 29 Middle East oil-exporting countries3 31 38 47 30 47 63 66 30 Africa 4 11 3 3 3 2 3 31 Oil-exporting countries4 1 1 0 1 0 0 0 32 All other5 4 15 24 29 24 12 11 Commercial liabilities 33 Europe 3,707 4,402 3,771 3,961 3,771 3,422' 3,661 34 Belgium-Luxembourg 137 90 67 78 67 50 47 35 France 467 582 573 575 573 504 657 36 Germany 545 679 545 590 545 473 457 37 Netherlands 227 219 221 238 221 232 247 38 Switzerland 316 499 424 569 424 400 412 39 United Kingdom 1,077 1,209 884 925 884 824 849 40 Canada 924 876 870 834 870 884' 1,116 41 Latin America 1,323 1,259 986 1,087 986 804' 1,399 42 Bahamas 69 8 2 3 2 22 20 43 Bermuda 32 75 67 113 67 71 102 44 Brazil 203 111 67 61 67 83 62 45 British West Indies 21 35 2 11 2 27 1 46 Mexico 257 326 293 345 293 210' 727 47 Venezuela 301 319 276 273 276 194 219 48 Asia 2,991 3,034 3,285 3,221 3,285 3,404' 3,286 49 Japan 583 802 1,094 775 1,094 1,090' 1,060 50 Middle East oil-exporting countries3 1,014 890 910 881 910 998' 954 51 Africa 728 817 703 757 703 664 733 52 Oil-exporting countries4 384 517 344 355 344 247 340 53 All other5 233 456 664 593 664 604 630 1. For a description of the changes in the International Statistics tables, see July 3. Comprises Algeria, Gabon, Libya, and Nigeria. 1979 BULLETIN, p. 550. 4. Includes nonmonetary international and regional organizations. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 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 States1 Millions of dollars, end of period 1981 1982 Type, and area or country 11997799 11998800 11998811 Sept. Dec. Mar.' June'' 1 Total 31,375 34,743 35,790 34,544 35,790 30,080 30,386 2 Payable in dollars 28,183 31,803 32,206 31,541 32,206 27,474 27,921 3 Payable in foreign currencies 3,193 2,940 3,584 3,003 3,584 2,606 2,465 By type 4 Financial claims 18,484 20,057 20,906 19,586 20,906 17,658 18,368 5 Deposits 12,847 14,220 14,694 13,775 14,694 12,590 13,463 6 Payable in dollars 11,931 13,445 14,080 13,048 14,080 12,133 13,112 7 Payable in foreign currencies 916 775 614 727 614 457 351 8 Other financial claims 5,637 5,837 6,212 5,811 6,212 5,068 4,905 9 Payable in dollars 3,810 4,154 3,758 4,116 3,758 3,439 3,348 10 Payable in foreign currencies 1,826 1,683 2,454 1,695 2,454 1,629 1,557 11 Commercial claims 12,892 14,686 14,884 14,959 14,884 12,422 12,019 12 Trade receivables 12,188 13,953 13,944 14,048 13,944 11,462 10,960 13 Advance payments and other claims... 704 733 940 911 940 960 1,058 14 Payable in dollars 12,441 14,203 14,368 14,377 14,368 11,902 11,461 15 Payable in foreign currencies 450 483 516 582 516 520 557 By area or country Financial claims 16 Europe 6,191 6,179 4,592 4,846 4,592 4,511 4,624 17 Belgium-Luxembourg 32 195 43 26 43 16 13 18 France 177 337 325 348 325 422 418 19 Germany 409 230 244 320 244 197 190 20 Netherlands 53 51 50 68 50 79 81 21 Switzerland 73 59 87 100 87 53 63 22 United Kingdom 5,111 4,992 3,505 3,659 3,505 3,502 3,577 23 Canada 4,997 5,064 6,624 6,032 6,624 4,891 4,381 24 Latin America and Caribbean 6,293 7,823 8,589 7,747 8,589 7,377 8,243 25 Bahamas 2,765 3,479 3,902 3,262 3,902 3,482 3,792 26 Bermuda 30 135 18 15 18 27 42 27 Brazil 163 96 30 66 30 49 76 28 British West Indies 2,011 2,755 3,500 3,313 3,500 2,797 3,487 29 Mexico 157 208 313 283 313 281 274 30 Venezuela 143 137 148 143 148 130 134 31 Asia 706 722 882 623 882 680 870 32 Japan 199 189 363 111 363 267 397 33 Middle East oil-exporting countries2 16 20 37 29 37 36 33 34 Africa 253 238 168 222 168 164 156 35 Oil-exporting countries3 49 26 46 41 46 43 41 44 32 51 116 51 34 94 36 All other4 Commercial claims 4,909 5,512 5,329 5,347 5,329 4,375 4,241 37 Europe 202 233 234 220 234 245 209 38 Belgium-Luxembourg 727 1,129 776 767 776 696 634 39 France 589 591 554 580 554 452 391 40 Germany 298 318 303 308 303 227 296 41 Netherlands 272 353 427 404 427 354 383 42 Switzerland 901 928 967 1,032 967 1,060 893 43 United Kingdom 44 Canada 859 914 967 1,017 967 939 707 45 Latin America and Caribbean 2,879 3,765 3,464 3,726 3,464 22,,990055 2,763 46 Bahamas 21 21 12 18 12 8800 30 47 Bermuda 197 108 223 241 223 212 226 48 Brazil 645 861 668 726 668 417 419 49 British West Indies 16 34 12 13 12 23 14 50 Mexico 708 1,101 1,020 983 1,020 761 748 51 Venezuela 343 410 422 454 422 396 381 52 Asia 3,451 3,522 3,914 3,700 3,914 3,152 3,297 53 Japan 1,177 1,052 1,244 1,129 1,244 1,158 1,211 54 Middle East oil-exporting countries2 765 825 901 829 901 757 793 55 Africa 554 655 750 717 750 587 597 56 Oil-exporting countries3 133 156 152 154 152 142 132 57 All other4 240 318 459 451 459 463 413 1. For a description of the changes in the International Statistics tables, see July 3. Comprises Algeria, Gabon, Libya, and Nigeria. 1979 BULLETIN, p. 550. 4. Includes nonmonetary international and regional organizations. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 International Statistics • November 1982 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1982 1982 TTrraannssaaccttiioonnss,, aanndd aarreeaa oorr ccoouunnttrryy 11998800 11998811rr J S a e n p . t - . Mar.r Apr.' May June Julyr Aug. Sept.? U.S. corporate securities STOCKS 1 Foreign purchases 40,298 40,672 24,663 2,636 2,359 2,622 2,166 2,707 3,176 4,455 2 Foreign sales 34,870 34,844 22,364 2,507 2,101 2,186 1,863 2,695 2,649 4,625 3 Net purchases, or sales (—) 5,427 5,827 2,299 129 258 436 303 12 528 -170 4 Foreign countries 5,409 5,803 2,258 120 252 429 299 6 525 -173 5 Europe 3,116 3,662 1,679 166 167 306 158 303 267 -265 6 France 492 900 -149 -51 33 -48 -25 0 -8 -45 7 Germany 169 -22 121 42 29 43 11 21 -13 -43 8 Netherlands -328 42 43 1 -9 36 23 0 12 -61 9 Switzerland 310 288 -425 -60 -66 6 -85 -34 -56 -138 10 United Kingdom 2,528 2,235 2,134 222 176 279 225 309 365 72 11 Canada 887 783 4 -118 0 -10 2 -36 74 117 12 Latin America and Caribbean 148 -30 -3 -19 53 22 25 -69 120 -154 13 Middle East' 1,206 1,140 610 84 61 104 73 -137 100 136 14 Other Asia 16 287 -98 4 -40 -21 39 -57 -42 -15 15 Africa -1 7 -2 -3 0 1 -3 1 1 1 16 Other countries 38 -46 68 6 12 27 6 0 5 6 17 Nonmonetary international and regional organizations 18 24 40 9 6 6 4 6 2 3 BONDS2 18 Foreign purchases 15,425 17,290 14,460 1,607 2,217 1,929 1,483 1,738 1,513 2,098 19 Foreign sales 9,964 12,247 12,747 1,496 1,485 1,199 1,153 1,630 1,764 2,312 20 Net purchases, or sales (-) 5,461 5,043 1,713 110 733 730 330 107 -252 -214 21 Foreign countries 5,526 4,976 1,781 117 674 690 356 72 -115 -178 22 Europe 1,576 1,356 1,624 169 540 704 244 187 -31 -349 23 France 129 11 140 12 20 46 23 5 -18 23 24 Germany 212 848 1,873 225 396 500 115 256 102 87 25 Netherlands -65 70 37 17 14 11 5 -3 0 -10 26 Switzerland 54 108 134 15 46 48 12 -22 32 -24 27 United Kingdom 1,257 181 -607 -102 59 91 67 -63 -109 -450 28 Canada 135 -12 172 29 46 23 21 1 4 5 29 Latin America and Caribbean 185 132 155 26 -8 15 61 18 18 20 30 Middle East1 3,499 3,465 -137 -69 126 -112 22 -68 -78 193 31 Other Asia 117 44 -21 -29 -18 61 9 -66 -31 -52 32 Africa 5 -1 -19 -6 -13 0 0 0 0 0 33 Other countries 10 -7 7 -3 1 0 -1 0 2 5 34 Nonmonetary international and regional organizations —65 66 -68 -6 59 40 -26 35 -136 -36 Foreign securities 35 Stocks, net purchases, or sales (-) -2,136 -140 3 34 -63 -115 79 44 11 -163 36 Foreign purchases 7,893 9,262 4,748 696 385 486 619 452 531 547 37 Foreign sales 10,029 9,402 4,745 662 448 601 540 409 520 710 38 Bonds, net purchases, or sales (-) -l,000r -5,446 -4,075 -549 -40 461 -762 -614 -1,349 -996 39 Foreign purchases 17,084 17,549 21,179 2,549 2,255 2,755 2,033 2,293 3,279 3,259 40 Foreign sales 18,084r 22,995 25,254 3,098 2,295 2,294 2,795 2,907 4,628 4,255 41 Net purchases, or sales (-), of stocks and bonds . -3,136r -5,586 -4,072 -515 -103 346 -684 -571 -1,338 -1,159 42 Foreign countries -4,013' -4,574 -3,256 -532 -38 126 -305 -578 -1,140 -654 43 Europe -1,108 -687 -720 109 -127 -40 -425 -21 -128 -184 44 Canada -1,948 -3,698 -1,991 -628 120 76 -81 -265 -674 -272 45 Latin America and Caribbean 87 ' 69 658 98 202 144 76 3 49 -44 46 Asia -1,147 -295 -806 -123 -215 -53 127 -303 -433 261 47 Africa 24 -53 -16 -5 -17 -1 0 3 17 1 48 Other countries 79 90 -381 16 0 -1 -2 6 29 -416 49 Nonmonetary international and regional organizations 876 -1,012 -816 16 -65 219 -379 7 -198 -505 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.- Sept. Mar. Apr. May June Julyr Aug. Sept.P Holdings (end of period)1 1 Estimated total2 57,549 70,201 75,794 77,268 77,836 78,199 79,615 80,437 82,094 2 Foreign countries2 52,961 64,530 70,251 71,925 72,950 73,005 75,343 76,717 78,381 3 Europe2 24,468 23,976 26,085 26,393 26,021 25,738 26,442 27,717 28,785 4 Belgium-Luxembourg 77 543 539 709 340 152 155 576 551 5 Germany2 12,327 11,861 13,055 13,231 12,974 13,022 13,535 13,959 14,528 6 Netherlands 1,884 1,955 2,052 2,139 2,152 2,176 2,137 2,302 2,333 7 Sweden 595 643 697 662 655 652 650 644 635 8 Switzerland2 1,485 846 1,025 1,157 1,134 1,039 1,016 1,100 1,234 9 United Kingdom 7,323 6,709 7,037 6,737 6,811 6,674 6,922 7,124 7,345 10 Other Western Europe 777 1,419 1,680 1,757 1,954 2,023 2,028 2,012 2,160 11 Eastern Europe 0 0 0 0 0 0 0 0 0 12 Canada 449 514 458 473 506 410 446 353 434 13 Latin America and Caribbean 999 736 760 886 938 910 848 1,166 1,207 14 Venezuela 292 286 286 306 296 253 229 222 221 15 Other Latin America and Caribbean 285 319 370 383 437 432 402 611 774 16 Netherlands Antilles 421 131 103 196 204 224 217 333 211 17 Asia 26,112 38,671 42,531 43,750 45,060 45,516 47,179 47,165 47,734 18 Japan 9,479 10,780 11,203 11,381 11,396 11,137 11,289 11,247 11,394 19 Africa 919 631 401 403 405 405 405 305 180 20 All other 14 2 17 22 21 26 23 12 41 21 Nonmonetary international and regional organizations 4,588 5,671 5,543 5,343 4,886 5,194 4,272 3,720 3,713 22 International 4,548 5,637 5,529 5,278 4,822 5,123 4,167 3,629 3,519 23 Latin American regional 36 1 -4 -4 -4 -4 -4 -4 -4 Transactions (net purchases, or sales (-) during period) 24 Total2 6,066 12,652 11,893 1,994 1,474 568 362 1,416 822 1,658 25 Foreign countries2 6,906 11,568 13,851 1,978 1,674 1,025 54 2,338 1,374 1,664 26 Official institutions 3,865 11,694 11,840 1,314 812 1,474 318 2,792 367 1,580 27 Other foreign2 3,040 -127 2,010 664 862 -448 -264 -454 1,007 85 28 Nonmonetary international and regional organizations.. -843 1,085 -1,958 16 -200 -457 309 -922 -553 -8 MEMO: Oil-exporting countries 29 Middle East3 7,672 11,156 7,395 470 906 907 924 1,313 257 226 30 Africa4 327 -289 -452 0 2 2 0 0 -100 -125 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 Oct. 31, 1982 Rate on Oct. 31, 1982 Rate on Oct. 31, 1982 Country Country Country Per- Month Per- Month Per- Month cent effective cent effective cent effective Argentina 226.0 Aug. 1982 France1 13.25 Oct. 1982 Sweden 10.0 Mar. 1982 Austria .. 5.75 Oct. 1982 Germany, Fed. Rep. of 6.0 Oct. 1982 Switzerland 5.0 Aug. 1982 Belgium.. 12.0 Oct. 1982 Italy 18.0 Aug. 1981 United Kingdom' Brazil 49.0 Mar. 1981 Japan 5.5 Dec. 1981 Venezuela Aug. 1981 Canada .. 11.46 Oct. 1982 Netherlands 6.5 Oct. 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 • November 1982 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per annum, averages of daily figures 1982 CCoouunnttrryy,, oorr ttyyppee 11997799 11998800 11998811 Apr. May June July Aug. Sept. Oct. 1 Eurodollars 11.96 14.00 16.79 15.20 14.53 15.45 14.37 11.57 11.74 10.43 2 United Kingdom 13.60 16.59 13.86 13.69 13.31 12.96 12.35 11.08 10.84 9.74 3 Canada 11.91 13.12 18.84 15.74 15.46 16.84 16.23 14.76 13.57 12.14 4 Germany 6.64 9.45 12.05 9.30 9.12 9.22 9.41 8.94 8.13 7.55 5 Switzerland 2.04 5.79 9.15 4.96 3.80 5.39 4.32 4.07 3.97 3.66 6 Netherlands 9.33 10.60 11.52 8.20 8.62 8.75 8.95 8.66 7.85 7.09 7 France 9.44 12.18 15.28 16.36 16.17 15.67 14.64 14.43 14.09 13.51 8 Italy 11.85 17.50 19.98 20.62 20.59 20.51 20.18 19.52 18.56 18.57 9 Belgium 10.48 14.06 15.28 14.95 15.00 15.38 15.22 14.00 13.06 12.75 10 Japan 6.10 11.45 7.58 6.57 6.80 7.14 7.15 7.14 7.19 6.97 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 May June July Aug. Sept. Oct. 1 Argentina/peso n.a. n.a. n.a. 13942.50 15025.00 19671.43 21172.73 25961.90 29487.50 2 Australia/dollar1 111.77 114.00 114.95 105.94 103.23 101.09 97.83 95.820 94.35 3 Austria/schilling 13.387 12.945 15.948 16.274 17.114 17.342 17.431 17.597 17.797 4 Belgium/franc 29.342 29.237 37.194 43.666 46.183 47.029 47.483 48.300 49.103 5 Brazil/cruzeiro n.a. n.a. 92.374 159.08 167.70 177.97 188.25 201.73 215.34 6 Canada/dollar 1.1603 1.1693 1.1990 1.2336 1.2756 1.2699 1.2452 1.2348 1.2301 7 Chile/peso n.a. n.a. n.a. 39.537 43.373 47.228 54.941 62.643 66.770 8 China, P.R./yuan n.a. n.a. 1.7031 1.8123 1.9014 1.9300 1.9432 1.9567 1.9887 9 Colombia/peso n.a. n.a. n.a. 62.365 63.318 65.539 65.179 65.921 66.856 10 Denmark/krone 5.2622 5.6345 7.1350 7.8444 8.3481 8.5402 8.6482 8.8038 8.9192 11 Finland/markka 3.8886 3.7206 4.3128 4.5045 4.6763 4.7278 4.7515 4.8014 5.3480 12 France/franc 4.2566 4.2250 5.4396 6.0237 6.5785 6.8560 6.9285 7.0649 7.1557 13 Germany/deutsche mark 1.8342 1.8175 2.2631 2.3127 2.4292 2.4662 2.4813 2.5055 2.5320 14 Greece/drachma n.a. n.a. n.a. 62.892 67.795 69.434 70.165 70.946 71.948 15 Hong Kong/dollar n.a. n.a. 5.5678 5.7549 5.8669 5.9025 6.0598 6.1253 6.6038 16 India/rupee 8.1555 7.8866 8.6807 9.2965 9.4668 9.5633 9.5741 9.6495 9.7005 17 Indonesia/rupiah n.a. n.a. n.a. 653.67 654.98 659.18 662.11 662.75 670.31 18 Iran/rial n.a. n.a. 79.324 n.a. n.a. n.a. n.a. n.a. n.a. 19 Ireland/pound1 204.65 205.77 161.32 149.60 141.92 139.48 138.54 136.53 134.35 20 Israel/shekel n.a. n.a. n.a. 21.184 23.179 25.320 26.940 28.922 29.860 21 Italy/lira 831.10 856.20 1138.60 1283.37 1358.43 1382.26 1392.60 1411.19 1439.94 22 Japan/yen 219.02 226.63 220.63 236.96 251.20 255.03 259.04 263.29 271.61 23 Malaysia/ringgit 2.1721 2.1767 2.3048 2.2907 2.3392 2.3554 2.3528 2.3610 2.3688 24 Mexico/peso 22.816 22.968 24.547 46.903 47.716 48.594 90.187 101.86 108.83 25 Netherlands/guilder 2.0072 1.9875 2.4998 2.5709 2.6848 2.7239 2.7295 2.7444 2.7608 26 New Zealand/dollar1 102.23 97.34 86.848 77.025 74.951 73.990 73.217 72.419 71.431 27 Norway/krone 5.0650 4.9381 5.7430 5.9675 6.1869 6.3557 6.6785 6.8999 7.1735 28 Peru/sol n.a. n.a. n.a. 622.87 656.11 693.56 730.97 772.08 819.14 29 Philippines/peso n.a. n.a. 7.8113 8.4016 8.4511 8.4802 8.5142 8.6521 8.7760 30 Portugal/escudo 48.953 50.082 61.739 70.610 78.477 84.514 85.914 87.702 89.652 31 Singapore/dollar n.a. n.a. 2.1053 2.0886 2.1379 2.1464 2.1594 2.1671 2.1984 32 South Africa/rand/1 118.72 128.54 114.77 94.010 89.57 87.20 86.77 86.830 86.20 33 South Korea/won n.a. n.a. n.a. 724.35 738.30 743.06 744.45 743.61 743.65 34 Spain/peseta 67.158 71.758 92.396 102.987 109.215 111.57 112.079 113.049 115.20 35 Sri Lanka/rupee 15.570 16.167 18.967 20.365 20.750 20.895 20.895 20.918 20.898 36 Sweden/krona 4.2892 4.2309 5.0659 5.7888 6.0244 6.1159 6.1441 6.2313 7.1543 37 Switzerland/franc 1.6643 1.6772 1.9674 1.9500 2.0789 2.0960 2.1119 2.1418 2.1736 38 Thailand/baht n.a. n.a. 21.731 23.000 23.000 23.000 23.000 23.000 23.000 39 United Kingdom/pound1 212.24 232.58 202.43 181.03 175.63 173.54 172.50 171.20 169.62 40 Venezuela/bolivar n.a. n.a. 4.2781 4.2991 4.2953 4.2951 4.2981 4.3006 4.2976 MEMO: United States/dollar2 88.09 87.39 102.94 111.03 116.97 118.91 119.63 120.93 123.16 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 1982 A76 SPECIAL TABLES Published Irregularly, with Latest Bulletin Reference Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 1982 October 1982 A76 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 Commercial bank assets and liabilities, June 30, 1982 October 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 HELMUT F. WENDEL, Deputy Associate Director MARYELLEN A. BROWN, Assistant to the General Counsel MARTHA BETHEA, Assistant Director JOE M. CLEAVER, Assistant Director ROBERT M. FISHER, Assistant Director DAVID E. LINDSEY, Assistant Director OFFICE OF THE SECRETARY LAWRENCE SLIFMAN, Assistant Director FREDERICK M. STRUBLE, Assistant Director WILLIAM W. WILES, Secretary STEPHEN P. TAYLOR, Assistant Director BARBARA R. LOWREY, Associate Secretary PETER A. TINSLEY, Assistant Director JAMES MCAFEE, Associate Secretary LEVON H. GARABEDIAN, Assistant Director (Administration) DIVISION OF CONSUMER DIVISION OF INTERNATIONAL FINANCE AND COMMUNITY AFFAIRS EDWIN M. TRUMAN, Director GRIFFITH L. GARWOOD, Director ROBERT F. GEMMILL, Associate Director JERAULD C. KLUCKMAN, Associate Director CHARLES J. SIEGMAN, Associate Director GLENN E. LONEY, Assistant Director LARRY J. PROMISEL, Senior Deputy Associate Director DOLORES S. SMITH, Assistant Director DALE W. HENDERSON, Deputy Associate Director SAMUEL PIZER, Staff Adviser MICHAEL P. DOOLEY, Assistant Director DIVISION OF BANKING RALPH W. SMITH, JR., Assistant Director SUPERVISION AND REGULATION 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 ELIZABETH A. JOHNSON, Assistant Director JACK DENNIS, JR., Assistant Director WILLIAM C. SCHNEIDER, JR., Assistant Director RICHARD B. GREEN, Assistant Director ROBERT J. ZEMEL, Assistant Director EARL G. HAMILTON, Assistant Director ELLIOTT C. MCENTEE, Assistant Director DIVISION OF PERSONNEL 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • November 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 William H. Hendricks Cincinnati 45201 Clifford R. Meyer Robert E. Showaiter 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 Robert F. McNellis KANSAS CITY 64198 Paul H. Henson Roger Guffey Doris M. Drury Henry R. Czerwinski Denver 80217 James E. Nielson 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. PART 2, 1971. 153 pp. and PART 3, 1973. 131 pp. TIONS. 1974. 125 pp. Each volume $1.00; 10 or more to one address, $.85 ANNUAL REPORT. each. FEDERAL RESERVE BULLETIN. Monthly. $20.00 per year or OPEN MARKET POLICIES AND OPERATING PROCEDURES— $2.00 each in the United States, its possessions, Canada, STAFF STUDIES. 1971. 218 pp. $2.00 each; 10 or more to and Mexico; 10 or more of same issue to one address, one address, $1.75 each. $18.00 per year or $1.75 each. Elsewhere, $24.00 per REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT MECHAyear or $2.50 each. NISM. Vol. I. 1971. 276 pp. Vol. 2. 1971. 173 pp. Vol. 3. BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint 1972. 220 pp. Each volume $3.00; 10 or more to one of Part I only) 1976. 682 pp. $5.00. address, $2.50 each. BANKING AND MONETARY STATISTICS, 1941-1970. 1976. THE ECONOMETRICS OF PRICE DETERMINATION CONFER- 1,168 pp. $15.00. ENCE, October 30-31, 1970, Washington, D.C. 1972. 397 ANNUAL STATISTICAL DIGEST pp. Cloth ed. $5.00 each; 10 or more to one address, 1971-75. 1976. 339 pp. $5.00 per copy. $4.50 each. Paper ed. $4.00 each; 10 or more to one 1972-76. 1977. 377 pp. $10.00 per copy. address, $3.60 each. 1973-77. 1978. 361 pp. $12.00 per copy. FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE 1974-78. 1980. 305 pp. $10.00 per copy. FLUCTUATIONS IN HOUSING CONSTRUCTION. 1972. 487 1970-79. 1981. 587 pp. $20.00 per copy. pp. $4.00 each; 10 or more to one address, $3.60 each. 1980. 1981. 241 pp. $10.00 per copy. LENDING FUNCTIONS OF THE FEDERAL RESERVE BANKS. 1981. 1982. 239 pp. $6.50 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 COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to year or $.35 each. Elsewhere, $20.00 per year or $.50 one address, $2.25 each. each. IMPROVING THE MONETARY AGGREGATES: STAFF PAPERS. THE FEDERAL RESERVE ACT, as amended through December 1978. 170 pp. $4.00 each; 10 or more to one address, 1976, with an appendix containing provisions of certain $3.75 each. other statutes affecting the Federal Reserve System. 307 1977 CONSUMER CREDIT SURVEY. 1978. 119 pp. $2.00 each. pp. $2.50. FLOW OF FUNDS ACCOUNTS. 1949-1978. 1979. 171 pp. $1.75 REGULATIONS OF THE BOARD OF GOVERNORS OF THE FED- each; 10 or more to one address, $1.50 each. ERAL RESERVE SYSTEM. INTRODUCTION TO FLOW OF FUNDS. 1980.68 pp. $1.50 each; BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 10 or more to one address, $1.25 each. pp. $1.00 each; 10 or more to one address, $.85 each. PUBLIC POLICY AND CAPITAL FORMATION. 1981. 326 pp. REPORT OF THE JOINT TREASURY-FEDERAL RESERVE STUDY $13.50 each. OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. NEW MONETARY CONTROL PROCEDURES: FEDERAL RE- 48 pp. $.25 each; 10 or more to one address, $.20 each. SERVE STAFF STUDY, 1981. JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOV- SEASONAL ADJUSTMENT OF THE MONETARY AGGREGATES: ERNMENT SECURITIES MARKET; STAFF STUDIES—PART REPORT OF THE COMMITTEE OF EXPERTS ON SEASONAL 1. 1970. 86 pp. $.50 each; 10 or more to one address, $.40 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 three Handbooks plus substantial additional material.) BELOW THE BOTTOM LINE: THE USE OF CONTINGENCIES AND COMMITMENTS BY COMMERCIAL BANKS, by Benja- $175.00 per year. min Wolkowitz and others. Jan. 1982. 186 pp. Rates for subscribers outside the United States are as MULTIBANK HOLDING COMPANIES: RECENT EVIDENCE ON follows and include additional air mail costs: Federal Reserve Regulatory Service, $225.00 per year. COMPETITION AND PERFORMANCE IN BANKING MAR- KETS, by Timothy J. Curry and John T. Rose. Jan. 1982. Each Handbook, $75.00 per year. 9 pp. WELCOME TO THE FEDERAL RESERVE, December 1980. COSTS, SCALE ECONOMIES, COMPETITION, AND PRODUCT MIX IN THE U.S. PAYMENTS MECHANISM, by David B. Humphrey. Apr. 1982. 18 pp. DIVISIA MONETARY AGGREGATES: COMPILATION, DATA, AND HISTORICAL BEHAVIOR, by William A. Barnett and CONSUMER EDUCATION PAMPHLETS Paul A. Spindt. May 1982. 82 pp. Short pamphlets suitable for classroom use. Multiple THE COMMUNITY REINVESTMENT ACT AND CREDIT ALLOcopies available without charge. CATION, by Glenn Canner. June 1982. 8 pp. INTEREST RATES AND TERMS ON CONSTRUCTION LOANS AT Alice in Debitland COMMERCIAL BANKS, by David F. Seiders. July 1982. Consumer Handbook to Credit Protection Laws 14 pp. Dealing with Inflation: Obstacles and Opportunities STRUCTURE-PERFORMANCE STUDIES IN BANKING: AN UP- The Equal Credit Opportunity Act and . . . Age DATED SUMMARY AND EVALUATION, by Stephen A. The Equal Credit Opportunity Act and . . . Credit Rights in Rhoades. Aug. 1982. 15 pp. Housing FOREIGN SUBSIDIARIES OF U.S. BANKING ORGANIZATIONS, The Equal Credit Opportunity Act and . . . Doctors, Law- by James V. Houpt and Michael G. Martinson. Oct. yers, Small Retailers, and Others Who May Provide 1982. 18 pp. Incidental Credit REDLINING: RESEARCH AND FEDERAL LEGISLATIVE RE- The Equal Credit Opportunity Act and . . . Women SPONSE, by Glenn B. Canner. Oct. 1982. 20 pp. Fair Credit Billing Federal Reserve Glossary Guide to Federal Reserve Regulations REPRINTS How to File A Consumer Credit Complaint Most of the articles reprinted do not exceed 12 pages. If You Borrow To Buy Stock If You Use A Credit Card Perspectives on Personal Saving. 8/80. Series on the Structure of the Federal Reserve System The Impact of Rising Oil Prices on the Major Foreign The Board of Governors of the Federal Reserve System Industrial Countries. 10/80. The Federal Open Market Committee Federal Reserve and the Payments System: Upgrading Elec- Federal Reserve Bank Board of Directors tronic Capabilities for the 1980s. 2/81. Federal Reserve Banks Survey of Finance Companies, 1980. 5/81. Monetary Control Act of 1980 Bank Lending in Developing Countries. 9/81. Organization and Advisory Committees U.S. International Transactions in 1981. 4/82. Truth in Leasing The Commercial Paper Market since the Mid-Seventies. 6/82. U.S. Currency Applying the Theory of Probable Future Competition. 9/82. What Truth in Lending Means to You International Banking Facilities. 10/82. 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, 11, 26, 28 Demand deposits—Continued Agricultural loans, commercial banks, 19, 20, 21, 27 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners) corporations, 25 Banks, by classes, 18, 19-22 Turnover, 15 Domestic finance companies, 39 Depository institutions Federal Reserve Banks, 12 Reserve requirements, 8 Foreign banks, U.S. branches and agencies, 23 Reserves and related items, 3, 4, 5, 13 Nonfinancial corporations, 38 Deposits (See also specific types) Savings institutions, 30 Banks, by classes, 3, 18, 19-22, 30 Automobiles Federal Reserve Banks, 4, 12 Consumer installment credit, 42, 43 Turnover, 15 Production, 48, 49 Discount rates at Reserve Banks and at foreign central banks (See Interest rates) BANKERS balances, 18, 19-21 Discounts and advances by Reserve Banks (See (See also Foreigners) 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, 16, 22-23, 56 Eurodollars, 28 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, 11, 12, 13, 34 Federal credit agencies, 35 CAPACITY utilization, 46 Federal finance Capital accounts Debt subject to statutory limitation and types and Banks, by classes, 18 ownership of gross debt, 33 Federal Reserve Banks, 12 Receipts and outlays, 31, 32 Central banks, 67 Treasury financing of surplus, or deficit, 31 Certificates of deposit, 22, 28 Treasury operating balance, 31 Commercial and industrial loans Federal Financing Bank, 31, 35 Commercial banks, 16, 18, 23, 27 Federal funds, 3, 6, 19, 20, 21, 28, 31 Weekly reporting banks, 19-23, 24 Federal Home Loan Banks, 35 Commercial banks Federal Home Loan Mortgage Corporation, 35, 40, 41 Assets and liabilities, 18, 19-22 Federal Housing Administration, 35, 40, 41 Business loans, 27 Federal Intermediate Credit Banks, 35 Commercial and industrial loans, 16, 18, 23, 24, 27 Federal Land Banks, 35, 41 Consumer loans held, by type, 42, 43 Federal National Mortgage Association, 35, 40, 41 Loans sold outright, 22 Federal Reserve Banks Nondeposit funds, 17 Condition statement, 12 Number, by classes, 18 Discount rates (See Interest rates) Real estate mortgages held, by holder and property, 41 U.S. government securities held, 4, 12, 13, 33 Time and savings deposits, 3 Federal Reserve credit, 4, 5, 12, 13 Commercial paper, 3, 26, 28, 39 Federal Reserve notes, 12 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, 19, 20, 21, 42, 43 Corporations Paper, 26, 28 Profits and their distribution, 37 Financial institutions Security issues, 36, 66 Loans to, 19, 20, 21 Cost of living (See Consumer prices) Selected assets and liabilities, 30 Credit unions, 30, 42, 43 Float, 4 (See also Thrift institutions) Flow of funds, 44, 45 Currency and coin, 5, 18 Foreign banks, assets and liabilities of U.S. branches and Currency in circulation, 4, 14 agencies, 23 Customer credit, stock market, 29 Foreign currency operations, 12 Foreign deposits in U.S. banks, 4, 12, 19, 20, 21 DEBITS to deposit accounts, 15 Foreign exchange rates, 68 Debt (See specific types of debt or securities) Foreign trade, 55 Demand deposits Foreigners Adjusted, commercial banks, 15 Claims on, 56, 58, 61, 62, 63, 65 Banks, by classes, 18, 19-22 Liabilities to, 22, 55, 56-60, 64, 66, 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All GOLD REAL estate loans Certificate account, 12 Banks, by classes, 19-21, 41 Stock, 4, 55 Rates, terms, yields, and activity, 3, 40 Government National Mortgage Association, 35, 40, 41 Savings institutions, 28 Gross national product, 52, 53 Type of holder and property mortgaged, 41 Repurchase agreements and federal funds, 6, 19, 20, 21 HOUSING, new and existing units, 50 Reserve requirements, 8 Reserves INCOME, personal and national, 46, 52, 53 Commercial banks, 18 Industrial production, 46, 48 Depository institutions, 3, 4, 5, 13 Installment loans, 42, 43 Federal Reserve Banks, 12 Insurance companies, 30, 33, 41 U.S. reserve assets, 55 Interbank loans and deposits, 18 Residential mortgage loans, 40 Interest rates Retail credit and retail sales, 42, 43, 46 Bonds, 3 Business loans of banks, 27 SAVING Federal Reserve Banks, 3, 7 Flow of funds, 44, 45 Foreign central banks and foreign countries, 67 National income accounts, 53 Money and capital markets, 3, 28 Savings and loan assns., 9, 30, 41, 42, 43, 44 Mortgages, 3, 40 (See also Thrift institutions) Prime rate, commercial banks, 27 Savings deposits (See Time and savings deposits) Time and savings deposits, 9 Securities (See specific types) International banking facilities, 17 Federal and federally sponsored credit agencies, 35 International capital transactions of United States, 54-67 Foreign transactions, 66 International organizations, 58, 59-61, 64-67 New issues, 36 Inventories, 52 Prices, 29 Investment companies, issues and assets, 37 Special drawing rights, 4, 12, 54, 55 Investments (See also specific types) State and local governments Banks, by classes, 18, 30 Deposits, 19, 20, 21 Commercial banks, 3, 16, 18, 19-21 Holdings of U.S. government securities, 33 Federal Reserve Banks, 12, 13 New security issues, 36 Savings institutions, 30, 41 Ownership of securities issued by, 19, 20, 21, 30 Rates on securities, 3 LABOR force, 47 Stock market, 29 Life insurance companies (See Insurance Stocks (See also Securities) companies) New issues, 36 Loans (See also specific types) Prices, 29 Banks, by classes, 18, 19-22 Commercial banks, 3, 16, 18, 19-22, 23, 27 Federal Reserve Banks, 3, 4, 5, 7, 12, 13 TAX receipts, federal, 32 Insured or guaranteed by United States, 40, 41 Thrift institutions, 3 (See also Credit unions, Savings institutions, 30, 41 Mutual savings banks, and Savings and loan associations) MANUFACTURING Time and savings deposits, 3, 9, 15, 18, 19-22 Capacity utilization, 46 Trade, foreign, 55 Production, 46, 49 Treasury currency, Treasury cash, 4 Margin requirements, 29 Treasury deposits, 4, 12, 31 Member banks (See also Depository institutions) Treasury operating balance, 31 Federal funds and repurchase agreements, 6 Reserve requirements, 8 UNEMPLOYMENT, 47 Mining production, 49 U.S. government balances Mobile home shipments, 50 Commercial bank holdings, 19, 20, 21 Monetary and credit aggregates, 3, 13 Treasury deposits at Reserve Banks, 4, 12, 31 Money and capital market rates (See Interest U.S. government securities rates) Bank holdings, 18, 19-21, 33 Money stock measures and components, 3, 14 Dealer transactions, positions, and financing, 34 Mortgages (See Real estate loans) Federal Reserve Bank holdings, 4, 12, 13, 33 Mutual funds (See Investment companies) Foreign and international holdings and transactions, 12, Mutual savings banks, 9, 19-21, 30, 33, 41, 42, 43 33, 67 (See also Thrift institutions) Open market transactions, 11 Outstanding, by type and ownership, 33 NATIONAL defense outlays, 32 Ownership of securities issued by, 30 National income, 52 Rates, 3, 28 U.S. international transactions, 54-67 OPEN market transactions, 11 Utilities, production, 49 PERSONAL income, 53 Prices VETERANS Administration, 40, 41 Consumer and producer, 46, 51 Stock market, 29 WEEKLY reporting banks, 19-24 Prime rate, commercial banks, 27 Wholesale (producer) prices, 46, 51 Producer prices, 46, 51 Production, 46, 48 Profits, corporate, 37 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 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